TCRAP_Public/160627.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, June 27, 2016, Vol. 19, No. 125


                            Headlines


A U S T R A L I A

APN NEWS: S&P Affirms Then Withdraws 'BB' Issuer Rating
AQUAINT CAPITAL: First Creditors' Meeting Set for July 4
BRONSON GROUP: de Vries Tayeh Appointed as Administrators
DICK SMITH: Shareholders to Receive Nothing After Firm Collapse
NEWCASTLE DISTRICT: First Creditors' Meeting Set For July 4

TAGARA BUILDERS: Subcontractors to Gain Nothing, Says Liquidator
TRITON TRUST 2014-P: Fitch Affirms 'Bsf' Rating on Class F Notes
VAN EYK: Macquarie Settles With ASIC Over Handling of Fund


C H I N A

CHINA AUTOMATION: S&P Lowers CCR to 'B-'; Outlook Negative
CHINA GINSENG: $1.6M Debenture Convertible to 4M Shares
SHENZHEN BAILI: Firm in Patent Dispute With Apple Insolvent

* CHINA: Corporate Bankruptcies Rise 52.5% in Q1


I N D I A

ABC TRANSFORMERS: CRISIL Assigns 'B' Rating to INR35MM Loan
AJAY ENGICONE: ICRA Assigns 'D' Rating to INR8.47cr Bank Loan
ANITHA TEXCOT: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
BANASHANKARI POULTRY: ICRA Assigns 'B' Rating to INR3.5cr Loan
BANSHIDHAR CONSTRUCTION: CRISIL Rates INR87.5MM LT Loan at B+

BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM LT Loan
BDB EXPORTS: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
CENTURY TEXOFIN: Ind-Ra Assigns BB Long-Term Issuer Rating
COMBINE DIAMONDS: CRISIL Suspends B+ Rating on INR240MM Loan
DEWSOFT FABRICATION: Ind-Ra Suspends B Long-Term Issuer Rating

GVK BAGODARA: CRISIL Suspends 'D' Rating on INR8.91BB Term Loan
HARICONS ENGINEERS: CRISIL Assigns B+ Rating to INR18.5MM Loan
KAVITA EXIM: ICRA Suspends B Rating on INR12.50cr Bank Loan
KIZAN IRON: CRISIL Suspends B+ Rating on INR100MM Capital Loan
KIZAN ISPAT: CRISIL Suspends 'B' Rating on INR1.20BB LT Loan

M. A. AMEER: CRISIL Reaffirms 'B' Rating on INR35M Cash Loan
MAHASHAKTI POLYCOAT: ICRA Assigns 'B' Rating to INR3.0cr Loan
MAHESHWAR REFOILS: ICRA Reaffirms 'B+' Rating on INR4.75cr Loan
MANPURIA AGRO: Ind-Ra Assigns BB Long-Term Issuer Rating
MANPURIA CONSORTIUM: Ind-Ra Assigns BB Long-Term Issuer Rating

MANPURIA REALATORS: Ind-Ra Assigns BB Long-Term Issuer Rating
MARUTI NANDAN: CRISIL Reaffirms 'B' Rating on INR101MM Loan
MEGHAAARIKA INTERNATIONAL: Ind-Ra Affirms IND BB- Issuer Rating
MEHTA INTERTRADE: CRISIL Suspends B+ Rating on INR384MM Loan
MONTAGE HEALTH: CRISIL Suspends B+ Rating on INR121.4MM Loan

PANALE INFRASTRUCTURES: CRISIL Reaffirms B- Rating on INR26M Loan
PIONEER NF: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
PNP ENGINEERING: CRISIL Ups Rating on INR110MM LT Loan to B-
PRABHAT POULTRY: CRISIL Suspends 'D' Rating on INR100MM Term Loan
PUNEET LABORATORIES: Ind-Ra Assigns B+ Long-Term Issuer Rating

R. B. MEHTA: CRISIL Suspends B+ Rating on INR58MM Loan
R. P. MOTORS: ICRA Reaffirms 'B' Rating on INR2.80cr Loan
RANKAS TEXFAB: Ind-Ra Assigns BB+ Long-Term Issuer Rating
RATNA COT: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
RIVU ENTERPRISES: Ind-Ra Lowers Long-Term Issuer Rating to D

ROLTA PRIVATE: Ind-Ra Lowers to 'BB' then Withdraws Rating
RUPNARAYAN VANJIYA: Ind-Ra Assigns BB Long-Term Issuer Rating
RVS EDUCATIONAL: Ind-Ra Suspends BB+ Rating on INR1,562MM Loan
S2 REALTY: ICRA Withdraws D Rating on INR7.0cr Term Loan
SAFIRE OFFSET: CRISIL Reaffirms 'D' Rating on INR80MM Cash Loan

SAMET PLAST: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan
SARWATI HOME: CRISIL Assigns 'B+' Rating to INR47MM Cash Loan
SAYONA CERAMIC: CRISIL Suspends 'B' Rating on INR39.3MM Loan
SHIV COTGIN: ICRA Lowers Rating on INR34cr Cash Loan to 'D'
SRI GAYATRI: ICRA Suspends 'D' Rating on INR12cr Loan

VERONICA MARINE: CRISIL Reaffirms B Rating on INR16.8MM LT Loan
VISHAL COATERS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
VRV FOODS: Ind-Ra Affirms D Long-Term Issuer Rating


J A P A N

SHARP CORP: Shareholders Grill Management Over Foxconn Deal


S I N G A P O R E

DCS ASSET: Fitch Affirms BB Rating on Class C Notes
SABANA SHARI'AH: S&P Lowers CCR to 'BB+'; Outlook Stable


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: S&P Affirms 'CCC+' CCR; Outlook Stable


S R I  L A N K A

DFCC BANK: Fitch Affirms 'B+' Long-Term Foreign-Currency IDR


                            - - - - -


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


APN NEWS: S&P Affirms Then Withdraws 'BB' Issuer Rating
-------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB' issuer and
issue ratings on APN News & Media Ltd.  S&P subsequently withdrew
the rating at the issuer's request.  This rating withdrawal
follows the shareholder approval of the demerger of the group's
New Zealand business and associated equity raising.  At the time
of withdrawal, the outlook on the long-term rating was stable.

RATINGS LIST

Not Rated Action; CreditWatch/Outlook Action
                               To                 From
APN News & Media Ltd.
Corporate Credit Rating       NR/--              BB/Stable/--

Not Rated Action
                               To                 From
APN Newspapers Pty Ltd.
Senior Secured
  Local Currency               NR                 BB
  Recovery Rating              NR                 4H

Biffin Pty Ltd
Senior Secured
  Local Currency               NR                 BB
  Recovery Rating              NR                 4H

Buspak Advertising (Hong Kong) Ltd.
Senior Secured
  Local Currency               NR                 BB
  Recovery Rating              NR                 4H

Cody Outdoor International (Hong Kong) Ltd.
Senior Secured
  Local Currency               NR                 BB
  Recovery Rating              NR                 4H

Wilson & Horton Ltd.
Senior Secured
  Local Currency               NR                 BB
  Recovery Rating              NR                 4H


AQUAINT CAPITAL: First Creditors' Meeting Set for July 4
--------------------------------------------------------
Samuel John Freeman of Ernst & Young was appointed as
administrator of Aquaint Capital Limited on June 22, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, Ernst & Young Building, Mounts Bay Road, in Perth, on
July 4, 2016, at 12:00 p.m.


BRONSON GROUP: de Vries Tayeh Appointed as Administrators
---------------------------------------------------------
Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Bronson Group Limited on June 22, 2016.


DICK SMITH: Shareholders to Receive Nothing After Firm Collapse
---------------------------------------------------------------
Brendon Foye at CRN reports that Dick Smith administrators have
advised shareholders they will not recoup any of their investment
following the company's collapse.

Based on a preliminary investigation into the affairs of Dick
Smith, administrator McGrathNicol believes it is unlikely
shareholders would receive any distribution from Dick Smith, CRN
relates.

"Whilst our investigations to date have revealed that there may
be sources of recovery available for the benefit of creditors, at
this stage we do not believe that there will be a recovery
sufficient to repay creditors in full. On this basis, there will
not be a return of capital to shareholders," CRN quotes
McGrathNicol administrator Joseph Hayes as saying.

CRN notes that Dick Smith fell into administration and
receivership on January 5 with reported debts of AUD390 million.
Nearly two months later, receivers Ferrier Hodgson announced it
was closing its 301 Australian retail stores on February 25,
leading to the loss of 2,460 jobs.

According to CRN, the administrators have not yet released the
full list of creditors, but it said that all employee
entitlements would be paid in full.

CRN says Ferrier Hodgson filed to change the name of Dick Smith
Holdings Limited to DSHE Holdings Limited on June 2. The name
change was part of the deal to sell the online business and Dick
Smith branding to online retailer Kogan for AUD2.6 million, CRN
notes.

The name change is effective as of June 23, notes CRN.

                          About Dick Smith

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

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

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


NEWCASTLE DISTRICT: First Creditors' Meeting Set For July 4
-----------------------------------------------------------
James Stuart McPherson & Gavin Moss of Chifley Advisory Pty Ltd
were appointed as administrators of Newcastle District Tennis
Club Ltd on June 22, 2016.

A first meeting of the creditors of the Company will be held at
First Floor Theatrette of the City Library Cultural Centre, Laman
Street, in Newcastle, on July 4, 2016, at 12:00 p.m.


TAGARA BUILDERS: Subcontractors to Gain Nothing, Says Liquidator
----------------------------------------------------------------
Renato Castello at The Advertiser reports that subcontractors
owed millions of dollars by failed construction firm Tagara
Building are unlikely to receive a cent, a year on from the
spectacular collapse of the South Australian company.

And the amount owed to the nearly 800 creditors -- which includes
staff and subcontractors -- has ballooned to more than
AUD27 million, The Advertiser discloses citing the latest
calculations by liquidators.

Last year Tagara directors John Kassara and Tullio Tagliaferri
released a statement pledging to co-operate with the liquidators
to "get the best outcome for creditors" after their 22-year-old
firm went into liquidation with AUD21 million in debts leaving
employees and subcontractors in limbo, The Advertiser recalls.

But joint liquidator Simon Miller, director of Clifton Hall
indicated to The Advertiser that any return to the more than 700
subcontractors engaged on the company's 20-odd projects appeared
unlikely.

"To date, the recoveries from the projects have not been
sufficient to clear the priority claims (employee entitlements),"
he said on the eve of the company's collapse, the report relays.
"Unfortunately we don't estimate a dividend to creditors.

"On any event, we will write to creditors within three months of
the anniversary of the appointment (26 June 2016). Depending on
the developments over the next few months, we may also call a
meeting of creditors at that time."

His firm has revised the debt bill to AUD27.5 million and he said
that it is "likely to go up," The Advertiser relays.

According to The Advertiser, Mr Miller said of the AUD1.67m owed
to staff, AUD930,000 of eligible claims had been paid.

Tagara had about AUD70m in projects across South Australia before
it went into liquidation in June last year, The Advertiser notes.

The Advertiser relates that at least seven subcontractors are
pursuing claims for payment through the Supreme Court having
lodged almost AUD4 million worth of liens on the Murray Bridge
Green Shopping Centre, which Tagara was building before it
collapsed.

The action is to try and recoup any money owed to Tagara by the
property owners MBC Holdings (SA) Pty Ltd and Greenhill Holdings
Pty Ltd, The Advertiser says.

According to The Advertiser, lawyer David Ellix, who is acting
for creditors TC Formwork, Whitty's Excavations, Fast Fix Steel
Fixing Services in the Supreme Court action, said his clients
should know within a fortnight if there was any money available
to them.

"The owner's claim there is nothing outstanding and that Tagara
owes them millions of dollars," the report quotes Mr. Ellix as
saying. "We're just confirming what the true position is. If
there's no money owed, the liens mean nothing."

The Advertiser says some subcontractors went into liquidation
shortly after the failure of Tagara. Among them were plumbing
firm RS Burbidge and Charter Construction who have claimed debts
of AUD236,037 and AUD614,095 respectively.

South Australia-based Tagara Builders was placed into liquidation
on July 26, 2015. Timothy Clifton and Simon Miller of Clifton
Hall were appointed as Joint and Several Liquidators of the
company. The builder owed more than 750 suppliers and
subcontractors AUD21.6 million, according to the notice to
creditors issued earlier this month by Clifton Hall.


TRITON TRUST 2014-P: Fitch Affirms 'Bsf' Rating on Class F Notes
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 18 tranches from five
Triton Trust RMBS transactions.  These transactions are backed by
pools of Australian residential mortgages.  The notes have been
issued by Perpetual Corporate Trust Limited, in its capacity as
trustee.

                          KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement is sufficient to support the notes' current ratings
and the agency's expectations of Australia's economic conditions.
Credit quality and performance of the underlying loans remain
within Fitch's expectations.

As per the APAC Residential Mortgage criteria, the default model
was not run for the two transactions, Triton Trust No. 2 Bond
Series 2013-1 (Triton 2013-1) and Triton Trust No. 2 Bond Series
2014-1 (Triton 2014-1), as a review of pre-determined performance
triggers indicates the transactions display stable asset
performance.  The default model was run for Triton Trust No.2
Bond Series 2014-P (Triton 2014-P), Triton Trust No.7 Bond Series
2015-1 (Triton 2015-1) and Triton Trust No.7 CS Warehouse Series
No 1 (Triton CS).

At April 30, 2016, Triton 2014-P had the highest level of arrears
at 8.0%, above Fitch's 4Q15 Dinkum RMBS Index of 0.95%.  Low-
documentation loans made up 24.0% of the pool, which had an
average loan to value ratio (LVR) of 68% and an indexed LVR of
54.2%.  Interest-only loans accounted for 26.5% of the pool by
balance and investment loans made up 52.3%.  Lender's mortgage
insurance (LMI) covered 21.9% of the Triton 2014-P pool and was
provided by Genworth Financial Mortgage Insurance Pty Ltd
(Insurer Financial Strength Rating: A+/Stable) and QBE Lenders'
Mortgage Insurance Limited (Insurer Financial Strength Rating:
AA-/Stable).

