TCRAP_Public/160506.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

             Friday, May 6, 2016, Vol. 19, No. 89


                            Headlines


A U S T R A L I A

ANIMAL SUPPLIES: Petbarn Acquires Pet Suppliers' Assets
BROADSPECTRUM LTD: S&P Puts 'BB' CCR on CreditWatch Positive
ELECTAIRE PTY: First Creditors' Meeting Set For May 16
KNIGHT AUSTRALIA: First Creditors' Meeting Set For May 13


C H I N A

CHINA AOYUAN: Fitch Assigns Final 'B+' Rating to USD250MM Notes
KAISA GROUP: Scheme Creditors' Meeting Set For May 20


H O N G  K O N G

NORD ANGLIA: Moody's Affirms B1 Corporate Family Rating


I N D I A

A.K SONI: CARE Cuts Rating on INR14.30cr LT Loan to B+
ADISHAKTI ALLOYS: ICRA Cuts Rating on INR14.45cr Loan to 'D'
ANISHA ENTERPRISES: ICRA Assigns 'B' Rating to INR15cr Loan
APPU HOTELS: CARE Reaffirms B+ Rating on INR220.20cr LT Loan
AQUAFIL POLYMERS: CARE Reaffirms 'C' Rating on INR31.19cr LT Loan

B. D. OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan
BOROCHEMIE (INDIA): Ind-Ra Assigns 'IND BB' LT Issuer Rating
DHARANI SUGARS: CARE Ups Rating on INR600.27cr Loan to B-
DSS BUILDTECH: ICRA Lowers Rating on INR16.11cr Loan to B+
DULAM ROCKS: ICRA Assigns 'B' Rating to INR5.80cr Loan

ENCORE THEME: CARE Ups Rating on INR8.29cr LT Loan to BB-
FLEMING LABORATORIES: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
HANUMAN COTTON: CARE Reaffirms B+ Rating on INR8.01cr LT Loan
HRM OVERSEAS: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
JAGDAMBA TIMBERS: CARE Reaffirms B/A4 Rating on INR2cr Loan

JEEVISHA FOODS: ICRA Revises Rating on INR10.30cr Loan to B+
JINDAL INDIA: CARE Lowers Rating on INR5,492.06cr Loan to 'D'
JOYFUL PLASTICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
KHANDWA INDUSTRIES: CARE Reaffirms B+ Rating on INR12.15cr Loan
KINGFISHER AIRLINES: Mallya Doubts Fair Trial Over Loans

LRC ABARANA: ICRA Reaffirms B+ Rating on INR15cr Bank Loan
MARUTI PRODUCTS: ICRA Assigns B+/A4 Rating to INR17.50cr Loan
MID WEST: ICRA Assigns 'B' Rating to INR8.0cr Term Loan
NAGABHUSHANAM & CO: Ind-Ra Assigns IND BB- LT Issuer Rating
NEPTUNE INDUSTRIES: CARE Reaffirms B+ Rating on INR13.54cr Loan

PING TELEMATICS: CARE Reaffirms 'B' Rating on INR7.61cr Loan
RAJ REGENCY: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SANCHEM FABRICS: ICRA Assigns B+ Rating to INR7.7cr Term Loan
SHAKTI POLYTEX: ICRA Revises Rating on INR18cr Loan to B+
SHREE BALAJI: CRISIL Downgrades Rating on INR30MM Loan to B+

SHREE VENKATESHWARA: CARE Assigns B+ Rating to INR13.13cr LT Loan
SHRIYA RICE: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan
SONHIRA SAHAKARI: ICRA Revises Rating on INR75cr LT Loan to B+
SPARSH INDUSTRIES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
SRI SRI VENTURES: ICRA Assigns B+ Rating to INR6.0cr Term Loan

SRI VASAVI: ICRA Assigns B- Rating to INR5.99cr Loan
SUNRISE AQUA: ICRA Assigns 'B' Rating to INR9.90cr Loan
SUNRISE MARKETING: CARE Assigns B+ Rating to INR5.50cr LT Loan
SUPER PRIME: ICRA Suspends B+ Rating on INR8cr Bank Loan
TCL-MMPL CONSORTIUM: ICRA Assigns B+ Rating to INR1.0cr Loan

TIRUPATI COTTON: ICRA Assigns 'B' Rating to INR4.50cr Loan
TRADING ENGINEERS: Ind-Ra Cuts Long-Term Issuer Rating to IND B+
VENTURE STEEL: CARE Assigns 'B' Rating to INR3.21cr LT Loan
YUG INTERNATIONAL: Ind-Ra Affirms 'IND BB+' LT Issuer Rating


I N D O N E S I A

MITRA PINASTHIKA: S&P Affirms 'B+' CCR; Outlook Stable
SOLUSI TUNAS: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
SRI REJEKI: Moody's Affirms B1 CFR & Changes Outlook to Pos.


J A P A N

SAIZEN REIT: Moody's Withdraws Ba3 Corporate Family Rating
SHARP CORP: To Move Headquarters to Sakai Plant


M A L A Y S I A

1MALAYSIA DEVELOPMENT: To Dissolve Board Headed by PM Razak


N E W  Z E A L A N D

INTAGR8 LIMITED: Commerce Commission Concludes Investigation


P H I L I P P I N E S

ALLIANCE SELECT: Annual Net Loss Narrows to $8.02 Million in 2015


S O U T H  K O R E A

HANJIN SHIPPING: To Begin Creditor-Led Debt Restructuring


                            - - - - -


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


ANIMAL SUPPLIES: Petbarn Acquires Pet Suppliers' Assets
-------------------------------------------------------
Broede Carmody at SmartCompany reports that pet supplies retailer
Petbarn has scooped up the assets of a string of companies that
collapsed into voluntary administration last month.

Animal Supplies Group, which operated businesses such as Animal
Supplies Wholesale and Pet Brands Connect, called in
administrators on April 14. Vaughan Strawbridge and David Lombe
from Deloitte were appointed voluntary administrators,
SmartCompany discloses.

Animal Supplies Wholesale is one of the largest distributors of
pet food, accessories and supplements in Australia, according to
its website. The business has been operating for more than 20
years and is also Australia's largest distributor of equine
products.

Animal Supplies Wholesale has ceased trading along with its
sister companies, SmartCompany relates citing a circular to
creditors.

This is because Petbarn purchased the assets to the Animals
Supplies Group of companies on April 29 for an undisclosed
amount, the report says.

Administrators said all outstanding invoices will be honoured if
they are accompanied by a valid purchase order, SmartCompany
relays.

Petbarn purchasing the assets to Animal Supplies Wholesale comes
as its parent company, Greencross Limited, ramps up its expansion
plans, the report notes.

A spokesperson for Deloitte told SmartCompany Petbarn took on 23
employees from Australian Supply and Distribution Ltd -- one of
the companies within the Animal Supplies Group.

"Twenty-four were offered employment and one declined,"
SmartCompany quotes the spokesperson as saying. "Petbarn has
entered into a new lease with the landlord for the only leased
premises of the companies at Eastern Creek in Sydney."

SmartCompany contacted Greencross Limited for comment, but did
not receive a response prior to publication.


BROADSPECTRUM LTD: S&P Puts 'BB' CCR on CreditWatch Positive
------------------------------------------------------------
S&P Global Ratings said that it has placed its 'BB' long-term
corporate credit rating, 'BB+' senior secured debt issue rating,
and 'B+' senior unsecured debt rating on Broadspectrum Ltd.
(formerly Transfield Services Ltd.) on CreditWatch with positive
implications.  The recovery ratings remain unchanged at '2' for
the company's senior secured debt and '6' for its senior
unsecured debt.

The CreditWatch placement follows BRS's announcement on April 28,
2016, that its board now recommends shareholders to accept
Ferrovial's revised offer of A$1.50 cash per share in light of
increased uncertainty related to its operations in Manus Province
in Papua New Guinea (PNG).

"We consider that the acquisition by Ferrovial is positive for
BRS's creditors due to Ferrovial's stronger credit quality," said
S&P Global Ratings credit analyst May Zhong. Ferrovial is an
infrastructure group headquartered in Spain with annual sales of
EUR9.2 billion in the year ended Dec. 31, 2015.

If the acquisition is successful, S&P would assess these factors
to determine if, and to what extent, the rating on BRS could be
higher:

   -- The strategic relationship and degree of integration
      between the two companies following the takeover;

   -- The uncertainties surrounding the Manus Island operation in
      PNG and its implication on BRS's business risk profile; and

   -- How BRS would be capitalized following the acquisition.

S&P will resolve the CreditWatch once it has greater clarity on
these factors.  S&P could raise the rating on BRS by at least one
notch, depending on S&P's assessment of the company's strategic
importance to Ferrovial.


ELECTAIRE PTY: First Creditors' Meeting Set For May 16
------------------------------------------------------
Frank Lo Pilato, Peter Marsden and Mitchell Herrett RSM Australia
Partners were appointed as administrators of Electaire Pty.
Limited, trading as Electaire, on May 4, 2016.

A first meeting of the creditors of the Company will be held at
RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, on May 16, 2016, at 3:00 p.m.


KNIGHT AUSTRALIA: First Creditors' Meeting Set For May 13
---------------------------------------------------------
Roger Darren Grant and Shane Leslie Deane of Dye & Co. Pty Ltd
were appointed as administrators of Knight Australia Pty. Ltd. on
May 5, 2016.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on May 13, 2016, at
10:30 a.m.



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


CHINA AOYUAN: Fitch Assigns Final 'B+' Rating to USD250MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned China Aoyuan Property Group Limited's
(Aoyuan; B+/Positive) USD250m 6.525% senior unsecured notes a
final 'B+' rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as Aoyuan's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on 17 April 2016.

The Chinese homebuilder's ratings are supported by its continued
business expansion with moderate leverage and sufficient
liquidity. The ratings are constrained by the high level of non-
residential properties in the product mix and lower tier city
exposure in its land bank.

KEY RATING DRIVERS

Improving Operational Strength: Aoyuan's contracted sales
continued to increase in 1Q16, rising 42% from a year earlier.
Fitch estimates Aoyuan's contracted sales is on track to reach
CNY18bn in 2016 and CNY20bn in 2017, based on its plans for
project launches. Aoyuan will be about four times as large as it
was in 2012, mainly because it consistently increased the number
of properties ready for sale and it executed projects well. Its
larger scale gives the company a more stable sales base and
greater financial flexibility in making land acquisitions.

Continued Geographic Diversification: In 2015, Aoyuan continued
to carry out its fast-churn strategy, especially in projects
outside of its home market and overseas. The share of contracted
sales from Guangdong province dropped to 44% in 2015 from 67% in
2014, and the increase in sales was mainly driven by newly
acquired projects in Guangxi, Anhui and Zhuhai, as well as
overseas projects in Australia. Projects and land in these new
regions were acquired in early and mid-2015 and have already
contributed CNY4.5bn in contracted sales by end-2015, or about
30% of total sales volume.

Disciplined Land Acquisition: Fitch expects Aoyuan to maintain
its current pace of land acquisitions, and the land premium for
2016-2017 will not exceed CNY6bn a year, or less than a third of
its estimated full-year contracted sales. Aoyuan has purchased
land at a stable pace of CNY4bn-5bn a year in the last six years,
even though its contracted sales increased significantly.

Stable Financial Profile: Aoyuan's financial profile remained
healthy as of end-2015. Its leverage, as measured by net
debt/adjusted inventory, was 28% at end 2015, and its sales
efficiency, measured by contracted sales/total debt, remained
around 1.0x. Fitch expects Aoyuan will continue to maintain its
fast-churn model and prudent land acquisition strategy, thus its
financial profile will stay healthy in the next 18 months, which
will support its credit profile.

Low-Tier City Exposure, Low ASP: Aoyuan's leadership in its core
markets in Guangdong Province has supported steady growth in
contracted sales, and provides a strong base for expansion into
other cities. However, the contracted average selling price is
lower compared with peers' due to its higher exposure in lower-
tier cities. The quality of Aoyuan's land bank is key to whether
it will be able to sustain the growth in contracted sales. About
28% of Aoyuan's landbank is in cities in Tier 3 and below
Guangzhou. Management has said that Aoyuan will target land
replenishment in higher-tier cities, such as Shenzhen and Zhuhai,
to improve the quality of its land bank. Fitch believes Aoyuan's
land replenishment in 2016 will be important for its future
growth, considering its current land bank structure and the risks
associated with it

KEY ASSUMPTIONS

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

-- Pace of land acquisitions to be stable in 2016-2017
-- Contracted sales are estimated based on properties available
    for sale in 2015 and the sell-through ratio. Contracted sales
    to reach close to CNY20bn by 2017.
-- The company's average selling price for its contracted sales
    will be slightly lower in 2016-2017 due to the changes in its
    product mix and geographic distribution.
-- The company will maintain its fast-churn and high cash-flow
    turnover business model

RATING SENSITIVITIES

Positive: Future developments that may individually or
collectively, lead to positive rating action include:

-- Continued expansion with contracted sales rising to more than
    CNY18bn
-- EBITDA above 25% on a sustained basis
-- Maintaining the ratio of net debt to net adjusted inventory
    below 35% on a sustained basis
-- Maintaining the ratio of contracted sales to gross debt above
    1.0x on a sustained basis;
-- No substantial increase of contracted sales contribution from
    retail properties.

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

-- Failing to maintain the positive guidelines will lead to the
    Outlook reverting to Stable


KAISA GROUP: Scheme Creditors' Meeting Set For May 20
-----------------------------------------------------
The Grand Court of the Caymans Islands has directed that a
meeting of Scheme Creditors (the CI Scheme Meeting) of Kaisa
Group Holdings Ltd. be convened for the purpose of considering
and, if thought fit, approving with or without modification the
proposed scheme of arrangement under section 86 of the Companies
Law (2013 Revision) between Kaisa Group and the Scheme Creditors
(Cayman Scheme).

The CI Scheme Meeting will be held at the offices of Harney
Westwood & Reigels, 4th Floor, Harbour Place, 103 South Church
Street, PO Box 10240, Grand Cayman, Cayman Islands KY1-1002, with
a telephone dial-in facility and a connection via video-link to
the Hong Kong offices of Ropes & Gray at 41st Floor, One Exchange
Square, 8 Connaught Place Central, Hong Kong on May 20, 2016, at
8:00 a.m., Cayman Islands time. All Scheme Creditors are
requested to attend the CI Scheme Meeting at such place and time
either in person, by a duly authorized representative (if a
corporation) or by proxy.

Shenzhen-based Kaisa became the first Chinese developer to
default on dollar-denominated debt when it failed to pay the
coupon on two securities earlier in 2014, Bloomberg News
reported. In October 2015, the builder reached an agreement with
Bank of China Ltd. that enabled it to restart sales of some
projects, Bloomberg News said.

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property
development, property investment and property management.



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


NORD ANGLIA: Moody's Affirms B1 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service has changed Nord Anglia Education,
Inc's (NAE) rating outlook to negative from stable.  Moody's has
also affirmed the company's B1 corporate family rating (CFR), as
well as the B1 ratings on its $869 million senior secured term
loan B, $125 million senior secured revolving credit facility,
and CHF200 million senior secured notes.

All issuances have been issued by Nord Anglia Education Finance
LLC and are guaranteed by NAE.

RATINGS RATIONALE

"The change in the outlook to negative reflects Moody's
expectations that acquisitions and modest pressure on margins
will delay an expected reduction in leverage, with adjusted
debt/EBITDA likely to remain near 7.0x for fiscal 2016," says Joe
Morrison, a Moody's Vice President and Senior Credit Officer.

