TCRAP_Public/160527.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, May 27, 2016, Vol. 19, No. 104


                            Headlines


A U S T R A L I A

BENSIMON PTY: Rodgers Reidy Appointed as Administrators
COCKATOO COAL: Fires CEO, DOCA Extended Until Today
FIRSTMAC MORTGAGE 2-2016: S&P Assigns BB Rating to Class D RMBS
GAWLER RIVER: Faces Wind Up Petition Over Unpaid Supplier Bill
MEZNAR FURNITURE: First Creditors' Meeting Set For June 6

MITCHCO CORPORATION: First Creditors' Meeting Set For June 2

* Falling Revenues Lead to Higher Deficits, Moody's Says


C H I N A

CEETOP INC: Incurs $89,000 Net Loss in First Quarter
CEETOP INC: Unit Sells Interest in Softview for $1.2MM
CHINA GINSENG: Incurs $620,000 Net Loss in 2nd Quarter
GREENLAND HOLDING: Moody's Assigns Ba1 Corporate Family Rating

* CHINA: Corporate Insolvencies Expected to Rise 20% This Year


I N D I A

20 MICRONS: ICRA Assigns 'D(SO)' Rating to INR8.3cr LT Loan
AMIDHARA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR180MM Loan
AMIYA COMMERCE: ICRA Assigns 'D' Rating to INR12.5cr Loan
BEST CROP: ICRA Assigns B+ Rating to INR28.86cr LT Loan
BHARAT EXPORT: ICRA Revises Rating on INR13cr LT Loan to D

BHOOMI GINNING: ICRA Lowers Rating on INR12cr Cash Loan to D
CORE MINERALS: ICRA Suspends 'D' Rating on INR13cr Term Loan
COSMOS JEWELLERS: ICRA Lowers Rating on INR20cr LT Loan to D
DAWAR INTERNATIONAL: CRISIL Suspends B+ Rating on INR150MM Loan
DWARKADHIS BUILDWELL: ICRA Reaffirms B Rating on INR15cr Loan

GAYATRI COTGIN: CRISIL Reaffirms B+ Rating on INR133MM LT Loan
GOKUL COTTON: ICRA Suspends B+ Rating on INR6.0cr Cash Loan
GYASI RAM: CRISIL Assigns 'D' Rating to INR118.3MM Term Loan
HARESH OVERSEAS: ICRA Upgrades Rating on INR5.0cr Loan to B-
JYOTIRMAYE TEXTILES: ICRA Suspends B+ Rating on INR84.25cr Loan

K.VENKATA RAJU: CRISIL Suspends B- Rating on INR90MM Cash Loan
KALER ELECTRICALS: CRISIL Reaffirms B+ Rating on INR60MM Loan
KUNA IMPEX: ICRA Assigns B+ Rating to INR4.75cr Cash Loan
LILA DHAR: ICRA Revises Rating on INR6.0cr Loan to B-
MADRAS RADIATORS: ICRA Suspends 'B' Rating on INR30.46cr Loan

MAP COTTON: ICRA Suspends B+ Rating on INR49.65cr Loan
MAP LIMITED: ICRA Suspends B/A4 Rating on INR22.5cr Loan
NAMASTE EXPORTS: CRISIL Cuts Rating on INR75MM Loan to B+
NUTRACEUTICALS INDIA: CRISIL Reaffirms B Rating on INR20MM Loan
POOJA JEWELLERS: ICRA Lowers Rating on INR6cr Loan to 'D'

RAGHU EDUCATIONAL: CRISIL Reaffirms B Rating on INR100MM Loan
RAJ AGRO: ICRA Assigns 'B' Rating to INR5.86cr Loan
RAJESH GEMS: ICRA Lowers Rating on INR75cr LT Loan to 'D'
SAI BALAJI: CRISIL Suspends B+ Rating on INR50MM Loan
SAI SUDHA: ICRA Suspends B+ Rating on INR11cr Fund Based Loan

SAINOR LIFE: ICRA Suspends 'C' Rating on INR14.30cr Loan
SAM APPARELS: ICRA Reaffirms B+ Rating on INR2.5cr Loan
SAMARTH COMMODITIES: CRISIL Suspends B+ Rating on INR60MM Loan
SHELL AND PEARL: CRISIL Suspends 'D' Rating on INR833.4MM Loan
SHREE GANESH: CRISIL Assigns B+ Rating to INR94.7MM LT Loan

SHREE SHOPPERS: CRISIL Suspends B+ Rating on INR130MM Cash Loan
SPARTAN ENGINEERING: CRISIL Cuts Rating on INR300MM Loan to 'B'
SRI SANTHOSHI: ICRA Suspends 'B' Rating on INR10cr Loan
SRI SARASWATHI: CRISIL Assigns 'B' Rating to INR80MM Loan
SRI SIRI: CRISIL Suspends 'D' Rating on INR50MM Term Loan

ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
TATA POWER: FY2016 Results Support Ba3 CFR, Moody's Says
TIPTOP INTERNATIONAL: CRISIL Suspends B Rating on INR690MM Loan
TIRUMALA COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan
V. KANNAN: CRISIL Suspends B Rating on INR90MM Long Term Loan

VASANTHA RICE: CRISIL Suspends B+ Rating on INR46.5MM Term Loan
VRAJBHUMI COTTON: ICRA Suspends B+ Rating on INR4.0cr Cash Loan
WATERBASE LIMITED: CRISIL Puts B Rating on INR152MM Cash Loan


J A P A N

MT. GOX: Creditors Seek Trillions in Bankrupt Company
TAKATA CORP: Will Restructure, Seek Cash Amid Air-Bag Recalls
TAKATA CORP: Hold Talks With Possible Buyers Including KKR


N E W  Z E A L A N D

ENERGY MAD: Annual Loss Narrows as Australian Sales Surge


                            - - - - -


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


BENSIMON PTY: Rodgers Reidy Appointed as Administrators
-------------------------------------------------------
Shane Justin Cremin & Gary Stephen Fettes of Rodgers Reidy were
appointed as administrators of Bensimon Pty Ltd, Bensimon Retail
Group Pty Ltd, and RR Fine Jewels Pty Ltd on May 26, 2016.


COCKATOO COAL: Fires CEO, DOCA Extended Until Today
---------------------------------------------------
Andrew Thorpe at Central Telegraph reports that Cockatoo Coal has
fired its CEO and announced that the deadline for the Deed of
Company Arrangement with Boston-based Liberty Metal & Mining
Holdings has been extended once more to May 27.

Central Telegraph relates that in a statement to the ASX, deed
administrator Martin Ford announced that Chief Executive Officer
Peter Kane had been provided with notice of termination to take
effect also on May 27.

The current General Manager of Baralaba Mine, Brian Wyatt, is
expected to act as interim CEO, the report says.

According to Central Telegraph, Mr Kane has served as CEO since
his appointment in April last year, when he was tasked with
seeing through the Baralaba mine expansion project.

Central Telegraph notes that Cockatoo managed to gain approval of
an environmental authority for that expansion, but immediately
put the mine on the market and administrators soon placed it into
care and maintenance.

The DOCA with Liberty Metals & Mining is being held up by a
number of conditions precedent that are yet to be satisfied,
including the release of the security held by the remaining
secured creditors, Central Telegraph says.

Approximately $78 million of Liberty's $100 million new debt
facility was earmarked for payment of creditors under the
proposal accepted by creditors in late February, according to
Central Telegraph.

Earlier this month, Cockatoo was finally able to pay out the
entitlements it owed to Baralaba mine workers made redundant in
February after the company received a tax refund, notes Central
Telegraph.

                        About Cockatoo Coal

Cockatoo Coal produces high quality metallurgical coal that
operates a coal mine in Baralaba, Queensland.

PPB Advisory's Grant Dene Sparks, Stephen Longley and Martin Ford
were appointed administrators of the firm on Nov. 16, 2015.


FIRSTMAC MORTGAGE 2-2016: S&P Assigns BB Rating to Class D RMBS
---------------------------------------------------------------
S&P Global Ratings assigned its ratings to six of the seven
classes of prime residential mortgage-backed securities (RMBS)
issued by Firstmac Fiduciary Services Pty Ltd. as trustee for
Firstmac Mortgage Funding Trust No.4 Series 2-2016.

The ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises lenders' mortgage insurance to 16.2% of the
      portfolio, which covers 100% of the face value of these
      loans, accrued interest, and reasonable costs of
      enforcement, as well as note subordination for all rated
      notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity reserve equal to 1.2% of the invested amount of
      all notes that is to be provided through note overissuance,
      principal draws, a spread reserve that builds from
      available excess spread, and 24 months' timely payment
      cover on approximately 16.2% of loans in the portfolio, are
      sufficient under S&P's stress assumptions to ensure timely
      payment of interest.

   -- The extraordinary expense reserve of AUD150,000, funded
      from day one by Firstmac Ltd., available to meet
      extraordinary expenses.  The reserve will be topped up via
      excess spread if drawn.

   -- S&P's view of the underwriting standards and centralized
      approval processes of the originator, Firstmac Ltd.,
      together with S&P's view on the servicing standards of
      Firstmac Ltd. as the servicer of the loans.

   -- The fixed-to-floating interest-rate swap provided by
      Westpac Banking Corp. to hedge the mismatch between
      receipts from fixed-rate mortgage loans and the variable-
      rate RMBS.

A copy of S&P Global Ratings' complete report for Firstmac
Mortgage Funding Trust No.4 Series 2-2016 can be found on
RatingsDirect, S&P Global Ratings' Web-based credit analysis
system at:

                 http://www.globalcreditportal.com

RATINGS ASSIGNED

Class     Rating       Amount (Mil. AUD)
A-1a      AAA (sf)     405.00
A-1b      AAA (sf)      20.00
A-2       AAA (sf)      35.00
B         AA (sf)       26.00
C         A (sf)         6.50
D         BB (sf)        5.50
E         NR             2.00

NR--Not rated.


GAWLER RIVER: Faces Wind Up Petition Over Unpaid Supplier Bill
--------------------------------------------------------------
Adelaide Now reports that the once widespread South Australian
meat retailer Gawler River Cattle Co was being pursued for unpaid
rent and supplier bills when it was placed into administration
last month.

According to the report, the landlord of the company's now-closed
outlet at Angle Vale Village Shopping Centre launched Supreme
Court action late last year seeking AUD158,629 in unpaid rent and
outgoings.  Adelaide Now relates that court documents showed that
GRCC's monthly rent at the location was AUD12,195.

In a separate case, Cavan company Gourmet Poultry had applied in
the District Court for GRCC -- which had revenue of AUD26 million
during the 2015 financial year -- to be wound up because of an
unpaid AUD70,852 supplier bill, the report relates.

While GRCC disputes aspects of the Angle Vale case, including the
amount owed, the two actions symbolise the dramatic decline of
the company's fortunes, says Adelaide Now.

Prior to DuncanPowell's appointment as administrator on April 18,
GRCC had already closed its Sefton, Angle Vale, Newton and
Thebarton stores, according to Adelaide Now.

Adelaide Now notes that at the commencement of the
administration, GRCC had 38 employees and directors Paul and
Andrew Cormack were said to be enthusiastic about the opportunity
to "restructure the business" after being "beset by some
unexpected problems in recent years" which had "significantly
impacted on the capability of the business to trade efficiently".


MEZNAR FURNITURE: First Creditors' Meeting Set For June 6
---------------------------------------------------------
Mark Lieberenz and Andrew Heard of Heard Phillips Chartered
Accountants were appointed as administrators of Meznar Furniture
Pty Ltd on May 25, 2016.

A first meeting of the creditors of the Company will be held at
Heard Phillips Chartered Accountants, Level 12, 50 Pirie Street,
in Adelaide, on June 6, 2016, at 11:00 a.m.


