TCRAP_Public/160505.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Thursday, May 5, 2016, Vol. 19, No. 88


                            Headlines


A U S T R A L I A

ANNANDALE ENGINEERING: First Creditors' Meeting Set For May 12
BOTANIC HOMES: First Creditors' Meeting Set For May 13
BROADSPECTRUM LIMITED: Moody's Retains Ba2 CFR on Takeover
DICK SMITH: Ruslan Kogan Relaunches Firm as Online-Only Retailer
REIKOV PTY: First Creditors' Meeting Set For May 13

WALLBANK ENGINEERING: First Creditors' Meeting Slated For May 12


C H I N A

CHINA: $571BB Debt Wall Points to More Defaults
CHINA AOYUAN: Moody's Retains B2 CFR on Property Acquisition
EVERGRANDE REAL: Moody's Retains B2 CFR on Further Investment


H O N G  K O N G

GREENLAND HONGKONG: Moody's Puts Ba1 CFR on Review for Downgrade


I N D I A

AMBRISH KUMAR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
AMRAPALI SMART: CARE Lowers Rating on INR270cr LT Loan to D
ANJALI ALUMINIUM: CARE Reaffirms 'B' Rating on INR3.29cr Loan
ATELIER AUTOMOBILES: CRISIL Suspends B+ Rating on INR70MM Loan
BANSAL FOODS: CRISIL Suspends 'D' Rating on INR90MM Whse Loan

BHARTI PRINTERS: CRISIL Suspends 'D' Rating on INR35MM Cash Loan
DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR57.3MM Loan
EARTH HOME: CARE Assigns B+ Rating to INR5cr Long Term Loan
ELECTRO MAGNETIC: CRISIL Assigns B+ Rating to INR40MM Cash Loan
EMIRATES TECHNOLOGIES: CRISIL Suspends B+ Rating on INR1.6BB Loan

FAMINA KNITS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
HARD ROCK: CRISIL Suspends 'B' Rating on INR185MM Term Loan
HCS FOODS: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
HUMBLE HOSPITALITY: CARE Lowers Rating on INR6.85cr Loan to D
INDIAN INFRADEVELOPERS: CARE Revises Rating on INR4cr Loan to BB-

KG MULTISPECIALITY: CRISIL Assigns B Rating to INR150MM LT Loan
LEKH RAJ: CRISIL Suspends B+ Rating on INR450MM Cash Loan
MADHUR OVERSEAS: CRISIL Suspends 'D' Rating on INR100MM Loan
NAGARSHETH SHIPBREAKERS: CRISIL Cuts Rating on INR850MM Loan to D
NARAYANA AGRO: CARE Assigns B+ Rating to INR21.50cr LT Loan

NATIONAL STEEL: CRISIL Suspends B Rating on INR100MM Loan
PIPADA MOTORS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
PRAVEEN SPINNERS: CRISIL Suspends 'D' Rating on INR350MM Loan
PRITHVI EDIFICE: CARE Lowers Rating on INR7.65cr LT Loan to 'D'
RADIANT POLYMERS: CARE Reaffirms B Rating on INR19cr LT Loan

RAGHUNATH TRADERS: CRISIL Suspends 'D' Rating on INR100MM Loan
RAMA SACKS: CRISIL Suspends B+ Rating on INR42.5MM Term Loan
RANI CONSTRUCTIONS: CARE Assigns 'C' Rating to INR12.85cr Loan
REDDY PHARMACEUTICALS: CRISIL Suspends B+ Rating on INR63.5M Loan
SANT BHAGATRAM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan

SATPAL STRIPS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
SHIVALIK COTEX: CRISIL Suspends 'D' Rating on INR67.4MM Term Loan
SHREE GANESH: CARE Assigns 'B+' Rating to INR13.30cr LT Loan
SHIVAM PROTEIN: CARE Reaffirms B+ Rating on INR9.69cr LT Loan
SHREE RAM: CRISIL Suspends 'D' Rating on INR250MM Cash Loan

SHREYA PRINT: CRISIL Suspends B+ Rating on INR35MM Term Loan
SHRI ADIESHWAR: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
SHRI GIRIRAJ: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
SHRI VENKATESH: CRISIL Reaffirms B+ Rating on INR75.8MM Loan
SHYAM TELECOM: Ind-Ra Lowers Long-Term Issuer Rating to 'IND BB+'

SNEHA MARKETING: CRISIL Assigns 'B' Rating to INR60MM Loan
SOVEREIGN AGRO: CRISIL Assigns 'B' Rating to INR75MM Term Loan
SUBHASH HASTIMAL: CRISIL Assigns B+ Rating to INR114.4MM Loan
SUYOG ANJANI: CARE Reaffirms B+ Rating on INR9.98cr LT Loan
U.H. AGROTECH: CRISIL Suspends 'D' Rating on INR126MM LT Loan

VASU TRADING: CRISIL Suspends B+ Rating on INR100MM Cash Loan
WELLCARE OIL: CARE Reaffirms B+ Rating on INR2.89cr LT Loan


J A P A N

TAKATA CORP: U.S. Recall Could More Than Double, Sources Say


M A L A Y S I A

1MALAYSIA: Hong Kong Bank Funds Said Frozen Amid Probe


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Looks Like a Bigger Problem For KDB
HYUNDAI HEAVY: Likely to Push for Massive Layoffs


X X X X X X X X

* Asian Corporate High-Yield Default to Remain Moderate in 2016


                            - - - - -


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A U S T R A L I A
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ANNANDALE ENGINEERING: First Creditors' Meeting Set For May 12
--------------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of Annandale Engineering Services Pty
Limited on May 2, 2016.

A first meeting of the creditors of the Company will be held at
the office of Chartered Accountant Australia and New Zealand,
Level 1, King Room, on May 12, 2016, at 10:15 a.m.


BOTANIC HOMES: First Creditors' Meeting Set For May 13
------------------------------------------------------
Jason G. Stone, Petr Vrsecky, Glenn J. Franklin of PKF Melbourne
were appointed as administrators of Botanic Homes Pty. Ltd. on
May 3, 2016.

A first meeting of the creditors of the Company will be held at
Cliftons, Level 1, 440 Collins Street, in Melbourne, on May 13,
2016, at 10:30 a.m.


BROADSPECTRUM LIMITED: Moody's Retains Ba2 CFR on Takeover
----------------------------------------------------------
Moody's Investors Service says that Broadspectrum Limited's Ba2
corporate family rating and the stable outlook on the rating will
not be immediately affected by Ferrovial Services (Australia) Pty
Limited's (unrated) announcement on May 2, 2016, that it had
achieved acceptances, for its takeover offer, which exceed 50%.

Moody's notes that Ferrovial Services (Australia) Pty Limited is
indirectly wholly owned by of Ferrovial S.A. (unrated).

"The Ferrovial takeover will not immediately affect
Broadspectrum's Ba2 corporate family rating, nor the stable
outlook on the rating," says Maurice O'Connell, a Moody's Vice
President and Senior Credit Officer.

Moody's is not taking any rating action at this stage, given the
uncertainty around the potential impact on Broadspectrum's future
capital structure and financial profile.  "It remains unclear at
this time whether Ferrovial will obtain at least 90% of
acceptances to compulsorily acquire all shares in Broadspectrum",
says O'Connell.

Moody's notes that Broadspectrum's debt facilities contain
various Change of Control provisions, which could impact on the
company's final capital structure.

The principal methodology used in this rating was Construction
Industry published in November 2014.

Broadspectrum Limited is one of the leading integrated
maintenance services provider with a strong presence in the
infrastructure, hydrocarbon and public sector in Australia,
New Zealand and the United States.


DICK SMITH: Ruslan Kogan Relaunches Firm as Online-Only Retailer
----------------------------------------------------------------
Broede Carmody at SmartCompany reports that Dick Smith has
relaunched on May 4 in Australia and New Zealand, less than two
months after entrepreneur Ruslan Kogan purchased the electronic
chain's intellectual property and said he would continue to
operate it online.

SmartCompany relates that Kogan purchased Dick Smith's
trademarks, websites, domain names and customer databases from
the company's receivers for an undisclosed sum back in March.

At the time, Kogan.com said it would take ownership of Dick
Smith's online business from June 1.  However, the online
retailer announced the relaunch of Dick Smith on May 4, one month
ahead of schedule, SmartCompany says.

According to SmartCompany, Dick Smith's revived online store will
sell more than 5,500 products, including smartphones, cameras,
tablets and home appliances.

Kogan.com hopes its fast shipping and customer service
infrastructure will win over customers who recognise and are
loyal to the Dick Smith brand, SmartCompany says.

SmartCompany relates that David Shafer, the executive director of
Kogan.com and Dick Smith, said he is extremely proud of how
quickly Dick Smith has been relaunched.

"The efficiency with which we have been able to relaunch Dick
Smith is the same efficiency that will see us delivery product
and price leadership into the future," Shafer said in a statement
issued to SmartCompany.  "Dick Smith's recent history has been
disappointing for many Australians, but for millions of us, it is
an iconic brand we all know and love. We will work hard to
restore the faith Australians have put in the Dick smith brand
for almost 50 years."

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.


REIKOV PTY: First Creditors' Meeting Set For May 13
---------------------------------------------------
Andrew Poulter of Abbott Welsh was appointed as administrator of
Reikov Pty Ltd, trading as Domino's Pizza Wangaratta, on May 3,
2016.

A first meeting of the creditors of the Company will be held at
Abbott Welsh, Suite 6, 560 Lonsdale Street, in Melbourne,
Victoria, on May 13, 2016, at 11:00 a.m.


WALLBANK ENGINEERING: First Creditors' Meeting Slated For May 12
----------------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick were
appointed as administrators of Wallbank Engineering Proprietary
Limited on May 2, 2016.

A first meeting of the creditors of the Company will be held at
the office of Chartered Accountant Australia and New Zealand
Level 1, King Room, 33 Erskine Street, on May 12, 2016, at
10:30 a.m.



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C H I N A
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CHINA: $571BB Debt Wall Points to More Defaults
-----------------------------------------------
Bloomberg News reports that Chinese debt investors are turning
bearish at just the wrong time for the nation's corporate
borrowers, which face a record CNY3.7 trillion ($571 billion) of
local bond maturities through year-end.

Bloomberg notes that with this year's biggest note payments
concentrated in some of the country's most-cash strapped
industries, China needs buoyant markets to help its companies
refinance. Instead, yields in April rose at the fastest pace in
more than a year and issuance tumbled 43% as borrowers canceled
CNY143 billion of planned debt sales, Bloomberg says.

Deteriorating investor sentiment has heightened the risk of
defaults in a market that's already seen at least seven companies
renege on obligations this year, matching the total for all of
2015, according to Bloomberg. While government-run banks may step
in to help weaker borrowers, missed debt payments by three state-
owned firms in the past three months suggest policy makers are
becoming more tolerant of corporate failures as the economy
slows.

