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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, June 3, 2016, Vol. 19, No. 109


                            Headlines


A U S T R A L I A

ALLIANCE GROUP: First Creditors' Meeting Set For June 10
ALTO BOOKS: Goes Into Liquidation
ATLANTIC LTD: FIRB OKs Droxford's Acquisition of Atlantic
BLACKWATER MINE: First Creditors' Meeting Set For June 10
COCKATOO COAL: Exits Administration

JONES THE GROCER: Enters Administration for The Second Time
LINC ENERGY: Linc USA Files for Ch. 11 Protection to Pursue Sale
LINC ENERGY: Linc USA Seeks Joint Administration of Cases


C H I N A

ARMCO METALS: Receives NYSE Listing Non-Compliance Notice
CHINA AUTOMATION: Moody's Withdraws B1 CFR & Stable Outlook
FUWEI FILMS: Gets Grace Pd. to Regain NASDAQ Listing Compliance

* CHINA: Steps Up War on Banks' Bad Debt


I N D I A

AGRIGOLD ORGANICS: ICRA Suspends 'D' Rating on INR155cr Loan
ANSALDOCALDAIE GB: ICRA Reaffirms 'D' Rating on INR15.8cr Loan
AVON ELASTOMERS: ICRA Assigns 'B+' Rating to INR7.50cr Loan
BABBAR AGRO: CRISIL Lowers Rating on INR55MM Cash Loan to 'D'
BRAHMANI DEVELOPERS: ICRA Suspends B+ Rating on INR2.5cr Loan

CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR100MM Loan
CHHINDWARA INFRASTRUCTURE: ICRA Suspends B INR17.5cr Loan Rating
DELTA PAPER: CRISIL Reaffirms B- Rating on INR520MM Cash Loan
ECO ROOTS: ICRA Assigns 'B' Rating to INR20cr Fund Based Loan
FARAN TEPPICH: CRISIL Assigns B+ Rating to INR60MM Loan

GREENLAND MOTORS: ICRA Reaffirms B+ Rating on INR1.55cr Loan
GREENLANDS (A&M): ICRA Reaffirms 'B+' Rating on INR10cr Loan
HANS RAJ: CRISIL Reaffirms B+ Rating on INR190MM Cash Loan
HOME FLOORING: CRISIL Assigns B+ Rating to INR100MM Packing Loan
KAILASH COLD: ICRA Reaffirms 'B' Rating on INR2.96cr Loan

KBSH PRIVATE: ICRA Suspends 'B' Rating on INR9.5cr Bank Loan
KREDENCE MULTI: ICRA Lowers Rating on INR240cr Loan to 'D'
KRISHNA COTTON: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
KRISHNA SAHAKARI: ICRA Assigns B+ Rating to INR10cr LT Loan
LEELA GOLD: ICRA Suspends B- Rating on INR7.5cr LT Loan

LOK RAJ: ICRA Suspends 'D' Rating on INR25.45cr Loan
MAGADH INDUSTRIES: ICRA Suspends B+ Rating on INR147 Loan
MAHALAXMI DHATU: CRISIL Reaffirms B+ Rating on INR120MM Loan
MAHESHWARI STRUCTURES: ICRA Assigns 'B' Rating to INR5.0cr Loan
MANU IMPEX: ICRA Suspends B+/A4 Rating on INR10cr Loan

MINI DIAMONDS: ICRA Lowers Rating on INR5.5cr Loan to 'D'
NITYA HOTELS: ICRA Suspends B+ Rating on INR5.70cr Loan
ORIENT COLOR: CRISIL Assigns 'B' Rating to INR22.3MM Bank Loan
PALLAVI ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100MM Loan
PREM TEXTILES: CRISIL Reaffirms B+ Rating on INR70MM Loan

RAJHANS NUTRIMENTS: ICRA Suspends B+/A4 Rating on INR68.9cr Loan
RASHMI HOUSING: ICRA Lowers Rating on INR65cr LT Loan to 'D'
SAALIM SHOES: CRISIL Lowers Rating on INR350MM Packing Loan to D
SAMRAT SEA: ICRA Lowers Rating on INR4.25cr Term Loan to 'D'
SANSKAR AGRO: ICRA Assigns B+ Rating to INR17.50cr LT Loan

SANSKAR SYNTHETICS: ICRA Suspends B+ Rating on INR12.09cr Loan
SATPRIYA MEHAMIA: ICRA Suspends 'D' Rating on INR16cr Loan
SATYA POWER: ICRA Suspends B+ Rating on INR10cr Cash Loan
SCHOLARS ACADEMY: CRISIL Reaffirms B- Rating on INR140MM Loan
SHALLOW CERAMIC: ICRA Assigns 'B' Rating to INR3.4cr Loan

SHAMBHU TEXTILE: ICRA Suspends 'B/A4' Rating on INR6.77cr Loan
SHAPE MACHINE: CRISIL Assigns 'B' Rating to INR55MM Cash Loan
SMS CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR4.0cr LT Loan
SRS LIMITED: ICRA Lowers Rating on INR597cr LT Loan to 'D'
STYLIN SANITARYWARES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan

SURAJ PULSES: CRISIL Ups Rating on INR120MM Cash Loan to B+
TRIUMPH AUTO: CRISIL Assigns 'B' Rating to INR67.5MM Loan
VAIBHAV ENTERPRISES: ICRA Lowers Rating on INR21cr Loan to D
VAIDEHI ENTERPRISES: ICRA Assigns 'B' Rating to INR5cr Loan
VARSHA CABLES: ICRA Assigns B+ Rating to INR8.50cr Cash Loan

VICHOOR BITU: ICRA Suspends B+ Rating on INR5.5cr Loan
VINORA INDUSTRIES: ICRA Suspends B+ Rating on INR3cr Loan
VVF (INDIA): ICRA Suspends 'D' Rating on INR560cr Loan


I N D O N E S I A

INDONESIA: S&P Affirms 'BB+' LT Sovereign Credit Rating


J A P A N

OW BUNKER: NYK Trading Balks at ING Bid to Dismiss Suit


N E W  Z E A L A N D

CREDIT UNION: S&P Revises ICR to 'BB'; Outlook Stable


S I N G A P O R E

OUE COMMERCIAL: Moody's Withdraws Ba1 Corporate Family Rating


                            - - - - -


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


ALLIANCE GROUP: First Creditors' Meeting Set For June 10
--------------------------------------------------------
Ashley Leslie & Nick Combis of Vincents Chartered Accountants
were appointed as administrators of The Alliance Group (QLD) Pty
Ltd on May 31, 2016.

A first meeting of the creditors of the Company will be held at
Level 34, 32 Turbot Street, in Brisbane, Queensland, on June 10,
2016, at 10:30 a.m.


ALTO BOOKS: Goes Into Liquidation
---------------------------------
Cliff Sanderson at Dissolve.com.au reports that Alto Books Pty
Ltd, a book publisher from Queensland, has gone into liquidation.
Paul Eric Nogueira and John William Cunningham of Worrells
Solvency and Forensic Accountants have been appointed liquidators
of the company on May 31, 2016, the report discloses.

Alto Books was founded in 2006. It is headed by director David
Dermott Conners and employed six staff. Dissolve.com.au relates
that sources said the company reported AUD108,949 of revenue last
year.

According to the report, the liquidation of Altos follows a
publishing conflict between the Turnbull government and the book
industry of Australia over the proposal to relax parallel
importing restrictions.


ATLANTIC LTD: FIRB OKs Droxford's Acquisition of Atlantic
---------------------------------------------------------
Mariaan Webb Creamer at miningweekly.com reports that the Foreign
Investment Review Board (FIRB) has approved Singapore-based
Droxford International's acquisition of Australian junior
Atlantic.

miningweekly.com says the FIRB approval was one of the key
conditions of the scheme of arrangement, which the companies
announced last month.

"The process for securing satisfaction of the other conditions to
the scheme is under way," Atlantic reported on May 30.

Droxford, a subsidiary of Indonesia's Salim Group, would acquire
Atlantic's shares for 0.3 cents each, the report relates.

Droxford is Atlantic's largest creditor and held a 17.4% stake in
the company, miningweekly.com discloses.

According to miningweekly.com, Atlantic in February unveiled
plans to repurchase its Windimurra vanadium project, in Western
Australia. With the assistance of Droxford, the company had
submitted a proposal for the administrators to enter into a deed
of company arrangement to acquire the Windimurra project.

                          About Atlantic

Atlantic Ltd. is the 100% owner of Midwest Vanadium Pty Ltd.
Based in Perth, Australia, Midwest Vanadium engages in the
exploration, production, and processing of vanadium in Australia.

Ben Johnson, Martin Jones and Darren Weaver were appointed Joint
and Several Voluntary Administrators of Midwest Vanadium Pty Ltd
(MVPL) and its parent company, Atlantic Vanadium Holdings Pty Ltd
(AVHPL), on Feb. 11, 2015.

On Feb. 12, 2015, Norman Oehme, Keith Crawford and Matthew Caddy
of McGrathNicol were appointed Joint and Several Receivers and
Managers (Receivers) in respect of the assets of AVHPL and MVPL
pursuant to a security in favour of BTA Institutional Services
Australia Ltd. Norman Oehme retired as Receiver and Manager of
the Companies on Jan. 29, 2016.

The First Meeting of Creditors was held on Feb. 23, 2015. At this
meeting, creditors resolved to appoint a Committee of Creditors
and confirmed the appointment of the Administrators.

The duly appointed Committee of Creditors of Midwest Vanadium Pty
Ltd resolved to support the Administrators' application to the
Court for an extension of the convening period for second meeting
of creditors. The application was also supported by the Receivers
and Managers and other unsecured creditors. The most recent
application was heard on Sept. 25, 2015 and the Court made orders
extending the convening period for the second meeting of
creditors of the Companies from Sept. 30, 2015 to Nov. 27, 2015
(if required).

On Oct. 6, 2015, Ben Johnson retired as Administrator following
his retirement from the Ferrier Hodgson practice. Additionally,
Darren Weaver retired as Administrator on Dec. 10, 2015.

At the reconvened second creditors' meeting held on Feb. 12, 2016
at the Perth offices of Ferrier Hodgson, creditors resolved in
favour of the proposal for a Deed of Company Arrangement as
proposed by Atlantic Limited.

Following the above, Martin Jones and Dermott McVeigh were
appointed Joint and Several Deed Administrators of the Companies
upon execution of the DOCA on March 3, 2016.

Under this DOCA it is contemplated that an amount of AUD250,000
will form the Deed Fund to meet the Deed Administrators' costs
and to be distributed amongst the Companies' unrelated, unsecured
creditors.  Payment of the Deed Fund is contingent on the sale of
certain of the Companies' assets to Atlantic Limited which has a
sunset date of May 31, 2016.


BLACKWATER MINE: First Creditors' Meeting Set For June 10
---------------------------------------------------------
Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Blackwater Mine Workers' Club Limited, trading
as Blackwater Workers' Club And Also Trading As Blackwater
Country Club, on May 30, 2016.

A first meeting of the creditors of the Company will be held at
Blackwater Mine Workers Club, 45 Arthur St, in Blackwater,
Queensland, on June 10, 2016, at 9:30 a.m.


COCKATOO COAL: Exits Administration
-----------------------------------
World Coal reports that Cockatoo Coal has left administration
after effectuating a deed of company arrangement (DOCA), the
company said in an announcement to the Australian Stock Exchange.
Day to day management of the company has now reverted back to the
company's directors, World Coal says.

As part of the DOCA, the company has issued an additional 10
billion ordinary shares, the report notes. Six billion of these
will be issued to Boston-based Liberty Metal & Mining Holdings
for a cash consideration of AUD6 million. This cash will be used
to fund the establishment fee payable under the new debt facility
included in the DOCA, according to the report.

World Coal says the remaining four billion new shares will be
issued to JS Baralaba Wonbindi to ensure that its related
company, JFE Steel Corp., enters into an agreement "documenting
certain waivers and amendments in relation to an offtake
agreements with the company and its subsidiaries."

As described by the DOCA, Cockatoo Coal has also entered into a
new debt facility, drawing down AUD100 million.  About
AUD73.1 million of this will be used to meet amounts payable to
creditors. The remainder will be available to Cockatoo Coal for
working capital purposes.

Following the departure of Peter Kane as CEO in mid-May, Brian
Wyatt is acting as Interim CEO until a permanent replacement is
announced, the report notes.

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

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


JONES THE GROCER: Enters Administration for The Second Time
-----------------------------------------------------------
Eloise Keating at SmartCompany reports that Jones the Grocer has
collapsed into voluntary administration for the second time.

PPB Advisory were appointed as administrators to JTGS, which is
the Australian operator of the four remaining Jones the Grocer
and Becasse stores in Australia on June 1. The sole shareholder
of JTGS is L Capital Asia, the private equity arm of fashion
powerhouse and luxury goods retailer Louis Vuitton Moet Hennessy,
the report discloses.

It follows the appointment of administrators to Jones the Grocer,
Becasse and sister company Charlie & Co in December 2014,
SmartCompany notes.

However, the latest appointment does not involve the Charlie & Co
burger chain, which SmartCompany understands is in the process of
being sold by L Capital Asia.

SmartCompany relates that the administration also does not
include related entity Senselle Food Distribution, which was also
sold by L Capital Asia during the past 12 months, or the global
operations of Jones the Grocer, including stores in New Zealand,
Singapore, Thailand, Qatar and the United Arab Emirates.

According to SmartCompany, the four Jones the Grocer and Becasse
stores in Australia was to cease trading June 1 and L Capital
Asia said in a statement that there are no plans to re-open the
outlets under the Jones the Grocer banner. The Australian
operations currently employ 70 people, including casuals.

More than 200 people worked for the Jones the Grocer group when
it first entered voluntary administration at the end of 2014 and
L Capital Asia said a large number of those workers will continue
to work for Charlie & Co and Senselle under new owners,
SmartCompany recalls.

