TCRAP_Public/160624.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

            Friday, June 24, 2016, Vol. 19, No. 124


                            Headlines


A U S T R A L I A

BERWICK TRACTORS: First Creditors' Meeting Set For July 4
BURRUP: Oswals Already Spent Millions on ANZ Court Case
GLOBAL FUTURE: Assets and Business Up for Sale
JOHN HUSSEY: First Creditors' Meeting Set For July 1
XCGV SERVICES: First Creditors' Meeting Set For July 5


C H I N A

JIANGSU HANRUI: Fitch Assigns 'BB+' LT Issuer Default Ratings


I N D I A

AKHAND JYOTI: CRISIL Assigns B+ Rating to INR10MM Overdraft Loan
ALL INDIA: ICRA Suspends B+ Rating on INR9.60cr Bank Loan
AMRAPALI PRINCELY: ICRA Suspends 'D' Rating on INR87.5cr Loan
AMRAPALI SILICON: ICRA Suspends 'D' Rating on INR300cr Loan
ANTELOPE VENTURES: ICRA Withdraws 'B' Rating on INR12cr Term Loan

ASIANLAK HEALTH: ICRA Assigns B- Rating to INR10cr LT Loan
AVNI ENERGY: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
BHAGYALAXMI BRINE: CRISIL Raises Rating on INR50MM Loan to B-
BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
CENTRE FOR RURAL: CRISIL Assigns 'B' Rating to INR10MM LT Loan

CHAKRAVARTHY FABRIC: CRISIL Reaffirms B Rating on INR106.6MM Loan
COBB APPARELS: ICRA Suspends B+ Rating on INR20cr Bank Loan
CRYSTAL CABLE: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
DHANEE INTERNATIONAL: CARE Lowers Rating on INR5.25cr Loan to D
EARTH INTERNATIONAL: CRISIL Assigns 'B' Rating to INR25MM Loan

ESSIX BIOSCIENCES: CARE Assigns 'D' Rating to INR2.17cr Term Loan
FASTBUILD BLOCKS: CRISIL Assigns B- Rating to INR145.5MM Loan
GRACE SUPPLIERS: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
GSR TEXTILES: ICRA Lowers Rating on INR18.27cr Loan to 'D'
HUBTOWN BUS: CARE Lowers Rating on INR41.67cr LT Loan to D

INFINITY INFRATECH: CARE Assigns B+ Rating to INR4.91cr Loan
INTEGRATED INVESTMENTS: CRISIL Reaffirms B+ INR248.5M Loan Rating
JAK ASSOCIATES: ICRA Reaffirms B+ Rating on INR3.54cr Loan
JEKIN ENTERPRISE: CARE Assigns B+ Rating to INR25cr LT Loan
JYOTI POLYVINYL: CRISIL Upgrades Rating on INR10MM Loan to BB-

KOKILA COTTON: CARE Lowers Rating on INR18cr LT Loan to 'D'
KRISHNA GLOBAL: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
KUVARBA COTTON: CARE Lowers Rating on INR13cr LT Loan to B+
LILY HOTELS: ICRA Suspends 'D' Rating on INR26.60cr Term Loan
MAA KALIKA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

MAHAVIR SPINFAB: CRISIL Reaffirms B+ Rating on INR32.6MM LT Loan
MOMENTUM TECHSYS: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating
NAVNEET GINNING: CARE Lowers Rating on INR14cr LT Loan to B+
NKS CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
NORTH EASTERN: ICRA Reaffirms 'IrB+' Issuer Rating

P. B. COTTON: CARE Lowers Rating on INR18cr LT Loan to 'D'
P. I. PATEL: CARE Lowers Rating on INR10cr Long Term Loan to B+
P.M. GRANITE: ICRA Lowers Rating on INR1.72cr Term Loan to C+
PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan
PARTAP WIRE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan

PAWAR PATKAR: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
PEARL CONSTRUCTION: ICRA Suspends 'B' Rating on INR15cr LT Loan
PERFECT ALUMINIUM: ICRA Assigns B+ Rating to INR10cr LT Loan
PHTHALO COLOURS: ICRA Suspends 'B' LT Rating on INR21.99cr Loan
PIONEER GLOBEX: ICRA Reassigns C+ Rating to INR15cr Loan

PROVIDENCE TEXTILES: ICRA Suspends 'B' Rating on INR8cr Loan
RIPURAJ AGRO: Ind-Ra Assigns 'IND BB+'  Long-Term Issuer Rating
SAVITRI WEAVING: ICRA Suspends B+ Rating on INR7.061cr LT Loan
SHRIMATI JANKIDEVI: ICRA Ups Rating on INR12.84cr Loan to BB-
SILK WOVEN: ICRA Assigns B- Rating to INR5.0cr Term Loan

SIMLA AGENCIES: ICRA Suspends 'D' Rating on INR16cr Loan
SMT. VISHNU: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
SONATANI FOOD: CRISIL Reaffirms 'B' Rating on INR36MM Term Loan
SPRAY ALCANS: CRISIL Assigns 'D' Rating to INR52MM Term Loan
SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Channel Fin.

SUBEX LIMITED: ICRA Suspends B Rating on INR166cr LT Loan
SUNDIAL MINING: CRISIL Lowers Rating on INR90MM Loan to 'B'
SUNGLOW REALMART: CARE Assigns B+ Rating to INR5cr LT Loan
SUNSHINE INDUSTRIES: ICRA Suspends B- Rating on INR5.25cr Loan
TEKNO PRINT: CARE Lowers Rating on INR4.80cr LT Bank Loan to D

TIRUMALLA OIL: CRISIL Assigns B+ Rating to INR113MM Cash Loan
TRIMURTI FOODTECH: CRISIL Reaffirms B Rating on INR80MM Term Loan
UMIYA COT: CARE Downgrades Rating on INR13cr LT Loan to B+
UTTAM INDUSTRIAL: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
VERMA TRACTORS: ICRA Reaffirms B/A4 Rating on INR7.0cr Loan

VITTHALRAO SHINDE: CRISIL Reaffirms B+ Rating on INR600M Loan


J A P A N

MITSUBISHI MOTORS: Expects JPY145BB Net Loss Amid Mileage Scandal
SHARP CORP: Hon Hai Confirms 7,000 Job Cut as Sale Deal Completed
TOSHIBA CORP: Public Pension Fund Sues For Accounting Scandal


M A C A U

TAI FUNG: Fitch Downgrades Viability Rating to 'bb+'


P A P U A  N E W  G U I N E A

PAPUA NEW GUINEA: B2 Rating Reflects Challenges, Moody's Says


S R I  L A N K A

BANK OF CEYLON: Moody's Affirms LT Currency Deposit Rating at B1
SRI LANKA: Moody's Affirms B1 Rating, Changes Outlook to Negative


                            - - - - -


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


BERWICK TRACTORS: First Creditors' Meeting Set For July 4
---------------------------------------------------------
Paul Burness and Morgan Lane of Worrells Solvency & Forensic
Accountants were appointed as administrators of Berwick Tractors
& Trading Co Pty Ltd on June 22, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on July 4, 2016, at 2:30 p.m.


BURRUP: Oswals Already Spent Millions on ANZ Court Case
-------------------------------------------------------
Australian Associated Press reports that the lawyers in the
corners of Indian couple Pankaj and Radhika Oswal and the ANZ
bank have already cost tens of millions of dollars in their bid
for $2.5 billion in damages.

Five years of numerous legal proceedings have culminated in the
main event: a six-month civil trial in the Victorian Supreme
Court, AAP relates.

According to the news agency, Mr Oswal has estimated the couple,
formerly based in Perth and now in Dubai, has spent $65 million
on lawyers in the various cases before the complex trial began on
May 30.

AAP relates that the Oswals returned to Australia in April after
a five-year absence for the Victorian trial and another case in
Sydney, where the taxation commissioner is chasing them for
alleged unpaid taxes.

AAP says the Oswals are covering their legal fees through a
litigation funding agreement with a company connected to Mrs
Oswal's brother.

The litigation funder stands to gain an enormous amount if the
claims succeed, a judge noted in February, the report says.

According to AAP, the Oswals have had to provide more than AUD6.3
million in security to the court to cover the costs of the ANZ
and the receivers, plus three other parties involved in the
proceedings, in the event that the couple lose the trial.

Court documents showed the Oswals incurred costs in excess of
AUD38 million by late February this year, AAP discloses.

AAP says the ANZ and receivers it appointed to the Oswals'
Australian fertiliser business in December 2010 would have also
spent tens of millions of dollars.  Their legal costs had reached
AUD17 million by July 2014, AAP reports citing court documents.

                      About Burrup Fertilisers

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.


GLOBAL FUTURE: Assets and Business Up for Sale
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent
expressions of interest are sought for the purchase of the assets
and business of Global Future Solutions group.

Founded in 2009, Global Future Solutions operates in the field of
Bio Remediation and Bio Medics. It produced non-toxic,
economically priced and sustainable antibacterial, antibiotic and
enzyme products.

David Leigh, Michael Owen and Nicholas Martin of PPB Advisory
were appointed as administrators of Global Future Solutions Ltd,
GFS Corporation Aus Pty Ltd, and GFS Australasia Pty Ltd on
June 8, 2016.


JOHN HUSSEY: First Creditors' Meeting Set For July 1
----------------------------------------------------
Alan Hayes of Hayes Advisory was appointed as administrators of
John Hussey Pty Ltd, trading as Romano's Hotel, on June 21, 2016.

A first meeting of the creditors of the Company will be held at
Level 1, Romano's Hotel, Sturt Street, in Wagga Wagga, NSW, on
July 1, 2016, at 2:00 p.m.


XCGV SERVICES: First Creditors' Meeting Set For July 5
------------------------------------------------------
Jonathan McLeod and Bill Karageozis --
bkarageozis@mcleodpartners.com -- of McLeod & Partners were
appointed as administrators of XCGV Services Pty Ltd, formerly
known as "Wardy It Services Pty Ltd", on June 23, 2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth
Street, in Brisbane, Queensland, on July 5, 2016, at 10:00 a.m.



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


JIANGSU HANRUI: Fitch Assigns 'BB+' LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has assigned Jiangsu Hanrui Investment Holding Co.,
Ltd. (Hanrui) Long-Term Foreign- and Local-Currency Issuer
Default Ratings (IDRs) of 'BB+'. The Outlook is Stable.

Fitch has also assigned Hanrui's proposed senior unsecured US
dollar notes an expected rating of 'BB+(EXP)'. The offshore notes
will be issued by Hanrui Overseas Investment Co., Ltd. and will
be unconditionally and irrevocably guaranteed by Hanrui
International Investment Company Limited (HII), which is a
direct, wholly owned subsidiary of Hanrui. The notes will be
senior unsecured obligations of HII and rank pari passu with all
its other senior unsecured obligations. The net proceeds will be
used for general corporate purposes.

In place of a guarantee, Hanrui has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure HII has sufficient assets and liquidity to
meet its obligations under the guarantee for the proposed US
dollar notes.

The notes are rated at the same level as Hanrui's IDRs due to the
strong linkage between HII and Hanrui and because the keepwell
and liquidity support deed and deed of equity interest purchase
undertaking transfer the ultimate responsibility of payment to
Hanrui.

In Fitch's opinion, the keepwell and liquidity support deed and
the deed of equity interest purchase undertaking all signal a
strong intention from Hanrui to ensure that HII has sufficient
funds to honour its debt obligations.

The final ratings on the proposed US dollar notes are contingent
upon the receipt of final documents conforming to information
already received.

KEY RATING DRIVERS

Linked to Zhenjiang Municipality: Hanrui's ratings are credit-
linked with, but are not equalised to, Fitch's assessment of
Zhenjiang Municipality's credit profile. The link reflects strong
oversight and supervision of Hanrui by the Zhenjiang municipal
government, integration of multi-year funding for the company
with the municipal budget, and the strategic importance of
Hanrui's public-sector construction projects and social housing
construction to the municipality. Hanrui is classified as a
credit-linked public-sector entity under Fitch's criteria.

Zhenjiang's Creditworthiness: Zhenjiang had the fifth-highest
gross regional product per capita among all 13 municipalities in
Jiangsu in 2014. The Zhenjiang Municipality has healthy budgetary
performance and a diversified socio-economic profile. However,
the strengths are mitigated by its heavy contingent liabilities
arising from its public-sector entities.

Legal Status Attribute Mid-Range: Hanrui is registered as a
wholly state-owned limited liability company under the Chinese
Company Law, and is under the direct supervision of Zhenjiang
State-owned Assets Supervision and Administration Commission
(Zhenjiang SASAC). The Zhenjiang New Zone Management Committee
supervises Hanrui on behalf of Zhenjiang SASAC in daily
operational matters. The government has no plan to dilute its
shareholding in Hanrui.

Strategic Importance to Municipality: Hanrui is the only public-
sector entity operating within Zhenjiang New Zone - a flagship
national-level economic development zone in Zhenjiang
Municipality. Hanrui is responsible for urban development and
social welfare in the zone through construction of infrastructure
and social housing. Hanrui is also the only government-linked
entity that promotes the economic development of Zhenjiang New
Zone by attracting international corporations to locate in the
zone. Fitch assesses Hanrui's strategic importance attribute as
Stronger.

Government Fiscal Support: Being a key public-sector entity in
Zhenjiang, Hanrui has received support from the municipal
government via capital injections, subsidies and payment for
infrastructure construction cost and interest expense and rebates
of land development cost. The support provided by the municipal
government aims to partly fund Hanrui's capital expenditure and
debt servicing. As a result, Fitch views Hanrui's integration
into the municipal government's budget as a Stronger attribute.

Tight Control and Supervision: Hanrui is controlled directly by
Zhenjiang SASAC. Hanrui's financing plan and debt are closely
monitored by the government, and the company reports its budget
performance on a regular basis. Hanrui's board members, except
for employee representatives, are appointed by the government.
Fitch assesses the Control attribute at Stronger.

RATING SENSITIVITIES
A stronger or more explicit support commitment from Zhenjiang
Municipality may trigger a positive rating action on Hanrui.
Significant changes to Hanrui's strategic importance to the
municipality, dilution of the municipality's shareholding, or
reduced explicit and implicit municipality support, could lead to
a wider rating gap between Hanrui and Zhenjiang.

An upgrade of Fitch's internal credit view on Zhenjiang may
trigger a positive rating action on Hanrui. A weaker fiscal
performance or heightened indebtedness of the municipality could
lead to a lowering of Fitch's internal assessment of Zhenjiang's
creditworthiness and may therefore trigger a negative rating
action on Hanrui.



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


AKHAND JYOTI: CRISIL Assigns B+ Rating to INR10MM Overdraft Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Akhand Jyoti Jan Kalyan Sewa Samiti.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      10        CRISIL B+/Stable

The rating reflects the society's average financial risk profile
because of weak cash flows and stretched receivables. This
weakness is partially offset by its established track record in
the implementation of social welfare development schemes.

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

Setup in 1999, AJJKSS is a not-for-profit society and is managed
by its president Mr. Chandreshwar Yadav and vice president Mr.
Ravi Shankar Tripathi. The society is located in Balrampur, Uttar
Pradesh and implements various schemes operated by the state and
central governments such as, running Kasturba Gandhi Balika
Vidyalaya, Uttar Pradesh Skill Development Mission, Mid-Day Meal
and other government mandated schemes in Balrampur, Sitapur,
Gonda and surrounding areas.


ALL INDIA: ICRA Suspends B+ Rating on INR9.60cr Bank Loan
---------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR9.60
crore bank facilities of All India Bright Career Education
Society (AIBC). The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

AIBC has been setting up a school under name Sahaj International
on land measuring ~4,030 sq meters in Gyan Khand-I, Indirapuram,
Ghaziabad, Uttar Pradesh. The society proposes to commence its
operations till standard V, in academic year 2015-16. The
trustees of the society Mr PS Rana and Mrs Kamlesh Rana have
extensive experience in the education field through their
association with another society 'Children Academy', which runs
four schools in Ghaziabad.


AMRAPALI PRINCELY: ICRA Suspends 'D' Rating on INR87.5cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR87.50
crore fund based limits and INR62.50 unallocated limits of
Amrapali Princely Estate Pvt. Ltd. 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
   ----------        -----------      -------
   Term Loans            87.50        [ICRA]D; Suspended
   Unallocated Limits    62.50        [ICRA]D; Suspended


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.


AMRAPALI SILICON: ICRA Suspends 'D' Rating on INR300cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR300.0
crore long term fund based limits of Amrapali Silicon City Pvt.
Ltd. (ASCPL). 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
   ----------        -----------    -------
   Term Loans             300       [ICRA]D suspended

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.


ANTELOPE VENTURES: ICRA Withdraws 'B' Rating on INR12cr Term Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR12 crore
proposed term loans of M/s. Antelope Ventures Pvt Ltd, as the
company has not availed the proposed term loans. The rating has
been withdrawn at the request of the company as the company did
not avail any bank borrowing against the rated proposed
facilities.


ASIANLAK HEALTH: ICRA Assigns B- Rating to INR10cr LT Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the
INR10.00 crore fund-based bank facilities of Asianlak Health
Foods Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term-fund
   based                 10.00       [ICRA]B-; Assigned

ICRA's rating is constrained on account of AHFL's low profit
margins being a contract bottler of packaged drinking water and
intense competition in the industry. The rating also takes into
account the seasonal nature of the business especially in
Northern India owing to high level of temperature variation. The
rating is also constrained on account of under utilisation of
facilities set-up for bottling an energy drink Urzza at an
investment of INR6.55 crore, which were financed through term
loan of INR4.9 crore. Further, the reliance on bank borrowings
for funding the working capital requirements has resulted in a
leveraged capital structure. The low profitability coupled with
the high debt levels has resulted in weak coverage indicators
with elevated TD/OPBDITA1 and weak NCA/TD2.