"The biggest risk to the onshore bond market is refinancing
risk," Bloomberg quotes Qiu Xinhong, a Shenzhen-based money
manager at First State Cinda Fund Management Co., which oversees
CNY11 billion, as saying. "With such a big amount of bonds
maturing, if Chinese issuers can't sell new bonds to repay the
old, more will default."

According to Bloomberg, repayment pressures are most extreme in
China's "old economy" industries, the biggest losers from the
nation's slowdown.  Bloomberg says listed metals and mining
companies, which generated enough operating profit to cover just
half of their interest expenses in 2015, face principal payments
of CNY389 billion through year-end. Power generation firms owe
CNY332 billion, while maturities at coal companies have swelled
to CNY292 billion.

SDIC Xinji Energy Co., a state-owned coal producer that canceled
a bond sale on March 11, must repay CNY1 billion of notes on
May 15, according to Bloomberg-compiled data. China International
Capital Corp. highlighted the company as one of the riskiest
onshore issuers in the second quarter, the report notes. Fei Dai,
SDIC's board secretary, said on May 3 that the firm will arrange
bank loans and other measures to avoid a default, according to
Bloomberg.  The shares fell 5% to the lowest level since December
2014 in Shanghai on May 4.

Evergreen Holding Group, whose repayment risk was also flagged by
CICC, has CNY400 million of notes maturing on May 15. There's
"great uncertainty" over whether the shipbuilder can pay on time,
according to Shanghai Brilliance Credit Rating & Investors
Service Co., which cut its rating on the bonds to BBB from AA- in
March, Bloomberg notes.

"If you have a large number of companies in high-risk sectors
that lose access to financing, there will be defaults or
restructuring," the report quotes Raja Mukherji, the Hong Kong-
based head of Asian credit research at Pacific Investment
Management Co., which oversees about $1.5 trillion worldwide, as
saying.

While corporate borrowing costs in China jumped last month,
they're still low relative to history, the report notes.
Chinabond's index of seven-year company debt with top ratings has
a yield of 3.84%, versus a five-year average of about 5%, says
Bloomberg.

Bloomberg relates that banks could also offer an alternative
source of financing. SDIC Xinji is turning to lenders to help
cover its bond payment this month, while the government of
Ningbo, where Evergreen is based, asked regulators and commercial
banks to support the shipbuilder in December, according to
Bloomberg.

Still, policy makers seem to be pulling back from widespread
rescue efforts as they seek to curb overcapacity in old economy
industries, the report notes. The government is likely to focus
its resources on "too-big-to-fail" companies while reducing
support for the rest of China Inc., Bloomberg relates citing
Xia Le, the chief economist for Asia at Banco Bilbao Vizcaya
Argentaria SA in Hong Kong.

"There are huge implications for China's economy if companies
can't refinance their debt in the bond market and, at the same
time, banks choose safe companies to lend to," Bloomberg quotes
Xia as saying. "We will see more smaller companies fail."


CHINA AOYUAN: Moody's Retains B2 CFR on Property Acquisition
------------------------------------------------------------
Moody's Investors Service says China Aoyuan Property Group
Limited's acquisition of a 70% interest in a property project in
Pingshan, Shenzhen for RMB2.3 billion has no immediate rating
impact on its B2 corporate family rating and stable outlook.

"China Aoyuan's liquidity position is adequate and it has
sufficient cash on hand to pay for the acquisition," say Kaven
Tsang, a Moody's Vice President and Senior Credit Officer.

"Moreover, the total consideration is within our estimate of
around RMB6 billion for land acquisitions in 2016," says Tsang,
who is also the Lead Analyst of China Aoyuan.

Moody's notes that China Aoyuan had cash on hand of RMB9.0
billion at end-2015, which is sufficient to cover the Shenzhen
acquisition, its short-term debt of RMB2.6 billion, and estimated
unpaid land premiums of around RMB300 million.

Moody's notes that the acquisition will not have material change
in the company's credit metrics.

Its debt leverage -- as measured by revenue/adjusted debt -- will
be at 60%-65% in the next 12 to 18 months compared with 59% in
2015.

Meanwhile, its EBIT interest coverage is expected to stay at
2.2x-2.3x in the next 12 to 18 months, compared with 2.3x in
2015.

Such credit metrics are based on Moody's expectation that (1) the
company's revenue recognition will increase to around RMB12
billion in 2016 from RMB9.5 billion in 2015, underpinned by
robust growth in contracted sales over the last two years; and
(2) its average funding cost will fall to around 9% from 9.5% in
2015 as it refinances high-cost debt with low-cost debt.

Given the project is located in Shenzhen -- a first-tier city
with significant growth in both sales volume and selling prices
over the past 12 months -- Moody's does not expect material
margin pressure brought by this new project despite the city's
recent regulatory tightening.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen.  At end-2015, the company had 57 projects in nine provinces
in China, including Guangdong Province and Chongqing city, as
well as in Sydney, Australia.  It has a total land bank of 13.33
million square meters in gross floor area.


EVERGRANDE REAL: Moody's Retains B2 CFR on Further Investment
-------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's further investment in Shengjing Bank Co., Ltd (unrated)
is credit negative, but will not immediately affect the company's
B2 corporate family rating or B3 senior unsecured bond rating.

The ratings outlook remains negative.

Evergrande announced on April 28, 2016, that it acquired a
further equity stake in Shengjing Bank for an aggregate
consideration of around RMB10 billion, bringing its ownership
share to about 27.24% at March 31, 2016, from the 5.59% stake
that it owned in February 2016.

"The investment is credit negative because it raises Evergrande's
financial and investment risk, and undermines the company's
effort to control its debt growth," says Franco Leung, a Moody's
Vice President and Senior Credit Officer.

Moody's believes this acquisition represents a financial rather
than a strategic investment for Evergrande.

The transaction has little strategic value because Evergrande
will unlikely demonstrate management control over Shengjing Bank
in the near term, and because there is no apparent business
synergies between Evergrande's property development operations
and Shengjing Bank's banking business.

Evergrande's pursuit of debt-funded expansion to support its
business growth has resulted in a high level of debt leverage.
The series of investment and acquisitions announced this year
will consume some of Evergrande's cash on hand, which will in
turn constrain its ability to control further debt growth.

But the impact of this investment on Evergrande's financial and
liquidity profile will be manageable, given that Evergrande has
sufficient cash reserves to fund its investment in Shengjing
Bank.

In particular, the scale of the investment is manageable,
representing approximately 6% of Evergrande's cash-on-hand of
RMB164 billion at end-2015.

Moody's notes that Evergrande recorded strong contracted sales of
RMB65.7 billion for the three months between January and March
2016, up 115% from the same period in 2015.  The strong
contracted sales growth will likely support Evergrande's
liquidity profile.

This latest transaction follows a number of investments in non-
property businesses by Evergrande in recent years to diversify
its business, including in insurance, consumer goods and health
care services.  The company expects that these non-property
investments will help drive its business growth.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry, published in April 2015.

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded
its business across the country over the past few years.  At
Dec. 31, 2015, its land bank totaled 156 million square meters in
gross floor area across 162 Chinese cities.


================
H O N G  K O N G
================


GREENLAND HONGKONG: Moody's Puts Ba1 CFR on Review for Downgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for downgrade the
ratings of Greenland Holding Group Company Limited (Greenland
Holding), Greenland Global Investment Limited (Greenland Global)
and Greenland Hong Kong Holdings Limited (Greenland Hong Kong).

The affected ratings are:

  1. Greenland Holding's Baa3 issuer rating;
  2. The (P)Baa3 backed senior unsecured MTN rating assigned to
     Greenland Global's Medium Term Note (MTN) program, based on
     the unconditional and irrevocable guarantee of Greenland
     Holding;
  3. The Baa3 backed senior unsecured debt ratings assigned to
     Greenland Global's USD notes;
  4. Greenland Hong Kong's Ba1 corporate family rating;
  5. The (P)Ba1 backed senior unsecured MTN rating assigned to
     Greenland Hong Kong's MTN program; and
  6. The Ba1 backed senior unsecured debt ratings assigned to
     Greenland Hong Kong's notes.

The MTN program of Greenland Hong Kong and the related notes are
supported by a Deed of Equity Interest Purchase Undertaking and a
Keepwell Deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

                         RATINGS RATIONALE

"We placed Greenland Holding on review for downgrade over
concerns that the company's high debt leverage and weak financial
metrics could persist over the next 12-18 months amid challenging
operating conditions in China," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.

"These concerns are based on Greenland Holding's large operations
and fast growth, which require sizable funding for its property
development and other businesses," adds Leung, who is also
Moody's Lead Analyst for Greenland Holding and Greenland Hong
Kong.

Greenland Holding's total reported debt increased to RMB272.5
billion at end-March 2016, an increase of around 40% since
December 2014.

As a result, Greenland Holding's debt leverage -- as measured by
adjusted debt/capitalization -- remained high at around 78.5%
with a material reduction unlikely over the next one to two
years.

Moody's believes that most of the debt increase was contributed
by Greenland Holding's property segment.

In addition, Greenland Holding's consolidated EBIT/interest
coverage dropped to around 1.8x in 2015 from around 2.3x in 2014.

Overall, its credit metrics do not support a Baa3 issuer rating.

Greenland Holding also faces near-term refinancing risk --
including USD700 million in bonds issued by Greenland Hong Kong
maturing in October 2016.

However, its status as a state-owned enterprise and listing on
the Shanghai Stock Exchange underpin its good access to funding,
thereby mitigating this risk.

Moody's also notes that Greenland Holding has plans to raise
equity through a private share placement, which could potentially
reduce its debt leverage.  However, the success of a share
placement remains uncertain, considering the volatile market
conditions.

Greenland Hong Kong's Ba1 rating is also on review for downgrade
due to its weak standalone financial metrics, near-term
refinancing risk and the potential for weakened support from
Greenland Holding, its parent.

The company's Ba1 rating includes a two-notch rating uplift,
based on expected strong support from Greenland Holding.

Its debt leverage -- as measured by revenue/adjusted debt -- was
weak at around 30.3% at end-2015 despite its significant increase
in revenue recorded in 2015.

The company also experienced a decline in profit margins, and its
interest coverage was weak at around 1.1x.

These credit metrics are weak for Greenland Hong Kong's Ba1
rating and Moody's do not expect any material improvement over
the next 18-24 months.

Moody's will focus its review on (1) Greenland Holding's and
Greenland Hong Kong's business strategies and financial policies
in managing their growth plans in a challenging operating
environment; (2) the companies' plans to address their near-term
refinancing needs and reduce debt leverage; (3) the
sustainability of the companies' standalone financial profiles;
and (4) Greenland Holding's ability to provide financial support
to Greenland Hong Kong.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Greenland Holding Group Company Limited is a China-based company
and a state-controlled enterprise group.  The Shanghai State-
Owned Assets Supervision and Administration Commission is
effectively the largest shareholder of Greenland.  The company is
headquartered in Shanghai, with a focus on the real estate
sector. It has other businesses, including energy, construction,
finance and auto dealerships.