NAE has said that it would continue to pursue acquisitions of
schools utilizing the proceeds of its planned sale-and-lease back
transactions of $167 million.

Moody's says that continued acquisition activity could constrain
NAE's ability to realize lower leverage, even though it will
benefit from incremental earnings contributions from acquired
schools, as well as increases in enrollments and tuition fees
that should result in a decrease in the level of leverage in
FY2017.

Projected adjusted debt/EBITDA of 6.5x -- 7.0x over the next 12
months is high for the B1 category.

NAE's results for fiscal second quarter ended 29 February 2016
reflected modest pressure on reported profit margins, arising in
turn from the impact of recent acquisitions of lower margin
schools; expenses associated with start-up schools (particularly
in Chicago), new school openings; and new employment-related
taxes in China.

Moody's estimates that on a pro forma basis, which assumes full-
year revenue contributions from acquired schools and factors in
the recent announced sale-leasebacks of three schools in the US,
NAE's adjusted EBITDA margin, EBITDA interest coverage, and
debt/EBITDA for the 12 months ended 29 February 2016 were about
30%, about 2.9x, and over 7.0x, respectively.

However, at end-February 2016, NAE had $155 million in cash
holdings, excluding bank overdrafts, which was more than
sufficient to cover short-term borrowings under its revolving
credit facility of $74 million. Moody's notes that the second
quarter of the fiscal year is typically the seasonal low for the
company's cash holdings.

NAE's stable and predictable cash flows, which stem from demand
for its premium educational services, support the ratings.
Moody's expects that NAE will be disciplined in executing its
acquisition strategy, acquiring individual schools in existing
markets that are accretive to earnings and cash flow.

Upward rating pressure is unlikely over the next 12-18 months,
given the negative outlook. However, the outlook would likely
return to stable, if the company establishes a track record of
pursuing acquisitions in a more conservative manner and reduces
leverage, such that debt/EBITDA trends toward 6.0-6.5x on a
sustainable basis.

Negative pressure on the ratings could arise if business
conditions deteriorate and/or the company undertakes large-scale
acquisitions, such that leverage -- as measured by adjusted debt
to EBITDA -- stays above 6.0-6.5x over the next 12-18 months.

Furthermore, a material deterioration in the company's liquidity
position would heighten downward pressure on the ratings.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 42 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 35,300 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended February 2016, NAE generated
revenues of about $749 million.



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


A.K SONI: CARE Cuts Rating on INR14.30cr LT Loan to B+
------------------------------------------------------
CARE revokes suspension and revises the ratings assigned to the
bank facilities of A.K Soni Hosiery Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.30      CARE B+ Suspension
                                            revoked and rating
                                            revised from CARE BB-

   Short-term Bank Facilities     2.50      CARE A4 Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The revision in the long term rating assigned to the bank
facilities of A.K Soni Hosiery Mills Private Limited (AKS) takes
into account decline in profitability margins with net loss in
FY15 (refers to the period April 1 to March 31) and subsequent
deterioration in the overall solvency position. The ratings are
further constrained by the intense competition in the market,
susceptibility of margins to fluctuation in raw material prices,
modest scale of operations and working capital intensive nature
of operations. The ratings, however, derive strength from the
experience of the promoters, growing scale of operations and
favorable manufacturing location.

Going forward, the ability of the company to profitably scale up
its operations while improving its overall solvency position and
effective management of its working capital requirements shall be
the key rating sensitivities.

Ludhiana based A.K Soni Hosiery Mills Private Limited (AKS) was
incorporated in August, 2004 and is currently being managed by
Mr. Anand Kumar Soni, Mrs. Rajrani and Mr. Sanjeev Soni. Prior to
AKS,
the promoters-directors were carrying out operations through a
proprietorship firm 'A.K. Soni Hosiery Mills' (operational since
1971) engaged in similar business. The company is engaged in
manufacturing of knitted fabric. AKS has two manufacturing units
located at Goshwala Road, Ludhiana, and Focal point at Ludhiana-
Chandigarh road. The plants have combined capacity of
manufacturing 2,675 metric tonnes per annum of knitted fabric.
The product line of the company mainly comprises cotton fabric,
wool fabric and polyester fabric. The company sells its products
to garment manufacturers and wholesalers located in the states of
Delhi, Punjab, Uttar Pradesh etc. AKS mainly requires cotton
yarn, wool yarn and acrylic yarn as raw materials which are
procured directly from the yarn manufacturers based in Punjab.

AKS reported a net loss of INR0.21 crore on a total income of
INR62.32 crore in FY15 as against the PAT of INR0.26 crore on a
total income of INR57.54 crore in FY14. In FY16 (as per the
unaudited results), AKS achieved a total income of INR70 crore,
till March 27, 2016.


ADISHAKTI ALLOYS: ICRA Cuts Rating on INR14.45cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating for the INR7.25 crore1 cash
credit limits of Adishakti Alloys Private Limited, from [ICRA]B+
to [ICRA]D. ICRA has also revised the short term rating assigned
for the INR14.45 crore non fund based limits from [ICRA]A4 to
[ICRA]D.  The revision in the rating takes into account the
delays made by the company in servicing its debt in a timely
manner.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash       7.25        [ICRA]D downgraded
   Credit                            from [ICRA]B+


   Non Fund Based       14.45        [ICRA]D downgraded
                                     from [ICRA]A4

AAPL, incorporated in 1995, is engaged in manufacturing aluminium
alloy ingots and billets mostly from recycled aluminium scrap.
The company's manufacturing facility is located in West Bengal
and its products are used in power transmission, auto components
and other engineering units.

Recent Results
AAPL registered a profit after tax (provisional results) of
INR0.26 crore on the back of net sales of INR42.15 crore
(provisional results) in 2014-15. In 2013-14, the company
registered a profit after tax of INR0.12 crore on the back of net
sales of INR39.77 crore.


ANISHA ENTERPRISES: ICRA Assigns 'B' Rating to INR15cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR15.00 crore
fund based facilities of Anisha Enterprises.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits      15.00         [ICRA]B assigned

The assigned rating is constrained by AE's small scale of
operation in tobacco trading business; weak financial profile
characterized by high gearing of 4.11 times and modest coverage
indicators with interest coverage ratio at 1.27 times and
NCA/total debt at 1% as on March 31, 2015; and low profitability
on account of trading nature of the business. The rating is
further constrained by stretched liquidity position of the firm
as reflected from high utilization of its working capital limits
on account of high inventory levels; susceptibility of revenues
and profitability to climatic risks affecting tobacco
availability & prices; and regulatory risks associated with
tobacco production & auctioning with India being a signatory of
the WHO mandate of reduction in tobacco production going forward.
The rating however positively factors in more than five decade of
promoters experience in tobacco business; presence of the firm in
the major tobacco growing region in Andhra Pradesh and the
inelastic demand for tobacco in spite of stringent laws in place
to combat the health effect of consuming tobacco.

Going forward, ability of the firm to increase its scale of
operation while improving its profitability and management of its
working capital requirement would be the key rating
sensitivities.

Founded in 2014, as a partnership firm, Anisha Enterprises (AE)
is into tobacco trading and processing business. The firm is
promoted by Mr. Damacharla Janardhana Rao and Mrs. Damacharla
Naga Satya Latha who have more than five decade of experience in
tobacco trading business.

Recent Results
AE has reported an Operating income of INR4.61 crore and net
profit of INR0.04 crore in FY2015.


APPU HOTELS: CARE Reaffirms B+ Rating on INR220.20cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Appu Hotels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     220.20     CARE B+ Reaffirmed
   Long-term/Short-term Bank       9.00     CARE B+/CARE A4
   Facilities                               Reaffirmed
   Non-convertible debenture
   Issue                          42.15     CARE B+ Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Appu Hotels
Limited (AHL) continue to remain constrained by moderation in the
financial performance marked by after tax-losses during the
period FY15 (refers to the period April 1 to March 31) and 9MFY16
(refers to the period April 1 to December 31) due to low
occupancy levels and decline in average room rental as a result
of prolonged downturn in the domestic hotel industry & high
competition. The ratings, however, continue to factor in the
experience of the promoter in the hospitality industry,
demonstrated financial support from the PGP group and the
operational and marketing support provided by the Starwood group
in managing the company's properties.

The ability of AHL to improve the RevPAR (Revenue per available
room) at their properties thereby leading to improvement in cash
accruals from the present levels in the backdrop of challenging
business environment will be the key rating sensitivity.

AHL is a Chennai-based public limited company engaged in the
hospitality business in the state of Tamil Nadu. AHL is part
of the PGP Group of Companies which has diversified business
interests in sugar, chemicals, finance, hospitality, real
estate, etc. AHL is founded and promoted by DrPalani G Periasamy,
Chairman of the group. The group companies include Dharani Sugar
and Chemicals Limited, Dharani Finance Limited, Ananthi
Developers Limited, Dharani Developers Limited, Dharani Credit
and Finance Limited among others.

AHL owns two 5-star deluxe category hotels in the name of 'Le
Royal Meridien' (LRM), situated in Chennai (240-rooms property)
and 'Le Meridien' Coimbatore (254-rooms property) respectively.
Both these properties are operated under the license issued by
Starwood (M) International Inc., one of the leading and well
recognised names in the hospitality industry with presence across
the world.

During FY15, AHL registered after tax loss of INR32 crore on a
total income of INR78 crore. During 9MFY16, as per
provisional financials, the company posted after tax loss of
INR23 crore on a total income of INR64 crore.


AQUAFIL POLYMERS: CARE Reaffirms 'C' Rating on INR31.19cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Aquafil Polymers Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     31.19      CARE C Reaffirmed
   Short-term Bank Facilities    17.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Aquafil Polymers
Company Private Limited (APCPL) continue to remain constrained on
account of the susceptibility of the profit margins to volatility
in the raw material prices despite presence of price variation
clause in majority of the work orders and tender-driven nature of
the business. The ratings also factored in deterioration in the
financial risk profile marked by decline in the total operating
income and cash losses during FY15 (refers to the period April 1
to March 31) coupled with deterioration in capital structure,
debt coverage indicators and stressed liquidity position.

The above-mentioned constraints continue to off-set the benefits
derived from the vast experience of the promoters coupled with
the established track record of operations in water management
projects and moderate order book position.

The ability of APCPL to improve its overall financial risk
profile through efficient working capital management, improvement
in margins while managing raw material price fluctuation and also
increase the scale of operations with timely execution of orders
on hand and further strengthening its order book position in
light of the competitive nature of the industry are the key
rating sensitivities.

Incorporated in 1995 as Ronak Refrigeration Private Limited to
carry out the business of trading of air conditioners, the
company was renamed as Aquafil Polymers Company Private Limited
(APCPL) after its present promoter Mr Hitesh Shah took over in
1997. Presently, managed by Mr Hitesh Shah and his son Mr Poojan
Shah, APCPL is involved in designing, engineering, construction
and commissioning of sewage and water treatment plants. APCPL has
executed works for various reputed public and private
organizations in the states of Gujarat, Haryana, Rajasthan,
Karnataka, and Madhya Pradesh. APCPL is accredited "S-5 class"
(on the scale of S-1 to S-5, S-5 being the highest) contractor by
Public Health Engineering Department (PHED), Government of
Gujarat (GoG) and it is also registered with various other
government, semi-government and private organizations.

During FY15 (refers to the period April 1 to March 31), APCPL
reported net losses of INR15.91 crore (FY14: PAT of INR1.12
crore) on TOI of INR43.90 crore (FY14: INR52.02 crore).
Furthermore, during 11MFY16 (Provisional), APCPL has reported
TOI of INR20.35 crore.


B. D. OVERSEAS: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of B. D.
Overseas And Fiscal Services Limited.

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

Rating Rationale

The rating assigned to the bank facilities of B. D. Overseas and
Fiscal Services Limited (BDO) is primarily constrained on account
of its modest scale of operations along with its financial risk
profile marked by thin profitability, leveraged capital
structure, moderate debt coverage indicators and stressed
liquidity position. The rating is also constrained by BDO's
presence in the highly competitive and fragmented industry
coupled with susceptibility of profit margins to steel price
fluctuation and risk associated with foreign exchange
fluctuation.

The rating, however, derives comfort from the established track
record operation along with management's healthy experience in
steel industry. Furthermore, the ratings also derive strength
from stabilization of operation during FY15 (refers to the period
April 1 to March 31).

The ability of BDO to increase its scale of operations along with
improving its profitability and better working capital management
in light of the competitive nature of the industry and raw
material price fluctuation remain the key rating sensitivities.

Ahmedabad-based (Gujarat) BDO is a part of BD Patel Group and was
incorporated in 1994 for trading of various metal products.
During FY14, BDO stopped trading business and entered into
manufacturing activity of manufacturing various steel products
like Stainless Steel Flat, Ingots, angles and other Rolled
products and targets to cater demand of various steel utensils
manufactures, steel furniture manufacturer and steel pipes
manufacturers. BDO has commenced its manufacturing operation from
January 2014. BDO is operating from its sole manufacturing unit
located at Bavla (Gujarat) having installed capacity of 66,500
Metric Tonne per Annum (MTPA) as on March 31, 2015.

During FY15, BDO reported a PAT of INR0.33 crore (FY14: net loss
of INR0.31 crore) on a total operating income (TOI) of INR32.21
crore (FY14: INR4.95 crore). During 11MFY16 (Provisional), BDO
achieved TOI of INR53.93 crore and PBT of INR0.87 crore.


BOROCHEMIE (INDIA): Ind-Ra Assigns 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Borochemie
(India) Private Limited (BIPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings are constrained by BIPL's declining EBITDA margin and
weak credit profile. Its EBITDA margin remained low at 2.50% in
FY15 (FY14: 3.95%) and its credit profile remained weak, with
interest coverage (operating EBITDA/gross interest expense) of
1.29x (2.85x) and financial leverage (total adjusted
debt/operating EBITDAR) of 7.56x (2.37x). As per 9MFY16 interim
financials, the EBITDA margin stood at 5.13%.

However, the ratings are supported by BIPL's improving scale of
operations, as evident from its revenue CAGR of 65.72% during
FY12-FY15 (FY15: INR1037.72m; FY12: INR228.06m). The ratings are
further supported by BIPL's established track record of more than
one and a half decades in the trade of chemicals as well as its
established relationship with its major supplier (Borochemie
International Pte. Ltd.), which has led to comfortable payment
terms for BIPL.

RATING SENSITIVITIES

Negative: A decline in profitability, leading to deterioration in
BIPL's credit profile, will be negative for the ratings.

Positive: A significant improvement in EBITDA margins, leading to
improvement in BIPL's credit profile, will be positive for the
ratings.

Incorporated in 1999, BIPL trades imported boron-based chemicals
and minerals such as borax decahydrate and boric acid, mainly
from free trade zone warehouses located in Panvel, Maharashtra.
Its products are used in glass, ceramics and agriculture-based
businesses.

BIPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR65m fund-based working capital limits: assigned 'IND
    BB'/Stable/'IND A4+'
-- INR50m non-fund-based working capital limits: assigned 'IND
    A4+'


DHARANI SUGARS: CARE Ups Rating on INR600.27cr Loan to B-
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Dharani Sugars And Chemicals Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    600.27      CARE B- Revised from
                                            CARE D

   Short-term Bank Facilities    26.79      CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Dharani Sugars and Chemicals Limited (DSCL) takes into account
the restructuring of debt under Corporate Debt Restructuring
process. The ratings, however, continue to factor in the weak
financial risk profile of DSCL characterised by losses incurred
in FY15 (refers to the period April 1 to March 31) and 9MFY16
(refers to the period April 1 to December 31) due to unfavourable
industry scenario, highly leveraged capital structure,
concentration risk arising on account of location of all its
plants in the state of Tamil Nadu and cyclical nature of the
sugar industry.

