TCRAP_Public/160630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, June 30, 2016, Vol. 19, No. 128


                            Headlines


A U S T R A L I A

ADVAMODE FINANCIAL: Collapses Into Liquidation
KEYSTONE HOSPITALITY: Group Placed in Receivership
KEYSTONE HOSPITALITY: High-Profile Investors Hit in Collapse
M.N.C GROUP: First Creditors' Meeting Set For July 1
PEREGIAN SPRINGS: First Creditors' Meeting Set For July 1

PLANTS GALORE: First Creditors' Meeting Set For July 7
R & K ROBE: First Creditors' Meeting Set For July 6
TIME ESSENTIALS: Goes Into Administration


C H I N A

BEIJING CAPITAL: S&P Assigns 'BB+' CCR; Outlook Negative


I N D I A

ANAPALLI CONVENTION: ICRA Suspends 'B' Rating on INR5.0cr Loan
ARIHANT CORPORATION: CRISIL Assigns 'B' Rating to INR5MM Loan
BAGHMARI TEA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
BHAGWANDAS METALS: ICRA Lowers Rating on INR3.0cr Loan to B+
BILPOWER LIMITED: CRISIL Reaffirms 'D' Rating on INR900MM Loan

BLOOM DEKOR: ICRA Lowers Rating on INR18cr Cash Loan to B+
BRAHMAPUTRA IRON: Ind-Ra Withdraws IND D Long-Term Issuer Rating
BRAHMAPUTRA ROLLING: Ind-Ra Withdraws 'IND D' LT Issuer Rating
BRAHMAPUTRA TMT: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
BRAHMAPUTRA TUBULARS: Ind-Ra Withdraws 'IND D' LT Issuer Rating

BUMBLEBEE ELECTRONICS: ICRA Suspends B/A4 Rating on INR15cr Loan
CAMELLIA CLOTHING: CRISIL Assigns 'B-' Rating to INR80MM Loan
CYTECH COATINGS: CRISIL Reaffirms B+ Rating on INR67MM Term Loan
DAFTARI AGRO: ICRA Reaffirms B+ Rating on INR9.25cr Term Loan
DEEPTHY FENISHERS: ICRA Assigns 'B' Rating to INR5.0cr LT Loan

DELTA OPTICS: ICRA Withdraws 'B' Rating on INR5.0cr Bank Loan
DHARTI COTTON: CRISIL Lowers Rating on INR55MM Cash Loan to 'D'
HT GLOBAL: Fitch Assigns First-Time 'BB-' Issuer Default Ratings
HT GLOBAL: S&P Assigns 'BB-' CCR; Outlook Stable
INDIAN MARINE: CRISIL Reaffirms B+ Rating on INR60MM Loan

INDIAN PEROXIDE: CRISIL Assigns 'B+' Rating to INR620MM LT Loan
INNOVATIVE INFRAPROJECTS: CRISIL Rates INR178MM Term Loan at D
IPL PRODUCTS: ICRA Suspends B+ Rating on INR0.70cr Loan
JOGMA LAMINATES: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
JOYGURU STEEL: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating

K.J.L. POULTRIES: CRISIL Lowers Rating on INR330MM Loan to 'C'
KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
KHODAL COTTON: ICRA Reaffirms 'B+' Rating on INR9.0cr Cash Loan
KIJALK INFRASTRUCTURE: ICRA Suspends 'B' Rating on INR18cr Loan

KUMAR ELECTRICALS: Ind-Ra Assigns IND BB Long-Term Issuer Rating
KUMARAGIRI TEXTILES: ICRA Suspends C+ Rating on INR2.0cr Loan
MANRAASH PROCESSORS: CRISIL Cuts Rating on INR56.1MM Loan to D
MEGA BOLLYWOOD: ICRA Puts B- Rating on Notice for Withdrawal
NADAR PRESS: CRISIL Reaffirms B- Rating on INR40MM Term Loan

NEW PALSANA: ICRA Revises Rating on INR42.30cr Term Loan to C+
ORIENTAL ENGINEERING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
PERTH CERAMIC: ICRA Revises Rating on INR33cr Term Loan to B+
PHOENIIX: ICRA Suspends 'B' Rating on INR1.75cr Term Loan
PRAMUKH EXIM: ICRA Assigns C- Rating to INR5.0cr Cash Loan

QUICK ACT: CRISIL Reaffirms B+ Rating on INR90MM Channel Loan
R R DURAFABS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
RANA MOTORS: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
RCM INFRASTRUCTURE: CRISIL Cuts Rating on INR880MM Loan to 'D'

RIGA CERAMICA: CRISIL Reaffirms B+ Rating on INR59.8MM Term Loan
S. RASIKLAL: CRISIL Lowers Rating on INR157.5MM Loan to 'D'
SADBHAV CERAMICS: CRISIL Reaffirms B+ Rating on INR35MM Loan
SHAILI INFRA: ICRA Suspends 'D' Rating on INR130cr Bank Loan
SHREE KRISHNA: ICRA Reaffirms B- Rating on INR15cr Loan

SHRIMATI URMILA: CRISIL Reaffirms 'C' Rating on INR10MM Loan
SILVER STREAK: ICRA Suspends B+ Rating on INR3.75cr Term Loan
SM EBERSPAECHER: CRISIL Ups Rating on INR100MM Cash Loan to BB-
SRI SHIVA: ICRA Suspends B+ Rating on INR8.0cr Loan
SRI VASAVI: CRISIL Reaffirms B+ Rating on INR80MM Capital Loan

SUMAN RAO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
SUSEE TRUCKS: ICRA Revises Rating on INR6.0cr LT Loan to 'B'
VEER OIL: CRISIL Reaffirms B+ Rating on INR85MM LT Bank Loan
VISHNU CARS: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND D'


I N D O N E S I A

PERUSAHAAN LISTRIK: S&P Affirms 'BB' LT CCR; Outlook Now Stable


J A P A N

TAKATA CORP: Chief to Quit After Guiding Firm Toward Recovery


N E W  Z E A L A N D

PROPERTY VENTURES: Case Amounts to 'Trafficking of Litigation'


S O U T H  K O R E A

* State-Run Energy Firms to Sell Off Loss-Making Overseas Assets


                            - - - - -


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


ADVAMODE FINANCIAL: Collapses Into Liquidation
----------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Advamode
Financial Pty Ltd has collapsed into liquidation. Stephen John
Michell and David Charles Quin of PCI Partners Pty Ltd have been
appointed liquidators of the company on May 4, 2016, the report
discloses.

Advamode Financial is a financial advice firm based in
Queensland.  The AFS license of Advamode Financial was cancelled
by the Australian Securities and Investment Commission as a
result of the liquidation, the report says.


KEYSTONE HOSPITALITY: Group Placed in Receivership
--------------------------------------------------
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
Receivers and Managers to the Keystone Hospitality Group on June
28, 2016.

The venues included in this appointment are:

     * Bungalow 8
     * Cargo Bar
     * Chophouse Perth
     * Chophouse Sydney
     * Gazebo
     * Jamie's Italian Sydney
     * Jamie's Italian Perth
     * Jamie's Italian Canberra
     * Jamie's Italian Brisbane
     * Jamie's Italian Adelaide
     * Jamie's Italian Trattoria
     * Kingsleys Brisbane
     * Kingsleys Woolloomooloo
     * Manly Wine
     * Sugarmill Hotel
     * The Rook
     * The Winery

The Group has been placed into receivership by a syndicate of
lenders due to an inability to reach agreement with the Board on
key aspects of the Keystone Group's financial structure.

Receiver Morgan Kelly said the venues will continue to trade on a
business as usual basis while the Receivers assess each venue in
preparation for a sales campaign.

"Given the current buoyant hospitality market we anticipate a lot
of interest in the sale of the venues.

"The venues in the Keystone Group comprise some of the most
iconic and well-known brands in their respective markets.

"The sale of the group represents a unique opportunity for the
right operator and is particularly suited to hospitality
specialists interested in expansion.

"The sale process is expected to commence shortly," Mr Kelly
said.

As a first step, the Receivers will review all of the operations
and identify what, if any, changes will be required prior to
commencing the sales campaign.

It is likely that the sale process will offer the option of the
sale of the entire group or on an individual asset basis.

Interested parties in the sale of the venues should contact Phil
Quinlan of Ferrier Hodgson.  Mr. Kelly said employees will
continue to be employed on the same terms and conditions as prior
to the appointment of the Receivers.

"For employees, venue operations and customers, it is business as
usual as we undertake the sale process," Mr. Kelly said.


KEYSTONE HOSPITALITY: High-Profile Investors Hit in Collapse
------------------------------------------------------------
Michael Evans and Carolyn Cummins at The Sydney Morning Herald
reports that the collapse of the company running some of Sydney's
favorite bars and restaurants has caught up some of the city's
high-profile names as investors.

SMH relates that former Ten Network boss Grant Blackley, the head
of investment bank JP Morgan, Rob Priestley, and former Wallaby
Steve Lidbury are among investors linked to the Keystone
hospitality group, which has collapsed owing nearly AUD80
million.

Keystone, which runs venues throughout Australia such as the
celebrity chef Jamie Oliver-branded chain Jamie's Italian, as
well as Sydney staples Kingsleys, the Sugarmill, Cargo Bar and
Bungalow 8, was placed into receivership late on June 27 after
lenders KKR Asset Management and Olympic Capital Holdings Asia
called time on the business, which expanded aggressively
nationwide in 2014, SMH discloses.

According to SMH, Morgan Kelly of Ferrier Hodgson, said Keystone
had been "placed into receivership by a syndicate of lenders due
to an inability to reach agreement with the board on key aspects
of the Keystone Group's financial structure". The businesses are
continuing to trade and Mr Kelly will try to sell them, either as
a whole or as part of a break-up.

SMH notes that buoyed by the success of its Sydney operations,
the group eyed national expansion in 2014, borrowing AUD80
million from KKR and Olympic in a "financial assistance" deal to
fund the purchase of Pacific Restaurant Group, which owned
Jamie's Italian restaurants in Sydney, Perth and Canberra.

But Keystone's accounts showed that by the middle of last year,
the company was at odds with its lenders who enforced a
standstill after its debts grew and demanded Keystone
shareholders inject fresh capital. Despite record-low interest
rates, Keystone was paying interest of up to 8% on the loans.
It's understood a debt repayment was due as soon as this week.
Keystone's auditors PwC expressed "material uncertainty regarding
continuation as a going concern" after the company reported a net
loss of AUD20 million, SMH relays.

SMH says that to bring the business back into line, nearly AUD10
million in annual savings was identified, along with a raft of
asset sales including the Newtown Hotel, Cargo Bar and Bungalow
8, Kingsley's Woolloomooloo and a potential sale of Jamie's
Italian businesses.

Among shareholders of Keystone Australia Holdings are Grant and
Nicole Blackley, who hold 1.5 million shares. Mr Blackley heads
Southern Cross Austereo. A company controlled by JP Morgan boss
Rob Priestley holds a million shares. Former Wallaby Steve
Lidbury holds 300,000 shares. Originally AUD41 million was raised
from shareholders at AUD1 a share, according to SMH.

SMH relates that industry observers said one of the main problems
to beset the food and beverage business Keystone Group is the
lack of gaming machines to bring in much-needed revenue.

Out of the 17 venues that it operates and owns, only the
Sugarmill in Kings Cross has poker machines, and only 24 of them.
The Sugarmill in Kings Cross is the only venue that has poker
machines.

According to SMH, pub and food agents said it was a model that
was always having trouble because more money was going out than
coming in. One said "you need at least 240 machines to keep a
business this size operating".

SMH notes that the company was burning cash on the Jamie Oliver
brands, rent and upkeep of the hotels and restaurants, the need
to have well-known branded and hence highly paid chefs in the
hotels -- leading to high prices for patrons -- and staff wages.

