TCRAP_Public/160530.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

            Monday, May 30, 2016, Vol. 19, No. 105


                            Headlines


A U S T R A L I A

IN-HOUSE RECRUITMENT: First Creditors' Meeting Set For June 3
LINCOM SOLUTIONS: Placed Into Liquidation
NOVACASTRIAN TRAFFIC: First Creditors' Meeting Set For June 3
POLYTECH PRESTRESSING: First Creditors' Meeting Set For June 7
SLIMTEL PTY: First Creditors' Meeting Slated For June 3

TK TYRE: First Creditors' Meeting Scheduled For June 2


H O N G  K O N G

HILONG HOLDING: Moody's Withdraws B1 Corporate Family Rating


I N D I A

AXIS GARMENT: ICRA Lowers Rating on INR4.0cr LT Loan to D
BALAJI COAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
BHATIA COLONIZERS: ICRA Reaffirms B+ Rating on INR25cr Loan
CLUB29 PRIVATE: CARE Reaffirms B+ Rating on INR13.21cr LT Loan

DHANLAXMI SOLVEX: ICRA Suspends D Rating on INR315cr Loan
DISTRIBUTION LOGISTICS: CARE Cuts Rating on INR716.05cr Loan to D
DNK ROSHANS: CARE Reaffirms B+ Rating on INR20cr LT Loan
EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR1884.40cr Loan
GAYATRI PROJECTS: CARE Revises Rating on INR2085.45cr Loan to BB-

GLOBAL DENIMS: CARE Assigns 'B+' Rating to INR8cr LT Loan
GMR RAJAHMUNDRY: CARE Reaffirms D Rating on INR3615.79cr LT Loan
HARIKISHAN TEJMAL: CARE Assigns 'B+' Rating to INR29cr LT Loan
HENRAAJH FEEDS: CARE Assigns B+ Rating to INR10cr LT Loan
INDIA STEEL: CARE Assigns B+ Rating to INR30.21cr LT Loan

JAY SHIV: CARE Reaffirms B+ Rating on INR2.33cr LT Loan
JINDAL TIMBER: CARE Assigns B+ Rating to INR4cr LT Loan
KARAIKAL PORT: CARE Reaffirms 'D' Rating on INR1331.23cr LT Loan
KARLO AUTOMOBILES: ICRA Reaffirms B+ Rating on INR6.0cr Loan
L.S. RICE: CARE Assigns B+ Rating to INR5.31cr LT Loan to B+

LAKSHMI SUGAR: CARE Assigns 'D' Rating to INR126.46cr LT Loan
MAHATMA GANDHI: ICRA Assigns C+ Rating to INR35cr LT Loan
MALLIKARJUN CONSTRUCTION: Ind-Ra Puts 'IND B-' LT Issuer Rating
MANGALDEEP COLD: ICRA Reaffirms B Rating on INR4.10cr Term Loan
MANGALMURTI QUARRYWORKS: CARE Assigns B Rating to INR7.31cr Loan

METRO ECO: CARE Reaffirms B+ Rating on INR119cr LT Loan
NV DISTILLERIES: CARE Cuts Rating on INR292.61cr Loan to 'D'
NV DISTILLERIES LTD: CARE Cuts Rating on INR81.63cr Loan to 'D'
PRAMUKH EXIM: ICRA Assigns C- Rating to INR4.0cr Cash Loan
PRASHANTH EDUCATIONAL: ICRA Reaffirms B+ Rating on INR6.0cr Loan

PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Loan
QUALITY FOODS: CARE Assigns 'B' Rating to INR3.50cr LT Loan
R.G. RESIDENCY: CARE Lowers Rating on INR94.07cr LT Loan to 'D'
RADHABALLABH SILKMILLS: CARE Assigns B Rating to INR5.18cr Loan
RAJESH PROJECTS: CARE Lowers Rating on INR56.26cr LT Loan to D

RAM CHANDER: ICRA Assigns B+ Rating to INR10.07cr Term Loan
RAUNAK EXPORTS: ICRA Suspends D Rating on INR8.5cr Bank Loan
RESHMA FABRICS: ICRA Suspends B+ Rating on INR6.47cr Loan
RVS COLLEGE: ICRA Suspends B Rating on INR12.04cr Loan
SHREE BHAGYALAXMI: ICRA Reaffirms B Rating on INR7.0cr Loan

SHRI K K: Ind-Ra Assigns 'IND BB+' Rating to INR120.4MM Term Loan
SMT. TARAWANTI: CARE Reaffirms B+ Rating on INR12.36cr LT Loan
SOUTHERN COOLING: ICRA Suspends D Rating on INR29.5cr Bank Loan
SPDD INFRA: ICRA Upgrades Rating on INR2.75cr Loan to B+
SRI RADHA: ICRA Reaffirms B+ Rating on INR11.25cr Cash Loan

SRM HOTELS: CARE Revises Rating on INR24.83cr LT Loan to B+
SWASHTHIK INDUSTRIEES: ICRA Suspends B Rating on INR2.42cr Loan
SWASHTHIK PREFORMS: ICRA Suspends B Rating on INR4.75cr Loan
SWASTIK COLD: ICRA Assigns B Rating to INR4.0cr Term Loan
TEJANKAR HEALTHCARE: CARE Assigns B+ Rating to INR14.02cr Loan

TEX-STYLES INT'L: ICRA Reaffirms C+/A4 Rating on INR.18cr Loan
VIBRANT DEHYDRO: ICRA Suspends D Rating on INR6.0cr Cash Loan
VINAY STEEL: CARE Assigns 'B' Rating to INR10cr LT Loan
VINSHIL POLYCHEM: CARE Assigns B+/A4 Rating to INR0.50cr LT Loan


M A L A Y S I A

1MALAYSIA: Unit Bought by China Nuclear Firm Was Distressed


N E W  Z E A L A N D

FEDERATION CLOTHING: Owner Pulls Brand Back From The Brink
STONEWOOD HOMES: Lays Off 15 Staff in Christchurch


S O U T H  K O R E A

* SOUTH KOREA: Top 9 Shipbuilders' Debt Amounts to KRW100 Tril.


                            - - - - -


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


IN-HOUSE RECRUITMENT: First Creditors' Meeting Set For June 3
-------------------------------------------------------------
Alan Hayes of Hayes Advisory was appointed as administrator of
In-House Recruitment Group Pty Limited on May 24, 2016.

A first meeting of the creditors of the Company will be held at
Hayes Advisory, Level 16, 55 Clarence Street, in Sydney, on
June 3, 2016, at 11:00 a.m.


LINCOM SOLUTIONS: Placed Into Liquidation
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Paul Vartelas of
BK Taylor and Co has been appointed liquidator of Lincom
Solutions Pty Ltd.  The company was placed into liquidation on
May 6, 2016 after entering administration on March 22, the report
says.

Dissolve.com.au notes that the solutions provider reportedly
stopped trading, and laid off its 10 people in February.

According to the report, sources said the company has
AUD2.3 million unsecured debt. It owes the Australian Taxation
Office AUD600,000 and AUD1.4 million to Midwest Group,
Dissolve.com.au discloses.

The website of Lincom Solutions said that the company had
partnerships with DataCore Software, Amazon Web Services, Silver
Peak Systems and Veeam Software.


NOVACASTRIAN TRAFFIC: First Creditors' Meeting Set For June 3
-------------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Novacastrian Traffic Services Pty Ltd on May 24,
2016.

A first meeting of the creditors of the Company will be held at
the Meeting Room of the Wyong Race Club, Howarth Street, in
Wyong, on June 3, 2016, at 11:00 a.m.


POLYTECH PRESTRESSING: First Creditors' Meeting Set For June 7
--------------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed ad administrators of Polytech Prestressing Pty Ltd on
May 26, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on June 7, 2016, at
10:30 a.m.


SLIMTEL PTY: First Creditors' Meeting Slated For June 3
-------------------------------------------------------
Barry Kogan and Joseph Hayes of McGrathNicol were appointed as
administrators of Slimtel Pty Ltd on May 24, 2016.

A first meeting of the creditors of the Company will be held at
Regus Meeting Rooms, Level 10, 20 Martin Place, in Sydney, on
June 3, 2016, at 10:00 a.m.


TK TYRE: First Creditors' Meeting Scheduled For June 2
------------------------------------------------------
A H J Wily of Armstrong Wily Pty Ltd was appointed as
administrators of TK Tyre & Auto Pty Ltd on May 24, 2016.

A first meeting of the creditors of the Company will be held at
Armstrong Wily Pty Ltd, Level 5, 75 Castlereagh Street, in
Sydney, on June 2, 2016, at 10:00 a.m.



================
H O N G  K O N G
================


HILONG HOLDING: Moody's Withdraws B1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Hilong Holding Limited's
B1 corporate family rating and its negative outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.
Please refer to the Moody's Investors Service's Policy for
Withdrawal of Credit Ratings, available on its website,
www.moodys.com.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: (1) oilfield
equipment manufacturing and services, (2) line pipe technology
and services, (3) oilfield services, and (4) offshore engineering
services.

The company listed on the Hong Kong Stock Exchange in 2011. Mr.
Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 58.6% equity interest at end-
2015.



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


AXIS GARMENT: ICRA Lowers Rating on INR4.0cr LT Loan to D
---------------------------------------------------------
ICRA has downgraded the long-term rating on the INR4.00 crore
cash credit facilities and the INR2.50 crore term loan facilities
of Axis Garment Designer to [ICRA]D from [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, fund-      4.00         [ICRA]D/ downgraded from
   based facilities                   [ICRA]B
   Cash Credit


   Long-term, fund-       2.50        [ICRA]D/downgraded from
   based facilities                   [ICRA]B
   Term Loan

The rating revision takes into account the ongoing delays in debt
servicing by the entity due to its stretched liquidity position,
driven by intense competition in the domestic yarn and fabric
manufacturing industry and consequent weak demand for entity's
products.

Axis Garment Designer is a partnership firm established in 2012.
The firm is promoted by Mr. Avinash Gaikwad, Ms. Rashmi Gupta and
Mr. Rajendra Manjrekar. The firm is primarily engaged in
manufacturing of texturised yarn and fabric manufacturing. It
also manufactures readymade garments (RMG), primarily ladies wear
and children wear, although on a small scale.


BALAJI COAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Balaji Coal
Private Limited (BCPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect BCPL's moderate scale of operations and
credit profile as reflected by its revenue of INR1,601 mil. in
FY15 (FY14: INR1352 mil.), interest coverage (operating
EBITDA/gross interest expense) of 2.2x (1.42x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 1.73x
(1.44x).

The ratings factor in BCPL's comfortable liquidity profile as
reflected by its maximum average working capital utilization of
77% during the 12 months ended April 2016.

The ratings are supported by the more than two decades of
experience of one of the company's promoters in coal and iron ore
trading.

                        RATING SENSITIVITIES

Positive: A substantial improvement in the overall credit metrics
will be positive for the ratings.

Negative: Any deterioration in the overall liquidity profile
along with credit metrics could lead to a negative rating action.

                          COMPANY PROFILE

Incorporated in 2006, BCPL is engaged in the trading of steam
coal and imported coal, as well as iron and steel.

BCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR75 mil. fund-based facilities: assigned 'IND BB+';
      Outlook Stable
   -- INR400 mil. non-fund-based facilities: assigned 'IND A4+'


BHATIA COLONIZERS: ICRA Reaffirms B+ Rating on INR25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR25.0
crore fund based facilities of Bhatia Colonizers Pvt. Ltd. at
[ICRA]B+.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Facility      25.0       [ICRA]B+; Reaffirmed

ICRA's rating take into consideration the subdued sales progress
in last one year for the company's ongoing projects
notwithstanding the near completion stage of its project. The
company thus continues to remain exposed to the market risk on
the residual inventory in order to bridge the gap between the
committed receivable to payable ratio of 0.15 times as on March
2016. Moreover, the company's committed outflow includes a
substantial debt repayment of INR15.35 cr in FY 2017, rendering
it dependent on recovery of group advances along with additional
bookings for cash flow management. The ratings further take into
account the change in scope of its project and also the cost
escalation on account of increase in construction cost. The
ratings however positively take into account the long standing of
the promoters in the real estate industry typically in the
Rajasthan region albeit through group companies and the
attractive location of the projects. The ratings further derive
comfort from the near completion stage of the construction which
limits the execution risks. The ratings also take into account
the strong collection efficiency across both the projects.

The company's ability to achieve additional bookings, manage
collections will be the key rating sensitivity. Further any
additional support to group entity will also be key rating
monitorable.

BCPL is a Kota, Rajasthan based real estate, Special Purpose
Vehicle (SPV) which is developing an integrated township at
Kunhari Bundi Road in Kota. The company is taking up a
residential project in the name of Land Mark crown constituting
three high rise tower with a total saleable area of 2,59,920
sq.ft. and integrated township in the name of land mark city
comprising of plots, villas and duplexes spread over area of
13.54 l.s.f. The total revised project cost of INR135.40 crore,
is proposed to be funded by term loan of INR45.0 crore, and
balance by promoters' contribution and customer advances of
INR90.0 crore.


