---

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

                      A S I A   P A C I F I C

            Friday, June 17, 2016, Vol. 19, No. 119


                            Headlines


A U S T R A L I A

BRONSON GROUP: First Creditors' Meeting Set for June 22
HONG YUEN: First Creditors' Meeting Scheduled for June 24
HUG-A-BUB AUSTRALIA: Goes Into Voluntary Administration
HUG-A-BUB AUSTRALIA: First Creditors' Meeting Set for June 22
INNKEEPER HOLDINGS: First Creditors' Meeting Set for June 21


C H I N A

BOHAI STEEL: Says Has Paid Interest on Bonds Due 2017
ZHONGRONG INTERNATIONAL: S&P Assigns 'BB-' Rating to US$ Notes


I N D I A

A2K EPIC: ICRA Withdraws 'B' Rating on INR19cr Bank Loan
AMRITA SAI: Ind-Ra Affirms 'IND BB' Ratings on INR29MM Loan
ARVIND PIPES: ICRA Raises Rating on INR7.0cr Loan From D
BABA BHUBANESWAR: CRISIL Reaffirms B- Rating on INR57.5MM Loan
BALLIUM EXPORTS: ICRA Suspends 'B' Rating on INR30cr Bank Loan

BHARGAB ENGINEERING: CRISIL Reaffirms B Rating on INR30MM Loan
BHUJBAL BROTHERS: CRISIL Suspends D Rating on INR100MM Term Loan
BHURJI BHURJI: CRISIL Ups Rating on INR173MM Term Loan to B-
CISCONS CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
D. D. STEEL: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan

DHANLAXMI ELECTRICALS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
DYNAMIC (C G): CRISIL Suspends B+ Rating on INR480MM e-DFS
G.S.L. EDUCATIONAL: CRISIL Suspends B+ Rating on INR220MM Loan
GAZEBO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR55MM Loan
GOPAL KAMATH: ICRA Withdraws B+ Rating on INR11cr Loan

GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR50MM Loan
HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
HARMAN COTTEX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
HEATH VIEW: CRISIL Suspends B- Rating on INR150MM Term Loan
INDUS UDYOG: CRISIL Suspends B+ Rating on INR95MM Cash Loan

J.K. ASSOCIATES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
JAIN TIMBER: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
JALANDHAR AMRITSAR: Ind-Ra Downgrades INR2.1BB Loan to 'IND B-'
JASMINE INDUSTRIAL: ICRA Revises Rating on INR5cr Loan to B
K.G. INDUSTRIES: CRISIL Raises Rating on INR225MM Cash Loan to B+

KINGFISHER AIRLINES: Mallya Colluded With Bankers, StanC Alleges
KINGFISHER AIRLINES: Among 913 PNB'S Wilful Defaulters
KVS SPINNING: ICRA Suspends B-/A4 Rating on INR33cr Bank Loan
M. B. GARMENTS: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
MAA CORP: ICRA Suspends B- Rating on INR24.50cr Bank Loan

MAHAJAN FABRICS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
MANSINGH HOTELS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
MAP COTTON: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
MAP LIMITED: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MAP REFOILS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

MARKANDESHWAR FOODS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
MOZART VITRIFIED: CRISIL Assigns 'B' Rating to INR225MM LT Loan
NINEX DEVELOPERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
OM SONS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ORBIT METAL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

PAWAN AUTOWHEELS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
PIC INTERNATIONAL: ICRA Suspends 'B' Rating on INR9cr Loan
PRABHU SPONGE: ICRA Suspends B+ Rating on INR9.87cr Loan
PRERNA GRAMODYOG: CRISIL Assigns 'B' Rating to INR10MM LT Loan
PRIME CIVIL: CRISIL Suspends B+ Rating on INR100MM Cash Loan

PRITHIVRAJ SPINNING: CRISIL Suspends B Rating on INR153.1MM Loan
RADHESH PLASTICS: CRISIL Ups Rating on INR27MM Cash Loan to B+
RAGHUVAR INDIA: CRISIL Lowers Rating on INR307.5MM Loan to B+
RAJHANS ALLOYS: CRISIL Suspends B- Rating on INR155MM Cash Loan
RSI SWITCHGEAR: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

S.R.R. IMPEX: CRISIL Ups Rating on INR35.5MM Cash Loan to B+
SAGA STEELS: ICRA Suspends 'D' Rating on INR6.0cr Loan
SAURASHTRA FUELS: ICRA Suspends B+ Rating on INR129.43cr Loan
SECL INDUSTRIES: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
SHREE SAIBABA: ICRA Suspends 'D' Rating on INR29.51cr Loan

SHRI PARASNATH: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
SREENAGAR COLD: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
SRIPATHY ASSOCEATES: CRISIL Reaffirms B+ Rating on INR200MM Loan
SUPER TECH: CRISIL Reaffirms B+ Rating on INR65MM Term Loan
SYBLY INDUSTRIES: CRISIL Reaffirms B- Rating on INR110MM Loan

VIJAY MAHIENDRA: CRISIL Assigns D Rating to INR204.9MM Term Loan
VIOLA RESORTS: CRISIL Reaffirms 'B-' Rating on INR107.5MM Loan
WINSOME DIAMONDS: Tops Punjab National Bank's Wilful Defaulters
YESSKAY RENEWABLE: CRISIL Suspends 'D' Rating on INR98.6MM Loan


N E W  Z E A L A N D

TAIMONA HAULAGE: CablePrice's Liquidation Bid Turned Down


S I N G A P O R E

RGM ENTERTAINMENT: Former CEO Faces Jail Time for Forgery


S O U T H  K O R E A

SAMSUNG HEAVY: 1,500 Workers to Lose Jobs Under Restructuring


S R I  L A N K A

NATIONAL DEVELOPMENT: S&P Affirms 'B+' ICR; Outlook Negative


                            - - - - -


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


BRONSON GROUP: First Creditors' Meeting Set for June 22
-------------------------------------------------------
Mitchell Warren Ball and David Sampson of BPS Recovery were
appointed as administrators of Bronson Group Limited on June 9,
2016.

A first meeting of the creditors of the Company will be held at
Level 18, 201 Kent Street, in Sydney, on June 22, 2016, at
11:00 a.m.


HONG YUEN: First Creditors' Meeting Scheduled for June 24
---------------------------------------------------------
Alan Hayes of Hayes Advisory was appointed as administrator of
Hong Yuen Central Plaza Pty Ltd ATF The Hong Yuen Plaza Unit
Trust on June 14, 2016.

A first meeting of the creditors of the Company will be held at
Inverell RSM Club, 68-76 Evans Street, in Inverell, on June 24,
2016, on June 24, 2016, at 12:00 p.m.


HUG-A-BUB AUSTRALIA: Goes Into Voluntary Administration
-------------------------------------------------------
ABC News reports that the directors of Hug-a-Bub Australia Pty
Ltd, based at Byron Bay, put the company into voluntary
administration.

Founded 15 years ago by two mums, the company made organic baby
carriers, wraps and slings.

Administrator Brendan Nixon -- b.nixon@stanleymorgan.com.au --
from Stanley Morgan Accountants said there are about 20 creditors
to be paid at this stage, but more could come forward, according
to ABC News.

The report notes that Mr. Nixon said it is unclear why the
company went bust and he hoped a buyer would be found for the
company.

"Our investigations have only just started to commence so one of
the issues that we will be investigating is the causes of the
companies insolvency and we will be providing commentary on that
in our second report to creditors which we will be issued in a
few weeks' time," the report quoted Mr. Nixon as saying.

Mr. Nixon said the company had to cease trading after his
appointment so he could conduct a stocktake, assess existing
orders and make investigations in relation to other assets of the
company, the report relays.

"I'm hoping that this is just a temporary cessation of trade and
that within the next few weeks a buyer will be found for the
company's business assets, which hopefully would see the . . .
company's operations in someone else's hands being able to
resume," Mr. Nixon said, the report relays.  Mr. Nixon said there
were a few interested parties already.

"We're in the process of preparing an information memorandum,
which I hope will be able to be released to interested parties by
early next week," Mr. Nixon said, the report relates.

Mr. Nixon said despite the company being started in the north of
NSW, it was currently based in Melbourne, the report notes.

"The company sold its products online, it had a contractor that
processed its products in Melbourne, it didn't have any physical
store front," Mr. Nixon said, the report relays.

Mr. Nixon said the companies valuation will be kept confidential,
adds the report.


HUG-A-BUB AUSTRALIA: First Creditors' Meeting Set for June 22
-------------------------------------------------------------
Brendan Joseph Nixon of Stanley Morgan Accountants was appointed
as administrator of Hugabub Australia Pty Ltd on June 22, 2016.

A first meeting of the creditors of the Company will be held at
Stanley Morgan Accountants, Level 8/490 Upper Edward Street, in
Spring Hill, Queensland, on June 22, 2016, at 11:00 a.m.


INNKEEPER HOLDINGS: First Creditors' Meeting Set for June 21
------------------------------------------------------------
Liam Bellamy and Kimberley Andrew Strickland of WA Insolvency
Solutions were appointed as administrators of Innkeeper Holdings
Pty Ltd, formerly trading as "Thornlie Tavern", on June 13, 2016.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St Georges Terrace, in
Perth, on June 21, 2016, at 10:30 a.m.



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


BOHAI STEEL: Says Has Paid Interest on Bonds Due 2017
-----------------------------------------------------
Reuters reports that Bohai Steel Group said it had paid the
coupon on its yuan-denominated bonds, which was due on June 15,
and gave assurance that it had sufficient funds to pay the coupon
on dollar bonds due for payment on June 17.

The 6.4 percent coupon is on its CNY1.5 billion bond, Reuters
says.

Reuters says China's steelmakers are in the eye of a storm as
Beijing moves to slim down bloated industries, including steel
and coal, to make the economy more efficient and address a supply
glut that has hammered coal and steel prices.

Earlier this year, the city government of Tianjin, which owns
Bohai Steel, set up a creditor committee after signs it might
struggle to fully repay CNY192 billion ($29.64 billion) of debt,
according to a report in financial magazine Caixin, Reuters
recalls.

Bohai Steel Group Co Ltd, a steelmaker based in northeast China
has a $100 million bond due 2018 whose coupon is due today,
June 17, Reuters reports.


ZHONGRONG INTERNATIONAL: S&P Assigns 'BB-' Rating to US$ Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term local currency
issue rating to U.S. dollar notes that Zhongrong International
Bond 2016 Ltd. issued.  S&P also assigned its 'cnBB' long-term
Greater China regional scale rating to the notes.

The issuer is a special purpose company that Zhongrong
International Holdings Ltd. (Zhongrong BVI: BB-/Negative/B;
cnBB/cnB) fully owns.  The parent, which is an indirectly wholly
owned subsidiary of Zhongrong International Trust Co. Ltd.
(Zhongrong China: BB+/Stable/B; cnBBB+/cnA-2), guarantees the
notes.  S&P's ratings are subject to its review of the final
documentation related to the transaction.

The ratings on the notes are equalized with the counterparty
credit rating on Zhongrong BVI to reflect S&P's view that the
guarantee is irrevocable, unconditional, and timely, and
therefore qualifies for rating substitution treatment.  These
obligations rank equally with all other unsecured and
unsubordinated obligations of the guarantor, if any, except for
certain obligations required to be preferred by law.  Zhongrong
BVI and any other member of the group will use the issuance
proceeds for general corporate purposes.

