TCRAP_Public/160601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 1, 2016, Vol. 19, No. 107


                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Raises CFR to Caa3; Outlook Stable
BURRUP FERTILISER: PPB Ran 'Flawed' Process For Oswal Share Sale
LA TROBE: S&P Assigns Preliminary B+ Rating to Class F Notes

* AUSTRALIA: Insolvency Firms are Hiring as Collapses Gather Pace


C H I N A

CHINA HONGQIAO: S&P Affirms 'BB-' CCR; Outlook Stable
FOSUN INTERNATIONAL: S&P Affirms 'BB' CCR; Outlook Negative
OCEANWIDE HOLDINGS: Fitch Rates $200MM Sr. Unsec. Notes Final 'B'


H O N G  K O N G

NOBLE GROUP: CEO Quits as Energy Solutions Business Put on Sale
NOBLE GROUP: Moody's Retains Ba3 CFR on Announced CEO Resignation


I N D I A

A C STEELS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
A.S. CARGO: CRISIL Suspends 'B' Rating on INR1.15BB Disc. Loan
ADHYASHAKTI CONCAST: CRISIL Suspends D Rating on INR113.2MM Loan
AMRICON AGROVET: ICRA Lowers Rating on INR63.65cr Loan to 'D'
ANAND POLY: CRISIL Assigns 'B' Rating to INR70MM Cash Loan

APS POWER: Ind-Ra Lowers LT Issuer Rating to 'IND B+'
ARIHANT METALS: CRISIL Reaffirms 'B' Rating on INR120MM Loan
AUGUSTAN TEXTILE: CRISIL Reaffirms B- Rating on INR80MM Loan
AXSYS SOLUTIONS: CRISIL Upgrades Rating on INR50MM Loan to B-
BANK OF INDIA: S&P Lowers ICR to 'BB+'; Outlook Stable

BAY FORGE: Ind-Ra Withdraws 'IND B+(suspended)' LT Issuer Rating
BELIEVE INFRAPROJECTS: CRISIL Assigns B+ Rating to INR40MM Loan
CHAUDHARY BUILDERS: CRISIL Assigns B+ Rating to INR70MM Loan
DELTA OPTICS: ICRA 'B' Rating on INR5cr Loan on Withdrawal Notice
DHANLAXMI INDUSTRIES: ICRA 'B' Loan Rating on Withdrawal Notice

DIGIFLIC CONTROLS: Ind-Ra Assigns B+ LT Issuer Rating
ESSOS CV: Ind-Ra Assigns BB(SO) Rating to INR24MM Series A2 PTCs
GAUTAMI CHEMICALS: CRISIL Assigns 'B' Rating to INR65MM Loan
GREYS EXIM: CRISIL Suspends 'B' Rating on INR192MM Cash Loan
GUPTA RICE: CRISIL Upgrades Rating on INR190MM Loan to 'B'

GURUFCURE: ICRA Suspends B+ Rating on INR9cr Bank Loan
HEERA RICE: ICRA Suspends B+ Rating on INR28cr Bank Loan
HI-RISE BUILDING: CRISIL Suspends 'D' Rating on INR160MM LT Loan
IDBI BANK: S&P Affirms 'BB+' ICR; Outlook Stable
INDIAN OVERSEAS: S&P Lowers LT ICR to 'BB'; Outlook Stable

JOSEPH LESLIE: ICRA Reaffirms B+ Rating on INR5.25cr LT Loan
KANDUKURI INDUSTRIES: CRISIL Suspends B- Rating on INR78MM Loan
KK PROTEINS: ICRA Assigns B+ Rating to INR18cr Cash Loan
KRIPA TELECOM: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
LIBRA FABRIC: CRISIL Suspends B+ Rating on INR130MM LT Loan

LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR190MM Whse Loan
M.M.J. CONSTRUCTION: CRISIL Assigns B+ Rating to INR74MM Loan
M/S GREENHOUSE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
MARE FOOD: CRISIL Suspends 'B' Rating on INR35MM Bill Disc.
MASTER BLENDERS: ICRA Assigns B+ Rating to INR3.75cr LT Loan

MULPURI FOODS: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
PARKASH PULSES: Ind-Ra Affirms 'IND B' LT Issuer Rating
PHANICARE PHARMA: Ind-Ra Withdraws 'IND B' LT Issuer Rating
PMR INFRASTRUCTURE: Ind-Ra Withdraws 'IND D' LT Issuer Rating
PULUKURI SIVA: Ind-Ra Withdraws 'IND B+' LT Issuer Rating

R.K. AGRO: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
R L CONSTRUCTION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
RAMANASREE CONSUMER: CRISIL Suspends 'B' Rating on INR100MM Loan
RAMKY INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR37.5BB Loan
ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'CCC-'

S. KHODAY: CRISIL Suspends B- Rating on INR90MM Cash Loan
S.L.V. STEELS: CRISIL Suspends 'D' Rating on INR198MM LT Loan
SHREE DURGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHREE KRISHAN: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SHREE SHYAM: ICRA Lowers Rating on INR7.0cr Cash Loan to 'D'

SHRI BHOLANATH: CRISIL Suspends 'D' Rating on INR38MM Cash Loan
SHRI KARVIR: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
SIDHI VINAYAK: ICRA Suspends 'B' Rating on INR7.5cr Loan
SONALI EXTRUSIONS: CRISIL Reaffirms 'B' Rating on INR53.5MM Loan
SPB DEVELOPERS: CRISIL Suspends 'D' Rating on INR1.91BB Loan

SREE VEERA: CRISIL Raises Rating on INR65MM Cash Loan to B-
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR11.25cr Cash Loan
SRI LAKSHMI: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
SRS LIMITED: Ind-Ra Lowers LT Issuer Rating to D; Outlook Neg.
STITCHFAB (INDIA): CRISIL Assigns 'B' Rating to INR80MM Loan

SWARUP INTERNATIONAL: CRISIL Assigns B+ Rating to INR30MM Loan
SWIZZER CERAMIC: CRISIL Reaffirms B+ Rating on INR215MM LT Loan
SYNDICATE BANK: S&P Lowers LT ICR to 'BB+'; Outlook Stable
UNIFIED ELECTRONICS: CRISIL Suspends B Rating on INR25MM Loan
VIJAY ENGINEERING: ICRA Assigns 'B' Rating to INR16cr Cash Loan

VIR ELECTRO: ICRA Assigns B- Rating to INR12.5cr LT Loan
VISHWA GREEN: ICRA Withdraws 'D' Rating on INR14cr Bank Loan
VISHWAS COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan
WELCAST PRODUCTS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
YM MOTORS: CRISIL Reaffirms B- Rating on INR195MM LT Loan


J A P A N

TAKATA CORP: To Rule Out Bankruptcy in Seeking Buyer Funding


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Scandal Strains Longest Bull Market Run


N E W  Z E A L A N D

ACCURO HEALTH: A.M. Best Affirms 'B' FSR & Alters Outlook to Pos.


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Draws Up Self-Rescue Package Worth KRW3TT
HYUNDAI MERCHANT: Bondholders Pressed to Approve Debt Recast Plan


                            - - - - -


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


ATLAS IRON: Moody's Raises CFR to Caa3; Outlook Stable
------------------------------------------------------
Moody's Investors Service has upgraded Atlas Iron Limited's
corporate family rating to Caa3 from Ca.  At the same time,
Moody's has upgraded Atlas' senior secured bank credit facility
to Caa3 from Ca.

The outlook is stable.

                         RATINGS RATIONALE

The rating action follows Atlas' announcement on May 6, 2016,
that it has implemented a creditors' scheme and completed its
debt restructuring.  The transaction constitutes a distressed
debt exchange, which is a default event under Moody's definition.

As part of the scheme, Atlas has reduced the principal
outstanding on its Term Loan B to USD135 million from USD267
million and extended its maturity date to April 2021 from
December 2017.

"The upgrade reflects Atlas' improved capital structure following
the completion of its debt restructuring," says Saranga
Ranasinghe, a Moody's Assistant Vice President / Analyst.

"The upgrade also reflects the approximate AUD20 million interest
saving resulting from the lower debt and interest rates, which
should further help lower the cost per tonne produced," adds
Ranasinghe.

Despite its improved capital structure, Atlas -- as a single
commodity producer -- remains extremely sensitive to the volatile
iron ore price and foreign exchange rates.  The iron ore price
has recovered from its record low, but remains very volatile.

Under Moody's revised expectations of USD40/tonne - USD45/tonne
in 2016 and 2017, Atlas' realized price will likely remain below
breakeven levels in the near term, barring further material cost
reductions and/or a depreciation of the Australian dollar against
the US dollar.  This situation will pressure its minimum cash
covenant of AUD35 million at the end of each calendar month.
Accordingly, the risk of default remains high.

The stable outlook reflects Moody's expectation that Atlas is
well positioned in the Caa3 rating level.

The rating could be upgraded or the outlook changed to positive
if a sustained improvement in iron ore prices above break even
levels and/or further cost reductions lead to an improvement in
margins. Specifically, Moody's would look for positive free
cashflow generation by the company and cash levels comfortably
above the minimum cash covenant.

The rating could be downgraded if the already weak fundamentals
for iron ore deteriorate further, leading to negative free
cashflow and reducing headroom under its minimum cash covenant.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Atlas Iron Limited, headquartered in Perth, Australia, is an iron
ore producer and developer focused on the North Pilbara region of
Western Australia.  Atlas exports iron ore from its current three
producing mines.


BURRUP FERTILISER: PPB Ran 'Flawed' Process For Oswal Share Sale
----------------------------------------------------------------
The Sydney Morning Herald reports that receivers behind the sale
of Pankaj and Radhika Oswals' interest in Burrup Fertilisers ran
a "flawed" process and were in effect puppets for the ANZ Bank, a
court has heard.

According to SMH, the receivers, from PPB Advisory, are being
sued by the Oswals over allegedly selling their 65% stake in the
West Australian fertiliser giant on the cheap at the behest of
ANZ Bank.

SMH relates that the Oswals ploughed millions into their
expansive residence in Perth's ritzy suburb Peppermint Grove.

The billionaire entrepreneur and his socialite wife allege they
are owed between AUD1.5 billion and AUD2.5 billion over the sale
of their interests in Burrup Fertilisers, says SMH.

ANZ called in the receivers over the Oswal's stake in Burrup in
2010, the report recalls.  SMH says the stake was later sold to
Norway's Yara International, which was already a shareholder in
Burrup and New York-listed Apache Corp, which had a gas supply
agreement with Burrup for a total price of $US560 million.

SMH relates that lawyer for the Oswals, Tony Bannon, SC, told the
court the sale process undertaken by PPB gave preference to Yara,
which held a stake in Burrup.

"We say that there was an impossible conflict," the report quotes
Mr. Bannon as saying.

According to the report, Mr Bannon said to appease Yara's desires
to get a slice of the Oswals' assets the receivers decided to
give preference to Yara and Apache in the deal.

"We say that the steps they took didn't pay regard to the
interests of the Oswals," Mr Bannon, as cited by SMH, said.

Mr Bannon told the court PPB was acting as a "puppet" for ANZ.

"The receivers were essentially acting as agents for the ANZ,"
Mr. Bannon said, adding that Yara was allowed an "undue
influence," SMH relays.

SMH adds that Mr Bannon also told the court the sale process
failed to take into account the enormous financial benefit Apache
received from its inclusion in the deal.

As a result of the deal, Apache was able to renegotiate the gas
sale agreement with Burrup on much more favourable terms, the
court heard, according to SMH.

The trial, in the Supreme Court of Victoria before Judge Julie
Dodds-Streeton, is expected to take three months, the report
notes.

On May 30, the court heard Mr Oswal had signed a guarantee over
his shares to the ANZ for AUD900 million under duress, claiming
he was placed in a headlock by an ANZ senior executive and forced
to sign the guarantee, SMH discloses.

                     About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


LA TROBE: S&P Assigns Preliminary B+ Rating to Class F Notes
------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to the eight
classes of nonconforming residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for La Trobe Financial Capital Markets Trust 2016-1.  La Trobe
Financial Capital Markets Trust 2016-1 is a securitization of
nonconforming residential mortgages originated by La Trobe
Financial Services Pty Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including its view that the credit support is
      sufficient to withstand the stresses it applies.  The
      credit support for the rated notes comprises note
      subordination.

   -- The availability of a retention amount, amortization
      amount, and yield reserve, which will all be funded by
      excess spread, but at various stages of the transaction's
      term. They will have separate functions and timeframes,
      including reducing the balance of senior notes, reducing
      the balance of the most subordinated notes, and subject to
      conditions pay senior expenses and interest shortfalls on
      the rated notes.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including a liquidity
      facility equal to 3.0% of the outstanding balance of the
      notes, and principal draws, are sufficient under S&P's
      stress assumptions to ensure timely payment of interest.

   -- There is a condition that a minimum margin will be
      maintained on the assets.

A copy of S&P Global Ratings' complete report for La Trobe
Financial Capital Markets Trust 2016-1 can be found on
RatingsDirect, S&P Global Ratings' Web-based credit analysis
system, at:

                  http://www.globalcreditportal.com

The issuer has not informed Standard & Poor's (Australia) Pty
Limited whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.

PRELIMINARY RATINGS ASSIGNED

Class       Rating        Amount (mil. A$)
A1          AAA (sf)      150.0
A2a         AAA (sf)       27.5
A2b         AAA (sf)       27.5
B           AA (sf)        13.0
C           A (sf)         11.0
D           BBB (sf)        9.0
E           BB (sf)         5.0
F           B+ (sf)         3.0
Equity      NR              4.0

NR--Not rated.


* AUSTRALIA: Insolvency Firms are Hiring as Collapses Gather Pace
-----------------------------------------------------------------
Madeleine Heffernan at The Sydney Morning Herald reports that in
good news for insolvency firms but not much else, insolvencies
are rising and the number of retailers appointing external
administrators is also up.

Electronics chain Dick Smith, home furnishings company Laura
Ashley Australia and clothing retailer Man To Man are among
retailers to have gone under recently, says SMH.

According to SMH, John Winter, chief executive of the industry
body Australian Restructuring Insolvency & Turnaround
Association, said after a quiet collapse of years, insolvency
firms are now hiring staff as the end of the resources boom
starts to bite.

"The economy has been powering along really nicely, and there's
no better indicator for that than the fact that insolvency firms
have been quiet and been putting off staff," SMH quotes Mr Winter
as saying.  "But things started picking up about two and a half
months ago."

Official figures show 159 retailers entered external
administration in the first three months of 2016, up from 149 in
the first quarter of 2015, SMH discloses.

Since 2013, retailers have accounted for about 7.5% of overall
collapses, SMH notes citing Australian Securities and Investments
Commission figures.

SMH relates that Mr Winter said it's not a disproportionately
large figure, given retail's low barriers to entry and an
increase in capital from different sources such as private
equity.

Retail collapses seemed to attract more attention because regular
punters tended to know the companies, he said, SMH relays.

It's understood that bankers appointed receivers to Dick Smith in
the expectation a trade buyer would emerge, according to SMH.

But Mr Winter said the lack of a white knight for Dick Smith did
not suggest it was harder to find buyers for collapsed retail
assets these days -- but rather reflected the quality of the
business, says SMH.

"The bigger question is around is there an endemic failure that's
occurring the sector?" SMH quotes Mr. Winter as saying. "We've
seen structural changes and there's long been talk about eBay and
[online marketplace] Alibaba."

Man to Man finally ceased trading last week, closing down 24
stores and shedding 130 remaining staff, the report relays.

When it first went bust in December 2014, owing AUD28 million
including to National Australia Bank, it had about 82 stores and
more than 400 staff. Ferrier Hodgson then sold the business.
Liquidators were appointed on May 30, adds SMH.



=========
C H I N A
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CHINA HONGQIAO: S&P Affirms 'BB-' CCR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB-' long-term
corporate credit rating on China Hongqiao Group Ltd.  The outlook
is stable.  S&P also affirmed its 'cnBB+' long-term Greater China
regional scale rating on the China-based aluminum producer.  At
the same time, S&P affirmed its 'BB-' long-term issue rating and
'cnBB+' long-term Greater China regional scale rating on the
company's senior unsecured notes.

"The rating affirmation reflects our opinion that Hongqiao will
be able to maintain its profitability over the next 12 months
despite aluminum prices remaining subdued," said S&P Global
Ratings credit analyst Yuehao Wu.  The aluminum industry is
severely oversupplied in a slowing economy.  The company was able
to increase its production in such tough operating conditions,
lowering its production cost.  Offsetting these strengths is
S&P's view that Hongqiao could embark on aggressive debt-funded
capacity expansion in pursuit of its goal of becoming an
integrated aluminum producer along the industry value chain.

S&P expects Hongqiao's EBITDA to increase to Chinese renminbi
(RMB) 16 billion-RMB18 billion in 2016 and even higher in 2017,
from RMB12.6 billion in 2015.  S&P attributes the growth in
EBITDA to the company's sustained low cost position and higher
sales volume. Hongqiao has a competitive cost position.

