TCRAP_Public/160621.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

            Tuesday, June 21, 2016, Vol. 19, No. 121


                            Headlines


A U S T R A L I A

APN NEWS: Fitch Affirms 'BB-' IDR; Outlook Stable
BLACKWATER MINE: Needs Community Support to Stay in Business
BUSY BROS: First Creditors' Meeting Set For June 28
MOVIDEO PTY: First Creditors' Meeting Set For June 28
ROCK SOLID: First Creditors' Meeting Set For June 27

SAMWISE PTY: First Creditors' Meeting Set For June 28
UGLII GROUP: ASIC Applies to Appoint Provisional Liquidators
VIRGIN AUSTRALIA: Moody's Confirms B2 CFR; Outlook Negative


C H I N A

HUA HAN: Moody's Assigns Ba3 Rating to $150MM 3-Yr. Notes
RENHE COMMERCIAL: S&P Puts 'CCC-' CCR on CreditWatch Positive


H O N G  K O N G

MCE FINANCE: Moody's Retains Ba3 CFR on Plan to Demerge Melco


I N D I A

4TH APPLE: CRISIL Upgrades Rating on INR120MM LT Loan to B+
A V IMPEX: Ind-Ra Assigns B+ Long-Term Issuer Rating
ADRUSTAM MOTORS: ICRA Suspends 'B' Rating on INR5.0cr Loan
AERCON INDIA: CRISIL Suspends B+ Rating on INR49.1MM LT Loan
APRICOT TILES: CRISIL Suspends B Rating on INR68MM Term Loan

AROMA BIOTECH: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
ASCENT NETWORKS: Ind-Ra Assigns B+ Long-Term Issuer Rating
BASANT TEXFAB: CRISIL Suspends B- Rating on INR98.1MM Term Loan
BKR HOTELS: CRISIL Suspends 'D' Rating on INR143MM LT Loan
CHAMUNDA NANDIKESHWAR: CARE Assigns B+ Rating to INR5.0cr LT Loan

CHEM STAR: CRISIL Downgrades Rating on INR50MM Cash Loan to D
CKS MEDICARE: CARE Assigns B+ Rating to INR33.5cr LT Loan
CONCORDE DESIGNS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
DIVINE CHEM: CARE Assigns B+ Rating to INR7.95cr Long Term Loan
DNS STONES: Ind-Ra Suspends B+ Long-Term Issuer Rating

DR. SHAJIS: CRISIL Lowers Rating on INR70MM Loan to D
EASTSTAR MANUFACTURING: CARE Assigns B+ Rating to INR6.5cr Loan
G V PARIVAAR: CRISIL Assigns B+ Rating to INR72.5MM Cash Loan
GOLDEN FOOD: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
HYDROBATHS RAMCO: ICRA Lowers Rating on INR9.25cr Loan to D

IB COMMERCIAL: CRISIL Cuts Rating on INR578.4MM Demand Loan to D
IMPRESARIO ENTERTAINMENT: CARE Rates INR11.09cr LT Loan at B-
INDONA INDUSTRIES: CARE Reaffirms 'B' Rating on INR3.24cr LT Loan
ISHWAR GINNING: CARE Assigns B+ Rating to INR12cr Long Term Loan
JAMUNA INFRAPROJECTS: CRISIL Suspends B Rating on INR50MM Loan

LORENZO VITRIFIED: CRISIL Suspends B Rating on INR220MM Loan
M G F MOTORS: CRISIL Reaffirms B- Rating on INR315MM Loan
OM SHAKTI: ICRA Suspends B+ Rating on INR11cr Fund Based Loan
ORIENTAL METAL: CRISIL Reaffirms B+ Rating on INR55.5MM Loan
PERIYAR AGRO: CRISIL Suspends B+ Rating on INR10MM Loan

POWERCON CEMENT: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
PRASAD MULTI: ICRA Assigns 'C' Rating to INR7.05cr Term Loan
R. R. AND COMPANY: CARE Assigns B+ Rating to INR5.7cr LT Loan
RAJESHWAR WEAVING: CARE Lowers Rating on INR15cr Loan to D
ROLTA INDIA: Bondholders Form Group to Negotiate Restructuring

ROLTA INDIA: Fitch Retains IDR at Restricted Default
SAM INDUSTRIAL: CARE Assigns B+ Rating to INR7.5cr LT Loan
SARAVANA BUILDWELL: ICRA Lowers Rating on INR10cr Term Loan to D
SERVOCONTROLS: ICRA Reaffirms B+ Rating on INR5cr Loan
SHANTI ISPAT: Ind-Ra Suspends B+ Long-Term Issuer Rating

SHIV MARINE: CARE Reaffirms B+/A4 Rating on INR7cr Loan
SKV INFRATECH: CARE Assigns B+ Rating to INR3.5cr LT Loan
SRI SAI CREATIONS: CRISIL Suspends B+ Rating on INR49MM Loan
SRI SHIVA: ICRA Suspends B+ Rating on INR6.28cr Loan
STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan

SUNLARGE INDUSTRIES: CRISIL Assigns B- Rating to INR112MM Loan
SUNSHINE EXPORTS: ICRA Lowers Rating on INR6.0cr ST Loan to 'D'
SURYA PLASTICS: CARE Assigns B+ Rating to INR9cr Long Term Loan
T B S MINES: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
TATA POWER: Moody's Revises Outlook on Ba3 CFR to Negative

TEJRAJ REALTORS: CRISIL Suspends B+ Rating on INR200MM Loan
TOLARAM SURENDRA: CARE Assigns B+ Rating to INR6cr LT Loan
UPPAL FERROCAST: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
VIVO MOBILE: Ind-Ra Assigns IND BB Long-Term Issuer Rating


P H I L I P P I N E S

NEW RURAL BANK: Placed Under PDIC Receivership


S O U T H  K O R E A

HANJIN SHIPPING: KIS Downgrades Credit Rating to 'CCC'
HANJIN SHIPPING: Court Rejects Arrest Warrant Bid for Ex-Chief
KOREAN AIR: Keen to Secure Cash to Handle Maturing Debt


X X X X X X X X

* BOND PRICING: For the Week June 13 to June 17, 2016


                            - - - - -


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


APN NEWS: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed APN News & Media Limited's Long-Term
Foreign-Currency Issuer Default Rating at 'BB-'.  The Outlook is
Stable.  At the same time, Fitch has withdrawn the rating of APN
for commercial reasons.  Following the company's equity raising
and approval of the group's demerger, APN does not need to
maintain a credit rating.  The rating is not a key input into
other ratings.

The affirmation follows the approval to demerge the company's New
Zealand businesses and the successful equity-raising of AUD180
mil. in June 2016, which will be used to reduce leverage.

On a pro-forma basis, APN-calculated net-debt/EBITDA at Dec. 31,
2015, would have been 1.8x, within the range of its target
capital structure for the demerged business of 2.0x or lower.  On
a pro-forma basis, APN's FFO-adjusted net leverage would have
been 3.2x, compared with the reported results of 4.8x (2014:
4.4x).

                        KEY RATING DRIVERS

Geographical Concentration Constrains Rating: The demerger of the
New Zealand businesses diminishes APN's geographical
diversification, with its core markets now Australia and, to a
lesser extent, Hong Kong.  Despite its strong radio network in
Australia, the relative lack of diversification constrains APN's
IDR at 'BB-'.

Improving Leverage: APN improved its FFO-adjusted net leverage to
3.2x on a pro-forma basis by end-2015 by using the proceeds from
its AUD180m equity issue to pay down debt.  This compares with
the reported result of 4.8x.  APN met its internal net-
debt/EBITDA target of 2.0x or lower for the demerged business at
1.8x on a pro-forma basis at end-2015.  Fitch expects FFO-
adjusted net leverage to improve until 2019, as capex
requirements and interest expenses decline and Adshel's, APN's
digital outdoor advertising and out-of-home media company,
financial performance improves. This is despite a higher tax
expense from 2016 and the recommencement of dividend payments in
2017.

Australian Radio Network Underpins Growth Opportunities: APN has
the maximum two radio licences allowed in each of the five
Australian-mainland capital cities and is the second-largest
commercial radio operator in Australia by overall market share.
The company aims to take advantage of its reach to promote
national advertising opportunities.  While APN has successfully
built high-rating programmes in each major city, the Australian
radio market is becoming increasingly competitive, representing a
risk to the company's strongest business.

Leading Position; Unique Assets: The rating reflects APN's strong
radio and publishing brands in Australia, which should enable the
company to maintain its market position.  The rating also
reflects APN's unique asset combination and its ability to offer
cross-platform advertising over its publishing, radio, outdoor
and digital assets.  Higher earnings and cash flow visibility
from its radio network helps mitigate the structurally weaker
publishing businesses.

Resilient Radio Networks: Fitch expects APN's radio business to
remain less vulnerable to the growing popularity of alternative
media platforms, such as the internet, and therefore continue to
exhibit greater resilience in revenues.  The company's rebranding
and talent recruitment has successfully gained audience and
revenue market share.  Radio has historically been a more
defensive medium than newspapers and other advertising platforms.
Further, advertising revenue for commercial radio broadcasters is
more resilient to fluctuations in global and national advertising
budgets, as local advertising sales dominate radio advertising
revenue.

Print Faces Structural Challenges: The rating reflects ongoing
structural challenges confronting APN's publishing business.  The
company has a strong position in the Australian regional
newspaper market, but Fitch expects its publishing business to
remain under pressure due to continued migration of advertising
expenditure to digital platforms and the associated media
fragmentation.

Steady Cash Generation: APN's radio and print businesses are cash
generative with low capex requirements.  Fitch expects the
company to continue generating steady FCF from 2016 to 2019, with
an FCF margin above 6%, despite the challenges in its print
business and the expected recommencement of dividend payments in
2017.

Potential of Sale of Australian Regional Media: APN flagged the
potential sale of its Australian print business in 2016.  Despite
the business's structural challenges, the resulting concentration
of APN's business in Australian radio would likely constrain its
rating at 'BB-', even if the proceeds were used to pay down debt.

Sufficient Liquidity: Fitch expects APN to have strong liquidity
in 2016 and 2017, following the pay-down of debt using proceeds
from the equity issue.  APN intends to lower its committed bank
facility limits to AUD360 mil. after the demerger is completed,
of which AUD152.3 mil. would have remained undrawn at end-2015 on
a pro-forma basis.

KEY ASSUMPTIONS

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

   -- total revenue to be affected by Australia's declining
      publishing sector and the transition of the outdoor
      business, offset by radio revenue growth, as APN
      consolidates the benefits of its national network.  Print
      revenues to experience pressure from 2016 to 2019,
      particularly over the next two years

   -- EBITDA margin to increase in 2016-2019, driven by rising
      revenue from the higher-margin radio business, increasing
      profits from Adshel and cost saving initiatives being
      implemented in the Australian print business

   -- capex to remain at around AUD10 mil. per year from 2016-
      2019

   -- cash dividends to recommence in 2016, with the first
      payment expected in 2017.  Fitch has assumed a 20% payout
      ratio in 2016, increasing to 60% until 2019.

RATING SENSITIVITIES
Rating Sensitivities are not applicable as the rating has been
withdrawn.


BLACKWATER MINE: Needs Community Support to Stay in Business
------------------------------------------------------------
Rebekah Yelland at CQNews reports that to save a community asset,
you need to support it. That is the appeal of Peter Lucas, the
administrator appointed by the Blackwater Mine Workers Club
recently.

"The Board resolved to appoint administrators on May 30,
concluding that the company was insolvent or likely to become
insolvent," the report quotes Mr. Lucas as saying.  "As a general
comment, from discussions with board members and with staff and
members of the community since our appointment, it had suffered
reduced revenues as a result of the general downturn affecting
the coal industry in Blackwater."

According to CQNews, Mr. Lucas has been involved in numerous club
administrations over the past 20 years with some clubs still
trading successfully.

"Our aim is to work with the staff to return the club to
profitability," Mr. Lucas, as cited by CQNews, said.  "This can
be achieved through improved internal controls, watching expenses
closely, improved promotions, the enthusiasm of the staff, to
date they have been fantastic, and community support."

CQNews relates that since the appointment of administrators, the
two clubs have remained operating and Mr. Lucas said he had
liaised with staff and members to advise them of developments and
ask their assistance in seeing the club return to profitable
trading.

"To date, the club has lacked revenue due to poor bar and gaming
sales," CQNews quotes Mr. Lucas as saying. "In the meantime, I am
working with the board to see a proposal put to creditors called
a Deed of Company Arrangement.

"It is hoped that this gives a better return to creditors than
the alternative, being Liquidation and closure.

"I expect creditors to vote on the position sometime in July."

CQNews adds that there is hope for the club to turn around but
Mr. Lucas warned it would only happen if community engagement
occurred.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Blackwater Mine Workers' Club Limited, trading
as Blackwater Workers' Club and Also Trading As Blackwater
Country Club, on May 30, 2016.


BUSY BROS: First Creditors' Meeting Set For June 28
---------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed
administrator of Busy Bros Pty Ltd on June 20, 2016.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington street, in Nedlands, on June 28, 2016, at
10:30 a.m.


MOVIDEO PTY: First Creditors' Meeting Set For June 28
-----------------------------------------------------
Richard Rohrt of Hamilton Murphy was appointed as administrator
of Movideo Pty Ltd on June 16, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practising Accountants, 237 Swan
Street, in Richmond, on June 28, 2016, at 10:30 a.m.


ROCK SOLID: First Creditors' Meeting Set For June 27
----------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Rock Solid Civil And Construction Pty Ltd on
June 15, 2016.

A first meeting of the creditors of the Company will be held at
the Banqueting Room within the Adelaide Town Hall, 128 King
William Street, in Adelaide, on June 27, 2016, at 11:00 a.m.


SAMWISE PTY: First Creditors' Meeting Set For June 28
-----------------------------------------------------
Leigh Deveron Prior and Michael Oscar Basedow of Pitcher Partners
were appointed as administrators of Samwise Pty Ltd, trading as
Bills Motorcycles, on June 16, 2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 1, 100 Hutt Street, in Adelaide, on
June 28, 2016, at 10:00 a.m.


UGLII GROUP: ASIC Applies to Appoint Provisional Liquidators
------------------------------------------------------------
Australian Securities and Investment Commission has applied to
the Federal Court of Australia for the appointment of provisional
liquidators to six companies within the Uglii Group, namely:

     * Uglii Corporation Limited (ACN 085 265 309);
     * Traralgon Technology Holdings Limited (ACN 130 403 520);
     * Uglii Find Australia Limited (ACN 101 790 505);
     * BizMio Limited (ACN 123 172 412);
     * Projects Discovery Services Pty Ltd (ACN 112 690 347); and
     * Uglii Ads System Pty Ltd (ACN 604 405 263)

In particular, ASIC:

    -- alleges that the companies have been involved in multiple
       contraventions of corporations legislation and are not
       complying with their obligations under that legislation;
       and

    -- is concerned that the companies are not being properly
       managed and are insolvent or likely to become insolvent.

ASIC seeks from the Court:

    * the appointment of Ms Robyn Erskine and Mr Adrian Hunter of
      Brooke Bird as provisional liquidators of the companies;
      and

    * orders requiring the provisional liquidators to provide a
      detailed report to the Court that sets out, among other
      things, the financial position of each of the companies so
      the Court can consider at a later date whether it ought to
      make orders to wind up the companies.

ASIC's application has been listed for hearing in the Federal
Court of Australia at Melbourne on 1 July 2016 at 9.30am.

ASIC's investigation into the activities of the companies is
continuing.

Investors and shareholders in the defendants named in ASIC's
proceedings should check our dedicated Uglii Group webpage for
more information.

Uglii Corporation Limited is an information technology
development company that is based in Traralgon, Victoria. Uglii
is an unlisted public company with approximately 2,500
shareholders.


VIRGIN AUSTRALIA: Moody's Confirms B2 CFR; Outlook Negative
-----------------------------------------------------------
Moody's Investors Service has confirmed the B2 corporate family
rating and B3 senior unsecured rating of Virgin Australia
Holdings Limited.  The outlook on the ratings is negative.

Moody's also confirmed the ratings assigned to the company's
Enhanced Equipment Notes, Virgin Australia 2013-1A Trust's Baa1
rating, Virgin Australia 2013-1B Trust's Ba2 rating, Virgin
Australia 2013-1C Trust's B1 rating and Virgin Australia 2013-1D
Trust's B3 rating, of the Series 2013-1 ("EENs").  The rating
confirmations reflect Moody's belief that the 22 aircraft serving
as collateral will remain important to the airline over the life
of the deal, which has a scheduled maturity of Oct. 23, 2023.
The outlook on the ratings is negative.

