TCRAP_Public/160509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, May 9, 2016, Vol. 19, No. 90


                            Headlines


A U S T R A L I A

ARRIUM LIMITED: Chief Executive Steps Down
LEMON TREE: First Creditors' Meeting Set For May 16
SAPPHIRE XIV 2016-1: Fitch Assigns 'Bsf' Rating to Class F Notes


C H I N A

GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
RENHE COMMERCIAL: Moody's Says Asset Disposal is Credit Positive


I N D I A

A V VALVES: CARE Revises Rating on INR2.0cr LT Loan to B+
AGH WIRES: CRISIL Suspends B+ Rating on INR70MM LT Loan
AHINSHA BUILDERS: CARE Lowers Rating on INR37cr LT Loan to B+
ANNAPURNA INDUSTRIES: CRISIL Assigns B+ Rating to INR75MM Loan
CHIRAG GOEL: CRISIL Assigns 'B' Rating to INR50MM Cash Loan

CHOPRA HOTEL: CRISIL Suspends B- Rating on INR125MM Term Loan
COSMIC SOFT: CARE Upgrades Rating on INR10.96cr Loan to BB-
EMCO LTD: CARE Lowers Rating on INR1212.46cr Loan to D
G. K. E. MEDICAL: CRISIL Cuts Rating on INR75MM Cash Loan to D
GLIMPSE INDIA: CRISIL Suspends B+ Rating on INR40MM LT Loan

GURU NANAK: CRISIL Suspends B- Rating on INR90MM Cash Loan
JAY JINENDRA: CRISIL Reaffirms B+ Rating on INR135MM Term Loan
KAAMADHENU SPINNERS: CRISIL Rates INR46MM LT Loan at 'B'
KAMAL AUTO: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan
KAMAL AUTO INDUSTRIES: CRISIL Reaffirms B- INR53.8M Loan Rating

M.D.J. TEXCO: CRISIL Suspends B+ Rating on INR60MM Cash Loan
M. M. RICELAND: CRISIL Suspends 'B' Rating on INR39.5MM Loan
M.S MENTHOL: CRISIL Assigns 'B' Rating to INR50MM Loan
MAA SUBHALA: CRISIL Reaffirms B- Rating on INR52.5MM Cash Loan
MANAV RICE: CRISIL Reaffirms B Rating on INR180MM Cash Loan

MARTIN & BROWN: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
MAYFAIR RESORTS: CARE Assigns B+ Rating to INR11.15cr LT Loan
MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR122.91cr LT Loan
MOR FARMS: CRISIL Suspends B- Rating on INR130.8MM Term Loan
NEC PACKAGING: CRISIL Suspends 'B' Rating on INR50MM Cash Loan

NEELI AQUA: CRISIL Cuts Rating on INR150MM Term Loan to 'D'
P.T. SREENIVASAN: CRISIL Cuts Rating on INR25MM Cash Loan to B-
PARISHUDH MACHINES: CARE Cuts Rating on INR6.50cr Loan to 'B'
PASSION INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
PRANAV FOUNDATIONS: CARE Assigns B+ Rating to INR30cr LT Loan

RAMPA AUTOS: CRISIL Suspends B- Rating on INR53MM Cash Loan
REAL AGROTECH: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
S N SUPER: CARE Assigns B+ Rating to INR28cr LT Loan
S. D. RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SHAMANUR SUGARS: CARE Upgrades Rating on INR53.6cr LT Loan to B+

SHANTI MOHAN: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
SHASHADHAR COLD: CRISIL Reaffirms B- Rating on INR60.2MM Loan
SHREE GANESH: CRISIL Suspends B+ Rating on INR100MM Cash Loan
SRI DHANDAYUTHAPANI: CARE Assigns 'B' Rating to INR14.12cr Loan
SURANA POWER: CARE Reaffirms 'D' Rating on INR1,800cr LT Loan

TRIMEX INDUSTRIES: CRISIL Cuts Rating on INR450MM Loan to 'D'
V VEERA: CRISIL Cuts Rating on INR50MM Cash Loan to 'B'


I N D O N E S I A

MULTIPOLAR TBK: S&P Lowers CCR to 'B'; Outlook Stable


J A P A N

TAKATA CORP: Survival Gets Harder Due to Malaysian Deaths
TOSHIBA CORP: Satoshi Tsunakawa Nominated as President and CEO


N E W  Z E A L A N D

KEA PETROLEUM: Payment to Creditors 'Highly Unlikely'


S I N G A P O R E

STATS CHIPPAC: Moody's Cuts Corporate Family Ratings to 'B2'


S O U T H  K O R E A

* SOUTH KOREA: Geoje May Lose 22K Jobs in Shipbuilding This Year


                            - - - - -


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A U S T R A L I A
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ARRIUM LIMITED: Chief Executive Steps Down
------------------------------------------
The Sydney Morning Herald reports that Andrew Roberts, the chief
executive of Arrium Limited, has left the company along with
another senior executive, Naomi James.

SMH relates that Mr Roberts left Arrium on May 6 after staying on
for an extra four weeks after the company went into
administration on April 7, with creditors owed AUD4 billion.

According to SMH, administrators KordaMentha are understood to
have sent a note to staff on May 6 informing them of Mr Roberts'
departure and that of Naomi James, the chief executive of
strategy at Arrium. Both positions were made redundant on May 6
by lead administrator Mark Mentha, the report says.

Mr Roberts became chief executive in July, 2013 but had worked in
executive roles across Arrium's iron ore, steel and mining
consumables business since Arrium was spun out of BHP Billiton as
OneSteel in 2000, the report notes.

The report relates that when KordaMentha took over as
administrators of Arrium six days after the original
administrator Grant Thornton was replaced, Mr Mentha said Mr
Roberts would stay on to help with information flow as the
administrators attempted to stabilise the business.

That phase is now finished, says SMH.

SMH says the banking syndicate at Arrium, which includes all four
major Australian banks, was furious with Mr Roberts and the
Arrium board over a surprise AUD$1.2 billion refinancing proposal
agreed with United States vulture fund GSO Capital.

According to the report, the GSO proposal offered the banks
55 cents in the dollar and was announced on February 22. The ASX
announcement was the first time the bank lenders had heard about
the recapitalisation, and this ambush seriously soured the
already testy relationship between them and the upper echelons of
Arrium, the report states.

SMH notes that the fact that Arrium subsequently appointed Grant
Thornton as voluntary administrators, against the wishes of the
creditors added fuel to the fire.

Grant Thornton was replaced with KordaMentha by creditors through
the courts.

Earlier last week KordaMentha was granted a hefty extension by
the Federal Court until February 28, 2017, on when it needed to
hold its next creditors' meeting, SMH discloses.

The creditors' committee, which will represent creditors'
interests to the administrators throughout the process, met for
the first time on May 5, according to SMH.

SMH reports that Steve Cook, the human resources manager of
Arrium subsidiary OneSteel, said the first meeting went well and
things have stabilised after a tumultuous period.

"I'm comfortable with where things are at. There are no real
surprises," the report quotes Mr. Cook as saying.  "The big issue
is entitlements. First and foremost if we can secure ongoing
employment for people that is the best outcome. If not, then it
is about entitlements."

Mr Cook sits on the creditors' committee and represents about
6,000 non-unionised employees of the Arrium group, the report
notes.

He said there are some misgivings about a drawn-out
administration process, the report relays.

"From my perspective the longer that the administration goes,
that cost comes out of the pool and is no longer available to
employees," Mr. Cook, as cited by SMH, said.

Some sources suggested an investment bank could be appointed to
kick off a sale process for Arrium's crown jewel, Moly-Cop,
sooner rather than later, adds SMH.

                            About Arrium

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed on earlier in April.


LEMON TREE: First Creditors' Meeting Set For May 16
---------------------------------------------------
Jason Lloyd Porter and Darren John Vardy of SV Partners were
appointed as administrators of The Lemon Tree Sydney Pty Ltd,
trading as French Henri, on May 4, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, Level 7, 151 Castlereagh Street, in Sydney, on
May 16, 2016, at 12:00 p.m.


SAPPHIRE XIV 2016-1: Fitch Assigns 'Bsf' Rating to Class F Notes
----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Sapphire XIV Series
2016-1 Trust's residential mortgage-backed fixed- and floating-
rate notes.  The issuance consists of notes backed by Australian
non-conforming residential loans originated by Bluestone Group
Pty Limited and Bluestone Mortgages Pty Limited (Bluestone).  The
ratings are:

  AUD92.4 mil. Class A1a notes: 'AAAsf'; Outlook Stable
  AUD40.0 mil. Class A1b notes: 'AAAsf'; Outlook Stable
  AUD30.0 mil. Class A2 notes: 'AAAsf'; Outlook Stable
  AUD8.2 mil. Class B notes: 'AAsf'; Outlook Stable
  AUD9.6 mil. Class C notes: 'Asf'; Outlook Stable
  AUD6.6 mil. Class D notes: 'BBBsf'; Outlook Stable
  AUD3.6 mil. Class E notes: 'BBsf'; Outlook Stable
  AUD3.0 mil. Class F notes: 'Bsf'; Outlook Stable
  AUD4.6 mil. Class G notes: 'NRsf'
  AUD2.0 mil. Class H notes: 'NRsf'
  AUD2.25 mil. Class X1 notes: 'NRsf'.

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

                        KEY RATING DRIVERS

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

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

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

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

                       RATING SENSITIVITIES

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

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

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

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

                       DUE DILIGENCE USAGE

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

                           DATA ADEQUACY

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

Key Rating Drivers and Rating Sensitivities are further discussed
in the corresponding new issue report entitled "Sapphire XIV
Series 2016-1 Trust", published on May 5, 2016.


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C H I N A
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GOLDEN WHEEL: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH) Long-Term Foreign and
Local Currency Issuer Default Ratings at 'B' with a Stable
Outlook.  Fitch has also affirmed GWTH's senior unsecured rating
at 'B', with Recovery Rating at 'RR4'.

The rating affirmation is premised on GWTH's good quality metro-
linked property development portfolio, moderate leverage compared
with its 'B'-rated peers and still healthy margins.  Its small
scale and rising leverage due to increasing development property
exposure continue to constrain its ratings.

                        KEY RATING DRIVERS

Niche Positioning: GWTH remained focused on developing small
commercial and residential projects linked to metro stations.
The company has six such projects under development and launched
presales for four projects from June 2015.  These kinds of
projects usually fetch higher average selling prices because of
their more convenient locations and better foot traffic for the
commercial property components.  Potential competition from large
national developers for metro-linked projects may squeeze GWTH's
margin over the longer term, though volume-driven developers are
less likely to participate in these small niche projects.