"We see Hongqiao's high appetite for debt-funded growth as a
risk, said. Ms. Wu.  The company's debt, adjusted for surplus
cash, almost doubled in 2015, from that in 2013, because of high
capital spending.  S&P expects Hongqiao's debt to increase
further in 2016 because of negative discretionary cash flows as
the continued high spending on capacity expansion and stable
dividend payments exceed cash flows from operations.

S&P's base-case expectation is that Hongqiao's ratio of funds
from operations (FFO) to debt will improve to 21%-25% in 2016,
and to 30% by 2017, given its increasing profitability on higher
volumes. Hence, S&P revised the company's financial risk profile
to significant from aggressive.  However, in S&P's view,
Hongqiao's appetite for debt-funded capacity growth remains high,
which could constrain its ability to maintain its cash flow
adequacy at the current level.  S&P therefore revises its
financial policy to negative from neutral.

The stable outlook reflects S&P's view that Hongqiao's new on-
stream aluminum capacity and a low cost position could maintain
its profitability amid the economic slowdown in China and a
subdued commodity pricing cycle over the next 12 months.  This
offsets the company's higher debt-funded spending on capacity
growth.  S&P expects Hongqiao's FFO-to-debt ratio to be above 20%
in the next 12 months.

S&P could lower the rating if Hongqiao's cash flow leverage
weakens beyond S&P's expectation over the next 12 months.  An
indication could be an FFO-to-debt ratio below 15% with no
prospect of recovering.  Substantially higher capital spending or
significant loosening of working capital management funded by
debt could cause such a weakening.

S&P may raise the rating on Hongqiao if the company demonstrates
a record of financial discipline with respect to capital spending
such that it can sustain the FFO-to-debt ratio at more than 30%.


FOSUN INTERNATIONAL: S&P Affirms 'BB' CCR; Outlook Negative
-----------------------------------------------------------
S&P Global Ratings revised its outlook on China-based
conglomerate Fosun International Ltd. to negative from stable.

At the same time, S&P affirmed its 'BB' long-term corporate
credit rating on Fosun and S&P's 'BB' issue rating on the
outstanding senior unsecured notes that the company has issued or
guarantees.

S&P also lowered its long-term Greater China regional scale
ratings on Fosun and its notes to 'cnBB+' from 'cnBBB-',
reflecting the outlook revision.

The outlook revision to negative reflects S&P's assessment that
the stand-alone credit profile (SACP) of Fosun's industrial
operations has weakened to 'bb-' from 'bb' due to a material
increase in leverage following the completion of a few
acquisitions.

While S&P expects Fosun will focus on consolidating its existing
investments instead of more aggressive acquisitions in the near
term and will recycle its investment portfolio and raise equity
to fund investment, the prospects for a material reduction of
leverage are uncertain.  The company's ratio of debt to EBITDA
for its industrial operations increased to 16.8x in 2015 from
9.1x a year earlier.

S&P affirmed the ratings because it expects the slightly better
credit quality of Fosun's insurance segment to partly offset the
weakened credit quality of its industrial operations.  S&P
anticipates that the company will reduce its exposure to highly
cyclical and volatile industries, and maintain a diversified
portfolio of businesses and assets with satisfactory quality over
the next 12-24 months.  S&P also expects that the company will
have the flexibility to adjust its investments to temper its high
debt leverage.

While the company aims to transition into an insurance-led
investment holding company, S&P continues to consider Fosun as a
conglomerate or a mixed group with businesses in both industrials
and financials, which are inherently different in nature.
Industrial operations accounted for 45% of consolidated assets
and 81% of consolidated revenue at the end of 2015.  The material
increase in assets from the insurance business was mainly due to
the acquisition of Bermuda-based insurer Ironshore Inc. and U.S.-
based Meadowbrook Insurance Group.  S&P expects the insurance
segment's contribution to the company's consolidated revenue will
be about 30% in 2016.

S&P assess the creditworthiness of Fosun's industrial operations
and insurance business separately, and combine the weighted
assessment by revenue contribution.  S&P assess the industrial
operations on a deconsolidated basis (i.e., excluding financial
data for insurance), and assess the credit profile of Ironshore
and Fosun Portugal, both of which account for most the insurance
earnings and cash flow.

The negative outlook reflects S&P's expectation that Fosun's
leverage for its industrial operations will remain high over the
next 12 months.  The prospect of a material leverage reduction is
uncertain, despite S&P's expectation that Fosun will focus on
consolidating its existing investments instead of more aggressive
acquisitions in the near term, recycling its investment
portfolio, and raising equity to fund investment.

S&P could lower the rating if Fosun's leverage of its industrial
operations does not improve and if S&P believes the company does
not have any commitment or clear plan to improve its financial
strength.  S&P could also lower rating if the asset quality of
Fosun's business portfolio deteriorates and weakens the company's
financial flexibility and liquidity.  This could happen if the
value of Fosun's key assets deteriorates, the company's access to
funding becomes limited, and capital markets weaken sustainably.
S&P could also lower the rating if Fosun's insurance units'
credit quality deteriorates.

S&P could revise the outlook to stable if Fosun improves its
financial performance, such that its ratio of debt to EBITDA is
materially below 10x and its EBITDA interest coverage is at least
1.5x for the industrial operations.  The improved performance of
the industrial operations could result in steady dividends,
higher investment returns, and a reduction in consolidated debt.
S&P could also revise the outlook to stable if Fosun adopts a
clear financial policy toward leverage and demonstrates a record
of adhering to its risk and leverage tolerance.  A material
improvement in the credit quality of its insurance units could
also lead to us to revise the outlook back to stable.


OCEANWIDE HOLDINGS: Fitch Rates $200MM Sr. Unsec. Notes Final 'B'
-----------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Oceanwide Holdings Co. Ltd.'s (Oceanwide; B/Stable) $US200
million 9.625% senior unsecured notes due 2020 a final 'B' rating
and a Recovery Rating of 'RR4'.

The notes are issued by Oceanwide Holdings International 2015
Co., Limited, a wholly owned subsidiary of Oceanwide. The notes,
guaranteed by Oceanwide, are rated at the same level as
Oceanwide's senior unsecured rating because they represent direct
and senior unsecured obligations of the company. The assignment
of the final rating follows receipt of documents conforming to
information already received, and the final rating is in line
with the expected rating assigned on 18 May 2016.

Oceanwide intends to use the proceeds from the issuance for
overseas general corporate purposes, including - but not limited
to - the development of the First & Mission Project in San
Francisco in the United States.

Oceanwide's rating is supported by its strong sales momentum and
solid asset value. It remains on track to generate cash from the
sale of development properties to fund its expansion into the
financial sector. The rating is constrained by the rapid increase
in net debt to CNY68bn in 1Q16 from CNY35bn in 2014. The trend is
likely to continue in 2016 as the company ramps up development
expenditure to support sales growth and continues to invest in
its finance business.

KEY RATING DRIVERS

Higher Debt, Reducing Financing Costs: Oceanwide's consolidated
net debt had jumped to CNY68bn by end-March 2016 from CNY35bn in
2014, driven mainly by the rapid expansion of its finance
business, financial assets investment and overseas acquisitions.
Oceanwide's net debt would have increased by CNY17bn over the
same period when excluding the finance business. Oceanwide had
more than CNY35bn in cash on hand as of end-March 2016 following
aggressive fundraising, and is in the process of raising another
CNY15bn through a private share placement. Part of the cash will
be used to repay more expensive debt and for property development
expenditure, but this will still leave substantial funds with
which to make acquisitions.

Oceanwide issued CNY9bn via bonds in 1Q16 at an average interest
rate of 5.5%, which is significantly lower than its historical
funding cost of approximately 9%. The funds will be used to
replace expensive trust loans.

Strong Sales Momentum Maintained: Fitch expects contracted sales
to increase strongly in 2016 due to accelerated project launches
in Wuhan and substantial sales from new premium projects in
Beijing. Contracted sales rose by 55% in 2015 to CNY15.1bn, and
Fitch expects this to be on track to hit around CNY18bn in 2016.
This will support positive operating cash flow generation of its
property-development business, which has low land-replenishment
needs. Oceanwide's large land bank, most of which was acquired
many years ago, is sufficient for more than 10 years for
development. The positive cash generation will also help to lower
leverage (as measured by net debt/adjusted inventory), after
deconsolidating the debt of the finance business, to below 85% in
next 12 months from 90.3% at end-1Q16.

Solid Asset Value: One of Oceanwide's projects in Beijing is
located within the 4th Ring Road, and is one of only a few
projects with over 1.1 million square metres of saleable gross
floor area (GFA) close to the Chinese capital's central business
district. The rare prime location and relatively low land premium
paid for the site has supported an overall EBITDA margin of over
35% in the past three years, and Fitch expects this to stay above
30% over the next 24 months - one of the highest margins among
Chinese developers.

Fitch said, "ratios Used Reflect Transformation: Fitch measures
Oceanwide's financial soundness based on its CFO and its
inventory turnover (ratio of contracted sales to net inventory).
Inventory turnover improved to 0.29x in 2015 from 0.23x in 2014,
and we expect a further improvement to 0.4x in 2016 as sales from
its large pool of properties under development rise while land
replenishment remains minimal. The improved inventory turnover
and likely generation of positive CFO will provide Oceanwide with
funds to expand its financial businesses."

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- Limited new land acquisitions at 0.1x-0.4x of contracted
    sales GFA
-- Contracted sales growth driven mainly by growth in average
    selling prices to CNY35,000/sq m in 2016-2018 from
    CNY32,000/sq m in 2015
-- Property development gross margin of 50%-53% in 2016-2018
    (lower than in previous years, due to higher construction
    cost)
-- Lower dividend payout ratio than in previous years.

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Failure to achieve positive operating cash flow in 2016
-- EBITDA margin sustained below 35%
-- Contracted sales/net inventory sustained below 0.5x
-- Substantial weakening of in the credit profile of Minsheng
    Securities, in which Oceanwide acquired a majority stake in
    2014

Positive: Positive rating action is not expected in the next 12-
18 months due to Oceanwide's high leverage.



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


NOBLE GROUP: CEO Quits as Energy Solutions Business Put on Sale
---------------------------------------------------------------
Ranjeetha Pakiam and Jasmine Ng at Bloomberg News report that
Noble Group Ltd. said Yusuf Alireza resigned as chief executive
officer and announced a plan to sell part of its gas and power
unit less than a month after Alireza himself described Noble
Americas Energy Solutions as one of the core assets it wanted to
keep.

According to Bloomberg, Noble Group said Alireza, 45, decided
"the time was right" to resign after shifting the commodity
trader toward an asset-light model, selling its Noble Agri
business and arranging a refinancing. Bloomberg relates that the
company said in a second announcement William Randall, Noble
Group president, and Jeff Frase, president of Noble Americas,
will replace Alireza, and that the sale process for the gas and
power distribution unit will start soon.

Bloomberg says the former Goldman Sachs Group Inc. executive who
was appointed CEO in 2012 has been pivotal to efforts to keep
Noble Group afloat as shares collapsed last year amid a rout in
commodities and attacks on its accounting. While Alireza has been
selling assets, including the agricultural unit to China's Cofco
Corp. to raise funds and cut debt, he'd also indicated in May
that Noble Americas Energy Solutions was part of the business he
wanted to retain. The planned sale is in addition to fund-raising
plans already announced, Noble Group said on May 30, Bloomberg
relays.

"It's discouraging in terms of the confidence to the company,"
Margaret Yang, a strategist at CMC Markets in Singapore, told
Bloomberg by phone, referring to news of Alireza's departure,
which came an hour before the start of trade in Singapore.
There'd been speculation about Alireza's status in recent weeks
as shares slid even as commodity prices rose, according to Yang.

An external spokeswoman declined to comment further on Alireza's
departure.  Alireza said he had no comment beyond the company's
statement when contacted by mobile phone, Bloomberg says.

Noble Group dropped 8.2 percent to 28 Singapore cents, the lowest
price at close since Jan. 28, notes Bloomberg's May 30 report.
The shares plunged 65 percent last year and have lost a further
30 percent in 2016. The company's January 2020 notes rose 0.85
cent to 75.71 cents on the dollar, according to Bloomberg-
compiled prices. The notes, at the highest level since late
November, have returned 24 percent this year, adds the report.

According to Bloomberg, Noble Group is seeking to sell assets to
bolster its balance sheet after the company had its credit-rating
cut to junk. When reporting first-quarter figures this month, it
flagged the potential for the sale of non-core assets as well as
other capital-raising initiatives.  Bloomberg relates that the
moves would generate more than $1 billion by year-end, Alireza
said on a May 12 conference call, while making clear he
considered Noble Americas Energy Solutions as a core asset.

The San Diego-based business offers supply and risk-management
services to commercial and industrial customers, buying energy
wholesale for sale as retail products, according to the company's
annual report cited by Bloomberg. Noble Group bought it from a
joint venture between Royal Bank of Scotland Group Plc and Sempra
Energy in 2010 for an enterprise value of $582 million and it had
a net book value of $322 million as of August 2015. The sale is
expected to "substantially enhance the balance sheet," Noble
Group said on May 30, Bloomberg relays.

Bloomberg notes that the business is part of Noble Group's Gas
and Power unit that had an operating income from supply chains of
$400 million in 2015, or about a third of the company's total of
about $1.18 billion. The Energy unit, which includes oil trading,
made $895 million.

When asked on the May 12 conference call whether planned non-core
asset sales will include Noble Americas Energy Solutions and the
oil-trading business, or whether those were off limits, Alireza
said: "I wouldn't define those as non-core, definitely not.
Okay." Later, Alireza listed Noble Americas Energy Solutions as a
"core business line," Bloomberg relays.

The fate of the unit now rests largely with Alireza's successors,
who will work as co-CEOs, and with chairman and founder, Richard
Elman, says Bloomberg.  Randall, 41, has been at Noble Group
since 1997. He worked in the company's coal and hard-commodities
operations and has a seat on the board, according to the
statement. Frase, 48, is currently based in Stamford Connecticut,
and joined the company after stints at JPMorgan Chase & Co. as
well as Goldman Sachs.

"Mr. Alireza has helped guide Noble through a very challenging
period, moving the company to an asset-light, merchant-focused
model; he played a pivotal role in the successful sale of Noble
Agri to a group of investors led by Cofco, and has also been
instrumental in securing the recently announced re-financing,"
the company, as cited by Bloomberg, said. "With this
transformation process now largely complete, Mr. Alireza
considered that the time was right for him to move on."

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
May 19, 2016, Fitch Ratings downgraded the Long-Term Issuer
Default Rating (IDR) of Hong Kong-based commodities trader Noble
Group Limited (Noble) to 'BB+' from 'BBB-'. The Outlook is
Stable. Fitch has also downgraded the senior unsecured ratings to
'BB+' from 'BBB-', and removed the ratings from Rating Watch
Negative.


NOBLE GROUP: Moody's Retains Ba3 CFR on Announced CEO Resignation
-----------------------------------------------------------------
Moody's Investors Service says that the announced resignation of
Noble Group Limited's CEO Yusuf Alireza has no immediate impact
on the company's Ba3 corporate family rating and Ba3 senior
unsecured bond ratings, or the (P)Ba3 provisional rating on its
senior unsecured medium-term note (MTN) program.

The rating outlook remains negative.

The change in management does not change the drivers of the
negative outlook, which reflects uncertainty regarding the
company's ability to rebuild and reposition its operations to
improve profitability, cash flow and liquidity amid the prolonged
commodity down cycle.

"From a supportive perspective, we note continuity in operational
management with the appointment of new Co-CEOs Will Randall and
Jeff Frase, both of whom are experienced executives in Noble's
key businesses," says Joe Morrison, a Moody's Vice President and
Senior Credit Officer.

"In addition, the successful refinancing in May of the company's
bank facilities has alleviated near-term pressure on its
liquidity profile for the next 6 to 9 months," adds Morrison.

Noble Group also announced that it would further supplement its
previously announced capital-raising activities by beginning the
process for the sale of Noble Americas Energy Solutions.

Moody's notes that the achievement of its capital-raising
objectives would be credit positive, if the result is lower
leverage, improved liquidity, and greater stability in its
financial profile.  However, the successful execution of the plan
remains uncertain.

The principal methodology used in these ratings was Trading
Companies published in March 2015.

Noble Group Limited is the largest global physical commodities
supply chain manager in Asia by revenue.  Its diversified
activities across the supply chain include the sourcing, storage,
processing, transportation and distribution of over 20 commodity
products.

The company is publicly traded on the Singapore Stock Exchange
and at May 30, 2016, had a market capitalization of about
USD1.3 billion.




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


A C STEELS: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A C Steels
(ACS) continues to reflect ACS's below-average financial risk
profile, marked by a small net worth and weak debt protection
metrics. This rating weakness is partially offset by the
extensive experience of the firm's partners in the secondary
steel industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             110      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACS will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's revenue and profitability, resulting in
large accruals, or substantial equity infusion, leading to a
better capital structure. Conversely, the outlook may be revised
to 'Negative' if ACS's working capital cycle is significantly
stretched, or it undertakes a debt-funded capital expenditure
programme, leading to deterioration in its liquidity.
ACS was established in 1988 as a partnership firm by Mr. Rajendra
Kumar Surana, Mr. Ashok Kumar Surana, and Mr. Rahul Surana. The
firm manufactures ingots and TMT steel bars. It has manufacturing
facilities in Raipur (Chhattisgarh).