Sydney's lockout laws were also cited by agents as affecting city
venues Bungalow 8 and Cargo Bar and at Kings Cross, including the
Gazebo and Sugarmill, the report states.

Overall the assets, being leasehold and freehold, could reap
about AUD100 million and could be sold in online or separately,
SMH notes.

SMH says Keystone also has a wide geographical spread, from the
bars and restaurants in Perth to Adelaide and Brisbane, and
across Sydney from Manly to Parramatta. Until April, Keystone
also operated The Stables bar in the new members' stand at
Randwick that is now under the management of the Australian Turf
Club.

Keystone was established more than a decade ago by businessmen
Fraser Short and John Duncan, SMH says.

Ferrier Hodgson said it was interested in selling the businesses
either as a whole or via a break-up.

Employees will continue to be employed on the same terms and
conditions as before the appointment of the receivers, adds SMH.


M.N.C GROUP: First Creditors' Meeting Set For July 1
----------------------------------------------------
Andrew Hugh and Jenner Wily of Armstrong Wily were appointed as
administrators of M.N.C Group Holdings Pty Ltd, formerly Known As
M.N.C Pipelines & Civil Pty Ltd, on June 21, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, 75 Castlereagh Street, in Sydney, on July 1, 2016, at
10:00 a.m.


PEREGIAN SPRINGS: First Creditors' Meeting Set For July 1
---------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrators of Peregian Springs Golf Club Limited
on June 21, 2016.

A first meeting of the creditors of the Company will be held at
Peregian Springs Golf Club, 95 Peregian Springs Drive, in
Peregian Springs, Queensland, on July 1, 2016, at 9:00 a.m.


PLANTS GALORE: First Creditors' Meeting Set For July 7
------------------------------------------------------
Peter Gountzos and Michael Carrafa of SV Partners were appointed
as administrators of Plants Galore Pty Ltd on June 27, 2016.

A first meeting of the creditors of the Company will be held at
the offices of SV Partners, Level 17, 200 Queen Street, in
Melbourne, Victoria, on July 7, 2016, at 12:00 p.m.


R & K ROBE: First Creditors' Meeting Set For July 6
---------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory Pty Ltd were
appointed as administrators of R & K Robe Pty Ltd, trading as
"Ultratune Kempsey, Battery Factory Kempsey, Atkins and Holdt and
Kingstown Charter Coaches", on June 24, 2016.

A first meeting of the creditors of the Company will be held at
Port Macquarie Library, Cnr Gordon & Grant Streets, in Port
Macquarie, NSW, on July 6, 2016, at 10:30 a.m.


TIME ESSENTIALS: Goes Into Administration
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Time Essentials
Pty Ltd, a watch supplier, has gone into administration. Fabian
Kane Micheletto and Michael Carrafa of SV Partners have been
appointed administrators of the company on June 20, 2016, the
report says.

Dissolve.com.au relates that trading at the company has been
suspended as administrators evaluate the business' operation,
financial position and contractual obligations. Creditors of the
company are set to meet today, June 30, at the company's
Melbourne premises.

Melbourne-based Time Essentials Pty Ltd distributes watch brands
that include Fiorelli, Champion, Bulova and Jag in New Zealand
and Australia.



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C H I N A
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BEIJING CAPITAL: S&P Assigns 'BB+' CCR; Outlook Negative
--------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB+' long-term
corporate credit rating to Beijing Capital Land Ltd. (BCL).  The
outlook is negative.  At the same time, S&P assigned its 'cnBBB'
long-term Greater China regional scale rating to the company.

BCL is a midsize property developer and the real estate
development arm of Beijing Capital Group Co. Ltd. (BCG; BBB-
/Negative/--; cnBBB+/--), a Beijing government-owned
conglomerate. BCL reshaped its strategy in recent years to focus
on five core markets in Beijing, Tianjin, Shanghai, Chongqing,
and Chengdu.

S&P's rating on BCL is underpinned by the group credit profile of
its parent BCG.  Given that S&P assess BCL as a highly strategic
subsidiary of BCG, the corporate credit rating on BCL is one
notch below that on its parent.  The rating and outlook on BCL
would also move in tandem with those on BCG."

S&P believes BCG's strong support indicates BCL's importance to
the group, which cements S&P's view that BCL is a highly
strategic subsidiary of BCG. BCL is one of the two most important
subsidiaries of BCG, and undertakes one of the group's most
profitable businesses--real estate development.  Its importance
also comes from its significant role to support the group's
revenues and earnings.  S&P estimates that BCL will continue to
make a significant 40%-50% contribution to BCG's EBITDA in 2016-
2017. BCG also increased its shareholding in BCL in August 2015
to 54.5%, from 32.0%.

"Our assessment of BCL's stand-alone credit profile of 'b'
reflects our view that the company is exposed to some
concentration risk, and has low and sharply deteriorated
profitability as well as high leverage due to its aggressive
growth appetite," said S&P Global credit analyst Matthew Chow.
"BCL's established position in Beijing and Tianjin, stable
development track record, good funding flexibility, and parental
support partly mitigate these weaknesses."

S&P expects BCL's sales execution to continue to be satisfactory.
BCL's sales are supported by its established brand recognition
and strong presence in its home markets--Beijing and Tianjin.
These cities contribute almost half of BCL's sales, although that
indicates that BCL faces concentration risk.  Parent BCG also
provides strong support to the company by means of cash capital
injection and asset injection.

S&P believes that BCL's deteriorated margins will stay at the low
end of its peer group.  BCL's gross margin hit just 12% in 2015,
from 30% in 2013, due to thin margins for its projects in lower-
tier cities.  S&P expects the company's margin to improve
modestly with the market recovery.  However, legacy issues of
very low profitability for its land bank in lower-tier cities may
continue to drag the overall margin in the next one-to-two years.

Considering BCL's ongoing expansion and our view on its mildly
recovering margin, S&P expects a moderate improvement in BCL's
credit metrics over the next 12-24 months.  S&P forecasts EBITDA
interest coverage to remain only around 1x, while the debt-to-
EBITDA ratio will likely be above 15x in 2016-2018.  BCL's
largely debt-funded expansion to increase its scale amid the
significant margin deterioration will continue to be a key
constraint to an improvement in its high leverage.  BCL aims to
boost its contracted sales to RMB60 billion by 2018, and has also
made a big effort to reshuffle its land bank composition.  Hence,
the company has deployed substantial capital into land purchase
and construction.  That has resulted in a sharp deterioration of
both its EBITDA interest coverage ratio and debt-to-EBITDA ratio
in 2015 to 0.7x and 16.5x, respectively.

"The negative outlook reflects the rating outlook on BCG," said
Mr. Chow.  "The outlook also reflects our view that BCL's
leverage will likely stay high over the next 12-24 months due to
the weak profitability and high spending.  We also expect the
strong support by its parent to remain unchanged."

S&P may lower the rating on BCL if: (1) S&P lowers the rating on
BCG; or (2) parental support weakens, as indicated by a reduction
of BCG's stake in BCL or a declining significance of BCL in terms
of profit contribution to the parent.

S&P may lower the SACP if BCL's debt-funded expansion is more
aggressive than we expect, such that the EBITDA interest coverage
is lower than 1x on a sustained basis, with the ratio of debt to
EBITDA showing no sign of improvement.

S&P could revise the outlook on BCL to stable if S&P revises the
outlook on its parent to stable.



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ANAPALLI CONVENTION: ICRA Suspends 'B' Rating on INR5.0cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR5.00 crore
term loan facilities of Anapalli Convention Centre. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


ARIHANT CORPORATION: CRISIL Assigns 'B' Rating to INR5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Arihant Corporation (AC). The rating
reflects AC's modest scale of operations in a highly fragmented
industry and its working capital intensive nature of its
operations.  These weakness are partially offset by s long
standing experience of AC's promoters in the civil construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          60        CRISIL A4
   Cash Credit              5        CRISIL B/Stable

Outlook: Stable

CRISIL expects AC to maintain a stable business risk profile on
the back of its established presence in the civil construction
industry. The outlook may be revised to 'Positive' if the company
reports substantial growth in its scale of operations and
profitability while improving its working capital cycle. The
outlook may be revised to 'Negative' if the company's financial
risk profile deteriorates due to lengthening of its operating
cycle or if the company suffers a decline in its revenues or
profitability.

Arihant Corporation (AC), established in 2003, by Mr. Ramesh
Mehta in Mumbai, Maharashtra. The firm   is engaged in executing
road contracts awarded by different central government, state
government and semi government agencies in Maharashtra.


BAGHMARI TEA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Baghmari Tea Co.
Limited (BTCL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BTCL's small scale of operations and volatile
EBITDA margins susceptible to volatile tea prices and highly
labour intensive nature of the industry requiring considerable
employee expenses. The company's FY16 provisional financial
indicate revenue of INR261 million (FY15: 160 million), interest
coverage (operating EBITDA/gross interest expense) of 2.7x
(0.5x), net leverage (total adjusted net debt/operating EBITDA)
of 4.2x (19.1x) and EBITDA margin of 9.2% (2.0%). The ratings
factor in the company's exposure to the intense competition in
the tea industry and its inherent susceptibility to adverse
weather conditions.

The company's liquidity is moderate as reflected by its average
maximum working capital use of 89.2% over the 12 months ended May
2016.

The ratings, however, benefit from more than two decades of
operating experience of BTCL's management in the tea industry.

RATING SENSITIVITIES

Positive: A substantial increase in revenue while maintaining
operating profitability and reduction of the net working capital
cycle resulting in ease of liquidity could lead to a positive
rating action.

Negative: Deterioration in the credit metrics due to decline in
the operating profit margin or elongation of the net working
capital cycle could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1918, BTCL is engaged in the manufacturing and
export of tea. The company has its tea garden located in
Sonitpur, Assam and it has a tea processing unit with an annual
installed capacity 1.2 million kg.

The total plantation area is 576.82 hectare of which the area
under cultivation is 412.3 hectare.

BTCL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'; Outlook Stable
-- INR90 million fund-based facilities: assigned 'IND BB-';
    Outlook Stable
-- INR1 million non-fund-based facilities: assigned 'IND A4+'
-- INR40 million proposed fund-based facilities: assigned
    'Provisional IND BB-'; Outlook Stable


BHAGWANDAS METALS: ICRA Lowers Rating on INR3.0cr Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating for Rs.3.00 crore fund
based facility of Bhagwandas Metals Limited from [ICRA]BB- to
[ICRA]B+. ICRA has reaffirmed the short-term rating of [ICRA]A4
outstanding on the INR5.50 crore non-fund based facility of BML.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based facility      3.00       [ICRA]B+; Downgraded
                                       from [ICRA]BB-(Stable)

   Non-fund based
   facility                 5.50       [ICRA]A4; Reaffirmed

The rating revision considers the decline in BML's revenues
following a sizeable correction in prices on the back of
softening of key raw material rates, amid weaker overall demand
in the cyclical steel industry. The ratings are also constrained
by the highly competitive nature of trading business which limits
scope for improvement in profitability and the small scale of
operations restricting benefits of scale economies.

However, the ratings factor in the comfortable capital structure
of BML and the longstanding experience of its promoters in the
steel trading business spanning over three decades.

BML is primarily engaged in trading in structural steel and steel
scrap. It sources materials both domestically as well as through
imports, and caters largely to localized demand in Tamil Nadu and
Pondicherry. The Company's shares are listed on the Bombay Stock
Exchange. Incorporated in 1982 by Mr. Govind Prasad, the Company
was previously engaged in the manufacture of TMT rebars. Due to
business slowdown and consequent losses, BML discontinued its
manufacturing operations in 2002 and has been engaged in trading
since 2003.

Recent results
BML reported a net profit of INR0.1 crore on an operating income
of INR22.3 crore during 2015-16, as against a net profit of
INR0.2 crore on an operating income of INR46.2 crore during 2014-
15.


