TCRAP_Public/160620.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 20, 2016, Vol. 19, No. 120


                            Headlines


A U S T R A L I A

ADB GROUP: First Creditors' Meeting Slated For June 24
BARMINCO HOLDINGS: S&P Lowers Corporate Credit Rating to 'SD'
BARMINCO HOLDINGS LTD: S&P Raises CCR to 'B-'; Outlook is Stable
IG POWER: First Creditors' Meeting Set For June 24
JAMES HARDIE: Moody's Hikes Corporate Family Rating to Ba1

MIRABELA NICKEL: Placed Into Liquidation
SIMPATICO CONNECTION: Collapses Into Voluntary Liquidation
VIRGIN AUSTRALIA: S&P Affirms 'B+' CCR; Outlook Remains Negative
WILLOW PROPERTY: First Creditors' Meeting Set For June 27


C H I N A

GREENLAND HOLDING: Fitch Lowers IDR to 'BB+'; Outlook Negative
HUA HAN: Fitch Assigns 'BB-' Rating on USD150MM Sr. Notes
SUNRISE REAL: Delays 2014 Form 10-K to Complete New Audit


H O N G  K O N G

NOBLE GROUP: S&P Lowers CCR to 'B+'; Outlook Negative


I N D I A

ABHIRAJ CORPORATION: CRISIL Assigns B Rating to INR100MM Loan
AERO CANS: CRISIL Suspends 'D' Rating on INR150MM LT Loan
AGARWAL ROADLINES: CRISIL Suspends B+ Rating on INR70MM Loan
AMBEKESHWAR STEELS: Ind-Ra Assigns B+ Long-Term Issuer Rating
ANANDHA INN: CRISIL Suspends 'D' Rating on INR188MM LT Loan

ANKIT INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR45.5cr Loan
ARIHANTANAM LIFE: CRISIL Suspends B+ Rating on INR90MM Cash Loan
ATLAS ALLOY: ICRA Suspends D Rating on INR14.90cr Bank Loan
BALESHWAR SYNTHETICS: CRISIL Reaffirms B+ Rating on INR50MM Loan
CHINTAMANI SHARMA: ICRA Suspends 'B/A4' Rating on INR10cr Loan

DAULAT AGRO: CRISIL Suspends 'D' Rating on INR260MM LT Loan
DEVIPRIYA ENTERPRISES: ICRA Suspends B+ Rating on INR19cr Loan
EDGETECH AIR: Ind-Ra Suspends BB- Long-Term Issuer Rating
GALAXY COTTON: ICRA Lowers Rating on INR14cr Cash Loan to D
GROTECH LANDSCAPE: Ind-Ra Suspends BB+ Long-Term Issuer Rating

HANSRAJ AGROFRESH: Ind-Ra Assigns B+ Long-Term Issuer Rating
HAYWARD SYNTHETICS: ICRA Reaffirms B+ Rating on INR1.87cr Loan
HYPNOTIK CLOTHING: CRISIL Raises Rating on INR67.5MM Loan to BB-
JOSEPH RUBBERS: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan
K. V. CHINNAAIH: CRISIL Assigns 'B' Rating to INR35MM Term Loan

KAIZEN COLD: CRISIL Suspends B- Rating on INR65MM LT Loan
KALPATHARU LIQUOR: ICRA Suspends B+ Rating on INR15cr Bank Loan
LEOLINE FOODS: CRISIL Assigns 'B' Rating to INR106MM LT Loan
LUKE EXPORT: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
MAYAJAAL ENTERTAINMENT: CRISIL Suspends D Rating on INR75MM Loan

MOHTA PLYWOOD: ICRA Suspends B/A4 Rating on INR23.5cr Bank Loan
MOTHERS AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
MPCR BROADCASTING: CRISIL Suspends B+ Rating on INR250MM Loan
MURLIDHAR JEWELLERS: Ind-Ra Suspends B Long-Term Issuer Rating

MUTHOOT AUTOMOBILE: CRISIL Suspends B+ Rating on INR50MM Loan
NIKKI STEELS: Ind-Ra Suspends B+ Long-Term Issuer Rating
OM PRINTING: CRISIL Suspends 'C' Rating on INR110MM Term Loan
OMR MALL: CRISIL Lowers Rating on INR950MM Term Loan to 'D'
PALLA TEXTILES: ICRA Suspends 'D' Rating on INR27cr Bank Loan

PUPIL TREE: CRISIL Suspends 'D' Rating on INR170MM LT Loan
RLS ALLOYS: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
ROSHAN ENTERPRISES: ICRA Suspends B+ Rating on INR20cr Bank Loan
RUBBER O MALABAR: Ind-Ra Assigns D Long-Term Issuer Rating
RUHAN TEPPICH: CRISIL Assigns B+ Rating to INR30MM Packing Loan

S.V. POULTRIES: ICRA Suspends B+ Rating on INR15cr Bank Loan
SABARI EXIM: ICRA Suspends 'D' Rating on INR37cr Bank Loan
SAS AUTOMOTIVES: Ind-Ra Suspends BB Long-Term Issuer Rating
SHREE SIDHBALI: CRISIL Reaffirms B Rating on INR200MM LT Loan
SHRI SHRI: CRISIL Suspends 'B' Rating on INR58.5MM Term Loan

SHUBHYAN MOTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
SHYAM COTTEX: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan
SIXTH ENERGY: Ind-Ra Assigns BB+ Long-Term Issuer Rating
SOMNATH AGRO: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
SREE PANDIAN: CRISIL Suspends 'B' Rating on INR137MM Cash Loan

SRI KAMATCHI: CRISIL Suspends B+ Rating on INR57.5MM Cash Loan
STAARLIGHT DESIGNS: CRISIL Reaffirms B+ Rating on INR30MM Loan
SWAMY COTTON: CRISIL Suspends 'B' Rating on INR170MM Cash Loan
THERMO PRODUCTS: CRISIL Suspends 'D' Rating on INR45.5MM LT Loan
THIRUCHY STEELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan

THOPPIL CONTRACTORS: CRISIL Suspends B Rating on INR120MM Loan
TOYOP RELIEF: ICRA Suspends B-/A4 Rating on INR32.5cr Loan
TRANSMISSION CORP: ICRA Reassigns D Rating to INR350cr Loan
TRIDENT AUTO: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan

UBJ BROADCASTING: CRISIL Suspends B+ Rating on INR200MM Term Loan
VIJAY KAMAL: ICRA Withdraws 'B' Rating on INR70cr Bank Loan


J A P A N

TAKATA CORP: Up to 30 Potential Investors Show Initial Interest


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Prosecution to Uncover More Accounting Fraud


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A U S T R A L I A
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ADB GROUP: First Creditors' Meeting Slated For June 24
------------------------------------------------------
Kimberley Andrew Strickland and David Ashley Norman Hurt of WA
Insolvency Solutions were appointed as administrators of The ADB
Group Pty Ltd on June 14, 2016.

A first meeting of the creditors of the Company will be held at
the offices of WA Insolvency Solutions, Level 10; 111 St George's
Terrace, in Perth, Western Australia, on June 24, 2016, at
10:30 a.m.


BARMINCO HOLDINGS: S&P Lowers Corporate Credit Rating to 'SD'
-------------------------------------------------------------
S&P Global Ratings said it has lowered its corporate credit
rating on Barminco Holdings Pty Ltd. to 'SD' from 'B-'.  At the
same time, S&P lowered the rating on the company's senior
unsecured notes to 'D' from 'B-'.  The recovery rating remains
unchanged at '4'.  The rating on the revolving facility remains
unchanged at 'B+' and the recovery rating at '1'.

The rating actions follow Barminco's repurchase of outstanding
notes at less than par value.  S&P views the totality of the
repurchased notes over time as being akin to a de-facto
restructuring, and accordingly, a default under S&P's criteria.
In S&P's opinion, if Barminco had not repurchased the notes over
time the ability to refinance may have been tested in an adverse
environment.

S&P acknowledges that the company has been meeting all its
interest payments on time and in full since the notes were
issued. Despite the de-facto restructuring, S&P continues to
believe Barminco would have sufficient funds to meet its interest
payments.

The series of repurchases are not purely opportunistic, as in
S&P's view the creditors received less than what was promised on
the original securities.  Typically, S&P views a tender offer
below par conducted by a company rated at 'B-' or below as being
a selective default according to S&P's criteria.

Nonetheless, S&P recognizes that these buybacks of notes were
conducted at a price above what S&P might expect in a
conventional default.  Despite the tough trading conditions
facing the mining services industry, Barminco's operations are
performing in line with S&P's expectation for the 'B-' rating.
S&P also views its liquidity position as adequate.  Indeed, upon
completion of these buybacks, S&P views that Barminco has
somewhat reduced its refinancing risk.

S&P's current expectation is that it will restore its corporate
credit rating back to 'B-' after the company completes the
buybacks, assuming all other things remain equal.  S&P's analysis
will incorporate the company's restructured balance sheet, while
still taking into account its challenging operating environment.


BARMINCO HOLDINGS LTD: S&P Raises CCR to 'B-'; Outlook is Stable
----------------------------------------------------------------
S&P Global Ratings said that it had raised its long-term
corporate credit rating on Barminco Holdings Ltd. to 'B-' from
'SD'.  The rating outlook is stable.  At the same time, S&P
raised the rating on the company's senior unsecured notes to 'B-'
from 'D' with a recovery rating of '4', and affirmed the rating
on the revolving facility at 'B+' with a recovery rating of '1'.

The rating actions follow the completion of S&P's review on
Barminco's operations and capital structure after the company's
recent note repurchases.  Although S&P viewed the totality of the
buybacks to date as a de-facto restructuring, the reduction in
debt has somewhat reduced the company's refinancing risk.

"The raising of the rating back to 'B-' reflects our view of
Barminco's experience and track record in providing underground
hard-rock mining services," said S&P Global Ratings credit
analyst Sam Heffernan.  "These strengths partly offset the
challenging industry conditions and the company's relatively
small scale and narrow business focus."

Despite the tough trading conditions facing the mining services
industry, Barminco has continued to manage the stability of its
order book by rolling over expiring contracts and winning new
contracts to replace lost ones.  Indeed, the company's EBITDA has
been relatively stable over the past few years, in contrary to
some peers who experienced a material fall in earnings.
Nonetheless, the concentration in relatively short-term contracts
is an inherent risk in Barminco's business risk profile, in S&P's
view.

S&P expects the challenging conditions in the sector to continue
amid ongoing volatility in commodity prices.  As such, S&P
expects contracts will continue to be competitively contested.
Notwithstanding that, S&P expects Barminco to maintain a steady
margin by cutting costs.

The management is proactively managing the refinancing of the
company's senior unsecured notes due in May 2018.  S&P
acknowledges that through the progressive buybacks, Barminco has
somewhat reduced the refinancing risk of the senior unsecured
notes.  S&P expects the company to preserve adequate liquidity
through prudent cash flow management and to restructure its
balance sheet as part of its refinancing strategy.

Mr. Heffernan added: "The stable outlook reflects our expectation
that the company will continue to successfully manage its
contract book, maintain its steady track record in providing
underground hard-rock mining services, and will proactively
manage upcoming refinancing risks."

S&P could lower the ratings if the company's liquidity were to
deteriorate, which is likely to be reflected in an accelerated
reduction of its cash balance.  This scenario could occur if a
material number of contracts were to be terminated or suspended.

An upward rating action would be dependent on:

   -- Barminco successfully completing the upcoming refinancing
      of the senior unsecured notes maturing in 2018; and
   -- The company sustaining stronger credit metrics; for
      example, debt-to-EBITDA at less than 5x.  This scenario
      could occur if Barminco wins more contracts or reduces its
      debt materially.  More importantly, support from its
      private equity shareholders for this leverage level will
      underpin a higher rating.


IG POWER: First Creditors' Meeting Set For June 24
--------------------------------------------------
Christopher Hill, Grant Sparks and Martin Ford of PPB Advisory
were appointed as administrators of IG Power (Callide) Ltd, IG
Power Holdings Limited, IG Power Marketing Pty Ltd and InterGen
Energy Holdings (Australia) Pty Ltd.

A first meeting of the creditors of the Companies will be held at
Level 27, 345 Queen Street, Brisbane, in Queensland, on June 24,
2016, at 10:00 a.m.


JAMES HARDIE: Moody's Hikes Corporate Family Rating to Ba1
----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating of
James Hardie International Finance Limited ("James Hardie") to
Ba1 from Ba2 and its Probability of Default Rating to Ba1-PD from
Ba2-PD. Concurrently, Moody's upgraded the company's $325 million
5.875% Senior Unsecured Notes due 2023 to Ba1 from Ba2 and
affirmed its Speculative-Grade Liquidity (SGL) Rating at SGL-2.
The rating outlook is stable.

The upgrade of the Corporate Family Rating to Ba1 reflects
Moody's expectation that James Hardie will continue to exhibit
relatively conservative balance sheet management, financial
policies that are now anticipated to be more aligned with the
needs of the creditors, and disciplined yet growth oriented
approach toward operations. This financial management has
resulted in the company's ability to maintain strong credit
metrics for a pro-longed period of time. Moody's projects debt to
EBITDA to be maintained below 1.5x and EBITA/interest expense
above 10x over the next 12-18 months. As of the fiscal year end
2016 (3/31/2016), debt/EBITDA stood at 1.3x and EBITA/Interest
Expense at 10.8x. Furthermore, James Hardie is anticipated to
turn free cash flow positive over the next year as it curtails
its special dividend payouts while still maintaining its normal
historic annual dividend payout.