A.S. CARGO: CRISIL Suspends 'B' Rating on INR1.15BB Disc. Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of A.S.
Cargo Movers Private Limited (ASCM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Lease Rental
   Discounting Loan       1150        CRISIL B/Stable

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

Incorporated in 1992 and promoted by Mr. Amar Rahman, ASCM owns
large Industrial Infrastructure / warehouse space that it has
leased out through long-term contracts to various multinational
companies and large Indian companies.


ADHYASHAKTI CONCAST: CRISIL Suspends D Rating on INR113.2MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Adhyashakti Concast Private Limited (ACPL). The suspension of
rating is on account of non-cooperation by ACPL with CRISIL's
efforts to undertake a review of the ratings outstanding. Despite
repeated requests by CRISIL, ACPL is yet to provide adequate
information to enable CRISIL to assess ACPL's ability to service
its debt.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      6.8        CRISIL D
   Term Loan             113.2        CRISIL D
   Working Capital
   Facility               80.0        CRISIL D

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key factor in its rating
process as outlined in its criteria 'Information Availability - a
key risk factor in credit ratings'

ACPL was incorporated in Bhavnagar (Gujarat) in April 2012,
promoted by Mr. Ashok Rathod. The company is setting up a rolling
mill with capacity 45,000 tonnes per annum. Its promoter has
experience of over two decades in the steel industry.


AMRICON AGROVET: ICRA Lowers Rating on INR63.65cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR63.65 crore term loan facility and INR12.50 crore cash credit
facility of Amricon Agrovet Private Limited from [ICRA]BB- to
[ICRA]D. ICRA has also revised downwards the short term rating
assigned to the INR1.50 crore non-fund based bank facilities of
AAPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan             63.65        [ICRA]D downgraded

   Fund Based Limit
   Cash Credit           12.50        [ICRA]D downgraded

   Non-Fund Based Limit
   Bank Guarantees        1.50        [ICRA]D downgraded

The rating action factors in the recent delays by AAPL in meeting
its debt service obligations in a timely manner.

Incorporated in 2000, AAPL is engaged in the manufacturing of
poultry feed and has its manufacturing facility situated at
Hazipur (Bihar) having an annual installed capacity of 45,000 MT.
The company is also engaged in the trading of poultry feed and
day old chicks (DOCs), which are entirely procured from its group
companies, i.e. Amrit Feeds Limited and Amrit Hatcheries Private
Limited.

Recent Results
The company reported a net profit of INR2.97 crore (provisional)
during 2014-15 on an operating income of INR217.82 crore
(provisional), as compared to a net profit of INR3.20 crore on an
operating income of INR237.90 crore during 2013-14.


ANAND POLY: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Anand Poly Pack Private Limited (APPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10        CRISIL B/Stable

The rating reflects a modest scale of operations in the highly
competitive plastic furniture industry, and below-average
financial risk profile because of high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience the promoters in the plastic
furniture industry.

Outlook: Stable

CRISIL believes APPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of an increase in
scale of operations along with improvement in profitability
margins, leading to better-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in turnover and lower-than-anticipated cash accrual,
along with larger-than-expected working capital requirement or
large debt-funded capital expenditure, leading to deterioration
the financial risk profile, particularly liquidity.

APPPL, based in West Bengal, was incorporated in 2011. Its
operations are managed by its promoters, Mr. Pradip Tahlani, Mr.
Mahesh Tahlani, and Mr. Sundar Lal Tahlani. The company
manufactures and markets injection-moulded plastic furniture at
its facility in Dhulagarh, West Bengal.


APS POWER: Ind-Ra Lowers LT Issuer Rating to 'IND B+'
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded APS Power Tech
(India) Private Limited's (APTIPL) Long-Term Issuer Rating to
'IND B+' from 'IND BB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The rating downgrade reflects the deterioration in APTIPL's
credit profile.  Its net financial leverage increased to 3.64x in
FY15 from 2.76x in FY14 on account of an increase in debt to
INR60.06 mil. from INR39.74 mil. and a fall in EBITDA margins to
7.16% from 7.29%.  The fall in EBITDA was due to the lower
profitability of the executed orders.

The ratings also reflect the company's tight liquidity position
with its fund-based working capital facilities being nearly fully
utilized over the 12 months ended April 2016 with several
instances of overutilization.

The ratings continued to be constrained by APTIPL's small scale
of operations.  The revenue declined 9.93% yoy to INR205.59m in
FY16 as indicated by the company's interim financials.  The
company's revenue grew 17.13% yoy in FY15 to INR228.26 mil. due
to a better order inflow.

The ratings, however, continued to be supported by the promoters'
over five decades of operating experience in manufacturing and
repairing power and distribution transformers.

                       RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the credit profile could lead to a negative
rating action.

Positive: A significant improvement in the scale of operations
and/or credit profile on a sustained basis could lead to a
positive rating action.

                           COMPANY PROFILE

Incorporated on July 25, 2005, APTIPL manufactures and repairs
power and distribution transformers at its 870 units/year
facility in Lucknow.

APTIPL's rating:

   -- Long-Term Issuer Rating: downgraded to 'IND B+'/Stable from
      'IND BB-'/Stable
   -- INR49 mil. fund-based limits: downgraded to
      'IND B+'/Stable/'IND A4' from 'IND BB-'/Stable/'IND A4+'
   -- INR60 mil. non-fund-limits (reduced from INR71 mil.):
      downgraded to 'IND A4' from 'IND A4+'


ARIHANT METALS: CRISIL Reaffirms 'B' Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arihant
Metals (Jodhpur) (AMJ) continues to reflect its modest scale of
operations, weak financial risk profile, working capital-
intensive operations, and susceptibility to fluctuations in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of promoters in the steel industry.

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

   Proposed Long Term
   Bank Loan Facility       45       CRISIL B/Stable (Reaffirmed)

   Term Loan                35       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AMJ will benefit over the medium term from the
extensive industry experience of its promoters and their
established customer relationships. The outlook may be revised to
'Positive' in case of substantial revenue, while profitability
and capital structure are sustained, leading to improvement in
the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability declines
significantly, constraining the financial risk profile.

AMJ was established in 1993 as a proprietorship concern by Mr.
Padam Raj Abani. It manufactures stainless steel sheets which are
used to manufacture utensils, kitchenware and pipes. AMJ has a
manufacturing facility in Jodhpur (Rajasthan). Its operations are
managed by Mr. Padam Raj Abani and his sons, Mr. Pankaj Abani and
Mr. Gaurav Abani.

Net profit was INR3.5 million on net sales of INR548 million in
2014-15 (refers to financial year, April 1 to March 31), against
net profit of INR3.2 million on net sales of INR439 million in
2013-14.


AUGUSTAN TEXTILE: CRISIL Reaffirms B- Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Augustan Textile
Colours Private Limited (ATCPL) continue to reflect ATCPL's small
scale of operations, limited revenue diversity and exposure to
competition in the textile industry. These weaknesses are
partially offset by promoter's industry experience and the
company's moderate financial risk profile.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        13.4       CRISIL A4 (Reaffirmed)

   Cash Credit           60         CRISIL B-/Stable (Reaffirmed)

   Long Term Loan        80         CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    15.8       CRISIL B-/Stable (Reaffirmed)

   Proposed Term Loan    50         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ATCPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if
significant increase in scale of operations and operating margin
results in stronger cash accruals and debt protection metrics for
the company. Conversely, the outlook may be revised to 'Negative'
if ATCPL's financial risk profile, particularly liquidity,
deteriorates, because of large working capital requirements, low
cash accruals, or substantial debt-funded capital expenditure.

Set up in 2005 in Coimbatore (Tamil Nadu), ATCPL undertakes
printing, bleaching, and dyeing of fabric and yarn.


AXSYS SOLUTIONS: CRISIL Upgrades Rating on INR50MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Axsys Solutions (Axsys) to 'CRISIL B-/Stable' from 'CRISIL D'
and has assigned short term rating of 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            50       CRISIL A4 (Assigned)

   Cash Credit               25       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Letter of Credit          90       CRISIL A4 (Assigned)

   Term Loan                 50       CRISIL B-/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Cash Credit      10       CRISIL B-/Stable (Upgraded
   Limit                              from 'CRISIL D')

The rating upgrade reflects timeliness in servicing of term debt
obligations by the firm since January 2016 and ramp up in scale
of operations, leading to an increase in the net cash accruals.
The firm's financial flexibility remains constrained by high
utilisation of its bank limit and barely sufficient cash accrual
to meet debt obligations in 2015-16 (refers to financial year,
April 1 to March 31). However, liquidity is supported by infusion
of equity and extension of unsecured loans.

In the absence of any debt-funded capital expenditure (capex)
plans, its capital structure is expected to remain moderate;
total outside liabilities to tangible net worth ratio is expected
at 1.7-2.8 times over the medium term. Debt protection metrics
are also expected to remain comfortable with interest coverage
ratio improving to over 2 times over the medium term from 1.26
times estimated in 2015-16.

The rating reflects subdued liquidity driven by a stretched
working capital cycle, modest scale of operations, and low
profitability owing to intense competition in a highly
competitive industry, the business is also exposed to the
customer concentration risk with customer confined only to real
estate industry. These rating weaknesses are partially offset by
the extensive experience of the promoters of the company in the
aluminium facades industry.
Outlook: Stable

CRISIL believes Axsys will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of a significant increase in
scale of operations and profitability, leading to improvement in
net cash accrual, and consequently, in the financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates,
most likely because of large, debt-funded capex or a stretched
working capital cycle.

Axsys, based in Sirmour, Himachal Pradesh (HP), manufactures
aluminium facades. Its unit is in Kala Amb, HP. The firm
commenced commercial operations in February 2015.


BANK OF INDIA: S&P Lowers ICR to 'BB+'; Outlook Stable
------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on India-based Bank of India (BOI) to 'BB+' from
'BBB-'.  The outlook is stable.  At the same time, S&P lowered
its short-term rating on the bank to 'B' from 'A-3'.  S&P also
lowered its issue ratings on BOI's senior unsecured debt to 'BB+'
from 'BBB-' and its long-term issue ratings on the bank's Basel
II compliant hybrid notes (upper Tier 2 subordinated and hybrid
Tier 1 notes) to 'B' from 'B+'.

S&P also lowered its 'BBB-' long-term issuer credit rating on
Bank of India (New Zealand) Ltd. (BOI (New Zealand)) to 'BB+' and
'A-3' short-term issuer credit ratings to 'B'.  The outlook on
the long-term rating is stable.  BOI (New Zealand) is the New
Zealand subsidiary of BOI.

"We downgraded BOI because we expect the bank's asset quality to
remain weak over the next 12 months, following a recent
deterioration," said S&P Global Ratings credit analyst Amit
Pandey. "Accordingly, we lowered BOI's stand-alone credit profile
(SACP) to 'bb' from 'bb+'."

The ratings on BOI reflect one notch of uplift from the bank's
SACP because S&P expects the government of India (BBB-/Stable/A-
3) to provide timely and sufficient extraordinary support to the
bank if it comes under financial distress.  S&P's view of a very
high likelihood of extraordinary government support is based on
its assessment of BOI's very strong link with, and very important
role to, the government.

"We expect BOI's credit costs to remain high over the next 12
months because of continued pressure on asset quality, given the
tough operating conditions for the corporate sector in India.
About 70% of the bank's loans are in the domestic market, and
about 69% of these loans are to the corporate and micro and small
and midsize enterprise segments.  The rising stress in these
exposures led to an increase in the bank's consolidated gross
nonperforming loan (NPL) ratio to 13.09% as of March 31, 2016,
from 5.36% as of March 31, 2015.  In addition, BOI has sizable
exposure to the infrastructure and metal sectors, which we view
as having high risk.  These sectors have come under stress in the
current business cycle.  BOI's NPLs had increased more than 100%
year-on-year by the end of March 2016, one of the highest among
the peer banks that we rate in India.  The bank's ratio of
standard restructured loans to total loans is about 3.37% as of
March 31, 2016, which may also contribute to the slippages going
forward," S&P said.

BOI's earnings will likely remain weak over the next 12-18 months
largely because of high credit costs.  The bank made a loss of
Indian rupee (INR) 62 billion in the fiscal year ended March 2016
due to a substantial weakening in asset quality, moderate non-
interest income, and high operating expenses.  S&P anticipates
that moderate loan growth of 0%-5% and capital-raising will keep
the bank's risk-adjusted capital (RAC) ratio (pre-
diversification) under S&P Global Ratings' framework above 5%
over the next 12-18 months; the ratio was 6.1% as of March 31,
2015.  The bank has raised about INR80.5 billion in Tier 1
capital in the past three years, including government infusion of
INR36 billion in fiscal 2016 to maintain adequate regulatory
capital ratios.  However, BOI's growth prospects and business
position may suffer over the next few years if it doesn't address
its continuing weak operating performance and internal capital
generation, largely due to deteriorating asset quality.  And this
in turn may weaken the bank's SACP.

S&P equalizes the ratings and outlook on BOI (New Zealand) with
those on BOI to reflect the parent's unconditional and
irrevocable guarantee of the subsidiary's obligations.

"The stable outlook on BOI reflects our expectation that the
likelihood of government support to the bank will remain very
high," said Mr. Pandey.  "It also reflects our view that although
the SACP will remain under pressure, it is unlikely to
deteriorate to a level which will lead to a change in the rating
over the next 12 months."

The ratings and outlook on BOI (New Zealand) will move in tandem
with that on Bank of India.

S&P may lower the rating on BOI if the SACP weakens by two
notches to 'b+'.  However, S&P sees this as unlikely in the next
12 months.  S&P could lower the SACP to 'bb-' from 'bb' if the
bank's capitalization weakens.  The weakness in capitalization
could manifest if the bank's pre diversification RAC ratio dips
to below 5%.  This could happen if the bank can't raise
sufficient capital to support its balance sheet cleanup, its
profitability continues to remain weak, or India's economic risk
rises.

Currently, S&P sees no upside potential to the rating at least
for the next 12 months.


BAY FORGE: Ind-Ra Withdraws 'IND B+(suspended)' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bay Forge Ltd's
(BFL) 'IND B+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for BFL.

Ind-Ra suspended BFL's ratings on 18 August 2015.

BFL's ratings:

-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
withdrawn
-- INR689.0 million non-fund-based working capital limits: 'IND
    A4(suspended)'; rating withdrawn
-- INR1,141 million fund-based working capital limits: 'IND
    B+(suspended)'/'IND A4(suspended)'; ratings withdrawn


BELIEVE INFRAPROJECTS: CRISIL Assigns B+ Rating to INR40MM Loan
---------------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Believe Infraprojects Private Limited
(BIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4
   Cash Credit              40        CRISIL B+/Stable

The rating reflects the company's moderate financial risk
profile, marked by healthy debt protection metrics and average
liquidity. These strengths are partially offset by the small
scale of operations and elongated working capital cycle.
Outlook: Stable

CRISIL believes BIPL will sustain the moderate financial risk
profile and average liquidity. The outlook may be revised to
'Positive' if the company reports significant growth in revenue
and cash accrual, and sustains the operating profit margin. The
outlook could be revised to 'Negative' if a drop in cash accrual
or a stretched working capital cycle weakens the financial risk
profile.

BIPL, incorporated in November 2011, undertakes civil contracts
in and around Mumbai. The company carries out construction and
repair work for Brihanmumbai Municipal Corporation (BMC), Thane
Municipal Corporation (TMC) and Navi Mumbai Municipal Corporation
(NMMC) and is managed by Mr. Manish Desai and Mr. Kushal Jain.


CHAUDHARY BUILDERS: CRISIL Assigns B+ Rating to INR70MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Chaudhary Builders (CB) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the firm's facilities.
CRISIL had on January 14, 2016, 'Suspended' its ratings on the
bank facilities as CB had not provided necessary information
required for the rating review. CB has now shared the requisite
information enabling CRISIL to assign its ratings to the bank
facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            25       CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit               70       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflect the firm's small scale of operations in the
highly fragmented civil construction industry, and its large
working capital requirement. These weaknesses are partially
offset by above-average financial risk profile because of low
gearing, and its promoter's extensive industry experience and his
funding support.
Outlook: Stable

CRISIL believes CB will continue to benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if CB achieves substantial
revenue growth while maintaining profitability and capital
structure, and diversifies its customer base significantly. The
outlook may be revised to 'Negative' in case of increase in debt
to fund capacity expansion and incremental working capital
requirement, weakening capital structure and debt protection
metrics, or if liquidity weakens due to stretch in working
capital cycle.

CB, established by Mr. Bhagat Singh as a proprietorship concern
in 1996, constructs roads, housing, and hospitals. It is based in
New Delhi and is a 'Class 1' contractor.

CB had book profit and net sales of INR5.5 million and INR152.9
million, respectively, for 2014-15(refers to financial year,
April 1 to March 31), against book profit of INR9.4 million on
net sales of INR257.4 million for 2013-14.


