TCRAP_Public/160623.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, June 23, 2016, Vol. 19, No. 123


                            Headlines


A U S T R A L I A

APOLLO FERTILISER: Administrators Put Business Up For Sale
BURRUP FERTILIZERS: Only One Bidder Emerges During Sale
COMPASS RESOURCES: First Creditors' Meeting Set For June 29
DICK SMITH: Receivers to Publicly Examine Former Directors
DOMAINE STEEL: First Creditors' Meeting Slated For June 30

HAPPY CABBY: Placed Into Liquidation
METRO SOLAR: ASIC Officially Appoints Liquidator
OLD LA CITTA: First Creditors' Meeting Set For June 27
RAYSON RTK: First Creditors' Meeting Set For June 28
ROLLER POSTER: Collapses Into Liquidation

TIME ESSENTIALS: First Creditors' Meeting Set For June 30
W & C SAWMILLING: First Creditors' Meeting Set For June 30


C H I N A

CHINA: S&P Says Onshore Defaults May Spill Over to Offshore Bonds


I N D I A

ALPHA TOCOL: ICRA Reaffirms 'B+' Rating on INR7.74cr Term Loan
ANTONY COMMERCIAL: CRISIL Reaffirms B+ Rating on INR180MM Loan
ARVIND COTTEX: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
ASHA INDUSTRIES: ICRA Suspends B- Rating on INR8.89cr Loan
BDA HEALTHCARE: ICRA Assigns 'B' Rating to INR9.50cr Term Loan

BHAVIN STEEL: ICRA Assigns B+ Rating to INR8.0cr Loan
BILASPUR ENTERPRISES: CRISIL Suspends 'B' Rating on INR114MM Loan
BLACK ENERGY: CRISIL Suspends B+ Rating on INR60MM Cash Loan
BOLTMASTER (INDIA): ICRA Assigns B- Rating to INR22.8cr Loan
BUDHIA AGENCIES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating

CASIL INDUSTRIES: ICRA Withdraws 'B' Rating on INR14.38cr Loan
CENTURY 21: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
CHEMICAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR50MM Loan
CHENNAI ELEVATED: ICRA Suspends 'D' Rating on INR1610cr Loan
D.S. CONTRACTORS: ICRA Suspends 'D' Rating on INR5.001cr Loan

ENERZYTECH INDUSTRIES: ICRA Assigns 'SP 3D' Grading
ESHWARR STEEL: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
EXULT AGENCY: ICRA Suspends B+ Rating on INR5.0cr Cash Loan
GAYATRI POULTRIES: CRISIL Reaffirms 'B' Rating on INR130MM Loan
GREAT INDIA: ICRA Lowers Rating on INR12cr Cash Loan to 'B'

GREENPIECE LANDCAPES: ICRA Suspends B+ Rating on INR9cr LT Loan
GURU GOBIND: CRISIL Reaffirms 'B' Rating on INR180MM Term Loan
HONEST REALTY: ICRA Suspends 'D' Rating on INR5.001cr Loan
J.V. STRIPS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
JALDHARA GINNING: ICRA Suspends 'B' Rating on INR6.50cr Loan

JAY SHIV: ICRA Suspends 'B/A4' Rating on INR18.43cr Bank Loan
KANANI POLYFAB: ICRA Suspends B+ Rating on INR11.1cr Loan
KARPASA EXPORT: ICRA Suspends 'B' Rating on INR9.50cr Loan
KLASSIK ENTERPRISES: CRISIL Cuts Rating on INR170MM Loan to B-
LAVANYAAS COTTON: CRISIL Reaffirms B+ Rating on INR31.5MM Loan

MANISHA CONSTRUCTION: ICRA Lowers Rating on INR3cr Loan to B+
MANTRI METALLICS: ICRA Lowers Rating on INR43MM Cash Loan to D
MAPSKO BUILDERS: CRISIL Cuts Rating on INR2.7BB Loan to 'B'
MAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
MODERN AGRO-TECH: ICRA Reaffirms B Rating on INR3.55cr Loan

MOHIT ISPAT: ICRA Suspends B/A4 Rating on INR28.5cr Loan
MURLIDHAR TEX: ICRA Reaffirms 'B' Rating on INR3.49cr Loan
NAMASTHETU INFRATECH: ICRA Suspends 'B' Rating on INR12cr Loan
NUFUTURE DIGITAL: Ind-Ra Ups LT Issuer Rating From IND BB+
OMM STEEL: CRISIL Assigns 'B' Rating to INR84.8MM Term Loan

PERFECT COMMUNICATION: ICRA Assigns B+ Rating to INR6cr Loan
RADIANT INFO: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
RAJENDRA INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Loan
RAMAPRIYA SOLAR: ICRA Assigns 'B' Rating to INR10.5cr Term Loan
RANGA RAJU: CRISIL Reaffirms B+ Rating on INR240MM Cash Loan

RC GOYAL: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
RENUKA OIL: CRISIL Reaffirms B+ Rating on INR65MM Term Loan
S.L. ELECTTRICALS: CRISIL Reaffirms B- Rating on INR30.5MM Loan
SAHALAL RICE: CRISIL Assigns B+ Rating to INR40MM Term Loan
SAI SANNIDHI: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan

SAMET PLAST: ICRA Upgrades Rating on INR4.0cr Cash Loan to B+
SARIA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR149MM Loan
SHARAYU MOTORS: CRISIL Reaffirms B- Rating on INR75MM Cash Loan
SHARPLINE AUTOMATION: ICRA Ups Rating on INR3.2cr Loan to B-
SHEETAL COOL: ICRA Withdraws B+ Rating on INR6.5cr Term Loan

SHETH SHIP: ICRA Lowers Rating on INR5.0cr Cash Loan to B+
SHIV SHAKTI: ICRA Suspends 'B' Rating on INR6.15cr Loan
SHREE GANESHJI: ICRA Suspends B-/A4 Rating on INR18cr Bank Loan
SHREE UMAVANSHI: ICRA Assigns 'B' Rating to INR10cr Cash Loan
SHRIRAM FOOD: ICRA Assigns B+ Rating to INR57cr Cash Loan

SRAVANI RAW: CRISIL Assigns B- Rating to INR40MM Cash Loan
SREE SREE: CRISIL Assigns B+ Rating to INR49MM Cash Loan
SUNDARAM ALLOYS: ICRA Suspends 'D' Rating on INR55.65cr Loan
SURE SAFETY: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SVE CASTINGS: ICRA Lowers Rating on INR8.5cr Cash Loan to 'D'

SWASTIK FURNACES: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
TRIMURTI CORNS: CRISIL Lowers Rating on INR169.7MM Loan to 'D'
VENKATA SAI: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
VENUS GARMENTS: CRISIL Reaffirms B+ Rating on INR738.3MM Loan
VINTECH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR93.3MM Loan

WHITE GOLD: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan
YAMIR PACKAGING: CRISIL Reaffirms B+ Rating on INR63.7MM Loan
YASH CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR73MM Loan


N E W  Z E A L A N D

COTTAGE WINES: Fruit Winery Goes Into Liquidation
* NEW ZEALAND: Farm Insolvencies Could 'Explode', Brokerage Says


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Ex-CFO Summoned Over Alleged Acctg Fraud
HYUNDAI HEAVY: Labor Union Opposes Spin-Off Plans for Unit


                            - - - - -


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


APOLLO FERTILISER: Administrators Put Business Up For Sale
----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of Australia New Agribusiness
and Chemical Group Limited and Apollo Fertiliser Queensland Pty
Limited.  According to the report, the companies are being
offered by administrators Graham Killer --
graham.killer@au.gt.com -- Anthony Jonsson --
tony.jonsson@au.gt.com -- and Michael McCann --
michael.mccann@au.gt.com -- of Grant Thornton.

The companies are offered for sale either separately or as a
group, Dissolve.com.au says.

Apollo Fertiliser is a compound fertiliser manufacturing company.


BURRUP FERTILIZERS: Only One Bidder Emerges During Sale
-------------------------------------------------------
Australian Associated Press reports that only one bidder emerged
from 100 interested parties during the sale of Indian couple
Pankaj and Radhika Oswal's Australian fertiliser business, a
court has heard.

According to AAP, the Oswals are seeking up to AUD2.5 billion in
damages from the ANZ bank and receivers PPB Advisory, arguing
their 65% stake in Burrup Holdings was sold for less than half
its true value in 2012.

AAP relates that ANZ and PPB barrister Matthew Connock QC said
more than 100 potentially interested parties were identified and
contacted.

It included all parties who responded to the Oswals' attempts to
sell their stake in the year before the ANZ appointed receivers
in December 2010, says AAP.

But there were issues around a disputed gas supply agreement with
Apache Energy, gas supply risk and an offtake arrangement giving
the remaining Burrup Holdings shareholder, Yara International,
100% of the West Australian plant's ammonia production, according
to AAP.

Only Apache was prepared to bid and take the gas supply agreement
risk, Mr Connock, as cited by AAP, said.

AAP notes that the Oswals argue their stake was worth
US$1.38 billion when sold for US$560 million in January 2012.

Apache ended up with 49% of Burrup Holdings, and a new gas supply
agreement, while Yara International lifted its stake to 51%, AAP
discloses.

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


COMPASS RESOURCES: First Creditors' Meeting Set For June 29
-----------------------------------------------------------
Martin Bruce Jones, Wayne Rushton and Dermott McVeigh of Ferrier
Hodgson were appointed as administrators of Compass Resources
Limited on June 17, 2016.

A first meeting of the creditors of the Company will be held at
Level 28, 108 St Georges Terrace, in Perth, on June 29, 2016, at
10:30 a.m.


DICK SMITH: Receivers to Publicly Examine Former Directors
----------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that Dick Smith
receiver Ferrier Hodgson will publicly question former directors
of the iconic electronics chain after uncovering what are
understood to be "serious issues" during its investigation into
the lead up to its collapse in January.

SMH relates that the Australian Securities and Investments
Commission has already granted Ferrier Hodgson permission to
examine individuals linked to the failed business and it's
believed this will include its former board.

According to the report, Ferrier Hodgson will not comment on the
examination process or how many individuals it has reached out to
but a source close to the receiver said it would be surprising if
the examination did not include the directors.

"There's no way someone would fund an examination and not
question those individuals," he said, notes the report.  The
source denied the examinations amounted to a fishing expedition,
for no other reason than they were "costly and time-consuming to
prepare for and run."

"It's a very serious power that the liquidator or receiver uses
very carefully," he said.

"There is an awful lot of preparation that goes into an
examination, you conduct examinations to put submissions to
people."

SMH notes that Ferrier Hodgson will report back to ASIC on the
examinations and the corporate watchdog has the power to take
action based on the result of these interrogations, which are
conducted in public and the subjects answer questions under oath.

At the time of its collapse, Dick Smith's directors included
chair Robert Murray, managing director and chief executive Nick
Abboud, independent non-executive director Jamie Tomlinson,
independent non-executive director Lorna Raine, independent non-
executive director Robert Ishak and chief financial officer
Michael Potts, the report discloses.

According to SMH, Mr Abboud has not made any public comment since
he resigned from the company one week after Ferrier Hodgson took
control of the business at the behest of its creditors, including
its banks National Australia Bank and HSBC.

SMH recalls that Dick Smith collapsed in January under the weight
of more than $400 million in debts, including about $140 million
it owed to its banks.

Ferrier Hodgson's bid to sell the business failed to attract a
buyer at the right price and the shutters came down on the last
Dick Smith store in early May, putting close to 3,000 employees
out of work, according to the report.

SMH relates that the last remaining vestige of this once ground-
breaking business is the online operation, which is still trading
under the Dick Smith brand after online entrepreneur Ruslan Kogan
acquired it.

SMH says senior sources from within Dick Smith have always blamed
the banks for moving too quickly on the chain and signing its
death warrant over what was only a short term "cash-flow pinch."

Insiders have gone as far as claiming the administrators'
investigation will show the business could have survived with the
support of its banks but it appears a communication breakdown
between Dick Smith and its bankers soured the relationship, the
report relays.

The administrators McGrath Nicol is expected to publish its
report in early July and the examinations are likely to take
place later this year, SMH states.

                          About Dick Smith

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

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

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


DOMAINE STEEL: First Creditors' Meeting Slated For June 30
----------------------------------------------------------
Adam Shepard of Farnsworth Shepard was appointed as administrator
of Domaine Steel River Pty Limited on June 20, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand - Brisbane
Office, Level 32, 345 Queen Street, in Brisbane, on June 30,
2016, at 12:30 p.m.


HAPPY CABBY: Placed Into Liquidation
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Happy Cabby
Shuttles Pty Ltd has been put into liquidation. Bradd William
Morelli of Jirsch Sutherland has been appointed liquidator of the
company on June 13, 2016, the report discloses.

Dissolve.com.au relates that the airport shuttle service of Happy
Cabby Shuttles has been in operation since 1999 in Newcastle;
however, it started to experience troubles in 2013 after it was
reportedly fined for underpaying its drivers.

According to the report, the business has stopped operating after
the appointment of the liquidator. There is still no clarity to
the size of the company's debt; however, reports say the ATO
maybe its largest creditor, Dissolve.com.au relays.


METRO SOLAR: ASIC Officially Appoints Liquidator
------------------------------------------------
SeeNews Renewables reports that the Australian Securities and
Investment Commission (ASIC) officially appointed liquidators for
Victoria-based rooftop photovoltaics (PV) installer Metro Solar
Pty Ltd.

The winding up will be conducted under the administration of
accounting group Hall Chadwick's David Ross and Richard Albarran,
the report says.

SeeNews Renewables relates that in an interview with RenewEconomy
on June 20, Metro Solar general manager Paul O'Connell said that
the firm had already inked a sale agreement with new owners, led
by him. The potential buyers had agreed to assume all debt, while
looking after existing customers and honouring warranties, the
report relates.

According to the report, Metro Solar's financial troubles became
evident in April, when Australian football club the Richmond
Tigers filed a claim against the company with the County Court
over a breached two-year sponsorship agreement. The PV deployer
owed the club about AUD100,000, SeeNews Renewables relates,
citing media reports.


OLD LA CITTA: First Creditors' Meeting Set For June 27
------------------------------------------------------
Jeremy Robert Abeyratne -- jack@aplinsolvency.com.au -- of APL
Insolvency was appointed as administrator of Old La Citta Pty Ltd
on June 17, 2016.

A first meeting of the creditors of the Company will be held at
the Boardroom, APL Insolvency, Level 5, 150 Albert Road, in
South Melbourne, Victoria, on June 27, 2016, at 10:30 a.m.


RAYSON RTK: First Creditors' Meeting Set For June 28
----------------------------------------------------
Peter Anthony Lucas and Nicholas Francis Carter of P A Lucas & Co
were appointed as administrators of Rayson RTK Pty Ltd on June
16, 2016.

A first meeting of the creditors of the Company will be held at
RSM Australia Partners, Level 21, 55 Collins Street, in
Melbourne, Victoria, on June 28, 2016, at 3:30 p.m.


ROLLER POSTER: Collapses Into Liquidation
-----------------------------------------
Cliff Sanderson at Dissolve.com.au report that Roller Poster
Company Pty Ltd has collapsed into liquidation.  Jirsch
Sutherland has been appointed liquidators of the company on
June 17, 2016, the report says.

According to the report, the company had been operating under an
interim manager while its owner Tim Wilson tried to sell the
company with little success.

Roller Poster has been trading since 1994. The liquidation of the
Manly printer come just one month after it struck a signage deal
worth a reported AUD100,000.