The ratings, however, continue to factor in the promoters'
experience of more than two decades in the sugar industry,
diversified revenue stream on account of integrated nature of
operations and longer crushing period.

Going forward, the ability of the company to achieve relatively
stable revenue stream, improve its profitability & capital
structure are the key rating sensitivities.

DSCL, part of the PGP group of companies based in Tamil Nadu was
established in the year 1987 by Dr Palani G Periyasamy and his
NRI Associates. The company is engaged in the manufacture of
sugar, industrial alcohol and co-generation of power. DSCL has
three sugar mills located across Tamil Nadu.

These units are located in Dharani Nagar (Tirunelveli Dist.),
Sankarapuram (Vilupuram Dist.) and Polur (Thiruvannamalai Dist.).
Aggregate capacity of the company as on March 31, 2015, was
10,000 tonnes of cane crushed per day (TCD), 160 kilo liters per
day (KLPD) distillery and 43 megawatt (MW) cogeneration plant.


DSS BUILDTECH: ICRA Lowers Rating on INR16.11cr Loan to B+
----------------------------------------------------------
ICRA has revised its rating on the INR16.11 crore long term bank
facility of DSS Buildtech Private Limited to [ICRA] B+ from
[ICRA] BB-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee        16.11        [ICRA]B+; revised

The rating revision factors in the lack of on-ground progress in
the company's on-going project which is due to the pending final
approval. With construction yet to commence, the pace of fresh
customer bookings has been muted in the past year which is also
mainly attributable to the ongoing slowdown in the real estate
sector.The Company has delayed payment of EDC3 installments and
no demand has been received from the concerned authority.. ICRA
also notes that DSS is unable to deploy the customer advances
from the significant initial bookings into its project and have
invested a part of these advances in interest bearing loans to
other companies.

The rating however, continues to be supported by the advantages
DSS derives from being part of the Silverglades group, which has
a long standing experience and established brand name in the
Gurgaon real estate market, and the strong initial response DSS
has received for its project resulting in healthy initial
collections. Going forward, time taken by DSS' to receive the
approvals and subsequent pace of construction work along with
incremental bookings will be the key rating sensitivity.

DSS is a part of the Gurgaon based Silverglades group. The group
was established in 1988 and focuses on the development of golf
courses and luxury apartments largely in and around Gurgaon area.
The group's completed projects include Laburnum,Ivy (residential
projects), Classic Golf Course, Peach Tree and Tarudhan Valley.
DSS is developing a residential housing project called 'The
Melia' in Sector 35 of Sohna, Haryana on a 17 acre land parcel in
a joint development agreement with the landowners. The project,
which was formally launched in May, 2015, is estimated to cost
over INR400 crores.


DULAM ROCKS: ICRA Assigns 'B' Rating to INR5.80cr Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR5.80 crore
fund based facilities of Dulam Rocks Private Limited. ICRA has
also assigned ratings of [ICRA]B/[ICRA]A4 to INR4.20 crore
unallocated limits of DRPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      5.80       [ICRA]B assigned
   Unallocated Limits     4.20       [ICRA]A4 assigned

The assigned ratings are constrained by project implementation
risk with the company expecting to start commercial operations in
May 2016; and fragmented and low value additive nature of granite
processing business, with intense competition resulting in
pressure on margins. DRPL's profitability is also vulnerable to
foreign exchange rate fluctuations as company expects ~80% of its
revenue from exports in absence of defined hedging mechanism.
ICRA also notes that DRPL does not own any granite quarries,
rendering it susceptible to raw material supply shocks, and
consequently pressure on profitability. The ratings, however,
favorably factor in more than a decade-long experience of the
promoters in the granite processing and trading business; and
advanced stage of construction with ~80% of the civil work
completed as on February 2016. Total project cost INR4.97 crore
to be funded by INR3.30 crore of term loan and remaining from
equity.

Going forward, ability of the firm to execute the project without
time and cost overrun and generation of adequate cash accruals
for term loan repayments by achieving sufficient capacity
utilisation would be key rating sensitivities from credit
perspective.

Incorporated in 2015, Dulam Rock Private Limited (DRPL) is
setting up a unit for cutting and polishing of granite. The
company is promoted and managed by Mr. Venkata Rami Reddy, Mr.
Dulam Verra Reddy and others who have more than 15 years of
experience in granite industry. The proposed processing unit of
the company is located at Mudigonda village, Khammam district,
Telangana with a proposed processing capacity of 9.60 lac square
feet of granite per annum.


ENCORE THEME: CARE Ups Rating on INR8.29cr LT Loan to BB-
---------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Encore Theme Technologies Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.29      CARE BB- Revised from
                                            CARE B

   Long-term/Short-term Bank      7.10      CARE BB-/CARE A4
   Facilities                               Revised from
                                            CARE B/CARE A4

Rating Rationale

The revision in the ratings assigned to the long-term bank
facilities of Encore Theme Technologies Private Limited (ETPL)
factors in improvement in the operational performance of the
company during FY15 (refers to the period April 1 to
March 31) driven by addition of new clients resulting in increase
in overall revenues of ETPL during the period. The ratings
continue to factor in the benefits derived from the experience of
the promoters and management, and ETPL's comfortable capital
structure & coverage indicators.

The ratings, however, continue to be constrained by the company's
small scale & working capital intensive nature of operations,
short track record in the ITES sector and ETPL's presence in a
highly competitive industry.

Going forward, the ability of the company to increase its
revenues by consistently adding new customers, maintain its
profitability and efficiently manage its working capital
requirements will be the key rating sensitivities.

ETPL was originally established as Theme Technologies Private
Limited in 2006 by Mr Kanthimathinathan, the Managing
Director and Chief Executive Officer of the company. Later in
2010, Encore Software Limited (ESL), a global technology
company acquired 51% stake in it and the company's name was
changed to its present form.

The company, through its partnership with Misys, is engaged in
the implementation of core banking solutions to Banking &
Financial Services (BFS) clients. Misys is a global IT solutions
provider for BFS segment. Though ETPL's offering includes core
banking/financial solution for banks & NBFCs, the company's main
concentration is towards the niche segment of housing & trade
finance requirements of Tier I and Tier II banks,
cooperative/credit unions, micro finance and corporate
lending institutions. ETPL also has a branch office in United
Arab Emirates in May 2011 to support business in Middle East and
Africa.

As per the audited results, ETPL has achieved a PAT of INR0.88
crore on a total operating income of INR29.24 crore in FY15
as compared with a PAT of INR0.35 crore on a total operating
income of INR11.09 crore in FY14.


FLEMING LABORATORIES: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Fleming
Laboratories Limited's (Fleming) 'IND BB+(suspended)' Long-Term
Issuer Rating. The agency has also withdrawn the 'IND
BB+(suspended)'/'IND A4+(suspended)' rating on Fleming's INR100m
fund-based working capital limits.

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

Ind-Ra suspended Fleming's ratings on 10 August 2015.

SOLICITATION DISCLOSURES

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

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

PARTICIPATION DISCLOSURES

The issuer did not participate in the rating process, or provide
additional information, beyond the issuer's available public
disclosure.


HANUMAN COTTON: CARE Reaffirms B+ Rating on INR8.01cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Hanuman Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.01      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Hanuman Cotton
Industries (HCI) continue to remain constrained on account of its
modest scale of operations, its partnership form of organization
leading to limited financial flexibilities, leveraged capital
structure, weak debt coverage indicators and modest liquidity
position marked by elongated working capital cycle. The
reaffirmation also factors the decline in the total operating
income (TOI) and deterioration in the working capital cycle
during FY15 (refers to the period April 1 to March 31).

The rating, however, continues to take comfort from the vast
experience of the promoters in cotton ginning business and its
presence in the cotton producing belt of Gujarat.

The ability of HCI to increase its scale of operations along with
the improvement in its capital structure and working capital
cycle would be the key rating sensitivity.

HCI was constituted in March 2006 as a partnership firm by
Vekaria family based out of Amreli (Gujarat) by eight partners
with unequal profit and loss sharing agreement among them. HCI is
primarily engaged in cotton ginning & pressing activities with an
installed capacity of 10,886 Metric Tonnes Per Annum (MTPA) for
cotton bales, 18,380 MTPA for cotton seeds and oil-seed crushing
facility with a capacity of 1381 MTPA as on March 31, 2015 at its
manufacturing facility located at Savarkundla in Amreli district
(Gujarat).

During FY15, HCI reported the Profit after Tax (PAT) of INR0.04
crore (Rs.0.06 crore in FY14) on a Total Operating Income (TOI)
of INR23.44 crore (Rs.39.72 crore in FY14). As per the
provisional results for 11MFY16, HCI has reported a turnover of
INR40 crore.


HRM OVERSEAS: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR10
crore cash credit limits, INR6.00 crore term loans and INR1.77
crore unallocated fund based limits of HRM Overseas. ICRA has
also reaffirmed its [ICRA]A4 rating on the INR2.23 crore non fund
based limits of HRM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           10.00       [ICRA]B; Reaffirmed
   Term Loans             6.00       [ICRA]B; Reaffirmed
   Unallocated fund
   based limits           1.77       [ICRA]B; Reaffirmed
   Non fund based
   limits                 2.23       [ICRA]A4; Reaffirmed

The rating reaffirmation takes into account the increase in HRM's
operating income in FY2015, on account of FY2015, being the first
full year of operations. However, the firm's operating margins
saw some erosion, relative to the previous year, due to the
subdued trends in basmati rice prices.

ICRA's ratings continue to factor in HRM's limited track record
of operations, its modest scale, the highly competitive nature of
the rice milling industry and the vulnerability of the firm's
profitability to fluctuations in raw material prices. ICRA's
ratings also take into account the firm's high working capital
intensity with NWC/OI2 of 61% for 2014-15, on account of high
inventory levels. The firm's working capital requirements have
been largely debt funded resulting in high gearing (Adjusted
gearing of ~8.2 times as on March 31, 2015) and weak coverage
indicators with interest coverage of 1.49 times in FY2015. ICRA's
rating also factors in the partnership constitution of the firm
which exposes it to risks related to capital withdrawal,
dissolution etc. ICRA also takes into account agro climatic
risks, which can impact the availability of the basic raw
material, namely paddy. The ratings, however, derive comfort from
the proximity of the mill to a rice growing area, which results
in easy availability of paddy and stable demand outlook given
that India is a major consumer (rice being an important staple of
the Indian diet) and exporter of rice.

Going forward, the firm's ability to bring about a sustained
improvement in profitability and liquidity, will be the key
rating sensitivities.

HRM is a partnership firm and was set up in 2013 by Mr Mukesh
Kumar, Mr Ashwani Kumar, Mr Himanshu Goyal and Mr Mohit Goyal,
and is engaged in milling of basmati rice. It has a fully
automated plant at Nissing in Haryana, which has a milling
capacity of 12 tonnes per hour and one sortex machine with a
capacity of 8 tonnes per hour. The by-products of the process viz
husk, rice bran and 'phak' are sold in the domestic market.

Recent Results
HRM reported a net profit of INR0.03 crore on an operating income
of INR48.66 crore in FY2015, as against a net profit of INR0.02
crore on an operating income of INR20.24 crore in FY2014. The
firm, on a provisional basis, reported revenues of INR60 crore
for 11M FY2016.


JAGDAMBA TIMBERS: CARE Reaffirms B/A4 Rating on INR2cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Jagdamba Timbers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short term Bank Facilities      11       CARE A4 Reaffirmed
   Long/Short term Bank
   Facilities                       2       CARE B/CARE A4
                                            Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Jagdamba Timbers
Private Limited (JTPL) continue to remain constrained by
its small scale of operations with low net worth base, low
profitability margins, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The ratings are further constrained by its
presence in highly competitive industry and vulnerability of
margins to fluctuation in price of timber.

The ratings, however, draw comfort from the experience of the
promoters, and JTPL's long track record of operations.

The rating also takes note of the increase in the operating
income as well as the improvement in the operating cycle in FY15
(refers to the period April 1 to March 31).

Going forward, the ability of JTPL to increase its scale of
operations while improving its profitability margins and capital
structure, along with effective management of its working capital
requirements shall be the key rating sensitivities. The ability
of the company to manage foreign currency fluctuation risk would
also be a key rating sensitivity.

Karnal-based (Haryana) JTPL was incorporated in November 2010 as
a closely-held private limited company promoted by MrRadheyShyam
Jain and his son MrNiraj Jain. The company is engaged in trading
and processing of timber logs which are sold in domestic market
mainly in Punjab, Delhi and Haryana region. The timber is
imported (backed by L/C for up to 180 days) mainly from Malaysia
(around 95%), Canada and Russia which are subsequently sized at
its saw mill units in Gandhidham, Gujarat, into various
commercial sizes as per the requirement of its customers. The
company operates from its offices located in Karnal (Haryana) and
Gandhidham (Gujarat). The customers of JTPL mainly include
traders and wholesalers located in Delhi Punjab, and Haryana.

JTPL achieved a total operating income (TOI) of INR39.20 crore
with PBILDT and profit after tax (PAT) of INR0.84 crore and
Rs.0.09 crore, respectively, in FY15 as against TOI of INR23.72
crore with PBILDT and PAT of INR0.58 crore and INR0.07 crore,
respectively, in FY14. During 9MFY16, unaudited (refers to the
period April 1 to December 31), the company has achieved a total
operating income of INR34 crore.


JEEVISHA FOODS: ICRA Revises Rating on INR10.30cr Loan to B+
------------------------------------------------------------
ICRA has revised its long term rating on the INR10.30 crore bank
facilities of Jeevisha Foods Pvt. Ltd. to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based Limits     10.30      [ICRA]B+; revised
                                     from [ICRA]B

The rating revision takes into account JFPL's healthy revenues in
the first full year of commercial operations (i.e. FY2016) on
account of stabilization of operations. The rating action also
takes into account the infusion of additional capital by the
promoters in FY2016, which has resulted in improved gearing. The
rating also factors in the extensive experience of the promoters
in the rice industry, proximity of the mill to major rice growing
areas, which results in easy availability of paddy and stable
demand outlook, with rice being an important part of the staple
Indian diet. However, the rating is constrained by the high
intensity of competition in the rice milling industry, which has
led to pressure on the firm's profitability. The rating also
takes into account the firm's moderate scale of operations and
its low net worth, as well as its exposure to agro climatic risks
which can affect the availability of paddy in adverse conditions.
Going forward the ability of the firm to maintain healthy growth
in revenues and profitability while maintaining a prudent capital
structure and optimum working capital intensity will be the key
rating sensitivities.

Jeevisha Foods Private Limited was incorporated in 2013 and is
engaged in milling of basmati rice. The manufacturing unit of the
firm is based in Kaithal (Haryana) with a milling capacity of 8
tonnes per hour (TPH) and has sortex machinery with a capacity of
8 TPH. The operations of the firm are actively managed by Mr.
Nikhil Chhabra.

Recent Results
During FY2015, the firm incurred a net loss of INR~0.01 crore on
an operating income of INR23.86 crore. In 11MFY2016, the firm
reported, on a provisional basis, an operating income of INR67.44
crore.


JINDAL INDIA: CARE Lowers Rating on INR5,492.06cr Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jindal India Thermal Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   5,492.06     CARE D Revised from
   (Fund-based)                             CARE BB+

   Long-term Bank Facilities     297.85     CARE D Revised from
   (Subordinate Debt)                       CARE BB+

   Short-term Bank Facilities    232.74     CARE D Revised from
                                            CARE A4+

   Long/Short-term Bank          290.00     CARE D/CARE D Revised
   Facilities                               from CARE BB+/
                                            CARE A4+

Rating Rationale

The revision in the ratings of bank facilities takes into account
the instances of delays in debt servicing by the company.