The report says L Capital Asia took full management control over
the restructured Jones the Grocer business when it previously
emerged out of voluntary administration in mid-2015.

According to SmartCompany, the company recently said it will
propose a Deed of Company Arrangement (DOCA) be executed again.
Under the proposal, L Capital Asia will "forgo" its entitlements
as a creditor to the business, which it says includes "several
millions of dollars in loans" that were provided to the business
in 2015.

"Despite the efforts and energy of new management and significant
additional investment to revive the Jones the Grocer brand
locally, legacy issues unfortunately continued to impact the
performance of the business in Australia," the report quotes
Shantanu Mukerji, L Capital Asia managing director of Australia
and Non-Asia, as saying.  "While we are confident the four
Australian sites will attract interest from international
franchises looking to establish a foothold in Australia, it is
clear the future of the Jones the Grocer brand now lies in
overseas expansion."

The Jones the Grocer brand was founded by Lindsay Jones in 1996,
with the food emporium opening its flagship store in Woollahra,
Sydney.  The company was acquired by Melbourne businessman John
Manos in 2005 and L Capital Asia took a 50% stake in the business
in mid-2012.


LINC ENERGY: Linc USA Files for Ch. 11 Protection to Pursue Sale
----------------------------------------------------------------
Linc USA GP and 10 of its subsidiaries sought creditor protection
in the U.S. Bankruptcy Court for the Southern District of Texas
on May 29, 2016, to further an orderly sale process within the
Chapter 11 proceedings.  The bankruptcy filing came more than a
month after the Debtors' ultimate parent, Linc Energy Ltd.,
entered into voluntary administration in Australia.

With no other options and facing a May 30, 2016, expiration of
the grace period related to their missed April 30, 2016, interest
payments of $6,000,000 on the Debtors' First Lien Notes, and
$18,000,000 on the Debtors' Second Lien Notes, the Debtors said
they filed these Chapter 11 cases in order to preserve the value
of businesses and potential value to unsecured creditors.

"The precipitous decline in oil prices has hurt all producers,
but has been particularly devastating to the Debtors because of
the monies expended conducting an aggressive drilling program on
their Gulf Coast properties prior to 2015, drilling 21 wells in
2012, 33 wells in 2013, and 12 wells in 2014," said Jude Rolfes,
vice president - corporate development for the Debtors.

Beginning in 2012, the Debtors set out on an aggressive drilling
program related to their Gulf Coast and Alaskan properties.  The
Debtors said they made sizeable expenditures in pursuit of that
program, and as a result their cash position was especially
vulnerable to the recent decline in oil prices.

According to Mr. Rolfes, as the price of oil began its decline in
late 2014, the Debtors actively adjusted their priorities to
better withstand the downturn.  First, the Debtors discontinued
their drilling program and initiated a low capital expenditure
program by which they sought to minimize capital expenditures by
selecting well reworks, well recompletions and new well drilling
based on a rigorous economic analysis.  Second, the Debtors set
out to improve operating efficiencies, which resulted in a 44%
reduction in lease operating expenses and a total operating cost
below $30.00/net barrel of oil equivalent.  However, he noted, as
2015 progressed, the decline in oil prices continued, with the
WTI benchmark price dropping from approximately $93 a barrel as
of Sept. 15, 2014, to below $35 a barrel as of March 1, 2016.

Mr. Rolfes related the Debtors entered into negotiations with
their lenders to reach an agreed restructuring and
recapitalization. Unfortunately, the Debtors were not able to
effectuate a reorganization outside of Chapter 11.

An ad hoc group of holders of over 75% of the value of the
Debtors' First Lien Notes has agreed to support the Debtors' use
of cash collateral and debtor-in-possession financing in
furtherance of a liquidating Chapter 11 proceeding.

Contemporaneously with the petitions, the Debtors filed first day
motions seeking authority to, among other things, use existing
cash management system, prohibit utility providers from
discontinuing services, pay employee obligations, obtain
postpetition financing and use cash collateral.

                        About Linc USA

Linc USA GP and its subsidiaries operate an independent oil and
gas exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming.  The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope.

The Debtors are ultimately owned by Linc Energy Ltd., an
Australian corporation established in the year 2000, shares of
which were listed on the Singapore Stock Exchange.  Linc Energy
Ltd. entered into voluntary administration in Australia on
April 15, 2016.

On May 29, 2016, each of Linc USA GP, Linc Energy Finance (USA),
Inc., Linc Energy Operations, Inc., Linc Energy Resources, Inc.,
Linc Gulf Coast Petroleum, Inc., Linc Energy Petroleum (Wyoming),
Inc., Paen Insula Holdings, LLC, Diasu Holdings, LLC, Diasu Oil &
Gas Company, Inc., Linc Alaska Resources, LLC and Linc Energy
Petroleum (Louisiana), LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code.

The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million.

As of the Petition Date, the Debtors estimate that they owed
approximately $5.8 million to their vendors.

Linc USA GP and Linc Energy Finance (USA), Inc. are issuers of
two indentures, with an aggregate principal amount of
$408,550,000 currently outstanding.

Bracewell LLP serves as the Debtors' counsel.  Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.

The cases are pending joint administration before David R Jones.


LINC ENERGY: Linc USA Seeks Joint Administration of Cases
---------------------------------------------------------
Linc USA GP, et al., asked the Bankruptcy Court to enter an order
directing joint administration of their Chapter 11 cases for
procedural purposes only.  Specifically, the Debtors request that
the Court maintain one file and one docket for all of their
Chapter 11 cases under the case of Linc USA GP, Case No. 16-
32689.

The Debtors anticipate that during the course of these cases, it
will be necessary to file numerous motions and applications, as
well as other pleadings and documents.  The Debtors assert that
joint administration of their Chapter 11 cases is in the best
interests of their estates, creditors, and other parties-in-
interest and will further the interests of judicial economy and
administrative expediency by, among other things, obviating the
need to: (i) file duplicate motions, (ii) enter duplicate orders,
and (iii) forward unnecessary, duplicate notices and other
documents to creditors and other parties-in-interest,
which actions would cause the Debtors' estates to incur
unnecessary costs and expenses.

                       About Linc USA

Linc USA GP and its subsidiaries operate an independent oil and
gas exploration and production business with a primary focus on
conventional onshore and shallow state water properties along the
Gulf Coast of Texas and properties in the Powder River Basin of
Wyoming.  The Debtors, through their majority owned subsidiary,
Renaissance Umiat, LLC (which is not a Debtor), also own oil and
gas properties in the Umiat field on Alaska's North Slope.

The Debtors are ultimately owned by Linc Energy Ltd., an
Australian corporation established in the year 2000, shares of
which were listed on the Singapore Stock Exchange.  Linc Energy
Ltd. entered into voluntary administration in Australia on
April 15, 2016.

On May 29, 2016, each of Linc USA GP, Linc Energy Finance (USA),
Inc., Linc Energy Operations, Inc., Linc Energy Resources, Inc.,
Linc Gulf Coast Petroleum, Inc., Linc Energy Petroleum (Wyoming),
Inc., Paen Insula Holdings, LLC, Diasu Holdings, LLC, Diasu Oil &
Gas Company, Inc., Linc Alaska Resources, LLC and Linc Energy
Petroleum (Louisiana), LLC filed a voluntary petition for relief
under Chapter 11 of the Bankruptcy Code.

The Debtors estimated assets in the range of $50 million to $100
million and debts of up to $500 million.

As of the Petition Date, the Debtors estimate that they owed
approximately $5.8 million to their vendors.

Bracewell LLP serves as the Debtors' counsel.  Kurtzman Carson
Consultants LLC acts as the Debtors' notice, claims and balloting
agent.

The cases are pending joint administration before David R Jones.



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


ARMCO METALS: Receives NYSE Listing Non-Compliance Notice
---------------------------------------------------------
Armco Metals Holdings, Inc., on May 25, 2016, disclosed that it
received a notice on May 18, 2016 from NYSE Regulation indicating
that the Company is below certain listing standards, as set forth
in Sections 134 and 1101 of the NYSE MKT Company Guide, due to
the delay in filing of its Form 10-Q for the period ended
March 31, 2016 (the "Form 10-Q").  Under the NYSE MKT guidelines,
until Armco files its Form 10-Q, its common stock will remain
listed on the NYSE MKT under the symbol AMCO, but will be
assigned an ".LF"  indicator to indicate late filing status.  In
furtherance to the disclosure contained in the Company's Current
Report on Form 8-K filed on April 11, 2016, the company will
continue to be included in a list of issuers that are not in
compliance with the Exchange's continued listing standards.  The
indicator will be removed once the Company has regained
compliance with all applicable listing standards.

As disclosed in the Company's Current Report on Form 8-K filed on
April 11, 2016, in order to maintain its listing, Armco must
submit a plan of compliance by May 9, 2016 addressing its actions
on how it intends to regain compliance with Sections 134 and 1101
of the NYSE MKT Company Guide by October 8, 2016.  If the plan is
not accepted, or if it is accepted but the Company is not in
compliance with the continued listing standards by October 8,
2016, or if the Company does not make progress consistent with
its plan, the NYSE MKT will initiate delisting procedures as
appropriate.  The Company submitted a compliance plan to address
how the Company intends to regain compliance with Sections 134
and 1101 of the Company Guide remains October 8, 2016 for both
deficiencies to NYSE Regulation on May 9, 2016, which is
currently under NYSE Regulation's review.

                About Armco Metals Holdings, Inc.

Armco Metals Holdings, Inc. -- http://www.armcometals.com/-- is
engaged in the sale and distribution of metal ore and non-ferrous
metals, wood, and barley throughout China and is in the recycling
business in China.  Armco Metals' customers include some of the
fastest growing steel producing mills and foundries throughout
China.  Raw materials are acquired from a global group of
suppliers located in various countries, including, but not
limited to, Brazil, India, Indonesia, Ukraine and the United
States.  Armco Metals' product lines include ferrous and non-
ferrous ore, iron ore, chrome ore, nickel ore, magnesium, copper
ore, manganese ore, steel billet, recycled scrap metals, raw wood
and barley.


CHINA AUTOMATION: Moody's Withdraws B1 CFR & Stable Outlook
-----------------------------------------------------------
Moody's Investors Service has withdrawn China Automation Group
Limited's B1 corporate family rating with a stable outlook.

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

China Automation Group Limited specializes in providing safety
systems and control valves to the petrochemical industry and
traction systems to the railway industry in China.

The company began operations in 1999 and was listed on the Main
Board of the Stock Exchange of Hong Kong in July 2007.  Its three
founders collectively owned 45.88% of the company at end-2015.


FUWEI FILMS: Gets Grace Pd. to Regain NASDAQ Listing Compliance
---------------------------------------------------------------
Fuwei Films (Holdings) Co., Ltd., a manufacturer and distributor
of high-quality BOPET plastic films in China, on May 26 disclosed
that the Company received a letter from the Nasdaq Stock Market
("NASDAQ") on May 24, 2016 stating that while the Company had not
regained compliance with the NASDAQ Listing Rule 5550(a)(1) (the
"Bid Price Rule") as of May 23, 2016, the Company is eligible for
an additional 180-day grace period to regain compliance with the
Bid Price Rule, which expires November 21, 2016 (the "Expiration
Date").

On November 25, 2015, the Company received a letter from NASDAQ
notifying it of its failure to maintain a minimum closing bid
price of $1.00 over the then preceding 30 consecutive trading
days for its ordinary shares as required by the Bid Price Rule.
The letter stated that the Company had until May 23, 2016 to
demonstrate compliance by maintaining a minimum closing bid price
of at least $1.00 for a minimum of 10 consecutive trading days.

NASDAQ's determination was based on the Company having met the
continued listing requirement for Market Value of Publicly Held
Shares and all other applicable requirements for initial listing
on the NASDAQ Capital Market, with the exception of the Bid Price
Rule, and on the Company's written notice to NASDAQ of its
intention to cure the deficiency during the second compliance
period by effecting a reverse stock split, if necessary.  If at
any time during this additional time period the closing bid price
of the Company's security is at least $1.00 per share for a
minimum of 10 consecutive business days, NASDAQ will provide
written confirmation of compliance and this matter will be
closed.  If compliance cannot be demonstrated by November 21,
2016, Staff will provide written notification that the Company's
ordinary shares will be delisted.  At that time, the Company may
appeal NASDAQ's determination to delist its ordinary shares to a
NASDAQ Hearings Panel.  The Company will monitor the closing bid
price of its ordinary shares and will consider various possible
options, including if necessary, it intentions to effect a
reverse stock split, to regain compliance by the Expiration Date.

                        About Fuwei Films

Fuwei Films conducts its business through its wholly owned
subsidiary, Fuwei Films (Shandong) Co., Ltd. ("Shandong Fuwei").
Shandong Fuwei develops, manufactures and distributes high-
quality plastic films using the biaxial oriented stretch
technique, otherwise known as BOPET film (biaxially oriented
polyethylene terephthalate).  Fuwei's BOPET film is widely used
to package food, medicine, cosmetics, tobacco, and alcohol, as
well as in the imaging, electronics, and magnetic products
industries.


* CHINA: Steps Up War on Banks' Bad Debt
----------------------------------------
The Financial Times reports that Beijing has stepped up its
battle against bad debt in China's banking system, with a state-
led debt-for-equity scheme surging in value by about $100bn in
the past two months alone.

The FT, citing data from Wind Information, discloses that the
government-led programme, which forces banks to write off bad
debt in exchange for equity in ailing companies, soared in value
to hit more than $220bn by the end of April, up from about $120bn
at the start of March.

According to the FT, industry watchers have fiercely debated how
far Beijing will go to recapitalise the financial system, with
bad loans taking up an ever higher percentage of banks' balance
sheets as much as 19% by some estimates.  The FT says the latest
figures for the debt-to-equity swap, and a debt-to-bonds swap
initiated last year, show a subtle bailout is already under way.