The following rating actions were taken:

Corporate Family Rating, upgraded to Ba1 from Ba2;

Probability of Default Rating, upgraded to Ba1-PD from Ba2-PD;

$325 million Senior Unsecured Notes due 2023, upgraded to Ba1
(LGD4) from Ba2 (LGD4);

Speculative-Grade Liquidity Rating, affirmed at SGL-2;

Outlook is stable.

RATINGS RATIONALE

The Ba1 Corporate Family Rating benefits from James Hardie's
relatively conservative balance sheet management, financial
policies that are now expected to be more aligned with creditor
interests, and deep-rooted industry expertise combined with solid
operating strategy. Further strengthening the credit risk profile
is the expected continued improvement in the company's already
strong credit metrics over the next 12-18 months. James Hardie's
financial policy sets a maximum of 2x net leverage ratio. Moody's
projects debt to EBITDA to be maintained below 1.5x and
EBITA/interest expense above 10x over the next 12-18 months. In
addition, the reputation and conservative operating strategy that
both have allowed James Hardie to grow into one of the largest
fiber cement producers in the world, makes Moody's comfortable in
the company's ability to manage its asbestos related liabilities
on an ongoing basis.

Moody's said, "however, the company's exposure to the asbestos
liability remains a risk factor. We consider the asbestos
liability to be mitigated by the terms of Amended & Restated
Final Funding Agreement ("AFFA") and treat it as a non-debt
liability. However, a certain percentage of the company's
operating cash flows must be put toward the asbestos fund thereby
limiting the cash flow available for the company's core business.
At 3/31/2016, the undiscounted value of the asbestos liability
was close to $767 million. Further, the asbestos liability
combined with dividend distributions and share repurchases have
led to negative tangible net worth and negative free cash flow
generation. Going forward, we anticipate the company's to
generate free cash flow as it stops paying special dividends and
maintains a common dividend with an annual payout of around 50-
70% of net income.

"James Hardie's Speculative-Grade Liquidity ("SGL") rating of
SGL-2 indicates that the company's liquidity profile is good over
the next 12 months. The SGL rating takes into consideration
internal liquidity, external liquidity, covenant compliance, and
alternative liquidity sources. James Hardie's cash flow
generation from operations has always been relatively strong and
it is able to cover its operating cash needs from internally
generated cash. However, the company's elevated CAPEX in fiscal
2014 and 2015 and special dividends in fiscal 2015 and 2016 have
resulted in negative free cash flow. Going forward, we anticipate
James Hardie's free cash flow to be positive as it will primarily
have maintenance CAPEX of around $80 - $100 million vs. $276
million of CAPEX in fiscal 2015 and $115 million in 2014.
Dividend payouts are anticipated to be between 50-70% of net
income for each of the next two years vs. $247 million in fiscal
2016 and $390 million in fiscal 2015. Cash balance is maintained
at around $100 million."

In addition to liquidity provided by cash flow generation, James
Hardie also has access to a $500 million unsecured revolving
credit facility (unrated by Moody's) that matures in 2020. At
3/31/2016, the company had $190 million drawn and remainder
available for future advances. The company is anticipated to use
the revolving credit facility for seasonal needs on an ongoing
basis. The unsecured credit facility is governed by two
maintenance covenants: interest coverage and debt leverage. James
Hardie has to maintain an interest coverage ratio at 3.25x (at
3/31/16 the company was at 17.2x per the credit agreement
calculation), leverage ratio has to be less than 3x (at 0.93x at
3/31/16). Looking forward for the next 12 to 18 months, James
Hardie is expected to have ample room under its covenants. James
Hardie also has good alternative liquidity as all of its debt is
unsecured.

Moody's said, "the stable outlook reflects our view that the
company's financial performance is expected to continue to
improve and that James Hardie will maintain a relatively
conservative approach toward shareholder distributions."

The ratings could be upgraded if James Hardie substantially
reduces its asbestos liability. The ratings upgrade will also
consider the company's business profile (narrow product offering,
exposure to cyclical end markets) and minimal free cash flow
generation both of which are limited when compared to many
investment-grade issuers at the lower end of the Baa ratings
range.

The ratings could be downgraded if the company changes its
financial policy to be more shareholder friendly. Further, any
negative change in the asbestos liability could result in a
downgrade. Also, EBIT/interest expense of less than 5x on a
sustained basis would be considered a trigger for downgrade.

James Hardie International Finance Limited ("James Hardie") is a
wholly-owned subsidiary of James Hardie Industries plc, domiciled
in Ireland, is a global manufacturer of fiber-cement products and
systems for internal and external building construction
applications primarily sold in the United States, Australia, New
Zealand and the Philippines. The company's revenues and net
income for fiscal 2016 ended March 31, 2016 were $1.7 billion and
$244 million, respectively.


MIRABELA NICKEL: Placed Into Liquidation
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Mirabela Nickel
Limited has been placed into liquidation. Martin Bruce Jones of
Ferrier Hodgson has been appointed liquidator of the company on
June 13, 2016, the report discloses.

The company entered receivership in September 2015. After the
appointment of liquidators, the receivers of the company
commenced negotiations to sell the company's assets, the report
notes.  Sources said that the base metals miner had cash of
AUD150,000, adds Dissolve.com.au.

The head office of Mirabela in Perth has reportedly been closed
leaving its staff jobless, the report adds.

Mirabela Nickel Limited -- http://www.mirabela.com.au/-- was an
Australia-based mineral resource company engaged in mining,
production and sale of nickel concentrate. The Company's
principal asset is the 100%-owned Santa Rita nickel sulphide mine
in Bahia, Brazil. The Santa Rita mine is located approximately
360 kilometers south-west of Salvador and approximately six
kilometers from the town of Ipiau. The Company also has a
portfolio of prospective nickel targets in Brazil, including an
underground mineral resource at Santa Rita.

Mirabela Nickel Limited was placed under Voluntary Administration
on Sept. 24, 2015. Martin Jones and Darren Weaver of Ferrier
Hodgson were appointed as Joint and Several Administrators. On
Oct. 28, 2015, Martin Madden, Scott Langdon and Richard Tucker of
KordaMentha were appointed Receivers and Managers of the Company.


SIMPATICO CONNECTION: Collapses Into Voluntary Liquidation
----------------------------------------------------------
Eloise Keating at SmartCompany reports that an event company that
had sold tickets to a series of motivational seminars with
actress Reese Witherspoon has collapsed into voluntary
liquidation.

Stanley Morgan Accountants were appointed as external managers to
the The Simpatico Connection Pty Ltd, organisers of the Simpatico
Connection Conference, on June 17, SmartCompany discloses.

The Simpatico Connection had been selling tickets to its
conference with Witherspoon for up to AUD2,500 a piece.  For a
price tag of AUD1,997, attendees could purchase the "The
Delegate" package to the July event, which included the two-day
seminar, meals and drinks.  An extra AUD500 secured attendees
preferred seating, an invitation to a VIP reception and a photo
with the Hollywood star.

However, the event, which was reportedly targeted at
businesswomen in "leadership roles", was mysteriously cancelled
on June 15, according to Fairfax, SmartCompany relays.

Brendan Nixon, director of Stanley Morgan Accountants, told
SmartCompany it is too early to tell what led to the company
entering voluntary liquidation and this will be something the
voluntary liquidators examine over the next few weeks.

SmartCompany relates that Mr. Nixon said he is not in a position
to comment on why the conference was cancelled or The Simpatico
Connection's trading history.

According to the report, Mr. Nixon said Stanley Morgan
Accountants will contact all creditors of the company, including
ticket holders to the event, "as a matter of priority", adding
that any ticket holders who are not contacted by Stanley Morgan
Accountants by post within the next fortnight should contact the
firm directly.

"We will be collecting the company's books and records and
commence our analysis as part of our investigations, consistent
with our responsibilities under the Corporations Act," the report
quotes Mr. Nixon as saying.  "We will be convening a meeting of
creditors over the next few weeks."


VIRGIN AUSTRALIA: S&P Affirms 'B+' CCR; Outlook Remains Negative
----------------------------------------------------------------
S&P Global Ratings said that it had affirmed the 'B+' corporate
credit rating on Virgin Australia Holdings Ltd., as well as S&P's
'B-' rating and recovery rating of '6' on Virgin's U.S. 144A/Reg-
S senior unsecured notes.  The outlook remains negative.

"The negative outlook reflects our assessment of Virgin's limited
buffer at the current rating level to absorb volatile fuel
prices, foreign exchange movements, and variable passenger
demand," said S&P Global Ratings credit analyst Graeme Ferguson.
"In our opinion, Virgin's recently announced capital restructure
is sufficient to alleviate its near-term funding requirements."

The capital restructure includes Virgin raising AUD852 million of
new equity through an underwritten, nonrenounceable, pro rata,
entitlement offer.  Virgin would also receive AUD159 million of
additional new equity from a placement to Hainan HNA Innovation
Ventures Co. Ltd.  Part of the proceeds will be used to repay a
recent AUD425 million shareholder loan.  In S&P's opinion, the
proceeds of the equity raising should be sufficient to cover
Virgin's near-term funding needs.

However, S&P believes there is limited headroom within the
current rating.  While S&P's rating incorporates a softening
domestic market and ongoing challenges to Virgin's international
operations, there is limited financial buffer at the current
rating level to absorb downside factors beyond S&P's base-case
operating scenario.  In S&P's opinion, Virgin remains sensitive
to volatile fuel costs, exchange rate movements, and variable
passenger demand.

S&P notes that the introduction of HNA Innovation to the share
register and transfer of a substantial part of Air New Zealand's
equity interest to Nanshan Group provide greater clarity over
Virgin's ownership structure.  S&P continues to view shareholder
support as a key source of funding, as prevailing credit market
conditions may render bank or debt capital markets issuance
unfeasible.

Virgin has also announced a range of additional restructuring
initiatives targeting fleet and network optimization; operating
efficiencies; maintenance and engineering; and, procurement and
supply chain.  The airline anticipates that it will incur cash
restructuring costs of AUD200 million to AUD250 million over the
period to the year ending June 30, 2019.  S&P views these
restructuring initiatives as necessary to restoring the airline's
profitability.  However, S&P considers these cash restructuring
costs as recurring operating expenses, and therefore, include
them in S&P's calculation of EBITDA.

Virgin Australia's nonlabor operating and capital expenses, as
well as financing obligations, are substantially denominated in
U.S. dollars.  The depreciation of the Australian dollar,
together with existing fuel hedges, has offset much of the
benefit accruing from lower fuel prices.  In addition, a
combination of more cautious consumer spending patterns and
increased penetration of the business market has affected the
airline's working capital.  In both cases, customer payments are
generally being received closer to the date of departure, thereby
raising working capital demands.  The shift toward business
travelers has also prompted capacity on international routes to
be temporarily reduced as new business class seats are installed
on the long-haul fleet. Currency deterioration and the re-phasing
of heavy maintenance across a substantial part of the group's
fleet have also materially affected the airline's capital
expenditure.

While the operating environment remains mixed, Virgin has
transformed itself into a tough competitor against Qantas Airways
Ltd. (BBB-/Stable/A-3) within the Australian domestic market,
which S&P views as having duopoly-like characteristics.  Over the
past few years, Virgin has solidified its market share.  However,
Virgin Australia's share of the domestic profit pool remains
small relative its market share, and the group's international
business continues to weigh on the rating.

S&P has revised its assessment of Virgin Australia's liquidity
profile to adequate from less than adequate.

While S&P expects Virgin's operating performance and near-term
funding needs to have stabilized, S&P believes there is limited
buffer at the current rating level to absorb deterioration in the
operating environment beyond what is already factored into S&P's
base-case operating scenario.  Virgin's operating performance
remains highly sensitive to volatile fuel costs, exchange rate
movements, and variable passenger demand.

S&P could lower the rating if it expects the airline's debt-to-
EBITDA to be sustained above 5x.  A return to more intense
domestic market competition, unfavorable currency movements,
higher fuel costs, or unforeseen capital requirements could cause
Virgin's credit metrics to weaken.

Mr. Ferguson added: "A stable outlook would be contingent upon
the effective execution of the group's growth strategy and
continuing progress in improving key credit metrics, such that we
expect the airline's debt-to-EBITDA will remain comfortably below
5x."

Also supporting rating stability would be a high degree of
confidence in Virgin's shareholders providing ongoing, timely,
and coordinated shareholder support during periods of financial
stress.


WILLOW PROPERTY: First Creditors' Meeting Set For June 27
---------------------------------------------------------
Gavin Moss of Chifley Advisory was appointed as administrator of
Willow Property Services Pty Ltd on June 15, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, NSW, on June 27, 2016, at 11:00 a.m.



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GREENLAND HOLDING: Fitch Lowers IDR to 'BB+'; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has downgraded Greenland Holding Group Company
Limited's (Greenland) Long-Term Foreign- and Local-Currency
Issuer Default Ratings to 'BB+' from 'BBB-'.  The Outlook is
Negative.  Fitch has also downgraded Greenland's senior unsecured
rating and the ratings of all outstanding bonds to 'BB+' from
'BBB-'.

The downgrade of the IDR follows the downgrade of Greenland's
standalone rating to 'BB' from 'BB+' and the incorporation of a
one-notch uplift, reflecting its moderately strong linkage with
its parent, the State-owned Assets Supervision and Administration
Commission (SASAC) of Shanghai Municipality, in line with Fitch's
Parent and Subsidiary Linkage criteria.

The downgrade of the standalone rating is driven by Greenland's
persistently high leverage, which will limit its financial
flexibility to face potential headwinds in the domestic property
or credit markets.  Greenland's leverage, as measured by net
debt-to-adjusted inventory, reached 66% at end-2015, higher than
our previous expectation of 58%.  Fitch believes Greenland's
leverage will remain above 60% in 2016 and fall to the high-50%
range only in 2017 after receiving the bulk of its uncollected
sale proceeds. Furthermore, Greenland's non-property businesses
are at early stages of development and require significant
initial investment outlay, which will also push up Greenland's
overall leverage.