Negative Margins Temporary: Over the medium term, we expect
GWTH's EBITDA margins to stay around 25%, supported by its
existing metro-linked integrated projects, particularly in
Nanjing. Furthermore, the company's plan to sell completed
projects in metro lines that are already operating supports
higher selling prices and better margin.  The company's EBITDA
turned negative in 2015, mainly due to a sharp decline in revenue
as it delivered only a limited stock of properties in the year.
EBITDA was also squeezed by higher expenses driven by rising
sales activities in 2015.  GWTH's future projects may face margin
pressure because well-located metro-linked sites are usually more
expensive.

Limited Headroom for Land Acquisition: Fitch expects GWTH's
leverage as measured by net debt/adjusted inventory to trend
towards 40% (end-2015: 23.8%) with land replenishment rate at 1x-
1.2x during next two to three years.  The company plans to spend
around 40%-50% of total contracted sales for next two years on
development to increase its saleable resources, which will
restrict the company's ability to make large land acquisitions.
Fitch expects GWTH to maintain a land acquisition budget of 35%-
40% of the company's yearly contracted sales from 2016.

Rising Recurring Income: Fitch expects the investment property
and metro leasing divisions to expand steadily over the medium
term, with new investment property assets opening from 2017 and
the business of leasing out shops in metro stations starting to
contribute profits from 2018.  These divisions will offer the
company recurring income for interest servicing, which will
mitigate the cash flow volatility in the development property
business.  Fitch expects the company's recurring EBITDA/ gross
interest to increase to around 0.7x from 0.55x in 2015.

Expansion in Metro Leasing: The metro leasing division's gross
profit margin was -19% in 2015 (2014: 27%; 2013: 44%), mainly due
to the opening of three new metro malls.  The company is
expanding its metro leasing business and plans to open four to
five metro malls a year for the next two to three years.  Fitch
expects the segment to continue posting net losses over 2016-
2017, considering the average breakeven period for a new mall is
around one year. The metro leasing business is likely to be
profitable from 2018 as more malls mature.  GWTH has committed to
the costs in renting the premises for the business, and failure
to turn in profit for this segment could negatively impact GWTH's
ratings.

Planning Metro Business Spin-off: Fitch expects the spin-off of
GWTH's metro leasing business to have limited impact on GWTH's
ratings given its small scale relative to its core property
businesses.  A spin-off could improve liquidity slightly, though,
and provide greater transparency of its metro leasing business if
it is listed.  GWTH's 100%-owned metro leasing business
subsidiary, Nanjing Golden Wheel Commercial Management (NJGW),
applied for a listing on the National Equities Exchange and
Quotations System on April 28, 2016.  NJGW is the sole platform
for the metro leasing business and is the master lessee for all
14 of the group's metro malls.

                          KEY ASSUMPTIONS

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

   -- GWTH's annual contracted sales value (excluding JVs) to
      remain above CNY1bn with average selling price above
      CNY11,000/sqm over 2016-2018

   -- Substantial sales to be achieved from the third year after
      land is acquired, and mostly from completed units

   -- Only investment properties that are completed or under
      development, and existing metro leasing businesses will
      contribute to recurring EBITDA

   -- Land replenishment rate at 1.0x-1.2x over 2016-2018

                       RATING SENSITIVITIES

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

   -- Net debt/ adjusted inventory rising above 40% on a
      sustained basis (end-2015: 23.8%)

   -- Deviation from the current focus on metro-linked projects

   -- EBITDA margin falling below 25% on a sustained basis
      (2015: -5.4%; 2014: 29.2%)

   -- Metro leasing business suffering sustained losses

Positive: No positive rating action is expected over the next 12-
18 months given the company's current small scale.  However, over
the long term, positive rating action may result from:

   -- Investment properties' value exceeding CNY5 bil. (2015:
      CNY4.6 bil.) and annual development property sales
      sustained above CNY3 bil. (2015: CNY923 mil.)

   -- Recurring EBITDA interest coverage rising over 1.0x on a
      sustained basis (2015: 0.55x)

FULL LIST OF RATING ACTIONS

   -- Long-Term Foreign-Currency IDR affirmed at 'B'; Outlook
      Stable

   -- Long-Term Local-Currency IDR affirmed at 'B'; Outlook
      Stable

   -- Senior unsecured rating affirmed at 'B' and Recovery Rating
      at 'RR4'

   -- USD100 mil. 9.5% senior unsecured notes due 2017 affirmed
      at 'B' and Recovery Rating at 'RR4'


RENHE COMMERCIAL: Moody's Says Asset Disposal is Credit Positive
----------------------------------------------------------------
Moody's Investors Service says that Renhe Commercial Holdings
Company Limited's (Caa1 negative) announcement that it will
dispose of its underground shopping malls in China is credit
positive, because the sale will boost significantly the company's
weak liquidity position and improve its financial metrics.

"The cash proceeds of $1 billion or approximately RMB6.5 billion
from the asset disposal will alleviate significantly the pressure
on Renhe's liquidity position," says Cindy Yang, a Moody's
Analyst.

Excluding the assets to be disposed of, Moody's estimates that
the company held around RMB500 million in cash on hand at end-
April 2016, against a total outstanding debt of approximately
RMB4.94 billion. All of the debt will mature over the coming six
months.

"The sales proceeds will therefore enable Renhe to discharge all
of its outstanding debt and to register a net cash position,"
adds Yang.

The company's adjusted EBITDA/interest should improve to
approximately 1x in 2016 from 0.4x in 2015 because its interest
expense will fall as the company repays outstanding debt.

Moody's analysis is contained in its just-released report titled
"Renhe Commercial Holdings Company Limited's Proposed Asset
Disposal Is Credit Positive," and is co-authored by Yang, and
Victor Wong, an Associate Analyst.

Moody's report points out that on 29 April 2016, Renhe said that
it would be disposing of its underground shopping malls to Apex
Assure Limited (unrated), a company which is wholly owned by Mr.
Dai Yongge, who is also the controlling shareholder of Renhe, for
a consideration of $1 billion in cash.

The assets to be disposed of constitute 23 completed shopping
malls, 11 malls under construction and 10 malls in the planning
stage. Onshore debt totaling RMB3.2 billion -- relating to the
assets to be disposed of -- will also be transferred to the
purchaser.

After the disposal, Renhe will focus on the agricultural market
business, which was acquired from a related party in July 2015.

The remaining cash from the transaction, totaling RMB1.5 billion,
will be used for future capital expenditure on its agriculture
market business, the e-commerce trading platform and other
general working capital purposes.



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A V VALVES: CARE Revises Rating on INR2.0cr LT Loan to B+
---------------------------------------------------------
CARE revises the rating assigned to the long term bank facilities
and reaffirms the short term bank facilities of A V Valves
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.00      CARE B+ Revised from
                                            CARE B
   Long term/short term Bank      4.80      CARE B+/CARE A4
   Facilities                               Revised from CARE B
                                            And reaffirmed

   Short-term Bank Facilities     3.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of A V Valves Limited (AVL) factors in successful
completion of capex and improvement in capital structure. The
ratings continue to favourably factor in the experience of the
promoters, its established relationship with reputed
customers and moderate profitability margins.

The ratings are, however, constrained by AVL's working capital
intensive nature of operations and revenue concentration to the
oil and gas industry.

Going forward, the ability of the company to increase its scale
of operation while efficiently managing its working capital
requirement and capital structure shall be the key rating
sensitivities.

Agra based, A.V. Valves Limited (AVL) is a closely held public
limited company. The company was initially incorporated as A.V.
Engineering Works, a proprietorship concern, by Mr Satish Jain in
1971.  The firm was reconstituted as a partnership firm in 1974
and later on as a private limited company in 1987. Subsequently
the company got its present status in 1992. AVL is promoted by
Mr. Satish Jain, Mr Subhash Jain, Mr Kailash Jain and Mr Vikas
Jain (all family members) with the promoters having industry
experience of more than 3 decades. The company is engaged in
manufacturing of industrial valves which are mainly used in oil
and gas, petro-chemical and general engineering industry. The
manufacturing facility is situated at Agra, Uttar Pradesh, with
installed capacity of 2,913 tonnes per anumm (TPA) as on
March 31, 2015. The main raw materials for manufacturing the
product are pig iron, mild steel and stainless steel which are
procured domestically. The company sells its product to private
companies and public sector units (PSUs). The company earns
around 85% of revenue from domestic sales and the remaining from
exports.

AVL reported a PBILDT of INR2.33 crore and PAT of INR0.57 crore
on a total income of INR17.26 crore in FY15 ( refers to the
period April 01 to March 31) as against a PBILDT of INR1.86 crore
and PAT of INR0.62 crore and on a total income of INR15.74 crore
in FY14. AVL has achieved a total operating income of INR14.92
crore till January, 2016 (as per unaudited results).


AGH WIRES: CRISIL Suspends B+ Rating on INR70MM LT Loan
-------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
AGH Wires Private Limited (AWPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              55        CRISIL B+/Stable
   Long Term Loan           70        CRISIL B+/Stable

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

AWPL was incorporated in 2011 and manufactures aluminium (AL) and
copper (Cu) enamelled wires, which find application in industries
such as automobile, transformers and compressors. The company is
managed by Mr. Manish Goel (director of Shilpi Cable Technologies
Ltd, rated 'CRISIL BBB+/Stable/CRISIL A2; Notice of Withdrawal).
AWPL's manufacturing facility is in Bahadurgarh (Haryana).


AHINSHA BUILDERS: CARE Lowers Rating on INR37cr LT Loan to B+
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ahinsha Builders Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       37       CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Ahinsha Builders Private Limited (ABP) factors in project
execution risk associated with its ongoing residential real-
estate project and low booking and collection status for the
project.

The ratings continue to be constrained due to high reliance on
customer's advances, cyclical and seasonality associated with the
real estate industry and its exposure to local demand-supply
dynamics.

The ratings, however, derive strength from the promoters'
experience in the real-estate business, tie-up of project debt
along with acquisition of land for the residential project and
receipt of requisite approvals.

Going forward, the ability of the company to complete the project
and timely sale of units at envisaged price and any change in the
regulatory guidelines shall remain the key rating sensitivities.

Ahinsha Builders Private Limited (ABP) was incorporated in April
2004. The company is promoted by Mr. Ghasitumal Jain and Mr Vipin
Jain. The company is engaged in the business of real estate
development which involves development of residential projects.
The company is operating mainly in Delhi NCR. ABP has executed
residential project 'Ahinsha Vatika' at Shahdara, Ghaziabad. The
residential block was constructed with two residential towers
with 216 (including 56 flats for economically weaker section;
EWS) residential flats in total. The project was commissioned in
August 2011 and possession was given from August 2014 onwards.
ABP is setting up a residential project under the name 'Ahinsha
Naturez Park' at Faridabad, Haryana (near Surajkund). The
residential block will be constructed with three residential
towers.

