TCRAP_Public/160606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 6, 2016, Vol. 19, No. 110


                            Headlines


A U S T R A L I A

BLUEARC GROUP: To Be Liquidated After Second Administration
COMPUTRONICS HOLDINGS: First Creditors' Meeting Set For June 14
D.J. WHATLEY: First Creditors' Meeting Set For June 10
INTERSTAR MILLENNIUM 2004-5: Fitch Affirms 'B' Cl. B Notes Rating
LINC ENERGY: Placed Into Liquidation

PEPPER RESIDENTIAL: Moody's Ups Rating on AUD8.20MM Notes to B1
SHAWNY PTY: First Creditors' Meeting Slated For June 10
TOTAL PLANT: First Creditors' Meeting Set For June 14
TWOCENTS GROUP: First Creditors' Meeting Slated For June 14


C H I N A

361 DEGREES: Fitch Assigns BB Rating to USD400MM 7.25% Sr. Notes
WINSWAY ENTERPRISES: Moody's Withdraws C Corporate Family Rating


I N D I A

A G OILS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
AL GAYATHRI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
ANONDITA HEALTHCARE: ICRA Assigns B+ Rating to INR4.77cr Loan
APICORE PHARMACEUTICALS: Ind-Ra Assigns 'IND BB+' Issuer Rating
ARROW CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR20MM Loan

ASHUTOSH FLOUR: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
BAJRANG BRONZE: ICRA Assigns B- Rating to INR3.0cr Cash Loan
BANSAL CONSTRUCTION: ICRA Suspends B+/A4 Rating on INR20cr Loan
BANSAL CONSTRUCTION WORKS: ICRA Suspends B+ INR30cr Loan Rating
BEAUTY & MORE: ICRA Suspends B+ Rating on INR5cr Loan

BSL ENGINEERING: ICRA Suspends B+/A4 Rating on INR5cr Bank Loan
DEEPAK CABLES: CRISIL Reaffirms 'D' Rating on INR6.65BB Loan
FULZAN PROPERTIES: CRISIL Assigns 'D' Rating to INR75MM LT Loan
GAYTRI INDUSTRIAL: ICRA Suspends B+ Rating on INR3cr Cash Loan
GEORGE MAIJO: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

GOLDEN SPARROW: ICRA Suspends B+ Rating on INR20cr LT Loan
GOPALA KRAFT: CRISIL Reaffirms B+ Rating on INR62.5MM Term Loan
H K LUMBERS: CRISIL Reaffirms 'B' Rating on INR15MM Cash Loan
HANUMAN RICE: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
HAQ STEELS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

HMR STEELS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
INTERTOUCH METAL: ICRA Assigns B+ Rating to INR4cr LT Loan
IRAKI TRADING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
JASHANK IMPEX: CRISIL Assigns B+ Rating to INR100MM Cash Loan
JAY KISHAN: ICRA Revises Rating on INR12cr Cash Loan to B

JHANWAR RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
K. B. PRODUCTS: ICRA Suspends 'B' Rating on INR7.0cr Bank Loan
KALPESH CORPORATION: ICRA Reaffirms B+ Rating on INR5cr Loan
KANCHAN VANIJYA: ICRA Suspends 'B' Rating on INR5.09cr Loan
KINETA GLOBAL: CRISIL Ups Rating on INR900MM LT Loan to 'B'

KUNJ BIHARI: ICRA Assigns B+ Rating to INR7.5cr Fund Based Loan
LEONARD EXPORTS: ICRA Lowers Rating on INR3.75cr Cash Loan to D
MADHAVA HYTECH: ICRA Lowers Rating on INR4cr Loan to 'B'
MAGADH IRON: ICRA Suspends B+ Rating on INR30cr Loan
MAGNOLIA LIMITED: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating

MISHKA GOLD: CRISIL Suspends B+ Rating on INR350MM Cash Loan
NAKSHTRA: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
NATH MOTORS: CRISIL Assigns B+ Rating to INR337.5MM LT Loan
NITESH FASHION: ICRA Suspends B Rating on INR13.75cr Bank Loan
OGUN STEEL: CRISIL Suspends 'D' Rating on INR200MM Cash Loan

PAR DRUGS: ICRA Suspends B/A4 Rating on INR32.68cr Bank Loan
R.J CHATHA: ICRA Suspends B+ Rating on INR22cr Fund Based Loan
RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
RAMGARH SPONGE: ICRA Suspends 'B+' Rating on INR5cr Cash Loan
RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR55cr LT Loan

ROLTA INDIA: Fitch Lowers Issuer Default Rating to 'RD'
ROLTA INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
SAJJALA BIO: CRISIL Assigns B+ Rating to INR73.5MM LT Loan
SANMAN CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR45MM Loan
SARDAR STEEL: ICRA Suspends B+/A4 Rating on INR8.57cr Loan

SEBACIC INDIA: ICRA Suspends 'D' Rating on INR58.68cr Loan
SHIV SHAKTI: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
SIGNET CONDUCTORS: ICRA Assigns B+ Rating to INR15cr Loan
SOHANLAL SONS: ICRA Suspends 'B' Rating on INR9.0cr Bank Loan

SRI KARVEMBU: CRISIL Reaffirms 'D' Rating on INR45MM Cash Loan
SRI MATA: CRISIL Suspends 'D' Rating on INR443.7MM Term Loan
SRI MVR: ICRA Reaffirms 'B' Rating on INR14.30cr LT Loan
SUBHAMASTHU SHOPPING: ICRA Reaffirms B+ Rating on INR6.45cr Loan
SURAKSHA TRADERS: ICRA Assigns 'B' Rating to INR2.50cr Loan

T. JAYACHANDRAN: CRISIL Suspends 'B' Rating on INR50.8MM Loan
TARUN ENTERPRISE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR5.75cr Loan
V.N.M.S. AYYACHAMY: CRISIL Ups Rating on INR90MM Cash Loan to B+
VAISHNO RICE: CRISIL Suspends B+ Rating on INR100MM Whse Loan

VEGA CONTROLS: CRISIL Reaffirms 'B' Rating on INR25MM Term Loan
VINAR ISPAT: ICRA Lowers Rating on INR15cr LT Loan to B+
WOODFIELD SYSTEMS: ICRA Suspends B+ Rating on INR4cr Cash Loan


I N D O N E S I A

INDIKA ENERGY: Fitch Lowers IDR to 'CCC'; Outlook Negative
INDOSAT TBK: Moody's Affirms Ba1 Corporate Family Rating
XL AXIATA: Moody's Affirms Ba1 Corporate Family Rating


N E W  Z E A L A N D

FE INVESTMENTS: S&P Affirms 'B' ICR & Removes from Watch Neg.
CO-OPERATIVE BANK: Fitch Assigns BB+ Rating to Tier 2 Instrument


S O U T H  K O R E A

DAEWOO SHIPBUILDING: In Final Stage of Crafting Self-Rescue Plan


                            - - - - -


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


BLUEARC GROUP: To Be Liquidated After Second Administration
-----------------------------------------------------------
Nic Christensen at Mumbrella reports that independent digital
agency, Bluearc, and its sister companies are set to be wound up
almost two-and-a-half years after first going into voluntary
administration.

Mumbrella relates that placed into administration at the end of
2014, Bluearc was able to continue trading after agreeing to a
deed of company arrangement -- a formal arrangement between the
company and its creditors, which included staff made redundant at
the time, who had agreed to the plan to enable the company to
keep trading.

However, last month it was placed back into administration, with
the company telling creditors there was insufficient work to
continue trading, the report says.

"Bluearc Group was originally put into administration a few years
ago and then went into a deed of company arrangement which was
working until recently when the director advised me that there
wasn't enough work as was needed to sustain the business,"
Mumbrella quotes Ian Purchas, executive director of SV Partners,
who is acting as administrator, as saying.

A meeting of creditors was held in Sydney last week, with
agreement that Bluearc Group, Bluarc Services and Canvaslane
would be wound up, Mumbrella reports.

Among the clients the agency has worked with are Marcs, Jenny
Craig and Freedom Furniture, the report discloses.

"As a result of the company being unable to satisfy the deed of
company arrangement, we needed to put it in liquidation,"
Mr. Purchas told Mumbrella.

The company was originally put into voluntary administration back
in November of 2013 with a number of staff made redundant at the
time, Mumbrella recalls.

Mr. Purchas would not confirm how much was owed but confirmed
staff were among the creditors, according to Mumbrella.

"We have general figures (on how much is owed) but until we firm
them up I'd prefer not to talk about them," Mr. Purchas told
Mumbrella.  "Staff are owed money from the original voluntary
administration and then the staff from the liquidation of those
companies are also owed money, but it is my view that those
entitlements will be covered under the entitlements guarantee
legislation."


COMPUTRONICS HOLDINGS: First Creditors' Meeting Set For June 14
---------------------------------------------------------------
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Computronics Holdings Ltd on June 3, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom, APL Insolvency, Level 5, 150 Albert Road, in
South Melbourne, Victoria, on June 14, 2016, at 10:30 a.m.


D.J. WHATLEY: First Creditors' Meeting Set For June 10
------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
D.J. Whatley & Son Pty Ltd, trading as Green Gecko Environmental,
on June 1, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on June 10, 2016, at 11:00 a.m.


INTERSTAR MILLENNIUM 2004-5: Fitch Affirms 'B' Cl. B Notes Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed nine classes of
notes from five transactions of the Interstar Millennium Series.
These transactions are backed by pools of Australian conforming
residential mortgages originated through a network of mortgage
originators and brokers under Interstar Millennium Trust
Securitisation programme.

                        KEY RATING DRIVERS

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

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

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

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

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

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

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

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

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

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

                      VARIATION FROM CRITERIA

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

The criteria variation from the "APAC Residential Mortgage
Criteria" arises from using the foreign-currency path assumption
for payments payable by the trust in case the pound sterling
Libor turned negative.  There is no rating impact on the
transaction as a result of the criteria variation.

                       RATING SENSITIVITIES

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

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

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

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

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

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

                        DUE DILIGENCE USAGE

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

                           DATA ADEQUACY

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

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

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

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

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

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

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

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


LINC ENERGY: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Linc Energy
Limited has been placed into liquidation. Grant Sparks, Stephen
Longley and Martin Ford of PPB Advisory were appointed
liquidators of the company on May 23, 2016.

According to the report, the company's previous employees are
among the 155 creditors who are owed US$320 million. The oil and
gas company entered administration in April after it faced
charges associated with environmental breaches at its underground
coal gasification site in Chinchilla, the report notes.

The liquidators said the company's collapse was caused by the
plunge in the price of oil and gas, the report adds.

Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.

As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.


PEPPER RESIDENTIAL: Moody's Ups Rating on AUD8.20MM Notes to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
classes of notes issued by Pepper Residential Securities Trust
No.14.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No.14

-- AUD53,900,000 Class B Notes, Upgraded to Aaa (sf); previously
    on June 12, 2015 Definitive Rating Assigned Aa1 (sf)

-- AUD20,900,000 Class C Notes, Upgraded to Aa3 (sf); previously
    on June 12, 2015 Definitive Rating Assigned A2 (sf)

-- AUD11,000,000 Class D Notes, Upgraded to Baa1 (sf);
    previously on June 12, 2015 Definitive Rating Assigned Baa2
   (sf)

-- AUD6,600,000 Class E Notes, Upgraded to Ba1 (sf); previously
    on June 12, 2015 Definitive Rating Assigned Ba2 (sf)

-- AUD8,200,000 Class F Notes, Upgraded to B1 (sf); previously
    on June 12, 2015 Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were prompted by the build-up in credit enhancement
during the sequential pay period, and the fact that loan
performance is in line with Moody's expectations.

--- Increase in available credit enhancement

As of April 2016, the collateral pool of Pepper Residential
Securities Trust No.14 had been paid down by 32.6%. The fast pay
down is largely due to obligors prepaying their loans and
refinancing with other lenders.

The notes will continue to pay down on a sequential basis until
at least the second anniversary of the transaction closing, which
will be in June 2017. As a result, credit enhancement has built
up significantly.

Since the close of the transaction, the credit enhancement for
the Class B, Class C, Class D, Class E and Class F notes has
increased to 14.8%, 9.2%, 6.2%, 4.4% and 2.3% from 10%, 6.2%,
4.2%, 3%, and 1.5%, respectively.

-- Collateral performance

Moody's has (1) decreased its MILAN CE assumption to 16.8% from
17.80% at closing based on the current portfolio characteristics
and (2) maintained its initial expected loss assumption in AUD
terms.

The decrease in both scheduled and indexed loan to value ratios
since closing has led to lower MILAN CE assumption for the
transaction.

The performance of the mortgage portfolio is within Moody's
expectations. As of end-April 2016, 4.92% of the outstanding pool
was 30-plus day delinquent. Cumulative losses amounted to
AUD24,592, or 0.004% of the closing pool balance. However,
arrears greater than 90 days were 2.51%. Given the risk of back-
loaded losses, Moody's maintains its initial expected loss
assumption in AUD terms, resulting in an increase to 2.4% of the
current portfolio balance from 1.6% at closing.

The MILAN CE and expected loss assumptions are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the RMBS cash-flow model.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. As at end-April 2016,
53% of the pool consisted of loans extended to borrowers with
impaired credit histories, and 38% of the loans were made on a
limited documentation basis.

Factors that would lead to an upgrade or downgrade of the
ratings:

Moody's said, "factors that could lead to an upgrade of the
ratings include a further increase in credit enhancement for the
notes and collateral pool performance that is within our
assumptions."

Factors that could lead to a downgrade of the ratings include a
deterioration in the credit quality of the transaction
counterparties or of the underlying collateral pool.


SHAWNY PTY: First Creditors' Meeting Slated For June 10
-------------------------------------------------------
Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Shawny Pty. Ltd. on June 3,
2016.

A first meeting of the creditors of the Company will be held at
G S Andrews Advisory, 22 Drummond Street, in Carlton, Victoria,
on June 10, 2016, at 9:30 a.m.


TOTAL PLANT: First Creditors' Meeting Set For June 14
-----------------------------------------------------
Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of Total Plant Control Australasia Pty Ltd on
June 2, 2016.

A first meeting of the creditors of the Company will be held at
Level 1, 76 Market St, in Wollongong, on June 14, 2016, at
11:00 a.m.


TWOCENTS GROUP: First Creditors' Meeting Slated For June 14
-----------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Twocents Group Pty Ltd on June 2, 2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth
Street, in Brisbane, Queensland, on June 14, 2016, at 10:00 a.m.



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


361 DEGREES: Fitch Assigns BB Rating to USD400MM 7.25% Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned 361 Degrees International Limited's
(361 Degrees, BB/Stable) USD400 mil. 7.25% senior notes due
June 3, 2021, a final rating of 'BB'.

The notes are rated at the same level as 361 Degrees' senior
unsecured rating because they are regarded as direct and senior
unsecured obligations of the company.  The assignment of the
final rating follows the receipt of documents conforming to
information already received, and the final rating is in line
with the expected rating assigned on May 17, 2016.

                       KEY RATING DRIVERS

Robust Operations: 361 Degrees' stable market share and healthy
EBITDA margins are underpinned by its strong production
capabilities and ongoing efficiency gains, as well as an
extensive distribution network with more than 7,000 outlets.  In
addition, 361 Degrees' flexible pricing strategy and inventory
monitoring systems allow it to adapt quickly to changes in market
conditions. The company has maintained a reasonable inventory
level of 4.0x-4.2x average monthly sales, and has reported 8%-18%
order growth in the seven quarters up to June 2016.

Resilience Following Downturn: The sportswear industry in China
faced a significant downturn in 2012-2013, as overproduction and
weaker-than-expected demand led to an inventory glut from which
the industry took more than two years to recover.  The slump -
2015 revenue was still below the level achieved in 2012 -
prompted 361 Degrees to enhance inventory monitoring and order
management systems, which appears to have resulted in more stable
and sustainable growth.

Bright Industry Growth Prospects: Fitch expects China's
sportswear industry to benefit from rising disposable incomes,
increasing health-consciousness and supportive policies.  The
sales value of sportswear in China is projected to grow at a
compound annual growth rate (CAGR) of 6.4% in 2016-2018, versus
6.2% in 2008-2013, according to Euromonitor International.  361
Degrees' growth has been in line with the industry average in the
past few years.

