TCRAP_Public/160616.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, June 16, 2016, Vol. 19, No. 118


                            Headlines


A U S T R A L I A

CASSA BEDDING: First Creditors' Meeting Set for June 24
COOPERS TRANSPORT: First Creditors' Meeting Set for June 23
DEJAI LIVE: Liquidators Put Business Up for Sale
DICK SMITH: Supplier to Provide Customer Refunds For JVC TV
DYNAMIC WINDOW: First Creditors' Meeting Set for June 23

IL CAMINETTO: First Creditors' Meeting Set for June 24
QUEENSLAND NICKEL: Liquidators Seek Fresh Court Summons vs Palmer

* Moody's Forecasts Wider Deficits in FY2016/17 for Queensland


C H I N A

FUTURE LAND: Moody's Changes Outlook on Ba3 CFR to Stable
HUA HAN: Moody's Puts Provisional Ba3 Rating to Prop. Sr.  Notes
SICHUAN COAL: Flags Bond Default Risks as Debt Woes Spread


I N D I A

AADITYA KRAFT: CRISIL Reaffirms 'B' Rating on INR179.5MM Loan
ADI WIRES: CRISIL Reaffirms 'D' Rating on INR31.8MM Term Loan
AGROW FOODS: CARE Assigns 'B' Rating to INR10.0cr LT Loan
ANDHRA ASBESTOS: ICRA Suspends 'B' Rating on INR6.0cr Loan
ARABIAN GOLD: CRISIL Assigns B+ Rating to INR170MM Cash Loan

ARIDO CERAMIC: ICRA Suspends 'B' Rating on INR7.0cr Term Loan
ARIO INFRASTRUCTURE: CARE Lowers Rating on INR28cr Loan to D
BALAJI INTERNATIONAL: CARE Assigns B+ Rating to INR2cr LT Loan
BHUJBAL BROTHERS: CRISIL Suspends 'D' Rating on INR90MM LT Loan
BKN DEVELOPERS: CRISIL Suspends B+ Rating on INR150MM LT Loan

BKR HOTELS: CRISIL Suspends 'D' Rating on INR144.1MM Term Loan
BOSS COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
CEBON CERAMIC: CARE Revises Rating on INR3.6cr LT Loan to B+
CHARISMA GOLDWHEELS: ICRA Suspends B+ Rating on INR6cr Loan
DEV COTEX: CARE Lowers Rating on INR10cr LT Loan to 'D'

DHANPATI AGRO: CRISIL Assigns 'D' Rating to INR65MM Cash Loan
DIAMOND TMT: CRISIL Reaffirms B+ Rating on INR300MM Cash Loan
EMAAR DEVELOPERS: CRISIL Assigns B+ Rating to INR200MM Loan
GWALIOR DISTILLERIES: CARE Cuts Rating on INR37.5cr LT Loan to B+
HILLS CEMENT: ICRA Suspends 'D' Rating on INR162.23cr LT Loan

KARAN ASHOK: CRISIL Reaffirms B+ Rating on INR100MM e-DFS
KUTTANAD RUBBER: CRISIL Reaffirms 'B' Rating on INR10MM Loan
KWALITY TOWNSHIP: ICRA Lowers Rating on INR5.0cr Loan to 'D'
LANDMARK DEVELOPMENT: CRISIL Assigns B+ Rating to INR50MM Loan
LION INSULATION: CARE Lowers Rating on INR7.33cr LT Loan to 'D'

MAHA LAXMI: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
MANGALA SEEDS: CARE Assigns B+ Rating to INR8.0cr LT Loan
MARVELOUS ENGINEERS: CARE Rates INR6.70cr LT Bank Loan at 'B'
MEENAKSHI ASSOCIATES: CRISIL Reaffirms D Rating on INR100.8M Loan
NANDI POLYMERS: ICRA Suspends 'B' Rating on INR9.15cr FB Loan

NEC PACKAGING: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
PRADHVI MULTITRADE: ICRA Suspends 'D' Rating on INR10cr Loan
RAJGAD DNYANPEETH: CRISIL Suspends 'D' Rating on INR120MM Loan
RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Loan

REAL INNERSPRING: ICRA Reaffirms B+ Rating on INR3.25cr Loan
SAMRADDHI COT: CARE Reaffirms B+ Rating on INR7.01cr LT Loan
SHREE GANESH: ICRA Suspends 'D' Rating on INR265.99cr Loan
SHREE RAJ: ICRA Withdraws 'B' Rating on INR4.70cr Term Loan
SIDHIVINAYAK FILAMENTS: ICRA Suspends B/A4 Rating on INR47cr Loan

SRI VANI: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
SUPREME EXPORTS: CARE Assigns 'B' Rating to INR5.0cr LT Loan
SURYODAYA INFRA: ICRA Suspends B+ Rating on INR4.0cr Loan
TOP GEAR: CRISIL Reaffirms B+ Rating on INR47.8MM LT Loan
TRIVENI WIRES: ICRA Assigns 'B' Rating to INR25.0cr Loan

UMIYA ENTERPRISE: ICRA Assigns 'B+' Rating to INR5.89cr LT Loan
VANGILI FEEDS: CRISIL Cuts Rating on INR162.1MM Term Loan to B+
VASAVI NIRMAAN: CRISIL Cuts Rating on INR75MM LT Loan to 'B'
VERTICE GLOBAL: CRISIL Assigns B- Rating to INR119MM LT Loan
VINAYAGA IMPEX: CRISIL Lowers Rating on INR45MM Loan to 'D'


N E W  Z E A L A N D

REYNOLDS GROUP: S&P Revises Outlook to Pos. & Affirms 'B' CCR


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Audit Agency Finds KRW1.5TT in Acctg Fraud


                            - - - - -


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


CASSA BEDDING: First Creditors' Meeting Set for June 24
-------------------------------------------------------
Christopher Cook & Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Cassa Bedding Pty
Ltd on June 14, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane, Queensland, on June 24, 2016, at 11:30 a.m.


COOPERS TRANSPORT: First Creditors' Meeting Set for June 23
-----------------------------------------------------------
Brent Trevor-Alex Kijurina and Richard Albarran of Chadwick
Chartered Accountants were appointed as administrators of Coopers
Transport Australia Pty Ltd.

A first meeting of the creditors of the Company will be held at
Wesley Mission, Pollard Room, Lower Level Ground, 220 Pitt
Street, in Sydney, on June 23, 2016, at 11:00 a.m.


DEJAI LIVE: Liquidators Put Business Up for Sale
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Dejai Live Pty
Ltd has been put up for sale. The company is currently under the
control of liquidator Tony Cant of Romanis Cant Chartered
Accountants, the report discloses.

Dissolve.com.au relates that the sale includes the company's
title, right and interest in intellectual property as well as
other assets.

Dissolve.com.au says the buyer of the company will get to acquire
an established relationship with an international manufacturer
and other suppliers.

Dejai Live is the developer of an advanced telematics rear-view
mirror device for corporations managing big vehicle fleets that
include vans, leased vehicle, car rental and light commercial
vehicles. Dejai entered administration on March 30, 2016.


DICK SMITH: Supplier to Provide Customer Refunds For JVC TV
-----------------------------------------------------------
Dominic Powell at SmartCompany reports that consumer electronics
supplier Yale Prima Ltd has committed to providing full refunds
for faulty televisions bought from Dick Smith before the retailer
collapsed into receivership in January.

According to SmartCompany, Yale Prima Pty Ltd will offer full
refunds to consumers who bought unrepairable JVC branded
televisions prior to January 5, using the conditions of its own
12-month warranty, following an investigation by the Australian
Competition and Consumer Commission.

The supplier imported Chinese-made televisions, which were then
sold on to Dick Smith, the report says.

SmartCompany relates that the ACCC said it received complaints
from consumers in the aftermath of Dick Smith's collapse, with
those consumers claiming they were not able to arrange repairs.
replacements or refunds for faulty goods after the retail chain
was placed under external administration.

The report says Yale Prima had initially referred complaints to
Dick Smith's receiver, Ferrier Hodgson. After April 1, the
supplier then agreed to give partial refunds, despite the
manufacturer's warranty allowing for full refunds.

According to SmartCompany, ACCC Chairman Rod Sims said in a
statement both retailers and manufacturers have obligations to
provide remedies under the Australian Consumer Law (ACL).

"When a retail business ceases trading, it is important that
consumers are able to turn to the manufacturer for remedies, and
it is equally important that manufacturers recognise their
ongoing ACL obligations," the report quotes Mr. Sims as saying.

James Douglas, commercial lawyer at LegalVision, told
SmartCompany suppliers need to be aware of their obligations to
consumers of their products under the ACL.

When the goods are manufactured internationally, suppliers such
as Yale Prima are considered the importer of the products and
have to adhere to ACL appropriately, Mr. Douglas told
SmartCompany. In this case, by referring complaints on to the
receiver, Douglas says the company was "essentially trying to
make it the receivers' obligation"."Suppliers have an obligation
under ACL, and they're effectively the importer in this
situation," SmartCompany quotes Mr. Douglas as saying. "Outside
of this, the suppliers obligations depend on the contract with
the retailer.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.



DYNAMIC WINDOW: First Creditors' Meeting Set for June 23
--------------------------------------------------------
Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Dynamic Window Systems Pty Ltd on
June 10, 2016.

A first meeting of the creditors of the Company will be held at
the offices of Grant Thornton Australia Limited, The Rialto,
Level 30, 525 Collins Street, in Melbourne, Victoria, on June 23,
2016, at 11:00 a.m.


IL CAMINETTO: First Creditors' Meeting Set for June 24
------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy Certified Practising
Accountants was appointed as administrator of Il Caminetto Pty
Ltd, trading as Il Caminetto Pizza, on June 15, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy Certified Practising Accountants, 237 Swan
Street, in Richmond, Victoria, on June 24, 2016, at 11:00 a.m.


QUEENSLAND NICKEL: Liquidators Seek Fresh Court Summons vs Palmer
-----------------------------------------------------------------
Joshua Robertson at The Guardian reports that liquidators of
Queensland Nickel have been forced to seek fresh court summonses
to grill Clive Palmer and his associates after the outgoing
federal MP hit them with a compensation claim blaming them for
the demise of the business.

According to The Guardian, lawyers for FTI Consulting were due to
question Mr. Palmer's nephew and Queensland Nickel managing
director Clive Mensink in the federal court on June 14 but failed
to serve him in person before he went on holiday to Hong Kong.

It came after Mr. Palmer, who faces being pursued over the
alleged siphoning of AUD224 million from Queensland Nickel,
ramped up his legal counter-attack in a lawsuit accusing FTI
Consulting of triggering the collapse of his Townsville refinery
after the firm was sacked as administrators, The Guardian says.

According to the report, the court issued fresh summonses for
Mensink, Palmer and Queensland Nickel general manager Ian
Ferguson to appear on dates to be fixed, with no less than eight
days' written notice.

The Guardian relates that Chris Curtis, acting for the
liquidators, told the court Mensink had "acknowledged service [of
the old summons] by email . . . however there needs to be
personal service [and] he is in Hong Kong".

"We haven't served the others," Mr. Curtis, as cited by the
Guardian, said.

According to The Guardian, Mensink's lawyer Brendan Nyst told
reporters outside court his client was "happy to appear before
the examination if he's properly served".