The Negative Outlook reflects the uncertainty in Greenland's pace
of deleveraging, which depends on management's efforts to collect
substantially all of its current uncollected sales proceeds by
2017.  Failure to do so may result in its leverage sustained
above 60%, a level at which Fitch may consider taking further
negative rating action.

                        KEY RATING DRIVERS

Deteriorating Financial Metrics: Greenland's leverage rose to 66%
at end-2015 from 62% at end-2014 due to weaker cash collection.
This level of leverage is comparable with Fitch-rated China
homebuilders rated in the mid-to-high 'B' category.  Fitch
believes Greenland's leverage may stay in the high-50% range even
after receiving payment in 2017 for the bulk of its uncollected
sale proceeds.  This is because it had relied on supplier credit
for its inventory build-up and this may reverse in 2017 upon
project completion.  Greenland's operating efficiency, as
measured by total contracted sales/total debt, decreased to 1.0x
in 2015 from 1.3x in 2014 due to higher debt.

Slow Sales Collection: Fitch estimates that Greenland's cash
collection rate in 2015 was only 59%, slightly higher than 58% in
2014, but far behind the industry average of above 80%.  This is
mainly because almost 50% of its contracted sales are from
commercial properties, where cash collection is much slower than
that of residential property sales and exposes Greenland to
payment delays from small and medium enterprises, which have been
hit harder by China's slower economic growth and the downturn in
the commodity market.

Residential property developers typically collect the full sales
amount within three months of sales, but commercial property
developers collect 50% of the sales in the first year and have to
wait until delivery - usually three to five years after sales -
to collect the balance.  Greenland's cash collection rate for
residential sales is also below the industry average.

Deleveraging Hinges on 2017 Collection: Greenland's high leverage
is mitigated by the sizable off-balance-sheet uncollected sales
proceeds from both residential and commercial property sales,
which exceeded its annual sales at end-2015.  Sales from
commercial properties surged in 2014 and 2015, and management
expects cash collection to significantly improve in 2017 when
these projects are delivered.  Leverage is likely to trend down
towards 55% if the expected collection materializes.

Non-property Businesses Drive Leverage: Fitch believes
Greenland's non-property businesses are still immature and need
to be funded with cash flow from the company's property business.
Greenland has made extensive investments in financial
institution, consumer goods and infrastructure industries in
2015, which contributed to the increase in Greenland's leverage.
In addition, Greenland's smaller equity placement in 2016 means
it may need to fund a CNY10bn investment in the financial
institutions business via internal cash or external debt, which
will increase leverage further.

Benefits of Large Scale: Greenland is the second-biggest property
developer in China by contracted sales, trailing only China Vanke
Co., Ltd. (BBB+/Stable).  Greenland had contracted sales of
CNY230bn in 2015, down 4% from 2014.  The company's property
development business is well diversified over 40 cities in China
and overseas.  Greenland's management says it intends to sustain
a property contracted sales of over CNY200bn in the next few
years.

Diversified Funding Channels: Greenland has enhanced its onshore
funding channels after gaining a listing on the Shanghai stock
exchange in July 2015 by injecting assets into a listed company.
Greenland plans to place out shares in this listed entity,
although in May 2016 it reduced the amount to be raised to
CNY15.7 bil. from CNY30 bil.  Greenland in March 2016 also
announced it is exploring injecting its hotel assets into a
hospitality REIT that may be listed on the Singapore Exchange.
In early 2016, Greenland completed a CNY10bn domestic bond
issuance to augment its funding needs and reduce its borrowing
costs.  The company also established offshore funding channels
through its 59%-owned subsidiary Greenland Hong Kong Holdings
Limited.

Rating Uplift for Parental Support: Greenland has a moderately
strong linkage with the Shanghai government.  It will continue to
be one of the major contributors to Shanghai's tax revenue and
remain the largest Shanghai-based property company.  Fitch
believes the Shanghai SASAC, which owns 46% of Greenland, will
continue to be the company's biggest shareholder and exert
significant influence on Greenland's ability to acquire quality
sites for development; even though its stake is likely to fall
after the company's planned share placement in 2016.

                        KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Greenland
include:

   -- Contracted sales to fall 22% in 2016 and remain flat in
      2017-2018.
   -- Sales of commercial property to form 60% of total sales and
      residential sales will make up the remainder in 2016-2018
   -- Land premium of around CNY60bn-65bn in 2016-2018, or around
      35% of current year contracted sales.  Assume cash is paid
      out in the same year as incurred.
   -- CNY15.7 bil. to be raised via share placement in 2016.

                      RATING SENSITIVITIES

Positive: The Outlook for the standalone ratings may be revised
to Stable if the negative guidelines are not met in the next 12
months.

Negative: Future developments that may, individually or
collectively, lead to negative rating action on the ratings
include:

   -- Net debt/adjusted inventory sustained above 60% (Fitch
      estimate for 2015: 66%)
   -- Property EBITDA margin sustained below 15% (Fitch estimate
      for 2015: 17%)
   -- Contracted sales/total debt sustained below 1x (Fitch
      estimate for 2015: 1.0x)
   -- Evidence of weakening support from parent

In arriving at debt ratios for the property segment, Fitch
allocates a part of the company's debt to its energy business to
maintain the latter's net working capital/net debt ratio at 1.5x
and the rest of the debt to the more profitable property
business.

FULL LIST OF RATING ACTIONS

Greenland Holding Group Company Limited

   -- Long-Term Foreign-Currency IDR downgraded to 'BB+' from
      'BBB-'; Outlook Negative
   -- Long-Term Local-Currency IDR downgraded to 'BB+' from
      'BBB-'; Outlook Negative
   -- Senior unsecured rating downgraded to 'BB+' from 'BBB-'
   -- USD3000 mil. medium-term note programme downgraded to 'BB+'
      from 'BBB-'
   -- USD2000 mil. medium-term note programme downgraded to 'BB+'
      from 'BBB-'

Issued by Greenland Hong Kong Holdings Limited with keepwell from
Greenland Holding Group Company Limited

   -- USD700 mil. 4.75% senior notes due 2016 downgraded to 'BB+'
      from 'BBB-'
   -- USD500 mil. 4.375% senior notes due 2017 downgraded to
      'BB+' from 'BBB-', with additional equity interest
      undertaking agreement from Greenland Holding Group Company
      Limited
   -- CNY1.5 bil. 5.5% senior notes due 2018 downgraded to 'BB+'
      from 'BBB-'

Issued by Greenland Global Investment Limited and guaranteed by
Greenland Holding Group Company Limited

   -- USD500 mil. 3.5% senior notes due 2017 downgraded to 'BB+'
      from 'BBB-'
   -- USD400 mil. 3.75% senior notes due 2019 downgraded to 'BB+'
      from 'BBB-'
   -- USD600 mil. 5.875% senior notes due 2024 downgraded to
      'BB+' from 'BBB-'



HUA HAN: Fitch Assigns 'BB-' Rating on USD150MM Sr. Notes
---------------------------------------------------------
Fitch Ratings has assigned Hua Han Health Industry Holdings
Limited's (Hua Han, BB-/Stable) USD150 mil. 7.00% senior notes
due June 16, 2019, a final rating of 'BB-'.

The notes are rated at the same level as Hua Han' senior
unsecured rating because they are regarded as direct and senior
unsecured obligations of the company.  The assignment of the
final rating follows the receipt of documents conforming to
information already received, and the final rating is in line
with the expected rating assigned on June 13, 2016.

                       KEY RATING DRIVERS

Established, Profitable Business: Hua Han is one of the largest
manufacturers of traditional Chinese medicine (TCM) for women's
health in China.  Its top five products accounted for 67% of
total sales in the financial year ended 30 June 2015 (FY15).  The
five products are all exclusive to the company and are included
in the National Medical Insurance Catalogue or Essential Drug
List, which allows buyers to be reimbursed for their purchases
via the national medical insurance programme.

The company's existing core products have enjoyed high margins
over the years and are subject to long patent protection.  It
plans to expand its product range with the launch of new
biotechnical medicines in FY17, for which it is seeking approval
from the China Food and Drug Administration.  Hua Han's EBITDA
margin was at a record high of 44% in FY15; Fitch expects it to
narrow to 30%-35%, in line with historical trends.

Strong Financial Profile: Hua Han has maintained a net cash
position for more than five years, driven by steady operating
cash flow generation and frequent equity issuance.  Fitch expects
the company to maintain its net cash position even as it embarks
on a phase of high capex to construct new hospitals.

Diversification into Hospital Services: Hua Han began its foray
into hospital services in 2014 by signing agreements with local
governments to manage the supply chain of hospitals under a
Trust-Investment-Operation-Transfer (TIOT) model.  By 1H15, Hua
Han had agreed to manage the supply chains at eight hospitals
with 5,151 beds.  The four hospitals that have started operations
contributed revenue of HKD476m in 1HFY16 and Fitch expects this
contribution to surge to about HKD700m in FY16, as the business
expands.

Under the TIOT model, which usually has a term of 20 years, Hua
Han makes a fixed investment in the hospital to improve medical
facilities and clinical services.  In return, it receives
management fees and income earned from managing the supply chain
without consolidating the hospital's financial results.  The
management fee is a fixed percentage of the hospital's total
revenue while income is derived from the revenue earned by
certain departments of the hospital.

Business Mix Drives Margins: Hua Han achieved EBITDA margin of
24% from hospital supply chain management in FY15, which is
likely remain stable in the future.  However, the increasing
revenue from hospital services may result in overall margin
contraction, as the core pharmaceutical business generates higher
margins.  Fitch believes the hospital services venture provides
Hua Han with a stable profit source, but it is exposed to adverse
changes in regulation and competition in China's rapidly evolving
healthcare industry.

High Capex: Hua Han has begun constructing three new hospitals
with 2,560 beds in Guizhou Province, with the bulk of the capex
spend in FY16 to FY18, to expand into the majority-owned model
from the TIOT model.  Under this model, Hua Han will manage a
much larger portion of the hospitals' operations and thus, is
likely to achieve higher financial returns.  Fitch does not
expect Hua Han to aggressively expand the majority-owned hospital
portfolio given the high capital costs, fewer opportunities, and
the company's limited track record in the business.

Small Scale Constrains Rating: Hua Han's rating is constrained by
its small operating scale with annual EBITDAR of less than
USD100m compared with other global healthcare peers.  Branching
out into hospital services and expanding its bio-technical
products will allow the company to grow at a much more rapid rate
and diversify revenue concentration risk, though it exposes Hua
Han to execution and regulatory risks.

                            KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

   -- Capex to be HKD800 mil. in FY16, HKD2 bil. in FY17,
      HKD1.5 bil. in FY18
   -- 10% annual growth for hospital revenue under supply chain
      management business
   -- Stable gross margins for pharmaceutical sales and supply
      chain management
   -- Revenue from new bio-technical products to be HKD350 mil.-
      HKD550 mil. in FY17-FY19

                        RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
No positive rating action is envisaged in the next 12-18 months
due to the company's limited scale and new business operations.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- EBITDA margins sustained below 30%
   -- FFO-adjusted net leverage sustained above 1.0x
   -- Poor execution of new hospital management service business
   -- Significant cost overrun in new hospital construction.


SUNRISE REAL: Delays 2014 Form 10-K to Complete New Audit
---------------------------------------------------------
Sunrise Real Estate Group, Inc., notified the Securities and
Exchange Commission that its Form 10-K for the fiscal year ended
Dec. 31, 2014, is delayed.

The Company's prior accounting firm, Finesse CPA, P.C. has ceased
operation, is no longer registered with the PCAOB and is no
longer able to provide its consent to the use of its audit report
for 2013, which must accompany the Form 10K for the fiscal year
ended Dec. 31, 2014.  Therefore, the Company is required by the
Securities and Exchange Act of 1934 to conduct a new audit of its
financial statements for 2013, even though there would otherwise
be no requirement to do so and there are no outstanding comments
to the financial statements for 2013 included in the Form 10-K
for the fiscal year ended Dec. 31, 2013, from the Securities and
Exchange Commission.  Such new audit is currently in process.

                   About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. was initially incorporated in
Texas on Oct. 10, 1996, under the name of Parallax Entertainment,
Inc. On Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc.  On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real
Estate Development Group, Inc. to Sunrise Real Estate Group,
Inc., effective from May 23, 2006.

The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.

Sunrise Real Estate reported a net loss of $1.93 million in 2013
following a net loss of $3.47 million in 2012.

As of June 30, 2014, Sunrise Real had $73.1 million in total
assets, $72.2 million in total liabilities and $837,000 in total
shareholders' equity.

Finesse CPA, P.C., in Chicago, Illinois, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013.  The independent auditors noted that
the Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These conditions raise
substantial doubt about its ability to continue as a going
concern.



================
H O N G  K O N G
================


NOBLE GROUP: S&P Lowers CCR to 'B+'; Outlook Negative
-----------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on Noble Group Ltd. to 'B+' from 'BB-'.
The outlook is negative.  At the same time, S&P lowered the long-
term issue rating on Noble's outstanding senior unsecured notes
to 'B' from 'B+'.  In addition, S&P lowered its long-term Greater
China regional scale rating on the company to 'cnBB-' from 'cnBB'
and on the notes to 'cnB+' from 'cnBB-'.  Noble is a Hong Kong-
based commodity trader.

"We downgraded Noble to reflect our view that the company's
liquidity position has weakened despite the recent completion of
refinancing and a proposed US$500 million fully underwritten
rights issue," said S&P Global Ratings credit analyst Danny
Huang. This is the result of shorter tenors and higher funding
cost, in our view, which reflects banks' more negative stance
toward the company.  S&P has revised its liquidity assessment of
Noble to less than adequate from adequate.

