TCRAP_Public/160608.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, June 8, 2016, Vol. 19, No. 112


                            Headlines


A U S T R A L I A

EQUITITRUST LIMITED: Ex-CEO's Stay Application Denied
HYDROSCIENCE CONSULTING: First Creditors' Meeting Set For June 16


C H I N A

EZUBAO: Police Arrest 21 Employees Over $7.6BB Fraud Scheme


H O N G  K O N G

NOBLE GROUP: Fitch Says Rights Offering Won't Affect BB+ Rating


I N D I A

ABHIJEET TRADE: ICRA Suspends 'B/A4' Rating on INR8.53cr Loan
AURAYA HEALTHCARE: ICRA Reaffirms B+ Rating on INR7.50cr Loan
B. R. ELASTICS: CRISIL Reaffirms 'B' Rating on INR137.5MM Loan
CAPITOL HILL: CRISIL Lowers Rating on INR450MM Term Loan to 'D'
CITY HEART: ICRA Suspends 'B' Rating on INR9.50cr Bank Loan

CONCORD CONSTRUCTION: CRISIL Cuts Rating on INR60MM Loan to B+
DUFLON INDUSTRIES: CRISIL Lowers Rating on INR275MM Loan to B+
ELEGANT BUILDERS: ICRA Withdraws 'B' Rating on INR7cr Term Loan
ESS ELL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
EVERPLUS PLASTICS: CRISIL Suspends B Rating on INR28.7MM Loan

GANPATI FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
GAURAV IMPEX: ICRA Suspends B+/A4 Rating on INR10cr Bank Loan
GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.5cr Loan
HITECH EXTRUSION: ICRA Suspends B Rating on INR9.75cr LT Loan
HORIZON POLYMERS: CRISIL Assigns 'B' Rating to INR100MM Loan

INDRA POWER: CRISIL Suspends 'D' Rating on INR129.5MM Term Loan
JAGDISH SARAN: ICRA Suspends B+ Rating on INR31cr Bank Loan
KAVCON ENGINEERS: ICRA Suspends D Rating on INR34cr Loan
LAMPEDO IFMR: ICRA Assigns 'B(SO) Rating to INR2.66cr Certs.
MAHALAXMI COTTON: ICRA Assigns 'B' Rating to INR6.0cr Loan

MANDONA HYUNDAI: ICRA Suspends B+ Rating on INR4.25cr Loan
MANIMAHESH HYDEL: ICRA Reaffirms B+ Rating on INR10cr Loan
MONGA IRON: CRISIL Reaffirms B- Rating on INR80MM LT Loan
MUTHU SILK: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
NASHIK FORGE: CRISIL Suspends 'B' Rating on INR50MM Cash Loan

PERODY BUILDERS: ICRA Suspends B+ Rating on INR5cr Loan
PRINITI FOODS: CRISIL Lowers Rating on INR107.5MM Loan to 'B'
PUSHPENDRA REAL: ICRA Suspends 'B' Rating on INR10cr Bank Loan
RADHE SHYAM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
RADNIK AUTO: ICRA Suspends B+ Rating on INR9.66cr Bank Loan

RAJCHANDRA AGENCIES: CRISIL Reaffirms B+ Rating on INR80MM Loan
RNB CEMENTS: ICRA Suspends 'D' Rating on INR27.15cr Loan
ROTODYNE ENGINEERING: ICRA Assigns B+ Rating to INR3.3cr Loan
S.V. MOTORS: CRISIL Assigns B+ Rating to INR63MM Cash Loan
SALASAR BALAJI: CRISIL Assigns B- Rating to INR50MM Term Loan

SHREE RAM: ICRA Assigns 'B' Rating to INR5.44cr Term Loan
SHREE TIKAM: ICRA Suspends D Rating on INR6.0cr Bank Loan
SHREEMUKH INFRA: CRISIL Reaffirms B+ Rating on INR180MM Loan
SHRI GOVIND: ICRA Suspends B- Rating on INR39cr Bank Loan
SIDDHI FERROUS: ICRA Raises Rating on INR9.50cr Cash Loan to B

SIYARAM IMPEX: CRISIL Lowers Rating on INR80MM Cash Loan to B-
SNK TECHNOLOGIES: Weak Financial Strength Cues ICRA SP 4D Grading
SPECTOMS ENGINEERING: CRISIL Cuts Rating on INR16MM Loan to B+
SRI VARALAKSHMI: CRISIL Assigns 'B' Rating to INR75MM Term Loan
SUMO BISCUITS: CRISIL Assigns B+ Rating to INR148.5MM Term Loan

SURYA INNS: ICRA Suspends B+ Rating on INR40cr Bank Loan
TATWA TECHNOLOGIES: ICRA Suspends 'D' Rating on INR6.77cr Loan
TELEPHONE ELECTRONIC: ICRA Suspends INR7.25cr Loan Rating B+/A4
VEERA TECHNO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
VIJAYA FERLLOYS: CRISIL Lowers Rating on INR55MM Loan to 'B'


M A L A Y S I A

PROTON HOLDINGS: Gets $305 Million Government Bailout


N E W  Z E A L A N D

FIVE STAR: Shuts Doors After Voluntary Administration
SAMS BAY: Ex-owner May Face Court Order to Hand Over Records
WINSLOW TRADING: Collapse Leaves Creditors Losses of NZ$500,000


                            - - - - -


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


EQUITITRUST LIMITED: Ex-CEO's Stay Application Denied
-----------------------------------------------------
The Administrative Appeals Tribunal (AAT) has refused an
application brought by Mr Mark McIvor, former Chief Executive
Officer and founding director of Equititrust Limited, for an
order staying the operation and implementation of the banning
order made by an ASIC delegate on Sept. 2, 2015, which prohibits
Mr McIvor from providing any financial services permanently.

In refusing the application, the AAT found that:

  * Mr McIvor had not made an affidavit in the AAT as to the
    matters in controversy;

  * despite being advised by ASIC on Sept. 7, 2015, that a
    banning order needed to be personally served on Mr McIvor,
    his solicitors did not make any arrangements to enable their
    client to be served the banning order;

  * Mr McIvor was evading service.

Mr McIvor has filed application with the AAT for a review of the
original decision permanently banning him from providing any
financial services.

On Dec. 19, 2011, ASIC suspended the Australian financial
services (AFS) licence of Equititrust Limited for 12 months, for
failing to comply with a number of key obligations as a financial
services licensee.

On Aug. 22, 2014, Mr McIvor was convicted and fined AUD10,000 in
the Brisbane Magistrates Court of six charges of failing to
provide a Report as to Affairs and to deliver books and records
to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty
Ltd and SM Capital Pty Ltd.

Equititrust was incorporated on 18 August 1993 and was placed
into voluntary administration on 15 February 2012.  The creditors
of Equititrust resolved that the company should be placed into
liquidation on 20 April 2012.

Equititrust held an Australian Financial Services Licence (AFSL)
and was the responsible entity of two registered schemes, the
Equititrust Income Fund (EIF) and the Equititrust Priority Class
Income Fund (EPCIF).  It was also trustee of an unregistered
managed investment scheme, called the Equititrust Premium Fund
(EPF).


HYDROSCIENCE CONSULTING: First Creditors' Meeting Set For June 16
-----------------------------------------------------------------
Justin Holzman of Holzman Associates was appointed as
administrator of Hydroscience Consulting Pty Ltd on June 4, 2016.

A first meeting of the creditors of the Company will be held at
Level 2, 32 Martin Place, in Sydney, on June 16, 2016, at
10:30 a.m.



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


EZUBAO: Police Arrest 21 Employees Over $7.6BB Fraud Scheme
-----------------------------------------------------------
Associated Press reports that Chinese police arrested 21
employees at Ezubao, China's largest online finance business, on
suspicion of fleecing 900,000 investors for $7.6 billion, in what
could be the biggest financial fraud in Chinese history.

The news agency relates that state media outlets reported the
arrests late Sunday [June 5] and state broadcaster CCTV aired
purported confessions from two former employees at Ezubao, an
Anhui Province outfit that rose from anonymity to become China's
largest online financing platform in the span of about 18 months.

Investigators found about 95% of the investments offered on
Ezubao were fake, AP says.

According to the report, Chinese authorities have struggled to
regulate the sudden boom of online investment schemes that
promise higher returns than those at traditional banks. The
industry has attracted a flood of investment from China's middle
class, says AP.



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


NOBLE GROUP: Fitch Says Rights Offering Won't Affect BB+ Rating
---------------------------------------------------------------
Fitch Ratings says that Noble Group Limited's (Noble; BB+/Stable)
rights offering and other measures to increase liquidity will not
affect the company's ratings as they are constrained by its
short-term focused funding structure and difficult operating
environment.

Noble plans to generate $US2bn in additional liquidity in the
next 12 months, consisting of the proposed rights offering with
net proceeds of about $US500m, the sale of its Noble Americas
Energy Solutions business, sale of non-core assets and working
capital reduction measures. Noble's liquidity headroom at end-
1Q16 stood at $US1.86bn (comprising $US862m of unrestricted cash
and equivalents and $US1bn of undrawn committed facilities), or
1.25x of its inventory. We expect this ratio to decrease in the
short-term after repayment of its debt totalling $US1.6bn in May,
but it will increase significantly after the liquidity generating
activities take place.

Fitch has already factored in the increase in liquidity into
Noble's ratings (see "Fitch Downgrade Nobles to 'BB+' with Stable
Outlook; Off Rating Watch" published on 17 May 2016).

Fitch expects Noble to use more short-term debt to complement its
asset-light strategy and to reduce overall funding costs given
the current weak operating environment for commodity traders.
This as reflected in its recent refinancing of $US1bn of
unsecured committed bank facilities, which contained a single
one-year tranche compared with multiple tranches of various
maturities in previous years. This type of funding structure
weakened Noble's debt maturity profile, a key constraint on its
ratings.