The report relates that Mr. Nyst said he could only speculate as
to why liquidators had not done so before the old summons lapsed.

The report says Mr. Palmer, in a claim filed against four FTI
Consulting staff in the Queensland supreme court, alleged FTI
Consulting withheld assets from cash to nickel stock and a fleet
of 40 vehicles, leading to the loss of "essential leases and
contracts" needed to keep the operation afloat.

While Mr. Palmer has previously said the claim would be for
AUD1.2 billion, court papers only state his companies QNI Metals
and QNI Resources -- which own the refinery run by Queensland
Nickel in a joint venture -- seek "equitable compensation" or
"alternatively, damages for breach of contract".

In its final report, FTI alleged it had evidence of Mr. Palmer
acting as a "shadow director" in allegedly uncommercial director-
related transactions worth hundreds of millions of dollars. These
allegedly took place prior to Queensland Nickel going into
voluntary administration in January, The Guardian discloses.

These allegedly included money paid to Mr. Palmer's political
party and his close relatives, and for mines, a vintage car
collection, golf courses, resorts and the tycoon's ill-fated
quest to build a replica of the Titanic, according to the
Guardian.

It said there may be evidence of "reckless conduct" by Palmer and
Mensink which could result in criminal charges.  The Guardian
relates that FTI Consulting's John Park later said he expected
the liquidator's actions, including the gathering of evidence
through public examinations and attempts to recover funds, to be
"vigorously defended".

However, Palmer's lawsuit seeks a court order that he, as
chairman of a joint venture owners committee, "was at all
material times empowered to provide the general manager with
directions in respect of the duties and responsibilities of the
general manager," the report relays.

The Guardian adds that the lawsuit also rejects FTI Consulting's
claim it is owed AUD16.4 million by Palmer's parent companies for
its administration duties.

It claims the damage from the fallout of FTI's administration
includes "loss of installed assets at the Port of Townsville
valued at AUD214.5 million," the report relays.

Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia.  Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.

FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.


* Moody's Forecasts Wider Deficits in FY2016/17 for Queensland
--------------------------------------------------------------
Moody's Investors Service says that the State of Queensland's
budget for FY2016/17, published on June 14, projects larger
deficits for FY2016/17 and over the next three years when
compared to projections made one year ago in its FY2015/16
budget.  This expected deterioration in its financial performance
reflects much lower royalty and tax income and, to a lesser
extent, increased current spending, which is a credit negative.

The general government sector's forecast budget gap for FY2016/17
is now projected to be AUD2.0 billion, or 3.8% of revenues (on a
net lending/borrowing basis), which contrasts with the deficit of
AUD968 million, or 1.8% of revenue, forecast a year ago for the
same year.  This negative adjustment of AUD1.0 billion reflects
much lower assumptions for oil and metallurgical coal prices,
which shave AUD739 million off royalty income, and weaker payroll
tax income as higher paid mining jobs are replaced by service
jobs with lower wages.  These weaker revenue trends are partially
offset by larger Goods and Services tax-backed (GST) Commonwealth
grants, reflecting Queensland's increased share of grants due to
its weaker revenue-raising ability and the growth in GST
collections.

At the same time, the government has implemented some new
spending initiatives focused on efforts to boost economic growth
during the transition period following the end of the mining
investment boom. Furthermore, if a one-time AUD501 million
Commonwealth disaster relief grant -- which was postponed from
the prior year -- is excluded, the underlying deficit would have
been higher.

The budget also reported that estimated results for FY2015/16,
are now expected to be better than budget with the deficit put at
AUD940 million, or 1.9% of revenues, below the AUD1.2 billion or
2.3% in the budget.  Furthermore, after excluding a deferment of
the AUD1.1 billion disaster relief grants to subsequent years,
the state would have registered a small surplus, in part due to a
postponement in capital expenditures.

Over the medium term, deficits from FY2015/16 through FY2018/19
are estimated to average a higher 3.3% of revenues compared to
the 1.9% forecast last year for the same years.  Principally,
royalties which last year were projected to rise at an average
13.0% over the four years through FY2018/19, are now instead
forecast to rise by a slower 4.2%.  This trend, along with slower
growth in taxes, has led to lower projected revenue growth, which
is now forecast to rise by an average 2.6%, and just under the
current expenditure rise of 2.7%; these growth rates are affected
by the timing of Commonwealth grants for disaster relief.

The state's ability to adjust down its spending in a weaker
revenue environment will be challenging given upward pressures in
healthcare and other social services, and will necessitate strong
fiscal resolve if current spending is to be controlled.  Moody's
notes costs have begun rising at a faster rate as the government
implements new initiatives.  For example, current spending rose
by 6.7% in FY2014/15 and is expected to rise by 5.5% in
FY2016/17, well above the average projected over the next four
years.  Despite a lower rate of spending estimated for FY2015/16
at 1.2%, Moody's notes that employee costs in that year rose
sharply by 7.6% due to new hiring for health services and
indicate the challenges the state faces in controlling
expenditures.

The state's fiscal principles include a provision that current
revenues must cover a large portion of capital spending which
should help minimize fiscal deficits, helping to ease its above-
average debt burden.  However, Moody's also notes that the
weakening in the state's gross operating balance to an average
7.9% over the four years through FY2018/19, down from the 9.6%
forecast last year, somewhat diminishes the buffer to fund
capital expenditures.

Further supporting budget redress is a new policy that will limit
new full time equivalent positions in accordance with population
growth.

The government has placed a strong emphasis on easing its debt
burden over the medium term.  However, the approach to debt
reduction focuses on a re-structuring of its balance sheet rather
than reducing the size of its consolidated cash deficits --
forecast to be in excess of AUD10 billion on a cumulative basis
over the four years through FY2019/20.  The state's "Debt Action
Plan" includes applying AUD4 billion of its superannuation fund
assets -- currently more than 100% funded -- to debt reduction
and to fund capital expenditures.  These measures follow last
year's use of financial assets that are held for liabilities
relating to long-service leave for debt reduction, a 5-year
holiday in contributions to the superannuation fund, and the
transference of debt from the general government sector to
electric utilities.

As part of its normal monitoring process, Moody's will evaluate
the FY2016/17 budget, including the reasonableness of budget
assumptions, the government's commitment to implement improved
cost controls, and its flexibility to respond to potential
further revenue volatility in royalties.

Moody's assigns long-term issuer and debt ratings of Aa1/negative
to the Queensland Treasury Corporation (QTC), the entity that
issues debt on behalf of Queensland and its government owned
corporations.  QTC's debt is guaranteed by Queensland and the
rating reflects the state's credit quality.



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


FUTURE LAND: Moody's Changes Outlook on Ba3 CFR to Stable
---------------------------------------------------------
Moody's Investors Service has changed the outlook to stable from
negative on Future Land Development Holdings Limited's Ba3
corporate family rating.

At the same time, Moody's has affirmed both Ba3 corporate family
rating and B1 senior unsecured debt rating.

                        RATINGS RATIONALE

"The stable outlook reflects that Future Land's sales execution,
funding access and liquidity position have not been affected by
the investigation of its controlling shareholder and chairman,
Mr. Wang Zhenhua," says Stephanie Lau, a Moody's Assistant Vice
President and Analyst.

Future Land's contracted sales for January-May 2016 were up 140%
year-on-year to RMB21.0 billion, representing around 52% of its
full-year contracted sales target of RMB40 billion.

The company's funding access has also not been affected by the
investigation of its chairman.  Its key Shanghai-listed
subsidiary, Future Land Holdings Co., Ltd issued a second tranche
of domestic private placed bonds totaling RMB3 billion in March
2016 at a weighted average coupon rate of 5.2%, which is lower
than the 6% coupon rate from the first tranche issuance of RMB2.0
billion in November 2015.

The company's liquidity position was adequate at end-2015, with a
cash to short-term debt ratio of 195%.  In view of the company's
solid contracted sales in the first five months of 2016 and the
issue of the private placed domestic bonds, Moody's expects the
company's liquidity position will remain adequate despite the
investigation of its chairman.

Future Land's Ba3 corporate family rating reflects its long and
solid track record in Jiangsu Province.  The company's small- to
medium-sized sales and operating scale, and moderate credit
metrics position it at the low Ba rating level.

Moody's estimates that Future Land's revenue-to-debt and adjusted
homebuilding EBIT interest coverage will be at around 120%-125%
and 3.2x-3.3x respectively in the next 12-18 months, metrics that
are appropriate for its current Ba3 rating.

On the other hand, its Ba3 rating is constrained by its high
concentration in the Yangtze River Delta.  As a result, Future
Land is exposed to volatility in one regional economy.
Furthermore, its investment holding in its Shanghai-listed
subsidiary, Future Land Holdings Co., Ltd, limits the free flow
of surplus cash within the group.

Future Land will mainly rely on its cash-on-hand, property
investment profits derived from co-investments with Future Land
Holdings, property management profits, and dividends from Future
Land Holdings to service its debt and interest payments.

Moody's also expects the high level of ownership by Mr. Wang will
ensure that Future Land will have sufficient financial support
from the group to cover its debt obligations.

Upward pressure on the ratings is limited in the near term.
Nevertheless, upward ratings pressure may emerge over the medium
term if Future Land:

  (1) achieves its contracted sales targets over the next 1-2
      years and grows its scale and geographic diversity within
      China;

  (2) shows good financial discipline and expands cautiously,
      while maintaining a sound liquidity profile and strong
      credit metrics, with its cash holdings sufficient to cover
      the short-term debt held by its non-Mainland-listed
      property portfolio;

  (3) improves the balance of revenues and profits between Future
      Land and Future Land Holdings Co., Ltd; and/or

  (4) improves its credit metrics, such that its EBIT/interest
      coverage exceeds 4.0x-4.5x.

Future Land's ratings could be downgraded if:

  (1) its sales decline significantly;
  (2) it materially increases its investments in debt-funded
      projects;
  (3) there is a material weakening in balance-sheet liquidity,
      with cash/short-term debt coverage falling below 1.0x;
  (4) its credit metrics deteriorate, with EBIT/interest falling
      below 2.5x-3.0x, and/or revenue/adjusted debt falling below
      85%-90%;
  (5) its debt levels rise significantly and it can no longer
      service its liabilities from its own operating cash flow
      and expected dividends from Future Land Holdings Co., Ltd;
      and/or

  (6) there is a material reduction in its ownership of Future
      Land Holdings Co., Ltd, or Future Land Holdings Co., Ltd's
      dividend payout policy changes such that Future Land's
      expected dividend income falls.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Future Land Development Holdings Limited was founded in 1996 by
its chairman, Mr. Wang Zhenhua.  Mr. Wang has been in the
property development business in China since 1993.  The company
listed on the Hong Kong Stock Exchange in November 2012.

At end-December 2015, Future Land maintained a presence in 25
cities in China, with an attributable land bank of approximately
13.1 million square meters of gross floor area.


HUA HAN: Moody's Puts Provisional Ba3 Rating to Prop. Sr.  Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
rating to Hua Han Health Industry Holdings Limited's (Ba3 stable)
proposed senior notes.

At the same time, Moody's has affirmed Hua Han's Ba3 corporate
family rating.

The outlook on the ratings is stable.

The proceeds from the proposed note issuance will be used for
general corporate purposes.

The provisional status of the rating will be removed upon
completion of the bond issuance under satisfactory terms and
conditions.

