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

                      A S I A   P A C I F I C

           Wednesday, June 15, 2016, Vol. 19, No. 117


                            Headlines


A U S T R A L I A

DYNAMIC WINDOW: Grant Thornton Appointed as Administrators
GLOBAL FUTURE: Placed Into Administration
REEL FEED: First Creditors' Meeting Set For June 22


C H I N A

XUZHOU ECONOMIC: Fitch Puts Final 'BB+' Rating to US$300MM Notes


I N D I A

AADHI VINAYAGA: ICRA Reaffirms B+ Rating on INR8.5cr LT Loan
ADHUNIK POWER: CRISIL Suspends 'B' Rating on INR250MM LT Loan
AKAL INFORMATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
APOLLO CONVEYOR: CRISIL Assigns 'D' Rating to INR79MM Term Loan
ARC LAMICRAFT: ICRA Suspends 'D' Rating on INR4.60cr Cash Loan

ATC FOODS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
AURO GOLD: ICRA Suspends 'D' Rating on INR400cr Loan
BARAH MOULA: Ind-Ra Suspends 'IND D' INR67.5MM Bank Loan Rating
BETHEL CASHEW: ICRA Suspends B+ Rating on INR5cr LT Loan
COMET EXPORTS: CRISIL Reaffirms 'B' Rating on INR40MM LT Loan

COMET HANDICRAFTS: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
DAHYABHAI B: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
DAZARO ECO: ICRA Suspends 'B' Rating on INR8.86cr Term Loan
DEE CEE: CRISIL Suspends 'B' Rating on INR60MM Term Loan
DHRUV EPC: CRISIL Suspends B- Rating on INR39.2MM Term Loan

DIVEEL COTTON: CRISIL Raises Rating on INR50MM Cash Loan to B+
ELECTRO CIRCUIT: CRISIL Suspends B Rating on INR25MM Cash Loan
FINE WOOD: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
IFMR CAPITAL: ICRA Assigns 'B-(SO)' Rating to INR4.68cr Loan
J.A.  FOODS: CRISIL Suspends B+ Rating on INR45MM Cash Loan

JALANDHAR AMRITSAR: Ind-Ra Downgrades Loans to 'IND B-'
JANTA BREEDING: ICRA Suspends 'B' Rating on INR10cr Bank Loan
JAY MULTTI: CRISIL Suspends B- Rating on INR42.4MM LT Loan
JILL MILL: ICRA Suspends B+ Rating on INR3.54cr Term Loan
JKG OVERSEAS: CRISIL Assigns 'B' Rating to INR98MM LT Loan

KARTIK ELECTRONICS: CRISIL Suspends 'B' Rating on INR46MM Loan
KRISHNA AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
LEON FOOD: CRISIL Raises Rating on INR30MM Cash Loan to B+
LOGIX SOFT-TEL: ICRA Assigns B+ Rating to INR400cr Loan

MAHALATSHMI EDUCATIONAL: CRISIL Suspends B Rating on INR110M Loan
MAK PLYWOOD: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
MARUTI STRIPS: CRISIL Suspends 'C' Rating on INR150MM LT Loan
MASTER BUSINESS: CRISIL Suspends 'B' Rating on INR130MM Loan
NARAYANADRI HOSPITALS: Ind-Ra Assigns 'IND B' LT Issuer Rating

NIAT METAL: CRISIL Suspends 'B+' Rating on INR24MM LT Loan
NORTHERN ELECTRIC: CRISIL Reaffirms B+ Rating on INR64MM Loan
PALMETTO INDUSTRIES: ICRA Suspends D Rating on INR4cr Loan
PLASMA METAL: ICRA Assigns 'B' Rating to INR35cr Term Loan
POLYCHEM EXPORTS: CRISIL Cuts Rating on INR110MM Cash Loan to B

PRECISION AUTO: ICRA Suspends B+/A4 Rating on INR19cr Loan
PRESSURE VESSELS: CRISIL Reaffirms 'B+' Rating on INR70.9MM Loan
PRUDHVI CONSTRUCTIONS: ICRA Assigns B+ Rating to INR6.0cr Loan
PUNEET LABORATORIES: CRISIL Suspends B+ Rating on INR60MM Loan
PURPLE CREATIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating

PURVI METALS: ICRA Suspends B+/A4 Rating on INR15.0cr Loan
RADIANT PLASTRUDERS: ICRA Reaffirms 'B' Rating on INR5.44cr Loan
SAGAR METALLICS: ICRA Suspends B/A4 Rating on INR14.96cr Loan
SAI BALAJI: CRISIL Lowers Rating on INR27.5MM Term Loan to 'B'
SANSKARA CONBUILD: ICRA Suspends B+ Rating on INR30cr Loan

SHILPI FLOCKING: ICRA Suspends B+/A4 Rating on INR15cr Loan
SHREE DATT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
SHRI JUGLA: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
SHRI RAMSWAROOP: Ind-Ra Cuts INR532.7MM Loan Rating to 'IND D'
SIDDHI VINAYAK: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating

SRINIVASAN CHARITABLE: Ind-Ra Suspends 'IND D' Facilities Rating
SRINIVASAN HEALTH: Ind-Ra Suspends 'IND D' Bank Loans Rating
SUBHASH STONE: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
SUCHI FASTENERS: CRISIL Suspends 'C' Rating on INR51.1MM Loan
SUPRSUPREME COATED: CRISIL Suspends 'D' Rating on INR85MM Loan

SURANA ORGANICS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
TAPTI AGRO: ICRA Assigns 'B' Rating to INR10cr Term Loan
TEESTA URJA: ICRA Reaffirms 'D' Rating on INR3328.90cr Loan
THARU JANJATI: CRISIL Assigns B+ Rating to INR10MM Proposed Loan
TOSHALI CEMENTS: ICRA Ups Rating on INR18cr Cash Loan to C+

VAIBHAV LAXMI: ICRA Suspends B+ Rating on INR9cr Bank Loan
VAMA CONSTRUCTION: ICRA Suspends B+ Rating on INR3.0cr LT Loan
VENKATESH INDUSTRIES: CRISIL Ups Rating on INR50MM Loan to B+
VERTIGO IMPEX: CRISIL Raises Rating on INR50MM Cash Loan to B+
VIJ CONTRACTS: ICRA Suspends B+ Rating on INR7cr Loan

VIJAYALAKSHMI R: CRISIL Suspends B+ Rating on INR90MM Cash Loan
VISHAL MANUFACTURER: ICRA Suspends B/A4 Rating on INR13.10cr Loan

* INDIA: RBI Eases Stressed Asset Restructuring Rules


I N D O N E S I A

PAKUWON JATI: Fitch Affirms 'BB-' Issuer Default Rating
SRI REJEKI: Fitch Assign Final 'BB-' Rating to US$350MM Notes


J A P A N

TAKATA CORP: Selling Shares in Automakers to Raise Cash


S I N G A P O R E

* SINGAPORE: To Form New Body to Fight Money Laundering


                            - - - - -


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


DYNAMIC WINDOW: Grant Thornton Appointed as Administrators
----------------------------------------------------------
Ahmed Bise and Stephen Dixon of Grant Thornton were appointed as
administrators of Dynamic Window Systems Pty Ltd on June 10,
2016.


GLOBAL FUTURE: Placed Into Administration
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Global Future
Solutions Ltd has been put into administration.  David Leigh,
Nicholas Martin and Michael Own of PPB Advisory have been
appointed administrators of the company on June 8, 2016, the
report discloses.

Dissolve.com.au relates that the appointment includes related
companies GFS Corporation Aus Pty Ltd and GFS Australasia Pty
Ltd.

Founded in 2009, Global Future Solutions operates in the field of
Bio Remediation and Bio Medics. It produced non-toxic,
economically priced and sustainable antibacterial, antibiotic and
enzyme products.


REEL FEED: First Creditors' Meeting Set For June 22
---------------------------------------------------
Nick Combis and Liyan Tay of Vincents Chartered Accountants were
appointed as administrators of Reel Feed Pty Ltd, trading as Reel
Feed, on June 10, 2016.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34 32 Turbot Street, in
Brisbane, Queensland, on June 22, 2016, at 11:00 a.m.



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


XUZHOU ECONOMIC: Fitch Puts Final 'BB+' Rating to US$300MM Notes
----------------------------------------------------------------
Fitch Ratings has assigned Xuzhou Economic and Technology
Development Zone International Investment Co., Ltd's US$300
million 4.5% notes due 2019 a final rating of 'BB+'. The notes
are unconditionally and irrevocably guaranteed by the issuer's
ultimate parent company, Xuzhou Economic and Technology
Development Zone State-owned Assets Management Co., Ltd. (XETZ,
BB+/Stable).

The offshore notes are rated at the same level as XETZ's Issuer
Default Rating as they represent direct, unconditional, unsecured
and unsubordinated obligations of XETZ. The final rating follows
the receipt of documents confirmation to information already
received and is in line with the expected rating assigned on 6
June 2016.

KEY RATING DRIVERS

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

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

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

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

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

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

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

RATING SENSITIVITIES

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

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

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



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


AADHI VINAYAGA: ICRA Reaffirms B+ Rating on INR8.5cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR3.02 crore (revised from INR3.40 crore) term loan
facilities, INR8.50 crore (revised from INR6.80 crore) fund based
facilities and INR0.48 crore (revised from INR1.80 crore)
proposed facilities of Aadhi Vinayaga Spinners.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term-Term
   Loans                 3.02        [ICRA]B+/reaffirmed

   Long-term-Fund
   based facilities      8.50        [ICRA]B+/reaffirmed

   Long-term-Proposed
   facilities            0.48        [ICRA]B+/ reaffirmed

The rating continues to factor in the significant experience of
the promoter in the spinning industry. The rating also takes into
consideration the improvement in the gearing to 1.5x as on
March 31, 2015 (as against 1.8x previously) on the back of
accruals shoring up the net worth position. The rating is,
however, constrained by the stretched debt metrics owing to the
high dependence on external borrowings to meet working capital
requirements. The ratings are further constrained by the
Company's limited scale of operations which restricts its
financial flexibility and pricing flexibility, given the highly
fragmented structure of the domestic spinning industry. ICRA also
notes that the textile industry is highly competitive due to
overcapacity in the domestic market and vulnerable to competition
from low cost producers in other countries. The rating is further
constrained by the susceptibility of its earnings to fluctuations
in raw material prices. Going forward, the Firm's ability to
improve its revenues and profit margins while efficiently
managing its working capital cycle would be critical to generate
healthy cash flows and thereby improve its credit profile.

Aadhi Vinayaga Spinners was established by Mr. J Rajesh and Mrs.
J Gnanamani as a partnership firm in September 2003. The Firm is
engaged in the manufacture of carded warp yarn in the range of
20's to 60's counts. It also manufactures slub yarn which
contributes to a small portion of the revenues. The Firm's
manufacturing facility is located in Coimbatore (Tamil Nadu) and
operates with a capacity of 14,672 spindles. The Firm has
employee strength of 190 permanent workers and operates on a
three-shift basis. It sells its produce majorly in the markets of
Ichalkaranji and Bhiwandi (Maharashtra), Kolkata and Tirupur
(Tamil Nadu).

Recent Results
AVS reported a net profit of INR0.3 crore on an operating income
of INR36.5 crore for the financial year 2014-15 against a net
profit of INR0.3 crore on an operating income of INR35.7 crore
for the financial year 2013-14.


ADHUNIK POWER: CRISIL Suspends 'B' Rating on INR250MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Adhunik Power Transmission Limited (APTL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       250       CRISIL B/Stable

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

APTL manufactures and supplies galvanised transmission towers,
switchyard structures, telecom towers, and welded structures.
Based in Kolkata, APTL was acquired by Deepak Cables India Ltd
(DCIL) on Nov. 1, 2011; and APTL subsequently became a 100 per
cent subsidiary of DCIL.


AKAL INFORMATION: ICRA Reaffirms 'B+' Rating on INR5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR6.50 crore fund based and non-fund based bank facilities of
Akal Information Systems Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      5.00        [ICRA]B+; Reaffirmed
   Non-Fund Based
   Limits                 1.50        [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the year on year
growth (15%) in the operating income of the company; however, the
scale of operations of the company continues to remain at a
moderate level. The customer concentration for the company
continues to remain high with top 5 customers accounting for
majority of its total sales (65%) in FY2016. ICRA also takes note
of the stretched liquidity position of the company due to delay
in receipt of payments from some of its customers and the
declining profitability of the company as majority of its sales
are in the hardware business. However, the rating favourably
factors in the highly reputed client profile of the company; the
experienced promoters having more than a decade of experience in
the IT industry and the comfortable order book position as on
March 2016. Going forward, the ability of the company to scale up
its operations, improve the liquidity position while maintaining
the profitability and working capital intensity of operations
will be key rating sensitivities.

