TCRAP_Public/160610.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Friday, June 10, 2016, Vol. 19, No. 114


                            Headlines


A U S T R A L I A

CHAPPLE STREET: First Creditors' Meeting Set For June 20
RAINBOW MERCER: Rodgers Reidy Appointed as Administrator
TOTEM ONELOVE: Festival Promoter Goes Into Administration
WHYALLA FORESHORE: In Liquidation; Blames Arrium's Collapse


C H I N A

HILONG HOLDING: Fitch Withdraws 'BB-' IDR with Negative Outlook
TEXHONG TEXTILE: S&P Raises CCR to 'BB'; Outlook Stable
YANZHOU COAL: S&P Lowers CCR to 'BB-'; Outlook Negative


H O N G  K O N G

GREENLAND HONG KONG: S&P Lowers CCR to 'BB-'; Outlook Negative


I N D I A

ABHIJEET FERROTECH: Ind-Ra Suspends 'IND D' LT Issuer Rating
ACME BUILDERS: CRISIL Assigns B+ Rating to INR500MM Term Loan
ADHARSHILA SAMAZIK: CRISIL Assigns B- Rating to INR10MM Loan
AMBALAL CHHOTALAL: ICRA Suspends B Rating on INR7cr LT Loan
AMBER ELECTROTECH: CRISIL Lowers Rating on INR100MM Loan to 'B'

ANANTA CHARITABLE: CRISIL Assigns B Rating to INR650MM Term Loan
ANIL ENGINEERING: CRISIL Assigns B- Rating to INR65MM Loan
ANUJ TEXTILES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
ARABIAN JEWELLERS: CRISIL Assigns B+ Rating to INR80MM Loan
ARYA SHIP: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

BHAGWATI WOVEN: ICRA Assigns 'B' Rating to INR5.08cr Term Loan
CAESAR IFMR: Ind-Ra Assigns IND BB-(SO) Rating to Series A2 PTCs
CHAUDHARY LEKHRAJ: Ind-Ra Withdraws BB- Rating on INR398.31M Loan
DAR PARADISE: Ind-Ra Raises Long-Term Issuer Rating to IND BB
DINESH METAL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan

ENRICH RD: ICRA Lowers Rating on INR3.0cr Cash Loan to C+
GAGAN RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
GANPATI EDUCATION: Ind-Ra Withdraws BB Rating on INR48.48MM Loans
GIRIRAJ INDUSTRIES: ICRA Lowers Rating on INR13.8cr Loan to D
GREENBILT INDUSTRIES: CRISIL Assigns 'B' Rating to INR210MM Loan

GULMOHAR PARK: ICRA Suspends 'D' Rating on INR55cr Loan
HEGDE CASHEWS: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
HORIZON DREAM: ICRA Suspends 'D' Rating on INR9.8cr Loan
JAGDISH PRASAD: Ind-Ra Assigns B+ Long-Term Issuer Rating
JINDAL POLY: ICRA Suspends B+ Rating on INR6.75cr LT Loan

JOGMA LAMINATES: ICRA Suspends B+ Rating on INR8.0cr Cash Loan
KDH TEXTILE: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
KHATUSHYAM PROCESSORS: ICRA Cuts Rating on INR5cr Loan to B+
KIAN CHEMICALS: CRISIL Assigns B+ Rating to INR140MM LT Loan
KOHENOOR INDUSTRIES: Ind-Ra Assigns IND BB+ LT Issuer Rating

LINK ENTERPRISE: ICRA Suspends B+ Rating on INR7.68cr LT Loan
LOKNATH RICE: CRISIL Reaffirms B+ Rating on INR59.5MM Loan
LUCENT CLEANENERGY: ICRA Suspends D Rating on INR15.90cr Loan
LUCKY STEEL: ICRA Revises Rating on INR10cr Cash Loan to B+
MA CHANDI: CRISIL Assigns 'D' Rating to INR193.3MM LT Loan

MAHA DURGA: ICRA Reaffirms 'B' Rating on INR49cr Loan
METALLICA INDUSTRIES: ICRA Suspends D Rating on INR40cr Bank Loan
METRO CITY: ICRA Suspends B/A4 Rating on INR14.17cr Loan
METROWORLD TILES: ICRA Suspends B+/A4 Rating on INR17.66cr Loan
MUNDHRA CONTAINER: ICRA Withdraws B+ Rating on INR9.75cr Loan

NAWA ENGINEERS: Ind-Ra Withdraws D Long-Term Issuer Rating
NEERAKKAL LATEX: CRISIL Reaffirms 'B' Rating on INR150MM Loan
NEW LAXMI: ICRA Suspends B+ Rating on INR11cr Cash Loan
ORB ENERGY: ICRA Assigns 'B' Rating to US$2.25MM NCD
PANKAJ STEEL: ICRA Suspends B+ Rating on INR4.5cr Cash Loan

PLAZMA TECHNOLOGIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
QUEST INFOSYS: Ind-Ra Affirms 'IND B' Rating on INR57MM Loan
RELISHAH EXPORT: Ind-Ra Raises Long-Term Issuer Rating to IND BB-
S. M. INTERIOR: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
SANT AUTOS: ICRA Suspends B+ Rating on INR6.0cr Cash Loan

SHREE BALA: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
SHREE RADHEY: CRISIL Assigns B+ Rating to INR100MM Loan
SHRI SANGAM: CRISIL Reaffirms 'B' Rating on INR860MM LT Loan
SHYAM STEELS: CRISIL Lowers Rating on INR38MM Cash Loan to 'D'
SIDDHI VINAYAK: ICRA Suspends B+ Rating on INR12.16cr LT Loan

SILVERDALE FASHIONS: ICRA Withdraws B+ Rating on INR2cr Loan
SREE VENKATESWARA: ICRA Reaffirms B+ Rating on INR2.9cr Loan
SRI KASI: CRISIL Assigns B+ Rating to INR70MM Long Term Loan
SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR24.88cr Loan
SRI VIJAYA: CRISIL Assigns 'B' Rating to INR53MM LT Loan

UNIBAIT FEEDS: CRISIL Assigns 'B' Rating to INR150MM LT Loan
VAMA WOVEN: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND D'
VINITA INTERNATIONAL: ICRA Suspends B/A Rating on INR7.5cr Loan
VIVEKANANDA PADDY: ICRA Suspends B+ Rating on INR2.4cr Term Loan


N E W  Z E A L A N D

GOODLIFE HOMES: Owes Creditors More Than NZ$444,566


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Suspected of Raising KRW10TT Illegally
DAEWOO SHIPBUILDING: Chief Vows Efforts to Revitalize Shipbuilder
* SOUTH KOREA: Three Shipyards to Raise KRW8.41 Tril. in Revamp


                            - - - - -


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


CHAPPLE STREET: First Creditors' Meeting Set For June 20
--------------------------------------------------------
Ian Purchas and Shumit Banerjee of SV Partners were appointed as
administrators of Chapple Street Holdings Pty Ltd on June 7,
2016.

A first meeting of the creditors of the Company will be held at
SV Partners, Level 17, 200 Queen Street, in Melbourne, on
June 20, 2016, at 11:00 a.m.


RAINBOW MERCER: Rodgers Reidy Appointed as Administrator
--------------------------------------------------------
Brent Leigh Morgan of Rodgers Reidy was appointed as
administrator of Rainbow Mercer Pty Ltd (formerly known as
Barrecode Pty Ltd), on June 8, 2016.


TOTEM ONELOVE: Festival Promoter Goes Into Administration
---------------------------------------------------------
The Music reports that festival promoters SFX Totem (Totem
OneLove Group) went into administration on May 23.

The Music relates that the news came after months of uncertainty
which included the recent cancellation of both the 2016
Stereosonic festival and Armin Van Buuren's Australian tour,
originally scheduled for next month.

When contacted by The Music, Totem OneLove Group confirmed that
administrators have indeed been appointed.

The Music says two of the original company founders, Richie
McNeill and Frank Cotela, sold the company over three years ago
to SFX and have since taken on new ventures.

The report says while Mr. McNeill has recently announced that he
will be launching two new festivals in the next year, one of
which will take place in December, Mr. Cotela will be developing
new events and tours over the next 12 months with ONELOVE, which
has expanded its scope to include several new operational arms,
including publishing, A&R, management and live touring.


WHYALLA FORESHORE: In Liquidation; Blames Arrium's Collapse
-----------------------------------------------------------
Associated Press reports that troubled steelmaker Arrium has been
blamed for contributing to the liquidation of a Whyalla hotel,
with more than 20 staff to lose jobs.

The 40-room Whyalla Foreshore Motor Inn has operated for more
than 30 years and currently employs five fulltime staff and 17
casuals.

AP relates that Peter Lanthois from liquidators DuncanPowell said
Arrium's well documented financial problems have impacted on the
hotel with the steelmaker's visiting staff regularly staying
there.



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


HILONG HOLDING: Fitch Withdraws 'BB-' IDR with Negative Outlook
---------------------------------------------------------------
Fitch Ratings has withdrawn China-based Hilong Holding Limited's
Long-Term Issuer-Default Rating of 'BB-' with Negative Outlook
and senior unsecured rating of 'BB-' for commercial reasons.

                         RATING SENSITIVITIES

Rating Sensitivities are not applicable as the ratings have been
withdrawn.


TEXHONG TEXTILE: S&P Raises CCR to 'BB'; Outlook Stable
-------------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit rating on Texhong Textile Group Ltd. to 'BB'
from 'BB-'. The outlook is stable.  S&P also raised its long-term
issue rating on the company's senior unsecured notes to 'BB' from
'BB-'.  At the same time, S&P raised its long-term Greater China
regional scale ratings on the China-based textile manufacturer
and its notes to 'cnBBB-' from 'cnBB+'.  S&P removed all the
ratings from CreditWatch, where they were placed with positive
implications on March 10, 2016.

"The upgrade reflects our expectation that Texhong's stronger
growth prospects over the next 12-24 months and improved profit
margin should more than offset the effect of the consolidation of
its Xinjiang startup yarn production entity," said S&P Global
Ratings credit analyst Sophie Lin.

The Xinjiang subsidiary is subject to leveraged growth in the
first few years of operations.  However, the execution risks are
moderating after the group adopted a more prudent capacity
expansion plan following its increase of stake in the Xinjiang
entity to 90% in October 2015, from 50%.

In S&P's base-case, it expects Texhong to maintain its debt
leverage, as measured by a ratio of debt to EBITDA, at 2.0x-2.5x
over the next 12 months, despite a consolidation of the debt-
heavy Xinjiang entity. Texhong's stronger growth prospects from
capacity expansion in Xinjiang and Vietnam and the improved
profit margin on stabilized cotton prices should more than offset
the effects of the high debt-funded capital expenditure on the
Xinjiang project. Texhong's EBITDA margin increased to 15.4% in
2015, from 10% in 2014, after the use of higher cost cotton
inventories for production and because of the improvement in its
product mix.

The scaling down of the total capacity expansion and capital
expenditure plan at the Xinjiang project helps alleviate the
pressure on Texhong's credit metrics.  Texhong whittled down the
initial capacity expansion at the Xinjiang entity to 1 million
spindles in phases--from 3 million--after the group took majority
control.  S&P estimates the revised total capital spending on the
Xinjiang project to be about Chinese renminbi (RMB) 3 billion,
instead of RMB9 billion, spread over 2015-2017.  Therefore, S&P
expects that the consolidation of the Xinjiang entity will not
significantly affect Texhong's cash flow measures.

S&P believes the execution risks related to the Xinjiang project
are moderating, given the faster-than-expected progress and lower
funding costs after the acquisition by Texhong.  Therefore, S&P
revised its assessment of the company's comparable rating
analysis upward to neutral from negative.

S&P expects Texhong's difficulties to pass through highly
volatile cotton prices, and ongoing capital investment on
capacity and potential downstream business expansion in Vietnam
to continue to constrain its credit profile.

S&P believes its rating on Texhong is not constrained by the
sovereign credit rating on Vietnam (BB-/Stable/B; axBB+/axB),
where the company has significant assets and production.  Texhong
generates about 45% of its production output value from its
Vietnam production facilities, which translates into about 50% of
the company's EBITDA, according to S&P's estimates.

S&P expects Texhong to maintain sufficient liquidity to meet its
financial obligations even in a hypothetical sovereign stress
scenario for Vietnam, assuming no cash flows from its Vietnam
operations.  This is given Texhong's limited debt maturity over
the next 12 months and flexible capital spending.  Moreover, S&P
expects Texhong to continue its centrally-controlled treasury
functions and to keep limited cash balance in Vietnam to limit
the exposure to sovereign risks.

"The stable outlook reflects our expectation that Texhong's new
capacity in Xinjiang and Vietnam will smoothly commence operation
over the next 12 months," said Ms. Lin.  S&P also expects the
company to maintain its debt-to-EBITDA ratio at 2x-3x and
sufficient liquidity to fulfill financial obligations even in a
hypothetical sovereign stress scenario for Vietnam, given its
good operating efficiency and financial discipline.

S&P could lower the rating if Texhong's debt-funded investment in
the Xinjiang project or expansion in Vietnam is more aggressive
than S&P's expectation.  S&P could also lower the rating if the
company's profitability and cash flows substantially deteriorate
due to more volatile cotton and yarn prices than S&P expects, in
a less likely scenario.  A ratio of debt to EBITDA exceeding 3x
on a sustainable basis could indicate such weakness.