BILPOWER LIMITED: CRISIL Reaffirms 'D' Rating on INR900MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bilpower Limited
(Bilpower) continue to reflect delays by Bilpower in meeting its
debt obligations; the delays have been caused by the company's
weak liquidity and continued losses at the operating level.
Losses have resulted in an erosion of Bilpower's net worth,
leading to its weak financial risk profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             900       CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee          800       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       40       CRISIL D (Reaffirmed)

Bilpower, incorporated in 1989, manufactures transformer
laminations. It has manufacturing units at Vadodara in Gujarat,
Silvassa in Dadra and Nagar Haveli, Kanchad in Maharashtra, and
Roorkee in Uttarakhand.

Bilpower reported net loss of INR43 million on an operating
income of INR138 million for 2015-16 (refers to financial year,
April 1 to March 31), against net loss of INR1126 million on
operating income of INR185 million for 2014-15.


BLOOM DEKOR: ICRA Lowers Rating on INR18cr Cash Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating from [ICRA]BB to [ICRA]B+
to the INR18.00 crore1 cash credit limit of Bloom Dekor Limited.
ICRA has also reaffirmed an [ICRA]A4 rating to the Rs.14.50 crore
short term non-fund based limits of BDL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limits    18.00        [ICRA]B+ ; revised from
                                      [ICRA]BB(Stable)

   LC/BG                 14.50        [ICRA]A4 reaffirmed

The revision in rating takes into account BDL's stagnant sales
given the failure of market strategy leading to improper
penetration of the product in the market amidst stiff competition
and depressed real estate industry in addition to lower exports
order as evident from 26% decline in export sales. In ability to
scale up as anticipated along with extraordinary expense incurred
for marketing, system modernization and SOP development during FY
16, has led to deterioration in operating margins and losses at
net level impinging its debt servicing capabilities. As a result
the reliance on external borrowings has increased to repay the
maturing debt obligations. The increase in debt levels is also on
account of increase in utilization of working capital limits to
fund the finished goods inventory piled up entailing
deterioration in capital structure with gearing levels increasing
from 1.81 times in FY 15 to 2.55 times in FY 16.The rating also
continue to incorporate the high competitive intensity in the
laminate business which limits pricing flexibility and
profitability; and vulnerability of profitability to adverse
fluctuations in the prices of the key raw material.

The company, however, benefits from the experience of the
company's promoters and their long association with related
business.

Going forward, the revenue growth of the company would remain
contingent upon the company's ability to generate the demand for
its products and its ability to successfully implement the
proposed changes in its marketing strategy. The profitability of
the company would remain vulnerable to fluctuations in the prices
of raw materials and ability to pass on the same to the customers
in a timely manner given competitive scenario , pressurising the
margns.The gearing levels are expected to be high in the near to
medium term. Further BDL's ability to repay the debt through
internal accruals and fulfil the shortfalls by timely infusion of
equity rather than relying heavily on external funds and manage
working capital cycle effectively would remain critical from
credit perspective.

Incorporated in 1994 Bloom Dekor Limited (BDL) is an ISO 9001-
2000 Company involved in manufacturing and selling of High
Pressure Decorative Laminates domestically as well as abroad. The
company has a single manufacturing set up which is located in
Prantij which is located 61Km northwest of Ahmedabad, the
manufacturing facility is spread over an area of 60,000 sq. mts.,
and has an installed capacity to produce 21.9 lakh sheets of
laminates.

Recent Results
During FY 2016 the company reported net losses of INR1.89 Cr on
an operating income of INR61.94 Cr.


BRAHMAPUTRA IRON: Ind-Ra Withdraws IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brahmaputra
Iron & Steel Co Pvt Ltd.'s (BISCO) 'IND D(suspended)' Long-Term
Issuer Rating. A full list of rating actions is given at the end
of this commentary.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for BISCO.

Ind-Ra suspended BISCO's ratings on 23 December 2015.

BISCO's ratings:
-- Long-Term Issuer Rating: 'IND D(suspended)'; rating
    withdrawn
-- INR48 million fund-based limits: Long-term
    'IND D(suspended)'; rating withdrawn
-- INR30 million non-fund-based limits: Short-term
    'IND D(suspended)'; rating withdrawn


BRAHMAPUTRA ROLLING: Ind-Ra Withdraws 'IND D' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brahmaputra
Rolling Mills Pvt Ltd.'s (BRMPL) 'IND D(suspended)' Long-Term
Issuer Rating. The agency has also withdrawn the Long-term 'IND
D(suspended)' rating on the company's INR375.0 million fund-based
limits.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for BRMPL.

Ind-Ra suspended BRMPL's ratings on 23 December 2015.


BRAHMAPUTRA TMT: Ind-Ra Withdraws 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brahmaputra TMT
Bars Pvt Ltd.'s (BTMTBPL) 'IND D(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for BTMTBPL.

Ind-Ra suspended BTMTBPL's ratings on 23 December 2015.

BTMTBPL's ratings:
-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR349.1 million long-term loans: Long-term 'IND
    D(suspended)'; rating withdrawn
-- INR140 million fund-based limits: Long-term 'IND
    D(suspended)'; rating withdrawn
-- INR180 million non-fund-based limits: Short-term 'IND
    D(suspended)'; rating withdrawn


BRAHMAPUTRA TUBULARS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Brahmaputra
Tubulars Pvt Ltd.'s (BTPL) 'IND D(suspended)' Long-Term Issuer
Rating. A full list of rating actions is provided at the end of
this commentary.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for BTPL.

Ind-Ra suspended BTPL's ratings on 23 December 2015.

BTPL's ratings:

-- Long-Term Issuer Rating: 'IND D(suspended)'; rating withdrawn
-- INR219.7 million long-term loans: Long-term 'IND
    D(suspended)'; rating withdrawn
-- INR140 million fund-based limits (cash credit): Long-term
    'IND D(suspended)'; rating withdrawn
-- INR25 million fund-based limits (SLC): Short-term
    'IND D(suspended)'; rating withdrawn
-- INR130 million non-fund-based limits: Short-term
    'IND D(suspended)'; rating withdrawn


BUMBLEBEE ELECTRONICS: ICRA Suspends B/A4 Rating on INR15cr Loan
----------------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B/[ICRA]A4 assigned to
the INR15.00 crore bank facilities of Bumblebee Electronics
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


CAMELLIA CLOTHING: CRISIL Assigns 'B-' Rating to INR80MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Camellia Clothing Limited (CCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              80       CRISIL B-/Stable

The rating reflects the small scale of operations along with weak
financial risk profile with weak networth and low debt protection
metrics. These weaknesses are partially offset by the extensive
experience of the promoter in the readymade garment industry.
Outlook: Stable

CRISIL expects CCL to maintain a stable business risk profile
over the medium term backed by the long-standing industry
experience of its promoters. The outlook may be revised to
'Positive' if growth in scalability and profitability improves
the financial risk profile. The outlook may be revised to
'Negative' if decline in margins or working capital requirement
or large debt funded capital expenditure plan weakens the
financial risk profile.

Incorporated in 1991, CCL is a closely held company engaged in
manufacturing shirts for various domestic brands. It was
incorporated by Mr. Harish Mittal and his wife Ms. Deepa Mittal
in Bengaluru, Karnataka. It also exports customized shirts under
its brand 'Customique'.


CYTECH COATINGS: CRISIL Reaffirms B+ Rating on INR67MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Cytech Coatings Pvt
Ltd (CCPL) continue to reflect the company's constrained
financial risk profile marked by modest net worth, average
capital structure, and stretched liquidity on account of working-
capital intensive operations and modest cash accruals.

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

   Letter of Credit       50        CRISIL A4 (Reaffirmed)

   Packing Credit         41.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.1      CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        67.0      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in CCPL's modest scale of operations and
susceptibility of the company's operating profitability to
volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
industry experience of CCPL's promoters and the company's
moderate debt protection metrics.
Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
printing inks industry. The outlook may be revised to 'Positive'
in case of alleviation of pressure on the company's liquidity on
account of improvement in its working capital cycle or
significant increase in its cash accruals. Conversely, the
outlook may be revised to 'Negative' if CCPL's financial risk
profile, especially its liquidity, deteriorates, because of
decline in its profitability or further stretch in its working
capital cycle.

Incorporated in April 2009, CCPL commenced commercial operations
in July 2010. The company is promoted by Mr. Birendrakant
Srivastava and his business acquaintance Mr. Manish B Ray. CCPL
manufactures various types of printing inks, resin, and
adhesives, which are used in the packaging industry.


DAFTARI AGRO: ICRA Reaffirms B+ Rating on INR9.25cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR9.25
crore fund based bank facilities of Daftari Agro Private Limited
at [ICRA]B+.

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Fund based limits         9.25       [ICRA]B+; reaffirmed
   (Cash Credit/Term Loan)

The rating reaffirmation factors in the long standing experience
of the promoters in the seed industry, the diversified product
portfolio backed by extensive research and development, and the
high growth potential of the hybrid seed industry in India which
is supported by the strategic tie up with Mahyco Monsanto Biotech
Limited and is expected to aid revenue growth going forward.
The rating is however constrained by the moderate scale of
operations and the stretched financial profile of the company on
account of high working capital requirements, leading to increase
in the gearing levels, along with weak debt coverage indictors
due to low profitability levels. The rating also factors in the
high geographic concentration risks due to its dependence on
Maharashtra for the bulk of its revenues and exposure to
uncertain agro-climatic conditions and the high competitive
intensity of the industry.

Going forward, the ability of the company to improve its
profitability and capital structure leading to an improvement in
debt coverage metrics will be a key rating sensitivity.

Incorporated in 1994, Daftari Agro Private Limited was promoted
by the Daftari family based out of Wardha, Maharashtra. The
company is engaged in the cultivation, breeding, processing,
cleaning, grading and preservation of certified seeds - such as
oil seeds, soya bean seeds, pulses seeds, paddy seeds, hybrid
cotton seeds, wheat seeds, vegetable seeds, maize seeds and
fodder seeds. The seeds are then supplied to distributors under
the brand name, 'Daftari', across the country.

During the financial year 2015, the company reported a profit
after tax of INR0.4 crore on an operating income of INR55.9
crore, as compared to a profit after tax of INR0.3 crore on an
operating income of INR55.1 crore during the previous financial
year.


DEEPTHY FENISHERS: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR5.00
crore fund based facilities of Deepthy Fenishers.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term: Fund
   based facilities       5.00        [ICRA]B Assigned

The assigned rating takes into consideration the significant
experience of the promoters in the textile industry of over a
decade and the healthy operating margins given the job work
nature of the business. The ratings draw comfort from the
comfortable gearing of the firm at 0.5 times as on March 31, 2015
on account of the limited dependence of the firm on external
borrowings. The ratings are, however, constrained by the Firm's
small scale of operations which restricts the benefits from scale
economies and financial flexibility. Also, the high competition
prevalent in the industry limits its pricing flexibility and
bargaining power with the clients. ICRA also takes into account
the risks of capital continuity associated with partnership
firms. Going forward, the key rating consideration would be the
Firm's ability to scale up its revenues and efficiently manage
its working capital cycle.

Deepthy Fenishers is a partnership firm established in 1997, and
is providing fabric processing services on job-work basis. The
firm is located in Tirupur (Tamilnadu) with capabilities for
tubular and open width compacting. The firm was promoted by Mr.
Subramaniam and currently has four partners. Mr. Subramaniam is
the managing partner of the firm having experience of more than a
decade in the textile industry. The firm caters to garment
manufacturers located in and around Tirupur providing fabric
processing services.

Recent Results
Deepthy Fenishers reported a PBT of INR1.5 crore on an operating
income of INR14.0 crore in 2014-15, as against a PBT of INR0.8
crore on an operating income of INR12.5 crore for 2013-14.


