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

                      A S I A   P A C I F I C

            Thursday, June 9, 2016, Vol. 19, No. 113


                            Headlines


A U S T R A L I A

BEER FACTORY: First Creditors' Meeting Set For June 17
BREAKAWAY BREWING: First Creditors' Meeting Set For June 17
CTM TRAINING: Goes Into Liquidation


C H I N A

BIOSTIME INTERNATIONAL: S&P Assigns 'BB' CCR; Outlook Positive
BIOSTIME INTERNATIONAL: Moody's Assigns Ba2 CFR; Outlook Stable
XUZHOU ECONOMIC: Fitch Assigns 'BB+' LT Issuer Default Rating


H O N G  K O N G

LAI FUNG: Fitch Affirms 'BB-' Issuer Default Ratings


I N D I A

AANANDA LAKSHMI: CRISIL Assigns 'D' Rating to INR211MM Loan
AMBUJA PIPES: ICRA Reaffirms B Rating on INR14.75cr LT Loan
ANIL STEELS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
BALU COMPENDIUM: CRISIL Assigns 'B' Rating to INR300MM Term Loan
BHAGYODAYA MOTORS: CRISIL Reaffirms B Rating on INR150MM Loan

BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR130MM Loan
BIRTHPLACE HEALTHCARE: CRISIL Ups Rating on INR125MM Loan to B
D.S. DUCTOFAB: ICRA Suspends B+ Rating on INR10.20cr Loan
DEEKSHA HOUSING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
DHANRAJ DIAMONDS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating

DINODIA EDUCATIONAL: CRISIL Assigns 'D' Rating to INR120MM Loan
EMGEE CABLES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
EVERGREEN DRUMS: ICRA Suspends C+ Rating on INR6cr Corp. Loan
GAURAV RICE: CRISIL Assigns 'B' Rating to INR147.1MM LT Loan
GREEN TEAK: CRISIL Assigns B- Rating to INR47.5MM Cash Loan

GREEN WOODCRAFTS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
HIMAT GLAZE: CRISIL Withdraws B+ Rating on INR24.5MM Term Loan
JAY PARVATI: ICRA Reaffirms 'B' Rating on INR3.79cr Term Loan
JODHPUR HEALTH: CRISIL Lowers Rating on INR375MM Loan to 'B'
K.B. GEMS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

K. K. AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
KESHAV COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Loan
KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR20MM Loan
LAKSHMAN AND CO: CRISIL Cuts Rating on INR10MM LT Loan to B+
MAHAVIR CONSTRUCTION: ICRA Suspends B- Rating on INR15cr Loan

NAVDEEP CONSTRUCTION: ICRA Suspends 'B' Rating on INR40cr Loan
NAVYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR135MM Loan
PD CORPORATION: ICRA Reaffirms B+ Rating on INR12.12cr Loan
POWERMAX RUBBER: CRISIL Assigns 'B' Rating to INR60MM Term Loan
PRADEEP TRANSCORE: CRISIL Assigns B+ Rating to INR55MM Cash Loan

R.K. GROVER: ICRA Assigns B- Rating to INR1.75cr Cash Loan
RACHIT PRINTS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
RASHMI HOUSING: CRISIL Reaffirms B+ Rating on INR100MM Loan
RASHMI STEELS: CRISIL Assigns 'B+' Rating to INR150MM Loan
SAHIL PACKAGING: CRISIL Assigns 'B' Rating to INR80MM Term Loan

SANDU DEVELOPERS: CRISIL Reaffirms B+ Rating on INR377MM Loan
SHESHADRI INDUSTRIES: CRISIL Assigns D Rating to INR237.2MM Loan
SHIV SHAKTI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
SHIVANG CARPETS: CRISIL Reaffirms 'D' Rating on INR90MM Loan
SHREE ROSHAN: CRISIL Assigns B+ Rating to INR40MM Cash Loan

SHYAMSUNDAR SATYANARAYAN: ICRA Suspends B+ Cash Credit Rating
SREEVALSAM EDUCATIONAL: CRISIL Assigns D Rating to INR535.2M Loan
SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
SUNSHAKTI OIL: CRISIL Assigns B- Rating to INR50MM Cash Loan
SURFACE PREPARATION: CRISIL Assigns 'B' Rating to INR50MM Loan

SURYAVANSHI SPINNING: CRISIL Assigns D Rating to INR143.3MM Loan
SWASTIK POWER: ICRA Suspends 'D' Rating on INR125 Loan
SWISS GARNIER: CRISIL Reaffirms B- Rating on INR775.8MM Loan
THEME EXPORT: ICRA Suspends B+/A4 Rating on INR29.95cr Loan
TUNI TEXTILE: CRISIL Withdraws 'B' Rating on INR48.5MM Loan

VIKRAM OVERSEAS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
VISHAL DIAMONDS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
Y.S. INVESTMENT: ICRA Revises Rating on INR10cr FB Loan to B+


I N D O N E S I A

INDONESIA: S&P Puts 'BB+' Rating to Benchmark-Size EUR Sr. Notes


J A P A N

ATAMI BEACH: Moody's Puts Ba1 Rating to JPY3.0BB Credit Facility
ATAMI BEACH: Moody's Withdraws Ba1 Rating on JPY3BB Sr. Loan


M A L A Y S I A

1MALAYSIA: Singapore Says None of Its Banks Got $3BB of Funds


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Prosecutors Search for Fraud Evidence
SOUTH KOREA: To Create KRW11 Trillion Fund to Aid Restructuring


                            - - - - -


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


BEER FACTORY: First Creditors' Meeting Set For June 17
------------------------------------------------------
A first meeting of the creditors of The Beer Factory Sutherland
Pty Limited will be held at Level 2, 230 Clarence Street, in
Sydney, on June 17, 2016, at 11:00 a.m.

Geoffrey Reidy of Rodgers Reidy was appointed as administrator of
Breakaway Brewing Pty Limited on June 6, 2016.


BREAKAWAY BREWING: First Creditors' Meeting Set For June 17
-----------------------------------------------------------
A first meeting of the creditors of Breakaway Brewing Pty Limited
will be held at Level 2, 230 Clarence Street, in Sydney, on
June 17, 2016, at 10:00 a.m.

Geoffrey Reidy of Rodgers Reidy was appointed as administrator of
Breakaway Brewing Pty Limited on June 6, 2016.


CTM TRAINING: Goes Into Liquidation
-----------------------------------
Cliff Sanderson at Dissolve.com.au reports that CTM Training
Solutions Pty Ltd has fallen into liquidation. Shane Leslie Deane
and Nicholas Giasoumi of Dye and Co Insolvency Practitioners have
been appointed liquidators of the company on May 20, 2016, the
report discloses.

According to Dissolve.com.au, the liquidation reportedly affected
37 employees and hundreds of students.

Dissolve.com.au relates that the company blamed its demise on
the government requesting the repayment of overpayments of
AUD2.2 million for its mining courses.

CTM Training offered training courses in construction, mining,
agriculture, transport and hospitality.  The company had offices
in Brisbane, Cairns, Mackay, Townsville.



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C H I N A
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BIOSTIME INTERNATIONAL: S&P Assigns 'BB' CCR; Outlook Positive
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to Biostime International Holdings Ltd.
The outlook is positive.  At the same time, S&P assigned its
'cnBBB' long-term Greater China regional scale rating to the
company.

S&P also assigned its 'BB-' long-term issue rating and 'cnBBB-'
long-term Greater China regional scale rating to the company's
proposed issue of U.S. dollar-denominated senior notes.  The
issue ratings are subject to S&P's review of the final issuance
documentation.

Biostime manufactures and distributes infant milk formula (IMF)
products, other baby nutrition and food products, and baby care
products in China.  The company also provides vitamins, herbal,
minerals and health supplement (VHMS) products in Australia,
China, and internationally following its acquisition of Swisse
Wellness Group in September 2015.

"The ratings on Biostime reflect the company's exposure to fierce
competition and regulatory uncertainty in the IMF and VHMS
markets in China," said S&P Global Ratings analyst Sophie Lin.
"The company's good market position, strong growth potential, and
improved product diversity after the acquisition of Swisse temper
the risks."

The ratings also incorporate S&P's view that Biostime is in a
transition period for integrating and expanding Swisse's business
in China.  S&P expects the combined entity's credit profile to
enhance, given the strong growth prospects and good profitability
of Swisse.  However, S&P notes that Swisse has a short track
record of operating in China and maintaining high profit margins.
S&P assess the company's business risk profile as fair based on
the above factors.

S&P expects continued intense competition in the IMF market in
China over the next 12-24 months.  Global brands will dominate
the high-end product segment, and domestic brands will compete in
the low-end product segment and try to upgrade their products.
Biostime has a strong market position in the high-end product
category, but is exposed to direct competition from global peers
such as Nestle S.A. (AA/Stable/A-1+) and Abbott Laboratories
(A+/Watch Neg/A-1+).  S&P anticipates that competition will
intensify as overseas companies expand in China through cross-
border e-commerce.  This is likely to pressure the sales growth
and profit margins of domestic players. Biostime is the sixth-
largest IMF provider in China -- and the largest domestic player-
-with a market share of about 6% as of Dec. 31, 2015.

Biostime's good product quality, strategic focus on the high-end
product segment, and established distribution network covering
about 50% of baby specialty stores in China support its market
position in the IMF industry, in S&P's view.  S&P anticipates
that the company will benefit from Chinese customers' move toward
better quality and higher-end IMF products.  S&P also expects
baby specialty stores to remain the main and fast-growing channel
for distribution of IMF products in China.  Biostime generated
close to 70% of sales of IMF products through the baby specialty
channel in 2015, compared with the industry average of close to
50%.

"We believe the acquisition of Swisse will improve Biostime's
product diversity and growth prospects.  Our base case assumes
that Swisse or the VHMS product segment will account for about
40% of sales and about 60% of EBITDA of the combined entity in
2016-2017.  This represents a material expansion of Biostime's
product mix and geographic coverage.  We see stronger growth
potential for the VHMS industry than for the IMF segment in China
over the next two to three years, given the low penetration rate
of VHMS products and the rising health awareness among Chinese
consumers. We anticipate that Swisse will gain market share in
China, driven by the support from Biostime and its good brand
image.  Swisse is the leading player in the VHMS market in
Australia with 19.0% market share in March 2016, followed by
Blackmores Ltd. with 17.4% market share, according to IRI-Aztec
(Australia) Pty. Ltd. (a market data provider in Australia and
New Zealand)," S&P said.

S&P sees risks from regulatory uncertainty for the distribution
of VHMS products through cross-border e-commerce in China.  Any
material change in policies or tightening of regulations on
parallel trading through individual buying agents could
materially weaken Swisse's sales and profitability.  The Chinese
government implemented an annual duty-free trading quota of
Chinese renminbi (RMB) 20,000 per person and increased the tax
rate for transactions through cross-border e-commerce channel on
April 8, 2016.  The government has granted a one-year grace
period to implement the new requirement of registration or filing
for the distribution of IMF products and health supplements
through this channel until May 11, 2017.  S&P believes the one-
year grace period will provide additional time to Swisse to
adjust its distribution strategy and optimize its roll-out of
products in China.  Nevertheless, S&P believes potential changes
of regulations on cross-border e-commerce remain key risks to
Swisse's expansion in China.

S&P believes the integration risk for Swisse should be largely
manageable for Biostime, given that Swisse's senior management
team will continue to manage the daily operations of the company.
Biostime's management team will mainly be involved in Swisse's
expansion in China and in strategic decisions.

S&P estimates that Biostime's EBITDA margin will improve to above
20% and its debt leverage will fall below 3x in 2016-2017, from
15.8% and 6.8x in 2015, respectively.  The full-year
consolidation of Swisse, which is faster-growing and much more
profitable than Biostime's existing business, will mainly drive
the improvement. S&P also expects Biostime's IMF business to
recover over the next 12-24 months, after the company's massive
inventory clearance ahead of the launch of its new SN-2 Plus
product in 2015. Nevertheless, in S&P's view, Biostime is in a
transition period and any higher-than-expected integration or
marketing expenses related to Swisse could impede the
establishment of a track record of a high profit margin.  As a
result, S&P assess Biostime's financial risk profile as
significant.

S&P rates the proposed notes one-notch lower than the corporate
credit ratings on Biostime, reflecting S&P's view of
subordination risks.  The company's operating subsidiaries have
senior secured debt, which ranks senior than the proposed notes
that parent will issue.

Ms. Lin added: "The positive outlook on Biostime reflects our
expectation that the company's EBITDA margin and debt leverage
could improve materially over the next 12 months.  Recovery in
the IMF business and the expansion of Swisse in China will likely
drive the improvement.  We also expect Biostime to maintain its
market position in the IMF industry and smoothly integrate
Swisse's business over the period."

S&P could revise the outlook to stable if Biostime's debt-to-
EBITDA ratio stays above 3x.  This could happen if the company's
sales growth or profit margin is materially below S&P's
expectation, possibly due to intense competition or difficulties
to integrate or expand Swisse's business.  Biostime undertaking
more aggressive debt-funded expansion than S&P expects could also
trigger an outlook revision.

S&P could upgrade Biostime if the company maintains its debt-to-
EBITDA ratio below 3x and improves EBITDA interest coverage to
above 6x on a sustained basis.  This could happen if the company
smoothly integrates and expands its Swisse business while
materially improving the growth and profit margin of its IMF
segment.


