TCRAP_Public/160513.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 13, 2016, Vol. 19, No. 94


                            Headlines


A U S T R A L I A

APN NEWS: Moody's Affirms Ba2 Corporate Family Rating
BFC TRAFFIC: First Creditors' Meeting Set For May 18
OVERFLOW FNQ: First Creditors' Meeting Set For May 20
WICKHAM SECURITIES: ASIC Permanently Bans Chairman


C H I N A

CHINA SHIANYUN: Suspends Filing of Reports with SEC
MGM CHINA: Fitch Affirms Issuer Default Rating at 'BB'
OCEANWIDE HOLDINGS: S&P Affirms 'B' CCR; Outlook Negative

* CHINA: Companies Borrow to Repay Debts in Latest Credit Binge


I N D I A

A.R. CASTINGS: CRISIL Suspends 'D' Rating on INR75MM Cash Loan
AMBARWADIKAR INDUSTRIES: ICRA Suspends B+ Cash Credit Rating
ANAND AND ASSOCIATES: CRISIL Rates INR25.0MM Cash Loan at 'B'
BDS HOSPITALITY: CRISIL Suspends 'D' Rating on INR80MM Term Loan
BRACE IRON: CARE Assigns CARE B (SO) Rating to INR850cr LT Loan

CHINSURAH COLD: CRISIL Assigns B+ Rating to INR40MM Cash Loan
CREATIVE LOOMS: CRISIL Assigns 'C' Rating to INR180MM LT Loan
DEVGAN RICE: CRISIL Suspends B- Rating on INR250MM Cash Loan
GARG STEELS: CARE Assigns B+ Rating to INR11cr LT Loan
GINNI GLOBAL: CRISIL Suspends 'D' Rating on INR215MM Term Loan

GOODWILL MEDICAL: ICRA Suspends B+ Rating on INR12.5cr Loan
HIMGHAR UDYOG: CRISIL Assigns B+ Rating to INR60MM Cash Loan
HINDUSTAN REFRIGERATION: CRISIL Reaffirms B+ INR110MM Loan Rating
INDIAN PULP: ICRA Suspends 'D' Rating on INR60.86cr Term Loan
J.D. PHILOMIN: CRISIL Assigns B+ Rating to INR25MM Cash Loan

JAIN ABHUSHAN: CRISIL Suspends B+ Rating on INR80MM Cash Loan
JINNAH SHAJAHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
KALSI BROTHERS: ICRA Lowers Rating on INR15cr LT Loan to B+
KAMALA TEA: CRISIL Upgrades Rating on INR128MM Loan to B-
KVR INDUSTRIES: CRISIL Lowers Rating on INR89.6MM Term Loan to D

M B TIMBER: CRISIL Suspends 'D' Rating on INR290MM Loan
MALAR MODERN: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
NATA DEVICES: CARE Reaffirms 'B+' Rating on INR5.0cr LT Loan
NECHUPADAM CONSTRUCTIONS: CRISIL Rates INR125MM Cash Loan at B
PARAMJEET SAINI: CRISIL Reaffirms B+ Rating on INR7.5MM Loan

PARANKUSH FOOD: ICRA Assigns B+ Rating to INR3.68cr Term Loan
PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr LT Loan
PITHAMPUR PETRO: CRISIL Assigns B+ Rating to INR40MM Cash Loan
QUADROS AUTOMARK: CARE Cuts Rating on INR10.68cr LT Loan to D
RANA STEELS: CARE Cuts Rating on INR26.64cr LT Loan to B+

S.K. SOLVENT: CRISIL Assigns B+ Rating to INR40MM Cash Loan
SABITRI RICE: CRISIL Cuts Rating on INR90MM Cash Loan to 'C'
SADGURU RAGHAVENDRA: CRISIL Suspends B+ Rating on INR30MM Loan
SAI ENGINEERING: ICRA Assigns B+ Rating to INR35cr Term Loan
SARASWATIPUR TEA: ICRA Reaffirms 'B' Rating on INR9.55cr Loan

SATYAM KRISHNA: ICRA Suspends 'D' Rating on INR6.5cr Term Loan
SHREE JAGDAMBA: ICRA Assigns B/A4 Rating to INR11.5cr Cash Loan
SHRI VENKATESHWARA: ICRA Suspends B+ Rating on INR12cr Loan
SOCIETY FOR DEVELOPMENT: CRISIL Suspends D INR120.9MM Loan Rating
SOMNATH COLD: CRISIL Assigns B+ Rating to INR80MM Cash Loan

SUN HOSPITALITY: ICRA Lowers Rating on INR13cr Term Loan to D
TANTIA RAXAULTOLLWAY: CARE Cuts Rating on INR204.51cr Loan to D
TRUE VALUE: CARE Assigns 'B' Rating to INR200cr NCD Issue
TURBOATOM-TPS PROJECTS: CRISIL Rates INR280MM Term Loan at B-
YADAV SOLVEX: CRISIL Suspends 'B' Rating on INR82.5MM Term Loan

ZARINA LEATHER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
ZEVRAAT: CRISIL Suspends 'B' Rating on INR70MM Cash Loan

* INDIA: Parliament Approves Bankruptcy Bill


I N D O N E S I A

INDONESIA AIRASIA: Govt Threatens to Shut Default-Prone Airlines


J A P A N

MITSUBISHI MOTORS: At Least Two More Models Involved in Scandal
TAKATA CORP: Posts JPY13.8 Billion Annual Net Loss


S O U T H  K O R E A

DONGBU CORP: Keystone Private Picked as Preferred Bidder


                            - - - - -


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A U S T R A L I A
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APN NEWS: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service has affirmed APN News and Media
Limited's Ba2 corporate family rating following its announcement
of an equity raising to pay down debt and the demerging of its
New Zealand operations.

The outlook on the rating remains stable.

RATING RATIONALE

Overall, Moody's views the planned debt reduction as positive for
the credit profile of APN. While the demerger will curb the
company's scale and geographic diversity, it will also reduce its
exposure to print media and allow more focus on higher-growth
media assets across the Australian radio and outdoor sectors.

"Specifically, the equity raising -- which will be used to pay
down debt -- will total AUD180 million and is not conditional on
the demerger of its New Zealand operations (NZME) receiving
regulatory and shareholder approval," says Ian Chitterer, a
Moody's Vice President and Senior Analyst.

Approval of the demerger is set for 16 June 2016, with NZME then
seeking a primary listing on the NZX by late June or July.

"APN's debt/EBITDA will improve as it pays down debt from the
equity raising, with the ultimate level of improvement dependent
on whether the demerger is approved," adds Chitterer.

"As a result of the pay down, we expect that pro-forma FY2015
adjusted debt to EBITDA will range between 2.5x and 2.8x, versus
the reported 3.2x for FY2015, thereby leaving APN comfortably
positioned within the rating band," says Chitterer.

WHAT COULD CHANGE THE RATINGS

What Could Change the Rating - Up

The rating could be upgraded if the company continues to operate
in a financially prudent manner, including maintaining
debt/EBITDA below 2.5x on a consistent basis.

What Could Change the Rating - Down

The rating could be downgraded if the adjusted debt/EBITDA rises
to 3.5x.

APN News and Media Limited is one of Australia's leading
diversified media groups with its earnings diversified across
radio, print, outdoor, and digital media.


BFC TRAFFIC: First Creditors' Meeting Set For May 18
----------------------------------------------------
Jason Bettles of Worrells Solvency & Forensic Accountants was
appointed as administrator of BFC Traffic Management Pty Ltd on
May 6, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 2, 105 Molesworth
St, in Lismore, on May 18, 2016, at 2:30 p.m.


OVERFLOW FNQ: First Creditors' Meeting Set For May 20
-----------------------------------------------------
Todd William Kelly and Gerald Thomas Collins of BDO were
appointed as administrators of Overflow FNQ Pty Ltd on May 10,
2016.

A first meeting of the creditors of the Company will be held at
the offices of BDO (NTH QLD), Level 1, 15 Lake Street, Cairns, in
the State of Queensland, on May 20, 2016, at 11:30 a.m.


WICKHAM SECURITIES: ASIC Permanently Bans Chairman
--------------------------------------------------
The Australian Securities and Investment Commission has
permanently banned Mr Bradley Thomas Sherwin, former Chairman of
collapsed lender Wickham Securities and founder of Sherwin
Financial Planners Pty Ltd, from providing financial services.

ASIC had previously banned Mr Sherwin in September 2013 for two
years and seven months.

Prior to making its decision, ASIC sought submissions from Mr
Sherwin as to why he should not be banned. He chose not to make
any submissions.

On Sept. 4, 2013, ASIC banned Mr Sherwin for a period of two
years and seven months, being the remaining period of his
bankruptcy unless extended by his trustee in bankruptcy.

On June 25, 2015, Mr Sherwin appeared in Brisbane Magistrates
Court, charged with 33 counts of dishonestly causing detriment
totalling nearly AUD10 million between May 2009 and December 2012
and one count of dishonestly breaching his duties as a director
of Wickham Securities Limited between November 2009 and
October 2010.  Mr Sherwin is due to appear in the Brisbane
Magistrates Court on June 20, 2016 for a committal hearing date.

A comprehensive overview of ASIC's investigation into the Sherwin
Group of Companies, Bank of Queensland and DDH Graham Ltd can be
found on ASIC's website.

                     About Wickham Securities

Wickham Securities collapsed owing more than AUD27 million to
approximately 300 debenture holders. It was placed into
administration in December 2012 and liquidation in February 2013,
with Messrs Grant Sparks and David Leigh of PPB Advisory as
liquidators.

Sherwin Financial Planners was placed into administration in
January 2013 and liquidation in February 2013, along with other
companies of which Mr Sherwin was a director, including Reacroft
Pty Ltd, Astor Funds Pty Ltd and Blue Diamond Investments Pty
Ltd.

Messrs Stefan Dopking, Quentin Olde and Michael Ryan of FTI
Consulting (previously Taylor Woodings) were appointed as
liquidators of those companies, which collapsed owing more than
AUD30 million to clients of Sherwin Financial Planners.

The liquidator of Sherwin Financial Planners received funding
from ASIC via the Assetless Administration Fund to prepare a
detailed report on their investigation into the company.

In September 2013, ASIC banned Mr Sherwin from providing
financial services for two years and seven months as a result of
his bankruptcy.

In April 2015 the former chief executive of Wickham Securities,
Garth Peter Robertson, was charged with fraud.

In June 2013, ASIC cancelled the registration of the auditor of
Wickham Securities, Brian Kingston, after forming the view he
failed to carry out or perform adequately and properly the duties
of an auditor.



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CHINA SHIANYUN: Suspends Filing of Reports with SEC
---------------------------------------------------
China Shianyun Group Corp., Ltd., filed a Form 15 with the
Securities and Exchange Commission notifying the termination of
registration of its common stock under Section 12(g) of the
Securities Exchange Act of 1934. As a result of the Form 15
filing, the Company is not anymore obligated to file periodic
reports with the SEC.

                       About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods,
including herbal teas, health liquors, meal replacement products,
and cured meat using ecological breeding methods in China. The
Company is based in Shenzhen Guandong Province, China.

China Shianyun reported net income of $1.76 million on $1.14
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of $1.33 million on $209,992 of revenues for the year
ended Dec. 31, 2014.

As of Dec. 31, 2015, China Shianyun had $4.19 million in total
assets, $4.65 million in total liabilities and a total
stockholders' deficit of $461,672.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that the Company has a
significant accumulated deficits and negative working capital.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.


MGM CHINA: Fitch Affirms Issuer Default Rating at 'BB'
------------------------------------------------------
Fitch Ratings has upgraded MGM Resort International's (MGM)
Issuer Default Rating (IDR) to 'BB' from 'B+'; the Rating Outlook
is Stable. Fitch upgraded MGM's senior secured credit facility to
'BBB-/RR1' from 'BB+/RR1' and affirmed its senior unsecured notes
at 'BB/RR3'.

Fitch also affirmed the IDRs for MGM China Holdings, Ltd's and
its co-borrower MGM Grand Paradise, S.A. (collectively MGM China)
at 'BB' and their senior secured credit facility at 'BBB-/RR1'.
MGM China's Rating Outlook is Stable.

