TCRAP_Public/160520.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 20, 2016, Vol. 19, No. 99


                            Headlines


A U S T R A L I A

INNOVATIVE AIR: First Creditors' Meeting Set For May 27
JAYDEE PTY: First Creditors' Meeting Set For May 27
OAKVILLE PRODUCE: Potato Supplier Up For Sale


C H I N A

CEETOP INC: Delays Filing of March 31 Form 10-Q


I N D I A

A2K EPIC: ICRA's 'B' Rating on INR19cr Loan on Withdrawal Notice
ANDHRA PRADESH: ICRA Reassigns 'D' Rating on INR300cr Loan
ANGRISH ALLOYS: ICRA Suspends 'B' Rating on INR5.44cr LT Loan
ATTAPPADI NURSERIES: CRISIL Assigns 'D' Rating to INR25MM Loan
AUTOCREATE WHEELS: ICRA Suspends 'B' Rating on INR16.6cr Loan

BHABANI OFFSET: ICRA Suspends 'D' Rating on INR9.1cr Loan
BHAGWATI TIMBER: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM LT Loan
DEV COTTON: ICRA Revises Rating on INR9.25cr Cash Loan to B
GIRIRAJ COTGIN: ICRA Suspends B+ Rating on INR14.50cr Cash Loan

GOLDEN SPINNING: CRISIL Reaffirms 'B' Rating on INR60MM Loan
GOPAL KAMATH: ICRA Puts B+ Rating on Notice For Withdrawal
KAMDHENU KHANDSARI: CRISIL Cuts Rating on INR90MM Loan to B-
KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR3.0cr Loan
MANOJ KUMAR: CRISIL Assigns B+ Rating to INR100MM Cash Loan

N. K. SHARMA: CRISIL Reaffirms D Rating on INR100MM Loan
NIRANI SUGARS: ICRA Suspends 'B' Rating on INR501.75cr Loan
ODHAV MET: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
PANNAGESHWAR SUGAR: ICRA Assigns C+ Rating to INR25.14cr Loan
PREETI TEXTILE: ICRA Assigns 'B' Rating to INR4.89cr Term Loan

R. R. ENERGY: ICRA Suspends 'D' Rating on INR62cr Term Loan
RUBY CABLES: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'
RUDHRAYAN POLYESTERS: CRISIL Cuts Rating on INR49MM Loan to D
S.K. OVERSEAS: ICRA Suspends 'B' Rating on INR5.5cr Loan
SATISH CHAND: ICRA Assigns B+ Rating to INR1cr Fund Based Loan

SBC MINERALS: ICRA Assigns B+ Rating to INR20cr Fund Based Loan
SHABARI FARMS: ICRA Suspends B Rating on INR9.0cr LT Loan
SHREE AJAY: CRISIL Reaffirms B+ Rating on INR105MM Cash Loan
SHREE PACKERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
SHREE RAJ: ICRA Puts 'B' Rating on Notice for Withdrawal

SHRIRAM FOOD: ICRA Assigns B+ Rating to INR30cr LT Loan
SODHI BROTHERS: ICRA Revises Rating on INR22.6cr Loan to B
SREE SHANTHOSH: ICRA Suspends B- Rating on INR24cr Term Loan
THIRUMALA CHILD: CRISIL Reaffirms 'B' Rating on INR70MM Loan
TINKA STONES: ICRA Suspends 'B' Rating on INR5cr Cash Loan

UMIYA TIMBERS: ICRA Suspends 'B' Rating on INR2cr LT Loan
VIKAS BUILDERS: CRISIL Reaffirms 'D' Rating on INR150MM Term Loan


S O U T H  K O R E A

HYUNDAI MERCHANT: In Talks With Shipowners Over Charter Rate Cut


                            - - - - -



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


INNOVATIVE AIR: First Creditors' Meeting Set For May 27
-------------------------------------------------------
Brent Kijurina & Richard Albarran of Hall Chadwick were appointed
as administrators of Innovative Air Solutions Pty Ltd on May 17,
2016.

A first meeting of the creditors of the Company will be held at
Wesley Mission, The Lyceum Room, Lower Ground Level, 220 Pitt
Street, in Sydney, on May 27, 2016, at 10:00 a.m.


JAYDEE PTY: First Creditors' Meeting Set For May 27
---------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Jaydee Pty Ltd, trading as "Hudsons Coffee: Parramatta", on
May 17, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on May 27, 2016, at 11:00 a.m.


OAKVILLE PRODUCE: Potato Supplier Up For Sale
---------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of Oakville Produce Qld Pty
Ltd by Receiver and Manager Vaughan Strawbridge of Deloitte.

Oakville Produce entered administration on May 11, 2016, with
Barry Frederic Kogan of McGrathNicol being appointed as
administrators, the report discloses.

Oakville Produce supplies supermarkets and national retailers
with fresh potatoes and onions.



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


CEETOP INC: Delays Filing of March 31 Form 10-Q
-----------------------------------------------
Ceetop Inc. disclosed in a regulatory filing with the Securities
and Exchange Commission that it cannot file its March 31, 2016,
Form 10-Q within the prescribed time period because management
has not completed the process of gathering and analyzing the
financial information that will be included in the Company's Form
10-Q.

                       About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

Ceetop reported a net loss of $599,847 on $0 of sales for the
year ended Dec. 31, 2015, compared to a net loss of $1.41 million
on $361,887 of sales for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Ceetop Inc. had $3.22 million in total
assets, $1.16 million in total liabilities, all current, and
$2.05 million in total stockholders' equity.

The Company's auditors MJF& Associates, APC, in Los Angeles,
California, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that the Company incurred recurring losses from
operations, has a net loss of $599,847 and $1,415,949 for the
years ended December 31, 2015 and 2014, respectively, and has
accumulated deficit of $10,621,441 at December 31, 2015.


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


A2K EPIC: ICRA's 'B' Rating on INR19cr Loan on Withdrawal Notice
----------------------------------------------------------------
ICRA has placed the [ICRA]B rating and [ICRA]A4 rating for
INR19 crore bank lines of A2K Epic Decor Private Limited on a
notice of withdrawal for one month at the request of the company.
As per ICRA's policy, the ratings will be withdrawn after one
month from the date of this withdrawal notice.