Akal Information Systems Limited (AISL) was incorporated in
January 2000 by Mr. Sarabjit Singh, Mr. Sukhneet Kaur and Mr.
Ajeet Singh. The company provides IT software, hardware, and
infrastructure and technology support solutions to reputed
clients. Majority of the revenues (~65%) is contributed by
hardware solutions to the domestic clientele. The company also
provides software solutions and tech support to a few USA based
clients. AISL also has a wholly owned subsidiary - Akal
Information System Inc in USA which was setup in 2003 but its
operations are carried out independently.

Recent Result During FY2016, AISL on a provisional basis recorded
a net profit before tax (PBT) of INR0.24 crore on an operating
income of INR21.15 crore, as against a net profit of INR0.14
crore on an operating income of INR18.44 crore in the previous
year.


APOLLO CONVEYOR: CRISIL Assigns 'D' Rating to INR79MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Apollo Conveyor Private Limited (ACPL). The rating
reflects ACPL's delays in servicing its bank facilities, with low
offtake and early stage of operations resulting in weak
liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             79        CRISIL D
   Cash Credit           11.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility    29.5      CRISIL D

Modest scale of operations and exposure to cyclicality in power
and steel industries constrain business risk profile, while
financial risk profile remains weak because of low networth and
high gearing. However, ACPL benefits from healthy profitability
and its promoters' extensive experience in the conveyor belts
industry.

Incorporated in 2010, ACPL manufactures rubber conveyor belts for
industries such as steel, cement, mining, thermal power, and
fertiliser. Promoted and managed by Mr. Pravin Patel and his wife
Mrs. Sangeeta Patel, ACPL is based in Ahmedabad and commenced
commercial operations in October 2013.

Net loss and net sales were INR19.1 million and INR62 million in
2014-15 (refers to financial year, April 1 to March 31) as
against INR18.9 million INR19.3 million in the seven months
through March 2014.


ARC LAMICRAFT: ICRA Suspends 'D' Rating on INR4.60cr Cash Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR7.63 crore
fund based facilities of Arc Lamicraft 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-Cash
   Credit                4.60       [ICRA]D suspended
   Fund Based-CSLPS
   Corporate Loan        1.00       [ICRA]D suspended
   Fund Based-Term
   Loan                  2.03       [ICRA]D suspended

Arc Lamicraft Private Limited was incorporated in the year 2007
by Mr. Mahesh Vadaliya and other family members. ALPL operates
from its plant located at Morbi to manufacture 8" X 4" (with
thickness of 1 mm, 0.9 mm, 0.8 mm and 0.7 mm) size high pressure
decorative laminate sheets with annual capacity to manufacture
8.28 lakh laminate sheets.


ATC FOODS: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ATC Foods
Private Limited's (ATC) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND BB-(suspended)' on the agency's website. The
agency has also migrated ATC's INR650 million fund-based working
capital limits to 'IND BB-(suspended)'/'IND A4+(suspended)' from
IND BB-'/'IND A4+'.

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

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.


AURO GOLD: ICRA Suspends 'D' Rating on INR400cr Loan
----------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR400.00 crore fund based limits of Auro Gold Jewellery
Private Limited. ICRA has also suspended the short-term rating of
[ICRA]D assigned to the INR60.00 crore (sublimit) of fund based
facility, as such the total utilization for fund based limit
should not exceed INR400.00 Crore at any point of usage. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non-cooperation from the company.

Auro Gold Jewellery Pvt. Ltd., incorporated in 1993 is in the
business of manufacturing, exporting, whole selling of non-
branded gold jewellery. It is a family run business; with the
Managing Director Mr. Ritesh Jain, being the third generation in
the business.


BARAH MOULA: Ind-Ra Suspends 'IND D' INR67.5MM Bank Loan Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the rating on
Barah Moula Educational Society's (BMES) INR67.5 million bank
loans to Long-term 'IND D(suspended)' from Long-term 'IND D'.

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

The rating 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 the
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


BETHEL CASHEW: ICRA Suspends B+ Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.00 crore
long term fund based facilities and the [ICRA]A4 rating assigned
to the INR1.00 crore fund based facilities of Bethel Cashew
Company. 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.

Commenced in 1995 as a partnership concern with Mr. Gee Varghese
and Mr. Paul Varghese as partners, Bethel Cashew Company is
primarily engaged in sale of cashew kernels. The firm imports
RCNs from African countries and processes them in its two
manufacturing facilities in Kollam, Kerala, with an aggregate
capacity to process 7,560 metric tonnes (MT) of RCNs per year.
The sales primarily happen to cashew kernel exporters in Kollam
and direct exports go to Dubai, Kuwait and Algeria.


COMET EXPORTS: CRISIL Reaffirms 'B' Rating on INR40MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Comet Exports (Comet)
continue to reflect the firm's working-capital-intensive and
small scale of operations. These rating weaknesses are partially
offset by Comet's established market position in the home
decorative industry and its healthy relationships with customers.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Discounting
   Bill Purchase             36      CRISIL A4 (Reaffirmed)

   Packing Credit            97.7    CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        40.0    CRISIL B/Stable (Reaffirmed)

   Term Loan                  6.3    CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Comet will maintain its business risk
profile over the medium term, supported by its experienced
management and established market position. The outlook may be
revised to 'Positive' if the firm's financial risk profile
improves significantly, most likely because of substantial growth
in its revenue or infusion of capital by its promoters or by
significant improvement in its operations. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
its working capital management or lower-than-expected operating
margin leading to weak debt protection metrics.

Comet, a partnership firm set up in 1996, manufactures home
furnishing articles such as doormats and decorative articles such
as flower vases, lanterns, and wall lamps. The firm manufactures
mats made of materials such as coir, rubber, polyvinyl chloride,
jute, and steel. Comet has two manufacturing units, one in
Alleppey (Kerala) and the other in Moradabad (Uttar Pradesh).


COMET HANDICRAFTS: CRISIL Reaffirms 'B+' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Comet
Handicrafts (Comet) continues to reflect Comet's large working
requirements and the susceptibility of its profitability margins
to fluctuations in foreign exchange rates. These rating
weaknesses are partially offset by Comet's established presence
in the home decorative items industry and its established
relationships with customers.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Credit Limit Under
   Gold Card                20      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit    100     CRISIL B+/Stable (Reaffirmed)

   Foreign Bill Purchase     35     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        45     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Comet will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of substantial or sustained
increase in the firm's profitability margins along with healthy
revenue growth, or significant improvement in its capital
structure backed by better working capital management or sizeable
capital infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability or significant deterioration in its capital
structure, most likely because of large debt-funded capital
expenditure or lengthening of its working capital cycle.

Comet, a partnership firm established in 1996, manufactures home
decorative articles such as flower vases, lanterns, wall lamps,
candle stands, and trays. The firm is promoted by the Agarwal
family and its manufacturing unit is in Moradabad (Uttar
Pradesh).


DAHYABHAI B: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the long term
fund based cash credit facilities of INR4.00 crore1 of Dahyabhai
B Patel. ICRA has also reaffirmed the short term rating of
[ICRA]A4 to the INR5.00 crore bank guarantee of DBP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           4.00         [ICRA]B+ reaffirmed
   Bank Guarantee        5.00         [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account DBP's modest
scale of business and its geographic and sectoral concentration
risks with its operations being limited majorly towards road
construction business in the state of Gujarat. The ratings also
factor in the moderate order book position of INR22.89 crore as
on April 23, 2016 and the high competitive intensity in the
construction space resulting in pressure on the profitability.
The ratings are further constrained by the vulnerability of
profitability to raw material price variations although the same
is mitigated to a large extent on account of presence of price
escalation clause in the contracts however, margins remains
vulnerable in case of actual usage of materials being higher than
those specified in the contract. Further, as DBP is a partnership
firm, any substantial withdrawals by the promoters from its
capital account would impact the capital structure.

ICRA however, has favourably factored in the long track record of
the promoters coupled with firm's status as "AA" class registered
contractor; and the diversified and reputed client base of
companies consisting of government and semi-government
authorities resulting into limited counter-party credit risks.

Going forward, ICRA expects the revenues of the firm to show
moderate growth given moderate orders on hand, though the
profitability may remain under pressure given the high
competitive intensity. The ability of the firm to secure new
orders, execute them in a timely manner while improving its
profitability and improving its working capital cycle remain the
critical from credit perspective.

Vadodara, Gujarat based Dahyabhai B Patel (DBP) was established
in 1982,and is engaged in civil construction business. The firm
is an approved contractor in 'AA' class and 'Special Category I
Building' class from the state government of Gujarat and has
successfully completed various road construction projects majorly
in Gujarat.

Recent Results
For the year ended March 31, 2015, the firm reported an operating
income of INR16.10 crore and profit after tax of INR0.70 crore
against operating income of INR23.84 crore and profit after tax
of INR1.16 crore for the year ended March 31, 2014. For the
financial year FY2016, the firm reported an operating income of
INR20.82 crore and profit after tax of INR1.09 crore during
FY2016 (unaudited provisional financials).


DAZARO ECO: ICRA Suspends 'B' Rating on INR8.86cr Term Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR3.00
crore long term fund based cash credit facilities, INR8.86 crore
term loan facilities and ICRA has also suspended [ICRA]A4 rating
to the INR0.75 crore short term non fund based facilities of
Dazaro Eco Green Private Limited. The suspension follows ICRAs
inability to carry out a rating surveillance due to non
cooperation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Cash
   Credit Limit           3.00        [ICRA]B suspended

   Long Term-Term
   Loan Limit             8.86        [ICRA]B suspended

   Short Term-Bank
   Guarantee              0.75        [ICRA]A4 suspended

DEGPL is a closely held company incorporated in 2013 and has set
up an AAC (Autoclaved Aerated Concrete) blocks manufacturing
plant with installed capacity of 1, 50,000 mtr3 in Pratij,
Gujarat. The company is owned and managed by Mr. Prakash Tated
and Mr. Bhushan Thakkar and Mr.Girdhar Patek along with other
family members. The promoters are engaged in various businesses
through other entities involved in construction; ceramics etc.The
promoters of the company are also associated with "Sapna
Marbles", "Specific Ceramics" & "Narmada Sagar Agri Seeds Private
Limited".


DEE CEE: CRISIL Suspends 'B' Rating on INR60MM Term Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Dee Cee
Hospitalities (DCH).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan       60       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by Code
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Code is yet to
provide adequate information to enable CRISIL to assess Code's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
Set up in 2009 as a partnership firm, DCH is in the hospitality
business and operates a convention centre. Located in T. Nagar,
the popular shopping destination of Chennai, the firm hosts
social as well as corporate events. Its daily activities are
managed by the managing partner, Mr. Chenchaiah.


DHRUV EPC: CRISIL Suspends B- Rating on INR39.2MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Dhruv Epc Solutions Private Limited (DESPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4
   Cash Credit           15        CRISIL B-/Stable
   Letter of Credit      20        CRISIL A4
   Term Loan             39.2      CRISIL B-/Stable

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

Incorporated in January 2010, DESPL is owned and managed by Mr.
Rajesh Dhruv. It is an engineering company engaged in the
designing and fabrication of process equipment. Its major
products include pressure vessels, storage tanks, valves, and
other fabricated process equipment. The company has its
fabrication facilities at Baroda (Gujarat).


DIVEEL COTTON: CRISIL Raises Rating on INR50MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Diveel Cotton Industries (DCI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan        27.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in the firm's business risk
profile driven by increase in scale of operations while
sustaining operating margins at moderate levels. DCI has booked
revenues to the tune of INR288 million for 2015-16, with an
increase of 92 per cent year-on-year. The increase in scale was
largely driven by stabilization of operations, which was started
in November 2014. Over the medium term, CRISIL expects DCI's
operations to be stable and hence a steady growth in scale is
expected while margins are also expected to remain steady at
around 5 per cent. Financial risk profile of the firm is average
with moderate gearing, modest net worth and average debt
protection metrics.

The ratings continue to reflect the firm's average financial risk
profile with moderate gearing, modest net worth and average debt
protection measures, its small scale of operations and
susceptibility to volatility in cotton prices. These weaknesses
are partially mitigated by extensive experience of its promoters
in cotton trading and fund support from promoters.

