TCRAP_Public/160427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, April 27, 2016, Vol. 19, No. 82


                            Headlines


A U S T R A L I A

101 TRANSPORT: First Creditors' Meeting Set For May 4
HUNTORO PTY: Court to Hear Wind Up Bid on May 6
PEPPERVALE PROPERTY: First Creditors' Meeting Set For May 4
QUEENSLAND NICKEL: Insolvency Guru to Chase Clive Palmer's Assets
QUICKFLIX LIMITED: Placed in Voluntary Administration


C H I N A

CHINA: HK Traders Should Be Worried Amid China Defaults, UBS Says
CHINA: 70 Firms Cancel, Delay Bond Issuance on Debt Default Fears
ZHONGRONG INTERNATIONAL: S&P Puts 'BB' ICR on CreditWatch Neg.


I N D I A

AESTHETIC LIVINGMERCHANTS: CARE Ups INR1.08cr Loan Rating to BB
ANAND MINE: CARE Revises Rating on INR4.95cr LT Loan to 'B'
ARVEE ELECTRICALS: CARE Lowers Rating on INR10cr Loan to D
ASIAN AEROSOL: CARE Lowers Rating on INR10.32cr LT Loan to B+
ASTHA ASSOCIATE: CRISIL Reaffirms B+ Rating on INR10MM Loan

BABA BISWANATH: CRISIL Suspends 'B' Rating on INR35MM Term Loan
BUTTA HOSPITALITIES: ICRA Suspends B Rating on INR39.5cr Loan
CAPITAL ENTERPRISES: CARE Cuts Rating on INR7cr Loan to D
CAPITAL INFRAPROJECTS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
CHIRANJI LAL: CRISIL Assigns 'B' Rating to INR40MM Whse Loan

E. A. KHAN: CARE Reaffirms B+ Rating on INR8.50cr LT Loan
ESSMA TEXTILES: CRISIL Assigns B+ Rating to INR55MM Cash Loan
GURU KIRPA: CRISIL Cuts Rating on INR140MM Cash Loan to D
IDT CLOTHING: CRISIL Assigns B+ Rating to INR90MM Packing Loan
IENERGIZER LTD: S&P Revises Outlook to Stable & Affirms 'B' CCR

JD CONSTRUCTION: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
JUPITER BUILDTECH: CRISIL Assigns 'B' Rating to INR90MM Loan
KBK CHEM: ICRA Reassigns 'C' Rating to INR15cr Cash Loan
KRISHNA COTTEX: ICRA Reaffirms B Rating on INR4.50cr Loan
MADHUCON SUGAR: ICRA Reaffirms 'B' Rating on INR80cr Cash Loan

N. B. COTEX: ICRA Assigns 'B' Rating to INR5.50cr Cash Loan
NANDI COTTON: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
NAVJIVAN COTTON: ICRA Reaffirms B Rating on INR11.75cr Loan
OCEAN CONSTRUCTIONS: ICRA Reaffirms B Rating on INR18cr Loan
OMEGA INFRAENGINEERS: CRISIL Suspends B+ Rating on INR10MM Loan

P N PAPER: CRISIL Suspends 'D' Rating on INR86MM Cash Loan
RANK CRANES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
RUBY MILLS: CARE Ups Rating on INR213.69cr LT Loan to BB-
RUDRA INFRADEVELOPERS: ICRA Suspends B Rating on INR25cr Loan
SAHARA INDUSTRIES: ICRA Reaffirms 'B' Rating on INR11cr Loan

SAHIBZADA TIMBER: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
SELVE CASHEWS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
SHRI BALAJI: CARE Reaffirms 'D' Rating on INR7.18cr LT Loan
SIWAL INFRACON: ICRA Suspends B+ Rating on INR11cr Bank Loan
SUBHASISH JENA: CRISIL Suspends B+ Rating on INR30MM Cash Loan

SUN HOSPITALITY: ICRA Reaffirms 'B' Rating on INR13cr Loan
SUPREME NUTRI: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
SYNERGY REMEDIES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
TARA INFRATECH: CRISIL Suspends 'D' Rating on INR120MM Term Loan
TUTICORIN COAL: CARE Lowers Rating on INR281cr LT Loan to D

TWINCITY SUNLIFE: Ind-Ra Suspends 'IND B+' LT Issuer Ratings
UTTAM GALVA: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
VARSHA INDUSTRIES: ICRA Reaffirms B/A4 Rating on INR40cr Loan
VERSATILE ALUCAST: ICRA Reaffirms D Rating on INR8.0cr Loan
VIGNESHWARA WOOD: ICRA Cuts Rating on INR1.5cr Loan to B+

VIJAYANAGAR SUGAR: ICRA Reaffirms D Rating on INR338.69cr Loan
VISMIT INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
WELLWISHER HOMES: CARE Reaffirms B+ Rating on INR24cr LT Loan
WONDER CONSTRUCTION: ICRA Reaffirms B- Rating on INR10cr Loan
YASHASHREE TUBES: ICRA Cuts Rating on INR5.5cr LT Loan to D


J A P A N

TOSHIBA CORP: Expects Smaller Than Expected Loss for Fiscal 2015


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Defaults on $1.75 Billion Bond Issue


N E W  Z E A L A N D

TRENCHMATE: In Receivership Sale
CORELLI INTERNATIONAL: Collapses Into Receivership


P H I L I P P I N E S

SURIGAO CITY: Rural Bank Placed Under PDIC Receivership


                            - - - - -


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


101 TRANSPORT: First Creditors' Meeting Set For May 4
-----------------------------------------------------
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of 101 Transport Services Proprietary Limited on
April 22, 2016.

A first meeting of the creditors of the Company will be held at
Steve Di Petta & Associates Pty Ltd, 18-20 Ashenden Street, in
Shepparton, on May 4, 2016, at 11:00 a.m.


HUNTORO PTY: Court to Hear Wind Up Bid on May 6
-----------------------------------------------
An application for the winding up of Huntoro Pty Ltd was
commenced by the plaintiff Deputy Commissioner of Taxation on
April 8, 2016, and will be heard on May 6, 2016, at 11:00 a.m.,
Law Courts Building, Queens Square, 184 Phillip Street, in
Sydney.


PEPPERVALE PROPERTY: First Creditors' Meeting Set For May 4
-----------------------------------------------------------
Blair Pleash and David Ingram of Hall Chadwick Chartered
Accountants were appointed as administrators of Peppervale
Property Limited on April 21, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on May 4, 2016, at 10:00 a.m.


QUEENSLAND NICKEL: Insolvency Guru to Chase Clive Palmer's Assets
-----------------------------------------------------------------
The Australian reports that Clive Palmer said the federal
government is pursuing him over unpaid worker entitlements
because it wants him out of parliament.

According to the Australian, the Turnbull government will unleash
one of the nation's top insolvency experts to chase federal MP
Clive Palmer's assets, as it activates the safety-net scheme for
sacked workers' entitlements.

The Australian relates that in announcing the claw-back plan,
employment minister Michaelia Cash said it had nothing to do with
Mr Palmer's position as an MP, and everything to do with his
business conduct at Queensland Nickel.  However, Mr Palmer
insists that is not true.

"It can only be for political purposes. Here we have the
executive of the federal government ordering the investigation of
a political opponent," he told AAP.  "Look at the coverage of the
Clive Palmer thing in Australia compared with all the other jobs
lost (in the resources sector). There is an election coming up."

According to The Australian, Mr. Palmer has said he has been
denied the presumption of innocence following the release of FTi
Consulting's report, which said there was evidence to suggest Mr
Palmer used Queensland Nickel as a "piggy bank" to fund his other
businesses and interests.

"At no time did I, or any company associated with me, take money
that was beneficially owned by Queensland Nickel -- for any
purpose," The Australian quotes Mr. Palmer as saying.  "I haven't
been charged with anything, I haven't been offered due process,
or natural justice. These are dangerous things for any citizen
and it's dangerous for our country."

The Australian relates that Resources Minister Josh Frydenberg
said Queensland Nickel's collapse was "all the fault of Clive
Palmer" and promised the government would use "whatever means it
possibly can" to pursue the self-described billionaire.

"We want to ensure that the workers have a future to go forward,
they do get their entitlements paid for, and of course the
government would be looking to recoup any of that money through
whatever means it possibly can," Mr Frydenberg told ABC radio on
April 20, The Australian relays. "It's a bit rich for Clive
Palmer to now be playing the victim given how many victims he has
left behind."

According to The Australian, Employment Minister Michaelia Cash
was to confirm last April 20 that the nearly 800 employees will
now be able to claim most of their AUD74 million in unpaid
entitlements under the government's Fair Entitlements Guarantee.
Sacked workers have been demanding for months that the minister
use her discretion and activate the FEG ahead of Queensland
Nickel's liquidation, to deliver some relief to those in dire
financial straits.

The Australian says Queensland Nickel is expected to collapse
into liquidation on April 29 after a vote of creditors, who are
owed AUD300 million by Mr Palmer's company. He claims he has no
responsibility to pay the debts, but Senator Cash said the
government would apply to a court to appoint a special purpose
liquidator to help recover taxpayers' money. "We are doing this
because of the unique and alarming circumstances in this case --
where a current member of parliament and self-reported wealthy
Australian businessman is directly involved," she said.

"The government wants to send a clear message that in appropriate
cases, (it) is prepared to step in to assist in ensuring that
employee entitlements are recovered in full from any companies or
individuals that have profited from the endeavours of hardworking
Australians."

According to The Australian, the government has hand-picked
Stephen Parbery, founding partner of PPB Advisory, who is
considered in the sector as a "senior statesman of the insolvency
industry". His decades-long career has seen him involved in
dealing with the aftermath of corporate collapses such as Ansett
Airlines, HIH Insurance and ABC Learning childcare centres. He
was special purpose liquidator in the FAI Limited case, the
report notes.

Administrators FTI Consulting are widely expected to be appointed
liquidators after the creditors meeting in Townsville on
April 29.

The government said Mr Parbery would work alongside FTI, but The
Australian understands the move could see FTI take a back seat as
Mr Parbery's PPB runs potential litigation and asset recovery.

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


QUICKFLIX LIMITED: Placed in Voluntary Administration
-----------------------------------------------------
Dermott McVeigh, Wayne Rushton and Morgan Kelly of Ferrier
Hodgson were appointed joint and several Voluntary Administrators
of Quickflix Limited on April 26, 2016.

Their appointment does not extend to the Company's subsidiaries
or operations in New Zealand.

The Administrators have commenced an urgent analysis of the
Company's position and will continue to trade the business while
they explore a sale or restructure. Accordingly, there is not
expected to be any disruption to the services provided to its
subscribers.

The first meeting of creditors of the Company will be held on
May 6, 2016, at 11:00 a.m. at Holiday Inn, 778-788 Hay Street, in
Perth, WA 6000.

Quickflix Limited is an ASX listed company, headquartered in
Perth, Western Australia. The Company's principal activities
involve the provision of an online movie subscription service and
a DVD & Blu-ray delivery service.



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


CHINA: HK Traders Should Be Worried Amid China Defaults, UBS Says
-----------------------------------------------------------------
Justina Lee at Bloomberg News reports that China's state-backed
companies no longer have the ironclad support of the government
-- and that's bad news for the equity bull market in Hong Kong,
says UBS Group AG.

According to Bloomberg, three of the seven Chinese companies that
defaulted on debt repayments this year are partly owned by the
state, including Baoding Tianwei Group Co.  Bloomberg relates
that the end of implicit government support will drive up funding
costs and undermine foreign investor confidence in the 20%
rebound by the Hang Seng China Enterprises Index, said Lu Wenjie,
a Shanghai-based equity strategist at UBS.

"People are realizing national SOEs can default, local
government-owned enterprises can default -- anything can
default," Bloomberg quotes Mr. Lu as saying. "H-share investors,
especially foreign investors, haven't paid much attention to this
yet, so the risk isn't priced in."

Bloomberg says defaults are a relatively new phenomenon in China,
which had its first such case only in 2014.  According to the
report, the rising number of payment failures is reverberating
across the nation's $3 trillion credit market, with onshore junk
debt heading for its biggest monthly selloff since 2014, issuers
canceling bond sales and Standard & Poor's cutting its assessment
of Chinese firms at the fastest pace since 2003. The widening of
credit spreads from eight-year lows also threatens an incipient
economic recovery, which has been mainly supported by a surge in
cheap lending, Bloomberg states.

"China's credit risks haven't been entirely exposed because of
implicit guarantees and bailouts," said Lu, who declined to
predict how far H shares will fall, Bloomberg relays. "Now
they're starting to be exposed, but you don't know how bad things
can get."

Bloomberg notes that foreign investors have turned more
optimistic about the outlook for the nation's equities than their
mainland counterparts, with the Hang Seng China Enterprises Index
outperforming the Shanghai Composite Index by the most in six
months last week.  The Hong Kong traded-gauge has pared its
losses this year to 7 percent at the end of April 25, compared
with a 17 percent plunge by China's benchmark measure, as raw
material producers led the rebound, according to Bloomberg.