MITCHCO CORPORATION: First Creditors' Meeting Set For June 2
------------------------------------------------------------
Sam Kaso & Bruno A Secatore of Cor Cordis on May 23, 2016, were
appointed as administrators of:

   -- Mitchco Corporation Pty Ltd atf The Mitchco Corporation
      Trust No.5;
   -- Mitchco Group Australia Pty Ltd;
   -- Mitchco Holdings Pty Ltd Atf The Mitchco Holdings Trust
      No.2;
   -- Excorp Aust Pty Ltd Atf The Excorp Aust Trust No.7; and
   -- KRS Pty Ltd atf The Krs Trust No.3.

A first meeting of the creditors of the Company will be held at
Waratah Room, Adina Hotel, Level 5, 189 Queen Street, in
Melbourne on June 2, 2016, at 11:00 a.m.


* Falling Revenues Lead to Higher Deficits, Moody's Says
--------------------------------------------------------
Moody's Investors Service says that the Northern Territory's
FY2016/17 budget -- released on May 24 -- projects larger
deficits for this fiscal year and over the medium term, when
compared to last year's budget estimate.  The consequential two-
year delay in its plan to achieve a surplus position, now
scheduled for FY2019/20, is credit negative for the territory.

The budget deterioration reflects sluggish growth in revenues
stemming from the Territory's slower economic growth as the INPEX
LNG and pipeline project -- which has dominated economic
expansion in recent years -- winds down.  The resultant fall-off
in business investment is expected to push GSP growth down to a
relatively weak 1.5% in FY2016/17, from an estimated 2.1% in
FY2015/16 and a peak of 10.5% in FY2014/15, while the related
surges in the property market and population growth ease.

The territory is now forecasting a record high deficit of AUD639
million, or equal to 10.9% of revenues -- well above the AUD133
million or 2.2% of revenues projected last year for FY2016/17 --
as revenues are projected to decline by 4.6%, surpassing the
projected 1.9% fall in current expenditures.

Principally, property-related conveyancing duties are forecast to
fall by 24.4% in FY2016/17, after a sharp 48.0% drop in FY2015/16
as the real estate market slows; this also follows an 83.4% rise
in conveyancing duties in the prior year.  At the same time, GST-
backed Commonwealth grants are expected to remain essentially
flat -- rising by only a projected average of 0.8% over the three
years of FY2015/16 to FY2017/18 -- as the Territory's share of
the national population diminishes; this rate is well below prior
3 year annual growth of 8.9%.

Further contributing to the deficit in FY2016/17 is a projected
35% rise in capital expenditures reflecting the Territory
government's decision to spend a portion of the proceeds from the
long-term leasing of Darwin Port (AUD506 million) and the sale of
TIO (AUD411 million), and the timing of expenditures related to
Commonwealth-funded remote housing for indigenous people.

Over the four years from FY2015/16 through FY2018/19, the
Territory's budget gaps are forecast to average 5.7% of revenues,
which is well above the 1.0% deficit average projected last year
for the same period.  Following that, in FY2019/20, the Territory
anticipates that it will move into a minor surplus position equal
to 0.8% of revenues.

However, there is risk of further deterioration in the
territory's financial performance, as the current forecast will
require it to lower its average rate of current expenditure to
0.3% over the next four years through FY2019/20 -- this compares
to the 5.9% increase over the previous four years and the 10.3%
estimated for FY2015/16.  Moody's thinks that achieving
essentially flat growth in current expenditures over several
years will be challenging given the spending pressures on
healthcare, education and other community services, and the
government's desire to promote economic development as private
sector investment slows.  Of key importance to fiscal
improvements will be the Territory's ability to control employee
costs and implement planned efficiency savings.

The Territory also reports that its result for FY2015/16 will be
slightly better than budget, with a deficit of AUD147 million, or
2.4% of revenues compared to AUD197 million, or 3.4% of revenues.
However, the improvement is largely due to increased capital
grants from the Commonwealth, without which the deficit would
have been AUD220 million or 3.6% of revenues.  These results
reflect a ramp-up in current expenditures to stimulate the
economy.

As part of Moody's normal monitoring process, we will conduct an
in-depth analysis of the Northern Territory's budget and its
medium-term impact on its financial and debt profile.  Moody's
will focus on the ability of the Territory to deliver on its plan
to significantly lower current expenditure.  In addition, Moody's
will review ongoing efforts to improve the performance of its
Power and Water Corporation and the new Territory Generation and
Jacana Energy corporations.

Moody's assigns long-term issuer and debt ratings of Aa1/negative
to the Northern Territory Treasury Corporation (NTTC), the entity
that issues debt on behalf of the Northern Territory and its
government owned corporations.  NTTC's debt is guaranteed by the
Northern Territory and the rating reflects the Territory's credit
quality.



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


CEETOP INC: Incurs $89,000 Net Loss in First Quarter
----------------------------------------------------
Ceetop Inc. filed with the Securities and Exchange Commission its
quarterly report on Form 10-Q disclosing a net loss of $88,713 on
$0 of sales for the three months ended March 31, 2016, compared
to a net loss of $121,358 on $0 of sales for the same period in
2015.

As of March 31, 2016, Ceetop had $3.21 million in total assets,
$1.24 million in total liabilities, all current, and $1.96
million in total stockholders' equity.

As of March 31, 2016, the Company had total current assets of
$1,063,029 and total current liabilities of $1,247,438.  The
Company's cash flows from operating activities for the months
ended March 31, 2016 resulted in cash used of $19,344.  The
Company's cash flow provided by financing activities for the
three months ended March 31, 2016 was $18,252.  The Company has a
working capital deficiency of $184,409 and a shareholders' equity
of $1,968,656 as of March 31, 2016.  Primarily as a result of the
Company's recurring losses and its lack of liquidity, the Company
had received a report from its independent registered public
accounting firm for its financial statements for the year ended
December 31, 2015 that included an explanatory paragraph
describing the uncertainty as to the Company's ability to
continue as a going concern.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/DLFATS

                       About Ceetop Inc.

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

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

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


CEETOP INC: Unit Sells Interest in Softview for $1.2MM
------------------------------------------------------
Guizhou Ceetop Group Holding Co., Limited, a subsidiary of Ceetop
Inc., entered into an agreement whereby it sold its equity
interest in Softview, with an original value of $1,317,968
(8,500,000 RMB), to Softview for $1,162,913 (7,500,000 RMB).  The
Purchase Price was payable as follows: offsetting by Softview of
$1,007,858 (6,500,000 RMB) owed to it by GZ Ceetop , 500,000 RMB
payable before March 1, 2017, and 500,000 RMB payable before
May 1, 2017, respectively.

                      About Ceetop Inc.

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

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

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

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


CHINA GINSENG: Incurs $620,000 Net Loss in 2nd Quarter
------------------------------------------------------
China Ginseng Holdings, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $620,317 on $253,619 of revenues for the three
months ended March 31, 2016, compared to a net loss of $569,633
on $15,148 of revenues for the three months ended March 31, 2015.

The Company also reported a net loss of $3.14 million on $315,365
of revenues for the six months ended March 31, 2016 compared to a
net loss of $1.88 million on $167,362 of revenues for the same
period in 2015.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

A full-text copy of the Form 10-Q is available for free at:

                        https://is.gd/Xnnsqa

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China.  The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards.  However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production.  Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully.  These conditions raise
substantial doubt about its ability to continue as a going
concern.


GREENLAND HOLDING: Moody's Assigns Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has downgraded these ratings of
Greenland Holding Group Company Limited (Greenland Holding) and
its subsidiaries Greenland Global Investment Limited (Greenland
Global) and Greenland Hong Kong Holdings Limited (Greenland Hong
Kong):

  1. Greenland Holding's issuer rating to Ba1 from Baa3 and
     withdrawn, while a Ba1 corporate family rating is assigned;
  2. Greenland Global's Medium Term Note (MTN) program,
     unconditionally and irrevocably guaranteed by Greenland
     Holding, to (P)Ba2 from (P)Baa3;
  3. Greenland Global's senior unsecured USD notes,
     unconditionally and irrevocably guaranteed by Greenland
     Holding, to Ba2 from Baa3;
  4. Greenland Hong Kong's corporate family rating to Ba2 from
     Ba1;
  5. Greenland Hong Kong's MTN program to (P)Ba3 from (P)Ba1; and
  6. Greenland Hong Kong's senior unsecured USD notes to Ba3 from
     Ba1.

The outlooks on all ratings are negative.

This concludes the ratings review initiated on April 29, 2016.

The MTN program of Greenland Hong Kong and the related notes are
supported by a Deed of Equity Interest Purchase Undertaking and a
Keepwell Deed between Greenland Holding, Greenland Hong Kong and
the bond trustee.

                       RATINGS RATIONALE

"The downgrade of Greenland Holding's rating reflects the group's
high debt leverage and weak credit metrics, which we expect to
persist over the next 12-18 months and position the company in
the Ba rating range," says Franco Leung, a Moody's Vice President
and Senior Credit Officer, who is also Moody's Lead Analyst for
Greenland Holding and Greenland Hong Kong.

Greenland Holding's total reported debt increased to RMB272.5
billion at end-March 2016, an increase of around 40% since
December 2014.  Its debt leverage -- as measured by adjusted
debt/capitalization -- also remained high at around 78.5%.

Moody's believes that most of the debt increase was contributed
by Greenland Holding's property segment.

Greenland Holding's debt increased at a time when its revenue
declined due to a drop in property development revenue and
reduced energy trading activities.  This resulted in its
consolidated EBIT/interest coverage dropping to an estimated 1.7x
in 2015 from around 2.3x in 2014.

Moody's expects Greenland Holding's large operations and fast
expansion business strategy will continue to entail sizable
funding needs to support its property development and other
businesses.

As a result, the company's adjusted debt/capitalization will
remain above 75% and EBIT/interest below 2.5x, barring any major
equity issuance or asset disposals in the next 12 months.  These
levels will position the company weakly in the Ba range.

The Ba1 rating considers Greenland Holding's strong ability to
access funding and acquire land by virtue of its status as a
local state-owned enterprise (SOE), as well as its strong
corporate status in Shanghai, given its important role in the
urbanization of the city.

Greenland Holding has plans to raise equity through a private
share placement, which could potentially reduce its debt
leverage. However, there is uncertainty over the size and
completion of the share placement given the volatile onshore
market conditions.

Greenland Holding's Ba1 corporate family rating reflects the
company's track record of delivering strong growth for its
property development business and establishing leading market
positions in its key markets owing to its highly diversified
geographical coverage in China (Aa3 negative).

The company's rating also considers its ability -- through
multiple property types -- to manage market volatility.

The key constraint on Greenland Holding rating is its debt-funded
growth strategy, which has resulted in high debt leverage and
weak credit metrics.

In addition, its rating is also tempered by its volatile non-
property businesses.

The downgrade of Greenland Hong Kong's ratings is mainly the
result of its weak standalone financial metrics, near-term
refinancing risk, and the weakened ability of its parent,
Greenland Holding, to provide support.

Greenland Hong Kong's Ba2 corporate family rating includes a two-
notch rating uplift, based on expected strong support from
Greenland Holding.

Greenland Hong Kong's standalone credit profile reflects its
small but well-located land bank, and our expectation that it
will grow in size through organic expansion and increased levels
of operational integration with its parent
Its standalone credit profile also takes into consideration its
reliance on Greenland Holding's support for its operations and
access to bank funding.

Greenland Hong Kong's debt leverage -- as measured by
revenue/adjusted debt -- was weak at around 30.3% at end-2015,
despite a significant increase in revenue in 2015.

The company also experienced a decline in profit margins, and its
interest coverage was weak at around 1.1x.

The negative outlook on Greenland Holding's rating reflects the
uncertainty surrounding its plan to lower its high debt leverage.

The negative outlook on Greenland Hong Kong's corporate family
rating mirrors that on Greenland Holdings' rating and reflects
the company's high debt leverage and the potentially weakened
ability of its parent, Greenland Holding, to provide support.

An upgrade of Greenland Holding's ratings is unlikely in the near
term, given the negative outlook. However, the outlook could
return to stable if Greenland Holding lowers its debt leverage,
such that debt to total capitalization trends below 70.0%-72.5%
and EBIT/interest above 2.5x in the next 12 to 18 months.