BIOSTIME INTERNATIONAL: Moody's Assigns Ba2 CFR; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba2 corporate
family rating to Biostime International Holdings Limited.

At the same time, Moody's has assigned a provisional (P)Ba3
rating to its proposed USD notes.

The ratings outlook is stable.

Once the notes issuance is completed, and upon satisfactory terms
and conditions, Moody's will remove the provisional status of the
rating.

The net proceeds from the notes issuance will be deposited into
an escrow account and will be used by Biostime to refinance its
HKD3.1 billion zero coupon convertible bond with a put date in
February 2017.

                           RATINGS RATIONALE

"Biostime's Ba2 corporate family rating reflects the company's
leading position among domestic infant milk formula (IMF)
providers, diversification into a leading position in Australia's
vitamin, herbal and mineral supplements (VHMS) market, the
growing demand for IMF and VHMS, and also the company's strong
profitability and steady cash flow generation," says Gerwin Ho, a
Moody's Vice President and Senior Analyst.

Biostime is a leading domestic IMF provider in China.  The
company ranked first among domestic IMF providers and sixth among
domestic and foreign IMF providers in 2015, according to Nielsen.
Its market leadership results from its positioning as a premium
product and its established distribution network.

Biostime also gained a leading position in VHMS in Australia
through its acquisition of Swisse Wellness Group Pty Ltd (Swisse,
unrated) in 2015.  Swisse was the top VHMS provider in Australia
as of 20 March 2016 according to IRI.  Swisse also ranked first
among VHMS providers in China's leading e-commerce website
Alibaba in 2015.  Swisse's market leadership results from its
positioning as a premium product and its effective marketing.
Moody's expects Swisse to contribute about 43% of Biostime's
revenues in 2016.

The rating also reflects the favorable demand trend for IMF in
China that is supported by urbanization, rising disposable income
levels and a greater number of births from the relaxation of
China's one child policy.  In addition, the favorable demand
trends for VHMS in Australia and China are supported by the aging
population and rising awareness of health and wellness, and in
China by rising disposable income.

The Ba2 rating also considers the company's good profitability,
reflecting its brand equity and the confidence-sensitive nature
of its products.  This strength provides it with a buffer against
competition-driven pricing pressure.

Moody's expects Biostime's EBIT margin to recover from 17.7% in
2015 to 20%-25% in the next 12 to 18 months as IMF profitability
recovers from one-off new product launch expenses, and its high-
margin VHMS business increases its contribution.

Biostime's good profitability translates into good cash flow
generation.  Combined with Moody's expectation of the company
adopting a prudent financial policy on dividend payouts and debt
reduction, retained cash flow (RCF) to net debt should recover
meaningfully from 4.9% in 2015 to 20%-25% in the next 12 to 18
months, as RCF grows and net debt declines.

Moody's expects the company's financial profile to improve in the
next 12 to 18 months due to revenue growth driven by its growing
VHMS business and debt reduction, with debt/EBITDA declining to
about 3.5x in 2016 from 7.7x in 2015.

Elevated leverage in 2015 reflected the higher adjusted debt of
RMB7.6 billion following the acquisition of Swisse in September
2015, and the impact on adjusted EBITDA from one-off new product
launch expenses and the consolidation of only three months of
Swisse's business.

"However, Biostime's ratings are constrained by execution risk
related to the acquisition of Swisse and by regulatory and
product safety risks," says Ho.

Execution risk arising from the acquisition of Swisse stems from
maintaining Swisse's growth momentum and recent profitability,
deriving synergies and integrating Swisse's key management, and
the entry into new geographies and product categories.

Key regulatory issues facing Biostime include health food
registration, cross border e-commerce, import taxation and infant
milk formula registration.  The company faces product safety risk
because its products are designed for human consumption.

Biostime had unrestricted cash on hand of RMB1.2 billion as of
end-2015.

In April 2016, the company (1) refinanced USD450 million (RMB2.9
billion) of bridge financing for its acquisition of Swisse with a
three year senior secured term loan facility and (2) secured a
USD395 million committed facility for the refinancing of its
HKD3.1 billion zero coupon convertible bond with a put date in
February 2017.

Factoring in the above transactions, Moody's expects the
company's cash balance and operating cash flow will be sufficient
to cover its short-term debt of RMB4.7 billion and capital
expenditure in the next 12 months.

Biostime's bond rating is notched down by one notch as the
proposed bond is subordinated to the abovementioned USD450
million three-year senior secured term loan facility; which
represented around 21% and 40% of its total reported assets and
debts respectively as of end-2015.

The stable outlook reflects Moody's expectation that Biostime
will maintain its leading market positions, stable profit margin,
healthy cash generation and revenue growth.  Moody's expects the
company to expand its financing sources and adopt a prudent
financial policy of reducing its leverage while expanding its
business in the next 12 to 18 months.

Upward rating pressure could arise if (1) Biostime establishes a
track record of operations after its Swisse acquisition and
demonstrates market position resilience in infant milk formula
and VHMS; (2) its revenue scale expands; (3) it sustains a
conservative financial policy, as demonstrated by deleveraging
post Swisse acquisition and remaining free cash flow positive on
a sustained basis; and/or (4) the company shows improved credit
metrics -- i.e. if its EBIT margin exceeds 27% and debt / EBITDA
falls below 2.0x on a sustained basis.

Downward rating pressure could arise if Biostime exhibits (1)
weakening sales and/or a weakening market position; (2) a
deteriorating profit margin and weakened credit metrics due to
increased competition, regulatory changes and aggressive
financial policies; and/or (3) challenges in integrating Swisse.

Metrics indicative of downward rating pressure include its EBIT
margin falling below 20%, RCF/net debt falling below 15% and
debt/EBITDA exceeding 3.5x-4.0x on a sustained basis.

The principal methodology used in these ratings was Global
Packaged Goods published in June 2013.

Biostime International Holdings Limited is a leading domestic
infant milk formula (IMF) provider in China.  The company
acquired a 83% stake in the leading Australian vitamin, herbal
and mineral supplements (VHMS) provider Swisse Wellness Group Pty
Ltd (unrated) in September 2015.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's stock exchange in December 2010.  Chairman
and CEO Mr. LUO Fei and other principal shareholders together
held a 72% stake in Biostime as of end-2015.


XUZHOU ECONOMIC: Fitch Assigns 'BB+' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has assigned Xuzhou Economic and Technology
Development Zone State-owned Assets Management Co., Ltd. (XETZ)
Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR)
of 'BB+' with a Stable Outlook.

Fitch has also assigned XETZ's proposed senior unsecured US
dollar notes an expected rating of 'BB+(EXP)'. The offshore notes
will be issued by Xuzhou Economic and Technology Development Zone
International Investment Co., Ltd., which is a direct, wholly
owned subsidiary of XETZ. XETZ will provide an unconditional and
irrevocable guarantee to the proposed notes. The proceeds will be
used for general corporate purposes.

The final ratings on the proposed US dollar notes are contingent
upon the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Links to Xuzhou Municipality: The ratings of XETZ are credit
linked to but not equalised with Fitch's internal assessment of
Xuzhou Municipality. This is reflected in 100% state ownership,
strong government control and oversight, and strategic importance
of the entity's operation to the municipality. These factors
result in a high likelihood of extraordinary support, if needed,
from the municipality. Therefore, XETZ is classified as a credit-
linked public-sector entity under Fitch Ratings' criteria.

Xuzhou's Healthy Creditworthiness: Xuzhou, located in eastern
China, has a budget performance that is widely considered
satisfactory and has a diversified socio-economic profile.
Xuzhou's gross regional product (GRP) is the 5th-largest among
all 13 prefectures in Jiangsu Province whose GRP, in turn, is the
second-largest among all provinces in China. The strengths are
partially mitigated by potentially high contingent liabilities
arising from its state-owned entities.

Legal Status Attribute Mid-Range: XETZ, which was established in
1992, is a wholly state-owned limited liability company under
China's Company Law. Under this legal status, major decisions of
the company would require verification and approval from the
government. The government has no plan to dilute its shareholding
in XETZ.

Strategic Importance to Municipality: XETZ is one of the urban
development companies in Xuzhou Municipality and is the sole
investment and financing platform in the municipal government's
flagship economic and technology development zone - Xuzhou
Economic and Technology Development Zone (Xuzhou ETDZ). The
company has been designated to develop large-scale urban
infrastructure projects in Xuzhou ETDZ, provide ancillary
services and invite investment in the zone. XETZ is integral to
the zone and plays an important role in implementing the
blueprint of the Xuzhou municipal government and Xuzhou ETDZ
Management Committee. Fitch assesses XETZ's Strategic Importance
attribute as Mid-Range.

Tangible Government Fiscal Support: The municipal government has
provided significant capital injections, subsidies and purchase
of government services to monetarily support XETZ's business. The
fiscal support aims to partly fund XETZ's capital expenditure and
debt servicing. As a result, Fitch considers XETZ as a core
functional public-service entity in Xuzhou and its integration
into the municipal government's budget to be in the mid-range.

Government Control and Supervision: The board members of XETZ are
mainly appointed by the government, and major projects require
the government's approval. XETZ's financing plan and debt levels
are closely monitored by the government, and the company is
required to report its operational and financial results to the
government on a regular basis. The Control attribute is assessed
at Stronger.

Weak Standalone Profile: XETZ's financial profile in the past
five years was characterised by large capex, negative free cash
flow and high leverage. Fitch believes this trend will continue
in the medium term, driven by the ongoing infrastructure
investments in Xuzhou ETDZ. An extended settlement period after
the completion of projects and sizeable account receivables due
from Xuzhou ETDZ's finance department would further constrain
XETZ's liquidity position.

RATING SENSITIVITIES
An upgrade of Fitch's internal assessment on Xuzhou Municipality
as well as a stronger or more explicit commitment of support from
the municipality may trigger positive rating action on XETZ. A
significant weakening XETZ's strategic importance to the
municipality, dilution of the municipal government's
shareholding, and/or reduced municipality support, may result in
a downgrade.

A downgrade may also stem from weaker fiscal performance or
increased indebtedness of the municipality, leading to
deterioration to Fitch's assessment of is creditworthiness.

A rating action on XETZ would also lead to a similar action of
the proposed US dollar notes.



================
H O N G  K O N G
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LAI FUNG: Fitch Affirms 'BB-' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Lai Fung Holdings Limited's (Lai Fung)
Long-Term Foreign-Currency and Local-Currency Issuer Default
Ratings (IDR) at 'BB-'. The Outlook is Stable. The agency has
also affirmed Lai Fung's senior unsecured rating at 'BB-'.

The rating affirmation is based on Lai Fung maintaining low
leverage and stable growth in rental income. Its ratings are
constrained by its small operating scale, with only two
investment properties generating rental revenue of over HKD100m
per year. These properties are subject to competitive pressures
although they are well located. Lai Fung's flagship development
project in Hengqin (an island near Macao) does not pressure its
ratings, as debt headroom is sufficient to fund the project
development. The enlarged scale and improved diversification of
its income may enhance its business profile, upon successful
completion of this project in 2019.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung maintained its low
leverage, measured using total debt/property assets, at 26%-28%
in the first half of financial year 2016 (1HFY16) and FYE15
ending 31 July, as it staggers its property sale to supplement
its main business of real-estate leasing. Lai Fung is not active
in the land market, with only 6.3 million square feet (sq ft) of
attributable gross floor area (GFA) of residential space in its
land bank as at January 2016; instead, it progressively sells
homes at projects that were mostly acquired several years ago at
lower costs. The sale proceeds are used to support the expansion
of its investment property portfolio, which the management aims
to expand to 6 million sq ft in FY18 from 2.9 million sq ft as
1HFY16.

Concentration of Rental Income: Fitch said, "we expect Shanghai
Hong Kong Plaza, Lai Fung's flagship investment property, will
account for about 50% of Lai Fung's rental revenue in FY17-FY18
as the company completes additional investment properties.
Shanghai Hong Kong Plaza has accounted for over 60% of Lai Fung's
gross rental revenue since FY11 (FY15: 65%). We also expect the
economic slowdown and intensifying competition from online
shopping to limit rental upside, though it benefited from a surge
in rental income after a new food and beverage area was created
in FY14.

"Residential Projects in Prime Cities: Fitch estimates the gross
profit margin of Lai Fung's development properties (DP) to stay
above 40% in the medium term (FY15: 45%), underpinned by its
quality DP portfolios. Lai Fung holds residential property
projects in Shanghai, Guangzhou and Zhongshan, where the housing
oversupply is small. The projects in Shanghai and Guangzhou are
situated in prime areas, which lead to satisfactory profit
margins. Fitch believes Lai Fung has no intention to expand its
property development business substantially, and is likely to
sell its inventory gradually.

"Hengqin Project a Long-Term Positive: The Hengqin Creative
Culture City project will become an important source of recurring
income after completion in 1HFY19, and will contribute
significant sellable resources from the planned serviced
apartment units. We expect the development of this project to
increase Lai Fung's leverage to above 30% in the short to medium
term, though still below the threshold where Fitch would consider
negative rating action. Lai Fung will need to spend around
CNY2.4bn for its 80% stake in Phase 1 of the project. The
development of the project is on track - construction started in
2HFY15, and the company had signed license agreements with some
content providers."

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
-- Weak growth in China's retail sector, resulting in flat- to
    low-single-digit percentage rental growth at Lai Fung's
    Shanghai Hong Kong Plaza.
-- Average selling price for its development properties at
    HKD1,800-2,000 per sq ft during FY16-FY18 (FY15 ASP:
    HKD4,309/sq ft) with more contracted sales from the high-rise
    residential project in Zhongshan.
-- Hengqin project to complete in 1HFY19 and start to fully
    contribute revenue from FY20, and presales of the serviced
    apartments units to begin from FY18.

