TCRAP_Public/160512.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, May 12, 2016, Vol. 19, No. 93


                            Headlines


A U S T R A L I A

ANTARES ENERGY: Directors Call in Voluntary Administrators
ATLAS IRON: S&P Lowers Corporate Credit Rating to 'SD'
BOTANIC HOMES: Administrators Seek Buyers For Assets
C.P.D GROUP: First Creditors' Meeting Set For May 23
COLUMBUS PROPERTY: First Creditors' Meeting Set For May 19

ECO-PACT PTY: First Creditors' Meeting Set For May 18
RTWEXPERTS PTY: First Creditors' Meeting Set For May 19


C H I N A

KINGRAY NEW: Seeks $2.3BB For Financial Asset Restructuring


I N D I A

ABELLON AGRISCIENCES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
ABELLON CLEANENERGY: Ind-Ra Suspends 'IND BB' LT Issuer Rating
ANKIT EGG: CRISIL Suspends 'C' Rating on INR40.6MM LT Loan
ARAVIND CERAMICS: Ind-Ra Affirms LT Issuer Rating at 'IND BB-'
AWADH ENTERPRISES: CRISIL Assigns 'B' Rating to INR62.5MM Loan

BALAJI ISPAT: CRISIL Suspends B+ Rating on INR60MM Cash Loan
CAPITAL OVERSEAS: CRISIL Suspends B+ Rating on INR125MM Loan
CHANDRMAULI MOTORS: CRISIL Cuts Rating on INR150MM Loan to 'B'
DHANRAJ SOLVEX: CARE Reaffirms B+ Rating on INR25cr LT Loan
ECKO CABLES: CRISIL Reaffirms B- Rating on INR50MM Cash Loan

ELECTROSPARK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
EXCEED CROP: CRISIL Cuts Rating on INR49.2MM LT Loan to 'B'
EXOTIC REALTORS: CRISIL Suspends B+ Rating on INR73MM Term Loan
FIVE STAR: CRISIL Assigns B- Rating to INR5MM Long Term Loan
FLOURISH PUREFOODS: Ind-Ra Suspends 'IND B+' LT Issuer Rating

FOODLINK RESTAURANTS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
G V PARIVAAR: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
GHANSHYAM BROS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
GILCO EXPORTS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
GOODLUCK EDUCATIONAL: CRISIL Suspends B Rating on INR54MM Loan

GREY'S EXIM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
H. M. FOODS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR978.38cr LT Loan
JAI MAAKALI: CRISIL Suspends 'B' Rating on INR230MM Cash Loan
JJ INSTITUTE: CRISIL Suspends B+ Rating on INR71MM Term Loan

K.B.A. AGROTECH: CRISIL Assigns B+ Rating to INR80MM Term Loan
KATIYAR COLD: CRISIL Assigns 'B' Rating to INR36MM Cash Loan
KESAR ENTERPRISES: CARE Lowers Rating on INR107.26cr Loan to D
LORD SHIVA: CARE Lowers Rating on INR12.02cr LT Loan to B+
MAMTA SEEDS: CARE Assigns B+ Rating to INR4cr LT Loan

MASAFI DEVELOPERS: CRISIL Assigns 'B' Rating to INR100MM LT Loan
MOSER BAER: CARE Reaffirms 'D' Rating on INR1808.22cr Loan
MOSER BAER SOLAR: CARE Reaffirms 'D' Rating on INR881.46cr Loan
OMEGA MARKETING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
PINK CITY: CARE Lowers Rating on INR1,790.55cr LT Loan to 'D'

PUJA QUENCH: CRISIL Assigns 'B' Rating to INR40MM LT Loan
RAGHUVIR GINNING: CRISIL Cuts Rating on INR47.5MM Loan to 'B'
RHAPSO IFMR: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A2 PTCs
SATLUJ SPINTEX: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
SAWA CLAY: CARE Assigns B+ Rating to INR22.83cr LT Loan

SEW VIZAG: Ind-Ra Withdraws 'IND BB+(suspended)' Rating
SREE RAYALSEEMA: CRISIL Suspends B- Rating on INR40MM Cash Loan
SRI KRISHNA: CRISIL Reaffirms B- Rating on INR150MM Cash Loan
T.C. TERRYTEX: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
TRISUL FOODS: CRISIL Suspends 'B-' Rating on INR60MM Whse Loan

UTTAM SUGAR: CARE Ups Rating on INR610.24cr LT Loan to 'C'
VARDHMAN INDUSTRIAL: CARE Rates INR12cr Long Term Loan at B+
VASAVI APPARELS: CRISIL Suspends 'D' Rating on INR42.5MM Loan
VIRAJ EXPORTS: CARE Reaffirms B+ Rating on INR0.85cr LT Loan


J A P A N

TAKATA CORP: Sits Down With Carmakers, Lenders For Help on Recall


S I N G A P O R E

SIRIUS INT'L: Fitch Cuts Preference Shares Rating to 'BB+'


S O U T H  K O R E A

HYUNDAI MERCHANT: Creditors to Discuss Debt-For-Equity Swap
DAEWOO SHIPBUILDING: Two Former Chiefs Face Travel Ban


S R I  L A N K A

KOTAGALA PLANTATIONS: Fitch Assigns 'B+(lka)' National LT Rating


                            - - - - -


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


ANTARES ENERGY: Directors Call in Voluntary Administrators
----------------------------------------------------------
The West Australian reports that Antares Energy, the WA-based, US
focused oil and gas company, has lost its battle for survival,
with directors calling in administrators.

The report says convertible noteholders had been due to vote in
Perth on April 29 on a company bid to delay AUD24 million of
redemptions due last month until next March.  However, it is
believed proxy votes received in the lead-up to the meeting fell
well short of the 75% approval needed.

The West Australian relates that the directors of the cash-
strapped company, led by executive James Cruickshank, called in
administrators from Pitcher Partners on April 28.

Noteholders were told of the appointment when they turned up for
the scheduled midday meeting in Perth's CBD on April 29, the
report discloses.

The West Australian relates that Antares had been struggling for
survival after weaker oil prices scuppered a September agreement
to sell its Northern Star and Big Star oil projects in the US to
a private equity group for US$250 million (AUD340 million).

Since then, the company had spoken with various other potential
buyers and explored alternative fundraisings, but to no avail.

Share trading in the company has been suspended since September,
when Antares was capitalised at AUD120 million, the report notes.

Antares Energy Limited (ASX:AZZ) -- http://www.antaresenergy.com/
-- is an Australia-based company hydrocarbon production and
exploration in the United States of America. Antares is an oil
and gas exploration and production company focused on the Permian
Basin, West Texas, United States of America. Antares has two core
projects being Northern Star and Big Star each located in the
prolific Wolfberry Trend of the Permian Basin. Northern Star is
located in the expanding northern fairway of the main Wolfberry
producing trend within Southern Dawson County. Primary reservoir
objectives are Clear Fork, Spraberry, Dean, Wolfcamp, Cline,
Strawn, Mississippian, Woodford, and Devonian formations at
maximum depths of approximately 12,500 feets (ft). Big Star is
located in the expanding northern fairway of the main Wolfberry
producing trend within Southern Dawson County. Primary reservoir
objectives are Spraberry, Dean, Wolfcamp, Cline, Strawn,
Mississippian, and Woodford formations at maximum depths of
approximately 11,200 feets.


ATLAS IRON: S&P Lowers Corporate Credit Rating to 'SD'
------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Atlas Iron Ltd. to 'SD' from 'CC'.  At
the same time, S&P lowered the rating on the company's senior
secured notes to 'D' from 'CC'.  The recovery rating remains
unchanged at '4'.

The rating actions follow Atlas Iron's announcement that it has
completed its creditors' scheme of arrangement.  Under this
arrangement, Atlas Iron has issued to its term loan B (TLB)
lenders more than 6 billion of fully paid ordinary shares and
more than 4 billion of options, in exchange for a reduction in
its principal loan amount to US$135 million from US$267 million
in December 2015.  In addition, its TLB maturity has been
extended to April 2021, from December 2017.  Atlas Iron's annual
interest expense will therefore reduce by around A$20 million,
effective from May 2016.  Furthermore, the TLB's asset coverage
ratio covenant has now been replaced with a requirement to have a
minimum of A$35 million in cash at the end of each month.

"We lowered the rating on Atlas Iron because we view the
creditors' scheme of arrangement as being a distressed debt
exchange, as in our view the creditors received less than what
was promised on the original TLB," said S&P Global Ratings
analyst May Zhong.

S&P believes that, in the absence of an agreement with the
lenders, Atlas Iron would be vulnerable to a conventional default
over the near-to-medium term due to a challenging iron ore
market.

Ms. Zhong added: "We expect to review the corporate credit,
recovery and issue-level ratings in the near term.  Our analysis
will incorporate the company's new capital structure and
liquidity position, while still taking into account its
challenging operating environment."


BOTANIC HOMES: Administrators Seek Buyers For Assets
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent
expressions of interest are sought for the purchase of the
business and assets of Botanic Homes Pty. Ltd.  According to the
report, the company has entered administration with Petr
Vrseckyz, Glenn J. Franklin and Jason G. Stone of PKF Melbourne
being appointed administrators on May 3, 2016.

Dissolve.com.au says Botanic Homes has around 60 onsite houses
under construction and around 70 pre-site forward orders. It
boasts of four completed display houses and five under
construction.

According to the report, the sale also includes the display
showroom of the company and its IP as well as other related
assets that include domain and business names, email addresses
and telephone numbers, designs, marketing collateral and
trademark. The final buyer of the business will also get to own
its plant and equipment including office furniture and equipment
as well as motor vehicles, adds Dissolve.com.au.


C.P.D GROUP: First Creditors' Meeting Set For May 23
----------------------------------------------------
Dermott Joseph McVeigh and Dermott McVeigh Wayne Rushton of
Ferrier Hodgson were appointed as administrators of C.P.D Group
Pty Ltd on May 11, 2016.

