TCRAP_Public/160425.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, April 25, 2016, Vol. 19, No. 80


                            Headlines


A U S T R A L I A

CONTINENTAL COAL: Court Appoints Provisional Liquidator
DAILY PLANET: First Creditors' Meeting Slated For May 3
MEREDITH & MOORE: Closing Doors "For Good" After Administration
QUEENSLAND ARTS: First Creditors' Meeting Set For May 3
STATEWIDE STEEL: First Creditors' Meeting Set For May 4

SUBZERO GROUP: Ferrier Hodgson Seeks Expression of Interest
TEAM RAPT: First Creditors' Meeting Set For May 5
UNTIED TECHNOLOGY: First Creditors' Meeting Set For May 3


C H I N A

BINHAI INVESTMENT: Fitch Affirms 'BBB-' IDR; Outlook Stable


I N D I A

AADITYA PAPTECH: CRISIL Reaffirms 'B' Rating on INR320MM Loan
AKSHAYA IMAGING: CRISIL Suspends B Rating on INR60MM Loan
ALUCOP INDIA: CARE Assigns B+ Rating to INR2.50cr LT Loan
AMITY IRON: CRISIL Suspends 'D' Rating on INR95MM Cash Loan
ARYAVANSH LAND: CARE Assigns B+ Rating to INR7.45cr LT Loan

BEWELL LABS: CRISIL Suspends D Rating on INR59.4MM Term Loan
BHAGWATI LACTO: CARE Reaffirms B+ Rating on INR15r LT Loan
BINANI CEMENT: CARE Lowers Rating on INR1,992.13cr Loan to 'D'
BINANI INDUSTRIES: CARE Cuts Rating on INR466.15r Term Loan to B+
BINANI ZINC: CARE Reaffirms D Rating on INR247cr ST Loan

C. P. FOODS: CRISIL Reaffirms 'B+' Rating on INR55MM Loan
DASHMESH RICE: CARE Assigns 'B' Rating to INR6cr LT Loan
ESBI GLASSES: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
EXULT AGENCY: CRISIL Suspends B+ Rating on INR50MM Cash Loan
FATHIMA ENGINEERING: CRISIL Reaffirms B+ Rating on INR88MM Loan

FIOTEX COTSPIN: CARE Assigns B+ Rating to INR132cr LT Loan
GAJRAJ STEELS: CARE Lowers Rating on INR16.5cr LT Loan to D
GARVE MOTORS: CARE Assigns 'B' Rating to INR12.50cr LT Loan
GOA GLASS: CARE Cuts Rating on INR27.64r Term Loan to B+
I-RED CONCRET: CRISIL Suspends B+ Rating on INR12MM Cash Loan

JAY AGRO: CARE Reaffirms B+ Rating on INR16.51cr LT Loan
KAILAS CERAMICS: CRISIL Reaffirms 'B' Rating on INR20MM Cash Loan
KIRUBHA EXPORTS: CRISIL Assigns B+ Rating to INR80MM Loan
KUNNATHAN CHIP: CRISIL Assigns B+ Rating to INR100MM Term Loan
LAMINEX: CRISIL Assigns B+ Rating to INR70.0MM Cash Loan

LAXMI VENKATESH: CARE Revises Rating on INR7.75cr Loan to B+
MAHAVEER GINNING: CARE Reaffirms B+ Rating on INR6.93r Loan
MINITEK SYSTEMS: Ind-Ra Assigns IND B+ LT Issuer Rating
MSM STEELS: CARE Lowers Rating on INR65.50cr LT Loan to D
NEELGIRI ELECTRICALS: Ind-Ra Affirms 'IND BBB-' LT Issuer Rating

NEW HORIZON: CARE Assigns B+ Rating to INR6.40cr LT Loan
NKB EXTRUSIONS: CRISIL Suspends D Rating on INR91.5MM Term Loan
NORTH EASTERN: CRISIL Suspends B- Rating on INR265MM Term Loan
NORTH EASTERN EDUCARE: CRISIL Suspends B- Rating on INR144MM Loan
NOVARTIS ENERGY: CRISIL Cuts Rating on INR30MM Cash Loan to B-

OM SHIV: CARE Assigns B+ Rating to INR1.50cr LT Loan
PATODIA REAL: CRISIL Assigns B Rating to INR200MM LT Loan
RANA FARMS: CRISIL Assigns 'D' Rating to INR50MM LT Loan
RAVI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
RODAS IMPEX: CRISIL Assigns B+ Rating to INR123.5MM Cash Loan

RRB ENERGY: CARE Lowers Rating on INR100.40cr LT Loan to D
SEACOM MARINE: CRISIL Suspends 'D' Rating on INR434.8MM Loan
SHASHI CATERING: Ind-Ra Assigns 'IND BBB-' LT Issuer Rating
SHINE REALTORS: CRISIL Suspends 'D' Rating on INR150MM LT Loan
SHRI NIRMLANAND: CRISIL Assigns 'B' Rating to INR40MM Loan

SHREE SHIV-PARWATI: CRISIL Suspends D Rating on INR1.0BB Loan
SHREEJI FIBRE: CARE Assigns B- Rating to INR5.85cr LT Loan
SOHANLAL SONS: CARE Assigns B+ Rating to INR8cr LT Loan
SREE PARIMALA: CARE Reaffirms 'B' Rating on INR6.25r LT Loan
SRI MURUGAN: CRISIL Assigns B- Rating to INR18MM Bank Loan

SRI SATYA: Ind-Ra Assigns 'IND B-' LT Issuer Rating
SUVI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
SWASHTHIK CAPS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
SWASHTHIK INDUSTRIEES: CRISIL Assigns B+ Rating to INR45MM Loan
SWASHTHIK PREFORMS: CRISIL Assigns B+ Rating to INR45MM Loan

TERAI TEA: Ind-Ra Assigns BBB- Issuer Rating; Outlook Stable
TIJIYA STEEL: CRISIL Suspends D Rating on INR120MM Cash Loan
UJALA MINERALS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
VAIBHAV ISPAT: CRISIL Assigns B+ Rating to INR75MM Cash Loan
VISHESH INDUSTRIES: CARE Assigns B+ Rating to INR5.86cr LT Loan

WIDE ANGLE: CRISIL Suspends 'D' Rating on INR25MM Loan
YASH AUTOMOTIVE: CARE Lowers Rating on INR14.98r LT Loan to D
YOGESH AND YOGESH: Ind-Ra Rates INR99MM Facilities at 'IND BB-'


J A P A N

TOSHIBA CORP: Faces JPY300 Billion Loss Over Westinghouse


M A C A U

MELCO CROWN: S&P Affirms 'BB' Corporate Credit Rating
STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Stable


N E W  Z E A L A N D

VALOR IDEAL: Liquidation Ends With Creditors Out of Pocket


P H I L I P P I N E S

BANK OF THE PHILIPPINE: Fitch Affirms 'BBB-' IDR
DEVELOPMENT BANK: Fitch Affirms 'BB+' IDR; Outlook Stable


                            - - - - -


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


CONTINENTAL COAL: Court Appoints Provisional Liquidator
-------------------------------------------------------
Australian Securities and Investment Commission has successfully
applied to the Federal Court of Australia for the appointment of
a provisional liquidator to publicly-listed company, Continental
Coal Ltd.

ASIC's application alleged that the company is not being properly
managed and has been involved in multiple contraventions of the
corporations legislation.

The Court on April 21 decided to appoint a provisional
liquidator, having regard to regulatory non-compliance issues,
the lack of any proper governance of the company, the general
uncertainty concerning the proper management of whatever assets
the company does have, and the questions surrounding the
company's solvency.

The Court held further that "all the evidence suggests that the
company lacks any proper governance or management at this point."

ASIC made the application to protect the interests of
shareholders, investors and creditors.

Mr Robert Michael Kirman of McGrathNicol, Perth, has been
appointed the provisional liquidator of Continental Coal Ltd.

The matter is listed for further hearing in the Federal Court of
Australia in Perth on May 27, 2016, at which time ASIC will apply
to wind up Continental Coal and seek the appointment of Mr Kirman
as the official liquidator.

ASIC's investigation into the affairs of Continental Coal is
continuing.


DAILY PLANET: First Creditors' Meeting Slated For May 3
-------------------------------------------------------
Peter Vince of Vince & Associates, on April 20, 2016, was
appointed as administrator of:

  -- Daily Planet Australia Pty Ltd;
  -- Metropolis City Promotions Pty Ltd; and
  -- Cameron Lane Pty Ltd.

A first meeting of the creditors of the Company will be held at
51 Robinson Street, in Dandenong, Victoria, on May 3, 2016, at
11:00 a.m.


MEREDITH & MOORE: Closing Doors "For Good" After Administration
---------------------------------------------------------------
Broede Carmody at SmartCompany reports that Meredith & Moore is
closing its doors "for good" after the business collapsed into
voluntary administration late last month.

Meredith & Moore, which was founded in 1962, called in external
managers on March 29.

The business turned over around AUD9.2 million in the 2014-15
financial year and has a customer database of around 15,000
people.

Administrator Daniel Walley partner at PPB Advisory, told
SmartCompany last month he would be looking for a purchaser for
the business.

SmartCompany says Meredith & Moore has continued to trade through
the administration, however it informed customers via e-mail on
April 21 it would be closing "for good".

The brand is having a closing down sale with all items are
AUD30 or less.

At the time of the collapse, Meredith & Moore operated 17 stores
in Australia and several outlets in New Zealand.

The company's most recent e-mail newsletter promotes just four
stores in Camberwell and Collins Place in Melbourne, and Mosman
and St Ives in Sydney, relates SmartCompany.

Customers are also unable to make purchases on Meredith & Moore's
website.


QUEENSLAND ARTS: First Creditors' Meeting Set For May 3
-------------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed as administrator of
Queensland Arts Council, trading as Artslink Queensland, Arts
Yakka, Animated Spaces, Creative Generator, on April 19, 2016.

A first meeting of the creditors of the Company will be held at
Oldhams Advisory, Level 20, 300 Queen Street, in Brisbane,
Queensland, on May 3, 2016, at 10:00 a.m.


STATEWIDE STEEL: First Creditors' Meeting Set For May 4
-------------------------------------------------------
Cliff Rocke and John Bumbak of KordaMentha were appointed as
administrators of Statewide Steel Pty Ltd on April 21, 2016.

A first meeting of the creditors of the Company will be held at
Level 10, 40 St Georges Terrace, in Perth, on May 4, 2016, at
11:00 a.m.


SUBZERO GROUP: Ferrier Hodgson Seeks Expression of Interest
-----------------------------------------------------------
Expressions of interest are invited for the recapitalisation or
purchase of the business of SubZero Group Limited and its
subsidiaries.

Expressions of interest should be lodged via email before
4:00 p.m. AEDT on March 7, 2016, and may take the form of offers
for the whole or part of the Group.

ASX-listed SubZero operates a leading Hunter Valley based mining
services business providing structural, mechanical and mining
support services.  The Group employs approximately 450 employees
and has a blue chip customer base.

Annualised revenue and EBITDA of AUD63 million and AUD3.2 million
respectively.

Ferrier Hodgson partners Ryan Eagle and Morgan Kelly were
appointed as Receivers and Managers of Subzero Group Limited and
its subsidiaries on Feb. 11, 2016.


TEAM RAPT: First Creditors' Meeting Set For May 5
-------------------------------------------------
Peter Dinoris and Nick Combis of Vincents Chartered Accountants
were appointed as administrators of Team Rapt Pty Ltd on April
21, 2016.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, Queensland, on May 5, 2016, at 11:00 a.m.


UNTIED TECHNOLOGY: First Creditors' Meeting Set For May 3
---------------------------------------------------------
Brendan Nixon of Stanley Morgan Accountants was appointed as
administrator of Untied Technology Services Pty Ltd, trading as
Aelyz Design & Molecule Media Group, on April 21, 2016.

A first meeting of the creditors of the Company will be held on
on May 3, 2016, at 9:00 a.m. at:

1) Comfort Inn Bel Eyre Hotel, 285 Great Eastern Highway,
   Belmont, Perth WA 6104

2) Level 8/490 Upper Edward Street, Spring Hill,
   Brisbane QLD 4000.



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C H I N A
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BINHAI INVESTMENT: Fitch Affirms 'BBB-' IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Binhai Investment Company Limited's
(BHI) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) of 'BBB-'.  The Outlook is Stable.  Fitch has
simultaneously affirmed BHI's senior unsecured rating along with
the rating on its USD200 mil. senior unsecured bonds due 2018 at
'BBB-'.

BHI's IDR incorporates a two-notch uplift for potential support
from its immediate parent, TEDA Investment Holding Company Ltd
(TEDA), which owns 59.29% of BHI on a fully diluted basis, and
its ultimate parent, the Tianjin municipality.  TEDA is wholly
owned by the Tianjin municipality.  BHI's standalone 'BB' rating
reflects the quality of its city gas operations, its expected
credit metrics, which are appropriate for this rating level, and
its operating environment, including the risks stemming from the
geographic concentration of its operations.

                        KEY RATING DRIVERS

Small, Geographically Concentrated Operations: The 'BB'
standalone rating of BHI reflects the scale and concentration of
BHI's operations in the Tianjin area, which accounts for around
60% of BHI's revenue.  BHI's operating and financial scale is
significantly smaller than other Chinese city gas operators rated
in the 'BBB' category.  In 2015, BHI generated HKD484m of
operating EBITDA and sold approximately 561.7 million cubic
metres of natural gas.  Notwithstanding this, the company
continues to increase its connections and gas sales volumes.  In
2015, the company increased its gas sales volumes by 15%.
Although this was slower than previously expected, it was
stronger than the average seen across China.

Competitive Landscape in Tianjin: Unlike most other Chinese
cities, Tianjin does not award the city gas operations to a
single operator; consequently, any city gas provider can apply to
start operations.  In practice, Tianjin's city gas market
operates under a duopoly between Tianjin Gas and BHI.

The duopoly is unlikely to change into a highly competitive
market as the two major operators are controlled by the Tianjin
government.  In addition, around 30% of BHI's gas volume is sold
to TEDA group companies.  The continuation of such a benign
competitive environment in Tianjin is critical to the 'BB'
standalone rating of BHI.

Ability to Pass-through Costs: The ability to pass through gas
cost increases stems from the government's aim to increase the
share of natural gas in China's energy mix.  Fitch does not
expect a material contraction in the profitability of the gas
supply business in the medium term as the agency believes the
operators have a reasonably good ability to pass-through cost
increases, although there may be some time lag.  In 2015, EBITDA
contribution from sale of gas and that from high-margin
connections fees were broadly similar.  Fitch expects the share
of EBITDA from the more stable, albeit lower-margin, gas sales to
increase as we have seen with other mature city gas operators in
China.

USD Bond Forex Risk: The USD200 mil. bond due in 2018 represents
over 75% of BHI's total debt obligations.  This exposes the
company to a higher degree of risk from any weakening of the
Chinese yuan.

Improving Financial Credit Metrics: Fitch's forecast financial
credit metrics for BHI are adequate for its standalone rating of
'BB'.  Unless there is a significant depreciation in the yuan,
Fitch expects financial flexibility, measured by funds flow from
operations (FFO) fixed-charge cover, to benefit from refinancing
of the 13.13% convertible bond (due in 2016) likely at a lower
interest rate.  This could mean the FFO fixed-charge cover can be
sustained at around 4.5x (2015: 2.8x).  Leverage, measured by FFO
to net adjusted debt, is likely to improve and remain below 4x,
the level at which negative rating action may be considered
(2015: 4.1x).  This is based on Fitch's capex expectations of
around HKD300m a year over the medium term, the expected growth
in FFO arising from anticipated gas sales volume increases due to
rising natural gas usage in Tianjin, and our expectation of
stable margins on gas volumes sold.