RATING SENSITIVITIES

Positive rating action is not expected in the next 18-24 months
due to Lai Fung's small operational scale. However, developments
that may, individually or collectively, lead to positive rating
action include:

-- EBITDA from investment properties rising above HKD600 million
    (FY15: HKD396 million, 1HFY16: HKD193 million)
-- EBITDA for investment properties/interest expenses exceeding
    1.5x on a sustained basis (FY15: 1.3x, 1HFY16: 1.2x)

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- EBITDA for investment properties/interest expenses falling
    below 1.0x on a sustained basis
-- Total debt/property assets exceeding 40% on a sustained basis
    (FY15: 28.4%, 1HFY16: 26.8%)
-- Increase of development assets to above 25% of total property
    assets (FY15:16.4%, 1HFY16: 14%)

FULL LIST OF RATING ACTIONS

Long-Term Foreign-Currency IDR Affirmed at 'BB-', Outlook Stable
Long-Term Local-Currency IDR Affirmed at 'BB-', Outlook Stable
Foreign-currency senior unsecured rating affirmed at 'BB-'
Local-currency senior unsecured rating affirmed at 'BB-'
CNY1.8bn senior unsecured notes due 2018 affirmed at 'BB-'



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


AANANDA LAKSHMI: CRISIL Assigns 'D' Rating to INR211MM Loan
-----------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL D' to the long term
bank facilities Aananda Lakshmi Spinning Mills Limited (ALSML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      9.1        CRISIL D
   Cash Credit           211.0        CRISIL D
   Long Term Loan        159.9        CRISIL D

The rating reflects instances of delay by ALSML in servicing its
debt.  The delays have been caused due to ALSML's weak liquidity.

The ratings reflects weak financial risk profile marked by modest
net worth, high gearing and weak debt protection metrics. The
rating also reflects susceptibility of operating margin to
volatility in raw material prices. However, it benefits from
extensive experience of ALSML's promoters in the textile
industry.

ALSML's, incorporated in 2013, is engaged in cotton yarn spinning
unit located at Bhongir with a capacity of 40112 Spindles and
Production capacity of 20 tons per day. The company is promoted
by Mr. D.K Agarwal.


AMBUJA PIPES: ICRA Reaffirms B Rating on INR14.75cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR14.75 crore
fund based bank facilities of Ambuja Pipes Private Limited at
ICRA]B and has also reaffirmed the short term rating on the
INR9.25 crore non-fund based limits of the company at [ICRA]A4.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Punjab National Bank
   As on May 2016

   Fund Based Limits
   Long Term                14.75        [ICRA]B; reaffirmed

   Non Fund Based
   Limits- Short Term        9.25        [ICRA]A4; reaffirmed

ICRA's ratings are constrained by the intensely competitive and
fragmented nature of the steel tubes/pipes industry and
competition from substitutes like Poly Vinyl Chloride (PVC)
pipes. The ratings also factor in the company's exposure to raw
material price fluctuations and the cyclical nature of the steel
industry, which has resulted in fluctuating profit margins in the
past. The ratings also take into account the working capital
intensive nature of the business which has necessitated reliance
on bank borrowings. This, along with debt funded capital
expenditure in FY2016 has resulted in high gearing levels, at
3.07 times as on March 31, 2016. The leveraged capital structure,
coupled with the company's moderate profitability has resulted in
weak coverage indicators, with TD/OPBDITA2 at elevated levels of
4.71 times, interest coverage at 1.44 times and NCA/TD3 at 6% for
FY2016. The capital structure of the company is expected to
remain highly leveraged in the future on account of planned
capital expenditure in FY2017, which is proposed to be funded
through reliance on term loans. The ratings however, continue to
derive comfort from the company's experienced management, robust
growth in the revenues in the past, which has also been
accompanied by some improvement in profitability, and positive
demand outlook in the medium term, for steel pipes in India.

Going forward, APPL's ability to maintain a sustained improvement
in profitability which will lead to comfortable debt protection
metrics and attain a sustained improvement in capital structure
will be the key rating sensitivities.

APPL was incorporated in 1999 and manufactures Electric
Resistance Welded (ERW) pipes and Galvanized Iron (G.I.)/Steel
tubes and pipes at its facility in Jaipur, Rajasthan. The
facility has an annual capacity of 21,000 Metric Tonnes (MT) of
ERW pipes and 6000 MT of GI pipes. The company also trades in Hot
Rolled (HR) coils. The company sells its products to both
government and private sector clients. The company's government
clients include Gujarat Water Supply and Sewerage Board and the
Public Health Engineering Department, Rajasthan, mainly for the
drinking water department.

Recent Results
APPL, on a provisional basis, reported a net profit of INR0.50
crore on an operating income of INR74.39 crore for FY 2016, as
compared to a net profit of INR0.37 crore on an operating income
of INR66.40 crore for the previous year.


ANIL STEELS: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anil Steels Private
Limited (ASPL) continue to reflect its modest scale of operations
in the highly fragmented steel industry and weak financial risk
profile, because of modest debt protection metrics and high
leverage. These rating weaknesses are partially offset by the
promoter's extensive experience in the steel industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         110      CRISIL A4 (Reaffirmed)
   Cash Credit            150      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ASPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' in case of a significant improvement
in the company's financial risk profile, most likely because of
equity infusion or large cash accruals or efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if ASPL's revenue or operating margin declines
significantly, or if its capital structure deteriorates on
account of substantial debt-funded capital expenditure or large
working capital requirements.

Mr. Nitin Agrawal took over ASPL's operations in 2004; the
company had been a sick unit since 1991. It undertakes
fabrication and galvanisation of steel, primarily for the solar
power and telecommunication industries.


BALU COMPENDIUM: CRISIL Assigns 'B' Rating to INR300MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable rating to the long-term
bank facility of Balu Compendium (BC). The rating reflects
exposure to implementation, funding and offtake risks related to
upcoming projects, geographical concentration and susceptibility
to cyclicality in India's real estate industry. These weaknesses
are partially offset by the successful and timely completion of
past projects and the promoters' extensive entrepreneurial
experience.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Proposed Rupee Term Loan     300       CRISIL B/Stable

Outlook: Stable

CRISIL believes BC will benefit over the medium term from its
promoters' extensive experience in the real estate business and
established track record especially in the development and sale
of villa projects. The outlook may be revised to 'Positive' if
healthy bookings of units in ongoing project, and timely receipt
of customer advances lead to higher-than-expected cash inflows
and in turn improved liquidity. The outlook may be revised to
'Negative' if delays in receipt of customer advances, time or
cost overruns in ongoing projects, or increase in funding
requirement due to other large projects being undertaken
simultaneously weaken liquidity.

Set up in 2005, Balu Compendium (BC) is a partnership firm
engaged in the development of residential real estate especially
villas. The firm is promoted by Mr. M Yogabalakrishnan and
family.


BHAGYODAYA MOTORS: CRISIL Reaffirms B Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Motors
Private Limited (BMPL; part of the Bhagyodaya group) continue to
reflect the Bhagyodaya group's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
segment.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL B/Stable (Reaffirmed)

   Channel Financing       17.5     CRISIL A4 (Reaffirmed)

   Long Term Loan           8.5     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      18.5     CRISIL B/Stable (Reaffirmed)

   Standby Line of
   Credit                  10.0     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the Bhagyodaya
group's established position in the automobile dealership market
for Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+') in
north Karnataka.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bhagyodaya Motors Pvt Ltd (BMPL) and
Bhagyodaya Trokhos Pvt Ltd (BTPL). This is because the two
companies, together referred to as the Bhagyodaya group, are in
the same line of business, under the same management, and have
significant operational linkages.
Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to
benefit over the medium term from its established position in the
automobile dealership market for TML in North Karnataka. The
outlook may be revised to 'Positive' if the group's volumes and
operating margin improve substantially or in case of any
significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability decline
significantly, or if the group undertakes a large debt-funded
capital expenditure programme, resulting in deterioration in its
capital structure and cash accruals.

Update
The group's revenues declined in by 9 per cent in 2014-15 to
INR1.4 billion. The districts in which these showrooms are
located are the mining districts of Karnataka. In 2014-15 there
were restrictions put by the state government on the mines in the
regions surrounding the showrooms which impacted the sales of
commercial vehicles as well as LMV's in the region. Going
forward, the group's revenues are expected to remain at similar
levels on the back low demand for the principals vehicles in the
region. The group's profitability is moderate at 4.4 per cent in
2014-15. Going forward, CRISIL believes that the business profile
of group will remain at similar levels over the medium term.

The liquidity of the group is adequate marked by moderate
utilisation of bank lines at 76 per cent for the 12 months ended
February 2016 supported by the controlled working capital cycle
of the group and absence of major capex. The group is expected to
generate net cash accruals of INR20-23 million over the medium
term against term debt repayments of INR8 million over the medium
term. The unsecured loans of about INR88.6 million as on March
31, 2016 in the group also support the liquidity profile.

The capital structure of the group is weak. The Total outstanding
liabilities to Tangible net worth (TOL/TNW) ratio of the company
stands at 5.5 times as on 31st March 2015 on account of reliance
on external debt of the group to meet its working capital
requirements. The group also reported weak interest coverage of
1.22 times in 2014-15. The group's financial profile is modest
constrained by its small net worth of around INR90 million as on
31st March 2015.

Set up in 1998 as a partnership group, BMPL was reconstituted as
a private limited company in 2002. The company is the exclusive
authorised dealer for TML's passenger car in three districts '
Bellary, Koppal, and Raichur (all in Karnataka).

BTPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR130MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Trokhos
Private Limited (BTPL; part of the Bhagyodaya group) continue to
reflect the Bhagyodaya group's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
segment.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             130       CRISIL B/Stable (Reaffirmed)
   Channel Financing        30       CRISIL A4 (Reaffirmed)
   Long Term Loan           19.6     CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        2.9     CRISIL B/Stable (Reaffirmed)
   Standby Line of
   Credit                   17.5     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the Bhagyodaya
group's established position in the automobile dealership market
for Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+') in
north Karnataka.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bhagyodaya Motors Pvt Ltd (BMPL) and
Bhagyodaya Trokhos Pvt Ltd (BTPL). This is because the two
companies, together referred to as the Bhagyodaya group, are in
the same line of business, under the same management, and have
significant operational linkages.
Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to
benefit over the medium term from its established position in the
automobile dealership market for TML in North Karnataka. The
outlook may be revised to 'Positive' if the group's volumes and
operating margin improve substantially or in case of any
significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability decline
significantly, or if the group undertakes a large debt-funded
capital expenditure programme, resulting in deterioration in its
capital structure and cash accruals.

Update
The group's revenues declined in by 9 per cent in 2014-15 to
INR1.4 billion. The districts in which these showrooms are
located are the mining districts of Karnataka. In 2014-15 there
were restrictions put by the state government on the mines in the
regions surrounding the showrooms which impacted the sales of
commercial vehicles as well as LMV's in the region. Going
forward, the group's revenues are expected to remain at similar
levels on the back low demand for the principals vehicles in the
region. The group's profitability is moderate at 4.4 per cent in
2014-15. Going forward, CRISIL believes that the business profile
of group will remain at similar levels over the medium term.

The liquidity of the group is adequate marked by moderate
utilisation of bank lines at 76 per cent for the 12 months ended
February 2016 supported by the controlled working capital cycle
of the group and absence of major capex. The group is expected to
generate net cash accruals of INR20-23 million over the medium
term against term debt repayments of INR8 million over the medium
term. The unsecured loans of about INR88.6 million as on March
31, 2016 in the group also support the liquidity profile.

The capital structure of the group is weak. The Total outstanding
liabilities to Tangible net worth (TOL/TNW) ratio of the company
stands at 5.5 times as on 31st March 2015 on account of reliance
on external debt of the group to meet its working capital
requirements. The group also reported weak interest coverage of
1.22 times in 2014-15. The group's financial profile is modest
constrained by its small net worth of around INR90 million as on
31st March 2015.

Set up in 1998 as a partnership firm, BMPL was reconstituted as a
private limited company in 2002. The company is the exclusive
authorised dealer for TML's passenger car in three districts -
Bellary, Koppal, and Raichur (all in Karnataka).

BTPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.


BIRTHPLACE HEALTHCARE: CRISIL Ups Rating on INR125MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Birthplace Healthcare Private Limited (BHPL) to 'CRISIL B/Stable'
from 'CRISIL C'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           125       CRISIL B/Stable (Upgraded
                                      from 'CRISIL C')

   Proposed Long Term
   Bank Loan Facility        15       CRISIL B/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade reflects CRISIL's belief that BHPL's business
and liquidity risk profiles will continue to improve over the
medium term. BHPL's revenue registered a compound annual growth
rate of around 80 per cent from 2013-14 (refers to financial
year, April 1 to March 31) to 2015-16, and its operating profit
margin remained healthy at around 32 per cent during the period.
The business risk profile is expected to improve over the medium
term.

Liquidity is moderate with cash accruals expected to be
sufficient over the medium term against the debt repayment
obligations. It is further supported by unsecured loans from
promoters of INR92.5 million as on March 31, 2016. Liquidity is
expected to remain moderate over the medium term.

