TCRAP_Public/160628.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 28, 2016, Vol. 19, No. 126


                            Headlines


A U S T R A L I A

CEDAR WINDOWS: First Creditors' Meeting Set For July 5
CUBE FURNITURE: First Creditors' Meeting Scheduled For July 5
EQUIPRENT (AUST): First Creditors' Meeting Set For June 30
FORTESCUE METALS: Moody's Affirms Ba3 CFR; Outlook Stable
GUV SERVICES: First Creditors' Meeting Slated For July 7

GUVERA AUSTRALIA: Puts Two Units Under Voluntary Administration
MEREDITH & MOORE: Sells IP and Customer Database to Premier


C H I N A

AOXING PHARMACEUTICAL: Shareholders Elect Five Directors
BIOSTIME INTERNATIONAL: Moody's Rates $400MM Sr. Notes 'Ba3'
CHINA SHANSHUI: Wins Injunction Against Former Directors
GOLDEN EAGLE: Moody's Downgrades Corporate Family Rating to B1


I N D I A

ACCURATE FABOX: ICRA Suspends B-/A4 Rating on INR6.0cr Loan
AVA APPARELS: ICRA Suspends B+/A4 Rating on INR12.5cr Bank Loan
BHAVI INTERNATIONAL: CRISIL Cuts Rating on INR73.2MM Loan to B-
BOOM BUYING: ICRA Suspends 'D' Rating on INR5.0cr Loan
BPA BUILDERS: ICRA Reaffirms B+ Rating on INR3.0cr Term Loan

BRINDHA COTTON: ICRA Suspends 'D' Rating on INR16.55cr Loan
D.P. JAGTAP: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
DISCOVERY INTERMEDIATES: ICRA Ups Rating on INR6.25cr Loan to B
DOVE APPAREL: ICRA Suspends B+ Rating on INR6.5cr Bank Loan
KALYANI ASSOCIATES: CRISIL Suspends 'D' Rating on INR70MM Loan

KHOSLA INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR29cr Loan
KRIPTON CERAMIC: ICRA Assigns 'B' Rating to INR7.0cr Term Loan
LION FOODS: CRISIL Reaffirms 'B+' Rating on INR50MM Term Loan
LOGON INDIA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
LOREM TILES: CRISIL Reaffirms B+ Rating on INR29.6MM LT Loan

LUXMI RICE: ICRA Suspends 'B' Rating on INR18cr LT Loan
MANGALORE SEA: ICRA Reaffirms B+ Rating on INR5.0cr Loan
MAX CERAMICS: ICRA Suspends 'B' Rating on INR8.13cr Term Loan
MGM EDIBLE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MIRA MARINE: CRISIL Reaffirms B+ Rating on INR50MM Bill Loan

MRG FASHIONS: ICRA Suspends B+ Rating on INR8.50cr Bank Loan
NARULA TOOLS: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan
PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR159.3MM Loan
PITTI CASTINGS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
PUSHPANJLI STRIPS: Ind-Ra Assigns IND BB Long-Term Issuer Rating

R.P. GUMS: ICRA Suspends B+/A4 Rating on INR10.50cr Bank Loan
R S CASHEW: CRISIL Assigns B- Rating to INR70MM Term Loan
RAMA RICE: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
RIBA TEXTILES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
ROHIL FOODS: ICRA Suspends 'B' Rating on INR20cr Bank Loan

ROOP TECHNOLOGY: ICRA Suspends 'B' Rating on INR7.0cr Loan
SADHANA PACKAGING: ICRA Suspends 'B' Rating on INR9.60cr Loan
SAFIRE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR46.5MM Loan
SAMANVAY PARK: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan

SANT RAM: ICRA Suspends 'B' Rating on INR5.0cr Loan
SATYAM BALAJEE: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
SAUDAGAR ENTERPRISES: CRISIL Suspends B- Rating on INR130MM Loan
SERVOCONTROLS AEROSPACE: ICRA Cuts Rating on INR6.4cr Loan to B-
SHARIFA AGROTECH: ICRA Reaffirms 'B' Rating on INR8.0cr Loan

SHEKAR LOGISTICS: CRISIL Reaffirms 'B' Rating on INR221.7MM Loan
SHIVAM TERINE: ICRA Suspends B+ Rating on INR4.57cr Term Loan
SHREE NATH: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
SHREE RADHA: IND-Ra Assigns 'IND B' Long-Term Issuer Rating
SHRENIK MARBLE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'

SHRI AGRAWAL: Ind-Ra Withdraws 'IND B+ (Suspended)' Rating
SHRI KRISHNA: ICRA Reaffirms B- Rating on INR5cr Cash Loan
SPENZEN CERAMIC: CRISIL Reaffirms B+ Rating on INR53MM LT Loan
SREE SUBHALAKSHMI: CRISIL Suspends B+ Rating on INR44MM Loan
SRI HARI: ICRA Suspends 'B' Rating on INR46.60cr LT Loan

SRI LAKSHMINARASIMHA: CRISIL Cuts Rating on INR235.3MM Loan to C
STANDARD BRICK: ICRA Suspends 'D' Rating on INR60cr LT Loan
SWIDAN CERAMIC: CRISIL Lowers Rating on INR60MM Term Loan to B+
TANISHQ REALITIES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
TAPI PRESTRESSED: ICRA Cuts Rating on INR71cr ST Loan to 'D'

THANE STEELS: CRISIL Suspends B+ Rating on INR110MM Bank Loan
THARUN TEXSPIN: CRISIL Suspends 'B+' Rating on INR42.5MM Loan
UTTARAYAN STEEL: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
VISHAL CARS: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan


X X X X X X X X

* BOND PRICING: For the Week June 20 to June 24, 2016


                            - - - - -


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


CEDAR WINDOWS: First Creditors' Meeting Set For July 5
------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Cedar Windows Pty Ltd on June 23, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy Certified Practising Accountants, 237 Swan
Street, in Richmond, on July 5, 2016, at 10:30 a.m.


CUBE FURNITURE: First Creditors' Meeting Scheduled For July 5
-------------------------------------------------------------
Mitchell Herrett and Frank Lo Pilato of RSM Australia Partners
were appointed as administrators of Cube Furniture Pty Ltd on
June 23, 2016.

A first meeting of the creditors of the Company will be held at
RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent
Street, in Deakin, on July 5, 2016, at 10:00 a.m.


EQUIPRENT (AUST): First Creditors' Meeting Set For June 30
----------------------------------------------------------
Cameron Shaw, Richard Albarran and Brent Kijurina of Hall
Chadwick were appointed as administrators of Equiprent (Aust) Pty
Ltd on June 20, 2016.

A first meeting of the creditors of the Company will be held at
The Duxton Hotel Perth, Room 2, 1 St Georges Terrace, in Perth,
on June 30, 2016, at 11:00 a.m.


FORTESCUE METALS: Moody's Affirms Ba3 CFR; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has affirmed Fortescue Metals Group
Ltd's corporate family rating at Ba3 and changed the outlook to
stable from negative.

At the same time, Moody's has affirmed the senior unsecured and
senior secured ratings of Fortescue's finance subsidiary FMG
Resources (August 2006) Pty Ltd at B2 and Ba2, respectively.  The
outlook on all ratings is stable.

The change in Fortescue's rating outlook to stable follows the
announcement that the company has issued a $500 million repayment
notice for its 2019 senior secured term loan facility, bringing
total debt repayments in the fiscal year ended 30 June 2016 to
around $2.9 billion and reducing interest payments by $186
million per annum.

                        RATINGS RATIONALE

"The stable outlook on Fortescue's corporate family rating
reflects the considerable progress that the company has made in
reducing its debt levels in fiscal 2016," says Matthew Moore a
Moody's Vice President and Senior Credit Officer.

"The debt reduction achieved in the second half of fiscal 2016
has lowered breakeven costs and created a substantial buffer for
the company to maintain leverage metrics at adequate levels for
its rating, even under lower iron ore price scenarios," adds
Moore.

Iron ore prices in fiscal 2016 will reach average levels higher
than Moody's previous expectations.  While the agency expects the
price environment for iron ore to continue to remain volatile
with risk to the downside, Fortescue has generated free cash flow
in excess of Moody's previous expectations and has used such cash
to reduce its overall indebtedness.

As a result of the higher average iron ore prices flowing through
to increased earnings and the substantial debt reduction
achieved, Moody's expects that Fortescue will maintain credit
metrics at levels that are strong for its Ba3 corporate family
rating for the fiscal year ending June 2016, with debt/EBITDA
likely registering in the low 2.0x.

Under Moody's base case price sensitivities for iron ore of
around USD40-USD45 per tonne, Moody's expects that Fortescue will
register a debt/EBITDA of between 3.0x and 3.5x over the next 12-
24 months, absent further debt reduction.  For a Ba3 corporate
family rating, Moody's expects Fortescue to maintain debt/EBITDA
below 4.0x.

Moody's continued expectations of volatile iron ore prices and
downside risk reflects Moody's view that steel production in
China - the principal destination for Fortescue's iron ore
shipments - will fall and that ongoing iron ore supply additions
will continue to pressure market fundamentals.  As a single
commodity producer, lower average iron ore prices have a material
impact on Fortescue's revenue and earnings generation, despite
its stable production profile and the fact that it is reducing
its operating and capital costs.

The stable outlook on Fortescue's rating is also underpinned by
the significant progress that the company has achieved in
reducing its unit costs.  Moody's expects that Fortescue will
continue to work to drive down cash costs, while maximizing the
throughput of its existing operations.  Unit costs of production
fell through the March 2016 quarter, with year-to-date cash costs
improving to around USD15/t.  A unit cost exit rate of around
USD13/t at June 2016 continues to be guided by the company.

While Moody's believes that the USD13/t is challenging to
sustain, given current exchange rates and higher oil prices, the
continued reduction in interest costs from debt reduction
initiatives should help mitigate the impact on overall breakeven
levels.  Fortescue's debt repayments have reduced interest
payments by around USD186 million per annum, which is roughly
equivalent to a USD1.10 reduction in breakeven costs.

Moody's expects that Fortescue's breakeven costs will remain near
or slightly below Moody's stress case pricing sensitivity of
around $30/t, despite some of the headwinds mentioned.

These lower breakeven levels, combined with the company's cash
balances, have allowed Fortescue to continue to reduce its debt
levels, while maintaining a solid liquidity profile.  The
company's cash balances totaled around USD2.5 billion at March
31, 2016.  While the debt repayments will reduce its liquidity
levels, Moody's expects that Fortescue's cash balances will
likely remain near $1.5 billion for the year ended June 2016,
reflecting the likely significant free cash flow generation in
the quarter ending June 30, 2016.

Because of the debt repayments, Fortescue has reduced its
refinancing risk by decreasing the quantum of debt due in 2019,
its next major maturity.  Fortescue now has around $3.7 billion
of term loans coming due in 2019.

The Ba3 corporate family rating is supported by the company's
large scale operations with low cash costs of production, which
are in line with that of other major global producers.

Fortescue's rating is also supported by the company's large long
life high quality reserves base and solid liquidity position.
The rating is balanced by the company's limited operational,
geographic and product diversity, as well as the continued
uncertainty and downside risk around iron ore prices.

                   WHAT COULD CHANGE THE RATING

The ratings could experience positive momentum if Fortescue
continues to maintain a track record of lower operating costs and
further reduces its debt levels.  This would be evidenced by an
ability to maintain debt-to-EBITDA comfortably below 3.25x
through all reasonable pricing assumptions.  Prices sustained
above Moody's base case assumptions could also lead to an
upgrade.

However, the ratings would likely be downgraded if the company is
unable to sustain and improve on recent cost reductions, such
that its all-in breakeven unit costs of production increase above
Moody's pricing sensitivities.

Pressure on iron ore prices sustained below Moody's base
sensitivity assumptions could also lead to a downgrade of the
ratings.  Financial metrics that Moody's would consider for a
downgrade include a debt-to-EBITDA above 4.0x on a consistent
basis.  The rating could also be downgraded if Fortescue's
liquidity levels deteriorate below USD1.5 billion for a
protracted period.

                             BACKGROUND

Fortescue Metals Group Ltd., based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.

For the three quarters of fiscal 2016 - which ended on March 31,
2016, - Fortescue shipped approximately 123mt of iron ore, an
amount which is in line with its annual run rate of 165mtpa.
Moody's expects full year shipments for fiscal 2016 to be
slightly above the 165mt level.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.


GUV SERVICES: First Creditors' Meeting Slated For July 7
--------------------------------------------------------
Ezio Senatore & Neil Cussen at Deloitte were appointed as
administrators of GUV Services Pty Ltd on June 27, 2016.

A first meeting of the creditors of the Company will be held at
Level 19, 60 Station St, in Parramatta, New South Wales, on
July 7, 2016, at 10:30 a.m.


GUVERA AUSTRALIA: Puts Two Units Under Voluntary Administration
---------------------------------------------------------------
The Australian Financial Review reports that Guvera is aiming to
reduce its monthly cash burn to about $1.6 million and will cut
about 60 jobs after a knockback of the embattled music streaming
company's initial public offering has left it scrambling to stay
afloat.

A source close to the company confirmed the job losses to The
Australian Financial Review, after the company said in a
statement it had placed two of its subsidiaries in voluntary
administration on June 27.

According to the report, Guvera is also raising an additional
AUD20 million from its group of 3,000 existing shareholders, two
of whom are members of the extended Murdoch family.

Deloitte Restructuring Services partners Neil Cussen and Enzio
Sentatore have been appointed as voluntary administrators of
Guvera Australia and Guv Services, but Guvera Limited continues
to trade, AFR discloses.

The report relates that the company's intention to lower monthly
costs to around AUD1.6 million is a significant reduction on its
currently monthly cash burn of between AUD5 million and AUD6
million.

In the first six months of this financial year the company lost
AUD56 million, says AFR.

AFR notes that the announcement from Guvera came after the
company has spent the past week speaking to its 3,000
shareholders in meetings held by AMMA Private Equity in
Melbourne, Sydney and Brisbane.

The decision by the ASX to block Guvera's float followed a period
of intense criticism and speculation about the company's future,
the report notes.

According to AFR, tech leaders, including Atlassian co-founder
Mike Cannon-Brookes, Blackbird Ventures managing director Niki
Scevak and Square Peg Capital's Paul Bassat, have all been
critical of the loss-making company's proposed float.

Guvera's prospectus showed the company made AUD1.2 million in
revenue for the year ended June 2015 on a net loss of AUD81.1
million and had lost another AUD80 million in the first nine
months of the 2016 financial year, AFR discloses.

It also showed the company had raised AUD185 million to date from
3000 shareholders, via AMMA Private Equity and its network of
accounting firms. Guvera chief executive Darren Herft is also a
director and co-owner of AMMA, according to AFR.

The report relates that some of the accounting companies got
kickbacks when a large number of their clients put money into
Guvera. It was this funding model which sparked the most
criticism of the company.

AFR says Guvera's prospectus revealed that it owed money to a
range of creditors, including staff, the Australian Taxation
Office and music labels and publishers.

But at a meeting with shareholders in Sydney last week Mr Herft
said Guvera had paid the AUD850,000 owed to the ATO and was on
track to pay out the remaining superannuation liabilities to
staff, AFR relays.

AFR relates hat another lender is the parents of Guvera director
Steven Porch, who are owed AUD4.4 million by Guvera and at least
AUD2 million by former Guvera director Michael de Vere.

In a statement from Guvera announcing the decision to put two of
its 12 subsidiaries into voluntary administration, the business
decided to focus on its emerging markets and branded content
strategy rather than provide any information as to why these
entities had been singled out to be restructured, the report
relays.

"Since Guvera's inception, we have been brand-funded and free,
because, we understand that more than 90 per cent of the music
streamers in the world do not want to pay for music," the report
quotes Guvera Asia Pacific commercial director Yemee Fernandes as
saying.  "As we look to focus primarily in key emerging markets,
we take with us a highly scalable platform that caters to brands
as much as it does for music lovers, artists and rights holders."