ANDHRA PRADESH: ICRA Reassigns 'D' Rating on INR300cr Loan
----------------------------------------------------------
ICRA has re-assigned ratings on the INR975 crore long term bond
programme of Transmission Corporation of Andhra Pradesh Limited
to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   AP Transco Vidyut
   Bond Series I/2006     200         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series II/2006    300         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series I/2007     125         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series I/2008     350         [ICRA]D reassigned

ICRA had earlier assigned a rating of [ICRA]A(SO) (pronounced as
ICRA A Structured Obligation) with negative outlook to the
aforesaid bond programmes of AP Transco. ICRA's rating was based
on the strength of unconditional and irrevocable guarantees from
the Government of Andhra Pradesh (pre-bifurcation) and the
structured payment mechanism designed to ensure timely payment on
the rated bonds. ICRA notes that the Trustee did not invoke the
guarantee, leading to delays on the debt servicing in the recent
past. Since the structured payment mechanism involving timely
invocation of the guarantee by the Trustee in the event of a
funding shortfall has not functioned, the existing rating on the
bonds is not meaningful.

The ratings of the aforesaid bonds programme of AP Transco were
placed on watch with developing implications in June 2014 post
bifurcation of the state of Andhra Pradesh into Telangana and
Residuary Andhra Pradesh (Andhra Pradesh) on June 2, 2014. In
accordance with the section 53 of The Andhra Pradesh
Reorganisation Act, 2014, AP Transco has been bifurcated into two
successor entities namely Transmission Corporation of Telangana
Limited (TS Transco) and AP Transco (for residual Andhra
Pradesh).

The demerger plan indicating segregation of assets and
liabilities between the two successor entities has been submitted
to the Sheela Bhide committee (appointed by the Government of
India). ICRA notes that there is lack of clarity on the final
apportionment of assets and liabilities between the successor
entities of AP Transco. Resolution of the terms of bifurcation
between the two entities will remain critical to ensure timely
servicing of debt obligations going forward.

Transmission Corporation of Andhra Pradesh Limited (AP Transco)
was incorporated in the year 1998 subsequent to the first
transfer scheme of State Electricity Reform Act for unbundling of
erstwhile Andhra Pradesh State Electricity Board into two
entities, Andhra Pradesh Transmission Corporation Limited and
Andhra Pradesh Generation Corporation Limited (APGENCO). As per
the Electricity act, 2003 "Transcos" are not allowed to trade in
power, thus necessitating separation of trading and transmission
functions. Currently, AP Transco is engaged in transmission and
state load dispatch-center activities.


ANGRISH ALLOYS: ICRA Suspends 'B' Rating on INR5.44cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR4.561 crore fund based bank facilities and INR5.44 crore
unallocated limits of Angrish Alloys and Steel Private Limited.
ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR1.00 crore non fund based bank facilities (sub
limit within overall cash credit limits of INR4.00 crore) of
AASPL.

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits
   Long Term             4.56        [ICRA]B; Suspended

   Unallocated Limits
   Long Term             5.44        [ICRA]B; Suspended

   Non Fund- Based
   Limits- Short Term    1.00        [ICRA]A4; Suspended

AASPL was incorporated in the year 1995 and is engaged in the
manufacturing of castings of cast iron and the outer body of
sewing machine and its parts. The company is promoted by Mr.
Gulshan Angrish and Mr. Sandeep Angrish. The manufacturing
facility of the company is located in village Ramgarh, Ludhiana
in the state of Punjab with an installed capacity of 5500MT per
annum.


ATTAPPADI NURSERIES: CRISIL Assigns 'D' Rating to INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Attappadi Nurseries Private Limited (ANPL). The
rating reflects instances of delay by the company in servicing
its debt; the delays have been caused by weak liquidity, arising
out of large working capital requirements.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           7.5       CRISIL D
   Overdraft Facility      25.0       CRISIL D


ANPL has a modest scale of operations, large working capital
requirement, and a below-average financial risk profile marked by
modest networth, high gearing, and weak debt protection metrics.
However, the company benefits from the extensive experience of
its promoters in the horticulture business.

ANPL was originally set up as a proprietorship concern in 1979
and was later reconstituted as a private company with the current
name in 2012 by Mr. Jose and his wife Mrs. Asha Sebastian as
promoters. The company undertakes horticulture of flowers such as
rose, orchids, poinsettia, and others. It is based in Kerala.


AUTOCREATE WHEELS: ICRA Suspends 'B' Rating on INR16.6cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR16.60 crore cash credit facilities of Autocreate Wheels
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


BHABANI OFFSET: ICRA Suspends 'D' Rating on INR9.1cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR2.00
crore term loan and INR9.10 crore non-fund based facility of
Bhabani Offset Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


BHAGWATI TIMBER: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Bhagwati Timber Store (BTS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               10       CRISIL B/Stable
   Inland/Import Letter
   of Credit                 70       CRISIL A4

The ratings reflect the firm's small scale of operations in the
highly fragmented timber industry, and its below-average
financial risk profile because of high total outside liabilities
to adjusted networth ratio and weak debt protection metrics. The
ratings also factor in large working capital requirement, and
susceptibility of operating margin to volatility in raw material
prices and foreign exchange rates. These weaknesses are partially
offset by extensive experience of its promoter in the timber
trading business.

Outlook: Stable

CRISIL believes BTS will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of increase in revenue and
profitability, leading to significant and sustainable rise in net
cash accrual. The outlook may be revised to 'Negative' if revenue
or profitability declines, or working capital cycle lengthens,
leading to deterioration in liquidity, or if the firm undertakes
a large debt-funded capital expenditure, weakening its financial
risk profile.

BTS was set up as a proprietorship concern in 1984 by Mr.
Ishwarchand Garg. It processes (cuts and saws; capacity of 1500
cubic feet per day) and trades in timber, including teakwood,
saal wood, kapurlogs, and pinewood. It has a processing facility
cum warehouse in Ghandidham, Gujrat, and two shops and one
warehouse in Karnal, Haryana.