CLUB29 PRIVATE: CARE Reaffirms B+ Rating on INR13.21cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating to the LT bank facilities and assigns
the rating to the ST bank facilities of Club29 Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.21      CARE B+ Reaffirmed
   Short-term Bank Facilities     0.75      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Club29 Private
Limited (Club29) continues to take into consideration lack of
experience of the promoters in executing and operating a
recreational indoor facility, financial risk emanating from
achievability of projected revenues.

The ratings are further are constrained by delay in commissioning
of the project along with increase in the amount of debt on
account of addition of facilities.

The ratings, however, derive strength from the business
experience of the partners in real estate development, locational
advantage of the project rendering visibility on the membership
enrolment and achievement of financial closure for the additional
debt in the project.

The ability of Club 29 to achieve commercial operations as per
the revised commissioning date and generate the envisaged foot-
falls translating into envisaged revenues and cash flows from
increased membership and from usage of the facility are the key
rating sensitivities.

Club29 incorporated in January 2012, is a 'Mont-Vert' group
venture based out of Wakad (Pune), and is focused on providing a
recreational indoor centre under a single roof. Club29 is a
recreational facility that provides facilities such as gymnasium
facility, sports lounge consisting of badminton court, squash
court, table-tennis tables, swimming pool, bowling alley,
billiards tables, fuzz ball tables, etc. The club had commenced
construction in June, 2010 and as on March 11, 2015, has
completed 97.29% of the project in terms of cost incurred. The
total project cost is at INR35.08 crore.  Further, in March 2016,
the company has secured an additional debt sanctioned for INR4.25
crore and INR0.75 crore of overdraft against property to add
additional facility in the club, thereby leading to change in
project scope and hence translating into revised commissioning
date.

The complete facility is housed in a single building with Ground
plus 5 floors. The total built up area of the property is about
3,810.34 square meters. Club29 is in a residential area and is
also in proximity to the Information technology (IT) hub at
Hinjewadi, Pune, thereby rendering visibility on better occupancy
levels.

The club currently has 500 life time members (i.e. for period of
25 years) which are residents of the group's project 'Mont Vert
Seville', a Mont Vert group residential scheme of 450 flats in
immediate vicinity to Club29. Furthermore, the club will be open
for additional membership post commencement of commercial
operations from April 2016 as against earlier estimated date of
June 2015.

Club29 is promoted by Mr. Dhiraj Hansalia, Mr. Jayant Vallabhdas
Kaneria, Mr. Sanjay Pandurang Kalate and Mr. Mohan Pandurang
Kalate also the promoters of the Mont Vert group. The Mont Vert
group was established in 1995 and has executed 21 projects over
the past two decades in Pune.


DHANLAXMI SOLVEX: ICRA Suspends D Rating on INR315cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR315
crore, long term loans, working capital facilities and short term
non-fund based bank facilities of Dhanlaxmi Solvex Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


DISTRIBUTION LOGISTICS: CARE Cuts Rating on INR716.05cr Loan to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Distribution Logistics Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     716.05     CARE D Revised from
                                            CARE BB
   Short term Bank Facilities      5.00     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Distribution Logistics Infrastructure Pvt Ltd (DLI) takes into
consideration the delays in debt servicing on account of
liquidity mismatches.

Distribution Logistics Infrastructure Pvt Ltd (formerly Vikram
Logistics & Maritime Services Pvt Ltd) is a multimodal integrated
logistics service provider. DLI was originally promoted as a
partnership firm in 1972. The name was changed to Vikram Logistic
and Maritime Services Pvt Ltd in 2006 and then to Distribution
Logistics Infrastructure Pvt Ltd in September 2014. DLI owns and
operates a fleet of 143 trailers along with over 300 containers
and 30 handling equipment and owns an ICD (Inland Container
Depot) at Hassan, Karnataka.

Change in ownership: India Infrastructure Plc (IIP), UK (an
associate company of Guggenheim Partners) acquired 100%
equity holding in DLI in FY11 from the existing promoters.
DLI has also acquired the assets of the Logistics Division
(mainly consisting of 11 rakes and two project phase ICDs) of ETA
Engineering Pvt Ltd (ETA) in Mar-2013.

For FY15 (refers to the period April 01 to March 31), DLI
registered a total income of INR126.04 crore with a loss at PAT
level of INR 38.79 crore against total income of INR 91.29 crore
with a loss at PAT level of INR 24.23 crore in FY14.


DNK ROSHANS: CARE Reaffirms B+ Rating on INR20cr LT Loan
--------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
DNK Roshans Departmental Stores Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      20        CARE B+ Rating
                                            suspension revoked
                                            and reaffirmed

Rating Rationale

The rating assigned to the bank facilities of DNK Roshans
Departmental Stores Private Limited (DNK) continue to remain
constrained by its limited track record of operations coupled
with net losses in FY15 (refers to the period April 1 to March
31) along with leveraged capital structure, weak coverage
indicator and working capital intensive nature of operations.

The rating is further constrained by its presence in the highly
competitive and fragmented industry and risk associated with
obsolescence of inventory due to changing fashion trends.

The rating however draws strength from experienced promoters in
garment retailing and trading business and favorable location of
its showrooms.

Going forward, the ability of the company to profitably increase
its scale up operations while improving capital structure
and effective management of working capital shall be the key
rating sensitivities.

DNK incorporated in 2003 is promoted by Mr Puneet Kohli and Mr
Paras Kohli. The company commenced its commercial operations in
April 2013. DRPL is engaged in manufacturing and trading of
garments for ladies and men's viz, designer sarees, suit, bridal
wear, shirts, trousers and sherwani etc. The company has two
retail outlets in Delhi at Lajpat Nagar and Karol Bagh. The
company procures the raw material (fabric, buttons, zippers etc.)
from manufacturers located in Tamil Nadu, Karnataka, Gujarat,
Rajasthan and Delhi while the traded product is procured directly
from garment manufacturers located in Delhi, Gujarat etc. Also,
the company gets some of its garments made on job work basis from
other garment manufactures in Delhi-NCR wherein the design is
provided by the company.

DNK achieved a total operating income (TOI) of INR50.90 crore
with PBILDT and net loss of INR4.02 crore, in FY15(refers to
the period April 1 to March 31) as against TOI of INR32.43 crore
with PBILDT and PAT of INR2.84 crore and INR0.23 crore,
respectively, in FY14. During FY16 (unaudited), the company has
achieved a total operating income of INR52 crore.


EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR1884.40cr Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities and ncd of
Educomp Solutions Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    1884.40     CARE D Reaffirmed

   Long/ Short term Bank         37.40      CARE D/CARE D
   Facilities                               Reaffirmed

   Non-Convertible Debenture
   Issue                          45.00     CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities and NCD of Educomp
Solutions Limited (ESL) continues to factor in the delays in
servicing of the company's debt obligations.

ESL was incorporated in 1994 as Educomp Datamatics Pvt Ltd and
the name of the company was changed to the present one in August
2005. The company is engaged in providing digital educational
content in the classroom through its patented product 'Smart
Class' and 'Edureach' (ICT). Smart Class is a first of its kind,
teacher-led educational contentbased solution, which provides
technology-based learning into the classrooms. Edureach works
closely with various state and central government agencies to
implement the large-scale public-private-partnership projects.
The company is also engaged in providing other services like
vocational, higher education and professional development, K-12
schools and online, supplementary and global services.

During FY15 (refers to the period April 01 to March 31), ESL
reported total operating income of INR199.27 crore and net
loss of INR1165.44 crore as against total operating income of
INR293.93 crore and net loss of INR312.23 crore during FY14.


GAYATRI PROJECTS: CARE Revises Rating on INR2085.45cr Loan to BB-
-----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Gayatri
Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    2085.45     CARE BB- Revised from
                                            CARE B

   Long-term/Short-term Bank    3500.00     CARE BB-/CARE A4
   Facilities                               Revised from
                                            CARE B/CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Gayatri Projects Limited (GPL) takes into account improvement
in turnover, profits and profitability margins during un-audited
9MFY16 (refers to the period April 1 to December 31)
vis-a-vis un-audited 9MFY15 and improved liquidity profile with
infusion of fresh equity during September 2015.

The ratings continue to be constrained by the increasing debt
level resulting in leveraged capital structure, high exposure
in build, operate and transfer (BOT) and power projects (group
companies) having long gestation periods, decline in revenue in
FY15 (refers to the period April 1 to March 31) vis-a-vis FY14
and working capital intensive nature of business.

The ratings are however underpinned by the track record of the
company and promoters' experience and satisfactory order book
position.

The ability of the company to further improve its liquidity
profile, capital structure and successful execution of all its
existing orders along with effective management of its cash flow
are the key rating sensitivities.

GPL is promoted by Dr T Subbirami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
Managing Director Mr T V Sandeep Kumar Reddy. GPL is engaged in
the execution of civil works including the construction of dams,
roads and bridges etc. GPL is a Hyderabad-based infrastructure
construction company with over 40 years of experience in
executing various infrastructure projects, especially the road
and irrigation segment. GPL, an ISO 9001 - 2000 company, is
engaged in execution of major Civil Works including
Concrete/Masonry Dams, Earth Filling Dams, National Highways,
Bridges, Canals, Aqueducts, Ports, etc. It specialises in
engineering, procurement and construction (EPC) of road,
irrigation and industrial projects across India.

During FY15, GPL registered total operating income of INR1652.84
crore with PAT of INR22.05 crore vis-a-vis total total operating
income of INR1854.74 crore and PAT of INR47.61 crore in FY14.


GLOBAL DENIMS: CARE Assigns 'B+' Rating to INR8cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Global
Denims Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8         CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Global Denims
Private Limited (GDPL) is constrained on account of
implementation and stabilisation risk associated with the ongoing
debt-funded project, operations in a highly fragmented textile
industry and limited presence in the textile value chain along
with susceptibility of operating margins to raw material price
fluctuation.

The rating, however, derives strength from experienced promoters,
government benefits and presence in the textile cluster with easy
access to raw material and labour.

GDPL's ability to complete the project within time and cost
parameters and achievement of envisaged sales and profitability
while managing its working capital efficiently post completion of
project would be key rating sensitivity.

Surat-based (Gujarat) GDPL was incorporated in August 2012 as a
private limited company by Mr Sushil Somani, Mr Rakesh Somani and
Mrs Neelam Somani to undertake green field project in the field
of finished grey fabrics. GDPL is setting-up a plant in Dahej
(Gujarat) with an installed capacity of 3,240 MTPA of grey
fabrics. GDPL would install 24 imported Japanese Air Jet Looms of
Toyota brand for manufacturing of grey fabrics mainly used in
shirting.

The total project cost is envisaged at INR11.47 crore, which is
to be funded through term loan of INR6.00 crore, unsecured loan
of INR2.86 and balance INR2.61 crore by way of promoters'
capital. GDPL has envisaged commencing commercial production from
October 2016.


GMR RAJAHMUNDRY: CARE Reaffirms D Rating on INR3615.79cr LT Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
GMR Rajahmundry Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    3615.79     CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of GMR Rajahmundry
Energy Limited (GREL) continues to factor in on-going delays in
debt servicing. However, CARE takes note of the company clearing
all the outstanding dues till September 2015 and proposal for
Strategic Debt Restructuring (SDR) scheme and 5/25 restructuring
scheme at an advanced stage of implementation; which, once
implemented, may ease liquidity concerns of the company to an
extent.

Incorporated in November 2009, GMR Rajahmundry Energy Limited
(GREL) is a Special Purpose Vehicle (SPV) promoted by GMR Energy
Limited (GEL; rated CARE BBB-(SO), under credit watch) to set up
a 768 MW (2x384 MW) gas-based Combined Cycle Power Plant (CCPP)
at Vemagiri, Dist. East Godavari, Andhra Pradesh. GREL has been
set up adjacent to the existing 389 MWgas-based CCPP of GMR
Vemagiri Power Generation Limited.

GEL is a subsidiary of GMR Infrastructure Limited (GIL; rated
CARE BBB-/A3) which is the holding company for all Infrastructure
activities of GMR group.

Commencement of operations:

GREL commenced commercial operation of its 2x384 MW gas based
power plant at Rajahmundry on October 22, 2015 after entering
into e-RLNG Sales agreement with GAIL (India) Ltd (GAIL) on
September 29, 2015 for the gas supply pursuant to the GOI's
"Scheme for Utilization of Gas Based Power Generation Capacity".
On March 30, 2016; GREL renewed the e-RLNG fuel supply agreement
for the gas supply for the period from April 1, 2016 to September
30, 2016.
The company has been generating power, albeit at a sub-optimal
PLF (at less than 25%) owing to limited gas supply.

The company's ability to arrange for continuous fuel supply for
power generation remains critical from the credit perspective.


HARIKISHAN TEJMAL: CARE Assigns 'B+' Rating to INR29cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Harikishan Tejmal & Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       29       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Harikishan Tejmal &
Company (HKTC) is primarily constrained on account of its
relatively modest scale of operations in the highly fragmented
and government regulated agriculture commodities industry and its
financial risk profile marked by thin profitability, weak
solvency position and working capital intensive nature of
operations. The rating is, further, constrained on account of
vulnerability of its margins to fluctuations in the agriculture
commodities due to seasonality associated and its constitution as
a partnership concern.