"One can argue the government-led recapitalisation is already
happening in an atypical way and thus reducing the need for
recapitalisation in its written sense," the report quotes Liao
Qiang, director of financial institutions at S&P Global Ratings
in Beijing, as saying.

Chinese media reported that up to Rmb4tn ($612bn) had been
approved in 2015 for the debt-to-bonds swap, which has seen
state-controlled banks trade short-term loans to companies
connected to local governments in exchange for bonds with much
longer maturities, according to the FT.



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


AGRIGOLD ORGANICS: ICRA Suspends 'D' Rating on INR155cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to INR155.00
crore bank facilities of Agrigold Organics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


ANSALDOCALDAIE GB: ICRA Reaffirms 'D' Rating on INR15.8cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR15.80 crore (revised from INR18.00 crore) term loans and
to the INR2.00 crore fund based facility of Ansaldocaldaie GB
Engineering Private Limited. ICRA has also assigned a long-term
rating of [ICRA]D to the INR2.20 crore (enhanced from nil)
unallocated limits of the company.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term loan
   facility              15.80        [ICRA]D /Reaffirmed

   Long-term fund
   based facility         2.00        [ICRA]D /Reaffirmed

   Long term
   Unallocated            2.20        [ICRA]D /Assigned

The rating reaffirmation considers the continued delays witnessed
in servicing the debt obligations by the company, owing to its
stressed liquidity position. The company has been witnessing
lower than anticipated order inflow precipitated by the poor
market scenario for capital goods in the domestic as well as in
international markets over the past few fiscals. The ratings are
also constrained by susceptibility of company's revenue and
profitability to economic cycles particularly in end-user
industries such as sugar, paper and power, among others. With
ACGBEPL's costs being largely fixed in nature, weak order flow
has severely impacted its profitability, leading to net losses
over the past fiscals. The ratings also consider the intense
competition in the boiler component fabrication industry;
although the experience of the joint venture parents in the
business of over three decades mitigates the risk to an extent.
However, ICRA also notes that the long term demand outlook for
the industry remains favourable and support from group companies
for orders and repayment of term loans.

Incorporated in 2009, the company is primarily engaged in the
manufacture of boiler components at its manufacturing facility
located in Pudukkudy (near Trichy, Tamil Nadu). The company is a
50:50 joint venture between GB Engineering Private Limited
(GBEEPL) and Ansaldocaldaie Boilers India Private Limited
(ABIPL). It caters primarily to its parents, through conversion /
job work at present.

Established in 1980, GBEEPL is primarily engaged in the
fabrication of high pressure application parts for heavy boilers,
pressure vessels, heat exchangers, etc. Established in 2005,
ABIPL, which is a joint venture between Gammon India Limited (74%
stake) and Ansaldo Caldaie SpA of Italy (26% stake), is primarily
engaged in designing and manufacture of utility boilers and heat
recovery steam generators.

Recent Results
ACGBEPL reported net losses of INR3.8 crore on an operating
income of INR3.96 crore during 2014-15. Over the four years of
its existence, the company has made cumulative loses of INR14.9
Cr till March 2015.


AVON ELASTOMERS: ICRA Assigns 'B+' Rating to INR7.50cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the
INR17.50 crore fund based, non fund based and proposed bank
facilities of Avon Elastomers India.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based facilities      7.50      [ICRA]B+; assigned

   Non fund based
   Facilities                 5.50      [ICRA]B+; assigned

   Unallocated (Proposed
   Limits)                    4.50      [ICRA]B+; assigned

ICRA's rating is constrained by the intensely competitive nature
of the thermoplastic compounds trading business, which combined
with the moderate scale of the firm's operations has resulted in
moderate operating profitability. The rating also takes into
account the firm's elongated level of receivables and high levels
of inventory, which has resulted in a tight liquidity position,
as reflected in continuous high bank limit utilization. The high
receivables and inventory levels have been funded through a
corresponding high level of creditors as well. This has resulted
in an elevated TOL/TNW3 ratio of 4.20x as on March 31, 2015. This
apart, the rating is also constrained by the vulnerability of
AEI's profitability to volatility in crude oil prices. ICRA also
takes note of the partnership constitution of the firm which
exposes it to risks of withdrawal of capital, risk of dissolution
etc.

The rating however draws comfort from the long track record of
AEI's promoters in Thermoplastic compounds trading business and
the firm's established client relationships which have enabled it
to garner repeat orders. The rating also takes into account the
firm's strategic location, in Agra, Uttar Pradesh, which is a hub
for footwear and allied products.

Going forward, the firm's ability to increase its scale of
operations in a profitable manner while improving its liquidity
position will be the key rating sensitivities.

Avon Elastomers India (AEI) was established in 1992 in Agra by
Mr. Gagan Monga and Mr. Harkesh Monga. The firm currently trades
in Thermo Plastic Rubber (TPR), Thermoplastic Polyurethane (TPU),
Thermoplastic Elastomer (TPE) compounds and other allied products
which find application in the footwear Industry. The firm
primarily caters to domestic customers, who are generally
manufacturers of footwear and traders of footwear products.

Recent Results
In FY15, AEI reported a profit after tax (PAT) of INR1.00 crore
on an operating income of INR35.62 crore, as against a PAT of
INR0.63 crore on an operating income of INR31.67 crore in the
previous year. In the nine months of FY16, the firm, on a
provisional basis, reported an operating income of INR22.68
crore.


BABBAR AGRO: CRISIL Lowers Rating on INR55MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Babbar Agro Industry (BAI) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               55       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Inventory Funding         30       CRISIL D (Downgraded from
   Facility                           'CRISIL A4')

   Long Term Loan            15       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The downgrade reflects delay in servicing term debt, and
overdrawn (for more than 30 days) cash credit limit on account of
weak liquidity.

The rating continues to reflect working capital intensive
operation and weak financial risk profile marked by high gearing
and average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
proprietor.

BAI is a proprietorship firm set up in 2010 by Mr. K L Babbar.
The firm processes both basmati and non-basmati rice at its
facility in Fazilka (Punjab). The firm is likely to be
reconstituted as a partnership firm with the induction of Mr.
Babbar's son, Mr. Anmol Babbar, as a partner.


BRAHMANI DEVELOPERS: ICRA Suspends B+ Rating on INR2.5cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR2.50
crore cash credit facility, and the ratings of [ICRA]B+ and
[ICRA]A4 assigned to the INR2.50 crore bank guarantee and INR7.50
crore untied limit of Brahmani Developers Private Limited (BDPL).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


CHEMTROLS SAMIL: CRISIL Reaffirms B- Rating on INR100MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Chemtrols Samil
India Private Limited (CSIPL) continues to reflect the company's
below-average financial risk profile because of small networth
and weak interest coverage ratio, and stretched liquidity due to
working capital-intensive operations. These weaknesses are
partially offset by established clientele and technical and
managerial support from parents.

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

Outlook: Stable

CRISIL believes CSIPL will benefit over the medium term from the
extensive experience of its promoters in the engineering goods
industry and established clientele. The outlook may be revised to
'Positive' if better working capital management improves
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if sharp decline in turnover or
profitability further weakens financial risk profile.

Established in 2001 as a joint venture of Chemtrols Group of
India and Samil Industry Company Ltd, Korea, CSIPL manufactures
industrial components such as level gauges, level switches,
valves, spray nozzles, and gas conditioning and dust suppression
systems. The company had two units in Rabale and Ambernath,
Maharashtra; in February 2012, entire operations were shifted to
the Ambernath facility. Mr. K Nandakumar is CSIPL's chairman.


CHHINDWARA INFRASTRUCTURE: ICRA Suspends B INR17.5cr Loan Rating
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR17.50 crore bank limits of Chhindwara Infrastructure
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Chhindwara Infrastructure Private Limited (CIPL) is a special
purpose vehicle incorporated in 2012 under the Companies Act,
1956 for undertaking an infrastructure development project under
the Industrial Infrastructure Up-gradation Scheme (IIUS) of
Ministry of Commerce and Industry, Government of India. The SPV
is registered at 25/695, Shankar Nagar, P.O. Pandhurna, District:
Chhindwara, Madhya Pradesh (MP) and the project site is located
in Hirwa Village which is 16 km from Pandhurna Railway Station,
60 km from Nagpur Airport and 80 km from Chhindwara District, MP.
The project is situated close to a cotton producing belt and
would cater largely to the cotton ginning and textile units in
this region.


DELTA PAPER: CRISIL Reaffirms B- Rating on INR520MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Delta Paper Mills
Limited (DPML) continue to reflect the company's below-average
financial risk profile because of high gearing and subdued debt
protection measures.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee         35      CRISIL A4 (Reaffirmed)
   Cash Credit           520      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       65      CRISIL A4 (Reaffirmed)
   Long Term Loan        380      CRISIL B-/Stable (Reaffirmed)
   Overdraft Facility     80      CRISIL A4 (Reaffirmed)

The ratings also factor in the company's large working capital
requirement, exposure to intense competition in the paper
manufacturing industry, and susceptibility of its profitability
to volatility in raw material prices. These weaknesses are
partially offset by DPML's established presence in the paper
industry and established relationships with customers.
Outlook: Stable

CRISIL believes DPML 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 sustained
improvement in working capital management, or in capital
structure backed by sizeable equity infusion. Conversely, the
outlook may be revised to 'Negative' if steep decline in
profitability, higher-than-expected debt-funded capital
expenditure, or significant increase in working capital cycle
lead to deterioration in liquidity and financial risk profile.

DPML, incorporated in 1975, is a part of the Laila group of
companies, which is in diverse businesses such as sugar, paper,
nutraceuticals, and education. DPML manufactures writing and
printing paper, including creamwove, white printing, offset, and
maplitho paper, at its plant in West Godavari, Andhra Pradesh.

DPML reported loss of INR10.7 million on sales of INR1718.8
million for 2014-15 (refers to financial year, April 1 to
March 31), against profit after tax of INR38.1 million on sales
of INR2215.1 million for 2013-14.


ECO ROOTS: ICRA Assigns 'B' Rating to INR20cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR20
crore fund based limits of Eco Roots Foods India Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits     20.00        [ICRA]B; assigned

ICRA's rating is constrained by ERF's limited track record of
operations, as the company commenced operations recently, in
December 2015. The rating further factors in the company's small
scale of operations and its weak financial profile as reflected
in its low net worth and high gearing. The rating also takes into
account the highly competitive nature of the business and the
vulnerability of the company's profitability to agro climatic
risks impacting the availability and pricing of raw material
(paddy). The rating however derives comfort from the extensive
experience of ERF's promoters in the rice milling industry,
favorable demand-supply scenario and the location advantage the
company derives from the proximity of the rice mill to a major
paddy growing area, which ensures easy availability of paddy.
Going forward, ERF's ability to ramp up its operations in a
profitable manner while maintaining an optimal working capital
intensity will be the key rating sensitivities.

Eco Roots Foods India Pvt Ltd (ERF) was established in 2015. The
Company has one paddy processing unit in Moradabad (U.P.) on a
lease basis with a capacity of 8 Tonnes Per Hour (TPH) and one
sorting/grading unit in Delhi with a capacity of 6 TPH which is
owned by ERF. The active promoters in ERF are Mr. Pushpinder
Munjal and Mr. Narender Sidhar, who have vast experience in the
rice milling business.

Recent Results
On a provisional basis, ERF reported a profit after tax (PAT) of
INR0.34 crore on an operating income of INR23.77 crore for the
period December 2015 to March 2016.


FARAN TEPPICH: CRISIL Assigns B+ Rating to INR60MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Faran Teppich Exports Private Limited
(FTEPL). The ratings reflect the company's modest scale of
operations and large working capital requirement in the intensely
competitive home furnishings industry, and below-average
financial risk profile because of subdued debt protection
metrics. These weaknesses are partially offset by extensive
industry experience of its promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Purchase             40      CRISIL A4 (Assigned)
   Export Packing Credit     60      CRISIL B+/Stable (Assigned)

Outlook: Stable

CRISIL believes FTEPL 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 healthy revenue
growth and better operating profitability, leading to higher-
than-expected cash accrual, along with improvement in working
capital management. The outlook may be revised to 'Negative' if
financial risk profile deteriorates on account of decline in
revenue and profitability, or if the company undertakes larger-
than-expected, debt-funded capital expenditure, or if its
liquidity weakens significantly on account of increase in working
capital requirement.

FTEPL was incorporated in 1999 by Mr. Mohd Rizwan Ansari, Mr.
Mohd Qamaruzzaman Ansari and Ms. Saira Bano. It manufactures and
exports handmade rugs, carpets, and home furnishing products made
of wool, cotton, and leather. Its manufacturing facility is in
Bhadoi, Uttar Pradesh.

FTEPL had net profit of INR6.4 million on net sales of INR319.5
million for 2014-15 (refers to financial year, April 1 to
March 31), against net profit of INR3.3 million on net sales of
INR287.7 million for 2013-14.


GREENLAND MOTORS: ICRA Reaffirms B+ Rating on INR1.55cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and its
short-term rating of [ICRA]A4 on the INR18.3 Crore bank
facilities of M/s Greenland Motors.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   Facilities
   (LT Scale)            1.50         [ICRA]B+; Reaffirmed

   Term Loan
   Facilities
   (LT Scale)            1.55         [ICRA]B+; Reaffirmed

   Fund based
   facilities
   (ST Scale)           14.25         [ICRA]A4; Reaffirmed

   Non-fund based
   faculties
   (ST Scale)            1.00         [ICRA]A4; Reaffirmed

ICRA's ratings reaffirmation takes into account GLM's
satisfactory operational performance, with its sales volumes
registering an year-on-year growth of ~26% in FY2015 and ~21% in
FY2016. While the volumes have increased, GLM's operating margin
declined to 3.0% from 3.4% in the preceding year. The working
capital requirements of the firm remain high in relation to its
networth, hence keeping the level of outside borrowings high.
Further, GLM faces high degree of competition from other OEMs in
its limited geographical area of operations. However, ICRA
factors in the established position of the firm as an authorized
dealer of Maruti Suzuki India Limited (MSIL) in Allahabad, Uttar
Pradesh and the established relationship of the promoters with
MSIL.

