TCRAP_Public/160602.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

           Thursday, June 2, 2016, Vol. 19, No. 108


                            Headlines


A U S T R A L I A

BLUESCOPE STEEL: S&P Affirms 'BB' Rating on Related Debt Issues
INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Class B Debt
TBM TRAINING: Deloitte Appointed as New Liquidator
YDENNEK PTY: First Creditors' Meeting Scheduled For June 9
YEO & CO: First Creditors' Meeting Set For June 9


C H I N A

CHINA UNITED: S&P Lowers Counterparty Credit Rating to 'BB+'
TONGJI HEALTHCARE: Incurs $125,000 Net Loss in First Quarter
WEST CHINA: Fitch Maintains Rating Watch Positive on 'BB-' LT IDR
ZOOMLION HEAVY: Fitch Affirms 'B+' LT Issuer-Default Rating


I N D I A

AGH ALTECH: CARE Assigns B- Rating to INR10cr LT Loan
AMBOJINI PROPERTY: CRISIL Suspends B+ Rating on INR350MM LT Loan
ARROW CABLES: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
ASSRM & CO: CARE Revises Rating on INR15cr LT Loan to BB-
BASSAIYA STEEL: CARE Assigns 'B' Rating to INR5.75cr LT Loan

BHANU FARMS: CRISIL Suspends D Rating on INR150MM Term Loan
BHARATHI SPINTEX: CARE Revises Rating on INR50.02cr Loan to BB-
EARTH STONE: CRISIL Assigns 'B' Rating to INR102.5MM Loan
ENERGO ENGINEERING: CARE Suspends D Rating on INR553.31cr LT Loan
GANGA FOUNDATIONS: CRISIL Suspends 'B' Rating on INR493MM Loan

GOURANGA COLD: CRISIL Reaffirms B- Rating on INR124MM Loan
GURU NANAK: CARE Assigns B+ Rating to INR15cr Long Term Loan
HANUMAN IMPEX: CRISIL Reaffirms B+ Rating on INR99MM Cash Loan
HENRAAJH FEEDS: CARE Reaffirms B+ Rating on INR20cr LT Loan
JUNIPER HOTELS: CARE Revises Rating on INR70.61cr Loan to BB

MEENAKSHI FIBERS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
MSC INTERNATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
NECX PRIVATE: CRISIL Assigns B- Rating to INR50MM Term Loan
PASSION INDUSTRIES: CARE Assigns B+ Rating to INR13.96cr LT Loan
PEGMA RESOURCES: CARE Revises Rating on INR19.05cr LT Loan to B+

PRABH DAYAL: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
R V ENTERPRISE: CARE Assigns 'B' Rating to INR5.58cr LT Loan
RAI INFRASTRUCTURE: CRISIL Assigns B Rating to INR76MM Cash Loan
RAMSAAI REAL: CRISIL Assigns 'B' Rating to INR64.2MM LT Loan
RCIK FOODS: CRISIL Assigns 'B' Rating to INR58.5MM Cash Loan

RISHABH SOFTWARE: CRISIL Lowers Rating on INR45MM Loan to B+
ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'SD'
S R OVERSEAS: CRISIL Assigns B+ Rating to INR39MM Cash Loan
S. S. CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
SANKAR MARINE: CRISIL Assigns 'B' Rating to INR75MM Term Loan

SARATH ENTERPRISES: CRISIL Assigns B+ Rating to INR45MM Loan
SARJAY CHEMICALS: CARE Revises Rating on INR7.5cr LT Loan to D
SARVANI READYMIX: CRISIL Reaffirms B+ Rating on INR45MM Loan
SEINUMERO NIRMAN: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
SHRI SALASAR: CARE Assigns B+ Rating to INR7cr LT Loan

SRS LIMITED: CRISIL Lowers Rating on INR4.75BB Loan to D
TA HYDRAULICS: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
TONI INDUSTRIES: CARE Assigns 'B' Rating to INR10cr LT Loan
TRK TEXTILE: CRISIL Suspends B- Rating on INR245.5MM Term Loan
UNITED MASTERBATCHES: CRISIL Assigns B+ Rating to INR24MM Loan

VEERPRABHU EXPORT: CRISIL Assigns 'B' Rating to INR160MM Loan
Y V MANE: CRISIL Assigns B+ Rating to INR30MM Cash Loan


M A L A Y S I A

1MALAYSIA: Government Unveils Windup of Troubled Investment Fund


S O U T H  K O R E A

HYUNDAI HEAVY: Creditors Approve Self-Restructuring Scheme
HYUNDAI MERCHANT: Bondholders Approve Debt Recast Proposal
SAMSUNG HEAVY: Creditors Temporarily OK Self-Rehab Plan


                            - - - - -


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


BLUESCOPE STEEL: S&P Affirms 'BB' Rating on Related Debt Issues
---------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB' ratings on
BlueScope Steel Ltd. and the company's related debt issues.  The
outlook on the rating remains stable.  The recovery rating on the
company's senior unsecured debt issue remains at '4'.

"The affirmation is based on our view that BlueScope has
maintained its geographic diversity including its leading
position in the Australian flat steel market and in high-margin,
branded, painted products," said S&P Global Ratings credit
analyst Graeme Ferguson.  "In addition, it has established a
reasonable track record of improving its business operations in
view of challenging market conditions."

In particular, the company's Australian Steel Products (ASP)
segment has undergone substantial restructuring, including the
closure of one of its blast furnaces, associated reduction in
export volumes, and network rationalization.  More recently,
BlueScope has secured the deferral of payroll tax payments and
reduction in other charges from the New South Wales (NSW)
government and has entered into a memorandum of agreement on a
new three-year enterprise agreement with its union-dominated
workforce.  These developments represent good progress in
BlueScope's upwardly revised target of achieving A$270 million of
savings in the year ending June 30, 2017, and should support the
steelmaker's competitiveness over the medium-term.

In S&P's opinion, the business remains susceptible to high levels
of cash flow volatility during periods of stress.  S&P's downside
analysis views BlueScope's cash flows as vulnerable to:
deterioration in domestic residential and commercial dwelling
construction activity, in particular any reduction in demand for
high-margin painted products; steel dumping in BlueScope's key
markets resulting in weaker spreads; and an appreciation of the
Australian dollar.

Nevertheless, S&P expects BlueScope to comfortably exceed
downside rating triggers during periods when the external
environment is supportive of the group's operating strategy.  S&P
also notes that BlueScope is publically committed to deleveraging
and has a sound track record of executing its strategy.  In S&P's
opinion, its U.S. subsidiary North Star's relatively strong and
stable cash flow generation, as well as progress on domestic
restructuring initiatives, support higher debt levels at the 'BB'
rating.

S&P has revised its assessment of the company's liquidity profile
to strong from average.  This is because S&P forecasts
BlueScope's sources of liquidity will exceed its uses by more
than 1.5x in the next 12 months and remain more than 1x over the
next 24 months.  S&P also expects net sources and uses of
liquidity to remain positive, and the company to remain compliant
with financial covenants, even if EBITDA decreases by 30%.

Mr. Ferguson added: "The stable outlook reflects our view that
BlueScope's leading market share in Australia, strong brands, and
geographic diversity will continue to support its business risk
profile.  It also incorporates our expectation that the company
will realize a sustained benefit from its restructuring
initiatives, which we view as integral to BlueScope's operating
efficiency and profitability."

S&P could lower the rating if BlueScope is unable to maintain
funds from operations (FFO)-to-debt greater than 20% through the
cycle.  Downward rating pressure could also occur if BlueScope
does not maintain sufficient buffer to this rating trigger during
periods when the external environment is supportive of the
group's operating strategy.

An upgrade would require a sustained improvement in BlueScope's
financial risk profile, evidenced by FFO-to-debt greater than
45%. This scenario could result from an improved product
portfolio with a weighting to higher value-added products that
better insulates the company from softer steel spreads, and
improves its operating efficiency and earnings stability.
Sustained profitability in the company's Australian business
operations is a key ratings consideration for upward rating
movement.


INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Class B Debt
----------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed nine classes of
notes from five transactions of the Interstar Millennium Series.
These transactions are backed by pools of Australian conforming
residential mortgages originated through a network of mortgage
originators and brokers under Interstar Millennium Trust
Securitisation programme. A full list of rating actions can be
found at the end of this commentary.

KEY RATING DRIVERS

The downgrades of the class A and AB notes of Interstar
Millennium Series 2006-1, the class AB notes of Interstar
Millennium Series 2006-3L Trust and the class A2 and AB notes of
Interstar Millennium Series 2006-4H Trust reflect the pro-rata
pay structure throughout the majority of the life of the
transactions that leaves the downgraded notes exposed to tail
risk as the transaction gets smaller. Payment priority in these
transactions reverts to sequential paydown if there are carryover
charge-offs or 60+ days arrears are greater than 5% of the pool
balance. Fitch makes the assumption in all structured finance
ratings that no clean-up call options are exercised unless
originators are obligated to do so, which is not the case in the
Interstar transactions. In recent years, the transactions'
servicer Challenger Mortgage Management Pty Ltd. (Challenger) has
chosen not to exercise clean-up call options.

The 60+ days arrears for Interstar 2006-3L were 4.30% as of 31
March 2016. While the class AB notes are exposed to concentration
risk due to the current pro-rata pay structure, there is a higher
likelihood the transaction will revert to sequential paydown with
further portfolio deterioration or with continued paydown of the
portfolio. Low-documentation mortgages, which typically perform
worse than full-documentation loans, make up 88.9% of the
Interstar 2006-3L portfolio. The current pool factor for
Interstar 2006-3L is 16.7%.

Full-documentation loans make up 68.1% of Interstar 2006-1's
portfolio, and as a result, the credit enhancement was lower at
closing compared with Interstar 2006-3L. This feature, in
conjunction with the credit enhancement level specified in the
pro-rata triggers, results in the transaction providing less
credit enhancement to support the class A notes. The low level of
subordination exposes the class A notes to some degree of
concentration risk at the tail of the transaction. As of March
2016, the 60+ days arrears were 2.45%, which is well below the
trigger of 5% at which the transaction would revert to sequential
paydown.

The original note balance of Interstar 2006-4H was significantly
smaller compared with the other Interstar transactions with the
pro-rata pay structure. As a result, the transaction is expected
to pay pro rata until a smaller pool size remains. In addition,
the pool also is mainly made up of loans with higher loan-to-
value ratios and as a result, the transaction is subject to
greater concentration risk at the tail of the transaction. As of
March 2016, the 60+ days arrears were 1.11%, which is well below
the trigger of 5% at which the transaction would be required to
revert to sequential paydown.

Interstar Millennium Series 2005-3E is exposed to foreign-
currency risk in the event that GBP Libor turns negative and the
trust has to make additional payments to the currency swap
provider in the relevant foreign currency. Excess spread is
likely to be sufficient to cover any payments the trust has to
make. Since closing, the trust has had a positive coupon.

The Royal Bank of Scotland PLC (RBS, BBB+/F2/Stable) is the
currency swap provider for Interstar 2005-3E. RBS has been
collateralising in accordance with the transaction documents,
which reflected Fitch's counterparty criteria at the time of the
transaction's closing. Fitch always applies its current criteria
in assessing transactions. Fitch has assessed the gap in
collateralisation between the two criteria remains significant
and the class A and AB notes remain capped at 'Asf' in accordance
with the minimum derivative counterparty ratings under Fitch's
counterparty criteria.