Noble obtained a US$1 billion committed revolving loan facility
(RCF) and a mostly committed US$2 billion revolving borrowing
base facility (BBF) in May 2016.  Compared with the company's
previously obtained three-year RCF, the recent facilities have a
maturity of 364 days.  In S&P's view, Noble will need to
refinance the borrowings within the next 12 months, and continued
commitment from banks will depend on the successful execution of
the company's business rationalization.

S&P believes the US$500 million rights issue that Noble announced
on June 3, 2016, will improve the company's liquidity.  However,
it will not cover its refinancing needs beyond the next 12
months. The rights issue will be fully underwritten, which S&P
views as positive since it shows continued support from the major
shareholders.  The rights issue is pending shareholders' approval
on June 24, 2016.

A sustained weak operating performance and increased working
capital requirement will further constrain Noble's liquidity.
The company reported weak results for the first quarter of 2016
and had an outflow of US$486 million in cash flow from
operations, primarily driven by a decline in trade and other
payables.  S&P believes this is due to lower bank credit lines to
finance operations and working capital.  Noble's gain on fair
value of mark-to-market contracts declined by US$560 million
between Dec. 31, 2015, to March 31, 2016, and it is unclear to
S&P whether a further decline may happen.

The company is discussing with investors to sell North Americas
Energy Solutions (NAES) and other assets for at least US$1.5
billion in the second half of 2016.  The sale of NAES may improve
Noble's liquidity buffer and bolster lenders' confidence.
Lenders' confidence in the company's ability to generate adequate
profitability and stable cash flow generation after selling its
energy solution businesses is an important factor for S&P to
assess Noble's ability to refinance its borrowings and secure
lines for working capital going forward.

The departure of Noble's CEO and the stepping down of its
chairman may impact the company's strategy and execution.  The
new management team is committed to the company's asset light
strategy.  However, the team has to gain confidence in the market
by delivering on its capital raising, business rationalization,
and refinancing plan.

Nevertheless, S&P believes Noble benefits from a consistent track
record of asset sales and raising of funds to stabilize its
liquidity.  S&P reflects the potential improvement in the
company's liquidity and reduction in refinancing risk in a one
notch uplift to its anchor.

"The negative rating outlook on Noble for the next 12 months
reflects the refinancing risks of the company's short-term
facilities, limited visibility over the sale process of NAES due
to senior management changes, and potentially weaker financial
performance and cash flow generation due to reduced credit lines
and counterparty support," said Mr. Huang.

S&P could lower the rating if Noble's liquidity position
continues to deteriorate, such that its liquidity sources are
materially lower than its liquidity uses.  An indication of this
could be continued large working capital outflows, falling cash
holdings, or lack of a concrete refinancing plan or commitment
from lenders to refinance its 2017 debt maturities.  If the sale
of NAES does not materialize or is delayed for a prolonged
period, the company's liquidity position and cash buffer to meet
its financial obligations would also weaken.

S&P could also lower the rating if Noble's business or financial
position is significantly weakened as a result of lower credit
lines or higher financing costs.  An indication of this could be
a loss of market share, reduction in trading volumes, weaker
profit margins, or a material write-off of long term supply
contracts.  An indication of a weakened leverage position would
be a ratio of FFO to debt of less than 20%.

S&P could revise the outlook to stable if Noble improves its
liquidity position.  This could arise if the company raises
capital as it has planned and improves its maturity profile and
capital structure.  An indication would be the company securing
longer tenor credit facilities.



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


ABHIRAJ CORPORATION: CRISIL Assigns B Rating to INR100MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Abhiraj Corporation (AC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              40.5       CRISIL B/Stable
   Cash Credit           100.0       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      4.5       CRISIL B/Stable

The rating reflects AC's average financial risk profile because
of modest capital structure and moderate debt protection metrics.
The rating also reflects low operating margin in the fragmented
textile industry. These weaknesses are mitigated by partner's
extensive experience.

Outlook: Stable
CRISIL believes AC will maintain its business risk profile over
the medium term owing to its partner's extensive experience, and
established customer relationships. The outlook may be revised to
'Positive' if more-than-expected growth in scale of operations
and profitability improves financial risk profile. Conversely,
the outlook may be revised to 'Negative', if decline in operating
margin or a significant stretch in working capital weakens
financial risk profile, particularly liquidity.

Set up in 2013 as a partnership firm, Ichalkaranji, Maharashtra-
based AC trades in yarn. Its operations are managed by Mr.
Prathamesh Dhamane along with the partners Mr. Ashok Jathar and
Mr. Vijay Jadhav.


AERO CANS: CRISIL Suspends 'D' Rating on INR150MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aero Cans India Private Limited (ACIPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL D
   Cash Credit             20       CRISIL D
   Long Term Loan         150       CRISIL D
   Proposed Long Term
   Bank Loan Facility      20       CRISIL D

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

ACIPL was set up by Mr. Danesh Sayani and Mr. Yasin Sayani in
April 2011 to manufacture aerosol cans. Its commercial operations
started in January 2013. It has its manufacturing facility in
Satara (Maharashtra).


AGARWAL ROADLINES: CRISIL Suspends B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Agarwal Roadlines Private Limited (ARPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit           45        CRISIL B+/Stable
   Working Capital
   Demand Loan           70        CRISIL B+/Stable

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

ARPL was incorporated on November 29, 1988, by Mr. Satyanarayan
Agrawal. The company is in Gandhidham (Gujarat) and provides
truck and other transportation services for various industries,
including chemicals, oil and gas, and edible oil.


AMBEKESHWAR STEELS: Ind-Ra Assigns B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ambekeshwar
Steels Private Limited (ASPL) a Long-Term Issuer Rating of
'IND B+' with a Stable Outlook.

                        KEY RATING DRIVERS

The ratings reflect ASPL's small scale of operations, lack of
operational track record and weak credit metrics.  The overall
revenue of the company stood at INR250.05 mil. in FY16.  Its
interest coverage (operating EBITDAR/gross interest expense) was
weak at 1.34x and financial leverage was (total adjusted
debt/operating EBITDAR) at 4.22x. ASPL commenced its commercial
operations from March 2015.

The ratings, however, are supported by the company's moderate
EBITDA margin of 5.19% and comfortable liquidity with the
utilization of its working capital facilities being around 86%
during the 12 months ended May 2016.  The ratings are further
supported by over a decade of operating experience of the
company's promoters in the steel industry.

                        RATING SENSITIVITIES

Positive: An improvement in the overall revenue and profitability
leading to improvement in the credit metrics could be positive
for the ratings.

Negative: A decline in the EBITDA margins leading to
deterioration in the gross leverage could be negative for the
ratings.

                         COMPANY PROFILE

ASPL, incorporated as a private limited company in 2011,
manufactures electric resistance welded (ERW) pipe which is used
in the construction industry.  The company procures its raw
material (H.R. coils) from various dealers, TATA Steel (IND
AA/RWE) and Steel Authority of India Limited (IND AA/Negative).

ASPL's ratings:

   -- Long-Term Issuer Rating: 'IND B+'/Stable
   -- INR44.30 mil. term loans: assigned 'IND B+'/Stable
   -- INR60 mil. fund-based working capital limit: assigned
      'IND B+'/Stable/'IND A4'


ANANDHA INN: CRISIL Suspends 'D' Rating on INR188MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Anandha Inn Private Limited (AIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL D
   Long Term Loan        188        CRISIL D
   Overdraft Facility     10        CRISIL D

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

AIPL was incorporated in 1990, promoted by Mr. P
Thirunavukkarasu. The company operates a 4-star hotel, Anandha
Inn, in Puducherry.


ANKIT INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR45.5cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the
short-term rating of [ICRA]A4 to the INR45.50 crore1 (enhanced
from INR35.00 crore) bank facilities of Ankit International.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limit-
   Cash credit           45.50        [ICRA]B Reaffirmed

   Short term non
   fund based limit
   Letter of credit      45.50        [ICRA]A4 Reaffirmed

The reaffirmed ratings continue to be constrained by the low
profitability as a result of limited value addition in the metal
trading business. The firm also witnesses intense competition by
virtue of its presence in the highly fragmented metal trading
industry, given the low entry barriers which exert pressure on
its profit margins. The revenue and profitability are also
susceptible to government regulations; majority of the imported
products traded by AI are under the ambit of the minimum import
price (MIP) on steel products imposed by the Government of India
in February 2016 to protect the domestic players.

However, the ratings favorably take into account the long
experience of the promoters in scrap trading business and support
of the group companies operating in the same line of business.
The ratings also draw comfort from the healthy growth in
operating income of the firm in 2015-16 due to bulk orders
received from Bhushan Steel Limited and also the improved capital
structure as on March 31, 2016, as evinced by a low gearing of
0.91 times, supported by infusion of capital.

ICRA expects the revenue of the firm to register a year on year
(y-o-y) de-growth in FY2017 on account of stringent measures
undertaken by the government to curb cheaper imports and protect
the domestic steel industry (till August 2016). The extension of
these measures can adversely impact the operations and profit
margins of the firm. While, some comfort is expected from
increasing domestic consumption on the back of rising government
expenditure on infrastructure, the profitability of the firm will
remain susceptible to fluctuations in foreign exchange rates and
steel prices. Even though the firm has started trading in
imported PVC (Polyvinyl chloride) resins after the MIP was
imposed on steel products, its impact on the revenue growth and
profitability can only be ascertained in future. Further, any
significant withdrawal of capital could negatively affect the
credit profile of the firm.

Ankit International (AI) was established as a proprietorship
concern in 2010 by Mr. Arun Jain; it is owned and managed by his
son Mr. Pranav Jain, who is the proprietor of the firm. AI
started its operations as a ship breaking unit, but it shifted
focus to trading of metals and scrap from FY2014. Its product
profile includes steel products like hot rolled (HR) steel
sheets, wire rods and carbon seamless steel pipes, which are
imported from China, Japan, Hong Kong and sold in the domestic
market. The concern's warehouse is located in Navi Mumbai and its
registered office is in Mumbai.

Recent results
Ankit International recorded a profit after tax (PAT) of INR0.57
crore on an operating income of INR89.37 crore for the year
ending March 31, 2016.


ARIHANTANAM LIFE: CRISIL Suspends B+ Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arihantanam Life Care Private Limited (ALPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          90         CRISIL B+/Stable
   Letter of Credit     52.5       CRISIL A4
   Term Loan             7.4       CRISIL B+/Stable

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

ALPL was set up as a partnership concern, Arihantanam Organics,
in 2007, and was reconstituted as a private limited company in
October 2010. ALPL is promoted by Mr. R K Singh and Mr.
Hasmukhbhai Patel. The company manufactures bulk drugs and active
pharmaceutical ingredients (APIs). It has a plant in Vapi
(Gujarat). The company's product portfolio includes nutroniks,
such as methylcobalamin, antimalarial drugs, antihistamin,
antituberculosis, and anti-inflammatory drugs.


ATLAS ALLOY: ICRA Suspends D Rating on INR14.90cr Bank Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR14.90 crore
bank lines of Atlas Alloy (India) Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


The reaffirmation of ratings is constrained by the moderate scale
of operations in the DCA/CS business and weak capital structure
as reflected by gearing of 2.26 times as on 31st March 2015 due
to low net-worth and high working capital borrowings. The ratings
are also constrained by AMPL's dependence on a single supplier
and product for its revenue with CSL being the DCA/CS for CSL and
company's exposure to counter-party credit risks, with default on
payments borne by AMPL. The ratings, however, positively factor
in the long track record of the management in the DCA/CS
business; relationship enjoyed with CSL as the sole distributor
of PVC resin in Andhra Pradesh and Telangana and AMPL's
established relationships with key customers in the polymer
industry.
Going forward, the company's ability to maintain its
profitability and manage its working capital requirements will
remain the key rating sensitivities from a credit perspective.

Incorporated in 2006, Ayushman Merchants Private Limited (AMPL)
is involved in the trading of polymer products. The company is
the sole Del Credere Agent (DCA) cum Consignment Stockiest (CS)
of Chemplast Sanmar Limited in Andhra Pradesh and Telangana. AMPL
is managed by Mr. Manoj Dugar, who has over 15 years of
experience in the polymer industry. AMPL is also involved in
trading of products such as calcium and mineral powder,
chlorinated paraffin, and wax. The company is part of the Dugar
group which is also involved manufacturing of Cast Polypropylene
(CPP) / Ethyl Vinyl Acetate (EVA) films under Welset Polypack
Private Limited; and manufacturing of Polypropylene(PP)
sheets/rods in Dugar Polymers Limited [rated [ICRA]BB-
(Stable)/[ICRA]A4].

Recent Results
The company reported a net profit of INR0.54 crore on operating
income of INR6.21 crore in FY2015 as against net profit of
Rs.0.53 crore on operating income of INR5.39 crore in FY2014.


BALESHWAR SYNTHETICS: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Baleshwar Synthetics
Textiles Private Limited (BST) continues to reflect BST's modest
scale of operations in the intensely competitive textile industry
and it's below average financial risk profile marked by small
networth, leverage capital structure and average debt protection
metrics. These rating weaknesses are partially offset by
extensive experience of promoters in the textile industry along
with established relationship with customer and suppliers.

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

   Packing Credit        10       CRISIL A4 (Reaffirmed)

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

Outlook: Stable
CRISIL believes that BST will continue to benefit over the medium
term from its promoters extensive experience in the textile
industry. The outlook may be revised to 'Positive' in case there
is significant improvement in the company's revenues and
profitability or if there is an improvement in the company's
capital structure and debt protection measures. Conversely, the
outlook may be revised to 'Negative' in case of a significant
decline in the company's revenues or profitability margins or
elongation of working capital cycle or larger than anticipated
debt funded capex resulting in a weakening in its financial risk
profile.

