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

                      A S I A   P A C I F I C

           Friday, April 29, 2016, Vol. 19, No. 84


                            Headlines


A U S T R A L I A

99ACRES.COM.AU PTY: First Creditors' Meeting Set For May 6
AUSTRALIAN CAREERS: Chief Under Probe Over Forged Documents
FLEXI ABS 2016-1: Fitch Assigns 'BBsf' Rating to Class E Notes
JOHANNA JOHNSON: Placed Into Liquidation
SAPPHIRE XIV 2016-1: Fitch Puts 'B(EXP)sf' Rating on Cl. F Notes

STATEWIDE STEEL: Administrators Seek Buyers for Business


C H I N A

CHINA: Mulls Starting Trading of Credit-Default Swaps
EVERGRANDE REAL: Fitch Cuts FC Issuer Default Rating to 'B+'


H O N G  K O N G

GEMDALE CORPORATION: Moody's Cuts Corporate Family Rating to Ba2


I N D I A

ADAMS MARKETING: ICRA Assigns C+ Rating to INR24.50cr Cash Loan
AISHWARYAGIRI CONSTRUCTIONS: ICRA Reaffirms B+ Loan Rating
ANDHRA FERRO: ICRA Lowers Rating on INR45cr LT Loan to D
APG SHIMLA: CARE Reaffirms B+ Rating on INR46.81cr LT Loan
ARCH PHARMALABS: CARE Reaffirms 'D' Rating on INR1,333.75cr Loan

ATR CARS: ICRA Suspends 'B' Rating on INR31.20cr Bank Loan
AUTOMATIC ELECTRIC: CRISIL Reaffirms B+ Rating on INR50MM Loan
AVON LIFESCIENCES: CARE Reaffirms 'D' Rating on INR100.33cr Loan
FUCON TECHNOLOGIES: CRISIL Cuts Rating on INR116MM Loan to 'D'
GAYATRI POULTRIES: CRISIL Reaffirms 'B' Rating on INR115MM Loan

GLOBAL ENVIRO: ICRA Lowers Rating on INR4.0cr Loan to 'D'
GOLDEN FOOD: CARE Assigns 'B' Rating to INR10cr LT Loan
GRANDWAY INCORPORATED: CRISIL Rates INR60MM Cash Loan at 'B'
GUPTAS GOLD: ICRA Suspends 'B+' Rating on INR7cr Loan
IND BARATH: ICRA Suspends 'D' Rating on INR348cr Bank Loan

INDERJIT FORGING: CRISIL Suspends 'D' Rating on INR35MM Loan
INDIA: Panel Approves Insolvency Laws, Sets Stage for Passage
KALYAN COTTON: ICRA Reaffirms 'B' Rating on INR3.95cr Loan
KANAKADURGA POULTRY: ICRA Suspends B+ Rating on INR8cr Loan
KNOWLEDGE EDUCATION: Ind-Ra Rates INR38.63MM Term Loan 'IND D'

KRN ALLOYS: ICRA Reaffirms B- Rating on INR8.30cr Loan
MAHAVIR AGRO: CRISIL Assigns B+ Rating to INR38.5MM Term Loan
NITESH ESTATES: ICRA Withdraws 'D' Rating on INR15cr Loan
ORIGIN FORMULATIONS: CARE Lowers Rating on INR34.85cr Loan to B
ORIGIN LIFECARE: CARE Revises Rating on INR7cr LT Loan to 'B'

PSM ENERGY: CRISIL Suspends B+ Rating on INR10MM LT Loan
QUALITY RICE: CRISIL Suspends B+ Rating on INR180MM Cash Loan
RAIGARH FOODS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
RANCARE INDUSTRIES: ICRA Suspends B+ Rating on INR18cr Loan
RBA FERRO: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan

RIGA SUGAR: CARE Reaffirms 'B' Rating on INR129.22cr LT Loan
SANDHU POULTRY: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SAVARIA ROLLER: CRISIL Suspends B+ Rating on INR155M Cash Loan
SHANTI PARBOILING: ICRA Assigns B+ Rating to INR7.0cr Loan
SHIKSHA BHARTI: CARE Reaffirms 'B' Rating on INR11.50cr LT Loan

SHIMLA EDUCATION: CRISIL Suspends 'D' Rating on INR141.5MM Loan
SHRAMAN STRIPS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
SHYAM FERROUS: ICRA Suspends B+ Rating on INR14.60cr Bank Loan
SIDDHI VINAYAK: ICRA Suspends B+ Rating on INR5.0cr Loan
SJP INFRACON: CRISIL Cuts Rating on INR250MM Term Loan to 'D'

SRI SAI: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
SRIBALAJI HATCHERIES: ICRA Assigns 'C' Rating to INR5.0cr Loan
SUBHASH GUAR: CRISIL Suspends 'D' Rating on INR100MM Term Loan
SUNPRIME INFRATECH: CRISIL Assigns B+ Rating to INR100MM Loan
SVC VENTURES: ICRA Lowers Rating on INR65cr Term Loan to 'B'

SWARGIYA DADASAHEB: Ind-Ra Withdraws IND BB- Rating on Bank Loan
SYNERGY THRISLINGTON: CRISIL Suspends D Rating on INR200MM Loan
TARA EXPORTS: ICRA Reaffirms B+ Rating on INR0.10cr Term Loan
TARA FOODS: ICRA Reaffirms B+/A4 Rating on INR12cr LT Loan
TOPMAN EXPORTS: Ind-Ra Suspends 'IND D' LT Issuer Rating

UDIT CONTRACTORS: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
VAPI ECO: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
VINDESHWARI EXIM: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating


J A P A N

MITSUBISHI MOTORS: Skips Forecast for Fiscal 2016 Amid Scandal
SHARP CORP: Weighing 1,000 New Job Cuts to Reduce Costs


M A L A Y S I A

1MBD: Bondholders Face Threat of More Tussles Ahead of May Coupon


P A K I S T A N

PAKISTAN: Moody's Says B3 Rating Reflects Strengthening Growth


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99ACRES.COM.AU PTY: First Creditors' Meeting Set For May 6
----------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
99acres.com.au Pty Ltd, trading as "Australian Property
Specialists Group, China Town Real Estate, IT Professionals and
Worldwide Realty", on April 26, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on May 6, 2016, at 11:00 a.m.


AUSTRALIAN CAREERS: Chief Under Probe Over Forged Documents
-----------------------------------------------------------
Michael Bachelard at The Sydney Morning Herald reports that the
man who ran one of Australia's fastest-growing vocational
colleges, Phoenix Institute, is being investigated for allegedly
forging documents to reap more than AUD100 million in taxpayer
funds.

According to SMH, Federal Police search warrants said they have
"reasonable grounds for suspecting" that Ivan Brown, the former
chief executive of Phoenix Institute, made false documents or
caused them to be made "with the intention to influence the
Commonwealth to accept on-line students as genuinely enrolled and
participating in training".

SMH says police raided the offices of Phoenix's parent company,
Australian Careers Network, earlier this month in search of
evidence of criminal behaviour. It seized documents relating to
students.

Mr Brown denies any wrongdoing, the report notes.

"They can get a search warrant for murder weapons if they like;
it doesn't mean a murder has been committed," he told Fairfax
Media.  "They can put anything they want in a search warrant, it
doesn't mean any crime has been committed. It's not proof of
anything."

SMH relates that Fairfax Media revealed earlier this week that Mr
Brown quit his job as a Victoria Police officer in 2010 after a
series of harassment claims were made against him by a senior
officer.

According to the report, the details of the warrant came in an
administrator's report from Ferrier Hodgson, which was appointed
to the company last month after the Commonwealth government froze
funding to ACN.

SMH notes that the downfall of ACN is part of the continuing
unravelling of the private vocational education sector, whose
explosive growth in 2015 was driven by brokers hard-selling
expensive courses, which were paid for up front by the
government.

Many of the "students" recruited to do online courses, not just
for Phoenix but for a dozen or more private colleges, were
unlikely to ever complete them or to pay back the deferred loan
they had incurred to the government under the HECS-style VET FEE
Help scheme, SMH discloses.

SMH says the report showed the administrators believe that the
education department owes ACN AUD253 million for people signed up
to courses of study.

But the administration is complicated by five different legal
cases, in addition to the criminal case. In one, the government
is fighting Phoenix's claim for a portion of the money its
claimed to be owed. The Australian Competition and Consumer
Commission is also in court alleging the company was guilty of
false, misleading and unconscionable conduct in recruiting
students. The ACCC is seeking repayment of $106 million.

SMH adds that the administrators' report showed that ACN paid its
brokers between 15 and 30 per cent of the value of its courses to
the salesmen who recruited students. More than 90% of students
were signed to double diplomas -- which gave them a AUD36,000
debt, suggesting brokers could earn almost AUD12,000 per sign-up.

ACN paid its brokers about AUD25 million in advance of receipts
from the Commonwealth, but brokers claim another AUD24 million is
owed them. The company also owes the tax office about AUD847,000,
report SMH.

SMH says the administrators are recommending that creditors vote
next week to run the company under a deed of company arrangement.
Creditors will get between 3% and 100% of the value of their
debt, depending mainly on whether the government puts up the
money the company claims it's owed, SMH states.


FLEXI ABS 2016-1: Fitch Assigns 'BBsf' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Flexi ABS Trust 2016-
1's asset-backed floating-rate notes. The issuance consists of
notes backed by small balance unsecured consumer loans originated
by Certegy Ezi-Pay Pty Ltd (Certegy) whose ultimate parent is
FlexiGroup Limited (FlexiGroup). The ratings are as follows:

AUD91 million Class A1 notes: 'F1+sf'
AUD60.5 million Class A2 notes: 'AAAsf'; Outlook Stable
AUD50 million Class A2-G notes: 'AAAsf'; Outlook Stable
AUD12.48 million Class B notes: 'AAsf'; Outlook Stable
AUD14.82 million Class C notes: 'Asf'; Outlook Stable
AUD10.4 million Class D notes: BBBsf'; Outlook Stable
AUD7.8 million Class E notes: BBsf'; Outlook Stable
AUD13 million Class F notes: 'NRsf'

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Flexi ABS Trust 2016-1.

At the cut-off date, the total collateral pool consisted of
131,613 individual consumer loan contracts totalling AUD256.2m.
The receivables are retail point-of-sale interest-free consumer-
finance loans used to finance a wide variety of products
including solar equipment (39.0%); jewellery (20.1%); fitness
equipment (3.8%); and other products. Homeowner industries make
up 51.4% of borrowers and 34.4% are repeat Certegy customers.

KEY RATING DRIVERS

Availability of Excess Spread: The transaction yields significant
levels of excess spread, which is used to support the ratings of
the class B, C, D and E notes; while sufficient credit
enhancement, provided by the subordination of junior notes,
exists for the class A1, A2 and A2-G notes to be rated
independent of any soft credit support (excess spread).

Experienced Originator: Certegy is a wholly owned subsidiary of
FlexiGroup, a provider of retail point-of-sale consumer finance.
Certegy provides "no interest ever" consumer loans, an interest-
free product, and cheque guarantee products in Australia. Certegy
delivers its products through a network of retailers and service
providers. Delinquencies greater than 30 days on Certegy's retail
portfolio have historically tracked below 3.0%.

Diverse and Granular Portfolio: The portfolio consists of
receivables originated to a geographically diversified pool of
Australian retail customers across many asset types. The average
contract size is AUD1,947, while the weighted average remaining
term stands at 22.9 months.

Support Features Back Rating: A liquidity reserve, funded by
proceeds from issuance, will ensure stable cash flows for all
rated notes and trust expenses. A derivative reserve account will
be established to set aside voluntary prepayments made by
borrowers to ensure sufficient income is available to cover
future swap payments.

No Residual Value Risk: All securitised loans are structured so
there is no exposure to residual value risk, with the borrower
liable for such risks at all times.

RATING SENSITIVITIES

Unexpected increases in the frequency of defaults and the loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case, which could result in negative
rating actions on the notes. Fitch has evaluated the sensitivity
of the ratings assigned to Flexi ABS Trust 2016-1 to increased
gross default levels over the life of the transaction.

The agency's analysis found that the ratings assigned were not
sensitive to Fitch's mild (10% increase) default stress. Under
Fitch's moderate (25% increase) stress, the ratings on the class
A2 and A2-G notes declined to 'AA+sf', the class B note rating
declined to 'A+sf' and the class C note rating declined to 'A-
sf'.

Under Fitch's severe stress, in which the base case defaults
increased by 50%, the ratings on the class A2 and A2-G notes
declined to 'AA-sf', while the class B, C and D notes' ratings
declined to 'Asf', 'BBBsf' and 'BB+sf', respectively.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 12 sample loan files focusing on
the underwriting procedures conducted by Certegy compared to
Certegy's credit policy at the time of underwriting. Fitch has
checked the consistency and plausibility of the information and
no material discrepancies were noted that would impact Fitch's
rating analysis.

Key Rating Drivers and Rating Sensitivities are further discussed
in the corresponding new issue report entitled "Flexi ABS Trust
2016-1", published today. Included as an appendix to the report
are a description of the representations, warranties and
enforcement mechanisms.


JOHANNA JOHNSON: Placed Into Liquidation
----------------------------------------
Broede Carmody at SmartCompany report that a liquidator has been
appointed to internationally-renowned fashion label Johanna
Johnson two weeks after it fell into voluntary administration.

Johanna Johnson, which has designed dresses for the likes of
Madonna, Foreign Minister Julie Bishop and Meryl Streep, called
in administrators from Farnsworth Shepard on April 13 after the
Supreme Court heard an application to wind-up the company,
SmartCompany says.

At the time, founder Johanna Johnson said in a Facebook post it
was business as usual and the administration was "simply an
internal process," according to SmartCompany. She said she was
looking forward to shifting the company's operations to the
United States, the report relays.

However, the expansion plans appear to have hit a snag, with the
NSW Supreme Court on April 27 placing the business into
liquidation, SmartCompany notes.

According to SmartCompany, liquidator Tim Cook, from Balance
Insolvency, told the ABC he will assess and sell Johanna
Johnson's assets and investigate whether misconduct has occurred.

The Daily Telegraph, meanwhile, reports Johanna Johnson owes
AUD1.1 million to the Australian Taxation Office and $35,000 to a
former employee, SmartCompany relates.