DANIA ORO: CRISIL Reaffirms B- Rating on INR173.1MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Dania Oro Jewellery
Private Limited (Dania Oro) continue to reflect Dania Oro's weak
financial risk profile, marked by high gearing and weak debt
protection metrics.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          125      CRISIL A4 (Reaffirmed)

   Post Shipment Credit    125      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      173.1    CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the company's large working capital
requirements resulting in weak liquidity, and geographical
concentration in its revenue profile. These rating weaknesses are
partially offset by Dania Oro's established market position in
the jewellery industry and its sound manufacturing facilities.

Outlook: Stable
CRISIL believes that the Dania Oro will continue to benefit over
the medium term from its sound manufacturing facilities and
established position in the jewellery segment. The outlook may be
revised to 'Positive' if there is a significant improvement in
the company's financial risk profile, particularly its liquidity,
most likely driven by healthy cash accruals and profitability or
by better receivables management. Conversely, the outlook may be
revised to 'Negative' if Dania Oro's financial risk profile
weakens, most likely caused by continued losses or by large debt-
funded capital expenditure.

Dania Oro was incorporated in 2006, promoted by Mr. Pramod Goenka
of Mumbai. The company exports diamond-studded gold jewellery to
the US and UK.


DEV COTTON: ICRA Revises Rating on INR9.25cr Cash Loan to B
-----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]B+ to
INR1.21 crore term loan and INR9.25 crore (reduced from INR12.00
crore) cash credit facility of Dev Cotton & Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           9.25        [ICRA]B; revised from
                                     [ICRA]B+

   Term Loan             1.21        [ICRA]B; revised from
                                     [ICRA]B+

The rating revision takes into account modest scale of operations
coupled with revenue de growth witnessed since last two fiscals.
The rating also takes into account weak financial profile as
reflected by losses incurred in FY 2015-16, leveraged capital
structure and low debt coverage indicators. The ratings further
takes into account the low value additive nature of operations
and intense competition on account of fragmented industry
structure leading to low entry barriers coupled with thin profit
margins and vulnerability of profitability to adverse
fluctuations in raw material prices which are subject to seasonal
availability of raw cotton and government regulations on MSP for
procurement of raw cotton. ICRA further notes that DCOI is a
partnership concern and any substantial withdrawal from capital
account in future could adversely impact the credit profile of
the firm.

The ratings, however, favourably take into account favourable
location of the firm's manufacturing facility giving it easy
access to raw material. The rating also favourably considers the
firm's presence in the forward integration of cottonseed crushing
providing diversification and additional revenues.

Dev Cotton & Oil Industries (DCOI) was established in February
2011 as partnership firm by Mr. Hareshbhai Ghodasara, Mr.
Harshadbhai Ghodasara and Mr. Jaywantbhai Baraiya. During current
fiscal i.e. FY 2015-16, the firm underwent change in management
with Mr. Harshadbhai Ghodasara voluntarily retiring from the firm
and five new partners were admitted. The firm is engaged in
ginning and pressing of raw cotton and crushing of cottonseeds
with a fleet of 30 jumbo ginning machines, one pressing machine
(automatic) and 8 expellers having an installed capacity to
produce 325 cotton bales, 5MT cottonseed oil and 55MT of
cottonseed oil cake per day, the plant being operational for 24
hours.

Recent Results
For the year ended 31st March 2015, the firm reported an
operating income of INR38.04 crore and profit after tax of
INR0.03 crore.


GIRIRAJ COTGIN: ICRA Suspends B+ Rating on INR14.50cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR14.67
crore long term fund based limits and [ICRA]A4 rating to INR0.08
crore short term fund based limits of Giriraj Cotgin Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Working
   Capital               14.50       [ICRA]B+ suspended

   Fund Based- Term
   Loan                   0.17       [ICRA]B+ suspended

   Non Fund Based-
   Bank Guarantee         0.08       [ICRA]A4 suspended

Giriraj Cot-Gin Private Limited (GCPL) was established in August
2008 and started commercial production in January 2010.The
business is managed by Girdharbhai G Vekariya, Naresh Girdharbhai
Lotia and Smitaben Naresh Lotia. The factory is located at
Parbani, Maharastra. GCPL is engaged in the ginning of raw cotton
to produce cotton seeds and cotton bales. The company is equipped
with 48 ginning machines and has a production capacity of around
450 bales per day.


GOLDEN SPINNING: CRISIL Reaffirms 'B' Rating on INR60MM Loan
------------------------------------------------------------
CRSIL's rating on the long-term bank facilities of Golden
Spinning Mills Private Limited (GSMPL) continues to reflect
GSMPL's working capital-intensive operations, and weak financial
risk profile because of small networth, leveraged capital
structure, and below-average debt protection metrics. These
weaknesses are partially offset by extensive experience of its
promoters in the textile industry.

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

   Long Term Loan           12       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       21.9     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GSMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly because of substantial equity
infusion or higher cash accrual. Conversely, the outlook may be
revised to 'Negative' if there is a considerable decline in
accrual, deterioration in working capital management, or large
debt-funded capital expenditure, resulting in weakening of debt
protection metrics.

GSMPL, located in Salem, Tamil Nadu, and incorporated in 1981,
manufactures cotton yarn in counts of 20-80s. It is promoted by
Mr. P Sundaram and his family members.