During the tenor of the notes, the issuer will be obliged to
maintain a minimum balance equal to the aggregate interest for
one interest period payable (semiannual payment) under the notes.
This amount is called the interest reserve amount.  The guarantor
also needs to maintain equity attributable to owners of at least
Chinese renminbi (RMB) 10 million.  Recently, to help meet this
minimum equity requirement, the guarantor received a capital
injection of RMB220 million.

The proposed issuance is quite sizeable relative to the
guarantor's assets and very large relative to its equity size as
of Dec. 31, 2015.  In S&P's view, Zhongrong BVI remains thinly
capitalized and is susceptible to investment losses and valuation
changes on its investment portfolio.  The guarantor's financial
strength benefits from a keepwell and liquidity support deed and
a deed of equity interest purchase undertaking with Zhongrong
China, subject to timely regulatory approvals such as from the
China Banking Regulatory Commission.



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


A2K EPIC: ICRA Withdraws 'B' Rating on INR19cr Bank Loan
--------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating and [ICRA]A4 rating for
INR19 crore bank lines of A2K Epic Decor Private Limited, which
were under notice of withdrawal. The rating is withdrawn as the
period of notice of withdrawal is completed.


AMRITA SAI: Ind-Ra Affirms 'IND BB' Ratings on INR29MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amrita Sai
Educational Improvement Trust's (ASEIT) INR29 million working
capital facilities at 'IND BB' rating with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects ASEIT's ability to attract students in
FY15 despite regional and political issues in Andhra Pradesh.
Students' headcount increased 6.68% yoy to 1,963 in FY16 (FY15:
1,840). However, the trust's fall in capacity utilisation
constrains the rating. Capital utilisation plunged to 68.6% in
FY15 from 76.86% in FY14 due to a 15.21% yoy increase in approved
intake with only 3.37% yoy increase in student strength.

The rating continues to be constrained by ASEIT's long fee
collection period causing a strained liquidity position. ASEIT's
fee collection period increased to 127 days in FY15 from 100 days
in FY14 due to delays in fee reimbursement by the state
government. High fee receivables continue to compel ASEIT to use
nearly 100% of its working capital facility throughout the year.

The ratings factor in ASEIT's liquidity ratios being continuously
inadequate to provide a financial cushion to both financial
leverage and operating expenditure. This is despite available
funds increasing to INR6.46 million in FY15 from INR2.61 million
in FY4. In FY15, available funds cover for financial leverage and
operating expenditure were 12.36% (FY14: 5.97%) and 8.95%
(4.43%), respectively.

The ratings are also constrained by ASEIT's falling operating
profit margins. Operating margin lowered to 17.89% in FY15 from
26.97% in FY14 mainly due to a 29.10% yoy and a 14.40% yoy
increase in the staff costs and other operating expenses,
respectively, while the tuition fee income increment was only
8.80% yoy in FY15.

Moreover, debt in relation to the total income increased to
59.49% in FY15 from 54.18% in FY14 and debt/current balance
before interest and depreciation (CBBID) increased to 3.32x from
2.01x. It was due to a 19.34% yoy increase in the debt to
INR52.25 million and a 27.88% yoy decline in the CBBID to
INR15.72 million in FY15. The debt mainly includes working
capital loans and vehicle loans.

The rating is supported ASEIT's comfortable coverage ratios,
despite debt service coverage ratio and interest coverage ratio
declining marginally to 1.34x in FY15 (FY14: 1.60x) and 3.24x
(FY14: 3.83x), respectively, because of the fall in the CBBID.

The ratings are also supported by the likelihood of demand
flexibility and an improvement in ASEIT's income in the coming
years. This is based on ASEIT being recently accredited with
Grade A by National Assessment and Accreditation Council. Also,
Amravati has now become the state's capital can and thus will
draw migrants from the other parts of the state which can
increase the trust's enrolment rate over the medium to long term.

Moreover, the stability in the trust's revenue mitigates
concentration risk. The trust's revenue is dominated by tuition
fee income constituting averagely 98.30% of the total revenue
during FY11-FY15. Staff costs (average FY11-FY15: 42.43%) was the
prime contributor to the total expenditure followed by other
operating expenditure (average: 33.06%). ASEIT reported a net
operating deficit of INR5.31 million in FY15 (FY14 net operating
deficit: INR2.25 million). It reported about INR100 million total
income in FY16 (provisional) as against INR87.84 million in FY15.

RATING SENSITIVITIES

Positive: The rating could be upgraded if the trust acquires
moderate operational effectiveness and demand flexibility in
conjunction with growth in the available funds cover to debt and
operating expenditure.

Negative: A substantial increase in the debt burden with a
limited increase in the operating income could result in a
negative rating action.

COMPANY PROFILE

ASEIT was formed in 2007 as a charitable trust. The chief
objective of the trust is to serve as an educational institution
without a profit motive. The college is situated about 25km from
Vijayawada.


ARVIND PIPES: ICRA Raises Rating on INR7.0cr Loan From D
--------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]D
and short-term rating to [ICRA]A4 from [ICRA]D assigned to the
fund based and non fund based bank facilities aggregating to
INR20.00 crore of Arvind Pipes & Fittings Industries Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   (Term Loans)          3.00         Upgraded to [ICRA]B-
                                      from [ICRA]D

   Fund Based Limits
   (Cash Credit)         6.75         Upgraded to [ICRA]B-
                                      from [ICRA]D

   Fund Based Limits
   (PC / PCFC / FBD)     1.00         Upgraded to [ICRA]A4
                                      from [ICRA]D

   Non-Fund Based
   Limits (LC/BG)        7.00          Upgraded to [ICRA]A4
                                       from [ICRA]D

   Proposed Limits       2.25          Upgraded to [ICRA]B-/A4
                                       from [ICRA]D

The ratings upgrade factors in the regularization of debt
servicing by the company. However, the rating continues to remain
constrained by the company's small size of present operations and
de-growth in revenues during FY2016 owing to fall in realizations
coupled with decline in demand, working capital intensive nature
of operations arising from stretched receivables coupled with a
high inventory holding position. While the profitability margins
for APFIPL are constrained owing to absence of backward
integration, relatively low value addition in business operations
and intense competition from both large domestic players as well
as exports, it also remains vulnerable to any adverse
fluctuations in prices of raw materials coupled with fluctuations
in foreign currency in the absence of a firm hedging policy. The
ratings, however, favourably factor in the strengths arising from
the long track record of the company's promoters in the steel
pipes and fittings industry.

Arvind Pipe & Fittings Industries Pvt. Ltd. (APFIPL) was
incorporated in the year 1982 as Arvind Metal Syndicate. The
company commenced commercial operations with trading in pipe
fittings and flanges and ventured into manufacturing of the
aforementioned products in 1990. Subsequently, in the year 2004,
APFIPL commissioned its second unit to manufacture seamless and
welded pipes. The company's both manufacturing units are located
in Waghodia near Baroda in Gujarat and have a combined installed
capacity of around 2000 MTPA.

On a provisional basis, the company reported a net profit of
INR0.48 crore on an operating income of INR19.15 crore during
FY2016, as compared to a net profit of INR0.62 crore on an
operating income of INR43.57 crore during the previous year.


BABA BHUBANESWAR: CRISIL Reaffirms B- Rating on INR57.5MM Loan
--------------------------------------------------------------
CRISIL's rating on long-term bank loan facilities of Baba
Bhubaneswar Cold Storage Private Limited (BBSCPL) continue to
reflect the weak financial risk profile and exposure to risks,
related to the highly regulated and fragmented nature of the cold
storage industry in West Bengal. These weaknesses are partially
offset by extensive industry experience of the promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           57.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.7      CRISIL B-/Stable (Reaffirmed)

   Term Loan             42.8      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              5.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes the company will continue to benefit over the
medium term from the extensive industry experience of promoters.
The outlook may be revised to 'Positive' if significant and
sustained increase in scale of operations and cash accrual or
substantial capital infusion strengthen financial metrics. The
outlook may be revised to 'Negative' if delay in repayment of
loans by farmers, considerably low cash accrual, or large capital
expenditure weakens liquidity.

The company was incorporated in 2015, by the promoters, Mr. Radha
Raman Mondal, Mr. Rajib Kumar Nandy, Mr. Manas Kumar Dhara, Mr.
Swapan Kumar Ghosh, and Mr. Basudeb Majhi. The unit at Burdwan
has a storage capacity of 19,500 million tonnes, which is divided
into two chambers.


BALLIUM EXPORTS: ICRA Suspends 'B' Rating on INR30cr Bank Loan
--------------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR30.00
crore bank facilities of Ballium Exports. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BHARGAB ENGINEERING: CRISIL Reaffirms B Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Bhargab Engineering
Works (BEW) continues to reflect its large working capital
requirements, and below-average financial risk profile. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the tea blending machine
manufacturing business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       30         CRISIL A4 (Reaffirmed)
   Cash Credit          30         CRISIL B/Stable (Reaffirmed)
   Term Loan            10         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes BEW will continue to benefit over the medium term
from its promoters' extensive experience in the tea blending
machine manufacturing business. The outlook may be revised to
'Positive' in case the firm ramps up its scale of operations and
improves its operating margin and liquidity. Conversely, the
outlook may be revised to 'Negative' if deterioration in working
capital management, pressure on liquidity, or any debt-funded
capital expenditure further weakens financial risk profile.

Set up in 1954 by the late Mr. Pranatosh Kumar Sen in Kolkata,
BEW is currently managed as a partnership concern by his sons,
Mr. Sanjib Kumar Sen and Mr. Aritra Ranjan Sen. BEW manufactures
tea-blending and tea-cleaning machinery since 1970; it mostly
exports its products but also supplies in the domestic market.
Its assembling workshop is in Howrah.


BHUJBAL BROTHERS: CRISIL Suspends D Rating on INR100MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Bhujbal
Brothers Properties (BBP).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              100      CRISIL D


The suspension of rating is on account of non-cooperation by BBP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BBP is yet to
provide adequate information to enable CRISIL to assess BBP'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 April 2011, BBP is currently executing a residential
real estate project at Shindewadi in Satara (Maharashtra). The
firm is owned and managed by Mr. Ramesh Bhujbal and his family
members.


BHURJI BHURJI: CRISIL Ups Rating on INR173MM Term Loan to B-
------------------------------------------------------------
CRISIL has upgraded its long term rating on the bank facilities
of Bhurji Bhurji Super-tek Industries Limited (BSIL) to 'CRISIL
B-/Stable' from 'CRISIL C' and reaffirmed its short term rating
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)

   Cash Credit            25         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

   Letter of Credit       30         CRISIL A4 (Reaffirmed)

   Proposed Long Term     17         CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL C')

   Term Loan             173         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL C')

The rating upgrade reflects BSIL's track record of timely
servicing of its debt over the past 12 months and regular funding
support from its promoters, strengthening of business risk
profile, driven by its improving scale of operation and operating
margins,. The company is likely to generate cash accruals of
INR15.5 million, which are adequate to meet its term debt
obligations of INR10.6 million, in 2016-17 (refers to financial
year, April 1 to March 31). CRISIL believes that BSIL will
continue to receive funding support from its promoters to meet
its debt obligations in a timely manner.