The firm's ability to increase its scale of operations while
improving its profitability and optimally managing the working
capital intensity will be the key rating sensitivities.

Established in 2005, GLM is engaged in the dealership of MSIL's
cars. The firm has three sales and service outlets in Allahabad,
Pratapgarh and Kaushambi (all in Uttar Pradesh). GLM has three
outlets in UP, with two outlets where it is the sole dealership
of MSIL and one where it is the larger of the two dealerships
operational in Allahabad.

Recent Results
In FY2015, GLM reported a net profit of INR0.6 Crore on an
operating income of INR137.6 Crore, as compared to a net profit
of INR0.5 Crore on an operating income of INR106.1 crore in the
previous year. As per the provisional results, the firm reported
an operating income of INR171 crore in FY2016.


GREENLANDS (A&M): ICRA Reaffirms 'B+' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ and its
short-term rating of [ICRA]A4 on the INR19.75 Crore bank
facilities of M/s Greenlands (A&M) Corporation.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   Facilities
   (LT Scale)             8.50        [ICRA]B+; Reaffirmed

   Overdraft
   Facilities
   (LT Scale)            10.00        [ICRA]B+; Reaffirmed

   Non-fund based
   Faculties
   (ST Scale)             1.25        [ICRA]A4; Reaffirmed

ICRA's ratings take into account GLC's satisfactory operational
performance with its sales volumes registering an year-on year
growth of ~28% in FY2015 and ~14% in FY2016. While the volumes
increased, the operating margin declined from 5.4% in FY2014 to
4.8% in the previous year. The working capital requirements of
the firm remain high in relation to the networth, hence keeping
the level of outside borrowings high. Further, GLC faces high
degree of competition from other OEMs in its limited geographical
area of operations. However, ICRA factors in the extensive
experience of GLC's promoters in the automobile dealership
business and established relations with principal OEMs. Also, GLC
has a well diversified product offering, with dealerships of
different vehicle segments (two-wheelers, three-wheelers,
tractors etc) which protects the firm against cyclical
fluctuations in a particular product segment.

The firm's ability to increase its scale of operations while
improve profitability and optimally managing its working capital
intensity will be the key rating sensitivities.

GLC started operations in 1950 with a Tractors and Farm Equipment
Limited (TAFE) dealership. The firm's promoters have since then
added dealerships of other OEMs across different segments,
namely, TVS Motors Limited (since 1985), Force Motors (since
2008), Terex Equipments Private Limited (since 2009), Atul Auto
Limited (2010) and VE Commercial Vehicles Limited (2010). GLC
also provides transportation services to India Yamaha Motor
Private Limited and TVS.

Recent Results
In FY2015, GLC reported a net profit of INR0.5 Crore on an
operating income of INR77.9 Crore, as compared to a net profit of
INR0.4 Crore on an operating income of INR62.3 crore in the
previous year. As per provisional results, the firm reported an
operating income of INR61.9 crore in FY2016.


HANS RAJ: CRISIL Reaffirms B+ Rating on INR190MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Hans Raj Agros Private
Limited (HRA) continue to reflect the company's below-average
financial risk profile because of high gearing and weak debt
protection metrics, its small scale of operations in the
intensely competitive rice processing industry, and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by its promoters' extensive
industry experience.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.2      CRISIL A4 (Reaffirmed)

   Cash Credit           190.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
    Bank Loan Facility     4.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan               5.0      CRISIL B+/Stable (Reaffirmed)

   Warehouse Receipts    100.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HRA will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if financial risk profile improves because of
better gearing or working capital cycle. The outlook may be
revised to 'Negative' if working capital cycle lengthens, leading
to deterioration in liquidity or capital structure, or if
business risk profile weakens.

Update
HRA's revenue is estimated at INR343 million in 2015-16 (refers
to financial year, April 1 to March 31), against INR332.50
million in 2014-15. The marginal increase was because of lower
realisation. Operating margin is estimated at 9.6 percent in
2015-16, and is expected at 8-9 percent over the medium term.

The financial risk profile is weak because of small networth, and
weak capital structure and debt protection metrics. Networth
estimated to INR15.90 million as on March 31, 2016, from INR14.80
million a year earlier, and is likely to rise gradually over the
medium term driven by expected sustained profitability. Total
outside liabilities to tangible networth ratio is estimated to
3.38 times as on March 31, 2016, mainly due to large working
capital debt. Gross current assets were 280 days, driven by
inventory of 230 days and receivables of 51 days. Interest
coverage and net cash accrual to total debt ratios are expected
to remain at 1.2-1.5 times and 0.03-0.05 time, respectively, over
the medium term.

Liquidity is adequate because of sufficient cash accrual to meet
term debt obligation, and unsecured loan from promoters, but is
constrained by high bank limit utilisation of 87 percent over the
12 months through January 2016. Annual cash accrual is expected
at INR9-10 million in 2016-17 and 2017-18, against term debt
obligation of INR1 million per annum. Unsecured loan of INR50.0
million as on March 31, 2016, is expected to remain in the
business over the medium term.

HRA was established in 1996 by Mr. Hans Raj in Fazilka, Punjab.
The company mills and markets high-grade rice such as basmati.
Mr. Ranjam Kamra oversees its daily operations.


HOME FLOORING: CRISIL Assigns B+ Rating to INR100MM Packing Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Home Flooring And Decor Private Limited
(HFDPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      2.5        CRISIL B+/Stable
   Bill Purchase         147.5        CRISIL A4
   Export Packing
   Credit                100.0        CRISIL B+/Stable

The ratings reflect the company's below-average financial risk
profile because of subdued debt protection metrics, and large
working capital requirement in the intensely competitive home
furnishings industry. These weaknesses are partially offset by
extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes HFDPL 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 healthy revenue
growth and better operating profitability, leading to higher-
than-expected cash accrual, along with improvement in working
capital management. The outlook may be revised to 'Negative' if
financial risk profile deteriorates on account of decline in
revenue and profitability, or in case of larger-than-expected,
debt-funded capital expenditure, or weakening of liquidity on
account of increase in working capital requirement.

HFDPL was promoted in 1995 by Mr. Mohd Rizwan Ansari and Mr.
Meraj Ahamad as Sheikh Bhullan Carpets Pvt Ltd, and got its
current name in 2015. It manufactures and exports handmade rugs,
carpets, and home furnishing products made of wool, cotton, and
leather. Its manufacturing facility is in Bhadoi, Uttar Pradesh.

HFDPL had net profit of INR17.6 million on net sales of INR939.2
million for 2014-15 (refers to financial year, April 1 to
March 31), against net profit of INR10.8 million on net sales of
INR866.0 million for 2013-14.


KAILASH COLD: ICRA Reaffirms 'B' Rating on INR2.96cr Loan
---------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR3.83 crore1
term loans and INR2.96 crore cash credit facility of Kailash Cold
Storage.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit facility      2.96       [ICRA]B reaffirmed
   Term Loan                 3.83       [ICRA]B reaffirmed

The reaffirmation of rating factors in firm's limited track
record of operations coupled with relatively small envisaged
scale of operations. The rating also factors in high working
capital intensive nature of operations, given the requirement to
provide advances to farmers and vulnerability of profitability to
downward pressure on potato prices. ICRA also takes into
consideration that KCS is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

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

Incorporated in June 2014, Kailash Cold Storage (KCS) is engaged
in providing cold storage facility to potato farmers and traders
on a rental basis and shall commence commercial operations from
February 2015. The facility of the firm is located at Deesa,
Gujarat having storage capacity of 153,000 bags each weighing 50
Kg (around 7650 MT of potatoes). The firm is promoted by eight
partners who have a long standing experience in potato farming
and trading business.


KBSH PRIVATE: ICRA Suspends 'B' Rating on INR9.5cr Bank Loan
------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR9.50 Crore bank lines of KBSH Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

KBSH Private Limited was incorporated in May-2013 and commenced
operations in November-2013 for manufacturing and retailing of
ethnic garments and accessories for women. Promoted by Dhir
family, the company is in to an agreement with Yash Raj Films
(YRF), to exclusively create cinema-inspired ethnic label
Diva'ni. The company currently operates through single store in
South Extension, New Delhi.


KREDENCE MULTI: ICRA Lowers Rating on INR240cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the short-term rating outstanding on the
INR240 crore non fund based bank facilities of Kredence Multi
Trading Limited from [ICRA]A4 to [ICRA]D.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Non Fund Based Limits   240.0       [ICRA]D/Downgraded

The rating downgrade takes into the stretched liquidity position
of the company on account of receivables built-up leading to
delays in payments to supplies (as evidenced by high creditors of
213 days as of Jan-16) as well as instances of devolvement of
Letter of Credit (LC). With the top three clients attributing to
nearly 60% of the receivables, the client concentration remained
high. The rating continues to be impacted by KMTL's low operating
profitability and cash accruals resulting from low value addition
in the business, intense competition in the steel trading
industry owing to a high degree of fragmentation, and the
volatility inherent in the steel trading business. The rating
also accounts the exposure of the business to regulatory risks
along with the cyclicality in investment patterns of its key end-
user industries.

ICRA has taken into account the experience as well as the support
of the promoter group, namely, Uttam Galva Group, which has an
established track record in steel manufacturing.

Kredence Multi Trading Limited (KMTL) is a public limited company
promoted by the Miglani family (37.0%) who manage the Uttam Galva
Group. KMTL is engaged in the business of trading of steel
products like Hard Rolled (HR) coils, Pig iron, slag, steel scrap
and galvanized products comprising of Galvanized Plain (GP) and
Galvanized Corrugated (GC) coils & sheets. KMTL holds 9.9% equity
stake in Uttam Galva Steel Limited (UGSL).

For the year ended March 31, 2014, the company reported a Profit
after Tax (PAT) of INR2.95 crore on an operating income (OI) of
INR789.72 crore. For the year ended March 31, 2015, the company
reported a PAT of INR6.95 crore on an OI of INR1307.03 crore.

Recent Results
In the ten month period ending January 31, 2016, the company
reported an operating income of INR780.23 crore and a net profit
of INR1.72 crore (unaudited).


KRISHNA COTTON: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned the 'CRISIL B/Stable' rating to the long-term
bank facility of Krishna Cotton (KC).

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

The rating reflects the modest scale and low profitability of
operations, and susceptibility to volatile raw material prices
and changes in government regulations. The rating also factors in
the below-average financial risk profile, marked by high leverage
and below-average debt protection measures. These weaknesses are
partially offset by extensive experience of the partners in the
cotton ginning industry and their funding support.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR12.5 million as on March 31, 2016 extended by partners to
KC, as neither debt nor equity, as these will be retained in the
business over the medium term.
Outlook: Stable

CRISIL believes that KC will continue to benefit over the medium
term from the extensive industry experience of the partners. The
outlook may be revised to 'Positive' if significant improvement
in revenue and profitability results in higher cash accrual and
thus, strengthens the business and financial risk profile.
Conversely, the outlook may be revised to 'Negative', if the
partners withdraw a sizeable amount of capital, or if low cash
accrual or an unfavorable government policy weakens the financial
risk profile, particularly liquidity.

Krishna Cotton was set up as a partnership firm by Mr. Rahul
Parekh, Mr. Vikrambhai Patel and others in 2005. The firm gins
and presses raw cotton at its unit located at Dharangaon, in
district Jalgaon, Maharashtra, which has a capacity of 225 bales
per day.


KRISHNA SAHAKARI: ICRA Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR10.00
crore long term fund based facilities of The Krishna Sahakari
Sakkare Karkhane Niyamit.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based (CC)            10.00        [ICRA]B+ assigned

The assigned rating takes into account the exposure of the
business to agro climatic risks, especially with respect to
sugarcane availability and recovery, and high regulatory
oversight in terms of sugarcane pricing. The rating is also
constrained by the decline in the operating and net level
profitability of the entity during 2013-14 and 2014-15 on account
of low sugar realizations and high cane cost. The coverage
indicators have also weakened during 2014-15 due to the decline
in the operating margins. The networth of the entity declined by
about 25% during 2014-15, owing to recognition of prior period
expenses pertaining to 2013-14, resulting in a weakened capital
structure. With proposed capital expenditure of INR97.4 crore
towards capacity expansion, to be largely funded by debt, the
capital structure is expected to weaken further over 2015-16 and
2016-17. The rating is also constrained by funding risk as the
promoters have so far brought in only 18% of the equity proposed
to be brought in for the capital expenditure.

The rating, however, positively factors in the recovery in the
sugar prices seen over the past 5-6 months, which is expected to
improve the entity's profitability for the year 2015-16. The
rating also draws comfort from the favourable location of the
plant in the North Karnataka region which reports high sugar
recovery rates, forward integration into power cogeneration which
provides an additional source of revenue, the long standing
experience of the management in the industry and the support
extended by the Government of Karnataka by way of interest free
loans. Going forward, sustained improvement in the sugar
realizations and achievement of high utilization levels with the
expanded capacity will be crucial for maintaining the operating
level profitability required to ensure timely servicing of
interest and debt repayment obligations.

The Krishna Sahakari Sakkare Karkhane Niyamit, a cooperative
society registered under the Karnataka Cooperative Societies Act,
1959, operates 4000 TCD sugar mill integarated with an 12 MW
cogen power plant, in Athani Taluk of Belgaum District in
Karnataka. Registered in March 1981, the society commenced its
commercial operations during 2002-03 with 2500 TCD crushing
capacity. During 2011-12 the entity expanded its processing
capacity to 4000 TCD and also installed the cogen plant. The
entity is currently in the process of further increasing the
capacity to 5500 TCD and 27MW cogen plant at a cost of INR97.4
crore. The Government of Karnataka holds 62.8% stake in the
entity as on March 31, 2016.