GOPAL KAMATH: ICRA Puts B+ Rating on Notice For Withdrawal
----------------------------------------------------------
ICRA has put the [ICRA]B+ rating assigned to the INR11.00 crore
fund based facilities of Gopal Kamath & Co on notice for
withdrawal as there is no amount outstanding against the rated
bank facilities. As per ICRA's 'Policy on Withdrawal of Credit
Rating', the [ICRA]B+ rating put on notice for withdrawal will be
withdrawn after one month from the date of this withdrawal
notice.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       11.00       [ICRA]B+ put on notice
                                       for withdrawal)


KAMDHENU KHANDSARI: CRISIL Cuts Rating on INR90MM Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamdhenu Khandsari Udyog (KKU) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             90       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan                5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in the firm's business risk
profile on account of a decline in revenue and profitability
margins. Revenue declined to an estimated INR65 million in 2015-
16 (refers to financial year, April 1 to March 31) from INR272
million in 2013-14. The decline was mainly on account of lower
revenue from the firm's sugar manufacturing business.
Profitability is estimated to have reduced to 0.2 percent from
0.4 percent over this period on account of negative absorption of
fixed cost. Depressed cash accrual, coupled with moderate debt,
has resulted in weak debt protection metrics; interest coverage
ratio was about 1.2 times for 2015-16 against 1.8 times in 2013-
14.

The rating reflects a modest scale of operations in the highly
competitive cotton ginning and sugar manufacturing segments, and
a below-average financial risk profile because of a small
networth, high gearing, and below-average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters and
established relationship with customers and suppliers.


Outlook: Stable
CRISIL believes KKU will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in scale of operations and profitability, or improvement
in the capital structure driven by equity infusion. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile weakens, most likely because of an increase in working
capital borrowings or large, debt-funded capital expenditure.

Set up in 1995, KKU manufactures sugar and undertakes ginning of
cotton. The firm is promoted by Mr. Sanjay Patel (60 per cent
share in profits), who has experience of more than 20 years in
the sugar industry.


KANAIYA EXPORTS: ICRA Reaffirms 'B' Rating on INR3.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR5.00 crore1 fund based working capital facilities of Kanaiya
Exports Private Limited. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR10.00 crore short-term fund based
export packing credit facilities of KEPL.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Cash Credit              3.00         [ICRA]B; reaffirmed
   Stand by Limit           2.00         [ICRA]B; reaffirmed
   Export Packing Credit   10.00         [ICRA]A4; reaffirmed

The reaffirmation of ratings continue to reflect KEPL's stretched
financial profile as demonstrated in the low profitability
inherent in the trading business despite healthy operating income
driven by huge volume sales. The debt levels also increased
substantially from INR14.8 crore as on March 31, 2014 to INR18.5
crore as on March 31, 2015 on account of an increase in working
capital borrowings. Consequently, the gearing of the company
remained high and stood at 6.0 times as on March 31, 2015 as
against 5.5 times as on March 31, 2014. Coverage indicators also
deteriorated during FY2015 with interest coverage at 1.3 times
and NCA/Total debt at 3%. Further, high interest costs and
increased working capital borrowings have contributed to negative
cash flows for the company. The ratings also take into account
the highly competitive nature of the agro-commodities trading due
to low entry barriers in the industry and vulnerability of KEPL's
profitability to the agro-climatic conditions associated with the
agro-commodities. The ratings further consider the susceptibility
towards any adverse regulatory changes with respect to export
incentives, which contributes around 3.4% of operating revenue of
the KEPL.

The ratings, however, consider the experience of KEPL's promoters
in the trading and processing of agricultural commodities and the
locational advantage with regard to the procurement of material
as well as the export of the products.

ICRA expects KEPL's revenue and profitability to remain critical
on account of the trading nature of operations and intense
competitive pressures besides vulnerability to agro-climatic
conditions. The company's ability to enhance its scale of
operations while maintaining profitability and improving its
capital structure will be the key rating sensitivities.

Kanaiya Exports Private Limited (KEPL) was incorporated in 1994
to carry out trading of various seeds namely sesame seeds, cumin
seeds, fennel seeds, celery seeds, psyllium husk and other
agricultural products. KEPL is promoted and managed by Mr.
Rameshchandra Nayak and Mr. Ashvin Nayak. The promoters have been
in agro-based business since more than two decades. The promoters
are also associated with another group concern i.e. Kalpesh
Corporation which is engaged in the processing of psyllium seeds
and export of the same. Both the entities are located in Unjha.

Recent Results
During the financial year FY2014-15, the company registered net
profit of INR0.4 crore on an operating income of INR90.8 crore.


MANOJ KUMAR: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Manoj Kumar Pankaj Kumar (MKPK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B+/Stable


The ratings reflect MKPK's modest scale of operations and
exposure to stiff competition in agricultural commodity trading
business. These weaknesses are partially offset by the extensive
experience of promoters in the agro commodity trading industry.

Outlook: Stable

CRISIL believes that MKPK will continue to benefit from its
promoter's extensive experience in trading business and
established relations with its customers and suppliers. The
outlook may be revised to 'Positive' if the firm's cash accrual
improves substantially driven by higher-than expected operating
profitability or improvement in the scale of operations, leading
to improvement in its overall financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a steep fall
in revenue or profit margins, substantially higher-than-expected
withdrawal of capital, or if the firm faces stretch in working
capital leading to deterioration in its overall financial risk
profile particularly liquidity.

Set up in 2005, MKPK is a proprietorship concern of Mr. Manoj
Gupta. The firm is engaged in trading of agro commodities and
also has 2 ware houses in Ganganagar, Rajasthan which the firm
partially let out.


N. K. SHARMA: CRISIL Reaffirms D Rating on INR100MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of N. K. Sharma
Enterprises Limited (NKS) continues to reflect instances of delay
by the company in servicing its debt; the delays were driven by
weak liquidity due to cash flow mismatches. CRISIL believes the
company's debt servicing ability will be highly contingent upon
the level of customer advances and management of cash flows.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility     100     CRISIL D (Reaffirmed)

NKS is exposed to risks related to implementation and saleability
of its ongoing project, and its susceptibility to cyclicality and
risks inherent in the real estate sector in India. However, it
benefits from the extensive industry experience of its promoters
in the real estate industry.

NKS was set up in 2000 by the Zirakpur (Punjab)-based Sharma
family. The company is managed by Mr. N K Sharma and his
brothers, Mr. P K Sharma, Mr. Y K Sharma, Mr. D K Sharma, and his
father, Mr. V N Sharma. The company develops residential and
commercial projects, mainly in Zirakpur. At present, it is
constructing two residential projects, Savitri Greens and Savitri
Greens 2, and a commercial project, Raksha Business Centre, all
in Zirakpur.