Competitive Industry, Low Differentiation: China's sportswear
industry is highly price-competitive.  The industry is led by
Nike and Adidas, together accounting for 37% of the market.  The
top five domestic brands have a total market share of 28%, and
there is limited pricing power due to low product differentiation
and brand recognition.  361 Degrees is the fourth-largest among
them, with a 4% market share over the past eight years.

Healthy Financial Profile: 361 Degrees has a record of stable
recurring EBITDA margins and operating cash flow, and has
maintained a net cash position for the past four years.  Fitch
expects the company to generate positive FCF in 2016-2018, driven
by reduced capex requirements and prudent working-capital
management.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for 361 Degrees
include:

   -- EBITDA margin in the range of 16%-17% in 2016-2019
   -- Capital expenditure of CNY200 mil. in 2016 and CNY150 mil.
      thereafter
   -- Receivable days and inventory days similar to the 2015
      levels

                        RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- No positive rating action will be considered until 361
      Degrees significantly boosts its operating scale and market
      share.

Negative: Developments that may, individually or collectively,
lead to negative rating action include:

   -- EBITDA margin sustained below 15%
   -- Sustained negative FCF
   -- Failure to sustain net cash position
   -- Trade receivables (including bill receivables) days
      sustained above 190 days and/or channel inventory sustained
      above 4.5x average monthly sales


WINSWAY ENTERPRISES: Moody's Withdraws C Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has withdrawn Winsway Enterprises
Holdings Limited's C corporate family rating with a stable
outlook.

Winsway Enterprises Holdings Limited is an integrated commodity
supply-chain service provider in China. Its operations include
coal processing and logistic services to its main clients, which
are Chinese steel makers and coke plants. It listed on the Hong
Kong Stock Exchange in October 2010 and is 40.24% controlled by
its founder, Mr. Wang Xingchun.



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


A G OILS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of A G Oils
Limited (AGOL).

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

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

Incorporated in 1988, AGOL is owned and managed by the Gupta
family. The company is engaged in rice and cotton seed oil
processing. Its facility is located at Kapurthala (Punjab).


AL GAYATHRI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Al Gayathri
Trading Company Private Limited (AGTCPL) a Long-Term Issuer
Rating of 'IND BB+'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings reflect AGTCPL's moderate credit profile and moderate
scale of operations.  According to FY16 provisional financials
provided by the management, its interest coverage (operating
EBITDA/gross interest expense) was 3.2x (FY15: 2.6x), net
leverage (total adjusted net debt/operating EBITDAR) was 2.7x
(3.8x), operating EBITDA margin was around 4.7% (3.5%) and net
revenue was INR425 mil. (INR401 mil.).

The ratings further reflect the company's tight liquidity with
its average utilization of the working capital limits during the
12 months ended April 2016 being 98%.

The ratings, however, are supported by the company's directors'
20 years of operating experience in the tea processing business.

                       RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the scale of operations leading to an
overall improvement in the credit profile.

Negative: A negative rating action could result from a decline in
the scale of operation leading to deterioration in the credit
profile.

                          COMPANY PROFILE

Incorporated in 1993, AGTCPL is engaged in the tea trading
business and exports tea to the Middle East under the brand
Hi-Tea.  Mr. S.M.K. Nair is the company's chairman and managing
director.

AGTCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR55 mil. fund-based limits: assigned 'IND BB+'/Stable
   -- INR1 mil. non-fund-based limit: assigned 'IND A4+'


ANONDITA HEALTHCARE: ICRA Assigns B+ Rating to INR4.77cr Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR4.77
crore fund-based bank facilities, INR1.00 crore non-fund bank
facilities and INR0.23 crore unallocated limits of Anondita
Healthcare(Noida) ANHN. ICRA has also assigned its short-term
rating of [ICRA]A4 to the INR1.00 crore non-fund bank facilities
and INR0.23 crore unallocated limits of the firm. The long term
non-fund based limits can also be availed as short term non-fund
based limits to the extent of INR1.23 crore for which the short
term rating will be applicable.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank
   facilities            4.77         [ICRA] B+ assigned

   Long-Term/Short
   term non-fund
   bank facilities       1.00         [ICRA] B+/[ICRA]A4 assigned

   Long-Term/Short-
   term unallocated
   Limits                0.23         [ICRA] B+/[ICRA]A4 assigned

ICRA's ratings take into account the extensive experience of
ANHN's promoter and operating track record of over a decade in
the healthcare segment. The ratings also take into consideration
ANH's ability to get regular orders from well established players
like Mankind and Cadilla Healthcare along with establishment of
its own brand of condoms under the brand name 'Midnight Condoms'.
The ratings are, however, constrained by the moderate scale of
current operations, vulnerability of profitability to raw
material prices which has resulted in volatile margins in the
past and moderate financial profile on account of its low net
worth base, high gearing and modest coverage indicators. Further
the working capital requirements of ANHN remains high due to long
cash conversion cycle. ICRA also takes note of the firm's
constitution as a proprietorship, which exposes it to inherent
risks like withdrawal of capital etc.

Going forward, the ANH's ability to optimize its working capital
requirements, improve operating margins and strengthening its
capital structure will be the key rating sensitivities.

Anondita Healthcare-Noida is a constituent company of the
Anondita Group. It was set up in 2001 as and is into
manufacturing of condoms with its plant located at Noida. The
firm supplies condoms to various healthcare companies and also
promotes its open brand under the name 'Midnight Condoms'. The
group concern of the firm Anondita Healthcare-Mathura is into
manufacturing of surgical gloves with its plant located at
Mathura.

Recent Results
As per provisional financials of FY16 the firm recorded an
operating income of INR13.24 crore and net profit of INR0.39
crore as compared to an operating income of INR12.15 crore and
net profit of INR0.14 crore an year ago.


APICORE PHARMACEUTICALS: Ind-Ra Assigns 'IND BB+' Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apicore
Pharmaceuticals Private Limited (APPL) a Long-Term Issuer Rating
of 'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect APPL's increasing but still moderate scale of
operations and volatile EBITDA margins.  The company's revenue
grew at a CAGR of around 69.7% over FY11-FY16 and was INR552.3 in
FY16 according to provisional statements.  APPL's EBITDA margins
were volatile in the range of 6.9%-30% over FY11-FY16 on account
of a change in the product mix.

The ratings factor in foreign currency fluctuation risk as
exports contribute more than 60% to the company's revenue.

The ratings, however, are supported by APPL's comfortable credit
metrics and liquidity.  At FYE16, the net financial leverage
(Ind-Ra total adjusted net debt/operating EBITDAR) was 0.7x
(FY15: 3.7x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) of 8.3x (1.6x).  APPL's average peak
utilization of the fund-based limits during the12 months ended
April 2016 was 74%.

The ratings are further supported by APPL's operating track
record of around a decade and its promoter's experience of more
than two decades in the pharmaceutical industry.

                       RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the present credit metrics could lead to a positive
rating action.

Negative: Any debt-led capex or margin pressure leading to
deterioration in the credit metrics could lead to a negative
rating action.

                          COMPANY PROFILE

Incorporated in 2006, APPL manufactures specialty active
pharmaceutical ingredients.  The company is a wholly owned
subsidiary of US-based Apicore LLC.

APPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR25 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable and 'IND A4+'
   -- INR54.7 mil. long-term loans: assigned 'IND BB+'/Stable
   -- INR15 mil. non-fund-based working capital limits: assigned
      'IND A4+'


ARROW CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arrow Constructions Limited (ACL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           55       CRISIL A4
   Cash Credit              20       CRISIL B/Stable
   Letter of Credit         10       CRISIL A4

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

Incorporated in 1995 by Mr. S Vijaya Kumar, ACL undertakes
construction of government buildings, hospitals, and lining works
for canals. The company is a special class contractor with
Greater Hyderabad Municipal Corporation, Public Works Department
(Andhra Pradesh), and a category I contractor with the state
utilities in Karnataka.


ASHUTOSH FLOUR: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facility of Ashutosh Flour Mill
(AFM) continues to reflect AFM's weak financial risk profile,
marked by high gearing and below-average debt protection metrics,
and modest scale of operations in a highly fragmented industry.
These rating weaknesses are partially offset by the extensive
experience of the promoter in the industry.

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

Outlook: Stable

CRISIL believes that AFM will continue to benefit over the medium
term from its partner's considerable experience in the wheat
processing industry. The outlook may be revised to 'Positive' in
case AFM's scale of operations substantially improves, along with
improvement in net cash accruals, resulting in improvement in
capital structure and liquidity profile. Conversely, the outlook
may be revised to 'Negative' in case of stretch in working
capital management or profitability, or if AFM undertakes any
debt-funded capital expenditure programme, adversely impacting
its financial risk profile, particularly its liquidity.

Update
The firm is estimated to report revenues of INR 316 million for
the year 2015-16 (refers to financial year, April 1 to March 31)
as against revenues of INR 310 million in 2014-15 and is expected
to hover around INR 350 million over the medium term. Operating
profitability is expected to hover around 4 percent over the
medium term.

Networth is modest and is estimated at INR 25 million in 2015-16
and is expected to grow moderately over the medium term because
of modest accretion to reserves. Gearing is expected to remain
high over the medium term, at around 2.72 times, owing to high
dependence on the external borrowings. Estimated interest
coverage and net cash accrual to total debt ratios are healthy,
at 1.47 times and 0.05 times, respectively, in 2015-16, and are
expected to sustain at the same level over the medium term.

AFM has moderate working capital requirements as reflected from
gross current assets estimated at 107 days as on March 31, 2016
mainly due to low debtors of 5 days. Firm's cash accruals are
expected to remain low at around INR 3.80 million in 2016-17
against repayment obligation of INR0.6 million. Consequently,
bank limits continue to remain utilized at higher levels
averaging 95 percent in line with the past trend. The liquidity
is supported by the funding support from partners.

Established in 2004, AFM is a Puranpur-based (Uttar Pradesh)
partnership firm that manufactures and sells ground wheat
products such as atta, maida, and suji. The firm has a
manufacturing plant in Puranpur (Uttar Pradesh). The firm's day-
to-day operations were previously managed by Mr. Tanuj Agarwal
and Mr. Vijay Kumar Agarwal.


BAJRANG BRONZE: ICRA Assigns B- Rating to INR3.0cr Cash Loan
------------------------------------------------------------
The long term rating of [ICRA]B- has been assigned to the INR5.29
crore long term fund based facilities of Bajrang Bronze LLP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limits     3.00       [ICRA]B- assigned
   Term Loan              2.29       [ICRA]B- assigned

The assigned rating is constrained by the start-up nature of the
firm's operation and its relatively modest envisaged scale of
operations; considering the fragmented nature of the casting
industry, which may limit the pricing flexibility and in turn
impact profitability. The rating considers that the future cash
flow adequacy and project metrics would be highly sensitive to
the establishment of the firm's products and a successful scale
up of operations, given the high gestation period associated with
the stabilisation of operations. ICRA also takes note that the
firm's financial profile is expected to remain constrained over
the medium term, owing to moderate debt-servicing liability and
its margins will remain vulnerable to the raw material price
fluctuations.

The rating, however, favourably takes into account long
established experience of the promoters in the manufacturing of
casting materials and various fiscal benefits available to the
firm that is likely to support profitability.

Established in October 2015, Bajrang Bronze LLP (BBL) is a
greenfield project which makes castings and bushing of various
non-ferrous alloys such as bronze, brass, aluminium etc. The
manufacturing facility of the entity is located at Rajkot,
Gujarat with an installed capacity of 1200MT (700 MT of Bronze
Casting, 200 MT of Brass Casting and 300 MT of Aluminium
Casting). The commercial production has commenced in the first
week of May 2016. BBL was established by the Mungara family who
have a long experience in the business of casting materials,
serving as proprietors or partners in associate concerns engaged
in similar business lines.


BANSAL CONSTRUCTION: ICRA Suspends B+/A4 Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 rating for the INR20.00
Crore bank facilities of Bansal Construction Works. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BANSAL CONSTRUCTION WORKS: ICRA Suspends B+ INR30cr Loan Rating
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR30.00 Crore
bank facilities of Bansal Construction Works Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BEAUTY & MORE: ICRA Suspends B+ Rating on INR5cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.00 crore
fund based facilities of Beauty & More. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Beauty & More (B&M) is a private limited which was incorporated
in the year 1994 however it had commenced its operations in the
year 2009. The company has an exclusive store for personal care
and beauty products located at Khar; which is primarily engaged
in sale of branded and unbranded personal care and beauty
products to customers at discounted prices. B&M deals in over ~
6000 products and across 200 brands. Some of the prominent brands
sold by B&M are L'OREAL, Maybelline, Revlon, Lakme, Chambor,
Wella, Schwarzkopf, Toni & Guy, Bath & Body Works, Nyx, Bourjois,
etc. B&M sells across various product categories, which includes
cosmetics, hair care, hair accessories, deodorants, perfumes,
salon equipments, etc. and caters to both retail and wholesale
customers like beauty parlours, saloons, spas, Hotel chains,
Retailers e-commerce companies etc.


BSL ENGINEERING: ICRA Suspends B+/A4 Rating on INR5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA] B+/[ICRA] A4 rating assigned to the
INR5 crore bank facilities of BSL Engineering Services 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.


DEEPAK CABLES: CRISIL Reaffirms 'D' Rating on INR6.65BB Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Deepak Cables India
Limited (DCIL) continue to reflect instances of delay by DCIL in
servicing its debt and continuous instances of overdrawn working
capital facility for more than 30 days, owing to weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee         6658.8      CRISIL D (Reaffirmed)

   Cash Credit            3050        CRISIL D (Reaffirmed)

   Letter of Credit        973.3      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              2317.9      CRISIL D (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCIL and its subsidiary Adhunik Power
Transmission Ltd (APTL). This is because these companies are
managed by the same promoters and have high financial
fungibility.

DCIL primarily manufactures power conductor cables and executes
EPC contracts in the power transmission and distribution segment.
In 2011, DCIL acquired APTL, which has tower manufacturing
facilities at Jamshedpur.


FULZAN PROPERTIES: CRISIL Assigns 'D' Rating to INR75MM LT Loan
---------------------------------------------------------------
http://www.crisil.com/Ratings/RatingList/RatingDocs/Fulzan_Proper
ties_May_24_2016_RR.html


CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Fulzan Properties (FP). The rating reflects delays in
debt servicing, driven by weak liquidity following delayed
commercialisation of hotel property.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            75       CRISIL D

Financial risk profile remains weak, because of small networth
and subdued debt protection metrics. However, benefits from the
extensive entrepreneurial experience of the promoters should
continue to partially offset the rating weaknesses over the
medium term.

Aurangabad based FP is a partnership firm formed in 2013 by
members of Zambad family. It is developing a hotel property-
Hotel White Tulip at Waluj, on Aurangabad-Pune road.


GAYTRI INDUSTRIAL: ICRA Suspends B+ Rating on INR3cr Cash Loan
--------------------------------------------------------------
http://www.icra.in/Files/Reports/Rationale/Gaytri%20Industrial%20
-R-23052016.pdf


ICRA has suspended the long term rating of [ICRA]B+ outstanding
on the INR3.00 Crore cash credit facilities, INR4.00 crore term
loans and INR3.00 crore non fund based limits of Gaytri
Industrial Corporation. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


GEORGE MAIJO: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s George Maijo
Industries Private Limited a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable.  The agency has also assigned Maijo's
INR100.00 mil. fund-based facilities a Long-term rating of
'IND BB-' with a Stable Outlook and a Short-term rating of
'IND A4+'.

                         KEY RATING DRIVERS

The ratings reflect Maijo's stressed liquidity and moderate
credit profile.  There have been several instances of
overutilization of the fund-based working capital limits by the
company for up to three weeks during February-April 2016.
Revenue grew at a CAGR of 15% during FY12-FY15 and was INR1,044
mil. in FY15 while EBITDA interest coverage was 3.0x at FYE15
(FYE14: 2.6x) and net leverage was 2.8x (2.9x).  9MFY16 unaudited
financials indicate revenue of INR795m and EBITDA margin of 9.8%.

The company is planning to start a power tiller assembly line by
incurring capex of INR15 mil.  This unit is likely to commence
operations during FY17.

                      RATING SENSITIVITIES

Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics or further stress
on liquidity will be negative for the ratings.

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

                         COMPANY PROFILE

Incorporated in 1962, Maijo has been the sole product distributor
in India for Yamaha Motor Co. Ltd., Japan for the last three
decades.


GOLDEN SPARROW: ICRA Suspends B+ Rating on INR20cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR20
crore long term bank facilities of Golden Sparrow Developers 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.