Support from Parent: Fitch has provided BHI a two-notch uplift
for potential support from TEDA and the Tianjin government, which
provided substantial support between 2004 and 2009 to BHI's
predecessor, Wah Sang Gas Hld Ltd (WSG), when it was in distress.
The support was provided even though the Tianjin government had
only limited ownership of WSG.  The rating uplift also
incorporates Fitch's view that BHI would be supported in the
future, should such support be required, given the strategic and
operational linkages between BHI, TEDA and the Tianjin
government.

                      KEY ASSUMPTIONS

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

   -- Growth in natural gas consumption in Tianjin that is higher
      than the national average, driven by the strong economy in
      Tianjin and potential for increasing city gas penetration

   -- A stable dollar margin on gas sold, reflecting the positive
      impacts from a convergence of the price for existing
      volumes and that for incremental volumes

   -- Capex spend will be lower than historical levels, but
      remain elevated at around HKD300m per year, reflecting the
      company's growth profile

   -- The company will continue to focus on Tianjin and will not
      aggressively expand its investments elsewhere in China

   -- No changes to the competitive environment within Tianjin,
      including more aggressive competition between the existing
      operators

                       RATING SENSITIVITIES

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

   -- Adverse regulatory developments or material increase in
      competition that affect BHI's market position or margins;

   -- Aggressive debt-funded investments;

   -- FFO fixed-charged cover sustained below 3.0x;

   -- FFO-adjusted net leverage sustained above 4.0x

   -- Weakening linkages with the parent

Positive: Fitch does not expect any positive rating action in the
medium term given the company's scale, concentration of
operations as well as the competitive dynamics within its main
operating area, Tianjin.  A positive rating action may be
considered if the company manages to significantly increase its
scale and diversity in its business profile without negatively
impacting its financial profile.  Positive rating action may also
be considered if BHI develops stronger linkages with the parent,
provided the parent has the capacity to provide timely support.



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AADITYA PAPTECH: CRISIL Reaffirms 'B' Rating on INR320MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Aaditya Paptech
Private Limited (APPL) continue to reflect its recent
commencement of commercial operations and small scale of
operation in the highly fragmented paper board manufacturing
industry, weak financial risk profile led by ongoing debt-funded
capital expenditure (capex) plans and on account of low accrual
due to early stage of operations. These rating weaknesses are
mitigated by the promoters' extensive industry experience.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)
   Cash Credit            170        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        80        CRISIL A4 (Reaffirmed)
   Term Loan              320        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case healthy growth in
revenue and operating profitability, results in higher-than-
expected accrual over the medium term. Conversely, the outlook
may be changed to 'Negative' if high working capital requirement
leads to high dependence on debt, thus resulting in weak
financial risk profile and if the company executes large, debt-
funded capex.

Update
APPL commenced commercial operations from June 2014 and in 2014-
15 (refers to financial year, April 1 to March 31), had net sales
of INR720.2 million. For the six months ended September 30, 2015,
net sales were INR533.2 million, and with moderate order flow,
and revenue of INR1.1-1.2 billion is expected over the medium
term. Operating profitability was at 9.2 percent in 2014-15 and
due to the varied applicability of the product, operating
profitability will remain at 9-10 percent over the medium term.
The operating cycle will remain stable at 125-130 days over the
medium term, and working capital requirement is expected to
increase along with increasing scale of operations.

The financial risk profile remains weak because of moderate
networth, high gearing, moderate debt protection metrics, and
constrained liquidity. As on March 31, 2015, gearing was 2.31
times on a networth of INR209 million. Gearing is expected to
improve to 1-1.7 times over the medium term with gradual
repayment of term loan. Led by moderate operating profitability,
debt protection metrics are expected to remain moderate with
interest coverage ratio and net cash accrual to total debt ratios
at 1.5-2.5 times and 0.1-0.2 times, respectively, over the medium
term. Liquidity remains constrained because of barely sufficient
cash accrual to meet debt obligation and high bank line
utilisation.

Incorporated in 2011 and promoted by Mr. Praveen Patel and Mr.
Radheshyam Pokar, APPL is currently setting up a duplex paper
board manufacturing unit in Gujarat.

The company reported net loss was INR7.5 million on net sales of
INR720.2 million in 2014-15.


AKSHAYA IMAGING: CRISIL Suspends B Rating on INR60MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Akshaya
Imaging Systems Private Limited (AISPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        40       CRISIL B/Stable

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

AISPL, incorporated in 2013, is setting up a unit in Chennai
(Tamil Nadu) to manufacture printing plates. The company is
promoted by Mr. Harikrishnan Sreenivasan and Mr. Sreenivasan
Janakiraman.


ALUCOP INDIA: CARE Assigns B+ Rating to INR2.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Alucop India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.50      CARE B+ Assigned
   Short-term Bank Facilities     7.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Alucop India
Private Limited (AIPL) are primarily constrained on account of
its
short track record of the operations in the highly competitive
steel industry, financial risk profile marked by net losses and
modest networth base and susceptibility to the cyclical steel
industry. The ratings, however, derives strength from experienced
promoters.

AIPL's ability to increase scale of operations, along with
improvement in profitability and capital structure while managing
its working capital efficiently would be the key rating
sensitivities.

Indore-based (Madhya Pradesh), AIPL was incorporated in September
2012 by Mr Sanjay Agrawal and his sonMr Brijesh Agrawal. AIPL
started business in trading of coal but due to unfavourable
regulatory conditions it decided to shift its business line to
import & trading of steel products from August 2015 onwards. AIPL
deals in the products of ferrous metals like Hot Rolled Coil/
Sheet/ Plate, PPGI (Pre Painted Galvanized Iron) Coil/ Sheet,
Stainless Coil/ Sheet, etc. AIPL obtains sales orders from its
customers and procures the products from prime suppliers of India
and also imports from China.

The promoters are also associated with Nalanda Infrastructure
Private Limited which is engaged into real estate business,
specifically in township development.

AIPL has reported a total operating income (TOI) of INR0.16 crore
and net loss of INR0.05 crore during FY15 (refers to the period
April 1 toMarch 31) as against TOI of INR0.25 crore and net loss
of INR0.04 crore during FY14. As per the provisional results for
H1FY16, AIPL has registered TOI of INR13.40 crore with net loss
of INR0.16 crore.


AMITY IRON: CRISIL Suspends 'D' Rating on INR95MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Amity
Iron Trading (AIT).

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

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

AIT, set up in 2010, by Mr. Satyajit Mohanty is a proprietorship
firm based in Bhubaneswar. The firm trades in various steel
products such as ingots, flats, angles, and thermo-mechanically
treated bars.


ARYAVANSH LAND: CARE Assigns B+ Rating to INR7.45cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Aryavansh
Land Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.45      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aryavansh Land
Infratech Private Limited (ALIPL) are constrained on account
of its short track record of operations and financial risk
profile marked by cash losses, leveraged capital structure and
weak debt coverage indicators. The ratings are further
constrained due to inherent cyclical nature of hotel industry and
its presence in the competitive industry.

The ratings, however, derive strength from experienced promoters
and strategic location of the hotel.  Ability of ALIPL to achieve
envisaged average occupancy rate and room rent thereby increasing
its scale of operations and improvement in profitability with
rationalization of debt levels would remain the key rating
sensitivities.

Raipur-based (Chhattisgarh) ALIPL is a Private Limited Company
incorporated in 2012, ALIPL has been promoted by Mr Lakshmi
Jaiswal, Ms Meera Jaiswal, Mr Sumit Jaiswal and Mr Sandeep
Jaiswal. All the directors have an average experience of more
than three decades in the diversified industries.

ALIPL has purchased the Hotel Raipur Inn (HRI) in July, 2014 from
Mr Anand Sharma and Mr Sunil Sharma. The hotel is located at
Raipur (Chhattisgarh). ALIPL has renovated the entire hotel with
total cost of project of INR11.95 crore which was funded through
a term loan of INR8.95 crore and the remaining INR3 crore funded
through equity contribution. The commercial operations commenced
from October 2014. HRI offers accommodation, restaurant and bar
with the capacity of 38 rooms, 2 conference rooms, 2 banquet
halls and a restaurant has a seating capacity of 50 persons.

As per audited result for FY15 (refers to the period April 1 to
March 31), ALIPL reported a total operating income of INR0.97
crore with a loss of INR0.95 crore. As per the provisional
results for 8MFY16, ALIPL has registered a TOI of INR3 crore.


BEWELL LABS: CRISIL Suspends D Rating on INR59.4MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bewell Labs Private Limited (BLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2         CRISIL D
   Cash Credit             54.5       CRISIL D
   Standby Line of
   Credit                   8.5       CRISIL D
   Term Loan               59.4       CRISIL D

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

Set up in 1999 by Mr. Sameer Chatterjee, BLPL manufactures
formulations, including tablets, vials, ampoules, and bottles,
that are used in branches of medicine such as gynaecology,
ophthalmology, and paediatrics. The company commenced operations
in 2001. BLPL manufactures at its facilities in West Bengal and
also through outsourcing arrangements.


BHAGWATI LACTO: CARE Reaffirms B+ Rating on INR15r LT Loan
----------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Bhagwati Lacto Foods Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Bhagwati Lacto
Foods Private Limited (BPL) continues to remain constrained by
its modest scale of operations, highly leveraged capital
structure and elongated operating cycle. The rating further
remains constrained by the susceptibility of margins to
volatility in the raw materials price and foreign exchange
fluctuations, monsoon dependent operations and presence of the
company in a highly competitive and fragmented agro-processing
business with a high level of government control. The rating,
however, derives strength from the experience of the promoters
and proximity of the processing unit to the paddy-growing areas.

Going forward, BPL's ability to scale-up its operations while
improving its profitability margins and capital structure along
with effective working capital management would be the key rating
sensitivities.

Incorporated in 2009, Bhagwati Lacto Foods Private Limited (BPL)
is engaged in the processing of paddy to produce basmati rice
since FY14 (refers to the period April 01 to March 31) prior to
which it was primarily engaged in trading of rice since the
commencement of its commercial operations, in 2013. The company
is operating with Mr Kishan Kumar Mittal and Mr Rahul Mittal as
its directors.

Other group concerns of the company include Bhagwati Rice Mills
(BRM) and Bhagwati Lacto Vegetarian Exports Private Limited
(BLVEPL) both engaged in the agro processing industry. BPL uses
the manufacturing facilities of BRM (with an installed capacity
of 8 TPH), through a lease agreement while it has leased out its
own warehouse facilities to BLVEPL from where it earns regular
rental income. Domestically, the company sells basmati rice under
the brand name 'GARIMA' and 'KASTURIKA' in Delhi and Haryana
through a network of commission agents and traders. The company
is also engaged in export of its products to the Middle East,
Canada, New Zealand, etc., under the same brand names. The export
sales constituted around 40% of the total income in FY15
(about 10% in FY14). The raw material, primarily paddy, is
procured from local grain markets through dealers and agents
based in Punjab and Haryana.

BPL registered a total operating income of INR78.90 crore with a
PAT of INR0.70 crore in FY15 as against a total operating income
of INR56.78 crore during FY14 with a PAT of INR0.43 crore in
FY14. In FY16, BPL achieved sales of INR78 crore till February
23, 2016.


BINANI CEMENT: CARE Lowers Rating on INR1,992.13cr Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Binani Cement Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1,992.13    CARE D Revised from
   Term Loans                               CARE BB

   Long-term Bank Facilities      252.14    CARE D Reaffirmed
   Term Loans

   Long-term Bank Facilities       60.00    CARE D Revised from
   Fund based                               CARE BB

   Short-term Bank Facilities     436.00    CARE D Revised from
                                            CARE A4

Rating Rationale
CARE has revised the ratings assigned to the various bank
facilities of Binani Cement Limited (BCL) to 'CARE D' as a result
of ongoing delays in debt servicing of the company. The company
is facing severe liquidity issues as a result of continuing
losses as well as delay in sanctioning of working capital limits
by banks.

BCL, the flagship company of the Binani Group, commenced
operations in April 1997 with an installed capacity of 1.65
million tonnes per annum (MTPA). The company has, over the years,
enhanced its installed capacity and currently has an installed
capacity of 6.25 MTPA in India and a consolidated capacity of
11.25 MTPA which includes 2 MTPA in Dubai and 3 MTPA in China.

During FY15 (refers to the period April 01 to March 31), BCL
reported an operating income of INR2,294.45 crore and loss
of INR151.69 crore compared with INR2,476.18 crore of operating
income and loss of INR249.17 crore in FY14.


BINANI INDUSTRIES: CARE Cuts Rating on INR466.15r Term Loan to B+
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Binani Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     466.15     CARE B+ Revised from
   (Term Loan)                              CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Binani Industries limited (BIL) is on account of significant
deterioration in its financial risk profile as a result of its
high financial leverage and access to limited cash flows due to
holding company status translating into below par debt coverage
indicators. The rating also factors in operational and
financial challenges faced by its key subsidiary Binani Cement
Limited (BCL; rated 'CARE D') which further restricts the
financial flexibility of BIL.

The rating is supported by the long track record and diversified
business operations and experience of the promoters in the
cement, zinc and glass fibre businesses.

Change in the credit profile of BCL and the ability of BIL to
monetise some of its key investments to deleverage the balance
sheet remain key rating sensitivities.

BIL was incorporated on August 02, 1962, and is the holding
company of the manufacturing businesses of the Braj Binani
Group. The group is actively working in the cement, zinc, glass
fibre and infrastructure. BIL earns revenue by way of trading
activities, consultancy services and commission. The major
companies of BIL are Binani Cement Limited, Binani Zinc Limited,
3B Binani GlassFibre SARL, 3B Binani FIbreglass Norway AS and 3B
Fibreglass SPRL.

The company reported net losses of INR649.18 crore on total
operating income of INR4,338.87 crore in FY15 (refers to the
period April 1 to March 31), as against net loss of INR663.18
crore on total operating income of INR4,771.19 crore in FY14.


BINANI ZINC: CARE Reaffirms D Rating on INR247cr ST Loan
--------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Binani Zinc
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loan)                     15       CARE D Reaffirmed

   Short-term Bank Facilities
   (Non-fund-based)               247       CARE D Reaffirmed

Rating Rationale

CARE reaffirms the ratings assigned to Binani Zinc Limited (BZL).
There are ongoing delays for repayment of debt on working capital
facilities and short term non-fund-based facilities. The company
has been referred to Board for Industrial and Financial
Reconstruction (BIFR) in December 2014 but has not yet been
admitted to BIFR.

BZL, a subsidiary of Binani Industries Limited (BIL), has been in
operations since 1967. The company is engaged in the manufacture
of zinc with an installed capacity of 38,000 Tonne Per Annum
(TPA) at its plant located at Binanipuram in Kerala. The company
also produces sulphuric acid and cadmium which are generated as
by-products.

During FY15 (refers to the period April 1 to March 31), the
company reported an income from operations of INR104.09 crore and
loss of INR52.03 crore compared with INR350.35 crore income from
operations and INR25.04 crore loss in FY14.