TIME ESSENTIALS: First Creditors' Meeting Set For June 30
---------------------------------------------------------
Fabian Kane Micheletto -- fabian.micheletto@svp.com.au -- and
Michael Carrafa -- michael.carrafa@svp.com.au -- of SV Partners
were appointed as administrators of Time Essentials Pty Ltd on
June 20, 2016.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on June 30, 2016, at 11:00 a.m.


W & C SAWMILLING: First Creditors' Meeting Set For June 30
----------------------------------------------------------
Stephen Robert Dixon -- stephen.dixon@au.gt.com -- and Ahmed Bise
-- ahmed.bise@au.gt.com -- of Grant Thornton were appointed as
administrators of W & C Sawmilling Buchan Pty Ltd on June 20,
2016.

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



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


CHINA: S&P Says Onshore Defaults May Spill Over to Offshore Bonds
-----------------------------------------------------------------
Reuters reports that defaults in China's domestic bond markets
are likely to continue rising as corporate profitability remains
under pressure and debt burdens increase, rating agency S&P
Global said in a report on June 21.

Reuters relates that the agency said that the impact of such
defaults could spread to global bonds issued by Chinese companies
as the investor and issuer bases converge.

"Defaults have dashed the widespread perception of implicit
government guarantees for bonds, particularly those of SOEs," the
agency said in the report.

As the economy slows, China's corporates -- including some owned
by the central government -- in hard hit sectors are having
trouble making debt payments, Reuters says.

According to Reuters, S&P said the number of bond defaults in the
year to date period has already exceeded the total for all of
2015, with more than 20 bonds in default after more than 10
issuers missed their interest or principal payments.

S&P said the knock-on effect of these defaults was reflected in
wider spreads and a drop in new issuance, but such a benign
situation is unlikely to last, Reuters relays. It noted
redemptions have exceeded issuance in May for the first time
since 2011.

Reuters relates that sluggish demand is hurting profitability at
a time when the debt burden was "very high and rising" and the
government was looking to shut down companies in overcapacity
sectors.

As a result, credit quality is deteriorating and the agency said
nearly a quarter of its rated portfolio had a negative bias as on
May 30. Over the past 18 months, S&P has issued three times as
many downgrades as upgrades, Reuters reports.

Reuters notes that the agency warned "rising defaults could
disrupt China's desire to maintain relatively high growth to
rebalance its economy."

S&P said the new cycle of bad debt had come on the heels of the
credit binge of 2008 and that authorities would need to act if
the pickup in defaults starts choking liquidity and poses a
contagion risk to the broader Chinese financial system, Reuters
relays.

"In our opinion, a clear path to debt reduction and shrinking the
SOE sector will be aligned with the government's goal to
deleverage and allow the market to play a greater role in
allocating resources," S&P said.



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

ALPHA TOCOL: ICRA Reaffirms 'B+' Rating on INR7.74cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR7.74 crore (enhanced from INR3.53 crore) term loan facilities,
INR3.00 crore (enhanced from INR1.75 crore) fund based cash
credit facility and INR0.50 crore non fund based facilities of
Alpha Tocol Engineering Services Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             7.74        [ICRA]B+/reaffirmed

   Fund Based-Cash
   Credit                3.00        [ICRA]B+/reaffirmed

   Non Fund Based        0.50        [ICRA]B+/reaffirmed

The reaffirmation of rating takes into account the modest scale
of operations of the company, coupled with thin profitability and
high working capital intensity, which increased further in FY
2016 due to high receivables. Despite a growth in the operating
income, the operating margins of the company declined sharply in
FY 2016 owing to breakdown of few machines, leading to additional
costs of outsourcing of certain operations. The company remains
exposed to high client concentration risk as the order book
majorly comprises of orders from HAL and its divisions; however
the strong financial position of the clients and long term
relationship with them mitigates the risk to an extent. ICRA also
notes that the envisaged debt funded capital expenditure over the
next few years may impact the financial profile of the company,
to an extent. However, the rating also factors in the experience
of Alpha Tocol's management team in the field of aerospace and
defence, strong financial profile of the parent company, Alpha
Design Technologies Private Limited, and the company's renowned
customer base. ICRA also takes into consideration the strong
order book position of INR90.26 crore as on March 31, 2016 (5.83
times of FY16 operating income) which provides healthy revenue
visibility; the comfortable capital structure with gearing of
0.12 times as on March 31st, 2016 and healthy debt protection
metrics. Going forward, the company's ability to scale up
business with successful execution of the current order book
while improving its margins and optimizing the working capital
requirements would remain the key rating sensitivities.

The company was founded in the year 1972 by Mr. A.S. Narasimha
Murthy and has been mainly into fabrication activity since its
inception. It was acquired by Alpha Design Technologies Private
Limited (ADTPL) in December, 2009. Since its acquisition by
ADTPL, the company has been focusing on the manufacturing of
precision machined components, sheet metal components and sub-
assemblies for aircraft structural assemblies. It caters to the
defence sector with HAL and Tara Aerospace Private Ltd. being its
key clients.

Recent Results
For 2015-16, the company reported an operating income of INR15.49
crore (as per audited results) and a net profit of INR0.37 crore
as against an operating income and a net profit of INR13.92 and
INR0.16 crore respectively in 2014-15.


ANTONY COMMERCIAL: CRISIL Reaffirms B+ Rating on INR180MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Antony
Commercial Vehicles Private Limited (ACVPL) continues to reflect
ACVPL's below-average financial risk profile, marked by a small
net worth, weak capital structure, and modest debt protection
metrics. The rating also factors in the susceptibility of the top
line to intense competition in the automobile dealership market.
These rating weaknesses are partially offset by the extensive
industry experience of ACVPL's promoters, improvement in its
scale of operations and its established relationships with
customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                 180      CRISIL B+/Stable (Reaffirmed)

   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACVPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
the established position of its principal, Ashok Leyland Ltd
(ALL), in the commercial vehicle segment. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, driven most likely by a significant
increase in its cash accruals, fresh equity infusion, and
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of further pressure on ACVPL's
financial risk profile, particularly its liquidity, owing to low
cash accruals, large working capital requirements, or substantial
debt-funded capital expenditure.

Incorporated in 2011, ACVPL is an authorised dealer for the
medium and heavy commercial vehicles of ALL for Mumbai, Thane,
and Raigad (all in Maharashtra). The company received the
dealership in 2011 and started commercial operations in April
2012. ACVPL operates two showrooms, one in Taloja (Raigad) and
the other in Bhiwandi (Thane).


ARVIND COTTEX: CRISIL Assigns 'B' Rating to INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Arvind Cottex (AC).

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

The rating reflects the firm's modest scale of operations, low
profitability, and below average financial risk profile because
of modest networth, high total outside liabilities to tangible
networth ratio, and low interest coverage ratio. These weaknesses
are partially offset by the extensive experience of partners in
the textile industry.
Outlook: Stable

CRISIL believes AC will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability along with sizeable equity
infusion, while prudently managing working capital. The outlook
may be revised to 'Negative' if low cash accrual, or large
working capital requirement or debt-funded capital expenditure
further weakens financial risk profile.

Set up in 2015 as a partnership firm by Mr. Prathmesh Dhamane and
Mr. Pankaj Agarwal, AC trades in fabric and yarn. It is based in
Ichalkaranji and Malegaon in Maharashtra.


ASHA INDUSTRIES: ICRA Suspends B- Rating on INR8.89cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR8.89
crore limits of Asha Industries. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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

Asha Industries (AI) was incorporated in the year 1995 and is
involved in the business of ginning, pressing of raw cotton,
crushing of cotton seed and manufacturing of PVC/UPVC pipes. The
manufacturing facility, located in Morbi (Rajkot), is equipped
with eighteen ginning machines and one press for cotton ginning
and pressing, seven expellers for cotton crushing and two
machines for PVC pipes manufacturing. Besides manufacturing, the
firm is also engaged in trading of cotton seeds, oilcake, resin
and PVC/UPVC pipes etc.


BDA HEALTHCARE: ICRA Assigns 'B' Rating to INR9.50cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR10.00
crore fund based cash credit limit and term loan facility of
BDA Healthcare Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                0.50         [ICRA]B ; assigned

   Fund Based-Term
   Loan                  9.50         [ICRA]B ; assigned

The rating favourably factors in the long-standing experience and
qualification of the promoters in the pharmaceutical industry;
and the support from group companies in terms of established
presence and easy excess to key export markets which will aid the
operational and financial performance of the company.

The rating is, however, constrained by the lack of track record
of company's operations; its exposure to project execution risks
and stabilization of operations as per expected parameters; and
exposure to highly competitive and fragmented nature of generic
drug manufacturing industry which keeps profitability under
check. The rating also remains constrained on account of high
reliance on debt funding for the project which is likely to keep
the capital structure leveraged in the near term. ICRA notes that
the repayments for the company are sizeable in near to medium
term and hence its ability to scale up operations while
maintaining healthy profitability by managing the volatility in
raw material prices would remain key rating sensitivities.

BDA Health Care Private Limited (BHPL) is setting up a greenfield
project at Nagpur for manufacturing formulations catering to
therapeutic segments such as generic drugs. The company is a part
of Nagpur based BDA group which comprises of two more companies
namely BDA Pharma Private Limited and ODY Pharma Private Limited.
At present the firm is managed by three partners, namely Mr.
Santosh Deshpande, Mr. Daniel Biakou and CA Ali Hatim.


BHAVIN STEEL: ICRA Assigns B+ Rating to INR8.0cr Loan
-----------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B+ assigned to the
INR8.00 crore fund-based facilities of Bhavin Steel Private
Limited 2 on 'notice of withdrawal' for one month at the request
of the company. As per ICRA's policy, the ratings will be
withdrawn after one month from the date of this withdrawal
notice.


BILASPUR ENTERPRISES: CRISIL Suspends 'B' Rating on INR114MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M/s.
Bilaspur Enterprises (BE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             114       CRISIL B/Stable

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

BE is a partnership firm with 10 partners, set up in April 2014.
It is engaged in retailing of country-made liquor and foreign
liquor. The firm has 10 retail outlets in Bilaspur and Janjgir-
Champa districts of Chhattisgarh.


BLACK ENERGY: CRISIL Suspends B+ Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M/s.
Black Energy Enterprises (BEE).

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

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

BEE, based out of Bilaspur (Chhattisgarh), is a partnership firm
of Mr. Mukhdev Singh and Mr. Ramjanam Pandey, established in June
2014. The firm trades in coal. It has acquired a coal depot on
rental basis for stocking its inventory in Bilaspur


BOLTMASTER (INDIA): ICRA Assigns B- Rating to INR22.8cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR22.80
crore term loan facility of Boltmaster (India) Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   Based-Term Loan      22.80         [ICRA]B- assigned

The assigned rating takes into account the long standing
experience of BIPL's management in the fastener manufacturing
industry; and established relationship with Mahindra & Mahindra
Limited (M&M) for supply of fasteners used in commercial vehicle
(CV) and passenger vehicle (PV) segment. The assigned rating,
however, is constrained by the losses incurred by BIPL at
operating level due to significant increase in input costs; the
company's small scale of operation and its vulnerability to
fluctuations in raw material prices, given the absence of price
escalation clause with its customers. The rating also takes
cognisance of the high competitive intensity due to the
fragmented nature of industry and low technical complexity of the
business.

BIPL is engaged in the manufacturing of fasteners and started its
manufacturing activities in 1976 at its facility located in
Mumbai. The company has developed more than 2500 different
varieties of fasteners till date. However, in 1994, to meet the
increased demand, the company set up a new facility at Bhayander
in suburban Mumbai with an installed capacity of 4000 MTPA or 12
million pieces per annum. The company is promoted by Mr. M. C.
Gambhira and Mr. M. R. Gambhira who have extensive experience in
the fastener industry.

Recent Results
As per the audited results for FY2015, BIPL reported losses
INR6.14 crore on an operating income of INR16.66 crore as against
losses of INR43.08 crore on an operating income of INR52.35 crore
during the previous financial year.


BUDHIA AGENCIES: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Budhia Agencies
Private Limited (BAPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned BAPL's INR195m
fund-based working capital limit an 'IND BB' with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect BAPL's moderate credit profile and low
operating EBITDA margins. BAPL's EBITDA margin was 1.8% in FY15
(FY14: 2.2%), net financial leverage (total adjusted net
debt/operating EBITDA) was 7.3x (3.7x) and EBITDA interest
coverage (operating EBITDA /gross interest expenses) was 1.5x
(1.5x). The ratings also take into account BAPL's moderate scale
of operations with a revenue base of INR1,647 million in FY15
(FY14: INR993 million). According to the discussions with the
management, the company recorded revenue of INR1,608.8 million
for FY16.

The ratings further reflect BAPL's moderate liquidity profile as
indicated by its 94.13% average working capital utilisation
during the 12 months ended April 2016.

The ratings, however, are supported by over six decades of
operating experience of the company's promoters in the automobile
dealership business. The ratings also factor in the company's
dealership with Tata Motors Limited as BAPL is its authorised
dealer.

RATING SENSITIVITIES

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

Positive: A sustained revenue growth with an improvement in the
EBIDTA margins and credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2002, BAPL is a Jharkhand-based automobile dealer
selling light commercial vehicles and medium and heavy commercial
vehicles. The company has eight retail outlets and five service
centres across Jharkhand.


CASIL INDUSTRIES: ICRA Withdraws 'B' Rating on INR14.38cr Loan
--------------------------------------------------------------
ICRA has withdrawn [ICRA]B rating assigned to the INR14.38 crore
term loans and INR4 crore fund based bank limits of Casil
Industries Limited. ICRA has also withdrawn [ICRA]A4 rating
assigned to the INR1.0 crore non fund based bank limits of CIL.
The ratings have been withdrawn following CIL's merger with its
group company - Cadila Pharmaceuticals Limited (with effect from
April 1, 2015 as per High Court Order dated December 1, 2015).


CENTURY 21: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Century 21 Town
Planners Private Limited (CTTPPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The agency has also assigned
CTTPPL's INR922.5m long-term loans an 'IND BB' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect CTTPPL's single revenue stream from property
rentals, along with its moderate debt servicing capabilities.
This is on account of the marginal difference between its annual
rental income and annual debt repayment commitment. The company
owns and operates a commercial complex in Indore - C21 mall. The
complex is 100% leased out and operational.

The ratings factor in the execution risk stemming from the
company's upcoming commercial complex project - C21 Business Park
Babylon Project - in Indore.

The ratings also reflect the company's small scale of operations
and moderate credit profile. Provisional FY16 financials indicate
revenue of INR235.2 million (FY15: INR219.9 million), interest
coverage of 2.9x (4.4x), net financial leverage of 4.3x (4.6x)
and EBITDA margins of 79.5% (76.5%).

The ratings, however, are supported by CTTPPL's depositing the
entire rent in an escrow bank account. Cash is available to the
company only after it has serviced its debt.

The ratings are also supported by CTTPPL's over a decade-long
operating experience in the real estate and development business.

RATING SENSITIVITIES

Positive: A substantial improvement in the credit profile of the
company along with timely completion of its new commercial
project will be positive for the ratings.

Negative: A fall in occupancy level at C21 or a decline in
average rental rates per sq. ft. resulting substantial
deterioration in the credit metrics will be negative for ratings.

COMPANY PROFILE

CTTPL was incorporated in December 2006. The main promoters of
the company include Mr. Gurjeet Singh Chhabra and Mrs. Prabjot
Kaur Chhabra. C21 has a total constructed area of 525,000 sq. ft.
and a gross leasable area of around 35,000 sq. ft. The company
had moderate cash flow from operations of INR33.5 million in
FY16, according to the provisional financials.


CHEMICAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Chemical
Engineering Corporation Private Limited (CEC) continues to
reflect a below-average financial risk profile because of high
gearing and average debt protection metrics, and large working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of the promoters of the company in
the flavours and fragrances business, and established
relationship with customers.

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

   Proposed Cash
   Credit Limit          25.9      CRISIL B+/Stable (Reaffirmed)

   Term Loan             17.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CEC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in revenue backed by healthy orders, along with
maintenance of profitability, leading to higher-than-expected
cash accrual and a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of low revenue or
profitability, weakening of working capital management, or any
large, debt-funded capital expenditure, resulting in
deterioration in the financial risk profile, especially
liquidity.

Update
For 2015-16 (refers to financial year, April 1 to March 31),
operating income is estimated at INR215 million, a year-on-year
growth of around 22 percent backed by steady orders from an
established client base. However, operating margin has declined
to around 9 percent from 15.8 percent in 2014-15 on account of
volatile raw material prices and limited ability to pass on any
price increase to customers. CRISIL believes business performance
will improve at a moderate rate over the medium term, supported
by steady sales and capacity expansion.

The financial risk profile remains subdued because of a small
networth and high gearing of around INR35 million and 1.9 times,
respectively, as on March 31, 2016. Debt protection metrics were
average, with interest coverage ratio of 2.6 times in 2015-16.
The financial risk profile is expected to remain constrained by
limited accretion to reserves over the medium term.

Liquidity will remain adequate, with annual cash accrual expected
at INR12-15 million over the medium term, against debt obligation
of INR8 million each in 2016-17 and 2017-18. Bank line
utilisation was moderate, averaging 77 percent for the 12 months
through February 2016.

CEC, incorporated in 1946 and based in Thiruvallur, Tamil Nadu,
manufactures flavours and fragrances. Its operations are managed
by its managing directors, Mr. A Prabhakar and Mr. A Purushotham.


CHENNAI ELEVATED: ICRA Suspends 'D' Rating on INR1610cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D rating
outstanding on the INR1610.00 crore fund bank facilities of
Chennai Elevated Tollway Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


D.S. CONTRACTORS: ICRA Suspends 'D' Rating on INR5.001cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR5.001 crore
long term fund based bank limits and to INR8.00 crore short term
non fund based bank limits of D.S. Contractors Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in 1990, DSCPL is a Goa based construction company
that undertakes civil construction projects for residential,
industrial buildings and hotel projects. Founded by Mr. SS Gill,
DSCPL is a closely held company with 100% shares held by the
promoters. DSCPL has executed projects involving civil
construction of residential, institutional, industrial buildings
and hotel projects for public and private sector clients in
Bangalore and Goa.


ENERZYTECH INDUSTRIES: ICRA Assigns 'SP 3D' Grading
---------------------------------------------------
ICRA has assigned a 'SP 3D' grading to Enerzytech Industries
Private Limited (EIPL), indicating the 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake off-grid and on-grid solar projects. The grading is
valid till December 31, 2017 after which it will be kept under
surveillance.

Grading Drivers

Strengths
* Significant experience of the key personnel in conventional as
well as non conventional source of energy

Risk Factors
* Limited track record of operations
* Large number of organized/ unorganized players indicating high
level of competition; this may lead to difficulties in getting
client contracts and may pressurize margins

* Weak financial profile characterized by moderate scale of
operations and operating profitability margins, a high leveraged
capital structure and weak coverage indicators

Fact Sheet

Year of Formation
2012

Office Address
B 203, Vraj Vihar 8, Nr. New Auda lake Garden, Prahaladnagar,
Ahmedabad - 380015
Shareholding Pattern
Mr. Deep Bhojani
75%
Mr. Dhirajlal Bhojani
25%

The company was incorporated in March 2012 as Enerzytech
Industries Private Limited (EIPL). EIPL is an energy solution
provider in Conventional as well as non conventional energy
sector. In conventional energy sector, the company provides
consultancy and procurement support to mainly gas based and
thermal based power plant. Apart from this, EIPL has also
ventured into solar and wind energy sector where it undertakes
turnkey projects regarding solar rooftop and commercial rooftop
at state and central level. Company has also performed some solar
related projects outside India in limited quantum. The company
has a limited track record of working with reputed clientele like
Jain Irrigation, RUDA Project, ONGC Vadodara in renewable sector
while Essar and Dubai Electricity in conventional energy sector.
Since, its incorporation, EIPL has installed ~1.24 Mega Watt (MW)
of solar projects in the past four years. The company is a
channel partner in Ministry of New and Renewable Energy (MNER)
with effect from 5th May 2016.

SI Related Business - Moderate Performance Capability
Promoter Track Record: The promoters of Enerzytech Industries
Private Limited have been in the business of power since more
than two decade.

Mr. Deep Bhojani, Managing Director, has been working in the
field of energy sector comprising both conventional and non
conventional for the last 22 years. He is qualified as an
Instrumentation and Control Engineer and is also pursuing MBA in
Finance and Operations. The journey from initial period to a
energy solution provider began from working in Essar Power Plant,
Danway Dubai, Dubai Electricity and Water Authority, General
Electrical - USA's Gujarat operation. Presently, he looks after
the management, marketing and regulatory aspects of the company.

Mr. Dhirajlal Bhojani, is qualified as a Bachelor in Electrical
Engineering. He has total experience of 57 years in the
engineering field wherein 25 years of experience in managing
renewable energy business. He has been in the organization since
incorporation. He looks after the management of the company.
Technical competence and adequacy of manpower: The company's
managing director is well qualified with adequate experience of
working power sector; both conventional and non conventional form
of energy. He has worked with reputed companies in power sector
in different capacity before starting up the business of
providing energy solution. The company has executed many solar
projects as well as one wind project since incorporation. The
company has executed solar projects related to Solar LED Lights,
solar panels, solar street lights and solar lanterns. The company
also undertakes turnkey project in renewable energy sector. Apart
from promoters, there are seven well qualified key personnel
managing the operation of the company in conventional and
renewable energy sector. The company generally outsources the
civil work to the local contractors in various projects; so, it
has no fixed employees apart from team of seven managerial
personnel.

Quality of suppliers and tie ups: Enerzytech Industries Private
Limited mainly requires Solar LED Lights, solar panels, solar
street lights and solar lanterns for executing solar based
projects. The company purchases solar Solar LED Lights and solar
panels from GE Industrial Lighting, Schreder lighting, Zytech
Solar Private Limited, Wipro Lights, Omsun Solar, Top Sun etc.
The company has been associated with the suppliers since the past
3 years. Apart from this, the company purchases wires & cables,
solar structure, electrical panels, solar street light pole etc.
from local suppliers according to the requirement of solar
projects. Further, EIPL imports solar street lights and solar
lanterns in finished as well as in semi finished form China and
Taiwan; semi finished products are then assembled by the
company.The company also procures solar panels and solar
invertors from Soloes Solar, a Germany based company.

Customer and O&M Network:

The company has executed projects for both private organizations
as well as government organizations. Most of the projects are
executed in solar energy sector where EIPL has worked for reputed
clientele including Jain Irrigation, RUDA project, ONGC Vadodara,
Galaxcy Hart Institute, The Kamalam Trust (BJP), Andritz Hydro
Limited etc. The company has also executed one project in wind
energy sector awarded from Ecosustainble Solutions in the past.
Recently, the company has undertaken a project of Green Urja
Organic Krishi Development Holding Private Limited. EIPL has a
team of technical personnel that handle installation and
assembling in addition to providing post installation support.
EIPL hires nearby dealers to provide O&M services in the areas
where the clients are located as and when required while in case
of solar street lights and solar lanterns, the company provides
O&M services to the client as when required.

Financial Strength - Weak

Revenues
INR1.13 crore as on FY2014-15

Return on Capital Employed (RoCE)
5.81% as of FY2014-15

Total Outside Liabilities / Tangible Net worth
96.46 times as on March 31, 2015

Interest Coverage Ratio
3.36 times as on March 31, 2015

Net-Worth
INR0.01 crore as on March 31, 2015

Current Ratio
0.85 times as on March 31, 2015

Relationship with bankers

The banker is satisfied with performance of the accounts.
The overall financial strength of the company is weak, given
limited track record of operations in the contracts business, low
profit levels and stretched net worth base.


ESHWARR STEEL: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Eshwarr Steel Tech Private Limited (ESTPL) to 'CRISIL B/Stable'
from CRISIL B-/Stable.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Long Term Loan        12.2      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    2.8       CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The upgrade reflects improvement in the business and financial
risk profile. Higher offtake by the automobile industry (as
against the oil and gas industry a year ago) resulted in sales of
INR197 million in 2015-16. This, coupled with sustained
realisation, led to improved operating margin of 10 percent in
2015-16 (5.1 percent reported in 2014-15). Better profitability
is expected to lead to cash accrual of around INR9.9 million,
which would suffice to meet the term-loan obligation of INR7.2
million in 2015-16. Unsecured loans of INR2.8 million, were
converted into equity; further infusion of INR6.1 million, via
equity, helped gearing improve to 1.6 times as of March 2016,
from above 2.5 times historically. Greater exposure to the
automobile industry should help sustain the operating margin over
the medium term.

CRISIL's rating continues to reflect the small scale and working
capital-intensive nature of operations in the highly fragmented
castings industry. The rating also reflects the weak financial
risk profile, marked by high gearing, small networth and moderate
debt protection metrics. These weaknesses are partially offset by
the extensive industry experience of promoters and funding
support received from them.
Outlook: Stable

CRISIL believes the company will continue to benefit from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if an equity infusion by promoters or
healthy cash accrual, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if profitability or scale of
operations is constrained by sluggish demand, or if increase in
working capital requirement weakens liquidity.

ESTPL was incorporated in 2007 in Shimoga (Karnataka). The
company manufactures steel and alloy steel castings.


EXULT AGENCY: ICRA Suspends B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR5.00
crore cash credit and INR0.75 crore standby line of credit
facilities of Exult Agency Private Limited (EAPL). The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


GAYATRI POULTRIES: CRISIL Reaffirms 'B' Rating on INR130MM Loan
---------------------------------------------------------------
CRISIL's rating continue to reflect Gayatri Poultries Private
Limited (GPPL) susceptibility to intense competition and inherent
risks related to poultry industry and moderate scale of
operations in a fragmented industry and geographical
concentration in the revenue profile. These rating weaknesses are
partially offset by the extensive experience of promoters in the
poultry industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           30        CRISIL B/Stable (Reaffirmed)
   Term Loan            130        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GPPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability, and stabilisation of
operations. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected revenue and profitability result in
reduced accrual, or if any stretch in the working capital cycle
or any substantially large, debt-funded capital expenditure
weakens the financial risk profile, particularly liquidity.

GPPL was incorporated in 2011 in Ganjum (Odisha). The company is
promoted by Mr. Srinivasa Rao Vadlamundi, Mr Shivanand Karanama,
Mr. Prasad Vadlamudi, and Mr. Y Kranti Kumar. GPPL does not have
any operations as on date, and is undertaking capex to set up a
poultry farm (layer unit) with a capacity of 250,000 eggs per
day.


GREAT INDIA: ICRA Lowers Rating on INR12cr Cash Loan to 'B'
----------------------------------------------------------
ICRA has revised its long term rating on the INR19.31 crore
(reduced from INR22.00) fund based bank facilities of Great India
Steel Fabricators to [ICRA]B from [ICRA]BB-(Stable) and has re-
affirmed its short term rating on the INR2.00 non-fund based bank
facilities at [ICRA]A4. ICRA has also assigned its ratings of
[ICRA]B/[ICRA]A4 on the INR2.69 crore unallocated limits of GISF.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term Fund-
   based Cash Credit     12.00        [ICRA]B; revised from
                                      [ICRA]BB- (Stable)

   Term Loan              7.31        [ICRA]B; revised from
                                      [ICRA]BB- (Stable)

   Short-term Non
   Fund based Bank
   Guarantee              2.00        [ICRA]A4; reaffirmed

   Unallocated            2.69        [ICRA]B/[ICRA]A4; assigned

The rating revision factors in the stretched working capital
requirements evident from full utilization of working capital
limits throughout the year resulting in stretched liquidity
position of the firm. ICRA also takes note of the seasonality
observed in the business wherein the majority of the business is
done during the last quarter of the year .The ratings continue to
be constrained by the moderate scale of operations of the firm
and its presence in an industry characterized by high competition
owing to low capital expenditure requirements in setting up a
fabrication unit. The ratings also factor in the high
geographical concentration and the high client concentration for
the firm given that majority of the work orders are received from
Bharat Heavy Electricals Limited (BHEL). However, the ratings
favourably factor in more than three decades of experience of the
promoters in the mechanical fabrication industry and the firm's
long and established relationships with its reputed customer
base.
Going forward, the ability of the firm to scale up its operations
while prudently managing its working capital requirements along
with maintaining its profitability will be the key rating
sensitivities.

GISF, established in 1972, is a partnership firm promoted by
Mehndiratta family of Yamunanagar (Haryana). It is engaged in
steel fabrication for power, refinery, petrochemicals, thermal,
metro rail, and infrastructure projects. The firm has two plants
in Yamuna Nagar (Haryana) with a total installed capacity of
15,000 metric tonnes per annum (MTPA). GISF is an approved
contractor with reputed companies like BHEL, Larsen & Toubro
Limited (L&T), Alstom India Limited, etc.

Recent Results
GISF reported an operating income of INR31.19 crore and a profit
after tax of INR0.50 crore in FY2015, as against an OI of
INR31.19 crore and a profit after tax of INR1.90 crore in the
previous year.


GREENPIECE LANDCAPES: ICRA Suspends B+ Rating on INR9cr LT Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR9.00
crore long term fund based and non fund based facilities of
Greenpiece Landcapes India Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

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


GURU GOBIND: CRISIL Reaffirms 'B' Rating on INR180MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Guru Gobind
Singh Educational Charitable Trust (GGS) continues to reflect
GGS's limited track record of operations, and exposure to intense
competition, in the education sector; along with modest occupancy
level and susceptibility of operating profitability to stringent
regulatory environment in education sector.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       15       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       75       CRISIL B/Stable (Reaffirmed)

   Term Loan               180       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of trustees, the healthy demand prospects for
the education sector, and the trust's moderate financial risk
profile, marked by moderate gearing.
Outlook: Stable

CRISIL believes GGS will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations with increase in student
intake, thus enhancing net cash accrual, and consequently
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in student intake, or a large debt-funded
capital expenditure programme, weakens financial risk profile,
particularly liquidity. The outlook may also be revised to
'Negative if the expected support from the trustees does not
materialise.

GGS, promoted by Mr. Manmohan Singh Chawla, was established in
2006, as a charitable educational trust. The trust founded SGT
Engineering College in Budhera, Gurgaon (Haryana). The college
became operational in academic year 2010-11. SGT Engineering
College currently offers the Bachelor of Technology (BTech; 240
seats, four subjects) and Master of Technology (MTech; 36 seats,
two subjects) courses.


HONEST REALTY: ICRA Suspends 'D' Rating on INR5.001cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR5.001 crore
long term fund based limits of Honest Realty. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Established in June 2009, Honest Realty (Honest) is a Kalyan
based is engaged in real estate development and undertakes the
construction of a residential project in Thane region.


J.V. STRIPS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated J.V. Strips
Limited's (JVSL) Long-Term Issuer Rating of 'IND BB' to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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.