For FY15 (refers to the period April 1 to March 31), ABP achieved
a total operating income of INR17.34 crore with PBILDT and PAT of
INR2.55 crore and INR1.06 crore respectively, as against a total
operating income of INR14.78 crore with PBILDT and PAT of INR3.01
crore and INR1.54 crore respectively in FY14.


ANNAPURNA INDUSTRIES: CRISIL Assigns B+ Rating to INR75MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Annapurna Industries - Kanpur (AIK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B+/Stable
   Warehouse Financing      75        CRISIL B+/Stable

The rating reflects AIK's modest scale of operations, low
operating margin in the highly fragmented and intensely
competitive pulses processing industry, and susceptibility of its
profitability to volatility in raw material prices. These
weaknesses are partially offset by comfortable financial profile
because of low gearing, extensive industry experience of
partners, and efficient working capital management leading to
healthy return on capital employed.
Outlook: Stable

CRISIL believes AIK will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if more-than-expected
accrual because of increasing revenue and operating profitability
improves financial risk profile. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected revenue or operating
profitability, or stretch in working capital cycle, or debt
funded capital expenditure leads to deterioration in financial
risk profile.

AIK is a partnership firm set up by Ms. Meena Gupta, Ms. Mamta
Gupta, Ms. Sangeeta Gupta, Mr. Sushil Kumar Gupta, and Ms. Amboj
Gupta. The firm processes pulses such as masoor, matar, and
channa dal for domestic sales. Its milling and grading facility
is in Kanpur, Uttar Pradesh.


CHIRAG GOEL: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Chirag Goel Enterprises Private Limited
(CGEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL B/Stable
   Letter of credit &
   Bank Guarantee            50       CRISIL A4

The ratings reflect the CGEPL's working capital intensive nature
of operations and weak financial risk profile marked by weak
capital structure. These weaknesses are partially offset by long
standing promoter experience in the industry.
Outlook: Stable

CRISIL believes that Chirag Goel Enterprises Private Limited
(CGEPL) will benefit from its promoters experience in the trading
industry, over the medium term. The outlook may be revised to
'Positive' if there is an improvement in the CGEPL's financial
risk profile led by an improvement in profitability and its
capital structure with improved scale of operations. Conversely,
the outlook may be revised to 'Negative' if there is
deterioration in its financial risk profile either on account of
lower than expected profitability, larger than expected working
capital requirements or a large debt-funded capex.

Chirag Goel Enterprises Private Limited (CGEPL), incorporated in
2006, is a Mumbai-based company promoted by Mr Dayakishan Goel.
CGEPL is engaged in trading of non-ferrous metals and Copper
pancake coils and pipes. The company has a warehousing facility
in Bhiwandi, Thane.


CHOPRA HOTEL: CRISIL Suspends B- Rating on INR125MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Chopra
Hotel & Resorts (CHR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                125       CRISIL B-/Stable

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

CHR is a partnership firm set up in 2013. The firm is setting up
a 48-room three-star hotel in Jalandhar (Punjab) for which it has
marketing and management tie up with Ramada Encore. CHR is
managed by Mr. Kamal Chopra, his sons Mr. Umesh Chopra and Mr.
Ravish Chopra, and his nephew Mr. Gaurav Chopra.


COSMIC SOFT: CARE Upgrades Rating on INR10.96cr Loan to BB-
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Cosmic Soft Solution Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.96      CARE BB- Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Cosmic Soft Solution Private Limited (CSPL) factors in
significant improvement in occupancy level of the leased
commercial property. The rating, further, continues to draw
strength from the experienced promoters of the company.

The rating, however, continues to be constrained by its small
scale of operations with low net-worth base, its weak financial
risk profile characterized by net losses in FY15 (refers to the
period April 01 to March 31), leveraged capital structure and
weak coverage indicators. The rating is further constrained due
to its presence in the highly fragmented and competitive
industry, cyclicality associated with the real estate industry
and exposure to local demand-supply dynamics.

Going forward, CSPL's ability to profitably scale up its
operations while managing the roll over risk of tenants at end of
lock in period along with improvement in capital structure would
be the key rating sensitivities.

Incorporated in 2008, CSPL is promoted by Mr Rajeev Sharma and Ms
Monika Sharma. CSPL is engaged in providing services such as home
automation, lighting management, data and sound, home theatres,
CCTV, software support, etc.

The company executes these contracts for the domestic as well as
for corporate clients based in Delhi-National Capital Region
(NCR). The company generally procures the products directly from
manufacturers or their representatives based in India. The
company has also entered into commercial real estate activities
and has constructed a building for leasing purpose with the
carpet area of 64,800 Sq. Ft. The property is located in the
sector 137 of Noida, Uttar Pradesh, and lies at the Noida
expressway. The building has 9 floors, ground floor and 2 level
basement parking. The total cost of project has been INR28 crore
funded with the term loan of INR15.80 crore, equity capital of
INR10 crore and the rest through the unsecured loans. The group
company of CSPL includes Cosmic Architects Private Limited which
is engaged in providing architectural services.

For FY15 (refers to the period April 1 to March 31), CSPL
achieved a total operating income of INR0.98 crore with PBILDT
and PAT of INR0.48 crore and INR0.25 crore respectively, as
against a total operating income of INR0.30 crore with PBILDT and
net loss of INR0.06 crore and INR0.05 crore respectively in FY14.


EMCO LTD: CARE Lowers Rating on INR1212.46cr Loan to D
------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank
facilities of Emco Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    498.14      Revised to CARE D and
                                            subsequently revised
                                            to CARE B

   Short-term Bank Facilities  1212.46      Revised to CARE D and
                                            subsequently revised
                                            to CARE A4

Rating Rationale

The ratings of CARE B/CARE A4 assigned to the bank facilities of
EMCO Limited (EMCO) factors in weak liquidity position due to the
stretched working capital cycle on account of high collection
period. The rating also factors in low net profitability margin
during FY15 (refers to the period April 1 to March 31).
Furthermore, the ratings take into consideration high leverage
ratios and exposure to loss making subsidiaries (via corporate
guarantees and loans & advances). The rating revision to CARE D
also factors in past delays in debt servicing in respect of
certain institution.

The ratings, however, continue to reflect the company's
established position in the Transmission & Distribution (T&D)
segment of the power sector.

The ability of the company to manage its working capital in view
of its growing scale of operations along with reduction in
receivables, improvement in profitability and future performance
of the loss-making subsidiaries are the key rating sensitivities.

Incorporated as a private limited company in 1964, EMCO Limited
(EMCO) was converted into a public limited company in 1965. The
current promoter, R.S. Jain Group, took over the company from
B.S. Jain Group in 1991. EMCO operates through two main
verticals: Products and Projects. The products division is
engaged in the manufacturing of transformers and electronic
energy meters. EMCO has six manufacturing facilities for
transformer, transmission tower line and meters viz two in Thane,
two in Jalgaon, and one each in Dadra and Vadodara.

During FY15, EMCO reported total income of INR 945.49 crore and a
PAT of INR3.25 crore as compared to total income of INR 854.87
crore and PAT of INR7.07 crore in FY14.


G. K. E. MEDICAL: CRISIL Cuts Rating on INR75MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of G. K. E. Medical Private Limited (GKE) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               75       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects some liquidity crunch which resulted in
cash flow mismatch in the company and the account has been
classified as NPA by the banker.

GKE was set up as a partnership firm in 1986 and was
reconstituted as a private limited company in 2009. The company
distributes pharmaceutical formulations in the form of tablets,
syrups, and injectibles in Kolkata (primary revenue contributor)
and other districts of West Bengal.


GLIMPSE INDIA: CRISIL Suspends B+ Rating on INR40MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Glimpse India (GI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit           60        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B+/Stable
   Term Loan                15        CRISIL B+/Stable

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

Incorporated in 2006 as a partnership concern, GI manufactures
and exports home furnishings including rugs, bathmats, curtains,
cushions, bed spreads, and throws. The firm has its manufacturing
unit in Panipat (Haryana). GI's operations are managed by Mr.
Parveen Kumar and Mr. Manoj Kumar.


GURU NANAK: CRISIL Suspends B- Rating on INR90MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facility of
Guru Nanak Cotton Factory (GNCF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              90        CRISIL B-/Stable

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

GNCF is a partnership firm started by the Kumar family. It
manufactures cotton bales and rice. The cotton bales are sold to
spinning mills based in Punjab, whereas the rice is sold to
exporters based at Kandla port (Gujarat).


JAY JINENDRA: CRISIL Reaffirms B+ Rating on INR135MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jay Jinendra
Realators Private Limited (JJRPL) continues to reflect JJRPL's
exposure to project implementation and offtake risks, and
exposure to risks associated with its ongoing project and with
cyclicality in the Indian real estate industry. These rating
strengths are partially offset by JJRPL's promoters' extensive
experience in the real estate industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             135       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that JJRPL will benefit from the extensive
experience of its promoters in the real estate industry in Thane.
The outlook may be revised to 'Positive' if healthy booking of
units and receipt of customer advances lead to higher-than-
expected cash inflows, or if the promoters extend substantial
funding support to the company. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
liquidity either because of lower-than-expected bookings, delays
in receipt of customer advances, or significant investments in
new projects.

JJRPL was incorporated in 2010 in Thane by Mr Sunderlal Aklinglal
Jain and Mr Chandubhai Ramshankar Rawal. The company is
developing a commercial real estate property under name 'Jai
Vijay Industrial Estate' at Naigaon, National Highway 8, near
Vasai (Maharashtra).


KAAMADHENU SPINNERS: CRISIL Rates INR46MM LT Loan at 'B'
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Kaamadhenu Spinners (KS) and has assigned its
'CRISIL B/Stable' rating to the facilities. CRISIL had suspended
the rating on September 29, 2015, as KS had not provided the
necessary information required to maintain a valid rating. The
firm has now shared the requisite information, enabling CRISIL to
assign a rating to its bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Long Term Loan           46        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       4         CRISIL B/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating reflects KS's small scale of operations, and subdued
financial risk profile because of high gearing. These weaknesses
are partially offset by extensive experience of the firm's
promoter in the yarn industry, and its comfortable profitability.
Outlook: Stable

CRISIL believes KS will continue to benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if the firm scales up
operations and maintains profitability, resulting in a better
business risk profile. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of large
debt-funded capital expenditure, or if stretch in working capital
cycle or decline in operating profitability adversely affects
liquidity.