The rating action concludes the review for downgrade initiated on
April 4, 2016, and follows the company's announcement of a
proposed fully-underwritten equity raising of AUD852 million as
the outcome of its capital structure review.

                         RATINGS RATIONALE

"The confirmation of Virgin Australia's ratings reflects our
expectation that its debt/EBITDA (Moody's-adjusted) and liquidity
profile will improve following the proposed equity raising," says
Ian Chitterer, a Moody's Vice President and Senior Analyst.

On June 15, Virgin Australia announced the equity raising as the
outcome of its capital structure review, initiated on March 21,
to strengthen its balance sheet and liquidity position.  The
majority of the company's existing and recently announced
(pending approval) major shareholders -- Singapore Airlines
(unrated), HNA Innovations (unrated), Virgin Group (unrated) and
Nanshan Group (unrated) -- have made a binding agreement to take
up their pro-rata entitlements for the equity raising.  Etihad
Airways PJSC (unrated) has not yet made any commitment, but will
continue to review its option to take up its pro-rata
entitlement.  Air New Zealand Limited (Baa2 stable), will
participate in the rights issue.

Virgin Australia will use the proceeds from the equity raising to
repay the - loan facility that it secured from its major
shareholders, pay down other debt facilities, and to support
efficiency and growth initiatives.

"The rating confirmation also reflects the improved clarity
around Virgin's future ownership structure after the recent
changes in the key shareholders," adds Chitterer.

Moody's expects debt/EBITDA to be around 6.0x for the year ending
June 30, 2016, on a pro forma basis, which is within the
parameters set for its B2 corporate family rating.

The negative outlook reflects the execution risks involved in the
announced operational and capital efficiency initiatives in a
challenging environment.  The outlook could revert to stable if
the operational performance and cash flow improve to a level
which will enable Virgin to maintain the credit metrics at the B2
level without further reliance on shareholder support.

The EENs originally financed 24 of the company's aircraft then
owned and operated by wholly-owned indirect subsidiaries of VA.
The aircraft were previously delivered new between August 2003
and August 2011.  The notes on the two Boeing B737-700 aircraft
in the transaction matured in 2015, leaving 22 aircraft in the
collateral.

Twenty-one of the 22 remaining aircraft are Boeing Company B737-
800s, the workhorse of the company's shorter haul fleet serving
routes within Australia and to and from New Zealand.  These
aircraft represent 29% of the current total 737-800 fleet of 73
aircraft.  Given the cross-default and cross-collateralization of
the transaction, Moody's believes the company would eliminate
other aircraft of this type should it seek to downsize the
network under a formal corporate reorganization.  The vintages of
the B737-800s in the transaction range from 2003 to 2010.  The
equipment notes that finance the older vintages will be paid off
in upcoming years, before the transaction's final scheduled
payment date.  The loan-to-values will remain steady as the debt
and aircraft value will step down with each aircraft that leaves
the transaction.

The remaining aircraft in the collateral is one of the company's
B777-300ERs.  Virgin uses this aircraft for its longest-haul
international routes.  It is one of five in the fleet.  Moody's
also expects this aircraft, which was delivered new in 2010 to
remain important to the network.

Moody's assigns ratings to EETCs and the EENs by adding or
subtracting notches to or from an airline's Corporate Family
rating, based on its opinions of the importance of the aircraft
collateral to the airline's network, whether there is a liquidity
facility, its estimates of the size of the equity cushion, and
each Classes' position in the waterfall.

WHAT COULD CHANGE THE RATINGS

Moody's would consider upgrading the corporate family rating to
B1 if it sees improved profitability and sustained positive free
cash flow, with debt reduction resulting in debt/EBITDA below
5.0x and EBIT/Interest above 2.0x.

Downward rating pressure could emerge if Virgin Australia is
unable to maintain its leverage below 6x, free cash flow remains
negative and/or if Moody's sees any evidence of shareholder
support diminishing.

METHODOLOGIES

The principal methodology used in rating Virgin Australia
Holdings Limited was Global Passenger Airlines published in May
2012.  The principal methodologies used in rating Virgin
Australia 2013-1A Trust, Virgin Australia 2013-1B Trust, Virgin
Australia 2013-1C Trust and Virgin Australia 2013-1D Trust were
Global Passenger Airlines published in May 2012, and Enhanced
Equipment Trust And Equipment Trust Certificates published in
December 2015.

Virgin Australia Holdings Limited headquartered in Brisbane, is
Australia's second largest airline following its launch in 2000
and listing on the Australian Securities Exchange in 2003.  As of
June 2015 it generated revenues of AUD4.7 billion and around
23.5 million revenue passengers including Tigerair Australia
(Tigerair).  VAH operates 157 aircraft, including the fleet of
Tigerair, its low cost carrier.



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C H I N A
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HUA HAN: Moody's Assigns Ba3 Rating to $150MM 3-Yr. Notes
---------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
the $150 million, 7%, 3-year notes due June 2019, and issued by
Hua Han Health Industry Holdings Limited (Ba3 stable).

The rating outlook is stable.

                         RATINGS RATIONALE

Moody's definitive rating on this debt obligation follows Hua
Han's completion of its US Dollar-denominated note issuance, the
final terms and conditions of which are consistent with Moody's
expectations.

The provisional rating was assigned on June 13, 2016, and Moody's
rating rationale was set out in a press release published on the
same day.

The proceeds from the issuance will be used to support the
rollout of Hua Han's expansion of its hospital management plan --
including the construction of its owned hospitals -- and for
other general corporate purposes.

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

Listed on the Hong Kong Stock Exchange in 2002, Hua Han Health
Industry Holdings Limited manufactures and distributes
traditional Chinese medicines and bio-pharmaceutical medicines,
and provides hospital services in China.  Annual revenues for
fiscal year ended June 30, 2015, amounted to HKD1.8 billion
(USD235 million).


RENHE COMMERCIAL: S&P Puts 'CCC-' CCR on CreditWatch Positive
-------------------------------------------------------------
S&P Global Ratings said that it had placed its 'CCC-' long-term
corporate credit rating and its 'cnCCC-' long-term Greater China
regional scale rating on Renhe Commercial Holdings Co. Ltd. on
CreditWatch with positive implications.  Renhe is an underground
mall operator in China.

"The CreditWatch reflects our expectation that Renhe's leverage
and liquidity position could substantially improve once the
company completes its planned asset disposals and uses the
proceeds to repay debt," said S&P Global Ratings credit analyst
Dennis Lee.

The rating continues to reflect Renhe's high liquidity
deficiency, given its substantial short-term borrowings, limited
cash balance, and weak operating performance.

On May 18, 2016, Renhe passed a resolution to sell its
underground malls to its largest shareholder for a total
consideration of
US$1 billion.  The company expects to receive the sales proceeds
before the end of June.  Upon the completion of the transaction,
Renhe will be able to repay its outstanding offshore borrowings
of about Chinese renminbi (RMB) 5 billion.

Once the sale is completed and outstanding debt repaid, Renhe
will have RMB1.5 billion - RMB2.0 billion of cash and no debt.
The remaining agricultural business is also cash-generative.  In
2015, this segment generated RMB386 million of revenue.  S&P
forecasts that revenue from this segment will double in 2016
because the segment only contributed five months of operating
performance in 2015.  Renhe provides physical locations for
agricultural vendors to exchange goods and charges a certain
percentage of the transaction volume as commission.  The company
also charges rental and service fees from vendors.

Nevertheless, S&P anticipates that Renhe may face challenges in
running the new business model.  The existing management team has
limited experience in agricultural services.  Management also
demonstrated weak financial management, and deficiency in
execution and strategic planning while operating the underground
mall business.  The poor execution and credit history may hurt
Renhe's financing capabilities in the future.

Renhe will no longer operate in the underground mall business
once the assets are disposed, and will focus on the agricultural
services business, which it acquired in 2015.  S&P therefore may
need to reassess the new business structure because the revenue
source will change.

S&P aims to resolve the CreditWatch in the next three months
after Renhe completes the transaction and repays its outstanding
debt. After the transaction, the company will no longer operate
in underground mall development but will focus on running
agricultural trading centers in China.

S&P may affirm the rating or downgrade Renhe to 'CC' if:

   -- the transaction is not completed as planned.  Under such a
      scenario, S&P estimates that the company will be unable to
      fulfill its debt obligations, most of which are due within
      2016; or

   -- the transaction is completed but Renhe fails to repay its
      debt.

S&P may lower the rating to 'SD' or 'D' if the transaction is not
completed as planned and lenders accelerate repayment of Renhe's
bank borrowings because of a covenant breach.  This could result
in triggering a cross-default on Renhe's other borrowings, which
S&P believes the company does not have sufficient resources to
repay.

S&P may upgrade Renhe out of the 'CCC' category if the
transaction is completed and the company repays all its
outstanding debt and has sufficient liquidity remaining.



================
H O N G  K O N G
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MCE FINANCE: Moody's Retains Ba3 CFR on Plan to Demerge Melco
-------------------------------------------------------------
Moody's Investors Service says that Crown Resorts Limited's
(Baa2, review for downgrade) plan to demerge Melco Crown
Entertainment Limited (unrated) -- the parent of MCE Finance
Limited (Ba3 stable) -- has no immediate impact on MCE Finance's
Ba3 corporate family rating and Ba3 senior unsecured rating, as
well as the stable ratings outlook.

On June 15, 2016, Crown Resorts announced its restructuring plan,
which involves a demerger of its international investments to
create a new and separately-listed company.

As a result, Crown Resorts would transfer its 27.4% interest in
Melco Crown Entertainment to this new entity and no longer be a
shareholder of Melco Crown Entertainment.

"We believe Crown Resorts' restructuring, if it materializes,
will not have material impact on MCE Finance's credit profile,"
says Kaven Tsang, a Moody's Vice President and Senior Credit
Officer.

"MCE Finance has adequate liquidity, which mitigates the risk of
a potential redemption of the company's USD1 billion bonds as a
result of the restructuring," adds Tsang.

Moody's notes that Crown Resorts' proposed restructuring could
trigger the Change of Control Clause in MCE Finance's USD1
billion bonds due 2021.

In such an event, and if there is a ratings decline within six
months after the occurrence of the Change of Control event, MCE
Finance will have to offer to buy back the bonds at 101% the
principal amount plus accrued and unpaid interest.

However, this potential redemption would not have a material
impact on the company's liquidity, which is underpinned by its
unused committed credit facilities of USD1.25 billion and cash
holdings.

MCE Finance's cash holdings would have fallen from about
USD1.3 billion at end-March 2016 because of a share buyback of
USD800 million announced in May 2016, of which about USD600
million will be funded by MCE Finance.  However, Moody's expects
its cash holdings will remain sizeable at end-June 2016.

In addition, Moody's expects MCE Finance to continue to generate
positive free cash flow, supported by an estimated annual EBITDA
of around USD700-USD800 million from City of Dreams -- its
flagship gaming property in Macao (Aa3 negative) -- as well as
moderate amount of capital expenditure.

Moody's also expects MCE Finance to maintain its current
financial management practices and dividend policy.

However, the ratings could be under pressure if there are signs
that the company is adopting more aggressive financial and
dividend policies.

The principal methodology used in these ratings was Global Gaming
Industry published in June 2014.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited.  Currently, the Hong Kong-listed Melco International
Development Ltd (unrated) is the largest shareholder of Melco
Crown Entertainment holding a 37.9% stake, followed by the
Australian-based gaming operator, Crown Resorts Limited's equity
stake at 27.4%.



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


4TH APPLE: CRISIL Upgrades Rating on INR120MM LT Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
4th Apple Developers (4AD) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      120       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')
   Term Loan               120       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in liquidity of the firm
supported by absence of term debt obligations and near completion
of its project. The project in Ghansoli, Navi Mumbai, is almost
completed and only about 10 per cent of the project cost is yet
to be incurred largely on the interiors; completion is expected
by June 2016. As the firm has repaid its entire term loan taken
for the project, there is no debt obligation in the near term.
Cash flow will be healthy on account of bookings already made and
there is limited cash outflow as there is no new project to be
taken up immediately. However, this exposes the firm to limited
revenue visibility over medium term.

The rating continues to reflect limited revenue visibility, and
exposure to cyclicality inherent in the Indian real estate
industry. These rating weaknesses are partially offset by the
extensive experience of the partners of the firm in the real
estate business.

Outlook: Stable
CRISIL believes 4AD will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash flows. Conversely, the outlook may be revised to
'Negative' in case of significantly lower-than-expected cash flow
from operations, either on account of subdued response to the
project or low advances.

4AD was started in April 2013 as a partnership firm. It develops
real estate and is currently undertaking a residential project,
4th Apple Oak Residency, at Ghansoli.


A V IMPEX: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------
India Ratings and Research has assigned AV Impex (AVI) a Long-
Term Issuer Rating of 'IND B+'.  The Outlook is Stable.  The
agency has also assigned AVI's INR65 mil. non-fund-based
facilities a Short-term 'IND A4' rating.

                         KEY RATING DRIVERS

The ratings reflect AVI's small scale of operations as well as
weak credit metrics.  According to FY16 provisional financials
the company's revenue was INR204 mil. (FY15: INR157 mil.;
FY14:71.14 mil.), net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 4.43x (3.16x, 2.93x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) was
1.38x (1.31x, 1.41x).

Its EBITDA margins improved to 6.9% in FY16 (FY15: 6.4%;
FY14:5.1%) due to a decline in the crude oil prices as plastic
raw materials are a derivative of crude oil.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue with an
improvement in the credit metrics could be positive for the
ratings.

Negative: A decline in the revenue leading to deterioration in
the overall credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2009, AVI is engaged in the trading of various
kinds of plastic raw materials such as low density polyethylene,
polyvinyl chloride, polypropylene, high density polyethylene and
linear low density polyethylene.


ADRUSTAM MOTORS: ICRA Suspends 'B' Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to INR5.00 crore fund
based facilities and INR0.50 crore unallocated limits of Adrustam
Motors Private Limited.  The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Adrustam Motors Private Limited was established in 2006. The
company is the exclusive authorized dealer of Piaggo vehicles in
Nellore district in AP. The company has four showrooms and one
workshop. Mr Visweshar Rao is the promoter of AMPL and has more
than 25 years of experience in the automobile industry.


AERCON INDIA: CRISIL Suspends B+ Rating on INR49.1MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aercon
India (AI).


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable
   Long Term Loan        49.1      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    30.9      CRISIL B+/Stable

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

AI was set up as partnership firm in the year 2012 by Mr Patil
and Mr Bhorniya. The firm is into manufacturing of AAC blocks.
The firm's manufacturing facility is located at Padadhari near
Rajkot, Gujarat.


APRICOT TILES: CRISIL Suspends B Rating on INR68MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Apricot Tiles India Private Limited (ATIPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        16       CRISIL A4
   Cash Credit           40       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     1       CRISIL B/Stable
   Term Loan             68       CRISIL B/Stable

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

ATIPL is a Morbi (Gujarat)-based company that was incorporated in
2014. The company is setting up a manufacturing facility for
manufacture of ceramic wall tiles. The promoters have more than a
decade of experience in the ceramic tiles industry. ATIPL is
expected to commence its commercial operations in April 2015.


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

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

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.

ABPL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR417 mil. long-term loan: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR130 mil. fund-based working capital limits: migrated to
      Long-term 'IND D (suspended)' from 'IND D'


ASCENT NETWORKS: Ind-Ra Assigns B+ Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ascent Networks
Private Limited (ANPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect ANPL's small scale of operations, weak credit
metrics and tight liquidity.  Provisional FY16 financials
indicate revenue of INR148 mil. (FY15: INR123 mil.).  In FY16,
its interest coverage (operating EBITDAR/gross interest expense)
was weak at 1.3x (FY15: 1.1x), financial leverage (total adjusted
debt/operating EBITDAR) was 4.1x (9.4x) and EBITDA margins were
6.5% (6.4%).

The ratings also factor in the company's tight liquidity, as
indicated by the 95% average utilization of its working capital
limits during the 12 months ended May 2016.

However, the ratings are supported by the promoters' experience
of more than two decades in the electronic systems integration
and installation business.

RATING SENSITIVITIES

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

Negative: A decline in the operating profitability, leading to
deterioration in credit metrics, could lead to a negative rating
action.

COMPANY PROFILE

Incorporated in 1992, ANPL primarily provides system-integrated
designs for electronics and installs products for data, voice,
sound and security applications.  ANPL is promoted by
Mr. Bishwambhar Dayal Bubna and Mr. Ajaykumar Bubna.

ANPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR70 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'
   -- INR2.5 mil. non-fund-based working capital limits: assigned
      'IND A4'
   -- Proposed INR4.5 mil. non-fund-based facilities: assigned
      'Provisional IND A4'


BASANT TEXFAB: CRISIL Suspends B- Rating on INR98.1MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Basant Texfab Private Limited (BTPL).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           30         CRISIL B-/Stable
   Inland/Import
   Letter of Credit       3         CRISIL A4

   Term Loan             98.1       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
BTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BTPL is yet to
provide adequate information to enable CRISIL to assess BTPL'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 1993, Basant Texfab Pvt Ltd (BTPL, formerly known
as Basant Share & Stock Broking Pvt Ltd) is promoted by Ahmedabad
based Mr. Pawan Jalan, Mr. Amit Bindal and Mr. Naveen Sarogi.
BTPL is currently engaged in the weaving of cotton fabric from
yarn.


BKR HOTELS: CRISIL Suspends 'D' Rating on INR143MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
BKR Hotels (Part of the BKR group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit/
   Overdraft facility     5        CRISIL D
   Long Term Loan       143        CRISIL D
   Proposed Long Term
   Bank Loan Facility    52        CRISIL D

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

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

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


CHAMUNDA NANDIKESHWAR: CARE Assigns B+ Rating to INR5.0cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Chamunda Nandikeshwar Mining.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned
   Short-term Bank Facilities      2        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Chamunda
Nandikeshwar Mining (CNM) are primarily constrained on account
of its financial risk profile marked by moderate profitability,
leveraged capital structure, moderate debt coverage indicators
and moderate liquidity position during FY16 (Prov.) (refers to
the period April 1 to March 31). The ratings are further
constrained by customer concentration risk and its partnership
nature of constitution.

The above constraints far offset the benefits derived from the
experience of the promoters along with increasing scale of
operations with healthy work order book.

The ability of CNM to increase its scale of operations with
improvement in profitability, capital structure and better
working capital management are the key rating sensitivities.

Vadodara-based (Gujarat) CNM is a partnership firm established in
2013 by Mr Jitendrasing Rana and Mr Randipsing Jamwal with an
objective of providing earthwork operations such as coal
overburden, loading and unloading, excavation, mining, quarrying,
drilling and blasting, foundation works, spillway works, etc, at
Dhanbad. CNM does the sub-contracting work related to earth work
for Saakar Infra Nirman Private Limited (SINPL - is service
provider for mining operations).

CNM receives work orders from SINPL for the activities like mines
overburden, coal and lignite resources, providing road logistics
supply services.

During FY16 (Provisional), CNM reported a PAT of INR1.31 crore on
a total operating income (TOI) of INR44.65 crore as against a PAT
of INR0.11 crore on a TOI of INR5.50 crore during FY15 (Audited).


CHEM STAR: CRISIL Downgrades Rating on INR50MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Chem Star International Private Limited (CIPL) to 'CRISIL D'
from 'CRISIL B+/Stable'.


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

The rating downgrade reflects overdrawn working capital
facilities for more than 30 days owing to weak liquidity.

The company has a modest scale of operations, customer
concentration in its revenue profile, and a below-average
financial risk profile because of a small net worth. However, it
benefits from the extensive experience of its promoters in the
shrimp-trading business.

CIPL, set up in 2011 and promoted by Mr. Shaik Mahaboob and his
family members, trades in shrimp.


CKS MEDICARE: CARE Assigns B+ Rating to INR33.5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of CKS
Medicare Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     33.50      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of CKS Medicare
Private Limited (CKS) is primarily constrained on account of
implementation risk associated with its debt-funded greenfield
project to set up a multi super speciality hospital and its
presence in the highly competitive and regulated hospital
industry.

The rating, however, continues to derive strength from highly
experienced and well qualified promoters with presence of
associate concerns in the same line of business. The rating,
further, derives strength from proposed wide range of medical
care services provided by hospital.

The ability of the company to complete the project within the
envisaged cost and time parameters shall be the key rating
sensitivities.

Jaipur (Rajasthan) based CKS was incorporated in the year April,
2011, by Dr. Prakash Chandwani, Dr. Rajendra Prasad Khetan and
Mr. Subhash Singhvi with an objective to set up a multi super-
specialty hospital. Earlier, CKS was originally incorporated in
the name of J.S. Hardware Industries Private Limited in 1980 with
an objective to start operations in manufacturing of hardware
products.

The hospital will provide various medical specialties viz.
Cardiology, Urology, Nephrology and Neurology. CKS will consists
of 197 beds which includes 2 beds in suite room, 29 beds in
deluxe room, 60 beds in a private rooms, 50 beds in Intensive-
Care Units (ICU), 26 beds in General ward and 6 in triage. The
hospital is proposed to have nine floors and basement having a
total built-up area of 3113.35 sq meters. The company has
envisaged total project cost of INR57.72 crore to be funded
equity share capital of INR8 crore, term loan of INR33.50 crore
and remaining INR16.22 crore through unsecured loans. The project
is envisaged to be completed by January, 2017.


CONCORDE DESIGNS: CRISIL Assigns B+ Rating to INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Concorde Designs Private Limited (CDPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        20        CRISIL A4
   Cash Credit          100        CRISIL B+/Stable

The ratings reflect the company's below-average financial risk
profile because of small net worth, constrained capital
structure, and subdued debt protection metrics, albeit partly
supported by substantial fund support from promoter by way of
unsecured loans. The ratings also factor in modest scale of
operations and large working capital requirement. These
weaknesses are partially offset by extensive experience of the
company's promoter in the interiors space, and its established
track record and reputed clientele.

For arriving at the ratings, CRISIL has treated CDPL's unsecured
loans of INR83.5 million from its promoter as neither debt nor
equity as the loans are expected to remain in business during the
tenure of bank debt.

Outlook: Stable
CRISIL believes CDPL 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 substantial and
sustained increase in revenue and profitability, leading to
higher cash accrual and improvement in financial risk profile.
The outlook may be revised to 'Negative' in case of low accrual,
larger-than-expected working capital requirement, or
unanticipated capital expenditure, resulting in weakening of
financial risk profile, especially liquidity.

CDPL, incorporated in 2002, is promoted by Mr. Anvay Madhukar
Naik. It designs and constructs interior works for corporate
customers and provides architectural consulting.


DIVINE CHEM: CARE Assigns B+ Rating to INR7.95cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Divine
Chem Food.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.95      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Divine Chem Food
(DCM) is primarily constrained on account of stabilization
risk associated with its recently commissioned debt-funded
project for manufacturing of refined iodised as well as
noniodised
salt and its presence in the highly fragmented and competitive
salt industry. The rating is further, constrained on account of
its constitution as a partnership concern and vulnerability of
margins to fluctuation in raw material prices.

These weaknesses, however, partially offset due to experienced
management with presence of associate concerns in the same
industry and location advantage being situated nearby world's
largest salt lake.

The ability of the company to successfully stabilize its
operations and achieve envisaged level of Total Operating Income
(TOI) and profitability with efficient management of working
capital would be the key rating sensitivities.

Nawa-based (Rajasthan) DCF was formed as a partnership concern in
December, 2014 by Mr Saroj Kumar Chhabra, Mr Mahabir Prasad
Kachwal, Mr Dilip Agarwal, Mr Ashok Kumar Chotia and Mr Lalit
Kumar Sharma with equal profit sharing of 20% each. The firm was
formed with an objective to set up a green-field plant for
manufacturing of refined iodised as well as non-iodised salt and
dust salt. The project of the firm has been completed and started
commercial operations from November 2015. It has incurred total
project cost of INR8.60 crore towards the project which was
funded through the term loan of INR4 crore and the remaining from
partners in the form of capital as well as unsecured loans.

The plant of the firm has processing capacity of 172000 Metric
Tonnes Per Annum (MTPA) of salt. Furthermore, DCF is certified
with Food Safety Standards Authority of India (FSSAI). The firm
will market its product through 5 agents and 25 direct parties
under the brand name of "Tita", "Real Care", "Taal" mainly in
Uttar Pradesh, Haryana, Bihar and Rajasthan.

As per provisional results of FY16 (refers to the period April 1
to March 31), the firm has achieved turnover of INR3.46 crore.


DNS STONES: Ind-Ra Suspends B+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated DNS Stones
Private Limited's Long-Term Issuer Rating of 'IND B+' to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.  The
agency has also migrated DNS Stones' INR60.00 mil. fund-based
limits to 'IND B+(suspended)'/'IND A4(suspended)' from 'IND
B+'/'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 DNS Stones.

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.


DR. SHAJIS: CRISIL Lowers Rating on INR70MM Loan to D
-----------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Dr. Shajis Mri and Medical Research Centre Private Limited
(Shajis) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit       70       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Long Term Loan         55       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     10.8     CRISIL D (Downgraded from
    Bank Loan Facility             'CRISIL B/Stable')

The downgrade reflects instances of delay by Shajis in servicing
its term debt; the delays have been caused by Shajis's weak
liquidity marked by insufficient cash accruals vis-a-vis
repayment obligations.

Shajis is exposed to modest scale of operations, within limited
geographic reach and implementation risk related to its upcoming
new diagnostic centres. However, the company benefits from
extensive experience of its promoter in operating medical
diagnostic centres.

Set up in 1996, DSMMRC operates nine medical diagnostic centres
in Kerala. The centres offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerised radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses. The company's overall business
operations are managed by Dr. P C Shaji.


EASTSTAR MANUFACTURING: CARE Assigns B+ Rating to INR6.5cr Loan
---------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Eaststar Manufacturing Syndicate.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.50      CARE B+ Assigned
   Short term Bank Facilities     1.40      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Eaststar
Manufacturing Syndicate (EMS) are constrained by its modest scale
of operations with low net worth base and weak financial risk
profile characterised by low profitability margins and weak
solvency position. The ratings are further constrained by EMS's
presence in a highly fragmented industry characterised by
intense competition as well as rapid changes in the technology
segment leading to obsolescence risks and the constitution of the
entity being a partnership firm. The ratings, however, derive
strength from the experienced partners, moderate operating cycle
and well-established distribution network.

Going forward, the ability of the firm to profitably scale-up its
operations, improve the solvency position and efficiently manage
its working capital requirements would remain the key rating
sensitivities.

EMS was established as a partnership firm in April 2005 by Mr
Rajesh Kumar Garg, Mr Ashwini Kumar and Mr Sanjay Kumar as its
partners, sharing profit and loss equally. EMS is engaged in the
distribution of Samsung mobile phones & accessories, Samsung
electronic goods and Su-Kam batteries in Punjab. Income from
Samsung mobile phone and accessories contributed around 70% of
the total income in FY15 (refers to the period April 1 to March
31).

The firm procures the mobile phones & accessories from Unicom
India Private Limited (rated 'CARE BBB+/CARE A2+'), while the
Samsung electronics goods are procured from Unicom Electronics
Private Limited and Su-Kam batteries from North Urja Systems
Private Limited. Currently, EMS has a network of 160 dealers for
Samsung mobile phones, 80 dealers for Samsung electronics goods
and around 85 dealers for Su-kam batteries, mainly in Punjab.

The firm has two associate concerns, namely, M/s Krishna
Pharmaceuticals (KP) andM/s Kulwant Rai Mohan Lal (KML). KP
is a partnership firm engaged in distribution of drugs &
medicines since 2002, whereas KML is a partnership firm engaged
in the manufacturing of hosiery products since 1950.

In FY15, EMS has achieved a total operating income of INR56.30
crore with PAT of INR0.08 crore, as against the total operating
income of INR35.01 crore with PAT of INR0.04 crore in FY14.
During FY16 (Provisional), the firm achieved a total operating
income of INR70.52 crore.


G V PARIVAAR: CRISIL Assigns B+ Rating to INR72.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating on the short term bank
loan facility of G V Parivaar Retails Limited (GVPRL) while
reaffirming its rating on the long term bank loan facilities at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.0       CRISIL B+/Stable (Assigned)

   Cash Credit          72.5       CRISIL B+/Stable (Assigned)

The ratings continue to reflect its modest scale of operations
and weak financial risk profile with weak debt-protection
metrics. These weaknesses are partially offset by the extensive
industry experience of company promoters, and its established
market position as the sole distributor for Samsung India
Electronics Pvt Ltd (SIEPL) in Kumaon (Uttarakhand).

Outlook: Stable
CRISIL believes GVPRL will continue to benefit from the extensive
experience of its promoters in the electronics goods industry.
The outlook may be revised to 'Positive' if improvement in
revenue, profitability, and working capital management leads to a
considerable increase net cash accrual and hence to improved debt
protection measures. The outlook may be revised to 'Negative' if
a large debt-funded capital expenditure, or a significant
increase in working capital requirement or decline in revenue or
profitability weaken the financial risk profile, particularly
liquidity.

Incorporated in 2008 as a closely held public limited company,
GVRPL is promoted by Mr. Vimmal Sethi, Ms. Kanchan Sethi, and Ms.
Amita Sethi. It is an authorised distributor for Samsung
refrigerators, televisions, air conditioners, washing machines,
and microwave ovens and its daily operations are handled by Mr.
Vimmal Sethi, the managing director.


GOLDEN FOOD: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Golden Food
Products' (GFP) 'IND B' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B(suspended)' on the agency's website.

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

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.

GFP's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR100 mil. fund-based facilities: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
      from 'IND A4'
   -- Proposed INR20 mil. fund-based limits: migrated to Long-
      term 'Provisional IND B(suspended)' from Long-term
      'Provisional IND B' and Short-term 'Provisional IND
       A4(suspended)' from Short-term 'Provisional IND A4'


HYDROBATHS RAMCO: ICRA Lowers Rating on INR9.25cr Loan to D
-----------------------------------------------------------
ICRA has revised its long term rating to [ICRA]D on the INR10.43
crore1 fund based bank facilities and INR1.0 crore unallocated
limits of Hydrobaths Ramco Marketing Private Limited from
[ICRA]B. ICRA has also revised its short term rating of [ICRA]A4
on the INR2.50 crore non fund based bank facilities of HRMPL to
[ICRA]D.

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based limits        9.25        [ICRA]D; revised
   Term loan                1.18        [ICRA]D; revised
   Non fund based limits    2.50        [ICRA]D; revised
   Unallocated              1.00        [ICRA]D; revised

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

Going forward, track record of timely debt servicing will be the
key rating sensitivity.

Incorporated in 2009, HRMPL is involved in trading of products
like sanitary ware, faucets, tiles and others. The company
procures products from various manufactures in countries like
Thailand, Italy and China and sells in domestic markets under
brand names like Newform, Bravat, Cotto, Hydrobaths and others.


IB COMMERCIAL: CRISIL Cuts Rating on INR578.4MM Demand Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of IB Commercial Private Limited (IBCPL) to 'CRISIL D' from
'CRISIL B+/Stable'. The downgrade reflects delays in servicing
debt due to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      1.6       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Working Capital       578.4       CRISIL D (Downgraded from
   Demand Loan                       'CRISIL B+/Stable')

IBCPL also has a below-average financial risk profile because of
weak debt protection metrics, stretched liquidity amid large debt
obligation, and long working capital cycle. The rating also
factors in small scale of operations, exposure to intense
competition, and susceptibility to cyclicality in the ship-
breaking industry and to volatility in foreign exchange rates.
However, the company benefits from the extensive experience of
its promoters and their funding support.

Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka,
Mr. Abdul Karim Jaka, Mr. Sajid Jaka, and Mr. Salim Jaka, IBCPL
has stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.


IMPRESARIO ENTERTAINMENT: CARE Rates INR11.09cr LT Loan at B-
-------------------------------------------------------------
CARE assigns 'CARE B-' rating to bank facilities of Impresario
Entertainment And Hospitality Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.09      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Impresario
Entertainment & Hospitality Private Limited (IEHPL) is
constrained by consistent losses made in the last three years
ending FY15 (refers to the period April 1 to March 31), low net-
worth base of the company coupled with highly leveraged capital
structure and weak debt coverage indicators. Furthermore,
the rating is also constrained by its debt-funded expansion plan,
investments made in loss making group companies as well as
presence in the highly competitive restaurant business albeit
having favourable growth prospects.

The above constraints are partially offset by the strengths
derived from highly experienced promoters and management
team in the restaurant business, established brand name of
restaurants, geographically diversified presence coupled with
healthy growth in scale of operations.

Going forward, the ability of the company to continue to increase
its scale of operations along with improving profit margins
amidst intense competition, timely completion of capital
expenditure plans and revenue generation from new restaurants
along with providing exit route to the investors and manage its
working capital requirements efficiently are the key rating
sensitivities.

Incorporated in 2001 by Mr. Riyaaz Amlani, IEHPL operates 20
standalone restaurants under the brands 'Social', 'Salt Water
Cafe', 'Prithvi CafÇ', 'Mocha', 'Smoke House Deli' in Mumbai,
Delhi, Pune, Kolkata, Raipur, Goa, Nagpur, Chandigarh, Bangalore,
Hyderabad and Assam.