For arriving at the rating, CRISIL has treated interest-free
unsecured loans of INR38.1 million as neither debt not equity as
they are from promoters and will be retained in the business over
the medium term.
Outlook: Stable

CRISIL believes DCI will continue to benefit from the extensive
experience of partners in the cotton industry. The outlook may be
revised to 'Positive' in case of sizeable increase in cash
accrual while contracting its working capital cycle, leading to
improvement in liquidity profile. Conversely, the outlook may be
revised to 'Negative' in case of elongation of working capital
cycle, large debt funded capital expenditure or less than
expected cash generation leading to deterioration in the
financial risk profile.

DCI was set up in 2014 as a partnership firm by Mr. Pankaj
Agarwal, Mr. Manoj Agarwal, Mr. Sanjay Agarwal, and Mr. Pappu
Agarwal. It gins and presses raw cotton, and sells lint cotton
and cotton seeds. DCI's manufacturing unit is at Sendhwa in
Barwani, Madhya Pradesh. The firm started operations in November
2014.


ELECTRO CIRCUIT: CRISIL Suspends B Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Electro Circuit Systems (ECS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        40        CRISIL A4
   Cash Credit           25        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     7.5      CRISIL B/Stable
   Term Loan              7.5      CRISIL B/Stable

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

ECS was set up in 1988 by Mr. Ranga Rao Yenikapati. The firm
manufactures printed circuit board assemblies, electronic
systems, and sub-systems for the Defence Research and Development
Organisation (DRDO).


FINE WOOD: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Fine Wood
Products Private Limited (FWPPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. A full list of rating actions
is at the end of this commentary.

Ind-Ra has taken a consolidated approach when rating FWPPL, along
with its subsidiary, Fine Ply Myanmar Private Limited (FPMPL). In
2014, the Myanmar Government banned the export of raw timber;
this dented FWPPL's top line. The company then set up a veneer
manufacturing unit in Myanmar under the name FPMPL. FWPPL holds a
60% share in FPMPL and the remaining is held by another sister
concern. To set up this unit, FWPPL has taken a term loan of
INR63m from Export Import Bank of India. FPMPL started commercial
operations in February 2015 and FY16 was the first full year of
operations.

KEY RATING DRIVERS

The ratings reflect FWPPL's moderate credit profile. Consolidated
provisional FY16 financials indicate revenue of INR960m, interest
coverage of 2.4x, net leverage of 2.4x and an EBITDA margin of
8.7%. During FY15, FWPPL's standalone revenue was INR981 million
(FY14: INR846 million), interest coverage was 2.2x (1.8x), net
leverage was 5.9x (10.1x) and operating EBITDA margin was 7.2%
(5.3%).

However, the ratings are supported by the founder promoter Mr.
Ashok Garg's experience of around two decades in the plywood
manufacturing business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and credit
metrics will be positive for the ratings.

Negative: A sustained deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

Set up as a proprietorship firm in 1999 and was reconstituted
into a private limited company in 2008, FWPPL has been founded
and is managed by the Garg family. The company manufactures
plywood and markets its products under the brand 'Fine Ply'. The
company's daily activities are managed by Mr. Ashok Kumar Garg.

FWPPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR50 million fund-based facilities: assigned 'IND BB+';
    Outlook Stable
-- INR350 million non-fund-based facilities: assigned 'IND A4+'


IFMR CAPITAL: ICRA Assigns 'B-(SO)' Rating to INR4.68cr Loan
------------------------------------------------------------
ICRA had assigned Provisional [ICRA]A-(SO) rating, Provisional
[ICRA]BBB-(SO) rating and Provisional [ICRA]B-(SO) rating to
proposed PTC A1, PTC A2 and PTC A3 issuance by IFMR Capital Mosec
Arcturus 2016 backed by micro loan receivables originated by
Chaitanya India Fin Credit Private Limited (Chaitanya), Disha
Microfin Private Limited (Disha), Future Financial Servicess
Private Limited (FFSPL) and S V Creditline Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   PTC Series A1         53.00        [ICRA]A-(SO)
   PTC Series A2          4.34        [ICRA]BBB-(SO)
   PTC Series A3          4.68        [ICRA]B-(SO)

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


J.A.  FOODS: CRISIL Suspends B+ Rating on INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
J.A. Foods (JAF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B+/Stable
   Long Term Loan         6        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    39        CRISIL B+/Stable
   Working Capital
   Demand Loan           30        CRISIL B+/Stable

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

Set up in 1998, JAF mills and processes paddy into rice and
parboiled rice. The firm is promoted by Mr. P Srinivasan and is
based in Pallatur (Tamil Nadu).


JALANDHAR AMRITSAR: Ind-Ra Downgrades Loans to 'IND B-'
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jalandhar
Amritsar Tollways Ltd's (JATL) INR2,118.6 million bank loans to
'IND B-' from 'IND B+'. The Outlook is Stable.

PROJECT PROFILE

JATL is a special purpose company set up to widen, operate, and
maintain a 49km road stretch on the National Highway 1 between
Jalandhar and Amritsar in Punjab. National Highways Authority of
India (NHAI, 'IND AAA'/Stable) has awarded the project to JATL
under a 20-year concession. JATL is wholly owned by IVRCL Ltd.
The project stretch is maintained by IVRCL which has over two
decades of experience in operating toll roads. The project
revenue grew to INR371.06 million in FY16 based on provisional
financials from INR349.41m in FY15. However, the debt service
coverage ratio deteriorated to 0.98x in FY16 from 1.4x in FY15.

KEY RATING DRIVERS

The downgrade reflects JATL's failure to establish adequate debt
service reserves and the deterioration in the project's coverage
metrics due to a spike in expenses. The downgrade also reflects
JATL's inability to undertake the project's major maintenance
according to the timelines envisaged in the restructuring
agreement which elevates the operational risk for the project.

Also, the significant deterioration in the sponsor's financials
in October 2015 ('IND D') raises uncertainty about its overall
commitments towards the project. The sponsor has unconditionally
and irrevocably undertaken to meet the requirement of negative
grants of INR1,840 million payable to NHAI during FY19-FY21 and
to bridge any shortfall in debt service, major maintenance and
meeting O&M expenses. JATL has extended a corporate guarantee to
the lenders of the sponsor which increases its contingent
liability.

JATL's revenue growth was below Ind-Ra's base case projections in
FY16 primarily due to traffic underperformance and a less-than-
expected toll revenue hike because of Wholesale Price Index
contraction. Moreover, the company recorded single-digit revenue
growth of 6% in FY16 compared with the 39% and 48% during FY14-
FY15. Additionally, the INR37.3 million shortfall in the debt
service reserve requirements heightens the credit risk.

JATL has incurred consultancy expenses (apart from the O&M
expenses) in FY16. Ind-Ra has factored in its projections a
suitable annual escalation in O&M expenses and also account for
three major maintenance cycles during the loan tenure.

Although the absence of principal repayment during FY19-FY21
eases out the liquidity stress, given the current revenue
underperformance, the revenue would have to significantly improve
to meet debt service requirements. If this does not happen, the
company's liquidity and coverage ratios would remain weak
necessitating dependence on external support or premium
rescheduling. Given the sole sponsor's deteriorated credit
profile, the probability of continuous support is remote.  The
total debt is amortised in 47 quarterly payments with no
principal repayment during FY19-FY21. Around 84% of the total
debt is scheduled to be repaid in the last five years of the loan
period.

RATING SENSITIVITIES

Positive:  The rating will be upgraded if the revenue and
coverages exceed Ind-Ra's base case estimates on a sustained
basis.


JANTA BREEDING: ICRA Suspends 'B' Rating on INR10cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR10.00 Crore bank
facilities of Janta Breeding Farm. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


JAY MULTTI: CRISIL Suspends B- Rating on INR42.4MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jay Multti Tech (JMT).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable
   Letter of Credit      30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility    42.4      CRISIL B-/Stable
   Term Loan              7.6      CRISIL B-/Stable

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

JMT was established as a partnership firm in 2002 by Mr. V
Manogar and his wife Mrs. M Hemalatha. The firm manufactures
polythene films and polyethylene terephthalate (PET) bottles. Its
day-to-day operations are managed by Mr. V Manogar and his
brother Mr. Chandrasegaran. Its manufacturing facility is in
Villianoor Commune, Puducherry.


JILL MILL: ICRA Suspends B+ Rating on INR3.54cr Term Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR3.54 crore term loan facilities and INR4.00 crore fund
based limits of Jill Mill Non-Woven Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2011 by Mr. Mahavirchand Daga, Mr.
Nishant Daga and Mr. Dharmesh Jain, Jill Mill Non Woven Private
Limited (JMNWPL) is engaged in the manufacturing and marketing of
Polypropylene (PP) non-woven fabric. JMNWPL commissioned a
manufacturing facility in Surat, Gujarat in November 2012, with
an installed capacity to produce 3,000 MTPA of non-woven fabric.
JMNWPL has the capability to manufacture non-woven fabric rolls
ranging from 10 gram per square meter (GSM) to 200 GSM depending
upon the customer requirement. The promoters have longstanding
experience in the textile business through their group companies.


JKG OVERSEAS: CRISIL Assigns 'B' Rating to INR98MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of JKG Overseas Private Limited (JKG).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility    98        CRISIL B/Stable

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

CRISIL believes JKG Overseas Private Limited Company (JKG) will
continue to benefit from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if increase
in revenue and profitability or significant capital infusion lead
to better financial risk profile, particularly capital structure.
The outlook may be revised to 'Negative' in case of weak of
capital structure, lower-than-expected cash accrual, or
substantial debt-funded capital expenditure.

Incorporated in 2014, JKG is engaged in processing and selling of
basmati rice. It is promoted by Nipun Garg, Mayank Garg, Shubham
Garg and Sobir Garg. Its facility is at Tarori, Karnal (Haryana).


KARTIK ELECTRONICS: CRISIL Suspends 'B' Rating on INR46MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kartik Electronics (KE).

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            45         CRISIL B/Stable
   Channel Financing      46         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     34         CRISIL B/Stable

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

KE, promoted and managed by Gohel family, trades in consumer
electronic products. The firm is one of the sole distributors for
select products of Videocon, LG, Godrej, Sansui, Kelvinator, and
Onida in Mumbai and Thane. The Gohel family has been engaged in
the consumer electronic products distribution business since
1977.


KRISHNA AGRO: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Krishna Agro Industries (KAI). The rating
reflects its small scale of operations and its average financial
risk profile. These rating weaknesses are partially offset by its
promoter's extensive industry experience resulting in establish
regional brand presence and moderate operating margins.

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

Outlook: Stable

CRISIL believes KAI will maintain a stable credit risk profile
over the medium term, on the back of the long standing industry
experience of its management. The outlook may be revised to
'Positive' if the firm's revenues and profitability increase
substantially 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 KAI undertakes
aggressive, debt-funded expansions, or if the partners draw
capital from the firm, or if the firm extends significant fund
support to associate entities leading to deterioration in its
financial risk profile.

Set up in 2010, Mysore (Karnataka) based KAI is a partnership
firm engaged in milling and processing of paddy into rice, rice
bran, broken rice and husk). It has an installed paddy milling
capacity of 60 tonnes per day (tpd). The firm caters, primarily
to the open market and sells raw and boiled rice under the
brand - ' Elephant and KKK'.


KRUSHNA INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR9.50 crore cash credit facility of Krushna Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            9.50        [ICRA]B+ Reaffirmed

The rating reaffirmation takes into account the modest scale of
operations coupled with low profitability, stretched capital
structure and weak coverage indicators. The rating also factors
in the vulnerability of profitability to adverse movements in raw
cotton prices which are subject to seasonality and crop harvest;
the regulatory risk with regard to MSP; and firm's low bargaining
power given the limited value addition and highly competitive &
fragmented industry structure due to low entry barriers. Further
the rating considers potential adverse impact on net worth and
gearing levels in case of any substantial withdrawal from capital
accounts given the constitution as a partnership firm.
The rating, however, continues to positively consider the
established track record spanning over 15 years in the cotton
ginning industry and favourable location of the firm's
manufacturing facility in Gujarat giving easy access to raw
material.

Going forward, the operating income of the firm is expected to
witness healthy growth driven by optimum capacity utilisation and
stable demand outlook for cotton and its derivatives; although
the profitability of the firm will remain exposed to any adverse
fluctuations in raw material prices. Further, the firm's ability
to manage its working capital efficiency and improve its capital
structure owing to high working capital requirements would remain
the key rating sensitivities.

Established in 1995 as a partnership firm, Krushna Industries
(KI) is engaged in cotton ginning and pressing to produce cotton
bales and cottonseeds and in trading of raw cotton. The firm's
manufacturing facility located in Rajkot, Gujarat is equipped
with 20 ginning machines and a semi-automatic hydraulic press
with an installed capacity of 14206 bales of ginned cotton and
4400 MT of cottonseeds per annum. KI is currently managed by Mr.
Kalabhai Makwana and Mr. Bhaveshbhai Makwana.