The ratings reflect BSIL's small scale of operations in the
consumer durables segment, its large working capital requirements
leading to constrained liquidity, and the susceptibility of its
profitability to fluctuations in raw material prices. These
rating weaknesses are partially offset by the extensive
experience of the company's promoters in the consumer durables
segment and its established relationships with key customers.
Outlook: Stable

CRISIL believes that BSIL will continue to benefit from the
promoters' extensive experience in the consumer durable segment
over the medium term. The outlook may be revised to 'Positive' if
the company reports a larger-than-expected increase in its
revenue and profitability, leading to higher-than-expected net
cash accruals along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if BSIL's financial risk profile weakens because of a decline in
its revenue and profitability leading to deterioration of its net
cash accruals, or if the company undertakes a larger-than-
expected, debt-funded capital expenditure (capex) programme, or
if the company's liquidity weakens significantly, because of an
increase in its working capital requirements.

Incorporated in 1986, BSIL provides end-to-end solutions for
manufacturing electronic goods, including coolers, water filters,
and geysers. The company also manufactures moulded plastic
structures/bodies, primarily for original equipment
manufacturers, catering mainly to the electronics industry. BSIL
is promoted by Mr. Kamaljeet Singh Bhurji and his son Mr.
Amanpreet Singh Bhurji. Mr. Kamaljeet Singh Bhurji has experience
of more than three decades in the plastic moulding industry.


CISCONS CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ciscons Constructions Private Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       120        CRISIL A4
   Cash Credit           30        CRISIL B+/Stable

The rating reflects CCPL's modest scale- and working capital
intensive nature- of operations and exposure to intense
competition in the fragmented civil construction industry. These
rating weaknesses are partially offset by extensive experience of
CCPL's promoters in civil construction industry and established
relationship with its principals.
Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from its promoters' extensive experience in civil
construction industry. The outlook may be revised to 'Positive'
if the company's revenues and profitability increase
substantially, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
CCPL undertakes aggressive, debt-funded, expansions, or if its
revenues and profitability decline substantially, leading to
weakening of its financial risk profile.

Incorporated in 2013 by Mr Narra Rama Krishna and his family.
Based out of Vijayawada in Andhra Pradesh, CCPL is engaged
undertaking civil construction projects. The company had
commenced operations during August 2015.


D. D. STEEL: CRISIL Suspends 'B+' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
D. D. Steel (DDS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B+/Stable
   Term Loan              30       CRISIL B+/Stable

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

DDS manufactures mild steel ingots at its plant in Godhra
(Gujarat). The firm was set up by Mr. Danish Dadi and Mr. Minty
Saliya. DDS started its manufacturing operations from September
2012.


DHANLAXMI ELECTRICALS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhanlaxmi
Electricals (DE) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect DE's moderate scale of operations and
volatile EBITDA margin. Revenue grew at a CAGR of around 76.6%
over FY12-FY16 and was INR903.5 million in FY16 based on
provisional results (FY15: INR501.6 million). EBITDA margins were
in the range of 6.0%-10.2% during FY12-FY16. The ratings factor
in the proprietorship structure of the organisation.

The ratings are supported by DE's comfortable credit metrics and
liquidity, and its healthy order book position. Net financial
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 0.5x at
FYE16  (FY15: 0.3x) and EBITDA interest coverage (operating
EBITDA/gross interest expense) was 7.4x (45.1.x). The company's
average peak utilisation of the fund-based limits during the 12
months ended April 2016 was around 75%. DE's unexecuted order
book as of April 2016 was INR4,155.4 million (4.6x of FY16
revenue), which is scheduled to be executed by March 2018.

The ratings are also supported by the proprietor's experience of
more than two decades in executing electrical contracting works.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the credit metrics could lead to a positive rating
action.

Negative: Margin pressure leading to deterioration in the credit
metrics and/or liquidity could lead to a negative rating action.

COMPANY PROFILE

Established in 1994 by Mr. M.M. Khan, DE executes electrical work
contracts mainly shifting of electrical lines during the widening
of national and state highways. It also undertakes other works
such as house wiring, building electrifications, mass housing and
railway station works.

DE's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR30 million fund-based working capital limits: assigned
    'IND BB+'/Stable and 'IND A4+'
-- INR9.2 million long-term loans: assigned 'IND BB+'/Stable
-- INR90 million non-fund-based working capital limits: assigned
    'IND A4+'


DYNAMIC (C G): CRISIL Suspends B+ Rating on INR480MM e-DFS
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dynamic
(C G) Equipments Private Limited (DEPL).

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

   Electronic Dealer
   Financing Scheme
   (e-DFS)               480       CRISIL B+/Stable

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

DEPL is promoted by Mr. Ashwani Mahendru and is an authorised
dealer in Chhattisgarh for heavy earth-moving equipment and heavy
commercial vehicles, including backhoe loaders, excavators, and
car-mounted machines manufactured by JCB India Ltd.


G.S.L. EDUCATIONAL: CRISIL Suspends B+ Rating on INR220MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G.S.L. Educational Society (GSL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee          92.3       CRISIL A4
   Long Term Loan         220.0       CRISIL B+/Stable
   Overdraft Facility      50.0       CRISIL A4
   Overdraft Facility      50.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10.0       CRISIL B+/Stable
   Rupee Term Loan        167.7       CRISIL B+/Stable

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

GSL, based in Rajahmundry (Andhra Pradesh), was established in
2003 as a not-for-profit organisation under the Societies
Registration Act, 2001. The society, founded by Dr. Ganni Bhaskar
Rao and eight doctors, offers undergraduate and postgraduate
courses in medicine, nursing, and para-medicine streams; it also
operates a 1000-bed general hospital.


GAZEBO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR55MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gazebo Industries Ltd
(GIL) continue to reflect susceptibility of the company to
volatility in raw material prices and tender-based nature of the
business.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL A4 (Reaffirmed)
   Cash Credit            7.5      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill
   Purchase              55        CRISIL B+/Stable (Reaffirmed)
   Packing Credit        50        CRISIL A4 (Reaffirmed)
   Letter of Credit      20        CRISIL A4 (Reaffirmed)

The ratings also factor in large working capital requirement, and
an average financial risk profile because of a small networth,
modest gearing, and modest debt protection metrics. These
strengths are partially offset by the extensive experience of the
promoters in the trading business.
Outlook: Stable

CRISIL believes GIL will continue to benefit over the medium term
from the extensive industry experience of its promoters and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of sustained
improvement in scale of operations and profitability or in case
of improvement in working capital cycle, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of weakening of the financial risk profile, especially
liquidity, significant decline in cash accrual, substantial
increase in working capital requirement, or large, debt-funded
capital expenditure.

GIL was originally established in 1970 as a proprietorship firm,
Gazebo Industries; the firm was reconstituted as a private
limited company in 1988, and as a closely held public limited
company with the current name in 1991. GIL primarily trades in
railway parts and has been exporting to African countries of
Mozambique and Congo for the past three years. It also trades in
plastic granules, polyvinyl chloride resin, and polypropylene
woven sacks in the domestic market.


GOPAL KAMATH: ICRA Withdraws B+ Rating on INR11cr Loan
------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR11.00 crore fund based facilities of Gopal Kamath & Co.
which was under notice of withdrawal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits     11.00        [ICRA]B+ withdrawn

The rating is withdrawn as the period of notice of withdrawal is
completed.


GUSKARA HIMGHAR: CRISIL Reaffirms 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Guskara
Himghar Private Limited (GHPL) continues to reflect exposure to
intense competition in the highly regulated cold storage industry
in West Bengal. The rating also factors in a weak financial risk
profile because of a small net worth and low profitability. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the cold storage and potato
trading businesses.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable (Reaffirmed)
   Term Loan             20        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, aided by
efficient management of farmer financing, or improvement in
capital structure, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens on account of delay in repayment by farmers, low cash
accrual, or significant debt-funded capital expenditure.

GHPL, incorporated in 2003, provides cold storage services to
potato farmers and traders. Its cold storage is in Guskara, West
Bengal. Operations are managed by Mr. Sushil Mondal.


HANUMAN FOODS: ICRA Reaffirms 'B' Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR12.00 crore1 (enhanced from INR8.00 crore) long term fund
based limits of Hanuman Foods. ICRA has also reaffirmed its short
term rating of [ICRA]A4 on the INR3.00 crore (enhanced from
INR1.00 crore) short term fund based limits of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          12.00        [ICRA]B (reaffirmed)

   Short Term Fund
   Based Limits           3.00        [ICRA]A4 (reaffirmed)

The rating reaffirmation takes into account the year-on-year
moderation in Hanuman Foods' operating income in FY2016, after
registering growth in the previous year.

The ratings favourably take into account the long standing
experience of the firm's promoters, with strong relationships
with various customers and suppliers, coupled with proximity of
the mill to a rice growing area, which results in easy
availability of paddy and stable demand outlook given that India
is a major consumer (rice being an important staple of the Indian
diet) and exporter of rice. However the rating continues to be
constrained by the firm's leveraged capital structure due to the
firm's large working capital requirements, which have primarily
been funded by working capital borrowings. Further the firm's low
profit margins coupled with high gearing have led to weak
coverage indictors, as reflected in low interest coverage and
weak NCA/TD2. ICRA's rating also factors in the partnership
constitution of the firm which exposes it to risks related to
capital withdrawal, dissolution etc.

Going forward, the firm's ability to bring about a sustained
improvement in its profitability and liquidity will be the key
rating sensitivities.

Hanuman Foods was established in 1998 as a partnership firm with
Mr. Sanjeev Kumar and Mr. Surender Kumar as partners. Hanuman
Foods is engaged in the business of processing and trading of
rice in domestic as well as overseas markets, primarily to Saudi
Arabia, Dubai, Europe and Kuwait. The firm has a milling capacity
of 6 tonnes/hour for paddy at its manufacturing unit at Nadana
Road, Taraori, Karnal. The firm sells its product under the brand
name 'Good luck'.

Recent Results
The firm reported a net profit (PAT) of INR0.13 crore on an
operating income of INR56.17 crore in FY 2014-15 as compared to
net profit (PAT) of INR0.07 crore on an operating income of
INR37.96 crore in the previous year.


HARMAN COTTEX: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Harman Cottex &
Seeds Private Limited (HCSPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned HCSPL's
INR125m fund-based working capital limits an 'IND BB+' rating
with a Stable Outlook.

KEY RATING DRIVERS

The ratings assigned to HCSPL reflect its moderate scale of
trading operations along with its weak and fluctuating EBITDA
margins due to its presence in a highly competitive industry
which is vulnerable to fluctuations in the price of raw cotton.
HCSPL's provisional FY16 financials indicate revenue of INR1,450m
(FY15:INR1,232.39 million; FY14: INR997 million) and EBITDA
margin of 1.5% (2.2%, 2.6%).

The ratings, however, are supported by the company's comfortable
credit metrics on the back of a low total debt with low interest
obligations, reflected by EBITDA interest coverage (EBITDA/
Interest) of 3.3x in FY16 (FY15: 2.9x) and net financial leverage
(net debt/EBITDA) of 0.2x (1.7x).

The ratings are further supported by HCSPL's comfortable
liquidity position reflected by the maximum utilisation of around
69% of its fund-based limits during the 12 months ended April
2016 and its founder's operating experience of more than two
decades in the cotton industry.

RATING SENSITIVITIES

Positive: A positive rating action could  result from a
substantial improvement in the scale of operations along with the
improvement in the profitability leading to an overall
improvement in the credit metrics.

Negative: A negative rating action could result from any
deterioration in the profitability resulting in the deterioration
of the credit metrics.

COMPANY PROFILE

Incorporated in 2009 by Mr Manjeet Singh Chawla and Mr Rasdeep
Singh Chawla, HCSPL is promoted by Puneet Group of Khargone,
Madhya Pradesh. The company is primarily engaged in the cotton
trading and cotton seed processing business with the cotton
trading being the core activity. The company also processes and
trades agricultural products such as wheat, maize, soybean and
chilli.