JVSL' ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR540 million fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB'/Stable and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR2.7 million term loans: migrated to 'IND BB(suspended)'
    from 'IND BB'/Stable
-- INR100 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'
-- Proposed INR107.30 million fund-based limits: migrated to
    'Provisional IND BB(suspended)' from 'Provisional IND
    BB'/'Stable and 'Provisional IND A4+(suspended)' from
    'Provisional IND A4+'


JALDHARA GINNING: ICRA Suspends 'B' Rating on INR6.50cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.18
crore long term fund based limits of Jaldhara Ginning Factory.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Working
   Capital                6.50        [ICRA]B suspended

   Fund Based-Term Loan   1.68        [ICRA]B suspended

Established in January 2014, Jaldhara Ginning Factory has set up
a cotton ginning and pressing facility at Botad in Gujarat. The
plant is equipped with 24 ginning machines and 1 pressing machine
with a manufacturing capacity of 400 bales per day.


JAY SHIV: ICRA Suspends 'B/A4' Rating on INR18.43cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and short
term rating of [ICRA] A4 assigned to the INR18.43 crore bank
facilities of Jay Shiv Agro Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Jay Shiv Agro Industries (JSAI) was formed in the year 2012 as a
partnership concern and is engaged in rice milling operations.
The manufacturing site is located at Sanand near Ahmedabad,
Gujarat. JSAI is engaged in rice milling and trading with a
product mix consisting of paddy, polished rice and rice bran. The
firm has an installed capacity of 8 MT per hour. The promoter
group of JSAI; ie, the Ramwani family has been associated with
the rice milling and trading business for about two decades. The
firm started its commercial operations by mid of January 2013.


KANANI POLYFAB: ICRA Suspends B+ Rating on INR11.1cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to the
INR11.10 crore fund based limits of Kanani Polyfab Pvt. Ltd.
(KPPL or the company). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated on 2nd March 2010, Kanani Polyfab Pvt. Ltd. (KPPL)
was established by Mr. Manoj Pachlangia and Mr. Karan Kapoor
under the name of Padminish Commodities Private Limited. In July
2010, the company was acquired by Mr. Vimal Kandhari & Mr. Alpesh
Kanani and subsequently changed the company's name was changed to
Kanani Polyfab Private Limited on 1st November 2010. The company
is engaged in the business of yarn processing. The company has
its registered office in Opera House (Mumbai) and manufacturing
facility at Surat with the total installed capacity of 3600 MTPA.


KARPASA EXPORT: ICRA Suspends 'B' Rating on INR9.50cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR10.92
crore long term working capital limits and [ICRA]A4 rating to the
INR0.80 crore short term non fund bases facilities of Karpasa
Export Private Limited. The suspension follows ICRAs inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   EPC/PCFC/CC/FBP/FBD       9.50      [ICRA]B suspended
   SLC                       1.42      [ICRA]B suspended
   Credit Exposure Limit     0.80      [ICRA]A4 suspended
   Letter of Credit/
   Buyers Credit            (4.50)     [ICRA]A4 suspended
   Bank Guarantee           (2.50)     [ICRA]A4 suspended

Karpasa Export Pvt Ltd. (KEPL) was incorporated in 2007 by Mr.
Nikhil Tilaka and Mr. Prashant Tilaka. It is currently engaged in
the trading of agro commodities. KEPL has extended its product
profile by entering into the trading of commodities like copper
rods, diamond tools, extrusion machine parts etc. Besides, the
company's business profile also includes conversion of raw
products namely seasame seeds, groundnuts etc. into final
products on a job work basis which are finally sold in the
market. The company is located in Rajkot, Gujarat.


KLASSIK ENTERPRISES: CRISIL Cuts Rating on INR170MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Klassik Enterprises Private Limited (KEPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      130       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               170       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in KEPL's liquidity due to
lower-than-expected customer advances for Phase I of its project,
and commencement of construction of Phase II, funding for which
has increased pressure on liquidity. While the company has
incurred over 80 percent of the construction cost for Phase I,
bookings are low, at 50 percent, due to subdued demand. Low
bookings have translated into restrained customer advances, and
consequently, stretched liquidity. Moreover, with significant
construction cost of Phase II yet to be incurred and debt
repayments, liquidity will be tested over the medium term.

The rating reflects KEPL's exposure to risks related to
completion, funding, and saleability of its projects, and
susceptibility to cyclicality in the Indian real estate industry.
These weaknesses are partially offset by extensive experience of
its promoters in the real estate business.
Outlook: Stable

CRISIL believes KEPL's liquidity will remain under pressure due
to low bookings and high construction cost. The outlook may be
revised to 'Positive' if substantial improvement in bookings and
timely receipt of customer advances result in better liquidity.
The outlook may be revised to 'Negative' if low cash flow and
subdued demand impact debt servicing ability.

KEPL was incorporated in 2003 by Mr. M Ramakrishna Reddy, Mr.
Prasad K, and Mr. K R Srinivasa Reddy. The company develops real
estate and is currently implementing a residential project,
Landmark, in three phases in Bengaluru. Its registered office is
in Bengaluru.


LAVANYAAS COTTON: CRISIL Reaffirms B+ Rating on INR31.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of LavanyaaS Cotton
Industries (LCI) continue to reflect its below-average financial
risk profile, marked by high gearing and a small net worth, its
modest scale of operations in the intensely competitive textile
industry, and its susceptibility to risks related to adverse
impact of regulatory changes. These rating weaknesses are
partially offset by the extensive experience of the firm's
promoters in the textile industry.

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

   Proposed Long Term
   Bank Loan Facility      0.9      CRISIL B+/Stable (Reaffirmed)

   Term Loan              31.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LCI will benefit over the medium term from
its promoters' extensive experience in the cotton industry. The
outlook may be revised to 'Positive' if the firm significantly
ramps up operations and reports improvement in operating margin,
leading to substantial cash accruals. Conversely, the outlook may
be revised to 'Negative' if LCI generates low operating
profitability, leading to small cash accruals and stretched
liquidity, or if it has substantial working capital requirements;
or in case of large capital withdrawals.

LCI was established in 2013 as a partnership firm by Mr. B Hari
Babu, Mr. D Venkateswarlu, Mr. B Kiran Kumar, Ms. B Koteswaramma,
and Ms. D Seethamahalakshmi. The firm is into ginning of cotton
in Haveri (Karnataka).


MANISHA CONSTRUCTION: ICRA Lowers Rating on INR3cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
assigned to the INR3.00 crore fund based bank limit of Manisha
Construction Co. ICRA has reaffirmed the short-term rating at
[ICRA]A4 assigned to the INR15.50 crore non fund bank limit of
the firm. The long-term rating assigned to the INR1.50 crore
unallocated limit of ICRA has been revised to [ICRA]B+, while the
short-term rating has been reaffirmed at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limit-
   Cash credit           3.00         [ICRA]B+ Revised from
                                      [ICRA]BB-(Stable)

   Short term non
   fund based limit
   Bank Guarantee       15.50         [ICRA]A4 Reaffirmed

   Unallocated Limit     1.50         [ICRA]B+/[ICRA]A4 Revised/
                                       Reaffirmed

The revision in rating takes into account the consistent
withdrawals from the capital account by the partners, which has
resulted in a leveraged capital structure, as reflected by a
gearing of 1.69 times as on March 31, 2016. The revenue of MCC
sharply declined by nearly 60% in FY2016 (indicates financial
year: April to March) as against FY2015, mainly due to lower
number of civil contracts won and executed. Further, ICRA also
notes the high reliance on creditors for funding its working
capital requirements, which has resulted in high TOL/TNW of 4.41
times as on March 31, 2016. The ratings are also constrained by
the modest scale of the firm's operations, which remain
geographically concentrated in the Mumbai region. The firm
witnesses intense competition by virtue of the highly fragmented
industry structure in which it operates, given the low complexity
of work involved and low entry barriers which exerts pressure on
its margins.

The ratings however, take into account the long experience of
MCC's partners in the construction sector; the firm's status as a
'AA class' contractor with Municipal Corporation of Greater
Mumbai (MCGM) and 'Class 1' contractor with Public Works
Department (PWD), which helps it in meeting the technical
criteria; and the firm's customer base which comprises entirely
government entities which limits the counter-party risk. ICRA
expects MCC's revenues to improve in FY2017 with higher orders in
hand; the ability of the firm to execute the orders within the
specific time-frame will remain the key rating sensitivities.
MCC's profits will remain vulnerable to adverse movements in
prices of key input materials like pipes, steel, cement, asphalt
etc in the absence of the price escalation clause in most of its
contracts.

Manisha Construction Co. (MCC) was established as a partnership
firm in 1985 and the company constructs petty roads (such as
stone pavements, cement concrete pavements, paver blocks and
asphalt roads), lays sewerage pipelines and culverts, and repairs
roads and buildings for government clients. The firm is
registered as an 'AA Class' contractor with the Municipal
Corporation of Greater Mumbai (MCGM) and as a 'Class 1'
contractor with the Public Works Department (PWD) of Maharashtra.
Apart from this, MCC is also involved in job work, which
comprises sub-contract work and leasing of machinery and labour.
The firm has its registered office in Mumbai.

MCC, along with its group company, K.R.S. & Jain Associates
{Rated [ICRA]BB-(Stable)/[ICRA]A4} is involved in the same line
of business. K.R.S. & Jain Associates is a proprietorship firm
established in 2005 and operates in the Mumbai region.


MANTRI METALLICS: ICRA Lowers Rating on INR43MM Cash Loan to D
--------------------------------------------------------------
ICRA has downgraded the long-term rating to the INR19.01 crore
term loans and the INR43.00 crore cash credit facilities of
Mantri Metallics Private Limited to [ICRA]D from [ICRA]C. ICRA
has also downgraded the short-term rating to the INR18.00 crore
non-fund based, INR7.00 crore fund based and INR20.00 crore (sub-
limit) fund based bank facilities of MMPL to [ICRA]D from
[ICRA]A4. ICRA has also downgraded the long/short term rating to
INR18.30 crore unallocated bank lines of MMPL to [ICRA]D/[ICRA]D
from [ICRA]C/[ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term loan             19.01        Revised to [ICRA]D
                                      from [ICRA]C

   Cash Credit           43.00        Revised to [ICRA]D
                                      from [ICRA]C

   Short term Non-
   fund based limits     18.00        Revised to [ICRA]D
                                      from [ICRA]A4

   Short term fund
   based limits           7.00        Revised to [ICRA]D
                                      from [ICRA]A4

   Unallocated limits    18.30        Revised to [ICRA]D/[ICRA]D
                                      from [ICRA]C/[ICRA]A4

   Short term fund
   based limits          20.00        Revised to [ICRA]D from
                                      [ICRA]A4

The rating revision reflects the delays in debt servicing by the
company.

Incorporated in 1995, Mantri Metallics Private Limited (MMPL) is
involved in the manufacturing of cast iron automotive components
like flywheel assemblies, brake drums, exhaust manifolds,
housings and plates. It has two manufacturing units located in
the region of Kolhapur (Maharashtra) and one in Pantnagar
(Uttarakhand); with a total casting capacity of 34,800 MTPA. In
February 2008, BTS India Pvt. Equity fund Ltd. (BIPEFL) invested
INR20.0 crore in the company for 33% of MMPL's equity share
capital.


MAPSKO BUILDERS: CRISIL Cuts Rating on INR2.7BB Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Mapsko Builders Private Limited (MBPL) to 'CRISIL B/Stable'
from CRISIL B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               2700      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the business
and financial risk profiles, especially liquidity, of the company
will remain weak over the medium term. Sale of new flats/plots
and receipt of customer advances have remain subdued in 2015-16
(refers to financial year, April 1 to March 31); this trend is
expected to continue over the medium term due to a slowdown in
the real estate industry. Projects of the company are near
completion with huge repayment obligations of around INR1.3
billion falling due in 2016-17. This, along with no major growth
expected in sales of inventory, is expected to keep liquidity
stretched over the medium term. However, liquidity is likely to
be supported by funding from promoters; timely receipt of such
funds and sale of unsold inventory will remain key sensitivity
factors.

The rating reflects exposure to implementation and demand risks
associated with the real estate projects, as well as to the risks
and cyclicality inherent in the real estate sector in India.
These rating weaknesses are partially offset by an established
position in the real estate sector and funding support from
promoters.
Outlook: Stable

CRISIL believes MBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of timely
implementation and high saleability of ongoing projects, leading
to sustained healthy cash accrual and hence to a significant
improvement in the business and financial risk profiles.
Conversely, the outlook may be revised to 'Negative' if there are
time and cost overruns in ongoing projects or delays in receiving
customer advances, leading to pressure on revenue and
profitability and hence adversely impacting liquidity

MBPL, incorporated in January 2003, develops residential real
estate projects. It is a part of the Krishna Apra group that was
set up in 1997 by Mr. Amrit Singla (director, Apra Builders Ltd).
Mr. Singla, chairman and managing director of MBPL, looks after
operations.


MAWANA FOODS: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL ratings reflect Mawana Foods Limited (MFL's) weak
financial risk profile and constrained financial flexibility,
with weak debt protection metrics, continuous erosion of networth
on account of losses incurred in the past couple of years leading
to high gearing and small scale of operation in the highly
fragmented industry. These weaknesses are partially offset by the
established customer base and funding support from promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B-/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes MFL will maintain its business risk profile,
backed by its established distribution network. The outlook may
be revised to 'Positive' if scale of operations and profitability
improve substantially or there is improvement in capital
structure due to equity infusion. The outlook may be revised to
'Negative' if there is a delay in capital infusion; or decline in
scale of operations and profitability lead to low cash accrual.

MFL, a closely held public limited company, trades in edible oil,
sugar and soaps. Earlier, MFL was a 100 percent subsidiary of
Mawana Sugars Ltd. However, in September 2012, the group's parent
company Usha International Ltd (UIL) invested INR43.5 million for
33 percent shares in MFL thereby diluting stake of Mawana Sugars
Ltd to 67 percent. Furthermore, on June 29, 2013, UIL acquired
Mawana Sugars Ltd share at book value as on date and hence MFL is
now a fully owned subsidiary of UIL.


MODERN AGRO-TECH: ICRA Reaffirms B Rating on INR3.55cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR9.50 crore fund based facilities of Modern Agro-tech
Industries. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR0.50 crore non-fund based facility of
MATI.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan               3.55         [ICRA]B reaffirmed

   Fund Based Limit-
   Cash Credit             2.50         [ICRA]B reaffirmed

   Fund Based Limit-
   Untied limits           3.45         [ICRA]B reaffirmed

   Non Fund Based
   Limit-Bank Guarantee    0.50         [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account MATI's small
scale of current operations, and its weak financial profile as
reflected by low net profitability and leveraged capital
structure, leading to weak coverage indicators. The ratings
continue to remain constrained by the risks inherent in an agro-
based business like rice milling, including the vulnerability
towards the changes in Government policies and raw material
supply risks as the level of harvest and quality of paddy are
highly dependent on agro-climatic conditions. The rating also
considers a low entry barrier prevailing in a highly fragmented
rice milling industry, which intensifies competition and
restricts pricing flexibility for new players like MATI. ICRA
takes note of the successful commissioning of the rice mill
within budgeted project cost, though the ratings continue to
remain constrained in view of the limited operational track
record of the firm with promoters having no significant past
experience in the rice milling business.