S&P could raise the rating if Texhong improves its debt-to-EBITDA
ratio to below 2.0x and EBITDA interest coverage to above 10x on
a sustained basis.  This could happen if the company enhances its
product mix to drive margin expansion, while maintaining good
financial discipline and operational progress in expanding its
capacity in Xinjiang and Vietnam.


YANZHOU COAL: S&P Lowers CCR to 'BB-'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Yanzhou Coal Mining Co. Ltd. to 'BB-'
from 'BB'. The outlook is negative.

At the same time, S&P lowered its issue rating on the outstanding
senior unsecured notes that Yancoal guarantees to 'BB-' from
'BB'. At the same time, S&P lowered its Greater China regional
scale ratings on the China-based coking coal producer and on the
notes to 'cnBB' from 'cnBBB-'.  The notes were issued by
Yancoal's subsidiary Yancoal International Resources Development
Co. Ltd.  S&P then removed all the ratings from CreditWatch,
where they were placed with negative implications on Feb. 26,
2016.

"We downgraded Yancoal based on our expectation of continued
weakness in coal industry fundamentals in China over the next 12
months, which could hurt the company's cash flow and liquidity,"
said Standard & Poor's credit analyst Danny Huang.  "Despite the
recent slight recovery in coal prices in China, we remain
cautious about the prospect in the country's coal market in the
next six to 12 months, given the slowing economic growth,
government initiatives to gradually shift its growth from energy-
intensive industries to service industries, and measures to curb
pollution."

"The government's plan to phase out and restructure excess coal
production capacity in China also has execution risk," Mr. Huang
added.

S&P continues to expect Yancoal to remain highly leveraged this
year and the company's competitive position to face some erosion
despite its better-than-expected operating performance last year.
S&P has therefore lowered the company's stand-alone credit
profile (SACP) to 'b' from 'b+'.  For similar reasons, S&P has
lowered the unsupported group credit profile of Yancoal's parent
Yankuang Group (Yankuang) to 'b-' from 'b'.  S&P do not see any
weakening in extraordinary support from Shandong provincial
government for both entities.

"We expect Yankuang's liquidity sources to fall short of its uses
in the next 12 months.  The group's cash flows from operations
are weak and a significant portion of its debt is short term.
But we do not assess the group's liquidity as weak because its
debt is mostly in the form of domestic bank loans or domestic
bonds, which usually do not have restrictive covenants," Mr.
Huang said.

Also, as one of the largest state-owned enterprises in Shandong
province, Yankuang tends to have strong relationships with
domestic policy and stated-owned banks.  In addition, it still
has good access to the capital market.

In S&P's view, there is uncertainty about Yancoal management's
initiative to tap into the finance business through its
acquisition of 65% in Yankuang Group Finance from the parent and
the investment in the IPO of Zheshang Bank (and raised stake post
IPO).  Although S&P believes these investments are not
significant in terms of asset size and earnings contributions, it
sees execution risk, given the company management's lack of
experience in the finance business.

The negative outlook reflects the significant uncertainties about
the trading conditions in the coal market and Yancoal's ability
to continue cost control, which could result in further
deterioration in cash flow and liquidity.

S&P could lower the rating if China's coal market deteriorates
further, which could continue to pressure Yankuang's and
Yancoal's competitive position, cash flow, and liquidity.

S&P could revise the outlook to stable if China's coal industry
stabilizes, which could restore Yankuang's and Yancoal's
competitive position, cash flow, and liquidity.



================
H O N G  K O N G
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GREENLAND HONG KONG: S&P Lowers CCR to 'BB-'; Outlook Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Greenland Hong Kong Holdings
Ltd (Greenland HK) to 'BB-' from 'BB+'.  The outlook is negative.
At the same time, S&P lowered its issue rating on the company's
outstanding senior unsecured notes to 'B+' from 'BB'.  S&P also
lowered its long-term Greater China regional scale ratings on the
company to 'cnBB' from 'cnBBB' and on the notes to 'cnBB-' from
'cnBBB-'.

S&P lowered the rating on Greenland HK to reflect S&P's downgrade
earlier today of the company's parent, Greenland Holding Group
Co. Ltd. (Greenland Group, BB/Negative/--; cnBB+/--).  S&P
downgraded Greenland Group because of its significantly higher
leverage than S&P expected, and a weakened likelihood of
extraordinary support from the government to the company.

S&P continues to view Greenland HK as a highly strategic
subsidiary of Greenland Group.  The rating on Greenland HK is
therefore one notch below that on Greenland Group.

S&P expects Greenland Group to remain Greenland HK's controlling
shareholder in the next 12 months.  Greenland HK's role as an
offshore financing platform for onshore projects supports its
status within the group.  Greenland Group controls the management
and operations of Greenland HK.  Greenland HK's recent
acquisition of 41% stake in a project in Central Park South, New
York, also reflects the parental support, in S&P's view.

"We believe Greenland Group's weakened financial risk profile
will have a material impact on Greenland HK's credit profile,
given the subsidiary's reliance on parental support," said
Standard & Poor's credit analyst Brian Huang.  "Greenland HK
benefits from the group's support for its fast expansion and
access to lower-cost funding."

S&P anticipates that Greenland HK's leverage will remain very
high relative to peers' over the next 12-24 months because the
company currently carries significant debt.  Greenland's debt-to-
EBITDA ratio deteriorated to 32.2x in 2015, partly due to its
weak EBITDA margin of only 10.2% (11.5% in 2014).  S&P forecasts
that the debt-to-EBITDA ratio will improve to about 15x in 2016
because Greenland HK will have decreasing share of less
profitable legacy projects.

"We revised our assessment of Greenland HK's liquidity to less
than adequate from adequate because the company has an increasing
amount of debt due this year," said Mr. Huang.  "We expect the
company's cash sources to be less than 1.2x cash uses over the
next 12 months without any new funding."

Greenland HK has RMB7.8 billion debt due in 2016, including a
US$700 million bond due in October 2016.

The negative rating outlook on Greenland HK reflects the outlook
on Greenland Group.  The negative outlook on Greenland Group
reflects S&P's expectations that the group's leverage will remain
high over the next 12-24 months.

S&P may lower the rating on Greenland HK if S&P downgrades
Greenland Group.  S&P may also lower the rating if: (1) S&P
believes that Greenland HK's importance within Greenland Group
has weakened because of a change in the parent's strategy; or (2)
Greenland Group's control and supervision of Greenland HK
weakens, which a fall in the parent's shareholding in the company
would indicate.

S&P may revise the outlook on Greenland HK to stable if S&P
revises the outlook on Greenland Group.



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I N D I A
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ABHIJEET FERROTECH: Ind-Ra Suspends 'IND D' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abhijeet
Ferrotech Limited's (AFL) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website. A full list of ratings 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 AFL.

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.

AFL's ratings:
-- Long-Term Issuer Rating: migrated to Long-term 'IND
    D(suspended)' from 'IND D'
-- INR6,807.5 million long-term loans: migrated to Long-term
    'IND D(suspended)' from 'IND D'
-- INR702 million fund-based limits: migrated to Long-term 'IND
    D(suspended)' from 'IND D'
-- INR1,178.1 million non-fund-based limits: migrated to Short-
    term 'IND D(suspended)' from 'IND D'


ACME BUILDERS: CRISIL Assigns B+ Rating to INR500MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Acme Builders Pvt Ltd (ABPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                500       CRISIL B+/Stable

The rating reflects moderate funding risk on ongoing projects
supported by adequate customer advances. The rating also factors
in moderate track record of the promoters in the construction
industry. These rating strengths are partially offset by exposure
to risks relating to implementation of ongoing projects,
geographical concentration in revenue, and cyclicality in the
real estate industry.
Outlook: Stable

CRISIL believes ABPL will continue to benefit over the medium
term from the moderate track record of the promoters in the
construction industry. The outlook may be revised to 'Positive'
if significant increase in booking of units and receipt of
customer advances from projects leads to higher cash inflows.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens on account of delay in receipt of customer advances, time
or cost overrun on projects, or launch of any large project.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal
and Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.


ADHARSHILA SAMAZIK: CRISIL Assigns B- Rating to INR10MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Adharshila Samazik Evam Sanskritik Vikas
Sansthan (ASESVS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Fund-Based
   Bank Limits               10       CRISIL B-/Stable

The rating reflects the below-average financial risk profile of
the society because of weak cash flow and a stretched receivables
cycle. This rating weakness is partially offset by a sound track
record in implementation of various social welfare development
schemes.
Outlook: Stable

CRISIL believes ASESVS's credit profile will remain constrained
over the medium term on account of its small scale of operations
and low cash accrual. The outlook may be revised to 'Positive' in
case of a significant increase in scale of operations and cash
accrual, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in income or cash accrual, or large, debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.

ASESVS, set up in 1998 as a not-for-profit society, is managed by
Mr. J D Bharti. The Lucknow-based society is engaged in various
schemes operated by the state and central governments in Lucknow
and surrounding areas; these include the Rajiv Gandhi National
Creche Scheme, SHG Formation Programme, Coaching Programme, Short
Stay Home, and other government-mandated schemes.


AMBALAL CHHOTALAL: ICRA Suspends B Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR7.00 crore long term fund based facility of Ambalal
Chhotalal & Sons Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Ambalal Chhotalal & Sons Private Limited (ACSPL) was incorporated
in 1980, and is engaged in cotton ginning, pressing and crushing
of cottonseeds to produce cotton bales, cottonseed oil and
cottonseed oil cake. The manufacturing unit of the company is
located in Kapadwanj with 36 ginning and 1 pressing machine
having an installed capacity of producing 200 bales of ginned
cotton in a day. ACSPL is currently managed by the three
directors Mr. Hemalkumar Shah, Mr. Hasmukhlal Shah and Mr.
Bharatkumar Shah.


AMBER ELECTROTECH: CRISIL Lowers Rating on INR100MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Amber Electrotech Limited (AEL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming the short-term rating at
'CRISIL A4'.

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

   Letter Of Guarantee      200       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the business risk
profile, due to decline in revenue, and weak liquidity. Operating
income declined marginally to Rs.288 million on provisional basis
in 2015-16 (refers to financial year, April 1 to March 31), as
against Rs.336 million in 2014-15. Despite the decline in
revenue, working capital cycle remained stretched on account of
continued delay in payment from customers. The increase in
working capital requirement has resulted in weak liquidity marked
by almost full utilization of bank limit of Rs.100 million for
the 12 months through February 2016. The ability to scale up
operations and profitability along with prudent management of
working capital requirement will remain key rating sensitivity
factors over the medium term.

The ratings continue to reflect AEL's modest scale of operations
and sizeable working capital requirements. These weaknesses are
partially offset by benefits AEL derives from promoter's
extensive experience in the electrical contracting industry.
Outlook: Stable

CRISIL believes AEL will benefit from the extensive experience of
its promoters in the electrical contracting industry. The outlook
may be revised to 'Positive' in case of higher-than-expected
accrual due to improvement in profitability or scale of
operations along with improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' if there is
a delay in completion of ongoing projects, decline in order book,
or stretch in receivables cycle leading to further weak working
capital management.

AEL, started in 1958, in New Delhi, as Amber Electronics and
reconstituted as a limited company in 2005, primarily undertakes
electrical contracting and provides indoor and outdoor
electrification solutions using low tension/high tension (LT/HT)
panels, diesel generator (DG) sets, transformers and substations.
The company was founded by Mr. Surinder Singh and is currently
managed by his son Mr. Amarjeet Singh Abbot.


ANANTA CHARITABLE: CRISIL Assigns B Rating to INR650MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Ananta Charitable Educational Society
(ACES).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          100        CRISIL A4
   Term Loan               650        CRISIL B/Stable

The ratings reflect the initial phase of operations of the
society's hospital at Udaipur. The ratings also factor in the
challenges that the society may face in attaining optimal
occupancy commensurate with its debt servicing commitments, and
in stabilising operations of its medical college. These rating
weaknesses are partially offset by the extensive experience of
its promoters in the healthcare sector.
Outlook: Stable

CRISIL believes ACES will continue to benefit over the medium
term from the extensive experience of its promoters in the
healthcare sector. The outlook may be revised to 'Positive' in
case of higher-than-expected occupancy and cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
any delay in commissioning of operations at the medical college,
or lower-than-expected revenue or surplus, resulting in pressure
on liquidity.

ACES was established in January 2015 to set up a medical college
and hospital in Udaipur. The hospital commenced its commercial
operations in August 2015, while 2016-17 is expected to be the
first year of operations for the college. The society is owned
and managed by its 20 members.


ANIL ENGINEERING: CRISIL Assigns B- Rating to INR65MM Loan
----------------------------------------------------------
CRISIL has assigned the 'CRISIL B-/Stable' rating to long-term
bank facilities of Anil Engineering Private Limited (AEPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Mortgage Loan Facility     12        CRISIL B-/Stable
   Term Loan                  65        CRISIL B-/Stable

The rating reflects the modest scale of operations, coupled with
susceptibility to volatile raw material prices, and working
capital-intensive nature of operations. The rating also factors
in the weak financial risk profile, marked by modest networth,
high gearing and below-average debt protection metrics. These
weaknesses are partially offset by the extensive experience of
the promoter in the valve industry and established relations with
customers.
Outlook: Stable

CRISIL believes the company will continue to benefit from the
extensive industry experience of the promoter and established
relations with customers, over the medium term. The outlook may
be revised to 'Positive' if sizeable growth in revenue and
profitability strengthens the financial risk profile. The outlook
may be revised to 'Negative' if the company reports lower-than-
anticipated revenue or margin; or undertakes a large debt-funded
capital expenditure (capex) programme that weakens the financial
risk profile.