In 2014-15 (refers to financial year, April 1 to March 31),
profit after tax (PAT) was INR5.3 million on net sales of around
INR334 million, as against PAT of INR4 million on net sales of
INR114.4 million in 2013-14.


NIRANI SUGARS: ICRA Suspends 'B' Rating on INR501.75cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR501.75 crore bank facilities of Nirani Sugars Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Nirani Sugars Limited (NSL) is based in Mudhol Tq of North-
Karnataka. It is promoted by Mr. Murugesh Nirani and family. The
unit was set up in 1997. NSL operates 15,000 TCD sugarcane unit,
120 KLPD distillery and 62 MW cogeneration unit.


ODHAV MET: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Odhav Met Trade
Pvt. Ltd. (OMTPL) continues to reflect the company's below-
average financial risk profile because of high gearing and small
networth. The rating also factors in large working capital
requirement in the highly fragmented lead industry. These
weaknesses are partially offset by extensive industry experience
of its promoters in the lead industry.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              100      CRISIL B/Stable (Reaffirmed)
   Bill Discounting          30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OMTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual, or
improvement in capital structure supported by capital infusion by
promoters leads to a better financial risk profile. The outlook
may be revised to 'Negative' in case of decline in profitability,
resulting in low accrual, or lengthening of working capital
cycle, or large debt-funded capital expenditure, leading to
pressure on liquidity.

OMTPL was incorporated in 2011 by Delhi-based Mr. Premji Bhansali
and Mr. Chetan Jain. The company manufactures lead alloys and
pure lead. It has manufacturing capacity of 1000 tonne per annum
at its facility in Sampla, Haryana. Its sales office is in New
Delhi.


PANNAGESHWAR SUGAR: ICRA Assigns C+ Rating to INR25.14cr Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]C+ to the
INR25.14 crore term loan facility1 and INR18.00 crore cash credit
facility of Pannageshwar Sugar Mills Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Term Loans            25.14        [ICRA]C+ assigned

   Long Term, Fund
   based limits
   Cash Credit           18.00        [ICRA]C+ assigned

The assigned rating takes into account the long standing
experience of the promoters in the sugar industry coupled with
established relationships with the farmers in the command area
which has resulted in assured supply of cane to the company in
the past.

The rating however is constrained with the stretched financial
profile of the company characterized by accumulated losses;
significant debt levels and high working capital intensity
primarily due to sugar inventory buildup in anticipation of
better sugar realizations. Given the weak financial profile,
ability to meet bank obligations is dependent on refinancing in
near term for which prudent liquidation of stocks remain critical
to ensure sufficient accruals. The rating also remains
constrained with lack of integration given absence of co-gen or
distillery unit as of now.

The company also remains exposed to agro climatic conditions
which has resulted in considerable decline in the company top
line in FY 2016 on limited availability of cane in the concluded
season, thus ensuring adequate cane availability for next sugar
season remains a concern given deficient monsoon over last two
years.The sugar industry also remains exposed to regulatory risks
like cane pricing which remains state government determined and
export regulations among others. ICRA expects an improved outlook
for sugar sector after sizeable stress over last few fiscals.

Established in 1999, Pannageshwar Sugar Mills Limited is involved
in manufacture and sale of sugar. The company promoted by Late
Shri Gopinath Munde launched its commercial operations in the
season 2001- 2002. The company is currently chaired by Mrs.
Pradnyatai Gopinath Munde -- Khade, Chairman and Managing
Director. The current crushing capacity is 2000 TCD (tons crushed
per day).


PREETI TEXTILE: ICRA Assigns 'B' Rating to INR4.89cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and the short-
term rating of [ICRA]A4 to INR5.89 crore1 bank facilities of
Preeti Textile.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits
   Term loan              4.89        [ICRA]B; Assigned

   Fund based limits
   Cash credit            1.00        [ICRA]B; Assigned

   Non-fund based
   limits FLC (sub-
   limits of Term loan)  (4.52)       [ICRA]A4; Assigned

The assigned ratings are primarily constrained by Preeti
Textile's initial stage of manufacturing operation and debt-
funded capital expenditure leading to the stretched capital
structure of the firm for medium term. The assigned ratings also
take note of the vulnerability of margins to fluctuating raw
material prices and limited ability of the firm to pass on price
fluctuation to customers due to stiff completion within the
industry. The assigned rating also takes into consideration risk
as inherent in proprietorships structure of the firm.

The rating, however, draws comfort from the long track record of
the promoters and their group concerns within textile industry.
ICRA also takes note of the locational advantage of the firm due
to its presence in the outskirts of Surat, which is a textile hub
of Gujarat providing proximity to significant customer and
supplier base.

Due to initial stage of operation and stiff completion within
market, we expect the scale of operations to remain low with
sales of ~Rs. 3.72 crore during FY2016 and ~Rs. 6.15 crore during
FY2017. They manufacture knitted fabric basically used for
manufacturing value-added products namely curtains, blankets and
designer garments. Due to the same, ICRA expects the operating
profits margin to remain at a moderate level of ~10% in the
medium terms. The firm is expected to record losses at the net
level during FY2016 due to lower capacity utilization and high
interest and depreciation charges. However, with the gradual
increase in scale of operations we expect operations to stabilize
and net profit level to turn marginally positive by FY2017. The
capital structure of the firm is expected to remain stretched in
the near term due to debt-funded capital expenditure. However, we
also note, that a considerable infusion of equity by the
proprietor will improve the financial risk profile of the firm.
Nevertheless, given the presence of stiff competition within the
sector, the ability of the firm to compete with established units
within the industry, to stabilize its operations by achieving
desired operational parameters, and manage input price
fluctuations remain the key rating sensitivities.