On the other hand, Greenland will face downward rating pressure
if its financial profile and/or liquidity position weaken due to:
(1) weak sales performance or weak sales proceeds collection; (2)
a decline in profit margins; (3) a sizeable increase in debt,
arising from aggressive expansion or land acquisitions; and/or
(4) an increase in the risk profile of its non-property
businesses.

Moody's would consider downgrading the rating if the company's
credit metrics remain weak, with adjusted debt/total
capitalization above 70.0%-72.5%, and consolidated EBIT coverage
of interest below 2.5x by the end of 2017.

A material reduction in the Shanghai government's ownership in
Greenland Holding, which negatively affects the company's access
to funding, would also be negative for the rating.

An upgrade of Greenland Hong Kong's ratings is unlikely, given
the negative outlook.  However, the rating outlook could return
to stable if the parent's rating returns to stable and Greenland
Hong Kong's debt leverage -- as measured by revenue/debt --
trends above 35% on a sustained basis.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to develop
a critical level of contracted sales and revenue; or (3)
materially accelerates development, and executes an aggressive
land acquisition plan, such that debt leverage -- as measured by
revenue/debt -- fails to trend above 30%-35% on a sustained
basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of Greenland Holding's rating,
will result in a downgrade of Greenland Hong Kong's rating.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry, published in April 2015.

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group.  The Shanghai State-Owned
Assets Supervision and Administration Commission is effectively
the largest shareholder of Greenland.  The company is
headquartered in Shanghai, with a focus on the real estate
sector. It has other businesses, including energy, construction,
finance and auto dealerships.

Greenland Hong Kong is principally engaged in the development of
large-scale, high-end residential communities, city center
integrated projects, and travel and leisure projects that target
the middle to high-end customer segment.  At end-2015, the
company's land bank totaled 14.6 million square meters (sqm),
located in key cities in the Yangtze River Delta and southern
China's coastal areas.  Greenland Holding owned about 56% of
Greenland Hong Kong as of end-2015.


* CHINA: Corporate Insolvencies Expected to Rise 20% This Year
--------------------------------------------------------------
South China Morning Post reports that a wave of corporate
collapses is expected in both mainland China and Hong Kong as
insolvency cases look set to soar in a slowing economy, a credit
insurer said.

SCMP relates that Fabrice Desnos, head of Asia-Pacific of credit
insurer Euler Hermes, said insolvency cases in mainland China
were expected to increase 20% this year, following a 24% jump
last year. He expects the trend to hold for some time, with
insolvencies growing a further 10% next year, the report says.

"In mainland China, the growing number of company insolvencies is
caused by the economic slowdown and deflationary pressures, which
undermine companies' profitability. We should also pay attention
to the high level of corporate debt, which had increased to 166
per cent of [gross domestic product] in the third quarter of last
year, compared with 124 per cent in 2014," he told the South
China Morning Post.

SCMP say payment delays are also on the rise. The average payment
day from the date the bills are issued rose to 91 last year, 16
days more than in 2012.

The situation was similarly grim in Hong Kong, Mr. Desnos said,
with corporate insolvencies expected to rise 15% this year after
jumping 13% last year. Next year was likely to see a 5% increase,
he added, SCMP relays.

"In Hong Kong, rising corporate risks are highly correlated to
lower external demand, especially from mainland China. This
affects the domestic economy through the exports channel, but
also through the retail sector that is highly dependent on
tourism," the report quotes Mr. Desnos as saying.

While the US and Europe had used monetary easing measures to
boost the economy, Hong Kong, he said, could not do the same as
its currency peg forced it to follow the rising US interest rate
trend, adds SCMP.

Mainland China could adopt monetary easing and reform state-owned
enterprises to enhance their efficiency, but the process might
lead to job losses, which might also hurt consumption, Mr.
Desnos, as cited by SCMP, said.

"The deleveraging and the SOE restructuring, which would lead to
higher job losses, may hinder growth more than expected. We
expect economic growth to slow further to 6.4% in 2017," the
report quotes Mr. Desnos as saying.

Mr. Desnos is, however, upbeat on the "One Belt, One Road"
project, which aims to link China with its neighbours through a
web of infrastructure projects that raises interconnectivity. He
said these projects would foster trade and internationalisation
of the yuan, boosting the economy. Hong Kong could play a major
part in it by raising funds for these projects from international
investors, adds SCMP.



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


20 MICRONS: ICRA Assigns 'D(SO)' Rating to INR8.3cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D(SO) rating assigned to the INR8.30
crore long term fund based facilities of 20 Microns Nano Minerals
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non cooperation from the firm.

TMNML's (20 Microns Nano Minerals Ltd.) was originally
incorporated under the name of Speciality Minerals Pvt. Ltd. on
October 28, 1993. and the name was changed to its current form on
November 12, 2008 w.e.f February 3, 2010, TMNML became a
subsidiary of TML (20 Microns Ltd.) by way of acquisition of
99.17% of its shares by TML, prior to which it was an associate
company of TML. TMNML is engaged in the manufacturing and trading
of micronized minerals which are used as functional fillers,
extenders and binders in industries as diverse as oil & gas,
paints, rubber, paper, adhesives, ceramics, and construction.
TMNML has an installed capacity of 9.900 metric tonnes per annum
(MTPA) which is spread across two manufacturing locations in
Gujarat & Rajasthan viz. Nandesari, Alwar and Waghodia.


AMIDHARA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR180MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Amidhara
Industries (AI) continues to reflect the firm's modest scale of
operations, large working capital requirement, and subdued
financial risk profile because of weak debt protection metrics.
These weaknesses are partially offset by extensive experience of
its promoters in the agricultural commodities industry, leading
to established relationships with customers and suppliers.

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

Outlook: Stable

CRISIL believes AI will benefit from the extensive industry
experience of its promoters. However, the firm's financial risk
profile will remain below average over the medium term because of
high gearing and poor debt protection metrics. The outlook may be
revised to 'Positive' if profitability improves, leading to
increase in cash accrual and better capital structure. The
outlook may be revised to 'Negative' in case of lower-than
expected operating margin or weak working capital management,
resulting in deterioration in financial risk profile.

Update
Topline fell to INR820 million in 2015-16 (refers to financial
year, April 1 to March 31) from INR1.14 billion in 2014-15, while
operating margin remained at 3.0-3.5 percent. Working capital
cycle was large, indicated by gross current assets of 80-90 days
as on March 31, 2015, driven by inventory of 115 days. Bank limit
utilisation was high, averaging 90 percent. The financial risk
profile remained below average because of high gearing of 2 times
and modest networth of INR70-80 million as on March 31, 2016.
Debt protection metrics were weak, with interest coverage ratio
of 1.5 times in 2015-16.

AI, set up in 2002 is a partnership firm promoted by Mr. Ritesh
Kaushikbhai Patel and his family members. The firm processes rice
and wheat. It is based and has a manufacturing facility in
Ahmedabad, Gujarat.


AMIYA COMMERCE: ICRA Assigns 'D' Rating to INR12.5cr Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR12.50-
crore1 cash credit facility of Amiya Commerce & Construction Co.
Private Limited and has also assigned the short-term rating of
[ICRA]D to the INR10.00-crore bank guarantee facility and the
INR3.00-crore unallocated limits of ACCCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Cash
   Credit                12.50        [ICRA]D assigned

   Non-Fund Based
   Bank Guarantee        10.00        [ICRA]D assigned

   Unallocated Limits     3.00        [ICRA]D assigned

Ratings Rationale
The ratings primarily factor in ACCCPL's recent delays in debt-
servicing, owing to its tight liquidity position on account of
high working capital intensity, as reflected by an NWC/OI of
around 41% during FY2015. The same was also reflected by almost
full utilisation of the working capital limits. The rating
further takes into account ACCCPL's adverse financial risk
profile, reflected by a high gearing of 2.06 times, interest
cover of 0.61 times, and Total Debt/OPBDITA of 12.56 times as on
March 31, 2015. The assigned ratings also consider the dependence
of order flow on the government's tender-based contract award
system, which exposes the company to intense competition and
consequently keeps margins under check.

The ratings, however, factor in the long track record of the
company in the fabrication and erection business and the
diversification of revenue, led by an increasing share of the
civil construction business in the last three financial years.
ICRA also takes note of ACCCPL's healthy order book position,
which provides revenue visibility, at least in the short term,
and limited counterparty risks, on account of its reputed client
profile.

Incorporated in 1990, as a part of the Amiya group of companies,
ACCCPL designs, manufactures, and erects pre-engineered steel and
metal buildings, space frame structures, tubular rolled steel
structures etc., and have subsequently also forayed into the
civil construction business. ACCCPL has two steel structure
manufacturing units - the Malancha Mahinagar unit, with a
capacity of manufacturing 7200 MT, and the Baruipur unit,
manufacturing 4800 MT annually. However, the Baruipur unit has
been inoperative for the last two years.

Recent Results
The company has reported a profit after tax (PAT) of INR0.21
crore on an operating income (OI) of INR114.21 crore in FY2015,
as compared to a PAT of INR0.32 crore on an OI of INR75.40 crore
in FY2014.


BEST CROP: ICRA Assigns B+ Rating to INR28.86cr LT Loan
-------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ on the
INR28.86 crore fund based bank limits and INR1.14 crore
unallocated limits of Best Crop Science LLP. ICRA has also
assigned a short term rating of [ICRA]A4 on the INR15.00 crore
non fund based sublimits of BCS.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits
   Long Term             28.86      [ICRA]B+; assigned

   Unallocated Limits
   Long Term              1.14      [ICRA]B+; assigned

   Non Fund Based
   Limits Short Term     15.00      ICRA]A4; assigned

ICRA's rating favorably factors in the long-standing experience
of BCS' promoters in the agrochemical business, as well as the
synergy benefits the firm derives from being a part of the Best
Agro group, with a number of group entities present in the agro-
chemical value chain. The rating also derives comfort from the
favourable long-term growth prospects for agro-chemicals. The
rating is, however, constrained by the firm's limited track
record of operations, with the operations at its manufacturing
plant under stabilisation. The rating also takes note of the
fragmented nature of the agro-chemical industry due to the low
capital intensity, thereby constraining profitability and
inherent vulnerability of the business to agro-climatic
conditions, seasonality of sales and development of pest
resistant genetically modified crops and integrated pest
management techniques. The rating further takes into account the
firm's highly leveraged capital structure and stretched coverage
indicators, due to debt funded capex and high working capital
intensity. ICRA also expects the firm's cash flows to be strained
in the future on account of working capital intensity of
operations, given the seasonality inherent to the industry, with
high credit period being extended to its customers, and scheduled
term loan repayment obligations.

Going forward, BCS' ability to achieve revenue growth along with
a sustained improvement in capital structure will be the key
rating sensitivities.

The firm was incorporated in 2009 as Best Crop Science Private
Limited (BCPL) and was primarily engaged in trading of
diversified agrochemicals. The company was converted into a
limited liability partnership firm with its current name in
August 2015. The firm has been promoted by Mr. Vimal Kumar, Mr.
Rajkumar and Mr. Gaurav Sharma. The firm is a part of the Best
Agro Group which is into diversified agrochemicals and serves
Indian and exports markets with a range of crop protection
products, including insecticides, herbicides, pesticides,
fungicides, and plant nutrients. It has acquired a new
manufacturing unit at Gajraula, Uttar Pradesh, which will
commence manufacturing operations in FY2017.

Recent Results
BCPL reported a net profit of INR0.02 crore on an operating
income of INR0.84 crore for the year ended March 31, 2015, as
compared to a net loss of INR0.01 crore on an operating income of
INR0.73 crore for the previous year.