The company was set up in 1970 by Mr. Kamlesh Khanna and acquired
by the current promoter Dr. V Sriram in 2014. The company
manufactures several valves and vaporisers used in the oil and
gas industry.


ANUJ TEXTILES: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anuj Textiles
Private Ltd.'s (ATPL) Long-Term Issuer Rating at 'IND BB' with a
Stable Outlook. The agency has also affirmed ATPL's INR275
million fund-based working capital limits at 'IND BB' with a
Stable Outlook.

Ind-Ra has taken a standalone view of ATPL for reviewing the
ratings, as opposed to the consolidated view of ATPL and its
group companies, Anuj Printing Works Pvt. Ltd. and Kohinoor
Sarees Pvt. Ltd., taken earlier due to lack of adequate
information about the two group companies.

KEY RATING DRIVERS

The affirmation reflects ATPL's continued moderate scale of
operations and modest credit profile. Revenue was INR832 million
in FY15 (FY14: INR820 million), interest coverage was 1.11x
(1.15x) and net financial leverage was 5.49x (6.44x).

The ratings also factor in ATPL's tight liquidity position as
reflected in its near to full working capital limit utilisation
during the 12 months ended April 2016.

The ratings, however, continue to be supported by over four-
decade-long experience of ATPL's founder in the saree
manufacturing business.

RATING SENSITIVITIES

Positive: An improvement in the overall credit metrics could be
positive for the ratings.

Negative: Deterioration in the overall liquidity profile could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1988, ATPL sells printed cotton sarees in West
Bengal, Assam, Orissa and Bihar. The sarees sold are mostly
processed and printed on a job-work basis by its group companies.
ATPL sells sarees under the brand names Kohinoor and Sananda.
Provisional FY16 results indicate revenue of INR857.83m.


ARABIAN JEWELLERS: CRISIL Assigns B+ Rating to INR80MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Arabian Jewellers Pathanamthitta (AJP).
The ratings reflect below-average financial risk profile marked
by a high gearing and small networth and exposure to risks
related to modest scale of operations in the intensely
competitive gold jewellery industry. These rating weaknesses are
mitigated by the extensive experience of promoters in the gold
jewellery retailing market.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               80       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        20       CRISIL B+/Stable

Outlook: Stable

CRISIL believes AJP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of better-than-
expected operating revenue and margin, and net cash accrual,
while improving debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if weak operating cycle, lower-than-
expected growth in revenue and margins, or large, debt-funded
capital expenditure, leads to weak debt protection metrics.

AJP was set up in 2003 as a proprietorship concern by Mr. M.
Shahuddin. It is engaged into trading, manufacturing and
retailing of gold jewellery. The firm is based in Kerala.


ARYA SHIP: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arya Ship
Charterers Private Limited (ASCPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The agency has also assigned its
INR2.04 million long-term loans an 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings are constrained by ASCPL's exposure to the
renegotiation of vessel-lease contract terms and to lease renewal
risks. Two of ASCPL's three vessels have been leased under one-
year contracts each valid until September 2016, while the third
has been leased under a one-year contract that expires in March
2017. ASCPL is also exposed to revenue concentration risks as all
its vessels have been leased to one client.

However, the ratings are supported by ASCPL's full occupancy, the
routing of all its rental income through an escrow bank account
and the maintenance of a debt service reserve account that is
equivalent to one month's debt servicing. ASCPL's debt service
coverage ratio is likely to stay above 1.4x in the near-to-medium
term if ASCPL sustains 100% occupancy as well as its average
rental rates.

The ratings are further supported by ASCPL's promoter's decade-
long experience in the chartering business.

RATING SENSITIVITIES

Positive: Timely renewal of contracts on a sustained basis for
all its vessels, resulting in improvement in the debt service
coverage ratio, could lead to a positive rating action.

Negative: A fall in occupancy and/or average rental rates,
resulting in delayed or insufficient cash flows, could lead to a
negative rating action.

COMPANY PROFILE

ASCPL started commercial operations in April 2015 and has a
registered office in Mumbai. The company is engaged in the
charter of vessels to oil companies in the Middle East. It
currently has three charter vessels with a total charter capacity
of 280,000mt.


BHAGWATI WOVEN: ICRA Assigns 'B' Rating to INR5.08cr Term Loan
--------------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR5.08
crore1 term loan facility and the INR5.00 crore cash credit
facility of Bhagwati Woven Pvt. Ltd.  The short term rating of
[ICRA]A4 has also been assigned to the INR5.00 crore short term
non-fund based facilities (sub-limit to cash credit) of BWPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based-Term Loans      5.08         [ICRA]B assigned

   Long term fund
   Based- Cash Credit    5.00         [ICRA]B assigned

   Short term non-
   fund based-Letter
   of Credit            (5.00)        [ICRA]A4 assigned

The assigned ratings are constrained by BWPL's small scale of
operations; weak financial risk profile characterised by average
profitability, aggressive capital structure, weak debt coverage
indicators and high working capital intensity of operations,
following stretched receivables and high inventory requirements.
The profitability is further exposed to fluctuations in raw
material prices, which are majorly crude oil derivatives and the
company's low bargaining power with suppliers (Reliance
Industries and Indian Oil Corporation Limited); high level of
competition due to high fragmentation and limited entry barriers
in tarpaulin and woven fabrics industry.

The rating, however, favourably factors in the reasonable
experience of the promoter in HDPE/ PP woven fabric industry and
a stable demand outlook for HDPE/ PP woven fabrics. ICRA also
takes into consideration the production facility's proximity to
suppliers, leading to advantage in terms of transportation costs.

Incorporated in 2010, Bhagwati Woven Pvt. Ltd. (BWPL)
manufactures HDPE & PP3 woven fabrics (laminated and non-
laminated) and tarpaulin in the range of 68 Gram per Square Meter
(GSM) to 700 GSM. The company started its commercial operations
in July 2011 from its manufacturing facility at Bareja,
Ahmedabad, which has an installed capacity to manufacture 1,800
Metric Tonnes (MT) fabric per annum. The promoters of the company
have reasonable experience in HDPE/ PP woven fabric industry and
are also associated with Omtex Pvt. Ltd., who trade in the
suitings and shirtings business.

Recent Results
During FY2015, the company reported an operating income of
INR21.69 crore and profit after tax of INR0.06 crore as against
an operating income of INR15.76 crore and net loss of INR0.12
crore during FY2014. Further during FY2016, the company reported
an operating income of INR19.85 crore and profit before tax of
INR0.12 crore (as per provisional financials).


CAESAR IFMR: Ind-Ra Assigns IND BB-(SO) Rating to Series A2 PTCs
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Caesar IFMR
Capital 2016 (an ABS transaction) final ratings as follows:

-- INR212.6 million Series A1 pass through certificates (PTCs):
    'IND A-(SO)'; Outlook Stable
-- INR16.9 million Series A2 PTCs: 'IND BB-(SO)'; Outlook Stable

The micro finance loan pool to be assigned to the trust is
originated by Satin Creditcare Network Limited (SCNL; 'IND
BBB+'/Stable).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of SCNL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity
date on 20 December 2017, in accordance with the transaction
documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on 20 December 2017, in accordance with
the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 and A2
PTCs are 12% and 5%, respectively, of the initial pool principal
outstanding (POS). The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 21.82% and 13.58%,
respectively, of the initial POS. The transaction also benefits
from the external CE of 3.00% of the initial POS in the form of
fixed deposits with RBL Bank in the name of the originator with a
lien marked in favour of the trustee. The collateral pool
assigned to the trust at par had the initial POS of INR241.56m,
as of the pool cut-off date of 1 February 2016.

The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors and c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 PTCs will be downgraded by two notches and the rating
of Series A2 PTCs will not be impacted.


CHAUDHARY LEKHRAJ: Ind-Ra Withdraws BB- Rating on INR398.31M Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND BB-
(Suspended)' rating on Chaudhary Lekhraj Educational and
Charitable Trust's (CLECT) INR398.31 mil. term loans, INR50 mil.
fund-based working capital facility and INR45 mil. bank
guarantee.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for CLECT's bank facilities.

Ind-Ra had suspended CLECT's rating on Nov. 10, 2015.


DAR PARADISE: Ind-Ra Raises Long-Term Issuer Rating to IND BB
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded D.A.R. Paradise
Private Limited's (DARPPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'.  The Outlook is Stable.  The agency has also
upgraded the company's INR200 mil. fund-based working capital
limits to 'IND BB' from 'IND BB-' with a Stable Outlook.

                        KEY RATING DRIVERS

The upgrades reflect DARPPL's consistent improvement in credit
metrics on account of improvements in the operating margin.
According to provisional FY16 financials, the company's gross
interest coverage (operating EBITDA/gross interest expenses) was
2.1x (FY15: 2.0x, FY14: 1.7x), net financial leverage (total
adjusted net debt/ operating EBITDA) was 8.7x (8.9x, 9.1x) and
EBITDA margin was 2.0% (1.6%, 1.2%).  The ratings further reflect
the conversion of DARPPL to a private limited company from a
partnership entity in 2015.

The ratings, however, factor in a 25.6% decline in the company's
revenue during FY16 on account of a decrease in the overall
demand of jewelry.  The ratings further reflect the company's
tight liquidity as indicated by its average working capital
utilization being around 97.8% during the 12 months ended May
2016.

The ratings are supported by more than four decades of operating
experience of DARPPL's directors in the jewelry business.

                        RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
the improvement in the credit metrics could be positive for the
ratings.

Negative: Further deterioration in the credit metrics could be
negative for the ratings.

                        COMPANY PROFILE

DARPPL was incorporated in 1962 as a partnership entity by
Mr. D.R. Raghunath and his wife Mrs. D.R. Anandlakshmi.  It later
converted to a private limited company in 2015.  The company
manufactures jewelry products and exports them to the Middle
east.

DARPPL has a retail shop and a wind mill power generation center
in Coimbatore.


DINESH METAL: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facility of Dinesh Metal Industries (DMI).

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

The rating reflects modest scale of operations, working capital
intensive operation and average financial risk profile marked by
small networth, high total outside liabilities to tangible
networth and average debt protection metrics. These rating
weaknesses are partially offset by extensive experience of the
proprietor in the steel industry, and established relationships
with customers and suppliers.
Outlook: Stable

CRISIL believes DMI will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if increase in revenue or
profitability, or infusion of capital strengthens credit metrics.
Conversely, the outlook may be revised to 'Negative' if low
revenue or profitability, sizeable capital withdrawal by the
proprietor, stretch in working capital cycle, or any large
capital expenditure weakens financial risk profile.

Set up in 1995 as a partnership firm, DMI was reconstituted as
proprietorship concern in 2000. Mr. Lalit Shah is the proprietor.
The firm is an authorised dealer of seamless tubes and pipes
manufactured by Indian Seamless Metal Tubes Ltd and for Jindal
Saw Limited. It has recently also begun dealing in electric
resistance welded pipes from Jindal India Pipe.


ENRICH RD: ICRA Lowers Rating on INR3.0cr Cash Loan to C+
---------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR3.00
crore fund based limit of Enrich RD Infraprojects Private Limited
to [ICRA]C+ from [ICRA]B+. ICRA has reaffirmed the short-term
rating of [ICRA]A4 assigned to the INR7.00 crore non-fund based
limits of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based-Cash
   Credit Limits         3.00       [ICRA]C+; downgraded from
                                    [ICRA]B+

   Non Fund Based
   Letter of Credit
   Limits                3.50       [ICRA]A4; reaffirmed

   Non Fund Based
   Bank Guarantee
   Limits                3.50       [ICRA]A4; reaffirmed

   Unallocated Limits    5.00       [ICRA]C+/[ICRA]A4;
                                    downgraded/reaffirmed

ICRA has also downgraded the long term rating of the unallocated
amount of INR5.00 crore to ICRA]C+ from [ICRA]B+ and reaffirmed
the short term rating at [ICRA]A4.

The revision in the ratings reflects the deterioration in the
liquidity position of the company in FY 2016 as reflected by the
high utilizations of limits and instances of Letter of Credit
(LC) devolvements. The operations of the company remain working
capital intensive on account of work remaining in progress and
delays in collections from customers and have been funded largely
through creditors resulting in TOL/TNW of 3.69 times as on 31st
March, 2016. The rating revision takes into account the modest
scale of ERDIPL's operations and its weak financial position as
reflected by low profitability, moderate gearing levels and weak
coverage indicators. The ratings are further constrained by the
highly competitive nature of the industry, with the tender-based
contract-awarding system of the railways. ICRA further notes,
that any unfavourable fluctuations in prices of raw material may
impact operating margins given the raw material-intensive nature
of operations and fixed price nature of orders, although the risk
is partly mitigated by placing the orders with the suppliers once
the tender is awarded.

The ratings, however, take comfort from the experience of the
management in executing overhead electrification projects and
trading activity and its moderate order book position, which
provides revenue visibility over the near term.