The H-share index rose 0.3 percent at the close, after falling as
much as 1.4 percent.

Cyclical industries seem to be showing some green shoots, but
once defaults occur, you'll realize their balance-sheet risks are
still very high," Mr. Lu, as cited by Bloomberg, said. "Their
fundamentals are not solid, so I think these stocks will suffer."


CHINA: 70 Firms Cancel, Delay Bond Issuance on Debt Default Fears
-----------------------------------------------------------------
Reuters reports that Chinese firms have delayed or axed at least
CNY68.8 billion (HK$81.8 billion) of bond and other fixed-income
issuance so far this month as investor concerns over debt
defaults mount.

Around 70 firms have delayed or canceled issues, many in excess
capacity industries, including cement and mining, Reuters relates
citing data compiled from China's two main clearinghouses for the
interbank market and the interbank market operator.

Reuters says an increasing number of Chinese firms in old
industrial sectors have encountered repayment difficulties in the
past six months as economic growth slows and the government
pushes on with painful structural reforms. That has led to higher
rates of canceled bond issues as investors shy away from those
sectors.

After China Shanshui Cement's default in November, which helped
push low-rated bond yields higher, firms canceled or postponed
more than CNY40 billion of bond issuance, Reuters notes.

Reuters relates that although the number of cancelations is
striking, analysts said they are likely to represent a
recalibration of risk appetite as investors assess rising
defaults and shifting monetary policy, rather than a fundamental
turn in the market as a whole.

"You're seeing a little more credit defaults, including from
[state-owned enterprises], which is making the market nervous,"
Reuters quotes Zhou Hao, senior emerging market economist at
Commerzbank in Singapore, as saying.  "The central bank also
looks less aggressive right now, which could trigger a little bit
of deleveraging"

Chinese fixed-income yields, including treasury rates, have moved
up noticeably since the start of the month, Reuters says.
Analysts said that is a reaction to signs of strong supply growth
and reduced expectations of further monetary easing, in addition
to defaults by industrial firms, the report notes.


ZHONGRONG INTERNATIONAL: S&P Puts 'BB' ICR on CreditWatch Neg.
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'BB' long-term and 'B' short-term issuer credit ratings and
'cnBBB-' long-term and 'cnA-3' short-term Greater China regional
scale ratings on Zhongrong International Holdings Ltd.
(Zhongrong) on CreditWatch with negative implications.  At the
same time, S&P placed the 'BB' long-term issue rating and 'cnBBB-
' Greater China regional scale rating on the bond that the
company guarantees on CreditWatch with negative implications.
Zhongrong is a British Virgin Islands-incorporated intermediate
holding company under China-based Zhongrong International Trust
Co. Ltd.

"We placed the ratings on CreditWatch because we believe that
Zhongrong faces financial pressure that will require its parent
to inject equity for it to satisfy the minimum equity covenant
under the guaranteed bond that its wholly owned subsidiary
Zhongrong International Bond 2015 Ltd. issued," said Standard &
Poor's credit analyst Harry Hu.

Zhongrong made a loss in 2015 and S&P believes it may face
continued financial pressure in 2016, furthering the equity
erosion.  Without timely capital injection, the equity erosion
could trigger a breach of the covenant to maintain Chinese
renminbi (RMB) 10 million in minimum equity attributable to its
owners.

While Zhongrong is expecting a capital injection from its
ultimate Chinese parent, Zhongrong International Trust, the
proposed transfer is awaiting necessary regulatory approvals,
potentially leaving a timing gap for a possible technical breach.

Under the relevant guaranteed bond covenant, an event of default
occurs if the guarantor defaults on its obligations under the
notes and it cannot be remedied for 30 days or a longer period
that the trustee may agree after a written notice.

Given the losses, management changes, and slow progress in
reaching originally-set business and financial targets,
Zhongrong's group status may weaken, in S&P's view.  S&P
currently considers the company's Chinese parent Zhongrong
International Trust to be a government-related entity and view
Zhongrong as an indirect beneficiary.

"We aim to resolve the CreditWatch placement within three months.
In doing so, we would monitor the timeliness of the planned
capital injection into Zhongrong and how the company prevents any
potential temporary covenant breach," said Mr. Hu.  "We would
also assess whether Zhongrong's group status has weakened and any
changes to the likelihood of indirect flow of extraordinary
government support to the company."

S&P could lower the ratings by multiple notches to 'SD' if the
event of default is triggered under the guaranteed bond.  S&P
could lower the rating by one notch if it believes that the
likelihood of extraordinary government support cannot flow to
Zhongrong.  A lowering of S&P's assessment of the company's
status in the group may also result in a lower rating.

S&P may affirm the ratings if Zhongrong prevents the potential
covenant breach and S&P assess that the company remains a highly
strategic subsidiary and beneficiary of indirect extraordinary
government support.



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


AESTHETIC LIVINGMERCHANTS: CARE Ups INR1.08cr Loan Rating to BB
---------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating of
Aesthetic Livingmerchants Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.08      CARE BB Revised from
                                            CARE B+

   Short-term Bank Facilities    13.92      CARE A4 Reaffirmed

Rating Rationale

The revision in the long term rating of Aesthetic Living
Merchants Private Limited (ALM) factors in successful completion
of expansion project, stabilization of operations of newly set up
showrooms and regular infusion of funds by the promoters thereby
improving liquidity position of the company.

The ratings continue to derive strength from the experience of
the promoters, and ALM's moderate profitability margins, debt
service coverage indicators, operating cycle and favourable
industry outlook.

The ratings are, however, constrained by its small scale of
operations with low net worth base and leveraged capital
structure. The ratings are further constrained by foreign
exchange fluctuation risk and intense competition with the
presence of organized and unorganized players in the industry.

Going forward, the ability of ALM to increase its scale of
operations while improving its profitability margins and capital
structure and managing its foreign exchange fluctuation risk
shall be the key rating sensitivities.

Aesthetic Living Merchant Private Limited (ALM) was incorporated
in 2002 by Mr Nitin Jain and Mrs. Ritika Jain. The company is
engaged in the manufacturing of textile home furnishing products
which include bedroom accessories (blankets, bed sheets, pillow
covers, cushion etc) and kitchen accessories (velvet bottle
cover, aprons, oven mittens and pot holders). ALM procures its
raw material i.e. fabrics, leather, beads etc from the domestic
market as well as overseas market. ALM sells its products under
the two brands name "ABIA" and "InV" to customers located in
India and overseas market. The company has 5 retail outlets, out
of which three outlets located at Mumbai, Hyderabad and
Chandigarh were opened in October 2015. The other two outlets are
located in Greater Kailash, Delhi and Sultanpur. ALM's export
sales accounted for 87.50% of total operating income in FY15
(refers to the period April 01 to March 31).

ALM reported a PAT of INR1.08 crore and PBILDT of INR3.84 crore
on a total income of INR54.19 crore in FY15 as against a PAT of
INR1.12 crore and PBILDT of INR3.34 on a total income of INR59.90
crore in FY14. ALM has achieved a total operating income of INR60
crore till February 29, 2016 (as per unaudited results).


ANAND MINE: CARE Revises Rating on INR4.95cr LT Loan to 'B'
-----------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating of
Anand Mine Tools Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.95      CARE B Revised from
                                            CARE B+

   Short-term Bank Facilities     1.60      CARE A4

Rating Rationale

The revision in the ratings assigned to the long-term bank
facilities of Anand Mine Tools Private Limited (AMTPL) factors
in the deterioration in the solvency position and increase in
working capital cycle.

The ratings continue to remain constrained on account of the
small scale of operations along with the short track record of
operations, customer concentration risk and moderate debt
coverage indicators.

The ratings factor in experience of the promoters, group support,
strong customer profile and contract with its major customer for
maintaining mining machineries.

The ability of the company to improve its scale of operations
while maintaining the profitability margins, improvement in
the capital structure and efficiency in managing its working
capital requirements are the key rating sensitivities.

AMTPL was incorporated in the year 2010 by Mr. Tukaram Jawade
along with his son Mr. Hemant Jawade and is based in Nagpur
(Maharashtra). The company is engaged in the trading of pumps,
spare parts and earth moving machineries and also provides
workshops for repairing of mining machineries. The trading
segment contributed 75% of total income while the services
segment contributed 25% in FY15 (refers to the period April 1 to
March 31). The company in the year July 2014 has set up a
workshop in Butibori (Nagpur) for providing services like
repairing and rehabilitation of mining machineries. AMTPL has a
five year service contract for maintenance of mining machineries
for Sandvik Asia Private Limited (SAPL).

The company has discontinued the authorised dealership of Doosan
Infracore Private Limited (DIPL) in FY16. However in January
2016, the company has set up an authorised dealership of JCB
India Limited for the Vidharba region of Maharashtra.

During FY15, the company has registered a total operating income
(TOI) and profit after tax (PAT) of INR4.91 crore and INR0.18
crore, respectively, as against INR4.40 crore and INR0.09 crore,
respectively, in FY14.


ARVEE ELECTRICALS: CARE Lowers Rating on INR10cr Loan to D
----------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Arvee
Electricals and Engineers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.50      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities    10.00      CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Arvee Electricals and Engineers Private Limited (AEEPL) factors
in the devolvement of the letter of credit facility availed by
the company.

Arvee Electricals and Engineers Private Limited (AEEPL), is a
Pune based company promoted by Mr. Arun Doshi and Mrs Asha Doshi.
The company is a turnkey electrical contractor and handles
turnkey contracts for sugar, cement, fertilizer, metallurgical
plants, cement plants and the oil industry amongst others. The
company provide services related to engineering, detailing,
designing, production and commissioning of substations and
transmission lines set up for private organizations. AEEPL is
also involved in the trading of electrical components like LT
panels and electrical control boards (about 20% of the total
operating income for FY15). AEEPL is ISO 9001:2008, ISO
14001:2004 and OHSAS 18001:1999
certified company.

In FY15, the company has registered a total operating income of
INR19.17 crore and PAT of INR0.08 as against INR 28.56
crore and INR0.12 respectively in FY14.


ASIAN AEROSOL: CARE Lowers Rating on INR10.32cr LT Loan to B+
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Asian Aerosol Oan Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.32      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Asian Aerosol OAN Private Limited (AAPL) takes into account
cash losses incurred resulting into negative networth and weak
liquidity position during FY15 (refers to the period April 1
to March 31) and decline in the operating income during 9MFY16.
The rating continues to remain constrained on account of
susceptibility of margin to fluctuation in input price and
working capital intensive nature of operations.

The rating, however, continues to derive strength from the
experienced promoters along with financial support in the
past and established presence of the group in the aerosol
industry.

The ability of AAPL to increase its scale of operations and
improve profitability amidst intense competition and capital
structure along with efficient management of its working capital
remain the key rating sensitivity.

Incorporated in 2011, AAPL promoted by Mr Bhogilal Patel, is
engaged in the manufacturing of aerosol-based products (viz,
producing aerosol containers and filling of aerosol products like
shaving creams, gels, after shave products, deodorants and
antiperspirant) for the fast moving consumer goods (FMGC)
companies. The company has commenced commercial operations from
July 2014 at Valsad (Gujarat) with an installed capacity of 4
lines, ie, 350 cans per minutes.

AAPL is a part of the Asian Aerosol group, which is in existence
for nearly four decades in the aerosol industry having group
turnover of more than INR118 crore in FY15. AAPL during first
full year of operations i.e FY15 achieved TOI of INR 17.06 crore
and incurred a net loss of INR 3.18 crore. Furthermore, the
company during 9MFY16 achieved a total income of INR2.14 crore.


ASTHA ASSOCIATE: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Astha Associate
Engineering & Contractor (AAEL) continue to reflect its weak
financial risk profile, marked by moderate gearing and average
debt protection metrics, and geographic concentration in revenue.
These weaknesses are partially offset by the extensive experience
of the promoter.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          50      CRISIL A4 (Reaffirmed)

   Cash Credit/
   Overdraft facility      10      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AAEC will continue to benefit over the medium
term from the extensive experience of the promoter. The outlook
may be revised to 'Positive' if significant ramp-up in scale of
operations, enhanced geographical diversity in revenue, prudent
working capital management, and stable profitability strengthen
credit metrics. Conversely, the outlook may be revised to
'Negative', if low accrual, stretch in working capital cycle, or
any large capital expenditure weakens financial risk profile,
particularly liquidity.
Set up in 2004, AAEC is an Etah-based partnership firm,
undertaking contracts in construction of check dams, roads and
bridges. The firm is an 'AA' class contractor with the Irrigation
Department, Government of Uttar Pradesh. Operations are managed
by key promoter, Mr. Shyam Singh.