In addition, low visibility in commodity prices have also
resulted in a sustained weak operating environment for commodity
traders like Noble, where its quarterly working capital yield
(measured by EBITDA over working capital) dropped below 4% four
times since 2014, compared with only three times in the 24
quarters before 2014.


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


ABHIJEET TRADE: ICRA Suspends 'B/A4' Rating on INR8.53cr Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR8.53 crore bank lines of
Abhijeet Trade Impex. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the firm.

Abhijeet Tradeimpex (ATI) was set up as a proprietary firm in
2001 by Mr. Abhijeet Patodia. The firm is mainly into trading of
TMT Bars, Ingots, GI sheets and Coils, aluminum structures and
suiting and shirtings. The firm also runs a hotel in Jalgaon
district in Maharashtra. ATI has a registered office at Fort,
Mumbai.


AURAYA HEALTHCARE: ICRA Reaffirms B+ Rating on INR7.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR7.50 crore
fund based limits of Auraya Healthcare at [ICRA]B+.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based bank
   facilities             7.50        [ICRA]B+, reaffirmed

ICRA's rating reaffirmation takes into account AUH's healthy
growth in during FY2015 supported by increase in capacity as well
as increase in sales realization albeit on a modest base. The
firm's operating margin declined marginally in FY2015 from the
previous year's level while the cash accruals were higher than
the previous year. The growth in operating income with high
working capital intensity (NWC/OI at 32% as on March 31, 2015)
had necessitated additional working capital requirements. Given
the capacity expansion plan of the firm, the growth momentum in
revenues is expected to continue and hence funding requirements.

The firm is planning to set-up a new manufacturing unit which
will require external funding. Further AUH's has limited pricing
ability in a fragmented industry as well as product concentration
with most of the sales accounted for, by one product, water for
injection (WFI). ICRA also takes note of the partnership nature
of the firm, which limits the financial flexibility and exposes
the firm to capital withdrawal risk. The rating however
favourably takes into account the increase in operating income
and capacity which will facilitate an improvement in the firm's
scale of operations. The rating also takes note of the fiscal
incentives available to the firm on account of its presence in
Himachal Pradesh, and its diversified customer profile which
includes some of the leading pharmaceutical companies.

Going forward, the ability of the firm to register healthy
revenue growth, to optimally manage its working capital cycle and
to maintain adequate liquidity, would be the key rating
sensitivities. Ability to execute the expansion project within
budgeted cost and time will remain a key monitorable.

AUH was formed in July 2006 by Mr. Vipul Chanana, Mr. Amit
Chanana, Mr. Alok Madhok and Mr. Gautam Madhok; and is primarily
engaged in manufacturing of WFI and sodium chloride solutions.
The firm has a manufacturing unit in Baddi, Himachal Pradesh with
an installed capacity of 17 crores unit per annum. In addition to
AUH, the partners are engaged in manufacturing of automobile
filters (through Hira Filters and Udbhav Industries) and
aluminium profiles (through Virgo Graces Laboratories).

Recent Results
The firm reported a net profit of INR0.41 crore on an operating
income of INR15.61 crore in FY 2014-15, as against a net profit
of INR0.51 crore on an operating income of INR11.52 crore in the
previous year.


B. R. ELASTICS: CRISIL Reaffirms 'B' Rating on INR137.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long term bank facilities of B. R.
Elastics India Private Limited (BREPL) continue to reflect the
modest scale of operations in the intensely competitive textile
industry, the large working capital requirement and below-average
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the promoters.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           137.5       CRISIL B/Stable (Reaffirmed)
   Term Loan              12.0       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BREPL will continue to benefit over the medium
term from the extensive industry experience of the promoters and
established relations with key customers. The outlook may be
revised to 'Positive' if sustained growth in revenue and
profitability leads to substantial increase in cash accrual or
working capital management improves leading to better liquidity.
The outlook may be revised to 'Negative' if a there is a sharp
decline in revenue and operating margin, or if large debt-funded
capital expenditure programme weakens the financial risk profile,
particularly liquidity.

Update:
BREPL is estimated to record 25 percent year-on-year growth in
revenue to INR400 million as of 2015-16 (refers to financial
year, April 1 to March 31), led by acquisition of new customers
and higher offtake from existing customers. The operating margin,
however, declined to an estimated 9 percent in 2015-16, due to
volatile raw material prices and resulted in cash accrual of
INR13 million. While the company could sustain revenue at the
current level, the margin would be vulnerable to volatility in
raw material prices.

Large receivables and inventory days have resulted in highly
working capital-intensive operations, reflected in gross current
assets, estimated around 244 days as of 2015-16.

The financial risk profile and debt protection metrics remain
weak, marked by moderate gearing estimated around 1.6 times and
interest coverage and net cash accruals to debt ratio of 1.6
times and 0.08 time, respectively, for 2015-16.


The stretched liquidity profile is marked by the fully utilised
bank limit, but is supported by adequate accrual to meet the debt
obligations.

BREPL was set up as a proprietorship firm in 2000 and
reconstituted as a private limited company in 2008. The company,
based in Tirupur, manufactures varied types of elastic, including
woven elastic, woven jacquard elastic, plain knitted elastic,
fancy frill elastic, and lycra elastic.


CAPITOL HILL: CRISIL Lowers Rating on INR450MM Term Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Capitol Hill Hotels Private Limited (CHHPL) to 'CRISIL D' from
'CRISIL B-/Stable'. The rating downgrade reflects delays in
servicing term debt, caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                450       CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

CHHPL is exposed to implementation risks on the hotel project,
and cyclicality in the hospitality segment. These rating
weaknesses are partially offset by the promoters' experience in
the hospitality business and advantageous location of the hotel.

Incorporated in 2012, CHHPL is developing a four-star deluxe
hotel in Bistupur, Jamshedpur (Jharkhand). The company is
promoted by Mr. Ashwani Bhatia and Mr.  Sanjay Bhatia.


CITY HEART: ICRA Suspends 'B' Rating on INR9.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.50 crore
bank facilities of City Heart Hotels 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 March 2006, CHHPL is a closely held company owned
by the Chandigarh-based Narang family. The company operates three
hotels in Chandigarh, comprising two budget hotels namely Hotel
City Heart Premium and Hotel Park Plaza and one mid-scale
property, namely Hotel Rajshree.


CONCORD CONSTRUCTION: CRISIL Cuts Rating on INR60MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Concord Construction (CC) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          150       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit              60       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in the firm's
business risk profile as reflected in decline in scale of
operations and stretched working capital cycle. Revenue declined
to INR138 million in 2015-16 (refers to financial year, April 1
to March 31) from INR562 million in 2013-14. Working capital
cycle is also stretched as indicated by gross current assets
(GCAs) of 476 days as on March 31, 2016, against 159 days as on
March 31, 2014; the stretch is on account of increase in debtors
to 141 days from 66 days over this period. Though the order book
was healthy at INR27 million as on March 31, 2016, liquidity will
be stretched on account of high incremental working capital
requirement.

The ratings reflect the firm's modest scale of operations in the
highly fragmented civil construction segment, and large working
capital requirement. The rating also factors in a below-average
financial risk profile because of a small networth, modest
gearing, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the firm's promoters in the civil construction industry.
Outlook: Stable

CRISIL believes CC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of an improvement in
the working capital cycle or infusion of capital. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
scale of operations or profitability or deterioration in the
financial risk profile on account of increase in gearing, mainly
due to a stretched working capital cycle or large debt-funded
capital expenditure.

Set up in 1997, CC undertakes civil construction works in
Karnataka and Kerala. Mr. Mahin Kallatra manages the firm's daily
operations.


DUFLON INDUSTRIES: CRISIL Lowers Rating on INR275MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Duflon Industries Private Limited (DIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3.5       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            40.0       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Export Packing        275.0       CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB/Stable')


   Letter of Credit       70.0       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term    204.2       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Standby Letter of      25.0       CRISIL B+/Stable (Downgraded
   Credit                            from 'CRISIL BB/Stable')

   Term Loan              82.3       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects the weaker than expected operating
performance and large working capital cycle leading to stretched
in its liquidity profile.

DIPL is estimated to report operating income of about INR820
million to INR840 million during 2015-16, as against about INR975
million recorded during 2014-15. DIPL's operating income had
declined to about INR693 million in 2014-15 on account of subdued
demand from customers and stiff competition in industry  ,
leading to low capacity utilization.

DIPL recorded an operating loss of INR46.7 million during 2014-
15, driven by one time write off of bad debt to the extent of
about INR80 million and subdued demand in the industry.
Subsequently, DIPL's operating margin is estimated to have
improved to about 11 percent to 13 percent during 2015-16 on
account of pickup in orders, mainly from export market, but
remains weaker than the margins of around 19-20 per cent recorded
during 2013-14.

The rating downgrade also factors the deterioration in its
liquidity profile on account of stretched receivables estimated
about 170 days to 180 days and high inventory holding of about 90
days to 100 days as on March 2016 , leading to high dependency on
bank borrowing to fund its incremental working capital
requirement.

The rating continue to reflect the moderate scale of operation ,
large working capital requirements and exposure to supplier
concentration risk and to associate companies engaged in
unrelated business . These rating weakness are partially offset
by the promoter's extensive experience in the poly tetra flouro
ethylene (PTFE) products industry.
Outlook: Stable

CRISIL believes that DIPL will continue to benefit over the
medium term from its promoters' extensive experience and its
established market position in the PTFE products industry. The
outlook may be revised to 'Positive' if DIPL reports sustainable
revenue growth and profitability leading to healthy cash
accruals, and effectively manages its working capital
requirements, thus strengthening its liquidity. Conversely, the
outlook may be revised to 'Negative' if profitability is
constrained significantly, leading to lower-than-expected cash
accrual, deterioration in capital structure, or further stretch
in working capital cycle.