Greenland Hong Kong is principally engaged in the development of
large-scale, high-end residential communities, city center
integrated projects, and travel and leisure projects that target
the middle to high-end customer segment.  At end-2015, the
company's land bank totaled 14.6 million square meters (sqm),
which was located in key cities in the Yangtze River Delta and
south.



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AMBRISH KUMAR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ambrish Kumar
Tripathi (AKT) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect AKT's small scale of operations and
moderately weak outstanding order book.  In FY15, the company
reported revenue of INR296 mil. and had an outstanding order book
of
INR175 mil. for FY17.  Moreover, liquidity position is tight as
reflected by the company's multiple instances of irregularities
in the use of the fund based working capital limits coupled with
its average maximum working capital utilization of 109% in the 12
months ended March 2016.

The ratings are constrained by the company's presence in the
highly competitive and fragmented construction industry coupled
with its susceptibility to volatile raw material prices.  The
ratings are also constrained by AKT's high geographical
concentration since the company mainly executes orders coming
from Madhya Pradesh Water Resources Department (MPWRD).

The ratings, however, are supported by the moderate credit
profile of AKT with EBITDA interest coverage being 4.9x in FY15
(FY14: 2.9x), net financial leverage being 1.2x (1.9x) and
operating EBITDA margins of 8.9% (12.9%).  The ratings are also
supported by almost three decades of experience of the company's
proprietor in executing earthen dam and canal construction
contracts.

                       RATING SENSITIVITIES

Positive: A positive rating action may result from an improvement
in the liquidity position of the company.

Negative: A negative rating action may result from a decline in
the scale of operations along with deterioration in the credit
profile.

                          COMPANY PROFILE

Incorporated in 2009 by Mr. Ambrish Kumar Tripathi, AKT is a
proprietorship concern.  It is engaged in the construction work
of dams and canals for MPWRD.  The firm has a status of 'Class A'
contractor with MPWRD.

AKT's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR10.00 mil. fund-based working capital limits: assigned
      'IND B+'/Stable
   -- INR45.50 mil. non-fund-based working capital limits:
      assigned 'IND A4'


AMRAPALI SMART: CARE Lowers Rating on INR270cr LT Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Amrapali Smart City Developers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    270.00      CARE D Revised from
                                            CARE C

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Amrapali Smart City Developers Private Limited (ASCD) takes into
consideration the on-going delays in debt servicing.

Incorporated in 2010, Amrapali Smart City Developers Pvt Limited
(ASCD) is an SPV promoted by Amrapali group. ASCD is developing a
single group housing project in Greater Noida with total saleable
area of 116 lsf on total land area of 61 acres. ASCD has acquired
the land for the said project on lease from Greater Noida
Industrial Development Authority on deferred payment basis for
INR260cr. The company has launched the project in August 2010 and
proposes to complete the same in phases by 2019. The total
project cost is estimated to be INR1383cr funded through debt of
INR270cr (financial closure achieved), promoter equity of
INR201cr and customer advances of INR912cr.

For FY15, ASCD registered a total income of INR2.02 crore with
net loss of INR23.67 crore against total income of INR0.89 crore
with net loss of INR56.85 crore in FY14.


ANJALI ALUMINIUM: CARE Reaffirms 'B' Rating on INR3.29cr Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Anjali Aluminium Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.29      CARE B Suspension
                                            Revoked and Rating
                                            Reaffirmed
Rating Rationale

The rating assigned to the bank facilities of Anjali Aluminium
Private Limited (AAPL) is constrained by its small scale of
operations, low profitability margins, leveraged capital
structure, weak debt coverage indicators and working capital
intensive nature of operations.

These factors far outweigh the benefits derived from the
experience of the promoters and their financial support in form
of unsecured loans.

The ability of the company to increase its scale of operations
and improve its profitability margins amidst increasing
competition along with efficient management of working capital
are the key rating sensitivities.

Incorporated in 2006, AAPL is into manufacturing of aluminium
products (viz. Aluminum Utensils, Aluminium Sheets and containers
and Big & Medium Aluminium Tops since February 2012. The
manufacturing plant of the company is located at Nagpur
(Maharashtra) with an installed capacity of 1,300 metric ton
production per annum (MTPA) which had; with utilization of around
70% in FY15 (refers to the period April 1 to March 31). The
entire sales and purchases of the company are in the domestic
market.

During FY15 (refers to the period April 1 to March 31), AAPL
earned a PAT of INR0.03 crore on a total income of INR13.94 crore
as against a PAT of INR0.002 crore on a total income of INR14.18
crore for FY14. Further, during 11MFY16, the company registered a
turnover of INR11.0 crore.


ATELIER AUTOMOBILES: CRISIL Suspends B+ Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Atelier
Automobiles Private Limited (AAPL).

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

   Term Loan                 70       CRISIL B+/Stable

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

AAPL, incorporated in November 2010, is an authorized dealer of
MSIL passenger cars in Saharanpur and Deoband (both in Uttar
Pradesh). The company is promoted by Mr. Rabbin Saini and family.
AAPL has two showrooms one in Saharanpur (opened in 2010) and
other in Deoband (opened in 2012-13).


BANSAL FOODS: CRISIL Suspends 'D' Rating on INR90MM Whse Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bansal Foods (BF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               3        CRISIL D
   Warehouse Financing      90        CRISIL D

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

BF is a proprietorship firm started by Mr. Shiv Charan in the
year 2011 and is engaged in the trading of rice. The firm is
based out of Narela, Delhi and procures primarily from the Narela
Mandi.


BHARTI PRINTERS: CRISIL Suspends 'D' Rating on INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Bharti Printers (BP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL D
   Long Term Loan           27        CRISIL D
   Proposed Fund-Based
   Bank Limits              18        CRISIL D
   Working Capital
   Facility                  2.5      CRISIL D

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

Established in 1980 as a proprietorship firm, BP is engaged in
designing, printing, and binding of books, brochures and other
reading materials for the Printing and Stationery Department of
Himachal Pradesh, Punjab and Haryana. The firm is also engaged in
printing of pamphlets, brochures, booklets and other printed
materials for various nodal agencies, schools along with printing
of mono-cartons of certain pharmaceuticals for multiple customers
at its printing facility in Chandigarh.


DASHRATH PRASAD: CRISIL Reaffirms B+ Rating on INR57.3MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Dashrath
Prasad Fertilizers Private Limited (DPF) continues to reflect
working capital-intensive operations, susceptibility to changes
in government policy and uneven monsoon, and limited financial
flexibility due to small networth. These weaknesses are partially
offset by the extensive experience of promoters and established
market position.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        42.7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    57.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DPF will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' in case of substantial and sustained
increase in revenue and profitability, or significantly better
working capital cycle. The outlook may be revised to 'Negative'
if steep decline in revenue or profitability, any large capital
expenditure, or stretch in working capital cycle weakens key
credit metrics.

Incorporated in 2007 in Vijayawada and promoted by Mr. Raj
Kishore Soni and his family members, DPF manufactures different
grades of granulated nitrogen-phosphorous-potassium mix
fertilisers.


EARTH HOME: CARE Assigns B+ Rating to INR5cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Earth
Home.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Earth Home (EH)
are constrained by risk associated with timely receipt of funds
for booked units and sales of balance units at envisaged rates
along with funding and execution risk and marketing risk with low
booking status associated with the project. The ratings are
further constrained by the cyclical nature of the real estate
industry.

These factors offset the benefits derived from experienced
promoters in the real estate industry and favorable location of
the project.

The ability of EH to timely complete the project without any cost
overrun and sell the balance units at the envisaged rates
and timely receipt of customer advances are the key rating
sensitivity.

Incorporated in 2012, Earth Home (EH) is into developing of real
estate properties. Currently, the entity is executing a
residential cum commercial project named "Shree Sadguru Complex"
at Washiwali, Raigad with total constructed area of 2.35 lakh
square feet. The above project is a township of one complex
comprising of 9 buildings with 15 wings of G+4 floors in a phased
manner with total saleable area of 2.03 lakh square feet and is
expected to be completed by March 2019 (The project was started
during March 2015). Furthermore, it has received Commencement
Certificate (CC) for all the floors and has commenced the
bookings since March 2015.


ELECTRO MAGNETIC: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Electro Magnetic Industries (EMI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       25        CRISIL B+/Stable
   Cash Credit              40        CRISIL B+/Stable
   Bank Guarantee           25        CRISIL A4
   Bill Discounting         10        CRISIL B+/Stable

The ratings reflect the working capital-intensive operations,
average financial risk profile because of moderate networth, and
exposure to risks related to project completion and commissioning
of operations on time. These rating weaknesses are partially
offset by the extensive experience of promoters in the industry.
Outlook: Stable

CRISIL believes EMI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' if higher-than-expected revenue and
operating margin and hence substantial cash accrual, or
significant equity infusion by promoters improve the financial
risk profile. Conversely, the outlook may be revised to
'Negative' if a significant decline in operating margin or cash
accrual, or worsening working capital management, or any
larger'than-expected, debt-funded capital expenditure, or capital
withdrawal leads to deterioration in the financial risk profile.

Established in 1982, EMI, a partnership between Mr. Reenkoo Patel
and Mrs. Jashodaben Patel, manufactures magnetic and vibratory
systems catering to cement, mining and steel industries.


EMIRATES TECHNOLOGIES: CRISIL Suspends B+ Rating on INR1.6BB Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Emirates Technologies Private Limited (ETPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               1600       CRISIL B+/Stable

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

ETPL was established in 2003 by the New Delhi-based Gupta and
Goel families. The company is in the business of selling and
leasing out commercial spaces to information technology
companies. Currently, ETPL is operating a commercial property
under the name Knowledge Boulevard at Sector - 62 in Noida (Uttar
Pradesh).


FAMINA KNITS: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Famina Knits Limited (FKL).

                             Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Bill Negotiation              50      CRISIL D
   Cash Credit                  100      CRISIL D
   Foreign Bill Discounting      40      CRISIL D
   Packing Credit                30      CRISIL D
   Proposed Long Term Bank
   Loan Facility                 46      CRISIL D
   Term Loan                      4      CRISIL D

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

FKL is a Ludhiana (Punjab)-based company that manufactures
cotton-based knitwear for men, women, and kids. The company is
promoted by Mr. Vijay Miglani, who has been engaged in the
knitwear industry since 1996.


HARD ROCK: CRISIL Suspends 'B' Rating on INR185MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Hard Rock
Inn Private Limited (HRIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                185       CRISIL B/Stable

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

HRIPL, a private limited company, was incorporated in 2008 and is
promoted by Mr. Rahul Saini and family. The company is
constructing a hotel at Dharuhera (Haryana), which is situated on
the Delhi-Jaipur Highway (NH 8). For this, HRIPL has acquired
land of 5286.50 sq. metres in Dharuhera and has proposed a built
up area of 10048.06 sq. metres.