BHARAT EXPORT: ICRA Revises Rating on INR13cr LT Loan to D
----------------------------------------------------------
ICRA has revised its long-term rating on the INR13 crore fund
based facilities of Bharat Export Overseas to [ICRA]D from
[ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund          13.00      [ICRA]D; revised from
   Based Limits                       [ICRA]B+

ICRA's rating action is driven by delays in debt servicing by
BEO, due to the stretched liquidity position of the firm, driven
by elongated receivables from overseas customers. ICRA takes note
of the highly competitive and fragmented nature of the pipes
industry and vulnerability of BEO's profitability to raw material
price volatility, given that the procurement by the company is
not order backed. ICRA however takes note of the experience of
the firm's promoters in the garment industry and its established
clientele.

Going forward, the ability of the firm to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity. This in turn will hinge on a sustained improvement
in BEO's profitability and timely realisation of receivables.

Incorporated in 1985, Bharat Export Overseas is a partnership
firm promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The
firm is engaged in manufacturing and export of garments for
women. BEO has three manufacturing facilities located in Gurgaon,
Haryana with total annual manufacturing capacity of 6 lakh
pieces. The firm primarily exports to U.K and Germany.


BHOOMI GINNING: ICRA Lowers Rating on INR12cr Cash Loan to D
------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]D
for the INR12.00 crore cash credit facility of Bhoomi Ginning
Pressing Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash         12.00      Revised to [ICRA]D
   Credit                             from [ICRA]B+

The rating revision reflects the ongoing delays in interest as
well as debt servicing reflecting the stress on its liquidity
position. The rating continues to be constrained by Bhoomi
Ginning Pressing Private Limited's (BGPPL) modest scale of
operation characterized by thin profitability, and low debt
coverage indicators along with high gearing levels due to
reliance on external borrowings. The rating also factors in the
low value additive nature of operations and intense competition
on account of the fragmented industry structure, which leads to
thin profit margins. The rating further continues to be
constrained by the vulnerability of profitability to adverse
movements in agricultural produce prices and regulatory policy
changes in terms of export and MSP.

The rating, however, considers the long experience of the
promoters in the cotton industry and easy availability of raw
material by virtue of its favourable location. The rating also
favourably considers company's presence in forward integration of
cottonseeds providing diversification and additional revenues.

Incorporated in 2006, Bhoomi Ginning Pressing Private Limited
(BGPPL) is a private limited company managed by three directors
Mr. Sanjaybhai Ramanai Mr. Ashishbhai Ramani and Mr. Maganbhai
Ramani. The company is engaged in ginning and pressing of raw
cotton and curshing of cottonseeds. BGPPL produces mainly cotton
bales, cottonseeds, cottonseed oil, cottonseed oil cake and
Baghru. The manufacturing facility of BGPPL was equipped with 24
ginning machine, one pressing machine and two expellers having an
installed capacity of 220 cotton bales, 0.50 MT cottonseed oil
and 12.50 MT cottonseed oil cake per day (24 hours operation).

Recent Results
During FY15 (unaudited provisional financials), BGPPL reported an
operating income of INR66.63 crore and operating profit (OPBDITA)
of INR1.77 crore.


CORE MINERALS: ICRA Suspends 'D' Rating on INR13cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR13.00 crore term loan facility and the INR10.00 crore fund
based facility of Core Minerals. ICRA has also suspended the
short-term rating of [ICRA]D assigned to the INR91.00 crore fund
based facilities and the INR12.50 crore non-fund based facilities
of Core Minerals. The suspension follows ICRA's inability to
carry out a rating surveillance, in the absence of the requisite
information from the entity.


COSMOS JEWELLERS: ICRA Lowers Rating on INR20cr LT Loan to D
------------------------------------------------------------
ICRA has revised its long term rating on the INR20 crore bank
limits of Cosmos Jewellers Private Limited from [ICRA]B+ to
[ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based limits            20.00      [ICRA]D; revised

ICRA's rating downgrade factors in the delays in debt servicing
due to stretched liquidity. The slowdown in the demand for CJPL
jewellery products resulted in blockage of funds. Going forward,
the ability of the company to timely service its debt will be the
key rating sensitivities.

CJPL, incorporated in 2011, is engaged in the manufacturing,
wholesale and retail sales of gold and diamond. CJPL has presence
largely in gold jewellery, which contributes to more than 90% of
its revenues and its customers are primarily wholesalers and
retailers based in New Delhi. The company was acquired by the
promoters of Delhi based Shree Raj Mahal Group, which is engaged
in the manufacturing, wholesale and retail sales of gold and
diamond jewellery for more than two decades.


DAWAR INTERNATIONAL: CRISIL Suspends B+ Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Dawar International Electronics Pvt Ltd (DIEPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             150       CRISIL B+/Stable
   Channel Financing         5       CRISIL B+/Stable

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

DIEPL was set up as a proprietorship firm in 1988 by Mr. Virender
Dawar; it was reconstituted as a private limited company in 2005.
The company has 11 retail showrooms and 4 exclusive brand outlets
for various consumer goods such as LCD's, refrigerators, washing
machines, and mobiles, mainly in Gurgaon (Haryana) and nearby
areas.


DWARKADHIS BUILDWELL: ICRA Reaffirms B Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR15.00 crore non-fund based bank facilities of Dwarkadhis
Buildwell Private Limited.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Non-Fund
   based bank facilities      15.00     [ICRA]B, reaffirmed

Rating Rationale
ICRA's rating continues to be constrained by the market risks to
which DBPL is exposed, for its plotted development project at
Dharuhera, Haryana. On account of subdued demand conditions for
real estate in the region, about 16% of the plots under Phase-I
(launched in 2006, constituting 81% of saleable area) are yet to
be sold and the launch of Phase-II of the project, constituting
the balance 19% of the area, has been deferred till real estate
market recovers. The Phase-II of the project is also exposed to
funding risks, in case the demand for the plots remains subdued,
as major portion of the project cost would be funded from
customer advances, while the rest is proposed to be funded by the
promoters. While the pace of development at the site for Phase-II
is contingent on the recovery of the real estate market; however
as the company is required to make EDC/IDC1 payments in a time-
bound manner, against which bank guarantees have been extended;
it would necessitate financial support from the promoters, in
case of lower than planned bookings in Phase I and Phase II. The
required contribution from promoters could be significant as
payments for EDC/IDC constitute around 35% of the project cost
(project cost of Phase II is INR42.6 crore).

Nonetheless, ICRA notes that the company has completed Phase-I
project and has achieved ~84% bookings, though no incremental
bookings have been received in FY 2015-16. ICRA has taken note of
the regional concentration risk which the Dwarkadhis Group is
exposed to, as its projects are located mainly in Dharuhera, and
fungibility of cash flows between DBPL and various companies in
the group. Notwithstanding the above concerns, the rating
favourably factors in the experience of the promoters in real
estate development and the group's philosophy of funding its
projects from promoters' contribution and customer advances only,
without relying on long term external debt.

In ICRA's view, the company's ability to sell the plots and
collect payments in a timely manner or arrange additional funds
from promoters in case the bookings remain low will be the key
rating sensitivities as these would be critical for meeting the
scheduled EDC/IDC payments, and release of bank guarantees.

DBPL was incorporated in 2005 and is the flagship company of
Dwarkadhis Group which has been promoted by Mr. Jai Bhagwan Garg
and Mr. Bal Krishan Garg. The promoters entered the real estate
sector in 2002, and initially undertook construction of builder
floors in Delhi, and thereafter launched the real-estate housing/
plotted development projects in Dharuhera and Gurgaon. Currently,
DBPL is undertaking a plotted development project 'Dwarkadhis
City' which is spread across 76.64 acres in Sector 23, Dharuhera,
Haryana. The company launched Phase-I of the project in 2006 for
development of 60.73 acres of land and in August-2013, it
received a Letter of Intent (LOI) from the Directorate Town and
Country Planning (DTCP), Haryana to develop additional adjoining
land of 15.91 acres. At present, the project mainly involves
development of residential plots, while development of commercial
plots is proposed to be undertaken going forward.


GAYATRI COTGIN: CRISIL Reaffirms B+ Rating on INR133MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Gayatri Cotgin
Corporation (GCC) continue to reflect the extensive experience of
promoters in the cotton industry and the firm's proximity to the
cotton-growing belt of Gujarat. These strengths are partially
offset by small scale of operations in the highly competitive
cotton industry, moderate working capital intensity and an
average financial risk profile.

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

   Proposed Long Term
   Bank Loan Facility     133       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                   6       CRISIL B+/Stable (Reaffirmed)

   Term Loan               21       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes the firm will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if substantial improvement
in scale of operations, profitability and capital structure
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if a sharp fall in operating margin, a
large debt-funded capacity expansion programme, or stretched
working capital cycle weakens the financial risk profile.

Update
During 2015-16 (refers to financial year, April 1 to March 31),
GCC is estimated to report net sales of INR3.4 million on the
back of stabilization of operations as against INR2.8 million in
2014-15. CRISIL believes the firm will register 8-10 percent
growth in turnover, as operations stabilize further and demand
improves over the medium term. GCC's profitability is expected to
remain range bound in 2015-16 as the industry is fragmented
thereby giving limited bargaining power to individual entities.
GCA days are expected to remain at around 75-90 days, with
expansion in scale of operations increasing the working capital
requirement over the medium term. Further, interest coverage and
net cash accrual to total debt (NCATD) ratios are expected to
remain in line with previous year. The financial risk profile
will continue to be marked by moderate gearing and average debt
protection metrics.

Incorporated in 2013, GCC is a partnership firm located near
Bhavnagar (Gujarat). The promoters have more than a decade of
experience in cotton ginning.

The firm reported a profit after tax (PAT) of INR1.3 million on
net sales of INR282.4 million in 2014-15 as against PAT of INR0.1
million on net sales of INR85.4 million as of 2013-14.


GOKUL COTTON: ICRA Suspends B+ Rating on INR6.0cr Cash Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR6.00
crore long term working capital facilities & [ICRA]A4 rating
reaffirmed to the INR2.00 crore, short term fund based facilities
of Gokul Cotton Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                  6.00       [ICRA]B+ suspended

   Fund Based-Book
   Debt                   (1.00)      [ICRA]B+ suspended

   Fund Based-DL-WHR       2.00       [ICRA]A4 suspended

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.

Gokul Cotton Private Limited (GCPL) was established in 2006 as
private limited company. It is engaged in the ginning and
pressing of raw cotton. Five directors namely Mr. Dharmesh Mehta,
Mr. Arvindbhai Gandhi, Mr. Rashikbhai Gandhi, Mr. Ashokkumar
Gandhi, and Mr. Prataprai Gandhi manage the company. The
company's manufacturing facility is located at Mahuva in
Bhavnagar, Gujarat. It currently has 24 ginning machines and one
pressing machine with the installed capacity to produce 225
cotton bales per day (24 hours operation).


GYASI RAM: CRISIL Assigns 'D' Rating to INR118.3MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the long
term bank facilities of Gyasi Ram Educational Society (GRES).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      14.9       CRISIL D
   Term Loan              118.3       CRISIL D

The rating reflects instances of delay by GRES in meeting its
debt obligations. The delays have been caused due to weak
liquidity of the society owing to insufficient cash accruals to
meet debt obligations.

The rating also reflects GRES's weak financial risk profile,
marked by high gearing and weak debt protection metrics and the
society's modest scale of operations. These rating weaknesses are
partially offset by extensive experience of promoters in
education sector.

GRES was setup in 2008 in Sonipat, Haryana. The society has two
colleges in Sonipat, Haryana; International Institute of
Technology and Business (I2TB) offering courses in engineering
and BBA and International Institute of Pharmaceutical Sciences
(I2PS), offering courses in pharmacy and medical lab technology.
The founding members of the society are Prof. Rakesh Ranjan, Mr.
Ved Dahiya, Prof. Jyoti Ranjan and Mr. Arun Thakran.