DIPL, promoted by Mr. Shailesh H Mehta, was incorporated in 1988
as Duflon Polymers Pvt Ltd and got its present name in 2010-11.
DIPL manufactures PTFE products such as nozzles, valves, and
lined pipes, which are used mainly in the pumps and valves
industry.


ELEGANT BUILDERS: ICRA Withdraws 'B' Rating on INR7cr Term Loan
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR7 crore
proposed term loans of M/s. Elegant Builders & Developers, as the
company has not availed the proposed term loans. The rating has
been withdrawn at the request of the company as the company did
not avail any bank borrowing against the rated proposed
facilities.


ESS ELL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facility of ESS Ell Cables Company (EssEll).

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

The rating reflects below average financial risk profile marked
by leveraged capital structure and subdued debt protection
metrics with instances of capital withdrawal by promoters. The
rating also factors in modest scale of operations with low
operating margin in the fragmented and competitive copper winding
wire industry. These rating weaknesses are mitigated by
established relationships with customers and suppliers and the
extensive industry experience of promoters.
Outlook: Stable

CRISIL believes EssEll will benefit from established
relationships with customers and suppliers and the extensive
industry experience of promoters. The outlook may be revised to
'Positive' if financial risk profile improves due to substantial
ramp up in scale of operations along with improvement in
operating margin, or equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile weakens due to lower-than-expected cash accrual,
considerable increase in working capital requirement or
significant capital withdrawal by promoters or large, debt-funded
capital expenditure.

Started in 1994 as a partnership firm, EssEll manufactures copper
winding wire, Polyvinyl Chloride winding wire, enameled copper
wire, aluminum wires, and fibre glass rectangular wires at its
manufacturing facility in Daman. The firm caters to the
requirements of original equipment manufacturers of electric
transformers (power and distribution), electric motors,
telecommunication equipments, and electronics and electrical
appliances, situated all over India through a wide network of
sales.


EVERPLUS PLASTICS: CRISIL Suspends B Rating on INR28.7MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Everplus Plastics Private Limited (EPPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             27.5       CRISIL B/Stable
   Letter of Credit         2.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility      16.3       CRISIL B/Stable
   Term Loan               28.7       CRISIL B/Stable

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

EPPL was incorporated by the Somani family in 2002, and began
commercial production in 2006. The company manufactures calcium
carbonate-filled masterbatches. The product is used in
manufacturing plastic bags and sacks. Mr. Siddharth Somani,
managing director, looks after the day-to-day operations of the
company.


GANPATI FOODS: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Ganpati Foods - Fazilka (GFF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Warehouse Receipts       20        CRISIL B/Stable

The rating reflects modest scale of operations in the intensely
competitive basmati rice market. The rating also factors in
average financial risk profile with high leverage. These rating
weaknesses are mitigated by the extensive industry experience and
financial support of partners, and benefits expected from the
healthy growth prospects for the basmati rice industry.
Outlook: Stable

CRISIL believes GFF will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of increase in
revenue and profitability or significant capital infusion,
leading to better financial risk profile, particularly capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of weak of capital structure, lower-than-expected cash
accrual, or substantial debt-funded capital expenditure.

Established in 2012, by Mr. Vijay Chabra and Mr. Raj Kumar
Periwal, GFF is a partnership firm that processes and sells
basmati rice. Its facility is at Fazilka, Punjab.


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

Gaurav Impex is a partnership firm involved in trading of silicon
rubber. The partnership was established in 2012 by converting an
HUF of the same name. The promoter family has been involved in
this business since 1965. The firm imports silicon rubber and
sells it primarily to automobile ancillary components
manufacturers.


GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.5cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR4.50 crore fund based facilities of Ghaziabad Mechfab Private
Limited. ICRA has also reaffirmed its short-term rating of
[ICRA] A4 on the INR6.00 crore non-fund based bank facilities of
the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit            4.50        [ICRA]B+; reaffirmed

   Non Fund Based Limits
   BG/LC                  6.00        [ICRA]A4; reaffirmed

The ratings reaffirmation takes into accountthe continuous
decline in the operating income of GMPL over the last three years
on account of subdued demand and high competition in the Pre
Engineered Buildings (PEB) industry arising out of limited
technical competence. ICRA's ratings continue to take into
account low bargaining power for the company due to which the
company's profitability remains vulnerable to adverse movement in
prices of raw materials such as hot and cold rolled steel
products. The ratings continue to be constrained by the stretched
liquidity position of the company as reflected in high
utilization of fund based working capital limits and moderately
high working capital intensity; however this risk is partly
mitigated by the company's established relationship with its
clients. However, the ratings continue to derive comfort from the
long experience of the promoters in the pre engineered building
industry and favorable demand prospects for GMPL's products
driven by the government's emphasis on infrastructure and rural
development in India. ICRA takes note of the company's order book
of INR40 crore outstanding as on April 30, 2016, which provides
revenue visibility for the near term.

Going forward, GMPL's ability to maintain growth in revenues by
ensuring a consistent flow of orders in a profitable manner,
while maintaining optimal working capital intensity and
comfortable liquidity position will remain key rating
sensitivities.

GMPL was established in 1996 as a private limited company and has
been promoted by Mr. Subodh Gupta, who has more than a decade of
experience in the fabrication industry. The company is engaged in
manufacturing of pre engineered buildings and components. The
manufacturing facility of the company is located at Ghaziabad in
Uttar Pradesh.

Recent Results
The company reported a net profit of INR0.30 crore on an
operating income of INR23.01 crore in FY15, as against a net
profit of INR0.64 crore on an operating income of INR33.35 crore
in the previous year. The firm, on a provisional basis, reported
an operating income of INR15.01 crore in FY16.


HITECH EXTRUSION: ICRA Suspends B Rating on INR9.75cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR9.75 crore long term fund based facilities of Hitech
Extrusion LLP. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to INR7.50 crore short term non fund based
facility (sub limit of long term fund based facilities) of HEL.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 2010 as a limited liability partnership firm,
Hitech Extrusion LLP (HEL) is engaged in manufacturing and export
of brass & bronze extruded products like extrusion rods, wires,
casting, pipes, tubes, hollow rods, ingots, billets, brass
profiles, etc. The firm has an installed capacity of 3000 MTPA.
The firm is promoted by the Kataria & the Shah families who have
been associated with the brass industry for nearly three decades.
The firm's manufacturing facility is located at Jamnagar,
Gujarat. The firm is also a member of Metal Recycling Association
of India (MRAI).


HORIZON POLYMERS: CRISIL Assigns 'B' Rating to INR100MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Horizon Polymers (HP) and has assigned its
'CRISIL B/Stable' rating to these facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              100       CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The ratings had been suspended by CRISIL on March 09, 2016, as HP
had not provided the necessary information for taking a rating
view. The firm has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

The rating reflects the firm's modest scale of operations in the
highly fragmented pipes and fittings industry, its large working
capital requirement, and subdued financial risk profile because
of high gearing. These weaknesses are partially offset by
extensive industry experience of its partners.
Outlook: Stable

CRISIL believes HP will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is significant revenue growth and improvement
in working capital management and operating profitability,
leading to better liquidity and financial risk profile. The
outlook may be revised to 'Negative' in case of deterioration in
financial risk profile on account of lower-than-expected
profitability, sizeable working capital requirement, or large
debt-funded capital expenditure.

HP, set up in 2001 by Mr. S C Aggarwal and his son Mr. Deepak
Aggarwal, manufactures polyvinyl chloride (PVC) pipes, HDPE
(high-density polyethylene) pipes, UPVC (unplasticized PVC)
pipes, and PPR pipes and fittings. The firm also trades in water
tanks. It has two manufacturing units, one in Himachal Pradesh
and the other in Punjab.


INDRA POWER: CRISIL Suspends 'D' Rating on INR129.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Indra Power Gen. Private Limited (IPGPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL D
   Proposed Long Term
   Bank Loan Facility       70.5      CRISIL D
   Term Loan               129.5      CRISIL D

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

IPGPL, formerly Arora Infrastructure Development Company Pvt Ltd,
was incorporated in 2002. The company was established by Mr.
Jagjeet Singh Arora and was engaged in civil construction until
2007 when its name was changed to IPGPL. IPGPL operates a biomass
power plant with an installed capacity of 10 megawatts at
Surajpur (Chhattisgarh). The plant started commercial operations
in 2009 and currently supplies power to CSPDCL.