GOPALA KRAFT: CRISIL Reaffirms B+ Rating on INR62.5MM Term Loan
---------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Gopala Kraft Pack Private Limited (Gopala) to
'Positive' from 'Stable', while reaffirming the rating at
'CRISIL B+'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              37.5      CRISIL B+/Positive (Outlook
                                      revised from 'Stable' and
                                      rating reaffirmed)

   Term Loan                62.5      CRISIL B+/Positive (Outlook
                                      revised from 'Stable' and
                                      rating reaffirmed)

The outlook revision reflects improvement in the company's
business risk profile because of an increase in scale of
operations and moderate operating profitability. With an
increasing customer base and demand for products, Gopala achieved
healthy growth in net sales to about INR330 million in 2015-16
(refers to financial year, April 1 to March 31) from INR244
million in 2014-15. Furthermore, its operating profitability
remained stable at about 8.5 percent in 2015-16. With increasing
capacity utilisation and proximity to customers, the company is
likely to sustain its improved business risk profile over the
medium term.

The rating reflects Gopala's modest scale of operations and
average financial risk profile, marked by modest net worth and
moderate debt protection indicators. These rating weaknesses are
partially offset by the extensive industry experience of Gopala's
promoters and its strong customer relationships.
Outlook: Positive

CRISIL believes that Gopala will continue to benefit from the
extensive industry experience of its promoters and stable demand
outlook for its products, over the medium term. The rating may be
upgraded if the improvement in scale of operations and moderate
operating profitability is sustained leading to higher cash
accruals, while the working capital cycle is maintained.
Conversely, the outlook may be revised to 'Stable' in case of a
significant decline in revenue or operating profitability, a
considerably stretched working capital cycle, or substantial
debt-funded capital expenditure, leading to deterioration in the
financial risk profile. The level of cash accruals vis-a-vis term
debt principal repayments will continue to remain a key rating
sensitivity factor over the medium term.

Incorporated in 1996 by the Somani family, Gopala manufactures
and sells corrugated boxes. Its manufacturing unit is located in
Baramati (Maharashtra). Mr. Gautam Somani, managing director,
looks after the day-to-day operations of the company.


H K LUMBERS: CRISIL Reaffirms 'B' Rating on INR15MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of H K Lumbers LLP (HKL)
continue to reflect susceptibility of HKL's profitability to
intense competition in timber trading industry, regulatory
changes in timber business, and fluctuations in forex rates, its
average financial risk profile, and working capital intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the promoters in the timber
trading industry, and its established relationships with
customers and suppliers.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             15       CRISIL B/Stable (Reaffirmed)

   Proposed Letter
   of Credit                55       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that the H.K. Lumbers LLP (HKL)'s business risk
profile will benefit from promoter's long standing experience in
timber trading operations. The outlook may be revised to
'Positive' if the company stabilises its operations earlier than
expected, leading to healthy accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if HKL's operating margin is lower than expected, or
it undertakes a substantial debt-funded expansion programme, or
its working capital management deteriorates, resulting in
significant weakening of its financial risk profile.

Update
For the year 2015-16 (refers to April 1st to march 31st), HKL's
turnover for its first full year of operations are estimated to
be around INR130 million. CRISIL believes that HKL will grow at
modest pace in the range of 10 per cent over the medium term. In
2015-16 HKL is estimated to report operating margins of around
4.1 per cent. However, the operating margin expected to remain
range bound around 4 per cent going forward. Over the medium
term, the operating margins are expected to remain range bound at
around 4 per cent.

In the year 2015-16, the firm's working capital requirements are
estimated to be high with gross current assets (GCA) days at 232
days. As on March 2016, the inventory holdings are estimated at
115 days. The debtor days are estimated at 110 days in year 2015-
16. Going forward, the debtor and inventory are estimated to stay
close to 2015-16 levels. Against these, the credit period availed
from raw material suppliers is around 120 days thereby keeping
the cash conversion cycle stable at around 100 days. CRISIL
expects firm's GCA days in the range of 220 days, & the overall
working capital requirements are expected to rise in scale of
operations.

Over the medium term, the financial risk profile is expected to
be constrained by its high leverage, below average debt
protection metrics and stretched liquidity due to its working
capital intensive operations.

Established in 2014, HK Lumbers LLP (HKL) is a Gujarat based
company engaged in trading of timber. The firm will start
commercial operations from April 2015. Apart from trading, it
would also undertake processing of timber so as to cater to
customized orders. The day to day operations will be managed by
Mr. Bharat Kumar Rudrani.

For 2015-16 its first full year of operations, HKL is estimated
to report its profit after tax (PAT) and sales at INR0.9 million
and INR130 million, respectively.


HANUMAN RICE: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hanuman Rice and
General Mills (HRM) continue to reflect the firm's weak financial
risk profile because of high gearing and weak debt protection
metrics. The ratings also factor in a small scale of operations,
high dependence on the monsoon, and susceptibility to changes in
government policies. These rating weaknesses are partially offset
by the extensive experience of the promoters of the firm in the
basmati rice industry, and benefits expected from the healthy
growth prospects for the industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             100      CRISIL B-/Stable (Reaffirmed)
   Packing Credit           40      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       10      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HRM will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
financial risk profile is, however, likely to remain weak because
of working capital-intensive operations. The outlook may be
revised to 'Positive' in case of significant improvement in the
financial risk profile, supported by capital infusion or a
substantial increase in scale of operations or profitability
leading to better cash accrual. Conversely, the outlook may be
revised to 'Negative' if liquidity deteriorates because of a
considerable increase in inventory or debt-funded capital
expenditure.

HRM was established in 1997 as a partnership firm. It mills and
shells rice at its plant in Cheeka, Haryana. The firm is
currently managed by Mr. Raj Kumar.

Profit after tax (PAT) was INR0.39 million on net sales of
INR576.4 million in 2014-15 (refers to financial year, April 1 to
March 31), vis-a-vis PAT of INR1.14 million on net sales of
INR473.2 million in 2013-14.



HAQ STEELS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned HAQ Steels
Private Limited (HSPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect HSPL's weak credit profile.  Its provisional
FY16 financials indicate net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) of 8.6x, interest coverage (Ind-Ra
operating EBITDA/gross interest expense) of 0.9x and EBITDA
margin of 3.4%.  The ratings take into account the company's
limited track record of operations as it started commercial
operations in October 2014; FY16 was the first full year of
operations for the company.  The company's revenue was INR1,856
mil. in FY16.

The ratings factor in Ind-Ra's expectation of a sustainable
improvement in HSPL's credit profile by FYE18 on steady revenue
growth and scheduled repayments of debt.

The ratings are supported by HSPL's comfortable liquidity with
its average utilization of the working capital facilities being
67% during the 12 months ended April 2016.  The ratings are
further supported by the company's promotors' around four decades
of operating experience in the metal trading business leading to
longstanding relationships with its customers and suppliers.

                        RATING SENSITIVITIES

Positive: A substantial revenue growth leading to a sustained
improvement in the profitability and credit metrics could lead to
a positive rating action.

Negative: A decline in the revenue and/or profitability leading
to a sustained deterioration in the credit metrics and/or
liquidity could lead to negative rating action.

                         COMPANY PROFILE

Established in 2013, HSPL manufactures TMT steel bars at its
1, 08,000mtpa plant.  The company sells its product under the
brand name German.

HSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable.
   -- INR180 mil. fund-based working capital limits: assigned
      'IND BB'/Stable and 'IND A4+'
   -- INR193.3 mil. term loan limits: assigned 'IND BB'/Stable


HMR STEELS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed HMR Steels
Private Limited's (HMR) Long-Term Issuer Rating at 'IND B+'.  The
Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation reflects HMR's continued weak credit metrics due
to high borrowings and interest obligations coupled with volatile
profit margins.  According to the company's FY16 provisional
financials, its EBITDA interest coverage was 1.3x (FY15: 1.2x),
net financial leverage (net debt/operating EBITDA) was 5.9x
(5.6x), and operating EBITDA margin was 3.5% (4.4%).

The affirmation further reflects the company's continued tight
liquidity with nearly 100% utilization of the fund-based limits
during the 12 months ended April 2016.

The ratings, however, continue to be supported by its founder's
operating experience of more than two decades in the steel
trading business and the company's established customer base.

                      RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the EBITDA interest coverage.

Negative: A negative rating action could result from further
deterioration in the EBITDA interest coverage.

                         COMPANY PROFILE

HMR was incorporated as MR Steels, a proprietorship concern in
1992 and was converted to HMR Steels Pvt Ltd in 2008.  The
company is engaged in the trading of mild steel plates and heavy
steel plates and is an authorized dealer of Steel Authority of
India Limited (SAIL; 'IND AA'/Negative) and Jindal Steel and
Power Limited.

HMR's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
   -- INR190 mil. fund-based working capital limits: affirmed at
      'IND B+'/Stable
   -- INR30 mil. non-fund-based working capital limits: affirmed
      at 'IND A4'


INTERTOUCH METAL: ICRA Assigns B+ Rating to INR4cr LT Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ on the INR4.00
crore fund based facilities, and the INR0.87 crore long term
loans of Intertouch Metal Buildings Private Limited. ICRA has
also assigned a rating of [ICRA]B+/[ICRA]A4 to the INR5.00 crore
Bank Guarantee and INR4.00 crore non-fund based Inland/ Import LC
of Intertouch Metal Buildings Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Term
   Loan Facility          0.87        [ICRA]B+/assigned

   Long Term: Fund
   Based Facility/CC      4.00        [ICRA]B+/assigned

   Long Term/ Short
   Term: Non Fund
   Based Facility-
   Inland/ Import LC     (4.0)        [ICRA]B+/[ICRA]A4/assigned

   Long Term/Short
   Term: Non Fund
   Based Facility-
   Bank Guarantee         5.00        [ICRA]B+/[ICRA]A4/assigned

   Unallocated LT/ST
   Facility               0.13        [ICRA]B+/[ICRA]A4/assigned

The ratings positively factor the rich experience of the promoter
in the field of civil engineering, their strong commitment in the
business as seen through the timely funding support, favourable
demand for the company's products over the near to medium term on
the back of expected improvement in economic activities in the
country, and long standing association with Kalzip Roofing System
thus enabling steady order flows and revenue visibility for the
company. The ratings also consider the company's efforts towards
achieving geographical diversification and improve the share of
business with Kalzip and the promoter's periodical fund infusions
to meet any shortfall in funding requirements.

The ratings are, however, constrained by the company's limited
scale of current operations which restricts the scale economy
benefits leading to pressure on pricing and thin margins,
vulnerability of profits to any demand slowdown in the end-user
industries and fragmented nature of the business with competition
emanating from other organised and unorganised players. The
ratings are also tempered by the moderate financial profile
characterised by volatility in revenues, thin operating profit
margins, high working capital intensity and moderate debt
coverage indicators.

Going forward, the company's ability to scale up its revenues,
improve profit margins and debt coverage indicators will be key
credit monitorables.

Established in the year 1997 and incorporated in the year 2000,
the company is in the service of providing commercial
construction services and industrial building system that include
Pre-Engineered Buildings (PEBs), Civil work on turnkey bases,
Metal Roof/ wall claddings in coated substrates, roof/ wall
cladding profiles and Kalzip aluminium roofing system. Other
service offerings of the company include Latchways Fall Arrest
Systems, Hunter Douglas Facade Systems, KME, MN and VMZINC. In
the year 2007-08, the company established an association with
Kalzip Aluminium Roofing, a renowned product of Corus Steel.
Kalzip is offered as fully compatible and coordinated roofing and
often, walling system, from structural steel to outer sheet,
assembled on site for complete demount ability at some point in
the distant future.


IRAKI TRADING: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Iraki Trading
Co. (ITC) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect ITC's moderate credit profile and volatile
profitability.  The firm's commodity trading business is not only
exposed to the vagaries of price fluctuations but also returns
thin margins.  ITC's EBITDA margins were at 1.8%-4.3% during
FY11-FY16 Provisional FY16 financials indicate net leverage (Ind-
Ra adjusted net debt/operating EBITDAR) of 3.7x (FY15:5.8x) and
EBITDA interest coverage of 2.3x (1.6x).

The ratings also factor in ITC's moderate liquidity profile and
19% revenue CAGR in the two years ended FY16.  Its revenue
improved to INR622.2 mil. in FY16 (provisional)
(FY15: INR511.2 mil.) falling to INR438.3 mil. in FY14 from
INR963.6 mil. in FY13.  The average use of its working capital
facilities was 88% during the 12 months ended April 2016.

However, the ratings are supported by its proprietor's experience
of more than four decades in the trade of metals, which has led
to well-established relationships with customers and suppliers.

                        RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining
profitability, leading to a sustained improvement in credit
metrics, will lead to a positive rating action.

Negative: A decline in revenue and/or profitability, leading to
sustained deterioration in credit metrics, will lead to negative
rating action.

                         COMPANY PROFILE

Established in 1994, ITC is engaged in the trade of pig iron and
acts as a carrying and forwarding (C&F) agent for SLR Metaliks
Ltd.  It sells pig iron to foundries and induction furnace units
in Gujarat.  The firm's proprietor is Mr. Inamulhaq Iraki.

ITC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR40 mil. fund-based working capital limits: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR75 mil. non-fund-based working capital limits: assigned
      'IND A4+'


JASHANK IMPEX: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Jashank Impex Private Limited (JIPL).

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

The rating reflects its modest scale of operations with exposure
to intense competition and low operating profitability. The
rating also reflects JIPL's modest networth. These rating
weaknesses are partially offset by extensive experience of the
promoters in the readymade garment (RMG) and textile industry and
comfortable capital structure.
Outlook: Stable

CRISIL believes JIPL will benefit over the medium term from the
longstanding experience of the promoters. The outlook may be
revised to 'Positive' in case the company's generates higher than
expected cash accruals, due to sharp increase in scale of
operations or profit margins or in case of higher than expected
capital infusions by the promoters. Conversely, the outlook may
be revised to 'Negative'  the company's generates lower than
expected cash accruals, or its working capital cycle
deteriorates,  JIPL undertakes larger than expected debt funded
capex, leading to a deterioration in its financial risk profile
and liquidity.
Incorporated in 2011 by Mr. Anil Gupta, JIPL manufactures and
exports readymade garments for men and women.

The manufacturing facility is based in Udhna (Gujarat) and
Ulhasnagar (Maharashtra). The plant has cutting machines,
stitching machines, rolling machines and embellishments machines.


JAY KISHAN: ICRA Revises Rating on INR12cr Cash Loan to B
---------------------------------------------------------
ICRA has revised downwards the long term rating assigned to
INR12.00 crore long term cash credit facility of Jay Kishan Fibre
Private limited to [ICRA]B from [ICRA]B+. ICRA has also
reaffirmed the short term rating to [ICRA]A4 to the INR5.00 crore
warehousing facility and INR2.50 crore FDBP limits of JFPL.

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

   Short Term - Fund
   Based Warehousing
   Limit                  5.00        [ICRA]A4; Reaffirmed

   Non Fund Based-
   FDBP                   2.50        [ICRA]A4; Reaffirmed

The revision of rating continues to be constrained by JKFPL's de-
growth in revenue witnessed in FY2015-16. The financial profile
of the company also remained weak as can be reflected from its
low profitability, weak debt coverage indicators and highly
leveraged capital structure on account of higher working capital
utilizations. The ratings are further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the company's profitability to
raw material (i.e. cotton) prices, which are subject to
seasonality, crop harvest and regulatory risks.

The rating, however, favorably factors in long experience of the
promoters in the cotton industry and location advantage of the
company by virtue of its location in the cotton producing belt in
Gujarat.

ICRA expects JKFPL's revenues to witness marginal growth of ~10%
during FY2016-17 mainly due to weak market conditions faced by
cotton industry. The profitability is expected to be in line with
the previous fiscals given the stable outlook on prices. However
the company's ability to scale up the operations would be largely
contingent to improvement in international demand, given the
seasonality in the business, volatility in prices of cotton, high
competitive intensity and uncertain regulatory scenario. Further
the company's ability to infuse funds to support its capital
structure and manage its working capital efficiently would be a
key rating monitorable.