BABA BISWANATH: CRISIL Suspends 'B' Rating on INR35MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Baba Biswanath Agro Products Private Limited (BBAPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            1.9      CRISIL A4
   Cash Credit              35        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       13.1      CRISIL B/Stable
   Standby Line of Credit    5.0      CRISIL B/Stable
   Term Loan                35.0      CRISIL B/Stable

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

Incorporated in 1996, BBAPPL is engaged in milling and processing
of paddy into rice, rice bran, broken rice, and husk. The
company's promoter-directors Mr. Samir Kundu, Mr. Chandan Kundu,
and Mr. Malay Kundu manage its day-to-day operations.


BUTTA HOSPITALITIES: ICRA Suspends B Rating on INR39.5cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR39.50 crore fund based facilities of Butta Hospitalities
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Butta Hospitalities Private Limited (BHPL), formerly Amogh Hotels
Limited, is the hospitality arm of the BUTTA group of companies.
The company was established in the year 1995 and currently
operates three hotels and a few restaurants in Hyderabad,
Telangana. The group's first hospitality venture was in the year
1985 and there have been consistent additions to its portfolio
over the years. The Company is promoted by Mr. Butta S
Neelakanta. The Butta group has presence in the Hospitality,
Education, Branded Retail and Automobile space in Hyderabad.


CAPITAL ENTERPRISES: CARE Cuts Rating on INR7cr Loan to D
---------------------------------------------------------
CARE revokes suspension and revises the ratings assigned to the
bank facilities of Capital Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       5        CARE D Rating
                                            suspension revoked
                                            and revised from
                                            CARE BB

   Short-term Bank Facilities      7        CARE D Rating
                                            suspension revoked
                                            and revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the long-term bank
facilities of Anand Mine Tools Private Limited (AMTPL) factors
in the deterioration in the solvency position and increase in
working capital cycle.

The ratings continue to remain constrained on account of the
small scale of operations along with the short track record of
operations, customer concentration risk and moderate debt
coverage indicators.

The ratings factor in experience of the promoters, group support,
strong customer profile and contract with its major customer for
maintaining mining machineries.

The ability of the company to improve its scale of operations
while maintaining the profitability margins, improvement in
the capital structure and efficiency in managing its working
capital requirements are the key rating sensitivities.

AMTPL was incorporated in the year 2010 by Mr. Tukaram Jawade
along with his son Mr. Hemant Jawade and is based in Nagpur
(Maharashtra). The company is engaged in the trading of pumps,
spare parts and earth moving machineries and also provides
workshops for repairing of mining machineries. The trading
segment contributed 75% of total income while the services
segment contributed 25% in FY15 (refers to the period April 1 to
March 31). The company in the year July 2014 has set up a
workshop in Butibori (Nagpur) for providing services like
repairing and rehabilitation of mining machineries. AMTPL has a
five year service contract for maintenance of mining machineries
for Sandvik Asia Private Limited (SAPL).

The company has discontinued the authorised dealership of Doosan
Infracore Private Limited (DIPL) in FY16. However in January
2016, the company has set up an authorised dealership of JCB
India Limited for the Vidharba region of Maharashtra.

During FY15, the company has registered a total operating income
(TOI) and profit after tax (PAT) of INR4.91 crore and INR0.18
crore, respectively, as against INR4.40 crore and INR0.09 crore,
respectively, in FY14.


CAPITAL INFRAPROJECTS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Capital
Infraprojects Private Limited (CIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The agency has also assigned
CIPL's INR1,000m term loan an 'IND BB+' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect CIPL's time and cost overrun risks in its
ongoing project, The Goldem Palms in Noida. The ratings factor in
the around 60% completion of the project by March 2016 and around
60% (839 units) of the project being already booked.

The ratings benefit from CIPL's promoter's experience of over
four decades in the residential and commercial real estate space
and the fact that CIPL is a joint venture between IITL Projects
Limited, a subsidiary of Industrial Investment Trust Limited
(IITL) and Nimbus Group. The ratings are further supported by the
project being located 7 km from the sec-18 market on the Greater
Noida Expressway. The project is in the vicinity of Jaypee
Hospital, Genesis Global School and Amity University.

RATING SENSITIVITIES

Negative: Time and cost overruns or cancellations of sold units,
leading to stressed cash flows, could lead to a negative rating
action.

Positive: An improvement in sales and timely receipt of advances
from customers, leading to stronger cash flows, could lead to a
positive rating action.

COMPANY PROFILE

CIPL was incorporated in 2010 as a private limited company and
constructs residential and commercial real estate projects. It is
a joint venture between IITL Projects Limited, a subsidiary of
IITL and Nimbus Group.

The Golden Palms is located in Sector 168, Noida on the Noida
Expressway. Upon completion, the project will have 1408 units (1,
2, 3 and 4 BHK) spread across 13 towers with areas ranging from
506 sq. ft. to 2473 sq. ft. The complex will have a commercial
area, club house, gym, play area for children, community hall,
business lounge and a space for yoga/meditation. The gated
complex will have guards as well as a high-tech security system
with intercom facilities for each unit.


CHIRANJI LAL: CRISIL Assigns 'B' Rating to INR40MM Whse Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chiranji Lal Atma Ram (CLAR). The rating
reflects the firm's modest scale of operations in the fragmented
commodity trading industry, and below-average financial risk
profile because of a high total outside liabilities to adjusted-
networth ratio. These weaknesses are partially offset by the
extensive industry experience of its proprietor.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Warehouse Financing      40        CRISIL B/Stable
   Cash Credit              20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable

Outlook: Stable

CRISIL believes CLAR will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of an increase in
revenue and profitability along with prudent working capital
management, leading to considerably stronger net cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, any large, debt-funded
capital expenditure, or increase in working capital requirement,
resulting in deterioration in the financial risk profile,
particularly liquidity.

CLAR, based in Dabwali, Haryana, is a proprietorship firm
promoted by Mr. Yogesh Kumar in 2012. The firm trades in
agricultural commodities such as mustard, cotton seed, cotton,
guar, gram, barley, and cotton seed de-oiled cakes.


E. A. KHAN: CARE Reaffirms B+ Rating on INR8.50cr LT Loan
---------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
E. A. Khan & Sons.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.50      CARE B+ Reaffirmed
   Short-term Bank Facilities     1.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of E. A. Khan and
Sons (EAKS) continue to be constrained by relatively modest scale
of operations, leveraged capital structure and moderate debt
coverage indicators. The ratings are further tempered by working
capital intensive nature of operations, customer and geographic
concentration, presence in the highly competitive & fragmented
industry along with tender-driven nature of business and
proprietorship nature of its constitution. The reaffirmation of
the ratings factor in increase in the operating income and cash
accruals albeit deterioration in capital structure and debt
coverage indicators during FY15 (refers to the period April 1 to
March 31).

The ratings, however, continue to draw strength from experienced
proprietor along with long track record of operations and
moderate profitability.

The ability of EAKS to increase its scale of operations and
improve profitability amidst intense competition and capital
structure along with efficient management of its working capital
remains the key rating sensitivity.

Established in 1993, EAKS is engaged in the civil engineering and
construction (new construction of buildings such as schools, fire
brigades, Staff quarters along with structural repair activities)
for Municipal Corporation of Greater Mumbai (MCGM) (accounting
for 100% of the total income in FY15) through bidding process and
is registered 'AA Class' (scale of AA to D) contractor for
buildings with MCGM. The key raw material i.e. cements and steel
are sourced from local suppliers.

During FY15, the entity had posted total income of INR19.36 crore
(vis-a-vis INR14.53 crore in FY14) and PAT of INR0.87 crore
(vis-a-vis INR0.64 crore in FY14).


ESSMA TEXTILES: CRISIL Assigns B+ Rating to INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Essma Textiles Private Limited (ETPL).
The rating reflects the company's modest scale of operations in
the highly fragmented textile industry, and its large working
capital requirement. These weaknesses are partially offset by its
promoters' extensive industry experience and its comfortable
financial risk profile.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               55       CRISIL B+/Stable

Outlook: Stable

CRISIL believes ETPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in revenue and profitability, and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of lower-
than-expected profitability, substantial increase in working
capital requirement, or large debt-funded capital expenditure.

ETPL, incorporated in 1974, is promoted by Mr. Suresh Chandra
Mehra, Mr. Suchit Mehra, and Ms. Sushma Mehra. The company
manufactures textile products and specializes in woolen fabrics
such as blankets, shawls, suitings, tweed, and soft furnishings.
Its manufacturing facilities are in Amritsar.


GURU KIRPA: CRISIL Cuts Rating on INR140MM Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Guru Kirpa Foods Pvt Ltd (GKFPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              140       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Proposed Term Loan        16.7     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                  3.3     CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects GKFPL's delay in servicing debt
obligations on account of weak liquidity driven by large working
capital requirements and volatility in raw material prices. The
company had shut production for two months (November and
December 2015) that resulted in stretched liquidity and delayed
servicing of debt obligations.

The rating reflects GKFPL's weak financial risk profile, because
of high gearing, weak debt protection metrics, and stretched
liquidity. The rating also reflects the working capital-intensive
operations and the susceptibility of operating margin to
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of the promoters in the rice
industry.

GKFPL is engaged in hulling and milling of paddy and processing
of basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.

The company, reported profit after tax (PAT) of INR0.7 million on
net sales of INR688 million for 2014-15 (refers to financial
year, April 1 to March 31) against PAT of INR1.6 million on net
sales of INR643.2 million for 2013-14.


IDT CLOTHING: CRISIL Assigns B+ Rating to INR90MM Packing Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of IDT Clothing Private Limited (IDT) and has assigned
its 'CRISIL B+/Stable' rating to IDT's bank facilities. The
rating was 'Suspended' by CRISIL vide the Rating Rationale dated
June 05, 2015 since IDT had not provided necessary information
required to take the rating review. IDT has now shared the
requisite information enabling CRISIL to assign rating on its
bank facilities.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              25       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Export Packing Credit    90       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

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

The ratings reflect modest scale of operations in the intensely
competitive ready-made garment industry, vulnerability of
profitability margins to foreign exchange fluctuation, working
capital-intensive operations, and average financial risk profile
because of a modest networth and subdued debt protection metrics.
These weaknesses are partially offset by the extensive experience
of IDT's promoters and their funding support.

For arriving at the ratings, interest-free unsecured loans of
INR40.9 million from promoters and family members have been
treated as neither debt nor equity as they will be retained in
the business for the medium term.
Outlook: Stable

CRISIL believes IDT will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant and sustained improvement
in revenue and profitability leads to higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low cash accrual or stretch in working capital cycle further
weakens financial risk profile, particularly liquidity.

Established as a partnership firm in 2002 by Mr. Suraj Gupta and
his brother, Mr. Amar Gupta, IDT was reconstituted as a private
limited company in 2006. The company manufactures and exports
ready-made garments for men. Facility is in Bhiwandi.


IENERGIZER LTD: S&P Revises Outlook to Stable & Affirms 'B' CCR
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on iEnergizer Ltd. to stable from negative.  At
the same time, S&P affirmed its 'B' long-term corporate credit
rating on the India-based business process outsourcing (BPO)
company.  S&P also affirmed its 'B' long-term issue rating on
iEnergizer's U.S. dollar-denominated secured bank loan.

"We revised the outlook to stable because we believe that the
risk of a breach of financial covenant for iEnergizer in the next
12 months has receded," said Standard & Poor's credit analyst
Ashutosh Sharma.

The company's reduced leverage following an equity infusion of
about US$5.0 million by its parent EICR (Cyprus) Ltd. in fiscal
2016 (year ended March 31, 2016) and stabilizing business
performance has increased headroom in the covenants.  EICR is
ultimately owned by Anil Aggarwal, who is also the chief
executive officer of iEnergizer.

iEnergizer's operating performance has stabilized over the past
three to six months.  New customer wins in real-time processing
and business outsourcing services have increased visibility over
the company's business and financial performance in fiscal 2017.
Moreover, none of iEnergizer's top-10 customer contracts are up
for renewal over the next few quarters, which should reduce the
risk of any significant customer loss in the near term.

S&P expects iEnergizer to grow in-line with the global
information technology (IT) services and software sector over the
next two years.  However, the growth will be lower than that of
larger and more diversified Indian peers, such as Genpact Ltd.
and Wipro Ltd. iEnergizer's small size, and limited customer and
geographical diversification continue to constrain its business
position, in S&P's opinion.  S&P expects the company's increasing
focus on the fast-growing real time processing and business
outsourcing services to offset its declining content business,
which is increasingly subject to risks from evolving
technological and customer preferences.

S&P's assessment of iEnergizer's financial risk profile reflects
S&P's view that the company's cash flows are likely to remain
volatile, given iEnergizer's small size and limited business
diversity.  S&P estimates that iEnergizer's leverage in terms of
the ratios of debt to EBITDA and funds from operations (FFO) to
debt will improve significantly in fiscal 2017 owing to the
company's scheduled debt amortization and stabilizing
profitability.

S&P believes iEnergizer's asset-light service model will help it
to generate sufficient free operating cash flow to meet its debt-
servicing obligations over the next 12 months.  The company has
historically earned good margins from its high seat utilization.