SAPPHIRE XIV 2016-1: Fitch Puts 'B(EXP)sf' Rating on Cl. F Notes
----------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Sapphire XIV
Series 2016-1 Trust's residential mortgage-backed floating-rate
notes. The issuance consists of notes backed by Australian non-
conforming residential loans originated by Bluestone Group Pty
Limited and Bluestone Mortgages Pty Limited (Bluestone). The
ratings are as follows:

AUD92.4 million Class A1a notes: 'AAA(EXP)sf'; Outlook Stable
AUD40.0 million Class A1b notes: 'AAA(EXP)sf'; Outlook Stable
AUD30.0 million Class A2 notes: 'AAA(EXP)sf'; Outlook Stable
AUD8.2 million Class B notes: 'AA(EXP)sf'; Outlook Stable
AUD9.6 million Class C notes: 'A(EXP)sf'; Outlook Stable
AUD6.6 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
AUD3.6 million Class E notes: 'BB(EXP)sf'; Outlook Stable
AUD3.0 million Class F notes: 'B(EXP)sf'; Outlook Stable
AUD4.6 million Class G notes: 'NR(EXP)sf'
AUD2.0 million Class H notes: 'NR(EXP)sf'
AUD[TBD] million Class X1 notes*: 'NR(EXP)sf'.

The notes will be issued by Permanent Custodians Limited in its
capacity as trustee of Sapphire XIV Series 2016-1 Trust.

*Class X1 note volume to be determined on the pricing date.

KEY RATING DRIVERS

Sufficient Credit Enhancement: The Class A1 and A2 notes benefit
from credit enhancement of 33.8% and 18.8%, respectively,
provided by the subordinate Class B, C, D, E, F, G and H notes;
from the liquidity facility; and Bluestone's servicing and
underwriting capabilities.

Experienced Originator/Servicer: Bluestone is a specialist non-
conforming originator and servicer. Bluestone Servicing Pty
Limited is a wholly owned subsidiary of Bluestone. Bluestone
Group has originated more than AUD6.0bn worth of loans and
completed 20 residential mortgage securitisations in Australia
and New Zealand.

Delinquent Loans Included: The portfolio contains loans that were
in arrears at the cut-off date. The 30+ day arrears were 7.7%,
with 90+ day arrears totalling 1.9% of the pool. Portfolio
arrears increased after the cut-off date, Fitch has incorporated
this into its analysis. The weighted-average seasoning of the
portfolio is 14.2 months, with a weighted-average indexed loan-
to-value ratio of 67.2%. Low-documentation loans make up 53.7% of
the portfolio and credit-impaired loans comprise 50.0%. Loans
with greater than 80% loan-to-value ratio comprise 18.3%.

Strong Excess Spread: The transaction benefits from a strong flow
of excess income, which is available to cover losses. Bluestone's
non-conforming borrowers pay significantly higher interest rates
than borrowers of conforming loans. The weighted-average interest
rate is 7.2%.

EXPECTED RATING SENSITIVITIES

Unexpected decreases in residential property value, increases in
the frequency of foreclosures, and loss severity on defaulted
mortgages could produce loss levels higher than Fitch's base
case, which could result in negative rating actions on the notes.

Fitch has evaluated the sensitivity of the expected ratings
assigned to Sapphire XIV Series 2016-1 Trust to increased
defaults and decreased recovery rates over the life of the
transaction. Its analysis found that the expected rating on the
Class A1a note was not impacted under Fitch's moderate and severe
default stress scenarios (15% increase and 30% increase in
defaults, respectively). The Class A1b notes' ratings declined to
'AA+sf' and 'AAsf' in the moderate and severe scenarios,
respectively. The class A2, B, C, D and E notes' ratings each
declined by two notches in the moderate scenario and three
notches in the severe scenario.

There was no impact on the Class A1a note under Fitch's moderate
and severe recovery scenarios, whereby recoveries are reduced by
15% and 30%, respectively. The remaining notes' ratings declined
by at least two notches in the moderate scenario and by at least
three notches in the severe scenario. The transaction shows
greater sensitivity to a combination of both increased defaults
and decreased recovery rates.

Portfolio arrears increased subsequent to the cut-off date. As
part of its analysis, Fitch assessed the effect of the updated
arrears levels on the expected ratings assigned and determined
that the notes' ratings were not negatively impacted.

DUE DILIGENCE USAGE

No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY

Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Bluestone compared to
Bluestone's credit policy at the time of underwriting. Fitch has
checked the consistency and plausibility of the information and
no material discrepancies were noted that would impact Fitch's
rating analysis.

Key Rating Drivers and Expected Rating Sensitivities are further
discussed in the corresponding presale report entitled "Sapphire
XIV Series 2016-1 Trust", published today. Included as an
appendix to the report are a description of the representations,
warranties and enforcement mechanisms.


STATEWIDE STEEL: Administrators Seek Buyers for Business
--------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent
expressions of interest are sought of the purchase of parts or
all of Statewide Steel Pty Ltd.

Dissolve.com.au says the sale includes a diverse and quality
client list as well as dedicated production facility. The
business boasts of an experienced workforce throughout its
divisions.

Statewide Steel Pty Ltd engages in the steel supply, fabrication
and processing business.

Cliff Rocke and John Bumbak of KordaMentha were appointed as
administrators of the company on April 21, 2016.



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C H I N A
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CHINA: Mulls Starting Trading of Credit-Default Swaps
-----------------------------------------------------
Bloomberg News reports that China is considering starting trading
of credit-default swaps as the number of corporate nonpayments
surges, according to people familiar with the matter.

The National Association of Financial Market Institutional
Investors, a central bank subsidiary which oversees interbank
market bonds, last month sought opinions on CDS and credit-linked
notes from market participants including banks and brokerages,
according to the people, who asked not to be identified because
the details haven't been announced, Bloomberg relays. China
Foreign Exchange Trade System, which oversees interbank bond
trading, held a meeting in Shanghai last week with some financial
institutions on the products, they said.

According to Bloomberg, rising defaults among Chinese companies
are fueling investor demand for financial products that hedge
credit risks, amid a rout in the world's third-biggest bond
market. At least seven firms have missed local note payments this
year, already reaching the tally for the whole of 2015, Bloomberg
notes.

Regulators want to provide investors access to products that
hedge credit risks, according to the people, adds Bloomberg.


EVERGRANDE REAL: Fitch Cuts FC Issuer Default Rating to 'B+'
------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign-Currency
Issuer Default Rating (IDR) of Evergrande Real Estate Group
Limited (Evergrande) to 'B+' from 'BB-', and the Outlook is
Negative. Evergrande's senior unsecured rating and the rating on
its outstanding USD300m senior notes have been downgraded to 'B-'
from 'BB-', with a Recovery Rating of 'RR6'.

The downgrade is due to Evergrande's persistently high leverage,
which leaves it with limited financial flexibility to face
potential headwinds in the domestic property or credit markets.

The Negative Outlook reflects the risk of further increase in its
leverage if Evergrande continues expanding at the same rate as in
2015, and pressure on its margin from the need to rapidly turn
over sales to generate cash, increasing land costs and high
selling, general and administrative expenses (SG&A). The two-
notch downgrade of the senior unsecured rating from IDR rating
reflects Fitch's expectations of lower recovery in the event of a
default, which may be seen in the shift in the Recovery Rating to
'RR6', which represents poor recovery prospects given default,
from 'RR4', which represents average recovery prospects.

KEY RATING DRIVERS

Leverage Persistently High: Evergrande shows no signs of
deleveraging so far. The company's total debt and net debt
increased 75% and 37% respectively in 2015. The rapid debt growth
raised leverage, measured by net debt/adjusted inventory, to
52.4% in 2015 from 49% in 2014. This level of leverage, when
coupled with its trade payables to gross inventory ratio of 0.46x
in 2015, leaves it with little headroom to meet its operational
payments for land and construction as well as its debt service
obligations. Evergrande's leverage may rise above 60% if it keeps
the land purchase and construction at the 2015 pace. This would
force the company to continue to generate sales growth to meet
its cash flow needs, and such a pressure for growth cannot
continue indefinitely.

Vulnerable to Market Changes: Evergrande is vulnerable to any
slowdown in property market activity because it has substantial
business exposure to lower-tier cities and high refinancing
needs. Tier 3 and below cities account for 41% of Evergrande's
contacted sales and 54% of land bank area. These cities would be
most affected if China's property market deteriorates. In
addition, Evergrande's current liquidity is supported by an
enormous amount of debt and CNY155bn of undrawn but uncommitted
bank credit facilities. The company will face refinancing
pressure, and may encounter liquidity problems, if the domestic
credit market tightens.

Sales Scale Supports Rating: Evergrande's business profile is
supported by its large scale and ongoing geographic
diversification into Tier-1 and Tier-2 cities. Evergrande's
contracted sales rose 53% to CNY201bn in 2015, and increased 115%
yoy in Q116 to CNY66bn. Fitch believes Evergrande's has achieved
economies of scale, which give it a competitive edge in land
acquisitions, development standardisations and procurements.
Fitch expects the company to purchase land bank mainly in core
Tier-2 cities because fierce competition has bid up prices in
Tier-1 cities, while a significant portion of its land bank would
still be in lower-tier cities.

Margin under Pressure: The company's high leverage requires high
turnover, which limits its profit margin. Besides, a large
portion of Evergrande's land was acquired in recent years, after
land prices increased in major cities, which would mean higher
land costs for projects it sells in the future. Evergrande has a
large sales team that runs frequent marketing campaigns to
support its sales growth nationwide. As a result, SG&A costs were
high at over 10% of total revenue in 2011-2014, and 15% of total
revenue in 2015.

Non-Property Cash Flow Minimal: Fitch does not expect
Evergrande's non-property business to have a material impact on
its financial profile as investments in these businesses -
football club, culture and spring water - remain small. In
addition, these businesses may be listed on stock exchanges, and
they would not require significant funding from Evergrande. These
non-property businesses reported losses of CNY4.5bn in 2015 and
had limited impact on Evergrande's operating results. Capex for
these businesses fell to CNY1.5bn in 2015 from CNY1.8bn in 2014
and over CNY3bn a year in 2011 to 2013, which indicates their
lower cash flow requirement.

Recovery Rating Lowered to 'RR6': Our lower recovery expectation
for Evergrande is driven by its aggressive debt-funded inventory
expansion in 2015. Our Recovery Rating does not take into account
the company's large cash balance of CNY103bn at end-2015, as we
ascribe no recovery value to it since it may substantially be
used to meet operational and financial commitments. This approach
is in line with Fitch's criteria "Recovery Ratings and Notching
Criteria for Non-Financial Corporate Issuers" dated 7 April 2016
where our general assumption is that cash on the balance sheet is
depleted during or before the bankruptcy.

Acquisition has No Rating Impact: Fitch thinks the CNY3.6bn
acquisition of 52.78% of Calxon Group and the mandatory general
offer for the remaining of Calxon's shares will not have an
immediate impact on Evergrande's ratings because the acquisition
size is limited. It is still too early to say what impact any
potential follow-up capital market events will have on the
rating.

KEY ASSUMPTIONS

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

-- Contracted sales to rise in the low teens in 2016, with mild
    increase in average selling price

-- Land purchases slow down in 2016 from 2015 pace, but the
    company makes enough land purchases to support future sales

-- Higher unit land cost in 2016 and 2017 as land bank acquired
    in recent years was more expensive

-- Development pace remains high although not as aggressive as
    in 2015

-- Margin under pressure as the highly leveraged business
    requires fast churn that undermines profitability

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory sustained above 60%
-- Total payables/gross inventory sustained above 0.5x (2015:
    0.46x)
-- Tighter liquidity position due to weaker access to financing
    channels

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

FULL LIST OF RATING ACTIONS

-- Long-Term Foreign-Currency IDR downgraded to 'B+' from 'BB-',
    Outlook Negative
-- Senior unsecured rating downgraded to 'B-' from 'BB-', with a
    Recovery Rating of 'RR6'
-- USD300 million 8% senior unsecured notes due 2019 downgraded
    to 'B-' from 'BB-', with a Recovery Rating of 'RR6'



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H O N G  K O N G
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GEMDALE CORPORATION: Moody's Cuts Corporate Family Rating to Ba2
----------------------------------------------------------------
Moody's Investors Service has downgraded Gemdale Corporation's
corporate family rating to Ba2 from Ba1.

At the same time, Moody's has revised the outlook on the rating
to stable from negative.

Moody's has also affirmed the Ba3 corporate family rating of
Famous Commercial Limited, a wholly-owned subsidiary of Gemdale.

In addition, Moody's has affirmed the Ba3 senior unsecured
ratings of the bonds issued by the following entities and
guaranteed by Famous:

Gemdale (Asia) Holding Limited

Gemdale (Asia) Investment Limited

The bonds are also supported by deeds of equity interest purchase
undertaking and keepwell deeds between Famous, Gemdale and the
bond trustee.

The outlook on all the Gemdale-related ratings is stable.

RATINGS RATIONALE

"The downgrade of Gemdale's corporate family rating reflects our
expectation that the company will continue to show weakened
credit metrics over the next 12--18 months," says Kaven Tsang, a
Moody's Vice President and Senior Credit Officer.

Gemdale's credit metrics weakened in 2015, due to a decline in
revenue. Revenue fell by 28% year-on-year to RMB32.8 billion in
2015 from RMB45.6 billion.

Moody's notes that Gemdale has expanded its development business
through joint ventures (JVs) because the company wishes to reduce
upfront capital investment on projects and share project risks
with JV partners. Moody's expects that Gemdale's investments in
JVs and associates will likely increase further from the 8% of
its total assets seen at end-2015.

Moody's notes that Gemdale's investments in JVs are primarily
debt funded. As a result, its debt leverage -- as measured by
revenue to adjusted debt -- deteriorated to 79% in 2015 from 107%
in 2014.

Moody's points out that Gemdale's gross margin of around 23% is
low when compared with the weighted-average of around 27% for
Moody's-rated developers.

The low gross margin and decline in revenue recognition have in
turn resulted in Gemdale's EBIT interest coverage falling to 2.7x
at end-2015 from 4.0x at end-2014.