A first meeting of the creditors of the Company will be held at
QVI Theatrette, Level 2, 250 St Georges Terrace, in Perth, on
May 23, 2016, at 11:00 a.m.


COLUMBUS PROPERTY: First Creditors' Meeting Set For May 19
----------------------------------------------------------
Travis Jay Pullen of TJP Advisory was appointed as administrator
of Columbus Property Marketing Pty Ltd on May 9, 2016.

A first meeting of the creditors of the Company will be held at
Suite 17, 101 Wickham Terrace, in Spring Hill, Queensland, on
May 19, 2016, at 1:00 p.m.


ECO-PACT PTY: First Creditors' Meeting Set For May 18
-----------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Eco-Pact Pty Ltd, formerly traded as "Eagle Boys Pizza Newtown",
on May 6, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Level 3, 39 Martin Place, in
Sydney, on May 18, 2016, at 11:00 a.m.


RTWEXPERTS PTY: First Creditors' Meeting Set For May 19
-------------------------------------------------------
Timothy David Mableson and Martin David Lewis of Ferrier Hodgson
were appointed as administrators of RTWexperts Pty Ltd and Round
The World Experts Pty Ltd on May 9, 2016.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 6, 81 Flinders Street, in Adelaide, on
May 19, 2016, at 2:00 p.m.



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


KINGRAY NEW: Seeks $2.3BB For Financial Asset Restructuring
-----------------------------------------------------------
Shu Zhang and Matthew Miller at Reuters report that China
Minmetals Corp, the country's biggest metals trader, is raising
CNY15 billion ($2.3 billion) from investors to help restructure
and list its financial assets.

According to a fundraising document seen by Reuters, Minmetals-
controlled Kingray New Materials Science & Technology, a loss-
making electrical components maker, is seeking to issue shares to
a Minmetals Corp subsidiary, China Minmetals Corp Ltd, to acquire
all of Minmetals Capital Holdings, which owns the metals trader's
financial assets.

Minmetals Capital has financial subsidiaries spanning financial
leasing, banking, futures, securities and asset management,
Reuters notes.

Kingray will also issue shares to Minmetals Corp to buy its 10%
stake in ICBC-AXA Life, according to the document cited by
Reuters. The total financial assets planned to be injected into
Kingray during the restructuring are estimated to be valued at
CNY19.7 billion, it said.

After the restructuring, Minmetals Corp's financial assets will
be publicly traded via Shanghai-listed Kingray, a move to "build
a leading financial holding platform in China," Reuters relays.

When contacted by Reuters, Kingray declined to comment. State-
owned Minmetals Corp didn't immediately respond to requests for
comment, Reuters notes.

According to Reuters, Kingray disclosed it signed a restructuring
framework to acquire Minmetals Capital in a separate filing on
May 11, without mentioning the size of the deal or the
fundraising.

The $2.3 billion private placement is likely to target big
financial and strategic investors. Investment agreements are
expected to be signed by mid-May, according to the document
obtained by Reuters.

Reuters says the financial asset restructuring of Minmetals Corp,
one of China's biggest state-owned enterprises, was launched
following its announcement to take over equipment maker China
Metallurgical Group Corp in one of the largest mergers in China's
metals sector.

Over the last two years, Beijing has sought to overhaul its
state-owned enterprise (SOEs) to create greater efficiencies and
raise the international competitiveness of government
conglomerates, adds Reuters.

Kingray made a net loss of CNY370 million in 2015, widening from
a loss of CNY28 million in 2014, discloses Kingray's annual
report, says Reuters. It issued a delisting risk warning in April
after reporting losses for two consecutive years.



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


ABELLON AGRISCIENCES: Ind-Ra Suspends 'IND B+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abellon
Agrisciences Ltd (AAL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

AAL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR97.6 million term loan limits: migrated to 'IND
    B+(suspended)' from 'IND B+'
-- INR23.4 million fund-based cash credit limits: migrated to
    'IND B+(suspended)' from 'IND B+'


ABELLON CLEANENERGY: Ind-Ra Suspends 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abellon
CleanEnergy Limited (ABCEL) 'IND BB' Long-Term Issuer Rating to
the suspended category. The Outlook was Negative. This rating
will now appear as 'IND BB(suspended)' on the agency's website.

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

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

ABCEL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'
-- INR838.1 million term loan limits: migrated to 'IND
    BB(suspended)' from 'IND BB'
-- INR155 million fund-based working capital limits: migrated to
    'IND BB(suspended)' from 'IND BB'
-- INR15 million non- fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


ANKIT EGG: CRISIL Suspends 'C' Rating on INR40.6MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Ankit
Egg Farm India Pvt. Ltd. (AEF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             16.5       CRISIL C
   Long Term Loan          40.6       CRISIL C
   Proposed Long Term
   Bank Loan Facility      12.9       CRISIL C

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

AEF, established in 2010, runs a poultry farm in Jind (Haryana)
with a capacity of 100,000 layer birds. The company's operations
are managed by Mr. Ram Kiran.


ARAVIND CERAMICS: Ind-Ra Affirms LT Issuer Rating at 'IND BB-'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aravind Ceramics
Private Limited's (ACPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The agency has also affirmed ACPL's
INR430m fund-based working capital facility at Long-term 'IND BB-
' with a Stable Outlook and Short-term 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects ACPL's continuing tight liquidity
position due to its high working capital intensity because of the
trading nature of business. The net working capital cycle
deteriorated marginally to 165 days in FY16 from 148 days in FY15
on account of a longer inventory holding period. The peak
utilisation of fund based facilities during the 12 months ended
April 2016 was 100%.

The ratings continue to factor in ACPL's moderate financial and
credit profiles. Provisional FY16 financials indicate revenue
marginally declining to INR1,272 million (FY15: INR1,527 million)
due to unfavorable climatic conditions in Tamil Nadu 3QFY16.
Operating margins remained stable in the range of 5.3%-6.9% over
FY13-FY16 on account of the successful establishment of own brand
(Anuj). Credit metrics continued to be moderate in FY16 with net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) of 4.8x
(FY15: 4.1x) and EBITDA interest cover of 1.5x (1.5x).

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin and liquidity
profile will lead to a negative rating action.

Positive: Increased scale of operations along with an improvement
in the liquidity and profitability will lead to a positive rating
action.

ACPL is a family owned tile and sanitary fittings trading
business, incorporated in 1996. The founders have 19 years of
operating experience in the same line of business. The company is
planning to open three new showrooms in southern Tamil Nadu in
FY17.


AWADH ENTERPRISES: CRISIL Assigns 'B' Rating to INR62.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Awadh Enterprises Varanasi (AEV).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      12.5       CRISIL B/Stable

   Bank Guarantee          50         CRISIL A4

   Cash Credit             62.5       CRISIL B/Stable

The ratings reflect the firm's modest scale of operations
combined with high customer concentration in revenue profile. The
rating also factors in the firm's weak financial risk profile.
These weaknesses are partially offset by the vast experience of
the proprietor and established relations with customers.
Outlook: Stable

CRISIL believes AEV will continue to benefit over the medium term
from the vast industry experience of its proprietor. The outlook
may be revised to 'Positive' if cash accrual increases
substantially, backed by higher revenue and prudent working
capital management, while operating profitability remains stable.
Conversely, it may be revised to 'Negative' in case if the
financial risk profile deteriorates on account of decline in
operating performance or due to any stretch in the working
capital cycle, or on account of capital withdrawals.

Set up in 2013, AEV is a proprietorship firm trading in coal.
Proprietor, Mr. Amit Agrawal looks after the operations.


BALAJI ISPAT: CRISIL Suspends B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Balaji
Ispat (Balaji Ispat).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Buyer Credit Limit        40       CRISIL A4
   Cash Credit               60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        35       CRISIL B+/Stable

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

Balaji Ispat was established in 2013 by Mr. Pawan Garg and Mr.
Satpal Goyal. It is engaged in import and trading of mild steel
scrap. It is based in Mandi Gobindgarh (Punjab).


CAPITAL OVERSEAS: CRISIL Suspends B+ Rating on INR125MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Capital
Overseas Private Limited (COPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              125       CRISIL B+/Stable

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

COPL is primarily engaged in milling of basmati rice, with its
milling unit based out of district Taran Taran, Punjab in close
proximity to the local grain market. The company is started by
Mr. Pawan mittal and family.


CHANDRMAULI MOTORS: CRISIL Cuts Rating on INR150MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Chandrmauli Motors Private Limited (CMPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

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

   Inventory Funding        150       CRISIL B/Stable (Downgraded
   Facility                           from 'CRISIL B+/Stable')

   Term Loan                 15       CRISIL B/Stable (Downgraded
                                       from 'CRISIL B+/Stable')

The rating downgrade reflects continued pressure on CMPL,
following decline in the demand for small commercial vehicles
(SCVs) and intermediate commercial vehicles (ICVs) manufactured
by the principal, Tata Motors Ltd (TML; rated 'CRISIL
AA/Stable/CRISIL A1+'), leading to significant decline in cash
accrual; thereby constraining financial risk profile and
liquidity. Cash accrual will be barely sufficient against debt
obligation of Rs.2.6 million in 2016-17.

The ratings continue to reflect modest financial risk profile
because of small networth and high total outside liabilities to
tangible networth; and the company's limited pricing power with
the principal, and susceptibility to demand of principal's
products. These rating weaknesses are mitigated by the promoter's
extensive experience in the automobile dealership business.
Outlook: Stable

CRISIL believes CMPL will continue to benefit over the medium
term from its authorised dealership for TML's SCVs and ICVs in
Rajasthan. The outlook may be revised to 'Positive' if financial
risk profile improves because of sizeable revenue and
profitability, or enhanced capital structure. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of significantly low
revenue or profitability or substantial debt-funded capital
expenditure.