HARESH OVERSEAS: ICRA Upgrades Rating on INR5.0cr Loan to B-
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.00
crore cash credit facility and INR3.23 crore (reduced from
INR7.11 crore) working capital term loan facility of Haresh
Overseas Private Limited (HOPL) to [ICRA]C from [ICRA]B-. ICRA
has reaffirmed the short-term rating assigned to the INR34.37
crore (reduced from INR37.89 crore) non-fund based limit of HOPL
to [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.00      Revised from [ICRA]B-
                                      to [ICRA]C

   Working Capital
   Term Loan                3.23      Revised from [ICRA]B-
                                      to [ICRA]C


   Letter of Credit        34.37      Reaffirmed at [ICRA]A4

The revision in ratings takes into account the deterioration in
the financial profile of the company due to loss making
operations since two fiscal years, resulting in erosion of net
worth in FY 2015 along with high utilization of working capital
bank borrowings. The ratings are further constrained by high
competitive pressures in the industry and vulnerability of
profitability to fluctuations in the input prices as well
exchange rate fluctuations as the company imports ~92% of the
traded chemicals. The ratings also factor in the highly leveraged
capital structure and weak debt coverage indicators of the
company due to losses incurred since two fiscal years.

ICRA however favourably notes the long and extensive experience
of the directors in the chemical trading industry, and the
company's diversified customer base which helps in securing
orders.
Going forward, the ability of the company to improve
profitability and manage working capital effectively so as to
improve its cash flow position and meet its debt servicing in a
timely manner would remain important from a credit perspective.

Haresh Overseas Private Limited (HOPL) was incorporated in 1983
and is currently managed by Mr. Kailash S. Kasat. The company is
headquartered in Mumbai with branch offices in Cochin, Gandhidham
& Jodhpur. HOPL is engaged in the business of trading, marketing
and distribution of petrochemicals and solvents (industrial
alcohols, ketons, monomers, chlorinated solvents, plasticizers).
The company is also a manufacturer and supplier of Guar Gum
powder and has a state-of-the art manufacturing unit of 4500 MTPA
capacity with in-house laboratory at Boronada Agro park Jodhpur
(Rajasthan) which started production in 2006.


JYOTIRMAYE TEXTILES: ICRA Suspends B+ Rating on INR84.25cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR84.25 crore fund based limits of M/s Jyotirmaye Textiles Pvt.
Ltd. ICRA has also suspended [ICRA]A4 to the INR11.70 crore short
term non-fund based limits of JTPL. ICRA has also suspended
[ICRA]B+/A4 rating to the INR4.70 crore unallocated limits of
JTPL. 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.


K.VENKATA RAJU: CRISIL Suspends B- Rating on INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K.Venkata Raju Engineers & Contractors Private Limited (KVRECPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           250       CRISIL A4
   Cash Credit               90       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by
KVRECPL with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, KVRECPL
is yet to provide adequate information to enable CRISIL to assess
KVRECPL'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 June 2002 as a partnership firm by Mr. T Kishan Kumar,
Mr. Murali Mohan, Mr. N V V Satyanarayana, Mr. T Poorna Chandra
Rao, and Ms. Sridevi in Vijayawada (Andhra Pradesh), KVRECPL
reconstituted as a private limited company in August 2014. The
company undertakes civil construction projects, including
construction of bridges, road over bridges, and flyovers. The
company is implementing infrastructure projects in five states in
India.


KALER ELECTRICALS: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kaler Electricals
Private Limited (KEPL) continue to reflect the company's small
scale of operations, and exposure to geographic concentration
risks.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Auto loans             1.2       CRISIL B+/Stable (Reaffirmed)

   Cash Credit           60.0       CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee        10.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    25.7       CRISIL B+/Stable (Reaffirmed)

   Term Loan             28.1       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by extensive experience of
its promoter in the pipes and cables industry, and its
established relationships with suppliers, and improvement in
financial risk profile because of comfortable leverage.
Outlook: Stable

CRISIL believes KEPL will continue to benefit over the medium
term from the extensive industry experience of its promoter, and
its established relationships with suppliers. The outlook may be
revised to 'Positive' if significant improvement in business risk
profile through geographic diversification leads to increase in
operating income and operating margin. The outlook may be revised
to 'Negative' in case of stress on liquidity because of low cash
accrual, or substantial increase in working capital requirement,
or debt-funded capital expenditure.

KELP, incorporated in 2002 and promoted by Mr. Shrawan Kaler,
trades in water pumps, flat cables, and pipes. It started
manufacturing polyvinyl chloride (PVC) and high-density
polyethylene (HDPE) pipes and electrical cables in June 2011. Its
manufacturing unit is in Sikar, Rajasthan. Before commencement of
manufacturing operations, KEPL derived its entire revenue from
the trading segment.


KUNA IMPEX: ICRA Assigns B+ Rating to INR4.75cr Cash Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR4.75
crore1 cash credit facility and INR0.73 crore working capital
term loan facility of Kuna Impex Private Limited. ICRA has also
assigned the short term rating of [ICRA]A4 to the INR4.50 crore
non-fund based letter of credit/buyers credit facility of KIPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              4.75      [ICRA]B+; Assigned

   Working Capital
   Term Loan                0.73      [ICRA]B+; Assigned

   Inland/Import
   Letter of Credit/
   Buyers Credit            4.50      [ICRA]A4; Assigned

The assigned ratings are constrained by modest scale of
operations, significant reliance on creditors resulting into
increased TOL/TNW; high interest cost associated with debt
pressurizing net profitability of the company and weak coverage
indicators. ICRA also notes the high working capital requirement
on account of elongated realization period from the customer
coupled with high inventory holding. Further, the ratings also
take into account the vulnerability of the company's
profitability to fluctuations in the raw material prices which
are further affected by foreign exchange currency fluctuations as
majority of materials are sourced from the overseas market.

The ratings, however, favorably factor in the established track
record of the company in the industrial automation and
engineering field and continuous growth in the top line reported
during the period from FY11 to FY15. the ratings also take into
account the dealership of reputed suppliers removing supply side
constraints to cater to favorable demand arising from application
of the products in the diversified end user industries.

Kuna Impex Private Limited was incorporated in December 1998 to
engage in the business of providing customized solutions in the
field of industrial automation and electrical & lighting
products. It has been appointed as an authorised dealer of four
companies to source AC Drives, Servo Drives, PLCs and Switchgears
from China. The company is managed by Mr. Ved Naithani and Mr.
Palak Shah. The promoters has more than three decades of
experience in the field of engineering and industrial automation
products.

Recent Results
The company has reported operating income of INR14.76 crore and
profit after tax of INR0.21 crore in fiscal year 2014-15.


LILA DHAR: ICRA Revises Rating on INR6.0cr Loan to B-
-----------------------------------------------------
ICRA has revised its long term rating from [ICRA]B to [ICRA]B- on
INR6.00 crore of fund based limits and reaffirmed its short term
rating of [ICRA]A4 on the INR5.00 crore on fund based limits and
INR5.00 crore unallocated limits of Lila Dhar Devki Nandan
(LDDN).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits        6.00      [ICRA]B-; revised
   Non Fund Based Limits    5.00      [ICRA]A4; reaffirmed
   Short term Unallocated
   Limits                   5.00      [ICRA]A4; reaffirmed

The ratings revision takes into account the significant decline
in operating income of the firm (Rs 18.0 crore in FY2014 to
INR7.1 crore and INR9.95 crore in FY2015 and FY20163
respectively) owing to weak order book position and movement
which has resulted in cash losses and deteriorated debt coverage
indicators. The ratings are further constrained due to
significant build up of debtors in the past owing to constrained
cash flows of the government entities leading to high working
capital intensity (NWC/OI4 of 229.5% in FY2015 and 138.7% in
FY2016) and limit utilization. However ICRA notes that the firm
has recovered some part of its debtors in FY2016 taking the
debtor days from 639 days in FY2015 to 328 days in FY2016. The
ratings continue to factor in high geographical and client
concentration risk as firm has majority of orders from Public
Works Department (PWD), Rajasthan. The ratings, however draws
comfort from experience of the promoters in the field of road
construction and company's track record as a registered 'Class
AA' contractor with Public Works Department (PWD), Rajasthan. The
rating also positively factors in the presence of price
escalation clause in the firm's orders which mitigates price
risk.

Going forward, the ability of the firm to scale up its operations
profitably, diversify its order book and also improve its debt
coverage and liquidity position would be the key rating
sensitivities.

Lila Dhar Devki Nandan is a proprietorship firm incorporated in
1994 and is involved in the business of road construction for the
government entities. The proprietor of the firm is Mr. Devki
Nandan Golyan who has experience of more than 4 decades in this
business. The firm is registered as "AA+" Class Contractors by
the PWD, Rajasthan. It has been engaged in the roads construction
works for Government Organizations which includes largely Public
Works Department (PWD), Rajasthan in the recent past.

Recent Results
In FY2015, LDDN reported a net loss of INR0.50 Crore on an
operating income of INR7.14 Crore as compared to a net profit of
INR0.27 Crore on an operating income of INR18.14 crore, in the
previous year. The firm, on a provisional basis, reported an
operating income of ~Rs 9.95 crore for FY2016.


MADRAS RADIATORS: ICRA Suspends 'B' Rating on INR30.46cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR30.46 crore term loan facilities and the INR26.25 crore
fund based facilities of Madras Radiators and Pressings Limited.
ICRA has also suspended the short-term rating of [ICRA]A4
assigned to the INR10.00 crore non-fund based (sub-limit)
facility of Madras Radiators and Pressings Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from
the company.


MAP COTTON: ICRA Suspends B+ Rating on INR49.65cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR49.65
crore limits of MAP Cotton Pvt. Ltd. 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.

MAP Cotton Pvt. Ltd. (MCPL), promoted by Mr. Arvind Patel and Mr.
Mehul Patel was incorporated as a closely held private limited
company in June 2014 to undertake cotton ginning and pressing
activity. The manufacturing unit of the company is located at
Kadi (Mehsana) - an area with easy availability of raw cotton,
and is equipped with 56 ginning machines and one fully automated
pressing machine.


MAP LIMITED: ICRA Suspends B/A4 Rating on INR22.5cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 rating assigned to the INR22.50
crore limits of MAP 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.

MAP Limited (MAP, erstwhile MAP Corp Private Limited) was
incorporated in June 2012 by Mr. Mehul Patel and Mr. Arvind Patel
to undertake trading of cotton bales and wash oils. Mr. Arvind
Patel has also promoted other company - Raja Industries which is
engaged in cotton ginning for more than four decades.


NAMASTE EXPORTS: CRISIL Cuts Rating on INR75MM Loan to B+
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Namaste Exports Limited (NEL) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit    75       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Foreign Bill             40       CRISIL B+/Stable (Downgraded
   Discounting                       from 'CRISIL BB/Stable')

   Letter of Credit         15       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects deterioration in NEL's business
risk profile marked by decline in the revenues over the two years
through 2015-16 (refers to the financial year, April 1 to
March 31) on account of low demand for leather products in the
international market. The revenue declined to around INR231
million in the nine months through December 31, 2015 from
INR458.1 million in 2013-14. The lower demand also led to a
decline in price realizations, which along with lower absorption
of fixed costs resulted in the company incurring losses at the
operating level for the two years through 2015-16. Although the
new products are expected to drive revenue growth, the continued
low demand in the industry is expected to constrain growth. The
rating downgrade also reflects expectations of pressure on the
liquidity profile on the back of continued losses made by the
company. NEL's reliance on external debt for meeting its working
capital requirements has increased significantly over the two
years through 2015-16, marked by short term bank borrowings
increasing to INR93 million as on September 30, 2015 from INR43
million as on March 31, 2014, despite decline in the scale of
operations. Although the average utilization of bank lines
remained moderate at 67 per cent for the twelve months through
December 31, 2015, the average utilization for the three months
ended December 31, 2015 increased to about 85 per cent. The ramp
up of revenue from new products will remain a key rating
sensitivity factor over the medium term affecting the accretion
to reserves and thus the financial and liquidity profiles of the
company.
Outlook: Stable

CRISIL believes that NEL's business profile will be constrained
over the medium term on account of subdued demand in the leather
industry. The outlook may be revised to 'Positive' if NEL scales
up its operations most likely on the back of ramp up of revenue
from new products, along with an improvement in its operating
margin. Conversely, the outlook may be revised to 'Negative' if
the company's operating margin continues to remain weak thus
weakening its liquidity and financial profiles.