However, the rating factors in positively the extensive
experience of the promoters in the beverage industry, revenue
visibility by way of association with Bisleri International, the
company's long track record of operations and its distribution
network in the states of Punjab and Haryana.

Going forward, the ability of the company to improve its margins,
scale up its operations and strengthen its coverage indicators
will be the key rating sensitivities.

Incorporated in 1995, by Mr. Radhe Shyam Poddar, Mr. Gopal Poddar
and Mr. Neeraj Poddar, AHFL is engaged in manufacturing of
packaged drinking water and soda for Bisleri International as a
franchise partner for the state of Punjab and Haryana. The
company has its plant based out of Ludhiana (Punjab) with an
installed capacity to process 7,20,000 liters of water per day.

Recent Results
On a provisional basis, AHFL registered a profit after tax (PAT)
of INR1.2 crore on an operating income (OI) of INR56.9 crore in
FY2016, as against a PAT of INR1.39 crore on an OI of INR56.4
crore in the previous year.


AVNI ENERGY: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to INR7.00
crore fund-based limits and INR1.75 crore unallocated limit of
Avni Energy Solutions Private Limited (AESPL). ICRA has also re-
affirmed the short term rating of [ICRA]A4 to the INR0.50 crore
fund-based and INR1.00 crore non-fund based limits of AESPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Cash Credit          7.00       [ICRA]B+/Re-affirmed
   LT-Unallocated Limit    1.75       [ICRA]B+/Re-affirmed
   ST-Fund Based           0.50       [ICRA]A4/Re-affirmed
   ST-Non Fund Based       1.00       [ICRA]A4/Re-affirmed

The ratings reaffirmation takes into account AESPL's revenue de-
growth in FY 2015 and FY 2016, thin net profitability and weak
debt coverage indicators. The ratings also factor in the
stretched liquidity as reflected by the high working capital
limit utilization on account of high receivables and inventory.
The ratings continue to remain constrained by the small scale of
company's operations which limits economies of scale, the
vulnerability of profitability to raw material price fluctuations
due to high inventory levels and the vulnerability to the foreign
exchange fluctuation risk since it meets 35-40% of its raw
material requirement from imports. Nevertheless, the ratings draw
support from promoter's experience in the LED (Light Emitting
Diode) lighting industry as well as favourable growth potential
of the LED based products in the domestic market. ICRA has also
taken note of the capital infusion by SIDBI Ventures to the tune
of INR11.50 crore in the form of compulsory convertible
debentures (CCDs) in FY 2015. Going forward, the company's
ability to scale up its operations, maintain profitability and
efficiently manage its working capital requirement would remain
the key rating sensitivities.

AESPL is incorporated in 2009 and is engaged in providing LED
based lighting solutions for street lighting, rural lighting and
home/ office lighting requirements. It is promoted by Mr. Brij
Mohan Rathi and Mr. Gururaj Ganesh. Its manufacturing facility is
located in Bangalore. Its customers include CREDA (Chattisgarh
State Renewable Energy Development Agency), EESL (Energy
Efficiency Service Limited), Havells India Limited etc.

Recent Results
As per unaudited provisional numbers, AESPL reported net profit
of INR0.70 crore on an operating income of INR31.44 crore during
FY 2016. For FY 2015, AESPL reported net profit of INR0.01 crore
on an operating income of INR33.53 crore.


BHAGYALAXMI BRINE: CRISIL Raises Rating on INR50MM Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bhagyalaxmi Brine Chem Pvt. Ltd. (BBPL) to 'CRISIL B-/Stable'
from 'CRISIL D'.

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

   Term Loan                50       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects improvement in liquidity as indicated
by a track record of timely term loan repayment in the three
months through May 2016. Also, there is a modest cushion between
cash accrual and term loan repayment over the medium term.
Extension of unsecured loans by promoters is expected to support
liquidity.

The rating reflects a nascent stage of operations in the highly
fragmented industrial salt industry and a below-average financial
risk profile because of a leverage capital structure. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters and strong relationship with
customers and suppliers.

Outlook: Stable
CRISIL believes BBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
better debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in liquidity,
driven by large incremental working capital requirement, low cash
accrual, or substantial, debt funded capital expenditure.

Established in 2012, BBPL manufactures industrial salt at its
facility in the Nawa region of Rajasthan. The company's capacity
is currently around 25 tonne per hour. It is managed by Mr.
Prashant Agarwal and his father, Mr. Kailash Chandra Agarwal.

Profit after tax (PAT) is estimated at INR1 million on sales of
INR307 million for 2015-16 (refers to financial year, April 1 to
March 31); net loss was INR1 million on sales of INR270 million
for 2014-15.


BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Brocade India Polytex
Limited continue to reflect BIPL's modest scale of operations and
the susceptibility of its operating profitability to volatility
in raw material prices. These weaknesses are partially offset by
the company's moderate financial risk profile marked by healthy
gearing and the entrepreneurial experience of its management
team.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          15       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes BIPL will continue to benefit over the medium
term from its management's entrepreneurial experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income, resulting in a substantial increase in
cash accrual, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low revenue or profitability, or large debt contracted
for funding working capital requirement or capital expenditure,
resulting in weakening of the company's financial risk profile.

BIPL, incorporated in 2012, manufactures polypropylene fabrics
and woven sacks. The company is promoted by Mr. Anwar Sahad and
Mr. Ebrahim Hasan.


CENTRE FOR RURAL: CRISIL Assigns 'B' Rating to INR10MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facility of Centre For Rural Enterpreneurship and Technical
Education (CREATE).

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

The rating reflects the organisation's small scale of operations,
geographical concentration, modest capitalisation, and exposure
to risks inherent in the microfinance industry. These weaknesses
are partially offset by CREATE's long track record in the
microfinance sector in Mirzapur.

Outlook: Stable
CRISIL believes CREATE's scale of operations will remain small
and geographically concentrated over the medium term. The outlook
may be revised to 'Positive' if scale of operations and
capitalisation improve significantly. The outlook may be revised
to 'Negative' if deterioration in asset quality and profitability
affects capitalisation.

Based in Lucknow, CREATE is one of the leading non-governmental
organisations (NGOs) in Uttar Pradesh. Headed by Mr. Dayanand
Tandon, a leading banker, CREATE designs and executes large-scale
training programmes at district and block and village levels. It
has supported small NGOs in developing capacities.

For 2015-16 (refers to financial year, April 1 to March 31),
CREATE reported, on a provisional basis, a surplus of INR0.3
million on a total income of INR24 million, against a surplus of
INR0.1 million on a total income of INR29 million for the
previous year.


CHAKRAVARTHY FABRIC: CRISIL Reaffirms B Rating on INR106.6MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chakravarthy Fabric
Private Limited (CFPL) continue to reflect the company's average
scale of operations in the intensely competitive textile industry
and high customer concentration risks. These rating weaknesses
are partially offset by extensive experience of promoters in the
textile industry, and moderate financial risk profile marked by
its moderate net worth base.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility     5.9        CRISIL A4 (Reaffirmed)

   Rupee Term Loan      106.6       CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes CFPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if considerable increase in
scale of operations and stable profitability lead to a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in cash accrual or working capital
management, or any large debt-funded capital expenditure leads to
deterioration in its financial risk profile.

Incorporated in 2013, CFPL undertakes weaving of fabric on a job
work basis for clients. The company is based in Namakkal, Tamil
Nadu. Its operations are managed by Mr. Deepan Chakravarthy.


COBB APPARELS: ICRA Suspends B+ Rating on INR20cr Bank Loan
-----------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR20.00
crore bank facilities of Cobb Apparels Private Limited (CAPL).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

CAPL was incorporated in September 2007 and is engaged in
designing and retailing branded apparels for men in the domestic
market under its brand 'Cobb'. The company offers a wide range of
apparels which comprises of shirts, trousers, suits, T-shirts,
Bermudas, pullovers, jackets and men's accessories.


CRYSTAL CABLE: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Crystal Cable
Industries Limited's (CCIL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The affirmation reflects CCIL's continued moderate scale of
operations as well as its moderate credit profile. Its FY15
revenue was INR1,822 million (FY14: INR1,418 million), interest
coverage (operating EBITDA/gross interest expense) was 1.12x
(1.08x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 5.63x (5.83x).The ratings also factor
CCIL's moderate profitability, with reported EBITDA margins of
5.3% in FY15 (FY14: 5.8%). Provisional FY16 results indicate
revenue of INR1,853.5 million.

The ratings also reflect CCIL's tight liquidity profile, as
reflected by the near-to-full use of its working capital limits
during the 12 months ended May 2016.

However, the ratings continue to be supported by the five-decade-
long experience of CCIL's founders in the cable manufacturing
industry.

RATING SENSITIVITIES

Positive: Further improvement in CCIL's EBITDA interest coverage
would lead to a positive rating action.

Negative: A sustained deterioration in CCIL's liquidity and
EBITDA interest coverage would lead to a negative rating action.

COMPANY PROFILE

CCIL was incorporated in 1965 as a private limited company, and
was converted into a public limited company in 1989. Its
registered office is located in Kolkata and manufacturing
facility is at Andul in Howrah, West Bengal. CCIL manufactures
various types of electrical cables including cross-linked
polyethylene, poly vinyl chloride power, mining and control as
well as aerial bunch cables.

CCIL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook Stable
-- INR497.4 million fund-based facilities (increased from
    INR315.9 million): affirmed at 'IND BB'/Stable
-- INR29.3 million long-term loans (increased from INR13.2
    million): affirmed at 'IND BB'/Stable
-- INR250 million non-fund-based facilities (increased from
    INR171.3): affirmed at 'IND A4+'


DHANEE INTERNATIONAL: CARE Lowers Rating on INR5.25cr Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Dhanee
International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.25       CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Dhanee International (DHI) takes into account the delays in debt
servicing due to stretched liquidity.

Dhanee International (DHI) is a proprietorship firm established
in 2006 by Mrs Aruna Bindra. DHI is engaged in the manufacturing
of readymade garments at its manufacturing facility located at
Ludhiana, Punjab which has a total installed capacity of 4.5 Lakh
pieces of textiles per annum. The firm is also engaged in trading
of fabric. The product line of the firm mainly comprises cotton
fabric, acrylic fabric, polyester fabric, sinker fabric, t-
shirts, trousers, shirts, lowers etc. DHI ventured into export
business majorly w.e.f April, 2014 and the same constituted about
78% of the total sales in FY15 (Provisional - refers to the
period April 1 to March 31). The firm sells its products to
various wholesalers located in UAE and also supplies the same to
wholesalers and retailers located in Punjab.

DHI mainly requires cotton fabric, acrylic fabric and polyester
fabric as raw materials which are procured directly from the
suppliers based in Punjab. Besides this, the proprietor is also
engaged in another group concern namely, Fashion Flo, a
proprietorship firm (boutique) established in 1993.


EARTH INTERNATIONAL: CRISIL Assigns 'B' Rating to INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Earth International Private Limited
(EIPL). The ratings reflect a modest scale of operations in the
highly fragmented chemical manufacturing industry, working
capital-intensive operations, and below-average financial risk
profile because of weak debt protection metrics. These rating
weaknesses are mitigated by the extensive experience of, and
funding support from, promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-
   Based Bank Limits       25        CRISIL B/Stable
   Cash Credit             25        CRISIL B/Stable
   Packing Credit          25        CRISIL A4

Outlook: Stable
CRISIL believes EIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their funding support. The outlook may be revised to 'Positive'
in case of better-than-expected scale of operations and
profitability along with substantial equity infusion, while
working capital requirement is prudently managed. The outlook may
be revised to 'Negative' in case of lower-than-anticipated cash
accrual, larger-than-expected working capital requirement, or
large debt-funded capital expenditure, adversely impacting the
financial risk profile.

EIPL was incorporated in 1996, promoted by Mr. B K Jain. The
company manufactures nanoclay, exothermic riser sleeves,
bentonite, quartz powder, feldspar powder, mica powder, and
hydrogel, which are used in oil-well industries, foundries, civil
construction, ceramic sanitary ware, and agriculture. Its
manufacturing facilities are in Gujarat and Neemrana, Rajasthan.


ESSIX BIOSCIENCES: CARE Assigns 'D' Rating to INR2.17cr Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE C', 'CARE D' and 'CARE A4' ratings to the bank
facilities of Essix Biosciences Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (Fund-based Limits)            15.00     CARE C Assigned

   Long term Bank Facilities
   (Term Loan)                     2.17     CARE D Assigned

   Short term Bank Facilities
   (Non-fund-based Limits)        10.00     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Essix Biosciences
Limited (EBL) are constrained by the ongoing delays in servicing
of the term debt obligation and weak financial profile of the
company. The ratings are further constrained by the
susceptibility of margins to raw material price and foreign
exchange fluctuations, regulatory risk, working capital intensive
nature of operations and customer concentration risk. The
ratings, however, derive strength from its experienced promoters
with approved manufacturing facilities and diversified product
profile.

Going forward, the ability of the company to timely repay its
term debt obligations, profitably scale up its operations with
improvement in the overall solvency position and efficient
management of working capital requirements will remain the key
rating sensitivities.

Originally incorporated as a public limited company (closely
held) by the name 'Essix Financial Services Ltd' in September
1993, the company was reconstituted as public limited company
(closely held) by the name 'Essix Biosciences Ltd' (EBL) in
October 2004. EBL is currently being managed by Mr S. R. Mehta as
its Chairman and Mr N.R. Munjal as its Managing Director, who are
also the promoters of other group companies, viz. Ind-Swift Ltd
(ISL) and Ind-Swift Laboratories Ltd (ISLL).

Till 2007, EBL derived all its revenue from Research & Analysis
which was done for its group company-ISLL. However, since 2008,
the company has started manufacturing Active Pharmaceutical
Ingredients (API) Intermediates which it supplies majorly to
ISLL.

In FY16 (Provisional; refers to the period April 01 to March 31),
EBL reported a total operating income of INR41.83 crore with PAT
of INR0.16 crore, as against a total operating income of INR61.18
crore with a loss of INR1.20 crore in FY15 (Audited).


FASTBUILD BLOCKS: CRISIL Assigns B- Rating to INR145.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Fastbuild Blocks Private Limited (FBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B-/Stable
   Term Loan              145.5      CRISIL B-/Stable

The rating reflects the company's weak liquidity because of
tightly matched accrual and debt obligation. The rating also
factors in modest scale of operations, and weak financial risk
profile on account of high gearing and modest networth. These
weaknesses are partially offset by promoters' considerable
industry experience, established relationships with customers and
need-based financial support extended to the company.

Outlook: Stable

CRISIL believes FBPL will continue to benefit over the medium
term from its promoters' considerable industry experience and
established customer relationships. The outlook may be revised to
'Positive' if there is a significant and sustained improvement in
revenue and accrual, and stabilisation of operations, along with
improved working capital management leading to a better financial
risk profile, particularly liquidity. The outlook may be revised
to 'Negative' in case of low operating income and accrual, or
deterioration in financial risk profile because of larger-than-
expected debt-funded capital expenditure, or lengthening of
working capital cycle, leading to pressure on liquidity.

FBPL, incorporated in December 2012, manufactures autoclaved
aerated concrete (AAC) blocks and has its manufacturing unit in
Cuttack, Odisha. Mr. Ashish Rungta, Mr. Sandeep Kumar Bhartia,
and Mr. Vineet Chand are directors of the company. Its operations
are primarily managed by Mr. Rungta who is its managing director.


GRACE SUPPLIERS: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Grace Suppliers
Private Limited's (GSPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The affirmation reflects GSPL's continued moderate scale of
operations and credit profile due to the trading nature of
operations. FY16 provisional financial indicate revenue of INR521
million (FY15: INR571 million), interest coverage of 1.4x (1.5x),
net financial leverage of 6.3x (5.6x) and operating EBITDA margin
of 6.1% (5.2%).

The ratings factor in the company's moderate liquidity profile as
reflected in its around 93% use of its working capital limits on
average during the 12 months ended May 2016.

The ratings also reflect GSPL's working capital intensive nature
of business. Working capital cycle increased to 183 days in FY16
from 124 days in FY15 due to an increase in the inventory holding
period to 180 days from 122 days.

The ratings, however, continue to be supported by GSPL's position
as the sole dealer of Tanishq jewellery in Jamshedpur and the
company's director's long experience of almost 14 years in the
jewellery business.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue along with an
improvement in the EBITDAR interest coverage will lead to a
positive rating action.

Negative: Sustained deterioration in the EBITDAR interest
coverage will lead to a negative rating action.

COMPANY PROFILE

GSPL is a franchise holder of Titan Industries Limited's
jewellery brand Tanishq since 2002. It has a showroom in
Jamshedpur with a product portfolio including rings, earrings,
necklaces, bangles, gold coins etc. It is managed by Mr Anil
Agarwal.