During FY15, IEHPL posted a total operating income of INR97.32
crore as against INR62.22 crore in FY14 and net loss of INR7.10
crore against net loss of INR12.77 crore in FY14. Furthermore,
the company posted a total operating income of INR98.59 crore and
loss of INR6.90 crore during 9MFY16 provisional.


INDONA INDUSTRIES: CARE Reaffirms 'B' Rating on INR3.24cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Indona Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.24      CARE B Reaffirmed
   Long-term/ Short term          4.50      CARE B/CARE A4
   Bank Facilities                          Reaffirmed
   Short-term Bank Facilities     0.25      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Indona Industries
(IIN) continue to remain constrained on account of its presence
in the highly fragmented and competitive aluminium industry and
susceptibility of its profit margins to volatility in raw
material prices. The ratings take into account the short-track
record of the firm's operations along with its financial risk
profile marked by moderate operating profitability, moderately
leveraged capital structure, moderate debt coverage indicators
and moderate liquidity position during FY16 (Provisional; refers
to the period April 1 to March 31).

The ratings, however, continue to derive benefit from the
experience of the promoters in aluminium industry.

The ability of IIN to increase its scale of operations with an
improvement in profit margins, improvement in the capital
structure, debt coverage indicators and liquidity is the key
rating sensitivity.

Ankleshwar-based (Gujarat) IIN was established in March 2014 as a
partnership firm by Mr Ishwar Chalodia, Mr Vipul Chalodia, Mr
Rasik Raythatha, Mr Ranjitsinh Jadeja and Mr Harshrajsinh Jadeja.
IIN commenced manufacturing operations from August 2015 after
completion of capex for manufacturing aluminum sections and
aluminum channels. Aluminum sections and channels find
application in wide range of industries such as automobile,
furniture, real estate, home interior, etc, and can be used as
alternative of wood and mild steel. IIN sells its products
through network of dealers all over India. IIN operates from its
sole manufacturing facility located at Ankleshwar where it has
installed capacity of 3,000
metric tons per annum (MTPA) as onMarch 31, 2016.

IIN has associate concerns, namely, M/s. Shayona Aluminum, M/s.
N. T. Engineering, M/s. Akshar Enterprise, M/s. N. T. Tools
andM/s. N. T. Industries which are also engaged in similar line
of business activities.

During FY16 (Prov.), IIN reported PAT of INR0.10 crore on a TOI
of INR14.80 crore. During 2MFY17 (provisional), IIN has achieved
a turnover of INR4.19 crore.


ISHWAR GINNING: CARE Assigns B+ Rating to INR12cr Long Term Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ishwar
Ginning Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       12       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ishwar Ginning
Private Limited (IGPL) is primarily constrained on account of its
small scale of operation and short track record of operations.
The rating also factors in presence of IGPL in the highly
fragmented cotton ginning business which is at the lower end of
the textile value chain that involves limited value addition
coupled with prices and supply for cotton being highly regulated
by the government and susceptibility of profit margins to
fluctuations in raw material prices.

The rating, however, derives comfort from wide experience of the
promoters with presence of other group entity in the cotton
industry coupled with location advantage in terms of proximity to
the cotton seed-growing regions in Gujarat.

IGPL's ability to increase its scale of operations while moving
up in the textile value chain coupled with improvement in
profitability and capital structure along with better working
capital management are the key rating sensitivities.

Rajkot-based (Gujarat), IGPL is a private limited company
incorporated in December 18, 2015, by Mr Rameshbhai Gamdha
and Mr Ashokbhai Gamdha with an objective of manufacturing of
cotton bales and cotton seeds. IGPL is proposed to acquire
existing infrastructure of Brahmani Cotton Industries (BCI is
currently undertaking manufacturing activity of ginned cotton)
which includes land, factory building and machinery. IGPL
proposes to invest INR9 crore towards purchase of this
infrastructure. Total cost will be funded through share capital
of INR9 crore. Currently, IGPL has taken machinery on rent basis
from BCI and started production since December 2015. However,
transfer of property will be completed by end of Q1FY17. IGPL has
already commenced operations from December 20, 2015, and has
achieved a TOI of INR20.56 crore during FY16 (Provisional; refers
to the period April 1 to March 31).


JAMUNA INFRAPROJECTS: CRISIL Suspends B Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Jamuna Infraprojects Private Limited (JIPL).

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

The suspension of rating is on account of non-cooperation by JIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JIPL is yet to
provide adequate information to enable CRISIL to assess JIPL'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 July 2011, JIPL undertakes stone crushing
activities in Nashik (Maharashtra). The company supplies
construction aggregates and sand to large ready-made concrete
manufacturers and civil construction companies. The company is
promoted by Mr. Rajesh Patel, Mr. Anil Patel, and Mr. Jayantilal
Pokar. The promoters have been in the business of stone crushing
for over a decade.


LORENZO VITRIFIED: CRISIL Suspends B Rating on INR220MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lorenzo Vitrified Tiles Pvt Ltd (LVTPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        80        CRISIL A4
   Cash Credit          220        CRISIL B/Stable
   Letter of Credit      10        CRISIL A4
   Term Loan            140        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
LVTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LVTPL is yet to
provide adequate information to enable CRISIL to assess LVTPL'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 2006, LVTPL commenced commercial production in
2008. It manufactures and markets vitrified tiles under the brand
names Lorenzo and Speedo. The company is promoted by Mr. Babubhai
Gadera and Mr. Mansukhbhai Kordiya.


M G F MOTORS: CRISIL Reaffirms B- Rating on INR315MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of M G F Motors Limited
(MML) continue to reflect the company's weak financial risk
profile because of highly leveraged capital structure, and
susceptibility of profitability to economic slowdown and to
intense competition in the automobile dealership segment. These
weaknesses are partially offset by established position as dealer
for Hyundai Motors India Ltd (HMIL; rated 'CRISIL A1+') in
Kerala, and healthy revenue.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B-/Stable (Reaffirmed)

   Inventory Funding
   Facility              315       CRISIL B-/Stable (Reaffirmed)

   Term Loan              67.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes MML will continue to benefit over the medium term
from its established position and its promoters' extensive
experience in the automobile dealership market in Kerala. The
outlook may be revised to 'Positive' if the company improves its
cash accrual, driven by growth in revenue and profitability,
while efficiently managing working capital requirement, leading
to a better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if liquidity deteriorates
because of large working capital requirement, or debt-funded
capital expenditure, or delay in financial support from
promoters.

Update
Operating income increased 18 percent year-on-year to an
estimated INR2.9 billion in 2015-16 (refers to financial year,
April 1 to March 31) supported by launch of new models. Operating
margin remained modest at 2.8 percent because of high overhead
costs. CRISIL believes MGF's business risk profile will remain
constrained over the medium term due to intense competition.

Capital structure is highly leveraged, marked by small estimated
networth of INR9 million as on March 31, 2016. High dependence on
external debt and low profitability resulted in weak debt
protection metrics, with interest coverage ratio below 1 time in
2015-16. Weak accretion and large working capital requirement
will constrain the financial risk profile over the medium term.

Liquidity is weak, because of insufficient cash accrual to meet
debt obligation. Annual cash accrual is expected at INR4-6
million against debt obligation of INR39 million per annum over
the medium term. MGF depends on funds from promoters to meet debt
obligation. Unsecured loans from promoters stood at INR93 million
estimated as on March 31, 2016. Bank line utilisation remained
high, at 90 percent over the six months through April 2016

MML, set up in 1998, is an authorised dealer for HMIL in Kerala.
The company operates its showrooms under the MGF Hyundai brand.


OM SHAKTI: ICRA Suspends B+ Rating on INR11cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR11.00 crore
fund based facilities of Om Shakti Agros Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Om Shakti Agros Private Limited was initially incorporated as
Vidhushi Steels & Alloys Private Limited in 2005. The name of the
company was changed to GS ginning pressing Private Limited in
2006 and subsequently to OSAPL in December 2012. The company is
engaged in ginning; pressing & trading of cotton lint. It
commenced operations from 2006. The company is located in
Adilabad district of Telangana, promoted by Mr. Aswin Makhariya
who has over 10 years of experience in textile industry.


ORIENTAL METAL: CRISIL Reaffirms B+ Rating on INR55.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oriental Metal Works
(OMW) continues to reflect OMW's below-average financial risk
profile because of weak debt protection metrics and moderate
gearing. The ratings also factor in the small scale of and
working capital-intensive operations, and susceptibility to
intense industry competition. These rating weaknesses are
mitigated by the extensive experience of promoters in the
hardware fittings industry and established customer
relationships.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit    40      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase    55.5    CRISIL B+/Stable (Reaffirmed)
   Foreign Exchange Forward  2.5    CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes OMW will continue to benefit over the medium term
from the extensive industry experience of its promoters and its
established customer relationships. The outlook may be revised to
'Positive' in case of better-than-expected cash accrual majorly
driven by significant improvement in revenue and in working
capital cycle. Conversely, the outlook may be revised to
'Negative' if liquidity is constrained due to large debt-funded
capital expenditure programme, or due to substantial decline in
profitability and cash accrual.

OMW was originally established as a partnership firm by Mr. S K
Chaudhary and Mr. H B S Sachdeva in 1979 at Masoodabad in Aligarh
(Uttar Pradesh). However, since August 2012, Mr. S K Chowdhary
and his son Mr. Tushar Chowdhary, have been partners in the firm
which manufactures architectural hardware, including door
fittings, window fittings, cabinet fittings, and accessories,
from brass, aluminium, zinc, and black iron.


PERIYAR AGRO: CRISIL Suspends B+ Rating on INR10MM Loan
-------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Periyar Agro Food Industries Private Limited (PAFIPL).


                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Overdraft Facility         65        CRISIL A4
   Standby Line of Credit     10        CRISIL B+/Stable

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

PAFIPL, set up in 1999, processes wheat into different by
products such as refined flour (maida), semolina (suji), and
whole wheat flour (atta). These products are sold in the market
under the Taj brand name. The company has a flour mill at
Perumbavoor (Kerala) with installed milling capacity of 80 tonnes
per day.


POWERCON CEMENT: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Powercon
Cement Limited (PCL) continues to reflect a modest scale of
operations, and weak financial risk profile because of barely
sufficient net cash accrual to meet debt obligations and high
gearing. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the cement
industry.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           45       CRISIL B+/Stable (Reaffirmed)
   Term Loan             72.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes PCL will continue to benefit over the medium term
from the extensive industry experience of its promoters and
relationship with its main client, Kamdhenu Cement Ltd. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while working capital requirement
is prudently managed and financial risk profile improves.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates,
most likely because of substantial working capital requirement or
low cash accrual.

PCL was incorporated in 2012, promoted and managed by Mr. Vishnu
Kant Agrawal, Mr. Vikram Chaudhary, and Mr. Subhash Chand
Tulsyan. The company manufactures cement at its facility in
Varanasi, with a capacity of 180,000 tonne per annum. It started
production from March 2014.


PRASAD MULTI: ICRA Assigns 'C' Rating to INR7.05cr Term Loan
------------------------------------------------------------
The rating of [ICRA]C has been assigned to INR6.00 crore fund-
based cash credit facility, INR7.05 crore term loan facility and
INR3.84 crore corporate loan facility and [ICRA]A4 has been
assigned to INR2.27 crore non fund based facility of Prasad Multi
Services Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                 6.00        [ICRA]C; assigned

   Fund Based-Term
   Loan                   7.05        [ICRA]C; assigned

   Fund Based-
   Corporate Loan         3.84        [ICRA]C; assigned

   Non Fund Based-
   Bank Guarantee/LC      2.27        [ICRA]A4; assigned

The assigned rating is constrained by intense competition on
account of fragmented industry structure. Further, small scale of
operations restricts scale of economies. Further the rating is
constrained on account of consistent losses reported at net level
in past three years due to high interest and depreciation
expense. Further the rating are constrained on account of weak
capital structure due to increased debt level to INR24.17 crore
from INR23.87 crore due to rise in interest bearing unsecured
loans. Gearing has increased considerably from 3.47 times in FY
15 to 5.60 times in FY 16 due to rise in total debt as well as
erosion of net worth on account of losses incurred. The liquidity
position of the company has remained stretched on account of high
debtor days and inventory days.

The assigned rating favorably takes into account the experience
of the promoters in the construction equipment industry.
ICRA expects PMS's revenues to show modest growth during FY 2016-
17 due to orders in hand. Further, PMS's profit margins would
remain vulnerable due to high employee cost and interest cost.
PMS's capital structure is likely to remain stretched over the
near term, though the same is expected to improve with term loan
repayments and increase in accruals.

Established in 1999, Prasad Multi Services Private Limited (PMS)
is a private limited company managed by Kanvar family. The
company is into providing construction equipment on rental basis.
The company is not only dependent on only rental income, but also
carrying out Operations & Maintenance work for client-owned
equipments like handling port equipments, material handling
system etc.

Recent Results
During FY15, PMS reported an operating income of INR15.58 crore
with net loss of INR3.31 crore against operating income of
INR17.09 crore with net loss of INR1.87 crore. In FY16, the
company reported an operating income of INR12.50 crores with an
operating profit (OPBDITA) of INR3.24 crore.


R. R. AND COMPANY: CARE Assigns B+ Rating to INR5.7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the long-term bank facilities of
R. R. And Company Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.70      CARE B+ Assigned

Rating Rationale

The ratings assigned to the bank facilities of R. R. and Company
Pvt. Ltd. (RRCPL) are primarily constrained by its small
scale of operation, risk of non-renewal of dealership agreement
from principles, pricing constraints and margin pressure arising
out of competition from other Petroleum, Oil, & Lubricants (POL)
and auto dealers in the market, project implementation and
stabilisation risk, thin profit margins, leveraged capital
structure and moderate debt protection metrics and working
capital intensive nature of operation. The ratings, however,
derive strength from its experienced promoter with long track
record of operations and authorised dealership of reputed brands.

Going forward, the ability of the company to improve its scale of
operation along with profit levels and margins coupled with the
ability to initiate the project without cost and time overrun and
efficient management of working capital are the key rating
sensitivities.

R. R. and Company Pvt. Ltd. (RRCPL) was established as a
partnership firm namely Ramchandra Ramniwas & Co. in 1945
by one Karwa family of Dibrugarh, Assam. Since inception, the
firm has been in operation of Eveready battery agency business
and along with an authorised dealership business of Indian Oil
Corporation Limited (IOCL). Later, in the year 1995, the firm
converted into a company and rechristened as RRCPL and the
business operation was taken over by one Jain family from
Dibrugarh. Presently, the company has five petrol pumps of IOCL
in Dibrugarh, Sibsagarand and Lakhimpur district of Assam. Apart
from this, during January 2016, the company entered into an
authorised dealership business of Force Motors Limited (FML).
Currently, in the name of Vishal Motors (a unit of RRCPL), the
company has
initiated a project to open a showroom cum service centre for FML
at Chowkidinghee in Dibrugar. Total cost of the project is
estimated at INR2.96 crore which will be financed by promoter's
contribution of INR1.76 crore, and Term loan of INR1.20 crore.
The financial closure is yet to be achieved. Till April 30, 2016,
the company has incurred about INR2 crore (over 67% of the total
capital expenditure) financed through promoter's contribution and
unsecured loan from related parties. The project is slated to
start commercial operation since August, 2016.

The day-to-day affairs of the company are looked after by Mr
Kamal Kumar Jain, Managing Director, with adequate support from
other two directors and a team of experienced personnel.

During FY16 provisional (refers to the period April 1 to
March 31), the company's total operating income was INR44.05
crore (FY15 reported: INR42.97 crore) and PAT of INR0.08 crore
(in FY15: INR0.07 crore).


RAJESHWAR WEAVING: CARE Lowers Rating on INR15cr Loan to D
----------------------------------------------------------
CARE revises ratings assigned to bank facilities of Shree
Rajeshwar Weaving Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term/Short term          15.00      CARE D/CARE D Revised
   Bank Facilities                          from CARE BB-/CARE A4

Rating Rationale

The ratings reflect the on-going delays in servicing of debt
obligations by the company.

Shree Rajeshwar Weaving Mills Pvt. Ltd (SRWMPL) is in the
business of manufacturing of grey cloth. SRWMPL was formed in
October 2011 by merging two proprietor entities, viz, M/s. Pooja
Textiles and M/s. Shree Rajeshwar Textiles which were in the
similar line of business. As on March 31, 2015, the company has
475 in-house looms with a capacity of 223.80 Lakh metres pa. The
fabrics manufactured include cotton fabric, blended fabric and
viscose fabric.

During FY15, SRWMPL reported a total income and PAT of INR115.58
Cr and INR0.77 Cr respectively vis-Ö-vis FY14, wherein it
reported a total income and PAT of INR104.65 Cr and INR0.46 Cr
respectively.


