TCRAP_Public/160525.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

           Wednesday, May 25, 2016, Vol. 19, No. 102


                            Headlines


A U S T R A L I A

ARRIUM LTD: Mulls Sale of Profitable Moly-Cop Unit
BRISTOL WATTLES: First Creditors' Meeting Set For June 2
COLLEGES ONLINE: Rodgers Reidy Appointed as Administrators
FOODOO PAYROLL: First Creditors' Meeting Set For June 2
GREEN GLOBAL: First Creditors' Meeting Slated For June 2

SECOND SUN: First Creditors' Meeting Slated For June 1


C H I N A

ANTON OILFIELD: Caa1 Rating Captures Liquidity Risk, Moody's Says
GENERAL STEEL: Delays Filing of March 31 Form 10-Q
KAISA GROUP: Debt Restructuring Passes Critical Stage
SPI ENERGY: Incurs $185 Million Net Loss in 2015
SUNAC CHINA: Purchase No Immediate Impact on 'BB' Rating

UTSTARCOM HOLDINGS: Reports $1.09MM Net Loss for Q1 2016


I N D I A

A B COMPOSITES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ACTION RETAIL: ICRA Reaffirms B+ Rating on INR7.40cr Loan
ALLIED FIBRE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
AVADH COTEX: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
B D OVERSEAS: CRISIL Suspends B+ Rating on INR15MM Cash Credit

BALAJI OIL: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
BHANSALI ENGINEERING: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
BHARAT RICE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
BINJUSARIA SOLVENTS: ICRA Suspends 'B' Rating on INR11cr Loan
CONTINENTAL MILKOSE: CRISIL Suspends B+ Rating on INR225MM Loan

DAYANA POLYPLAST: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
DI-AN-ARE EXPORTS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
EAGLE STEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
GAJANANA TRADERS: CRISIL Assigns 'B' Rating to INR87.7MM Loan
GLOBAL FOODS: CRISIL Lowers Rating on INR90MM Term Loan to B-

ISAT NETWORK: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
KARTIK INTERNATIONAL: CRISIL Suspends B+ Rating on INR100MM Loan
LAKSHMI CAR: ICRA Suspends B/A4 Rating on INR13.2cr LT Loan
LEISURE WEAR: ICRA Reaffirms 'C' Rating on INR3.0cr Packing Loan

MAHAVIR RICE: CRISIL Suspends B+ Rating on INR10MM Cash Loan
MANOJ JAISWAL: CRISIL Assigns 'B' Rating to INR30MM LT Loan
MASTERS ALUMINIUM: ICRA Suspends B+ Rating on INR16.5cr Loan
MITTAL COAL: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
MORACEAE PHARMACEUTICALS: ICRA Suspends 'D' INR10.5cr Loan Rating

MOTHER NUTRI: ICRA Suspends B/A4 Rating on INR9.55cr Loan
MOTOR SALES: CRISIL Suspends 'B' Rating on INR95MM Cash Loan
NURSINGSAHAY MUDUNGOPAL: CRISIL Suspends 'B-' INR120M Loan Rating
OM BIOMEDIC: ICRA Suspends B- Rating on INR2.0cr Bank Loan
PATLIPUTRA ENTERTAINMENT: CRISIL Suspends 'B' INR120M Loan Rating

PEARL PORTS: ICRA Suspends B+ Rating on INR15cr LT Loan
PRIME HITECH: CRISIL Suspends 'D' Rating on INR775MM Term Loan
PRIME MEIDEN: CRISIL Suspends 'D' Rating on INR1.33BB Term Loan
PRINS POLYTECH: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
PURANDAR MILK: ICRA Reaffirms 'D' Rating on INR5.0cr Cash Loan

R. K. INTERNATIONAL: CRISIL Suspends 'D' Rating on INR70MM Loan
RAJA ENTERPRISES: ICRA Suspends B+ Rating on INR15cr Loan
RJ RISHIKARAN: ICRA Reaffirms B Rating on INR35cr LT Loan
S.K. AGROS: ICRA Reaffirms 'B' Rating on INR9.50cr Cash Loan
SABITRI INDUSTRIES: CRISIL Cuts Rating on INR425MM Loan to 'D'

SAHIBZADA AJIT: CRISIL Suspends 'D' Rating on INR170MM Loan
SARAYA INDUSTRIES: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
SHREE SWAMI: ICRA Suspends B+ Rating on INR8cr Loan
SHREE TRIBHUVAN: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
SLN RICE: ICRA Reaffirms B+ Rating on INR7.0cr Cash Credit

SMT MACHINES: CRISIL Reaffirms D Rating on INR90MM Cash Credit
SP COAL: ICRA Suspends B+ Rating on INR2.0cr LT Loan
SREE GURUDEVA: ICRA Suspends 'B' Rating on INR17.91cr Term Loan
SREE LAKSHMI: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SRI VAIBHAV: ICRA Reaffirms B+ Rating on INR12.74cr Loan

STARCARE HOSPITAL: CRISIL Assigns B+ Rating to INR220MM Loan
TI STEELS: ICRA Lowers Rating on INR39.50cr LT Loan to 'D'
VEENDEEP OILTEK: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
VENTO CERAMIC: ICRA Reaffirms 'B' Rating on INR4.35cr Term Loan
VIJAI MAHALAXMI: ICRA Suspends 'D' Rating on INR25cr Term Loan

XMOLD POLYMERS: ICRA Suspends B+/A4 Rating on INR8.27cr Loan


I N D O N E S I A

ENERGI MEGA: S&P Affirms 'B-' CCR then Withdraws Rating
SRI REJEKI: Fitch Rates Proposed US Dollar Notes at 'BB-(EXP)'
SRI REJEKI: Fitch Assigns 'BB-' LT Issuer Default Rating
SRI REJEKI: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes
STAR ENERGY: Fitch Affirms 'B+' LT Issuer Default Rating


J A P A N

SHARP CORP: Creditors Divided on Risk Assessment
SHARP CORP: To Keep Solar Panel Business Under Hon Hai


N E W  Z E A L A N D

PARROT AND JIGGER: 'Not worth' Pursuing Amid Insolvent Trading


                            - - - - -


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


ARRIUM LTD: Mulls Sale of Profitable Moly-Cop Unit
--------------------------------------------------
Reuters reports that Arrium Ltd, which collapsed last month after
creditors rejected a private equity bailout, will hire a global
investment bank to advise on the sale of its profitable Moly-Cop
mining supplies unit, the firm's administrator said.

Reuters says Moly-Cop, which makes steel balls to grind ore,
among other items, operates mostly in the United States and Latin
America, and had been excluded until now from Arrium's
restructuring after a private equity sale collapsed last year.

"A global investment bank will be appointed shortly to advise on
the sale of Moly-Cop," Reuters quotes KordaMentha as saying in a
statement.

Reuters relates that the bank was not identified, though the
administrator recently agreed to work with Morgan Stanley toward
a "constructive outcome" after the Wall Street bank sought
repayment of a AUD75.4-million credit facility.

According to Reuters, KordaMentha said the decision to sell Moly-
Cop is part of planned recapitalisation and sale by the end of
the year of Arrium's assets, which also include steel works and
distribution businesses in Australia.

Moly-Cop was valued at around AUD1 billion in late 2015, when it
was sought after by private equity groups, suggesting a sale
could help alleviate Arrium's financial problems stemming from a
soft steel market and an ill-timed move into iron ore mining,
Reuters discloses.

Arrium went into voluntary administration, a precursor to
bankruptcy, in April after creditors rejected a AUD927-million
bailout proposal by private equity group GSO Capital Partners
that would have paid no more than 55 cents on the dollar on their
claims, according to Reuters.

Reuters relates that a spokesman for KordaMentha, Michael Smith,
said the sale of Arrium assets had already prompted a number of
parties to register interest.

Arrium owes around AUD4 billion ($2.89 billion), including
AUD2.8 billion due to Australian and overseas banks. The balance
includes dues to nearly 8,000 employees, U.S. bond holders and
trade creditors, Reuters discloses.

Reuters notes that two New York private equity funds are eyeing
all of Arrium's businesses, provided a co-investment package from
government for its loss-making Whyalla steelworks makes it
enticing enough to be part of a future buyout, the Australian
Financial Review reported on the weekend.

Cerberus Capital Management, which has AUD30 billion of assets
around the world, and the smaller Argand Partners, were initially
interested only in a joint buyout of Moly-Cop, it said, Reuters
relays.

                            About Arrium

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

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


BRISTOL WATTLES: First Creditors' Meeting Set For June 2
--------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed
as administrator of Bristol Wattles Properties Pty Limited on May
23, 2016.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite 73, Level 15
88 Pitt Street, in Sydney, on June 2, 2016, at 10:00 a.m.


COLLEGES ONLINE: Rodgers Reidy Appointed as Administrators
----------------------------------------------------------
Shane Cremin and Geoffrey Handberg of Rodgers Reidy were
appointed as administrators of Colleges Online Pty Ltd on May 23,
2016.


FOODOO PAYROLL: First Creditors' Meeting Set For June 2
-------------------------------------------------------
Graeme Beattie & Christopher Darin of Worrells Solvency were
appointed as administrators of Foodoo Payroll Pty Ltd on May 23,
2016.

A first meeting of the creditors of the Company will be held at
Suite 3, Level 1, 96 Phillip Street, in Parramatta, NSW, on
June 2, 2016, at 12:00 p.m.


GREEN GLOBAL: First Creditors' Meeting Slated For June 2
--------------------------------------------------------
Richard Trygve Rohrt & Michael John Caspaney of Hamilton Murphy
were appointed as administrators of Green Global Solutions Pty
Ltd, trading as Green Global Consulting, on May 23, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy Certified Practising Accountants, 237 Swan
Street, in Richmond, on June 2, 2016, at 10:30 a.m.


SECOND SUN: First Creditors' Meeting Slated For June 1
------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrators of
Second Sun Landscaping Pty Ltd on May 22, 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 June 1, 2016, at 11:00 a.m.



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C H I N A
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ANTON OILFIELD: Caa1 Rating Captures Liquidity Risk, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that the liquidity risks arising
from Anton Oilfield Services Group's covenant breaches and asset
sales are captured in its Caa1 corporate family and senior
unsecured bond ratings and their negative outlook.

On May 17, 2016, Anton announced that it will sell its 40%
ownership in Anton Oilfield Services DMCC (DMCC, unrated), which
will own 100% of the issued capital of Anton International FZE
(FZE, unrated), to China Oil HBP Science & Technology Co., Ltd
(HBP, unrated) for a total consideration of RMB700 million.
After the sale, Anton will hold the remaining 60% of DMCC.  DMCC
and FZE provide oilfield services in Iraq.

In addition, Anton announced that it is seeking consent
solicitation and waivers of: (a) its past defaults under the
indenture of the 7.5% USD250 million senior notes due in 2018;
and (b) its breach of certain covenants related to two planned
assets sales: (1) the above-mentioned sales of its 40% equity
interest in DMCC to HBP; and (2) the disposal of 80% of the
registered capital of its wholly owned Xinjiang Tong'Ao Oilfield
Services Co., Ltd. (unrated) to Ningbo Hengxin Runcheng
Investment LP (unrated) for a total consideration of RMB160
million, announced on April 28, 2016.

In Moody's view, the complicated asset sale leaves Anton in a
tight liquidity position.  The company has to guarantee the
future profits of DMCC for the next 3 years and the buyer has the
option to put back the 40% interest to the company if DMCC's
profits do not reach agreed levels.

Furthermore, if Anton does not receive a waiver from the bond
holders for its past defaults, it will be exposed to the risk of
accelerated full repayment of its senior notes, which in turn
would heighten its probability of default.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in
December 2014.

Listed on the Hong Kong Stock Exchange in December 2007, Anton
Oilfield Services Group was founded by its chairman, Mr. Luo Lin,
in 1999.

The company is a leading Chinese oilfield-services provider, and
focuses on China's fast-growing natural gas sector.

It offers integrated oil/gas field services solutions, covering
various phases of field development, including down-hole
operation services, well completion technologies, drilling
technologies, and tubular services, globally.


GENERAL STEEL: Delays Filing of March 31 Form 10-Q
--------------------------------------------------
General Steel Holdings, Inc., was unable to file its quarterly
report on Form 10-Q for the quarter ended March 31, 2016, within
the prescribed time period without unreasonable effort or expense
because additional time is required to complete the preparation
of the Company's financial statements in time for filing.  The
Quarterly Report on Form 10-Q for the quarter ended March 31,
2016 will be filed as soon as practicable.

                   About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe.  General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude
steel production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9
billion of sales for the year ended Dec. 31, 2014, compared with
a net loss of $42.6 million on $2 billion of sales for the year
ended Dec. 31, 2013.

As of Sept. 30, 2015, General Steel had $1.12 billion in total
assets, $2.82 billion in total liabilities and a $1.69 billion
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated
deficit, has incurred a gross loss from operations, and has a
working capital deficiency at Dec. 31, 2014.  These conditions
raise substantial doubt about the Company's ability to continue
as a going concern.


KAISA GROUP: Debt Restructuring Passes Critical Stage
-----------------------------------------------------
South China Morning Post reports that Kaisa Group, the Shenzhen-
based property developer which defaulted on its US dollar-
denominated bonds, has reached a milestone in its yearlong debt
restructuring negotiations after a plan was formally approved by
bondholders.