CMPL, established by Mr. Pramod Gupta in 2008, is an authorised
dealer of TML's SCVs and ICVs. CMPL operates six showrooms in
Alwar and Bharatpur, both in Rajasthan.


DHANRAJ SOLVEX: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms ratings of the bank facilities of Dhanraj Solvex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Dhanraj Solvex
Private Limited (DSPL) is constrained by project execution risk,
presence in the highly fragmented industry with intense
competition and susceptibility of margins to volatility in raw
material prices along with seasonal nature of raw material
availability.

The above weaknesses are partially offset by the promoter's
extensive experience of over two decades in the edible oil
industry, strategic location of manufacturing unit with proximity
to raw material sources and favourable growth prospects of the
edible oil market.

The ability of the company to utilize its capacity and generate
sufficient accruals is the key rating sensitivity.

Established in the year 2014, DSPL is a closely held company
promoted by Mr. Dhanraj Pallod, Mr. Govardhan Pallod, Mrs.
Sushma D Pallod and Mrs. Namrata G Pallod. DSPL is setting up a
plant in Latur (Maharshtra) for processing of soya bean seed for
extraction of soya oil and soya de-oiled-cake (DOC), with an
installed capacity of 300 tonnes per day (90,000 Metric Tonne Per
Annum (MTPA) of which 82% would be DOC and rest would be soya
bean oil. The project has been executed with total project cost
incurred to the tune of INR22.5 crore, which was funded by
promoter's capital of INR7.00 crore, unsecured loan of INR2.00
crore and term loan from bank of INR13.50 crore implying a debt
to equity of 2.21 times.

The company has identified the raw material sources and suppliers
for procurement of its raw material in form of soybean seed from
local brokers and agents mainly located in Latur. The company has
commenced construction work for shed and godown, and the project
is expected to commence commercial operations from May, 2016
onwards.


ECKO CABLES: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ecko Cables Private
Limited (ECPL) continue to reflect the weak financial risk
profile of the company because of high gearing and weak debt
protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        70       CRISIL A4 (Reaffirmed)

The ratings also factor in a small scale of operations in the
intensely competitive cable manufacturing industry. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters of the company.
Outlook: Stable

CRISIL believes ECPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is an increase in
net cash accrual, driven by improved profitability and scale of
operation, and moderation in working capital requirement,
resulting in a stronger financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of significant deterioration in liquidity, capital
structure, or profitability.

ECPL, incorporated in 1981 and based in Delhi, manufactures
cables and wires. Founded by Mr. Amar Singh, the company is
currently managed by his son, Mr. Ravinder Singh.


ELECTROSPARK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Electrospark
(ESRK) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings are constrained by the company's tight liquidity as
reflected in its 98% average utilisation of the working capital
facility during the 12 months ended March 2016 and the
proprietorship structure of the firm.

The ratings reflect the company's small to medium scale of
operations with revenue of INR499 million in FY15 (FY14: INR389
million). Ind-Ra expects the revenue to grow on account of repeat
orders and on the company's focus on exports to the Middle east
and Europe.

The ratings, however, are supported by ESRK's comfortable credit
metrics on account of stable operating margins and low interest
cost. Gross interest coverage (operating EBITDA/gross interest
expense) was 3.82x in FY15 (FY14: 2.76x) and net adjusted
leverage (total adjusted debt/operating EBITDAR) was 2.84x
(2.82x). The company's total debt comprises 23% short-term debt,
14% long-term loans, 18% unsecured debt and 45% rental
obligations. Ind-Ra expects the interest coverage and leverage to
improve further above 3x and below 2x, respectively, with the
repayment of long-term loans.

The ratings factor in the company's moderate EBITDA margins which
dipped to 8.88% in FY15 from 12.93% in FY14 on account of
increased administrative expenses such as repairs and maintenance
(both machinery & others), conveyance expenses etc. However, the
EBITDA margins remained during FY12-FY14 in the range of 12%-14%.
Also, the EBITDAR margins of the firm have remained strong
between 15%-17% since FY12 as the company operates from rented
premises and the rental expenses on an average stands at INR12
million. Ind-Ra expects the EBITDA margins to be bounce back to
12%-13% from FY16 on account of the company's strong brand
recognition and repeat orders from its reputed clientele.  The
company's plan to export its products to Middle East and Europe
is likely to aid the EBITDA margins.

The working capital cycle of the company remained stable between
15 to 32 days over FY12-FY15, despite nominal volatility in
inventory days and creditor days, because of a consistent
improvement in the debtor days 92 in FY15 from 117 in FY12. Also,
the stability in working capital cycle led to a consistent
improvement in cash flow from operations to INR43.56m in FY15
from INR16.43 million in FY12.

RATING SENSITIVITIES

Positive: A significant increase in the overall revenue while the
current credit metrics being maintained or improving could be
positive for the ratings.

Negative: A dip in the operating margins leading to subsequent
deterioration in the credit metrics could be negative for the
ratings.

Established in 1995 at Manesar, Haryana, ESRK is one of India's
leading manufacturers of display fixtures with an annual
installed capacity of 1.20 million units. The company sells its
products under the brand name Retailware.

ESRK's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR50 million fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'
-- INR13.17 million term loan: assigned 'IND BB+'/Stable


EXCEED CROP: CRISIL Cuts Rating on INR49.2MM LT Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating to the long-term bank facilities
of Exceed Crop Science Private Limited (ECSPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Long Term Loan           49.2      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term       10.8      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's expectation that
improvement in scale of operations and cash accrual will be
delayed, with delays in commencement of manufacturing operations.
On account of construction-related time overruns, the company
commenced manufacturing operations during April 2016 with a delay
of 10 months. Further, with recently set-up production
facilities, high annual debt obligation of Rs.8 million will
continue to impact liquidity. Modest scale of operations amid
intense industry competition will continue to constrain the
business risk profile.

The rating continues to reflect modest scale of operations in the
regulated fertilizer industry and exposure to risks related to
off take from its recently commenced manufacturing operations of
nitrogen, phosphorus, and potassium (NPK) fertiliser. The rating
also factors in the expected below-average financial risk profile
because of its recent debt-funded capital expenditure and large
working capital requirement. These rating weaknesses are
mitigated by the extensive experience of promoters in the
fertiliser industry and their committed funding support.
Outlook: Stable

CRISIL believes ECSPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of successful stabilisation of
manufacturing operations leading to a significant ramp-up in its
revenue and cash accrual. Conversely, the outlook may be revised
to 'Negative' if financial risk profile, particularly liquidity,
weakens because of delay in ramp-up of operations and low cash
accrual, or stretched working capital cycle.

Incorporated in 2013 and based in Hubli (Karnataka), ECSPL
manufactures and trades in granulated fertilisers, mainly NPK
mixtures and soil conditioners. The company commenced
manufacturing operations of NPK fertilizer in April 2016.


EXOTIC REALTORS: CRISIL Suspends B+ Rating on INR73MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Exotic Realtors & Developers (ERD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 73       CRISIL B+/Stable

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

ERD is a joint venture between the Garg and Juneja groups. The
firm is constructing 150 luxury apartments along with a club and
other facilities over four acres of land at Dhakouli Zirakpur in
Mohali (Punjab). The project is being taken up in three phases of
50 apartments each; the firm is currently developing the first
phase of 50 apartments housed in two towers.


FIVE STAR: CRISIL Assigns B- Rating to INR5MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Five Star Builders (FSB).

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

   Overdraft Facility       30        CRISIL A4

   Bank Guarantee           40        CRISIL A4

   Cash Credit               5        CRISIL B-/Stable

The ratings reflect a small scale of operations of the firm with
limited revenue visibility in the highly competitive civil
construction industry. The ratings also factor in a below-average
financial risk profile because of high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of its partners.
Outlook: Stable

CRISIL believes the scale of operations of FSB will remain modest
over the medium term owing to discontinuation of business with
the government. The outlook may be revised to 'Positive' in case
of receipt of projects from private organisations, thereby
significantly increasing revenue and profitability and resulting
in better business and financial risk profiles. Conversely, the
outlook may be revised to 'Negative' in case of inability to
undertake any new projects, leading to deterioration in scale of
operations and the financial risk profile.

FSB is a partnership firm set up in 1983 by the Thakur family.
The firm undertakes civil construction projects in Shimla.

Book profit was Rs.0.32 million on net sales of Rs.4.0 million in
2014-15 (refers to financial year, April 1 to March 31), against
book profit of Rs.0.64 million on net sales of Rs.18 million in
2013-14.


FLOURISH PUREFOODS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Flourish
PureFoods Pvt Ltd's (FPF) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

FPF's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR1023.1 million long-term loan limits: migrated to 'IND
    B+(suspended)' from 'IND B+'
-- INR14.6 million cash credit limits: migrated to 'IND
    B+(suspended)' from 'IND B+'


FOODLINK RESTAURANTS: Ind-Ra Assigns 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Foodlink
Restaurants (India) Private Limited (Foodlink) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Foodlink's moderate credit profile and tight
liquidity. Provisional FY16 financials indicate revenue of INR302
million (FY15: INR190 million), net leverage of 4.6x (4.4x) and
interest coverage of 3.4x (4.0x). The company's use of the fund-
based facilities was 99.7% on average over the 10 months ended
February 2016.

The ratings also reflect the company's limited track record of
operations. The operations commenced during FY13 when the company
reported negative profitability. Profitability has been improving
since and EBITDA margin was 11.4% in FY15 (FY14: 1.6%).

The ratings, however, are supported by Foodlink's promoters'
decade-long experience in providing catering services.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
profitability leading to a sustained improvement in the credit
metrics would be positive for the ratings.

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics will
be negative for the ratings.

Incorporated in 2012, Foodlink operates a chain of three
restaurants in Mumbai under the names China Bistro, India Bistro
and Glocal Junction. The company is in the initial stages of
planning new restaurants in Bengaluru and Hyderabad in the coming
years.