The ratings, however, derive comfort from the locational
advantage of MATI's plant being situated in close proximity to
raw material sources, leading to easy availability as well as low
landed cost of input material and stable demand outlook of the
rice, which forms an important part of the staple Indian diet.
ICRA also takes note of MATI's entitlement to various fiscal
incentives and subsidies, which would positively impact the
profitability and cash flows going forward; though approvals are
still pending. Nevertheless, the risks associated with MATI's
status as a partnership firm, including the risk of withdrawal of
capital, will remain a credit concern, going forward.

Established in August 2010 as a partnership firm, Modern Agro-
Tech Industries (MATI) has a rice milling unit with an annual
milling capacity of 28,600 MT of paddy. The manufacturing
facility of the firm is situated in Cooch Behar, West Bengal.
Commercial production at the unit commenced in September, 2015.
The firm is being managed by four partners - Mr. Sukumar Saha,
Ms. Shilpa Saha, Mr. Sunil Kr Jain and Ms. Navita Jain, on an
equal profit-sharing basis.

Recent Results
During 2015-16, the company reported a net profit of INR0.10
crore (provisional) on an operating income (OI) of INR17.21 crore
(provisional).


MOHIT ISPAT: ICRA Suspends B/A4 Rating on INR28.5cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B/[ICRA]A4 ratings assigned to the
INR28.50 crore fund based and non-fund based limits of Mohit
Ispat Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 1997, MIL is engaged in the manufacture of ingots
and TMT bars at its plants in Goa. The company has an ingot
manufacturing facility at Kundaim (Goa), with an installed
capacity of 19,200 MTPA. A large portion of ingots manufactured
is captively consumed by the TMT manufacturing facility located
at Navelim (Goa), which has an installed capacity of 84,000 MTPA.
MIL sells TMT bars to both real estate developers and steel
traders located in the states of Goa, Maharashtra, Karnataka,
Gujarat and Kerala.


MURLIDHAR TEX: ICRA Reaffirms 'B' Rating on INR3.49cr Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the INR8.58 crore1 fund
based and unallocated limits of Murlidhar Tex Prints Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Term
   Loans                 3.49        [ICRA]B reaffirmed

   Fund Based-Cash
   Credit                3.90        [ICRA]B reaffirmed

   Unallocated Limits    1.19        [ICRA]B reaffirmed

The rating reaffirmation takes into account the company's
moderate size of operations and weak financial position as
characterised by low profitability, high level of gearing on
account of debt-funded capex undertaken, weak coverage indicators
and high working capital intensity of operations. Further, the
ratings incorporate the vulnerability of operations to the
cyclicality observed in the textile industry and intensely
competitive business environment, owing to the highly fragmented
nature of the industry.

The rating, however, draws comfort from the long track record of
the company's promoters in the fabric processing industry and
locational advantage on account of proximity to sources of key
raw materials and end customers.

Murlidhar Tex Prints Private Limited (MTPPL) was incorporated in
October 2007 and is co-promoted by Mr. Kailash Chaudhary and his
son Mr. Abhishek Chaudhary. It began commercial operations in
March 2008. MTPPL processes synthetic and cotton fabrics on a job
work basis. These fabrics are used to make saris, dress materials
and other garments. MTPPL's manufacturing unit, located in Surat,
Gujarat, has the capacity to dye 70000 metres of fabric per day
and print 42,000 metres of fabric per day.
Recent Results:
MTPPL recorded a net loss of INR0.18 crore on an operating income
of INR18.06 crore for the year ended on 31st March 2015. As per
the provisional numbers of FY16, the company recorded a profit
before tax of INR0.27 crore on an operating income of INR22.45
crore.


NAMASTHETU INFRATECH: ICRA Suspends 'B' Rating on INR12cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR12.00 crore bank lines of
Namasthetu Infratech Private Limited (Erst B.K. Infratech Pvt
Ltd). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Namasthetu Infratech Private Limited (Erst B.K. Infratech Pvt
Ltd) was incorporated in 2006. The company is engaged in civil
construction activities -- such as, construction of airport
runways, aprons and terminal buildings, roads, and buildings --
for government organizations. BKIPL was founded by technocrats
proficient in the construction industry, and widely experienced
in handling construction projects. The company is promoted by Mr.
Ranjit Bhake, who has an experience of more than a decade in
civil construction industry. BKIPL has a reputed client base,
which includes the Airport Authority of India (AAI), the National
Thermal Power Corporation Limited (NTPC), the Public Works
Department (PWD) of Maharashtra, and the Defense Research and
Development Organization (DRDO), among others.


NUFUTURE DIGITAL: Ind-Ra Ups LT Issuer Rating From IND BB+
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded nuFuture Digital
(India) Limited's (NFDIL) Long-Term Issuer Rating to 'IND BBB-'
from 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

New Master Service Agreements: The upgrade reflects NFDIL's
improved revenue and cash flow visibility owing to new master
service agreements (MSAs) with Future Retail Ltd (FRL) and Future
Lifestyle Fashions Ltd (FLFL). Additionally, NFDIL has now signed
an MSA with Future Consumer Enterprise Ltd (FCEL). These MSAs
(signed in June 2015) linked NFDIL's technology service income to
the revenue of the counterparties being serviced and led to a
substantial increase in service revenue in FY16 (2.96x yoy).
Prior to the current MSAs, NFDIL's technology service income was
based on a fixed price model. The new MSAs also include a minimum
guaranteed component, which is sufficient to cover the interest
and principal repayment obligations on NFDIL's non-convertible
debentures (NCDs). The agency expects NFDIL's income to be higher
than the minimum guaranteed payments, which would result in
sufficient liquidity. The NCDs (INR4,000 million) and the working
capital limits (INR100 million) are backed by the personal
guarantee of Mr. Kishore Biyani (founder of Future Group).

Expected Improvement in Credit Metrics: Provisional FY16
financials indicate that NFDIL's credit metrics were only
moderate, with gross interest coverage and net leverage (net
debt/operating EBITDA) of 2.22x (FY15: 2.66x) and 4.03x (1.33x),
respectively. The increase in leverage levels in FY16 was on
account of an increase in borrowings due to capex and higher
working capital requirements as well as loans and advances
extended to group entities (around INR1,400 million). NFDIL also
has capex plans in FY17, but this will be funded by calling back
the loans currently extended to group entities. The leverage
levels are currently high, but the agency expects this to be only
transient and expects net leverage to come down to below 3.5x
over FY17-FY18.

Strong Linkages with Future Group's Businesses: The ratings are
supported by NFDIL's strong operational linkages with the Future
Group's retail and consumer businesses. Since NFDIL acts as the
IT backbone for the group's entities, it forms an integral part
of the Group's operations. The agency believes that NFDIL will
continue to remain a strategically important entity as the Group
has planned additional investments in technology and data
analytics with the aim to further improve its competitive
position in retail and consumer businesses. In FY16, 68.5% of
NFDIL's service income came from FRL (FY15: 23.9%), 18.8% from
FLFL (51.5%) and 9% from FCEL (3.4%). The ratings also benefit
from the strong financial profile of the counterparties being
serviced -- namely FRL and FLFL -- which are expected by the
agency to account for about 90% of NFDIL's revenue over the next
3-4years. The ratings also factor in distress support potentially
available to NFDIL from the Group. In the past, NFDIL has
received tangible support from the Group in the form of loans and
advances.

Stretched Liquidity: The ratings are constrained by NFDIL's
stretched liquidity positon. As at FYE16, NFDIL had only marginal
cash and cash equivalents (INR44m) and unutilised fund-based bank
limits (INR37.8 million). Furthermore, NFDIL's receivable period
has historically remained high (FY15: 146 days; FY14: 379 days;
FY13: 223 days). Despite the new MSAs outlining specifics about
payment timelines, its receivable period stood high in FY16 (213
days).

RATING SENSITIVITIES

Positive: Improvement in net leverage to above 2.5x on a
sustained basis may lead to a rating upgrade.

Negative: Future developments which may individually or
collectively lead to a negative rating action include:
-- Net leverage remaining above 3.5x over FY17-FY18
-- A delay in the receipt of loans and advances from group
    entities
-- A rescindment/change in MSAs could lead to a revision in the
    ratings

COMPANY PROFILE

Incorporated in 2007, NFDIL is a Future Group Company and
provides IT and business services to companies in the Future
Group.

NFDIL's ratings:
-- Long-Term Issuer Rating: upgraded to 'IND BBB-' from 'IND
    BB+'; Outlook Stable
-- INR100 million fund-based limits: assigned 'IND BBB-
    '/Stable/'IND A3'
-- INR875 million term loan:'IND BB+' rating withdrawn upon
    refinancing
-- $US9.38 million external commercial borrowing: 'IND BB+'
    rating withdrawn as the facility has been paid in full
-- INR1,387.5 million term loan:'IND BB+' rating withdrawn upon
    refinancing

OMM STEEL: CRISIL Assigns 'B' Rating to INR84.8MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of Omm Steel Suppliers (OSS).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             84.8      CRISIL B/Stable

The rating reflects a below-average financial risk profile marked
by modest networth and high gearing, and modest scale of
operations in the transportation business. The rating also
reflects the firm's exposure to government regulations relating
to labour and mining. These rating weaknesses are partially
offset by a long-term tie-up for revenue generation with Mahanadi
Coalfields Ltd (MCL) and prudent working capital management
policies.
Outlook: Stable

CRISIL believes OSS will maintain its business risk profile over
the medium term supported by long-term contracts with customers
along with prudent working capital management. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and cash accrual, or substantial equity infusion by
promoters, while efficient working capital management is
maintained, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than expected cash accrual or profitability, a stretched
working capital cycle, or larger-than-expected capital
expenditure.

OSS, a partnership firm, was established in 2013 by Bhubaneswar-
based Mr. Abinash Das and Mr. Bijan Choudhury. The firm primarily
provides transportation and logistics services to MCL, dealers of
Jindal Steel & Power Ltd (JSPL), and other companies. It is also
a dealer for steel and cement for JSPL for the districts of
Bhubaneswar, Cuttack, Balasore, and Bhadrak, all in Odisha. Prior
to transportation services, the partners traded in steel and
cement.


PERFECT COMMUNICATION: ICRA Assigns B+ Rating to INR6cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.00
crore fund based facilities of Perfect Communication.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   Based-Cash Credit      6.00        [ICRA]B+ assigned

The assigned rating draws comfort from the experience of the
promoters in the mobile dealership business with exclusive
distribution rights of Samsung mobiles in key areas of Mumbai
coupled with a robust demand for mobile handsets in domestic
market. Nonetheless, the rating is constrained by the firm's weak
financial profile characterized by high gearing and weak coverage
indicators. The rating also takes into account the low
profitability owing to the trading nature of mobile dealership
business and intense competition from distributors of other
brands like Micromax, Karbonn etc. The rating also takes
cognisance of product concentration risk as major sales come from
distribution of Samsung mobiles & accessories and the risks
inherent in a partnership concern, including the risk of capital
withdrawals by the partners.

Perfect Communication is a Mumbai based partnership concern
established in 2008 jointly promoted by Mr. Madhav Sheth and Ms.
Dimple Amit Bist. The firm is an exclusive area distributor for
Samsung mobiles and accessories in Andheri-Bandra stretch in
Mumbai.

Recent Results
As per the audited results for FY2015, PC reported net profit
INR0.66 crore on an operating income of INR122.39 crore as
against net profit of INR0.25 crore on an operating income of
INR121.67 crore during the previous financial year.


RADIANT INFO: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Radiant Info Systems
Limited (Radiant) continue to reflect reflect the company's
modest scale of operations and below-average financial risk
profile marked by declining net worth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)
   Cash Credit             25       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      40       CRISIL B/Stable (Reaffirmed)
   Term Loan               20       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by Radiant's
established market position, backed by long-term contracts with
state transport corporations for providing online reservation
systems (ORS), the launch of an integrated bus-ticketing portal,
and the promoters' experience in the information technology (IT)
industry.

Outlook: Stable

CRISIL believes that Radiant will continue to benefit from its
promoters' extensive experience in the IT industry. The outlook
may be revised to 'Positive' if sustained improvement in scale of
operations and profitability leads to stronger cash accruals and
therefore, liquidity. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens as a result of low cash accruals, or large debt-funded
capital expenditure or working capital requirements.

Incorporated in 1997 as Radiant Info Systems Ltd, Radiant was
reconstituted as a closely held public limited company in 2008.
The company, promoted by Mr. Venu Myneni, Mr. Vinod Koduru and
Mr. C. Narayanacharyulu, has its headquarters in Bengaluru.
Radiant provides IT solutions with focus on transportation and
logistics, e-governance and smart cards. The company provides ORS
to state road corporations including those of Karnataka, Tamil
Nadu and Gujarat.


RAJENDRA INDUSTRIES: CRISIL Assigns 'B' Rating to INR60MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rajendra Industries (RI).

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

The rating reflects the firm's modest scale of operations in the
intensely competitive cotton industry, low operating margin that
is susceptible to changes in government policy, and weak
financial risk profile because of high gearing, small net worth,
and muted debt protection metrics. These weaknesses are partially
offset by extensive experience of promoters and established
relationship with customers.
Outlook: Stable

CRISIL believes RI will benefit over the medium term from the
extensive experience of its promoters, established market
position, and strong relationship with clients. The outlook may
be revised to 'Positive' if substantial improvement in scale of
operations and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' if operating
margin decreases or working capital management deteriorates,
thereby further weakening financial risk profile.

Set up in Karnataka in 1950 as a partnership firm by Mr. Ravindra
Kumar Kothari, Mr. Vinod Kumar Kothari, Mr. Sunil Kumar Kothari,
and Ms. Sheetal Kumar Kothari, RI gins and presses raw cotton and
makes cotton bales at its facility in Karnataka. It supplies to
local customers.


RAMAPRIYA SOLAR: ICRA Assigns 'B' Rating to INR10.5cr Term Loan
---------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR10.50
crore term loan facilities of Ramapriya Solar Energy Private
Limited.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan (Proposed)     10.50       [ICRA]B Assigned

The assigned rating is constrained by the incipient stage of the
project, with RSEPL yet to obtain financial closure; and also
given that the work on the project is yet to commence. The rating
is also constrained by execution risks, including that of time
and costs overruns; the execution risks are partly mitigated by
fixed price nature of contract and low complexity of works and
the promoters being involved in the solar power domain for
~5years. The rating also considers the small scale of its planned
operations with only 2 MW of generation capacity, and RSEPL's
modest financial risk profile with high gearing and stretched
debt protection metrics expected in the initial years of its
operation. The rating also factors in the sensitivity of solar
power generation to any adverse variations in weather conditions
as well as to panel degradation, which would negatively impact
the capacity utilization factor and the cash flows of the
company. The rating however, favourably takes into account the
Power Purchase Agreement (PPA) with BESCOM for full installed
capacity with healthy tariffs locked in for 25 years. The rating
also considers the favourable regulatory environment with both
central power regulators and KERC (Karnataka Electricity
Regulatory Commission) incentivizing private renewable power
generation. The timely commencement and execution of the project
without any major cost overruns, and adequate capacity
utilization factor, remain the key rating sensitivities.

Ramapriya Solar Energy Private Limited (RSEPL) was incorporated
in May 2015 as a Special Purpose Vehicle (SPV) to set up 2 MW
Solar Power Project in Chitradurga District, Karnataka under the
Farmer's Scheme allotted to Mr. T R Bheemaneedi. The solar power
plant is expected to be commissioned in October 2016 and a Power
Purchase Agreement (PPA) has been signed by SPD with BESCOM for a
period of 25 years.