SCMP relates that in a filing to the Hong Kong stock exchange on
May 22, the company said its offshore debt restructuring plan was
"duly passed with the approval of the requisite majority of the
Scheme Creditors," at scheme meetings held by courts in Hong Kong
and the Cayman Islands on May 20.

The developer completed a CNY33 billion (HK$39.14 billion)
domestic debt restructuring in January, SCMP recalls.

According to SCMP, Tam Lai Ling, a senior adviser and former vice
chairman of Kaisa, said the creditor meetings approval "marks the
completion of business negotiation" of the restructuring of
nearly CNY17 billion in offshore debts.

Under the Hong Kong and Cayman Islands law, approval is required
from 75% of shareholders by value when casting votes to implement
a restructuring, SCMP notes.  According to the report, Mr. Tam
said 96% of shareholders by value attended the meeting with more
than 99% voting to back the plan.

There remains a final legal process to obtain the US court's
recognition of Hong Kong and the Cayman Islands court sanctions,
as the company is using US law to deal with offshore creditors,
he said, SCMP relays.

"We expect the [offshore] restructuring to be completed by the
end of June," the report quotes Mr. Lam as saying.

SCMP notes that Kaisa was on the verge of bankruptcy last year
due to liquidity crunch, but the situation improved after the
Shenzhen government partially lifted the sales ban on its
developments.

More than 1,000 apartment units owned by the company in Shenzhen
remain seized. Some seizures were imposed by local courts upon
the application of creditors, while municipal authorities have
also seized some properties to protect the interest of the
buyers, who entered into provisional sale and purchase agreements
with the company, SCMP states.

Kaisa's shares in Hong Kong have been suspended since March 2015,
as SCMP.

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

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


SPI ENERGY: Incurs $185 Million Net Loss in 2015
------------------------------------------------
SPI Energy Co., Ltd., filed with the Securities and Exchange
Commission its annual report on Form 20-F disclosing a net loss
of $185 million on $191 million of net sales for the year ended
Dec. 31, 2015, compared to a net loss of $5.19 million on $91.6
million of net sales for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, SPI Energy had $710 million in total assets,
$493 million in total liabilities and $216.55 million in total
stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd. and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  These factors raise
substantial doubt about the Group's ability to continue as a
going concern.

A full-text copy of the Form 20-F is available for free at:

                      https://is.gd/ssRl02

                    About SPI Energy Co., Ltd.

SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors.  SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America.  The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/, a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers.  The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.


SUNAC CHINA: Purchase No Immediate Impact on 'BB' Rating
--------------------------------------------------------
Fitch Ratings says that Sunac China Holdings Limited's
(BB/Stable) plan to acquire seven property projects from Hong
Kong-based Top Spring International Holdings Limited for
CNY4.4billion will have no immediate effect on its rating. The
expansion would give Sunac access to an important market --
Shenzhen -- and further enhance its existing presence in its core
market, Shanghai and east China.

The proposed acquisition of seven projects, announced on 19 May
2016 will raise leverage (measured by net debt/adjusted
inventory), but this should still remain under 40% in the next 12
months, the level at which Fitch would consider negative rating
action. Leverage was just 26% at end-2015, which is relatively
low compared with 'BB' rated Chinese homebuilders. Sunac's total
cash position of CNY27billion at end-2015 also supports its
acquisition plans. The acquisition will be subject to the
conditions precedent having been satisfied.

Fitch said, "we consider the total acquisition price of
CNY4.4billion to be fairly low, as the purchases include three
land parcels in first-tier cities and four in affluent second-
tier cities. Furthermore, the implied average land price in the
acquisition compares favourably with Fitch's assumption of an
average land cost of over CNY9,500 per square metre in our
projections for Sunac. Fitch does not expect margin pressure
brought on by those new projects, given the low land cost and
desirable locations.

"Sunac has accelerated land purchases since the start of 2016;
and total land premium, if including this acquisition, would
already have reached CNY41.4billion (CNY25.9billion on an
attributable basis). However, the faster land replenishment is in
line with robust contracted sales growth, which rose by 93% y/y
in the first four months this year to CNY35.5billion. Fitch
expects Sunac's contracted sales to be on track to hit
CNY100billion in 2016, and total land premium would be controlled
at under 50% of our projected contracted sales."


UTSTARCOM HOLDINGS: Reports $1.09MM Net Loss for Q1 2016
--------------------------------------------------------
UTStarcom reported a net loss of $1.09 million on $22.6 million
of net sales for the three months ended March 31, 2016, compared
to a net loss of $5.39 million on $32.95 million of net sales for
the same period in 2015.

As of March 31, 2016, UTStarcom had $214 million in total assets,
$123 million in total liabilities, and $91.3 million in total
equity.

Mr. Tim Ti, UTStarcom's chief executive officer, stated, "We are
pleased to report a solid quarter with revenues exceeding our
initial expectations, gross margin in high twenties percentage,
and non-GAAP net profitability.  We continue to see healthy
demand of our PTN products and benefits from our streamlined
business model."

As of March 31, 2016, cash and cash equivalents were
$80.2 million.

Mr. Min Xu, UTStarcom's chief financial officer, commented, "We
are glad to see our focus on profitability resulted in a high
twenties percentage gross margin and non-GAAP net profitability
in the quarter.  We achieved positive operating cash flow and
continue to strengthen our cash balance."

The company will continue its focus on profitability and
operating cash flow. The Company believes that the improvement in
business fundamentals is the necessary first step to achieve
sustainable future growth in the long run.

For the second quarter of 2016, the Company expects to generate
non-GAAP revenue in the range of $15 million to $20 million.

Mr. Ti concluded, "We are seeing good results from our business
transformation.  We continue to invest in data center and smart
city markets.  The establishment of ICI group allows us to focus
our resources on the fast growing markets.  We are confident that
UTStarcom will emerge as a market leader across the globe in our
evolving and dynamic industry."

A full-text copy of the press release is available for free at:

                       https://is.gd/G8XEhs

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support.  The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.  The
Company's headquarters are currently in Alameda, California, with
its research and design operations primarily in China.

UTStarcom reported a net loss of $20.7 million on $117 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $30.3 million on $129 million of net sales for the year
ended Dec. 31, 2014.



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I N D I A
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A B COMPOSITES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A B Composites
Pvt Ltd (ABCPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect ABCPL's small scale of operations and
moderate credit profile. In FY15, the company reported revenue of
INR300m (FY14: 270m), EBITDA interest coverage of 2.8x (2.4x) and
net financial leverage of 2.7x (4.2x). Its EBITDA margins were
3.6% in FY15 (FY14: 4.2%). Liquidity has been moderate, with 90%
average utilisation of its fund-based limits during the 12 months
ended March 2016.

However, the ratings benefit from its promoters' experience of
over four decades in the moulded precision components
manufacturing business.

The ratings have been based on FY15 audited numbers since the
issuer could not share FY16 provisional numbers with the agency.

RATING SENSITIVITIES

Positive: Substantial improvement in the scale of operations
along with an improvement in credit metrics could be positive for
the ratings.

Negative: A decline in the scale of operations along with
deterioration in credit metrics could be negative for the
ratings.

COMPANY PROFILE

ABCPL primarily manufactures natural fibre reinforced thermoset
composite and fibre-glass reinforced plast windows used in
railway coaches. ABCPL was set up as a partnership firm named All
India Brush Works in 1964 and was reincorporated as a private
limited company in 1996. It is promoted by Mr. Ankul Samanta and
his three brothers and its operations are based in Kolkata (West
Bengal).

The company has successfully developed a natural fibre thermoset
composite (NFTC) material to replace conventional wood, ply-wood,
asbestos and aluminium. This has been patented and registered
under the trademark DUROSAM.


ACTION RETAIL: ICRA Reaffirms B+ Rating on INR7.40cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.40 crore
fund based working capital limits of Action Retail Ventures
Private Limited at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-based limits      7.40        Reaffirmed at [ICRA]B+

ICRA's rating reaffirmation takes into account a flat operating
income (OI) in FY2015 and a subsequent decline in the FY2016 OI
on the back of sales return of 'School Time' shoes. The rating is
also constrained due to substantial deterioration in the capital
structure with gearing at 4.3x as on March 31, 2015 as against
2.9x in the previous year. The rating also factors in the
company's subdued debt coverage indicators due to thin
profitability. ICRA also takes a note of significant loans and
advances routing between group companies. The rating also factors
in the substantial increase in the creditor days, although
mitigated partially on the back of lenient credit terms from the
group companies. The rating also takes into consideration the
highly competitive nature of the industry and raw material price
volatility which exerts pressure on its profitability. However,
the rating continues to derive comfort from ARVPL's long track
record in the footwear business, its experienced management,
along with its established brand and strong distribution network.
Going forward, the company's ability to scale up its operations
and attain a sustained improvement in its profitability will
remain the key rating sensitivities.

ARVPL is a part of the Mr. Hari Kishen Aggarwal faction within
the larger Action group that has been in the footwear business
for more than three decades. The company was incorporated in
FY2006 to serve as a retailing arm and buys footwear from the
Delhi unit of Nikhil Footwear Private Limited and thereafter
sells it to distributors.

Recent Results
In FY2015, ARVPL reported an operating income (OI) of INR43.23
crore and a profit after tax (PAT) of INR0.48 crore, as against
an OI of INR43.12 crore and a PAT of INR0.30 crore in the
previous year.


ALLIED FIBRE: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Allied Fibre
Industries (AFI) a Long-Term Issuer Rating of 'IND D'.

KEY RATING DRIVERS

The ratings reflect the instances of default by AFI's on term
loans repayments during the three months ended March 2016. The
issuer has not shared its recent financials with the rating
agency.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.


COMPANY PROFILE

AFI was incorporated in 2014 and manufacturers pet flakes. AFI's
factory is located in Kashipur, Uttarakhand.

AFI's ratings:
-- Long-Term Issuer Rating: assigned 'IND D'
-- INR36.80 million term loan: assigned Long-term 'IND D'
-- INR29.00 million fund-based limits: assigned Long-term
    'IND D' and Short-term 'IND D'


AVADH COTEX: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR15.00 crore1
cash credit facility of Avadh Cotex Private Limited. ICRA has
also reaffirmed the [ICRA]A4 rating to the INR1.95 crore SLC
facility of ACPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                15.00        [ICRA]B+; reaffirmed

   Non Fund Based
   SLC                    1.95        [ICRA]A4; reaffirmed

The reaffirmation of rating continues to be constrained by ACPL's
modest scale of operations; low value additive nature of
operations and intense competition on account of fragmented
industry structure leading to thin profit margins. The rating
also takes into account weak financial profile as reflected by
low profitability, leveraged capital structure and weak coverage
indicators.

ICRA also notes the vulnerability of profitability, to the
adverse movements in raw cotton prices, which are subject to
seasonality and crop harvest and Government regulations changes
in terms of MSP for procurement of raw cotton and exports.

The ratings, however, favorably take into account the experience
of the promoters in the cotton industry and location advantage
enjoyed by ACPL giving it easy access to high quality raw cotton.
The turnover and margins are expected to remain in line with the
previous fiscal given the stable outlook on prices and
availability for raw cotton. However, the company's ability to
scale up the operations would be largely contingent to
improvement in international demand, given the seasonality in the
business, volatility in prices of cotton, high competitive
intensity and uncertain regulatory scenario. Further the
company's ability to infuse funds to support its capital
structure and manage its working capital efficiently would be a
key rating monitor.

Established in 2006, Avadh Cotex Private Limited (ACPL) is a
private limited company managed by Mr. Bharat Bhalala and Mr.
Sanjay Bhalala. The company is engaged in ginning and pressing of
raw cotton to produce cotton bales and cottonseeds. ACPL's
manufacturing facility is located at Shapar, Rajkot District,
Gujarat and is currently equipped with 24 ginning machines and 1
pressing machine having an installed capacity to produce 240
cotton bales per day (24 hours operation).

Recent Results
During FY15, ACPL reported an operating income of INR118.52 crore
with net profit of INR0.08 crore against operating income of
INR93.34 crore with net profit of INR0.07 crore. In FY16, till
the end of January 2016, the company reported an operating income
of INR101.81 crores with an operating profit (OPBDITA) of INR1.91
crore.


B D OVERSEAS: CRISIL Suspends B+ Rating on INR15MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
B D Overseas (BDO; part of the MRM group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Purchase-Disc.
   Facility                  15       CRISIL A4
   Cash Credit               15       CRISIL B+/Stable
   Packing Credit            70       CRISIL A4
   Term Loan                 12.8     CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of BDO and Mahavir Rice Mills (MRM). This
is because the two entities together referred to as the MRM
group, have common partners, are engaged in a similar line of
business, and have strong business and financial linkages.

The MRM group, based in Karnal, mills, processes, and sells
basmati rice in India and abroad. It produces only parboiled
rice, which has strong demand in the Middle East and Iran.

MRM was set up in 1984 as a partnership firm by Mr. Jai Kumar
Garg and his sons, Mr. Anil Kumar and Mr. Parveen Kumar.

BDO was set up by the Garg family to increase the group's
installed capacity. The group has a capacity of 4 tonnes per hour
(tph) for milling and 8 tph for sorting (including BDO's 2 tph
and 5 tph capacities for milling and sorting, respectively, that
were commissioned in June 2011).