GSPL's rating:
-- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
    Stable
-- INR230 million fund based working capital limit (increased
    from INR175 million): affirmed at 'IND BB-'/Stable
-- INR10 million term loan: assigned 'IND BB-'/Stable
-- INR0.7 million non-fund-based working capital limit: 'IND
    A4+'; rating withdrawn as the rating is no longer relevant to
    Ind-Ra's coverage


GSR TEXTILES: ICRA Lowers Rating on INR18.27cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR18.27
crore fund based limits, INR1.35 crore non-fund based limits of
GSR Textiles Private Limited to [ICRA]D from [ICRA]B. ICRA has
also revised the short term rating assigned to the INR1.35 crore
non-fund based facilities from [ICRA]A4 to [ICRA]D. The ratings
assigned to INR4.22 crore unallocated limits of GSRTPL are
revised from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits       18.27        [ICRA]D (revised from
                                        [ICRA]B)

   Non Fund Based Limits    1.35        [ICRA]D (revised from
                                        [ICRA]B/A4)

   Unallocated Limits       4.22        [ICRA]D (revised from
                                        [ICRA]A4)

The rating revision factors in irregularities in debt servicing
by the company owing to liquidity issues resulting from steep
decline in the realisations on yarn coupled with rising cotton
prices and rising competition from China resulted in the negative
profits at operating levels during FY2015. There have been
instances of delays in meeting the repayment obligations of these
loans during Q4FY2016.

Going forward, timely debt servicing by the company for at least
three months will be the key rating sensitive factor.

Incorporated in December 2005, GSR Textiles Private Limited is
primarily engaged in production of cotton yarn. The company has a
spinning mill located in Nandimpalem village in Guntur district
with an installed capacity of 15,072 spindles per annum. The
company's production facility can produce cotton and bended yarn
in counts ranging from 30s to 60s. The company commenced its
production in December 2006.

Recent Results
As per the financials for FY2015, the company reported a negative
Profit after tax of INR2.21 crore on an operating income of
INR50.31 crore as compared to the PAT of INR0.09 crore on an
Operating Income of INR43.77 crore during FY14.


HUBTOWN BUS: CARE Lowers Rating on INR41.67cr LT Loan to D
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Hubtown Bus Terminal (Adajan) Pvt Ltd.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities-    41.67     CARE D Revised from
   Term Loan                               CARE B

Rating Rationale

The revision in the ratings factors in ongoing delays in
servicing of interest obligations by Hubtown Bus Terminal
(Adajan) Pvt Ltd (HBTAPL) on account of its weakened liquidity
position caused by the delay in project completion.

HBTAPL is a special purpose vehicle formed by Hubtown Ltd.
(formerly known as Akruti City Ltd) with an objective to develop
bus terminal at Adajan, Surat, Gujarat, as per the concession
agreement with Gujarat State Road Transport Corporation.

The Hubtown group is in business of developing real estate since
more than two decades, commencing with the incorporation of
Akruti Nirman Private Limited on February 16, 1989, which was
subsequently converted into a public limited company on April 11,
2002. The company was renamed to Akruti City Limited in 2008 and
further renamed to Hubtown Ltd in 2012.

Gujarat State Road Transport Corporation (GSRTC) with an
objective to improve the urban transport infrastructure in the
State of Gujarat and to enhance the services to the users of the
facility, involved private sector participation for development,
operation and maintenance of the bus terminals on Built, Operate
and Transfer (BOT) basis. Hence, GSRTC floated a tender for
redevelopment of 7 bus terminals in 2007. GSRTC undertook a
competitive bidding process and issued a Request for Proposal
on February 14, 2007, inviting bids for the Project.

Following companies of the Hubtow Group, were allotted
development rights of Bus terminal projects at four different
locations;

* Geeta Mandir (Ahmedabad) - Hubtown Bus Terminal (Ahmedabad)
   Pvt Ltd. (rated 'CARE D')
* Adajan (Surat)- Hubtown Bus Terminal (Adajan) Pvt Ltd
* Modhera Corss Road (Mehsana)- Hubtown Bus Terminal (Mehsana)
   Pvt Ltd
* Makarpura (Vadodara) - Hubtown Bus Terminal (Vadodara) Pvt Ltd

These projects are to be executed through different entities.

Hubtown has further introduced private equity investment from
Infrastructure Leasing and Financial Services Limited (IL&FS
through two of its subsidiaries) of INR152 crore for all the four
Bus terminal projects bagged by the group, out of which INR14
crore is invested in Adajan. The private equity partner is to be
provided post tax internal rate of return (IRR) of 28% with exit
in December 2015 to be provided by Hubtown promoters. The
promoters are currently discussing with IL&FS for revision in
terms.

Project under HBTAPL comprises development of bus terminal
facility (BTF) of 0.86 lakh sq. ft (lsf) and other saleable area
of 5.38 lsf; comprising of office, retail and residential area.
The saleable area of project to be developed is called 'Hubtown
Joyos'. The total cost of project is estimated at INR164.32
(revised up from INR147.46 crore at the time of last review). The
increase in the total cost of projects was primarily on account
of revision in design of BTF (Bus Terminal Facilities) as a
result of minor changes suggested by GSRTC and revision in design
of commercial facilities and resulting delays in obtaining
approvals for the same.


INFINITY INFRATECH: CARE Assigns B+ Rating to INR4.91cr Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Infinity Infratech.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.91      CARE B+ Assigned
   Short term Bank Facilities     0.60      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Infinity Infratech
(IIT) are primarily constrained on account of its proprietorship
nature of constitution, fluctuating scale of its operations,
declining profit margins, leveraged capital structure and
moderate debt coverage indicators. The ratings are further
constrained on account of its working capital intensive
operations with moderate liquidity position, its presence in the
fragmented and unorganised stone crushing industry characterized
by environmental issues associated with stone crushing and risk
associated due to linkage with the real estate sector.

The ratings, however, derive strength from experience of the
proprietor and established relationship with customers and
suppliers.

IIT's ability to increase scale of operations along with
improvement in profit margins, capital structure and debt
coverage
indicators along with better working capital management are the
key rating sensitivities.

Vapi-based (Gujarat), IIT was established by the proprietor, Mr
Pratik Desai in 2010. The firm is engaged mainly in stone
crushing activity and manufacturing of RCC (Reinforced Cement
Concrete) Hume pipes and service tenders of government
in civil projects. The proprietor owns a quarry from which stone
is extracted and then extracted material is crushed and
transformed in the form of various stones and artificial crushed
sand. IIT owns two plants for stone crushing in Karajgam, located
near Vapi (Gujarat). The installed capacity was of 9.6 lakh
stones per annum as on March 31, 2016. The major customers of IIT
are located in Gujarat, Maharashtra and Dadra & Nagar Haveli.

As per provisional results for FY16 (refers to the period April 1
to March 31), IIT has reported a PAT of INR0.77 crore on a total
operating income (TOI) of INR17.21 crore as against a PAT of
INR0.22 crore on a TOI of INR6.16 crore during FY15 (Audited).


INTEGRATED INVESTMENTS: CRISIL Reaffirms B+ INR248.5M Loan Rating
-----------------------------------------------------------------
CRISIL's ratings on the long-term bank facility of Integrated
Investments (II) continue to reflect firm's small scale of
operation and strained liquidity, marked by tightly matched cash
accruals against annual debt-servicing obligations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan            248.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the promoters in real estate leasing and their
funding support, and the revenue visibility that II derives from
its long-term lease contracts.

Outlook: Stable
CRISIL believes that II will continue to benefit from the assured
lease rentals and from the funding support of the promoters
whenever necessary. The outlook may be revised to 'Positive' if
sizeable capital infusions strengthen the firm's financial
flexibility. Conversely, the outlook may be revised to 'Negative'
in case of discontinuation of funding support from the promoters,
unexpected terminations of lease contracts or natural calamities
negatively affecting cash flows.

II, promoted by Mr. Shantakumar Malagi, constructs and leases
property. The firm's G+4 property, Bowring Towers, situated at
Shivaji Nagar, Bengaluru has a super-built-up area of 60,000
square feet.


JAK ASSOCIATES: ICRA Reaffirms B+ Rating on INR3.54cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR7.00
crore1 bank facilities of JAK Associates.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              2.46        Reaffirmed at [ICRA]B+
   Bank Guarantee         1.00        Reaffirmed at [ICRA]B+
   Unallocated            3.54        Reaffirmed at [ICRA]B+

The rating reaffirmation takes into account the improved
operating metrics with high occupancy rates and revenue per
available room witnessed in FY2015-16. The rating continues to
derive comfort from the favourable location of the property with
proximity to the key commercial and upscale areas of the city of
Bangalore. ICRA also takes into account the association of the
firm with Ramada International (Wyndham Group) which provides
access to their global reservation systems along with imparting
strong brand recognition.

The rating is, however, constrained by the high gearing level
coupled with dependence of the firm on loans from directors. This
risk is, however, mitigated by the commitment and ability shown
by the promoters in the past to support the project. The rating
also factors in the small scale of operations with low
profitability, weak coverage indicators, stretched working
capital intensity, risks inherent in a partnership nature of the
firm and concerns over high competition from the already existing
hotels in the vicinity of the project.

Going forward, the ability of the firm to sustain its occupancy
levels and generate strong revenues per available room in the
face of the intense competition in the industry would be the key
rating sensitivities.

JAK Associates is a partnership firm, which was established in
2008 with the purpose of owning and maintaining a 4-star hotel
property in Domlur, Bangalore. It has been promoted by Mr. A.N
Raju, Mrs. Kamalamma, Mr. A.S.N. Raju, Mrs. J. Sridevi, Mr. J.
Krishna Chaitanya and Mr. J.S.R. Raju. The latter four partners
are members of the founder family of NCC Limited (formerly
Nagarjuna Construction Company Limited).

The hotel is a G+7 structure, spread over a land area of ~16700
sft having a built up area of ~56000sft. The hotel is branded as
'Ramada Encore' (RE) under a franchisee agreement with Ramada
International Inc. for 15 years. Ramada Encore has an inventory
of 90 rooms, one restaurant, a bar, a lobby lounge, a conference
room and a gym. The hotel is operational since April 2014.

Recent Results
For 2015-16, the company reported an operating income of INR10.50
crore (as per provisional results) and a net profit of INR0.44
crore as against an operating income of INR6.40 and net losses of
INR4.10 crore in 2014-15.


JEKIN ENTERPRISE: CARE Assigns B+ Rating to INR25cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jekin Enterprise.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       25       CARE B+ Assigned
   Short-term Bank Facilities      20       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jekin Enterprise
(JE) are constrained by modest scale of operations with
fluctuating operating income, leveraged capital structure, weak
debt coverage indicators, working capital intensive nature
of operations albeit comfortable operating cycle. The ratings are
further constrained by geographical concentration risk,
vulnerability of changes in budget allocation policies, delays in
execution of projects coupled with absence of escalation
clause, presence in highly fragmented and competitive industry,
dependence on construction and infrastructure sector and
constitution of the entity as a partnership firm.

The ratings, however, derive benefit from the promoters
experience and past track record of execution in the civil
construction industry, moderate profit margins albeit on
declining trend and healthy order book position along with
reputed client base.

The ability of JE to strengthen the order book and timely
complete the projects on hand thereby increasing scale of
operations while maintaining the profitability and improvement in
capital structure and efficient working capital management are
the key rating sensitivities.

JE is a partnership firm set up by Mr Mukesh B. Shah and Mrs
Savita Shah in 2001. Later, in 2011, it was reconstituted with Mr
Mukesh B. Shah and Mr Jekin M Shah as the partners of the firm.
The firm was originally established as a proprietary concern in
the year 1990 which was later converted to partnership firm in
August 2001. The firm is engaged in execution of civil
construction projects which involve earth work, road work,
drainage system, and various other infrastructure jobs for both
private as well as government departments. The firm also executes
projects as a subcontractor for government projects which are
obtained through private corporates. The firm has been classified
as Class 1A contractor by Public Works Department.

During FY15 (refers to the period April 1 to March 31), the total
operating income of JE stood at INR59.07 crore (compared with
INR83.24 crore in FY14), while net profit of the company stood at
INR2.10 crore in FY15 (compared with INR5.66 crore in FY14). The
firm has reported total operating income of INR65.79 crore till
9MFY16.


JYOTI POLYVINYL: CRISIL Upgrades Rating on INR10MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan facilities of
Jyoti Polyvinyl Limited (JPVL; part of the Jyoti group) to
'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4+ (Upgraded
                                     from 'CRISIL A4')

   Cash Credit             10        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Inland/Import           25        CRISIL A4+ (Upgraded from
   Letter of Credit                  'CRISIL A4')

   Packing Credit          25        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The rating upgrade reflects improvement in the group's business
risk profile on account of ramp-up in scale of operations and
profitability. Revenue grew at a compound annual growth rate of 6
percent over the three years through 2015-16 (refers to financial
year, April 1 to March 31) while net profit margin remained
stable at 1.8-2.2 percent. Healthy accrual and moderate debt have
helped strengthen the financial risk profile. Jyoti group had a
moderate networth of INR106 million as on 31st March 2016 led by
stable accretion to reserves. The group's debt remained low at
INR42.7 million as on 31st March 2016; leading to a low  gearing
of at 0.52 times. Debt protection metrics were also above
average, with interest coverage and net cash accrual to total
debt ratios at 2.7 and 0.16 time, respectively, for 2015-16.

The ratings continue to reflect the extensive industry experience
of the promoters, and the group's above-average financial risk
profile. These rating strengths are partially offset by the
group's modest scale of operations in the fragmented polyvinyl
chloride (PVC) pipe manufacturing industry, large working capital
requirements, and the susceptibility of its operating margin to
volatility in raw material prices.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JVL and Jyoti Polyvinyl Ltd (JVPL).
This is because the two companies, together referred to as the
Jyoti group, have a common management, business synergies, and
fungible funds. Also, they have provided cross corporate
guarantees to each other.


Outlook: Stable
CRISIL believes the Jyoti group will continue to benefit over the
medium term from the promoters' extensive experience. The outlook
may be revised to 'Positive' if ramp-up in scale of operations,
efficient working capital management, and stable profitability
strengthen credit metrics. Conversely, the outlook may be revised
to 'Negative' if scale of operations or profitability declines,
or if stretch in working capital cycle, or any large capital
expenditure weakens capital structure.

Incorporated in 1992, JVPL manufactures PVC profiles and sheets.
JVL, incorporated in the same year, manufactures PVC pipes and
sheets. The group is promoted by the Jain family and has its
manufacturing facility at Vadodara (Gujarat).


KOKILA COTTON: CARE Lowers Rating on INR18cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Kokila Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.00      CARE D Revised from
                                            CARE BB
   Short-term Bank Facilities    10.00      CARE D Revised from
                                            CARE A4

Rating Rationale
Revision in the ratings assigned to the bank facilities of Kokila
Cotton Industries (KCI) takes into account the acute liquidity
stress faced by an entity resulting in continuous overdrawal in
its working capital limits.

Constituted as a partnership firm in 1999, KCI is engaged into
cotton ginning and pressing, crushing of seeds as well as trading
activities. KCI operates from its sole processing unit located at
Vijapur in Mehsana district of Gujarat with an installed capacity
of 300 Bales per Day (BPD) for cotton ginning and pressing and 11
Tonne per Day (TPD) for seed crushing as on March 31, 2016.

KCI is a part of the P I Patel group (PIPG) which includes five
more entities namely, P. I. Patel industries (rated CARE B+/
CARE A4), Navneet Ginning & Pressing Pvt. Ltd (rated CARE B+/
CARE A4), P. B. Cotton Industries (rated CARE D), Kuvarba Cotton
Industries (rated CARE B+/ CARE A4) and Umiya Cot Fibers (rated
CARE B+/ CARE A4). All the PIPG group entities are engaged in the
similar line of business and operate under the common management
platform.
During FY15 (refers to period April 1 to March 31), on a combined
basis, PIPG reported the total operating income of INR451.99
crore (INR512.79 crore in FY14) and net profit of INR0.27 crore
(INR1.01 crore in FY14).

As per the audited result for FY15, KCI reported a PAT of INR0.06
crore on a total operating income of INR136.57 crore as
against a PAT of INR0.32 crore on a total operating income of
INR160.96 crore in FY14 (A).


KRISHNA GLOBAL: CRISIL Reaffirms B+ Rating on INR52.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Krishna
Global Industries (KGI) continues to reflect the firm's modest
scale of operations in a highly competitive industry, and
susceptibility of its operating margin to volatility in raw
material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             52.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      45.4     CRISIL B+/Stable (Reaffirmed)

   Term Loan               32.1     CRISIL B+/Stable (Reaffirmed)

The rating also factors in subdued financial risk profile because
of small networth and weak debt protection metrics. These
weaknesses are partially offset by extensive experience of its
promoters in the mustard oil industry.

Outlook: Stable
CRISIL believes KGI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm generates higher-than-
expected cash accrual on account of improvement in operating
margin or increase in revenue, providing adequate cushion to
liquidity. The outlook may be revised to 'Negative' in case of
low accrual due to reduced profitability, or decline in revenue
leading to stretched liquidity, or deterioration in financial
risk profile because of stretch in working capital cycle or
substantial debt-funded capital expenditure.

KGI, set up in 2011 as a partnership concern and promoted by
Radhanpur, Gujarat-based Mr. Jayprakash Maheshwari, Mr. Jayesh
Madlani, Mr. Punjabhai and other family and friends, processes
mustard seeds to manufacture mustard oil and mustard oil cake. It
has processing capacity of 30,000 tonne per annum.