C. P. FOODS: CRISIL Reaffirms 'B+' Rating on INR55MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of C. P. Foods
(CPF) continues to reflect CPF's below-average financial risk
profile because of a small networth, and average debt protection
metrics, and the customer concentration in its revenue profile.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the agricultural commodities
trading business.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Overdraft Facility      55       CRISIL B+/Stable (Reaffirmed)
   Term Loan                3.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CPF will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of significantly high
revenue and profitability, leading to healthy cash accrual, and
improvement in the capital structure. Conversely, the outlook may
be revised to 'Negative' if the firm's profitability declines; or
the financial risk profile deteriorates owing to sizeable capital
expenditure or stretch in working capital requirements

Update
For 2014-15 (refers to financial year, April 1 to March 31), CPF
reported an operating income of INR1.37 billion, operating margin
of 1 percent, and cash accrual of INR4 million, driven by its
established market position in the pulse processing and trading
industry. The operating income was at INR1.33 billion for the
nine months through December 2015. The scale of operations is
expected to grow at a moderate rate over the medium term,
supported by stable profitability.

The financial risk profile remains below average, with a small
networth and high total outside liabilities to tangible net worth
ratio (TOLTNW) of INR20 million and 8.3 times estimated as of
March 2016; the debt protection metrics were average, with
interest cover of 1.7 times estimated in 2015-16. The financial
risk profile is expected to remain constrained over the medium
term by limited accretion to reserves.

Liquidity is moderate, with expected cash accrual of around INR7
million, against debt obligation of INR2 million, in 2016-17. The
bank line utilisation was at 80 percent for the six months
through December 2015, marked by working capital-intensive
operations. The liquidity is expected to remain moderate over the
medium term, with sufficient cash accrual against debt
obligation.

Established in 2001, CPF is a partnership between Mr. E Jawahar,
Mr. E Kathirvel, Mr. E Rajavel, and Mr. Manikanda Prabhu. The
firm trades in and processes pulses, including masoor dal, toor
dal, udad dal, moong dal, yellow peas and chick peas. It
primarily caters to the domestic market. CPF has its processing
unit in Virudhunagar.


DASHMESH RICE: CARE Assigns 'B' Rating to INR6cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Dashmesh
Rice Mills.

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

Rating Rationale

The rating assigned to the bank facilities of Dashmesh Rice Mills
(DRM) is primarily constrained by its weak financial risk profile
marked by small scale of operations, weak solvency position and
working capital intensive nature of operations. The rating is
further constrained by the susceptibility of margins to
fluctuations in the raw material prices, DRM's presence in a
highly fragmented industry characterized by intense competition
and constitution of the entity being a partnership firm. The
rating, however, derives comfort from the experience of the
promoters and favourable processing location.

Going forward, the ability of the firm to profitably scale-up its
operations, improve the overall solvency position and manage the
working capital requirements efficiently will remain the key
rating sensitivities.

DRM was established in 2001 as a partnership firm and is
currently being managed by Mr Prem Singh, Mr Dalip Singh and Mr
Harjit Singh. The firm is engaged in the processing of paddy at
its
manufacturing facility located at Tarn Taran, Punjab, having an
installed capacity of 7,200 metric ton per annum (MTPA) as on
March 31, 2015. DRM procures paddy directly from local grain
markets through commission agents located in Punjab. The firm
sells its products, ie, Basmati and Non-Basmati rice under the
brand name 'Dashmesh' in all states of India through a network of
commission agents.

In FY15 (refers to the period April 1 to March 31), DRM achieved
a total operating income of INR13.05 crore with PAT of INR0.11
crore, as against the total operating income of INR9.55 crore
with
PAT of INR0.08 crore in FY14.


ESBI GLASSES: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ESBI Glasses Private Limited (ESBI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          2.5        CRISIL D
   Cash Credit            50          CRISIL D
   Letter of Credit        7          CRISIL D
   Term Loan              31.6        CRISIL D

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

Incorporated in 1998, ESBI manufactures mirrors and various types
of glasses in Kolkata. The company also trades in atta, suji,
maida, handloom fabrics, potatoes, chemicals, paint thinners, and
wooden crates.


EXULT AGENCY: CRISIL Suspends B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Exult Agency Private Limited (EXPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       12.5      CRISIL B+/Stable
   Standby Line of
   Credit                    7.5      CRISIL B+/Stable

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

EXPL was established in 1985 as a partnership firm, Joy
Electronics. In 2001, it was reconstituted as a corporate body
and renamed as EXPL. EXPL is an authorised distributor of LG
Electronics in Burdwan, West Bengal; it also retails in various
electronics consumer appliances and durables. The company is also
an authorised dealer for BSNL's SIM cards, recharge vouchers and
broadband services. The day-to-day operations of the company are
looked after by its directors Mr. Janmenjoy Mondal and Mr. Ajay
Mehra.


FATHIMA ENGINEERING: CRISIL Reaffirms B+ Rating on INR88MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Fathima Engineering
Company Private Limited (FECPL) continue to reflect FECPL's
modest financial risk profile because of small networth. The
ratings also factor in small scale of operations. These
weaknesses are offset by the promoter's extensive experience in
the electrical components industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         30        CRISIL A4 (Reaffirmed)
   Cash Credit            32        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     88        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes FECPL will benefit over the medium term from its
promoter's experience. The outlook may be revised to 'Positive'
if significant increase in scale of operations and operating
profitability leads to sustained improvement in cash accrual and
liquidity. Conversely, the outlook may be revised to 'Negative'
if constrained operating margin due to decline in operations or
large, debt-funded capital expenditure weakens financial risk
profile.

FECPL, formerly Fathima Engineering Co, was established in 2003
by Mr. J Varghese in Fathimapuram, Kanyakumari district (Tamil
Nadu). The company undertakes supply, erection, and commissioning
of electrical components, and caters to diverse end-user
industries.


FIOTEX COTSPIN: CARE Assigns B+ Rating to INR132cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to bank facilities of
Fiotex Cotspin Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    132.00      CARE B+ Assigned
   Short-term Bank Facilities     6.90      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Fiotex Cotspin
Private Limited (FCPL) are constrained on account of nascent
stage of project implementation with high risk of time and cost
overrun associated with debt funded spinning project and its
presence in a highly competitive and fragmented textile industry.
The ratings are further constrained on account of the
susceptibility of its profitability to volatile raw material
prices and seasonality associated with the availability of raw
cotton coupled with the impact of changes in the government
policy on cotton prices.

The ratings, however, favorably take into account experienced and
resourceful promoters, strategic location of its manufacturing
unit in the cotton-producing cluster of Gujarat and central and
state governments' fiscal benefits available to FCPL.

Timely completion and early stabilisation of operations with
optimum utilisation of the installed capacities and realisation
of envisaged benefits and ability to withstand raw material price
fluctuation are the key rating sensitivities.

Incorporated in June 2015, FCPL is promoted by Mr. Shailesh
Vasnani, Mr. Shailesh Patel, Mr. Rajesh Godasara, Mr. Rajnikant
Ghodasara, Mr. Mahendra Fefar and Mr. Chintan Sitapara. The
promoters have extensive business experience in cotton value
chain, ceramic tiles industry and manufacturing electric
components through their other business ventures.
FCPL is implementing a green field project to set up a spinning
unit at Sanosara, Gujarat (situated on Rajkot-Jamnagar highway)
by installing 51,072 spindles having an installed capacity to
produce 16,685 Metric Tonne Per Annum (MTPA) of cotton yarn.

The estimated cost of the project is INR178.10 crore which is
expected to be funded through term loan of INR109.50 crore and
promoters' contribution of INR68.60 crore (including subordinated
unsecured loans from promoters of INR16.60 crore) i.e. a debt
equity ratio of 1.60 times. The financial closure of the project
is achieved. The company envisages commencement of operations
from Jan. 1, 2017.


GAJRAJ STEELS: CARE Lowers Rating on INR16.5cr LT Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gajraj Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.50      CARE D Revised from
                                            CARE B+

   Short term Bank Facilities     0.50      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Gajraj Steels Private Limited (MSM) takes into account the
ongoing delays in interest and principal servicing in the term
loan due to its stressed liquidity position on account of the
plant being closed due to water shortage.

GSPL is a part of Latur-based (Maharashtra), 'Malang Group'. GSPL
was incorporated in June, 2013 to manufacture Thermo-Mechanical
Treatment (TMT) bars of 6mm to 12 mm round and square and 3/4 to
2 inch patti. The company in FY13 commenced construction of its
production facility with an installed production capacity of 180
metric tones per day (MTPD). The cost of the project is INR14.18
crore funded through term loan of INR7.50 crore and promoter's
contribution of INR6.68 crore. The products find applications in
building construction, infrastructure companies largely to the
real estate sector. The company achieved commercial production in
January 2015.


GARVE MOTORS: CARE Assigns 'B' Rating to INR12.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Garve Motors
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Garve Motors
Private Limited (GMPL) is constrained on account of the thin
profitability margin inherent to the trading nature of
operations, financial risk profile marked by high overall
gearing, weak debt protection indicators and working capital
intensive nature of operations. The rating is further constrained
on account of the negative networth base of the company as on
March 31, 2015.

The rating factors in experience of promoters into auto
dealership business and established operations with long-standing
association with its principal Hyundai Motors India Limited
(Hyundai).
The rating also takes note of continued growth in the scale of
operations of the company over the period FY13 (refers to the
period April 01 to March 31) to FY15.

The ability of the company to increase its scale of operations
while improving the profitability and efficient management of its
working capital utilization are key rating sensitivity.

GMPL, incorporated in February 2009, is an authorized dealer in
passenger vehicles (PVs) segment for Hyundai. GMPL is based out
of Wakad, Pune, and is engaged in sale of new cars, servicing of
vehicles and sales of spare parts and accessories for Hyundai
Motors.

GMPL operates with two showrooms located atWakad and Wadgaon and
a warehouse at Marunji in Pune which can store approximately 500-
600 cars. GMPL is promoted by Mr Vinayak Garve who has more than
5 years of experience in automobile dealership industry. He heads
the company as the Managing Director (MD).

In addition, the promoter directors of the company are actively
involved in the real estate business through two group entities
Vinayak Enterprises (currently no operations) and Garve
Developments and have more than 10 years of experience in the
real estate business.


GOA GLASS: CARE Cuts Rating on INR27.64r Term Loan to B+
--------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Goa Glass Fibre Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     27.64      CARE B+ (SO) Revised
   (Term Loan)                              from CARE BB (SO)

   Long-term /Short-term          6.00      CARE B+(SO)/CARE A4
   Bank Facilities (Nonfund-                (SO) Revised from
   based)                                   CARE BB(SO)/A4 (SO)

Rating Rationale

The above rating is based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee provided by
Binani Industries Limited [BIL, rated 'CARE B+'] for the bank
facilities of Goa Glass Fibre Limited (GGFL) ensuring the timely
servicing of debt obligations.

Rating Rationale of Guarantor (BIL)

Rating Rationale

The revision in the rating assigned to the bank facilities of
Binani Industries limited (BIL) is on account of significant
deterioration in its financial risk profile as a result of its
high financial leverage and access to limited cash flows due to
holding company status translating into below par debt coverage
indicators. The rating also factors in operational and financial
challenges faced by its key subsidiary Binani Cement Limited
(BCL; rated 'CARE D') which further restricts the financial
flexibility of BIL.

The rating is supported by the long track record and diversified
business operations and experience of the promoters in the
cement, zinc and glass fibre businesses.

Change in the credit profile of BCL and the ability of BIL to
monetise some of its key investments to deleverage the balance
sheet remain key rating sensitivities.

GGFL established on June 19, 1996, was a step-down subsidiary of
BIL, the holding company of the Braj Binani Group. BIL sold the
company to its group company 3B Fibreglass SPRL in the year FY12
(refers to the period April 01 to March 31).

GGFL is engaged in the business of manufacture and sale of glass
fibre at its 16,000 MTPA glass fibre manufacturing facility
situated at Colvale, Goa. The group is actively involved in core
sectors of Cement, Zinc, Glass Fibre and Downstream Composite
Products.

The company reported profit after tax of INR2.71 crore on total
operating income of INR128.8 crore in FY15, as against net loss
of INR24.62 crore on total operating income of INR124.4 crore in
FY14.

BIL was incorporated on August 02, 1962, and is the holding
company of the manufacturing businesses of the Braj Binani
Group. The group is actively working in the cement, zinc, glass
fibre and infrastructure. BIL earns revenue by way of trading
activities, consultancy services and commission. The major
companies of BIL are Binani Cement Limited, Binani Zinc Limited,
3B Binani GlassFibre SARL, 3B Binani FIbreglass Norway AS and 3B
Fibreglass SPRL.


I-RED CONCRET: CRISIL Suspends B+ Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
I-Red Concret and Allied Construction Private Limited (I-Red;
part of the I-Red group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              12        CRISIL B+/Stable

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of I-Red, Concrete & Allied Enterprise
(CAE), and Retreat Construction & Housing Pvt Ltd (RCPL). This is
because the three entities, together referred to as the I-Red
group, are engaged in the same line of business and have
operational linkages and fungible cash flows.

The I-Red group develops real estate projects in West Bengal. Its
day-to-day operations are managed by Mr. Dipak Kumar Kolay and
Mr. Sudipta Kolay. I-Red has completed development of two
residential projects in Howrah and Kharagpur (West Bengal).


JAY AGRO: CARE Reaffirms B+ Rating on INR16.51cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Jay Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     16.51      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Jay Agro Industries
(JAI) continues to remain constrained on account of its
moderate scale of operations in agrochemical industry, working
capital intensive nature of operations and constitution as
a partnership firm leading to limited financial flexibility along
with financial risk profile marked by moderate capital structure,
debt coverage indicators and liquidity position with thin
profitability. The rating reaffirmation also factors in decline
in profitability, marginal deterioration in capital structure,
debt coverage indicators and liquidity position during FY15
(refers to the period April 1 to March 31).

The rating, however, takes comfort from vast experience of the
partners and increasing scale of operations. The ability of JAI
to improve its scale of operations along with profit levels and
efficient management of working capital are the key rating
sensitivities. Furthermore, improvement in capital structure and
debt coverage indicators would also remain crucial.

Vadodara-based JAI was promoted by Mr Nimmagadda Prasad andMs
Aruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara district of Gujarat
having an installed capacity of 2,400 metric tons per annum
(MTPA) & 600 kilo liter per annum (KLPA) as on March 31, 2015 for
production of Agrochemicals, Pesticides and Insecticides. JAI is
an ISO 9001: 2008 and UKAS Quality Management certified firm.
The firm has facilities to formulate Emulsion Concentrates (EC),
Soluble Concentrates (SC), Wettable Powders (WP), Water
Dispersible Granules (WDG), Coated Granules (G), Dusting Powders
(DP), etc.

During FY15, JAI reported a PAT of INR0.20 crore on a TOI of INR
22.61 crore as against a PAT of INR5.80 crore on a TOI of
INR19.26 crore during FY14. As per the provisional results for
11MFY16 (prov.), JAI registered a TOI of INR46.18 crore.


KAILAS CERAMICS: CRISIL Reaffirms 'B' Rating on INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kailas Ceramics
Private Limited (KCPL) continue to reflect its small scale of
operations and below-average financial risk profile, with a high
total outside liabilities to tangible net worth (TOLTNW) ratio
and moderate debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive experience in
trading in tiles and granites.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              20       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         80       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes KCPL will continue to benefit from its promoters'
extensive experience in the ceramic tiles industry. The outlook
may be revised to 'Positive' if substantial and sustainable
increase in scale of operations and profitability strengthens
cash accrual and capital structure. Conversely, the outlook may
be revised to 'Negative' if any large debt- capital expenditure,
or a considerable decline in revenue or profitability or working
capital cycle deteriorates leading to deterioration in its
financial risk profile.

Update
Revenue grew 30 percent to an estimated INR270 million in 2015-16
(refers to financial year, April 1 to March 31) over the previous
year. The healthy growth was largely on account of increased
demand. However, operating margin estimated at 4.3 percent,
remained in line with the previous year. While revenue remains
stable, margin may continue to be vulnerable to sudden changes in
demand and product prices.