RANGA RAJU: CRISIL Reaffirms B+ Rating on INR240MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ranga Raju Rice
Mill (RRRM) continues to reflect RRRM's below-average financial
risk profile marked by a small net-worth, high gearing, and
below-average debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            240       CRISIL B+/Stable (Reaffirmed)

The rating also reflects the firm's modest scale of operations in
the intensely competitive rice milling industry, and
susceptibility of its profitability margins to changes in
government regulations and paddy prices. These rating weaknesses
are partially offset by the extensive experience of RRRM's
partners in the rice milling industry.
Outlook: Stable

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

RRRM was set up in 1983 as a partnership firm by Mr. Ranga Raju
and his family members. The firm mills and process paddy into
rice and generates by-products such as broken rice, bran, and
husk. Its rice milling unit is in Palakol, Andhra Pradesh.


RC GOYAL: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of RC Goyal Dall
Udyog Private Limited (GDU) continues to reflect moderate scale
of operations, low profitability, constrained financial
flexibility because of high total outside liabilities to tangible
net worth (TOLTNW) ratio, and exposure to intense competition in
the pulses industry. These rating weaknesses are partially offset
by the established clientele, and the extensive industry
experience of promoters and their financial support.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           160       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GDU will continue to benefit over the medium term
from its long track record of operations in the pulses industry,
and its established clientele. CRISIL also believes that the
financial risk profile will remain constrained over this period
by low operating margin and high debt levels. The outlook may be
revised to 'Positive' if the financial risk profile improves,
most likely because of increased capital or improved operating
margin. Conversely, the outlook may be revised to 'Negative' if
revenue and profitability decline, or large bank borrowings to
meet capital expenditure and working capital requirement, thus
weakening the financial risk profile.

GDU was set up in 1986 as a partnership firm, Goyal Dall Udyog,
and reconstituted as a private limited company with the current
name in April 2013. The company is promoted by Mr. Pawan Kumar
Goyal and his family members. It processes pulses, mainly chana
dal, at its processing facility, with capacity of 75 tonne per
day, in Delhi. It also processes moong dal and toor dal through
its group firm, Goyal Pulses, on a jobwork basis, located in Rai,
Haryana.

GDU, on a provisional basis, reported a profit after tax (PAT) of
INR1.3 million on net sales of INR1479 million for 2015-16
(refers to financial year, April 1 to March 31), against a PAT of
INR1.3 million on net sales of INR1312 million for 2014-15.


RENUKA OIL: CRISIL Reaffirms B+ Rating on INR65MM Term Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Renuka Oil Industries
(ROI) continue to reflect modest scale of operations and working-
capital-intensive nature of operations in the intensely
competitive cotton seed oil extraction industry and
susceptibility to changes in government regulations. These
weaknesses are partially offset by the extensive industry
experience of ROI's partners and its moderate capital structure.

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

   Cash Credit           35.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    15.0       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 5.0       CRISIL B+/Stable (Reaffirmed)

   Term Loan             65.0       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans
of INR47.5 million from promoters as on March 31, 2016, as debt;
this is because these loans bear interest, and will be withdrawn
from the business over medium term.
Outlook: Stable

CRISIL believes ROI will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if scale of operations improves while
maintaining capital structure. The outlook may be revised to
'Negative' if ROI undertakes any large debt-funded capital
expenditure or in case of delay in rental receipts, or
significant pressure on profitability, thus weakening its
liquidity.

ROI, a partnership firm set up by Mr. Sundersingh Juneja and Ms.
Harbanskaur Juneja in 2005, extracts cotton seed oil,
manufactures cotton seed oil cakes, and processes cotton bales.
The firm's manufacturing facility and warehouse with a storage
capacity of 250,000 quintal is located in Khamgaon and Badnera,
respectively, both in Maharashtra. The warehouse has been leased
to Food Corporation of India Ltd since October 2012.


S.L. ELECTTRICALS: CRISIL Reaffirms B- Rating on INR30.5MM Loan
---------------------------------------------------------------
CRISIL ratings reflect S.L. Electtricals (SLE's) modest scale of
operations, below-average financial risk profile marked by a weak
capital structure, and large working capital requirements. These
rating weaknesses are partially offset by the extensive
experience of the firm's proprietor in the power distribution
transformer industry.

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

   Cash Credit              9.5     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      30.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SLE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile, while increasing its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if SLE's financial risk profile, particularly its
liquidity, weakens, driven most likely by low cash accruals or a
stretched working capital cycle.

SLE was established by Mr. T Srinivasan in Chennai in 2006. The
firm manufactures power distribution transformers. Mr. P Venkata
Krishnan oversees SLE's day-to-day operations.


SAHALAL RICE: CRISIL Assigns B+ Rating to INR40MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sahalal Rice Mill Private Limited (SRMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               40        CRISIL B+/Stable
   Bank Guarantee           2.6      CRISIL A4
   Cash Credit             20.0      CRISIL B+/Stable

The ratings reflect SRMPL's modest scale of operations in an
intensely competitive rice industry, and vulnerability of its
operating profitability to volatility in raw material prices and
changes in government regulations. These weaknesses are partially
offset by its promoters' extensive industry experience, and its
established and diverse customer base.
Outlook: Stable

CRISIL believes SRMPL will continue to benefit over the medium
term from its diverse clientele and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
substantial and sustained increase in revenue and cash accrual,
along with improved working capital management, leads to a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual, stretch in working capital
cycle, or large, debt-funded capital expenditure leads to
weakening of financial risk profile.

SRMPL mills par boiled rice. Its manufacturing facility is in
Hoogly, West Bengal. Mr. Mir Sarfaraj Hossain, Mr. Saumen Mondal,
and Mr. Kashinath Hati are directors of the company. Mr. Mir
Sarfaraj Hossain manages daily operations.


SAI SANNIDHI: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR1.00 crore term loan facilities and the INR7.00 crore cash
credit facilities of Sai Sannidhi Agro Tech.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              1.00        [ICRA]B Reaffirmed
   Cash Credit            7.00        [ICRA]B Reaffirmed

The reaffirmation of rating continues to factor in the intensely
competitive nature of rice industry coupled with thin profit
margins due to limited value additive nature of the business. The
rating also considers the decrease in operating income from
INR51.28 crore in FY2015 to 43.51 crore in FY2016 due to
reduction in paddy supply. ICRA also takes note of the weak
financial risk profile of the firm characterized by high gearing
levels of 2.60 times and moderate coverage indicators with
interest coverage ratio of 2.28 times in FY2016. The rating
factors in the susceptibility of revenues and profitability to
agro-climatic risks which impact the availability of the paddy in
adverse weather conditions. The rating however derives comfort
from the experience of promoters in the rice milling business;
presence of the firm in major rice growing area resulting in easy
availability of paddy and favorable demand prospects for rice,
with India being the second largest producer and consumer of rice
internationally. Going forward, the firm's ability to scale up
its operations and improve its capitalization and coverage
indicators would be the key rating sensitivities.

Sai Saniddhi Agro Tech was founded in the year 2012 and is
engaged in milling paddy and produces raw rice and steamed rice.
The firm started its commercial production in February 2013. The
rice mill is located at Manvi village of Raichur district,
Karnataka. The installed production capacity of the rice mill is
6 tons per hour. The firm is a part of the MRV Group, which also
owns other entities engaged in similar business.

Recent Results
As per provisional financials, the firm reported an operating
income of INR43.51 crore and a net profit of INR0.53 crore for FY
2015-16, as against an operating income of INR51.28 crore and net
profit of INR0.57 crore in FY 2014-15.


SAMET PLAST: ICRA Upgrades Rating on INR4.0cr Cash Loan to B+
-------------------------------------------------------------
The long term rating has been upgraded to [ICRA]B+ from [ICRA]B
to the INR5.20 crore long term fund based facilities of Samet
Plast. Further, the short-term rating of [ICRA]A4 has been
reaffirmed to the INR1.30 crore short-term non-fund based
facility of SP.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             1.20        Upgraded to [ICRA]B+
                                     from [ICRA]B

   Cash Credit           4.00        Upgraded to [ICRA]B+
                                     from [ICRA]B

   Letter of Credit      1.30        [ICRA]A4 reaffirmed

The revision in ratings takes into account the steady revenue
growth of 41% reported in FY 2016 supported by increase in volume
sales following capacity addition, improvement in profitability
margins which has led to improvement in capital structure as well
as debt coverage indicators. The ratings also draw comfort from
the long-standing experience of the promoters in the master batch
industry.

The ratings, however, continue to remain constrained by the
moderate scale as well as highly working capital intensive nature
of operations, which leads to pressure on the liquidity position
of the company, as reflected by high utilization of bank limits.
The ratings also take into account the vulnerability of the
firm's profitability to fluctuations in raw material prices on
account of low bargaining power with customers and the highly
competitive master batch industry characterized by a number of
organized and unorganized players due to low entry barriers. ICRA
also notes that as SP is a partnership firm, any significant
withdrawals from the capital account by the partners would
adversely affect its net worth and thereby its capital structure.

Incorporated in 2010, Samet Plast (SP) is a partnership firm
engaged in the manufacturing of master batches. The products are
sold under the brand name "Samtone" and are ISO: 9001-2000
certified. The firm has a manufacturing facility with an
installed capacity of 2500 Metric Tonnes per Annum (MTPA) located
at Waghodia near Vadodara in Gujarat. Earlier, the firm was
promoted by three partners namely Mr. Shwetang Patel, Mr. Ram
Chandra Patel and Mrs. Bhavita Shah; however Mr. Ram Chandra
Patel separated from the organisation in FY 2016.

Recent Results
As per the provisional financial, the firm reported an operating
income of INR28.12 crore and profit after tax of INR1.16 crore in
FY 2016 as against an operating income of INR19.88 crore and
profit after tax of INR0.66 crore in FY 2015.

SARIA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR149MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saria Industries (SI)
continue to reflect SI's weak financial risk profile, marked by
weak capital structure, below-average interest coverage ratio and
weak debt protection matrices. The ratings also factors in the
firm's small scale of operations in the highly fragmented rice
industry, and exposure to risks related to vagaries of monsoon
and fluctuation in raw material prices. These rating weaknesses
are partially offset by the extensive industry experience of its
proprietor.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          149        CRISIL B/Stable (Reaffirmed)

   Packing Credit        50        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SI will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of significant
improvement in net cash accrual, driven by a substantial increase
in operating revenue or profitability, along with efficient
working capital management. The outlook may be revised to
'Negative' in case of a stretched working capital cycle or large,
debt-funded capital expenditure.

Update
Revenue increased by around 32 percent to INR571.1 million in
2015-16 (refers to financial year, April 1 to March 31) from
INR432.6 million in 2014-15, supported by improving price
realisation witnessed over past few months. However, operating
margin declined to an estimated 4.5 percent in 2015-16 from 4.9
percent in 2014-15 on account of volatility in paddy prices.
Revenue and operating margin are expected to be in the range of
INR600-650 million and 4-4.5 percent over the medium term.

Financial risk profile is expected to remain weak because of weak
capital structure, net worth is estimated at INR31-32 million as
on March 31, 2016, and weak interest coverage ratio at around 1.2
times for 2015-16. Small net cash accruals and low net worth will
continue to constrain financial flexibility over the medium term.

Liquidity has remained comfortable for the rating category with
moderate bank limit utilisation. Continuous extension of
unsecured loans by promoters also provides cushion to the
liquidity. There are no term debt obligations over the medium
term and cash accrual of INR3-4 million is expected to be
utilised to fund working capital requirement.

SI, a proprietary concern based in Sirsa, Haryana, was
established in 1970 by Mr. Satya Narayan Saria. The firm
processes and trades in basmati and non-basmati rice. Its
operations are managed by Mr. Satya Narayan Saria and his son,
Mr. Radheshyam Saria.


SHARAYU MOTORS: CRISIL Reaffirms B- Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sharayu
Motors(Sap Holdings and Leasing Private Limited) (SM) reflects
SM's below average financial risk profile, marked by modest net
worth, high external indebtedness, subdued debt protection
metrics, and financial support extended to group entities.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             75       CRISIL B-/Stable (Reaffirmed)

The rating is also constrained by exposure to intense competition
in the automobile dealership business. These rating weaknesses
are partially offset by the extensive industry experience of SM's
promoters and established position in automobile dealership
market in Navi Mumbai.
Outlook: Stable

CRISIL believes that SM will continue to benefit over the medium
term from its extensive experience of the promoter and
established position in automobile dealership market in Navi
Mumbai. The outlook may be revised to 'Positive' if SM's capital
structure improves significantly, most likely due to equity
infusion by promoters, or due to significant increase in cash
flows from operations. Conversely, the outlook may be revised to
'Negative' if SM's cash accruals decline significantly, or if the
company avails larger than expected debt, significantly impacting
its debt servicing ability.

SM, a division of SAP Holding & Leasing Pvt. Ltd, is a dealer of
Hyundai Motors India Ltd, located in Vashi (Navi Mumbai). SAP
Holding & Leasing Pvt. Ltd was incorporated in 1994. The company
is part of the Sharayu Group, promoted by Mr. Shrinivas Pawar,
and his wife, Mrs Sharmila Pawar.


SHARPLINE AUTOMATION: ICRA Ups Rating on INR3.2cr Loan to B-
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR3.20
cash credit limit, INR2.00 crore packing credit limit and INR1.83
crore term loan facility to [ICRA]B- from [ICRA]D of Sharpline
Automation Private Limited. ICRA has also upgraded the short-term
rating assigned to the INR5.00 crore non-fund based facilities to
[ICRA]A4 from [ICRA]D of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit            3.20        [ICRA]B-; upgraded from
                                      [ICRA]D

   Packing Credit         2.00        [ICRA]B-; upgraded from
                                      [ICRA]D

   Term Loan              1.83        [ICRA]B-; upgraded from
                                      [ICRA]D

   Non Fund Based
   Limits Bank
   Guarantee              4.00        [ICRA]A4; upgraded from
                                      [ICRA]D

   ILC/FLC                1.00        [ICRA]A4; upgraded from
                                      [ICRA]D

The rating revision takes into account the regularisation of debt
servicing in the last six months with reduction in borrowing cost
due to part repayment of term loans.

The ratings continue to remain constrained by SAPL's small scale
of operation with limited capacity; stretched liquidity position
due to elongated receivables cycle and high lead time in
retrofitting and reconditioning process, which has led to full
utilization sanctioned fund based limits. The ratings also take
into account the company's weak profitability on net levels due
to high depreciation and borrowing cost, which has kept the
accruals modest in the business. Further, ICRA takes note of the
company's low bargaining power against its large and more
established clients which limits pricing flexibility.

The ratings, however, draws comfort from the experience of
promoters with a long presence in the machine tool industry;
existence of significant entry barriers to machine tool
retrofitting and reconditioning business, which requires high
technical capabilities, and a reputed clientele of SAPL across
various industry segments, which reduces sector-specific risks.
Going forward, the company's ability to reduce its receivable
position will be critical to manage its working capital position
more efficiently and hence will be the key rating sensitiveness.

Incorporated in 1995, Sharpline Automation Private Limited (SAPL)
is in the business of retrofitting and reconditioning of machine
tools with CNC components and refurbishing mechanical components
as required by the clients. Directors, Mr. S. Meyyappan and Mr.
S. Rajagopal who have a vast experience in the machine tool
industry manage the company along with a technically qualified
team of individuals. At present, SAPL operates out of two
manufacturing/assembling facilities, which are located at New
Mumbai, Maharashtra. Over the last 15 years, the Sharpline Group
has attained expertise in retrofitting old CNC machines with new
CNC packages.