HCS FOODS: CRISIL Suspends 'D' Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of HCS Foods
Limited (HCS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL D

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

Incorporated in 2007, HCS is promoted by the Sood family of
Machhiwara (Punjab). The company manufactures crude rice bran oil
at its facility located at Machhiwara and is setting up a
refinery and cattle feed plant.


HUMBLE HOSPITALITY: CARE Lowers Rating on INR6.85cr Loan to D
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Humble
Hospitality Punjab Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.85       CARE D Revised from
                                            CARE BB-

Rating Rationale

The rating assigned to the bank facilities of Humble Hospitality
Punjab Private Limited (HHPPL) factors in the delays in servicing
of the debt obligations owing to weak liquidity position as the
company was unable to generate sufficient funds in a timely
manner leading to cash flow mismatches.

HPPL, incorporated in February 2012, is being managed by Mr
Inderpreet Singh Chadha, Mr Surjit Singh, Mr Harpreet Singh
Chadha, Mr Harpreet Singh, Mr Mayank Umat and Mr Prabhpreet Singh
Chadha. The company has constructed a four-star hotel under the
name of "Humble - Una Hotels" in Amritsar, Punjab. The hotel has
been constructed on a total land area of 2,400 square yards and
has 42 rooms (including suites and deluxe rooms), 3 banquet
halls, 2 restaurants, a bar and a coffee shop.

The business operations of the hotel started in February 2014.
HPPL is a part of the 'Humble group' which is running hotels,
restaurants and banquets/resorts across India through six group
concerns. Furthermore, the promoters also have interest in other
businesses like real estate, trading of metals, gems and
jewellery and transportation through group concerns.

HHPPL incurred net loss of INR 1.04 crore on the total operating
income of INR 4.13 crore in FY15 (refers to the period April 01
to March 31) as against net loss of INR 0.90 crore on the total
operating income of INR 1.27 crore in FY14. HHPPL achieved total
operating income of INR 7.00 crore in FY16 (prov.).


INDIAN INFRADEVELOPERS: CARE Revises Rating on INR4cr Loan to BB-
-----------------------------------------------------------------
CARE revises the LT rating and reaffirms the st rating assigned
to the bank facilities of Indian Infradevelopers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE BB- Revised from
                                            CARE B+
   Short-term Bank Facilities      2        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Indian Infradevelopers (IID) is primarily due to
improvement in total operating income, profitability, capital
structure and debt coverage indicators during FY15 (refers to
the period April 1 to March 31). The ratings continue to draw
strength from the vast experience of the promoters in the
business of road construction.

The ratings, however, continue to remain constrained by
constitution as a partnership firm and its presence in the highly
competitive and tender driven construction industry.

The ability of IID to bag new contracts thus ensuring higher
revenue visibility and timely execution of orders while
improving its profitability and capital structure and managing
its working capital requirements efficiently are the key rating
sensitivities.

Established in January 2013, Surendranagar (Gujarat) based Indian
Infradevelopers (IID) is a partnership firm run by five partners
having different profit and loss sharing proportion in the firm.
IID is engaged into the business of construction, repair &
maintenance of roads. IID is registered as 'AA' class approved
contractor by Government of Gujarat and works generally on road
construction, repair and maintenance contract of roads for
Government of Gujarat. IID executes work orders on sub contract
basis wherein it executes contracts mainly for 'Vishal
Infraglobal Pvt. Ltd.' (VIPL).

During FY15 (refers to the period April 01 to March 31), IID
reported total operating income (TOI) of INR17.47 crore with
Profit After Tax (PAT) of INR0.32 crore as compared to TOI of
INR1.66 crore during FY14. During 9MFY16 (Provisional), IID
has achieved a turnover of INR19.38 crore.


KG MULTISPECIALITY: CRISIL Assigns B Rating to INR150MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long-
term bank facility of KG Multispeciality Hospital & Research
Centre (KGRC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           150       CRISIL B/Stable

The rating reflects KGRC's exposure to risks related to execution
of its hospital project and to stabilisation of operations. These
weaknesses are partially offset by extensive experience of its
promoter in the healthcare industry, and strategic location of
its hospital.
Outlook: Stable

CRISIL believes KGRC will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant revenue and
profitability, leading to a healthy financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile is weak because of low revenue or profitability.

KGRC, established in 2014 by Dr. S K Latha, is setting up a 150-
bed multi-speciality hospital in Thanjavur, Tamil Nadu. The
Hospital is expected to start operations by June 2016.


LEKH RAJ: CRISIL Suspends B+ Rating on INR450MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Lekh Raj
and Sons (LRS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              450       CRISIL B+/Stable

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

LRS was set up in 1984 as a partnership firm by the members of
the Miglani family of Kaithal (Haryana). The firm is engaged in
milling, sorting, grading, and selling of basmati rice in the
domestic market.


MADHUR OVERSEAS: CRISIL Suspends 'D' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Madhur Overseas (MO).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D

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

MO, a proprietorship firm set up by Mr. Kiran Pal, trades in
rice. The Narela (Delhi)-based firm procures rice primarily from
the Narela Mandi.


NAGARSHETH SHIPBREAKERS: CRISIL Cuts Rating on INR850MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Nagarsheth Shipbreakers (NS) to 'CRISIL D' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Line of Credit           850       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The downgrade reflects NS's devolved letter of credit for more
than 30 days owing to its weak liquidity.

NS is susceptible to cyclicality and intense competition in the
ship-breaking industry, and to volatility in foreign exchange
rates. Moreover, the firm has a below-average financial risk
profile because of a small networth, high gearing, and weak debt
protection metrics. However, the firm benefits from the extensive
industry experience of its promoters.

NS was set up in 1983 and is engaged in ship-breaking in Alang,
Gujarat. The firm's operations are managed by Mr. Mukund
Nagarsheth and his son, Mr. Devang Nagarsheth.


NARAYANA AGRO: CARE Assigns B+ Rating to INR21.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Narayana
Agro Oils Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      21.50     CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of Narayana Agro Oils
Private Limited (NAOPL) are constrained on account of nascent
stage of operations, presence in highly fragmented industry and
vulnerability of profitability margins due to presence in the
highly volatile agro-commodity business.

The above weaknesses are partially offset by the experience of
promoter for more than three decades along with support from
group concern in terms of timely availability of raw material and
comfortable liquidity position.

The ability of the company to improve profitability, capital
structure along with timely completion of the refinery are the
key rating sensitivities.

Incorporated in December 2014, NAOL is based in Latur,
Maharashtra and is engaged in soya bean solvent extraction
business. The company began its commercial operations in
February, 2015 with solvent unit presently operational while the
refining unit expected to be operational in April 2017. NAOL is
primarily engaged in the business of processing of soya bean
which yields soya bean meal (used as animal fodder) and edible
soya bean crude oil. Soya bean meal is sold to animal poultries
and animal fodder manufacturers like Vimla Feeds Private Limited
(Andhra Pradesh), Nutri-feeds and Farms Private Limited
(Bangalore), etc. While, the edible soya bean crude oil as the
final products is temporarily sold to refineries namely Cargill
India (Pune), Adani Wilmar Limited and local refineries in the
vicinity of Latur, Nanded and Solapur, till the time the company
sets its own refinery which is expected to be completed in FY17.
The soya bean meal is the major contributor to the total income
from operations with 60% contribution while crude soybean crude
oil contributed 40% each to the total operating income for FY15.

The processing facility of the company is located at Udgir, Dist.
Latur with an installed capacity to process 9,000 metric tonnes
per month (MTPM) of soya bean. The major raw material for the
company is soya bean which it procures partly from its group
concern M/s. Narayan Maruti Mahajan, (Latur), operational from
around three decades, and partly from local players in and around
Latur, Maharashtra. The company intends to sell final product
i.e. refined soya oil and soya meal to the wholesalers and
retailers under the brand name 'Saturn Gold'.

M/s. Narayan Maruti Mahajan is a group company engaged in the
business of trading of pulses, toor dal, soya bean and
warehousing of the same; with NAOL, the directors have forayed
into the forward integration through extraction and refining of
edible soybean oil.


NATIONAL STEEL: CRISIL Suspends B Rating on INR100MM Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of National Steel Suppliers (NSS) and has assigned its
'CRISIL B/Stable/CRISIL A4' ratings to these facilities. CRISIL
had suspended the ratings on Jan. 4, 2016, as NSS had not
provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign ratings to its bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            40       CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit              100       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Overdraft Facility       100       CRISIL A4 (Assigned;
                                      Suspension Revoked)

The ratings reflect the firm's modest scale of and working
capital-intensive operations. The ratings also factor in its
below-average financial risk profile because of a modest networth
and high external debt. These weaknesses are partially offset by
the extensive experience of promoters in the steel industry and
their established relationships with customers.
Outlook: Stable

CRISIL believes NSS's financial risk profile will remain below
average over the medium term given its sizeable working capital
requirement and potential diversification into unrelated
businesses. The outlook may be revised to 'Positive' in case of
significant improvement in the financial risk profile,
particularly liquidity, driven by large cash accrual or
monetisation of non core assets. Conversely, the outlook may be
revised to 'Negative' if large working capital requirement or
additional investments in real estate, land, or equity shares
lead to deterioration in the financial risk profile, particularly
liquidity.

Set up in 1982, NSS is a proprietorship firm of Mr. Anand Prakash
that trades in steel products such as thermo-mechanically treated
bars, angles, shapes and sections, beams, billets, rounds, and
others. It is also the consignment agent of Rashtriya Ispat Nigam
Ltd (RINL) for Ghaziabad and Dehradun; it undertakes
transportation, grading, sizing, and warehousing activity on
behalf of RINL.


PIPADA MOTORS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Pipada Motors (PIPMOT).

                                Amount
   Facilities                  (INR Mln)    Ratings
   ----------                  ---------    -------
   Cash Credit                     40       CRISIL B+/Stable
   Inventory Funding Facility      30       CRISIL A4

The ratings reflect PIPMOT's below-average financial risk profile
because of small networth, high total outside liabilities to
tangible networth ratio, and subdued debt protection metrics. The
ratings also factor in the firm's susceptibility to economic
cyclicality, and exposure to intense competition in the
automobile dealership industry. These weaknesses are partially
offset by extensive entrepreneurial experience of the firm's
promoters, and benefits derived from dealership of Tata Motors
Ltd (TML).
Outlook: Stable

CRISIL believes PIPMOT will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in the firm's revenue and
profitability, or considerable increase in its networth because
of sizeable equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of steep decline in profitability,
or significant deterioration in capital structure due to large
debt-funded capital expenditure or stretch in working capital
cycle.

PIPMOT, set up in 2012, is promoted by Ahmednagar, Maharashtra-
based Mr. Pritesh Pipada and his family members. It is an
authorised dealer of TML's commercial vehicles in Ahmednagar, and
has three showrooms with workshops.