As of 31 March 2016, the 30+ days arrears for Interstar 2006-3L
were 7.20%, which is line with the 4Q15 low-doc RMBS Index of
7.29%. The 30+ days arrears for the remaining transactions ranged
from 1.72% (Interstar 2005-3E) to 5.14% (Interstar 2006-4H), all
above the 4Q15 Dinkum Index of 0.95%.

All loans in the underlying portfolios have 100% lenders'
mortgage insurance (LMI) in place, provided mainly by QBE
Lenders' Mortgage Insurance Limited (Insurer Financial Strength
Rating: AA-/Stable) and Genworth Financial Mortgage Insurance Pty
Limited (Insurer Financial Strength Rating: A+/Stable). Losses
have remained within expectations. At end-March 2016, LMI covered
between 92.1% (Interstar 2006-1) and 98.3% (Interstar 2006-4H) of
the claims submitted from the five transactions. All losses that
were not covered by LMI have been covered by excess spread or the
residual unit holders.

The affirmations of the nine RMBS classes reflect Fitch's view
that the available credit enhancement supports the notes' current
ratings, the agency's expectations of Australia's economic
conditions and that the credit quality and performance of the
loans in the collateral pools have remained within the agency's
expectations.

Interstar Series 2004-5 and Interstar 2005-3E do not have the
same structural features that exposes the senior notes to tail
risk as they pay sequentially for the life of the transaction.

VARIATIONS FROM CRITERIA
Fitch said, "in our analysis of foreign-currency exposure for
Interstar 2005-3E in case the pound sterling Libor turned
negative, Fitch assumed the foreign-currency path assumption for
AUD/GBP for the class A2 notes was year 1: +/-60%, year 2: +/-
80%, year 3: +/-100%, year 4 and onwards: +/-120% in a 'Asf'
scenario."

RATING SENSITIVITIES
Credit enhancement levels for the class A notes across the
transactions can support many multiples of the arrears levels
reported in the latest investor reports. The ratings are not
expected to be affected by modest changes in performance.

The class A and AB notes that have been affirmed at 'AAAsf' can
withstand a significant increase in foreclosures, ranging from
33.5% (Interstar 2006-3L) to 100% (Interstar 2004-5), at their
modelled loss severity.

At the 'AAsf' loss severity, the class A notes of Interstar 2006-
1 can withstand additional foreclosure of 54.1%.

The Class A and AB notes rated at 'Asf' can withstand further
increase in foreclosure at their modelled loss severity, ranging
from 85.5% (Interstar 2006-3L) to 100% (Interstar 2005-3E and
Interstar 2006-4H).

The class AB notes of Interstar 2006-1 can withstand a
significant rise in foreclosure of 79.5% at their 'BBBsf' loss
severity. Similarly, the class AB notes for Interstar 2006-4H can
withstand a further 100% increase in foreclosure at their 'BBsf'
loss severity.

The class B notes for all transactions would be downgraded if
there was a significant reduction in payment of LMI claims and an
unexpected deterioration in delinquencies, defaults and losses.
All the class B notes are LMI dependent and there are currently
no charge-offs to date. Fitch's analysis excludes credit to
excess spread.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Challenger compared to
its credit policy at the time of underwriting. Fitch has checked
the consistency and plausibility of the information and no
material discrepancies were noted that would impact Fitch's
rating analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.

The rating actions are as follows (note balances as end-March
2016):

Interstar Millennium Series 2004-5 Trust
AUD23.2 million Class AB (ISIN AU300INTA032) affirmed at 'AAAsf';
Outlook Stable
AUD11.3 million Class B (ISIN AU300INTA040) affirmed at 'Bsf';
Outlook Stable

Interstar Millennium Series 2005-3E Trust
GBP34.2 million Class A2 (ISIN XS0232803709) affirmed at 'Asf';
Outlook Stable
AUD37.0 million Class AB (ISIN AU300INTD010) affirmed at 'Asf';
Outlook Stable
AUD44.5 million Class B (ISIN AU300INTD028) affirmed at 'Bsf';
Outlook Stable

Interstar Millennium Series 2006-1 Trust
AUD65.5 million Class A (ISIN AU300INTE018) downgraded to 'AAsf'
from 'AAAsf'; Outlook Stable
AUD2.4 million Class AB (ISIN AU300INTE026) downgraded to 'BBBsf'
from 'AA+sf'; Outlook Stable
AUD2.8 million Class B (ISIN AU300INTE034) affirmed at 'Bsf';
Outlook Stable

Interstar Millennium Series 2006-3L Trust
AUD150.3 million Class A2 (ISIN AU0000INNHB3) affirmed at
'AAAsf'; Outlook Stable
AUD11.7 million Class AB (ISIN AU0000INNHC1) downgraded to 'Asf'
from 'AA+sf'; Outlook Stable
AUD8.9 million Class B (ISIN AU0000INNHD9) affirmed at 'Bsf';
Outlook Stable

Interstar Millennium Series 2006-4H Trust
AUD42.0 million Class A2 (ISIN AU3FN0000816) downgraded to 'Asf'
from 'AAAsf'; Outlook Stable
AUD7.6 million Class AB (ISIN AU3FN0000824) downgraded to 'BBsf'
from 'AAAsf'; Outlook Stable
AUD7.9 million Class B (ISIN AU3FN0000832) affirmed at 'Bsf';
Outlook Stable


TBM TRAINING: Deloitte Appointed as New Liquidator
--------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Bedfords
Corporate Recovery and Advisory's Michael Wesley McCann was
originally appointed liquidator of the company on April 14, 2016.
But a new liquidator Salvatore Algeri from Deloitte Touche
Tohmatsu was appointed on May 16.

TBM Training is registered as vocational training and education
provider based in Cranbourne, Victoria.


YDENNEK PTY: First Creditors' Meeting Scheduled For June 9
----------------------------------------------------------
Bruce Gleeson of Jones Partners Insolvency & Business Recovery
was appointed as administrator of Ydennek Pty Ltd on May 30,
2016.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on June 9, 2016, at 2:30 p.m.


YEO & CO: First Creditors' Meeting Set For June 9
-------------------------------------------------
Andrew John Spring and Amanda Young of Jirsch Sutherland were
appointed as administrators of Yeo & Co. Pty Ltd on May 30, 2016.

A first meeting of the creditors of the Company will be held at
the conference Room, Quality Hotel Platinum International
326 James Street, in Toowoomba, Queensland, on June 9, 2016, at
11:00 a.m.



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


CHINA UNITED: S&P Lowers Counterparty Credit Rating to 'BB+'
------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term insurer
financial strength and counterparty credit ratings on China
United SME Guarantee Corp. (Sino Guarantee) to 'BB+' from 'BBB-'.
The outlook is negative.  In line with the downgrade, S&P lowered
its long-term Greater China regional scale rating on Sino
Guarantee to 'cnBBB' from 'cnBBB+'.

At the same time, S&P lowered the long-term issue rating on the
senior unsecured notes that BL Capital Holdings Ltd. issued to
'BB+' from 'BBB-'.  Sino Guarantee guarantees the notes.  S&P
also lowered the long-term Greater China regional scale rating on
these notes to 'cnBBB' from 'cnBBB+'.

"We lowered the rating on Sino Guarantee because we believe the
likelihood of the company receiving government support has
reduced," said S&P Global Ratings credit analyst Jeff Yeung.  "We
now see a low likelihood of extraordinary government support or
intervention by the Chinese government to Sino Guarantee in time
of stress."

S&P therefore rates Sino Guarantee the same as its 'bb+' stand-
alone credit profile.

The recent change in Sino Guarantee's ownership structure (with
reduced ownership of state-owned entities) and the company's
reducing exposure to the small and midsize enterprises (SMEs)
sector in China has diluted the company's strategic role to
support the SME sector in China.  Sino Guarantee was established
as the government's pilot program in the financial guarantee
sector to support the growth of SMEs as a key contributor to
China's economy.

Following a recent change in ownership structure, the HNA Group
Co. Ltd. (HNA Group) is now the largest shareholder in Sino
Guarantee with an effective ownership of 43.34%.  The collective
ownership by state-owned enterprises shareholders such as Export-
Import Bank of China has reduced.

The share of non-SME guarantee businesses, in particular large-
scale infrastructure projects, in Sino Guarantee's underwriting
portfolio has grown in recent years.  S&P believes non-SME
guarantee businesses will continue to form a majority of Sino
Guarantee's underwriting portfolio, with continuing financing
demand from large-scale infrastructure projects.

In S&P's view, Sino Guarantee is exposed to the negative trend in
China's bond and guarantee insurance sector.  The economic
slowdown in China and the risk of increasing defaults among SMEs
and vulnerable corporates will likely strain Sino Guarantee's
performance and overall financial risk profile.

"The negative outlook reflects our expectation that Sino
Guarantee's operating performance could be under pressure over
the next 12 months because of an economic downturn in China and
the risk of increasing defaults among SMEs and vulnerable
corporates," said Mr. Yeung.  "However, we expect the company to
maintain its strong competitive position over the period."

S&P may lower the ratings if Sino Guarantee's capitalization
deteriorates rapidly over the next 12 months or its leverage
(ratio of debt to capital) exceeds the regulatory threshold of
10x.  The ratio was 4.6x as of March 31, 2016.  Such
deterioration could happen because of the company's poor
operating performance--with return on equity that is in very low
single digits or negative--unexpectedly fast growth, or an
unanticipated increase in losses or reserves.

S&P may also lower the ratings if it revises the Insurance
Industry and Country Risk Assessment on China's bond insurance
and financial guarantee sector to high risk from moderate risk.

S&P could revise the outlook to stable if: (1) Sino Guarantee's
operating performance is resilient when compared to peers' and is
sustainable despite the negative sector trend over the next 12
months; and (2) the company's business risk profile and capital
adequacy remain unchanged or improve.


TONGJI HEALTHCARE: Incurs $125,000 Net Loss in First Quarter
----------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $125,305 on $501,666 of total operating revenue for
the three months ended March 31, 2016, compared to a net loss of
$70,196 on $550,782 of total operating revenue for the same
period in 2015.

As of March 31, 2016, the Company had $16.92 million in total
assets, $19.93 million in total liabilities and a total
stockholders' deficit of $3.01 million.

The Company's working capital was negative $18,004,426 as of
March 31, 2016, as compared with negative $17,782,721 as of
Dec. 31, 2015, a decrease of $221,705, which is primarily
attributable to the increase in related party loan of
approximately $137,557 and decrease in medical supplies of
$80,968.

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

                     https://is.gd/L23IlA

                   About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji reported a net loss of $589,000 on $2.37 million of total
operating revenue for the year ended Dec. 31, 2015, compared to a
net loss of $462,000 on $2.52 million of total operating revenue
for the year ended Dec. 31, 2014.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015.


WEST CHINA: Fitch Maintains Rating Watch Positive on 'BB-' LT IDR
-----------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Positive (RWP) on
West China Cement Limited's (WCC) 'BB-' Long-Term Issuer Default
Rating as its acquisition by Anhui Conch Cement Company Limited
(Conch, A-/Stable) has yet to be completed. Fitch has also
maintained the RWP on WCC's senior unsecured rating of 'BB-' and
the 'BB-' rating on the company's bonds.