The rating continues to reflect below-average financial risk
profile, with modest net worth and high gearing. Limited track
record, modest scale, and geographical concentration in
operations continue to constrain business risk profile. These
rating weaknesses are partially offset by benefits derived from
the team of experienced doctors and healthy demand prospects for
the healthcare industry.
Outlook: Stable

CRISIL believes BHPL will continue to benefit over the medium
term from its team of experienced doctors. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in the company's revenues and profitability margins,
or there is an improvement in its liquidity on the back of fund
infusion by its promoters. Conversely, the outlook may be revised
to 'Negative' if a steep decline in profitability, or stretch in
working capital cycle weaken financial risk profile.

Incorporated in 2011, and promoted by Mr. Tarun Siripurapu and
his family, BHPL provides healthcare facilities in obstetrics,
paediatrics and gynaecology through its 25-bed hospital, The
Birthplace. The hospital in Hyderabad began commercial operations
in 2013.


D.S. DUCTOFAB: ICRA Suspends B+ Rating on INR10.20cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR10.20 crores bank facilities of D.S. Ductofab Systems
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in absence of requisite information
from the company.


DEEKSHA HOUSING: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Deeksha Housing
Private Limited's (DHPL) Long-Term Issuer Rating of 'IND D' to
the suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website. The agency has also
migrated DHPL's INR78.7 million term loans to Long-term 'IND
D(suspended)' from 'IND D'.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for DHPL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


DHANRAJ DIAMONDS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dhanraj
Diamonds' (DHDI) Long-Term Issuer Rating of 'IND B+' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website. A full
list of rating actions is at the end of the commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for DHDI.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

DHDI's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR110.0 million fund-based limits: migrated to 'IND
    B+(suspended)' and 'IND A4(suspended)' from 'IND B+' and 'IND
    A4'
-- Proposed INR20.0 million fund-based limits: migrated to
    'Provisional IND B+(suspended)' and 'Provisional IND
    A4(suspended)' from 'Provisional IND B+' and 'Provisional IND
    A4'


DINODIA EDUCATIONAL: CRISIL Assigns 'D' Rating to INR120MM Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Dinodia Educational Society (DES) and has assigned
its 'CRISIL D' rating to the long term bank facilities of DES.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                120       CRISIL D (Assigned;
                                      Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide Rating
Rationale dated June 28, 2014, since DES had not provided
necessary information required for a rating review. DES has now
shared the requisite information enabling CRISIL to assign rating
to its long term bank facilities.

The rating reflects instances of delays by DES in servicing its
debt due to weak liquidity.

DES has an average financial risk profile marked by modest
networth and gearing. These risks are mitigated by the benefits
derived from association with a reputed brand 'G D Goenka group
of schools'.

DES, established in 2008, is operating a school near Siliguri,
West Bengal, under the name G D Goenka Public School, Siliguri
(GDGPSS). DES is associated with the GD Goenka group of schools,
and all the facilities have been built up and the school is
operated under the ageis of the group. The school is located at
Dagapur, around 7 Km away from the city of Siliguri, West Bengal,
and is spread over an area of 7.32 acres. GDGPSS has commenced
operation from 2009-10 and operate classes from Nursery to class
XII under the affiliation of Central Board of Secondary
Education.


EMGEE CABLES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Emgee Cables and
Communications Ltd's (Emgee) 'IND BB+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB+(suspended)' on the agency's website. A
full list of rating actions is at the end of this commentary.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Emgee.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

Emgee's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR137.00 million fund-based working capital limits: migrated
    to Long-term 'IND BB+(suspended)' and Short-term 'IND
    A4+(suspended)' from Long-term 'IND BB+' and Short-term 'IND
    A4+'
-- INR0.60 million term loans: migrated to Long-term 'IND
    BB+(suspended)' from Long-term 'IND BB+'
-- INR200.00 million non-fund-based working capital limits:
    migrated to Short-term 'IND A4+(suspended)' from Short-term
    'IND A4+'


EVERGREEN DRUMS: ICRA Suspends C+ Rating on INR6cr Corp. Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]C+ rating assigned to the INR3.00
crore term loan, INR6.00 crore corporate loan and INR5.50 crore
cash credit facilities of Evergreen Drums & Cans Private Limited.
ICRA has also suspended the [ICRA]A4 rating assigned to the
INR10.00 crore non-fund based letter of credit facility of EDCPL.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GAURAV RICE: CRISIL Assigns 'B' Rating to INR147.1MM LT Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facility of Gaurav Rice & Food Processing Private Limited
(GRFPPL) and has assigned its 'CRISIL B/Stable' rating to the
facilities. CRISIL had suspended the ratings on March 30, 2016,
as GRFPPL had not provided necessary information required for a
rating review. GRFPPL has now shared the requisite information
enabling CRISIL to assign ratings to the bank facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan          147.1      CRISIL B/Stable (Assigned;
                                      Suspension Revoked)

The rating reflects the company's modest scale of operations in a
highly fragmented industry, susceptibility to regulatory changes
and volatility in raw material prices. The rating also factors in
weak financial risk profile because of below-average debt
protection metrics and tightly matched cash accrual and debt
obligation. These weaknesses are partially offset by extensive
experience of its promoters in the rice industry, and stable
demand for rice.
Outlook: Stable

CRISIL believes GRFPPL will benefit over the medium term from the
extensive industry experience of its promoters and the healthy
demand prospects for rice. The outlook may be revised to
'Positive' if there is substantial revenue growth while operating
profitability remains comfortable. The outlook may be revised to
'Negative' in case of lower-than-expected capacity utilisation,
or significant stretch in working capital management, or large
debt-funded capital expenditure, resulting in deterioration in
financial risk profile.

GRFPPL, incorporated in 2012, has set up a 150-tonne per day non-
basmati rice mill unit at Vaishali in Bihar at cost of INR250
million, funded through term loan of INR147.1 million, equity of
INR50 million, capital subsidy of INR40 million, and through
unsecured loan from promoters. The plant started commercial
operations in September 2015. GRFPPL's daily operations are
managed by promoter-directors Mr. Sunil Kumar, Ms. Renu Devi, and
Mr. Gaurav Gupta.


GREEN TEAK: CRISIL Assigns B- Rating to INR47.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Green Teak (India) Private Limited
(GTPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   SME Gold Card            5        CRISIL B-/Stable
   Cash Credit             47.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      27.5      CRISIL B-/Stable

The ratings reflect weak financial risk profile on account of
large working capital requirement, and small scale of operations,
exposure to intense competition in the timber and plywood
industry, and susceptibility to adverse regulatory changes in the
timber import business. These rating weaknesses are mitigated by
the benefits derived from extensive experience of promoters in
the timber business and financial support.
Outlook: Stable

CRISIL believes GTPL will continue to benefit over the medium
term from its long-standing presence in the timber industry.
Financial risk profile will remain constrained due to working
capital-intensive operations. The outlook may be revised to
'Positive' if improvement in working capital management, leads to
better financial flexibility, along with increase in networth.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of significant borrowings to fund
capital expenditure or working capital requirement.

GTPL was incorporated in 1990, in Jaipur (Rajasthan), by Mr.
Sumer Chand Jain and undertakes trading of timber and plywood
along with manufacture of furniture.


GREEN WOODCRAFTS: CRISIL Assigns B+ Rating to INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Green Woodcrafts Private Limited (GWPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had, on April 23, 2016, suspended the ratings
as GWPL had not provided necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               30       CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Letter of credit &       110       CRISIL A4 (Assigned;
   Bank Guarantee                     Suspension Revoked)

   Proposed Long Term        27.6     CRISIL B+/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

   Term Loan                  2.4     CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

The ratings reflect the company's modest scale of operations in
the plywood industry, and its large working capital requirement
driven by substantial inventory and receivables. These weaknesses
are partially offset by its promoters' extensive industry
experience its healthy financial risk profile because of
comfortable gearing and interest coverage ratio.
Outlook: Stable

CRISIL believes GWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial
increase in revenue and profitability, and steady capital
structure. The outlook may be revised to 'Negative' if working
capital cycle is stretched significantly, weakening financial
risk profile.

GWPL was founded in 1996 by Delhi-based Khetawat family. The
company has a manufacturing facility in Rohtak, Haryana, and
manufactures plywood and veneer under the Flamingo and Saffron
brands.

GWPL's net profit was INR3.3 million on sales of INR260.4 million
for 2014-15 (refers to financial year, April 1 to March 31),
against net profit of INR3.3 million on sales of INR270.5 million
for 2013-14. Sales are estimated at INR284.7 million for 2015-16.


HIMAT GLAZE: CRISIL Withdraws B+ Rating on INR24.5MM Term Loan
--------------------------------------------------------------
CRISIL has withdrawn rating on the term loan and proposed term
loan facilities of Himat Glaze Tiles (HGT) and placed the cash
credit and bank guarantee facilities on a 60-day 'notice of
withdrawal'.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee        11      CRISIL A4 (Notice of Withdrawal)
   Cash Credit           20      CRISIL B+/Stable (Notice of
                                 Withdrawal)
   Proposed Long Term
   Bank Loan Facility     4.5    CRISIL B+/Withdrawal
   Term Loan             24.5    CRISIL B+/Withdrawal

These rating actions have been carried out at the company's
request and are subsequent to receipt of a no-objection
certificate from the banker. The rating will be withdrawn after
completion of the notice period for facilities with notice of
withdrawal. The rating action is in line with CRISIL's policy on
withdrawal of ratings on bank loans.
Outlook: Stable

CRISIL believes that HGT will benefit over the medium term from
its promoters' industry experience. The outlook may be revised to
'Positive' if the firm improves its scale of operations while
maintaining its profitability, leading to larger-than-expected
cash accruals, or if the promoters infuse substantial capital
leading to significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected accruals, stretch in the working capital
management, or if it undertakes any large debt-funded capital
expenditure leading to deterioration in the overall financial
risk profile.

The firm was established in 1996 and promoted by Mr. Gami and his
family, based at Morbi (Gujarat). The firm manufactures wall
tiles of various sizes at its facilities in Morbi.


JAY PARVATI: ICRA Reaffirms 'B' Rating on INR3.79cr Term Loan
-------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR3.79 crore
term loans and INR2.93 crore cash credit facility of Jay Parvati
Cold Storage.

                         Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Cash Credit facility      2.93       [ICRA]B reaffirmed
   Term Loan                 3.79       [ICRA]B reaffirmed

The rating reaffirmation continues to be constrained by a limited
track record of operations and relatively small scale of
operations of the firm, coupled with high working capital
intensity of operations, given the requirement to provide
advances to farmers. Further, the rating takes into account the
exposure of the firm's profitability to a significant fall in
potato prices and possible inventory losses. ICRA also takes into
consideration that JPCS is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure.

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

Established in June 2014, Jay Parvati Cold Storage (JPCS)
operates a cold storage facility located at Deesa, Gujarat and
has commenced operations from February 15, 2015. It stores
potatoes and has a total capacity to stock 153,000 bags of potato
of 50 kg each or 7650 MT of potatoes. The firm has been promoted
by the Mali and Parmar families, who have a long experience in
potato farming and trading businesses.


JODHPUR HEALTH: CRISIL Lowers Rating on INR375MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jodhpur Health Care Private Limited (JHPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         20        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term     40        CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan             375        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that competition will
continue to restrict JHPL's business risk profile over the medium
term. As 2014-15 (refers to financial year, April 1 to March 31)
was the company's first full year of operations, it had
additional challenges in terms of costs. Operating margin in
2014-15 was 22 per cent, lower than CRISIL's expectation of 40
per cent, which led to less-than-expected cash accrual of INR6
million in 2014-15 against expectation of INR50 million over the
same period. However, the promoters extended unsecured loan,
which were at INR12 million as on March 31, 2015. Over the eight
months through November 2015, operating income was INR270 million
and margin was 33 per cent (against CRISIL's expectation of over
40 per cent). Operating income is estimated of INR400 million for
2015-16. Financial risk profile remained weak on account of
negative net worth as on March 31, 2015Going forward, in the
absence of any capital expenditure (capex), occupancy level are
expected to increase thereby leading to expected increase in
operating margins and cash accruals, thus improving JHPL's
business and financial risk profile, over the medium term.

The ratings reflect JHPL's small scale of operations in the
highly fragmented healthcare segment, and below average financial
risk profile. These weaknesses are partially offset by extensive
experience of JHPL's promoters in the healthcare segment and
benefits from favourable location of hospital in Jodhpur.
Outlook: Stable

CRISIL believes JHPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if financial risk profile improves driven
by sizeable occupancy and profitability resulting in substantial
cash accrual. Conversely, the outlook may be revised to
'Negative' in case of significantly low ramp-up in operations,
impacting financial risk profile and debt-servicing ability.

JHPL, incorporated in 2012, is promoted by Jodhpur, Rajasthan-
based Dr. S L Agarwal, Mr. Shashikant Singhi, Mr. Navneet
Agarwal, Ms. Renu Singhi, Mr. M K M Shah, and Mr. Hari Singh
Shekhawat. JHPL manages a 204-bed super-speciality hospital,
Medipulse (neuro, cardiac, gynaecology, and orthopaedics), in
Jodhpur. The hospital has 65 critical care beds, 8 modular
operation theatres, cardiac catheterisation laboratory, radiology
and imaging solutions, and pathology and emergency services.


K.B. GEMS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings has assigned K.B. Gems (KBG) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable. The agency has also
assigned KBG's INR220 million fund-based facilities a Long-term
'IND BB' rating with a Stable Outlook and a Short-term 'IND A4+'
rating.