KEY RATING DRIVERS

Fitch's upgrade of MGM's IDR to 'BB' reflects MGM's deleveraging
toward the company's target of below 5x, which will occur by
around 2017 per Fitch's revised forecast. This is an acceleration
relative to Fitch's prior forecast, with the expected trajectory
largely attributable to MGM's faster-than-expected implementation
of its $300 million Profit Growth Plan, stronger than expected
Las Vegas Strip trends, and the $540 million in proceeds from the
sale of the Crystals mall. MGM said that it will use the Crystals
sale proceeds along with $1.1 billion in MGM Growth Properties
(MGP) IPO proceeds to reduce debt.

Fitch projects MGM's gross and net leverage to decline to 5.1x
and 5.0x, respectively, by year-end 2017. Fitch calculated MGM's
consolidated gross and net leverage as of March 31, 2016 at 6.3x
and 5.7x.

Fitch believes that gross leverage of 5x is consistent with the
higher end of the 'BB' IDR category for MGM given its high-
quality and relatively diversified asset mix and Fitch's positive
long-term outlook for the Las Vegas Strip. Fitch will monitor
MGM's track record of adhering to its publicly articulated
financial policies and the continuation of stable or improving
operating fundamentals on the Las Vegas Strip before considering
further positive rating action.

The upgrade takes into account the recent financings related to
the formation of MGP, a newly formed REIT. Fitch views the
creation of MGP largely as a credit-neutral event for MGM
creditors. The net reduction in consolidated debt resulting from
the MGP IPO offsets Fitch's concerns over MGM not directly owning
the 10 assets contributed to MGP, MGM's more complex corporate
structure, and the portion of MGP's dividends that will be paid
to MGP's public shareholders (Fitch estimates about $100 million
per year). The event is largely leverage neutral for MGM, both on
a consolidated basis after accounting for dividends paid to
minority holders and on an MGM credit group standalone basis when
adjusting for the new lease obligation. (Fitch subtracts
dividends to minority holders from EBITDA when calculating
leverage for MGM.) Positively, MGM's transactions improved the
company's liquidity by refinancing 2016 maturities and the bulk
of the 2017 maturities and by extending its revolver to 2021 from
2017.

DEVELOPMENT PIPELINE
Fitch views MGM's development pipeline favorably, especially MGM
National Harbor scheduled to open December 2016. Fitch estimates
$240 million in EBITDA for MGM National Harbor, a solid 18%
return on a $1.3 billion investment. The project will benefit
from being the closest casino to Washington DC and its affluent
Virginia suburbs.

MGM is also developing an $865 million MGM Springfield, due to
open late 2018. The return on investment (ROI) prospects for
Springfield are less certain given the Connecticut tribes' effort
to build a casino that would cut off the Hartford traffic going
north to Springfield, MA. (Fitch's forecast assumes that a third
of the revenues will originate from the Hartford area.) Even
without the new Connecticut casino, MGM Springfield's ROI will be
negatively affected by host and surrounding community fees and
the less affluent demographics compared to the areas closer to
Boston.

Without the Connecticut casino, Fitch estimates about $110
million of EBITDA for MGM Springfield, a 13% ROI.

MGP has the right of first offer for MGM National Harbor and MGM
Springfield.

The $3 billion MGM Cotai development, part of the 51% owned MGM
China, is scheduled to open in first quarter 2017 (1Q17). Fitch
estimates the project will generate $100 million - $150 million
of incremental EBITDA for MGM China after taking into account
cannibalization of the existing operations from MGM Cotai and the
competing projects coming online in 2016 and 2017.

MARKET OUTLOOKS
"Fitch has a favorable long-term view for the Las Vegas Strip
(60% of consolidated revenues) and Macau (23% of revenues) and a
lackluster view for U.S. regional markets, which we believe are
secularly challenged. Despite our somewhat negative view on the
regional markets, MGM's regional assets tend to be in less
competitive markets (e.g. Detroit and National Harbor) and/or are
market leaders (e.g. Beau Rivage). MGM's assets also feature a
heavy mix of non-gaming amenities, which we think positions the
assets well against the prevailing consumer preferences."

"In Las Vegas we expect the growing convention business,
increasing air capacity and lack of new supply to drive RevPAR
higher in the near term. MGM's 50% owned T-Mobile arena (opened
in April 2016) and new convention capacity at Mandalay Bay and
Aria will at least in part counterbalance the center of gravity
moving more north after the next wave of projects open sometime
around 2019. At the north-end of the Strip, Crown, Genting and
Wynn are contemplating expansions geared towards the higher end.
We expect these expansions to be mild negatives for MGM, whose
resorts are clustered to the south. But we expect that the
market, which will not see meaningful new capacity for a decade
by then, to absorb the new projects without major disruptions to
the existing operators."

"Fitch forecasts negative 5% market-wide gaming revenue growth in
Macau for 2016, which assumes modest sequential growth in the
mass market and leaves room for continued, but milder weakness in
the VIP segment. We expect a more significant decline in MGM's
revenues in 2016 after taking into account cannibalization from
the Parisian and Wynn Palace, both scheduled to open in 2H16.
Past 2016, Fitch expects mid-single-digit growth in Macau led by
China's rising middle class, the new capacity in Macau and
infrastructure projects in and around Macau."

MGM's $1.5 billion credit facility's issue-specific rating of
'BBB-/RR1' reflects Fitch's view that the facility is well
overcollateralized by the pledged assets, Bellagio and MGM Grand
Las Vegas. Additional secured debt is limited by the credit
agreement's limit on incremental facilities (limited to 2.5x of
net first-lien debt) and by the unsecured notes' 15% consolidated
net tangible asset (CNTA) test.

"Pro forma for the MGP transactions, recovery prospects for MGM's
unsecured notes remain strong. We did not upgrade the notes
because Fitch tends to compress the notching around the IDR as
issuers credit improves."

KEY ASSUMPTIONS

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

-- Same-store domestic revenues grow about 2%-3% per year on
average (0% across regional properties and up to 4% at
properties with high exposure to convention business);

-- EBITDA margins improving to 28% from 26%. The improvement is
the result of the revenue growth flow-through and gives some
credit to MGM's $300 million Profit Growth Plan;

-- MGM China generating about $600 million of EBITDA in 2017,
which factors in about $200 million EBITDA at MGM Cotai and
approximately 20% EBITDA decline at MGM Macau;

-- Approximately $240 million EBITDA at MGM National Harbor in
2017 and $110 million EBITDA at MGM Springfield in 2019;

-- MGM does not pay a parent-level dividend through Fitch's
forecast horizon (through 2019) and uses free cash flow (FCF)
to fund project capex and maturities.

RATING SENSITIVITIES

MGM's IDR may be upgraded to 'BB+' if Fitch gains more confidence
that MGM will reach and adhere to its leverage target of less
than 5x. Stabilization of operating performance in Macau,
continuation of the stable or positive trends in Las Vegas, and
MGM's capital allocation policies with respect to returning value
to shareholders will be factors considered by Fitch when
contemplating further positive rating actions.

Fitch may revise MGM's Outlook to Negative or downgrade MGM's IDR
to 'BB-' if leverage sustains at above 6x for an extended period
of time past 2017, due to potentially weaker than expected
operating performance, debt funding a new large-scale project or
acquisition, or taking a more aggressive posture with respect to
financial policy.

Fitch links MGM China's IDR to MGM's given MGM's strengthened
credit profile and MGM China's strategic importance to MGM.
Therefore, Fitch may upgrade MGM China's IDR to 'BB+' if and when
Fitch upgrades MGM's IDR to 'BB+'.

LIQUIDITY

MGM's liquidity is now strong, a stark contrast to the years
following the recession when liquidity was a primary credit
consideration for MGM. Following the recent transactions, MGM's
pro forma domestic liquidity covers needs through 2018 by 1.9x.
2Q16-4Q18 Sources:

-- Cash excess of cage cash: $870million
-- Revolver availability: $1.25 billion
-- Crystals sale proceeds: $540 million
-- Cumulative discretionary FCF (includes MGP): $2.1 billion
-- Dividends from MGM China and unconsolidated affiliates:
   $640 million
-- Total sources: $5.4 billion

2Q16-4Q18 Uses:
-- Maturities: $1.2 billion
-- MGM National Harbor project capex: $600 million
-- MGM Springfield project capex: $800 million
-- Distributions to MGP's minority holder: $275 million
-- Total uses: $2.9 billion

MGM China's liquidity is also strong with MGM Cotai being fully
funded with an undrawn $1.45 billion revolver.

FULL LIST OF RATING ACTIONS

MGM Resorts International
-- IDR upgraded to 'BB' from 'B+'; Outlook Stable;
-- Senior secured credit facility upgraded to 'BBB-/RR1'
   From 'BB+/RR1;
-- Senior unsecured notes affirmed at 'BB/RR3' (Recovery Rating
revised from 'RR2').

MGM China Holdings, Ltd (and MGM Grand Paradise, S.A. as
co-borrower)
-- IDR affirmed at 'BB'; Stable Outlook;
-- Senior secured credit facility affirmed at 'BBB-/RR1'.


OCEANWIDE HOLDINGS: S&P Affirms 'B' CCR; Outlook Negative
---------------------------------------------------------
S&P Global Ratings said it affirmed its 'B' long-term corporate
credit rating on Oceanwide Holdings Co. Ltd., a China-based
property developer and financial services holding company.  The
outlook is negative.  At the same time, S&P affirmed its 'B'
long-term issue rating on the senior unsecured notes that
Oceanwide guarantees.  In addition, S&P affirmed its 'cnB+' long-
term Greater China regional scale ratings on Oceanwide and the
notes.

"We affirmed the rating with a negative outlook mainly to reflect
our view of Oceanwide's highly leveraged financial position.  We
do not expect the company's cash flow and leverage ratios to
improve materially in the next 12-18 months due to its aggressive
expansion plan in the financial services sector and strong
acquisition appetite," said S&P Global Ratings credit analyst
Esther Liu.

The financial leverage of Oceanwide's non-financial services
segment deteriorated in 2015, with the debt-to-EBITDA ratio
rising to about 15x from 14x in 2014, and EBITDA interest
coverage dropping slightly below 1x from about 1x.

Oceanwide has relied on debt funding to support the
recapitalization of its financial services subsidiary and other
strategic and non-strategic investments in the energy, overseas
property, and media sectors.  This has led to weakening interest
coverage and large refinancing pressure for the company.  In
S&P's view, Oceanwide's aggressive appetite and lack of financial
discipline lower the degree of predictability over its credit
ratios, beyond what can be reasonably built in S&P's forecasts.
As a result, S&P has revised the company's financial policy
assessment to negative from neutral.  The revision has lowered
the non-financial sectors' stand-alone credit profile (SACP) to
'b-' from 'b'.

The affirmed rating on Oceanwide reflects S&P's assessment of the
overall group credit profile (GCP), which includes both the non-
financial services and financial services segments.  Oceanwide's
GCP is primarily driven by the 'b-' SACP of the non-financial
segment and the 'bb+' SACP of the financial segment, on a
proportional earnings contribution weighting of 30% for financial
services and 70% for non-financial services.  Therefore, S&P
continues to assess the GCP of Oceanwide as 'b'.  In S&P's view,
for mixed groups such as Oceanwide where the consolidated
financial report does not provide a sufficiently meaningful
picture of credit quality, S&P draw on the relevant criteria
framework for the respective businesses within the group.  S&P
derives the GCP by a weighted combination of the individual SACPs
of the group's businesses.

S&P expects the satisfactory performance and improved liquidity
position of Oceanwide's financial subsidiaries to continue over
the next two years.  S&P estimates dividend income from the
financial services segment to increase significantly in 2016-
2017, from RMB225 million in 2015.  At the same time, S&P expects
the company's property sales to grow moderately and its
profitability to remain above average due to a low-cost land bank
and attractive positioning in higher-tier cities such as Beijing
and Wuhan.