Established in 1988 by Mrs. Madhura Bhat, NEL manufactures and
exports leather garments.


NUTRACEUTICALS INDIA: CRISIL Reaffirms B Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Karnataka
Nutraceuticals India Limited (KNIL) continue to reflect the
modest scale of operations, exposure to competitive pressures in
both domestic and international markets, and working capital-
intensive operations. These weaknesses are partially offset by
the extensive experience of promoters in the drug manufacturing
industry, geographical diversification in revenue profile and
comfortable gearing.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Cash
   Credit Limit           20       CRISIL B/Stable (Reaffirmed)

   Proposed Letter
   of Credit              40       CRISIL A4 (Reaffirmed)

   Proposed Packing
   Credit                 40       CRISIL A4 (Reaffirmed)

CRISIL had assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of KNIL vide its rationale dated May 17,
2016.
Outlook: Stable

CRISIL believes KNIL will benefit over the medium term from its
promoters' extensive industry experience in nutraceutical
industry and its geographical diversification in revenue. The
outlook may be revised to 'Positive' in case of improvement in
scale of operations and cash accruals leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case KNIL records significantly lower than expected
cash accruals or undertakes large capex or if working capital
management deteriorates leading to weak financial risk profile.

Established in 2005, KNIL manufactures Halquinol B.P-80 and the
related range of products, supplied as veterinary feed additives
or supplements.

It has bulk drug manufacturing facilities in the special economic
zone at Hassan, Karnataka and is capable of producing specialised
active pharmaceutical ingredients for veterinary usage.

For 2015-16 (refers to financial year April 1 to March 31), on a
provisional basis, the company reported a loss of INR7.69 million
on a net sales of INR60.7 million, against loss of INR 1.57
million on net sales of INR 123.1 million posted in 2014-15.


POOJA JEWELLERS: ICRA Lowers Rating on INR6cr Loan to 'D'
---------------------------------------------------------
ICRA has revised its long-term rating on the INR6.0 crore fund
based limits of Pooja Jewellers to [ICRA]D from [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       6.00       [ICRA]D; Revised

ICRA's rating action is driven by delays in debt servicing by the
firm due to its stretched liquidity position. ICRA takes note of
the high competitive intensity and fragmented nature of the
jewellery business and the company's thin profitability margins,
which have resulted in the firm's weak coverage indicators. This
apart, the rating takes into account the client and supplier
concentration risk which the firm is exposed to, as it caters to
a limited set of clients and purchases the jewellery and bullion
from one supplier only. The firm also remains exposed to risks
inherent to proprietorships like risk of capital withdrawal etc.
Going forward, the company's ability to demonstrate a track
record of timely debt servicing, driven by a sustained
improvement in its liquidity position and profitability, will be
the key rating sensitivity.

Incorporated in 1993 as a sole proprietorship concern promoted by
Mr Shankar Maity, Pooja Jewellers is engaged in the trading and
manufacturing of gold and diamond jewellery. The firm operates
from Chandni Chowk, Delhi and largely supplies its products in
the wholesale market. The product portfolio of the firm includes
gold and diamond jewellery necklace sets, rings, earrings, chains
etc.


RAGHU EDUCATIONAL: CRISIL Reaffirms B Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Raghu Educational Society (RES) and reaffirmed its
'CRISIL B/Stable' rating on the long-term facilities.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              25       CRISIL B/Stable (Reaffirmed)

   Long Term Loan          100       CRISIL B/Stable (Reaffirmed)

   Proposed Non Fund
   based limits             35       CRISIL A4  (Reassigned)

The ratings reflect the society's large working capital
requirement, susceptibility to regulatory changes in the
education sector, and geographic concentration in its revenue
profile. These weaknesses are partially offset by established
regional presence in Visakhapatnam, Andhra Pradesh, supported by
its promoter's extensive experience in the education segment.
Outlook: Stable

CRISIL believes RES will maintain its established regional
presence in the education segment, supported by industry
experience of its promoters, over the medium term. The outlook
may be revised to 'Positive' if RES increases geographical
diversification or scales up operations, without significantly
weakening financial risk profile. The outlook may be revised to
'Negative' in case of large debt-funded capital expenditure, or
if regulatory bodies withdraw approval for the society's courses,
or if its working capital cycle lengthens.

RES, established in 1996, is managed by promoter director Mr.
Kalidindi Raghu. It manages several schools, and graduate, post-
graduate, and professional colleges under the Raghu brand, in
Visakhapatnam.


RAJ AGRO: ICRA Assigns 'B' Rating to INR5.86cr Loan
---------------------------------------------------
ICRA has assigned its [ICRA]B rating to INR5.86 crore fund based
bank limits of Raj Agro.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Fund Based limits       5.86        [ICRA]B; assigned

ICRA's rating takes into account the high intensity of
competition in the rice milling industry to which RA is exposed.
This translates into low profitability, which is, however, in
line with the industry trends and low cash accruals. ICRA also
takes note of the agro climactic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
also factors in the company's weak financial risk profile as
reflected in low net worth, high gearing and weak debt coverage
indicators. The rating however, positively factors in the
proximity of the mill to major rice growing areas, which results
in easy availability of paddy.

Going forward the ability of the company to maintain healthy
growth in revenues and profitability; while maintaining a prudent
capital structure and optimal working capital intensity will be
the key rating sensitivities.

Raj Agro (RA), was established in 2009 and is engaged in milling
and sorting of Non-Basmati Rice. The company's unit located at
Sarriya-Gorakhpur (U.P.) has an installed capacity of 8
tons/hour. The company caters to both domestic and export
customers. The day to day operations of the company are managed
by Mr. Ranjan Gupta.

Recent Results
The firm reported a profit after tax (PAT) of INR0.14 crore on an
operating income of INR17.37 crore for FY15 as against a PAT of
INR0.12 crore on an operating income of INR6.26 crore in the
previous year.


RAJESH GEMS: ICRA Lowers Rating on INR75cr LT Loan to 'D'
---------------------------------------------------------
ICRA has revised its ratings on the INR75 crore fund based limits
of Rajesh Gems and Jewels Private Limited to [ICRA]D from
[ICRA]BBB-(Stable).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term Fund          75.00      [ICRA]D; revised from
    based limits                      [ICRA]BBB-(Stable)

The revision in ratings follows delays in debt servicing by RGJPL
due to the company's stretched liquidity position. ICRA takes
note of the risk of fluctuations in gold prices on account of
inventory holding and intense competition that the company faces
from various organized and unorganized players in the region in
which it operates.

The company's ability to demonstrate a track record of timely
debt servicing, driven by a sustained improvement in its
liquidity position, will be the key rating sensitivity.

RGJPL is engaged in the retailing of gold and diamond jewellery
and operates from its two company owned showrooms in Karol Bagh
and Lajpat Nagar, both in New Delhi. It offers a wide range of
gold and diamond jewellery in a number of designs, though gold
jewellery contributes significantly to the top line. Apart from
retail business, RGJPL is also involved in the wholesale trade of
jewellery.


SAI BALAJI: CRISIL Suspends B+ Rating on INR50MM Loan
-----------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sai Balaji Constructions (SBC).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           30       CRISIL A4
   Overdraft Facility       50       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        2       CRISIL B+/Stable

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

SBC, established in 2002, is a partnership firm set up by Mr. M
Satish Reddy and his mother, Ms. M Hymavathamma. The firm
undertakes civil construction contracts for construction of
roads, footpaths, and laying of drainage pipes for government and
private entities in Andhra Pradesh. The firm has its registered
office in Nellore (Andhra Pradesh).


SAI SUDHA: ICRA Suspends B+ Rating on INR11cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR11 crore fund based facilities of Sai Sudha Motors Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SAINOR LIFE: ICRA Suspends 'C' Rating on INR14.30cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to
INR14.30 crore fund based limits of M/s Sainor Life Sciences Pvt.
Ltd. ICRA has also suspended [ICRA]A4 to the INR3.00 crore short
term limits of SLS. ICRA has also suspended [ICRA]C/[ICRA]A4
rating to the INR0.33 crore unallocated limits of SLS. 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.


SAM APPARELS: ICRA Reaffirms B+ Rating on INR2.5cr Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR2.50 crore
long term limits of Sam Apparels Private Limitede (SAPL) at
[ICRA] B+. ICRA has also reaffirmed its rating on the INR27.50
crore short term facilities of SAPL at [ICRA] A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Working
   Capital Limits         27.50       [ICRA] A4; Reaffirmed

   Unallocated             2.50       [ICRA] B+; Reaffirmed

The ratings continue to factor the experience of SAPL's promoters
in the business and their relationships with various garment
retail chains, which has enabled the company to compensate for
declining sales to their previously largest customer, by adding
new customers and successfully increasing sales to importers for
Walmart. Post successful vendor audits and sampling trials in
FY2015, SAPL's sales to Walmart importers increased to almost
INR45 crore in FY2016 as compared to INR33 crore in FY2015 and
INR10 crore in FY2014. While, the overall demand scenario remains
challenging, SAPL's revenues are expected to be aided by a
growing orders from Walmart.Being a garmnet exporter, the company
continues to achieve significant other operating income in the
form of duty drawback and sale of licenses which has been
supporting its operating margins. Moreover, with the complete
repayment of SAPL's previously outstanding long term debt and no
major debt raising plans, SAPL's debt coverage indicators are
expected to remain moderate.

However, the ratings are constrained by the competitive nature of
the industry as reflected in the company's operating margins,
which declined in FY2016 to around 6.3% (as per provisional
results) from 7.0% in FY2015, due to sustained increase in
employee costs despite stagnant operating revenue. Revival in
demand would however, help the company achieve better economies
of scale, as the required production infrastructure is already in
place, and would likely lead to improvement in profitability and
coverage indicators. The ratings also factor in SAPL's
substantial working capital requirements, which have increased
over the last year as a result of extended credit period offered
to new customers and the consequent dependence on bank limits,
resulting in their full utilization and thus modest liquidity
position. Going forward, SAPL's ability to attain revenue growth
and register a sustained improvement in its operating margins
while maintaining a satisfactory liquidity position will be the
key rating sensitivities.

SAPL is engaged in the manufacture and exports of readymade
garments for women and kids to countries like Brazil, Italy,
Chile, Canada, USA etc. The company is managed by Mr. Mukesh
Sharma and Mr. Ved Prakash Sachdev, and has an installed garment
manufacturing capacity of ~72 lakh pieces annually, in its
facilities based in Noida, Uttar Pradesh.

Recent Results
In FY2016, on a provisional basis, SAPL reported an Operating
Income (OI) of INR88.9 crore and a Profit After Tax (PAT) of
INR1.1 crore, as against an OI of INR88.9 crore and a PAT of
INR1.7 crore in the previous year.


SAMARTH COMMODITIES: CRISIL Suspends B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Samarth Commodities Merchants Pvt Ltd (SCMPL).

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

The suspension of rating is on account of non-cooperation by
SCMPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCMPL is yet to
provide adequate information to enable CRISIL to assess SCMPL'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 2003, SCMPL is promoted by members of the Odisha-
based Bajpai and Sinha families. The company trades in ingots,
billets, mild steel sheets, hot-rolled and cold-rolled coils, and
thermo-mechanically treated bars and beams.


SHELL AND PEARL: CRISIL Suspends 'D' Rating on INR833.4MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shell
and Pearl Porcellano Limited (SPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           50        CRISIL D
   Cash Credit             170        CRISIL D
   Corporate Loan          160        CRISIL D
   Funded Interest
   Term Loan               331.2      CRISIL D
   Letter of Credit        110        CRISIL D
   Term Loan               833.4      CRISIL D
   Working Capital
   Term Loan               506.5      CRISIL D

The suspension of rating is on account of non-cooperation by SPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPPL is yet to
provide adequate information to enable CRISIL to assess SPPL'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 2000 by Mr. Prafulla Gattani, SPPL manufactures wall
and floor ceramic tiles. The company is based in Ahmedabad
(Gujarat).