DELTA OPTICS: ICRA Withdraws 'B' Rating on INR5.0cr Bank Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B assigned to
the INR5.00 crore bank facilities of Delta Optics which was under
the notice for withdrawal. The rating is withdrawn as the period
of notice for withdrawal is completed.


DHARTI COTTON: CRISIL Lowers Rating on INR55MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Dharti
Cotton Industries (DCI) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects continuous overdrawls of more than
30 consecutive days in the company's cash credit account. The
delays have been caused by weak liquidity due to stretch in
working capital cycle.

DCI has modest scale of operation and low profitability in the
highly competitive cotton industry and large working capital
requirements. Further the company has weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth (TOLTNW) ratio. However, the company benefits from the
extensive experience of promoters in the cotton industry and
proximity of its manufacturing facilities to raw material and
labour sources.

DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.


HT GLOBAL: Fitch Assigns First-Time 'BB-' Issuer Default Ratings
----------------------------------------------------------------
Fitch Ratings has assigned HT Global IT Solutions Holdings Ltd
(HT Global) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDRs) of 'BB-'. The Outlook is Stable.

The agency also has simultaneously assigned an expected 'BB-
(EXP)' rating to the company's proposed US dollar senior secured
notes. The notes are secured by Baring Asia Private Ltd's equity
stake (100%) in HT Global.

HT Global owns a 71.3% stake in Indian IT service provider
Hexaware Technologies Limited (Hexaware).

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received. The
notes are rated in line with HT Global's Long-Term Foreign-
Currency IDR as they will represent direct, unconditional,
secured and unsubordinated obligations of the company. The
proceeds from the proposed senior secured notes will be used to
refinance HT Global's existing debt and to prefund 24 months of
interest on the proposed bond.

Fitch said, "The notes will be subordinated to any potential
future debt at Hexaware or other operating subsidiaries.
Currently, Hexaware and other operating subsidiaries do not have
any debt and we understand that management aims to keep these
businesses debt-free."

KEY RATING DRIVERS

Mid-Tier IT Services Provider: HT Global's ratings reflect its
mid-tier position in the global IT services industry, relatively
small scale and modest cost and technology advantage over its
peers. However, its ratings are supported by the moderate-to-high
costs to its customers to switch to competitors, diversified
revenue stream in terms of products and industries served, and
its profitable niche with a solid base of customers willing to
work with the company on a recurring basis.

High Leverage: Fitch expects HT Global's leverage to be higher
than that of most IT peers. Assuming the proposed bond issue goes
ahead, its FFO-adjusted net leverage will likely reach 4.4x and
3.5x in 2016 and 2017, respectively. Most Indian IT companies
maintain a net cash balance as they require limited capex
investments, pay modest dividends to shareholders and have
limited appetite for debt-funded M&A. However, HT Global has
limited capacity to take on additional debt, given the incurrence
covenant of debt/EBITDA of 3.75x (forecast 2016: 3.5x) in the
proposed bond's documents.

Fitch said, "Our FFO-adjusted net leverage metrics are higher
than the net debt/EBITDA ratio. We measure FFO by deducting
corporate tax, dividends paid to Hexaware's 29% minority
shareholders and dividend distribution tax (at 20.4% on dividends
paid) from EBITDA. Hexaware may be able to take a dividend
holiday to the extent that the proceeds from the proposed bond
are initially used to prefund two years of HT Global's interest
payments. After that, HT Global will need to maintain only one
year of interest for the proposed bond, anticipated to be funded
by future Hexaware dividends.

Low Rating Headroom: "For 2018, our rating case forecasts FFO-
adjusted net leverage reducing to 3.1x and FFO fixed-charge
coverage reducing to 2.3x, compared with the levels at which
Fitch would consider negative rating action of 3.25x and 2.0x,
respectively.

Stable Cash Flows: "We believe that HT Global will generate at
least $US85 million in annual EBITDA during 2016-17, backed by a
high proportion (95%) of revenue from repeat customers. The
company has multi-year contracts with most of its key customer,
out of which some have take-or-pay structures. Billing rates have
been stable for the last few years.

Revenue Growth of 9%-11%: "We forecast revenue to rise by 9%-11%
a year in 2016 and 2017 due to higher IT spend by existing
customers and HT Global's focus on expanding its business
targeting the banking & finance and housing & insurance
industries, supported by the infrastructure management services
(IMS) and business analytics service lines. We also forecast
operating EBITDAR margin to decline slightly to around 16%-17%
(2015: 18%) because of a larger share in the revenue mix of
services delivered at customers' premises, which are more costly,
and stable employee utilisation rates of around 70%-7l% (2015:
71%).

Positive FCF Starting 2017: "We forecast HT Global to generate
positive annual FCF of $US15m-20m from 2017 when capex will
normalise to around 2% of revenue. During 2016, we expect HT
Global to generate minimal FCF due to high capex of around $US40m
to expand facilities at two of its Indian delivery centres. The
company is not likely to further expand its delivery facilities
given it has sufficient space to accommodate additional
employees, except for specific customer request."

Moderate Customer Concentration: Compared to most IT peers, HT
Global has moderately higher customer concentration. Its top-10
customers accounted for about 55% of its 2015 revenue, with the
top customer making up 10%-15%. However, only four customers
account for more than 5% of revenue each. The concentration risk
is mitigated by its established long-standing ties with its top-
20 customers, which have an average relationship term of 11
years.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for HT Global
include:
-- Revenue growth of 9%-11% over the next two years
-- Operating EBITDAR margin to trend down to around 16%-17% over
    the next two years
-- Capex/revenue to remain low around 2%-3% starting 2017
-- HT Global to maintain minimum interest coverage of 1.0x.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Worse-than-expected performance or larger dividend payout
    leading to an FFO-adjusted net leverage of over 3.25x on a
    sustained basis
-- Operating EBITDAR margin declines to below 15% due to lower
    employee utilisation rate or loss of key customers.
-- FFO fixed charge cover of below 2.0x on a sustained basis

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:
-- An improvement in FFO-adjusted net leverage to below 1.5x
    on a sustained basis.
-- Positive FCF margin of over 3% on a sustained basis

LIQUIDITY
Adequate Liquidity: At end-December 2015, HT Global's liquidity
was adequate with cash and equivalents of $US66m, which
comfortably cover the short-term debt maturities of $US17m and
$US20m in 2016 and 2017 respectively. Its liquidity will further
improve upon completion of the proposed bond issue, which matures
in a single bullet repayment in 2021.


HT GLOBAL: S&P Assigns 'BB-' CCR; Outlook Stable
------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' long-term
corporate credit rating to HT Global IT Solutions Holdings Ltd.
The outlook is stable.

At the same time, S&P assigned its 'BB-' issue rating to the
company's proposed senior secured notes of up to US$300 million.
The rating on the notes is subject to S&P's review of the final
issuance documentation.  HT Global owns 71% of Hexaware
Technologies Ltd. and is wholly owned by Baring Asia Private
Equity Fund V L.P.  Hexaware is an India-listed information
technology (IT) products and solutions provider.

"The rating on HT Global reflects the company's small size in the
fragmented IT software and services industry, and its high
geographical and customer concentration," said S&P Global Ratings
credit analyst Ashutosh Sharma.  "HT Global's good quality
clients and above-industry-average EBITDA margins temper these
weaknesses."

Moreover, the company's India-based delivery model provides it
with access to highly skilled resources at a lower cost,
supporting its business risk profile.  The rating also factors in
the Baring Asia-led management control of HT Global, which could
potentially result in a higher leverage from changes in financial
policy.

HT Global's top 10 clients account for more than 55% of its
overall revenues, reflecting a higher client concentration risk.
HT Global has an average relationship of 11 years with its top 20
customers.  Although S&P expects the customer relationships in
this business to be sticky, it believes a key client loss could
potentially result in significant deterioration of its operating
performance.

The company has good customer segment diversity.  However, unlike
other major IT players, HT Global derives more than 80% of its
revenue from North America.  The company's EBITDA margins of
about 18% are higher than S&P's industry average for technology
software services companies, but are lower than that of larger
Indian IT players.  S&P sees HT Global's higher onsite delivery
mix as a key reason behind its lower EBITDA margins.

S&P assess HT Global's financial risk profile to be weaker than
is suggested by its expected 2016 leverage (debt-to-EBITDA) of
3.5x, mainly due to its financial sponsor-led management.  In
S&P's experience, financial sponsors often pursue aggressive
financial management policies that increase the company's
financial risk by utilizing debt or debt-like instruments.
Therefore, S&P's assessment of the financial risk profile of such
companies reflects its presumption of some deterioration in their
credit quality.

HT Global plans to use the proceeds from the notes to prepay its
existing bank facilities.  In S&P's view, based on the proposed
notes structure, there is little room for HT Global to increase
its leverage from current levels until the end of the noncall
period.  Thereafter, HT Global can increase its leverage
materially, only after repaying the noteholders.

HT Global has material unencumbered cash on its balance sheet
that is not adjusted in its credit metrics due to its weak
business risk profile.  In S&P's view, HT Global's significant
ownership in Hexaware also provides it with the flexibility to
access this cash through dividends.  S&P believes the tight
covenants and the free cash at Hexaware indicate a stronger
overall credit profile. Therefore, S&P uses a positive comparable
ratings modifier to raise the rating by one notch from the
anchor.

S&P's issue rating on the notes is equal to the issuer credit
rating because it believes India's bankruptcy law and practice do
not allow a meaningful distinction between the various creditor
seniority claims.

"The stable outlook on HT Global reflects our view that the
company will maintain its competitive position, good
profitability, free operating cash flows, and adequate liquidity
over the next 12-18 months," said Mr. Sharma.  "We also expect
the company to not increase its leverage over the period."

S&P may lower the rating on HT Global if the company adopts a
more aggressive financial policy, driven by debt-funded
acquisitions or shareholder distributions, such that its ratio of
debt to EBITDA moves above 4x on a sustainable basis.  In an
unlikely situation, S&P may also lower the rating if HT Global
loses one or more key clients, causing a material decline in its
revenue and operating income.

S&P sees limited potential for an upgrade over the next 12
months, given the financial sponsor-led management and the size
of its business.  However, in an unlikely situation, S&P may
raise the rating if HT Global ceases to be a financial sponsor-
controlled company and has a conservative financial policy.


INDIAN MARINE: CRISIL Reaffirms B+ Rating on INR60MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Indian Marine
Industries (IMI) continue to reflect a modest scale of operations
in the intensely competitive marine food products export
industry. The ratings also factor in a below-average financial
risk profile because of high gearing and average debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of the partners and efficient
working capital management.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           0.1     CRISIL A4 (Reaffirmed)

   Export Bill Purchase
   Discounting             30.0     CRISIL A4 (Reaffirmed)

   Export Packing Credit   60.0     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       9.9     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes IMI will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of significant
improvement in revenue and profitability, leading to a
substantial increase in cash accrual. Conversely, the outlook may
be revised to 'Negative' in case of low cash accrual, a stretched
working capital cycle, or any large capital expenditure,
resulting in deterioration in the financial risk profile,
especially liquidity.

IMI, based in Kochi, is a partnership firm of Ms. A M Ruhaila and
Mr. K K Ashraf, who manage operations. The firm processes and
exports frozen seafood products.


INDIAN PEROXIDE: CRISIL Assigns 'B+' Rating to INR620MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facility of Indian Peroxide Ltd (IPL). The rating
factors in the project risk in setting up the hydrogen peroxide
manufacturing unit as it's still in the nascent stages. This
weakness is partially offset by the extensive experience of the
promoters in project implementation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          620       CRISIL B+/Stable

Outlook: Stable

CRISIL believes IPL will maintain a stable business risk profile
over the medium term on the back of the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if IPL implements and stabilize its project in timely
manner. The outlook may be revised to 'Negative' if the ongoing
project faces time and cost overruns leading to significant
pressure on liquidity.