BALAJI OIL: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Balaji Oil
Industries Pvt Ltd's (BOIPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade reflects the resumption of operations at BOIPL's oil
processing unit which had become unviable due to negative
processing margins. With this the company has indicated 25.5% yoy
growth in its revenue to INR943 million and a 30bp yoy expansion
in its operating margin to 2.8% according to the unaudited FY16
financials. This resulted in a substantial improvement in net
leverage (debt net of cash/EBITDA) to 3.7x at FYE16 (FYE15:
7.1x).

The upgrade is also supported by a change in BOIPL's business
model under which the company has started selling oil directly to
reputed food processors including Modern Food Industries (India)
Ltd, Perrys Biscuits Pvt Ltd and Milka Bakers (P) Ltd. This
resulted in an improvement in the company's working capital cycle
to 5 days in FY16 from 45 days in FY15 as inventory holding
period came down substantially to 68 days from more than three
months during the previous three years. The current growth in
financial performance is also attributed to the change in the
business model.

However, the ratings continue to factor in the company's tight
liquidity position as indicated by its near-full working capital
utilisation during the 12 months ended April 2016.

The ratings are constrained by the risks associated with the
company's import-dependent agricultural commodity based business.
Moreover, EBITDA interest cover sharply deteriorated to 1.2x at
FYE16 from around 4.7x at FYE15 because of the higher utilisation
of the fund-based facilities to support the manufacturing
operations.

RATING SENSITIVITIES

Positive: Significant growth in the revenue and profitability
while improving the interest coverage to 3.0x could result in a
positive rating action.

Negative: A substantial decline in the EBITDA margin affecting
credit metrics will be negative for the ratings.

COMPANY PROFILE

Established in 1985, BOIPL is a private limited company, engaged
in the trading of refined palm oil, refining and sales of crude
palm oil, hydrogenated vegetable cooking oil, and bakery
shortening.

BOIPL's ratings:
-- Long-Term Issuer Rating: upgraded to IND BB from 'IND BB-';
    Outlook Stable
-- INR30 million fund-based working capital limits: upgraded to
    Long-term 'IND BB'/Stable from 'IND BB-'
-- INR278.9 million non-fund based working capital limits
    (reduced from INR305.4 million): affirmed at Short-term 'IND
    A4+'


BHANSALI ENGINEERING: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Bhansali
Engineering Polymers Limited's (BEPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB'. The Outlook is Stable. A full list of
rating actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade reflects the improvement in BEPL's operating
profitability resulting in better credit metrics based on
provisional FY16 financials. EBITDA margins were around 7% in
FY16 (FY15: 3.5%), interest coverage was 3.5x (2.4x) and net
financial leverage (adjusted debt/EBITDA) was 3.9x (8.3x). The
improvement was driven by a correction in raw material prices
(which are crude oil derivatives) and a rise in sales
realisation. The sustainability of the improved margins, however,
will be a key sensitivity factor.

The ratings, however, are constrained by the company's moderate
working capital requirements with net working capital cycle at
120 days for FY15-FY16 and exposure of margins to exchange rate
fluctuations.

The ratings are supported by BEPL's continued adequate liquidity
position with positive cash flows from operations at about
INR240m each in FY15 and FY16 and moderate bank limit utilisation
at 96% for the trailing 12 months ended March 2016. The company
does not have any term debt obligations, and its capex plans are
likely to be funded through internal accruals. Hence, Ind-Ra
expects BEPL to maintain its liquidity profile.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA margins leading
to the interest coverage being sustained above 2.5x will result
in a positive rating action.

Negative: Deterioration in the EBITDA margins leading to the
interest coverage being sustained below 1.75x will result in
negative rating action.

COMPANY PROFILE

Incorporated in 1986 in Mumbai, BEPL manufactures acrylonitrile
butadiene styrene which is used in manufacturing plastic products
such as drain-waste-vent pipe systems, musical instruments
(recorders, plastic clarinets, and piano movements), automotive
trim components, automotive bumper bars and more. The company's
overall operations are managed by Mr. B.M Bhansali and Mr. Jay
Bhansali.

BEPL's ratings:
-- Long-Term Issuer Rating: upgraded to 'IND BB+' from 'IND BB';
    Outlook Stable
-- INR600 million fund-based working capital limit: upgraded to
    Long-term 'IND BB+'/Stable from 'IND BB'
-- INR1.5 billion non-fund-based limits: affirmed at Short-term
    'IND A4+'


BHARAT RICE: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facility of Bharat Rice Mills (BRM)
reflects BRM's weak financial risk profile, marked by high
gearing and weak debt protection metrics, and small scale of
operations in the intensely competitive rice milling industry.
These rating weaknesses are partially offset by the extensive
experience of the partners.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               70      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BRM will continue to benefit over the medium term
from the extensive experience of the partners in the rice milling
business. The outlook may be revised to 'Positive' if significant
improvement in scale of operations and profitability leads to a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if stretch in working capital management,
or any large debt-funded capital expenditure weakens the
financial risk profile.

BRM, set up in 1997 as a partnership firm, mills and processes
basmati and non-basmati rice and its by-products for sale in
India and abroad. Mr. Sandeep Kumar and Mr. Rakesh Kumar are the
partners.


BINJUSARIA SOLVENTS: ICRA Suspends 'B' Rating on INR11cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR11.00 crore
fund based facilities of Binjusaria Solvents Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Binjusaria Solvents Pvt. Ltd. (BSPL), incorporated in 1982, is
engaged in solvent extraction from rice bran with the product mix
of rice bran oil and DOC. Sales of rice bran oil and DOC are made
to oil refineries and fisheries, poultry firms respectively. The
solvent extraction unit has an installed capacity of 60000 MTPA
(metric tonnes per annum). It has its production facilities in
the Nacharam area of Hyderabad. The Managing Director, Mr. Arun
Kedia has more than 25 years of experience in the business.


CONTINENTAL MILKOSE: CRISIL Suspends B+ Rating on INR225MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Continental Milkose India Limited (CML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              225       CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee           125       CRISIL A4

The suspension of ratings is on account of non-cooperation by CML
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CML is yet to
provide adequate information to enable CRISIL to assess CML'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 1992 in New Delhi, CML undertakes sale of cereal-
based products, malted food and milk products. The company
primarily derives its revenues from sales to the government
sector.


DAYANA POLYPLAST: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dayana Polyplast
Pvt Ltd (DPPL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect DPPL's small size of operations and moderate
credit profile. In FY15, revenue was INR300 million (FY14: INR109
million), EBITDA margins were 10.7% (8.3%), net leverage was
10.0x (6.8x) and EBITDA interest coverage was 2.1x (2.0x).

Provisional FY16 financials indicate revenue and EBITDA margins
increasing to INR560 million and 10.6% respectively, and an
outstanding order book of INR87.45 million at end-April 2016
which needs to be executed over the next three months. The FY16
improvement in revenue was because of increased orders from
existing customers while the improvement in EBITDA margins was
due to a decline in crude prices.

The company's liquidity is tight, with almost full utilisation of
its fund-based working capital facilities over the 12 months
ended March 2016.

The ratings are supported by the promoters' operating experience
of over 20 years in manufacturing high-density polyethylene and
polypropylene fabrics.

RATING SENSITIVITIES

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


Negative: Any decline in profitability, resulting in further
stress on its liquidity position, and sustained deterioration in
the credit profile will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2009, DPPL manufactures woven sacks including
high density polyethylene and polypropylene woven bags as well as
biaxially oriented polypropylene bags. It switched from
manufacturing high density polyethylene and polypropylene to
woven sacks and bags in FY15. The company is promoted by Mr.
Bharat Patel and Mr. Pragnesh Patel and has an installed capacity
of 4,800 metric tonnes/year.

DPPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR135.7 million long-term loans: assigned 'IND B+'/Stable
-- INR75.0 million fund based facilities: assigned 'IND
    B+'/Stable/'IND A4'


DI-AN-ARE EXPORTS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Di-aN-aRe
Exports (Dianare) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Dianare's moderate-but-volatile revenue,
credit profile and EBITDA margins due to its presence in the
highly fragmented and competitive cut and polished diamonds
industry. Provisional FY16 financials indicate revenue of INR760m
(FY15: INR786 million; FY14: INR796.0 million), net leverage
(adjusted net debt/operating EBITDAR) of 5.9x (4.8x; 5.1x),
EBITDA interest cover of 1.8x (2.1x; 2.3x) and EBITDA margin of
1.9% (2.2%; 2.1%).

The ratings are constrained by the price volatility in diamonds
(Dianare's end-product) as well as foreign currency fluctuations,
since the firm derives its revenue mainly from exports. The firm
mitigates the forex risk by importing rough diamonds. The ratings
factor in the partnership structure of the organisation.

The ratings, however, are supported by the firm's comfortable
liquidity position with its average working capital utilisation
being 89% over the 12 months ended April 2016. The ratings are
also supported by Dianare's partner's operating experience of
over two decades in the import, processing and export of
diamonds, the firm's strong relationships with its customers and
suppliers, and its Gemological Institute of America certified
product range.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and profitability
leading to a sustained improvement in the credit metrics will
lead to a positive rating action.

Negative: A decline in the revenue and/or operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

Established in 1994, Dianare imports, processes and exports cut
and polished diamonds. Its processing facility is located in
Surat (Gujarat). The firm exports diamonds to Hong Kong, Belgium,
Thailand, UAE, Malaysia, and Singapore and also sells locally to
diamond traders and jewellery manufacturers.

Dianare's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR120 million fund-based working capital limits: assigned
    'IND BB-'/Stable/'IND A4+'
-- Proposed INR30.0 million fund-based limit: assigned
    'Provisional IND BB-'/Stable/'Provisional IND A4+'


EAGLE STEEL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eagle Steel
Industries Private Limited (ESIPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. A full list of rating actions
is at the end of the commentary.

KEY RATING DRIVERS

The ratings factor in ESIPL's small scale of operations and weak
credit metrics. Its overall revenue was INR438.09 million in FY15
(FY14: INR482.18 million), interest coverage (operating
EBITDA/gross interest expense) was 1.44x (1.21x) and net leverage
(total adjusted net debt/operating EBITDAR) was 7.49x (11.58x).
The ratings also factor in provisional FY16 financials, which
indicate declined EBITDA margins of 2.18% (FY15: 3.74%) as well
as overall revenue of INR683.96 million, interest coverage of
1.28x and net leverage of 10.15x.

However, the ratings are supported by ESIPL's established track
record and its promoters' experience of more than two decades in
the jewellery industry. The ratings are also supported by the
company's comfortable liquidity position, with around 80% average
maximum use of its fund-based working capital limits during the
12 months ended April 2016.

RATING SENSITIVITIES

Negative: Significant deterioration in EBITDA margins, leading to
weaker credit metrics, would be negative for the ratings.

Positive: A substantial improvement in the scale of operations,
along with an improvement in credit metrics, shall be positive
for the ratings.

COMPANY PROFILE

ESIPL was established as a proprietorship unit in 2003 and
reconstituted as a private limited entity in 2006. It is engaged
in the trade of hot rolled and cold rolled steel coils, mild
steel plates and aluminium coils.


GAJANANA TRADERS: CRISIL Assigns 'B' Rating to INR87.7MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Gajanana Traders (GT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Open Cash Credit        87.7       CRISIL B/Stable

The rating reflects GT's modest scale of operations in the
intensely competitive rice-milling industry, and the
susceptibility of the firm's operating profitability to changes
in government regulations and to volatility in raw material
prices. The rating also reflects firm's weak financial risk
profile marked by modest networth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of promoters' in the rice industry.
Outlook: Stable

CRISIL expects GT will maintain a stable business risk profile
over the medium term on the back of promoter's extensive
experience in the rice milling industry. The outlook may be
revised to 'Positive' if the firm's revenues and profitability
increase substantially leading to an improvement in its financial
risk profile or in case of significant infusion of capital into
the firm resulting in an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative' if GT
undertakes a 'larger-than-expected' debt funded capital
expenditure programme, or if the partners withdraw capital from
the firm leading to deterioration in its financial risk profile.

Set up in 2012, GT is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in East Godavari, Andhra Pradesh. The day to day
operations are managed by Mr. Srinivas Maroju.


GLOBAL FOODS: CRISIL Lowers Rating on INR90MM Term Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Global Foods - Nagpur (GF) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 90      CRISIL B-/Stable (Downgraded
                                       from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in the credit risk
profile of the firm driven by a delay in commencement of its
project on account of funding delays by the Ministry of Food
Processing Industries. The project is now expected to start
operations in October 2016. The delay in commencement of
operations will result in lower-than-expected cash accrual, which
is expected to be barely sufficient to meet term loan obligation
in 2016-17 (refers to financial year, April 1 to March 31).
CRISIL believes timely implementation of the project and
subsequent ramp up in operations will be key rating sensitive
factors.

The rating reflects the firm's exposure to risks related to
implementation of, and demand for, its ongoing cold storage and
frozen food processing project. The rating also factors in
expectations of a modest scale of operations and an average
financial risk profile due to start-up stage of the business.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of its promoters and their committed
funding support.

Outlook: Stable

CRISIL believes GF will benefit over the medium term from
extensive entrepreneurial experience of its promoters and their
committed funding support. The outlook may be revised to
'Positive', in case of timely completion of the project within
the budgeted cost and subsequent significant ramp-up in sales,
leading to higher cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in
project implementation, or delay in stabilisation of operations.