The rating, however, derives strength from long standing
experience of the partners in the industry with its established
track record of operations, its established relationship with its
clientele and suppliers along with strategic location of the
unit with close proximity to raw material sources.

The ability of the firm to increase its scale of operations while
improving profitability in light of volatile raw material prices,
improvement in the solvency position and efficient management of
working capital shall be the key rating sensitivities.

Bundi-based (Rajasthan) HKTC was formed as a partnership concern
by its key promoter, Mr Tejmal Nyati along with his family
members in 2006. Subsequently, there was a change in the
partnership deep and currently, HKTC is owned and managed by Mr
Tejaml Nyati along with his sons, Mr Rajesh Kumar Nyati and Mr
Brijraj Nyati in equal profit & loss sharing ratio.

HKTC since inception has been primarily engaged in the business
of trading of different agriculture commodities including wheat,
soyabeen, sarso, paddy basmati, maize and dhania. Furthermore, it
is also engaged in grading of wheat. The firm procures the
agriculture commodities from the local mandis and thereafter
caters to the domestic market directly including the supply of
wheat under its own brand name of 'Kisan King' with sales
concentrated predominantly in Rajasthan, Gujarat and Maharashtra
to various processing and end user manufacturing units pertaining
to the industry.

During FY15 (refers to the period April 1 to March 31) HKTC has
reported a total operating income of INR94.14 crore [FY14
(A): INR148.48 crore] with PAT of INR0.05 crore [FY14 (A):
INR0.10 crore]. Furthermore, as per provisional result of FY16,
HKTC has achieved TOI of around INR107.12 crore.


HENRAAJH FEEDS: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Henraajh
Feeds India Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       10       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Henraajh Feeds
India Pvt. Ltd. (HFPL) is constrained by its project risk,
volatile input prices and raw material availability risks, highly
competitive & fragmented industry with many regional unorganized
players and exposure to highly price-sensitive consumer segment.
The aforesaid constraints are partially offset by the experience
of the promoters and high growth prospect of the industry.

The ability of the company to complete the envisaged remaining
portion of the project on time without cost and time overrun and
derive benefits there from are the key rating sensitivities.

HFPL was incorporated in 2013 by Mr Jaydeep Srivastava, Ms Jaya
Srivastava and Mr Parimal Basak as the promoters, with Mr Jaydeep
Srivastava being the main promoter. HFPL is currently undertaking
an initial project to set up a manufacturing of cattle feed and
poultry feeds at Khajekalan, Patna. The total cost of the project
is INR16.26 crore (excluding margins for working capital of
INR4.24 crore) at a debt equity ratio of 1.60:1. About 80% of the
project has already been completed till April 25, 2016 with an
aggregate amount of INR13.00 crore already spent for the project
and the same has been funded fully through bank loan of INR7.90
crore and the promoters' contribution of INR5.10 crore.

HFPL is expected to commence commercial operation partly in May
2016 with the completed portion of the project. The remaining
portion of the project is currently under progress and it is
expected to be commissioned by October 2016.


INDIA STEEL: CARE Assigns B+ Rating to INR30.21cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of India Steel Continental Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.21      CARE B+ Assigned
   Short term Bank Facilities     5.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of India Steel
Continental Private Limited (ISCPL) are constrained by its weak
solvency position and working capital intensive nature of
operations. The ratings are further constrained by the
susceptibility of margins to raw material price volatility and
prospects linked to the steel industry, which is cyclical in
nature. These ratings, however, derive strength from the
experience and resourcefulness of the promoters, healthy scaleup
of operations and moderate operating profit margins.

Going forward, the ability of the company to profitably scale up
its operations while improving the overall solvency position and
managing the working capital requirements efficiently, will
remain the key rating sensitivities.

India Steel Continental Private Limited (ISCPL) was incorporated
in the year 2010. ISCPL is a family-owned business promoted by Mr
Vishwamitter Saini and is engaged in the manufacturing of mild
steel ingots, angles, channels, flats and bars, at its
manufacturing facility located at Sirmor, Himachal Pradesh.
Besides ISCPL, the directors are also engaged in other group
concerns, namely Saboo Tor Private Limited (established in 1991
and engaged in the manufacturing of TMT bars and angles) and
Saboo Cylinders Pvt. Ltd. (established in 1983 and engaged in the
manufacturing of LPG cylinders).

In FY15 (refers to the period April 1 to March 31), the company
reported a total operating income of INR28.87 crore with PAT of
INR0.11 crore as against total operating income of INR2.24 crore
with PAT of INR0.05 crore in FY14. In FY16 (Provisional), the
company has achieved a total operating income of INR86.13 crore,
with PBILDT margin of 7.26%.


JAY SHIV: CARE Reaffirms B+ Rating on INR2.33cr LT Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jay Shiv Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.33       CARE B+ Reaffirmed
   Long-term/Short-term Bank
   Facilities                   13.50       CARE B+/CARE A4
                                            Reaffirmed

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

Rating Rationale

The ratings assigned to the bank facilities of M/s. Jay Shiv Agro
Industries (JSAI) continue to be constrained due to its presence
in the highly fragmented rice milling industry where prices are
regulated by government, working capital intensive nature of
operations on account of seasonality associated with the
procurement of raw material and its constitution as partnership
firm.

The ratings also continue to be constrained due to JSAI's thin
PBILDT margin resulting from low value addition, high leverage on
back of elevated working capital borrowing and weak debt
coverage.

The ratings, however, continue to derive strength from vast
experience and established track record of partners in rice
milling business and favorable location of JSAI's rice milling
plant.

JSAI's ability to grow its total operating income (TOI) while
managing volatility associated with raw material (ie, paddy)
prices along with improvement in profitability and leverage would
be the key rating sensitivities.

JSAI was established as a partnership firm in 2008 by the Ramwani
and Vaghela families and has seven partners. The firm is
primarily engaged in the milling, processing, grading and packing
of par boiled rice and has a processing capacity of 43,200 tonnes
per annum (TPA) as on March 31, 2016. It exports rice to Turkey
and South African countries which constitutes of 4-5% of its TOI.

The partners are engaged in similar line of business through
their other entities -- Siddhi Vinayak Agro Industries (SVAI),
Janki Agro Industries (JAI; rated 'CARE B+/CARE A4', reaffirmed
in January 2016), Janki Rice & Solvent Industries Private Limited
(JRSIPL) and Jay Agro Industries (rated 'CARE B+', assigned in
April 2015).

As per the audited results for FY15 (refers to the period April 1
to March 31), JSAI reported a TOI of INR99.94 crore (FY14:
INR87.59 crore) with a PAT of INR0.34 crore (FY14: INR0.25
crore). As per the provisional results, during 9MFY16, JSAI
reported TOI of INR82.27 crore with PBT of INR0.41 crore.


JINDAL TIMBER: CARE Assigns B+ Rating to INR4cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jindal Timber & Plywood Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       4        CARE B+ Assigned
   Short term Bank Facilities     14        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jindal Timber &
Plywood Private Limited (JTP) are primarily constrained by its
small and fluctuating scale of operations with low net worth
base, weak financial risk profile marked by low profitability
margins, leveraged capital structure, weak coverage indicators
and working capital intensive nature of operations. The ratings
are further constrained by its presence in a highly fragmented
and competitive industry, susceptible of margins to fluctuation
in raw material prices & government regulations and foreign
exchange fluctuation risk.

The ratings, however, draw comfort from experienced promoters and
location advantage.

Going forward, the ability of the company to profitably increase
its scale of operations along with improving its capital
structure and managing its foreign exchange fluctuation risk
shall be the key rating sensitivities.

Karnal-based (Haryana) JTP was incorporated in 2009 and is
promoted by Mr Ramesh Jain and supported by his son Mr
Dinesh Jain. The business operations were originally being
carried under a proprietorship firm i.e. "Jindal Cement Jali
Works" (JCJW) which was established by Mr Ramesh Jain in 1976.
Subsequently in 2009, the business operations were
taken over by JTP.

JTP is engaged in trading in and sawing of timber and its allied
products such as plywood, door skins etc. These products are used
for making doors, windows, furniture and other wooden items. JTP
has its registered office located at Karnal, Haryana with its
branch office at Gandhidham, Gujarat. The company imports timber
mainly from Malaysia, Germany, New Zealand etc. The company sells
its products to wholesalers and retailers pan India. The company
has one associate concern namely Jindal (Ply) India Private
Limited which is engaged in manufacturing of plywood since 2009.

During FY15 (refers to the period April 1 to March 31), JTP has
achieved a total operating income (TOI) of INR42.21 crore with
PBILDT and PAT of INR1.46 crore and INR0.08 crore, respectively,
as against TOI of INR36.35 crore with PBILDT and PAT of INR1.45
crore and INR0.07 crore, respectively in FY14. JTP has achieved a
total operating income of INR36.98 crore in
FY16 (based on unaudited results).


KARAIKAL PORT: CARE Reaffirms 'D' Rating on INR1331.23cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Karaikal Port Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1331.23      CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Karaikal Port
Private Limited (KPPL) continues to take into account the
instances of delays in debt servicing by KPPL.

Karaikal Port Private Ltd. (KPPL) incorporated in February 2006
as a Special Purpose Company (SPC) for implementation and
operation of the deep-water port project at karaikal on BOT
(Build, Operate and Transfer) basis. The incorporation follows
the Concession Agreement signed between the Government of
Puducherry (GoP) and Marg Limited on Jan. 25, 2006 for the
development and operation of Karaikal port project. As on March
31, 2015, the port has capacity to handle 21 Million Metric
Tonnes (MMT) of cargo per annum.

The delays in debt servicing can be attributed to low cargo
throughput and higher fixed overheads resulting in strained
liquidity position. The shortfall in cargo is mainly due to the
delay in commencement of power plants in the vicinity.

During FY15 (refers to the period April 1 to March 31), the
company has reported a net loss of INR189 crore on a total
operating income of INR226 crore.


KARLO AUTOMOBILES: ICRA Reaffirms B+ Rating on INR6.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR3.75 crore cash credit, INR6.00 crore e-DFS, INR1.50 crore
dropline overdraft and INR1.50 crore adhoc limit on e-DFS
facilities of Karlo Automobiles Private Limited (KAPL). ICRA has
also reaffirmed the long-term rating of [ICRA]B+ assigned to the
INR0.25 crore unallocated limits of KAPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.75       [ICRA]B+/Reaffirmed
   e-DFS                  6.00       [ICRA]B+/Reaffirmed
   Dropline Overdraft     1.50       [ICRA]B+/Reaffirmed
   Adhoc Limit on e-DFS   1.50       [ICRA]B+/ Reaffirmed
   Unallocated Limits     0.25       [ICRA]B+/ Reaffirmed

The reaffirmation of the rating takes into account the inherently
low margins of the company, on account of industry dynamics and
commission structure decided by the principal, and its weak
financial profile, reflected by a highly leveraged capital
structure and subdued level of coverage indicators. The rating
also considers KAPL's exposure to inherent cyclicality of the
Indian passenger vehicle industry and the competition faced from
other automobile (passenger car segment) dealers in the region,
and high geographical concentration risk, with its presence being
limited to the state of Bihar.

The rating, however, derives comfort from the longstanding
experience of the promoters in the automobile industry for nearly
two decades, and KAPL's established position as an authorized
dealer of Maruti Suzuki India Limited (MSIL), a dominant player
in the domestic passenger vehicle segment. The rating also
considers the consistent growth witnessed over the past few years
and a diversified revenue stream across sale of new vehicles,
sale of spare parts/ accessories and service income.

In ICRA's opinion, the ability of the company to improve its
capital structure and profitability while managing its working
capital requirement efficiently would remain key rating
sensitivities, going forward.

Incorporated in 1997, Karlo Automobiles Private Limited (KAPL) is
engaged in the automobile dealership business having one showroom
with 3S facilities (Sales-Services-Spares) in Bodhgaya and one
showroom in Patna in the state of Bihar. The company is an
authorized dealer of Maruti Suzuki India Limited (MSIL), and is
engaged in sales and service of vehicles along with sale of spare
parts and accessories. The company was promoted by Mr. Shivesh
Narayan and Mr. Sanjeev Kumar.

Recent Results
During FY2016, the company has achieved a top-line of around
INR120 crore (provisional). During FY2015, KAPL reported a net
profit of INR0.3 crore on an operating income (OI) of INR108.5
crore, as against a net profit of INR0.3 crore and OI of INR78.5
crore during FY2014.


L.S. RICE: CARE Assigns B+ Rating to INR5.31cr LT Loan to B+
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of L.S. Rice
Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.31      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of L.S. Rice Exports
Private Limited (LSREPL) is constrained by its small scale of
operations, low profitability margins, weak solvency position and
elongated operating cycle. The rating is further constrained by
the susceptibility of margins to volatility in the raw materials
price, agro climatic risks, presence of the company in a highly
competitive and fragmented agro-processing business with a high
level of government regulation. The rating, however, derives
strength from the experience and resourcefulness of the promoters
and proximity of the processing unit to the paddy-growing areas.

Going forward, LSREPL's ability to profitably scale-up its
operations, improve its overall solvency position and manage the
working capital requirements effectively would be the key rating
sensitivities.