S&P sees Oceanwide's plans to diversify from its traditional
property development business as ambitious.  The company's
strategy of "Property+Finance+Strategic Investment" brings high
execution risk, and will continue to pressure its financial
leverage, in S&P's view.  For example, Oceanwide injected paid-in
capital of RMB2.4 billion into the group's securities subsidiary
Minsheng Securities Co. Ltd. in 2015, increasing its stake to
87.645% from 72.999%.  During the year, the company also spent
about RMB5 billion in acquiring 51% stake in Asia-Pacific
Property & Casualty Insurance Co. Ltd. and other overseas land
acquisitions and energy and power investments.  So far in 2016,
Oceanwide has committed to invest about RMB10 billion in the
media sector and the recapitalization of Mingsheng Trust.
Oceanwide has strong aspirations to build an integrated financial
services platform.  S&P therefore continues to expect the company
to continue to spend a significant amount on acquisitions and
recapitalization in the financial sector.

In S&P's view, Oceanwide's non-public equity issuance of
RMB5.7 billion in January 2016 is small compared to its debt-
funded expansion, although it alleviates some of the pressure on
leverage.  S&P anticipates that the company could further raise
new equity of up to RMB15 billion to temper its highly leveraged
financial position, although the actual size and timing is
uncertain.  The rating could be at risk if the company is unable
to raise new equity to fund new investments and control its
financial leverage.

Oceanwide's fair track record of refinancing tempers the risk
from its large refinancing requirements.  In S&P's view, the
company has a sound standing in the domestic capital market and
good banking relationships in China.  This is reflected in the
issuance of RMB8.7 billion in domestic bonds in the second half
of 2015 and the RMB9.8 billion raised so far in 2016.  S&P also
believes Oceanwide has refinanced the majority of its debt
maturing in 2016. Through new debt issuances, the company lowered
its average funding cost to about 8% as of the end of March 2016,
from over 10% a year ago.

Nonetheless, Oceanwide's refinancing commitment remains high and
the company relies on overall favorable financing conditions,
given its comparatively low cash position and negative cash flow
from operations.  At the end of March 2016, the company has about
RMB26 billion of debt maturing in 2017 and RMB17 billion maturing
in 2018.

"The negative outlook reflects our expectation that Oceanwide's
cash flow and leverage ratios will remain weak over the next 12
months due to the company's continued aggressive growth and
acquisition appetite.  This is despite our expectation that
property sales will grow and profitability will remain above
average during that time," said Ms. Liu.

S&P also expects the financial sector's business performance and
dividend contribution to Oceanwide to improve.  At the same time,
S&P expects the company to maintain its liquidity through good
access to banks and capital markets.

S&P could lower the rating if Oceanwide's cash flows remain weak
for the next 12 months, such that its EBITDA interest coverage
remains below 1x and debt-to-EBITDA ratio shows no signs of
improvement.  S&P could also downgrade Oceanwide if the credit
profile of its financial subsidiaries weakens, leading to a lower
GCP.  S&P could lower the rating if credit conditions turn
unfavorable for the company, such that it has difficulty securing
new funds to roll over its debt and meet its other financial
obligations, or its funding cost increases.

S&P could revise the outlook to stable if: (1) Oceanwide
demonstrates a clear deleveraging plan; and (2) significantly
improves its cash flow and leverage ratios through controlling
its business expansion, such that its debt-to-EBITDA ratio is
lowered materially and EBITDA interest coverage is well above 1x
on a sustained basis.


* CHINA: Companies Borrow to Repay Debts in Latest Credit Binge
---------------------------------------------------------------
The Financial Times reports that China is awash in a credit
stimulus that is bigger as a proportion of GDP than the one that
Beijing unleashed to haul the economy out of trouble in the
aftermath of the 2008/2009 financial crisis. But this time
around, the deluge is failing to boost growth in an economy
already saturated with liquidity, a new statistical study showed.

The world's second-largest economy is currently using four units
of credit to generate a single unit of GDP growth (see chart),
the FT relates citing a data research by Brandon Emmerich,
general manager for North America at Wind Information, a data
provider.

The FT says the ratio of four to one -- as measured by comparing
total social financing (TSF) to nominal GDP on a quarterly basis
-- signifies that the debt efficiency of the Chinese economy is
at its lowest point since early 2009.

At that time, a sharp external shock clobbered the GDP growth
rate, prompting Beijing to open the credit taps to resuscitate
economic activity.

But while the economy responded smartly to the 2009 stimulus,
this year it appears almost impervious to the extra spoonfuls of
sugar, the FT notes.

The FT, citing Bernstein Research, relates that China expanded
total domestic credit by CNY12tn ($1.84tn), or 34% of gross
domestic product, in the year to November 2009 -- significantly
less than the CNY27.9 trillion, or 40% of GDP, in the year to
February this year.

The difference in impact is clear in headline numbers, says the
FT. In 2009, GDP growth accelerated from 6.1% in the first
quarter to a full year rate of 9.2%, but the year to February
this year has been accompanied by a steady decline in headline
growth.

The FT notes that there appear to be several reasons behind the
dwindling debt efficiency. Overcapacity and oversupply in several
key traditional sectors, including steel, cement, copper,
aluminium, metal ore mining, building materials and offline
retail, has rendered these sectors unresponsive to credit
infusions because they do not need to expand capacity or
production, the report discloses.



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


A.R. CASTINGS: CRISIL Suspends 'D' Rating on INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
A.R. Castings Private Limited (ARCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              75        CRISIL D
   Proposed Long Term
   Bank Loan Facility       45        CRISIL D

The suspension of rating is on account of non-cooperation by
ARCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ARCPL is yet to
provide adequate information to enable CRISIL to assess ARCPL'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 1991, ARCPL manufactures steel ingots and steel
castings. The company is managed by Mr. Jagdish Bansal, Mr. Ashok
Kumar Bansal, Mr. Ramesh Bansal, and their sons. It sells steel
ingots to local brokers in Mandi Gobindgarh, and steel castings
to the automobile market in Ghaziabad (Uttar Pradesh).


AMBARWADIKAR INDUSTRIES: ICRA Suspends B+ Cash Credit Rating
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR100.50 crore cash credit facility of Ambarwadikar Industries
Private Limited (AIPL). The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 2008, AIPL is involved in the manufacturing of
sugar and its allied products. The company operates a sugar mill
of 1250 TCD forwarded integrated with distillery unit of 30 KLPD
located at Niphad taluka in Nashik district of Maharahstra. Both
sugar mill and distillery unit are taken on sub-lease of six
years (2012-13 to 2017-18) from Chhatrapati Sambhaji Raje Sakhar
Udyog Limited while the plant is owned by K.K. Wagh Sahakari
Sakhar Karkhana Limited. The company is part of 'Ambarwadikar
Group' based out of Aurangabad, Maharashtra having presence in
various business segments including real estate and construction,
hospitality, infrastructure, educational institutes and petroleum
dealership.


ANAND AND ASSOCIATES: CRISIL Rates INR25.0MM Cash Loan at 'B'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Anand and Associates (AA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      0.5        CRISIL B/Stable

   Bank Guarantee         34.5        CRISIL A4

   Cash Credit            25.0        CRISIL B/Stable

The ratings reflect the firm's small scale of operations, modest
financial risk profile because of small net worth, and large
working capital requirement. These weaknesses are partially
offset by extensive experience of its promoters in the civil
construction industry, and revenue visibility because of healthy
order book.
Outlook: Stable

CRISIL believes AA will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if revenue and operating profitability
increase significantly, leading to higher-than expected cash
accrual, and if geographical expansion results in a better
business risk profile. The outlook may also be revised to
'Positive' in case of improvement in working capital management,
and consequently, in financial risk profile. Conversely, the
outlook maybe revised to 'Negative' if operating margin and
operating income decline, or financial risk profile deteriorates
because of larger-than-expected debt-funded capital expenditure,
or if working capital cycle increases, leading to pressure on
liquidity.

AA was sset up by Mr. M M R Anand and his son Mr. Rohan Anand in
2001 as a partnership firm. Its registered office is in New
Delhi. It undertakes deep sewerage work (laying, jointing,
testing, and commissioning of sewers) and road construction for
government departments. It is executing projects in Jabalpur,
Madhya Pradesh. It is promoted by Mr. M.M.R Anand, his wife, Smt
Usha Anand and his son, Mr Rohan Anand.


BDS HOSPITALITY: CRISIL Suspends 'D' Rating on INR80MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
BDS Hospitality Private Limited (BDS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                80        CRISIL D

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

BDS, incorporated in 2011, is currently setting up a multi-
specialty hospital at Amritsar (Punjab). The hospital was
scheduled to commence operations in January 2015; however, the
operations have started in May 2015 with a delay of around 4
months owing to change in scope of the project. The company is
promoted by Mr. Amarjit Singh Sabharwal and his brother, Mr.
Tejinder Singh Sabharwal. BDS has entered into an agreement with
IVY Health and Life Sciences Private Limited (IVY). IVY will
manage the entire operations of the hospital and BDS will receive
monthly rental income from IVY.


BRACE IRON: CARE Assigns CARE B (SO) Rating to INR850cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B (SO)' rating to the bank facilities of Brace
Iron & Steel Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      850       CARE B (SO) Assigned

Rating Rationale

The rating assigned to the bank facilities of Brace Iron & Steel
Pvt Ltd (BISPL) is based uponcredit enhancement in the form of
Structured Payment Mechanism backed by bank monitored Trust and
Retention Account of the Lessee (Bhushan Steel Limited). The
rating also factors in the fixed nature of lease rentals received
by BISPL.The rating is, however, constrained by the counterpart
credit risk related to relaisations from BSL, BISPL's leveraged
capital structure and its limited track record of operations with
net loss during FY15 (refers to the period April 1 to March 31).

Going forward, timely receipt of lease rentals from BSL and
compliance with the terms of structured payment mechanism shall
remain the key rating sensitivities.

BISPL is a company floated by SREI Alternate Investment trust
(SAIT). BISPL had purchased four oxygen plants which are part of
Bhushan Steel Limited's (BSL, rated 'CARE D') integrated steel
facility at Odisha for a total consideration of INR1,000crore
funded in the debt equity ratio of 85:15. BSL has simultaneously
entered into an arrangement with BISPL whereby BSL has taken the
oxygen plants on lease from BISPL so as not to affect the
existing operations at the Meramandali (Odisha) Plant. BISPL, as
a part of the arrangement, is receiving monthly lease rentals
from BSL on a fixed basis. The O&M expenses for operating the
Oxygen plants will be borne by BSL on actuals basis.

During FY15, the company reported a PBILDT and net loss of
INR2.04 crore and INR10.34 crore, respectively, on a total
operating income of INR2.13 crore.


CHINSURAH COLD: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Chinsurah Cold Storage - Prop
Bansidhar Agarwalla & Company Pvt Ltd (CCS, part of the Somnath
Group). The rating reflects the group's below-average financial
risk profile because of small networth and exposure to risks
related to highly regulated and fragmented nature of the West
Bengal cold storage industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Loan                    9.6        CRISIL B+/Stable
   Term Loan               9.5        CRISIL B+/Stable
   Cash Credit            40.0        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      4.5        CRISIL B+/Stable

These rating weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry.

CRISIL has combined the business and financial risk profiles of
CCS; Somnath Cold Storage Pvt Ltd (SCPL); Shree Hazarilal Cold
Storage Pvt Ltd (SHCSPL); and Himghar Udyog Pvt Ltd (HUPL). This
is because these companies, together referred to as the Somnath
group, have a common promoter and management, and financial
fungibility. Also, CRISIL has treated unsecured loans from the
promoters and their relatives as neither debt nor equity as these
loans will remain in the business over the medium term.
Outlook: Stable

CRISIL believes the Somnath group will continue to benefit over
the medium term from the extensive industry experience of
promoters. The outlook may be revised to 'Positive' in case of
better-than-expected cash accruals or infusion of capital by
promoters, leading to improvement in the capital structure and
liquidity profile of the group. Conversely, the outlook may be
revised to 'Negative' in case of pressure on liquidity on account
of delays in repayments of loans/advances by farmers,
considerably low cash accrual, or significant, debt-funded
capital expenditure.