Enrich RD Infraprojects Private Limited (ERDIPL) was initially
established as a proprietorship firm -- R D Electricals by Mr.
Dashrath Redekar in 1986 and converted to a private limited
company in 2007. The operations of the company are collectively
managed by the directors of the company- Mr. Sunil Agrawal and
Mr. Deepak Redekar. ERDIPL is engaged in executing turnkey
projects involving designing, supply, erection, testing and
commissioning of the overhead electrification for railways. The
company is also engaged in the trading of steel items such as MS
Angles, plates, channels and electrical fittings like GPRS
modules and others. The company is an electrical contractor and
primarily participates in tenders floated by the railways, which
are awarded to the lowest bidder i.e. based on L1 pricing. The
major clients of company include Central Railway, Western
Railway, Southern Railway and Northern Railway.

Enrich RD Infraprojects Pvt Ltd has two group companies -- AB &
Co Global Private Limited (rated [ICRA]D) and ABNCO Vie Win Ent
Private Ltd (formerly known as Enrich Enterprises Private
Limited), in which Mr. Sunil Agrawal is the common director. Both
the entities are engaged in the trading of various products such
as mild steel ingots, angles, plates, rounds, raw cotton,
chemicals, IT products etc.


GAGAN RICE: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Gagan Rice Mills (GRM).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable
   Term Loan                10        CRISIL B/Stable

The ratings reflects firm's below average financial risk profile
marked by high gearing along with its highly working capital
intensive business operations, in addition to its small scale of
operations in a highly fragmented industry. These rating
weaknesses are partially offset by extensive experience of the
partners in this industry and their established relationships
with the customers.
Outlook: Stable

CRISIL believes, Gagan Rice Mills (GRM) will continue to benefit
from its partners' extensive experience in the rice industry
along with their established relationships with the customers.
The outlook may be revised to 'Positive' if the firm registers
growth in its revenue and profitability leading to an improvement
in its financial risk profile or in case of significant infusion
of capital into the firm resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the
capital structure weakens, if it reports lower-than-expected cash
accruals, or if it undertakes a substantial debt-funded capital
expenditure program.

M/s Gagan Rice Mills (GRM) is a Haryana based partnership firm,
established and promoted in 2006 by Mr. Joginder Pal Gupta, Mr.
Gagan Goel and Mr. Abhishek Goel. The firm is engaged in milling
and processing of basmati and non- basmati rice for supplies in
the domestic market.


GANPATI EDUCATION: Ind-Ra Withdraws BB Rating on INR48.48MM Loans
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND BB(suspended)' rating on Ganpati Education Trust's (GET)
INR48.48 mil. term loans.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for GET's bank facilities.

Ind-Ra suspended GET's rating on Nov. 10, 2015.


GIRIRAJ INDUSTRIES: ICRA Lowers Rating on INR13.8cr Loan to D
-------------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]B to [ICRA]D
for the INR15.00 crore1 fund based facility of Giriraj
Industries. ICRA has also downgraded the short term rating from
[ICRA]A4 to [ICRA]D for the INR2.00 crore short term fund based
facility of Giriraj Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based- Cash Credit    13.80       Downgraded to [ICRA]D
                                     from [ICRA]B

   Long Term Fund
   Based- Term loan       1.20       Downgraded to [ICRA]D
                                     from [ICRA]B

   Short Term Fund
   Based-Demand loan
   against warehouse
   receipts               2.00       Downgraded to [ICRA]D
                                     from [ICRA]A4

The rating revision reflects the recent delays in interest as
well as debt servicing reflecting the stress on its liquidity
position. The ratings continue to be constrained by the firm's
weak financial profile as reflected by low profitability,
leveraged capital structure along with stretched liquidity and
weak debt coverage indicators. The ratings also take into account
the low value additive nature of operations and intense
competition on account of fragmented industry structure leading
to thin profit margins. The ratings are further constrained by
vulnerability of profitability to adverse fluctuations in raw
material prices which are subject to seasonal availability of raw
cotton and government regulations on MSP and export quota.
Further, GI being a partnership firm, any significant withdrawals
from the capital account would affect its net worth and thereby
the gearing levels.
The ratings, however, positively factors in the long experience
of the promoters in the cotton ginning and pressing business and
the advantages arising from the firm's proximity to the raw
material sources which ensures regular and easy availability of
raw cotton.

Set up in 1996, Giriraj Industries (GI) is engaged in ginning &
pressing of raw cotton to produce cotton bales and trading of
related commodities like cotton seed oil and cotton seed oil
cakes. The firm's plant is located at Manavadar (Gujarat) and is
equipped with thirty ginning machines and one manual pressing
machine having a capacity to process 36 MT of raw cotton per day.


GREENBILT INDUSTRIES: CRISIL Assigns 'B' Rating to INR210MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Greenbilt Industries Private Limited
(Greenbilt). The rating reflects the residual project
implementation risk and the company's dependence on the fortunes
of the real estate industry, which is inherently cyclical. The
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoter in the eastern region and increasing
demand for Autoclaved Aerated Concrete (AAC) blocks.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       210       CRISIL B/Stable

Outlook: Stable

CRISIL believes Greenbilt will continue to benefit over the
medium term from increasing demand for AAC blocks. The outlook
may be revised to 'Positive', if operations stabilise as
envisaged and better-than-expected performance in terms of cash
accrual and debt protection indicators is posted. The outlook may
be revised to 'Negative', if significant cost or time overruns
are incurred or delays in stabilisation of operations weaken its
debt servicing ability.

Promoted by Mr. Aditya Agrawal, Greenbilt was incorporated on
June 4, 2012. The company is setting up a manufacturing unit of
AAC blocks, having installed capacity of 1,71,000 CBM per annum
at Durg district in the state of Chhattisgarh.


GULMOHAR PARK: ICRA Suspends 'D' Rating on INR55cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR55.00
crore limits of Gulmohar Park Mall 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.

GPMPL owns and operates the Gulmohar Park Mall at Sarkhej-
Gandhinagar Highway, Ahmedabad. The name of the company has been
changed to Gulmohar Park Mall Pvt. Ltd. from Navratna SG Highway
Properties Pvt. Ltd. on 29th May 2012.

The Gulmohar Park mall is located on the Sarkhej-Gandhinagar
Highway at Satellite Road in Ahmedabad, ~17-19 km. from the
airport and ~11-12 km. from the railway station. The total
leasable area of the mall is 2,22,236 sqft. The property is a
standalone mall which is being operated on a 100% lease model.
Construction of the mall began in June 2006 and the mall
commenced operations in October 2008.


HEGDE CASHEWS: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Hegde Cashews (HC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              40        CRISIL B/Stable
   Long Term Loan           10        CRISIL B/Stable

The rating reflects HC's small scale- and working capital
intensive nature- of operations in the intensely competitive
cashew industry and modest financial risk profile because of a
small networth and modest debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
HC's promoters in the cashew processing industry.
Outlook: Stable

CRISIL believes that HC will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative', if the firm's financial risk profile
deteriorates owing to lower than expected revenues and
profitability, or due to stretch in working capital cycle.

Set up in 2012 as a proprietorship firm, HC is engaged in the
processing of raw cashew nuts and sale of cashew kernels. Based
out of Nanchar in Karnataka, HC is promoted by Mr.Pratap Hegde.


HORIZON DREAM: ICRA Suspends 'D' Rating on INR9.8cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR9.80 crore
Fund based facilities of Horizon Dream Homes Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Horizon Dream Homes Private Limited was incorporated on July 16,
2009 with the main objective of undertaking real estate
development in Mumbai and is currently executing two projects
aggregating to 63,055 sft of saleable area in Malad, Mumbai. The
company is managed by the three directors Mr. Dhiren Chheda, Mr.
Amith Punjabi and Mr. Nishad Todankar. Currently, the company's
operations are concentrated in Malad, Mumbai with a focus on
redevelopment projects.


JAGDISH PRASAD: Ind-Ra Assigns B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jagdish Prasad
Agarwal (JPA) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.

                            KEY RATING DRIVERS

The ratings reflect JPA's small scale of operations and low
credit metrics.  The firm operates in a highly competitive
tender-based business.  Its FY15 revenue was INR44.23 mil. (FY14:
INR180.04 mil.), net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) was 5.06x (3.76x) and gross interest
cover (operating EBITDA/gross interest expense) was 1.97x
(3.64x).  Its EBITDA margins were moderate at 20.98% in FY15
(FY14: 11.08%).  Management said the firm's FY16 revenue was
INR80 mil.

The ratings also factor in JPA's stressed working capital cycle
(235 days in FY15; 53 days in FY14), the full use of its working
capital facilities during the 12 months ended May 2016 and the
partnership structure of the entity.

However, the ratings draw comfort from JPA's founders' experience
of over three decades in civil construction works.

                        RATING SENSITIVITIES

Positive: A substantial increase in revenue and improvement in
its liquidity profile, along with sustained improvement in its
overall credit profile, will lead to a positive rating action.

Negative: Further stress on the liquidity profile and a decline
in profitability or an increase in the working capital cycle,
leading to deterioration in the overall credit metrics, will be
negative for the ratings.

COMPANY PROFILE

JPA was established in 1994 and is engaged in civil construction
works; it participates in government tenders to procure orders.
The firm is located in Alwar, Rajasthan.

JPA's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR10 mil. fund-based limits: assigned 'IND B+'/Stable/
      'IND A4'
   -- INR65 mil. non-fund-based limits: assigned 'IND A4'


JINDAL POLY: ICRA Suspends B+ Rating on INR6.75cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR3.34
crore term loan facility and INR6.75 crore long term fund based
bank facilities of Jindal Poly Weaves Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JOGMA LAMINATES: ICRA Suspends B+ Rating on INR8.0cr Cash Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the fund based
and untied limits aggregating to INR20 crore of Jogma Laminates
Industry Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits
   Cash Credit           8.00         [ICRA]B+ Suspended

   Fund based limits
   Term Loans            5.22         [ICRA] B+ Suspended

   Proposed Fund based
   limits                6.78         [ICRA] B+ Suspended

Incorporated in 2009, JLIPL is jointly promoted by Mr. Jagdish
Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr. Manoj Patel.
The company is engaged in manufacturing high pressure industrial
and decorative laminates sheets. The manufacturing unit is
located at Butibore an industrial suburb in Nagpur, Maharashtra
and has a production capacity of 15, 00,000 sheets per annum.


KDH TEXTILE: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDH Textile Pvt
Ltd's (KDH) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The affirmation reflects KDH's small scale of operations despite
revenue increasing to INR496.98 million in FY16, as per
provisional (P) financials (FY15: INR356.21 million). The ratings
are constrained by the company's elongated working capital cycle
of 93 days in FY16 (P). The ratings also factor in KDH's moderate
credit metrics, with leverage (total adjusted debt/operating
EBITDAR) of 3.1x in FY16 (P) (FY15: 3.4x) and interest coverage
(operating EBITDA/gross interest expense) of 2.5x (2.2x).

The ratings factor in KDH's comfortable liquidity profile, as
indicated by the around 87% average of the maximum utilisation of
its fund-based working capital limits over the 12 months ended
April 2016.

However, the ratings benefit from KDH's directors' experience of
over three decades in the textile industry. The ratings are also
supported by the company's strong relationships with its
customers and suppliers.

RATING SENSITIVITIES

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

Positive: A significant improvement in revenue with operating
profitability being sustained at current levels, and a consequent
improvement in credit metrics, will be positive for the ratings.

COMPANY PROFILE

Founded in June 2009, KDH designs and embroiders fabrics at its
facility in Sonipat, Haryana.

KDH's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook Stable
-- INR75 million fund-based working capital facilities
    (increased from INR40 million): affirmed at 'IND
    BB'/Stable/'IND A4+'
-- INR60.79 million term loan (increased from INR40.3 million):
    affirmed at 'IND BB'/Stable
-- Proposed INR70 million fund-based facilities: 'Provisional
    IND BB'/'Provisional IND A4+'; ratings withdrawn as the
    company did not proceed with the debt instrument as envisaged
-- Proposed INR40 million term loan: 'Provisional IND BB';
    ratings withdrawn as the company did not proceed with the
    debt instrument as envisaged


KHATUSHYAM PROCESSORS: ICRA Cuts Rating on INR5cr Loan to B+
------------------------------------------------------------
The revision of Khatushyam Processors Private Limited's ratings
takes into account the weakened financial profile of the company
resulting from weak demand leading to lower than anticipated
sales in FY2015-16 as well high debt funded capex in current
fiscal limiting KPPL's financial flexibility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loans             4.43       Revised to [ICRA]B+
                                     from [ICRA]BB- (stable)

   Cash Credit            5.00       Revised to [ICRA]B+
                                     from [ICRA]BB- (stable)

   Working Capital        1.00       Revised to [ICRA]B+
   Term Loan                         from [ICRA]BB- (stable)

   Letter of Credit       1.00       [ICRA]A4; Reaffirmed

   Buyer's Credit        (1.00)      [ICRA]A4; Reaffirmed

   Bank Guarantee        (1.00)      [ICRA]A4; Reaffirmed

The company's liquidity position remained stretched emanating
from elongated receivables. Further the working capital intensity
increased significantly to 26.9% in FY2015-16 from that of 16.7%
in FY2014-15. The debt levels also rose marginally from INR9.2
crore as on March 31, 2015 to INR9.3 crore as on March 31, 2016.
KPPL's capital structure remained moderate as can be reflected in
gearing at 1.5 times as on March 31, 2016, as against 1.6 times
as on March 31, 2015; however the same is expected to remian
strech in current fiscal backed by infusion of fresh term loans
to fund capex. The company however had weak coverage indicators
during FY2015-16. The company also witnesses intense competition
by virtue of the highly fragmented industry structure and low
product differentiation.