"The stable outlook reflects our expectation that iEnergizer will
steadily improve its financial position, supported by a stable
operating performance over the next 12 months," said Mr. Sharma.
This will allow iEnergizer to maintain adequate headroom in its
financial covenants over the period.

S&P could lower the rating if iEnergizer's liquidity
deteriorates, such that it faces risk of near-term financial
covenant breaches. This could happen if iEnergizer losses a
significant customer and the promoter's support become unlikely.

S&P may raise the rating if iEnergizer improves its financial
position such that its FFO-to-debt ratio exceeds 30% on a
sustainable basis and it has adequate liquidity.  This could
happen if iEnergizer uses its free cash flows to reduce its
leverage materially from the current levels.


JD CONSTRUCTION: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned J.D.
Construction (JDC) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect JDC's small scale of operations and moderate
credit metrics. In FY15, revenue was INR121m (FY14: INR101m), net
leverage (Ind-Ra total adjusted net debt/operating EBITDAR) was
1.9x (2.4x) and EBITDA interest cover was 3.7x (2.4x). Its EBITDA
margins have been at 5.1%-7.0% since FY13.

However, the ratings benefit from the decade-long experience of
JDC's proprietor in the civil contracting business.

RATING SENSITIVITIES

Positive: An increase in revenue along with maintenance of its
credit metrics at current levels could result in a positive
rating action.

Negative: Sustained deterioration in credit metrics could result
in a negative rating action.

COMPANY PROFILE

Incorporated in 2008 by Mr. Binapani Jena, JDC is a civil
contractor and order supplier for the West Bengal State
Electricity Transmission Company Limited, Odisha Power
Transmission Company Limited, Mavin Switch Gear & Control Private
Limited and other such organisations.

JDC's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR25m fund-based working capital limits: assigned 'IND BB-
    '/Stable
-- INR80m non-fund-based working capital limits: assigned 'IND
    A4+'


JUPITER BUILDTECH: CRISIL Assigns 'B' Rating to INR90MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Jupiter Buildtech Private Limited (JBPL) and has
assigned its 'CRISIL B/Stable' rating to these facilities. CRISIL
had suspended the ratings on December 28, 2015, as JBPL had not
provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan           90       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects JBPL's exposure to offtake and implementation
related risks associated with its ongoing real estate
redevelopment project and cyclicality in the real estate
industry. These weaknesses are partially offset by extensive
experience of JBPL's promoters in the real estate business.
Outlook: Stable

CRISIL expects JBPL to maintain a stable credit risk profile over
the medium term on the back of its promoters' extensive
experience in residential real estate industry. The outlook may
be revised to 'Positive' if JBPL receives higher than expected
customer advances and implements its ongoing projects on a timely
basis leading to healthy cash accruals. The outlook may be
revised to 'Negative' if there is a time and cost over-run in the
on-going projects or significant pressure on the company's
liquidity in case of delays in receiving bookings and/or customer
advances, leading to pressure on revenues and profitability.

Incorporated in 2009, Jupiter Buildtech Private Limited (JBPL) is
engaged into real estate development in Agra and is a part of
Maruti Builders group. The group was founded by Mr. Brijesh
Vashistha, Mr. Rakesh Kumar Mangal, Mr. Arun Kumar Agarwal and
Mr. Bharat Bhushan Goyal. JBPL is undertaking a residential
project-Maruti Forest in Agra.


KBK CHEM: ICRA Reassigns 'C' Rating to INR15cr Cash Loan
--------------------------------------------------------
ICRA has reassigned the rating to INR15.00 crore cash credit
facilities of KBK Chem Engineering Private Limited as [ICRA]C.
ICRA has also reassigned the rating to INR17.35 crore non fund
based facilities (reduced from INR30.0 crore) of KBK as [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           15.00      [ICRA]C reassigned
   Non-Fund-Based        17.35      [ICRA]A4 reassigned

KBK had rating outstanding of [ICRA]BB (SO)/ negative outlook/
[ICRA]A4 (SO)1. These ratings were based on the strength of
corporate guarantee provided by Shree Renuka Sugars Limited
(SRSL) for the captioned facilities to the Banks. With its
release dated March 21 2016, ICRA has downgraded the ratings
assigned to SRSL from [ICRA]BB/ Negative outlook/ [ICRA]A4 to
[ICRA]D.

The reassigned ratings of KBK takes into account its parentage
(being wholly owned subsidiary of SRSL) and financial support
from the parent company through unsecured loans. The rating
remain constrained by weak financial profile of the company due
to limited EPC order execution over last few fiscals combined
with minimal order book as on date. The company has reported cash
losses over last five fiscals eroding net-worth completely with
the company being dependent on its parent SRSL for financial
support. Unsecured loans from SRSL stood at INR97.6 crore as on
March 2015 as against negative networth of INR25.7 crore. Given
subdued capex cycle for sugar industry and total dependence on
parent for orders, which is experiencing a stretched liquidity
position, KBK's operating income has declined sharply over last
few fiscals. Company's ability to service its debt obligations in
a timely manner remains contingent on timely support from its
parent company.

KBK is an EPC company providing turnkey solutions to
distilleries, ethanol and bio fuel plants. The company was
promoted in 1997 by well experienced technocrats who have worked
in similar field with varied experience in distillery industry.
KBK is provides services for turnkey Ethanol and Distillery
plants and offers rectified spirits, extra neutral alcohol and
Ethanol plants with water/ waste water / spent wash treatment
systems, integrated evaporation plants, cogeneration power
plants, Biogas and slop fired boilers and bio composting plants.
It has designed, executed and commission projects in more than 15
countries including Thailand, Ethiopia, Philippines, Vietnam,
etc. KBK has a workshop at Pirangut, Pune to provide 100% in
house fabrication facilities for critical equipment such as
distillation columns, reactors and other process equipment for
ethanol plants.

Guarantor's Profile
Shree Renuka Sugars Limited (SRSL) is one of the largest private
sector sugar manufacturers in the country, promoted by first
generation entrepreneurs, viz. Murkumbi family, with a combined
crushing capacity of about 42,000 TCD (across seven units) in
India and 59,520 TCD (across four units) in Brazil. The plants in
India are located in the states of Maharashtra and Karnataka. The
company has significant presence in South Brazil through
acquisitions of Renuka Vale do Ivai in March 2010 (100% owned)
and Renuka do Brasil (formerly Euipav Acucar e Alcohol) in July
2010 (50.34% stake, which has been increased to 59.4% by March
2012). SRSL has been one of the first mills to be fully forward
integrated into distillery (using molasses, a byproduct of sugar)
and co-generation (based on bagasse) operations. SRSL mainly
manufactures fuel grade ethanol that can be blended with petrol.
Global distillery capacity of SRSL is 6,240 KL per day (KLPD)
with Indian distillery capacity at 930 KLPD (630 KLPD from
molasses to ethanol and 300 KLPD from rectified spirit to
ethanol) and Brazil distillery capacity at 3,230 KLPD. The
company has a total co-generation capacity of 584 MW (271 MW
Indian operations and 313 MW Brazilian operations) with a total
exportable surplus of 356 MW. The company also carries out
refining activity, i.e. conversion of raw sugar to white sugar,
from its 2,500 TPD unit at Haldia (West Bengal) and 3,000 TPD
unit at Kandla (Gujarat).


KRISHNA COTTEX: ICRA Reaffirms B Rating on INR4.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed an [ICRA]B rating to the INR4.50 crore fund
based cash credit facility and INR1.55 crore term loan facility
of Krishna Cottex Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit limit      4.50      [ICRA]B; Reaffirmed
   Term Loan limit        1.55      [ICRA]B; Reaffirmed

The rating continues to factor in the KCI's modest scale of
operations with financial profile characterized by thin
profitability during the first year of operation which resulted
in debt coverage indicators to remain low. The rating is also
constrained by stretched capital structure resulted from high
reliance on external debt. ICRA also notes vulnerability of
profitability on account of the highly competitive and fragmented
industry structure with low entry barriers leading to suppressed
margins coupled with the vulnerability of the firm's
profitability to movements in cotton prices on account of
seasonality. The rating also takes into account the firm's
exposure to regulatory risks, specifically with respect to
minimum support prices and export restrictions. ICRA further
notes that Krishna Cottex Industries is a partnership firm and
any significant withdrawals from the capital account would affect
its net worth and thereby its capital structure.

The rating, however, positively factors in the significant
experience of the management in the field of cotton ginning
industry as well as the strategic location of the plant in the
cotton producing belt of India giving it easy access to raw
cotton.

Krishna Cottex Industries was established in March 2014 as a
partnership firm and commenced commercial production from October
2014. KCI is engaged in ginning and pressing of raw cotton. The
manufacturing plant of the firm is situated at Jasdan in Rajkot
District. The firm is equipped with 24 ginning machines and 1
fully automatic pressing machine having capacity to produce 200
cotton bales per day (considering 24 hours operations).

Recent Results
During the six months of operations during the financial year
FY15, KCI registered net loss of INR0.07 crore on an operating
income of INR16.36 crore.


MADHUCON SUGAR: ICRA Reaffirms 'B' Rating on INR80cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR149.36
crore fund based facilities (earlier INR150.20 crore) and INR8.72
crore unallocated limits (earlier INR7.88 crore) of Madhucon
Sugar and Power Industries Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             54.36      [ICRA]B; reaffirmed
   Cash Credit           80.00      [ICRA]B; reaffirmed
   Sugar Crop Loan       15.00      [ICRA]B; reaffirmed
   Unallocated Limits     8.72      [ICRA]B; reaffirmed

The rating reaffirmation factors in the stretched liquidity
position of the company as reflected by the high working capital
utilization during the last one year. This has been due to
increase in the working capital requirements given that the
company held high inventory of sugar on account of the low sugar
realizations during Nov, 2014-Jul, 2015. The rating is
constrained by the weak financial profile of the company as
reflected by the decline in the operating income, low
profitability, high gearing and weak debt coverage metrics in
FY2015. Further, low sugar realizations are likely to constrain
the profitability from sugar operations during FY2016. The rating
continues to be constrained by the vulnerability of sugar
operations to agro-climatic risks, cyclicality inherent in the
business as well as government policies relating to cane pricing
and exports.

Nonetheless, the rating is supported by the integrated nature of
operations of the sugar unit with presence in cogeneration and
newly commenced distillery unit which is expected to provide
cushion during sugar downturn. The rating draws comfort from the
limited demand risk for the cogeneration unit on account of the
prevailing high energy deficit in the state of Telangana. ICRA
notes that there has been an uptrend in the domestic sugar
realization since Sep, 2015 given the expectations of lower
domestic sugar output in SY16 owing to drought conditions in
major producing states together with mandatory exports of 4
million MT notified by the GoI. Commencement of distillery in
SY16 coupled with the improvement in the sugar realizations, if
sustained are expected to result in improved profitability and
debt coverage metrics going forward; however debt metrics are
likely to be moderate.

Going forward, the ability of the company to improve crushing
levels and maintain prudent working capital management practices
are the key rating sensitivities.

Madhucon Sugar and Power Industries Limited (MSPIL) was
incorporated in November 2002 as Madhucon Sugars Limited, with an
objective to acquire 'The Palair Co-Operative sugars Limited',
sugar plant in Khammam district (Palair, was established under
co-operative sector in the year 1982). MSPIL has gradually
enhanced the sugar capacity from 1,250 TCD to 2,000 TCD by FY07
and to 3,000 TCD by FY08 and 3,500TCD by FY09. The mill which was
a standalone sugar unit forayed into production of power with a
capacity of 24.2 MW from bagasse and coal in October 2008. The
distillery unit with a capacity of 65 KPLD commenced operations
in December 2015.

Madhucon Sugar and Power Industries Limited (MSPIL) is part of
the Madhucon Group of Companies which has interests in
construction, granites, coal, sugar and power. It is promoted by
MPL (27.59%) and MGL (63.07%) which together holds 91% in its
equity share capital.


N. B. COTEX: ICRA Assigns 'B' Rating to INR5.50cr Cash Loan
-----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR5.50 crore cash
credit facility, INR1.49 crore term loan facilities and INR1.01
crore unallocated limits of N. B. Cotex Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           5.50       [ICRA]B assigned
   Term Loan             1.49       [ICRA]B assigned
   Unallocated Limits    1.01       [ICRA]B assigned

The assigned rating is constrained by NBCPL's modest scale of
operation and revenue de-growth witnessed in FY15; the limited
value added nature of operations which coupled with the highly
competitive and fragmented industry structure, arising from low
entry barriers, are expected to pressurize the profitability
margins. The rating is also constrained by the vulnerability of
the firm's profitability, to the adverse movements in raw cotton
prices, which are subject to seasonality and crop harvest and the
firm's exposure to regulatory risks with regard to MSP for raw
cotton and imposition of any restriction on cotton exports.
The rating, however, favourably factors in long-standing
experience of the promoters in the cotton industry and location
advantage of the firm by virtue of its location in the cotton
producing belt in Maharashtra.