PRAVEEN SPINNERS: CRISIL Suspends 'D' Rating on INR350MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Praveen Spinners India Private Limited (PSIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL D
   Cash Credit             120        CRISIL D
   Long Term Loan          350        CRISIL D
   Proposed Long Term
   Bank Loan Facility       84        CRISIL D

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

PSIPL was established in 2010 by Mr. K Rama Chandra Rao. . The
company is engaged in manufacturing of cotton yarn, and its
spinning mill is located in Krishna district of Andhra Pradesh.
The company commenced operations in 2013.


PRITHVI EDIFICE: CARE Lowers Rating on INR7.65cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises ratings of the bank facilities of Prithvi Edifice
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.65      CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Prithvi Edifice Private Limited factors in the ongoing delays in
debt servicing with respect to interest payments on the term loan
account.

Established in the year 2010, Prithvi Edifice Private Limited
(PEPL) is a part of Pune-based Prithvi Group and is promoted
by Mr Abhay Kele. The company is primarily engaged in real estate
development projects. The company has so far completed four
residential projects in Pune with a total saleable area of
1,07,800 square feet. The company has also bagged an award for
'Best Residential Development' from Business Excellence and
Research Group (BERG) at Singapore Real Estate Awards Ceremony in
2014.

Prithvi Group was established in the year 1994 and has presence
in a wide range of activities such as turnkey construction
contracts including construction of tunnel, roads, dams and
canals as well it is engaged in residential and commercial real
estate projects and has so far executed ten infrastructural
projects within the state of Maharashtra.

Project Details:
PEPL is currently developing a residential project named 'Prithvi
Presidio' at Hadapsar in Pune jointly with Mr Abhay Kele
(promoter and owner of the land). The stated project will be
owned by PEPL and Mr. Abhay Kele in the ratio with a 60% and 40%
ratio. The total saleable area of the project is 1,78,030 square
feet.

The firm started the project in December, 2013 and is
expected to complete it by December, 2017. The project features
1BHK designer duplexes which have been copyrighted
by PEPL along with 2 BHK, 3BHK, penthouses and such other.
The project is located opposite Magarpatta City in Pune and is
being launched in two phases. The Phase I consists of two
buildings of up to the 4 floors, and Phase II will consist of the
remaining floors up to 11 floors of the same buildings.

The Phase I has a total saleable area of 75,629 square feet
including commercial area of about 1,800 square feet and
consists of 64 flats and 5 commercial spaces with a total
estimated project cost of INR25.28 crore, which is proposed to be
funded with promoter's funds of INR6.36 crore, sanctioned bank
debt of INR9.00 crore and remaining INR9.92 crore through
customer advances.


RADIANT POLYMERS: CARE Reaffirms B Rating on INR19cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Radiant Polymers Private Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       19       CARE B Reaffirmed
   Long-term/ Short-term            3       CARE B/ CARE A4
   Bank Facilities                          Reaffirmed
   Short-term Bank Facilities       7       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Radiant Polymers
Private Ltd (RPL) continue to be constrained by its modest scale
of operations, working capital-intensive nature of operations,
leverage capital structure and weak coverage indicators. The
ratings also factor in susceptibility of operating margin to raw
material price volatility along with highly competitive and
fragmented nature of the industry.

The aforesaid constraints are partially offset by the experienced
promoters, long track record of operation and association with
reputed clientele.

Going forward, RPL's ability to grow its scale of operation while
registering improvement in the profitability margins & capital
structure would be the key rating consideration. Moreover,
combating raw material price volatility and effectively managing
the working capital requirement would be the other key rating
sensitivities.

RPL was incorporated on August 05, 1988, by Mr Nalin Bahl and Mr
Kumud Jayee of New Delhi. Since its inception, the company has
been engaged in the manufacturing of plastic moulded components
which finds application in automotive, lighting and other
industrial sectors. RPL has three manufacturing facilities (two
in Ghaziabad and one in Uttarakhand).

During FY15 (refers to the period April 1 to March 31), RPL has
earned ~97% of its revenue from the domestic market and balance
from overseas market. RPL exports its products in the countries
like Argentina, Dubai and Gulf.

In FY15, RPL achieved a total operating income (TOI) of INR105.53
crore with PBILDT and net loss of INR8.11 crore and INR1.09
crore, respectively, as against TOI of INR95.13 crore with PBILDT
and PAT of INR11.07 crore and INR1.64 crore, respectively, in
FY14. Furthermore, the company had achieved total operating
income of INR99.29 crore for 11MFY16 (refers to the period from
April 1 to February 29) (as per unaudited results).


RAGHUNATH TRADERS: CRISIL Suspends 'D' Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Raghunath Traders (RT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D

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

RT is a proprietorship firm incorporated by Mr. Parveen Sharma
and is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


RAMA SACKS: CRISIL Suspends B+ Rating on INR42.5MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Rama Sacks N Bags Private Limited (RSBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             32.5       CRISIL B+/Stable
   Term Loan               42.5       CRISIL B+/Stable

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

RSBPL was set up in October 1987 as Friends Spinners Pvt Ltd. Its
name was changed to RSBPL in August 2009. The company is managed
by Mr. Radheshyam Jindal and his family. RSBPL was previously
engaged in trading of high density polyethylene (HDPE) and
polypropylene (PP) bags on a small scale. In December 2012, RSBPL
started manufacture of HDPE/PP woven fabrics which is expected to
contribute majority share of the revenues going forward.


RANI CONSTRUCTIONS: CARE Assigns 'C' Rating to INR12.85cr Loan
--------------------------------------------------------------
CARE assigns 'CARE C/CARE A4' rating to the bank facilities of
Rani Constructions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.85      CARE C Assigned
   Short term Bank Facilities    57.34      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rani Constructions
Private Limited (RCPL) are constrained on account modest scale of
operations with thin profitability margins, financial risk
profile marked by highly leveraged capital structure with weak
debt protection indicators and stretched liquidity position with
full utilization of working capital limits, susceptibility of
margins to volatility in input prices and increased competition
in government funded projects.

The above weaknesses are partially offset by the experience of
the promoter for more than a decade along with satisfactory
outstanding order book (OB) position (3.21x of FY15 audited
revenues) as on September 30, 2015 rendering revenue visibility
over the medium term and presence of price escalation clause in
most of the contracts.

The ability of the company to improve profitability, capital
structure along with timely completion of the order book are
the key rating sensitivities.

RCPL was incorporated as a private limited company in Panaji, Goa
in 1983 by Mr Galla Gundaiah. The operations of the company are
managed by Mr Gundaiah, Mr G. Pramila Rani, Mr Galla Harsha
Vardhan and Mr G. Shree Hari.The company is into execution of
road and irrigation projects for the government authorities. RCPL
is mainly involved in execution of tender based small sized
contracts in construction of roads, bridges, tunnels and
irrigation segment awarded by the Government of Andhra Pradesh,
Bihar, West Bengal, Delhi, Goa and Madhya Pradesh which enables
it to participate in
any tender for R&B (Road and Bridge) department, irrigation
department in the above states . Furthermore, the company
has entered in the real estate segment recently.

During FY15 (refers to the period April 1 to March 31), execution
of road projects and irrigation projects constituted 65% and 35%
respectively of the net sales. The outstanding order book as on
September 30, 2015 stood at 3.21x of FY15 revenues.


REDDY PHARMACEUTICALS: CRISIL Suspends B+ Rating on INR63.5M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Reddy
Pharmaceuticals Limited (Reddy Pharma).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              14        CRISIL B+/Stable
   Letter of Credit          2.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility       63.5      CRISIL B+/Stable

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

Reddy Pharma was set up in 1994 by Mr. Konda Raghurami Reddy and
his wife Mrs. Konda Lalitha Reddy. The company manufactures and
trades in bulk drugs. It also trades in formulations and steel
products. The company is headquartered in New Delhi, and its
manufacturing unit is in Medak (Telangana); the unit commenced
operations in December 2014.


SANT BHAGATRAM: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sant Bhagatram
Ginning and Pressing (SBGP) continues to reflect its below-
average financial risk profile because of a weak capital
structure and debt protection metrics, working capital-intensive
operations, and modest scale of operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            65       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the exposure risks related to
unfavourable changes in the Government of India's policy on
cotton. These rating weaknesses are partially offset by the
extensive experience of promoters in the cotton industry and
their established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SBGP will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if it significantly scales
up its operations, and improves its profitability margin,
consequently enhancing its cash accrual and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile and liquidity deteriorate further because
of a stretch in its working capital cycle, or a decline in its
cash accrual, or any large, debt-funded capital expenditure.

SBGP a partnership firm was founded by the Sarda family based in
Manwath, Maharashtra, in 2011. It gins and presses cotton to make
cotton bales, and has a processing unit in Manwath.


SATPAL STRIPS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Satpal Strips
Private Limited (SSPL; part of the Satpal group) continues to
reflect the Satpal group's weak financial risk profile because of
high gearing, a small networth, and weak debt protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             65       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      25       CRISIL B+/Stable (Reaffirmed)
   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the group's small scale of operations
and its susceptibility to volatility in steel prices. These
rating weaknesses are partially offset by the extensive
experience of promoters in the steel industry and its established
customer base.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSPL and Satpal Metals Pvt Ltd (SMPL).
This is because both the companies, together referred to as the
Satpal group, are under a common management, and SMPL sells
products manufactured by SSPL. They also have significant
business and financial linkages as the entire raw material
requirement of SMPL is met by SSPL.

Outlook: Stable

CRISIL believes the Satpal group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and their established relationships with customers. The
outlook may be revised to 'Positive' in case of ramp-up in
revenue and profitability and improvement in financial risk
profile, particularly liquidity, through higher cash accrual or
infusion of fresh equity by promoters. Conversely, the outlook
may be revised to 'Negative' if the liquidity weakens
significantly, most likely because of low cash accrual, or a
stretch in the working capital cycle, or if any large, debt-
funded capital expenditure further weakens its capital structure.

Update
The group's revenue is estimated at INR580-620 million in 2015-16
(refers to financial year, April 1 to March 31) as against
INR696.9 million in 2014-15. Lower demand for steel products in
the construction sector and fall in steel prices led to lower
sales realisations despite maintaining sales in quantity terms.
With slow growth expected in the construction sector over the
medium term, CRISIL believes revenue growth will remain subdued
in 2016-17. Operating margin is expected to be low at 3.0-3.5
percent over the medium term on account of its presence in the
fragmented construction industry. Modest scale of operations and
low profitability should keep net cash accrual low at INR5-7
million over the medium term.

Receivables though stretched in 2014-15 were corrected to a large
extent in the last quarter of 2015-16. Sustenance of improved
debtor levels shall be critical to the group's liquidity profile.

On account of high debtor levels in 2014-15 and a major part of
2015-16, the dependency on bank borrowings was high, as reflected
in almost full utilisation levels. However, CRISIL expects
liquidity to improve slightly over the medium term given the
absence of debt obligation and capex plans over the medium term.