GF was set up in 2014 as a partnership firm in Nagpur for setting
up a cold storage and frozen food processing unit for various
vegetables, fruits, and spices. Mr. Ritesh Chelani, Mr. Umesh
Jagwani, Mr. Akash Satija, Mr. Kamlesh Tejwani, Mr. Niyaz Ahmed,
and Mr. Aqeel Ahmed are the partners of the firm.


ISAT NETWORK: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of iSat Network Engineers
Pvt. Ltd. (ISNEPL) continue to reflect its modest scale of
operations, with customer concentration in revenue profile and
large working capital requirement.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           45      CRISIL A4 (Reaffirmed)
   Cash Credit              30      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the average financial risk profile,
with a modest networth and gearing, and average debt protection
metrics. These rating weaknesses are mitigated by the extensive
experience of promoters in the substations business.
Outlook: Stable

CRISIL believes ISNEPL 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 sustainable
increase in scale of operations and profitability, leading to
improvement in cash accrual and hence in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens, most likely due to low cash accrual, large
working capital requirement, or debt-funded capital expenditure.

ISNEPL was incorporated in 1998, promoted by the Mumbai-based
Agarwal family. The company is an engineering, procurement, and
construction (EPC) contractor for high voltage and low voltage
substations of up to 400 kilovolts. It also imports testing
equipment for generation sets.


KAFILA HOSPITALITY: CRISIL Reaffirms B+ Rating on INR400MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kafila
Hospitality and Travels Private Limited (KHTPL) continues to
reflect the company's weak financial risk profile because of
small networth and high debt.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           400       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           10       CRISIL B+/Stable (Reaffirmed)

The rating also reflects modest scale of operations, and
susceptibility of revenue and profitability to cyclical demand in
the airline industry and to regulations laid down by
International Air Transport Association. These weaknesses are
partially offset by the extensive experience of the company's
promoters in the travel and tourism industry.
Outlook: Stable

CRISIL believes KHTPL will continue to benefit over the medium
term from its established network of agents and healthy
relationship with domestic airlines. The outlook may be revised
to 'Positive' if substantial revenue, while maintaining operating
profitability, results in a better financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if working capital requirement increases substantially or
profitability declines.

Set up by the Delhi-based Chadda family in 2008, KHTPL undertakes
airline ticket and hotel bookings through the B2B (business-to-
business) and B2C (business-to-consumer) models, and also
operates a 26-room guest house in Delhi.

Profit after tax is expected to be INR8.4 million on an operating
income of INR152.8 million for 2015-16 (refers to financial year,
April 1 to March 31), against INR7.7 million on an operating
income of INR136.0 million for 2014-15.


KARTIK INTERNATIONAL: CRISIL Suspends B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Kartik International (KI).

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

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

KI, established in 2008, manufactures ready-made garments, mainly
winter wear such as pullovers, sweaters, coats, jackets, track
suits, and sweat shirts, for both men and women. It sells its
products to brand owners and retailers in India. KI's
manufacturing unit in Ludhiana (Punjab) has entirely integrated
processes, ranging from dyeing of fabrics, cutting, stitching,
embroidering, to manufacturing garments. The firm is managed by
Mr. Ravi Malik and his wife Ms. Ritu Malik.


LAKSHMI CAR: ICRA Suspends B/A4 Rating on INR13.2cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 rating assigned to
the INR13.2 crore long term and short term fund based facilities
of Lakshmi Car Zone Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


LEISURE WEAR: ICRA Reaffirms 'C' Rating on INR3.0cr Packing Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] C on the
INR6.00 crore fund based facilities of Leisure Wear Exports
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Packing Credit/
   Post Shipment
   Limit                 3.00         [ICRA]C; reaffirmed

   Foreign Outward
   Bills Purchased       3.00         [ICRA]C; reaffirmed

The rating reaffirmation takes into account the ~46% year-on-year
decrease in LWEL's operating income in FY2016, on account of weak
demand for its products. This is accompanied by declining
operating margins and increasing debtor days which has resulted
in high utilization of the company's working capital limits and
weak debt protection indicators. The rating also takes into
account the high customer concentration risk, company's moderate
scale of operations in the highly competitive readymade garments
segment and vulnerability of profitability to fluctuations in
foreign exchange rates. However, ICRA favourably factors in the
rich experience of the promoters, strategic location of its
integrated manufacturing facility and moderately favourable
capital structure.

Going forward, LWEL's ability to increase its scale of operations
accompanied by an improvement in profitability margins and
effective working-capital management would be the key rating
sensitivities.

LWEL incorporated in 1989, manufactures and exports collared and
polo-neck T-shirts, the company also trades in fabrics. Both
manufacturing and trading contribute almost equally to sales. The
company's manufacturing facility located at Ludhiana, with
manufacturing capacity of 8000 T-Shirts per day, has in house
facilities for knitting, stitching, dyeing and embellishment
work, and is presently utilized to the extent of 50%. The company
exports its products, to the US market, under the brand name
'Hautes'.

Recent Results

The company reported a net profit of INR0.10 crore on an
operating income of INR56.22 crore in FY2015, as against a net
loss of INR0.22 crore on an operating income of INR53.16 crore in
the previous year. The company, on a provisional basis, reported
an operating income of INR30.32 crore for FY2016.


MAHAVIR RICE: CRISIL Suspends B+ Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mahavir Rice Mills (MRM; part of the MRM group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL B+/Stable
   Packing Credit          120        CRISIL A4

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MRM and BD Overseas (BDO). This is
because the two entities together referred to as the MRM group,
have common partners, are engaged in a similar line of business,
and have strong business and financial linkages.

The MRM group mills, processes, and sells basmati rice in India
and abroad. It produces only parboiled rice, which has strong
demand in the Middle East and Iran.

MRM was set up in 1984 as a partnership firm by Mr. Jai Kumar
Garg and his sons, Mr. Anil Kumar and Mr. Parveen Kumar.

BDO was set up by the Garg family to increase the group's
installed capacity. The group has a capacity of 4 tonnes per hour
(tph) for milling and 8 tph for sorting (including BDO's 2 tph
and 5 tph capacities for milling and sorting, respectively, that
were commissioned in June 2011).


MANOJ JAISWAL: CRISIL Assigns 'B' Rating to INR30MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Manoj Jaiswal and Others (MJ).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       60        CRISIL A4
   Proposed Long Term
   Bank Loan Facility       30        CRISIL B/Stable

The ratings reflect MJ's susceptibility to risks related to
changes in government policies and to license allocation through
lottery in the liquor-retailing business. The ratings also
factors in the modest scale, and geographical concentration, of
operations. These weaknesses are partially offset by the
extensive experience of the members in liquor trading.
Outlook: Stable

CRISIL believes MJ will, over the medium term, benefit from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if the firm registers a sustainable
increase in its scale of operations and profitability, or
diversifies its revenue profile through addition of new
geographies, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of an adverse
impact of regulatory changes on MJ's profitability and revenue
growth, or a stretch in the firm's working capital cycle.

MJ is an association of persons (AOP) having 134 members. The
firm was established in 2004 by the Jaiswal family. It primarily
retails liquor in Jodhpur (Rajasthan). The firm currently has
nine retail shops in the city.

For 2014-15 (refers to financial year, April 1 to March 31), MJ
reported book profit of INR1.6 million on net sales of INR167.5
million against book profit of INR0.16 million on net sales of
INR8.8 million for 2013-14.


MASTERS ALUMINIUM: ICRA Suspends B+ Rating on INR16.5cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR16.50 crore
fund based facilities and INR0.50 crore unallocated limits of
Masters Aluminium India Private Limited. ICRA has also suspended
[ICRA]A4 rating assigned to the INR3.00 crore non-fund based
limits of MAIPL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

MAIPL was incorporated in the year 2008 and commenced operations
towards the end of FY2010. The company was established by Mr.
Movva Vara Prasad and his family members. Mr. Prasad has close to
two decades of experience working in the Aluminium extrusion
industry. The plant was set up in a five acre land in the Veleru
village, near Hanuman Junction town in Krishna District of Andhra
Pradesh (AP). The company has expanded its capacity to 3600MTPA
(Metric Ton Per Annum) from 2600MTPA towards the end of FY2012.


MITTAL COAL: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Mittal
Coal Co. (MCC, part of Mittal coal group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MCC and Mittal Coal Traders (MCT).
This is because the two entities, together referred to as the
Mittal Coal group, are in the same line of business, and are
owned and managed by the same promoter family.

MCC and MCT are proprietorship firms based in Zirakhpur (Punjab)
and established in 2000 and 2005, respectively. They primarily
trade in coal. MCC's operations are managed by Mr. Ramesh Mittal.
His wife Ms. Anita Mittal manages MCT.


MORACEAE PHARMACEUTICALS: ICRA Suspends 'D' INR10.5cr Loan Rating
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR10.50 crore fund based bank facilities of Moraceae
Pharmaceuticals Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


MOTHER NUTRI: ICRA Suspends B/A4 Rating on INR9.55cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR9.55 crore limits of Mother Nutri Foods. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Mother Nutri Foods (MNF), promoted by Mr. Mahesh Doshi, Mr.
Hitesh Doshi, Mr. Kishor Sheth, Mr. Vijay Raja and Mrs. Bina
Sheth, was established as a partnership firm in September 2012.
The firm proposes to manufacture peanut butter packaged in jars
ranging from 227 grams to 1 kg and bulk containers from 20 kg to
235 kg having a proposed production capacity of ~3,600 TPA. The
peanut butter would be available in several variants such as
natural, creamy, crunchy, sugar free, salt free, flavoured etc.


MOTOR SALES: CRISIL Suspends 'B' Rating on INR95MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Motor Sales Limited (MSL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              95        CRISIL B/Stable
   Channel Financing        91        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       35        CRISIL B/Stable
   Term Loan                 3.1      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by MSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MSL is yet to
provide adequate information to enable CRISIL to assess MSL'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 1972 and promoted by Mr. Ajay Gupta, MSL deals in
vehicles of Tata Motors Ltd (TML). MSL has three showrooms, two
in Lucknow and one in Rae Bareli (both in Uttar Pradesh). The
company also operates a cinema hall and a commercial complex in
Lucknow.


NURSINGSAHAY MUDUNGOPAL: CRISIL Suspends 'B-' INR120M Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Shree
Nursingsahay Mudungopal (Engineers) Private Limited (SNMEPL).

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

   Letter of credit &
   Bank Guarantee            60       CRISIL A4

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

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

Set up in 1949, SNMEPL trades in industrial electrical equipment
such as DG sets, high-tension transformers, circuit breakers,
wires and cables, capacitors, protection relays, industrial fans,
and misting systems. The company is headquartered in New Delhi.


OM BIOMEDIC: ICRA Suspends B- Rating on INR2.0cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR2.00 crore fund based bank facilities of Om Biomedic
Private Limited. ICRA also has suspended the long term/short term
rating of [ICRA] B-/A4 assigned to the INR15.00 crore fund based
bank facilities. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


PATLIPUTRA ENTERTAINMENT: CRISIL Suspends 'B' INR120M Loan Rating
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Patliputra Entertainment Private Limited (PEPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL B/Stable
   Term Loan               120        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by PEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PEPL is yet to
provide adequate information to enable CRISIL to assess PEPL'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 2010, and promoted by Mr Anil Kumar, PEPL
operates two luxury hotels in Patna (Bihar)'Patliputra Exotica
and Patliputra Nirvana.


PEARL PORTS: ICRA Suspends B+ Rating on INR15cr LT Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR15.00 crore
long term fund based facilities and [ICRA]A4 rating assigned to
the INR6.25 crore short-term non-fund based facilities of
Pearl Ports and Warehousing 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.


PRIME HITECH: CRISIL Suspends 'D' Rating on INR775MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prime Hitech Engineering Limited (PHEL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          100        CRISIL D
   Cash Credit             100        CRISIL D
   Letter of Credit        100        CRISIL D
   Term Loan               775        CRISIL D

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

PHEL was incorporated in April 2010, as joint venture between PCI
(51%), Keliburg Holding Ltd (a Russian company, 30%), and the
promoters of PCI (19%). It has set up a plant for carrying out
the fabrication work of Transformers (backward integration for
PML (Prime Meiden Limited), manufacture of Turbine parts and
drill bits for Oil Exploration facilities and mining operations.


PRIME MEIDEN: CRISIL Suspends 'D' Rating on INR1.33BB Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prime Meiden Limited (PML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              300       CRISIL D
   Letter of credit &
   Bank Guarantee           750       CRISIL D
   Term Loan               1330       CRISIL D

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

PML was incorporated on September 2008, to set up a plant in
Andhra Pradesh to manufacture extra-high-voltage power
transformers with 10,000 megavolt amperes (MVA) annual capacity
(transformers from 500 kilovolt amperes to 1000 MVA).


PRINS POLYTECH: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prins Polytech
Private Limited (PPPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect PPPL's small scale of operations and weak
credit profile. The company's FY16 provisional financials
indicate an overall revenue of INR123.99 million (FY15: INR90.81
million), gross interest coverage (operating EBITDA/gross
interest expense) of 1.36x (1.38x) and net leverage (total
adjusted net debt/operating EBITDAR) of 7.09x (5.90x).