KS, established in 2006, manufactures cotton yarn. The firm is
managed by Mr. T K Subbaraj, who has experience of over 10 years
in the yarn industry.


KAMAL AUTO: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kamal Auto
Industries (KAI) continues to reflect KAI's modest financial risk
profile caused by modest debt protection metrics and leverage,
exposure to intense competition in the automotive (auto)
dealership market, and working capital-intensive operations.
These rating weaknesses are mitigated by KAI's established
position in the auto dealership market and its moderately
diversified revenue profile.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            130       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KAI will continue to benefit over the medium term
from an established track record in the auto dealership business.
The outlook may be revised to 'Positive' in case of significant
increase in revenue with sustained profitability, along with
improvement in capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case of
low operating margin or revenue, or a large, debt-funded capital
expenditure, resulting in weak financial risk profile.

Set up in 1972, KAI is an authorised dealer of passenger vehicles
and spare parts manufactured by Hyundai Motors India Ltd (HMIL;
rated, 'CRISIL A1+') and motorcycles and spare parts of Bajaj
Auto Ltd (BAL; rated, 'CRISIL AAA/FAAA/Stable/CRISIL A1+). KAI is
owned and managed by Mr Kasliwal and family based in Jaipur.


KAMAL AUTO INDUSTRIES: CRISIL Reaffirms B- INR53.8M Loan Rating
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kamal Auto
Industries Coach Works Private Limited (Kamal) continues to
reflect Kamal's modest financial risk profile because of high
leverage and modest debt protection metrics, and its modest scale
of operations. These weaknesses are partially offset by extensive
experience of its promoter in the consumer durables industry, and
its long-term lease contract with a reputed lessee.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            35       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     53.8     CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                  3.7     CRISIL B-/Stable (Reaffirmed)

   Term Loan             107.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Kamal will maintain its business risk
profile over the medium term, backed by expected growth in
revenue and moderate profitability. The outlook may be revised to
'Positive' if the company's financial risk profile improves
significantly, backed by higher-than-expected accrual.
Conversely, the outlook may be revised to 'Negative' in case of
decline in revenue or profitability leading to lower cash
accrual, or stretch in working capital cycle resulting in
pressure on liquidity.

Kamal, incorporated in 1980 and promoted by Mr. Deshnidhi
Kasliwal, earlier fabricated bus/truck bodies for Indian Railways
and Rajasthan State Road Transport Corporation. It now
distributes products of LG Electronics India Pvt Ltd (rated
'CRISIL AA+/Stable/CRISIL A1+') and has leased commercial space
to Walmart India Pvt Ltd.


M.D.J. TEXCO: CRISIL Suspends B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of M.D.J.
Texco Fab Pvt. Ltd. (MTFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              60        CRISIL B+/Stable
   Term Loan                45        CRISIL B+/Stable

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

Established in October 2013, MTFPL manufactures polar fabric
rolls used in producing blankets, bed sheets, muffler, and suits,
among other products. MTFPL's manufacturing unit is in Alipur
Karnal (Haryana). The company is managed by brothers Mr. Ajay
Jain and Mr. Vijay Jain.


M. M. RICELAND: CRISIL Suspends 'B' Rating on INR39.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M. M. Riceland Private Limited (MRPL; formerly known as M.M. Rice
Mill).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             39.5       CRISIL B/Stable
   Term Loan                1.8       CRISIL B/Stable
   Warehouse Financing     27.9       CRISIL B/Stable

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

Initially set up in 1998 as a partnership firm, MRPL was
reconstituted as a proprietorship concern under Mr. Surinder Pal
in 2011-12 (refers to financial year, April 1 to March 31). MRPL
mills basmati rice at its production facilities located at Malout
(Punjab).


M.S MENTHOL: CRISIL Assigns 'B' Rating to INR50MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of M.S Menthol Private Limited (MSM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        20       CRISIL B/Stable

   Foreign Bill
   Discounting               50       CRISIL B/Stable

   Packing Credit            30       CRISIL A4

The ratings reflect the company's modest scale of business on
account of the start-up nature of operations and susceptibility
to volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of its promoters in the menthol industry and its
average financial risk profile because of moderate debt
protection metrics.
Outlook: Stable

CRISIL believes MSM will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and improvement in profitability,
leading to higher-than-expected cash accrual, while a comfortable
capital structure is maintained. Conversely, the outlook may be
revised to 'Negative' in case of pressure on profitability,
constraining cash accrual, or a highly stretched working capital
cycle, or large, debt-funded capital expenditure, adversely
impacting the financial risk profile, particularly liquidity.

MSM, incorporated on October 29, 2013, is promoted by Mr Mukul
Agarwal, Mr Sanchit Agarwal, Mr Satish Agarwal, and Ms. Shweta
Agarwal. The company manufactures menthol and dementholised
products at its facility in Chandausi, Uttar Pradesh.


MAA SUBHALA: CRISIL Reaffirms B- Rating on INR52.5MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Maa
Subhala Cold Storage Pvt Ltd (MSCSPL) continues to reflect
MSCSPL's below-average financial risk profile, and its
susceptibility to adverse regulatory changes and intense
competition in the cold storage industry in West Bengal (WB).
These rating weaknesses are partially offset by the promoters'
extensive experience in the cold storage industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            52.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     45.7      CRISIL B-/Stable (Reaffirmed)

   Term Loan               1.8      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              10.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MSCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' if MSCSPL's financial risk
profile, particularly its liquidity, weakens, because of
substantial working capital requirements, or a decline in its
cash accruals, or large debt-funded capital expenditure.

MSCSPL was incorporated in 2003 to provide cold storage
facilities to potato farmers and traders. The company is promoted
by Mr. Asit Manna and Mr. Banamali Manna; its facility is in
Paschim Medinipur district (West Bengal).


MANAV RICE: CRISIL Reaffirms B Rating on INR180MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Manav Rice
Mills (Manav) continues to reflect the firm's weak financial risk
profile because of high gearing and weak debt protection metrics,
and small scale of operations in the highly fragmented rice-
milling industry. These weaknesses are partially offset by
extensive industry experience of Manav's partners.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           180        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Manav will continue to benefit from the extensive
experience of its partners in the rice-milling industry. The
outlook may be revised to 'Positive' if revenue increases
significantly leading to higher net cash accruals, or if capital
structure improves substantially because of equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of
considerable deterioration in liquidity due to decline in revenue
or profitability.

Update
Manav's revenue is estimated to have grown 38 percent to INR529
million in 2015-16 (refers to financial year, April 1 to March
31) from INR379.8 million in 2014-15. The revenue is expected at
INR500-550 million over the medium term. Profit after tax is
estimated at INR1.4 million in 2015-16, against INR1.6 million in
2014-15. Financial risk profile remains weak because of small
networth of INR27.5 million and high gearing of 11.75 times as on
March 31, 2016, and weak interest coverage at 1.2 times in 2015-
16. CRISIL believes the financial risk profile will remain weak
over the medium term due to large working capital requirement on
account of seasonal availability of paddy and low cash accrual
leading to high reliance on bank debt. The working capital
requirement of the firm continues to remain high due to seasonal
availability of key raw material i.e. paddy. The inventory days
are expected to be in the range of 240-250 days over the medium
term. The creditors are expected to remain in the range of 15-20
days over the medium term as the firm receives credit from the
local mandis of Punjab.

Liquidity remained weak with high bank limit utilisation of 97
percent for 12 months ended March 2016 on account of high
reliance on bank limit for meeting working capital requirement.
Expected annual cash accrual of INR4.2-5.0 million over the
medium term will be sufficient to meet debt obligation of INR0.4
million per annum. The liquidity is supported by unsecured loans
from promoters (Rs.105.8 million as on March 31, 2015). CRISIL
expects Manav's liquidity to remain weak on account of continued
high reliance on bank limit to meet working capital requirement
and small net worth.

Manav was set up in 1994 as a partnership firm in Jalalabad,
Punjab. It mills and markets rice, and has milling capacity of 3
tonne per hour. Its daily operations are managed by key promoter
Mr. Rajesh Nagpal. Manav has reported revenue of INR 379.8
million with a PAT of INR1.6 million in 2014-15 (refers to
financial year from 1st April to 31st March) in comparison to
revenue of INR 353 million with a PAT of INR 2 million in 2013-1.


MARTIN & BROWN: CRISIL Suspends 'B' Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Martin
& Brown Bio-Sciences (MBBS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               75       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility         5       CRISIL B/Stable

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

Established in 2008, MBBS manufactures pharmaceutical products in
the form of tablets, capsules, injections, and cough syrups. The
firm has its manufacturing unit at Baddi (Himachal Pradesh). Its
operations are managed by Mr. Vineet Maini and Mr. Puneet Maini.
The firm manufactures around 300 products under 250 brands. It
generates 70 per cent of its revenue through manufacturing own
products and the remaining through job work.


MAYFAIR RESORTS: CARE Assigns B+ Rating to INR11.15cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mayfair
Resorts.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.15      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mayfair Resorts
(MFR) is primarily constrained by its nascent stage of operations
and concentration of revenue to a single property.

The rating is further constrained by the highly competitive and
cyclical nature of the industry with competition from existing &
established hotels in the vicinity, and partnership nature of
constitution of the firm.

The rating, however, derives strength from the strategic location
of the resort, experience of the promoters and positive long-term
outlook for the hospitality industry in India.

Going forward, the ability of the firm to achieve the projected
rental & occupancy levels and consequently the envisaged sales &
profitability shall be the key rating sensitivities.

Jalandhar-based (Punjab) MFR was constituted in August 2003 and
was running as a banquet hall. In August 2013, MFR stopped its
operations and went for complete demolition and renovation of its
existing facilities at a total project cost of INR15.35 crore
funded through a term loan of INR11.15 crore and the remaining
through partners' capital amounting to INR4.15 crore. The project
was completed in June 2015 and operations commenced from July
2015. The entity is currently operating as a banquet hall spread
on a land of 17 acres and building area of 30,000 square feet.
The facility is equipped with 8 rooms, a specialty restaurant, a
big hall, meeting room, etc. MFR has been set up with the aim of
earning majority income from letting out of banquet halls on rent
(for marriage, birthday and retirement parties, etc). Cabbana
Infrastructure Private Limited (CIPL; rated 'CARE BB-'),
established in 2005, is the associate concern of MFR. CIPL is
engaged in the similar line of business (hospitality services).


MOHAN BREWERIES: CARE Reaffirms 'D' Rating on INR122.91cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Mohan Breweries and Distilleries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     122.91     CARE D Reaffirmed
   Short-term Bank Facilities      1.13     CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Mohan Breweries
and Distilleries Limited (MBDL) continue to take into account the
instances of delays in debt servicing by MBDL.