N. B. Cotex Private Limited (NBCPL) was incorporated in June 2011
by Mr. Nathalal Jani, Mr. Harsh Jani and Mr. Nitin Karwa who have
a long-standing experience in the cotton industry. NBCPL is
engaged in the business of cotton ginning and pressing of raw
cotton. The manufacturing facility of the company is located at
Jalagaon in Maharashtra and is currently equipped with thirty-six
ginning machines and one pressing machine having a capacity to
produce 250 bales per day.

Recent Results
During FY2015, NBCPL reported an operating income of INR61.48
crore and net losses of INR0.34 crore as against operating income
of INR83.90 crore and profit after tax of INR0.14 crore during
FY2014. Further, in 11M FY2016 (as per unaudited provisional
financials), NBCPL reported operating income of INR55.61 crore
and profit before depreciation and taxes of INR0.69 crore.


NANDI COTTON: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nandi Cotton
Ginning Mill Private Limited (Nandi) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Nandi's weak credit profile and short
operational track record. Part of the INR7.01bn (revenue) KKP
group, Nandi started operations in February 2015 and supplies
most of its produce (80%) to its group companies. 9MFY16
financials indicate revenue of INR417.5m (FY15: INR131m). At
FYE16, leverage is likely to have been around 6.2x (FY15: 26.6x)
and EBITDA interest cover around 2.4x (1.4x).

The ratings factor in the company's moderate liquidity position
with average maximum utilisation of the fund-based facilities
being 78.5% over the 12 months ended January 2016. The ratings
also factor in the risks associated with agricultural commodity-
based manufacturing business.

The ratings, however, are supported by the company's promoter's
two-decade-long operating experience in the textiles
manufacturing business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line with improvement in
the EBITDA margin leading to a sustained improvement in the
credit metrics could be positive for the ratings.

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Established in 2015, Nandi is a cotton ginning and pressing
company with installed capacity of 446,160 quintals raw
cotton/year.

Nandi's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR140m fund-based working capital: assigned
    'IND BB-'/Stable; 'IND A4+'
-- INR42.60m long-term loan: assigned 'IND BB-'/Stable


NAVJIVAN COTTON: ICRA Reaffirms B Rating on INR11.75cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR11.75 crore cash credit facility and the INR2.63 crore term
loans of Navjivan Cotton Industries.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     11.75      [ICRA]B reaffirmed
   Term Loans                2.63      [ICRA]B reaffirmed

The reaffirmation of rating takes into account NCI's moderate
size of operations and weak financial profile characterized by
low profitability levels, owing to the limited value addition in
the business and the highly competitive and fragmented industry
structure; its low return indicators, leveraged capital structure
and weak debt coverage indicators. The rating also continues to
remain constrained by the vulnerability of the firm's
profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.
Further, ICRA notes that NCI is a partnership firm and any
withdrawals from the capital account could impact the net worth
and thereby the gearing levels; this remains a key rating
sensitivity.

The rating, however, continues to favourably factor in the
experience of the firm's promoters in the cotton ginning industry
and the advantage the firm enjoys by virtue of its location in
the cotton producing belt of Saurashtra (Gujarat).

Established in August 2013 as a partnership concern, Navjivan
Cotton Industries commissioned operations on 10th February, 2014
and is engaged in cotton ginning, pressing and trading activities
with a product profile comprising of cotton bales and cotton
seed. The firm is promoted by Mr. Usman Kadiwar along with his
family members who have an experience of around a decade in the
cotton ginning industry vide their association with another firm
engaged in the same line of business.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR159.13 crore and profit after tax of INR0.20 crore
against operating income of INR16.27 crore and profit after
taxation of INR0.01 crore for the year ended March 31, 2014. In
the eleven month period ending February 29, 2016 (provisional
financials) the firm reported an operating income of INR105.96
crore and profit after tax of INR0.20 crore.


OCEAN CONSTRUCTIONS: ICRA Reaffirms B Rating on INR18cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR18.00 crore cash credit, INR9.75 crore term loan, INR7.00
crore non-fund based and INR0.25 crore unallocated facilities of
Ocean Constructions (India) Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit                18.00      [ICRA]B; reaffirmed

   Fund Based-Term
   Loan                   9.75      [ICRA]B; reaffirmed

   Non Fund Based         7.00      [ICRA]B ; reaffirmed

   Unallocated            0.25      [ICRA]B ; reaffirmed

The reaffirmation of the rating is constrained by the stretched
liquidity position of the company on account of delays in
payments from the customers evidenced by consistently high
utilization of the working capital limits. The company is also
exposed to high geographic and sectoral concentration as it is
involved in road, canal, aqueducts construction only in the state
of Karnataka. The rating is further constrained by the low scale
of operations within the civil construction business and the
relatively low value additive nature of contracts leading to
significant competition and consequent pressure on margins,
however, ICRA takes note of the significant improvement in the
operating income in FY2015 and 9M, FY2016 due to higher work
execution during the period. The rating also factors in the high
'Total Outside Liabilities/Tangible Net Worth' of 3.94 times as
on 31st March 2015 as the working capital requirements of the
company are largely funded by creditors. The rating, however,
takes comfort from the 16 years long experience of the promoters
in the civil construction business and the established
relationship with reputed clients resulting in repeat work
orders. The rating positively factors in the large order book
size of INR350.00 Crore as on 28th February 2016 that provides
revenue visibility for the medium term, however, execution risk
for such a huge pending order book remains. ICRA also takes note
of the improvement in debt and coverage indicators in FY15 as
reflected by improvement in NCA/Total Debt and interest coverage
ration along with reduction in gearing.

Going forward, the company's ability to execute orders in a
timely manner and improve the liquidity position will remain the
key rating sensitivities.

M/s Ocean Constructions, a proprietorship firm, set up in 2006
and owned by Mr. Sharfuddin Ali Mulki, was taken over by Ocean
Constructions India Private Limited (OCIPL, incorporated in 2008)
in April, 2013. OCIPL, promoted by Mr. Sharfuddin Ali and his
brothers, Mr. Inayath Ali and Mr. Abid Ali, undertakes civil
contracts involving irrigation canals, aqueducts, site grading &
levelling and road works in Karnataka mainly for government
clients including Karnataka Neeravari Nigam Limited, Krishna
Bhagya Jala Nigam Ltd, Public Works Department (Karnataka),
National Mineral Development Corporation and Mangalore City
Corporation. Ocean Constructions previously undertook sub-
contracting works for private companies including Shapoorji
Pallonji and Company Ltd and AMR India Ltd.

Recent Results
The Company reported an operating income of INR111.32 crore and a
profit after tax of INR5.51 crore during FY2015, as compared to
an operating income of INR41.97 crore and a profit after tax of
INR1.76 crore during FY2014. As per provisional financials for 9
months period ended December 31, 2015, the company reported a
profit before tax of INR8.80 crore on an operating income of
INR99.21 crore.


OMEGA INFRAENGINEERS: CRISIL Suspends B+ Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Omega Infraengineers Pvt. Ltd. (OIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL A4
   Cash Credit              10        CRISIL B+/Stable

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

OIPL, incorporated in 2009, is engaged in civil construction
works (structural work, fabrication, heavy work, and erections)
of steel and power plants primarily for private entities. The
company is based in Chandigarh and is promoted by Mr. Raveljeet
Singh Ruppal.


P N PAPER: CRISIL Suspends 'D' Rating on INR86MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
P N Paper Mills Private Limited (PNPM; part of the PN group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              86        CRISIL D
   Term Loan                70.9      CRISIL D

The suspension of ratings is on account of non-cooperation by
PNPM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PNPM is yet to
provide adequate information to enable CRISIL to assess PNPM'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 PNPM and P.N. Pulp and Paper
Industries (PNPPI). This is because both the entities, together
referred to as the PN group, are in the same line of business,
are managed by the same promoters, and have inter-company stake
holdings.

PNPM, incorporated in 2004 by Mr. Ajay Aggarwal, manufactures
duplex card boards. PNPPI, established in 2008, manufactures
writing and printing paper. The group's plants are in
Uttarakhand.


RANK CRANES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rank Cranes
Private Limited's (RCPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects RCPL's small scale of operations, as
evident from its revenue of INR190m in FY15 (FY14: INR167m), and
the improvement in its working capital cycle to 65 days (144
days).

However, the ratings are supported by RCPL's strong financial
profile, as reflected in its robust operating EBITDA interest
coverage of 10.6x in FY15 (FY14: 5.4x), net leverage of 0.9x
(0.4x) and strong operating EBITDA margins of 8.8% (8.5%). Its
liquidity was comfortable, with 88% average utilisation of its
fund-based working capital limits during the 12 months ended
March 2016.

The ratings also benefit from its founders' experience of more
than two decades in the crane manufacturing and assembly
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and a
substantial increase in profitability, along with maintenance of
its credit metrics at current levels, could lead to a positive
rating action.

Negative: Deterioration in profitability, leading to
deterioration in overall credit metrics, could lead to a negative
rating action.

COMPANY PROFILE

RCPL was incorporated in 1983 by Mr. N Ramesh Babu and Mr. S A
Narasimha Raju; it manufactures and assembles industrial cranes
and other material handling equipment used in various industries
such as engineering, cement, coal, steel and power. The company's
manufacturing facility is located in Bollaram (Telengana).

RCPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
Stable
-- INR13.7m fund-based working capital limits: affirmed at 'IND
    BB+'/Stable
-- INR30m non-fund-based working capital limits: affirmed at
    'IND A4+


RUBY MILLS: CARE Ups Rating on INR213.69cr LT Loan to BB-
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
The Ruby Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    213.69      CARE BB- Revised from
                                            CARE D
   Short term Bank Facilities    12.80      CARE A4 Revised from
                                            CARE D
Rating Rationale

The revision in the ratings of The Ruby Mills Limited (TRML)
factors in regularization of debt servicing from December 2015.

The ratings of The Ruby Mills Limited (TRML) continues to be
constrained by the delay in receiving the clearance for the
entire project despite completion stage of the real estate
project, moderate overall gearing and the company's presence
in the highly fragmented textile industry and cyclical real
estate industry.

The ratings continue to derive strength from the experience of
the promoters in the textile industry and favourable location of
the real estate project.

The ability of the company to market and sell/lease the property
in a timely manner, obtain the occupancy certificate for
remaining area and ability to improve its profitability margin in
textile business and its capital structure are the key rating
sensitivities.

The Ruby Mills Limited (TRML) was incorporated in 1917 and
started its commercial operations in 1921. TRML is one of the
oldest running textile mills in Mumbai and also has a presence in
real estate development. TRML is a composite mill engaged in
manufacturing cotton/ blended yarn and fabric at its plant in
Dadar (Mumbai), Kharsundi and Dhamni (Raigad, Maharashtra). As on
March 31, 2015, TRML has installed capacity of 21,768 spindles,
744 Autocoro and 128 looms at its plant located at Dhamni, while
TRML is engaged in fabric processing activity at its other
facilities located at Kharsundi.

TRML is primarily engaged in manufacturing and selling of fabric
(almost entire yarn produced is used for captive consumption) in
the domestic market, around 99% of the total income generated
from textile business is from the sales of fabric in the domestic
market.

In 2007, TRML shifted part of its operations from Dadar to Raigad
resulting in availability of land at prime location for real
estate development. TRML has developed an IT park namely "The
Ruby" on the aforesaid land with total leasable/saleable area of
12.50 lakh sq ft on a total FSI of 2.66 times. The Ruby, IT Park,
has 39 floors, of which office area comprises of top 36 floors.
TRML is engaged in both selling and leasing of the area in IT
Park. TRML also book the income from IT Park as transfer of the
development rights at the time of receipt of the proceeds from
the sale/lease of the floors in IT Park.


RUDRA INFRADEVELOPERS: ICRA Suspends B Rating on INR25cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR25.00 Crore bank
facilities of Rudra Infradevelopers Private Limited'. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SAHARA INDUSTRIES: ICRA Reaffirms 'B' Rating on INR11cr Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR11.00
crore1 cash credit facility and the INR1.93 crore term loan
facility of Sahara Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          11.00       [ICRA]B reaffirmed
   Term Loan             1.93       [ICRA]B reaffirmed

The reaffirmation of rating factors in SI's relatively small
scale of operations and weak financial profile as reflected in
its low profitability, highly leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by the highly competitive and fragmented industry structure owing
to low entry barriers; and the vulnerability of the firm's
profitability to raw material (i.e. cotton) prices, which are
subject to seasonality, crop harvest and regulatory risks. ICRA
also notes that as SI is a partnership firm, any significant
withdrawals from the capital account by the partners would
adversely affect its net worth and thereby its capital structure.

The rating however, continues to favourably factor in the
longstanding experience of the partners in the business;
favourable location of SI's manufacturing facility in Wankaner
(Rajkot) giving it easy access to raw cotton and the stable
demand outlook for cotton based products.