Fitch placed the ratings on RWP on 2 December 2015 after Conch
announced that it planned to increase its shareholding in WCC to
around 51%.

KEY RATING DRIVERS
Acquisition Still Pending: WCC's credit profile in 2016 will be
mainly driven by the acquisition by Conch, which is pending
regulatory approval. Once the acquisition is complete, Conch will
have to make a mandatory unconditional cash offer for the
remaining WCC shares.

Integration to Drive Rating: Fitch will resolve the Rating Watch
once the transaction is completed, and there is greater clarity
on Conch's plans for WCC after it gains control. Conch has said
it intends to maintain WCC's public listing and nominate new
members to the company's board. Fitch's assessment of WCC's
rating will be in accordance with its Parent and Subsidiary
Linkage criteria. If WCC continues to operate independently with
its own brand and operational and financial management, we are
likely to apply a bottom-up rating approach, with WCC's rating
raised by one or more notches from its current level.

Fitch said, "margin Still Under Pressure: Fitch expects the cost
synergies from the integration of WCC and Conch to be fully
realised only in 2017 because the acquisition is now likely to be
completed in 2H16. We expect WCC's EBITDA margin to be maintained
at 27% due to low cement prices. The average cement price in
Shaanxi, which is WCC's main market, declined 2% in April 2016
from a year earlier even though volume increased 4% in the first
four months of the year."

KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Conch will complete its acquisition of WCC as proposed.

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Completion of the transaction and the general offer
-- Integration of WCC into Conch's operations

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- If the transaction is not completed, Fitch is likely to
    affirm WCC's current ratings with a Stable Outlook


ZOOMLION HEAVY: Fitch Affirms 'B+' LT Issuer-Default Rating
-----------------------------------------------------------
Fitch Ratings has removed the ratings of Chinese construction
equipment manufacturer, Zoomlion Heavy Industry Science and
Technology Co. Ltd (Zoomlion), from Rating Watch Negative (RWN)
and simultaneously affirmed the company's Long-Term Issuer-
Default Rating (IDR) at 'B+' and senior unsecured rating at 'B+'
with a Recovery Rating of RR4. The Outlook on the IDR is
Negative.

The actions follow the cancellation of Zoomlion's proposed
acquisition of US-based industrial equipment manufacturer, Terex
Corporation (Terex), resolving the uncertainty surrounding
Zoomlion's financial profile. The Negative Outlook reflects
Fitch's expectations of the poor market environment for
construction equipment in China continuing to pressure Zoomlion's
performance.

KEY RATING DRIVERS
Terex Acquisition Cancelled: On 27 May 2016 Zoomlion announced it
had cancelled its bid for Terex due to a failure to agree on
critical terms. Fitch believed a debt-funded acquisition of Terex
would have weakened Zoomlion's financial profile to a level not
compensated for by business diversification gains. Zoomlion's bid
for Terex valued the company at $US3.3 billion. Zoomlion had not
disclosed a funding structure for its acquisition.

Sales Collapse: Zoomlion's revenue fell to CNY20.7 billion in
2015, from a peak of CNY48.1 billion in 2012. EBITDA margins also
declined to 10.3% from 21.7%, partly due weaker pricing power
amid China's construction industry downturn, where concrete
machinery product customers significantly curtailed new purchases
and lengthened the product replacement cycle. Fitch does not
expect the trend to change in 2016, with the longer replacement
cycle likely to become permanent.

Working Capital Remains High: A significant portion of Zoomlion's
sales involve the provision of credit to buyers, either directly
or through financial leases funded from the company's balance
sheet. Previously, Zoomlion reduced a portion of receivables by
factoring them on a non-recourse basis, but has not done so since
2014. Receivables, including lease receivables, remained high, at
CNY46.2 billion at end-2015. This is more than double Zoomlion's
revenue and only a marginal decline from CNY48.9 billion in
receivables at end-2014.

The company reports insignificant bad-debts and write-offs.
However, the high receivables and poor cash-flow generation
sharply increased Zoomlion's net debt to CNY21.6bn at end-2015
from a net cash position at end-2011. The company has been
tightening the credit terms in the recent years but the
deleveraging process remains slow.

Diversification Benefits Limited: Zoomlion has benefited
marginally from its modest product diversification, with its
smaller environmental machinery segment maintaining strong sales
and margins in 2014 and 2015. In 2014 Zoomlion aimed to increase
its product diversification by acquiring a 67.5% stake in Chery
Heavy Industry Co Ltd, an agricultural machinery manufacturer,
for CNY2.3 billion, but its contribution remains small.

KEY ASSUMPTIONS
-- Flat revenue growth in 2015, increasing to 5% in 2017
-- A marginal decline in working capital in 2016 and 2017
-- Capex (including acquisition) to decrease to less than CNY1bn
    each year from 2016 to 2017

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- EBITDA margin sustained below 5%
-- working capital to sales ratio sustained above 200% (221% at
    end-2015)
-- further sustained decline in sales

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- if the developments listed under negative sensitivities do
    not materialise in the next 12 to 18 months, Fitch may revise
    the rating Outlook to Stable.


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


AGH ALTECH: CARE Assigns B- Rating to INR10cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B-' ratings to the bank facilities of AGH
Altech Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of AGH Altech Private
Limited (AGH) are primarily constrained by its small and
fluctuating scale of operations, net loss, leveraged capital
structure and working capital intensive nature of operations.

The rating is further constrained by susceptibility of margins to
fluctuation in raw material prices and foreign exchange
fluctuation risk. The rating, however, draws comfort from
experienced promoters.

Going forward, the ability of the company to increase the scale
of operations while improving profitability margins, improve and
capital structure shall remain the key rating sensitivity. Also,
efficient management of working capital requirement shall be the
key rating sensitivities.

Delhi-based AGH Altech Private Limited (AGH), is a private
limited company, incorporated in December 28, 2007 and is
promoted by Mr Gurvinder Pal Singh. The company is engaged in the
manufacturing of multi-channel tubes of aluminium which finds its
application in automobiles and split air conditioner. The company
procures the key raw materials i.e. aluminium rod directly from
manufactures while other raw material such as header pipe, zinc
wire, tube roll etc are procured from dealers and wholesalers in
Delhi. The company also imports (67% of purchases in FY15 refers
to the period April 1 to March 31) aluminium rod from China,
Korea and Malaysia. The company sells its product directly to OEM
such as Lloyd's Electric & Engineering Ltd, Samsung India
Electronics Private Limited, Blue Star Limited, Zamil Air
Conditioners India Pvt. Ltd etc. The company derives 8% of it's
revenue through its export to Thailand.

In FY15, AGH has achieved a total operating income (TOI) of
INR10.54 crore with PBILDT of INR1.20 crore and net loss of
Rs.0.46 crore, respectively, as against total operating income
(TOI) of INR17.12 crore with operational loss of INR2.33 crore
and net loss of INR5.50 crore, respectively in FY14. In FY16
(unaudited) (refers to the period April 2015 to March 2016),
the company achieved TOI of INR17.50 crore.


AMBOJINI PROPERTY: CRISIL Suspends B+ Rating on INR350MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ambojini Property Developers Private Limited (APDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           350       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        50       CRISIL B+/Stable

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

Incorporated in 2010 as a partnership firm and reconstituted as a
private limited company in 2011, APDPL is a Chennai-based real
estate company floated by the directors of Real Value Promoters
Pvt Ltd in partnership with Ask Investment Property Advisors.


ARROW CABLES: CRISIL Reaffirms B+ Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Arrow Cables Limited
(ACL) continue to reflect the company's modest scale and working
capital intensive nature of operations in the highly competitive
power cable industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         130      CRISIL A4 (Reaffirmed)
   Cash Credit             70      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters in the power cable industry and the
above-average financial risk profile of the company marked by
healthy gearing and moderate debt protection metrics, albeit
constrained by a modest net worth.
Outlook: Stable

CRISIL believes that ACL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a sustained
increase in revenue and profitability leading to improvement in
the business risk profile. Conversely, the outlook may be revised
to 'Negative' in case the company's profitability or revenues
decline, resulting in lower-than-expected cash accruals or
stretch in working capital cycle leading to deterioration of its
financial risk profile.

Established in 1996, Arrow Cables Limited (ACL) manufactures
power conductors and power cables. The company is promoted by
Mr.K.S.Varma and is based in Hyderabad.


ASSRM & CO: CARE Revises Rating on INR15cr LT Loan to BB-
---------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Assrm & Co.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE BB- Revised from
                                            CARE B+

Rating Rationale

The rating assigned to the bank facilities of Assrm & Co (AC) was
revised on account of the improvement in the capital structure of
the firm with the infusion of additional capital in FY16 (refers
to the period April 1 to March 31).

The rating however, continues to remain constrained by thin
profit margin due to the limited value addition and working
capital intensive nature of business in the fragmented agro-based
industry. The rating derives comfort from the vast experience of
the promoter family in the food processing industry and presence
of group companies in same industry providing synergetic
operational benefits.

Going forward, the ability of AC to increase its scale of
operations, improve profit margins and capital structure with an
efficient management of its working capital requirements will
remain the key rating sensitivities.

Established in October 2007, AC is a proprietorship concern
promoted by Mr R Surendar. AC is a part of Chennai-based
Annai Group which is engaged in the agro commodities business
since last four decades. AC is engaged in processing of pulses.

During FY15 (refers to the period April 1 toMarch 31), AC
achieved a PAT of INR0.29 crore on total operating income (TOI)
of INR67.96 crore as against a PAT of INR0.45 crore on a TOI of
INR41.45 crore in FY14. During FY16 (provisional), AC achieved a
TOI of INR77.86 crore.


BASSAIYA STEEL: CARE Assigns 'B' Rating to INR5.75cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Bassaiya
Steel Corporation (BSC).

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Bassaiya Steel
Corporation (BSC) is primarily constrained on account of its
modest scale of operations coupled with limited presence in the
iron and steel industry and its financial risk profile marked by
thin profitability, weak solvency and liquidity position. The
rating is also constrained due to its presence in a highly
fragmented and competitive trading of iron and steel based
products and its constitution as a proprietorship concern. These
weaknesses, however, offset to an extent from the experienced
management in the industry.

The ability of the firm to increase its scale of operations while
maintaining profitability along with improvement in capital
structure would be the key rating sensitivities.

Jaipur-based (Rajasthan) BSC was formed in 1997 by Mrs Sunita
Gupta, however, major operations of the firm is managed by
her husband, Mr Pradeep Gupta. BSC is primarily engaged in the
trading of iron & steel sheets and plates. The firm mainly caters
to the domestic market with sales concentrated predominantly in
Jaipur to various traders and end user manufacturing units.
It procures iron and steel sheets and plates mainly form dealers
located in Jaipur.

Credit Risk Assessment
Experienced promoters and management
Mrs Sunita Gupta, proprietor, is assisted by her husband, Mr
Pradeep Gupta who has wide experience of more than two
decades in diversified business activities. BSC will be
benefitted in terms of operation being managed under the
experienced
management along with established marketing and distribution
arrangement of the firm in the industry. Furthermore, he is
assisted by a team of qualified top managerial personnel having
long standing experience in the industry.