Recent Results
The entity reported a net profit of INR0.2 crore, excluding prior
period expense of INR12.2 crore, on an operating income of
INR218.7 crore during the financial year 2014-15, as against a
net profit of INR2.4 crore on an operating income of INR205.0
crore during 2013-14.


LEELA GOLD: ICRA Suspends B- Rating on INR7.5cr LT Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR7.50 crore
long term fund based facilities of Leela Gold Designs Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Promoted by Mr. Parasmal Sancheti, Leela Gold Designs Ltd. is a
closely held concern and is engaged in the manufacturing and
selling of gold chains. LGDL also undertakes job work for third
parties. The company was incorporated in 2003 and prior to that,
the promoter was engaged in the same line of business through a
partnership firm named Leela Impex. LGDL has a capacity of
producing 3,600 kilograms p.a. of machine-made gold chains. The
company operated through its manufacturing unit in Sewri (Mumbai)
till August 2014, post which it shifted its manufacturing base to
Kolkata. LGDL also has branch office in Chennai for conducting
its job work operations. The company caters mainly to domestic
market, and procures gold from the open market on cash basis. The
chains are primarily made of 22 carats; however chains in lower
cartage are also manufactured as per customer requirements.


LOK RAJ: ICRA Suspends 'D' Rating on INR25.45cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR25.45 crore fund based facilities and also suspend the
short term rating of [ICRA]D assigned to the INR5.21 crore non
fund based facilities of Lok Raj Saini Infra-Tech Pvt Ltd. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


MAGADH INDUSTRIES: ICRA Suspends B+ Rating on INR147 Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR147
long term loans & working capital facilities of Magadh Industries
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


MAHALAXMI DHATU: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahalaxmi Dhatu Udhyog
Private Limited (MDU) continue to reflect its working capital-
intensive operations, and its below-average financial risk
profile, marked by below average debt protection metrics and low
cash accrual.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         40        CRISIL A4 (Reaffirmed)

   Cash Credit           120        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     60        CRISIL B+/Stable (Reaffirmed)

The rating also factors in exposure to risks related to
cyclicality in the steel industry. These rating weaknesses are
partially offset by the extensive experience of promoters in the
structural steel components business.
Outlook: Stable

CRISIL believes MDU will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations, and higher-than-expected profitability and cash
accrual. Conversely, the outlook may be revised to 'Negative' if
large, debt-funded capital expenditure, or any further stretch in
its working capital cycle leads to deterioration in its financial
risk profile.

MDU, incorporated in 1995, manufactures structural steel items
such as window sections, angles, channels, and high-tension
towers. The company has a manufacturing unit at Hingne in Nagpur
(Maharashtra), with a capacity to process 40,000 tonne of steel
per annum. The business belongs to the Rathi family of Nagpur,
and is managed by Mr. Krishna Rathi and his son, Mr. Varun Rathi.


MAHESHWARI STRUCTURES: ICRA Assigns 'B' Rating to INR5.0cr Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR5.00
crore working capital facilities and INR1.10 crore term loan
facilities1 of Maheshwari Structures.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Cash Credit           5.00         [ICRA]B assigned

   Long Term, Fund
   based limits
   Term Loan             1.10         [ICRA]B assigned

The ratings are constrained by Maheshwari Structure's weak
financial profile characterized by thin profitability, moderate
gearing levels and modest debt coverage indicators. The ratings
are also constrained on account of high working capital intensity
of operations owing to high inventory level leading to stretched
liquidity position. The rating also factors in the significant
debt repayment obligations along with interest outgo as also the
working capital nature of operations leading to pressure on the
cash flows. The ratings also factor in the highly competitive
business environment the firm operates in on account of the
fragmented industry structure, with limited entry barriers. The
ratings also take into consideration, the susceptibility of the
company's profitability and cash flows to adverse fluctuations in
prices of raw materials.

The ratings, however, favorably takes into account the
experienced management of the firm with long track record in
steel fabrication business. The assigned rating also factors in
the considerable improvement in the firm's top line in the past
fiscals post its foray into manufacturing from job work services.
ICRA also factors in the favorable outlook for the domestic steel
fabrication industry given the government's impetus on the
infrastructure industry.

Established in year 2008, Maheshwari Structures is Nashik
(Maharashtra) based closely held partnership firm is involved in
fabrication of transmission line towers, solar PV structures and
W beam Guard Rails. The firm initially undertook labour work for
fabrication of transmission line towers for Jyoti Structures
Limited. In year 2013, the firm forayed into manufacturing of
transmission towers and steel structures required for solar
photovoltaic projects and in year 2014 ventured into
manufacturing of W Beam Guard Rails that are installed on the
road periphery for safety on state and national highways.


MANU IMPEX: ICRA Suspends B+/A4 Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR10.00 crore fund based and non-fund based limits of Manu Impex
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

MIPL, erstwhile know as Manu enterprise, began its operation in
1958 as a trader of steel and iron products. Founded by Mr.
Manubhai Shah, the company is currently being run by his sons Mr.
Hitesh and Mr. Tushar Shah. MIPL is involved in trading of boiler
quality pressure vessel plate. Its clientele consists of
companies such as Godrej & Boyce Manufacturing Company Ltd.,
Lonestar Industries and Inox India Ltd.


MINI DIAMONDS: ICRA Lowers Rating on INR5.5cr Loan to 'D'
---------------------------------------------------------
ICRA has downgraded the rating on the INR3.50 crore long term
fund based bank facilities of Mini Diamonds (India) Limited to
[ICRA]D from [ICRA]B. ICRA has also downgraded the rating on the
INR5.50 crore short term fund based bank facilities of the entity
to [ICRA]D from [ICRA]A4.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund
   Based Facilities      3.50        [ICRA]D/ downgraded from
                                     [ICRA]B

   Short-term, Fund
   Based Facilities      5.50        [ICRA]D/ downgraded from
                                     [ICRA]A4

The rating revision takes into account the ongoing delays in debt
servicing by the company due to its stretched liquidity position.
The liquidity profile of the company is impacted due to the
highly leveraged capital structure and consequent weak debt
coverage metrics. ICRA also notes the low operating margins on
account of limited value addition and highly competitive and
fragmented CPD (Cut & Polished Diamonds) industry due to low
entry barriers.

Incorporated in the year 1987, Mini Diamonds (India) Limited
(MDIL) is promoted by Mr Upendra Shah and Mr Himanshu Shah. The
company is engaged in manufacturing and trading of cut and
polished diamonds (CPDs) and trading of rough diamonds. MDIL
primarily caters to the export market with Hong Kong, Belgium and
Dubai being the major export countries. The company has its CPD
manufacturing unit located in Dahisar (Mumbai) and the jewellery
manufacturing unit is located at SEEPZ (Mumbai). The registered
office of the company is located in Bandra, Mumbai.


NITYA HOTELS: ICRA Suspends B+ Rating on INR5.70cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR5.70 crore fund based facilities of Nitya Hotels Pvt. Ltd.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


ORIENT COLOR: CRISIL Assigns 'B' Rating to INR22.3MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Orient Color Art Printers Private Limited
(OCAPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                10.4      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       22.3      CRISIL B/Stable
   Packing Credit            7.5      CRISIL A4
   Foreign Bill
   Discounting              17.5      CRISIL B/Stable
   Bank Guarantee            1.5      CRISIL A4
   Cash Credit              13.6      CRISIL B/Stable

The ratings reflect modest scale of operations in the intensely
competitive printing industry. The ratings also factor in OCAPL's
below-average financial risk profile, with weak capital
structure. These weaknesses are partially offset by the extensive
experience of the promoters in the printing business.
Outlook: Stable

CRISIL believes OCAPPL will continue to benefit over the medium
term from its established track record in the printing industry.
The outlook may be revised to 'Positive' if increase in revenue
and stable profitability result in a sustainable improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower revenue and profitability, or any large
capital expenditure or stretch in working capital cycle weakens
the financial risk profile.

Incorporated in 2011 as a private limited company, OCAPPL prints
diaries, calendars, notebooks and labels. Operations are managed
by Mr. NV Muralitharan.


PALLAVI ENTERPRISES: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Pallavi Enterprises (Pallavi) and reaffirmed its
'CRISIL B+/Stable' rating on the long-term bank facilities.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           40      CRISIL A4 (Assigned)
   Cash Credit              20      CRISIL B+/Stable (Reaffirmed)
   Warehouse Receipts       80      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          100      CRISIL B+/Stable (Reaffirmed)

The ratings reflect the firm's modest scale of operations and
large working capital requirement in the intensely competitive
rice milling industry, and susceptibility of its profitability to
changes in government regulations and paddy prices. These
weaknesses are partially offset by extensive experience of its
partners in the rice milling industry.

For arriving at the ratings, CRISIL has assessed Pallavi's
business and financial risk profiles on a standalone basis. For
the previous rating exercise, CRISIL had combined the business
and financial risk profiles of Pallavi and Girija Modern Rice
Mill (Girija Mill). The change in analytical approach is on
account of the management's decision to operate Pallavi and
Girija Mill independently. Transactions between the entities will
be on an arm's length basis.
Outlook: Stable

CRISIL believes Pallavi will continue to benefit over the medium
term from extensive industry experience of its partners. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue along with stable
profitability, or considerable improvement in working capital
management. The outlook may be revised to 'Negative' in case of
steep decline in profitability, or significant deterioration in
capital structure because of large debt-funded capital
expenditure or stretch in working capital cycle.

Pallavi was set up in 1983 by Mr. Tatikonda Viswanadham and his
wife Ms. Tatikonda Savitri. The firm mills paddy into rice and
generates by-products such as broken rice, bran, and husk. Its
rice mill is in Vijayawada, Andhra Pradesh.


PREM TEXTILES: CRISIL Reaffirms B+ Rating on INR70MM Loan
---------------------------------------------------------
CRISIL's rating on the bank facilities of Prem Textiles
International (PTI) continue to reflect modest scale of
operations, susceptibility of operating profitability to
fluctuation in raw material prices and below-average financial
risk profile.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit    70      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       40      CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters in the home furnishings industry and established
client relationships.
Outlook: Stable

CRISIL believes PTI will continue to benefit from the industry
experience of the promoters and established client relationships.
The outlook may be revised to 'Positive' if increase in scale of
operations and profitability, and greater-than-expected equity
infusion improve the financial risk profile. The outlook may be
revised to 'Negative' if a considerable decline in accrual or
deterioration in working capital management, or substantial
withdrawal of capital weaken the financial risk profile.

Set up in 1977, PTI manufactures home furnishings. Its facility
is in Karur, Tamil Nadu and Mr. Veerappan manages the daily
operations.

PTI  reported profit after tax of INR8.5 million on operating
income of INR373.9 million for 2014-15 (refers to financial year,
April 1 to March 31); as against INR6.9 million and INR402.1
million for 2013-14.


RAJHANS NUTRIMENTS: ICRA Suspends B+/A4 Rating on INR68.9cr Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR68.90 Crore bank facility of Rajhans Nutriments Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


RASHMI HOUSING: ICRA Lowers Rating on INR65cr LT Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR65.00
crore fund based bank facility of Rashmi Housing Private Limited
(RHPL) to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund        65.00        Downgraded to [ICRA]D
   Based Limit (TL)                   from [ICRA]B+

The rating revision factors in the delays in debt servicing owing
to stretched liquidity position arising out of weak sales in the
ongoing real estate projects.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group - promoted and managed by the Bosmiya
family - engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along
the western suburbs of Mumbai. The Group has more than a decade
of experience in the field, and has developed more than 27 lakh
sq. ft. of residential space in areas like Mira Road, Bhayendar,
Nalasopara, Naigaon, Vasai and Virar. RHPL is currently
developing four residential projects, with an aggregate saleable
area of 7.58 lakh sq. ft. located at Vasai and Naigaon.


SAALIM SHOES: CRISIL Lowers Rating on INR350MM Packing Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Saalim
Shoes Private Limited (SSPL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bill Discounting         200       CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Cash Credit               50       CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Corporate Loan            15.4     CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Packing Credit           350.0     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Term Loan                  0.3     CRISIL D (Downgraded from
                                      'CRISIL BB/Stable')

   Proposed Long Term         4.3     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by SSPL in
servicing its term debt; the delays were because of the company's
weak liquidity.

SSPL has a below average financial risk profile, because of a
highly leveraged capital structure and working capital intensive
operations. However, the company benefits from its extensive
industry experience of its promoters and their established
relationships with customers.

Set up in 2001, SSPL is an integrated manufacturer and exporter
of leather shoes. Based out of Ranipet (Tamil Nadu), the day-to-
day activities of the company are managed by Mr. Mohammed Saalim.


SAMRAT SEA: ICRA Lowers Rating on INR4.25cr Term Loan to 'D'
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR2.75 crore
cash credit facility, INR4.25 crore term loan facility and
INR4.00 crore unallocated limits of Samrat Sea Brines Private
Limited from [ICRA]C+ to [ICRA]D.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           2.75         Revised to [ICRA]D from
                                      [ICRA]C+

   Term Loan             4.25         Revised to [ICRA]D from
                                      [ICRA]C+

   Unallocated limits    4.00         Revised to [ICRA]D from
                                      [ICRA]C+

The rating revision reflects delays in debt servicing by the
company on its borrowings due to stretched liquidity conditions
arising out of elongated receivables. The rating continues to be
constrained by company's weak financial profile characterized by
thin profitability, highly leveraged capital structure, weak
coverage indicators and elongated working capital cycle. Further,
the rating also factors in company's modest size of operations
with a single product portfolio i.e. edible salt and the highly
competitive salt industry coupled with the exposure to
seasonality associated in the salt business.

The rating, takes into account the long standing experience of
promoters in salt industry; the location advantage derived by the
company on account of its proximity to railway station which
offers ease of raw material procurement and finished goods
transportation and the licence granted by the BIS to use the
standard mark for the company's products.