Sahara Industries (SI) was established as a partnership firm in
June 1997 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Wankaner, Rajkot in Gujarat and is equipped with 48 ginning
machines with automatic feeders and 1 pressing machine. The firm
is currently managed by four partners i.e. Mr. Ami Ali Kadiwar,
Mr. Afzal Ibrahim Sipai, Mrs. Niyamat Sipai and Mrs. Sahenaj
Sipai, who have a long standing experience in the cotton ginning
business.

Recent Results
During FY 2015, SI reported an operating income of INR56.60 crore
and profit after tax of INR0.17 crore as against an operating
income of INR24.76 crore and profit after tax of INR0.12 crore
during FY 2014. Further, during 9M FY16 (April 2014- December
2015) the firm registered sales of ~Rs. 31.34 crore (as per
provisional financials).


SAHIBZADA TIMBER: Ind-Ra Ups Long-Term Issuer Rating to 'IND BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sahibzada Timber
& Ply Private Limited's (STPPL) Long-Term Issuer Rating to 'IND
BB-' from 'IND B'. The Outlook is Stable. The agency has also
upgraded STPPL's INR200m fund-based limits (increased from
INR120m) to 'IND BB-'/Stable/'IND A4+' from 'IND B'/'IND A4'.

KEY RATING DRIVERS

The upgrade reflects the improvement in STTPL's liquidity profile
with 92.4% average use of its working capital limits for the 12
months ended March 2016, compared with the full utilisation for
the 12 months ended September 2014. The improvement in liquidity
is reflected in the improvement in interest coverage to 1.75x in
FY15 (FY14: 1.63x). Also, the company's EBITDA margins remain
moderate yet stable (FY15: 10.34%; FY14: 10.68%).

However, STPPL's scale of operations remains small because of its
presence in the highly fragmented and intensely competitive
lumber industry. Revenue was INR331.6m in FY15 (FY14: INR358.01m)
and financial leverage (Ind-Ra adjusted debt/operating EBITDAR)
increased to 5.8x (3.62x) due to an increase in the long-term
loans.

The ratings, however, continue to be supported by over 20 years
of operating experience of STPPL's promoters in the lumber
industry.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the credit profile could lead to a negative
rating action.

Positive: A significant improvement in the scale of operations
and/or credit profile on a sustained basis could lead to a
positive rating action.

COMPANY PROFILE

Founded in 1992 as a proprietorship concern, STPPL was registered
as a private limited company on 30 June 2012. The company is
based in Mohali, Punjab and managed by Narinder Singh Sandhu and
his son Jaspratap Singh Sandhu. STPPL processes and trades timber
and ply. According to the interim numbers, it recorded total
revenue of INR364.4m as at end-March 2016.


SELVE CASHEWS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Selve Cashews (SC). The rating reflects the
firm's small scale of operations, and subdued financial risk
profile because of modest networth/high gearing/weak debt
protection measures. These weaknesses are partially offset by its
promoter's extensive experience in the cashew industry, and its
moderate working capital requirement.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       35        CRISIL B/Stable

   Cash Credit              50        CRISIL B/Stable
   Foreign Letter of
   Credit                   15        CRISIL B/Stable

Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if revenue and operating
profitability increase significantly, resulting in a better
business risk profile. Conversely, the outlook may be revised to
'Negative' in case of large debt-funded capital expenditure,
weakening financial risk profile, or stretch in working capital
cycle or decline in operating profitability, adversely affecting
liquidity.

SC, set up in 2008 and based in Cuddalore, Tamil Nadu, processes
raw cashew nuts to cashew kernel. It is a proprietorship concern
of Ms.Kalaiselvi and its operations are managed by her husband,
Mr. Ravi.


SHRI BALAJI: CARE Reaffirms 'D' Rating on INR7.18cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Shri
Balaji Sahakari Soot Girni Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.18      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shri Balaji
Sahakari Soot Girni Limited (SBSSG) factors in the on-going
delays in debt servicing of its bank facilities.

Shri Balaji Sahakari Soot Girni Limited (BSSG) was established as
a co-operative society on January 21, 1991 but commenced
commercial operation on May 25, 2012. BSSG is engaged in cotton
spinning through open end spinning method with an installed
capacity of 6624 spindles for manufacturing of cotton yarn with
end user industries being power looms companies situated in and
around the area of Washim, Maharashtra. The society is been
promoted by 16 members with the key promoter beingMr. Babarao
Sahebrao Patil.


SIWAL INFRACON: ICRA Suspends B+ Rating on INR11cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ on the
INR11.0 crore bank lines of Siwal Infracon Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SUBHASISH JENA: CRISIL Suspends B+ Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Subhasish Jena Engineers & Builders Private Limited (SJEBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          50         CRISIL A4
   Cash Credit             30         CRISIL B+/Stable
   Long Term Loan           3.4       CRISIL B+/Stable

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

Established in 2012 as a Private Limited Company, SJEBPL is a
Cuttack (Odisha) based Class 1 civil contractor. The company
primarily undertakes construction of infrastructure projects.


SUN HOSPITALITY: ICRA Reaffirms 'B' Rating on INR13cr Loan
----------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B to the INR13.00
crore bank limits of Sun Hospitality and Service Apartments
Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             13.00      Reaffirmed at [ICRA]B

The reaffirmation of rating factors in the moderate execution
risks associated with the project given that more than 31% of the
total cost for 'Sun Escora' and 76% of the total cost for 'Sun
Emprezza' yet to be incurred. Further, the projects have high
market risk with sale for 55% of total saleable area for 'Sun
Escora' and 96% for 'Sun Emprezza' yet to be tied up. The rating
is also constrained on account of high funding risks given that
large part of equity is yet to be brought in and part of the
funding is to be met from customer advances, which are contingent
on timeliness of bookings and collections from customers. Further
debt, which is estimated to fund ~39% of the project cost for Sun
Emprezza, remains to be tied up, thus adding to the funding
risks. Taking into consideration that the proposed hotel under
Sun Emprezza is the first hospitality project being undertaken by
the promoters, the ability to achieve the desired occupancies
remains crucial for the profitability of the project.

The rating, however, favourably takes into account the long and
established presence of the partners of the firm in the real
estate business for more than three decades and clear land title
for the projects currently under execution.

Incorporated in April 2010, Sun Hospitality and Service
Apartments Private Limited is a closely held private limited
company, based out of Mumbai, Maharashtra. The company is
currently executing two projects in Goa: One of the projects is
residential project while the second project involves the
development of retail, commercial and hotel space.

The company is a part of Sun Group, a group of companies engaged
in real estate development in cities such as Goa, Lonavala, Pune
and Virar. The group has completed the development of ~2.76 lakh
sq. ft. of real estate development, since its inception in 2005.
The focus of the company has been on construction of holiday
home/second home, villas, bungalows and apartments in the past
few years.


SUPREME NUTRI: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
------------------------------------------------------------
The long-term rating of [ICRA]B has been reaffirmed to the
INR7.00 crore1 cash credit facility and INR4.50 crore term loan
facility of Supreme Nutri Grain Private Limited. The short term
rating of [ICRA]A4 has also been reaffirmed to the INR1.75 crore
non fund based facilities of SNGPL.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility      7.00      [ICRA]B reaffirmed
   Term Loan                 4.50      [ICRA]B reaffirmed
   Forward Contract Limit    1.75      [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the weak
financial profile of the company, characterized by leveraged
capital structure, average coverage indicators and moderate scale
of operations. The ratings continue to take into account the high
competitive intensity of the business, given the established
presence of large organized players and that of unorganized
players in the non-branded segment and the vulnerability of the
company's profitability to raw material price fluctuations in
view of the limited room for increasing the sales price (Maximum
Retail Price) given the price elasticity of demand.

The ratings, however, continue to favourably factor in the past
experience of the promoters in the processed foods industry and
the favourable demand prospects for instant noodles driven by the
change in socio-demographics of the country.

Supreme Nutri Grain Private Limited (SNGPL), promoted by Mr.
Bharat Piparava, Mr. Nilesh Kapuriya, Mr. Sanjay Kapuriya and Mr.
Mukesh Khatrani, was incorporated as a private limited company in
May 2012 and commenced commercial production from 15th August
2013. The company is engaged in manufacturing of instant noodles
packaged in units of 35 grams, 75 grams and 300 grams and has an
installed capacity of 6200 TPA. The noodles are sold under the
registered brand name of 'Zoopy' and are available in four
flavours namely Mazedaar Masala, Mirch Masala, Gujarati Delight
and Satvik Sizzle. Apart from its branded noodles, the company
also sells non branded instant noodles packaged in various units
depending on the requirements of the customers ranging from packs
of 35 grams to 10 kg each.

Recent Results
For the year ended March 31, 2015, Supreme Nutri Grain Private
Limited reported an operating income of INR40.73 crore and profit
after taxation of INR0.32 crore as against an operating income of
INR10.56 crore and profit after taxation of INR0.07 crore for FY
2014 (~7.5 months of operations as the commercial production
commenced from 15th August 2013). For the six months period of FY
2016 from April 2015 to September 2015 (as per provisional
financials), Supreme Nutri Grain Private Limited reported an
operating income of INR15.89 crore and profit before depreciation
and taxation of INR0.09 crore.


SYNERGY REMEDIES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Synergy Remedies
Private Limited (SRPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the nascent stage of SRPL's operations. The
company is slated to start commercial operations by end-April
2016 and is currently manufacturing trial batches of active
pharmaceutical ingredients (APIs). Therefore, stabilisation of
operations and generation of positive cash flows are primary
risks.

However, the ratings are supported by the project's location
advantage, as it located in an Andhra Pradesh Industrial
Infrastructure Corporation (APIIC) industrial park, where basic
infrastructure such as water, power, etc. is available. Its
promoters' experience of over two decades in the pharmaceutical
industry also benefits the ratings.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to sustained
profits will be positive for the ratings.

Negative: Inability to scale up in line with management's
expectations, leading to liquidity stress, will be negative for
the ratings.

COMPANY PROFILE

SRPL was incorporated in 2011 to manufacture APIs at its plant in
Chittoor district (Andhra Pradesh); this has an annual installed
capacity of 413 tonnes.

SRPL's ratings:
-- Long-Term Issuer rating: assigned 'IND B+'/Stable.
-- INR47m fund-based working capital limits: assigned 'IND
    B+'/Stable/'IND A4'
-- INR20m non-fund-based working capital limits: assigned 'IND
    A4'
-- INR177m proposed term loan limits: assigned 'Provisional IND
    B+'/Stable
-- INR153m term loan limits: assigned 'IND B+'/Stable
-- INR133m proposed fund-based working capital limits: assigned
    'Provisional IND B+'/Stable/'Provisional 'IND A4'


TARA INFRATECH: CRISIL Suspends 'D' Rating on INR120MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Tara Infratech Limited (TIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                120       CRISIL D

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

TIL is engaged in real estate construction in Abohar (Punjab),
where it is currently developing plots and villas. The saleable
area of the project will be 1.27 million square feet (sq ft). The
project will majorly comprise of plots and some villas, the
bookings of which started in October 2011. The project shall also
offer commercial space in the form of a small plot of 40,000
square feet.


TUTICORIN COAL: CARE Lowers Rating on INR281cr LT Loan to D
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Tuticorin Coal Terminal Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     281.00     CARE D Revised from
                                            CARE B

   Short Term Bank Facilities     47.00     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of the bank facilities and
instruments of Tuticorin Coal Terminal Private Limited, takes
into account the ongoing delay in servicing of debt obligations
by the company due to its weak liquidity position.

Tuticorin Coal Terminal Private Limited (TCTPL), a Special
Purpose Vehicle (SPV), is promoted by ABG Group (holding 51%
stake through ALBA Asia) and Louis Dreyfus Armateurs SAS (LDA,
holding 49 % equity stake), a French conglomerate with its
presence in international maritime transport for more than a
century.

TCTPL has been awarded the concession for development of North
Cargo Berth-II (NCB-II Terminal) for handling coal and other bulk
cargo at V O Chidambaranar Port (VOCP, earlier referred to as
Tuticorin Port) on Design, Build, Finance, Operate and Transfer
(DBFOT) basis. The NCB-II Terminal is being designed to handle a
peak throughput of 14 million tonnes per annum. The said
concession agreement (CA) was entered into on September 11, 2010
and was awarded for a period of 30 years following an
international competitive bidding process based on highest
revenue share (52.17%) offered by TCTPL. In addition, TCTPL would
be paying VOCP Trust an annual license fee of INR1.29 crore. The
total project cost of INR592.9 crore is proposed to be funded
through debt of INR356 crore and the balance thorough equity
(debt-toequity ratio: 1.50x).

During FY15 (refers to the period April 1 to March 31), Tuticorin
Coal Terminal Private Limited reported a Net Loss of INR
2.01 Crore on a Total Income from operations of INR 0.41 crore.


TWINCITY SUNLIFE: Ind-Ra Suspends 'IND B+' LT Issuer Ratings
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Twincity Sunlife
Pvt. Ltd.'s (TSPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

TSPL's ratings:

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

-- INR65m fund-based working capital limit: migrated to 'IND
    B+(suspended)' from 'IND B+'

-- INR35m non-fund-based working capital limit: migrated to
    'INDA4(suspended)' from 'IND A4'

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in.
The ratings above were solicited by, or on behalf of, the issuer,
and therefore, India Ratings has been compensated for the
provision of the ratings.