Incorporated in 2008, LSREPL is engaged in the milling and
processing of paddy to produce Basmati and Non-basmati rice at
its manufacturing facilities in Samana (Punjab). The company is
operating with Mr Sanjay Kumar as its Manging Dirctor with a
total installed capacity of 7MTPH (Metric Tonnes per hour). The
company engages in domestic sales only, selling to exporters in
and around the Punjab region and other dealers, hotels and
restaurants in Maharashtra, Delhi, etc. The company also engages
in milling for various government entities. The paddy for
processing is procured from local grain markets through dealers
and agents based in and around the Samana region. Other group
concerns of the company include Lumi Rice Mills, Luxmi Foods,
Nand Lal and Sons and Bajrang Foods, are also engaged in the
business of rice shelling.


LAKSHMI SUGAR: CARE Assigns 'D' Rating to INR126.46cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' ratings to the bank facilities of Lakshmi
Sugar Mills Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     126.46     CARE D Assigned
   Short-term Bank Facilities      2.70     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Lakshmi Sugar Mills
Company Private Limited (LSM) factors in the weak financial risk
profile of the company characterized by cash losses leading to
ongoing delays in meeting its financial obligations. The rating
also takes into account the regulated nature of the business and
inherent cyclicality of the sugar industry.

The rating, however, also factors in the experienced promoters
and partially integrated operations of LSM with a power co-
generation capacity of 20 MW available with the company.

Going forward, the ability of LSM to improve its liquidity
profile and capital structure shall be the key rating
sensitivity.

LSM was incorporated in 1942 for sugar manufacturing with an
installed capacity of 1,600 tons cane crushed per day (TCD) in
the name of Maha Lakshmi Sugar Mills Co. Ltd. The company started
crushing operations in Hamira (erstwhile Kapurthala state),
however, shifted to the present location of Iqbalpur, Haridwar,
as the area under cane cultivation had depleted significantly
over the years. Since then, the capacity has been augmented
several times and increased to the current installed capacity of
4500 TCD. Furthermore, the company also has co-generation
capacity of 20 mega-watts (MW) which commenced commercial
production with effect from March 1, 2013. LSM has entered into a
Power Purchase Agreement (PPA) with Uttrakhand Power Corporation
Limited (UPCL) for a period of 20 years.

As per the Audited results for FY15 (refers to the period April 1
to March 31) LSM had a total operating income of INR166.48 crore
with a Net loss of INR18.33 crore as compared with an operating
income of INR167.20 crore and net loss of INR27.35 crore in FY14.


MAHATMA GANDHI: ICRA Assigns C+ Rating to INR35cr LT Loan
---------------------------------------------------------
ICRA has assigned [ICRA]C+ long term rating to the INR35.00 crore
(enhanced from INR20.00 crore) enhanced long term fund based
facilities of The Mahatma Gandhi Sahakara Sakkare Karkhane.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based (CC)            35.00        [ICRA]C+ assigned

The assigned rating takes into account the weak financial
performance of MGSSK marked by net losses and negative cash
accruals reported until 2014-15 on account of low sugar
realizations and high cane cost, the negative networth owing to
accumulation of losses over the years and the high debt level
resulting in high financial costs. The coverage indicators have
remained inadequate and the cash losses and debt servicing
obligations have been funded through additional borrowings, so
far, leading to further increase in the debt levels y-o-y. The
rating is also constrained by the exposure of the business to
agro climatic risks on sugarcane availability and recovery, and
high regulatory intensity in terms of sugarcane pricing. However,
the rating draws comfort from the long standing experience of the
promoters in the sugar industry, the support extended by the
Government of Karnataka by way of interest free loans and
conversion of portion of the government loan into equity, and
recent improvement in the sugar realizations in both the domestic
and international markets. Going forward, sustained improvement
in the sugar realizations, achievement of high production levels
and timely liquidation of finished goods stock are critical for
the timely servicing of debt obligations.

The Mahatma Gandhi Sahakara Sakkare Karkhane (N), a cooperative
society registered under the Karnataka Cooperative Societies Act,
1959, operates 3500 TCD (Tons of Cane per Day) sugar mill
integrated with an 8 MW cogen power plant, in Balki Taluk of
Bidar District in Karnataka. Registered in April 1991, the
society commenced its operations in November 2003 with 2500 TCD.
During 2011-12 and 2012-13, the entity expanded its processing
capacity to 3500 TCD and also installed the cogen plant. MGSSK
was promoted by Dr. Bheemanna Khandre, who has more than 35 years
of experience in the sugar industry and has also cofounded
several other cooperative societies. The Government of Karnataka
holds 81.0% stake in the entity as on March 31, 2016.

Recent Results
The entity reported a net loss of INR21.8 crore on an operating
income of INR179.5 crore during the financial year 2014-15, as
against a net loss of INR19.0 crore on an operating income of
INR153.2 crore during 2013-14.


MALLIKARJUN CONSTRUCTION: Ind-Ra Puts 'IND B-' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mallikarjun
Construction Company (MCC) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings are constrained by MCC's stretched liquidity
position, as evidenced by the continuous overuse of its working
capital facilities during the 12 months ended April 2016.

The ratings also reflect MCC's small scale of operations and
credit metrics.  Its FY15 revenue was INR277m (FY14: INR398
mil.), interest coverage (operating EBITDA/gross interest
expense) was 2.7x (3.2x) and net leverage (total adjusted net
debt/operating EBITDAR) was 1.9x (2.1x) in FY15.  Its operating
EBITDA margins stood at 21.3% in FY15.

Provisional FY16 financials provided by management indicate
revenue of INR389 mil., operating EBITDA margins of 15.61% and
interest coverage of 4.9x.

However, the ratings are supported by MCC's partners' three-
decade-long experience in the construction business.

                        RATING SENSITIVITIES

Positive: A substantial improvement in MCC's liquidity profile
will be positive for the ratings.

                           COMPANY PROFILE

MCC was founded in 1984 by Mr. N. C. Reddy in Maharashtra.  It is
a partnership firm engaged in the construction of bridges and
road as well as patch work.  Its three partners are Mr. N. C.
Reddy, Mr. N. Mallikarjun Reddy and Mr. N. Malleshwar Reddy.  MCC
started a division in Raipur in 2004.

MCC's ratings:

   -- Long-Term Issuer rating: assigned 'IND B-'/Stable
   -- INR30 mil. fund-based limits: assigned 'IND B-'/Stable
   -- INR70 mil. non-fund-based limits: assigned 'IND A4'


MANGALDEEP COLD: ICRA Reaffirms B Rating on INR4.10cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR6.95
crore1 long term fund based facilities of Mangaldeep Cold
Storage.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           2.85       [ICRA]B reaffirmed
   Term loan             4.10       [ICRA]B reaffirmed

The reaffirmation of rating factors in Mangaldeep Cold Storage
(MCS) limited track record of operations and relatively small
scale of operations coupled with high working capital intensity
of operations, given the requirement to provide advances to
farmers. Further, the rating takes into account exposure of
firm's profitability to significant fall in potato prices. ICRA
also takes into consideration that MCS is a partnership firm and
any significant withdrawals from the capital account could
adversely impact its net worth and thereby the capital structure.

The rating, however, favourably considers the experience of
partners in potato trading and their association with other cold
storage firms; and the favourable location of the unit in Deesa
(Gujarat), an area with high output of potato.

Established in May 2014, Mangaldeep Cold Storage (MCS) operated a
cold storage facility located at Deesa, in Banaskantha district
of Gujarat and has commenced operations from 20th February 2015.
The cold storage stores potatoes and has a total capacity to
stock 158,000 bags of potato of 50 kg each or 7900 MT of
potatoes. The firm is promoted by six partners who have a long
standing experience in potato farming as well as an established
track record of operating cold storages by the virtue of their
association with other cold storages in the region.

Recent Results
For the year ended on March 31, 2016 (provisional numbers), the
firm reported an operating income of INR1.46 crore and profit
before depreciation & tax of INR0.47 crore.


MANGALMURTI QUARRYWORKS: CARE Assigns B Rating to INR7.31cr Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Mangalmurti Quarryworks.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     7.31       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Mangalmurti Quarry
Works (MQW) is constrained on account of its short track record
of operations, loss-making operations, its working capital
intensive nature of operations along with moderately leveraged
capital structure and weak debt coverage indicators. The rating
is further constrained on account of its presence in the
fragmented and unorganized stone crushing sector with low entry
barriers characterized by regulatory risk pertaining to
environmental isssues, customer concentration risk, partnership
nature of constitution and linkage with real estate sector which
is cyclical in nature.

The above constraints outweigh the comfort derived from the
experience of the partners in the stone crushing business
and location advantage on account of its crushing operations
being conducted at the stone excavating site itself.

The ability of MQW to increase its scale of operations and
improve profit margins amidst stiff competition while improving
its capital structure and debt coverage indicators via efficient
working capital management are the key rating sensitivities.

Ahmedabad-based (Gujarat), MQWis a partnership firm established
in July 2011 by seven partners. However, no business activities
were undertaken in the firm since then. Later on during September
2013 and July 2015, the partnership firm was reconstituted with
retirement and addition of few partners, with currently seven
partners as on April 30, 2016.

MQW operates from its sole stone crushing plant situated in
Tajpur, Sabarkantha (Gujarat), with an installed capacity of
55,000 MT per month, from April 2014 onwards. The entity is
engaged into stone crushing activity which primarily involves
excavating black stone (limestone) from its own land and crushing
the same to form stones of various sizes like aggregates, grits,
granular sub-base (GSB) and sand which finds application in
construction materials for building bridges, roads, terrace
slabs, etc.

During FY15 (refers to the period April 1 toMarch 31), MQW
reported a total operating income (TOI) of INR7.62 crore with
a net loss of INR1.20 crore. As per the provisional results
tillMarch 23, 2016, the firmregistered TOI of INR8.60 crore.


METRO ECO: CARE Reaffirms B+ Rating on INR119cr LT Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Metro Eco Green Resorts Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      119       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Metro Eco Green
Resorts Limited (MEGRL) continue to remain constrained by the
project execution risk, funding risk with debt yet to be fully
tied-up, high competition from the existing and upcoming hotels
in the vicinity and cyclical nature of the hospitality industry.
These constraints are, however, partially offset by the strength
derived from operating and marketing arrangement with one of the
leading hotel chains, EIH Ltd, and favourable location of the
resort.

Going forward, the ability of the company to complete the project
within the envisaged cost and time estimates and achieve the
projected average room revenue (ARR) and occupancy levels remain
the key rating sensitivities.

MEGRL was originally constituted as Continental Hatcheries Pvt.
Ltd., in August 1985, to carry out the hatchery business.
However, the same was discontinued in November-1990. The land of
the company had been lying vacant since then and the promoters
are now developing an eco-tourist resort on the land. A fresh
certificate of incorporation was issued in June-2008 vide which
the name and objective of the company was changed to the present
one. MEGRL is promoted by Mr Sukhbir Singh, Deputy Chief Minister
of Punjab, and his family members. He is a prominent political
leader in Punjab and is currently also the President of Shiromani
Akali Dal, the ruling political party.

The company is setting up a premium resort in Pallanpur, Punjab,
by the name 'Oberoi Sukhvillas' at an estimated project cost of
INR161.93 crore to be financed in a debt equity ratio of 1.61:1.
The resort was expected to commence operations from April 2016.
However, due to changes in the facilities/amenities provided at
the project including increase in constructed area and Spa area,
banquet Hall, children play area, etc, the resort is now
projected to commence operations from October 01, 2016. The
project cost has also been revised from INR123.56 crore projected
earlier.

The resort will consist of 46 villas, 11 tents, one presidential
suite and two executive suites. Besides, it will also have a
restaurant, a bar, a spa, swimming pool, a banquet facility and a
business centre. The agreement for management, marketing &
operation of the resort has been entered into with EIH Ltd.
(Oberoi group of hotels).


NV DISTILLERIES: CARE Cuts Rating on INR292.61cr Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of NV
Distilleries & Breweries Pvt Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long term Bank Facilities    292.61     CARE D Ratings revised
                                           From CARE BB-

   Short term Bank Facilities     2.00     CARE D Rating revised
                                           From CARE A4

Rating Rationale

The rating revision takes into account the ongoing delays in debt
servicing by the company on account of its stressed liquidity
position.

NV Distilleries & Breweries Pvt Ltd promoted by Mr. Ashok Jain
and Mr. Sameer Goyal, was incorporated in 1994. The company is
operating a grain-based distillation cum bottling plant in
Rajpura, Punjab, with an installed capacity of 120 KLPD of Extra
Neutral Alcohol (ENA), 48 lakh cases per annum each of Indian
made foreign liqour (IMFL) and Country liqour along with a power
generation plant (11MW). The plant was fully commissioned from
August 2011. The company is also operating a Polyethylene
terephthalate (PET) bottling plant with an installed capacity of
0.23 crore bottles per annum (180 ml), 3.20 crore bottles per
annum (375 ml) and 3.50 crore bottles per annum (750 ml) since
April 2012. Other group companies include NV Distilleries Limited
(rated CARE D) and NV International Pvt Ltd (rated CARE D).