HEATH VIEW: CRISIL Suspends B- Rating on INR150MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Heath View Holiday Resorts Limited (HVHRL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4
   Rupee Term Loan      150        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
HVHRL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HVHRL is yet to
provide adequate information to enable CRISIL to assess HVHRL'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 in 1993 by Mr. A Y Patel, HVHRL was acquired by the current
promoters, Mr. Ramchand Ludhani, Mr. Lachman Ludhani, and Mr.
Yusuf Lakdawala. The company runs and owns Evershine, a resort in
Mahabaleshwar.


INDUS UDYOG: CRISIL Suspends B+ Rating on INR95MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Indus Udyog and Infrastructure Private Limited (IUIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            95        CRISIL B+/Stable
   Overdraft Facility     55        CRISIL B+/Stable
   Term Loan              75        CRISIL B+/Stable

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

IUIPL, incorporated in August 2011 by Chhattisgarh-based Agrawal
family, is in the process of setting up a coal rotary breaker
unit at Korba. The unit commenced commercial operations in
November 2014. IUIPL is promoted by Mr. Raj Kumar Agrawal and his
sons, Mr. Nitesh Agrawal and Mr. Ashish Agrawal. The promoter
family has been in the coal transportation business for more than
four decades, through various group concerns.


J.K. ASSOCIATES: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities J.K. Associates (JKA), and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the bank loan facilities. CRISIL
had, on January 15, 2016, suspended the ratings as JKA had not
provided necessary information required for a rating review. The
firm has now shared the requisite information, enabling CRISIL to
assign ratings to its bank facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        15        CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Bill Discounting      20        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Cash Credit           40        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit     100        CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings reflect the firm's modest scale of operations in a
highly fragmented industry along with weak financial risk profile
marked by weak debt protection metrics and significant capital
withdrawals leading to negative cash accrual. These weaknesses
are partially offset by the extensive experience of the firm's
proprietor in the chemical trading industry in addition to its
high return on capital employed(ROCE).
Outlook: Stable

CRISIL believes JKA will continue to benefit over the medium term
from the proprietor's extensive industry experience. The outlook
maybe revised to 'Positive' if the firm generates better-than-
expected cash accrual while managing its capital structure. The
outlook maybe revised to 'Negative' if there is lower-than
expected cash accrual, or higher than expected capital withdrawal
or deterioration in working capital management.

JKA is a Delhi-based proprietorship firm, established and
promoted in 1990 by Mr. Deepak Arora. The firm trades in dyes,
pigment raisins, chemicals and colors, particularly for textile
and printing inks industries.


JAIN TIMBER: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jain Timber Co
Pvt Ltd's (JTCPL) Long-Term Issuer Rating of 'IND B' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B(suspended)' on the agency's website.

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

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

JTCPL's ratings:
- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
'IND B'/Stable
- INR22.50 million fund-based limits: migrated to 'IND
B(suspended)' and 'IND A4(suspended)' from 'IND B' and 'IND A4'
- INR50.00 million non-fund-based limits: migrated to 'IND
A4(suspended)' from 'IND A4'


JALANDHAR AMRITSAR: Ind-Ra Downgrades INR2.1BB Loan to 'IND B-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jalandhar
Amritsar Tollways Ltd's (JATL) INR2,118.6 million bank loans to
'IND B-' from 'IND B+'. The Outlook is Stable.

PROJECT PROFILE

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


JASMINE INDUSTRIAL: ICRA Revises Rating on INR5cr Loan to B
-----------------------------------------------------------
ICRA has revised the long term rating to [ICRA]B from [ICRA]BB-
to the INR5.00 crore1 fund based interchangeable bank facility of
Jasmine Industrial Corporation. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR30.00 crore non fund-
based bank facility of the firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Letter of Credit      30.00        [ICRA]A4 reaffirmed
   Cash credit (Sub
   limit within the
   LC limits)            (5.00)       Revised to [ICRA]B
                                      from [ICRA]BB-(Stable)

The downward revision of the long-term rating and reaffirmation
of the short-term rating takes into account the deteriorated
financial profile of the firm, characterised by significant de
growth in revenues on account of subdued demand for steel
products in the domestic market, operating losses incurred and
weak credit metrics in FY2016. ICRA also notes the working
capital intensive nature of operations and the stretched
liquidity position of the firm, following high levels of
inventory and receivables. The ratings further incorporate the
risk of capital withdrawals, given its constitution as a
partnership firm.

The ratings, however, favourably considers the extensive
experience of the promoters in the business of trading in steel
products and the well reputed supplier base, which ensures
uninterrupted supply of quality products.

Jasmine Industrial Corporation (JIC or the firm) was established
in 1972 as a partnership firm and is managed by the partner Mr.
Ajay Mehta who has been in the business since 1978. JIC trades in
various forms of steel products like hot rolled coils, plates,
TMT bars, angles, beams and others. The firm caters to the
domestic market, primarily Maharashtra and Gujarat with its
clientele mostly constituting steel traders and construction
companies. JIC has a registered office in Mumbai and a rented
warehouse in Taloja, Navi Mumbai.

Recent Results:
In FY15 the company reported a net profit of INR0.02 crore on an
operating income of INR67.87 crore. As per the unaudited results
of FY16, the company has reported a profit before depreciation
and tax of INR0.11 crore on an operating income of INR39.20
crore.


K.G. INDUSTRIES: CRISIL Raises Rating on INR225MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of K.G. Industries (KGI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           225      CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Long Term Loan         15      CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

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

The upgrade reflects steady improvement in KGI's business risk
profile marked by consistent growth in revenue with stable
operating margins despite significant volatility witnessed by
rice industry in the recent past. KGI has been able to register a
compound annual growth rate of 16.5 percent for three years
ending 2015-16. The operating margin has remained at around 6.5-
7 percent for the same period. CRISIL believes KGI will be able
to maintain its pace of revenue growth at around 10 percent with
stable operating margins at similar levels, over the medium term,
owing to healthy relationship with its key customers and
extensive industry experience of the promoters.

The rating reflects KGI's weak financial risk profile, marked by
high gearing, a small net worth, and weak debt protection
metrics. The rating also factors in the firm's large working
capital requirements, and exposure to risks relating to
regulatory changes, vagaries in the monsoon, and fluctuations in
raw material prices. These rating weaknesses are partially offset
by sustained business risk profile marked by stable operating
margins and extensive experience of KGI's promoters in the rice
processing industry.
Outlook: Stable

CRISIL believes that KGI will be able to maintain its business
risk profile over the medium term, owing to healthy relationship
with its key customers and extensive industry experience of the
promoters. The outlook may be revised to 'Positive' if KGI's
operating margin and scale of operations increase considerably,
while it manages its incremental working capital requirements
prudently leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
firm's cash accruals remains lower than expected, or financial
risk profile deteriorates due to increase in debt owing to
working capital requirements or firm undertakes more than
expected debt funded capital expenditure.

KGI processes and sells basmati and parmal rice. Its facility in
Jalalabad (district Bhatinda, Punjab) has a milling and sorting
capacity of 8 tonnes per hour.

For 2014-15, KGI reported a book profit of INR3.7 million on net
sales of INR555.8 million, against a book profit of INR 3.1
million on net sales of INR462.2 million for 2013-14.


KINGFISHER AIRLINES: Mallya Colluded With Bankers, StanC Alleges
----------------------------------------------------------------
The Times of India reports that Standard Chartered on June 15
levelled allegations of collusion between liquor baron Vijay
Mallya and a consortium of banks, led by SBI, during the hearing
of its interlocutory application seeking vacation of the Debt
Recovery Tribunal (DRT) interim order, preventing it from
transacting with British liquor giant Diageo Plc.

Making submissions before DRT presiding officer C R
Benakanahalli, Standard Chartered's counsel G Krishnamurthy
argued that the fact that Mallya did not object to the interim
order passed by DRT preventing StanC's transaction with Diageo
stands clear "testimony" to collusion between the liquor baron
and banks, according TOI.

"Mallya could have objected to the interim order, but did not do
it. Why he did not object? Because it served his purpose as the
interim order prevented the sale and transfer of UBHL shares that
were to be acquired by Diageo who had issued a guarantee to
Standard Chartered for around INR877-crore loan to Watson Ltd, a
holding company of Mallya," Krishnamurthy added, TOI relays.

TOI relates that responding to Standard Chartered's allegations,
the bankers' counsel, said, "If the bankers had colluded with
Mallya, we would not have been waging a court battle against the
high-profile defendant."

Diageo, which acquired control of United Spirits (USL) in 2012,
had issued a guarantee to Standard Chartered for a $135 million
(around INR877-crore) loan to Watson to release certain UBHL
shares that were to be acquired as part of the deal.  According
to TOI, the company had said that the risk had arisen due to
default by Watson in May and DRT preventing sale or any other
transfer of such UBHL shares in June as part of the enforcement
process pending further orders following the petition by bankers.

Vijay Mallya is the founder of Kingfisher Airlines.


KINGFISHER AIRLINES: Among 913 PNB'S Wilful Defaulters
------------------------------------------------------
The Times of India reports that Punjab National Bank (PNB), the
nation's second biggest state-run lender, declared a list of 913
wilful defaulters on June 14, including Kingfisher Airlines and
NAFED, with total outstanding dues of INR11,486 crore.

TOI relates that PNB has added eight defaulters to its February
list to take the number of wilful defaulters to 913 as on
March 31, 2016.

The large wilful defaulters, according to the list published by
PNB, include embattled businessman Vijay Mallya's Kingfisher
Airlines with an outstanding of INR597.44 crore, the report
relates.

The list, however, was topped by Winsome Diamonds and Jewellery
with an outstanding of INR900.06 crore. Forever Precious
Jewellery & Diamonds had an outstanding of INR747.98 crore, TOI
relays.

TOI notes that the other big defaulters include Zoom Developers
with an outstanding of INR410.18 crore and NAFED with an
outstanding of INR224.26 crore.

According to the report, PNB in the fiscal ending March 31 had
made a provision of INR18,366.83 crore towards bad loans that led
to a net loss of INR3,974.39 crore for the fiscal.

TOI adds that the other major wilful defaulters include Apple
Industries (INR248.33 crore), MBA Jewellers (INR266.17 crore),
Ramsarup Group companies (INR410.62 crore), S Kumar Nationwide
(INR146.82 crore) and Rana group companies (INR169.36 crore).

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and
competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue
to reflect delays by KFAL in servicing its debt; the delays have
been caused by the company's weak liquidity and continued losses
at the operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete
erosion of KFAL's net worth, leading to its weak financial risk
profile. Presently, the company does not carry out any commercial
operations.


KVS SPINNING: ICRA Suspends B-/A4 Rating on INR33cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B-/[ICRA]A4 assigned to
the INR33.00 crore bank facilities of KVS Spinning Mills Pvt Ltd.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


M. B. GARMENTS: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR1.20
crore term loan, INR5 crore cash credit and INR0.50 crore ad-hoc
cash credit facilities of M. B. Garments (India) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              1.20        [ICRA]B/Assigned
   Cash Credit            5.00        [ICRA]B/Assigned
   SME Gold Card          0.50        [ICRA]B/Assigned

The assigned rating takes into account MBGIPL's relatively small
scale of operations, weak financial risk profile, as reflected by
nominal profits and cash accruals from the business, and
leveraged capital structure with relatively weak interest and
debt coverage indicators. The rating also takes note of high
working capital intensity of the business on account of high
inventory holding, that exerts pressure on the liquidity position
of the company. The rating is further constrained by the
vulnerability of its profitability to adverse movements in fabric
prices; however, order-backed procurement mitigates such risk to
a large extent. The rating also takes note of the competitive
business environment due to fragmented nature of the industry and
the presence of multiple players in the organised as well as
unorganised segments.