The ratings, however, consider the experience of KPPL's promoters
in the fabric processing business and th location advantages by
virtue of KPPL being close to raw material sources and customers.
ICRA expects KPPL's revenues to show modest growth during FY2016-
17 considering diversifying into printing operations. Further,
KPPL's operating profits would remain vulnerable to adverse
movements in prices of key input materials like chemicals,
colours, etc. Further, the relatively higher depreciation and
interest expenses as a consequence of the capex incurred in
current fiscal are expected to subdue the net profits in the near
term. KPPL's capital structure is likely to remain stretched over
the near term owing to infusion of fresh term loan of INR3.70
crore in current fiscal.

Khatushyam Processors Private Limited (KPPL) was incorporated in
2009 and is engaged in the business of dyeing fabrics for textile
players located in local market on jobwork basis. The company has
commenced operations from 2009 itself. The company has set up a
dyeing unit in Palsana, Surat with installed capacity of dyeing 6
crore meters of cloth per year.

Recent Results
For the year ended 31st March, 2015, the company reported an
operating income of INR29.20 crore with profit after tax (PAT) of
INR0.20 crore. Further FY 2015-16 as per unaudited numbers the
company reported operating income of INR25.60 crore with profit
after taxes of INR0.30 crore.


KIAN CHEMICALS: CRISIL Assigns B+ Rating to INR140MM LT Loan
------------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable' rating to the long-
term bank facilities of Kian Chemicals Ltd (KCL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              7.5       CRISIL B+/Stable
   Long Term Loan         140.0       CRISIL B+/Stable

The rating reflects timely stabilisation of operations, which are
currently at a nascent stage, intense competition in the chemical
industry and average financial risk profile because of debt-
funded capital expenditure and large incremental working capital
requirement. These weaknesses are mitigated by benefits from the
favourable location in Rajasthan and promoters' commitment
towards funding support.
Outlook: Stable

CRISIL believes the company will benefit over the medium term
from proximity of the manufacturing unit at sirohi, Rajasthan to
the textile and plastic industries. The outlook may be revised to
'Positive' if timely stabilisation of operations helps ramp-up
sales and cash accrual. The outlook may be revised to 'Negative'
if a delay in ramp-up of operations leads to low accrual, or a
decline in profit margin or large working capital requirement
weakens the overall financial risk profile, especially liquidity.

KCL was formed in 2015 for setting up a manufacturing unit for H
Acid at Abu Road, Rajasthan. The same is used for manufacturing
of dyes for textile and plastic industries. The unit is expected
to commence operations by June 2016. The company has been
promoted by Mr. Rajendra Patel, founder of the Jason group, which
develops real estate in Ahmedabad.


KOHENOOR INDUSTRIES: Ind-Ra Assigns IND BB+ LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kohenoor
Industries (KI) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The agency has also assigned KI's INR110m
fund-based working capital limit an 'IND BB+' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect KI's moderate financial and credit profiles.
In FY16, the company's revenue was INR1,038 million (FY15: INR765
million), EBITDA interest coverage (operating EBITDA/gross
interest expense) was 1.8x (1.7x), net financial leverage (total
adjusted net debt/operating EBITDA) was 4.4x (4.2x) and EBITDA
margin was 1.5% (1.47%).

The ratings factor in the company's tight liquidity as indicated
by its 99.9% average peak utilisation of the working capital
limit during the 12 months ended April 2016.

The ratings, however, are supported by KI's proprietors' three
decades of operating experience in the wholesale trading of
grocery items.

RATING SENSITIVITIES

Positive: A positive rating action could result from an
improvement in the liquidity and the overall credit profile.

Negative: A negative rating action could result from any
deterioration in the overall credit profile.

COMPANY PROFILE

Incorporated in 2007, KI is a proprietorship firm engaged in the
wholesale trading of sugar, pulses and edible oil in Odisha.  The
company is run by Sri Pawan Kumar Jajodia.


LINK ENTERPRISE: ICRA Suspends B+ Rating on INR7.68cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR7.68 crore long term fund based facilities of Link
Enterprises. ICRA has also suspended the short term rating of
[ICRA] A4 assigned to the INR4.30 crore non fund based facility
of LE. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Link Enterprise (LE) is engaged in the business of procurement
and trading of petroleum products and lubricating oil. It has
been licensed as bunker supplier to foreign-going vessels and has
been engaged in bunkering operations since 2001. It has a
windmill of 1.25 MW per annum at Jaisalmer in Rajasthan in
addition to the 0.6 MW per annum windmill installed by the firm
at Barmer in Rajasthan in 2009. The firm is based out of
Gandhidham and carries bulk of its operations at the Kandla Port.
It also has presence at other ports on West Coast such as Mundra,
Pipapavav, Sikka, Bedi, Okha, and Porbander.


LOKNATH RICE: CRISIL Reaffirms B+ Rating on INR59.5MM Loan
----------------------------------------------------------
CRISIL's rating on bank facilities of Loknath Rice Mill (LRM)
continues to reflect the modest scale of operations in the
intensely competitive industry and susceptibility of the
operating profit margin to adverse government regulations and
volatile raw material prices.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan        10.9       CRISIL B+/Stable (Reaffirmed)
   Open Cash Credit      59.5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the below-average financial risk
profile, marked by modest networth and debt protection metrics.
These weaknesses are partially offset by extensive experience of
the promoters in the rice industry and healthy demand prospects.
Outlook: Stable

CRISIL believes the firm will benefit over the medium term from
the extensive industry experience of the promoters. The outlook
may be revised to 'Positive' if substantial growth in revenue,
profitability and cash accrual strengthens the financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' if significant increase in the working capital
requirement, a debt-funded capital expenditure or lower cash
accrual weakens the financial risk profile, especially liquidity.

LRM was set up as a partnership firm in 1997. The firm is engaged
in milling and processing of paddy into rice. Promoted by Mr.
Nageswara Rao, the firm is currently being managed by his son,
Mr. MNVS Murthy.


LUCENT CLEANENERGY: ICRA Suspends D Rating on INR15.90cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR15.90
crore limits of Lucent Cleanenergy Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Lucent Cleanenergy Pvt. Ltd. (LCPL) was incorporated on 1st July
2011. The company has been promoted by Mr. Praful Bavishiya, Mr.
Akash Domadiya and Mr. Shailesh Bavishiya. The company setup its
plant in Changodar (Ahmedabad) in October 2012 to manufacture
Solar Encapsulant Films with annual manufacturing capacity of
2,592 MT. However, the plant witnessed technical problems
resulting in quality issues with the final product. After the
technical problems were resolved, the plant commenced operations
in September 2013.


LUCKY STEEL: ICRA Revises Rating on INR10cr Cash 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 Lucky Steel
Industries (Ship Breaking Division).  ICRA has also reaffirmed
the [ICRA]A4 rating assigned to the INR74.15 crore non-fund based
bank limits of LSI.

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

   Short Term Non
   fund based-Letter
   of Credit                72.50       [ICRA]A4 reaffirmed

   Short Term Non fund
   based-CEL                 1.65       [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 LSI has witnessed sharp decline in revenue in FY 15-
16 while the ship breaking activities have remained stalled with
only one ship purchased in the previous fiscal year and with no
new ships purchased since January 2016.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. ICRA further
notes that LSISBD is a proprietorship concern and any substantial
withdrawal from capital account in future could adversely impact
the credit profile of the firm.

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.

Lucky Steel Industries (Ship Breaking Division) (LSI) was
incorporated as a proprietorship firm in 1995 by Ashfaqhusen S.
Masani, as part of the Bhavnagar based Lucky Group which is
closely held by the Masani Family. The firm is engaged in the
business of ship breaking and scrap trading. The business
operations are carried out from Bhavnagar and the ship breaking
activity is conducted at a plot leased by Gujarat Maritime Board
(GMB) in the Alang Ship Recycling Yard (ASRY). The Group is also
involved in other related businesses like steel re-rolling and
scrap trading.

Recent Results
For the year ended 31st March 2015, LSI reported an operating
income of INR21.61 crore and profit after tax of INR0.40 crore as
per the provisional financial statement.


MA CHANDI: CRISIL Assigns 'D' Rating to INR193.3MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/ CRISIL D' ratings to the bank
facilities of MA Chandi Durga Cements Limited (MCDCL). The
ratings reflect instances of delay by MCDCL in servicing its term
debt and continuous over-utilisation of its cash credit limit,
caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility       32        CRISIL D
   Cash Credit             104.7      CRISIL D
   Long Term Loan          193.3      CRISIL D

MCDCL's financial risk profile remains weak, with modest networth
and weak debt protection metrics. However, benefits from the
extensive experience of the promoter support business risk
profile.

Incorporated in 2007, MCDCL is promoted by Mr. Kuldip Kedia. It
manufactures cement and mild steel ingots in Durgapur, West
Bengal. It also trades in iron and steel products such as
thermos-mechanically treated bars, pig iron and slag, and does
job work for firm, Star Cement.


MAHA DURGA: ICRA Reaffirms 'B' Rating on INR49cr Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B on the
INR49.00 crore bank facilities of Maha Durga Charitable Trust.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund-Based Facilities     49.00       [ICRA]B; reaffirmed

The rating reaffirmation takes into account the delay of over one
year in the execution of the hospital project due to the
impediment in civil construction and excavation which, in turn,
resulted in an increase in the budgeted project cost. The rating
is further constrained by the highly competitive scenario as a
large number of hospitals are situated in the National Capital
Region and the ability of MDCT to attract reputed doctors and
medical staff would be critical. ICRA also takes into account the
high reliance on debt funding for the proposed hospital with a
debt to equity ratio of 1.73:1 which would have an adverse impact
on the capital structure and credit protection metrics in the
near term. However, ICRA continues to favourably consider the
extensive experience of the trustees in the healthcare industry
with a number of specialities/departments proposed to be headed
by the specialized doctors. The rating also factors in the good
catchment area of the hospital as it is located in the high
population density area of Mukherjee Nagar (New Delhi), with a
number of colonies and institutions in the vicinity.

Going forward, timely completion of the project and satisfactory
scaling up of operations will be critical to enable timely debt
servicing.

Maha Durga Charitable Trust (MDCT) was established in 1995 to set
up a 130 bed hospital viz. Mahadurga Hospital in Mukherjee Nagar
area in New Delhi. The proposed hospital would provide services
in various domains such as neurology, radiology, general surgery,
angiography, angioplasty, ophthalmology, dental services and
various others. The major trustees of MDCT are members of the
Makhija family - Dr. Satish Makhija holding the position of
Secretary with the other members of the trust being Dr. Ashok
Makhija, Dr. Kamlesh Makhija, Mr. Suresh Makhija and Mr. Naresh
Makhija. Both Dr. Satish and Dr. Ashok have more than 25 years of
medical experience and are also involved in running a 15 bed
hospital by the name of Durga Hospital in Mukherjee Nagar, New
Delhi.


METALLICA INDUSTRIES: ICRA Suspends D Rating on INR40cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR40.00 crore
Fund based facilities of Metallica Industries Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

The Kamla Landmarc Group was promoted in 1974 by Mr. Ramesh Jain
to undertake construction of residential/commercial projects in
Mumbai. Currently the business is managed by Mr. Ramesh Jain, his
two sons -- Jitendra and Jinendra Jain and his son-in-law Ketan
Shah. The group has undertaken around 45 projects in Mumbai in
the past, with a total constructed area of around 1.95 million
sq. ft. The group entered the commercial real estate space in
2004. The group is currently executing 35 projects- 29
residential projects with a total saleable area of around 5.02
million sq. ft. and 6 commercial projects with a total saleable
area of around 0.87 million sq. ft.

Metallica Industries is a part of the Kamla Landmarc Group and
has undertaken the construction of industrial galas / offices
under the name Kamla Industrial Park at Charkop Kandivali West,
Mumbai. MIL proposes to build a industrial complex with ground
plus seven floors and a total saleable area of 2,71,072 square
feet, mainly targeted at small businesses / manufacturing units.


METRO CITY: ICRA Suspends B/A4 Rating on INR14.17cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 rating assigned to the INR14.17
crore bank facilities of Metro City Tiles Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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

Incorporated in the year 2007, Metro City Tiles Private Limited
(MCTPL) is involved in manufacturing of digital glazed vitrified
tiles with its plant situated at Morbi, Gujarat. The plant has an
installed capacity of 43,200 Metric Tonnes Per Annum (MTPA).
MCTPL currently manufactures glazed vitrified tiles of size 2 x 2
sq. ft. and 2 x 4 sq. ft with the current set of machineries at
its production facility. MCTPL is promoted by Mr. Dilip R. Patel
and his family members. The company is a part of Metro Group of
Industries having presence across floor tiles (Metro Ceramics),
glazed vitrified tiles (MCTPL), polished vitrified tiles and
porcelain tiles (Metro World Tiles Private Limited).