JAGDISH SARAN: ICRA Suspends B+ Rating on INR31cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ on the
INR31.0 crore bank lines of Jagdish Saran. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


KAVCON ENGINEERS: ICRA Suspends D Rating on INR34cr Loan
--------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR34.00
crore fund based and non fund based facilities of Kavcon
Engineers Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


LAMPEDO IFMR: ICRA Assigns 'B(SO) Rating to INR2.66cr Certs.
------------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB+(SO) and Provisional
[ICRA]B(SO) ratings to proposed PTC A1 and PTC A2 issuances by
Lampedo IFMR Capital 2016 backed by micro loan receivables
originated by Fusion Microfinance Private Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   PTC Series A1           24.54       [ICRA]BBB+(SO)
   PTC Series A2            2.66       [ICRA]B(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


MAHALAXMI COTTON: ICRA Assigns 'B' Rating to INR6.0cr Loan
----------------------------------------------------------
The long term rating of [ICRA]B has been assigned to INR1.56
crore1 term loan facility and INR6.00 crore cash credit facility
of Mahalaxmi Cotton.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans            1.56         [ICRA]B Assigned
   Cash Credit           6.00         [ICRA]B Assigned

The assigned rating is constrained by the weak financial profile
of Mahalaxmi Cotton characterized by the small scale of
operations, low profitability, aggressive capital structure and
weak coverage indicators. The rating also takes into account the
firm's limited value addition in cotton ginning and cottonseed
crushing business, commoditized nature of products and the
vulnerability of the firm's profitability to adverse movements in
cotton prices which are subject to seasonality and crop harvest.
The firm's operations are also exposed to regulations governing
the industry such as restrictions on cotton exports and minimum
support price (MSP). ICRA also notes that the cotton ginning
industry is highly fragmented with the presence of large number
of manufacturers, which coupled with low entry barriers for new
entrants has led to high competitive intensity of the sector.
Further the rating considers potential adverse impact on net
worth and gearing levels in case of any substantial withdrawal
from capital accounts given the constitution as a partnership
firm.

The rating, however, takes comfort from the long-standing
experience of the promoters in the cotton industry and the
favourable location of the firm's plant with respect to raw
material procurement.

Going forward, the revenue of Mahalaxmi Cotton is expected to
witness moderate growth on account of stable demand outlook for
cotton and cottonseed oil, although the profitability of the firm
will remain exposed to any adverse fluctuations in raw material
prices which are subject to seasonality and crop harvest. The
capital structure is likely to remain aggressive owing to the
high working capital requirements of the firm. In ICRA's view,
the ability of the firm to efficiently manage the impact of raw
material price changes on its profitability and improve its
capital structure by managing working capital requirements will
remain the key rating sensitivities.

Established in 2013 as a partnership firm, Mahalaxmi Cotton is
engaged in cotton ginning and pressing to produce cotton bales
and cottonseeds in its manufacturing facility located in Kadi,
Gujarat having a capacity of producing 25000 bales p.a. The firm
also carries out cottonseed crushing to produce cottonseed oil
and cottonseed oilcake in a nearby unit on lease having an input
capacity of 8000 MTPA. The firm is promoted and managed by Mr.
Kanubhai Patel, who has over 15 years of experience in cotton
ginning business, and other family members.

Recent Results
For the year ended March 31, 2015, the firm reported an income of
INR18.99 crore and profit after tax of INR0.25 crore as against
an operating income of INR26.15 crore and profit after tax of
INR0.10 crore for the year ended March 31, 2014. For 11M FY2016,
the firm reported an operating income of INR30.68 crore and
profit before depreciation and tax of INR1.12 crore (provisional
unaudited financial).


MANDONA HYUNDAI: ICRA Suspends B+ Rating on INR4.25cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR1.15 crore
term loan, INR4.25 crore cash credit and INR0.60 crore fund based
untied limits of Mandona Hyundai. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


MANIMAHESH HYDEL: ICRA Reaffirms B+ Rating on INR10cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA] B+ on the
INR10.00 crore term loan of Manimahesh Hydel Power Projects
Cooperative Society.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             10.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the ~17% year-on-year
decline in MHPPCS's operating income in FY16 on account of lesser
than the expected rainfall. This has, however, been accompanied
by an improvement in operating margins in FY16.

The rating continues to be constrained by the highly leveraged
capital structure of the company given the debt funded nature of
the project, the vulnerability of MHPPCS's revenues and cash
flows to variability in Plant load Factor (PLF) and hydrology
risks given that there are no deemed generation clauses in the
Power Purchase Agreement (PPA). However, the rating draws comfort
from the firm PPA with the Himachal Pradesh State Electricity
Board (HPSEB) to supply power for 40 years and limited demand
risks given the competitive tariff and energy deficit in North
India. The rating also favorably factors in the receipt of
capital subsidy from the Ministry of New and Renewable Energy
(MNRE) for the project.

Going forward, the ability of the society to meet the designed
performance parameters (since tariff is fixed at INR2.95 per
unit) and availability of adequate water in the catchment area
thereby improving the cash accruals and gearing will be the key
rating sensitivities.

MHP has been promoted by Mr. S.P Dhall and his family members.
Mr.Dhall has extensive business interests in Himachal Pradesh-
these include two hotels-Hotel Indraprastha in Dalhousie and
Hotel Miniswiss in Khajjiar. His other businesses include
execution of government contracts, a shopping complex (Dhall
Complex) and wine contracts. MHP has a developed 2 Mega Watt (MW)
hydro power plant in Village Chamba Sadar, District Chamba,
Himachal Pradesh. This is a run of the river project on Sal
Nallah, a tributary of the Ravi River. The project commenced
operations in May 2013.

Recent Results
The company incurred a net loss of INR0.26 crore on an operating
income of INR3.38 crore in FY15, as against a net loss of INR0.74
crore on an operating income of INR2.45 crore in the previous
year. The company, on a provisional basis, reported an operating
income of INR2.80 crore for FY16.


MONGA IRON: CRISIL Reaffirms B- Rating on INR80MM LT Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Monga Iron &
Steel Pvt Ltd (MISPL) continues to reflect the company's weak
financial risk profile because of high total outside liabilities
to tangible networth ratio and weak debt protection metrics.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B-/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     80       CRISIL B-/Stable (Reaffirmed)

The rating also factors in low operating profitability because of
trading business, and susceptibility to volatility in steel
prices. These weaknesses are partially offset by extensive
experience of its promoter in the steel trading business, and its
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes MISPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
growth in revenue and profitability, and efficient working
capital management, leading to a better financial risk profile,
particularly liquidity. Conversely the outlook may be revised to
'Negative' if financial risk profile, particularly its liquidity,
deteriorates, because of large working capital requirement or
pressure on cash accrual.

MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name
in 2008. The company trades in stainless steel products. Its
registered office is in New Delhi.


MUTHU SILK: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Muthu Silk
House (MSH) continue to reflect the firm's small scale of
operations in the intensely competitive retail textile industry,
and below-average financial risk profile because of a modest net
worth and a high total outside liabilities to tangible net worth
ratio.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            5        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by an established
brand the extensive industry experience of the promoters in the
retail trading segment.
Outlook: Stable

CRISIL believes MSH will continue to benefit over the medium term
from its established market position and extensive industry
experience of its promoters. The outlook may be revised to
'Positive' in case of a significant increase in revenue and
profitability, or substantial capital infusion, thereby enhancing
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a considerable decline in
revenue and profitability, a stretched working capital cycle,
significant debt-funded capital expenditure, or substantial
withdraw of capital by the partners, thus weakening the financial
risk profile.

MSH was set up as a partnership firm by Mr. P Namassivayam and
his wife Mrs. Mandjoula Namassivayam in Puducherry in 1960. The
firm trades in silk and synthetic sarees and readymade garments.
It operates an 11,000-square-foot retail outlet on Nehru Street,
Puducherry. The firm's operations are managed by its partners.


NASHIK FORGE: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Nashik
Forge Private Limited (NFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           25        CRISIL A4
   Cash Credit              50        CRISIL B/Stable
   Term Loan                25        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
NFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NFPL is yet to
provide adequate information to enable CRISIL to assess NFPL'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 2005, NFPL manufactures auto parts such as bells,
hooks, shafts, and yolks at its manufacturing unit in Nashik
(Maharashtra). The company is promoted by Mr. Mukesh Bheda and
his family members.


PERODY BUILDERS: ICRA Suspends B+ Rating on INR5cr Loan
-------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR5.0
crore fund based facilities of Perody Builders Private 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.


PRINITI FOODS: CRISIL Lowers Rating on INR107.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Priniti Foods Private Limited (PFPL) to 'CRISIL B/ Stable'
from 'CRISIL B+/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Term Loan               107.5      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

The rating downgrade reflects lower-than-expected sales and
profitability, resulting in weak liquidity. Cash accrual is
expected to be insufficient to meet high debt repayment
obligations, though the repayment is likely to be supported by
unsecured loans.

The rating reflects a modest scale of operations in the intensely
competitive extruded snacks segment, and a below-average
financial risk profile because of a modest networth and subdued
debt protection metrics. These rating weaknesses are partially
offset by an established distribution network in North India and
moderate working capital requirement.
Outlook: Stable

CRISIL believes PFPL will continue to benefit over the medium
term from its established distribution network. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations along with sustained improvement in
profitability, leading to higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if revenue
and profitability are less than anticipated, leading to
significant pressure on liquidity.

PFPL was incorporated in 2009, promoted by New Delhi-based Mr.
Rajesh Garg, who manages operations. The company manufactures
assorted extruded snacks such as finger snacks, rings, puffs,
potato chips, and more at its plant in Sonepat, Haryana.


PUSHPENDRA REAL: ICRA Suspends 'B' Rating on INR10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR10.00 crore bank limits of Pushpendra Real Construction
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Pushpendra Real Construction Private Limited (PRCPL) was promoted
by Mr. Mahendra Jain to undertake real estate development in the
city of Ratnagiri in the year 2006. It is a part of the
Padmavatee Group which has developed 0.31 million (mn) sq ft of
real estate projects till date and is currently has 0.32 mn sq ft
of area under development across its various group entities.
PRCPL is currently undertaking the development of a township
project called Pushpendra City located in Khedshi, Ratnagiri with
a total saleable area of 0.44 mn sq ft.


RADHE SHYAM: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Radhe Shyam
Cotton Industries (RCI) continues to reflect the firm's modest
scale of operations in the intensely competitive cotton ginning
industry and below-average financial risk profile because of
small networth, high gearing, and average debt protection
metrics. These weaknesses are partially offset by the extensive
experience of RCI's promoters and proximity to cotton suppliers.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B+/Stable (Reaffirmed)
   Term Loan              10        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RCI will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if increase in networth due to equity infusion or
substantial cash accrual results in a better financial risk
profile. The outlook may be revised to 'Negative' if
significantly low revenue or operating profitability, higher-
than-expected withdrawal, stretch in working capital cycle, or
any large, debt-funded capital expenditure further weakens
financial risk profile.