                        RATINGS RATIONALE

"The rating of the proposed notes is not notched down from Hua
Han's corporate family rating of Ba3, because we expect that the
company's level of secured and subsidiary debt will stay below
15% of total assets over the next 12-18 months," says Gloria
Tsuen, a Moody's Vice President and Senior Analyst.

The proposed bond issuance -- which will be used to support the
company's capital expenditure (capex) needs -- will drive up Hua
Han's adjusted debt/EBITDA to around 3x for the fiscal year
ending 30 June 2016 (FY2016), up from 0.8x in FY2015.

If Hua Han's capex levels remain high in FY2017, its debt
leverage could rise to about 4x.  Moody's expects that the
company will manage its capex plans such that its adjusted
debt/EBITDA will fall below 3.5x by end-FY2017.

The company's plan to maintain a net cash position also provides
some buffer against high near-term leverage.

Moody's expects that Hua Han will continue to ramp up its
hospital management business, and leverage should moderate to
around 2x in FY2018.

Hua Han's Ba3 corporate family rating reflects its established
domestic market position as a pharmaceutical company -- mainly in
traditional Chinese medicines -- with stable product demand, and
steady profits and cash flows.

This core business, combined with a solid net cash position,
supports the company's efforts in developing new bio-
pharmaceutical products, and more importantly, in diversifying
its business to include hospital management services.

However, Hua Han's rating is constrained by its small scale, the
product and geographic concentration of its traditional Chinese
medicine business, as well as intense competition and pricing
pressure in the Chinese pharmaceutical industry.

Hua Han's expansion into hospital services also poses execution
and financial risks.

The stable outlook on Hua Han's rating reflects Moody's
expectation that the company will: (1) maintain its disciplined
approach to financial management and a net cash position; (2)
show solid profitability; and (3) implement the expansion of its
hospital management plan within its budget and timeframe.

Upward rating pressure is limited in the near to medium term,
because the Ba3 rating factors in the successful rollout of Hua
Han's expansion of its hospital management plan -- including the
construction of its owned hospitals -- the financial benefits of
which may not become fully apparent until FY2018.

However, upward rating pressure could emerge in the longer term
if the company: (1) ramps up and completes the development of its
three owned hospitals without delays or cost overruns; (2)
maintains a high profitability in its pharmaceuticals business;
and (3) reduces leverage, as measured by adjusted debt/EBITDA to
around 2.0x.

Downward rating pressure could emerge if: (1) delays in the
completion of its owned hospital construction, cost overruns,
changes in industry conditions, government policies or the
pursuit of growth initiatives result in Moody's view that the
company's debt/EBITDA will likely trend above 3.5x by FY2017; or
(2) there is a significant deterioration in the company's
liquidity position, or its net cash position turns negative.

The principal methodology used in these ratings was Global
Pharmaceutical Industry published in December 2012.

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes
traditional Chinese medicines and bio-pharmaceutical medicines,
and provides hospital services in China.  Annual revenues for
FY2015 amounted to HKD1.8 billion (USD235 million).


SICHUAN COAL: Flags Bond Default Risks as Debt Woes Spread
-----------------------------------------------------------
Bloomberg News reports that a Chinese coal firm said it may miss
a bond payment as debt woes spread in the world's second-biggest
economy.

Sichuan Coal Industry Group, based in the southwestern province
of Sichuan, is uncertain it can repay CNY1.057 billion ($160.1
million) of bond principal and interest due June 15, it said in a
statement to Shanghai Clearing House on June 14, Bloomberg
relates.  The state-owned company sold the CNY1 billion of one-
year notes with a 5.72 percent coupon in 2015.

According to Bloomberg, Chinese coal firms have struggled as the
nation's worst economic slowdown in a quarter century batters
demand and Premier Li Keqiang vows to cut excess capacity in
industries.  The companies need to repay CNY233 billion of bonds
coming due by the end of this year, Bloomberg-compiled data show.
Chinacoal Group Shanxi Huayu Energy Co. failed to make a note
payment in April, Bloomberg notes.

"This wave of defaults may continue to spread for those coal
companies that have a lot of debt due this year," Bloomberg
quotes Helen Lau, an analyst at Argonaut Securities (Asia) Ltd.
in Hong Kong, as saying. "That said, for this company, let's see
if there is white knight for rescue or if creditors want to
extend a grace period or if they can secure refinancing loans
from banks."

Sichuan Coal is facing a cash shortage and is still trying to
raise funds for the payment, according to the statement cited by
Bloomberg. The company is reaching out to all parties including
the government to help raise funding to pay the bond, Chen
Yongjun, the person listed as a contact in the statement, said
when reached by phone on June 14, Bloomberg relays.

China's coal production fell 11% to 268 million tons in April,
Bloomberg discloses. That's the biggest slump in data going back
to April 2015.

The company is wholly owned by the State-Owned Assets Supervision
and Administration Commission of Sichuan Province, rating firm
Shanghai Brilliance Credit Rating & Investors Service Co. said in
a statement on Chinamoney website on May 30, Bloomberg discloses.



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


AADITYA KRAFT: CRISIL Reaffirms 'B' Rating on INR179.5MM Loan
-------------------------------------------------------------
The rating on the long-term bank facilities of Aaditya Kraft &
Papers Private Limited (AKPPL) continues to reflect exposure to
risks related to implementation of its ongoing project of setting
up a kraft paper unit.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           33        CRISIL B/Stable (Reaffirmed)
   Term Loan            179.5      CRISIL B/Stable (Reaffirmed)

The rating also factors in the start-up phase and expected small
scale of operations in the highly fragmented and intensely
competitive industrial paper segment. These rating weaknesses are
mitigated by the entrepreneurial experience and funding support
of promoters.

Outlook: Stable
CRISIL believes AKPPL will benefit over the medium term, from the
entrepreneurial experience and funding support of promoters. The
outlook may be revised to 'Positive' if the ongoing project is
completed within stipulated time and cost, and generates strong
revenue and profitability, resulting in sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if delay in
completion of project and stabilisation of operations leads to
low revenue and profitability; or if large working capital
requirement or debt-funded capital expenditure weakens financial
risk profile, particularly liquidity.

AKPPL, incorporated in 2012 by Mr. Bibekananda Behara and family,
manufactures kraft paper. The manufacturing facility is Cuttack
(Odisha); and is expected to commence commercial production from
June 2016.


ADI WIRES: CRISIL Reaffirms 'D' Rating on INR31.8MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Adi Wires
Private Limited (AWPL) continues to reflect instances of delay in
its debt-servicing owing to weak liquidity. Further, there have
been continuous overdrawals in the company's cash credit limit.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          23.5       CRISIL D (Reaffirmed)
   Term Loan            31.8       CRISIL D (Reaffirmed)

AWPL also has a weak financial risk profile with modest networth,
subdued debt protection metrics, modest scale and working-
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of the promoters in the steel
industry, mainly in sponge iron and ingot manufacturing.

Incorporated in 2006, Jharkhand-based AWPL manufactures binding
wires and wire nails, which are largely used in the construction
industry. The company is promoted and managed by Mr. Amit Sarawgi
and Mr. Rohit Jain.


AGROW FOODS: CARE Assigns 'B' Rating to INR10.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Agrow
Foods.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Agrow Foods (AF) is
constrained on account of the risk related to stabilization of
operations, vulnerability to fluctuations in prices of raw
material and presence in a highly fragmented industry limiting
the bargaining power of the firm.

The above weaknesses are partially offset by the strong promoter
background with established relations with customers and
suppliers.

The ability of the company to establish itself in the industry
and increase the scale of operations remain the key rating
sensitivity.

AF was established in the year 2015 by Mr. Swapnil Munde and is
engaged in the trading and processing of food grains (pulses) in
Nagpur (Maharashtra). The commercial operations of the entity
started in September, 2015. The entity currently has a network of
six suppliers including Shri Laxmi Tirumamba Murmura Industries,
Paramal Pulses Private Limited and Balaji Industries. The top
three customers of AF include Hanuman Dal Industries (rated CARE
BB-), Girni Agro Products Private Limited and Tirupati
Enterprises.


ANDHRA ASBESTOS: ICRA Suspends 'B' Rating on INR6.0cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR6.00 crore
fund based facilities and and INR1.00 crore unallocated limits of
Andhra Asbestos Transport Company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Andhra Asbestos Transport Company (AATC) was incorporated as a
partnership firm in 2006 to carry out dealership business of
petroleum products for Bharat Petroleum Corporation Limited. It
operates a retail outlet at Kadapa Bypass , Kadapa dist of Andhra
Pradesh with a storage capacity of 4*20,000 Litres of oil.
The firm is promoted by Mr Pasupuleti Brahmaih and his sons. Mr
Pasupuleti is also involved in business of vegetable oil
extraction (soya , rice bran and sunflower) and owns 3 other
filling stations though other partnership firms.


ARABIAN GOLD: CRISIL Assigns B+ Rating to INR170MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Arabian Gold and Diamonds (AGD).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           170       CRISIL B+/Stable

The ratings reflect below-average financial risk profile marked
by a high gearing and small networth and exposure to risks
related to modest scale of operations in the intensely
competitive gold jewellery industry. These rating weaknesses are
mitigated by the extensive experience of promoters in the gold
jewellery retailing market.

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

AGD was set up in 2005, in Kerala, as a proprietorship concern by
Mr. Abdul Rahiman Kunju for trading, manufacturing and retailing
gold and diamond jewellery.


ARIDO CERAMIC: ICRA Suspends 'B' Rating on INR7.0cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long term rating to [ICRA]B for INR3.00
crore fund based cash credit facility and INR7.00 crore term loan
facility of Arido Ceramic. ICRA has also suspended an [ICRA]A4
rating to INR1.15 crore short term non fund based facilities of
AC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit      3.00        [ICRA]B suspended
   Term Loan              7.00        [ICRA]B suspended
   Short Term-Non
   Fund Based Facilities  1.15         [ICRA]A4 suspended

Arido Ceramic (AC) was incorporated in May 2013 as a partnership
firm and is engaged in manufacturing of digitally printed ceramic
glazed wall tiles. The manufacturing unit of the firm is located
in Morbi, Gujarat, with an installed capacity of 30,000 MTPA. The
commercial production has started from February 2014.The firm is
promoted and managed by Mr. Rajesh Suvariya along with other
family members and relatives.


ARIO INFRASTRUCTURE: CARE Lowers Rating on INR28cr Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ario Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term
   Bank Facilities                 28       CARE D/CARE D Revised
                                            from CARE BB/ CARE A4

Rating Rationale

The revision in the rating assigned to the bank facilities of
Ario Infrastructure Private Limited (AIPL) is primarily due to
irregularity in servicing its debt obligations due to weak
liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

Ario Infrastructure Pvt. Ltd. (AIPL), promoted by Mr. Ajit
Sarkar, was incorporated in November, 2009. AIPL took over the
business operations of a partnership concern M/s. Ario Brothers,
which was formed by Mr. Ajit Sarkar in 1976. AIPL has a track
record of executing various small and midsized cross country
pipelines, city gas distribution network, plant piping, equipment
erection and other civil structural work projects.

AIPL has established track record of implementing projects for
various PSU clients such as GAIL, GSPL, ONGC, IOCL, and
BPCL and has executed works in the states like Gujarat,
Maharashtra, Uttar Pradesh and NCR region.