Operations are expected to remain working capital intensive,
keeping bank limit utilization high: gross current assets,
debtors and inventory were around 150, 90 and 60 days as of March
2016, respectively. Liquidity, however, continues to be adequate,
supported by steady cash accrual and the absence of term debt.

Financial risk profile of the company remains weak with an
estimated TOLTNW ratio of 8.75 times as on March 31, 2016 and
interest coverage of around 3 times for 2015-16.

Set up as a private limited company in 2012 by Mr. Dharamshi L
Patel and his family in Tiruppur (Tamil Nadu), KCPL trades in
imported ceramic tiles.


KIRUBHA EXPORTS: CRISIL Assigns B+ Rating to INR80MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Kirubha Exports (KE).

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


The rating reflects KE's modest scale of operations in the
intensely competitive cashew industry, and its large working
capital requirement. These weaknesses are partially offset by its
promoter's extensive industry experience and established
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes KE 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 considerable increase in
revenue and profitability, leading to higher cash accrual and
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low revenue or profitability, or
weakening of working capital management, or large, debt-funded
capital expenditure, weakening financial risk profile,
particularly liquidity.

KE, set up in 2011, processes raw cashew nuts into cashew
kernels. Its facility is in Kanyakumari, Kerala, and has
installed processing capacity of 12 tonne per day. Its operations
are managed by Mr. Vimal Kumar.

KE had profit after tax (PAT) of INR3.3 million on net sales of
INR288.5 million for 2014-15 (refers to financial year, April 1
to March 31), against PAT of INR2.9 million on net sales of
INR204.75 million for 2013-14.


KUNNATHAN CHIP: CRISIL Assigns B+ Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Kunnathan Chip Boards Private Limited
(KCPL's).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               100        CRISIL B+/Stable
   Cash Credit              45        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B+/Stable

The ratings reflect the KCPL's modest scale of operations and
modest financial risk profile of the company constrained by its
low net worth. These weaknesses are partially offset by moderate
operating margin and extensive experience of promoters in plywood
industry.

Outlook: Stable

CRISIL believes Kunnathan Chipboard Private Limited (KCPL) will
benefit over the medium term from the extensive experience of its
promoters in the plywood industry. The outlook may be revised to
'Positive' if the company reports higher-than-expected revenues
or profitability thereby improving its financial and liquidity
profiles. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected revenues or profitability, resulting
in weakening of KCPL's financial risk profile, particularly debt
servicing metrics.

Kunnathan Chipboards Private Limited (KCPL), incorporated in
2010, is managed by Mr K. P. Siyad and is based out of Ernakulum,
Kerala. The company is engaged in the manufacturing of chip
boards.


LAMINEX: CRISIL Assigns B+ Rating to INR70.0MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Laminex.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       6.5       CRISIL B+/Stable
   Cash Credit             70.0       CRISIL B+/Stable
   Cash Term Loan          23.5       CRISIL B+/Stable

The rating reflects Laminex's below average financial risk
profile with modest networth, high gearing and below average debt
protection measures, average scale and working capital intensive
operations. These weaknesses are partially offset by the
extensive experience of its promoters in the packaging industry
and established relationship with suppliers and customers.
Outlook: Stable

CRISIL believes Laminex will benefit from the promoter's
extensive industry experience and established customer and
supplier relations. The outlook may be revised to 'Positive' if
there is significant infusion of capital leading to improved
capital structure and liquidity. The outlook may be revised to
'Negative' in case of further stretch in working capital cycle or
significant capital withdrawals or large debt-funded capital
expenditure leading to pressure on the financial risk profile.

Formed in 1994, Laminex is a partnership firm engaged in
manufacturing and supplying PP (polypropylene) bags, PP woven
sacks and High Density Poly Ethylene (HDPE) bags etc. It is
managed by Mr. Parag Joshi (Managingartner) and has its
registered office at Vasco Da Gama (Goa) and manufacturing
facility located at Sancoale, Verna (both in Goa).


LAXMI VENKATESH: CARE Revises Rating on INR7.75cr Loan to B+
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Laxmi
Venkatesh Ginning And Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.75       CARE B+ Revised from
                                            CARE B

Rating Rationale
The revision in the rating assigned to the bank facilities of
Laxmi Venkatesh Ginning and Pressing Factory (LVGPF) factors
in the improvement in profitability margins and solvency
position.
The rating continues to be constrained by the susceptibility of
margins to fluctuation in the raw material prices and seasonality
associated with cotton availability, presence in a highly
fragmented and regulated cotton industry with limited value
addition.

The rating is further constrained by the moderate profitability
margins, working capital intensive nature of operations and
partnership nature of its constitution.

The above weaknesses are partially offset by the extensive
experience of the promoters along with long track record of
the firm and location advantage emanating from proximity to the
raw material.

The ability of the firm to increase its scale of operations along
with maintaining its profitability and solvency position the
key rating sensitivities.

Beed-based LVGPF was established as a partnership firm on July
25, 2003, with 2 partners (Mr K. Murlikrishna and Ms B Sidamma)
sharing profit equally. LVGPF is engaged in the business of
cotton ginning, pressing and trading of ginned cotton and cotton
seeds.

The firm procures raw cotton directly from the local farmers and
has an installed capacity of 1,680 Quintals/day as on March 31,
2015. Its manufacturing unit is located in Village Bhopa District
of Beed (Maharashtra).

During FY16 (refers to the period April 1 to March 31), the firm
has set up an oil mill with total cost of the project being
INR3.18 crore to be funded by a term loan of INR2.00 crore
(sanctioned) and promoter's contribution of INR1.18 crore. The
oil mill became operational from February 2016. Furthermore, the
firm is expected to set up 24DR ginning machines which are
expected to increase the capacity from 1,680 Qt/day to 3,360
Qt/day. However, the ginning machines will be installed in FY17
depending of the monsoon forecast and sowing season of cotton.

In FY15, the firm has registered an income from operations of
INR32.47 crore and PAT of INR0.51 crore as against the income
from operations and PAT of INR44.05 crore and INR0.59 crore,
respectively, in FY14.


MAHAVEER GINNING: CARE Reaffirms B+ Rating on INR6.93r Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mahaveer Ginning And Pressing Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.93       CARE B+ Reaffirmed
   Short term Bank Facilities    0.90       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mahaveer Ginning
and Pressing Factory (MGPF) continue to be constrained by modest
scale of operations, thin profitability margins, weak solvency
position, working capital intensive nature of operations and the
partnership nature of constitution. The ratings are further
constrained by susceptibility of margins to fluctuation in raw
material prices and seasonality associated with cotton
availability, presence in the highly fragmented and regulated
cotton industry with limited value addition.

The above weaknesses are partially offset by the extensive
experience of the promoters along with long track record of
the firm, geographically diversified customer base and locational
advantage emanating from proximity to raw material.

The ability of the firm to increase its scale of operations while
moving up in the cotton value chain and improvement in
profitability margins along with maintaining the volatility in
raw material prices is the key rating sensitivities.

Jalna (Maharashtra) based, MGPF was set up by Mr.Devendra
Chhallani as a proprietorship firm in the year 2008. The firm was
set up to undertake the business of cotton ginning and cotton
seeds extraction. MGPF operates from its sole manufacturing plant
at Wadgaon (Jalna) with an installed capacity of 13,651 Metric
Tonnes Per Annum (MTPA) of cotton bales as on March 31, 2015 of
which 85% was utilised during FY15 (refers to the period April 1
to March 31). Further the firm extracts around 8,600 MTPA of
cotton seeds in the ginning and pressing process as a by-product.
MGPF operates only for eight months during which cotton is
available. In FY15 (refers to the period April 01 to March 31),
the firm has registered an income from operations of INR21.49
crore and PAT of INR0.11 crore as against the income from
operations and PAT of INR30.47 crore and INR0.20 crore
respectively in FY14.


MINITEK SYSTEMS: Ind-Ra Assigns IND B+ LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Minitek Systems
(India) Private Limited (MSIPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect MSIPL's stressed liquidity position and
moderate credit profile, on account of volatile profitability.
Its fund-based working capital facilities were overused during
the three months ended January 2016.  Its FY15 revenue was INR506
mil. (FY14: INR438 mil.), net leverage was 2.0x (4.4x) and
interest coverage was 1.6x (1.4x).  Its EBITDA margins were 1.9%-
2.6% during FY12-FY15, reflective of the risks inherent in the
trading businesses.

However, the ratings are supported by MSIPL's promoters'
experience of two decades in IT solutions services.

                       RATING SENSITIVITIES

Positive: A significant increase in its scale of operations and
profitability, leading to sustained improvement in credit
metrics, would be positive for the ratings.

Negative: A decline in its scale of operations and EBITDA margin,
leading to sustained deterioration in credit metrics, could be
negative for the ratings.

                         COMPANY PROFILE

MSIPL was set up in 2000 and is promoted by Mr. Rajiv Ramachandra
Gite and his family.  The company supplies desktops, notebooks,
laptops, printers and workstations.  It also provides hardware
maintenance services including standby equipment, onsite
resources, preventive maintenance, help desks, asset and network
management, software distribution, data back-up, onsite technical
resources, repairs and information technology solutions to its
clients.

Minitek's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR35 mil. fund-based facilities: assigned
      'IND B+'/Stable/'IND A4'
   -- INR 12.5 mil. non-fund-based facilities: assigned 'IND A4'
   -- INR30.5 mil. proposed fund-based facilities: assigned
      'Provisional IND B+'/Stable/'Provisional IND A4'


MSM STEELS: CARE Lowers Rating on INR65.50cr LT Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
MSM Steels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     65.50      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities     6.80      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
MSM Steels Private Limited (MSM) takes into account the
ongoing delays in interest and principal servicing in the term
loan due to its stressed liquidity position on account of the
plant being closed due to water shortage.

MSM Steels Private Limited (MSM) is a part of Latur-based
(Maharashtra), 'Malang group'. MSM was incorporated in
November 2009 as a partnership firm and the constitution was
subsequently re-constituted in to a private limited in
December 2010. The company started steel rolling operations at
the end of FY12 (refers to the period April 1 to March 31)
with FY13 had been its first full year of operations. The TMT
bars are sold under the brand name as 'Gajraj 500 TMX Bars'.

The company had a total installed capacity of 1,05,000 metric
tonnes per annum (MTPA) of TMT Bars and 90,000 MTPA of
MS Billets as on March 31,2015. The products of MSM find
applications in construction of buildings, infrastructure
companies and real estate.

There have been instances of delays in servicing of interest and
principal due to the stressed liquidity position of the
company on account of the plant being closed due to water
shortage.


NEELGIRI ELECTRICALS: Ind-Ra Affirms 'IND BBB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Neelgiri
Electricals' (NE) Long-Term Issuer Rating at 'IND BBB-'.  The
Outlook is Stable.

                        KEY RATING DRIVERS

Yearly Increase in Top Line: The affirmation reflects the
improvement in NE's top line to INR591.67 mil. in FY15 (FY14:
INR 471.94 mil.) due to order inflow from repeat and new
customers.  Ind-Ra expects the top line to have further improved
in FY16 as the company has already booked revenue to the tune of
INR650 mil. according to the interim financials made available to
the agency.  Furthermore, the brand recall factor is helping the
company in strengthening its position in North India.  It sells
its manufactured products under the brand name Girish.  The
company is planning to expand its product basket to offer a one-
stop solution for electrical work.  In this direction, it will
incur regular capex of INR18 mil. - INR20 mil. yearly which will
be funded through cash accruals.

Healthy EBITDA Margins: NE's operating margins are healthy (FY15:
17.64%; FY14: 18.31%).  The minor fluctuation in the margins in
FY15 was primarily due to adverse raw material price movements
and other expenses.  NE's ability to achieve high EBITDA margins
can be attributed to the excise and tax benefits the company
avails, cheap labor cost, and the high gross margins (40%-50%)
earned in the modular switches segment.  The modular switched
contributes around 50% to the total revenue.  Ind-Ra expects the
EBITDA margin to have deteriorated marginally in FY16 because of
an increase in overall expenses.

Satisfactory-to-moderate Credit Metrics: NE's credit metrics
remained satisfactory despite deterioration in the leverage ratio
as well as in interest coverage ratio to 0.81x in FY15 (FY14:
0.75x) and 3.25x (3.51x), respectively.  The firm increased its
working capital by around INR30 mil. in FY15 resulting in an
increase in external borrowings and in the associated financial
cost.  Ind-Ra expects the credit metrics to have improved
marginally in FY16 in the absence of an increase in external
borrowings and finance cost.

Positive Cash Flow from Operations in FY15: The company's cash
flow from operations remained positive in FY15 due to a
significant improvement in its operating profit.  However, its
free cash flow was negative in FY15 because of maintenance capex.
Ind-Ra expects the cash flow from operations to have remained
positive in FY16.

Experienced Promoters: The company's promoters have around three
decades of experience in manufacturing home wiring cables and
switches.

Price Fluctuation Affecting Business: The firm is exposed to
movements in copper prices in the cables segment and in
polycarbonate prices in the switches segment.  However, the
company offsets the risk stemming from volatility in copper
prices by negotiating on price revisions with dealers as is the
industry practice.

Long Net Working Capital Cycle: NE's net working capital cycle
remained long in FY15 at 152 days (FY14: 145 days) due to the
long credit period demanded by its distributors and the
requirement of maintaining a large inventory because of the
multiple products of varying specifications manufactured by the
company.  Creditor days remained low as copper a major raw
material for cable manufacturing is sourced on advance payment
basis.  Ind-Ra expects the net working capital cycle to remain at
the FY15 levels over the short to medium term.

Organization Structure: The ratings continue to be constrained by
the partnership structure of the firm.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations, a
sustained improvement in EBITDA margins and working capital cycle
leading to an improvement in the net financial leverage will be
positive for the ratings.

Negative: A decline in the revenue and profitability and an
increase in the net financial leverage due to capex would be
negative for the ratings.

                         COMPANY PROFILE

Established in 1996, NE is a partnership firm with three partners
Mr. Suresh Pahwa (47.5% stake), Sunil Pahwa (47.5% stake) and
Sukhdev Bhardwaj (5% stake).  NE manufactures switches (modular
and non-modular) and home wiring cables at its unit in Haridwar.
The Girish brand under which the company sells its products is
licensed from Himgiri Electricals Private Limited for which the
firm pays a royalty fees to Himgiri Electricals.

NE's ratings:

   -- Long Term Issuer Rating: affirmed at 'IND BBB-'; Outlook
      Stable
   -- INR60 mil. fund-based limits: assigned 'IND BBB-'/Stable /
      'IND A3'
   -- INR10 mil. non-fund-based limit: assigned 'IND A3'
   -- INR50.80m term loan (reduced from INR60 mil.): affirmed at
      'IND BBB-'/Stable


NEW HORIZON: CARE Assigns B+ Rating to INR6.40cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
New Horizon Knits Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.40       CARE B+ Assigned
   Short term Bank Facilities    1.60       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of New Horizon Knits
Private Limited (NHKPL) are constrained on account small scale of
operations, customer concentration risk with volatility in raw
material risk and currency rates. The ratings are further
constrained on account of working capital intensive nature of
business operations along with highly fragmented and competitive
industry.

The ratings, however, take into account the experience of the
promoters in the textile industry.  The ability of the company to
scale up its operations with improvement in profitability margins
while managing working capital requirements efficiently are the
key rating sensitivities.