Ratings are not a recommendation or suggestion, directly or
indirectly, to you or any other person, to buy, sell, make or
hold any investment, loan or security or to undertake any
investment strategy with respect to any investment, loan or
security or any issuer.


UTTAM GALVA: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Uttam Galva
Steels Ltd's (UGSL) Long-Term Issuer Rating to 'IND D' from 'IND
BBB+' while resolving the Rating Watch Negative (RWN). The agency
has also downgraded the ratings on UGSL's various bank facilities
to 'IND D' from 'IND BBB+'/RWN and 'IND A2'/RWN.

The downgrade is driven by UGSL's ongoing delays in debt
servicing since February 2016. The delays are a result of the
liquidity stress currently being faced by the company given the
challenging operating environment and its inability to refinance
its long-term borrowings according to its earlier proposed
refinancing scheme. The agency has taken a consolidated view of
UGSL and its subsidiaries.

KEY RATING DRIVERS

Delays in Debt Servicing: One of UGSL's lenders has confirmed to
the agency about the company's continuous overutilisation of the
fund-based lines in excess of 30 days in March 2016. This
occurred due to the company debiting its cash credit account on
the devolvement of a letter of credit in February 2016 for which
it was unable to make payments when due. The company is also
delaying servicing of its term debt obligations. The delays in
debt servicing have been because of UGSL's constrained cash flows
and inability to refinance its term debt obligations till date.
In its previous rating action commentary dated 24 November 2015,
the agency had stated that a further downgrade could result from
UGSL's inability to refinance its term loans, leading to
heightened liquidity pressure because of high debt servicing
requirements and inadequate cash flow. The company is in talks
with its lenders for refinancing under the 5/25 scheme, but there
continues to be an uncertainty with regard to the timeline by
when the same can be achieved.

Deterioration in Operating Environment: The demand-supply
situation for steel in India remained weak in FY16 due to muted
industrial activity and large scale cheap imports. The prices of
hot rolled coils (HRC) as well as downstream products steadily
dropped till January 2016, despite the safeguard duty of 20% on
HRC imports imposed in September 2015. Large-scale imports of
HRC, cold rolled coils and colour coated steels into India and
other markets from countries such as China and Russia kept global
prices of these commodities at low levels. Against this backdrop,
UGSL had contracted to import large quantities of HRC for
deliveries in 3QFY16. Its landed cost rose significantly in the
quarter due to the safeguard duty and as a result was much higher
than HRC purchased by others on spot basis from international
suppliers for delivery in this period. Moreover, in 3QFY16 the
landed cost of imported finished goods (for instance cold rolled
coils) was lower than that of HRC after safeguard duty, due to
which traders and manufacturers who had entered into contracts
for large-scale imports of HRC suffered inventory write-downs.

No Benefit of Minimum Import Price: UGSL is not likely to benefit
materially from the imposition of minimum import price (MIP) in
January 2016 as this would primarily benefit integrated steel
companies. While the landed cost for steel importers would be
equal to MIP, domestic integrated steel producers will have the
flexibility to price their offerings even below MIP, to remain
competitive. As a result, the benefit that the company earlier
had from the import of HRC (its main raw material) at competitive
rates has now been largely eroded.

Sharp Deterioration in Quarterly Financials: The expected
improvement in UGSL's operating profitability from the cost
reduction strategies implemented during FY16 was contingent on no
further drop in product prices; whereas steel prices declined
sharply in the year. As a result, UGSL's EBITDA margins declined
to negative 8.36% in 3QFY16 from 7.6% in the earlier quarter
(8.5% in 1QFY16).

RATING SENSITIVITIES

Three consecutive months of timely debt servicing can result in a
rating upgrade.

COMPANY PROFILE

Incorporated in 1985, UGSL manufactures cold rolled sheets, cold
rolled close annealed sheets, galvanised plain and corrugated
sheets and colour coated lines.

UGSL's ratings are as follows:

-- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND
    BBB+'; off RWN
-- INR28.4bn long-term loans: downgraded to 'IND D' from 'IND
    BBB+'; off RWN

-- INR4bn fund-based limits: downgraded to 'IND D' from 'IND
    BBB+'; off RWN

-- INR24.4bn non-fund-based limits: downgraded to 'IND D' from
    'IND A2'; off RWN

-- INR1bn short-term debt: downgraded to 'IND D' from 'IND A2';
    off RWN

-- INR2bn standby limits: downgraded to 'IND D' from 'IND A2';
    off RWN

-- Proposed INR2bn non-fund-based limit: downgraded to
    'Provisional IND D' from 'Provisional IND A2'; off RWN


VARSHA INDUSTRIES: ICRA Reaffirms B/A4 Rating on INR40cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 to the INR40.11 crore fund based working
capital facilities of Varsha Industries private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Working Capital
   Limits                40.00      [ICRA]B/A4 reaffirmed

   Unallocated Fund
   Based Limits           0.11      [ICRA]B/A4 reaffirmed

The reaffirmation of the ratings take into account the company's
weak financial profile characterized by thin profitability,
leveraged capital structure and weak coverage indicators. The
ratings further takes into account the high competitive intensity
in the agro commodity business resulting from low entry barriers;
exposure of firm's profitability to any adverse regulatory
changes particularly those related to export incentives and
availability of agro commodities as the same is linked to
seasonality and crop harvest.

The ratings, however, favourably factors in the extensive
experience of the promoters in agro commodities business; its
reputed clientele coupled with past relationships of promoters
with clients and favourable location in Gujarat resulting in easy
availability of raw materials.

Varsha Industries Private Limited (VIPL) was incorporated in 2013
to carry out processing and trading of agro commodities such as
grains, oil seeds, spices etc. The company is promoted by the
Desai family with its promoters having vast experience in agro
commodity business. VIPL has three sister concerns namely Archana
Industries, Bhaskar Agro and Varsha Proteins engaged in trading
of agro commodities in domestic market.

The company is an ISO 22000:2005 certified company and is
registered as Recognized Export House by the Ministry of Commerce
& Industry and Spice Board (Government of India). The company is
a member of the Indian Oilseeds and Produce Export Promotion
Council and the Agricultural and Processed Food Products Export
Development Authority (Government of India).

Recent Results
For the year FY 2015, the company reported an operating income of
INR289.09 crore and profit after tax of INR0.23 crore. Further,
for 11M FY2016 (provisional & unaudited), the company reported an
operating income of INR226.53 crore and profit before
depreciation & tax of INR1.53 crore.


VERSATILE ALUCAST: ICRA Reaffirms D Rating on INR8.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to INR11.10 crore long
term bank facilities of Versatile Alucast Private Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund
   based limits
   Term Loan             8.00       [ICRA]D (reaffirmed)

   Long Term, Fund
   based limits Cash
   Credit                3.10       [ICRA]D (reaffirmed)

The rating reaffirmation continues to reflect delays by the
company in servicing its debt obligations owing to tight
liquidity conditions and strained cash flows. Due to elongated
approval cycle from OEMs, the company has been operating at
suboptimal capacity resulting in operating losses and weak debt
coverage indicators. Also, on account of losses, the net-worth
has eroded which has resulted in adverse capital structure. ICRA
has taken a note of established track record of promoters in auto
component industry with an experience of over four decades in
auto component manufacturing business. VAPL's ability to
regularise its debt repayment obligations along with improvement
in capacity utilization and profitability remains key rating
sensitivities.

Incorporated in 2011, Versatile Alucast Private Limited (VAPL)
has been formed to manufacture and supply aluminium die casting.
The promoters have setup Greenfield aluminium casting facility
(pressure die casting) in Kolhapur with an installed capacity of
1,300 MTPA. The company also has in-house machining facility.
Total cost of the project was ~INR15.25 crore, which was funded
through term loan of INR8.00 crore, equity of INR1.50 crore and
rest through unsecured loan.


VIGNESHWARA WOOD: ICRA Cuts Rating on INR1.5cr Loan to B+
---------------------------------------------------------
ICRA has revised long-term rating from [ICRA]BB-(Stable) to
[ICRA]B+ for the INR1.50 crore fund based facilities of Sri
Vigneshwara Wood Industries. ICRA has also reaffirmed short-term
rating of [ICRA] A4 outstanding on the INR7.00 crore non-fund
based facilities of the entity.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund based facilities       1.50      [ICRA]B+ downgraded from
                                         [ICRA]BB-(Stable)

   Non fund based facilities   7.00      [ICRA]A4 / reaffirmed

While arriving at the ratings, ICRA has considered the
consolidated operational and financial risk profiles of
Sri Vigneshwara Wood Industries, Sri Harikrishna Saw Mill,
Kandasamy & Co Saw Mill and Harishkanda Timber Private Limited.
The entities are collectively referred to as the Group.
The rating action takes into consideration the sharp decline in
the turnover in 2014-15 on account of shortage in raw material
following the ban in the export of raw timber logs by Myanmar
which contributed to a significant share of the Group's raw
material requirements. The ratings are also constrained by the
stretched financial profile of the group characterized by high
working capital intensity owing to high collection period and low
profitability, with the margins vulnerable to volatility in both
timber prices and foreign exchange rates. Further, the Group's
small scale of operations limits the benefits from scale
economies and the intense competition owing to low entry barriers
and the dependence of timber availability on the trade
regulations prevailing in the suppliers' market limits its
bargaining power. The ratings however, favorably consider the
experience of the promoter group in the timber trading business
spanning over three decades and the established relationship with
its suppliers, which ensures timely availability of timber for
the group. Going forward, the Group's ability to improve its
revenues by exploring new sources of raw material while
protecting its profitability and efficiently managing its working
capital cycle will be critical to improving its credit profile.

Sri Vigneshwara Wood Industries, a sole proprietorship, commenced
operations in the year 1995. The entity is primarily engaged in
the import and trading of timber like Teak, Pincoda, Quila,
Padouk, Purpleheart etc. The entity imports various varieties of
timber from Myanmar, Papua New Guinea, South Africa and South
America countries. The timber is re-sold in bulk to timber
merchants/dealers mainly in Kerala and Tamil Nadu. The entity is
a part of a group of four entities (engaged in timber trading),
and the entity has been registered under Mr. K. Paramasivan.

Recent Results
The Firm reported a net profit of INR0.1 crore on an operating
income of INR3.1 crore during 2014-15 as against a net profit of
INR0.1 crore on an operating income of INR11.0 crore during 2013-
14.


VIJAYANAGAR SUGAR: ICRA Reaffirms D Rating on INR338.69cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D to INR338.69
crore1 (INR387.49 crore) term loans, INR74.71 crore cash credit
facilities and INR80.85 crore (earlier INR32.05 crore)
unallocated limits of Vijayanagar Sugar Private Limited. ICRA has
also reaffirmed the short term rating at [ICRA]D to INR55.75
crore non fund based facilities of VSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan            338.69       [ICRA]D; reaffirmed
   Cash Credit           74.71       [ICRA]D; reaffirmed
   Non Fund Based
   Facilities            55.75       [ICRA]D; reaffirmed
   Unallocated Limits    80.85       [ICRA]D; reaffirmed

The ratings reaffirmation factors in the continuing delays in
debt servicing by the company on account of continuous losses
leading to stretched liquidity position. The ratings remain
constrained by the weak financial profile as reflected by net
losses, weak capital structure and debt coverage metrics; this
resulted in VSPL2 rectification scheme under the CDR system in
FY2015. Further, decline in the sugar realizations during Apr-
Jul, 2015 is likely to impact the profitability and debt coverage
metrics in FY2016. Further, the ratings are constrained by the
vulnerability of sugar operations to agro-climatic risks,
regulatory risk inherent in the sector with respect to government
policies relating to cane pricing, sugar exports etc.

However, ICRA continues to take note of the fully integrated
sugar plant with both cogeneration and distillery units providing
cushion to an extent during sugar downturn and low demand risk
for power off-take in Southern India as reflected by energy
deficit in the region as well as healthy tariffs. ICRA also notes
that there has been an improvement in the cane crushing by 20% to
7.39 lakh MT during SY2015 which is further expected to increase
in SY2016 backed by higher cane availability, thus supporting the
revenues going forward. Further, expectations of lower domestic
sugar output in SY2016 owing to drought conditions in major
producing states together with mandatory exports of 4 million MT
notified by the GoI have led to an uptrend in domestic sugar
prices since Sep, 2015 and likely to support the profitability of
the sugar mills to an extent in SY2016.

Vijayanagar Sugar Private Limited (VSPL) was incorporated in 2007
by Mr. S Anand Reddy & Associates to set up an integrated sugar
plant in Gadag District, Karnataka. VSPL took over unfinished
sugar factory from Mrudagiri Sahakari Sakkare Karkhane Niyamit (a
co-operative sugar mill), on lease for 30 years on Build, Own,
Operate & Transfer (BOOT) basis in 2007 and set up an integrated
sugar plant comprising of a 5000 TCD sugar plant, 35.5 MW co-
generation power plant and 130 KLPD distillery. The project cost
was around INR487.67 crore. The co-gen unit became operational in
Apr 2010, sugar unit in Sep 2010 and distillery unit in Aug 2011.