METROWORLD TILES: ICRA Suspends B+/A4 Rating on INR17.66cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating assigned to the
INR17.66 crore bank facilities of Metroworld Tiles Private
Limited. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Metroworld Tiles Private Limited (MTPL) is a glazed vitrified
tile manufacturer with its plant situated at Morbi, Gujarat. The
plant has current installed capacity of 39,600 Metric Tonnes Per
Annum (MTPA). The company started with manufacturing vitrified
tiles and later, during FY13 modified its operations to switch
its production to Polished Vitrified Glazed Tiles and Porcelain
Tiles. The company is a part of Metro Group of Industries having
presence across floor tiles, vitrified tiles and glazed vitrified
tiles manufacturing activity. MTPL is promoted by Mr. Dilip R.
Patel and Mr. Ratilal L. Patel.


MUNDHRA CONTAINER: ICRA Withdraws B+ Rating on INR9.75cr Loan
-------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to INR9.75 crore
term loans facility of Mundhra Container Freight Station Private
Limited. The withdrawal of the rating is at the request of the
company as there is no amount outstanding against the rated
facilities.

Further, ICRA has placed the long-term rating of [ICRA]B+
assigned to the INR1.00 crore cash credit limits and the short
term rating of [ICRA]A4 assigned to the INR1.75 crore of bank
guarantee of MCFSPL on notice for withdrawal for one month at the
request of the company. As per ICRA's 'Policy on Withdrawal of
Credit Rating', the aforesaid rating will be withdrawn after one
month from the date of this withdrawal notice.


NAWA ENGINEERS: Ind-Ra Withdraws D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nawa Engineers
and Consultants Private Limited's (NECPL) 'IND D(suspended)'
Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for NECPL.

Ind-Ra suspended NECPL's ratings on Oct. 19, 2015.

NECPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR73.8 mil. long term loans: Long-term 'IND D(suspended)';
      rating withdrawn
   -- INR250 mil. fund-based working capital limits: Long-term
      'IND D(suspended)' and Short-term 'IND D(suspended) ';
       ratings withdrawn
   -- INR30 mil. standby line of credit: Long-term
      'IND D(suspended)' and Short-term 'IND D(suspended)';
      ratings withdrawn
   -- INR160 mil. non-fund-based working capital limits: Short-
      term 'IND D(suspended)'; rating withdrawn


NEERAKKAL LATEX: CRISIL Reaffirms 'B' Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Neerakkal Latex
Private Limited (NLPL) continues to reflect the company's below-
average financial risk profile because of small networth, high
total outside liabilities to tangible networth ratio, and weak
debt protection metrics. The rating also factors in
susceptibility of its operating margin to volatility in raw
material prices. These weaknesses are partially offset by
extensive experience of its promoters in the rubber processing
business.

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

Outlook: Stable

CRISIL believes NTPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in scale of operations and profitability,
or if capital structure improves due to equity infusion. The
outlook may be revised to 'Negative' in case of steep decline in
revenue and profitability, or significant deterioration in
capital structure because of large debt-funded capital
expenditure or stretch in working capital cycle.

NLPL, incorporated in 2002 and based in Kottayam, Kerala,
manufactures centrifuged latex. Its operations are managed by Mr.
N K Jain and Mr. Tino Jain.


NEW LAXMI: ICRA Suspends B+ Rating on INR11cr Cash Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR11.00 crore cash credit and INR6.86 crore term loan
facility of New Laxmi Steel & Power Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


ORB ENERGY: ICRA Assigns 'B' Rating to US$2.25MM NCD
----------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to US$ 2.25
million proposed Non Convertible Debenture (NCD) programme of
Orb Energy Private Limited (OEPL).

                       Amount
   Facilities         (US$ MM)       Ratings
   ----------         ---------      -------
   Non Convertible
   Debenture             2.25        [ICRA]B; assigned

The assigned rating reflects OEPL's weak financial profile as
reflected by five successive years of net losses which has
resulted in the erosion of the net-worth of the company; however
the promoters have infused equity regularly to neutralize the
losses and maintain healthy net worth of company. With the
company's fixed costs remaining high vis-Ö-vis the turnover
(employee expenses and other fixed operating costs have largely
remained at the same level during the past five years,) the
company has continued to incur cash losses over the past five
fiscals. However; the company is trying to reduce its operating
cost by consolidating its branch network which is expected to
improve its profitability to an extent. ICRA also notes the
highly competitive nature of the solar power industry marked by a
presence of large number of organized and unorganized players.
The rating, however, derives comfort from the established track
record of the company in system integration business along with
long standing experience of the promoters in solar power
industry. The rating favorably factors in the grants received by
the company from USAID (United States Agency for International
Development), Shell Foundation and David and Lucile Packard
Foundation to the tune of US$ 2.023 million. The rating also
favorably factors in healthy order book of INR44.1 crore for
installing projects of the size of 7.69 MWp as on May 2016. The
rating benefits from widespread operations and maintenance
network of more than 110 owned and franchised branches across the
country enabling the company to ensure uninterrupted after sales
and support. The rating also favorably factors in the ability of
OEPL's team of highly qualified and competent professionals to
undertake projects of various complexities. ICRA also notes
increasing awareness among people and support from both state and
central government for the promotion of solar power.

Going forward, the company's ability to scale up its operations,
while optimizing its costs so as to improve its profitability,
will be the key rating sensitivities.

Orb Energy Private Limited was incorporated in 2006 by Mr. Damian
Miller and Mr. N P Ramesh. The company is a 99.99 per cent
subsidiary of Orb Energy Pte Ltd, Singapore. The company is
primarily involved in manufacturing and installation of solar
water heating systems for residential, industrial and
institutional use. In addition to this, the company also designs,
manufactures and sells products in solar home lighting and street
lighting segments. The company has presence in Karnataka, Andhra
Pradesh, Kerala, Tamil Nadu and Maharashtra through direct-run
and franchised branches.

The company plans to set up a solar panel manufacturing unit in
Bangalore with an installed capacity of 10MWp. The company also
plans to initiate an in-house credit programme to fund its
customers and franchises from the proceeds of the non convertible
debenture and the grants received from various organizations.

Recent results
OEPL reported a provisional profit after tax (loss) of INR-3.32
crore on an operating income of INR68.58 crore in 2015-16, as
against a profit after tax (loss) of INR-4.62 crore on an
operating income of INR54.19 crore in 2014-15.


PANKAJ STEEL: ICRA Suspends B+ Rating on INR4.5cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR10.00 crore1 fund based and non-fund based sublimit of
short term non-fund based facility of Pankaj Steel Corporation.
ICRA has also suspended the [ICRA]A4 rating assigned to INR10.00
crore short term non-fund based facilities of PSC. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

                          Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Fund based limits
   Sub limit of letter
   of Credit Cash
   Credit facility         (4.50)       [ICRA]B+ Suspended

   Non Fund based          10.00        [ICRA]A4 Suspended
   limits - Sub limit
   of letter of Credit
   Letter of Comfort/
   Buyer's Credit facility

   Non Fund Based limits
   Letter of credit        (5.00)       [ICRA]A4 Suspended

   Non Fund based limits
   Sub limit of letter
   of Credit- Letter of
   Credit for ship
   breaking               (10.00)       [ICRA]A4 Suspended

   Non Fund based limits
   Sub limit of letter
   of Credit-Letter of
   Credit for metal
   trading                 (2.00)       [ICRA]A4 Suspended

M/s Pankaj Steel Corporation (PSC) promoted by Mrs. Usha Agarwal
was incorporated as proprietorship concern in 1978. PSC is
primarily engaged in trading iron and steel scrap and waste.
Apart from trading PSC is also involved in processing both long
and flat steel products on a job work basis.PSC has its
registered office at Reay Road, Mumbai and rented warehouse
facility at Kalamboli, Navi Mumbai


PLAZMA TECHNOLOGIES: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Plazma
Technologies Pvt. Ltd.'s (PTPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for PTPL.

Ind-Ra suspended PTPL's ratings on Sept. 7, 2015.

PTPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR20 mil. fund-based cash credit limits:
      'IND BB-(suspended)'; rating withdrawn
   -- INR12.5 mil. fund-based working capital loan limits:
      'IND BB-(suspended)'; rating withdrawn
   -- INR15 mil. non-fund-based letter of credit:
      'IND A4+(suspended)'; rating withdrawn
   -- INR15 mil. non-fund-based bank guarantee:
      'IND A4+(suspended)'; rating withdrawn


QUEST INFOSYS: Ind-Ra Affirms 'IND B' Rating on INR57MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Quest Infosys
Foundation's (QIF) INR57 million term loans (reduced from INR91.9
million) at 'IND B' and assigned its INR40 million fund-based
working capital facilities an 'IND B' rating. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings are constrained by QIF's tight liquidity profile.
Available funds (cash and unrestricted investments) stood at
INR2.33 million at FYE15, declining from INR5.71 million as at
FYE14. The available funds' cover to long-term debt and operating
expenditure declined to 1.2% and 3.9%, respectively, in FY15
(FY14: 2.5% and 8.6%, respectively). The society's relatively
small scale of operations also limits the ratings, as
characterised by income (operating and non-operating) of INR95.3
million in FY15, which recorded a 7.4% yoy decline due to a fall
in fresh enrolments.

QIF's debt/current balance before interest and depreciation
(CBBID), albeit high at 5.6x in FY15, improved from 19.9x in
FY11. Its cash flow from operations debt service coverage ratio
(CFO DSCR) remained below 1x over FY11-FY14, but improved to
1.23x in FY15, due to a rise in CFO and a marginal decline in
debt service commitments. The society was able to service its
debt in a timely manner by way of unsecured loans and borrowing
money from other business interests.

QIF's operating margins improved to 35.3% in FY15 from 22.4% in
FY11 due to a rise in core operating revenues in relation to core
expenses. However, core income and expenditure declined by 8.45
and 9%, respectively, in FY15. Tuition fee income played a
pivotal role, with an average contribution of 82.1% to the total
revenue in FY15, but declined by 8% that year due to a fall in
the headcount.

QIF's approved annual intake of seats remained constant at 420
over FY11-FY16, but has increased to 600 so far in FY17 on the
back of the introduction three new courses: Bachelor of Business
Administration (BBA), Bachelor of Computer Application (BCA) and
Bachelor of Commerce (B. Com), with a capacity of 60 seats in
each course. Ind-Ra believes new courses will bolster student
headcount and revenues in the near-to-medium term. As at end-June
2016, the society already had 52 admissions in new courses, with
the admissions process slated to continue until end-July.

The total number of students increased at a CAGR of 1.26% over
FY11-FY16, with yoy declines of 4.31% and 21% in FY15 and FY16,
respectively, due to a slowdown in fresh enrolments and higher
dropout rates. Despite the slowdown in enrolments, the society's
institute recorded an improvement in its acceptance rates in FY15
and FY16 at 77.1% and 71.5%, respectively, compared with 84.8% in
FY14.

RATING SENSITIVITIES

Positive: Continued strong operating performance and a
significant increase in the size of operations, leading to higher
revenues, could be positive for the ratings.

Negative: A deteriorating financial profile resulting from a
muted rise in the headcount and weakening operational
performance, coupled with a disproportionate increase in debt,
could be negative for the ratings.

COMPANY PROFILE

QIF established the Quest Group of Institutions (QGI) in 2009-
2010. QGI offers Bachelor of Technology (B. Tech.) and Master of
Business Administration (MBA) courses and is situated in Mohali,
Punjab. The courses are approved by the All India Council for
Technical Education, Ministry of Human Resource Development and
the Government of India and are affiliated with Punjab Technical
University, Jalandhar. The society is chaired by Mr. Dipinder
Singh Sekhon.

Provisional FY16 figures indicated that the society's total
income and current balance stood at INR83.93 million and INR17.95
million, respectively, as against total income and current
balance of INR95.35 million and INR19 million in FY15.


RELISHAH EXPORT: Ind-Ra Raises Long-Term Issuer Rating to IND BB-
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Relishah
Export's Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.  The
Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade reflects Relishah's strong liquidity position, with
average maximum utilization of 37.2% for its post-shipment demand
loan and of 9.7% for its packing credit facility during the 12
months ended April 2016.  The upgrade is also backed by an
improvement in the firm's EBITDA/interest coverage to 2.0x
(FY15:1.8x) based on provisional (P) FY16 financials; however,
its net leverage increased to 5.5x in FY16 (P) (FY15: 3.8x).
Ind-Ra notes that the firm does not have any long-term debt
obligations and continues to fund its requirements through
working capital loans.

Relishah's revenue decreased by 18% to INR2,617.3 mil. in FY16
(FY15: INR3,202.1 mil.), but the firm sustained its EBITDA
margins at 4%.  The fall in revenue during FY16 was primarily
driven by lower realizations as well as lower volume growth.

The ratings remain constrained by the firm's partnership
structure, high competition and the cyclical nature of the
domestic textile industry as well as the risk of any adverse
change in regulatory policies.  The ratings also factor in the
firm's working-capital-intensive nature of business.  It recorded
a high net working capital cycle of 78 days in FY16 (FY15: 68
days) due to high receivable days and low payable days.

The ratings continue to draw comfort from the three-decade-long
experience of Relishah's founders in the cotton and textile
trading industry.  The ratings also factor in the firm's
geographically diversified customer base and strong relationships
with customers and suppliers.  The agency notes that Relishah
mitigates its forex risks, stemming from almost 100% of its total
revenue coming from exports, by entering into forward contracts.

The ratings are also supported by the undertaking provided by
Relishah's partners that over FY17, FY18 and FY19 they will
maintain minimum capital of INR272 mil., INR365 mil. and INR458
mil., respectively.  Additionally, its unsecured loans would not
be withdrawn from the business during this period.