Modest scale of operations coupled with limited presence in the
iron and steel industry

The scale of operations of BSC stood modest as reflected by its
Total Operating Income (TOI) of INR26.68 crore and PAT of INR0.04
crore in FY15 ( refers to the period April 1 to March 31) and
networth of INR2.06 crore as on March 31, 2015. Furthermore, BSC
has limited presence in the iron and steel industry as it is
engaged in the trading of iron and steel sheets and plates. In
FY15, TOI of BSC has increased by 17.14% over FY14 mainly on
account of increase in trading activity.

As per provisional result of FY16, the company has achieved TOI
of INR29.86 crore. Furthermore, as on March 31, 2016, inventory
stood at INR1.24 crore and debtors at INR5.67 crore including
debtors more than 90 days of INR0.47 crore.

Financial risk profile marked by thin profitability, weak
solvency position and weak liquidity position

The profitability of the firm stood thin due to trading nature of
the business where margins are lower. During FY15, the PBILDT
margin of the firm has decreased by 84 bps over FY14 due to
increase in cost of traded goods. Despite decrease in PBILDT
margin, the PAT margin stood stable and stood at 0.14% in FY15
over FY14 due to proportionately lower depreciation and
interest expenses.

The capital structure of BSC stood moderately leveraged with an
overall gearing of 2.14 times as on March 31, 2015, deteriorated
from 1.29 times as on March 31, 2014 due to higher utilization of
working capital bank borrowings as well as lower net worth
base. Furthermore, debt service coverage indicators stood weak
with interest coverage ratio of 1.13 times in FY15 and total
debt to GCA of 68.29 times as on March 31, 2015.

Presence in a highly fragmented and competitive trading industry
with constitution as a proprietorship concern

BSC is primarily engaged in trading of Iron & Steel sheets and
plates which is characterized by high fragmentation mainly due
to presence of a large number of unorganized players.
Furthermore, the profitability margins of the firm is envisaged
to stood
lower due to trading nature of operations along with margins
being susceptible to any adverse movement in raw material prices
as the firm will not be immediately able to pass on the increased
price to its customer and its raw material inventory holding
period. Moreover, small regional players like BSC are more
susceptible to adverse industry scenario as compared to large
companies which have advantages in terms of broad service
offerings and market reach, which give them the edge over newer
entrants.

Its constitution as a proprietorship concern with low net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of
withdrawal of capital leading to restricted financial
flexibility.


BHANU FARMS: CRISIL Suspends D Rating on INR150MM Term Loan
------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of
Bhanu Farms Ltd (BFL) at the company's request and upon receipt
of the no objection certificate from the bank; the rating was
earlier placed on notice of withdrawal for 60 days, in line with
CRISIL's policy on withdrawal of bank loan ratings. The rating on
BFL's term loan remains suspended.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          41.2       CRISIL D (Notice of
                                      Withdrawal)

   Cash Credit             60.0       CRISIL D (Notice of
                                      Withdrawal)

   Proposed Long Term       2.3       CRISIL D (Notice of
   Bank Loan Facility                 Withdrawal)

   Term Loan              150         CRISIL D Suspended

BFL was incorporated in May 2010 as a closely held public limited
company by Mr. Anant Bangur, Dr. R Shyam Rungta, and Mr. Gokul
Chand Biyani. The company has an integrated cold chain facility
at Ghunsor village in Jabalpur (Madhya Pradesh), consisting of
two individual quick freezing processing plants and one pulping
plant for fruit and vegetables.


BHARATHI SPINTEX: CARE Revises Rating on INR50.02cr Loan to BB-
---------------------------------------------------------------
CARE revises the rating assigned to the lt bank facilities of
bharathi spintex india limited and reaffirms the rating assigned
to its ST bank facilities.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     50.02      CARE BB- Revised from
                                            CARE B+

   Short term Bank Facilities     1.53      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Bharathi Spintex India Limited (BSIL) factors in the healthy
growth in total operating income in FY16 (Provisional, refers to
the period April 1 to March 31), stabilisation of operations
leading to improvement in capacity utilization, improvement in
PAT margins and debt coverage indicators.

The ratings, however, continue to be constrained by the
susceptibility of margins to volatility in raw material costs,
BSIL's presence in a highly competitive spinning industry,
marginal deterioration in capital structure, and working capital
intensive nature of operations.

Going forward, the ability of the firm to further increase scale
of operations, improve profit margins and capital structure,
along with effective management of the working capital
requirements would be the key rating sensitivities.

BSIL was incorporated in 2011 by Mr K K Rajendran along with his
relatives & friends. The company started commercial operations
from September 2012. The company is involved in the manufacture
of
yarn(Cotton and Viscose yarn) at its plant located at
Pallipalayam, Erode. The company has recently commissioned a
state of the art Spinning mill in Pallipalayam. It has about
21600 spindles with a total manufacturing capacity of 14000 kg of
Yarn per day. The company was involved in manufacturing of both
cotton yarn as well as a small proportion of viscose yarn till
January 2015. Since February 2015, the company has started
concentrating only on the manufacture of viscose yarn in cone
form due to
improved demand. The counts are 20s, 30s, 40s, 34s carded yarn.
The company supplies yarn to the weavers and the job workers
located in its vicinity.

As per FY16 provisional results, BSIL has earned a PAT of INR1.52
crore on total operating income of INR86.13 crore as against a
PAT of INR0.36 crore on total operating income of INR60.67 crore
in FY15 (Audited).


EARTH STONE: CRISIL Assigns 'B' Rating to INR102.5MM Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Earth Stone Global (ESG) and has assigned its
'CRISIL B/Stable' rating to the firm's long term bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              12.5      CRISIL B/Stable (Assigned;
                                      Suspension Revoked)


   Export Packing          102.5      CRISIL B/Stable (Assigned;
   Credit                             Suspension Revoked)

   Standby Letter of        10.0      CRISIL B/Stable (Assigned;
   Credit                             Suspension Revoked)

CRISIL had earlier, on January 15, 2016, suspended the rating as
ESG had not provided the necessary information required for a
rating review. The firm has now shared the requisite information,
enabling CRISIL to assign a rating to the firm's bank facilities.

The rating reflects the modest scale of operations, which are
also working capital-intensive. These weaknesses are partially
offset by the extensive experience of and financial support
brought in by proprietor.
Outlook: Stable

CRISIL believes the firm will maintain its business risk profile
over the medium term, backed by extensive industry experience of
the proprietor. The outlook may be revised to 'Positive' if
significant expansion in scale of operations, sustained
profitability and better working capital management strengthen
the financial risk profile. The outlook may be revised to
'Negative' if an elongated working capital cycle due to stretched
payments from debtors weakens the financial risk profile.

ESG is a proprietorship firm set up by Mr. Vikas Kanchal. The
firm is engaged in processing and sale of slate, sand stone,
marble and tiles and commenced operations from July 2010.

ESG reported a book profit of INR2.663 million on net sales of
INR248 million in 2014-15, against book profit of INR2.605
million reported on net sales of INR220 million in 2013-14. Net
sales are estimated at INR340 million for 2015-16.


ENERGO ENGINEERING: CARE Suspends D Rating on INR553.31cr LT Loan
-----------------------------------------------------------------
CARE revises and subsequently suspends the ratings assigned to
bank facilities of Energo Engineering Projects Limited.

                               Amount
   Facilities                (INR crore)  Ratings
   ----------               -----------   -------
   Long term Bank Facilities   553.31     Revised from CARE BB
                                          to CARE D and Suspended

   Short term Bank Facilities   166.00    Revised from CARE A4
                                          to CARE D and Suspended

   Long term/ Short term Bank  296.00     Revised from CARE BB/
   Facilities                             CARE A4 to CARED/CARE D

The revision in the ratings of bank facilities of Energo
Engineering Projects Limited (EEPL) to CARE D factors in the
instances of delays in servicing of debt obligation by the
company. Further as the company has not furnished the information
required by CARE for necessary monitoring of the ratings, CARE
has suspended the ratings assigned to its bank facilities.

Incorporated in 1989, Energo Engineering Projects Limited (EEPL)
is engaged in providing Engineering Procurement Construction
(EPC)/turnkey solutions for Balance of Plant (BOP) requirement of
power plants which includes Coal Handling Plant (CHP), Ash
Handling Plant (AHP),water systems, instrumentation, and related
civil work. In BOP, the company has focus on CHP and AHP. The
services include design, manufacture, fabrication, supply , site
construction erection commissioning and testing as well as
operations and maintenance on turnkey basis .


GANGA FOUNDATIONS: CRISIL Suspends 'B' Rating on INR493MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ganga Foundations Private Limited (GFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Drop Line Overdraft
   Facility                 493       CRISIL B/Stable

   Project Loan             130       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       377       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by GFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GFPL is yet to
provide adequate information to enable CRISIL to assess GFPL'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 1992, GFPL is engaged in residential as well as
commercial real estate development, in and around Chennai. The
company owns and operates the Spectrum Mall in Chennai. Its day-
to-day operations are managed by Mr. S Senthil Kumar and Mr. C
Chitti Babu.


GOURANGA COLD: CRISIL Reaffirms B- Rating on INR124MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Gouranga Cold Storage
Private Limited (GCSPL) continue to reflect GCSPL's small scale
of operations and below-average financial risk marked by a low
net worth, high gearing and weak debt protection metrics. The
ratings also factor in the company's susceptibility to regulatory
changes and intense competition in the cold storage industry in
West Bengal (WB). These rating weaknesses are partially offset by
the benefits GCSPL derives from the extensive industry experience
of its promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        4.2       CRISIL A4 (Assigned)
   Cash Credit         124         CRISIL B-/Stable (Reaffirmed)
   Term Loan             8         CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GCSPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if an increase in cash
accrual, or infusion of capital by promoters leads to improvement
in the financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on liquidity on account of delays in repayment by
farmers, considerably low cash accrual, or significant, debt-
funded capital expenditure.

GCSPL, incorporated in 1987, provides cold-storage facility to
potato farmers and traders. The company is owned by the WB-based
Dolui family, which has experience of over two decades in the
same line of business. GCSPL's cold storage, with capacity of
about 42,960 tonnes divided into five chambers, is in Paschim
Medinipur, WB. Average capacity utilisation during 2015-16(refers
to financial year, April 1 to March 31) was over 95 percent.


GURU NANAK: CARE Assigns B+ Rating to INR15cr Long Term Loan
------------------------------------------------------------
CARE assigns CARE B+ ratings to bank facilities of Guru Nanak
Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      15        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Guru Nanak Rice
Mills (GRM) is constrained by its weak financial risk profile
characterised by modest scale of operations, low profitability
margins, weak solvency position and working capital intensive
nature of operations. The rating is further constrained by
susceptibility of margins to fluctuations in raw material prices,
GRM's presence in a highly fragmented industry characterized by
intense competition, regulated nature of the industry as well as
the constitution of the entity being a partnership firm. The
rating, however, derives strength from the experience of the
promoters along with established track record of the entity and
favourable processing location.

Going forward, the ability of the firm to profitably scale-up its
operations along with improvement in the overall solvency
position and efficient management of the working capital
requirements shall remain the key rating sensitivities.