IPL, incorporated in 2007, is setting up a hydrogen peroxide
manufacturing plant in Dahej, Gujarat. It is promoted by Mr Anil
Kumar Tyagi, Mr Vinod Kumar Gupta, Ms Shashi Gupta, Ms Sugandha
Gupta and Mr Amit Tyagi.


INNOVATIVE INFRAPROJECTS: CRISIL Rates INR178MM Term Loan at D
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Innovative Infraprojects Private Limited (IIPL). The
rating reflects the company's continuous overdrawing of its
dropline overdraft facility, and delays in paying interest.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               178       CRISIL D

IIPL faces risks inherent in the real estate industry, and has
geographic concentration in revenue. However, it benefits from
its promoter's extensive industry experience.

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


IPL PRODUCTS: ICRA Suspends B+ Rating on INR0.70cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR0.70 crore
proposed term loan facilities, INR3.00 fund based facilities and
[ICRA]A4 to the INR0.80 crore stand by line of credit and INR5.50
crore non-fund based bank facilities of IPL Products. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


JOGMA LAMINATES: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Jogma
Laminates Industry Private Limited (JLIPL) continue to reflect
the company's weak financial risk profile, marked by a small net
worth, high gearing, and modest debt protection metrics, small
scale of operations and large working capital requirements.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             80       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2       CRISIL B-/Stable (Reaffirmed)

   Term Loan               68       CRISIL B-/Stable (Reaffirmed)

The rating also reflects the stretched liquidity profile of JLIPL
on account if it's large working capital requirements. The
company, however, benefits from the extensive experience of
JLIPL's promoter in the laminates industry.
Outlook: Stable

CRISIL believes the company will benefit by the demand for the
value added products. The outlook may be revised to 'Positive' if
the company achieves higher than expected revenue growth or if
there is a material improvement in profitability thereby
improving the liquidity and financial profiles. Conversely, the
outlook may be revised to 'Negative' if the company incurs a
large capital expenditure or if the profitability declines or if
the working capital cycle stretches significantly thereby
affecting the liquidity and financial profiles.

JLIPL was incorporated in 2009 in Nagpur (Maharashtra), promoted
by Mr. Jagdish Patel, Mr. Vijay Patel, Mr. Dinesh Patel, and Mr.
Manoj Kumar Patel. It commenced operations during June 2010.
JLIPL manufactures decorated laminates used in furniture. The
company sells to various distributors of laminates in
Maharashtra, Andhra Pradesh, Rajasthan, Gujarat, Karnataka, and
Tamil Nadu.


JOYGURU STEEL: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s Joyguru
Steels' (Joyguru) 'IND B-(suspended)' Long-Term Issuer Rating.
The agency has also withdrawn the 'IND B-(suspended)' rating on
the company's INR62.5 million fund-based limits.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Joyguru.

Ind-Ra suspended Joyguru's ratings on 23 December 2015.


K.J.L. POULTRIES: CRISIL Lowers Rating on INR330MM Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of K.J.L. Poultries Private Limited (KJL; part of the Sri Lakshmi
Narasimha group) to 'CRISIL C' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             330       CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Funded Interest          41.8     CRISIL C (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

   Long Term Loan          240.2     CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term       62.0     CRISIL C (Downgraded from
   Bank Loan Facility                '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 Sri Lakshminarasimha Poultry Farms
Private Limited (SLNP) and 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


KASHI KANCHAN: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kashi Kanchan Private
Limited (KKPL) continue to reflect KKPL's working capital
intensive operations and modest scale of operations in a
fragmented industry. The ratings also factor in a modest networth
and high gearing. These weaknesses are partially offset by the
extensive experience of KKPL's p in the civil construction
industry and moderate order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KKPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if a substantial and sustained increase in
operating income and accrual, along with efficient working
capital management strengthens liquidity. Conversely, the outlook
may be revised to 'Negative' if low accrual, or a stretch in
working capital cycle, or large debt-funded capital expenditure
weakens the financial risk profile.

KKPL was originally set up as a partnership concern in 1974 by
Mr. Surendra Kumar Padhi and Mr. Abhimanyu Padhi; the firm was
reconstituted as a private limited company in 2005. KKPL
undertakes civil construction activities in road, drainage, and
building construction, primarily in Odisha.


KASHIPUR INFRASTRUCTURE: Ind-Ra Affirms 'IND BB' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kashipur
Infrastructure and Freight Terminal Private Limited's (KIFTPL)
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. A
full list of actions is at the end of the commentary.

COMPANY PROFILE

KIFTPL is a joint venture between India Glycols Limited (IGL,
'IND BBB'/Stable) and Apollo Logisolutions Limited (ALS). It has
been set up to operate an inland container depot (ICD) in
Kashipur, Uttarakhand. Commercial operations of the greenfield
project are likely to commence by end-1QFY17. KIFTPL had a cash
balance of INR90 million at end-March 2016.

IGL is a manufacturer of green technology-based bulk, specialty
and performance chemicals and natural gums, spirits, industrial
gases, sugar and nutraceuticals. Its product offerings include
glycols, ethoxylates, glycol ethers and acetates, and various
performance chemicals.

ALS is a 90% subsidiary of Apollo International Limited. The
company provides integrated logistics services through its global
network. It operates two container freight stations in over 59
acres of developed premises.


KHODAL COTTON: ICRA Reaffirms 'B+' Rating on INR9.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR0.14 crore
(reduced from INR1.16 crore) term loan facility and INR9.00 crore
cash credit facility of Khodal Cotton Processing Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                   0.14        [ICRA]B+ reaffirmed

   Fund Based-Cash
   Credit                 9.00        [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by
KCPPL's modest scale of operations, the low value additive nature
of operations, and the intense competition on account of the
fragmented industry structure leading to thin profitability
margins. The rating also takes into account weak financial
profile as reflected by low net profitability, leveraged capital
structure with high gearing level and modest coverage indicators.
ICRA also notes the vulnerability of profitability, to the
adverse movements in raw cotton prices, which are subject to
seasonality and crop harvest and government regulations changes
in terms of MSP for procurement of raw cotton and exports.

The ratings, however, favorably take into account the experience
of the key managerial personnel in the cotton industry and
location advantage enjoyed by KCPPL, giving it easy access to
high quality raw cotton.

The turnover and margins are expected to remain in line with the
previous fiscal given the stable outlook on prices and
availability for raw cotton. However, the company's ability to
scale up the operations will be largely contingent on an
improvement in international demand, given the seasonality in the
business, volatility in prices of cotton, high competitive
intensity and uncertain regulatory scenario. Further the
company's ability to infuse funds to support its capital
structure and manage its working capital efficiently would be a
key rating monitor.

Established in 2011, Khodal Cotton Processing Private Limited
(KCPPL) is a private limited company. The company is managed by
four directors namely Mr. Mansukhbhai Ajani, Mr. Lalitbhai Ajani,
Mr. Maheshbhai Bhayani and Mr. Ashvinbhai Ajani. The company is
engaged in ginning and pressing of raw cotton. KCPPL's
manufacturing facility is located at Jangvad, Rajkot District in
Gujarat and is currently equipped with 24 ginning machines and
one pressing machine to produce cotton bales and cottonseeds.
KCPPL has an installed capacity to produce 280 cotton bales per
day (24 hours operation).

Recent Results
In FY2015, KCPPL reported an operating income of INR40.04 crore
and net profit of INR0.07 crore. Further, in FY2016 (unaudited
provisional financials), Company has reported an operating income
of INR58.02 crore and net profit of INR0.11 crore.


KIJALK INFRASTRUCTURE: ICRA Suspends 'B' Rating on INR18cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR18.00 crore
term loan of Kijalk Infrastructure Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KUMAR ELECTRICALS: Ind-Ra Assigns IND BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kumar
Electricals (Kumar) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

Kumar's ratings reflect its small scale of operations and
moderate credit profile. Its FY15 revenue was INR296 million
(FY14: INR381 million), interest coverage was 5.8x (16.0x), net
leverage was 3.8x (1.9x) and operating EBITDA margins were 5.7%
(9.1%). Provisional (P) FY16 financials indicate revenue of
INR377m, interest coverage of 3.3x, net leverage of 3.6x and an
EBITDA margin of 8.7%.

The ratings also consider Kumar's high geographical
concentration, as it executes contracts only in the state of
Karnataka. Additionally, its liquidity has been moderate, with
around 85.7% average utilisation of its fund-based working
capital limits during the 12 months ended May 2016.

The ratings benefits from Kumar's strong order book of INR732.38m
as at end-April 2016, which is around 2.5x its FY15 revenue. The
ratings also benefit from one partner Mr. Vasanth Kumar's
experience of around four decades in the execution of electrical
contracts.

RATING SENSITIVITIES

Positive: Substantial improvement in the scale of operations and
EBITDA interest coverage will be positive for the ratings.

Negative: Deterioration in the EBITDA interest coverage will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1979, Kumar executes electrical contracts for the
Karnataka government as well as for private entities. It is a
partnership firm managed by Mr. Vasant Kumar and Mr. Rohit Kumar.

Kumar's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR20 million fund-based facilities: assigned 'IND BB';
    Outlook Stable
-- INR230 million non-fund-based facilities: assigned 'IND A4+'
-- INR100 million proposed fund-based facilities: assigned
    'Provisional IND BB'; Outlook Stable


KUMARAGIRI TEXTILES: ICRA Suspends C+ Rating on INR2.0cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]C+ rating assigned to the INR2.00 crore
term loan facilities, INR4.00 crore long-term fund based
facilities of Kumaragiri Textiles Limited. ICRA has also
suspended the short term rating of [ICRA]A4 assigned to the
INR4.00 crore short-term non-fund based facilities of the
Company. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the Company.

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


MANRAASH PROCESSORS: CRISIL Cuts Rating on INR56.1MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Manraash Processors (MPS) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            20.0       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan         56.1       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term     20.0       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The downgrade reflects MPS's delays in meeting obligation on its
bank loan facilities, because of weak liquidity driven by slow
ramp up of operations.

The firm has modest scale of operations and weak financial risk
profile because of small networth and subdued debt protection
metrics. However, it benefits from its partners' extensive
industry experience and strategic location of its manufacturing
unit.

Incorporated in 2014, MPS is promoted by Mr. Ghanshyam Jogi, Mr.
Rajesh Garach and Manilal Hiralal Modha having more than two
decades of experience in the textile industry. The firm, based at
Jetpur in Rajkot (Gujarat) has recently set up a plant for dyeing
and printing of fabric; which commenced operations in October
2015.


MEGA BOLLYWOOD: ICRA Puts B- Rating on Notice for Withdrawal
------------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B- assigned to the
INR32.00 crore bank limits of Mega Bollywood Private Limited on
notice for withdrawal for one month at the request of the
company. As per ICRA's 'Policy on Withdrawal of Credit Rating',
the aforesaid ratings will be withdrawn after one month from the
date of this withdrawal notice.


NADAR PRESS: CRISIL Reaffirms B- Rating on INR40MM Term Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of The Nadar
Press Limited (TNPL) continues to reflect a modest scale of
operations in a fragmented printing industry and a below-average
financial risk profile because of small networth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the printing
business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             16       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23.5     CRISIL B-/Stable (Reaffirmed)

   Term Loan               40       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TNPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if significant improvement
in scale of operations and profitability, or substantial equity
infusion leads to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if aggressive, debt-
funded capital expenditure, or low revenue and operating profit
margin leads to further deterioration in the financial risk
profile.

TNPL, established in 1922 in Sivakasi (Tamil Nadu), undertakes
printing of packaging material for textbooks, diaries, notebooks,
envelopes, and calendars.