Mohan Breweries and Distilleries Limited (MBDL) was incorporated
in 1982 to manufacture and sell Indian Made Foreign Liquor (IMFL)
in Tamil Nadu. As on March 31, 2015, the entire stake in MBDL is
held by the promoter family. As on March 31, 2015, MBDL has an
installed capacity of 78.63 lakh cases of IMFL in Tamilnadu (TN),
12 lakh cases in Andhra Pradesh, 105.3 lakh cases of beer in TN,
62 Kilo Liters Per Day(KLPD) distillery unit in TN and 78,000 TPA
(tonnes per annum) installed capacity of glass production in
Pondicherry. MBDL also has a 35.2 MW wind farm plant.

As on March 31, 2015, MBDL had investments aggregating INR117
crore in the form of preference share capital in one of its
associate company-Binny Ltd (BL). Also during FY15 (18 month
period ended March 31, 2015), the company increased its
investments in one of its subsidiary company namely Arthos
Breweries Limited (ABL) to the extent of INR15 crore. Total
investments in subsidiary/associate companies as on March 31,
2015 stood at INR177 crore as against INR162 crore as on
September 30, 2013.

As per the audited results for FY15 (18 month period ended
March 31, 2015), MBDL reported a net loss of INR58 crore over a
total income of INR472 crore as against a net loss of INR43 crore
over a total income of INR599 crore during FY13 (12 month period
ended September 30, 2013). The delays in debt servicing can be
attributed to the stressed liquidity position of the company in
the absence of returns from investments made in subsidiary &
associate companies and decline in performance of the company
resulting in net loss during FY15.


MOR FARMS: CRISIL Suspends B- Rating on INR130.8MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mor Farms Private Limited (MFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             114.2      CRISIL B-/Stable
   Term Loan               130.8      CRISIL B-/Stable

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

MFPL was incorporated in 2009 in Jind (Haryana). The company is
in the poultry business and produces eggs from layer chickens.
Its poultry farm has a capacity to accommodate about 630,000
chickens. The company sells primarily to wholesalers and traders
in Haryana. MFPL is managed by Mr. Anil Kumar Mor and his
brothers, Mr. Shamsher Singh Mor and Mr. Raj Kumar Mor.


NEC PACKAGING: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of NEC
Packaging Limited (NEC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable

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

Incorporated in 1979, NEC manufactures packaging materials such
as printed corrugated cartons, unprinted laminated films, blister
foils & bulk drug bags, printed pvc shrink labels, cold formed
foils etc. It has its manufacturing unit in Mohali (Punjab) and
is managed by Mr Vivek Kumar Gupta.


NEELI AQUA: CRISIL Cuts Rating on INR150MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Neeli
Aqua Private Limited (NAPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               50       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                150       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

The rating downgrade reflects instances of delay by NAPL in
servicing its debt; the delays have been caused by weak liquidity
on account of a stretched working capital management.

NAPL has a modest scale of operations, below-average financial
risk profile marked by modest net worth and weak capital
structure, and is exposed to risks inherent in the seafood
industry. The ratings also factors in NAPL's susceptibility to
risks related to implementation and stabilisation of its ongoing
project for setting up a shrimp-processing unit. These rating
weaknesses are partially offset by the benefits derived from the
extensive industry experience of its promoters and its
established relationships with customers.

NAPL, set up in 2005, is involved in aqua-culture, production of
shrimp seeds, and selling of processed shrimp. It mainly deals in
the vannamei variety of shrimp.  The company is based in the
Prakasam district of Andhra Pradesh; its promoter, Mr. K V
Ramana, has 20 years of industry experience.


P.T. SREENIVASAN: CRISIL Cuts Rating on INR25MM Cash Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank loan
facilities of P.T. Sreenivasan (PTS's) to 'CRISIL B-/Stable' from
CRISIL B/Stable. The short term ratings have been reaffirmed at
CRISIL A4.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          33        CRISIL A4 (Reaffirmed)

   Cash Credit             25        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       3        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                9        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that PTS's
liquidity shall remain under pressure over the medium term marked
by high utilization of the bank limits and inadequate cash
accruals for debt repayments. PTS is expected to generate cash
accruals of around INR1 million over the medium term inadequate
to meet debt obligations of around INR1.3 million. The bank
limits have also been highly utilized at around 95 percent for
the 12 month period through March 2016. Liquidity is partially
supported by funding support in the form of unsecured loans from
promoters, the balance of which is estimated at around INR30.5
million as on March 31, 2016. The downgrade also reflects
deterioration in PTS's operating performance marked by decline in
revenues to around INR45 million for 2015-16 (refers to FY
April 1 to March 31) from INR70 million for 2014-15.
Outlook: Stable

CRISIL believes that PTS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while maintaining its moderate operating
profitability, or improves its working capital management.
Conversely, the outlook may be revised to 'Negative' if PTS
registers low revenue or profitability, or if its working capital
management deteriorates, resulting in weakening of its liquidity.

PTS, set up in 1984 as a proprietorship firm is based in
Kozhikode (Kerala). It executes civil contracts for the Kerala
Public Works Department. The firm's day-to-day operations are
managed by Mr. P. T. Sreenivasan.


PARISHUDH MACHINES: CARE Cuts Rating on INR6.50cr Loan to 'B'
-------------------------------------------------------------
CARE revises the rating assigned to the long term bank facilities
and reaffirms the short term bank facilities of Parishudh
Machines Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities      6.50     CARE B Revised from
                                           CARE B+

   Short-term Bank Facilities     2.00     CARE A4 Reaffirmed

Rating Rationale

The revision in the rating assigned to the long-term bank
facilities of Parishudh Machines Private Limited (PMP) factors in
subdued performance during FY15 (refers to the period of April 1
to March 31) characterized by decline in the total operating
income, net loss, and elongation of operating cycle. The ratings
further continue to be constrained by exposure to group
companies, susceptibility of margins to fluctuation in raw
material price and subdued demand from the end-user industry.

The ratings, however, continue to draw comfort from experience of
the promoters, established relationship with reputed clientele
and moderate capital structure.

The ability of the company to increase the scale of operations
while achieving the net profitability, effective management of
working capital while reducing product concentration risk shall
be the key rating sensitivities.

PMPL was incorporated on February 6, 1987, by Mr V.S. Goindi and
Mr G.S. Goindi. It started its commercial operations in 1988.
PMPL is engaged in manufacturing and servicing of Computerized-
Numerical-Control (CNC) turning and grinding machines and
automatic lathes with the plant being located at Ghaziabad (UP)
and Sitarganj (Uttaranchal). The manufacturing facility of PMPL
is well equipped with modern amenities and is ISO 9001:2008
certified. This apart, PMPL also manufactures various engineering
components. PMPL markets its products under the brand name
'Parisudh'. The major end-users of the machines manufactured by
PMPL are the automobile manufacturing industry, forging industry,
refrigeration industry, railways, bearing industry, etc. PMPL is
a part of Goindi group, promoted by Mr V. S. Goindi, which offers
a comprehensive range of machine tools to various industries.

PMPL reported PBILDT of INR1.82 crore and a net loss of INR0.06
crore on a total income of INR18.78 crore in FY15 as against
PBILDT of INR2.34 cr and a PAT of INR0.25 crore on a total income
of INR23.50 crore in FY14. PMPL achieved a total operating income
of INR20.00 crore (as per unaudited results).


PASSION INDUSTRIES: CRISIL Suspends B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Passion Industries Private Limited (PIPL).

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

   Proposed Long Term
   Bank Loan Facility        30       CRISIL B+/Stable

   Proposed Short Term
   Bank Loan Facility         2.5     CRISIL A4

   Term Loan                 12.5     CRISIL B+/Stable

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

PIPL was originally set up as a proprietorship firm, Passion
Steels (PS) in 2009; PS was reconstituted as a private limited
company with the current name in September 2013. The company
manufactures alloy steel wires at its facility in Rohtak
(Haryana). It is managed by Mr. Navdeep Singh and his family.


PRANAV FOUNDATIONS: CARE Assigns B+ Rating to INR30cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pranav
Foundations Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      30        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Pranav Foundations
Private Limited (PFPL) is constrained by the small scale of
operations, intermittent nature of projects & cash flows and
highly leveraged capital structure.

The rating, however, derives strength from the presence of
experienced promoters and relatively lesser dependence on
customer advances.

Going forward, ability of the company to scale up its operations
and execute large projects will be the key rating sensitivity.

Chennai-based PFPL, incorporated in June 1996, is a real estate
development company primarily focused on small scale residential
projects. The promoters have over two decades of real estate
experience and the company has completed about 33 projects as on
February 29, 2016 with a total saleable area of 2.66 lakh square
feet (lsf). The company currently has two ongoing projects with a
total saleable area of 0.48 lsf. The company also owns a four
floor banquet hall in a prime location of the city with a seating
capacity of 1000 people per floor. The Managing director of the
company is Ms Sreelakshmi Ranganathan, but the day to day
operations are handled by her husband, Mr Ranganathan. Entire
shareholding of the company is held by the promoters and their
family members with Ms Sreelakshmi and her two daughters together
holding 81.33% stake.

The company reported a net profit of INR0.22 crore on a total
operating income of INR14.63 crore for FY15 (refers to the period
April 1 to March 31) as against a net profit of INR0.35 crore on
a total income of INR14.19 crore for FY14.


RAMPA AUTOS: CRISIL Suspends B- Rating on INR53MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rampa Autos Limited (RAL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            8        CRISIL A4
   Cash Credit              53        CRISIL B-/Stable

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

RAL, incorporated in 1985, is an authorised dealer of the
automobiles of Bajaj Auto Ltd and Mahindra and Mahindra Ltd in
Hoshairpur, Mukerian, Garhshankar, Talwandi and Nawanshahar (All
in Punjab). RAL has eigth showrooms ' three in Hoshiarpur, two in
Mukerian, two in Nawashahar, one in Garhshankar and one extension
counter in Talwandi. In addition, the company has 15 allocated
service centres (ASCs) across Hoshiarpur and Nawanshahar. RAL is
promoted by Mr. Iqbal Singh and Mr. Sandeep Singh and their
families.


REAL AGROTECH: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Real Agrotech
Industries (RAI) continues to reflect modest scale of operations
in the intensely competitive rice processing industry, and
average financial risk profile, especially debt protection
metrics. These weaknesses are partially offset by extensive
experience of the partners, and established relations with
customers and suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            40        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         13.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RAI will maintain its business risk profile over
the medium term, backed by the extensive experience of the
partners. The outlook may be revised to 'Positive' if growth in
revenue, profitability and cash accrual considerably strengthens
capital structure and debt protection metrics. The outlook may be
revised to 'Negative', if operating margin declines or financial
risk profile weakens, due to large debt-funded capital
expenditure or stretch in working capital cycle.