The Somnath Group is promoted by the Kolkata-based Agarwal
family, which has been engaged in providing cold storage
facilities to potato farmers and traders since 1963. The group
comprises has four cold storage companies, across West Bengal -
SCPL; CCS; HUPL and SHCSPL. CCS (incorporated in 1963), SCPL
(1984), HUPL (1986), and SHCSPL, (2003), have their cold storage
facilities at Chinsurah, Burdwan, Bankura and Dhupguri,
respectively (all in West Bengal).


CREATIVE LOOMS: CRISIL Assigns 'C' Rating to INR180MM LT Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Creative Looms and Crafts Private Limited (CLCPL) and
has assigned its 'CRISIL C' rating to the facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           180       CRISIL C (Assigned;
                                      Suspension Revoked)

CRISIL had suspended the rating on January 13, 2016, as CLCPL had
not provided the necessary information required to maintain a
valid rating. The company has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.

The rating reflects CLCPL's stretched liquidity on account of the
start-up nature of its commercial building project leading to low
revenue visibility against its debt repayment obligations and
also the company is having small scale of operations and a below-
average financial risk profile because of a highly leveraged
capital structure. However, it benefits from the extensive
experience of its promoters in the handicraft and furniture
trading industry.

CLCPL was incorporated in 1983, promoted by Mr. Rishabh Singh and
Mrs. Geeta Singh. The company trades in handicrafts and furniture
through two retail outlets in New Delhi. It has recently set up a
commercial space building in Sector 44, Gurgaon.


DEVGAN RICE: CRISIL Suspends B- Rating on INR250MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Devgan
Rice & General Mills (DRGM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              250       CRISIL B-/Stable

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

DRGM, set up as a partnership firm in 1972 by Mr. Naresh Kumar
and his family, processes non-basmati rice at its manufacturing
facility in Amritsar (Punjab).


GARG STEELS: CARE Assigns B+ Rating to INR11cr LT Loan
------------------------------------------------------
CARE assigns "CARE B+" rating to the bank facilities of Garg
Steels Jalandhar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       11       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Garg Steels (GS) is
constrained by the firm's stagnant scale of operations, low
profitability margins and weak solvency position.

The rating is further constrained by the working capital
intensive nature of operations, constitution of GS being a
partnership firm and cyclical nature of the steel industry.

The rating, however, derives strength from the experienced
promoters, long track record of operations of the entity, its
association with a reputed brand and business synergy derived
from the group concern.

Going forward, the ability of the entity to profitably scale up
its operations, improve the overall solvency position and manage
the working capital requirements efficiently will remain the key
rating sensitivities.

GS established in 2005, is a partnership firm being looked after
by Mr Suresh Garg, Mr Amit Garg and Mrs Shruti Garg who share
profit and loss in equal ratio. The firm is engaged in the
trading of steel products (CR coils, HR Coil, HR Sheets, HR
Plates, GP Sheets, etc), which find their application in steel
and allied products industry. The firm is an authorized dealer of
Steel Authority of India Limited (SAIL) and supplies products to
the customers located in Punjab. Subhash Chander & Sons (SCS), an
associate concern of GS, established in 1982, is engaged in
similar line of business as GS. Both the firms have same
customers and suppliers which enables it to procure raw material
at better terms and aids in easy generation of orders.

In FY15 (Audited; refers to the period April 01 to March 31), GS
achieved a total operating income of INR79.53 crore with PAT of
INR0.12 crore as compared with total operating income of INR79.24
crore with PAT of INR0.11 crore in FY14. In 8MFY16 (Provisional),
GS achieved an operating income of INR51 crore.


GINNI GLOBAL: CRISIL Suspends 'D' Rating on INR215MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ginni
Global Private Limited (GGPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL D
   Term Loan               215        CRISIL D

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

GGPL was established in 1989 by Ginni International Ltd (GIL) as
an investment company. Later, GGPL operated as a trading arm for
GIL's textile products. GIL is a textile company established by
Mr. Sharad Jaipuria in 1984 in Neemrana (Rajasthan). In 1999-2000
(refers to financial year, April 1 to March 31), GIL obtained
licences for setting up hydel projects in Taraila and Balsio from
the Government of HP (GoHP) under the Small Hydro Projects Self
Identified Scheme (SHPSIS). GIL transferred these licences to
GGPL in 2002.

The hydel projects are of 5.0-megawatt capacity each and are
located in the Chamba district of HP. Both the projects are run-
of-the-river projects, with the Taraila project across the
Taraila Nallah and the Balsio project across the Balsio Nallah,
both of which are tributaries of the Ravi River. Both the
projects are part of SHPSIS, under which GGPL will receive
incentives announced by GoHP and the Ministry of Non-conventional
Energy Sources (MNES) for small hydroelectric power projects.
GGPL has signed a 40-year PPA with HPSEB, at INR2.50 per unit (no
escalation clause). The Balsio Project began operations in June
2012 and the Taraila project is likely to be completed by August
2012.


GOODWILL MEDICAL: ICRA Suspends B+ Rating on INR12.5cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.50 crore
unallocated long term facilities of Goodwill Medical Centre
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


HIMGHAR UDYOG: CRISIL Assigns B+ Rating to INR60MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Himghar Udyog Pvt Ltd (HUPL, part of the Somnath
Group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Term Loan                0.9       CRISIL B+/Stable
   Working Capital
   Loan                     8.9       CRISIL B+/Stable
   Cash Credit             60.0       CRISIL B+/Stable
   Term Loan               48.0       CRISIL B+/Stable

The rating reflects the Group's below-average financial risk
profile because of small net worth and exposure to risks related
to the highly regulated and fragmented nature of the West Bengal
cold storage industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the cold storage industry.

CRISIL has combined the business and financial risk profiles of
SCPL; Unit Chinsurah Cold Storage - Bansidhar Agarwalla and Co
Pvt Ltd (CCS); Shree Hazarilal Cold Storage Pvt Ltd (SHCSPL); and
Himghar Udyog Pvt Ltd (HUPL). This is because these companies,
together referred to as the Somnath group, have a common promoter
and management, and financial fungibility. Also, CRISIL has
treated unsecured loans from the promoters and their relatives as
neither debt nor equity as these loans will remain in the
business over the medium term.
Outlook: Stable

CRISIL believes the Somnath group will continue to benefit over
the medium term from the extensive industry experience of
promoters. The outlook may be revised to 'Positive' in case of
better-than-expected cash accruals or infusion of capital by
promoters, leading to improvement in the capital structure and
liquidity profile of the group. Conversely, the outlook may be
revised to 'Negative' in case of pressure on liquidity on account
of delays in repayments of loans/advances by farmers,
considerably low cash accrual, or significant, debt-funded
capital expenditure.

The Somnath Group is promoted by the Kolkata-based Agarwal
family, which has been engaged in providing cold storage
facilities to potato farmers and traders since 1963. The group
comprises has four cold storage companies, across West Bengal -
SCPL; CCS; HUPL and SHCSPL. CCS (incorporated in 1963), SCPL
(1984), HUPL (1986), and SHCSPL, (2003), have their cold storage
facilities at Chinsurah, Burdwan, Bankura and Dhupguri,
respectively (all in West Bengal).


HINDUSTAN REFRIGERATION: CRISIL Reaffirms B+ INR110MM Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hindustan
Refrigeration Stores (HRS) continue to reflect HRS's below-
average financial risk profile marked by high total outside
liabilities to tangible networth ratio and average debt
protection metrics. These weaknesses are partially offset by its
partners' extensive experience in the refrigeration and air-
conditioning products industry, and its diversified product
portfolio and clientele.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            110       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee      1       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes HRS will continue to benefit over the medium term
from its partners' extensive industry experience and established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves because of better-than-anticipated accrual, lower-than-
expected working capital requirement, or substantial capital
infusion. Conversely, the outlook may be revised to 'Negative' if
weakening of working capital management or low cash accrual
results in deterioration in financial risk profile, especially
liquidity.

HRS, set up in 1947, trades in refrigeration and air-conditioning
products. It is a distributor of brands such as Danfoss,
Maneurop, Emerson Copeland, Emkarate, Chemplast, Bitzer, DuPont,
and Rothenberger. Its product portfolio comprises compressors,
refrigerant gases, and refrigeration components. It also sells
consumer appliances in the retail market.


INDIAN PULP: ICRA Suspends 'D' Rating on INR60.86cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR60.86 crore
term loans, INR15.93 crore cash credit and INR12.32 crore non
fund based bank facilities of Indian Pulp & Paper Private Limited
(IPPPL)1. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


J.D. PHILOMIN: CRISIL Assigns B+ Rating to INR25MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of J.D. Philomin Palaster Dhas (JDPPD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL A4
   Cash Credit              25        CRISIL B+/Stable

The ratings reflect the firm's modest scale of, and working
capital-intensive operations, and average financial risk profile.
These weaknesses are partially offset by the extensive experience
of its proprietor and established track record.
Outlook: Stable

CRISIL believes JDPPD will continue to benefit over the medium
term from the extensive experience of its proprietor in the civil
construction industry. The outlook may be revised to 'Positive'
if significant improvement in scale of operations and
profitability results in higher-than-expected cash accrual. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates due to inefficient working capital management,
delays in project execution, or pressure on operating margins
because of aggressive bidding.

Set up in 1985 in Nagarcoil, Tamil Nadu, as a proprietorship firm
by Mr. J D Philomin Palaster Dhas, JDPPD is a class 1 civil
contractor.


JAIN ABHUSHAN: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jain
Abhushan Private Limited (JAPL).


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

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

JAPL was set up as a partnership firm by Mr. Kamlesh Jain and his
father, Mr. Rajendra Kumar Jain, in New Delhi in 1998. The firm
was reconstituted as private limited company in 2008. JAPL
manufactures gold, silver, and diamond jewellery and trades in
gold bullion. Currently, the company operates two showrooms of
125 square feet (sq ft) and 300 sq ft in Chandni Chawk (New
Delhi). The promoter family has been active in the gold industry
over the past two decades. JAPL's day-to-day operations are
managed by Mr. Kamlesh Jain.


JINNAH SHAJAHAN: CRISIL Assigns B Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable/CRISIL A4' to
the bank facilities of Jinnah Shajahan Exports (JSE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Foreign Demand
   Bill Purchase            20        CRISIL A4

The ratings reflect the promoter's extensive experience in the
cashew industry and moderate financial risk profile of the firm.
These rating strengths are partially offset by the modest scale
of operations and exposure to intense competition in the cashew
industry and working capital intensive nature of operations
Outlook: Stable

CRISIL believes that Jinnah Shajahan Exports (JSE) would continue
to benefit from the promoter's extensive experience in the cashew
industry. The outlook may be revised to 'Positive', if the firm
scales up its revenues and profitability, resulting in better
than expected cash accruals. Conversely, the outlook may be
revised to 'Negative', if the firm reports lower than expected
cash accruals or in case of stretch in working capital
requirements, leading to a deterioration in its liquidity.

Set up as a proprietorship firm in 1995, JSE is engaged in the
processing of raw cashew nuts and sale of cashew kernels. The
firm is based in Kollam, Kerala and its proprietor is Ms. Zeenath
Alikunju.


KALSI BROTHERS: ICRA Lowers Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
ICRA has revised its rating on the INR15.00 crore fund based bank
facility of Kalsi Brothers to [ICRA]B+ from [ICRA]BB-. ICRA has
also reaffirmed the short term rating at [ICRA]A4 to the INR8.00
crore bank facilities of KB.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Fund Based Limits
   Long Term             15.00     [ICRA]B+; Revised

   Non Fund Based
   Limits- Short
   Term                   8.00     [ICRA]A4; Reaffirmed

The revision in the rating takes into account the liquidity
stretch faced by the company due to significant work-in-progress
inventory holdup. The rating has also been revised due to
significant decline in the operating income in 2015-16
(provisional) as the management focus was on larger orders,
constraining their execution on the existing projects, which also
is visible with very high inventory pileup. ICRA has also noted
the deteriorations in the debt coverage indicators in the 8M
2015-16 (provisional) financials. The rating also factors in the
highly fragmented and competitive nature of the industry which
has led to variability in the profitability of the company over
the past four years.