Foodlink's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR100 million long-term loan: assigned 'IND BB'/Stable
-- INR25 million fund-based facilities: assigned 'IND
    BB'/Stable/'IND A4+'
-- Proposed INR205 million long-term loan: assigned 'Provisional
    IND BB'/Stable


G V PARIVAAR: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of G V Parivaar Retails
Limited (GVPRL) continues to reflect its modest scale of
operations and weak financial risk profile with weak debt-
protection metrics.

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

These weaknesses are partially offset by the extensive industry
experience of company promoters, and its established market
position as the sole distributor for Samsung India Electronics
Pvt Ltd (SIEPL) in Kumaon (Uttarakhand).

Outlook: Stable

CRISIL believes GVPRL will continue to benefit from the extensive
experience of its promoters in the electronics goods industry.
The outlook may be revised to 'Positive' if improvement in
revenue, profitability, and working capital management leads to a
considerable increase net cash accrual and hence to improved debt
protection measures. The outlook may be revised to 'Negative' if
a large debt-funded capital expenditure, or a significant
increase in working capital requirement or decline in revenue or
profitability weaken the financial risk profile, particularly
liquidity.

Incorporated in 2008 as a closely held public limited company,
GVRPL is promoted by Mr. Vimmal Sethi, Ms. Kanchan Sethi, and Ms.
Amita Sethi. It is an authorised distributor for Samsung
refrigerators, televisions, air conditioners, washing machines,
and microwave ovens and its daily operations are handled by Mr.
Vimmal Sethi, the managing director.


GHANSHYAM BROS: CRISIL Suspends B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ghanshyam Bros.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              120       CRISIL B+/Stable

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

GB was established in 2000 as a partnership firm by Mr.
Kulbhushan Goel and his brother Mr. Rajesh Goel in Karnal
(Haryana). At present, key promoter Mr. Kulbhushan Goel and his
son, Mr. Abhimanyu Goel, look after the day-to-day operations of
the firm. GB is mainly engaged in milling and marketing of both
basmati and non-basmati rice.


GILCO EXPORTS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Gilco Exports Limited (GEL).

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

   Bank Guarantee           10        CRISIL A4

   Cash Credit              45        CRISIL B/Stable

The ratings reflect the company's modest scale of, and working
capital-intensive, operations and below-average financial risk
profile because of modest networth and subdued debt protection
metrics. These weaknesses are partially offset by the extensive
experience of its promoters in manufacturing steel luggage.
Outlook: Stable

CRISIL believes GEL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if higher-than-expected growth in
revenue and operating margin leads to sustained improvement in
cash accrual and financial risk profile. The outlook may be
revised to 'Negative' if the company contracts larger-than-
expected working capital debt or if revenue or margin declines
sharply.

Incorporated in 1988 and promoted by the Chandigarh-based Gill
family, GEL manufactures luggage trolleys, terminal sitting
sofas, and parts of conveyer belts.


GOODLUCK EDUCATIONAL: CRISIL Suspends B Rating on INR54MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Goodluck Educational and Welfare Society (GEWS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       31        CRISIL B/Stable

   Term Loan                54        CRISIL B/Stable

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

GEWS was established in September 2003 by Mr. Tejender Singh
Walia and Mr. Sadhu Singh Walia. The society provides primary and
secondary education and operates two schools, Golden Earth Global
School (GEGS) in Sangrour (Punjab) and LWS ( Lemmon World School)
in Mohali (Punjab).


GREY'S EXIM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Grey's Exim
Private Limited (GEPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect GEPL's moderate scale of operations and weak
credit metrics. Revenue was INR1,173 million in FY15 (FY14:
INR908 million), EBITDA interest coverage was 1.3x (1.4x) and net
financial leverage (adjusted net debt/operating EBITDA) was 6.0x
(5.5x).

The company's EBITDA margins are volatile and fluctuated between
4.3% and 5.3% during FY12-FY15 with increasing revenue
contribution from the low-margin fabric trading business. Trading
revenue increased to 75% in FY15 from 60% in FY12.

Ind-Ra expects the company to have ended FY16 with net leverage
below 6.5x and EBITDA interest cover over 1.1x based on its
9MFY16 provisional financials, which show revenue of around
INR955m with EBITDA margins of around 4.5%.

The ratings are supported by GEPL's comfortable liquidity with
its average utilisation of the fund-based working capital limits
being around 90.5% for the 12 months ended April 2016.

The ratings are also supported by the company's promoter's over
four decades of operating experience in the fabric trading
business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will be positive rating action.

Negative: A substantial decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company will lead to a negative rating action.

Incorporated in Mumbai in 1985, GEPL is promoted by Mr. Mehul
Sedani. The company manufactures woven, knit and cotton garments
and trades fashion fabrics.

GEPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR4.5 million long-term loans: assigned 'IND BB-'/Stable
-- INR242.5 million fund-based facilities: assigned 'IND BB-
    '/Stable; 'IND A4+'
-- INR55 million non-fund based facilities: assigned 'IND A4+'-
    Proposed INR48 million fund-based facilities: assigned
    'Provisional IND BB-'/Stable and 'Provisional 'IND A4+'


H. M. FOODS: CRISIL Suspends B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
H. M. Foods (HMF).

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

   Proposed Long Term
   Bank Loan Facility        2.5      CRISIL B+/Stable

   Rupee Term Loan           7.5      CRISIL B+/Stable

   Warehouse Receipts       20.0      CRISIL B+/Stable

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

HMF is a partnership firm set up in 2008. It was taken over by
the Goyal family from Bhanbhori Rice and General Mill in 2012.
The firm's partners are Mrs. Raj Rani, Mr. Vishal Goyal, and Mr.
Shubham Goyal. The firm mills rice. Its manufacturing unit in
Cheeka (Haryana) has milling capacity of 3 tonnes per hour. HMF
sells basmati and non-basmati rice to merchant exporters and
domestic wholesalers.


HELIOS PHOTO: CARE Reaffirms 'D' Rating on INR978.38cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Helios Photo Voltaic Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    978.38      CARE D Reaffirmed
   Short-term Bank Facilities     2.15      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Helios Photo Voltaic
Limited (HPVL) continue to factor in delays in debt servicing by
the company due to its weak liquidity position.

HPVP (formerly known as Moser Baer Photo Voltaic Ltd) is a
wholly-owned subsidiary of Moser Baer Solar Ltd and a step-down
subsidiary of Moser Baer India Limited. HPVL is primarily engaged
in design, manufacture and export of photo voltaic (PV) cells,
modules and systems. The group's photovoltaic manufacturing
business was established between 2005 and 2007.

In FY14 (refers to the period January 01 to December 31), the
company reported total operating income of INR108.46 crore with
net loss of INR189.68 crore. The company has achieved total
income of INR69.14 crore and a loss of INR167.81 crore for the 12
month period ended December 31, 2015 (UA).


JAI MAAKALI: CRISIL Suspends 'B' Rating on INR230MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jai Maakali Fish Farms Private Limited (JMFFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              230       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility        10       CRISIL B/Stable

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

FFPL was incorporated in 2003 by Mr. Kumar Pappu Singh. The
company is engaged in cultivation of fish at Potluru and Dosapadu
villages in West Godavari District of Andhra Pradesh.


JJ INSTITUTE: CRISIL Suspends B+ Rating on INR71MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
JJ Institute of Medical Sciences Pvt. Ltd.

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

   Proposed Long Term
   Bank Loan Facility       49        CRISIL B+/Stable

   Term Loan                71        CRISIL B+/Stable

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

JJIMS was established as a proprietorship in 2003 by Dr. Jyoti
Malik (gynecologist & IVF specialist). It is situated in
Bahadurgarh Area, Haryana. In 2009, Dr. Jyoti Malik and her
husband, Mr. Deepak Khattar, reconstituted the firm as a private
limited company. JJIMS provides a wide range of facilities such
as 24 hours intensive care unit, intensive critical care unit, 24
hours ambulance, 24 hours pharmacy, obstetric, and IVF (assisted
reproductive technique), neonatal intensive care unit, plastic
surgery, eye, ENT, and dental, arthroscopy, 24 hours dialysis, 24
hours lab and X-ray, urology, skin, and diagnostics. The hospital
has a capacity of 100 beds. JJIMS is promoted by Dr. Jyoti Malik
(managing director and medical superintendent) and Mr. Deepak
Khattar (director).


K.B.A. AGROTECH: CRISIL Assigns B+ Rating to INR80MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of K.B.A. Agrotech Private Limited (KBA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                80        CRISIL B+/Stable
   Cash Credit              42.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        2.5      CRISIL B+/Stable

The rating reflects exposure to risks relating to project
implementation and stabilisation, regulatory changes, volatility
in raw material prices, and vagaries of monsoon. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of the company's promoters and healthy relations with
the prospective customer base, and benefits expected from stable
demand for rice.
Outlook: Stable

CRISIL believes KBA will benefit from its promoters healthy
relations with prospective customer base and healthy prospects of
the rice processing industry over the medium term. The outlook
may be revised to 'Positive' in case of timely implementation of
ongoing project within envisaged cost and generation of higher
than expected revenues and accruals. Conversely, the outlook may
be revised to 'Negative' in case of significant time and cost
overrun in project completion, lower-than-expected capacity
utilisation or significant stretch in working capital management
resulting in deterioration in overall financial risk profile
particularly liquidity.

KBA, established in February 2014, by Bhagalpur, Bihar-based
Khetan, Agarwal and Bhuwania families is setting up a rice mill
in Bhagalpur.