Update
Scale of operations remains modest, with an operating income of
INR372.5 million in 2014-15 (refers to financial year, April 1 to
March 31). Operating margin was also low at 3.3 percent and is
expected to remain at a similar level over the medium term.
Working capital requirement is moderate, with gross current
assets of 63 days due to large inventory of 51 days.

Financial risk profile remains weak, with a small networth of
about INR20.7 million. Gearing was high at 2.49 times due to
short-term borrowing. The debt protection metrics also remain
modest which is reflected in the modest interest cover and NCATD
ratio of 2 and 0.06 times respectively for the year ending March
2015.

Liquidity is adequate, with cash accrual of INR30-33 million
against debt obligation of INR24.0 million each year over the
medium term. Unsecured loans of INR13.5 million from the
promoters, treated as neither debt nor equity, also support
liquidity.

Set up as a partnership firm in 2012 by the Patel family of
Gujarat, RCI gins and presses raw cotton (kapas) and also
processes cotton seed oil. Operations are managed by Mr. Manilal
Sankalchand Patel.


RADNIK AUTO: ICRA Suspends B+ Rating on INR9.66cr Bank Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR 9.66 crores bank
facilities of Radnik Auto Exports. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company.


RAJCHANDRA AGENCIES: CRISIL Reaffirms B+ Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rajchandra
Agencies (RA) continues to reflect RA's average financial risk
profile, marked by small net worth, high gearing, and average
debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             80       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the distribution business
and their established relationships with principals and
customers.
Outlook: Stable

CRISIL believes that RA will benefit from its promoters'
extensive experience and established relationships with
principals, over the medium term. The outlook may be revised to
'Positive' in case RA reports higher than expected cash accruals
leading to improvement of its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if RA's financial risk
profile, particularly its liquidity, deteriorates due to
elongation of its working capital cycle or any debt-funded
capital expenditure.

Set up in 2004 as a partnership concern, RA is an authorised
distributor for Bharti Airtel Ltd's prepaid and direct-to-home
(DTH) products, ITC's cigarette, foods, and personal care
products, and Lava International Ltd's mobile handsets for
Dahisar and Borivali in Mumbai. RA is managed by Mr. Mukesh Gupta
and Mr. Hari Gupta.


RNB CEMENTS: ICRA Suspends 'D' Rating on INR27.15cr Loan
--------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR27.15
crore fund based working capital and INR99.30 crore term loan
facilities of RNB Cements (P) Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


ROTODYNE ENGINEERING: ICRA Assigns B+ Rating to INR3.3cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR3.30 crore
cash credit limits of Rotodyne Engineering Services Private
Limited. ICRA has also assigned short term rating of [ICRA]A4 to
INR4.20 crore non fund based limits and ratings of
[ICRA]B+/[ICRA]A4 to INR17.50 crore unallocated limits of RESPL.


                           Amount
   Facilities           (INR crore)   Ratings
   ----------           -----------   -------
   Cash credit limits       3.30      [ICRA]B+ assigned
   Non Fund based limits    4.20      [ICRA]A4 assigned
   Unallocated limits      17.50      [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by modest scale of
operations in the rotating equipment (turbine, compressors and
pumps) industry which limits the bargaining power with customers
who are mostly large corporates resulting in moderate operating
margins; stretched liquidity position of the company due to high
working capital intensity on account of high debtor days; and
moderate client and project concentration risk of the order book
with top 3 projects and clients accounting to 53%. Further, the
order book position is moderate at INR22.84 crore as on March 31,
2016 providing near term revenue visibility. ICRA also notes the
proposed capital expansion plans of the company which may
adversely impact the capital structure and debt coverage
indicators going forward. The ratings however positively factor
in extensive experience of promoter and senior management in
engineering, assembly, quality control, testing & commissioning
of power and process plants; and consistent growth in operating
income over last few years from INR8.17 crore in FY11 to INR23.89
crore in FY16 with increase in orders and order execution albeit
on a low base.

Going forward, ability of the company to improve its revenues and
maintaining the profitability levels while managing working
capital requirements would remain key rating sensitivities from
credit perspective.

Rotodyne Engineering Services Private Limited (RESPL) was founded
in the year 1998 and is into providing services related to
rotating equipment (turbine, compressors and pumps) such as
Erection & Commissioning, Overhauls & Trouble-shooting, Operation
& Maintenance services, Annual Maintenance Contracts, Repairs and
manufacture & supply of spares for Turbines, Boilers, Generators,
Centrifugal Compressors, Pumps, and Heat Exchangers. The company
comprises of Ex-BHEL Executives, ex-Executives of
Food/Process/Chemical Industries, Power Stations and Electricity
Boards, each having decades of experience in several disciplines
like engineering assembly, quality control, testing &
commissioning and fields services.

Recent Results
In FY2015, RESPL reported an operating income of INR19.78 crore
and net profit of INR0.68 crore as against operating income of
INR16.01 crore and net profit of INR0.75 crore during FY2014.
RESPL has reported an operating income of INR23.89 crore and
profit before tax of INR1.97 crore for FY2016 (provisional and
unaudited).


S.V. MOTORS: CRISIL Assigns B+ Rating to INR63MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of S.V. Motors (SVM).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan           2        CRISIL B+/Stable
   Open Cash Credit        63        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive automobile dealership segment, its
susceptibility to cyclicality in automobile segment and its
below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio and modest net-
worth. These rating weaknesses are partially offset by the
benefits that the firm derives from extensive experience of its
partner's in the automobile dealership business and its exclusive
dealership contract with its key principal - 'Piaggio Vehicles
Private Limited' (PVPL; rated 'CRISIL A/Stable/CRISIL A1').
Outlook: Stable

CRISIL believes that SVM will continue to benefit over the medium
term from extensive experience of its partner's in the automobile
dealership business and its exclusive dealership contract with
its principal, PVPL. The outlook may be revised to 'Positive' if
revenue and profitability increase substantially, leading to
better financial risk profile, or if partners infuse significant
capital, resulting in improved capital structure. Conversely, the
outlook may be revised to 'Negative' if the firm undertakes
aggressive, debt-funded expansions, or if revenue and
profitability decline sharply, or if partners withdraw large
capital, leading to deterioration in financial risk profile.

Established in 2014 as a partnership firm, SVM is an exclusive
dealer of PVPL's three-wheelers and four-wheeler commercial
vehicles in Vishakhapatnam, Andhra Pradesh. The firm is promoted
by Mr.B Naveen Kumar and Mr. K Madhusudhana Rao.

SVM's profit after tax (PAT) is estimated at INR5 million on net
sales of INR523 million for 2015-16 (refers to financial year,
April 1 to March 31), against a reported PAT of INR0.7 million on
net sales of INR243 million for 2014-15.


SALASAR BALAJI: CRISIL Assigns B- Rating to INR50MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Salasar Balaji Real Infra (SBRL)

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

The ratings reflect SBRL's high project risk marked by high
project implementation, offtake and funding risk coupled with
upcoming term loan repayment obligations. The rating also factors
the cyclicality inherent in Indian real estate industry. These
rating weaknesses are partially offset by long standing
experience of the promoters in real estate industry and their
funding support.
Outlook: Stable

CRISIL believes that SBRL will continue to benefit from
promoters' significant experience in the real estate industry;
however its credit risk profile will remain constrained on
account of high dependence on customer advances. The outlook may
be revised to 'Positive' in case of rapid booking of the units
and timely receipt of customer advances, leading to higher-than-
expected cash inflows. Conversely, the outlook may be revised to
'Negative' in case of lower than expected cash inflows.

Formed in 2012 by five partners, Salasar Balaji Real Infra (SBRL)
is a SPV set up to undertake a residential real estate project
named 'Salasar Heights' at Gwalior (Madhya Pradesh).


SHREE RAM: ICRA Assigns 'B' Rating to INR5.44cr Term Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR9.90
crore term loan and cash credit fund-based facilities of
Shree Ram Rayon.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Tamilnad Merchantile
   Bank Ltd. - Term
   Loans limits              5.44         [ICRA]B assigned

   Tamilnad Merchantile
   Bank Ltd. - Cash
   Credit limit              2.75         [ICRA]B assigned

   Tamilnad Merchantile
   Bank Ltd. - Seasonal
   Cash Credit limit         1.50         [ICRA]B assigned

   Tamilnad Merchantile
   Bank Ltd. - Proposed
   Cash Credit limit         0.21         [ICRA]B assigned

The assigned rating of SRR takes into account the nascent and
modest scale of operations and the thin profitability owing to
the low value added nature of work undertaken (yarn sizing and
warping). The debt-funded capex plan has culminated into a
leveraged capital structure and subsequent interest expenses.
However, some comfort can be drawn from the sanction of interest
subsidy under the TUFS scheme which will lower the interest
burden to an extent going forward. The rating also factors in
SRR's presence in the highly fragmented textile industry
characterized by intense competition from numerous players in the
textile hub of Surat and susceptibility of revenues to
cyclicality inherent in textile industry. Since, prices of FDY
are directly linked to the prices of Monoethylene Glycol (MEG)
and Pure Terepthalic Acid (PTA), which in turn is crude oil
derivatives, the firm's profitability is vulnerable to the
movement in fluctuating raw material prices. The rating, however,
favourably factors in the long standing experience of promoters
in the textile industry.
On the back of stabilization of capex undertaken, the firm has
recorded over ~40% y-o-y growth in FY2016. ICRA expects SRR to
record a CAGR of 20-25% over the next three years from
improvement in the capacity utilization levels from employing the
unutilised capacity as well as stabilisation of new machineries
which has been operational from FY2016. The stretched capital
structure of the firm is projected to moderate over the next
three years owing to the repayments pertaining to the term loans
subject to an improving networth base. Considering the
partnership constitution, risk of capital withdrawals is
inherent.