At the end of April 2016, Triton 2013-1, Triton 2014-1 and Triton
2015-1 had arrears levels below Fitch's 4Q15 Dinkum RMBS Index of
0.95%, while Triton CS had 30+ days arrears of 1.9%.  All loans
in the underlying portfolios have LMI provided by Genworth
Financial Mortgage Insurance Pty Ltd and QBE Lenders' Mortgage
Insurance Limited.

The transactions have performed within Fitch's expectations, with
minimal levels of losses.  Since closing, only Triton 2013-1 and
Triton 2014-P have experienced losses, resulting in zero losses
across the outstanding Fitch-rated notes.  LMI covered 89% of the
losses, with all losses not paid by LMI covered by excess spread.

The ratings of the Triton 2014-P notes have not been upgraded,
despite increased credit enhancement, as the transaction is
currently constrained by concentration, based on the pool
composition.

RATING SENSITIVITIES

The ratings are not expected to be affected by any foreseeable
change in performance.  The pro-rata amortization will switch to
sequential when the call-option triggers are met, mitigating
tail-risk.

All the notes of Triton Trust No.7 CS Warehouse Series No 1 are
LMI dependent; therefore LMI is a key driver supporting the
'AAAsf' rating.  The class A notes' ratings of the remaining
transactions are independent of downgrades to the LMI provider's
ratings.

There are currently no charge offs on any notes.  The prospect
for downgrades is considered remote at present, given the level
of subordination available to all rated notes, the performance of
the pools as well as adequate excess spread.  Fitch's analysis
excludes credit to excess spread.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY
Fitch conducted a review of 10 sample loan files focusing on the
underwriting procedures conducted by Columbus Capital Pty Limited
compared to its credit policy at the time of underwriting.  Fitch
checked the consistency and plausibility of the information and
no material discrepancies were noted that would impact Fitch's
rating analysis.

The full list of rating actions is:

Triton Trust No.2 Bond Series 2013-1:
   -- AUD166.6 mil. Class A notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD26.2 mil. Class AB notes affirmed at 'AAAsf'; Outlook
      Stable

Triton Trust No.2 Bond Series 2014-P:
   -- AUD58.0 mil. Class A1 notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD13.1 mil. Class A2 notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD3.9 mil. Class B notes affirmed at 'AAsf'; Outlook
      Stable
   -- AUD3.0 mil. Class C notes affirmed at 'Asf'; Outlook Stable
   -- AUD3.7 mil. Class D notes affirmed at 'BBBsf'; Outlook
      Stable
   -- AUD3.7 mil. Class E notes affirmed at 'BBsf'; Outlook
      Stable
   -- AUD0.7 mil. Class F notes affirmed at 'Bsf'; Outlook Stable

Triton Trust No.2 Bond Series 2014-1:
   -- AUD265.2 mil. Class A notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD30 mil. Class AB notes affirmed at 'AAAsf'; Outlook
      Stable

Triton Trust No.7 Bond Series 2015-1 (May 2016):
   -- AUD300.0 mil. Class A1 notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD0 mil. Class A2 notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD18.8 mil. Class B notes affirmed at 'AAsf'; Outlook
      Stable
   -- AUD6.8 mil. Class C notes affirmed at 'BBBsf'; Outlook
      Stable

Triton Trust No.7 CS Warehouse Series No 1:
   -- AUD97.6 mil. Class A notes affirmed at 'AAAsf'; Outlook
      Stable
   -- AUD6.0 mil. Class B notes affirmed at 'Asf'; Outlook Stable
   -- AUD1.5 mil. Class D notes affirmed at 'BBsf'; Outlook
      Stable


VAN EYK: Macquarie Settles With ASIC Over Handling of Fund
----------------------------------------------------------
Robb M. Stewart at The Wall Street Journal reports that Macquarie
Group Ltd. has admitted to violating Australia's corporations act
by failing to properly oversee a collapsed fund manager that
invested in a Cayman Islands fund.

The Journal relates that Macquarie Investment Management Ltd., an
arm of Sydney-based Macquarie, said it reached a settlement with
the Australian Securities and Investments Commission over its
role in one of a series of funds managed by van Eyk Research Pty.
Ltd., which went into liquidation in 2004.

According to the Journal, Macquarie Investment and the securities
and investment commission filed joint court submissions related
to an agreed settlement as the corporate regulator launched
proceedings in the Supreme Court of New South Wales state on
June 23. Both sides plan to request an early hearing from the
court, which will rule on penalty amounts.

The Journal says the case against Macquarie comes as Australia's
banks face accusations from lawmakers about a failure of
corporate culture. In recent months, the securities and
investment commission has taken three of the country's biggest
banks to court for allegedly manipulating the setting of the
primary interest-rate benchmark.

The Journal relates that the opposition Labor Party has said it
would hold a royal commission, Australia's highest form of
investigation, to look into alleged misconduct in the banking and
financial services industry if it wins this week's federal
election.  According to the report, the environment-focused
Greens party has also called for a commission to explore what it
said is a sector "riddled with scandals" in recent years. The
Liberal-led government doesn't support a commission.

In its settlement with the regulator, Macquarie Investment
admitted it didn't exercise sufficient care and diligence with
van Eyk's 2012 decision to invest in a Cayman Islands-based fund
called Artefact Partners Global Opportunities Fund, or in
monitoring of the investments and liquidity of van Eyk's fund,
the Journal relays. In all, there were five contraventions of the
corporations act.

In early August 2014, Macquarie Investment suspended redemptions
from the van Eyk Blueprint International Shares Fund, or VBI
Fund, and three other van Eyk Blueprint funds that had invested
in the VBI Fund after learning that Artefact had invested in an
illiquid investment, the Journal recalls. Later that month it
terminated the VBI Fund. Unit holders were owed about 30.9
million Australian dollars (US$23.2 million).

The Journal relates that the securities and investment commission
said Artefact has since repaid AUD20 million to the VBI Fund, and
Macquarie Investment recently paid the remaining amount plus
interest to investors. It expects to recover the majority of that
from Artefact's liquidators. Macquarie said the money invested in
Artefact in 2012 has now been returned to investors, the Journal
relays.

The Journal adds that the commission said it continues to
investigate van Eyk.

Earlier this month, the regulator launched legal action against
National Australia Bank Ltd., accusing it of market manipulation
and "unconscionable conduct" with regard to rate setting several
years ago, the Journal notes. It began similar proceedings
against Westpac Banking Corp. in early April and against
Australia & New Zealand Banking Group Ltd. a month earlier. Each
of the banks have denied wrongdoing and said they would defend
themselves in court, says the Journal.

In April, Australia's banks agreed to new measures that included
improved protections for whistleblowers and the immediate
establishment of an independent review for product-sales
commissions and product-based payments that might not benefit
customers, adds the Journal.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 23, 2014, The Australian said van Eyk Research has
been put into liquidation on the recommendation of an
administrator.  The Australian related that administrator Trent
Hancock, from Sydney accountants Moore Stephens, said corporate
regulator ASIC had been investigating the group's financial
failure, as had the Financial Markets Authority in New Zealand,
where it also has operations.

Van Eyk went into administration in September 2014 after
Macquarie Investement Management, which was acting as responsible
entity for the Blueprint series of funds, terminated all but one
of the 14-fund series after a run on redemptions by investors
that started in August. Macquarie had declared three of the funds
to be "illiquid", according to The Australian.



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


CHINA AUTOMATION: S&P Lowers CCR to 'B-'; Outlook Negative
----------------------------------------------------------
S&P Global Ratings said that it had lowered to 'B-' from 'B+' its
long-term corporate credit rating on China Automation Group Ltd.
(CAG), a China-based provider of safety and critical control
systems and control valves.  The outlook is negative.

At the same time, S&P lowered its issue rating to 'B-' from 'B+'
on the US$30 million 8.75% senior unsecured notes due 2018 issued
by Tri-Control Automation Co. Ltd.  CAG unconditionally and
irrevocably guarantees the notes.  In addition, S&P lowered its
long-term Greater China regional scale on CAG and its notes to
'cnB-' from 'cnBB-'.

"We lowered the rating on CAG because we expect the company's
profitability and leverage to weaken further over the next 12
months," said S&P Global Ratings credit analyst Stanley Chan.

S&P believes CAG's business performance and profitability will
remain sluggish in the coming 12 months.  S&P sees project delays
at its end customers continuing to weigh on the company's revenue
and profitability.  CAG's customers are mainly in petrochemical
and coal chemical related industries and suffer from weak
commodity prices and economic down cycles, and are accordingly
inclined to postpone their capital expenditure plans, even if
they have agreements with CAG.  CAG has also seen a price war for
its business segment.  S&P also believes it is unlikely the
company can materially reduce its fixed overhead costs.
Therefore, S&P revised its EBITDA margin forecast to 2%-5% in the
coming 12 months, from 8.8% in 2015.

S&P expects CAG's leverage to weaken further.  S&P believes the
sharp reduction in EBITDA would reduce the company's interest and
debt serving capabilities.  S&P estimates EBITDA interest
coverage to deteriorate to 0.3x-1x in 2016 and 2017 from 1.5x in
2015.  S&P also sees potential risk that CAG's gross debt will
increase further as working capital is subject to high
volatility.

S&P believes the company faces heightened refinancing risk due to
a large amount maturing debt due in the coming six-to-12 months.
In S&P's view, CAG's liquidity position will largely depend on
its proposed Chinese renminbi (RMB) 200 million onshore bond
issuance and its asset disposal plan.  S&P estimates that CAG's
cash on hand of RMB270 million and expected operating cash inflow
of RMB25 million-RMB30 million will not be sufficient to cover
the maturing debt of RMB420 million in the coming 12 months, if
the company fails to effectively complete its funding plans.

Although CAG has a track record of refinancing in the offshore
and onshore market, S&P believes the company is still vulnerable
to any sudden change to the currently favorable liquidity
conditions in the onshore market.  S&P is also cautious over the
timing and overall size of refinancing the company can secure in
the coming 12 months.

S&P assess CAG's liquidity as less than adequate because S&P
estimates the company's liquidity sources are unlikely to exceed
1.2x of liquidity uses over the next 12 months.  Still, S&P
believes the company can maintain a fair relationship with banks
and a fair standing in credit markets.

"The negative outlook reflects our expectation that CAG will have
very high leverage with limited sign of improvement in the coming
12 months," said Mr. Chan.  "We expect the company to have a weak
debt and interest servicing capability position over the next 12
months."

The outlook also reflects S&P's expectation that the weighted
average maturity of debt is less than 1.5 years, and liquidity
and refinancing risk may escalate in the coming six-to-12 months
if there is any delay in the refinancing plan.

S&P may lower the ratings by one or more notches if there is any
material delay or unfavorable change to CAG's refinancing plan to
address its short-term debt maturities and sustainably improve
its liquidity profile.  This could happen if: (1) CAG fails to
refinance it maturing short-term debt with longer tenor debt; (2)
the company's profitability deteriorates further due to its high
fixed cost structure, weak customer demand, or price war with
peers; (3) its operating cash flows are substantially lower than
we estimate; or (4) it undertakes a more aggressive capex plan
funded by debt.

S&P could revise the outlook to stable if: (1) CAG can strengthen
its liquidity such that sources of liquidity exceed uses of
liquidity by a material amount and the company lengthens its debt
maturity profile to materially more than two years; and (2) the
company improves its interest serving capability such that EBITDA
interest coverage improves to materially higher than 1x.


CHINA GINSENG: $1.6M Debenture Convertible to 4M Shares
-------------------------------------------------------
On July 21, 2015, in connection with a security purchase
agreement between China Ginseng Holdings, Inc. and an investor,
China Ginseng closed a private placement to sell a Series A
Convertible Debenture for a price of $1,600,000. The Debenture is
convertible into 4,000,000 shares of the Company's common stock,
par value $0.001 per share, at a conversion price of $.40 per
share.

On June 15, 2016, the Investor informed the Company its intent to
convert the Debenture into shares of the Company's common stock.
Accordingly, pursuant to the Debenture, the Company will issue an
aggregate amount of 4,000,000 shares of its common stock, to the
Investor. The Offering was made in reliance upon the exemption
from securities registration afforded by Regulation S as
promulgated under the Securities Act of 1933, as amended.

                        About China Ginseng

Changchun City, China-based China Ginseng Holdings, Inc.,
conducts business through its four wholly-owned subsidiaries
located in China. The Company has been granted 20-year land use
rights to 3,705 acres of lands by the Chinese government for
ginseng planting and it controls, through lease, approximately
750 acres of grape vineyards. However, recent harvests of grapes
showed poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.

China Ginseng reported a net loss of $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.

As of March 31, 2016, China Ginseng had $8.66 million in total
assets, $21.40 million in total liabilities and a total
stockholders' deficit of $12.73 million.

Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, and there are existing uncertain
conditions the Company faces relative to its ability to obtain
working capital and operate successfully. These conditions raise
substantial doubt about its ability to continue as a going
concern.


SHENZHEN BAILI: Firm in Patent Dispute With Apple Insolvent
-----------------------------------------------------------
Eva Dou and Alyssa Abkowitz at The Wall Street Journal report
that when a Beijing regulator recently ruled against Apple Inc.
in a patent dispute, it handed a victory to a Chinese company
that barely exists.

Phone calls to the company, Shenzhen Baili Marketing Services
Co., ring unanswered. Its websites have been deleted. Visits to
its three registered addresses found no company offices, says the
Journal.

The Journal notes that Baili and its parent, Digione, are part of
a rapid boom and bust in China's new wave of smartphone makers.
When Baili took on Apple in December 2014, telling Chinese
regulators that the Cupertino, Calif., company's new models
infringed on its smartphone design patents, it had bold
aspirations, a big-name investor in Chinese internet giant Baidu
Inc. and a team of experienced executives, according to the
Journal.

The Journal relates that by the time regulators reached a
decision this year, Digione had collapsed, brought down by buggy
products, mismanagement and fierce competition, according to
former employees and investors. Digione has been absent from
China's mobile-phone market for at least a year and Baidu has
accused it of squandering its investment.