During FY15 (refer to period from April1 to March 31), the
company generated total operating income of INR323.06 crore with
net loss of INR70.43 crore as against total operating income of
INR451.25 crore with net loss of INR59.77 crore in FY14.  The
losses are mainly on account of lower than expected sales
realization of Indian Made Foreign Liquor in the state of Punjab.


NV DISTILLERIES LTD: CARE Cuts Rating on INR81.63cr Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of NV
Distilleries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     81.63      CARE D Rating revised
                                            From CARE BB-

Rating Rationale

The rating revision takes into account consideration the ongoing
delays in the servicing of the company's debt obligation on
account of its stressed liquidity position.

NV Distilleries Ltd (NVDL) is a part of NV group which consists
of group companies namely NV Distilleries &Breweries Pvt Ltd
(CARE D; April 2016) and NV International Private Ltd (CARE D ;
Nov 2015).

The company is promoted by Mr. Ashok Jain and Mr. Sameer Goyal
who have long standing experience of three decades and two
decades respectively in the industry.

NVDL started in the year 1999, has set up a grain based
distillery in Ambala (Haryana), with 75 KL per day capacity plant
which had commenced commercial production in November 2008 having
a captive power generation plant (2.5MW).

The company realizes revenue primarily from sale of extra neutral
alcohol (ENA), Indian Made Foreign Liquor facilities (capacity-48
lakh cases per annum) and Country Liquor (capacity-48 lakh cases
per annum). The company carries out bottling operations for M/s.
PernodRicard India Private Ltd for production of their brands.

In FY15 (refer to period from April 1 to March 31), the company
has achieved a total operating income of INR275.91 crore
and PAT of INR17.82 crore as against total operating income of
INR264.87 crore and PAT of INR18.34 crore during FY14.


PRAMUKH EXIM: ICRA Assigns C- Rating to INR4.0cr Cash Loan
----------------------------------------------------------
The long term rating of [ICRA]C- has been assigned to the INR4.00
crore1 cash credit facility. ICRA has also assigned the short
term rating of [ICRA]A4 to the INR10.00 crore Bill Discounting
under LC facility of Pramukh Exim Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     4.00       [ICRA]C- assigned
   Bill Discounting
   under LC              10.00       [ICRA]A4 assigned

The assigned ratings are constrained by past history of
overdrawal of its sanctioned limits on account of liquidity
issues; though the company's utilisation has remained within the
sanctioned limits over the past six months. Further, the rating
is also constrained by tight liquidity position of the company as
reflected by fully utilized working capital limits along with
temporary overdrafts sanctioned by the bank at various instances
in the past coupled with company's moderate financial profile
characterised by low profitability and modest coverage
indicators. The ratings further takes into account the relatively
modest size of operations with concentration on single product
i.e. salt; highly competitive business environment owing to low
entry barriers resulting in intense competitive pressures from
both organised as well as unorganised players and the exposure to
seasonality associated with the salt business.

The ratings, however, positively considers the long standing
experience of promoters in salt industry through other group
concerns; the locational advantage enjoyed by the company on
account of its proximity to Kutch which offers ease of raw
material procurement and ease of finished goods transportation
due to proximity of Kandla port; and the support of group concern
in form of uninterrupted salt supply.

Incorporated in 2009, PEPL is primarily engaged in the export
trading of salt in various countries. Pramukh International was
established as a proprietorship concern of Mr. Pushpendra Thakker
in 2004. It was subsequently converted to a partnership firm in
the year 2007 and into a closely held private limited company in
the year 2009. Mr. Shambhu Humbal and Mr. Puspendra Thakkar are
the key promoters of the company. PEPL is also engaged in trading
of pine wood, veneer, waste paper, bentonite, fly ash, eucalyptus
red grandis, etc. and has started vessel charting and stevedoring
services from FY 2013-14. Group concerns of PEPL are engaged in
salt manufacturing.

Recent Results
For the year ended March 31, 2015, PEPL reported an operating
income (OI) of INR40.7 crore and profit after tax (PAT) of INR0.3
crore as against an OI of INR53.3 crore and PAT of INR0.4 crore
for the year ended March 31, 2014. Further, during the period 11M
FY 2016, PEPL reported a PAT of INR0.6 crore on an Operating
Income (OI) of INR45.74 crore.


PRASHANTH EDUCATIONAL: ICRA Reaffirms B+ Rating on INR6.0cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B+ to INR6.00
crore1 (revised from INR6.48 crore) term loan facilities and
INR1.00 crore (revised from INR0.20 crore) cash credit facility
of Prashanth Educational Society.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash credit            1.00       [ICRA] B+ reaffirmed
   Term Loan              6.00       [ICRA] B+ reaffirmed

The reaffirmed rating continues to be constrained by its small
scale of operations and financial profile characterized by
moderate gearing and coverage indicators. The rating is also
constrained by delays in fee reimbursement by the government
which stretches the liquidity profile of the society, high
competition from other established institutions in the region
that would impact the occupancy levels and the highly regulated
nature of Indian education sector which requires various
approvals for addition of new courses as well as seats.

The rating, however, continues to derive comfort from the steady
growth in revenue receipts of the society albeit on a modest
base. The inception of classes up to X standard in Accord
International School in AY2015-16 contributed to this increase in
revenue in FY2015 & 9M FY2016. The rating also derives comfort
from the diversified portfolio of courses offered by the society,
reputation enjoyed by the society in Tirupati along with the vast
experience of the management in the education sector.

The ability of the society to increase its revenue, which is
expected to be supported primarily by receipts from Accord
International School and profitability, coupled with improvement
in its capital structure and coverage indicators, while
effectively managing its working capital requirements with timely
receipts from government, would be the key rating sensitivity
going forward.

Registered in 2007, Prashanth Educational Society has three
English medium Schools, an international School and a business
school under its auspice. The institutions are located in
Tirupati in Andhra Pradesh. The society is promoted by Mr, V.
Chandra Sekhar Reddy who has more than three decades of
experience in the education sector.

Recent Results
PES has reported an operating income of INR6.05 crore and net
profit of INR0.44 crore in FY2015 as against an operating income
of INR5.03 crore and net profit of INR0.80 crore in FY2014.


PURAV COTTON: ICRA Reaffirms B+ Rating on INR21cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR21.00 crore1 cash credit facility and INR0.45 crore (reduced
from INR0.90 crore) term loan facility of Purav Cotton
Industries. ICRA has also reaffirmed [ICRA]B+ to the INR2.72
crore unallocated limits of PCI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           21.00        [ICRA]B+ reaffirmed
   Term Loan              0.45        [ICRA]B+ reaffirmed
   Unallocated limits     2.72        [ICRA]B+ reaffirmed

The reaffirmation of rating factors in Purav Cotton Industries'
(PCI) weak financial risk profile characterized by low
profitability, weak return indicators, moderate gearing and weak
debt protection metrics; and modest scale of operations with de-
growth in revenue in FY2015 and FY2016. The rating continues to
takes into account the limited value addition in the cotton
ginning business, the highly fragmented and competitive nature of
the industry and the vulnerability of firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest as well as the regulatory risk with regard to MSP.
ICRA also notes that PCI is a proprietorship concern, any
substantial withdrawal from capital account would affect its net
worth and thereby its capital structure.

The rating however, continues to favourably factor in the
longstanding experience of the promoters in the cotton ginning
and pressing Industry and the favourable location of the firm's
plant with respect to raw material procurement.

Established in year 1999, Purav cotton Industries (PCI) is
proprietorship concern of Mrs. Nisha Virat Shah. PCI is engaged
in ginning and pressing of raw cotton and trading of cotton bales
from its manufacturing facility located at Muli, Surendranagar.
The firm is equipped with 72 ginning machines and 1 pressing
machine with a total capacity of producing ~350 bales per day.
Apart from the manufacturing activities, the firm also commenced
trading of grams in FY2015; however its proportion in total sales
remains low. Presently, the product mix of the company comprises
mainly of cotton bales, cotton seeds and gram. The firm is
managed by Mr. Virat Shah.

Recent Results
During FY2015, PCI reported an operating income of INR110.38
crore and profit after tax of INR0.14 crore as against the
operating income of INR126.44 crore and profit after tax of
INR0.12 crore during FY2014. As per provisional financials, the
firm reported an operating income of INR73.66 crore and profit
before tax of INR0.12 crore during FY2016.


QUALITY FOODS: CARE Assigns 'B' Rating to INR3.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Quality Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     3.50       CARE B Assigned
   Short term Bank Facilities    5.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Quality Foods (QF)
are constrained by its small scale of operations, presence in the
fragmented industry with intense competition and minimal product
differentiation, inherent risks associated with the seafood
industry and partnership nature of constitution limiting
financial flexibility. The rating also factors in the financial
risk profile marked by satisfactory growth in total operating
income, fluctuating profit margins, leveraged capital structure
and moderate debt protection metrics for FY15 (refers to the
period April 1 to March 31).

The above constraints outweigh the comfort derived from the
significant experience of partners in the sea food processing and
export business and locational advantage in terms of lower
logistic expenditure, easy availability and procurement of raw
materials.

The ability of the firm to improve its scale of operation along
with improvement in profit levels and margins along with
efficient management of working capital are the key rating
sensitivities.

QF is based in Cuncolim (Goa) and is a partnership firm
established in November 2003. It is engaged in processing and
export of sea foods to countries like Indonesia, Malaysia,
Thailand, China and Africa. QF has its processing unit which is
ISO 9001:2008 certified located in industrial area of Cuncolim
situated in Salcete district of South Goa and operates with a
processing capacity of 43 tonnes of fish per day (tpd). The firm
also has storage facility of 1,000 metric tonne (MT) capacity
located in the same premises. The firm deals in variety of sea
products and sells under brand name 'Viva' and 'Sea Mac Island'
and also is HACCP (Hazard Analysis and Critical Control Point)
certified.

During FY15, QF earned a PAT of INR0.27 crore on a total income
of INR29.54 crore as against a PAT of INR0.38 crore on a total
income of INR15.42 crore for FY14. Furthermore, during 9MFY16,
the firm registered a turnover of INR24.69 crore.


R.G. RESIDENCY: CARE Lowers Rating on INR94.07cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of
R.G. Residency Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     94.07      CARE D Revised from
                                            CARE BB (SO)

   Short term Bank Facilities    10.00      CARE D Revised from
                                            CARE A4 (SO)

Rating Rationale
The above ratings of RG Residency Private Limited (RGRPL) are
based on the credit enhancement in the form of unconditional and
irrevocable corporate guarantee provided by Rajesh Projects India
Private Limited for the bank facilities of RG Residency Private
Limited.

The revision in the ratings assigned to the bank facilities of
RGRPL takes into consideration the on-going delays in debt
servicing.

RGRPL was incorporated in 2010 as a special purpose vehicle (SPV)
by RPIPL, to undertake a residential project 'RG Residency'. The
project shall be developed on land area of 12.62 acres in Sector-
120 Noida, 6.5 km from Noida City Centre Metro Station. Of the
total salable area of 26 lsf, the company has already sold 14.93
lsf (PY: 14.71) and has incurred 82% of the total project cost
till December 2015. During FY15 (refers to the period April 1 to
March 31), RGRPL earned PAT of INR0.09 crore (PY: INR2.23 crore)
on total income of INR65.77crore (PY: INR97.63 crore).


RADHABALLABH SILKMILLS: CARE Assigns B Rating to INR5.18cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Radhaballabh Silkmills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.18      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Radhaballabh Silk
Mills Private Limited (RSPL) is constrained by small scale of
operations with tepid growth in operating income during last 3
years ending FY15 (refers to the period April 1 to March 31),
high supplier concentration coupled with limited bargaining power
against them, moderate & fluctuating operating margins and net
loss in last 2 years, highly leveraged capital structure & weak
debt coverage indicators, working capital intensive nature of
operations and presence in fragmented & competitive textile
processing industry.

The rating, however, derives strength from experienced management
coupled with long track record of over four decades in the
industry.

The ability of the company to increase the overall scale of
operations and improve profitability amidst rising competition
along with improving capital structure with efficiently managing
working capital requirement is the key rating sensitivity.

Incorporated in 1991 by Mr. Radhaballabh Kejriwal, RSPL is
engaged in the manufacturing of polyester yarn through air jet
texturing (that finds application in various segments including
apparel, upholstery, car seat covers, luggage) and manufacturing
of grey fabric (by using the in-house processed yarn). RSPL has
registered office and a manufacturing unit [with installed
capacity of 70,000 kgs/ month for yarn processing (average
capacity utilization of around 72% in FY15) and 70,000 meter per
month for fabric weaving (average capacity utilization of around
57% in FY15)] located in Mumbai. The company purchases raw
material (mainly polyester yarn) from the reputed domestic
suppliers [including Beekaylon Synthetics Pvt Ltd, Reliance
Industries Ltd (rated 'CARE AAA/ A1+'), and Shubhalakshmi
Polyester Ltd (rated 'CARE BBB/A3+')], and generates entire
revenue from the domestic market.

During FY15 (refers to the period April 01 to March 31), the
total operating income (TOI) of RSPL stood at INR16.55 crore
(compared with INR15.81 crore in FY14), while net loss reported
by the company stood at INR0.92 crore in FY15 (vis-Ö-vis net loss
of INR1.44 crore in FY14).Moreover, RSPL has posted total revenue
of INR6.91 crore during H1FY16 (Prov.).