KEY RATING DRIVERS

The ratings reflect KBG's moderate top line and credit profile.
Over FY12-FY15, revenue grew at a 7.8% CAGR and was INR922m in
FY15 while EBITDA margin was in the range of 3.8% to 4.6%.
According to the company's provisional FY16 financials its
revenue declined to INR868 million in FY16 due to a decrease in
the global demand of diamonds, and its EBITDA margin was at 3.1%.
KBG's EBITDA interest coverage (operating EBITDA/gross interest
expense) was 2.3x in FY16 (FY15: 2.8x; FY14: 3.4x) and the net
financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 7.1x (6.0x; 5.0x).

The ratings also factor in KBG's moderate liquidity profile with
its average peak utilisation of the fund-based limits being
around 97% during the 12 months ended April 2016

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

RATING SENSITIVITIES

Positive: A substantial growth in the company's top line and an
improvement in the profitability leading to a sustained
improvement in the overall credit metrics could lead to a
positive rating action.

Negative: Deterioration in the operating profitability leading to
deterioration in overall credit metrics could be negative for the
ratings.

COMPANY PROFILE

KBG was established in 1988 by Mr. Kiran Shah as a proprietorship
concern and was incorporated as a partnership firm in 1994. KBG
is a Mumbai-based company engaged in the processing and export of
cut and polished diamonds. It is a family-owned business.


K. K. AGRO: CRISIL Assigns 'B' Rating to INR20MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of K. K. Agro Industries (KK Agro).

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

The rating reflects the modest scale of operations in an
intensely competitive dal processing and trading industry, and
limited pricing power, due to commodity nature of business,
leading to constrained margin. The rating also factors in the
below-average financial risk profile, marked by a weak capital
structure and debt protection metrics. These weaknesses are
partially offset by the extensive experience of the partners in
the agro commodity business.
Outlook: Stable

CRISIL expects the firm to maintain a stable credit risk profile
over the medium term, backed by extensive experience of the
partners. The outlook may be revised to 'Positive' if significant
improvement in the scale of operations and profitability leads to
substantial cash accrual and strengthens the financial risk
profile The outlook may be revised to 'Negative' if a sharp
decline in revenue and profitability results in lower-than-
expected cash accrual or if a large debt-funded capital
expenditure programme or elongated working capital cycle weakens
the financial risk profile, especially liquidity.

Incorporated in 2011, KK Agro is engaged in processing of toor
dal. It is a partnership firm, set up by Mr. Mohammed Idrees
Ahmed, along with his wife.


KESHAV COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Keshav Cotton
Industries (KCI) continues to reflect the firm's weak financial
risk profile because of subdued debt protection metrics and high
gearing, stretched liquidity, and susceptibility of profitability
to volatility in raw material prices. These weaknesses are
partially offset by favourable location of manufacturing unit in
terms of cotton availability, and promoters' extensive experience
in the textile industry.

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

   Proposed Long Term
   Bank Loan Facility      15.5     CRISIL B/Stable (Reaffirmed)

   Term Loan               24.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if substantial accrual leads to a
better financial risk profile. The outlook may be revised to
'Negative' in case of deterioration in liquidity, driven by
lower-than-expected accrual, stretch in working capital
requirement, or sizeable debt-funded capital expenditure

Update
KCI's revenue, at INR280.5 million, was higher than expected in
2014-15 (refers to financial year, April 1 to March 31) because
of stabilisation of operations. Revenue is expected to increase
marginally to INR300.0 million in 2015-16 due to subdued industry
performance. Profitability was impacted in 2014-15 by weak
demand. Operating margin is expected to improve in 2015-16 to 2.5
percent from 1.8-2 per cent in the previous year. The firm has
large working capital requirement driven by substantial inventory
due to the seasonal availability of raw material.

Financial risk profile remained weak because of modest networth
of INR26.8 million as on March 31, 2015. Networth is estimated to
have increased marginally to INR27.0 million as on March 31,
2016, on account of low cash accrual. Debt protection metrics
were subdued, with interest coverage and net cash accrual to
total debt ratios at 1.50 times and 0.04 time, respectively, for
2015-16.

Liquidity remains weak because of low cash accrual that are
insufficient to meet term debt obligation, which are largely
funded through unsecured loans extended by promoters.
KCI gins cotton and produces cotton oil. Its unit is in Vijapur,
Gujarat, which is in the vicinity of the cotton-growing belt. It
has installed capacity of 24 double-roller ginning machines with
processing capacity of 72 tonne per day (annual capacity of
13,000 tonne).


KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Stone-Tech
Private Limited (KST) continue to reflect KST's small scale of
operations in the highly competitive granite processing industry,
and average financial risk profile, marked by a small net worth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              20      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit    70      CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting              47      CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of the company's
operating margin to volatility in foreign exchange rate. These
rating weaknesses are partially offset by the benefits that KST
derives from its established market position in Bellary
(Karnataka), and the extensive experience of its promoter in the
granite processing industry.
Outlook: Stable

CRISIL believes that KST will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its revenue and profitability leading to improved cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if KST's working capital management
deteriorates, its relationships with customers weaken, or it
undertakes a large, debt-funded, capital expenditure (capex)
programme, further weakening its capital structure.

Update
KST reported revenue of INR362.9 million for 2014-15 (refers to
financial year, April 1 to March 31), as compared to INR350
million it achieved in 2013-14. The profitability of the company
improved to 9.6 times in 2014-15 as compared to 7.9 times in
2013-14. The profitability of the company improved primarily on
account of better pricing available for the orders from its new
customers. However, KST's business risk profile is expected to
remain constrained over the medium term because of its modest
scale of operations.

KST's financial risk profile is marked by small net worth of
INR70 million and moderate gearing of 1.6 times as on March 31,
2015. KST's debt protection metrics were average with net cash
accruals to total debt (NCATD) and interest coverage ratios of 12
per cent and 2.13 times, respectively, for 2014-15. CRISIL
expects the financial risk profile of the company to remain
modest over the medium term on account of its small scale of
operations and modest accretion to reserves.

KST has adequate liquidity marked by moderate bank limit
utilization of around 58 per cent for 6 months through December
2015. The company is expected to generate cash accruals of
INR17.5-20 million over the medium term against negligible term
debt obligations of INR1.6 million over the medium term. The
liquidity is supported by unencumbered cash balances of around
INR16.6 million as on March 31, 2015.

Set up in 1988 by Dr. D L Ramesh Gopal, Bellary-based KST is
engaged in processing and trading in granite slabs.


LAKSHMAN AND CO: CRISIL Cuts Rating on INR10MM LT Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Lakshman and Co. (Lakshman) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting         40       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft Facility        2       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit          192       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Pledge Loan              48       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

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

The rating downgrade reflects the weakening of the business risk
profile of the firm as a result of significant decline in
operating revenues. The operating revenues for the nine months
ended December 2015 is estimated at INR 6.4 crores, a significant
decline from 2014-15 revenues of INR33.5 Crores. The decline in
operating performance has arisen from the stoppage of operations
in certain facilities of the firm due to internal issues. The
recovery of the operating performance and the sustainability of
the same shall remain a key monitorable for the company over the
medium term.

CRISIL's ratings on the bank facilities of Lakshman & Co
(Lakshman) also reflects the modest scale of operations, exposure
to risks related to volatility in raw cashew and cashew kernel
prices, and below-average financial risk profile. These
weaknesses are partially offset by the benefits that the firm
derives from its established track record in the cashew industry.
Outlook: Stable

CRISIL believes that Lakshman will maintain its business risk
profile over the medium term backed by its established track
record in the cashew industry. The outlook may be revised to
'Positive' if the firm increases its scale of operation and
profitability leading to better-than-expected net cash accruals,
thereby improving its capital structure. Conversely, the outlook
may be revised to 'Negative' in case of steep decline in accruals
or realisations, or large, debt-funded capital expenditure
(capex).

Set up in 1965 as a partnership firm by the late Mr. Lakshmanan
Pillai and his family, Lakshman imports raw cashew nuts, which it
processes and sells in the Indian and export markets. The firm is
a part of the famous K Parameswaran Pillai group of Kerala, which
has been in the cashew-processing industry since 1925.


MAHAVIR CONSTRUCTION: ICRA Suspends B- Rating on INR15cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and the short
term rating of [ICRA]A4 assigned to the INR15.00 crore bank
limits of Mahavir Construction Co. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Mahavir Construction Co. (MCC or the firm) was established in the
year 1983 as a partnership firm for undertaking civil
construction projects in the Mumbai region. Till FY13, the firm
was managed by three partners -- Mr. Kishor Shah, Mrs. Diwali
Jain and Mr. Tushar Dawade. On April 01,2013, it was converted
into a proprietorship concern of Mr. Kishor Shah following the
exit of the other partners. The company is engaged in execution
of civil construction contracts with focus on construction &
repair of roads, structures, buildings, storm water drains &
drain works, nallahs etc.


NAVDEEP CONSTRUCTION: ICRA Suspends 'B' Rating on INR40cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to the INR40.00 crore bank
limits of Navdeep Construction Company. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Incorporated in 1986, Navdeep Construction Company (NCC) is a
partnership firm, based out of Mumbai. Promoted by Shri Shantilal
Shah and the Late Shri Babulal Mehta, the firm is presently
managed by Shri Shantilal Shah. NCC has two business segments --
civil construction, and the manufacturing and sale of ready-mix
concrete. The firm commenced business operations as a civil
contractor, and specializes in the construction and repairing of
buildings, roads, nallas and drains. The operations of the firm
are mainly concentrated on Mumbai and its suburbs, primarily
undertaking projects for the Municipal Corporation of Greater
Mumbai (MCGM). Apart from operating as an independent contractor,
NCC also works as a sub-contractor for other civil contractors.
NCC started its ready-mix concrete (RMC) business in 2007, and
owns four RMC plants. The company entered into joint ventures to
undertake projects in the past, to meet the qualification
requirements to bid for larger projects. The promoters of the
firm have long track record and experience in the construction
sector and the firm has been able to garner repeat orders from
its clients over the years.


NAVYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR135MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Navya Industries Pvt Ltd (NIPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           5         CRISIL D
   Cash Credit             71.8       CRISIL D
   Funded Interest
   Term Loan               10         CRISIL D
   Long Term Loan          50         CRISIL D
   Proposed Long Term
   Bank Loan Facility     135         CRISIL D
   Working Capital
   Term Loan               28.2       CRISIL D

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

NIPL, promoted by Mr. Mithilesh Choudhary, was incorporated in
December 2005. It is engaged in production of soya oil and de-
oiled cakes (DOC) through solvent extraction process.


PD CORPORATION: ICRA Reaffirms B+ Rating on INR12.12cr Loan
-----------------------------------------------------------
The long term rating of [ICRA]B+ has been reaffirmed to the
INR22.62 crore1 long term fund based facilities of PD Corporation
Private Limited (PDCPL). The short term rating of [ICRA]A4 has
also been reaffirmed to the INR0.60 crore short term non fund
based facilities of PDCPL.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit Facility     10.50      [ICRA]B+ Reaffirmed
   Term Loans               12.12      [ICRA]B+ Reaffirmed
   Bank Guarantee            0.60      [ICRA]A4 Reaffirmed

The reaffirmation of the ratings take into account the relatively
modest scale of operations of the company, albeit healthy scaling
up of operations witnessed in FY 2016, coupled with its financial
risk profile which is characterized by high gearing, moderate
debt coverage indicators and high working capital intensity owing
to elongated receivables. The ratings continue to factor in the
vulnerability of profitability and cash flows to adverse
fluctuations in raw material prices and the high competitive
pressures due to the presence of a large number of players in the
textile embroidery space.

The ratings, however, derive comfort from the longstanding
experience of the promoters in the textile embroidery industry as
well as the favourable location of the company's facility in the
textile hub of Surat, which results in proximity to customers as
well as ease in procurement of quality raw material.

PD Corporation Private Limited (PDCPL), incorporated in August
2011, commenced commercial operations in January 2013 and is
engaged in manufacture of embroidered fabrics as well as carrying
out embroidery on on a job work basis. The facility of the
company is located in the textile hub of Surat, Gujarat and is
equipped with 87 embroidery machines having a total capacity of
carrying out 32 crore stitches per annum. The company is promoted
by Mr. Pravin Mangukiya and Dhanji Mangukiya, who have an
experience of around a decade in the embroidery job work business
vide its associate concerns. Prior to venturing into the
embroidery business the promoters were engaged in trading and
polishing of diamonds.

Recent Results
For the year ended 31st March 2015, PDCPL has reported operating
income of INR50.61 crore and net loss of INR1.50 crore as against
an operating income of 40.93 crore and profit after tax of
INR1.12 crore for the year ended 31st March 2014. Further, during
first nine months FY 2016, the company has reported operating
income of INR35.89 crore and profit before tax of INR2.03 crore
(unaudited provisional financials).


POWERMAX RUBBER: CRISIL Assigns 'B' Rating to INR60MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of Powermax Rubber Factory (PRF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Term Loan           60        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       40        CRISIL B/Stable

The rating reflects exposure to implementation, stabilisation and
offtake related risks associated with the firm's ongoing project
and expected modest scale of operations. These weaknesses are
mitigated by the extensive experience of the partners in the tyre
manufacturing industry and expected funds support by partners to
enhance liquidity leading to expected moderate financial risk
profile.
Outlook: Stable

CRISIL believes PRF will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if stabilisation of
operations without any time or cost overrun improves the
financial risk profile. The outlook may be revised to 'Negative'
if the project is delayed or it records lower-than-expected
accrual, or if higher-than-expected working capital requirement
weakens its financial risk profile.