BALAJI INTERNATIONAL: CARE Assigns B+ Rating to INR2cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Balaji International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       2        CARE B+ Assigned
   Short-term Bank Facilities      8        CARE A4 Assigned

Rating Rationale

The ratings assigned to Balaji International are primarily
constrained by weak financial risk profile as marked by small
scale of operations, decline in the total operating income, low
profitability margins, leveraged capital structure, weak
debt service coverage indicators and working capital intensive
nature of operations. The ratings are further constrained
by foreign exchange fluctuation risk, partnership nature of its
constitution, regulatory risk, business susceptible to the
vagaries of nature and fragmented and competitive nature of the
industry.

The ratings, however, draw comfort from experience of the
partners in processing of rice and favourable manufacturing
location.

Going forward, the ability of the firm to profitably scale up its
operations while improving its capital structure and managing the
working capital requirements shall be the key rating
sensitivities.

Haryana-based Balaji International was established as a
partnership firm in 1989 by Mr. Amar Nath, Mr. Kailash Chander,
Mrs. Achla Rani and Mrs. Parveen Kumari sharing profits and
losses in equal ratio. The firm is engaged in the milling and
processing of basmati rice with an installed capacity of 6 metric
ton per hour (MTPH) at its manufacturing unit located in
Kurukshetra Road, Sandholi, Pehowa. The firm procures raw
material (paddy) from local grain markets through commission
agents in Haryana and Uttar Pradesh. The firm mainly exports its
product to Middle East countries such as Jordan, Saudi Arabia,
Dubai, Kuwait, etc. The firm also sells its product domestically
to brokers and traders located in Haryana, Delhi and West Bengal
under the brand name "Sargam" and "Khushi". The by-product of
paddy, viz, husk, rice
bran, and phak is also sold in the domestic market.

The firm has three associate concerns, namely, Balaji Overseas,
Shiv Shankar Rice Mills and Ishan International, all engaged in
milling of rice.

In FY15 (refers to the period April 1 to March 31), the firm has
achieved a total operating income (TOI) of INR97.25 crore with
PBILDT and PAT of INR4.65 crore and INR0.29 crore, as against
total operating income (TOI) of INR146.93 crore with PBILDT and
PAT of INR6.80 crore and INR0.61 crore in FY14. Furthermore, in
FY16, the firm achieved total sales of INR35 crore (as per the
unaudited results).


BHUJBAL BROTHERS: CRISIL Suspends 'D' Rating on INR90MM LT Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Bhujbal
Brothers Construction Co. (BBCC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         90       CRISIL D

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

Established in 1970, BBCC undertakes residential real estate
development, mainly in Pune (Maharashtra). The firm is promoted
by Mr. Ramesh Bhujbal and his family members.


BKN DEVELOPERS: CRISIL Suspends B+ Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of BKN
Developers Pvt. Ltd. (BKN).


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

The suspension of rating is on account of non-cooperation by BKN
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BKN is yet to
provide adequate information to enable CRISIL to assess BKN'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 2012, Bengaluru based BKN is engaged in real estate
development. The day-to-day operations are managed by its
promoter director Mr. L. Balakrishnama Naidu.


BKR HOTELS: CRISIL Suspends 'D' Rating on INR144.1MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
BKR Hotels and Resorts Pvt Ltd (BHRPL; part of the BKR group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit/
   Overdraft facility    9.3       CRISIL D

   Proposed Long
   Term Bank Loan
   Facility             46.6       CRISIL D

   Term Loan           144.1       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of BKR Hotels and BKR Hotels & Resorts
Pvt Ltd (BHRPL). This is because both the entities, together
referred to as the BKR group, are engaged in the same line of
business, and have a common management and fungible cash flows.

The BKR group operates a hotel, BKR Grand, and a convention
centre at Thyagaraya Nagar in Chennai. BHRPL was incorporated in
July 2007, while BKR Hotels was established as a partnership firm
in May 2010. Both the entities are located on the same premises
and are commonly managed.


BOSS COTTON: CRISIL Suspends 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Boss Cotton & Oil Industries (BCOI).

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

   Proposed Long Term
   Bank Loan Facility    26.5      CRISIL B/Stable

   Term Loan             23.5      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by BCOI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BCOI is yet to
provide adequate information to enable CRISIL to assess BCOI'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 2014, BCOI is a partnership firm located in Rajkot
(Gujarat). Its partners have about 10 years of experience in the
cotton industry. BCOI recently set up a unit to carry out cotton
ginning, pressing, and oil extraction; the unit commenced
operations in October 2014.


CEBON CERAMIC: CARE Revises Rating on INR3.6cr LT Loan to B+
------------------------------------------------------------
CARE revokes suspension and revises the lt rating and reaffirms
the st rating assigned to the bank facilities of Cebon Ceramic
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.60      CARE B+ Suspension
                                            revoked and rating
                                            Revised from CARE B

   Long-term/Short-term Bank      1.00      CARE B+/CARE A4
   Facilities                               Suspension revoked
                                            and rating Revised
                                            from CARE B/CARE A4

   Short-term Bank Facilities     1.00      CARE A4 Suspension
                                            revoked and rating
                                            Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Cebon Ceramic Private Limited (CCPL) is mainly on
account of stabilization of operation during FY16 (Provisional,
refers to the period April 01 to March 31) on the back of
successful completion of its project. The ratings, however,
continue to remain constrained on account of susceptibility of
its operating margins to volatility in prices of natural gas and
key raw materials, presence in a highly competitive ceramic
tiles industry and fortunes linked to demand from the cyclical
real estate sector. Furthermore, the ratings also remain
constrained on account of its nascent stage of operation and its
financial risk profile marked by thin profitability, moderately
leveraged capital structure, moderate debt coverage indicators
and moderate liquidity position during FY16 (Provisional).

However, the rating continues to derive strength from wide
experience of the promoters in the ceramic industry and location
advantage with presence in ceramic hub with easy access to raw
material, fuel and labor.

The ability of CCPL to increase its scale of operations along
with improvement in the overall financial risk profile amidst
highly competitive ceramic industry along with efficient working
capital management are the key rating sensitivities.

CCPL was incorporated in January 2014 by Mr Amitkumar T Patel and
Mr Manishkumar J Aghara. Both the promoters possess long
experience in the ceramic industry and jointly manage operation
of CCPL. CCPL is engaged into business of manufacturing of
digital ceramic wall tiles of two different sizes 10"*13" and
10"*15". CCPL is operating from its sole manufacturing plant
located in Morbi (Gujarat) with an installed capacity of 12,000
MTPA (Metric Tonnes Per Annum) as on March 31, 2016. CCPL
completed its green field project having total cost of INR9.34
crore during March 2015 and commenced commercial operation from
April 2015.

During FY16 (Prov.), CCPL reported a PAT of INR0.02 crore on a
total operating income (TOI) of INR12.54 crore.


CHARISMA GOLDWHEELS: ICRA Suspends B+ Rating on INR6cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR6.00 crore
fund based facilities of Charisma Goldwheels Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

CGPL was incorporated in 1998 and has been operating as an
authorised dealer for vehicles of Hyundai Motors in Chandigarh.
The company deals in sale of new cars, repairs and servicing of
cars. The day to day management of the company is taken care by
Mr. Pratap Hoon. The company has one 3S (showroom, spares,
service) sales showroom cum service workshop located in the
industrial area of Chandigarh.


DEV COTEX: CARE Lowers Rating on INR10cr LT Loan to 'D'
-------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Dev
Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       10       CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of Dev
Cotex Private Limited (DCPL) is primarily driven by delay in
debt repayment due to weak liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

Gondal-based (Rajkot) Dev Cotex Private Limited (DCPL) is engaged
in the business of trading of cotton, cotton bales and cotton
seeds. It was established in 2010 by Mr Anilkumar Selani and Mr
Dhirajlal Selani and was taken over by Mr Bharatkumar V Selani
and Mr Chirag B Selani in October 2014. Present directors are
associated with Shiv Cotgin Private Limited of Gondal (Rajkot)
which is also into cotton and kapas trading business. DCPL
operates from its sole warehouse situated at new sardar market
yard, Gondal.


DHANPATI AGRO: CRISIL Assigns 'D' Rating to INR65MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Dhanpati Agro Udyog Private Limited (Dhanpati).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            65       CRISIL D
   Term Loan              20.7     CRISIL D

The rating reflects instances of delay by Dhanpati in meeting its
debt obligations resulting from weak liquidity due to highly
working capital-intensive operations.

The rating also reflects weak financial profile because of high
gearing and moderate debt protection metrics, and small scale of
operations in the highly fragmented industry. These weaknesses
are mitigated by promoters' experience and their funding support,
and moderate operating profitability margins.

Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and non-
basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.


DIAMOND TMT: CRISIL Reaffirms B+ Rating on INR300MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Diamond TMT and Procon
Private Limited (Diamond TMT) continue to reflect the company's
limited track record in the intensely competitive steel industry.
This weakness is partially offset by its promoters' extensive
industry experience, and its comfortable financial risk profile.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       10        CRISIL A4 (Reaffirmed)
   Cash Credit         300        CRISIL B+/Stable (Reaffirmed)
   Term Loan            80        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes Diamond TMT will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if liquidity improves on account of
significant increase in revenue and net cash accrual. The outlook
may be revised to 'Negative' if debt protection metrics weaken
because of low net cash accrual driven by subdued operating
margin.

Update
Topline declined to INR1.24 billion in 2015-16 (refers to
financial year, April 1 to March 31) from INR1.29 billion in
2014-15, while profitability remained at 3.0-3.5 percent. Working
capital cycle was moderate, as indicated by gross current assets
of 60-90 days as on March 31, 2016, driven by inventory of 30-45
days. Bank limit utilisation was moderate, averaging 60 percent.
Financial risk profile remained below-average because of high
gearing of 1.8-2.0 times and modest networth of INR100-110
million as on March 31, 2016. Debt protection metrics were
subdued, with interest coverage ratio of 1.6 times in 2015-16.

Diamond TMT, incorporated in February 2010, is promoted by Mr.
Ajay Jain and his son Mr. Akshay Jain. The company has a thermo-
mechanically treated (TMT) re-rolling mill in Bhavnagar, Gujarat.
It began commercial production in April 2014.


EMAAR DEVELOPERS: CRISIL Assigns B+ Rating to INR200MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of EMAAR Developers And Builders Private
Limited (EDBPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Project Loan         200        CRISIL B+/Stable

The rating reflects susceptibility to timely implementation and
saleability of EDBPL's ongoing project because of early stage of
construction and low initial bookings, and exposure to
cyclicality in the Indian real estate sector. These rating
weaknesses are partially offset by the extensive experience of
the company's promoters in Nagpur's real estate industry, and
advantageous location and affordability of the ongoing project.

Outlook: Stable
CRISIL believes EDBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
advantageous location and affordability of its ongoing project.
The outlook may be revised to 'Positive' in case of better-than-
expected booking of units and receipt of customer advances,
leading to sizeable cash inflow. Conversely, the outlook may be
revised to 'Negative' in case of a time or cost overrun in the
ongoing project or slower-than-expected ramp-up in customer
bookings, leading to lower-than-anticipated cash inflow and
deterioration in the company's financial risk profile,
particularly liquidity.

Incorporated in 1997, EDBPL is promoted by Mr. Madan Balaji Ratan
along with his family members. It undertakes residential and
commercial real estate development in Nagpur. The company is
presently developing Ratan City, a residential-cum-commercial
project, in Nagpur.