MEREDITH & MOORE: Sells IP and Customer Database to Premier
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Meredith &
Moore's customer database and intellectual property have been
sold to Premier Apparel Group Pty Ltd.  The women's clothing
retailer shut down its stores in April, the report says.

Meredith & Moore was established in 1962. It fell into
administration at the end of March with PPB Advisory being
appointed administrators.

Meredith & Moore had 17 stores in Australia and many outlets in
New Zealand when it entered administration. It reported about
AUD9.2 million turnover in the 2014 to 2015 financial year,
Dissolve.com.au notes.



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C H I N A
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AOXING PHARMACEUTICAL: Shareholders Elect Five Directors
--------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., held its annual shareholder
meeting on June 23, 2016, at which the shareholders:

   (a) elected Zhenjiang Yue, Jun Min, Guozhu Xu, Yang Li and
       Yuelin Zhang as directors to hold office until the next
       annual meeting of shareholders and until their successors
       are duly elected;

   (b) ratified the appointment of BDO China Shu Lun Pan
       Certified Accountants, LLP as independent registered
       public accounting firm of the Company for the fiscal year
       ending June 30, 2016;

   (c) approved the 2016 Stock Incentive Plan;

   (d) ratified the grant of 590,000 stock options to certain
       employees identified in the proxy statement;

   (e) ratified the grant of 150,000 common shares to certain
       employees identified in the proxy statement; and

   (f) approved, on an advisory basis, the compensation paid to
       the Company's senior executive officers.

In addition, the shareholders selected "every three years" as the
frequency of advisory votes on executive compensation.

After the conclusion of the annual meeting of shareholders, the
Company's Board of Directors held its annual meeting.  At that
meeting, after considering the shareholder advisory vote on the
frequency of shareholder votes on executive compensation, the
Board of Directors decided that, until the next required vote on
the frequency of shareholder votes on compensation, the Company
will include a shareholder vote on the compensation of executives
in its proxy materials once every three years.

                            About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products.  In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics.  The Company owns
95% of the equity in Hebei Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

As of March 31, 2016, Aoxing had $58.92 million in total assets,
$38.37 million in total liabilities and $20.55 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.


BIOSTIME INTERNATIONAL: Moody's Rates $400MM Sr. Notes 'Ba3'
------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
Biostime International Holdings Limited's $US400 million, 7.25%,
5-year senior notes, due 21 June 2021.

The rating outlook is stable.

RATINGS RATIONALE

The definitive rating assignment follows Biostime's completion of
its $US bond issuance, the final terms and conditions of which
are consistent with Moody's expectations.

The provisional rating was assigned on 6 June, and Moody's
ratings rationale was set out in a press release published on the
same day.

The net proceeds from the bond issuance are deposited into an
escrow account and will be used by Biostime to refinance its
HKD3.1 billion zero coupon convertible bond with a put date in
February 2017.

Biostime International Holdings Limited is a leading domestic
infant milk formula provider in China. The company acquired a 83%
stake in the leading Australian vitamin, herbal and mineral
supplements provider Swisse Wellness Group Pty Ltd (unrated) in
September 2015.

Established in 1999, Biostime is headquartered in Guangzhou and
listed on Hong Kong's stock exchange in December 2010. Chairman
and CEO Mr. LUO Fei and other principal shareholders together
held a 72% stake in Biostime as of end-2015.


CHINA SHANSHUI: Wins Injunction Against Former Directors
--------------------------------------------------------
South China Morning Post reports that China Shanshui Cement,
embroiled in an increasingly complex takeover fight between its
largest shareholder Tianrui Group and various ousted directors,
has gained an injunction banning three former directors from
using the alleged stolen official company seal of its main
operating unit.

SCMP says the unit, Shandong Shanshui Cement Group, however, is
yet to make a new seal limiting the Tianrui-led board's capacity
to effectively control the operation.

The legal move represents the latest twist in the hostile
takeover battle, that has so far involved missing company chops,
seized offices and plants, and bond defaults.

"The company and Shandong Shanshui are negotiating with the
People's Government of Jinan city and the police to issue a new
seal as soon as possible," China Shanshui said in a filing to
Hong Kong's stock exchange on June 24, SCMP relays.

Officials claimed the seal being held by the former directors
"without proper authorization" is still being used by them "for
disseminating false and misleading information to the public".

According to SCMP, China Shanshui said it has obtained a civil
ruling from the Haidian District People's Court of Beijing,
prohibiting company founder Zhang Bin and his son Zhang Caikui
-- both former chairman at different times -- and former
executive director Chen Xueshi from using or authorising others
to use the seal.

SCMP relates that the Beijing court ruling in favour of the
Shandong firm comes three months after China Shanshui also began
legal action against Jinan mayor Yang Luyu and deputy mayor Su
Shuwei in Hong Kong.

The report relates that the two are alleged to have conspired
with the ousted China Shanshui directors to conceal the Shandong
subsidiary's company seals and obstructing the new board's
attempt to gain access to the Jinan plant.

SCMP notes that Hong Kong-listed Shanshui, once China's seventh
largest cement maker, has been seen as vulnerable to takeovers
due to its fragmented shareholding structure.

Rival Tianrui Group, the parent of Hong Kong-listed China Tianrui
Group Cement, launched a hostile takeover in April last year, the
report says.

According to the report, the previous board, led by the Zhangs,
attempted to liquidate the firm in a bid to fend off Tianrui's
attempt to take control of its assets.  But that was dismissed by
a court in the Cayman Islands where the firm was incorporated,
citing the the directors' lack of authority to wind up the firm.
SCMP says Tianrui succeeded in removing Zhang Caikui and his son
Zhang Bin, as well as all other Shanshui directors, in December.

But without a new seal, it has yet to gain full control over
Shandong Shanshui, and has also failed to help China Shanshui
raise the financing needed to redeem a US$500 million offshore
bond after a change in management control bond provision was
triggered, allowing the redemption request, SCMP states.

With CNY223 million in cash and CNY27 billion worth of total
assets at the end of last year, China Shanshui is now faced with
repaying CNY15.6 billion of borrowings before the year end, the
report discloses.

Creditors have also demanded repayment of overdue loans, bonds
and suppliers' payables to the tune of at least CNY4.43 billion,
triggering a liquidity crisis that has highlighted a desperate
need to restructure its debt, according to SCMP.
                       About China Shanshui

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 17, 2015, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on China
Shanshui Cement Group Ltd. to 'D' from 'CC'.  At the same time,
S&P lowered its long-term Greater China regional scale rating on
the company to 'D' from 'cnCC'.

S&P also lowered its issue rating on Shanshui's U.S. dollar-
denominated senior unsecured notes to 'D' from 'CC' and the
Greater China regional scale rating on the notes to 'D' from
'cnCC'. Shanshui is a China-based cement producer.


GOLDEN EAGLE: Moody's Downgrades Corporate Family Rating to B1
---------------------------------------------------------------
Moody's Investors Service has downgraded Golden Eagle Retail
Group Ltd's corporate family rating to B1 from Ba3, and the
senior unsecured debt rating on its US dollar notes due 2023 to
B2 from B1.

The ratings outlook is negative.

This concludes the rating review which was commenced on 5 April
2016, when Golden Eagle announced that it had breached financial
covenants under the syndicated loan that it arranged in 2015.

RATINGS RATIONALE

"The downgrade reflects Moody's concern that Golden Eagle's
financial position will not improve materially in the next 12 to
18 months, as China's economy continues to slow and the
department store sector faces strong competition from online
retail platforms," says Lina Choi, a Moody's Vice President and
Senior Credit Officer.

"Golden Eagle is also still in the process of negotiating waivers
for the covenant breaches under its RMB4.9 billion offshore
syndication loan, due April 2018," says Choi, who is also the
Lead Analyst for Golden Eagle. "The breaches, the large loan
amount and fairly short time to maturity leave the company's
liquidity position vulnerable, and at a level that is not in line
with the Ba rating level."

Moody's says Golden Eagle is unlikely to post strong revenue
growth or improve its EBITDA margin over the next 12-18 months.
At the same time, Moody's expects the company to rationalize its
capital expenditures and reduce the cash purchase of its listed
shares.

Thus, Moody's expects Golden Eagle's adjusted debt/EBITDA will be
in the 4.5x-5.0x range over the next 12 - 18 months, which is
weak for the Ba rating range.

The covenant breaches were a result of the increase in Golden
Eagle's debt following its acquisition of Global Era Group
(unrated) in late 2015, the cash outflow for share repurchases,
and reduced cash flow amid a challenging operating environment.

As a result, Golden Eagle's liquidity position is inadequate,
with its cash on hand of RMB 4.3 billion unable to cover the
RMB4.9 billion syndicated loan, which could be accelerated if the
covenant breaches are not waived and at least two-thirds of
lenders request repayment.

If Golden Eagle obtains the waivers, this will relieve the
immediate liquidity stress. However, without a meaningful
improvement in its retail operations or financial position,
refinancing risks will surface again when the company seeks to
repay the syndicated loan due in April 2018.

Golden Eagle's B1 corporate family rating continues to be
supported by its strong market position in the affluent Jiangsu
Province, and the benefits of its concessionaire model.

At the same time, the ratings reflect its small scale, increased
competition, rising level of business and liquidity risk, and
high level of geographic concentration.

The negative outlook reflects Golden Eagle's increased business
and liquidity risks against the backdrop of a weak economy and
intense competition in China's retail sector.

An upgrade in the ratings in the near term is unlikely, given the
negative outlook.

However, the ratings outlook would return to stable if Golden
Eagle shows (1) a trend of stable revenue growth without
sacrificing its profit margins; (2) an improved liquidity
position; and (3) improved debt leverage, with debt/EBITDA below
4.5x and RCF/net debt above 15% on a sustained basis.

The ratings would be downgraded if: (1) the company's
profitability or the cash flow from its operating stores
deteriorates further; (2) it aggressively grows its property
development or retail business with debt funding; or (3) there is
a further weakening in its liquidity or financial metrics.

Credit metrics indicative of a rating downgrade include
debt/EBITDA above 5.0x-5.5x or RCF/net debt below 10% on a
sustained basis.

Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of 31 December 2015,
the company operated 29 stores, including 10 lifestyle centers,
in the regions of Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai.



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


ACCURATE FABOX: ICRA Suspends B-/A4 Rating on INR6.0cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and short
term rating of [ICRA]A4 assigned to the INR6.00 crore bank lines
of Accurate Fabox Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Incorporated in 1992, AFPL is owned by managed by Mr. Ghanshyam
Kala and his family. The company is engaged in the fabrication of
steel products and structures for transmission towers, sub
stations, etc and operates through its two manufacturing
facilities located in Jaipur. The company supplies to private
players in the power infrastructure sector, as well as the state
power utilities.


AVA APPARELS: ICRA Suspends B+/A4 Rating on INR12.5cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 to the INR12.5 crore bank lines of AVA
Apparels LLP. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Formed in 2010 as an LLP concern, AVA is engaged in manufacturing
and export of knitted readymade garments largely for women and
girls. The firm currently operates two units in Delhi and Noida
(Uttar Pradesh) which are equipped with a total of 470 sewing
machines with a total capacity to manufacture ~15 lakh garment
pieces per year. The firm's key markets are European countries
like France and Spain. The promoters have experience of around
two decades in the garmenting industry and they ventured into
garment manufacturing in 2006 through another entity whose
operations were later transferred to AVA.


BHAVI INTERNATIONAL: CRISIL Cuts Rating on INR73.2MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bhavi International Private Limited (BIPL) to 'CRISIL B-
/Stable' from 'CRISIL B+/Stable'; the rating on the company's
short-term bank facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit         22.5       CRISIL A4  (Reaffirmed)

   Proposed Long Term     73.2       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Working Capital         1.8       CRISIL B-/Stable (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The rating downgrade reflects a deterioration in business risk
profile of the company, following a split in business among the
members of the family. BIPL's turnover is estimated to have
declined by 33% to around Rs 200 million for the year 2015-16,
while the operating margins remained stable at around 6 per cent.
Consequent to the decline in scale, the company's cash accruals
are also estimated to have declined to Rs 3 million from Rs 6.6
million in 2014-15.  BIPL's financial risk profile remains
average, marked by average interest coverage of around 1.8-1.9
times.

The rating also reflects small scale of operations and average
financial risk profile, with low networth. These weaknesses are
partially offset by extensive experience of the promoters in the
dyes and intermediaries industry.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if scale of operations,
profitability and cash accrual increase substantially and
sustainably. Conversely, the outlook may be revised to 'Negative'
if low cash accrual, or stretch in working capital requirement
weakens liquidity.

Incorporated in 1994 and based in Mumbai, BIL chiefly exports
organic dyes and chemicals mainly used in the paper industry.


BOOM BUYING: ICRA Suspends 'D' Rating on INR5.0cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR5.00 crore fund based limits of Boom Buying Private
Limited. ICRA has also suspended the short term rating of [ICRA]D
assigned to the INR4.00 crore non fund based limits of BBPL. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


BPA BUILDERS: ICRA Reaffirms B+ Rating on INR3.0cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR3 crore term loan limit and INR2 crore unallocated limits
of BPA Builders & Developers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                   3.00        [ICRA]B+ re-affirmed

   Unallocated Limits     2.00        [ICRA]B+ re-affirmed

The re-affirmation of the rating takes into account the limited
track record of the partners of BPA in the real estate business
and the exposure of the entity to sales risk, with a significant
portion of the project yet to be sold. The rating also takes note
of BPA's exposure to significant property concentration risks,
with cash inflows over the medium term being solely dependent on
this single property  'Laxmi Heights', and its status as a
partnership firm that makes it vulnerable to the risks of capital
withdrawal. ICRA notes that the firm remains susceptible to
economic cycles exposing it to market risks. The rating also
takes into consideration the low project implementation risks as
the project is in a near completion stage and the low land
acquisition cost of the project, which results in low project
cost and therefore strengthens the competitive position of the
project.

However, the rating takes note of the low project gearing of
around 0.69 times since a significant portion of project has been
funded through promoter's contribution and customer advances.
Moreover, a majority of the necessary approvals for the project
are in place, thereby largely mitigating regulatory risks. In
ICRA's opinion, BPA's ability to improve its sales momentum, and
ensure timely collections from bookings, would be key rating
sensitivities going forward.

Incorporated in July 2013, BPA Builders & Developers (BPA) is a
partnership firm engaged in the development of a residential
project, 'Laxmi Heights', in Raigarh, Chhattisgarh. The project
comprises one tower of six storeys having 48 units with a total
saleable area of 68,370 sq.ft. The construction for the project
commenced in July 2014 and it is expected to be completed within
Q2FY2017.

Recent Results
BPA reported a net loss of INR0.21 crore (provisional) in FY2016
on an operating income of INR1 crore, as compared to a net profit
of INR0.07 crore on an operating income of INR0.51 crore during
FY2015.


BRINDHA COTTON: ICRA Suspends 'D' Rating on INR16.55cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D and the short-
term rating of [ICRA]D assigned to the INR16.55 crore bank
facilities of Brindha Cotton Mills Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


D.P. JAGTAP: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned D.P. Jagtap and
Company (DPJC) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

KEY RATING DRIVERS

The rating reflects DPJC's small scale of operations as indicated
by its revenue of INR420 million according to unaudited
financials of FY16 (FY15: INR316 million). The ratings factor in
the partnership form of the organization.

The rating, however, reflects DPJC's comfortable credit profile
with net leverage (net debt/EBITDA) of 0.8x in FY16 (FY15: 1.0x)
and interest coverage of 11.7x (3.2x).

The firm's liquidity profile is comfortable as indicated by its
average working capital utilisation of 62.89% for the 12 months
ended April 2016. The order book position of the firm remained
strong in FY16 with the outstanding orders worth around INR778m
(1.9x of FY16 revenue).

The rating is also supported by two decades of operating
experience of DPJC's founders in executing contractual orders for
the improvement, widening and development of roads.


RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial increase in the revenue while maintaining the current
credit profile.

Negative: A negative rating action could result from a decline in
the operating profitability leading to deterioration in the
credit profile.

COMPANY PROFILE

Established in 1988 and converted to a partnership firm in FY15,
DPJC is a government contractor for making roads.