Preeti Textile is the proprietorship concern of Mrs. Preeti
Aggarwal. However, her husband Pankaj Aggarwal mainly handles
operations. He has around fifteen years of experiences in the
textile industry. He is also the director of Dass Embroidery Pvt.
Ltd. and a key management personal of Dass Exports, S. G.
Creations, Alfa Machinery Traders and Dhan Darshan Creation.
Previously, the firm used to earn rental income by renting its
embroidery machines to other players in Surat. However, the firm
has sold all machineries during FY2015, and has entered into
manufacturing of knitted fabrics.


R. R. ENERGY: ICRA Suspends 'D' Rating on INR62cr Term Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR62.00 crore term loan and INR24.00 crore cash credit
facilities, and the short term rating of [ICRA]D assigned to the
INR13.10 crore non-fun based bank facilities of R. R. Energy
Limited. The suspension follows lack of co-operation from the
company.


RUBY CABLES: CRISIL Cuts Rating on INR100MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Ruby
Cables Limited (RCL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'. The rating reflects delay in debt
servicing because of weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           30        CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit             100        CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Proposed Long Term       43.5      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

   Term Loan                76.5      CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

Operations continue to be working capital intensive, and
susceptible to volatile raw material prices. However, RCL
benefits from the extensive experience of the promoters in the
wires and cables industry.

Established in 1993 as Ekank Cables Ltd by members of the Parekh
family, RCL got its present name in 2010, following a change in
management. The company manufactures conductors and low-tension
power cables at its facility in Vadodara (Gujarat). In 2013-14,
Mr. S N Bhatnagar acquired a 50 percent stake. RCL is currently
managed by Mr. Bhatnagar and Mr. Chirag Gada.


RUDHRAYAN POLYESTERS: CRISIL Cuts Rating on INR49MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Rudhrayan Polyesters (RP) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               49       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Term Loan                 12.5     CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects the firm's delays in meeting term debt
obligation, due to stretched liquidity driven by high bank limit
utilisation.

The firm also has an average financial risk profile marked by
modest net worth and average debt protection metrics, and its
profitability is susceptible to volatility in polyester yarn
prices. However, it benefits from extensive industry experience
of its promoters.

RP, set up in 2010 as a partnership firm, undertakes texturising
and twisting of polyester partially oriented yarn. It
manufactures texturised and twisted yarn in the denier range of
70-90.


S.K. OVERSEAS: ICRA Suspends 'B' Rating on INR5.5cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.50 crore
fund based facilities of S.K. Overseas. 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.


SATISH CHAND: ICRA Assigns B+ Rating to INR1cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned its short term rating on the INR8.00 crore
(reduced from INR4.00 crore) of [ICRA]A4 for the non-fund based
limits of Satish Chand Rajesh Kumar Private Limited. ICRA also
has an outstanding long term rating of [ICRA]B+ on the INR1.00
crore (reduced from INR2.15 crore) fund based limits of SRPL.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based Limits        1.00        [ICRA]B+; outstanding
   Non Fund based Limits    8.00        [ICRA]A4; assigned

ICRA's rating action takes into account the decline in SRPL's
revenues in FY2015 as well as the company's limited order book
movement in FY2016 which is likely to result in reduced operating
profits and cash accruals, resulting in diminished debt coverage
indicators and reduced liquidity. The ratings continue to be
constrained by the geographic concentration of SRPL's projects to
the state of Delhi which renders its revenues vulnerable to order
inflow from public sector clients in the region, as witnessed in
the recent past. The ratings however continue to factor in the
extensive experience of the promoters in the construction
industry as well as the reputed client base of the company
consisting of various public sector entities like Public Works
Department (PWD), Central Public Works Department (CPWD),
Department of Social Welfare etc. which reduces counter party
risk in receivables. The ratings also derive comfort from SRPL's
limited debt levels and outside liabilities.

Going forward, the ability of the company to build its order book
and improve its profitability while maintaining its working
capital cycle and capital structure will be the key rating
sensitivities.

Established in 1985 as a private limited company, SRPL is engaged
in executing civil engineering and infrastructure works,
including construction of buildings, community halls, residential
blocks, hospital blocks, schools etc. as well as development of
streets, drainages, footpaths and undertaking day to day
maintenance. The company also undertakes electrical and water
supply installation related work while executing the contracts.
The company is registered as a Class-I contractor with the
Department of Social Welfare and is eligible to bid for tenders
of upto INR20 crore.

Financial Results
For FY15, the company reported a net profit of INR0.98 crore on
an operating income of INR28.39 crore, as compared to a net
profit of INR1.40 crore on an operating income of INR37.69 crore
in the previous year.


SBC MINERALS: ICRA Assigns B+ Rating to INR20cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR20.0
crore fund based bank facilities of SBC Minerals Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Facility      20.0       [ICRA]B+; Assigned

ICRA's assigned rating derives comfort from the long experience
of the promoters in the coal trading business, the company's
diverse revenue sources like logistics business which has also
supported the company's profitability (OPM of 7.82% in FY 2015 as
against 3.24% in FY 2014). The rating also factors in SBC's
established relationships with its clientele spread across the
country which helps in generating repeat business. However the
rating remain constrained on account of the stretched liquidity
profile of the company on account of its elongated receivable
cycle which has led to higher reliance on external borrowings and
has therefore led to highly leveraged financial operation of the
company as characterized by gearing of 3.09 times as on March
2015. The ratings further take into account the highly regulated
nature of industry which risks the operations of the company.

Going forward, improvement in liquidity profile of the company
while maintaining profitability and revenue growth will be the
key rating sensitivity.

Incorporated in 2004, SBC is a registered company with Coal India
Ltd (MSTC Ltd. & Coal Junction) and is also an Authorized
Distributor for Essar Oil Limited for their petroleum Products.
This apart SBC also has its "Logistic Division", which is engaged
in logistics for the coal trading division. Based in New delhi,
the major operations of the company are handled by Mr. Ravindra
Agarwal.

Recent Results
The company reported an operating income of INR242.19 crore and a
net profit of INR7.81 crore for 2014-15 as against an operating
income of INR174.75 crore and a net profit of INR2.11 crore for
2013-14.