The rating, however, derives comfort from the promoters' long
experience of around two decades in the garment manufacturing
business and MBGIPL's established relationship with its
customers, which includes various reputed retail chains in the
domestic market, ensuring repeat orders.

In ICRA's opinion, the ability of the company to improve its
scale of operations and profitability while managing its working
capital requirements efficiently would be key rating
sensitivities, going forward.

Incorporated in 2011, M. B. Garments (India) Private Limited
(MBGIPL) is promoted by the Basirhat-based Mollah family. It
manufactures readymade garments for boys with its facility at
Basirhat, West Bengal. The company took over the proprietorship
entities of the directors of the company, M. B. Garments
Industries and M. B. Impex in January 2011, which were also
engaged in the same line of business.

Recent Results
During FY2016 (provisional), MBGIPL reported a net profit of
INR0.3 crore on an Operating Income (OI) of INR27.8 crore as
against a net profit of INR0.1 crore and OI of INR21.4 crore
during FY2015.


MAA CORP: ICRA Suspends B- Rating on INR24.50cr Bank Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR24.50
crore bank facilities of Maa Corp Industries Pvt. Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAHAJAN FABRICS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahajan Fabrics
Private Limited's (MFPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

MFPL's ratings:
-- Long-Term Issuer Rating: migrated to Long-term 'IND
    B+(suspended)' from 'IND B+'/Stable
-- INR120 million fund-based working capital limits: migrated to
    Long-term 'IND B+(suspended)' and Short-term 'IND
    A4(suspended)' from Long-term 'IND B+' and Short-term
    'IND A4'
-- INR30 million term loans: migrated to Long-term 'IND
    B+(suspended)' from Long-term 'IND B+'


MANSINGH HOTELS: Ind-Ra Suspends IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mansingh Hotels
& Resorts Limited's (MHRL) Long-Term Issuer Rating of 'IND BB+'
to the suspended category. The Outlook was Negative. The rating
will now appear as 'IND BB+(suspended)' on the agency's website.

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

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

MHRL' ratings:

-- Long-Term Issuer Rating: migrated to Long term 'IND
    BB+(suspended)' from 'IND BB+'/Negative
-- INR50 million fund-based working capital limits: migrated to
    Long-term 'IND BB+(suspended)' from 'INDBB+'and Short-term
    'IND A4+(suspended)' from 'IND A4+'
-- INR135 million term loans: migrated to Long-term 'IND
    BB+(suspended)' from 'IND BB+'
-- INR15 million non-fund-based working capital limits: migrated
    to Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-
    term 'IND A4+(suspended)' from 'IND A4+'


MAP COTTON: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MAP Cotton
Private Limited (MCPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MCPL's moderate credit profile. The company's
provisional FY16 financials indicate net leverage (Ind-Ra total
adjusted net debt/operating EBITDAR) of 3.6x (FY15:22.6x),
interest coverage (Ind-Ra operating EBITDA/gross interest
expense) of 2.1x (1.4x) and EBITDA margin of 6.6% (1.2). Its
revenue remained moderate at INR1,710.9m in FY16
(FY15:INR1,696.9m).

The ratings take into account the company's presence in the
highly fragmented and competitive cotton ginning business, raw
material price fluctuations subject to the seasonal nature of
availability of cotton seeds and the government policy. The
ratings further reflect the company's moderate liquidity as
evident by the average peak utilisation of its working capital
facilities being 97% during the 12 months ended April 2016.

The ratings, however, are supported by MCPL's locational
advantage as its plant is situated in the city of Kadi in Gujarat
where the company's main raw material -- cotton -- is available
in abundance. The ratings are further supported by more than
three decades of experience of the company's promoters in the
various cotton related businesses (cotton ginning and pressing,
trading of cotton bales and wash oils and manufacturing of cotton
seed oils) leading to the established relationships with the
customers and suppliers.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue leading to
sustained improvement in the overall credit metrics could be
positive for the ratings.

Negative: A decline in the revenue or rise in the margin
pressures leading to sustained deterioration in the credit
metrics and the liquidity could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2014, MCPL is an Ahmedabad-based company, engaged
in the cotton ginning and pressing at its plant located in Kadi
(equipped with 58 ginning machines and one pressing machine) with
a daily installed capacity of 750 bales.

MCPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR460 million fund-based working capital limits: assigned
    'IND BB'/Stable/'IND A4+'
-- INR27.7 million term loan limits: assigned 'IND BB/Stable


MAP LIMITED: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MAP Limited
(MAP) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. The agency has also assigned MAP's INR500 million fund-
based working capital limits a Long-term 'IND BB' rating with a
Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings factor in MAP's weak credit metrics, on account of
weak EBITDA margins and high working capital requirements, both
inherent to the trading nature of its business. FY16 provisional
financials indicate net leverage (Ind-Ra adjusted total net
debt/operating EBITDAR) of 3.9x (FY15: 2.2x; FY14: 11.9x), EBITDA
interest cover of 2.2x (1.3x; 1.3x) and EBITDA margins of 4.7%
(1.9%; 0.8%).

Intense competition and low entry barriers, characteristic to the
trading nature of business, have also moderated the ratings.
MAP's liquidity position was moderate, with around 71% peak use
of its working capital facilities during the 12 months ended
April 2016.

The ratings also reflect MAP's revenue growth, which increased at
a CAGR of around 21.7% over FY13-FY16 (provisional) along with
continuous improvement in its EBITDA margins since FY13. In FY16
(provisional), its revenue was INR1,797.3m (FY15: INR1,227.8
million; FY14: INR1,749.8 million). The decline in revenue in
FY15 was attributed to a decline in cotton prices.

The ratings derive strength from MAP's promoters' experience of
more than three decades in various cotton-related businesses such
as cotton ginning and pressing, the trade of cotton bales and
wash oils and the manufacture of cotton seed oils. MAP's well-
established relationships with customers and suppliers also
benefit the ratings.

RATING SENSITIVITIES

Positive: Substantial growth in revenue, leading to sustained
improvement in overall credit metrics, will be positive for the
ratings.

Negative: A decline in revenue or a rise in margin pressures,
leading to sustained deterioration in credit metrics and/or
liquidity, will be negative for the ratings.

COMPANY PROFILE

Established in 2012, MAP is engaged in the trade of cotton bales
and wash oils.


MAP REFOILS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MAP Refoils
India Limited (MRIL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MRIL's moderate credit profile. Its
provisional FY16 financials indicate net leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 8.9x, interest coverage
(Ind-Ra operating EBITDA/gross interest expense) of 2.2x and
EBITDA margin of 3.2%. The ratings take into account the
company's limited track record of operations as it started
commercial operations in October 2015; FY17 will be the first
full year of operations. The company's revenue was INR1,525.4
million in FY16.

The ratings take into account the company's presence in the
highly fragmented and competitive edible oil industry and the raw
material price fluctuations due to the seasonal nature of
availability of cotton seeds. The ratings further reflect the
company's moderate liquidity as evident by the average peak
utilisation of its working capital facilities being 88% during
the 7 months ended April 2016.

The ratings, however, are supported by MRIL's locational
advantage as its plant is situated in the city of Kadi in Gujarat
where the company's main raw material -- cotton seeds -- is
available in abundance. The ratings are further supported by its
promoters' more than three decades of experience in the various
cotton related businesses (cotton ginning and pressing, trading
of cotton bales and wash oils and manufacturing of cotton seed
oils) leading to the  established relationships with the
customers and suppliers.

RATING SENSITIVITIES

Positive: A substantial revenue growth leading to a sustained
improvement in the profitability and credit metrics could lead to
a positive rating action.

Negative: Any debt led capex and/or a decline in the revenue and
profitability, leading to sustained deterioration in the credit
metrics and/or liquidity, will lead to a negative rating action.

COMPANY PROFILE

Established in 2015 and with a registered office in Ahmedabad,
MRIL is engaged in the manufacturing of cotton seed oil at its
plant located in Kadi with a daily installed capacity of 300
tonnes. The company also trades other edible oils such as
groundnut oil, sun flower oil, soybean oil, mustard and corn oil
in the states of Gujarat and Maharashtra.

MRIL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR319 million fund-based working capital limits: assigned
    'IND BB'/Stable/'IND A4+'
-- INR127.5 million term loan limits: assigned 'IND BB'/Stable


MARKANDESHWAR FOODS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Markandeshwar
Foods & Allied Products Limited's (MFAPL) Long-Term Issuer Rating
of 'IND B+' to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND B+(suspended)' on the agency's
website. The agency has also migrated MFAPL's INR182.50 million
fund-based working capital limits to 'IND B+(suspended)' from
'IND B+' and 'IND A4(suspended)' from 'IND A4'.

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

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


MOZART VITRIFIED: CRISIL Assigns 'B' Rating to INR225MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mozart Vitrified Private Limited (MVPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        225       CRISIL B/Stable
   Bank Guarantee         30       CRISIL A4
   Cash Credit            80       CRISIL B/Stable

The ratings reflect MVPL's exposure to risks related to its
ongoing ceramic vitrified tiles project and to subsequent
stabilisation and ramp up in sales from it. The ratings also
factor in expected modest scale of operation and constrained
financial risk profile during early stage of operation amid debt-
funded project capital expenditure. These rating weaknesses are
mitigated by the extensive experience of its promoters in the
ceramic tile industry and its proximity to raw material and
labour resources.
Outlook: Stable

CRISIL believes MVPL will benefit from the industry experience of
its promoters. The outlook may be revised to 'Positive' if timely
stablisaton of new facility and commensurate ramp up in sales
leads to higher-than-expected cash accrual during the early stage
of operation. Conversely, the outlook may be revised to
'Negative' if time or cost overrun in project, delayed ramp up in
operation, lower cash accrual or stretched working capital cycle
adversely impacts financial risk profile, especially liquidity.

Incorporated in 2015, MVPL is a Morbi (Gujarat)-based company
setting up a manufacturing facility for ceramic vitrified tiles.
The company is promoted by Mr. Dhruv Bhila, Mr. Keyur Bhuva and
Mr. Chetankumar Amratiya and is expected start commercial
operations from December 2016.


NINEX DEVELOPERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ninex Developers
Limited's (NDL) Long-Term Issuer Rating of 'IND B' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B(suspended)' on the agency's website. The agency
has also migrated NDL's INR286 million term loans to 'IND
B(suspended)' from 'IND B'.

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

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


OM SONS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Om Sons
Marketing Private Limited (OSMPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect OSMPL's moderate credit profile. Provisional
FY16 financials indicate gross interest coverage (operating
EBITDAR/ gross interest expense) of 2.2x (FY15:1.7x, FY14: 1.3x)
and net leverage ratio (total adjusted net debt/operating
EBITDAR) of 7.1x (6.4x, 11.6x). The gross coverage ratio improved
in FY16, despite a higher interest expense, due to an improvement
in profitability. The net leverage ratio deteriorated in FY16 due
to an increase in debt to fulfill growing working capital
requirements in line with increasing revenue. The total debt was
INR1,128m in FY16 (FY15: INR855 million, FY14: INR748 million).