Jindal India Thermal Power Ltd (JITPL) is promoted by Jindal Poly
Films Ltd (JPFL) and Jindal Photo Limited (JPL) through Jindal
India Powertech Ltd (JIPL, a holding company wholly owned by JPFL
and JPL). JIPL holds 83.29% stake in JITPL whereas the balance
shares are held by B.C. Jindal group entities, employees,
associates and others. JITPL was originally incorporated as
Indian Zinc Ltd on January 5, 2001 and subsequently the name of
the company was changed to its present name effective from March
23, 2006. It has implemented 1,200 MW green field thermal power
plant (as 2 units of 600 MW each) at district Angul in Odisha.
The project entailed a total estimated cost of INR7,537 crore
(revised from INR6,510 crore) funded through a debt (including
subordinate debt and unsecured loans) of INR5,900 crore and the
promoter's contribution of INR1,637 crore. Both the units are now
operational with Unit-I becoming operational from May 2014 and
Unit-II becoming operational from February 2015. The coal
requirement for the project is proposed to be met through mix of
coal from captive mine, coal linkage from MCL and through e-
auction. JITPL has currently has long term PPA for 244 MW
capacity (144 MW with OdishaGridco and 100 MW with Kerala State
Electricity Board Ltd).JITPL has also executed 12 year power
purchase agreement (PPA) with Tata Power Trading Corp. Ltd
(TPTCL) for a capacity of 900 MW at a Guaranteed Base Tariff of
INR2.70 per unit.

During FY15 (refers to the period April 1 to March 31), the
company reported a PBILDT and net loss of INR3.98 crore and
INR23.83 crore respectively on a total operating income of
INR181.29 crore.


JOYFUL PLASTICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Joyful Plastics
Pvt. Ltd (Joy) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in Joy's small scale of operations, tight
liquidity and moderate credit metrics. Revenue was INR174m in
FY15 (FY14: INR143m) while its EBITDA margins were 16.2% (12.8%),
primarily on lower material costs. Revenue increased at a CAGR of
13.8% between FY12 and FY15 and was INR171m during 10MFY16. Joy
sells its goods through a chain of 150 distributors.

Joy's EBITDA interest coverage was 2.5x as at FYE15 (FYE14: 2.0x)
and net financial leverage was 3.9x (4.5x). Liquidity was tight,
with 99% average utilisation of its fund-based working capital
limits for the 12 months ended March 2016. Joy plans to install
four new moulding machines during FY17, three injection and one
blow, to its existing 35 and two, respectively, at a total cost
of INR15m, of which INR12.5m will be debt-funded. This is likely
to boost volume growth as its existing production capacity of
around 950 tonnes per annum is almost fully utilised.

The ratings derive support from its promoter's experience of
three decades in the manufacture of plastic products.

RATING SENSITIVITIES

Negative: A substantial decline in profitability, leading to
sustained deterioration in credit metrics, could be negative for
the ratings.

Positive: An increase in the scale of operations as well as
profitability improvement, leading to a sustained improvement in
credit metrics, could be positive for the ratings.

Incorporated in 1995, Daman-based Joy manufactures plastic
products such as schoolware, officeware, baby products,
kitchenware and home utilities. The company's manufacturing
facility is located in Daman.

Joy's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR15.76m long-term loans: assigned 'IND BB-'/Stable
-- INR49.5m fund-based facilities: assigned
    'IND BB-'/Stable/'IND A4+'


KHANDWA INDUSTRIES: CARE Reaffirms B+ Rating on INR12.15cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Khandwa Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.15      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Khandwa Industries
Private Limited (KIPL) continue to be constrained on account of
decline in total operating income and net loss during FY15
(refers to the period April 1 to March 31), its weak financial
risk profile marked by leveraged capital structure, weak debt
coverage indicators and moderate liquidity position. The ratings
continue to remain constrained also on account of its presence in
a fragmented cotton industry leading to intense competition and
pressure on margins, susceptibility of operating margins to
fluctuation in prices of raw material, seasonality associated
with the cotton industry and risk of adverse changes in
government regulations.

The ratings, however, continue to derive strength from the vast
experience of the promoters in the cotton industry and location
advantage being in the cotton producing area of Madhya Pradesh
with easy availability of raw material.

The ability of KIPL to increase its scale of operations along
with improvement in its profitability and capital structure are
the key rating sensitivities.

KIPL was incorporated in the year 2008 for manufacturing of
cotton bales & seeds and trading of cotton bales, oil, cakes and
seeds. KIPL is promoted by the Gupta family who are into the
cotton business since the year 1950. Mr Sandeep Gupta and Ms
Ramadevi Gupta are actively involved in operations of KIPL. KIPL
is primarily engaged in trading of ginned cotton.

It also has an installed capacity of processing 12800 metric tons
per annum (MTPA) of cotton seeds and 6700 MTPA of ginned cotton
as on March 31, 2015.

During FY15, KIPL reported total operating income (TOI) of
INR61.43 crore with net loss of INR0.95 crore as compared to
TOI of INR81.67 crore and PAT of INR0.10 crore during FY14.
During 9MFY16 (Provisional), KIPL has achieved a turnover of
INR30 crore.


KINGFISHER AIRLINES: Mallya Doubts Fair Trial Over Loans
--------------------------------------------------------
Anurag Kotoky at Bloomberg News reports that Vijay Mallya, the
businessman India termed a fugitive after defaulting on debt owed
by his failed Kingfisher Airlines Ltd., said he is skeptical he
will get a fair trial back home amid the "media frenzy and
hysteria" over unpaid dues.

Bloomberg notes that a day before an ethics panel was scheduled
to review his membership in the upper house of parliament, he
resigned from the legislative body known as Rajya Sabha, saying
he no longer wished to have his name "further needlessly dragged
in the mud." In a letter to the chairman of the house's Committee
on Ethics, he said he was disappointed his fellow lawmakers have
chosen to be swayed by the personal campaign against him, the
report relates.

"That I am facing trial by media and a lynch mob mentality is all
too apparent," he wrote in the May 2 letter to Karan Singh,
chairman of the panel, Bloomberg relays. "I have no faith that in
the current climate prevailing in the country that I will get any
justice even at the hands of my colleagues." A copy of this
letter and the one written to the chief of the house, announcing
his resignation, were reviewed by Bloomberg News.

According to Bloomberg, the ex-billionaire is fighting a case in
India's top court after a group of lenders demanded full
settlement of the carrier's dues, estimated at INR90.9 billion
($1.37 billion), including interest. Mallya has maintained he
isn't a defaulter and offered a one-time payment proposal that
was rejected by the banks. His passport was revoked last month
after he left India to be closer to his children in England.

Sumanto Bhattacharya, a spokesman for Mallya and his UB Group,
confirmed his resignation, Bloomberg notes.

Bloomberg says the ethics committee's Singh confirmed receipt of
a letter from Mallya and told reporters in New Delhi that the
panel will update parliament on May 5 on its decision. He
declined to say what decision was reached.

According to Bloomberg, the ethics committee issued a "show
cause" notice on April 25, giving Mallya a week to explain why he
should continue as a member. He was elected to the Rajya Sabha in
2002 and again in 2010, both as an independent, with his current
term set to end on June 30. In his letter, Mallya wrote there's
no tenable basis for any possible adverse decision by the panel
and that he isn't obstructing legislative functioning. He also
questioned its legal authority, saying it doesn't have the power
to consider his expulsion on any grounds.

Bloomberg notes that the case involving Mallya has come to test
India's resolve to go after many defaulters and recover unpaid
debt amid pressure on the nation's lenders grappling with 8
trillion rupees of soured debt. The Reserve Bank of India ordered
them to clean up their balance sheets by March 2017 by increasing
provisioning and selling off stressed loans.

The report says the tycoon's lawyer told the Supreme Court last
week that Mallya, fearing arrest in India, may not return,
setting the stage for a prolonged standoff with banks and the
government.

Mallya previously offered INR40 billion by the end of September
and a further INR20 billion if United Breweries Holdings Ltd.,
the parent of Kingfisher, wins a lawsuit alleging defective
engines from International Aero Engines AG contributed to the
carrier's collapse. Lenders rejected the INR60 billion settlement
offer, Bloomberg notes.

"Agree Kingfisher Air owes money to Banks," Mallya said in
comments on his Twitter Inc. account on May 3. "I am neither a
borrower or a judgement debtor. Why am I a defaulter in spite of
a settlement offer?"

Bloomberg says the Enforcement Directorate, a specialized
financial investigation agency focused on foreign exchange and
anti-money laundering laws, obtained a non-bailable warrant
against Mallya last month from a Mumbai court, where it alleged
Kingfisher funds were transferred overseas to acquire property.
In a statement, his UB Group termed the call for Mallya's arrest
"erroneous and unjustified."

Mallya, 60, has maintained that Kingfisher was an "unfortunate
commercial failure" because of macroeconomic factors and
government policies, Bloomberg says. He has sparred with local
media for portraying him as the poster boy for the nation's bad
loans. The tycoon was ranked the 45th-richest Indian by Forbes in
2012, with a net worth of $1 billion.

"I believe this action on my part is in keeping with the highest
standards of ethics that any member of Parliament should and
ought to emulate," he wrote in his letter to Singh, Bloomberg
relays.

                      About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and
competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue
to reflect delays by KFAL in servicing its debt; the delays have
been caused by the company's weak liquidity and continued losses
at the operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete
erosion of KFAL's net worth, leading to its weak financial risk
profile. Presently, the company does not carry out any commercial
operations.


LRC ABARANA: ICRA Reaffirms B+ Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR15.00 crore fund based bank facility of LRC Abarana
Maaligai.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   facility              15.00        [ICRA]B+ reaffirmed

The reaffirmation of the long-term rating considers the healthy
growth in operating income during FY2015 aided by the opening of
a larger format showroom in March-2014. The rating also factors
in the more than five decades of presence of the entity in Attur,
Tamil Nadu. Going forward, favorable long term outlook for the
gold jewellery retail industry backed by consumer's strong
cultural affinity is likely to support the entity's revenue
growth. However, LRC remains relatively small in an industry
characterized by intense competition owing to presence of larger
national and regional players. This small scale of operations
makes LRC's revenues vulnerable to drop in business volumes and
consumer footfalls due to an increased competition in the
locality. The rating is constrained by LRC's weak financial
profile characterized by thin profits, stretched capital
structure and weak coverage indicators due to its high debt
levels. Further, the entity's operating margin is vulnerable to
decline in gold prices as witnessed during FY2015 and FY2016. The
entity's working capital intensity has also been high over the
years due to the inherent high inventory requirements in the
jewellery retailing business.

Established in 1958, LRC is a Hindu Undivided Family (HUF)
entity, engaged in retailing of gold, silver, and diamond
jewellery in Attur, Salem (District), Tamil Nadu. The entity has
two showrooms, the older one located at Bazaar Street of Attur
with a 288 square feet showroom space and the newer one (opened
in March-2014) located opposite to Attur bus stand with a
showroom space of 5940 square feet. Mr. C Ravisankar the current
proprietor of the entity handles the day to day operations of the
entity.

Recent results
LRC reported a net profit of INR0.4 crore on an operating income
of INR54.4 crore during FY2015, against a net profit of INR0.3
crore on an operating income of INR10.0 crore during FY2014.


MARUTI PRODUCTS: ICRA Assigns B+/A4 Rating to INR17.50cr Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR21.78 crore bank limits of Maruti
Products Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term/Short
   Term-Fund based/
   Non Fund Based        17.50        [ICRA]B+/A4; (assigned)

   Term loans             4.28        [ICRA]B+; (assigned)

ICRA's ratings are constrained on account of the cyclical and
competitive nature of the steel industry, which limits the
pricing flexibility of the industry participants. The limited
value additive nature of operations and vulnerability to raw
material price volatility, has translated into modest
profitability indicators for MPPL. High dependence on working
capital debt along with modest profitability has led to moderate
debt coverage indicators for the company. The ratings are however
supported by MPPL's track record of operations, which coupled
with its long-standing relationship with its customer base, has
enabled it to achieve stability in revenues over the years.

Going forward, the ability of the company to to increase its
sales volumes and margins while maintaining
its liquidity will be key rating sensitivities.

MPPL, incorporated in April 2010, manufactures steel billets in
its manufacturing facility located in Jaipur. The company has
total installed capacity of 27,000 Metric Tonne Per Annum (MTPA).
The company procures its key raw material, sponge iron and iron
scrap, from the domestic as well as international market and
supplies its product to the rolling mills located in Rajasthan.


MID WEST: ICRA Assigns 'B' Rating to INR8.0cr Term Loan
-------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' for the
proposed INR8.0 crore term loan facility of Mid West Builders
Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Term loan    8.00         [ICRA]B Assigned

The rating assigned takes into account the long standing
experience of the promoters in the construction and real estate
development demonstrated through execution of more than 12
projects with a development of 2.87 lakh sqft area. The rating
derives comfort from the financial support of promoters in the
form of collateral of residential properties and land and the
fact that all the major requisite approvals with regard to land
development have been obtained.

The rating is, however, constrained on account of the high
execution risk given the nascent stage of construction and the
high funding risk associated with the project with debt yet to be
tied up and significant portion of the project cost proposed to
be funded through customer advances, for which healthy bookings
and collection efficiency will be critical. The rating also
factors in the high market risk with the project yet to be
launched and high competitive intensity in the real estate space
on the back of healthy supply addition in the Bangalore market
and the exposure to the cyclicality inherent in the real estate
sector.

Going forward, the timely execution of the project and buyer's
response to the same will be the key rating sensitivities.

Group Profile- Vyshnovi Builders
Vaishnovi Builders, promoted by Mr. V.V.S. Pratap, has been
involved in developing real estate projects in South India for
past 2 decades offering services in residential and commercial
segments. Till date it has developed more than 12 projects
comprising 2.87 lakh sft area. Mr. Pratap has started developing
real estate projects in Bangalore in the name of Mid West
Builders Pvt Ltd in July, 2014. Currently MWBPL is undertaking
development of one residential project, Mid West Elita, in
Bangalore.


NAGABHUSHANAM & CO: Ind-Ra Assigns IND BB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nagabhushanam &
Co (NC) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect NC's small scale of operations and small
order book position. Revenue was INR353m in FY15 (FY14: INR229m)
and order book was INR122m at end-January 2016. NC's EBITDA
margin declined to 14.70% in FY15 from 16.30% in FY14 due to
state divide agitation and intense competition.

NC's credit metrics are moderate with net leverage (adjusted net
debt/operating EBITDAR) of 0.3x in FY15 (FY14: 1.1x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) of
4.9x (4.6x).

The ratings are supported by the promoters' a decade-long
experience in the civil construction industry.

RATING SENSITIVITIES

Positive: Stable profitability and a substantial increase in the
revenue could be positive for the ratings.

Negative: Deterioration in the revenue growth and a fall in the
profitability will be lead to a negative rating action.

Incorporated in 2001, NC executes civil works for the government
of Telangana such as the construction and improvement of roads &
bridges. The firm is a partnership concern and is operated by two
partners Nagabhushana Rao and Visweswara Rao.

NC's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR34.5m fund-based facilities: assigned 'IND BB-
'/Stable/'IND
    A4+'
-- INR140m non-fund-based facilities: assigned 'IND A4+'


NEPTUNE INDUSTRIES: CARE Reaffirms B+ Rating on INR13.54cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Neptune Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.54      CARE B+ Reaffirmed
   Short-term Bank Facilities     8.18      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Neptune Industries
Limited (NIL) continues to remain constrained on account of
fluctuating scale of operations and low profit margins with
consistent decline in cash accruals along with moderate debt
coverage indicators. The ratings continue to remain constrained
on account of its working capital intensive nature of business in
the capitalized industry and foreign exchange fluctuation risk.
The ratings also take into consideration decline in turnover,
cash accruals and profit margins during FY15 (refers to the
period April 1 to March 31).