NHKPL was incorporated in the year 2005 by Mr Shyam Sundar
Chamria and his son Mr Ravi Chamria. The company is engaged in
the manufacturing and exports of socks and other hosiery items
like
leggings and tights for women and kids at its unit in Bahadurgarh
(Haryana) under the brand name of Angry Bird and NBA. The exports
contributed around 85% during FY15 (refers to the period of April
01 to March 31) to the countries like United States and United
Kingdom along with other European countries. The main raw
materials are cotton yarn, nylon yarn and synthetic yarn which
are procured from the domestic suppliers based in the regions of
Haryana and Delhi. Its main products are primarily for all
seasons and manufacture all variants of socks like boys' & girls'
socks, infant socks, knee socks, formal socks and others with a
total installed capacity to manufacture 3,21,750 pairs per month.
NHKPL has in house facility and infrastructure has 300 fully
computerized socks knitting & finishing machines mainly imported
from the countries like Korea, Italy and China. The manufacturing
takes place keeping in mind correct design, use of correct yarn,
colours and sizes as per customers' requirement and demand.

In FY15 (refers to the period April 1 to March 31), NHKPL earned
PAT of INR0.03 crore on a total operating income of INR17.37
crore against PAT of INR0.05 crore on a total operating income of
Rs.18.37 crore in FY14. Furthermore, during 11MFY16 (refers to
the period of April 1 to February 29), the company achieved sales
of INR 18.45 crore.


NKB EXTRUSIONS: CRISIL Suspends D Rating on INR91.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
NKB Extrusions Private Limited (NKB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D
   Cash Credit              20        CRISIL D
   Inland/Import Letter
   of Credit                 8.5      CRISIL D
   Term Loan                91.5      CRISIL D

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

NKB was incorporated in 2010 by Mr. Nirmal Kumar Bagaria, Mr.
Deepak Kumar Lohia, Mr. Nilin Bagaria, and Mr. Kshitij Kesara. It
manufactures tarpaulin and fertiliser bags, and started
operations in July 2012.


NORTH EASTERN: CRISIL Suspends B- Rating on INR265MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of North
Eastern Knowledge Foundation (NEKF; a part of the Kaziranga
group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                265       CRISIL B-/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NEKF and North Eastern Educare &
Research Pvt Ltd (NEER). This is because the entities, together
referred to as the Kaziranga group, have a common management team
and operational linkages.

The Kaziranga group is promoted by Assam-based Khetan group and
West Bengal-based Goel group. In 2012, the promoter group
registered NEKF under the Indian Trust Act. The trust founded the
Kaziranga University, a private university approved by the All
India Council for Technical Education. The university offers
graduate and postgraduate educational programmes.

The promoter group also established NEER in 2012 to provide
boarding facilities to students enrolled in Kaziranga University.
The facilities include accommodation, cafeteria, pharmacy, and
transport.


NORTH EASTERN EDUCARE: CRISIL Suspends B- Rating on INR144MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of North
Eastern Educare and Research Private Limited (NEER; a part of the
Kaziranga group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               144.2      CRISIL B-/Stable

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NEKF and North Eastern Educare &
Research Pvt Ltd (NEER). This is because the entities, together
referred to as the Kaziranga group, have a common management team
and operational linkages.

The Kaziranga group is promoted by Assam-based Khetan group and
West Bengal-based Goel group. In 2012, the promoter group
registered NEKF under the Indian Trust Act. The trust founded the
Kaziranga University, a private university approved by the All
India Council for Technical Education. The university offers
graduate and postgraduate educational programmes.

The promoter group also established NEER in 2012 to provide
boarding facilities to students enrolled in Kaziranga University.
The facilities include accommodation, cafeteria, pharmacy, and
transport.


NOVARTIS ENERGY: CRISIL Cuts Rating on INR30MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Novartis Energy Private Limited (NEPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable', while reaffirming its rating on the short
term facility at 'CRISIL A4'.


                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         70       CRISIL A4 (Reaffirmed)

The rating downgrade reflects stretched liquidity due to modest
accretion to reserves and large working capital requirements
leading to overutilization in CC limits.

The ratings continue to reflect NEPL's below-average financial
risk profile marked by a modest networth and weak debt protection
metrics. This rating weakness is partially offset by the
extensive experience of the company's promoter in the petroleum
industry.
Outlook: Stable

CRISIL believes NEPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of substantial
increase in cash accrual or equity infusion, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of deterioration in the financial risk
profile, particularly liquidity, driven most likely by low cash
accrual or a stretched working capital cycle.

NEPL, based in Nagpur, was established in May 2011 by Mr. Deepak
Bharadwaj; it commenced operations in July 2011. The company
trades in calcium grease and bitumen and undertakes blending of
base oil, used as a key ingredient in lubricants. Its operations
are managed by Mr. Bharadwaj.


OM SHIV: CARE Assigns B+ Rating to INR1.50cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Om Shiv Lumbers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     1.50       CARE B+ Assigned
   Short-term Bank Facilities    3.50       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Om Shiv Lumbers
Private Limited (OSLPL) are primarily constrained on account of
its short track record and modest scale of the operations in the
competitive wood processing industry along with financial risk
profile marked by thin profitability, leveraged capital
structure, moderate debt coverage indicators and weak liquidity
position. The ratings are further constrained on account of
susceptibility of profit margins to volatility in raw material
price and foreign exchange fluctuations. The ratings, however,
derives strength from experienced promoters.

OSLPL's ability to increase scale of operations and overall
improvement in financial risk profile along with managing its
working capital efficiently would be the key rating
sensitivities.

Gandhidham-based (Gujarat), OSLPL was incorporated in March 2012
by Mr Deepak Khatwani and Mrs Bhagwati Khatwani. It is engaged in
trading and processing of timber products namely wooden plates,
face veeners, ready pallates, etc. OSLPL also perform job work
for log dimension setting. At present, 27 employees are working
under the company.

There are 3 sets of vertical and horizontal sowing machines with
installed capacity of 1500 cubic feet per day. Both the
machineries and factory premises are rented.

OSLPL has reported a total operating income (TOI) of INR11.30
crore and PAT of INR0.02 crore during FY15 (refers to the period
April 1 to March 31) as against TOI of INR10.66 crore and PAT of
INR0.03 crore during FY14. As per the provisional results for
10MFY16, OSLPL has registered TOI of INR8.84 crore.


PATODIA REAL: CRISIL Assigns B Rating to INR200MM LT Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Patodia
Real Estate and Builders Private Limited (PREBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       200       CRISIL B/Stable

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

PREBPL was set up in 1994 by Mr. Shyam Sundar Patodia and his
wife, Mrs. Manju Patodia in Kolkata. The company was incorporated
to invest in land and construct residential buildings.


RANA FARMS: CRISIL Assigns 'D' Rating to INR50MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Rana Farms and Foods Private Limited (RFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              36        CRISIL D
   Long Term Loan           50        CRISIL D

The rating reflects instances of delay by RFPL in meeting its
debt obligation. The delays are on account of weak liquidity.

RFPL has a modest scale of operations in a highly competitive
poultry and meat products industry. The operation of the company
is working capital intensive. Also RFPL has weak debt protection
metrics and modest net worth.  These rating weaknesses are
partially offset by the benefit RFPL derives from its promoter's
extensive industry experience.

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer
farming for production and sell of white shell eggs to
wholesalers located in Tamil Nadu, Kerala, Karnataka, Bangalore
etc. The company has its own poultry farm spread across an area
of around 545acres in Namakkal district of Tamil Nadu. Currently
RFPL has egg production capacity of around 2,00,000 eggs per day.


RAVI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR40MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ravi
Industries - Harij (RI) continues to reflect the firm's modest
scale of operations in the highly fragmented industry, along with
a below-average financial risk profile because of a small
networth and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
promoters in the cottonseed oil industry and strategic location
of the unit, ensuring availability of raw material.

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

   Proposed Long Term
   Bank Loan Facility       18.9     CRISIL B/Stable (Reaffirmed)

   Term Loan                21.1     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RI will continue to benefit over the medium term
from the extensive experience of promoters. The outlook may be
revised to 'Positive' if a sustainable increase in the scale of
operations and operating profitability improves the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if revenue and operating profitability decline or if
larger-than-expected, debt-funded capital expenditure leads to
deterioration in the financial risk profile.

Update
For 2014-15 (refers to financial year, April 1 to March 31),
topline was at INR159.3 million, a year-on-year decline of 24
percent, on account of prudent procurement of raw material
leading to lower utilisation. Revenue is estimated at INR180-190
million for 2015-16. With recovery in demand, modest growth of 5
percent is expected over the medium term. The operating margin'
at 6.7 percent in 2014-15' improved from historical levels of
4.0-4.3 percent. Operating margin is likely to remain at 5.0-5.2
percent over the medium term, though it will remain susceptible
to volatility in raw material prices. The working capital
management is likely to remain moderately intensive, with gross
current assets'138 days as of March 2015'are expected to be at
115-120 days over the medium term. The financial risk profile is
likely to remain below average given the absence of any sizeable
improvement in scale of operations or profitability; the networth
was modest at INR25.8 million and gearing high at 1.80 times as
of March 2015. The debt protection metrics also remained subpar
as reflected in negative net cash accrual to total debt ratio and
interest coverage ratio of 1.9 times for 2014-15. The liquidity
will likely remain weak, with potentially low cash accrual of
INR4-6 million over the medium term against debt obligation of
INR2.5-4.0 million over this period. The bank limit utilisation
has been high, averaging 90-95 percent.

RI reported a profit after tax (PAT) of INR1.1 million on sales
of INR159.3 million for 2014-15, against a PAT of INR0.8 million
on sales of INR210.6 million for 2013-14.

RI was founded as a partnership firm by the Hiraj (Gujarat)-based
Thakker family in 2012. The firm undertakes the extraction of oil
and production of de-oiled cakes from cotton seeds.


RODAS IMPEX: CRISIL Assigns B+ Rating to INR123.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Rodas Impex Private Limited (RIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             123.5      CRISIL B+/Stable
   Long Term Loan           23.0      CRISIL B+/Stable

The rating reflects modest scale of operations in the highly
fragmented textile industry, below-average financial risk profile
because of an average capital structure and subdued debt
protection metrics, driven by working capital-intensive
operations and debt-funded capital expenditure. These rating
weaknesses are partially offset by extensive experience of
promoter in the textile industry and their established relations
with customers and suppliers.
Outlook: Stable

CRISIL believes RIPL will benefit from the extensive industry
experience of its promoter. The outlook may be revised to
'Positive' if significant scaling up of operations backed by
timely ramp-up of its new capacities leads to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' if lower revenue and cash accrual, or a stretch in the
working capital cycle, or additional capital expenditure leads to
deterioration in the financial risk profile and liquidity.

RIPL was incorporated on August 11, 2001, in Bhilwara, Rajasthan.
The company manufactures suiting and shirting fabrics (synthetic,
cotton, and wool blended). It also manufactures joda fabrics
which are exported. RIPL is setting up a technical textile unit
for manufacturing surgical products. Its operations are managed
by its promoter Mr. Jugal Kishore Chamodi.


RRB ENERGY: CARE Lowers Rating on INR100.40cr LT Loan to D
----------------------------------------------------------
CARE revises ratings assigned to bank facilities of RRB Energy
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    100.40      CARE D Revised from
                                            CARE B

   Long-term/Short-term Bank     40.00      CARE D/CARE D Revised
   Facilities                               from CARE B/CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of RRB Energy
Limited (RRB) takes into account delay in servicing of debt
obligations by the company due to its weak liquidity position.

Incorporated in 1987, RRBEL (formerly Vestas RRB India Limited)
engaged in the business of manufacture, erection and
commissioning of Wind Electric Generators (WEGs) and also
provides after-sales services and maintenance services for WEGs.

It currently manufactures WEGs with capacity of 225 KW, 500 KW
and 600 KW. RRBEL also has developed 1.8 MW WEG and has received
the certificate from GL Garrad Hassan (GL-GH) of Germany. The
Centre for Wind Energy Technology (CWET) has accordingly listed
company's 1.8 MW WEG in their Revised List of Models and
Manufacturers (RLMM). The company has manufacturing facilities
located at New Delhi. RRBEL has ISO 9001:2008 and ISO 14001:2004
certification for manufacture, installation and servicing of WEGs
by Det Norske Veritas (DNV), Netherlands.

On account of weak financial profile and strained liquidity
position, the company had defaulted on the debt obligations
during FY12 (refers to the period April 1 to March 31) and
subsequently approached lenders for restructuring of its debt
obligation under CDR mechanism which was approved in March 2012.
As per the terms of the CDR, irregular portion of Cash Credit of
INR76.7 crore was converted into Working capital Term Loan
(WCTL), payable in four annual structured installments starting
from March 31, 2013, after a moratorium of 18 months from Cut-off
date (COD), ie, September 30, 2011.

The company's financial performance continues to remain weak due
to lower sales and relatively high fixed overhead costs during
FY15. Weak financial performance has impacted the liquidity
position of the company, leading to delays in debt servicing.

As per FY15 audited results, RRB reported net loss of INR21.85
crore on a total operating income of INR136.39 crore. As per
H1FY16 unaudited results, the company reported net loss of
INR13.00 crore on a total operating income of INR66.00 crore.


SEACOM MARINE: CRISIL Suspends 'D' Rating on INR434.8MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Seacom
Marine College (Seacom).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               434.8      CRISIL D

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

Seacom was established in 2003 by Mr. Anish Chakraborty as an
educational and charitable trust in Kolkata. The trust operates
three institutions in the engineering (Seacom Engineering
College), marine (Seacom Marine College), and management (Seacom
Management College) fields. It is affiliated to West Bengal
University of Technology and is approved by the Directorate
General of Shipping, Government of India, while the professional
courses such as bachelor of engineering, Masters in Business
Administration, and Masters in Computer Application are
affiliated to the All India Council for Technical Education. The
trust also established 'Seacom Skills University', located in
Shantiniketan, which has been established as a university by an
Act passed by the West Bengal State Assembly. The university
commenced engineering and diploma courses from August 2014.


SHASHI CATERING: Ind-Ra Assigns 'IND BBB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shashi Catering
Services (SCS) a Long-Term Issuer Rating of 'IND BBB-' with a
Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect SCS's comfortable credit profile, and
established client relationships which ensure repeat business.
SCS reported revenue of INR1,197 mil. in FY15 (FY14: INR981
mil.), net leverage (total adjusted debt net of cash/EBITDA) of
negative 0.5x (negative 0.8x) and EBITDA interest cover of 8.0x
(9.9x).  The company does not have any outstanding term debt. 90%
of SCS's revenue (FY15 numbers) is contributed by its top 10
clients with whom the company has had a relationship of between
three to 15 years.  The company signs one-year catering services
contracts with its customers, and has not lost any of its clients
to competition over the last five years.

Revenue grew at a CAGR of 49.67% over FY13-FY15. 10MFY16
unaudited financials indicate revenue of INR1,100 mil. and EBITDA
margin of 1.3%.  The company is likely to show moderate top line
expansion in FY17 going by the new service contracts signed so
far.  The ratings are supported by the promoter's more than two
decades of experience in the same line of business.  Moreover,
liquidity is comfortable as indicated by its 14.6% utilization of
the working capital limits on average over the 12 months ended
February 2016 on strong cash generation.

The ratings, however, are constrained the company's volatile
profitability with EBITDA margins ranging between 1.0%-2.5%
during FY13-FY15 and the short tenure (usually one year) of each
of the supply contracts received by the company.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth and stabilization in
profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

Negative: Continued volatility in the operating profitability or
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Set up in 1996, SCS undertakes industrial catering contracts and
caters to state governments and the central government and
multinational companies.