Recent Results
During FY2015, KI reported an operating income of INR45.60 crore
and profit after tax of INR0.19 crore as against an operating
income of INR40.11 crore and profit after tax of INR0.17 crore in
FY2014. Further, during FY2016 KI reported an operating income of
INR50.43 crore and profit before tax of INR0.21 crore (as per
unaudited provisional financial).


LEON FOOD: CRISIL Raises Rating on INR30MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded the ratings on bank facilities of Leon Food
Products Private Limited (Leon) to 'CRISIL B+/Stable' from
'CRISIL B/Stable,' while reaffirming the short-term facilities at
'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       2.5        CRISIL A4 (Reaffirmed)

   Cash Credit         30          CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit    15          CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   2.5        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan          75           CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile,
driven by substantial and sustained increase in scale of
operations and profitability. The upgrade also reflects sizeable
improvement in networth and debt protection metrics, which has
enhanced financial flexibility and strengthened the capital
structure.

Revenue is likely to register compounded annual growth of 93
percent over 2013-14 (refers to financial year, April 1 to
March 31) to 2015-16, while the operating margin remains around
17.4-17.7 percent. Revenue is expected to grow 70 percent year-
on-year in 2016-17, supported by healthy order inflow.

Networth rose to INR63 million as on March 31, 2016, from INR12
million as on March 31, 2015, backed by accretion to reserve.
Gearing improved significantly to 1.5 times in 2015-16, from 6.5
times in 2014-15, while debt protection metrics remain
comfortable, with interest coverage ratio of 2.6 times in 2015-
16. Steady cash accrual and absence of debt-funded capital
expenditure (capex) plans should further strengthen the financial
risk profile.

The ratings continue to reflect the modest scale of operations,
amid intense competition in the fruit-processing business, large
working capital requirement, and small networth limiting
financial flexibility. These weaknesses are mitigated by the
extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes the company will continue to benefit over the
medium term from the extensive industry experience of promoters
and a healthy order book. The outlook may be revised to
'Positive' on substantial and sustained growth in profit margin
and revenue or significant increase in networth, backed by
sizeable equity infusion from promoters. The outlook may be
revised to 'Negative' if the operating profit margin declines
steeply or if a large, debt-funded capex or stretched working
capital cycle weakens the capital structure.

The company was incorporated in 2009 in Chittoor (Andhra Pradesh)
by Mr. Lokadra Naidu.  It manufactures and sells fruit pulp and
concentrates.


LOGIX SOFT-TEL: ICRA Assigns B+ Rating to INR400cr Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the
INR400.00 crore proposed NCD issuance of Logix Soft-Tel Private
Limited.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Proposed NCD issuance    400.00        [ICRA] B+ assigned

ICRA's rating favourably factors in the track record of LSTPL's
promoters who have more than a decade of experience in the real
estate business in the Noida micro-market and the low approval
risk for the on-going projects2 of the company. The rating also
derives comfort from the fact that surplus cash flows of eight
projects, including both residential and commercial properties,
are to be used to meet the repayment obligations for the above
NCD, which considerably mitigates the risk of project
concentration. This apart, the rating factors in the presence of
an escrow and waterfall mechanism along with a defined end use of
the proceeds, as well as a favourable repayment schedule, which
includes one year interest moratorium and principal moratorium of
two years.

The rating is however, constrained on account of the nascent
stage of development of some of the projects, whose surplus cash
flows are ear marked for servicing the NCDs, resulting in market
and execution risks for LSTPL. Further, LSTPL remains exposed to
the cyclicality inherent to the real estate sector and the
current weak demand scenario, exacerbated by the oversupply
situation in Noida. While other group entities have availed debt
for project execution, LSTPL being the holding company of the
group has also extended corporate guarantees to various group
entities. The rating is also constrained by the presence of a
cross default clause in the NCD term-sheet. Given this clause, it
is critical for all the group entities to efficiently manage
cash-flows so as to service their debt on time.

The company's ability to execute the projects as planned and
achieve healthy sales bookings and collections so as to ramp up
its cash-flows for meeting the NCD obligations will be the key
rating sensitivities.

LSTPL is the holding company for the Logix Group, which has
delivered a built up area of more than 4 million sq.ft in the
past in Noida, Uttar Pradesh. Mr. Shakti Nath, who along with his
wife and son, directly or indirectly holds a majority share in
all the group entities, other than the one Joint Venture (JV)
included within this NCD transaction, is the promoter of the
group. The main operations of LSTPL involve operations of the
leased commercial space in Sector-16, Noida called 'Logix Park'.
The Logix Group is primarily in the business of developing real
estate (both residential and commercial), and generally each
individual project is executed in a separate, project specific
entity.

LSTPL proposes to issue NCDs of INR400 crore to an identified
investor to fund the execution of its ongoing projects, including
land payments to Noida Authority. The repayment is spread over
five years, which includes an interest moratorium of one year and
principal moratorium of two years.


MAHALATSHMI EDUCATIONAL: CRISIL Suspends B Rating on INR110M Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Mahalatshmi Educational Charitable Trust (MECT).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             110       CRISIL B/Stable

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

Set up in 2003, MECT runs a degree college and a business school
in Vellore (Tamil Nadu), affiliated to Tiruvallur University. The
trust is presently undertaking renovation at its campus entailing
construction of an admin and an academic block. MECT is managed
by the managing trustee, Mr. K.B.Baskaran.


MAK PLYWOOD: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mak Plywood Industries Private Limited (MPIPL).

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Cash Credit                  120      CRISIL B/Stable
   Foreign Letter of Credit      60      CRISIL A4

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

MPIPL was set up in April 2011 by Mr. Abdul Muneer as a
proprietary concern. The firm was reconstituted as MPIPL in 2013-
14. The company manufactures veneer, different varieties of
plywood, block doors, and plush doors.


MARUTI STRIPS: CRISIL Suspends 'C' Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maruti Strips And Ferro Alloys Private Limited (MSFAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           100       CRISIL C
   Letter of Credit      650       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    150       CRISIL C

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

MSFAPL is a Pune based company incorporated in April 2008 by Mr.
Yogesh Saraswate and his brother Mr. Shailesh Saraswate. The
company was setup to take over the business of proprietorship
entity called Maruti Strips & Ferro Alloys. The company is
engaged in the trading of HR coils and scrap.


MASTER BUSINESS: CRISIL Suspends 'B' Rating on INR130MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Master Business Enterprises (MBE).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          130        CRISIL B/Stable
   Letter of Credit      20        CRISIL A4

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

Set up in 1999 as a partnership entity by Mr.Sudhakar and his
brother Mr.Radhakrishnan, MBE is involved in trading of steel
products at Visakhapatnam (Andhra Pradesh).


NARAYANADRI HOSPITALS: Ind-Ra Assigns 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narayanadri
Hospitals and Research Institute Private Limited (NHRIPL) a Long-
Term Issuer Rating of 'IND B'. The Outlook is Stable. A full list
of rating actions is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect NHRIPL's small scale of operations, weak
credit profile, and short operational record. The hospital
started operating in October 2014. Unaudited FY16 financial
statements indicate revenue of INR162m (FY15: INR53m) with net
leverage of 6.5x (21.0x) and interest coverage of 1.5x (0.9x).

The ratings factor in the company's comfortable liquidity
position with average working capital use being around 80% over
the 12 months ended April 2016.

The ratings are supported by the over five decades of combined
experience of the company's promoters in the health care industry
and the locational advantage of its multi-specialty hospital. The
hospital is located at Renigunta Road, Tirupati.

RATING SENSITIVITIES

Positive: Substantial growth in the top line leading to a
sustained improvement in the credit metrics will lead to a
positive rating action.

Negative: Failure to ramp up operations as expected resulting in
sustained deterioration in the credit profile will lead to a
negative rating action.
COMPANY PROFILE

Incorporated in 2010, NHRIPL is a multi-specialty hospital
located in Tirupati. NHRIPL is operating with 250 beds at full
occupancy. It provides orthopaedics, urology, neurology, and
cardiology services.

NHRIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B'/Stable
-- INR19.5 million fund-based working facilities: assigned 'IND
    B'/Stable/'IND A4'
-- INR104.1 million long-term loans: assigned 'IND B'/Stable


NIAT METAL: CRISIL Suspends 'B+' Rating on INR24MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Niat Metal & Commodities Private Limited (NMCPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting
   under Letter of
   Credit                  5       CRISIL A4
   Cash Credit            20       CRISIL B+/Stable
   Overdraft Facility      1       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     24       CRISIL B+/Stable

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

NMCPL was incorporated in 2013 and is engaged in trading of steel
related products. The company imports and exports steel related
products and is managed by Mr. Atul Dudhe.


NORTHERN ELECTRIC: CRISIL Reaffirms B+ Rating on INR64MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Northern Electric
Cables Private Limited (NECPL) continue to reflect a weak
financial risk profile because of a high total outside
liabilities to tangible net worth ratio (TOLTNW) and subdued debt
protection metrics, and working capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of its promoters in trading in electrical goods.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             64       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      46       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes NECPL will continue to benefit over the medium
term from the industry experience of its promoters. However, its
financial risk profile would remain constrained over this period
on account of a high TOLTNW ratio and weak debt protection
metrics. The outlook may be revised to 'Positive' in case of an
improvement in the capital structure, and if its revenue and
profitability increase significantly. Conversely, the outlook may
be revised to 'Negative' in case of a decline in revenue and
profitability, leading to reduction in cash accrual, or large
debt-funded capital expenditure (capex), adversely affecting the
capital structure .

Update
Net profit and net sales are estimated at around INR3.1 million
and INR570 million, respectively, for 2015-16 (refers to
financial year, April 1 to March 31), a marginal decline from
INR3.4 million and INR598 million, respectively, in 2014-15. The
decline was on account of average realisation prices and sluggish
market conditions. Net profit and net sales are expected to
remain in the range of INR3.0-4.5 million and INR570-650 million
respectively, over the medium term. Operating margin is expected
to remain modest at 3.5- 4.0 per cent over this period.

The capital structure is weak with networth and TOLTNW ratio
estimated at around INR32 million and 4.94 times, respectively,
as on March 31, 2016, and are expected to remain weak over the
medium term owing to modest accretion to reserves. Debt
protection metrics were subdued, with interest coverage ratio at
1.30-1.50 times and net cash accrual to adjusted debt ratio at
0.03-0.05 time in 2015-16; the ratios are expected to remain
similar over the medium term.

Operations are working capital intensive in nature as indicated
by gross current assets of 110-120 days as on March 31, 2016.
Month-end bank line utilisation has been at 70 percent during the
nine months through December 2015. However, liquidity is
adequate, with cash accrual for 2015-16 estimated at around INR4
million, against term debt repayment obligation of INR0.45
million. Liquidity is also supported by the absence of any debt-
funded capex plans over the medium term. Moreover, promoters have
extended unsecured loans of around INR38 million in 2014-15.

Profit after tax (PAT) was around INR3.1 million on net sales of
INR570 million in 2015-16, against PAT of INR3.4 million on net
sales of INR598.4 million in 2014-15.

NECPL was set up in 2000 by Mr. Amit Maggo, Mr. Kapil Maggo,
Mr.Ginni Maggo, Mr. Azad Kumar Maggo, and Mr. Subhash Chander.
The company trades in industrial electrical equipment such as
wires, cables, and related products; it mainly caters to the
construction industry. The company's headquarters are in Delhi.


PALMETTO INDUSTRIES: ICRA Suspends D Rating on INR4cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D outstanding on
the INR4.00 crore fund based limits of Palmetto Industries
(India) Private Limited. ICRA has also suspended the short-term
rating of [ICRA]D outstanding on the INR12.00 crore fund-based
and non-fund based limits of the company. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.

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


PLASMA METAL: ICRA Assigns 'B' Rating to INR35cr Term Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR35.00
crore term loan facility of Plasma Metal Processing Pvt. Ltd.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             35.00        [ICRA]B; assigned

The assigned rating takes into account Plasma Metal Processing
Pvt. Ltd's. (PMP/company) nascent stage of operations given the
fact that the company is yet to commence operations, and only 15%
of the estimated project cost has been incurred as on March 30,
2016. Furthermore, ICRA factors in the high execution risk in the
project, given the ongoing time and cost overruns in the
commencement of the project. The rating also factors in the
company's high dependence on a single customer i.e. Tata Steel
Limited (TSL) to ramp up its scale of operations which will be
critical to generate adequate cash accruals to timely meet the
scheduled debt obligations in the short term. The rating also
takes into consideration the vulnerability of the company's
margins to fluctuations in the prices of its key raw materials
like steel and zinc; although formula based pricing structure
partially offsets this risk, limited value addition in its
business and the intense competition due to the fragmented nature
of the industry.