Digione lawyer Andy Yang, of Beijing Wis & Weals said Baili, its
unit that registered the phone patents, will continue to battle
Apple in court, the Journal relates.  "Shenzhen Baili is still
operational in its necessary functions," he said. Mr. Yang
declined to comment on queries on Digione's relationship with
Baidu, the Journal notes.

Digione, whose formal name is Shenzhen City 100/100 Digital
Technology Co., and Baili are both insolvent, their debt
exceeding their total assets, the Journal discloses citing the
companies' annual financial reports.


* CHINA: Corporate Bankruptcies Rise 52.5% in Q1
------------------------------------------------
China Daily reports that Chinese courts accepted 1,028 cases
filed for bankruptcy in the first quarter of 2016, an increase of
52.5 percent year on year, the Supreme People's Court (SPC) said
June 22.

Among them, 507 cases were concluded in the first three months,
up 61 percent compared to the same period last year, the SPC
added, China Daily relays.

According to China Daily, the SPC said that during the period
from 2008 to 2015, 19,551 bankruptcy cases were accepted and
21,995 cases including those filed before 2008 were concluded by
courts nationwide.

China's corporate bankruptcy law, which is intended to protect
both creditors of bankrupt companies and the companies'
employees, went into effect from June 1, 2007, China Daily notes.

Chinese courts have sped up trials for bankruptcy cases in recent
years, which has boosted transformation of economic development
pattern and the building of a fair and orderly market, said Yang
Linping with the SPC, adds China Daily.



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


ABC TRANSFORMERS: CRISIL Assigns 'B' Rating to INR35MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of ABC Transformers Private Limited (ATPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits              5        CRISIL B/Stable
   Bank Guarantee          25        CRISIL A4
   Cash Credit             35        CRISIL B/Stable

The ratings reflect the company's modest scale of operations,
weak financial risk profile marked by high gearing, working
capital intensive operations, and geographical concentration in
revenue. These weaknesses are partially offset by the extensive
experience of promoters in the transformers industry.

Outlook: Stable

CRISIL believes ATPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accrual, while improving working capital management and hence,
financial risk profile, particularly liquidity. The outlook may
be revised to 'Negative' if substantially low cash accrual, or
sizeable working capital requirement or debt-funded capital
expenditure puts pressure on liquidity.

Incorporated in 1993 and promoted by Mr. GK Bansal, Mr. NK Goyal,
Mr. SR Gupta, Mr. KK Bansal, and Mr. OP Goyal (the last two
joined the company later), ATPL manufactures and repairs power
and distribution transformers. The company has two plants in
Noida.

Net profit was INR5.98 million on sales of INR171.5 million for
2014-15 (refers to financial year, April 1 to March 31), against
INR3.31 million on sales of INR177.8 million for 2013-14.


AJAY ENGICONE: ICRA Assigns 'D' Rating to INR8.47cr Bank Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR0.28
crore term loan and INR1.25 crore cash credit facilities of
Ajay Engicone Pvt. Ltd.  ICRA has also assigned a long-term and
short-term rating of [ICRA]D to the INR8.47 crore bank guarantee
facility of AEPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limit
   Term Loan             0.28         [ICRA]D assigned

   Fund-Based Limit
   Cash Credit           1.25         [ICRA]D assigned

   Non-Fund Based
   Limit Bank Guarantee  8.47         [ICRA]D assigned

The assigned rating primarily takes into account AEPL's
unsatisfactory track record in timely servicing of debt
obligations. The rating factors in the consistent decline in the
top-line of the company during the past two years along with a
moderate order book position, which provides limited revenue
visibility over the medium term, and the high working capital
intensity of the business due to the company's high receivable
position, which adversely impacts its liquidity position. The
rating is also constrained by the highly competitive nature of
the construction industry, wherein business is procured on a
tender-based contract awarding system, which keeps margins of all
the players, including AEPL, under check.

The rating, however, favourably considers the long experience of
the promoters in the civil construction business and its
clientele, comprising Government and semi-Government bodies,
leading to a relatively low counterparty risk.

Incorporated in March 1997, AEPL constructs and maintains roads,
dams, canals and bridges in the states of Jharkhand and Bihar.
The company is registered as a Class-I contractor with the Road
Construction Department, Jharkhand. In 1997, it took over the
entire business of the partnership firm - M/s Ajay Construction,
which had been in the same line of business since 1982.

Recent Results
During FY2016, the company reported a turnover of INR10.13 crore
(provisional). It reported a net profit of INR0.63 crore on an
operating income of INR16.62 crore in FY2015.


ANITHA TEXCOT: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Anitha Texcot
India Private Limited (ATPL) continues to reflect the company's
modest scale of operations in the intensely competitive cotton
trading business, and its below-average financial risk profile.
These weaknesses are partially offset by extensive industry
experience of its promoters, and its established customer base.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             150      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       50      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes ATPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if scale of operations
increases significantly, and financial risk profile improves on
account of higher cash accrual or better capital structure. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of increase in working capital requirement
or lower profitability, leading to fall in cash accrual.

Update
ATPL's revenue is estimated to have increased 10.8 percent year-
on-year to INR1.6 billion in 2015-16 (refers to financial year,
April 1 to March 31), in line with CRISIL's expectation, largely
led by increase in customer base. Operating margin remained
stable, at 3 percent, because of ability to pass on changes in
input prices.

Working capital cycle is expected to improve with efficiency in
inventory due to increased procurement against customer orders.
Also, efficient realization of receivables resulted in decline in
gross current asset days to 101 days as on March 31, 2016, from
134 days a year earlier. The company will maintain efficient
working capital management over the medium term, with steady
inventory and receivables.

Financial risk profile remains constrained by high total outside
liabilities to tangible networth ratio (expected at 4.96 times as
on March 31, 2016), because of substantial creditors and advances
from customers. Debt protection metrics are likely to remain
comfortable, with net cash accrual to total debt and interest
coverage ratios estimated at 16 percent and 2.3 times,
respectively, in 2015-16.

ATPL's liquidity will remain adequate over the medium term, with
sufficient cash accrual to meet long-term debt obligations. Its
bank line utilisation averaged 85 percent over the 12 months
through March 2016.

ATPL, set up in 1999 as a partnership firm and reconstituted as a
private limited company in 2012, trades in Melange (blended)
yarn, cotton yarn, and viscous yarn. Its daily operations are
managed by Mr. A Elangovan and Mr. A Chandrasekharan.

For 2014-15, ATPL has reported a profit after tax (PAT) of INR9.4
million on revenue of INR1.5 billion as against a PAT of INR12.3
million on revenue of INR1.7 billion in 2013-14. For 2015-16, the
company is expected to report revenues of INR1.6 billion.


BANASHANKARI POULTRY: ICRA Assigns 'B' Rating to INR3.5cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR3.50
crore working capital limit and INR2.70 crore term loan facility
of Banashankari Poultry Farms Private Limited.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Working Capital Limit      3.50       [ICRA]B; assigned
   Term Loans                 2.70       [ICRA]B; assigned

The assigned rating is constrained by the small scale of BPFPL's
operations that limits economies of scale and the highly working
capital intensive nature of operations resulting in high gearing
levels and high utilization of working capital limits. ICRA
further takes note of the inherent weaknesses of the business in
the form of seasonal demand and susceptibility to risks like
disease outbreak. Further, the rating is constrained by the
fragmented industry structure with the presence of various
unorganised players which limits pricing flexibility,
while the profitability margins remain vulnerable to volatility
in the feed prices (i.e. Maize and Soya). However, the rating
favourably considers the extensive experience of the promoters in
the poultry industry and the increasing trend in consumption of
poultry products in the country which is likely to support long-
term growth of the domestic industry. Going forward, the
company's ability to scale-up its operations, maintain
profitability and efficiently manage its working capital
requirements will remain key rating sensitivities.

Established in 2001, BPFPL is a closely held company owned and
managed by Mr. S N Raghunath and his family. The company is
engaged in the breeding of parent broiler bird and sells the
hatchable eggs laid by the birds. The company's plant is located
at Malur (Karnataka) with breeder farming capacity of 60,000
birds and hatching capacity of 1,20,000 eggs per week. The
promoters of BPFPL are also associated with other group entities
namely, Banashankari Agro Farms LLP, Banashankari Feeds, Madhuban
Industries and Banashankari Enterprises.

Recent Results

As per FY 2016 (provisional unaudited financials), BPFPL recorded
a net profit of INR0.66 crores on an operating income of INR9.06
crores. During FY 2015, the company recorded a net profit of
INR0.09 crore on an operating income of INR7.30 crore, as against
a net profit of INR0.07 crore on an operating income of INR6.46
crore in FY 2014.


BANSHIDHAR CONSTRUCTION: CRISIL Rates INR87.5MM LT Loan at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facility of Banshidhar Construction Private
Limited (BCPL). The rating reflects the company's volatile
revenue and profitability on account of tender-based business,
and its large working capital requirement. These weaknesses are
partially offset by its promoters' extensive experience in the
civil construction industry, and its moderate financial risk
profile because of moderate debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          87.5      CRISIL B+/Stable

Outlook: Stable

CRISIL believes BCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustained increase in revenue and profitability leading to
better-than-expected cash accrual, and improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, increase in working
capital requirement, or larger-than-expected debt-funded capital
expenditure, constraining liquidity.

BCPL, incorporated in 2007-08 (refers to financial year, April 1
to March 31), undertakes construction of roads, and irrigation
projects for Water Resource Department for Bihar. The company is
promoted by Mr. Subhash Yadav, Mr. Ram Prasad Rai, Mr. Ashok Rai,
and Mr. Dev Prasad.


BDB EXIM: CRISIL Reaffirms B+ Rating on INR4MM LT Loan
------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exim Private
Limited (BDB Exim; part of the BDB group) continue to reflect the
BDB group's average financial risk profile because of modest
networth and subdued debt protection metrics. The ratings also
factor in a small scale of operations and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of promoters in the
agro industry and efficient working capital requirement.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          1       CRISIL A4 (Reaffirmed)

   Packing Credit         95       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      4       CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BDB Exim and BDB Exports Pvt Ltd (BDB
Export). This is because both the companies, together referred as
BDB group, are in the same line of business, with operational
fungibility, and have a common management.

Outlook: Stable
CRISIL believes the BDB group will continue to benefit over the
medium term from the extensive industry experience of promoters.
The outlook may be revised to 'Positive' if significant
improvement in scale of operations while maintaining
profitability and working capital management results in higher
cash accrual and subsequently improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, most likely because
of a decline in revenue or profitability, or a stretch in its
working capital cycle.

BDB Export and BDB Exim, both based in Kolkata were established
in late 2000 by the Bhura family. The entities export cotton
bales, cotton fabrics, bleaching powder, and agricultural
commodities such as rice, wheat, maize and others.


BDB EXPORTS: CRISIL Reaffirms B+ Rating on INR65MM Packing Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of BDB Exports Private
Limited (BDB Export; part of the BDB group) continue to reflect
the BDB group's average financial risk profile because of modest
networth and subdued debt protection metrics. The ratings also
factor in a small scale of operations and susceptibility to
volatility in raw material prices. These rating weaknesses are
partially offset by the extensive experience of promoters in the
agro industry and efficient working capital requirement.

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

   Export Packing Credit  65.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     22.5      CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BDB Export and BDB Exim Pvt Ltd (BDB
Exim). This is because both the companies, together referred to
as the BDB group, are in the same line of business, with
operational fungibility, and have a common management.

Outlook: Stable
CRISIL believes the BDB group will continue to benefit over the
medium term from the extensive industry experience of promoters.
The outlook may be revised to 'Positive' if significant
improvement in scale of operations while maintaining its
profitability and working capital management results in higher
cash accrual, and subsequently, improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its financial risk profile, most likely because
of a decline in revenue or profitability, or a stretch in its
working capital cycle.

BDB Export and BDB Exim, both based in Kolkata were established
in late 2000 by the Bhura family. The entities export cotton
bales, cotton fabrics, bleaching powder, and agricultural
commodities such as rice, wheat, maize and others.


CENTURY TEXOFIN: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Century Texofin
Private Limited (CTPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect CTPL's moderate scale of operations, weak
credit metrics and volatile profitability.  According to FY16
provisional financials, its revenue was INR1,104.45 mil. (FY15:
INR1,355.08), interest coverage (operating EBITDA/gross interest
expense) was 1.58x (1.52x), net leverage (total adjusted net
debt/operating EBITDAR) was 6.53x (8.08x) and EBITDA margins were
5.47% (3.32%).

The ratings are constrained by CTPL's presence in the highly
competitive and fragmented textile industry and long net working
capital cycle of 125days in FY16 (FY15: 94days).

The ratings, however, are supported by CTPL's comfortable
liquidity profile as evident from 76.13% utilization of its fund-
based limits during the 12 months ended May 2016.  The ratings
are further supported by over 30 years of operating experience of
the company's promoters' in the textile industry.

RATING SENSITIVITIES

Positive: Improvement in the operating profitability leading to
an improvement in the credit metrics could lead to a positive
rating action.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics or further deterioration in
the working capital cycle could lead to a negative rating action.

COMPANY PROFILE

CTPL, incorporated in 2007, is into the business of processing of
cotton fabrics and producing dyed poplin and lining rubia which
is used in ladies dress material (mainly petticoats).  For dyed
poplin and rubia, the company has its manufacturing plant with an
annual installed capacity of 720 LakhMeters located in Balotra,
Rajasthan.

The company sells its products under the registered trademarks of
333, C4u, Kajal, Kaveri, etc.

CTPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR210 mil. fund-based facilities: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR60.50 mil. term loan facilities: assigned
      'IND BB'/Stable


COMBINE DIAMONDS: CRISIL Suspends B+ Rating on INR240MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Combine Diamonds Limited (CDL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          150       CRISIL B+/Stable

   Post Shipment Credit    240       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      110       CRISIL B+/Stable

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

CDL was incorporated in 1999, promoted by Mr. Dinesh Shantilal
Desai. The company primarily trades in polished diamonds, but
also undertakes cutting and polishing of diamonds. The trading
segment accounts for around 80 per cent of its revenue.