RAJESH PROJECTS: CARE Lowers Rating on INR56.26cr LT Loan to D
--------------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Rajesh
Projects India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     56.26      CARE D Revised from
                                            CARE BB

   Short term Bank Facilities    23.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Rajesh Projects India Private Limited (RPIPL) takes into
consideration the on-going delays in debt servicing.

RPIPL was incorporated in 1999 and is engaged in the real estate
development in NCR. Historically, the company was mainly into
development of commercial office-cum-shopping spaces in Delhi and
has delivered 14 commercial and retail projects with total
developable area of more than 5 lakh sq ft (lsf). The company
ventured into residential development with two group housing (GH)
projects viz. 'RG Luxury Homes' (in Greater Noida) and 'RG
Residency' (in Noida). RG Luxury is being executed by RPIPL while
RG Residency by the company's wholly-owned subsidiary, RGRPL. The
company is also engaged in the trading business of stainless
steel sheets.

During FY15 (refers to the period April 01 to March 31), RPIPL
earned a PAT of INR8.17 crore (PY: INR7.01 crore) on a total
income of INR340.91 crore (PY: INR340.81 crore).


RAM CHANDER: ICRA Assigns B+ Rating to INR10.07cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the
INR10.07 crore1 bank facilities of Ram Chander Builders Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Term Loan             10.07        [ICRA]B+; assigned

The assigned ratings take into account the long standing
experience of the promoters in the real estate sector in Lucknow,
Uttar Pradesh, having successfully executed multiple projects.
Further the ratings favorably factor in the low approval risks
for RCB's the ongoing project -- Shiva Greens and the bank
funding for the project being in place. This apart the ratings
positively factor in the presence of escrow and Debt Service
Reserve Account mechanism as part of the terms of debt and the
fact that the promoters have put in substantial portion of their
envisaged contribution. The ratings are however constrained by
the vulnerability of the Shiva Greens project given the low level
bookings on account of sluggish real estate demand. The ramp up
in customer advances remains a critical factor for RCB's cash
flow management given the large debt repayments for FY2018.
ICRA notes that the company has some unsold inventory in its
previous completed project, sale of which can support its cash
flow position The company's ability to improve its bookings and
collections and timely receive promoter funds as and when
required will be the key rating sensitivities.

Incorporated in 1995 by the Agarwal familty. RCB is involved in
real estate development of residential cum commercial projects.
The company has developed projects under the Uttar Pradesh Avas
Vikas Parishad (UPAVP) though the scale of the projects has been
low. The company has completed residential projects like Shiva
Palace, Parvati Palace in Indira Nagar, Lucknow. The recently
completed project by the company was the Shiva Gardens initially
started as a commercial project was later converted into a
residential project having around 64 apartments in total. The
company has one ongoing project under it as of now i.e. the Shiva
Greens project having 90 residential apartments over 14 floors
and 2 commercial shops at the ground floor. The total project
cost has been estimated at INR35.05 cr. inclusive of land cost as
well as construction cost funded through customer advances of
INR7.0 cr., term loan of INR13.07 cr. and promoters' contribution
& unsecured loans of INR14.98 cr.

Recent results
RCB reported a net profit of INR0.7 crore on an operating income
(OI) of INR3.1 crore in FY2015 as compared to a net profit of
INR1.1 crore on an OI of INR4.6 crore .


RAUNAK EXPORTS: ICRA Suspends D Rating on INR8.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR8.50 crore fund based bank facility of Raunak Exports
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


RESHMA FABRICS: ICRA Suspends B+ Rating on INR6.47cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.47
crore limits of Reshma Fabrics 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.

Reshma Fabrics Limited is closely held public limited company
incorporated in the year 1993 and is engaged in manufacturing
grey fabric which is mainly used in suiting and shirting. RFL is
owned and managed by Mr. Dushyant Patel, Mr. Nikul Patel, Mrs.
Sonal Patel and the promoters have more than four decades of
experience in the fabric manufacturing industry through associate
concerns. The company's first manufacturing facility was located
at Vijapur (in Mehsana district), with a capacity of
manufacturing 4 lakh metres of fabric per month, which was shut
down in March 2014 as the management has decided to focus on job-
work operations. The company set up a new plant in Chattral (in
Gandhinagar) which was set up for carrying out fabric
manufacturing on job-work basis in FY 2014. The current
manufacturing facility has a capacity of manufacturing 1.35 lakh
meters of fabric per month.


RVS COLLEGE: ICRA Suspends B Rating on INR12.04cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR12.04 crore fund based limits of RVS College of
Engineering & Technology (RCET). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SHREE BHAGYALAXMI: ICRA Reaffirms B Rating on INR7.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR7.00 crore1 cash credit facility and INR0.62 crore (reduced
from INR1.30 crore) term loan facility of Shree Bhagyalaxmi
Industries. ICRA has also reaffirmed [ICRA]B to the INR1.88 crore
unallocated limits of SB.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.00       [ICRA]B reaffirmed
   Term Loan             0.62       [ICRA]B reaffirmed
   Unallocated limits    1.88       [ICRA]B reaffirmed

The reaffirmation of the assigned rating takes into account Shree
Bhagyalaxmi Industries' (SB) modest scale of operations with de-
growth in FY2016 and deterioration of capital structure owing to
increase in working capital borrowings. The rating continues to
be constrained by SB's low operating margins on account of low
value addition in the business; highly competitive and fragmented
industry structure owing to low entry barriers; and the
vulnerability of the firm's profitability to raw material (i.e.
raw cotton) price fluctuations, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that as SB is
a partnership firm, any significant withdrawals from the capital
account by the partners would affect its net worth and thereby
its capital structure.

The assigned rating, however, favourably factors in the long
experience of the partners in the cotton industry and favourable
location of the firm's manufacturing facility at Tankara, Rajkot
in Gujarat giving it an easy access to quality raw material.

Incorporated in April 2013, Shree Bhagyalaxmi Industries (SB) is
a partnership firm engaged in the business of ginning and
pressing of raw cotton. SB's manufacturing facility is located at
Tankara near Rajkot in Gujarat and is equipped with 36 fully
automatic ginning machines and 1 pressing machine with total
production capacity to manufacture ~200 cotton bales3 per day. In
addition to the ginning operations, the firm commenced trading of
wheat in FY2015. The firm is promoted and currently managed by
nine partners who have long experience in the cotton cultivation
and ginning business.

Recent Results
During FY2015, SB reported an operating income of INR33.63 crore
and profit after tax of INR0.01 crore as against the operating
income of INR14.09 crore and profit after tax of INR0.00 crore
during four months of operations in FY2014. As per provisional
financials, the firm reported an operating income of INR15.47
crore and profit before depreciation and tax of INR0.07 crore
during first eleven months of FY2016.


SHRI K K: Ind-Ra Assigns 'IND BB+' Rating to INR120.4MM Term Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri K. K. Jain
Educational Trust's (KKJET) INR120.4 mil. term loan and
INR100 mil. working capital facility a Long-term rating of
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The rating is constrained by the low cushion available with the
trust for both financial leverage (FY15: 1.47%) and operating
expenditure (1.90%) as well as the high debt burden (debt/current
balance before interest and depreciation: 4.37x in FY15).

Also, the trust's debt service coverage ratio (DSCR) is stressed
(FY15: 0.96x).  The debt servicing declined in FY15 to 0.96x from
level of 2.42x in FY11, largely on account of huge interest costs
and repayments made by the trust.  However, CFO DSCR was
comfortable at 1.43x in FY15, implying the trust's ability to
service debt from its operating cash flows.  Ind-Ra expects the
debt serviceability of the trust to improve FY17 onwards in the
absence of any major capex and new borrowings.  The trust is also
supported by the perennial financial supported provided by its
trustees in the form of unsecured loan for servicing its debt
obligations.

However, the rating is supported byKKJET's moderate operating
margins (FY15: 23.95%), continuous positive cash flows from
operations (INR90.24m), and its strong market position.

The rating is also supported by the quality standards maintained
by the trust as reflected by its moderate average acceptance rate
of 59.34% during FY11-FY16.  Also, the schools run by the trust
have a respectable market position as can be seen from its
enrolment rate of 100% during FY11-FY16.  Moreover, the total
headcount grew at a CAGR of 3.36% during FY11-FY16.

For income, KKJET is largely reliant on tuition fees which
constituted on an average 94.71% of the total income during FY11-
FY15.  However, the absence of volatility in the top line
resulting from sound growth in headcount and periodic upward
revisions in tuition fees alleviates the concentration risk.
Also, the associated high reliance risk is limited since the
trust caters to a recession-proof industry under a well-
established brand.  Staff costs (average FY11-FY15: 41.36%)
followed by operating expenditure (average: 38.57%) drive the
total expenditure.  KKJET's fee income grew at a CAGR of 24.93%
during FY11-FY15.  Ind-Ra expects the income to grow steadily on
headcount growth and fee revisions.

KKJET has established three schools in collaboration with Delhi
Public School Society (DPSS) under the Delhi Public School brand.
With close to 200 institutions, DPSS has established a recognized
brand of school under the name of Delhi Public Schools.  This
model allows KKJET to leverage the already established brand
equity and concentrate on developing efficient and cost-effective
operating systems and delivery mechanisms.  The trust also
benefits from the consultancy services it receives from DPSS on
the operational performance of schools, with the society being a
part of the management.

                       RATING SENSITIVITIES

Positive: Improvements in the liquidity, a reduction in the debt
burden along with a sustained improvement in the operating
margins resulting from strong growth in the total headcount could
be positive for the rating.

Negative: Any unexpected fall in the student demand in
conjunction with a further increase in the debt in relation to
operating income could be negative for the rating.

                         COMPANY PROFILE

KKJET also known as Pt. Kailash Chandra Jain Keshav Dev Jain
Educational Trust was established in 1998 in Aligarh, Uttar
Pradesh.  It has established three schools in collaboration with
DPSS namely Delhi Public School Aligarh, Delhi Public School
Civil Lines (Aligarh) and Delhi Public School Hathras.
Provisional FY16 financials indicate a total income of INR270
mil. with a current balance of INR33 mil.


SMT. TARAWANTI: CARE Reaffirms B+ Rating on INR12.36cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
SMT. Tarawanti Educational Trust.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.36      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Smt. Tarawanti
Educational Trust (TET) continue to be constrained by its weak
financial risk profile marked by small scale of operations,
working capital intensive nature of operations, leveraged capital
structure and modest debt coverage indicators. The rating is
further constrained by the high level of competition in the
industry and limited geographical reach of the trust. The rating,
however, favourably takes into account long track record of
operations, experienced management team, healthy surplus margins
and buoyant prospects of the K-12 segment in India.

The ability of the trust to scale up its operations in a highly
competitive market while maintaining its profitability margins
and improving its capital structure would be the key rating
sensitivities.

Smt. Taravanti Educational Trust (TET) was established in 2001 by
Mr Sanjeev Murria and his family members. The trust is being
managed by Mr Sanjeev Murria, Mrs Sudarshana Murria and Mrs
Vandana Murria. TET is running two schools in Jalandhar, Punjab
by the name 'Little Blossom School' and 'La Blossom School', with
a total of 1731 students in the Academic Year 2015. Little
Blossom School is currently offering classes from pre-nursery to
4th standard whereas La Blossom School is currently offering
classes from 1st class to higher secondary (till 11th class). TET
provides numerous facilities at its fully air conditioned schools
which include smart classrooms, swimming pool, computer labs,
mini nursing home, etc. Furthermore, TET has employed experienced
and qualified teaching and administrative staff to support the
day-to-day operations.

In FY15 (Audited; refers to the period April 01 to March 31), TET
reported a total operating income of INR5.71 crore with net
surplus of INR1.39 crore, as against a total operating income of
INR5.55 crore with net surplus of INR1.90 crore in FY14.


SOUTHERN COOLING: ICRA Suspends D Rating on INR29.5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the ratings of [ICRA]D assigned to the INR29.5
crore bank lines of Southern Cooling Towers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SPDD INFRA: ICRA Upgrades Rating on INR2.75cr Loan to B+
--------------------------------------------------------
ICRA has upgraded its long-term rating on the INR2.75 crore long
term fund based limits of SPDD Infra Private Limited (SPDD) to
[ICRA]B+ from [ICRA]B. ICRA has also re-affirmed its short-term
rating of [ICRA]A4 on the INR3.25 crore non-fund based limits of
SPDD. ICRA has also assigned its short term rating of [ICRA]A4 to
the INR2.5 crore non-fund based limits of the company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Facility        2.75       [ICRA]B+; (Upgraded)
   Non Fund Based Facility    3.25       [ICRA]A4; (Reaffirmed)
   Non Fund Based Facility    2.50       [ICRA]A4; (Assigned)

The upgrade in ratings favorably factors in the company's
moderate debt coverage metrics with gearing at 0.77 times as on
FY2015, DSCR of 2.49 times and interest coverage of 2.4 times.
The ratings also derive comfort from extensive experience of the
promoters in the construction industry and the healthy revenue
visibility for SPDD, with an Order Book to Operating Income ratio
of 2.18 times. Further the ratings takes into account SPDD's
association with public sector entities like National Buildings
Construction Corporation (NBCC) and IRCON International Ltd
(IRCON), which leads to limited counterparty risks and the
presence of a price escalation clause across the orders, which
help it to manage price fluctuations for key raw materials. ICRA
also notes the change in constitution from sole proprietorship
firm to a private limited company. The ratings however continue
to remain constrained on account of the company's modest scale of
operations and moderate margins. Notwithstanding its healthy
revenue visibility, the firm is exposed to a concentration risk
with a single order accounting for around 86% of the pending
order book rendering it dependent on the execution progress of
the same for revenue booking. Further, the ratings also factor in
the company's stretched liquidity position as evident in high
utilization of bank limits throughout the year owing to elongated
receivable cycle.