Moody's expects that: (1) Gemdale's property development revenue
will increase moderately in 2016 and 2017, supported by its
robust contracted sales over the last 1-2 years; (2) the company
will continue to demonstrate low gross profit margins, because of
its rising land costs; (3) the company will continue to
demonstrate discipline in the management of its adjusted debt
levels; and (4) the company will see some reduction in its
borrowing costs over the next 12-18 months, given the low funding
cost environment in China (Aa3 negative).

Overall, the company's credit metrics will show some improvement
over the next 12--18 months. Its revenue/adjusted debt will
increase to around 90% from 79% in 2015 and EBIT interest
coverage will increase to around 3.0x-3.5x from 2.7x. But such
credit metrics position the company more appropriately at a Ba2
rating level.

Gemdale's Ba2 corporate family rating reflects its established
brand and track record in China's property market, disciplined
management, adequate liquidity and good access to funding. It is
one of only a few developers in China that can raise unsecured
loans at the corporate level. This ability provides it with
flexibility to invest surplus liquidity in projects according to
its business plan.

As mentioned above, Gemdale's rating is constrained by its low
gross profit margins and increased commitments to JV projects.
Such commitments could raise its contingent liabilities.

Gemdale's liquidity remains adequate. At 31 December 2015, its
cash to short term debt was at around 100%, and its cash balance
of RMB15 billion was adequate to cover its short-term debt of
RMB15 billion.

The company's investments in short-term asset management products
-- with maturities of no longer than three months -- totaled
around RMB6.8 billion at end-2015, adding to its liquidity
buffer.

The stable outlook on Gemdale's corporate family rating reflects
Moody's expectation that Gemdale will continue to show financial
discipline in managing its business growth. In particular,
Moody's expects that Gemdale will keep its debt leverage stable,
and show a revenue/adjusted debt of 85%-95%. Moody's also expects
that Gemdale will maintain adequate liquidity to meet its working
capital and refinancing needs.

Gemdale's Ba2 rating could come under downgrade pressure if: (1)
the company's contracted sales and/or operating cash flows are
weaker than Moody's expects; or (2) it materially accelerates its
development activities and/or embarks on an aggressive land
acquisition, thereby weakening its liquidity position.

EBIT coverage of interest of less than 2.5x-3x or revenue/debt
below 80% on a sustained basis could also lead to a rating
downgrade.

On the other hand, upgrade rating pressure could emerge if
Gemdale: (1) successfully implements its business plan to achieve
stable sales; (2) improves its profit margins; and (3) manages
down its debt leverage.

Credit metrics that Moody's would consider for an upgrade of
Gemdale's rating include a revenue/adjusted debt exceeding 100%
and an EBIT coverage of interest in excess of 4.0x-4.5x on a
sustained basis.

Famous' Ba3 corporate family rating continues to reflect its weak
standalone credit profile and a two-notch rating uplift, based on
Moody's expectation that Gemdale will provide financial and
operational support to Famous, in a situation of stress.

Famous' standalone credit profile is constrained by its small-
scale operations, and Moody's expectation of volatility in its
sales performance.

Famous' stable rating outlook reflects Moody's expectation that
Gemdale will provide Famous with financial and operational
support.

Famous' rating could come under downward pressure if it: (1)
fails to implement its business plan, such that its sales,
operating cash flows and/or liquidity position are weaker than
anticipated; and/or (2) materially accelerates project
development and land acquisitions, such that its debt leverage --
as measured by total debt/total assets exceeds 65%, and EBIT
coverage of interest falls below 1.5x-2.0x on a sustained basis.

In addition, any evidence of weakening support from Gemdale, or a
deterioration in Gemdale's credit profile could be negative for
Famous' rating.

On the other hand, upgrade rating pressure could emerge if: (1)
Famous successfully improves its scale and diversity to reduce
sales and earnings volatility; and (2) Gemdale's corporate family
rating is upgraded.

Incorporated in China, Gemdale Corporation is one of the leading
developers in China's residential property sector. It began its
property development business in Shenzhen in 1993 and has
progressively expanded its business to cover China's seven major
regions. At 31 December 2015, it had a total land bank of around
26 million square meters in gross floor area.

Incorporated in Hong Kong in 1995, Famous Commercial Limited is a
wholly-owned subsidiary of Gemdale Corporation. It was initially
established as a sales office in Hong Kong to sell Gemdale
Corporation's property projects to overseas customers. It was
eventually developed as an offshore holding company, housing some
of Gemdale Corporation's property projects in China. It also
serves as a funding vehicle in the overseas market.



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


ADAMS MARKETING: ICRA Assigns C+ Rating to INR24.50cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C+ to the INR24.50
crore cash credit facility and INR0.83 term loan facility of
Adams Marketing Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash
   Credit                24.50       [ICRA]C+ assigned

   Fund Based-Term
   Loan                   0.83        [ICRA]C+ assigned

Rating Rationale
The credit rating primarily considers the unfavorable debt-
servicing track record of the company in the past; however, it is
regular in debt servicing in recent months. ICRA also takes into
consideration the adverse financial risk profile of the company
as reflected by high gearing of 2.04 times, interest cover of
1.33 times and Total Debt/OPBDITA of 4.64 times. The credit
rating is further constrained by the highly competitive nature of
the industry with a large number of organized and unorganized
players, as well as e-tailers that restricts pricing flexibility.
ICRA, moreover, notes the inherently low profit margins of the
entity, on account of industry dynamics and commission structure
decided by the principal.

The credit rating, however, derives comfort from AMPL's
experienced promoters, with experience of over two decades in the
trading of consumer durables of leading national and multi-
national brands. AMPL's presence across West Bengal through its
12 multi-brand showrooms and online retail platform has enabled
it to cater a large customer base within the state. A steady
growth outlook for the consumer durables industry in India,
driven by a widening middle class, is likely to provide revenue
growth potential for the company.

Incorporated in 2007, through merger of two proprietorship firms
- Adams Motors and Adams Electronics, Adams Marketing Private
Limited primarily deals in electronic consumer durable goods like
televisions, washing machines, refrigerators, air conditioners,
microwave ovens, mobile handsets, home theatres, digital cameras,
laptops etc. AMPL is the authorised dealer of reputed players in
the industries like Samsung India Pvt. Ltd, Voltas Limited, LG
Electronics India Pvt. Ltd, Sony India Pvt Ltd, Mitsubishi
Electric India Pvt Ltd, Godrej & Boyce Manufacturing Company
Limited etc. It currently operates through its 12 multi brand
showroom located within West Bengal. The company also have a
central godown located at Benaras Road, Biradingi, West Bengal
for inventory storage and distribution across all its stores.

Recent Results
The company has reported profit after tax of INR0.64 crore on an
operating income of INR144.27 crore during FY2015 as compared to
profit after tax of INR0.65 crore on an operating income of
INR127.58 crore in FY2014.


AISHWARYAGIRI CONSTRUCTIONS: ICRA Reaffirms B+ Loan Rating
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR30.0 crore (enhanced from 15.0) fund based facilities of
Aishwaryagiri Constructions Private Limited. ICRA has assigned a
short term rating of [ICRA]A4 to the INR15.0 crore non-fund based
facilities of the company.

                             Amount
   Facilities              (INR crore)   Ratings
   ----------              -----------   -------
   Fund based facilities        30.0     [ICRA]B+ reaffirmed

   Non-fund based facilities    15.0     [ICRA]A4 assigned

The rating assigned factors in the moderate financial profile of
the company marked by weak capital structure and coverage
indicators and high working capital intensity and the
vulnerability of the company's liquidity position to delayed
payments from the government agencies. The rating also factors in
the small scale of operations limiting operational and financial
flexibility to an extent, fragmented nature of the industry and
low bargaining power with the government agencies, thus, limiting
the pricing flexibility. The rating is, however, supported by the
long standing presence of the promoter in the construction
business and strong order book in hand that enhance revenue
visibility going forward. The rating also factors in the timely
completion of the projects in the past and the long standing
relationship with the government agencies that support growth
prospects.

The company was incorporated in May 2011 by Mr. Jayaramaiah and
Mr Shivkumar for executing civil construction works such as road
construction, building construction, slum development activities
and other infrastructure development activities. Mr. Jayaramaiah
is in the construction business since 2000. Being proprietor of
Giri Constructions, he had taken up projects such as road
construction for Bruhat Bengaluru Mahanagara Palike), building
construction for Karnataka Police Dept and slum development
projects for Karnataka Slum Development Board. The company is
presently executing slum development projects for Karnataka Slum
Development Board in Karnataka.

Recent results
During 2014-15, the company reported a net profit of INR2.6 crore
on an operating income of INR45.6 crore as against a net profit
of INR0.1 crore on an operating income of INR2.1 crore during
2013-14.


ANDHRA FERRO: ICRA Lowers Rating on INR45cr LT Loan to D
--------------------------------------------------------
ICRA has revised the long term rating assigned to INR45.00 crore
fund based limits, INR25.00 crore non fund based limits of
Andhra Ferro Alloys Limited from [ICRA]BB to [ICRA]D. ICRA has
also revised the short term rating assigned to INR8.50 crore fund
based facilities from [ICRA]A4+ to [ICRA]D. The ratings assigned
to INR33.50 crore unallocated limits of AFAL are revised from
[ICRA]BB/[ICRA]A4+ to [ICRA]D/[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   based limits          45.00        Revised to [ICRA]D

   Long term Non
   fund based limits     25.00        Revised to [ICRA]D

   Short term Fund
   Based                  8.50        Revised to [ICRA]D

   Unallocated Limits    33.50        Revised to [ICRA]D

The rating revision primarily takes into account overutilization
of cash credit limits for more than 30 days owing to tight
liquidity position of the company. The liquidity position is weak
on account of plant shutdown resulting from short circuit in one
of the 9 MVA unit in month of March 2015; low production levels
owing to running of only 12.6 MVA units and adverse market
conditions for ferro alloy industry. The rating is further
constrained by dip in revenues from INR88.45 crore in FY2014 to
INR69.59 crore in FY2015 on account of reduced capacity
utilisation coupled with decreased realisations for ferro alloy
in the last two years; and weak financial profile of the company
characterized by net losses in FY2015, modest coverage indicators
with interest coverage ratio at 1.07 times and NCA/total debt at
5% for FY2015. ICRA also notes that profitability of AFAL is
exposed to cyclicality inherent in the ferro alloy industry and
fluctuations in raw material prices. Revenues for FY2016 are
expected to decrease given the company has stopped the production
since July 2016. The rating however favorably factors in long
experience of promoters in the ferro alloy industry; and easy
accessibility to raw material on account of proximity to port
resulting in reduced transportation costs.

Going forward, the company's ability to increase its scale of
operation by achieving COD of unit 2 without time cost overrun
and generation of sufficient cash accruals for term loan
repayments by achieving sufficient capacity utilization would be
key rating sensitivities from credit perspective.

Incorporated in 1986, Andhra Ferro Alloys Limited is engaged in
the production of ferro alloys. The company has two units - unit1
is located at Srinivasanagar, Pendurthi, Vizianagaram district
(installed capacity is 3.5 million volt ampere (MVA)) and unit 2
is located at Garbham, Vizianagaram district (installed capacity
of 15.5 MVA). The unit 1 was dismantled during February 2009 and
AFAL is setting up 11MVA capacity ferro alloy unit each at unit 1
and 2. The total cap-ex at unit 2 is INR26.34 crore funded by a
term loan of INR15.00 crore and is expected to be completed by
April 2016. The total capex at unit 1 is INR27.56 crore and was
proposed to be funded by term loan of INR17.00 crore; however the
company has deferred the construction of unit 1. AFAL is promoted
and managed by Mr. Brajendra Khandelwal who has over 25 years of
experience in the ferro alloy industry.

Recent Results
AFAL has reported an operating income of INR69.59 crore and net
losses of INR1.39 crore respectively in FY2015 as against an
operating income and net profit of INR88.45 crore and INR0.77
crore in FY2014.


APG SHIMLA: CARE Reaffirms B+ Rating on INR46.81cr LT Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of APG Shimla
University.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     46.81      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of APG Shimla
University (APG) continues to be constrained by its short track
record of operations coupled with below average financial risk
profile marked by small scale of operations and continued losses
leading to weak debt coverage indicators. The rating further
factors in high regulation and competitive nature of the
education sector. The rating, however, derives strength from
resourceful trustees, professionally qualified faculty members
and buoyant prospects of higher/professional education in India.

Going forward, APG's ability to achieve the envisaged enrolment
levels, profitably scale-up its operations and improve its
overall solvency position will remain the key rating
sensitivities.

APG is an educational trust formed in November 2004 by Mr Pramod
Goyal and his brother Mr Rajesh Goyal with an objective to
provide education services. The campus is located in Shimla,
spread over an area of 88 acres with all modern facilities and
latest available technology. APG is providing post-graduation,
graduation and diploma courses like engineering, management,
hotel management, architecture, journalism, law, arts, fashion
designing and mass communication. APG has started its first
academic session in September 2012. In the academic year 2015-16
(refers to the period July 1 to June 30), the total students
enrolled were 630 and cumulative student strength stood at 1,850,
compared with cumulative student strength of 1,339 for academic
year 2014-15.

On account of stretched liquidity position (owing to continued
losses at the net level), the term loans of the trust were
restructured, in June 2015, wherein the society was given
additional moratorium to make repayment of the term loans
availed.

APG has four group concerns namely Esteem Investment Pvt. Ltd. (a
non-banking financial company, incorporated in 1997), Invert
Sugar India Pvt. Ltd. (engaged in the manufacturing of invert
sugar and caramel color, incorporated in 1994), and Sponge Sales
India Pvt. Ltd. and Meenakshi Enterprises (both engaged in the
trading of sponge iron and incorporated in 1992 and 2000,
respectively).

APG incurred deficit of INR7.22 crore on the total operating
income of INR15.27 crore in FY15 (refers to the period April 01
to March 31) as against deficit of INR2.57crore on the total
operating income of INR10.99 crore in FY14. Furthermore, in FY16
APG has achieved total operating income of INR19 crore till
March 23, 2016 (Provisional).


ARCH PHARMALABS: CARE Reaffirms 'D' Rating on INR1,333.75cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Arch
Pharmalabs Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities   1,333.75     CARE D Reaffirmed
   Short term Bank Facilities    525.00     CARE D Reaffirmed

Rating Rationale

The reaffirmation of ratings assigned to bank facilities of Arch
Pharmalabs Limited (APL) continues to factor in the ongoing
delays in the servicing of rated debt obligations due to weak
liquidity profile of APL.