DELTA OPTICS: ICRA 'B' Rating on INR5cr Loan on Withdrawal Notice
-----------------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B assigned to the
INR5.00 crore bank limits of Delta Optics on notice for
withdrawal for one month at the request of the company. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
ratings will be withdrawn after one month from the date of this
withdrawal notice.


DHANLAXMI INDUSTRIES: ICRA 'B' Loan Rating on Withdrawal Notice
---------------------------------------------------------------
ICRA has placed the [ICRA]B rating assigned to the INR6.80 crore
bank limits of Dhanlaxmi Industries on notice for withdrawal for
one month at the request of the company. As per ICRA's 'Policy on
Withdrawal of Credit Rating', the aforesaid rating will be
withdrawn after one month from the date of this withdrawal
notice.


DIGIFLIC CONTROLS: Ind-Ra Assigns B+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Digiflic
Controls (India) Private Limited (DCIPL) a Long-Term Issuer
Rating of 'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect DCIPL's tight liquidity position, as
indicated by the over-use of its fund-based limits for up to 10
days and the frequent use of ad-hoc limits during the six months
ended April 2016.  Its net cash cycle remained long at 164 days
(FY14: 194 days) in FY15, due to high receivable days (253 days;
FY14: 313 days).

The ratings also reflect DCIPL's small scale of operations and
moderate credit metrics.  In FY15, revenue was INR135 mil. (FY14:
INR132 mil.), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 3.51x (4.43x) and net leverage (total
adjusted net debt/operating EBITDA) was 1.38x (1.88x).  Its
EBITDA margins were at 9.4%-16.0% during FY12-FY15.

Provisional FY16 financials indicate revenue of around
INR140 mil., EBITDA margins of around 12%, EBITDA interest
coverage of 3.42x and leverage (total adjusted gross
debt/operating EBITDAR) of 4.60x.

However, the ratings draw support from the decade-long track
record and experience of DCIPL's managing director in the solar
industry.

                       RATING SENSITIVITIES

Positive: Improvement in liquidity and/or a substantial
improvement in the scale of operations and improvement in
profitability, resulting in improved credit metrics, will be
positive for the ratings.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

                          COMPANY PROFILE

Incorporated in 2005, DCIPL is a Bangalore-based company engaged
in the design, manufacture and installation of solar-based
products.

DCIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR16.79 mil. term loan: assigned 'IND B+'/Stable
   -- INR60 mil. fund-based working capital limits: assigned
      'IND B+'/Stable
   -- INR40 mil. bank guarantee: assigned 'IND A4'


ESSOS CV: Ind-Ra Assigns BB(SO) Rating to INR24MM Series A2 PTCs
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Essos CV IFMR
Capital 2016 (an ABS transaction) provisional ratings as:

   -- INR199.4 mil. Series A1 pass through certificates (PTCs):
      assigned 'Provisional IND A-(SO)'; Outlook Stable
   -- INR24.0 mil. Series A2 PTCs: assigned 'Provisional IND
      BB(SO)'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The used commercial vehicles loan, multi-utility vehicle loan,
car loan and agriculture equipment loan pool to be assigned to
the trust has been originated by Ess Kay Auto Finance Private
Limited.

                         KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Ess Kay Auto Finance, the
legal and financial structure of the transaction and the credit
enhancement (CE) provided in the transaction.  The provisional
rating of Series A1 PTCs addresses the timely payment of interest
on monthly payment dates and ultimate payment of principal by the
final maturity date on April 17, 2019, in accordance with the
transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on April 17, 2019, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 is
17.0% of the initial pool principal outstanding (POS) and
overcollateralisation available to Series A2 is 7.0% of the
initial pool principal outstanding (POS).  The total excess cash
flow or the internal CE available including overcollateralisation
to Series A1 and A2 PTCs is 34.14% and 21.45%, respectively, of
the initial POS.  The transaction also benefits from the external
CE of 3.0% of the initial POS in the form of fixed deposits in
the name of the originator with a lien marked in favor of the
trustee. The collateral pool to be assigned to the trust at par
had the initial POS of INR240.2 mil., as of the pool cut-off date
of
April 30, 2016.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                        RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and Series A2 PTCs will not be impacted.


GAUTAMI CHEMICALS: CRISIL Assigns 'B' Rating to INR65MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Gautami Chemicals and Pesticides Private Limited
(GCP).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               65       CRISIL B/Stable

The rating reflects GCP's modest scale of operations in an
intensely competitive pesticide industry, its weak financial risk
profile marked by high gearing and weak debt protection metrics,
and susceptibility to its profitability to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of GPC's promoters in the pesticide
industry, the company's established brand and strong dealership
network.
Outlook: Stable

CRISIL believes GCP will continue to benefit from its promoters'
extensive industry experience and its established relationships
with its dealers. The outlook may be revised to 'Positive' in
case of significant increase in the company's scale of operations
along with increase in operating margins leading to larger cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company reports a steep decline in its revenues or
profitability, or in case of significant deterioration in its
capital structure because of larger-than expected working capital
requirements or debt-funded capex.

Incorporated in 1996, GCP is engaged in manufacturing and sale of
pesticides. The Rajahmundry based company is promoted by Mr.
Goluguri Bapi Raju.

For 2014-15, GCP's profit after tax (PAT) was INR2.9 million on
net sales of INR267 million, as against a PAT of INR2.7 million
on net sales of INR215 million for 2013-14.


GREYS EXIM: CRISIL Suspends 'B' Rating on INR192MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Greys Exim Private Limited (GEPL).


                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              192      CRISIL B/Stable
   Inland Guarantees          2      CRISIL A4
   Proposed Long Term
   Bank Loan Facility        87      CRISIL B/Stable
   Standby Line of Credit    19      CRISIL B/Stable

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

Incorporated in 1986, GEPL is promoted by Mr. Mehul Sedani. The
company manufactures woven garments such as tops, shorts, inner
wear, shorts, and shirts for men.


GUPTA RICE: CRISIL Upgrades Rating on INR190MM Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gupta Rice and General Mills (GRGM) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             190        CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Proposed Long Term         1.3     CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B-/Stable')

The upgrade in rating reflects improvement in GRGM's liquidity
owing to capital infusion in the tune of INR20 million by the
partners in 2015-16 (refers to financial risk profile, April 1 to
March 31). The same will lead to lesser dependence over the
outside borrowings to meet the working capital requirements of
the firm resultantly net cash accruals is also expected to be
improve to INR5-6 million per annum over the medium term.
Improved accretions to reserve and reduced debt have resulted in
a sharp improvement in gearing to under 4 times as of March 2016
from 8.78 times a year ago.

The rating continues to reflect small scale of operations in the
highly fragmented rice industry, large working capital
requirement, and below average financial risk profile, especially
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of the promoters.
Outlook: Stable

CRISIL believes GRGM will continue to benefit over the medium
term from established relationships with customers. The outlook
may be revised to 'Positive' if improvement in revenue,
profitability and working capital management considerably
strengthens liquidity and capital structure. Conversely, the
outlook may be revised to 'Negative' if lower revenue or
profitability, deterioration in working capital cycle, or any
large debt-funded capital expenditure weakens financial risk
profile.

A partnership firm set up by Mr. Ram Pal and his brother, Mr. Sat
Pal in 1986, GRGM mills, processes, and markets rice. Its plant
is in Kaithal (Haryana).

For 2014-15 (refers to financial year, April 1 to March 31), GRGM
reported a net profit of INR2 million on net sales of INR418
million, as against a net profit of INR1.2 million on net sales
of INR779 million for 2013-14.


GURUFCURE: ICRA Suspends B+ Rating on INR9cr Bank Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR9.00 Crore Fund based facility and the short term rating
of [ICRA]A4 assigned to the INR1.00 Crore Non-fund based facility
of GuruFcure. The suspension follows ICRA's inability to carry
out a rating surveillance, in the absence of the requisite
information from the company.


HEERA RICE: ICRA Suspends B+ Rating on INR28cr Bank Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR28.00 Crore
fund based facilities of Heera Rice Mills. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


HI-RISE BUILDING: CRISIL Suspends 'D' Rating on INR160MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hi-Rise Building Materials (HRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL D
   Proposed Long Term
   Bank Loan Facility      160        CRISIL D

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

HRM was established in 2007 by Mr. Ch. Rajesh. The firm trades in
building materials, and focuses mainly on timber. The firm is
based in Hyderabad.


IDBI BANK: S&P Affirms 'BB+' ICR; Outlook Stable
------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
and 'B' short-term foreign currency issuer credit ratings on IDBI
Bank Ltd.  The outlook on the long-term rating is stable.  At the
same time, S&P affirmed its 'BB+' long-term issue rating on
IDBI's senior unsecured notes.

"We affirmed the rating to reflect our expectation that the
likelihood of support to IDBI from the government of India
(BBB-/Stable/A-3) will remain very high," said S&P Global Ratings
credit analyst Amit Pandey.  "At the same time, we have lowered
our assessment of IDBI's stand-alone credit profile (SACP) to
'bb-' from 'bb' because we expect the bank's asset quality to
remain weak over the next 12 months."

IDBI's recent performance was weaker than S&P's expectations.
The bank's nonperforming loan (NPL) ratio rose sharply by 200
basis points (bps) to 10.9% in the fourth quarter of fiscal 2016
(year ended March 2016), after a similar rise in the third
quarter.  This 400 bps rise in the past six months is one of the
highest increases among the Indian banks S&P rates.  S&P expects
IDBI's credit costs to remain high because of the bank's weak
asset quality.  IDBI has grown cautiously over the past few
years.  But given the bank's chunky loan book, S&P sees pressure
on its asset quality. Loans to the top 20 customers were about
15% of total advances and 225% of the bank's equity as of March
31, 2015, an improvement over the previous year but still higher
than peers'. IDBI's ratio of standard restructured loans to total
loans was also high at about 7.6% as of March 31, 2016.  S&P
believes IDBI could continue to see migration from its standard
restructured book into NPLs in the next few quarters.
Accordingly, S&P has moved the bank's risk position score to
weak.

High credit costs have strained IDBI's earnings, which were
already low.  The bank reported a full-year loss of Indian rupee
(INR) 36.6 billion in fiscal 2016.  The negative retained
earnings more than offset the benefit arising from a fresh
capital infusion.  IDBI raised capital to the tune of INR30.8
billion from the government and Life Insurance Corp.
Nevertheless, IDBI's Tier 1 ratio still improved by 71 bps to
8.89% as of March 31, 2016.

S&P expects IDBI to maintain S&P Global Ratings risk-adjusted
capital (RAC) ratio before diversification of 5%-7%, which is
S&P's range for a moderate capital and earnings assessment.  The
bank's RAC ratio was 7.3% as of March 31, 2015.

The stable outlook on IDBI reflects S&P's expectation that the
likelihood of support to the bank from the government of India
will remain very high at least for the next 12 months.  S&P also
expects IDBI to sustain the improvement in its business profile
and funding position, although S&P continues to see downward
pressure on the bank's asset quality.

The rating on IDBI currently benefits from two-notches of support
because of a very high likelihood of government support.  The
rating on the bank may no longer benefit from this support,
leading to a downgrade, if S&P believes this support has
weakened. This could happen if the government considers
privatizing IDBI. The risk of privatization will increase if the
government decides to lower its stake in IDBI.

S&P may also lower the rating on IDBI if the SACP weakens.  S&P
could lower the SACP to 'b+' from 'bb-' if the recent improvement
in the bank's funding profile stalls.  S&P could also lower the
rating if the bank's weak operating performance affects its
business position.  S&P sees a less than one-in-three chance that
this can happen in the next 12 months.

IDBI's SACP will need to rise by notches to 'bb+' for it to lead
to an upgrade, a scenario that S&P views as unlikely for the next
12 months.


INDIAN OVERSEAS: S&P Lowers LT ICR to 'BB'; Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on India-based Indian Overseas Bank (IOB) to 'BB'
from 'BB+'.  The short-term rating remains 'B'.  The outlook on
the long-term rating is stable.  At the same time, S&P lowered
its issue ratings on IOB's senior unsecured debt to 'BB' from
'BB+'. At the same time, S&P removed the ratings from
CreditWatch, where it had placed them with negative implications
on Feb. 16, 2016.

"We downgraded IOB because we expect the bank's asset quality to
remain weak over the next 12 months, following a deterioration in
the past few quarters," said S&P Global Ratings credit analyst
Amit Pandey.

Accordingly, S&P also lowered IOB's stand-alone credit profile
(SACP) to 'b-' from 'bb-'.

The ratings on IOB reflect S&P's expectation that there is a very
high likelihood that the government of India will continue to
support the bank, including through ongoing capital infusions,
and help the bank maintain its regulatory minimum capital
requirements over the next 12 months at least.  The ratings on
IOB reflect a very high likelihood that the government of India
(BBB-/Stable/A-3) will continue to provide timely and sufficient
extraordinary support to the bank.  S&P's view of a very high
likelihood of extraordinary government support is based on S&P's
assessment of IOB's very strong link with, and very important
role to, the government.

S&P anticipates that IOB's credit costs will remain high over the
next 12 months because of continued pressure on asset quality,
given tough operating conditions for the corporate sector in
India.  IOB's credit costs are also likely to remain high, in
part due to IOB's low nonperforming loan (NPL) coverage ratio of
47%. In terms of asset quality, IOB's performance in fiscal 2016
(ended March 31, 2016) has been weaker than our expectations.
The gross NPL ratio more than doubled to 17.4% as of March 31,
2016, from 8.3% as of March 31, 2015.  It remains the highest
among the Indian banks that S&P rates.  The net NPL of the bank,
at INR192 billion as of March 31, 2016, is higher than the
capital of INR156.7 billion.  The banks stressed asset ratio of
close to 23% is very high, highlighting the weakness in IOB's
portfolio.  The bank's aggressive growth over the past several
years has stressed its internal control system, in S&P's view.
S&P believes IOB could continue to see migration from its
standard restructured book into NPLs in the next few quarters.
Accordingly, S&P has moved the bank's risk position score to very
weak.  In line with S&P Global Ratings' criteria, the revision of
the risk position score leads to an additional three-notch
lowering from the anchor to arrive at the SACP.

The resultant high credit costs have strained IOB's earnings,
which remain extremely low.  After reporting a loss for the
fiscal year ended March 31, 2015, IOB reported a consecutive loss
in fiscal 2016 as well.  The negative retained earnings more than
offset the benefit arising from a fresh capital infusion.  IOB
raised capital to the tune of Indian rupee (INR) 22 billion from
the government and Life Insurance Corp.  As of March 31, 2016,
the bank's Tier 1 capital ratio was 7.75%, which is barely above
the regulatory minimum capital requirement of 7.625%.

The regulatory requirement for Tier 1 capital (including capital
conservation buffer) is set to increase to 8.25% from March 31,
2017.  Moreover, S&P expects IOB's earnings to remain weak over
the next 12-18 months largely because of high credit costs,
making it dependent on external capital infusions to meet its
regulatory capital requirement.  S&P's base-case expectation is
that IOB will meet the minimum regulatory capital requirements.
S&P believes that the bank may receive capital from the
government or public sector entities to meet the minimum
regulatory capital requirement.  The bank may also tap the market
to raise capital (it recently raised fresh capital via a
qualified institutional placement to various investors).  S&P's
view is based on the government's public commitment as part of
its plan to revamp public sector banks and help these banks,
including IOB, maintain a safe buffer over their Basel III
requirements.  IOB's inability to raise sufficient capital, such
that it breaches the regulatory capital requirement, could lead
to multiple notches of downgrade. But this is not S&P's base-case
scenario.  S&P caps the SACP of a bank that breaches the
regulatory capital requirement (and is still allowed to continue
to operate) at 'ccc+'.

"The stable outlook on IOB reflects our expectation that there is
a very high likelihood that the government of India will continue
to support the bank, including through ongoing capital infusions,
and help the bank maintain its regulatory minimum capital
requirements over the next 12 months at least," said Mr Pandey.

S&P could lower the rating on IOB if S&P believes that the bank
could breach the regulatory capital requirement, a scenario which
S&P currently views as remote.

IOB's SACP will need to rise by three notches to 'bb-' for it to
lead to an upgrade, a scenario that S&P views as unlikely for the
next 12 months.


JOSEPH LESLIE: ICRA Reaffirms B+ Rating on INR5.25cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR5.25 crore (enhanced from INR4.45 crore) cash credit
facilities and the INR0.08 crore unallocated limits of Joseph
Leslie & Company LLP. ICRA has also reaffirmed the short term
rating of [ICRA]A4 to the INR2.10 crore, non-fund based
facilities of the firm.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long Term, Fund
   Based  Cash Credit    5.25       [ICRA]B+/ reaffirmed

   Long Term, Fund
   Based Unallocated     0.08       [ICRA]B+/ reaffirmed

   Short-term, Non-
   Fund Based            2.10       [ICRA]A4/ reaffirmed

The ratings reaffirmation continues to factor in the vast
experience and technical expertise of the promoters in the
industrial personal protection equipment (PPE) industry, which
has in turn aided the firm in building a diversified customer
base. ICRA also notes the exclusive distributorship rights in the
domestic market for leading international companies in the
industrial safety segment, the diversified product profile and a
favourable outlook for firm's products both in the domestic and
overseas market.