SAPL has two other group companies namely Forward Manufacturing
Company Pvt. Ltd. and Subala Engineering Pvt. Ltd. which are
engaged in a similar line of business. In June 2008, SAPL formed
a 50:50 joint venture with Paul Christiani GmbH & Co. of Germany
to start Christiani Sharpline Technical Training Pvt. Ltd. for
providing training in the field of CNC technology.


SHEETAL COOL: ICRA Withdraws B+ Rating on INR6.5cr Term Loan
------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ assigned to the INR7.75
crore bank limits of Sheetal Cool Products Private Limited, which
were under notice of withdrawal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              6.50        [ICRA]B+ (withdrawn)
   Cash credit            1.25        [ICRA]B+ (withdrawn)

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


SHETH SHIP: ICRA Lowers Rating on INR5.0cr Cash Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR5.00 crore
cash credit facility of Sheth Ship Breaking Corporation from
[ICRA]BB to [ICRA]B+. ICRA has reaffirmed the [ICRA]A4 rating to
INR42.00 crore non fund based facility of SSBC.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash        5.00        [ICRA]B+ Revised from
   Credit                             [ICRA]BB(stable)

   Non Fund Based-
   Letter of Credit      42.00        [ICRA]A4 reaffirmed

The rating revision reflects the current challenging operating
environment for the ship-breaking industry characterised by
weakening steel prices due to the availability of cheap Chinese
steel in the market, as well as increased competition from the
ship-breaking yards of neighbouring countries such as China,
Bangladesh and Pakistan. As a result SSBC has witnessed a sharp
decline in revenue in FY 2014-15 and FY2015-16 while the ship-
breaking activities remained stalled, with only two ship
purchased in the current fiscal.

The rating, however, favourably takes into account the past
experience of the promoters in the ship-breaking industry.
Going forward, firm's profitability is expected to remain
vulnerable to unfavourable fluctuations in foreign exchange rates
and steel prices. Further, the firm's ability to purchase
additional ships in order to achieve a healthy turnover, while
maintaining adequate profitability, as well as efficiently
managing its working capital cycle will remain the key rating
sensitivities. ICRA further notes that SSBC is a partnership
concern and any substantial withdrawal from capital account in
future could adversely impact the credit profile of the firm.

Sheth Ship Breaking Corporation (SSBC) was incorporated as a
partnership firm in 1997 by Narendra Shah and other partners. The
firm is engaged in the business of ship-breaking. The business
operations are carried out from Bhavnagar and the ship-breaking
activity is conducted at a plot leased by the Gujarat Maritime
Board (GMB) in the Alang Ship Recycling Yard (ASRY). The Group
Company Pioneer Globex Private limited is also involved in other
related businesses like trading of iron ore fines and loose mill
scales.

Recent Results
During FY15 the company reported an operating income of INR15.26
crore and a net loss of INR1.11 crore against an operating income
of INR75.44 crore and net profit of INR0.75 crore in FY14.
Further, during FY16, the company reported operating income of
INR29.14 crores


SHIV SHAKTI: ICRA Suspends 'B' Rating on INR6.15cr Loan
-------------------------------------------------------

ICRA has suspended the [ICRA]B rating assigned to the INR6.15
crore limits of Shiv Shakti Ginning Factory. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

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

Shiv Shakti Ginning Factory (SSGF) was established in 1991, and
is engaged in cotton ginning, pressing and crushing of
cottonseeds to produce cotton bales, cottonseed oil and
cottonseed oil cake. The manufacturing unit of the firm is
located in Jasdan, Rajkot with an installed capacity of producing
150 bales1 of ginned cotton in a day in the ginning unit. The
crushing unit is equipped with two expellers with installed input
capacity of crushing 3600 MTPA of cottonseeds. SSGF is currently
managed and owned by Mrs. Kajalben P Gosai and Mr. Pratapgiri O
Gosai.


SHREE GANESHJI: ICRA Suspends B-/A4 Rating on INR18cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B- and short
term rating of [ICRA]A4 assigned to the INR18 crore bank
facilities of Shree Ganeshji Gums Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SHREE UMAVANSHI: ICRA Assigns 'B' Rating to INR10cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the long term rating at [ICRA]B to the INR10.00
crore cash credit facility of Shree Umavanshi Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           10.00        [ICRA]B; assigned

The assigned rating is constrained by the weak financial profile
of SUI, as depicted by low profitability margins, as evident in
cotton seed crushing business coupled with adverse capital
structure resulting in high gearing and weak debt coverage
indicators. The rating also takes into account the low value
additive nature of the cotton crushing industry, along with
intense competition on account of fragmented industry structure,
which restricts pricing flexibility, resulting in thin
profitability. The rating is further constrained by vulnerability
of the firm's profitability to fluctuations in raw material
prices, which are in turn subject to seasonality and crop
harvest.
The rating, however, positively considers the experience of the
promoters in the cotton industry along with the location
advantage enjoyed by the firm with ease in availability of cotton
seeds. ICRA further positively takes into account the increase in
the scale of operations in FY2016 as is evident by the increase
in operating income, backed by higher volumes of cotton seeds
processed during the year.

Established in 2011, Shree Umavanshi Industries (SUI) crushes
cotton seeds to produce cotton seed oil and cotton seed cake. The
manufacturing unit is located at Tankara (Dist. Rajkot) and is
equipped with 20 expellers, with an installed production capacity
of 20 MT of cottonseed oil and 150 MT of cottonseed cake per day,
operational for three shifts. The firm commenced crushing
operations from FY2014 onwards, prior to which, it was engaged in
trading of cotton bales and cotton seeds.

Recent Results
For the year ended 31st March 2016, the firm reported an
operating income of INR35.14 crore and profit before tax of
INR0.34 crore as per the provisional financials.


SHRIRAM FOOD: ICRA Assigns B+ Rating to INR57cr Cash Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR28.50
crore long-term loans (enhanced from INR15.00 crore) and INR57.00
crore cash credit facilities (enhanced from INR30.00 crore) of
Shriram Food Industry Private Limited. This apart, ICRA also has
assigned a short-term rating of [ICRA]A4 to the INR60.50 crore
sub-limits of SFIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term loans            28.50      [ICRA]B+ Assigned/Outstanding
   Cash credit           57.00      [ICRA]B+ Assigned/Outstanding

   Capital Expenditure
   LC                   (5.00)      [ICRA]A4; Assigned

   PC/PCFC             (29.00)      [ICRA]A4; Assigned

   FDBP/FUDBP           (9.50)      [ICRA]A4; Assigned

   Import/Inland LC    (10.00)      [ICRA]A4; Assigned

   Bank Guarantee       (7.00)      [ICRA]A4; Assigned

The assigned rating considers the nascent stage of operations of
the company with its rice mill project achieving Commercial
Operations Date in February 2016; as such, the plant has a modest
operational track record of only two months till date. The
ratings also take into consideration the highly fragmented and
competitive nature of the industry with inherently thin profit
margins, and the company's exposure to agro-climatic risks
typically faced by such industries dealing with agricultural
commodities. Further, the ratings factor in the leveraged capital
structure of the company which could lead to stretched cash flows
and debt protection indicators over the medium term.
Nevertheless, the ratings take into account the long standing
experience of promoters spanning nearly two decades in the rice
trading and other businesses, the proximity of SFIPL's plant to
rice growing areas such as Chhattisgarh and Telangana which eases
the procurement of paddy; and SFIPL's established relationships
with customers and suppliers developed for its trading
operations. These apart, the rating also considers the
established track record of Greta group in rice processing and
biomass power generation, which give rise to operational
synergies with SFIPL.

Shriram Food Industry Private Limited, part of Greta group of
companies, was incorporated in the year 2014 and is engaged in
the business of rice processing, trading, rice milling &
grinding. The complete list of SFIPL's product portfolio includes
Parboiled Rice, Long Grain Parboiled Rice, White Rice, Steam
Rice, Steam Basmati Rice, Steamed White Basmati Rice, 100 %
Broken Rice, HMT Rice, Kolam Rice, BPT Rice and others. The
company exports rice to Middle East and North African countries
during 2014-15 and has commissioned paddy to rice mill and
optical sorting (sortex) unit at Nagpur, Maharashtra. The rice
mill has an installed capacity of 96,000 MTPA and the sortex unit
has an installed capacity of 60,000 MTPA. The company is promoted
by Mr. Anup Ramavtar Goyal, Mr. Ramavtar Thanuram Agrawal & Mr.
Nitesh Chaudhari.

Recent results
SFIPL reported a net profit of INR1.3 crore on an operating
income of INR72.1 crore during 9M FY 2015-16.


SRAVANI RAW: CRISIL Assigns B- Rating to INR40MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' to the long term bank
facilities of Sravani Raw & Boiled Rice Mill (SRBRM).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Proposed Cash
   Credit Limit          10        CRISIL B-/Stable
   Cash Credit           40        CRISIL B-/Stable
   Long Term Loan        20        CRISIL B-/Stable

The rating reflects SRBRM's weak financial risk profile, marked
by high gearing, small net worth, and weak debt protection
metrics, and modest scale of operations in an intensely
competitive rice milling industry. These ratings weaknesses are
partially offset by the extensive experience of SRBRM's promoters
in the rice industry.
Outlook: Stable

CRISIL believes that SRBRM will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the firm's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile, or in case of
significant infusion of capital by the partners, resulting in an
improvement in SRBRM's capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or if its revenues and profitability
decline substantially leading to weakening in its financial risk
profile.

Set up in 2010, SRBRM is engaged in milling of raw and par-boiled
rice. The firm is promoted by Mr.L.Durga Prasad and his family
members.

SRBRM on a provisional basis reported a profit after tax (PAT) of
INR0.5 million on net sales of INR193 million for 2015-16 (refers
to financial year, April 1 to March 31), as against a PAT of
INR0.1 million on net sales of INR176 million for 2014-15.


SREE SREE: CRISIL Assigns B+ Rating to INR49MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sree Sree Gangadhar Rice Mill Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             49        CRISIL B+/Stable

The rating reflects SGRM's small scale of operations along with
raw material price risk and dependency on monsoon, and
vulnerability to regulations. These weaknesses are mitigated by
the promoter's extensive experience in the rice milling business
and efficient working capital management.
Outlook: Stable

CRISIL believes SGRM will maintain its business risk profile
backed by its promoter's experience, established customer
relations, and stable demand of rice in the country. The outlook
may be revised to 'Positive' if substantial increase in scale of
operation and cash accrual or sizeable equity infusion by
promoter improves networth and liquidity. Conversely, the outlook
may be revised to 'Negative' if lower-than-expected cash accrual,
stretched working capital cycle, or large, debt-funded capital
expenditure weakens overall financial risk profile, particularly
liquidity.

SGRM was established in 1999 as a partnership firm and converted
into a private-limited company in July 2015. SGRM processes non-
basmati parboiled rice at its manufacturing facility in Burdwan,
West Bengal. Its operations are looked after by its promoter-
director, Mr. Shyamal Roy.


SUNDARAM ALLOYS: ICRA Suspends 'D' Rating on INR55.65cr Loan
------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR55.65
crore fund based facilities and the rating of [ICRA]D (pronounced
ICRA D) assigned to the INR9.00 crore non-fund based bank
facilities of Sundaram Alloys Limited (SAL). The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SURE SAFETY: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sure Safety
Solutions Private Limited (SSS) a Long-Term Issuer Rating of 'IND
B'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SSS's small scale of operations, weak credit
profile, and volatile profitability. Provisional FY16 numbers
indicate revenue of INR75 million (FY15: 270 million), net
leverage of 30x (8.5x) and EBITDA interest cover of 0.9x (1.0x).
Profitability fluctuated between 4.5%-11.8% over FY12-FY16 on
account of currency fluctuations in the import market.

The ratings also factor in the company's stressed liquidity
position with its multiple instances of overutilisation in the
fund-based facilities over the 12 months ended April 2016.

The ratings are supported by the company's strong order book of
INR312.8 million. The management expects to execute the orders in
FY17. The ratings are also supported by SSS' promoters' decade-
long experience in the trading and assembly of safety equipment.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the liquidity position will be positive for the
ratings.

Negative: Further liquidity deterioration will be negative for
the ratings.

COMPANY PROFILE

SSS (An ISO 9001:2008 certified company) was established in 2004.
The company manufactures security equipment and also renders
services for the same. Products manufactured by SSS include radar
and RCIED (remote controlled improvised explosive device)
jammers, defence simulators, training aids, electronic labs,
aerial targets systems, unmanned aerial vehicles, personal safety
equipment, disaster management equipment etc.

BOIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B'/Stable
-- INR2.77 million term loan facilities: assigned 'IND B'/Stable
-- INR35 million fund-based facilities: assigned 'IND B'/Stable
-- INR105 million non-fund-based facilities: assigned 'IND A4'


SVE CASTINGS: ICRA Lowers Rating on INR8.5cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long term rating for the INR2.78 crore term
loan facilities, INR8.50 crore fund based facilities and INR5.32
crore unallocated facilities of SVE Castings Private Limited from
[ICRA]BB to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.50        [ICRA]D revised from
                                     [ICRA]BB (Stable)

   Term loans            2.78        [ICRA]D revised from
                                     [ICRA]BB (Stable)

   Unallocated           5.32        [ICRA]D revised from
                                     [ICRA]BB (Stable)

The revision in the ratings considers the delays observed in
timely servicing of debt obligations by the company.

SVECPL was established in 1997 to cater to the casting needs of
Valve & Pump manufacturing industries, Petrochemical Plants and
Refineries Projects. It is an established Steel Foundry located
at Bellary city 300 Kms from Bangalore city in Karnataka, a state
in South India. It is engaged in the manufacturing of Steel,
Alloy Steel, Special Steel, Stainless Steel and Ni-base alloy
graded castings as per ASTM/ International Standards based on the
customer requirements. The company is capable of producing 2500
tons of castings per annum and can produce maximum weight of
750kg single casting. It has also installed 1.50 MW Wind Mill
units near Raichur, for captive power generation.


SWASTIK FURNACES: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swastik Furnaces
Private Limited (SFPL) continues to reflect its working capital
intensive nature of operations and susceptibility of margins to
volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             85       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee     25       CRISIL A4 (Reaffirmed)

The ratings also reflect SFPL's below-average financial risk
profile, marked by small net-worth, high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the furnace
manufacturing industry.
Outlook: Stable

CRISIL believes that SFPL will benefit over the medium term from
its promoters' longstanding experience in the furnace
manufacturing industry. The outlook may be revised to 'Positive'
if there is a substantial and sustained improvement in revenues
and profitability, or if there is an improvement in the company's
capital structure levels mostly on account of equity infusion by
the promoters. Conversely, the outlook may be revised 'Negative'
if there is deterioration in the company's capital structure
mostly on account of stretch in its working capital cycle or if
there is a decline in revenues and profitability.
SFPL, an ISO 9001-2008 certified company, produces, supplies and
exports heat treatment furnaces. It was set up as a partnership
firm, Swastik Furnaces, in 2005, and converted to a private
limited company with the current name in 2009.  Company's day to
day operations are being handled by Mr. Baldeep Dogra, Mr.
Rajendra  Dogra and Ms. Priya Dogra


TRIMURTI CORNS: CRISIL Lowers Rating on INR169.7MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Trimurti Corns Agro Foods Private Limited (TCAFPL; part of the
Trimurti group) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

   Export Packing Credit   20        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan         169.7      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by TCAFPL in
servicing its debt because of weak liquidity driven by depressed
cash accrual due to delay in ramp up of enhanced capacities
against large debt obligation.