KUVARBA COTTON: CARE Lowers Rating on INR13cr LT Loan to B+
-----------------------------------------------------------
CARE revises lt rating and reaffirms st rating assigned to the
bank facilities of Kuvarba Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.00      CARE B+ Revised from
                                            CARE BB

   Short-term Bank Facilities     5.00      CARE A4 Reaffirmed

Rating Rationale

For arriving at the rating of Kuvarba Cotton Industries
(Kuvarba), CARE has taken a combined view of the P I Patel Group
(PIPG) including Kuvarba, P. I. Patel industries (rated CARE
B+/A4), Navneet Ginning & Pressing Pvt. Ltd (rated CARE B+/A4),
Umiya Cot Fibers (rated CARE B+/A4), P. B. Cotton Industries
(rated CARE D) and Kokila Cotton Industries (rated CARE D) due to
their operational and financials linkages along with common
management.

Revision in the long-term rating assigned to the bank facilities
of Kuvarba takes into account the weakening of liquidity
profile of PIPG on the back of stretched debtor collection.

The ratings assigned to the bank facilities continue to remain
constrained on account of PIPG financial risk profile marked
by thin profitability, leveraged capital structure and presence
in a highly competitive and fragmented cotton ginning industry.
The ratings are further constrained on account of the
susceptibility of its profitability to volatile raw material
prices and seasonality associated with the availability of cotton
coupled with the impact of changes in the government policy on
cotton.

The ratings, however, favorably takes into account the wide
experience of the management in the cotton ginning business,
established operations in cotton processing business and its
proximity to cotton-producing region of Gujarat.

The ability of PIPG to increase its scale of operations along
with improvement in profitability while managing volatility
associated with the cotton prices, improvement in liquidity
position and sustained improvement in capital structure are the
key rating sensitivities.

Constituted as a partnership firm in 2005, Kuvarba is engaged
into cotton ginning & pressing, crushing of seeds as well as
trading activities. Kuvarba is currently operating from its sole
processing unit located at Vijapur in Mehsana district of
Gujarat with an installed capacity of 300 Bales per Day (BPD) for
cotton ginning & pressing and 11 Tonne per Day (TPD) for seed
crushing as on March 31, 2016.

PIPG is one of large cotton-ginning groups based at Gujarat
having a combined ginning and pressing capacity of 1,595 BPD and
seed crushing capacity of 31 TPD as on March 31, 2016.

All the PIPG group entities are engaged in the similar line of
business. During FY15 (refers to period April 1 to March 31),
on a combined basis, PIPG reported the total operating income of
INR451.99 crore (INR512.79 crore in FY14) and net profit
of INR0.27 crore (INR1.01 crore in FY14).

Kuvarba reported a PAT of INR0.06 crore on a total operating
income of INR55.59 crore in FY15 (A) as against a PAT of INR0.19
crore on a total operating income of INR66.40 crore in FY14 (A).


LILY HOTELS: ICRA Suspends 'D' Rating on INR26.60cr Term Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR26.60
crore term loan facilities of Lily Hotels Private Limited (LHPL).
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MAA KALIKA: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Maa Kalika
Bhandar (MKB) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. The agency has also assigned MKB's INR150m fund-based
working capital limits an 'IND BB+' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect MKB's moderate financial and credit profile.
Key FY16 numbers shared by management indicate revenue of
INR2,463 million (FY15: INR1,405 million), net leverage (total
adjusted net debt/operating EBITDA) of 3.9x (7.0x), EBITDA
interest coverage (operating EBITDA /gross interest expenses) of
1.5x (1.7x) and EBITDA margins of 1.5% (1.5%).

The ratings factor in MKB's tight liquidity, as indicated by the
99% average utilisation of its working capital limits during the
12 months ended May 2016.

However, the ratings derive support from the three-decade-long
experience of MKB's partners in the wholesale trade of grocery
items.

RATING SENSITIVITIES

Positive: An improvement in MKB's liquidity and overall credit
profile could lead to a positive rating action.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, Odisha-based MKB is engaged in the
wholesale trade of grocery items such as sugar, pulses and edible
oils. It is a partnership firm run by Mr. Pawan K. Jajodia and
Mr. Bira K. Das, who share profit in the ratio of 75% and 25%,
respectively.


MAHAVIR SPINFAB: CRISIL Reaffirms B+ Rating on INR32.6MM LT Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahavir Spinfab
Private Limited (MSPL) continue to reflect the company's large
working capital requirement, and vulnerability of its business
risk profile to the economic scenario in its overseas markets.
These weaknesses are partially offset by its established market
position in the specialised textiles segment, and diversified
revenue profile.

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

   Packing Credit          60       CRISIL A4 (Reaffirmed)

   Post Shipment Credit    80       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      32.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan                6.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MSPL will continue to benefit over the medium
term from its established market position in the specialised
textiles segment. The outlook may be revised to 'Positive' in
case of increase in revenue, improvement in operating margin, and
effective working capital management, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if working capital management deteriorates, or if the company
undertakes large debt-funded capital expenditure.

MSPL, founded by Mr. Rakesh Jain in 1995, manufactures work-wear
fabric and clothing, including technical textile fabric and
garments used in industries such as oil and gas, molten metal,
and healthcare. Its corporate office is in Kanpur, Uttar Pradesh.


MOMENTUM TECHSYS: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Momentum Techsys
Private Limited (MTPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The ratings reflect MTPL's small scale of operations, with
revenue of INR247.90 million in FY15 (FY14: INR197.83 million).
Its operating margins dipped to 11.22% in FY15 (FY14: 13.43%) due
to the increased proportion of trading (a low-margin segment)
during the year. Provisional (P) FY16 financials indicated
revenue of INR326.71 million and operating margins of 10%.

The ratings, however, are supported by MTPL's comfortable credit
profile, with net financial leverage (total adjusted net
debt/operating EBITDA) of 0.07x in FY15 (FY14: 0.40x) and gross
interest coverage (operating EBITDA/gross interest expense) of
8.26x (10.58x). As per FY16 (P) financials, its net leverage was
negative 0.16x and gross interest coverage was 13.31x.

The ratings also draw support from MTPL's comfortable liquidity
position, as evident from the approximately 67.18% average
utilisation of its fund-based working capital limits during the
12 months ended May 2016. The ratings also consider its
director's long track record and experience of over three decades
in the IT industry.

RATING SENSITIVITIES

Positive: Substantial top-line growth while maintaining its
current credit profile will lead to a positive rating action.

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

COMPANY PROFILE

MTPL is an IT distribution and services provider specialising in
IT infrastructure development, unified communication networks,
electronic security & surveillance devices and audio-visual
systems. Its branch offices are located in Noida, Lucknow, Delhi,
Gurgaon, Patna and Dehradun. It also has an extensive network of
sales and services, with representatives and experienced partners
across India.

MTPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable

-- INR125 million non-fund-based limits: assigned 'IND A4+'
-- Proposed INR75 million non-fund-based limits: assigned
    'Provisional IND A4+'


NAVNEET GINNING: CARE Lowers Rating on INR14cr LT Loan to B+
------------------------------------------------------------
CARE revises lt rating and reaffirms st rating assigned to the
bank facilities of Navneet Ginning And Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.00      CARE B+ Revised from
                                            CARE BB
   Short-term Bank Facilities     5.40      CARE A4 Reaffirmed

Rating Rationale

For arriving at the rating of Navneet Ginning & Pressing Pvt.
Ltd, CARE has taken a combined view of the P I Patel group
entities (PIPG) including NGPPL, P. I. Patel industries (rated
CARE B+/A4), Kokila Cotton Industries (rated CARE D), P. B.
Cotton Industries (rated CARE D), Kuvarba Cotton Industries
(rated CARE B+/A4) and Umiya Cot Fibers (rated CARE B+/A4) due to
their operational and financials linkages along with common
management.

Revision in the long-term rating assigned to the bank facilities
of NGPPL takes into account the weakening of liquidity profile of
PIPG on the back of stretched debtor collection.

The ratings assigned to the bank facilities continue to remain
constrained on account of PIPG financial risk profile marked
by thin profitability, leveraged capital structure and presence
in a highly competitive and fragmented cotton ginning industry.
The ratings are further constrained on account of the
susceptibility of its profitability to volatile raw material
prices and seasonality associated with the availability of cotton
coupled with the impact of changes in the government policy on
cotton.

The ratings, however, favorably takes into account the wide
experience of the management in the cotton ginning business,
established operations in cotton processing business and its
proximity to cotton-producing region of Gujarat.

The ability of PIPG to increase its scale of operations along
with improvement in profitability while managing volatility
associated with the cotton prices, improvement in liquidity
position and sustained improvement in capital structure are
the key rating sensitivities.

Incorporated in 2006, NGPPL is engaged into cotton ginning &
pressing activity apart from trading of agro commodities.

NGPPL is currently operating from its sole processing unit
located at Dhasa in Rajkot district of Gujarat with an installed
capacity of 375 Bales per Day (bpd) for cotton ginning & pressing
as on March 31, 2016.

PIPG is one of large cotton-ginning groups based at Gujarat
having a combined ginning and pressing capacity of 1,595 BPD and
seed crushing capacity of 31 TPD as on March 31, 2016.

All the PIPG group entities are engaged in the similar line of
business. During FY15 (refers to period April 1 to March 31),
on a combined basis, PIPG reported the total operating income of
INR451.99 crore (INR512.79 crore in FY14) and net profit of
INR0.27 crore (INR1.01 crore in FY14).

NGPPL reported a PAT of INR0.08 crore on a total operating income
of INR111.73 crore in FY15 (A) as against a PAT of INR0.13 crore
on a total operating income of INR108.14 crore in FY14 (A).


NKS CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------------
CRISIL ratings on the bank facilities of NKS Construction And
Engineers Private Limited (formerly, Nirmal Kumar Swain)
continues to reflect the promoters' extensive experience and the
company's moderate financial risk profile. These rating strengths
are partially offset by modest scale of operations, geographic
concentration in revenue, and intense competition in the civil
construction business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         144       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)
   Term Loan                6       CRISIL B+/Stable (Reaffirmed)

CRISIL had downgraded its ratings on the bank facilities of NKS
Construction And Engineers Private Limited (NKS) (formerly,
Nirmal Kumar Swain) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+' on 11th February, 2016.

Outlook: Stable
CRISIL believes NKS will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant improvement in scale of
operations and steady profitability leads to considerably higher
cash accrual; or if substantial capital infusion by the promoters
strengthens capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of larger-than-expected working capital
requirement, delay in receivables, or any large, debt-funded
capital expenditure.

NKS, set up as a proprietorship firm in 1992 by Mr. Nirmal Kumar
Swain in Cuttack (Odisha), was reconstituted as a private limited
company in April 2014. The company undertakes civil construction
and construction of pilling, dyke walls, reinforced cement
concrete (RCC) drains, RCC driveways, roads, and pathways on
contract.


NORTH EASTERN: ICRA Reaffirms 'IrB+' Issuer Rating
--------------------------------------------------
ICRA has reaffirmed the Issuer Rating of IrB+ assigned to North
Eastern Karnataka Road Transport Corporation.

Rationale
The rating continues to take into consideration NEKRTC's
strategic importance to the Government of Karnataka (GoK) as a
provider of passenger transport services in the north-eastern
region of the State, improvement in the overall performance as
reflected by an increase in the percentage of profit making
schedules during FY2015 and FY2016 and an adequate credit quality
of the GoK. The rating is also supported by the automatic fare
revision mechanism followed by NEKRTC, though the same requires
an approval of the GoK, which could lead to delays. Also, the
extent of fare hike in recent years has not kept pace with the
rise in operating costs as reflected by the losses reported by
NEKRTC. The rating is, however, constrained by NEKRTC's weak
financial profile as reflected by its losses and a consequent
negative networth, and depressed debt coverage indicators,
despite regular capital contributions by the GoK for various
capital projects. The rating is also impacted by the low level of
passenger load (58.70% in FY2016) resulting in a lower earning
per kilometre travelled by NEKRTC's fleet as well as a lower
revenue growth and a substantial provisioning towards gratuity
payment from 2015-16 onwards, which adversely impacts the
profitability of NEKRTC. ICRA notes that NEKRTC has large
payables to the GoK towards motor vehicle (MV) tax, which if
demanded/adjusted by the GoK in future years, would adversely
impact NEKRTC's financial health, though there has been no such
demand from the GoK in the past. ICRA believes that continuity of
regular transfer of subsidy from the GoK towards subsidised
services offered to select passengers would be critical for
NEKRTC's financial performance going forward.

NEKRTC was incorporated in 2000 by the State Government of
Karnataka (GoK) as an independent entity under Section 3 of the
Road Transport Corporation (RTC) Act, 1950, with the aim of
providing public transport system to the commuters in the north
eastern region of Karnataka. With it's headquarter in Gulbarga,
NEKRTC provides services in the seven districts of Karnataka
(Bidar, Gulbarga, Bijapur, Yadgir, Raichur, Koppal and Bellary).
Currently, with a fleet strength of over 4,400, NEKRTC operates
close to 4,100 schedules daily through 48 depots and 20,341
personnel.

Recent Results
As per the provisional financial statements, NEKRTC reported an
operating income of INR1,438.41 crore and a net loss of INR21.92
crore in FY2016 as compared to an operating income of INR1,410.34
crore and a net loss of INR4.35 crore in FY2015.


P. B. COTTON: CARE Lowers Rating on INR18cr LT Loan to 'D'
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of P. B.
Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      18.00     CARE D Revised from
                                            CARE BB
   Short-term Bank Facilities      5.00     CARE D Revised from
                                            CARE A4

Rating Rationale

Revision in the ratings assigned to the bank facilities of P B
Cotton Industries (PBCI) takes into account the acute liquidity
stress faced by an entity resulting in continuous overdrawal in
its working capital limits.

Constituted as a partnership firm in 1997, PBCI is engaged into
cotton ginning & pressing, crushing of seeds as well as trading
activities. PBCI is currently operating from its sole processing
unit located at Vijapur in Mehsana district of Gujarat with an
installed capacity of 270 Bales per Day (bpd) for cotton ginning
& pressing and 9 Tonnes per Day (tpd) for seed crushing as on
March 31, 2016.

PBCI is a part of the P I Patel group (PIPG) which includes five
more entities namely, P. I. Patel industries (rated CARE B+/
CARE A4), Navneet Ginning & Pressing Pvt. Ltd (rated CARE B+/
CARE A4), Kokila Cotton Industries (rated CARE D), Kuvarba Cotton
Industries (rated CARE B+/ CARE A4) and Umiya Cot Fibers (rated
CARE B+/ CARE A4). All the PIPG group entities are engaged in the
similar line of business and operate under the common management
platform. All the PIPG group entities are engaged in the similar
line of business and operate under the common management
platform.

During  FY15 (refers to period April 1 to March 31), on a
combined basis, PIPG reported the total operating income of
INR451.99 crore (INR512.79 crore in FY14) and net profit of
INR0.27 crore (INR1.01 crore in FY14).

As per the audited result for FY15, PBCI reported a PAT of
INR0.02 crore on a total operating income of INR77.47 crore in
FY15 (A) as against a net loss of INR0.17 crore on a total
operating income of INR85.43 crore in FY14 (A).


P. I. PATEL: CARE Lowers Rating on INR10cr Long Term Loan to B+
---------------------------------------------------------------
CARE revises rating assigned to the bank facilities of P. I.
Patel Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B+ Revised from
                                            CARE BB

Rating Rationale

For arriving at the rating of P. I. Patel industries (PIPI), CARE
has taken a combined view of the P I Patel group entities (PIPG)
including PIPI, Umiya Cot Fibers (rated CARE B+/A4), Navneet
Ginning & Pressing Pvt. Ltd (rated CARE B+/A4), P. B. Cotton
Industries (rated CARE D), Kuvarba Cotton Industries (rated CARE
BB/A4) and Kokila Cotton Industries (rated CARE D) due to their
operational and financials linkages along with common management.

Revision in the long-term rating assigned to the bank facilities
of PIPI takes into account the weakening of liquidity profile of
PIPG on the back of stretched debtor collection.

The ratings assigned to the bank facilities continue to remain
constrained on account of PIPG financial risk profile marked
by thin profitability, leveraged capital structure and presence
in a highly competitive and fragmented cotton ginning industry.
The ratings are further constrained on account of the
susceptibility of its profitability to volatile raw material
prices and seasonality associated with the availability of cotton
coupled with the impact of changes in the government policy on
cotton.

The ratings, however, favorably takes into account the wide
experience of the management in the cotton ginning business,
established operations in cotton processing business and its
proximity to cotton-producing region of Gujarat.

The ability of PIPG to increase its scale of operations along
with improvement in profitability while managing volatility
associated with the cotton prices, improvement in liquidity
position and sustained improvement in capital structure are the
key rating sensitivities.

Constituted as a partnership firm in 1999, PIPI is engaged in
trading of agro commodities mainly cotton bales, castor
seeds and cotton cakes. PIPI is a part of the P.I Patel Group of
Vijapur, Gujarat.

PIPG is one of large cotton-ginning groups based at Gujarat
having a combined ginning and pressing capacity of 1,595 BPD and
seed crushing capacity of 31 TPD as on March 31, 2016. All the
PIPG group entities are engaged in the similar line of business.
During FY15 (refers to period April 1 to March 31), on a combined
basis, PIPG reported the total operating income of INR451.99
crore (INR512.79 crore in FY14) and net profit of INR0.27 crore
(INR1.01 crore in FY14).

PIPI reported break even at PAT level on a total operating income
of INR18.90 crore in FY15 (A) as against a PAT of INR0.02
crore on a total operating income of Rs19.00 crore in FY14 (A).