Update
Revenue is estimated at INR230-250 million in 2015-16 (refers to
financial year, April 1 to March 31). Operating margin should be
adequate at 3-3.5 percent, in line with that of peers. Working
capital requirement will remain large, with gross current assets
seen at 90-100 days over the medium term, in line with the
previous year. Utilisation of bank limit averaged 92 percent in
the 12 months through November 2015. Small networth and high
gearing (estimated at INR20.6 million and 2.2-2.5 times as of
March 2016) may keep financial risk profile average. Short-term
working capital borrowings may continue to be high.

RAI, a partnership firm set up in 2013 by the Patel family of
Bavla, Gujarat, processes rice of the non-basmati variety. It
began commercial operations in December 2013.

Profit after tax and net sales increased to INR0.3 million and
INR236.8 million, respectively, in 2014-15, from INR0.1 million
and INR134 million the previous year.


S N SUPER: CARE Assigns B+ Rating to INR28cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
S N Super Speciality Hospital Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       28       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of S N Super
Speciality Hospital Private Limited (SNHPL) is primarily
constrained on account of the project implementation and
stabilization risk associated with debt-funded project, high
project gearing and its presence in a highly competitive as well
as regulated hospital industry.

The rating, however, derives strength from experienced and well
qualified promoters with strong group and wide range of medical
services proposed in its new hospital.

The ability of the company to complete the project within
envisaged time and cost parameters is the key rating
sensitivities.

Incorporated in November 2011, SNHPL has been promoted by Dr
Manjeet Singh Nirwan along with Dr S L Sihag. SNPHL is setting up
a super-specialty hospital with 200 beds capacity in Sri
Ganagangar, Rajasthan. The hospital is proposed to have five
floors having a total built-up area of (116,000 square ft.),
which is to be equipped with state-of-the-art technology and
latest machinery including operation theatres, intensive care
units (ICU's), general wards and private rooms to provide quality
services and patient care to the people in the vicinity of Sri
Ganganagar. The company envisaged total project cost of INR44.76
crore to be funded by a debt equity ratio of 4.9:1. The expected
Commercial Operation Date (COD) is setup at September, 2017.


S. D. RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S. D. Rice
Mill (SDRM) continues to reflect below-average financial risk
profile with small net worth and high gearing, and small scale of
operations in a fragmented industry. These weaknesses are
partially offset by the experience of the proprietor in the rice
milling industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           50         CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan     2.2       CRISIL B+/Stable (Reaffirmed)
   Term Loan              1.8       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SDRM will continue to benefit from its
proprietor's extensive industry experience. Financial risk
profile is, however, expected to remain constrained because of
weak profitability. The outlook may be revised to 'Positive' if
capital infusion or improvement in revenue leading to increased
cash accrual improves the financial risk profile significantly.
The outlook may be revised to 'Negative' if significant increase
in inventory leads to large incremental bank borrowings, or
sizeable debt-funded capital expenditure.

SDRM, a proprietorship of Mr. Raj Kumar based in Kaithal
(Haryana), mills and processes paddy into rice and has installed
capacity of 5 tonne per hour.


SHAMANUR SUGARS: CARE Upgrades Rating on INR53.6cr LT Loan to B+
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Shamanur
Sugars Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     53.6       CARE B+ Revised from
                                            CARE D

   Short-term Bank Facilities    40.0       CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings of Shamanur Sugars Limited (SMSL)
factors in the regularization of debt servicing by the company
during the past 12 months and relatively stable performance in
FY15 (refers to the period April 1 to March 31). The ratings of
SMSL continue to be constrained by the working capital intensive
nature of operations, weak capital structure and low
profitability margins, cyclicality, agro-climatic risk and highly
regulated nature of the industry.

The ratings, however, derive strength from experience of the
promoters with long-standing presence in the industry, integrated
nature of business helping it report profits even in such adverse
industry scenario.

Going forward, the ability of the company to maintain stable
earnings and profitability margins, and effective management of
working capital would be the key rating sensitivities.

SMSL is a public limited company, commenced commercial operations
in 1999, promoted by Mr S. Shivashankarappa. SMSL operates an
integrated sugar mill with aggregate crushing capacity of 2,500
tonnes of cane per day (TCD), a multi fuel cogeneration plant of
22 MW and distillery with 60 KLPD capacity. T

he facility is based out in central Karnataka. The day-to-day
operations are managed by Mr SS Bakkesh (MD), son of promoter, Mr
S Shivashankarappa. The promoters have more than three decades of
experience in the sugar industry.

During FY15, SMSL registered a PAT of INR0.39 crore on a total
operating income of INR217.48 crore as against a PAT of INR 4.14
crore on a total operating income of INR185.48 crore in FY14.


SHANTI MOHAN: CRISIL Suspends 'B' Rating on INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shanti Mohan Industries (SMI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              65        CRISIL B/Stable
   Term Loan                 2.7      CRISIL B/Stable

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

Established in 1990, SMI gins and presses raw cotton (kapas) to
make cotton bales. In addition, the firm undertakes extraction of
oil and production of de-oiled cakes from cotton seeds. Its
manufacturing facility is in Hisar (Haryana).


SHASHADHAR COLD: CRISIL Reaffirms B- Rating on INR60.2MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Shashadhar
Cold Storage Pvt Ltd (SCSPL) continue to reflect SCSPL's below-
average financial risk profile, and its susceptibility to adverse
regulatory changes and intense competition in the cold storage
industry in West Bengal (WB). These rating weaknesses are
partially offset by the promoters' extensive experience in the
cold storage industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)

   Cash Credit           60.2       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.0       CRISIL B-/Stable (Reaffirmed)

   Term Loan             26.3       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan            6.0       CRISIL B-/Stable (Reaffirmed)

Previously, CRISIL has combined the business and financial risk
profiles of Shashadhar Cold Storage Pvt Ltd and Swambhunath Cold
Storage Pvt Ltd. CRISIL has used a consolidated approach because
the two entities are in the same line of business and are under a
common management. However, now the team is de-consolidating the
financials of both the entities since there are no operational
and financial synergies even though both the entities are in the
same line of business and are under a common management.
Outlook: Stable

CRISIL believes that SCSPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
profitability and working capital management. Conversely, the
outlook may be revised to 'Negative' if SCSPL's financial risk
profile, particularly its liquidity, weakens, because of
substantial working capital requirements, or a decline in its
cash accruals, or large debt-funded capital expenditure.

SCSPL, incorporated in 2012, is engaged in the business of
providing cold storage services to the potato farmers and
traders. SCSPL is located in Paschim Medinipur (West Bengal) with
a cumulative capacity of 1,80,000 quintal for storing potatoes.


SHREE GANESH: CRISIL Suspends B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Ganesh Rice Mills - Sirsa (SGRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        25       CRISIL B+/Stable

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

SGRM is a partnership firm started in 1999 by Mr. Bhim Singla
along with his son Mr. Sunil Singla. Firm is engaged in the
milling and processing of paddy into basmati rice. It has an
installed paddy milling capacity of 100 MT per day in Sirsa
district in Haryana.


SRI DHANDAYUTHAPANI: CARE Assigns 'B' Rating to INR14.12cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri
Dhandayuthapani Spinners Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.12      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Dhandayuthapani
Spinners P Ltd (SDSP) is constrained by the company's small size
of operations, debt-funded capital expansion project,
profitability susceptible to volatile raw material prices,
working capital intensive nature of operations and highly
fragmented & competitive nature of the industry.

The rating, however, derives strength from the long-standing
experience of the promoters in the textile industry and
commencement of commercial operations of the spinning unit during
November 2015.

Going forward, the ability of the company to effectively utilize
the capacity to increase the scale of operations, improve the
capital structure and prudently manage the working capital
requirements would be the key rating sensitivities.

SDSP was established in 2003 by Mr S Saravanabhavan (Managing
Director). Initially, the company was into spinning with
an installed capacity of 10,000 spindles, however, in 2010, SDSP
let out the factory premises on lease for a period of 5 years,
ie, up to 2015. The company also has 2 windmills, the power
generated from which is sold to its group companies who hold
stake in SDSP. For the past 5 years ended March 2015, the
company's income is mainly from lease rent and sale of wind
power.

During FY16 (refers to the period April 1 to March 31), on
termination of lease agreement, SDSP has undertaken capital
expansion in its spinning unit at a total cost of INR13.7 crore
to modernize the machineries and commenced commercial production
in November 2015. SDSP manufactures 40's count yarn which is sold
in local markets through agents as well as directly to fabric
manufacturers, dealers & wholesalers. As on December 31, 2015,
the company has installed capacity of 12,672 spindles majorly
producing 40's count cotton yarn sold to the domestic market
only. The day-to-day management of the company is looked after by
Mr S Saravanbhavan supported by experienced staff.

During FY15, the company reported a net loss of INR0.03 crore on
a total income of INR0.71 crore.


SURANA POWER: CARE Reaffirms 'D' Rating on INR1,800cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Surana Power Limited.

                              Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1,800      CARE D Reaffirmed

Rating Rationale

The rating continues to factor in delays in servicing of the debt
obligations by Surana Power Limited (SPL) on account of delays in
project implementation. Background Surana Power Limited (SPL), a
subsidiary of Chennai based Surana Industries Limited, is engaged
in power generation. Presently the company is running a 35 MW
coal-based power plant at Raichur, Karnataka and is implementing
a 420 MW (2X210) power plant adjacent to existing plant at
Raichur (Karnataka). SIL is promoted by Mr.G.R.Surana,
Mr.DineshchandSurana and two of their brothers.

The family members have four decades of experience in the field
of gold jewellery trading and leasing & hire purchase. They have
entered into steel trading in the year 1986. Subsequently they
entered in steel manufacturing in 1994.

SIL has now ventured into power generation through SPL. Project
SPL is setting up a coal-based sub-critical thermal power plant
of 420 MW (2x210) at an estimated project cost of INR2,400 crore.
SPL achieved financial closure for the project in FY10 (refers
the period April 1 to March 31).

The promoter group has limited experience in execution of such
large scale project. Delay in project implementation and delays
in debt servicing The initial project cost of INR2,400 crore
proposed to be funded in a debt:equity ratio of 3:1. Out of
equity contribution of INR600 crore, INR350 crore has been
infused by the promoters and rest was expected to be funded
through fresh equity from PE investors. The project witnessed
delays on account of delay in equity infusion and consequent
delay in disbursement of funds. In the absence of infusion of
equity funds and disbursements in term loans in a timely manner,
there have been instances of delays in servicing interest debt
obligations to the banks.