The rating, however, draws comfort from the vast experience of
the promoters in the field of metal coating and wire drawing.
Also, despite the company's limited operational track record, its
affiliation to group companies engaged in a similar line of
business provides marketing support and other operational
synergies in terms of access to an already established client
base.

ICRA expects PMP's operations to commence from April 2017 whereby
the plant is expected operate at an optimum level of installed
capacity in anticipation of healthy order inflow from its sole
customer i.e. TSL. However, high dependence on external
borrowings is expected to keep the company's capital structure
under pressure over the short term.

In the near term, the company's ability to ramp up the scale of
operations backed by optimum utilization of installed capacity
will be critical for improvement in profit metrics. Also,
generating adequate cash accruals in the business will be
critical for timely servicing debt obligation and hence will be
the key rating sensitivities.

Plasma Metal Processing Pvt. Ltd. (PMP) was established in 2011
and will be engaged in the business of plasma cleaning and
coating of rebars, wire rods and wires. Directors, Mr.
Krishnakant Tekriwal, Mr. Shreekant Tekriwal and Mr. Rishikant
Tekriwal who have experience in the metal cleaning and metal
coating processes, and are involved in the steel long products
processing industry, manage the company. The factory is located
in Butibori, MIDC, Nagpur. PMP has two group companies namely
Triveni Wires Pvt. Ltd. and Tensile Wires Pvt. Ltd., which are
engaged in a similar line of business.


POLYCHEM EXPORTS: CRISIL Cuts Rating on INR110MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Polychem Exports (PE) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Inland/Import
   Letter of Credit      130       CRISIL A4 (Reaffirmed)

The rating downgrade reflects stretch in PE's business and
financial risk profiles marked by deterioration in its operating
profitability and stretched capital structure. The firm's
profitability declined sharply to 2.4 per cent in 2014-15 against
4.1 per cent in the previous year. The decline was led by
commencement of yarn trading operations which is a low value
added business and hence fetched lower realisation. The rating
also reflects stretch in the firm's financial risk profile led by
deterioration in TOL/TNW. The firm's net worth is expected to be
modest at INR30 million to INR40 million over the medium term.
Against this, the firm's debt is expected to increase to INR100
million to INR110 million over the same period. This may lead to
a leveraged capital structure with TOL/TNW at 9-12 times over
medium term. CRISIL believes that the firm's financial profile
will remain stretched on account of a modest net worth, stretched
working capital cycle and highly leveraged capital structure.

The ratings continue to reflect PE's modest scale of operations
in the highly fragmented chemical trading industry and working
capital-intensive operations. The ratings also factor in the
below-average financial risk profile because of modest net worth,
high gearing and subdued debt protection metrics. These
weaknesses are mitigated by the partners' extensive experience in
the textile dyes and chemicals manufacturing and trading
industry.
Outlook: Stable

CRISIL believes PE will benefit over the medium term from its
partners' extensive industry experience. The outlook may be
revised to 'Positive' if higher-than-expected revenue is
generated, with stable profitability and improved capital
structure. Conversely, the outlook may be revised to 'Negative'
if the revenue or margins decline or the working capital cycle
stretches or any large, debt-funded capital expenditure is
undertaken, thereby weakening the financial risk profile.

PE was established in 1994 as a partnership firm by Mr. Brijlal
Bhatia and his family. The firm trades in textile dyes and
chemicals and its administrative office is located in Surat
(Gujarat).


PRECISION AUTO: ICRA Suspends B+/A4 Rating on INR19cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 rating for the INR19.00 Crore
bank facilities of Precision Auto Engineers. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


PRESSURE VESSELS: CRISIL Reaffirms 'B+' Rating on INR70.9MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pressure Vessels India
(PVI) continue to reflect the firm's modest scale of operations
and large working capital requirement in the fragmented
engineering and capital goods industry. The ratings also factor
in below-average financial risk profile because of small networth
and leveraged capital structure. These weaknesses are partially
offset by its promoters' extensive industry experience and
established relationships with reputed customers.
                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      80          CRISIL A4 (Reaffirmed)

   Cash Credit         70.9        CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit    12          CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.5        CRISIL B+/Stable (Reaffirmed)

   Term Loan            5.6        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PVI will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the firm records significant and sustained
revenue growth while maintaining healthy profitability, leading
to high cash accrual. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens on account of low cash accrual or stretch in working
capital cycle or unanticipated debt-funded capital expenditure.

Update
Revenue is estimated at INR100 million in 2015-16 (refers to
financial year, April 1 to March 31), against INR96 million in
2014-15. Operating margin is estimated at 21.5 percent against
20.5 percent. The operating margin is expected to remain healthy
over the medium term, backed by the promoters' extensive industry
experience and technical expertise, while revenue is expected to
grow on account of orders of INR270 million as on March 31, 2016.

The financial risk profile remains below average because of
estimated small networth of INR33.6 million and high gearing of 2
times as on March 31, 2016, and subdued interest coverage ratio
of 1.9 times and net cash accrual to adjusted debt ratio of 0.13
times for 2015-16. Liquidity remains moderate cash accrual is
expected at INR20 million in 2016-17, against term loan
obligation of INR7.4 million. Large working capital requirement
kept bank line utilisation high, at 85 percent over the six
months through February 2016. Partners infused capital of INR2.5
million in 2015-16 to support liquidity.

PVI, established in 1986, undertakes fabrication work for heavy
industrial equipment such as pressure vessels, heat exchangers,
distillation columns, and other allied equipment. It is a
partnership firm promoted by Mr. Shyam Joshi and Mrs. Vandana
Shyam Joshi, and its manufacturing facilities are in Pune,
Maharashtra.


PRUDHVI CONSTRUCTIONS: ICRA Assigns B+ Rating to INR6.0cr Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR6.00
crore1 cash credit limits and INR2.00 crore unallocated limits of
Prudhvi Constructions Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           6.00         [ICRA]B+ assigned
   Unallocated Limits    2.00         [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations coupled with high geographic concentration of the
revenues with majority of the projects executed in and around
Guntur district. The rating also remains constrained by the
company's exposure to high customer concentration with a single
entity accounting for about ~90% of the total unexecuted order
book of INR52.55 crores. ICRA also takes note of the delays in
the execution of certain contracts owing to delay in hand-over of
land by the government entities.

The assigned ratings, however, consider the long standing
experience of PCPL's promoters in the field of civil construction
and its established presence in the construction industry. ICRA
draws comfort from the outstanding order book size of INR52.55
crores as on 31st January, 2016 with order book/OI ratio of 1.54x
times which provides revenue visibility in the medium term.
Going forward, ability of the company to improve its scale of
operations with regular order inflow and timely execution of
orders on hand, receive regular payments without substantial
delays from its clients and maintain its profitability and
capital structure would be the key rating sensitivities.

PCPL was incorporated as a private limited company in February
2008 which started operations during FY 10. The company is
engaged in civil contract works like building construction, road
repairs, etc. PCPL has been participating in the tenders for
construction works within the Guntur district from agencies like
S&E (Rural Works) and NHAI.

Recent Result
According to audited FY2014 results, PCPL recorded an operating
income of INR34.02 crore with a net profit of INR0.89 crore. As
per audited FY2015 results, PCPL recorded an operating income of
INR34.07 crore with a net profit of INR0.81 crore.


PUNEET LABORATORIES: CRISIL Suspends B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Puneet Laboratories Private Limited (PLPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B+/Stable
   Term Loan             60        CRISIL B+/Stable

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

PLPL was incorporated in Mumbai in 1986 by the late Mr. Lalit
Raizada. The company provides solutions from the concept stage to
the final product, to pharmaceutical  companies like Zydus Cadila
Healthcare, Sanofi Aventis and Micro Labs. Ms. Sunila Raizada,
Ms. Priyanka Raizada and Mr. Puneet Raizada, the family members
of late Mr. Lalit Raizada, manage PLPL's operations.


PURPLE CREATIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Purple
Creations Private Limited's (PCPL) '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 PCPL.

Ind-Ra suspended PCPL's ratings on 14 August 2015.

PCPL's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating
    withdrawn
-- INR33.6 million long-term loans: Long-term
    'IND D(suspended)'; rating withdrawn
-- INR50 million fund-based limit: Long-term 'IND D(suspended)';
    rating withdrawn


PURVI METALS: ICRA Suspends B+/A4 Rating on INR15.0cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR15.00 crore
fund-based and non-fund based limits of Purvi Metals Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in year 2011 by Mr. Brijesh Singh, Purvi Metal
Private Limited is engaged in the steel trading business. The
company buys its steel coils from manufacturers in bulk and
supplies the required quantum to its customers throughout India.
The promoters have been engaged in steel trading for over two
decades, through their associate concerns and have an
understanding of the steel industry.


RADIANT PLASTRUDERS: ICRA Reaffirms 'B' Rating on INR5.44cr Loan
----------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned of [ICRA]B to
the fund based limits aggregating to INR5.44 crore of Radiant
Plastruders (I) Private Limited. ICRA has also re-affirmed short
term rating of [ICRA]A4 to the fund based facilities aggregating
to INR1.00 crore of RPIPL.

The re-affirmation of ratings takes into account RPIPL's weak
financial profile characterized by low profitability from
operations, moderate capacity utilisation levels and small scale
of operations. The ratings also factor in the highly competitive
business environment the company operates in on account of the
fragmented industry structure, with limited entry barriers. The
ratings also take into consideration RPIPL's low bargaining power
with suppliers, it high customer concentration risks and
vulnerability of profitability margins to adverse fluctuations in
raw material costs. The ratings, however, favourably take into
account the experience of the management in manufacturing of
flexible packaging material and the favourable domestic demand
outlook.

Radiant Plastruders (I) Private Limited (RPIPL) was incorporated
in the year 1994 by Mr. Hasmukh Anandpara and is currently
engaged in the manufacturing of flexible packaging material. The
promoters initially started the operations with manufacturing of
plastic bags, which was discontinued in year 2014. The company is
a subsidiary of Radiant Organics Private Limited (rated ICRA BB
(Stable/[ICRA] A4), which is engaged in the trading of chemicals,
inks and adhesives. RPIPL has a manufacturing facility based in
Daman and is currently operating the facility at around 50%
utilisation level.

Recent Results
For FY 2015, the company reported profit after tax of INR0.11
crore on an operating income of INR33.2 crore. For 9M FY 2016,
ROPL reported profit after tax of INR0.09 crore on an operating
income of INR25.2 crore (provisional).


SAGAR METALLICS: ICRA Suspends B/A4 Rating on INR14.96cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR14.96 Crore bank facility of Sagar Metallics Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


SAI BALAJI: CRISIL Lowers Rating on INR27.5MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sai Balaji Paraboiled Rice Mill (SBP) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', while reaffirming its rating on the
short-term facility at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          22.6       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Letter of Credit      2.5       CRISIL A4 (Reaffirmed)

   Term Loan            27.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the business risk
profile of the company, driven by a decline in scale of
operations and elongation in its working capital cycle. The
downgrade also reflects stretch in liquidity on account of
decline in cash accruals. The firm's revenue is estimated to have
decreased to INR156 million in 2015-16 (refers to financial year,
April 1 to March 31) from INR216 million in 2014-15. The de-
growth was on account of decline in off-take from Food
Corporation of India [FCI; rated CRISIL AAA(SO)/Stable] from
September 2015. SBP's working capital cycle has also increased,
as reflected in the increase in its gross current asset days to
68 days as on March 31, 2016 from 52 days as on March 31, 2015;
the same is on account of increase in inventory days to 44 days
from 30 days over the same period.

Decline in revenues and stretch in working capital has led to
stretch in SBP's liquidity; its net cash accruals are expected to
tightly match the debt repayment obligations. CRISIL believes
that the accruals will continue to tightly match the maturing
debt repayment obligation over the medium term.

The ratings reflect a modest scale of operations in the intensely
competitive rice milling industry, susceptibility of
profitability margins to volatility in paddy prices,
vulnerability of operations to regulatory changes, and a small
networth, limiting financial flexibility. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the rice milling industry, and efficient working capital
management.
Outlook: Stable

CRISIL believes SBP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm registers a
sustained increase in its scale of operations and profitability
margins, or if there is a substantial increase in its net worth
on the back of sizeable capital additions by its partners.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in SBP's profitability margins, or significant
deterioration in its capital structure caused most likely by
large debt-funded capital expenditure or stretch in working
capital cycle.