DPJC's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR16 million fund-based facilities: assigned 'IND BB'/Stable
-- INR109 million non-fund-based facilities: assigned 'IND A4+'


DISCOVERY INTERMEDIATES: ICRA Ups Rating on INR6.25cr Loan to B
---------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR6.25 crore
fund based limits of Discovery Intermediates Private Limited to
[ICRA]B from [ICRA]B-.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      6.25        [ICRA]B (upgraded from
                                      [ICRA]B-)

The rating upgrade primarily factors in the increased scale of
operations of the company with revenues increasing from INR25.17
crore in FY2014 to INR42.74 crore in FY2016 owing to higher job
work sales made to Mylan Laboratories; and reduced working
capital intensity owing to lower debtor and inventory levels for
the last two years. Further, the rating also positively factors
in the longstanding experience of the promoters in pharmaceutical
Active Pharmaceutical Ingredient (API) manufacturing industry and
the diverse product portfolio of the company which includes
intermediates used in API manufacturing. ICRA also notes the
company's strategic partnership with reputed pharmaceutical
companies such as Dr. Reddy's Laboratories and Mylan Laboratories
which ensures offtake. The rating is however constrained by high
customer concentration risk with top-5 customers accounting for
nearly 90% of the total revenues in the past 4 years; dip in
operating margins for FY2016 owing to higher employee expenses;
and modest scale of operations with revenues of INR43 crore in
FY2016 in the pharmaceutical industry. The rating is further
constrained by highly fragmented and competitive nature of the
industry which limits the pricing flexibility; and potential
deterioration in leverage and coverage metrics owing to proposed
debt funded capacity addition owing to cost or time overrun
risks.

Going forward, the company's ability to further increase its
scale of operations and profitability, diversify client base,
timely completion of capex and manage its working capital
requirements effectively will be the key credit rating
sensitivities.

Incorporated in 2004, Discovery Intermediates Private Limited
(DIPL) is engaged in the manufacturing of pharmaceutical
intermediates. The company presently manufactures various types
of intermediates and supplies to bulk drug manufacturers in
Hyderabad. The company is promoted by Mr. M.V. Sekhara Rao and
his son Mr. Prashanth Manne. The company's manufacturing facility
is based in Hyderabad (Andhra Pradesh) and the commercial
production for the unit commenced in 2006. The facilities are
designed and constructed to comply CGMP guidelines and to meet
global standards.

Recent Results
As per the audited financials for FY2015, the company reported
profit after tax of INR0.92 crore on turnover of INR32.03 crore
as against profit after tax of INR0.65 crore on turnover of
INR25.17 crore during FY2014. As per provisional results for
FY2016, the profit before tax was INR1.58 crore on a turnover of
INR42.74 crore.


DOVE APPAREL: ICRA Suspends B+ Rating on INR6.5cr Bank Loan
-----------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR6.50
crore bank facilities of Dove Apparel Private Limited (DAPL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

DAPL is in the business of manufacturing and trading of women
clothes with main focus on woolen clothes. The manufacturing
facility and head office of the company is located in Ludhiana.
The company has manufacturing capacity of around 3 lack pieces
per annum. The company sells its product under brand name 'DOVE'
and 'MADRONA' through Multi Brand Outlets (MBOs) located across
North India and e-retailers.


KALYANI ASSOCIATES: CRISIL Suspends 'D' Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kalyani Associates Private Limited (KAPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.3      CRISIL D
   Cash Credit            70.0      CRISIL D
   Long Term Loan         20.0      CRISIL D
   Overdraft Facility     25.0      CRISIL D

The suspension of ratings is on account of non-cooperation by
KAPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KAPL is yet to
provide adequate information to enable CRISIL to assess KAPL'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 2004, Madurai-based KAPL is primarily engaged in
dealership of Honda 2-wheelers and trading of power products, as
well as apparels and footwear. The company is managed by Mr. L.
Nandakumar.


KHOSLA INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR29cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B for INR29.0
crore fund based facilities of Khosla International.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     29.00        [ICRA]B Reaffirmed

ICRA's rating continues to take into account the high intensity
of competition in the rice milling industry and low value
additive nature of the business, which has resulted in KI's thin
margins. The rating also takes into account the working capital
intensive nature of the rice milling business due to the need to
maintain substantial inventories (paddy is procured seasonally
and rice is stocked for aging purposes). The funding of working
capital requirements, primarily through bank borrowings has led
to a highly leveraged capital structure, which coupled with the
firm's thin profitability has resulted in stretched debt coverage
indicators. The rating also takes into account agro climatic
risks, which can affect the availability of paddy in adverse
conditions. ICRA however draws comfort from the extensive
experience of the promoters in the rice industry, proximity of
the mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook for rice.

Going forward the ability of the firm to improve its scale of
operations in a profitable manner while optimally managing its
working capital cycle and improving its capital structure shall
be the key rating sensitivities.

Incorporated in 2002, Khosla International is a partnership firm
engaged milling and export of basmati and non-basmati rice. The
firm has its plant located in Batala, Punjab with milling
capacity of 6 tons/hour. The firm has been promoted by Ms.
Chanchal Khosla, Mr. Munish Khosla, Mr. Rajiv Khosla and Mr.
Sanjiv Khosla. KI sells its products under its registered brand
name 'Gold Coin'.

Recent Results
The firm reported a net profit of INR0.14 crore on an operating
income of INR43.45 crore in FY2015 as against net profit of
INR0.30 crore on an operating income of Rs.41.19 crore in FY2014.
On a provisional basis, KI posted an operating income of INR23.51
crores in FY2016.


KRIPTON CERAMIC: ICRA Assigns 'B' Rating to INR7.0cr Term Loan
--------------------------------------------------------------
ICRA has assigned the [ICRA]B rating to the INR10.00 crore fund
based facilities and short term rating of [ICRA]A4 to the INR1.16
crore non fund based facility of Kripton Ceramic Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            3.00        [ICRA]B assigned
   Term loan              7.00        [ICRA]B assigned
   Bank Guarantee         1.16        [ICRA]A4 assigned

The assigned ratings are constrained by the company's relatively
small scale as well as limited track record of operations,
coupled with a weak financial profile, which is characterised by
thin net profitability margins, leveraged capital structure and
high working capital intensity. The ratings are further
constrained by the vulnerability of the company's profitability
to the cyclicality inherent in the real estate industry, which is
the main consuming sector; and to the adverse fluctuations in
prices of raw materials and natural gas - the major input costs.
The ratings further take into account the highly competitive
domestic ceramic industry with the presence of large established
organised tile manufacturers as well as unorganised players in
Morbi (Gujarat), resulting in limited pricing flexibility.

The ratings, however, positively factor in the locational
advantage enjoyed by the company by virtue of its location in
Morbi (Gujarat), a ceramic hub, leading to easy availability of
raw material and it also factors in the long experience of the
promoter in the ceramics industry. Further, ICRA also positively
factors in the geographically diversified market of the company
with its presence in both the domestic and the export markets.

Incorporated in May 2013, Kripton Ceramic Private Limited (KCPL)
makes digitally printed ceramic wall tiles through its facility
located in Morbi, Gujarat, with an installed capacity to
manufacture ~10,000 boxes of ceramic wall tiles per day. It
commenced production of ceramic wall tiles from April 2014.

Recent Results
For the financial year FY15, the company reported an operating
income of INR24.23 cr. and profit after tax of INR0.00 crore.
Further during FY2016, the company reported an operating income
of INR22.45 crore and profit after tax of INR0.01 cr. (as per
provisional financials).


LION FOODS: CRISIL Reaffirms 'B+' Rating on INR50MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lion Foods Private
Limited (LFPL; part of Lion group) continue to reflect its modest
scale of operations in the intensely competitive fruit processing
industry, susceptibility of its operating margin to the mango
crop and to volatility in foreign exchange rates and modest
financial risk profile because of high gearing due to the on-
going capital expenditure. These weaknesses are partially offset
by the extensive industry experience of the promoters, and the
proximity of the unit to the mango-growing belt of Junagarh
(Gujarat).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit         100       CRISIL A4 (Reaffirmed)
   Term Loan               50       CRISIL B+/Stable (Reaffirmed)

For arriving at the ratings of LFPL, CRISIL has combined the
business and financial risk profiles of LFPL and its group
company, Gir Agrotech (GA). This is because the two companies,
together referred to as the Lion group, have significant
operational and financial linkages.
Outlook: Stable

CRISIL believes LFPL will continue to benefit from the experience
of its promoters in the fruit processing industry over the
medium. The outlook may be revised to 'Positive' if scale of
operations improve considerably or operations with enhanced
capacities stabilise with stable profitability and working
capital management is efficient. The outlook may be revised to
'Negative' if low cash accrual, or sizeable working capital
requirement or any large debt-funded capex weaken the financial
risk profile particularly liquidity.

Established in 2008, LFPL processes and exports mango pulp. The
company is promoted by Mr. Hardas Maru and Mr. Joshi.


LOGON INDIA: CRISIL Reaffirms 'B' Rating on INR80MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Logon India
Infrastructure Private Limited (Logon) continue to reflect the
company's moderate scale of operations in the intensely
competitive civil construction segment and its below-average
financial risk profile marked by high external indebtedness.
These rating weaknesses are partially offset by the extensive
industry experience of Logon's management in the civil
construction industry and its healthy order book.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           200      CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       200      CRISIL A4 (Reaffirmed)

   Secured Overdraft
   Facility                  80      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Logon will benefit over the medium term from
its management's industry experience, which will support the
company's project-execution capabilities, and its healthy order
book, which provides the company with revenue visibility. The
outlook may be revised to 'Positive' in case of sustained
improvement in the company's capital structure, supported by
sustained increase in cash accruals, and its working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of weakening in Logon's relationship with its key clients
or delays in project execution leading to lower-than-expected
revenue growth or  if the company undertakes any debt-funded
capital expenditure programme, or if its receivables are further
stretched, resulting in deterioration of its financial risk
profile.

Established in 2011, Logon undertakes civil construction of
warehouses, residential projects, and roads for various
infrastructure companies on a sub-contract basis. The company is
promoted by Mr. Daljit Singh Chadda and Mr. P Swaminathan.

Logon reported profit after tax (PAT) of INR34.9 million on
revenue of INR1.2 billion for 2014-15 (refers to financial year,
April 1 to March 31); the company reported PAT of INR9.2 million
on revenue of INR951.5 million for 2013-14.


LOREM TILES: CRISIL Reaffirms B+ Rating on INR29.6MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lorem Tiles Private
Limited (LTPL) continue to reflect a modest scale of operations
in the highly competitive ceramics industry, and large working
capital requirement. The rating also factors in an average
financial risk profile because of a small networth, and modest
gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)
   Cash Credit             29       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          29.6     CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       1.4     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters of the company and proximity
of its manufacturing facilities to raw material and labour
sources.
Outlook: Stable

CRISIL believes LTPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
larger-than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-anticipated revenue
or profitability, or deterioration in the financial risk profile,
most likely because of a stretched working capital cycle or
substantial debt-funded capital expenditure.

LTPL, based in Morbi, Gujarat, was incorporated in 2014 and
promoted by Mr. Mahesh Panchotiya, Mr. Kirit Parecha, and Mr.
Satish Detroja, who have been in the ceramic tiles industry for
over 15 years. The company manufactures multi-coloured, digitally
printed ceramic wall tiles.


LUXMI RICE: ICRA Suspends 'B' Rating on INR18cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR18.001 crore fund based bank facilities of Luxmi Rice
Mill.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   Long Term             18.00        [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

LRM was established in 1985 as a partnership firm with Mr. Ishwar
Chand, Mr. Rohtash Kumar, Mr. Ram Pal Goyal, Mr. Motiram, Mr.
Dharampal and Mr Ashok Kumar as partners. In the year 1986 the
partnership firm was reconstituted as Mr. Dharampal retired from
the firm. Further, in 1997, the partnership firm was again
reconstituted after the retirement of Mr. Motiram, and the
remaining partners decided to share profits in equal ratio. LRM
is engaged in the business of processing and trading of rice in
the domestic market. The firm has its manufacturing unit at
Sirsal Road, Assandh in Karnal. The milling capacity of the plant
has been increased to 8 tonnes/hr in February 2014 from 2
tonnes/hr.


MANGALORE SEA: ICRA Reaffirms B+ Rating on INR5.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.5 crore term loan and INR5.0 crore fund based facilities
of Mangalore Sea Products.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term loan                2.50       [ICRA]B+ reaffirmed
   Fund based facilities    5.00       [ICRA]B+ reaffirmed

The rating takes into account the significant de-growth in
revenue on account of lower supply of fish that has resulted in
lower operating accruals during 2015-16 and the moderate
financial profile of the firm marked by low profit margins, weak
capital structure and coverage indicators and high working
capital intensity, in turn, resulting in high utilization of the
sanctioned working capital limits. The rating factors in the
small scale of operations that limits economies of scale to an
extent and the high customer concentration risk with majority of
the revenues derived from the top customer, C P Aquaculture
(India) Private Limited. The rating also factors in the high
competitive intensity with the presence of large number of
players in Mangalore that limits the bargaining power with the
suppliers and the customers to an extent.

The rating is, however, supported by the high demand for fish
meal and fish oil in the domestic market and the firm's plans to
venture into export sales in the near to medium term that support
growth prospects. The rating also factors in the good
realizations for the end products that has supported the
profitability despite low capacity utilization during 2015-16 and
the firm's plans to increase the production capacity in the
medium term that support the revenue visibility going forward.
Going forward, the ability of the firm to scale up its operations
and improve its financial profile would be the key rating
monitorables.

Mangalore Sea Products is a partnership firm bought by Mr. Abdul
Khader on January 28, 2014. The firm is engaged in the
manufacturing and selling of fish meal and fish oil in the
domestic market and procures raw fish from the domestic
suppliers. It has a manufacturing unit with a total capacity to
process 200 tonne of fish per day and a corporate office in
Mangalore. The firm started its operations in May 2014 after
renovations of the existing building and the machineries.

Recent Results
During 2014-15, the company reported a net profit of INR0.9 crore
on an operating income of INR35.0 crore. As per the unaudited
financials, the company reported a net profit of INR0.5 crore on
an operating income of INR17.2 crore during 2015-16.


MAX CERAMICS: ICRA Suspends 'B' Rating on INR8.13cr Term Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating reaffirmed to the INR15.63
crore long term loans & working capital facilities & [ICRA]A4
rating reaffirmed to the INR2.28 crore, short term non fund based
facilities of Max Ceramics Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non co-operation from the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits
   Cash Credit            7.50        [ICRA]B suspended

   Fund Based Limits
   Term Loan              8.13        [ICRA]B suspended

   Non Fund Based
   Limits - BG            1.50        [ICRA]A4 suspended

   Non Fund Based
   Limits - CE            0.28        [ICRA]A4 suspended

   Non Fund Based
   Limits - LC            0.50        [ICRA]A4 suspended

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

Max Ceramics Pvt. Limited (MCPL) is a vitrified and wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in 2010, while the company commenced its
operations in February 2011. MCPL is promoted and managed by
directors Mr. Sukhdevbhai L. Patel and Mr. Dharmendra K. Kanabar.
The plant has an installed capacity of 43,800 MTPA for vitrified
tiles and 20,500 MTPA for wall tiles. MCPL currently manufactures
wall tiles of size 12" X 12", 12" X 18", 12" X 24" with the
current set of machineries at its production facilities.


MGM EDIBLE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MGM Edible Oils
Private Limited (MGM) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The rating reflects MGM's low and volatile profitability as well
as its weak credit metrics due to its high revenue dependence on
imported palm oil. Its operating EBITDA margins remained low
between 0.4%-1.3% over FY13-FY16 on account of the trading nature
of its business. Interest coverage (operating EBITDA/gross
interest expense) was 1.7x in FY16 (FY15: 1.4x) and net adjusted
leverage (total adjusted net debt /Operating EBITDAR) was 7.5x
(18.1x).