Guru Nanak Rice Mills (GRM) is a Punjab based partnership firm
established in 2001 by Mr Satpal Sohal, Mr Raj Kumar Sohal and Mr
Om Parkash Sohal, sharing profit and loss in the ratio of
31:34:35.GRM is engaged in processing and trading of paddy
[income from trading constituted ~2% of total operating income in
FY15 (refers to the period April 1 to March 31)] at its
manufacturing facility located in Nakodar, Punjab having an
installed capacity of 50,000 metric tonnes per annum (MTPA) as on
December 31, 2015. GRM procures paddy directly from local grain
markets through commission agents located in Punjab. The entity
sells its products i.e. Basmati and Non-Basmati rice through a
network of wholesalers and dealers throughout India. Punjab based
partnership firm, Ujagar Mill Satpal (UMS) is an associate
concern of GRM which is engaged in a similar business (since
1980).

In FY15 (refers to the period April 01 to March 31), GRM has
achieved a total operating income of INR55.70 crore with PAT
of INR0.12 crore, as against the total operating income of
INR56.49 crore with PAT of INR0.13 crore in FY14.


HANUMAN IMPEX: CRISIL Reaffirms B+ Rating on INR99MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Hanuman Impex
(HI) continues to reflect the firm's modest scale of operations
in the intensely competitive and fragmented agricultural products
industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            99       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Reaffirmed)

The rating also reflects a below average financial risk profile
due to weak capital structure and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the proprietor and established
customer relationship.
Outlook: Stable

CRISIL believes HI will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of substantial and
sustained growth in revenue and accrual along, or substantial
equity infusion along with improved working capital management,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile weakens, most likely due to lower than expected accruals,
a stretched working capital cycle or any significant debt funded
capital expenditure plan.

HI, a proprietorship firm, was set up in 2005 by Mr. Rajeev Gupta
in Raxual, Bihar. It trades in animal feed products such as soya
bean de-oiled cakes and maize. It purchases products from
companies such as Ruchi Soya Industries Ltd and Adani Wilmar Ltd,
and sells to poultry farmers across India.


HENRAAJH FEEDS: CARE Reaffirms B+ Rating on INR20cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating to the bank facilities of Henraajh Feeds
India Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       20       CARE B+ Reaffirmed

Rating Rationale

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

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

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


JUNIPER HOTELS: CARE Revises Rating on INR70.61cr Loan to BB
------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to bank facilities of
Juniper Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     70.61      Revised to CARE D
                                            and subsequently to
                                            CARE BB


   Short term Bank Facilities     3.00      Revised to CARE D
                                            and subsequently to
                                            CARE A4

Rating Rationale
The ratings assigned to the bank facilities of Juniper Hotels
Pvt. Ltd. (JHPL) continue to be constrained by it's leveraged
capital structure on account of predominantly debt funded
expansion, continued concentration of revenue from a single
property; albeit same expected to moderate with
operationalisation of Ahmedabad property and inherent cyclical
nature of hotel industry.

The ratings however derive strength from renowned promoter group
and marketing-cum-management contract with Hyatt, an established
global brand, reduced project execution risk with commencement of
operations in Ahmedabad property and moderate occupancy levels
for the leased space of Grand Hyatt (Mumbai) Hotel. The rating
revision factors in past delays in debt servicing.

The ability of JHPL to increase its RevPAR and margins in the
future period and maintain the capital structure and maintain
occupancy levels for the leased space of Grand Hyatt (Mumbai)
Hotel are the key rating sensitivities.

Juniper Hotels Private Limited (JHPL) belongs to M.r Arun Kumar
Saraf (holding 50% through Saraf Hotels Limited, Mauritius) (SHL)
and the Hyatt Group (holding 50% through Two Seas Holding
Limited, Mauritius) (TSHL). The company owns a 5-star deluxe
hotel, 'The Grand Hyatt', at Santacruz (E), Mumbai (operational
since December 2004) & "The Hyatt Regency" at Ahmedabad
(operational since April 2015).JHPL has one project under
construction a 5-star Deluxe hotel with 384 guest rooms and
suites and 144 serviced apartments at Delhi Airport Hospitality
District (DAHD). JHPL has leased the retail space of Grand Hyatt
Mumbai. The total leasable area 1.06 lsf. Around 58% of the total
leasable area is currently leased out.

JHPL posted total operating income and PAT of INR279.45 crore and
INR28.10 crore in FY15 as against total operating income and PAT
of INR264.79 crore and INR10.98 crore in FY14


MEENAKSHI FIBERS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Meenakshi Fibers (MF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             60         CRISIL B+/Stable
   Rupee Term Loan         40         CRISIL B+/Stable

The rating reflects the firm's initial stage and modest scale of
operations in the highly fragmented cotton industry, and
susceptibility to volatility in raw material prices and to
changes in government regulations. The rating also factors in a
leveraged capital structure. These rating weaknesses are
partially offset by moderate debt protection metrics, extensive
industry experience of the firm's partners, and their funding
support.
Outlook: Stable

CRISIL believes MF will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of significant
improvement in revenue and profitability, leading to higher-than-
expected cash accrual and hence to a better financial risk
profile. The outlook may be revised to 'Negative', if the firm`s
financial risk profile, particularly liquidity, weakens due to
low cash accrual, a stretched working capital cycle or withdrawal
of capital by partners,

Set up in 2015, as a partnership firm by Mr. Vijay Agrawal and
Mr. Ajay Agrawal, MF gins and presses raw cotton and extracts oil
from cotton seeds. Its unit in Ghan Savangi, district Jalna,
Maharashtra, has ginning and pressing capacity of 200 bales per
day and an oil mill.

In 2015-16 (refers to financial year, April 1 to March 31), on a
provisional basis, profit after tax was INR1.8 million on net
sales of INR257.1 million, as against a net loss of INR8.5
million on net sales of INR15.5 million in 2014-15.


MSC INTERNATIONAL: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to bank facilities
of MSC International Import Export Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE B+ Assigned
   Short term Bank Facilities      10       CARE A4 Assigned

Rating Rationale

The rating assigned to the bank facilities of MSC International
Import Export Private Limited (MSC) is constrained by the small
scale of operation, presence in a fragmented industry with
intense competition and working capital intensive nature of
business. The ratings, however, derive strength from the
experience of the promoters in the same line of business and
existing operational presence through a proprietary concern.

Going forward, successful transfer of business from the
proprietary concern, and to have profitable operational track
record and continuation of comfortable capital structure position
would remain the key sensitivities.

MSC, a private limited company, was incorporated in March 2014 by
Mehta family based in Bangalore. The company is into the business
of importing nonferrous scrap and raw cashew nuts from the
international markets and selling into the domestic markets. The
promoters are already running "MSC Impex" (a proprietary entity)
which is involved in the same line of business. The promoters are
planning to gradually transfer the business of MSC Impex and
other sister entities to this company during FY17 (refers to the
period April 1 to March 31).


NECX PRIVATE: CRISIL Assigns B- Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of NEcX Private Limited (NPL) and has assigned
its 'CRISIL B-/Stable' rating to the facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              37.1      CRISIL B-/Stable (Assigned;
                                      Suspension Revoked)

   Funded Interest          12.9      CRISIL B-/Stable (Assigned;
   Term Loan                          Suspension Revoked)

   Working Capital          50.0      CRISIL B-/Stable (Assigned;
   Term Loan                          Suspension Revoked)

CRISIL had suspended the rating on March 15, 2016, as NPL had not
provided necessary information required to maintain a valid
rating. NPL has now shared the requisite information, thereby
enabling CRISIL to assign a rating to its bank facilities.

The rating reflects NPL's modest scale of operations in the
intensely competitive computer equipment distribution business,
weak financial risk profile because of subdued capital structure
and weak debt protection metrics. The weaknesses are partially
offset by the promoter's extensive industry experience.
Outlook: Stable

CRISIL believes NPL will continue to benefit from its promoter's
extensive industry experience and established relationships with
key suppliers. The outlook may be revised to 'Positive' in case
of sustainable increase in revenue and profitability leading
improvement in financial risk profile, particularly liquidity, or
sizeable capital infusion resulting in a better capital
structure. The outlook may be revised to 'Negative' if the
company undertakes large, debt-funded capital expenditure,
leading to deterioration in its capital structure, or if revenue
or profitability declines steeply resulting in further weakening
of financial risk profile.

NPL, incorporated in 2005 by Mr. Y Srinivas Rao, distributes
desktops, laptops, printers, scanners, software, and other
computer peripherals.


PASSION INDUSTRIES: CARE Assigns B+ Rating to INR13.96cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Passion Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      13.96     CARE B+ Assigned
   Short term Bank Facilities      1.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Passion Industries
Private Limited (PIPL) is primarily constrained by its small
scale of operation with low net worth base, weak financial risk
profile characterized by low profitability margins, leveraged
capital structure & weak coverage indicators and working capital
intensive nature of operations. The rating is, further
constrained by its presence in a highly fragmented industry
leading to stiff competition.

The ratings, however, draw comfort from experienced promoters and
growing scale of operations.

Going forward, ability of the company to increase its scale of
operations while improving its capital structure and
profitability margins shall remain the key rating sensitivities.
Furthermore, effective management of working capital requirements
will also be the key rating sensitivity.

Rohtak-based (Haryana) Passion Industries Private Limited (PIPL),
incorporated in 2013 as a private limited company and is promoted
by Mr Navdeep Singh, Mrs Manju Lata and Mrs Tara Nati. The
company took over proprietorship firm "M/s Passion Steels"
established by Mr Navdeep Singh in 2010. PIPL is engaged in
drawing of alloy steel wires with an installed capacity of 2500
metric tonne per month as on March 31, 2016. The company procures
the key raw material i.e wire rods from Jindal Steels Private
Limited and other local manufactures. The same is converted into
thin wire as per client specification. The company sells its
products to automobile component manufacturers.

PIPL has achieved a total operating income (TOI) of INR43.01
crore with PBILDT and profit after tax (PAT) of INR2.12 crore and
INR0.07 crore, respectively, in FY15 (refers to the period April
01 toMarch 31) as against TOI INR19.58 crore with a PBILDT and
PAT of INR0.80 crore and INR0.08 crore, respectively, in FY14
(including the company's six months operations and the firm's 6
months operations). Furthermore, during FY16 (refers to the
period April 01 to March 31), the company has achieved TOI of
around INR30.26 crore (as per unaudited results).


PEGMA RESOURCES: CARE Revises Rating on INR19.05cr LT Loan to B+
----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Pegma
Resources Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.05      CARE B+ Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Pegma Resources Private Limited (PRPL) takes into account
improvement in the capital structure owing to infusion of share
capital in March 2016 as well as considering of unsecured
loans of INR4.25 crore as a part of net-worth which are
subordinated to bank borrowings (refers to the period April 1 to
March 31).

The rating, however, continues to remain constrained on account
of moderate profitability, weak debt coverage indicators and
working capital intensive nature of operations. The rating,
further, remains constrained on account of its relatively modest
scale of operations in the highly competitive and fragmented
industry and susceptibility of the company's profitability to
fluctuations in the raw material prices along with project risks
emanating from expansion project being proposed by the company.

The rating, however, continues to draw strength from the long-
standing experience of PRPL's promoters in the mineral industry
with financial support provided by them.

PRPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices and
efficient management of working capital along with any debt-
funded capex and its impact on the capital structure shall be the
key rating sensitivities.

Beawar-based (Rajasthan) PRPL, incorporated in April 2012, was
promoted by Mr Sachin Nahar, Mr Nitin Nahar, Mr Ankur Sharma and
Ms Ruchika Sharma. PRPL is engaged in the manufacturing of
Flexible Intermediate Bulk Container (FIBC)/jumbo bag at its sole
manufacturing facility located at Beawar (Rajasthan) having an
installed capacity of 4,320 metric tonnes per annum (MTPA) as on
March 31, 2016. It started commercial operations from May 2013
and FY15 (refers to the period April 1 to March 31) was the first
full year of operation for the company.