Incorporated in 2005, Jay Kishan Fibre Private Limited (erstwhile
Kutch Ginning and Spinning Private Limited) is engaged in the
business of ginning and pressing of raw cotton to produce cotton
bales and cotton seeds. The company is also engaged in crushing
of cotton seeds to produce cotton seed oil and oil cake. The
manufacturing facility of the company is located at Bhuj-Kutch
Gujarat and is currently equipped with 36 ginning machines and 1
pressing machine having a capacity to produce 300 cotton bales
per day. The company is also equipped with 10 expellers having
the capacity to manufacture 10 tons of wash oil per day. The
company has two associate concerns namely Markwell Spinning Pvt
Ltd involved in spinning operations and Mayur Enterprise engaged
in processing of groundnut seeds and trading of agro products.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR44.96 crore with profit after tax (PAT) of
INR0.04 crore. Further during FY2015-16 as per provisional
unaudited numbers; the company has reported operating income of
INR38.71 crore with profit after taxes of INR0.09 crore.


JHANWAR RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Jhanwar Rice and Dall Mill (JRDM) continues to reflect the firm's
below-average financial risk profile, marked by low networth, and
weak debt protection metrics and capital structure.

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

   Proposed Long Term
   Bank Loan Facility      16.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan               13.3     CRISIL B+/Stable (Reaffirmed)

   Warehouse Receipts      30.0     CRISIL B+/Stable (Reaffirmed)

The rating also factors in large working capital requirements,
small scale of operations, and exposure to risks relating to
regulatory changes, vagaries in monsoon, and fluctuations in raw
material prices. These rating weaknesses are partially offset by
extensive experience of the promoters in the rice milling
industry.
Outlook: Stable

CRISIL believes JRDM's financial risk profile will remain
constrained over the medium term by large working capital
requirements and small networth. The outlook may be revised to
'Positive' if increase in revenue and operating margin and
prudent management of working capital strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
decline in operating margin or any large debt funded capital
expenditure weakens the financial metrics.

Update
Revenue increased to an estimated INR428 million in 2015-16
(refers to financial year, April 1 to March 31) from INR387
million the previous year, driven by liquidation of inventory
held back in 2014-15, and higher volumes despite volatility in
prices of paddy and rice. Operating margin, however, may remain
low at 4-5 percent over the medium term due to competitive
pressure and volatility in raw material prices.

Liquidity remains adequate marked by moderate net cash accruals
against no major repayment obligation with average 75 percent
utilisation of working capital limits. The liquidity will be
supported by absence of any significant capex.

It has working capital intensive operation reflected in its gross
current asset (GCA) days of between 120-140 days, which is in
line with industry. Working capital cycle is expected to remain
at the current levels over the medium term at the year end,
primarily on account of procurement of paddy during the season.

The firm's financial risk profile continues to remain weak marked
by estimated low net worth of INR28 million, moderate gearing of
4.1 times, weak interest coverage at 2.0 times in 2015-16. The
team believes that the financial risk profile of the firm will
remain constrained due to its large working capital requirements
on account of seasonal availability of the Paddy crop and
moderate cash accruals leading to high reliance on bank debt.

JRDM was incorporated in 1979 by Mr. Kailash Jhanwar in Bundi.
The firm mills and trades in paddy and rice. Milling capacity of
6 tonne per hour is utilised at around 70 percent.

Net profit and net sales increased to INR5 million and INR387
million in 2014-15 from INR4.5 million and INR331.60 million,
respectively, the previous year.


K. B. PRODUCTS: ICRA Suspends 'B' Rating on INR7.0cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR7.00 crore bank limits of K. B. Products Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

K. B. Products Private Limited (KBPL) was setup by Mr. Kewalchand
Jain and his brother Mr. Jagdish Jain in the year 1978 as a
trading and distribution firm for milk products in Masjid Bunder.
In 2007, the company was converted from a sole proprietorship
into a private limited company. KBPL is primarily engaged in
trading and marketing of ghee and dairy products. KBPL has been a
distributor for various dairy brands like Gowardhan, Milko,
Madhur ghee, Gopal ghee, Vijaya, Nandini etc. However since the
last few years, the company is focussing on marketing and
distribution of ghee and dairy products under its own brand name
'Nakoda'. Some of the main products which the company sells under
its brand name 'Nakoda' include buffalo ghee, cow ghee, coconut
oil, skimmed milk powder, refined sunflower oil, groundnut oil,
sesame oil and mustard oil. KBPL's products are distributed
mainly in Maharashtra, Uttar Pradesh, Chhattisgarh and few other
states through a wide spread dealer network.


KALPESH CORPORATION: ICRA Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR5.00 crore1 (enhanced from INR3.00 crore) fund based working
capital facilities, INR2.00 crore standby limit, INR0.87 crore
term loan and INR4.50 crore (enhanced from NIL) of cash credit
facility (sublimit of EPC) of Kalpesh Corporation. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR10.00
crore short-term fund based export packing credit facilities of
KEPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.00      [ICRA]B+; reaffirmed
   Stand by Limit           2.00      [ICRA]B+; reaffirmed
   Term Loan                0.87      [ICRA]B+; reaffirmed
   Cash Credit             (4.50)     [ICRA]B+; reaffirmed
   Export Packing Credit   10.00      [ICRA]A4; reaffirmed

The reaffirmation of ratings takes into account KC's stretched
financial profile as demonstrated in the fluctuating
profitability despite healthy operating income driven by huge
volume sales and improved sale realization. The debt levels
remained at INR13.37 crore as on March 31, 2015 and INR20.38
crore as on March 31, 2016 resulting into high gearing of 2.17
times as on March 31, 2015 and 2.85 times as in March 31, 2016.
Coverage indicators also deteriorated during FY2014-15 with
interest coverage at 2.05 times and NCA/Total debt at 10% which
have further declined to 1.68 times and 8% respectively during
FY2015-16.

The ratings also take into account the highly competitive nature
of the agro-commodities business due to low entry barriers in the
industry and vulnerability of KC's profitability to the agro-
climatic conditions associated with the agro-commodities. The
ratings further consider the susceptibility towards any adverse
regulatory changes with respect to export incentives, which
contributes around 4.7% of operating revenue of the KC during
FY2014-15.

The ratings, however, positively consider the experience of KC's
promoters in the processing and trading of agricultural
commodities and the location advantage with regard to the
procurement of material as well as the export of the products.
The ratings also take into account the established relations
through repetitive orders from domestic as well as overseas
customers.
ICRA expects KC's revenue and profitability to remain critical on
account of intense competitive pressures besides vulnerability to
agro-climatic conditions. The firm's ability to enhance its scale
of operations along with maintaining profitability and improving
its capital structure will be the key rating sensitivities.

Kalpesh Corporation (KC) was incorporated in 1992 to produce
Psyllium Husk powder from agriculture product- Psyllium (or
Isabgol) seeds.

KC is promoted and managed by Mr. Rameshchandra Nayak and Mr.
Ashvin Nayak. The promoters have been in agro-based business
since more than two decades. The promoters are also associated
with another group concern i.e. Kanaiya Exports Private Limited
(rated at [ICRA]B/[ICRA]A4) which is primarily engaged in the
trading of sesame seeds (natural and hulled), cumin seeds, fennel
seeds psyllium husk and other agro products. Both the entities
are located in Unjha.

Recent Results
During the financial year FY2014-15, the company registered net
profit of INR1.1 crore on an operating income of INR66.7 crore.


KANCHAN VANIJYA: ICRA Suspends 'B' Rating on INR5.09cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR5.09 crore term loans and INR1.11 crore unallocated limits
of Kanchan Vanijya Private Limited. ICRA has also suspended the
short term rating of [ICRA]A4 assigned to the INR13.80 crore fund
based bank limits of the company. The above unallocated limit of
INR1.11 crore which had also been rated on the short term scale
at [ICRA] A4 has also been suspended. The suspension follows lack
of co-operation from the company.

Established in 1972 by Kolkata based Gupta family, KVPL is
primarily engaged in the manufacture and exports of leather bags
and wallets for both men and women. KVPL's manufacturing unit is
based at Kolkata.


KINETA GLOBAL: CRISIL Ups Rating on INR900MM LT Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Kineta Global Limited (KGL) to 'CRISIL B/Stable' from 'CRISIL
D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              300       CRISIL B/Stable (Upgraded
                                      from 'CRISIL D')

   Proposed Long Term       900       CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The rating upgrade reflects improvement in liquidity, as cash
credit was utilised within limit, against past instances of over-
utilisation and interest was paid on time over three months
through April 2016. CRISIL believes the firm will sustain the
improved liquidity profile, over the medium term, driven by
better working capital management.

The ratings continue to reflect the limited financial
flexibility, due to substantial loans and advances extended to
affiliates and the large working capital requirement. The rating
also factors in vulnerability to changes in government
regulations, intense competition and volatility in prices of
products that it trades in. These rating weaknesses are partially
offset by the benefits KGL derives from the extensive industry
experience of its promoters.

CRISIL has assessed the business and financial risk profiles of
KGL on a standalone basis. For the previous rating exercise,
CRISIL had combined the business and financial risk profiles of
KGL and its wholly-owned subsidiary, Kineta International Pte Ltd
(KIPL). The change in the analytical approach follows the
management's decision to operate the firms independently;
transactions between these companies will now be undertaken at
arm's length.
Outlook: Stable

CRISIL believes KGL will continue to benefit over the medium term
from the extensive industry experience of the promoters. The
outlook may be revised to 'Positive' if revenue, profitability
and working capital management improve in a significant and
sustained manner. The outlook may be revised to 'Negative' if the
operating profit margin drops sharply or if a large debt-funded
capital expenditure or stretched working capital cycle weakens
the capital structure.

KGL (formerly, Kineta Minerals and Metals Ltd) was established by
Mr. V Balashowry in 2006. The Hyderabad-based company  trades in
iron ore, TMT bar, cement and solar panels.


KUNJ BIHARI: ICRA Assigns B+ Rating to INR7.5cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR7.5
crore fund based bank facilities of Kunj Bihari Lal Radhey Shyam
Metals Pvt. Ltd. ICRA's assigned rating derives comfort from the
long experience of the promoters in brass products and the firm's
established clientele, which helps it generate repeat business
resulting revenue growth.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund Based Facility        7.5       [ICRA]B+; Assigned

The rating however remains constrained on account of the
company's modest scale of operations and its stretched liquidity
position owing to its elongated receivable cycle and high
inventory requirements. This apart, the rating also takes into
account KMPL's modest financial profile characterized by thin
margins and leveraged capital structure, with gearing of 3.3
times, Debt/OPBDITA of 8.4 times as on March 2015.

The company's ability to profitably scale up its operations while
improving its liquidity profile and debt coverage will be the key
rating sensitivities.

Incorporated in 1987, Kunj Bihari Lal Radhe Shyam Metals Private
Limited is a private limited company based in Mirzapur, Uttar
Pradesh. The company is a manufacturer and distributor for brass
kitchen utensils and brass sheet circles. Mr Rajesh Agarwal, who
has more than three decades of experience in the industry,
manages the operations.

Recent Results
The company reported an operating income of INR25.54 crore and a
net profit of INR0.02 crore in FY2015 as against an operating
income of INR23.36 crore and a net profit of INR0.14 crore for
FY2014. Further the company reported operating income of Rs 24.0
crore in FY2016 on provisional basis.


LEONARD EXPORTS: ICRA Lowers Rating on INR3.75cr Cash Loan to D
---------------------------------------------------------------
ICRA has revised downwards the long term rating assigned to the
INR3.75 crore cash credit facility and INR2.05 crore untied limit
of Leonard Exports from [ICRA]BB- to [ICRA]D. ICRA has also
revised downwards the short term rating assigned to the INR1.20
crore fund based and non-fund based bank facilities of LE from
[ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit            3.75        [ICRA]D downgraded

   Fund Based Limit-
   Untied limit           2.05        [ICRA]D downgraded

   Fund Based Limit-
   Packing Credit/
   FBP/FBD                1.00        [ICRA]D downgraded

   Non-Fund Based
   Limit- Bank
   Guarantee              0.20        [ICRA]D downgraded

The rating action takes into account the recent delays made by
the firm in meeting its debt service obligations.

Leonard Exports was established in 2001 as a partnership firm by
Mr. P.K.Darolia (holding 70% stake) along with three other
partners. The firm is primarily engaged in trading of fly ash,
which it procures from various thermal power plants and sells
primarily to cement manufacturing units. Besides trading, the
firm also provides ancillary services, like handling and
transportation of fly ash. The firm operates through four
branches- Farakka, Suri, Titagarh in West Bengal and Kahalgaon in
Bihar.


MADHAVA HYTECH: ICRA Lowers Rating on INR4cr Loan to 'B'
--------------------------------------------------------
ICRA has revised the long term rating assigned to INR4.00 crore
fund based limits from [ICRA]B+ to [ICRA]B and reaffirmed the
short term rating assigned to INR10.00 crore non fund based
limits of Madhava Hytech Infrastructures (India) Pvt. Ltd. at
[ICRA]A4. ICRA has also assigned the ratings of [ICRA]B/[ICRA]A4
to the INR5.00 crore unallocated limits of MHIIPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        4.00       [ICRA]B (revised from
                                       [ICRA]B+)

   Non Fund Based Limits   10.00       [ICRA]A4 reaffirmed

   Unallocated Limits       5.00       [ICRA]B/[ICRA]A4 assigned

The rating revision primarily factors in deteriorated liquidity
profile of the company as reflected by the full utilization of
fund based limits on account of high level of receivables with
substantial part pending for more than eighteen months from
various projects being executed for Bruhat Bengaluru Mahanagara
Palike (BBMP) and other state government departments of
Karnataka. The ratings are further constrained by the decline in
operating income by ~25% in FY2015 due to slow order book
execution and limited participation in joint venture projects,
although the same has improved in FY2016 due to increased
execution in a single project for Northeast Frontier Railways
during Q4FY2016; small order book size with only two orders on
hand with unexecuted order book at INR47.20 crore as on February
29, 2016; and high customer concentration risk as majority of the
revenues were derived from BBMP in the last 4 years. The ratings
however positively factors in the longstanding experience of the
promoter in the construction industry; conservative capital
structure with gearing of 0.54 times as on 31 March 2015; and
established relationships with various government departments and
public sector entities.

Going forward, the ability of the firm to improve its liquidity
position and increase its scale of operations while managing
working capital requirements effectively will remain the key
credit rating drivers from credit perspective.

Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family
members. The company is involved in the construction of roads,
bridges, and railway tracks in states like Andhra Pradesh,
Karnataka, Tamil Nadu, and North-eastern states. MHIIPL was
incorporated post the demerger of Madhava Hytech Engineers Pvt.
Ltd. (MHEPL) with effect from April 1, 2009. MHEPL was
incorporated by Mr. Madhava Rao (father of Mr. K. Pradeep Kumar).
He has over 30 years of experience in the construction industry.
As per the court decision on demerger, MHIPL and MHEPL would
continue to retain the registrations and credentials of MHEPL.

Recent Results
As per the audited results for FY2015, the company reported
profit after tax of INR0.40 crore on turnover of Rs 9.26 crore as
against profit after tax of Rs 0.55 crore on turnover of INR25.39
crore during FY2014. As per the provisional financials for
FY2016, the company reported profit after tax of INR0.61 crore on
turnover of INR22.89 crore.


MAGADH IRON: ICRA Suspends B+ Rating on INR30cr Loan
----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30
working capital facilities of Magadh Iron 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.


MAGNOLIA LIMITED: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Magnolia
Limited a Long-Term Issuer Rating of 'IND BB+'.  The Outlook is
Stable.

                          KEY RATING DRIVERS

The ratings reflect Magnolia's small scale of operations and
moderate credit metrics.  Since the commencement of commercial
operations in FY13 Magnolia's revenue has continued to grow on
account of entry in semi-regulated markets with its anti-malarial
fixed-dosage formulations (FDFs).  Revenue from FDFs grew to
INR307.5 mil. in FY16 from INR3.5 mil. in FY13.  The company's
pharmaceutical intermediates and active pharmaceutical
ingredients (APIs) segments grew 8x between FY13 and FY16.
Unaudited FY16 results indicate revenue of INR615m, a 9% yoy
growth and EBITDA margin of 11.6%.  The company is likely to have
ended in FY16 with gross interest coverage of around 6.0x and net
leverage of around 1.2x.  Its EBITDA margin was 7.4% in FY15
(FY14: 3.9%), EBITDA interest coverage was 4.24x (83.8x) and net
leverage (net debt/EBITDA) was 3.2x (1.2x).

Magnolia manufactures anti-malarial and anti-diabetes drugs and
distributes these in countries such as Myanmar, Cambodia,
Vietnam, Laos, Sri Lanka, Nepal and Mauritius.  From FY17,
management plans to enter the South African market, which is
likely to support the company's revenue growth expectations.