P.M. GRANITE: ICRA Lowers Rating on INR1.72cr Term Loan to C+
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR0.75
crore cash credit limits, INR1.72 crore term loan (reduced from
INR3.36 crore) and INR2.93 crore proposed limits (increased from
INR1.29 crore) of P.M. Granite Export Private Limited from
[ICRA]B- to [ICRA]C+. ICRA has also re-affirmed the short term
rating assigned to the INR5.00 crore export packing credit limits
and proposed limits of INR2.93 crore (interchangeable with the
long term proposed limits) at [ICRA]A4.

                         Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Long Term-Term Loan     1.72      [ICRA]C+ (revised from
                                     [ICRA]B-)

   Long Term-Cash Credit   0.75      [ICRA]C+ (revised from
                                     [ICRA]B-)

   Long Term-Export
   Packing Credit          5.00      [ICRA]A4 (re-affirmed)

   Long Term/Short Term-   2.93      [ICRA]C+(revised from
   Proposed limits                   [ICRA]B-)/[ICRA]A4
                                     (re-affirmed)

The revision in the rating takes into account PMGEPL's small
scale of operations restricting its operational and financial
flexibility and the deterioration in the financial profile of the
company on account of the increasing losses incurred by the
company in the past few years owing to challenging industry
scenario and weak export market demand, thereby resulting in
weakening of the capitalization ratios and debt protection
metrics. The rating also takes note of the high working capital
intensive nature of the business which has resulted in a
stretched liquidity position and the fragmented structure of the
granite industry with a large number of players catering to the
export market. The ratings are further constrained by the absence
of captive quarries which exposes the company to any adverse
movements in raw material prices which it may not be able to pass
on in a highly competitive market. The ratings, however, derive
comfort from the promoter's decade long experience in the granite
industry, their long standing relationships with customers and
also the improvement in their capital structure aided by infusion
of equity to the tune of INR6 crores during FY2016.

Going forward, PMGEPL's ability to ramp up its sales backed by
strong marketing efforts, and effectively manage its working
capital requirements would be the key rating sensitivities.

PM Granites Export Private Limited (PMGEPL) is engaged in
processing of granite stone blocks and export of granite blocks,
slabs, tiles and other related products. PMGEPL was originally
set up in 2001 as PM Rocks Private Limited by Mr. M Babanna.
Subsequently, the firm was renamed as PM Granites Export private
Limited in 2004. The company largely exports granite slabs &
tiles. In addition, PMGEPL also has an operational windmill of a
capacity of 1.25MW.

PMGEPL has 79,784 metric ton (MT) per annum installed
manufacturing capacity at its manufacturing facility located at
Hosur, Tamil Nadu. The company is currently being managed by Mr.
M Babanna who has over one decade of experience in the granite
industry.

Result Results
For the financial year 2015-16 (as per provisional numbers), the
firm reported a net profit of INR0.01 crore on an operating
income of INR5.9 crore, as against a net loss of INR2.0 crore on
an operating income of INR11.4 crore in 2014-15.


PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR95MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Partap Industrial
Products (PIP) continue to reflect the firm's small scale of
operations in the highly fragmented metal wire industry, and
susceptibility of its margins to volatility in raw material
prices. The ratings also factor in a small networth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the partners.

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

   Cash Credit            95        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      8        CRISIL B+/Stable (Reaffirmed)

   Term Loan               2        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes PIP will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of higher-than-
expected sales, and a better financial risk profile because of
improvement in profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case the financial
risk profile weakens, most likely because of low profitability,
larger-than-expected working capital requirement, substantial
debt-funded capital expenditure, or capital withdrawal by the
partners.

PIP was set up as a partnership firm in 2008 by Mr. Bharat
Bhushan and Mr. Sunny Mahajan. The firm manufactures steel wires,
galvanised iron wires, wire mesh, and barbed wires at its
facility in Kangra, Himachal Pradesh.


PARTAP WIRE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Partap Wire India
Private Limited (PWIL) continue to reflect a weak financial risk
profile and working capital-intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)
   Term Loan               3        CRISIL B/Stable (Reaffirmed)

The ratings also factor in susceptibility of margins to
fluctuations in raw material prices and exposure to risks related
to intense competition in the fragmented wires industry. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.

Outlook: Stable
CRISIL believes PWIL 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 higher-than-
expected sales, and a better financial risk profile driven most
likely by an improvement in profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates, most likely because of
lower-than-anticipated profitability, large working capital
requirement, or substantial debt-funded capital expenditure.

PWIL, established in 1991, manufactures galvanised iron wires,
wire mesh, and barbed wires at its facility in Kangra, Himachal
Pradesh. It is managed by Mr. Surjit Mahajan and his sister-in-
law, Ms. Aruna Mahajan.


PAWAR PATKAR: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pawar Patkar
Construction Private Limited (PPCPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. A full list of rating actions
is at the end of this commentary.

KEY RATING DRIVERS

The ratings reflect PPCPL's volatile profitability due to
fluctuations in steel price, weak book-to-build ratio, high
customer concentration and tight liquidity situation. PPCPL's
EBITDA margins were in the range of 9.6%-15.2% over the past 5
years ended March 2016. Nashik Municipal Corporation contributes
to a major portion of the company's revenue and accounts for the
entire outstanding order-book. The average utilisation of its
fund-based facility was at 83% over the 12 months ended April
2016 while peak maximum utilisation during this period was 100%.

The ratings, however, factor in PPCPL's comfortable credit
profile underpinned by its strong execution capabilities and lack
of term debt in the books. According to FY16 unaudited financials
of the company, its net leverage (total adjusted net
debt/operating EBITDAR) was 0.6x (FY15: 0.93x), EBITDA Interest
coverage (operating EBITDA/gross interest expense) was 8.2x
(3.1x) and EBITDA margins were 15.2% (9.6%). PPCPL's revenue for
FY16 was INR924 million (FY15: INR1,187 million) with a current
order book of INR1,129 million (1.29x of unaudited FY16 revenue)
to be executed over the next two years.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue backed by a
commensurate order book providing strong visibility for the
medium-term while maintaining profitability could be positive for
the ratings.

Negative: Failure to garner more orders rendering the revenue
visibility weaker than the current level or a sustained
deterioration in liquidity profile could lead to a negative
rating action.

COMPANY PROFILE

Set up as a partnership firm in 1996 and reconstituted as a
private limited company in 2006, PPCPL undertakes civil
construction projects (primarily roads and military buildings)
for the Maharashtra government and the government of India,. The
company is managed by Mr. Sanjay K Patkar and Mr Kailas Pawar.

PPCPL's ratings:

-- Long-term Issuer Rating: assigned 'IND BB+'/Stable
-- INR140 million fund-based facilities: assigned 'IND
    BB+'/Stable
-- INR430 million non-fund-based facilities: assigned 'IND A4+'


PEARL CONSTRUCTION: ICRA Suspends 'B' Rating on INR15cr LT Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR15.0 crore long term fund based facilities of Pearl
Construction and Developers. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


PERFECT ALUMINIUM: ICRA Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore1 fund-based facilities and a short-term rating of [ICRA]A4
to the INR8.00 crore interchangeable sub-limits of Perfect
Aluminium Alloys.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, Fund-
   based facilities      10.00       [ICRA]B+/Assigned

   Short-term,
   Interchangeable
   Facilities            (8.00)      [ICRA]A4/Assigned

The assigned ratings takes into account the established track
record of the company, and the considerable experience of
Perfect's promoters in the aluminium scrap trading and
manufacturing business spanning over two decades. The ratings
also factor in Perfect's established relationship with its
customers and suppliers; and the favourable demand prospects for
aluminium ingots over the medium term.

The ratings are, however, constrained by Perfect's stretched
working capital metrics driven by high receivables position,
which has led to almost full utilization of the working capital
limits availed from the bank. High dependence on working capital
debt coupled with limited value additive nature of business has
resulted in moderate profitability and debt protection
indicators. The ratings also factor in the fragmented and
competitive nature of the Aluminium ingot industry, which limits
the pricing flexibility of the industry participants and exposes
the firm to fluctuations in raw material prices and foreign
exchange rates. The ratings also consider the risks of capital
continuity inherent to a partnership firm.

Perfect Aluminium Alloys was established in 2005 as a partnership
firm to manufacture Aluminium Ingots of various grades and
specifications confirming to British, India, Japanese and other
standards which are subsequently sold to customers involved in
casting, engineering and precision industries.
The firm is currently run by its partners Mr. S. Venkatesan, Mr.
S. Elangovan and Mr. R. Jayaprakash, each having vast experience
in the scrap trading and ingot industry spanning over two
decades. The firm initially had a facility at Chinavedampatty,
Coimbatore (Tamil Nadu) with an installed capacity of 4800 MTPA
till 2013, after which it shifted to an expanded manufacturing
facility at Sulur, Coimbatore (Tamil Nadu) with an installed
capacity of 8400 MTPA.

Recent Results:
For the year ended FY 2016, Perfect provisionally reported a PAT
of INR1.1 crore on an operating income of INR59.7 crore as
against a PAT of INR1.2 crore on an operating income of INR64.2
crore, in FY 2015.


PHTHALO COLOURS: ICRA Suspends 'B' LT Rating on INR21.99cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR21.99 crore bank lines of
Phthalo Colours and Chemicals (India) Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Phthalo Colours and Chemicals (India) Limited (PCCIL) was
incorporated in 1992 and commenced operations from 1993 onwards.
It started by setting up a manufacturing plant at Vapi, Gujarat
to produce Copper Phthalocynine Crude Blue (CPC Blue) with
installed capacity of 600 MTPA. PCCIL gradually increased its
installed capacity of manufacturing CPC Blue to the present
capacity of 3,600 MTPA. PCCIL went for diversification in March
2006 whereby it integrated its operations forward by acquiring a
pigment manufacturing unit from Jaysynth Dyestuff (India)
Limited. The acquired unit, after restructuring, currently has a
manufacturing capacity of 3,480 MTPA and produces Pigment Green,
Pigment Alpha Blue and Reactive Blue Dyes.

The CPC Blue manufacturing unit was eventually hived off in March
2014, under a joint venture with A-One Chemicals, and currently
operates under the name of A-One Phthalo Colors Private Limited
(APCPL). PCCIL offers managerial support to the facility, while
the operational aspects are handled by AOC. The unit is equipped
with an installed capacity of 3600 metric tonnes per annum (MTPA)
of CPC Blue and 960 MTPA of Alpha Blue. The products of the
company are sold and marketed under the brand name of "RANGDAY".


PIONEER GLOBEX: ICRA Reassigns C+ Rating to INR15cr Loan
--------------------------------------------------------
ICRA has reassigned the long term rating to INR15.00 crore cash
credit cum EPC facility and INR10.00 crore working capital term
loan facility of Pioneer Globex Private Limited from [ICRA]A4 to
[ICRA]C+. Short term rating [ICRA]A4 has been withdrawn.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash       15.00        Reassigned from [ICRA]A4
   Credit cum EPC                     to [ICRA]C+

   Fund Based-Working    10.00        Reassigned from [ICRA]A4
   Capital term Loan                  to [ICRA]C+

The reassigned rating takes into account de-growth in sales due
to weak export demand. Further, customer concentration risk is
high as maximum revenue is generated from two major customers.
Further the rating is constrained on account of fluctuations in
sales turnover and thin profit margins. The increase in debt
levels is also on account of increase in utilization of working
capital limits to fund the finished goods inventory piled up
during the years. The rating also continues to incorporate the
high competitive intensity in the steel industry which limits
pricing flexibility and profitability; and vulnerability of
profitability to adverse fluctuations in the prices of the key
raw material.
The assigned rating favorably takes into account the experience
of the partners in the field of ship breaking industry.
ICRA expects PGPL's revenues to show modest growth during FY
2016-17 due to decline in export duty. Further, PGPL's profit
margins would remain vulnerable due to price volatility in steel
industry. PGPL's capital structure is likely to remain stretched
over the near term, though the same is expected to improve with
term loan repayments and increase in accruals. Further PGPL's
ability to repay the debt through internal accruals and fulfil
the shortfalls by timely infusion of equity rather than relying
heavily on external funds and manage working capital cycle
effectively would remain critical from credit perspective.

Established in 2008, Pioneer Globex Private Limited (PGPL) is a
private limited company managed by Mr. Narendra Shah and Mr.
Hardik Shah. It is engaged in the export of iron ore fines and
mill scales. Earlier the business was conducted as a part of
Sheth Ship Breaking Corporation (SSBC, rated at
[ICRA]B+/[ICRA]A4), a group firm engaged in ship breaking
activities, and trading of iron ore fines and mill scales. From
2010-11, the trading operations are being conducted entirely by
PE, while SSBC continues to handle ship recycling activities.

Recent Results
During FY15 the company reported an operating income of INR96.44
crore and a net loss of INR0.70 crore against an operating income
of INR68.81 crore and net profit of INR1.52 crore in FY14.
Further, during FY16, the company reported operating income of
INR61.33 crores.


PROVIDENCE TEXTILES: ICRA Suspends 'B' Rating on INR8cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR8.0 crore long term fund based facilities and the short
term rating of [ICRA]A4 assigned to the INR2.0 crore short term
fund based facilities of Providence Textiles. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of requisite information from the company.


RIPURAJ AGRO: Ind-Ra Assigns 'IND BB+'  Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ripuraj Agro
Private Limited (RAPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The ratings reflect RAPL's small scale of operations and weak
credit profile. According to the company's FY16 provisional
financials its revenue was INR1,069 million (FY15:INR743
million), EBITDA interest coverage (EBITDA/Interest) was 1.8x
(2.1x) and net financial leverage (net debt/operating EBITDA) was
3.4x (4.7x). RAPL's EBITDA margins were 4.0% in FY16 (FY15:
5.2%). The company's liquidity position has been tight as
indicated by its average of maximum utilisation of working
capital limits being around 99% over the 12 months ended May
2016.

The ratings further take into account the relatively short
operational track record of the company in the highly fragmented
and competitive rice milling business, fluctuations in the raw
material price and the seasonal availability of the paddy.

The ratings, however, are supported by 18 years of experience of
RAPL's promoters in the rice milling business along. The ratings
are further supported by the company's locational advantage with
respect to its proximity to the paddy growing regions.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the scale of operations along with the
improvement in the credit metrics of the company.

Negative: A negative rating action could result from a decline in
the scale of operations and deterioration in the credit metrics.

COMPANY PROFILE

RAPL, incorporated in 2010 by Mr. Rameshwar Prasad Gupta and Mr.
Ripu Raman, is engaged in the processing, milling, trading and
export of a wide assortment of basmati and non-basmati rice. The
company's manufacturing unit with an installed paddy processing
capacity of 16metrictonnes/hour and a paddy storage capacity
1,00,000 metrictonnes is located in East Champaran, Bihar.

The company sells its products under the brand name "RIPURAJ" to
traders and wholesalers located in different states of India and
in Nepal.

RAPL's ratings:

-- Long-Term Issuer Rating: 'IND BB+'/Stable
-- INR140 million fund-based working capital limits: assigned
    'IND BB+'/Stable
-- INR53.9 million long-term loans: assigned 'IND BB+'/Stable


SAVITRI WEAVING: ICRA Suspends B+ Rating on INR7.061cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR7.061
crore long term fund based bank limits of Savitri Weaving. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in January 2003 as a proprietorship firm by Mr Mukesh
Bansal, Savitri Weaving is engaged in the production of
artificial silk fabric of various deniers. The firm started
commercial operations in the year 2003 with production of
artificial silk fabric. The fabric manufactured by the firm is in
the form of greige cloth which is further processed to make saris
and dress material.


SHRIMATI JANKIDEVI: ICRA Ups Rating on INR12.84cr Loan to BB-
-------------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]BB- from [ICRA]B+
to the INR21.60 crore bank facilities of Shrimati Jankidevi
Educational Trust. The outlook on the long term rating is
'Stable'.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based bank
   Facilities-Term
   loan                  8.76       [ICRA]BB-(stable); upgraded

   Unallocated          12.84       [ICRA]BB-(stable); upgraded

The rating upgrade factors in the year on year increase in
revenue receipts and surplus levels of the trust over the last
three years which has led to better cash accruals, which coupled
with the declining debt levels lead to an improvement in
financial profile. The rating also continues to favourably factor
in the experienced management of the trust, which has been
engaged in the education sector for more than a decade.
However, the rating is constrained by the SJET's continued
exposure to risk of cash flow mismatches, since the fee is
collected on a half yearly/quarterly basis as against monthly
debt servicing obligations; the modest overall occupancy levels
of the trust (at 77% in AY2015-16) owing to low admissions in
recently introduced IGCSE curriculum as well as modest occupancy
in Jaipur School and the sizeable outstanding creditors for
capital expenditure, the repayment schedule for which will remain
a key determinant for the liquidity profile of the trust. The
rating is also constrained by the sizeable repayments in the near
term and the debt funding for the capital expenditure which may
result in an increase in the gearing levels. Also, the trust is
exposed to regulatory risks, which is typical of educational
societies and trusts.

Established in 1991 by Mr. Narendra Verma, SJET currently
operates two schools under the brand name of 'Jankidevi Public
School'. These schools are located in Mumbai (Maharashtra) and
Jaipur (Rajasthan) and offers educational services to students
from the pre-primary to senior secondary levels. The trust
started its operations in 1999 through the establishment of
Jankidevi Public School at Mumbai. While the school was earlier
affiliated to the State board, it has been affiliated to the
ICSE3 Board since 2006. In 2008, the trust started the operations
of a second school in Jaipur, which offers the CBSE4 as well as
the CIE5 curriculum. In addition, the trust introduced IGCSE6
curriculum in the Mumbai branch in 2012. Further this school has
also received the ISC7 affiliation to cater to students till
Standard XII. The institutes collectively catered to 2,681
students in AY 2016 as against 2,654 students in AY 2015.