The ratings, however, continues to derive benefits from the vast
experience of the promoters and reputed clientele. The ratings
also take into consideration improvement in capital structure
during FY15.

The ability of NIL to increase its scale of operations, sustain
profitability and improve its liquidity position by way of timely
receipt of payment from its clients will be the key rating
sensitivities.

NIL was incorporated by its promoters Mr Rajendra V. Panchal, Mr
Hareshkumar V. Panchal, Mr Navinbhai V. Panchal and Mr Sandipbhai
J. Dave in June 1999 as Neptune Automation Pvt. Ltd.
Subsequently, the promoters changed the name to NIL in December
2005 and started executing turnkey projects for developing the
manufacturing plants for sanitary wares, table wares, insulators,
heavy clay, red bricks, blocks, extruded tiles, technical ceramic
and crockery, fly ash bricks, paver, etc. NIL is also engaged in
trading of engineering goods.

During FY15 (refers to the period April 1 to March 31), NIL
reported PAT of INR0.46 crore on a TOI of INR30.94 crore as
against PAT of INR0.68 crore on a TOI of INR32.97 crore during
FY14. During 11MFY16 (Provisional), NIL has achieved a TOI
of INR15.28 crore.


PING TELEMATICS: CARE Reaffirms 'B' Rating on INR7.61cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Ping Telematics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.61       CARE B Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Ping Telematics
Private Limited (PTPL) continues to remain constrained by its
small scale of operations with low net worth base, low
profitability margins, highly leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The ratings are further constrained by its presence
in highly competitive industry and susceptibility of margins to
raw material fluctuation risk.

However, the rating continues to draw comfort from the
experienced promoters with long track record of operations and
comfortable operating cycle.

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

Noida-based (Uttar Pradesh) PTPL is a private limited company
which was incorporated in November 1994 by Mr D.P. Shukla and Mr
Amit Shukla. Later on in 2005, Mr D.P. Shukla resigned and Mr
Ashish Shukla joined as a director. PTPL is engaged in the
manufacturing of plastic products for refrigerator, invertor and
washing machine, etc. The manufacturing facility of the company
is located in Noida, Uttar Pradesh. The company sells its
products mainly in Noida region to LG Electronics (around 90% of
its total operating income) and the vendors of LG Electronics.
The main raw material for the manufacturing of above mentioned
products are PPC granules which are procured from Noida (LG
Polymers India Private
Limited).

Anmol Polymers is the group associates of PTPL which was
established in 2004 by Mr Amit Shukla and MrsNeelam Shukla
with equal profit & loss sharing ratio. Anmol Polymers is also
engaged in manufacturing of plastic products (electrical
products).

PTPL achieved a total operating income (TOI) of INR45.98 crore
with PBILDT and profit after tax (PAT) of INR2.65 crore and
Rs.0.23 crore, respectively, in FY15 (refers to the period April
1 to March 31) as against TOI of INR55.42 crore with PBILDT
and PAT of INR3.18 crore and INR0.32 crore, respectively, in
FY14. During 11MFY16 (refers to the period April 1 to February
29), the company has achieved total operating income of INR55.00
crore.


RAJ REGENCY: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raj Regency a
Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. The
agency has also assigned its INR60.0m term loan an 'IND B+'
rating with a Stable outlook.

KEY RATING DRIVERS

The ratings reflect Raj Regency's lack of operational track
record, as the hotel only commenced operations in April 2016. The
ratings remain constrained on account of Raj Regency's
management's expectation of a low occupancy rate (40%) during its
first year of operations.

However, the ratings derive strength from one of its promoters'
track record of approximately one decade in the hospitality
business.

RATING SENSITIVITIES

Positive: Stabilisation of operations and achieving the projected
occupancy rate will be positive for the ratings.

Negative: Any delay in servicing its debt obligations will lead
to a negative rating action.

Incorporated in December 2014, Raj Regency is a hotel located in
Rajnandgaon, Chhattisgarh; it has 23 rooms as well as facilities
such as a coffee shop, bar, restaurant and banquet. The banquet
is slated to be operational from May 2016. It is managed by three
partners: Surinder Kaur Bhatia, Harjeet Singh Bhatia and
Jasvindar Singh Bhatia.


SANCHEM FABRICS: ICRA Assigns B+ Rating to INR7.7cr Term Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to the INR4.00 crore working
capital facility and INR7.70 crore term loan facility of Sanchem
Fabrics Limited. ICRA has also assigned short term rating of
[ICRA]A4 to the INR0.30 crore non fund based facility of Sanchem
Fabrics Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ assigned
   Term Loan             7.70        [ICRA]B+ assigned
   Bank Guarantee        0.30        [ICRA]A4 assigned

The assigned ratings are constrained by Sanchem Fabrics Limited
(SFL) stretched financial risk profile characterized the
leveraged capital structure and weak coverage ratios. Moreover,
the ratings are further affected by the company's tight liquidity
position emanating from stretched receivables and high inventory
holdings which in turn entail high utilization of working capital
limits. ICRA further takes into account the recent capex incurred
which is further expected to stretch the capital structure due to
impending debt obligation. Further, the ratings are constrained
by the susceptibility of profitability to adverse movement in
yarn and fabric prices. ICRA also takes note of the limited
pricing flexibility within the industry given the highly
competitive and fragmented nature of textile industry.

The ratings, however, favourably factor in the experience of
promoters in the textile industry spanning over two decades as
well as the company's well diversified customer base spread
across the domestic market. The company underwent capacity
expansion in FY 2015-16 with a total capex outlay of INR6.55
crore , enhancing its processing capacity by 1,00,000 meters of
fabric per month ICRA expects SFL's revenue to improve by over
10% to 20% in FY 2016-17 compared to that during FY 2015-16 as
the production from the enhanced capacity is expected to commence
from April 2016.As a result of the increased processing capacity
and also new advanced machinery are likely to lead to substantial
improvement in steady state of operating margins,SFL's operating
profits would remain vulnerable to adverse movement in prices' of
key input material like yarn, chemical etc.Further the relatively
higher depreciation and interest expenses as a consequence of the
capex are expected to stress the net margins in FY 2016-17. SFL's
capital structure is likely to remain leveraged over the medium
term.

Incorporated in 1999 as "Sanchem Color Limited" is engaged in
trading of textile chemicals, later in 2011 the name of the
company was changed to "Sanchem Fabrics Limited" (SFL), promoted
by Agarwal family with the addition of new line of business of
manufacturing of greige fabric for shirting, suiting and bed
sheet. The company is also involved into trading of chemicals and
job work income. Company has its head office and manufacturing
facility located at Piplaj, Ahmedabad.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR20.24 crore and profit after tax (PAT) of
INR0.07 crore.


SHAKTI POLYTEX: ICRA Revises Rating on INR18cr Loan to B+
---------------------------------------------------------
ICRA has revised its long term rating on the INR5.85 crore
(reduced from INR9.00 crore) crore term loan and INR18 crore cash
credit facility of Shakti Polytex Private Limited to [ICRA]B+
from [ICRA]B. ICRA has also assigned its long term rating of
[ICRA]B+ to the INR3.15 crore unallocated fund based facility of
SPPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              5.85      [ICRA]B+; revised from
                                    [ICRA]B

   Cash Credit Limit     18.00      [ICRA]B+; revised from
                                    [ICRA]B

   Unallocated Limit-
   Fund based             3.15      [ICRA]B+; assigned

ICRA's rating revision takes into account the equity infusion by
the promoters in the form of share application money in FY2016.
The rating action also takes into account the company's improved
profit margins, which have led to increased cash accruals. The
rating further positively factors in the experience of the
promoters in plastics and related lines of business, by virtue of
other companies which are a part of the Shakti group, favourable
demand prospects for Regenerated Polyester Stable Fibre (RPSF)
driven by its varied applications and cost competitiveness; and
locational advantages accruing to the company in raw material
procurement as well as marketing of final product.

However, the rating is constrained on account of the company's
moderate scale of operations and its weak financial profile as
reflected in its high gearing levels and weak coverage
indicators. The rating is also constrained by the vulnerability
of the company's profitability to volatility in RPSF prices, high
utilization of fund based facilities in the past and high debt
repayment obligations as compared to expected future cash
generation.

Going forward, the ability of the company to increase its scale
of operations in a profitable manner while maintaining an optimal
level of working capital intensity shall be the key rating
sensitivity.

SPPL was incorporated in August, 2010, and is engaged in the
manufacturing of RPSF using waste polyethylene terephthalate
(PET) bottles as raw material. The company is based in Agra,
Uttar Pradesh and has a production capacity of 35 tonnes per day
(TPD) currently. SPPL belongs to the Shakti Group which has been
promoted by Mr. Suresh Chand Agarwal and includes other companies
engaged in manufacturing PVC pipes, hand pumps, rubber powder and
PET bottles.

Recent Results
In FY2015, the company reported a net profit of INR0.76 crore on
an operating income of INR46.97 crore, as against a net profit of
INR0.67 crore on an operating income of INR57.31 crore in the
previous year. In 11M FY2016, on a provisional basis, SPPL
reported an operating income of INR55.74 crore.


SHREE BALAJI: CRISIL Downgrades Rating on INR30MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shree Balaji Aromatics Private Limited (SBAPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
  Facilities           (INR Mln)     Ratings
  ----------           ---------     -------
  Foreign Bill Purchase    50        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

  Packing Credit          100        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

  Standby Line of Credit   30        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SBAPL's
financial risk profile will deteriorate over the medium term on
account of weak debt protection metrics and stretched liquidity.
Interest coverage ratio is expected to deteriorate in 2016-17
(refers to financial year, April 1 to March 31) on account of
high utilisation of bank lines and low operating profitability.

The ratings reflect the company's small scale of operations in a
highly fragmented industry, and below-average financial risk
profile because of weak debt protection metrics and a modest net
worth. These rating weaknesses are partially offset by the
extensive experience of its promoters in the mentha industry, and
efficiently managed working capital requirement.
Outlook: Stable

CRISIL believes SBAPL will continue to benefit over the medium
term from its long track record in the mentha industry. The
company's financial risk profile is, however, expected to remain
constrained over this period because of a small networth and weak
debt protection metrics. The outlook may be revised to 'Positive'
in case of substantial sales growth coupled with sustained
profitability, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates significantly, most likely
because of low revenue or a decline in profitability.

Incorporated in 2000, SBAPL manufactures and exports menthol
crystals, peppermint oil, ex piperita oil, spearmint oil, and
tulsa oil for use in the food, pharmaceutical, cosmetics, and
tobacco industries. The company is managed by Mr. Dinesh Agarwal,
Mr. Vivek Kumar Agarwal, and the latter's brother, Mr. Atul Kumar
Agarwal. Its manufacturing unit is in Moradabad.


SHREE VENKATESHWARA: CARE Assigns B+ Rating to INR13.13cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Venkateshwara Food Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.13      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Venkateshwara
Food Industries (SVFI) is constrained on account of the nascent
stage of operations along with the project implementation and
stabilisation risk. Furthermore, the rating takes into
consideration the susceptibility of margins to fluctuation in raw
material prices and presence of the firm in a highly competitive
industry, limiting the bargaining power over the customers and
suppliers and constitution as a partnership firm.

The above weaknesses are partially offset by the resourcefulness
and experience of the promoters of over two decades and the
favourable outlook of the food processing industry in India.

The ability of the firm to improve its scale of operations,
improvement in the capital structure, profitability margins and
debt coverage indicators while managing the working capital cycle
effectively are the key rating sensitivities.

Kolhapur-based SVFI is a partnership concern established in the
year 2010 by Mr Rajendra Malu and Mr Gourav Malu.

The operations of the firm commenced from the month of October
2014. The firm is engaged in the manufacturing and processing of
Namkeen, salted potato chips, Kolhapuri bhadang, moong dal and
salted chips under the brand name 'Om Namo Namkeen'. SVFI is a
part of the R B Malu Group having presence in the hospitality
industry, renewable industry, real estate and agro-based business
through its various group concerns. The manufacturing facility of
the firm is located at Kolhapur with an installed capacity of 550
metric tonne per annum (MTPA) (including 300 MTPA for Kolhapuri
Bhadang and 250 MTPA for Moong Dal).

The key raw material required for the process include raw frymes,
edible oil, pulses and spices, which the firm procures from local
suppliers.

In January 2016, the firm has undertaken a project to start the
manufacturing of salted potato chips. The total cost of the
project was INR5.98 crore funded through a bank term loan of
INR5.33 crore and balance through promoter's contribution
in the form of unsecured loans.


SHRIYA RICE: ICRA Reaffirms B- Rating on INR3.50cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to
the INR3.50 crore (enhanced from INR2.50 crore earlier) cash
credit facility, INR2.95 crore (reduced from INR5.37 crore
earlier) term loan facility and INR2.05 crore (enhanced from
INR0.63 earlier) unallocated facility of Shriya Rice Mills.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.50       [ICRA]B-/Re-affirmed
   Term Loan              2.95       [ICRA]B-/Re-affirmed
   Unallocated Limits     2.05       [ICRA]B-/Re-affirmed

The rating remains constrained by the small scale of the firm's
operations that limits economies of scale, the limited value
additive nature of business, the highly fragmented structure of
the industry resulting in minimal pricing flexibility and the
vulnerability of raw material (paddy) availability to the agro-
climatic conditions. The rating also factors in the Firm's
stretched financial profile characterized by thin profit margins,
weak capital structure and inadequate coverage indicators. The
rating also takes note of the risk inherent in the partnership
nature of the firm such as limited ability to raise funds, funds
withdrawal etc. Nevertheless, the rating takes comfort from the
promoter's long standing experience in the rice milling and
processing industry, established relationship with brokers,
proximity of the Firm's milling unit to paddy growing areas in
Raichur (Karnataka) facilitating easy procurement of raw
materials and the stable demand outlook with rice being an
important part of the staple Indian diet.

Going forward, the firm's ability to scale up, strengthen its
margins and improve its capitalization and coverage indicators
would be key rating sensitivities.

Established in 2010 by Mr. Gautam A Sreeram, Mr. Vikram A
Sreeram, Mr. Niranjan A Sreeram, and Ms. S.A Nirmala, SRM is
engaged in milling and processing of rice/paddy. The firm's major
products include boiled rice, raw rice, bran, broken rice and
husk. The firm commenced its operations from January, 2012 with a
new plant set-up over an area of two acres in Raichur district of
Karnataka with a capacity to process eight tonnes of paddy per
hour. Although, the firm's operations have commenced only
recently, the promoter group has been engaged in similar business
for more than three decades.

Recent Results
During FY 2015, SRM reported a net loss of INR0.72 crore on an
operating income of INR5.14 crore as against a net profit of
INR0.71 crore on an operating income of INR10.87 crore in FY
2014.