                       RATING SENSITIVITIES

Positive: Future developments that could lead to a positive
rating action include a significant growth in Relishah's revenue,
along with EBITDA margins being sustained at or improving from
current levels, thereby improving the firm's credit metrics from
FY16 levels.  Additionally, the firm's ability to successfully
reduce its dependence on the Chinese market while improving
exposure to countries with relatively high profitability could
also lead to a positive rating action.

Negative: Future developments that could lead to negative rating
actions include deterioration in revenue, along with sustained
erosion in its EBITDA margins from current levels, thereby
leading to deterioration in the firm's overall credit metrics
from FY16 levels on a sustained basis.  Additionally, the
inability of the firm's partners to maintain minimum capital and
unsecured loans in the business in line with the agency's
expectations, could also lead to a negative rating action.

                           COMPANY PROFILE

Established in 1987, Relishah is a registered partnership firm.
It exports textile goods such as cotton yarn (98% of total FY16
revenues) as well as raw cotton and fabrics (2% of total FY16
revenues).

Relishah's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB-' from
      'IND B+'; Outlook Stable
   -- INR450 mil.* fund-based post shipment demand loan/usance
      foreign bill purchased/foreign bill purchased: upgraded to
      'IND A4+' from 'IND A4'
   -- INR50 mil. fund-based packing credit/packing credit in
      foreign currency (PCFC): upgraded to 'IND A4+' from
      'IND A4'
   -- INR2 mil. non-fund-based inland bank guarantees: upgraded
      to 'IND A4+' from 'IND A4'

* includes an INR80 mil. standby limit under Bank of Baroda Ltd's
  ('IND AAA'/Stable) gold card scheme.


S. M. INTERIOR: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of S. M. Interior Private Limited (SMIPL).
The ratings reflect a modest scale and working capital-intensive
nature of operations, and a below-average financial risk profile
because of a weak capital structure. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the interior design and civil construction industry, and a
healthy unexecuted order book.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Fund-Based
   Bank Limits               3        CRISIL B+/Stable
   Bank Guarantee           27        CRISIL A4
   Cash Credit              70        CRISIL B+/Stable

Outlook: Stable

CRISIL believes SMIPL will maintain its business risk profile
over the medium term backed by the extensive industry experience
of its promoters and a healthy order book. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, leading to higher-than-expected
cash accrual, along with better working capital management.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in operating income and cash accrual, or deterioration in
the financial risk profile, particularly liquidity, most likely
because of large, debt-funded capital expenditure or a stretched
working capital cycle.

Incorporated in 2011 and promoted by Mr. Sahabuddin Molla and Ms.
Naima Parvin, SMIPL provides end-to-end interior design solutions
for corporates and for residential projects. The company also
executes civil construction projects, mostly for the government.


SANT AUTOS: ICRA Suspends B+ Rating on INR6.0cr Cash Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR6.00 crore cash credit facility of Sant Autos. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


SHREE BALA: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shree Bala Ji
Rice & General Mills (SBRGM) continues to reflect the firm's weak
financial risk profile because of small networth, high total
outside liabilities to tangible networth (TOLTNW) ratio, and weak
debt protection metrics, driven by large working capital
requirement and low cash accrual. The rating also factors in
small scale of operations, and susceptibility to regulatory
changes, erratic rainfall, and volatility in raw material prices.
These weaknesses are partially offset by the extensive experience
of its partners in the rice processing industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            250       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBRGM will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if financial risk profile improves driven by higher-
than-expected net cash accrual or equity infusion. The outlook
may be revised to 'Negative' in case of significant deterioration
in liquidity or capital structure, or pressure on profitability.

Update
Revenue is estimated to have grown 12 percent to Rs.657.70
million in 2015-16 (refers to financial year, April 1 to March
31) from Rs.590.60 million in 2014-15. Operating margin remained
at 6.6 percent. Healthy demand will lead to revenue growth to
Rs.720-800 million and operating margin of 6.0-6.5 percent over
the medium term.

The financial risk profile was weak because of small net worth of
Rs.56.50 million and high TOLTNW ratio of 3.93 times as on March
31, 2016, due to large working capital debt. Gross current assets
are estimated at 316 days as on March 31, 2016, driven by
inventory of 311 days and receivables of 20 days. Interest
coverage and net cash accrual to total debt ratios are expected
to remain at 1.2-1.3 times and 0.01-0.02 time, respectively, over
the medium term.

Liquidity is stretched due to low net cash accrual of Rs.4.10
million in 2016-17. In the absence of debt-funded capex and with
minimal debt obligation, cash accrual is likely to be utilized
for funding incremental working capital requirement. Liquidity is
supported by unsecured loans of Rs.62.40 million as on March 31,
2016. However, the liquidity is expected to remain subdued due to
large working capital debt.
SBRGM was established in 2001 as a partnership firm by Mr.
Mahavir Parshad, Mr. Bharat Bushan, and Mr. Ashwani Kumar in
Fazilka, Punjab. It mills rice, both basmati (80 percent of
revenue) and non-basmati. The firm has milling capacity of 8
tonne per hour.


SHREE RADHEY: CRISIL Assigns B+ Rating to INR100MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Shree Radhey Krishna Ispat (SRKI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                   100      CRISIL B+/Stable


The rating reflects a small scale of operations, exposure to
intense competition in the highly fragmented metal trading
industry, and below average financial risk profile because of
high leverage. These weaknesses are partially offset by the
extensive industry experience of the partners and efficient
working capital management.
Outlook: Stable

CRISIL believes SRKI will continue to benefit over the medium
term from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability along with efficient
management of working capital requirement, leading to larger-
than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of a decline in sales or operating
margin, poor working capital management, or substantial
withdrawal of capital by the partners, resulting in deterioration
in the capital structure.

Incorporated in October 2014, SRKI is a Kanpur-based partnership
firm promoted by the Gupta and Khandelwal families. The firm is a
channel partner of Jindal Steel & Power Ltd and primarily trades
in thermo-mechanically treated (TMT) bars under the brand name of
Jindaal Panthar, mainly in Uttar Pradesh.


SHRI SANGAM: CRISIL Reaffirms 'B' Rating on INR860MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facility of Shri Sangam Sahakari
Sakkare Karkhane Niyamit Hidkal-Dam (Shri Sangam) continue to
reflect the risks related to the implementation and stabilization
of its ongoing project, which involves the setting up of a sugar
manufacturing unit in Belgaum (Karnataka).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       860      CRISIL B/Stable (Reaffirmed)

The rating also factors in the exposure to risks related to
cyclicality in the sugar industry and regulatory framework
governing the industry. The above-mentioned weaknesses are
partially offset by the extensive industry experience of Shri
Sangam's promoters and strategic location of its manufacturing
facility.
Outlook: Stable

CRISIL believes that Shri Sangam will continue to benefit over
the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if Shri
Sangam's cash flows are more-than-expected, supported by early
completion of its ongoing project, leading to improvement in its
overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' if there are significant time and cost
overruns in its ongoing project, leading to weakening in its
financial risk profile.

Shri Sangam was established as a co-operative society by the cane
producers in Belgaum in 1991. The chairman of the society is Mr.
Rajendra Patil.


SHYAM STEELS: CRISIL Lowers Rating on INR38MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Shyam
Steels Pvt Ltd (SSPL) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              38        CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Letter of Credit         34.5      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Term Loan                20.0      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The downgrade reflects delays in servicing debt due to weak
liquidity driven by sluggish demand.

SSPL has a weak financial risk profile with high gearing, small
networth, weak debt protection metrics and working-capital-
intensive operations. These weaknesses are partially offset by
the extensive experience of SSPL's promoters in the capital goods
industry.

Set up as a partnership firm named Shyam Steels in 1984 and
reconstituted as a private limited company with the current name
in 1987, SSPL fabricates and sells temporary power supply
solutions for industrial use. The company is based in Bhavnagar
(Gujarat) and promoted by Mr. Shyam Bhushan Khillan and Ms.
Shashi Shyambhushan Khillan.


SIDDHI VINAYAK: ICRA Suspends B+ Rating on INR12.16cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR12.16 crore long term fund based facilities of Siddhi
Vinayak Agro Industries. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Siddhi Vinayak Agro Industries (SVAI) was incorporated in 2005
and is engaged in the business of milling par boiled rice and
wheat. The firm operates from its plant located at Sanand,
Ahmedabad in the state of Gujarat, with an installed capacity of
5 MTPH (Metric Tonne Per Hour). The firm is promoted by Mr Pradip
Ramvani, who set up the unit in 2005 as a partnership firm.


SILVERDALE FASHIONS: ICRA Withdraws B+ Rating on INR2cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ outstanding
on the INR2.00 crore term loans of Silverdale Fashions, as there
is no amount outstanding against the rated facilities.


ICRA has also placed the [ICRA]B+ rating outstanding on the
INR4.00 crore cash credit facilities and the [ICRA]A4 (pronounced
ICRA A Four) rating outstanding on the INR1.00 crore non fund
based facilities on notice of withdrawal for one month, as there
is no amount outstanding against the rated facilities. As per
ICRA's policy, the ratings will be withdrawn after one month from
the date of this withdrawal notice.


SREE VENKATESWARA: ICRA Reaffirms B+ Rating on INR2.9cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR2.90 crore (revised from INR1.90 crore) cash credit limits
of Sree Venkateswara Motors (India) Private Limited. ICRA has
also re-affirmed the short-term rating of [ICRA]A4 assigned to
the INR5.00 crore (revised from INR7.50 crore) inventory funding
limits and ratings of [ICRA]B+/[ICRA]A4 to the INR3.10 crore
(revised from INR1.60 crore) unallocated limits of SVMPL.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Cash Credit Limits     2.90       [ICRA]B+ reaffirmed

   Inventory Funding
   Limits                 5.00       [ICRA]A4 reaffirmed

   Unallocated Limits     3.10       [ICRA]B+/[ICRA]A4 reaffirmed

The reaffirmation of ratings is constrained by the moderate scale
of operations; and thin profitability levels in the passenger
vehicle (PV) dealership business with commissions being
determined by the principal. The ratings further consider the
intense competition from other OEMs; and vulnerability of sales
and profits to the cyclicality inherent in the Indian PV
industry. The ratings are also constrained by leveraged capital
structure with gearing of 4.49 times as on March 31, 2016, and
moderate coverage indicators for FY2016. The ratings, however,
positively factor in the long track record of the management in
the car dealership business; and SVMPL's established position as
the dealer of TML's passenger vehicles in the Nizamabad and
Adilabad districts of Telangana.

Going forward, the company's ability to increase scale of
operations and maintain profitability while managing its working
capital requirements will remain the key rating sensitivities
from a credit perspective.

Sree Venkateswara Motors (India) Pvt. Ltd. was incorporated in
April 2008 by Mr. N. Mahipal Reddy and Ms. N. Jayaprada Reddy.
SVMPL is the sole authorised dealer of Tata Motors Limited (TML)
in Nizambad and Adilabad region. The commercial operations of TML
dealership began in September 2008. The company currently
operates through a single Sales-Spares-Service (3S) facility with
three sale points in Nizamabad and Adilabad districts.

Recent Results
The company reported a net profit of INR0.12 crore on operating
income of INR39.06 crore in FY2016 (Provisional and Unaudited) as
against net profit of INR0.02 crore on operating income of
INR25.48 crore in FY2015.


SRI KASI: CRISIL Assigns B+ Rating to INR70MM Long Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sri Kasi Annapurneswari Kamat Hotels
Private Limited (Sri Kasi).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       26        CRISIL B+/Stable
   Cash Credit               4        CRISIL B+/Stable
   Long Term Loan           70        CRISIL B+/Stable

The rating reflects the company's nascent stage of operations and
below average financial risk profile. These weaknesses are
partially offset by the extensive experience of its proprietor in
the hospitality industry and the favourable location of its
restaurants.
Outlook: Stable

CRISIL believes Sri Kasi will continue to benefit from its
established presence and the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if
operations stabilise at new restaurants or sizeable equity
infusion strengthens the key credit metrics. The outlook may be
revised to 'Negative' if delay in stabilisation of operation or
lower-than-expected revenue and profitability weaken the
liquidity profile.

Sri Kasi Annapurneswari Kamat Hotels Pvt Ltd (Sri Kasi) was
established in April 2015 for the purpose of operating and
running a chain of restaurants and parcel counters in Vijayawada.
Mr. Sri S.Subba Raju and family manage the operations of the
company.


SRI LAKSHMI: ICRA Reaffirms B+ Rating on INR24.88cr Loan
--------------------------------------------------------
ICRA has re-affirmed the long term rating assigned to INR24.88
(revised from INR20.88) crore fund based limits of Sri Lakshmi
Ganapathi Rice Industries. ICRA has also reaffirmed the long term
and short term rating assigned to INR2.12 crore (revised from
INR6.12 crore) unallocated limits of SLGRI at [ICRA]B+/[ICRA]A4.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund based limits      24.88      [ICRA]B+ re-affirmed
   Unallocated limits      2.12      ICRA]B+/[ICRA]A4 re-affirmed

The rating re-affirmation continues to be constrained by limited
value additive nature of the business and highly fragmented
industry structure resulting in low profitability levels and
modest debt coverage indicators for FY2016. The rating is also
constrained by vulnerability of paddy availability to agro-
climatic risks which can impact the availability of the paddy in
adverse weather conditions; ICRA notes that the reduction in levy
has resulted in greater supplies to the open market, which has
resulted in improved average realizations for the industry.
However, the sustainability of the prices in a competitive
environment is yet to be seen. The rating continues to be
constrained by the vulnerability to any other regulatory changes,
especially those pertaining to minimum support price and export
restrictions. The rating also takes into account the risks
inherent to the partnership nature of the firm.