Recent Results
SJET reported a net profit of INR6.0 crore on operating income of
INR21.3 crore in FY2016 (provisional), as against a net profit of
INR3.7 crore on operating income of INR18.9 crore in the previous
year.


SILK WOVEN: ICRA Assigns B- Rating to INR5.0cr Term Loan
--------------------------------------------------------
ICRA has assigned the ratings of [ICRA]B- to INR5.00 crore fund
based term loan facility and INR1.50 crore cash credit facility
of Silk Woven Sack Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit Limit     1.50        [ICRA]B-; assigned
   Term Loan             5.00        [ICRA]B-; assigned

The assigned rating reflects SWSPL's weak financial profile as
reflected by net losses, high gearing levels as well as weak
coverage indicators. The rating further takes into account the
lack of track record of company's operation as well as risk
associated with stabilisation of operations. The rating is also
constrained by low value additive nature of its operations,
intense competition on account of fragmented industry structure
leading to thin profit margins and vulnerability of SWSPL's
profitability to adverse fluctuations in raw material prices
which are subject to volatility in crude oil prices.

The rating, however, favourably takes into account the past
experience of the promoters in the plastic industry as well as
eligibility of company to get various fiscal benefits in terms of
interest subsidy from state government, Vat concession as well as
rebate on duty paid on power consumption. In addition the company
is also eligible for 15% capital subsidy on value of plant and
machinery under TUFs Scheme under Central Government
Going forward, ICRA expects the operating income of the company
to witness moderate growth, however, the ability of the company
to scale up operations, improve profitability and manage input
costs given the volatility associated with raw material prices
and high competitive intensity will remain the key rating
sensitivities.

Incorporated in 2014, Silk Woven Sack Private Limited is involved
in business of manufacturing Polypropylene (PP) & high density
polyethylene(HDPE) fabrics The company is promoted by Mr Darshan
Jivani, Mr Divyesh Rangani,Mr Jaymin Rangani and Mr Jitenkumar.
SWSPL operates from its plant located near Rajkot with a total
installed capacity of 2100 MT per annum. SWSPL manufactures PP
and HDPE woven fabric rolls ranging between 35 GSM to 125 GSM;
which it sells through dealers and distributors across Gujarat

Recent Results
For the year ended 31st March 2016, company has reported an
operating income of INR3.66 crore with a net loss of INR0.59
crore as per provisional results.


SIMLA AGENCIES: ICRA Suspends 'D' Rating on INR16cr Loan
--------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR16.00
crore of non-fund based facility of Simla Agencies. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Short Term Non-
   Fund based limit      16.00        [ICRA]D suspended

Established in 1972, Simla Agencies is a partnership firm,
engaged in the timber and plywood trading business, which finds
application in furnishing. The firm has its head office located
in Mumbai and two branch offices in Mangalore and Tuticorin. The
firm's associate concerns are also engaged in timber trading.


SMT. VISHNU: CRISIL Lowers Rating on INR80MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Smt. Vishnu Devi Educational Trust (SVDET) to 'CRISIL D' from
'CRISIL B-/Stable'. The rating downgrade reflects instances of
delay in interest payments on term loans. The interest payments
due at the end of March 2016 and April 2016 were paid with delays
on account of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                80       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating also factors in small scale of operations in a highly
competitive K-12 (kindergarten to Class 12) education system
restricted to only one school and vulnerability to regulatory
risks associated with the educational institutions. These
weaknesses are mitigated by the funding support from trustees.

SVDET was formed in 2011, by Mr. Anil Kumar Agrawal and family.
The trust has been set up to run educational institutions.
Presently, the trust is running a school under the name of K N
International School near Mathura (Uttar Pradesh), which was
established in 2011.


SONATANI FOOD: CRISIL Reaffirms 'B' Rating on INR36MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sonatani Food
Industries Private Limited (SFIL) continue to reflect the
company's small scale of operations in the intensively
competitive rice milling business, and weak financial risk
profile marked by modest networth and high gearing. These rating
weaknesses are partially offset by its promoter's experience in
the rice milling business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.7      CRISIL A4 (Reaffirmed)

   Cash Credit            30.0      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.3      CRISIL B/Stable (Reaffirmed)

   Term Loan              36.0      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SFIL will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if increase in scale of operations and
profitability, or better working capital management, leads to
improved liquidity. Conversely, the outlook may be revised to
'Negative' if large debt-funded capital expenditure or stretch in
working capital cycle weakens liquidity.


SFIL, incorporated in 2013, mills and processes paddy into par
boiled rice. Its rice mill is near Bolpur in West Bengal. Its
daily operations are managed by Mr. Manas Chandra.


SPRAY ALCANS: CRISIL Assigns 'D' Rating to INR52MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Spray Alcans (SA).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               52        CRISIL D
   Cash Credit             25        CRISIL D
   Proposed Long Term
   Bank Loan Facility       1        CRISIL D

The rating reflects delays in servicing term debt due to weak
liquidity following insufficient cash accrual.

Also, operations are in nascent stage and the firm is exposed to
intense competition in the packaging industry and has large
working capital requirement. Furthermore, operating margin is
susceptible to fluctuations in raw material prices. However, the
firm benefits from a moderate capital structure due to promoters'
funding.

Set up in March 2015 as a partnership firm by Ms. Ashu Goel and
her son, Mr. Aayush Goel, SA purchased an existing aluminium can
manufacturing unit in Dehradun in November 2015 and commenced
operations from February 2016.


SRM MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Channel Fin.
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of SRM Motors
Private Limited (SRM) continues to reflect the company's modest
scale, regional concentration in operations, and exposure to
intense competition in the automobile dealership market.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B/Stable (Reaffirmed)

   Channel Financing      100        CRISIL B/Stable (Reaffirmed)

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

   Standby Line of
   Credit                  10        CRISIL B/Stable (Reaffirmed)


The rating also factors in subdued financial risk profile because
of small networth and high total outside liabilities to tangible
networth ratio. These weaknesses are partially offset by the
company's established relationship with principal Tata Motors Ltd
(TML).

Outlook: Stable
CRISIL believes SRM will continue to benefit over the medium term
from its healthy relationship with TML. The outlook may be
revised to 'Positive' in case of improvement in capital structure
because of fund infusion, or healthy operating margin and
considerable revenue growth. The outlook may be revised to
'Negative' if financial risk profile weakens, due to
deterioration in capital structure, or if revenue and
profitability decline.

SRM, incorporated in 2009, is an authorised dealer of TML's
passenger cars. SRM has two showrooms, one each in Lucknow and
Barabanki, in Uttar Pradesh. Mr. Piyush Agarwal, its promoter,
manages operations.


SUBEX LIMITED: ICRA Suspends B Rating on INR166cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating, assigned to the INR166.00
Crore long term fund based facilities and the [ICRA]A4 rating to
the INR25.00 short term interchangeable non fund based facilities
of Subex 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.


SUNDIAL MINING: CRISIL Lowers Rating on INR90MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank loan facilities of
Sundial Mining and Metals LLP (SMML) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      30        CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects weak business performance of SMML
in 2015-16(refer to financial year ending 31st March) due to
weak demand fuelled by overcapacity in aluminum resulting in
decline in price of aluminum in last year. SMML reported revenue
Rs 9 million against expectation of Rs 340 million of 2015-16;
lower than expected scale resulted in negative accruals. CRISIL
expects SMML to improve its scale of operation in medium term
backed by revival of demand in end user segment and
diversification in product profile from current year.

The rating on the long-term bank facilities of continues to
reflect SMML's limited track record, and modest scale, of
operations in the highly fragmented bauxite trading segment. The
rating also factors in susceptibility of revenue and margins to
any adverse impact of government regulations and to volatility in
raw material prices. These ratings weaknesses are partially
offset by benefits derived from the healthy demand for bauxite in
international markets, and the extensive experience of the
company's promoters in the mineral trading segment.

Outlook: Stable

CRISIL believes SMML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while working capital management
and profitability improve, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
any regulatory changes disrupt the company's supplies to
international markets, or in case of lower-than-expected revenue
or profitability or large capital withdrawal, adversely impacting
liquidity.

Set up in September 2013 and based in Bengaluru, SMML trades in
and exports bauxite. It primarily exports to China. The firm's
operations are managed by its managing partner, Mr. G Ravi Kumar.


SUNGLOW REALMART: CARE Assigns B+ Rating to INR5cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sunglow
Realmart Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Sunglow Realmart
Pvt. Ltd. (SRPL) is primarily constrained on account of
implementation and stabilization risk associated with the on-
going project, potential risk of termination of the lease
contract and susceptibility of revenues to demand for commercial
estate in and around Indore.

The rating, however, derives benefits from experience of the
promoters, established track record of operations of the BCMGroup
in Indore along with the location advantage.

Successful completion of its on-going project and timely
collection of lease rentals are the key rating sensitivities.

Indore-based SRPL is a private limited company incorporated in
2012. SRPL is promoted by Mr Rajesh Kumar Mehta and Mr Naveen
Kumar Mehta. SRPL is engaged into developing of commercial
properties. Currently, SRPL is constructing "BCM Arcade"
comprised of four floors with total leasable area of 39,787.25
Sq.ft. The primary source of income for SRPL would be the lease
rental income received from the total leasable area of the
commercial complex (BCM Arcade) and maintenance charges will be
payable by the lessees for the same. SRPL is planning to give the
entire property on lease to only one customer who could start the
hotel or hospital by using the entire property and for the same
SRPL has started approaching different clients.

SRPL is a part of BCM group which is engaged in the development
of housing projects, integrated townships, commercial complex,
plot developments and construction of educational institutes.
Over the years, the group has developed more than 10 projects at
various locations mainly in Indore and established its presence
into the real estate industry.


SUNSHINE INDUSTRIES: ICRA Suspends B- Rating on INR5.25cr Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B- assigned to the INR5.25
crore cash credit facility of Sunshine Industries (SI). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


TEKNO PRINT: CARE Lowers Rating on INR4.80cr LT Bank Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Tekno Print Solutions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.80      CARE D Revised from
                                            CARE B+

   Short-term Bank Facilities     0.20      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Tekno Print Solutions (TPS) takes into account the delays in debt
servicing due to stretched liquidity.

Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr Parshant Mudgil in June, 2012. Later
on, in July 2013, the constitution was converted to a partnership
firm having MrSanjeev Chowdary, Mr Parshant Mudgil and Mr Deepak
Kumar as its partners, sharing profit and loss in the ratio of
51.00%, 24.50% and 24.50% respectively. FY14 was the first full
year of operations.

TPS is engaged in the trading of printing material like rollers,
blankets, solvents and adhesives. The firm is the authorized
dealer of 'Bottcher Systems' and also procures material from
various manufacturers based in Maharashtra, Delhi, Madhya Pradesh
and Punjab and supplies to wholesalers and retailers located in
Punjab, Himachal Pradesh, Uttar Pradesh and Uttarakhand.


TIRUMALLA OIL: CRISIL Assigns B+ Rating to INR113MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Tirumalla Oil Refinery Private Limited
(TORPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            113       CRISIL B+/Stable
   Term Loan               55       CRISIL B+/Stable

The rating reflects TORPL`s below average financial risk profile
marked by high gearing and below average debt protection metrics.
The rating also factors in its initial phase and modest scale of
operations, susceptible to intense competition in edible oil
industry. These rating weaknesses are partially offset by
extensive experience of TORPL`s promoters in edible oil industry
and their funding support, and established relations with
suppliers and customers.

Outlook: Stable
CRISIL believes that TORPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company ramps-up
its sales in timely manner and reports higher than expected cash
accruals leading to better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case the company's
financial risk profile, particularly liquidity, weakens because
of low cash accruals most likely on account of lower sales or
profitability, or stretch in its working capital cycle.

Incorporated in January 2015, TORPL refines crude edible oil and
sells it under own brand 'Tirumalla'. It is promoted by Mr.
Suresh Kute and Mrs. Archana Kute, and its manufacturing unit is
located at Beed (Maharashtra). It has started operations from
April 2016.


TRIMURTI FOODTECH: CRISIL Reaffirms B Rating on INR80MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Trimurti
Foodtech Private Limited (TFPL) continues to reflect TFPL's
moderate financial risk profile, marked by a moderate net worth
and average debt protection metrics, its exposure to volatility
in raw material prices, and its working-capital-intensive
operations, leading to limited financial flexibility.

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

   Funded Interest
   Term Loan                20       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        0.2     CRISIL B/Stable (Reaffirmed)

   Term Loan                38.2     CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan                80.0     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of TFPL's promoter, and its management by
professionals with experience in the food grain industry.
Furthermore, TFPL's diverse revenue streams mitigate its exposure
to risks relating to downturns in any single food category.

Outlook: Stable

CRISIL believes that TFPL will maintain its business risk profile
over the medium term, backed by its improved scale of operations
and profitability. The outlook may be revised to 'Positive' in
case of significant improvement in its cash accruals and
profitability. Conversely, the outlook may be revised to
'Negative' if company's reports considerably lower-than-expected
revenue or lengthening of its working capital cycle, thereby
constraining its liquidity.

Incorporated in 2007, TFPL manufactures frozen food products
including vegetables, fruit pulp, and snacks. The company also
owns the Pet Pooja chain of restaurants, which it lets out on a
franchise basis. TFPL exports the major portion of its frozen
vegetables and fruit pulp production under the brand Fresh
Valley, while most of its snack production is utilised in the Pet
Pooja outlets. The company is promoted by Mr. Atul Banginwar, who
has been involved in the food industry since 1991 through his
proprietorship concern, Trimurti Foods, which manufactures Indian
sweets and chocolates under the brands Gopimalai and Frootlet.


UMIYA COT: CARE Downgrades Rating on INR13cr LT Loan to B+
----------------------------------------------------------
CARE revises lt rating and reaffirms st rating assigned to the
bank facilities of Umiya Cot Fibers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.00      CARE B+ Revised from
                                            CARE BB

   Short-term Bank Facilities     5.40      CARE A4 Reaffirmed

Rating Rationale

For arriving at the rating of Umiya Cot Fibers (UCF), CARE has
taken a combined view of the P I Patel group entities (PIPG)
including UCF, P. I. Patel industries (rated CARE B+/A4), Navneet
Ginning & Pressing Pvt. Ltd (rated CARE B+/A4), P. B. Cotton
Industries (rated CARE D), Kuvarba Cotton Industries (rated CARE
BB/A4) and Kokila Cotton Industries (rated CARE D) due to their
operational and financials linkages along with common management.

Revision in the long-term rating assigned to the bank facilities
of UCF takes into account the weakening of liquidity profile
of PIPG on the back of stretched debtor collection.

The ratings assigned to the bank facilities continue to remain
constrained on account of PIPG financial risk profile marked
by thin profitability, leveraged capital structure and presence
in a highly competitive and fragmented cotton ginning industry.
The ratings are further constrained on account of the
susceptibility of its profitability to volatile raw material
prices and seasonality associated with the availability of cotton
coupled with the impact of changes in the government policy on
cotton.

The ratings, however, favorably takes into account the wide
experience of the management in the cotton ginning business,
established operations in cotton processing business and its
proximity to cotton-producing region of Gujarat.

The ability of PIPG to increase its scale of operations along
with improvement in profitability while managing volatility
associated with the cotton prices, improvement in liquidity
position and sustained improvement in capital structure are the
key rating sensitivities.

Constituted as a partnership firm in 2005, UCF is engaged into
cotton ginning & pressing activity apart from trading of some
agro commodities. UCF is currently operating from its sole
processing unit located at Dhoraji in Rajkot district of Gujarat
with an installed capacity of 350 Bales per Day (bpd) for cotton
ginning & pressing as on March 31, 2016.

PIPG is one of large cotton-ginning groups based at Gujarat
having a combined ginning and pressing capacity of 1,595 BPD and
seed crushing capacity of 31 TPD as on March 31, 2016.

All the PIPG group entities are engaged in the similar line of
business. During FY15 (refers to period April 1 to March 31),
on a combined basis, PIPG reported the total operating income of
INR451.99 crore (INR512.79 crore in FY14) and net profit of
INR0.27 crore (INR1.01 crore in FY14).

UCF reported a PAT of INR0.05 crore on a total operating income
of INR51.73 crore in FY15 (A) as against a PAT of INR0.18 crore
on a total operating income of Rs72.86 crore in FY14 (A).


UTTAM INDUSTRIAL: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Uttam Industrial
Engineering Limited's (UIEL) Long-Term Issuer Rating at 'IND BB-
'. The Outlook is Stable. A full list of rating actions is at the
end of the commentary.

KEY RATING DRIVERS

The affirmation reflects UIEL's continued concentrated order book
position and small scale of operations. The sugar industry
continues to account for 100% of its order book. This is despite
an improvement in the order book size to about INR2.6 billion at
FYE16 (FYE15: INR0.96 billion) reflecting revenue visibility for
FY17-FY18. The cyclicality in the sugar industry leads to
fluctuations in the order book and revenue of the company. The
company estimates to have clocked revenue of INR341 million in
FY16 (FY15: INR467 million; FY14: INR768 million). Declining top
line along with higher fixed expenses resulted in a lower EBITDA
of about INR20 million (estimated) for the company in FY16 (FY15:
INR40 million; FY14: INR68 million).