Incorporated in September 2011, Samrat Sea Brines Private Limited
(SSBPL) is engaged in manufacturing of refined and non refined
iodized salt. The company's manufacturing unit is located at
Santalpur (District- Patan), Gujarat. The promoters and directors
have past experience in salt manufacturing/trading owing to their
association with other concerns engaged in similar operations.


SANSKAR AGRO: ICRA Assigns B+ Rating to INR17.50cr LT Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
INR26.76 crore and the short term rating of [ICRA]A4 to the
INR1.50 crore non fund based bank facilities of Sanskar Agro
Processors Private Limited. ICRA has also assigned the long term
and short term rating of [ICRA]B+/[ICRA]A4 to the INR1.74 crore
unallocated limits of SAPL.

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT Scale Fund
   Based-Term Loan       9.26        [ICRA]B+; Assigned

   LT Scale Fund
   Based-Cash Credit    17.50        [ICRA]B+; Assigned

   ST Scale Fund
   Based-Export
   Packing Credit      (10.00)       [ICRA]A4; Assigned

   ST Scale Non
   Fund Based-Bank
   Guarantee             1.50        [ICRA]A4; Assigned

   LT & ST Scale
   Unallocated Limits    1.74        [ICRA]B+/ [ICRA]A4; Assigned

The assigned ratings take into account SAPL's stretched financial
profile. The company underwent significant debt-funded capital
expenditure in FY2015-16 with a total capex outlay of INR29.00
crore, resulting in a substantial increase in its debt. This
resulted in stretched capital structure with gearing of 3.93
times as on February 15, 2016. The company also has weak debt
coverage indicators during FY2015-16. The ratings are also
constrained by the company's limited pricing power, owing to the
commoditised nature of the product and the fragmented nature of
the industry; and susceptibility of its profitability to adverse
variations in raw material prices, which are in turn subject to
seasonality and crop harvest.

The ratings, however, favourably take into account the
significant experience of the promoters in the cotton ginning
business, SAPL's diversified product profile and clientele base.
The ratings also favourably consider its close proximity to raw
material sources, as the company is located in a major cotton-
growing belt of India.

Sanskar Agro Processors Private Limited (SAPL) gins and presses
cotton into cotton bales (primarily in the domestic market),
crushes seeds into seed oil and seed cakes, and makes cotton
yarn, both combed and carded, for both knitting and weaving in
single and double counts ranging from 20s to 60s. The ginning and
spinning units are located at Waigaon, District- Wardha.

Recent results:
SAPL recorded a net profit of INR1.16 crore on an operating
income of INR90.54 crore for the period ending March 31, 2015.


SANSKAR SYNTHETICS: ICRA Suspends B+ Rating on INR12.09cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating for the INR12.09 crore
bank facilities of Sanskar Synthetics (P) Limited. ICRA has also
suspended the short term rating of [ICRA] A4 assigned to INR0.80
crore of non fund based limits of Sanskar Synthetics (P) Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SATPRIYA MEHAMIA: ICRA Suspends 'D' Rating on INR16cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR16.00 crore fund based facilities of Satpriya Mehamia
Memorial Educational Trust. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


SATYA POWER: ICRA Suspends B+ Rating on INR10cr Cash Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR10.00 crore
cash credit facility, and [ICRA]A4 rating assigned to the INR5.00
crore (including sub-limit of INR3.00 crore), short term, non-
fund based bank facilities of Satya Power & Ispat Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SCHOLARS ACADEMY: CRISIL Reaffirms B- Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's rating on bank facilities of Scholars Academy Education
Trust (SAET) continues to reflect the weak financial risk
profile, marked by high gearing, average debt protection metrics
and low debt service coverage ratio.

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

   Term Loan               140      CRISIL B-/Stable (Reaffirmed)

The ratings also reflect the trust's susceptibility to adverse
regulatory changes and intense competition from other established
institutions. However, the trust is expected to benefit from
extensive experience of its members and huge demand for education
in India.
Outlook: Stable

CRISIL believes the trust will continue to benefit over the
medium term from the extensive experience of its members in the
field of education. The outlook may be revised to 'Positive' if
the trust reports substantial increase in revenue and maintains a
stable operating margin. The outlook may be revised to 'Negative'
if low occupancy rate in the institution run by the trust
constrains the revenue and debt servicing ability.

SAET, founded in May 2008 by Mr. Sudip Lodh, offers education
services through the Scholar's Institute of Technology and
Management (SITM). The college offers engineering courses in
Guwahati (Assam). The trust has a capacity of 420 students with
120 seats each, in Mechanical and Civil Engineering and 60 each
in Electronics & Communication, Electrical & Electronics streams
and Computer Science Engineering.


SHALLOW CERAMIC: ICRA Assigns 'B' Rating to INR3.4cr Loan
---------------------------------------------------------
The long term rating of [ICRA]B has been assigned to INR3.40
crore1 term loan facility and INR4.00 crore cash credit facility
of Shallow Ceramic Private Limited. The short-term rating of
[ICRA]A4 has also been assigned to the INR1.70 crore short term
non fund based bank guarantee facility of SCPL.

                      Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              3.40        [ICRA]B Assigned
   Cash Credit            4.00        [ICRA]B Assigned
   Bank Guarantee         1.70        [ICRA]A4 Assigned

The assigned ratings are constrained by the weak financial
profile of Shallow Ceramic Private Limited characterized by the
small scale of operations, low net profitability, aggressive
capital structure and moderate coverage indicators. The ratings
also take into account cyclicality inherent of real estate
industry; which is the main consuming sector, vulnerability of
company's profitability to adverse movements in prices of raw
material and natural gas. Further, the highly fragmented and
competitive industry structure with presence of large established
organized tile manufacturers as well as unorganized players in
the region and threat from cheap Chinese tiles imports results in
limited pricing flexibility. ICRA also notes the high working
capital intensity on account of the long credit period extended
to customers, and consequently the tight liquidity position of
the company.

The ratings, however, take comfort from the long standing
experience of the promoters in the ceramic industry and the
favourable location of the company's plant with respect to raw
material procurement.

Going forward, Shallow Ceramic Private Limited is expected to
post moderate growth on account of stable growth prospects for
real estate industry. However, its operating profitability would
remain vulnerable to fluctuations in raw material and gas prices.
The company's ability to increase its scale of operations,
managing the volatility in raw material costs while maintaining a
prudent capital structure by effectively managing its working
capital requirements would remain key rating sensitivities.

Incorporated in May 2014, Shallow Ceramic Private Limited (SCPL)
is engaged in manufacturing ceramic wall tiles. The company's
manufacturing facility located in Morbi, Gujarat with an
installed capacity of manufacturing 25200 MTPA became operational
in February, 2015. SCPL currently manufactures digitally printed
ceramic wall tiles of two sizes 10 cm X 15 cm and 12 cm X 18 cm.
The promoters of the company have long standing experience in the
ceramic industry through their former association with another
tile manufacturing entity.

Recent Results
For the year ended March 31, 2016 the company reported an
operating income of INR16.00 crore and profit before tax of
INR0.13 crore (as per unaudited provisional financials) as
against an operating income of INR3.00 crore and net loss of
INR0.02 crore for the year ended March 31, 2015.


SHAMBHU TEXTILE: ICRA Suspends 'B/A4' Rating on INR6.77cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and short-
term rating of [ICRA]A4 assigned to the INR6.77 crore line of
credit of Shambhu Textile Mills Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Shambhu Textile Mills Private Limited (STMPL) was incorporated by
Mr. Anil Agarwal and Mr. Nilesh Agarwal in September 1996. It is
in the business of processing of the fabric, viz. bleaching,
dyeing, printing and finishing of polyester and cotton fabric
with its manufacturing unit located in Narol, Ahmedabad. STMPL is
also engaged in embroidery job work and trading of grey cloth.
The promoters of the company belong to the "Kashiram group" which
has been involved with the textile industry in Ahmedabad for more
than three decades.


SHAPE MACHINE: CRISIL Assigns 'B' Rating to INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities Shape Machine Tools Private Limited
(SMTPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Letter of Credit         20       CRISIL A4
   Bank Guarantee            5       CRISIL A4
   Cash Credit              55       CRISIL B/Stable


The ratings reflects SMTPL's weak financial risk profile, marked
by high gearing and low net worth. The ratings also factor in
working capital intensity in operations, and volatile revenues
and profitability along with customer concentration in the
revenue profile. These rating weaknesses are partially offset by
the extensive experience of the promoters in the industry and
reputed clientele base.
Outlook: Stable

CRISIL believes SMTPL will continue to benefit over the medium
term from its established position and the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
significant growth in topline, profitability and cash accrual,
sizeable equity infusion, or efficient working capital management
strengthens financial metrics. Conversely, the outlook may be
revised to 'Negative' if low revenue and profitability, or large
working capital requirement, or debt-funded capital expenditure
further weakens financial risk profile.

SMTPL is a Ghaziabad based company, set up in 1989 by Mr. Ranjeet
Anand. His son Mr. Anuj Anand currently manages operations. The
company machines casted components such as gears, mill hoods,
trunnions and pinions for sugar mills, cement and steel
industries. It also undertakes job work in the same line of
business. The manufacturing facility is in Ghaziabad.

SMTPL reported net profit of INR2.00 million on net sales of
INR195.7 million in 2014-15 (refers to financial year, April 1 to
March 31) against net loss of INR4.1 million on net sales of
INR108.0 million in 2013-14. Also for FY 2015-16 company is
expected to report net sales of INR178.3 million.


SMS CONSTRUCTIONS: ICRA Assigns 'B' Rating to INR4.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore long-term fund based, non-fund based and unallocated limits
of SMS Constructions.

                     Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based                  3.00        [ICRA]B Assigned

   Long-Term Non-
   fund Based             3.00        [ICRA]B Assigned


   Long-Term
   Unallocated            4.00        [ICRA]B Assigned

Rating Rationale

The rating is constrained by the firm's small scale of operations
which restricts operational and financial flexibility to an
extent, dependency of order flow on tender based contract award
system followed by the KPTCL (Karnataka Power Transmission
Corporation Limited) which exposes the firm to intense
competition and vulnerability to volatility in raw materials
prices which is mitigated to an extent due to short execution
cycle of the contracts. The rating also considers the geographic
and client concentration risk as the firm's operations are
confined to construction orders from the KPTCL for South
Karnataka districts alone and the leveraged capital structure as
indicated by Gearing of 4.03 times, Total Debt / OPBDITA of 2.33
times and Total Outside Liabilities (TOL)/ Tangible Net Worth of
4.61% as on 31st March 2016. ICRA notes that the firm's business
growth is dependent upon its ability to successfully bid for
tenders - it has a pending order book size of INR5.80 crore as on
14th April, 2016 and is expecting orders worth INR11 crore as on
12th May, 2016 which provides near term revenue visibility. The
rating action also incorporates the highly competitive nature of
industry with large competition from medium and large players
that is expected to put pressure on the margins of the firm and
the risk arising due to its partnership nature, including
withdrawal of capital, among others.

The ratings, however, take comfort from the longstanding
experience and track record of the promoter as a class I
electrical contractor in the construction industry for over two
decades, the healthy operating and net profitability during FY
2016 along with healthy coverage indicators as indicated by
OPBDIT/ Interest Charges of 4.13 times and DSCR of 3.2 times as
on 31st March, 2016 and the support of the promoter to the
business through unsecured loans.

Going forward, the firm's ability to get orders, and sustain its
profitability while keeping in check the working capital
intensity will remain the key rating sensitivities.

SMS Constructions (SMS) is a Bangalore based partnership firm
incorporated in February 2013 that is engaged in the business of
civil and electrical contracts for KPTCL. The promoter is
registered as Class I electrical contractor by the PWD,
Karnataka. SC's areas of operations include erection and
commissioning of HT & LT substations, transmission lines,
internal & external electrification and underground cabling works
in South Karnataka districts. The firm has executed one project
till date which was completed in January 2016. The promoter, Mr.
Umesh Gowda who has been in this business for nearly past two
decades through a proprietorship firm, M/s Lekhashree Electricals
whose operations were wound up after the formation of SMS
Constructions.

Recent Results
During 2015-16, the firm reported a net profit of INR0.60 crore
on an operating income of INR9.31 crore (based on provisional
numbers).


SRS LIMITED: ICRA Lowers Rating on INR597cr LT Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating for INR597 crore fund
based bank facilities of SRS Limited to [ICRA]D from [ICRA]BBB.
ICRA has also downgraded the short term rating for INR238.0 crore
non-fund based bank limits to [ICRA]D from [ICRA]A3. The negative
outlook on the long-term rating stands removed.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term: Fund
   Based                597.00       [ICRA]D (Downgraded)

   Short Term: Non
   Fund Based           238.00       [ICRA]D (Downgraded)

   Medium Term:
   Fixed Deposits       225.00        MD (Downgraded)

ICRA has also downgraded the medium term rating for INR225.0
crore fixed deposit program of SRS to MD from MA-. The negative
outlook on the fixed deposit rating also stands removed.

The downgrade to default rating takes into account delays by SRS
in servicing of its bank facilities since March 2016, given the
sustained weakness in liquidity profile. As was highlighted by
ICRA earlier in its rationale dated March 2016, the delay in
realization of debtors and corresponding deterioration in ageing
profile has adversely impacted the liquidity profile of the
company. While the management has attributed the continued
deterioration in realization of domestic debtors to recent
strikes by jewelers, the significant delay in realization of
export receivables remains unexplained.

The rating for fixed deposits has also been downgraded to MD as
ICRA expects that the ongoing liquidity crunch coupled with short
maturity profile of the deposits (~70% of FD's outstanding as per
the latest available data had tenure less than 1 year) will pose
challenges in repayments of these deposits. Also, any premature
withdrawal requests by investors in backdrop of weakened credit
profile will pose further challenges for SRS.

ICRA has been highlighting the concentration risk in the
jewellery wholesale business (both domestic and export) which
accounts for ~80% of the total revenues and ~99% of the total
receivables of SRS. Accordingly, timely realizations of these
receivables have been concern for the credit profile.