MGM's tight liquidity is reflected in the near full utilisation
of its working capital facilities over the 12 months ended March
2016. The promoters of the company extended interest-free
unsecured loans of INR70 million in FY15 to support its liquidity
requirements. However, the liquidity position is likely to remain
tight given the working-capital-intensive nature of the company's
business.

The ratings are supported by the company's promoter's experience
of more than two decades in the oil trading business.

RATING SENSITIVITIES

Positive: Stable top-line growth with a sustainable increase in
profitability, leading to sustained improvement in credit
metrics, could be positive for the ratings.

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

COMPANY PROFILE

MGM was established in 2004 and supplies palmolein oil to
wholesalers and retailers. Revenue was INR3,544 million in FY16
(unaudited financials) with operating EBITDA of INR46 million.

MGM's ratings:
-- Long-term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR75 million fund-based facilities: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR12.42 million long-term loans: assigned 'IND BB-'/Stable
-- INR130 million non-fund-based facilities: assigned 'IND A4+'


MIRA MARINE: CRISIL Reaffirms B+ Rating on INR50MM Bill Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mira Marine Foods
(MMF) continue to reflect a modest scale and limited track record
of operations in the intensely competitive marine products export
industry, and a below-average financial risk profile. These
rating weaknesses are partially offset by the extensive industry
experience of its partners.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        50       CRISIL B+/Stable (Reaffirmed)
   Packing Credit          36       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes MMF will continue to benefit over the medium term
from the industry experience of its partners. The outlook may be
revised to 'Positive' in case of significant increase in scale of
operations, while operating profitability and working capital
management improve, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if cash
accrual declines or working capital management weakens, leading
to deterioration in the financial risk profile, particularly
liquidity.

MMF, based in Kodamthuruthu, Kerala, exports processed marine
products. The firm's operations are managed by its partner, Mr.
Baburaj.


MRG FASHIONS: ICRA Suspends B+ Rating on INR8.50cr Bank Loan
------------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR8.50
crore bank facilities of MRG Fashions Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

MRG was incorporated in April 2007 and operates four department
stores, under its brand, Goyal Sons, in Delhi which retail a wide
range of products such as apparels for men's, women's and kids,
household items, footwear and cosmetics. The first department
store was opened in FY 1991 in Nangal Raya (Delhi) and the other
three stores were opened in FY 2011 (Uttam Nagar), FY 2012
(Dwarka) and FY 2014 (Tilak Nagar). The operations were earlier
carried out in a proprietorship firm Goyal Sons since 1981 which
started with a small 50 sq. ft. store retailing footwear and in
FY 2008, the operations were transferred to MRG.


NARULA TOOLS: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its [ICRA]B rating to the INR6.00 crore fund
based limits of Narula Tools International.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based facility
   (Pre-shipment
   credit packing
   credit)               6.00         [ICRA]B; reaffirmed

ICRA's rating reaffirmation takes into account the NTI's sudden
decline in sales turnover in FY2016 due to decline in the steel
prices in international market which was however accompanied by
improvement in operating margins.

The rating continues to be constrained by ow profitability
margins due to the intensely competitive and highly fragmented
nature of the industry NTI operates in, and due to the low value
additive nature of its operations. The ratings also take into
account the firm's high reliance on debt, which coupled with its
low profitability, has led to elevated leverage and weak coverage
indicators, with gearing at 7.15x, interest coverage at 1.64x and
NCA/TD at 4.9% for FY2016(as per provisional results). The
ratings also take into account the vulnerability of the firm's
profitability to adverse fluctuations in exchange rates, given
the firm's reliance on exports. ICRA also factors in the
constitution of the entity as a partnership firm which exposes
the firm to risks related to dissolution, capital withdrawal etc.

Nevertheless, the rating derives comfort from the long experience
of the promoters in the scaffolding and tools industry and its
long standing relationship with key customers in Gulf countries.
Going forward, the firm's ability to increase its scale of
operations in a profitable manner while maintaining an optimal
working capital intensity will be the key rating sensitivities.

NTI was established in the year 1995 as a proprietorship firm and
was converted into a partnership firm in 2011-12. The firm is
engaged in the manufacturing of scaffolding products. The
manufacturing facility of the firm is located at Jalandhar,
Punjab.

Recent Results
The firm reported a net profit of INR0.04 crore on an operating
income of INR40.09 crore in FY2015 as against a net profit of
INR0.04 crore on an operating income of INR49.49 crore in FY2014.
In FY2016, on provisional basis, it has reported an operating
income of INR24.67 crore.


PARAMOUNT FORGE: CRISIL Reaffirms B+ Rating on INR159.3MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Forge (PF)
continue to reflect weak liquidity driven by large working
capital requirement and limited bargaining power with customers.
The rating also factors in exposure to risks associated with
ongoing capital expenditure (capex). These rating weaknesses are
partially offset by a moderate financial risk profile because of
adequate gearing and debt protection metrics, and extensive
experience of promoters in the steel industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              95      CRISIL B+/Stable (Reaffirmed)

   Foreign Usance Bills
   Purchase - Discounting   15      CRISIL B+/Stable (Reaffirmed)

   Letter Of Guarantee      66.2    CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      159.3    CRISIL B+/Stable (Reaffirmed)

   Term Loan                63      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PF will continue to benefit over the medium term
from the extensive industry experience of its promoters and their
established relationship with customers. The outlook may be
revised to 'Stable' in case of significant improvement in scale
of operations or profitability, or a better working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of weakening of the financial risk profile, particularly
liquidity, most likely because of a decline in revenue or
profitability, a stretched working capital cycle, or larger-than-
expected, debt-funded capital expenditure (capex).

Update
Sales are estimated to have declined by 20 percent to around
INR720 million in 2015-16 (refers to financial year, April 1 to
March 31) from INR915 million in 2014-15. Though the sales volume
was higher, decline in prices of raw materials resulted in lower
sales value. Operating margin is estimated to have been sustained
at around 10 percent in 2015-16. Business risk profile is
expected to be sustained over the medium term backed by extensive
industry experience of the promoters and their established
relationship with customers.

Bank limit was almost fully utilised due to large working capital
requirement, with gross current assets of around 130 days as on
March 31, 2016. In 2016-17, cash accrual is expected at above
INR35 million against term loan obligation of around INR8.4
million. Liquidity is also supported by unsecured loans from
promoters, the balance of which was INR28 million as on March 31,
2016. INR63 million of the current capex of around INR70 million
is to be funded by a term loan.

Financial risk profile remains moderate with networth of INR129.4
million and gearing of 0.77 time (after treating unsecured loans
of INR28 million from promoters as neither debt nor equity), as
on March 31, 2016. Interest coverage ratio was 2.4 times and net
cash accrual to total debt ratio 0.4 time in 2015-16. Timely
completion of the current project without any cost overrun will
be a key rating sensitivity factor.

PF was established in 1996 as a partnership firm by members of
the Hararwala and Bhagat families. The firm manufactures and
exports carbon steel, stainless steel, and alloy steel forged
flanges used in pipe fittings catering to the oil and gas and
petrochemicals industries.


PITTI CASTINGS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Pitti Castings
Pvt Ltd's (PCPL) Long-Term Issuer Rating to 'IND D' from 'IND B'.
The Outlook was Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The downgrade reflects the delays in PCPL's debt servicing since
January 2016 due to stretched liquidity. The company is not
generating sufficient operational cash flows due to its sub-
optimal capacity utilisation because of a weak order book
position.

RATING SENSITIVITIES

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

COMPANY PROFILE

PCPL, established in August 2012, is a part of the Pitti group of
companies. It manufactures graded iron & steel castings which
find use in various industries such as windmills, earth moving
equipment, vehicles etc. Pitti Laminations Limited and Pitti
Electrical Equipment Private Limited hold 47.66% and 41.66% of
equity shareholding in PCPL, respectively.

The company has a 21,600mtpa casting plant in Mahbubnagar,
Telangana. It commenced operations in September 2012.

Provisional FY16 financials indicate revenue of INR570.9 million
(FY15: INR408.4 million), EBITDA margin of 14.1% (6.7%), net
financial leverage  (Ind-Ra total adjusted net debt/operating
EBITDAR) of 13.7x (41.4x) and interest coverage of 0.7x (0.3x).

PCPL's ratings:
-- Long-Term Issuer Rating: downgraded to 'IND D' from 'IND
    B'/Stable
-- INR250 million fund-based working capital limit: downgraded
    to Long-term and Short-term 'IND D' from 'IND B'/Stable/
    IND A4'
-- INR845.5 million long-term loans (increased from INR825.7
    million): downgraded to Long-term 'IND D' from 'IND B'/Stable
-- INR50.0 million non-fund-based working capital limit:
    downgraded to Short-term 'IND D' from 'IND A4'


PUSHPANJLI STRIPS: Ind-Ra Assigns IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pushpanjli
Strips (PS) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. The agency has also assigned PS' INR130 million fund-
based facility Long-term 'INDBB'/Stable and Short-Term 'IND A4+'
ratings.

KEY RATING DRIVERS

The ratings reflect PS's weak EBITDA margin and credit metrics.
According to provisional FY16 financials, the firm's EBITDA
margin was 1.89% (FY15: 2.28%) with interest coverage ratio
(operating EBITDA/gross interest expense) of 1.20x (1.09x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) of 4.58x (6.82). The ratings also factors in the
partnership form of the organisation.

The ratings are, however, supported by PS's established brand
name and around two decades of operating experience of its
promoter in manufacturing steel rounds, squares and flats and
trading of allied products.

The ratings further reflect PS' moderate scale of operations and
comfortable liquidity profile. The company's revenue was
INR1,461.06 million in FY16 (FY15: INR994.99 million) and the
average utilisation of its cash credit limit was 84.63% during
the 12 months ended May 2016.

RATING SENSITIVITIES

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

Positive: A sustained revenue growth along with the improved
credit metrics could lead to a positive rating action.

COMPANY PROFILE

Pushpanjli Strips was established in 2007. The firm manufactures
steel rounds, squares and flats at its steel rolling plant
located at Mandi Gobindgarh in Punjab and trades allied products.
The firm caters to constructions and other manufacturing
industries.


R.P. GUMS: ICRA Suspends B+/A4 Rating on INR10.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+/A4 ratings assigned to the INR10.50
crore bank lines of R.P. Gums & Chemicals Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


R S CASHEW: CRISIL Assigns B- Rating to INR70MM Term Loan
---------------------------------------------------------
CRISIL has assigned the 'CRISIL B-/Stable' rating to the bank
facilities of R S Cashew Industries (RSCI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B-/Stable
   Term Loan                2.5      CRISIL B-/Stable

The rating reflects RSCI's modest scale of operations and
exposure to intense competition in the cashew industry and the
below-average financial risk profile, marked by modest net worth,
weak capital structure and moderate debt-protection metrics.
These weaknesses are partially offset by the extensive industry
experience of the promoter.
Outlook: Stable

CRISIL believes that RSCI will continue to benefit from extensive
industry experience of the promoter. The outlook may be revised
to 'Positive', if RSCI's financial risk profile improves backed
by sustainable improvement in the firm's cash accruals or capital
infusion by the proprietor.  Conversely, the outlook may be
revised to 'Negative', if the firm's financial risk profile and
liquidity deteriorate further, due to lower than expected cash
accruals, large debt-funded capex or stretched working capital
cycle.

Set up as a proprietorship firm in 2014 by Mr. Ramesh Bhati, RSCI
is engaged in processing of raw cashew nuts and sale of cashew
kernels. The firm is based out of Shimoga, Karnataka.


RAMA RICE: ICRA Suspends B+ Rating on INR13cr Fund Based Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR13.00 crore fund based limits and short term rating of
[ICRA]A4 assigned to the INR0.50 crore non fund based limits of
M/s Rama Rice & Gen. Mills. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


RIBA TEXTILES: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Riba Textiles
Limited's (RTL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

KEY RATING DRIVERS

The affirmation reflects RTL's moderate and improving credit
metrics and a decline in its topline and EBITDA margin. According
to provisional FY16 financials, the company's net financial
leverage (total adjusted net debt/operating EBITDAR) improved to
1.99x (FY15: 2.77x) and gross interest coverage (operating
EBITDA/gross interest expense) improved to 3.90x  (2.31x). Its
topline was INR1,144.25 million in FY16 (FY15: 1,169.25) and the
EBITDA margin was 5.04% (5.80%).

The ratings, however, continue to be supported by over two
decades of operating experience of the company's founders in
manufacturing of terry towels and bath robes.  The ratings are
further supported by the diversification of sales of its products
as its customers are spread globally mitigating the seasonal
cyclicality associated with its products.

The ratings factor in RTL's comfortable liquidity as evident by
its average working capital utilisation of 13.12% during the12
months ended May 2016.

RATING SENSITIVITIES

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

Positive: A sustained revenue growth along with the improved
credit metrics could lead to a positive rating action.

COMPANY PROFILE

RTL is a niche player manufacturing terry towels and bath robes
for export with a focus on design. The company manufactures terry
towels such as beach and bath towels for brands such as TK Maxx,
Metro Sears, BigW and Loblaws.

The company also supplies bath robes and bath mats which are
manufactured on job-work basis.

RTL's Ratings:

-- Long term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR308.00 million Long-term loan (increased from INR58
    million): affirmed at 'IND BB+'/Stable
-- INR180 million fund-based limit (reduced from
    INR260 million):
    affirmed at 'IND BB+'/Stable/'IND A4+'
-- INR12 million non-fund based limit (reduced from INR32
    million): affirmed at 'IND BB+'/Stable/'IND A4+'
-- Proposed INR27.97 million fund-based limits: 'Provisional IND
    BB+'/Stable/'Provisional IND A4+'; ratings withdrawn


ROHIL FOODS: ICRA Suspends 'B' Rating on INR20cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR20.00 crore fund based limits of M/s Rohil Foods Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


ROOP TECHNOLOGY: ICRA Suspends 'B' Rating on INR7.0cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR7.00 Crore
fund based limits of Roop Technology Pvt. Ltd. ICRA has also
suspended [ICRA]A4 rating assigned to the INR17.50 Crore non fund
based limits of RTPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SADHANA PACKAGING: ICRA Suspends 'B' Rating on INR9.60cr Loan
-------------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR9.60
crore bank facilities of Sadhana Packaging Private Limited
(SPPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

SPPL, incorporated in 2011, is a manufacturer and supplier of
woven packaging material, specializing in Polypropylene (PP)
sacks for use in the cement industry. The company started
commercial production in November 2012. The company's
manufacturing facility located in Richhai Industrial Area in
Jabalpur, Madhya Pradesh is equipped with an installed capacity
of 3600 metric tons per annum. SPPL is being managed by Mr.
Narendra Kulkarni who has more than 25 years of experience in the
plastics and packaging industry. He has been earlier associated
with industrial units in Madhya Pradesh which were engaged in the
reprocessing of PP granules.


SAFIRE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR46.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of The Safire Industries
(SI; 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             30        CRISIL D (Reaffirmed)
   Letter of Credit        10        CRISIL D (Reaffirmed)
   Long Term Loan          46.5      CRISIL D (Reaffirmed)
   Proposed Working
   Capital Facility        30        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 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, SI 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).


SAMANVAY PARK: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings & Research (Ind-Ra) has affirmed Samanvay Park's
(SVP) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The agency has also affirmed SVP's INR80 million long-
term loan at 'IND BB-' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects SVP's continued high risk of timely
completion of its project which has been delayed as the phase 1
was expected to be completed by September 2015 according to the
management but now it is expected to be completed by July 2016.
This can be attributed to labour problems as well as a delay in
getting sanction for the power load. However, this has not caused
any implications on its cash flow because the entity had
accordingly adjusted its borrowings plans. The affirmation also
reflects liquidity risks due to the slowdown in the sale of new
space as 44.4% funding of the project depends on customer
advances. Till FY16, SVP has sold 88 flats in the phase-1 and has
received advanced bookings worth around INR74.06 million.


The ratings, however, benefit from the fact that one of its
partners, Dimple D Shah, has experience in developing two
residential projects and one housing plot project in Vapi,
Gujarat .

RATING SENSITIVITIES

Positive: Timely completion of the project along with the
substantial sale of housing units leading to a strong visibility
of cash flows could be positive for the rating.