Arch Pharmalabs Ltd. (APL), originally incorporated in April 1993
as Merven Drug Products (P) Limited, is engaged in the
manufacturing of Active Pharmaceutical Ingredients/intermediates
and also offers Contract Research and Manufacturing Services. APL
has 11 multipurpose manufacturing facilities (including two
facilities owned by its subsidiary Avon Lifesciences Limited;
(ALL, rated CARE D) across Maharashtra, Andhra Pradesh and
Gurgaon, Haryana.


ATR CARS: ICRA Suspends 'B' Rating on INR31.20cr Bank Loan
----------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B assigned to the
INR31.20 crore bank facilities of ATR Cars Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


AUTOMATIC ELECTRIC: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Automatic Electric
Limited (AEL) continue to reflect its large working capital
requirement and modest scale of operations.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        17.5       CRISIL A4 (Reaffirmed)

   Cash Credit           50.0       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit      22.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10.0      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoter in the electrical equipment industry and
above-average financial risk profile because of estimated
comfortable networth and low gearing though constrained by a weak
interest coverage ratio.

Outlook: Stable

CRISIL believes AEL will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' in case of a substantial and
sustained improvement in revenue and profitability margins, or an
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline
in profitability margins, or significant deterioration in capital
structure most likely because of larger-than-expected working
capital requirement or large, debt-funded capital expenditure.

Incorporated in 1942 and managed by Mr. Sharad Bal, AEL
manufactures electrical equipment, such as transformers, and
instruments, such as voltmeters, transducers, and shunts. Its
manufacturing units are in Lonavla, Panvel, Thane, and Ambernath
(all in Maharashtra).


AVON LIFESCIENCES: CARE Reaffirms 'D' Rating on INR100.33cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities and
instruments of Avon Lifesciences Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    100.33      CARE D Reaffirmed
   Short term Bank Facilities    47.50      CARE D Reaffirmed
   Commercial Paper (CP)issue    40.00      CARE D Reaffirmed

Rating Rationale

The reaffirmation of ratings assigned to bank facilities and
instruments of Avon Lifesciences Limited (ALL) continues to
factor in the ongoing delays in the servicing of rated debt
obligations due to weak liquidity profile of ALL.

ALL was promoted by Mr P. R. Agarwal, Mr Rajesh Agarwal and late
Dr G. S. Sidhu. The company is engaged in the manufacturing of
bulk drugs and chemicals with manufacturing facilities in
Solapur, Maharashtra, and Sadasivpet, Andhra Pradesh. The company
started commercial production of Diketene in 1996 and Ephedrine
and Pseudoephedrine in 2001.

In July 2007, ALL received US FDA approval for its
Pseudoephedrine plant in Solapur.

At standalone level, the company reported loss of INR30.26 crore
on the total operating income (TOI) of INR29.59 crore in FY15
(refers to the period April 1 to March 31) as compared with a
loss of INR32.57 crore on TOI of INR59.57 crore in FY14.


FUCON TECHNOLOGIES: CRISIL Cuts Rating on INR116MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Fucon Technologies Ltd (FTL) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'. The downgrade reflects delays in servicing debt due
to weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility        29       CRISIL D (Downgraded from
                                      'CRISIL A4')

   Working Capital          116       CRISIL D (Downgraded from
   Demand Loan                         'CRISIL C')

FTL, incorporated by Mr. Rahul Parikh in 1999, provides various
anti-ageing car-care services such as anti-corrosive treatment,
Teflon coating, car interior cleaning and engine coating and
flushing. It is an authorised car-care services provider for
Maruti Suzuki India Ltd, Hyundai Motors India Ltd and Mahindra &
Mahindra. Currently, its operations are ceased.


GAYATRI POULTRIES: CRISIL Reaffirms 'B' Rating on INR115MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Gayatri
Poultries Private Limited (GPPL) continues to reflect the
susceptibility to intense competition and inherent risks related
to poultry industry and moderate scale of operations in a
fragmented industry and geographical concentration in the revenue
profile. These rating weaknesses are partially offset by the
extensive experience of promoters in the poultry industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             115      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GPPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability, and stabilisation of
operations. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected revenue and profitability result in
reduced accrual, or if any stretch in the working capital cycle
or any substantially large, debt-funded capital expenditure
weakens the financial risk profile, particularly liquidity.

GPPL was incorporated in 2011 in Ganjum (Odisha). The company is
promoted by Mr. Srinivasa Rao Vadlamundi, Mr Shivanand Karanama,
Mr. Prasad Vadlamudi, and Mr. Y Kranti Kumar. GPPL does not have
any operations as on date, and is undertaking capex to set up a
poultry farm (layer unit) with a capacity of 250,000 eggs per
day.


GLOBAL ENVIRO: ICRA Lowers Rating on INR4.0cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.00 crore
(revised from INR3.99 crore) fund based limits of Global Enviro
Air Systems Private Limited (GEASPL) to [ICRA]D from [ICRA]B+.
ICRA has also revised the short term rating assigned to INR3.75
crore (revised from INR5.00 crore) non fund based limits to
[ICRA]D from [ICRA]A4 of GEASPL. ICRA has also revised the
ratings assigned to INR1.25 crore (revised from INR0.01 crore)
unallocated limits of GEASPL to [ICRA]D from [ICRA]B+/[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        4.00      Revised to [ICRA]D

   Non Fund Based Limits    3.75      Revised to [ICRA]D

   Unallocated Limits       1.25      Revised to [ICRA]D

The revision in ratings takes into account delay in repayment of
last term loan installment in January 2016 owing to stretched
liquidity position as reflected from full utilization of CC
limits in the past 12 months on account of high inventory levels
and delayed receivables. The ratings are also constrained by
GEASPL's small scale of operations in the pollution control
equipment installation; limited bargaining power with the
customers who are mostly large corporate resulting in pressure on
margins; and moderate operating margins traditionally at 7%-10%.
The ratings however positively factor in management experience of
more than 15 years in the area of pollution control equipment
design and manufacturing; reputed client base and comfortable
capital structure with gearing of 0.63 times as on March 31,
2015; and moderate order book position resulting in revenue
visibility in near term.

Going forward, the company's ability to manage working capital
requirements will remain key rating sensitivities from credit
perspective.

Global Enviro Air Systems Private Ltd is the flagship company of
the Global group which began operations in 1999 and it undertakes
manufacturing and installation of pollution control equipment
which includes Clean Rooms, HVAC (Heating, Ventilation and Air
Conditioning) systems, Bag Filters, Centrifugal Blowers, Axle
Flow Blowers, Dust Extraction Systems, Fume Extraction Systems
etc.

Recent Results
The company reported an operating income and net profit of
INR27.24 crore and INR0.58 crore respectively in FY2015 as
against an operating income and net profit of INR18.67 crore and
INR0.39 crore respectively in FY2014.


GOLDEN FOOD: CARE Assigns 'B' Rating to INR10cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Golden
Food Products.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Golden Food
Products (GFP) is primarily constrained by its small & declining
scale of operations with low net worth base, elongated operating
cycle and weak solvency position. The rating is further
constrained by susceptibility of margins to fluctuations in raw
material prices, GFP's presence in a highly fragmented industry
characterized by intense competition, regulated nature of
industry as well as the constitution of the entity being a
partnership firm. The rating, however, derives strength from the
experience of the promoters in the agro processing industry,
moderate & improving operating profitability margins and
favourable processing location.

Going forward, the ability of the firm to profitably scale-up its
operations along with improvement in overall solvency position
and efficient working capital management would be the key rating
sensitivities.

GFP was established in April 1998 as a partnership firm having Mr
Baldev Krishan and Mr Megh Raj as its partners, sharing profit
and loss equally. The firm is engaged in processing of paddy at
its manufacturing facility located at Nabha, Punjab, having an
installed capacity of 10,200 metric ton per annum (MTPA) as on
March 31, 2015. GFP procures paddy directly from local grain
markets through commission agents located in Punjab. Furthermore,
the firm sells its products, ie, Basmati rice under the brand
name of 'Matka' in the states of Maharashtra, Haryana, Chandigarh
and Punjab through a network of commission agents. Besides GFP,
the partners are also involved in another group concern Des Raj
Baldev Krishan which is a partnership firm engaged in trading of
paddy and wheat since 1980.

In FY15 (refers to the period April 01 to March 31), GFP achieved
a total operating income of INR13.52 crore with PAT of INR0.06
crore, as against the total operating income of INR14.41 crore
with PAT of INR0.05 crore in FY14.


GRANDWAY INCORPORATED: CRISIL Rates INR60MM Cash Loan at 'B'
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Grandway Incorporated (GI) and has assigned
its 'CRISIL B/Stable' rating to the facilities. CRISIL had
earlier, on March 10, 2016, suspended the ratings as the firm had
not provided the necessary information required for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign a rating to the facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               60       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Cash             40       CRISIL B/Stable (Assigned;
   Credit Limit                       Suspension Revoked)

The rating reflects the firm's modest scale and working capital-
intensive nature of operations in the highly fragmented textile
industry. The rating also factors in a weak financial risk
profile because of high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's partners.
Outlook: Stable

CRISIL believes GI will continue to benefit over the medium term
from the extensive experience of its partners in the textile
industry. The outlook may be revised to 'Positive' in case of
higher-than-expected cash accrual along with improvement in
working capital management, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative'  in
case of significant deterioration in GI's financial risk profile,
most likely because of increased working capital requirements, or
pressure on its topline or profitability, or substantial debt-
funded capital expenditure.

GI was established as a partnership firm in 2006 by Mr. Ishpaul
Singh, Mr. Kanwardeep Singh, and Mr. Pavneet Singh. The firm
manufactures and exports hosiery garments for men and trades in
knitted fabric in the domestic market. It is based in Ludhiana.

Book profit was INR0.8 million on net sales of INR254.5 million
in 2014-15 (refers to financial year, April 1 to March 31) as
against a book profit of INR1.4 million on net sales of INR215.8
million in 2013-14. Net sales for 2015-16 are estimated at
INR290.0 million.


GUPTAS GOLD: ICRA Suspends 'B+' Rating on INR7cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.00 crore fund based facilities of Guptas Gold House. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established as a partnership firm in 1995, Guptas Gold House is
engaged in retail sale of gold, silver and diamond ornaments.
Till FY2013, the firm's store was located in Gandhi Road with a
total area of 300 sq ft and in FY2014, the firm moved to a new
store with a total area of 2500 sq ft in Ongole town. Mr. Raj
Kumar is the managing partner who looks after the day to day
operations of the firm.


IND BARATH: ICRA Suspends 'D' Rating on INR348cr Bank Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to INR348.0 crore bank
facilities of Ind Barath Power Gencom Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of requisite information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


INDERJIT FORGING: CRISIL Suspends 'D' Rating on INR35MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Inderjit Forging Private Limited (IFPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          12.5      CRISIL D
   Cash Credit             35        CRISIL D
   Proposed Term Loan      14.3      CRISIL D
   Term Loan                5.2      CRISIL D

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

IFPL was set up in 1987 by Mr. S Inderjit Singh Anand; it is
currently being managed by his son, Mr. Bhupinder Singh Anand.
The company, based in Ludhiana (Punjab), undertakes forging of
automotive parts and manufacturing of tractor parts.


INDIA: Panel Approves Insolvency Laws, Sets Stage for Passage
-------------------------------------------------------------
Vrishti Beniwal at Bloomberg News reports that an Indian
parliamentary panel approved a bill aimed at overhauling century-
old bankruptcy regulations, taking a key reform measure aimed at
improving ease of doing business closer to implementation.

According to Bloomberg, Finance Minister Arun Jaitley said the
Insolvency and Bankruptcy Code, which makes it easier to wind up
a dying company or recover dues from a defaulter, could come up
for passage in the current session of parliament that ends on
May 13. The panel comprises members from opposition parties apart
from ruling party lawmakers, the report notes.

Bloomberg says the bankruptcy code is key to fulfilling Prime
Minister Narendra Modi's poll promise of improving ease of doing
business in India and revive the government's stalled reform
agenda.  Bloomberg relates that World Bank data show that
creditors in India recover about 25.7 cents on the dollar in the
4.3 years it takes to resolve insolvency compared with 80.4 cents
in the U.S. in less than half that time, which deters lending and
investment.

Kingfisher Airlines, whose founder Vijay Mallya is now under
pressure from authorities to return to India and pay INR90
billion of dues to banks, is the latest example of how the
existing web of complex insolvency laws is affecting companies
and lenders, according to Bloomberg.  Mallya, who is now in
London, has said he isn't a "wilful defaulter" and was making
efforts "in all sincerity" to repay loans, Bloomberg says.

Bloomberg notes that the legislation proposes an insolvency
regulator, lays down the procedure for early identification of
financial distress in companies, and prescribes time-lines for
their revival or shutting down. Insolvency issues can be dealt
with in as little as 90 days and a maximum of 270 days, Bloomberg
says.

Bloomberg adds that Jaitley had introduced the legislation in
December before it was referred to the parliamentary panel. Modi,
whose 2014 election win was cheered by investors looking for
quick economic reform, has since back tracked on a key
legislation aimed at making land acquisition easier while the
national sales tax remains stuck in parliament due to a blockade
by opposition parties, Bloomberg reports.


KALYAN COTTON: ICRA Reaffirms 'B' Rating on INR3.95cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.95
crore fund based bank facilities of Kalyan Cotton Industries at
[ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based-Cash Credit     3.95        [ICRA]B reaffirmed

   Long Term Fund
   Based-Term Loan       2.00        [ICRA]B reaffirmed

The reaffirmation of ratings factor in KCI's limited track record
of operations and weak financial profile of the firm
characterized by net losses reported during FY15, leveraged
capital structure, weak debt coverage indicators and high working
capital intensity. The ratings are further constrained by the
firm's low bargaining power given the limited value addition and
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of the firm's profitability to
the adverse fluctuations in raw cotton prices, which are subject
to seasonality, crop harvest and regulatory risks with regards to
MSP for raw cotton. ICRA also notes that KCI is a partnership
concern and any substantial withdrawal from capital account in
future could adversely impact the credit profile of the firm.
The rating, however, favorably takes into account the extensive
experience of partners in the cotton industry and proximity of
the firm's plant to the cotton producing belt of India which
ensures regular and easy availability of raw materials.