The rating derives comfort from long track record of the company,
its established business relationships with clients and timely
execution of orders in the past. The rating also notes the low
counter party risk as the orders executed by the company are for
government departments. The rating also positively factors in the
healthy profit margins of the company at the operating and net
levels.

Going forward, the firm's ability to register revenue growth by
securing new orders and timely execution of the existing order
book; sustaining the profitability and managing its working
capital cycle in an optimal manner, and maintaining adequate
liquidity would be the key rating sensitivities.

Recent Results
In 2014-15, KB reported an Operating Income (OI) of INR36.56
crore and a net profit (PAT) of INR1.87 crore as against an OI of
INR44.97 crore and a PAT of INR2.53 crore in 2013-14. In 2015-16
(8M Provisional), KB reported an OI of INR10.29 crore and a PAT
of INR0.46 crore.

Kalsi Brothers was established as a Hindu Undivided Family (HUF)
in 1983 and was converted into a partnership firm in 2004. The
firm currently has nine partners with Mr. Daljit Singh Kalsi as
the Managing Partner. The firm is located in Mohali, Punjab and
is a registered 'Class-I' contractor with various government
departments in Punjab which undertake civil construction work.
The firm handles civil, public health engineering works,
electrical, road and other allied works pertaining to housing
colonies, multi-Storied framed structure buildings, industrial
buildings, hostels, hotels, hospitals, and medical and
engineering colleges. Most of the firm's projects are in Himachal
Pradesh, Punjab and Haryana.


KAMALA TEA: CRISIL Upgrades Rating on INR128MM Loan to B-
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Kamala Tea Co Limited (KTCL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            6        CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term       98        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

   Tea Hypothecation       128        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

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

The rating upgrade reflects timely servicing of debt repayments
by KTCL from Dec 2015 onwards. Further liquidity profile of the
Company has improved aided by improvement in cash accruals,
marginal improvement in working capital cycle, and regular
infusion of funds from promoters.

The ratings continues to reflect Company's highly working capital
intensive operations and constrained financial risk profile
because of weak debt protection metrics, and exposure to risks
related to seasonality in production. These rating weaknesses are
partially offset by the extensive experience of its promoters in
the tea industry.
Outlook: Stable

CRISIL believes KTCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected profitability leading to healthy cash accrual, and
further improvement in the working capital cycle. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, sizeable working capital requirement, or
large, debt-funded capital expenditure, resulting in weakening of
liquidity

KTCL, set up in 1913, cultivates and processes tea leaves. It
produces cut, tear, and curl, and orthodox black tea in West
Bengal and Tripura. The company is managed by Mr. Sajjan Kumar
Agarwalla and his brother, Mr. Suresh Kumar Agarwalla.


KVR INDUSTRIES: CRISIL Lowers Rating on INR89.6MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KVR Industries Limited (KVRIL) to 'CRISIL D' from 'CRISIL BB-
/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             20.6       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Working Capital         89.6       CRISIL D (Downgraded from
   Term Loan                          'CRISIL BB-/Stable')

   Funded Interest          9.8       CRISIL D (Downgraded from
   Term Loan                          'CRISIL BB-/Stable')

The rating downgrade reflects KVRIL's overdrawn cash credit
facility for more than 30 days owing to its weak liquidity.

KVRIL has a modest scale of operations in the intensely
competitive and fragmented paper industry, large working capital
requirement, and a weak financial risk profile because of a
modest networth, high gearing, and weak debt protection metrics.
However, the company benefits from the extensive industry
experience of its promoters.

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.


M B TIMBER: CRISIL Suspends 'D' Rating on INR290MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
M B Timber Private Limited (MBTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL D
   Letter of Credit        290        CRISIL D

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

MBTPL was established as a partnership firm in 1991 by Mr. Ajay
Kumar Gupta and Mr. Ganga Prasad Gupta; the firm was
reconstituted as a closely held company in 2001. MBTPL trades in
timber and manufactures sawn timber.


MALAR MODERN: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Malar Modern
Rice Mill (MMRM) continues to reflect its modest scale of
operations, exposure to intense competition, and small net worth.
These weaknesses are partially offset by the extensive experience
of the firm's partners in the rice milling industry and
established distribution network.

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

   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MMRM will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if increase in scale of operations
and operating profitability leads to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
sizeable debt-funded capital expenditure, sharp decline in
revenue and profitability, or capital withdrawal weakens
financial risk profile.

Set up in 2001 as a partnership firm by Mr. P Ramasamy and his
family members in Puduvayal, Tamil Nadu, MMRM mills and processes
paddy into rice, rice bran, broken rice, and husk.


NATA DEVICES: CARE Reaffirms 'B+' Rating on INR5.0cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nata Devices India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.65      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to NATA Devices India Private Limited (NDIL)
continue to be constrained by its modest scale of operations, low
profitability margin, leveraged capital structure and weak debt
coverage indicators.

The ratings are further constrained by the working capital
intensive nature of business operations and susceptibility of its
margins to the fluctuation in the raw material prices. The
ratings, however, continue to draw comfort from the experienced
promoters coupled with the long track record of NDIL's operations
and its association with the established brand.

Going forward, the company's ability to increase its scale of
operations, improve its capital structure and efficient working
capital management shall be the key rating sensitivities.
Background NDIL was incorporated in 1991 by Mr Rajesh Nakra, and
is engaged in the trading of batteries and solar lighting
systems, viz, uninterruptible power supply (UPS), sealed
maintenance free (SMF) batteries, solar batteries, solar lighting
systems and battery chargers. The company is an authorized dealer
of Exide batteries and sells its products through a marketing
network of agents and distributors in National Capital Region
(NCR) and Punjab. NDIL has sales offices in Delhi and Mohali
(Chandigarh).

The company is ISO 9001:2008 certified for its quality
management.

For FY15 (refers to the period April 1 to March 31), NDIL
achieved a total operating income of INR16.12 crore with PBILDT
and PAT of INR1.13 crore and INR0.01 crore, respectively, as
against a total operating income of INR16.05 crore with PBILDT
and PAT of INR1.18 crore and INR0.02 crore, respectively, in
FY14. During FY16, NDIL has achieved total operating income of
INR16.80 crore till January 2016 (as per unaudited results).


NECHUPADAM CONSTRUCTIONS: CRISIL Rates INR125MM Cash Loan at B
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Nechupadam Constructions Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           55        CRISIL A4
   Cash Credit             125        CRISIL B/Stable

The ratings reflect the company's modest scale of operations in
the intensely competitive civil construction industry,
geographical concentration in revenue, below-average financial
risk profile, and working capital-intensive operations. These
weaknesses are partially offset by the extensive industry
experience of NCPL's promoter and revenue visibility due to
moderate order book.
Outlook: Stable

CRISIL believes NCPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if geographical diversity in
revenue, while improving scale of operations on a sustained
basis, results in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if revenue
and operating margins decline, or if sizeable, debt-funded
capital expenditure or delays in project execution or in
receiving payment further weakens liquidity.

Incorporated in 2004 in Cochin and promoted by Mr. K A Shaju,
NCPL undertakes civil construction works such as construction of
bridges, dams, powerhouses among others in Kerala.


PARAMJEET SAINI: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramjeet Saini & Co.
(PSC) continue to reflect the modest and fluctuating scale of
operations in the highly fragmented civil construction industry
and significant customer concentration in the business profile.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        60        CRISIL A4 (Reaffirmed)
   Cash Credit            7.5      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the proprietor, need-based funding support from promoters, and
the moderate financial risk profile.
Outlook: Stable

CRISIL believes that PSC will continue to benefit over the medium
term from the extensive industry experience of its proprietor.
The outlook may be revised to 'Positive' if an improvement in the
scale of operations, efficient management of working capital
requirements and sustained profitability result in higher cash
accrual. The outlook may be revised to 'Negative' if low cash
accrual, a large working capital requirement, or significant
debt-funded capital expenditure (capex) weaken liquidity.

Update
The revenue is estimated around INR130 million for 2015-16
(refers to financial year, April 1 to March 31) against INR256.6
million in 2014-15. CRISIL expects revenue to range around
INR210-250 million in 2016-17, based on the current order book.
However, the revenue could see significant growth in the medium
term as the company plans to bid for several projects. The
operating margin is expected to remain at 7.0-7.5 percent as most
contracts include a price escalation clause.

Lack of funds with the key customer stretched the debtor cycle in
2015-16. Thus, as on March 31, 2016, the gross current asset
(GCA) days are estimated to be around 243 days, as against 100
days on March 31, 2015. However, need-based funding support from
promoters helps the firm meet its working capital requirement. In
the medium term, debtor realisation and improved cash accrual are
likely to keep liquidity comfortable.

The financial risk profile remains healthy, characterised by
gearing and interest coverage ratio estimated at 0.6 time and
0.14 times, respectively, in 2015-16. CRISIL expects steady cash
accrual, absence of any significant, debt-funded capex and an
improved working capital cycle to keep liquidity comfortable over
the medium term too.

Established in 1997, PSC is a proprietorship firm engaged in
civil construction. The firm undertakes construction of
industrial buildings for both government and private entities in
India; it is owned and managed by Mr. Paramjeet Saini and based
in Baddi (Himachal Pradesh).


PARANKUSH FOOD: ICRA Assigns B+ Rating to INR3.68cr Term Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.68
crore1 term loan and the INR1.75 crore cash credit facility; and
a short-term rating of [ICRA]A4 to the INR0.18 crore bank
guarantee facility of Parankush Food Processing & Rice Mill (P)
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             3.68        [ICRA]B+ assigned
   Cash Credit           1.75        [ICRA]B+ assigned
   Bank Guarantee        0.18        [ICRA]A4 assigned

The ratings primarily consider the weak financial risk profile of
the company, characterised by nominal profits and cash accruals
as well as adverse capital structure, as reflected by a gearing
of around 3.51 times as on 31st March, 2015, owing to the debt-
funded initial establishment. The ratings also take into account
the intensely competitive nature of the rice milling industry,
with a large number of small players. ICRA notes the regulated
nature of the industry, which is subject to government policies
towards agro-based commodities, that are likely to keep
profitability under check, and the agro-climatic risks that can
affect the availability of paddy in adverse weather conditions.
The ratings, however, derive comfort from the promoters'
experience in the rice-trading business, which supports the
distribution network. ICRA notes PFP's healthy revenue growth
since its operations began in August 2012. The company's scale of
operations, however, continues to remain small. The ratings also
take cognisance of the stable demand prospects of the industry,
with rice being a staple foodgrain and India, the world's second
largest producer and consumer of rice.

Incorporated in August 2008, PFP started commercial operations in
August 2012 as a rice milling unit in the district of Hooghly,
West Bengal. The promoters of the company have significant
experience in rice trading. The company has a milling capacity of
72 MT per day on a double shift basis, translating into an annual
milling capacity of 21,600 MT. PFP is close to expanding its
milling capacity to 120 MT per day, which would translate into
36,000 MTPA of paddy milling capacity. The unit is expected to
start operations by end-April 2016.

Recent Results
In FY2015, PFP reported a profit after tax (PAT) of INR0.03 crore
on an operating income (OI) of INR32.55 crore, as compared to a
PAT of INR0.02 crore on an OI of INR22.50 crore in FY2014.


PERUMAL SPINNING: ICRA Reaffirms B+ Rating on INR9.75cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ outstanding
on the INR9.75 crore fund based facilities of Perumal Spinning
Mills Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term: Fund
   based facilities      9.75         [ICRA]B+ Reaffirmed

The rating reaffirmation continues to derive comfort from the
long standing experience of the promoters in the textile business
of over two decades and their established relationship with
customers which ensure revenue visibility in the future. The
rating is, however, constrained by the Company's small scale of
operations which restricts economies of scale, highly geared
capital structure, exposure of its revenues and profitability to
volatility in cotton and yarn prices and its presence in the
medium count segment in a highly fragmented spinning industry,
where high competition coupled with low product differentiation
limits pricing flexibility. The rating is further constrained by
the weak financial profile characterized by net losses, high
gearing and high working capital intensity. Going forward, the
ability of the Company to improve its scale of operations and
profitability while efficiently managing its working capital
intensity remain the key rating sensitivity.