DEWSOFT FABRICATION: Ind-Ra Suspends B Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dewsoft
Fabrication Private Limited's (DFPL) Long-Term Issuer Rating of
'IND B' to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND B(suspended)' on the agency's
website.

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

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

DFPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR50 mil. fund-based limit: migrated to 'IND
      B(suspended)'/'IND A4(suspended)' from 'IND B/'IND A4'
   -- INR70m term loan: migrated to 'IND B(suspended)' from
      'IND B'


GVK BAGODARA: CRISIL Suspends 'D' Rating on INR8.91BB Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of GVK
Bagodara Vasad Expressway Private Limited (GVKBVEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             8917.7      CRISIL D

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

GVKBVEPL, incorporated in February 2011, is a special purpose
vehicle (SPV) and a subsidiary of GVKTPL. The SPV is involved in
six-laning and strengthening of the existing three-lane section
of the 101.9-kilometer Bagodara-Wataman-Tarapur-Vasad Road on
State Highway-8 in Gujarat. The project has been awarded by
Gujarat State Road Development Corporation Ltd  (GSRDC) on a
build, operate, and transfer basis for a concession period of 27
years (including 2.5 years of construction period) from November
2011.


HARICONS ENGINEERS: CRISIL Assigns B+ Rating to INR18.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Haricons Engineers and Contractors (HEC).
The ratings reflect a small scale, and working capital-intensive
nature, of operations, and low order book with significant client
concentration. These rating weaknesses are partially offset by
partners' extensive experience in the civil construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility      21.5      CRISIL A4
   Proposed Long Term
   Bank Loan Facility      18.5      CRISIL B+/Stable
   Bank Guarantee          18.5      CRISIL A4
   Overdraft Facility       1.5      CRISIL B+/Stable

Outlook: Stable
CRISIL believes HEC 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 significant and
sustainable increase in scale of operations while profitability
is maintained, along with improved working capital management and
diversification in customer base, leading to a better business
risk profile. Conversely, lower-than-expected cash accrual, a
stretched working capital, or any large debt-funded capital
expenditure, leading to deterioration in the financial profile,
particularly liquidity, may lead to a revision in outlook to
'Negative'.

HEC, established in 2004 as a partnership firm in Hubli,
Karnataka, mainly undertakes civil construction in the irrigation
sector. The firm is managed by Mr. Kommi Chandrasekhar, who has
been in the civil construction business for more than a decade.


KAVITA EXIM: ICRA Suspends B Rating on INR12.50cr Bank Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR12.50 Crore bank lines of Kavita Exim Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

KEPL was incorporated by Mr. Ashu Jain and his family members in
October 2013 by merging the operations of two proprietorship
entities Kavita Overseas and Sonia Enterprises. KEPL is engaged
in trading of finished fabrics (mostly cotton based), with focus
on dress material for women. The promoter family has experience
of over two decades in trading of fabrics through
proprietorships.


KIZAN IRON: CRISIL Suspends B+ Rating on INR100MM Capital Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Kizan
Iron Traders & Imports Private Limited (KITIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        100       CRISIL B+/Stable

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

Incorporated in 2014, KITIPL trades in various steel products in
Kannur (Kerala). The company is promoted by Mr. Abdul Gaffoor
Puthalath.


KIZAN ISPAT: CRISIL Suspends 'B' Rating on INR1.20BB LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Kizan Ispat Private Limited (KIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     1200       CRISIL B/Stable

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

KIPL, incorporated in 2014, is setting up an integrated TMT
manufacturing project in Bengaluru. The company is promoted by Mr
Abdul Gaffoor and Mr. M Sirajudheen.


M. A. AMEER: CRISIL Reaffirms 'B' Rating on INR35M Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of M. A. Ameer (AMA)
continues to reflect its modest scale of operations in the
fragmented civil construction segment and its large working
capital requirements. These rating weaknesses are partially
offset by the promoters' extensive experience in the civil
construction segment.
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)
   Cash Credit             35        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AMA will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AMA reports low revenue or profitability, or if its working
capital management deteriorates resulting in weak liquidity, or
if it undertakes a large debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

Set up as a proprietorship firm and based in Kasargod (Kerala),
AMA undertakes civil contracts - primarily road construction
projects - for various government entities in Kerala. The firm
was founded and is managed by Mr. M A Ameer.


MAHASHAKTI POLYCOAT: ICRA Assigns 'B' Rating to INR3.0cr Loan
-------------------------------------------------------------
The long term rating of [ICRA]B has been assigned to INR2.86
crore term loan facility and INR3.00 crore cash credit facility
of Mahashakti Polycoat. The ratings of [ICRA]B and [ICRA]A4 have
also been assigned to the INR0.14 crore unallocated limits of MP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             2.86         [ICRA]B Assigned
   Cash Credit           3.00         [ICRA]B Assigned
   Unallocated Limits    0.14         [ICRA]B/[ICRA]A4 Assigned

The assigned ratings are constrained by the modest scale of
firm's operations as well as weak financial profile characterized
by stretched capital structure and weak coverage indicators;
predominantly owing to debt funded capex as well as low networth
base. The ratings also take into account the vulnerability of the
firm's profitability to adverse fluctuations in raw material
(HDPE granules) prices; which are crude oil derivatives, limited
entry barriers in tarpaulin and woven fabric industry leading to
highly competitive market and the firm's low bargaining power
with major suppliers (Indian Oil Corporation Limited and Haldia
Petrochemicals Limited). Further, ICRA also notes the potential
adverse impact on net worth and gearing levels in case of any
substantial withdrawal from capital accounts given the
constitution as a partnership firm.

The ratings, however, take comfort from the long-standing
experience of the promoters in the woven fabric industry and the
stable demand outlook supported with anticipation growth in
packaging industry led by Government of India's 'Make in India'
initiative.

The revenue of Mahashakti Polycoat is expected to witness
moderate growth on account of stable demand outlook for woven
bags/sacks and increased sales volumes with increased plant
capacity utilization levels; although the profitability of the
firm will remain exposed to any adverse fluctuations in crude oil
linked prices of raw material (HDPE granules). Further, the
capital structure is likely to improve with scheduled repayments
of term loan. In ICRA's view, the ability of the firm to
efficiently manage the impact of raw material price changes on
its profitability and improve its capital structure by managing
working capital requirements will remain the key rating
sensitivities.

Established in 2015, Mahashakti Polycoat (MP) is engaged in the
business of HDPE & PP3 woven fabric (laminated and non-laminated)
and tarpaulin in the range of 68 GSM (gram per square meter) to
250 GSM. The firm started commercial operations from April, 2015
at its manufacturing facility located in Mehsana, Gujarat having
an installed capacity of processing 1800 MT of HDPE/PP laminated
fabric per annum. The promoters of the firm have an experience of
about 10 years in HDPE/PP woven fabric industry.

Recent Results
FY2016 being the first year of operations, MP reported an
operating income of INR12.38 crore and profit after tax of
INR0.31 crore (as per unaudited provisional financial).


MAHESHWAR REFOILS: ICRA Reaffirms 'B+' Rating on INR4.75cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR8.75
crore long term fund based facilities of Maheshwar Refoils
Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.00        [ICRA]B+ reaffirmed
   Term loan             4.75        [ICRA]B+ reaffirmed

The reaffirmation of the rating factors in Maheshwar Refoils
Private Limited's (MRPL) modest scale of operations, the
company's limited track record, and its weak financial profile as
reflected in its low profitability, adverse gearing and weak
coverage indicators. The rating continues to be constrained by
the vulnerability of profitability to movement in raw material
prices, which are subject to seasonality, and crop harvest; and
the regulatory risks with regard to the MSP fixed by GoI. The
rating is further constrained by MRPL's low profitability due to
limited value addition, commoditised nature of products, and
highly competitive and fragmented industry structure owing to low
entry barriers.

The rating, however, continues to favourably factor in the
experience of the promoters in the edible oil sector, spanning
more than three decades, proximity to a large number of cotton
ginning and processing units located at Kapadwanj, Gujarat and
the favourable outlook for the edible oil sector.

Incorporated in 2013, Maheshwar Refoils Private Limited (MRPL)
trades in and refines cotton seed oil, soyabean oil, and refined
palm oil. It commenced commercial operations from April 2015. The
plant is located in Kapadwanj, Kheda, with a total installed
capacity of refining 100 MT of oil per day. The company is
promoted by the Mehta family who have more than three decades of
experience of trading in edible oil.

Recent Results
For the year ended on March 31, 2016 (provisional numbers), the
firm reported an operating income of INR71.95 crore and profit
before tax of INR0.15 crore.


MANPURIA AGRO: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manpuria Agro
Products Private Limited (MAPPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects MAPPL's weak operating profitability despite
strong scale of operations, due to the trading nature of
business. The company's provisional FY16 financials indicate
revenue of INR2,109 mil. (FY15: INR1,592 mil.) and operating
EBITDA margins of 0.60% (0.60%).

The ratings, however, are supported by MAPPL's moderate credit
metrics and comfortable liquidity position.  Its interest
coverage (operating EBITDA/gross interest expense)increased to
1.5x in FY16 (FY15: 1.0x) and net financial leverage (total
adjusted net debt/operating EBITDAR) reduced to 3.6x (5.5x) due
to an increase in EBITDA on account of the improvement in scale
of operations. Also, the company's use of the working capital
limits was 85.90% on average during the 12 months ended May 2016.

The ratings are further supported by more than three decades of
operating experience of MAPPL's founder in the sugar trading
business.

RATING SENSITIVITIES

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

Negative: Deterioration in the profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Mr Vishnu Kumar Manpuria started business of sugar trading in
1979. MAPPL is a part of Manpuria Group.

MAPPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR70 mil. fund-based limits: assigned 'IND BB'/Stable
   -- Proposed INR180 mil. fund-based limits: assigned
      'Provisional IND BB'/Stable


MANPURIA CONSORTIUM: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manpuria
Consortium LLP (MCLLP) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MCLLP's moderate scale of operations and weak
operating profitability.  Provisional FY16 financials indicate
revenue of INR1,541 mil. (FY15: INR1,090 mil.) and operating
EBITDA margins of 0.70% (0.60%).

The ratings, however, are supported by MCLLP's moderate credit
metrics and comfortable liquidity position.  Its interest
coverage increased to 1.7x in FY16 (FY15: 1.4x) and net financial
leverage reduced to 3.3x (7.6x) due to an increase in EBITDA on
account of an improvement in the total scale of operations.  The
company's utilization of the working capital limits was 76.42% on
average during the 12 months ended May 2016.

The ratings are further supported by more than three decades of
operating experience of MCLLP's founder in the sugar trading
business.

RATING SENSITIVITIES

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

Negative: Deterioration in the profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

M/s Manpuria Enterprise, a proprietorship concern of Manpuria
Group, was converted to MCLLP on June 29, 2015, and is engaged in
the trading of wholesale sugar.

Mr Arabinda Bose, who has been associated with Manpuria Group for
more than two decades, is the partner of MCLLP.

MCLLP's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR50 mil. fund-based limits: assigned 'IND BB'/Stable
   -- Proposed INR200 mil. fund-based limits: assigned
      'Provisional IND BB'/Stable


MANPURIA REALATORS: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manpuria
Realators Private Limited (MRPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MRPL's weak operating profitability despite
strong scale of operations, due to the trading nature of
business. The company's provisional FY16 financials indicate
revenue of INR1,546 mil. (FY15: INR1,101 mil.) and operating
EBITDA margins of 0.80% (0.50%).

The ratings however are supported by MRPL's moderate credit
metrics and comfortable liquidity position.  Its interest
coverage increased to 1.7x in FY16 (FY15: 0.90x) and net
financial leverage reduced to 6.7x (12.1x) due to an increase in
EBITDA on account of an improvement in in the total scale of
operations.  The company's use of the working capital limits was
76.67% on average during the 12 months ended May 2016.

The ratings are also supported by more than three decades of
operating experience of MRPL's founder in the sugar trading
business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

MRPL, a part of Manpuria Group, is into wholesale trading of
sugar.  On April 1, 2015, the company acquired M/s Ma Tara Store,
a proprietorship concern and a wholesale trader of sugar.

MRPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR50 mil. fund-based limits: assigned 'IND BB'/Stable
   -- Proposed INR200 mil. fund-based limits: assigned
     'Provisional IND BB'/Stable


MARUTI NANDAN: CRISIL Reaffirms 'B' Rating on INR101MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maruti Nandan
Oils Private Limited (MOPL) continues to reflect its weak
financial risk profile marked by high gearing and weak debt
protection metrics, and a modest scale of operations in the
highly fragmented oil industry. These rating weaknesses are
partially offset by the extensive industry experience of the
promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      24        CRISIL B/Stable (Reaffirmed)

   Warehouse Financing    101        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MOPL will continue to benefit over the medium
term from its promoters extensive industry experience. The
outlook may be revised to 'Positive' if the scale of operations
and profitability increase significantly leading to better-than-
expected cash accrual and improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile deteriorates, most likely because of
an increase in working capital requirement and/or any debt-funded
capital expenditure.

Incorporated in 2008 and based in Mansa, Punjab, MOPL is promoted
by Mr. Sunny Kumar and Mr. Parminder Kumar. The company extracts
rice bran oil; it has an installed capacity of 400 million tonne
per day.


MEGHAAARIKA INTERNATIONAL: Ind-Ra Affirms IND BB- Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Meghaaarika
International Private Limited's (MIPL) Long-Term Issuer Rating at
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings remain constrained by MIPL's limited size of
operations. Revenue fell 20% yoy to INR2.2 bil. due to a decline
crude oil prices while volumes grew 3.1% yoy in FY16 according to
the provisional statements.  Revenue in FY15 grew 4% yoy to
INR2,772 mil. driven by a 25% yoy volume increase because of the
addition of new customers.

The ratings continue to reflect MIL's weak credit metrics with
net leverage remaining high at 5.8x in FY16 (FY15: 5.7x) and
interest coverage deteriorating to 1.9x (2.6x).  Although the
total debt reduced to INR229 mil. at FYE16 (FYE15: INR318 mil.),
EBITDA reduced to INR39 mil. (INR56 mil.) as gross margin/kg
reduced to INR1.67 (INR2.2/kg).