ROLTA INDIA: Bondholders Form Group to Negotiate Restructuring
--------------------------------------------------------------
Rolta India Ltd bondholders are forming a group to negotiate a
debt restructuring after the software services provider failed to
make interest payments, according to a document seen by Reuters
on June 17.

Reuters relates that Rolta, whose biggest customer is the Indian
government, said late on June 17 its management was working on
"addressing the overall situation in a comprehensive manner",
blaming the cash crunch on significant expenses on a defence
project and delays in payment collections.

According to Reuters, Rolta failed to make a coupon payment on
its $126 million 2018 bonds due last month and whose grace period
expired this week. It had earlier failed to make payments on a
$35 million loan.

It is now scheduled to pay the coupon on its $300 million 2019
notes on July 24. Both notes due 2018 and 2019 are trading at
distressed levels of 16/18 cents on the dollar, Reuters
discloses.

More than 25 percent of the holders of the two bonds have agreed
to join the group being organised by Investment bank Houlihan
Lokey and law firm Ropes & Gray, Reuters relates citing one
source familiar with the formation of the group.

According to Reuters, Rolta said in a stock exchange filing its
management was working with banks and strategic advisors.

"The aim is to arrive at an acceptable solution in the interest
of all stakeholders and the company will be informing all
stakeholders at the earliest possible opportunity and is
committed to finding a viable resolution," it said.

On June 16, Fitch said delays in payments by the Indian
government, along with banks' reluctance to lend, had triggered a
severe liquidity crunch at Rolta, Reuters reports.

According to Reuters, the agency estimated that more than
45 percent of Rolta's 2015 revenue of $560 million was related to
the Indian government, mainly for defence services.

It said Rolta's receivables as at end-March 2016 had increased
substantially to $288 million, or about 190 days of its revenue,
from 126 days a year earlier, Reuters discloses.

Banks' reluctance to lend to Rolta comes at a time when India is
taking measures to clean up a banking system weighed down by $121
billion of bad debt.

                         About Rolta India

Rolta India is an IT services and solutions company providing
geographical information system services, engineering design
services and IT solutions to customers in North America, Europe,
Australia and Middle East.

As reported in the Troubled Company Reporter-Asia Pacific on
June 6, 2016, Fitch Ratings has downgraded Rolta India Limited's
Long-Term Foreign- and Local-Currency Issuer Default Ratings to
'RD' from 'CC'.  Simultaneously, Fitch has downgraded the Rolta,
LLC's USD127 mil. 10.75% senior unsecured notes due 2018 and
Rolta Americas LLC's USD367 mil. 8.875% senior unsecured notes
due 2019 to 'C' with Recovery Rating of 'RR5' from 'CC' with
Recovery Rating of 'RR4'.  Fitch has also downgraded the Rolta's
senior unsecured class rating to 'C' from 'CC'.  The notes are
guaranteed by Rolta.

The rating action follows Rolta's disclosure that bank loans of
USD35 mil. due on March 31, 2016, are still outstanding and our
understanding that there has been no agreement between the
lenders and Rolta to extend this maturity.

The TCR-AP reported on June 2, 2016, that S&P Global Ratings said
that it had lowered its long-term corporate credit rating on
Rolta India Ltd. to 'SD' from 'CCC-'.

At the same time, S&P lowered its long-term issue rating on the
senior unsecured notes issued by Rolta Americas LLC and Rolta LLC
to 'CC' from 'CCC-'.  S&P also placed the issue ratings on
CreditWatch with negative implications. Rolta, an India-based
information technology products and solutions provider,
guarantees the notes.


ROLTA INDIA: Fitch Retains IDR at Restricted Default
----------------------------------------------------
Rolta India Limited's Issuer Default Ratings remain on Restricted
Default (RD) as Fitch Ratings understands that the USD6.8 mil.
coupon on Rolta LLC's USD127 mil. 10.75% bond due 2018 remains
unpaid following the expiration of the grace period on June 15,
2016.

In the Q&A below, Fitch's analysts, Nitin Soni and Steve Durose,
answer some questions on Rolta's liquidity position, which is now
critical.

Q: What is Rolta's current liquidity situation?

A: At end-March 2016, Rolta had a cash balance of USD33 mil. -
over half of which was restricted in debt reserve accounts,
including USD6.8 mil. in the bond interest reserve account.  The
rest was tied up by working capital requirements to run the day-
to-day operations of the company.  Fitch believes that Rolta
needs at least USD60 mil. to improve its liquidity in the very
short term - including the missed coupon payment of USD6.8 mil.,
USD35 mil. to pay bank loans that were due March 31, 2016, and
USD16 mil. for a coupon payment due on July 24, 2016, on Rolta
Americas LLC's 2019 bonds.

Rolta would need substantial new capital if holders seek to
accelerate repayment of the notes.  Fitch doubts whether there
would be sufficient market appetite to provide this capital.

Under the terms of the 2018 notes, even if the bond trustee has
used the USD6.8 mil. in the reserve account to pay the
outstanding coupon, the company would still have to find another
USD6.8 mil. to re-fund the reserve account.

Q: What are the prospects of Rolta restructuring its existing
loans or securing additional funds from new lenders?

A: Fitch believes Rolta is in discussion with its bankers to
refinance or restructure its bank loans to improve liquidity.
However, we have little visibility on these banks' willingness to
refinance the loans and expect any new lenders to seek very
strict terms.  Fitch estimates Rolta may have about USD100 mil.
of unencumbered real-estate assets, including its Rolta Tower A
and other related assets in Mumbai, which could be offered to
banks as additional security to refinance its loans and to obtain
additional funds.

Q: How would additional secured loans affect the rating on the
unsecured bonds?

A: We may downgrade the unsecured bonds' recovery rating to 'RR6'
from 'RR5' if additional secured debt is raised, which would
further subordinate the unsecured bonds.  An 'RR6' Recovery
Rating indicates a recovery of 10% or less of current principal
and related interest based on our calculations.

Q: What caused the liquidity crises at Rolta?

A: We believe that delays in payment by its biggest customer, the
Indian government, along with banks' reluctance to extend credit
on a loan due March 31, 2016, have led to the severe liquidity
crunch at Rolta.  We estimate that over 45% of its 2015 revenue
of USD560m was related to services for Indian state and central
governments, principally for defence services.  During the fiscal
fourth quarter ended 31 March 2016 (4QFY16), receivables
increased substantially to USD288m, or about 190 days of its
revenue, from 126 days a year earlier.

Q: What will drive Rolta's ratings in the future?

A: We will keep the IDR at 'RD' until the company pays its
overdue liabilities.  If this happens, we will reassess the
liquidity situation.

Fitch will downgrade the IDRs to default, or 'D', if the company
announces that it has entered into bankruptcy filings,
administration, receivership, liquidation or other formal
winding-up procedures, or otherwise ceased business.

If the company enters into restructuring discussions with its
lenders, Fitch is likely to keep the rating at 'RD' until that
restructuring is complete, after which it will reassess the
liquidity situation.

Q: Why was there a significant fall in tangible assets during
Q4FY16?

A: Rolta reclassified some of its computer systems worth of
USD260 mil. to intangible assets form tangible assets in Q4FY16
following the separation of its Indian defence business into a
separate group company.  Management claims that a large part of
defence-related technology should be classified as intangibles
and not aggregated with computer systems as previously.

Fitch's ratings on Rolta and related entities are:

Rolta India Limited

  Long-term Foreign-Currency IDR: 'RD'
  Long-term Local-Currency IDR: 'RD'
  Senior unsecured class rating: 'C'

Rolta LLC

  Rating on USD127m 10.75% notes due 2018: 'C' with Recovery
   Rating of 'RR5'

Rolta Americas LLC

  Rating on USD367m 8.865% notes due 2019: 'C' with Recovery
   Rating of 'RR5'


SAM INDUSTRIAL: CARE Assigns B+ Rating to INR7.5cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sam Industrial Enterprises Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.50      CARE B+ Assigned
   Short term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of SAM Industrial
Enterprises Limited (SIEL) are primarily constrained by small
scale of operations and weak financial risk profile as
characterized by low profitability margins, leveraged capital
structure and weak debt coverage indicators. The ratings are
further constrained due to its working capital intensive nature
of
operations, substantial off balance sheet exposure in the form of
corporate guarantees along with SIEL's presence in the highly
competitive industry.

The ratings, however, draw comfort from the long track record of
operations along with experienced promoters and growing scale of
operations.

Going forward, the ability of GPL to increase its scale of
operations while improving profitability margins and capital
structure along with effective working capital management shall
be the key rating sensitivities.

Noida-based (Uttar Pradesh) SIEL was incorporated in 1992 as
SIRIUS Industrial Enterprises Limited. In 1995, the name changed
to the present one. The company was promoted by Mr Amit Kaka.
SIEL is engaged in designing, printing and binding of books such
as text books, guides for 10th and 12th standard, sample papers,
brochures and other printed education material for various boards
like Board of High School and Intermediate Education Uttar
Pradesh (U.P. Board), National Council of Educational Research
and Training (NCERT) and Jharkhand Academic Council (Jharkhand
Board).

The company procures the raw material such as paper, ink,
chemical, lubricants, and packing material locally from traders
and distributors. As on May 03, 2016, SIEL had unexecuted orders
of INR30 crore to be completed by August 31, 2016.

The company has two associate concerns, namely, Kaka Publication
Private Limited and Kaka Sons Private Limited promoted by Mr Amit
Kaka. Both the companies are engaged in similar line of business.
In FY15 (refers to the period April 01 to March 31), SIEL
achieved a total operating income (TOI) of INR41.39 crore with
PBILDT INR3.59 crore and PAT of INR0.08 crore, as against TOI of
INR27.01 crore with PBILDT of INR3.64 crore and PAT of INR0.28
crore in FY14. During FY16 (based on unaudited results), the
company has achieved a total operating income of around INR47
crore.


SARAVANA BUILDWELL: ICRA Lowers Rating on INR10cr Term Loan to D
----------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR10.0
crore fund based term loan of Saravana Buildwell Private Limited
(SBPL) from [ICRA]BB- to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              10.00       Revised to [ICRA]D from
                                      [ICRA]BB- (stable)

The rating revision reflects the delays in servicing of debt
obligations on account of the weak market scenario.
Going forward, the ability of the company to timely service the
debt obligations and ability to sell the flats in time remain the
key rating sensitivities.

Incorporated in 2007, Saravana Buildwell Pvt Ltd (SBPL) is a
private limited concern engaged in real estate development in
Bangalore, Karnataka. The promoter Mr. K Nagaraj has a long
standing experience in the field of real estate development,
having developed more than 10 residential and commercial projects
encompassing 0.2 million square feet of constructed area, since
establishment of his partnership entity M/s. Saravana
Constructions in 1997. Initially, the group had started off as a
real estate company doing small format layouts, independent homes
and small apartment complexes, but now the group has forayed into
in to large housing projects and is in the process of getting
into villa project ventures too. The firm has its in-house team
of engineers and architect.

Project Profile
Presently, the firm has one ongoing project i.e., Saravana
Esplanade located in Yeswantapur, Bangalore, is a residential
apartment project comprising of 78 flats, spread over a total
super built up area of 114,950 sq ft. The project is being
developed under JDA mode and firm has 42 units (54%) in its
share. The project construction was commenced in 2013. The
estimated total project cost is INR26.19 crore, which is being
funded through a mix of promoter's contribution (13% of the
project cost), term loan (38% of the project cost) and remaining
through customer advances (49% of total project cost). As on 29th
Feb, 2016, the company has already incurred INR24.88 crore (~95%
of total project cost). The project was completed in April 2016.

Recent Results
During FY15, the company reported a net profit of INR3.46 crore
on an operating income of INR3.90 crore as against a net profit
of INR0.32 crore on an operating income of INR18.98 crore during
FY14.


SERVOCONTROLS: ICRA Reaffirms B+ Rating on INR5cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.00 crore term loan, INR5.00 crore long term - fund based
limits and INR2.00 crore unallocated limits of Servocontrols and
Hydraulics (I) Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR2.00 crore short term -
non fund based limits and INR0.75 crore short term -
interchangeable limits of the company. The interchangeable limits
are sub-limits of the long term - fund based limits.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             2.00        [ICRA]B+/reaffirmed

   Long Term-Fund
   Based Limit            5.00        [ICRA B+/reaffirmed

   Long Term-
   Unallocated            2.00        [ICRA]B+/reaffirmed

   Short Term-Non
   Fund Based Limit       2.00        [ICRA]A4/reaffirmed

   Short Term-
   Interchangeable Limit (0.75)       [ICRA]A4/reaffirmed

The reaffirmation in ratings take into account the long-standing
experience of the promoters in the engineering industry and the
company's strong technical competence as reflected by its
established relationship with reputed customers as well as
suppliers, supporting its business growth. The company's revenues
remain fairly diversified across a wide product portfolio which
finds its application across multiple industries, and the strong
order book position enhances revenue visibility going forward.
The ratings are, however, constrained by the company's modest
scale of operations limiting its operational and financial
flexibility and the financial profile characterised by moderate
capital structure and coverage indicators. Owing to high reliance
on imports for its raw materials, the margins of the company
remain exposed to the fluctuations in the foreign exchange rates.

Servocontrols & Hydraulics (I) Private Limited (SHIPL), head
quartered in Belgaum, is engaged in designing and manufacturing
of hydraulic valves, servo valves, manifold block systems,
hydraulic servo actuators etc. The company also manufactures
hydraulic power packs (comprising of joysticks) and wire
harnessing systems for construction equipment industry. The
company is promoted by Mr. Deepak Dhadoti and his brother who are
both qualified engineers with extensive experience in the
engineering industry. The company started its operations in 2005
with commissioning of its manufacturing facility in Udyambag
Belgaum. SHIPL has built its technical capabilities over the
years working in collaboration with reputed companies like
Hydraforce Hydraulics, UK and MTS Systems Corporation, USA. The
company presently is operating out of a manufacturing set up
built over 25000 sq ft of area in Udyambag, Belgaum with a staff
of more than 150 people. The company's products find application
across wide range of industries and sectors like Automotive,
Construction Equipment & Mining, Power Generation etc.

Recent Results
The company reported a net profit of INR0.1 crore, on an
operating income of INR20.8 crore during the financial year 2014-
15, as against a net profit of INR0.1 crore on an operating
income of INR19.5 crore during 2013-14.


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

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

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.

SIL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR29.29 mil. term loan: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR60 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+' and 'IND A4(suspended)'
      from 'IND A4'
   -- INR5 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


SHIV MARINE: CARE Reaffirms B+/A4 Rating on INR7cr Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shiv Marine Industries Private Limited.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Long-term/Short-term           7        CARE B+/CARE A4
   Bank Facilities                         Suspension revoked
                                           and ratings reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shiv Marine
Industries Private Limited (SMIPL) continue to remain constrained
on account of thin profit margin coupled with leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The ratings continue to remain constrained due to its
exposure to volatility in steel scrap price coupled with risk
associated with uncut ship inventory, volatility in forex rate
and its operations in volatile, fragmented and competitive nature
of the ship-breaking industry.

The ratings continue to derive strength from the long-standing
experience of the promoters coupled with location advantage of
Alang yard which has unique geographical features suitable for
ship-breaking operations. The ability of SMIPL to increase its
scale of operations by acquiring new ships coupled with
improvement in profit margins, capital structure and debt
coverage indicators remain the key rating sensitivities.

Alang, Bhavnagar-based (Gujarat) SMIPL was established during
August 1996 as a private limited company by Mr Prakash Shah and
Mr Bachubhai Shah. SMIPL is engaged in the ship breaking
activity. SMIPL purchases ships, primarily bulk carriers and
cargo ships from agents which are then sold as scrap. The ship
breaking operations are carried out at premises which are taken
on lease for tenure of 10 years from Alang Port from Gujarat
Maritime Board (GMB). SMIPL purchases ships mainly from brokers
through open market and sells scraps through brokers mainly in
Shihor, Ahmedabad, Bhavnagar, Mehsana etc. which is being used
for manufacturing of TMT bars.

During FY15 (refers to the period April 1 to March 31), SMIPL
reported TOI of INR5.45 crore and PAT of INR0.05 crore as against
TOI of INR1.09 crore and PAT of INR0.01 crore during FY14. During
FY16 (Provisional), SMIPL has achieved TOI of INR2.73 crore.


SKV INFRATECH: CARE Assigns B+ Rating to INR3.5cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Skv Infratech Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.50      CARE B+ Assigned
   Short term Bank Faclities     10.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of SKV Infratech
Private Limited (SKV) are primarily constrained by small scale of
operations, low profitability margins, leveraged capital
structure and SKV's presence in the highly competitive industry.

The rating constraints are partially offset by the experienced
management, growing scale of operations and moderate order book.

Going forward, the ability of SKV to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivities.