GWALIOR DISTILLERIES: CARE Cuts Rating on INR37.5cr LT Loan to B+
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gwalior Distilleries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     37.50      CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the rating assigned to the bank facilities of
Gwalior Distilleries Limited (GDL) takes into account delay in
the implementation of project on account of delay in the receipt
of letter of intent from the State Government and deterioration
in financial risk profile marked by decline in operating income
and cash accruals and deterioration in solvency and liquidity
position in FY16 (Provisional) (refers to the period April 1 to
March 31).

The rating continues to be constrained on account of sensitivity
of the business to government regulations and geographical
concentration risk.

The rating continues to draw support from the long track record
of the entity with experienced promoters and high entry barriers
in the liquor industry.

Timely completion of its debt-funded capex along with
stabilization of operations and achieve envisaged level of
operations while improving its profit margins and solvency
position and manage its working capital requirement efficiently
remain the key rating sensitivity.

GDL was incorporated in the year 1986 by Mr. Govind Yadav to
undertake the business of blending and bottling of Indian made
Foreign Liquor (IMFL). The product range of the company includes
brandy, dry gin, rum and whisky under brand names of Royal Champ
Whisky, Fauji Rum, Blue Bird Gin, Fauji Whisky, Oskar Whiskey and
Royal Class Whisky. The IMFL blending and bottling unit of the
company is located in Bhind district of Madhya Pradesh and has a
total installed capacity of 90,000 cases per annum. The blending
and bottling of the products are done under the permissible
limits of Madhya Pradesh State Excise department.

Presently, GDL is in the process of undertaking backward
integration of operations by setting up a unit for the
manufacturing of the basic raw material i.e., ENA and RS, which
was otherwise being sourced from third parties. GDL has proposed
for an installed capacity of 40KL (kilo litre) for the
manufacturing of ENA and INR The basic raw material used for the
manufacturing process is broken rice and bajra which the company
will procure from local suppliers in and around Gwalior, Madhya
Pradesh. The company will produce DDGS (Distillers dried grain
stillage) a.k.a. a cattle feed as the byproduct and expects to
further sell the same in Gwalior, Punjab, Haryana etc.

During FY15, GDL earned a PAT of INR0.41 crore on a total income
of INR7.87 crore as against a PAT of INR0.71 crore on a total
income of INR6.95 crore for FY14. Furthermore, GDL earned a PAT
of INR0.13 crore on a total income of INR4.73 crore during FY16
(Provisional).


HILLS CEMENT: ICRA Suspends 'D' Rating on INR162.23cr LT Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR162.23
crore long term loans & working capital facilities of Hills
Cement Company Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


KARAN ASHOK: CRISIL Reaffirms B+ Rating on INR100MM e-DFS
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Karan Ashok
Auto Pvt. Ltd.  (KAAPL) continues to reflect a modest scale of
operations in the intensely competitive automobile dealership
market, along with low bargaining power with the principal, Honda
Cars India Ltd (HCIL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Drop Line
   Overdraft Facility   12.5       CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)             100         CRISIL B+/Stable (Reaffirmed)

   Term Loan            18.5       CRISIL B+/Stable (Reaffirmed)

The rating also factors in a below-average financial risk profile
marked by a high total outside liabilities to tangible net worth
ratio. These rating weaknesses are partially offset by the
company's established position as an automobile dealer for HCIL
in the Kumaon region of Uttarakhand.

Outlook: Stable

CRISIL believes KAAPL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' in case of substantial improvement in sales
volume and operating margin, or significant equity infusion
resulting in a better capital structure, along with prudent
working capital management. Conversely, the outlook may be
revised to 'Negative' if market share reduces, thereby
significantly impacting revenue and profitability, or in case of
any large, debt-funded capital expenditure, or further stretch in
working capital requirement, leading to deterioration in
liquidity.

KAAPL was incorporated in 2010, promoted by the Haldwani,
Uttarakhand-based Singh family. The company runs HCIL dealerships
in Haldwani, Rudrapur, and Moradabad. Mr. Ashok Pal Singh and his
son, Mr. Gaurav Singh, the directors, manage operations.


KUTTANAD RUBBER: CRISIL Reaffirms 'B' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of The Kuttanad Rubber Co
Ltd (KRCL) continues to reflect KRCL's modest scale of operations
in the intensely fragmented rubber plantation industry and the
susceptibility of its operating performance to volatility in
rubber prices. These rating weaknesses are partially offset by
the long standing regional presence of KRCL aided by its
promoters' industry experience.

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

   Long Term Loan          0.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that KRCL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability margin or in case there is higher than expected
decline in the loans and advances extended to associate company.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the company's scale of operations and profitability or
in case of deterioration in the company's capital structure on
account of stretch in working capital cycle of any large debt-
funded capital expenditure.

KRCL is a closely held public limited company and operates a
rubber plantation of 440 acres in Kanjirapally (Kerala). The
company extracts raw rubber latex from its plantation and sells
it to local centrifuged latex (cenex; used in making medical and
surgical items) manufactures. The daily operations of the company
is managed by the executive director, Mr. Joseph Thomas.


KWALITY TOWNSHIP: ICRA Lowers Rating on INR5.0cr Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.0 crore
term loan of Kwality Township Pvt. Ltd. from [ICRA]B+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan Facility     5.0         [ICRA]D; Downgraded

ICRA has downgraded the ratings assigned to bank lines of KTPL
due to delays in servicing of debt obligations. The delays have
occurred because of stretched liquidity position of company, on
backdrop of weak market scenario.

Going forward, regularization of debt servicing will be the key
rating sensitivity.

Incorporated in 2009, KTPL undertakes development of housing
projects and townships and undertook its first township project,
"ARK City" in 2009. In this project located in Meerut, Uttar
Pradesh, the company sold 300 plots and is developing single
storey and duplex houses on another 100 plots as row houses. KTPL
commenced the construction of its second project "ARK Residency",
Meerut, in 2012. This is a mixed use project, comprising 72
commercial units and 45 residential units. The total project cost
is estimated at INR19.72 crore, which is proposed to be funded by
customer advances (40%), promoter's contribution (35%) and debt
(25%).


LANDMARK DEVELOPMENT: CRISIL Assigns B+ Rating to INR50MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Landmark Development Corporation Private
Limited.

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

The rating reflects susceptibility to implementation risks
related to a recently launched residential project, and to risks
and cyclicality inherent in the Indian real estate industry.
These rating weaknesses are partially offset by the extensive
experience of the promoters of the company in the real estate
sector, primarily in development of land plots.

Outlook: Stable
CRISIL believes LDCPL will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate sector. The outlook may be revised to 'Positive' if
healthy bookings for an ongoing project and timely receipt of
advances lead to sizable cash inflows. Conversely, the outlook
may be revised to 'Negative' if lower bookings, time or cost
overrun in the project, or simultaneous launch of other projects
lead to weakening of liquidity.

Incorporated in 2012 and promoted by Mr. Vishal Chavan, Mr.
Rupesh Chavan, and Mr. Anand Mahajan, LDCPL develops residential
land plots and real estate projects in and around Pune. The
company has successfully sold three land plotting schemes near
Pune so far and will be selling a fourth in the near term. It has
recently launched a residential real estate project, Elite Homes,
which has 173 saleable units.


LION INSULATION: CARE Lowers Rating on INR7.33cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Lion
Insulation Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.33      CARE D Revised from
                                            CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of
Lion Insulation Private Limited (LIPL) is primarily due to
irregularity in servicing its debt obligations due to weak
liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position is the key rating
sensitivity.

LIPL was incorporated in 2011. LIPL had set up a manufacturing
plant located at Guna, Madhya Pradesh with total capacity of 9000
MTPA for manufacturing thermal and acoustical insulation products
like Rockwool mattress, Rockwool slabs and pipe section, which
will be used in refineries, chemicals plants and malls where
temperature control is required.

LIPL has commenced commercial production from December 2013. LIPL
procures its raw material from Dhanbad (Coal mines), Bhilai
(steel plants and iron ore plants) and from various local
markets. LIPL has been supplying its product to the reputed
clients like Lloyd Insulation (India) Limited and National
Thermal Power Corporation Limited and is also targeting various
government agencies like Bharat Heavy Electricals Limited.


MAHA LAXMI: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Maha Laxmi Agro
Tech (MLAT) continues to reflect small scale of operations in
fragmented rice milling industry and susceptibility of its
operating margin to adverse government regulations and volatility
in raw material prices. These weaknesses are partially offset by
the extensive experience of its management in rice milling
industry and its moderate financial risk profile.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        0.1      CRISIL A4 (Reaffirmed)
   Cash Credit          30.0      CRISIL B/Stable (Reaffirmed)
   Letter of Credit      3.5      CRISIL A4(Reaffirmed)
   Term Loan            25.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that MLAT will continue to benefit from the
extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if the scale of
operations significantly improves leading to improvement in its
cash accruals. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in its operating
performance, or in case if the firm undertakes a large debt-
funded capital expenditure in case of significant capital
withdrawals by partners leading to weakening in its financial
risk profile.

Incorporated in 2011 as a partnership firm, MLAT has set up a
plant to mill and process paddy into parboiled rice, rice bran,
broken rice, and husk. The firm commenced commercial production
in July 2012. There are 11 partners in the firm; Mr. B Jagdish
and Mr. G Saibaba manage the firm's day-to-day operations.


MANGALA SEEDS: CARE Assigns B+ Rating to INR8.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mangala
Seeds.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      8.0       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Mangala Seeds (MS)
is constrained by relatively small scale of operations coupled
with low profitability, leveraged capital structure and weak debt
coverage indicators, working capital intensive nature of
operations due to elongated operating cycle, competition from
other established players and MNCs in seed business and
constitution of the entity as a partnership firm. However, the
rating is underpinned by the established track record and
experience of the partners for about three decades in seed
business and strong marketing network within Warangal.

The ability of the firm to improve its scale of operations and
profitability margins, capital structure and efficiently manage
its working capital requirements are the key rating
sensitivities.

MS was started as Hindu Undivided Family (HUF) on Oct. 4, 1999,
by Mr Madishetty Ashok. In March 2007, Mr Madishetty retired from
HUF and established Mangala Seeds as a partnership firm on April
01, 2007 with Mr Gourishetty Nagaraju as second partner. The firm
is engaged in the production, procurement, processing, marketing
and distribution of Paddy seeds in Warangal, Telangana. The
processing unit of the firm is located at Madikonda,Warangal.

MS purchases the breeder seeds (initial level or raw seeds) of
paddy from the state authorities and Agriculture Universities.
These seeds are sold to farmers for up-gradation to foundation
seeds. Foundation seeds are then repurchased back from farmers
for further germination and for producing final seeds as per the
specifications of State Certification Agency (for agriculture
seed). Post certification, these seeds are sold commercially in
packed form.


MARVELOUS ENGINEERS: CARE Rates INR6.70cr LT Bank Loan at 'B'
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Marvelous Engineers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.70      CARE B Assigned
   Short-term Bank Facilities     0.11      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Marvelous
Engineers Private Limited (MEPL) are constrained on account of
small scale of operations along with low profit margins,
leveraged capital structure, weak debt coverage indicators, weak
liquidity position and susceptibility of operating margins to
volatility in raw material prices.