Revenue increased to INR3,216 million in FY16 (FY15: INR2,607
million, FY14: INR2,165 million) while EBITDA margins rose to
5.3% in (4.9%, 2.7%), due to higher sales in the high-margin
extra neutral alcohol (ENA) segment. This was driven by the
benefits of the company's first distillery plant, set up around
November 2014, coming in for the entire FY16. Ind-Ra expects cash
flow from operations to have been negative in FY16 due to high
working capital requirements. The improvement in revenue and
profitability in FY15 helped the company to turn its cash flow
from operations positive in FY15.

Ind-Ra expects OSMPL's revenue to increase further from FY17
driven by growth in trading sales because of the shift in the
trading business of the group companies Oasis Distilleries
Limited and Malbros International (P) Ltd to Vijeta Beverages Pvt
Ltd andOSMPL. However, an increase in the sales proportion of the
low-margin trading segment from FY17 might result in a decline in
the profitability.

The ratings are constrained by the annual license renewal risk
for the trading segment. Any delay in the renewal of license
could result in a significant revenue loss. The ratings also
factor in the highly regulated nature of the liquor industry; any
adverse changes in the state excise duty could put significant
pressure on the EBITDA margins.


RATING SENSITIVITIES

Negative: A decline in the revenue and operating profits or any
significant capex leading to deterioration in the credit metrics
could lead to a negative rating action.

Positive: Improvements in the revenue and operating profits
leading to an improvement in the credit metrics could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in February 2007, OSMPL is involved in the
production, marketing, sales of ENA and country liquor in Punjab.
The company is also into the retail and wholesale trading of
liquor. It has an 80,000 litres/day distillery at Village Sangat,
District Bathinda (Punjab).

OSMPL belongs to the Oasis Group that has been engaged in the
liquor business over the past five decades. The Oasis group
comprises OSMPL, Oasis Distilleries, Malbros International,
Vijeta Beverages, Oasis Commercial Pvt Ltd, and Overseas Exports
Pvt. Ltd. The group has an established presence in the country
liquor segment in Punjab. The group has five distilleries and
three bottling units with a combined spirit production capacity
of around 485,000 litres/day.

OSMPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR326.6 million term loans: assigned 'IND BB'/Stable
-- INR610.0 million fund-based working capital limits: assigned
    'IND BB'/Stable and 'IND A4+'
-- INR13.4 million non-fund-based working capital limits:
    assigned 'IND BB'/Stable and 'IND A4+'


ORBIT METAL: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Orbit Metal
Industries (Unit II)'s (OMI) Long-Term Issuer Rating of 'IND B+'
to the suspended category. The Outlook was Stable. The rating
will now appear as 'IND B+(suspended)' on the agency's website.

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

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

OMI's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR45.00 million fund-based working capital limits: migrated
    to 'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+'
    and 'IND A4'
-- INR19.10 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'
-- INR45.00 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'


PAWAN AUTOWHEELS: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pawan Autowheels
Private Limited's (PAPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

PAPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'
-- INR60 million fund-based limit: migrated to Long-term 'IND
    B+(suspended)' and 'Short-term 'IND A4(suspended)' from Long-
    term 'IND B+' and Short-term 'IND A4'
-- INR36.58 million term loan: migrated to Long-term 'IND
    B+(suspended)' from Long-term 'IND B+'


PIC INTERNATIONAL: ICRA Suspends 'B' Rating on INR9cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to the INR9.00 crore bank limits
of PIC International Metals & Alloys Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 2007, PIC International Metals and Alloys Private
Limited (PICIMAPL or the company) is engaged in the manufacturing
of Ferro Alloys. The manufacturing facility of the company is
located at Khopoli in Maharashtra and has a current production
capacity of 100 MT/month.


PRABHU SPONGE: ICRA Suspends B+ Rating on INR9.87cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR9.87 crore fund based bank facilities of Prabhu Sponge
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity.


PRERNA GRAMODYOG: CRISIL Assigns 'B' Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Prerna Gramodyog Sewa Sansthan (PGSS). The
rating reflects the society's average financial risk profile
because of weak cash flows and stretched receivables. This
weakness is partially offset by its established track record in
the implementation of social welfare development schemes.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable

Outlook: Stable

CRISIL believes PGSS's credit risk profile will remain
constrained by the small scale of operations and low cash
accrual. The outlook may be revised to 'Positive' if significant
increase in revenue and cash accrual improves the financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile weakens due to decline in income or cash
accrual, or contraction of a large debt to fund capital
expenditure.

Setup in 1985, PGSS is a not-for-profit society and is managed by
its secretaries Mr. Jagdish Yadav, Mr. Mahesh Kumar and Mr.
Sushil Kumar. The society is located in Unnao, Uttar Pradesh and
is engaged in the implementation of various schemes operated by
the state and central governments viz, Family Counselling
Centres, Child Welfare Programme, Old Age Home, Short Stay Home,
Open Shelter Home and Juvenile Home etc.


PRIME CIVIL: CRISIL Suspends B+ Rating on INR100MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prime Civil Infrastructures Private Limited (PCIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        90        CRISIL A4
   Cash Credit          100        CRISIL B+/Stable

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

PCIPL was originally established as a proprietorship firm, Prime
Engineers, in 1989; the firm was reconstituted as a private
limited company in 2009. PCIPL undertakes civil construction and
is registered as a 'Class AA' contractor with the Municipal
Corporation of Greater Mumbai. The company also undertakes
projects for Mumbai Metropolitan Region Development Authority,
Maharashtra Housing and Area Development Authority, Maharashtra
Industrial Development Corporation, and Public Works Department,
Maharashtra. PCIPL constructs roads, bridges, buildings, and
storm-water drainage systems. It has started executing projects
in Rajasthan.


PRITHIVRAJ SPINNING: CRISIL Suspends B Rating on INR153.1MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Prithivraj Spinning Mill Private Limited (PSMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35.0      CRISIL B/Stable
   Long Term Loan       153.1      CRISIL B/Stable

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

PSMPL, incorporated in 2014, is setting up a spinning unit in
Annur (Tamil Nadu), to manufacture cotton yarn. The company is
being promoted by Mr. M. Shanmugham and his family.


RADHESH PLASTICS: CRISIL Ups Rating on INR27MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank loan facilities
of Radhesh Plastics India Private Limited (RPIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           27       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

   Proposed Long Term     3.2     CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable')

   Term Loan             17.6     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects significant improvement in the business risk
profile and liquidity of the company. In 2015-16 (refers to
financial year, April 1 to March 31), sales increased by 26
percent to around INR200 million from INR160 million in the
previous year. The growth was backed by higher sales in both pipe
fitting and resin trading segments. An order-backed inventory
also helped to sustain operating margin at around 7 percent,
which is expected to be maintained over the medium term. The
higher sales with a stable margin resulted in higher-than-
expected cash accrual of INR6.6 million, sufficient for meeting
term loan obligation of INR4.7 million, in 2015-16. Cash accrual
is expected at around INR9 million, against term loan obligation
of INR2.7 million, in 2016-17. Bank limit was also moderately
utilised at 90 percent during the 12 months through March-2016.

The rating reflects a modest scale, and working capital intensive
nature, of operations. The rating also factors in an average
financial risk profile because of a high total outside
liabilities to tangible networth ratio and average interest
coverage ratio. These rating weaknesses are partially offset by
the extensive experience of the promoters in the polyvinyl
chloride (PVC) pipes industry.
Outlook: Stable

CRISIL believes that RPIPL will continue to benefit over the
medium term from its moderate financial risk profile and
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if sustained improvement in revenue and
profitability, or any equity infusion, strengthen the financial
risk profile. The outlook may be revised to 'Negative' if decline
in profitability or revenue, or a stretched working capital cycle
results in low cash accrual.

Incorporated in 2010 and headquartered in Koteshwara, Karnataka,
RPIPL trades in PVC resins and manufactures PVC pipes. The
company has a manufacturing capacity of 1750 tonnes of pipes per
annum.


RAGHUVAR INDIA: CRISIL Lowers Rating on INR307.5MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Raghuvar India Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit         307.5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term   10.0       CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan            80.0       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the company's
business risk profile will continue to face pressure over the
medium term in the edible oil industry. In 2015-16 (refers to
financial year, April 1 to March 31), operating income declined
to an estimated INR982 million from INR2.4 billion in 2014-15
because of it temporarily shut down its edible oil operations
from September 2015, due to unavailability of raw material at
optimum prices. Over the medium term, the operating income is
expected to grow marginally because of good mustard crop this
year, along with contribution from crockery business, but remain
low compared to historical levels.

The rating reflects a modest scale of operations and modest debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the edible oil
industry.

Outlook: Stable

CRISIL believes Raghuvar India will continue to benefit over the
medium term from the extensive industry experience of promoters.
The outlook may be revised to 'Positive' if business risk profile
improves with more-than-expected operating income and better
operating margin, leading to improvement in financial risk
profile, particularly debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if a steep decline in
operating income or profitability, or any substantial, debt-
funded capital expenditure leads to deterioration in the
financial risk profile.

Raghuvar India is a part of the Alwar (Rajasthan)-based Data
group and was acquired in 2004 from Turner Morisson (The Times of
India group). Raghuvar India manufactures mustard oil, vanaspati
oil, refined oil, and oil cakes, and markets its products under
the Hanuman brand. The company also started manufacturing
crockery in 2012-13 which currently constitutes around 15 percent
of total revenue. It has two manufacturing facilities in Jaipur
(Rajasthan).


RAJHANS ALLOYS: CRISIL Suspends B- Rating on INR155MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rajhans Alloys Private Limited (RAPL, part of Rajhans group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           155       CRISIL B-/Stable

   Letter of credit &
   Bank Guarantee         50       CRISIL A4

   Proposed Long Term
   Bank Loan Facility     33.8     CRISIL B-/Stable

   Term Loan              61.2     CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
RAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RAPL is yet to
provide adequate information to enable CRISIL to assess RAPL'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 its ratings, CRISIL has consolidated the business
and financial risk profiles of RAPL and Rajhans Metals Pvt Ltd
(RMPL), together referred to as Rajhans group. This is because
both the companies are in the same line of business and have
common management. Furthermore, there is fungible cash flow
between both the entities and the management has indicated that
RAPL and RMPL will support each other when required.

RAPL, based in Gujarat was established in 2009-10 (refers to
financial year, April 1 to March 31). The company manufactures
brass alloy products such as brass rods, extruded tubes, pipes
and coils.  RMPL has been in the same line of business since
1987. The Rajhans group's operations are managed by Mr. Milan
Dodhia, Mr. Ramniklal Shah, and Mr. Kailashchandra Mandawewala.


RSI SWITCHGEAR: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RSI Switchgear
Private Limited's (RSI) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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

RSI's ratings are as follows:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR70 million fund-based working capital limit: migrated to
    'IND B+(suspended)'/ 'IND A4(suspended)' from 'IND B+' and
    'IND A4'
-- INR50 million non-fund-based bank guarantee: migrated to 'IND
    A4(suspended)' from 'IND A4'


S.R.R. IMPEX: CRISIL Ups Rating on INR35.5MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of S.R.R. Impex (SRR) to 'CRISIL B+/Stable' from 'CRISIL B-
/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          35.5       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Term Loan            33.0       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that the firm's business
risk profile will improve over the medium term owing to healthy
ramp up in operations and better-than-expected cash accrual. For
2015-16 (refers to financial year, April 1 to March 31), revenue
is estimated at around INR96 million with cash accrual of INR4.4
million. In 2016-17, which will be the first full year of
operations, cash accrual is expected at INR7.5-8.5 million,
driven by healthy improvement in revenue at INR180-200 million.
The cash accrual will remain sufficient to meet repayment
obligation of INR5.3 million for the year. This, coupled with
moderate debt protection metrics because of interest coverage
ratio of around 2 times and net cash accrual to total debt ratio
of around 0.1 time, will lead to an moderate financial risk
profile over the medium term.