SHABARI FARMS: ICRA Suspends B Rating on INR9.0cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR9.00 crore
long term fund based facilities and unallocated facilities of
Shabari farms. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SHREE AJAY: CRISIL Reaffirms B+ Rating on INR105MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Ajay
International Private Limited (SAIPL) continues to reflect its
modest scale of operations in the intensely competitive textile
industry and large working capital requirement, coupled with
susceptibility to volatility in input prices and foreign exchange
rates.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            105       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15       CRISIL B+/Stable (Reaffirmed)

The rating also factors in a below-average financial risk profile
because of a small networth, moderate gearing, and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of promoters in the textile industry.

Outlook: Stable

CRISIL believes SAIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations, while it maintains its
profitability margins and improves its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in revenue or profitability or deterioration
in capital structure on account of large working capital
requirement or considerable, debt-funded capital expenditure
(capex).

Incorporated in March 2012, SAIPL, owned and managed by Mr. Jay
Prakash Tripathi and his nephew Mr. Abdhesh Tripathi,
manufactures and exports fabric. The company commenced operations
on July 1, 2012. It has its warping unit at Bhiwandi
(Maharashtra), and gets the looming and processing done on a
jobwork basis.


SHREE PACKERS: CRISIL Reaffirms B+ Rating on INR75MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Packers
(MP) Private Limited (SPPL) continues to reflect its working-
capital-intensive operations, and below-average financial risk
profile, marked by moderate networth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience and funding support of the promoters, and
established relationships with customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)
   Term Loan              22.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium
term from the promoters' extensive experience and established
relationships with customers. The outlook may be revised to
'Positive' if increase in revenue and profitability strengthens
financial risk profile considerably. Conversely, the outlook may
be revised to 'Negative' if increase in working capital
requirement or lower revenue or profitability weakens the
financial metrics. Adequacy of cash accrual to service maturing
term debt will remain a rating sensitivity factor.

Set up as a partnership firm in 1980, SPPL is part of the Packing
People group promoted by Mrs. Mangla Bangur and her son, Mr.
Anand Bangur. Based in Ujjain, Madhya Pradesh, it manufactures
corrugated boxes.


SHREE RAJ: ICRA Puts 'B' Rating on Notice for Withdrawal
--------------------------------------------------------
ICRA has placed the [ICRA]B rating assigned to the INR5.70 crore
bank limits of Shree Raj Agro Cold Storage on notice for
withdrawal for one month at the request of the company. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
rating will be withdrawn after one month from the date of this
withdrawal notice.


SHRIRAM FOOD: ICRA Assigns B+ Rating to INR30cr LT Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR15.00
crore term loan facilities and INR30.00 crore fund based facility
of Shriram Food Industry Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term loan        15.00        [ICRA]B+; Assigned
   Long term fund
   based facility        30.00        [ICRA]B+; Assigned

The assigned rating considers the nascent stage of operations of
the company with its rice mill project achieving Commercial
Operations Date in February 2016; as such, the plant has a modest
operational track record of only two months till date.

The ratings also take into consideration the highly fragmented
and competitive nature of the industry with inherently thin
profit margins, and the company's exposure to agro-climatic risks
typically faced by such industries dealing with agricultural
commodities. Further, the ratings factor in the leveraged capital
structure of the company which could lead to stretched cash flows
and debt protection indicators over the medium term.
Nevertheless, the ratings take into account the long standing
experience of promoters spanning nearly two decades in the rice
trading and other businesses, the proximity of SFIPL's plant to
rice growing areas such as Chhattisgarh and Telangana which eases
the procurement of paddy ; and SFIPL's established relationships
with customers and suppliers developed for its trading
operations. These apart, the rating also considers the
established track record of Greta group in rice processing and
biomass power generation, which give rise to operational
synergies with SFIPL.

Shriram Food Industry Private Limited, part of Greta group of
companies, was incorporated in the year 2014 and is engaged in
the business of rice processing, trading, rice milling &
grinding. The complete list of SFIPL's product portfolio includes
Parboiled Rice, Long Grain Parboiled Rice, White Rice, Steam
Rice, Steam Basmati Rice, Steamed White Basmati Rice, 100 %
Broken Rice, HMT Rice, Kolam Rice, BPT Rice and others. The
company exports rice to Middle East and North African countries
during 2014-15 and has commissioned paddy to rice mill and
optical sorting (sortex) unit at Nagpur, Maharashtra. The rice
mill has an installed capacity of 96,000 MTPA and the sortex unit
has an installed capacity of 60,000 MTPA. The company is promoted
by Mr. Anup Ramavtar Goyal, Mr. Ramavtar Thanuram Agrawal & Mr.
Nitesh Chaudhari.

Recent results
SFIPL reported a net profit of INR1.3 crore on an operating
income of INR72.1 crore during 9M FY 2015-16.


SODHI BROTHERS: ICRA Revises Rating on INR22.6cr Loan to B
----------------------------------------------------------
ICRA has upgraded its long term rating on the INR22.60 crore term
loan of Sodhi Brothers Hydro Power Private Limited to [ICRA]B
from [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   Term Loan             22.60        [ICRA]B; revised from
                                      [ICRA]B-

The rating revision takes into account improvement in SBHP's
profitability in the last two years which has led to improved
cash flows and an improved capital structure due to progressive
repayment of term loan. The rating also draws comfort from SBHP's
off take arrangement with the Himachal Pradesh State Electricity
Board (HPSEB) for a tenure of 40 years and limited demand risks
due to energy deficit in northern India and the project's
competitive tariff.

However, the rating continues to be constrained by the company's
modest scale of current operations with high hydrological risks
as the company is not covered under a deemed generation clause,
in case of factors like shortage of water or loss of generation
due to silting, etc. The rating is also constrained by the
absence of an escalation clause in the power tariff. ICRA also
notes that the operating income for FY16 has registered a slight
year-on-year decline.

Going forward, the company's ability to maintain an adequate
Plant Load Factor (PLF), translating into healthy coverage
indicators and a sustained improvement in its liquidity position
will be the key rating sensitivities. Further, any debt funded
capex in the near to medium term might have an impact on the
ratings.