Delhi-based - SK Builders was established in early 90's by Mr
Satish Singh as a partnership firm which was later reconstituted
into the company in August 2012 and its name was changed to SKV
Infratech Pvt. Ltd. The company is engaged in construction works
which involve construction of roads and development work like
construction of drains and culvert. SKV executes contracts mainly
for government departments like New Okhla Industrial Development
Authority, Yamuna Expressway Industrial Development Authority and
Greater Noida Industrial Development Authority. The main raw
material for the company includes crushed stone, mota pathar,
cement, bricks, stone metal and tar which the company procures
mainly from local dealers where the project is located.

SKV reported a PBILDT of INR0.98 crore and PAT of INR0.48 crore
on a total operating income of INR32.99 crore in FY15 (refers to
the period April 1 to March 31) as against PBILDT of INR1.08
crore and PAT of INR0.47 crore on a total operating income of
INR30.09 crore in FY14. The company had achieved a total
operating income of INR54 crore in FY16 (based on unaudited
results).


SRI SAI CREATIONS: CRISIL Suspends B+ Rating on INR49MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sri Sai
Creations (SSC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            49       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SSC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SSC is yet to
provide adequate information to enable CRISIL to assess SSC'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 Davanagere, Karnataka, in 2007 as a proprietorship firm
by Mr. Shivakumar, SSC manufactures and sells RMG to domestic
retailers. The firm was reconstituted as a partnership firm in
April 2014.


SRI SHIVA: ICRA Suspends B+ Rating on INR6.28cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR6.28 crore fund
based facilities and INR0.72 crore unallocated limits of Sri
Shiva Parvathi Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the firm.

Sri Shiva Parvathi Industries was established in 2009 as a
partnership firm and is engaged in the milling of paddy and
produces raw and boiled rice mill. The rice mill is located at
Ramunipatla village of Medak district, Telangana. The installed
production capacity of the rice mill is 6 tons per hour and ravva
mill is 2 tons per hour.


STRUCTURAL SOLUTIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Structural Solutions
Private Limited (SSPL) continue to reflect SSPL's modest scale
and working capital intensive nature- of operations and its
susceptibility to risks inherent in tender-based business. These
rating weaknesses are partially offset by the benefits derived
from the extensive industry experience of SSPL's promoters and
its moderate financial risk profile marked by moderate total
outside liabilities to tangible net worth ratio (TOLTNW) and debt
protection metrics.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        100       CRISIL A4 (Reaffirmed)

   Letter of Credit       30       CRISIL A4 (Reaffirmed)

   Overdraft Facility      5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     55       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SSPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationships with key suppliers. The outlook may
be revised to 'Positive' in case of substantial and sustained
improvement in the company's revenue, along with stable
profitability margins. Conversely, the outlook may be revised to
'Negative' in case of steep decline in SSPL's profitability
margins or lengthening of its working capital cycle, further
straining its liquidity.

Incorporated in 2003 by Mr. Visheswar Rao and Mr. M A Gaffer,
SSPL distributes specialised engineering products, such as
simulation chambers, sensors, accelerometers, shakers, and rate
table systems.

SSPL is estimated to report a profit after tax (PAT) of INR5.5
million on net sales of INR140 million for 2015-16 (refers to
financial year, April 1 to March 31), against a PAT of INR4
million on net sales of INR136 million for 2014-15.


SUNLARGE INDUSTRIES: CRISIL Assigns B- Rating to INR112MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Sunlarge Industries Private Limited
(SIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Open Cash Credit     42.5       CRISIL B-/Stable
   Bank Guarantee        7.5       CRISIL A4
   Long Term Loan      112.0       CRISIL B-/Stable

The ratings reflect the company's nascent stage of operations,
large working capital requirement, below-average financial risk
profile because of weak debt protection metrics, and stretched
liquidity. These weaknesses are partially offset by extensive
entrepreneurial experience of its promoters and healthy demand
prospect for its product.

Outlook: Stable
CRISIL believes SIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of considerable
increase in revenue and profitability, leading to higher cash
accrual and better financial risk profile. The outlook may be
revised to 'Negative' if revenue or profitability is low, or if
working capital management weakens, or if the company undertakes
large, debt-funded capital expenditure, leading to weakening of
its financial risk profile, particularly liquidity.

SIPL, incorporated in 2008, manufactures synthetic monofilament.
Its manufacturing unit is in Bengaluru. Its daily operations are
managed by Mr. B Sudhakar Pai and Dr. Rakesh Koul.


SUNSHINE EXPORTS: ICRA Lowers Rating on INR6.0cr ST Loan to 'D'
---------------------------------------------------------------
ICRA has downgraded the short term rating to [ICRA]D from
[ICRA]A4 for the INR6.0 crore short term fund based facilities of
Sunshine Exports.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Short term fund        6.0         [ICRA]D downgraded from
   based facilities                   [ICRA]A4

The rating revision reflects the delays in meeting the debt
servicing obligations by the firm.
Entity Profile:
Sunshine Exports (SE), established in the year 2006, is a
proprietorship firm based out of Nagpur, Maharashtra. The firm is
managed by its proprietor, Mrs. Aruna Moorthy and her husband,
Mr. DTS Moorthy. The firm is engaged in export of Agro products,
primarily rice and sugar.


SURYA PLASTICS: CARE Assigns B+ Rating to INR9cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Surya
Plastics Manufacturing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities        9       CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Surya Plastics
Manufacturing Private Limited (SPMPL) is primarily constrained
by stabilisation risk associated with the recently commissioned
non-woven fabric unit, and project execution and stabilisation
risk associated with the poly propylene (PP) tape unit. The
rating is further constrained by the leveraged capital structure,
susceptibility of the margins to volatility in raw material
prices, working capital intensive nature of operations, and
fragmented nature of the industry. The rating, however, draws
comfort from experience of the promoters in the plastic industry.

Going forward, the ability of the company to execute the project
within the envisaged time and cost parameters and achieve the
envisaged revenue and profitability shall be the key rating
sensitivities.

Bhiwani-based (Haryana) SPMPL was incorporated as a Private
Limited Company in 2012 by Mr Keshav Aggrawal and Ms Ruchi
Aggarwal. The company has commenced commercial operation in
January 2016. The company is currently engaged in the
manufacturing of non-woven fabric. The manufacturing facility is
located at Bhiwani with an installed capacity of 3,000 MTPA for
non woven fabric. The company is also setting up a PP tape unit
with the capacity of 1,800MTPA which is expected to commence
operations by the end of August 2016.

The total cost of setting both the manufacturing facilities was
envisaged at INR7.95 crore which was to be financed by term loan
of INR3.50 crore (yet to be disbursed) and balance through
promoter's contribution. The company incurred INR4.53 crore on
the non-woven fabric unit which was funded through infusion of
equity share capital. The expenditure for PP Tape unit is yet to
be done.

SPMPL has two associate concerns, viz, KK Industries (engaged in
the manufacturing of jute yarn and plastic rope) and Shiv Plastic
(engaged in the manufacturing of plastic granules).

During the 3MFY16 (estimated) (refers to the period January 2016
toMarch 2016) the company achieved total operating income of
INR8.14 crore and PAT of INR0.03 crore.


T B S MINES: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
T B S Mines and Minerals Private Limited (TBS; part of the TBS
group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL D
   Working Capital
   Demand Loan            40       CRISIL D

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

For arriving at its rating, CRISIL has combined the business and
financial risk profile of TBS and TBS Logistics (TBSL). This is
because the two entities, together referred to as the TBS group,
are under a common management and have fungible funds.

The TBS group is promoted by Mr. Suresh Solanki. TBS,
incorporated in 2009-10 (refers to financial year, April 1 to
March 31), provides logistics services for sand transport to
Trimex Sands Pvt Ltd (rated 'CRISIL BBB+/Stable/CRISIL A2').
TBSL, a proprietorship firm, commenced operations in 2003; it
provided logistics services to iron ore traders and exporters in
Bellary (Karnataka). However, following the mining ban in
Bellary, TBSL discontinued the transport operations. It is
currently constructing a railway siding in Bellary.


TATA POWER: Moody's Revises Outlook on Ba3 CFR to Negative
----------------------------------------------------------
Moody's Investors Service has revised to negative from stable the
outlook on the Ba3 corporate family rating and senior unsecured
rating of Tata Power Company Limited (The) following the
announcement that the company has signed a share purchase
agreement to buy Welspun Renewables Energy Limited (Welspun) for
INR 92.5 billion in cash.

At the same time, both ratings have been affirmed.

RATINGS RATIONALE

"The change in outlook to negative reflects the combined effect
of 1) entirely debt-funded nature of the transaction, which
reduces headroom within the ratings, 2) uncertainty regarding the
terms and structure of the bank debt that will be raised to fund
the acquisition, and 3) limited details about the quality of the
assets being acquired", says Abhishek Tyagi, a Moody's Vice
President and Senior Analyst.

"With this acquisition, Tata Power's debt will increase by
approximately 21%, thereby reducing the headroom within the
rating" Tyagi, says, adding "Moody's understands that Tata Power
is raising a bridge bank facility to fund the transaction, and
this facility could pressure the company's liquidity profile
depending on its terms, including maturity profile".

With this transaction, Moody's expects Tata Power's Adjusted
Debt/Capitalisation to increase, but to remain below the rating
tolerance level of 75%.

Moody's notes that the acquisition provides meaningful
diversification benefits to Tata Power's business profile with
the increase in renewable projects in its portfolio which also
have long term power purchase agreements.

Tata Power's renewable energy portfolio nearly doubles with this
acquisition and would represent approximately 23% of its
generation capacity which is in line with its spelled out long
term strategy of portfolio fuel mix.

However, there is limited information at this stage about the
quality of the underlying assets being acquired and about Tata
Power's ultimate plan to integrate them within its existing
portfolio.

Moody's says, "Tata Power's Ba3 ratings include a one-notch
uplift based on our assessment that Tata Power will likely
receive support from its major shareholder, Tata Sons Ltd.
(unrated), if needed.

The ratings could revert to stable if Moody's considers that 1)
the terms of the bridge finance do not exert material credit and
liquidity pressure on the rating, and 2) the quality of assets
being acquired are not materially weaker than those of Tata
Power."

On the other hand, the ratings could be lowered if 1) the
acquisition bridge finance is short-term in nature and Tata Power
is unable to refinance it with long term debt that is of similar
terms relative to its existing debt, 2) Moody's considers that
performance of the acquired assets is materially lower than that
of Tata Power's existing assets.

The ratings could be also lowered if Tata Power raises its
financial leverage further, leading to financial metrics
exceeding the ratings tolerance, including (3) FFO interest
coverage falling below 1.3x to 1.4x, adjusted debt/ book
capitalization exceeding 75%, and RCF/debt dropping below 3.5% to
4.5% on a sustained basis.

Furthermore, the ratings could be pressured if Coastal Gujarat
Power Limited (CGPL) -- which is a subsidiary of Tata Power -
fails to obtain waivers on its covenant breaches within a
reasonable timeframe, and without significant additional costs or
onerous new terms.
Tata Power is one of the largest private-sector power utility in
India with an installed generation capacity of 9,156 MW as of
March 2016. The company's business operations include power
generation (thermal, hydro, solar and wind), transmission and
distribution.


TEJRAJ REALTORS: CRISIL Suspends B+ Rating on INR200MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Tejraj Realtors (TRL).

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

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

TRL was established in 2011 in Pune (Maharashtra) by Mr. Tejraj
Patil; it commenced commercial operations in November 2012 with a
residential redevelopment project at Baner in Pune. The project
is being marketed under the name DivyaTej; it is expected to be
completed in June 2017. The firm is part of the Pune-based Tejraj
group.


TOLARAM SURENDRA: CARE Assigns B+ Rating to INR6cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Tolaram
Surendra Kumar Kundalia.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Tolaram Surendra
Kumar Kundalia (TSK) is constrained by its moderate scale
of operations with low profit margins, volatility in prices of
traded goods, working capital intensive nature of operations
resulted in leveraged capital structure with moderately weak debt
protection metrics, constitution as partnership firm and its
presence in an intensely competitive industry. The rating,
however, derives strength from the experience of the partners,
long track record of operations and diversified product
portfolios alongwith positive demand prospects. Going forward,
the ability of TSK to increase its scale of operations with
improvement in profit margins and effective management of working
capital will be the key rating sensitivities.

TSK was initially set up in 1980 as a proprietorship entity by
late Mr Santosh Kumar Kundalia. However, TSK was converted into
partnership firm as per partnership deed dated December 06, 2014,
and currently managed by Mr Surendra Kumar Kundalia and his
mother Mrs Tara Devi Kundalia. Since inception, the firm has been
engaged in trading of food grains, edible oil, salt, milk, ghee,
pulses and other allied products. The firm is operating through a
single store located at Jorhat, Assam.

Mr Surendra Kumara Kundalia, aged about 43 years, has over a
decade of experience in trading of grocery items, looks
after the day-to-day operations of the firm.

During FY15, Audited (refers to the period April 1 to March 31),
TSK reported PAT of INR0.22 crore (Rs.0.28 crore in FY14) on a
total operating income of INR72.42 crore (Rs.74.40 crore in
FY14). Furthermore, the firm has reported total operating income
of INR90.18 crore during FY16.


UPPAL FERROCAST: CRISIL Reaffirms B+ Rating on INR42.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Uppal Ferrocast
Private Limited (UFPL) continue to reflect the company's modest
scale of operations, large working capital requirement, and
UFPL's average financial risk profile marked by moderate gearing,
below average debt protection metrics and modest net worth. These
weaknesses are partially offset by extensive experience of its
promoters in the iron castings industry, and its healthy customer
relationships.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        10        CRISIL A4 (Reaffirmed)

   Cash Credit           42.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    42.5      CRISIL B+/Stable (Reaffirmed)

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

UFPL, based in Hyderabad, manufactures ductile and grey iron
castings. It was established as a partnership concern named
Ferrocast in 1984 by the late Mr. T Venkata Narsimha Rao Deshmukh
and his associates. It was reconstituted as a private limited
company with the current name in 1997. Its daily operations are
managed by Mr. T Sricharan Kumar


VIVO MOBILE: Ind-Ra Assigns IND BB Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vivo Mobile
India Private Limited (Vivo India) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The agency has also assigned
Vivo India's proposed INR7 bil. long-term non-convertible
debentures (NCDs) a 'Provisional 'IND BB' rating with a Stable
Outlook.

KEY RATING DRIVERS

Vivo India is a relatively new player in the Indian mobile
handset space.  However, the Vivo brand of mobile phones is well-
established in China, with an approximately 11.9% market share in
4QFY16.  It is placed third in terms of market position in China
and fifth globally.  Provisional (P) FY16 financials indicate
that Vivo India recorded revenues of INR9.6 bil. (FY15: INR0.6
mil.); FY16 was its first full year of operations.  Vivo India
has been registering steep sales-volume growth, on account of
technology-based product differentiation and considerable
advertising and marketing spending.  However, India's smartphone
market is overcrowded with more than 25 brands, and is hence
extremely price-sensitive, with changing customer preferences and
low brand loyalty.  Therefore, gaining market share on a
sustained basis would be challenging for any new player.

Vivo India incurred cumulative EBITDA losses of INR2 bil. as at
end-FY16 (P) and accumulated net losses of INR2.4 bil.  The
company expects to break even in FY17, with a quick pick-up in
sales of mobile phone, although advertising and sales promotion
spends shall continue to remain high with INR1,061 mil. spent in
FY16 (P) and INR377 mil. spent in FY15. Management has indicated
that it would continue to spend 10-15% of revenue on sales
promotions over FY17-FY20.  Heavy investment in brand building
indicates Vivo India's seriousness to establish itself in the
Indian market over the long term, but such investment would
continue to moderate its profitability over the short-to-medium
term.

Vivo India set up a handset manufacturing plant in Noida in
December 2015, with a current annual capacity of 4.6 mil.
handsets.  The company plans to further ramp up the capacity to
match the rapid pick-up in demand.  Vivo India invested about
INR625 mil. to set up the production facility in FY16 in order to
save on import duties and take advantage of the benefits of
localized manufacturing.  Handset imports are subject to 13.5%
duty, while domestic manufacturing is only subjected to 2% excise
duty.  Currently, Vivo India manufactures about 90% of its
handsets.

Vivo India is currently a net cash positive entity, with its
working capital cycle being funded through high trade payable
days (FY16 (P): 225 days; FY15: 200 days).  Vivo has significant
sales-volume growth targets for the next 5 years and aims to gain
3.5%-4% market share by end-FY17; this is currently about 0.5%.

Therefore, infusion of medium-term funds through INR7 bil. NCDs
would support its capex and growing working capital requirements.
Management expects marginal profitability, coupled with capex
requirements in the short-to-medium term.  This would lead to
negative free cash flows and weak debt service coverage ratio,
hence posing refinancing risk.