The ratings draw support from the experience of the promoters of
more than two decades, reputed and established client base and
operational linkages with group concerns.

The ability to improve profitability along with improvement in
capital structure are the key rating sensitivities.

MEPL is a Kolhapur-based (Maharashtra) company incorporated in
March, 1990. It is promoted by Mr Sangram Vishnu Patil, Mr Vishnu
Baburao Patil and is managed by the Patil family of Kolhapur.

Since inception, the company is engaged in manufacturing of
precision engineering and auto components namely bearing, chasis,
brackets, cover, drum, flywheel, hub, housing, pinion which are
used in earth moving equipment, trucks, tractors and allied
equipment.

The manufacturing facility of the company is ISO 9001:2000
certified and located at Kolhapur. The company mainly caters to
the domestic market. Moreover, it also exports its products
(around 30% of the total revenue in FY15 -- refers to the period
April 1 to March 31) mainly to countries like United States,
Brazil and Italy. MEPL's clients are reputed entities in their
respective line of business such as John Deere India Private
Limited, Lombardini S.R.I, Fairfield Atlas Limited, Comet S.P.A,
Hyva India Private Limited, etc. Its top five customers
contributed around 70% of the total income in FY15.


MEENAKSHI ASSOCIATES: CRISIL Reaffirms D Rating on INR100.8M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Meenakshi Associates Private Limited (MAPL) at 'CRISIL D/CRISIL
D'. The rating continues to reflect continuous devolvement of
letter of credit (LC), due to which its cash credit facility is
over utilised, this is because of weak liquidity on account of
large receivables and inventory.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      100.8       CRISIL D (Reaffirmed)
   Cash Credit          70         CRISIL D (Reaffirmed)
   Letter of Credit     55         CRISIL D (Reaffirmed)
   Term Loan            10         CRISIL D (Reaffirmed)

MAPL has weak liquidity because of low cash accrual and large
working capital requirement. It has modest scale of operations in
a fragmented and competitive industry. However, the company
benefits from the extensive experience of the promoters in the
heavy fabrication industry, and its established customer
relationships.

Incorporated in 1985, MAPL fabricates pressure vessels, heat
exchangers, storage tanks, and chemical gas cylinders mainly for
the petroleum refining and chemicals industries. The company has
manufacturing facilities in Noida (Uttar Pradesh) and is promoted
by Mr. Ish Kumar Narang and family.


NANDI POLYMERS: ICRA Suspends 'B' Rating on INR9.15cr FB Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.15 crore
fund based facilities, INR0.20 crore non-fund based facilities
and INR0.85 crore unallocated limits of Nandi Polymers India
Private Limited. ICRA has also suspended [ICRA]A4 rating assigned
to INR1.80 crore non-fund based facilities of NPIPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Nandi Polymers India Private Limited was incorporated in 2005 as
a private limited company. NPPL is a part of Nandi group of
companies which has presence in PVC Pipes & Fittings, Cement,
Ethanol and Infrastructure sectors etc. Nandi Polymers was in the
business of manufacturing HDPE pipes since 2005. In 2009, the
company added LLDPE water tanks and in 2014 it added HDPE water
tanks to its product portfolio.


NEC PACKAGING: CRISIL Assigns 'B' Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of NEC Packaging Limited (NEC) and assigned its
'CRISIL B/Stable/CRISIL A4' ratings to the facilities. CRISIL
had, on April 27, 2016, suspended the rating, as the firm had not
provided adequate information for a rating review. It has now
shared the requisite information, enabling CRISIL to assign a
rating to the bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)


   Letter of Credit       10       CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings reflect working capital intensive nature of business,
modest scale of operations and low profitability. These rating
weaknesses are mitigated by the extensive experience of promoter
in the packaging paper industry and NEC's above-average financial
risk profile because of moderate leverage and average debt
protection metrics.

Outlook: Stable

CRISIL believes NEC will continue to benefit from the extensive
industry experience of its promoter and its established
relationship with customers. The outlook may be revised to
'Positive' in case the company generates significantly higher-
than-expected cash accruals while maintaining working capital
requirement prudently. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected cash accruals, large,
debt-funded capital expenditure, or stretched working capital
cycle.

Incorporated in 1979, NEC manufactures packaging materials such
as printed corrugated cartons, unprinted laminated films, blister
foils and bulk drug bags, printed poly vinyl chloride shrink
labels, and cold formed foils. It has its manufacturing unit in
Mohali (Punjab) and is managed by Mr. Vivek Kumar Gupta.


PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Perfect Engineers &
Contractors (PEC) continues to reflect PEC's modest scale of
operations in the fragmented civil construction industry, the
geographic concentration in its revenue, and its large working
capital requirements.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4 (Reaffirmed)
   Cash Credit           60        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PEC's promoters in the civil construction industry
and the firm's moderate financial risk profile marked by
comfortable debt protection metrics.

Outlook: Stable

CRISIL believes that PEC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PEC reports low revenue or profitability, or if its working
capital management deteriorates resulting in weak liquidity, or
if it undertakes a large debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

Set up in 1993 as a partnership firm, PEC undertakes civil
construction work, primarily buildings in Kerala. The firm is
based in Palakkad (Kerala) and its day-to-day operations are
managed by Mr. M. Suneel and Mr. Sajeevan.

PEC reported a profit after tax (PAT) of INR3.2 million on
revenue of INR8.02 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR10.8 million on revenue
of INR116.4 million for 2013-14.


PRADHVI MULTITRADE: ICRA Suspends 'D' Rating on INR10cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR10.00
crore fund based cash credit facility1 of Pradhvi Multitrade
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 on Feb. 26, 2011, Pradhvi Multitrade Private Limited
(Pradhvi Multitrade) is a private limited company promoted by Mr.
K. R. Menon and Mr. Rajpal Singh engaged in the trading of greige
cloth.

The company's administrative and registered office is in Mulund,
Mumbai and it has two godowns in Bhiwandi.


RAJGAD DNYANPEETH: CRISIL Suspends 'D' Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rajgad
Dnyanpeeth (Rajgad).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan    102.5      CRISIL D
   Term Loan             120.0      CRISIL D

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

Rajgad was set up in 1982 and is managed by Mr. Anantrao Thopate
and his son Mr. Sangram Thopate. The trust manages multiple
educational institutes such as primary and secondary schools,
pharmacy and engineering colleges, management colleges, and arts
and commerce colleges in Bhor. While the schools are affiliated
to the Maharashtra State Board, the engineering institutes are
affiliated to the All India Council for Technical Education, and
the arts and commerce colleges are affiliated to the University
of Pune.


RAJKAMAL TEXTILES: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rajkamal Textiles
continues to reflect Rajkamal's modest scale of operations and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the firm's moderate financial
risk profile, marked by average gearing and debt protection
metrics, and its promoters' extensive experience in the textile
industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        0.9       CRISIL A4 (Reaffirmed)
   Cash Credit          50.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that Rajkamal 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
scales up its operations and generates more-than-expected cash
accruals on a sustained basis, resulting in an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if Rajkamal's capacities are under utilised, resulting
in low cash flows, if the operating margin declines, or if it
undertakes a large debt-funded capital expenditure programme,
leading to deterioration in its financial risk profile.

Set up in 2002 by Mr. C Rajendran and Mrs. C Nanjammal, Rajkamal
manufactures grey melange yarn with counts ranging from 20s to
40s. It is based in Coimbatore in Tamil Nadu.


REAL INNERSPRING: ICRA Reaffirms B+ Rating on INR3.25cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR3.60 crore (reduced from INR5.50 crore) fund based bank
facility of Real Innerspring Technologies Private Limited. ICRA
has also reaffirmed its short-term rating of [ICRA]A4 on the
INR0.50 crore non-fund based facility of the company. ICRA has
also assigned its [ICRA]B+ rating to the INR1.90 crore
unallocated bank facilities of RIPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            3.25       [ICRA]B+; reaffirmed
   Term Loan              0.35       [ICRA]B+; reaffirmed
   Bank Guarantee         0.25       [ICRA]A4; reaffirmed
   Letter of Credit       0.25       [ICRA]A4; reaffirmed
   Unallocated            1.90       [ICRA]B+; assigned

The rating reaffirmation takes into account the growth in RIPL's
scale of operations, which, as per provisional results, increased
to INR32.83 crore in FY 2016. ICRA also takes note of the decline
in the operating margins and the net losses incurred by the
company in FY2015, which have resulted in an increase in gearing.
The rating continues to take into account the company's
relatively moderate scale of operations, despite the growth
registered in recent years, and the highly competitive and
fragmented industry in which it operates. The mattress industry
is characterized by the presence of a large number of
participants, both organized and unorganized, on account of low
entry barriers arising from low technical and capital intensity.
RIPL faces competition from established players like Sleepwell,
Springwell, Kurlon etc, as well as numerous small to medium sized
enterprises which limits the pricing flexibility of the industry
participants, including RIPL, leading to subdued profitability.
Also, RIPL has a weak financial risk profile, which is likely to
deteriorate further with the debt funded capital expenditure
being incurred by the company in FY2017.

However, ICRA positively takes into account the significant
experience of the promoters of RIPL in the mattress trading
business and the financial support provided by them to the
company in the form of unsecured loans over the last years.
Further, the company's agreement with 'King Koil', a major player
in the international mattress market, is expected to help the
company going forward, in terms of support in the form of
technology sharing and branding. The growing consumer preference
towards luxury products is likely to generate sufficient demand
for the company's products over the medium to long term.

The ability to increase its scale of operations, while improving
its profitability, along with a sustained improvement in its
capital structure will be the key rating sensitivities.

Incorporated in 2004 by the Gupta family, RIPL manufactures foam
and spring mattresses. The company commenced operations at its
manufacturing unit in Noida, Uttar Pradesh in 2004. This was
followed by the addition of manufacturing units in Rudarpur
(Uttarakhand) and Bhiwandi (Maharashtra). The spring mattresses
manufactured by RIPL are sold under the brand name 'Sleep Zone'.
In 2013, the company acquired the manufacturing and marketing
license from an international mattress manufacturing company,
which markets its products under the brand name 'King Koil'. The
directors of RIPL are Mr. Archit Gupta, Mr. Nitin Gupta and Mr.
Shobit Gupta, who along with other professionals manage the
affairs of the company. The promoters have been involved in the
mattress trading business since the last four decades and are
also involved in various other businesses, such as manufacturing
of non-woven fabric and manufacturing of composite containers.


SAMRADDHI COT: CARE Reaffirms B+ Rating on INR7.01cr LT Loan
------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of Samraddhi Cot Fibres Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.01      CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Samraddhi Cot
Fibres Private limited (SCFPL) continues to remain constrained on
account of the net loss reported by the company during FY15
(refers to the period April 1 to March 31) coupled with leveraged
capital structure, weak debt coverage indicators and elongated
working capital cycle. The rating is further constrained due to
susceptibility of profit margins to cotton price fluctuations,
seasonality associated with the cotton industry and the company's
presence in the highly fragmented cotton ginning and pressing
industry with limited value addition resulting into working-
capital intensive nature of operations.

The rating continues to draw strength from the experience of the
promoters in the cotton industry and location advantage in terms
of proximity to the cotton seed growing regions inMadhya Pradesh.
The rating also takes into account increase in the total
operating income (TOI) during FY15.

The ability of SCFPL to improve its profit margins, capital
structure and better working capital management in light of the
competitive nature of the industry remain the key rating
sensitivities.