However, Ind-Ra expects the revenue and EBITDA to improve during
FY17-FY18 backed by UIEL's improved order book position and
improved realisation as fixed cost absorption would be lower.
However, the company's ability to sustain a higher EBITDA remains
exposed to the cyclicality of its end-user industry.

Ind-Ra expects the company's credit metrics to have moderated in
FY16 driven by the lower EBITDA. The interest coverage was 2.5x
in FY15 (FY14: 3.3x) and financial leverage (total debt/operating
EBITDA) was 3.5x (3x) excluding the corporate guarantees of
INR4,375 million (INR5,559.9 million; INR6,285 million) given to
group companies. However, the credit profile is likely to improve
during FY17 on account of improved EBITDA and lower borrowings
due to repayments.

The ratings factor in UIEL's adequate liquidity position,
indicated by its negative working capital cycle during FY12-FY15.
This is because of the company's high creditor days on account of
the advances received from the customers.

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue, credit metrics
and liquidity will be positive for the ratings.

Negative: A sustained decline in the revenue, deterioration in
the credit metrics and liquidity profile will be negative for the
ratings.

COMPANY PROFILE

UIEL is a privately held company, engaged primarily in the
engineering of equipment and machinery and execution of turnkey
projects for the sugar industry.

UIEL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
Stable
-- INR121 million term loans (increased from INR75.6 million):
    affirmed at 'IND BB-'/Stable
-- INR5 million fund-based limits (reduced from INR10 million):
    affirmed at 'IND BB-'/Stable
-- INR370 million non-fund based limits (increased from INR220
    million): affirmed at 'IND A4+'


VERMA TRACTORS: ICRA Reaffirms B/A4 Rating on INR7.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B and short
term rating of [ICRA]A4 on the INR7.0 crore fund based bank
limits of Verma Tractors (VT).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      7.00       [ICRA]B/[ICRA]A4; reaffirmed

ICRA's ratings take into account Verma Tractors' (VT) established
presence as an Escorts tractor dealer in Barabanki district of
Uttar Pradesh. The ratings are however, constrained by the firm's
declining sales, in line with the micro market of the region of
operation, thin profit margins and continued high working capital
intensity (NWC/OI of 35% for FY2016), leading to a stretched
liquidity position. The ratings are further constrained by the
stretched financial risk profile of the firm as reflected in its
high gearing of 3.5x as on March 31, 2016 and weak debt coverage
indicators (DSCR of 1.1x and OPBDITA/Interest of 0.9x in FY2016).
The ratings also take into account the highly cyclical nature of
the industry with strong dependence on monsoons and government
policies towards farm mechanization and also high competitive
intensity with competition from dealers of Mahindra & Mahindra,
Swaraj and Sonalika etc.

The firm's ability to scale up its operations, improve its profit
margins, improve its financial risk profile, and optimise its
working capital requirements will remain the key rating
sensitivities.

Verma Tractors, a partnership firm, was formed in 2004 with Mrs.
Daya Rani Verma, Mrs. Archana Verma and Mr. Suresh Chandra Verma
as its partners. The firm is managed by Mr. Suresh Chandra Verma.
VT is an authorized dealer for sales and distribution of Escorts
Limited with its business concentrated in and around the
Barabanki district of Uttar Pradesh with its four outlets located
in the region.

Recent Results
For FY2015, the company reported a net profit of INR0.07 crore on
an operating income of INR29.70 crore, as compared to a net
profit of INR0.08 crore on an operating income of INR31.42 crore
for the previous year. The company, on a provisional basis,
reported a net profit of INR0.10 crore on an operating income of
INR23.51 crore for FY2016.


VITTHALRAO SHINDE: CRISIL Reaffirms B+ Rating on INR600M Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vitthalrao
Shinde Sahakari Sakhar Karkhana Limited (VSSSKL) continues to
reflect the company's weak financial risk profile because of
leveraged capital structure, muted debt protection metrics, and
stretched liquidity as a result of large working capital
requirement and debt obligation. The rating also factors in
susceptibility to cyclicality in, and regulatory framework of,
the sugar industry. These weaknesses are partially offset by the
extensive experience of VSSSKL's promoter and comfortable
operating efficiency backed by integrated operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      600      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Demand Loan             400      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes VSSSKL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if improvement in working capital
cycle through liquidation of stock leads to better liquidity and
capital structure. The outlook may be revised to 'Negative' if
larger-than-expected debt-funded capital expenditure or sharp
decrease in cash accrual further weakens financial risk profile,
especially liquidity.

Set up as a cooperative institution in 2001 by Mr. Babanrao
Shinde, VSSSKL has a sugar plant with crushing capacity of 8500
tonne per day, a 60-megawatt power cogeneration plant, and a
distillery with 60 kilolitre per day capacity.



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


MITSUBISHI MOTORS: Expects JPY145BB Net Loss Amid Mileage Scandal
-----------------------------------------------------------------
Bloomberg News reports that Mitsubishi Motors Corp. forecast its
first loss in eight years after setting aside compensation costs
related to manipulating fuel-efficiency ratings and falsifying
test data.

Net loss in the year ending March 31 will probably be JPY145
billion ($1.4 billion), the company said in a statement on
June 22, Bloomberg relays. That compares with the JPY60.03
billion average loss of eight analysts' estimates compiled by
Bloomberg. Mitsubishi Motors sees a JPY205 billion impact from
fuel tests this fiscal year.

Bloomberg notes that the forecast comes after Chairman Osamu
Masuko said the company aims to resume minicar production early
next month and is prepared for some price cuts.  According to
Bloomberg, Mitsubishi Motors last week made additional
disclosures about the extent of the manipulation in mileage
ratings and falsified test data, in a scandal that has damaged
its brand, claimed two top executives and forced the automaker to
turn to Nissan Motor Co. for a bail out.

Nissan, which plans to spend about JPY237.4 billion for a 34
percent stake in Mitsubishi Motors, expects common platforms and
joint purchasing will result in synergies equal to about 20
percent of its investment, Chief Financial Officer Joseph Peter
said on June 22, Bloomberg relays.

Bloomberg relates that Mitsubishi Motors' latest announcements
have been within Nissan's expectations and will not impact its
plans, he said after the company's annual shareholders meeting.

As much as JPY9 billion is estimated as costs related to tax
rebates after reclassification of vehicles, Masuko told reporters
on June 22, according to Bloomberg. The financial impact from the
scandal won't carry over to the next financial year, he said.

Bloomberg says the automaker will book JPY150 billion in one-time
charges on fuel tests, which will include JPY100 billion in
payments to Nissan, suppliers and costs of halting production at
its Mizushima plant. Mitsubishi Motors said last week it'll book
a one-time charge of JPY50 billion this fiscal year to compensate
buyers.

Transport Minister Keiichi Ishii said on June 22 the scandal has
damaged the reputation of Japan's auto industry and Mitsubishi
Motors will face stricter type certification for some time to
come, adds Bloomberg.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, The Japan Times said Mitsubishi abstained from
releasing a forecast for fiscal 2016 on April 27 as a scandal
involving falsified fuel efficiency figures threatened to be a
road wreck for the automaker.

On April 26, 2016, Standard & Poor's Ratings Services said that
it has placed its 'BB+' long-term corporate credit rating on
Japan-based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.


SHARP CORP: Hon Hai Confirms 7,000 Job Cut as Sale Deal Completed
-----------------------------------------------------------------
The Japan Times reports that the new boss of Sharp Corp.
confirmed on June 22 that it is planning to lay off 7,000
employees worldwide after Taiwan's Hon Hai Precision Industry Co.
takes over the century-old firm.

Tai Jeng-wu, the new head of the Japanese electronics maker, made
the remark following a meeting in Taipei of shareholders of Hon
Hai, better known by the trade name Foxconn, according to the
report.

He also vowed to "change the culture" of the company, The Japan
Times relates.

"If Sharp is a kid, it is a rich kid who would learn better at
school rather than at home," the report quotes Tai as saying.

Because he is an outsider, Tai said it will be easier for him to
reform the company, the report relays.

The Japan Times relates that during the shareholders' meeting,
Hon Hai Chairman Terry Gou said the Taiwanese contract
electronics manufacturer will complete legal procedures to buy
Sharp Corp. before the end of June.

Gou stressed that the acquisition process is going smoothly, the
report says.

Attention at the meeting focused on how Hon Hai plans to rebuild
the struggling Japanese electronics maker. It signed a formal
contract to buy Sharp in April, according to The Japan Times.

Under the deal, the Hon Hai group will invest JPY388.8 billion to
acquire 66 percent of Sharp's voting rights, becoming the largest
shareholder.

After completing the acquisition, Sharp President Kozo Takahashi
will retire, the report notes.

The Japan Times adds that Mr. Gou said Sharp's technical
advantages are strong and said he sees potential for synergy.

Sharp posted a group net loss of JPY255.9 billion for the
business year that ended in March, the report discloses.
Shareholders were expected to approve the acquisition at an
annual meeting on June 23, the report notes.

                           About Sharp

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.  More than ever, the Japanese electronics
maker is banking on Hon Hai Precision Industry, its soon-to-be
owner, to turn around its fortunes, Nikkei said.  According to
Nikkei, Sharp announced on May 12 that its group net
loss came in at JPY255.9 billion ($2.35 billion) for the year
ended in March. The figure is wider than the previous fiscal
year's JPY222.3 billion group net loss. The company's display
panel business and consumer electronics business in particular
sunk the company deeper into its hole.  Heavy extraordinary
losses also damaged the overall result. The operating loss came
in at JPY161.9 billion, narrower than the JPY170 billion that
Sharp had forecast.

The company's net worth now stands at minus JPY31.2 billion, with
a capital to asset ratio at minus 2.7%. However, fresh funding
from Taiwan's Hon Hai, once the takeover is completed, is
expected to bring the Japanese electronics giant's net worth back
above zero, Nikkei noted.

On May 17, 2016, S&P Global Ratings said it has raised its long-
term corporate credit rating on Sharp Corp. to 'CCC+' from 'CCC'.
S&P kept the rating on CreditWatch with positive implications.
S&P also maintained its 'C' short-term corporate credit and
commercial paper program ratings and S&P's 'CCC+' long-term
senior unsecured debt rating on Sharp on CreditWatch positive.
At the same time, S&P also raised its long-term corporate credit
rating on overseas Sharp subsidiary Sharp International Finance
(U.K.) PLC. to 'CCC+' from 'CCC', kept the rating on CreditWatch
positive, and kept S&P's 'C' short-term corporate credit and
commercial paper program ratings on the subsidiary on CreditWatch
positive.

The upgrade reflects more clear confirmation that Sharp's
creditor banks intend to maintain their supportive stance toward
the company, as borne out by agreements Sharp has updated on
existing syndicated loans.  The updated agreements include lower
interest rates and longer repayment dates.  S&P continues to
place its ratings on Sharp on CreditWatch with positive
implications because Sharp's financial base is likely to improve
as a result of a capital injection from Taiwan's Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--) and a degree of
stabilization of Sharp's LCD business within the Hon Hai group.

S&P revised to positive from negative the CreditWatch
implications on its rating on Sharp on March 31, 2016, following
the company's announcement on March 30, 2016, that it will issue
new shares through third-party allocations totaling JPY388.8
billion to Hon Hai and its group companies by Oct. 5, 2016.  Hon
Hai also announced it would acquire Sharp's shares.

The TCR-AP reported on April 15, 2016, that Egan-Jones Ratings
Company lowered the foreign currency senior unsecured rating on
debt issued by Sharp Corp. Japan to CCC+ from B- on March 30,
2016.


TOSHIBA CORP: Public Pension Fund Sues For Accounting Scandal
-------------------------------------------------------------
Reuters reports that Japan's public pension fund said it sued
Toshiba Corp for JPY964 million ($9.2 million) through an asset
manager for losses stemming from the technology and industrial
conglomerate's $1.3 billion accounting scandal last year.

Reuters relates that a Government Pension Investment Fund (GPIF)
official confirmed a Wall Street Journal report on June 23 which
said a lawsuit by Japan Trustee Services Bank against Toshiba,
filed on May 6 and previously reported by other media, had been
on its behalf.

According to Reuters, Toshiba's shares have been recovering in
recent months but are still down around 40 percent from early
April 2015 when Toshiba first disclosed accounting
irregularities.

Reuters says GPIF, the world's biggest pension fund, decided in
2014 to double its allocation for share holdings in its trillion-
dollar portfolio, while slashing investments in low-yielding
government bonds, in a bid for greater returns and risk.

It has also said it could consider corporate governance, in
addition to investor returns, when deciding on stock investments,
raising expectations it could play a bigger role in improving
corporate governance in Japan, Reuters relays.

An investigation last year found widespread accounting errors
throughout the laptops-to-nuclear conglomerate, and blamed a
corporate culture in which employees found it difficult to
question their superiors, adds Reuters.

                            About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



=========
M A C A U
=========


TAI FUNG: Fitch Downgrades Viability Rating to 'bb+'
----------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of Tai Fung Bank at 'BBB+', Industrial and Commercial Bank
of China (Macau) Limited (ICBC Macau) at 'A' and Banco OCBC Weng
Hang, S.A. (BWH) at 'A+'. The Outlooks are Stable. Tai Fung
Bank's Viability Rating (VR) has been downgraded to 'bb+' from
'bbb-'. A full list of rating actions is at the end of this
rating action commentary.

Fitch said, "The affirmations reflect Fitch's view that timely
and extraordinary support from their parents will flow to the
three Macao banks, if required. We believe the support for ICBC
Macau and TFB will ultimately come from the Chinese government as
their respective parents, Industrial and Commercial Bank of China
Ltd (ICBC; A/Stable) and Bank of China Ltd. (BOC, A/Stable) are
state-owned."

The rating actions follow Fitch's peer group review for banks in
Macao, in which Fitch lowered the outlook on the operating
environment for Macao banks to negative to reflect rising risks
from a sustained decline in property prices in Macao, depressed
gaming revenues, and the slowdown of China's economy. This is in
line with Fitch's negative sector outlook for Macao banks for
2016.

KEY RATING DRIVERS

IDRS AND SUPPORT RATINGS
The affirmations of Tai Fung Bank's IDRs and Support Rating (SR)
at '2' reflect Fitch's view the bank is of limited importance to
its 50.3% shareholder, BOC. Fitch maintains a two-notch gap
between the IDRs of Tai Fung Bank and BOC due to limited
integration and synergies between the two, the subsidiary's
significant management autonomy, their separate IT systems and
their different branding identities. Tai Fung Bank's relative
size - 0.6% of BOC's total assets at end-2015 - is small and it
is overshadowed by BOC's Macao branch, which is the largest bank
in Macao.

ICBC Macau's IDRs are aligned with those of ICBC, which owns
89.3% of the subsidiary, because Fitch views ICBC Macau as a core
subsidiary to ICBC. The SR of '1' captures Fitch's view that a
default of ICBC Macau would pose huge reputational risk to ICBC,
the subsidiary's integration with the parent is strong, the group
has a centralised risk management system, their shared brand
identity and the subsidiary's important role in providing
offshore cross-border financing services in Greater China. In
2015, ICBC injected $US360m of capital and provided a new standby
facility to ICBC Macau.

BWH's IDRs and SR at '1' are based on its strategic importance to
its ultimate parent Oversea-Chinese Banking Corp (OCBC; AA-
/Stable). The one-notch difference between the IDRs of BWH and
OCBC reflects that BWH is still being integrated into OCBC even
though the Singapore-based bank has identified Greater China as a
core market. OCBC acquired BWH's parent OCBC Wing Hang Bank (WHB;
A+/Stable) in 2014.

The Stable Outlooks of the three banks mirror those of their
respective parents.

VR (TFB)
Fitch downgraded Tai Fung Bank's VR because the bank's financial
profile, in particular its capitalisation, has weakened
gradually. In addition, Fitch expects the bank's higher risk
appetite and the weaker economic environment to pose challenges
to the bank's earnings and capital.

Tai Fung Bank's Fitch Core Capital (FCC) ratio, excluding large
property revaluation reserves, fell to 7% of risk-weighted assets
(RWA) at end-2015, which was below the average of its peers, from
9% at end-2014. RWAs grew by 42% in 2015, driven in part by
expansion and Macao's migration from the Basel I regime to Basel
II in October 2015. TFB's regulatory total capital ratio of
13.3%, which is well-above regulatory minimum of 8%, reflects its
increased loss-absorption buffers following the issuance of
MOP2.6bn of preference shares in 2015.

Fitch said, "Tai Fung Bank's mainland China exposure grew by 35%
in 2015 to 2x of its FCC (2014: 1.6x) due to growing non-bank
exposure. The bank's property-related loans remain large at 46%
of the total underpinned by 12% growth in 2015. We see a growing
risk from the sharp rise in the bank's equity investments, which
amounted to 24% of its FCC at end-2015 (end-2014: 4%).

"TFB's adequate funding and liquidity position benefits from its
local franchise as the third-largest bank in Macao, although its
funding base is concentrated in a few large funding providers.
The bank's reported NPL ratio was only 0.04% at end-2015, the
lowest among Fitch-rated Macao banks, but we consider the NPL
ratio to be a lagging indicator that could deteriorate quickly
under the current difficult operating environment.

"Fitch does not assign a VR to ICBC Macau as the bank does not
have a meaningful standalone franchise given its high integration
with ICBC. We also do not assign a VR to BWH as the entity
remains closely linked to its direct parent WHB."