SCS's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BBB-';
      Outlook Stable
   -- INR30 mil. fund-based facilities: assigned
      'IND BBB-'/Stable/'IND A3'
   -- INR40 mil. non-fund-based facilities: assigned 'IND A3'


SHINE REALTORS: CRISIL Suspends 'D' Rating on INR150MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shine Realtors Private Limited (SRPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       150       CRISIL D
   Term Loan                120       CRISIL D

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

SRPL, incorporated in 2006, develops real estate in Guwahati. Its
day-to-day operations are managed by Mr. Anil Jaina and Mr.
Rajesh Jain.


SHRI NIRMLANAND: CRISIL Assigns 'B' Rating to INR40MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Shri Nirmlanand Steels Casting Private
Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable
   Term Loan                20        CRISIL B/Stable

The rating reflects the company's exposure to intense competition
in the steel industry resulting in low profitability, and its
below-average financial risk profile because of small networth
and weak debt protection metrics. These weaknesses are partially
offset by promoters' extensive industry experience, and efficient
working capital management.
Outlook: Stable

CRISIL believes SNSCPL will continue to benefit from its
established brand and extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
better-than-expected revenue and profitability, and improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if revenue declines or working capital cycle
lengthens, resulting in lower-than-expected cash accrual, or if
any larger-than-expected debt-funded capital expenditure leads to
deterioration in financial risk profile.

SNSCPL, incorporated in 2007, is promoted by Mr. Kamal Jindal and
his brother Mr. Raman Kumar Agarwal. The company manufactures
mild steel ingots and thermo-mechanically treated (TMT) bars at
its unit in Punjipatra, Raigarh. Mr. Ashish Jindal, son of Mr.
Kamal Jindal, handles daily operations.


SHREE SHIV-PARWATI: CRISIL Suspends D Rating on INR1.0BB Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Shree Shiv-Parwati Sakhar Karkhana Limited (SSPSKL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               1000       CRISIL D

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

SSPSKL was incorporated in 2010 by Dr. Nandkumar Yadavrao
Tasgaonkar. SSKSPL is in the process of setting up an integrated
sugar and co-generation power plant at Mungi, Beed (Maharashtra).
The sugar plant will have can crushing capacity of 5000 TCD and
15 MW co-gen power plant. The operations are expected to commence
from January 2014.


SHREEJI FIBRE: CARE Assigns B- Rating to INR5.85cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Shreeji
Fibre Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.85       CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Shreeji Fibre
Private Limited (SFPL) is primarily constrained on account of its
fluctuating and small scale of the operations in competitive
cotton industry along with financial risk profile marked by
cash losses, negative net worth and weak liquidity position. The
rating is further constrained on account of susceptibility
of profit margins to volatility in raw material prices which are
highly regulated by government, presence in highly fragmented and
competitive cotton industry and seasonality associated with this
industry.

The rating, however, derives strength from experience of the
promoters.

Going forward, SFPL's ability to increase scale of operations
with improvement in profitability and overall financial risk
profile along with better working capital management will be the
key rating sensitivities.

Dabhoi-based (Gujarat) SFPL was incorporated in March 2005 by Mr
Balkrishna Patel and Mrs Bhagwati Khatwani. It is engaged in the
business of cotton ginning and trading of cotton. The company
procures raw cotton from local traders and farmers in Dabhoi
region which is put through process of ginning where cotton seeds
are separated from cotton lint.

Cotton lint is packed in bales and sold to spinning mills and
traders located in Gujarat. SFPL also have an oil mill where oil
is extracted from cotton seeds which is known as kapasiya wash
while the remaining part is known as kapasiya khod and is used as
cattle food. At present, 8 employees are working under the
company. The installed capacity of ginning machineries is 203,700
quintals per annum or 43,200 bales per annum for cotton bales.

SFPL has reported a total operating income (TOI) of INR3.54 crore
and net loss of INR0.41 crore during FY15 (refers to the period
April 1 to March 31) as against TOI of INR20.39 crore and PAT of
INR0.41 crore during FY14. As per the provisional results for
11.5MFY16, SFPL has registered TOI of INR5.12 crore.


SOHANLAL SONS: CARE Assigns B+ Rating to INR8cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sohanlal
Sons.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facility         8        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sohanlal Sons (SS)
is constrained by its modest scale of operations, financial risk
profile marked by thin profitability margins inherent to the
trading nature of business, leveraged capital structure and weak
debt protection metrics and proprietorship nature of its
constitution. The rating also factors in the competition and
fragmented nature of the industry.

The above constraints outweigh the comfort derived from the
experience of the proprietor in trading of iron & steel products
and being an authorized distributor of Topworth Urja & Metals
Limited for the Nagpur region and Shri Bajrang Power & Ispat
Limited for the Vidharbha region with a wide dealer network.

The ability of entity to improve its scale of operation and
effective management of working capital is the key rating
sensitivity.

SS, based out of Nagpur (Maharashtra), is a proprietorship
entity, promoted by Mr Kapil Agarwal and commenced operation in
June, 2013. Since inception, the entity has been engaged in
trading of iron & steel products such as Thermo Mechanically
Treated (TMT) bars, Mild Steel (MS) Ingots, MS Billets, angles,
channels, etc. with TMT bars contributing around 70% of the total
revenue during FY15 (refers to the period April 1 to March 31).
The entity is also involved in trading of textiles; however the
same contributes very less to the total revenue. SS has its
registered office in Nagpur and a branch office based in Raipur.
Currently, SS is the authorized dealer for the region of Nagpur
(Maharashtra) for 'Lodha Thermex TMT Bars' manufactured by
Topworth Urja & Metals Limited and 'Goel TMT Bar'' manufactured
by Shri Bajrang Power & Ispat Ltd. for Vidharbha region
(Maharashtra) and supplies the products through its network of
150 plus dealers.


During FY15 (refers to the period April 1 to March 31), the firm
has registered a PAT of INR1.21 crore as against the total
operating income of INR225.42 crore as compared with the PAT and
total operating of INR0.61 crore and INR121.66 crore,
respectively, in FY14.


SREE PARIMALA: CARE Reaffirms 'B' Rating on INR6.25r LT Loan
------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to bank
facilites of Sree Parimala Cotton Ginning And Pressing Fatory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.25       CARE B Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Sree Parimala
Cotton Ginning and Pressing Factory (SPGPF) continues to be
constrained by moderate profitability margins, moderate solvency
position, working capital intensive nature of operations along
with the partnership nature of constitution. The rating is
further constrained due to susceptibility of margins to
fluctuation in raw material prices, seasonality associated with
the availability of cotton and presence of the firm in a highly
fragmented and regulated industry with limited value addition.

The rating is further constrained on account of the moderate
profitability margins, solvency position and working capital
intensive nature of operations along with the partnership nature
of constitution.

The above weaknesses are partially offset by the extensive
experience of the promoters along with long track record of
the firm and locational advantage emanating from proximity to raw
material.

The ability of the firm to improve its solvency position and
efficiently managing its working capital requirements are the
key rating sensitivities.

Beed-based SPGPF was established as a partnership firm on July
25, 2003, with 4 partners. SPGPF is engaged in the business of
cotton ginning, pressing and trading of ginned cotton and cotton
seeds.

The firm procures raw cotton directly from the local farmers and
has an installed capacity of 22,000 metric tonnes per annum
(MTPA) of cotton bales. Its manufacturing unit is located in
Village Bhopa, Dist: Beed, Maharashtra.

In FY15 (refers to the period April 01 to March 31), the firm has
registered an income from operations of INR24.81 crore and PAT of
INR0.34 crore as against the income from operations and PAT of
INR39.78 crore and INR0.47 crore, respectively, in FY14.


SRI MURUGAN: CRISIL Assigns B- Rating to INR18MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sri Murugan Firms (SMF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        2        CRISIL B-/Stable
   Cash Credit              18        CRISIL B-/Stable
   Letter of Credit         80        CRISIL A4

The ratings reflect SMF's modest scale of operations in the
highly fragmented timber industry, and its large working capital
requirements. These weaknesses are partially offset by its
partner's extensive experience in the timber trading business.
Outlook: Stable

CRISIL believes SMF will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves significantly, supported by efficient working capital
management or a sustainable increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, especially liquidity weakens due to decline in
revenue and operating margin, or elongation in working capital
cycle.

SMF, formed in 1984 as a partnership firm, processes and trades
in timber. It is based in Tamil Nadu and has processing
facilities at Tenkasi. Its operations are managed by Mr.
Madhavan.


SRI SATYA: Ind-Ra Assigns 'IND B-' LT Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sri Satya Sai
Infrastructure Private Limited (Satya Sai) a Long-Term Issuer
Rating of 'IND B-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect Satya Sai's weak credit profile on a
continuous top line contraction and EBITDA losses.  Revenue was
INR497 mil. in FY15 and has continuously declined from INR711
mil. in FY12 while EBITDA margins have varied from 1.2% to 5.6%
since FY12.  The revenue is likely to have declined further
during 11MFY16 to around INR258 mil. with losses at EBITDA level.

The ratings factor in the company's weak outstanding order book
position of INR107m at end-February 2016.  Moreover, the
liquidity position is tight with near full working capital
utilization during the six months ended March 2016.

The ratings, however, are supported by the promoters' experience
for more than a decade in civil construction.

                       RATING SENSITIVITIES

Positive: Stabilization of operations leading to a substantial
improvement in the revenue and profitability will lead to a
positive rating action.

                          COMPANY PROFILE

Satya Sai was incorporated in 2006.  The company engaged in civil
construction.

Satya Sai's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'; Outlook Stable
   -- INR60.00 mil. fund-based working capital: assigned
      'IND B-'/Stable
   -- INR250.0 mil. non-fund-based facilities: assigned 'IND A4'
   -- Proposed INR8.00 mil. long-term loan: assigned;
      'Provisional IND B-'/Stable


SUVI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Suvi International Private Limited (SIPL) to
'Stable' from 'Negative' while reaffirming the rating at 'CRISIL
B+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL B+/Stable (Outlook
                                      revised from 'Negative'
                                      and rating reaffirmed)

   Proposed Long Term        10       CRISIL B+/Stable (Outlook
   Bank Loan Facility                 revised from 'Negative'
                                      and rating reaffirmed)

   Term Loan                 30       CRISIL B+/Stable (Outlook
                                      revised from 'Negative'
                                      and rating reaffirmed)

The outlook revision reflects CRISIL's belief that business and
financial risk profile will improve over the medium term driven
by improvement in scale of operations and operating margin on
account of stabilisation of operations at the new Rai (Haryana)
facility. The margins are at 10-11 percent in 2015-16 (refers to
financial year, April 1 to March 31), a significant improvement
from 5.5 percent in 2013-14, and are expected to remain at
similar levels over the medium term. The turnover is INR135
million in 2015-16 on account of healthy order flow from clients.
Subsequently, financial risk profile is expected to improve with
gearing of 2.6 times as on March 31, 2016, from 3.5 times as on
March 31, 2015. Gearing is expected to improve gradually;
however, will remain high over the medium term. The interest
coverage ratio improved to 1.5 times in 2014-15 from 0.7 time in
the previous year on account of improvement in profitability. The
business and financial risk profiles are expected to improve
gradually on account of stabilisation of the new facility and
healthy order flow from clients.

The rating continues to reflect weak financial risk profile,
because of high gearing, and working capital-intensive
operations. These weaknesses are mitigated by the extensive
experience of promoters in the expanded poly ethylene (EPE)
liners manufacturing industry.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if higher-than-expected cash
accrual, backed by stabilisation of newly added capacity, or
improved working capital cycle leads to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if liquidity
and capital structure weaken because of a decline in offtake from
key customers, adversely affecting revenue and margins.

SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures EPE liners, which
are primarily used for providing inner seal protection for caps
of various bottles used in the beverage and pharmaceutical
industries. It has two units, one in Bawana (Delhi) and the other
in Rai.


SWASHTHIK CAPS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Swashthik Caps Private Limited (SCPL; part of
the Swashthik group) and assigned its 'CRISIL B+/Stable' rating
to the facilities. CRISIL had, on December 22, 2014, suspended
the rating as SCPL had not provided necessary information
required to maintain a valid rating. SCPL has now shared the
requisite information, enabling CRISIL to assign a rating to the
bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               30       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Long Term Loan             5       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term        15       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating reflects the group's modest scale of operations in a
fragmented industry and working capital-intensive operations.
These rating weaknesses are partially offset by established
regional market position in the polyethylene terephthalate (PET)
performs segment, established relationships with customers and
its moderate financial risk profile because of moderate gearing
and debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SCPL, Swashthik Preforms Pvt Ltd
(SPPL), and Swashthik Industriees (SI). This is because all the
entities, together referred to as the Swashthik group, are in
same line of business, share a common management, and derive
operational synergies.
Outlook: Stable

CRISIL believes the Swashthik group will maintain its business
risk profile over the medium term, supported by the management's
experience in the packaging industry. The outlook may be revised
to 'Positive' if a significant improvement in the scale of
operations and profitability leads to better cash accrual.
Conversely, the outlook may be revised to 'Negative' if any
unexpected pressure on the profitability and cash accrual, or
increase in working capital requirement, or any larger-than-
expected, debt-funded capital expenditure weakens the financial
risk profile.

Established in 2007 as a partnership entity, SCPL was
reconstituted as a private limited company in 2011. It
manufactures three product lines: single-stage bottles, caps, and
preforms. SPPL manufactures pre-forms used primarily in the
mineral water industry. SI manufactures pre-forms, containers,
bottles, and jars. The group's operations are managed by Mr.
Ramnath Ashok and Mr. C Vijay Kumar Surana.


SWASHTHIK INDUSTRIEES: CRISIL Assigns B+ Rating to INR45MM Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Swashthik Industriees (SI; part of the Swashthik
group) and assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the facilities. CRISIL had, on December 19, 2014, suspended the
ratings as SI had not provided necessary information required to
maintain a valid rating. SI has now shared the requisite
information, enabling CRISIL to assign a rating to the bank
facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               45       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Letter of Credit          20       CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Long Term Loan            20       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects the group's modest scale of operations in a
fragmented industry and working capital-intensive operations.
These rating weaknesses are partially offset by established
regional market position in the polyethylene terephthalate (PET)
performs segment, established relationships with customers and
its moderate financial risk profile because of moderate gearing
and debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SI, Swashthik Caps Pvt Ltd (SCPL), and
Swashthik Preforms Pvt Ltd (SPPL). This is because all the
entities, together referred to as the Swashthik group, are in
same line of business, share a common management, and derive
operational synergies.
Outlook: Stable

CRISIL believes the Swashthik group will maintain its business
risk profile over the medium term, supported by the management's
experience in the packaging industry. The outlook may be revised
to 'Positive' if a significant improvement in the scale of
operations and profitability leads to better cash accrual.
Conversely, the outlook may be revised to 'Negative' if any
unexpected pressure on the profitability and cash accrual, or
increase in working capital requirement, or any larger-than-
expected, debt-funded capital expenditure weakens the financial
risk profile.

Established in 2011 as a partnership entity, SI manufactures pre-
forms, containers, bottles, and jars. SCPL manufactures three
product lines: single-stage bottles, caps, and preforms. SPPL
manufactures pre-forms used primarily in the mineral water
industry. The group's operations are managed by Mr. Ramnath Ashok
and Mr. C Vijay Kumar Surana.