The ratings, however, continue to be constrained by the small
scale of operations in an industry characterised by intense
competition from a large number of un-organised players which
limits the bargaining power for JLC. The ratings also factor in
the weak financial profile characterised by negative net worth
and marginal profitability during FY 2015. The firm's
profitability is also exposed to fluctuations in currency rates
given the un-hedged foreign currency exposure. ICRA also notes
that as JLC is a LLP firm, any significant withdrawals from the
capital account by the partners would adversely affect its net
worth and thereby its capital structure and thus remains a key
rating sensitivity.

Joseph Leslie & Co. LLP was formed as a partnership firm in 1933
to engage in trading activities and was converted into a limited
liability partnership in January 2011. The firm is engaged in
manufacturing of Industrial Personal Protection Equipment (PPE)
and is also the distributor for various global safety equipment
manufacturers for distributing their products in India. The firm
has tie-ups with more than 20 companies for exclusive
distributorship of safety equipments like gloves, ear plugs,
protective clothing, industry vehicles and various other safety
equipments.

Recent Results
As per its audited results for FY 2015, JLC reported net loss of
INR0.01 crore on an operating income of INR17.37 crore.


KANDUKURI INDUSTRIES: CRISIL Suspends B- Rating on INR78MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kandukuri Industries Private Limited (KIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           40        CRISIL A4
   Cash Credit              78        CRISIL B-/Stable
   Term Loan                63.2      CRISIL B-/Stable

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

KIPL (formerly known as Kandukuri Garments Pvt Ltd) was promoted
by Mr. K V Satyanarayana in 1995. The company weaves fabric, and
manufactures ready-made garments for men.

KIPL also operates a 100-bed hospital, Kandukuri Hospitals, in
Kavali (Andhra Pradesh). The company also undertakes construction
of canals. The textile division accounts for around 75 per cent
of the company's revenue, and the hospital and infrastructure
division account for the balance 25 per cent.


KK PROTEINS: ICRA Assigns B+ Rating to INR18cr Cash Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR18.00
crore (enhanced from INR15.00 crore) fund based limits of KK
Proteins Private limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           18.00        [ICRA]B+ assigned

The assigned rating continues to be constrained by low value
addition and highly fragmented and competitive nature of the
edible oil industry resulting in lower pricing power and thin
margins. The rating also factors in the vulnerability of
company's margins to volatility in Soyabean and oil prices and
agro-climatic risks which can impact the availability of raw
materials. KKPPL witnessed ~36% decline in operating income in
FY2015 on account of lower availability of raw materials.

However, the rating draws comfort from the long standing
experience of the promoters in the edible oil business, and the
location advantage that the company enjoys by virtue of operating
its plant close to the major soya bean growing regions.
Going forward, ability of the company to improve its
profitability amidst intense competition and threat of
substitution for its products would be the key rating
sensitivity.

KK Proteins Private Limited (KKPPL) was incorporated in 2006 to
undertake trading, processing and manufacturing of Soybean & its
derivative products. The manufacturing unit is located in Ponnari
village of Adilabad district, Telangana. The promoters have more
than two decades of experience in the Soybean oil business. The
installed capacity of the plant is 250 tons per day.

Recent Result
According to audited FY2014 results, KKPPL recorded an operating
income of INR111.41 crore with a net profit of INR0.60 crore. As
per audited FY2015 results, KKPPL recorded an operating income of
INR71.05 crore with a net profit of INR0.48 crore.


KRIPA TELECOM: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kripa Telecom
(KT) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect KT's moderate scale of operations and
moderate credit profile. In FY15, the company's revenue was
INR254 million (FY14: INR198 million), operating EBITDAR margins
were 8.4% (8.4%), interest coverage (operating EBITDA/gross
interest expense) was 1.9x (2.0x) and net financial leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) was 2.4x
(2.7x).

The ratings, however, reflect an ease in the liquidity. Although
the company's liquidity remained tight till December 2015 as
reflected by the overutilisation in its working capital limits,
it eased from January 2016 after an infusion of funds from the
partners.

The ratings are further supported by the company's promoters'
operating experience of more than a decade in the LED lighting
manufacturing industry.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability leading to a sustained improvement
in the credit metrics and liquidity could be positive for the
ratings.

Negative: Any fall in the profitability leading to deterioration
in the credit metrics and/or liquidity could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2001, KT primarily manufactures LED lighting
products at its 22,000sqft facility in Bangalore. The company
sells its products under the brand name KRIPA LIGHTS with ISO
9001:2008 and ISO 14000 Certifications.

The company's provisional FY16 financials indicate revenue of
INR466.7 million with the EBITDA margin of 12%.

KT's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR30 million fund-based facilities: assigned 'IND
    B+'/Stable/'IND A4'
-- INR60 million non-fund-based facilities: assigned 'IND A4'


LIBRA FABRIC: CRISIL Suspends B+ Rating on INR130MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Libra Fabric Designs Private Limited (Libra).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              110       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       130       CRISIL B+/Stable

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

Libra, promoted by Mr. Mehul Sedani, was originally established
as a proprietorship concern, Libra Apparels, in 1986; the firm
was reconstituted as a private limited company with the current
name in 2012. The company trades in cotton fabric.


LOVE KUSH: CRISIL Reaffirms 'B' Rating on INR190MM Whse Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Love Kush
Foods Private Limited (LKFPL) continues to reflect a weak
financial risk profile because of high gearing and weak debt
protection metrics, large working capital requirement, and a
modest scale of operations in the intensely competitive rice
milling industry. These rating weaknesses are partially offset by
the extensive industry experience of the company's promoters.

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

   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable (Reaffirmed)

   Warehouse Financing     190       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LKFPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile, most likely through capital infusion
or a substantially higher cash accrual arising from a significant
increase in scale of operations and sustained or better margins.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens further, most likely because of
low cash accrual, large, debt-funded capital expenditure (capex),
or a considerable increase in inventory and bank borrowings.

Update
Net profit and net sales were around INR0.8 million and INR532
million, respectively, in 2015-16 (refer to financial year,
April 1 to March 31), a decline from INR1.1 million and INR765
million, respectively, in 2014-15 on account of decrease in
prices of basmati rice. Annual net profit and net sales are
expected to remain in the range of INR0.8-1.2 million and INR550-
600 million, respectively, over the medium term. Operating margin
is expected to remain modest at 3.5-4.5 per cent over this
period.

Networth was modest and total outside liabilities to tangible
networth ratio high at around INR40 million and 6.84 times,
respectively, as on March 31, 2016, and are expected to remain at
similar levels over the medium term owing to modest accretion to
reserves. The capital structure is, however, expected to improve
over this period owing to absence of any significant debt-funded
capex. Debt protection metrics were weak, with interest coverage
ratio estimated at 1.20-1.40 times and net cash accrual to
adjusted debt ratio at 0.02-0.05 time in 2015-16, and are
expected to remain at similar levels over the medium term.

Operations are working capital intensive as indicated by high
gross current assets of 190-200 days as on March 31, 2016. Also,
bank line utilisation was at 85 percent during the 12 months
through January 2016. However, liquidity is adequate, with net
cash accrual for 2015-16 estimated at around INR4 million,
against no term debt repayment obligation during the year. Net
cash accrual is expected to be at a similar level over the medium
term. Liquidity is also supported by absence of any debt-funded
capex plans over the medium term. Moreover, promoters have
provided support through equity infusion of around INR9.4 million
in 2014-15. They are expected to continue providing support over
the medium term.

Profit after tax (PAT) was around INR0.8 million on net sales of
INR572 million in 2015-16, against PAT of INR1.1 million on net
sales of INR765 million in 2014-15.

LKFPL, set up in 2002 by Mr. Sunil Kumar, Mr. Jiwan Kumar, Mr.
Navjot Garg, and Mr. Prem Chand, mills basmati rice. Its
manufacturing unit in Patran, Punjab, has a milling capacity of 6
tonne per hour (tph) and a sorting capacity of 3 tph.


M.M.J. CONSTRUCTION: CRISIL Assigns B+ Rating to INR74MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M.M.J. Construction (MC). The ratings
reflect an average financial risk profile because of moderate
gearing with modest scale of and working capital-intensive
operations, and geographical concentration in revenue profile.
These rating weaknesses are partially offset by the extensive
experience of partners in the power-related services industry,
and revenue visibility on account of healthy order book.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Fund-Based
   Bank Limits              74        CRISIL B+/Stable
   Bank Guarantee           60        CRISIL A4
   Overdraft Facility       16        CRISIL B+/Stable

Outlook: Stable

CRISIL believes MC will continue to benefit over the medium term
from the extensive industry experience of partners. The outlook
may be revised to 'Positive' in case of a significant and
sustained increase in revenue, along with improvement in margins,
working capital cycle, and capital structure. Conversely, the
outlook may be revised to 'Negative' if a significant decline in
revenue or margins, a stretched working capital cycle, or any
large, debt-funded capital expenditure, weakens the financial
risk profile.

Set up in 2010 as a partnership between Mr. Mahesh Jain, Mr.
Munesh Jain, and Mr. Shubham Jain, MC, an engineering,
procurement and construction (EPC) contractor, sets up
substations and transmission lines for state power transmission
and distribution utilities in Uttar Pradesh. It also takes
electrical contracts to upgrade substations by increasing the
capacity of transformers and transmission lines.

MC had a book profit of INR2.95 million on net sales of INR117.0
million in 2014-15 (refers to financial year, April 1 to
March 31), against a book profit of INR2.7 million on net sales
of INR112.3 million in 2013-14.


M/S GREENHOUSE: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Greenhouse
Agro Products (GAP) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned GAP's INR130
million long-term loans an 'IND B+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the delay of over 12 months in the set-up of
the GAP's shrimp processing plant. The project is being funded at
a debt/equity/grant ratio of 5:3:2 and is likely to be
operational by July 2016. Any further delay would reduce the
cushion available to the project after completion until debt
repayment starts (in 4QFY17). The entire term debt of INR130m had
been drawn down by FY16 and interest on this debt until project
commencement has been included in the project cost.

The ratings also reflect GAP's small scale of operations in its
current hatcheries business. Audited FY16 financials indicate
revenue of INR36.86 million (FY15: INR27.56 million) and EBITDA
of INR5.53 million (INR4.16 million). Its net leverage (total
adjusted net debt/operating EBITDAR) was 31.21x in FY16 (FY15:
3.55x).

However, the ratings benefit from the proposed plant's locational
advantage in terms of the availability of raw material and the
promoters' experience of 8 years in the prawn hatchery business.

RATING SENSITIVITIES

Positive: Timely completion of the project along with
stabilisation of operations, leading to revenues and credit
profile being in line with Ind-Ra's projections, could result in
a positive rating action.

Negative: Any further delays in the completion of the project
beyond July 2016, resulting in cost overruns, could lead to a
negative rating action.


COMPANY PROFILE

Established in 2013, GAP is engaged in the prawn seed hatchery
business. It is currently setting up a shrimp processing plant
(2100kg per hour) with a cold storage facility (1000mt) in
Nellore, Andhra Pradesh. The project cost is INR260.4 million
(excluding land costs) and is being funded by debt of INR130
million, promoter contribution of INR80.4 million and a grant of
INR50m by the Andhra Pradesh Food Processing Society.


MARE FOOD: CRISIL Suspends 'B' Rating on INR35MM Bill Disc.
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mare Food Products India Private Limited (MFPIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         35        CRISIL B/Stable
   Packing Credit           15        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        3        CRISIL B/Stable
   Term Loan                 4        CRISIL B/Stable

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

Incorporated on May 6, 2010, MFPIPL processes and exports
seafood. The company primarily deals in cuttlefish and squid,
which it exports mainly to European countries, and also to Korea,
Japan, Thailand, and other southeast Asian countries.


MASTER BLENDERS: ICRA Assigns B+ Rating to INR3.75cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.75
crore fund-based bank facility of Master Blenders Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR3.25 crore non fund based bank facilities of MBPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund
   Based Limit           3.75        [ICRA]B+ Assigned

   Short-term Fund
   Based and Non
   Fund Based Limits     3.25        [ICRA]A4 Assigned

The assigned ratings take into consideration the company's
moderate scale of operations with high concentration risk, owing
to its presence only in rural and semi-urban regions of
Maharashtra. The ratings also factor in the intense competition
from a large number of unorganized players (especially in the
low-end IMFL segment) which restrict pricing flexibility, thereby
impacting margins. The ratings are further constrained by the
company's low-value additive nature of the liquor brewing
business, which has kept the profit metrics weak.

The ratings also factor in the company's high working capital
intensive nature of operations, which has led to a tight
liquidity position as reflected in high utilization of sanctioned
bank limits. While the demand prospects for the domestic IMFL
industry continues to remain positive, the company's growth is
likely to remain restricted on account of the highly regulated
nature of the industry, extensive government control and ban on
advertising.

The ratings, however, take into account the promoters' experience
in the liquor production and distribution business and business
synergies and support from the promoter group companies, in terms
of financing, marketing, and supply chain management.
In FY2016, ICRA expects the company's operating income to grow at
a moderate year-on-year (YOY) growth rate of not more than 10%,
backed by an addition in volumes. However, in FY2017 acute
scarcity of water in Maharashtra is likely to slow down the
production function till the monsoon sets in. This is likely to
impact the growth in operating income in the near term. Going
forward, the company's ability to operate its plant at an optimal
level on the backdrop of scarce availability of water will be
critical to ramp up the scale of operations and to improve its
profit metrics amidst intense competition from a large number of
unorganized players, especially in the low-end IMFL segment,
along with a moderate liquidity profile.

Incorporated in September 1985, Master Blenders Private Limited
(MBPL) is a manufacturer of Indian Made Foreign Liquor (IMFL) and
deals in different products like whisky, vodka, rum, brandy and
gin. MBPL buys molasses-based extra neutral alcohol (MENA), which
it uses to make potable alcohol. The company has its brewing
plant in Khopoli (Maharashtra), which has an installed capacity
of 4 lakh cases per annum.

MBPL is currently closely held within the Mumbai-based Kalani
family. Hiralal Kalani and Kanyalal Kalani are its directors.

Recent results
MBPL recorded a net profit of INR0.97 crore on an operating
income of INR75.50 crore for the year ending March 31, 2015.


MULPURI FOODS: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mulpuri Foods
and Feeds Private Limited's (MFFPL) 'IND BB-(suspended)' Long-
Term Issuer Rating. The agency has also withdrawn the 'IND BB-
(suspended)'/'IND A4+(suspended)' ratings on MFFPL's INR440m
fund-based working capital limits.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MFFPL.

Ind-Ra suspended MFFPL's ratings on 14 August 2015.


PARKASH PULSES: Ind-Ra Affirms 'IND B' LT Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parkash Pulses'
(PP) Long-Term Issuer Rating at 'IND B'. The Outlook is Stable.
The agency has also affirmed PP's INR150.00 million fund-based
limits (increased from INR97.5 million) at Long-term 'IND B' with
a Stable Outlook and Short-term 'IND A4'.

KEY RATING DRIVERS

The affirmation reflects PP's continuous weak credit profile and
low operating profitability because of its presence in the highly
commoditised business of pulses trading with susceptibility to
seasonal trends. Provisional FY16 financials indicate interest
coverage (operating EBITDA/gross interest expense) of 1.01x
(FY15: 0.88x), net financial leverage (total adjusted net
debt/operating EBITDA) of 9.59x (4.08x), and EBITDA margins of
0.58% (0.32%).

However, the ratings are supported by PP's founders over 25 years
of experience in the pulses trading business and the company's
established customer relationships. The ratings are further
supported by the company's moderate use of the working capital
limits at 72.02% during the 12 months ended April 2016.


PHANICARE PHARMA: Ind-Ra Withdraws 'IND B' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Phanicare
Pharmaceuticals Private Limited's (Phanicare) 'IND B(suspended)'
Long-Term Issuer Rating.

KEY RATING DRIVERS

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Phanicare.

Ind-Ra suspended Phanicare's ratings on 18 August 2015.

Phanicare's ratings are as follows:

-- Long-Term Issuer Rating: 'IND B(suspended)'; rating withdrawn
-- INR1.0 million non-fund-based working capital limits: 'IND
    A4(suspended)'; rating withdrawn
-- INR18.0 million fund-based working capital limits: 'IND
    B(suspended)'/'IND A4(suspended); ratings withdrawn
-- INR10.5 million term loan: 'IND B(suspended)'; rating
    withdrawn


PMR INFRASTRUCTURE: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn PMR
Infrastructures Private Limited's (PMR) 'IND D(suspended)' Long-
Term Issuer Rating. The agency has also withdrawn the Long-term
'IND D(suspended)' rating on PMR's INR50 million fund-based
working capital limits.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PMR.

Ind-Ra suspended PMR's ratings on August 13, 2015.


PULUKURI SIVA: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pulukuri Siva
Prasad's (Pulukuri) 'IND B+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Pulukuri.

Ind-Ra suspended Pulukuri's ratings on 18 August 2015.