The ratings also factor in industry risks such as fast-paced
technological changes, changing consumer preferences and
competitive pricing pressures.  Other risks include forex risks
on account of the import of handsets, but this is partially
mitigated by increasing the mix of indigenous
sourcing/manufacturing.

RATING SENSITIVITIES

Positive: A turnaround in EBITDA and the ability to service debt
obligations from internal accruals could be positive for the
ratings.

Negative: Lower traction in revenues leading to continued EBITDA
losses, and lack of timely funding support from the parent and/or
suppliers, could be negative for the rating.

COMPANY PROFILE

Vivo India was incorporated in August 2014.  It is engaged in the
manufacture and sales of smartphones as well as the wholesale
trade of mobile spare parts and accessories.  It set up a
production facility in Greater Noida in December 2015 with a
current annual capacity of about 4 mil. smartphones, which it
plans to further increase in line with demand.



=====================
P H I L I P P I N E S
=====================


NEW RURAL BANK: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board (MB) placed New Rural Bank of Binalbagan
(Negros Occ.), Inc. under the receivership of the Philippine
Deposit Insurance Corporation (PDIC) by virtue of MB Resolution
No. 1002.A dated June 9, 2016. As Receiver, PDIC took over the
bank on June 10, 2016.

New Rural Bank of Binalbagan is a single-unit rural bank located
at the National Highway, Brgy. Progreso, Binalbagan, Negros
Occidental. Based on the Bank Information Sheet filed by the bank
with the PDIC as of December 31, 2015, New Rural Bank of
Binalbagan is owned by Lourdes Natividad Garrucho (22.49%),
Michael Ray Victor G. Lopez (14.63%), Milagros G. Lopez (12.37%),
Santos S. Garrucho, Sr. (11.83%), Rafael T. Guerrero, Jr.
(11.49%), Lilia M. Rivera (5.77%), Florita G. Amantillo (4.11%),
Santos T. Garrucho, Jr. (3.01%), and Teresita G. Figueroa
(2.51%). The Bank's President and Chairman is Michael Ray Victor
G. Lopez.

Latest available records show that as of March 31, 2016, New
Rural Bank of Binalbagan had 480 accounts with total deposit
liabilities of PHP8.24 million, 98.3% of which are insured.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with New Rural Bank of Binalbagan or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. PDIC will
start mailing payments to these depositors at their addresses
recorded in the bank by June 20, 2016.

Depositors may update their addresses until June 16, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts by June 23, 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on June 20, 2016. It enjoins all depositors to
attend the Forum to verify with PDIC representatives if they are
eligible for early payment. Those not eligible will be informed
of the requirements and procedures for filing deposit insurance
claims. The time and venue of the Forum will be posted in the
bank's premises and announced in the PDIC website,
www.pdic.gov.ph.

Likewise, the schedule of the claims settlement operations, as
well as the requirements and procedures for filing claims will be
announced through notices to be posted in the bank premises,
other public places and the PDIC website.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph.



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


HANJIN SHIPPING: KIS Downgrades Credit Rating to 'CCC'
------------------------------------------------------
The Korea Herald reports that Korea Investors Service, one of the
big three rating agencies in Korea, downgraded the credit ratings
of Hanjin Shipping, Hyundai Merchant Marine and Daewoo
Shipbuilding & Marine Engineering on June 20.

The Korea Herald relates that the agency lowered DSME from BB+ to
BB, with its rating outlook also remaining negative.

According to the report, HMM received a downgrade from A+ to A,
citing its continuous deficit, while Hanjin Shipping, struggling
container operator who recently sought creditor-led restructuring
to avoid bankruptcy, also faced a downgrade from B- to CCC.

Earlier, two other agencies Korea Ratings and NICE Investors
Service also lowered their credit assessment of the three major
companies, the Korea Herald notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


HANJIN SHIPPING: Court Rejects Arrest Warrant Bid for Ex-Chief
--------------------------------------------------------------
Yonhap News Agency reports that a Seoul court on June 14 rejected
a prosecution request for an arrest warrant for a former Hanjin
Shipping chief accused of illegal stock trading.

On June 12, the Seoul Southern District Prosecutors' Office filed
for a warrant to arrest Choi Eun-young, who is facing charges of
misusing insider information to sell company stocks, Yonhap says.

However, the Seoul Southern District Court said Choi is not
considered a flight risk, nor is it concerned that Choi would
attempt to destroy evidence, Yonhap relates.

Yonhap says the court noted that evidence gathered so far would
be sufficient to incriminate Choi.

According to Yonhap, Choi and her two daughters allegedly avoided
about KRW1 billion (US$849,000) in losses by selling their stocks
of the financially-troubled Hanjin Shipping in April after
obtaining information that the company will go through a
creditor-led debt restructuring.

Yonhap relates that the controversial stock sale was completed a
few days before Hanjin Shipping, slowed by an industry slump and
ballooning losses, decided to apply for a creditor-led debt
revamp and a self-rescue program.

Currently, Choi is the chairwoman of Eusu Holdings Co. that
separated from Hanjin Group in May 2015.

Choi denied the charges during an earlier questioning by
prosecutors, saying she only sold the stocks to pay back her
debts, Yonhap notes.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


KOREAN AIR: Keen to Secure Cash to Handle Maturing Debt
-------------------------------------------------------
Yonhap News Agency reports that Korean Air Lines Co., South
Korea's top air carrier, is going all out to secure liquidity by
issuing a large amount of asset-backed securities (ABS) in an
apparent bid to handle maturing debt, industry sources said.

Yonhap relates that Korean Air, whose parent Hanjin Group is
beset by a liquidity crisis engulfing its shipping arm, floated
some KRW340 billion (US$287 million) worth of ABS in April and
May.  The airline is also considering issuing an additional
KRW700 billion in July, the report notes.

Last year, Korea Air issued KRW570 billion worth of ABS, or a
financial security backed by underlying assets such as a loan,
lease or receivables, the report recalls.  Korean Air's ABS is
based mainly on the proceeds from future ticket sales.

"Korean Air has a plan to issue KRW700 billion worth of ABS next
month," Yonhap quotes a market watcher as saying. "The company is
considering the option to increase the amount."

On top of ABS sales, Korea Air floated KRW520 billion worth of
local- and foreign-currency bonds this year, Yonhap relays.

According to Yonhap, analysts attributed the jump in Korean Air's
ABS issuance to the recent drop in the airline's credit rating,
which makes it hard to raise money in the corporate bond market.

In late March, Korea Investors Service Inc. downgraded its credit
rating on Korean Air to BBB plus from A minus, in a major setback
for the air carrier, Yonhap discloses.

According to the report, market watchers said Korean Air is in
dire need of cash as a considerable amount of its debt comes due
this year. The company is estimated to see KRW760 billion worth
of bonds and ABS mature this year, Yonhap notes.

In addition, Korean Air's short-term debt, which should be paid
back within a year, stood at approximately KRW800 billion as of
the end of March this year, Yonhap discloses.

Yonhap relates that some analysts said Korean Air may find it
difficult to roll over its maturing debt as banks have toughened
their lending terms amid the country's sweeping corporate
restructuring drive and the airline faces risks from investments
in affiliates.

"Korean Air's exposure to troubled Hanjin Shipping Co. amounts to
about KRW500 billion," Yonhap quotes Kang Dong-jin, a researcher
at HMC Investment Securities Co., as saying.  "In addition, the
market situation is not favorable for Korean Air in the second
half of this year due to increased competition and the sluggish
cargo business."

In the first quarter of this year, Korean Air's operating profit
soared 70.2 percent on-year to KRW323.3 billion, but it posted a
net loss of KRW177.6 billion due to a poor performance by the
non-operating sector, Yonhap discloses.

Headquartered in Seoul, South Korea, Korean Air Lines Co. Ltd.
-- http://kr.koreanair.com/-- is a Korea-based company engaged
in the passenger airline transportation business.  Its principal
activities consist of the provision of domestic and
international airline services; the production of aircraft,
including military aircraft; the provision of aircraft
maintenance and engineering services, and the sale of duty-free
goods. Korean Air Lines offers four classes of service: Economy
Class, Business Class, First Class and Premium Class, and
provides in-flight services, including cabin crew, in-flight
entertainment, meal and other services.  It is also involved in
the provision of in-flight meals for third parties.  In addition
to passenger transportation services, Korean Air Lines is a
cargo carrier that operates freighters worldwide. During the
year ended December 31, 2007, its operations spanned 101 cities
in 36 overseas countries with a fleet of 126 aircraft and it
carried 22,850,000 passengers and 2,280,000 tons of freight.



===============
X X X X X X X X
===============


* BOND PRICING: For the Week June 13 to June 17, 2016
-----------------------------------------------------

Issuer                 Coupon    Maturity    Currency   Price
------                 ------    --------    --------   -----


  AUSTRALIA
  ---------

BARMINCO FINANCE PTY    9.00     6/1/2018     USD       73.75
BARMINCO FINANCE PTY    9.00     6/1/2018     USD       76.83
BARMINCO FINANCE PTY    9.00     6/1/2018     USD       71.00
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
BOART LONGYEAR MANAG    7.00     4/1/2021     USD       36.75
CBL CORP LTD            8.25    4/17/2019     AUD       70.00
CML GROUP LTD           9.00    1/29/2020     AUD        1.00
CML GROUP LTD           7.49    5/18/2021     AUD       70.90
CRATER GOLD MINING L   10.00    8/18/2017     AUD       35.00
CROWN RESORTS LTD       6.33    4/23/2075     AUD       69.89
EMECO PTY LTD           9.88    3/15/2019     USD       48.50
EMECO PTY LTD           9.88    3/15/2019     USD       47.75
IMF BENTHAM LTD         6.48    6/30/2019     AUD       62.25
KBL MINING LTD         12.00    2/16/2017     AUD        0.25
KEYBRIDGE CAPITAL LT    7.00    7/31/2020     AUD        0.70
MCPHERSON'S LTD         7.10    3/31/2021     AUD       74.00
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.50
MIDWEST VANADIUM PTY   11.50    2/15/2018     USD        6.00
STOKES LTD             10.00    6/30/2017     AUD        0.35
TREASURY CORP OF VIC    0.50   11/12/2030     AUD       68.84


CHINA
-----

ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.50
ANSHAN CITY CONSTRUC    8.25     3/5/2019     CNY       64.82
ANYANG INVESTMENT GR    8.00    4/17/2019     CNY       64.86
BAICHENG ZHONGXING U    7.00   12/18/2019     CNY       72.75
BANGBU CITY INVESTME    5.78    8/10/2017     CNY       55.92
BEIJING ECONOMIC TEC    5.29     3/6/2018     CNY       72.00
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       85.46
CHANGSHA COUNTY XING    8.35     4/6/2019     CNY       64.16
CHANGSHA HIGH TECHNO    7.30   11/22/2017     CNY       74.60
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.78
CHANGSHU CITY OPERAT    8.00    1/16/2019     CNY       64.37
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.18
CHANGZHOU INVESTMENT    5.80     7/1/2016     CNY       40.16
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       49.70
CHANGZHOU WUJIN CITY    5.42     6/9/2016     CNY       50.13
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       65.55
CHENGDU XINCHENG XIC    8.35    3/19/2019     CNY       66.82
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       52.40
CHONGQING HECHUAN RU    8.28    4/10/2018     CNY       51.01
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       73.15
CHONGQING HECHUAN UR    6.95     1/6/2018     CNY       72.70
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.16
CHONGQING JIANGJIN H    6.95     1/6/2018     CNY       72.55
CHONGQING NAN'AN DIS    8.20     4/9/2019     CNY       64.95
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       61.88
CHONGQING NAN'AN DIS    6.29   12/24/2017     CNY       62.00
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.41
CHONGQING YONGCHUAN     7.49    3/14/2018     CNY       73.58
CHONGQING YUXING CON    7.29    12/8/2017     CNY       72.63
DANDONG CITY DEVELOP    6.21     9/6/2017     CNY       70.61
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       85.38
DANYANG INVESTMENT G    8.10     3/6/2019     CNY       64.47
DANYANG INVESTMENT G    6.30     6/3/2016     CNY       40.11
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.43
DATONG ECONOMIC CONS    6.50     6/1/2017     CNY       71.20
DONGBEI SPECIAL STEE    5.88     5/5/2016     CNY       33.23
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.00
DRILL RIGS HOLDINGS     6.50    10/1/2017     USD       60.38
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       47.82
ERDOS DONGSHENG CITY    8.40    2/28/2018     CNY       50.11
GRANDBLUE ENVIRONMEN    6.40     7/7/2016     CNY       70.41
GUIYANG ECO&TECH DEV    8.42    3/27/2019     CNY       64.72
GUOAO INVESTMENT DEV    6.89   10/29/2018     CNY       68.11
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       53.45
HAIAN COUNTY CITY CO    8.35    3/28/2018     CNY       52.97
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       65.25
HAIMEN CITY DEVELOPM    8.35    3/20/2019     CNY       64.63
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       39.00
HANGZHOU XIAOSHAN ST    6.90   11/22/2016     CNY       40.93
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       65.50
HANGZHOU YUHANG CITY    7.55    3/29/2019     CNY       64.16
HANZHONG CITY CONSTR    7.48    3/14/2018     CNY       73.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       65.76
HEFEI TAOHUA INDUSTR    8.79    3/27/2019     CNY       64.64
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.95
HEILONGJIANG HECHENG    7.78   11/17/2016     CNY       40.67
HUAIAN CITY URBAN AS    7.15   12/21/2016     CNY       40.80
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       65.13
HUAIAN CITY WATER AS    8.25     3/8/2019     CNY       64.70
HUAIAN DEVELOPMENT H    6.80    3/24/2017     CNY       42.93
HUAIAN QINGHE NEW AR    6.79    4/29/2017     CNY       72.03
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.21
HUAIHUA CITY CONSTRU    8.00    3/22/2018     CNY       52.76
HUZHOU MUNICIPAL CON    7.02   12/21/2017     CNY       72.95
HUZHOU NANXUN STATE-    8.15    3/31/2019     CNY       64.44
HUZHOU WUXING NANTAI    7.71    2/17/2018     CNY       73.57
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       62.71
JIAMUSI NEW ERA INFR    8.25    3/22/2019     CNY       63.78
JIANGDONG HOLDING GR    6.90    3/27/2019     CNY       62.53
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       63.80
JIANGDU XINYUAN INDU    8.10    3/23/2019     CNY       64.33
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.78
JIANGSU HUAJING ASSE    5.68    9/28/2017     CNY       50.50
JIAXING CULTURE FAMO    8.16     3/8/2019     CNY       66.16
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.00
JINAN CITY CONSTRUCT    6.98    3/26/2018     CNY       52.44
JINGJIANG BINJIANG X    6.80   10/23/2018     CNY       66.03
JINING CITY CONSTRUC    8.30   12/31/2018     CNY       64.99
JINTAN CONSTRUCTION     8.30    3/14/2019     CNY       65.00
JINTAN CONSTRUCTION     8.30    3/14/2019     CNY       65.34
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       65.22
JIUJIANG CITY CONSTR    8.49    2/23/2019     CNY       61.01
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.00
KUNMING CITY CONSTRU    7.60    4/13/2018     CNY       52.58
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.41
KUNMING WUHUA DISTRI    8.60    3/15/2018     CNY       53.32
LAIWU CITY ECONOMIC     6.50     3/1/2018     CNY       62.64
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.76
LESHAN STATE-OWNED A    6.99    3/18/2018     CNY       73.74
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.00
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       63.00
LIAOYUAN STATE-OWNED    7.80    1/26/2017     CNY       41.02
LIAOYUAN STATE-OWNED    8.17    3/13/2019     CNY       64.01
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       48.00
LINAN CITY CONSTRUCT    8.15     3/9/2018     CNY       53.27
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.12
LINHAI CITY INFRASTR    7.98    11/6/2016     CNY       51.40
LINYI INVESTMENT DEV    8.10    3/27/2018     CNY       52.69
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       60.00
LIUZHOU DONGCHENG IN    8.30    2/15/2019     CNY       65.09
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.32
LONGHAI STATE-OWNED     8.25    12/2/2017     CNY       73.20
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.98
LUOHE CITY CONSTRUCT    6.81    3/30/2017     CNY       30.77
NANJING HEXI NEW TOW    6.40     2/3/2017     CNY       61.58
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       33.36
NANTONG STATE-OWNED     6.72   11/13/2016     CNY       40.86
NEIMENGGU XINLINGOL     7.62    2/25/2018     CNY       72.86
NINGBO CITY ZHENHAI     6.48    4/12/2017     CNY       41.03
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       51.08
NINGBO URBAN CONSTRU    7.39     3/1/2018     CNY       52.73
NINGDE CITY STATE-OW    6.25   10/21/2017     CNY       40.94
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.00
NINGHAI COUNTY CITY     8.60   12/31/2017     CNY       74.30
NONGGONGSHANG REAL E    6.29   10/11/2017     CNY       72.00
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       41.04
PANJIN CONSTRUCTION     7.70   12/16/2016     CNY       40.80
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       60.00
PUTIAN STATE-OWNED A    8.10    3/21/2019     CNY       64.80
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       63.45
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.89
QINGDAO CITY CONSTRU    6.19    2/16/2017     CNY       40.32
QINGDAO CITY CONSTRU    6.89    2/16/2019     CNY       62.97
QINGDAO HUATONG STAT    7.30    4/18/2019     CNY       84.44
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       41.08
QINGZHOU HONGYUAN PU    6.50    5/22/2019     CNY       40.10
QUANZHOU QUANGANG PE    8.40    4/16/2019     CNY       83.11
QUNSHAN HUAQIAO INTE    7.98   12/30/2018     CNY       64.25
SHANDONG SHANSHUI CE    6.10    2/27/2017     CNY       35.01
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       73.25
SHANDONG TAIFENG MIN    5.80    3/12/2020     CNY       72.49
SHANGHAI REAL ESTATE    6.12    5/17/2017     CNY       71.24
SICHUAN DEVELOPMENT     5.40   11/10/2017     CNY       71.69
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       64.71
SUQIAN ECONOMIC DEVE    7.50    3/26/2019     CNY       60.10
SUZHOU CONSTRUCTION     7.45    3/12/2019     CNY       64.51
TAIAN CITY TAISHAN I    5.79     3/2/2018     CNY       72.29
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.02
TAIXING ZHONGXING ST    8.29    3/27/2018     CNY       53.15
TAIZHOU CITY CONSTRU    6.90    1/25/2017     CNY       41.00
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.60
TAIZHOU HAILING ASSE    8.52    3/21/2019     CNY       64.76
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       92.20
TIANJIN BINHAI NEW A    5.00    3/13/2018     CNY       71.89
TIANJIN ECONOMIC TEC    6.20    12/3/2019     CNY       73.93
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.37
TIANJIN HI-TECH INDU    7.80    3/27/2019     CNY       64.27
TIANJING HANBIN INVE    8.39    3/22/2019     CNY       64.91
TIGER FOREST & PAPER    5.38    6/14/2017     CNY       73.38
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       72.02
TONGLIAO CITY INVEST    5.98     9/1/2017     CNY       68.00
TRI-CONTROL AUTOMATI    8.75   12/11/2018     USD       53.50
VANZIP INVESTMENT GR    7.92     2/4/2019     CNY       67.14
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.75
WUHAI CITY CONSTRUCT    8.20    3/31/2019     CNY       64.00
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.05
WUXI COMMUNICATIONS     5.58     7/8/2016     CNY       50.18
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.50
XIANGTAN CITY CONSTR    8.00    3/16/2019     CNY       64.61
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       40.99
XIANGTAN JIUHUA ECON    6.93   12/16/2016     CNY       41.05
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       64.36
XIANGYANG CITY CONST    8.12    1/12/2019     CNY       63.93
XIAOGAN URBAN CONSTR    8.12    3/26/2019     CNY       65.39
XINXIANG INVESTMENT     6.80    1/18/2018     CNY       73.16
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.70
XUZHOU ECONOMIC TECH    8.20     3/7/2019     CNY       64.60
YANGZHONG URBAN CONS    7.10    3/26/2018     CNY       73.07
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.29
YANGZHOU ECONOMIC DE    5.80    5/12/2016     CNY       50.04
YANGZHOU ECONOMIC DE    6.10     7/7/2016     CNY       50.13
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.12
YANGZHOU URBAN CONST    5.94    7/23/2016     CNY       40.25
YANZHOU HUIMIN URBAN    8.50   12/28/2017     CNY       53.15
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       56.30
YIJINHUOLUOQI HONGTA    8.35    3/19/2019     CNY       60.01
YINCHUAN URBAN CONST    6.28     3/9/2017     CNY       25.54
YINGTAN INVESTMENT F    8.15    2/23/2017     CNY       52.65
YIYANG CITY CONSTRUC    8.20   11/19/2016     CNY       41.01
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       70.60
YUNNAN PROVINCIAL IN    5.25    8/24/2017     CNY       71.10
ZHANGJIAGANG JINCHEN    6.23     1/6/2018     CNY       61.90
ZHEJIANG PROVINCE DE    6.90    4/12/2018     CNY       72.96
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       60.00
ZHENJIANG NEW AREA E    8.16     3/1/2019     CNY       63.82
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       62.03
ZHUCHENG ECONOMIC DE    7.50    8/25/2018     CNY       42.14
ZHUCHENG ECONOMIC DE    6.40    4/26/2018     CNY       63.25
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.50
ZHUHAI HUAFA GROUP C    8.43    2/16/2018     CNY       53.03
ZIBO CITY PROPERTY C    5.45    4/27/2019     CNY       49.05
ZOUCHENG CITY ASSET     7.02    1/12/2018     CNY       41.85
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       63.13
ZUNYI CITY INVESTMEN    8.53    3/13/2019     CNY       66.50
INDIA
-----