PSMPL, incorporated in 1989 by Mr. S. Perumal, is primarily
engaged in manufacture of cotton yarn. The Company produces
medium counts of carded / combed yarn (in the count range of 40s
to 60s) and supplies primarily to domestic garment manufacturers.
The Company operates with an installed capacity of 14,112
spindles and its manufacturing facility is located in Salem
(Tamil Nadu). The Company is closely held by Mr. P Ashokaraman
(son of Mr. S Perumal) and his son.

Recent Results
PSMPL reported a net loss of INR0.1 crore on an operating income
of INR28.9 crore in 2014-15, as against a net profit of INR0.2
crore on an operating income of INR33.8 crore for 2013-14.


PITHAMPUR PETRO: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Pithampur Petro Pharma Private Limited
(PPPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B+/Stable
   Long Term Loan           20        CRISIL B+/Stable

The rating reflects PPPPL's below-average financial risk profile
because of small networth, high total outside liabilities to
tangible networth ratio, and subdued debt protection metrics. The
rating also factors in modest scale of operations, and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by extensive entrepreneurial
experience of the company's promoters, and its established
relationships with customers and suppliers.
Outlook: Stable

CRISIL believes PPPPL will continue to benefit over the medium
term from its established market position in the bitumen
industry. The outlook may be revised to 'Positive' in case of
substantial revenue growth along with stable profitability and
capital structure, or considerable increase in networth because
of sizeable equity infusion. Conversely, the outlook may be
revised to 'Negative' if revenue and profitability decline
significantly, or if financial risk profile deteriorates due to
increased working capital borrowings or debt-funded capital
expenditure.

PPPPL, incorporated in 2000 and based in Dhar, Madhya Pradesh,
manufactures bitumen for sale in the domestic market. Mr. Pravin
Jain and his brother Mr. Shailesh Jain manage its operations.


QUADROS AUTOMARK: CARE Cuts Rating on INR10.68cr LT Loan to D
-------------------------------------------------------------
CARE revised the ratings assigned to the bank facilities of
Quadros Automark Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.68      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Quadros Automark Private Limited (QAPL) factors in the
ongoing delays in interest servicing on the bank facilities on
account of stressed liquidity.

Quadros Auto Mark Private Limited (QAPL) incorporated in the year
2012 and is authorized dealer for Renault India Private Limited
(Renault) and covers the south Goa region. QAPL is promoted by Mr
Evencio Quadros and Mr Ramchandra Shirodlar and are first
generation entrepreneurs. QAPL being an authorised dealer for
Renault, also provides its spares and services by virtue of being
a '3-S' dealer. The promoters of the company have more than one
and half decades of experience in this industry. QAPL has its two
showrooms located at Mapusa (operational since FY13 onwards) &
Panjim and one service facility located at Verna in South Goa.
The showroom in Panjim was purchased in FY14 with a total project
cost of about INR6.10 crore setting up the showroom. The same was
funded with a bank debt of INR4.35 crore and balance was funded
with the unsecured loans from directors.

QAPL has three other group concerns engaged in similar nature of
operations viz; M/s Quadros Moto Ride is an authorised dealer for
Yamaha Motor Company Limited, M/s Qudaros Motocorp Co, is an
authorized dealer for Piaggio Vehicles Private Limited and
Quadros Motors Private Limited (QMPL) which is an authorized
dealer for Suzuki Motors India Private Limited.
However, QAPL has surrendered the dealership of Renault India
Private Limited (Renault) and acquired the dealership of
Hyundai Motors.


RANA STEELS: CARE Cuts Rating on INR26.64cr LT Loan to B+
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Rana Steels India Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     26.64      CARE B+ Revised from
                                            CARE BB

   Long term/Short-term Bank      4.00      CARE B+/CARE A4
   Facilities                               Revised from CARE BB/
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Rana Steels India Limited (RSIL) factors in the discontinuation
of operations at three of the four manufacturing units and
stressed liquidity position due to decline in the overall
financial risk profile in FY15 (refers to the period April 1 to
March 31) characterized by decline in its total operating income,
and operating and cash losses leading to stressed debt coverage
indicators. The ratings further continue to remain constrained by
the small scale of operations, susceptibility of its margins to
fluctuation in steel prices, working capital intensive nature of
operations and its presence in a highly competitive and
fragmented industry.

The ratings also factor in the subdued environment in the iron &
steel industry.

The ratings, however, continue to favourably take into account
the experience of the promoters in the iron and steel industry
and assured business from the group companies.

Going forward, RSIL's ability to profitably scale up its
operations along with effective working capital management in the
subdued industry scenario shall be a key rating sensitivities.
Muzaffarnagar-based (Uttar Pradesh) RSIL, was initially
incorporated in 1992 under the name K. K. Steels Limited by
MrKadirRana, as a closely-held company. In 2009, the company was
renamed to its current name. RSPL is part of "Rana Group" which
has diversified business such as rolling mills, induction
furnaces, paper mill, sponge iron plant and refractory plant.
RSPL is engaged in the manufacturing of Mild Steel (M.S.) angles,
T-Iron, channels, bars and rounds. The company procures the key
raw materials, ie, iron scrap, sponge iron and billets directly
from units located in Orissa and Jharkhand. RSIL sells its
products under the brand name of "RANA". The company sells its
products to in Delhi and UP through a network of distributors and
dealers.

The group associates of RSIL include Radiant Bar Limited (rated
'CARE BB/CARE A4'), Shah Concast Private Limited (rated 'CARE
B+/CARE A4') which are engaged in similar line of business.
RSIL achieved a total operating income (TOI) of INR73.63 crore
with operational loss and net loss of INR2.99 crore and INR6.41
crore, respectively, in FY15 (refers to the period April 1 to
March 31), as against TOI of INR85.85 crore with operating profit
and net profit of INR6.76 crore and INR0.56 crore, respectively,
in FY14. In 11MFY16 (refers to the period April 1 to January 31),
RSIL has achieved total operating income of INR25.11 crore (as
per unaudited results).


S.K. SOLVENT: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of S.K. Solvent India Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                30        CRISIL B+/Stable
   Cash Credit              40        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B+/Stable

The rating reflects exposure to risks relating to nascent stage
of operations, adverse government regulations, and volatility in
raw material prices. These weakness are partially offset by
extensive experience of the promoters in the oil extracting
industry.

Outlook: Stable

CRISIL believes SKSIPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if higher operating income and cash
accrual, and efficient working capital management strengthen key
credit metrics. Conversely, the outlook may be revised to
'Negative' if low revenue and cash accrual, stretch in working
capital cycle, or any large capital expenditure weakens financial
risk profile.

Incorporated in 2010, SKSIPL extracts rice bran oil at its
facility in Raigarh, Chhattisgarh. The unit has capacity of about
300 tonnes per day. Operations commenced in January 2016. Key
promoters, Mr. Vishu Prasad Agarwal and Mr. Atul Agarwal, look
after daily operations.


SABITRI RICE: CRISIL Cuts Rating on INR90MM Cash Loan to 'C'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sabitri Rice Mills Private Limited (SRMPL) to 'CRISIL C/CRISIL
A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            1        CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Cash Credit              90        CRISIL C (Downgraded from
                                      'CRISIL BB/Stable')

   Proposed Long Term        7        CRISIL C (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

The downgrade reflects SRMPL's delay in meeting obligation on
debt not rated by CRISIL. The company has weak liquidity, and its
cash accrual will be tightly matched with debt obligation over
the medium term.

SRMPL has a below-average financial risk profile because of small
networth and weak debt protection metrics, and large working
capital requirement. However, the company benefits from extensive
experience of its promoter in the rice industry, and its healthy
operating efficiency.

SRMPL, promoted by Mr. Dilip Kumar Agarwalla in 2007 and based in
Karanjia, Odisha, processes paddy into raw and parboiled rice. It
also sells broken rice and rice bran, which are by-products of
the milling process.


SADGURU RAGHAVENDRA: CRISIL Suspends B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s
Sadguru Raghavendra Industries (SRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               30       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility         5       CRISIL B+/Stable
   Term Loan                 25       CRISIL B+/Stable

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

SRI, set up in 2012, is based in Jadcherla (Telangana). It mills
and processes paddy into rice, rice bran, broken rice, and husk.
Its day-to-day operations are managed by Mr. A Manohar and Mr. P.
Srinivasa Reddy.


SAI ENGINEERING: ICRA Assigns B+ Rating to INR35cr Term Loan
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the
INR35.00 crore fund based facilities of Sai Engineering
Foundation.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   Term Loan             35.00       [ICRA]B+; Assigned

ICRA's rating factors in SEF's modest scale of operations, with
revenues witnessing a decline in the past few years on account of
limited inflow of new orders. The rating also takes into account
SEF's increasing working capital requirements driven by an
elongated receivables cycle. The rating is also constrained by
the high debt funded capital expenditure planned by SEF in the
near to medium term, which is expected to affect its capital
structure adversely. With limited cushion available between the
cash accruals and expected debt repayments of the entity, there
could be cash flow mismatches in any year of weak generation.
However, the rating is supported by SEF's long track record of
operations and the experience of the promoters in the
construction as well as power generation sectors. Further, the
rating also derives comfort from SEF's off take arrangement with
the Himachal Pradesh State Electricity Board (HPSEB) for a tenure
of 40 years, for existing projects, which provides revenue
visibility due to the competitive tariff of the projects.

Going forward, SEF's ability to increase its order book in the
construction segment and to adequately fund and commission the
upcoming projects while meeting the design performance
parameters, thereby leading to a sustained improvement in
liquidity, will be the key rating drivers.

Sai Engineering Foundation (SEF) is a voluntary organisation
registered in accordance with the Societies Registration Act XXI
of 1860. It is engaged in providing technical consultancy,
planning, detailed engineering and implementation of
infrastructure projects like buildings, complexes, roads, hydro-
electric and solar power projects, with a special focus on hydro
power projects. It has executed a number of power projects in
Himachal Pradesh for government entities as well as private
developers. The entity has also been allotted six hydro projects
for which it looks after the operations and maintenance as well.

Recent Results
SEF reported a net profit of INR0.92 crore on an operating income
of INR29.59 crore in FY15 as compared to a net profit of INR2.92
crore on an operating income of INR58.52 crore in the previous
year.


SARASWATIPUR TEA: ICRA Reaffirms 'B' Rating on INR9.55cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR9.55
crore1 (enhanced from INR9.00 crore) cash credit facility,
INR0.79 crore (enhanced from INR0.00 crore) term loan facilities
and INR0.06 crore (reduced from INR0.70 crore) unallocated limit
of Saraswatipur Tea & Industries Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund-Based Limit
   Cash Credit           9.55       [ICRA]B re-affirmed

   Fund-Based Limit
   Term Loan             0.79       [ICRA]B re-affirmed

   Unallocated           0.06       [ICRA]B re-affirmed

The rating reaffirmation takes into account the company's weak
financial profile, reflected by an adverse capital structure and
volatile profitability during the last three financial years.
Moreover, the increase in wage rates is likely to adversely
impact the profitability in the near term. The rating also
factors in the dependence of the company on purchased leaves for
its bought leaf operations, which increases the risk related to
the availability and quality of green leaves. The ratings also
consider the risks associated with an agricultural commodity like
tea, being dependent on the agro-climatic conditions and also the
inherent cyclicality of the fixed cost intensive tea industry
that leads to variability in profitability and cash flows of bulk
tea producers such as STIL. A single garden located in
Jalpaiguri, along with the moderate scale of operations, further
accentuates this risk for the company.

The ratings, however, favourably factor in the experience of the
promoters in the domestic bulk tea industry, and favourable long-
term outlook for the domestic bulk tea industry.

Saraswatipur Tea & Industries Ltd. (STIL) was incorporated in
1917 and has a tea garden in the Jalpaiguri district of West
Bengal, with an area of around 1187 acres under tea. The company
primarily produces the CTC variety of tea, which it sells in the
domestic market through a mix of auction and private sales,
depending upon market conditions. It also produces green tea,
though the proportion remains small at present. Apart from
producing tea from its own garden, the company also has bought
leaf operations with almost 45% of the total tea produced being
from bought leaves.