The rating however draws comfort from the long standing
experience of management with established presence in rice
milling business and strategic location of mill which results in
easy access to raw material. Moreover, ICRA also takes into
account the favourable demand prospects for rice industry, with
rice being a staple food grain and India's position as world's
second largest producer and consumer of rice.

Going forward, the ability of the firm to maintain its scale,
improving margins and manage working capital requirements
effectively would be the key rating sensitivity from the credit
perspective.

Sri Lakshmi Ganapathi Rice Industries was established in the year
2012 as a partnership firm by Mr P. V. R.G. Krishna Reddy and
other family members. The firm started its operation in December,
2012 and is engaged in milling of paddy to produce raw and boiled
rice. SLGRI is located in the East Godavari District of Andhra
Pradesh. The current milling capacity of the plant is 12 tonnes
per hour.

Recent Results
SLGRI has reported an operating income of INR83.53 crore and net
profit of INR0.81 crore in unaudited FY2016 as against an
operating income of INR87.71 crore and net profit of INR0.85
crore in FY2015.


SRI VIJAYA: CRISIL Assigns 'B' Rating to INR53MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sri Vijaya Durga Oil Products Private Limited.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            53       CRISIL B/Stable
   Proposed Fund-Based
   Bank Limits                27      CRISIL B/Stable


The rating reflects exposure to funding, implementation, and
demand risks associated with the company's ongoing project, which
is in an initial stage of implementation. The rating also factors
in a below-average financial risk profile because of a small
networth and expected high gearing. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the edible oil industry.
Outlook: Stable

CRISIL believes SVDOPP will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of stabilisation of
operations at the ongoing project, or lower-than-expected debt is
contracted. The outlook may be revised to 'Negative' in case of
any significant time or cost overrun or lower-than-expected
revenue, adversely affecting liquidity.

SVDOPP, set up in 2014, is managed by Mr. B Venu Gopala Rao and
his wife, Mrs. Sunitha Balamuri. The company extracts and refines
oil from cotton seeds and palm and sells the by-product, de-oiled
cake. Its plant is in Nuzivid, Andhra Pradesh.


UNIBAIT FEEDS: CRISIL Assigns 'B' Rating to INR150MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facility of Unibait Feeds Private Limited (UFPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       150       CRISIL B/Stable

The rating reflects the start-up nature of UFPL's operations in
the shrimp feed production industry, and the company's average
financial risk profile, marked by low net worth. These rating
weaknesses are partially offset by the extensive experience of
UFPL's promoters in the feed production and distribution
industry.
Outlook: Stable

CRISIL believes that UFPL will benefit from the promoters'
extensive experience in the shrimp feed production business. The
outlook may be revised to 'Positive' if substantial ramp up in
revenue and profitability result in better-than-expected cash
accruals for UFPL, while it manages its working capital
requirements efficiently. Conversely, the outlook may be revised
to 'Negative' in the event of time or cost overruns on its
ongoing project, low cash accruals, or sizeable working capital
requirements.

Incorporated in 2015, Unibait Feeds Private Limited (UFPL) will
be engaged in shrimp feed production and distribution. The day to
day operations of the company will be managed by Mr. Kongati
Sambasiva Rao and Mr. Kongati Siva Krishna.


VAMA WOVEN: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vama Woven Fab
Private Ltd's (VWPL) Long-Term Issuer Rating to 'IND D' from 'IND
B+'. The Outlook was Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The ratings reflect VWPL's tight liquidity, leading to delays in
debt servicing for the 12 months ended April 2016.

RATING SENSITIVITIES

Positive: Timely servicing of debt for three consecutive months
could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2011, with a registered office in Mumbai, VWPL
manufactures woven sacks, rice packing, packaging for
agricultural produce and other food products. Its plant has the
capacity to process 4,800mt/annum of high-density polyethylene
and polypropylene woven bags.

VWPL's ratings:
-- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND
    B+'/Stable
-- INR65 million fund-based working capital limits: downgraded
    to 'IND D' from 'IND B+'/Stable
-- INR120 million term loans: downgraded to 'IND D' from 'IND
    B+'/Stable


VINITA INTERNATIONAL: ICRA Suspends B/A Rating on INR7.5cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 rating assigned to the
INR7.50 crore bank facilities of Vinita International. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 2000, Vinita International is a partnership firm
engaged in the business of trading of chemicals, polyester
fabrics and machinery used in manufacturing of plastic products.


VIVEKANANDA PADDY: ICRA Suspends B+ Rating on INR2.4cr Term Loan
----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR2.40 crore term loan and INR5.00 crore cash credit
facility of Vivekananda Paddy Mills Pvt Ltd. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR0.25 crore bank guarantee facility of VPMPL. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the Company





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


GOODLIFE HOMES: Owes Creditors More Than NZ$444,566
---------------------------------------------------
Stuff.co.nz reports that failed Christchurch builder Goodlife
Homes ran out of money when work dried up, a liquidator's report
said.

Goodlife Homes went into voluntary liquidation on May 25 owing 52
creditors more than NZ$444,566 liquidator Murray Allott's first
report said, Stuff.co.nz relays.

Unsecured trade and general creditors were owned NZ$244,373 and
the company had unsecured "related party advances" of NZ$120,180,
according to Stuff.co.nz.  Other creditors were owed just over
NZ$80,000.

Stuff.co.nz says five creditors had registered a security
interest for a claim on company property amounting to just over
$62,000.

According to Stuff.co.nz, Goodlife Homes owner and sole director
Philip Good blamed the company's failure on project delays.

Mr. Good blamed the company's failure on the postponement of
contracts which had left Goodlife with an extended period of no
work or revenue and shareholders were no longer able to
financially support the company, the liquidator's report said,
relates Stuff.co.nz.

Before the liquidation, three former Goodlife Homes employees
lodged personal grievance claims against the company, the report
notes.

"At the time of compiling this report the liquidator had not
received sufficient information to be able to assess these claims
or determine any potential liability," Stuff.co.nz quotes Mr.
Allott as saying.

Goodlife Homes promoted itself as a specialist in hill building
work, character homes and renovations, new builds and earthquake
repairs.



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


DAEWOO SHIPBUILDING: Suspected of Raising KRW10TT Illegally
-----------------------------------------------------------
Shin Ji-hye at The Korea Herald reports that prosecutors have
found evidence that embattled Daewoo Shipbuilding & Marine
Engineering illegally raised money amounting to KRW10 trillion
($8.6 billion) through accounting fraud, according to local news
reports on June 8.

The report says the prosecutors have placed travel bans on two
former chief executives Nam Sang-tae and Koh Jae-ho of the
world's second-largest shipbuilder.

According to the Korea Herald, the prosecution's special force
for anticorruption had secured evidence after raiding 10
organizations on June 7 including the headquarters of DSME, its
main creditor Korea Development Bank and accounting firm Deloitte
Anjin.

"The DSME needed thorough investigation as it used massive public
funds like state-run organizations," said a local news media
outlet which quoted a source from the special force, the report
relays.

The Korea Herald adds that prosecutors are also investigating
whether Korea Development Bank was involved in the corruption
charges of top management and the accounting fraud of DSME.

The Korea Herald notes that the special force reportedly secured
a management consulting report published in 2012 by KDB as well
as the bank's audit report made in 2015, which stated the
creditor's responsibility to manage DSME's poor management.
Although the reports pointed out that the internal audit function
did not work well, KDB did not reportedly make necessary actions.

The report relates that the probe came as the audit committee of
Daewoo Shipbuilding had filed a petition in January with the
Seoul Central District Prosecutors' Office and the Changwon
District Prosecutors' Office seeking an investigation into the
former managing board's responsibility in poor management.

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 24 billion won, the Korea Herald reports citing
legal 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.


DAEWOO SHIPBUILDING: Chief Vows Efforts to Revitalize Shipbuilder
-----------------------------------------------------------------
Yonhap News Agency reports that the chief of Daewoo Shipbuilding
& Marine Engineering Co. on June 8 vowed efforts to revitalize
the troubled shipbuilder as its creditors have approved its self-
rescue plan worth KRW5.3 trillion (US$4.6 billion).

Yonhap says South Korean shipbuilders including Daewoo
Shipbuilding have been under severe financial strains in the face
of falls in new orders amid a protracted slump in the world's
economy.

According to Yonhap, Jung Sung-leep, president of Daewoo
Shipbuilding, told reporters in Athens that he will make efforts
to run his company smoothly with the aid worth KRW4.2 trillion
that was offered last year by creditors.

"Even if the company faces serious setbacks, there will be no
more requests for the government to additionally pump money into
us," the report quotes Jung as saying.

He is in Athens to attend an exposition on shipbuilders at a time
when local shipbuilding companies are struggling to stay afloat
amid an industry-wide downturn, Yonhap notes.

Yonhap reports that earlier on June 8, the government and the
central bank said they will set up an KRW11 trillion won fund to
help two state-run banks support the country's ailing
shipbuilders and shippers.

On the same day, creditor banks gave a nod to the self-rescue
plans worth a combined KRW10.35 trillion   submitted by the
country's three major shipbuilders -- Hyundai Heavy Industries
Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding &
Marine Engineering, Yonhap relates.

According to Yonhap, Daewoo Shipbuilding's net profit came to
KRW31.4 billion in the first quarter, a turnaround from a loss of
KRW1.12 trillion in the previous quarter. But it posted an
operating loss worth KRW26.3 billion last quarter from its loss
of KRW1.06 trillion three months earlier.

Yonhap relates that Jung said that his company is likely to
return to the black in the first half, adding that if oil prices
are on the rising trend, local shipbuilders are likely to recover
on the back of an increase in new orders.

Touching on an overhaul plan, the president said that he plans to
reduce the portion of the off-shore plant business to 30% from
the current 55%, Yonhap relays.

"Instead, we are seeking to raise the portion of the merchant
ship business to about 60 percent," Yonhap quotes Jung as saying.

Jung said that the shipbuilder is likely to complete a spin-off
of its defense-related unit by the second half of next year, adds
Yonhap.

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: Three Shipyards to Raise KRW8.41 Tril. in Revamp
---------------------------------------------------------------
Bloomberg News reports that the world's three biggest shipyards
plan to raise a combined 8.41 trillion ($7.3 billion) selling
assets as part of a restructuring following losses last year.

Bloomberg relates that Hyundai Heavy Industries Co., Daewoo
Shipbuilding & Marine Engineering Co. and Samsung Heavy
Industries Co. have submitted their fund-raising plans to their
creditors, including state-run Korea Development Bank and KEB
Hana Bank, South Korea's government said in a statement on
June 8. The banks and regulators will meet twice a month to
review the progress of the plans, according to the statement
obtained by Bloomberg.

Bloomberg notes that a slump in crude oil prices, which halved in
the past two years, has roiled the nation's shipbuilding industry
as delivery delays and cancellations of projects translated into
losses, while shrinking orders for new vessels have heightened
concerns their cash may dwindle further. Bloomberg says the South
Korean government told the shipyards to submit their plans to
help them better manage their financials and minimize the impact
on the economy.

Bloomberg relates that the government, on its part, said it will
bolster capital of state lenders by creating a 11 trillion fund
to help cushion losses as banks aid the restructuring, it said in
a statement separately. The steps may be coming amid nascent
signs of a recovery. Vessel deliveries in terms of deadweight
tons increased 39 percent in May from a year earlier, said Park
Moo Hyun, a Seoul-based analyst at Hana Daetoo Securities Co.

"Things are starting to turn around for the shipyards as more
vessels and offshore projects are delivered to clients,"
Bloomberg quotes Park as saying. "The focus now should be on
providing funds to help them win new orders."

Hyundai Heavy, whose first-quarter net income beat estimates,
plans to raise KRW3.5 trillion selling shares in other companies
such as KCC Corp. and Hyundai Motor Co., as well as its three
financial units, the Ulsan-based company said in a separate
statement, Bloomberg relays. It will also seek to save 900
billion from job and pay cuts. The shipyard plans to cut its
debt-to-equity ratio to 80 percent from the current 134 percent.

Bloomberg relates that Daewoo Shipbuilding, which counts Korea
Development Bank as its biggest shareholder, will seek to raise
KRW 3.45 trillion from sale of its 14 subsidiaries, two floating
docks and the spin-off its specialty shipbuilding business, the
company said in a separate statement. It will also reduce jobs
and salaries to save money, it said.

The latest plan is in addition to the KRW1.85 trillion the
shipyard said it will seek to raise in October last year. Daewoo
Shipbuilding reported a net income in the first quarter versus a
loss a year earlier, Bloomberg relays.

Samsung Heavy plans to sell assets through bond sales and reduce
jobs to raise KRW1.46 trillion, the company said separately, adds
Bloomberg. It also plans to sell new shares if more cash is
needed, it said. Brent crude traded at $51.51 a barrel on June 8,
compared with about $115 two years ago, according to data
compiled by Bloomberg.

South Korea has urged the companies to restructure and improve
efficiency, while pledging more steps to help them reduce debt
and weather the global slump, adds Bloomberg.



                             *********

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,
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                 *** End of Transmission ***