The ratings are also constrained by MIPL's thin and volatile
EBIDTA margins (1.5%-2.0%), attributable to its trading nature of
business, price volatility in the goods traded, and unhedged
foreign exchange exposure.  The company mitigates commodity price
risk by conducting most of its sales against back-to-back orders.
Also, it is continuously working towards reducing its inventory
holding period to minimize price risk (FY16: 3 days, FY15: 10
days, FY14: 16 days).  However, its net working capital cycle
still remains long (FY16: 56 days, FY15: 57 days).

The ratings are restricted due to MIPL's high customer
concentration risk as its top five customers account for about
95% of its total sales (FY15: 96.3%, FY14: 98.6%).  However, the
company has an informal tie-up for 30% of its output with group
companies.

The ratings factor in MIPL's moderate liquidity position as
reflected by 94% and 61% average peak utilization in the fund-
based and non-fund-based working capital limits respectively, for
the 12 months ended May 2016.

The ratings are supported by the company's promoters' three-
decade-long operating experience in the chemical industry.

RATING SENSITIVITIES

Negative: Any deterioration in the profitability and/or working
capital cycle, leading to deterioration in the interest coverage
could result in a negative rating action.

Positive: Customer diversification along with an increase in the
scale of operations and profitability and/or an improvement in
working capital cycle leading to a sustained improvement in the
interest coverage will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2007, MIPL (formerly Ritzy International) is
engaged in the trading of chemical and plasticisers.  MIPL
reported EBITDA of INR39 mil. and net income of INR14 mil. in
FY16 (provisional).

MIPL's ratings are:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'/Stable
   -- INR100 mil. fund-based working capital limits (sublimit of
      non-fund-based limit): affirmed at 'IND BB-'/Stable/
      'IND A4+'
   -- INR430 mil. non-fund-based working capital limits: affirmed
      at 'IND BB-'/Stable/'IND A4+'


MEHTA INTERTRADE: CRISIL Suspends B+ Rating on INR384MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mehta
Intertrade Steels Private Limited (MISL; part of the Mehta
group). The suspension of rating is on account of non-cooperation
by MISL with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, MISL is
yet to provide adequate information to enable CRISIL to assess
MISL's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key factor in its rating process as outlined in its
criteria 'Information Availability - a key risk factor in credit
ratings'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Letter of Credit       384        CRISIL A4
   Long Term Loan          56        CRISIL B+/Stable

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RBM and Mehta Intertrade Steels Pvt
Ltd (MISL), together referred to as the Mehta group. This is
because both these entities are managed by the same promoters,
are in similar line of business, have strong operational
linkages, and have fungible funds.

RBM was established in 1984 as a proprietorship firm by Mr.
Rajendra B Mehta in Mumbai. RBM primarily trades in steel
products, which constitutes 90 per cent of total sales, which
include cold-rolled and hot'rolled coils, and mild steel plates.
The firm also trades in import licenses, which account for the
remaining 10 per cent of sales.

MISL was established in 2005 as a partnership firm by Mr.
Rajendra Mehta, his brothers, Mr. Bhupendra Mehta and Mr.
Hasmukhrai Mehta, and Mr. Bhupendra Mehta's son, Mr. Harsh Mehta,
and Mr. Hasmukhrai Mehta's sons, Mr. Nilesh Mehta and Mr. Amit
Mehta. . The firm was reconstituted as a private limited company
in 2007.  It manufactures electric resistance welded (ERW) pipes
and precision tubes and also trades in hot rolled coils.  The
company's manufacturing sales are expected to increase over the
medium term.


MONTAGE HEALTH: CRISIL Suspends B+ Rating on INR121.4MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Montage Health Care & Biochem Private Limited (MHCBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            11.9       CRISIL B+/Stable
   Term Loan             121.4       CRISIL B+/Stable

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

MHCBPL, incorporated in September 2011, is setting up a unit for
manufacturing of bio-degradable plastic granules from mango
kernels in Sameerpet, Telangana with capacity of 1000MTPA. The
company is promoted by Mr. Rajesh Shukla, Ms. Shweta Shukla, Mrs.
Anupama Shukla and Mr. Govind Swarup.


PANALE INFRASTRUCTURES: CRISIL Reaffirms B- Rating on INR26M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Panale Infrastructures
Private Limited (PIPL) continue to reflect weak financial risk
profile, especially liquidity, on account of large working
capital requirement, aggressive gearing, and modest net worth.
The ratings also factor in modest scale of operations in the
intensely competitive civil construction industry, and geographic
concentration in revenue. These weaknesses are partially offset
by extensive industry experience of the promoters, and moderate
debt protection measures because of moderate profitability.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)
   Cash Credit             26       CRISIL B-/Stable (Reaffirmed)


For arriving at the ratings, CRISIL has treated unsecured loans
extended to PIPL by the promoters, estimated at INR22.6 million
as on March 31, 2016, as neither debt nor equity, as these will
be retained in business over the medium term.


Outlook: Stable
CRISIL believes PIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant increase in revenue
and stable profitability lead to large cash accrual, or if
improved working capital management strengthens financial risk
profile and liquidity. Conversely, the outlook may be revised to
'Negative' if stretch in working capital cycle, or low accrual
because of decline in revenue or profitability, weakens the
financial metrics.

PIPL was incorporated in 2009 by Mr. Pundik Vitthalrao Panale. It
undertakes construction of roads, bridges and buildings for
government and private players in Maharashtra. PIPL is registered
with the Public Works Department, Maharashtra, and the
Maharashtra Irrigation Department.


PIONEER NF: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of Pioneer NF Forgings India
Pvt Ltd (PNFL) continue to reflect the small scale of operations
and susceptibility to volatile raw material prices. These
weaknesses are partially offset by the moderate financial risk
profile, marked by modest gearing and debt-protection metrics,
and extensive industry experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Reaffirmed)
   Cash Credit             50        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      19.5      CRISIL B/Stable (Reaffirmed)
   Term Loan               10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PNFL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in scale of operations and
profitability leads to healthy cash accrual and strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if a large debt-funded capital expenditure (capex), or decline in
revenue or operating profit margin, weakens the financial
metrics.

Update
For 2015-16 (refers to financial year, April 1 to March 31), both
revenue and operating margin, estimated at INR160 million and 10
percent, respectively, are broadly in line with CRISIL's
expectations. However, revenue is stagnant when compared with
INR162 million reported in 2014-15, due to the overall market
scenario and weak demand in the automotive components segment.
CRISIL expects the business risk profile to sustain over the
medium term, with moderate growth in turnover and a stable
operating margin, supported by repeat orders from customers.

The financial risk profile remains moderate, due to modest debt-
protection metrics and gearing. Debt is in line with expectation.
The networth is estimated at INR42.7 million as on March 31,
2016, due to constrained accretion to reserves. Gearing is
moderate, estimated at 1.50 times as of March 2016 and would
remain at similar levels over the medium term, due to dependence
on external working capital debt and in the absence of any
significant debt funded capex plans.

Liquidity is stretched due to the small accruals, highly utilised
bank limit and coupled with low cash and bank balance. Bank limit
utilisation averaged 92.6 percent for the 12 months ended
February 2016. Expected accrual of INR8.4-9.7 million over the
medium term, would be adequate against repayment obligation of
INR4.7 million.

Set up in 2006, PNFL manufactures forgings for the automotive and
automotive ancillaries industries, and for the electro-mechanical
equipment sector. The director, Mr. Niranjan Sankar manages the
daily operations.


PNP ENGINEERING: CRISIL Ups Rating on INR110MM LT Loan to B-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of PNP Engineering Works Private Limited (PNP) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable', and has reaffirmed its rating
on the company's short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           50       CRISIL A4 (Reaffirmed)

   Cash Credit              40       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      110       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in PNP's business risk
profile marked by improvement in its revenue level and
profitability margin in 2015-16. Revenue level of the company
grew by a CAGR of 76% from 2013-14 to 2015-16 and y-o-y growth of
around 20% in 2015-16 to INR305.7 million compared to INR259.1
million in 2014-15. The same was also better than CRISIL's
expectation of INR200 million in 2015-16 and INR220 million in
2014-15. This was mainly due to healthy execution of orders from
its reputed clientele. Liquidity has also improved, with cash
accrual increasing to INR11.7 million from INR8.5 million over
this period.

CRISIL believes that improvement in the business risk profile is
likely to be sustained over the medium term, supported by a
healthy current order book of INR300 million, which is to be
executed over the next 10-12 months.

The rating continues to reflect PNP's improved working capital
management and extensive experience of PNP's promoters in the
engineering and construction services business. These rating
strengths are partially offset by PNP's small scale of operations
and its average financial risk profile marked by modest net
worth.

Outlook: Stable

CRISIL believes PNP will continue to manage its working capital
efficiently over the medium term. Nevertheless, liquidity will
remain a key sensitivity factor over the medium term, given the
tender-driven nature of business. The outlook may be revised to
'Positive' if there is substantial improvement in PNP's cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the company delays in servicing of its debt on time or if its
financial risk profile deteriorates on the back of decline in
expected cash accruals or any major debt-funded capital
expenditure programme undertaken by the company over the medium
term.

PNP was set up by Mr. Subhas Chandra Panja in Haldia (West
Bengal) in 1998. The company provides engineering and
construction services such as installation of storage tanks,
industrial piping, and structures for oil refineries,
petrochemical companies, and the steel industry.


PRABHAT POULTRY: CRISIL Suspends 'D' Rating on INR100MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Prabhat Poultry Private Limited (PPPL).


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL D
   Rupee Term Loan        100        CRISIL D

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

PPPL was established as a proprietorship firm in 1963, and was
reconstituted as a partnership firm in 1980 and again as a
private limited company (with its current name) in 2004. The
company is based in Mumbai. PPPL's manufacturing unit is in
Alibaug (Maharashtra). It is currently managed by Mr. Pramod
Mhatre and his family. PPPL manufactures table eggs and poultry
feed, and also processes broiler chicken meat. All the products
manufactured by PPPL are sold under the Prabhat brand within
Maharashtra.


PUNEET LABORATORIES: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Puneet
Laboratories Private Limited (PLPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PLPL's small scale of operations and moderate
credit metrics.  Provisional (P) FY16 financials indicate revenue
of INR241 mil. (FY15: INR213 mil.), net leverage (total Ind-Ra
adjusted debt net of cash/EBITDA) of 6.8x (8x) and interest
coverage (operating EBITDA/gross interest expense) of 1.2x
(1.6x). Its EBITDA margin was 6.3% in FY16 (P) (FY15: 6.9%).

The ratings also factor in the company's tight liquidity
position, with 98.5% average use of its fund-based facilities
during the 12 months ended April 2016.

The ratings derive support from PLPL's promoter's experience of
more than a decade in the pharmaceutical industry.

RATING SENSITIVITIES

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

Negative: A substantial decline in profitability, resulting in a
sustained deterioration in the company's credit profile, will
lead to a negative rating action.

COMPANY PROFILE

PLPL was incorporated in Mumbai in 1986 by Mr. Lalit Raizada.
The company provides pharmaceutical solutions from the concept
stage to the final product to pharmaceutical manufacturers such
as Zydus Cadila Healthcare Private Limited, Sanofi Aventis and
Micro Labs Limited.  The company started with trading and
contract manufacturing of pharmaceutical active pharmaceutical
ingredients and intermediates and later diversified into the
finished formulations business in the Indian and overseas markets
Ms Sunila Raizada, Ms. Priyanka Raizada and Mr. Puneet Raizada,
the family members of Mr. Lalit Raizada manage PLPL's operations.
In FY16 (P), 75% of the company's revenue came from the trade of
pharmaceutical intermediates.

PLPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR60.96 mil. long-term loans: assigned 'IND B+'/Stable
   -- INR50 mil. fund-based facilities: assigned
      'IND B+'/Stable/'IND A4'


R. B. MEHTA: CRISIL Suspends B+ Rating on INR58MM Loan
------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
R. B. Mehta and Company (RBM; part of the Mehta group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit       150        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      42        CRISIL B+/Stable

   Secured Overdraft
   Facility                58        CRISIL B+/Stable

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of RBM and Mehta Intertrade Steels Pvt
Ltd (MISL), together referred to as the Mehta group. This is
because both these entities are managed by the same promoters,
are in similar line of business, have strong operational
linkages, and have fungible funds.

RBM was established in 1984 as a proprietorship firm by Mr.
Rajendra B Mehta in Mumbai. RBM primarily trades in steel
products, which constitutes 90 per cent of total sales, which
include cold-rolled and hot'rolled coils, and mild steel plates.
The firm also trades in import licenses, which account for the
remaining 10 per cent of sales.

MISL was established in 2005 as a partnership firm by Mr.
Rajendra Mehta, his brothers, Mr. Bhupendra Mehta and Mr.
Hasmukhrai Mehta, and Mr. Bhupendra Mehta's son, Mr. Harsh Mehta,
and Mr. Hasmukhrai Mehta's sons, Mr. Nilesh Mehta and Mr. Amit
Mehta. . The firm was reconstituted as a private limited company
in 2007.  It manufactures electric resistance welded (ERW) pipes
and precision tubes and also trades in hot rolled coils.  The
company's manufacturing sales are expected to increase over the
medium term.


R. P. MOTORS: ICRA Reaffirms 'B' Rating on INR2.80cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR1.86 crore term loan, INR3.80 cash credit facilities and
INR0.30 crore untied limits of R. P. Motors (RPM).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan             1.86         [ICRA]B reaffirmed

   Fund Based Limit
   Cash Credit e-DFS     2.80         [ICRA]B reaffirmed

   Fund Based Limit
   Cash Credit regular   1.00         [ICRA]B reaffirmed/assigned

   Untied limits         0.30         [ICRA]B reaffirmed

The reaffirmation of the rating takes into account the relatively
small size and the short period of RPM's operations, inherently
low margins of the entity, on account of industry dynamics, and
commission structure decided by the principal, and its weak
financial risk profile characterised by a leveraged capital
structure and depressed level of coverage indicators; though the
same have shown some improvement in FY2016. The rating continues
to remain constrained by the high working capital requirements in
the automobile dealership business and vulnerability of the sales
to the cyclicality of the passenger vehicle industry. The rating
further incorporates the risks associated with the entity's
status as a proprietorship concern, including the risk of capital
withdrawal by the proprietor.