The ratings factor in the company's moderate liquidity profile
depicted by its 98% utilisation of the working capital limit
during the 12 months ended April 2016.

The ratings, however, are supported by PPPL's moderate EBITDA
margin of 7.90% in FY16 (FY15: 7.70%) and more than a decade of
operating experience of PPPL's promoters in the diversified
manufacturing business including PVC water tanks.

RATING SENSITIVITIES

Positive: A substantial growth in the company's top line along
with an improvement in the credit metrics could lead to a
positive rating action.

Negative: Deterioration in the EBITDA margin leading to a further
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

PPPL, incorporated in 2013 by Mr. Naresh Kumar and Mr. Jayanti
lal Mehta, started its commercial operations in January 2014. The
company manufactures three-layer and five-layer PVC water tanks
at its facility in Boranada, Jodhpur with an annual installed
capacity of 24,000 tanks. The firm has ISO 9001:2008
certification for its products and sells them under the brand
name Prins.

PPPL's ratings are as follows:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR34.50 million long-term loans: assigned 'IND B+'/Stable
-- INR22.50 million fund-based limits: assigned 'IND B+'/Stable
    and 'IND A4'.


PURANDAR MILK: ICRA Reaffirms 'D' Rating on INR5.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] D outstanding
to INR5.00 crore fund based facilities, INR0.90 crore term loans
and INR1.10 crore unallocated limits of Purandar Milk and Agro
Products Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit            5.00        [ICRA]D Reaffirmed

   Fund Based Limits
   Term Loans             0.90        [ICRA]D Reaffirmed

   Unallocated Limits     1.10        [ICRA]D Reaffirmed

Purandar Milk and Agro Products Limited was established in 2000
and commenced operations in 2001.The company is involved in
procurement, processing and sale of milk and milk products,
trading of petroleum products, petrol and diesel and weigh bridge
operations .The milk processing capacity of the company is 30,000
litres per day. The company markets milk and milk products in the
nearby metros under the brand name 'ANANDI'.

PMAPL is part of Silver Jubilee Group promoted by Mr. Sanjay
Jagtap which has diversified interests ranging from automobile
dealership, dairy, real estate to investment advisory services.
The prominent among them include Silver Jubilee Motors Limited
(promoted along with Mr. Kiranpalsingh Ahluwalia) involved in
sales and services of Mahindra and Mahindra utility vehicles.
PMAPL has set up a 5000 metric ton per month capacity cold
storage plant in Khalad, Pune (Maharashtra).


R. K. INTERNATIONAL: CRISIL Suspends 'D' Rating on INR70MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
R. K. International - Gurgaon (RKI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D
   Proposed Long Term
   Bank Loan Facility       60        CRISIL D
   Standby Line of
   Credit                    5        CRISIL D
   Term Loan                15        CRISIL D

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

RKI, set up in 1992, is a sole proprietorship firm owned and
managed by Mr. B. K. Gambhir. The firm is based in Gurgaon
(Haryana) and manufactures steel fabricated items primarily used
in boilers.


RAJA ENTERPRISES: ICRA Suspends B+ Rating on INR15cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR0.18 crore
term loans, INR15.00 crore fund based facilities and INR5.68
crore proposed facilities of Raja Enterprises. 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.


RJ RISHIKARAN: ICRA Reaffirms B Rating on INR35cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR35.0 crore term loan facilities of RJ Rishikaran Projects
Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Fund Based      35.0      [ICRA]B (reaffirmed)

The rating reaffirmation takes into account the long experience
of the promoters in construction and real estate development
demonstrated through execution of 40 projects with a development
of 3 msft area in the residential, commercial, hospitality and
hospital segments. The rating also positively factors in the
favourable location of the project (Lake Gardenia project at KR
Puram, Bangalore and Brook Square project at Whitefield,
Bangalore) having close proximity to social infrastructure
including international schools, shopping malls and multi-
specialty hospitals. The rating also derives comfort from the
fact that all major approvals required with regard to land
development have been obtained.

The rating is, however, constrained by the execution risk
associated with the project being at intermediate stages of
construction and the funding risk associated with the project as
significant project cost (~52%) is proposed to be funded through
customer advances from pre-sale bookings for both Lake Gardenia
and Brook Square projects. The rating also factors in significant
competition from other ongoing projects in the locality and the
marketing risk associated with the project with an average
booking of ~30% for both the projects, and no progress in
bookings from December 2015, however average customer advances
have progressed from 45% till Dec 2015, to 70% till April 2016 .
Further, ICRA notes the recent restructuring of one of the term
loans, resulting in extension of moratorium period by 6 months to
January 2017; however repayment obligations on other term loans
remain significant in the near term.

Going forward, timely execution and sales velocity for both the
projects will be the key rating sensitivities.

RJ group has been involved in South Indian reality segment for
past three decades offering services such as building, design &
development, interiors, project management & consultation in the
hospitality, residential, commercial segments including hospital
construction and development. Till date it has developed 40
projects comprising 3 million sft area. The Group has also been
involved in interior design of 10 msft area. Its board of
directors includes Mr. Rathnakar Shetty (Chairman & Managing
Director), Mr Karan Shetty (Director & CEO), Mrs Kavitha R Shetty
(Director) and Ms. Rishka R Shetty (Director).

RJ Rishikaran Projects Private Limited was incorporated in
February'13, and so far the company has started two projects,
Lake Gardenia at KR Puram, Bangalore and Brook Square at
Whitefield, Bangalore. In the past, RJ group have been executing
projects through RJ Builders (flagship company of the RJ group),
however, the group has now decided that, RJ Builders will look
after interior design projects and the real estate development
will be done by RRPPL.


S.K. AGROS: ICRA Reaffirms 'B' Rating on INR9.50cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B on the
INR10.00 crore fund based facilities of S.K. Agros.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           9.50         [ICRA]B; reaffirmed
   Term Loan             0.50         [ICRA]B; reaffirmed

The rating reaffirmation takes into account the strong growth in
the firm's operating income as reflected in a CAGR of 119% over
the last three years, however this has been accompanied by a
continuous decline in the operating margins of the firm. The
rating is constrained by the high working capital intensity due
to high inventory levels; this has necessitated reliance on bank
borrowings resulting in highly leveraged capital structure
coupled with weak coverage indicators. ICRA also takes note of
the high utilization of the company's working capital limits. The
rating also takes into account the risks inherent in a
partnership firm like limited ability to raise equity capital,
risk of dissolution etc. However, the rating favourably factors
in the proximity of the mill to a major rice growing area which
results in easy availability of paddy and stable demand outlook
for rice given that India is a major consumer and exporter of
rice.

SKA is a partnership firm, engaged in the business of milling,
processing and selling of basmati rice, and has a fully automated
plant at Fazilka (Punjab) which has a milling capacity of 4
tonnes per hour. The by-products of basmati rice viz husk, rice
bran and 'phak' are sold in the domestic market. At present,
there are three partners in the firm -- Mr. Aarish Kalra, Mr.
Suman Kumar, and Mr. Amit Kumar with a profit sharing ratio of
50%, 25% and 25% respectively.

Recent Results
The company reported a net profit of INR0.06 crore on an
operating income of INR38.34 crore in FY15, as against a net
profit of INR0.06 crore on an operating income of INR15.95 crore
in the previous year. The company, on a provisional basis,
reported an operating income of INR53 crore for FY16.


SABITRI INDUSTRIES: CRISIL Cuts Rating on INR425MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sabitri Industries Private Limited (SIPL) to 'CRISIL D' from
'CRISIL B/Stable'. The rating downgrade reflects delays in
interest payment by around 15 days every month.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              285       CRISIL D (Downgraded from
                                      'CRISIL B/Stable')

   Term Loan                425       CRISIL D (Downgraded from
                                       'CRISIL B/Stable')

The rating downgrade also reflects weakening of the financial
risk profile of the company due to delays in stabilisation of its
plant. The plant had to be shut down for over six months in 2015-
16 (refers to financial year, April 1 to March 31) on account of
a malfunctioning turbine in its power plant. This led to
significantly low operating income of INR175 million in 2015-16,
as against CRISIL's expectation of INR2 billion based on
successful plant stabilisation. The lower-than-expected operating
income led to depressed net cash accrual, resulting in the need
for additional borrowing of INR100 million in the form of a
corporate loan to aid liquidity. Repayment obligations were also
rescheduled to begin from June 2016. Although, contingent upon
successful stabilisation of the plant and tie ups with export
clients, the operating income is likely to increase
substantially, the financial risk profile, particularly
liquidity, is expected to remain weak over the medium term.

CRISIL rating on the long-term bank facilities of Sabitri
Industries Pvt Ltd (SIPL) continues to reflect SIPL's weak
financial risk profile, marked by moderately high leverage and
weak debt protection metrics and stabilization problems faced by
the company during start-up phase of operations. This rating
weakness is partially offset by the extensive experience of
SIPL's promoter in the rice milling business.

CRISIL has treated unsecured loans from promoters, amounting to
INR118.9 million as on March 31, 2015, as neither debt nor
equity. This is because these loans are subordinated to bank debt
and are expected to be retained in the business over the medium
term.

SIPL, incorporated in November 2009 and promoted by Mr. Dillip
Kumar Agarwalla, commissioned a 37-tonne-per-hour raw and par-
boiled rice processing unit in Jajpur, Odisha, in June 2014.
Commercial operations commenced in October 2014.


SAHIBZADA AJIT: CRISIL Suspends 'D' Rating on INR170MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sahibzada Ajit Singh Educational Trust (SAS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      170        CRISIL D
   Rupee Term Loan          90        CRISIL D

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

SAS was formed in 1994 by Mr. S. Gurbachan Singh. Trust is
operating more than 30 schools and colleges which offers
engineering, management and polytechnic courses. SAS is operating
most of its school, education centres under the name of Dhilwan
International Public School (DIPS), affiliated from Central Board
of Secondary Education (CBSE). The society started its first
school in Dhilwan, Punjab in 1994. SAS's schools and colleges are
located in various districts of Punjab, namely, Jalandhar,
Amritsar, Kapurthala, Hoshiarpur and Fazilka.


SARAYA INDUSTRIES: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Saraya
Industries Limited (SIL) a Long-Term Issuer Rating of 'IND D'. A
full list of rating actions is at the end of the commentary.

KEY RATING DRIVERS

The ratings reflect the instances of delays by SIL in the
servicing of its term loans over the six months ended April 2016
and instances of overutilisation of the fund-based limits by the
company for more than 30 days during the three months ended April
2016, on account of stressed liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing and the use of working capital
facilities within the limits for at least three consecutive
months could be positive for the ratings.

COMPANY PROFILE

SIL is a closely held flagship company of the century-old Saraya
Group. SIL manufactures sugar and rectified spirits, country
liquor and Indian made foreign liquor.

SIL's ratings:

-- Long-Term Issuer Rating: assigned 'IND D'
-- INR275 million fund-based working capital limit: assigned
    Long-term 'IND D' and Short-term 'IND D'
-- INR355.85 million term loans: assigned Long-term 'IND D'
-- INR126 million non-fund-based limit: assigned Short-term
    'IND D'

SHREE SWAMI: ICRA Suspends B+ Rating on INR8cr Loan
---------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR8.00
crore limits of Shree Swami Enterprise Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2011, Shree Swami Enterprise Private Limited
(SSPL) commenced commercial operations from February 2013, and is
engaged in manufacturing of HDPE woven fabrics (laminated and
non-laminated). The company is promoted by Mr. Rajendra Agarwal
and Mr. Mahendra Agarwal along with their family members. The
promoters have over a decade of experience in the manufacturing
of HDPE woven fabrics (non-laminated) through their association
with another firm engaged in this business. SSPL's manufacturing
facility is located at Kubadthal, on the outskirts of Ahmedabad
and is equipped with 24 looms for weaving having an installed
capacity of 2,220 TPA along with an extrusion plant having
capacity of 3,000 TPA and a lamination plant with capacity of
4,800 TPA.


SHREE TRIBHUVAN: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Tribhuvan
Ispat Private Limited's (STIPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The agency has also affirmed STIPL's
INR100 million fund-based working capital limit (increased from
INR87.50 million) at Long-term 'IND BB-' with a Stable Outlook
and Short-term 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects the decline in STIPL's top line and its
continued weak credit metrics. In FY15, the company's revenue was
INR418.03m (FY14: INR485.72 million), interest coverage
(operating EBITDA/gross interest expense) was 1.27x (1.13x) and
financial leverage (total adjusted net debt/operating EBITDAR)
was 6.91x (6.61x). The EBITDA margin slightly improved to 3.12%
in FY15 (FY14: 2.88%) due to a fall in the price of sponge iron.

STIPL's FY16 provisional financials indicate a further decline in
revenue by around 34% to INR273.76 million due to the expiry of
excise exemption period and less orders from its customers, and
EBITDA margins in the range of 4%-5%.

The ratings, however, are supported by over two decades of
operating experience of STIPL's directors in the steel industry
and the company's strong relationships with its customers and
suppliers. The ratings factor in the company's comfortable
liquidity position as reflected by its 92% average utilisation of
the fund-based working capital limit during the 11 months ended
April 2016.

RATING SENSITIVITIES

Positive: A substantial growth in the top line along with the
profitability being maintained or improving leading to an
improvement in the credit metrics could lead to a positive rating
action.