Established in July 2014 and promoted by Patodia family, Shree
Ram Rayon (SRR or the firm) is a family managed partnership firm
engaged in the sizing and warping of yarn made out of FDY (Fully
Drawn Yarn). Based out of Surat, SRR has a manufacturing facility
located in Kamrej with an installed capacity to manufacture 5,000
MTPA of sized yarn.

The key partners of SRR are Mr. Pravin Patodiya, Mr. Rasik
Patodiya and Mr. Ajit Patodiya who collectively look after the
overall functions of business. Mr. Rasik Patodiya is a B-tech in
textile technology. All the three managing partners have
experience of over two decades in the textile industry especially
in the field of textile chemicals and are actively engaged in
textile chemical consulting activities for textile players. The
firm has also been able to capitalize on a ready customer and
supplier contacts through presence in this industry. The firm's
sister concern; Shree Ram Bearings and Chemicals is engaged in
the manufacture of textile chemicals which finds use in the
sizing process.

Recent results
SRR recorded a net profit of INR0.21 crore on an operating income
of INR16.78 crore for the year ending March 31, 2015 and a net
profit of INR0.41 crore on an operating income of INR24.14 crore
for the year ending March 31, 2016 (provisional).


SHREE TIKAM: ICRA Suspends D Rating on INR6.0cr Bank Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D on the INR6.0
crore bank lines of Shree Tikam Chand Educational and Charitable
Trust. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SHREEMUKH INFRA: CRISIL Reaffirms B+ Rating on INR180MM Loan
------------------------------------------------------------
CRISIL's rating on bank facility of Shreemukh Infra Projects
Private Limited continue to reflect exposure to funding,
implementation, and demand risks on its ongoing project,
accentuated by low bookings.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft
   Facility                180      CRISIL B+/Stable (Reaffirmed)

The rating also factors in geographic concentration risks in
revenue, and cyclicality in the Indian real estate industry.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the real estate industry.
Outlook: Stable

CRISIL believes Shreemukh Infra will continue to benefit over the
medium term from its promoters' extensive experience in the real
estate industry. The outlook may be revised to 'Positive' if
healthy booking of units and receipt of customer advances lead to
stronger cash flows and liquidity. Conversely, the outlook may be
revised to 'Negative' if low customer advances or sizeable cost
overruns in the ongoing project weaken liquidity.

Shreemukh Infra was set up in 2008 by Mr. Yarram Vijay Kumar, Mr.
Parmodh Bansal, Mr. Rajiv Agarwal, and Mr. Santosh Kumar. The
company is currently developing a residential project in
Secunderabad (Telangana).


SHRI GOVIND: ICRA Suspends B- Rating on INR39cr Bank Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- on the
INR39.0 crore bank lines of Shri Govind Realty Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SIDDHI FERROUS: ICRA Raises Rating on INR9.50cr Cash Loan to B
--------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR9.50
crore (enhanced from INR8.00 crore) cash credit facility and
INR0.87 crore (reduced from INR1.38 crore) term loan facility of
Siddhi Ferrous LLP from [ICRA]B- to [ICRA]B. ICRA has re-affirmed
the short-term rating assigned to the INR4.00 crore non fund-
based limit of SFL at [ICRA]A4. ICRA has also upgraded long-term
rating from [ICRA]B- to [ICRA]B and re-affirmed short-term rating
at [ICRA]A4 for the INR2.63 crore (reduced from INR3.62 crore)
unallocated limit of SFL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            9.50       [ICRA]B/Upgraded from
                                     [ICRA]B-

   Term Loan              0.87       [ICRA]B/Upgraded from
                                     [ICRA]B-

   Non-Fund Based
   Limits                 4.00       [ICRA]A4/Re-affirmed

   Unallocated Limit      2.63       [ICRA]B/Upgraded from
                                     [ICRA]B-/[ICRA]A4/
                                     Re-affirmed

The revision in the rating factors in the favorable demand from
the key consuming sector i.e. Railways and the significant
improvement in operating profitability during FY 2016 owing to
the efficiencies achieved by the firm on account of increased
production levels and increased high margin export sales.
However, the ratings continue to remain constraint by the
stretched receivables of the company which led to high
utilization of the working capital limits and the moderate scale
of the firm's operations along with the cyclicality inherent in
steel industry making the cash flows volatile. Moreover, the
company is exposed to raw material availability and price
fluctuation risk. ICRA also takes note of the risk of capital
withdrawal given the partnership nature of the entity.
Nevertheless, the rating takes comfort from the experience of the
promoters with long track record in manufacturing of Spheroidal
Graphite Cast Iron (SGCI) inserts as well as the accreditation by
Research Designs & Standards Organization (RDSO) for quality of
its products.

Going forward, SFL's ability to scale up its operations, while
maintaining its profitability and working capital requirement
will remain the key rating sensitivities.

SFL was incorporated in the year 2003 as a partnership firm. It
was converted to Limited Liability Partnership (LLP) in the year
2010. The company is engaged in the mass production of ductile
ferrous castings. SFL manufactures (i) SGCI inserts which are
used for interlocking the railway tracks onto the concrete
sleeper and (ii) automotive parts such as brackets etc. for OEMs
like Tata Motors etc. The manufacturing plant is located at
Silvassa at union territory of Dadra & Nagar Haveli.

Recent Results As per unaudited provisional numbers, SFL reported
profit before tax of INR3.40 crore on an operation income of
INR48.84 crore during FY 2016. For FY 2015, SFL reported a net
profit of INR0.66 crore on an operating income of INR41.37 crore,
as against a net loss of INR0.18 crore on an operating income of
INR31.33 crore in FY 2014.


SIYARAM IMPEX: CRISIL Lowers Rating on INR80MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Siyaram Impex Private Limited (SIPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

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

   Proposed Long Term       9.1     CRISIL B-/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that SIPL's business and
financial risk profiles will remain under pressure over the
medium term. Revenue on a provisional basis, stood at INR52
million in 2015-16 (refers to financial year, April 1 to March
31), declining from INR112.2 million in 2014-15. The decline in
revenue was attributable to the industry-wide scenario of reduced
raw material prices. Moreover, SIPL posted a loss on EBIDTA of
about 30 percent in 2015-16 as against moderate levels of 7.8
percent in 2014-15 backed by inventory losses. Financial risk
profile is weak, with gearing estimated at 12 times for as on
March 31, 2016, mainly due to small networth of INR6.3 million.
The financial risk profile is expected to improve over the medium
term but remain moderate. The rating also reflects SIPL's weak
financial risk profile because of high gearing, small networth,
subpar debt protection metrics, and working capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of promoters in the brass products industry.
Outlook: Stable

CRISIL believes SIPL will continue to benefit from the
longstanding industry experience of promoters. The outlook may be
revised to 'Positive' if a significant rise in revenue or
improvement in working capital management leads to a considerably
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a significant decline in profitability
or any large, debt-funded capital expenditure further weakens its
capital structure and liquidity.

SIPL, incorporated in 2008, is promoted by Mr. Ram Gopal
Maheswari. It is based in Jamnagar, Gujarat, and manufactures
copper alloy ingots (brass ingots) and copper alloy billets
(brass billets).

Sales is estimated to be at INR52 million in 2015-16 (refers to
financial year, April 1 to March 31), declining from INR112.2
million in 2014-15 and PAT loss of about INR23 million in 2015-16
against loss of INR5.1 million in 2014-15.


SNK TECHNOLOGIES: Weak Financial Strength Cues ICRA SP 4D Grading
-----------------------------------------------------------------
ICRA has assigned a 'SP 4D' grading to SNK Technologies (SNK),
indicating the 'Weak Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake solar projects. The
grading is valid for a period of two years from March 27, 2015
after which it will be kept under surveillance.

Grading Drivers
Strengths
* Moderate order book position of 998Kw as on May 19, 2016

Risk Factors
* Limited presence in the solar space
* Current scale of operations remains small, resulting in
limited bargaining power with buyers and suppliers
* Large number of organized/ unorganized players indicating high
level of competition may lead to difficulties in getting new
contracts and may pressurize margins
* Weak financial risk profile of the firm characterized by small
scale and low margins
* Low net worth base of the firm of INR0.18 crore as on
   March 31st, 2014

Fact Sheet
Year of Establishment
January 2014 (established as partnership firm; converted to
proprietorship of Mr. Shremak Babariya in February 2015 and
further converted to partnership in April 2016)

Office Address
Shreemad Bhavan Complex, Office No. 19, 3rd Floor, Opp. Kanta
Stri Vikas Gruh, Debar Road, Rajkot, Gujarat

Partners
Mr. Shremak Babariya
Ms. Meera Babriya

SNK Technologies was established in January 2014 as a partnership
firm by Mr. Shremak Babariya, Mr. Nishant Raval and Mr. Kishan
Patel engaged in the business of assembly, fabrication and
installation of solar panels, solar street lights and home
lights, EPC contractor for on-grid and off-grid projects roof-top
and ground mount projects. The partnership firm was converted to
proprietorship of Mr. Shremak Babariya in February 2015 and
further converted to partnership firm by admitting Ms. Meera
Babariya as equal partner in April 2016. The firm has installed
projects across the states of Gujarat, amounting to about 1242 KW
since commencement of solar related operations. The firm sells
its products to private customers directly through its marketing
personnel.