3I INFOTECH LTD         5.00    4/26/2017     USD       11.00
BLUE DART EXPRESS LT    9.30   11/20/2017     INR       10.17
BLUE DART EXPRESS LT    9.40   11/20/2018     INR       10.26
BLUE DART EXPRESS LT    9.50   11/20/2019     INR       10.33
COROMANDEL INTERNATI    9.00    7/23/2016     INR       16.03
GTL INFRASTRUCTURE L    4.03    11/9/2017     USD       30.88
JAIPRAKASH ASSOCIATE    5.75     9/8/2017     USD       65.19
JAIPRAKASH POWER VEN    7.00    5/26/2016     USD       71.50
JCT LTD                 2.50     4/8/2011     USD       22.50
PRAKASH INDUSTRIES L    5.25    4/30/2015     USD       20.38
PYRAMID SAIMIRA THEA    1.75     7/4/2012     USD        1.00
REI AGRO LTD            5.50   11/13/2014     USD        1.69
REI AGRO LTD            5.50   11/13/2014     USD        1.69
SVOGL OIL GAS & ENER    5.00    8/17/2015     USD       19.88


INDONESIA
---------

BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.00
BERAU COAL ENERGY TB    7.25    3/13/2017     USD       20.24
PERUSAHAAN PENERBIT     6.75    4/15/2043     IDR       73.40
PERUSAHAAN PENERBIT     6.10    2/15/2037     IDR       73.00


JAPAN
-----

AVANSTRATE INC          5.55   10/31/2017     JPY       33.25
AVANSTRATE INC          5.55   10/31/2017     JPY       37.00
ELPIDA MEMORY INC       0.70     8/1/2016     JPY        8.63
ELPIDA MEMORY INC       0.50   10/26/2015     JPY        8.75
ELPIDA MEMORY INC       2.03    3/22/2012     JPY        8.63
ELPIDA MEMORY INC       2.29    12/7/2012     JPY        8.63
ELPIDA MEMORY INC       2.10   11/29/2012     JPY        8.63
TAKATA CORP             0.58    3/26/2021     JPY       72.75


KOREA
-----

2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
2014 KODIT CREATIVE     5.00   12/25/2017     KRW       31.79
DOOSAN CAPITAL SECUR   20.00    4/22/2019     KRW       42.48
HYUNDAI MERCHANT MAR    5.80     7/7/2016     KRW       84.49
HYUNDAI MERCHANT MAR    6.20    3/28/2017     KRW       68.51
HYUNDAI MERCHANT MAR    5.30     7/3/2017     KRW       66.56
KIBO ABS SPECIALTY C    5.00    1/31/2017     KRW       33.43
KIBO ABS SPECIALTY C    5.00    3/29/2018     KRW       30.70
KIBO ABS SPECIALTY C   10.00    2/19/2017     KRW       38.54
KIBO ABS SPECIALTY C    5.00   12/25/2017     KRW       30.41
KIBO ABS SPECIALTY C   10.00    8/22/2017     KRW       26.03
KIBO ABS SPECIALTY C   10.00     9/4/2016     KRW       44.97
LSMTRON DONGBANGSEON    4.53   11/22/2017     KRW       31.31
PULMUONE CO LTD         2.50     8/6/2045     KRW       57.03
PULMUONE CO LTD         2.50     8/6/2045     KRW       56.99
SINBO SECURITIZATION    5.00    6/25/2019     KRW       26.53
SINBO SECURITIZATION    5.00    6/25/2018     KRW       28.67
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    6/29/2016     KRW       49.34
SINBO SECURITIZATION    5.00   12/13/2016     KRW       35.12
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00     6/7/2017     KRW       21.06
SINBO SECURITIZATION    5.00    5/27/2016     KRW       58.49
SINBO SECURITIZATION    5.00    1/29/2017     KRW       34.60
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00    1/30/2019     KRW       27.92
SINBO SECURITIZATION    5.00   10/30/2019     KRW       19.55
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00    7/26/2016     KRW       44.46
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00     7/8/2017     KRW       33.27
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    2/11/2018     KRW       31.09
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00    3/12/2018     KRW       30.85
SINBO SECURITIZATION    5.00   12/25/2016     KRW       33.89
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    9/26/2018     KRW       29.22
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    3/13/2017     KRW       34.11
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    2/21/2017     KRW       34.34
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00    1/15/2018     KRW       31.59
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2018     KRW       28.26
SINBO SECURITIZATION    5.00   12/23/2017     KRW       30.43
SINBO SECURITIZATION    5.00    5/26/2018     KRW       28.94
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    2/27/2019     KRW       27.72
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    8/29/2018     KRW       29.45
SINBO SECURITIZATION    5.00    10/1/2017     KRW       32.31
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    3/18/2019     KRW       27.49
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    6/27/2018     KRW       30.18
SINBO SECURITIZATION    5.00    8/16/2016     KRW       39.80
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    8/16/2017     KRW       32.85
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    10/5/2016     KRW       36.64
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    8/31/2016     KRW       39.87
SINBO SECURITIZATION    5.00    7/24/2017     KRW       32.00
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
SINBO SECURITIZATION    5.00    7/24/2018     KRW       29.96
TONGYANG CEMENT & EN    7.50    4/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.50    7/20/2014     KRW       70.00
TONGYANG CEMENT & EN    7.30    6/26/2015     KRW       70.00
TONGYANG CEMENT & EN    7.30    4/12/2015     KRW       70.00
TONGYANG CEMENT & EN    7.50    9/10/2014     KRW       70.00
U-BEST SECURITIZATIO    5.50   11/16/2017     KRW       32.61
WOONGJIN ENERGY CO L    3.00   12/19/2019     KRW       72.89
WOORI BANK              5.21   12/12/2044     KRW       67.37


SRI LANKA
---------

SRI LANKA GOVERNMENT    5.35     3/1/2026     LKR       58.07
SRI LANKA GOVERNMENT    9.00     6/1/2043     LKR       68.64
SRI LANKA GOVERNMENT    9.00    10/1/2032     LKR       71.58
SRI LANKA GOVERNMENT    6.00    12/1/2024     LKR       64.96
SRI LANKA GOVERNMENT    7.00    10/1/2023     LKR       73.00
SRI LANKA GOVERNMENT    9.00    11/1/2033     LKR       70.58
SRI LANKA GOVERNMENT    8.00     1/1/2032     LKR       65.62
SRI LANKA GOVERNMENT    9.00     6/1/2033     LKR       71.06


MALAYSIA
--------

BANDAR MALAYSIA SDN     0.35    2/20/2024     MYR       72.74
BANDAR MALAYSIA SDN     0.35   12/29/2023     MYR       73.21
BIMB HOLDINGS BHD       1.50   12/12/2023     MYR       72.28
BRIGHT FOCUS BHD        2.50    1/24/2030     MYR       72.89
BRIGHT FOCUS BHD        2.50    1/22/2031     MYR       69.60
LAND & GENERAL BHD      1.00    9/24/2018     MYR        0.22
SENAI-DESARU EXPRESS    0.50   12/31/2038     MYR       66.99
SENAI-DESARU EXPRESS    0.50   12/31/2040     MYR       69.95
SENAI-DESARU EXPRESS    0.50   12/30/2039     MYR       68.71
SENAI-DESARU EXPRESS    0.50   12/31/2041     MYR       71.09
SENAI-DESARU EXPRESS    0.50   12/31/2042     MYR       72.41
SENAI-DESARU EXPRESS    0.50   12/31/2043     MYR       73.56
SENAI-DESARU EXPRESS    0.50   12/30/2044     MYR       74.45
SENAI-DESARU EXPRESS    1.35    6/30/2028     MYR       59.77
SENAI-DESARU EXPRESS    1.35   12/31/2026     MYR       63.47
SENAI-DESARU EXPRESS    1.35   12/29/2028     MYR       58.54
SENAI-DESARU EXPRESS    1.15   12/29/2023     MYR       70.66
SENAI-DESARU EXPRESS    1.35    6/30/2027     MYR       62.21
SENAI-DESARU EXPRESS    1.15   12/30/2022     MYR       73.80
SENAI-DESARU EXPRESS    1.35   12/31/2029     MYR       56.21
SENAI-DESARU EXPRESS    1.35    6/30/2031     MYR       52.91
SENAI-DESARU EXPRESS    1.15   12/31/2024     MYR       67.60
SENAI-DESARU EXPRESS    1.35   12/31/2025     MYR       66.09
SENAI-DESARU EXPRESS    1.35   12/31/2030     MYR       54.01
SENAI-DESARU EXPRESS    1.15    6/28/2024     MYR       69.14
SENAI-DESARU EXPRESS    1.35   12/31/2027     MYR       60.99
SENAI-DESARU EXPRESS    1.35    6/28/2030     MYR       55.11
SENAI-DESARU EXPRESS    1.35    6/30/2026     MYR       64.73
SENAI-DESARU EXPRESS    1.35    6/29/2029     MYR       57.36
SENAI-DESARU EXPRESS    1.15    6/30/2023     MYR       72.21
SENAI-DESARU EXPRESS    1.15    6/30/2025     MYR       66.11
UNIMECH GROUP BHD       5.00    9/18/2018     MYR        1.12


PHILIPPINES
-----------

BAYAN TELECOMMUNICAT   13.50    7/15/2006     USD       22.75
BAYAN TELECOMMUNICAT   13.50    7/15/2006     USD       22.75


SINGAPORE
---------

AXIS OFFSHORE PTE LT    7.89    5/18/2018     USD       60.86
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        3.02
BAKRIE TELECOM PTE L   11.50     5/7/2015     USD        1.00
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.40
BERAU CAPITAL RESOUR   12.50     7/8/2015     USD       20.50
BLD INVESTMENTS PTE     8.63    3/23/2015     USD        8.25
BUMI CAPITAL PTE LTD   12.00   11/10/2016     USD       17.38
BUMI CAPITAL PTE LTD   12.00   11/10/2016     USD       16.61
BUMI INVESTMENT PTE    10.75    10/6/2017     USD       15.90
BUMI INVESTMENT PTE    10.75    10/6/2017     USD       16.36
ENERCOAL RESOURCES P    6.00     4/7/2018     USD       10.13
GOLIATH OFFSHORE HOL   12.00    6/11/2017     USD        5.04
INDO INFRASTRUCTURE     2.00    7/30/2010     USD        1.88
NEPTUNE ORIENT LINES    4.40    6/22/2021     SGD       71.05
ORO NEGRO DRILLING P    7.50    1/24/2019     USD       45.00
OSA GOLIATH PTE LTD    12.00    10/9/2018     USD       62.00
OTTAWA HOLDINGS PTE     5.88    5/16/2018     USD       70.00
OTTAWA HOLDINGS PTE     5.88    5/16/2018     USD       48.00
PACIFIC RADIANCE LTD    4.30    8/29/2018     SGD       72.88
SWIBER CAPITAL PTE L    6.50     8/2/2018     SGD       45.25
SWIBER CAPITAL PTE L    6.25   10/30/2017     SGD       58.00
SWIBER HOLDINGS LTD     7.13    4/18/2017     SGD       64.33
TRIKOMSEL PTE LTD       5.25    5/10/2016     SGD       20.00
TRIKOMSEL PTE LTD       7.88     6/5/2017     SGD       20.00


THAILAND
--------

G STEEL PCL             3.00    10/4/2015     USD        3.74
MDX PCL                 4.75    9/17/2003     USD       37.75


VIETNAM
-------

DEBT AND ASSET TRADI    1.00   10/10/2025     USD       50.50
DEBT AND ASSET TRADI    1.00   10/10/2025     USD       50.50



                             *********

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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