Kalyan Cotton Industries (KCI) was established as partnership
firm in December 2013. It is engaged in processing of raw cotton
to produce cotton bales, cotton seed, cotton seed oil and cakes.
The manufacturing facility of the firm is located at Rajkot in
Gujarat and is equipped with 24 ginning machines, 1 pressing
machine and 5 expellers with a capacity to process 30,528 MT of
raw cotton annually.

Recent Results
KCI recorded a net loss of INR0.33 crore on an operating income
of INR4.78 crore for the year ending March 31, 2015 and an
operating income of INR12.59 crore for eleven months period
ending February 2016 (as per the provisional figures provided by
the management).


KANAKADURGA POULTRY: ICRA Suspends B+ Rating on INR8cr Loan
-----------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR8.00 crore bank facilities of Kanakadurga Poultry Farm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KNOWLEDGE EDUCATION: Ind-Ra Rates INR38.63MM Term Loan 'IND D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Knowledge
Education Foundation's (KEF) INR38.63 million term loans and
INR15 million working capital facility Long-term 'IND D' ratings.
The ratings reflect delays in KEF's debt servicing.

KEY RATING DRIVERS

The ratings are constrained by the KEF's small size of
operations. Its top line stood at INR68.4m in FY15 (INR43.2m in
FY12). Tuition fee income contributed an average of 74.8% over
FY12-FY15 to its revenue.

The ratings are also constrained by KEF's limited liquidity
profile. Available funds (cash and unrestricted investments)
stood at INR1.7m in FY15 (INR0.6m in FY12). Its cover for
operating expenditure (FY15: 4.6%) and debt (2.3%) is limited.

RATING SENSITIVITIES

Positive: The rating could be upgraded if KEF services its loan
obligations in a timely manner for at least one quarter.

KEF was registered in 2007-2008. It runs a CBSE affiliated school
named Delhi Public School in Bikaner; this comes under the Delhi
Public School Society franchise. The school currently has over
1000 students.


KRN ALLOYS: ICRA Reaffirms B- Rating on INR8.30cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR11.06
crore fund based facilities of KRN Alloys Private Limited (KRN)
at [ICRA]B-.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund Based Facility       8.30       [ICRA]B-; Reaffirmed
   Unallocated Facility      2.76       [ICRA]B-; Reaffirmed

The rating reaffirmation takes into consideration the continued
demand slowdown in the steel industry, which along with falling
prices has kept KRN's top line and profitability under pressure.
The ratings continue to take into account KRN's weak credit
profile as reflected in its weak coverage indicators. The ratings
also factor in the fragmented nature of industry which exerts
further pressure on the business. The ratings however draw
comfort from the long experience of the promoters in the steel
industry and its commensurable scale of operations backed by
setting up a new facility at Beawar Rajasthan for billets, which
has resulted in volumetric growth in FY2016. The ratings further
take into account the company's diversified client mix spread
across various states and its limited working capital intensity
of operations.

The company's ability to manage the demand slowdown and improve
its credit profile would be the key rating sensitivities.

KRN Alloys Private Limited (KRN), incorporated in 2008, is a
manufacturer of steel billets and ingots, which are supplied to
rolling mills and steel traders in Rajasthan and Gujarat. The
company has two manufacturing units in Metoda, district Rajkot,
Gujarat (Unit-I) and Beawar, Rajasthan (Unit-II). While Unit-I
commenced production in February 2009 and has a capacity of
~10,000 MT per year, Unit-II commenced production in June 2012
and has a capacity of ~24,000 MT per year. The company is
promoted by the Sahu family, which ventured into steel business
through the support of the promoters of Krishna Concast Private
Limited (KCPL), a Gujarat based family, who are close to the
Sahus. Apart from KRN Alloys, the Sahus are also engaged in the
gold manufacturing and retailing, and hospitality businesses. The
Sahu family owns MRB Jewellers that is engaged in gold
manufacturing and retailing. It has two manufacturing units and
four showrooms for the same. Further, the family owns a 3-star
hotel in Beawar by the name of 'Hotel Raj Mahal' (spread over 3.5
acres).

Recent results
In the financial year ending March 31, 2015 (FY2015), KRN had an
operating income of INR74.02 crore on which it reported net loss
of INR0.97 crore compared to operating income of INR58.06 crore
on which it reported net loss of INR3.02 crore in FY2014.


MAHAVIR AGRO: CRISIL Assigns B+ Rating to INR38.5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mahavir Agro Foods - Karnal (MAF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             30         CRISIL B+/Stable
   Term Loan               38.5       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive rice milling industry, susceptibility of
operating profitability to volatility in raw material prices, and
average financial risk profile marked by a small networth and
average gearing. These weaknesses are partially offset by the
extensive experience of partners.
Outlook: Stable

CRISIL believes MAF will benefit over the medium term from the
vast experience of its partners. The outlook may be revised to
'Positive' if substantial cash accrual or equity infusion results
in a better capital structure. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, stretched working
capital cycle, or large, debt-funded capital expenditure further
weakens financial risk profile.

Established as a partnership firm in 2013 by Mr. Mukesh Kumar,
Mr. Deepak Kumar, and Mr. Chirag Kumar, MAF processes parboiled
and raw rice at its unit in Karnal that has installed paddy
milling capacity of 4 tonne per hour.


NITESH ESTATES: ICRA Withdraws 'D' Rating on INR15cr Loan
---------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR10.00
crore fund based overdraft facility of Nitesh Estates Limited, as
the said facility has been closed and there is no outstanding
amount against the facility. ICRA has a rating outstanding of
[ICRA]D for the INR15.00 crore fund based overdraft and INR7.50
crore fund based term loan facilities of Nitesh Estates Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund based-Overdraft      10.00       [ICRA]D withdrawn

   Fund based-Overdraft      15.00       [ICRA]D outstanding

   Fund based-Term Loan       7.50       [ICRA]D outstanding

Nitesh Estates Limited (NEL) is a Bangalore based real estate
developer. It was incorporated in 2004 by Mr. Nitesh Shetty, who
is the managing director of the company. NEL's shares were listed
on the BSE and NSE through an IPO in May 2010. It is primarily
present in the residential real estate segment, though it has
interests in commercial, retail and hospitality segments also
through its various associates and subsidiaries. NEL and its
group companies till date have developed 13 residential and
commercial projects totaling 2.6 msf of built up area apart from
a 277 room 5-star deluxe hotel off Residency Road, Bangalore,
owned by its associate company, NRHPL. NEL is currently
developing 19 residential projects (mix of apartment and villa
projects), one plotted development and one mall.

Recent Results
On a consolidated basis, NEL recorded a net loss of INR33.6 crore
on an operating income (OI) of INR214.8 crore in the 9 months
ended December 2015 as compared to a net loss of INR6.9 crore on
an OI of INR188.8 crore in the 9 months ended December 2014 and a
net profit of INR2.4 crore on an operating income of INR287.6
crore in FY15.


ORIGIN FORMULATIONS: CARE Lowers Rating on INR34.85cr Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Origin Formulations Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     34.85      CARE B Revised from
                                            CARE BB-

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Origin Formulations Private Limited (OFPL) takes
into account significant losses and negative deviation reported
in most of the key financial parameters in audited FY15 (refers
to the period April 1 to March 31) as compared to the provisional
FY15 results. The rating is further constrains by its high
leverage, short track record of manufacturing operations and high
regulatory risk associated with the pharmaceutical industry.

The rating, however, derive strength from the experienced
promoters and growth in the scale of operations during FY15
on back of enhanced capacities.

Ability to improve profitability, leverage position and effective
management of working capital are the key rating sensitivities.
Further, continued regulatory compliance would also remain
critical from the credit perspective.

Incorporated in 2010, OFPL is engaged in trading of formulation
and in FY14 it had started manufacturing of pharmaceutical
formulation in various dosage forms i.e. Tablets, Capsules,
Ointments, Injections, and Syrups at its facility at Kotdwar,
Uttrakhand. For exports, the company has received the
certification from WHO-GMP for Betalactum section of
manufacturing. The company has also applied for certification for
the Non-Betalactum section. The promoters have diverse business
interest through various associate concerns which includes Origin
Fiscal Services Limited-engaged in financial advisory, Origin
Lifecare Pvt. Ltd. (OLPL, rated: CARE B) is engaged in
manufacturing of formulation, Origin Minerals Pvt. Limited (OMPL,
rated CARE B+/CARE A4) engaged in trading of coal and Origin
Hotels & Resorts Pvt. Ltd. which is engaged in hospitality
business.

Based on audited results for FY15 (refers to the period April 1
to March 31), OFPL reported a total operating income of INR152.02
crore (P.Y: INR49.39 crore) and net loss of INR6.92 crore (P.Y:
INR0.29 crore).


ORIGIN LIFECARE: CARE Revises Rating on INR7cr LT Loan to 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Origin Lifecare Private Limited.

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

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Origin Lifecare Private Limited (OLPL) takes into
account significant losses and negative deviation reported in
most of the key financial parameter in audited FY15 (refers to
the period April 1 to March 31) as compared to the provisional
FY15 results. The rating is further constrains by its high
leverage, deterioration in its debt coverage indicators, working
capital intensive operations and regulatory risk associated with
the pharmaceutical industry.

The rating, however, derive strength from the experienced
promoters and consistent growth in the scale of operations
during FY15.

Ability to improve profitability, leverage position and effective
management of working capital are the key rating sensitivities.
Further, continued regulatory compliance would also remain
critical from the credit perspective.

Ahmedabad-based (Gujarat), OLPL was incorporated as a private
limited company on June 24, 2010 through acquisition of
operational pharmaceutical unit. The main products include
Injectables, eye drops and dry powder injection. As on
March 31, 2015 plant has the installed capacity of 43,200 metric
tonne per annum (MTPA) for dry powder, 43,200 MTPA for Ampoules
and 2,16,00 MTPA for Vials. It has Schedule M-GMP certified
facilities located at Vatva, Ahmedabad.

Based on audited results for FY15 (refers to the period April 1
to March 31), OLPL reported a total operating income of INR141.62
crore (P.Y: INR 50.24 crore) and net loss of INR1.61 crore (P.Y:
net profit of INR0.04 crore).


PSM ENERGY: CRISIL Suspends B+ Rating on INR10MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of PSM
Energy Pvt. Ltd. (PSM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable

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

PSM, incorporated in 2010, is based in Gurgaon (Haryana) and is
promoted by Mr. Saurabh Prakash and Mr. Mukesh Kumar. The company
provides consulting services to private and government
organisations in the power and mining sectors.


QUALITY RICE: CRISIL Suspends B+ Rating on INR180MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Quality
Rice Exports Private Limited (QREPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             180        CRISIL B+/Stable
   Warehouse Financing      70        CRISIL B+/Stable

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

QREPL was incorporated in 2006 by Mr. Surinder Bansal along with
his brother Mr. Pawan Bansal. The company is engaged in milling
and sorting of paddy into par-boiled rice, broken rice, and rice
bran. It has paddy milling and sorting facilities at Patran
(Punjab).


RAIGARH FOODS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
---------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR7.50 crore (enhanced from INR5.75 crore) cash credit
facility of Raigarh Foods & Hotel Business Private Limited. ICRA
has also re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR1.00 crore unallocated limit of RFHBPL. ICRA has further
re-affirmed the short-term rating of [ICRA]A4 assigned to the
INR6.00 crore (enhanced from INR2.00 crore) bank guarantee
facility of RFHBPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit
   Cash Credit             7.50       [ICRA]B+ re-affirmed

   Unallocated             1.00       [ICRA]B+ re-affirmed

   Non-Fund Based
   Limit Bank Guarantee    6.00       [ICRA]A4 re-affirmed

The re-affirmation of the ratings take into account RFHBPL's weak
financial profile characterised by low profitability and
depressed level of debt coverage indicators along with stretched
liquidity position as reflected by full utilisation of the bank
limits, which limits the financial flexibility of the company.
ICRA has also taken into account RFHBPL's small scale of current
operations, and its exposure to the inherent risks in agro-based
businesses, such as changes in Government policies and agro-
climatic conditions that affect the harvest and availability of
paddy. The ratings also note the highly fragmented industry with
low entry barriers characterised by intense competition among a
large number of players, keeping the margins under pressure. The
ratings, however, favourably considers the experience of the
promoters in the rice milling business and proximity to raw
material sources, leading to low landed cost and easy
availability of paddy.

RFHBPL was incorporated as a private limited company in 1996 by
Mr. Subhash Agarwal based in Raigarh, Chhattisgarh. The company
is engaged in the milling of raw and parboiled rice and has an
installed milling and sorting capacity of 48,000 metric tonnes
per annum (MTPA). RFHBPL has a group company, Rajat Ispat Private
Limited (rated at [ICRA]B+/[ICRA]A4), which is engaged in
manufacturing of MS ingots.

Recent Results
During the first 11 months of FY2016, the company reported a
profit before depreciation and taxes of INR0.65 crore
(provisional) on an operating income of INR48.40 crore
(provisional). The company reported a net profit of INR0.30 crore
during FY2015 on an operating income of INR51.41 crore.


RANCARE INDUSTRIES: ICRA Suspends B+ Rating on INR18cr Loan
-----------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR18.00 crore bank facilities of Rancare Industries Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RBA FERRO: ICRA Reaffirms 'B' Rating on INR3.0cr Cash Loan
----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR3.00
crore cash credit facility of RBA Ferro Industries Private
Limited. ICRA has also re-affirmed the [ICRA]A4 rating assigned
to the INR28.00 crore fund based and the INR7.00 crore non-fund
based bank facilities of RFIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Cash Credit           3.00       [ICRA]B reaffirmed

   Fund Based Limits    28.00       [ICRA]A4 reaffirmed

   Non-Fund Based        7.00      [ICRA]A4 reaffirmed
   Limits-Bank Guarantee
   & Letter of Credit

The re-affirmation of ratings take into account the company's
weak financial profile characterised by a declining operating
profit margin and a leveraged capital structure, and a highly
working capital intensive nature of operations, which adversely
impacts its liquidity position. The ratings also factor in the
vulnerability of the company's cash flows and profitability to
the inherent volatility in the raw material and finished goods
prices. RFIPL also remains exposed to the risks arising out of
fluctuations in the foreign exchange rate as a major portion of
its revenue is generated from export sales; however, the hedging
strategy followed by the company mitigates such risks to an
extent. The ratings, however, derive comfort from the
longstanding experience of the promoters in the trading and
manufacturing of steel castings, and the company's integrated
nature of operations with its group entities, who act as
exclusive suppliers and job-workers for RFIPL, thus strengthening
its operating profile.