KATIYAR COLD: CRISIL Assigns 'B' Rating to INR36MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Katiyar Cold Storage Private Limited (KCL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Working
   Capital Facility          32       CRISIL B/Stable

   Cash Credit               36       CRISIL B/Stable

   Long Term Loan            22       CRISIL B/Stable

The rating reflects the company's modest scale of operations in
the intensely competitive warehouse and cold storage industry,
and below-average financial risk profile because of high gearing.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters, and moderate return on
capital employed.
Outlook: Stable

CRISIL believes KCL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of a significant and
sustainable increase in scale of operations along with
improvement in operating margin, leading to higher-than-expected
cash accrual and a better capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, or debt-funded capital expenditure,
leading to weakening of the capital structure, or increase in
working capital requirement, resulting in stretched liquidity.

KCL, set up in 1998, provides cold storage and warehouse services
to farmers for potatoes near Kanpur mandi. Its operations are
managed by Mr. Shambu Singh Katiyar, Mr. Harshit Singh Katiyar,
and Mr. Garvit Katiyar.


KESAR ENTERPRISES: CARE Lowers Rating on INR107.26cr Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Kesar Enterprises Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities
   (Term Loan)                  107.26      CARE D Revised from
                                            CARE BB-

   Long-term Bank Facilities
   (Fund-based)                  63.30      CARE D Revised from
                                            CARE BB-

   Short-term Bank Facilities
   (Non-fund-based)               0.20      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of Kesar Enterprises Ltd (KEL) takes
in to account the ongoing delays in debt servicing owing to
strained liquidity position.

Kesar Enterprises Ltd (KEL), formerly known as Kesar Sugar Works
Ltd was originally promoted by Kilachand Group in October 1933.
In 1985, the promoters renamed it to its present name. The
company is part of the Kilachand Group, one of the old and well
established Industrial Houses in India having diversified
interest in sugar, distillery, renewable energy, storage and
other agro products.

KEL is a fully-integrated sugar company operating sugar unit with
a capacity of 7,200 TCD (Tonnes Crushed per Day), cogeneration
power plant of 44 MW, and a distillery unit producing industrial
alcohol with a capacity of 50,000 KLPD (Kilo Litres per Day). The
company's integrated sugar plant is located at Baheri, Uttar
Pradesh. The power plant is a fully automated bagasse fired co-
generation power plant. The plant can operate at high pressure of
115 kg/cm2. The company has entered into a PPA (Power Purchase
Agreement) with Uttar Pradesh Power Corporation Limited (UPPCL)
for sale of power for 20 years. Besides, the company produces
open pollinated and hybrid seeds under its brand name "Kesar
seeds". The company has an in-house research division at
Hyderabad where the seeds are developed.


LORD SHIVA: CARE Lowers Rating on INR12.02cr LT Loan to B+
----------------------------------------------------------
CARE revises rating assigned to bank facilities of Lord Shiva
Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.02      CARE B+ Revised from
                                            CARE BB

Rating Rationale

The revision in the rating assigned to the bank facilities of
Lord Shiva Trust (LST) factors in the subdued performance during
FY15 (refers to the period April 1 to March 31) marked by decline
in revenue, cash losses, leveraged capital structure and weak
coverage indicator. The rating is also constrained due to its
weak liquidity position on account of delay in realization of
fees from Samaj Kalyan Vibhag [SKB] (UP government body), high
competition from various institutions operating in the vicinity
and regulatory challenges involved in the education sector in
India.

The rating however continues to derive strength from the
experience of the management and trustees in the field of
education coupled with improvement in enrollment ratio.

Going forward, the ability of LST to increase its revenue along
with improvement its margins amidst the high competition shall be
the key rating sensitivities. Furthermore, improvement in
enrollment ratio and timely realization of fees receipts from SKB
shall also be a key rating sensitivity.

LST was formed in April 2008 by Mr Anoop Singh, Mr Sanjay Agarwal
and Ms Manjari Agarwal (trustees) for establishing, developing
and operating educational institutes. The trust began its
operations in the academic session (AS) 2009-10 (refer to the
period July 1 to June 30) by setting up an engineering college at
Mathura, UP under the name of Eshan College of Engineering (ECE).
ECE is approved by AICTE and affiliated to Gautam Budh Technical
University (formerly UPTU). Furthermore, the trust also started
diploma courses in the AS 2012-13 and MBA program in the AS 2013-
14.

For FY15, LST achieved revenue of INR7.35 crore and deficit of
INR2.87 crore as compared with revenue of INR10.95 crore and
surplus of INR1.05 crore for FY14. In 11MFY16 (unaudited), the
trust has achieved revenue of around INR8.50 crore.


MAMTA SEEDS: CARE Assigns B+ Rating to INR4cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mamta Seeds.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE B+ Assigned
   Short-term Bank Facilities      2        CARE A4 Assigned

Rating assigned by CARE is based on the capital deployed by the
proprietor and the financial strength of the firm at present. The
rating may undergo change in case of withdrawal of capital or the
unsecured loans brought in by the proprietor in addition to the
financial performance and other relevant factors.

Rating Rationale

The ratings assigned to the bank facilities of Mamta Seeds (MSD)
are constrained on account of small scale of operation of the
firm in a highly fragmented and seasonal industry, limited
financial flexibility considering proprietorship nature of
constitution, financial risk profile marked by highly leveraged
capital structure and working capital intensive nature of
operation.

The ratings, however, derive strength from the proprietor's
experience in the industry, established track record of
operations and location advantage of having operations in the
soya bean growing region.

The ability of MSD to increase its scale of operation along with
improvement in profitability, efficient management of its working
capital requirements and improvement in the leverage are the key
rating sensitivities.

Established in March 2003, Indore, Madhya Pradesh (MP) based MSD
is a proprietorship firm incorporated by Mr. Manohar Singh
Rathore, who looks after the overall operations of the firm and
has over a decade long experience in the industry. MSD is
primarily engaged in the cleaning, processing, and marketing of
soya bean and wheat seeds which are used by farmers for sowing
agriculture crops. MSD sells certified seeds under the brand name
of 'Mamta'. Soya bean seeds contributed 94% of the firm's total
operating income (TOI) during FY15 (refers to the period April 1
to March 31) while the remaining was contributed by wheat seeds.

Based on the audited results for FY15, MSD reported a total
operating income (TOI) of INR17.91 crore (FY14: INR12.01 crore)
and profit after tax (PAT) of INR0.27 crore (FY14: INR0.18
crore).


MASAFI DEVELOPERS: CRISIL Assigns 'B' Rating to INR100MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Masafi Developers Private Limited (Masafi).

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

The rating reflects Masafi's nascent stage and modest scale of
operations in a highly competitive hospitality segment and its
weak financial risk profile marked by small net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of its promoters in
the hospitality segment.
Outlook: Stable

CRISIL believes that Masafi will benefit from the extensive
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if the company reports
sustainable increase in revenues and profitability aided by
better occupancy rates, coupled with an improvement in its
financial risk profile. Conversely the outlook may be revised to
'Negative' if the company's occupancy rates or average room rent
are significantly lower than expected resulting in lower revenues
and profitability. The outlook may also be revised to 'Negative'
if the company undertakes large debt funded capital expenditure
adversely impacting its financial risk profile.

Incorporated in the year 2013, Masafi is operating a 5 star hotel
in Kochi, Kerala. The company belongs to the Aroma Fresh group
based in Kerala, which is engaged in development and operation of
hotels and resorts. Masafi is promoted by Mr. Sajeev PK.


MOSER BAER: CARE Reaffirms 'D' Rating on INR1808.22cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Moser Baer India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1808.22     CARE D Reaffirmed
   Short-term Bank Facilities    355.00     CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Moser Baer India Limited
(MBIL) continue to factor in delays in debt servicing by the
company due to its weak liquidity position.

MBIL, promoted in 1983 by Mr Deepak Puri, is one of the leading
players in the optical storage media segment. It is engaged in
the manufacture and sale of optical storage media& solid storage
devices with a broad product range comprising floppy disks,
Compact Discs (CDs), Digital Versatile Discs (DVDs), High
Definition Digital Versatile Discs (HD-DVD), Blu-Ray Disc
(BDR - next-generation of storage format), pen drives etc.

During FY14 (refers to the period April 1 to Dec. 31), the
company reported total operating income of INR1,011.62 crore with
net loss of INR737.27 crore. In nine months ended December 31,
2013; the company reported total operating income of INR998.57
crore with net loss of INR446.66 crore. The company has achieved
total income of INR606.38 crore and a loss of INR602.21 crore for
the 12 month period ended Dec. 31, 2015(UA).


MOSER BAER SOLAR: CARE Reaffirms 'D' Rating on INR881.46cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Moser
Baer Solar Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    881.46      CARE D Reaffirmed
   Short term Bank Facilities    64.60      CARE D Reaffirmed

Rating Rationale

The ratings of the bank facilities of Moser Baer Solar Limited
(MBSL) continue to factor in delays in debt servicing by the
company due to its weak liquidity position.

MBSL is a wholly owned subsidiary of Moser Baer India Limited.
MBSL's manufacturing subsidiary is Moser Baer Photo Voltaic Ltd
(MBPV). The Group's photovoltaic manufacturing business was
established between 2005 and 2007. MBSL is primarily engaged into
manufacture, design and export of thin film and EPC systems,
thick film photo voltaic modules etc.

During FY14 (refers to the period January 01 to December 31), the
company reported total operating income of INR233.23 crore with
net loss of INR166.85 crore. The company has achieved total
income of INR153.53 crore and a loss of INR172.51 crore for the
12 month period ended December 31, 2015(UA).


OMEGA MARKETING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Omega Marketing
Private Limited (OMPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned OMPL's INR80
million fund-based limits a Long-term 'IND BB' rating with Stable
Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect OMPL's small scale of operations, moderate
profitability and moderate credit metrics. FY15 financials
indicate revenue of INR407 million (FY14: INR341.84 million),
EBITDA margins of 4.73% (4.27%), net adjusted financial leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) of 1.97x
(2.54x) and gross interest cover (operating EBITDA/gross interest
expense) of 4.41x (2.73x).