In the absence of funding support from promoters, CRISIL expects
gearing and interest coverage ratio to remain subdued over the
medium term due to low accrual and large working capital
requirement.

Incorporated in 2007, SSPL is promoted by Mr. Amit Jain and Mr.
Atul Jain. The company manufactures cold-rolled coils, strips,
and sheets. In 2010-11, the promoters forward-integrated into
manufacturing electric resistance welding pipes under SMPL. The
Satpal group's manufacturing facility is in Gobindgarh, Punjab.


SHIVALIK COTEX: CRISIL Suspends 'D' Rating on INR67.4MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivalik Cotex Limited (SCL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL D
   Term Loan                67.4      CRISIL D

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

Incorporated in 2004, SCL is a closely held company manufacturing
cotton yarn (in counts of 25s to 40s). It is promoted by Mr.
Summit Gupta and its manufacturing facility is in Saharanpur
(Uttar Pradesh).


SHREE GANESH: CARE Assigns 'B+' Rating to INR13.30cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Shree Ganesh Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.30      CARE B+ Assigned
   Short-term Bank Facilities     1.70      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities Shree Ganesh Rice
Mills (SGRM) are primarily constrained by its small scale of
operations, weak financial risk profile marked by low
profitability margins, highly leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The rating is, further constrained by its presence
in highly fragmented and competitive nature of the industry,
dependence on vagaries of nature, high level of government
regulation and partnership nature of its constitution. The
ratings, however, draws comfort from experience of the
partners in trading and processing of rice and favorable
manufacturing location.

Going forward, the ability of the firm to increase its scale of
operations while improving its profitability margins and
capital structure shall be the key rating sensitivities.

Sirsa-based (Haryana) Shree Ganesh Rice Mills(SGRM) was
established in 1999 as partnership concern by Mr Bhim Singhal
and Mr Sunil Singhal sharing profit and losses in the ratio of
70:30 respectively.

The firm is engaged in milling and processing and trading of both
basmati and non-basmati rice with an installed capacity of 250
tonnes per day as on March 31, 2015. The firm procures the raw
material (paddy) from grain market located in Haryana through
commission agents and sells its product to wholesellers in
Haryana, Delhi and Gujarat.

In FY15 ( refer to period April 1 to March 31), SGRM has achieved
a total operating income (TOI) of INR52.26 crore with PBILDT and
PAT of INR2.51 crore and INR0.11 crore respectively as against
total operating income (TOI) of INR37.56 crore with PBILDT and
PAT of INR1.67 crore and INR0.07 crore respectively in FY14. In
11MFY16 (refers to period 1 April to February 29), the firm
achieved TOI of INR72.00 crore (as per unaudited results).


SHIVAM PROTEIN: CARE Reaffirms B+ Rating on INR9.69cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Shivam Protein Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.69      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Shivam Protein
Products Private Limited (SPP) continues to remain
constrained on account of its financial risk profile marked by
low profit margins, moderate debt coverage indicators,
moderate capital structure and weak liquidity position. The
rating, further, continues to remain constrained on account of
its small scale of operations, price fluctuation risk for raw
materials, foreign exchange risk, working capital intensive
nature of operations and presence in a highly competitive and
fragmented agro processing industry.

The rating, however, continues to derive benefits from the vast
experience of promoters in the agro processing industry
and established relationship with suppliers and customers.
Ability of SPP to improve scale of operations and profitability
margins amidst intense competition and fluctuation in raw
material prices along with efficient management of working
capital are the key rating sensitivities.

Incorporated in 2003, Shivam Proteins Products Private Limited
(SPP) is engaged in processing of turdal [forming 95% of
overall sales in FY15 (refers to period April 1 to March 31)] and
trading of rice and wheat (forming 5% of overall sales in
FY15), since October 2013. The processed products are sold
entirely in the domestic market. Moreover, SPP is a part of
Shivam group, which has other entities (namely M/s. Santosh Pulse
Mill and ShivamEnterprise) engaged in similar line of
business.

During FY15, SPP reported a total operating income (TOI) of
INR39.75 crore with profit after tax (PAT) of INR0.21 crore as
compared with TOI of INR15.11 crore and PAT of INR0.05 crore
during FY14.


SHREE RAM: CRISIL Suspends 'D' Rating on INR250MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shree Ram
Dass Rice and Gen. Mills (SRDR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              250       CRISIL D

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

SRDR, a partnership firm, was set up by Mr. Vijay Sood and Mr.
Anil Sood in 1982. It mills and processes paddy. SRDR is based in
Machhiwara (Punjab).


SHREYA PRINT: CRISIL Suspends B+ Rating on INR35MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shreya Print Private Limited (SPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               15       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        20       CRISIL B+/Stable
   Term Loan                 35       CRISIL B+/Stable

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

SPPL was set up in 2011 by Mr. Manish Shorewala, Mr. Shirish
Shorewala, and Mr. Surendra Bajoria. The company is engaged in
dyeing and printing of velvet yarn. It is headquartered in New
Delhi, and its processing unit is located in Surat (Gujarat).


SHRI ADIESHWAR: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Shri Adieshwar Traders (SAT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D

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

SAT is a proprietorship firm incorporated by Mr. Dinesh Jain and
is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


SHRI GIRIRAJ: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Shri
Giriraj Traders (SGT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D

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

SGT is a proprietorship firm incorporated by Mr. Rajpal Sharma
and is engaged in the trading of rice. The firm is based out of
Narela, Delhi and procures primarily from the Narela Mandi.


SHRI VENKATESH: CRISIL Reaffirms B+ Rating on INR75.8MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri
Venkatesh Polymould Private Limited (SVPPL) continues to reflect
the company's small scale of operations, customer concentration
in revenue, and average financial risk profile because of small
networth, high gearing, and moderate debt protection metrics.
These weaknesses are partially offset by promoters' extensive
experience.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          20        CRISIL B+/Stable (Reaffirmed)
   Term Loan            75.8      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SVPPL will benefit over the medium term from
promoters' extensive experience. The outlook may be revised to
'Positive' if financial risk profile improves substantially
because of sizeable cash accrual or infusion of funds by
promoters. Conversely, the outlook may be revised to 'Negative'
if financial risk profile, particularly liquidity, deteriorates
due to low cash accrual, large working capital requirement, or
sizeable, debt-funded capital expenditure.

Incorporated in 2012 in Aurangabad and promoted by Mr. Nandkishor
R. Mantri, SVPPL manufactures moulded plastic components for
consumer durables such as washing machine, television, fridge,
and air conditioner. It primarily supplies to Videocon Industries
Ltd.


SHYAM TELECOM: Ind-Ra Lowers Long-Term Issuer Rating to 'IND BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shyam Telecom
Limited's (STL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'.  The Outlook is Stable.  The agency has also
downgraded the company's INR650 mil. non-fund-based working
capital limits to 'IND BB+'/Stable/'IND A4+' from 'IND BBB-'/
'IND A3'.

                        KEY RATING DRIVERS

Deteriorating Business Profile: The rating downgrade reflects the
decline in STL's business volumes over FY15-FY16 due to a loss in
business from Sistema Shyam Teleservices Ltd. (SSTL), and
decreasing demand for CDMA handsets which was only partly
mitigated by higher data card volumes.  The gradual loss of sales
volumes led to EBITDA losses for the company during FY15
(negative INR73 mil.) and 9MFY16 (negative INR77 mil.) further
leading to cash losses.

Proposed SSTL and R-Com Merger: SSTL is in middle of a merger
transaction with Reliance Communications Limited.  The
transaction is being considered by the High Court for final
approval.  SSTL is proposed to own 10% in the merged entity.  STL
is anticipating deriving business from the merged entity as it
has an established distribution network in the nine geographies
where SSTL had operations.  The new entity can rely on STL's
distribution network to further enhance its reach.

Dependence on a Dying Ecosystem: STL acts as the equipment
supplier for SSTL in India.  SSTL is the pure play CDMA operator
in India.  There has been minimal offtake for CDMA technology in
India.  Therefore, the company's operating performance has been
moderate.  As STL has not ventured into GSM handsets it has a
limited subscriber base to address and thus low volumes and low
business visibility.  During 9MFY16, the volumes for CDMA
handsets fell to 575,609 units from 1,044,110 units reported in
FY15.

Changing Product Mix: The company has been witnessing a change in
its product mix from handsets to data dongles.  During FY15, 53%
of the total sales volumes were dongles which increased to 60% in
9MFY16.  The changing product mix is in line with market dynamics
wherein CDMA handsets are facing limited demand while due to a
higher demand for data services the company is witnessing robust
volumes for data dongles.  Ind-Ra expects the company's dongles
business to remain healthy however due to the limited subscriber
base the volumes shall remain moderate.

Low Working Capital Requirement; Support from SSTL: The ratings
factor in STL's minimal working capital requirements, which is
primarily due to favorable credit terms with its suppliers.  The
company procures all its trading equipment through Insitel
Services Private Limited, an India-based associate of SSTL.
Insitel Services procures supplies from manufacturers such as ZTE
Corporation and sells to STL on a high-seas basis.  Thus, STL has
no requirement of producing letters of credit for procuring
trading equipment.  STL is able to manage payment terms to
maintain liquidity.  Therefore, STL had a net cash conversion
cycle of negative 35 days in FY15 (FY14: negative 20 days).  This
arrangement further eliminates any forex risk as STL has to make
final payments to Insitel Services in Indian rupee.

Comfortable Liquidity Position: Despite the weakening of business
profile and reported EBITDA losses in FY15, the liquidity profile
has been stable.  STL does not avail any fund-based working
capital limits and for non-fund based limits the utilization has
been minimal in the last one year.  The company's cash balances
remained robust at INR90 mil. at FYE15 (9MFY16: INR74.8 mil.).

                         RATING SENSITIVITIES

Negative: A rating upgrade would result from an increase in the
debt to support operating losses and/or a stressed working
capital cycle leading to an increase in the short-term
debt/working capital debt.

Positive: A rating upgrade would result from an improvement in
the business volumes thereby resulting in a substantial increase
in revenue and profitability.

                         COMPANY PROFILE

STL was incorporated in 1992 to manufacture wireless
communication equipment and to provide rural communication
equipment to the incumbent government operator, the Department of
Telecommunications.  However, due to no new tenders being floated
by the government entities, STL started concentrating mainly on
the trading of CDMA handsets to meet the significant handsets
requirements of customers of SSTL.  During FY15, the company
reported revenue of INR3,245 mil. and PAT losses of INR274 mil.


SNEHA MARKETING: CRISIL Assigns 'B' Rating to INR60MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities Sneha Marketing (SM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              39.5      CRISIL B/Stable
   Foreign Letter of
   Credit                   60.0      CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        0.5      CRISIL B/Stable

The ratings reflect SM's modest scale of operations in the
fragmented polymer trading business, and weak financial risk
profile marked by modest networth, high total outside liabilities
to tangible networth ratio and weak interest coverage ratio.
These weaknesses are partially by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes SM will continue to benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, or
substantial equity infusion, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates because of substantial
increase in working capital requirement, lower-than-expected cash
accruals or significant capital withdrawals.