BST, established in 1981, by Mr. Rajendrakumar Biyani is engaged
in manufacturing of fabrics made out of viscose and cotton yarn.
The company has facility at Tarapur, Maharashtra. The fabric
produced by the firm is sold in the domestic as well as export
market used primarily for suiting and shirting.


CHINTAMANI SHARMA: ICRA Suspends 'B/A4' Rating on INR10cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR10 Crores fund based and non fund based facilities of
Chintamani Sharma and Sons. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


DAULAT AGRO: CRISIL Suspends 'D' Rating on INR260MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Daulat Agro India Private Limited (DAPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           40       CRISIL D
   Long Term Loan       260       CRISIL D
   Proposed Long Term
   Bank Loan Facility    10       CRISIL D

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

Established in 1996 by Mr. Sanjay Deshmukh, DAPL exports various
vegetables, fruits, and herbal foods. The company is based in
Ahmed Nagar (Maharashtra). The company has commenced commercial
operations from October 2013.


DEVIPRIYA ENTERPRISES: ICRA Suspends B+ Rating on INR19cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR19.0 crore,
long term fund based facilities of Devipriya Enterprises. The
suspension follows ICRA's inability to carry out a rating
surveillance due to lack of cooperation.

Established in 2011, DE is developing a residential real estate
project 'Vasudha Etasha' Kothrud, in Pune. The Promoters of the
firm are Vasudha Landmarks Private Limited (VLPL) promoted by Mr.
Umesh Kothawade and Devichand K. Jain. Vasudha group is engaged
in real estate development in Pune and surrounding areas for
around a decade and they have completed around 10 projects till
date. Total area developed till date by the group is ~2.6 lakh sq
ft. In the entity, Mr. Devichand Jain is a funding partner while
complete operations are managed by Mr. Kothawade of Vasudha group


EDGETECH AIR: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Edgetech Air
Systems Private Limited (EASPL) 'IND BB-' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND BB-(suspended)' on the agency's website.
The 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 EASPL.

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.

EASPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR60 mil. non-fund-based bank guarantee: migrated to
      Short-term 'IND A4+(suspended)' from Short-term 'IND A4+'
   -- INR180 mil. fund-based working capital limit: migrated to
      Long-term 'IND BB-(suspended)'/Short-term
      'IND A4+(suspended)' from Long-term 'IND BB-'/Short-Term
      'IND A4+'
   -- INR29.32 mil. term loan: migrated to Long-term
      'IND BB-(suspended)' from Long-term 'IND BB-'


GALAXY COTTON: ICRA Lowers Rating on INR14cr Cash Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR14.00
crore cash credit facility of Galaxy Cotton & Textiles Private
Limited from [ICRA]B to [ICRA]D. ICRA has also revised the short-
term rating assigned to the INR2.10 crore Standby Line of Credit
facility of GCTPL from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           14.00        Revised to [ICRA]D
                                      from [ICRA]B

   Standby Line of
   Credit                 2.10        Revised to [ICRA]D
                                      from [ICRA]A4

The rating revision reflects delays in debt servicing by the
company on its borrowings due to stretched liquidity conditions.

Galaxy Cotton & Textiles Private Limited (GCTPL) was incorporated
in the year 1994 and is involved in the business of ginning and
pressing of raw cotton. The company's plant is located in Veraval
(Rajkot) and is equipped with forty eight ginning machines and
one pressing machine with production capacity of 400 bales per
day. Besides manufacturing, the company is also engaged in
trading of cotton seeds, yarn, lint etc. The promoters of GCTPL
have been associated with the cotton ginning and trading business
for over two decades and are also involved in the operations of a
few other cotton ginning companies, either as directors or
partners.


GROTECH LANDSCAPE: Ind-Ra Suspends BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Grotech
Landscape Developers Private Limited's (GLDPL) 'IND BB+' Long-
Term Issuer Rating to the suspended category.  The Outlook was
Stable.  This rating will now appear as 'IND BB+(suspended)' on
the agency's website.

The 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 GLDPL.

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.

GLDPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR70 mil. non-fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+' and 'IND
      A4+(suspended)' from 'IND A4+'
   -- INR15 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+' and 'IND
      A4+(suspended)' from 'IND A4+'


HANSRAJ AGROFRESH: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hansraj
Agrofresh Private Limited (HAPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect HAPL's lack of operational track record, as
it started operations in December, 2014.  Provisional (P) FY16
financials indicate revenue of INR298.93 mil. (FY15: INR52.02
mil. for four months of operations) and operating margins of
11.4% (0.83%).

The ratings also factors in HAPL's weak credit metrics in FY16
with FY16 (P) net leverage (total adjusted net debt/operating
EBITDA) of 7.01x (FY15: negative 0.81x, as the company was debt-
free) and gross interest coverage (operating EBITDA/gross
interest expense) of 3.56x (7.17x).

However, the ratings are supported by HAPL's comfortable
liquidity position, as evident from the approximately 88.62%
average utilization of its fund-based working capital limits
during the 12 months ended May 2016.  The ratings also draw
support from HAPL's promoters' experience of over 11 years in the
beverage industry.

                       RATING SENSITIVITIES

Positive: Substantial growth in the company's top line along with
an improvement in profitability, leading to improved credit
metrics, could lead to a positive rating action.

Negative: A decline in operating profitability, leading to
deterioration in credit metrics, could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2014, HAPL manufactures ready-to-serve fruit
juices in Siliguri, West Bengal. It manufactures fruit juices
such as mango, apple, lychee, lemon and orange in various packing
variants such as pet bottles, tetra classic aseptics and tetra
paks.  The company sells its products under the brand name
Hansraj.

HAPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR92.98 mil. term loan: assigned 'IND B+'/Stable
   -- INR150 mil. fund-based limits: assigned 'IND B+'/Stable/
      'IND A4'
   -- INR2.97 mil. non-fund-based limits: assigned 'IND A4'


HAYWARD SYNTHETICS: ICRA Reaffirms B+ Rating on INR1.87cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR1.87 crore term loan facility (Reduced from INR4.12 crore) of
Hayward Synthetics Private Limited. ICRA has also assigned the
short term rating at [ICRA]A4 to the INR0.36 crore non fund based
limits of HSPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   LT Scale Fund
   Based Limits
   Term Loan             1.87        [ICRA]B+ Reaffirmed

   LT & ST Scale
   Fund Based Limits    15.00        [ICRA]B+/[ICRA]A4

   Reaffirmed ST
   Scale-Non Fund
   Based Limits          0.36        [ICRA]A4 Assigned

   LT & ST Scale-
   Unallocated Limits    1.77        [ICRA]B+/[ICRA]A4 Reaffirmed

ICRA has also reaffirmed the long term rating of [ICRA]B+ and
short term rating of [ICRA]A4 to the INR1.77 crore (Enhanced from
INR1.48 crore) unallocated limits and INR15.00 crore fund based
facilities of the company. The overall utilization of long term
fund based and short term fund based limits should not exceed
INR15.00 crore at any point of usage.

The ratings reaffirmation continue to remain constrained by the
stagnant revenue over the past three years, stretched liquidity
position of the company during FY16 following sluggishness in
realization of receivables and high inventory levels resulting in
full utilization of bank limits, limited financial flexibility
arising out of highly leveraged capital structure with weak debt
protection indicators. The ratings are also constrained by
susceptibility of margins to adverse raw material (majorly
polyester yarn) price fluctuations; intense competitive pressures
and sensitivity to forex risks given the sizeable export
revenues.

The ratings, however, favorably factor in the long experience of
HSPL's promoters in the textile industry and established presence
in both export and domestic markets along with a moderately
diversified client base.

ICRA's expects HSPL's revenue to improve by 5% in FY 2016-17 as
compared FY 2015-16 on account of increase in job work activity.
HSPL's profit would remain vulnerable to adverse movements in the
prices of its key inputs like polyester yarn. The net profit
margin of the company is expected to remain pressurized on
account of high depreciation and interest expenses. The capital
structure of the company is expected to remain leveraged in the
near term on account of high reliance of the company on working
capital borrowings.

Established in 1991 by Mr. Pramod Daga and Mr. Nilesh Goyal,
Hayward Synthetics Pvt Ltd (HSPL) is engaged in the manufacturing
of fabric for suiting and shirting from yarn along with trading
in both finished and grey fabrics. The company has a registered
office in Mumbai and two manufacturing facilities at Umbergaon in
Gujarat and Tarapur in Maharashtra with an installed capacity of
37 looms and 48 looms producing 25 lacs metres and 35 lacs metres
of fabric per annum respectively.

Recent results
HSPL has recorded a net profit of INR0.29 crore (provisional) on
an operating income of INR38.04 crore (provisional) for the year
ending March 31, 2016.


HYPNOTIK CLOTHING: CRISIL Raises Rating on INR67.5MM Loan to BB-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Hypnotik Clothing Private Limited (HPCL) to 'CRISIL BB-/Stable'
from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Packing Credit       67.5       CRISIL BB-/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects significant and sustainable improvement
scale of operations leading to an improved business risk profile.
Increased orders from overseas resulted in sales growth of 85
percent year-on-year to INR216.2 million in 2015-16 (refers to
financial year, April 1 to March 31). Additionally, higher focus
on value-added products led to stabilisation of operating margin
at an estimated 7-8 percent in 2015-16. During the year, steady
realisation has also resulted in better working capital
management, with gross current assets improving to 237 days as on
March 31, 2016, from 327 days a year earlier. CRISIL believes the
company will sustain its revenue growth over the medium term
driven by higher order flow from overseas.

Net cash accrual is estimated at INR6.8 million for 2015-16
against no repayment obligation, and is expected at around INR36
million in 2016-17, against minimal repayment obligation. Bank
limit utilisation averaged 97 percent over the 12 months through
March 2016. Capital structure has improved as an unsecured loan
of INR25 million has been converted into equity during 2015-16.
Liquidity is also supported by unsecured loans from promoters,
the balance of which was INR12.3 million as on March 31, 2016.

The rating reflects the company's longstanding relationship with
its key customer, extensive experience of its promoters in the
readymade garments industry, and their funding support. These
rating strengths are partially offset by working capital-
intensive and a modest scale of operations in an intensely
competitive industry. The rating also factors in customer and
geographic concentration in the company's revenue profile.


Outlook: Stable
CRISIL believes HPCL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
healthy relationship with customers. The outlook may be revised
to 'Positive' in case of a ramp up in scale of operations
supported by sustainable improvement in operating profitability,
along with reduction in working capital cycle to improve
liquidity. Conversely, the outlook may be revised to 'Negative'
if pressure on cash accrual or significant delay in realisation
of receivables weakens liquidity, or in case of large, debt-
funded capital expenditure, resulting in weakening of the
financial risk profile.

HCPL was set up in December 2010 by Mr. Vijay Golani and Ms.
Resham Chellaram. It exports readymade garments primarily to the
US. It gets the garments manufactured on a job-work basis from
various manufacturers in Karnataka, Maharashtra, and Gujarat.


JOSEPH RUBBERS: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Joseph
Rubbers (India) Private Limited (JRIPL) continues to reflect
below-average financial risk profile because of small networth
and weak debt protection metrics. The rating also factors in the
susceptibility of operating margin to volatile raw material
prices. These rating weaknesses are mitigated by the extensive
experience of promoters in the rubber-processing business.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           80       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes JRIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if sustainable increase in
revenue and profitability, strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual or large debt-funded capital
expenditure programme, results in weak financial risk profile.

Incorporated in 2008 and based in Kanjirappally (Kerala), JRIPL
processes and sells rubber products. The operations are managed
by Mr. P J Dominic and his wife Ms. Elizabeth Dominic.


K. V. CHINNAAIH: CRISIL Assigns 'B' Rating to INR35MM Term Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of K. V. Chinnaaih (KVC) and has assigned its
'CRISIL B/Stable/CRISIL A4' rating to the facilities. CRISIL had
suspended the rating on June 30, 2015, as KVC had not provided
the necessary information required for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign a rating to its bank facilities

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         30       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit            35       CRISIL B/Stable (Assigned;
                                    Suspension Revoked)

   Cash Term Loan         35       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect a small scale of operations, exposure to
intense competition in bidding for contracts, and a subdued
financial risk profile. These weaknesses are partially offset by
the extensive experience, of more than three decades, of the
firm's proprietor in the civil construction business, and
benefits derived from diversification into the hotel business.

Outlook: Stable
CRISIL believes KVC will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, leading to
a better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of an increase in working capital
requirement resulting in deterioration in liquidity, or large,
debt-funded capital expenditure, weakening the firm's capital
structure.

KVC, established as a proprietorship firm in 1978 by Mr. K V
Chinnaaih, executes civil construction works for various
government entities in Karnataka. It also operates a 51-bed hotel
in Mysore.


KAIZEN COLD: CRISIL Suspends B- Rating on INR65MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaizen Cold Formed Steel Private Limited (KCFS).

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Cash Credit            50      CRISIL B-/Stable
   Letter of Credit       35      CRISIL A4
   Proposed Long Term
   Bank Loan Facility     65      CRISIL B-/Stable

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

Set up in 2009, KCFS trades in steel products. The company's day-
to-day operations are managed by Mr. Raghav Saraf and his brother
Mr. Rahul Saraf.