TRIMEX INDUSTRIES: CRISIL Cuts Rating on INR450MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Trimex Industries Pvt Ltd (TIPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              300       CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Letter of credit &       450       CRISIL D (Downgraded from
   Bank Guarantee                     'CRISIL A4+')

   Long Term Loan           189.8     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Proposed Long Term       204.2     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

   Working Capital          160.0     CRISIL D (Downgraded from
   Term Loan                          'CRISIL BB/Stable')

The rating downgrade reflects delays in servicing of term debt on
account of weak liquidity. TIPL's liquidity deteriorated
significantly in 2015-16 (refers to financial year April to
March) on account of delay in realization of receivables. CRISIL
believes that TIPL's liquidity will remain under pressure over
the medium term.

TIPL's financial risk profile is below average, marked by below
average debt protection metrics and working capital intensive
operations. However, the company continues to benefit from its
promoters' longstanding experience in the industry.

Established in 1984 as Trimex Agencies Ltd, TIPL is promoted by
Mr. Pradeep Koneru. The company is engaged in mining and selling
of industrial minerals such as baryte, iron ore, and dolomite.


V VEERA: CRISIL Cuts Rating on INR50MM Cash Loan to 'B'
------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of V Veera Techno Trec Private Limited (VTTPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'. The rating on the company's
short-term facility has been reaffirmed at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           100       CRISIL A4 (Reaffirmed)

   Cash Credit               50       CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term        35       CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects expectation that VTTPL's financial
risk profile, particularly liquidity, will remain weak over the
medium term. Working capital cycle should remain stretched on
account of sizeable inventory of 124 days as of March 2015'up
from 81 days a year ago. Bank limit utilisation, therefore,
exceeded 100 percent on average, with occasional use of ad-hoc
limit, in the 12 months through February 2016.

Interest coverage and net cash accrual to total debt ratios
weakened to 1.30 times and 4 per cent, respectively, in 2014-15,
from 1.50 times and 7 per cent in 2012-13 and should remain weak
over the medium term. Working capital intensity in operations may
continue to constrain the financial risk profile during this
term.

Financial risk profile is below average, marked by weak debt
protection metrics, small scale of operations, and large working
capital requirements. These rating weaknesses are partially
offset by benefits the company derives from the extensive
experience of the promoter.
Outlook: Stable

CRISIL believes VTTPL will maintain a stable credit outlook,
supported by the extensive experience of the promoters. The
outlook may be revised to 'Positive' if the working capital
parameters, liquidity, and capital structure improve
substantially and sustainably. Conversely, deterioration in
liquidity on account of increase in raw material prices, lower
profitability, and stretch in working capital cycle, may drive a
revision in outlook to 'Negative'.

Incorporated in 2003, VTTPL is an approved Research and Design
Standards Organization Part-1 supplier of switches, switch
expansion joints and thick web switches to the Indian Railways.
The company was taken over by Mr. Gopal Saha and Mr. Niladri Saha
in 2005-06.  Manufacturing facilities are in Rohtak, Haryana.



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


MULTIPOLAR TBK: S&P Lowers CCR to 'B'; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Indonesia-based diversified retailer
PT Multipolar Tbk. and its 50.2%-owned subsidiary PT Matahari
Putra Prima Tbk. to 'B' from 'B+'.  The outlook is stable.  S&P
also lowered its issue rating to 'B', from 'B+', on the US$230
million senior unsecured notes that Pacific Emerald Pte. Ltd.
issued.  Multipolar unconditionally guarantees the notes.  At the
same time, S&P affirmed its 'axBB-' ASEAN regional scale rating
on Multipolar and MPPA.

"We lowered the rating on Multipolar because we forecast that the
company's cash flow adequacy and interest servicing ratios will
remain lower than what we would expect for the 'B+' rating level
through 2017," said S&P Global Ratings credit analyst Annabelle
Teo.  That follows weak results for the quarter ended March 31,
2016, for most of the company's retailing and non-retailing
operations.  S&P lowered the rating on MPPA to reflect the
downgrade of its parent.

In S&P's view, Multipolar's first-quarter loss and the potential
of further weakness in the second quarter make it unlikely that
the company's reported EBITDA will exceed IDR400 billion in 2016.
That's sharply lower than the figure of at least IDR700 billion
S&P had anticipated for 2016.  Reported EBITDA excludes dividends
from Multipolar's Indonesia department store operations PT
Matahari Department Stores Tbk. (MDS).

MPPA reported EBITDA losses of IDR24 billion in the first
quarter, with revenue declining by 2.4% compared with the same
period in 2015.

EBITDA losses at Multipolar's satellite-TV operations, PT IMTV,
also remain sizable.  S&P estimates that full-year losses at that
operation could top IDR150 billion in 2016.

S&P sees no credible path for Multipolar to restore its EBITDA
interest coverage to levels S&P considers appropriate for the
'B+' rating level over the next 12-18 months because of the weak
operating performance.  S&P now projects the company's EBITDA
interest coverage, adjusted for leases, pensions and dividends
received, to be about 1.5x in 2016, compared with S&P's earlier
expectations of close to 2.0x.

Recurring operating weakness among various subsidiaries of
Multipolar over the past 18 months reduce the visibility of the
company's performance and margins beyond 2016, in S&P's opinion.

Multipolar scaled back its growth ambitions in 2015 to adjust to
the tougher operating conditions in its target markets.  This
move will support its adequate liquidity over the next 12 months.

Multipolar is reliant on dividends from its operating companies
and associates to service the interest on its US$230 million
notes.  But S&P expects the coverage of interest payments at the
holding company level by dividends from operating companies to
still exceed 1.5x in 2016.  Multipolar can also undertake capital
reduction at some of its cash-rich subsidiaries, including PT
Matahari Pacific.

Multipolar's 20.5% stake in MDS, which is listed on the Indonesia
stock exchange, provides an additional source of substantial
liquidity.

Multipolar's weaker credit quality constrains the rating on MPPA.
That's because S&P views MPPA to be a core and non-insulated
subsidiary of Multipolar based on MPPA's very large contribution
to the parent's revenues and EBITDA, the companies' similar lines
of business, and their good record of operations.

S&P still assess MPPA's stand-alone credit profile as 'b+'.  The
company's operating performance was weak in the quarter ended
March 31, 2016, but S&P notes that MPPA has modest financial debt
and good discretion over its spending plan.

"The stable outlook on Multipolar reflects our expectation that
the company and its main operating subsidiaries will maintain
adequate liquidity and financial flexibility, and spend prudently
over the next 12 months," said Ms. Teo.

The stable outlook on MPPA reflects the outlook on Multipolar.

S&P may lower the rating on Multipolar if the company's liquidity
weakens.  Even though S&P views this as unlikely, given the
liquidity of the company's stake in MDS, this could materialize
if the coverage of interest payments at the holding company level
by dividends from operating companies declines materially and
sustainably below 1.0x, requiring new debt to bridge the funding
gap.

S&P could also lower the rating if the EBITDA interest coverage,
adjusted for leases, pensions and dividends received, falls
toward 1.0x with no prospects of recovery.  S&P believes this
could materialize if: (1) PT IMTV continues to incur substantial
losses without offsetting factors from the company's retailing
operations in Indonesia, such that reported EBITDA margin remains
below 1.0%; or (2) debt increases at the operating companies
because of more aggressive capital spending than S&P expects.

S&P will lower the ratings on MPPA if S&P takes a similar rating
action on Multipolar.

Persistent losses at PT IMTV and the subdued performance at MPPA
will prevent a rapid improvement in operating margins and cash
flow adequacy ratios in 2016, limiting upside potential in the
rating.  Nevertheless, S&P could raise the ratings if
Multipolar's EBITDA interest coverage improves sustainably above
2.0x.  This could materialize if reported EBITDA margin improves
to more than 5.0% sustainably while revenue grows in the low
double digits.  A rating upgrade would be contingent upon
Multipolar maintaining ample liquidity at the holding level.

S&P will raise the ratings on MPPA if S&P takes a similar rating
action on Multipolar.



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


TAKATA CORP: Survival Gets Harder Due to Malaysian Deaths
---------------------------------------------------------
Bloomberg News reports that two additional deaths in Malaysia
were linked to ruptured air bag inflators made by Takata Corp.,
further damaging the reputation of the Japanese supplier as it
works to comply with a U.S. order to expand a record recall.

Two fatal Honda car crashes in Malaysia, one on April 16 and the
other on May 2, involved ruptured driver-side air bag inflators
made by Takata, Bloomberg relates citing a statement by Honda
Motor Co.

The air bags had not been replaced though the two vehicles were
included in recalls announced by the authorities, the automaker
said, the report relays. According to Bloomberg, the U.S.
National Highway Traffic Safety Administration (NHTSA) on May 4
ordered Takata to replace as many as 40 million additional air
bags in the U.S., more than doubling what has been announced.

At least 13 deaths are now linked to the malfunctioning devices,
underscoring the scale of the crisis confronting President
Shigehisa Takada, who has seen his family company's market value
plunge by 75 percent over the past year, Bloomberg notes. The
expansion of recalls in the U.S. also adds to the costs that the
supplier must bear even as it seeks a financial lifeline to
survive, says Bloomberg.

"This should be a wake-up call for Malaysia" to ensure cars are
taken off the roads until they are repaired, Bloomberg quotes
Jochen Siebert, managing director of JSC (Shanghai) Automotive
Consulting Co., as saying.  "Once they do this or similar
actions, it will of course give Honda a bad name and in the end
one more reason for any carmaker to disassociate themselves from
Takata."

Bloomberg notes that NHTSA's order is in addition to the 28.8
million inflators Takata had previously called back in the U.S.,
affecting vehicles made by 12 different manufacturers including
Honda Motor Co., Toyota Motor Corp. and Fiat Chrysler Automobiles
NV. With the latest development, as many as 69 million inflators
will be recalled.

Seventeen manufacturers are now covered, including Tesla Motors
Inc., Jaguar Land Rover Automotive PLC and Fisker Automotive
Inc., Bloomberg discloses.

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

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

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


TOSHIBA CORP: Satoshi Tsunakawa Nominated as President and CEO
--------------------------------------------------------------
The board of directors of Toshiba Corporation at the meeting on
May 6, has nominated Mr. Satoshi Tsunakawa, Representative
Executive Officer and Corporate Senior Executive Vice President
of Toshiba, for the candidate of Representative Executive
Officer, President and CEO of the Company. The new President and
CEO will succeed Mr. Masashi Muromachi, and the appointment is
subject to approval at the board meeting following the ordinary
general meeting of the shareholders in late June this year. The
decision was made on the basis that a series of business
restructuring initiatives is on track, and that the company
should move forward to focus on growth with a new management
team.