The current product profile of the firm includes fabrication,
assembly and installation of PV module based roof top and ground
mounted power systems, home lighting systems, street lighting
systems, Solar fencing systems, Solar water pumps and other
appliances.

SI Related Business - Weak Performance Capability

* Promoter Track Record: SNK Technologies (SNK) was established
in January 2014 as a partnership firm by Mr. Shremak Babariya,
Mr. Nishant Raval and Mr. Kishan Patel engaged in the business of
assembly, fabrication and installation of solar panels, solar
street lights and home lights, EPC contractor for on-grid and
off-grid projects roof-top and ground mount projects. The
partnership firm was converted to proprietorship of Mr. Shremak
Babariya in February 2015 which further converted to partnership
firm by admitting Ms. Meera Babariya in April 2016. The firm has
installed projects across the state of Gujarat, amounting to
about 1242 KW since commencement of solar related operations in
January 2014. Prior to establishment of SNK, Mr. Shremak Babariya
was working as an Assistant Manager in the System Integration
department of JJ PV Solar Private Limited for around a year.

* Technical competence and adequacy of manpower: The promoter-
Mr. Shremak babariya has a limited experience in the field of
fabrication, assembling of PV modules, street lights, home lights
etc.; however the firm has trained its personnel's to manufacture
and install solar lighting systems and power packs. The promoter
has demonstrated limited technical ability by installing solar
projects across Gujarat totaling to about 1242 KW since
inception. The total technical personnel strength at present
remains small at about 11, which seems adequate for its present
nature and size of the projects undertaken. The firm also hires
the required laborers on casual/contract basis whenever required.
As of May 19, 2016, the firm order book position of SNK is around
INR1.58 crore translating to 998KW.

* Quality of suppliers and tie ups: The firm procures modules,
structural components and inverters from reputed suppliers
locally. Solar panels are procured from JJ PV Solar Energy
Private Limited; Solar pumps are procured from Falcon Pumps
Private Limited. SNK enjoys healthy working relationship with
most of these suppliers. The firm shortlists the vendors based on
product certifications, quality parameters, and the service
levels which suppliers can provide.

* Customer and O&M Network: SNK has executed various orders
amounting to an installed capacity of 1242 KW of solar PV based
lighting systems, plants, solar pumps and other appliances. The
clientele include private customers. Timely execution, quality
deliverables and prompt after sales service for the project
executed has resulted in satisfactory feedback from the clients.
The firm sells its products to private customers directly through
its two marketing personnel. Currently, SNK doesn't have a
separate O&M team; it provides O&M facilities through its
installation team.

Financial Strength - Weak
Revenues
Rs. 0.92 Cr. for FY 2016 (CA certified)
Return on Capital Employed (RoCE)
35.80%
Total Outside Liabilities / Tangible Net worth
0.10 times
Interest Coverage Ratio
-
Net-Worth
Networth position of the firm is INR0.28 crore as on 31st March,
2016
Current Ratio
12.87 times

Relationship with bankers

The bankers are satisfied with the performance of the accounts

The overall financial profile of the firm is weak.


SPECTOMS ENGINEERING: CRISIL Cuts Rating on INR16MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Spectoms Engineering Private Limited (SEPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          46.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Bill Purchase            2.0      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             16.0      CRISIL B+/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')

   Letter of Credit        20.0      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      20.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan                5        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's business
risk profile on account of lower-than-expected revenue coupled
with a stretched working capital cycle. Revenue is estimated to
have declined to INR62 million in 2015-16 (refers to financial
year, April 1 to March 31) from INR151 million in 2013-14. The
decline is because of delay in receipt of orders from customers.
The working capital cycle is estimated to have increased to 266
days as on March 31, 2016, from 104 days as on March 31, 2014.
This was because of large work-in-progress inventory. The
stretched working capital cycle has led to high bank limit
utilisation of 79 percent over the 11 months through February
2016.

The ratings reflect SEPL's modest scale of operations in a highly
competitive industry, susceptibility of its margins to tender-
based operations and to volatility of raw material prices, and
large working capital requirement. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in industry and moderate debt protection metrics.
Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium
term from its the extensive industry experience of its promoters.
The outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and improvement in profitability
and working capital cycle. Conversely, the outlook may be revised
to 'Negative' in case of a decline in scale of operations or
profitability, or deterioration in its financial risk profile
owing to a stretched working capital cycle, or large debt-funded
capital expenditure.

Incorporated in 1974, SEPL is owned and managed by the Shah
family of Vadodara. The company is primarily a turnkey supplier
of feed milling solutions. It also manufactures marine equipment.


SRI VARALAKSHMI: CRISIL Assigns 'B' Rating to INR75MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Varalakshmi Agro Tech Industries (SVAI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              50        CRISIL B/Stable
   Cash Term Loan           75        CRISIL B/Stable

The rating reflects SVAI's modest scale of operations, exposure
to intense competition in the rice milling industry, and subdued
financial risk profile. These weaknesses are partially offset by
extensive experience of its partners in the rice milling
business.
Outlook: Stable

CRISIL believes SVAI will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if revenue and profitability increase
substantially, leading to improvement in financial risk profile,
or if there is significant capital infusion to meet working
capital requirement. The outlook may be revised to 'Negative' in
case of aggressive debt-funded expansion, or steep decline in
revenue and profitability, or capital withdrawal, leading to
deterioration in financial risk profile.

SVAI, set up in 2015 and based in Gummidipoondi, Tamil Nadu, is a
partnership firm promoted by Mr. Chandrasekar and his family
members. It mills and processes paddy into rice, rice bran, and
husk.


SUMO BISCUITS: CRISIL Assigns B+ Rating to INR148.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sumo Biscuits Private Limited (SBPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             72.5       CRISIL B+/Stable
   Term Loan              148.5       CRISIL B+/Stable

The rating reflects the company's below-average financial risk
profile due to large project-related debt, modest revenue due to
initial stage of operations, and intense competition in the
biscuits industry. These rating weaknesses are partially offset
by the promoters' extensive experience and long association with
principal customer, Parle Products Pvt Ltd (Parle).
Outlook: Stable

CRISIL believes SBPL will continue to benefit over the medium
term from its contract with Parle. The outlook may be revised to
'Positive' if financial risk profile and liquidity improve
because of stronger cash accrual or infusion of equity.
Conversely, weakening in the financial metrics owing to lower
than expected turnover or profitability, delay in ramp-up of
enhanced capacities, or any large capital expenditure may drive a
revision in outlook to 'Negative'.

Set up in January 2011 by Mr. Soma Suresh Kumar and his family,
SBPL undertakes job work in manufacturing biscuits for brands,
Krack Jack and Monaco, for Parle. SBPL is part of the Hyderabad-
based Sumo group of companies, which have been in the biscuit
business since 1984.


SURYA INNS: ICRA Suspends B+ Rating on INR40cr Bank Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR40.00 crore
proposed limits of Surya Inns Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Surya Inns Limited (SIL) was incorporated on 13th August 1992 by
promoters, Mr. Sunil Gupta and Mrs. Kavita Gupta to engage in
hospitality and real estate development. The company constructed
its hotel at Mahabaleshwar, Maharashtra "Surya Retreat" which has
been operational since 1996. Surya Retreat, a 3-star hotel, is
located on the Panchgani Mahabaleshwar road, with a view of the
Lingmala waterfalls, and is about 10 kms form the Mahabaleshwar
MSTRC bus stand. The hotel is spread over an area of 10700
sq.mtrs and has a total capacity of 32 rooms. In 2009, the
company appointed Concept Hospitality, to manage the hotel, for a
contract period of three years.


TATWA TECHNOLOGIES: ICRA Suspends 'D' Rating on INR6.77cr Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR5.5 crore cash credit limits, INR6.77 crore term loans and
INR1.5 crore bank guarantee facilities of Tatwa Technologies
Limited. The suspension follows lack of co-operation from the
company.


TELEPHONE ELECTRONIC: ICRA Suspends INR7.25cr Loan Rating B+/A4
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR7.25 Crore bank facility of Telephone Electronic
Corporation. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


VEERA TECHNO: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veera Techno Trec
Private Limited (VTTPL) continues to reflect its below average
financial risk profile, marked by weak debt protection metrics,
small scale of operations, and large working capital
requirements. These rating weaknesses are partially offset by
benefits the company derives from the extensive experience of the
promoter.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         135       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B/Stable (Reaffirmed)

CRISIL had earlier, through its Rating Rationale dated April 27,
2016, downgraded it rating on the bank facilities of VTTPL to
'CRISIL B/Stable' from CRISIL B+/Stable'.
Outlook: Stable

CRISIL believes VTTPL will maintain a stable credit outlook,
supported by the extensive experience of the promoters. The
outlook may be revised to 'Positive' if the working capital
parameters, liquidity, and capital structure improve
substantially and sustainably. Conversely, deterioration in
liquidity on account of increase in raw material prices, lower
profitability, and stretch in working capital cycle, may drive a
revision in outlook to 'Negative'.

Incorporated in 2003, VTTPL is an approved Research and Design
Standards Organization Part-1 supplier of switches, switch
expansion joints and thick web switches to the Indian Railways.
The company was taken over by Mr. Gopal Saha and Mr. Niladri Saha
in 2005-06.  Manufacturing facilities are in Rohtak, Haryana.


VIJAYA FERLLOYS: CRISIL Lowers Rating on INR55MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vijaya Ferlloys (VF) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its short-term rating at 'CRISIL
A4'.