KALPATHARU LIQUOR: ICRA Suspends B+ Rating on INR15cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR15.00
crore bank facilities of Kalpatharu Liquor Distributors. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LEOLINE FOODS: CRISIL Assigns 'B' Rating to INR106MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Leoline Foods Private Limited (LFPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           20       CRISIL B/Stable
   Long Term Loan       106       CRISIL B/Stable

The rating reflects a below-average financial risk profile
because of debt-funded capital expenditure and large incremental
working capital requirement, and nascent stage of operations.
These weaknesses are partially offset by the extensive experience
of its promoters in the food-processing industry.

Outlook: Stable
CRISIL believes LFPL 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 timely ramp-up
in sales and higher-than-expected cash accrual during the initial
phase of operations. The outlook may be revised to 'Negative' in
case of a time or cost overrun in project implementation, or
lower revenue and cash accrual, a stretched working capital
cycle, or additional, large, debt-funded capital expenditure,
adversely impacting the financial risk profile.

Incorporated in 2015, LFPL is promoted by the Patna-based Agarwal
family. The company is setting up a unit for manufacturing 2D and
3D pellets, pasta, and vermicelli in Choti Nawada, Patna.


LUKE EXPORT: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Luke Export (LE)
continue to reflect LE's modest scale of operations, and below-
average financial risk profile because of small networth and weak
debt protection metrics. These weaknesses are partially offset by
extensive experience of its proprietor in the seafood industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Foreign Bill
   Discounting           80        CRISIL A4 (Reaffirmed)

   Packing Credit        50        CRISIL A4 (Reaffirmed)

   Term Loan             20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes LE will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if there is significant and
sustainable growth in revenue, and improvement in profitability
and debt protection metrics. The outlook may be revised to
'Negative' if revenue or profitability declines significantly, or
if the firm undertakes debt-funded capital expenditure (capex),
leading to weakening of financial risk profile.

Update
Revenue is estimated at INR600 million for 2015-16 (refers to
financial year, April 1 to March 31), up from INR582 million in
2014-15, supported by demand from established clientele,
particularly in Maldives. Operating margin remained stable, at
3.2 percent, due to trading business. The firm will likely
maintain business risk profile over the medium term backed by its
proprietor's extensive industry experience.

Financial risk profile remained subdued, because of estimated
small networth and high total outside liabilities to tangible
networth ratio of INR51 million and 3.29 times, respectively, as
on March 31, 2016. Debt protection metrics were weak, with net
cash accrual to total debt and interest coverage ratios at 13 and
2.78 times, respectively, in 2015-16. The financial risk profile
is likely to improve gradually over the medium term due to
stable, albeit, low profitability and absence of significant
debt-funded capex.

Liquidity is adequate. Cash accrual is expected at INR9-11
million against debt obligation of INR5 million per annum over
the medium term. Bank line utilisation is moderate.

LE, established in 1998, is a proprietorship concern of Mr.
Xavier Luke. It processes and exports sea food. Its processing
facilities are at Sakthikulangara in Kerala, and at
Padanthalumoodu in Tamil Nadu.


MAYAJAAL ENTERTAINMENT: CRISIL Suspends D Rating on INR75MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mayajaal Entertainment Limited (MEL).

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Long Term Loan               61       CRISIL D
   Secured Overdraft Facility   75       CRISIL D

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

MEL was incorporated in 1997 as West Bank Garden Farm Clubs Pvt
Ltd in Chennai. The company got its present name in 2000. It
operates an entertainment centre and is developing a residential
project at Kanathur in Chennai.


MOHTA PLYWOOD: ICRA Suspends B/A4 Rating on INR23.5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings for the INR23.50
Crore bank facilities of Mohta Plywood Industries Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MOTHERS AGRO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on bank facilities of Mothers Agro Foods Private
Limited (MAFPL) continues to reflect the modest scale of
operations, amid intense competition in the agricultural goods
processing industry and below average financial risk profile,
because of modest networth and average debt protection metrics.
These weaknesses are partially offset by the extensive industry
experience of promoters and longstanding relations with suppliers
and customers.

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

   Proposed Long Term
   Bank Loan Facility     14.4     CRISIL B+/Stable (Reaffirmed)

   Term Loan              18       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 growth in revenue and
profit margin strengthens the financial risk profile. The outlook
may be revised to 'Negative' if a decline in accrual, significant
debt-funded capital expenditure or larger-than-expected working
capital requirement weakens the financial risk profile.

MAFPL, incorporated in 2011, is engaged in processing wheat
flour. Operations are managed by promoters, Mr. TP Varkey and Ms.
Dhanya Varkey. The company is based at Ernakulam, Kerala.


MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Mount Velour
Rubber Works Private Limited (MVRWL) continues to reflect MVRWL's
modest scale of operations and exposure to intense competition in
the industry. The rating also reflects MVRWL's below-average
financial risk profile marked by low networth base. These rating
weaknesses are partially offset by promoters' extensive industry
experience and established customer relationships.

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

   Proposed Long Term
   Bank Loan Facility    20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that MVRWL will continue to benefit over the
medium term from its promoters' extensive experience in the
rubber industry. The outlook may be revised to 'Positive' if the
company improves its scales of operations and operating
profitability, resulting in an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
MVRWL's financial risk profile deteriorates, most likely on
account of lower cash accruals or large debt-funded capex plans.

Incorporated in the year 1977 as partnership firm and
subsequently rechristened as MVRWL in 2005, the company is
engaged in manufacturing of block rubber. Promoted by Mr. M.
Usman and his associates, the company is based out of Nilambur in
Kerala.


MPCR BROADCASTING: CRISIL Suspends B+ Rating on INR250MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
MPCR Broadcasting Service Pvt Ltd (MPCR, part of TVL group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             250       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profile of MPCR, TV Vision Ltd (TVL), UBJ
Broadcasting Pvt Ltd (UBJ) and HHP Broadcasting Services Pvt Ltd
(HHP). This is because all these companies, together referred as
the TVL group, are engaged in the broadcasting business, are
under a common management, and have fungible cash flows.
Moreover, these companies are expected to be merged together over
the medium term.

TVL, incorporated in 2007, is a fully owned subsidiary of Sri
Adhikari Brothers Television Network Ltd (SABTNL). It broadcasts
four channels including those through its wholly owned
subsidiaries, UBJ, MPCR, and HHP. It is currently operating a
free-to-air (FTA) general entertainment channel (GEC), Mastii, in
Hindi. The channel commenced commercial operations in 2010.

UBJ, incorporated in 2009, is currently operating an FTA regional
GEC, Dhamaal, in Hindi in Madhya Pradesh, Chhattisgarh,
Rajasthan, and Gujarat. The channel commenced commercial
operations in 2011-12 (refers to financial year, April 1 to March
31). MPCR, incorporated in 2009, is currently operating an FTA
regional GEC, MaiBoli, in Marathi in Maharashtra. The channel
commenced commercial operations in 2011-12. HHP, incorporated in
2009, is currently operating an FTA regional GEC, Dabangg, in
Hindi in Uttar Pradesh, Bihar, Jharkhand, and Uttaranchal. The
channel commenced commercial operations in 2011-12.


MURLIDHAR JEWELLERS: Ind-Ra Suspends B Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Murlidhar
Jewellers' '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 agency has also
migrated Murlidhar Jewellers' INR50 mil. fund-based 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 Murlidhar Jewellers.

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.


MUTHOOT AUTOMOBILE: CRISIL Suspends B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Muthoot Automobile Solutions Private Limited (MASPL).

                              Amount
   Facilities                (INR Mln)    Ratings
   ----------                ---------    -------
   Cash Credit                    5       CRISIL B+/Stable
   Inventory Funding Facility    50       CRISIL B+/Stable
   Term Loan                     30       CRISIL B+/Stable


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

Incorporated in 2010, MASPL is engaged in dealership of passenger
cars manufactured by Ford India Pvt Ltd (Ford). The company's
business operations are managed by Mrs. Remy Thomas Muthoot.
MASPL is a part of the Muthoot Pappachan group which has
interests in diverse fields such as non-banking financial
business, power generation, automobile dealership, and real
estate and infrastructure development.


NIKKI STEELS: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nikki Steels
Private Limited's (NSPL) '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
agency has also migrated the ratings on NSPL's INR100 mil. fund-
based 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 NSPL.

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 PRINTING: CRISIL Suspends 'C' Rating on INR110MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
OM Printing and Flexible Packaging Private Limited (Om Flexi).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL C
   Term Loan            110        CRISIL C

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

Om Flexi, incorporated in 2011, is promoted by the Lodha and More
families with ownership of 20 per cent and 80 per cent,
respectively. The company has set up a plant for manufacturing
flexible packaging, laminated films, and poly-films, primarily
used in the fast-moving consumer goods, food packaging,
engineering, and pharmaceuticals industries, at Malegaon in
Nashik (Maharashtra). The plant commenced commercial operations
in 2013-14 (refers to financial year, April 1 to March 31).


OMR MALL: CRISIL Lowers Rating on INR950MM Term Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of OMR Mall Developers Private Limited (OMR) to 'CRISIL D' from
'CRISIL BB-/Stable'. The downgrade reflects the company's delays
in meeting interest obligation due to stretched liquidity on
account of time overrun in its project.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             950       CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

OMR is exposed to risks related to implementation of its project
for setting up a shopping mall. However, it benefits from the
extensive experience of its promoters in the construction
industry.

OMR was incorporated in 2007 for constructing a shopping mall in
Chennai. The company is promoted by Allied Investments & Housing
Pvt Ltd, Majestic Realtors Pvt Ltd, Mr. Syed M Salahuddin, and
Mr. H S Saeed Aslam.


PALLA TEXTILES: ICRA Suspends 'D' Rating on INR27cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR27.00
crore bank facilities of Palla Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


PUPIL TREE: CRISIL Suspends 'D' Rating on INR170MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Pupil
Tree Foundation (PTF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        170       CRISIL D

The suspension of rating is on account of non-cooperation by PTF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PTF is yet to
provide adequate information to enable CRISIL to assess PTF'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 by Mr. Prabhuraj Jahagirdas and his family members in
2001, PTF operates Pupil Tree Academy in Bellary, which offers
playschool, kindergarten, primary, secondary, and higher
secondary education. The school follows the syllabus set by the
Indian Certificate of Secondary Education and Karnataka State
Board.


RLS ALLOYS: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
RLS Alloys Private Limited (RLS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            70       CRISIL D
   Letter of Credit        5       CRISIL D
   Long Term Loan         15       CRISIL D
   Proposed Long Term
   Bank Loan Facility     20       CRISIL D

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

RLS, set up in 2006 and based in Trichy (Tamil Nadu),
manufactures steel castings. The company's daily operations are
managed by Mr. Perumal Tamilarasu.


ROSHAN ENTERPRISES: ICRA Suspends B+ Rating on INR20cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR20.00
crore bank facilities of Roshan Enterprises. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


RUBBER O MALABAR: Ind-Ra Assigns D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rubber O Malabar
Products Private Limited (ROM) a Long-Term Issuer Rating of
'IND D'.

                        KEY RATING DRIVERS

The ratings reflect ROM's continuing delays in the servicing of
its term debt since December 2015 due to a tight liquidity
position.

                       RATING SENSITIVITIES

Positive: Three consecutive months of timely debt servicing would
be positive for the ratings.

                           COMPANY PROFILE

Incorporated in 2009, Kerala-based ROM manufactures various types
of rubber conveyor belts.  It belongs to the Infinis group of
companies owned by a group of technocrats who have been in the
industry for more than two decades.

ROM's ratings:

   -- Long-Term Issuer Rating: assigned 'IND D'
   -- INR45.80 mil. long-term loans: assigned Long-term 'IND D'
   -- INR14.20 mil. fund-based facilities: assigned Long-
      term/Short-term 'IND D'


RUHAN TEPPICH: CRISIL Assigns B+ Rating to INR30MM Packing Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ruhan Teppich Exports. (RTE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Packing Credit     30       CRISIL B+/Stable
   Post Shipment Credit      70       CRISIL A4

The ratings reflect the firm's modest scale of operations and
large working capital requirement in the intensely competitive
home furnishings industry, and below-average financial risk
profile because of subdued debt protection metrics. These
weaknesses are partially offset by the extensive industry
experience of its partners.

Outlook: Stable
CRISIL believes RTE will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of healthy growth in
revenue with improvement in operating profitability, resulting in
higher-than-expected cash accrual, along with better working
capital management. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
deteriorates, most likely on account of a decline in revenue and
profitability, larger-than-expected, debt-funded capital
expenditure, or increase in working capital requirement.

RTE is a partnership firm established in 2000 by Mr. Mohd Rizwan
with his family. The firm manufactures and exports hand-made
rugs, carpets, and home furnishing products made of wool, cotton,
fibre, and leather. These include hand-tufted, hand-knotted,
leather, wall-to-wall carpets, and bath rugs. The firm's
manufacturing facility is in Bhadohi, Uttar Pradesh.

Net profit was INR3.0 million on net sales of INR385.0 million
for 2014-15 (refers to financial year, April 1 to March 31),
against net profit of INR5.5 million on net sales of INR242.8
million for 2013-14.


S.V. POULTRIES: ICRA Suspends B+ Rating on INR15cr Bank Loan
------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR15.00 crore bank facilities of S.V. Poultries. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SABARI EXIM: ICRA Suspends 'D' Rating on INR37cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR37.00 crore fund based facility of Sabari Exim Private
Limited. ICRA has also suspended the short-term rating of [ICRA]D
assigned to the Rs.93.00 crore non-fund based facilities of
Sabari Exim Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance, in the absence of
the requisite information from the company.


SAS AUTOMOTIVES: Ind-Ra Suspends BB Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SAS Automotives
Private Limited's (SAPL) 'IND BB' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will
now appear as 'IND BB(suspended)' on the agency's website.  The
agency has also migrated SAPL's INR100 mil. fund-based limits to
'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND A4+'.

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

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.