SBHP operates a 4 Mega Watt (MW) run of the river hydel power
plant on Brahl Khad, a tributary of the river Beas in district
Kangra of Himachal Pradesh; the plant commenced commercial
operations in December 2010. The project cost of INR37.66 crore
(including cost overrun of INR2 crore) was funded in a debt-
equity ratio of 1.33:1. SBHP has entered into a Power Purchase
Agreement (PPA) of 40 years with HPSEB for sale of power
generated by the project, at a fixed tariff of INR2.95 per unit.

Recent Results:
SBHP reported a net profit of INR0.66 crore on an operating
income of INR5.58 crore for FY2015, as against a net loss of
INR0.43 crore on an operating income of INR5.10 crore for the
previous year. Further, the company, on a provisional basis,
reported a net profit of INR0.97 crore on an operating income of
INR5.17 crore for FY16.


SREE SHANTHOSH: ICRA Suspends B- Rating on INR24cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR24.00 crore Term loan, INR5.50 crore Fund based facility
and the short term rating of [ICRA]A4 assigned to the INR5.00
Crore Non-fund based facility of Sree Shanthosh Steels Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


THIRUMALA CHILD: CRISIL Reaffirms 'B' Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Thirumala Child Health
Services Private Limited (TCHS) continues to reflect TCHS modest
scale of operations, and its weak financial risk profile, marked
by small net worth, high gearing and weak debt protection
metrics. These rating weaknesses are partially offset by the
benefits derived from its established regional presence in the
pediatric health services segment aided by extensive industry
experience of its promoters and its strategic location.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            7.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.5      CRISIL B/Stable (Reaffirmed)

   Term Loan              70.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that TCHS will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if there is sustainable improvement
in the company's scale of operations and margins, on the back of
improved occupancy rates or geographical diversification in its
revenue profile. Conversely, the outlook may be revised to
'Negative' if TCHS's financial risk profile deteriorates, most
likely because of substantial debt-funded capital expenditure or
in case of significant decline in occupancy, resulting in decline
in revenue.

Set up in 2010 by Dr. Venkata Ramama Dandamudi and Dr. Sathish
Ganta, TCHS operates Little Stars Women & Child Hospital in
Hyderabad (Telangana).

TCHS reported net loss of INR7.5 million on net sales of INR70
million for 2014-15 as against net loss of INR10.4 million on net
sales of INR89.2 million during 2013-14.


TINKA STONES: ICRA Suspends 'B' Rating on INR5cr Cash Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR5.00 crore cash credit facilities of Tinka Stones Private
Limited. ICRA has also suspended the short term rating of
[ICRA]A4 outstanding on the INR3.00 crore non fund based limits
of the company. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


UMIYA TIMBERS: ICRA Suspends 'B' Rating on INR2cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR2.00 crore
long term fund based facilities and [ICRA] A4 ratings assigned to
the INR11.50 Crore short-term facilities of Umiya Timbers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


VIKAS BUILDERS: CRISIL Reaffirms 'D' Rating on INR150MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Vikas Builders
(VB) continues to reflect instances of delay by the firm in
servicing its debt, on account of weak liquidity driven by low
bookings in its real estate project.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                150       CRISIL D (Reaffirmed)

VB is also susceptible to project implementation risks and to
cyclicality in the real estate industry in India. However, it
benefits from extensive industry experience of its promoter.

VB, set up by Mr. Harakchand Jain in 2013 as a proprietorship
concern, is executing a residential redevelopment project at
Kalyan in Thane, Maharashtra.



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


HYUNDAI MERCHANT: In Talks With Shipowners Over Charter Rate Cut
----------------------------------------------------------------
Yonhap News Agency reports that financially ailing Hyundai
Merchant Marine Co. and the owners of ships that it leases are
set to be in final talks over a cut in charter rates, as
creditors of the country's No. 2 shipper increasingly threaten to
put it under court receivership without "meaningful" results from
the negotiations, industry sources said on May 18.

According to Yonhap, Hyundai Merchant and high-ranking officials
from five major shipowners will discuss the charter rate cut in
downtown Seoul, which is crucial to the South Korean shipper's
fate.

Since February, Hyundai Merchant has been in talks with
shipowners to cut the rates, the report says.

Last month, the creditors gave the nod to the financially
troubled Hyundai Merchant's self-rescue plans, including asset
sales, on the condition that it should complete renegotiations
with the owners of chartered ships to lower their charter rates
by 28% on average by the middle of May to stay afloat and
implement far stronger self-rehabilitation measures, Yonhap
recalls.

Yonhap says Hyundai Merchant reportedly made a proposal to the
shipowners that half of the lowered charter rates will be
compensated through a swap with the shipper's stocks.

"It is unclear if we will strike a deal today, and we still have
an even chance," Yonhap quotes a company official as saying.

Yonhap adds that the shipper's creditors also offered to swap
their loans worth KRW700 billion into its stocks as part of debt
recast efforts, which many believe will help the owners of
chartered ships back the rate cut.

The report notes that financial authorities and the government
believe that Hyundai Merchant and its bigger local rival Hanjin
Shipping Co. are under contract to pay charter fees four to five
times higher than the current rates by 2026.

In the shipping industry, freight charges have dropped more than
25% percent from the end of last year, further hurting the bottom
line of shipping lines, the report discloses.

Hyundai Merchant and other smaller shippers have been struggling
with falling freight rates amid a protracted slump in the world's
economy, according to Yonhap.

South Korea's two largest container carriers posted massive
losses in the first quarter, hard hit by plummeting freight
rates.

Hanjin, the bigger shipper by revenue, swung to a net loss of 261
billion won (US$221 million) on a consolidated basis in the first
three months of this year from a year earlier. Its revenue fell
25.1% on-year to KRW1.59 trillion, and it suffered an operating
loss of KRW115.7 billion, the report discloses.

Hyundai Merchant also recorded KRW276.1 billion in net loss
during the January-March period, with sales declining 18 percent
to KRW1.2 trillion. The company also suffered an operating loss
of KRW163 billion, notes Yonhap.

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



                             *********

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,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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