SWASHTHIK PREFORMS: CRISIL Assigns B+ Rating to INR45MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Swashthik Preforms Private Limited (SPPL; part of
the Swashthik group) and assigned its 'CRISIL B+/Stable/CRISIL
A4' ratings to the facilities. CRISIL had, on December 19, 2014,
suspended the ratings as SPPL had not provided necessary
information required to maintain a valid rating. SPPL has now
shared the requisite information, enabling CRISIL to assign a
rating to the bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B+/Stable (Assigned;
                                       Suspension Revoked)

   Letter of Credit         30        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Long Term Loan           10        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects the group's modest scale of operations in a
fragmented industry and working capital-intensive operations.
These rating weaknesses are partially offset by established
regional market position in the polyethylene terephthalate (PET)
performs segment, established relationships with customers and
its moderate financial risk profile because of moderate gearing
and debt protection metrics.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SPPL, Swashthik Caps Pvt Ltd (SCPL),
and Swashthik Industriees (SI). This is because all the entities,
together referred to as the Swashthik group, are in same line of
business, share a common management, and derive operational
synergies.
Outlook: Stable

CRISIL believes the Swashthik group will maintain its business
risk profile over the medium term, supported by the management's
experience in the packaging industry. The outlook may be revised
to 'Positive' if a significant improvement in the scale of
operations and profitability leads to better cash accrual.
Conversely, the outlook may be revised to 'Negative' if any
unexpected pressure on the profitability and cash accrual, or
increase in working capital requirement, or any larger-than-
expected, debt-funded capital expenditure weakens the financial
risk profile.

Established in 2007 as a partnership entity, SPPL was
reconstituted as a private limited company in 2011. It
manufactures pre-forms used primarily in the mineral water
industry. SCPL manufactures three product lines: single-stage
bottles, caps, and preforms. SI manufactures pre-forms,
containers, bottles, and jars. The group's operations are managed
by Mr. Ramnath Ashok and Mr. C Vijay Kumar Surana.


TERAI TEA: Ind-Ra Assigns BBB- Issuer Rating; Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Terai Tea
Company Limited (TTCL) a Long-Term Issuer Rating of 'IND BBB-'.
The Outlook is Stable.  TTCL is the flagship company of Terai
group of companies.

                        KEY RATING DRIVERS

The ratings reflect the group's established position in the
Indian tea industry as it owns seven tea gardens and five leaf
factories with a combined annual capacity of 15 million kg.  The
ratings also reflect TTCL's long operating track record of over
four decades in the tea manufacturing business in West Bengal.

The ratings factor TTCL's strong liquidity profile as reflected
by its 50.97% average working capital limit utilization during
the 12 months ended February 2016.  The ratings also factor in
TTCL's moderate scale of operation and profitability as it
reported revenue of INR1196 mil. in FY15 (FY14: INR842 mil.) with
EBITDA margin of 5.4% (6.6%).

The ratings also reflect the company's moderate credit profile as
it reported interest coverage (operating EBITDA/gross interest
expense) of 1.3x and net financial leverage (total adjusted net
debt/operating EBITDAR) of 6.9x in FY15.  Ind-Ra expects the
credit metrics to have improved in FY16 as the company reported
operating EBITDA margin of 7.38% for 9MFY16.

The ratings are constrained by the risk inherent in the tea
manufacturing business such as adverse weather condition, labor
related problems and volatile tea prices among other.

                      RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the operating profitability with interest coverage being
sustained above 2.5x will be positive for the ratings.

Negative: A decline in the EBITDA margins and the interest
coverage being sustained above 2x would result in a rating
downgrade.

                         COMPANY PROFILE

Incorporated in 1973, TTCL has one tea estate with installed
capacity of 10 million kg.  Besides TTCL, the group comprises
seven companies namely Abhijit Tea Co Pvt Ltd, New Darjeeling
Union Tea Co. Ltd., East India Produce Ltd, Jaldacca Tea
Plantations Pvt Ltd, Sayedabad Tea Company Ltd, The Kharibari Tea
Company Ltd. and Terai Dooars Tea Company Pvt Ltd.  Teari group
is managed by Ajit Kumar Agarwala and family.

TTCL's ratings:

   -- Long Term Issuer Rating: assigned 'IND BBB-'; Outlook
      Stable
   -- INR216.03 mil. fund based facilities: assigned 'IND BBB-';
      Outlook Stable
   -- INR20 mil. non-fund-based facilities: assigned 'IND A3'


TIJIYA STEEL: CRISIL Suspends D Rating on INR120MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Tijiya
Steel Private Limited (TSPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              120       CRISIL D
   Letter of Credit          60       CRISIL D

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

Incorporated in 1994, TSPL is managed by Mr. Rajesh Poddar and
Mr. Rajiv Poddar. The company manufactures thermo-mechanically
treated (TMT) steel bars at its facility in Kolkata. It also
trades in mild steel ingots, TMT bars, and allied products.


UJALA MINERALS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ujala
Minerals (UM).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             100.0       CRISIL B+/Stable
   Letter of Credit          5.3       CRISIL A4

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

UM established as a partnership firm in 2004 by friends, Mr. Anil
Jaiswal and Mr. Ramesh Chandra Maharana. The firm is in the
domestic trading of iron ore lumps and fines and has its
operations in Bhubaneswar (Odisha).


VAIBHAV ISPAT: CRISIL Assigns B+ Rating to INR75MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vaibhav Ispat Private Limited (VIPL).

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

The rating reflects the company's average financial risk profile
because of a small networth and average capital structure, modest
scale of operations in the highly fragmented mild-steel (MS)
ingots industry, low profitability, and its susceptibility to
volatility in the steel prices and to the downturns in the end-
user industry. These rating weaknesses are partially offset by
the extensive experience of promoters in the steel industry and
their fund support.

Outlook: Stable

CRISIL believes VIPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' in case of a sustained improvement in the
scale of operations and profitability leading to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of a decline in cash accrual, stretch in the
working capital cycle, or large, debt-funded capital expenditure,
leading to deterioration in the financial risk profile and
liquidity.

Established in 2005, VIPL manufactures MS ingots at its facility
in Haridwar, Uttarakhand. It has an installed capacity of 30,000
tonne per annum. The company is promoted by Mr. Sompal Singh and
Ms. Mamtesh Rani.


VISHESH INDUSTRIES: CARE Assigns B+ Rating to INR5.86cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Vishesh Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.86      CARE B+ Assigned
   Short term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vishesh Industries
(VI) are constrained on account small scale of operations with
proprietorship nature of constitution, working capital intensive
nature of operations, and leveraged capital structure. The
ratings also factor in the threat of substitutes, susceptibility
of margins to input price fluctuations and competitive nature of
the industry.

The ratings, however, take into account the experience of the
promoters, VI's long track record of operations, growing scale of
operations with moderate profitability margins and favourable
geographical location.

The ability of the firm to scale up its operations and
profitability margins, and efficiently manage its working capital
requirements is the key rating sensitivity.

Firozabad-based VI is a proprietorship which was established by
Mr Ghanshaym Gupta in the year 1992. The firm is engaged in the
manufacturing of glass and glassware products. Its products
include glass tumblers, glass tubing, glass flasks, glass bottles
and other glass items. VI's manufacturing unit is located at
Firozabad, Uttar Pradesh and has an annual installed capacity of
21 Metric Tonne (MT) per annum.

The raw material required by VI includes soda ash, silica sand
and broken glass which is majorly procured domestically. Products
are sold in the domestic market and international markets of
Germany, Belgium and Brazil. In FY15 (refers to the period of
April 01 to March 31), imports contributed about 5% to the total
purchases, while export sales contributed about 70% to the total
sales in FY15. The firm procures natural gas from GAIL Gas Ltd
(rated CARE AA), soda ash from GHCL Ltd (Rated CARE BBB+, October
2015) and Nirma Limited.

In FY15 (Refers to the period April 1 to March 31), VI earned PAT
of INR0.70 crore on a total operating income of INR20.43 crore
against PAT of INR0.53 crore on a total operating income of
INR18.66 crore in FY14.


WIDE ANGLE: CRISIL Suspends 'D' Rating on INR25MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Wide Angle Packaging System Private Limited (WAPS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           2.7       CRISIL D
   Cash Credit             25.0       CRISIL D
   Proposed Long Term
   Bank Loan Facility      21.7       CRISIL D
   Term Loan                6.5       CRISIL D

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

WAPS, set up in 1996 by Mr. Ramesh Kumar Kataruka, manufactures
packaging material for entities engaged in the consumer goods
industry. The promoter has around two decades of industry
experience.


YASH AUTOMOTIVE: CARE Lowers Rating on INR14.98r LT Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Yash
Automotive Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     14.98      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Yash Automotive Private Limited(YAPL) takes into consideration
the on-going delays in debt servicing on account of liquidity
mismatches.

YAPL was promoted by Mr Sanjay Kumar in 2002 as an authorized
dealer of TML. YAPL is engaged in the sale of passenger and
commercial vehicles, sale of spare parts and servicing of
vehicles.

YAPL operates four showrooms in Uttar Pradesh viz. one each at
Mirzapur, Bhadohi and two at Sonebhadra. Each showroom has
attached workshop and stockyard. Apart from the above, the
company operates one workshop, five sales outlets and two mobile
service vehicles.

For FY15 (refers to the period April 01 to March 31), YAPL
registered a total income of INR65.20 crore with losses at net
level of INR1.60 crore against total income of INR131.3 crore
with a PAT of INR0.10 crore in FY14.


YOGESH AND YOGESH: Ind-Ra Rates INR99MM Facilities at 'IND BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yogesh and
Yogesh Developers' (YYD) INR99 mil. fund-based facilities a final
'IND BB-' rating with Stable Outlook.  These loans are part of
YYD's proposed INR100 mil. long-term loan limits which were
assigned provisional ratings on Feb. 5, 2016.  The loan amounts
have now been changed to INR99 mil. fund-based.

Ind-Ra also maintains a Long-Term Issuer Rating of 'IND BB-' with
a Stable Outlook on the company.



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


TOSHIBA CORP: Faces JPY300 Billion Loss Over Westinghouse
---------------------------------------------------------
Kyodo News reports that Toshiba Corp. plans to book an impairment
loss of around JPY300 billion for fiscal 2015 linked to its U.S.
nuclear power subsidiary Westinghouse Electric Co., sources
familiar with the matter said. The loss would be larger than
anticipated.

Kyodo relates that the struggling electronics maker, mired in a
massive accounting scandal, had previously been thought to be
booking a charge of around JPY200 billion for the year.

According to Kyodo, the issue relates to JPY350 billion in
goodwill that Toshiba booked when acquiring Westinghouse in 2006.
That figure could now be slashed to less than half if Toshiba
books the impairment loss, the sources said.

Westinghouse booked impairment losses in fiscal 2012 and 2013 of
around $1.32 billion over other aspects of its nuclear power
plant construction and maintenance business after the 2011
Fukushima nuclear crisis.

Toshiba has been criticized, however, for not disclosing its
accounting treatment for Westinghouse, SmartCompany relays.

                          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.



=========
M A C A U
=========


MELCO CROWN: S&P Affirms 'BB' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB' long-term corporate credit rating on Melco Crown (Macau)
Ltd. The outlook is stable.  S&P also affirmed its 'cnBBB-' long-
term Greater China regional scale rating on the Macau-based
gaming company.  In addition, S&P affirmed its 'BB-' long-term
issue rating and 'cnBB+' long-term Greater China regional scale
rating on the senior unsecured notes issued by MCE Finance Ltd.
Melco Crown guarantees the notes.

S&P affirmed the ratings because it expects the financial
strength of Melco Crown's parent to improve over the next 12
months," said Standard & Poor's credit analyst Sophie Lin.

The strengthened performance of Melco Crown Entertainment Ltd.
(MCE) is attributable to the stabilization of Macau's gaming
industry and the ramp-up of Studio City, its new casino in Macau.
S&P takes a consolidated view of the MCE group when rating Melco
Crown.

MCE's debt-to-EBITDA ratio should remain comfortably below 4.0x
in 2016-2017, in S&P's view.  The full-year profit contribution
from Studio City and MCE's high cash balance underpin S&P's
estimates.

However, S&P still do not have a clear inflection point for a
material recovery in Macau's gaming industry, and this may
constrain the credit profile of MCE Group.  S&P's base case
assumes a 10%-0% decline in gross gaming revenue in Macau in 2016
and 0%-10% growth in 2017, driven primarily by the opening of
several new casinos in Cotai, Macau.  S&P views flat gaming
revenue growth in 2017 as S&P's bear-case scenario, assuming
cannibalization between new and existing casinos.

In S&P's view, MCE group will continue to face execution risks in
ramping up its new casinos, especially Studio City, over the next
six to 12 months.  Weaker demand or higher operational expenses
than S&P expects will hurt the company's profitability and cash
flow.

Nevertheless, S&P believes the opening of Studio City will
enhance MCE's market position in Macau, enlarge its operating
scale, and sustain the long-term growth of the MCE Group.

"The stable outlook on Melco Crown reflects our expectation that
MCE's credit profile will improve over the next 12 months with
the ramp-up of Studio City," said Ms. Lin.

S&P estimates that MCE's debt-to-EBITDA ratio will improve
towards 3x in 2016-2017.  Nonetheless, S&P anticipates a slow
ramp-up of MCE's new projects in Macau, given the still tough
operating environment for the gaming industry in Macau.

The outlook also reflects S&P's view that Crown Resorts Ltd. and
Hong Kong-based Melco International Development Ltd. will
maintain their ownership interests and close strategic
relationship with MCE.

S&P may lower the rating if MCE's financial performance
materially weakens, such that the ratio of debt to EBITDA exceeds
4.0x on a sustained basis.  This could happen if the ramp-up of
Studio City is slower than S&P expects; MCE undertakes
significant additional debt funded investments; or the
deterioration in Macau's gaming industry is more severe and
prolonged than S&P's anticipation.  S&P could also lower the
rating if MCE has diminishing strategic importance to its
ultimate parent, the Consolidated Press Holdings Ltd. group.

S&P could raise the rating if the ramp-up of MCE's new projects
in Macau is more efficient than S&P's expectation.  This could
happen if a strong recovery of the gaming industry in Macau
materializes over the next 12 months.  S&P could also upgrade the
company if it expects MCE's ratio of debt to EBITDA ratio to be
sustained below 3x and free opening cash flow to debt to improve
to above 15%.


STUDIO CITY: S&P Affirms 'BB-' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating on Studio City Co. Ltd.,
a Macau-based gaming company.  The outlook is stable.  In
addition, S&P affirmed its 'cnBB+' long-term Greater China
regional scale rating on the company.

S&P also affirmed its 'B' long-term issue rating and 'cnBB-'
long-term Greater China regional scale rating on the senior
unsecured notes that Studio City Finance Ltd. issued.  Studio
City Finance's existing and future restricted subsidiaries,
including Studio City, guarantee the notes.

"We affirmed the ratings because we expect Studio City to
generate positive operating cash flows and maintain adequate
liquidity over the next 12 months, with the ramp-up of its newly
opened casino," said Standard & Poor's credit analyst Sophie Lin.
"We estimate that the company's debt leverage will reduce but
remain high at well above 5x over the next 12-24 months."

The near-term liquidity pressure on the company was eased by the
amendment of the covenants of its Hong Kong dollar (HK$) 10.86
billion senior credit facilities.  Many operational and financial
covenants, including the requirement of at least 400 gaming
tables in place for opening were loosened from the previous
agreement. Moreover, the first test date for financial covenant
compliance will only commence March 31, 2017, giving the company
one year to enhance its liquidity position.

Nevertheless, S&P believes a slower ramp-up than it expects for
the new casino project could constrain Studio City's operating
cash flow and liquidity position in 2017.  Weaker growth in
gaming revenue in Macau may also erode the company's
profitability and overall competitive position in the gaming
market in Macau, given intense competition with other new casinos
opened or to be opened over the next two years.