Going forward, ability of the company to timely recover
receivables and maintain a favorable ageing profile of its
receivables will be critical for liquidity profile and hence
timely debt servicing. Though, timely collection of receivables
will always remain a concern, given their unsecured nature and
concentration towards few customers.

SRS was incorporated as SRS Commercial Company Limited in August
2000 and was later renamed to SRS Entertainment Limited in
January 2005. Subsequently, the name of the company was changed
to SRS Entertainment and Multitrade Limited in January 2009 and
the company was renamed as SRS Limited, in July 2009, which is
the present name of the company. The numerous changes in the name
of the company have been due to changes in nature of the business
activities of the company over the years.

SRS currently has presence across diverse business segments such
as jewellery, retailing and cinemas, all of which are operated
under the company's brand SRS. However, more than 90% of the
revenues and most of the profits are accounted by the jewellery
business, mostly jewellery wholesale in the domestic market. On
standalone basis, for the 9 month period ending December 2016,
SRS Limited reported revenues of INR3221.71 crore and net profit
of INR33.28 crore as against revenues of INR2823.68 crore and net
profit of INR37.61 crore in previous corresponding period. Export
revenues were 10% of the total revenues in 9MFY16 as against
~19.5% of revenues in 9MFY15.


STYLIN SANITARYWARES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the
INR5.00 crore term loan facility and INR1.25 crore cash credit
facility of Stylin Sanitarywares. ICRA has also reaffirmed the
short term rating at [ICRA]A4 for the INR0.32 crore non-fund
based facility of SS.

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan              5.00       [ICRA]B reaffirmed
   Cash Credit            1.25       [ICRA]B reaffirmed
   Bank Guarantee         0.32       [ICRA]A4 reaffirmed

The reaffirmation of assigned ratings is constrained by SS's
limited operational track record of the firm and its relatively
small scale of operations. The ratings continue to remain
constrained by the fragmented nature of the sanitary ware
industry with competition from organized players and unorganized
players as well as stiff competition from cheaper imports from
China. The ratings also take into account the vulnerability of
the firm's profitability to availability and volatility in raw
material and gas prices. Further, ICRA notes that SS is a
partnership firm and any withdrawals from the capital account
could impact the net worth and thereby the gearing levels.

The ratings, however, favorably takes into account the long
standing experience of the key promoters in sanitary ware
industry through their association with sister concer- Sifon
Ceramics and Sifon's established dealer network in the domestic
market. Further, the ratings also notes the the locational
advantage enjoyed by the firm owing to its presence in ceramic
hub of Morbi, Gujarat which facilitates it in raw material
procurement and sourcing of skilled manpower.

Established in September 2014, Stylin sanitarywares is engaged in
manufacturing of sanitary ware products like wash basins, closets
and related accessories. The plant is located at Morbi, Gujarat
with installed capacity to manufacture 2,25,000 pcs per annum.
The commercial operations started in first week of December 2015.
The existing group of promoter hold past experience in similar
line of business on account of their associate concern- Sifon
Ceramics, which is engaged in the same line of activity.


SURAJ PULSES: CRISIL Ups Rating on INR120MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of Suraj Pulses to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and reaffirmed its 'CRISIL A4' rating on the short-
term bank facilities.

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

   Cash Credit             120        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       10        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The upgrade reflects improvement in SP's financial risk profile
on account of continuous fund support from promoters. The
promoters infused capital of INR26.5 million in 2015-16 (refers
to financial year, April 1 to March 31), and interest-bearing
unsecured loans from them increased to INR146.5 million as on
March 31, 2016, from INR72.4 million as on March 31, 2012. As a
result, the firm's capital structure and liquidity have improved
significantly.

The ratings reflect the firm's below-average financial risk
profile and exposure to intense competition in the agricultural
commodities industry. These weaknesses are partially offset by
extensive industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes SP will continue to benefit over the medium term
from its promoters' industry experience and funding support. The
outlook may be revised to 'Positive' if the firm reports sizeable
cash accrual, driven by improvement in profitability and scale of
operations, or if its promoters infuse significant capital,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
financial risk profile, particularly liquidity, driven by low
cash accrual, or stretch in working capital cycle, or substantial
capital withdrawal.

SP, formed in 2002 as a partnership concern by Raipur-based Mr.
Rohit Goyal and six others, processes agricultural commodities
such as moong dal, chana dal, arhar dal, urad dal, and masoor
dal.


TRIUMPH AUTO: CRISIL Assigns 'B' Rating to INR67.5MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Triumph Auto Parts Distributors Private Limited
(TADPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                  67.5      CRISIL B/Stable

The rating reflects a small scale of operations, large working
capital requirement, and a weak financial risk profile because of
high total outside liabilities and small networth levels. These
rating weaknesses are partially offset by the extensive
experience of promoters in the automobile parts distribution
market and their relationship with its principal, Tata Motors Ltd
(TML; rated 'CRISIL AA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes TADPL will benefit over the medium term from the
extensive experience of its promoters and their established
relationship with its principal. The outlook may be revised to
'Positive' in case of better-than-expected growth in revenue and
margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected sales and profitability, leading to deterioration in
business and financial risk profiles.

Incorporated in 2004, TADPL is an authorised distributor of spare
parts of TML's commercial vehicles (buses, trucks, and Tata Ace)
in Northern Haryana. TADPL is promoted by Mr. Manu Gupta and Mr.
Naresh Gupta.


VAIBHAV ENTERPRISES: ICRA Lowers Rating on INR21cr Loan to D
------------------------------------------------------------
ICRA has revised its long-term rating on the INR21 crore bank
facilities of Vaibhav Enterprises to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           21.00       [ICRA]D; revised from
                                     [ICRA]B+

The revision in ratings follows delays in debt servicing by VE
due to the firm's stretched liquidity position.ICRA takes note of
the risk of fluctuations in gold prices on account of inventory
holding and intense competition that the company faces from
various organized and unorganized players in the region in which
it operates. ICRA also takes note of risks associated with the
partnership constitution of the firm such as risk of capital
withdrawal, risk of dissolution etc.

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

Incorporated in 2002, Vaibhav Enterprises is a Delhi based
partnership firm and has been promoted by Mr. Sanjeev Gupta and
his family members. The firm is engaged in manufacturing, design
and wholesale of gold and diamond jewellery and other related
products. The firm gets the jewellery manufactured on job work
basis.


VAIDEHI ENTERPRISES: ICRA Assigns 'B' Rating to INR5cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.0
crore fund-based limits of Vaidehi Enterprises.

                    Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Limits
   Cash Credit            5.00       [ICRA]B Assigned

The assigned rating is constrained by the firm's moderate
financial risk profile characterised by low profit margins,
modest coverage indicators and highly leveraged capital
structure. The rating is also tempered by STPL's stretched
liquidity position as reflected low cash flow from operations and
high working capital intensity of operations owing to high
inventory level. ICRA notes that the highly competitive and
fragmented market in which the company operates limits its
pricing power which is also reflected in its weak profitability
metrics. The rating also takes into account the vulnerability of
the company's profitability and cash flows to volatility in
prices of raw materials. The ratings, however, favourably
consider the longstanding experience of the promoters in the
textile business, the firm's established relationships with
various wholesalers and intermediaries and its locational
advantage by virtue of proximity to raw material sources.

Incorporated in July 2014 by Mr. Suresh Goyal and Mr. Ajay
Bhaootra, Vaidehi Enterprises (VE) is engaged in the marketing of
high end women's dress material in tier I and tier II cities. The
firm commenced commercial operations in December 2014. The firm's
products include sarees and dress materials. While it procures
grey cloth from the local market, it outsources the dyeing &
printing activities and embroidery work to local units and
utilises the premises of its group company for the finishing work
and for despatching to wholesalers / distributors.

Recent Results
During FY 2016, the company reported Profit after Tax (PAT) of
INR0.34 crore on an operating income of INR22.7 crore. For FY
2015, the company has reported net loss of INR0.69 crore on an
operating income of INR6.1 crore.


VARSHA CABLES: ICRA Assigns B+ Rating to INR8.50cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for the
INR8.50 crore (enhanced from INR8.00 crore) fund based limits of
Varsha Cables Private Limited. ICRA also has a short term rating
outstanding of [ICRA]A4 for the INR4.00 crore non fund based
limits of the company.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits/
   Cash Credit              8.50      [ICRA]B+/Assigned

   Non Fund Based/
   Bank Guarantee           4.00      [ICRA]A4/Outstanding

The ratings continue to be constrained by the firm's small scale
of operations limiting its bargaining power and economies of
scale and thin margins due to the highly fragmented and
competition intensive nature of the cables industry in which the
company operates. ICRA also takes note of the stretched capital
structure characterised by high gearing and the weak coverage
indicators; the high working capital intensity and stretched cash
flows; and the vulnerability of the margins to adverse movements
in raw material prices and labour costs.

The ratings, however, continue to positively factor in the
established track record and strong experience of the company in
the cable manufacturing industry; the qualification and the
experience of the management of the company; the excess capacity
available with the company which will enable the company to
expand its operations without significant capital expenditures;
and the diversified customer profile with low geographic and
sectoral concentration.

VCPL is engaged in the manufacturing of low tension copper and
aluminium electrical cables. It was established in 1995 by Mr.
Puttaraju. The company is located in Mysore and has a
manufacturing capacity of 12.5 million meters per annum.

Recent Results
The company recorded a profit ater tax (PAT) of INR0.07 crore on
an operating income (OI) of INR18.30 crore in FY 2014-15 against
a PAT of INR0.06 crore on an OI of INR15.53 crore in FY2013-14.


VICHOOR BITU: ICRA Suspends B+ Rating on INR5.5cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on the INR5.50 crore fund-based limits of Vichoor Bitu Chemicals.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

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


VINORA INDUSTRIES: ICRA Suspends B+ Rating on INR3cr Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on the INR3.00 crore fund-based limits of Vinora Industries. ICRA
has also suspended the short-term rating of [ICRA]A4 outstanding
on the INR3.80 crore non-fund based limits of the firm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

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


VVF (INDIA): ICRA Suspends 'D' Rating on INR560cr Loan
------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR560 crore,
long term loans & working capital facilities & [ICRA]D rating to
the INR960.0, short term, non fund based facilities of VVF
(India) Limited The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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

VVF India Limited (VIL) was carved out of VVF Limited. In order
to fund the business growth, VVF Limited roped in PE investor
Reliance Capital and transferred the domestic businesses along
with related assets into a separate company called VVF (India)
Limited. VIL operates in oleochemicals industry and manufactures
Fatty Acid, Fatty Alcohol and Glycerine. The company derives
around 60% of the revenues from oleochemicals segment while the
remaining is contributed through Contract Manufacturing and
Branded Personal care segment (own brands). Among the branded
personal care segment the company has launched Jo and Doy soap
brands and is planning to introduce new products in the future.
The company has manufacturing facilities in Sion, Taloja, Kutch
and Baddi with total production capacity of 447,750 MT of Fatty
Acid, 140,400 MT of Fatty Alcohol and 60,450MT of Soap Noodles.



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


INDONESIA: S&P Affirms 'BB+' LT Sovereign Credit Rating
-------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-
term sovereign credit ratings on the Republic of Indonesia.  S&P
also affirmed its 'axBBB+/axA-2' ASEAN regional scale ratings on
Indonesia.  The outlook on the long-term rating is positive.

                            RATIONALE

The ratings on Indonesia balance the country's low per capita
income plus middling fiscal and external indicators, against
improved policy and institutional settings, credible monetary
policy, and buoyant economic growth.

After free and fair parliamentary and local assembly elections in
July 2014, the Indonesian Democratic Party of Struggle (PDI-P)
administration has improved fiscal flexibility by reducing energy
subsidies (principally on gasoline, diesel, and electricity) and
by tightening revenue administration.  The government has spent
the resultant savings from these initiatives on energy and
transport infrastructure and targeted social programs.  The
government is also taking steps to improve Indonesia's business
climate by streamlining regulations and business licensing,
cutting red tape, reforming tax incentives for foreigners,
upgrading infrastructure, and promoting labor market flexibility.
In addition, the government strengthened rules for procurement
and licensing, expanded financial interest disclosure for members
of parliament, and appointed ministers based on merit in order to
improve public administration.

"We believe these reforms will promote greater policy flexibility
and responsiveness.  Over time, these measures should raise
public sector savings, which in turn should help to contain
current account deficits and a slow erosion of external liquidity
metrics. Thus, we do not expect a reoccurrence of the delays seen
last year in the execution of the spending program on public
infrastructure. Similarly, we expect the government to overcome
its apparent hesitancy to allow domestic gasoline prices to fully
track international prices.  Over the rest of this government's
term, we expect the administration to further improve critical
infrastructure, address legal and regulatory uncertainties, and
tackle bureaucratic obstacles and entrenched patronage in order
to lift Indonesia's growth potential and its creditworthiness.
Hence, we maintain our positive outlook on the rating," S&P said.

Indonesia's low GDP per capita, which S&P estimates at US$3,600
in 2016, is a rating constraint, suggesting past policies have
not delivered prosperity for this resource-rich country.
Indonesia is a major commodity exporter of natural gas, coal,
palm oil, and petroleum.  Its growth slowed to an estimated 4.8%
in 2015, from 5% in 2014, because of weaker export prices, lower
demand from China, and bans on exports of partially processed
minerals (including copper, nickel, zinc, and bauxite ore).  S&P
expects GDP to expand by about 5% (3.7% in GDP per capita terms)
in 2016, supported by public sector investment, which S&P
estimates to rise by about 6%.  S&P's projection is for
Indonesia's GDP annual growth to average 5.5% over 2016-2019
(4.2% in GDP per capita terms).