FIBC/jumbo bags are manufactured from Polypropylene (PP) or
Polyethylene (PE) and find their application in storing and
transporting free flowing dry products like flour, salt, cotton,
rice, seeds, potatoes, etc. PRPL caters to domestic market as
well as exports mainly to European countries and procures raw
material from Del Cadre Agents of Reliance Industries Limited.

As per FY16 provisional result, PRPL has reported a total
operating income of INR34.35 crore (FY15: INR33.03 crore), with
PAT of INR0.51 crore (FY15: net loss of INR0.84 crore).


PRABH DAYAL: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Prabh Dayal Om Parkash (Jalandhar) (PDOP) and
assigned its 'CRISIL B/Stable' ratings to the facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               65       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term         4       CRISIL B/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Term Loan                 16       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The ratings had been suspended on December 25, 2015, as the firm
had not provided the necessary information required for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

The ratings reflect modest scale of and working capital-intensive
operations and weak financial risk profile owing to weak
liquidity and debt protection metrics.  These rating weaknesses
are mitigated by established relationship with suppliers,
diversified customer profile and the extensive experience of
promoter in the pipe trading business.
Outlook: Stable

CRISIL believes PDOP will benefit from the extensive industry
experience of its promoter and its established relationship with
suppliers and diversified customer profile. The outlook may be
revised to 'Positive' if improvement in profitability and cash
accrual lead to improvement in liquidity and debt protection
measures. Conversely, the outlook may be revised to 'Negative',
if liquidity is constrained owing to less-than-expected cash
accrual, stretched working capital cycle or low funding support
from promoter and related parties.

PDOP is a proprietorship firm promoted by Mr. Subhash Chandra
Agarwal. The firm distributes galvanised iron (GI), poly vinyl
chloride (PVC) pipes and pipe fittings in northern India. It has
established a vast distribution network of 450 dealers in Jammu &
Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi, Rajasthan and
West Uttar Pradesh.


R V ENTERPRISE: CARE Assigns 'B' Rating to INR5.58cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating assigned to bank facilities of R V
Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.58      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of R V Enterprise is
constrained on account of stabilization risk pertaining to its
recently commenced operations and customer concentration risk
along with partnership nature of its constitution. The rating is
further constrained on account of its profit margins being
susceptible to raw material price fluctuation along with its
presence in a highly competitive industry. The rating, however,
derives strength from the experience of the firm's partners.

Going forward, R V Enterprise's ability to stabilize its business
operations by achieving the envisaged sales and profitability
amidst volatile raw material pricing scenario and highly
competitive industry would also remain crucial.

Vapi-based (Gujarat) RV Enterprise was formed in 2015 as a
partnership firm by Mrs Rekha Myatra, Mrs Neha Shah and
Mr Satish Shah with the purpose to manufacture decorative,
automotive and marine paints. R.V Enterprise has entered in
to the agreement with M/S Asian Paints PPG Private Limited
(APPPL) for a period of five years on nonexclusive basis.

Under the agreement, R V Enterprise will act as a processor for
processing of products agreed upon by both the parties.

APPPL is engaged into manufacturing of industrial paints. Whereas
under the second agreement, R.V. Enterprise has agreed to act as
a processor for PPG Asian Paints Private Limited (PPAPPL, a joint
venture of PPG Limited and Asian Paints Limited) for a period of
3 years on exclusive basis for processing of products agreed upon
by both the parties. PPAPPL is engaged into manufacturing,
selling, and distribution of automotive paints throughout India.
R V Enterprise commenced commercial operations (Job Work
Activity) from August, 2015. The total cost of the project was
INR9.50 crore which was funded through the term loan of INR5.95
crore and INR3.55 crore through partners' contribution.


RAI INFRASTRUCTURE: CRISIL Assigns B Rating to INR76MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rai Infrastructure (Rai).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              76        CRISIL B/Stable
   Term Loan                22.9      CRISIL B/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive agro- commodity trading business and below-
average financial risk profile because of small net worth, high
total outside liabilities to tangible net worth ratio and muted
debt protection metrics. These weaknesses are partly offset by
the extensive experience of Rai's proprietor.
Outlook: Stable

CRISIL believes that Rai will benefit over the medium term from
the extensive experience of its proprietor. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in revenue and profitability margins, or if net worth
increases significantly with sizeable equity infusion from the
proprietor. Conversely, the outlook may be revised to 'Negative'
if profitability margins decline sharply or if capital structure
weakens further because of large debt-funded capital expenditure
or stretch in working capital cycle.

Established in 2010 as a proprietorship firm by Mr. Ramlal Rai,
Rai trades and processes pulses and grains. The firm is based in
Kareli district, Madhya Pradesh.


RAMSAAI REAL: CRISIL Assigns 'B' Rating to INR64.2MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ramsaai Real Estate Private Limited (Ramsaai).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          64.2       CRISIL B/Stable

The rating reflects susceptibility to project implementation
risks for its ongoing commercial project, accentuated by early
stage of operations and exposure to risks and cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
promoters in the real estate sector.
Outlook: Stable

CRISIL believes Ramsaai will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if healthy bookings for
ongoing project and timely receipt of advances lead to sizable
cash inflows. Conversely, the outlook may be revised to
'Negative' if lower bookings, time or cost overrun in project, or
simultaneous launch of other projects lead to weakening of
liquidity.

Ramsaai, engaged in real estate development business, is promoted
by Mr. Mayank Agrawal, Ms. Arti Agrawal, and Ms, Seema Yadav. It
is currently developing a commercial project in Lucknow, with
around 80 saleable units.


RCIK FOODS: CRISIL Assigns 'B' Rating to INR58.5MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Rcik Foods (RF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                4.5       CRISIL B/Stable

   Cash Credit             58.5       CRISIL B/Stable

   Proposed Fund-Based
   Bank Limits              2.0       CRISIL B/Stable

The ratings reflect small scale of operations in the highly
fragmented rice mill industry, susceptibility of operating
profitability to volatile paddy prices, and below-average
financial risk profile because of weak debt protection metrics.
These rating weaknesses are mitigated by the extensive experience
and funding support of its promoter.
Outlook: Stable

CRISIL believes RF will continue to benefit over the medium term
from the extensive industry experience and funding support of its
promoter. The outlook may be revised to 'Positive' in case of
substantial improvement in financial risk profile, driven most
likely by more-than-expected revenue growth leading to high cash
accrual, or capital infusion, along with efficient working
capital management. Conversely, the outlook maybe revised to
'Negative' in case of lower-than-expected cash accrual, a
substantial increase in working capital requirement, or large
debt-funded capital expenditure, further constraining liquidity.

RF promoted as a proprietorship firm since 2013, by Mr. Ram
Chander Inder Kumar processes and sells basmati rice domestically
under its own brand 'Research'. Prior to this, the proprietor was
in the business of fertilizer trading. The manufacturing unit of
the firm is based in Sirsa (Punjab) with the capacity of 3 tonne
per hour.


RISHABH SOFTWARE: CRISIL Lowers Rating on INR45MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rishabh Software Private Limited (RSPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           2.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             45.0      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Foreign Exchange         5.2      CRISIL A4 (Downgraded from
   Forward                           'CRISIL A4+')

   Term Loan               95.4      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects deterioration in RSPL's business risk
profile following sale of its core software development integral
which led to a steep decline in revenue and operating margin.
Revenue declined 21 percent over the past two years through 2015-
16 (refers to financial year, April 1 to March 31) to INR171.4
million while operating margin declined to negative 6.4 percent
estimated in 2015-16 from 20.6 percent in 2013-14. The downgrade
also factors in deterioration in financial risk profile because
of interest coverage ratio fell to an estimated 1.4 times in
2015-16 from 3.5 times in 2013-14. Liquidity is expected to be
stretched over the medium term because of tightly matched cash
accrual against debt obligation. Ability to increase its scale of
operations and profitability will be a key rating sensitivity
factor.

The ratings continue to reflect RSPL's modest scale of operations
in the software services business and large working capital
requirement on account of a stretch in receivable cycle. The
rating also factors in an average financial risk profile because
of modest networth and below-average debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of promoters in the software services industry, and
healthy demand prospects for the software services industry.
Outlook: Stable

CRISIL believe RSPL will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' in case of a significant growth in
revenue and profitability while maintaining its capital
structure. The outlook may be revised to 'Negative' in case of a
decline in revenue growth or deterioration in working capital
management, adversely affecting the financial risk profile.

RSPL was established in 1997 by Mr. Rajendra Shah. Currently, it
undertakes software development, software testing, application
development, and other technology-related services for
international customers in the field of BFSI (banking, financial
services and insurance), telecom, healthcare, and education. In
addition, the company provides engineering designing services
such as 2-D and 3-D modelling for mechanical and piping,
civil/structural, electrical and instrumentation, heating,
ventilation, and air conditioning related applications. RSPL has
offices in Vadodara (Gujarat), USA, and the UK.


ROLTA INDIA: S&P Lowers Corporate Credit Rating to 'SD'
-------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Rolta India Ltd. to 'SD' from 'CCC-'.

At the same time, S&P lowered its long-term issue rating on the
senior unsecured notes issued by Rolta Americas LLC and Rolta LLC
to 'CC' from 'CCC-'.  S&P also placed the issue ratings on
CreditWatch with negative implications. Rolta, an India-based
information technology products and solutions provider,
guarantees the notes.

"We downgraded Rolta because the company has missed the payments
on its credit facilities by more than 30 days," said S&P Global
Ratings credit analyst Ashutosh Sharma.  "We lowered the issue
ratings to reflect an imminent risk of default.  We see a very
high probability that Rolta may not be able to make the interest
payments on its guaranteed notes."

On May 30, 2016, Rolta said that it had missed a US$6.8 million
coupon payment due on its 2018 unsecured bonds and is negotiating
an extension on one of its credit facilities due since March
2016. In S&P's view, this constitutes a selective default by the
company.  The company said that it intends to make the interest
payment on the notes within the 30-day grace period ending
June 15, 2016.  But, Rolta has not shared any detailed plan to
rectify the missed payments situation and avoid any future
defaults.

In S&P's view, Rolta's liquidity unexpectedly deteriorated in the
fourth quarter of fiscal 2016 (year ended March 31, 2016,) due to
mounting receivables, mainly from the government of India's
defense and homeland security projects.  Further, the company's
operating performance declined rapidly, with revenues falling 14%
and EBITDA declining 50% during the same quarter.  Therefore S&P
believes the company is highly vulnerable to nonpayment of its
debt service obligations.

"The negative CreditWatch on Rolta's guaranteed unsecured notes
reflects our view that the company is highly vulnerable to
nonpayment of interest within the grace period," said Mr. Sharma.

S&P will lower the issue ratings to 'D' if Rolta does not pay its
coupon within the grace period or if the bond trustees elect to
accelerate the notes due to cross-default provisions.

S&P will affirm the rating and resolve the CreditWatch if Rolta
makes the necessary payments on all its debts and provides a
credible plan to meet its debt obligations over the next six
months.