Pulukuri's ratings are as follows:
-- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
withdrawn
-- INR20 million fund-based working capital limits: 'IND
    B+(suspended)'/'IND A4(suspended)'; ratings withdrawn
-- INR9.2 million term loan: 'IND B+(suspended)'; rating
    withdrawn


R.K. AGRO: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR6.18
crore fund based facilities of R.K. Agro Industries. ICRA has
also assigned the long term ratings of [ICRA]B and short term
ratings of [ICRA]A4  to one time foreign LC of INR1.80 crore
(sublimit of term loan).

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             3.00       [ICRA]B assigned
   Term loan               3.18       [ICRA]B assigned
   One time Foreign LC    (1.80)      [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by the relatively small
scale of operations of the firm, highly competitive and
fragmented industry structure resulting in low profitability
margins, and exposure of the entity's profitability to agro-
climatic risks and regulatory policies. The ratings further take
into consideration the debt-funded capex undertaken in FY2016 and
the possible stress on timely servicing of debt obligations in
case ramp up of cash flows is lower than anticipated. ICRA also
notes that RKAI is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

The ratings however, continue to positively consider the past
experience of the promoters in the agrocommodities business, the
favourable location of the firm with proximity to wheat
cultivation in Gujarat, and stable demand for wheat prospects due
to the increasing population and varied applications of the
product.

Based out of Halvad, Gujarat, R.K Agro Industries (RKAI) was
established in 2008 and is engaged in the business of processing
and sorting of various agricultural products with use of optical
sortex machines with wheat being the major product. The promoters
have previous experience of trading of wheat and other agro
commodities through sister concern "KR Trading Company".
Currently, the processing capacity of the firm stands at 4 MT of
wheat per hour translating into ~10800 MTPA.

Recent Results
In FY15, the firm reported an operating income of INR17.49 crore
and profit before tax of INR0.19 crore as against an operating
income of INR12.06 crore and profit before tax of INR0.13 crore
for the FY14. Further, during 11M FY16 (provisional unaudited
financials), the firm reported operating income of INR14.40 crore
and profit before depreciation & tax of INR1.40 crore.


R L CONSTRUCTION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R L Construction
(RLC) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

KEY RATING DRIVERS

RLC's ratings reflect its moderate revenue of INR605m in FY15
(FY14: INR194m) as well as the partnership nature of its
business.

The ratings are constrained by the firm's moderate credit
profile, with interest coverage (operating EBITDA/gross interest
expenses) of 4.6x in FY15 (FY14: 1.9x) and net financial leverage
(total adjusted net debt/operating EBITDAR) of 0.1x (2.8x).

The ratings also reflect RLC's moderate liquidity profile, as
indicated by the 88% average utilisation of its working capital
limits during the 12 months ended February 2016, with one
instance of overutilisation that was regularised within three
days.

The ratings are also constrained by RLC's regional concentration,
as all its projects are only being executed in Northeast India.

However, the ratings benefit from its partners' experience of
over two decades in the construction business.

RATING SENSITIVITIES

Positive: Improvement in the scale of operations along with
maintenance of the current credit metrics, or a change in the
organisational constitution, will be positive for the ratings.

Negative: Any deterioration in profitability along with other
credit metrics will be negative for the ratings.

COMPANY PROFILE

Silchar (Assam)-based, RLC executes earthwork and construction
work for the North-Eastern Railway. The firm is managed by
Gouranga Paul and Mukul Paul.

RLC's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR60.0 million fund-based working capital limits: assigned
    'IND BB'/Stable
-- INR65.0 million non-fund-based working capital limits:
    assigned 'IND A4+'


RAMANASREE CONSUMER: CRISIL Suspends 'B' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ramanasree Consumer Products Pvt Ltd (RCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B/Stable
   Overdraft Facility       10        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       12.5      CRISIL B/Stable

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

Based in Tirupati (Andhra Pradesh), RCPL is engaged in trading of
sunflower oil, coconut oil, wheat flour, tea, coffee, vermicelli
and other under the brand Varshi. The company is promoted by
Mr.O.Venkata Ramana and his family.


RAMKY INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR37.5BB Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Ramky
Infrastructure Limited (Ramky Infra; part of the Ramky Infra
group) reflects its weak liquidity, mainly on account of its
stretched working capital cycle. The ratings are based on
publicly available information.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             8500       CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee         37500       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7000       CRISIL D (Reaffirmed)

   Term Loan               1500       CRISIL D (Reaffirmed)

Ramky Infra's debt was restructured in June 2015 under the Joint
Lenders Forum (JLF) comprising seven lenders. However, two
lenders did not participate in the restructuring scheme. Details
of the restructuring scheme are unavailable.

The group has large working capital requirement, and faces risks
associated with execution of its infrastructure projects.
However, it benefits from its extensive experience in the
construction of roads, buildings, and irrigation projects. Its
ability to execute projects within the stipulated time and cost,
in light of its weak financial position, will remain a key rating
sensitivity factor.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ramky Infra and its 11 subsidiaries:
Ramky Towers Ltd, Ramky Enclave Ltd, MDDA Ramky IS Bus Terminal
Ltd, Ramky Pharmacity India Ltd, Ramky Herbal and Medicinal Park
(Chhattisgarh) Ltd, Ramky Food Park (Chhattisgarh) Ltd, Naya
Raipur Gems and Jewellery SEZ Ltd, Ramky-MIDC Agro Processing
Park Ltd, Ramky Engineering and Consulting Services (FZC), Ramky
Multiproduct Industrial Food Park Ltd, and Ramky Food Park
(Karnataka) Ltd. These entities are collectively referred to as
the Ramky Infra group. The subsidiaries are of strategic
importance to Ramky Infra, which has majority stake in them.
CRISIL has moderately consolidated the ongoing build-operate-
transfer (BOT) road projects of the Ramky Infra group.

Ramky Infra, the flagship company of the Ramky group, was
originally incorporated as Ramky Engineers Pvt Ltd in 1994 to
provide civil and environmental engineering consultancy services.
In 1998, it started executing civil and environmental
engineering, procurement, and construction projects, primarily in
the water and waste-water sector. Subsequently, it expanded into
road, building, irrigation, and industrial construction. In 2003,
the company got its present name and was thereafter reconstituted
as a public limited company. Ramky Infra principally operates in
two business segments: construction (carried out by Ramky Infra
itself) and development (implemented through special-purpose
vehicles). In the development business, the Ramky Infra group
develops industrial parks, special economic zones, and bus
terminals.

Ramky Infra, on a standalone basis, incurred net loss of INR3.9
billion on net sales of INR10.8 billion for 2014-15 (refers to
financial year, April 1 to March 31), against net loss of INR4.3
billion on net sales of INR17.6 billion in the previous year. Net
loss was INR1.6 billion on net sales of INR9.3 billion for the
nine months through December 2015, vis-a-vis net loss of INR3.6
billion on net sales of INR7.4 billion during nine months through
December 2014.


ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'CCC-'
---------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Rolta India Ltd. to 'CCC-' from 'B+'.  At the same time, S&P
lowered its long-term issue rating on the senior unsecured notes
that Rolta Americas LLC and Rolta LLC issued to 'CCC-' from 'B+'.
Rolta, an India-based information technology (IT) products and
solutions provider, guarantees the notes.

"We lowered the rating on Rolta because the company missed a
US$6.8 million interest payment on its 10.75% 2018 unsecured
notes," said S&P Global Ratings credit analyst Ashutosh Sharma.
The payment was due on May 16, 2016.  S&P is also uncertain of
the company's ability to meet its interest payment.

S&P understands that Rolta intends to make the payment within the
30-day grace period ending on June 15, 2016.  However, S&P do not
have any information on the company's current liquidity position,
which seems to have unexpectedly deteriorated.

S&P believes the lack of proactive communication from the Rolta
management on this unexpected development reflects a weaker
efficacy of the company's management and governance.

"The CreditWatch on Rolta reflects a one-in-two likelihood that
we could lower the ratings in the next three months," said
Mr. Sharma.  "This reflects the uncertainty whether the company
will be able to make the coupon payment on its notes within the
allowed grace period."

S&P will lower the ratings to 'SD' if Rolta fails to make the
payment on the bonds within the grace period.  S&P will lower the
ratings to 'D' if Rolta misses the interest payment within the
grace period and S&P believes the company will default on
substantially or all of its obligations.

S&P will raise the ratings if Rolta makes the interest payment on
the notes within the grace period, and S&P believes the company
has a credible plan to meet its debt obligations over the next
six to 12 months.


S. KHODAY: CRISIL Suspends B- Rating on INR90MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. Khoday Silk Twisting Factory (SKSTF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               90       CRISIL B-/Stable
   Foreign Letter of
   Credit                    25       CRISIL A4
   Proposed Long Term
   Bank Loan Facility         5       CRISIL B-/Stable

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

Set up in 1993, SKSTF manufactures silk home furnishings. The
firm's manufacturing facility is in Bengaluru. Its day-to-day
operations are managed by Mr. Srinivas Khoday and Mr. Suresh
Khoday.


S.L.V. STEELS: CRISIL Suspends 'D' Rating on INR198MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.L.V. Steels and Alloys Private Limited (SLV).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             180        CRISIL D
   Letter of Credit         60        CRISIL D
   Long Term Loan          198        CRISIL D

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

SLV, incorporated in 2008, and has set up two 100-tonnes-per-day
sponge iron plant at Ananthpur district (Andhra Pradesh). The
plants became fully operational in September 2011. SLV is
promoted by Mr. Shivaram Prasad and his wife, Mrs. Shankula Devi.


SHREE DURGA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Durga
Khandsari (Sugar) Mills (SDKSM) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SDKSM's moderate revenue base and moderate
credit profile along with the partnership nature of its business.
The company's provisional FY16 financials indicate revenue of
INR517.24 million (FY15: INR747.54 million), interest coverage
(operating EBITDA/gross interest expenses) of 4.3x (3.1x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
3.4x (5.0x).

The ratings, however, are supported by SDKSM's comfortable
liquidity profile, as evident from its less than 53% utilisation
of the working capital limits on an average during the 12 months
ended April 2016. The ratings are further supported by its
partners' over three decades of operating experience in the sugar
manufacturing industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
the maintenance of the present credit metrics could be positive
for the ratings.

Negative: Any deterioration in the profitability or in the credit
metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1974, SDKSM manufactures sugar at its 1,800
tonnes/day facility in Barwani, Madhya Pradesh.

SDKSM's ratings:

-- Long-term Issuer rating: assigned 'IND BB'/Stable
-- INR77.5 million fund-based working capital limits: assigned
    'IND BB'/Stable
-- INR70.2 million long-term loans: assigned 'IND BB'/Stable


SHREE KRISHAN: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Krishan
Co. Mfrs Pvt Ltd (SKCMPLI) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SKCMPLI's moderate credit profile, with
provisional FY16 financials indicating operating EBITDA margins
of 14% (FY15: 11.2%),interest coverage of 2.6x (2.6x) and net
financial leverage of 3.7x (4.9x). The decline in net financial
leverage is mainly on account of decreased debt.

The company's liquidity is moderate, with 92% average utilisation
of its fund-based working capital limits during the 12 months
ended April 2016.

The ratings are further constrained by its directors' lack of
experience in the snacks manufacturing business as well as its
small scale of operations, as reflected in its revenue of INR302m
as per FY16 provisional financials (FY15: INR289m).

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining its current credit metrics will be positive for
the ratings.


Negative: A decline in operating margins will lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 1975, SKCMPLI started its commercial operation in
2013. It manufactures chips and snacks. The company has an
installed capacity of 6,700 metric tonnes per annum and sells its
products under its own brand name 'Njoy'. It is managed by Mr. K.
D. Agarwal and its registered office is located in Howrah, West
Bengal.

SKCMPLI's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR33 million fund-based limits: assigned 'IND BB'/Stable
-- INR94.7 million term loan 1: assigned 'IND BB'/Stable
-- INR12.5 million term loan 2: assigned 'IND BB'/Stable
-- INR47.5 million term loan 3: assigned 'IND BB'/Stable
-- INR17.5 million non-fund-based limits: assigned 'IND A4+'


SHREE SHYAM: ICRA Lowers Rating on INR7.0cr Cash Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]B to [ICRA]D
for the INR7.00 crore cash credit facility of Shree Shyam Cotton
industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based- Cash       7.00        Downgraded to [ICRA]D
   Credit                             from [ICRA]B

The rating revision reflects the recent delays in interest as
well as debt servicing reflecting the stress on its liquidity
position. The rating is further constrained by the low operating
margins on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The rating further incorporate the susceptibility of
the cotton prices to seasonality and regulatory risks which
together with the highly competitive industry environment exerts
more pressure on the margins. ICRA also notes that Shree Shyam
Industries is a partnership firm and any significant withdrawals
from the capital account will affect its net worth and thereby
the gearing levels.

The rating however continues to favorably consider the long
experience of the partners in cotton industry and favorable
location of the plant giving it easy access to high quality raw
cotton.

Incorporated in 2008, Shree Shyam Cotton Industries is engaged in
ginning and pressing operations. The firm is promoted and managed
by Mr. Kantibhai Patel along with five other partners with
experience in the cotton ginning industry. The firm's
manufacturing facility is located at Vijapur, Mehsana in Gujarat
and has twenty four ginning machines and one pressing machine
with capacity to produce 200 pressed cotton bales per day.


SHRI BHOLANATH: CRISIL Suspends 'D' Rating on INR38MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Bholanath Food Products Private Limited (Shri Bholanath).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              38        CRISIL D
   Term Loan                22.7      CRISIL D

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

Incorporated in 2008, Shri Bholanath processes wheat into wheat
flour (atta), refined wheat flour (maida), cattle feed (cokar),
and wheat semolina (suji). The company is managed by Mr. Ashish
Mundada, and is based in Medhak district in Andhra Pradesh.


SHRI KARVIR: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shri Karvir Nivasini
Mahalaxmi Ispat Private Limited (SKPL) continue to reflect
susceptibility to cyclical nature of demand from the end-user
industries and exposure to volatile raw material prices. The
ratings also factor in modest networth and weak debt protection
metrics. These weaknesses are mitigated by the extensive industry
experience of promoters in the steel industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        11.8       CRISIL A4 (Reaffirmed)
   Cash Credit          120         CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30         CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SKPL's business risk profile will remain
dependent over the medium term on the increase in demand from the
end-user industry. The outlook may be revised to 'Positive' if
revenue and profitability margin improve significantly while
maintaining the capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
continued decline in profitability, leading to lower cash
accrual, or stretch in working capital cycle, results in weak
liquidity.

Incorporated in 1994 and promoted by the Gandhi family and Mr.
Malani, SKPL primarily manufactures thermo-mechanically-treated
(TMT) bars. The company's manufacturing facility is in Kolhapur
(Maharashtra). Its day-to-day operations are managed by Mr.
Malani.


SIDHI VINAYAK: ICRA Suspends 'B' Rating on INR7.5cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR7.50 crore working capital limits of Sidhi Vinayak Metal
and Salt Company Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SONALI EXTRUSIONS: CRISIL Reaffirms 'B' Rating on INR53.5MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Sonali Extrusions
Private Limited (SEPL) continue to reflect the company's weak
financial risk profile, marked by high gearing and weak debt
protection metrics, modest scale of operations, and exposure to
intense competition in the aluminium extrusion business. These
rating weaknesses are partially offset by the extensive industry
experience of its promoters.

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

   Proposed Long Term
   Bank Loan Facility      53.5      CRISIL B/Stable (Reaffirmed)

   Term Loan               21.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of larger-than-expected debt-funded expansion,
or a substantial decline in revenue and profitability, leading to
deterioration in the financial risk profile.

Update
Operating income is estimated at around INR450 million for 2015-
16 (refers to financial year, April 1 to March 31), a decline
over the previous year owing to lower aluminium prices. Revenue
growth is expected to be moderate over the medium term driven by
steady orders from, and established relationship with, key
customers. Operating profitability may remain stable over this
period, backed by stability in raw material prices. Cash accrual
is expected at INR13-15 million per annum over the medium term
supported by a stable scale of operations and profitability.

The financial risk profile remains below average because of a
small networth and high gearing, at around INR25 million and
around 3 times, respectively, as on March 31, 2016. Debt
protection metrics are comfortable, with net cash accrual to
total debt and interest coverage ratios estimated at 0.14 time
and 2.0 times, respectively, for 2015-16. Moderate accretion and
the absence of sizeable debt-funded capital expenditure are
expected to help strengthen the financial risk profile over the
medium term.

Liquidity is moderate because of annual cash accrual estimated at
INR13 million and INR15 million for 2016-17 and 2017-18,
respectively, against annual maturing debt of around INR10 per
annum, in these years. Bank limit was utilised at an average of
around 93 percent over the 12 months through February 2016.
However, promoters provide need-based fund support through fixed
deposits. Liquidity is expected to remain moderate over the
medium term, backed by sufficient cash accrual to service
maturing debt.

SEPL, promoted by Mr. Vinod Babulal Mandot and his family,
commenced commercial operations in July 2011. The company
manufactures aluminium sheets and profiles.