NEW PALSANA: ICRA Revises Rating on INR42.30cr Term Loan to C+
--------------------------------------------------------------
ICRA has revised the long term rating assigned to INR42.30 crore
term loan facility of New Palsana Industrial Co-Op Society Ltd to
[ICRA]C+ from [ICRA]D. ICRA has also revised the short term
rating assigned to NPICSL's INR20.00 crore short term non-fund
based facilities to [ICRA]A4 from [ICRA]D.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             42.30        [ICRA]C+ revised
   Bank Guarantee        20.00        [ICRA]A4 revised

The revision of the ratings reflects the timely debt servicing by
the society from March 2016 with major debt retired from
subsidies received in FY2016 and undertaking unsecured loans from
member units. The ratings also draw comfort from the financial
support to the society in terms of corporate guarantee provided
by its current members and positively consider the advantages of
a CETP as compared to individual effluent treatment plants, which
could attract additional members to join the society, bringing
additional capital and reducing overhead costs for the existing
members. Nevertheless, timely payments of member's overhead
contribution will remain critical for timely debt servicing,
given the uncertainty associated with joining of new members and
flexibility of withdrawal for existing memberships.

The ratings also remain constrained by stretched liquidity
position of the society, owing to delays in receiving necessary
subsidy funding which constrained the liquidity position of the
society to service its debt obligations. Further, the ratings are
constricted on account of NPICSL's revenues being vulnerable to
cyclicality associated with the textile industry and changing
environmental regulations affecting operations of member units
and the CETP.

New Palsana Industrial Co-Op Society Limited is an organization
promoted by the members of New Palsana Industrial Assocaition for
the purpose of development of common effluent treatment plant for
management of waste water generated by the member units during
manufacturing process. Currently, there are 25 members of the
society, who are primarily small and medium scale dyeing and
printing units located in the vicinity of the plant situated at
Baleshwar (Palsana, Gujarat). The proposed plant has a capacity
to process 45 million liters of waste water in a day.


ORIENTAL ENGINEERING: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Oriental
Engineering Works Private Limited's (OEWPL) 'IND BB+' Long-Term
Issuer Rating to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND BB+(suspended)' on the
agency's website. A full list of rating actions is at the end of
this commentary.

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

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

OEWPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR23.80 million term loan: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR45.00 million fund-based working capital limits: migrated
    to 'IND BB+(suspended)' from 'IND BB+' and 'IND
    A4+(suspended)' from 'IND A4+'
-- INR8.20 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


PERTH CERAMIC: ICRA Revises Rating on INR33cr Term Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
rating to the INR12.50 crore fund-based cash credit facility and
INR33.00 crore fund-based term loan of Perth Ceramic Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 to the INR6.00 crore letter of guarantee facility of
Perth Ceramic Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based-Cash       12.50       [ICRA]B+; Revised from
   Credit Limit                      [ICRA]B

   Fund Based-Term       33.00       [ICRA]B+ ;Revised from
   Loan                              [ICRA]B

   Non Fund Based-
   Letter of Guarantee    6.00       [ICRA]A4; Reaffirmed

The revision of rating factors in successful project
commissioning and achievement of desired operating parameters by
PCPL. The rating also takes into account the experience of
promoters in ceramic industry through associate concerns that
also extends marketing and distribution support to PCPL. The
rating further draws comfort from location advantage derived by
PCPL in the form of easy availability of quality raw material and
skilled manpower by virtue of being situated in Morbi (Gujarat),
which is a ceramic hub in India.

The ratings are however constrained by high repayment obligations
of PCPL against likely cash accruals. The financial profile of
the company remained weak as can be reflected by net, losses,
moderate debt coverage indicators, leveraged capital structure
and high working capital intensity of its operations. The ratings
are further constrained by the highly competitive nature of the
ceramic tile industry and vulnerability of the company's
profitability to cyclicality associated with the real estate
industry.

ICRA expects PCPL's revenues to witness a higher growth of ~20%
during FY2016-17 as the production was delayed and the company
could operate for only ten months in FY2015-16. The profitability
is expected to be in line with the previous fiscal. However, ICRA
expects WVPL's working capital intensity to remain high because
of high inventory holding and stretched receivables, which might
further increase the usage of external working capital
borrowings. Further the company's ability to infuse funds to
support its capital structure and manage its working capital
efficiently would be a key rating parameters.

Incorporated in 2014, Perth Ceramic Private Limited is engaged in
the business of manufacturing vitrified tiles with an annual
production capacity of 81000 MTPA. The manufacturing facility of
the company is located at Morbi, Gujarat. PCPL has commenced its
commercial operations in May 2015 and is currently engaged in
manufacturing of vitrified tiles of sizes 605 mm X 605 mm.

Recent Results
For the year ended 31st March, 2016, the firm reported an
operating income of INR53.12 crore with net loss of INR0.94 crore
within first 10 months of its operations in the year as per the
provisional unaudited numbers.


PHOENIIX: ICRA Suspends 'B' Rating on INR1.75cr Term Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings assigned to the INR1.75 crore
term loan facilities and [ICRA]A4 assigned to INR16.00 crore fund
based facilities, INR16.00 crore fund based (sub-limit)
facilities, INR0.30 crore non-fund based facilities and INR1.95
crore proposed facilities of Phoeniix. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


PRAMUKH EXIM: ICRA Assigns C- Rating to INR5.0cr Cash Loan
----------------------------------------------------------
The long term rating of [ICRA]C- has been assigned to the INR5.00
crore (enhanced from INR4.00 crore) cash credit facility.  ICRA
also has short term rating of [ICRA]A4 outstanding to the
INR10.00 crore Bill Discounting under LC facility of Pramukh Exim
Private Limited.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit
   Limits               5.00      [ICRA]C- assigned/outstanding

   Bill Discounting
   under LC            10.00       [ICRA]A4 outstanding

The ratings are constrained by past history of overdrawal of its
sanctioned limits on account of liquidity issues; though the
company's utilisation has remained within the sanctioned limits
over the past six months. Further, the rating is also constrained
by tight liquidity position of the company as reflected by fully
utilized working capital limits along with temporary overdrafts
sanctioned by the bank at various instances in the past coupled
with company's moderate financial profile characterised by low
profitability and modest coverage indicators. The ratings further
takes into account the relatively modest size of operations with
concentration on single product i.e. salt; highly competitive
business environment owing to low entry barriers resulting in
intense competitive pressures from both organised as well as
unorganised players and the exposure to seasonality associated
with the salt business.

The ratings, however, positively consider the long standing
experience of promoters in salt industry through other group
concerns; the locational advantage enjoyed by the company on
account of its proximity to Kutch which offers ease of raw
material procurement and ease of finished goods transportation
due to proximity of Kandla port; and the support of group concern
in form of uninterrupted salt supply.

Incorporated in 2009, PEPL is primarily engaged in the export
trading of salt in various countries. Pramukh International was
established as a proprietorship concern of Mr. Pushpendra Thakker
in 2004. It was subsequently converted to a partnership firm in
the year 2007 and into a closely held private limited company in
the year 2009. Mr. Shambhu Humbal and Mr. Puspendra Thakkar are
the key promoters of the company. PEPL is also engaged in trading
of pine wood, veneer, waste paper, bentonite, fly ash, eucalyptus
red grandis, etc. and has started vessel charting and stevedoring
services from FY 2013-14. Group concerns of PEPL are engaged in
salt manufacturing.

Recent Results
For the year ended March 31, 2015, PEPL reported an operating
income (OI) of INR40.7 crore and profit after tax (PAT) of INR0.3
crore as against an OI of INR53.3 crore and PAT of INR0.4 crore
for the year ended March 31, 2014. Further, during the period 11M
FY 2016, PEPL reported a PAT of INR0.6 crore on an Operating
Income (OI) of INR45.74 crore.


QUICK ACT: CRISIL Reaffirms B+ Rating on INR90MM Channel Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Quick Act
Light Systems and Cables Private Limited (Quick Act) continues to
reflect Quick Act's below-average financial risk profile because
of a high total outside liabilities to tangible networth ratio,
small scale of operations, and large working capital requirement.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            48.5      CRISIL B+/Stable (Reaffirmed)

   Channel Financing      90        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the dealership and distribution
business and their established relationships with principals and
customers.
Outlook: Stable

CRISIL believes Quick Act 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
significant improvement in capital structure most likely on
account of improvement in cash accrual or significant capital
infusion by promoters, along with better working capital
management. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile, particularly its liquidity,
deteriorates due to a stretch in working capital cycle or lower-
than-expected cash accrual.

Quick Act was set up in 2012, with Mr. Dinesh K Pherwani and his
wife, Ms. Varsha K Pherwani, as directors. The company
distributes products such as power cables, switchgears, electric
bulbs, and industrial pipe fittings. The family has been in the
cable trading business in Pune (Maharashtra) since 1983.


R R DURAFABS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of R R Durafabs Private
Limited (RRDPL) continue to reflect RRDPL's modest financial risk
profile marked by moderate gearing and small net worth, modest
scale of operations, working capital intensive nature of business
and susceptibility to risks related to intense competition in the
power transmission segment. These rating weaknesses are partially
offset by its promoters' extensive experience in the business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          90       CRISIL A4 (Reaffirmed)
   Overdraft Facility      50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RRDPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company improves
its scale of operations and profitability on a sustainable basis,
leading to better financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case its financial risk profile
deteriorates owing to reduced revenue and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or if there is a delay in receipt of bills from its
main principal leading to deterioration in its liquidity profile.

Incorporated in 2000 by Mr. Venkata Ramana and his family
members, RRDPL is engaged in erection of electrical transmission
lines. It was initially set up as a partnership concern but was
reconstituted as a private limited company in 2009. The company
is based in Hyderabad, Telangana.

For 2014-15(refers to financial year, April 1 to March 31), RRDPL
reported a profit after tax (PAT) of INR3.4 million on total
revenue of INR193.6 million against a PAT of INR3.4 million on
total revenue of INR188.8 million for 2013-14.


RANA MOTORS: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rana Motors
Private Limited's (RMPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

RMPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR295 million fund-based working capital limits: migrated to
    'IND BB-(suspended)' from 'IND BB-'/Stable and 'IND
    A4+(suspended)' from 'IND A4+'
-- INR100 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


RELISYS MEDICAL: CRISIL Reaffirms B- Rating on INR158.3MM Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facility of Relisys
Medical Devices Limited (RMD) on receipt of withdrawal request
from RMD. The rating action is in line with CRISIL's policy on
withdrawal of its rating on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility     158.3     CRISIL B-/Stable (Reaffirmed)

Furthermore, CRISIL has reaffirmed its rating on the non-
convertible debenture of Relisys Medical Devices Ltd (RMD) at
'CRISIL B-/Stable'.

The rating on non-convertible debenture programme continues to
reflect RMD's weak financial risk profile because of muted debt
protection metrics, large working capital requirement, and small
scale of operations. These weaknesses are partially offset by the
extensive experience of its promoter in the healthcare industry.
Outlook: Stable

CRISIL believes RMD's business risk profile will benefit over the
medium term from the extensive experience of its promoter. The
outlook may be revised to 'Positive' if substantial and sustained
improvement in scale of operations and profitability lead to
higher-than-expected cash accrual and hence, a better liquidity.
The outlook may be revised to 'Negative' if low cash accrual due
to inability to ramp-up operations or stretch in working capital
cycle further weakens financial risk profile.

Set up in 1998 by Dr. N Krishna Reddy, RMD designs and
manufactures critical care devices such as stents, catheters, and
stent systems used to treat cardiovascular, peripheral vascular,
neurovascular (stroke), and other life-threatening diseases.