Negative: A further decline in the top line along with
deterioration in the profitability leading to sustained
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

STIPL manufactures mild steel ingots at its 25000mtpa steel mill
in Bazpur, Uttarakhand. The company is promoted by Mr. Anand
Agarwal and Mr. Vibhor Mittal.


SLN RICE: ICRA Reaffirms B+ Rating on INR7.0cr Cash Credit
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR8.00 crore fund based limits of SLN Rice Industries.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits/
   Cash Credit           7.00       [ICRA]B+/Reaffirmed

   Fund Based Limits/
   Unallocated           1.00       [ICRA]B+/Reaffirmed

The rating reaffirmation takes into account the firm's modest
scale of operations and its thin margins due to the highly
fragmented and competition intensive nature of the rice milling
industry. ICRA also takes note of the firm's high working capital
intensity and its stretched cash flows. The rating is also
constrained by vulnerability of the margins to adverse movements
in raw material costs owing to agro-climatic risks which impact
the availability of the paddy in adverse weather conditions.
The rating, however, continues to derive support from long track
record of the promoters in the rice milling business aided by
established milling capabilities. Further, favourable demand
prospects of the industry, with India being the second largest
producer and consumer of rice in the world, should provide for
adequate growth opportunities to the firm.

SLN Rice Industries was incorporated in the year 2003 as a
partnership firm. The firm is engaged in the milling of paddy for
producing raw rice. The firm is promoted by Mr. K. Umesh Babu and
Mr. K.Natesh Babu who have significant experience in the rice
milling industry. The rice mill is located at Tumkur, Karnataka.
The installed capacity of the plant is 5 tons per hour.

Recent Results
As per the provisional results for FY2016, the firm reported net
profit of INR0.73 crore on turnover of INR39.50 crore as against
net profit of INR1.07 crore on turnover of INR38.53 crore during
FY2015.


SMT MACHINES: CRISIL Reaffirms D Rating on INR90MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SMT Machines
India Limited (SMT) continues to reflect instances of delays in
servicing term debt due to its weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             90         CRISIL D (Reaffirmed)
   Term Loan                2         CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan              7         CRISIL D (Reaffirmed)
   Working Capital
   Term Loan               40         CRISIL D (Reaffirmed)

Working capital cycle is stretched because of inventory pile-up
and delays in receipt from customers leading to high dependency
on bank borrowings as reflected in its fully utilized bank
limits, over the 12 months through March 2016 with instances of
overdrawals. Ability to service debt on time will depend to a
timely realisation of receivables, inventory holding and funding
support from promoters and over the medium term.

SMT also has weak financial risk profile because of high total
outside liabilities to tangible networth (TOLTNW) ratio, weak
debt protection metrics, and modest networth.  The rating also
reflects low operating profitability due to fragmented nature of
the industry and exposure to end-user industry concentration.
However, the company benefits from the extensive experience of
its promoters and geographically diverse revenue profile.

Incorporated in 1992 and promoted by Mr. Surinder Kumar Mittal
and his family, SMT (formerly, Aman Multilateral Pvt Ltd; name
changed in the late 1990s) designs and manufactures equipment for
steel rolling mill plants.


SP COAL: ICRA Suspends B+ Rating on INR2.0cr LT Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR2.0 crore
long-term fund based facilities and the short term rating of
[ICRA]A4 assigned to the INR12.0 crore short-term, non-fund based
facilities of SP Coal Resources Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the entity.

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.


SREE GURUDEVA: ICRA Suspends 'B' Rating on INR17.91cr Term Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR17.91 crore
term loan facilities, INR5.00 crore long term fund based
facilities and the INR0.09 crore proposed long-term limits of
Sree Gurudeva Charitable and Educational Trust.

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.


SREE LAKSHMI: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL rating to the long-term bank facility of Sree Lakshmi
Balaji Industries (SLBI) continues to reflects SLBI's below-
average financial risk profile, marked by an aggressive capital
structure and inadequate debt protection metrics.

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

The rating also factors in the firm's large working capital
requirements and the susceptibility of its operating margin to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of SLBI's promoters
in the rice milling industry and the firm's established
relationships with suppliers and customers.
Outlook: Stable

CRISIL believes that SLBI will continue to benefit over the
medium term from its promoter's extensive industry experience and
its established relationships with suppliers and customers. The
outlook may be revised to 'Positive' if the firm's financial risk
profile, particularly its liquidity, improves through sustained
increase in cash accruals or through infusion of substantial
long-term funds by its promoters. Conversely, the outlook may be
revised to 'Negative' if a pile-up in inventory leads to
lengthening of the firm's working capital cycle, adversely
affecting its liquidity, or if debt-funded capital expenditure
leads to deterioration in its gearing.

Update
SLBI's revenues in 2015-16 (refer to financial year ending 31st
March) have been in line with CRISIL's expectations at around
INR280 million. Around 40 percent of the revenues come from sale
of rice to FCI. The remaining 60 percent of the revenues come
from sale of rice in open markets. The firm's operating
profitability was in line with historical trend during 2015-16.
CRISIL expect operating profitability at around 3.8-5 percent
levels over the medium term.

On account of withdrawal of funds by existing partners and
working capital intensive nature of SLBI, the firm's gearing is
deteriorate to around 4 times as on March 2016. CRISIL expects
the financial risk profile to improve in absence of capex plan.

Set up in 2006 as a partnership firm, SLBI processes rice or
paddy into rice. The firm's day-to-day operations are managed by
Mr. Gopala Krishna.


SRI VAIBHAV: ICRA Reaffirms B+ Rating on INR12.74cr Loan
--------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]B+ to INR12.74
crore1 fund based facilities and INR7.26 crore of unallocated
limits of Sri Vaibhav Muruga Agro Tech Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     12.74        [ICRA]B+ re-affirmed
   Unallocated Limits     7.26        [ICRA]B+ re-affirmed

The assigned rating is constrained by SVMATI's modest scale of
operations in the highly fragmented cotton ginning industry
characterized by competition from a large number of players which
limits the ability to pass on the hike in the input costs; and
weak financial profile characterized by low profitability
indicators, high gearing of 2.75 times and modest coverage
indicators with interest coverage ratio at 1.59 times and
NCA/total debt of 6% as on March 31, 2015. ICRA notes that
profitability of the firm is also vulnerable to any unfavourable
government regulation of cotton prices through the minimum
support price (MSP) mechanism; and risks of operating in a
commodity market characterized by volatility in cotton prices.
The rating, however, favourably considers the experience of the
partner's in the cotton ginning business, and proximity to cotton
growing areas resulting in savings on transportation costs.

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

Founded in year 2012 as a partnership firm, Sri Vaibhav Muruga
Agro Tech Industries (SVMATI) is engaged in cotton ginning and
pressing activities with a product mix of cotton lint and cotton
seed. The manufacturing unit of the firm is located at Jogipet
village of Medak district, Andhra Pradesh. The manufacturing unit
comprises of 36 double roller gins with capacity to produce 583
quintals of cotton lint per day. The firm had started its
commercial production in December 2012.

Recent Results
Firm has reported operating income of INR40.40 crore and net
profit of INR0.15 crore for FY2015 as against operating income of
INR48.95 crore and net profit of INR0.08 crore in FY2014.


STARCARE HOSPITAL: CRISIL Assigns B+ Rating to INR220MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Starcare Hospital Kozhikode Private
Limited (SHKPL). The ratings reflect initial stage of operations
and a modest financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
setting up and operating hospitals and strong background of the
director.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                220       CRISIL B+/Stable
   Short Term Loan            8       CRISIL A4
   Bank Guarantee            10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        42       CRISIL B+/Stable

Outlook: Stable

CRISIL believes SHKPL will continue to benefit over the medium
term from the considerable experience of its promoters in the
healthcare industry. However, the company's credit risk profile
will remain constrained over this period due to the start-up
nature of operations. The outlook may be revised to 'Positive' in
case of timely implementation of the ongoing hospital project
within the envisaged cost, and thereafter successfully
commencement of commercial operations. Any significant delay in
project implementation leading to cost overrun may result in a
revision in the outlook to 'Negative'.

Incorporated in January 2015, SHKPL is the first hospital in
southern India of the Starcare UK group. Mr. Sadik Kodakat is the
chairman of the group. The group is well known in the healthcare
sector in Oman, where it runs a chain of healthcare facilities.
The company is setting up a super speciality hospital at
Kozhikode. It has already established the Safecare Hospital at
Fatehpur in Rajasthan.


TI STEELS: ICRA Lowers Rating on INR39.50cr LT Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR40.60
crore, long-term, fund-based bank facilities of TI Steels Private
Limited to [ICRA]D from [ICRA]BB- (Stable) assigned earlier.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-
   based Limits-
   Cash Credit           39.50        [ICRA]D; downgraded

   Long-term, fund-
   based Limits-
   Term loans             1.10        ICRA]D; downgraded

The rating revision reflects delays in debt servicing by the
company due to tight liquidity conditions arising out of lower
production activity which got impacted following operational
issues at company's manufacturing site.

Incorporated in 2003, TISPL began commercial production in 2007
and was engaged in the manufacture of mild steel products. At
present, the company's product portfolio comprises SS ingots,
billets, flats and hexagons, in addition to certain high-end
alloys. The manufacturing facility at Poanta Sahib (Himachal
Pradesh) has an installed capacity of 72,000 Metric Tonnes Per
Annum (MTPA).


VEENDEEP OILTEK: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Veendeep Oiltek
Exports Pvt Ltd (VOEPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect VOEPL's lack of operational track record,
small scale of operations and moderate credit profile. The
company started operations in FY15 and reported revenue of INR223
million, EBITDA margins of 5.6%, financial net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 3.6x and EBITDA interest
cover of 6.9x.

The company has not shared its recent financials with Ind-Ra.

The ratings are supported by the company's promoter's more than
three decades of operating experience in manufacturing oil
extractor machines. Also, VOEPL's liquidity position is
comfortable as reflected in its 70% use of the fund-based working
capital facility on average during the 12 months ended February
2016.

RATING SENSITIVITIES

Positive: Stabilisation of operations leading to a substantial
improvement in the revenue and profitability will lead to a
positive rating action.

Negative: Failure to scale up operations leading to stress on the
liquidity position will be negative for the ratings.

COMPANY PROFILE

VOEPL manufactures and exports solvent extraction plants,
refinery plants, hydrogenation plants, fractionation plants etc.

VOEPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR50 million fund-based facilities: assigned 'IND B+'/Stable
-- INR40 million non-fund-based facilities: assigned 'IND A4'


VENTO CERAMIC: ICRA Reaffirms 'B' Rating on INR4.35cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR3.00 crore cash credit facility, INR4.35 crore (reduced from
INR6.65 crore) term loan facility and INR2.30 crore unallocated
limits of Vento Ceramic. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 to the INR1.55 crore bank guarantee facility
of VC.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B reaffirmed
   Term Loan             4.35        [ICRA]B reaffirmed
   Bank Guarantee        1.55        [ICRA]A4 reaffirmed
   Unallocated limits    2.30        [ICRA]B reaffirmed

The reaffirmation of ratings continues to factor in the Vento
Ceramic's (VC) small scale of operations with limited track
record and moderate financial profile of the firm with average
profitability margins, leveraged capital structure, moderate
coverage indicators and high working capital intensity. Further,
the ratings are constrained by VC's limited product portfolio
comprising only ceramic floor tiles which restricts its sales
prospects and dealings with large institutional buyers and the
highly fragmented nature of the tiles industry which results in
intense competitive pressures. The ratings also take into account
the cyclical nature of the real estate industry which is the main
consuming sector and exposure of profitability of the firm to
increasing prices of gas which is the major fuel. Further, the
risks associated with partnership form of business in terms of
continuity, capital infusions and withdrawals also constrain the
ratings.

The ratings, however, take comfort from the past experience of
the founder promoter in the ceramic industry and the firm's
competitive advantage in raw material procurement on account of
its favourable location in Morbi.

Incorporated in March 2013, Vento Ceramic (VC) is involved in
manufacturing of ceramic wall tiles at its manufacturing facility
located at Rangpar, Morbi in Gujarat. The firm commenced its
operations from November 2013 with an installed capacity of
manufacturing ~7,800 boxes per day. VC manufactures digitally
printed ceramic wall tiles in two sizes 12" X 18" and 12" X 24".
The operations of the firm are managed by various partners who
have significant experience in the business of manufacturing
ceramic wall tiles through two other entities namely "Vegas
Ceramic" and "Canton Ceramic".

Recent Results
During FY2015, VC reported an operating income of INR28.64 crore
and profit after tax of INR0.45 crore as against the operating
income of INR6.00 crore and net losses of INR0.75 crore during
five months of operations in FY2014. As per provisional
financials, the firm reported an operating income of INR16.52
crore and profit before depreciation and tax of INR0.74 crore
during first ten months of FY2016.


VIJAI MAHALAXMI: ICRA Suspends 'D' Rating on INR25cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D ratings assigned to the INR25.0 crore
term loan facilities, INR12.0 crore long-term fund based
facilities; and the short term rating of [ICRA]D assigned to the
INR3.0 crore short-term, non-fund based facilities and the long
term/short term rating on the INR3.0 crore non fund based sub-
limit facilities of Vijai Mahalaxmi Spinning Mills India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

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.


XMOLD POLYMERS: ICRA Suspends B+/A4 Rating on INR8.27cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and the short
term rating of [ICRA]A4 outstanding on the INR8.27 Crore bank
facilities of Xmold Polymers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.