SONHIRA SAHAKARI: ICRA Revises Rating on INR75cr LT Loan to B+
--------------------------------------------------------------
ICRA has revised the rating assigned to the INR75.00 crore long
term bank lines of Sonhira Sahakari Sakhar Karkhana Limited
(SSKL) from [ICRA]BB- to [ICRA]B+. ICRA has reaffirmed the rating
of [ICRA]A4 to the INR200.00 crore (enhanced from INR100.00
crore) short term fund based facilities of SSKL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund       75.00      Revised from [ICRA]BB-
   based limits                     (stable) to [ICRA]B+
   Term Loan

   Short Term, fund     200.00      [ICRA]A4 reaffirmed
   based limits

The revision in ratings factors in considerable decline in
revenues of the company during FY2015 due to stocking of sugar in
anticipation of better sugar realization along with deterioration
of capital structure and coverage indicators due to rise in debt
levels. In FY2016 also, the company is expected to report muted
growth with company keeping higher inventory of sugar in
anticipation of better sugar prices in near term and timely
liquidation of the same will remain critical. ICRA also notes
high working capital intensity prevalent in the sugar industry
and rise in debt levels during FY2015 on account of high working
capital borrowings resulting from significantly high inventory.
The proposed capex plan during next fiscal for expansion and
modernization of sugar mill and distillery unit is expected to
further leverage the capital structure; hence timely commencement
of enhanced capacities and ensuring healthy utilization will
remain crucial. Higher cane cost has impacted the margins and
overall profitability of the company during last few years and
thus recovery of sugar prices in the domestic market along with
government support (such as continuation of sugar export subsidy)
will remain crucial for viability of operations. Further, the
company remains exposed to regulatory risks regarding cane
pricing, export regulations and agro climatic risks and cyclical
trends inherent in the sugar industry.

However, the ratings continue to derive comfort from established
track of the mill driven by adequate cane availability and high
sugar recovery over the years. Forward integrated operations with
co-generation and distillery units provides additional source of
revenue and partially protects the company from cyclicality
inherent in sugar industry. Timely fixation of cane costs coupled
with adequate cane availability had resulted in longer crushing
period leading to improved crushing levels in SY2015. The rating
also takes into account recent government support in the form of
raw sugar export subsidy and interest free loan scheme to repay
cane arrears under which the company has been sanctioned interest
free term loan of INR16.48 crore in FY2016 providing short term
liquidity support. Going forward, ensuring timely liquidation of
sugar stock, achieving optimum crushing period and maintaining
moderate inventory levels will be the key rating sensitivities.

Incorporated in 2000, Sonhira Sahakari Sakhar Karkhana Limited
(SSKL) is involved in the manufacturing of sugar and its allied
products. The company operates a sugar mill of 4000 TCD (tonnes
crushed per day) installed capacity which is forward integrated
with distillery unit of 30 KLPD (kilo litres per day) and co-
generation unit of 22 MW (mega watt). The manufacturing
facilities of the company are located at Mohanrao Kadamnagar in
Sangli district of Maharashtra.


SPARSH INDUSTRIES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Sparsh Industries
Private Limited's (SIPL) Outlook to Positive from Stable and
affirmed its Long-Term Issuer Rating at 'IND BB+'. A full list of
actions is at the end of this commentary.

KEY RATING DRIVERS

The Outlook Revision reflects the reduced project execution risk
for SIPL and the likelihood of deleveraging below 5x in FY17.
This will be led by the benefits derived from the earlier-than-
expected commissioning of the company's new biaxially-oriented
polyethylene terephthalate (BOPET) line in June 2016. SIPL's
brownfield capex (Phase-2) costing INR2,160m for a new 34,000
metric tons per annum (mtpa) BOPET line was about 89% complete at
FYE16 and is likely to be completed four months ahead of
schedule. Under Phase-1 of the capex (INR1,080m), the company
commissioned a 59,400mtpa PET chips plant (backward integration)
and a 5,400mtpa metalliser unit (forward integration) in April
2015 and December 2015, respectively.

The company drew down higher-than-expected debt in FY16 to
achieve for the early execution of capex (bank term loans of
INR1,280m and promoter's unsecured loans of INR165m). Hence, net
adjusted leverage is likely to have increased to 7.1x in FY16
(FY15: 5.6x; FY14: 4.2x) against Ind-Ra's earlier expectations of
6.1x. However, it may recover over FY17-FY18, sooner than earlier
expected due to EBITDA accretion from the new BOPET capacity. A
moratorium period up to 1QFY18 and a repayment period of nine
years with ballooning repayments for the new term loans of
INR1,440m being availed during FY16-1QFY17 shall support debt
service coverage ratio which is likely to remain between 1.2x-
1.8x during FY17-FY19 in an otherwise leveraged credit profile.

SIPL's revenue grew about 9.4%yoy to INR2.8bn in FY16 supported
by 31% yoy volume growth due to higher capacity utilisation
(FY16: 92%, FY15: 79%). With the new BOPET capacity expected by
June 2016, the company plans to tap large customers where it
presently has low market penetration due to capacity constraints.
The company also plans to sell more in Kanpur market where it has
a market share for about 30% of total demand of 1,500t/month.

Despite price volatility in input feedstock (raw materials are
derived from crude oil) and end-products, SIPL has maintained the
margins by keeping limited inventory (FYE16: 35 days, FY15: 24
days), backward integration into polyester chips and forward
integration into value-added metalised films. EBITDA margins
improved to INR17/kg in FY16 over INR15/kg in FY15 and are likely
to improve further over FY17-FY18 due to the successful vertical
integration and economy of scale.

The ratings also factor in the inherent business risks of demand-
supply disparity and susceptibility to commodity price cycles,
leading to frequent fluctuations in the pricing of packaging
films. This is also attributed to the overcapacity in the
domestic and global BOPET films market.

RATING SENSITIVITIES

Positive: Capex completion coupled with increased earnings,
leading to net financial leverage being sustained below 5x, will
result in a rating upgrade.

Negative: Any delays in the ongoing capex completion or/and weak
earnings leading to delays in deleveraging will result in the
Outlook being revised back to Stable.

SIPL is a part of Kanpur-based Sparsh Group. It was incorporated
in 2009 and manufactures BOPET films at Jainpur industrial area,
near Kanpur. Its total installed capacity is 27,682mtpa. In FY15,
SIPL reported revenue of INR2,571m (FY14: INR2,549m), EBITDA of
INR340m (INR356m) and pre-tax income of INR70m (INR63m).

SIPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
    revised to Positive from Stable
-- INR2504m long-term loans (increased from INR1,339.09m):
    affirmed at 'IND BB+'/Positive
-- INR545m fund-based working capital limits (increased from
    INR450m): affirmed at 'IND BB+'/Positive/'IND A4+'
-- INR420m non-fund-based working capital limits (increased from
    INR310m): affirmed at 'IND BB+'/Positive/'IND A4+'


SRI SRI VENTURES: ICRA Assigns B+ Rating to INR6.0cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.0
crore term loan facility of Sri Sri Ventures Private Limited.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Term Loan       6.00       [ICRA]B+ assigned

Rating Rationale
The assigned rating is constrained by the limited track record of
the company in the real estate business, as the running project
is the first real estate project undertaken by the company's
management under the company. The assigned ratings also considers
SSVPL's exposure to market risk as around 45% of the total
saleable area of the project is yet to be booked. This apart,
ICRA notes that SSVPL remains susceptible to economic cycles of
the real estate industry. ICRA also takes into consideration the
lack of revenue visibility for SSVPL in the long term as the
first residential project of the company has been completed and
currently there is no other project in the pipeline. The credit
rating, however, derives comfort from SSVPL's successful
execution of its first residential project within the scheduled
time and for which sales/bookings have already been achieved for
around 55% of the total saleable area. In ICRA's opinion, SSVPL's
ability to increase the pace of sales and ensure timely
collection from bookings, along with the launch of new projects,
will remain key rating sensitivities, going forward.

Incorporated in 2011, Sri Sri Ventures Private Limited is engaged
in the real estate business in Siliguri, West Bengal. The company
started its first project in January 2013 for the construction
and development of Sri Vatika, a residential complex in Siliguri.
The project has been completed in January 2016, and
sales/bookings have been recorded for around 55% of the total
saleable area till March 22, 2016. Sri Vatika has been developed
on a plot of land measuring around 32,400 sq ft. The building has
G+5 floors, with the ground floor being the parking area. Each
floor above parking has six 3BHK flats and three 4BHK flats. The
project thus consists of 45 flats with a total saleable area of
around 88,000 sq ft.


SRI VASAVI: ICRA Assigns B- Rating to INR5.99cr Loan
----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to INR5.99 crore
fund based facilities of Sri Vasavi Cotton Industries. ICRA has
also assigned the ratings of [ICRA]B-/[ICRA]A4 to INR1.01 crore
unallocated limits of SVCI.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     5.99       [ICRA]B- assigned
   Unallocated Limits    1.01       [ICRA]B-/[ICRA]A4 assigned

The assigned ratings are constrained by SVCI's small scale of
operations in the highly fragmented cotton ginning industry
characterized by competition from a large number of players which
limits the ability to pass on the hike in the input costs; and
weak financial profile characterized by high gearing of 2.72
times and modest coverage indicators with interest coverage ratio
at 1.94 times and NCA/total debt of 22% as on March 31, 2015. The
ratings are further constrained by weak liquidity position of the
firm as reflected by high utilization of its working capital
limits on account of high debtors; vulnerability of profitability
to any unfavourable government regulation of cotton prices
through the minimum support price (MSP) mechanism; and risks of
operating in a commodity market characterized by volatility in
cotton prices. The ratings, however, favourably considers the
experience of the partner's in the cotton ginning business, and
proximity to cotton growing areas resulting in savings on
transportation costs.

Going forward ability of the firm to increase its scale of
operation and management of its working capital will be key
rating sensitivities from credit perspective.

Founded in year 2014 as a partnership firm, Sri Vasavi Cotton
Industries (SVCI) is engaged in cotton ginning and pressing
activities with a product mix of cotton lint and cotton seed. The
manufacturing unit of the firm is located at Gajwel village of
Medak district, Andhra Pradesh. The manufacturing unit comprises
of 36 double roller gins with capacity to produce 583 quintals of
cotton lint per day. The firm had started its commercial
production in December 2014.

Recent Results
Firm has reported operating income of INR1.74 crore and net
profit of INR0.05 crore for FY2015.


SUNRISE AQUA: ICRA Assigns 'B' Rating to INR9.90cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR9.90 crore
fund based facilities of Sunrise Aqua Food Exports. ICRA has also
assigned ratings of [ICRA]B/[ICRA]A4 to INR0.10 crore unallocated
limits of SAFE.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits      9.90      [ICRA]B assigned
   Unallocated limits     0.10      [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by firm's nascent stage of
operations in intensively competitive sea food processing
industry with significant competition from shrimp processing
companies of the domestic industry and other competing countries;
and thin margins in the shrimp processing business on account of
low value addition and limited pricing flexibility. The ratings
consider risks inherent in sea food industry like susceptibility
of earnings to raw material prices, susceptibility to disease,
climate change risk, vulnerability to regulations proposed by
importing nations and export benefits provided by the Indian
government and risks arising from proprietorship nature of the
firm. The ratings, however, positively factors in more than two
decades long experience of proprietor in the seafood industry and
established relationships with farmers, ensuring easy raw
material availability.

Going forward, the ability of the firm to increase its scale of
operation and managing its working capital requirement will be
key rating sensitivities.

Founded in 2015, as a proprietorship concern, Sunrise Aqua Food
Exports (SAFE) is a merchant packer for processed sea food.
Proprietor of SAFE Mrs. I. Bhavani who is also one of the
directors of Suryamitra Exim Private Limited (SEPL) which is into
shrimp processing and export with a processing capacity of 80
tons per day. Mrs. I Bhavani has more than 2 decade of experience
in sea food business.


SUNRISE MARKETING: CARE Assigns B+ Rating to INR5.50cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sunrise Marketing And Services.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.50      CARE B+ Assigned
   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sunrise Marketing
and Services (Sunrise) are constrained on account of its
modest scale of operations in a highly competitive industry,
proprietorship nature of constitution and limited bargaining
power with principal manufacturers. The ratings are further
constrained on account of its financial risk profile marked by
thin profitability, leveraged capital structure, moderately weak
debt coverage indicators and moderate liquidity position.
However, the ratings derive strength from the wide experience of
proprietor in the electrical appliances industry and
established track record of operations.

The ability of Sunrise to increase the scale of operations and
improve overall financial risk profile with efficient working
capital management are the key rating sensitivities.

Surat-based (Gujarat) proprietorship firm, Sunrise was
established in the year 2002 as an authorized dealer for various
electrical appliances and machine lubricating oil and grease. The
proprietor, Mr Lejas Hemantrai Desai looks after the overall
management of the entity. The entity purchases electrical motors
primarily from Bharat Bijlee Limited, gear boxes primarily from
Premium Transmission Limited, lighting products from Crompton
Greaves Limited and AXL Lighting Limited, machine lubricating oil
and grease from Gulf Oil Lubricants India Limited and paltry
amount of welding consumables like welding rods and mig/ tig
wires from few other companies, which it stocks in its own godown
and office, while it sells the same directly via its own sales
executives to various Original Equipment Manufacturers (OEM's)
primarily belonging to the textile and diamond industry. The
electric motors are the major revenue drivers, followed by gear
boxes.

The proprietor is also associated with other firms, namely, Niti
Enterprises and Suniti Hospitality Private Limited. Niti
Enterprises is owned by Mrs Mitali Lejas Desai, which provides
after sales service and consultation for the products sold
by Sunrise. Mr Lejas Desai and Mrs Mitali Lejas Desai are also
directors in Suniti Hospitality Private Limited, which is into
the business of hotels and banquet halls.

During FY15 (refers to the period April 1 to March 31), Sunrise
reported a total operating income (TOI) of INR20.07 crore with a
PAT of INR0.13 crore as against TOI of INR17.57 crore with a PAT
of INR0.11 crore during FY14. As per the provisional results till
Jan. 31, 2016, the firm registered TOI of INR21.85 crore.


SUPER PRIME: ICRA Suspends B+ Rating on INR8cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR8.00
crore bank facilities of Super Prime Construction Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company. According to its suspension policy, ICRA may
suspend any rating outstanding if in its opinion there is
insufficient information to assess such rating during the
surveillance exercise.


TCL-MMPL CONSORTIUM: ICRA Assigns B+ Rating to INR1.0cr Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR1.00 crore cash
credit facility of TCL-MMPL Consortium. ICRA has also assigned an
[ICRA]A4 rating to the INR15.00 crore bank guarantee facility of
TMC.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund-Based Limit-
   Cash Credit              1.00         [ICRA]B+ assigned

   Non-Fund Based
   Limit-Bank Guarantee    15.00         [ICRA]A4 assigned

The assigned ratings take into account the lack of business
visibility with TMC having no plans to participate in any new
tender and a low order book position of around INR28 crore as in
December, 2015. While arriving at the ratings ICRA has also
considered TMC's high business concentration risk with its entire
revenue dependent on two contracts for mine development from a
single customer (HCL). The ratings are also constrained by the
risk in relation to liquidated damages, witnessed in the past by
the entity and high level of receivables. This, along with
reduced creditor days has kept the working capital intensity at a
high level of 63% as in Dec, 2015. ICRA also takes note of the
high off balance sheet exposure by way of performance guarantees
provided on the contracts. The ratings, however, derive comfort
from the promoters' experience in the underground mine
development work and drilling services; and a healthy level of
profitability and a conservative capital structure which have led
to comfortable coverage indicators.

TCL-MMPL Consortium (TMC) was established in 2008 as an
'Association of Persons', with Teknomin Construction Limited
(TCL) and Maheshwari Mining Private Limited (MMPL) as members
with equal profit/loss sharing ratio. The entity was formed with
an object to participate in two large tenders floated by
Hindustan Copper Limited (HCL) in 2009. TMC is engaged in
underground mine development and drilling works.

Recent Results
During the first nine months of 2015-16, TMC posted a net profit
of INR2.96 crore (provisional) on an operating income of INR28.51
crore (provisional). The entity reported a net profit of INR5.23
crore on an operating income of INR37.69 crore in 2014-15.