The company's ability to ramp up its scale of operations, manage
its liquidity position and maintain its debt coverage indicators
will be the key rating sensitivity factors.

SPDD Infra Private Limited (erstwhile S P Developers and
Decorators) was incorporated in 1992 as a proprietorship firm,
which later in January 2016 converted into a private limited
company. SPDD is a Chandigarh (Punjab) based entity, which
undertakes construction work for commercial, industrial and
infrastructure improvement construction with competency in
fabricated steel structures. The company undertakes construction
work for government organizations including IRCON, NHPC, Indian
Army, Punjab Government, PCA, BSNL and others. Some of the major
projects completed by the company in the past include Rail over
Bridge (ROB) at Pathankot (IRCON), ROB at Mukerian (IRCON), ROB
at Madurai (IRCON), Construction of Degree College at Kathua,
Fabrication of shelters at Panipat (NBCC), Fabrication of shelter
for Indian Army and others.

Recent Results
SPDD reported an operating income of INR20.16 crore and a net
profit of INR0.51 crore for FY2015 as against an operating income
of INR10.36 crore and a net profit of INR0.25 crore for FY2014.


SRI RADHA: ICRA Reaffirms B+ Rating on INR11.25cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR11.25 crore working capital limits, INR0.75 crore bank
guarantee limits and INR3.00 crore unallocated limits of Sri
Radha Krishna Rice Industry.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.25       [ICRA]B+ reaffirmed
   Bank Guarantee         0.75       [ICRA]B+ reaffirmed
   Unallocated limits     3.00       [ICRA]B+ reaffirmed

The rating continues to be constrained by modest scale of
operations in the rice milling industry, limited value additive
nature of the business and highly fragmented structure resulting
in thin profitability levels; weak financial profile
characterized by high gearing levels of 2.86 times as on March
31, 2015 and modest debt coverage indicators for FY2015. The
rating is also constrained by tight liquidity position of the
firm as reflected by high utilisation of working capital limits;
vulnerability of paddy availability to agro-climatic conditions
as well as regulatory risks; and risks inherent in the
partnership nature of the firm.

The rating however draws comfort from the long standing
experience of management with established presence in rice
milling business and strategic location of mill which results in
easy access to raw material. Moreover, ICRA also takes into
account the favourable demand prospects for rice industry, with
rice being a staple food grain and India's position as world's
second largest producer and consumer of rice.

Going forward, the ability of the firm to scale up, improve
margins and manage working capital requirements would be the key
rating sensitivity from the credit perspective.

Sri Radha Krishna Rice Industry was established as a partnership
firm in 2003 by Mr. K. Brahmaiah and other family members, who
have more than 20 years of experience in rice milling business.
The firm is located in the Nellore District of Andhra Pradesh and
is engaged in milling of paddy to produce non-basmati rice. It
has an installed capacity of 8 tonnes per hour.

Recent Results
For FY2015, SRKRI has reported an operating income of INR51.66
crore and net profit of INR0.18 crore as against an operating
income of INR51.29 crore and net profit of INR0.08 crore in
FY2014.


SRM HOTELS: CARE Revises Rating on INR24.83cr LT Loan to B+
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
SRM Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     24.83      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of SRM
Hotels Private Limited (SHPL) takes into account continuous
improvement in capital structure during the period FY13-FY15
(refers to the period April 1 to March 31) with reduction in debt
levels. The rating continues to factor in prolonged delay in the
5-star hotel project implementation in Chennai, and moderate
scale of operations. The rating continues to derive strength from
the continuous support from the promoters and other companies of
the SRM group and location advantage of all hotel properties.

Going forward, continued support from the promoter group in
ensuring timely infusion of funds to meet its debt repayment
obligations in the near term and commissioning of the 5-star
hotel project without any further delay would be crucial from a
credit perspective.

SHPL, promoted by Mr P. Ravi, belongs to the SRM group based in
Chennai which has diversified interests in educational
institutions, transport services, engineering and construction,
hotels and others. SHPL owns and operates two budget category,
i.e., three-star hotels in the name of SRM Hotels (erstwhile
Royal Southern Hotels) situated at Maraimalai Nagar, Chennai, and
Trichy with an aggregate capacity of 172 rooms as at the end of
March 2015. The company also operates two other hotels on lease
basis in Tuticorin and Trichy. SHPL is currently developing a
hotel property under fivestar category with a proposed room
inventory of 135 rooms at Guindy, Chennai.

During FY15, the company reported PAT of INR4.5 crore on a total
operating income of INR63.5 crore.


SWASHTHIK INDUSTRIEES: ICRA Suspends B Rating on INR2.42cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR2.42 crore term-loans, the INR4.75 crore fund based limits
and on the INR0.79 crore proposed facilities of Swashthik
Industriees. ICRA has also suspended the short-term rating of
[ICRA]A4 outstanding on the INR2.04 crore non-fund based
facilities of SWI. 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.


SWASHTHIK PREFORMS: ICRA Suspends B Rating on INR4.75cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR0.75 crore term-loans, the INR4.75 crore fund based limits
and on the INR1.44 crore proposed facilities of Swashthik
Preforms Private Limited. ICRA has also suspended the short-term
rating of [ICRA]A4 outstanding on the INR3.06 crore non-fund
based limits of the company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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.


SWASTIK COLD: ICRA Assigns B Rating to INR4.0cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR4.00 crore1 term
loan and INR2.45 crore cash credit facilities of Swastik Cold
Storage.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   loan                   4.00        [ICRA]B assigned

   Fund Based-Cash
   Credit Pledge          2.20        [ICRA]B assigned

   Fund Based-Cash
   Credit Clean           0.25        [ICRA]B assigned

The rating assigned is, constrained by the fact that the scale of
operations of Swastik Cold Storage (SCS) envisaged is small,
creating an operational stability risk. ICRA takes into
consideration that SCS is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure. Further the rating
assigned takes into account the undertaken capex for setting up
cold storage in FY2016 with a total capex outlay of INR6.71
crore. The debt-funded capex will expose the firm to possible
stress on debt servicing capability in case of slower than
expected ramp up of cash flows.

The rating assigned, however, favourably considers the experience
of partners in cultivation of storing potatoes. The rating also
considers the favourable location of the unit in Deesa (Gujarat),
which is an area with a high potato output.

ICRA expects SCS' revenues will steadily grow on account of
assumption of an increase in rent charges. However, SCS's
operating profits would remain vulnerable to any significant fall
in potato prices. Also, the relatively higher depreciation and
interest expenses as a consequence of capex would pressurize the
net margins in the initial two years of operation. Due to debt
funded capex, the capital structure will remained stretched due
to high debt equity ratio in the initial years of operation that
will gradually improve in line of repayment of term loan. ICRA
also takes into consideration high working capital intensity of
operations due to advances given to farmers using storage
facility.

Swastik Cold Storage (SCS) was established in May 2015 as a
partnership firm. SCS is engaged in providing cold storage
facilities to potato farmers and traders on a rental basis. The
firm started commercial operations in mid of February 2016. The
cold storage facility is located in Deesa, Gujarat, with a
storage capacity of 150,000 bags of 50 kilogram (kg.) each. The
firm is owned by nine partners. Primarily, Mr. Narsinhbhai Kola
manages the operations of the firm.


TEJANKAR HEALTHCARE: CARE Assigns B+ Rating to INR14.02cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' to the bank facilities of Tejankar
Healthcare And Medical Research Institute Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.02      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tejankar Healthcare
and Medical Research Institute Private Limited (THMRIPL) is
primarily constrained on account of implementation and
stabilization risk associated with the ongoing project to set-up
multi-specialty hospital in Ujjain. The rating is also
constrained by THMRIPL's presence in the competitive and
regulated healthcare industry coupled with its dependence on
scarcely available qualified medical professionals.

The rating, however, derives comfort from the qualified promoters
having vast experience in the healthcare industry, eligibility of
the project for subsidy along with positive long-term outlook for
the healthcare sector in India. The ability of the company to
complete the hospital project within the estimated timelines and
commencing operations as per scheduled time will be the key
rating sensitivities.

THMRIPL was incorporated in June 2015 to construct & operate a
150 bed multi-specialty hospital in Ujjain in Madhya Pradesh. It
is promoted by Mr P N Tejankar, Mrs Anita Tejankar and Mr Rahul
Tejankar having a background of medical practitioner. Currently,
THMRIPL is constructing a 7 floor (Ground floor+6) 150 bed multi-
specialty specialty hospital (green building) in Ujjain having
specialized departments in ENT, Gynecology, Orthopedic,
Endocrinology, Cardiology, Ophthalmology & others. The total cost
of the project has been estimated at INR18.02 crore which will be
funded through debt to equity of 2.60 times. The hospital is
envisaged to become operational from September 2016 onwards.


TEX-STYLES INT'L: ICRA Reaffirms C+/A4 Rating on INR.18cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the short term rating at [ICRA]A4 to the
INR7.00 crore fund and non fund-based limits of Tex-Styles
International Pvt. Ltd. ICRA has also reaffirmed the long term
rating at [ICRA]C+ and short term rating at [ICRA]A4 (pronounced
ICRA A four) to the INR0.18 crore unallocated limits of the
company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Short term Fund
   Based Limit (PCL)     4.00       [ICRA]A4 reaffirmed

   Short term Fund
   Based Limit (FBD)     3.00       [ICRA]A4 reaffirmed

   Short term Non
   Fund Based Limit
   (LC)                 (0.75)      [ICRA]A4 reaffirmed

   Unallocated Limits    0.18       [ICRA]C+/[ICRA]A4 reaffirmed

The ratings reaffirmation takes into account, TSIPL's weak
financial profile characterised by moderate profitability, highly
leveraged capital structure and stretched liquidity on account of
high levels of inventory held up. This has resulted in high
utilization of bank limits. The company also had weak coverage
indicators during FY 2014-15. ICRA takes note of the company's
modest scale of operations limiting economies of scale and
vulnerability of its operations to the competitive pressure by
virtue of the highly fragmented industry structure and
susceptibility of the margins vulnerable to fluctuations in
cotton yarn prices.

The ratings, however, favorably incorporates the significant
experience of TSIPL's promoters in the garment manufacturing
business.

Incorporated in 2008, Tex-Styles International Pvt. ltd. (TSIPL)
exports readymade garments manufactured on a made-to-order basis.
The directors of the firm include Mr. Deepak Bhavnani and Mrs.
Jaya Bhavnani. The company has its registered office at Lower
Parel, Mumbai and has two manufacturing units in Mumbai and
Bangalore respectively.

TSIPL derives its sales entirely through exports and primarily
caters to the European market. TSIPL's related concerns, M/s Tex-
Styles International and M/s Hi-Tech Fashions, are also engaged
in a similar line of business since 1977.

Recent Results:
TSIPL recorded a net profit of INR0.73 crore on an operating
income of INR32.32 crore for the year ended on 31st March 2015.


VIBRANT DEHYDRO: ICRA Suspends D Rating on INR6.0cr Cash Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR6.00 crore
long term working capital facilities & [ICRA]D rating to the
INR5.00 crore, short term fund based facilities of Vibrant
Dehydro Foods 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]D suspended

   Fund Based-FBP/
   FBD                   5.00         [ICRA]D 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.

Established in 2007 as private limited company by Mr. Hamid
Kalaniya and other shareholders, Vibrant Dehydro Foods Private
Limited commenced production of dehydrated onion and garlic in
FY09. The company is engaged in preparation and export of various
dehydrated onion and garlic products with onion being the major
product of the company till FY12. In FY13, the company commenced
production and processing of dehydrated garlic products. The
company has installed capacity to produce 15 metric tonne per
day. The company sells its products in export and domestic
market.


VINAY STEEL: CARE Assigns 'B' Rating to INR10cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vinay
Steel.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Vinay Steel (VS) is
constrained due to the trading nature of business resulting in
low margins and moderate profitability, price volatility of
traded goods, presence in competitive and fragmented nature of
the industry and proprietorship nature of constitution limiting
the financial flexibility of the firm.

The above constraints outweigh the comfort derived from the
significant experience of proprietor in trading of iron & steel
products.

The ability of the firm to achieve its projected revenues and
profits and improve its capital structure along with efficient
management of working capital are the key rating sensitivities.

VS, based out of Nagpur (Maharashtra), is a proprietorship firm
promoted by Mr Vinay Jamnadas Udeshi and commenced operation on
September 01, 2015. VS is engaged in trading of iron & steel
products such as Thermo Mechanically Treated (TMT) bars, round
bars, angles, channels, beams, flats, etc, which find application
in industries like construction, infrastructure and engineering.