SHREE SIDHBALI: CRISIL Reaffirms B Rating on INR200MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sidhbali Impex
Private Limited (SIPL) continue to reflect the company's weak
financial risk profile because of high gearing and subdued debt
protection metrics, large working capital requirement, modest
scale of operations, and susceptibility to intense competition.
These weaknesses are partially offset by extensive experience of
promoters in the iron and steel industry.

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

   Letter of Credit     100        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   200        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of significant increase in
revenue and profitability and better working capital management.
The outlook may be revised to 'Negative' if decline in
profitability or revenue results in low cash accrual, or if large
working capital requirement further weakens financial risk
profile, particularly liquidity.

Update
Revenue declined to INR387.1 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR333.1 million in
2013-14 due to fall in sponge iron prices, which led to
cancellation of orders. However, increase in product portfolio
(coal trading in 2015-16 and waste paper in 2013-14) and opening
of a new branch in Uttarakhand improved turnover to INR550.5
million in 2015-16. However, operating margins are expected to
remain moderate at around 3 percent over the medium term.

In line with CRISIL's expectation, working capital requirement
remained large, with gross current assets of 195 days as on March
31, 2015 (though improved from 240 days in the previous year);
receivables improved to 119 days as on March 31, 2016 from 212
days in the previous year, and inventory has remained small at 4
days. Bank limit utilisation was high at 88 percent on an average
over the 12 months ended March 2016.

Interest coverage ratio was low at 1.14 times for 2014-15 and
networth small at INR62.8 million as on March 31, 2015. However,
cash accrual of INR2.2 million and INR2.6 million in 2015-16 and
2016-17, respectively, against no debt obligation, and absence of
major capital expenditure over the medium term will support
liquidity.

Established by Mr. Jawahar Lal Vig, Mr. Bhim Sain Kansal, and Mr.
Vinod Kumar Singhal in Muzaffarnagar, Uttar Pradesh, in 2009,
SIPL trades in sponge iron waste paper and coal. Commercial
operations began in November 2011.

Profit after tax (PAT) was INR0.48 million on net sales of
INR387.1 million for 2014-15, against INR0.42 million on net
sales of INR333.1 million for 2013-14.


SHRI SHRI: CRISIL Suspends 'B' Rating on INR58.5MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shri Shri K.K. Tungal Memorial Trust (R) (KKTMT).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Auto loans            1.5       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility   15.0       CRISIL B/Stable
   Term Loan            58.5       CRISIL B/Stable

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

Set up in 2003, KKTMT runs two secondary schools and two pre-
university colleges in the Bijapur district of Karnataka. The
trust is presently undertaking the construction of a ladies
hostel in Bijapur town. KKTMT is constituted and managed by the
managing trustee, Mr. A.K.Tungal.


SHUBHYAN MOTORS: CRISIL Reaffirms B- Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings continue to reflect Shubhyan Motors Private
Limited (SMPL) weak financial risk profile, because of modest
networth, aggressive gearing, and weak debt protection metrics.
The ratings reflect unrelated diversification, investments/loans
to group companies, and exposure to intense competition in the
automobile industry. These weaknesses are mitigated by the
extensive experience of promoters in the automobile dealership
business.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Channel Financing     50       CRISIL B-/Stable (Reaffirmed)

   Inventory Funding
   Facility              50       CRISIL A4 (Reaffirmed)

   Term Loan             20       CRISIL B-/Stable (Reaffirmed)

CRISIL, on March 14, 2016, had downgraded its long-term rating on
the bank facilities of SMPL to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' while reaffirming the rating on the short-term facility
at 'CRISIL A4'.

Outlook: Stable
CRISIL believes SMPL's financial risk profile will remain
constrained by unrelated diversification and investments. The
outlook may be revised to 'Positive' if financial risk profile
improves significantly, most likely through infusion of funds by
the promoters, coupled with liquidation of investments/loans to
group companies. Conversely, the outlook may be revised to
'Negative' if investment in unrelated businesses increases
further, or if there is a stretch in the working capital cycle,
or if operating margin declines.

SMPL, incorporated in 1998, is promoted by Mr. Ranjeet Pawar. It
is an authorised dealer of commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML) and two wheelers manufactured by Hero
Motocorp Ltd (Hero Motocorp). The company operates three
showrooms, all in Maharashtra, one each in Ahmednagar and Satara
for TML's CVs and one for Hero Motocorp's two wheelers in Pune.
SMPL also deals in spares and provides vehicle servicing.


SHYAM COTTEX: ICRA Reaffirms 'B' Rating on INR4cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to the INR1.38 crore term
loan facility and INR4.00 crore fund-based cash credit of Shyam
Cottex.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Cash
   Credit Limit          4.00         [ICRA]B; Reaffirmed

   Short Term Fund
   Based- Warehousing
   Limit                 1.38         [ICRA]B; Reaffirmed

The rating continues to be constrained by SC's low profitability
at operating and net levels, though, the revenue increased
significantly in FY2015-16 as it was its first full year of
operations. The financial profile of the firm has remained weak
as witnessed from its low profitability, weak debt coverage
indicators, and moderately leveraged capital structure. The
ratings are further constrained by the highly competitive and
fragmented industry structure owing to low entry barriers; and
the vulnerability of the firm's profitability to raw material
(i.e. cotton) prices, which are subject to seasonality, crop
harvest and regulatory risks. ICRA also notes that as SC is a
partnership firm, any significant withdrawals from the capital
account by the partners would adversely affect its net worth and
thereby its capital structure.

The rating, however, favourably factors in the long experience of
the partners in the cotton industry and the favourable location
of the firm's manufacturing facility, giving it easy access to
raw material ICRA expects SC's revenues to witness a marginal
growth during FY2016-17, mainly due to weak market conditions
faced by the cotton industry. The profitability is expected to be
in line with the previous fiscals, given the stable outlook on
prices. However, the firm's ability to scale up the operations
would be largely contingent to improvement in international
demand, given the seasonality in the business, volatility in
prices of cotton, high competitive intensity and the uncertain
regulatory scenario. Further, the firm's ability to infuse funds
to support its capital structure and manage its working capital
efficiently would be a key rating sensibility.

Established in April 2014, Shyam Cottex is a partnership firm,
engaged in the business of ginning and pressing of raw cotton to
produce cotton bales and cotton seeds. The manufacturing facility
of the firm is located at Jivapar, (distt: Rajkot) and is
currently equipped with 24 ginning machines and 1 pressing
machine having a capacity to produce 250 cotton bales per day.
The firm mainly deals in Shankar-6 type of raw cotton.
Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR7.96 crore with profit after tax (PAT) of
INR0.06 crore within 2 months of its operations in the year.
Further during FY 2015-16 as per provisional unaudited numbers;
the company has reported operating income of INR41.95 crore with
profit after taxes of INR0.11 crore.


SIXTH ENERGY: Ind-Ra Assigns BB+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sixth Energy
Technologies Private Limited (SETPL) a Long-Term Issuer Rating of
'IND BB+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect SETPL's small scale of operations and its
working capital intensive nature of business.  The company's
provisional FY16 financials indicate revenue of INR305.5 mil.
(FY15: INR188.1 mil.) and a net cash cycle of 280 days (295
days). The net cash cycle is long due to the long inventory
holding period of 156 days in FY16 (FY15: 218 days) on the back
of a long gestation period for the confirmation of orders from
the date of installation of the equipment.  It had an outstanding
order book of INR153.5 mil. (0.5x FY16 revenue) at end-mid-May
2016.

The ratings further reflect SETPL's moderate liquidity indicated
by its average maximum fund-based limit utilization being around
91% during the 12 months ended April 2016.

The ratings, however, factor in SETPL's comfortable credit
metrics with the EBITDA interest coverage (operating EBITDA/gross
interest expenses) of 7.99x in FY16 (FY15: 6.19x ), net leverage
(total adjusted net debt/operating EBITDAR of 1.42x (1.66x) and
EBITDA margin of 21.65% (19.86%).

The ratings are further supported by over a decade of operating
experience of its directors in the field of machine data
technology.

                       RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the profitability and the current credit metrics could be
positive for the ratings.

Negative: A decline in the profitability or an elongation in net
cash cycle leading to deterioration in the credit metrics could
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2003, SETPL is a Bangalore-based company
providing end-to-end remote management solutions for data
centers, businesses, banks, telecom and enterprise
infrastructures.  The company remotely monitors and manages power
and cooling equipment in telecom towers (BSC, BTS), telecom
switching centers (MSC), data centers, industrial locations,
enterprise buildings, off-grid and grid-tie renewable energy
power stations.

SETPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR60 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR39 mil. packing credit: assigned 'IND BB+'/Stable


SOMNATH AGRO: ICRA Assigns 'B' Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
The long-term rating of [ICRA]B has been assigned to the INR0.42
crore term loan facility and the INR5.00 crore cash credit
facility of Somnath Agro Industries. The short term rating of
[ICRA]A4 has also been assigned to the INR1.00 crore short term
fund based facilities(sub-limit of cash credit) of SAI.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   Based-Term Loans      0.42         [ICRA]B assigned

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

   Short term fund
   based- Export
   Packing Credit
   cum Foreign Bills
   Purchased/Foreign
   Bills Discounted     (1.00)        [ICRA]A4 assigned

The assigned ratings are constrained by Somnath Agro Industries'
weak financial risk profile, characterised by thin profitability,
following the trading nature of business, leveraged capital
structure and moderate debt protection metrics. The profitability
is further dependent on the seasonality of various agro products
as well as crop harvest; high level of competition and high
fragmentation resulting from low entry barriers, which limits the
pricing power of the firm and puts pressure on the margins. ICRA
also notes that SAI is a partnership firm; any substantial
withdrawal would adversely affect its net worth and thereby its
capital structure.

The rating, however, positively factors in the long established
experience of the partners in the agro commodities industry. ICRA
also notes SAI's favourable location in Gujarat, enabling easy
availability of various agro-products like sesame seeds, wheat
and cumin seeds etc. and also the stable demand prospects in
domestic as well as the international market.

Somnath Agro Industries (SAI) was established in February 2012 as
a partnership firm by Mr. Hitesh Mendha and Mr. Lalit Rupala.
However, in January 2015 Mr. Lalit Rupala retired and Mrs.
Charmiben Mendha was inducted as an investing partner. The firm
processes (cleans and sorts) agro commodities like sesame seeds,
cumin seeds, wheat, mustard seeds etc., with the key product
being sesame seeds, from its processing facility located at
Halvad, Gujarat. Its plant has an installed capacity of 21,600
metric tonnes per annum (MTPA). Currently, the operations of the
firm are managed by Mr. Hitesh Mendha.

Recent Results
During FY2015, the firm reported an operating income of INR46.62
crore and profit after tax of INR0.05 crore as against an
operating income of INR20.68 crore and profit after tax of
INR0.02 crore during FY2014. Further during first eleven months
of FY2016, the firm reported an operating income of Rs 39.79
crore and profit before tax of Rs 0.52 crore (as per provisional
financials).


SREE PANDIAN: CRISIL Suspends 'B' Rating on INR137MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Pandian Spinning Mill Private Limited (SPSMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           137       CRISIL B/Stable
   Long Term Loan         13       CRISIL B/Stable

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

SPSMPL, incorporated in 2006 in Arupukkottai (Tamil Nadu),
manufactures cotton yarn. It is promoted by Mr. Ramesh.


SRI KAMATCHI: CRISIL Suspends B+ Rating on INR57.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Kamatchi Traders (SKT).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           57.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     9.5      CRISIL B+/Stable
   Short Term Bank
   Facility               3.0      CRISIL A4

The suspension of ratings is on account of non-cooperation by SKT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SKT is yet to
provide adequate information to enable CRISIL to assess SKT'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 1985 as a partnership firm in Chennai, SKT processes
pulses, mainly urad and toor dal, to produce flour used by food
processing players. The firm's daily operations are managed by
managing partner Mr. S C Mohan.


STAARLIGHT DESIGNS: CRISIL Reaffirms B+ Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Staarlight Designs (SD)
continue to reflect SD's modest scale of operations in the
intensely competitive and highly fragmented ready-made garments
(RMG) industry, and moderate financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.5      CRISIL B+/Stable (Reaffirmed)

   Export Packing
   Credit                 30.0      CRISIL B+/Stable (Reaffirmed)

   Foreign Demand Bill
   Purchase               26.0      CRISIL A4 (Reaffirmed)

   Long Term Loan          7.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     33.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SD will continue to benefit over the medium term
from the extensive experience of the promoters, and established
client relationships. The outlook may be revised to 'Positive' if
significant improvement in revenue and profitability results in a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if decline in revenue or profitability,
deterioration in working capital management, or any large debt-
funded capital expenditure weakens financial metrics and
liquidity.

Update
Revenue estimated to decline by 20 percent to around INR200
million in 2015-16 (refers to financial year, April 1 to March
31) over the previous year, mainly on account of lower demand and
off take. However, operating margin was stable at 5.5 percent.
With gross current assets estimated at 140 days as of March 2016,
operations continue to be working capital intensive, primarily on
account of sizeable inventory and debtors.

Financial risk profile is moderate with comfortable gearing and
debt protection metrics, and improved net worth following
infusion of capital. Liquidity remains adequate, backed by
adequate cash accrual for debt servicing, and moderate bank limit
utilisation.

Established in 1999, SD manufactures and exports knitted garments
to companies in Europe. The firm has its manufacturing facility
at Tirupur (Tamil Nadu) and is promoted by Mr. B.M Ravichandran
and Mr. M. Karuppusamy.

Profit after tax and operating income increased to INR3.7 million
and INR241.9 million in 2014-15, from INR3.6 million and INR213.9
million, respectively, in 2013-14. Turnover was estimated at
INR200 million in 2015-16.