SCFPL was incorporated in 2011 and commenced its operation from
December 2012. SCFPL is promoted by Mr Prakash Mittal, and the
company is engaged into the business of cotton ginning and
pressing. SCFPL operates from its plant located in Sendhwa,
Madhya Pradesh, with a capacity of processing raw cotton for
producing 200 bales per day and is currently utilising 80% of its
total capacity. SCFPL procures its raw cotton locally through
brokers and mandis.

Furthermore, duringMarch 2014, SCFPL set up warehouse facility
for storage of cotton bales and cotton seeds. During FY15 (A),
SCFPL reported a TOI of INR41.01 crore and Net loss of INR0.04 as
against TOI of INR31.11 crore and PAT of INR0.14 crore during
FY14 (A). During FY16 (Prov.), SCFPL has achieved TOI of around
INR30 crore.


SHREE GANESH: ICRA Suspends 'D' Rating on INR265.99cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR265.99
crore long term loans & working capital facilities of Shree
Ganesh Metaliks Ltd. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

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


SHREE RAJ: ICRA Withdraws 'B' Rating on INR4.70cr Term Loan
-----------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B assigned to the INR5.70
crore1 bank limits of Shree Raj Agro Cold storage, which were
under notice of withdrawal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             4.70         [ICRA]B (withdrawn)
   Cash Credit           1.00         [ICRA]B (withdrawn)

The ratings are withdrawn as the period of notice of withdrawal
is completed.


SIDHIVINAYAK FILAMENTS: ICRA Suspends B/A4 Rating on INR47cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR47.00 crore fund based and non-fund based limits of
Sidhivinayak Filaments Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

SFPL is a manufacturer of texturized yarn and knitted fabrics.
The company was established in 1998. The company operates 7
texturizing machines, 51 circular knitting machines and 6 warp
knitting machines in its manufacturing facility located in
Silvassa. The company is promoted and managed by the Bajari
family. Bajari Filaments Private Limited, promoted by the Bajari
family and in the same line of business, is a group company of
Sidhivinayak Filaments Pvt. Ltd.


SRI VANI: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
--------------------------------------------------------
CRISIL has assigned the 'CRISIL B/stable/CRISIL A4' ratings to
the bank facilities of Sri Vani Trading and Co. (SVT).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                  10        CRISIL B/Stable
   Foreign Letter of Credit     50        CRISIL A4

The ratings reflect modest scale of operations in highly
fragmented timber industry, working capital-intensive operations
and susceptibility to fluctuations in foreign exchange rates.
These weaknesses are mitigated by extensive industry experience
of promoters.

Outlook: Stable

CRISIL believes SVT will maintain its stable business risk
profile over the medium term backed by the extensive industry
experience of its promoters and its established relationships
with customers. The outlook may be revised to 'Positive' if ramp-
up in scale of operations along with improvement in profitability
results in improved capital structure. Conversely, the outlook
may be revised to 'Negative' if liquidity weakens due to large
incremental working capital requirement, declined margins or
large, debt-funded capital expenditure programme or in any change
in government policy negatively impacts operations.

Incorporated in 2008, as a partnership firm by Mr. Marimuthu and
Mr. Inbaraj, SVT trades imported timber in Thenkasi, Tamil Nadu.
The daily operations are managed primarily by Mr. Marimuthu.

Net profit was INR0.67 million for 2014-15 (refers to financial
year, April 1 to March 31) on net sales of INR189 million, as
against net profit of INR0.55 million on net sales of INR156
million in 2013-14. Revenue was estimated at INR208 million for
2015-16.


SUPREME EXPORTS: CARE Assigns 'B' Rating to INR5.0cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Supreme
Exports.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.0       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Supreme Exports
(SE) is constrained by the relatively small scale of operations
coupled with fluctuating profitability margins, weak debt
coverage indicators, elongated operating cycle, competitive
nature of industry, regulatory risk and seasonality associated
with the seafood industry and constitution of the entity as a
partnership firm. However, the rating is underpinned by the
established track record and experience of the partners for three
decades in sea
food industry, satisfactory capital structure, location advantage
and regulatory approvals in place.

The ability of the firm to improve its scale of operations and
profitability margins in the competitive market and improve its
debt coverage indicators are the key rating sensitivities.

Supreme Exports (SE) was established in the year 2000 and has
been promoted by Mr SHV Prasad and his wife Ms S Rama Sita. The
firm is engaged in processing, packing and export of shrimp to
various places like Vietnam, China and Dubai. The product profile
of the firm includes black tiger, vannamei, scamp and white
shrimp. The plant has the certification of 'Hazard Analysis
Critical Control
Point (HACCP)', British Retail Consortium (BRC).The processing
and storage facilities of SE are approved by the Marine Products
Export Development Authority (MPEDA).

During FY15 (refers to the period April 1 to March 31), SE
reported a PAT of INR0.01 crore on a total operating income of
INR9.64 crore as against PAT of INR0.1 crore on a total operating
income of INR9.67 crore in FY14. Furthermore, during 11MFY16
(Provisional), the firm has achieved sales of INR18.92 crore.


SURYODAYA INFRA: ICRA Suspends B+ Rating on INR4.0cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR4.00 crore
fund based facilities and INR4.50 crore non-fund based facilities
of Suryodaya Infra Projects (I) Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

The business was started as a partnership -- Prime Construction
(PC) in 2006. SIPIL was incorporated on 30th December 2008 and
commenced operations in May 2009. PC which was engaged in the
same business was merged with SIPIL in 2010 The company is
engaged in civil works for National Mineral Development
Corporation (NMDC), like site clearance, area grading, raising of
tailing dam embankment, road construction, construction of
conveyor belts, etc.


TOP GEAR: CRISIL Reaffirms B+ Rating on INR47.8MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Top Gear Transmission
Private Limited (TGTPL; part of the TG group) continue to reflect
TG group's modest scale, and working-capital-intensive operations
in the highly competitive industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        7.5       CRISIL A4 (Reaffirmed)

   Cash Credit          20         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     15         CRISIL A4 (Reaffirmed)

   Long Term Loan        9.7       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   47.8       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the group's modest networth and
moderately high gearing. These weaknesses are partially offset by
the promoters' extensive experience in the gearbox manufacturing
industry and its healthy profitability leading to moderate debt-
protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TGTPL and Top Gear Transmissions
(TGT), together referred to as the TG group, on account of
significant operational and financial linkages between the two.

Outlook: Stable
CRISIL believes the TG group will continue to benefit from the
promoters' extensive experience and funding support. The outlook
may be revised to 'Positive' if there is higher-than-expected
cash accrual along with efficient working capital management. The
outlook may be revised to 'Negative' if operating margin declines
or  stretch in working capital cycle or large, debt-funded
capital expenditure weaken the financial risk profile.

Update
Revenues during 2015-16 (refers to financial year, April 1 to
March 31) have remained stagnant with net sales of INR361 million
as against INR356 million during the previous year amidst muted
demand. The profitability was in line with the previous year at
around 13 percent. TG group's operations remained working capital
intensive with estimated gross current assets of 225 days
increasing from 203 days in previous year leading to high bank
limit utilisation of around 90 percent over the past twelve
months through December 2015.

Financial risk profile is marked by modest estimated networth of
INR78.1 million and moderately high gearing of 1.7 times as on
March 31, 2016. The interest coverage and net cash accrual/ total
debt were moderate at 2.8 times and 0.17 times, respectively for
2015-16.  TG group is expected to generate cash accrual of INR25-
30 million, which shall be sufficient for annual debt repayments
of INR16-20 million over the next two years. It was also
supported by promoter funding support of INR24 million as on
March 31, 2016.

TGT was incorporated in 2002 in Satara (Maharashtra) by Mr.
Srikanth Pawar. Reconstituted as a closely held public limited
company in 2002, it designs and manufactures planetary gear boxes
as well as custom built gear boxes used in capital goods
industry.

TGTPL, incorporated in 2002 in Satara by Mr. Shashikant B Pawar,
manufactures heavy-built gear boxes used in capital goods
industry.


TRIVENI WIRES: ICRA Assigns 'B' Rating to INR25.0cr Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR25.00
crore term loan, INR2.50 crore cash credit limit and INR7.75
crore unallocated limits of Triveni Wires Pvt. Ltd. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR1.75 crore
non-fund based bank facilities and to the INR5.00 crore non fund
based sublimit of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Term Loan             25.00        [ICRA]B; assigned

   Cash Credit            2.50        [ICRA]B; assigned

   Unallocated            7.75        [ICRA]B; assigned

   Non Fund Based
   Limits Letter of
   Credit                 1.25         [ICRA]A4; assigned

   Bank Guarantee         0.50         [ICRA]A4; assigned

   Capex LC/BC           (5.00)        [ICRA]A4; assigned

The assigned ratings take into account the company's small scale
of current operations, although healthy scaling up of operations
is witnessed in the last two fiscals. ICRA takes note of the
company's weak financial risk profile as reflected in a low
profitability, modest cash accruals, weak coverage indicators and
leveraged capital structure. Furthermore, the ongoing large
capital expenditure program (capex) of the company to enhance its
production capacity exposes TWPL to project execution risks,
given the existing time and cost overruns in the project.
Moreover, TWPL will be undertaking large external borrowing to
fund the capex which is likely to impinge on the debt servicing
capabilities of the company in the short term. The ratings also
take into consideration the vulnerability of the company's
margins to fluctuations in the prices of its key raw materials
like steel and zinc, limited value addition in its business, the
intense competition due to the fragmented nature of the industry
and TWPL's low bargaining power against its established
customers.

The rating, however, draws comfort from the vast experience of
the promoters in the field of wire drawing industry and the large
capacity augmentation to ramp up scale of operation in near term.
ICRA also notes, TWPL's long standing tie up with TSL as an EPA,
which ensures utilisation of the increased capacity with a
continuous flow of orders.

ICRA expects a significant growth of 80-100% in TWPL's revenues
from FY2017 as a result of the expected augmentation in the
capacity and product diversification. The OI of the company is
expected to increase by 80% in FY2017 assuming ~40% utilization
and further by 100% in FY2018 assuming ~70% utilization of the
total capacity of 37200 MTPA. While the company is expected to
make profits at operating level in FY2017, losses would be
incurred at net level as a result of high interest and
depreciation expenses.

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

Incorporated in the year 1981, Triveni Wires Private Limited
(TWPL) is involved in the business of wire drawing from wire rods
and galvanizing of wires. Directors, Mr. Premkumar Tekriwal, Mr.
Arunkumar Tekriwala and Mr. Ramakanth Tekriwala who have
experience in the wire drawing industry, manage the company. TWPL
has a factory in Higna district of Nagpur with an installed
capacity of 12000 MTPA and is setting up an additional unit in
M.I.D.C. Butibori, Nagpur with an installed capacity of 37200
MTPA. TWPL has two group companies namely Tensile Wires Pvt. Ltd.
Plasma Metal Processing Pvt. Ltd., which are engaged in a similar
line of business.