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of high-impact
polystyrene (HIPS) and general-purpose polystyrene (GPPS)
products of LG Polymers India Pvt Ltd (LGPI) in Silvassa and
Maharashtra.


SOVEREIGN AGRO: CRISIL Assigns 'B' Rating to INR75MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sovereign Agro Tech Refinery Pvt Ltd
(SATRPL).

                                Amount
   Facilities                 (INR Mln)     Ratings
   ----------                 ---------     -------
   Proposed Term Loan              75       CRISIL B/Stable
   Proposed Cash Credit Limit      70       CRISIL B/Stable
   Proposed Letter of Credit      125       CRISIL A4

The ratings reflect SATRPL's exposure to risks related to timely
implementation of project and ramp-up in sales. These weaknesses
are partially offset by the extensive experience of promoters in
the edible oil refining industry.
Outlook: Stable

CRISIL believes SATRPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of timely stabilisation of
operations leading to and higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
time or cost overrun in the implementation of its projects, or if
the financial risk profile weakens because of lower revenue or
cash accrual, a stretch in the working capital cycle, or any
large, debt-funded capital expenditure.

Incorporated in 2015, SATRPL is setting up a 50 tonne per day
capacity sunflower oil plant. The company is promoted by Mr. A.
Aroonavel and Mr. TJ Ranjith Jai Prabhu. It is based in Chennai.


SUBHASH HASTIMAL: CRISIL Assigns B+ Rating to INR114.4MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Subhash Hastimal Lodha (SHL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      114.4      CRISIL B+/Stable

The rating reflects SHL's exposure to risks related to real
estate segment, and vulnerability of revenue and profitability to
inherent risks in the land trading business. These weaknesses are
partially offset by long-term agreements for sale of electricity,
and rental income from properties, which provide some revenue
visibility, and promoter's entrepreneurial presence.
Outlook: Stable

CRISIL believes SHL will benefit from promoter's business
experience and need-based financial support. The outlook may be
revised to 'Positive' if the firm effectively manages risks
related to land trading, and recovers loans and advances.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on liquidity because of delinquencies by borrowers or
more-than-expected losses in the hospitality or land trading
business.

SHL, a proprietorship firm of Mr. Subhash Lodha in Pune,
Maharashtra, derives income from interest on loans and advances
extended to third party, sale of electricity from its wind and
solar power plants, and rental income on commercial properties.
It also manages two hotels in Pune.


SUYOG ANJANI: CARE Reaffirms B+ Rating on INR9.98cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings of bank facilities of Suyog Anjani
Avishkar Associates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.98      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Suyog Anjani
Avishkar Associates (SAAA) is constrained on account of the
project implementation risk associated with its ongoing real
estate project along with competition from other real estate
players in the region and cyclical nature of the industry.

The rating derives strength from considerable experience of the
partners in the real estate industry of over a decade, strategic
location of the project and moderate booking status of the
project.

The ability of the entity to complete the ongoing project without
any time and cost overrun and the ability to sell the space in a
highly competitive scenario at the envisaged prices and in a
timely manner are the key rating sensitivities.

Established in the year 2011 SAA is a joint venture (JV) between
Pune based Suyog Group, Anjani Group (Anjani Promoters rated
'CARE BB-') and Avishkar Associate. The groups have undertaken
real estate projects predominantly in Pune region with total area
developed as JVs by these groups till date was around 1.13 lakh
square feet (lsf) and additional 6.49 lsf of area is under
development. The partners of the SAAA have presence in real
estate business since 1998 through various companies and
partnership/proprietorship entities in association with well-
known developers in Pune.

The promoters have established the firm with an objective to
undertake a real estate projects in and around Pune region.
SAAA is currently developing integrated residential project
called "Sai Avishkar" at Dhayari, Pune, with total saleable area
of 1.66 lakh square feet (lsf). The firm started project in
February 2012 and is expected to get complete by September
2017.


U.H. AGROTECH: CRISIL Suspends 'D' Rating on INR126MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of U.H.
Agrotech Private Limited (UHAPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               42       CRISIL D
   Proposed Long Term
   Bank Loan Facility       126       CRISIL D
   Rupee Term Loan           62       CRISIL D

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

UHAPL was set up in 2009 by acquiring the existing business of
two partnership firms - Uchani Hatchery, and Uchani Research and
Breeding Farm. The company operates in the poultry industry, and
its unit is located in Karnal (Haryana). Its operations are
managed by Mr. Rajbir Singh along with his brothers - Mr.
Raghuvir Singh, Mr. Randhir Kumar, and Mr. Rajinder Kumar.


VASU TRADING: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vasu Trading Co. (VTC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        15       CRISIL B+/Stable
   Standby Line of Credit    15       CRISIL B+/Stable

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

VTC, set up in 2005 as a partnership firm in Hissar (Haryana),
trades in steel and steel products such as thermo-mechanically
treated bars, mild steel bars, and wires, and in cement. The firm
is currently managed by Mr. Amit Arya and Mr. Abhishek Arya.


WELLCARE OIL: CARE Reaffirms B+ Rating on INR2.89cr LT Loan
-----------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Wellcare Oil Tools Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     2.89       CARE B+ Reaffirmed
   Short-term Bank Facilities    2.00       CARE A4 Reaffirmed
   Long/Short Term Bank          1.00       CARE B+/CARE A4
   Facilities                               Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Wellcare Oil Tools
Private Limited(WOT) continues to remain constrained by its short
track record of operations coupled with small scale of
operations, leveraged capital structure and elongated inventory
holding period. The ratings are further constrained by revenue
concentration to oil and gas industry and competition from the
organized and unorganized players.

The ratings, however, draw comfort from the experienced
promoters, moderate profitability margins, association with the
reputed customers and proximity of the manufacturing facilities
to industrial area.

Going forward, the ability of WOT to scale up its operations with
improvement in the profitability margins and capital structure
shall be the key rating sensitivities.

Alwar-Rajasthan based, WOT was initially incorporated in 2010
under the name Wellcome Oil Tools Private Limited.

Subsequently, in 2011 the company's name was changed to its
present name. The company commenced its commercial operations
from January, 2013. The current management of the company
comprises of Mr Surender Yadav and his nephews Mr Satish Kumar
and Mr Ravinder Yadav.

The company is engaged in the manufacturing of oil field drilling
equipment's such as liner hanger system, packer & bridge plug,
centralizer & stops collars, floats equipment with its setting
tools and has a total product portfolio of around 250 equipment's
as on March 31, 2015. The company sells its products directly to
petroleum companies and to wholesalers. The company obtains
contract from tendering and bidding process.
The manufacturing facilities of the company are located in Alwar,
Rajasthan and the product, designs and processes are API
(American Petroleum Institute)-Q1, ISO-9001, ISO/TS-29001, ISO-
14001 and OHSAS-18001 certified.

The key raw material used in manufacturing is solid steel rods of
different types, rubber and other accessories which are procured
directly from the manufacturers domestically. The company
sometimes also imports certain raw materials from Argentina and
Brazil on order basis.

WOT has achieved a total operating income (TOI) of INR5.83 crore
with PBILDT and profit after tax (PAT) of INR1.92 crore and
INR0.17 crore, respectively, in FY15 as against TOI INR5.43 crore
with a PBILDT and PAT of INR1.60 and INR0.03 crore, respectively,
in FY14. Furthermore, during 9MFY16, the company achieved TOI of
INR11.90 crore.



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


TAKATA CORP: U.S. Recall Could More Than Double, Sources Say
------------------------------------------------------------
The Associated Press reports that U.S. auto safety regulators are
in talks with Takata Corp. to add tens of millions of air bag
inflators to what already is the biggest auto recall in American
history, three people briefed on the matter have said.

The news agency relates that the U.S. government's National
Highway Traffic Safety Administration wants the company to agree
to a recall that could more than double the 28.8 million Takata
inflators that already must be replaced, the people said on
May 3, requested anonymity because talks are still ongoing.

Unlike most air bag makers, Takata's inflators use the chemical
ammonium nitrate to fill air bags in a crash. But they can
explode with too much force, blowing apart a metal canister and
spewing shrapnel into drivers and passengers, the AP notes. At
least 11 people have died worldwide and over 100 have been hurt
by the inflators. The latest death was a 17-year-old Texas girl
who got into a relatively minor crash while driving her family's
2002 Honda Civic.

Neither the government nor Takata would say if more recalls are
coming, but under an agreement reached with the company last
year, it must prove that the inflators are safe or begin
recalling them in 2018, according to the AP.

The government wants Takata to agree to recall all inflators that
do not have a drying agent called a desiccant, but the size of
the recall expansion is unclear, the people, as cited by the AP,
said.

According to the report, the expansion is likely to include about
35 million front air bag inflators on U.S. roads without the
drying agent. But that still wouldn't be a total recall of Takata
air bags. The NHTSA has said there are a total of 85 million
Takata inflators in U.S. vehicles that have not been recalled,
some with and without the drying agent.

Such an expansion would cost Takata billions on top of what it
already has spent replacing inflators, raising concerns about the
company's financial health.

Takata did say in a statement that it is working with NHTSA and
automakers "to develop long-term, orderly solutions to these
important safety issues," the report notes.

The AP relates that the NHTSA said it has reviewed the findings
of three separate investigations into the inflators and "will
take all appropriate actions to make sure air bags in Americans'
vehicles are safe."

The problem has been linked to older cars with long-term exposure
to high humidity. That's why replacement parts are being targeted
to areas such as the U.S. Gulf Coast, although many of the cars
have been recalled nationwide. No one knows for certain how long
it takes for the ammonium nitrate to deteriorate or whether
inflators in older cars in cooler, less-humid states might
explode in the future. That makes the safety of Takata inflators
-- which are in driver, passenger and side air bags -- a
potentially deadly unknown, says the AP.

The AP adds that NHTSA has said that no inflators have ruptured
that contain the desiccant, either in tests or on the road,
except for two side air bag ruptures in testing that were blamed
on a separate manufacturing defect. The agency based its estimate
on data provided by Takata and the 14 car and truck makers that
have Takata inflators in their vehicles.

Takata has agreed not to sign any more contracts to sell ammonium
nitrate inflators and phase it out of manufacturing by the end of
2018, says the AP.

Earlier this year, scientists hired by 10 automakers blamed the
trouble on a combination of volatile ammonium nitrate, heat and
humidity, and inflator containers that may let moisture seep in,
adds the AP.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2016, Nikkei Asian Review said that Takata Corp, mired
in a deepening air bag scandal, hopes to select a sponsor by
August to pursue restructuring under new management.  A third-
party committee of outside attorneys and others had briefed
automakers and banks on the plan by April 19, Nikkei said.
Takata hopes to select a sponsor by the end of August and draw up
fresh rehabilitation plans. It likely will accept a management
team from the sponsor.

On Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces
huge fines, and almost certainly lawsuits (which have already
begun), over its defective airbags.  The report related that some
experts believe that the Japanese company was not forthcoming
about the technical failure that caused several serious accidents
and deaths. If Takata goes bankrupt, which could certainly
happen, claims against the company would be in limbo, 24/7 Wall
St. said.

Takata Corporation (TYO:7312) develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


1MALAYSIA: Hong Kong Bank Funds Said Frozen Amid Probe
------------------------------------------------------
Andrea Tan at Bloomberg News reports that Hong Kong bank accounts
belonging to several unnamed individuals have been frozen amid
global investigations into the finances of a troubled Malaysian
state fund, according to people with knowledge of the matter.

Those who had their funds locked are being probed by authorities
in countries outside of Malaysia, such as Singapore, the people
said, asking not to be identified because of the sensitivity of
the matter, Bloomberg relays.

1Malaysia Development Bhd., which defaulted on its debt last
month, is at the center of multiple inquiries stretching from
Switzerland to the U.S. amid allegations of money laundering and
embezzlement, and has consistently denied wrongdoing, Bloomberg
says. Malaysia's central bank last week fined 1MDB and announced
it was ending its investigation.

It's not clear which Hong Kong authorities ordered the accounts
freeze or if the banks acted on their own volition, Bloomberg
notes.  Bloomberg recalls that The Financial Times in September
reported that Hong Kong police were investigating some deposits
related to 1MDB after a complaint was lodged. Malaysia said those
claims were baseless and politically motivated, the newspaper
reported.

Hong Kong's anti-corruption agency and the police said they don't
comment on individual cases, Bloomberg notes.

According to Bloomberg, authorities in Singapore said in February
they had frozen "a large number" of accounts in connection with
possible money-laundering related to the 1MDB probe. Bloomberg
says the Southeast Asian nation has charged two men following
investigations into their dealings with the fund and related
entities. Prosecutors there describe the probe as its "most
complex cross-border investigation."

Authorities in other countries such as Switzerland are also
examining claims that 1MDB was used to funnel money to
politically-connected individuals, says Bloomberg. A Malaysian
parliamentary committee had identified at least $4.2 billion of
irregular transactions by the fund, the report discloses.

Bloomberg notes that Prime Minister Najib Razak chairs the
advisory board of 1MDB and has faced calls from opposition
politicians and former leader Mahathir Mohamad to resign as
premier over alleged mismanagement at the fund. He has
consistently denied wrongdoing.

Bloomberg adds that the Malaysia attorney general's office in
January cleared Najib of any graft in receiving a large donation
in his personal accounts from the Saudi royal family before the
2013 general election, with most of the money later returned. It
rejected at least two requests from Malaysia's central bank for
criminal proceedings against 1MDB.

                             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.



====================
S O U T H  K O R E A
====================


DAEWOO SHIPBUILDING: Looks Like a Bigger Problem For KDB
--------------------------------------------------------
The Korea Herald reports that Korea is moving to recapitalize the
Korea Development Bank to help it lead debt structuring of
distressed shipping lines and shipyards, but data shows a bigger
problem may be brewing inside the policy bank's own jurisdiction.

KDB's own shipbuilding subsidiary Daewoo Shipbuilding & Marine
Construction has liabilities 730 times larger than its equity
capital as of Dec. 31, 2015, according to The Korea Herald.

The report, citing data compiled by data provider CEO Score,
discloses that the world's No. 2 shipyard that is 49.7% owned by
KDB was an outlier in leverage growth among Korea's major
companies last year, with its debt-to-equity ratio skyrocketing
from 453% at end-2014 to 7,308%.

The Korea Herald says Daewoo Shipbuilding's leverage level is by
far higher than those of Hyundai Merchant Marine and Hanjin
Shipping, which have ratios of 816% and 1,565%, respectively.

The report says state-run KDB holds key to the fate of the two
companies, whose ongoing struggle to cut debt and stay afloat in
the global shipping industry storm is making headlines and being
seen as a test of corporate reform in Korea amid economic
hardship. KDB is the main creditor of both and a score of others
in troubled industries.

"That Daewoo Shipbuliding had amassed losses of such an amount,
without fully realizing how serious a situation it was in, just
underscores the fact that the company is owned by the
government," an industry insider said, criticizing the lax
oversight of KDB, The Korea Herald relays.

According to the report, experts said Daewoo Shipbuilding will be
a big burden on the financial health of KDB and another policy
bank Export-Import Bank of Korea, going forward.

Samsung Futures estimates the additional funds that the two banks
will have to set aside in provisions for the Daewoo Shipping debt
is at least KRW7.2 trillion, the report adds.

Daewoo Shipbuilding, originally part of the now-defunct Daewoo
Group, became a subsidiary of KDB in 2000, as a result of a near-
KRW2 trillion state bailout following the group's demise during
the Asian financial crisis in the late 1990s.

The state-run lender, together with the Export-Import Bank of
Korea, injected another KRW4.2 trillion of funds into the unit
last year, as it reported a record loss of KRW5.13 trillion in
2015 alone.

The Korea Herald reports that Korea's top regulator Yim Jong-yong
said on May 4 that the authorities will hold accountable those
responsible for the company's messy finances.

"We have devised our action plans for Daewoo Shipping according
to possible scenarios. But on top of those measures, the company
will have to take some serious self-rescue work, including a 30%
reduction in its workforce," the report quotes Yim as saying.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


HYUNDAI HEAVY: Likely to Push for Massive Layoffs
-------------------------------------------------
The Korea Herald reports that Hyundai Heavy Industries is highly
likely to push for massive layoffs amid a prolonged recession in
the global shipbuilding sector and the government's move to
restructure the ailing industry.

Over the past few weeks, the troubled world's No. 1 shipbuilder
is rumored to be planning an additional cut of 3,000 employees --
most likely from its production line -- in the form of voluntary
retirement programs, the report says. The firm already cut around
60 executives in April and around 1,500 office workers last year.

The company's spokesperson denied rumors of an imminent layoff
plan, but told The Korea Herald by phone, "We are considering
diverse ways to streamline the business although nothing has been
confirmed."

The Korea Herald says the speculation came as Hyundai Heavy --
along with two other shipbuilding giants Samsung Heavy Industries
and Daewoo Shipbuilding & Marine Engineering -- has continued to
see weak ship orders in the sluggish shipbuilding market
globally.

According to the report, Hyundai Heavy posted losses during nine
straight quarters until the fourth quarter of 2015. Although it
turned around in the first quarter this year, it was mostly
driven by oil-refining and engine sectors and not from its main
shipbuilding business. The company gained only three ship orders
-- two tankers and one liquefied petroleum gas ship -- through
April this year. The situation of the other two shipbuilding
giants is no better.

Amid the continued weak business performance, Hyundai Heavy also
faces mounting pressure from the government, which has shown its
strong willingness to accelerate restructuring of the three
money-losing shipbuilders, The Korea Herald reports.

On April 20, Finance Minister Yoo Il-ho hinted the government's
willingness to take the leadership in industry's restructuring,
saying, "We will accelerate the push for layoffs," in the
shipping and shipbuilding industries, The Korea Herald recalls.

A week later, KEB Hana Bank's chief Ham Young-joo visited Hyundai
Heavy's headquarters in Ulsan to call on the shipbuilder's head
Kwon Oh-gap to prepare for restructuring measures to counter
possible further deterioration of the industry. The main creditor
bank has lent around KRW1.2 trillion ($1 billion) to the
shipbuilder, The Korea Herald discloses.

The Korea Herald says Ham's visit is seen as a follow-up measure
after financial authorities mapped out plans on restructuring the
troubled shipbuilding giants. On April 26, the Financial Services
Commission had both Hyundai Heavy Industries and Samsung Heavy
Industries submit self-help plans to their main creditors, the
report notes.

Market watchers said even if the massive layoff takes place, it
would not be radical or in a coercive way due to strong
resistance from the labor union and huge economic impact on Ulsan
City, home to the shipbuilder, The Korea Herald states.

The Korea Herald relates that the city, which is located in
southeast Korea, has already been hit hard by the sluggish
shipbuilding industry. The number of the jobless has soared to
9,400 in the first quarter of this year, more than 18 percent
rise from the same period last year, The Korea Herald discloses
citing latest data from Labor Ministry.

Strong resistance from the militant labor union will also be a
major obstacle to the massive layoff, the report says. The
shipbuilder's union, which belongs to the Korean Metal Workers'
Union, said it would soon begin protests, opposing the possible
layoffs and calling for a wage rise, adds The Korea Herald.

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.



===============
X X X X X X X X
===============


* Asian Corporate High-Yield Default to Remain Moderate in 2016
---------------------------------------------------------------
Moody's Investors Service says that the default rate for Asian
high-yield corporates will stay at a moderate level for 2016,
despite Moody's slightly upward revision of the forecast default
rate for the year to 4.2% from an earlier estimate of 3.2%.

The change in the forecast reflects the slight weakening in the
credit quality of Moody's speculative grade portfolio during
1Q2016, and the 4.2% translates to six potential defaulters for
the year.

"Companies in the metals & mining sector face a higher risk of
default," says Clara Lau, a Moody's Group Credit Officer.  "The
protracted weakness of commodities prices globally has eroded the
profitability of the mining companies and weakened their credit
profiles."

"We believe that the oversupply in the commodities sector
reflects a structural shift in the industry rather than a
cyclical downturn; the credit profiles of mining corporates will
therefore continue to come under stress", adds Lau.

Moody's analysis is contained in its just-released report titled
"Default Report: 2016 Asian Corporate High-Yield Default Rate
Will Remain Moderate Despite Rise in 1Q2016," and is authored by
Lau.

Moody's report points out that the trailing 12-month Asian high-
yield corporate default rate ended 1Q 2016 at 7.0%, a slight
increase from the 6.5% seen at end-2015.  The increase reflected
one additional default in 1Q 2016, resulting in a total of 10
defaulters for the period.

Six of the 10 defaulters were metal and mining and related
issuers.  Metals and mining companies and related service
providers continued to come under tremendous pressure in 1Q 2016,
due to oversupply issues and weak demand in the commodities
sector.

The Asia speculative grade default rate trend is in line with
that for the US and globally.  The trailing 12-month global
default rate rose to 3.8% at end-1Q 2016 from 3.5% in 2015, while
that for the US rose to 4.1% from 3.2%.

Globally, 33 Moody's-rated issuers defaulted in 1Q 2016, roughly
two-thirds of which were from the oil & gas (13) and metals &
mining (8) industries.  In comparison, there were only 22
defaults in 1Q 2015 and 27% were contributed by the commodity
sectors.



                             *********

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

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

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


                            *********


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

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

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

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

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



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