RCM INFRASTRUCTURE: CRISIL Cuts Rating on INR880MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
RCM Infrastructure Limited (RCM) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          880       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit             132.9     CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Foreign Letter of       100.0     CRISIL D (Downgraded
   Credit                            from 'CRISIL B+/Stable')

   Funded Interest          17.1     CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

   Inland/Import           200.0     CRISIL D (Downgraded
   Letter of Credit                  from 'CRISIL A4')

   Letter Of Guarantee     700.0     CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Open Cash Credit        100.0     CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Working Capital         170.0     CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

The downgrade reflects delays in servicing its debt; the delays
have been caused by its weak liquidity.

The ratings reflect RCM's exposure to risks relating to tender-
based operations, intense competition in the civil construction
industry, and working capital intensity in business. These
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and moderate order book,
providing revenue visibility.

Incorporated in 2009, RCM is a turnkey contractor for civil
engineering activities, primarily road construction and laying of
drinking water pipelines. RCM's operations are managed by its
promoter-director Mr. K S Chowdry.


RIGA CERAMICA: CRISIL Reaffirms B+ Rating on INR59.8MM Term Loan
----------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Riga Ceramica
Private Limited (RCPL) continue to reflect the extensive
experience of the promoters in the ceramics business, strategic
location of the plant, and moderate financial risk profile. These
strengths are partially offset by working capital intensive and
modest scale of operations and intense competition in the
ceramics business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           12      CRISIL A4 (Reaffirmed)

   Cash Credit              27.5    CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term        0.7    CRISIL B+/Stable (Reaffirmed)
   Bank Loan Facility

   Term Loan                59.8    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RCPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if substantial cash accrual or
significant equity infusion improves the financial risk profile.
The outlook may be revised to 'Negative' if significant decline
in cash accrual, or stretched working capital cycle, or large,
debt-funded capital expenditure weakens the financial risk
profile.

Update
RCPL's business and financial risk profile is expected to be
sustained over the medium term. Operations are expected to
stabilise, with moderate sales and profitability. The firm, which
commenced production in April 2015, achieved sales of INR88.1
million in 2015-16 (refers to financial year, April 1 to March
31) with operating profitability estimated to be around 13 per
cent. The promoters have also brought in unsecured loans to
support the overall operations and liquidity requirement of the
company. Financial risk profile remains moderate, with gearing at
1.3 times and networth of INR50.4 million as on March 31, 2016,
on a provisional basis. The company's capital structure is
expected to improve on account of accretion to reserves and
absence of any large debt funded capex plan over the medium term.

Incorporated in 2014, RCPL is based in Morbi, Gujarat. It is
engaged in manufacturing of digital wall tiles and commenced
commercial production in April 2015.


S. RASIKLAL: CRISIL Lowers Rating on INR157.5MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S. Rasiklal and Co. to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.


   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Adhoc Limit             10        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Foreign Exchange         6        CRISIL D (Downgraded from
   Forward                           'CRISIL A4')

   Packing Credit          46.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Post Shipment          157.5      CRISIL D (Downgraded from
   Credit                            'CRISIL B+/Stable')

   Proposed Long Term     120        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects delays of over 30 consecutive days
by S. Rasiklal in servicing its export packing credit and post-
shipment credit obligations. The delays have been caused by weak
liquidity due to delays in payment from recievables resulting in
stretched working capital cycle.

S. Rasiklal has modest scale of operation and low profitability
subjected to intense competition and susceptible to volatility in
diamond prices. Further the company has large working capital
requirements and weak financial risk profile, marked by a high
total outside liabilities to tangible net worth (TOLTNW) ratio.
However, the company benefits from the extensive experience of
promoters in the diamond industry.

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah,
S. Rasiklal was reconstituted as a partnership firm in 1972. The
firm is currently managed by Mr. Pravin Shah and his family. The
firm manufactures and exports cut and polished diamonds. It is
also engaged in the trading of polished diamonds.


SADBHAV CERAMICS: CRISIL Reaffirms B+ Rating on INR35MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sadbhav Ceramics
(SC) continue to reflect working capital-intensive and a modest
scale of operations, and exposure to intense competition in the
ceramics industry. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters,
strong distribution network with a presence across India, and
favourable location of its plant.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         16        CRISIL A4 (Reaffirmed)
   Cash Credit            35        CRISIL B+/Stable (Reaffirmed)
   Term Loan               9        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from the extensive industry experience of its promoters and its
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of substantial cash
accrual or significant equity infusion, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in cash accrual,
deterioration in working capital management, or any large debt-
funded capital expenditure, resulting in a weak financial risk
profile.

Update
SC's net sales remained modest in 2015-16 (refers to financial
year, April 1 to March 31) at INR64 million, and de-grew from
INR92 million in the previous year. The firm is now focussing on
export demand and is expected to maintain its modest scale over
the medium term. The company's operating margin declined to
around 13 percent in 2015-16 from 16.2 percent the previous year
due to lower off-take and high operating overheads. SC reported
operating profit of INR8.9 million for 2015-16 against profit of
INR14.9 million for 2014-15. The company's ability to maintain
its operating profitability in the competitive environment will
remain a key monitorable for the ratings over the medium term.

The company's working capital cycle remains stable, with gross
current assets expected at 210-215 days over the medium term. Its
gearing is estimated to remain moderate at around 1.25 times as
on March 31, 2016, with subdued interest coverage of about 1.5
times for the year 2015-16.

For 2015-16, net profit is estimated at INR8.9 million on net
sales of INR64 million; net profit was INR14.9 million on net
sales of INR92 million in the previous year.

Incorporated in 2007, SC is promoted by Mr. Mansukhbhai Patel,
Mr. Nirav Patel, Mr. Shivam Patel, Mr. Harsh Patel, Mr.
Rajendrahbai Patel, Mrs. Hemiben M Patel, and Mrs. Ushaben Patel.
The firm manufactures wall tiles at its plant in Morbi, Gujarat.


SHAILI INFRA: ICRA Suspends 'D' Rating on INR130cr Bank Loan
------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the
INR130.00 crore bank facilities of Shaili Infra Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


SHREE KRISHNA: ICRA Reaffirms B- Rating on INR15cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- for the
INR15.00 crore fund based facilities of Shree Krishna Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     15.00        [ICRA]B- (reaffirmed)

The rating reaffirmation factors in firm's presence in a highly
competitive industry of rice milling business, which has led to
pressures on profitability. Further ICRA also takes into account
firm's high gearing level and weak debt coverage indicators
coupled with high working capital requirements. The rating also
takes into account agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
continue to factor in long standing experience of promoters in
rice industry and the proximity of the mill to major rice growing
area which results in easy availability of paddy.

Shree Krishna Rice Mills (SKRM) is a partnership firm, was set up
in 2010 by Mr. Ravi Gupta, Mr. Krishan Chand and Mrs.Urmila
Gupta. SKRM is engaged in processing and export of basmati rice
to countries in the Middle East. It has a plant at Karnal
(Haryana) which has a milling capacity of 6 tonnes per hour.

Recent Results
During the financial year 2014-15, the firm reported a profit
after tax (PAT) of INR0.16 crore on an operating income of
INR62.87 crore as against PAT of INR0.16 crore on an operating
income of INR62.02 crore in 2013-14. As per the provisional
figures, the firm reported PAT of INR0.15 crore on an operating
income of INR55.67 crore in FY16.


SHRIMATI URMILA: CRISIL Reaffirms 'C' Rating on INR10MM Loan
------------------------------------------------------------
CRISIL's rating continue to reflects Shrimati Urmila Devi
Mehgaiya Paropkari Trust  (SUDMPT's) risks related to timely
commencement of operations owing to pending approvals, and its
weak financial risk profile in the absence of any commercial
operations. These weaknesses are partially offset by funding
support from the trustees.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Reaffirmed)
   Term Loan               10        CRISIL C (Reaffirmed)

CRISIL had assigned its rating on the bank facilities of SUDMPT
at CRISIL C/CRISIL A4, through its rating rationale dated Jan. 4,
2016.

SUDMPT, formed in 2003, were managing a veterinary college,
Mahatma Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr.
B D Gupta is president of the college. However, the operations
are suspended as the college has been derecognized in 2011. The
trust is in the process of obtaining fresh recognition.


SILVER STREAK: ICRA Suspends B+ Rating on INR3.75cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR3.75 crore term loan facilities and the INR5.00 crore
proposed term loan facilities of Silver Streak Hotels Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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

Silver Streak Hotels Private Limited incorporated in 2006 by Mr.
V Kannan currently runs a 20 room 3-star hotel "Hotel Ashreya" at
Thiruvannamalai, a pilgrimage town in Tamil Nadu, about 200 Km
from Chennai. The hotel building which belonged to a friend of
Mr. V Kannan was acquired in 2009 and comprised of 12 rooms at
the time of acquisition. Later, SSHPL expanded the room inventory
to 20 rooms and also set up 3-star bar facility, banquet facility
and an 8000 Sft. lawn.

The Company is also setting up a 42 room 3-star hotel in
Mahabalipuram, near Chennai. The hotel will be operated under the
brand name "Zone By The Park" under management contract with
Apeejay Surrendra Park Hotels Limited.


SM EBERSPAECHER: CRISIL Ups Rating on INR100MM Cash Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of SM Eberspaecher Exhaust Private Limited (SMEE) to 'CRISIL BB-
/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       23.5     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan                70.0     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects benefits that the company will derive
following the acquisition of an additional 49 per cent stake in
it by SM Auto Engineering Pvt Ltd (SMAEPL; rated 'CRISIL BBB-
/Stable'). SMEE was originally incorporated as a 50:50 joint
venture (JV) between SMAEPL and Eberspaecher Exhaust Technology
International, Germany, for manufacturing three and four-wheeler
exhaust systems. CRISIL believes that SMEE, now a subsidiary of
SMAEPL, will receive strong operational and financial support
from its parent. SMAEPL had invested about INR310 million as of
March 31, 2016, in SMEE to meet working capital requirement and
provide funding support in the wake of losses incurred by the
latter.

The rating reflects strong financial support from the parent,
established relationship with original equipment manufacturers
(OEMs), and extensive experience of promoters in manufacturing
three and four-wheeler exhausts. These rating strengths are
partially offset by a weak financial risk profile on account of
losses, a modest scale of operations, and large working capital
requirement.
Outlook: Stable

CRISIL believes SMEE will continue to benefit over the medium
term from the established relationship of its promoters' with
OEMs and their extensive industry experience, and also from
strong operational and financial support from its parent. The
outlook may be revised to 'Positive' in case of a substantial and
sustained increase in turnover and profitability, and leading to
a break-even at the net level. Conversely, the outlook may be
revised to 'Negative' if continued cash losses, any large, debt-
funded capital expenditure, or a stretched working capital cycle
strains liquidity, or if the credit risk profile of SMAEPL
weakens.
SMEE was originally incorporated in 1997 as a 50:50 JV between
SMAEPL and Eberspaecher Exhaust Technology International,
Germany, for manufacturing three and four wheeler exhaust
systems. However, in 2014-15, an additional 49 per cent share was
purchased by SMAEPL, thus increasing its total shareholding to 99
per cent; hence, SMEE is now a subsidiary of SMAEPL.


SRI SHIVA: ICRA Suspends B+ Rating on INR8.0cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.00 crore
fund based and non fund based facilities of Sri Shiva Durga Rice
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

Founded in the year 1999 as a partnership firm Sri Shiva Durga
Rice Industries (SSDRI) is engaged in the trading & milling of
paddy and produces raw rice and boiled. The rice mill is located
at Bebbigudem village of Nalgonda district, Telangana. The
installed production capacity of the rice mill is 4 tons per
hour.


SRI VASAVI: CRISIL Reaffirms B+ Rating on INR80MM Capital Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vasavi
Agro Foods (SVAF) continues to reflect the average financial risk
profile because of high gearing and modest debt protection
metrics, susceptibility to adverse government regulations and raw
material price volatility, and small scale of operations in the
intensely competitive rice milling industry.