The ratings are also supported by the company's comfortable
liquidity position; it recorded 56.6% average peak utilization of
its fund-based facilities over the 12 months ended March 2016.

The ratings derive support from Magnolia's promoter's experience
of three decades in the pharmaceutical industry.

                       RATING SENSITIVITIES

Positive: A significant increase in scale and profitability,
leading to sustained improvement in credit metrics, would be
positive for the ratings.

Negative: A decline in revenue or operating profitability,
resulting in significant deterioration in credit metrics will be
negative for the ratings.

                          COMPANY PROFILE

Magnolia was incorporated in 2010 and commenced operations in
2013.  It develops, manufactures and markets chemicals and
intermediates (CNIs), APIs and FDFs.  In FY16, 30% of Magnolia's
revenue came from CNIs and 20% came from APIs, of which 90% was
through the domestic market and 10% from exports.  The remaining
50% came from FDFs, of which 100% was via exports.

Magnolia's manufacturing unit is located in Mahad, Maharashtra;
it has an installed capacity of 330 tonnes of CNIs and APIs as
well as 1,020m units of FDFs per annum.  It currently utilizes
60% of its installed capacity.  Magnolia's manufacturing facility
is WHO GMP certified.  The company has over 100 product
registrations across 11 countries and has been accorded a 'One
Star Trading House' status by the Government of India in order to
receive export incentives.

Magnolia's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR23.95 mil. long-term loans: assigned 'IND BB+'/Stable
   -- INR65.0 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'


MISHKA GOLD: CRISIL Suspends B+ Rating on INR350MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mishka Gold Jewellery Limited (MGJL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          250        CRISIL A4
   Cash Credit             350        CRISIL B+/Stable

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

MGJL, incorporated in 2009 by Mumbai-based Mr. Mohit Kamboj, a
third generation entrepreneur, primarily manufactures gold coins
and jewellery which mainly involves making Kundan sets. Till
2010-11 the company used to outsource majority of its processes,
however in 2011-12 it started manufacturing on a large scale.


NAKSHTRA: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nakshtra a Long-
Term Issuer Rating of 'IND B-'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The ratings factor in Nakshtra's tight liquidity, its small scale
operations and weak credit metrics.  The fund-based facilities
were overused during the 12 months ended March 2016 for up to 17
days.  The company's revenue was INR336 mil. in 9MFY16 (FY15:
INR371 mil.) and EBITDA margin was 3.7% (3.8%).  The company is
likely to have ended FY16 with an interest cover of 2.31x (FY15:
1.4x) and net leverage of 8.41x (8.4x).

The ratings, however, are supported by the promoters' more than
two decades of operating experience in the garments trading
business.

                         RATING SENSITIVITIES

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

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

                           COMPANY PROFILE

Nakshtra, incorporated in 2013 by Mr Dinesh K. Shah as a
proprietorship firm, manufactures and trades printed mix cotton,
viscose fabrics along with fancy dress materials and unstitched
materials.

Nakshtra's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B-'/Stable
   -- INR70 mil. fund-based working capital limits: assigned
      'IND B-'/Stable and 'IND A4'
   -- Proposed INR20 mil. fund-based working capital limits:
      assigned 'Provisional IND B-'/Stable and 'Provisional IND
      A4'


NATH MOTORS: CRISIL Assigns B+ Rating to INR337.5MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Nath Motors Private Limited (NMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Inventory Funding
   Facility                262.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      337.5      CRISIL B+/Stable

The rating reflects NMPL's exposure to intense competition in the
automobile dealership market and weak financial risk profile with
high total outside liabilities to total net worth ratio and low
net worth. These weaknesses are partially offset by the
established relationship with principal and extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes NMPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
improvement in scale of operations and operating margin, or
funding support from promoters strengthens its business and
financial metrics. The outlook may be revised to 'Negative' if
lower-than-expected growth or profitability or increase in
working capital requirement weakens liquidity.

Incorporated in 2002, NMPL is an authorised dealer of passenger
vehicles and spare parts of Honda Cars India Ltd (Honda)
operating since April 2013. The company currently operates 2
showrooms, one each in Delhi and Faridabad under the brand name
Delight Honda, equipped with 3S (sales, service and spares)
facilities.

NMPL reported a profit of INR3.12 million on sales of INR148.8
million for 2014-15 (refers to financial year, April 1 to
March 31), as against INR1.2 million and INR58.01 million for
2013-14.


NITESH FASHION: ICRA Suspends B Rating on INR13.75cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR13.75 crore bank limits of Nitesh Fashion Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2011 Nitesh Fashion Pvt. Ltd. (NFPL) is a private
limited entity owned by Mr. Arvind Kothari and his four sons
Mr. Sanjay Kothari, Mr. Pradeep Kothari, Mr. Nitesh Kothari and
Mr. Ankeet Kothari. The company is involved in the business of
trading/third party processing of fabrics and garments.
Presently, NFPL is in the process of installation of weaving and
warping facilities in Bhiwandi which is expected to be
operational from Feb 2015.


OGUN STEEL: CRISIL Suspends 'D' Rating on INR200MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ogun Steel Rolling Mills Private Limited (OSRM; part of the
Paragon group).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             200        CRISIL D
   Letter of Credit        150        CRISIL D
   Long Term Loan           88        CRISIL D
   Proposed Long Term
   Bank Loan Facility       45.5      CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of OSRM, Ogun Steels Pvt Ltd (OSPL), and
Paragon Steels Pvt Ltd (Paragon Steel). This is because the three
entities, together referred to as the Paragon group, have a
common set of promoters, are in the same line of business, and
have strong operational linkages, including fungible cash flows.

The Paragon group was established in 1969 by Mr. M Paramsivam.
OSRM, established in 2009, manufactures thermo-mechanically
treated (TMT) bars; its unit is in Sulur (Tamil Nadu). Paragon
Steel, set up in 1994, manufactures TMT bars and ingots; its
plant is in Palakkad (Kerala). OSPL, set up in 2009, is the
trading arm of the group.


PAR DRUGS: ICRA Suspends B/A4 Rating on INR32.68cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 ratings assigned to the
INR32.68 crore bank facilities of Par Drugs & Chemicals Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance due to non-cooperation 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.

Bhavnagar (Gujarat) based Par Drugs & Chemicals Private Limited
(PDCPL) is promoted by the Savani family and is engaged in
manufacturing basic chemicals including Aluminium and Magnesium
salts majorly used in antacid drugs and polymer industry. The
company finds its roots in M/s Par Inorganic, proprietary firm,
set up in 1982 by first generation entrepreneur Mr. V. J. Savani
in Bhavnagar. The firm was converted into a private limited
company in 1999. The company has two manufacturing facilities,
one at Bhavnagar and other at Ankleshwar with Bhavnagar facility
being WHO GMP approved.


R.J CHATHA: ICRA Suspends B+ Rating on INR22cr Fund Based Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR22.00 crore fund based limits of R.J Chatha Rice Mills.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


RAJ YAMAHA: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Raj Yamaha
(RY) continues to reflect the firm's modest scale of operations
in the intensely competitive automobile dealership business, and
below-average financial risk profile. These weaknesses are
partially offset by its proprietor's extensive industry
experience.

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

Outlook: Stable

CRISIL believes RY will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the firm significantly
scales up operations and maintains profitability, resulting in
higher-than-expected cash accrual. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual, or large
debt-funded capital expenditure, or substantial capital
withdrawals, weakening financial risk profile.

RY, established in 2009, is an authorised dealer of India Yamaha
Motor Pvt Ltd in Chennai and has five showrooms. Its proprietor,
Mr. H Rajkumar, manages daily operations.


RAMGARH SPONGE: ICRA Suspends 'B+' Rating on INR5cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding
on the INR5.00 Crore cash credit facilities and the INR4.00 crore
term loans of Ramgarh Sponge Iron Private Limited. ICRA has also
suspended the short term rating of [ICRA]A4 outstanding on the
INR3.00 crore non-fund based limits of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR55cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR32.501 crore fund-based facilities (enhanced from INR27.50
crore) and INR55.00 crore non fund-based bank facilities
(enhanced from INR40.00 crore). ICRA has also reaffirmed the
short term rating of [ICRA]A4 on the INR15.0 crore short term
fund-based of Riddhi Siddhi Associates.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank
   facilities            32.50        [ICRA]B; reaffirmed

   Long-term non
   fund-based bank
   facilities            55.00        [ICRA]B; reaffirmed

   Short-term fund-
   based bank
   facilities            15.00        [ICRA]A4;reaffirmed

ICRA's ratings continues to take into account the experience of
RSA's management, in the royalty collection contract business and
RSA's operational performance wherein. the firm was able to
improve collection volumes during FY16 to meet the guaranteed
royalty payments and cover its operational expenses however the
surplus collections remained limited, which resulted in thin
operating profit margins of 3.00% though improved substantially
from 0.89% in FY2015. The profitability was exacerbated by
seasonal volatility in collections, given that the royalty
installments are paid by the firm to the government as per a
fixed schedule. Further, the business is characterized by high
capital requirements, which are on account of upfront payment of
security deposits, as well as working capital to bridge the cash
flow mismatch between actual royalty collection and royalty paid
to the government. High capital requirements, coupled with low
profitability result in weak return indicators as reflected in
RoNW1 of 1.64% in FY16. Moreover, the revenue visibility for the
firm continues to remain limited, given the short duration of the
contracts in hand and the unpredictability in securing new
contracts. Given the fragmented nature of the royalty contracting
business, low entry barriers and, resultant high competition in
the sector and susceptibility to government regulations, the
firm's operating margins have been subdued. Further, ICRA has
also taken into consideration RSA's constitution as a partnership
firm, which exposes it to capital withdrawal risks as well as
risk of dissolution.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility, and achieve healthy volumes along
with improving profitability metrics, will remain the key rating
sensitivities.

Formed by Mr. Mahendra Kumar Tak, his family members and business
associates in 2009, RSA is an Udaipur (Rajasthan) based
partnership firm. The firm commenced operations as a contractor
for royalty collection for sand mining and granite mining in
Rajasthan. Recently, the firm has also entered into contracts for
toll fee collections from road projects in Rajasthan. The
promoters have been engaged in similar contracts for royalty
collection, toll collection, etc for government departments since
2003.

Recent Results
RSA reported, on a provisional basis, an operating income (OI) of
INR318.93 crore and a profit after tax (PAT) of INR1.90 crore in
FY16, as compared to an OI of INR172.42 crore and a PAT of
INR1.10 crore in the previous year.


ROLTA INDIA: Fitch Lowers Issuer Default Rating to 'RD'
-------------------------------------------------------
Fitch Ratings has downgraded Rolta India Limited's Long-Term
Foreign- and Local-Currency Issuer Default Ratings to 'RD' from
'CC'.  Simultaneously, Fitch has downgraded the Rolta, LLC's
USD127 mil. 10.75% senior unsecured notes due 2018 and Rolta
Americas LLC's USD367 mil. 8.875% senior unsecured notes due 2019
to 'C' with Recovery Rating of 'RR5' from 'CC' with Recovery
Rating of 'RR4'.  Fitch has also downgraded the Rolta's senior
unsecured class rating to 'C' from 'CC'.  The notes are
guaranteed by Rolta.

The rating action follows Rolta's disclosure that bank loans of
USD35 mil. due on March 31, 2016, are still outstanding and our
understanding that there has been no agreement between the
lenders and Rolta to extend this maturity.

Fitch notes that Rolta has been not been transparent in providing
Fitch and other relevant market participants with information
about its liquidity situation.  Unless the company provides us
with timely updates on how it intends to meet its upcoming
commitments, Fitch may have to withdraw the ratings due to lack
of information.

                         KEY RATING DRIVERS

Liquidity Crisis: Fitch believes that Rolta's short-term
liquidity is critically weak.  In addition to the USD35 mil. bank
loan, it missed a coupon payment of USD6.8 mil. on its 2018 bond
on May 16, 2016.  While the company has stated its intention to
pay the bond coupon within the 30-day grace period, it has not
shared any plan to improve its liquidity position.  Fitch
believes that Rolta needs USD58 mil. to improve its liquidity in
the very short term - including the USD6.8 mil. missed coupon
payment, USD35 mil. for paying overdue bank loans and USD16 mil.
for coupon payment due in mid-July on its 2019 bonds.

Rolta reported a cash balance of USD33 mil. at end-Mach 2016 -
over half of which is restricted while the company says the rest
is needed to fund working capital requirements.  Rolta reported
poor financial results for the quarter ending March 2016 -
revenue and EBITDA declined by 14% and 50% respectively.
Tellingly, receivables increased substantially to USD288 mil., or
about 190 days of its revenue from 126 days a year earlier.

Fitch understands that non-payment of the bank loan may trigger a
cross-default under the bond documents if such non-payment
continues for 45 days following written notice from either 25% of
the bondholders or the bond trustee.

Lower Recovery: Fitch has lowered the Recovery Rating on the
bonds to 'RR5' as the company's weaker-than-expected results have
caused us to revise down the distressed enterprise value used in
our recovery calculations.  An 'RR5' Recovery Rating indicates a
recovery of 11%-30% of current principal and related interest in
our calculations.  Fitch notes that the two unsecured US dollar
bonds rank behind the company's secured bank debt.

                       RATING SENSITIVITIES

Negative: Future developments that may lead to a downgrade of the
IDRs to 'D' include if, in Fitch's opinion:

   -- Rolta has entered into bankruptcy filings, administration,
      receivership, liquidation or other formal winding-up
      procedures, or otherwise ceased business.

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- improvement in its liquidity position such that it can pay
      its short-term obligations.


ROLTA INDIA: Ind-Ra Lowers Long-Term Issuer Rating to 'IND D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rolta India
Limited's Long-Term Issuer Rating to 'IND D' from 'IND BBB-'.
The Outlook was Negative.

                       KEY RATING DRIVERS

The downgrade reflects Rolta's current delays in servicing its
external commercial borrowings due to a weak liquidity position.
Also, in its overseas subsidiary it has missed a USD6.8 mil.
interest payment on 10.75% 2018 unsecured notes (guaranteed by
Rolta) due on May 16, 2016, and has a grace period ending till
June 15, 2016.

                       RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be positive for the ratings.

                         COMPANY PROFILE

Rolta is an Indian IT services and solutions company providing
geographical information system services, engineering design
services and IT solutions to customers in North America, Europe,
Australia and Middle East.  For FY16, the company reported
revenue of INR37.9 bil. (FY15: INR36.8 bil.) and EBITDA of
INR11.1 bil. (INR12.9 bil.).

Rolta's ratings are:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BBB-'/Negative
   -- INR8,293 mil. stand-by letter of credit: downgraded to
      'IND D' from 'IND A3'
   -- INR4,000 mil. fund-based working capital: downgraded to
      IND D from 'IND BBB-'/Negative
   -- INR3,000 mil. non-fund-based working capital: downgraded to
      'IND D' from 'IND A3'
   -- INR12,539 mil. external commercial borrowings: downgraded
      to 'IND D' from 'IND BBB-'/Negative


SAJJALA BIO: CRISIL Assigns B+ Rating to INR73.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sajjala Bio Labs Private Limited (SBLPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B+/Stable
   Long Term Loan           73.5      CRISIL B+/Stable

The rating reflects early stage and modest scale of operations
and expected below-average financial risk profile because of high
gearing, modest debt protection metrics and networth. The rating
also factors in exposure to risk related to intense competition
in the bio-generic formulations industry. These weaknesses are
mitigated by the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes SBLPL will benefit from the extensive industry
experience of promoters. The outlook may be revised to 'Positive'
if financial risk profile improves due to earlier-than-expected
stabilisation of project resulting in higher revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if significant delay in stabilisation of operations,
or capital structure weakens because of large, debt-funded
capital expenditure or stretched working capital cycle.

Incorporated in 2015, by Dr. Y Srinivasulu, SBLPL is a private
limited company that specialises in the manufacture of bio-
generic formulations. It commenced commercial operations at its
plant in Hyderabad in April 2016, and is managed by Dr. Y
Srinivasulu and Mr. S Ramakrishna.


SANMAN CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR45MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sanman Constructions
(SC) continue to reflect SC's modest scale of operations, large
working capital requirement, and geographical concentration in
revenue. These weaknesses are partially offset by its promoters'
extensive experience in the civil construction industry and their
funding support.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          11        CRISIL A4 (Reaffirmed)
   Cash Credit             45        CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit             4        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its promoters' extensive industry experience and its healthy
order book. The outlook may be revised to 'Positive' in case of
substantial cash accrual driven by revenue growth, or improvement
in working capital cycle. The outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens due to decline in profitability or stretch in working
capital cycle or capital withdrawal.