Recent Results
During FY2015, the company reported a net profit of INR0.1 crore
on an operating income of INR18.9 crore; compared to a net loss
of INR1.5 crore, on an operating income of INR15.9 crore in
FY2014. In H1 FY2016, the company reported an operating income of
INR8.0 crore (provisional).


SATYAM KRISHNA: ICRA Suspends 'D' Rating on INR6.5cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR6.50 crore term loan of Satyam Krishna Infraproject
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SHREE JAGDAMBA: ICRA Assigns B/A4 Rating to INR11.5cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the INR11.50 crore Cash Credit against
pledge of Warehouse Receipt fund-based facility of Shree Jagdamba
Poultry Private Limited.

                          Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Union Bank of India     11.50     [ICRA]B/[ICRA]A4 assigned
   Cash Credit against
   pledge of Warehouse
   Receipt Limit

The assigned ratings of SGP takes into account the weak financial
profile as indicated by modest scale of operations, leveraged
capital structure, weak coverage indicators and net losses
incurred in FY2015. The ratings are further constrained by the
susceptibility of operations in the poultry segment to risks of
disease (bird flu) outbreaks, seasonality in demand, limited
pricing flexibility and presence in the fragmented industry with
presence of numerous unorganised players. With significant
revenue (~75% of the total revenues) currently being generated
from the trading segment (maize, paddy, soya, poultry feed etc.),
there is susceptibility of margins to commodity price
fluctuations. The ratings, however, favourably factor in the long
standing experience of promoters in the poultry industry.

ICRA expects SJP to record muted y-o-y revenue growth in FY2016
on account of weak performance by the poultry segment as the
operations remained shut for an interim period due to the bird
flu outbreak. The Government has issued advisory to all affected
states to contain the outbreak which restricted the access to the
infected premises by providing standard operating procedures for
culling and disposing of birds and infected materials, among
other activities for almost two quarters of FY2016. Cases of
outbreak of Bird Flu as has happened in FY2015 and FY2016, in
Amethi (Uttar Pradesh), Bhopal (Madhya Pradesh), Telangana, parts
of Chattisgarh and Maharashtra adversely affects the company's
poultry operations leading to inventory (livestock) losses and
lower revenues from this segment.

In the near term, ICRA expects trading revenue share to be
significant while the revenue from the poultry segment will
remain range bound as the annual capacity of layers (0.66 lakh)
is expected to remain the same. No augmentation in the layers
capacity is marked in the near to medium term, as the operations
are severely impacted by bird-flu outbreaks given that India on
an average witnesses bird flu outbreaks frequently at a gap of
six to eight months resulting in ban on poultry products. With
significant revenue share from the trading segment, the capital
structure is expected to remain leveraged due to high borrowings
(loan against warehouse receipts) against the trading stock
maintained in business.

Incorporated in 2001 and promoted by Mr. Rakesh Singh, Shree
Jagdamba Poultry Private Limited (SJP) is a family managed
company engaged in the production of table eggs and trading of
paddy, maize, wheat, rice, animal and poultry feed. Based out of
Nagpur, the company is operating 6 sheds on a 5 acre land and has
a capacity of around 0.66 lakh layers and produces about 0.59
lakh eggs in a day. In the trading segment, the company sources
the trading products Pan India which are sold to distributors and
traders based out of Nagpur.

The company's sister concern; Maa Gauri Poultry Private Limited a
family managed company is engaged in the production of table eggs
and trading in wheat, rice, paddy, animal and poultry feed. Based
out of Nagpur, the company is operating 16 sheds on a 28 acre
land and has a capacity of around 1.50 lakh layers.

Recent results
SJP recorded a net loss of INR0.05 crore on an operating income
of INR24.70 crore for the year ending March 31, 2015.


SHRI VENKATESHWARA: ICRA Suspends B+ Rating on INR12cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.00 crore
long term fund based facilities of Shri Venkateshwara Agro
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

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


SOCIETY FOR DEVELOPMENT: CRISIL Suspends D INR120.9MM Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Society
for Development of Human Resources (SDHR).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               120.9      CRISIL D

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

SDHR was setup in 2008 by Mr. B K Bhuyan. The society runs an
institute of technical education under the name, Delhi Technical
Campus, in Bahadurgarh (Haryana) offering management and
engineering courses. The institute is approved by the All India
Council for Technical Education, and is affiliated to MD
University in Rohtak (Haryana). Presently, the institute is
managed by Mr. Parvesh Kumar, who is the chairperson.


SOMNATH COLD: CRISIL Assigns B+ Rating to INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Somnath Cold Storage Private Limited
(SCPL; part of the Somnath group).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Working Capital Loan      19.9       CRISIL B+/Stable
   Long Term Loan            25         CRISIL B+/Stable
   Bank Guarantee             3.7       CRISIL A4
   Cash Credit               80.0       CRISIL B+/Stable

The rating reflects the Group's below-average financial risk
profile because of small net worth and exposure to risks related
to the highly regulated and fragmented nature of the West Bengal
cold storage industry. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the cold storage industry.

CRISIL has combined the business and financial risk profiles of
SCPL; Unit Chinsurah Cold Storage - Bansidhar Agarwalla and Co
Pvt Ltd (CCS); Shree Hazarilal Cold Storage Pvt Ltd (SHCSPL); and
Himghar Udyog Pvt Ltd (HUPL). This is because these companies,
together referred to as the Somnath group, have a common promoter
and management, and financial fungibility. Also, CRISIL has
treated unsecured loans from the promoters and their relatives as
neither debt nor equity as these loans will remain in the
business over the medium term.
Outlook: Stable

CRISIL believes the Somnath group will continue to benefit over
the medium term from the extensive industry experience of
promoters. The outlook may be revised to 'Positive' in case of
better-than-expected cash accruals or infusion of capital by
promoters, leading to improvement in the capital structure and
liquidity profile of the group. Conversely, the outlook may be
revised to 'Negative' in case of pressure on liquidity on account
of delays in repayments of loans/advances by farmers,
considerably low cash accrual, or significant, debt-funded
capital expenditure.

The Somnath Group is promoted by the Kolkata-based Agarwal
family, which has been engaged in providing cold storage
facilities to potato farmers and traders since 1963. The group
comprises has four cold storage companies, across West Bengal -
SCPL; CCS; HUPL and SHCSPL. CCS (incorporated in 1963), SCPL
(1984), HUPL (1986), and SHCSPL, (2003), have their cold storage
facilities at Chinsurah, Burdwan, Bankura and Dhupguri,
respectively (all in West Bengal).


SUN HOSPITALITY: ICRA Lowers Rating on INR13cr Term Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR13.00
crore fund based facilities of Sun Hospitality and Service
Apartments Private Limited from [ICRA]B to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             13.00        Downgraded to [ICRA]D

The rating downgrade takes in to account the delays in debt
servicing by the company on account of lower than anticipated
sales and construction delays in its ongoing real estate
projects.

Incorporated in April 2010, Sun Hospitality and Service
Apartments Private Limited is a closely held private limited
company, based out of Mumbai, Maharashtra. The company is
currently executing two projects in Goa: One of the projects is
residential project while the second project involves the
development of retail, commercial and hotel space.

The company is a part of Sun Group, a group of companies engaged
in real estate development in cities such as Goa, Lonavala, Pune
and Virar. The group has completed the development of ~2.76 lakh
sq. ft. of real estate development, since its inception in 2005.
The focus of the company has been on construction of holiday
home/second home, villas, bungalows and apartments in the past
few years.


TANTIA RAXAULTOLLWAY: CARE Cuts Rating on INR204.51cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to bank facilities of Tantia
Raxaultollway Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     204.51     CARE D Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Tantia Raxaultollway Pvt Ltd (TRPL) takes into account
significant delay in project execution, project cost overrun,
delay in release of grant leading to stretched liquidity position
and delay in servicing debt obligation.

TRPL, incorporated in January 2011, is a special purpose vehicle
(SPV) formed to undertake the development and operation of a road
project in the state of Bihar. TRPL has been promoted by Tantia
Infrastructure Pvt Ltd (TIPL - 48%), Tantia Constructions Ltd
(TCL -26%) and Jiangsu Provisional Engineering Transportation
Group Co. Ltd ( Jiangsu - 26%) to undertake two-laning of
Piprakothi-Motihari- Raxaul section of NH-28A from 0.600 Km to
62.064 Km and construction of two-lane link road from 62.064 Km
to Integrated Check Post (ICP- 7.33 Km length) Raxaul on Design-
Build-Finance- Operate-Transfer - Toll basis. The Concession
Agreement (CA) was executed between TRPL and National Highways
Authority of India (NHAI) on April 15, 2011, for a concession
period of 20 years (inclusive of a Construction period of two and
a half years) from the appointed date (October 10, 2011).

The original COD of April 2014 was extended till March 2016 and
the company has now approached NHAI for further extension till
March 2017. The project execution has been delayed in view of
non-availability of balance ROW, clearance from various
departments for shifting of utility, and delay in receiving
grants from NHAI. The revised project cost of INR563.73 crore is
expected to be further revised in view of delay in the project
execution entailing higher IDC and EPC cost. The revised project
cost shall be funded at a debt equity ratio of 0.91:1. The
company has so far received INR116.71 crore of grant from NHAI.
The company is facing stretched liquidity position leading to
delay in servicing of debt obligation on project loan. Repayment
of the loan is expected to commence from June 2016.


TRUE VALUE: CARE Assigns 'B' Rating to INR200cr NCD Issue
---------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the proposed ncd
issue and bank facilities of True Value Homes (India) Private
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Proposed Non-Convertible
   Debenture issue                200       CARE B Assigned

   Short-term Bank facilities      20       CARE A4 Assigned

Rating Rationale

The ratings assigned to the facilities of True Value Homes
(India) Private Limited (TVH) are constrained by the nascent &
pre-approval stage of 'TVH Entelechy' its proposed residential
project and the associated implementation & saleability risk. The
ratings also factors in the stretched liquidity position of TVH
and the high execution & saleability risk associated with its
other ongoing projects.

The ratings, however, draw strength from the experience of the
promoters and group's established track record in the real estate
sector.

Going forward, ability of the company to manage is liquidity
requirements, successfully complete its ongoing projects within
the envisioned cost and attract customers for its existing
projects are key rating sensitivities.

Chennai based TVH is engaged in the development and sale of
residential and commercial real estate properties in Chennai and
Coimbatore. As on January 2016, the company has executed 5
commercial and 27 residential projects with a total sale area of
about 5.25 million square feet (msf). As on the same date, the
group has executed projects with a total sale area of 7.1 msf. As
on December 31, 2015, the company has 7 ongoing projects with a
total saleable area of 4.90 msf and the proposed project - 'TVH
Entelechy' has a total saleable area of 0.61 msf spread over 143
units. The project is located in Kotturpuram, Chennai.


TURBOATOM-TPS PROJECTS: CRISIL Rates INR280MM Term Loan at B-
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Turboatom-TPS Projects Limited (TTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                280       CRISIL B-/Stable

The rating reflects the susceptibility to risks related to
project implementation and stabilisation of operations, and
client concentration in the revenue profile. These rating
weaknesses are partially offset by the extensive experience of
promoter in the power industry and revenue visibility supported
by its power purchase agreement with Maharashtra State
Electricity Distribution Co Ltd.
Outlook: Stable

CRISIL believes TTPL will maintain its credit risk profile over
the medium term, given the promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
successful project completion, coupled with strong revenue,
profitability, and an improved working capital cycle. Conversely,
the outlook may be revised to 'Negative' if delays in project
completion or low revenue or profitability, or any larger-than-
expected, debt-funded capital expenditure, or a stretch in the
working capital cycle weakens the financial risk profile and debt
protection metrics.

TTPL was setup in April 2002 by Mr. B R Oberai. It proposes to
install an 8-megawatt (MW) biomass (agro residues such as cotton,
tur, and soyabean stalks) power plant at Talegaon village in
Wardha. The company has got approval for 12 MW from MEDA
(Maharashtra Energy Development Agency); it will first install 8
MW in phase I.