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


ENERGI MEGA: S&P Affirms 'B-' CCR then Withdraws Rating
-------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on PT Energi Mega Persada Tbk. (EMP) with a negative
outlook.  S&P also affirmed its 'axB-' long-term ASEAN regional
scale rating on the Indonesia-based oil and gas producer.  S&P
subsequently withdrew all ratings on EMP following the
termination of the rating agreement.

At the time of withdrawal, S&P's ratings reflected EMP's small
production scale, asset concentration, and short reserve life.
The ratings also considered the persistent refinancing risk on
the sizable short-term debt at the holding company level.  S&P is
uncertain whether EMP can continue to roll over its short-term
loans, given tougher industry and pricing conditions.  A more
permanent solution to reducing refinancing risks--asset disposal-
-will also likely face a lengthy process and subdued investor
appetite.

The negative outlook reflected the uncertainty over whether EMP
could refinance its maturing short-term debt over the next six
months.


SRI REJEKI: Fitch Rates Proposed US Dollar Notes at 'BB-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based garment and textile
manufacturer PT Sri Rejeki Isman Tbk's (Sritex, BB-
/A+(idn)/Stable) proposed US dollar-denominated five-year senior
unsecured notes an expected rating of 'BB-(EXP)'. The notes will
be issued by Sritex's wholly owned subsidiary Golden Legacy Pte
Ltd and guaranteed by Sritex and its operating subsidiaries.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received.
Sritex expects to use most of the proposed-bond proceeds to
refinance its existing debt, including its existing $US270m five-
year 9% guaranteed senior unsecured notes maturing in 2019.

Fitch said, "at end-2015, Sritex had senior secured debt of
$US153m which would rank ahead of senior unsecured debtholders in
a hypothetical liquidation scenario, compared with an EBITDA of
$US119m - providing for a ratio of prior ranking debt / EBITDA of
1.3x. This is well below the 2x-2.5x threshold beyond which Fitch
would view the senior unsecured debtholders as materially
subordinated to senior secured creditors. Therefore we have rated
the proposed bond at the same level as Sritex's 'BB-' Long-Term
Issuer Default Rating."

KEY RATING DRIVERS
Fitch said, "strong Operating Cash Flow: Sritex's operating cash
flow margin improved to 9% in 2015 from 1% in 2014, supported by
improved working-capital management and stable profit margins. We
expect the company to continue to generate robust CFO margins of
between 7%-10% over the next three years. This should support
healthy FCF and allow Sritex to deleverage, as its capacity
expansion comes to a close this year.

"Small, but Growing, Scale: Sritex has relatively small operating
scale compared with its international peers in the competitive
and fragmented textile sector. However, the company has
significantly expanded its production such that we expect EBITDA
to grow by more than 50% at the completion of the investment
cycle. Sritex is vertically integrated despite its size,
producing yarn, greige, finished fabrics and apparel, while many
of its competitors produce only one or two of these products.
This has helped Sritex to maintain higher and more stable profit
margins than some of its international peers."

Vertical Integration, Growing Exports: Sritex is vertically
integrated, with around 50% of its sales stemming from selling
garments and finished fabric, for which it sources yarn and raw
fabric from its own factories. The company also sells part of its
yarn and raw fabric. Sritex also sells speciality garments such
as military uniforms in addition to fashion retail, which
supports higher and more stable EBITDA margins and better
economies of scale. In addition, about 15% of sales came from
orders by foreign and domestic governments in 2015, which are
less cyclical.

Sufficient Production Capacity: Sritex's production capacity will
increase to 30 million pieces of garments, 240 million metres of
finished fabric, 180 million metres of raw fabric, and 654
thousand bales of yarn at the end of 2018. Much of this will be
paid for by end-2016. The company expects this capacity to
support demand through 2019. About 30% of yarn and 60% greige
production is used internally, so the company may require
spinning capacity from 2018, subject to the level of external
demand.

Currency Risk Mostly Hedged: Nearly half of Sritex's sales in
2015 were exported directly, up from 39% two years ago. Most of
its sales to domestic customers are also "US Dollar-linked", as
much of this is exported as well. Consequently, the company has a
significant natural hedge against its foreign-currency costs.
This was evident in 2015 when Sritex's EBITDA margin remained
largely intact in the face of severe currency volatility.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Sritex
include:
-- Revenue growth of 9% in 2016 and 12.5% in 2017
-- EBITDA margin to remain around 18%
-- CFO margin to remain between 7%-10%
-- FCF to remain neutral to positive

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- A sustained increase in net debt/EBITDA more than 3x
(LTM1Q16:
    3.0x)
-- A sustained decrease in CFO margin to less than 7%

Positive: Fitch expects no positive rating action in the next 24
months because of Sritex's scale of operations which is still
smaller than its higher-rated peers.

LIQUIDITY
Sritex has robust liquidity, with cash and committed undrawn
credit lines, respectively, of $US77 million and $US131 million
at end-2015; expected FCF generation of around $US12 million in
2016; and its nearest significant debt maturity of $US270 million
due in 2019. We expect Sritex to be able to generate positive FCF
in the next two years, supported by waning expansionary capex and
strong earnings growth.


SRI REJEKI: Fitch Assigns 'BB-' LT Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has assigned Indonesia-based garment and textile
producer PT Sri Rejeki Isman Tbk (Sritex) a Long-Term Issuer
Default Rating (LT IDR) of 'BB-' with a Stable Outlook. The
agency has also upgraded Sritex's National Long-Term Rating to
'A+(idn)'/Stable from 'A(idn)'/Stable. A full list of rating
actions can be found at the end of this commentary.

Sritex's 'BB-' LT IDR reflects its robust operating cash flow
generation, supported by its low cost base; growing mix of
higher-margin products in its sales; satisfactory working-capital
management; and rising scale of operations. Sritex's foreign
currency-based earnings also provide a natural currency hedge on
its debt.

Fitch said, "the upgrade of Sritex's National Rating reflects the
strengthening of the credit profile, driven by our expectation of
stronger free-cash generation from 2016 following the completion
of the company's capacity expansion. We therefore expect Sritex
to maintain leverage (net debt/EBITDA) of less than 3x (end-2015:
3.2x; LTM1Q16: 3.0x) while the growth of its garment business
will lead to strengthening of operating cash flow margins of at
least 7% (2015: 9%) over the medium-term."

KEY RATING DRIVERS
Fitch said, "small, but Growing, Scale: Sritex has relatively
small operating scale compared with its international peers in
the competitive and fragmented textile sector. However, the
company has significantly expanded its production such that we
expect EBITDA to grow by more than 50% at the completion of the
investment cycle. Sritex is vertically integrated despite its
size, producing yarn, greige, finished fabrics and apparel, while
many of its competitors produce only one or two of these
products. This has helped Sritex to maintain higher and more
stable profit margins than some of its international peers.

"Strong Operating Cash Flow: Sritex's operating cash flow margin
improved to 9% in 2015 from 1% in 2014, supported by improved
working-capital management and stable profit margins. We expect
the company to continue to generate robust CFO margins of between
7%-10% over the next three years. This should support healthy FCF
and allow Sritex to deleverage, as its capacity expansion comes
to a close this year."

Vertical Integration, Growing Exports: Sritex is vertically
integrated, with around 50% of its sales stemming from selling
garments and finished fabric, for which it sources yarn and raw
fabric from its own factories. The company also sells part of its
yarn and raw fabric. Sritex also sells speciality garments such
as military uniforms in addition to fashion retail, which
supports higher and more stable EBITDA margins and better
economies of scale. In addition, about 15% of sales came from
orders by foreign and domestic governments in 2015, which are
less cyclical.

Sufficient Production Capacity: Sritex's production capacity will
increase to 30 million pieces of garments, 240 million metres of
finished fabric, 180 million metres of raw fabric, and 654
thousand bales of yarn at the end of 2018. Much of this will be
paid for by end-2016. The company expects this capacity to
support demand through 2019. About 30% of yarn and 60% greige
production is used internally, so the company may require
spinning capacity from 2018, subject to the level of external
demand.

Currency Risk Mostly Hedged: Nearly half of Sritex's sales in
2015 were exported directly, up from 39% two years ago. Most of
its sales to domestic customers are also "US Dollar-linked", as
much of this is exported as well. Consequently, the company has a
significant natural hedge against its foreign-currency costs.
This was evident in 2015 when Sritex's EBITDA margin remained
largely intact in the face of severe currency volatility.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Sritex
include:
-- Revenue growth of 9% in 2016 and 12.5% in 2017
-- EBITDA margin to remain around 18%
-- CFO margin to remain between 7%-10%
-- FCF to remain neutral to positive

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- A sustained increase in net debt/EBITDA more than 3x
-- A sustained decrease in CFO margin to less than 7%

Positive: Fitch expects no positive rating action in the next 24
months because of Sritex's scale of operations which is still
smaller than its higher-rated peers.

LIQUIDITY
Sritex has robust liquidity, with cash and committed undrawn
credit lines, respectively, of USD77m and USD131m at end-2015;
expected FCF generation of around USD12m in 2016; and its nearest
significant debt maturity of USD270m due in 2019. We expect
Sritex to be able to generate positive FCF in the next two years,
supported by waning expansionary capex and strong earnings
growth.

FULL LIST OF RATING ACTIONS

PT Sri Rejeki Isman Tbk
-- LT IDR: Assigned 'BB-'; Stable Outlook
-- Senior unsecured long-term rating: Assigned 'BB-'
-- National Long-Term Rating: Upgraded to 'A+(idn)' from
    'A(idn)'; Stable Outlook


SRI REJEKI: S&P Assigns 'BB-' Rating to Proposed US$ Sr. Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' issue rating to the
proposed U.S. dollar-denominated senior unsecured notes issued by
Golden Legacy Pte. Ltd. PT Sri Rejeki Isman Tbk. (Sritex: BB-
/Neg./--; axBB/--) guarantees the notes.

S&P expects the proceeds of the proposed issuance to be primarily
used by Sritex to finance a tender offer for the outstanding
US$270 million 9% senior unsecured notes due 2019 and issued by
Golden Legacy Pte. Ltd.  S&P also expects Sritex to apply excess
funds raised by the new issue, if any, to the repayment of other
outstanding indebtedness, specifically medium-term notes or
working capital loans, and minimal incremental debt beyond that
amount.

S&P believes that the terms and conditions of the new notes will
be similar to those of the existing notes, especially the
covenants regarding restricted payments, restricted subsidiaries,
related parties, and the incurrence of additional indebtedness if
the fixed charge coverage ratio is below 2.5x to 1.0x.

The ultimate shareholders of Sritex--the Lukminto family--are
currently developing a sizable rayon plant in Indonesia.  S&P has
no information on the size of this investment or on how it is
being funded.  But S&P understands from the company that the
plant is being developed in a separate entity owned by the family
and that Sritex will be only one of many offtakers.  As a result,
S&P do not consider the entity for the rayon plant in its group
credit profile assessment.  S&P believes Sritex will maintain the
limitations related to covenants on its ability to undertake
related-party transactions in its proposed notes.  Therefore, S&P
regards the investment in the rayon plant as credit neutral for
S&P's assessment on Sritex.

S&P could revise its view on the rayon plant investment and
consolidate the entity in our group credit profile, with
potential negative credit impact on Sritex, if sizable debt has
been used for the investment and Sritex relaxes its covenants in
its proposed notes to allow for more debt or more related-party
transactions, or Sritex becomes a sizable offtaker of the plant's
products.

The ratings on Sritex, an Indonesia-based textile manufacturer,
reflect its relatively small scale in a fragmented and intensely
competitive industry.  However, the company benefits from its
position as the largest domestic textile producer in Indonesia,
with vertically integrated operations and low costs.  The
company's client diversity provides revenue visibility, and its
relatively new machineries require less maintenance and limit
waste.  However, these strengths are tempered by dependence on
raw material imports for production.

S&P projects Sritex's revenue to grow 7%-8% in 2016 and 2017,
following recent capital spending initiatives.  Sritex's interest
payments and taxes are material compared with its EBITDA.  S&P
therefore focuses on funds from operations (FFO)-related ratios
while assessing Sritex's financial risk profile, rather than on
EBITDA-related ratios.  S&P estimates that the company's ratio of
FFO to debt will remain below 20% until 2017 at least.  S&P also
estimates the FFO cash interest coverage to be about 3.0x over
the period.

The negative rating outlook on Sritex reflects the risks that the
company's liquidity could erode if seasonal working capital
investments continue to increase, amid steady capital spending.
Sritex's investment in working capital, especially inventories,
stayed elevated in the quarter ended March 31, 2016, compared
with historical levels.  This, along with likely higher capital
spending than S&P earlier anticipated, could limit sustainable
improvements in the company's liquidity.


STAR ENERGY: Fitch Affirms 'B+' LT Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based Star Energy Geothermal
(Wayang Windu) Ltd's (SEG) Long-Term Issuer Default Rating (IDR)
at 'B+'. The Outlook is Stable. At the same time, the agency has
affirmed its USD350m of senior secured notes at 'B+' with a
Recovery Rating of 'RR4'.