SC, set up as a partnership firm in 1998 by Mr. Satish Maheshwari
and Mr. Nitin Maheshwari, undertakes construction of buildings
and allied works, and roads. Around 90 percent of its projects
are for government bodies, such as the Public Works Department of
the Maharashtra government, and Nanded Municipal Corporation, and
are tender based.


SARDAR STEEL: ICRA Suspends B+/A4 Rating on INR8.57cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR8.57 crore bank facilities of Sardar Steel Industries. The
suspension follows ICRAs 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.

Sardar Steel Industries (SSI) was established in the year 2001 as
a partnership firm and is involved in manufacturing Mild Steel
(MS) products like TMT bars, MS flats, MS rounds and MS squares.
The manufacturing facility (steel rolling mill) of the firm is
located at Bhavnagar, Gujarat, with an installed capacity of
18,000 MTPA. The partners have been associated with secondary
steel industry for close to two decades through trading as well
manufacturing activities.


SEBACIC INDIA: ICRA Suspends 'D' Rating on INR58.68cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D/[ICRA]D ratings assigned to the
INR58.68 crore limits of Sebacic India Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non-cooperation from the company.

Incorporated in 2007, Sebacic India Limited (SIL) is promoted by
Pankaj Natwarlal Pandya, Tushar Raojibhai Patel, Ashwin B. Patel
and Rajiv Parikh. The company was originally incorporated in the
name of Sebacic Manufacturing & Export India Limited and its name
was subsequently changed to Sebacic Acid Limited (SIL) w.e.f.
January 2008. The company has been set up to manufacture Sebacic
Acid (manufactured from castor oil) with an installed capacity of
10,000 MTPA. Apart from this, it also proposes to market 2-
Octonal (Installed Capacity 6,000 MTPA), Glycerine (Installed
Capacity 1,500 MTPA), Mixed Fatty Acids (Installed Capacity 3,500
MTPA), and Sodium Sulphate (Installed Capacity 5,500MTPA) which
are produced during the manufacturing process of Sebacic acid.
SIL's manufacturing facility is located at Village Umraya, Taluka
Padra, near Vadodara. SIL commenced commercial production in
November 2012. However, commercial operations have remained at
minimal levels owing to multiple issues relating to effluent
treatment and discharge, debt restructuring and product quality
issues owing to usage of recycled water.


SHIV SHAKTI: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shiv Shakti Industries - Ahmedabad (SSI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             100        CRISIL B/Stable
   Term Loan                37.5      CRISIL B/Stable

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

Established in September 2013, SSI is a partnership firm engaged
in the manufacturing of cotton ginning and cotton oil & cakes
from cotton seeds. The firm has an installed capacity of
approximately 33,000 MTPA to process raw cotton along with
crushing capacity of approximately 20,000 MTPA. The firm is
managed by Mr. Soham Purohit.


SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri
Paharimata Cold Storage Private Limited (SPCSPL) continues to
reflect the company's weak financial risk profile marked by small
net-worth and high gearing, susceptibility to regulatory changes,
and exposure to intense competition in the cold storage industry
in West Bengal. These weaknesses are partially offset by
extensive industry experience of its promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     7        CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan       19        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SPCSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company efficiently
manages farmer credit financing, and significantly scales up
operations and improves profitability, leading to better
liquidity. The outlook may be revised to 'Negative' in case of
pressure on liquidity because of delays in repayment by farmers,
decline in cash accrual, or large debt-funded capital
expenditure.

SPCSPL, incorporated in 1972, provides cold storage services to
potato farmers and traders. The company is owned by West Bengal-
based Dandapat family, and its operations are managed by Mr.
Anathbandhu Ghosh.


SIGNET CONDUCTORS: ICRA Assigns B+ Rating to INR15cr Loan
---------------------------------------------------------
ICRA has assigned its short term rating of [ICRA]A4 on the
INR4.65 crore (enhanced from INR3.44 crore) enhanced non-fund-
based bank limits of Signet Conductors Private Limited. ICRA also
has its long term rating of [ICRA]B+ outstanding on the INR16.29
crore fund-based bank limits of SCPL.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund Based Limits      15.00     [ICRA]B+; Outstanding
   Term Loan               1.29     [ICRA]B+; Outstanding
   Non Fund Based Limits   4.65     [ICRA]A4;Assigned/Outstanding

ICRA's ratings continue to take into account SCPL's limited scale
of operations in the highly competitive and fragmented conductor
manufacturing industry, resulting in modest economies of scale
and moderate profitability indicators, with the company's margins
being vulnerable to raw material price fluctuations. The ratings
continue to factor in the high gearing of the company due to the
funding of working capital requirements, primarily through bank
borrowings. The ratings continue to derive comfort from the
extensive experience of the promoters in the industry and the
company's established client base. The expected addition of new
clients is also expected to improve the operating income in the
near term.

Going forward, the ability of the company to increase its scale
of operations, achieve improved profit margins and efficiently
manage its working capital cycle will be the key rating
sensitivities.

SCPL was set up in 1991 as a private limited company by Mr. D.S.
Sahni. The company manufactures bare and paper insulated
aluminium and copper conductors, which find application in
electric motors, power generators and attenuators for
transmission and distribution of power. The company's
manufacturing facility is located in Rewa, Madhya Pradesh and has
a licensed capacity of 1,500 metric tonnes per annum.

Recent Results
SCPL, reported a Profit After Tax (PAT) of INR0.08 crore on an
operating income of Rs 14.18 crore in FY15 as against a PAT of
INR0.07 crore on an operating income of INR31.17 crore in the
previous year.


SOHANLAL SONS: ICRA Suspends 'B' Rating on INR9.0cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR9.00 crore bank limits of Sohanlal Sons. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Sohanlal Sons was incorporated in May 2013 as a proprietorship
firm of Mr. Kapil Agrawal. The firm is based in Nagpura and is
engaged in trading of steel products such as TMT bars, MS Ingots,
MS Billets. The firm also trades in readymade garments; however,
the share of revenue from textile business remains low. The firm
is an authorized dealer of Topsworth Urja & Metals Limited since
2013-14.


SRI KARVEMBU: CRISIL Reaffirms 'D' Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Karvembu
Textiles Private Limited (SKTPL) continue to reflect instances of
delay by SKTPL in servicing its debt; the delays have been caused
by weak liquidity. The company has weak liquidity on account of
working capital-intensive operations.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              45        CRISIL D (Reaffirmed)

   Long Term Loan           65        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       22.6      CRISIL D (Reaffirmed)

SKTPL also has a below-average financial risk profile because of
a modest networth, moderate gearing, and average debt protection
metrics, and is susceptible to volatility in raw material prices
and to intense competition in the textiles industry; it also has
a small scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of
promoters.

Update
SKTPL continues to delay servicing its term debt; the delays have
been caused by the weak liquidity. The liquidity is likely to
remain weak over the medium term because of low cash accrual and
working capital-intensive operations.

Incorporated in 1994, SKTPL is promoted by Mr. NS Ramalingam and
others. The company commenced commercial operations in 1996 with
600 rotors; currently, it has 10,800 spindles and 1600 rotors. It
manufactures open-ended and hank yarn in counts of 10s, 12s, 16s,
20s, 30s, 34s, and 40s at its facility in Thottipalayam (Tamil
Nadu).


SRI MATA: CRISIL Suspends 'D' Rating on INR443.7MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri
Mata Infratech Limited (SMIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              30        CRISIL D
   Proposed Long Term
   Bank Loan Facility       76.3      CRISIL D
   Term Loan               443.7      CRISIL D

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

SMIL was incorporated in 1984, promoted by Mr. K S N Raju and his
family members. The company manufactures ordinary portland
cement, which it sells under the Viswam Gold brand.

SRI MVR: ICRA Reaffirms 'B' Rating on INR14.30cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed [ICRA]B to the INR14.30 crore (revised from
INR13.65 crore) long term fund based limits of Sri MVR Cotton Oil
Mills Pvt. Ltd.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Limits          14.30       [ICRA]B reaffirmed

The re-affirmation of rating takes into account the small scale
of MVR's operations in the highly fragmented cotton industry,
commoditized nature of the product and high competition on
account of presence of a large number of organised and
unorganised players which restricts MVR's pricing flexibility and
hence exposing the margins of the company to fluctuations in the
raw material prices. The rating also takes into account the weak
financial profile as reflected in high gearing of 3.01 times as
on 31st March 2015 (Adjusted gearing of 1.64 times) and weak
coverage indicators as reflected in OPBDITA/Interest at 1.44
times, NCA/Debt at 2.56% and Total Debt/OPBDITA at 10.33 times.
The rating also considers stretched liquidity profile of the
company with increase in debtor and inventory days; and high
utilization of working capital limits during the last 12 months;
higher inventory levels also result in inventory holding risks
where any adverse movement in cotton prices would impact margins.
The rating however, favourably take into account the experience
of the promoters in the cotton trading and ginning business,
proximity of MVR's ginning unit to cotton growing areas of Guntur
in the state of Andhra Pradesh provides easy access to raw
material resulting in lower transportation costs and ability to
produce better quality lint from the Technology Mission on Cotton
unit.

Going forward, the ability of the company to increase its scale
of operations, improve profitability and liquidity position will
be the key rating sensitivities.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speeds and
low manpower requirement. MVR is promoted by Mr. M. Venkateswara
Rao who has over a decade of experience in cotton ginning and
trading. The capacity of the ginning mill was increased during FY
11 by addition of 24 gins, making the total installed capacity 48
gins which can produce 144,000 bales of cotton lint during the
cotton season each year.

Recent Results
As per audited financials for FY2015, MVR reported an operating
income of INR50.96 crore with profit after tax of INR0.31 crore
and INR20.21 crore of operating income with profit before tax of
INR0.18 crore for 9M, FY2016 (unaudited and provisional).


SUBHAMASTHU SHOPPING: ICRA Reaffirms B+ Rating on INR6.45cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
INR6.45 crore fund based limits and INR0.05 crore unallocated
limits of Subhamasthu Shopping Mall.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      6.45        [ICRA]B+ reaffirmed
   Unallocated Limits     0.05        [ICRA]B+ reaffirmed

The reaffirmation of the rating continues to be constrained by
the firm's moderate financial profile as reflected by gearing of
2.10 times and NCA/Debt of 11.5% for FY2015; decline in operating
margins during FY2015 owing to higher discounts offered; and high
geographic concentration risk with firm's textile retailing
operations restricted to Nellore. The rating is further
constrained by seasonal nature of business that can affect the
firm's cash flows; vulnerability of the sales to changing
consumer tastes, trends, and economic development; and also high
working capital intensity due to high levels of inventory
required in textile retailing business. ICRA also notes the risks
arising from the partnership nature of the business.

The rating reaffirmation favourably factors in the longstanding
experience of the partners in the textile retailing business;
healthy revenue growth of 19% during first full year of
operations in FY2015 which is continued in FY2016; and favourable
demand for sarees in South India that ensures offtake. ICRA also
positively factors in the established relationship of SSM with
various suppliers who provide sufficient credit period reducing
the working capital requirements to an extent; and strategic
location of the mall at the centre of Nellore city.

Going forward, the firm's ability to increase its scale of
operations, and manage its working capital requirements
effectively will be the key credit rating sensitivities.

Founded in February, 2012, Subhamasthu Shopping Mall is a
partnership firm promoted by Mr. B. Srinivasulu and other family
members to set up a shopping mall in Nellore District of Andhra
Pradesh. The firm is engaged in retailing of garments and
accessories for men, women and kids. The day to day management of
the firm is taken care by the two managing partners, Mr. B,
Srinivasulu and Mr. Ravi Kumar having more than 20 years of
experience in textile industry.

Recent Results
As per the audited results for FY2015, the firm reported profit
before tax of Rs 0.47 crore on turnover of Rs 43.94 crore as
against profit before tax of Rs 0.11 crore on turnover of Rs
18.48 crore during FY2014. As per provisionals for 8mFY2016, the
profit before tax of the firm was INR0.48 crore on a turnover of
INR26.20 crore.


SURAKSHA TRADERS: ICRA Assigns 'B' Rating to INR2.50cr Loan
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the Rs 2.50
crore1 cash credit limits and INR2.50 crore unallocated limits of
Suraksha Traders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.50        [ICRA]B assigned
   Unallocated Limits     2.50        [ICRA]B assigned

The assigned rating is constrained by the weak financial profile
of the company characterized by thin margins owing to trading
nature of operations, high gearing of 3.37x times as on 31st
March, 2015 and weak coverage indicators as reflected by interest
coverage ratio of 1.28 times and NCA/Total Debt of ~4% as on 31st
March, 2015. The rating also remains constrained by the stretched
liquidity of the firm as evidenced by high working capital
utilization of limits.

The rating also factors in the highly fragmented nature of the
industry and stiff competition resulting in limited pricing power
of the firm thereby, limiting the ability of the firm to pass on
the input costs to the customers. ICRA notes the agro-climatic
and regulatory risks associated with agricultural commodities.
The rating also considers the risks associated with the
proprietorship nature of business.

The rating, however, positively factors in the experience of the
proprietor in the agro-based trading business and the firm's
proximity to maize growing areas and ginning mills providing easy
availability of maize and kapas as well as lower transportation
costs.

Going forward, ability of the company to improve its scale of
operations, margins, and capital structure, while effectively
managing its working capital requirements, would be the key
rating sensitivities.

Suraksha Traders was established in 2013 as a proprietorship
concern by Mr. B. Prasanna Kumar. The firm is involved in the
trading of maize, cotton lint, seeds & kapas. The firm sells the
products mainly in Andhra Pradesh and to the deemed exporters.
The procurement is done from the farmers, and from other traders
in and around Guntur region. The proprietor, Mr. B.Prasanna
Kumar, has about 15 years of experience in the trading business.

Recent Result
As per audited FY2015 results, ST recorded an operating income of
INR19.43 crore with a net profit of INR0.10 crore. According to
audited FY2014 results, ST recorded an operating income of
INR4.52 crore with a net profit of INR0.08 crore.


T. JAYACHANDRAN: CRISIL Suspends 'B' Rating on INR50.8MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
T. Jayachandran (TJ).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             50.8       CRISIL B/Stable
   Long Term Loan          19.2       CRISIL B/Stable

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

TJ is constructing a resort in Ootacamund (Tamil Nadu). TJ also
has interests in agriculture and real estate.


TARUN ENTERPRISE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tarun Enterprise
(TE) a Long-Term Issuer Rating of 'IND BB'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect TE's moderate credit profile and volatile
profitability.  The firm's commodity trading business is not only
exposed to the vagaries of price fluctuations but also returns
thin margins.  During FY11-FY16 (provisional), its EBITDA margins
were at 1.8%-4.5%.  Provisional FY16 financials indicate that the
firm is likely to have closed FY16 with net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 4.2x (FYE15: 3.8x) and
EBITDA interest coverage of 1.6x (1.9x).

The ratings also factor the firm's moderate liquidity profile and
fall in revenue in FY16.  The average use of its working capital
facilities was 87% during the 12 months ended April 2016.  Its
revenue fell to INR437.6 mil. in FY16 (provisional) (FY15:
INR1,079.5 mil.) due to lower realizations on account of a fall
in steel prices and subdued demand, coupled with the firm's
increased focus on carrying and forwarding sales.

However, the ratings are supported by TE's proprietor's
experience of more than four decades in the trade of metals,
which has led to well-established relationships with customers
and suppliers.

                      RATING SENSITIVITIES

Positive: Substantial revenue growth while maintaining
profitability, leading to a sustained improvement in credit
metrics, will lead to a positive rating action.

Negative: A decline in revenue and/or profitability, leading to
sustained deterioration in credit metrics and/or liquidity, will
lead to a negative rating action.

                           COMPANY PROFILE

Established in 1970, TE is a proprietorship firm engaged in the
trade of pig iron.  It also acts as a carrying and forwarding
agent for Tata Metaliks Ltd.  It sells pig iron to foundries and
induction furnace units in Gujarat.

TE's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
   -- INR40 mil. fund-based working capital limits: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR75 mil. non-fund-based working capital limits: assigned
      'IND A4+'


TRUFORM TECHNO: ICRA Reaffirms 'D' Rating on INR5.75cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating to the INR11.00 crore fund
and non-based limits of Truform Techno Products Limited.