SBP was set up in June 2011 as a partnership firm. It mills and
processes paddy into rice; it also generates by-products, such as
broken rice, bran, and husk. Its rice mill is located in
Mahbubnagar district, Telangana. The firm is managed by nine
partners comprising Mr. K Kannaiah Setty and his family members.


SANSKARA CONBUILD: ICRA Suspends B+ Rating on INR30cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR30.00
crore limits of Sanskara Conbuild Private Limited. The suspension
follows ICRAs inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sanskara Conbuild Private Limited was established in November
2011 and is engaged in the construction of residential and
commercial spaces in Rajkot, Gujarat. The promoters of Sanskara
have a long experience and track record in real estate industry,
and belong to three Rajkot based reputed real estate groups
namely Kelviper Reality Pvt. Ltd. (Formerly known as Copper
Group); J K Realty Group and D&I Group.


SHILPI FLOCKING: ICRA Suspends B+/A4 Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR15.00 crore
fund-based and non-fund based limits of Shilpi Flocking Co
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Shilpi Flocking Co. Pvt. Ltd. was taken over by Mr. Rangbahadur
Singh in 1989 for trading in steel products. Subsequently in
1994, Mr. Brijesh Singh, son of Mr Rangbahadur Singh joined the
business and continues to manage the operations till date. The
company has also set up steel processing facility in Kalamboli, ,
which is equipped with Decoiling levelling, shearing, Cut-to-
Length (CTL) machinery with an installed production capacity of
30,000 MT per annum.


SHREE DATT: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has assigned Shree Datt Aquaculture
Farms Private Limited (Shree Datt) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Shree Datt's moderate credit profile.
According to provisional FY16 financials the company's revenue
was INR1,584m (FY15: INR1,139m; FY14: INR1,344m) with net
leverage (Ind-Ra adjusted net debt/Operating EBITDAR) of 6.0x
(5.0x, 5.5x) and interest coverage (operating EBITDA/gross
interest expense) of 2.5x (1.5x, 1.6x); There was a decline in
FY15 revenue  on account of a fall in the shrimp prices which
prompted the company to go slow on exports.

The ratings also reflect the company's volatile operating EBITDA
margins 4.4%-6.6% over FY12-FY16 due to the price fluctuations in
the global shrimp market.

The ratings factor in the company's tight liquidity position. It
fully utilised its working capital limits during the 12 months
ended April 2016.

The ratings are constrained by the inherent vulnerability of the
seafood industry to disease and viral attacks. The ratings are
further constrained by the competition and currency fluctuations.

The ratings, however, are supported by 18 years of operating
experience of the company's promoter in the aquaculture business.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue with an
improvement in the credit metrics could lead to a positive rating
action.

Negative: A decline in the revenue leading to deterioration in
the overall credit metrics could lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 2003, Shree Datt is engaged in the rearing,
processing and export of various seafood such as frozen shrimps
or prawns, aquaculture black tiger shrimp, lobsters, silver
pomfret, frozen aquaculture shrimp etc. The company has a
processing unit in Billimora, Gujarat, with an annual installed
capacity of 19,880 tonnes and 560 tonnes for processing sea foods
and cold storage, respectively.

Shree Datt's ratings:

-- Long Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR9.7 million long-term loan: assigned 'IND BB+'/Stable
-- INR315.9 million fund-based working capital facilities:
    assigned 'IND BB+'/Stable/ 'IND A4+'
-- INR1 million non-fund-based facilities: assigned 'IND A4+'


SHRI JUGLA: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shri Jugla
Enterprises Private Limited's (SJEPL) 'IND B(suspended)' Long-
Term Issuer Rating. The agency has also withdrawn SJEPL's INR49m
fund-based working capital limits' 'IND B(suspended)' rating.

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

Ind-Ra suspended SJEPL`s ratings on 3 July 2015.


SHRI RAMSWAROOP: Ind-Ra Cuts INR532.7MM Loan Rating to 'IND D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the Long-term
'IND B+' ratings on Shri Ramswaroop Memorial Charitable Trust's
(SRMCT) INR532.7 million term loans and INR120 million working
capital loans to 'IND D'. The Outlook was Stable. The agency has
also assigned SRMCT's proposed INR653 million term loan a Long-
term 'Provisional IND D' rating.

KEY RATING DRIVERS

The ratings reflect SRMCT's tight liquidity, leading to delays in
debt servicing during the five months ended May 2016. The issuer
has not shared its latest financial details.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in May 2010, SRMCT has Shri Ramswaroop Memorial
University under its aegis. Spread across 52.46 acres, the
university was established under the Uttar Pradesh State
Government Act 1 of 2012. It offers a range of undergraduate,
postgraduate and doctoral programs in engineering, computer
applications, management and arts. It also offers polytechnic
courses.


SIDDHI VINAYAK: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Siddhi Vinayak
Enterprises (SVE) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The agency has also assigned SVE's INR45
million fund-based working capital limits a Long-term 'IND B'
rating with a Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect SVE's short operational track record and
small scale of operations. The firm commenced operations in July
2015 and earned overall revenue of INR218.89m during its first
nine months of operations.

The ratings factor in SVE's weak credit profile and margins
marked by interest coverage (operating EBITDA/gross interest
expense) of 1.15x, net leverage (total adjusted net
debt/operating EBITDAR) of 16.59x and EBITDA margins of 1.18%
during July 2015-March 2016.

The liquidity of the firm is moderate as evident from average
utilisation of the fund-based working capital limit of 90% during
the 10 months ended April 2016.

The ratings, however, are supported by around three decades of
experience of the firm's founder in the coal trading industry.

RATING SENSITIVITIES

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

Positive: A substantial improvement in the scale of operations
leading to improved credit metrics will be positive for the
ratings.

COMPANY PROFILE

SVE was established as a proprietorship concern in June 2015 by
Mr. Mahendra Nath Singh. The firm is engaged in the coal trading
business wherein it purchases coal directly from coal mines in
Jharkhand and sell the same to dealers and distributor situated
in Uttar Pradesh and nearby areas.


SRINIVASAN CHARITABLE: Ind-Ra Suspends 'IND D' Facilities Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND D'
rating on Srinivasan Charitable & Educational Trust's (SCET)
INR2,250 million bank loans to the suspended category. The rating
will now appear as 'IND D(suspended)' on the agency's website.

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

The rating 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 the
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


SRINIVASAN HEALTH: Ind-Ra Suspends 'IND D' Bank Loans Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srinivasan
Health & Educational Trust's (SHET) INR1,051.6 million bank loans
to Long-term 'IND D(suspended)' from 'IND D'.

The rating has been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SHET's bank loans.

The rating 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 the
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


SUBHASH STONE: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Subhash Stone Industries Private Limited (SSIPL) and
has assigned its 'CRISIL B/Stable' rating to the company's bank
facilities. CRISIL had earlier, on July 28, 2014, suspended the
ratings as SSIPL had not provided the necessary information
required for a rating review. The company has now shared the
requisite information, enabling CRISIL to assign a rating to the
company's bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            90       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The rating reflects the modest scale of operations, which are
also working capital intensive. The company needs to stock large
inventory as raw material is available only on a seasonal basis
in the highly fragmented stone-crushing industry. These
weaknesses are partially offset by proximity to the source of raw
material, the Gaula River (Uttrakhand) and the company's above-
average financial risk profile, marked by moderate debt
protection metrics.
Outlook: Stable

CRISIL believes the company will benefit over the medium term
from easier access to raw material. The outlook may be revised to
'Positive' on substantial growth in scale of operations and cash
accrual along with improvement in working capital cycle. The
outlook may be revised to 'Negative' if a decline in revenue and
profitability, stretched working capital cycle or any major debt-
funded capital expenditure weakens the financial risk profile.

Incorporated in 1995, SSIPL is engaged in stone crushing
activities at Haldwani, Uttrakhand. The company procures stone
from the quarry of the Gaula river bed. The key promoters, Mr.
Subhash Chand, Mr. Suresh Chand and Mr. Ajay Kumar, oversee the
daily operations.


SUCHI FASTENERS: CRISIL Suspends 'C' Rating on INR51.1MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Suchi Fasteners Private Limited (SFPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4
   Cash Credit          49         CRISIL C
   Letter of Credit     85         CRISIL A4
   Proposed Long Term
   Bank Loan Facility   51.1       CRISIL C
   Working Capital
   Term Loan             2.7       CRISIL C

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

SFPL is a manufacturer and exporter of stainless steel washers,
fasteners, nuts, and bolts. The products find application in a
wide range of industries, including automobile, aerospace, power,
infrastructure and furniture. Its manufacturing unit is in Dabhoi
(Gujarat).


SUPRSUPREME COATED: CRISIL Suspends 'D' Rating on INR85MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
SuprSupreme Coated Board Mills Private Limited (SCBM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         85       CRISIL D

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

Sivakasi-based SCBM was set up in 2003 by Ms. M Tangeswari and
her family. It commenced commercial operations in 2005. It
manufactures white coated boards, which are used in the
matchstick, firework, notebook, and packaging industries, among
others.


SURANA ORGANICS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Surana
Organics (SO).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            35      CRISIL B+/Stable
   Inland/Import
   Letter of Credit       15      CRISIL A4
   Proposed Long Term
   Bank Loan Facility     30      CRISIL B+/Stable

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

SO was established in 2002 by Mr. Vikram Surana as his
proprietorship firm. It is engaged in trading of a variety of
solvents and chemical intermediates.


TAPTI AGRO: ICRA Assigns 'B' Rating to INR10cr Term Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.00
crore proposed term loan of Tapti Agro Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Proposed Term Loan    10.00        [ICRA]B (Assigned)

The rating assigned is constrained by implementation risks
associated with the project as the financial closure is yet to be
achieved and with scheduled commissioning targeted for December
2016. Further, planned debt-funded capital expenditure (capex)
exposes the firm to possible stress on debt servicing capability
in case of slower than expected ramp up of cash flows. The rating
is also constrained by the competitive pressures from other sugar
manufacturing players in the market; the firm's relatively modest
envisaged scale of operations; and vulnerability of profitability
to adverse fluctuations in the prices of sugarcane post
commissioning. ICRA also notes that Tapti Agro Industries is a
partnership firm and any significant withdrawals from the capital
account would affect its net worth and thereby its capital
structure.

The rating, however, favourably considers the established
experience of Tapti Agro Industries' promoters in the sugar
industry and location advantage by virtue of the factory being
located in a cane growing region, giving it easy access to raw
material.

M/s Tapti Agro Industries (TAI) incorporated in 2015 is setting
up a Khandsari (semi-white centrifugal sugar) manufacturing
facility having crushing capacity of 1,500 Tonnes of Cane per Day
(TCD) at Betul District of Madhya Pradesh. The firm plans to
commence the operations of the facility by December 2016.

The firm is promoted by Mr. Rahul Kumar Sao and Mr. Dharmveer
Juneja who have significant experience in the sugar industry
through their association with other firms which are also engaged
in sugar manufacturing.


TEESTA URJA: ICRA Reaffirms 'D' Rating on INR3328.90cr Loan
-----------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]D to the INR3328.90
crore (enhanced from INR2800.00 crore) long-term loans of Teesta
Urja Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans           3328.90       [ICRA]D reaffirmed

The rating action takes into account delays in servicing of debt
by Teesta Urja Limited, which is developing a 1200 MW Teesta III
hydro power project in the state of Sikkim. This followed delays
in securing equity and debt funding for meeting cashflow
requirements, including debt servicing costs. The project has
faced cost and time overrun. While time overruns have followed
geological surprises and natural calamities including a landslide
at the dam site in June 2010, earthquake in September 2011,
collapse of Rangchang Khola bridge in December,2011 (which was a
critical link for transferring heavy equipment to the dam site),
and flash floods in September 2012, cost overruns have arisen
because of damages and change in design aspects following the
aforementioned events as well as significant increase in the
interest during construction (IDC) element of the project cost
because of hardening in the interest rates and also on account of
time overrun. Thus ICRA now expects the project to be completed
in the last quarter of FY 2017 as against its last estimate of
completion of project by first half of FY 2016 while the final
project cost is expected to be ~Rs. 14000 crores (after 3rd time
& cost overrun) as against an initial approved cost of INR5700
crores. Moreover, with the project funding tied up in a debt:
equity of 78.73:21.27 (after 2nd time & cost overrun with
estimated project Cost of INR11382 Crores), the financial risk
profile is also high. The increase in project cost will have to
be approved by CERC empanelled agency for recovery of costs
through tariffs for regulated sales.