Recent Results
In FY2015, VSPL reported an operating income of INR424.13 crore
and net loss of INR52.29 crore as against an operating income of
INR365.91 crore and net loss of INR87.24 crore in FY2014.


VISMIT INFRASTRUCTURE: Ind-Ra Assigns 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vismit
Infrastructure (Vismit) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The agency has also assigned the company's
INR120m long-term loans an 'IND B+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the financial and execution risks associated
with Vismit's under-construction commercial complex in Vadodara,
Gujarat. The ratings also take into account the risk of vacancy
that this project carries as the firm has not yet been able to
sell or lease any part of the property. Execution risks are
partly mitigated by the project's advanced stage of completion,
with more than 80% of construction work complete. Management
expects to be able to sell or lease some part of the property by
May 2016.

However, the ratings benefit from the project's favourable
location in Vadodara and Vismit's partners' experience of over 20
years in the real estate and construction sector.

RATING SENSITIVITIES

Positive: Completion and leasing of the complex as planned,
leading to strong visibility of cash flows, will be positive for
the ratings.

Negative: Delays in the project's monetisation, impacting the
company's debt service ability, will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2012, Vismit is a partnership firm engaged in
residential and commercial real estate development. It is
currently constructing a five floor commercial building in
Vadodara.


WELLWISHER HOMES: CARE Reaffirms B+ Rating on INR24cr LT Loan
-------------------------------------------------------------
CARE reffirms the ratings assigned to the bank facilities of
Wellwisher Homes.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       24       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Wellwisher Homes
(WWH) continues to be constrained by modest booking status with
low customer advances, nascent stage of project with WWH being a
new entrant in the real estate market of Pune, cyclicality nature
of industry and partnership nature of constitution.

The rating derives strength from significant experience of
promoters in executing real estate projects in Mumbai, strategic
location of project with close proximity to IT hubs of Magarpatta
City and Kharadi and receipt of approvals and clearance for the
project.

The ability of the firm to ensure timely execution of the
construction activities, thereby enabling timely collection of
receivables from sold units along with incremental bookings as
estimated is the key rating sensitivity.

WWH is a partnership concern established in September, 2011 to
undertake the development of a residential project-
Leisure Town at Hadapsar Pune. The firm is equally owned by the
Mr. Chandrakant Bhansali led Well Wisher group and the Gupta
family's Provisio group. The groups are in the business of real
estate development since last two decades.

WWH entered into an agreement with the Tupe family for developing
land admeasuring 40,858 sq. mtrs. (4.40 lakh square feet (lsf))
on a revenue sharing basis as per which the land owners would be
entitled to 45% of the sale proceeds.  WWH is currently
developing phase I of the said project (Leisure Town) comprising
of 2 residential towers with a total saleable area of 2.11 lsf.


WONDER CONSTRUCTION: ICRA Reaffirms B- Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- and the
short term rating of [ICRA]A4 to the INR10.00 crore fund-based
and non fund based bank facilities of Wonder Construction.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Cash
   Credit               10.00       [ICRA]B- reaffirmed

   Non Fund Based
   (sublimit of Cash
   Credit )             (1.00)      [ICRA]A4 reaffirmed

Rating Rationale
The reaffirmation of the ratings takes into account the long
standing experience of the partners in construction business and
healthy profitability maintained by the firm over the last five
years.

The ratings are, however, constrained by firm's small scale of
operations coupled with revenue degrowth in FY2015; modest
current order book position; and tight liquidity position arising
out of stretched receivables. The ratings also factor in the
firm's exposure to sectoral, client and geographical
concentration risks, as a majority of the orders in hand pertain
to the building construction sector, undertaken for government
clients, mainly in the Marathwada region of Maharashtra. ICRA
also notes that WC is a partnership firm and any substantial
withdrawals from capital account can impact the net worth and
hence the capital structure of the firm.

ICRA expects WC's revenues to improve in the range of 10-15% in
FY2016 compared to that during FY2015 while the operating
profitability is expected to remain healthy at past levels.
However, the revenue visibility for FY2017 will depend on fresh
incremental order booking considering the modest present order
book position. The capital structure and coverage indicators are
likely to remain in line with past trend.

Incorporated in the year 2001, Wonder Construction is an
Aurabgabad based civil contractor engaged in the business of
construction of buildings and roads. The firm's presence is
restricted to Maharashtra. It executes construction projects for
government entities, primarily Public Works Department (PWD) and
Municipal Corporations / Councils of various cities/towns,
particularly in Marathwada region.

Recent Results
For the financial year ended March 31, 2016, the company reported
an operating income of INR21.78 crore and profit after tax of
INR1.22 crore as against an operating income of INR29.46 crore
and profit after tax of INR1.00 crore for the financial year
2013-14. Further, as per unaudited provisional financials for
9MFY16, the company reported operating income of INR14.81 crore
and profit before tax of INR0.87 crore.


YASHASHREE TUBES: ICRA Cuts Rating on INR5.5cr LT Loan to D
-----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]B for
the INR5.50 crore term loan facilities and INR3.20 crore cash
credit facilities of Yashashree Tubes Private Limited. ICRA has
also revised the short term rating to [ICRA]D from [ICRA]A4 for
the INR1.00 crore short term non fund based limits of YTPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term, fund       3.20       Revised to [ICRA]D
   based limits-                    from [ICRA]B
   Cash Credit

   Long term, fund       5.50       Revised to [ICRA]D
   based limits-Term                from [ICRA]B
   loans

   Short term, non       1.00       Revised to [ICRA]D
   fund based limits                from [ICRA]A4

The rating revision takes into account delays in debt servicing
by the company owing to tight liquidity condition. The financial
risk profile of the company is characterized by working capital
intensive operations on account of extended receivable cycle and
high inventory levels, modest coverage indicators on account of
thin cash accruals, small scale of operations and susceptibility
of the margins to the volatility in steel prices. Further company
faces stiff competition from other small scale players & cheaper
imported substitutes though presence of large players is limited
in the smaller sized tubes owing to low volume.
ICRA has however taken note of the long standing experience of
the promoters in the Indian seamless pipes and tubes industry and
YTPL's close proximity to auto ancillary and boiler component
manufacturers. Going forward, timely servicing of debt
obligations, scaling up operations and profitability along with
working capital cycle management will remain key rating
sensitivity.

Established in 2011, Yashashree Tubes Private Limited (YTPL/The
Company) is into manufacturing of Cold Drawn Seamless Tubes
ranging from outside diameter of 16 mm to 110mm. The company has
its manufacturing facility at Ahmednagar (Maharashtra) with an
annual capacity of 8400 MT on a two shift basis. The production
facility started its commercial operations from February 2013.

Recent results
For FY2015, YTPL reported Profit after tax of INR0.10 crore on an
operating income of INR19.15 crore as against Profit after tax of
INR0.56 crore on an operating income of INR11.97 crore in FY2014.



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


TOSHIBA CORP: Expects Smaller Than Expected Loss for Fiscal 2015
----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. on April 26 revised
its earnings forecast for fiscal 2015, projecting a smaller loss
than previously estimated after booking profits from selling some
noncore operations as part of restructuring.

The Japan Times says the struggling electronics maker now expects
a net loss of JPY470 billion for the year against a loss of
JPY710 billion estimated in February.

As for its U.S. nuclear power subsidiary Westinghouse Electric
Co., Toshiba plans to write down the value of its shareholding in
the unit by booking an asset impairment loss of JPY260 billion,
the report discloses.

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


1MALAYSIA DEVELOPMENT: Defaults on $1.75 Billion Bond Issue
-----------------------------------------------------------
Tom Wright at The Wall Street Journal reports that 1Malaysia
Development Bhd. confirmed on April 26 that it defaulted on a
$1.75 billion bond issue, triggering cross defaults on two other
Islamic notes totaling MYR7.4 billion ($1.9 billion).

In a statement, 1MDB said there were no cross-defaults on another
$1.75 billion bond and a $3 billion bond, the Journal relates.

The Journal relates that on April 25, the International Petroleum
Investment Corp., an Abu Dhabi fund that guaranteed 1MDB debt,
said it would pay interest on the $1.75 billion bond, but only
after it was declared in default.

Interest of $50 million on that bond was due April 25, the
Journal says.

Malaysia's ringgit slipped 0.7% against the U.S. dollar on
April 26 after 1MDB said it defaulted on the interest payment,
according to the Journal. In recent months, traders have been
little-concerned by the saga, expecting it to blow over and for a
default to be avoided, the report notes.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib, Reuters
related.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.



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


TRENCHMATE: In Receivership Sale
--------------------------------
The New Zealand Herald reports that Trenchmate, a civil and
construction in Papakura, is in receivership sale.  The company
is expected to attract immediate interest from buyers looking for
a high quality investment, the report says.

Placed in receivership earlier this month, Trenchmate is a hire
business with a steady sales pipeline and a strong book of work,
according to the Herald.

Now taking expressions of interest, ABC Business Broker Graeme
Finch is expecting competitive investors on this one off
opportunity for a company in the construction industry to acquire
a multimillion-dollar turnover business at a fire sale price, the
Herald relates.

"This business has about 40% market share and an ironclad
reputation within the industry. It has one of the largest menu of
products with over 140 variances in its line," the Herald quotes
Mr. Finch as saying. He is marketing Trenchmate for urgent sale
with expressions of interest closing on April 29, the report
notes.

According to the Herald, owner Tom Porter said the move to
centralise the design and manufacture under one roof has reduced
overheads and allowed the company to maintain quality standards
that currently exceed the required safety standards.

"Many firms can benefit from a purpose-built warehouse location
like this and have the backing of 35 years of combined technical
and management experience which is widely recognised within
industry," the report quotes Mr. Porter as saying.

The Herald relates that receiver Tom Rodewald from Rodewald
Consulting said that the business is in a good position for a
director with strong management skills to take control.

Trenchmate reported an estimated Ebitda (earnings before
interest, tax, depreciation and amortisation) to March 31, 2015
at NZ$725,000 with a turnover for the 2016 year end at
NZ$2.4 million, the Herald discloses.

The Herald says current turnover during the 2016 year has ranged
from between NZ$150,000 to NZ$250,000 per month with the business
on track heading into 2016 with an estimated stock value of
NZ$6 million worth of specialised shoring product.

"The business has the potential for someone in the front end of
the construction industry to align with Trenchmate to provide a
full service construction business, to help grow market share and
capitalise on the booming construction market," the report quotes
Mr. Finch as saying.


CORELLI INTERNATIONAL: Collapses Into Receivership
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Corelli
International Academic School of the Arts has fallen into
receivership on April 7, 2016.  Receivers Meltzer Mason has taken
over the school which traded under Ardern Holdings Ltd., the
report says.

According to the report, the receivers said the property in
receivership is the company's only undertaking, assets and
property.

Auckland, New Zealand-based Corelli International Academic School
of the Arts was established in 2001.



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


SURIGAO CITY: Rural Bank Placed Under PDIC Receivership
-------------------------------------------------------
The Monetary Board (MB) placed Surigao City Evergreen Rural Bank,
Inc. under the receivership of the Philippine Deposit Insurance
Corporation (PDIC) by virtue of MB Resolution No. 647 dated
April 14, 2016. As Receiver, PDIC took over the bank on April 15,
2016.

Surigao City Evergreen Rural Bank is a single-unit rural bank
located at 3337 Borromeo St., Surigao City. Based on the Bank
Information Sheet filed by the bank with the PDIC as of December
31, 2015, Surigao City Evergreen Rural Bank is owned by Alfredo
T. Bonpin (25.13%), Mary Elizabeth B. Catubig (10.10%), Shirley
B. Uy (7.70%), Jennifer Y. Ong (7.70%), Nelly B. Yang (7.70%),
Cristine Y. Santillana (7.70%), Sarah D. Aleonar (7.25%), Eulalio
P. Cortes (4.92%), Mamerto B. Dy (3.89%), Giselle Yang (3.89%),
Monivic C. Perlas (3.63%), and Michael Anderson D. Bonpin
(2.33%). The Bank's President and Chairman is Bienvenido C.
Ilano.

Latest available records show that as of December 31, 2015,
Surigao City Evergreen Rural Bank had 1,062 accounts with total
deposit liabilities of PHP11.3 million. Total insured deposits
amounted to PHP11.1 million or 98.8% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Surigao City Evergreen Rural Bank, Inc. or acted
as co-makers of these obligations. Depositors have to ensure that
they have complete and updated addresses with the bank. PDIC will
start mailing payments to these depositors at their addresses
recorded in the bank by the last week of April 2016.

Depositors may update their addresses until April 21, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts by the last week of April 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on April 22, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed
of the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***