The rating, however, derives comfort from the current status of
RPM as the sole authorised dealer of Ford vehicles in Meghalaya,
which provides business comfort to an extent, though risk
associated with competition from other original equipment
manufacturer (OEM) dealerships remains. ICRA notes that the top-
line as well as profitability of the entity has witnessed an
improvement in FY2016 over the previous fiscal due to the
stability of its operations.

In ICRA's opinion, the ability of the entity to improve its
capital structure and profitability while managing its working
capital requirement efficiently would remain key rating
sensitivities, going forward.

Established in December 2013 as a proprietorship concern, R. P.
Motors (RPM) is an automobile dealer and has a showroom-cum-
service workshop with 3S facilities (Sales-Services-Spares) in
Shillong, Meghalaya. The entity is at present the sole authorised
dealer of Ford India Private Limited (FIPL) in Meghalaya, and
also sells and services vehicles. The entity also sells spare
parts and accessories and trades in second hand cars of any make.
RPM is managed by the proprietor, Mr. Renikton Lyngdoh.

Recent Results
The entity has reported a net profit of INR0.52 crore on an
Operating Income of INR16.67 crore during FY2016 (provisional).
It reported a net profit of INR0.09 crore on an operating income
of INR13.73 crore in FY2015.


RANKAS TEXFAB: Ind-Ra Assigns BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings has assigned Rankas Texfab Private Limited (RTPL) a
Long-Term Issuer Rating of 'IND BB+'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RTPL's moderate scale of operations and weak
credit metrics.  The company's provisional FY16 financials
indicate revenue of INR813 (FY15: INR804 mil.) with an order book
worth INR80 mil. to be executed over the next two months.  Its
net leverage (net adjusted debt/operating EBITDAR) was 3.9x in
FY16 (FY15: 4.6x) and interest coverage was 2.4x (2.0x).

RTPL's EBITDA margin was in the range of 5.6% to 7.9% over FY11-
FY15 due to the fluctuations in the raw materials price.  It,
however, improved during FY16 to 8.3%.  The management expects
the EBITDA margin to remain at FY16 level over the medium term on
account of the growth in the company's topline due to increased
order flow.

The ratings further reflect RTPL's moderate liquidity profile
with its fund based facilities being utilized at an average of
93% over the 12 month ended May 2016.

The ratings, however, are supported by over two decades of
operating experience of the company's promoter in the textile
manufacturing business.

RATING SENSITIVITIES

Positive: A substantial growth in the company's topline along
with the improvement in the profitability leading to a sustained
improvement in the overall credit metrics could lead to a
positive rating action.

Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could lead to a negative rating action

COMPANY PROFILE

RTPL, incorporated in 1994 as a private limited company by
Mr. Chetankumar Motilal Ranka, is into textile processing,
dyeing, printing, and stitching.

The company mainly processes polyester fabrics and manufactures
dress materials, African wax prints, curtains, scarves, table
linen and bed linen at its plant in Ahmedabad (Gujrat) which runs
two shifts every day with 80% capacity utilization.

RTPL's ratings:

   -- Long term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR45.09 mil. long-term loans: assigned 'IND BB+'/Stable
   -- INR205 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'
   -- INR2 mil. non-fund-based facilities: assigned 'IND A4+'


RATNA COT: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ratna Cot
Fibers (RCF) continues to reflect its small scale of operations
in the intensely competitive cotton ginning industry, average
financial risk profile, and susceptibility to adverse regulatory
changes. These weaknesses are partially offset by the extensive
experience of the partners in the cotton ginning industry.

                      Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          40       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan       18       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes RCF will continue to benefit over the medium term
from the extensive experience of the partners. The outlook may be
revised to 'Positive' if significant improvement in revenue and
stable profitability strengthen cash accrual and financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile weakens because of low cash accrual, or
large working capital requirement or capital expenditure.

RCF was set up as a partnership firm in June 2014 by Mr. Om
Prakash Agarwal, Mr. Shivam Shyam Sunder Agarwal, and Mr. Ajay
Agarwal. It gins and presses raw cotton. Its unit at Sendhwa,
Madhya Pradesh, has capacity of 200 bales per day and commenced
operations from February 2015.


RIVU ENTERPRISES: Ind-Ra Lowers Long-Term Issuer Rating to D
------------------------------------------------------------
India Ratings & Research (Ind-Ra) has downgraded Rivu Enterprises
Pvt Ltd's (REPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'.  The Outlook was Stable.

KEY RATING DRIVERS

The ratings reflect REPL's tight liquidity, leading to delays in
debt servicing by the company for the 12 months ended May 2016.

RATING SENSITIVITIES

Timely servicing of debt for three consecutive months could
result in a positive rating action.

COMPANY PROFILE

Incorporated in 2010, REPL is engaged in the processing of
chicken in Kolkata, West Bengal.

REPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BB-'/Stable
   -- INR27.4 mil. term loan: downgraded to 'IND D' from
      'IND BB-'/Stable
   -- INR25 mil. fund-based working capital limits: downgraded to
      'IND D' from 'IND BB-'/Stable
   -- INR35 mil. proposed fund-based working capital limits:
      'Provisional IND BB-'/Stable; rating withdrawn as the
      company did not proceed with the instrument as envisaged


ROLTA PRIVATE: Ind-Ra Lowers to 'BB' then Withdraws Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rolta Private
Limited's (RPL) Long-Term Issuer Rating and the rating on its
INR2,240 mil. long-term loan (future lease rental) to 'IND BB'
from 'IND BBB'.  The Outlook is Stable.  The agency has
simultaneously withdrawn the ratings.


KEY RATING DRIVERS

The downgrade reflects the deterioration in the credit profile of
one of RPL's major tenants (Rolta India Ltd, 'IND D').  The
rating action also reflects RPL's vacancy levels at 1,05,000sqft
of the entire 420,000sqft being higher than Ind-Ra's
expectations. Moreover, the company's cash flows for FY17 are
likely to be lower than the agency's expectations as Rolta India
has not declared a dividend for FY16.

RPL has not shared its recent financials with Ind-Ra.

The bank loan rating has been withdrawn following the receipt of
a no objection certificates from the company's banker.
Consequently, Ind-Ra has withdrawn the Long-Term Issuer Rating.

COMPANY PROFILE
RPL is a strategic investor (37.7% holding on March 31, 2016,) in
Rolta India from where it avails dividend income and royalty
income (equivalent to 0.2% of Rolta India's revenue).  It has a
commercial property in Udyog Vihar, Gurgaon through which it
derives rental income.


RUPNARAYAN VANJIYA: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rupnarayan
Vanjiya Private Limited (RVPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects RVPL's moderate scale of trading operations
and weak operating profitability.  Provisional FY16 financials
indicate revenue of INR811 mil. (FY15: INR720 mil.) and operating
EBITDA margins of 0.50% (0.30%).

The ratings, however, are supported by RVPL's strong credit
metrics and comfortable liquidity position. Interest coverage
increased to 2.5x in FY16 (FY15: 1.3x) and net financial leverage
reduced to negative 3.1x (10.4x) due to a decline in the total
debt.  The company's use of the working capital limits was 82.42%
on average during the 12 months ended May 2016.

The ratings are also supported by RVPL's founder's experience of
more than three decades in sugar trading.

RATING SENSITIVITIES

Positive: An improvement in scale of operations leading to an
improvement in the overall credit profile will be positive for
the ratings.

Negative: Deterioration in the profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

RVPL is a part of Manpuria Group. The company acquired M/s
Mahabir Store effective from April 1, 2015, a partnership firm
and a wholesale trader in sugar.  Prior to April 2015, RVPL had
no commercial activity.

NVPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR10 mil. fund-based limits: assigned 'IND BB'/Stable
   -- Proposed INR240 mil. fund-based limits: assigned
Provisional
      'ND BB'/Stable


RVS EDUCATIONAL: Ind-Ra Suspends BB+ Rating on INR1,562MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rathnavel
Subramaniam (RVS) Educational Trust's INR1,562 mil. bank loan and
INR70 mil. fund-based-working capital loans to
'IND BB+(suspended)' from 'IND BB+'.  The Outlook was Stable.

The rating has been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for RVS's bank facilities.

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


S2 REALTY: ICRA Withdraws D Rating on INR7.0cr Term Loan
--------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR7.00
crore long term bank facilities of S2 Realty, at the request of
the company, as there is no debt outstanding against the rated
instruments.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term, Fund
   based limits
   Term Loan             7.00         [ICRA]D withdrawn

Established in 2009, S2R is developing affordable residential
real estate projects under two schemes known as Anandgram and
Urbangram in Pune. Under Anandgram sceme the firm has already
developed two projects viz. Anandgram Yewat and Anandgram
Talegaon Dhamdhare. Under Urbangram scheme it has already
developed two projects under viz. Urbangram Kondhave Dhawade and
Urbangram Kirkitwadi. Currently there are two projects under
development firm is developing the following projects in Pune.


SAFIRE OFFSET: CRISIL Reaffirms 'D' Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Offset
Printers (SOP; part of the Safire group) continue to reflect
instances of delay by the Safire group in servicing its debt. The
delays have been caused by the group's weak liquidity, driven by
large working capital requirements, particularly because of
stretched receivables.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D (Reaffirmed)
   Cash Credit            80         CRISIL D (Reaffirmed)
   Letter of Credit       10         CRISIL D (Reaffirmed)
   Long Term Loan         64.5       CRISIL D (Reaffirmed)
   Proposed Working
   Capital Facility       20         CRISIL D (Reaffirmed)

The Safire group has large working capital requirements and is
also exposed to risks related to the highly fragmented and
intensely competitive printing industry. However, the group
benefits from its established market position in the printing and
publications industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of The Safire Industries (SI) and The
Safire Offset Printers (SOP). This is because the two entities,
together referred to as the Safire group, are in the same line of
business, and have a common management and fungible cash flows.

Set up in 1989 by Mr. Ayyanathan, SOP is part of the Safire
group, which prints film posters, brochures, calendars, text
books, and school magazines. Both SI and SOP are based in
Sivakasi (Tamil Nadu).


SAMET PLAST: ICRA Assigns 'B+' Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR6.00
crore1 (enhanced from INR5.20 crore) long term fund based
facilities of Samet Plast. Further, the short-term rating of
[ICRA]A4 has been assigned to the INR2.00 crore (enhanced from
INR1.30 crore) short-term non-fund based facility of SP.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan              1.00      [ICRA]B+ assigned/outstanding
   Cash Credit            5.00      [ICRA]B+ assigned/outstanding
   Letter of Credit       2.00      [ICRA]A4 assigned/outstanding

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

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

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

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


SARWATI HOME: CRISIL Assigns 'B+' Rating to INR47MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sarwati Home Furnishings (SHF) and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to the facilities. CRISIL
had suspended the ratings on April 27, 2016, as SHF had not
provided the necessary information required to maintain valid
ratings. The firm has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           6       CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit             47       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Term Loan               35.1     CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

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

Outlook: Stable
CRISIL believes SHF will continue to benefit from the extensive
experience of its partners in the textile industry. The outlook
may be revised to 'Positive' if there is substantial growth in
revenue and operating margin, leading to significant increase in
networth, and consequently, improvement in financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile and liquidity deteriorate due to sizeable
debt-funded capital expenditure or stretch in working capital
cycle.

SHF is a partnership firm set up by Mr. Jughminder Das Jain, Mr.
Sachin Jain, Ms. Neelam Jain and Ms. Punita Jain in May 2014. It
manufactures polyester knitted fabric/polar fabric in Panipat,
Haryana.


SAYONA CERAMIC: CRISIL Suspends 'B' Rating on INR39.3MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sayona
Ceramic (Sayona).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.6       CRISIL A4
   Cash Credit            30.0       CRISIL B/Stable
   Term Loan              39.3       CRISIL B/Stable

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

Sayona, established in December 2010 and based in Morbi, has set
up a facility to manufacture ceramic-glazed wall tiles. The
project commenced commercial production in October 2011.


SHIV COTGIN: ICRA Lowers Rating on INR34cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long term rating from [ICRA]B+ to [ICRA]D
for the INR34.00 crore cash credit facility and the INR0.61 crore
term loan facility of Shiv Cotgin Private Limited. ICRA has also
downgraded the short term rating from [ICRA]A4 to [ICRA]D to
INR5.00 crore fund based FBP facility (sublimit with cash credit)
of SCPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Cash Credit           34.00        Downgraded to [ICRA]D
                                      from [ICRA]B+

   Fund Based Limit-
   Term Loan              0.61        Downgraded to [ICRA]D
                                      from [ICRA]B+

   Fund Based-FBP        (5.00)       Downgraded to [ICRA]D
                                      from [ICRA]A4

The rating revision reflects the recent delays in interest as
well as debt servicing reflecting the stress on its liquidity
position. The rating is further constrained by the low operating
margin on account of limited value addition and highly
competitive and fragmented industry structure due to low entry
barriers. The ratings are further constrained by vulnerability of
profitability to raw material prices, which are subject to
seasonality and crop harvest and regulatory risks with regard to
minimum support price (MSP) of raw cotton and export of cotton
bales.

The ratings, however, continue to favorably consider the
extensive experience of the promoters in the cotton industry as
well as strategic location of the plant in the cotton producing
belt of India giving it easy access to raw cotton.

Shiv Cotton Industries (SCI) was established as partnership firm
on 9th July, 2009 by Mr. Bharat Selani along with other family
members and relatives. The firm commenced its operations in
February 2010, ans was engaged in cotton ginning and pressing to
produce cotton bales and cotton seeds. However, later in December
2013 the firm was converted into private limited company in the
name of Shiv Cotgin Private Limited (SCPL). The company has its
production facility located at Gondal (Dist: Rajkot), Gujarat.
The plant is equipped with 24 ginning machines having capacity to
produce 240 bales and 77 MT cotton seeds per day.