Negative: Any delay or cost overrun in the project leading to
stress on the cash flows could be negative for the rating.

COMPANY PROFILE

Samanvay Park, a partnership firm incorporated in 2013 with its
registered office in Mumbai, is engaged in the construction of a
residential projects located in Vapi, Gujarat. The project is
being developed in 11 apartment blocks at an estimated cost of
INR292.94 million. The project contains 283 residential units and
9 commercial shops are being constructed in two phases out of
which first phase is under construction and is scheduled to be
completed by July 2016 and the total project is expected to be
completed by September, 2017.

SVP is managed by six partners, Bhavika Dimple Shah, Dr. Shilpa
Ketan Shah, Dr. Prakash Kishorchand Shah, Dimple Dhansukhlal
Shah, Ketan Natvarlal Shah and Ramswaroop Baluram Laddha.


SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR2.0
crore fund based facilities of Sanoor Cashews at [ICRA]B+. ICRA
has also reaffirmed the short term rating assigned to the INR5.0
crore fund based facilities of the firm at [ICRA]A4.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based limits-
   long term               2.0        [ICRA]B+ reaffirmed

   Fund based limits-
   short term              5.0        [ICRA]A4 reaffirmed

The ratings take into account the firm's small scale of
operations limiting its operational and financial flexibility to
an extent and low value additive nature of the business resulting
in minimal pricing flexibility with its customers. The rating
also takes into account the high competitive intensity with the
presence of large number of cashew processing units in and around
the region where the firm operates, moderate financial profile of
the firm marked by low profit margins and high working capital
intensity owing to seasonal availability of the raw material
resulting in high inventory holding and exposure of the firm's
profitability to variations in raw material prices.

The ratings are, however, supported by the comfortable capital
structure and coverage indicators on account of low debt levels,
promoter's long standing presence in the cashew processing
industry and the firm's established distribution channel across
domestic and export markets. The ratings factor in the brand
image that the firm has built in Jammu & Kashmir and other
northern states of India and the growing demand for cashew
kernels in the domestic and export markets that support revenue
visibility going forward.

Sanoor Cashews is engaged in the processing of raw cashew nuts to
kernels and manufacturing of other allied products such as cashew
nut shell liquid (CNSL), cashew shell cakes etc. The firm has
been associated with the cashew industry for more than three
decades, since 1981 and sells processed cashew kernels in the
domestic and export markets and CNSL and shell cakes in the
domestic market. SC is a family run business, being closely
managed by Mr. Ganesh N Kamath.

Recent Results
During 2014-15, the firm reported a net profit of INR0.2 crore on
an operating income of INR20.5 crore as against a net profit of
INR0.1 crore on an operating income of INR19.2 crore during 2013-
14. As per the unaudited financials, the firm reported a net
profit of INR0.2 crore on an operating income of INR20.0 crore
during 2015-16.


SANT RAM: ICRA Suspends 'B' Rating on INR5.0cr Loan
---------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR5.00 crore fund based limits of M/s Sant Ram Rice and
General Mills. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


SATYAM BALAJEE: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Satyam Balajee
Automotives Pvt. Ltd.'s (SBAPL) Long-Term Issuer Rating at 'IND
BB-' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects SBAPL's continued moderate scale of
operation as the provisional FY16 results indicate revenue of
INR189m (FY15:INR167 million).The ratings also factor in SBAPL's
weak credit profile as it reported interest coverage (operating
EBITDA/gross interest expense) of 1.26x in FY16 (FY15: 0.16x) and
net leverage (total adjusted net debt/operating EBITDAR) of 8.17x
(50.92x).The ratings are constrained by short operational track
record of the company as its first full year of commercial
operation was FY15.

The ratings, however, continue to benefit from the fact that
SBAPL is the sole authorised dealer of Jaguar and Land Rover in
the Raipur district of Chhattisgarh. The ratings also factor in
SBAPL's comfortable liquidity profile as reflected by its close
to 54% average working capital limit utilisation during the 12
months ended May 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining the liquidity profile could lead to a positive
rating action.

Negative: Any deterioration in the overall liquidity profile
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2012, SBAPL is engaged in the sole dealership of
Jaguar and Land Rover passenger vehicles in Raipur, Chhattisgarh.
It has a 3S (Sales-Spares-Service) outlet, engaged in the sale
and servicing/repair of vehicles as well as sale of spare parts
and batteries.

SBAPL is managed by four directors - Purushottam Agarwalla,
Pradeep Kumar Agarwalla, Himanshu Ranjan Agarwal and Abhishek
Ranjan Agarwal. The promoters are common directors of Satyam
Balajee Rice Industries Private Limited ('IND BBB+'/Outlook
Stable), a flagship company of the group.

SBAPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
    Stable
-- INR110 million fund-based facilities: affirmed at 'IND BB-
    '/Stable
-- INR57.42 (decreased from INR67.5 million) long-term loans:
    affirmed at 'IND BB-'/Stable


SAUDAGAR ENTERPRISES: CRISIL Suspends B- Rating on INR130MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Saudagar Enterprises (SE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          130       CRISIL B-/Stable
   Overdraft Facility       40       CRISIL B-/Stable
   Post Shipment Credit     20       CRISIL B-/Stable
   Pre Shipment Packing
   Credit                   30       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       37.5     CRISIL B-/Stable

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

Established in 1977, Saudagar is a proprietorship firm promoted
by Mr. Ashraf Saudagar K Merchant. The firm manufactures Haj
towels and hosiery garments for men, women, and children, and
exports these products to the Middle East countries. The firm has
integrated operations, with facilities for knitting, stitching,
printing, and embroidering, manufacture of cotton yarn.


SERVOCONTROLS AEROSPACE: ICRA Cuts Rating on INR6.4cr Loan to B-
----------------------------------------------------------------
ICRA has revised the long term rating assigned to INR6.40 crore
term loans, INR1.40 crore long term fund based limits and INR1.40
crore long term interchangeable limits of Servocontrols Aerospace
India Private Limited from [ICRA]B to [ICRA]B-. ICRA has
reaffirmed the short term rating assigned to INR0.20 crore short
term fund based facilities and INR2.00 crore short term non fund
based facilities at [ICRA]A4. The interchangeable limits are sub-
limits of the long term fund based limits.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loans             6.40        [ICRA]B-/revised from
                                      [ICRA]B

   Long Term-Fund
   Based Limit            1.40        [ICRA]B-/revised from
                                      [ICRA]B

   Long Term-
   Interchangeable       (1.40)       [ICRA]B-/revised from
                                      [ICRA]B

   Short Term-Fund
   Based Limit            0.20        [ICRA]A4/reaffirmed

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

The revision in rating takes into account the weakening of the
capital structure owing to large debt funded capital expenditure
undertaken in 2015-16 and the volatility in revenues experienced
by the entity owing to high customer concentration and order
deferment by its key customers. While the company's revenues grew
from INR3.8 crore in 2013-14 to INR9.5 crore in 2014-15, it
declined to INR4.4 crore in 2015-16. The decline in revenues,
coupled with increase in debt is estimated to have weakened the
coverage indicators for FY16. The reduction in the working
capital limits has resulted in high utilisation levels,
indicating weak liquidity position.

The ratings, however, positively factor in the promoter's
extensive experience in the engineering industry; SAIPL's reputed
client base supporting its business prospects; favourable outlook
for defence and aerospace verticals and the company's healthy
order book position supporting its revenue growth in the near
term.

Considering the expansion plans and the current order book, ICRA
expects SAIPL's revenues to more than double in 2016-17. However,
the liquidity position is expected to remain stretched owing to
increased working capital requirements, interest cost and debt
repayment obligations in the short to medium term. SAIPL's
capital structure is likely to remain leveraged over the medium
term in the face of the additional debt funded capital
expenditure planned for 2016-17. Further, the relatively higher
depreciation and interest expenses, as a consequence of the
capital expenditure, are expected to maintain pressure on the net
margins.

Incorporated in 2008, Servocontrols Aerospace India Private
Limited is primarily engaged in machining and fabrication of
precision engineering components finding applications in
Aerospace and Defence sectors. The company is promoted by Mr.
Deepak Dhadoti and his brother who are both qualified engineers
with extensive experience in the engineering industry. The
company started its operations in 2008 and has over last few
years added several renowned customers including Tata Power Co.
Ltd, Goodrich Aerospace Pvt Ltd, Rafael Advance Defence Systems
Ltd, Nova Integrated Systems, Israel Aerospace Industries Limited
- Israel, etc. The company presently is operating out of a leased
premise with a manufacturing set up built over 6000 sqft of area
and is equipped with imported CNC Machines at its machining
centre. Considering the future expansion plans, the company has
set up a new facility with a built up area of 40,000 Sq. Ft. in
Belgaum. As of April 2016, the construction of building is
complete and only flooring work is pending. However, SAIPL would
continue to operate from the current facility and the new
facility would be used when additional machines are added.

Recent Results
The company reported a net profit of INR0.1 crore, on an
operating income of INR9.5 crore during the financial year 2014-
15, as against a net profit of INR0.1 crore on an operating
income of INR3.8 crore during 2013-14.


SHARIFA AGROTECH: ICRA Reaffirms 'B' Rating on INR8.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating to the Rs.11.60 crore long
term fund based facilities of Sharifa Agrotech and Food
Processing Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits-
   Term Loans             8.00        [ICRA]B Reaffirmed

   Long term, fund
   based limits-
   Cash Credit            3.60        [ICRA]B Reaffirmed

The ratings re-affirmation takes into account the company's weak
financial risk profile characterized by low profit margins, high
gearing levels and depressed level of debt protection metrics.The
rating also takes into account SAFPPL's small scale of operations
and moderately high working capital intensity as reflected in
consistent high utilization of working capital limits. The
ratings also factor in the highly competitive business
environment on account of the fragmented industry structure, with
limited entry barriers. The ratings also consider the
vulnerability of the company's profitability and cash flows to
adverse fluctuations in input prices. The ratings also takes into
account the risks inherent in agro based industry such as
climatic conditions which could affect the crop harvest and
thereby its availability and prices, which would in turn impact
the sales and profitability of the company, given the fragmented
industry.

The rating however, positively take into account long standing
experience of the promoters in the food processing business in
Maharashtra and adjoining states and the established relations
with traders and exporters. The rating also factors in the
advantages arising from location of manufacturing facility, which
is in proximity to maize cultivating regions. ICRA takes note of
improved operating income in FY2016 owing to company's marketing
efforts towards export business.

Going forward, the ability of the company to improve utilisation
of installed capacity and also the profitability would be
critical to generate sufficient accruals for debt servicing which
along with prudent management of working capital cycle and
maintaining adequate liquidity position would be the key rating
sensitivities.

Sharifa Agrotech and Food Processing Pvt. Ltd. is located in
Miraj in the Sangli district of Maharashtra. The company is into
the manufacturing and supplying of corn and maize products like
corn grits, corn flour, flaking grits and cattle feed. It has a
total installed capacity of 120MT/day and the company has started
operations from Oct'13. SAFPPL is located in the agricultural
belt of Karnataka and Maharashtra and is a family run business
having 45 years of rich experience in trading and export of raw
maize with three other group companies namely Usman Mahamad &
Sons (started in 1969, engaged in trading of food grains), Sangli
Trading (engaged in maize trading) and Sharifa Manufacturing
(started in 1987, engaged in oil business).

Recent Results
The company has reported losses at net level of INR0.36 crore in
FY 2015 and profit of 0.20 crore in FY 2016 as per provisional
figures on an operating income of Rs.35.8 crore in FY 2015 and
Rs.40.9 crore in FY 2016. The company has reported operating
profit before depreciation, interest, amortization and tax
(OPBDITA) of Rs.2.77 crore and Rs.3.5 crore in FY 2015 and FY
2016 respectively.


SHEKAR LOGISTICS: CRISIL Reaffirms 'B' Rating on INR221.7MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shekar Logistics
Private Limited (SLPL) continue to reflect a modest scale of
operations in the highly fragmented road transport industry,
below-average financial risk profile, and working capital-
intensive operations. These rating weaknesses are partially
offset by the extensive industry experience of promoter and his
established relationship with key customer, Tata Steel Ltd (TSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)

   Cash Credit            130        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     135.6      CRISIL B/Stable (Reaffirmed)

   Standby Line of
   Credit                  10.0      CRISIL B/Stable (Reaffirmed)

   Term Loan              221.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SLPL will continue to benefit over the medium
term from its established relationship with TSL and funding
support from promoter, if needed. The outlook may be revised to
'Positive' if sustained improvement in cash accrual or capital
infusion improves its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure or delays in collection of receivables
adversely affect liquidity.

Update
Liquidity remains stretched with barely sufficient cash accrual
against debt obligation and high bank limit utilisation. Cash
accrual is expected to be above INR170 million in 2016-17 (refers
to financial year, April 1 to March 31), sufficient to meet debt
obligation of around INR150 million during this period. The
working capital limits remained highly utilised at 98 percent in
the 12 months through March 2016, even after enhancement in
limits to INR130 million from INR100 million in 2015-16. However,
liquidity is supported by unsecured loan from promoter at INR16
million as on March 31, 2016. Financial risk profile remains
healthy, with networth at INR339 million and gearing of 1.5 times
as on March 31, 2016, and interest coverage ratio of 2.8 times
and net cash accrual to total debt ratio of 25 percent in 2015-
16.

The decline in rent per tonnage due to decline in diesel prices
resulted in lower sales value to INR929 million in 2015-16
against INR950 million the previous year. The company has
received additional contract from TSL to provide logistical
support for its new Kalinganagar plant, leading to revenue
visibility over the medium term. Supported by its longstanding
relationship with TSL, SLPL should continue to sustain healthy
growth over the medium term. Operating margin remained healthy at
25 percent in 2015-16.

SLPL was established in 2001 by Mr. Chandrasekhar Viswanath. It
provides transportation, material movement, and handling
services.


SHIVAM TERINE: ICRA Suspends B+ Rating on INR4.57cr Term Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.10
crore bank facilities of Shivam Terine Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term fund
   based limit
   Cash Credit           1.50         [ICRA]B+ Suspended


   Long term fund
   based limit
   Term Loans            4.57         [ICRA]B+ Suspended

   Unallocated Limit     0.03         [ICRA]B+ Suspended

Established in 2009, Shivam Terine Private Limited is engaged in
the business of dyeing of fabrics. SSIPL is a group company of
the Khurana group. The company's registered office and processing
facility is in Surat, Gujarat.


SHREE NATH: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Shree Nath Ji Enterprises - Nissing
(SNJE). The rating reflects the firm's modest scale of operations
in the highly fragmented rice industry, below-average financial
risk profile because of high leverage, and working capital-
intensive operations. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in rice
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Warehouse Receipts      35        CRISIL B/Stable
   Cash Credit             65        CRISIL B/Stable
   Long Term Loan          25        CRISIL B/Stable

Outlook: Stable

CRISIL believes SNJE will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile, most likely through capital infusion
or a substantial increase in cash accrual arising from a
significant increase in scale of operations and sustained or
higher profitability margins. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens
further, most likely because of low cash accrual, large, debt-
funded capital expenditure, or significant increase in inventory
and bank borrowings.

SNJE was established in 2013 as a partnership firm by Mr. Gaurav
Garg, Mr. Mukesh Garg, Mr. Dharampal Garg, Ms. Suman Garg, and
Mr. Ankush Garg. The firm processes and mills rice at its plant
at Karnal.


SHREE RADHA: IND-Ra Assigns 'IND B' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings & Research (Ind-Ra) has assigned Shree Radha
Vallabh Giriraj Marketing Private Limited (SRVGM) a Long-Term
Issuer Rating of 'IND B'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SRVGM's lack of operational track record as
its full-fledged operation started from March 2015. Moreover, the
company is present in the highly competitive timber trading
business. The company's provisional FY16 financials indicate
revenue of INR253.98 million (FY15: INR23.36 million, reflects
one month of operational data) and thin operating margins of
1.44% (0.43%) because of its presence in a business with low
value addition and high raw material cost, although the profit
margins is largely in line with the industry peers.