UMIYA ENTERPRISE: ICRA Assigns 'B+' Rating to INR5.89cr LT Loan
---------------------------------------------------------------
The long-term rating of [ICRA]B+ has been assigned to the INR5.89
crore1 term loan facility, the INR4.00 crore cash credit facility
and the INR2.61 crore unallocated limits of Umiya Enterprise.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based-Term Loans       5.89        [ICRA]B+ assigned

   Long term fund
   based- Cash Credit     4.00        [ICRA]B+ assigned

   Unallocated Limits     2.61        [ICRA]B+ assigned

The assigned rating is constrained by the small scale of
operations of the firm as well as a weak financial risk profile
characterised by thin profitability in the early stage of
operations, weak return indicators, leveraged capital structure
and moderate debt coverage indicators. The rating also takes into
account the vulnerability of profitability to any changes in raw
cotton linked prices of cotton yarn, cyclicality inherent in the
textile industry and the high level of competition due to high
fragmentation. ICRA also notes that UE is a partnership firm; any
substantial withdrawal would adversely affect its net worth and
thereby its capital structure.

The rating, however, favourably factors in the long established
experience of partners in the textile industry and location
advantage due to its proximity to raw material sources and fabric
processing units.

Umiya Enterprise (UE) was established in July 2012 as a
partnership firm to undertake weaving of yarn into grey fabric.
The firm has established a weaving unit with 24 looms in Kalol,
Gandhinagar in Gujarat with an installed capacity of producing 27
lakh metre of grey fabric per annum with operations commencing
from August 2014. The partners have extensive experience in the
textile industry through their former association with several
entities engaged in the same line of business.

Recent Results
During FY2015 (8 months of operations), the firm reported an
operating income of INR8.94 crore and net loss of INR2.20 crore.
Further during FY2016, the firm reported an operating income of
INR23.64 crore and net loss of INR0.23 crore (as per provisional
financials).


VANGILI FEEDS: CRISIL Cuts Rating on INR162.1MM Term Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Vangili Feeds (VF) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            162.1      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that VF's operating
performance, essentially its scale operations will remain modest
over the medium term given the continued sluggishness in the
poultry industry as reflected in decline in realisation of
broiler birds. Delay in commencement of its poultry feed facility
and lower than expected realisation in the broiler bird segment
had impacted the operating performance; VF reported lower than
expected revenue during 2015-16 (refers to financial year, April
1 to March 31) leading to lower net cash accruals. CRISIL
believes that the timely commencement of operations from the
incremental poultry feed manufacturing capacity and its ability
to scale up of operations, while maintaining its profitability
and net cash accruals would remain the key rating sensitivity
factors over the medium term.

The rating reflects VF's moderate scale of operations in the
fragmented poultry industry, weak operating efficiencies, and its
modest financial risk profile marked by weak capital structure
and modest debt protection metrics. These weaknesses are
partially offset by extensive industry experience of partners,
and longstanding relationships with suppliers and customers.

Outlook: Stable
CRISIL believes that VF will continue to benefit over the medium
term from its established customer relations and the partner's
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability increase substantially,
leading to better financial risk profile, or if partners infuse
significant capital, resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt-funded expansions, or if revenue and
profitability decline sharply, or if there are larger-than-
expected withdrawals by partners, leading to deterioration in
financial risk profile.

VF, established in 1989 as a partnership firm and based in
Namakkal, Tamil Nadu, rears broiler birds (through contract
farming), manufactures poultry feed, and trades in eggs. It is
managed by Mr. V Subramaniam and his wife Ms. Selvi Subramaniam.

For 2015-16, VF is estimated to report a profit after tax (PAT)
of INR4 million on net sales of INR2.6 billion against net loss
of INR65 million on net sales of INR2.1 billion for 2014-15.


VASAVI NIRMAAN: CRISIL Cuts Rating on INR75MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Vasavi Nirmaan Private Limited (Vasavi Nirmaan) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         75       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term      5       CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The residential project at Kundan Bagh, Hyderabad, has been
delayed due to pending approvals for the revised scope of the
project. The company has already invested INR130 million in the
said project with no bookings done as approvals for the revised
scope of project is yet to be received. The change in the scope
of project is likely to result in escalation in the project cost
thereby exposing the company to funding risk. Furthermore, the
commercial project at Ameerpeth, Hyderabad is at initial stage of
construction with nominal bookings.

The rating also reflects Vasavi Nirmaan's exposure to funding,
implementation, and demand risks associated with ongoing
projects, accentuated by the early stage of project
implementation. The rating also factors in high degree of
geographical concentration in revenue profile and vulnerability
to cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the benefits that
Vasavi Nirmaan derives from the extensive experience of its
promoters in the real estate industry.

Outlook: Stable

CRISIL believes Vasavi Nirmaan will benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
booking of units and receipt of customer advances for its ongoing
projects, leading to better-than-expected cash flow and
liquidity. Conversely, the outlook may be revised to 'Negative'
in case of weak liquidity, either because of lower-than-expected
customer advances or significant cost overrun in ongoing
projects.

Vasavi Nirmaan was set up in 2013, by Mr. Yarram Vijay Kumar, Mr.
S Rajamouli, Mr. P Venkateshwaralu, and Mr. Raju Aggarwal. The
company is a real estate developer, and is currently developing:
one residential project, two commercial projects, and one
residential-cum-commercial project ' in Hyderabad.


VERTICE GLOBAL: CRISIL Assigns B- Rating to INR119MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank facilities of Vertice Global Private Limited (VGPL)

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term
   Bank Loan Facility     1        CRISIL B-/Stable
   Cash Credit           20        CRISIL B-/Stable
   Long Term Loan       119        CRISIL B-/Stable

The rating reflects VGPL's modest scale of operation, its limited
product diversification and its susceptibility to intense
competition in the competitive Double Edged Blades (DE Blades)
segment. These rating weaknesses are partially offset by the
benefits that the company derives from its promoters' extensive
industry experience and healthy demand prospects in export
markets.

Outlook: Stable
CRISIL believes that VGPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if VGPL generates more-
than-expected revenues and profits, after stabilising its
operations. Conversely, the outlook may be revised to 'Negative'
in case the company reports delay in the commissioning of its
project because of unforeseen events, or its financial risk
profile deteriorates because of additional, debt-funded capital
expenditure.

Incorporated in 2014, VGPL is engaged in manufacturing DE Blades.
Based out of Hyderabad (Telangana), VGPL is promoted by Mr. Pabba
Purushotham and Mr. Boddupalli Sai Teja.


VINAYAGA IMPEX: CRISIL Lowers Rating on INR45MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayaga Impex Private Limited (VIPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            34       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Export Bill            45       CRISIL D (Downgraded from
   Rediscounting                   'CRISIL A4')

   Inland/Import           2.5     CRISIL D (Downgraded from
   Letter of Credit                'CRISIL A4')

   Overdraft Facility     25       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Packing Credit         25       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Proposed Long Term     13.9     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan               4.6     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects recent delays in servicing of
interest of term loan availed by more than 90 days.

The ratings reflect VIPL's below-average financial risk profile
and working capital intensive nature of operations. These
weaknesses are partially offset by the extensive experience of
the promoters in the textile business and established customer
relationships.


Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).



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


REYNOLDS GROUP: S&P Revises Outlook to Pos. & Affirms 'B' CCR
-------------------------------------------------------------
S&P Global Ratings said that it has revised its outlook on
New Zealand-based packaging producer Reynolds Group Holdings
Ltd., Beverage Packaging Holdings (Luxembourg) I S.A., Beverage
Packaging Holdings (Luxembourg) II S.A., and Pactiv Corp. to
positive from stable and affirmed its 'B' corporate credit rating
on the company.

At the same time, S&P assigned Reynolds Group Issuer Inc.,
Reynolds Group Issuer LLC, and Reynolds Group Issuer (Luxembourg)
S.A.'s proposed $2.1 billion senior secured notes a 'B+' issue
rating, with a recovery rating of '2', indicating S&P's
expectation of substantial (70%-90%) recovery for lenders in the
event of a payment default.  Due to the increase in secured debt
on a pro forma basis, the implied recovery for the senior secured
notes is now in the lower half of the 70%-90% range, compared
with the higher half previously.

In addition, S&P assigned Reynolds Group Issuer Inc., Reynolds
Group Issuer LLC, and Reynolds Group Issuer (Luxembourg) S.A.'s
proposed $800 million senior unsecured notes a 'CCC+' issue
rating, with a recovery rating of '6', indicating S&P's
expectation of negligible (0%-10%) recovery in the event of a
default.

"The outlook revision reflects the prospects for a sustainable
reduction in Reynolds' very high leverage," said S&P Global
credit analyst Steven Mcdonald.  Today's announced issuance will
raise approximately $3 billion, which the company intends to use,
along with approximately $879 million in cash, to redeem roughly
$3.8 billion of existing debt.  The transaction will reduce
Reynolds' debt levels and future interest expense because of the
lower coupon rates.

The positive outlook indicates that there is at least a one-in-
three likelihood that S&P may raise the ratings over the next 12
months.  In S&P's base case, it assumes leverage will decline to
between 6.5x and 7.0x through 2017, from currently very high
levels, on the back of debt repayment and stable operating
performance.  Reynolds should generate free cash flow over this
period and S&P will monitor the company's ability and willingness
to deleverage, which could support an upgrade.

S&P could raise the ratings if Reynolds continues to deleverage.
A total adjusted debt to EBITDA metric of 6.5x or better, and the
company's clear willingness to sustain credit measures at these
levels, would support an upgrade.  In S&P's view, repayment of
additional near-term debt maturities instead of refinancing them
could be one indication of such willingness.

S&P could revise the outlook to stable if the company pursues a
more aggressive financial policy that, in S&P's view, is likely
to meaningfully delay progress in deleveraging.  For instance,
this could occur if the company were to make large acquisitions
or shareholder distributions.



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


DAEWOO SHIPBUILDING: Audit Agency Finds KRW1.5TT in Acctg Fraud
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's state audit agency
said June 15 it has detected accounting fraud worth
KRW1.5 trillion (US$1.27 billion) at Daewoo Shipbuilding & Marine
Engineering Co., adding that its main creditor also failed to
provide appropriate surveillance and management of the firm.

Yonhap relates that South Korea's Board of Audit and Inspection
(BAI) said Daewoo Shipbuilding's management also carried out
business projects without legitimate procedures, which caused its
financial losses to snowball. The shipbuilder posted an operating
loss of KRW5.5 trillion last year, the report notes.

While Korea Development Bank (KDB) was obligated to conduct
inspections on the management of Daewoo Shipbuilding, the main
creditor did not conduct the necessary investigation, Yonhap
says.  The BAI said its own study shows the shipbuilding company
held the most risky grade of five, Yonhap relays.

Yonhap relates that the BAI added that Daewoo Shipbuilding
overestimated its operating profit in 2013 and 2014 by
KRW44 billion and KRW1.09 trillion, respectively.

The agency also pointed out that Daewoo Shipbuilding handed out
incentives despite its lackluster earnings report, adds Yonhap.

Yonhap notes that while the company decided to provide each
employee with KRW9.46 million on average as incentives last year,
KDB did not make take action despite the on-going financial
losses. As a result, the company paid out incentives worth
KRW87.7 billion, Yonhap says.

According to Yonhap, the latest crisis from Daewoo Shipbuilding
emerged as one of the major drags on the South Korean economy, as
the shipbuilding industry has been one of the major growth
engines for the country.

Politicians also have been eying the issue as the crisis is
feared to spark massive layoffs at the shipyard as well as its
subcontractors, the report adds.

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


                             *********

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

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

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


                            *********


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

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

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

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

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



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