The ratings factor in the company's tight liquidity with its use
of the working capital facilities being around 98.24% during the
nine months ended April 2016.

The ratings, however, are supported by over 30 years of operating
experience of OMPL's promoters in the trading business. The
ratings are further supported by the entity's strong
relationships with its customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the overall credit metrics could be negative for
the ratings.

Positive: An improvement in the profitability leading to an
improvement in the overall credit metrics could lead to a
positive rating action.

Incorporated in 1994, OMPL is engaged in the trading of
adhesives, footwear chemicals, screen printing inks and graphics
products. Also, the company manufactures footwear at its facility
in Haridwar.


PINK CITY: CARE Lowers Rating on INR1,790.55cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Pink City Expressway Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities   1,790.55     CARE D Revised from
                                            CARE BB+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pink City Expressway Pvt. Ltd (PCEPL) factor in the ongoing
delays in the servicing of interest obligations by the company
due to its stretched liquidity position. The rating also factor
in the consistent delay in the completion of the project on
account of land acquisition related issues and weak financial
risk profile of the sponsors. However, the rating takes
cognizance of the strategic location of the project and issuance
of provisional completion certificate by the National Highway
Authority of India.

Going forward, the company's ability to improve its debt
servicing track record and report envisaged traffic growth and
toll collections post the completion of the project shall be the
key rating sensitivities.

PCEPL, is an SPV formed by ETA Group of Dubai (51% stake) and KMC
Group of Hyderabad (49% stake). IKSHU Infrastructure Pvt Ltd was
inducted in FY13 with 13% stake dilution by each of the sponsors.
The company was originally incorporated on April 2, 2008 to
undertake the improvement, operation and maintenance including
strengthening and widening of the existing 4-lane road to 6-lane
highway with service lane on either side from 42.7 km to 273 km
(a length 225.6 km) in states of Haryana and Rajasthan on NH-8
(Gurgaon-Kotputli-Jaipur Section) on BOT basis. The project was
awarded to a consortium led by ETA group of Dubai and KMC
Constructions Ltd. of Hyderabad through a competitive bidding
process, wherein the ETA-KMC consortium quoted the highest
revenue share (from toll collections) of 48.06% with NHAI which
will increase 1% every year. The concession period is for 12
years till April 2, 2021 (including original construction period
of 30 months).

Till December 31, 2015, PCEPL has spent INR3,299.00 crore on the
project financed by bank loans of INR1,757.00 crore, INR749 crore
through equity and INR656 crore from internal accruals (toll
collection).


PUJA QUENCH: CRISIL Assigns 'B' Rating to INR40MM LT Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Puja Quench Distributors India Private Limited
(PQPL) and has assigned its 'CRISIL B/Stable' rating to the
company's bank facilities. CRISIL had earlier, on January 29,
2016, suspended the ratings as PQPL had not provided the
necessary information required for a rating review. The company
has now shared the requisite information, enabling CRISIL to
assign a rating to the company's bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term       40        CRISIL B/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The ratings reflect the below-average financial risk profile,
because of weak debt protection metrics, high total outside
liabilities to tangible net worth (TOL/TNW) ratio, and modest
scale of operations in a fragmented trading industry, leading to
low profitability. However, these weaknesses are offset by the
promoter's extensive experience in the bulk milk and soft drink
trading industry.
Outlook: Stable

CRISIL believes PQPL will continue to benefit from the promoters'
vast experience and established relationships with co-packers of
branded milk. The outlook may be revised to 'Positive' if
expansion in scale of operations and profitability boost cash
accruals and improve the capital structure significantly. The
outlook may be revised to 'Negative' if the limited scale of
operations, substantial rise in working capital needs or low
profitability results in low cash accruals.

The Delhi-based PQPL was set up as a proprietorship concern in
2003 and reconstituted as a private limited company in 2010. The
company is primarily engaged in trading bulk milk and soft-
drinks. It is a carrying and forwarding agent for Coca Cola India
Pvt Ltd, for soft-drinks, and supplies milk in bulk quantities to
co-packers, milk traders and dairies.

PQPL reported profit after tax of Rs.0.4 million on net sales of
Rs.259.0 million for 2014-15 (refers to financial year, April 1
to March 31), against PAT of Rs.0.1 million on net sales of
Rs.748.2 million for 2013-14.


RAGHUVIR GINNING: CRISIL Cuts Rating on INR47.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Raghuvir Ginning Factory (RGF) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              47.5      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term       32.5      CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The downgrade reflects deterioration in business and financial
risk profiles because of lower-than-expected sales along with
deterioration in working capital cycle. Net sales declined
sharply by 46 percent to Rs.431 million in 2014-15 (refers to
financial year, April 1 to March 31) from Rs.801.8 million in
2013-14 and further declined to an estimated Rs.300-350 million
in 2015-16, driven by the slump in the overall demand for cotton
coupled with decline in cotton prices. In addition, working
capital cycle also stretched with gross current assets increasing
to 117 days as on March 31, 2015, from 52 days in the previous
year and is estimated to remain in the range of 110-120 days in
2015-16. This has led to high bank limit utilization of 88
percent over the 12 months through January 2016, along with an
impact on financial risk profile because of dip in interest
coverage ratio.

The rating continues to reflect below-average financial risk
profile, with small networth, high gearing and modest debt
protection metrics; the company's exposure to intense competition
in the highly fragmented textile industry; and susceptibility to
volatile raw material prices. These rating weaknesses are
mitigated by the benefit that the firm derives from its proximity
to the cotton growing belt in Gujarat.
Outlook: Stable

CRISIL believes RGF will continue to benefit from its proximity
to the cotton growing belt in Gujarat. The outlook may be revised
to 'Positive' if the firm reports significant increase in its
scale of operations leading to sizeable accrual along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if profitability declines coupled with
any further stretch in working capital cycle and/or large, debt-
funded capital expenditure leading to weak financial risk
profile.

Incorporated in 2008, RGF is a partnership firm in the business
of cotton ginning and pressing. Its plant is situated in Talaja
(Gujarat).

RGF's profit after tax (PAT) of Rs.2.2 million on net sales of
Rs.437.8 million for 2014-15 as against Rs.3.2 million on net
sales of Rs.801.8 million for 2013-14.


RHAPSO IFMR: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rhapso IFMR
Capital 2016 (an ABS transaction) final ratings as follows:

-- INR235.6 million Series A1 pass through certificates (PTCs):
    'IND A-(SO)'; Outlook Stable
-- INR26.2 million Series A2 PTCs: 'IND B+(SO)'; Outlook Stable

The microfinance loan pool assigned to the trust is originated by
Future Financial Services Private Limited (FFSPL).


KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of FFSPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity
date on 17 November 2017 in accordance with the transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on 17 November 2017, in accordance with
the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 is 10%
of the initial pool principal outstanding (POS). There is no
overcollateralisation available to Series A2. The total excess
cash flow or the internal CE available to Series A1 and A2 PTCs
is 26.2% and 13.9%, respectively, of the initial POS. The
transaction also benefits from the external CE of 6.0% of the
initial POS in the form of fixed deposits with ICICI Bank Ltd in
the name of the originator with a lien marked in favour of the
trustee. The collateral pool assigned to the trust at par had the
initial POS of INR261.8 million, as of the pool cut-off date of
10 January 2016.

The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 Maximum Payout on the Series A2 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of both
Series A1 and Series A2 PTCs will be downgraded by two notches.


SATLUJ SPINTEX: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Satluj Spintex
Limited's (SSL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SSL. The ratings will remain
in the suspended category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.

SSL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR700 million fund-based cash credit limits: migrated to
    'IND BB-(suspended)' from 'IND BB-' and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR12.5 million non-fund-based bank guarantee limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'
-- INR1,420 million term loans: migrated to 'IND BB-(suspended)'
    from 'IND BB-'


SAWA CLAY: CARE Assigns B+ Rating to INR22.83cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of MS Sawa
Clay And Minerals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.83      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of MS Sawa Clay and
Minerals Private Limited (MSSCM) is primarily constrained on
account of the implementation risk associated with its project
for processing of minerals, which is primarily debt funded and
its presence in a highly fragmented and the competitive mineral
processing industry.

The rating, however, derives strength from the experienced
management in the mining and processing of minerals and
location advantage of its proposed plant.

The ability of the company to complete the project within
envisaged time and cost parameter are the key rating sensitivity.

Chittorgarh-based (Rajasthan) MSSCM was incorporated in 2012 and
promoted by MrMohd. Sher Khan. However, due to demises of Mr Mohd
Sher Khan in January 2016, the management of the company has
changed and currently, it is managed by Mrs Tamana Begam along
with her sons, Mr Juned Khan and Mr Sayeed Khan. MSSCM was
incorporated with an objective to set up a greenfield plant for
sand washing and clay processing with state of art technology.
The
project of MSSCM is at completion stage and company is planning
to start commercial operations from end of April, 2016.

The company initially envisaged total cost of the project of
INR46.81 crore towards the project envisaged to be funded
through share capital of INR15 crore, INR6.81 crore through
unsecured loans from promoters and the remaining through term
loan of INR25 crore.

The company will purchase silica sand and kaolin from its group
company, Progressive and Popular Minerals Private Limited
(PPMPL). PPMPL has eight mines on lease having mineral reserve of
red ochre, silica sand and china clay spread across Chittorgarh
region. Furthermore, it has two clay washing plant and two
grinding powder plants for processing of minerals to produce more
finesse products and minerals which find its applications in
various industries.


SEW VIZAG: Ind-Ra Withdraws 'IND BB+(suspended)' Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
BB+(suspended)' on SEW Vizag Coal Terminal Private Ltd's (SVCTPL)
INR2,925 million senior project bank loans.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SVCTPL's bank loans.

The agency suspended SVCTPL's rating on 29 October 2015.


SREE RAYALSEEMA: CRISIL Suspends B- Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Rayalseema Green Energy Limited (SRGEL).