Incorporated in 1986, RFIPL is engaged in the trading and
manufacturing of grey iron (CI) and ductile iron (DI) castings.
The company started commercial production of steel castings in
FY2007 with a capacity of 6,720 tonnes per annum (TPA). An
additional facility, equipped with sophisticated machineries, was
commissioned by the company in October 2011, with a capacity of
11,520 TPA. The manufacturing facility is located at Domjur in
the Howrah district of West Bengal.

Recent Results
During the first 10 months of FY2016, the company reported a net
profit of INR3.16 crore on an operating income of INR96.42 crore.
The company reported a net profit of INR2.60 crore on an
operating income of INR133.45 crore in FY2015.


RIGA SUGAR: CARE Reaffirms 'B' Rating on INR129.22cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Riga Sugar Company Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    129.22      CARE B Reaffirmed
   Short-term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Riga Sugar Company
Ltd continues to derive strength from the experience of the
promoters & long track record of the company, forward integration
initiatives taken by the company and support from the government.

The rating is however constrained by weak financial risk profile
marked by high gearing ratios & erratic profitability margins,
working capital intensive nature of the business, susceptibility
of sugar industry to the vagaries of nature, cyclicality
associated with the sugar industry and the regulated outlook of
the same.

The ability of the company to improve its financial risk profile
will remain the key rating sensitivity.

Riga Sugar Company Limited (RSCL), incorporated in September 02,
1980, the flagship company of DHANUKA GROUP, promoted and managed
by Sri O P Dhanuka having 42 years of experience in the sugar
industry; currently has Sugar (5,000 TCD), Distillery (50 KLPD),
Ethanol (45 KLPD), Power plant (8 MW) & DAP/Organic Fertilizer
faculties in Riga, North Bihar.

As per the FY15 results (refers to the period from April 01, 2014
to March 31, 2015), RSCL reported a PBILDT of INR5.43 crores on a
total operative income of INR186.12 crore during FY15. During the
nine months ended Dec.31, 2015, the company achieved a negative
PBILDT of INR6.6 crore on total operating income of INR103.8
crore.


SANDHU POULTRY: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sandhu Poultry
Farm (SPF) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings factor in SPF's small scale of operations and
moderate credit metrics. The overall revenue stood at INR294.73m
in FY15 (FY14: INR129.37m), interest coverage at 1.86x (2.10x),
net leverage at 2.28x (3.55x).

The ratings also factor in the risk associated with the
partnership structure of the firm and its moderate-but-declining
EBITDA margins (FY15: 4.8%; FY14: 7.67%).

The ratings are supported by SPF's comfortable liquidity position
as reflected in its almost 58% of average maximum use of the
fund-based working capital limits during the 12 months ended
March 2016.

The ratings are also supported by SPF's 10-year-long operating
experience in the poultry industry.

RATING SENSITIVITIES

Negative: Significant deterioration in the credit metrics shall
be negative for the ratings.

Positive: A substantial improvement in the scale of operations
along with an improvement in credit metrics shall lead to a
positive rating action.

Established in 2005, SPF is engaged in poultry farming and also
manufactures poultry feed.

SPF's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR20.7 million term loans: assigned Long-term 'IND BB-
    '/Stable
-- INR40 million fund-based working capital limits: assigned
    Long-term 'IND BB-'/Stable and Short-term 'IND A4+'


SAVARIA ROLLER: CRISIL Suspends B+ Rating on INR155M Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Savaria Roller Flour Mills Private Limited (SRFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              155       CRISIL B+/Stable
   Term Loan                  5       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
SRFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRFPL is yet to
provide adequate information to enable CRISIL to assess SRFPL'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 on February 26, 2004, SRFPL processes wheat flour
into maida, and manufactures semolina, tandoori atta and bran.
The promoters of the company are Shri Ram Krishna Aggarwal and
Shri Krishna Agarwal. The facility is located at Lucknow (Uttar
Pradesh).


SHANTI PARBOILING: ICRA Assigns B+ Rating to INR7.0cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.00
crore cash credit facility, the INR0.34 term loan facility and
the INR0.74 unallocated facility of Shanti Parboiling Industries.
ICRA has also assigned the short-term rating of [ICRA]A4 to the
INR1.92 crore bank guarantee facilities and the INR0.74 crore
unallocated facility of SPI.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B+ assigned
   Term Loan             0.34        [ICRA]B+ assigned
   Bank Guarantee        1.92        [ICRA]A4 assigned
   Unallocated Limits    0.74        [ICRA]B+/[ICRA]A4 assigned

Rating Rationale
The assigned ratings take into account SPI's weak financial risk
profile as reflected by nominal profit and cash accruals from
operations coupled with depressed coverage indicators and the
high working capital intensity of operations, on account of a
large inventory holding period, which adversely impacts the
liquidity position of the firm. The ratings are further
constrained by the highly competitive nature of the rice industry
on account of low barriers to entry, which limits the
profitability of operations and its exposure to agro-climatic
risks, which can affect the availability of paddy in adverse
weather conditions. ICRA also notes SPI's status as a partnership
firm that makes it vulnerable to the risks of capital withdrawal.

The ratings, however, draw comfort from the long track record of
the promoters in the rice milling industry; and the easy
availability of paddy, given the plant's location in a major
growing area. ICRA also notes the favourable demand prospects for
the rice milling industry, with rice being a staple food grain in
the country and India being the world's second largest producer
and consumer of rice.

SPI was set up in 1992 at Raipur, Chhattisgarh. The firm is
promoted by its three partners - Mr. Vishal Khandelwal, Mr.
Ramgopal Khandelwal, and Mr. Sitaram Khandelwal, who have an
experience of more than two decades in the rice industry. SPI is
engaged in manufacturing raw rice with an annual milling capacity
of 36,000 MTPA (assuming two shifts of 10 hours each in 300
days). The firm is also engaged into trading of rice, broken rice
and rice bran, although trading is dependent on the market demand
and existence of arbitrage opportunities.

Recent Results
The firm reported a profit after tax (PAT) of INR0.07 crore on an
operating income (OI) of INR26.15 crore in FY2015, as compared to
a PAT of INR0.06 crore on an OI of INR20.02 crore in FY2014.


SHIKSHA BHARTI: CARE Reaffirms 'B' Rating on INR11.50cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shiksha Bharti Educational Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.50      CARE B reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shiksha Bharti
Educational Society (SBE) continues to remain constrained by the
small scale of operations with low corpus base, project execution
risk associated with debt-funded capex and low surplus margins.
The rating also takes cognizance of regulatory framework for
educational society and increasing competition from well-
established schools.

The rating, however, continues to draw comfort from the
experienced trustees, long track record of operations, moderate
capital structure and debt service coverage indicators. Going
forward, the ability of the society to increase its scale of
operations while improving its profitability margin and timely
execution of its project within the envisaged cost shall be the
key rating sensitivities.

SBE was registered on June 9, 1987, by Mrs Ramesh Kumari Bhardwaj
and Mr Deepak Bhardwaj with an objective to run not for-profit
education society. SBE is running a school in the name of
"Shiksha Bharti Public School" at sector 7, Dwarka, New Delhi
which provides education for primary, secondary and senior
secondary level (ie, nursery to Class XII). The school is
affiliated to CBSE for all the courses.

For the academic session (AS) 2015-16, the school has total
strength of 1,805 students from class nursery to class XII and
teaching staff of 67 members. SBE also has a hostel facility for
both boys and girls with a capacity of 150 students and in FY15
(refers to the period April 1 to March 31) around 100 students
are residing in hostel.

In FY15, SBE achieved a total operating income (TOI) of INR7.59
crore with SBID and surplus of INR0.67 crore and INR0.60 crore as
against total operating income of INR7.62 crore with SBID and
surplus of INR0.48 crore and 0.21 crore, respectively, in FY14.
Furthermore, in 10MFY16 (refers to the period April 1 to
January 31) (as per the unaudited results), SBE had achieved a
total operating income of INR10.54 crore.


SHIMLA EDUCATION: CRISIL Suspends 'D' Rating on INR141.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shimla Education and Research Society (SERS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      63.1       CRISIL D
   Term Loan              141.5       CRISIL D
   Working Capital
   Demand Loan              5.4       CRISIL D

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

SERS was set up in 2008 by Mr. Sandeep Gupta and his brother Mr.
Rakesh Gupta. The society runs Bells Institute of Management and
Technology in Shimla. The institute is approved by the All India
Council for Technical Education and is affiliated to the state
government-owned Himachal Pradesh University. The institute
started operations in 2010-11 by offering courses in fields such
as computer science engineering, computer engineering, mechanical
engineering, electronics, communication engineering, and
management. The institute has diversified its courses by offering
diploma programmes in engineering, hotel management, and mass
communication.


SHRAMAN STRIPS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shraman Strips Private Limited (SSPL).

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

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

Set up in 1988 in Ludhiana (Punjab) by Mr. Satish Jain and his
brother Mr. Jaineshwar Jain, SSPL trades in iron and steel
products. The company procures these products and cuts them in
varying sizes, as per customer specifications.


SHYAM FERROUS: ICRA Suspends B+ Rating on INR14.60cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR14.60 crore bank facilities of Shyam Ferrous Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


SIDDHI VINAYAK: ICRA Suspends B+ Rating on INR5.0cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore limits of Siddhi Vinayak Developers. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Established in August 2008, Siddhi Vinayak Developers (SVD) is
setting up a hotel in Odhav, Ahmedabad, Gujarat comprising of 44
rooms (suit, semi deluxe and deluxe rooms). The proposed hotel
would also have a restaurant and a banquet hall with a capacity
to accommodate 500 people. The firm is promoted by Mr. Mahendra
Patel who has more than 20 years experience in the construction
industry in addition to about five years of experience in the
hotels and hospitality business by virtue of owning and operating
two hotels in Ahmedabad city.


SJP INFRACON: CRISIL Cuts Rating on INR250MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of SJP Infracon Limited (SJP) to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects significant delays in servicing
debt obligations in the recent past; the delays were due to
stretched liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                250       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

SJP is susceptible to funding risks accentuated by high reliance
on customer advances coupled with slackening demand in the wake
of a subdued economy and oversupply in the National Capital
Region (NCR). It also has geographical concentration and is
dependent on only one project. However, it benefits from moderate
booking, long track record of its parent, the SHRI group, in
Agra, Mathura, and Noida.

Set up in 2010, SJP is a part of the SHRI group which has an
established market position in the real estate sector in Agra and
Mathura. The company is currently executing a residential real
estate project in Greater Noida. The project is marketed under
the Shri Radha Sky Gardens brand and is spread over an area of
80,000 square metres.

The SHRI group was established in 1931 by the late Shri Shri Nath
Prasad and his family members. The group has a track record of
over 20 years in the real estate sector.


SRI SAI: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR5.00
crore cash credit limits and INR2.00 crore Term loan of Sri Sai
Baba Agro Tech.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           5.00         [ICRA]B assigned
   Term Loan             2.00         [ICRA]B assigned

The assigned rating is constrained by the nascent stage of
operations of the firm with intense competition in a highly
fragmented industry with little product differentiation limiting
the pricing flexibility. The ratings are further constrained by
the revenues and margins being susceptible to raw material (RCN)
prices which exhibit high volatility with significant dependence
on agro-climatic conditions and global demand-supply scenario.
ICRA also notes the inherent risks associated with partnership
firms.The rating however considers the long standing experience
of SSBAT's promoters in the field of agro-based business.
Given the short gestation period between its project
commissioning date and the scheduled debt repayments, timely ramp
up of operations with healthy margins remain crucial to meet its
debt repayment obligations.

The firm has been established in August, 2015, and is engaged in
the business of cotton ginning & pressing and trading in cotton
related products. The firm has installed 60 ginning machines with
ginning capacity of 2500 Qtls of cotton per day. The firm has
been operational since September 2015 with 30% capacity
utilization, and proposes to increase the capacity utilization
gradually (every year).


SRIBALAJI HATCHERIES: ICRA Assigns 'C' Rating to INR5.0cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]C to INR6.50
crore bank lines of Sribalaji Hatcheries Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit limits     5.00       [ICRA]C assigned
   Unallocated limits     1.50       [ICRA]C assigned

The assigned rating is constrained by SBHPL's modest scale of
operations in the poultry breeding industry; weak liquidity
position as reflected by high utilization of working capital
limits over the last 12 months and weak capital structure as
reflected by negative net worth levels. The rating is also
constrained by the high competitive intensity in the breeding
business given the limited entry barriers; volatility in feed
costs impacting the profitability and cyclicality associated with
the poultry industry. The rating, however positively factor in
the long experience of the promoter in the poultry industry and
close association with Venkateswara Hatcheries which commands
major market share in the broiler and layer market domestically.
Going forward, ability of the company to improve the
profitability levels while managing working capital requirements
would remain key rating sensitivities from credit perspective.

M/s. Balaji Hactheries was founded as a partnership firm during
the year 1971 by Dr. V Sundar Naidu along with his family
members. The firm was changed into a private limited company
during the year 2013 and the name was changed to Sri Balaji
Hatcheries Private Limited (SBHPL). The group companies V.S.N.
Hatcheries Private Limited, Balaji Livestock & Poultry Breeders
Private Limited and Balaji Hatcheries Private Limited were
amalgamated into Sri Balaji Hatcheries Private Limited with the
effective date of merger being April 1, 2014. The company is
engaged in breeding of broiler and layer chicks (exclusive layer
franchise of Venkateswara hatcheries) and also feed processing.

Recent Results
In FY2015, SBHPL reported an operating income of INR30.77 crore
and net profit of INR2.04 crore which is the first full year of
operation after amalgamation.