SHREE GANESH: CRISIL Assigns B+ Rating to INR94.7MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Shree Ganesh Education and Welfare Society
(SGEW). The rating reflects a modest scale of operations and
below-average financial risk profile.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           94.7      CRISIL B+/Stable

These rating weaknesses are partially offset by benefits expected
from healthy demand prospects for the education sector and
diversified courses offered by the society.

Outlook: Stable

CRISIL believes SGEW will benefit over the medium term from
moderate occupancy in its school and college. The outlook may be
revised to 'Positive' in case of healthy growth in revenue, while
operating margin is maintained, most likely through successful
addition of new courses. Conversely, the outlook may be revised
to 'Negative' in case of any slippage in demand for seats, or any
adverse impact of regulatory ruling, constraining operations.

SGEW was set up on April 7, 2011, in Saharanpur, Uttar Pradesh.
The society is promoted by Mr. Dinesh Kumar, president; Ms.
Soniya, secretary; Mr. Om Singh, treasurer; and other members. It
provides educational services through its Dev Rishi Institute and
Dev Rishi International College.


SHREE SHOPPERS: CRISIL Suspends B+ Rating on INR130MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shree Shoppers Ltd (SSL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           7.5       CRISIL A4
   Cash Credit            130.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10.0       CRISIL B+/Stable

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

SSL, incorporated in 2002, is mainly engaged in wholesaling and
retailing of ready-made garments and household appliances in
Kolkata. In 2012, SSL acquired the dealership of JK Tyre and
Industries Ltd. The company's day-to-day operations are managed
by Mr. Prem Shankar Dubey and Mr. Binay Kumar Dubey


SPARTAN ENGINEERING: CRISIL Cuts Rating on INR300MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Spartan Engineering Industries Private Limited (Spartan) to
'CRISIL B/Stable/CRISIL A4' from 'BB+/Negative/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            10       CRISIL A4 (Downgraded
                                      from 'CRISIL A4+')

   Cash Credit              300       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB+/Negative')

   Letter of Credit         120       CRISIL A4 (Downgraded from
                                      'CRISIL A4+')

   Proposed Long Term        57.3     CRISIL B/Stable (Downgraded
   Bank Loan Facility                 from 'CRISIL BB+/Negative')

   Rupee Term Loan           36.8     CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB+/Negative')

   Working Capital           25.9     CRISIL B/Stable (Downgraded
   Demand Loan                        from 'CRISIL BB+/Negative')

The downgrade reflects deterioration in liquidity of the company
due to reduced cash generation from business and a stretched
working capital cycle. Two of its plants are currently non-
operational due to technical and labour issues and most of the
revenue comes from outsourcing the manufacturing on a job-work
basis. Both the non-operational facilities, however, continue to
book overhead expenses, leading to pressure on profitability.
Additionally, operations are working capital intensive, as
reflected in high gross current assets, estimated at above 300
days as on March 31, 2016, with a significant portion of debtors
being outstanding for more than six months. CRISIL believes that
due to expected subdued profitability and a long working capital
cycle, liquidity will remain weak over the medium term. Timely
recovery of sticky debtors and inflow of funds through expected
sale of one of the non-operational plants, the Atgaon facility
(on the Pune-Nashik highway in Maharashtra), can aid in reducing
the dependence on external borrowings, thus supporting liquidity.
Therefore, these will remain key rating sensitivity factors over
the medium term.

The ratings reflect the company's below-average financial risk
profile because of high gearing and weak debt protection metrics,
working capital-intensive operations, and exposure to intense
competition in the domestic construction industry. These rating
weaknesses are partially offset by the extensive experience of
the promoter and his established relationship with customers.
Outlook: Stable

CRISIL believes Spartan will continue to benefit over the medium
term from the extensive industry experience of its promoter and
his established relationship with customers. However, liquidity
will remain under pressure over this period as cash accrual is
likely to be barely sufficient to meet repayments, while the
working capital cycle will remain stretched. The outlook may be
revised to 'Positive' if liquidity improves on the back of good
realisation from an earlier than expected sale of the Atgaon
facility. The outlook may be revised to 'Negative' in case of
further delays in sale of the property, reduced cash generation
on account of lower profitability, or a stretched working capital
cycle, leading to further weakening of liquidity.

Incorporated in 1998 and promoted by Mr. Mahendra Mehta, Spartan
started operations in 2006. It manufactures bar-cutting and -
bending machines used in construction. It also trades in imported
construction equipment such as rack and pinion hoists, tower
cranes, rope suspenders, and wire hoists.

In 2014-15 (refers to financial year, April 1 to March 31), net
loss was INR73.2 million on net sales of INR887.8 million,
against net loss of INR45.2 million on net sales of INR846.3
million in 2013-14. For 2015-16, net loss is estimated at INR5.8
million on net sales of INR702.2 million.


SRI SANTHOSHI: ICRA Suspends 'B' Rating on INR10cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR10.00 crore fund based limits of M/s Sri Santhoshi Matha
Cotton Industries. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


SRI SARASWATHI: CRISIL Assigns 'B' Rating to INR80MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Sri Saraswathi Educational Society - East
Godavari (SSES).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            65       CRISIL B/Stable
   Secured Overdraft
   Facility                  80       CRISIL B/Stable

The rating reflect SSES's modest scale of operations, below
average financial risk profile marked by modest net worth and
subdued debt protection metrics, and its susceptibility to
adverse regulatory changes in the education sector. These rating
weaknesses are partially offset by management's experience in
education industry.
Outlook: Stable

CRISIL believes that SSES will continue to benefit over the
medium term from the extensive experience of its promoters in the
education sector and its established regional presence. The
outlook may be revised to 'Positive' if there is significant
improvement in financial risk profile coupled with improvement in
working capital management. Conversely, the outlook may be
revised to 'Negative' if SSES undertakes a larger-than-expected
debt-funded capital expenditure programme, or records a steep
decline in its revenues and surplus, resulting in deterioration
in its financial risk profile.

SSES, set up in 2008 runs educational Srinivasa Institute of
Engineering & Technology (SIET) located at Cheyyeru (Andhra
Pradesh). The society is currently managed by Mr. S.V.S.S.
Ramachandra Raju and Mr. D.V.N.S. Varma.


SRI SIRI: CRISIL Suspends 'D' Rating on INR50MM Term Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Siri Kraft Papers (SSKP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              10        CRISIL D
   Term Loan                50        CRISIL D

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

SSKP was incorporated as a partnership firm in 2012. The firm is
setting up a kraft-paper manufacturing unit in Krishna District
in Andhra Pradesh. The firm currently has three partners - Dr.
Koganti Visweswara Rao, Mrs. Koganti Vijaya Bharati, and Mrs.
Botta Silpa.


ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of St. Nicholas Cashew
Exports (SNCE) continue to reflect the small scale of operations
and below-average financial risk profile, marked by modest
networth and weak debt protection metrics. These weaknesses are
partially offset by extensive experience of the promoter in the
cashew business.

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

   Packing Credit          20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SNCE will continue to benefit over the medium
term from the extensive industry experience of the promoter. The
outlook may be revised to 'Positive' if considerable growth in
revenue, profitability and cash accrual strengthens the financial
risk profile. The outlook may be revised to 'Negative' if a sharp
drop in accrual, poor working capital management or withdrawal of
substantial capital by promoters weakens the financial risk
profile.

Update
Steady demand and established relations with customers have
helped operating income record a compounded annual growth rate of
21 percent over the five years ended 2014-15 (refers to financial
year, April 1 to March 31) to INR320 million and would support
growth over the medium term. Stability in operations further
helped the profit margin sustain around 3.6 percent. However,
cash accrual was negative, as the promoter withdrew capital from
the firm. SNCE has reported year to date revenues of around
INR210 million till December 2015.

The below-average financial risk profile was marked by a small
networth of around INR25 million and gearing of over 2 times,
estimated as of March 2015, due to higher dependence on the
working capital limit. Debt protection metrics were also weak,
with estimated net cash accruals to total debt ratio and interest
coverage ratios at 1.8 times and at 0.10 time estimated
respectively as of 2015-16. Limited accretion to reserve would
constrain the financial risk profile over the medium term.

Adequate cash accrual and moderate utilisation of the bank limit
have supported liquidity. An average 77 percent of the bank limit
was utilised for nine months through December 2015. Accrual of
around INR6 million would easily suffice to meet repayment
obligations of around INR1 million in 2016-17. The promoter is
also expected to infuse equity capital to support the business.

Set up as a proprietorship concern in 1980 by Mr. Y Rajan, SNCE
processes raw cashew nuts. The firm is based in Kollam (Kerala).


TATA POWER: FY2016 Results Support Ba3 CFR, Moody's Says
--------------------------------------------------------
Tata Power Company Limited's (TPC, Ba3 stable) FY2016 results are
within Moody's expectations and continues to support its
Corporate Family Rating of Ba3.

For the fiscal year ending March 2016 (FY16), TPC reported a 10%
increase in the consolidated EBITDA year-on-year (YoY), which was
driven mainly by improved profitability of Coastal Gujarat Power
Limited (CGPL, unrated) -- TPC's 100% -owned subsidiary -- mainly
due to a reduction in fuel expenses.

"Tata Power's FY2016 results are in line with our expectations,
with revenues growing by 7% year on year and with the improved
performance of CGPL", says Abhishek Tyagi, a Moody's Vice
President and Senior Analyst.

Tata Power's coal revenues declined by 5% year on year, on the
back of a 1.7% reduction of total coal sold and a 13% reduction
in coal realizations.  The 11% year on year reduction in cash
cost of mining helped cushion the impact of fall in coal prices
during the year.

Based on Tata Power's FY2016 results, its credit metrics remain
within the tolerance limits for its Ba3 ratings.  For example,
FFO interest coverage is around 1.8x compared to the tolerance
range of 1.4-2x and Debt/book capitalisation as at March 31,
2016, is approximately 70%, which is within the tolerance range
of 65-75%.

Over the next 12-18 months, Moody's expects Tata Power's
financial position to remain stable.

Tata Power reversed an impairment of Rs 23 billion on its CGPL
investment but at the same time accounted for an impairment loss
of Rs 25 billion on its goodwill for coal mining investments made
in Indonesia.  These items have no material impact on the rating.

Tata Power's consolidated debt declined by 2% year on year to
Rs401 billion in FY16.

The April 2016 judgment of Appellate Tribunal of Electricity
(ATE) has allowed relief to CGPL under the Force Majeure clause
as per its power purchase agreement (PPA) and supports Tata
Power's rating.

ATE has directed the Central Electricity Regulatory Commission
(CERC) to assess the extent of impact under the Force Majeure
clause and to complete the process within next three months.
However, it is also likely that that the state-owned distribution
companies may appeal against the ATE judgment in the Supreme
Court.

The methodologies used in these ratings were Regulated Electric
and Gas Utilities published in December 2013.

The Tata Power Company Limited (TPC) is one of the largest
private-sector power utility in India with an installed
generation capacity of 9,156 MW as of March 2016.  The company's
business operations include power generation (thermal, hydro,
solar and wind), transmission and distribution.


TIPTOP INTERNATIONAL: CRISIL Suspends B Rating on INR690MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hotel
Tiptop International Private Limited (HTTIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       690       CRISIL B/Stable
   Term Loan                560       CRISIL B/Stable

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

HTTIPL was incorporated in 1999 as Tiptop Enterprises Pvt Lt.
HTTIPL is constructing a three-star hotel named Tip Top
International at Wakad in Pune along the Mumbai-Pune Expressway.


TIRUMALA COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Tirumala Cotton Syndicate (TC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable

The suspension of rating is on account of non-cooperation by TC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TC is yet to
provide adequate information to enable CRISIL to assess TC'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 2001, TC is engaged in trading of raw cotton and cotton
lint. Based out of Guntur, the partners of the firm are Mr.
G.V.Appa Rao and his son Mr.G.Poorna Chandra Rao.