                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            80       CRISIL A4
   Cash Credit               40       CRISIL B-/Stable

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

Based in Andhra Pradesh and promoted by Mr. K Madhusudhan in
1998, SRGEL manufactures distribution transformers and operates a
biomass power plant.


SRI KRISHNA: CRISIL Reaffirms B- Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Krishna Shipping
Corporation (SKSC) continue to reflect large working capital
requirement, small scale of operations in the intensely
competitive steel industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit            150       CRISIL B-/Stable (Reaffirmed)

The ratings also reflect below-average financial risk profile
because of modest networth, high gearing and weak debt protection
metrics. These rating weaknesses are mitigated by the extensive
industry experience of promoters.
Outlook: Stable

CRISIL believes SKSC will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if revenues and
profitability improve, or networth increases substantially backed
by capital additions by promoters. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability decline, or
capital structure weakens because of large, debt-funded capital
expenditure or stretched working capital cycle.

Set up in 1986 as a partnership firm, SKSC trades various steel
products such as thermo-mechanically treated bars, channels,
angles, I-beams, billets, squares, blooms, and rounds. The firm
is promoted by Mr. Y S V Rama Rao Chowdary and family, and is
headquartered in Visakhapatnam.


T.C. TERRYTEX: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated T.C. Terrytex
Limited's (TCTL) 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for TCTL. The ratings will remain
in the suspended category for a period of six months and be
withdrawn at the end of that period. However, in the event the
issuer starts furnishing information during this six-month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.

TCTL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR875 million fund-based limits: migrated to 'IND
    BB+(suspended)' from 'IND BB+' and  'IND A4+(suspended)' from
    'IND A4+'
-- INR195 million non-fund-based limits: migrated to 'IND
    BB+(suspended)' from 'IND BB+' and  'IND A4+(suspended)' from
    'IND A4+'
-- INR661.2 million term loans: migrated to 'IND BB+(suspended)'
    from 'IND BB+'


TRISUL FOODS: CRISIL Suspends 'B-' Rating on INR60MM Whse Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Trisul
Foods Co. (TFC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Warehouse Receipts        60       CRISIL B-/Stable

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

Set up in 1997 as a proprietorship firm, TFC mills and processes
paddy into rice, rice bran, palam, and husk and also trades in
paddy and rice. The firm's manufacturing unit is in Sangrur
(Punjab) has total capacity of around 2 tonnes per hour. The
firm's operations are managed by Mr. Rupinder Bansal.


UTTAM SUGAR: CARE Ups Rating on INR610.24cr LT Loan to 'C'
----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Uttam Sugar
Mills Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     610.24     CARE C Revised from
                                            CARE D

   Short term Bank Facilities     40.85     CARE A4 Revised from
                                            CARE D

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Uttam Sugar Mills Limited (USML) takes into consideration
improved liquidity profile of the company on account of improving
realizations with the increase in sugar prices. The ratings
further factor in experienced promoters and management team and
forward integration of the company into cogeneration and
distillery operations.

The ratings are, however, constrained by weak financial risk
profile of the company, cyclical nature of operations of the
sugar industry and regulated nature of sugar business.

Going forward, the ability of the company to increase its
profitability margins as well as improve its liquidity position
would remain key rating sensitivities.

The erstwhile promoters of the company, Mr M K Swarup along with
his family members incorporated Associated Sugar Mills Limited on
October 4, 1993. Mr Raj Kumar Adlakha along with his family
members and associates acquired the company in October 1998.
Later, the name of the company was also changed to Uttam Sugar
Mills Limited (USML).

The company is engaged in the manufacturing of sugar, ethanol and
cogenerated power. The company has four sugar plants, out of
which one is located in the state of Uttarakhand and other three
in Uttar Pradesh. The company has aggregate sugarcane crushing
capacity of 23,750 TCD (tonnes of cane per day), cogeneration
capacity of 103 MW and ethanol production capacity of 75 KLPD
(kilo litre per day) as on June 30, 2015. In July 2012, USML has
started manufacturing of ethanol at its Barkatpur unit in UP. The
company has also obtained a certificate of accreditation from
Uttar Pradesh New and Renewable Energy Development Agency
(UPNEDA) for Renewable Energy Certificates (RECs) benefits of 21
MW.

During FY15 (refers to the period July 01 to June 30), USML
reported a total operating income of INR754.54 crore and net
loss of INR88.19 crore as against total operating income of
INR877.05 crore and net loss of INR55.30 crore. Furthermore,
during 6MFY16 (refers to the period July 01 to December 31), USML
reported a total operating income of INR397.71 crore
and net loss of INR52.04 crore.


VARDHMAN INDUSTRIAL: CARE Rates INR12cr Long Term Loan at B+
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Vardhman
Industrial Steel Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Assigned

Rating Rationale

The rating assigned to Vardhman Industrial Steel Private Limited
(VIPL) is primarily constrained by modest scale of operations,
low profitability margins, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by fortunes linked
to the steel industry which is cyclical in nature and highly
competitive nature of this industry.

The rating, however, draws comfort from experienced promoters and
growing scale of operations.

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

Incorporated in 2011, Vardhman Industrial Steel Private Limited
(VIPL) is promoted by Mr Sushil Jain and his wife Ms Anju Jain.
VIPL is engaged in the trading of iron and steel products such as
angles, channels, rounds, beams, plates, flats and tubes. The
company is the authorized dealer for the products of companies
like TATA Steel Limited (TMT Bars), Surya Roshni Limited (Pipes
and tubes), Jai Bharat Steel (Angles and channels) etc. The
company mainly caters to various manufacturing units as well as
construction and infrastructure companies based in Haryana and
Delhi - National Capital Region (NCR). VIPL operates through its
outlet located in Bahadurgarh, Haryana. The operations of the
company are ISO 9001:2008 certified.

In FY15 (refers to the period April 1 to March 31), VIPL has
achieved a total operating income (TOI) of INR59.24 crore with
PBILDT and PAT of INR2.17 crore and INR0.14 crore as against
total operating income (TOI) of INR50.89 crore with PBILDT and
PAT of INR1.95 crore and INR0.12 crore in FY14. In FY16 till
February, 2016 the company has already achieved total income of
INR58.61 crore (as per unaudited results).


VASAVI APPARELS: CRISIL Suspends 'D' Rating on INR42.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vasavi
Apparels Private Limited (VAPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           0.5      CRISIL D
   Cash Credit             42.5      CRISIL D
   Letter of Credit         6.5      CRISIL D
   Long Term Loan          33        CRISIL D
   Standby Line of Credit   2.5      CRISIL D

The suspension of ratings is on account of non-cooperation by
VAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VAPL is yet to
provide adequate information to enable CRISIL to assess VAPL'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 1999 and based in Bengaluru, VAPL manufactures
ready-made garments and sells them in the domestic market.


VIRAJ EXPORTS: CARE Reaffirms B+ Rating on INR0.85cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Viraj Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     0.85       CARE B+ Reaffirmed
   Short term Bank Facilities   13.00       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Viraj Exports
Private Limited (VEPL) continue to remain constrained by its
small scale of operations, highly leveraged capital structure,
weak debt service coverage indicators and working capital
intensive nature of operations. The ratings are further
constrained by its presence in highly competitive industry,
foreign currency fluctuation risk and susceptibility of margins
to raw material price fluctuation risk.

The ratings, however, continue to take comfort from the vast
experience of the promoters in the existing line of business,
long track record of operations and moderate profitability
margins.

Going forward, the ability of VEPL to increase the scale of
operations while improving its capital structure along with
efficient management of working capital requirements would be the
key rating sensitivities.

Noida-based (U.P.) VEPL was incorporated in 1987. It is promoted
by Mr Shiv Bhargava and MrsNeeru Bhargava. The company is a
manufacturer and exporter of readymade garments for ladies such
as tops, blouses, pants, shirts, bags, and accessories. 70% of
the mainline product consists of tops and blouses. The
manufacturing facility is located in Noida, Uttar Pradesh, with
the installed capacity of 1,500,000 pieces per month as on
January 31, 2016. VEPL's has customer base in European countries
like UK, Italy, Spain, Slovakia & France and has long-standing
association with its clients. The main raw material for the
company is fabric which is procured from manufactures and traders
in Delhi.

VEPL achieved a total operating income (TOI) of INR26.85 crore
with PBILDT and profit after tax (PAT) of INR2.85 crore and
INR0.57crore respectively in FY15 (refers to the period April 1
to March 31), as against TOI of INR28.41 crore with PBILDT and
PAT of INR2.34 crore and INR0.69 crore, respectively, in FY14.
During 11MFY16 unaudited (refers to the period April 1 to
February 29), the company achieved total operating income of
INR20 crore.



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


TAKATA CORP: Sits Down With Carmakers, Lenders For Help on Recall
-----------------------------------------------------------------
Nikkei Asia Review reports that with its recall of faulty air
bags having reached an unprecedented scale, Takata will now focus
on getting client automakers and lenders to help cover massive
costs that could exceed JPY1 trillion ($9.33 billion).

Nikkei relates that the autoparts maker agreed with U.S.
authorities to expand the recall there of air bags to a maximum
of 68.8 million units, including the already recalled 28.8
million, and regulators in Japan and other countries are likely
to follow suit.

The scope of the recall is unlikely to expand any further, and
Takata is in a better position to estimate recall costs, Nikkei
says.

Takata "will continue to offer its best effort and cooperation
toward the smooth implementation of the expanded recalls," the
Tokyo-based company said in a statement, while also noting that
it faces "severe challenges" in supplying replacement parts for
the expanded recalls and will discuss the matter with U.S.
regulators and vehicle manufacturers, Nikkei relays.

By February, Japanese and other automakers had set aside the
equivalent of JPY608 billion for the Takata air bag recall,
Nikkei relates citing estimates by U.S. investment bank
Jefferies. If other countries order recalls based on the latest
U.S. decision, final costs would exceed JPY1 trillion globally.