S R OVERSEAS: CRISIL Assigns B+ Rating to INR39MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of S R Overseas - Panipat (SRO) and has assigned
its 'CRISIL B+/Stable' rating to the facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              39        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

CRISIL had on April 27, 2016, suspended the rating as SRO had not
provided the necessary information required for a rating review.
The firm has now shared the requisite information, enabling
CRISIL to assign a rating to the facilities.

The rating reflects the firm's modest scale and limited track
record of operations in the competitive polar blankets industry
and leveraged capital structure due to debt funding of
manufacturing unit. These weaknesses are partially offset by the
promoters' industry experience of and their funding support.
Outlook: Stable

CRISIL believes SRO will continue to benefit over the medium term
from the extensive experience of its promoters and favorable
location of plant. The outlook may be revised to 'Positive' in
case of substantial increase in cash accrual, while efficiently
managing working capital. The outlook may be revised to
'Negative' if low cash accrual or sizeable working capital
requirement exerts further pressure on liquidity.

Set up as a partnership firm in 2014 by Mr. Vijender Singh and
Mr. Balraj Singh, SRO began manufacturing polar blankets at its
unit in Panipat from December 2014.


S. S. CONSTRUCTION: CRISIL Suspends B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S. S. Construction - Karad (SSC).

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

   Cash Credit              60        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility        8.5      CRISIL B+/Stable

   Term Loan                 1.5      CRISIL B+/Stable

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

SSC was set up in Karad (Maharashtra) in August 2005 as a
partnership firm, by Mr. Avinash Jagtap and Mr. Balasaheb More.
The firm undertakes civil construction such as roads and
buildings for various government and private players.


SANKAR MARINE: CRISIL Assigns 'B' Rating to INR75MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Sankar Marine Aquarium (SMA).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Term Loan       75        CRISIL B/Stable
   Bank Guarantee            3        CRISIL A4
   Cash Credit              15        CRISIL B/Stable

The ratings reflect the firm's weak financial risk profile
because of a small networth and high gearing. The ratings also
factor in a modest scale of operations in the highly fragmented
and intensely competitive seafood processing industry. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters of the company and a moderate
operating margin.
Outlook: Stable

CRISIL believes SMA will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of higher-than-expected
operating income and cash accrual, along with stabilisation of
operations of the proposed enhanced capacity and substantial
infusion of capital by promoters, leading to improvement in
business and financial risk profiles. The outlook may be revised
to 'Negative' in case of lower-than-expected operating income and
cash accrual, a stretched working capital cycle, any time or cost
overrun in the proposed capacity enhancement, or any further
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile, particularly liquidity.

SMA, a partnership firm, processes seafood such as fish and
shrimp. Its processing unit is in Digha, West Bengal. Mr. Swadesh
Ranjan Nayak and his son, Mr. Debabrata Nayak, are the partners
of the firm. The firm has taken over the operations of Sankar
Marine Aquarium, a proprietorship firm of Mr. Swadesh Ranjan
Nayak from April 2016.


SARATH ENTERPRISES: CRISIL Assigns B+ Rating to INR45MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sarath Enterprises (SE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL B+/Stable
   Packing Credit           30        CRISIL B+/Stable

The rating reflects SE's modest financial risk profile, marked by
a small networth, modest total outside liabilities to tangible
net worth ratio and modest debt protection metrics. The rating
also factors in SE's modest scale of operations in the highly
fragmented and competitive tobacco industry. These rating
weaknesses are partially offset by the extensive experience of
SE's promoters in the tobacco industry and its established
customer relationships.
Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its promoters' extensive experience in tobacco
industry. The outlook may be revised to 'Positive' if the firm's
revenues and profitability increase substantially, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SE undertakes aggressive,
debt-funded expansions, or if its revenues and profitability
decline substantially, leading to weakening of its financial risk
profile.

Set up as a partnership firm by Mr. Bellamkonda Ravi and his
family, SE is engaged in trading of Flue Cured Virginia (FCV)
tobacco.


SARJAY CHEMICALS: CARE Revises Rating on INR7.5cr LT Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sarjay
Chemicals Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Sarjay Chemicals Private Limited (SCPL) is primarily due to
irregularity in servicing its debt obligations due to weak
liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position are the key rating
sensitivities.

Ahmedabad-based SCPL was established in December 2010 by its key
promoters Mr Harish Patel and Mr Jay Patel to start manufacturing
activity of micro nutrients in a category of inorganic chemicals
mainly zinc sulphate and manganese sulphate at Dahej in Bharuch
district of Gujarat State. The unit is spread over the area of
5,200 sq. meters with a total capacity of 10,800 metric tonnes
per annum (MTPA) for both the products. SCPL completed a
Greenfield project during January 2016 at a total cost of
INR11.10 crore which was funded through a term loan of INR6.50
crore, equity share capital of INR3 crore and unsecured loan of
INR1.60 crore. SCPL has commenced trial runs from the end of
January 2016.

The promoter of SCPL is also running another proprietorship firm
namely M/s Universal Chemicals (UC) in Ahmedabad since 1990. UC
is engaged in trading of inorganic chemicals, dyes and dyes
chemicals and agricultural commodities like grain, seeds, oil
seeds and spices etc. in the domestic market and in international
market in Pakistan, Middle and Far East countries, Canada, USA
etc.


SARVANI READYMIX: CRISIL Reaffirms B+ Rating on INR45MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarvani Readymix
Concrete Industry (SRCI) continue to reflect the firm's modest
scale in the intensely competitive and cyclical ready-mix
concrete business, and working capital-intensive operations.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           30      CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits        15      CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   Facility                 45      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of promoters and moderate financial risk profile because of
moderate networth and low gearing.
Outlook: Stable

CRISIL believes SRCI will continue to benefit over the medium
term from the extensive experience of its proprietor. The outlook
may be revised to 'Positive' if sustained increase in revenue and
profitability leads to a better business risk profile. The
outlook may be revised to 'Negative' if sharp decline in
profitability or revenue results in lower-than-expected cash
accrual, or if stretch in working capital cycle weakens financial
risk profile.

Established in 2003 in Vijayawada by Mr. Gopala Reddy, SRCI
manufactures ready-mix concrete.


SEINUMERO NIRMAN: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Seinumero Nirman Private Limited (SNPL).

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

   Proposed Long Term
   Bank Loan Facility       44.6      CRISIL B/Stable

   Term Loan                35.4      CRISIL B/Stable

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

SNPL was incorporated in 1997 by Mr. C L Mengale. The company is
engaged in manufacturing of axle auto components, engine
components and hydraulic components. SNPL has two manufacturing
units in Pune district (Maharashtra). Mr. Parag Mengale and Mr.
Tushar Mengale, sons of Mr. C L Mengale, are actively involved in
managing the company's operations.


SHRI SALASAR: CARE Assigns B+ Rating to INR7cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri
Salasar Agro Processors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       7        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Shri Salasar Agro
Processors (SSAP) are constrained by short track record of
operations and working capital intensive nature of business owing
to seasonal nature of operations along with susceptibility of
operating margins to fluctuations in the raw material prices. The
rating also takes into account the presence of the entity in a
highly competitive and fragmented industry segment along with
partnership nature of constitution thereby limiting the financial
flexibility of the entity.

The rating, however, derives strength from wide experience of
partners in the oil extraction business. The ability of the firm
to improve the scale of operations and profitability while
maintaining its capital structure and efficient working capital
management are the key rating sensitivities.

Established in June 2013, SSAP is a Nagpur-based (Maharashtra)
entity engaged in extraction of soya bean oil. SSAP is promoted
by Mr Madanmohan Purohit and Mr Vinay Vyas who have an average
experience of 15 years in the oil extraction through previous
businesses. The unit is spread over an area of 12 acres (land
owned by partners) and has an installed capacity to extract 250
metric tons of soya bean oil per day (MTPD) with capacity
utilization of around 40% during the 12-month period ended
March 31, 2016.

The firm procures raw material primarily (soya bean seeds) from
farmers and traders in the vicinity of Nagpur, while the customer
profile is diversified comprising majorly of refineries spread
across states of Maharashtra, Madhya Pradesh, Karnataka and Tamil
Nadu.

Soya bean oil is widely used for cooking purposes. It also has
industrial use in printing ink oils and oil paints. De-oiled cake
is primarily used as animal feed in poultry farms. The process of
extraction involves procurement of soyabean, solvent extraction,
oil desolvenizing, flake desolvenizing and oil refining. The firm
also sells the by-product, ie, de-oiled cake to traders in
vicinity of Nagpur.


SRS LIMITED: CRISIL Lowers Rating on INR4.75BB Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
and fixed deposits of SRS Limited (SRS) to 'CRISIL D/FD' from
'CRISIL BBB/FA-/Stable'. The rating on the bank loan facilities
remains on 'Notice of Withdrawal'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              3500      CRISIL D (Downgraded from
                                      'CRISIL BBB/Stable'; and
                                      continues on 'Notice of
                                      Withdrawal')

  Letter of Credit          4750      CRISIL D(Downgraded from
                                      'CRISIL BBB/Stable'; and
                                      continues on 'Notice of
                                      Withdrawal')

  Fixed Deposits            1250      FD (Downgraded from 'FA-
                                      /Stable')

The rating action is based solely on information available in the
public domain as SRS has not cooperated with CRISIL in its
surveillance process. The downgrade reflects weakening of the
company's liquidity. CRISIL believes that SRS's liquidity will
remain constrained over the medium term.

CRISIL had placed the rating on the bank loan facilities on
'Notice of Withdrawal' for 180 days on March 11, 2016, at the
company's request. The rating will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
bank loan ratings.

SRS has a weak financial risk profile, low operating
profitability in the highly fragmented and competitive gold
jewellery industry, and large working capital requirement with
most receivables being on an open credit basis in the domestic
wholesale jewellery segment. However, it benefits from its
diversified product and services portfolio.

SRS, incorporated as SRS Commercial Company Ltd in 2000, got its
present name in 2009. It operates in four business verticals:
gems and jewellery (SRS Jewells brand), cinema exhibition
(multiplexes under SRS Cinema), retail value chains (SRS Value
Bazaar and SRS Fashion Wear), and food and beverages (SRS 7 Dayz,
Asian Amigo, Punjabi Haandi, and Desi Cafe). SRS has been listed
on the Bombay Stock Exchange and National Stock Exchange since
September 2011, and is managed by Dr. Anil Jindal, a first-
generation entrepreneur.

SRS's net profit and sales were INR0.39 billion and INR38.2
billion, respectively, for 2014-15 (refers to financial year,
April 1 to March 31), vis-a-vis net profit of INR0.44 billion on
sales of INR34.4 billion for 2013-14. Net profit was INR0.33
billion on sales of INR32.2 billion for the nine months ended
December 31, 2015, against net profit of INR0.38 billion on sales
of INR28.2 billion for the corresponding period of the previous
year.


TA HYDRAULICS: Ind-Ra Withdraws 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn TA Hydraulics
Private Limited's (TAHPL) 'IND BB-(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 TAHPL.

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

TAHPL's ratings:
-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
    withdrawn
-- INR5 million non-fund-based working capital limits: 'IND
    A4+(suspended)'; rating withdrawn
-- INR20 million fund-based working capital limits: 'IND BB-
    (suspended)'/'IND A4+(suspended)'; ratings withdrawn


TONI INDUSTRIES: CARE Assigns 'B' Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Toni
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     10.00      CARE B Assigned

Rating Rationale

The ratings assigned to the bank facilities of Toni Industries
Private Limited (TIPL) are primarily constrained by small scale
of operations with moderate net worth base, weak financial risk
profile and foreign exchange fluctuation risk. These rating
constraints are partially offset by support from the experienced
promoters supported by qualified management and long track record
of operations and moderate operating cycle.