Set up in 2015, Chennai (Tamil Nadu) based PRF is part of the
'Powermax group', which exports tyres under the brand '
'Powermax'. PRF, a partnership firm, is managed by its managing
partner, Mr. Rajesh Jain. The firm is currently setting up a
manufacturing facility in Gummadipondi, Tamil Nadu, to
manufacture different types of tyres, which is expected to start
commercial operations from September 2016.


PRADEEP TRANSCORE: CRISIL Assigns B+ Rating to INR55MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Pradeep Transcore Private Limited (PTPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit              55        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Letter of Credit         15        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Long Term Loan           10        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

CRISIL had suspended the ratings on March 16, 2016, as PTPL had
not provided necessary information required for a rating review.
PTPL has now shared the requisite information, enabling CRISIL to
assign ratings to its bank facilities.

The ratings reflect PTPL's working capital-intensive operations,
and small scale of operations. These weaknesses are partially
offset by its promoters' extensive experience in the electronic
equipment and instruments industry, and its financial risk
profile marked by low gearing and moderate debt protection
metrics.
Outlook: Stable

CRISIL believes PTPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained revenue growth and steady profitability, or improvement
in working capital management. Conversely, the outlook may be
revised to 'Negative' if working capital management weakens or if
the company undertakes large debt-funded capital expenditure
leading to deterioration in financial risk profile.

PTPL was set up as a proprietorship firm named Pradeep Machinery
Tools in 2003, and was reconstituted as a private limited company
with the present name in 2005. It manufactures laminations from
cold-rolled grain oriented steel and solid insulating components
for power and distribution transformers. It is based in
Allahabad, Uttar Pradesh.


R.K. GROVER: ICRA Assigns B- Rating to INR1.75cr Cash Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR1.75
crore2 cash credit facility of R.K. Grover & Co. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR4.50 crore
bank guarantee facility of RKGC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.75       [ICRA]B-/Assigned
   Bank Guarantee        4.50       [ICRA]A4/Assigned

The assigned ratings take into account RKGC's small scale of
operations, and low order book position of ~Rs. 15.5 crore as on
March 28, 2016. The high working capital intensive nature of
RKGC's operations has resulted in a stretched liquidity position
as reflected by the high utilisation of its working capital
limits. The highly fragmented and competitive nature of the
industry, along with the tender- based contract system, keeps a
check on the entity's profitability. The ratings are further
constrained by high client concentration risk, with only one
client contributing to the entire revenue and the current order
book outstanding, and the risks associated with the entity's
status as a partnership firm, including the risk of capital
withdrawal by the partners.

The ratings, however, derive support from the established track
record of the promoter in the civil construction business, with
more than three decades of experience in the industry, and a
reputed client profile, leading to low counterparty risks. The
ratings also take into account the favourable capital structure
of the firm, as indicated by a gearing of 0.82 time as on March
31, 2015 and modest debt coverage indicators. The presence of the
price escalation clause in contracts mitigates the vulnerability
of the firm's profitability to the variation in raw material
prices to an extent.

In ICRA's opinion, the ability of the entity to scale up its
execution capabilities to achieve revenue growth and its ability
to manage its working capital requirement efficiently would
remain key rating sensitivities, going forward.

Established in 1984 as a proprietorship concern, RKGC is
constructs roads, bridges, border fencing and coal handling
plants in Assam, Meghalaya, West Bengal, Delhi, and Bihar.
Subsequently, it was converted into a partnership firm in 2006
and is at present a registered contractor with the National
Buildings Construction Corporation Limited.

Recent Results
During FY2015, RKGC reported a net profit of INR0.64 crore on an
OI of INR10.89 crore, as against a net profit of INR0.49 crore on
an OI of INR8.82 crore during FY2014.


RACHIT PRINTS: CRISIL Assigns 'B' Rating to INR45MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Rachit Prints Pvt Ltd (RPPL). The ratings reflect
weak financial risk profile, because of high gearing and low net
worth and small scale and working capital-intensive operations.
These weaknesses are mitigated by the extensive experience of the
promoters in the fabric manufacturing and trading industry and
their established relationship with customers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              45       CRISIL B/Stable
   Term Loan                19       CRISIL B/Stable

Outlook: Stable

CRISIL believes RPPL will benefit over the medium term from
extensive industry experience of its promoters and established
relationship with customers. The outlook may be revised to
'Positive' if higher-than-expected cash accrual or equity
infusion by promoters, leads to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile, particularly liquidity weakens due to
significant decline in cash accrual or stretched working capital
cycle, or large, debt-funded capital expenditure programme.

RPPL is a Meerut (Uttar Pradesh)-based company, established and
promoted in 1985, by Mr. Atul Kansal and Mr. Anupam Kansal. The
company is a trader of bed sheets, bed covers, mattress cover
material and garments, and has recently commenced manufacturing
of knitted fabric, mattresses and bed covers.

Net profit was INR0.5 million on net sales of INR228.4 million in
2014-15 (refers to financial year, April 1 to March 31) against
net profit of INR0.8 million on net sales of INR198.2 million in
2013-14. The company is expected to report net sales of INR271.8
million in FY 2015-16.


RASHMI HOUSING: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rashmi
Housing Spv Private Limited (RHSPL) continues to reflect the
company's exposure to risks arising from reliance on the
affordable housing segment and geographical concentration in
revenue, and its susceptibility to cyclicality in the real estate
sector. These weaknesses are partially offset by its established
position and brand in the Mira-Virar City region of Mumbai.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     12.5      CRISIL B+/Stable (Reaffirmed)

   Term Loan             100.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RHSPL will continue to benefit over the medium
term from its established position and brand in its area of
operations. The outlook may be revised to 'Positive' if the
company completes its project on schedule and witnesses
substantial sales. The outlook may be revised to 'Negative' in
case of time or cost overrun in the project, adversely impacting
ability to collect construction-linked payments from customers,
or if the saleability in the project does not pick up affecting
RHSPL's ability to meet its debt obligations.

RHSPL was set up in 2007 by the Bosmiya family of Mumbai. The
promoter family has been undertaking residential and commercial
real estate development, and broking and construction contracts
since 1993, through the Rashmi group, which is managed by
brothers Mr. Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra
Bosmiya, and Mr. Ashok Bosmiya. RHSPL is constructing a project
in Vasai called Rashmi Lakeview, comprising eight residential and
one commercial building with total saleable area of nearly 1
million square feet.


RASHMI STEELS: CRISIL Assigns 'B+' Rating to INR150MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rashmi Steels (RS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan         53.5       CRISIL B+/Stable
   Cash Credit            150         CRISIL B+/Stable
   Letter of Credit         6.5       CRISIL A4

The rating reflects RS' modest scale of operations and
profitability and below average financial risk profile because of
modest net worth, leveraged capital structure and weak debt
protection metrics. These weaknesses are partially mitigated by
the proprietor's extensive experience in the metal trading
industry.
Outlook: Stable

CRISIL believes RS will continue to benefit from the extensive
experience of the proprietor in the metal trading industry. The
outlook may be revised to 'Positive' if there is significant
growth in revenue and/or operating profitability leading to
better-than-expected cash accruals. Conversely, the outlook could
be revised to 'Negative' if there is a decline in cash accruals,
stretch in working capital cycle or large debt funded capex
leading to further deterioration in its financial risk profile.

Registered in 2001, RS is a proprietorship firm engaged in
trading of ferrous and non ferrous scrap and has recently
commenced aluminium extrusion. The firm is based out of Mumbai
with its warehousing facility located in Bhuleshwar, Mumbai and
has a factory located near Baroda, Gujarat for aluminium
extrusion. The firm is promoted by Mr. Babulal G Bohra.


SAHIL PACKAGING: CRISIL Assigns 'B' Rating to INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sahil Packaging (SP). The rating reflects the
firm's below-average financial risk profile because of small
networth and high gearing, and initial phase and small scale of
operations in a competitive industry. These weaknesses are
partially offset by its promoters' experience in the corrugated
packaging industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan               80         CRISIL B/Stable
   Cash Credit             35         CRISIL B/Stable
   Proposed Cash Credit
   Limit                   35         CRISIL B/Stable

Outlook: Stable

CRISIL believes SP will continue to benefit over the medium term
from the industry experience of its promoters. The outlook may be
revised to 'Positive' in case of more-than-expected growth in
revenue and profitability, leading to higher cash accrual. The
outlook may be revised to 'Negative' if financial risk profile,
especially liquidity, deteriorates on account of low sales and
cash accrual, or larger-than-expected working capital
requirement, or debt-funded capital expenditure.

SP, established in 2015 and based in Goa, manufactures corrugated
boxes. It commenced operations in August 2015.


SANDU DEVELOPERS: CRISIL Reaffirms B+ Rating on INR377MM Loan
-------------------------------------------------------------
CRISIL rating continues to reflect Sandu Developers (SD)'s
susceptibility to risks and cyclicality inherent in the
construction industry and high project risks associated with the
firm's recently launched two new projects. These rating
weaknesses are partially offset by the extensive experience and
established track record in real estate sector and funding
support from SD's partner's and moderate project-related risks
supported by moderate construction levels, along with moderately
healthy booking levels and customer advances.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       53      CRISIL B+/Stable (Reaffirmed)

   Term Loan               377      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SD will continue to benefit over the medium
term from its partners' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of timely and significant progress in project execution coupled
with better customer bookings, leading to improvement in cash
inflows. Conversely, the outlook may be revised to 'Negative' if
the company's liquidity is pressurised, most likely due to a time
or cost overrun in projects, or if customer advances are delayed
or low, resulting in less cash inflows, or if SD undertakes large
debt-funded projects.

SD is a partnership firm set up in 2009 by Mr. Dhananjay Sandu,
Mr. Yashodhan Sandu, and Ms. Nandini Sandu. The firm undertakes
redevelopment projects in Mumbai. Currently, it is undertaking
five projects.


SHESHADRI INDUSTRIES: CRISIL Assigns D Rating to INR237.2MM Loan
----------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL D' to the long term
bank facilities of Sheshadri Industries Limited (SIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      132.7      CRISIL D
   Cash Credit             140.1      CRISIL D
   Long Term Loan          237.2      CRISIL D

The rating reflects instances of delay by SIL in servicing its
debt .The delays have been caused due to SIL's weak liquidity.

The ratings reflects weak financial risk profile marked by modest
net worth, high gearing and weak debt protection metrics. The
rating also reflects susceptibility of operating margin to
volatility in raw material prices. However, it benefits from
extensive experience of SIL's promoters in the textile industry.

SIL, incorporated in 2013, is engaged in cotton yarn spinning
unit located at Rajna (Madhya Pradesh) with a capacity of 34608
spindles and garment manufacturing plant with a total capacity of
10000 pcs/day. The company is promoted by Mr. J.K Agarwal.


SHIV SHAKTI: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shiv Shakti
Wahan Private Limited (SSWPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned its
INR120 million fund-based working capital limits an 'IND BB+'
rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SSWPL's moderate credit profile and with
moderate scale of operations. Its FY15 revenue was INR1,050
million (FY14: INR463 million), EBITDA interest coverage
(operating EBITDA/gross interest expense) was 3.7x (2.6x) and net
financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 5.1x (12.9x). The improvement in financial leverage
was due to an increase in EBITDA margins to 2.4% in FY15 (FY14:
1.9%).

As per provisional FY16 financials, the company recorded revenue
of INR1,385 million, EBITDA interest coverage of 5.3x, net
financial leverage of 2.9x and EBITDA margins of 2.5%.

The ratings however, benefit from SSWPL being a dealer of
Mahindra & Mahindra Limited ('IND AAA'/Stable) for its passenger
vehicles, commercial vehicles and three-wheelers. It also offers
3S facilities, i.e. service, sale and spare parts.

The ratings are also supported by SSWPL's comfortable liquidity,
as reflected by its average working capital utilisation of 82%
during the 12 months ended April 2016.

RATING SENSITIVITIES

Positive: An increase in revenue and operating profit, along with
an improvement in credit metrics, will be positive for the
ratings.

Negative: A decline in operating profitability, resulting in
deterioration in interest coverage, will be negative for the
ratings.

COMPANY PROFILE

SSWPL commenced operations on 17 September 2013, in Darbhanga
district, Bihar, as an authorised dealer of Mahindra & Mahindra
Limited. The firm is managed by its four directors, Mr. Suman
Kumar, Mr. Saket Kumar, Mr. Sitish Kumar and Mr. Mithlesh Kumar.


SHIVANG CARPETS: CRISIL Reaffirms 'D' Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shivang Carpets
Private Limited (SCPL) continue to reflect instances of delay by
the company in meeting obligation on its term loan. The delay is
caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Corporate Loan            90       CRISIL D (Reaffirmed)

   Foreign Bill Purchase     70       CRISIL D (Reaffirmed)

   Packing Credit            20       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        11       CRISIL D (Reaffirmed)

   Standby Line of Credit     9       CRISIL D (Reaffirmed)

SCPL has a small scale of operations with modest profitability,
and geographical and customer concentration in its revenue
profile. Furthermore, its financial risk profile is weak because
of negative networth and high gearing. However, it benefits from
experience of its promoters in the floor coverings business.