SUBHASH GUAR: CRISIL Suspends 'D' Rating on INR100MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Subhash Guar Gum Industry Private Limited (SGL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              60       CRISIL D
   Packing Credit           55       CRISIL D
   Proposed Long Term
   Bank Loan Facility        5       CRISIL D
   Term Loan               100       CRISIL D

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

SGL was set up in 2010-11 (refers to financial year, April 1 to
March 31) by Mr. Subhash Chander and his family members. It has a
guar gum powder manufacturing facility in Sirsa (Haryana). The
company started commercial production in February 2013.


SUNPRIME INFRATECH: CRISIL Assigns B+ Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sunprime Infratech Private Limited (SIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 100      CRISIL B+/Stable

The rating reflects the short track record of the company in the
real estate industry and exposure to significant risks associated
with its ongoing project and cyclicality in the real estate
industry. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the company's promoters
in setting up and expanding various businesses and obtaining
funding tie-ups for the projects.
Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the extensive experience of its promoters in setting up
and expanding various businesses. The outlook may be revised to
'Positive' if customer response to the projects is significantly
better than expectation, leading to higher cash flow generation
and improvement in the company's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash flow
from operations is significantly below expectations, either due
to subdued response to the project or lower-than-envisaged flow
of advances, significantly affecting debt servicing ability.

SIPL was established in 2013 by Mr. Devkinandan Gupta, Mr. Ankush
Gupta, Mr. Ramesh K Yadav, and Mr. Pavan Yadav. The company
undertakes real estate projects and is currently constructing two
residential projects in Kota, Rajasthan.


SVC VENTURES: ICRA Lowers Rating on INR65cr Term Loan to 'B'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR65.00 crore
term loan limits of SVC Ventures Private Limited to [ICRA]B from
[ICRA]BB-(stable).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan limits      65.00       [ICRA]B Revised from
                                     [ICRA]BB-(Stable)

The revision in ratings takes into account high repayment risk
given that the term loan repayments are starting from April 2016
in 9 equal monthly installments while the company is yet to sell
59% of the flats (76 flats out of its 128 flats) as on February,
2016. Further, the term loan repayments are contingent upon
company achieving sufficient sales every month. The rating is
also constrained by funding risk as promoters brought in only
INR23 crore of the committed equity of INR35 crore as on
February, 2016. The assigned rating however positively factors in
the strong promoter group; good location of the major projects at
Kondapur in Hyderabad which is 10-15 minutes driving distance
from IT Hub, Financial District and cyber towers; and significant
marketing initiatives taken by the company to increase the sales
velocity. ICRA also notes the advance stage of construction of
treewalk project with the expected possession from April 2016.

Going forward, the ability of the company to successfully achieve
sufficient sales for making the term loan repayments will remain
the key rating sensitivities from credit perspective.

SVC Ventures Private Limited (SVC) was incorporated in 2011 with
the main objective of building and developing housing projects.
The company is promoted by Mr. Laxman, Mr. VV Ramana reddy and
Mr. VAV Narasimha Reddy who are into distributing and production
of movies in Tollywood.

The major project that the company is currently executing is
Aquaria & Treewalk residential projects with an estimated cost of
Rs138.50 crore. The Treewalk and Aquaria projects are located
adjacent to each other in Kondapur, Hyderabad. The Aquaria
project is a high-rise apartment consisting of 1 residential
tower of 8 floors spread across 1 acre of land comprising of 16
ultra premium 3 BHK flats whereas Treewalk project is a premium
gated community spread over 2 acres of land which is taken under
joint development for construction of 192 flats (3 blocks, each
containing 2 towers, each tower contains 8 floors with 4 flats
per floor) of which company's share is 128 flats.

Recent Results
The company reported an operating income and net profit of
INR5.06 crore and INR3.85 crore respectively in FY2015 which is
the first year of full operations.


SWARGIYA DADASAHEB: Ind-Ra Withdraws IND BB- Rating on Bank Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Swargiya
Dadasaheb Kalmegh Smruti Pratishthan's (SDKSP) INR20m fund-based
working capital facilities and INR30m (reduced from INR48m) non-
fund-based working capital facilities to 'IND BB' from 'IND BB-
(suspended)'. The Outlook is Stable. Ind-Ra has also withdrawn
SDKSP's INR15.23m bank loans as term loan's 'IND BB-(suspended)'
rating as the debt was paid in full in August 2015.

KEY RATING DRIVERS

The upgrade reflects the continuous increase in enrolments at the
trust's dental college during FY11-FY15 (CAGR: 6.24%). The number
of students increased to 521 in FY15 from 483 in FY14 mainly on
the back of increased approved intake by 24 seats for M.D.S.
courses. Approved intake for B.D.S. course also increased by 15
to 468 seats in FY15.

The ratings factor in SDKSP's improved debt service coverage
ratio to 2.14x in FY15 from 0.93x in FY14 because a fall in debt
service in relation to the total income to 7.22% from 18.46%.
Moreover, debt burden reduced with debt/current balance before
interest and depreciation declining to 3.28x in FY15 (FY14:
3.33x) from 5.27x in FY13 on the back of a fall in the debt level
to INR65.98m from INR99.05m. The trust's total debt as of 31
March 2016 majorly included unsecured loans from trustee and
others and bank working capital facilities. The trust fully paid
its bank term loans in August 2015 and currently there is no bank
term loan outstanding in its books.

However, the ratings are constrained by the fall in the society's
operating margins and current balance before interest and
depreciation margins to 13.71% in FY15 (FY14: 15.22%) and 15.41%
(17.26%), respectively. The fall in operating margin was mainly
due to a 12.31% yoy increase in staff cost to INR71.98m in FY15
as against 9.26% yoy increase in operating income to INR128.06m.

Delay in fee reimbursement scheme by the Maharashtra government
affected the trust's credit profile with fee collection period
increasing to 76 days in FY15 from 34 days in FY14.

The ratings are continued constrained by SDKSP's tight liquidity
profile and small scale of operations. The available funds - cash
and unrestricted investments - increased to INR5.20m in FY15
(FY14: INR5m) from INR1.22m in FY13. However, its cover for total
debt 7.58% and operating expenditure 4.52% was limited. The trust
reported income (operating and non-operating) of INR130.63m in
FY15. Ind-Ra expects SDKMP's liquidity profile to improve further
on account of the absence of capital investment plans. The trust
has availed INR20m fund-based working capital and its average
utilisation was 44.43% over the 12 months ended March 2016
according to the management.

SDKSP's net operating surplus improved to INR6.31m in FY15 from
INR2.59m in FY14 was mainly due to a rise in tuition fee income
to INR122.67m from INR111.54m and a decline in interest
expenditure to INR0.21m from INR4.57m. The trust has reported a
net operating deficit during FY09-FY13. The growth in student
headcount in FY15 resulted in a rise in tuition fee income.
Average tuition fee/student also grew 2% yoy to INR235,459 in
FY15.

The trust's total income was INR130.63m and total expenditure was
INR12,432m in FY15. Tuition fee was the major source of income
with an average contribution of 93.77% during FY11-FY15. Staff
cost (FY15: 53.80%) was the chief expenditure followed by other
operating expenditure (29.03%) driven by administrative expenses.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
significant improvement in the operating margins and revenue base
leading to an improvement in the liquidity profile.

Negative: Deterioration in the operational effectiveness in
conjunction with a quantum jump in the debt resulting in
deterioration in the leverage ratios and liquidity profile could
trigger a negative rating action.

COMPANY PROFILE

SDKSP was established in 1997 as a non-profit institution. It is
registered under the Indian Trust Act, 1860 in Nagpur. The trust
manages a 100 beds hospital and a dental college, offering
Bachelor of Dental surgery and Mater of Dental Surgery (in eight
subject). Nearly 521 students were studying in the college as of
February 2016.


SYNERGY THRISLINGTON: CRISIL Suspends D Rating on INR200MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Synergy Thrislington (ST).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D
   Cash Credit             200        CRISIL D
   Proposed Long Term
   Bank Loan Facility       17.2      CRISIL D
   Term Loan                12.8      CRISIL D

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

ST was originally set up in 2008 as a proprietorship firm by Mr.
Harpal Singh; it was reconstituted as a partnership firm with
effect from April 2011. The firm manufactures and erects pre-
fabricated structures for construction of commercial and
residential buildings, demountable office partitions, ceiling
panels, and polyurethane foam and expanded polystyrene panels.
Its plant is in Mohali, Punjab.


TARA EXPORTS: ICRA Reaffirms B+ Rating on INR0.10cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR0.10 crore (revised from 1.06) term loans facilities of
Tara Exports. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR20.00 crore (revised from INR23.00
crore) fund based facilities and the INR4.90 crore proposed
facilities of the Firm.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long-term: Term
   Loans                   0.10        [ICRA]B+/re-affirmed

   Short-term: Fund
   based facilities       20.00        [ICRA]A4/ re-affirmed

   Short-term: Fund        Nil         [ICRA]A4/ re-affirmed
   based facilities   (revised from 3)
   (sub-limit)

   Short-term:
   Proposed facilities     4.90        [ICRA]A4/ re-affirmed

The reaffirmation of ratings takes into account the long-standing
experience of the promoters in the cashew processing industry and
the advantages arising from being part of the broader K
Parameswaran Pillai (KPP) group in acquiring new customers and
sourcing raw materials. ICRA also takes note of the diversified
customer base and repeat orders from several customers, which
lend stability to volumes to an extent. The ratings are however,
constrained by the small scale of operations limiting the
financial flexibility and the benefits from economies of scale.
The ratings also take into account the weak financial profile of
the firm characterized by declining operating income, stretched
capital structure and high working capital intensity driven by
stretched receivables. The ratings are further constrained by
high competition and low value-added nature of the products
resulting in limitations on pricing flexibility. The ratings also
take into account the Firm's exposure to agro climatic risks,
volatility in raw material prices and forex fluctuations. Going
forward, the Firm does not have any major debt-funded capital
expenditure plans over the medium term. Hence, ability of the
Firm to improve its revenues by scaling up the operations and its
profit margins will be critical to improving its credit profile.

Tara Exports is a partnership firm established in the year 2010
and is engaged in processing raw cashew nuts and trading of
cashew kernels. The promoter and Managing Partner of the firm is
Mr. Narayan Bharathan who has nearly 18 years of experience in
cashew industry. Tara Exports is the successor company to
"Asiatic Export Enterprises" - a partnership firm which was wound
up in 2010 following the death of its founder & Chief Executive
Mr. P. Bharathan Pillai (father of Mr. Narayan Bharathan). The
Asiatic Group has been in cashew business for almost half a
century and was part of broader K. Paramseswaran Pillai (KPP)
Group. Tara Exports gets the processing done from its group
entity - Malayalam Exports, which has ~nine factories in Kerala
and Tamil Nadu with a total capacity of ~6000 tons per annum.

KPP group was among the pioneers of cashew industry in India and
was founded in 1925 by Mr. K. Parameswaran Pillai. Overtime
several cashew companies run by second and third generation
family members of Mr. Parameswaran Pillai emerged under the broad
KPP group. While the firms are promoted and managed
independently, for marketing and sourcing the KPP brand name is
used by associated firms. Apart from the firm, the partners also
have interest in two other firms - also engaged in similar line
of business as TE and having operational linkages with the firm;
one of them is Tara Foods (TF- rated [ICRA]B+ / [ICRA]A4).

Recent Results
The Company reported a net profit of INR0.7 crore on an operating
income of INR30.3 crore during 2014-15 as against a net profit of
INR0.3 crore on an operating income of INR51.7 crore during 2013-
14.


TARA FOODS: ICRA Reaffirms B+/A4 Rating on INR12cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 outstanding on the INR12.00 crore
proposed facilities of Tara Foods.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-      12.00      [ICRA]B+/[ICRA]A4 re-affirmed
   term: Proposed
   facilities

The reaffirmation of the ratings takes into account the long-
standing experience of the promoters in the cashew processing
industry and the advantages arising from being part of the
broader K Parameswaran Pillai (KPP) group in acquiring new
customers and sourcing raw materials.

The ratings are however, constrained by the small scale of
operations limiting the financial flexibility and the benefits
from economies of scale. The ratings also take into account the
weak financial profile of the firm characterized by declining
operating income, high gearing and the high working capital
intensity owing to high inventory. The ratings are further
constrained by the high dependence on external sources of funds
from new lenders for the continuity of operations. The ratings
also take into account the Firm's exposure to agro climatic
risks, volatility in raw material prices and forex fluctuations.
In the absence of any major debt funded capital expenditure in
the medium term, the Firm's ability to avail funds from a new
lender and thereby improving the scale of operations and its
profit margins will be critical in improving its credit profile.

Firm Profile Commenced in 2010, Tara Foods is engaged in sale of
cashew kernels and raw cashew nuts (RCNs). In the former segment,
the firm either imports RCNs from African countries and processes
through job work in dedicated factories owned by a group entity,
or trades cashew kernels procured from local players. The cashew
kernels are exported to countries like United States of America,
United Kingdom and Belgium to name a few, or sold locally. The
RCNs are traded solely in domestic markets, when profitable.
KPP group was among the pioneers of cashew industry in India and
was founded in 1925 by Mr. K. Parameswaran Pillai. Overtime
several cashew companies run by second and third generation
family members of Mr. Parameswaran Pillai emerged under the broad
KPP group. While the firms are promoted and managed
independently, for marketing and sourcing the KPP brand name is
used by associated firms. Apart from the firm, the partners also
have interest in two other firms - also engaged in similar line
of business as TE and having operational linkages with the firm;
one of them is Tara Exports (TE- rated [ICRA]B+ / [ICRA]A4).

Recent Results
The Company reported a net profit of INR0.0 crore on an operating
income of INR4.3 crore during 2014-15 as against a net profit of
INR0.2 crore on an operating income of INR9.4 crore during 2013-
14.


TOPMAN EXPORTS: Ind-Ra Suspends 'IND D' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Topman Exports
Limited's (TEL) 'IND D' Long-Term Issuer Rating to the suspended
category. The rating will now appear as 'IND D(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 TEL.

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.

TEL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR277.4 million term loans: migrated to Long-term 'IND
    D(suspended)' from 'IND D'
-- INR375 million fund-based cash credits limits: migrated to
    Long-term 'IND D(suspended)' from 'IND D'
-- INR50m non-fund-based working capital limits: migrated to
    Short-term 'IND D(suspended)' from 'IND D'


UDIT CONTRACTORS: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Udit Contractors India Private Limited (UCIPL).