SRI GAYATRI: ICRA Suspends 'D' Rating on INR12cr Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR12 crore working capital facility and the short term
rating of [ICRA]D assigned to the INR22.5 crore non fund based
bank facility of Sri Gayatri Minerals Pvt. Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


VERONICA MARINE: CRISIL Reaffirms B Rating on INR16.8MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veronica Marine
Exports Private Limited (VMEPL; a part of the CEC group)
continues to reflect the CEC group's below-average financial risk
profile, marked by high gearing and weak debt protection metrics,
and its working-capital-intensive operations. The ratings also
factor in the group's exposure to risks inherent in the seafood
exports industry. These rating weaknesses are partially offset by
its established brand in this industry.

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

   Bill Purchase-
   Discounting Facility    50.1      CRISIL A4 (Reaffirmed)

   Foreign Bill
   Negotiation            120.0      CRISIL A4 (Reaffirmed)

   Packing Credit         150.0      CRISIL A4 (Reaffirmed)

   Long Term Loan          16.8      CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles VMEPL and Capithan Exporting Company
(CEC). This is because both entities, together referred to as the
CEC group, are in the same line of business and have common
promoters and fungible funds.

Outlook: Stable
CRISIL believes that the CEC group will continue to benefit over
the medium term from its healthy relationships with suppliers and
customers. The outlook may be revised to 'Positive' if the group
further improves its working capital management while achieving a
substantial increase in its cash accruals, resulting in improved
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of pressure on the group's liquidity, driven
most likely by large working capital requirements, debt-funded
capital expenditure, or low cash accruals.

Set up in 1974 and promoted by Mr. Alphonse Joseph, the CEC group
processes and exports cuttlefish, peeled un-deveined shrimp, fin
fish, shell fish, and cooked/blanched fish.


VISHAL COATERS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
---------------------------------------=----------------------
India Ratings and Research (Ind-Ra) has migrated Vishal Coaters
Limited's (VCL) Long-Term Issuer Rating of 'IND BB' to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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

VCL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR25 mil. fund-based limit: migrated to
      'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/
      'IND A4+'
   -- INR2.63 mil. term loan: migrated to 'IND BB(suspended)'
      from 'IND BB'


VRV FOODS: Ind-Ra Affirms D Long-Term Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed VRV Foods
Limited's (VRV) Long-Term Issuer Rating at 'IND D'.

KEY RATING DRIVERS

The affirmations reflect the delays in servicing of term loan
obligation by the company during March, April and May 2016.

RATING SENSITIVITIES

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

COMPANY PROFILE

VRV was incorporated in 1992.  It is engaged in the bottling of
Indian made foreign liquor and trading of edible oils.

VRV Ratings:

   -- Long Term Issuer Rating: affirmed at 'IND D'
   -- INR30.5 mil. fund-based working capital limit: affirmed at
      Long-term 'IND D'
   -- INR1.1 mil. o/s term loans (reduced from INR2.5 mil.):
      affirmed at Long-term 'IND D'
   -- INR104 mil. working capital term loan: affirmed at Long-
      term 'IND D'
   -- INR140 mil. non-fund-based limits: affirmed at Short-term
      'IND D'


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


SHARP CORP: Shareholders Grill Management Over Foxconn Deal
-----------------------------------------------------------
Asian Nikkei Review reports that Sharp Corp shareholders took the
ailing electronics maker's executives to task on June 23 for
their handling of sale talks with Foxconn, signaling doubts about
the deal's viability even while giving it the requisite thumbs-
up.

Nikkei relates that Sharp's acquisition by the Taiwanese contract
manufacturer -- officially known as Hon Hai Precision Industry --
received approval at the shareholders meeting. According to the
report, the Foxconn group will invest JPY388.8 billion ($3.67
billion), gaining a 66% voting stake in Sharp via newly allocated
shares.  Nikkei says higher-ups from the Taiwanese company were
appointed as Sharp directors including Foxconn second-in-command
Tai Jeng-wu, who will serve as the Japanese company's chief.

But Sharp's final shareholders meeting as an independent entity
was anything but placid, says Nikkei.  The first shareholder to
speak during the open question period, a former employee, chided
outgoing President Kozo Takahashi and other executives for not
revealing "inconvenient information" -- contingent liabilities
that delayed the deal -- until buyout talks seemed complete.

That move "caused JPY100 billion to be knocked off the purchase
price," the shareholder said, calling the company's current state
"all [the executives'] fault," Nikkei relates.

According to Nikkei, Sharp attributes the delay to Foxconn's
slower due diligence relative to Innovation Network Corp. of
Japan, a public-private fund that had been in the running to
acquire the electronics maker.

"Hon Hai was rushing to catch up in the last week," the report
quotes Takahashi as saying. Had the liabilities been kept hidden,
the investment deal could have collapsed, he said.

Nikkei relates that other shareholders voiced doubts about
whether Foxconn will hold up its end of the bargain to invest in
Sharp. The deal will be completed within the month, Foxconn
Chairman Terry Gou said June 22 at that company's general
shareholders meeting, relays Nikkei.

But the investment itself still needs to pass inspection by
Chinese antitrust authorities before payment can occur, the
report notes.  Takahashi was vague about the timeline for the
transaction, saying only that he thinks it will occur "in the
coming days," but he signaled confidence that it will go through
without issue, Nikkei adds.

                           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.



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


DCS ASSET: Fitch Affirms BB Rating on Class C Notes
---------------------------------------------------
Fitch Ratings has affirmed DCS Asset Funding Pte. Ltd.  The
transaction is a securitisation of credit card and charge card
receivables in Singapore originated by Diners Club (Singapore)
Private Limited (Diners Singapore).

The rating actions are: (balance as of May 9, 2016):

  SGD8.3 mil. (outstanding balance out of SGD10m facility)
  working capital facility due Sept. 2016, affirmed at 'A-sf';
  Outlook Stable

  SGD100 mil. Class A1 fixed-rate notes due Sept. 2018 affirmed
  at 'A-sf'; Outlook Stable

  SGD24.7 mil. Class A2 floating-rate notes due Sept. 2018,
  affirmed at 'A-sf'; Outlook Stable

  SGD9.8 mil. Class B floating-rate notes due Sept. 2018,
  affirmed at 'BBBsf'; Outlook Stable

  SGD8.2 mil. Class C floating-rate notes due Sept. 2018,
  affirmed at 'BBsf'; Outlook Stable

KEY RATING DRIVERS

The affirmation reflects Fitch's view that the performance of the
underlying assets has remained within expectations, and that
credit enhancement (CE) is sufficient to support the current
ratings.

Delinquencies, defaults, payment rates and excess spreads of the
transaction have performed with Fitch's expectations since the
last review.  Payment rates have tracked upward in the last 12
months due to a larger portion of charge card receivables, which
tend to have higher payment rates.  In terms of the excess
spreads, they were in the range of 0.4%-2.2% with an average of
1.3% since closing, and the most recent three-month average
excess spread was 1.95% (April 2016).  No losses on the notes
have been realized since closing because excess spreads have
absorbed all defaults so far.

According to the April 2016 servicer report, the three-month
rolling average delinquency ratio was 0.80%, well below the
transaction's 3% early amortization trigger.  At the same time,
the three-month rolling default rate was 0.80%, well below the
transaction's 2% early amortization trigger.  Delinquency and
default rates increased slightly in late 2015 consistent with the
industry.  This can be attributed to a new Monetary Authority of
Singapore origination guideline, imposed industry wide, placing
an obligor borrower limit of 24x gross monthly income across all
unsecured credit lines.  This requirement came into effect on 1
June 2015.  Delinquency and default rates have started to
stabilize in the last two months, though, and Fitch expects the
performance to remain steady because Singapore's economy is
likely to continue to expand, albeit at a slower pace in 2016.

                        RATING SENSITIVITIES

The ratings on the notes may be upgraded if the transaction
performance remains sound and credit enhancement builds up.

The ratings on the working capital facility, and class A1 and A2
notes may be downgraded by one notch to 'BBB+sf' if the base-case
default rate increases by 38%, keeping all other factors
constant.

The class B notes may be downgraded by one notch to 'BBB-sf' if
the base-case default rate increases by 16%, keeping all other
factors constant.

The class C notes may be downgraded by one notch to 'BB-sf' if
the base-case default rate increases by 3%, keeping all other
factors constant.


SABANA SHARI'AH: S&P Lowers CCR to 'BB+'; Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Sabana Shari'ah Compliant Reit to 'BB+' from 'BBB-'.  The
outlook is stable.  At the same time, S&P affirmed its 'axBBB+'
long-term ASEAN regional scale rating on the Singapore-based
REIT.  S&P subsequently withdrew all the ratings at Sabana's
request.

S&P downgraded Sabana because the REIT's balance sheet has
weakened on prolonged difficult industry conditions.  S&P's base-
case expectation is that Sabana's ratio of funds from operations
(FFO) to debt will be 7%-9% for the next 12 months as negative
rental reversions and a higher cost of borrowing reduce its
profitability.  Lumpy lease expiries since November 2013
coincided with an industry downturn with declining capital values
and expanding capitalization rates in the industrial space in
Singapore.  Still, S&P recognizes that the management has sound
financial discipline whereby leverage, as defined by the ratio of
total debt to total assets, has been consistently kept below 40%
since the REIT's listing.  The temporary peak of 41.7% as of
Dec. 31, 2015, arising from significant valuation loss was
quickly brought down below 40% in the first quarter of 2016.  The
downgrade also reflects Sabana's limited headroom under one of
its covenants measured by total assets.

Sabana intends to pursue a built-to-suit transaction of moderate
size (about Singapore dollar 25 million) with target completion
by mid-2018.  This transaction will involve an equity portion
because the REIT has little headroom to take on more debt under
its leverage policy.  The potential equity raising could reduce
the REIT's debt.  However, given Sabana's low unit prices (below
its net asset value), still lumpy lease expiries (more than 30%
in 2016), and subdued industry conditions, the timing and the
amount of such equity raising are uncertain, in S&P's view.

The stable outlook at the time of withdrawal reflected S&P's view
that Sabana would take creditor-friendly measures to preserve its
balance sheet strength, such that the FFO-to-debt ratio would be
above 7% over the next 12 months.



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


MAGNACHIP SEMICONDUCTOR: S&P Affirms 'CCC+' CCR; Outlook Stable
---------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
its 'CCC+' long-term corporate credit rating on Korea-based
analog and mixed-signal semiconductor designer and manufacturer
MagnaChip Semiconductor Corp.  At the same time, S&P affirmed its
'CCC+' long-term corporate credit and debt ratings on the
company.

S&P's revision of the outlook on MagnaChip to stable mainly
reflects S&P's expectation that the company will modestly improve
its profitability and operating cash flows over the next 12
months.  This is mainly attributable to its ongoing cost
reduction efforts, including discontinuation of unprofitable
operations and growing demand for active matrix organic light
emitting diodes (AMOLED) display drivers.

"We expect MagnaChip to grow its display solution revenues
because of the increasing adoption of AMOLED technology for
smartphones, wearable devices, and TVs, given its good
relationship with a leading AMOLED panel maker," said S&P Global
Ratings analyst Sangyun Han.  "However, we believe the company's
operating and financial performance will remain volatile over the
next one to two years due to its relatively small scale and less
competitive technological capabilities, particularly associated
with its semiconductor foundry business."

In S&P's base-case scenario, it expects MagnaChip will not face
significant liquidity distress over the next 12 months mainly
because of its cash holdings of US$73.5 million as of March 31,
2016, and modestly improving operating cash flows, which would be
sufficient to cover its interest payments and capital
expenditures in the near term.

S&P believes that the uncertainty pertaining to legal disputes in
connection to restatement issues has somewhat reduced as the
company is currently in the process of settling these
litigations. The company plans to fund the settlement mainly
through insurance proceeds of around US$29 million, which it has
already received from the insurance company and booked as
restricted cash on its balance sheet.  However, S&P still sees
some legal uncertainties related to the restatement issues such
as ongoing investigation from the SEC, the outcome of which could
impair the company's financial position.

"The rating affirmation at 'CCC+' reflects our view that the
company remains susceptible to nonpayments of interest and
principal of its outstanding US$225 million debt due in 2021
because of its vulnerable profitability and cash flow, and its
lack of access to capital markets," Mr. Han said.

S&P believes that only favorable market conditions can
significantly improve Magnachip's profitability and help the
company rebuild its access to capital markets and meet its long-
term debt obligations.  In S&P's base case, it expects the
company to generate marginal free operating cash flow over the
next two years, despite its relatively low capital expenditures.

The stable outlook reflects S&P's expectation that the company
can sustain its cash levels over the next 12 months without
significant pressures on its liquidity, primarily owing to its
modestly improving operating cash flows.

S&P may lower the ratings if it sees significantly increasing
liquidity risk for the company with rapidly deteriorating cash
level, possibly due to worse-than-anticipated operating
performance.

S&P could raise the ratings if the company significantly improves
its profitability and generates positive free operating cash
flows, enabling the company to lower its debt-to-EBITDA ratio
approaching to 5.0x on a sustainable basis, maintain a cash level
of over US$100 million, and improve its access to capital
markets.



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


DFCC BANK: Fitch Affirms 'B+' Long-Term Foreign-Currency IDR
-------------------------------------------------------------
Fitch Ratings has downgraded National Development Bank PLC's
(NDB) National Long-Term Rating to 'A+(lka)' from 'AA-(lka)'.
The ratings on eight other Sri Lanka banks have been affirmed.
The agency also revised the Outlook on DFCC Bank PLC's (DFCC) and
Sampath Bank PLC's National Long-Term Ratings to Negative.

The Long-Term Issuer Default Ratings (IDRs) on National Savings
Bank (NSB) and Bank of Ceylon (Bank of Ceylon) have been affirmed
at 'B+' and their National Long-Term Ratings have been affirmed
at 'AAA(lka)' and 'AA+(lka)', respectively.  The Outlooks on the
IDRs of NSB and Bank of Ceylon have been maintained at Negative
while the Outlooks on their National Long-Term Ratings have been
maintained at Stable.  Fitch has also affirmed the National Long-
Term Rating of People's Bank (Sri Lanka) (People's Bank) at
'AA+(lka)' with a Stable Outlook.