V. KANNAN: CRISIL Suspends B Rating on INR90MM Long Term Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V. Kannan (VK).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4
   Long Term Loan           90       CRISIL B/Stable

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

VK was set up late 1980's as a proprietorship entity by Mr. V
Kannan in Puducherry. The firm operates two commercial real
estate properties.


VASANTHA RICE: CRISIL Suspends B+ Rating on INR46.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vasantha Rice Industries (VRI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B+/Stable
   Proposed Working
   Capital Facility         15        CRISIL B+/Stable
   SME Credit                5        CRISIL B+/Stable
   Term Loan                46.5      CRISIL B+/Stable

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

VRI was established in 2009 as a partnership firm. The firm mills
and processes paddy into rice; it also generates by-products such
as broken rice, bran, and husk. Its rice-milling unit is in
Nalgonda (Telangana). The firm currently has five partners: Mr. G
Chenna Krishna Reddy, Ms. G Anusha, Mr. G Sandeep Reddy, Mr.
Santosh Reddy, and Ms. G Vasantha.


VRAJBHUMI COTTON: ICRA Suspends B+ Rating on INR4.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating reaffirmed to the INR4.00
crore long term working capital facilities & [ICRA]A4 rating
reaffirmed to the INR2.00 crore, short term fund based facilities
of Vrajbhumi Cotton Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the firm.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit                   4.00      [ICRA]B+ suspended

   Fund Based-Book
   Debts                   (0.80)     [ICRA]B+ suspended

   Fund Based-Commodity
   Backed Warehouse         2.00      [ICRA]A4 suspended

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.

Vrajbhumi Cotton Industries (VCI) was established in 1999 as
partnership firm. It is engaged in ginning and pressing of raw
cotton. Six partners namely Mr. Ashokkumar Gandhi, Mr. Arvindbhai
Gandhi, Mr. Prataprai Gandhi, Mr. Bhavesh Mehta, Mr. Dharmesbhai
Mehta, and Mr. Bharatkumar Chudasama manage the firm. The firm's
manufacturing facility is located at Mahuva in Bhavnagar,
Gujarat. It currently has 24 ginning machines and one pressing
machine with the installed capacity to produce 160 cotton bales
per day (24 hours operation).


WATERBASE LIMITED: CRISIL Puts B Rating on INR152MM Cash Loan
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of The Waterbase Limited (TWL) to 'CRISIL B/Stable' from 'CRISIL
C' and its rating on the short-term bank facilities at 'CRISIL
A4'. Furthermore, the ratings have been placed on 'Notice of
Withdrawal' for 60 days on the company's request and on receipt
of a no-objection certificate from its banker. The ratings will
be withdrawn at the end of the notice period in line with
CRISIL's policy on withdrawal of its bank loan ratings.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             152        CRISIL B/Stable (Notice of
                                      Withdrawal)

   Letter of Credit        355.3      CRISIL A4 (Notice of
                                      Withdrawal)

The ratings had been earlier constrained due to instances of
delay in servicing debt (not rated by CRISIL) due to a dispute.
The rating upgrade reflects the settlement of the dispute and is
based only on publicly available information as the company has
not cooperated with CRISIL in its surveillance process.

The ratings reflect exposure to risks inherent in the seafood
industry. This rating weakness is partially offset by the
extensive experience of the promoters of the company in the
shrimp feed industry, and an above-average financial risk profile
because of healthy debt protection metrics.
Outlook: Stable

CRISIL believes TWL will continue to benefit from its established
market position in the industry. The outlook may be revised to
'Positive' if there is sustained and significant improvement in
scale of operations and profitability, along with efficient
working capital management. The outlook may be revised to
'Negative' if low revenue or profitability result in low cash
accrual or if large working capital requirement or debt-funded
capital expenditure weaken credit risk profile.

Incorporated in 1992, TWL has shrimp-feed manufacturing and
shrimp-processing units. The operations are managed by Mr. Ashok
Nanjappa.



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


MT. GOX: Creditors Seek Trillions in Bankrupt Company
-----------------------------------------------------
Nathaniel Popper, writing for The New York Times' DealBook,
reported that creditors claim they lost $2,411,412,137,427 when
Mt. Gox, the Tokyo-based virtual currency exchange, collapsed
into bankruptcy in 2014, after huge, unexplained losses of the
volatile digital currency Bitcoin.

According to the report, as with most of the people who lost
money with Bernard L. Madoff, the investment manager who was
convicted of running a Ponzi scheme, most of those who put their
Bitcoin in Mt. Gox will be disappointed: The Japanese trustee
overseeing the case said on May 25 that only $91 million in
assets has been tracked down to distribute to claimants -- a
small portion of the more than $500 million in assets that Mt.
Gox claimed it had in the weeks before it went bankrupt in
February 2014, and a tiny portion of the amount that claimants
have requested.

The giant gaps between those numbers are an indication, if
nothing else, of the sheer number of dishonest people who have
been drawn to the fiasco around Mt. Gox and Bitcoin, the report
said.  They are also the latest reminders of the topsy-turvy
nature of the digital-currency realm, the report added.

The amount that claimants have requested from the Mt. Gox
bankruptcy estate is absurd on its face, given that all the
Bitcoins in the world today are worth about $7 billion, or 0.3
percent of the $2.4 trillion being claimed, the report noted.
Most of that huge number is an outsize claim by one individual --
but even after that is taken out, the rest of the claimants said
they lost some $27 billion, or 54 times what the exchange claimed
it held before it went under, the report said.

The trustee said at a meeting with creditors that $414 million of
the claims appeared to be legitimate and have been approved, the
report related.  Each of those claimants will get some portion of
the $91 million, the report further related.

                         About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins
valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.
It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced
with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of MtGox Co., Ltd, are Jeffrey Carhart and
Margaret Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.


TAKATA CORP: Will Restructure, Seek Cash Amid Air-Bag Recalls
-------------------------------------------------------------
Mike Spector, writing for The Wall Street Journal, reported that
Takata Corp. hired investment bankers to seek a cash infusion and
negotiate with auto makers over the ballooning costs it faces for
rupture-prone air bags linked to 11 deaths and more than 100
injuries world-wide.

According to the report, Takata tapped Lazard Ltd. to help craft
a restructuring plan to help it deal with what are expected to be
billions of dollars in liabilities stemming from the faulty air
bags, a steering committee for the Japanese company said on
May 25, confirming an earlier report from the Journal.

The company hopes to find a financial investor or automotive
company to provide more cash, and reach a deal with car makers on
sharing the costs of recalling nearly 70 million air bags in the
U.S. alone, the report related.

The steering committee, made up of business, financial and legal
experts in Japan, retained Lazard within the past month, the
report said, citing people familiar with the matter.  Lazard's
work soliciting an investor and conversations with auto makers
remains in early stages, the report added.

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


TAKATA CORP: Hold Talks With Possible Buyers Including KKR
----------------------------------------------------------
Bloomberg News reports that Takata Corp., the air-bag maker
facing billions in possible costs for the biggest recall in
automotive history, is in talks with potential buyers including
KKR & Co., according to a person familiar with the matter.

Bloomberg relates that talks are at a preliminary stage and KKR
isn't the only candidate, said the person, who asked not to be
named as the discussions are private. Akiko Watanabe, a
spokeswoman for Takata, and Steve Okun, a Singapore-based
spokesman at KKR, declined to comment, Bloomberg notes.

Takata's shares surged by 21 percent, the daily limit, in Tokyo
on May 26 after the Nikkei reported earlier that KKR plans to
offer support and lead a restructuring effort in place of the
founding Takada family, Bloomberg says.  According to Bloomberg,
Takata has hired Lazard Ltd. to pursue investment in the company
as part of efforts that began earlier this year to develop
restructuring plans. The shares had plunged 65% over the last
year, dropping the company's market capitalization to about
JPY38.1 billion ($347 million), Bloomberg discloses.

"The market has been waiting for some sort of positive news for a
long time so it reacted sharply, after all, Takata is a company
that has technology and makes important products," Bloomberg
quotes Mitsuo Shimizu, equity strategist at Japan Asia Securities
Group, as saying.  "There's a question mark over whether an
overseas investment fund will really exert a lot of effort to
restructure Takata, because they may just sell it to others.
Ideally, a Japanese manufacturer in the auto industry will be
best savior for the interest of Takata."

At least 13 deaths in the U.S. and Malaysia have been linked to
defective Takata air bag inflators that can deploy too
forcefully, rupture and spray plastic and metal parts at drivers
and passengers, Bloomberg discloses. Automakers led by Honda
Motor Co. had recalled at least 60 million air bags globally
before U.S. regulators this month ordered the replacement of as
many as 40 million more, Bloomberg notes.

KKR raised $3.35 billion for its second special-situations fund
in April, and the team, run out of U.S., provides debt or equity
to companies that have distressed capital structures or are
undergoing events such as restructuring or mergers, according to
Bloomberg.

Bloomberg notes that the company formed a venture with China
Orient Asset Management Corp. to invest in credit and distressed
assets in China. KKR failed in its bid for Lumileds, the
components unit of Royal Philips NV's lighting division, in March
last year. That sale also included Philips's Automotives lighting
business.

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



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


ENERGY MAD: Annual Loss Narrows as Australian Sales Surge
---------------------------------------------------------
Sophie Boot at BusinessDesk reports that Energy Mad narrowed its
annual loss as Australian sales surged higher.

The net loss was NZ$1.3 million in the year ended March 31, from
NZ$3.2 million a year earlier, the Christchurch-based company
said in a statement, BusinessDesk relays. Revenue rose 42 percent
to NZ$8.4 million, as Australian sales jumped to NZ$6.2 million
from NZ$3.4 million a year earlier while New Zealand sales edged
up 1 percent to NZ$2.2 million.

According to BusinessDesk, Energy Mad said the Australian growth
came from its development of new LED ecobulbs targeted towards
state government energy efficiency schemes in Victoria, South
Australia, and the Australian Capital Territory. It said there is
increased potential in the schemes, which were all extended last
year, with Victoria and ACT's schemes pushed out to 2020. It
expects a decline in orders for its fluorescent bulbs to be "more
than offset" by an increase in LED sales in Australia,
BusinessDesk relates.

BusinessDesk discloses that the company made an operating profit
of NZ$550,000 between February and April 2016, excluding non-core
operating items of NZ$210,000, a foreign exchange gain of
NZ$137,000 and depreciation and amortisation of NZ$75,000. Energy
Mad said it expects this operating profit to continue in 2017,
and the result "represents the beginning of a turnaround for the
company, a positive move for NZX's majority investor SuperLife
and other shareholders."

In March, chief executive and chief financial officer Paul
Ravlich resigned after three years running the unprofitable
lightbulb maker, the report recalls. The CEO role was added to Mr
Ravlich's existing CFO position in February 2013 when managing
director Chris Mardon stepped aside to focus on sales growth. In
December, the company said it would split out the two positions
again and disestablish the current joint role, because a more
conventional structure would allow the company "to better serve
its growing Australian market, alongside its New Zealand
operations."

Energy Mad shares gained 13% to 6c on May 26 and have gained a
third this year, saus BusinessDesk. The stock has tumbled since
listing in 2011 after being sold in an initial public offering at
NZ$1 apiece.

Energy Mad Limited is a New Zealand-based company engaged in
importation and distribution of energy efficient light bulbs and
energy efficient products. The Company operates through segments,
including New Zealand, which is engaged in the sale of energy
efficient products within New Zealand; Australia, which is
engaged in the sale energy efficient products within Australia;
United States, which is engaged in the sale of energy efficient
products within the United States, and Rest of World, which is
engaged in the sale of energy efficient products to all other
countries. The Company's Ecobulb Light-Emitting Diodes (LEDs)
include dimmable and high light output 12 Volts Ecobulb LEDs, and
dimmable incandescent reflector and globe replacement Ecobulb
LEDs. Its products include Ecobulb 9Watts (W) LED Edison Screw
E27, Ecobulb 4.4W LED Screw E14 and Ecobulb 9W LED Downlight
Dimmable, among others.



                             *********

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 ***