Financial institutions, including the three Japanese megabanks,
had a combined lending balance of JPY56 billion to Takata as of
the end of September, says Nikkei.  The bulk of that amount has
already been set aside for loss provisions, an official at a
major bank told Nikkei.

Takata has been negotiating cost burdens with automakers and
lenders via a third-party committee of outside attorneys. The
committee aims to conclude the talks in August, adds Nikkei.

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.


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


SIRIUS INT'L: Fitch Cuts Preference Shares Rating to 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded Sirius International Insurance
Group, Ltd.'s (Sirius) Issuer Default Rating (IDR) to 'BBB' from
'BBB+', senior debt rating to 'BBB-' from 'BBB', and operating
subsidiaries Insurer Financial Strength (IFS) ratings to 'A-'
from 'A', and removed all ratings from Rating Watch Negative.
The Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's downgrade is concurrent with the acquisition of Sirius by
China Minsheng Investment Co., Ltd. (CMI) for approximately $2.6
billion. CMI is a private investment company founded in May 2014
by 59 different corporate members from China, and is unrated.

The downgrade was based on the new ownership, which Fitch views
as less strategic than that of the prior owner, at a lower level
of credit quality and by a company with a limited track record.
This creates added uncertainties with respect to Sirius'
financial flexibility and access to capital if needed, and
business and operating profile, until there is a period of
seasoning under CMI ownership.

Favorably, this transaction offers Sirius a better opportunity to
grow and expand business in Asia, a market that management has
previously targeted for expansion. Moderate growth in Asia would
likely be viewed positively, though overly fast growth could be a
rating negative.

Underpinning Fitch's ratings is an expectation that under CMI,
Sirius' operating performance and capital metrics will not
significantly deviate from historical levels.

The ratings also reflect Fitch's current negative sector outlook
on global reinsurance, as the fundamentals of the reinsurance
sector have deteriorated with declining premium pricing and
weakening of terms and conditions across a wide range of lines.

RATING SENSITIVITIES

Key rating triggers that could lead to a downgrade or change to a
Negative Outlook to Sirius Group's ratings are:

-- Significant changes to the operating profile or investment
    portfolio that increases risk or reduces liquidity;
-- Sizable deterioration in capitalization;
-- Financial leverage maintained above 32%.

Key rating triggers that could lead to an upgrade of Sirius
Group's
ratings include:

-- Seasoning of ownership by CMI without any adverse
    consequences, or perceived weakening in CMI credit profile;
-- Improvement in competitive market position while continuing
    to produce favorable operating results in the challenging
    reinsurance environment.

FULL LIST OF RATING ACTIONS

Fitch has downgraded the following ratings removed from Rating
Watch Negative and assigned a Stable Outlook:

Sirius International Group, Ltd.
-- IDR to 'BBB' from 'BBB+';
-- $400 million 6.375% due March 20, 2017 to 'BBB-' from 'BBB';
-- $250 million perpetual non-cumulative preference shares to
    'BB+' from 'BBB-'.

Sirius International Insurance Corporation
Sirius America Insurance Company
-- IFS to 'A-' from 'A'.



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


HYUNDAI MERCHANT: Creditors to Discuss Debt-For-Equity Swap
-----------------------------------------------------------
Yonhap News Agency reports that creditors of embattled Hyundai
Merchant Marine Co. plan to discuss next week whether to swap
their loans into stocks of the country's No. 2 shipping line,
industry sources said on May 11.

Yonhap relates that the scheme is part of the shipper's self-
restructuring plans approved last month by its creditors on
condition that Hyundai Merchant should drastically cut the lease
rates for chartered ships.

According to the report, sources said the creditors will discuss
a reduction in interest rates for loans extended to the shipper
and an equity swap for KRW760 billion (US$649 million) worth of
loans.

"We have already talked about (the plan), and it could be put to
a vote should Hyundai Merchant make progress in its negotiations
for a cut in the charter rates," Yonhap quotes an official at
Korea Development Bank as saying.

Yonhap says the creditors and the government have urged Hyundai
Merchant to wrap up its negotiations with the owners of chartered
ships to cut leasing rates by May 20, threatening to put it under
court receivership if it fails to produce tangible outcomes.

Since February, Hyundai Merchant has been in talks with ship
owners to cut the rates and the negotiations are reportedly in
the final stage, Yonhap notes.

Yonhap relates that industry sources said Hyundai Merchant is
working to lower the rates by some 28% on average, but the
reduction rate may be lower than that level.

According to the report, Financial Services Commission Chairman
Yim Jong-yong has said earlier that Hyundai Merchant and its
bigger local rival Hanjin Shipping Co. are under contract to pay
charter fees four to five times higher than the current rates by
2026. Their combined payments exceed KRW5 trillion by that year,
he claimed.

In the shipping industry, freight charges have dropped more than
25 percent from the end of last year, further hurting the bottom
line of shipping lines, the top financial regulator said, Yonhap
relays.

Hanjin Shipping, the country's largest shipper, and other smaller
shippers have been struggling with falling freight rates amid a
protracted slump in the world's economy, the report notes.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.


DAEWOO SHIPBUILDING: Two Former Chiefs Face Travel Ban
------------------------------------------------------
Yonhap News Agency reports that two former heads of Daewoo
Shipbuilding & Marine Engineering Co., a major South Korean
shipbuilder, are subject to a travel ban over investigation into
huge losses the company suffered, industry sources said May 11.

Nam Sang-tae, who headed the company from 2006 to 2012 and Ko
Jae-ho, who succeeded Nam until last year, are prohibited from
leaving South Korea, according to the sources, Yonhap relates.

Yonhap notes that the legal action came amid the local
shipbuilding industry's suffering from mounting losses caused by
an industry-wide slump and increased costs.

Yonhap, citing data by Korea 20000 Corporate Research
Institute,says the country's big three shipyards -- Hyundai Heavy
Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and
Samsung Heavy Industries Co. -- racked up some KRW6.4 trillion
(US$5.5 billion) in operating losses last year.

In January, the audit committee of Daewoo Shipbuilding filed a
petition to the Changwon District Prosecutors' Office, seeking a
probe over the former managing boards' responsibility over the
poor management, the report recalls.

According to Yonhap, prosecutors are investigating whether the
former chiefs are liable for the losses due to accounting frauds.

Earlier this year, the shipyard said it swung to huge losses in
2013 and 2014 from earlier reported profits, citing accounting
mishaps, adds Yonhap.

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



================
S R I  L A N K A
================


KOTAGALA PLANTATIONS: Fitch Assigns 'B+(lka)' National LT Rating
----------------------------------------------------------------
Fitch Ratings Lanka has assigned Sri Lanka-based Kotagala
Plantations PLC (Kotagala) a National Long-Term 'B+(lka)' rating,
with a Negative Outlook. Fitch has also assigned Kotagala's
outstanding senior secured debentures a National Long-Term Rating
of 'B+(lka)'.

The rating reflects Kotagala's weak liquidity, high leverage and
low end-market demand for its products, despite holding a strong
market position. The Negative Outlook reflects Fitch's
expectations the weak operating environment will further
deteriorate the company's liquidity unless it can restructure its
debt maturities or arrange additional liquidity lines.

KEY RATING DRIVERS

Weak Liquidity Position: As at end-December 2015, Kotagala had
LKR787m of unrestricted cash and zero unutilised credit
facilities to meet LKR1.4bn of short-term debt (about 45% of
which was bank overdrafts) falling due in the next 12 months,
placing the company in a weak liquidity position. Fitch expects
the company to be FCF negative in the financial year 31 March
2017 (FY17), owing to operational weaknesses and ongoing capex
plans, further pressuring its liquidity profile.

Low End-Market Demand: Kotagala continued its negative
trajectory, reporting losses in the year FY15 and FY14 due to
weak end-market demand and cost pressures, which are faced by the
entire plantation industry. Fitch expects demand from key end-
markets, such as Russia and the Middle East, to remain subdued
over the next 12 to 18 months, resulting in continued operating
losses for the company.

Volatile EBITDAR Margin: The commoditised nature of agricultural
products means selling prices are determined by global
macroeconomic-factors and fluctuations in global prices can have
a direct impact on company profitability. The tea sector also
faces labour shortages and stipulated wage increases every two
years, which are not linked to market prices or productivity.
This has led to Kotagala's EBITDAR margins deteriorating to 2% in
FY15, from 19% in FY13.

High Leverage: Low profitability and significant investments have
impaired Kotagala's cash flow generation, resulting in its
leverage, calculated as adjusted net-debt/EBITDA, rising to 12.6x
at FYE15, from 1.3x at FYE12. Fitch expects Kotagala's leverage
to remain high in the medium-term unless there is a significant
turnaround in global tea and rubber prices.

New Project Risk: Limited domestic land availability for large-
scale expansion and lower production cost have led Kotagala to
invest LKR997m in rubber cultivation in Cambodia. Any delays in
finalising this project or breaking even could adversely impact
the company's profitability and cash flow generation and weigh on
the rating.

Strong Market Position: Kotagala achieved better crop yields
compared to peers, allowing the company to increase production
without requiring significant capital expenditure. The
performance of Kotagala's tea segment has also benefitted from
the acquisition of Union Commodities Private Limited in 2012,
which allowed forward integration of its tea exports.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Kotagala
include:
-- revenue decline in FY16 followed by an improvement to low
    double-digits over FY17 to FY19 on account global market
    recovery and increasing global oil prices
-- EBITDAR margins to remain in the low single digits, with the
    expectation of wage-related cost escalation
-- capex to average about 6% of sales between from FY16 to FY19
-- no dividend outflows from FY16 to FY19

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable
include:
-- material improvement in the company's liquidity profile

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- further deterioration in the company's liquidity profile, as
    evidenced by an inability to rollover maturing debt and
    failing to restructure debt obligations



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***