SWAMY COTTON: CRISIL Suspends 'B' Rating on INR170MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swamy Cotton Mill Tirupur Private Limited (SCMPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        6.5      CRISIL A4
   Cash Credit         170.0      CRISIL B/Stable
   Letter of Credit     20.0      CRISIL B/Stable
   Long Term Loan       53.5      CRISIL B/Stable

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

SCMPL, set up in 1972, manufactures fabric. The company's day-to-
day operations are managed by Mr. E Manoj Kumar.


THERMO PRODUCTS: CRISIL Suspends 'D' Rating on INR45.5MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Thermo
Products Private Limited (TPPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           38       CRISIL D
   Long Term Loan        45.5     CRISIL D

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

TPPL, incorporated in 2005, is part of the Prakash group. The
company manufactures moulded thermocol products that are used in
packaging of consumer electronics. TPPL runs a sub-assembly line
in Ranjangaon (Pune, Maharashtra) and a thermocol moulding unit
in Sanaswadi (Pune).


THIRUCHY STEELS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Thiruchy Steels (TS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            60       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     20       CRISIL B+/Stable

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

TS, established in 1989 is a proprietorship firm trading in scrap
steel. The firm is based in Chennai. The proprietor, Mr. B.
Rajagopal, oversees daily operations.


THOPPIL CONTRACTORS: CRISIL Suspends B Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Thoppil Contractors India Pvt Ltd (TCIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           120       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by
TCIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TCIPL is yet to
provide adequate information to enable CRISIL to assess TCIPL'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 2010, TCIPL undertakes civil construction work in
Kerala for government undertakings and programmes. The company's
day-to-day operations are managed by its chief executive officer,
Mr. Renjith.


TOYOP RELIEF: ICRA Suspends B-/A4 Rating on INR32.5cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B-/A4 rating assigned to the INR32.50
crore bank facilities of Toyop Relief Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Toyop Relief Private Limited (TRPL) is a Mumbai-based company
founded in 1994. TRPL was started as a proprietorship firm (Sabra
Exim Investments) by Mr. Sachin Shah. In 2004, the name of the
firm was changed to "Toyop Relief", and was reconstituted as a
private limited company in 2008. TRPL -- a closely held company -
-- operates as a supplier of disaster relief material, including
kitchen accessories, plastic toiletries, hygiene kits, blankets,
buckets, tarpaulin tents, etc. TRPL caters to various non-
governmental organizations (NGOs) located abroad. It also imports
and trades in power tillers and specialty plastic granules that
have an application in the plastic industry. The specialty
plastic granules business was under Toyop & Co, a proprietorship
concern of Mr. Sachin Shah, which was merged with TRPL in 2009.


TRANSMISSION CORP: ICRA Reassigns D Rating to INR350cr Loan
-----------------------------------------------------------
ICRA has re-assigned ratings on the INR975 crore long term bond
programme of Transmission Corporation of Andhra Pradesh Limited
to [ICRA]D.  ICRA had earlier assigned a rating of [ICRA]A(SO)
with negative outlook to the aforesaid bond programmes of AP
Transco.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   AP Transco Vidyut
   Bond Series I/2006     200         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series II/2006    300         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series I/2007     125         [ICRA]D reassigned

   AP Transco Vidyut
   Bond Series I/2008     350         [ICRA]D reassigned

ICRA's rating was based on the strength of unconditional and
irrevocable guarantees from the Government of Andhra Pradesh
(pre-bifurcation) and the structured payment mechanism designed
to ensure timely payment on the rated bonds. ICRA notes that the
Trustee did not invoke the guarantee, leading to delays on the
debt servicing in the recent past. Since the structured payment
mechanism involving timely invocation of the guarantee by the
Trustee in the event of a funding shortfall has not functioned,
the existing rating on the bonds is not meaningful.

The ratings of the aforesaid bonds programme of AP Transco were
placed on watch with developing implications in June 2014 post
bifurcation of the state of Andhra Pradesh into Telangana and
Residuary Andhra Pradesh (Andhra Pradesh) on June 2, 2014. In
accordance with the section 53 of The Andhra Pradesh
Reorganisation Act, 2014, AP Transco has been bifurcated into two
successor entities namely Transmission Corporation of Telangana
Limited (TS Transco) and AP Transco (for residual Andhra
Pradesh).

The demerger plan indicating segregation of assets and
liabilities between the two successor entities has been submitted
to the Sheela Bhide committee (appointed by the Government of
India).

ICRA notes that there is lack of clarity on the final
apportionment of assets and liabilities between the successor
entities of AP Transco. Resolution of the terms of bifurcation
between the two entities will remain critical to ensure timely
servicing of debt obligations going forward.

Transmission Corporation of Andhra Pradesh Limited (AP Transco)
was incorporated in the year 1998 subsequent to the first
transfer scheme of State Electricity Reform Act for unbundling of
erstwhile Andhra Pradesh State Electricity Board into two
entities, Andhra Pradesh Transmission Corporation Limited and
Andhra Pradesh Generation Corporation Limited (APGENCO). As per
the Electricity act, 2003 "Transcos" are not allowed to trade in
power, thus necessitating separation of trading and transmission
functions. Currently, AP Transco is engaged in transmission and
state load dispatch-center activities.


TRIDENT AUTO: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Trident Auto
Components Private Limited's (TACPL) 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 TACPL.

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.

TACPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR150 mil. fund-based working capital limits: migrated to
      Long-term 'IND BB-(suspended)' from Long-term 'IND BB-' and
      Short-term 'IND A4+(suspended)' from Short-term 'IND A4+'
   -- INR12.50 mil. non-fund-based working capital limits:
      migrated to Long-term 'IND BB-(suspended)' from Long-term
      'IND BB-' and Short-term 'IND A4+(suspended)' from Short-
      term 'IND A4+'
   -- INR16.68 mil. term loans: migrated to Long-term
      'IND BB-(suspended)' from Long-term 'IND BB-'


U.S. IMPEX: CRISIL Reaffirms 'B' Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of U.S. Impex
(USI) continues to reflect the firm's weak financial risk profile
because of a high total outside liabilities to tangible net worth
ratio and weak interest coverage ratio. The rating also factors
in a small scale of operations in the non-ferrous alloys trading
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's promoter and its
established and diversified clientele.

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

Outlook: Stable

CRISIL believes USI will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant growth in
turnover along with sustained profitability, leading to higher
cash accrual. Conversely, the outlook may be revised to
'Negative' if liquidity weakens substantially because of large
working capital requirement.

USI was set up in 1994 as a proprietorship firm in Delhi by Mr.
Dinesh Mittal. The firm trades in various non-ferrous metals and
scrap, such as zinc, aluminium, brass, and copper, with zinc
accounting for more than 50 per cent of its revenue.

Net profit was INR2.05 million on net sales of INR511 million in
2014-15 (refers to financial year, April 1 to March 31), against
a net profit of INR2.07 million on net sales of INR496 million in
2013-14.


UBJ BROADCASTING: CRISIL Suspends B+ Rating on INR200MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
UBJ Broadcasting Private Limited (UBJ; part of the TVL group).

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

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UBJ, TV Vision Ltd (TVL), MPCR
Broadcasting Service Pvt Ltd (MPCR), and HHP Broadcasting
Services Pvt Ltd (HHP). This is because all these companies,
together referred as the TVL group, are engaged in the
broadcasting business, are under a common management, and have
fungible cash flows. Moreover, these companies are expected to be
merged together over the medium term.

TVL, incorporated in 2007, is a fully owned subsidiary of Sri
Adhikari Brothers Television Network Ltd (SABTNL). It broadcasts
four channels including those through its wholly owned
subsidiaries, UBJ, MPCR, and HHP. It is currently operating a
free-to-air (FTA) general entertainment channel (GEC), Mastii, in
Hindi. The channel commenced commercial operations in 2010.

UBJ, incorporated in 2009, is currently operating an FTA regional
GEC, Dhamaal, in Hindi in Madhya Pradesh, Chhattisgarh,
Rajasthan, and Gujarat. The channel commenced commercial
operations in 2011-12 (refers to financial year, April 1 to March
31). MPCR, incorporated in 2009, is currently operating an FTA
regional GEC, MaiBoli, in Marathi in Maharashtra. The channel
commenced commercial operations in 2011-12. HHP, incorporated in
2009, is currently operating an FTA regional GEC, Dabangg, in
Hindi in Uttar Pradesh, Bihar, Jharkhand, and Uttaranchal. The
channel commenced commercial operations in 2011-12.


VIJAY KAMAL: ICRA Withdraws 'B' Rating on INR70cr Bank Loan
-----------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR70.00
crore proposed bank limit of Vijay Kamal Properties Private
Limited, as the company has not availed the proposed bank
facility. There is no amount outstanding against the rated
instrument.

Vijay Kamal Properties Pvt Ltd was incorporated on February 16,
2000 with the main objective of undertaking real estate
development in and around Mumbai. The company is a part of the
Mumbai-based Ravi Group which was founded by Mr. Tokarshi S. Shah
over four decades ago. The promoter group specializes in
rehabilitation and redevelopment projects. The group has
completed over 40+ projects having total saleable area of 5.5
million sq. ft. in an around Mumbai.



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


TAKATA CORP: Up to 30 Potential Investors Show Initial Interest
---------------------------------------------------------------
Naomi Tajitsu and Maki Shiraki of Reuters report that as many as
30 potential investors have indicated initial interest in
providing financial support for embattled Japanese air bag maker
Takata Corp, two people briefed on the talks said.

About half of those communicating their interest to Takata's
newly appointed restructuring adviser are from the auto industry,
one of the sources told Reuters. At least one private equity
investor has already expressed interest in offering financial
support to the auto parts supplier, Reuters says.

According to Reuters, the identities of the potential investors
were not immediately known and it was not clear how many of them
were serious about making an investment in Takata.

Takata and Lazard (LAZ.N), the investment bank overseeing the
search for a financial sponsor for Takata, declined to comment,
Reuters notes.

Reuters says Takata is seeking financial support as it faces
mounting liabilities related to a massive global recall of its
potentially faulty air bag inflators, which can explode with
excessive force and spray metal shrapnel into vehicle
compartments. The defect has been linked to 13 deaths and around
100 injuries globally, mainly in the United States.

Reuters relates that the company has said it would consider a
drastic review of its inflator division as well as the sale of
non-core businesses as part of its restructuring efforts, after a
handful of automakers, including Takata's biggest client Honda
Motor Co, said they would stop using Takata inflators for new
models.

Valient Market Research has forecast the supplier's global share
of the inflator market will sink to around 5 percent by 2020,
from 22 percent in 2015, according to Reuters. The company's
other businesses, including seat belt and steering wheel
manufacturing, may remain profitable operations, it has said.

Other people with knowledge of the discussions said the committee
overseeing a resolution to Takata's financial and operational
issues anticipates an agreement between the auto parts supplier,
a financial sponsor and automaker customers may be reached by
November, Reuters states.

Potential investors that have already expressed interest in the
company include private equity fund KKR (KKR.N) and Chinese auto
supplier Ningbo Joyson Electronic Corp, Reuters adds.

Reuters reports that Takata CEO Shigehisa Takada has offered to
resign once an agreement is reached over a financial rescue for
the company, one of the sources said.

The report says fifty-year-old Takada, the grandson of the
company's founder, has been widely criticized for keeping a low
profile even as the air bag crisis escalated in past years, while
Takata has been accused of mishandling and manipulating safety
data.

The company has been under pressure for delays over identifying
and replacing air bag inflators. Since recalls began in 2008,
more than 100 million inflators are slated to be withdrawn
worldwide by the end of 2019, and new recalls are being announced
on a near-weekly basis, Reuters discloses.

To date, automakers that use air bags from Takata, one of three
major global suppliers, have paid for the cost of the recalls as
Takata and the automakers are yet to arrive at a consensus on
what is the root cause of the fault with its air bag inflators,
notes Reuters.

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



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


DAEWOO SHIPBUILDING: Prosecution to Uncover More Accounting Fraud
-----------------------------------------------------------------
Yonhap News Agency reports that prosecution investors believe
they have found evidence of additional accounting fraud at
Daewoo Shipbuilding & Marine Engineering Co., informed sources
said June 19, that, if confirmed, will point to more pervasive
and prolonged illegal activities by the troubled company than
previously thought.

According to the report, sources, who spoke on condition of
anonymity, said the prosecution have found evidence of accounting
fraud worth trillions of won between 2006 and 2014.

Such a report follows the recent outcome of an audit by the state
watchdog that concluded the ailing shipbuilder had rigged its
books to hide up to KRW1.5 trillion (US$1.28 billion) in losses
between 2013 and 2014, according to the report.

Yonhap relates that the outcome of the probe by the Board of
Audit and Inspection was based on an analysis of orders for 40
offshore plants won by the South Korean shipyard over the cited
period.

The ongoing prosecution investigation, on the other hand,
evaluated all 500-odd orders clenched by Daewoo Shipbuilding
since 2006, according to the sources, Yonhap relays.

Yonhap relates that additional findings by the prosecution also
indicate that the company should have reflected a KRW2-trillion
loss in its books in 2013-2014, instead of KRW1.5 trillion cited
by the state watchdog, they added.

According to Yonhap, losses from the cited period reportedly
remained hidden and snowballing until last year when the company
reported an annual operating loss of KRW5.5 trillion in an
apparent one-time write-off known as a big bath.

Yonhap notes that the company, along with two other major
shipbuilders here, are currently undergoing self debt-
restructuring plans.

The three shipbuilders, including Hyundai Heavy Industries and
Samsung Heavy Industries, reported a combined loss of
KRW7.7 trillion in 2015 alone, Yonhap discloses.

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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