The rating reflects vulnerability to intense competition in the
home textile industry, along with a modest scale, and working
capital-intensive nature, of operations. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's partners and moderate financial risk profile.
Outlook: Stable

CRISIL believes SRR will continue to benefit over the medium term
from the extensive industry experience of its partners and
established relationship with customers. The outlook may be
revised to 'Positive' in case of higher-than-expected cash
accrual, mainly driven by improvement in scale of operations,
while working capital cycle is maintained. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected cash accrual, a stretched working capital cycle, or any
significant debt-funded capital expenditure.

SRR is a partnership concern set up in 2015 by Mr. Aman Aggarwal,
Mr. Happy Gupta, Mrs. Monika Gupta, and Mrs. Swati Gupta. The
firm has set up a facility to manufacture polyester fabric, which
will be used in manufacturing blankets. It is based in Karnal, a
hub for the textile industry in Haryana.


SAGA STEELS: ICRA Suspends 'D' Rating on INR6.0cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR6.00 crore fund based facility of Saga Steels Private
Limited. ICRA has also suspended the short-term rating of [ICRA]D
assigned to the INR3.00 crore non-fund based facility of Saga
Steels Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance, in the absence of the
requisite information from the company.


SAURASHTRA FUELS: ICRA Suspends B+ Rating on INR129.43cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating to the INR129.43 crore long
term, bank facilities, and [ICRA]A4 rating to the INR75.44 crore,
short term, bank facilities of Saurashtra Fuels Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


SECL INDUSTRIES: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SECL Industries
Private Limited's (SECL) 'IND D' Long-Term Issuer Rating to the
suspended category. This rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

SECL's ratings are as follows:
-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR149.9 million fund-based working capital limit: migrated
    to 'IND D(suspended)' from 'IND D'
-- INR190 million fund-based working capital limit: migrated to
    'IND C(suspended)' from 'IND C'
-- INR317 million non-fund-based limits: migrated to 'IND
    C(suspended)' from 'IND C'
-- INR663.8 million term loans: migrated to 'IND C(suspended)'
    from 'IND C'


SHREE SAIBABA: ICRA Suspends 'D' Rating on INR29.51cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR29.51
crore term loan facility, INR15.00 crore cash credit facility and
the INR10.33 crore unallocated limits of Shree Saibaba Sugars
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance due to non-cooperation by the company.


SHRI PARASNATH: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Parasnath
Alloys Private Limited's (SPAPL) Long-Term Issuer Rating of 'IND
BB-' to the suspended category. The outlook was 'Stable'. The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

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

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

SPAPL' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR45 million fund-based working capital limits: migrated to
    Long-term 'IND BB-(suspended)' and Short-term 'IND
    A4+(suspended)' from Long term 'IND BB-' and Short term 'IND
    A4+'
-- INR10.9 million term loans: migrated to Long-term 'IND BB-
    (suspended)' from Long-term 'IND BB-'


SREENAGAR COLD: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR1.64
crore2 term loan, INR4 crore cash credit, INR1.48 crore working
capital loan and INR0.24 crore bank guarantee facilities of
Sreenagar Cold Storage Private Limited. ICRA has also assigned a
long term rating of [ICRA]B and a short term rating of [ICRA]A4
to unallocated limits of INR2.64 crore of SCSPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             1.64         [ICRA]B/Assigned
   Cash Credit           4.00         [ICRA]B/Assigned
   Working Capital
   Loan                  1.48         [ICRA]B/Assigned
   Bank Guarantee        0.24         [ICRA]B/Assigned
   Unallocated Limits    2.64         [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account SCSPL's small scale of
current operations, its weak financial risk profile as reflected
by high gearing, depressed coverage indicators, and subdued
return on capital employed. It also considers the high working
capital intensive nature of operations, on account of upfront
advances to be extended to the farmers at the time of loading of
potatoes, which exerts pressure on the liquidity position. The
ratings are further constrained by the regulated nature of the
industry, making it difficult to pass on the increase in
operating costs, exerting pressure on the profitability and
SCSPL's exposure to agro-climatic risks, with its business
performance being entirely dependent upon an agro commodity, i.e.
potato. ICRA notes that the company remains exposed to the
counterparty risk due to loans extended to farmers, given the
chances of delinquencies, if potato prices fall to a low level.

The ratings, however, derives support from the established track
record of the company in the cold storage business, with the
promoters' more than four decades of experience in the industry
and locational advantage of SCSPL, its cold storage unit being in
West Midnapore, a district with large potato production.
In ICRA's opinion, the ability of the company to improve its
profitability while managing its working capital requirements
efficiently would be the key rating sensitivities, going forward.

Sreenagar Cold Storage Private Limited (SCSPL) set up its cold
storage unit at Sreenagar, in the Paschim (West) Midnapore
district of West Bengal in 1973 as a partnership firm, to carry
on the business of storage and preservation of potatoes. In 1982,
the entity was converted into a private limited company.
Currently, SCSPL has a storage capacity of 22,920 metric ton
(MT). The company is promoted by the Agarwal and the Poddar
families.

Recent Results
During FY2016, the company has achieved a top-line of around
INR2.95 crore (provisional). During FY2015, SCSPL reported a net
profit of INR0.04 crore on an operating income (OI) of INR3.08
crore, as against a net profit of INR0.04 crore and OI of INR2.85
crore during FY2014.


SRIPATHY ASSOCEATES: CRISIL Reaffirms B+ Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sripathy Assoceates
continue to reflect the firm's large working capital requirement,
susceptibility of its operating margin to volatility in raw
material prices, and its modest scale of operations in the
construction industry. These weaknesses are partially offset by
the extensive industry experience of its partners.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        200       CRISIL A4 (Reaffirmed)
   Cash Credit           200       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Sripathy will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustained increase in revenue and cash accrual, and better
working capital management. The outlook may be revised to
'Negative' in case of low revenue, or weakening of financial risk
profile because of large debt-funded capital expenditure or delay
in receivables or considerable capital withdrawal.

Sripathy, set up as a partnership firm in 1989 in Erode, Tamil
Nadu, undertakes civil contracts for construction of colleges,
buildings, and roads, primarily for government departments.


SUPER TECH: CRISIL Reaffirms B+ Rating on INR65MM Term Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Super Tech Laces
Tirupur Private Limited (STLPL) continue to reflect modest scale
of operations and project execution risks owing to planned debt-
funded capital expansion. These weaknesses are mitigated by the
extensive experience of promoters in the embroidery industry and
average financial risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     15       CRISIL A4 (Reaffirmed)
   Rupee Term Loan         65       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that STLPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
embroidery industry. The outlook may be revised to 'Positive' if
scale of operations improves, while maintaining profitability.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue or profitability, leads to lower-than-expected
accrual, or higher-than-expected capital expansion plans, weakens
the financial risk profile, especially liquidity.

Update
Revenue increased by 26 percent year-on-year to INR229 million in
2014-15 (refers to financial year, April 1 to March 31), which
was in line with CRISIL's expectation and was at INR252 million
for 2015-16, largely due to higher capacity utilisation and
increased volumes. Operating margin is expected to remain
moderate because of the ability to pass on volatility in raw
material prices.

Working capital cycle will remain moderate over the medium term
with stable inventory (2-3 months) and moderate receivables. The
company is expected to maintain stable working capital cycle over
the medium term.

Financial risk profile remains constrained by modest networth
(INR57 million as on March 31, 2015) and moderate gearing (1.41
times as on March 31, 2015), albeit expected to weaken with
additional long term borrowings to fund capital expansion plans
in 2016-17. Further, debt protection metrics are likely to
slightly weaken, from moderate current level, owing to increase
in interest outgo.

Liquidity is driven by sufficient cash accrual against long-term
debt obligation, however constrained by high bank limit
utilisation and low current ratio.

STLPL, based in Tirupur (Tamil Nadu) was originally established
in 1996 as a proprietary concern by Mr. Arvind Kumar Singh; the
firm was reconstituted as private limited company in 2006. It
manufactures and trades in a variety of laces which include
crochia, cambric, lycra, and cotton.


SYBLY INDUSTRIES: CRISIL Reaffirms B- Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities continues to
reflect Sybly Industries Ltd's (SIL; part of the Sybly group)
weak liquidity because of large working capital requirement,
driven by stretched debtors, small scale of operations in a
fragmented textiles industry resulting in low operating margin,
and susceptibility to volatile raw material prices. These rating
weaknesses are mitigated by the extensive industry experience of
promoters.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           110       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     40       CRISIL B-/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SIL and its wholly owned subsidiary,
Sybly International FZE (SI). This is because these entities
together referred to herein as the Sybly group,
Outlook: Stable

CRISIL believes the Sybly group will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established relationships with customers. The
outlook may be revised to 'Positive' in case of significant
realization of debtors, or sizeable cash accrual driven by
considerable improvement in operating revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens because of aggressive debt-funded capital expenditure or
stretched working capital cycle.

Update
The Sybly group achieved an estimated turnover of INR693 million
in 2015-16 (refers to financial year, April 1 to March 31) as
compared to INR828.70 million in 2014-15. Operating margin may
remain under pressure over the medium term owing to significant
losses being booked by SI.

Financial risk profile is expected to remain weak because of
subdued debt protection metrics with negative interest coverage
and negative NCAAD in 2015-16, due to expected losses. It is,
however, supported by an average net worth of INR431.10 million,
low total outside liabilities to tangible net worth of 0.56 time
as on March 31, 2016. Financial risk profile should improve but
remain weak over the medium term due to low profitability.

Liquidity is constrained by unrealized debtors of INR556.67
million, expected cash losses of INR6.20 million with 100 percent
bank limit utilization due to working capital-intensive
operation. However, liquidity is supported by unsecured loans of
INR 66.50 million from promoters which will remain in the
business over the medium term. Liquidity will remain dependent on
debtor realization, in absence of the same, the profile will
continue to remain stretched.

SIL, set up in May 1988 is promoted by Mr. Mahesh Chand Mittal
and his son, Mr. Nishant Mittal, manufactures polyester yarn. It
also trades in Cotton Fabrics. Its wholly owned subsidiary, SI,
trades in mild steel products. SIL's plant is in Muradnagar,
Distt. Ghaziabad (Uttar Pradesh) and the company is listed on the
BSE.


VIJAY MAHIENDRA: CRISIL Assigns D Rating to INR204.9MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Vijay Mahiendra Spinntex Private Limited (VMSPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            204.9      CRISIL D
   Standby Line of
   Credit                 7.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility    15.1      CRISIL D
   Bank Guarantee         8.5      CRISIL D
   Cash Credit           50.0      CRISIL D

The ratings reflect delays by VMSPL in servicing its debt due to
weak liquidity, resulting from working capital intensive
operations because of stretched receivables.

VMSPL has working capital-intensive operations. The ratings also
factor in susceptibility of operating margins to risk relating to
volatility in raw material prices and average financial risk
profile marked by a modest net worth, high gearing and weak
interest coverage ratio. However, it benefits from the extensive
experience of the promoters in textile industry.