S&P believes Studio City's parent Melco Crown Entertainment Ltd.
(MCE) Group has the capability to support Studio City, in case of
credit stress, and this belief underpins S&P's ratings on Studio
City.  S&P continues to assess Studio City as a strategically
important subsidiary of MCE Group under S&P's group rating
methodology.

"The stable outlook on Studio City reflects our expectation that
the company will generate positive operating cash and maintain
adequate liquidity position over the next 12 months," said Ms.
Lin.  "We expect the company's leverage to remain high, but
reducing, with the ramp-up in operations after its new casino
opens. The outlook also factors in ongoing managerial support and
extraordinary financial support from MCE Group."

S&P could lower the rating if Studio City's liquidity position
deteriorates materially or if the ramp-up in operations of the
new casino is much lower than S&P's expectation.  S&P could also
downgrade the company if it no longer assess Studio City as a
strategically important subsidiary of MCE Group, or if S&P
believes the group credit profile of MCE Group has weakened.

S&P could raise the rating on Studio City if S&P raises the group
credit profile of MCE Group.  Although less likely over the next
12 months, S&P could also raise the rating if it assess Studio
City as a core entity of MCE Group.



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


VALOR IDEAL: Liquidation Ends With Creditors Out of Pocket
----------------------------------------------------------
Jono Galuszka at Stuff.co.nz reports that the liquidation of a
Uruguayan-owned property development company, that had
investments in Palmerston North worth tens of millions of
dollars, has left dozens of creditors out of pocket.

Valor Ideal, a property company owned by Uruguayan investors
Frederico and Ricky Chayman and managed by former Palmerston
North businessman Paul Barris, was placed into liquidation in
September 2013.

Valor Ideal's substantial property portfolio at the time of its
liquidation, including retail buildings and a block of industrial
land, had a combined rated value of NZ$11.5 million.

At the time it was placed into liquidation, court documents
showed it had debts of NZ$301,292, including NZ$161,624 to a
single company - Proarch Architects Ltd.

The company also had mortgages owing to ANZ Bank.

According to Stuff.co.nz, liquidator John Managh filed his last
liquidation report with the Companies Office in April, in which
he said all the properties were mortgaged beyond their sale
prices.

That meant there was no money for liquidators to investigate the
possibility of the company having undertaken insolvent
transactions, Stuff.co.nz relates.

Stuff.co.nz says six of the Palmerston North properties were sold
for NZ$6 million to an investment group, while a commercial
building in Tokoroa worth NZ$1.7 million was sold before the
liquidation for NZ$550,000.

Other liquidation reports from Managh paint a picture of a
company that was on the ropes for some time.

At the time the liquidation began, Valor Ideal had been insolvent
for some time, and had failed to complete year-end financial
statements since 2010, Stuff.co.nz adds.



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


BANK OF THE PHILIPPINE: Fitch Affirms 'BBB-' IDR
-------------------------------------------------
Fitch Ratings has affirmed the ratings on two major Philippine
banks -- Bank of the Philippine Islands (BPI) and Metropolitan
Bank & Trust Company (Metrobank).  The two banks' Long-Term
Issuer Default Ratings (IDRs) were affirmed at 'BBB-' with Stable
Outlooks.

At the same time, the agency has upgraded BDO Unibank, Inc.'s
Long-Term IDR to 'BBB-' from 'BB+', and its Viability Rating (VR)
to 'bbb-' from 'bb+'.  The Outlook on the ratings is Stable.

These ratings take into account the steady improvement in the
Philippine operating environment over the last several years.
Philippine GDP growth has been one of the strongest in the Asia-
Pacific region over the past five years, and the economy has
proven relatively resilient amid greater global uncertainty
recently.  Fitch expects the market to be more insulated from
weaker China growth compared to many of its neighbors in the
region.

Fitch believes that developments in domestic banking regulation
over the years have also strengthened the overall prudential
framework.  This should help to protect the system against
vulnerabilities, which, in the near term, could stem from a
potential slowdown in property market activity.

Long-standing structural weaknesses, some of which the
authorities have addressed, include family control and
conglomerate ownership of the major banks that give rise to
related party lending, the unavailability of real-estate market
statistics and relatively underdeveloped financial markets.

Fitch expects the steady improvement in the Philippine operating
environment to benefit banks' asset-quality profiles through the
cycle.  This view, combined with our assessment of BDO's
franchise strengths and our expectation that the bank will
maintain its capitalization in line with peers, contributes to
the upgrade of BDO's ratings.  BDO's Short-Term IDR and senior
debt ratings have been upgraded in tandem.

                        KEY RATING DRIVERS

VRS, IDRS AND NATIONAL RATINGS

The IDRs of all three banks and National Long-Term Ratings of BPI
and BDO are driven by the banks' VRs.  Fitch assigns a higher
National Rating to BPI to reflect its stronger intrinsic profile.

The banks' broad branch networks and strong deposit franchises
underpin their stable funding and liquidity profiles, which are
key rating strengths - in particular for BPI.  In addition, Fitch
expects sustained remittance inflows and service export receipts
to support domestic liquidity as well as banks' access to foreign
currency.

BPI's ratings reflect its sound balance sheet and steady
financial performance over the years.  The bank's funding and
liquidity metrics exceed those of peers with current and savings
accounts (CASA) comprising a significant 72% of total deposits
(BDO: 68%, Metrobank: 56%), and the loan/deposit ratio was a
modest 70% at end-2015 (BDO: 77%, Metrobank: 70%).  BPI's asset
quality is underpinned by its established risk culture and blue-
chip clientele, and the bank's healthy profitability and
capitalization provide a substantial buffer against credit
shocks.  Its capitalisation compares well with peers', with a
Fitch Core Capital ratio (FCC) of 14.5% at end-2015 and a common
equity Tier 1 (CET1) ratio of 12.7%.

Metrobank's ratings are supported by its improved asset quality
backed by prudent underwriting standards and controls, adequate
capital ratios and a stable funding profile.  The bank's NPL
ratio remained steady at 0.99% at end-2015 while its loan growth
was close to the higher end of the peer group at 16% in 2015
(BDO: 17%, BPI: 9%).  Its FCC and CET1 ratios, 16.4% and 14.2%,
respectively, benefited from a PHP32bn equity-raising in early
2015.

BDO's NPL ratio continued to improve, to 1.2% of gross loans at
end-2015 (end-2014: 1.5%), which Fitch believes is close to its
cyclical low.  Against this backdrop, Fitch assesses that BDO's
capitalization still provides a satisfactory buffer.  Its FCC
ratio slipped to 11.9% in 2015 from 12.8% in 2014, and CET ratio
fell to 11.4% from 12.2%.  The ratios are the lowest in the peer
group and Fitch expects management action to lift the bank's
capital buffers in the near to medium term.

Barring any capital management measures, the three banks' capital
positions are likely to decline over time amid strong loan
demand. In this environment, Fitch expects the banks to take
action from time to time to maintain healthy capital buffers
above regulatory requirements.  Capital requirements for domestic
systemically-important banks will be phased in over 2017-2019,
and we believe the three banks - the largest in the Philippines -
will need to hold CET1 of at least 11.0% of risk-weighted assets
by January 2019.

The Stable Outlooks on BPI, Metrobank and BDO reflect Fitch's
expectation that their risk profiles will remain steady over the
next 12 to 18 months.

             SUPPORT RATINGS AND SUPPORT RATING FLOORS

The Support Ratings (SRs) and Support Rating Floors (SRFs) of
BPI, BDO and Metrobank are each at '3' and 'BB+' respectively,
and reflect Fitch's expectation of a moderate likelihood of
extraordinary state support for the banks, if needed.

Fitch believes the three banks are each of high significance to
the domestic economy and banking system, and the sovereign would
likely have a high propensity to provide support to these three
banks.  However, Fitch assesses the overall likelihood of support
to be moderate after taking into account the sovereign's fiscal
position, as indicated by the sovereign IDR of 'BBB-'.

                            SENIOR DEBT

BDO's senior notes are rated at the same level as its Long-Term
IDR.  This is because the notes constitute direct, unsubordinated
and unsecured obligations of the bank, and rank equally with all
its other unsecured and unsubordinated obligations.

The ratings on BDO's senior debt have been upgraded to 'BBB-'
following the upgrade in BDO's ratings.

                      RATING SENSITIVITIES

VRS, IDRS, NATIONAL RATINGS AND SENIOR DEBT

Positive action may arise from stronger profitability, which
would provide support to capital generation amid expected periods
of stronger loan growth.  Lower loan and deposit concentration,
steady enhancements to banks' risk management cultures and
further strengthening of the operating environment would also be
positive for ratings.

Downward rating action may result from a material increase in the
banks' risk appetites.  This may be apparent in rapid balance
sheet growth or excessive borrower or sector concentrations,
without a corresponding improvement in the banks' risk controls
and loss absorption buffers.  For BDO, the ratings may be
downgraded if the bank falls behind peers when building its
capital buffers as regulatory requirements rise.

Fitch notes that inappropriate pricing for risk would also weaken
banks' profitability and hence their ability to absorb moderate
fluctuations in asset quality.  Significant asset-quality risk,
potentially resulting in weaker capital or funding and liquidity
positions could also lead to negative action.

SRs AND SRFs

The SRs and SRFs are sensitive to perceived changes in the
sovereign's propensity or ability to provide extraordinary
support to the banks.  The SRFs may be raised following positive
rating action on the sovereign, which is on Positive Outlook.
This is assuming our assessment of the sovereign's propensity to
extend support to the banks is maintained.

The regulator has required all domestic systemically-important
banks to submit recovery and resolution plans, to prepare for the
possibility of a large bank failure.  A more manageable cost of
failure - potentially as a result of more robust resolution plans
- may reduce the sovereign's propensity to provide extraordinary
support in times of stress, although we do not see a high
probability of this in the near term.

SENIOR DEBT
Any change in BDO's IDR would affect the issue ratings.

The rating actions are:

BPI
  Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
  Short-Term Foreign-Currency IDR affirmed at 'F3'
  Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
  National Long-Term Rating affirmed at 'AAA(phl)'; Outlook
Stable
  Viability Rating affirmed at 'bbb-'
  Support Rating affirmed at '3'
  Support Rating Floor affirmed at 'BB+'

BDO
  Long-Term Foreign-Currency IDR upgraded to 'BBB-' from 'BB+';
  Outlook Stable
  Short-Term Foreign-Currency IDR upgraded to 'F3' from 'B'
  Long-Term Local-Currency IDR upgraded to 'BBB-' from 'BB+';
  Outlook Stable
  National Long-Term Rating affirmed at 'AA+(phl)'; Outlook
  Stable
  Viability Rating upgraded to 'bbb-' from 'bb+'
  Support Rating affirmed at '3'
  Support Rating Floor affirmed at 'BB+'
  Ratings on senior notes upgraded to 'BBB-' from 'BB+'

Metrobank
  Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
  Short-Term Foreign-Currency IDR affirmed at 'F3'
  Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook Stable
  Viability Rating affirmed at 'bbb-'
  Support Rating affirmed at '3'
  Support Rating Floor affirmed at 'BB+'


DEVELOPMENT BANK: Fitch Affirms 'BB+' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) on two Philippine government-owned banks -- Development
Bank of the Philippines (DBP) and Land Bank of the Philippines
(LBP). The Outlooks on both banks remain Positive, mirroring the
Positive Outlook on the Philippine sovereign's ratings.

                        KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The IDRs and National Ratings of DBP and LBP are driven by
Fitch's expectation of state support for the banks, as indicated
by their Support Ratings (SRs) of '3' and Support Rating Floors
(SRFs) of 'BB+'.  Their SRFs are at the same level as for the
large systemically important commercial banks.

Fitch believes the sovereign would have a high propensity to
provide extraordinary support to the two banks in times of need,
in light of their full government ownership and quasi-policy
roles as set out in their respective forming charters.  The
probability of state support is considered moderate overall,
after taking into account the sovereign's fiscal flexibility, as
indicated by the sovereign IDR of 'BBB-'.

VIABILITY RATINGS

The Viability Ratings (VRs) on DBP and LBP take into account the
banks' satisfactory asset quality and profitability, reasonable
risk management frameworks and healthy funding and liquidity
profiles.  These ratings also take into account the steady
improvement in the Philippine operating environment, including a
stronger prudential framework (see Fitch Affirms BPI and
Metrobank; Upgrades BDO to 'BBB-', dated April 21, 2016).  That
said, DBP's and LBP's development mandates continue to have
significant influence on their intrinsic profiles, resulting in
materially higher loan and deposit concentrations compared with
commercial bank peers.

Both banks' capitalizations remain adequate as indicated by their
estimated Fitch core capital (FCC) ratios, which are above their
regulatory common equity Tier 1 (CET1) ratios.  Capital
injections from the government over 2016 - of PHP5bn or about
1.9% of risk-weighted assets (RWAs) for DBP and PHP9bn or 1.8% of
RWAs for
LBP - will help to improve the ratios.  The CET1 ratios
significantly declined for both banks in 2015 largely due to the
full deduction of certain legacy equity investments from CET1
capital.  The CET1 ratio fell to 10.4% at end-2015 for DBP from
13.8% a year earlier, and to 10.0% for LBP from 11.7%.

Funding and liquidity are relative rating strengths.  Deposits
are highly concentrated, but mainly derived from government
sources or large corporate funds, and fairly stable.  The banks'
balance sheets are also liquid, and a significant portion of
assets are held in cash, balances with the central bank and
government securities.

SENIOR DEBT
DBP's senior notes are rated at the same level as the bank's
Long-Term IDR.  This is because the notes constitute direct,
unsubordinated and unsecured obligations of the bank, and rank
equally with all its other unsecured and unsubordinated
obligations.

                       RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SRS AND SRFS
The ratings are sensitive to perceived changes in the sovereign's
ability or propensity to extend timely support.

A Presidential Executive Order was signed in February 2016
mandating a merger between DBP and LBP.  More tangible progress
on the merger could lead Fitch to reassess the sovereign's
propensity to provide support, although we see significant
uncertainty around merger completion in light of presidential
elections next month.

An upgrade of the sovereign ratings - currently on Positive
Outlook - would likely have a corresponding effect on the SRFs,
and in turn the IDRs.  However, a downgrade of the SRs or SRFs
would not necessarily lead to negative action on the IDRs, which
are also supported by the banks' 'bb+' VRs.

A revision of the sovereign Outlook back to Stable from Positive
would lead to equivalent action on the Outlooks of the two banks.

VRS
Further upside to the banks' VRs is less likely, unless their
policy roles were to diminish.  This is due to the risk of
government influence arising from the banks' state ownership.

Sharply higher credit losses leading to a more vulnerable capital
or funding position would place pressure on the bank's VRs.  This
may result from significant economic stress or state influence on
the bank's lending and investment decisions.

SENIOR DEBT
Any change in DBP's IDR would affect the issue ratings.

The rating actions are:

DBP
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
   Positive
  Short-Term Foreign-Currency IDR affirmed at 'B'
  Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
Positive
  National Long-Term Rating affirmed at 'AA+(phl)'; Outlook
Stable
  Viability Rating affirmed at 'bb+'
  Support Rating affirmed at '3'
  Support Rating Floor affirmed at 'BB+'
  Ratings on senior notes affirmed at 'BB+'

LBP
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
   Positive
  Short-Term Foreign-Currency IDR affirmed at 'B'
  Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook
Positive
  National Long-Term Rating affirmed at 'AA+(phl)'; Outlook
Stable
  Viability Rating affirmed at 'bb+'
  Support Rating affirmed at '3'
  Support Rating Floor affirmed at 'BB+'



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***