While the rating had been factoring strengths such as acquisition
of majority stake by Government of Sikkim (which now owns 51%
shareholding in the company), support extended by investors
(Asian Genco and PTC India Ltd) and the consultant (NHPC Limited
and WAPCOS Limited); limited off-take risk given the expectations
of continued energy deficit, signing of firm off-take
arrangements for 100% power; potential upside in tariff as 30% of
the power generated will be sold on short term basis, and deemed
generation clauses providing cushion against hydrological and
silting risks; improvement in debt servicing will remain the key
trigger for change in rating apart from completing the project
without any further time and cost overrun.

Teesta Urja Limited (TUL) is a Special Purpose Vehicle (SPV)
incorporated on March 11, 2005 for the development of the 1200 MW
Teesta Stage III Hydroelectric Electric Project. The company has
become a Government of Sikkim (GoS) enterprise in August 2015 as
GoS has increased its shareholding in TUL to 51%. Other investors
in the company are Asian Genco Pte Limited (AGPL), Athena
Projects Private Limited (APPL) and PTC India Limited (PTC) and
having percentage equity holding shares of ~37%, 5% and 7%
respectively. Till date, the promoters have infused equity of
INR2420.45 crore in the project. The company has signed a PPA for
sale of 100% of saleable power with Power Trading Corporation
(PTC) wherein PTC will sell 70% of the total generation on Long
term basis and rest 30% on short term basis.


THARU JANJATI: CRISIL Assigns B+ Rating to INR10MM Proposed Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Tharu Janjati Mahila Vikas Samiti (TJMVS).
The rating reflects the society's below-average financial risk
profile because of weak cash flow and stretched receivables. This
rating weakness is partially offset by sound track record in
implementation of social welfare development schemes.

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

Outlook: Stable

CRISIL believes TJMVS's credit risk profile will remain
constrained by small scale of operations and low cash accrual.
The outlook may be revised to 'Positive' if there is significant
increase in revenue and cash accrual, leading to improvement in
financial risk profile. The outlook may be revised to 'Negative'
if income or cash accrual declines, or if the society undertakes
large, debt-funded capital expenditure, leading to deterioration
in financial risk profile.

TJMVS, set up in 1989, is a not-for-profit society and is managed
by Mr. K N Pandey. It is based in Lucknow, Uttar Pradesh, and is
engaged in various state and central government schemes such as
Kasturba Gandhi Balika Vidyalaya, Target Intervention, (Uttar
Pradesh Welfare for People Living with HIV/AIDS (UPNP+), Neer
Nirmal Pariyojna, in Lucknow and surrounding areas.


TOSHALI CEMENTS: ICRA Ups Rating on INR18cr Cash Loan to C+
-----------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR18.00
crore1 cash credit facility, INR17.48 crore (revised from
INR20.60 crore) term loan facilities and INR2.00 crore bank
guarantee facility of Toshali Cements Private Limited to [ICRA]C+
from [ICRA]D. ICRA has also upgraded the rating assigned to
INR1.00 crore letter of credit facility of TCPL to [ICRA]A4 from
[ICRA]D. ICRA has also upgraded the ratings assigned to INR23.52
crore unallocated limits of TCPL to [ICRA]C+/[ICRA]A4 from
[ICRA]D/[ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit limits    18.00        [ICRA]C+; upgraded
   Term loan limits      17.48        [ICRA]C+; upgraded
   Bank guarantee         2.00        [ICRA]C+; upgraded
   Letter of credit       1.00        [ICRA]A4; upgraded
   Unallocated limits    23.52        [ICRA]C+/[ICRA]A4; upgraded

The rating upgrade takes into account regularization of debt
servicing in the last four months and the continued financial
support lent by the group which has the experience of running six
cement plants in four countries with total capacity of 6.80
Million TPA. The rating also favourably factors in the proximity
of the company's plant (Ampavalli) to rich limestone reserves &
easy availability of coal and raw materials like slag and gypsum
with established linkages; consistent growth in revenues earned
by the company over the past two years aided by increased sales
volume and increase in operating profitability of the company to
12.52% in 8mFY2016 from 3.08% in FY2015. The rating, however,
continues to remain constrained by the small scale of operations
of the company in the cement industry with revenues of INR113.62
crore in FY2016; high regional concentration with sales
restricted to southern Odisha & Northern Andhra Pradesh regions
and weak financial profile of the company as indicated by net
losses of INR9.13 crore, high gearing of 5.29 times, stretched
coverage indicators as indicated by interest coverage ratio of
0.47 times and DSCR of 0.25 times in FY2015. ICRA notes that the
planned debt-funded capital expenditure for setting up of a new
cement manufacturing facility in Choudwar (Odisha) is likely
adversely affect the capital structure and coverage indicators
going forward.

Going forward the ability of the company to tie-up the requisite
funding for the planned capital expenditure along with the timely
completion of the same while improving the capacity utilization
of its' existing production capacity and managing working capital
requirements will be the key rating sensitivities from credit
perspective.

Toshali Cements Private Limited was incorporated in 2002 and is
engaged in the manufacturing and sale of PPC2, OPC3 (53 grade),
PSC4 and GGBS5. The company at present has 1000 TPD clinker
production capacity and 730 TPD Cement production (grinding unit)
capacity at its Ampavalli plant in Orissa and 600 TPD cement
production capacity at its Bayyavaram plant in Andhra Pradesh.
TCPL sells its cement under the brand name of "Gajapati". Its
major markets include areas surrounding Visakhapatnam in Andhra
Pradesh, Koraput along with few central and northern districts of
Orissa and recently, southern West Bengal.


VAIBHAV LAXMI: ICRA Suspends B+ Rating on INR9cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR9.00
Crore bank facility of Vaibhav Laxmi Tex Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VAMA CONSTRUCTION: ICRA Suspends B+ Rating on INR3.0cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR6.50 crore1 bank facilities of Vama Construction Co. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limit-
   Term Loan             1.50         [ICRA]B+ Suspended

   Long Term Fund
   Based Limit-
   Overdraft             3.00         [ICRA]B+ Suspended

   Short term non
   fund based limit
   Bank Guarantee        2.00         [ICRA]A4 Suspended

Vama Construction Co. (VCC) is a proprietorship firm based in
Valsad (Gujarat) and is engaged in the construction of protection
walls (sea walls), check dam, road and other civil work. The firm
is a 'Class A' contractor with the Government of Gujarat and is
also involved in sub-contractor work for other companies.


VENKATESH INDUSTRIES: CRISIL Ups Rating on INR50MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Venkatesh Industries (Venkatesh) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan         22       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in the firm's business risk
profile driven by increase in scale of operations while
sustaining operating margins at moderate levels. Venkatesh has
booked revenues to the tune of INR215.9 million for 2015-16
(refers to financial year, April 1 to March 31), with an increase
of 83 per cent year-on-year. The increase in scale was largely
driven by stabilization of operations, which was started in
November 2014. Over the medium term, CRISIL expects Venkatesh's
operations to be stable and hence a steady growth in scale is
expected while margins are also expected to remain steady at
around 5 per cent. Financial risk profile of the firm is average
with moderate gearing, modest net worth and average debt
protection metrics.

The ratings continue to reflect the firm's average financial risk
profile with moderate gearing, modest net worth and average debt
protection measures, its small scale of operations and
susceptibility to volatility in cotton prices. These weaknesses
are partially mitigated by extensive experience of its promoters
in cotton trading and fund support from promoters.

For arriving at the rating, CRISIL has treated interest-free
unsecured loans of INR18.8 million as neither debt not equity as
they are from promoters and will be retained in the business over
the medium term.
Outlook: Stable

CRISIL believes that Venkatesh's financial risk profile will
remain constrained amid muted cash accrual and large working
capital requirement. The outlook may be revised to 'Positive' if
cash accrual increases significantly, while working capital cycle
reduces. Conversely, the outlook may be revised to 'Negative' if
liquidity weakens due to decline in profitability or large debt-
funded capital expenditure.

Venkatesh was set up in 2014 as a proprietorship firm by Mr.
Nitin Agarwal. It gins and presses raw cotton, and sells lint
cotton and cotton seeds. Its manufacturing unit is at Sendhwa in
Barwani, Madhya Pradesh. The firm started operations in November
2014.


VERTIGO IMPEX: CRISIL Raises Rating on INR50MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vertigo Impex Pvt. Ltd. (VIPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed its rating on the short-term facility at
'CRISIL A4 '.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit      200       CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that the company will
sustain its improved business risk profile over the medium term,
supported by an established relationship with a diversified
clientele. On account of importing coal directly as well as in
association with other importers, turnover has improved to around
INR800 million in 2015-16 (refers to financial year, April 1 to
March 31) from INR490 million in 2014-15; revenue growth is
expected to be sustained at 15-20 per cent per annum over the
medium term.

The ratings reflect low operating profitability and a weak
financial risk profile because of a leveraged capital structure.
These rating weaknesses are partially offset by an improving
scale of operations and the extensive experience of the promoters
in the coal-trading industry.
Outlook: Stable

CRISIL believes VIPL 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 a substantial
increase in scale of operations, leading to higher accretion to
reserves and a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile deteriorates on account of a decline in operating margin
or large working capital requirement.

Established in 2003, VIPL trades in coal across Haryana, Punjab,
and Uttarakhand. The company is promoted by the Bansal family,
which has been in the coal trading business since the 1970s. It
is currently managed by Mr. Anurag Bansal, a second-generation
entrepreneur.


VIJ CONTRACTS: ICRA Suspends B+ Rating on INR7cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR7.0 crore fund based facilities and INR4.0 crore non fund
based facilities of Vij Contracts Private Limited. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of requisite information from the company.


VIJAYALAKSHMI R: CRISIL Suspends B+ Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vijayalakshmi R and B Rice Trading Company (VLRBRTC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           90        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    30        CRISIL B+/Stable

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

Set up in 2006 as a partnership firm, VLRBRTC is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. The rice mill is located in Nellore (Andhra Pradesh).
The firm is promoted by Mr. Madhusudhan Reddy and his family
members.


VISHAL MANUFACTURER: ICRA Suspends B/A4 Rating on INR13.10cr Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR13.10 crore limits of Vishal Manufacturer Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Incorporated in February 2011, VMPL commenced commercial
production in January 2013 with its product portfolio comprising
grey iron casting products of up to 500 kg. Its manufacturing
facility is located at Lothada village in Rajkot district of
Gujarat and has an installed capacity of 20,500 metric tons per
annum (MTPA). The company is promoted by the Andani family having
an experience of around three decades in the metal casting
industry through associate concerns engaged in foundry business.


* INDIA: RBI Eases Stressed Asset Restructuring Rules
-----------------------------------------------------
Suvashree Choudhury and Himank Sharma at Reuters report that the
Reserve Bank of India relaxed guidelines on June 13 for lenders
restructuring large stressed loans, in a move that could allow
banks to more effectively manage bad loans.

According to Reuters, Indian banks are grappling with about $120
billion in stressed loans, or 11.5 percent of the total, and RBI
Governor Raghuram Rajan has set a deadline of March 2017 for them
to clean up the bad loans on their balance sheets.

Reuters relates that the central bank said late on June 13 that
lenders would be allowed to carve up stressed loan accounts into
two categories.

The first is the sustainable debt portion that banks, or a
lending syndicate, deem repayable and that the borrower would
continue repaying on existing terms, Reuters relays.

The second is the remainder that a borrower is deemed unable to
repay, which can now be converted into equity or convertible
debt, giving lenders a chance to eventually recover funds if and
when the borrower is able to turn around its business, adds
Reuters.

"This is a welcome move," Reuters quotes B Sriram, Managing
Director corporate banking at the State Bank of India, as saying.
"It gives us another tool for resolution of stressed assets to
clean up our books quickly and efficiently."

According to the report, the RBI said the eased restrictions will
only be on loans of over INR5 billion ($74 million) from a single
bank or a syndicate, and in only those instances where a borrower
has its project already in commercial operation.

Rajan last year undertook a massive overhaul of Indian banks'
stressed  assets, asking each bank to provision for all assets
which could potentially sour by March 2016, Reuters recalls.

This asset quality review not only forced banks to provide
massive capital for such loans, but also led to quarterly losses
in March for several state-run banks, the report states.

Reuters notes that the latest guidelines are aimed at helping
some troubled borrowers restructure and turn around quickly, by
easing the interest burden on them, and in turn also speed up the
asset recovery process for banks.



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


PAKUWON JATI: Fitch Affirms 'BB-' Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed PT Pakuwon Jati Tbk's (Pakuwon) Long-
Term Foreign-Currency Issuer Default Rating (IDR) and foreign
currency senior unsecured rating at 'BB-'. The Outlook on the IDR
is Stable.