SPB DEVELOPERS: CRISIL Suspends 'D' Rating on INR1.91BB Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SPB Developers Private Limited (SPB).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          175        CRISIL D
   Term Loan              1910        CRISIL D

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

SPB was incorporated in 2009 as a special purpose vehicle for
converting stretches on the two-lane state highways connecting
Shirwal'Phaltan-Baramati (all in Maharashtra) into four lanes, on
a build, operate, and transfer basis. The project is expected to
start commercial operations by June 2015.


SREE VEERA: CRISIL Raises Rating on INR65MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sree Veera Brahmendra Swamy Spinning Mills Private Limited
(SVPL) to 'CRISIL B-/Stable' from 'CRISIL C'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             65       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Corporate Loan          54       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term      21.1     CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

The upgrade reflects timely servicing of debt over the six months
ended April 2016, and expected continued meeting of debt
obligation with sufficient cash accrual over the medium term.

The rating reflects SVPL's below-average financial risk profile
because of small networth, high gearing, and weak debt protection
metrics, working capital-intensive operations, and susceptibility
of profitability margins to volatile cotton prices and intense
competition. These weaknesses are partially offset by the
extensive experience of promoters.
Outlook: Stable

CRISIL believes SVPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of substantial and sustained
increase in scale of operations, while maintaining profitability
margins, or if working capital cycle improves significantly. The
outlook may be revised to 'Negative' in case of a steep decline
in profitability margins, or significant deterioration in capital
structure because of stretch in working capital cycle.

Set up in 2006 by Mr. G Sundararamaiah and his family, SVPL
manufactures cotton yarn at its plant in Guntur, Andhra Pradesh.


SRI LAKSHMI: 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, INR0.15 crore term loan of
Sri Lakshmi Srinivasa Raw & Boiled Rice Mill and reaffirmed the
short term rating of [ICRA]A4 to INR0.25 crore bank guarantee
limits of SLSRBM. ICRA has also reaffirmed the ratings at
[ICRA]B+/ [ICRA]A4 to INR3.35 crore unallocated limits of SLSRBM.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           11.25       [ICRA]B+ reaffirmed
   Term Loan              0.15       [ICRA]B+ reaffirmed
   Bank Guarantee         0.25       [ICRA]A4 reaffirmed
   Unallocated limits     3.35       [ICRA]B+/[ICRA]A4 reaffirmed

The rating reaffirmation continues to be constrained by modest
scale of operations in the rice milling industry, limited value
additive nature of the business and highly fragmented industry
structure resulting in thin profitability levels; weak financial
profile characterized by high gearing levels of 4.27 times as on
March 31, 2015 and modest coverage indicators for FY2015. The
rating is further 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. However, the rating favourably
draws comfort from the long-standing experience of its promoters
in the rice milling industry and strategic location of mill which
results in easy availability of paddy. 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 operations,
improve margins and effectively manage working capital limits
would be the key rating sensitivity from credit perspective.

Sri Lakshmi Srinivasa Raw & Boiled Rice Mill (SLSRBM) was
established as a proprietorship firm in 1983. Later in 2002, it
was reconstituted as a partnership firm. The firm is situated 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 5 tonnes per hour. The firm operations are overseen
by Mr. Avula Srinivasulu who is managing partner and has more
than 30 years of experience in rice industry.

Recent Results
For FY2015, SLSRBM has reported an operating income of INR45.02
crore and net profit of INR0.11 crore as against an operating
income of INR41.29 crore and net profit of INR0.09 crore in
FY2014.


SRI LAKSHMI: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Lakshmi
Srinivasa Agri Processing Private Limited (SLSA) continue to
reflect the company's below-average financial risk profile
because of small networth, high gearing, and weak debt protection
metrics.

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

   Long Term Loan        36.9     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.1     CRISIL B- /Stable (Reaffirmed)

The rating also factors in modest scale of operations, low
profitability because of intense competition in the cotton
ginning industry, susceptibility of profitability to volatility
in cotton prices, and vulnerability of operations to regulatory
changes. These weaknesses are partially offset by extensive
entrepreneurial experience of its promoters.
Outlook: Stable

CRISIL believes SLSA will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoters. The outlook may be revised to 'Positive' if there is
substantial and sustained increase in revenue and profitability,
or significant improvement in capital structure backed by
sizeable equity infusion. The outlook may be revised to
'Negative' in case of steep decline in profitability, or
significant deterioration in capital structure due to large debt-
funded capital expenditure or stretch in working capital cycle.

SLSA was set up in 2012 by Mr. Attluri Jagannatha Rao, Ms.
Harshini, and Mr. S Seetaramurthy. The company gins and presses
raw cotton. Its ginning unit is in Krishna district in Andhra
Pradesh.


SRS LIMITED: Ind-Ra Lowers LT Issuer Rating to D; Outlook Neg.
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SRS Limited's
Long-Term Issuer Rating to 'IND D' from 'IND BB+'.  The Outlook
was Negative.

                        KEY RATING DRIVERS

The downgrade reflects SRS' delays in debt servicing since March
2016 based on the information shared by one of the company's
lenders.  The delays are a result of the liquidity stress
developed due to the disruption of operations in 4QFY16 as well
as the accumulation of debtors, particularly for exports.  The
country-wide strike by the gems and jewelry industry was in
protest of the imposition of 1% excise duty on jewelry.
Throughout the strike, which lasted during March-April 2016, the
company had to incur fixed costs such as showroom rent and
interest on inventory and labor, despite the business having
virtually stopped.

In 9MFY16, SRS reported revenue of INR32.2 bil. (9MFY15: INR28.2
bil.), EBITDA margins of 3.5% (3.6%) and gross interest coverage
of 1.9x (2.0x).  However, the strike in the fourth quarter is
likely to have had a negative impact on the company's financial
profile for FY16 overall.

                        RATING SENSITIVITIES

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

                           COMPANY PROFILE

SRS was incorporated in 2000 as SRS Commercial Company Limited.
It was renamed SRS Limited in 2009 and primarily has three
business verticals: jewelry, retail and multiplexes.  The company
is engaged in the manufacture, retail and wholesale of gold and
diamond jewelry.  It operates a chain of modern format retail
stores and a chain of cinemas across north India.  The company
owns a shopping mall in Faridabad, apart from various restaurants
and food courts.

In FY15, SRS reported revenue of INR38.2 bil. (FY14: INR38.4
bil.) and net income of INR388 mil. (INR428 mil.).

SRS' ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BB+'/Negative
   -- INR100 mil. term loans: downgraded to Long-term 'IND D'
      from 'IND BB+'/Negative
   -- INR3,500 mil. fund-based working capital limits: downgraded
      to Long-term 'IND D' from 'IND BB+'/Negative and Short-term
      'IND D' from 'IND A4+'
   -- INR4,750 mil. non-fund-based working capital limits:
      downgraded to Short-term 'IND D' from 'IND A4+'
   -- INR2,250 mil. term deposit: downgraded to Long-term
      'IND tD' from 'IND tB'/Negative


STITCHFAB (INDIA): CRISIL Assigns 'B' Rating to INR80MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Stitchfab (India) Private Limited (Stitchfab). The
rating reflects the company's weak financial risk profile because
of small networth and high gearing.

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

The rating also reflect large working capital requirement, and
modest scale of operations. These weaknesses are partially offset
by extensive experience of its promoters in the readymade
garments industry.
Outlook: Stable

CRISIL believes Stitchfab will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if financial risk profile improves
because of significantly better capital structure driven by
equity infusion, or substantial and sustained increase in revenue
and cash accrual, along with efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected operating income or accrual, or stretch in
working capital cycle, or deterioration in capital structure due
to large debt-funded capital expenditure, leading to weakening of
financial risk profile, particularly liquidity.

Stitchfab manufactures readymade garments for kids. Its
manufacturing facilities are in West Bengal and it is promoted by
Kolkata-based More family. Mr. Varun More manages the operations
of the company. It sells products under its 'AppleEye' brand.


SWARUP INTERNATIONAL: CRISIL Assigns B+ Rating to INR30MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swarup International (SI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       3.5       CRISIL B+/Stable
   Bill Discounting        30.0       CRISIL B+/Stable
   Packing Credit          22.5       CRISIL A4

The ratings reflect the firm's modest scale of operations in the
intensely competitive stone processing industry, and its large
working capital requirement. These weaknesses are partially
offset by extensive industry experience of its promoters, and
it's above average financial risk profile because of its moderate
debt protection metrics.
Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in revenue along with stable profitability, or
considerable rise in networth because of sizeable equity
infusion. The outlook may be revised to 'Negative' if there is
steep decline in profitability, or significant weakening of
capital structure due to stretch in working capital cycle.

SI was set up by Mr. Rajesh Jhunjhunwala, Mr. Gaurav
Jhunjhunwala, Mr. Himanshu Gupta, and Ms. Nirmal Gupta as a
partnership firm in 2005. Its facilities are in Kota, Rajasthan.


SWIZZER CERAMIC: CRISIL Reaffirms B+ Rating on INR215MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swizzer Ceramic
Private Limited (SCPL) continue to reflect modest scale of, and
working capital intensity in, operations in the intensely
competitive ceramics industry. These rating weaknesses are
partially offset by the extensive experience of the promoters,
and proximity of the manufacturing facilities to raw material and
labour sources.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         215       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
the promoters' experience. The outlook may be revised to
'Positive' if higher than expected sales and stable operating
profitability lead to healthy accrual and an improved financial
risk profile particularly debt protection metrics. Conversely,
the outlook may be revised to 'Negative' if low operating margin,
stretch in working capital cycle, or any large capital
expenditure plan significantly weakens financial risk profile.

Update
SCPL commenced commercial operations in August 2015. Till
March 18, 2016, provisional net sales was INR268.4 million.
Moderate demand is expected result in revenue of INR350-450
million annually over the medium term. Operating margin was
healthy at 16 percent, and is expected to remain at 15-16
percent, going forward, led by improved realisation from polished
and digital glazed vitrifed tiles.

SCPL's financial risk profile continues to remain moderate;
gearing was high and networth moderate at around 2.2-2.3 times
and INR110-120 million respectively as on March 31, 2016. Gearing
is expected remain at 2.2-2.5 times over the medium term. It is
expected to maintain interest coverage and net cash accrual to
term debt (NCATD) ratios at 1.7 and 0.11 time respectively. These
ratios are expected at 1.7-2.0 times and 0.1-0.5 time going
forward. Liquidity remains sufficient with accrual (INR25-45
million) sufficient to cover maturing debt of INR13.5-36.0
million per annum.

Established in 2014, SCPL was set up by Mr. Umang Dinesh Gohel,
Mr. Rajendra Dhanji Zulasana, Mr. Manish Prabhubhai Bhalodiya,
Mr. Suresh Durlabhji Bhalodiya, and Mr. Piyush Dharamshi Patel.
The company manufactures glazed vitrified tiles of various sizes
at its production facilities in Morbi (Gujarat). SCPL commenced
commercial operations from August 2015.

On a provisional basis for the eight months till March 18, 2016,
the company reported a net loss of INR7.2 million on net sales of
INR268.4 million.


SYNDICATE BANK: S&P Lowers LT ICR to 'BB+'; Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on India-based Syndicate Bank to 'BB+' from 'BBB-'.
The outlook is stable.  At the same time, S&P lowered its short-
term rating on the bank to 'B' from 'A-3'.  S&P also lowered its
issue ratings on Syndicate's senior unsecured debt to 'BB+' from
'BBB-'.

"We downgraded Syndicate because we expect the bank's asset
quality to remain weak over the next 12 months, following a
deterioration in the past two quarters," said S&P Global Ratings
credit analyst Amit Pandey.  "Accordingly, we also lowered
Syndicate stand-alone credit profile (SACP) to 'bb' from 'bb+'."

The ratings on Syndicate Bank reflect a very high likelihood that
the government of India (BBB-/Stable/A-3) will continue to
provide timely and sufficient extraordinary support to the bank.
S&P's view of a very high likelihood of extraordinary government
support is based on S&P's assessment of Syndicate's very strong
link with, and very important role to, the government.

S&P anticipates that Syndicate's credit costs will remain high
over the next 12 months because of continued pressure on asset
quality, given the tough operating conditions for the corporate
sector in India.  Syndicate's performance in fiscal 2016 (year
ended March 31, 2016) has been weaker than S&P's expectations.
The bank reported a full-year loss of Indian rupee
INR16.4 billion, with losses of INR21.6 billion in the last
quarter of fiscal 2016, and INR1.2 billion in the previous
quarter.  The main reason for these losses was a sharp rise in
provisions and nonperforming loans (NPLs).  The gross NPL ratio
more than doubled to 6.7% as of March 31, 2016, from 3.1% as of
March 31, 2015.  However, Syndicate's restructured book--at 2.4%-
-remains one of the lowest among the public sector banks that S&P
rates in India.  Like most other public sector banks in India,
Syndicate focuses on the domestic corporate sector, which has
been under pressure because of tough operating conditions.
Syndicate's performance in fiscals 2014 and 2015 was better than
the industry, partly due to the bank's slower growth and lower
exposure to risky segments.  The deterioration in Syndicate's
asset quality in fiscal 2016 was greater than S&P had
anticipated.  Hence, S&P has lowered the bank's risk position
score to moderate, which is in line with most of the other public
sector banks that S&P rates in India.

High credit costs stemming from rising NPLs will continue to
strain Syndicate's earnings.  The bank's weak operating
performance and negative retained earnings partly offset the
benefit from capital infusion.  During the year, Syndicate
received capital infusion (Tier 1) of INR18.3 billion from the
Indian government, Life Insurance Corp. of India, and the
issuance of additional Tier 1 capital.  In the last quarter of
fiscal 2016, the bank's Tier 1 capital ratio improved 49 basis
points to 7.75%, barely higher than the regulatory minimum
capital requirement of 7.625%.

The regulatory requirement for Tier 1 capital (including capital
conservation buffer) is set to increase to 8.25% from March 31,
2017.  Moreover, S&P expects Syndicate's earnings to remain weak
over the next 12-18 months largely because of high credit costs
(given its provision coverage ratio declined to 54% as of
March 31, 2016).  Accordingly, S&P expects the bank will need
additional capital to meet the regulatory requirement.

S&P's base-case expectation is that Syndicate will meet the
minimum regulatory capital requirements.  S&P believes that the
bank may receive capital from the government or public sector
entities to meet the minimum regulatory capital requirement.
They may also tap the market to raise capital.  S&P expects
Syndicate to maintain its average domestic business franchise and
satisfactory funding and liquidity profile.

"The stable outlook on Syndicate reflects our expectation that
the likelihood of support from the government of India to the
bank will remain very high," said Mr. Pandey.  "It also reflect
our view that although the SACP will remain under pressure, it is
unlikely to deteriorate to a level which will lead to a change in
the rating over the next 12 months."

Syndicate's SACP needs to weaken by two notches to 'b+' for S&P
to lower the rating.  S&P could lower the SACP to 'bb-' from 'bb'
if Syndicate's pre-diversification risk-adjusted (RAC) ratio dips
to below 5% on a sustained basis.  The RAC ratio could
deteriorate if the bank grows aggressively and is unable to
support this growth with sufficient capital infusion or if the
economic risk rises.  S&P could also lower the SACP if the bank's
asset quality deteriorates sharply such that its gross NPLs
increase to more than 10%-12% of total loans or stressed assets
increase to 18%-20% of loans, a scenario which S&P currently sees
as remote over the next 12 months.

Currently, S&P sees no upside potential to the rating at least
for the next 12 months.


UNIFIED ELECTRONICS: CRISIL Suspends B Rating on INR25MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Unified Electronics India Limited (UEIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           15        CRISIL A4
   Bill Discounting          6        CRISIL A4
   Cash Credit              25        CRISIL B/Stable
   Long Term Loan           13.9      CRISIL B/Stable

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

Incorporated in 2006, UEIL manufactures electronics components.
The company is promoted by Mr. Suresh R Mehta and Mr. Tarun P
Mehta.


VIJAY ENGINEERING: ICRA Assigns 'B' Rating to INR16cr Cash Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR16.00
crore1 cash credit limits and INR1.50 crore term loan limits of
Vijay Engineering Equipment India Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           16.00        [ICRA]B assigned
   Term Loan              1.50        [ICRA]B assigned

The assigned rating is constrained by stretched liquidity
position of the company as evidenced by full utilization of
working capital limits in the past 14 months; high working
capital intensity of the Volvo construction equipment dealership
business owing to high debtor days; and high geographical
concentration of revenues with presence limited to Andhra Pradesh
and Telangana states. The rating also considers weak business
environment on account of low demand for construction equipment
(CE), given the slowdown in the infrastructure sector and
profitability exposed to competition from other CE manufacturers.
The rating however draws comfort from the long standing
experience of management in the field of construction equipment;
sole authorized dealer of Volvo range of construction equipments
for Andhra Pradesh and Telangana states and moderate operating
margins owing to majority of sales from spares in the past 5
years.

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

Vijay Engineering Equipment India Private Limited (VEEIPL) was
incorporated in January 2006 by Mr.C.Vijaya Shekhar Reddy, Ms Y
Sunita Reddy and Mr C Dushyant Reddy. VEEIPL is the sole
authorized dealer for sale of machines, spares and services of
Volvo India Private Limited (VIPL) range of construction
equipment in the state of Andhra Pradesh and Telangana. The
company deals in various models of VIPL, including excavators,
loaders, graders and other machines.