The ratings further reflect SRVGM's weak credit metrics with
gross interest coverage (operating EBITDA/gross interest expense)
of 1.03x  in FY16 (P) (FY15: 2.00x) and net financial leverage
(total adjusted net debt/operating EBITDA) of 4.32x (71.80x). The
ratings factor in the susceptibility of imports of timber to
governmental interventions.

The ratings, however, are supported by the extensive operating
experience of more than three decades of its promoters in the
timber trading business which has resulted in the company's long-
standing relationships with its clientele and suppliers.

The ratings are further supported by the company's comfortable
liquidity profile with its average utilisation of the working
capital limits being around 50.61% during the 12 months ended May
2016.

RATING SENSITIVITIES

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

Positive: A significant improvement in the revenue along with the
improvement in the credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2000 and managed by Mr. Rajesh Goyal and his son
Mr. Vikas Goyal, SRVGM imports, supplies and trades timber logs
and ply. The company imports timber logs from New Zealand,
Malysia, South Africa etc. and processes and cuts them according
to customer's requirements. The company then sells the processed
logs domestically, essentially catering to the timber demand in
northern India.

SRVGM has its registered office in Chandigarh. It also has an
office in Gujarat.

SRVGM's ratings:

-- Long-Term Issuer Rating: assigned 'IND B'/Stable
-- INR35 million fund-based limits: assigned 'IND B'/Stable
    /'IND A4'
-- INR110 million non-fund-based limits: assigned 'IND A4'


SHRENIK MARBLE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shrenik Marble
Private Limited's (SMPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade reflects an improvement in SMPL's operating
profitability resulting in better credit metrics in FY15. EBITDA
margins were around 8.18% according to audited FY15 financials
(FY14: 7.60%), its interest coverage (operating EBITDA/gross
interest expense) was 1.91x (1.82x) and net financial leverage
(adjusted debt/EBITDA) rose to 5.41x (4.81x) on account of an
increase in the total borrowings. The company's scale of
operations has been small.

According to FY16 provisional financials, its revenue stood at
INR268.67 million (FY15: INR265.85 million). SMPL's gross
interest coverage (operating EBITDA/gross interest expense) was
1.89x in FY16, net financial leverage (total adjusted net
debt/operating EBITDAR) was 5.40x and the operating margin was
moderate at 7.84%.

The ratings factor in the company's tight liquidity profile as
indicated by the average maximum utilisation of its fund-based
limits being 99.13% during the 12 months ended May 2016.

The ratings, however, are supported by over 20 years of operating
experience of the company's founders in the granite and marbles
processing business.

RATING SENSITIVITIES

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

Positive: An improvement in the operating margins along with the
improvement in overall credit metrics could be positive for the
ratings.

COMPANY PROFILE

SMPL was started by Mool Chand Luhadia and Atul Luhadia in 1991.
It is primarily engaged in the mining and processing of marble
with processing capacity of 2.5-3.0 million sq. ft. for imported
marble blocks and around 10-12 million sq. ft. for indigenous
varieties. The company processes about 1.5 million sq. ft. of
imported marble blocks. The marble slab processing unit is
situated at Kishangarh, Rajasthan and has three gang saws.

The company has a total debt of INR114.97 million at FYE16, of
which the long-term debt was INR11.28 million and short-term debt
was INR73.95 million

SMPL's ratings:


-- Long-Term Issuer Rating: upgraded to 'IND BB-' from 'IND B+';
    Outlook Stable
-- INR8.85 million term loans: 'IND B+'/Stable; ratings
    withdrawn because the facility was fully repaid
-- INR46.00 million fund-based limit: upgraded to 'IND BB-
    '/Stable/'IND A4+' from 'IND B+'/Stable/'IND A4'.
-- INR50.00 million Non-fund-based limit: upgraded to 'IND A4+'
    from 'IND A4'


SHRI AGRAWAL: Ind-Ra Withdraws 'IND B+ (Suspended)' Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND B+
(Suspended)' rating on Shri Agrawal Health & Education Society's
(SAHES) INR60.71 million term loans and INR95.2 million fund-
based working capital facility.

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SAHES's loans.

Ind-Ra suspended SAHES's rating on 16 December 2015.


SHRI KRISHNA: ICRA Reaffirms B- Rating on INR5cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- and its
short term rating of [ICRA]A4 on the INR7 Crore bank limits of
Shri Krishna Agro Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            5.00        [ICRA]B-(Reaffirmed)
   Unallocated            2.00        [ICRA]B-/A4 (Reaffirmed)

The ratings reaffirmation factors in the 47% year-on-year growth
in revenues of the firm to INR104.76 crore in FY 2016 and the
firm's comfortable liquidity position as reflected in low
utilization of working capital limits over the last one year. The
ratings continue to be constrained by the intense competition due
to fragmented nature of the edible oils industry and easy
availability of substitutes with different varieties of edible
oils present in the market; the modest scale of operations of the
firm; exposure of its profitability to agro-climatic risks which
can cause volatility in raw material prices and the vulnerability
of realisations to global edible oil price movements. Further,
the ratings factor in the weak financial risk profile of the firm
characterised by low profitability margins, high level of gearing
at 12.38 times and weak coverage indicators with interest
coverage of 1.77 times as on 31st March 2016. The ratings,
however, favourably factor in the long and established track
record of promoter in the rice mill industry; the favourable
demand prospects for rice bran oil in the domestic market due to
its significant health benefits and easy availability in India;
and the location advantage to the firm by way of proximity to
rice bran producing belt of Haryana and Punjab which, in turn,
facilitates raw material procurement.

Going forward, the ability of the firm to achieve improved profit
margins and effectively manage its working capital requirements
will be the key rating sensitivities.

SKAI is a proprietorship firm engaged in processing of rice bran
with a product mix comprising crude rice bran oil and de-oiled
rice bran. Established in September 2011, the firm operates from
its production unit located at Nissing in Karnal district of
Haryana with an installed capacity of 75,000 metric tonnes per
annum (MTPA). Mr. Ved Prakash, the promoter of the firm, has been
in the business of rice milling for over three decades by virtue
of his association with the entities named Mansa Devi Agro and M.
D Solvents (known as Mansa Group in Karnal) which are engaged in
similar line of business.

Recent Results
In 2015-16, SKAI reported a net profit of INR0.07 crore on an
operating income of INR104.90 crore as against a net profit of
INR0.07 crore on an operating income of INR71.33 crore in the
previous year.


SPENZEN CERAMIC: CRISIL Reaffirms B+ Rating on INR53MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Spenzen Ceramic
Private Limited (SCPL) continues to reflect SCPL's modest scale
of operations in the highly competitive ceramics industry and
large working capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         14.5      CRISIL A4 (Reaffirmed)
   Cash Credit            30.0      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         53.0      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's average financial risk
profile marked by small net worth, moderate gearing and average
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the ceramics
industry and the proximity of its manufacturing facilities to raw
material and labour sources.
Outlook: Stable

CRISIL believes that SCPL will benefit over the medium term from
its promoters' extensive experience in the ceramic industry. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and profitability, leading to
larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if SCPL records lower than expected
revenues or accruals due to reduced profitability, or if it's
financial risk profile deteriorates, most likely because of a
stretch in its working capital cycle or substantial debt-funded
capital expenditure.

SCPL is a Morbi, Gujarat based company, established in the year
2013. SCPL is engaged in the manufacturing of multi-colored
digitally printed ceramic wall tiles with a production capacity
of 28,500 M.T. per year.


SREE SUBHALAKSHMI: CRISIL Suspends B+ Rating on INR44MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sree Subhalakshmi Spinning Mills (SSSM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3.1       CRISIL A4
   Cash Credit            25.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      7.9       CRISIL B+/Stable
   Term Loan              44.0       CRISIL B+/Stable

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

Established in 2004 as a partnership firm and based in Tirupur
(Tamil Nadu), SSSM manufactures cotton yarn. Its operations are
managed by Mr. Manickam.


SRI HARI: ICRA Suspends 'B' Rating on INR46.60cr LT Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR46.601 crore fund based bank facilities of Sri Hari Har
Overseas Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund- Based Limits
   Long Term              46.60       [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

SHHL was established in 2012 as a private limited company with
Mr. Rajesh Gupta, Mrs. Roma Gupta as Directors. Mr. Rajesh Gupta
is actively engaged in the operations of the company and has
experience of more than two decades in the rice industry. SHHL is
engaged in processing and trading of Basmati rice. The company
has its manufacturing unit at Karnal Kaithal Road, Nissing,
Haryana with a milling capacity of 15 tonnes/hour of paddy.


SRI LAKSHMINARASIMHA: CRISIL Cuts Rating on INR235.3MM Loan to C
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Lakshminarasimha Poultry Farms Private Limited (SLNP; part
of the Sri Lakshmi Narasimha group) to 'CRISIL C' from 'CRISIL B-
/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            235.3      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Long Term Loan         175.0      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade in rating reflects Sri Lakshmi Narasimha group's
weak liquidity profile as reflected in its tightly matched cash
accruals as against the maturing debt obligations commencing from
July 2016.  The cash accruals are expected to remain weak owing
to lower than expected realizations in poultry segment and its
large working capital requirements. However, the promoters are
expected to provide need based fund support.

The rating continues to reflect the Sri Lakshminarasimha group's
modest financial risk profile marked by high gearing and weak
debt protection metrics, its large working capital requirements
and its vulnerability to intense competition and to risks
inherent in the poultry industry. These rating weaknesses are
partially offset by the extensive experience of the Sri Lakshmi
Narasimha group's promoters in the poultry industry and its
established relationships with major customers.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SLNP and K.J.L. Poultries Pvt Ltd
(KJL), together referred to as the Sri Lakshmi Narasimha group.
This is because both the companies are under a common management
and have considerable operational and business synergies with
each other.

Set up in 2004, SLNP is engaged in the poultry business.  SLNP is
promoted by Mr. Satyanarayana Raju and his family members. Set up
in 2011, KJL is also engaged in the poultry business. KJL is also
promoted by Mr. Satyanarayana Raju and his family members.


STANDARD BRICK: ICRA Suspends 'D' Rating on INR60cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR60 crore
long term fund based facilities of The Standard Brick and Tile
Company (Yelahanka) Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SWIDAN CERAMIC: CRISIL Lowers Rating on INR60MM Term Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swidan Ceramic (SC) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           8        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             30        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      27        CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               60        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that the firm's business
risk profile will remain under pressure over the medium term
coupled with stretched liquidity. Revenue, on a provisional
basis, was around INR161 million in 2015-16 (refers to financial
year, April 1 to March 31), declining from INR197.6 million in
2014-15. The decline is attributable to the lower demand and
reduced realisations. Financial risk profile was moderate, with
gearing estimated at 1.2 times as on March 31, 2016, but
constrained due to a small networth of INR64 million. The
liquidity remains stretched. Cash accrual was estimated at around
INR19.8 million against repayment obligation of INR19 million, in
2015-16. Cash accrual is expected to remain tightly matched
against repayment obligation over the medium term too.

The rating also reflects increased working capital requirement as
a high debtor level results in working capital-intensive
operations, and a small scale of operations in a highly
competitive market. These rating weaknesses are partially offset
by the extensive experience of the promoters of the company in
the ceramic industry.
Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations with higher-than-expected cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of further deterioration in the financial risk profile,
particularly liquidity, most likely because of stretched working
capital requirement or decline in profitability.

SC was set up in 2011 by the Morbi, Gujarat-based Patel family.
It is promoted and actively managed by Mr. Meghjibhai Patel, Mr.
Bharatbhai Bawarva, and Mr. Rameshbhai Ambani. The firm
manufactures digital wall tiles; it commenced operations in May
2012.


TANISHQ REALITIES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tanishq
Realities (TR) a Long-Term Issuer Rating of 'IND B'. The Outlook
is Stable. The agency has also assigned TR's proposed INR400m
long-term loans a Long-term 'Provisional IND B' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution risks associated with Tanishq
Vlasta, TR's ongoing residential project in Pune.  Management
expects the project's construction work to be completed by FY20.
TR is constructing 434 flats in this project under a joint
development agreement, wherein the land owners get 154 flats and
TR will own the rest. As at end-May 2016, TR had sold 54 flats
out of its share of 280 and completed 15% of the construction
work.

The ratings factor in the risk of cash-flow mismatches as
construction completion depends on customer advances. Of the
total project cost of INR925 million, INR400 million is to be
raised in the form of equity, of which INR150m had already been
raised as at end-May 2016. TR is planning to fund INR400 million
through bank debt, for which management is expecting a moratorium
of 12 months.

The ratings benefit from the promoters' experience of more than
three decades in the real estate business and the locational
advantage of the project with respect to road connectivity, shops
and other basic amenities.

RATING SENSITIVITIES

Positive: Sales of flats as planned, leading to strong visibility
of cash flows, could lead to a positive rating action.

Negative: Further leveraging of the existing business for new
projects and/or time and cost overruns, stressing cash flows for
debt service, could lead to a negative rating action.

COMPANY PROFILE

TR is a special purpose vehicle set up by Mr. Balasaheb Dnyanoba
Talekar and Prasad Shivaji Waghere in 2012 to develop residential
and commercial real estate projects. The partnership firm has
completed three projects in Pune. Currently, it has one ongoing
residential project (saleable area of 334,536 sq ft) and one
commercial project (two buildings with a combined saleable area
of 12,015 sq ft).


TAPI PRESTRESSED: ICRA Cuts Rating on INR71cr ST Loan to 'D'
------------------------------------------------------------
ICRA has revised its long term rating on Rs.35.00 crore fund
based limits of Tapi Prestressed Products Limited from [ICRA]C to
[ICRA]D. ICRA also has revised its short term rating on Rs.71.00
crore non fund based limits from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, Fund
   Based-Cash Credit     35.00        [ICRA]D downgraded from
                                      [ICRA]C

   Short Term, Non-
   Fund Based-BG, LC     71.00        [ICRA]D downgraded from
                                      [ICRA]A4

ICRA's rating action is driven by persistent overutilization of
working capital limits, due to the stretched liquidity position
of the company mainly on on back of long pending receivables
along with sizeable money stuck as security deposit and retention
money given non-moving orders.

ICRA takes note of long standing experience of the promoters in
the civil construction industry, approved Class-I(A) contractor
status registered with various government and semi-government
undertakings, municipal corporations and water supply boards and
backward integration of the company into manufacturing of
prestressed concrete pipes.

TPPL is a closely held public company promoted by the the Kotecha
Group and was incorporated in the year 1986. The company is
involved in undertaking various turnkey projects involving water
supply, irrigation, roads and other such civil constructions. The
company is registered as a Class-I(A) contractor with various
government and semi-government undertakings, Municipal
Corporations and Water Supply Boards. The company has a track
record of 35 years in construction and has executed several
projects in the states of Maharashtra, Gujarat, Madhya Pradesh,
Orissa, Tamilnadu, Andhra Pradesh and Karnataka with ~65% of the
current order book accounting for projects in Maharashtra.
The company is also engaged in manufacturing of prestressed
concrete pipes and has a manufacturing plant located in Bhusawal
with an installed capacity of manufacturing 50,000 pipes
annually. The diameter of the prestressed pipes rages from 300 mm
to 1800 mm and pressure ranges from 4 kg/cm2 to 30 kg/cm2.


THANE STEELS: CRISIL Suspends B+ Rating on INR110MM Bank Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Thane Steels Private Limited (TSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         11.1       CRISIL A4
   Cash Credit           110.0       CRISIL B+/Stable
   Letter of Credit       20.0       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     10.4       CRISIL B+/Stable
   Term Loan              78.5       CRISIL B+/Stable

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

TSPL was incorporated in 1996 by the Rajput and Garg families,
who are business associates. The company manufactures thermo-
mechanically treated (TMT) bars and has installed capacity of
60,000 tonnes per annum in Thane (Maharashtra). TSPL manufactures
TMT bars of various grades (Fe-415, Fe-500, Fe-550) and sizes (8
to 32 millimetre diameter) and integrated its operations backward
by commencing production of ingots in September 2013.