Financial risk profile is subdued, with stretched liquidity,
large debt-funded capital expenditure and limited ramp up in
operations. The rating also factors in the small scale of
operations and large working capital requirement. These rating
weaknesses are mitigated by the funding support and the extensive
experience of promoters in the sweet corn and other agro-
commodities processing industry.

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of TCAFPL and Mrunmaha Agro Foods Pvt
Ltd (MAFPL). This is because these two companies, together
referred as the Trimurti group, are under a common management,
are engaged in a similar line of business, and have operational
and financial linkages. Furthermore, both these companies have
given corporate guarantees for each other's bank facilities.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen,
and ready-to-eat products. TCAFPL and MAFPL have a combined
processing capacity of 183 tonnes per day (tpd) at their
manufacturing units in Pune (Maharashtra).


VENKATA SAI: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Venkata Sai
Ispat Industries Pvt Ltd (VSIIPL) a Long-Term Issuer Rating of
'IND D'. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect delays by VSIIPL in servicing its term loans
over the six months ended April 2016, due to stretched liquidity.
There was a delay of 58 days in the payment of principal and
there have been continuous delays in interest payments over the
past 6 months.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 2008, VSIIPL is a Bangalore-based manufacturer of
sponge iron.

VSIIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND D'
-- INR50 million term loan: assigned Long-term 'IND D'
-- INR120 million fund-based working capital limits: assigned
    Long-term 'IND D'


VENUS GARMENTS: CRISIL Reaffirms B+ Rating on INR738.3MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Garments India
Limited (VGL) continue to reflect the company's weak liquidity
due to large debt repayment obligations, and its weak financial
risk profile, marked by a negative net worth, and weak debt
protection metrics. The ratings are also constrained by the
susceptibility of VGL's revenue to economic downturns in the
overseas market, and to fluctuations in foreign exchange rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of credit
   & Bank Guarantee      149.1      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     31.7      CRISIL B+/Stable (Reaffirmed)

   Term Loan             738.3      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility              690        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of VGL's promoters in the textile industry, its
established relationships with global retailers, and its healthy
operating capabilities.
Outlook: Stable

CRISIL believes VGL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if the company reports better than expected cash
accruals majority contributed by improvement in revenue, or if
its promoters infuse substantial capital, leading to a better
financial risk profile, particularly capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
lower than expected cash accruals, , or  deterioration in working
capital management , or in case of debt-funded capital
expenditure, leading to weakening of financial risk profile,
particularly liquidity.

VGL, incorporated in 1999, manufactures and exports readymade
garments. Its products include polo shirts, T-shirts, jogging
suits, sweat shirts, thermal wear, and sweaters, which are mainly
exported to the US, Europe, Mexico, and Canada.


VINTECH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR93.3MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Vintech
Industries Private Limited (VIPL) continues to reflect VIPL's
small scale of operations in the highly competitive precision
manufacturing industry and its weak financial risk profile with
high gearing and below average debt protection metrics. These
weaknesses are partially offset by the group's high, though
volatile, operating margin.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4.5      CRISIL A4 (Reaffirmed)

   Cash Credit            17.0      CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit   6.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9.2      CRISIL B+/Stable (Reaffirmed)

   Term Loan              93.3      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VIPL will maintain its credit risk profile over
the medium term, supported by healthy profitability. The outlook
may be revised to 'Positive' if significant increase in scale of
operations and profitability lead to substantial improvement in
accrual; and  financial risk profile improves with reduction in
working capital cycle or equity infusion. The outlook may be
revised to 'Negative' if a larger-than-expected, debt-funded
capex programme is undertaken or decline in revenue or
profitability weakens debt protection metrics and accrual.

VIPL, incorporated in 2007, manufactures machining parts and
precision components used in air/gas compressors, steam/gas
turbines, hydro turbines, windmills, and other engineering
industries. VIPL is promoted by Mr. Karsan K Panchal and has its
manufacturing facility in Ahmedabad (Gujarat).

VIPL on estimated basis registered net loss of INR6 million on
operating income of INR112.2 million for 2015-16, as against
INR6.9 million on INR110.5 million for 2014-15.


WHITE GOLD: CRISIL Reaffirms 'B+' Rating on INR80MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of White Gold
Cotton and Oil Industries (WGCOI) continues to reflect a modest
scale of operations in the intensely competitive cotton ginning
industry, and a modest financial risk profile. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters, and proximity to the cotton-growing
belt in Gujarat.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             80       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      44.1     CRISIL B+/Stable (Reaffirmed)

   Term Loan                25.9    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes WGCOI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of strong cash
accrual on the back of a significant increase in revenue, while
stable capital structure and liquidity are maintained.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens, on the
back of low cash accrual, stretched working capital cycle,
larger-than-expected capital withdrawal leading to erosion of
networth, or substantial debt-funded capital expenditure.

WGCOI is a partnership firm based in Surendranagar, Gujarat,
promoted by Mr. Rajubhai Kotecha and other business partners. It
commenced operations in cotton ginning and oil milling in January
2014.


YAMIR PACKAGING: CRISIL Reaffirms B+ Rating on INR63.7MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yamir
Packaging Private Limited (YPPL) continues to reflect the
company's subdued financial risk profile because of high gearing,
weak debt protection metrics, and modest networth. The rating
also factors in small scale of operations in a fragmented
industry. These weaknesses are partially offset by extensive
experience of promoters in the packaging industry.

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

   Proposed Long Term
   Bank Loan Facility     17.1     CRISIL B+/Stable (Reaffirmed)

   Term Loan              36.7     CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan              63.7     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes YPPL will continue to benefit over the medium
term from its established relationships with reputed customers.
CRISIL, however, also believes the company's financial risk
profile will remain subdued because of high gearing and weak debt
protection metrics. The outlook may be revised to 'Positive' if
better-than-expected sales and operating margin lead to higher
cash accrual and a stronger capital structure. The outlook may be
revised to 'Negative' if liquidity is further constrained by
increase in working capital requirement, or by lower-than-
expected sales.

Update
YPPL's sales are estimated at INR686 million for 2015-16 (refers
to financial year, April 1 to March 31) as against Rs 720 million
in the previous year, while operating profitability remained at
9-10 percent. The operating profitability is expected to remain
stable over the medium term. Operations remain working capital
intensive, as indicated by gross current assets of 125-135 days
as on March 31, 2016, resulting in extensive bank limit
utilisation of 89 percent on an average over the 12 months
through March 2016. The financial risk profile remains subdued
because of high gearing of 2.1 times and small networth of INR102
million as on March 31, 2016.

YPPL, incorporated in 2000, manufactures cartons used in the
food, pharmaceuticals, and consumer goods industries. Its
facility is in Bharuch, Gujarat.


YASH CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR73MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Yash
Construction Equipments Private Limited continues to reflect
YCEPL's weak financial risk profile, marked by small net worth,
high total outside liabilities to tangible net worth (TOLTNW)
ratio, and stretched liquidity profile indicated by almost fully
utilized working capital limits.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              73       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        5       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's working-capital-
intensive operations and exposure to intense competition in the
automotive dealership market. These rating weaknesses are
partially offset by YCEPL's established market position as a
dealer for Tata Hitachi Construction Machinery Company Private
Limited (Tata Hitachi), and the extensive industry experience of
YCEPL's promoters.
Outlook: Stable

CRISIL believes that YCEPL will continue to benefit over the
medium term from its promoters' extensive industry experience in
the dealership business and its association with Tata Hitachi.
The outlook may be revised to 'Positive' if the company registers
improvement in its financial risk profile, driven by better
profitability margins or substantial revenue, while improving its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if YCEPL's working capital cycle lengthens or if its
revenue or profitability declines.

YCEPL was set up in 2007 by Mr. Sanjay Kumar and his wife Mrs.
Sneha Kumar, and has its headquarters in Mirzapur (Uttar
Pradesh). The company is an authorised dealer of Tata Hitachi's
heavy earth-moving equipment such as loaders, backhoe loaders,
excavators, and car-mounted machines. YCEPL became an authorised
dealership for Tata Hitachi Construction Machinery Company
Private Limited (Tata Hitachi) in 2007.



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


COTTAGE WINES: Fruit Winery Goes Into Liquidation
-------------------------------------------------
Deena Coster at Stuff.co.nz reports that a NZ$14,000 debt has
resulted in the liquidation of a Taranaki fruit winery.

On June 21, Cottage Wines Limited was placed into liquidation
following an application made by New Zealand Customs, who were
out of pocket due to months of unpaid tax bills, Stuff.co.nz
says.

According to Stuff.co.nz, the debt, worth NZ$14,625.25, relates
primarily to excise duty the company was obliged to pay because
of its registration as a wine manufacturer.

The liquidation order was made by Associate Judge Jeremy Doogue
during a hearing in the High Court at New Plymouth, the report
notes.

Stuff.co.nz relates that costs related to the court proceedings
were also imposed against Cottage Wines Limited, which is the
second fruit winery in the region to be placed into liquidation
by the High Court this year.

In April, Lepperton-based Sentry Hill Winery was liquidated due
to the non-payment of a NZ$130,000 debt, the report discloses.

According to Stuff.co.nz, court documents show Cottage Wines
Limited, which is registered to a Waitara address, originally
owed NZ$9,401.25 for the 2014/2015 year, the majority of which
was re-paid.  However, the balance of NZ$652.76 was not and a
further tax debt of NZ$9,470.29 was then incurred.

These two amounts, along with an additional duty of $4,502.20,
totalled the outstanding debt sought by NZ Customs, the report
notes.

Stuff.co.nz says discussions between NZ Customs and Cottage Wines
Limited took place earlier in the year to try and find a
resolution but no agreement was reached.

A demand notice was served on the now defunct fruit winery on
March 7, the report notes.

The Companies Office register shows Cottage Wines Limited's sole
director is Barbara Burnard, Stuff.co.nz discloses.

Between February and April this year, a series of emails were
sent between Burnard and a NZ Customs official about the debt and
the looming liquidation proceedings, the report states.  These
communications were attached to an affidavit filed in court in
support of the liquidation application.

In the emails, Ms. Burnard said the company was no longer
manufacturing wine and asked for more time to come up with the
money as re-payments had stalled due to the financial pressures
she faced, adds Stuff.co.nz.


* NEW ZEALAND: Farm Insolvencies Could 'Explode', Brokerage Says
----------------------------------------------------------------
Jamie Gray at The New Zealand Herald reports that OM Financial
said farm insolvencies could "explode" if farm prices fell
further.

In its monthly report, the New Zealand brokerage said the average
dairy farmer was likely to post a further loss this coming
season, leading to deterioration on the liability side of
farmer's balance sheets, the Herald relates.

At the same time, the asset side of dairy farmers' balance sheets
was being eroded by weakness in land and livestock prices, OM
Financial said, the report relays.

The Real Estate Institute of NZ's (REINZ) Dairy Farm Price index
fell by 24.1%, year on year, in April, the Herald discloses.

"This represents approximately 70% of total dairy farmer assets -
livestock comprise a further 10% and plant and equipment a
further 3% - and given its remarkable correlation with the
GlobalDairyTrade Price Index, we see scope for further double-
digit declines in land prices over the coming season," OM
Financial, as cited by the Herald, said.

The erosion of farmer balance sheets from both the asset and
liability sides was leading to a rapid deterioration in farmer
loan-to-value ratios (LVR), it said.

"DairyNZ estimates that the average LVR was 47% in 2014/15 while
our calculations suggest that it's risen to 55% today and has
scope to rise to 65% over the coming year given our projections
for credit off-take and a (conservative) 10% fall in land
prices," OM Financial added.

"Should land prices fall 20%, our back-of-the-envelope
calculations suggest that the average LVR would rise to 78% over
the coming year, suggesting that insolvencies could explode," it
said.

Fonterra last month left its 2015/16 farmgate milk price at
NZ$3.90/kg and pitched its opening forecast for 2016/7 at
NZ$4.25/kg -- well below Dairy NZ's estimated break-even point of
NZ$5.25/kg.

Dairy product prices were steady at last week's GlobalDairyTrade
auction, but a 4.5% drop in the price of whole milk powder -- the
key component of Fonterra's farmgate milk price -- has weighted
on sentiment.

According to the report, AgriHQ dairy analyst Susan Kilsby said
at the time that it was difficult to see prices moving
substantially higher before the end of the year.



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


DAEWOO SHIPBUILDING: Ex-CFO Summoned Over Alleged Acctg Fraud
-------------------------------------------------------------
Yonhap News Agency reports that prosecutors summoned a former CFO
of Daewoo Shipbuilding & Marine Engineering Co. on June 21 over
his alleged involvement in the financially troubled company's
accounting fraud.

According to the report, the Seoul Central District Prosecutors'
Office summoned the former executive, identified only by his
surname Kim, as a suspect to question him over his alleged
involvement in rigging the company's accounting books between
2013 and 2014.

Kim, who was also a vice chairman of the state-run Korea
Development Bank (KDB), held the position of the shipyard's
financial chief from 2012 to 2015, the report discloses. KDB is
Daewoo Shipbuilding's biggest shareholder.

Yonhap relates that the summons came about a week after the
country's state auditor said the shipyard is suspected of rigging
its books to hide up to KRW1.5 trillion (US$1.28 billion) in
losses between 2013 and 2014.

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

Prosecutors are currently looking into some 500 orders clenched
by Daewoo Shipbuilding since 2006 and are known to have detected
additional problems, Yonhap notes.

Yonhap states that the company, along with two other major
shipbuilders here, is currently undergoing self-created debt-
restructuring plans in the face of a decease in new orders caused
by the protracted global economic slump.

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


HYUNDAI HEAVY: Labor Union Opposes Spin-Off Plans for Unit
----------------------------------------------------------
The Korea Herald reports that the Hyundai Heavy Industries' labor
union is strongly opposing the company's move to spin off its
facility-assistance business unit, industry sources said on
June 21.

Although it is one of Hyundai Heavy's key promises to its
creditors, unionists claim that the move would lead to a rise in
nonregular workers -- mostly the 994 employees who are currently
working at the division, the Korea Herald says.

According to the report, the union's representatives decided to
propose a general strike last week, denouncing the shipbuilder's
latest self-rescue plan.

Earlier, Hyundai Heavy mapped out KRW3.5 trillion (US$3.02
billion) worth self-rehabilitation measures, including asset
sales and a cut in the workforce, in order to stay afloat amid a
drop in new orders, the report relates.

The Korea Herald notes that under the shipbuilder's self-rescue
plans, temporarily approved by the financial authorities and its
creditors, led by KEB-Hana Bank, it will reduce its stock
holdings, sell noncore assets and reduce its workforce, which
will lower its debt-to-equity ratio below 100% by 2018.

The Korea Herald says the shipbuilder swung to the black in the
first quarter for the first time in 10 quarters with an operating
income of KRW325 billion, aided by its stronger restructuring
efforts.

Other local shipbuilders are also seeking to turnaround, with
unionized workers opposing their moves, the report says.

According to the Korea Herald, the union at Daewoo Shipbuilding &
Marine Engineering voted for a strike last week after the company
proposed self-rescue measures worth KRW5.3 trillion in total that
include an employee wage cut and asset sales.  The report relates
that Samsung Heavy Industries also has crafted self-
rehabilitation measures, worth KRW1.5 trillion, for their
creditors. The scheme calls for the sale of noncore assets, such
as buildings and stocks, and laying off employees, the report
notes.

The country's top three shipyards suffered a combined operating
loss of KRW8.5 trillion last year due largely to increased costs
stemming from a delay in the construction of offshore facilities
and an industry-wide slump, the report discloses.

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***