                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   State Bank of Bikaner
   and Jaipur - Term Loan     4.25        [ICRA]D, reaffirmed

   State Bank of Bikaner
   and Jaipur - Cash Credit   5.75        [ICRA]D, reaffirmed

   State Bank of Bikaner
   and Jaipur - Letter of
   credit                     1.00        [ICRA]D, reaffirmed

The reaffirmation of rating of Truform factors in the continuing
delays witnessed in meeting term loan obligations and the
interest payments resulting in consistent overutilisation of the
cash credit limits. The financial profile of the company
continues to remain weak marked by accumulating losses leading to
erosion of networth and subsequent stretched capital structure
and considerable inventory built-up. Funding through creditors
and external borrowings has translated into high total
liabilities while the high interest payouts have impinged the
debt protection, coverage indicators and the cash accrual
position of the company. The rating also continues to be
constrained by the susceptibility of margins to volatility in raw
material prices given the high inventory holding.

ICRA, however, favourably notes the experience of the management
in the iron casting industry and the credibility built through
approvals and certifications from various agencies.
ICRA expects the company to report y-o-y growth in operating
income in the near term gaining support from the diversification
in customer profile and increasing revenue share from ductile
iron fittings. The ability of the company to liquidate the
existing inventory built-up and fasten inventory turnaround,
keeping optimal production capacity levels by maintaining cost
economies will be critical from the credit perspective to
adequately absorb the cost and improve profitability which will
facilitate timely servicing of debt obligations. In view of weak
accruals, infusion of funds from promoters will be critical to
support the impending debt repayments and to fund working capital
requirements.

Established in 1993, Truform Techno Products Limited (Truform), a
closely held public limited company is engaged in manufacturing
of cast iron and ductile iron pipes, fittings, flanges and
castings in various grades which principally find application in
water line fittings as well as rough iron fittings used in
industrial applications. The company's manufacturing facility and
administrative and sales office are located in Nagpur,
Maharashtra.

Currently, business operations are managed by Mr. Kaushal Mohta.
The company is a part of the Truform group headed by Mr. Mohta;
father of Mr. Kaushal Mohta. There are two other entities in the
group; namely Kapilansh Dhatu Udyog Private Limited and Truform
Engineers Private Limited which are engaged in manufacture and
supply of metal castings and pipes.

Recent results
Truform recorded a net loss of INR3.16 crore on an operating
income of INR17.19 crore for the year ending March 31, 2015 and a
profit before tax of INR0.18 crore on an operating income of
INR19.16 crore year ending March 31, 2016 (provisional).


V.N.M.S. AYYACHAMY: CRISIL Ups Rating on INR90MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
V.N.M.S. Ayyachamy Nadar and Bros (VNMS) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               90       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects improvement in financial risk profile
following infusion of capital by the partners in 2014-15-refers
to financial year, April 1 to March 31). Gearing improved to an
estimated 1.0 time as of March 2016, from 1.2 times a year ago.
Debt protection metrics have improved, too, with interest
coverage of 2.53 times for 2015-16, backed by stable cash
accrual. The rating also factors in established track record in
the agro-commodities trading business and extensive industry
experience of the partners. The rating continues to be
constrained by intense competition in the highly fragmented agro-
commodities trading industry.
Outlook: Stable

CRISIL believes VNMS will continue to benefit over the medium
term from the extensive experience of its partners. The outlook
may be revised to 'Positive' if sustained improvement in scale of
operations and profitability, or a sizeable capital infusion
strengthens capital structure. Conversely, the outlook may be
revised to 'Negative' if cash accrual reduces because of scale of
operations or profitability, or if stretch in working capital
cycle weakens financial risk profile.

Set up in 1929, VNMS imports a wide range of pulses for sale in
India. The head office is in Virudhunagar and branches in Chennai
and Madurai.


VAISHNO RICE: CRISIL Suspends B+ Rating on INR100MM Whse Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vaishno
Rice Mills (VRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B+/Stable
   Warehouse Receipts      100        CRISIL B+/Stable

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

VRM, established in 1978, mills and trades in rice, including
basmati rice. Its production facilities are at Gurdaspur
(Punjab). The firm is owned and managed by Mr. Bal Krishan Mittal
and his son, Mr. Rajan Mittal. The promoter family operates two
other entities in the rice industry, namely, Gurdaspur Overseas
Ltd (rated 'CRISIL BB-/Stable/CRISIL A4+') and The Mittal Udyog
Samiti ('CRISIL B+/Stable/CRISIL A4').


VEGA CONTROLS: CRISIL Reaffirms 'B' Rating on INR25MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vega Controls Private
Limited (VCPL) continue to reflect its modest scale and working-
capital-intensive nature of operations with end-user industry
concentration in revenue, and susceptibility of its operating
margin to volatility in raw material prices.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              10       CRISIL B/Stable (Reaffirmed)

   Letter of credit
   & Bank Guarantee         20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        6       CRISIL B/Stable (Reaffirmed)

   Term Loan                25       CRISIL B/Stable (Reaffirmed)

The rating also factors VCPL's below average financial risk
profile with modest net worth and leveraged capital structure.
These weaknesses are partially offset by the extensive experience
of its promoters in the automation industry.
Outlook: Stable

CRISIL believes VCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile, particularly
liquidity improves due to higher-than-expected cash accrual or
improvement in working capital cycle. The outlook may be revised
to 'Negative' if lower-than-expected cash accrual, or elongation
in the working capital cycle weakens liquidity.

VCPL was initially established as a partnership firm in 1997 by
the Purandare family of Pune (Maharashtra) and was reconstituted
as a private limited company in 2004. VCPL is a channel partner
of ABB Ltd, provides customised control panel and automation
system solutions to customers, primarily steel players across
India.


VINAR ISPAT: ICRA Lowers Rating on INR15cr LT Loan to B+
--------------------------------------------------------
ICRA has revised the long term rating outstanding to the INR15.00
crore fund based bank facilities of Vinar Ispat Limited from
[ICRA]BB(Stable) to [ICRA]B+. ICRA has also reaffirmed the short
term rating of [ICRA]A4 to the INR2.75 crore Non Fund based bank
facilities of VIL, which are a sub-limit to the INR15.00 crore
Fund based bank facilities of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term fund
   based limits          15.00       [ICRA]B+/Downgraded

   Short term non-
   fund based limits      2.75       [ICRA]A4/Reaffirmed

The revision of the ratings takes into account the continuing
sluggishness in the steel sector with a sizeable correction in
prices on the back of softening of key raw material rates, amid
weaker demand conditions leading to a sharp decline in
realizations which impacted VIL's revenues and margins in FY2016.

The ratings also take into account stretched receivables and high
inventory holding resulting in tight liquidity position for the
company as reflected by full utilization of cash credit limits
during last 12 months; and high customer concentration risks as
VIL derived about 66% and 95% of its total sales from its top
five customers in FY2014 and FY2015 respectively. Further,
considering the high inventory levels maintained by the company,
VIL also faces the risk of inventory losses arising from sharp
fluctuation in raw material prices, given the volatility in steel
prices. ICRA also takes note of the intensely fragmented and
extremely competitive nature of business, which continues to put
pressure on the profitability of its business operations.

The ratings however continue to favorably factor in the long
standing experience of the promoters of VIL and the company's
established relationship with reputed transmission line tower
manufacturers leading to repeat orders.

VIL's revenue and margins remain vulnerable to adverse movements
in prices of the raw material. The weak realizations leading to
declining revenues and margins; and stretching of working capital
cycle due to increased inventory & receivables would be the key
rating sensitivities, going forward.

Established in 1991, Vinar Ispat Limited is engaged in the
manufacturing of mild steel angles, channels, bars, flats etc.
and has two manufacturing units located at Chandrapur in
Maharashtra and Jabalpur in Madhya Pradesh. Both the
manufacturing facilities are approved by the Bureau of Indian
Standards and Power Grid Corporation of India Ltd. The Company
has installed rolling capacities of 75,000 MTPA at Chandrapur and
25,000 MTPA at Jabalpur. The products manufactured by VIL find
application mainly in the transmission line tower (TLT)
manufacturing business.

Recent Results:
For the financial year ending March 31, 2015, VIL reported an
operating income of INR62.7 crore and a net profit of INR1.7
crore as against an operating income of INR37.3 crore and a net
profit of INR1.3 crore in the previous year.


WOODFIELD SYSTEMS: ICRA Suspends B+ Rating on INR4cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding
on the INR4.00 Crore cash credit facilities, INR5.00 crore term
loans and INR4.00 crore non fund based limits of Woodfield
Systems International Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.



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


INDIKA ENERGY: Fitch Lowers IDR to 'CCC'; Outlook Negative
----------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Foreign- and Local-
Currency Issuer Default Ratings of Indonesia-based PT Indika
Energy Tbk to 'CCC', from 'B' with Negative Outlook.  Indika's
senior notes due 2018 and 2023 have also been downgraded to 'CCC'
with a Recovery Rating of 'RR4', from 'B'.

The downgrade reflects Indika's weakened cash generation from
expected lower dividend receipts, higher reliance on short-term
debt facilities, Fitch's expectation of negative cash flow
generation at Indika (after debt servicing costs) beyond 2016
leading to lower cash reserves, and uncertainties relating to how
the 2018 note will be redeemed.

                         KEY RATING DRIVERS

Sustained Weak Coal Market: Weak demand from China and India
continues to hobble the Asia-Pacific thermal coal market, with
key benchmark prices across the region falling about 15% in the
last year.  Prices have started to stabilise in recent months,
but we do not expect any meaningful recovery in coal prices in
the medium term.  Domestic demand for steam coal in Indonesia is
rising as domestic production declines, but this is not
sufficient to balance the seaborne coal market.

Dividends from Kideco to Fall: Indika continues to rely heavily
on dividends from its 46%-held coal company PT Kideco Jaya Angung
(Kideco) for cash generation.  However, Kideco's net income is
likely to fall substantially in 2016 and 2017 because of lower
production (Fitch expects 33 million tonnes in 2016, down from 39
million tonnes in 2015) and a shift to production of coal with
lower calorific value.  As a result, Fitch expects Kideco's
dividend payment to Indika to fall to less than USD40 mil. a
year, from USD60 mil. in 2016 and USD65 mil. in 2015.

Kideco, however, remains profitable, with relatively high
production flexibility and capacity (requiring little capex),
generally low cash operating costs and little debt.  Fitch
expects Kideco to be able to maintain a low strip ratio and to be
able to further trim costs in 2016, especially on contractor
payments. However, rising oil prices amid flat coal prices could
put pressure on its margins over time.

Subsidiaries' Cash Generation to Worsen: Indika's dependence on
Kideco has increased because the weak coal market has impaired
the trading performance and cash generation of its other
subsidiaries, especially 70%-owned PT Petrosea Tbk (Petrosea, a
mining contractor) and 51%-owned PT Mitrabahtera Segara Sejati
Tbk (MBSS, coal barging and handling).  Fitch now expects no
dividend contribution from MBSS and Petrosea in the next two to
three years.  Indika received about USD19 mil. of dividends in
2015 from MBSS, Petrosea and PT Cirebon Electric Power (20%
interest).

The order book and revenue of fully owned Tripatra, an
engineering, procurement and construction company, have also
declined.  However, Fitch expects Tripatra's order book to
benefit from an increase in infrastructure investments, including
in oil & gas, in Indonesia.

Reliance on Short-Term Debt: With lower dividends likely from its
investments, Indika will have to depend more heavily on short-
term debt facilities.  The company's short-term debt increased
after it used its cash to repurchase about USD129 mil. of the
2018 notes, which have total principal value of USD300 mil., for
USD77 mil. in November 2015.  The company still has substantial
cash balances. At end-March 2016, it had about USD215m of cash
after receiving USD32 mil. of the USD60 mil. dividends due from
Kideco in March, with total group consolidated cash balances at
USD396 mil.  This compared with about USD95m of short-term credit
facilities (about USD93 mil. of which has been drawn at end-March
2016), which require rolling over.  The company is likely to
repay some of these facilities and is in talks to or agreed to
maintain the remaining.  Fitch believes the company will be able
to roll over these facilities, although its interest charges on
these facilities are likely to increase.

Deterioration in Liquidity Profile: Indika has taken further
steps with the aim to reduce operating expenses at the company
level by around USD10 mil. a year, to around USD35 mil.-40 mil. a
year.  The company has several properties it can monetize.  It
recently sold a property in Singapore for around SGD30 mil.
(USD22 mil.), but it is still not clear if the company will sell
its properties in Jakarta.  However, lower dividend receipts from
2017 and interest expenses at the Indika level of around USD45
mil. a year would mean that the company will have to draw on its
cash reserves, further reducing its financial flexibility and
liquidity.

Looming Debt Maturity: Aside from its short-term debt facilities,
the remaining USD171 mil. of the 2018 notes fall due in May 2018.
The next large debt maturity is for the USD500m notes due in Jan
2023.  The company is weighing its options to address its debt
structure, especially the repayment of the 2018 notes.  Fitch is
unlikely to treat another below-par debt repurchase or exchange
as opportunistic given the weakened liquidity profile of the
company.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Indika
include:

   -- Coal prices in line with Fitch's mid-cycle commodity price
      assumptions, adjusted for difference in calorific value
      (Newcastle 6,000 FOB: USD50/mt in 2016, USD52 in 2017 and
       2018)

   -- Dividend payout ratio for Kideco of around 95%-98%.
      Indika's share of dividends to remain below USD40 mil. till
      2018

   -- No dividends from MBSS in 2016 and 2017 and around
      USD2 mil. in dividends thereafter.  No dividends from
      Petrosea till  2018.  Dividends from associate PT Cirebon
      Electric Power of about USD7 mil. a year through to 2018

   -- Low capex at Tripatra, Petrosea and MBSS resulting in lower
      capex of around USD40 mil. in 2016 and around USD45 mil. a
      year in 2017 and 2018

   -- Indika will be able to roll over its short-term debt
      facilities

                       RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- An upgrade of Indika's ratings is unlikely until the
      company addresses its liquidity.  A successful refinancing
      of its 2018 notes is important for any positive rating
      action, provided any new debt raised for refinancing does
      not significantly increase its annual total debt servicing
      requirement.  An upgrade will also depend on Indika being
      able to at least break even on a cash flow basis such that
      its cash balances do not continue to reduce.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- A further weakening of liquidity, which may arise from
      weaker-than-expected coal prices and dividend receipts, and
      reduced access to credit facilities


INDOSAT TBK: Moody's Affirms Ba1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has affirmed Indosat Tbk. (P.T.)'s Ba1
corporate family rating.

At the same time, Moody's has changed the rating outlook to
positive from stable.

List of affected ratings:

Rating Affirmations:

--Issuer: Indosat Tbk. (P.T.)

-- Corporate family rating, affirmed at Ba1

Outlook Actions:

-- Issuer: Indosat Tbk. (P.T.)

-- Outlook changed to positive from stable

RATINGS RATIONALE

"The change in outlook to positive reflects the substantial
improvement evident in Indosat's operational and financial
profiles, with the company -- over the last four quarters --
reporting YoY revenue growth of 11%-13%, above the sector average
in Indonesia of about 9%," says Nidhi Dhruv, a Moody's Vice
President and Senior Analyst.

Indosat, a late entrant in providing 3G services, has shown
strong growth in its subscribers and data revenues over the last
four quarters from June 2015 after having significantly stepped
up its marketing initiatives.

However, Indosat's subscriber additions have come at lower ARPUs
as compared with Telekomunikasi Selular (P.T.) (Baa1 stable) and
XL Axiata Tbk (P.T.) (Ba1 positive).

Despite this, the company has maintained its adjusted EBITDA
margins at levels above 45% - which is strong for the rating -
and grown absolute EBITDA.

"Although Indosat has benefitted from early gains in subscribers
and absolute EBITDA from its new strategy, Moody's would like to
see a longer track record for its operational profile and its
strengthening financial metrics," adds Dhruv, also Moody's Lead
Analyst for Indosat.

Indosat has historically maintained stable leverage as increases
in absolute debt have been offset by incremental EBITDA. Leverage
declined to 2.3x for LTM March 2016 from 2.5x as of December 2015
on account of lower debt and EBITDA improvement. The company is
also exploring further leverage reduction through the
monetization of non-core assets, as well as the sale-and-
leaseback of another tranche of towers.