Bank Indonesia (the central bank) modestly loosened monetary
policy by 75 basis points over January to May to 6.75%.  Consumer
price inflation is low at 3.6% for the 12 months to April 2016--
within the target range of 4% plus or minus 1 percentage point.
These data points suggest high real rates, which will make
achieving this year's growth difficult while ensuring a more
sustainable economic performance and keeping the current account
in check.

"We base our expectation of Indonesia's budgetary performance on
the government's target of keeping general government fiscal
deficits below 3% of GDP and borrowings below 60% of GDP.  The
fuel subsidy reforms, if carried through, should create
additional room for the government to raise social and capital
spending, although we note that lower oil revenue has
substantially offset gains from the subsidy reforms to date.
Better revenue performance should also come from improving tax
compliance and higher non-oil revenues (mainly through higher
excise taxes on tobacco and luxury goods).  We estimate the
fiscal deficit at 2.7% of GDP in 2016, compared with 2.5% in
2015, and to average about 3% of GDP over 2016-2019.  We expect
heavy infrastructure spending of a quasi-fiscal nature by
government-owned enterprises (such as PT Perusahaan Listrik
Negara, Perusahaan Daerah Air Minum, and PN Hutama Karya) to
amount to another 2% of GDP on average annually over 2016-2019,"
S&P said.

S&P Global Ratings estimates the fiscal deficit to result in net
general government debt of 25% of GDP in 2016, rising modestly to
about 27% in 2019.  S&P projects the ratio of general government
interest expense to revenue to remain above 10% for the forecast
horizon.

"Broader credit conditions, however, cast a shadow on the
sovereign's credit profile.  The credit quality of the corporate
sector has been declining since the end of 2014 with balance
sheets deteriorating across sectors.  That trend accelerated
since 2015 because sustained capital investment coincided with a
softer consumer sentiment and commodity price falls.  As a
result, revenue growth slowed and operating cash flows declined
while debt servicing requirements remained high.  We currently
have a negative rating outlook on just under a third of corporate
credit ratings in Indonesia--a universe that spans private and
government-owned companies of different sizes across sectors, and
we have taken over a dozen negative rating actions on the rated
corporate sector since 2014.  At the same time, the banking
system's nonperforming loans (NPLs) rose to 2.8% as of March
2016, from an historical low of 1.8% in 2013.  Special mention
loans, an indicator of potential credit stress in the banking
system, stood at about 5.8%.  We believe the special mention
loans are a potential source of additional NPLs.  The government
relaxed its guidance on classifying restructured loans in August
2015," S&P noted.

A growing number of rated Indonesian companies are also starting
to face liquidity or refinancing-related risks from a rapid rise
in foreign borrowing between 2011 and the first half of 2014.
Their ability to refinance at manageable costs will remain
exposed to investor sentiment.  The credit quality of state-owned
companies continued to deteriorate in 2015 following large debt-
funded infrastructure investment.  S&P estimates that the
aggregated net debt of listed Indonesian public enterprises
nearly doubled between 2010 and 2015.  That said, the government
will make cash injections in some public enterprises and S&P
expects the cash flow and capitalization of those public
enterprises to be sufficient to carry the burden of weaker
profitability stemming from this infrastructure expenditure.

Accordingly, S&P has not worsened its assessment of public
finances for these contingent fiscal risks, given the size of the
financial and public enterprise sectors, and the government's
room to maneuver within the boundaries set out in S&P's criteria.

Regarding the country's external accounts, S&P expects
Indonesia's liquidity to weaken, reflecting the corporate
sector's dependence on foreign funding, combined with limited
hedging of foreign currency debt, rising refinancing risks, and
persistent U.S. dollar nominal strength (although in real
effective terms the rupiah is about 8% higher than in September
2015).  Notwithstanding the government's goal of keeping the
current account deficit low, S&P expects the deficit to average
just under 3% of GDP over 2016-2019 due to a recovery in domestic
demand.

Bank Indonesia's foreign reserves exceed US$100 billion or over
six months of current account payments as of April 2016.  The
authorities have undrawn contingent financing facilities of
US$77 billion through the Chiang Mai Initiative
Multilateralization and through bilateral swap arrangements with
the People's Bank of China, among others.

                              OUTLOOK

The positive outlook signals that upward pressure on the ratings
still persists over the next 12 months.  S&P could raise its
ratings on the government this year or next if the improvement in
institutional settings, particularly its fiscal framework,
delivers better quality spending, deficits on a declining trend,
moderate government debt, and limited contingent fiscal
liabilities.  Full and timely execution of the government's fuel
subsidy reform would be one step in this direction.

On the other hand, S&P may revise the outlook to stable if
problems in the banking or public enterprise sectors fester,
reform momentum slows or stalls, fiscal metrics do not improve,
or the trend in weakening external liquidity does not abate.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that the political assessment had improved
while Indonesia's fiscal assessments had weakened.  All other key
rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Indonesia (Republic of)
Sovereign Credit Rating                BB+/Positive/B
ASEAN Regional Scale                   axBBB+/--/axA-2

Indonesia (Republic of)
Senior Unsecured                       BB+

Perusahaan Penerbit SBSN Indonesia II
Senior Unsecured                       BB+

Perusahaan Penerbit SBSN Indonesia III
Senior Unsecured                       BB+



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


OW BUNKER: NYK Trading Balks at ING Bid to Dismiss Suit
-------------------------------------------------------
Christine Powell, writing for Bankruptcy Law360, reported that
NYK Trading Corp., a Japanese marine-equipment supplier, has
urged a New York federal court to keep intact its suit seeking to
sort out competing payment requests for a marine fuel shipment it
ordered from OW Bunker, rejecting ING Bank NV's assertions that
the dispute lacks ties to the U.S. and should be arbitrated.

The lawsuit, NYK Trading Corp. et al. v. O.W. Bunker & Trading
A/S et al., Case No. 1:16-cv-00674 (S.D.N.Y.), seeks relief from
multiple competing bids for payment over the same fuel delivery.
The report recounted that the case stems from funds NYKTC
initially owed OW Bunker & Trading A/S, a now-bankrupt Danish
company, for bunkers delivered to a ship called the M/V Imari in
Antwerp, Belgium, in October 2014.  NYKTC received delivery
receipts from three different suppliers in Belgium -- Wiljo NV,
Transcor Energy SA and Maritime Bunkering and Trading BVBA -- and
an invoice for more than $310,000 from OW Bunker.  After ING and
the suppliers came calling, NYKTC sued in late January, arguing
it faced multiple liability for the same claims. A few days
later, it was granted a temporary restraining order under which
the judge blocked ING and the suppliers from suing and instead
allowed NYKTC to place $328,976.48 -- the invoiced amount plus
interest -- with the court and pressed the claimants to resolve
the issue among themselves.

According to the report, ING has argued that the case fails for
the same reason as certain other so-called interpleader suits
related to OW Bunker and brought against ING involving "wholly
foreign parties engaged in wholly foreign transactions."  ING
acted as security agent in an agreement with OW Bunker and some
of its entities.  ING argued that the suit must be dismissed for
lack of personal jurisdiction, or in the alternative that it
should be stayed in favor of arbitration. The bank has already
sought arbitration against NYKTC.

According to the report, NYKTC responded that the court does
indeed have jurisdiction over ING because the underlying fuel
delivery contract between OW Denmark and NYKTC subjects the
claims at issue to a forum selection clause that designates the
New York court.

The report notes that at least 30 shippers have filed
interpleader suits in the U.S. and elsewhere in an effort to
stave off competing claims to payments for fuel bunkers from
various fuel delivery companies and ING.

NYKTC is represented by James H. Power -- james.power@hklaw.com -
- and Marie E. Larsen -- marie.larsen@hklaw.com -- of Holland &
Knight LLP.

ING is represented by Bruce G. Paulsen -- paulsen@sewkis.com --
and Brian P. Maloney -- maloney@sewkis.com -- of Seward & Kissel
LLP.

                         About O.W. Bunker

OW Bunker AS is a global marine fuel (bunker) company founded in
Denmark.

On Nov. 6, 2014, OW Bunker A/S placed OWB Trading and O.W. Bunker
Supply & Trading A/S in an in-court restructuring procedure with
the probate court in Aalborg, Denmark.  By Nov. 7, 2014, the
Danish entities (plus O.W. Bunker Supply & Trading A/S, O.W.
Cargo Denmark A/S, and Dynamic Oil Trading A/S) were placed under
formal Danish bankruptcy (liquidation) proceedings in the Aalborg
probate court.

The company declared bankruptcy following its admission that it
had lost US$275 million through a combination of fraud committed
by senior executives at its Singaporean unit.

The Danish company placed its U.S. subsidiaries -- O.W. Bunker
Holding North America Inc., O.W. Bunker North America Inc. and
O.W. Bunker USA Inc. -- in Chapter 11 bankruptcy (Bankr. D. Conn.
Case Nos. 14-51720 to 14-51722) in Bridgeport, Conn., on Nov. 13,
2014.  The U.S. cases are assigned to Judge Alan H.W. Shiff.  The
U.S.
Debtors have tapped Patrick M. Birney, Esq., and Michael R.
Enright, Esq., at Robinson & Cole LLP, as counsel.   McCracken,
Walker & Rhoads LLP is serving as co-counsel.  Alvarez & Marsal
is the financial advisor.

The Office of the United States Trustee formed an official
committee of unsecured creditors of the Debtors on Nov. 26, 2014.
The Committee tapped Hunton & Williams LLP as its attorneys.



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


CREDIT UNION: S&P Revises ICR to 'BB'; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said it has revised its long-term issuer
credit rating on New Zealand-based Credit Union Baywide (CUB) to
'BB' from 'BB-'.  At the same time, S&P affirmed its short-term
issuer credit rating on CUB at 'B'.  The outlook on the long-term
rating is stable.

The upgrade reflects S&P's opinion that CUB's asset quality has
improved in recent years, as indicated by reduced credit losses,
driven by a cyclically benign economic environment and structural
changes to its loan portfolio.

Over the six months ended Dec. 31, 2015, nonperforming loans
declined nominally, to NZ$3.1 million from NZ$5.0 million (to
1.39% from 2.31% as a proportion of customer loans).  In
addition, the credit union's net charge-offs declined as a
proportion of S&P's expected through-the-cycle losses to 43% from
53%.  In contrast, CUB's nonperforming loans were 2.33% of gross
loans with net charge-offs at 124% of S&P's expected through-the-
cycle loss rate as of June 30, 2014.

S&P believes CUB's improving asset quality is largely
attributable to the benign economic environment, aided by a
structural shift in the credit union's focus toward marginally
lower-risk lending.  The current economic cycle of falling
interest rates and house price growth remains supportive of loan
serviceability and recoveries.  In S&P's view, a movement to
residential mortgages and the resolution of larger exposures
acquired during recent mergers has also contributed to improved
asset quality.

The predominance of mortgages with loan-to-values (LVR) above 80%
(which form about 55% of total mortgages not insured by Housing
NZ Corp., and 45% of gross loans) reflects CUB's strategy and
positioning in the market--offering competitive interest rates
and lending to customers with low initial equity and, therefore,
less attractive to mainstream banks.  In S&P's opinion, CUB's
strategic move to increase its focus on residential mortgage
lending has helped the credit union maintain good business growth
and has marginally contributed to its improved asset quality.
S&P understands that a number of CUB customers refinance with
larger banks when their loans amortize below 80%; S&P considers
this reflects the relatively good underlying credit quality of
the borrowers in this segment but also the persistent challenges
CUB faces in retaining business.

Notwithstanding the cyclical and structural improvements in CUB's
risk profile, S&P considers that the credit union's high LVR
residential mortgage portfolio makes it more sensitive than the
mainstream banks to adverse economic pressures that could cause a
downturn in New Zealand property prices.  As such, S&P expects
that any deterioration in general economic conditions would make
CUB's asset quality metrics susceptible to a quick deterioration.

The outlook is stable, reflecting S&P's expectation that it is
unlikely to change itsour rating on CUB in the next year.  S&P
believes there is room for a modest weakening in asset quality
indicators before this starts putting pressure on the rating.
The stable outlook also reflects S&P's expectation that CUB will
maintain a very high level of capitalization, and that there will
be no material change in its business position or funding and
liquidity.

Although S&P is unlikely to lower its rating on CUB in the next
year, on balance S&P believes that the risks remain on the
downside.  S&P expects to lower the rating on CUB by one notch if
the credit union's asset quality deteriorates relative to peers
and industry, whether driven by a less favorable economic cycle
or structural changes.  S&P would review the rating if net
charge-offs start to trend above S&P's expected through-the-cycle
credit loss rates.  S&P believes that pressure on the rating
would also emerge if the credit union's business growth stagnates
in absolute terms or relative to its peers.  In addition,
pressure on the rating would emerge if, in S&P's view, the credit
union adopted an aggressive strategy to counter the risk of
stagnating business growth.

In S&P's opinion, an upgrade is unlikely over the next year.



=================
S I N G A P O R E
=================


OUE COMMERCIAL: Moody's Withdraws Ba1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba1 corporate family
rating of OUE Commercial Real Estate Investment Trust.  The
rating outlook was stable at the time of its withdrawal.

These ratings and outlooks were withdrawn:

Issuer: OUE Commercial Real Estate Investment Trust

  Corporate Family Rating, Withdrawn, previously rated Ba1
  Outlook, Changed To Rating Withdrawn From Stable

                         RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

OUE Commercial Real Estate Investment Trust was listed on the
Singapore Stock Exchange in January 2014.  It has a portfolio of
three properties -- Lippo Plaza in Huangpu, Shanghai, OUE
Bayfront and a 67.95%-indirect interest in One Raffles Place in
Singapore -- with a total appraised value of SGD3.1 billion as of
Dec. 31, 2015.  The trust's sponsor is OUE Limited (unrated),
which held a 49.1% stake in the trust as of Dec. 31, 2015.



                             *********

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
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or solicitation to buy or sell any security of any kind.  It is
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some position in the issuers' public debt and equity securities
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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
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definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
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sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
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                            *********


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,
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Information contained herein is obtained from sources believed
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