THARUN TEXSPIN: CRISIL Suspends 'B+' Rating on INR42.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Tharun Texspin Mills Private Limited (TTMPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             42.5     CRISIL B+/Stable
   Long Term Loan           4.5     CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   37.5     CRISIL B+/Stable
   Proposed Term Loan      40.5     CRISIL B+/Stable

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

TTMPL, established in 2013, manufactures cotton yarn. The
company's facility is located at Palladam (Tamil Nadu). Its day-
to-day operations are managed by Mr. Chandrasekar and Mrs. Baby
Chandrasekar.


UTTARAYAN STEEL: ICRA Reaffirms B+ Rating on INR9.0cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ to the
INR9.0 Crore fund based working capital limits of Uttarayan Steel
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based bank
   facilities             9.0         [ICRA]B+; reaffirmed

ICRA's rating continues to be constrained on account of the
cyclical and competitive nature of the steel industry, which
limits the pricing flexibility of the industry participants. The
limited value additive nature of operations and vulnerability to
raw material price volatility, has translated into modest
profitability indicators for USPL. The realisation of USPL's
products has been under pressure while the raw material prices
did not decline to the same extent, hence the contribution levels
in FY2016 declined by15% which is expected to exert further
pressure on margins. High dependence on working capital debt
along with modest profitability continues to keep the debt
coverage indicators at moderate levels. The rating is however
supported by USPL's track record of operations, which coupled
with its long-standing relationship with its customer base, has
enabled it to achieve stability in revenues over the years.

Going forward, the ability of the company to increase its sales
volumes and margins while maintaining its liquidity will be key
rating sensitivities.

USPL is engaged in the manufacturing of mild steel ingots which
are subsequently rolled into long steel products like thermo
mechanically treated (TMT) bars, channels, angles, etc. The
company was acquired by members of the Goel and the Singhal
family in 2006 and its manufacturing facility is located in
Roorkee (Uttrakhand) with an installed capacity of 22,000 Metric
Tonnes Per Annum (MTPA).

Recent Results
The company reported an Operating Income (OI) of INR55.83 crore
and a Profit after Tax (PAT) of INR0.61 crore in FY15, as
compared to an OI of INR59.63 crore and a PAT of INR0.63 crore in
FY14. USPL has achieved Net sales of INR43.75 crore in FY16.


VISHAL CARS: CRISIL Reaffirms 'B' Rating on INR125MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vishal Cars
Private Limited (VCPL) continues to reflect the company's modest
financial risk profile because of weak debt protection metrics,
and small scale of operations in the intensely competitive
automotive dealership business. These weaknesses are partially
offset by its promoters' extensive industry experience.

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

   Electronic Dealer
   Financing Scheme
   (e-DFS)                80         CRISIL B/Stable (Reaffirmed)

   Term Loan             125         CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VCPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if ramp-up in scale of operations and stable
profitability improves capital structure and liquidity. The
outlook may be revised to 'Negative' in case of lower-than-
expected scale of operations or profitability leading to stretch
in liquidity, or debt-funded capital expenditure resulting in
weakening of capital structure.

VCPL, incorporated in 2013 and based in Lucknow, is mainly into
dealership of Tata Motors Ltd's Jaguar and Land Rover. The
company's promoters are Mr. Vishal Singh and Mr. Amit Singh.



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


* BOND PRICING: For the Week June 20 to June 24, 2016
-----------------------------------------------------

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


  AUSTRALIA
  ---------

BOART LONGYEAR MANAG    10.00    10/1/2018     USD      52.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.00
BOART LONGYEAR MANAG    10.00    10/1/2018     USD      61.50
BOART LONGYEAR MANAG     7.00     4/1/2021     USD      19.30
CROWN RESORTS LTD        6.02    4/23/2075     AUD      66.60
DBCT FINANCE PTY LTD     2.33     6/9/2021     AUD      73.48
DBCT FINANCE PTY LTD     2.31   12/12/2022     AUD      65.65
DBCT FINANCE PTY LTD     2.40     6/9/2026     AUD      51.32
EMECO PTY LTD            9.88    3/15/2019     USD      53.50
EMECO PTY LTD            9.88    3/15/2019     USD      52.00
IMF BENTHAM LTD          6.48    6/30/2019     AUD      57.00
KEYBRIDGE CAPITAL LT     7.00    7/31/2020     AUD       0.66
LAKES OIL NL            10.00    3/31/2017     AUD       6.50
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       7.00
MIDWEST VANADIUM PTY    11.50    2/15/2018     USD       4.70
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.74
RELIANCE RAIL FINANC     2.28    9/26/2023     AUD      65.73
STOKES LTD              10.00    6/30/2017     AUD       0.35
TREASURY CORP OF VIC     0.50   11/12/2030     AUD      72.97


CHINA
-----

ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      63.01
ANSHAN CITY CONSTRUC     8.25     3/5/2019     CNY      63.91
ANYANG INVESTMENT GR     8.00    4/17/2019     CNY      64.41
BANGBU CITY INVESTME     5.78    8/10/2017     CNY      55.79
BEIJING CAPITAL DEVE     5.95    5/29/2019     CNY      62.90
BEIJING ECONOMIC TEC     5.29     3/6/2018     CNY      71.47
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.32
CHANGSHA CITY CONSTR     6.95    4/24/2019     CNY      63.33
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.77
CHANGSHA COUNTY XING     8.35     4/6/2019     CNY      64.65
CHANGSHA HIGH TECHNO     7.30   11/22/2017     CNY      72.02
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      63.06
CHANGSHU BINJIANG UR     6.85    4/27/2019     CNY      83.90
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      62.31
CHANGSHU CITY OPERAT     8.00    1/16/2019     CNY      63.99
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      39.85
CHANGZHOU INVESTMENT     5.80     7/1/2016     CNY      40.01
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      51.64
CHANGZHOU WUJIN CITY     6.22     6/8/2018     CNY      76.26
CHAOYANG CONSTRUCTIO     7.30    5/25/2019     CNY      63.40
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      64.50
CHENGDU XINCHENG XIC     8.35    3/19/2019     CNY      65.83
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.10
CHIFENG CITY INFRAST     6.18    5/18/2017     CNY      51.75
CHINA CITY CONSTRUCT     5.55   11/28/2017     CNY      60.00
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.57
CHONGQING HECHUAN RU     8.28    4/10/2018     CNY      52.01
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      72.55
CHONGQING HECHUAN UR     6.95     1/6/2018     CNY      71.51
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      70.00
CHONGQING JIANGJIN H     6.95     1/6/2018     CNY      71.72
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.01
CHONGQING JINYUN ASS     6.75    6/18/2019     CNY      83.20
CHONGQING LAND PROPE     7.35    4/25/2019     CNY      64.10
CHONGQING NAN'AN DIS     8.20     4/9/2019     CNY      64.51
CHONGQING NAN'AN DIS     6.29   12/24/2017     CNY      61.76
CHONGQING XINGRONG H     8.35    4/19/2019     CNY      64.32
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.80
CHONGQING YONGCHUAN      7.49    3/14/2018     CNY      72.74
CHONGQING YULONG ASS     6.87    5/31/2019     CNY      62.98
CHONGQING YUXING CON     7.29    12/8/2017     CNY      72.18
DALI ECONOMIC DEVELO     8.80    4/24/2019     CNY      64.77
DANDONG CITY DEVELOP     6.21     9/6/2017     CNY      70.52
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.92
DANYANG INVESTMENT G     8.10     3/6/2019     CNY      63.50
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.80
DATONG ECONOMIC CONS     6.50     6/1/2017     CNY      40.00
DONGBEI SPECIAL STEE     6.10    1/15/2018     CNY      40.00
DONGBEI SPECIAL STEE     6.50    3/27/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.20     6/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.63    4/12/2018     CNY      40.00
DONGBEI SPECIAL STEE     7.00    7/10/2016     CNY      40.00
DONGBEI SPECIAL STEE     5.88     5/5/2016     CNY      40.00
DONGBEI SPECIAL STEE     6.30    9/24/2016     CNY      40.00
DONGBEI SPECIAL STEE     8.30     9/6/2016     CNY      40.00
DONGBEI SPECIAL STEE     7.40    7/17/2017     CNY      40.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      53.00
DRILL RIGS HOLDINGS      6.50    10/1/2017     USD      59.90
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.57
ERDOS DONGSHENG CITY     8.40    2/28/2018     CNY      48.63
EZHOU CITY CONSTRUCT     7.08    6/19/2019     CNY      83.57
FUSHUN URBAN INVESTM     5.95    5/11/2018     CNY      71.91
GRANDBLUE ENVIRONMEN     6.40     7/7/2016     CNY      70.12
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      64.35
GUANGAN INVESTMENT H     8.18    4/25/2019     CNY      63.02
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      52.21
GUILIN ECONOMIC CONS     6.90     5/9/2018     CNY      76.50
GUIYANG ECO&TECH DEV     8.42    3/27/2019     CNY      63.38
GUOAO INVESTMENT DEV     6.89   10/29/2018     CNY      68.54
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.88
HAIAN COUNTY CITY CO     8.35    3/28/2018     CNY      52.51
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      64.43
HAIMEN CITY DEVELOPM     8.35    3/20/2019     CNY      62.50
HANGZHOU MUNICIPAL C     5.90    4/25/2018     CNY      51.76
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.11
HANGZHOU XIAOSHAN ST     6.90   11/22/2016     CNY      40.60
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      63.64
HANGZHOU YUHANG CITY     7.55    3/29/2019     CNY      64.10
HANZHONG CITY CONSTR     7.48    3/14/2018     CNY      73.29
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      60.00
HEFEI HAIHENG INVEST     7.30    6/12/2019     CNY      63.72
HEFEI TAOHUA INDUSTR     8.79    3/27/2019     CNY      63.80
HEFEI XINCHENG STATE     7.88    4/23/2019     CNY      63.22
HEILONGJIANG HECHENG     7.78   11/17/2016     CNY      40.45
HUAIAN CITY URBAN AS     7.15   12/21/2016     CNY      40.53
HUAIAN CITY WATER AS     8.25     3/8/2019     CNY      64.09
HUAIAN DEVELOPMENT H     6.80    3/24/2017     CNY      42.48
HUAIAN QINGHE NEW AR     6.79    4/29/2017     CNY      40.88
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.80
HUAIHUA CITY CONSTRU     8.00    3/22/2018     CNY      52.40
HUZHOU MUNICIPAL CON     7.02   12/21/2017     CNY      72.53
HUZHOU NANXUN STATE-     8.15    3/31/2019     CNY      63.53
HUZHOU WUXING NANTAI     7.71    2/17/2018     CNY      72.87
JIAMUSI NEW ERA INFR     8.25    3/22/2019     CNY      63.19
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      64.24
JIAN CITY CONSTRUCTI     7.80    4/20/2019     CNY      60.01
JIANGDONG HOLDING GR     6.90    3/27/2019     CNY      62.07
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.56
JIANGDU XINYUAN INDU     8.10    3/23/2019     CNY      63.51
JIANGSU HUAJING ASSE     5.68    9/28/2017     CNY      50.67
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      82.64
JIANGSU LIANYUN DEVE     6.10    6/19/2019     CNY      62.12
JIANGSU TAICANG PORT     7.66    5/16/2019     CNY      64.27
JIANGYIN CITY CONSTR     7.20    6/11/2019     CNY      64.09
JIASHAN STATE-OWNED      6.80     6/6/2019     CNY      63.32
JIAXING CULTURE FAMO     8.16     3/8/2019     CNY      62.62
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.12
JIAXING ECONOMIC&TEC     6.78    6/14/2019     CNY      63.01
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.00
JINAN CITY CONSTRUCT     6.98    3/26/2018     CNY      52.28
JINGJIANG BINJIANG X     6.80   10/23/2018     CNY      66.03
JINGZHOU URBAN CONST     7.98    4/24/2019     CNY      64.51
JINING CITY CONSTRUC     8.30   12/31/2018     CNY      64.15
JINTAN CONSTRUCTION      8.30    3/14/2019     CNY      64.60
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.25
JINZHOU CITY INVESTM     7.08    6/13/2019     CNY      63.18
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      61.00
JIUJIANG CITY CONSTR     8.49    2/23/2019     CNY      64.77
KUNMING CITY CONSTRU     7.60    4/13/2018     CNY      52.44
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      52.94
KUNMING WUHUA DISTRI     8.60    3/15/2018     CNY      53.14
LAIWU CITY ECONOMIC      6.50     3/1/2018     CNY      62.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.09
LESHAN STATE-OWNED A     6.99    3/18/2018     CNY      73.11
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.50
LIAOYANG CITY ASSETS     6.88    6/13/2018     CNY      67.58
LIAOYUAN STATE-OWNED     7.80    1/26/2017     CNY      40.44
LIAOYUAN STATE-OWNED     8.17    3/13/2019     CNY      62.66
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      51.86
LINAN CITY CONSTRUCT     8.15     3/9/2018     CNY      52.28
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.00
LINHAI CITY INFRASTR     7.98    11/6/2016     CNY      50.72
LINYI INVESTMENT DEV     8.10    3/27/2018     CNY      50.97
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      62.60
LIUZHOU DONGCHENG IN     8.30    2/15/2019     CNY      63.19
LONGHAI STATE-OWNED      8.25    12/2/2017     CNY      72.49
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.65
LUOHE CITY CONSTRUCT     6.81    3/30/2017     CNY      30.60
MIANYANG SCIENCE & T     7.16    5/15/2019     CNY      63.20
NANAN CITY TRADE IND     8.50    4/25/2019     CNY      64.71
NANCHONG CHEMICAL IN     8.16    4/26/2019     CNY      64.24
NANJING HEXI NEW TOW     6.40     2/3/2017     CNY      61.15
NANJING JIANGNING SC     7.29    4/28/2019     CNY      63.52
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      63.35
NANTONG CITY TONGZHO     6.80    5/28/2019     CNY      81.00
NANTONG STATE-OWNED      6.72   11/13/2016     CNY      40.51
NEIMENGGU XINLINGOL      7.62    2/25/2018     CNY      71.73
NINGBO CITY ZHENHAI      6.48    4/12/2017     CNY      41.09
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.59
NINGBO URBAN CONSTRU     7.39     3/1/2018     CNY      52.35
NINGDE CITY STATE-OW     6.25   10/21/2017     CNY      40.65
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      71.01
NINGHAI COUNTY CITY      8.60   12/31/2017     CNY      73.77
NONGGONGSHANG REAL E     6.29   10/11/2017     CNY      71.60
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.82
PANJIN CONSTRUCTION      7.50    5/17/2019     CNY      63.55
PANJIN CONSTRUCTION      7.70   12/16/2016     CNY      40.61
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      85.00
PINGDINGSHAN CITY DE     7.86     5/8/2019     CNY      64.34
PUER CITY STATE OWNE     7.38    6/20/2019     CNY      62.90
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.20
PUTIAN STATE-OWNED A     8.10    3/21/2019     CNY      64.39
QIANDONG NANZHOU DEV     8.80    4/27/2019     CNY      63.40
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.78
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      62.94
QINGDAO CITY CONSTRU     6.89    2/16/2019     CNY      63.23
QINGDAO CITY CONSTRU     6.19    2/16/2017     CNY      40.66
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.85
QINGDAO HUATONG STAT     7.30    4/18/2019     CNY      63.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      31.60
QINGZHOU HONGYUAN PU     6.50    5/22/2019     CNY      30.88
QINZHOU CITY DEVELOP     6.72    4/30/2017     CNY      50.97
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      63.82
QUANZHOU QUANGANG PE     8.40    4/16/2019     CNY      65.28
QUNSHAN HUAQIAO INTE     7.98   12/30/2018     CNY      63.74
SANMING STATE-OWNED      6.99    6/14/2018     CNY      73.71
SANMING STATE-OWNED      6.99    6/14/2018     CNY      70.10
SHANDONG SHANSHUI CE     6.10    2/27/2017     CNY      38.00
SHANGHAI REAL ESTATE     6.12    5/17/2017     CNY      40.93
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      51.33
SHAOXING CHENGBEI XI     6.21    6/11/2018     CNY      76.75
SHIYAN CITY INFRASTR     7.98    4/20/2019     CNY      64.25
SICHUAN DEVELOPMENT      5.40   11/10/2017     CNY      70.95
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      64.09
SUQIAN ECONOMIC DEVE     7.50    3/26/2019     CNY      84.60
SUZHOU CONSTRUCTION      7.45    3/12/2019     CNY      63.71
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      60.05
SUZHOU INDUSTRIAL PA     5.79    5/30/2019     CNY      62.56
TAIAN CITY TAISHAN I     5.79     3/2/2018     CNY      71.90
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      53.07
TAIXING ZHONGXING ST     8.29    3/27/2018     CNY      54.08
TAIZHOU CITY CONSTRU     6.90    1/25/2017     CNY      40.66
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.09
TAIZHOU HAILING ASSE     8.52    3/21/2019     CNY      64.15
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      71.58
TIANJIN BINHAI NEW A     5.00    3/13/2018     CNY      72.00
TIANJIN HANBIN INVES     8.39    3/22/2019     CNY      63.69
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.75
TIANJIN HI-TECH INDU     7.80    3/27/2019     CNY      63.71
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      62.88
TIANJIN JINNAN CITY      6.95    6/18/2019     CNY      84.00
TIELING PUBLIC ASSET     7.34    5/29/2018     CNY      52.22
TIGER FOREST & PAPER     5.38    6/14/2017     CNY      58.53
TONGLIAO CITY INVEST     5.98     9/1/2017     CNY      71.05
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      77.15
URUMQI STATE-OWNED A     6.48    4/28/2018     CNY      51.93
VANZIP INVESTMENT GR     7.92     2/4/2019     CNY      66.88
WAFANGDIAN STATE-OWN     8.55    4/19/2019     CNY      64.34
WENZHOU ANJUFANG CIT     7.65    4/24/2019     CNY      63.52
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      64.09
WUHAI CITY CONSTRUCT     8.20    3/31/2019     CNY      63.91
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      52.16
WUHU ECONOMIC TECHNO     6.70     6/8/2018     CNY      51.00
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.94
WUXI COMMUNICATIONS      5.58     7/8/2016     CNY      49.81
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      62.00
XIANGTAN CITY CONSTR     8.00    3/16/2019     CNY      64.21
XIANGTAN JIUHUA ECON     6.93   12/16/2016     CNY      40.34
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      63.86
XIANGYANG CITY CONST     8.12    1/12/2019     CNY      64.18
XIAOGAN URBAN CONSTR     8.12    3/26/2019     CNY      64.49
XINING CITY INVESTME     7.70    4/27/2019     CNY      64.31
XINJIANG SHIHEZI DEV     7.50    8/29/2018     CNY      72.81
XINXIANG INVESTMENT      6.80    1/18/2018     CNY      72.46
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      63.77
XINYANG HUAXIN INVES     6.95    6/14/2019     CNY      60.01
XUCHANG GENERAL INVE     7.78    4/27/2019     CNY      64.38
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.63
XUZHOU ECONOMIC TECH     8.20     3/7/2019     CNY      64.60
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.79
XUZHOU XINSHENG CONS     7.48     5/8/2018     CNY      52.40
YANCHENG ORIENTAL IN     5.75     6/8/2017     CNY      51.00
YANGZHONG URBAN CONS     7.10    3/26/2018     CNY      72.94
YANGZHOU ECONOMIC DE     6.10     7/7/2016     CNY      50.03
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANGZHOU URBAN CONST     5.94    7/23/2016     CNY      40.05
YANZHOU HUIMIN URBAN     8.50   12/28/2017     CNY      52.57
YIBIN STATE-OWNED AS     5.80    5/23/2018     CNY      72.13
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      58.20
YIJINHUOLUOQI HONGTA     8.35    3/19/2019     CNY      59.03
YINCHUAN URBAN CONST     6.28     3/9/2017     CNY      25.21
YINGKOU CITY CONSTRU     7.98    4/18/2020     CNY      72.36
YIYANG CITY CONSTRUC     8.20   11/19/2016     CNY      40.49
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      76.00
YIZHENG CITY CONSTRU     7.78    6/14/2019     CNY      64.24
YUNNAN PROVINCIAL IN     5.25    8/24/2017     CNY      71.06
ZHANGJIAGANG JINCHEN     6.23     1/6/2018     CNY      60.94
ZHEJIANG PROVINCE DE     6.90    4/12/2018     CNY      72.47
ZHENJIANG CULTURE AN     5.86     5/6/2017     CNY      50.76
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      62.70
ZHENJIANG NEW AREA E     8.16     3/1/2019     CNY      63.22
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      63.27
ZHENJIANG TRANSPORTA     7.29     5/8/2019     CNY      62.04
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      41.23
ZHUCHENG ECONOMIC DE     7.50    8/25/2018     CNY      40.87
ZHUCHENG ECONOMIC DE     6.40    4/26/2018     CNY      39.00
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.80
ZHUHAI HUAFA GROUP C     8.43    2/16/2018     CNY      52.79
ZHUHAI ZHONGFU ENTER     6.60    3/28/2017     CNY      54.25
ZHUHAI ZHONGFU ENTER     5.28    5/28/2015     CNY      54.25
ZIBO CITY PROPERTY C     5.45    4/27/2019     CNY      37.05
ZIGONG STATE-OWNED A     6.86    6/17/2018     CNY      73.04
ZOUCHENG CITY ASSET      7.02    1/12/2018     CNY      41.19
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      73.07
ZOUPING COUNTY STATE     6.98    4/27/2018     CNY      71.60
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.65
ZUNYI CITY INVESTMEN     8.53    3/13/2019     CNY      64.91