SUBORDINATED DEBT (ICBC Macau)
ICBC Macau's subordinated debt is rated one notch below its IDR
to reflect higher loss severity relative to senior unsecured
debt. The IDR is used as the anchor rating because Fitch believes
ICBC would likely extend support to repay the subordinated debt,
if required.

RATING SENSITIVITIES
IDRS AND SUPPORT RATINGS
The three banks' IDRs and SRs are sensitive to changes in
assumptions around the ability and propensity of their respective
parents to provide support in a timely manner.

Tai Fung Bank's IDRs and SR, and BWH's IDRs could be upgraded if
they were to strengthen their integration with their parents.

ICBC Macau's IDRs and SR could be downgraded if the support from
ICBC was to weaken.

VR (Tai Fung Bank)
TFB's VR could be upgraded if the bank were to strengthen its
capital base, diversify its business composition and maintain
satisfactory asset quality through the economic cycle.

Its VR could be downgraded if its risk appetite, asset quality
and capitalisation were to materially deteriorate. However, this
is not Fitch's base case.

SUBORDINATED DEBT (ICBC Macau)
ICBC Macau's subordinated debt rating is broadly sensitive to the
same considerations that might affect ICBC Macau's IDR.

The rating actions are as follows:

Tai Fung Bank
Long-Term Foreign-Currency IDR affirmed at 'BBB+'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F2'
Viability Rating downgraded to 'bb+' from 'bbb-'
Support Rating affirmed at '2'

ICBC Macau
Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F1'
Support Rating affirmed at '1'
Subordinated notes affirmed at 'A-'

Banco OCBC Weng Hang
Long-Term Foreign-Currency IDR affirmed at 'A+'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F1'
Support Rating affirmed at '1'



=============================
P A P U A  N E W  G U I N E A
=============================


PAPUA NEW GUINEA: B2 Rating Reflects Challenges, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that Government of Papua New
Guinea's B2 issuer rating and stable outlook reflect structural
challenges stemming from the economy's reliance on commodity
exports, as well as low per capita income and poor
infrastructure.

These weaknesses are balanced by more robust longer-term
prospects given the demonstrated competitiveness of the PNG LNG
Project, which could pave the way for similarly large investments
in the future.

Moody's conclusions were contained in its just-released credit
analysis, titled "Government of Papua New Guinea - B2 Stable" and
which examines the sovereign in four categories: economic
strength, which is assessed as "low (-)"; institutional strength
"very low (+)"; fiscal strength "moderate (+)"; and
susceptibility to event risk "moderate".

On April 25, 2016, Moody's downgraded Papua New Guinea's rating
to B2 from B1, reflecting heightened pressures on government and
external liquidity that will persist amid lower commodity prices
and a challenging near-term economic environment.

Lower oil prices and the consequent economic adjustment following
the completion of the country's large liquefied natural gas (LNG)
project will result in much slower growth in 2016 and 2017 than
in previous years.

Lower commodity prices also contributed to a decline in
government revenue as a share of GDP and a further fall in
foreign currency reserves in 2015 and into this year.

Despite the government's efforts to curb expenditure, fiscal
deficits remain wide and debt levels continue to climb.
Government liquidity risks have risen due to an increasing
reliance on short-term financing, while higher interest rates
have reduced debt affordability.

In addition, the central bank's capital controls and the
concurrent decline in foreign reserves have made it more
difficult for companies to obtain foreign currency and meet
cross-border payments.

The stable outlook on the rating balances this weak near-term
growth outlook against more robust prospects over the longer
term.

The potential boost to growth from investment in large energy and
mining projects in coming years could help alleviate fiscal and
external pressures, and lead to upward pressure on the rating.

Downward rating pressure could develop as a result of (1) a re-
emergence of wide fiscal deficits, leading to a rapid rise in
government debt, (2) worsening growth prospects that ultimately
weigh on fiscal and debt sustainability, and (3) a further
decline in foreign currency reserves that increases external
payment risks.

Subscribers can access the report at:

https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC
_1025065



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


BANK OF CEYLON: Moody's Affirms LT Currency Deposit Rating at B1
----------------------------------------------------------------
Moody's Investors Service has affirmed the long-term ratings of
three banks in Sri Lanka (B1 negative).

Moody's has also revised their ratings outlooks to negative from
stable.

The rating actions follow the affirmation of Sri Lanka's B1
sovereign rating, and the change in outlook on the sovereign
rating to negative from stable on June 20, 2016.

The affected banks are: (1) Bank of Ceylon; (2) Hatton National
Bank Ltd.; and (3) Sampath Bank PLC.

The baseline credit assessments (BCAs) and Adjusted BCAs of the
three banks were affirmed at b1.

The counterparty risk assessments (CRAs) of the three banks were
affirmed at Ba3(cr)/NP(cr).

In Moody's view, the operating conditions for Sri Lanka's banks
have weakened because of lower-than-expected policy
effectiveness. As a result, Moody's has changed Sri Lanka's Macro
Profile to "Moderate -" from "Moderate".

RATINGS RATIONALE

The credit ratings on the three banks were affirmed and their
outlooks changed to negative because Moody's affirmed Sri Lanka's
B1 sovereign rating and changed its outlook to negative from
stable on June 20, 2016.

The ratings and outlooks of banks typically follow the ratings
and outlooks of their respective governments if the banks'
ratings are positioned at the same level as capped by the
sovereign rating, which is the case for Bank of Ceylon, Hatton
National Bank Ltd. and Sampath Bank PLC.

Typically, such linkages between the sovereign credit profile and
the credit metrics of the domestic banks are driven by the banks'
large investments in sovereign bonds.

The key drivers of Sri Lanka's sovereign outlook change to
negative from stable are: (1) Moody's expectation of a further
weakening in some of Sri Lanka's fiscal metrics in an environment
of subdued GDP growth; and (2) the possibility that the
effectiveness of the fiscal reforms envisaged by the government
may be lower than we currently expect, which could further weaken
fiscal and economic performance.

Moody's has also changed its Macro Profile for Sri Lanka to
"Moderate -" from "Moderate", reflecting our view that operating
conditions have weakened for Sri Lankan banks.  In particular,
Moody's has lowered its "institutional strength" score for Sri
Lanka's Macro Profile.  The fiscal consolidation path targeted by
the authorities and outlined in the IMF program is ambitious;
sustaining such efforts will challenge the government's
institutional capacities and might affect GDP growth over the
short term.  The decrease in score for Sri Lanka's Macro Profile
has had no impact on the BCAs of the three Sri Lankan banks.

RATIONALE BEHIND THE AFFIRMATION OF BANKS' BCAs, ADJUSTED BCAs,
AND CRAs

Moody's has affirmed the b1 BCAs and b1 Adjusted BCAs of the
three banks.

For Bank of Ceylon, its b1 BCA was affirmed owing to the bank's
broadly stable asset quality with a 3.8% problem loans ratio at
end-March 2016, as well as Moody's expectation that its
profitability will increase because of lower loan loss provisions
and improved margins.  Moody's also expects that the bank's
capital buffer will remain stable, albeit low, at 6.05%,
calculated as tangible common equity / adjusted risk weighted
assets (TCE ratio) as of the same date.

For Hatton National Bank Ltd., its BCA was affirmed because of
the bank's moderate capital adequacy position with a TCE ratio of
10.3% at end-March 2016.  In addition, it has healthy
profitability with a return on average assets of 1.8% for 1Q
2016. The BCA also captures the bank's tight liquidity profile as
seen in the high loans-to-deposits ratio of 98% at end-March.
The bank's asset quality improved in 2015 and early 2016, with
problem loans of 2.4% as of the same date.  Moody's notes that
the bank's rapid credit growth of 26% in 2015 could mask asset
quality challenges because a large proportion of loans is
unseasoned.

The BCA of Sampath Bank PLC was affirmed because of the bank's
healthy asset quality; a problem loans ratio of 1.64% at end-2015
and problem loans coverage of 111%.  Similar to Hatton National
Bank, Sampath Bank reported very high loan growth of 24% in 2015,
which could mask asset quality challenges.  Profitability remains
a key credit strength of the bank, with its return on average
assets over the last three years averaging at 1.23%.  The bank's
capital levels are low, with a TCE ratio of 6.9% end-2015.

The Counterparty Risk Assessments of the three banks were
affirmed because of the respective affirmation of these banks'
Adjusted BCAs.

WHAT COULD MOVE THE RATING UP/DOWN

Given the revision of the sovereign rating outlook to negative
from stable, there is no potential for an upward revision of the
long-term credit ratings of the three Sri Lankan banks.  This is
because the banks' long-term ratings are positioned at the same
level as Sri Lanka's sovereign B1 rating.

A downgrade of Sri Lanka's sovereign rating will result in a
downgrade of the long-term credit ratings of the three Sri Lankan
banks.

The BCAs of the three banks could be lowered if there is a
material deterioration in solvency factors, such as asset
quality, profitability and capital.  Tighter liquidity and an
increased reliance on market funding will also be negative for
the BCAs.

LIST OF AFFECTED RATINGS AND ASSESSMENTS

Bank of Ceylon
  Long-term local currency deposit rating affirmed at B1, outlook
   revised to negative
  Long-term foreign currency deposit rating affirmed at B2,
   outlook revised to negative
  Long-term foreign currency issuer and senior unsecured ratings
   affirmed at B1, outlook revised to negative
  Short-term domestic and foreign currency deposit ratings remain
   unchanged at NP
  BCA and Adjusted BCA affirmed at b1
  Counterparty Risk Assessments (CRA) affirmed at Ba3(cr)/NP(cr)

Sampath Bank PLC
  Long-term local currency deposit rating affirmed at B1, outlook
   revised to negative
  Long-term foreign currency deposit rating affirmed at B2,
   outlook revised to negative
  Long-term foreign currency issuer rating affirmed at B1,
outlook
   revised to negative
  Short-term domestic and foreign currency deposit ratings remain
   unchanged at NP
  BCA and Adjusted BCA affirmed at b1
  Counterparty Risk Assessments (CRA) affirmed at Ba3(cr)/NP(cr)

Hatton National Bank Ltd.
  Long-term local currency deposit rating affirmed at B1, outlook
   revised to negative
  Long-term foreign currency deposit rating affirmed at B2,
   outlook revised to negative
  Long-term foreign currency issuer rating affirmed at B1,
outlook
   revised to negative
  Short-term domestic and foreign currency deposit ratings remain
   unchanged at NP
  BCA and Adjusted BCA affirmed at b1

The principal methodology used in these ratings was Banks
published in January 2016.


SRI LANKA: Moody's Affirms B1 Rating, Changes Outlook to Negative
-----------------------------------------------------------------
Moody's Investors Service has affirmed the government of Sri
Lanka's foreign currency issuer and senior unsecured sovereign
ratings at B1 and changed the outlook to negative from stable.

Two key drivers underpin the change in outlook to negative from
stable:

  1) Moody's expectation of a further weakening in some of Sri
     Lanka's fiscal metrics in an environment of subdued GDP
     growth which could lead to renewed balance of payments
     pressure.

  2) The possibility that the effectiveness of the fiscal reforms
     envisaged by the government may be lower than Moody's
     currently expects, which could further weaken fiscal and
     economic performance.

At the same time, Sri Lanka's B1 rating is supported by the
economy's robust growth potential and higher income levels than
similarly-rated sovereigns.  With the effective implementation of
some of the fiscal policy measures and other structural reforms
planned under the IMF programme, the government would be able to
tap a significant potential revenue base.

                          RATINGS RATIONALE

RATIONALE FOR ASSIGNING A NEGATIVE OUTLOOK
WEAKENING IN FISCAL METRICS COULD LEAD TO RENEWED LIQUIDITY AND
EXTERNAL PRESSURE

The first driver of the negative outlook on Sri Lanka's B1
ratings is our expectation that the government's debt burden will
increase further, from high levels, which could intensify
external vulnerabilities and refinancing risks.

If there was a further marked deterioration in fiscal metrics
combined with heightened balance of payment pressures, Sri
Lanka's overall credit metrics would weaken compared to other B1-
rated sovereigns.

Moody's expects a more moderate reduction in budget deficits than
outlined in the projections published as part of the
International Monetary Fund's (IMF) Extended Fund Facility (EFF).
This reflects the difficulties in rapidly raising revenues after
years of decline in the efficiency of tax collection and
administration.  Moody's forecasts that the budget deficit will
narrow to slightly under 5% of GDP by 2020, from 7.4% in 2015 and
compared with 3.5% projected by the IMF as part of the EFF.

In addition, a number of state-owned enterprises are under
financial stress, pointing to sizeable contingent liability risk
for the government.  Some of these risks have already
crystallised with the government taking responsibility for
SriLankan airlines' (unrated) liabilities, worth Rs461 billion or
around 4% of GDP. These liabilities will inflate government debt,
at least temporarily.  Moody's assumes that the government will
retain responsibility for some of these liabilities.

With nominal GDP growth slower than in the last decade,
persistent sizeable deficits will raise the government's debt
burden.  Moody's expects government debt to rise to just under
80% of GDP and subsequently fall to around 75% by the end of the
decade, above the IMF's projections (68.2% in 2020) and debt
levels of similarly rated sovereigns.

With persistent elevated government debt and large borrowing
requirements, including for external and foreign currency debt
financing, latent liquidity and external risks will remain and
could escalate in an environment of global financial uncertainty.

Gross reserves declined to $5.6 billion in May 2016, equivalent
to 3.6 months of imports, from $7.3 billion six months earlier.
Gross reserves include foreign currency reserves which decreased
to $4.7 billion in May, from $6.5 billion last November.  At
these levels, foreign currency reserves are equivalent to around
3 months of imports, a low coverage, and only partially cover
external debt due over the year.

Funding from the IMF and other international agencies will likely
not fully finance the balance of the current account and foreign
direct investment.

The negative outlook captures the risk that without a sustained
resumption of portfolio inflows which slowed significantly last
year and continued access to international funding sources,
foreign exchange reserves could fall further and balance of
payment pressures would heighten.

LOWER THAN EXPECTED POLICY EFFECTIVENESS COULD FURTHER WEAKEN
FISCAL AND ECONOMIC PERFORMANCE

The fiscal consolidation path targeted by the authorities and
outlined in the IMF programme is ambitious.  Moody's assumes that
revenues increase in relation to GDP, albeit by less than
envisaged in the programme.  However, sustaining such efforts
will challenge the government's institutional capacities and
present hurdles as GDP growth is negatively affected, at least in
the short term, and demands on government spending rise as a
result.

Moreover, the significant overhaul of tax administration that is
envisaged will necessitate consistent implementation through
multiple levels of the administration in geographically diverse
areas which will be challenging.

There is a risk that, over time, the effectiveness of fiscal and
other structural reforms, including SOE reform and a move towards
flexible inflation targeting, is lower than the authorities and
we currently expect.  In turn, this could undermine the
credibility of the fiscal consolidation objectives and reduce
commitment to them and ultimately weaken fiscal and economic
performance, one of Sri Lanka's relative credit strengths.

RATIONALE FOR AFFIRMING SRI LANKA'S B1 RATING

A relatively large economy and higher income levels compared with
similarly-rated sovereigns support Sri Lanka's rating at B1.
These features point to the possibility for the government to
generate significant revenues should fiscal policy reforms
effectively broaden the tax base and enhance tax collection.

Moreover, further progress towards reconciliation would enhance
Sri Lanka's growth potential by unleashing production capacity in
the North and East of the country.  In turn, this would broaden
and consolidate the government's revenue base and bolster the
effectiveness of fiscal consolidation measures.

Furthermore, if the planned shift to an inflation targeting
monetary policy regime is effective, it would increase exchange
rate flexibility, reduce the frequency and size of foreign
exchange interventions and help preserve foreign exchange
reserves.

WHAT COULD CHANGE THE RATING UP/DOWN

Signs that the fiscal consolidation measures are ineffective or
that the authorities' commitment towards fiscal consolidation is
wavering would point to a higher debt burden for longer and put
negative pressure on the rating.  In particular, if such
developments were accompanied by a marked fall in foreign
exchange reserves and lack of market access, a downgrade of the
rating would be possible.

The negative outlook signals that an upgrade is unlikely.
Evidence of effective implementation of fiscal reforms leading to
significant and lasting improvements in tax collection would be
positive.  Such an improvement, coupled with reforms of
macroeconomic policy that lead to more stable external financing
conditions, would support a return of the rating outlook to
stable.

Economic Data
  GDP per capita (PPP basis, US$): 10,566 (2015 Actual) (also
   known as Per Capita Income)
  Real GDP growth (% change): 4.8% (2015 Actual) (also known as
   GDP Growth)
  Inflation Rate (CPI, % change Dec/Dec): 4.2% (2015 Actual)
  Gen. Gov. Financial Balance/GDP: -7.4% (2015 Actual) (also
known
   as Fiscal Balance)
  Current Account Balance/GDP: -2.4% (2015 Actual) (also known as
   External Balance)
  External debt/GDP: 54.4%
  Level of economic development: Moderate level of economic
   resilience
  Default history: No default events (on bonds or loans) have
been
   recorded since 1983.
  Rating Committee Minutes

On June 16, 2016, a rating committee was called to discuss the
rating of the Sri Lanka, Government of.  The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed.
The issuer's institutional strength/framework, have materially
decreased.  The issuer's fiscal or financial strength, including
its debt profile, has not materially changed.  The issuer's
susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



                             *********

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
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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
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