Furthermore, Fitch has affirmed the National Long-Term Rating of
Commercial Bank of Ceylon PLC (CB) at 'AA(lka)', Hatton National
Bank PLC (HNB) at 'AA-(lka)', and Seylan Bank PLC (Seylan) at 'A-
(lka)'.

DFCC's Support Rating Floor (SRF) was revised to 'B-' from 'B'.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND SENIOR DEBT
The rating actions follow Fitch's periodic review of the large
banks peer group.

Fitch downgraded its assessment of Sri Lankan banks' operating
environment to 'b+' from 'bb-' and assigned a negative outlook.
Fitch believes operating conditions have become more challenging
- as signalled by the downgrade of the sovereign rating to 'B+'
from 'BB-' in February 2016 - and expects increased volatility to
add pressure on the banks' credit metrics.

However, Fitch maintains a stable outlook for the Sri Lankan
banking sector for 2016, as a material deterioration in the
sector's credit profile is not expected in the short-term.  Fitch
believes the underlying operating conditions supporting sector
performance are likely to remain intact and pressure on the
economic environment is likely to be contained through tighter
monetary policy.

The operating environment is a key rating driver for the Sri
Lankan banking sector.  It constrains the Viability Rating (VR)
of some banks, as it is rare for a VR to be assigned
significantly above the sovereign rating, however well banks
score on other factors.

Banks With Long-Term Ratings Driven by Sovereign-Support
The IDRs and National Long-Term Ratings of NSB and Bank of
Ceylon, and the National Long-Term Rating of People's Bank,
reflect Fitch's expectation of extraordinary support from the
sovereign (B+/Negative).

Fitch believes state support for NSB stems from its policy
mandate of mobilising retail savings and primarily investing them
in government securities.  The National Savings Bank Act contains
an explicit deposit guarantee and Fitch is of the view that the
authorities would support, in case of need, the bank's depositors
and senior unsecured creditors to maintain confidence and
systemic stability.  Fitch has not assigned a VR to NSB, as it is
considered to be a policy bank.

Fitch expects support for Bank of Ceylon and People's Bank to
stem from their high systemic importance, quasi-sovereign status,
role as key lenders to the government and full state-ownership.

The Negative Outlook on Bank of Ceylon's and NSB's IDRs reflect
the Negative Outlook on the sovereign's rating.  The Outlook on
Bank of Ceylon's, NSB's and People's Bank's National Long-Term
Ratings is Stable as their national ratings reflect the banks'
creditworthiness relative to the best credit in Sri Lanka.  The
ratings of Bank of Ceylon, NSB and People's Bank are unlikely to
be affected unless Fitch's expectations of sovereign support
change.

The US Dollar senior unsecured notes issued by NSB and Bank of
Ceylon are rated at the same level as the banks' Long-Term
Foreign-Currency IDRs, as the notes rank equally with other
senior unsecured obligations.  The notes have a Recovery Rating
of 'RR4'.

Bank of Ceylon's VR reflects its thin capitalization and weak
asset quality.  This is counterbalanced by its strong domestic
funding franchise, which is underpinned by its state linkages.
Fitch considers state support as Bank of Ceylon's primary rating
driver, even though its VR is at the same level as its SRF.

The National Long-Term Rating of Seylan reflects Fitch's
expectation of state support due to its state shareholding, which
came about in the aftermath of the bank's crisis in December
2008, and higher share of banking sector deposits relative to
some peers.  Seylan has a lower support-driven rating due to its
smaller market share compared with larger peers.  Fitch believes
Seylan's standalone financial strength has improved, reaching the
same level as it support-driven rating.

Seylan's senior debt is rated at the same level as its National
Long-Term Rating, as the debentures rank equally with other
senior unsecured obligations.

Banks With Long-Term Ratings Driven by Intrinsic Strength
The downgrade of NDB's National Long-Term Rating reflects the
decline in its capitalisation alongside continued strong loan
growth, and weaker profitability.  Fitch's expectation that the
bank's higher risk appetite could dilute the benefit of a capital
infusion has been incorporated in the rating action.  NDB's
ratings reflect its satisfactory asset quality, weaker franchise
and lower capitalisation relative to higher-rated peers.

The Outlook on DFCC's National Long-Term Rating has been revised
to Negative to reflect weakening capital buffers that stem from
weaker asset quality metrics, increased loan growth and below-
average internal capital generation.  The Negative Outlook on
DFCC's IDR reflects Fitch's approach of generally capping bank
ratings at the sovereign rating level.  This is because of the
likely adverse impact on the bank's credit profile from the
sovereign's deteriorating credit profile and increasing risks in
the domestic operating environment.  DFCC's VR captures its
developing commercial banking franchise and still-high
capitalization.  Its weaker asset quality compared with better-
rated peers weighs on its rating.

DFCC's US dollar notes are rated at the same level as its Long-
Term Foreign-Currency IDR.  The notes have a Recovery Rating of
'RR4'.  DFCC's Sri Lanka rupee-denominated senior debt is rated
at the same level as its National Long-Term Rating, as the
debentures rank equally with other senior unsecured obligations.

Sampath's Outlook has been revised to Negative as Fitch expects
the bank's capitalisation to worsen beyond previous expectations.
Fitch does not believe Sampath can sustain its capitalisation
purely through retained earnings.  The bank's ratings reflect its
lower capitalisation and higher risk appetite relative to peers,
which counterbalance its satisfactory asset quality and improving
franchise.  The bank's regulatory Tier 1 capital-adequacy ratio
continued to deteriorate and stood at 7.6% by end-March 2016
(end-2015: 8%; end-2014: 9%).

The National Long-Term Rating of CB reflects its measured risk
appetite relative to peers, strong funding profile, solid
domestic franchise and sound performance.  The ratings reflect
Fitch's expectation that its non-domestic operations will remain
small.

The National Long-Term Rating of HNB reflects its strong domestic
franchise, satisfactory capitalisation and strong performance,
counterbalanced by a higher risk appetite as seen through
sustained high loan growth that has put pressure on its funding
and liquidity profile.  HNB's senior debentures carry the same
rating, as they rank equal with other unsecured obligations.

SUPPORT RATING AND SUPPORT RATING FLOOR
The SRs and SRFs of privately owned DFCC reflect its relative
lower systemic importance, in Fitch's view.

The SR and SRFs of NSB and Bank of Ceylon reflect the state's
ability and propensity to provide support to the banks given
their high importance to the government and high systemic
importance.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

NDB's, DFCC's, Sampath's, Bank of Ceylon's, Seylan's, CB's and
HNB's old-style Basel II Sri Lanka rupee-denominated subordinated
debt is rated one notch below their National Long-Term Ratings to
reflect the subordination to senior unsecured creditors.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The banks' credit profiles are sensitive to changes in the
operating environment.  Fitch may take negative rating action if
the banks' appetite for risk-taking and pressure on key credit
metrics increases amid challenging operating conditions that
raises capital impairment risks which are not counterbalanced
through adequate capital buffers.  Fitch may take positive rating
action if stronger risk management and higher capital buffers
enhance the resilience of the banks' balance sheets, but this is
only likely to happen in the medium term.

Banks With Long-Term Ratings Driven by Sovereign Support
Any change in the sovereign rating or perception of state support
to NSB, Bank of Ceylon and People's Bank could result in a change
in their SRFs.  Fitch may downgrade NSB's National Long-Term
Rating if there is a reduced expectation of state support
through, for instance, the removal of preferential support, or a
substantial change in its policy role or deviation from mandated
core activities indicating its reduced importance to the
government. A downgrade of Bank of Ceylon's IDRs will only result
from a downgrade of its VR and SRF.  Visible demonstration of
preferential support for Bank of Ceylon and People's Bank in the
form of an explicit guarantee may be instrumental to an upgrade
of their National Long-Term Ratings.

NSB's and Bank of Ceylon's senior debt ratings are sensitive to
changes in the banks' Long-Term IDRs.  The Recovery Ratings of
NSB and Bank of Ceylon are sensitive to Fitch's assessment of
potential recoveries for creditors in case of default or non-
performance.

Bank of Ceylon's VR may come under pressure if there is a
continued decline in capitalisation through a surge in lending or
further decline in asset quality alongside high dividend payouts.
Further deterioration in the operating environment reflected in a
decline in Bank of Ceylon's key credit metrics could negatively
affect its VR.

A downgrade of Seylan's rating could result from a reassessment
of state support and a material reversal in recent improvements
to its asset quality, together with a weakening financial
profile.  In the absence of changes to Fitch's support
assessment, an upgrade of Seylan's rating would be contingent on
further improvements in its standalone profile through improved
asset quality and provisioning, mainly stemming from recovery of
legacy NPLs.  Seylan should also maintain other credit metrics in
line with higher-rated peers to warrant an upgrade.

Seylan's senior debt ratings will move in tandem with its
National Long-Term Rating.

Banks with Long-Term Ratings Driven by Intrinsic Strength
NDB's National Long-Term Rating may be downgraded if the bank is
not able to sustain its capitalisation at a level commensurate
with its risk profile.  Drivers for an upgrade are the quantum of
a potential capital injection and its sensible deployment
alongside the sustainability of a sufficient capital buffer to
counterbalance weaknesses in NDB's credit profile.  Fitch does
not see upside potential for NDB's ratings in the near term, as
the bank is likely to face difficulty sustaining a capital buffer
in line with higher-rated peers due to its higher risk appetite
and operating environment-related risks.

The Outlook on DFCC's National Long-Term Rating may be revised to
Stable if the bank can sustain capital buffers to sufficiently
cushion its weaker asset quality amid higher operating
environment-related risks and counterbalance its developing
franchise relative to more established peers.  Fitch expects
project finance to remain integral to the bank's business and, as
such, expects the bank to maintain higher capitalisation to
offset the higher risk of this business.

DFCC's IDRs and National Long-Term Rating could be downgraded if
there is a sustained deterioration in its capitalisation or
further weakening of the operating environment.  DFCC's RR is
sensitive to Fitch's assessment of potential recoveries for
creditors in case of default or non-performance.

A downgrade of Sampath's National Long-Term Rating could result
from a sustained decline in capitalisation, further increase in
risk-taking or a sharp decline in asset quality.  Fitch would
revise Sampath's Outlook to Stable if there is a capital infusion
and the bank maintains sufficient capital buffers commensurate
with its risk profile and operating environment-related risks.

Enhanced resilience against a volatile operating environment
could be positive for CB's National Long-Term rating.  The bank's
ratings could be downgraded if its ability to withstand cyclical
asset-quality deterioration declines due to lower earnings and
capitalisation.  In addition, any marked weakening in its deposit
franchise and deviation from its measured risk appetite, both
viewed by Fitch as key factors that differentiate CB from its
lower-rated peers, would be negative.

An upgrade of HNB's National Long-Term Rating is contingent on
the bank achieving sustained improvements in its financial
profile, in particular in terms of its funding, and a moderation
of its risk appetite.  A rating downgrade could result from a
significant increase in risk-taking and operating environment-
related risks, unless sufficiently mitigated through capital and
financial performance.  Further weakening of HNB's liquidity
position could also negatively affect its rating.

SUPPORT RATING AND SUPPORT RATING FLOOR
Reduced propensity of the government to support systemically
important banks could result in a downgrade in the assigned SRs
and SRFs, but Fitch sees this to be unlikely in the medium-term.
A change in the sovereign's ratings could also lead to a change
in the SRs and SRFs of the banks.

SUBORDINATED DEBT
Subordinated debt ratings will move in tandem with the banks'
National Long-Term Ratings.

FULL LIST OF RATING ACTIONS

The rating actions are:

National Development Bank PLC:
  National Long-Term Rating downgraded to 'A+(lka)' from
   'AA-(lka)'; Stable Outlook
  Basel II compliant subordinated debentures downgraded to
   'A(lka)' from 'A+(lka)'

DFCC Bank PLC:
  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local-Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AA-(lka)'; Outlook
   revised to Negative from Stable
  Viability Rating affirmed at 'b+'
  Support Rating affirmed at '4'
  Support Rating Floor revised to 'B-' from 'B'
  US dollar senior, unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'
  Sri Lanka rupee-denominated senior unsecured debentures
  affirmed at 'AA-(lka)'
  Basel II compliant Sri Lanka rupee-denominated subordinated
   debentures affirmed at 'A+(lka)'

Sampath Bank PLC:
  National Long-Term Rating affirmed at 'A+(lka)'; Outlook
revised
   to Negative from Stable
  Basel II compliant outstanding subordinated debentures affirmed
   at 'A(lka)'

National Savings Bank:
  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AAA(lka)'; Stable
Outlook
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'
  US dollar senior unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'

Bank of Ceylon:

  Long-Term Foreign-Currency IDR affirmed at 'B+'; Negative
   Outlook
  Long-Term Local-Currency IDR affirmed at 'B+'; Negative Outlook
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'AA+(lka)'; Stable
Outlook
  Viability Rating affirmed at 'b+'
  Support Rating affirmed at '4'
  Support Rating Floor affirmed at 'B+'
  US dollar senior unsecured notes affirmed at 'B+'; Recovery
   Rating at 'RR4'
  Basel II compliant Sri Lanka rupee-denominated subordinated
   debentures affirmed at 'AA(lka)'

People's Bank (Sri Lanka):
  National Long-Term Rating affirmed at 'AA+(lka)'; Outlook
Stable

Seylan Bank PLC:
  National Long-Term Rating affirmed at 'A-(lka)'; Stable Outlook
  Sri Lanka rupee-denominated senior unsecured debentures
  affirmed at 'A-(lka)'
  Basel II compliant subordinated debentures affirmed at
   'BBB+(lka)'

Commercial Bank of Ceylon PLC:
  National Long-Term Rating affirmed at 'AA(lka)'; Stable Outlook
  Basel II compliant outstanding subordinated debentures affirmed
   at 'AA-(lka)'

Hatton National Bank PLC:
  National Long-Term Rating affirmed at 'AA-(lka)'; Stable
   Outlook
  Sri Lanka rupee-denominated senior unsecured debentures
  affirmed at 'AA-(lka)'
  Basel II compliant outstanding subordinated debentures affirmed
   at 'A+(lka)'


                             *********

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

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

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


                            *********


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

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

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

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

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



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