Going forward, the ability of TIPL to increase its scale of
operations and profitability margins while maintaining its
capital structure and effective management of working capital
shall be the key rating sensitivities.

Toni Industries Private Limited (TIPL) is a incorporated in 1993
as a private limited company is promoted by Mr. Rajinder Sharma
and Mr. Sanjeev Kalra. Currently the business of the company is
being managed by Mr. Vinay Bhardwaj and Mr. Tanuj Bhalla. TIPL
manufactures wide range of zippers which finds its application in
different industries like garments, automobiles (seat cover),
shoes, clothing etc. TIPL has a two manufacturing facility
located in Wazirpur Industrial Area (New Delhi) and Rewari,
Haryana with an overall installed capacity for manufacturing
zipper made of Zinc 18,35,000 Kgs and Plastic 1,32,000 Kgs as on
March 31, 2015.

The company sells its products all over India through an
established network of 50 wholesale distributors under its brand
name "TONI". The main raw materials used for manufacturing
zippers are zinc scrap which is imported (around 93% of the total
raw material purchased in FY15) from U.A.E., U.K etc. while
plastic (granules) is procured from local market. TIPL has one
associate concern namely Polylace India Private Limited (PIPL)
which is engaged in similar line of business.

TIPL reported a PAT of INR0.01 crore and PBILDT of INR0.97 crore
on a total operating income of INR24.67 crore in FY15 as against
PAT of INR0.29 crore and PBILDT of INR0.76 crore on a total
operating income of INR22.16 crore in FY14. For FY16 (Prov.), the
company has achieved sales of INR29.80 crore till March 31, 2016.


TRK TEXTILE: CRISIL Suspends B- Rating on INR245.5MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
TRK Textile India Private Limited (TRK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             125        CRISIL B-/Stable
   Pledge Loan             150        CRISIL B-/Stable
   Term Loan               245.5      CRISIL B-/Stable

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

TRK, set up in 2006, manufactures cotton yarn at its unit in
Tirupur (Tamil Nadu). The company sells through agents in
Tirupur. It is promoted by Mr. M Rangaswamy, Mr. A K Jeyaprakash,
and Mr. S Saravanan


UNITED MASTERBATCHES: CRISIL Assigns B+ Rating to INR24MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of United Masterbatches Private Limited
(UMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                24        CRISIL B+/Stable
   Letter of Credit         20        CRISIL A4
   Bank Guarantee            2        CRISIL A4
   Cash Credit              20        CRISIL B+/Stable

The ratings reflect a limited track record of operations,
susceptibility of operating performance to market competition,
and a small networth. These weaknesses are partially offset by
the extensive industry experience of the company's promoters in
the masterbatch industry.
Outlook: Stable

CRISIL believes UMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations, driven by stabilisation of
operations and a shorter-than-expected working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly liquidity, on account of lower-than-anticipated
revenue and profitability, larger-than-expected, debt-funded
capital expenditure, or a substantial increase in working capital
requirement.

UMPL, incorporated in 2006, is based in Kolkata. It is promoted
by Mr. Debdip Ghosh, Mr. Gopal Khadelwal, and Mr. Vijay Kumar
Tewary. The company has set up a facility for manufacturing of
colour and speciality masterbatch items for the domestic as well
as the export market.


VEERPRABHU EXPORT: CRISIL Assigns 'B' Rating to INR160MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Veerprabhu Export House (VEH).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Fund-Based Facilities    160       CRISIL B/Stable

The rating reflects the modest scale and working capital-
intensive nature of operations and weak financial risk profile,
marked by modest networth, high Total outside liabilities to
adjusted net worth (TOLANW) and weak interest coverage ratio.
These weaknesses are partially offset by extensive experience of
the promoters and established relations with customers and
suppliers.
Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
experience of the promoters and established relations with
clients and suppliers. The outlook may be revised to 'Positive'
if growth in scale of operations and operating margin increases
cash accrual and working capital management also improves. The
outlook may be revised to 'Negative' if a stretched working
capital cycle, large, debt-funded capital expenditure plans or
withdrawal of capital by the promoters weakens the financial risk
profile.

Established in 1947, VEH is a partnership firm, primarily engaged
in export of spices, other agro commodities and packaged food
items. The daily operations are managed by Mr. Jiten Shah.


Y V MANE: CRISIL Assigns B+ Rating to INR30MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Y V Mane Constructions Private Limited
(YVMCPL; part of Mane group).

                               Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Proposed Bank Guarantee       120       CRISIL A4
   Proposed Cash Credit Limit     30       CRISIL B+/Stable


The ratings reflect the Mane group's modest scale of operations
in an intensely competitive industry, exposure to risks related
to tender-driven business, and working capital-intensive
operations. These weaknesses are partially offset by extensive
experience of its promoters in the civil construction industry,
its healthy order book, and adequate financial risk profile
because of comfortable capital structure.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of YVMCPL and M/s Yashwant Vitthal Mane
(YVM). This is because both the entities, together referred to as
the Mane Group, are in the same line of business and are managed
by the same promoters, and will have financial and business
fungiblity.
Outlook: Stable

CRISIL believes the Mane group will benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is significant and
sustained improvement in revenue along with stable profitability
and capital structure. The outlook may be revised to 'Negative'
in case of substantial working capital requirement or decline in
cash accrual, leading to weakening of financial risk profile,
especially liquidity.

The Mane group, set up by Mr. Yashwant Mane and Mr. Hanumant Mane
in 1995, undertakes civil construction, largely for bridges, and
maintains and lays tracks for Indian Railways. The group is based
at Baramati in Pune.



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


1MALAYSIA: Government Unveils Windup of Troubled Investment Fund
----------------------------------------------------------------
Asian Nikkei Review reports that Malaysia has replaced the board
of 1Malaysia Development Berhad with treasury officials, paving
the way for the dissolution of the troubled state investment
fund.

A three-member board headed by the treasury's top administrative
officer succeeded the board of directors of 1MDB, effective
May 31, the Ministry of Finance said in a press release, Nikkei
relays. "The change of board reflects 1MDB's new direction as a
nonoperating company, focusing on completion of the successful
rationalization plan and on servicing future debt repayments."

1MDB sold off power generation companies and landholdings to
Chinese companies to repay its debts, according to Nikkei.
Nikkei recalls that a parliamentary committee investigating the
fund said in a report in April that 1MDB's debt had risen to
MYR50 billion ($12 billion) in January, from MYR42 billion as of
March 2014. The fund is in the process of transferring ownership
of its remaining assets, including prime land in the capital
earmarked for a new financial district and a high speed railway
to Singapore, to the ministry, says Nikkei.

Nikkei notes that the move comes in response to recommendations
by the parliamentary committee, which also eliminated Article 117
and changed all references to the prime minister in the fund's
company registration to the minister of finance. Article 117
requires written approval from the prime minister for all of
1MDB's business dealings and board appointments.

According to Nikkei, the fund was the brainchild of Prime
Minister Najib Razak, who also headed the now-dissolved advisory
board. With all assets and decision-making power in the hands of
the Finance Ministry, 1MDB is effectively a shell company.

Arul Kanda, the fund's president, will remain to resolve disputes
with International Petroleum Investment Co., an investment fund
backed by the emirate of Abu Dhabi. IPIC is co-guarantor of $3.5
billion in bonds issued by 1MDB, Nikkei relays. The two funds are
wrangling over collateral payments for the bonds, resulting in
technical defaults on debt-service payments.

Nikkei notes that problems at 1MDB, which stem from the massive
and rapid increase in its debts, spurred allegations that money
from the fund was illegally funneled to Najib's personal
accounts. Although Malaysian authorities have cleared the prime
minister of wrongdoing, investigations overseas are continuing.

Singapore said on May 24 that it had withdrawn the license of a
Swiss private bank for involvement in the "worst case of control
lapses and gross misconduct" in city-state's financial sector.
BSI Bank was investigated for money laundering on behalf of 1MDB-
related companies, leading to hefty fines and the detention of at
least one senior official of the bank, according to Nikkei.

Nikkei says the Swiss authorities took similar actions, ordering
the 143-year-old bank to dissolve within 12 months. They
determined that BSI Bank had executed "large transactions with
unclear purposes over several years." They also identified
serious breaches of due diligence in relation to money laundering
for 1MDB-linked companies, which was its largest client, adds
Nikkei.

                             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).



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


HYUNDAI HEAVY: Creditors Approve Self-Restructuring Scheme
----------------------------------------------------------
Yonhap News Agency reports that embattled Hyundai Heavy
Industries Co. and Samsung Heavy Industries Co., two of the
country's big three shipyards, have got the nod from their
respective creditors to go ahead with their self-restructuring
schemes, industry sources said on June 1.

Hyundai Heavy has mapped out KRW3.5 trillion (US$2.94 billion)
worth of self-rehabilitation measures, including asset sales and
a cut in its workforce, in order to stay afloat amid a drop in
new orders, according to Yonhap.

Yonhap relates that under the shipbuilder's self-rescue plans,
temporarily approved by the financial authorities and its
creditors, led by KEB-Hana Bank, it will sell stocks that it
invested in, non-core assets and cut its workforce, which will
reduce its debt-to-equity ratio to below 100 percent by 2018.

As of end-March, the shipbuilder's debt stood at KRW8.5 trillion,
with its debt ratio standing at 134 percent.

Since September 2014, Hyundai Heavy has already implemented self-
rescue measures worth KRW3.9 trillion.

The shipbuilder swung to the black in the first quarter for the
first time in 10 quarters with an operating income of KRW325
billion, aided by its stronger restructuring efforts.

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.


HYUNDAI MERCHANT: Bondholders Approve Debt Recast Proposal
----------------------------------------------------------
Yonhap News Agency reports that bondholders of Hyundai Merchant
Marine Co. on June 1 approved an additional KRW170 billion
(US$142 million) debt rescheduling proposal by the financially
shaky shipper, clearing one of the hurdles for a creditor-led
restructuring, company officials said.

Yonhap relates that during a two-day meeting that started on
May 31, the shipper's bondholders gave the nod to a total
KRW804.2 billion debt rescheduling scheme under which more than
half of the debt will be swapped for the shipper's stocks and the
remaining debt will be paid back after two years.

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

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 with the
outcome possibly coming out later this week.

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

Yonhap says Hyundai Merchant could be excluded from 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 subsequent falls in freight
rates, the report states.

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.


SAMSUNG HEAVY: Creditors Temporarily OK Self-Rehab Plan
-------------------------------------------------------
Yonhap News Agency reports that embattled Hyundai Heavy
Industries Co. and Samsung Heavy Industries Co., two of the
country's big three shipyards, have got the nod from their
respective creditors to go ahead with their self-restructuring
schemes, industry sources said on June 1.

According to Yonhap, Samsung Heavy's self-rehabilitation plan to
save KRW1.5 trillion was temporarily approved by its creditors,
led by KDB.

Yonhap relates that the scheme calls for the sale of non-core
assets such as buildings and stocks. It also includes a cut in
workforce, according to the sources.


                             *********

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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