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

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

UCIPL was established in 2013 to take over the operations of
proprietorship firm Sri Balaji Enterprises which was set up in
1993. UCIPL executes residential real estate projects in Delhi
and undertakes civil construction of residential buildings. It is
promoted by Mrs. Tara Joshi and Mr. Kailash Joshi and is
headquartered in Delhi.


VAPI ECO: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vapi Eco Energy
Limited (VEEL) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect completion risks for the company's current
project; it is setting up steam boilers in Vapi, in order to
supply steam to surrounding industries. There are uncertainties
regarding the completion time and receipt of requisite regulatory
approvals. The ratings also take into account a four-month delay
in its earlier plans to start commercial operations in April
2016.

However, the ratings are supported by the project's locational
advantage, as it is set up at the Gujarat Industrial Development
Corporation (GIDC) - Vapi, in Valsad District, Gujarat. This
minimises off-take risks due to the presence of several
industries that require steam in the area. The ratings are also
supported by its promoters' combined experience of over six
decades in the textile dyeing and printing industry as well as
their experience in running the community steam boiler of a group
company.

Incorporated in March 2015, VEEL is setting up steam boilers with
an installed capacity of 60 TPH for the production and supply of
steam to a large number of small and medium industrial units in
GIDC - Vapi through overhead insulated pipe lines. The total
project cost is INR135m and the company expects commercial
operations to start in August 2016.

VEEL's ratings:

-- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
-- INR15m fund-based working capital limits: assigned 'IND
    B'/Stable/'IND A4'
-- INR90.6 million term loan limits: assigned 'IND B'/Stable


VINDESHWARI EXIM: Ind-Ra Affirms 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vindeshwari Exim
Private Limited's (VEPL) Long-Term Issuer Rating at 'IND B'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect VEPL's continued moderate scale of operations
and weak credit metrics. The company's operating profitability
remains under pressure due to trading nature of business. Its
FY15 financials indicate revenue of INR838.16m (FY14: INR26.55m),
interest coverage (operating EBITDA/net interest expense) of
1.40x (2.14x), financial leverage (adjusted net debt/operating
EBITDAR) of 11.17x (-12.51x) and EBITDA margins of 0.76% (1.69%).

The ratings factor in VEPL's satisfactory liquidity as evident
from its 74.64% average utilisation of the working capital limits
for the 12 months ended March 2016.

The ratings are supported by the over three decades of operating
experience of the company's founders in the trading business and
its established customer relationships.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the interest coverage could be negative for the
ratings.

Positive: An improvement in the profitability leading to an
improvement in the interest coverage could lead to a positive
rating action.

VEPL was incorporated in August 2013 and started operations in
February 2014. It trades edible oils, fertilisers, pulses and
metal scraps.

VEPL's ratings:

-- Long-Term Issuer Rating:  affirmed at 'IND B'/Stable
-- Proposed INR25m fund-based limits: 'Provisional IND
    B'/'Provisional IND A4'; ratings withdrawn as the company did
    not proceed with the debt instrument as envisaged
-- INR240 million non-fund-based limit (reduced from INR280m):
    affirmed at 'IND A4'



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


MITSUBISHI MOTORS: Skips Forecast for Fiscal 2016 Amid Scandal
--------------------------------------------------------------
Kazuaki Nagata at The Japan Times reports that Mitsubishi Motors
Corp. on April 27 abstained from releasing a forecast for fiscal
2016 as a scandal involving falsified fuel efficiency figures
threatened to be a road wreck for the automaker.

According to the report, Managing Director Yutaka Tabata said it
will be "difficult" to come up with a forecast until the full
extent of the scandal is known.

He was speaking at a news conference after the release of
corporate earnings for fiscal 2015, in which it posted an
operating profit of JPY138 billion, up 1.8 percent, on sales of
JPY2.26 trillion, up 4 percent, according to The Japan Times.

Net profit decreased to JPY89 billion from ù118 billion after it
posted a special loss of JPY19.1 billion related to a U.S.
factory closure.

The Japan Times relates that Mitsubishi Motors President Tetsuro
Aikawa told reporters at the same event that the scandal was
already being felt.

"As for domestic market sales, we have yet to fully grasp the
situation, but compared with before the announcement, daily
orders have halved," the report quotes Mr. Aikawa as saying.
The scandal has not yet affected markets overseas, Aikawa said.

On April 20, Mitsubishi disclosed that it had manipulated data in
fuel efficiency tests for more than 620,000 minicars, the report
recalls. The firm has since also admitted using a testing method
that is not compliant with the Japanese law -- something it has
been doing since 1991. The minicar models are eK Wagon and eK
Space as well as Dayz and Dayz Roox, which Mitsubishi assembles
for Nissan Motor Co.

The Japan Times says the Tokyo-based automaker may face huge
costs for compensating parties involved, including car buyers,
Nissan and the government -- which granted it tax discounts for
fuel-efficient vehicles.

The report says Mitsubishi used figures for tire and air
resistance that were unrealistically low compared with actual
road conditions.

The firm has said this inflated the vehicles' apparent fuel
efficiency by 5% to 10%. It is currently carrying out tests to
determine the exact discrepancy, the report notes.

Mr. Aikawa said the amount of compensation the firm may be liable
for will depend on those figures, the report relays.

For fiscal 2015, Mitsubishi said although the strong yen has hurt
profits, corporate cost savings have offset this, adds The Japan
Times.

                      About Mitsubishi Motors

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 26, 2016, Standard & Poor's Ratings Services said that it
has placed its 'BB+' long-term corporate credit rating on Japan-
based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.


SHARP CORP: Weighing 1,000 New Job Cuts to Reduce Costs
-------------------------------------------------------
Nikkei Asian Review reports that under pressure to reduce costs
after another year in the red, Sharp is considering eliminating
about 1,000 more jobs ahead of its takeover by Taiwan's Hon Hai
Precision Industry.

Nikkei says Hon Hai Chairman Terry Gou has given assurances that
his company will protect Japanese jobs at Sharp. But the Osaka-
based electronics group's own hand is being forced by a deeper-
than-expected earnings slump.

Sharp shed about 3,000 workers through a 2012 early retirement
offer after hefty investments in liquid crystal display
production backfired. The company cut an additional 3,200 or so
jobs last year as its financial troubles returned with a
vengeance, Nikkei recalls.

As of March 31, Sharp and its subsidiaries employed slightly
fewer than 20,000 people in Japan, two-thirds from four years
ago. Sharp's own payroll has fallen below 15,000 employees,
Nikkei discloses.

Nikkei says the company is now weighing the scale, method and
other aspects of a new round of job cuts. Previous early
retirement offers were based on employees' age. This time, Sharp
may focus its downsizing on underperforming businesses or
factories. Possibilities are thought to include solar power
equipment and storage batteries, Nikkei relates.

As of October, Sharp had expected to earn a group operating
profit of JPY10 billion ($89.9 million) in the year through
March 31. But as the fiscal year came to an end, it slashed its
forecast to a JPY170 billion loss, Nikkei discloses. Like Sharp,
Hon Hai appears to see the need for immediate restructuring to
stop the bleeding.

According to Nikkei, Sharp's mainstay LCD business continues to
suffer from shrinking demand as Apple and other manufacturers
throttle down production. Going under Hon Hai ownership is
unlikely to produce a significant improvement in earnings in the
short term.  Nikkei relates that Sharp may make cutbacks to
underperforming businesses themselves in addition to labor and
other fixed costs. Gou suggested in February that spinning off
the money-losing solar business was a possibility.

Hon Hai, also known as Foxconn, is to invest JPY388.8 billion in
Sharp under an agreement signed April 2, Nikkei notes. The
Taiwanese company has already made a JPY100 billion deposit on
the deal. It would own 66% of Sharp's voting shares after
completing its investment, which has a deadline of Oct. 5.

For Sharp, stopping its brightest employees from quitting on
their own accord poses a challenge as it rushes to downsize.
Engineers are already bolting the LCD business to join rival
companies, and it is unclear whether this loss of talent will
stop under Hon Hai ownership, Nikkei notes.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
April 4, 2016, Standard & Poor's Ratings Services revised to
positive from negative the CreditWatch implications on its 'CCC'
long-term and 'C' short-term corporate credit ratings, 'CCC+'
long-term debt ratings, and 'C' commercial paper program ratings
on Japan-based electronics maker Sharp Corp.  At the same time,
S&P also revised to positive from negative the CreditWatch
implications on the 'CCC' long-term and 'C' short-term corporate
credit ratings and 'C' commercial paper program ratings on
overseas Sharp subsidiary Sharp International Finance (U.K.) PLC.

The CreditWatch revision to positive from negative follows
Sharp's announcement on March 30 that it will issue new shares
through third-party allocations totaling JPY388.8 billion to
Taiwan's Hon Hai Precision Industry Co. Ltd. (A-/Stable/--) and
its group companies by Oct. 5, 2016.  On March 30, Hon Hai also
announced it would acquire Sharp's shares.  Despite significant
deterioration of Sharp's earnings, if the plan to increase
Sharp's capital proceeds as planned, S&P thinks its financial
standing would improve materially and it could to some degree
stabilize its main liquid crystal display (LCD) business, which
experiences wide swings in profitability, using Hon Hai's
customer base and supply chain.

The TCR-AP reported on April 15, 2016, that Egan-Jones Ratings
Company lowered the foreign currency senior unsecured rating on
debt issued by Sharp Corp. Japan to CCC+ from B- on March 30,
2016.



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


1MBD: Bondholders Face Threat of More Tussles Ahead of May Coupon
-----------------------------------------------------------------
Denise Wee at Bloomberg News reports that bondholders of
1Malaysia Development Bhd. face the threat of more complications
ahead of another bond interest payment due next month amid a
tussle with Abu Dhabi's sovereign wealth fund that has already
resulted in a default.

1MDB defaulted April 26 on a $50 million coupon payment after the
notes' co-guarantor Abu Dhabi's International Petroleum
Investment Co. said it would only make the payment if the
Malaysian fund first failed to do so, according to Bloomberg.
1MDB faces a semi-annual interest payment due May 11 on separate
securities also guaranteed by IPIC. The amount due is about $52.4
million, according to calculations based on Bloomberg data.

"What happens to the next debt obligation that is coming up?,"
Bloomberg quotes Manjesh Verma, analyst at Citigroup Inc., as
saying. "Do we go through a similar situation again?"

Bloomberg says 1MDB's default could have broader fallout.
Contingent liabilities for Malaysia could amount to about $7.5
billion, or 2.5% of the nation's gross domestic product in 2015,
Moody's Investors Service said in a report on April 27, Bloomberg
relays.

"We are still considering options" on the next bond payment, 1MDB
President Arul Kanda said in a text message reply on April 27 to
Bloomberg questions. There was no immediate reply to e-mailed
questions to IPIC, Bloomberg says.

1MDB will not shy away, and looks forward to resolving the
dispute with IPIC through discussions and if necessary,
arbitration, to ensure an expeditious resolution, the fund said
in an e-mailed statement obtained by Bloomberg. Kanda said last
week in an interview that the company has enough cash for the
interest payment and that the non-payment is due to its broader
dispute with IPIC, according to Bloomberg.

"It looks like more of a political tussle rather than a lack of
ability or lack of willingness to pay at this stage," Bloomberg
quotes Citigroup's Verma as saying. "It's a game of brinkmanship
which is being played by both parties."

1MDB must make the interest payment in May on its 5.99% notes
that mature in 2022. It issued the securities in 2012 with a
$1.75 billion face value, Bloomberg discloses.

It's still too early to say if the developments this week will
affect the Malaysian sovereign, Baring Asset Management Ltd said,
Bloomberg relays.

"The credit is still rated A-" by Standard & Poor's, said Sean
Chang, the Hong Kong-based head of Asian debt investment at the
asset manager, Bloomberg relays. "From the credit standpoint,
it's status quo, nothing has changed."

Still, it would be better for 1MDB to seek a fast solution for
its debt default, Mr. Chang, as cited by Bloomberg, said. "It's
no good to drag on," he added.

                             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.



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


PAKISTAN: Moody's Says B3 Rating Reflects Strengthening Growth
--------------------------------------------------------------
Moody's Investors Service says Pakistan's B3 issuer rating
balances strengthening growth and progress on structural reforms
against a relatively high government debt burden and political
risks.

Moody's conclusions are contained in its just-released Credit
Analysis "Government of Pakistan -- B3 Stable," which looks at
the country's credit profile in terms of Economic Strength
[assessed as "Moderate"]; Institutional Strength ["Very Low "];
Fiscal Strength ["Very Low (-)"]; and Susceptibility to Event
Risk ["High"].

These represent the four main analytic factors in Moody's
Sovereign Bond Ratings Methodology. The analysis constitutes an
annual update to investors and is not a rating action.

Moody's assessment of Pakistan's "Moderate" economic strength
encompasses the sovereign's very low per capita incomes and the
large size of its economy.

Economic output, previously anemic, has picked up over recent
years and is now rising at a relatively healthy pace. GDP growth
has edged up to average 4.1% year-on-year since FY2014, from 3.4%
between FY2010-13. The implementation of the China-Pakistan
Economic Corridor will likely support activity further, and in
concert with energy sector reforms will improve the operating
environment for investment.

Moody's assessment of institutional strength as "Very Low"
reflects Pakistan's weak but improving rankings on governance
survey indices, specifically the World Bank's Worldwide
Governance Indicators. It also takes into account the central
bank's management of inflation and monetary policy, and progress
on reforms under the ongoing IMF program.

Moody's "Very Low (-)" assessment of Pakistan's fiscal strength
reflects the country's moderately large debt burden and weak
revenue base, which lower debt affordability relative to peers.
The share of foreign currency debt to total general government
debt has considerably declined in the last five years. But such
borrowing still comprises about a third of total public debt,
leaving government finances exposed in the event of exchange rate
depreciation or financial market volatility.

Moody's assessment of Pakistan's vulnerability to event risks as
"High" is driven by political risks, both domestic and
geopolitical.

The government's relatively large annual borrowing needs, in
particular owing to large rollover requirements, are also a
constraint. However, recent efforts to lengthen the maturities of
domestic debt will likely contain these risks in the future.



                             *********

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.


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

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

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

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

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



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