YADAV SOLVEX: CRISIL Suspends 'B' Rating on INR82.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Yadav Solvex Pvt. Ltd. (YSPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Cash Credit             47.5        CRISIL B/Stable
   Term Loan               82.5        CRISIL B/Stable

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

YSPL, incorporated in 2003, is setting up a rice milling unit
with milling capacity of 8 tonnes per hour (tph) and sorting
capacity of 6 tph. The manufacturing facility is based in Muktsar
(Punjab) and promoted by Mr Bhagwan Singh and his family.


ZARINA LEATHER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Zarina Leather Exports (ZLE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         10        CRISIL A4
   Cash Credit              60        CRISIL B+/Stable
   Packing Credit            9        CRISIL A4
   Proposed Cash
   Credit Limit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       21        CRISIL B+/Stable

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

ZLE, set up in 1993, derives its revenues from the manufacture of
semi-finished leather. The firm's day-to-day operations are
managed by Mr. Abdul Rahim.


ZEVRAAT: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Zevraat.

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

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

Zevraat is a partnership firm set up in 1990 by Mr. Rakesh Narang
and his brother Mr. Mukesh Narang, who oversee its daily
operations. The firm manufactures gold, silver, and diamond
jewelry and trades in gold bullion. It has showrooms at Yamuna
Nagar in New Delhi and in Chandigarh.


* INDIA: Parliament Approves Bankruptcy Bill
--------------------------------------------
Manoj Kumar at Reuters reports that India's upper house of
parliament passed a new bankruptcy code on May 11, as the
opposition swung behind measures to take tougher action against
corporate defaulters and help banks recover over $120 billion in
troubled loans.

Reuters notes that Prime Minister Narendra Modi, who completes
two years in office this month, had promised to introduce the
code to address bank debts and improve ease of doing business in
Asia's third largest economy.

The report says India's efforts to clip the wings of high-profile
debtors suffered a setback in March when tycoon Vijay Mallya flew
to London as bankers pressed him to repay about $1.4 billion owed
by his defunct Kingfisher Airlines.

According to Reuters, the insolvency and bankruptcy code, earlier
passed by the lower house, will strengthen hands of lenders to
recover outstanding debts by setting a deadline of 180 days for
companies to pay or face liquidation.

"This is something which should put company promoters on guard,"
Reuters quotes M.R. Umarji, adviser to the Indian Banks'
Association, as saying. "They will think twice before committing
a default."

He said the bankers could initiate provisions of the law in
ongoing default cases once the insolvency court and other
required institutions were set up, the report relates.

Reuters notes that the World Bank estimated that winding up an
ailing company in India typically takes four years, or twice as
long as in China and Russia, with an average recovery of
25.7 cents on the dollar, one of the worst rates in emerging
markets.

Under the new law, a debtor could be jailed for up to five years
for concealing property or defrauding creditors, Reuters says.
Bankrupt individuals would be barred from contesting elections as
well.

According to Reuters, bankers said the courts are usually
reluctant to sign "death warrants" against defaulting companies
to safeguard jobs, often resulting in delays in winding-up
procedures and poor loan recoveries.

Reuters says the new law virtually empowers creditors to decide
whether a defaulter is declared insolvent or not, though legally
their decision could still be challenged in the higher courts.

Currently, over 70,000 liquidation cases are pending in debt
recovery tribunals and courts, Reuters discloses.

Nikhil Shah, managing director of a consulting firm Alvarez &
Marsal in India, said the law could unlock billions of dollars
stuck in ailing firms but will not be easy to implement due to
India's cumbersome legal system, adds Reuters.



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


INDONESIA AIRASIA: Govt Threatens to Shut Default-Prone Airlines
----------------------------------------------------------------
Anton Hermansyah at The Jakarta Post reports that the
Transportation Ministry has given airlines with assets valuing
less than their outstanding loans a September deadline to receive
capital injections or merge with healthy airlines. Noncompliance
could see their operating permits revoked, the report says.

According to the report, the Ministry's data revealed that there
were only three aviation companies with negative equity:

-- Indonesia AirAsia (owned by AirAsia Malaysia);
-- ASI Pudjiastuti Aviation (owned by Maritime Affairs and
    Fisheries Minister Susi Pudjiastuti); and
-- Asia Link Cargo (owned by a Malaysian company).

If they failed to achieve positive equity in August, their
license would be frozen. If the situation remained unchanged in
September, the license would be revoked, said the Transportation
Ministry's air transportation general director Suprasetyo, the
report relays.

"We are monitoring them and have suggested solutions, including
merger. We have received a letter from Indonesia AirAsia stating
that they would merge with Indonesia AirAsia X," the report
quotes Suprasetyo as saying.

According to The Jakarta Post, Indonesia AirAsia has suffered
losses in the last two years. In a letter to the ministry, the
airline stated that the surviving company would be Indonesia
AirAsia X. "We received the letter last week. Our concern is this
merger must not disturb the operations," he said.

The Jakarta Post says the ministry last year obliged all airlines
to submit their audited financial statements. In 2015, 13
airlines reported negative equity, including Indonesia AirAsia,
Batik Air, Cardig Air, Asialink Cargo Airlines, Trans Wisata
Prima Aviation, Eastindo Services, Air Pasifik Utama, Jhonlin Air
Transport, Ersa Eastern Aviation and Tri MG Intra Asia, the
report discloses.

This year, 45 of 61 airlines operating in Indonesia have
submitted their financial statements. Of those that have not yet
submitted their statements, 11 airlines asked for extra time to
audit their reports, while the other five have provided no
reasons for not yet submitting the documents, according to The
Jakarta Post.

"Aviation is a high profile business, with rather low profit
margins. If you want a low profile business with an extremely
high profit margin, selling cellphone credit might be a better
choice for you," Suprasetyo, as cited by The Jakarta Post, said.



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


MITSUBISHI MOTORS: At Least Two More Models Involved in Scandal
---------------------------------------------------------------
Kazuaki Nagata at The Japan Times reports that Mitsubishi Motors
Corp. said on May 11 it may have falsified data for the fuel
efficiency tests of more vehicle models, including the nine
models sold currently and in the past on top of the four already
identified

While manipulated data may have been used, the Tokyo-based
automaker said it has conducted proper tests on the nine models,
including the RVR model, and that the actual fuel efficiency
figures are not so different from the ones already advertised.
Mitsubishi plans continue selling them, the report says.

The Japan Times relates that as soon as the scandal broke last
month, Mitsubishi stopped manufacturing and selling the affected
four minicars: the eK Wagon, eK Space, Dayz and Dayz Roox, saying
that the fuel efficiency gap was up to 10 percent.

The firm revealed on May 11 that the gap was actually up to
15 percent, the report relays.

According to the report, Mitsubishi said it may have submitted
fuel economy figures for the RVR model based on calculations
rather than the tests required by Japanese regulations.

The report relates that the firm said it is still investigating
the matter and will submit more concrete details to the transport
ministry by May 18.

Osamu Masuko, chief executive officer and board chairman of
Mitsubishi Motors, made a public apology at a news conference,
says The Japan Times.

Asked whether he would step down from the post, Mr. Masuko said
that for the time being he would not, according to The Japan
Times.

"As for the management responsibility, I don't think I can avoid
facing that by saying I didn't know" that his employees ignored
the regulations, the report quotes Mr. Masuko as saying.  "There
are various ways to take a responsibility, and I believe getting
the company on a stable path is one way to do it," he added,
indicating he intends to stay in his post.

The report says the company was under pressure on May 11 to meet
a transport ministry deadline requiring it to provide further
details.

The Japan Times, citing a report on the data falsification for
the four minicars, relates that the firm said people in charge
were apparently under pressure to meet the fuel efficiency goal
that had been raised five times from 26.6 km per liter to 29.2 km
to compete with rival makers.

But the ministry officials said many things were still unclear,
such as whether the data manipulation was conducted for other
models, The Japan Times relays.

Fuel economy is a determining factor in a government incentive
program that offers tax breaks for owners of green cars.

Having come under fire in the past for covering up recall-linked
problems, Mitsubishi Motors' compliance is being further
questioned over the latest scandal, which is expected to be more
than a fender bender for the company's balance sheet as the
automaker has reported a halving of orders.

The Japan Times adds that the firm is likely to face compensation
claims from car buyers and the government, which subsidizes
environmentally friendly cars depending on their economy figures.
It may also face claims from Nissan Motors Co., which assembled
the Dayz and Dayz Roox.

                       About Mitsubishi Motors

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

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, The Japan Times said Mitsubishi abstained from
releasing a forecast for fiscal 2016 on on April 27 as a scandal
involving falsified fuel efficiency figures threatened to be a
road wreck for the automaker.

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

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


TAKATA CORP: Posts JPY13.8 Billion Annual Net Loss
--------------------------------------------------
Japan Today reports that Takata said on May 11 it logged an
annual net loss of JPY13.8 billion ($120 million), as the company
struggles with a massive recall crisis over exploding airbags
tied to 13 deaths in the United States and Malaysia.

The report relates that U.S. auto safety regulators last week
ordered Takata to recall between 35 million and 40 million
airbags installed in U.S. cars, in a push for the replacement of
dangerously explosive inflators.

The decision came after the National Highway Traffic Safety
Administration concluded that the inflators are prone to
ruptures, adding to nearly 29 million Takata airbags already
recalled in the U.S., Japan Today notes.

Some 50 million have been recalled globally, says Japan Today.

In the business year to March, Takata said it reported the net
loss after several forecast downgrades, according to Japan Today.

According to the report, the company posted a special loss linked
to the airbag recall problem, including a penalty levied in the
United States, it said in a statement.

It had originally expected a net profit of JPY5 billion for
fiscal 2015, while logging a net loss of JPY29.56 billion a year
earlier, Japan Today relates.

The company, however, said it is forecasting net profit of
JPY13 billion in the current fiscal year to March 2017, but did
not initially offer an explanation for the optimistic
expectation, the report relays.

Japan Today notes that US investigators have tied accidents in
which airbag inflators ruptured, sending shrapnel into car
drivers and passengers, to the deterioration of the inflators'
ammonium nitrate propellant under high humidity and fluctuating
heat conditions.

More than 100 incidents and 10 deaths have been linked to the
issue in the United States, the report says.

The latest was a 17-year-old Texas teenager who died from
injuries sustained on March 31, after her 2002 Honda Civic
collided with another car, activating a defective Takata airbag,
adds Japan Today.

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.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/--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 O U T H  K O R E A
====================


DONGBU CORP: Keystone Private Picked as Preferred Bidder
--------------------------------------------------------
The Korea Herald reports that U.S.-based Keystone Private Equity
has been selected as the preferred bidder for Dongbu Corp.

The report says the Korean midsized builder has been looking for
a new owner since it started a debt workout program in July last
year.

Reports said that at the final bidding, Keystone Private Equity
offered a bidding price that was KRW10 billion higher than United
Asset Management Corp.'s, which specializes in managing
nonperforming loans, The Korea Herald relates. The sales price is
speculated to be around KRW200 billion, they said.

The Korea Herald says the final deal needs approval of the court,
prior to an agreement among creditors of Dongbu Corp. The
creditors are Korea Development Bank, Woori Bank, KEB Hana Bank,
Kyongnam Bank and NongHyup Bank.

According to The Korea Herald, the construction company had
opened a bid in August last year and selected Pine Tree
Investment and Management as the preferred bidder in October.
However, the two sides failed to close the deal in December.

Hyundai Securities and Samil PwC are managing the sale of the
builder, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 2, 2015, Yonhap News said Dongbu Corporation, a financially
troubled construction arm of South Korea's 18th-largest
conglomerate Dongbu Group, said on Dec. 31, 2014, it has filed
for court receivership.

The builder has accumulated debts totaling KRW137 billion
(US$125.9 million) due to mature by the end of 2016, with retail
investors accounting for KRW23 billion, Yonhap disclosed.



                             *********

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

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

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


                            *********


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

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

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

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

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



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