SCPL was originally established in 2001 as a proprietorship firm
by Mr. Ranjeet Singh, and was reconstituted as a private limited
company in 2005, with Mr. Abhishek Singh, the founder's nephew,
joining as director. SCPL manufactures and exports floor
coverings, mainly hand-made woollen rugs and carpets, at its
facilities in Bhadohi, Uttar Pradesh. In 2007-08 (refers to
financial year, April 1 to March 31), it started manufacturing
polyester carpets, which now account for 60 percent of its
revenue.


SHREE ROSHAN: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Roshan Rice Industries (SRRI).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Term Loan               18       CRISIL B+/Stable
   Bank Guarantee          10       CRISIL A4
   Cash Credit             40       CRISIL B+/Stable

The ratings reflect modest scale of operations in a highly
fragmented and intensely competitive industry and vulnerability
of operating profitability to fluctuation in raw material prices
and to government regulations. The ratings also reflect below
average financial risk profile with high gearing and small net
worth. These weaknesses are partially offset by the extensive
experience of SRRI's promoters in the rice milling business and
the company's established and diversified customer base.
Outlook: Stable

CRISIL expects SRRI to maintain its business risk profile over
the medium term backed by the extensive industry experience of
its promoters and diversified customer base along with stable
demand for rice. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in its scale of
operations and cash accrual, or infusion of substantial equity by
the promoters, along with improved working capital management
improves the financial risk profile. The outlook may be revised
to 'Negative' if lower-than-expected accrual, stretch in working
capital cycle, or any large debt funded capital expenditure
weakens the overall financial risk profile, particularly
liquidity.

Incorporated in 2004, SRRI mills non-basmati rice at its facility
in Bhakra (Dhamtari district), Chhattisgarh. It also mills rice
on job work basis for Food Corporation of India (FCI). Mr. Vijay
Kela and Mr. Roshan Kela are the partners of the firm.


SHYAMSUNDAR SATYANARAYAN: ICRA Suspends B+ Cash Credit Rating
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR15.00 crore cash credit facility of Shyamsundar Satyanarayan
Textiles (P) Limited (SSTPL). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SREEVALSAM EDUCATIONAL: CRISIL Assigns D Rating to INR535.2M Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Sreevalsam Educational Trust (SET) and has
assigned its 'CRISIL D' rating to SET's bank facilities. The
rating was 'Suspended' by CRISIL vide the Rating Rationale dated
December 29, 2015 since SET had not provided necessary
information required to take the rating review. SET has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Long Term     64.8      CRISIL D (Assigned;
   Bank Loan Facility               Suspension Revoked)

   Term Loan             535.2      CRISIL D (Assigned;
                                    Suspension Revoked)

The ratings reflect delays by SET in servicing its debt due to
weak liquidity, resulting from delay in commencement of
operations of medical college Sreevalsam Institute of Medical
Sciences (SIMS).

Financial risk profile is below average because of weak capital
structure and debt protection metrics. The trust is also exposed
to high regulation by governmental agencies. However, it benefits
from the extensive experience of its management.

SET, based in Thrissur (Kerala), was set up in 2010, and is
setting up a medical college, SIMS, in Edappal (Kerala). The
institute will offer a five-year undergraduate course in
medicine, and is likely to commence operations in 2017-18 (refers
to financial year, April 1 to March 31).


SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR200MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Nachammai Cotton
Mills Limited (SNCML) continue to reflect SNCML's weak financial
risk profile, marked by high gearing and weak debt protection
metrics and susceptibility to volatile raw material prices. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the textile industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          12       CRISIL A4 (Reaffirmed)
   Cash Credit            200       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       200       CRISIL A4 (Reaffirmed)
   Long Term Loan          92       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SNCML will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if a healthy increase in revenue and
profitability strengthens cash accrual and capital structure
substantially and sustainably. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens further,
most likely because of large working capital requirement, debt-
funded capital expenditure, or delay in funding support from the
promoters.

SNCML, incorporated in 1980 in Tamil Nadu, is promoted by Mr. P
Palaniappan. The company manufactures cotton yarn in three
varieties-hosiery yarn, warp yarn, and hank yarn-with counts
ranging from 10s-80s, which are used for manufacturing garments.


SUNSHAKTI OIL: CRISIL Assigns B- Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sunshakti Oil Refinery Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan          11        CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility        9       CRISIL B-/Stable
   Cash Credit              50       CRISIL B-/Stable
   Letter of Credit         30       CRISIL A4

The rating factors in SORPL's moderate scale of operation coupled
and volatile profitability levels and its average financial risk
profile marked by a leveraged capital structure. These rating
weaknesses are partly offset by the benefits SORPL derives from
its promoter's experience.
Outlook: Stable

CRISIL believes SORPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of prudent working capital
management along with stable profitability levels, leading to
sustained improvement in liquidity. Conversely, the outlook may
be revised to 'Negative' in case if the financial risk profile
weakens because of lower revenue or cash accrual, a stretch in
the working capital cycle, or any large, debt-funded capital
expenditure.

Incorporated in 2011, SORPL is engaged in oil refining activity.
The company is promoted by Mumbai bases Gala family and the day
to day operations of the company is managed by Mr. Vishal Gala.
The manufacturing unit of the company is located in Vada,
Tilgaon.


SURFACE PREPARATION: CRISIL Assigns 'B' Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Surface Preparation Solutions and Technologies
Private Limited (SPST).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan         7.9         CRISIL B/Stable
   Bank Guarantee        25           CRISIL A4
   Cash Credit           50           CRISIL B/Stable

The rating reflects the company's modest scale of operations,
large working capital requirement, and below-average financial
risk profile marked by its modest net worth, moderate gearing,
and weak debt protection metrics. These weaknesses are partially
offset by extensive experience of its promoter in the industrial
machinery business.
Outlook: Stable

CRISIL believes SPST will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the company scales up operations significantly,
while maintaining profitability and improving working capital
management. The outlook may be revised to 'Negative' in case of
large debt-funded capital expenditure, leading to weakening of
capital structure, or considerable incremental working capital
requirement.

SPST, incorporated in 1987, designs and manufactures surface
preparation equipment and painting solutions. It commenced
commercial operations in January 2010.


SURYAVANSHI SPINNING: CRISIL Assigns D Rating to INR143.3MM Loan
----------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL D/CRISIL D' to the
bank facilities of Suryavanshi Spinning Mills Limited (SVSML).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital
   Term Loan                1.9       CRISIL D
   Proposed Long Term
   Bank Loan Facility      86.4       CRISIL D
   Long Term Loan          62.3       CRISIL D
   Corporate Loan          99.5       CRISIL D
   Bank Guarantee           6.6       CRISIL D
   Cash Credit            143.3       CRISIL D

The rating reflects instances of delay by SVSML in servicing its
debt .The delays have been caused due to SVSML's weak liquidity.

The ratings reflects weak financial risk profile marked by modest
net worth, high gearing and weak debt protection metrics. The
rating also reflects susceptibility of operating margin to
volatility in raw material prices. However, it benefits from
extensive experience of SVSML's promoters in the textile
industry.

SVSML, incorporated in 1978, is engaged in cotton yarn spinning
unit located at Rajna (Madhya Pradesh) with a capacity of 36912
spindles and Medical textile unit at Aliabad, in the state of
Telangana. SVSML also manufactures Polyester, polyester-viscose
Blended Yarns and Medical Textiles Products. The company is
promoted by Mr. B.N Agarwal.


SWASTIK POWER: ICRA Suspends 'D' Rating on INR125 Loan
------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the Rs.125 long
term loans & working capital facilities of Swastik Power &
Mineral Resources Pvt. Ltd. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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


SWISS GARNIER: CRISIL Reaffirms B- Rating on INR775.8MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swiss Garnier Genexiaa
Sciences (SGGS) continue to reflect the firm's modest scale of
operations in the intensely competitive formulations industry,
and below-average financial risk profile because of weak debt
protection metrics.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee          3      CRISIL A4 (Reaffirmed)

   Cash Credit            70      CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        7      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    289.2    CRISIL B-/Stable (Reaffirmed)

   Term Loan             775.8    CRISIL B-/Stable (Reaffirmed)

The ratings also factor in SGGS's risk related to the
implementation and stabilisation of the firm's ongoing project of
setting up a new contract manufacturing unit in Sikkim. These
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes SGGS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
increase in scale of operations leading to higher-than-expected
cash accrual, and timely completion of project within the
budgeted cost. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens on account of lower-
than-expected revenue and profitability, or if there is
significant time or cost overrun in the project, or stretch in
working capital cycle.

SGGS is a Chennai-based partnership firm set up by Mr. M
Theivendran and Ms. T Rethinavalli in 2011. It manufactures
tablets, capsules, liquid-orals, and food supplements, began
commercial operations in August 2013. Its manufacturing unit is
in Sikkim.


THEME EXPORT: ICRA Suspends B+/A4 Rating on INR29.95cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA] A4 rating assigned to the
INR29.95 crore bank facilities of Theme Export 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.


TUNI TEXTILE: CRISIL Withdraws 'B' Rating on INR48.5MM Loan
-----------------------------------------------------------
CRISIL has withdrawn its rating on the cash credit and proposed
long-term bank facilities of Tuni Textile Mills Ltd (TTML) at the
company's request and on receipt of a no-dues certificate from
the banker.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           0.6       CRISIL A4 (Notice of
                                      Withdrawal)

   Cash Credit             48.5       CRISIL B/Stable Withdrawn

   Proposed Long Term
   Bank Loan Facility       0.9       CRISIL B/Stable Withdrawn

The short-term rating has been placed on 'Notice of Withdrawal'
for 180 days. The rating will be withdrawn at the end of the
notice period. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

Incorporated in 1987, TTML manufactures cotton, polyester and
blended grey fabric used for shirtings. TTML is also engaged in
trading activities and also undertakes job work.


VIKRAM OVERSEAS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Vikram Overseas Limited (VOL) and has assigned
its 'CRISIL B+/Stable/CRISIL A4' rating to these facilities.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL B+/Stable (Assigned;
                                       Suspension Revoked)

   Packing Credit           50        CRISIL A4 (Assigned;
                                      Suspension Revoked)

The ratings had been suspended by CRISIL on July 22, 2013, as VOL
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 ratings reflect VOL's small scale of operations in the
intensely competitive and fragmented ready-made garments (RMG)
industry, high geographic and customer concentration risk, and
working capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the RMG industry, and above-average financial risk profile,
especially debt protection metrics and capital structure.
Outlook: Stable

CRISIL believes VOL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if higher-than-expected turnover,
operating profitability and cash accrual, and prudent management
of working capital requirement strengthens key credit metrics.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accrual, deterioration in working capital management, or
any large capital expenditure.

VOL, incorporated in 1976, manufactures and exports readymade
garments (RMG), primarily tops, skirts, and party dresses for
women, and undertakes job work for Biba. The manufacturing unit
is in Okhla, Delhi. Customers are largely in USA, Africa, and the
European Union.


VISHAL DIAMONDS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vishal Diamonds
(Vishal) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned Vishal's INR200 million
fund-based facilities a Long-term 'IND B+' rating with a Stable
Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings factor Vishal's small scale of operations in the
jewellery trading business and weak credit metrics. Its FY15
revenue was INR511 million (FY14: INR426 million) with 3.0%
EBITDA margins (2.9%); its net leverage was 8.7x (5.9x) and
EBITDA interest cover was 1.7x (1.9x). Provisional FY16
financials indicate revenue of around INR666 million and EBITDA
margins of around 1.7%. Ind-Ra expects the firm to have ended
FY16 with net leverage below 9.7x and EBITDA interest cover over
2.1x.

The ratings also factor in the risks associated with a commodity-
based trading business. Vishal's profitability was volatile over
FY12-FY15 on account of fluctuations in gold prices. The ratings
also factor in Vishal's partnership form.

Vishal's liquidity is comfortable, as indicated by the 36%
average utilisation of its fund-based facilities over the 12
months ended March 2016. The ratings are supported by the
promoters' experience of more than three decades in the jewellery
trading business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Vishal was set up in 1998 as a partnership firm. It trades in
polished diamonds and manufactures diamond-studded gold
jewellery. The firm derives around 70% of its revenues from its
diamond trading activities and the remaining 30% from the sale of
jewellery. The firm exports polished diamonds to China, the UAE,
the US, Hong Kong and Russia. It is run by five partners: Mr.
Sunay Gandhi, Mr. Chetan Gandhi, Mrs. Sejal Gandhi, Mrs. Vishakha
Gandhi and Ms. Shruti Gandhi.


Y.S. INVESTMENT: ICRA Revises Rating on INR10cr FB Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating of [ICRA]BB- to [ICRA]B+
for INR10.00 crore fund based cash credit facility of Y.S.
Investment.  ICRA has also reaffirmed the [ICRA]A4 rating
assigned to the INR86.90 crore non-fund based bank limits of YSI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund        10.00        [ICRA]B+;revised from
   Based- Cash Credit                 [ICRA]BB-(stable)

   Short Term Non
   fund based-Letter
   of Credit             85.00        [ICRA]A4 reaffirmed

   Short Term Non
   fund based-CEL         1.90        [ICRA]A4 reaffirmed

The rating revision reflects the current challenging operating
environment for ship breaking industry characterised by weakening
steel prices due to availability of cheap Chinese steal in the
market as well as increased competition from ship breaking yards
of neighbouring countries such as China, Bangladesh and Pakistan.
As a result YSI has witnessed sharp decline in revenue in FY 15-
16 while the ship breaking activities have remained stalled with
no ship purchased in the previous fiscal year. The firm's ability
to resume operations would largely be contingent to availability
of ships as well as improvement in steel prices which forms the
major proportion of scrap. Further the firm's ability to manage
foreign currency fluctuation, volatility in prices of steel as
well as its working capital requirements would be a key rating
monitor able; given the significant margin requirements during
ship purchases, long lead time involved and bulleted LC repayment
requirements at the end of the stipulated period. ICRA has also
taken into consideration the environmental and regulatory risks
that are inherent in the ship breaking industry.