Recent Results
During FY 2016 (provisional), VEEIPL has reported an operating
income of INR64.99 crore and net profit of INR1.90 crore as
against an operating income of INR59.08 crore and net profit of
INR0.38 crore in FY 2015.


VIR ELECTRO: ICRA Assigns B- Rating to INR12.5cr LT Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B- to the
INR24.00 crore (enhanced from INR20.00 crore) long term fund
based facilities of Vir Electro Engineering Private Limited.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term, Fund
   based limits
   Cash Credit          6.00       [ICRA] B- assigned/outstanding

   Long term, Fund
   based limits
   Term Loan           12.50       [ICRA] B- outstanding

   Long term
   Unallocated          5.50       [ICRA] B- outstanding

The revision in rating takes into account regularization of ICRA
rated debt on which company had delayed in the past owing to
liquidity issues and losses in the business. VEEPL's financial
profile remains stretched owing to leveraged capital structure,
weak debt coverage indicators and stretched liquidity. The
ratings are also constrained because of the modest scale of
operations and vulnerability of margins towards any fluctuation
in raw material prices. ICRA also takes note of the moderate
client concentration risk with top five clients contributing to
~60% of the total revenues in FY15. Nevertheless, the rating
favourably factors in the long standing experience of the
promoters in the metal fabrication business as well as the
established relationship with reputed customers thus generating
repeated business and providing revenue visibility over the near
to medium term.

Incorporated in 1996, VEEPL is engaged in metal steel fabrication
and galvanization -- primarily for Crompton Greaves Limited, ABB
India Limited and Siemens Limited. Mr. Santosh Dalvi, the
director of the company, oversees the operations of the company.
The company operates through its fabrication and galvanization
units at Ambad and Gonde, Nashik, with a total installed capacity
of 2,600 MT per annum.


VISHWA GREEN: ICRA Withdraws 'D' Rating on INR14cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the short term rating of [ICRA]D assigned to
the INR14.00 crore bank limits of Vishwa Green Realtors Private
Limited, as the company has fully redeemed the instrument. There
is no amount outstanding against the rated instrument.


VISHWAS COTTON: CRISIL Suspends 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vishwas Cotton Ind (VCI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Term Loan                18        CRISIL B/Stable

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

Set up in 2013, VCI is promoted by the Rajkot (Gujarat)-based
Detroja and Visodiya families. The firm is in the cotton ginning
and pressing business.


WELCAST PRODUCTS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Welcast Products
Pvt. Ltd.'s (WPPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The agency has also affirmed WPPL's INR170.0m
fund-based working capital limits at 'IND A4'.

KEY RATING DRIVERS

The affirmation reflects WPPL's small scale of operations and
moderate credit profile. Its FY16 revenue was INR236 million
(FY15: INR166 million), interest coverage was 1.3x (1.3x) and net
leverage was 4.4x (4.3x).

Liquidity continued to be tight, with full use of its working
capital limits during the 12 months ended April 2016.

However, the ratings continue to benefit from WPPL's founder-
promoter's experience of more than two decades in the iron and
steel industry.

RATING SENSITIVITIES

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

Negative: Sustained deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

WPPL was incorporated in 1997 and manufactures iron casts,
manhole covers, lamp posts, brackets, lamp bases, fountains and
basins. The company is promoted by Mr. Ramesh Kumar Kejriwal and
its manufacturing facility is located in Fuleswar, West Bengal.


YM MOTORS: CRISIL Reaffirms B- Rating on INR195MM LT Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of YM Motors
Private Limited (YM) continue to reflect weak financial risk
profile, because of modest networth and sub-par debt protection
metrics. The rating also factors in limited pricing power with
the principal, and exposure to intense competition in the
automotive dealership market. These weaknesses are mitigated by
the extensive industry experience of promoters in the automotive
dealership business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term
   Bank Loan Facility     195       CRISIL B-/Stable (Reaffirmed)

   Term Loan              100       CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Facility               185       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes YM's financial risk profile will remain
constrained over the medium term on account of weak liquidity and
high gearing. The outlook may be revised to 'Positive' if higher-
than-expected net cash accrual or sizeable equity infusion by the
promoters lead to improved financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of constrained liquidity due to lower-than-expected cash
accrual or low funding support from the promoters.

YM was incorporated in 2009 to undertake the auto dealership of
Toyota Kirloskar Motor Pvt Ltd (Toyota) for Pune. The company is
a part of the Sharayu group founded by Mr. Shrinivas Pawar and
his wife, Ms. Sharmila Pawar. It has two showrooms in Pune.



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


TAKATA CORP: To Rule Out Bankruptcy in Seeking Buyer Funding
------------------------------------------------------------
Bloomberg News reports that Takata Corp. has ruled out using
bankruptcy as a way of mitigating liabilities from its record air
bag recalls and is instead seeking buyers that could take a
controlling stake and carry the company through its current
crisis, according to a source with knowledge of the restructuring
process.

Lazard Ltd., Takata's financial adviser, will meet manufacturers
as well as financial firms with the aim to find buyers by the
fall, Bloomberg relates citing a source who asked not to be named
because the discussions are private.

Takata's plan is to remain listed and maintain its core
businesses covering seat belts, air bags and steering wheels
while selling off non-core operations, the source said, Bloomberg
relays.

Any Takata suitor will be betting it can still make a return even
after resolving claims from automakers, which until now have
shouldered the vast majority of the costs of replacing air bags
tied to the auto industry's unprecedented safety crisis,
according to Bloomberg.

Bloomberg notes that recalls of the devices, which can deploy
with too much force and spray metal and plastic at passengers,
are expanding by as much as 40 million units in the U.S., after
13 fatalities worldwide.

"There is no advantage and no one will benefit from turning
Takata around through bankruptcy in this case," Bloomberg quotes
Taketoshi Tsuchiya, a credit analyst in Mizuho Financial Group
Inc.'s fixed-income group, as saying. "Automakers can't say they
won't go through with the recalls because Takata filed for
bankruptcy. They have to continue paying for the costs on their
own without Takata."

In exchange for injecting capital, the founding family's stake
will be diluted, the source, as cited by Bloomberg, said. The
company has targeted having new management in place this year,
replacing executives, including President Shigehisa Takada, the
source said.  A consortium of investors is also an option to
raise funds.

Talks with potential buyers are at the preliminary stage and no
offers have been made, the source said, Bloomberg relays.

According to Bloomberg, Takata is negotiating with customers led
by Honda Motor Co. over how much of the multi-billion-dollar
recall bill it will have to pay. Takata's shares have declined
68% during the past year, cutting its market value to about
JPY36.4 billion, or less than one-tenth the company's 2007 peak,
it adds.

Takata is willing to be flexible with the restructuring plan as
long as its top objective of supplying replacement air bags in a
stable manner is met, the source said, Bloomberg relays.

"The news on Takata avoiding bankruptcy should be very positive
for Takata's bondholders," Bloomberg quotes Shintaro Niimura, an
analyst with Nomura Holdings Inc., as saying.  "Now, the focus is
on how Takata and automakers share the costs of air bag recalls.
If Takata has to owe the majority of it, it would make it
difficult for them to secure enough funds."

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2016, Nikkei Asian Review said that Takata Corp, mired
in a deepening air bag scandal, hopes to select a sponsor by
August to pursue restructuring under new management.  A third-
party committee of outside attorneys and others had briefed
automakers and banks on the plan by April 19, Nikkei said.
Takata hopes to select a sponsor by the end of August and draw up
fresh rehabilitation plans. It likely will accept a management
team from the sponsor.

On Nov. 24, 2014, 24/7 Wall St. said Takata Corporation faces
huge fines, and almost certainly lawsuits (which have already
begun), over its defective airbags.  The report related that some
experts believe that the Japanese company was not forthcoming
about the technical failure that caused several serious accidents
and deaths. If Takata goes bankrupt, which could certainly
happen, claims against the company would be in limbo, 24/7 Wall
St. said.

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



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


1MALAYSIA DEVELOPMENT: Scandal Strains Longest Bull Market Run
--------------------------------------------------------------
En Han Choong and Jonathan Burgos at Bloomberg News reports that
one of the worst global financial scandals is taking its toll on
the world's longest bull market run.

Bloomberg relates that deepening concerns over 1Malaysia
Development Bhd., the embattled state investment fund at the
center of probes from Switzerland to Singapore, has spurred the
biggest outflow of foreign funds in eight months.  Malaysia's
benchmark stock index has erased most of its gains after climbing
to this year's high in April, Bloomberg says. The prolonged
impact of 1MDB is prompting investors to seek out other markets
in Southeast Asia, Bloomberg relays citing Baring Asset
Management.

"People are probably getting impatient as they continue to hear
noises about 1MDB," Lim Soo Hai, a Hong Kong-based money manager
at Baring Asset, which oversees about $41 billion, told Bloomberg
by phone. "We're hesitant to invest in Malaysia as we're not
seeing a lot of interesting stocks that we can find."

According to Bloomberg, the exodus of international funds is a
dramatic reversal from the first quarter of the year when money
managers piled in at the fastest pace in Southeast Asia,
propelling the stock index to an eight-month high. The FTSE Bursa
Malaysia KLCI Index almost doubled from its 2008 lows without
succumbing to a 20% drop, making it the longest bull-market
worldwide, Bloomberg discloses.

After gaining 7.9% from this year's low in January, the stock
index has retreated almost 6% from the April peak. That's pushed
Malaysia's stock index far behind in the rally by its emerging
peers in Southeast Asia even as lower valuations have created
some bargains, says Bloomberg.

"We're still not invested in Malaysia," Bloomberg quotes
Raymond Kong, Singapore-based fund manager at One Asia Investment
Partners, which oversees $2.5 billion of assets, as saying. "The
other Asean markets have better growth prospects and better
fundamentals. The 1MDB issue is definitely keeping issues at bay,
away from Malaysia."

For the year, the FTSE Bursa Malaysia KLCI Index has fallen 3.7%,
compared with a 4.3% gain in the MSCI South East Asia Index.
Thailand's SET Index has rallied 11% in 2016, Indonesia 5.3%,
Philippines 7.4% and Vietnam 6%. The Malaysian gauge is down 14%
from its record in 2014, Bloomberg discloses. The stock measure
fell 0.2% at the midday break on May 31, extending losses this
month to 2.8%, set for the steepest drop in nine months.

Bloomberg notes the scandal surrounding 1MDB deepened last week
after Singapore shut down BSI SA's unit in the city-state as
Swiss authorities began criminal proceedings against the Swiss
bank related to money flows from the embattled Malaysian
investment fund.

Bloomberg relates that the probes and move against BSI's
Singapore unit are part of global investigations surrounding 1MDB
into alleged money laundering and embezzlement. A Malaysian
parliamentary committee identified at least $4.2 billion of
irregular transactions by the state fund, and recommended the
advisory board headed by Prime Minister Najib Razak be disbanded.
Both 1MDB and Najib have consistently denied wrongdoing,
Bloomberg states.

Not all money managers are bearish, especially with the measure
priced near the cheapest level relative to global equities since
the 2008 global financial crisis, says Bloomberg.

"This is a healthy correction and might be the best opportunity
out there to position for the next leg up," Bloomberg quotes
Tan Ming Han, Kuala Lumpur-based senior investment manager of
Amundi Malaysia, whose KAF Vision Fund beat 95% of peers with a
return of 14% over three years, as saying. "The current
correction is similar to a seasonal downpour resulting from
economic, political and global macro noises."

                             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
====================


ACCURO HEALTH: A.M. Best Affirms 'B' FSR & Alters Outlook to Pos.
-----------------------------------------------------------------
A.M. Best has revised the outlooks to positive from stable and
affirmed the financial strength rating of B (Fair) and the issuer
credit rating of "bb+" of Health Services Welfare Society Limited
(New Zealand), trading as Accuro Health Insurance (Accuro).

The outlook revisions to positive reflect Accuro's adequate risk-
adjusted capitalization and favorable trend in underwriting
performance over the past five years. The underwriting gains were
achieved through continued pricing adjustments, a reduction in
its operating expense ratio and the favorable experience of its
current product offerings. As a result, the company was able to
report positive earnings in fiscal years 2014 and 2015, in
contrast to the operating losses reported in earlier part of that
five-year period. The ratings also reflect Accuro's conservative
investment portfolio and good business profile in New Zealand's
retail medical insurance sector.

These positive factors are partially offset by the company's
projected lower profit margin and its relatively high
underwriting leverage.

As a not-for-profit insurer, Accuro is not expected to generate
significant surplus on an ongoing basis, resulting in less of a
cushion for the company to absorb unexpected losses. Moreover,
net premium earned remains in excess of three times capital,
which leaves the level of capitalization relatively more
sensitive to higher-than-expected claims severity or frequency.

Upward rating movement could occur if the company continues to
generate positive operating results while maintaining an adequate
risk-adjusted capitalization. Negative rating actions may occur
if the company's risk-adjusted capitalization significantly
deteriorates due to operating losses arising from adverse claims
experience.

Ratings are communicated to rated entities prior to publication.
Unless stated otherwise, the ratings were not amended subsequent
to that communication.


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


DAEWOO SHIPBUILDING: Draws Up Self-Rescue Package Worth KRW3TT
--------------------------------------------------------------
Yonhap News Agency reports that loss-making Daewoo Shipbuilding &
Marine Engineering Co. has mapped out self-rescue measures worth
over KRW3 trillion (US$2.52 billion) in total which include an
employee wage cut and asset sales, industry sources said May 31.

Last year the shipyard drew up a KRW1.85 trillion self-
rehabilitation plan in return for KRW4 trillion in financial aid.
Recently, the shipyard presented an additional step estimated to
save KRW1.5 trillion, Yonhap discloses citing sources.

Yonhap relates that the latest measures include a cut of up to
20% in wages to its employees and a further reduction in the
number of executives.

Daewoo Shipbuilding plans to advance the timetable for workforce
reduction, according to the report.  Earlier the company said it
would slash its workforce by 2,300 by 2019. Last month, the
shipyard named a preferred bidder to sell its headquarters
building in downtown Seoul for KRW180 billion, the report
recalls.

Yonhap relates that the sources also said the shipyard is mulling
over an option to sell off more affiliates. Previously, Daewoo
Shipbuilding planned to put non-core assets up for sale. Among
others, its defense-related unit will be spun off, it said
earlier.

Its creditors, led by state-run Korea Development Bank, will
review the additional self-rescue plans and decide whether to
approve them by the end of next month, the report states.

The second batch of self-rehabilitation steps comes as a drop in
new orders is expected to continue down the road.

Other local rivals, such as Hyundai Heavy Industries Co.,
promised to implement stronger self-rescue schemes to stay
afloat.

According to Yonhap, Hyundai Heavy is moving to cut 10% of its
workforce and sell non-core assets, and Samsung Heavy Industries
Co. also submitted its own self-rescue plan to its creditors.

The country's top three shipyards 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 an industrywide slump, Yonhap notes.  But a huge chunk of the
loss, some KRW5.5 trillion, came from Daewoo Shipbuilding.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


HYUNDAI MERCHANT: Bondholders Pressed to Approve Debt Recast Plan
-----------------------------------------------------------------
Yonhap News Agency reports that bondholders of Hyundai Merchant
Marine Co. will gather to decide whether to approve a debt recast
offer by the financially shaky shipper amid growing pressure from
its creditors to join a move to salvage the country's No. 2
shipping line, industry sources said.

Yonhap relates that during a two-day meeting that runs through
today, June 1, Hyundai Merchant will propose a plan to
bondholders that more than half of their debt, totaling some
KRW800 billion (US$672 million), will be swapped for the
shipper's stocks and the remaining debt be paid back after two
years.

Last week, its creditors, led by state-run Korea Development
Bank, agreed to swap KRW680 billion worth of debt for the
shipper's stocks, as part of an effort to keep the shipper
afloat, says Yonhap.  Hyundai Merchant had debts of about
KRW5.2 trillion as of the end of March.

Yonhap says the debt recast is one of the key prerequisites for
the shipper to be put under a creditor-led rehabilitation scheme.

According to Yonhap, Hyundai Merchant is in final talks with
owners of its chartered ships to cut leasing rates, whose outcome
may come out later this week.

Yonhap relates that high charter rates, the creditors and the
government believe, are worsening the shipper's financial health,
and a cut in the leasing rates is one of the key preconditions
for the survival of the shipper.

Hyundai Merchant paid a total of KRW1.9 trillion to 22 owners of
chartered ships last year, which accounted for 32% of its annual
sales of KRW5.8 trillion, according to Yonhap.

Creditors have also demanded that the shipper be included in a
global shipping alliance to stay competitive, Yonhap reports.

Yonhap says Hyundai Merchant may be excluded from joining a group
of shipping lines unless it cuts its charter rates and
reschedules its debt.

According to the report, Hyundai Merchant claims that its
inclusion into a global shipping alliance will be guaranteed if
it successfully completes talks over the charter rate cuts and
its debt recast is approved by its creditors and bondholders.

Hyundai Merchant and other local shipping lines have been
grappling with a glut of ships and the subsequent falls in
freight rates, says Yonhap.

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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