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

   Inland/Import
   Letter of Credit           5       CRISIL A4 (Reaffirmed)

   Proposed Cash             15       CRISIL B/Stable (Downgraded
   Credit Limit                       from 'CRISIL B+/Stable')

The downgrade reflects weak liquidity on account of lower
realisation from products and withdrawal of capital by promoter.
Operating income is estimated at INR222 million in 2015-16
(refers to financial year, April 1 to March 31), 18 percent lower
compared to INR270 million in 2014-15. Furthermore, promoter
withdrew INR4.3 million in 2015-16, resulting in negative net
cash accrual of INR3 million in 2015-16.

The downgrade also factors in deterioration in capital structure.
Networth decreased to INR12.0 million as on March 31, 2016, from
INR14.0 million as on March 31, 2014, due to capital withdrawal
and depressed cash accrual. Consequently, gearing increased to
6.9 times as on March 31, 2016, from 4.1 times as on March 31,
2014. Gearing is expected to remain stable over the medium term.

The ratings reflect modest scale of operations in the competitive
pipes and pipe fittings industry, working capital-intensive
operations, and weak financial risk profile, because of modest
net worth, high gearing, and weak debt protection metrics. These
rating weaknesses are mitigated by the extensive industry
experience of the promoter.
Outlook: Stable

CRISIL believes VF will continue to benefit over the medium term
from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue and profitability margin, or
there is considerable improvement in networth backed by sizeable
equity infusion from promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in profitability
margin, or significantly weak capital structure caused by large,
debt-funded capital expenditure or stretched working capital
cycle.

VF was set up in 1986 as a proprietorship firm by Mr. K Eashwar.
The firm manufactures cast iron pressure pipes and fittings,
which find application in bulk water supply projects. The
manufacturing facility is located in Vijaywada (Andhra Pradesh).



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


PROTON HOLDINGS: Gets $305 Million Government Bailout
-----------------------------------------------------
Nikkei Asian Review reports that Malaysia has extended financial
assistance of MYR1.25 billion ($305 million) to Proton Holdings,
a wholly-owned unit of DRB-Hicom, to pay borrowings and
suppliers.

Nikkei relates that the lifeline comes as the national car maker
struggles with falling sales, vehicle defect issues and a seeming
inability to rejuvenate itself despite numerous restructuring
plans supervised by its chief architect, former Prime Minister
Mahathir Mohamad.

Under the deal with the government, Proton will issue 1.25
billion new redeemable convertible cumulative preference shares
at MYR1 ringgit to Govco, a subsidiary owned by the Ministry of
Finance, by June 7, according to Nikkei.

Nikkie relates that the share subscription will raise
MYR1.25 billion, which will be used to pay Proton's creditors,
vendors and suppliers, DRB-Hicom said in an exchange filing on
June 6.

In the event that Govco converts the preference shares and
declared dividend into new Proton shares at the end of a 15-year
tenure, DRB-Hicom's shareholding in the carmaker will be diluted
to 20.72%, elevating the government as the major shareholder,
Nikkei relays.

The report notes that in return for the state assistance, Proton
is required to identify within a year a strategic foreign partner
to assist in research and development in order to become a
"competitive" automaker at an international level.

It also needs to submit a turnaround plan that includes the
closure of its Shah Alam plant and the merger of all production
at the Tanjung Malim plant, Nikkei says. Both plants are
currently running at about a third of their 350,000 unit annual
capacity.

According to Nikkei, analysts are "positive" about the latest
aid, which they say will ensure Proton's revival. But CIMB
Investment Bank told investors in a research note to be "wary" of
execution risks.

"Proton needs to graduate from protection," the report quotes
Mustapa Mohamed, Malaysia's trade minister, as saying in an
unusually strongly worded press statement in April. The minister,
whose office oversees the manufacturing sector, added that the
current business model adopted by Proton is "not sustainable,"
adds Nikkei.

Since its founding in 1983 under a national car project, Proton
has received various forms of assistance, including duty
exemption amounting to MYR14 billion. The government headed by
Mahathir at the time had wanted Proton to lead the transformation
of Malaysia from an economy reliant on natural resources to
industrialization, a model inspired by Japan and South Korea
under the "Look East" policy, Nikkei reports.



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


FIVE STAR: Shuts Doors After Voluntary Administration
-----------------------------------------------------
April Glover at ProPrint reports that high profile Adelaide print
shop Five Star Print has closed its doors and ceased operations
after it was placed into voluntary administration.

Administrators Andrejs Janis Strazdins and Maris Andris Rudaks
from Bri Ferrier have been appointed to the South Australian
printer, which is listed as Toneblock Pty Ltd.

According to ProPrint, Ms. Rudaks said Five Star has been locked
out of its Netley premises by the landlord and employees asked to
leave.

All operations have now ceased; it is listed as permanently
closed online; its website is no longer functioning; and its
phone line is disconnected, ProPrint relates.

Five Star Print is owned by Carolyn Cagney. In 2000, Cagney
formed digital print company Printx, and then bought out offset
printer Five Star Press in 2003 before merging the two companies
into Five Star Print.

Five Star had trouble with a digital press it bought a couple of
years ago which the company says caused it millions of dollars in
lost business and forced its division Graf-X into administration,
ProPrint recalls.  Ms. Cagney blamed the press, the supplier
countered claiming Five Star's operators were the problem,
ProPrint relays.  It is unclear whether the loss Cagney
attributed to the printer helped push Five Star itself into
administration, the report notes.

Five Star, once one of the largest print companies in South
Australia, employed a workforce of some 40 staff. It was a
regular award winner.


SAMS BAY: Ex-owner May Face Court Order to Hand Over Records
------------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that liquidators may take
legal action against a Wellington lawyer linked to the high
profile sale of an Abel Tasman beach if company records are not
produced.

According to Stuff.co.nz, Colin Owens and David Vance of Deloitte
are considering applying to the courts to compel Michael Garnham
and his wife Caroline to release company records for Sams Bay
Holdings.

In the meantime, the bank accounts of Sams Bay Holdings -- which
previously owned the ASB tower in Wellington -- have been frozen,
the report relates.

This is the second time liquidators have threatened the Garnhams
with legal action to get them to co-operate, says Stuff.co.nz.

Stuff.co.nz says Shephard Dunphy applied to the High Court to get
the directors of Miro Property Holdings to submit to an interview
on the company's dealings.

Requests by the liquidators to interview the pair were ignored
for more than six months, however, after launching court
proceedings, Garnham co-operated, according to Stuff.co.nz.

Stuff.co.nz notes that Garnham jointly owns Sams Bay Holdings and
Miro Property Holdings with his father-in-law Michael Spackman,
and his wife.

Spackman is the former owner of the Abel Tasman beach that was
the subject of a crowdfunding campaign by thousands of Kiwis
hoping to bring the beach back into public ownership, the report
discloses.

Stuff.co.nz notes that Garnham and Spackman, and companies
associated with them, are currently being chased by the BNZ for
more than NZ$6 million.  Prior to launching the legal action, the
bank held security over a 247-square metre, NZ$1.6 million
Seatoun house lived in by Garnham's family, a $3 million deer
farm near Wanaka and a pristine beach in the Abel Tasman National
Park, all owned by Spackman.

Sams Bay Holdings bought Wellington's ASB Tower from liquidators
for NZ$22 million, Stuff.co.nz discloses. The Hunter St building
was previously owned by former bankrupt property developer Terry
Serepisos who had his offices in the 16-storey tower.

In August, a company owned by Wellington developer Mark
Dunajtschik bought the ASB Bank Tower from Sams Bay Holdings.
According to Stuff.co.nz, liquidators said the directors had
failed to produce the sale and purchase agreement for this
transaction.

At the date of liquidation, Sams Bay Holdings' ANZ account was
overdrawn -- though it is unclear by how much -- and the BNZ
account had a nil balance, Stuff.co.nz notes.

According to the liquidators' first report, the company is
estimated to owe creditors just under NZ$1 million, relays
Stuff.co.nz.

A High Court judge ruled the company insolvent after Inland
Revenue Department applied to liquidate it because of unpaid tax
liabilities, Stuff.co.nz adds.


WINSLOW TRADING: Collapse Leaves Creditors Losses of NZ$500,000
---------------------------------------------------------------
Stuff.co.nz reports that the collapse of celebrity chef Jo
Seagar's company has left creditors with losses of more than
NZ$500,000, the liquidator's final report shows.

Winslow Trading Company Limited, directed by Seager and husband
Ross, traded as a cafe, cooking school, kitchenware store and bed
and breakfast on Main St in the North Canterbury town of Oxford
until it was placed into liquidation in July 2015. The company
was incorporated in February 2000.

The liquidation was now complete and the final report put the
loss to creditors at NZ$519,195.

The company had NZ$5260 in the bank pre-liquidation, according to
the report.

Just over NZ$100,000 was netted through the sale of its assets,
Stuff.co.nz discloses.

Deloitte's fee was just under NZ$73,000, according to
Stuff.co.nz.

Active Refrigeration Limited was one company left out of pocket,
Stuff.co.nz says.

According to the report, director Graeme Green said the company
was keeping a "really tight rein" when it came to making sure its
bills were being paid.

"We had a history of not getting paid [by Winslow]," Stuff.co.nz
quotes Mr. Green as saying.  "We shouldn't have been dealing with
them."

Winslow's liquidation had not affected Green's business, but was
an "annoyance", he said, Stuff.co.nz relays. Active Refrigeration
was owed about NZ$800, Stuff.co.nz notes.

When her business failed Ms. Seagar blamed the Canterbury
earthquakes and a crushing tax bill for its downfall, the report
states.

When the cafe was placed on the market in February 2015, the
Seagars said they intended to continue living in Oxford. Jo
Seagar said in a statement she would like to remain involved in
the business after it sold, relays Stuff.co.nz.



                             *********

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

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

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


                            *********


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

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

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

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

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



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