The rating, however, favourably takes into account past
experience of the promoters in the Ship Breaking industry as well
as forward linkages with group companies involved in steel
rolling business. The rating also favourably takes into account
the high level of cash balance being maintained by the firm in
form of fixed deposits with bank providing financial stability to
an extent.

Incorporated as Association of Person(AOP) in 1985 and acquired
by Mr. Riazhusen S. Masani and Mr. Arifhusen S. Masani in 1994,
YSI belongs to the Bhavnagar-based Lucky Group held by the Masani
family. YSI is engaged in the business of ship breaking and
operates on a plot leased from the Gujarat Maritime Board in the
Alang Ship Recycling Yard. Besides ship breaking, the Lucky Group
is also involved in other related businesses like steel re-
rolling and scrap trading. Besides YSI, the Lucky Group has other
companies such as Lucky Ship Breaking Industries(SBD) (rated at
ICRA B+/A4) also involved in ship breaking as well as companies
involved in steel re-rolling.

Recent Results
For the year ended 31st March 2015, YSI reported an operating
income of INR0.14 crore and profit after tax of INR0.05 crore as
per the provisional financial statement.



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


INDONESIA: S&P Puts 'BB+' Rating to Benchmark-Size EUR Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
benchmark-size euro-denominated senior notes that the Republic of
Indonesia (BB+/Positive/B; axBBB+/axA-2) proposes to issue under
its US$40 billion global medium-term notes program.  The notes
will constitute the direct, unconditional, unsubordinated, and
unsecured obligations of Indonesia.

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

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

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



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


ATAMI BEACH: Moody's Puts Ba1 Rating to JPY3.0BB Credit Facility
----------------------------------------------------------------
Moody's Japan K.K. has assigned a senior secured bank credit
facility rating of Ba1 to the instrument described below, known
as Atami Beach Line 3.  The outlook is stable.

  Rated Issuer: G.K. Myogi Capital
  Transaction Name: Atami Beach Line 3
  Class: Super Senior Loan
  Rating: Ba1
  Loan Amount: JPY3.0 billion
  Interest Rate: Floating
  Closing Date: October 23, 2013
  Expected Maturity Date: October 23, 2018
  Final Maturity Date: October 23, 2020
  Underlying Asset: Atami Beach Line (toll road)
  Seller/Lessee/Operator: GRANVISTA Hotels & Resorts Co., Ltd.
  Arranger: Goldman Sachs Japan Co., Ltd.

                        RATINGS RATIONALE

The Ba1 rating assigned to the super senior loan incorporates the
underlying creditworthiness of G.K. Myogi Capital, whose revenues
solely rely on debt-service payments from Atami Beach Line Ltd.
Atami Beach Line Ltd utilizes the toll revenues collected from
the Atami Beach Line to make interest payments.

The rating incorporates the fundamentals of the underlying toll
road asset, its traffic volumes with a weakening trend, its
mature user profile with a high weighting towards regular
commuters and leisure users, and the loan's structural features.

The Atami Beach Line is a single asset toll road, relatively
exposed to local tourism.  The gradually declining traffic trend
is credit negative.  While the Tokyo Metropolitan area, a source
of tourists, provides a very large, highly developed and well-
diversified customer base, roughly half of the traffic comprises
local commuter traffic, which is susceptible to the smaller local
economy.

Since the toll fare increase in February 2013, toll revenue
recovered temporarily.  However, despite a modest recovery in
Japan's economy and a rapid rise in inbound tourist numbers --
which is benefiting tourist destinations nationwide, traffic
volume continues to show a decreasing trend.  If this decrease
persists, it will ultimately outweigh the effects of the toll
fare increase and negatively impact net cash flow.  Operating
profit for fiscal year ending May 31, 2015, was around JPY400
million on a reported basis.

While Moody's expects further tariff increases can be introduced
if net cash flow from the toll road further deteriorates, or when
Japan's consumption tax rate increases, the size and timing of
another tariff raise and its impact to traffic volumes remains
uncertain.

The likelihood of refinancing or selling the toll road is an
important consideration in our analysis as the super senior loan
will rely -- for its full repayment at maturity -- on either
refinancing or selling the road.

The recovery structure is set to minimize losses for the
principle payment at final maturity -- on Oct. 23, 2020,
following a two-year tail period after the expected maturity
date, Oct. 23, 2018, -- by selling the assets or refinancing.
The principle is due legally on the final maturity date, and is
expected to be paid by either the asset's sale or refinancing.
Net cash flow from the tolls collected will pay the interest
payments before the final maturity date.

Atami Beach Line has a long track record -- since 1965 -- and
benefits from a stable and predictable regulatory framework,
according to which the Ministry of Land approves tariff increases
through negotiation, when needed.

The primary factor that could lead to an upgrade is a sustained
improvement in traffic volumes and associated toll revenue that
could improve net cash flow to a level above Moody's
expectations.

Conversely, a further decline in traffic volumes and toll
revenues, or evidence of the issuer experiencing difficulty in
arranging the refinancing or sale of the underlying asset could
exert downward pressure on the ratings of the loan.  In addition,
an adverse operational performance or a decline in the issuer's
credit quality could also result in negative rating pressure.

The principal methodology used in this rating was Privately
Managed Toll Roads (Japanese) published in September 2014.

The Atami Beach Line is a privately operated toll road of 6.1 km.
and is located between Yugawara Town in Kanagawa Prefecture and
Atami City in Shizuoka Prefecture.  It is owned by Atami Beach
Line Ltd, the recipient of the loan, Atami Beach Line 3.


ATAMI BEACH: Moody's Withdraws Ba1 Rating on JPY3BB Sr. Loan
------------------------------------------------------------
Moody's SF Japan K.K. has withdrawn the rating assigned to a loan
backed by the toll road Atami Beach Line due to business reasons.

The complete rating action is:

  JPY3.0 Billion Super Senior Loan, Withdrawn; previously on
   Sept. 18, 2015, Downgraded to Ba1 (sf)
  Transaction Name: Atami Beach Line 3
  Class: Super Senior Loan
  Loan Amount: JPY 3.0 billion
  Interest Rate: Floating
  Closing Date: October 23, 2013
  Expected Maturity Date: October 23, 2018
  Final Maturity Date: October 23, 2020
  Underlying Asset: Atami Beach Line (toll road)
  Seller/ Lessee/Operator: GRANVISTA Hotels & Resorts Co., Ltd.
  Arranger: Goldman Sachs Japan Co., Ltd.

                         RATINGS RATIONALE

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



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


1MALAYSIA: Singapore Says None of Its Banks Got $3BB of Funds
-------------------------------------------------------------
Shamim Adam at Bloomberg News reports that Singapore said none of
the banks in the city state had received $3 billion from Goldman
Sachs Group Inc. related to a bond sale by 1Malaysia Development
Bhd.

Bloomberg relates that the comment was made "in response to media
queries," the Monetary Authority of Singapore said in a one-line
statement on June 8. It didn't name any media organizations,
Bloomberg notes.

According to Bloomberg, the statement came after The Wall Street
Journal reported June 7 that Goldman Sachs had wired $3 billion
of proceeds from a bond issue it arranged for 1MDB in 2013 to an
account controlled by the fund at the Singapore branch of a small
Swiss private bank.

U.S. investigators are trying to determine if Goldman had broken
the law when it didn't flag what appeared to be a suspicious
transaction in part because funds of that size would typically go
to a large global bank, the paper said, Bloomberg relays.

1MDB is at the center of global probes into allegations of money
laundering and embezzlement. From Singapore to Switzerland to the
U.S., investigators have been trying to trace whether money might
have flowed out of the fund and illegally into personal accounts.
1MDB has consistently denied wrongdoing.

1MDB and Goldman both declined to comment on the Wall Street
Journal report on June 7, Bloomberg notes.


                                About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported earlier this month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


DAEWOO SHIPBUILDING: Prosecutors Search for Fraud Evidence
----------------------------------------------------------
The Korea Herald reports that prosecutors raided debt-ridden
Daewoo Shipbuilding & Marine Engineering's head offices on June 8
in a search for evidence related to accounting fraud to conceal
massive losses partly caused by poor management.

The Supreme Prosecutors' Office said some 150 investigators had
marched into the country's leading shipbuilders' headquarters in
central Seoul and its Okpo Shipyard on Geoje Island off the
southern coast, the Korea Herald relates.

The report says the raids come as DSME's audit committee had
voluntarily submitted petitions requesting a probe into the
company's former executives and the former managing board's
responsibility in poor management in January.

According to the report, the shipbuilder has been under pressure
from its creditors, led by state-run Korea Development Bank, to
come up with a stronger rehabilitation scheme to tide over a
protracted slump in the global shipbuilding segment and mounting
losses.

The Korea Herald relates that some legal observers said the early
morning raids may signal a series of future investigations into
shipbuilding and shipping firms which undergo the nationwide
restructuring process.

The report says prosecutors have already put travel bans on Nam
Sang-tae, who headed the company from 2006 to 2012, and Ko Jae-
ho, who succeeded Nam until last year, to question them over the
losses.

Earlier this year, the shipyard said it swung to huge losses in
2013 and 2014 from earlier reported profits, citing accounting
mishaps, the Korea Herald notes.

Since September, some 420 shareholders have raised compensation
suits against the company and its former CEO Ko with the Seoul
Central District Court. The total amount of compensation sought
hovers around KRW24 billion ($20.7 million), the report relates
citing legal sources.

"The company's executives exaggerated DSME's sales and operating
profit as well as brought down the total contract price for large
offshore plant projects including Norway's Songa offshore
project," they said in the filing, the Korea Herald relays.

The Korea Herald adds that the plaintiffs said they bought the
stocks after believing the shipyard's fake business reports that
stated it made profits worth more than KRW400 billion every year,
according to the sources.

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


SOUTH KOREA: To Create KRW11 Trillion Fund to Aid Restructuring
---------------------------------------------------------------
Cynthia Kim and Jiyeun Lee at Bloomberg News report that
South Korea will bolster capital at policy banks through a fund
to support restructuring of the nation's shipping and
shipbuilding industries, the government said on June 8.

The plan is for the government and the Bank of Korea to create an
KRW11 trillion fund ($9.5 billion) to make sure state lenders can
withstand losses as they facilitate the restructuring, according
to a statement cited by Bloomberg.  The aim is to start operating
the fund from July 1 and for it to run through the end of 2017,
Bloomberg says.

According to Bloomberg, President Park Geun Hye's administration
is pursuing a painful restructuring of companies that are
struggling under mounting debt and diverting attention from
efforts to find new growth engines for the nation.  Bloomberg
relates that the program could cost tens of thousands of workers
their jobs in an economy that's been hit by falling exports and
weak demand at home.

"The fund will buy hybrid bonds issued by state-run banks,"
Bloomberg quotes Finance Minister Yoo Il Ho as saying at a policy
meeting in Seoul. "We will swiftly carry out restructuring of
shipping and shipbuilding companies under the principle that the
companies strictly implement their own reform plans and take
losses incurred," according to a written copy of his remarks.

Separately, Bloomberg reports that the finance ministry will
inject KRW1 trillion of capital into the Export-Import Bank of
Korea by September this year to make sure Kexim's capital ratio
doesn't fall by too much.

Bloomberg relates that shipping and shipbuilding companies are
battling losses after the oil price plunge of the past two years
and overcapacity in the industry depressed freight rates. Policy
makers are trying to streamline these businesses and have called
for the central bank to join in efforts to ensure policy banks
with heavy exposure to those companies stay afloat, says
Bloomberg.

"The restructuring itself negatively affects growth sentiment,
but these concrete plans announced now should ease uncertainties
and improve the view of markets about the reform plans,"
Bloomberg quotes Lee Ho Seung, a director general at the finance
ministry, as saying.

Bloomberg notes that while KRW11 trillion in funds will be
available, the government currently estimates that the lenders
will need to be injected with about KRW5 trillion to KRW8
trillion, assuming that Korea Development Bank and Kexim meet BIS
ratios of 13%, and 10.5%, respectively. KDB's ratio now is 14.6%
while Kexim's is 9.9%.

Bloomberg says Korea's restructuring of vulnerable and over-
supplied industries could cut economic growth by 0.2 percentage
points to 1.3 percentage points, Citigroup Inc. economists
including Chang Jae Chul wrote in a report June 7.

Although the central bank directly injecting capital had been
mentioned as possible options by the government, BOK Governor Lee
Ju Yeol told reporters in May that he preferred a way that can
minimize losses for the central bank money, according to
Bloomberg.

Hanjin Shipping Co. will try to join The Alliance, a global
shipping group, and finalize talks on lowering charter rates for
ships it has leased from shipowners by the end of this week,
Bloomberg reports citing the government. Hyundai Merchant Marine
Co. is also making similar efforts on reducing charter rates.

Bloomberg adds that the government will review progress of
restructuring plans at shipbuilders Hyundai Merchant, Daewoo
Shipbuilding & Marine Engineering, and Samsung Heavy Industries.
The companies have proposed to sell properties and dismiss
workers as part of their reform plans, Bloomberg notes.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***