At the same time, the agency has also affirmed the rating on the
$US200m senior unsecured notes due in 2019 at 'BB-'. The notes
are issued by Pakuwon Prima Pte Ltd and guaranteed by Pakuwon and
some of its subsidiaries.

The affirmation with Stable Outlook reflects Pakuwon's sturdy
presales performance amid challenging conditions in Indonesia.
Pakuwon's presales in 2015 also outperformed that of most peers;
it declined by 2.5% yoy compared with the 11% drop in the
consolidated presales of the seven property developers tracked by
Fitch.

KEY RATING DRIVERS
Solid Investment Property Portfolio: Pakuwon's ratings reflect
its strong investment property portfolio, which is driven mainly
by its mall operations and generated around 80% of its total
recurring revenue in 2015. Pakuwon's malls have over 90%
occupancy rates and have long-term lease expiry profiles of six-
seven years on average. Fitch expects Pakuwon's recurring
EBITDA/interest coverage ratio to remain above 2x, and recurring
EBITDA to comfortably cover loan amortisation and dividend
payment in 2016-2018.

Strong Brand: Cash flows from property development are inherently
volatile, but Pakuwon was among a few developers that bucked the
downturn in the market. Fitch believes that this stems from
Pakuwon's market leadership in Surabaya (Indonesia's second-
largest city), which provides Pakuwon with strong pricing power
and rendered its presales less sensitive to the economic downturn
relative to its peers.

Limited Scale and Diversification: Pakuwon's rating also reflects
its relatively small development property scale and limited
project diversification compared with higher-rated international
peers. Pakuwon's current land bank of over 400 hectares still
allows for over 10 years of development, but the relatively low
number of projects, modest presales and lack of geographical
diversification will remain a constraining factor for the medium
term.

Conservative Financial Policy, Leverage: Pakuwon has historically
maintained a conservative financial profile and has a track
record of low leverage. In the past three years, Pakuwon has
managed to keep its leverage (net debt/ net inventory ratio)
below 30% and maintained its net debt/ EBITDA ratio at 0.2x-1.1x.
Fitch expects Pakuwon's leverage to fall to 14% by 2018, as
demand and the cash collection cycle improve. Fitch believes that
Pakuwon's leverage remains appropriate for its 'BB-' rating.

Manageable US Dollar Exposure: Fitch believes that Pakuwon's
solid recurring EBITDA generation provides a comfortable buffer
against the depreciation of the Indonesian rupiah against the US
dollar. Fitch estimates that Pakuwon's recurring EBITDA/ interest
coverage ratio will remain above 2x should the rupiah depreciate
to 15,000 per dollar. Furthermore, Pakuwon has hedged the full
principal of its US dollar bond against depreciation of the
rupiah using a number of call spread agreements, with overall
upper-lower strike range of 13,000-17,500 per dollar.

KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Presales of IDR2.8trillion, IDR3trillion and IDR3.5 trillion
    in 2016, 2017 and 2018, respectively
-- Recurring EBITDA margin of 55.1%, 55.8% and 55.4% in 2016,
    2017 and 2018, respectively
-- Average investment property rental charge growth of 4%-7% yoy
    in 2016-2018
-- Capex of IDR2.5trillion, IDR2.1trillion and IDR1.9trillion in
    2016, 2017 and 2018, respectively

RATING SENSITIVITIES
Positive: Fitch said, "we do not foresee positive rating action
in the next two years. However, an upgrade might be considered if
the investment property assets increase to above $US1billion and
its top three investment property assets generate less than 60%
of recurring revenue (2015: 78.2%)"

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Sustained deterioration in the ratio of recurring EBITDA from
    investment properties to interest to below 2.0x (2016F: 2.3x)
-- Net debt/net inventory (net inventory defined as investment
    properties + inventory + property and equipment - advances)
    rising above 35% on a sustained basis (2016F: 27.3%)
-- Weakening of the business profile that would be reflected
    in a significant rise in vacancy rates or a sustained fall in
    rentals
-- Share of cash flows generated from investment property falls
    to less than 40% (2016F: 54.1%)

LIQUIDITY
Sufficient Liquidity: As of December 2015, Pakuwon had cash
balance of IDR2trillion and unused credit facilities of around
IDR2trillion, which are adequate to cover outstanding short-term
debt of IDR536billion and budgeted capital expenditure of around
IDR2.5trillion in 2016.

FULL LIST OF RATING ACTIONS
PT Pakuwon Jati Tbk
Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Foreign Currency Senior Unsecured rating affirmed at 'BB-'

Pakuwon Prima Pte Ltd
$US200m outstanding 7.125% senior unsecured notes due 2019
affirmed at 'BB-'


SRI REJEKI: Fitch Assign Final 'BB-' Rating to US$350MM Notes
-------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based textile and garment
manufacturer PT Sri Rejeki Isman Tbk's (Sritex, BB-
/A+(idn)/Stable) US$350 million 8.25% unsecured notes due in 2021
a final rating of 'BB-'. The final rating is in line with the
expected rating assigned on 23 May 2016, and follows the receipt
of final documents conforming to information already received.

The notes have been issued by Sritex's wholly owned subsidiary
Golden Legacy Pte Ltd and are guaranteed by Sritex and its
operating subsidiaries. Sritex will use US$180m of the proceeds
to repay its US$270m unsecured 9% notes due in 2019 following a
tender offer for them, and the balance to refinance other working
capital debt and for general purposes. Fitch expects the new
issue to be neutral for the company's leverage, and Sritex will
be able to maintain its net debt/EBITDA ratio below 3x over the
medium term.

KEY RATING DRIVERS
Fitch said, "strong Operating Cash Flow: Sritex's operating cash
flow margin improved to 9% in 2015 from 1% in 2014, supported by
improved working-capital management and stable profit margins. We
expect the company to continue to generate robust CFO margins of
between 7%-10% over the next three years. This should support
healthy FCF and allow Sritex to deleverage, as its capacity
expansion comes to a close this year.

"Small, but Growing, Scale: Sritex has relatively small operating
scale compared with its international peers in the competitive
and fragmented textile sector. However, the company has
significantly expanded its production such that we expect EBITDA
to grow by more than 50% at the completion of the investment
cycle. Sritex is vertically integrated despite its size,
producing yarn, greige, finished fabrics and apparel, while many
of its competitors produce only one or two of these products.
This has helped Sritex to maintain higher and more stable profit
margins than some of its international peers."

Vertical Integration, Growing Exports: Around 50% of Sritex's
sales stem from garments and finished fabric for which it sources
yarn and raw fabric from its own factories. The company also
sells its yarn and raw fabric to external customers and sells
speciality garments, such as military uniforms, which support
higher and more stable EBITDA margins and better economies of
scale. In addition, about 15% of sales came from orders by
foreign and domestic governments in 2015, which are less
cyclical.

Sufficient Production Capacity: Sritex's production capacity will
increase to 30 million pieces of garments, 240 million yards of
finished fabric, 180 million metres of raw fabric, and 654
thousand bales of yarn at the end of 2018. Much of this will be
paid for by end-2016. The company expects this capacity to
support demand through 2019. About 30% of yarn and 60% of greige
production is used internally, so the company may require
spinning capacity from 2018, subject to the level of external
demand.

Currency Risk Mostly Hedged: Nearly half of Sritex's sales in
2015 were exported directly, up from 39% two years ago. Most of
its sales to domestic customers are also linked to the US dollar
exchange rate, as much of this is exported as well. Consequently,
the company has a significant natural hedge against its foreign-
currency costs. This was evident in 2015 when Sritex's EBITDA
margin remained largely intact in the face of severe currency
volatility.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Sritex
include:
-- Revenue growth of 9% in 2016 and 12.5% in 2017
-- EBITDA margin to remain around 18%
-- CFO margin to remain between 7%-10%
-- FCF to remain neutral to positive

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- A sustained increase in net debt/EBITDA more than 3x (12
    months to 1Q16: 3.0x)
-- A sustained decrease in CFO margin to less than 7%

Positive: Fitch expects no positive rating action in the next 24
months because of Sritex's scale of operations, which is still
smaller than its higher-rated peers.

LIQUIDITY
Fitch said, "Sritex has robust liquidity, with cash and committed
undrawn credit lines, respectively, of US$77 million and US$131
million at end-2015; expected FCF generation of around US$12
million in 2016; and its nearest significant debt maturity of
US$270 million due in 2019. We expect Sritex to be able to
generate positive FCF in the next two years, supported by waning
expansionary capex and strong earnings growth."



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


TAKATA CORP: Selling Shares in Automakers to Raise Cash
-------------------------------------------------------
Ma Jie and Masatsugu Horie at Bloomberg News report that Takata
Corp., the embattled air-bag maker behind the biggest automotive
safety recall, said it's selling shares it owns in automakers to
raise funds as the company faces compensation claims for its
defective devices.

Takata is selling the stakes with the carmakers' approval, said
Akiko Watanabe, a spokeswoman for the Tokyo-based supplier,
declining to give more details, Bloomberg relates. The company
sold much of its 2.2 million shares in Honda Motor Co., its
largest customer, by late April, the Nikkan Kogyo Shimbun
reported on June 14, according to Bloomberg.

Besides Honda, Takata also owned shares in Toyota Motor Corp.,
Nissan Motor Co., Fuji Heavy Industries Ltd., Mitsubishi Motors
Corp. and Suzuki Motor Corp. as of March 2015, Bloomberg
discloses citing the company's annual report. The automaker
shareholdings are worth about $88 million as of June 13's closing
prices, according to calculations by Bloomberg News.

Bloomberg says Takata appointed an external steering committee in
February to draw up a restructuring plan for the company, which
is potentially facing billions of dollars in recall costs, the
majority of which are being borne by automakers. The five-member
group, which is negotiating with carmakers on the sharing of the
recall costs, hired Lazard Ltd. to look for investors, Bloomberg
relays.

Nissan, Toyota and Mazda declined to comment on Takata's
shareholdings in their companies, while representatives for the
other automakers didn't immediately comment, Bloomberg notes.

At least 13 deaths, including 10 in the U.S., have been linked to
defective Takata air-bag inflators that can deploy too
forcefully, rupture and spray plastic and metal parts at drivers
and passengers, Bloomberg says.  The number of air bags recalled
may exceed 100 million worldwide after regulators' latest demands
for expansions in the U.S. and Japan, the report notes.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2016, Nikkei Asian Review said that Takata Corp, mired
in a deepening air bag scandal, hopes to select a sponsor by
August to pursue restructuring under new management.  A third-
party committee of outside attorneys and others had briefed
automakers and banks on the plan by April 19, Nikkei said.
Takata hopes to select a sponsor by the end of August and draw up
fresh rehabilitation plans. It likely will accept a management
team from the sponsor.

As previously reported by the Troubled Company Reporter, citing
The Wall Street Journal, Takata hired investment bankers to seek
a cash infusion and negotiate with auto makers over the
ballooning costs it faces for rupture-prone air bags linked to 11
deaths and more than 100 injuries world-wide.

Takata tapped Lazard to help craft a restructuring plan to help
it deal with what are expected to be billions of dollars in
liabilities stemming from the faulty air bags, a steering
committee for the Japanese company said on May 25, confirming an
earlier report from the Journal.

The steering committee, made up of business, financial and legal
experts in Japan, retained Lazard within the past month, the
report said, citing people familiar with the matter.  Lazard's
work soliciting an investor and conversations with auto makers
remains in early stages, the report added.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/--develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


* SINGAPORE: To Form New Body to Fight Money Laundering
-------------------------------------------------------
The Wall Street Journal reports that Singapore said it would
overhaul its system to combat money laundering, weeks after it
ordered the local arm of a Swiss bank to shut down operations in
relation to a laundering and bribery probe.

The Journal relates that the announcement on June 13 comes as
prosecutors in Singapore investigate what they said last month
was the city-state's largest-ever money-laundering investigation,
involving embattled Malaysian state investment fund 1Malaysia
Development Bhd., known as 1MDB.

The Journal recalls that Singapore last month ordered the local
arm of the Swiss bank, BSI Bank Ltd., to shut down its operations
for breaching money-laundering regulations.

According to the Journal, the country's central bank, the
Monetary Authority of Singapore, said it will establish a
dedicated anti-money-laundering department.

The idea of the new department, it said, is to streamline the
enforcement of regulations relating to money laundering and other
financial malfeasance. Currently, these functions are carried out
by different departments in MAS, the report notes.

The new department is set to begin operating on Aug. 1, adds the
Journal.


                             *********

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.


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
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Information contained herein is obtained from sources believed
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thereof are US$25 each.  For subscription information, contact
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