The entity has its registered office and servicing facility based
in Nagpur. The servicing facility is owned by the entity and has
an area of 28,000 sq. ft. The entity procures the materials from
local and domestic suppliers based in Nagpur and Raipur and sells
its products in the state of Maharashtra.


VINSHIL POLYCHEM: CARE Assigns B+/A4 Rating to INR0.50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Vinshil Polychem.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     0.50       CARE B+/CARE A4
                                            Assigned

   Short term Bank Facilities    6.00       CARE A4 Assigned

Rating Rationale

The ratings assigned to bank facilities of Vinshil Polychem (VNP)
are primarily constrained by its small scale of operations
with short track record of operations and weak financial risk
profile marked by low profitability margins, leveraged capital
structure & weak coverage indicator.

The ratings are, further constrained by foreign exchange
fluctuation risk, volatility associated with the traded product
and partnership nature of its constitution.

The ratings, however, draws comfort fromexperience partners in
trading business and moderate operating cycle Going forward, the
ability of the firm to increase its scale of operations while
improvement its profitability margins and ability to manage
exchange rate fluctuations shall be the key rating sensitivities.

Delhi-based VNP was established as a partnership firms in June
2014 by Mr Kapil Goel and Mrs Shilpa Agarwal sharing profits and
loss equally. The firm commenced its operations from July 2015.
The firm is engaged in the trading of synthetic polymers (such as
EVA, PVC, PVAC, etc) and chemicals (such as stearic acid, oleic
acid, etc.) which finds its application in footwear industries.
The firmmainly operates in the region of Delhi and Haryana.

VNP procures chemicals domestically from various players located
in pan India. However, it imports synthetic polymers (~50% of the
total purchases) from China and Korea. The firm sells its
products directly to reputed footwear manufacturers located in
Haryana and Delhi. Furthermore, the firm has a separate marketing
team for marketing its product which is headed by Mr Kapil Goyal.

VNP has achieved a total operating income (TOI) of INR4.20 crore
with PBILDT and profit after tax (PAT) of INR0.08 crore
and INR0.04 crore, respectively, in 9FY15 (refers to the period
July 1 to March 31). Furthermore, during 11MFY16 (refers to the
period April 1 to February 29), the firmachieved TOI of INR6.52
crore (as per the unaudited results).



===============
M A L A Y S I A
===============


1MALAYSIA: Unit Bought by China Nuclear Firm Was Distressed
-----------------------------------------------------------
Yantoultra Ngui at The Wall Street Journal reports that an audit
of a key energy group sold by troubled state investment fund
1Malaysia Development Bhd. to a Chinese state-owned nuclear-power
company flagged deep uncertainty over the company's viability.

According to the Journal, notes from auditor Deloitte in the
140-page financial accounts of Edra Global Energy Bhd. for the
year ended March 31, 2015, said the audit found "an existence of
a material uncertainty which may cast significant doubt about the
group's and company's ability to continue as a going concern."

The auditor's notes, reviewed by The Wall Street Journal, are
part of the most detailed account of Edra's finances at the time
that China General Nuclear Power Corp. purchased the firm for
MYR9.83 billion ($2.4 billion) last November as the fund, known
as 1MDB, was struggling to meet its debt obligations.

According to the Journal, the sale relieved pressure on 1MDB and
Prime Minister Najib Razak's government and came during
competition between countries including China and Japan for
contracts to build a multibillion-ringgit high-speed rail link
between the Malaysian capital Kuala Lumpur and Singapore.  The
Journal notes that the official tender process for the rail
contract hasn't opened. A consortium that included China Railway
Engineering Corp., the Malaysian unit of China Railway Group
Ltd., purchased a majority stake in a real-estate project,
situated at the site of an old air-force base on the edge of
Kuala Lumpur's city center, from 1MDB around the same time, the
Journal recalls.

The Journal says the investments have raised speculation that
China hopes to increase its leverage to win the rail contract,
part of a strategic drive in several other Asian countries to
build high-speed trains and create a vast new transportation
network.

"China takes long-term views and that diplomacy is akin to 'check
book' diplomacy," the Journal quotes Malaysian opposition
parliamentarian Wong Chen as saying. "It is not surprising that
there is maybe a link to the 1MDB bailout to the award of the
high-speed railway project to China."

China's State Council Information Office didn't respond to a
request for comment on whether the deal was made to support the
high-speed railway bid, the Journal notes. Both China General
Nuclear and China Railway are Chinese state-owned companies.
China Railway Engineering Managing Director Cai Zemin said at a
news conference in December in Kuala Lumpur that the company was
very keen on getting the railway project, the Journal states.

1MDB was launched by Mr. Najib in 2009 to promote economic
development, and it began buying power assets in 2012 in what it
said was a plan to build sustainable businesses and promote green
technologies, the Journal notes. The fund began selling off
assets in 2015 after accumulating more than $11 billion in debt,
the Journal discloses.

The Journal says the fund is the focus of investigations in at
least six countries including Malaysia. Authorities in
Switzerland and Singapore are among those investigating alleged
misappropriation of funds from 1MDB. 1MDB has denied any
wrongdoing and said it would cooperate with the investigations,
the report states.

Edra's financial accounts were due to be submitted to the
Companies Commission of Malaysia by Sept. 30 last year, the
Journal notes. But the filing was delayed after Deloitte sought
further clarifications and more documents from 1MDB, the owner of
Edra at that time, according to 1MDB President and group
Executive Director Arul Kanda Kandasamy in a local news report in
October. This came following allegations of mismanagement at 1MDB
by former Prime Minister Mahathir Mohamad and other opposition
political leaders, the Journal relays. 1MDB denied those
allegations.

According to the Journal, the financial accounts showed that not
only was Edra incurring more losses for the financial year ended
March 31, 2015, from a year earlier, but the company seemed to be
having difficulty meeting its debt obligations.

Its debt obligations due within a year from its financial year
ended March 31, 2015, were 38% higher than its current assets as
of March 31, 2015, while net current liabilities amounted to some
84% of cash generated from operations, the audited accounts of
Edra showed, the Journal relays. Net losses jumped nearly
eightfold to MYR475.07 million compared with a net loss of
MYR60.3 million a year earlier, mainly as higher finance costs
and an impairment loss in goodwill ate into profits. Revenue grew
33% on-year, the Journal relates citing audited accounts of Edra.

China General Nuclear bought Edra for MYR9.83 billion in cash
based on a valuation dated March 31, 2015, the notes in Edra's
audit financial accounts showed, even with the power company
having negative book-value and price-to-earnings ratio, the
Journal relays.  The Chinese firm also assumed all of Edra's debt
obligation of MYR11.5 billion, the Journal notes. China General
Nuclear outbid state-run power company Tenaga Nasional Bhd.,
which is 30%-owned by Malaysia's sovereign-wealth fund, Khazanah
Nasional Bhd., the Journal adds.


                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).



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


FEDERATION CLOTHING: Owner Pulls Brand Back From The Brink
----------------------------------------------------------
Rob Kidd at Herald on Sunday reports that the woman behind one of
New Zealand's top fashion labels has sold her house to wrestle
back the company from liquidators.

Herald on Sunday relates that 15 years after establishing the
Federation brand, Jenny Joblin was before Auckland District Court
charged with defrauding Customs.  Earlier this month she pleaded
guilty to three representative charges, the report recalls.

The business was in the hands of liquidators in February, the
report notes.

According to the Herald on May 29, liquidator McDonald Vague, in
a report filed with the Companies Office, said ASB Bank was owed
just over NZ$1 million of secured debt by Federation.

"I realised how iconic it was to the country and how much a part
of me it was," the Herald quotes Ms. Joblin as saying.

So she sold her house, the Herald on Sunday says.

Ms. Joblin told the Herald on Sunday everything she made from
sale was used to pay back the bank and creditors, and on April 1
the company belonged to her again.

But before she could consider a fresh start, the criminal charges
still had to be dealt with, the Herald on Sunday notes.

"It was really draining, especially with trying to get Federation
going again. . . I didn't want anything hanging over," she said.

Herald on Sunday says the prosecution told the court the
undervaluing of goods was such that the company avoided paying
more than NZ$680,000, but Judge David Sharp accepted any
shortfall would be paid.

The judge gave Ms. Joblin credit for her clean record and "good
character," the report notes.

"You are a person who is worthwhile and produces materials for
people and uses skills that you have in a way that is consistent
with being a good citizen, despite this mistake," the report
quotes Judge David Sharp as saying.

Ms. Joblin was fined NZ$40,000 and although she had admitted the
allegations against her, she called it the "pragmatic approach,"
the report relays.

Herald on Sunday adds that Ms. Joblin also admitted part of
Federation's downfall may have been a determination to expand and
grow the brand. "I'm not trying to take on the world any more,"
she said. "At one stage we did have a lot of stores in Europe and
when I broke it down it was a break-even exercise at best."

Now she was focusing on the two stores in Takapuna and Onehunga,
as well as the 70 retailers around the country to whom they
supplied garments, Herald on Sunday reports.

Federation Clothing is a wholesaler of streetwear of the same
name, which is stocked by Laundromat Collective's four Auckland
stores in the city centre, Newmarket, Takapuna and Onehunga.


STONEWOOD HOMES: Lays Off 15 Staff in Christchurch
--------------------------------------------------
Blair Ensor at Stuff.co.nz reports that more than a quarter of
Stonewood Homes' Christchurch staff, including the general
manager, have been laid off by the company's new owners.

Stuff.co.nz relates that the 15 staff were told at a meeting on
May 27 that their contracts were being terminated -- a fortnight
before the 90-day trial period ended.

It is understood the building firm's general manager, Alistair
Pearson, is among those looking for a new job, says Stuff.co.nz.

A family member of one of the staff, who would not be identified,
said the announcement came as a shock, the report relays.

"Everyone's been working really hard. I can't understand why
anyone's been let go," she said.

Stonewood Homes New Zealand Ltd and its sister companies went
into receivership on February 22, owing millions.

Inno Capital, a company owned by property magnates Michael and
John Chow and finance specialist Clint Webber, bought the
business assets for an undisclosed sum on March 9.

According to Stuff.co.nz, Mr. Webber said when Inno Capital took
over it employed 43 Stonewood staff in Christchurch under new
contracts.

He confirmed that 15 of those contracts were ended on May 27
under the provisions of the 90-day termination period, the report
relays.

"When we took over this company we didn't know any of the people
and we didn't know their abilities. Some staff were told they
didn't meet the requirements," the report quotes Mr. Webber as
saying.  "I sympathise with people but at the end of the day
we've got a business to run."

Those affected had been paid a severance period of a week in
addition to what was required under law, he said.

Stuff.co.nz relates that Mr. Webber said the revived building
firm continued to grow and more staff would be hired. Since the
takeover, the company had taken on 11 people and an Inno Capital
staff member had relocated to Christchurch.

Earlier this month, it was announced that Stonewood Homes hoped
to complete 196 homes delayed by the company's receivership by
late September, Stuff.co.nz recalls.

On February 22, Stonewood Homes New Zealand Ltd -- the master
franchisor of the Stonewood Group -- and sister companies
Stonewood Homes Ltd and Sterling Homes (Christchurch) went into
receivership owing unsecured creditors NZ$15 million.

Inno Capital, a company owned by property magnates Michael and
John Chow and finance specialist Clint Webber, bought the
business assets for an undisclosed sum on March 9, Stuff.co.nz
disclosed.



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


* SOUTH KOREA: Top 9 Shipbuilders' Debt Amounts to KRW100 Tril.
---------------------------------------------------------------
Yonhap News Agency reports that the combined debt held by South
Korea's top nine shipbuilders exceeded KRW100 trillion (US$84.7
billion) last year amid the prolonged industrywide slump around
the globe, industry data showed.

The combined debt held by the shipbuilders on a consolidated
basis came to KRW102.6 trillion, casting clouds over the recovery
of one of the main growth engines of Asia's fourth-largest
economy, Yonhap discloses citing data compiled by market
researcher Chaebul.com.

The figure marks a significant rise from KRW90.5 trillion posted
in 2011, Yonhap notes.

By company, Daewoo Shipbuilding & Marine Engineering Co. (DSME)
saw its debt surge 53.1% over the cited period to KRW18.6
trillion, marking the sharpest growth among the major players,
Yonhap relays.

The country's top three shipyards also suffered a combined
operating loss of KRW8.5 trillion last year, due largely to
increased costs stemming from a delay in the construction of
offshore facilities and a worldwide dearth in demand. Some
KRW5.5 trillion of the losses came from DSME, Yonhap notes.

"As the government, business leaders and creditors missed the
appropriate timing to roll out restructuring, the poor condition
of the shipbuilding industry worsened, making the burden on the
country heavier," Yonhap quotes Jung Sun-sup, who heads
Chaebul.com, as saying.

Kim Sang-jo, an economics professor at Hansung University, echoed
the view, adding that the government and the politicians must
thoroughly examine key issues facing the local shipbuilding
industry and come up with appropriate ways to handle the
situation, adds Yonhap.



                             *********

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 ***