INDONESIA
---------

BERAU COAL ENERGY TB     7.25    3/13/2017     USD      19.50
BERAU COAL ENERGY TB     7.25    3/13/2017     USD      19.50


INDIA
-----

3I INFOTECH LTD          5.00    4/26/2017     USD      11.50
BLUE DART EXPRESS LT     9.30   11/20/2017     INR      10.17
BLUE DART EXPRESS LT     9.40   11/20/2018     INR      10.26
BLUE DART EXPRESS LT     9.50   11/20/2019     INR      10.34
COROMANDEL INTERNATI     9.00    7/23/2016     INR      16.26
GTL INFRASTRUCTURE L     4.53    11/9/2017     USD      24.25
JAIPRAKASH ASSOCIATE     5.75     9/8/2017     USD      40.00
JCT LTD                  2.50     4/8/2011     USD      22.13
PRAKASH INDUSTRIES L     5.25    4/30/2015     USD      20.38
PYRAMID SAIMIRA THEA     1.75     7/4/2012     USD       1.00
REI AGRO LTD             5.50   11/13/2014     USD       4.62
REI AGRO LTD             5.50   11/13/2014     USD       4.62
SVOGL OIL GAS & ENER     5.00    8/17/2015     USD      20.00


JAPAN
-----

AVANSTRATE INC           5.55   10/31/2017     JPY      33.25
AVANSTRATE INC           5.55   10/31/2017     JPY      37.00
MICRON MEMORY JAPAN      0.70     8/1/2016     JPY       4.99
MICRON MEMORY JAPAN      2.03    3/22/2012     JPY       4.99
MICRON MEMORY JAPAN      0.50   10/26/2015     JPY       4.99
MICRON MEMORY JAPAN      2.29    12/7/2012     JPY       4.99
MICRON MEMORY JAPAN      2.10   11/29/2012     JPY       4.99
TAKATA CORP              0.58    3/26/2021     JPY      66.38


KOREA
-----

2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2014 KODIT CREATIVE      5.00   12/25/2017     KRW      32.61
2016 KIBO 1ST SECURI     5.00    9/13/2018     KRW      28.65
DOOSAN CAPITAL SECUR    20.00    4/22/2019     KRW      44.53
HANJIN SHIPPING CO L     5.90     6/7/2017     KRW      66.94
HYUNDAI MERCHANT MAR     5.80     7/7/2016     KRW      48.63
HYUNDAI MERCHANT MAR     5.30     7/3/2017     KRW      48.63
HYUNDAI MERCHANT MAR     6.20    3/28/2017     KRW      48.63
KIBO ABS SPECIALTY C     5.00   12/25/2017     KRW      31.18
KIBO ABS SPECIALTY C     5.00    3/29/2018     KRW      31.52
KIBO ABS SPECIALTY C     5.00    1/31/2017     KRW      34.16
KIBO ABS SPECIALTY C    10.00    2/19/2017     KRW      39.62
KIBO ABS SPECIALTY C    10.00     9/4/2016     KRW      57.00
KIBO ABS SPECIALTY C    10.00    8/22/2017     KRW      23.42
LSMTRON DONGBANGSEON     4.53   11/22/2017     KRW      32.10
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
PULMUONE CO LTD          2.50     8/6/2045     KRW      50.36
SINBO SECURITIZATION     5.00   12/13/2016     KRW      36.73
SINBO SECURITIZATION     5.00    1/29/2017     KRW      35.44
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    7/26/2016     KRW      62.53
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    3/12/2018     KRW      31.67
SINBO SECURITIZATION     5.00    7/29/2018     KRW      29.13
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2018     KRW      29.10
SINBO SECURITIZATION     5.00    3/18/2019     KRW      28.32
SINBO SECURITIZATION     5.00   12/23/2017     KRW      31.19
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    3/13/2017     KRW      34.95
SINBO SECURITIZATION     5.00    7/29/2019     KRW      27.02
SINBO SECURITIZATION     5.00    6/25/2018     KRW      29.43
SINBO SECURITIZATION     5.00    6/25/2019     KRW      27.32
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00     6/7/2017     KRW      17.22
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    2/27/2019     KRW      28.55
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00    1/15/2018     KRW      32.42
SINBO SECURITIZATION     5.00   12/25/2016     KRW      34.62
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    7/24/2017     KRW      32.78
SINBO SECURITIZATION     5.00    7/24/2018     KRW      30.80
SINBO SECURITIZATION     5.00    8/29/2018     KRW      30.27
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/31/2016     KRW      50.92
SINBO SECURITIZATION     5.00    8/27/2019     KRW      26.78
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    2/11/2018     KRW      31.91
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    9/26/2018     KRW      30.04
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00    2/21/2017     KRW      35.18
SINBO SECURITIZATION     5.00    10/1/2017     KRW      33.14
SINBO SECURITIZATION     5.00     7/8/2017     KRW      34.14
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00   10/30/2019     KRW      20.02
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    10/5/2016     KRW      44.32
SINBO SECURITIZATION     5.00    6/27/2018     KRW      30.98
SINBO SECURITIZATION     5.00    8/16/2016     KRW      52.54
SINBO SECURITIZATION     5.00    8/16/2017     KRW      33.69
SINBO SECURITIZATION     5.00    1/30/2019     KRW      28.75
SINBO SECURITIZATION     5.00    5/26/2018     KRW      29.69
TONGYANG CEMENT & EN     7.30    4/12/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    9/10/2014     KRW      70.00
TONGYANG CEMENT & EN     7.50    4/20/2014     KRW      70.00
TONGYANG CEMENT & EN     7.30    6/26/2015     KRW      70.00
TONGYANG CEMENT & EN     7.50    7/20/2014     KRW      70.00
U-BEST SECURITIZATIO     5.50   11/16/2017     KRW      33.47
WOONGJIN ENERGY CO L     3.00   12/19/2019     KRW      66.57


SRI LANKA
---------

SRI LANKA GOVERNMENT     6.00    12/1/2024     LKR      67.70
SRI LANKA GOVERNMENT     8.00     1/1/2032     LKR      69.04
SRI LANKA GOVERNMENT     9.00    11/1/2033     LKR      74.30
SRI LANKA GOVERNMENT     5.35     3/1/2026     LKR      61.03
SRI LANKA GOVERNMENT     9.00     6/1/2033     LKR      74.90
SRI LANKA GOVERNMENT     9.00     6/1/2043     LKR      71.06


MALAYSIA
--------

BIMB HOLDINGS BHD        1.50   12/12/2023     MYR      74.10
BRIGHT FOCUS BHD         2.50    1/24/2030     MYR      72.52
BRIGHT FOCUS BHD         2.50    1/22/2031     MYR      70.11
LAND & GENERAL BHD       1.00    9/24/2018     MYR       0.24
SENAI-DESARU EXPRESS     0.50   12/30/2039     MYR      68.90
SENAI-DESARU EXPRESS     0.50   12/31/2040     MYR      70.14
SENAI-DESARU EXPRESS     0.50   12/31/2043     MYR      73.64
SENAI-DESARU EXPRESS     0.50   12/31/2042     MYR      72.51
SENAI-DESARU EXPRESS     0.50   12/30/2044     MYR      74.56
SENAI-DESARU EXPRESS     0.50   12/31/2041     MYR      71.32
SENAI-DESARU EXPRESS     0.50   12/31/2038     MYR      67.21
SENAI-DESARU EXPRESS     1.15   12/31/2024     MYR      67.94
SENAI-DESARU EXPRESS     1.15   12/30/2022     MYR      74.17
SENAI-DESARU EXPRESS     1.35    6/30/2026     MYR      65.00
SENAI-DESARU EXPRESS     1.35   12/31/2026     MYR      63.67
SENAI-DESARU EXPRESS     1.35    6/29/2029     MYR      56.99
SENAI-DESARU EXPRESS     1.15   12/29/2023     MYR      71.02
SENAI-DESARU EXPRESS     1.15    6/28/2024     MYR      69.50
SENAI-DESARU EXPRESS     1.15    6/30/2025     MYR      66.47
SENAI-DESARU EXPRESS     1.35    6/30/2027     MYR      62.36
SENAI-DESARU EXPRESS     1.15    6/30/2023     MYR      72.59
SENAI-DESARU EXPRESS     1.35    6/28/2030     MYR      54.54
SENAI-DESARU EXPRESS     1.35    6/30/2031     MYR      52.29
SENAI-DESARU EXPRESS     1.35    6/30/2028     MYR      59.67
SENAI-DESARU EXPRESS     1.35   12/29/2028     MYR      58.30
SENAI-DESARU EXPRESS     1.35   12/31/2027     MYR      61.02
SENAI-DESARU EXPRESS     1.35   12/31/2029     MYR      55.73
SENAI-DESARU EXPRESS     1.35   12/31/2025     MYR      66.41
SENAI-DESARU EXPRESS     1.35   12/31/2030     MYR      53.40
UNIMECH GROUP BHD        5.00    9/18/2018     MYR       1.04


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

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


SINGAPORE
---------

AXIS OFFSHORE PTE LT     7.90    5/18/2018     USD      59.38
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BAKRIE TELECOM PTE L    11.50     5/7/2015     USD       2.63
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.30
BERAU CAPITAL RESOUR    12.50     7/8/2015     USD      19.25
BLD INVESTMENTS PTE      8.63    3/23/2015     USD       8.38
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      17.25
BUMI CAPITAL PTE LTD    12.00   11/10/2016     USD      16.11
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      17.25
BUMI INVESTMENT PTE     10.75    10/6/2017     USD      16.11
ENERCOAL RESOURCES P     6.00     4/7/2018     USD      10.75
GOLIATH OFFSHORE HOL    12.00    6/11/2017     USD       5.00
INDO INFRASTRUCTURE      2.00    7/30/2010     USD       1.88
NEPTUNE ORIENT LINES     4.65     9/9/2020     SGD      65.01
ORO NEGRO DRILLING P     7.50    1/24/2019     USD      43.00
OSA GOLIATH PTE LTD     12.00    10/9/2018     USD      62.00
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      64.50
OTTAWA HOLDINGS PTE      5.88    5/16/2018     USD      66.82
PACIFIC RADIANCE LTD     4.30    8/29/2018     SGD      68.88
SWIBER HOLDINGS LTD      7.13    4/18/2017     SGD      60.00
TRIKOMSEL PTE LTD        5.25    5/10/2016     SGD      18.25
TRIKOMSEL PTE LTD        7.88     6/5/2017     SGD      20.00


THAILAND
--------

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


VIETNAM
-------
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      51.03
DEBT AND ASSET TRADI     1.00   10/10/2025     USD      50.70



                             *********

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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