TIRUPATI COTTON: ICRA Assigns 'B' Rating to INR4.50cr Loan
----------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR4.50 crore cash
credit facility and INR1.50 crore term loan facility of Tirupati
Cotton.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.50       [ICRA]B assigned
   Term Loan              1.50       [ICRA]B assigned

The assigned rating is constrained by the start up nature of the
firm and risk associated with stabilization of operations. The
rating is also constrained by possible tress on debt servicing
ability in case ramp up of cash flows is lower than anticipated.
The rating also takes into consideration the highly competitive
and fragmented industry structure with low entry barriers,
vulnerability of the firm's profitability to movements in cotton
prices on account of seasonality and firm's exposure to
regulatory risks with regards to MSP. ICRA also notes that TC is
a partnership firm and any significant withdrawals from the
capital account would affect its net worth and thereby its
capital structure.

The rating, however, positively factors in the longstanding
experience of the promoters in the cotton ginning and pressing
industry and the location advantage enjoyed by the firm by virtue
of its location in the cotton producing belt of Gujarat.

Established in May 2015, Tirupati Cotton (TC) is engaged in
cotton ginning and pressing at its manufacturing facility located
at Verad in Jamnagar district of Gujarat. TC started commercial
operations in February 2016. The facility is equipped with 36
ginning machines and 1 pressing machine with a total installed
capacity of processing ~24,192 MT of raw cotton per annum. The
promoters have extensive experience in cotton industry through
their association with Gurukrupa Cotton & Oil Industries.


TRADING ENGINEERS: Ind-Ra Cuts Long-Term Issuer Rating to IND B+
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Trading
Engineers (International) Limited's (TEIL) Long-Term Issuer
Rating to 'IND B+' from 'IND BB'. The Outlook is Negative.

KEY RATING DRIVERS

The downgrade reflects the deterioration in TEIL's credit
profile. Its net financial leverage increased to 8.1x in FY15
from 5.9x in FY14 on account of an increase in debt to INR1,166m
from INR727m and a fall in EBITDA to 10.4% from 12.2%. The fall
in EBITDA was due to the lower profitability of executed orders.

The Negative Outlook reflects TEIL's tight liquidity position due
to a stretched working capital cycle (FY15: 267 days; FY14: 265
days). The company's fund-based working capital facilities were
nearly fully utilised over the 12 months ended March 2016. The
net working capital cycle lengthened due to delays in the
realisation of receivables and an increase in inventory holding
period on account of delays in the execution of orders. Debtors
outstanding for more than six months increased to 24% of the
total debtors on 30 November 2015 from 14.5% on 31 March 2014.
Ind-Ra believes that some of the debtors are related to projects
which have been either delayed or shelved and the realisation of
the same would be difficult and time-consuming.

The Negative Outlook also reflects Ind-Ra's expectation of a
decline in TEIL's revenue in FY16 as indicated by the 8MFY16
revenue figure of INR580m. TEIL reported healthy revenue growth
of 35% yoy in FY15 to INR1,340m on back of 100% growth in the
tower division and 14% growth in the DG set division. The company
however witnessed around 70% yoy revenue decline in its
engineering procurement construction segment.

The ratings are, however, supported by over three decades of
experience of the company in the trading and assembly of DG sets.

RATING SENSITIVITIES

Positive: An improvement in the financial performance and lower
working capital requirements leading to an improvement in the
liquidity and credit profile could lead to a positive rating
action.

Negative: Deterioration in the financial performance along with
higher working capital requirements leading to further
deterioration in the liquidity and credit profile could lead to a
negative rating action.

TEIL is an associate company of Unitech Machines Limited ('IND
BBB'/Negative). It was formed as a partnership firm in 1949 and
was incorporated in 1972 as a limited liability company. The
company was taken over by Unitech Machines Group in 2001. TEIL
has a fully integrated manufacturing facility for DG sets of up
to 2,000kVA in Bhagwanpur, Uttarakhand. The total capacity of the
plant is to manufacture 13,000 DG sets and 36,000MT of towers
every year.

TEIL's ratings:

-- Long-Term Issuer Rating: downgraded to 'IND B+' from
    'IND BB'; Outlook Negative
-- INR492.5m fund-based working capital limits (reduced from
    INR500m): downgraded to 'IND B+'/Negative from 'IND BB' and
    'IND A4' from 'IND A4+'
-- INR435m non-fund-based working capital credit limits (reduced
    from INR485m): downgraded to 'IND B+'/Negative from 'IND BB'
    and 'IND A4' from 'IND A4+'


VENTURE STEEL: CARE Assigns 'B' Rating to INR3.21cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Venture Steel Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.21      CARE B Assigned
   Short-term Bank Facilities     3.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Venture Steel
Private Limited (VSPL) are constrained by its relatively small
scale of operations with sector concentration risk,
susceptibility to volatile steel prices, moderate size of
outstanding order book as on Dec. 2, 2015 rendering limited
revenue visibility. The rating also factors in the working
capital intensive nature of operations marked by high receivables
days and deterioration in profitability margins in FY15 (refers
to the period April 1 to March 31).

The above constraints outweigh the comfort derived from the
experience of the promoters with established presence and reputed
clientele.

The ability of the company to scale up its operations by securing
and executing new orders and improving profitability margins
along with improvement in its operating cycle are the key rating
sensitivity.

VSPL is based in Baramati (Maharashtra) and was incorporated in
May 2004 and promoted by Mr Balasaheb Shende. The company is
engaged in providing dairy equipment like cooling systems (bulk
milk coolers, heat recovery systems, instant chillers,
refrigerated systems) and storage and transport products
(vertical milk storage tanks, horizontal milk storage tanks, road
milk tankers, insulated vans) and turnkey solutions to the dairy
industry.

The company undertakes manufacturing, installation and
commissioning of these process equipment for, milk chilling and
processing plants. Additionally, the company also executes
complete turnkey projects for dairies, cold storage and others.


YUG INTERNATIONAL: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Yug
International Private Limited's (YIPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

YIPL's ratings continue to reflect its very low EBITDA margins
(in the range of 0.8%-1.2% over FY12-FY15) due to its trading
operations. As the company trades in petrochemicals, it remains
exposed to volatility in its prices. The commodity-price risk is
more pronounced in YIPL's case as most of its sales are conducted
on a stock-and-sale basis rather than against back-to-back
orders. However, the company has continuously worked towards
reducing its inventory holding period to minimise price risk.
High sea sales, after high sea purchases, sales through custom
bonded warehouses located at ports, and purchases in smaller
quantities have helped the company reduce its inventory holding
period. Its inventory days fell to 15 in FY14 and further to 13
in FY15, from 25 in FY13. The company's credit metrics have
remained moderate, with net leverage and interest coverage
averaging 2.08x and 1.95x, respectively, over FY14-FY15.  Its
6MFY16 results indicate revenue of INR4,617m with an EBITDA
margin of 0.88%.

The company is also exposed to forex risks related to direct
imports (around 10% of the total stock-in-trade requirements in
FY15). The remaining requirements, denominated in rupee terms,
are mostly procured from other importers.

The company has a diversified customer base across industries.
Its top 10 customers accounted for 16% of sales in FY15,
indicating a low customer concentration risk. YIPL's philosophy
of limiting exposure to a single customer has facilitated such a
diversification. However, other than selling to reputed
customers, the company also sells to smaller customers such as
traders, the risk of payment defaults remains. However, the
addition of new customers, after positive feedback, has helped
mitigate such default risks.

The ratings benefit from YIPL's promoter's experience of more
than two decades in the trading business. The company caters to a
diverse range of industries such as pharmaceuticals, adhesives,
soaps and detergents, which insulates it from a slowdown in any
particular sector.

RATING SENSITIVITIES

Positive: An increase in revenue and profitability, leading to
improvement in its credit metrics, could lead to a positive
rating action.

Negative: A decline in revenue and profitability, resulting in
deterioration in its credit metrics, could lead to a negative
rating action.

YIPL was set up in 1997 by Mr. Amarnath Gupta. The company trades
in industrial chemicals such as methanol, benzene, phenol and
toluene. Its head office is located in Kanpur; it also has six
sales offices across India.

YIPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR178.2m fund-based limits (increased from INR138.2m):
    affirmed at 'IND BB+'/Stable/'IND A4+'
-- INR408.3m non-fund-based limits (decreased from INR448.3m):
    affirmed at 'IND BB+'/Stable/'IND A4+'



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


MITRA PINASTHIKA: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------
S&P Global Ratings affirmed its 'B+' corporate credit rating on
PT Mitra Pinasthika Mustika Tbk. (MPM) and issue rating on
US$200 million in senior unsecured notes that MPM guarantees.
MPM's wholly owned subsidiary MPM Global Pte. Ltd. issued the
notes.  The rating outlook is stable.  At the same time, S&P
affirmed its 'axBB' ASEAN regional scale rating on the Indonesian
auto distribution and services company.

S&P affirmed the ratings because it believes that operating
conditions in MPM's nonfinancial services activities will slowly
recover in 2016 after a relatively soft performance in 2015.  S&P
also anticipates that the company will adopt a more measured pace
of growth over the next 12 months if the current recovery in end-
markets stalls and headwind at its financial services operations
remain.

"Operating conditions in MPM's main operating segments, excluding
financial services, are showing some signs of stabilization since
the beginning of 2016," said S&P Global Ratings credit analyst
Annabelle Teo.  "Most notably, portfolio quality in the company's
rental activities appeared to be stabilizing.  Provisions for
doubtful accounts moderated compared with the preceding quarter,
which included about Indonesian rupiah (IDR) 56 billion in
provision for doubtful accounts and write-offs."

The automobile rental segment has a new management team, is
implementing a number of cost-saving initiatives, and has slowed
its growth to focus on more profitable customers.  Operating
income for this division, excluding finance costs, turned
positive to about IDR45 billion in the quarter ended March 31,
2016.

"We also expect sales volume growth of motorcycles--an important
profit generator--in the company's key markets to slowly turn
positive in 2016, compared with a low single-digit decline in
2015.  Consumer sentiment has turned slightly more positive as
the currency stabilizes and GDP growth picks up marginally, while
further promotional activities should support sales volumes,"
Ms. Teo said.

S&P continues to view MPM's financial services operations as
neutral from a credit standpoint.  S&P believes the company's
overall balance sheet can absorb the current deterioration in the
loan portfolio and rising provisions while remaining self-funding
and not requiring financial support from MPM's other activities.

The stable outlook reflects S&P's expectation that MPM will
maintain a ratio of FFO to debt of more than 15% through to 2017.
It also reflects S&P's expectation that MPM will maintain a more
measured growth strategy across business segments over the period
and will be willing to scale back spending to preserve cash.

S&P may downgrade MPM if the company's ratio of FFO to debt falls
below 15% on a sustainable basis.  This could happen due to: (1)
EBITDA margin falling below 6% and revenue growing less than 5%
in 2016 and 2017 because of tough operating conditions, further
provisioning across businesses, or execution challenges in newer
businesses; or (2) a step-up in capital spending beyond S&P's
forecast that requires recourse to additional debt.

S&P may upgrade MPM if the company increases its operating scale
and establishes good market positions in its new car distribution
and rentals businesses, showing its good execution ability.  S&P
may also raise the rating if MPM moderates capital spending and
improves profitability in the newer businesses such that the FFO
to debt is above 25% on a sustainable basis.


SOLUSI TUNAS: S&P Revises Outlook to Neg. & Affirms 'BB-' CCR
-------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on PT
Solusi Tunas Pratama Tbk. (STP) to negative from stable.  At the
same time, S&P affirmed its 'BB-' long-term corporate credit
rating on the Indonesia-based telecom tower operator.  In line
with the outlook revision, S&P lowered its ASEAN regional scale
rating on STP to 'axBB' from 'axBB+'.  In addition, S&P affirmed
its 'BB-' long-term issue ratings on the company's outstanding
guaranteed senior unsecured notes, which Pratama Agung Pte. Ltd.,
a wholly owned subsidiary of STP, unconditionally guarantees.

"We revised the outlook because STP's weaker revenue and EBITDA
growth in a sluggish market in this year could keep the company's
interest coverage ratios below our rating threshold beyond 2016,"
said S&P Global Ratings credit analyst Annabelle Teo.

With subdued domestic demand, STP's colocation development has
been slower than S&P had anticipated.  That resulted in a tenancy
ratio that S&P estimates at 1.62x as of Dec. 31, 2015, lower than
our earlier expectation of about 1.75x for the period.  New build
towers have also been limited, with just 250 new towers in 2015.

STP's financial performance for the quarter ended March 31, 2016,
appears to be confirming the slowing trend in revenue and EBITDA
growth observed in 2015.  The company's reported EBITDA for the
quarter was about Indonesian rupiah (IDR) 400 billion, or about
20% of S&P's earlier base-case assumption for 2016.  Amid a
slower market, modest new tower additions, and only a marginal
pick-up in tenancy ratios, S&P believes the company will find it
difficult to reach an EBITDA of more than IDR1,750 billion for
the year, which was S&P's previous projection.  While S&P notes
that quarterly EBITDA generally increases on a sequential basis
throughout the year, S&P is revising its forecast of STP's full-
year EBITDA to IDR1,600 billion-IDR1,650 billion for 2016 to
reflect the market slowdown.

S&P forecasts that STP's coverage of cash interest with funds
from operations (FFO) will remain below 2.0x in 2016, given S&P's
lower cash flow forecasts and the company's still-high interest
expense. That level is below S&P's expectations for the rating on
the company.  This revised projection follows thin coverage
ratios in 2015, when the company's FFO cash interest coverage
averaged 1.6x. Financial charges, including hedging costs, will
likely stay high at about IDR1 trillion in 2016, given the
substantial costs associated with hedges on STP's U.S. dollar
debt.  This is despite S&P's expectation of no incremental debt
in its base-case assumptions because the company can fund its
capital spending with internal accruals and cash balance.

STP's FFO cash interest coverage could also stay below 2.0x in
2017.  S&P estimates that the company's EBITDA would need to
exceed IDR1,850 billion and financial charges to reduce below
IDR950 billion by 2017 for its interest servicing ratio to
converge toward S&P's target level for the rating.  S&P believes
STP could find it difficult to meet these levels unless it speeds
up tower additions, markedly improves tenancy ratios, slows
capital spending, or reduces debt.

"We affirmed the ratings to reflect STP's stable revenues and
cash flows, which the company's long-term, inflation-linked
contracts support," said Ms. Teo.  Even though S&P sees a risk
that STP's cash flow adequacy could remain below S&P's downgrade
triggers beyond 2016, it acknowledges the company's willingness
to moderate capital spending through 2017, accumulate cash, and
reduce debt.

The negative outlook reflects the prospects that STP's FFO cash
interest coverage may not recover toward 2.0x in 2017 if growth
remains slow amid still-high capital spending.

S&P may lower the ratings if STP's FFO cash interest coverage
stays below 2.0x in 2017.  S&P believes this could happen if: (1)
the company's revenue and EBITDA grow less than 5% in each of
2016 and 2017 amid still elevated financial charges; or (2) its
capital spending or dividends increase beyond S&P's forecast and
require recourse to additional debt.

S&P could revise the outlook to stable if it believes that STP
will establish a credible path to restore its FFO cash interest
coverage levels toward 2.0x in 2017.  This would require revenue
and EBITDA growth exceeding 10% annually over the next two years,
moderate and declining capital spending, and cash accumulation.


SRI REJEKI: Moody's Affirms B1 CFR & Changes Outlook to Pos.
------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of P.T. Sri Rejeki Isman Tbk (Sritex) and the B1 rating on
the $270 million senior unsecured notes due 2019 issued by Golden
Legacy Pte. Ltd. and guaranteed by Sritex.