KEY RATING DRIVERS
Operations Back on Track: SEG's availability and capacity factors
have rebounded since the resumption of operations following a
four-month shutdown in 2015 due to pipeline damage. Its
availability factor (the proportion of time that the plant is
online) was again close to 100% in 1Q16, compared with 65% in
2015. Its capacity factor (indicator of plant efficiency) in 1Q16
was over 95%, better than the industry average.

Fitch said, "SEG's steam supply has also improved to 529kg/s by
end-March 2016, after remaining below the optimal level of
450kg/s for the bulk of the last three years. SEG is in the midst
of a make-up well-drilling programme comprising of six wells over
2015-2016 (to make-up for the steam supply decline). We expect
the resultant steam-supply boost to be adequate to sustain
utilisation rates over the next three years."

Higher Power Tariffs: SEG's power tariff is scheduled to increase
by 3.1 US cents per KWh, from around 6 cents per KWh. The company
is in the process of amending its energy sales contract (ESC)
with PLN to reflect the higher tariff for its units 1 and 2. The
revised tariff was approved by the Minister of Energy and Mineral
Resources (MoEMR) on 5 April 2016, and higher tariffs would be
applicable from that date once the ESC between SEG and PLN is
amended.

Improved Financial Profile: Fitch said, "the tariff increase
would flow through to SEG's EBITDA, and substantially improve its
cash flows and financial profile. We estimate SEG's FFO-adjusted
net leverage to improve to 3x in 2016 (2015: 5.7x) and around 2x
by 2017. SEG's cash balance and cash flows would be more than
adequate to support its annual capex averaging around USD40m over
2016-2019 for its existing units, and to meet bond maturities of
USD30m-40m per year between 2017 and 2019. We have also factored
in SEG's intention to pay out a dividend of USD6 million-10
million in 2016, which is subject to certain covenants."

Expansion Still Under Evaluation: Fitch said, "SEG is still
evaluating an additional unit, likely to be of 60 megawatt (MW)
capacity. It is in discussions with PLN to negotiate a suitable
tariff for power from the new unit. In addition to securing a
viable tariff from PLN, the decision to expand would depend on
its assessment of adequacy of steam supply after its drilling
programme. We estimate that leverage would remain consistent with
its rating even if SEG were to decide to go ahead with the
capacity expansion."

Single-Site Risk: SEG's ratings are constrained by the fact that
its units are at a single location, and the area is seismically
active. The single-site risk was evident in 2015 when operations
were shut down due to damage to its main pipeline following a
landslide in May 2015. However, the risk is mitigated to an
extent by extensive insurance coverage which includes damage to
property and loss due to business interruption.

KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Increased tariff for Unit 1 and Unit 2 from April 2016
-- Generation recovering to above 1,800GWh from 2016 (2015:
    1,112GWh)
-- Capex of around USD60m in 2016 related mainly to make-up well
    drilling, and of around USD16m each in 2017-2018
-- No investments for capacity expansion.

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- FFO-adjusted net leverage exceeding 5.0x (2015: 5.7x) and FFO
    interest coverage falling below 2.0x (2015: 2.2x), both on a
    sustained basis
-- A continued decline in SEG's capacity factor
-- A sustained increase in capex to maintain production, leading
    to weaker cash generation from existing operations.
Positive: Positive rating action is unlikely due to SEG's small
scale and single-site operation.



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


SHARP CORP: Creditors Divided on Risk Assessment
------------------------------------------------
Nikkei Asian Review reports that Sharp Corp.'s two main creditors
gave differing evaluations of the struggling electronics maker's
debt when compiling their fiscal 2015 results, a decision likely
influenced by their view of Sharp rescuer Hon Hai Precision
Industry.

Sharp had JPY324.6 billion ($2.95 billion) in outstanding loans
with Mizuho Bank and JPY318.3 billion with Bank of Tokyo-
Mitsubishi UFJ as of March 2015, Nikkei discloses.

Nikkei relates that sources said Mizuho Bank classified Sharp in
its internal rating as a debtor that requires special attention,
while BTMU downgraded it to a debtor at risk of bankruptcy. The
latter wrote off just under JPY100 billion in costs related to
Sharp for the fiscal year ended in March.

Many said that BTMU decided to shore up bad-loan reserves despite
Hon Hai's acquisition of Sharp, because it still distrusts the
Taiwanese electronics manufacturing giant for backing out of a
planned partnership with Sharp back in 2013, according to the
report.

Mizuho Bank, on the other hand, had built up reserves for Sharp-
related debt in advance of March 2015, and did not log additional
expenses last fiscal year, Nikkei relates.

Mitsubishi UFJ Financial Group posted a net profit of
JPY951.4 billion for fiscal 2015, down about 8%. It might have
been able to top its JPY1.03 trillion record from fiscal 2014
without the added Sharp-related expenses, Nikkei discloses.

According to the report, Mizuho Financial Group will likely fall
behind Sumitomo Mitsui Financial Group to become Japan's third-
largest banking group this fiscal year. But it is currently not
expecting to reverse any of its allowances for Sharp-related
debt. If the electronics maker can get back on its feet with Hon
Hai's help, it could shore up both BTMU and Mizuho Bank's fiscal
2016 results, the report notes.

                            About Sharp

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.  More than ever, the Japanese electronics
maker is banking on Hon Hai Precision Industry, its soon-to-be
owner, to turn around its fortunes, Nikkei said.  According to
Nikkei, Sharp announced on May 12 that its group net
loss came in at JPY255.9 billion ($2.35 billion) for the year
ended in March. The figure is wider than the previous fiscal
year's JPY222.3 billion group net loss. The company's display
panel business and consumer electronics business in particular
sunk the company deeper into its hole.  Heavy extraordinary
losses also damaged the overall result. The operating loss came
in at JPY161.9 billion, narrower than the JPY170 billion that
Sharp had forecast.

The company's net worth now stands at minus JPY31.2 billion, with
a capital to asset ratio at minus 2.7%. However, fresh funding
from Taiwan's Hon Hai, once the takeover is completed, is
expected to bring the Japanese electronics giant's net worth back
above zero, Nikkei noted.

On May 17, 2016, S&P Global Ratings said it has raised its long-
term corporate credit rating on Sharp Corp. to 'CCC+' from 'CCC'.
S&P kept the rating on CreditWatch with positive implications.
S&P also maintained its 'C' short-term corporate credit and
commercial paper program ratings and S&P's 'CCC+' long-term
senior unsecured debt rating on Sharp on CreditWatch positive.
At the same time, S&P also raised its long-term corporate credit
rating on overseas Sharp subsidiary Sharp International Finance
(U.K.) PLC. to 'CCC+' from 'CCC', kept the rating on CreditWatch
positive, and kept S&P's 'C' short-term corporate credit and
commercial paper program ratings on the subsidiary on CreditWatch
positive.

The upgrade reflects more clear confirmation that Sharp's
creditor banks intend to maintain their supportive stance toward
the company, as borne out by agreements Sharp has updated on
existing syndicated loans.  The updated agreements include lower
interest rates and longer repayment dates.  S&P continues to
place its ratings on Sharp on CreditWatch with positive
implications because Sharp's financial base is likely to improve
as a result of a capital injection from Taiwan's Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--) and a degree of
stabilization of Sharp's LCD business within the Hon Hai group.

S&P revised to positive from negative the CreditWatch
implications on its rating on Sharp on March 31, 2016, following
the company's announcement on March 30, 2016, that it will issue
new shares through third-party allocations totaling JPY388.8
billion to Hon Hai and its group companies by Oct. 5, 2016.  Hon
Hai also announced it would acquire Sharp's shares.

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


SHARP CORP: To Keep Solar Panel Business Under Hon Hai
------------------------------------------------------
Kyodo News reports that Sharp Corp. is set to retain its
struggling solar panel business, judging that it can become
profitable with the help of Taiwan's Hon Hai Precision Industry
Co., according to an in-house document.

Kyodo relates that in the document posted May 23 on its website
for employees, Sharp President Kozo Takahashi and Hon Hai Vice
Chairman Tai Jeng-wu revealed they are considering various steps
to rebuild the solar panel business and expressed confidence it
will return to profitability.

Mr. Tai is expected to succeed Takahashi when Hon Hai, better
known by the trade name Foxconn, completes its purchase of Sharp,
making the company the first major Japanese electronics
manufacturer to come under foreign ownership, according to Kyodo.

Kyodo says Sharp had been widely seen as leaning toward selling
or downsizing the solar panel business, which suffered an
operating loss in the year through March 31 due to slumping
prices.

Kyodo notes that following write-downs related to the solar panel
business, the Osaka-based company is now aiming to revamp it by
boosting sales of solar panels for homes.

With the investment by Hon Hai in Sharp scheduled to be completed
by the end of June, Sharp will also increase investment in
research and development, according to the in-house document,
according to Kyodo.

Sharp, a century-old household name in Japan, has faced stiff
price competition from foreign rivals and suffered huge losses in
its liquid crystal display business, Kyodo states.

The company has sold its head office building in Osaka Prefecture
and cut jobs as part of restructuring, adds Kyodo.

                            About Sharp

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.  More than ever, the Japanese electronics
maker is banking on Hon Hai Precision Industry, its soon-to-be
owner, to turn around its fortunes, Nikkei said.  According to
Nikkei, Sharp announced on May 12 that its group net
loss came in at JPY255.9 billion ($2.35 billion) for the year
ended in March. The figure is wider than the previous fiscal
year's JPY222.3 billion group net loss. The company's display
panel business and consumer electronics business in particular
sunk the company deeper into its hole.  Heavy extraordinary
losses also damaged the overall result. The operating loss came
in at JPY161.9 billion, narrower than the JPY170 billion that
Sharp had forecast.

The company's net worth now stands at minus JPY31.2 billion, with
a capital to asset ratio at minus 2.7%. However, fresh funding
from Taiwan's Hon Hai, once the takeover is completed, is
expected to bring the Japanese electronics giant's net worth back
above zero, Nikkei noted.

On May 17, 2016, S&P Global Ratings said it has raised its long-
term corporate credit rating on Sharp Corp. to 'CCC+' from 'CCC'.
S&P kept the rating on CreditWatch with positive implications.
S&P also maintained its 'C' short-term corporate credit and
commercial paper program ratings and S&P's 'CCC+' long-term
senior unsecured debt rating on Sharp on CreditWatch positive.
At the same time, S&P also raised its long-term corporate credit
rating on overseas Sharp subsidiary Sharp International Finance
(U.K.) PLC. to 'CCC+' from 'CCC', kept the rating on CreditWatch
positive, and kept S&P's 'C' short-term corporate credit and
commercial paper program ratings on the subsidiary on CreditWatch
positive.

The upgrade reflects more clear confirmation that Sharp's
creditor banks intend to maintain their supportive stance toward
the company, as borne out by agreements Sharp has updated on
existing syndicated loans.  The updated agreements include lower
interest rates and longer repayment dates.  S&P continues to
place its ratings on Sharp on CreditWatch with positive
implications because Sharp's financial base is likely to improve
as a result of a capital injection from Taiwan's Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--) and a degree of
stabilization of Sharp's LCD business within the Hon Hai group.

S&P revised to positive from negative the CreditWatch
implications on its rating on Sharp on March 31, 2016, following
the company's announcement on March 30, 2016, that it will issue
new shares through third-party allocations totaling JPY388.8
billion to Hon Hai and its group companies by Oct. 5, 2016.  Hon
Hai also announced it would acquire Sharp's shares.

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



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


PARROT AND JIGGER: 'Not worth' Pursuing Amid Insolvent Trading
--------------------------------------------------------------
Collette Devlin at Stuff.co.nz reports that liquidators will not
take action against Lower Hutt bars after investigating if they
were trading while insolvent.

Stuff.co.nz notes that Parrot and Jigger, Whistle Stop and
Station Cafe Casino were put into liquidation by co-director and
shareholder Terry Wellington last year because of an IRD debt.

According to Stuff.co.nz, the final liquidators' report shows the
Station Village bars had debts in excess of NZ$1 million.

A large debt incurred by the business had raised questions about
whether the bars were trading while insolvent, Stuff.co.nz says.

Stuff.co.nz relates that liquidator Dave Ruscoe, of Grant
Thornton, said the issue was looked into but no action was taken.

"We deemed it was not worth pursuing because there had to be an
economic outcome. We would spend a lot of money and not get any
return for creditors," Stuff.co.nz quotes Mr. Ruscoe as saying.
Much of the debt was investment made by a shareholder, he said.

In January Mr. Wellington said he put more than NZ$1 million of
his money into the business to keep it going and said it was a
hard decision to close, Stuff.co.nz recalls.

The trigger point was the IRD tax debt, so he called in
liquidators, the report states.

According to Stuff.co.nz, Mr. Ruscoe said assets were sold to the
landlord, who had since leased the premises to someone else.

The bars reopened under a new lease and are being run by
Wellington Hospitality, the report states.

Co-shareholder and director Graham Watson said on May 23 he did
not want to comment because Mr. Wellington owned most of the
business, Stuff.co.nz relays.

ANZ was owed NZ$16,864 plus a NZ$7,773 guarantee held by the NZ
Racing Board, which it called upon. The bank was paid in full.
DB Breweries was left owed NZ$51,892.

Creditors included the IRD, which was owed NZ$234,975, of which
NZ$160,391 was a preferential claim, Stuff.co.nz discloses.

There were insufficient funds to make any further payments to
preferential creditors or to pay any of the NZ$955,016 owed to
unsecured creditors, adds Stuff.co.nz.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***