The board of directors has also nominated Mr. Shigenori Shiga,
Representative Executive Officer, Corporate Senior Executive Vice
President of Toshiba, for the candidate of Chairman and
Representative Executive Officer, which will be newly established
as a role mainly to rebuild company trust through outside
activities.

Concurrent with the election of the new President and CEO, Mr.
Muromachi will be the Executive Advisor of Toshiba Corporation in
June.

Mr. Muromachi took over as president temporarily in July after
three of his predecessors stepped down amid the accounting
scandal, Bloomberg News says.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating
two notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term
ratings on Toshiba on CreditWatch with negative implications,
where S&P placed them Dec. 22, 2015, when it lowered the long-
term corporate credit rating.  S&P has affirmed its short-term
corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


KEA PETROLEUM: Payment to Creditors 'Highly Unlikely'
-----------------------------------------------------
Pattrick Smellie at BusinessDesk reports that a payment to any
creditors of the Kea Petroleum group of companies "seems highly
unlikely", and depends on the sale of Kea's Mauku-1 exploration
permit, said the Deloitte liquidator for the onshore Taranaki oil
and gas explorer, which had a London Stock Exchange listing.

In his first six-monthly report since the company chose
liquidation over a court battle with its primary potential
creditor last November, liquidator David Vance warned the sale of
Mauku-1, otherwise known as Petroleum Exploration Permit 381204,
"needs to make substantial progress in the next few weeks
otherwise, in conjunction with (the regulator) New Zealand
Petroleum and Minerals, the permit may have to be surrendered,"
relates BusinessDesk.

According to BusinessDesk, one party has expressed interest in
Mauku-1 and is attempting to bring one or two other parties into
the permit. PEP381204 is in its second five-year period of issue,
and Kea has owned it 100 percent since 2010 when it took the
permit over from Genesis Energy. It had sought farm-in partners
without success, despite the Mauku-1 exploration well drilled in
May 2013 intersecting with reportedly "good quality Mangahewa 'C'
sands in the footwall of the Taranaki Fault", in an area "which
is a prolific producing reservoir in the Taranaki Basin", some 60
kilometres southwest of the producing Pohokura oil and gas field.

BusinessDesk says the liquidator had found some specialist line
hanger equipment belonging to Kea in a rented warehouse. In the
absence of buyers, it was sent for scrap, with funds realised
paying rent and scrapping costs. No other assets had been
discovered and the only contingent creditor claim lay with the
former contractor to the company over an alleged breach of
contract, the report notes.

It was that dispute which saw Kea opt for liquidation rather than
face court costs, as plunging oil prices have snuffed out
prospects for numerous small-scale oil and gas explorers
globally, says BusinessDesk.



=================
S I N G A P O R E
=================


STATS CHIPPAC: Moody's Cuts Corporate Family Ratings to 'B2'
------------------------------------------------------------
Moody's Investors Service has downgraded STATS ChipPAC Ltd.'s
corporate family rating and senior secured bond ratings to B2
from B1 and its unsecured bond rating to B3 from B2.

The rating outlook is negative.

Rating Actions:

-- Issuer: STATS ChipPAC Ltd.

-- Corporate Family Rating, downgraded to B2 from B1

-- Senior unsecured $74.5mm GTD GLOBAL BONDS due 2018,
    downgraded to B3 from B2

-- Senior secured $425mm GTD GLOBAL BONDS due 2020, downgraded
    to B2 from B1

Outlook Actions:

-- Issuer: STATS ChipPAC Ltd.

-- Outlook, maintained Negative

RATINGS RATIONALE

The downgrade primarily reflects the company's continued weak
operating performance, as evidenced in its results for both 4Q
2015 and 1Q 2016, as announced on 29 April 2016.

Furthermore, looking ahead, Moody's expects the sluggish state of
demand in the high-end smartphone market which uses wafer-level
packaging and advance packaging, two of STATS ChipPAC's key areas
of focus, will mute revenues and limit any meaningful improvement
in profitability over the next 12 months.

Accordingly, a near-term reversal of the trend evident in 4Q 2015
and 1Q 2016 is unlikely.

"We have downgraded the corporate family rating to B2 to reflect
the company's continued weak operating performance. We further
expect STATS ChipPAC's liquidity position to tighten considerably
over the next 6 months, given its lower profitability levels,
high fixed-cost structure, and significant capex program," says
Annalisa Di Chiara, a Moody's Vice President and Senior Credit
Officer and lead analyst for the company.

Moody's notes that STATS ChipPAC reported revenues of $244
million in 1Q 2016, a 28% contraction from 4Q 2015 -- itself a
weak quarter -- and reflecting the lower demand for packaging and
testing services by the communications sector, as well as
inventory corrections by some customers.

"It also reported a $27 million operating loss, and which we
expect to continue over the next two to three quarters."

"In addition, we estimate adjusted debt/EBITDA for the 12 months
ended 31 March to be in the 4.4x-4.7x range."

"At the same time, we expect adjusted debt/EBITDA will climb into
the 5.0-5.5x range by December 2016, as profitability remains
muted and adjusted debt levels, including the perpetual security
of $205 million, remain at approximately $1.2 billion," adds Di
Chiara.

Moody's also notes that the company has no additional
availability under existing working capital facilities and is
therefore reliant on cash flow generation which is currently
weak, and support from its parent company (JCET), to support its
operations.

"We also expect the muted state of profitability and significant
cash costs -- including around $55-60 million in interest
expenses and $260 million in capex -- to drive substantial
negative free cash flow and erode cash balances rapidly over the
rest of 2016. STATS ChipPAC held $96 million of cash on its
balance sheet at 31 March 2016."

On the supportive side, STATS ChipPAC completed its debt
refinancing exercise on 15 April, following the repayment of its
bridge facility with the proceeds from a new $315 million
syndicated term loan and revolving credit facility due 24 August
2020.

The move away from short-term debt is positive for the rating as
it extends the company's debt maturity profile considerably.
Currently, it has $30 million under a revolving credit facility
due over the next 12 months and around $50 million payable in
2017.

"While we expect liquidity to deteriorate over the next two
quarters, STATS ChipPAC's parent - Jiangsu Changjiang Electronics
Tech Co., Ltd (JCET, unrated) - and SilTech Shanghai (unrated, an
indirect wholly-owned subsidiary of Semiconductor Manufacturing
Int'l Corp. (SMIC, Baa3, stable)), entered into a subscription
agreement on 28 April whereby it will acquire 150,681,044 of
JCET's shares for RMB2,655 million ($400 million) payable in
cash."

Based on the Independant Financial Advisor Report filed by JCET
with the Shanghai Stock Exchange, RMB 1,328 million (or
approximately $200 million) of the proceeds are earmarked to fund
a substantial portion of STATS ChipPAC's projected capex for the
expansion of its eWLB capacity in Singapore.

"Although this capital infusion will be positive for the
company's near-term liquidity profile, we believe that its over-
leveraged balance sheet and high capex requirements will continue
to weigh on cash flows and liquidity in 2017."

The subscription agreement is contingent upon (1) the approval of
JCET shareholders who meet at an extraordinary general meeting on
20 May 2016, and (2) the approval of the China Securities
Regulatory Commission (CSRC).

The outlook is negative and reflects STATS ChipPAC's weak
operating performance and rising liquidity pressures.

Further downward rating pressure could arise if the company
continues to experience reduced asset utilization rates, as well
as both decreasing profitability and cash flow-generating
capability, such that adjusted debt/EBITDA rises above 5.5x, or
cash levels fall below $75 million.

Moreover, if the company does not receive the $200 million
capital injection from its parent -- to help fund its capex
program, the ratings will be downgraded.

Upwards rating pressure is unlikely over the near term, given the
downgrade and negative outlook.

However, the outlook could return to stable if the $200 million
capital injection from JCET materializes and the company reverts
to generating positive operating profits and free cash flow on a
sustained basis.

STATS ChipPAC Ltd. is a leading service provider of semiconductor
packaging design, assembly, test and distribution solutions in
diverse end market applications including communications, digital
consumer and computing. With global headquarters in Singapore,
STATS ChipPAC has design, research and development, manufacturing
or customer support offices throughout Asia, the United States
and Europe. STATS ChipPAC is a business unit of Jiangsu
Changjiang Electronics Tech Co., Ltd. (JCET, unrated), a
publicly-traded company on the Shanghai Stock Exchange.



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


* SOUTH KOREA: Geoje May Lose 22K Jobs in Shipbuilding This Year
----------------------------------------------------------------
The Korea Herald reports that a continued recession in the
shipbuilding industry could lead to the loss of as many as 22,000
jobs this year on Geoje Island in the southern part of Korea
where two large shipbuilders are located, warned a report by
Geoje City on May 6.

It is the first time that a local government has released a
report forecasting a massive layoff in the shipbuilding sector,
which is reeling from a drought of orders for new shipbuilding
and offshore plants, the report says.

The Korea Herald relates the city said that if the two
shipbuilders Samsung Heavy Industries and Daewoo Shipbuilding and
Marine Engineering continue not to receive orders for new ships,
22,031 or 25% of the total workforce of 89,113 created by the two
shipbuilders and their subcontractors are expected to vanish this
year.

The number of jobs lost may reach 27,257 or 30.5% of the total
workforce if the recession prolongs to March next year, it said,
the report relays.

According to The Korea Herald, the report comes with the
government gearing up corporate restructuring in ailing
manufacturing sectors including shipbuilding and shipping.

The Korea Herald says layoff fears are materializing first at the
world's largest shipbuilder Hyundai Heavy Industries, located in
Ulsan, on the southeast coast of the peninsular.

The company is receiving voluntary retirements from employees at
managerial levels from May 9 to May 15, The Korea Herald reports
citing sources. It is rumored to be cutting 3,000 jobs through
voluntary retirement this time, after laying off about 1,300
employees last year, says The Korea Herald.

The Korea Herald reports that Hyundai Heavy is expected to submit
a self-rescue plan last week to creditor banks led by KEB Hana
Bank, in a move to accelerate the government's push for corporate
restructuring in ailing sectors.

Hyundai Heavy's layoffs face strong resistance from its labor
union, which publicly opposed restructuring plans and embarked on
collective bargaining for a wage hike on May 4, according to The
Korea Herald.

Samsung Heavy is also projected to submit restructuring measures
to its state-run creditor Korea Development Bank, adds The Korea
Herald.



                             *********

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
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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
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                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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