Incorporated in 2012 VMSPL manufactures grey yarn and grey
fabric. Its manufacturing facility is in Tirupur (Tamil Nadu).
The company is promoted by Mr. P Duraisamy, Mr. P
Shanmugasundaram and Mr. P Subramaniam.


VIOLA RESORTS: CRISIL Reaffirms 'B-' Rating on INR107.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Viola Resorts
Private Limited (VRPL) continues to reflect the company's
exposure to risks related to implementation and off-take of its
ongoing resort project at Lonavala in Maharashtra. This weakness
is partially offset by the extensive entrepreneurial experience
of its promoters.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term
   Bank Loan Facility       42.4    CRISIL B-/Stable (Reaffirmed)

   Term Loan               107.5    CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VRPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of timely
completion of project within the budgeted cost, and more-than-
expected cash inflow during the early phase of operations. The
outlook may be revised to 'Negative' if any time or cost overrun
in the project leads to pressure on liquidity.

VRPL, incorporated in 2010 and promoted by Mumbai-based Mr. Nitin
Chimbaikar and his family members, is setting up a four-star
hotel, The Fern Resort, at Lonavala. The company's head office is
in Mumbai.


WINSOME DIAMONDS: Tops Punjab National Bank's Wilful Defaulters
---------------------------------------------------------------
The Times of India reports that Punjab National Bank (PNB), the
nation's second biggest state-run lender, declared a list of 913
wilful defaulters on June 14, including Kingfisher Airlines and
NAFED, with total outstanding dues of INR11,486 crore.

TOI relates that PNB has added eight defaulters to its February
list to take the number of wilful defaulters to 913 as on
March 31, 2016.

The report relates that he large wilful defaulters, according to
the list published by PNB, include embattled businessman Vijay
Mallya's Kingfisher Airlines with an outstanding of INR597.44
crore.

The list, however, was topped by Winsome Diamonds and Jewellery
with an outstanding of INR900.06 crore. Forever Precious
Jewellery & Diamonds had an outstanding of INR747.98 crore, TOI
relays.

TOI notes that the other big defaulters include Zoom Developers
with an outstanding of INR410.18 crore and NAFED with an
outstanding of INR224.26 crore.

According to the report, PNB in the fiscal ending March 31 had
made a provision of INR18,366.83 crore towards bad loans that led
to a net loss of INR3,974.39 crore for the fiscal.

TOI adds that the other major wilful defaulters include Apple
Industries (INR248.33 crore), MBA Jewellers (INR266.17 crore),
Ramsarup Group companies (INR410.62 crore), S Kumar Nationwide
(INR146.82 crore) and Rana group companies (INR169.36 crore).


YESSKAY RENEWABLE: CRISIL Suspends 'D' Rating on INR98.6MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Yesskay Renewable Venture Private Limited (YRVPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D
   Term Loan             98.6      CRISIL D

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

YRVPL was reconstituted as a private limited company under its
current name in November 2011; it was initially a partnership
firm, S K M/c Tools, and was set up in 2001 at Erode (Tamil Nadu)
by Mr. M Sivakumar and Mr. P Karthikeyan.  The company undertakes
job work in civil structural work, manufacturing of centering and
scaffolding materials, and wind generation.



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


TAIMONA HAULAGE: CablePrice's Liquidation Bid Turned Down
---------------------------------------------------------
nzherald.co.nz reports that a Whangarei company which tried to
liquidate another commercial entity over an unpaid bill not only
failed in its bid but also had costs awarded against it.

CablePrice in Whangarei applied to the High Court at Whangarei
under the Companies Act for an order that Taimona Haulage be
liquidated over an unpaid bill of NZ$14,607 for repairs and
parts, according to nzherald.co.nz.  Before the application the
company served a statutory demand for payment but Taimona Haulage
did not comply with the notice, the report relays.

However, Taimona Haulage director James Diamond argued the debt
which CablePrice relied upon was subject to a genuine and
substantial dispute, the report notes.

His company owned a Scania truck and there was a contract with
CablePrice to repair the vehicle.

In his statement of defence, Mr. Diamond claimed CablePrice
breached the agreement by failing to diagnose a problem in the
truck's engine, the report notes.  There was a further breach, he
said, when the truck was involved in an accident at the
CablePrice workshop on South End Ave and sustained damage when a
CablePrice mechanic was caught under its cab, the report says.

Mr. Diamond said the alleged breaches caused him to lose a
valuable contract worth $209,000 in total between January 2014
and October 2015, the report discloses.

Mr. Diamond said the truck was not returned to him until March 7,
2015.

In dismissing CablePrice's application, Associate Judge Roger
Bell said for a creditor whose debt was subject to a dispute to
apply for liquidation they have to establish a prima facie case
that the company was unable to pay its debts, the report says.

Judge Bell said there may be grounds for Taimona Haulage not
paying the bill as well as grounds for a counterclaim for the
economic losses arising out of CablePrice's alleged failures to
carry out the work properly, the report notes.  Part of the
affidavit filed by CablePrice's treasury and risk manager, John
Bateson, was termed by the court "inadmissible hearsay" because
he did not have firsthand knowledge of the work carried out on
the truck, the report relays.

CablePrice spokeswoman Steve Young said the company would not
comment on the case.



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


RGM ENTERTAINMENT: Former CEO Faces Jail Time for Forgery
---------------------------------------------------------
AsiaStarz.com reports that former RGM Entertainment Chief
Executive Officer Devesh Chetty is facing a 22 weeks sentence
after a Singaporean court found him guilty of forgery. Chetty was
leveled with three charges of forgery to cover missing funds that
amount to as much as $12.5 million, the report says.

A local Singaporean news outlet reported that back in 2011,
Singapore's Media Development Authority asked Chetty to account
for two of his investments amounting to $11 million,
AsiaStarz.com recalls.  The report says Chetty forged two bank
statements by changing the dates to make it appear that the money
was still deposited in RGM's account.

According to AsiaStarz.com, Singapore's Media Development
Authority agreed to a deal with RGM worth $27.5 million. An
initial payment of $2.5 million was made for RGM to operate in
Singapore, an additional $10 million will be given as film
production funds, $5 million as seed money for an RGM fund with
20th Century Fox, and the remaining $10 million was for an RGM
fund with Sony Pictures Entertainment,  AsiaStarz.com relates.

AsiaStarz.com relates that Deputy Public Prosecutor Leon Weng Tat
told the court that the misappropriated funds were used to pay
off some of RGM's overdue loans.

In 2012, using his private company Sachmo International, Chetty
borrowed $2 million from businessman Garrett Lim to bid for
shares in Golden Village, which was then owned by Village
Roadshow, AsiaStarz.com recalls.  At this time, Chetty committed
his third act of forgery by altering the details of a bank
statement in order to cover his tracks of misappropriation.
According to the report, Leong said Chetty forged bank statements
to show that the company still had a balance of $4 million when
in fact the account only had a "nominal balance."

The Singaporean High Court has since declared Chetty as bankrupt,
AsiaStarz.com notes. RGM Entertainment is also in liquidation.
Moreover, the $15 million given by the Media Development
Authority and $2 million investment of Lim were never recovered,
reports AsiaStarz.com.

RGM Entertainment Pte Ltd. operated as an executive production,
media finance, and talent management company in Singapore.



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


SAMSUNG HEAVY: 1,500 Workers to Lose Jobs Under Restructuring
-------------------------------------------------------------
Jhoo Dong-chan at The Korea Times reports that Samsung Heavy
Industries (SHI) will fire 1,500 workers and cut salaries of
executives by 30% under a restructuring plan announced on
June 15.

According to the report, SHI CEO Park Dae-young said 30 to 40
percent of the workforce will be laid off by the end of 2018.
The report relates that the company's executives will also return
some 30 percent of their salaries, starting July, to help
stabilize the company.  The report relates that Mr. Park said he
will return 100 percent of his salary.

A voluntary retirement campaign this year will cut 1,500 jobs,
according to The Korea Times.

The Korea Times says the shipbuilder will also gradually suspend
parts of its production facilities to reduce costs.

The report notes that the nation's second-largest shipyard
submitted its restructuring plan to the state-run Korea
Development Bank (KDB), under which it will sell its Pangyo R&D
Center and Samsung Hotel Geoje, as well as stockholdings, to
raise about KRW1.5 trillion.

The KDB approved the plan earlier this month, the report recalls.

SHI has failed to clinch any shipbuilding contracts this year,
says The Korea Times.

Samsung Heavy Industries Co., Ltd. manufactures crude oil
tankers, container vessels, bulk carriers, cruisers, and
passenger ferries. The Company also produces steel and bridge
structures, and material handling equipment. In addition, Samsung
Heavy Industries provides civil engineering, architectural, and
plant construction services.



================
S R I  L A N K A
================


NATIONAL DEVELOPMENT: S&P Affirms 'B+' ICR; Outlook Negative
------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
issuer credit rating on National Development Bank PLC (NDB).  The
outlook is negative.  S&P also affirmed its 'B' short-term issuer
credit rating on the Sri Lanka-based bank.

"We affirmed the ratings because we expect NDB's planned capital
raising to enable the bank to maintain its risk-adjusted capital
(RAC) ratio above 5%," said S&P Global Ratings credit analyst
Amit Pandey.

NDB's RAC ratio deteriorated to below 5% as of Dec. 31, 2015,
which is S&P's threshold for a moderate assessment.  However,
S&P's assessment considers the fact that NDB is planning to raise
capital and has announced that it is at the final stages of its
discussions with potential stakeholders.  That said, if NDB is
unable to raise sufficient capital such that its RAC ratio
remains below 5% for a prolonged period, S&P would revise its
assessment of the bank's capital and earning to weak.

S&P continues to assess NDB's stand-alone credit profile as 'b+'.
S&P expects the bank to maintain its satisfactory business and
revenue diversification over the next 12 months.  In S&P's view,
NDB is a well-managed bank compared with peers in emerging
markets, and has an adequate risk position for its size and
business scale.  However, the bank's aggressive growth and small
branch network has resulted in a below-average funding profile.
NDB's funding profile has improved over the past few years, but
remains weaker than that of other large peers', partly because of
the bank's smaller branch network.  On the other hand, NDB has
adequate risk management practices for its size and scale.

The negative outlook over the next 12 months reflects S&P's view
that there is a risk that NDB may not be able to raise sufficient
capital to increase and sustain the RAC ratio above 5%, S&P's
threshold for a moderate assessment.  The negative outlook also
reflects S&P's view that NDB, along with other banks in Sri Lanka
(B+/Negative/B), faces increasing risks stemming from the
sovereign's weakening external and fiscal performance.

S&P may lower the ratings on NDB in the next six to 12 months if
the bank's capitalization weakens, such that its pre-
diversification RAC ratio remains below 5% for a prolonged
period. This could happen if the bank is not able to raise
capital soon or if the amount of capital raised is not sufficient
to sustain the RAC above 5%.

S&P could also lower its ratings on NDB if S&P downgrades Sri
Lanka because S&P do not rate financial institutions in Sri Lanka
above the sovereign because of the direct and indirect influence
that the sovereign in distress would have on their operations,
including their ability to service foreign-currency obligations.

In the scenario that S&P downgrades the sovereign, it believes
that the systemic risks facing Sri Lankan banks would also have
increased, which could affect the stand-alone credit profiles and
the ratings on Sri Lankan banks including NDB.

S&P could revise the outlook on NDB to stable if the risks to the
sovereign credit ratings subside and NDB raises sufficient
capital such that its pre-diversification RAC ratio improves to
above 5% and stays there.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***