Moody's said, "given our standard adjustments to capitalize
operating leases, these transactions would benefit absolute
reported debt levels, but may not significantly reduce adjusted
leverage."

Indosat has also made efforts to reduce its foreign currency
exposures. It refinanced its $650 million bond primarily through
$US revolving credit facilities of $500 million; IDR700 billion
(about $54 million) from its IDR3.1 trillion rupiah-denominated
bond issue in June 2015; and the remainder with internal cash.

Moody's expects Indosat's exposure to $US debt to continue to
fall gradually over the next 12-18 months as the company plans to
ultimately refinance its $500 million revolvers through rupiah
bonds. Pro forma for this rupiah-denominated refinancing,
Indosat's $US exposure will fall to 12-15% of total debt from 41%
in December 2013.

"Although the Indonesian mobile sector remains competitive with
about 7 operators, the intensity of competition does seem to be
stabilizing. For 2016-2017, we expect healthy revenue growth of
8%-10% for the Indonesian mobile sector, on the back of 15-20%
YoY growth in data revenue, given strong demand for 3G/4G LTE
services and the proliferation of smart phones," adds Dhruv.

Indosat's rating continues to reflect its fundamental credit
strength, underpinned by its strong market position, established
network, high margins, improving financial profile and sound
liquidity, despite the competitive nature of the environment. As
a result it is well positioned to benefit from favourbale growth
dynamics in the wider industry environment.

The rating also incorporates expected extraordinary support from
Ooredoo Q.S.C. (previously Qatar Telecom, A2 negative), which
results in a one-notch uplift to Indosat's fundamental credit
strength to a final rating of Ba1.

Moody's said, "the positive outlook reflects our expectation that
Indosat will continue to grow and delever in accordance with its
business plan, and that the competitive and regulatory
environments remain benign."

The rating could be upgraded over the next 12-18 months if the
(1) company maintains its market position and growth momentum,
(2) competition remains prudent and relatively benign, (3) the
regulatory environment remains stable, and (4) dividends and
shareholder returns remain within expectations.

Positive rating pressure could arise if the company's credit
metrics improve, such that adjusted gross debt/EBITDA falls below
2.5x and RCF/adjusted debt is above 30-35%.

Given the positive outlook, downward pressure on the ratings is
absent. However, the outlook could return to stable if there is a
material deterioration in its underlying credit strength, which
would arise from diminishing operating margins, weaker operating
cash flows, or rising foreign-exchange risk; all of which may be
reflected in adjusted debt/EBITDA remaining above 2.5x, or
retained cash flow/adjusted debt falling below 30% on a sustained
basis.

In addition, the one-notch uplift based on expected support from
parent company, Ooredoo, could be removed if its stake falls
below 50%, or if it indicates that Indosat is no longer a core
asset.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010. Please
see the Ratings Methodologies page on www.moodys.com for a copy
of this methodology.

Indosat Tbk. (P.T.) is a fully integrated telecommunications
network and services provider in Indonesia. The company is the
second-largest cellular operator in the country in terms of
revenue and active subscribers, as well as the leading provider
of international call services. It also provides multi-media,
data communications, and internet services. Indosat is 65% owned
by Ooredoo Q.S.C.


XL AXIATA: Moody's Affirms Ba1 Corporate Family Rating
------------------------------------------------------
Moody's Investors Service has affirmed XL Axiata Tbk (P.T.)'s Ba1
corporate family rating.

At the same time, Moody's has changed the rating outlook to
positive from stable.

List of affected ratings:

Rating Affirmations:

-- Issuer: XL Axiata Tbk (P.T.)

-- Corporate family rating, affirmed at Ba1

Outlook Actions:

-- Issuer: XL Axiata Tbk (P.T.)

-- Outlook changed to positive from stable

RATINGS RATIONALE

"The change in outlook to positive is driven by ongoing
improvements in XL's financial and operating profile. The company
has undertaken meaningful capital restructuring initiatives, and
substantially reduced debt following its $865 million debt-funded
acquisition in 2014 of Axis Telecom (unrated)," says Nidhi Dhruv,
a Moody's Vice President and Senior Analyst.

In March 2016, XL announced the sale of 2,500 towers to
Profesional Telekomunikasi Indonesia (Protelindo, Ba1 stable) for
IDR3.57 trillion ($270 million) and will use the proceeds to pay
down debt, thereby improving reported leverage.

To XL's benefit, the rental costs for leasing back the towers
from Protelindo will be below prevailing average tower rates in
Indonesia.

In addition, XL will complete a rights issue within the April-
June quarter to repay its $500 million shareholder loan from
Malaysian parent company, Axiata Group Berhad (Baa2 stable),
further reducing adjusted debt to about IDR31.5 trillion from
IDR38.6 trillion at end-March 2016.

"Cumulatively the tower sale and rights issue are expected to
lead to a substantial reduction in XL's adjusted debt, and we
expect adjusted leverage will decline to about 2.4x by end-2016
from 3.3x as at December 2015, despite our operating lease
adjustment," adds Dhruv, also Moody's Lead Analyst for XL.

XL has also significantly reduced its foreign exchange exposure
over the last 12 months. After the completion of its rights
issue, it will have only about 23% of its debt in $US, a major
reduction from 43% as of March 2016. Moody's also notes that the
principal on all its external $US debt of $350 million has been
hedged to maturity.

On the operational front, over the last few quarters, XL has
focused on higher revenue customers and cost-cutting initiatives.

XL's total subscribers fell by about 18% YoY to 42.5 million in
Q1 2016, as it continued to clean up its inactive subscriber base
and shifted its focus to higher revenue-generating subscribers.
As a result, blended average revenue per user (ARPU) for the
January-March quarter increased about 39% YoY to IDR39,000. This
increase in ARPU is now helping to offset the negative effects of
its reduced subscriber base, with YoY revenue growth of 2.5% in
Q1 2016.

"XL has benefitted from early gains in margins from its new
strategy, but Moody's would like to see a longer track record for
its operational profile and its strengthening financial metrics,"
adds Dhruv.

Moody's said, "although the Indonesian mobile sector remains
competitive with about 7 operators, the intensity of competition
does seem to be stabilizing. For 2016-2017, we expect healthy
revenue growth of 8%-10% for the Indonesian mobile sector, on the
back of 15-20% YoY growth in data revenue, given strong demand
for 3G/4G LTE services and the proliferation of smart phones."

XL's rating continues to reflect its fundamental credit strength,
underpinned by its strong market position, established network,
high margins, improving financial profile and strong liquidity,
despite the competitive nature of the environment. As a result it
is well positioned to benefit from favourbale growth dynamics in
the wider industry environment.

The rating also incorporates expected extraordinary support from
Axiata which results in a one-notch uplift to XL's fundamental
credit strength to a final rating of Ba1.

Moody's said, "the positive outlook reflects our expectation that
XL will continue to grow and delever in accordance with its
business plan, and that the competitive and regulatory
environments remain relatively benign."

The rating could be upgraded over the next 12-18 months if the
(1) company maintains its market position and growth momentum,
(2) competition remains prudent and relatively benign, (3) the
regulatory environment remains stable, and (4) dividends and

shareholder returns remain within expectations.

Positive rating pressure could arise if the company's credit
metrics improve, such that adjusted gross debt/EBITDA falls below
2.5x and RCF/adjusted debt is above 30-35%.

Given the positive outlook, downward pressure on the ratings is
absent. However, the outlook could return to stable if there is a
material deterioration in its underlying credit strength, which
would arise from diminishing operating margins, weaker operating
cash flows, or rising foreign-exchange risk; all of which may be
reflected in adjusted debt/EBITDA remaining above 2.5x, or
retained cash flow/adjusted debt falling below 30% on a sustained
basis.

In addition, the one-notch uplift based on expected support from
parent company, Axiata, could be removed if its stake falls below
50%, or if it indicates that XL is no longer a core asset.

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010. Please
see the Ratings Methodologies page on www.moodys.com for a copy
of this methodology.

XL Axiata Tbk (P.T.) is the third largest cellular provider in
Indonesia in terms of revenues and subscribers. As of 31 March
2016, it had 42.5 million subscribers. It owns a nationwide
cellular network covering all major cities in Java, Bali and
Sumatra, as well as populated centers in Sulawesi and Kalimantan.

XL is 66.4%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 60% owned by Khazanah Nasional Berhad and related
entities of the Government of Malaysia (A3 stable). The UAE-based
Emirates Telecommunications Group Company PJSC (Aa3 negative)
holds 4.2% of XL's shares and the public the rest.



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


FE INVESTMENTS: S&P Affirms 'B' ICR & Removes from Watch Neg.
-------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'B' long-term and
short-term issuer credit ratings on New Zealand-based FE
Investments Ltd. (FEI).  At the same time, S&P removed the
ratings from CreditWatch, where it had placed them with negative
implications on April 20, 2016.  The outlook on the long-term
rating is stable.

The rating affirmation and removal from CreditWatch placement
reflect S&P's view that previously heightened credit risk from
one of FEI's key debtors has lessened, which should help FEI
maintain a very strong level of capitalization in the next two
years.  S&P's confidence in FEI's likelihood of maintaining a
very strong capital level is also supported by the finance
company's shareholders' plan to inject further capital --
including within the next six-months -- above that previously
incorporated into S&P's capital estimates.  S&P expects that FEI
will maintain a risk-adjusted capital (RAC) ratio above 15% in
the next two years.

S&P believes previously heightened credit risk from one of FEI's
key debtors, Australian-based Tomizone Ltd. (Tomizone; unrated),
has moderated, at least in the short term, following a recent
announcement that it had successfully raised new capital.  As
part of Tomizone's capital restructure, FEI has agreed to
restructure its loan of about A$1.7 million to Tomizone, of which
A$1.25 million will be refinanced into nonmandatory convertible
notes (the residual represents personal loans to unnamed
directors of Tomizone).  S&P notes that the loan restructure has,
in some ways, strengthened FEI's rights as a creditor to
Tomizone.

Despite the short-term improvement, S&P maintains its view that
the credit risk faced by FEI in relation to its loans to Tomizone
could expose FEI to a sizeable increase in loan impairments,
given that FEI's loans to Tomizone (ex-loans to management of
Tomizone) account for about 20% of the finance company's capital
base. However, S&P believes the recent and expected capital
injections from FEI's shareholders provide the finance company
with very strong capital levels to absorb a reasonable increase
in credit losses, stemming from any potential impairment in its
exposure to Tomizone -- or any other of its other large exposures
for that matter.  S&P notes that FEI has a solid record of
injecting additional capital into the finance company to fund new
business growth and to maintain a buffer above its regulatory
capital requirements.

S&P expects the RAC for FEI to remain very strong through to
March 2018, remaining above 15%, compared with 15.1% as at Dec.
31, 2015.  S&P expects the RAC ratio to strengthen due to
continual capital injections from the finance company's
shareholders, a slowdown in lending growth, and increased focus
on lending toward lower-risk cash flow discounting and SME
segments -- that is, away from higher risk property development,
which has been a strong source of growth for FEI over the last 12
months or so.  S&P also expects a further strengthening in both
operating revenues and underlying earnings, supported by
reasonably low credit losses (new loan loss provisions).

"Relatedly, we believe FEI has sufficient balance sheet
flexibility to cover funding needs over a 12-month forecasted
period.  We believe FEI would curb new lending within a
reasonably short period if either nonperforming loans rose
sharply -- as they lead to uncertainty around inflows, particular
as some loans are relatively large -- or if a loss in investor
confidence triggered a sharp drain in on-balance sheet liquidity.
We note that FEI has a record of cutting its new lending; a few
years ago, the finance company dealt with a significant level of
nonperforming loans. Supplementing our analysis, we believe FEI's
reliance on household debentures provides some consistency and
predictability to cash inflows and outflows on a monthly basis,
particularly given the high reinvestment rates in recent periods-
-although we believe they are explained, in part, by high
debenture offer rates," S&P said.

The stable outlook reflects S&P's opinion that FEI's RAC ratio
will remain above 15% through to fiscal 2018 (ending March 2018),
which incorporates S&P's expectation that strong lending growth
forecasts will be sufficiently reinforced by improving retained
earnings and further capital injections from the finance
company's shareholders.  The stable outlook also reflects S&P's
expectation that strengthening capital will be sufficient to
offset a reasonable increase in credit losses (new loan loss
provisions) equivalent to between 3.5% and 4.5% of average gross
receivables, without placing S&P's assessment of capital for FEI
under pressure (all else being equal).  Finally, rating stability
factors in S&P's expectation that any realistic and probable
delay in loan receipts will have a manageable impact on FEI's
short-term
liquidity.

Although S&P is unlikely to lower its rating on FEI in the next
year, on balance S&P believes that the risks remain on the
downside.  S&P expects to lower the rating on FEI by one notch if
its confidence moderates in FEI's ability to maintain its RAC
ratio above 15% at all times, which is likely in these scenarios:

   -- There are any delays in capital injections from FEI
      shareholders.

   -- FEI maintains very strong lending growth, including to the
      higher risk property development sector, without a
      commensurate and timely increase in capital injections.

   -- There is a substantial increase in credit losses (new
      loan loss provisions).  S&P notes that single-name
      concentrations such as FEI's exposure to Tomizone make FEI
      vulnerable to a sharp rise in credit losses.

Although liquidity stress is less likely to occur in S&P's
opinion, pressure on the rating would also emerge in such a case.
Liquidity pressure could happen due to a loss in debenture
investor confidence or delays in loan receipts.  Such pressure
would be reflected by a prolonged period of reinvestment rate at
less than 50% under current loan growth expectations.

S&P sees limited prospects for upward rating momentum within the
next 12 months.  In S&P's opinion, the upside to the rating on
FEI is limited because it expects that the company's overall
business position will remain small, its growth appetite will
remain strong, and exposure to higher risk lending segments will
remain a significant proportion of the business.


CO-OPERATIVE BANK: Fitch Assigns BB+ Rating to Tier 2 Instrument
----------------------------------------------------------------
Fitch Ratings has assigned a subordinated debt rating of 'BB+' to
The Co-operative Bank Limited's (Coop, BBB-/Positive) proposed
Basel-III compliant Tier 2 instrument of up to NZD30 mil.

Coop's subordinated notes are direct and unsecured obligations.
The notes' proposed term is 10 years, maturing in 2026.  Earlier
redemption in 2021 and each quarterly interest payment due
thereafter is possible, subject to written approval by the
Reserve Bank of New Zealand.  The notes include a non-viability
clause and will qualify as regulatory Tier 2 capital for Coop.

                         KEY RATING DRIVERS

The notes are rated one notch below Coop's Viability Rating (VR)
of 'bbb-' to reflect their below-average recovery prospects
compared to senior unsecured notes.  The notes would be written
down in part or in full should the Reserve Bank of New Zealand
appoint a statutory manager or deem that without the write down,
Coop was non-viable.  No additional notching from the VR for non-
performance is applied, as the VR already captures the point of
non-viability.  Under Fitch's methodology, the notes do not
qualify for equity credit.

                       RATING SENSITIVITIES

Coop's subordinated debt ratings are broadly sensitive to the
same considerations that might affect its VR.



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


DAEWOO SHIPBUILDING: In Final Stage of Crafting Self-Rescue Plan
----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is in the final stage of mapping out its self-
restructuring scheme to raise some KRW5.2 trillion ($4.39
billion), more than the previously proposed KRW4 trillion, after
coming under pressure from creditors and financial authorities to
plan a stronger rehabilitation scheme, industry sources said
June 3.

Under the plan being crafted, Daewoo Shipbuilding intends to sell
two of its five floating docks, which could translate into a
30-percent cut in its overall production facilities, according to
Yonhap.

Yonhap relates that the scheme also calls for a further reduction
in its workforce and a split-off of some its profitable business
divisions for a stock market debut.

Last year the shipyard drew up a KRW1.85 trillion self-
rehabilitation plan in return for KRW4 trillion in financial aid,
the report notes.

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

According to Yonhap, Daewoo Shipbuilding plans to advance the
timetable for the workforce reduction, and may cut more
employees. Earlier the company said it would slash its workforce
by 2,300 by 2019. Last month, the shipyard named a preferred
bidder to sell its headquarters building in downtown Seoul for
KRW180 billion, Yonhap relays.

Its creditors, led by state-run Korea Development Bank, will
review the additional self-rescue plans and decide whether to
approve them sooner or later, the report states.

Yonhap notes that the second batch of self-rehabilitation steps
comes as a drop in new orders is expected to continue down the
road.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***