Moody's has also changed the ratings outlook to positive from
stable.

Rating Affirmations:

Issuer: P.T. Sri Rejeki Isman Tbk
  Corporate family rating, affirmed at B1

Issuer: Golden Legacy Pte. Ltd.
  $270 mil. GTD GLOBAL BONDS due 2019, affirmed at B1

Outlook Actions:

Issuer P.T. Sri Rejeki Isman Tbk
  Outlook changed to positive from stable

Issuer: Golden Legacy Pte. Ltd.
  Outlook changed to positive from stable

                         RATINGS RATIONALE

"The positive outlook reflects Sritex's strong operating
performance coupled with Moody's expectation that the ongoing
expansion of its production capacity will drive revenue and
earnings growth in 2016 and 2017" says Brian Grieser, a Moody's
Vice President and Senior Analyst.

"Sritex is in the final year of a three-year, debt-funded
facility expansion program which has driven double-digit top-line
growth in each of the past two years," adds Grieser, who is also
the lead analyst on Sritex.  Sritex has also increased EBITDA by
over a third since the start of its capex program, supporting the
company's leverage profile despite its heavy reliance on debt to
fund this spending.

Looking ahead, Moody's expects earnings growth, coupled with
stability in the company's debt balance, to support both absolute
and relative de-leveraging to around 3.5x in 2016.

Leverage -- as measured by debt/EBITDA -- stood at around 3.7x as
of March 31, 2016, down from 3.8x at Dec. 31, 2015.

The positive outlook reflects Moody's expectation that Sritex
will successfully complete its capex program in 2016 and that
capex levels will decline materially by end-2016 and into 2017.
Accordingly, we expect EBITDA growth and improved cash generation
to result in a significant improvement in Sritex's credit profile
over the next 18 months.

Moody's also expects growth across each of Sritex's businesses,
with the retail garment business demonstrating the highest growth
rates.  The Indonesian textile manufacturer's expansion project
is widening its presence in its four key businesses -- spinning,
weaving, finishing and garments -- and will drive a shift in
revenue to its higher margin garment business from the lower-
margin spinning and weaving businesses.

This vertical integration, whereby Sritex produces roughly all of
its fabric needs to manufacture its garments, is a key
differentiating factor, allowing it generate better and more
stable margins than its peers.

Sritex's B1 rating reflects its relatively small scale in the
highly competitive global textile industry, the geographic
concentration of its assets in Indonesia's central Java region,
and its manageable level of leverage, as measured by debt/EBITDA.

The rating also reflects Sritex's (1) solid EBITDA margins,
ranging between 17% and 20%; (2) strong trends in earnings
growth; (3) track record of executing on its large, debt-funded
capital spending program, and (4) both customer and geographic
sales diversification.

Moody's expects Sritex to maintain a good liquidity profile,
supported by meaningful cash balances, committed working capital
credit facilities, and improved cash flow generation.  Moody's
also expects the company to begin generating positive free cash
flow as capital spending for growth winds down and earnings
continue on a positive trajectory.

The ratings could be upgraded if Sritex maintains a stable
financial profile over the next 18 months, with cash flows
exceeding capital spending.  In particular, debt/EBITDA levels
below 3.5x and EBITA/interest expense above 3.5x on a sustained
basis would be supportive of an upgrade.

In addition, the company would also need to maintain its good
liquidity profile, supported by high cash balances and committed
bank facilities.

A near-term downgrade is unlikely, given the positive outlook.
However, the outlook could return to stable if: (1) rising wages
and other input costs reduce Sritex's cost competitiveness, such
that EBITDA margins fall below 15% on a sustained basis, or (2)
Sritex expands its business through debt-funded acquisitions or
capital expenditures, such that debt/EBITDA exceeds 4.0x on a
sustained basis, or (3) liquidity deteriorates due to either
falling cash balances or a loss of access to its credit
facilities.

A shift in Sritex's articulated financial policy -- such that the
company expands its debt-funded capex program -- would most
likely also result in a return to a stable outlook.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

P.T. Sri Rejeki Isman Tbk (Sritex), located in central Java,
Indonesia, is a vertically integrated manufacturer of textiles
and textile products.  Its operations are spread across 22
factories, consisting of 9 spinning plants, 3 weaving plants, 3
finishing plants and 8 garment plants.  Net revenues generated by
its four divisions were approximately $622 million for calendar
2015.

Sritex is majority owned (56%) by the Lukminto family.  Mr. Iwan
Setiawan Lukminto, son of the founder, Mr. H.M Lukminto, has been
President Director since 2006.  The family has day-to-day control
of operations.  The remaining 44% share of the company is
publicly traded on the Indonesian Stock Exchange.



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


SAIZEN REIT: Moody's Withdraws Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has withdrawn the Ba3 corporate family
rating of Saizen REIT.  The rating outlook was stable at the time
of its withdrawal.

This rating and outlook were withdrawn:

Issuer: Saizen REIT

  Corporate Family Rating, Withdrawn, previously rated Ba3
  Outlook, Changed To Rating Withdrawn From Stable

                         RATINGS RATIONALE

Moody's has withdrawn the rating because it believes it has
insufficient or otherwise inadequate information to support the
maintenance of the rating.

Following the completion of Saizen REIT's disposal of its entire
portfolio of real estate assets in Japan to Triangle TMK
(unrated) -- a Japanese affiliate of US private equity firm Lone
Star Funds -- for JPY44,660 million, the trust's assets as at
March 31, 2016, consisted wholly or substantially of cash,
thereby turning it into a cash trust.  As such, Moody's believes
there is a lack of clarity on the future strategy for Saizen
REIT.


SHARP CORP: To Move Headquarters to Sakai Plant
-----------------------------------------------
Kyodo News reports that Sharp Corp. is considering moving its
headquarters to a plant in Osaka Prefecture, jointly operated
with Taiwan's Hon Hai Precision Industry Co., which has agreed to
take over the struggling electronics maker, sources close to the
matter said on May 5.

According to Kyodo, the envisaged relocation within the
prefecture from the city of Osaka to Sakai is designed to
strengthen coordination with Hon Hai, an Apple Inc. supplier
better known by its trade name Foxconn as Sharp aims to become
profitable again.

Hon Hai signed an agreement in April to make Sharp the first
major Japanese tech company to come under foreign ownership, the
report recalls. The liquid crystal display manufacturing plant in
Sakai has been operated by the two companies since 2012.

In a related move, Sharp is mulling moving part of the functions
at its branch office in Tokyo to its own building in nearby Chiba
Prefecture to reduce costs, the sources said, Kyodo relays.

Kyodo says Sharp sold its head office buildings in Osaka to
furniture retail chain operator Nitori Holdings Co. and a Nippon
Telegraph and Telephone Corp. group company as part of its
restructuring plan. The Osaka-based company has been paying rent
to keep the functions of its headquarters there.

The sources said Sharp's leasing contracts will expire at the end
of March 2018, but the company is now aiming to move out around
this summer in the face of its worsening financial standing,
according to the report.

Hurt by losses in its LCD business, Sharp is likely to have been
in the red for the second straight year in fiscal 2015 that ended
in March, Kyodo notes.

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, Nikkei Asian Review said that under pressure to
reduce costs after another year in the red, Sharp is considering
eliminating about 1,000 more jobs ahead of its takeover by
Taiwan's Hon Hai Precision Industry.

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

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

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



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


1MALAYSIA DEVELOPMENT: To Dissolve Board Headed by PM Razak
-----------------------------------------------------------
Yantoultra Ngui at The Wall Street Journal reports that Malaysia
will dissolve the advisory board of a state-investment fund
headed by Prime Minister Najib Razak, as global investigations
into 1Malaysia Development Bhd. continue.

The Journal relates that the dissolution comes nearly a month
after a parliamentary inquiry into the fund, known as 1MDB,
called for a law-enforcement investigation into its former chief
executive and urged changes in its governance.

According to the Journal, Malaysia's Finance Ministry said in a
statement on May 5 that it accepted the resignation of the board
of directors, a separate body, that followed the public release
of the parliamentary inquiry's report. The resignations will take
effect May 31, the report notes.

The Journal relates that the move is another step in a gradual
winding up of 1MDB, which last week defaulted on an interest
payment on a bond, triggering a partial cross-default on other
debts guaranteed by the government. 1MDB's next interest payment
on a separate bond is due May 11, the Journal says.

The Journal says Mr. Najib, who launched the fund after taking
office in 2009 and served as chairman of the advisory board, has
been at the center of escalating controversy around 1MDB that has
led to calls for his resignation.

The Wall Street Journal, citing Malaysian and global
investigations, has reported that investigators have found more
than $1 billion was transferred to Mr. Najib's personal bank
accounts, the majority originating from 1MDB and moving via a web
of intermediary entities. Probes are under way in seven
countries.

The report relates that Mr. Najib has denied wrongdoing or taking
money for personal gain. Malaysia's attorney general has said
that $681 million deposited to Mr. Najib's account was a legal
donation from Saudi Arabia's royal family, and that most of it
was returned. He also cleared Mr. Najib of wrongdoing.

"The change of board does not detract from broader global
investigations into the finances of 1MDB," the Journal quotes
Ng Weiwen, an economist with ANZ Research, as saying.

The Journal adds that the statement said that in accepting the
recommendations of the Public Accounts Committee, the stated role
of the prime minister in 1MDB would end and that the finance
minister -- a post Mr. Najib also holds -- would assume them.

A new board of directors would be appointed "in due course, to
reflect the limited business profile of 1MDB," the statement, as
cited by the Journal, said. The fund's current president, Arul
Kanda Kandasamy, will remain in his role "until further notice,''
it said.

The statement said that 1MDB would transfer its ownership of a
number of real-estate companies and property assets to the
ministry, adds the Journal.

                            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.

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.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).



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


INTAGR8 LIMITED: Commerce Commission Concludes Investigation
------------------------------------------------------------
The Commerce Commission has concluded its investigation into
telecommunications firm Intagr8 Limited regarding allegations it
misrepresented the price and nature of its services when making
sales in New Zealand.

Intagr8 offered bundled telephone services and office equipment
to small and medium-sized business customers. The equipment,
including telephone systems, CCTV monitoring and security
systems, printers and photocopiers, was financed through third
party finance companies that entered into a 60-month rental
agreement with customers.

Intagr8 was placed into liquidation in December 2015 owing
creditors in excess of an estimated NZ$4 million. The company's
sole director and shareholder, Murray Taylor, immediately left
New Zealand for Australia and has not returned.

The Commission's investigation focused on 29 complaints received
between April 14, 2014 and October 6, 2015. Complainants alleged
that Intagr8 salespeople misrepresented the price of the
equipment they signed up for and the services they would receive.
They also alleged they were not informed they were entering into
a rental agreement with a finance company, paying by direct
debit, and that separate accounts would be issued for the
telephone services and equipment rental.

The Commission has concluded there is sufficient evidence to
establish that Intagr8 likely breached the Fair Trading Act.
However, it will not file court proceedings as any penalty
imposed by the Court would either remain unpaid or be at the
expense of creditors. A formal warning will instead be issued
against Intagr8's record.

The Commission also assessed individual liability and has sent
formal warnings to Mr Taylor and Intagr8's former National Sales
Manager Stephen Morrissey. Mr Morrissey resigned from Intagr8 in
March 2015.

Intagr8 Ltd was a telecommunication company based in New Zealand.



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


ALLIANCE SELECT: Annual Net Loss Narrows to $8.02 Million in 2015
-----------------------------------------------------------------
Krista Angela M. Montealegre at BusinessWorld Online reports that
Alliance Select Foods International, Inc. is poised to harvest
this year the fruits of a clean-up program that may help the
company end three straight years of losses.

The bleeding continued for Alliance Select last year due to the
"unstable environment in the fishing industry" and "challenges
tackled by the company," but the losses narrowed to $8.02 million
last year from $17.08 million in 2014, BusinessWorld discloses
citing regulatory filing.

Consolidated revenues dropped 16% year-on-year to $68 million
from $81 million, primarily due to lower sales volume across the
group and weak prices for canned tuna products, which accounted
for 56% of the total, Alliance Select relays.

According to BusinessWorld, Alliance Select noted that the losses
would have been significantly lower without the one-off charges
undertaken by the company as part of cost-efficiency initiatives.

BusinessWorld says the company has been reporting losses since
2012. "The past two years were very challenging for ASFII as it
executed necessary cost-efficiency measures geared towards
financial stability. The losses are a result of a very meticulous
clean-up process and we fully expect that this optimization
process will reveal its progressive results starting in the first
quarter of 2016," Alliance Select President and Chief Executive
Officer Raymond K.H. See was quoted in the statement as saying.

This year, Alliance Select is set to realize gains from the
implementation of several measures aimed at strengthening the
business such as aggressive sales efforts, improving operational
efficiencies, better inventory management and raw material
sourcing, says BusinessWorld.

BusinessWorld notes that apart from the difficulties in the
fishing industry, Alliance Select has seen its Filipino
shareholders and their Singaporean counterparts figuring in a
boardroom tussle since 2014, with the latter accusing the
controlling local group of mismanagement and siphoning off
company funds.

Alliance Select, formerly Alliance Tuna International, Inc., was
incorporated in 2003 and began commercial operations in General
Santos City in 2004, engaging in tuna processing, canning, and
the export of canned tuna products to Europe and North America.



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


HANJIN SHIPPING: To Begin Creditor-Led Debt Restructuring
---------------------------------------------------------
The Korea Herald reports that creditors of ailing Hanjin
Shipping, South Korea's largest shipper by capacity, have agreed
to offer financial assistance to the company and initiate a
corporate rehabilitation program with conditions attached.

The report relates that seven creditor banks, led by state-run
Korea Development Bank, gave a nod to Hanjin Shipping's proposal
to restructure its debt and provide an aid package in return for
self-rescue efforts, at a meeting on May 5.

According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

"This is a conditional debt restructuring agreement on the
premise that stakeholders such as shipowners and bondholders
would participate (in the restructuring process) and the company
would maintain its alliance (with other shippers). If any
condition is not upheld, the creditor-led debt restructuring will
be terminated," KDB said in a press release.

This comes days after Hanjing Shipping submitted a revised self-
rescue measure to creditors on May 2 with more details such as
negotiation plans with owners of its chartered fleet to lower
lease rates, which costs about 1 trillion won ($865.8 million)
per year, The Korea Herald notes.

The Korea Herald relates that KDB said the creditors plan to give
a three-month maturity extension of principal and interest
starting and roll out debt refinancing measures by hiring outside
accounting firms.

The Korea Herald says Hanjin had debt of KRW5.6 trillion at the
end of 2015, including KRW3.2 trillion in ship-backed loans and
KRW1.5 trillion in bonds.

Including its smaller rival Hyundai Merchant Marine, global
shipping companies have been struggling to make profit as
overcapacity squeezed transportation rates amid slowing global
trade.

Hyundai Merchant, which sits on KRW4.8 trillion of debt, is
already undergoing a creditor-led restructuring, the report
notes.

According to The Korea Herald, Hanjin Shipping formed a
negotiation team to meet the creditors' demand to persuade ship
owners to cut leasing fees by 20 to 30 percent in three months.

"By end of May, the negotiations with 22 shipowners are expected
to be finalized," the company said in a press release.

It also plans to hold a meeting with bondholders on May 19 to
extend the maturity date on KRW35.8 billion of its bonds by four
months.

The report says joining a new global alliance is critical for the
container carrier to survive the slump as global operators are
adding bigger ships and forming vessel-sharing alliances that
reduce operating costs and give them more pricing leverage.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***