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

   Working Capital
   Facility                 80      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the rice milling industry and their
healthy relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SVAF will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if a significant improvement in the revenue
and profitability substantially increases the cash accrual and
thus improves the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual during
the early stage of operations, constraining the liquidity.

Set up in 2012-13 (refers to financial year, April 1 to March 31)
as a partnership firm, SVAF processes paddy into rice, rice bran,
broken rice, and husk; it commenced commercial production in
December 2013. The rice mill is located at Karatagi in Koppal
(Karnataka). The operations are managed by the chief promoter Mr.
Y Vasudev Shetty who has over two decades of experience in the
rice milling industry.


SUMAN RAO: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suman Rao Gujja
(SRG) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect SRG's moderate credit profile on account of
volatile profitability. Its EBITDA margins were 2.5%-6.5% during
FY13-FY16. Provisional (P) FY16 financials indicate net leverage
(Ind-Ra adjusted net debt/operating EBITDAR) of 0.9x (FY15: 7.2x;
FY14: negative 1.1x) and EBITDA interest coverage of 4.4x (2.7x;
5.4x). Its revenue stayed moderate, but jumped 139.7% yoy to
INR688.8 million in FY16 (P) (FY15: INR287.3 million), on account
of increased orders from the Telangana state government as well
as orders received on a sub-contract basis.

The ratings also take into account SRG's proprietorship structure
and presence in the highly competitive and fragmented
construction industry, coupled with its susceptibility to
volatile raw material prices and high geographic concentration.
SRG's entire order book is concentrated in the state of
Telangana.

However, the ratings are supported by the firm's comfortable
liquidity and moderate order book position. Its liquidity has
remained comfortable, with 78.4% average working capital
utilisation over the 12 months ended May 2016. The firm had an
unexecuted order book of INR1,067.9 million at the beginning of
April 2016, which is 1.5x its FY16 (P) revenue.

SRG's proprietor's experience of more than one decade in civil
contracting works also supports the ratings.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations
and/or improvement in profitability, leading to a sustained
improvement in credit metrics, will lead to a positive rating
action.

Negative: A decline in the scale of operations and/or
profitability, leading to deterioration in credit metrics and
liquidity, will be negative for the ratings.

COMPANY PROFILE

Established in 2012, SRG is a proprietorship concern. It
undertakes civil and infrastructure construction, primarily for
irrigation works and roads.

SRG's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB'; Outlook Stable
-- INR55 million fund-based working capital limits: assigned
    'IND BB'/Stable/'IND A4+'
-- INR60 million non-fund-based working capital limits: assigned
    'IND A4+'


SUSEE TRUCKS: ICRA Revises Rating on INR6.0cr LT Loan to 'B'
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]B to
the INR6.00 crore fund based facilities of Susee Trucks Private
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term: Fund       6.00        [ICRA]B/revised from
   based facilities                  [ICRA]B+

The ratings revision factors in the revenue de-growth over the
past 18 months on account of drop in vehicle sales resulting from
subdued demand for commercial vehicles amidst challenging
macroeconomic conditions and cash losses incurred during 2015-16
following the under absorption of fixed assets. The ratings also
factor in the weak financial profile of the company characterised
by low net-worth, stretched capital structure and inadequate debt
protection metrics. ICRA also considers the exposure of the
company's revenues to inherent cyclicality of the commercial
vehicle industry.

The ratings, however, positively factors in the long standing
experience of the promoters in the industry and the reputation of
the 'Susee' brand in the auto dealership space in Tamil Nadu. The
ratings also take into account the dominant market share of Tata
Motors Limited (TML), in the small commercial vehicles segment
(SCVs) in the regions of Vellore, Kanchipuram, and
Thiruvannamalai districts and the company being the sole
authorized dealer for TML SCVs in these regions.

Incorporated in 2004, Susee Trucks Private Limited is the sole
authorised dealer for Tata Motors Limited (TML; rated [ICRA]AA
(Stable) / [ICRA]A1+) small commercial vehicles (SCVs) in the
Vellore, Thiruvannamalai and Kanchipuram districts of Tamil Nadu.
The company has three 3S (sales, spares, and service) showrooms -
in Vellore, Kanchipuram, and Thiruvannamalai and eight 1S (sales)
showrooms across the three districts with 120 employees as on
date.

The 'Susee Group', which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups -- belonging to descendants of the promoters; all
of these operate under the 'Susee' brand, but have no operational
or financial linkages. STPL belongs to one of the sub groups and
is owned and managed by Mr. Soundararajan, son of the
aforementioned promoters, and his sons Mr. Manivannan. Mr.
Soundararajan and Mr. Manivannan have interest in five other
entities - two engaged in the auto dealership business, including
Susee Motors (India) Private Limited (rated [ICRA]B / [ICRA]A4),
one each in the FMCG, oven sacks manufacturing and education
businesses.

Recent Results
According to the unaudited financial statements, the company had
reported a net loss of INR0.6 crore on an operating income of
INR27.3 crore during 2015-16 as against a net loss of INR0.2
crore on an operating income of INR31.7 crore during 2014-15
(audited).


VEER OIL: CRISIL Reaffirms B+ Rating on INR85MM LT Bank Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veer Oil and General
Mills (VOGM; part of the Veer group) continue to reflect the weak
financial risk profile of the group because of high gearing, low
debt protection metrics, and a modest networth. The ratings also
factor in large working capital requirement, and susceptibility
to volatility in raw material prices and to regulatory changes.
These rating weaknesses are partially offset by the extensive
experience of the promoters in, and the healthy growth prospects
for, the rice industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Purchase
   Discounting Facility      35     CRISIL A4 (Reaffirmed)

   Packing Credit           130     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        85     CRISIL B+/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Veer Overseas Ltd (VOL) and VOGM. This
is because the two entities, together referred to as the Veer
group, have strong operating and financial linkages and are under
a common management.
Outlook: Stable

CRISIL believes the Veer group will continue to benefit over the
medium term from the extensive industry experience of its
promoters and the healthy growth prospects for the rice industry.
The outlook may be revised to 'Positive' in case of significant
improvement in the  capital structure of the group, most likely
because of large equity infusion or healthy cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
significant pressure on liquidity, most likely because of a
decline in cash accrual or large working capital requirement, or
large debt-funded capital expenditure, weakening the capital
structure.

VOL was originally set up in 1979 as a partnership firm; this
firm was reconstituted as a public limited company in 1994. The
company mills and processes basmati rice. It primarily caters to
the export market, mainly exporting par-boiled rice, which has
high demand in the Middle East. VOL also sorts unsorted rice
procured from smaller mills in the vicinity of its unit, and
exports the sorted rice.

VOGM, a partnership firm, was set up in 1980. It sorts basmati
rice and sells mainly in the international market. The Veer
group's plants in Karnal, Haryana, have total milling and sorting
capacities of 24 tonne per hour (tph) and 32 tph, respectively.


VISHNU CARS: Ind-Ra Downgrades Long-Term Issuer Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vishnu Cars
Pvt Ltd's (VCPL) Long-Term Issuer Rating to 'IND D' from 'IND B'.
The Outlook was Stable. Simultaneously, Ind-Ra has reassigned
VCPL a Long-Term Issuer Rating of 'IND B'with a Stable Outlook.
KEY RATING DRIVERS

The downgrade reflects the delays in servicing of term loan
obligation by the company during October 2015. However, the
reassignment indicates no delays during the three months ended
May 2016.

The ratings are constrained by the company's tight liquidity
position, as the fund-based limits reflects almost 100%
utilisation during the 6 months ended May 2016. Ratings are
further constrained by a decline in VCPL's EBITDAR margin to
4.7%, according to FY16 provisional financials, from 5.6% in
FY15.

The ratings, however, are supported by the company's moderate
scale of operation as revenue in FY16 increased to INR2,688
million  (FY 15: INR1,267 million) along with an improvement in
its credit metrics. VCPL's EBITDAR interest coverage (operating
EBITDAR/Gross Interest Expense + Rents) stood at 1.5x in FY16
(FY15:1.4x) and net financial leverage (total adjusted net
debt/operating EBITDAR) at 5x (5.3x).

RATING SENSITIVITIES

Positive: An improvement in the company's liquidity position
could be positive for the ratings.

Negative: Any further deterioration in the profitability leading
to decline in the credit profile or liquidity could be negative
for the ratings.

COMPANY PROFILE

VCPL was incorporated in 2005 as the authorised dealer for
Hindustan Motors Ltd. In 2010, the company switched the
dealership to Maruti Suzuki. Presently, it has five showrooms,
seven service centres and one stockyard in Chennai.

VCPL's ratings:

-- Long-Term Issuer Rating:  downgraded to 'IND D' from 'IND B';
    reassigned 'IND B'/Stable
-- INR200 million fund-based working limits (reduced from INR220
    million): downgraded to 'IND D' from 'IND B'; reassigned 'IND
    B'/Stable
-- INR66.03 million long-term loans (reduced from INR95m):
    downgraded to 'IND D' from 'IND B'; reassigned 'IND B'/Stable



=================
I N D O N E S I A
=================


PERUSAHAAN LISTRIK: S&P Affirms 'BB' LT CCR; Outlook Now Stable
---------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on
Indonesia-based integrated power producer PT Perusahaan Listrik
Negara (Persero) (PLN) to stable from positive.  At the same
time, S&P lowered its ASEAN regional scale rating on the company
to 'axBBB-' from 'axBBB' following the outlook revision.  S&P
also affirmed its 'BB' long-term corporate credit rating on PLN.
S&P also affirmed its 'BB' long-term issue ratings on the U.S.-
dollar denominated senior unsecured notes issued by the company
and the guaranteed notes issued by Majapahit Holding B.V.

"The outlook revision to stable reflects our assessment that
PLN's cash flow adequacy and debt-servicing ratios will remain
thin over the next three to four years," said S&P Global Ratings
credit analyst Abhishek Dangra.

The postponement of a new tariff mechanism that S&P originally
expected to kick off from June 2016 and support PLN's growing
investment plan will likely be postponed to 2017 at the earliest.
At the same time, S&P believes the company will remain committed
to stepping up its investment substantially to increase power
capacity, as mandated by the government, requiring further debt
funding.  S&P therefore lowered its stand-alone credit profile
(SACP) on the company to 'b+' from 'bb-'.  The lower SACP on the
company means that S&P no longer expects to raise the rating on
the company if S&P raises the sovereign rating on Indonesia.

S&P earlier expected that the government was going to implement
the proposed Performance-Based Review (PBR) Mechanism starting
June 2016.  That mechanism would have provided some clarity
regarding the rate of return on PLN's investments, tariffs, and
pass through of costs.  The government has not yet implemented
the PBR.  The actual terms of the PBR also remain unknown and the
revised timing for implementation is uncertain.  S&P now believes
it could only take place in 2017 at the earliest.  That delay is
credit negative, in S&P's view, because it had viewed its
implementation as essential for PLN to meet its enlarged
investment needs and ongoing debt service needs amid reducing
dependence on government subsidies.

Growing capital spending over the next three years will also
weigh on PLN's debt servicing capacity, in S&P's view.  The
company planned investment of about Indonesian rupiah (IDR) 80
trillion annually through 2019 is significantly higher than the
historical level of IDR25 trillion to IDR40 trillion it spent
annually in the past few years.  S&P acknowledges that it could
be difficult for the company to reach the spending targets as it
needs to further build up its project management and execution
capacity, acquire land, tender engineering and construction
contracts, and tie up funding.  Still, S&P regards the higher
spending plan to be more likely to materialize than before.

S&P's base-case assumption contemplates a gradual pickup of
capital spending to more than IDR60 trillion annually in 2016 and
2017.  This is somewhat short of the company's stated goal of
IDR80 trillion in annual investments as some projects in its
headline spending plan are bound to be delayed.  Still, the
higher spending will likely translate into annual negative free
operating cash flows exceeding IDR20 trillion over the period.
In the absence of an established tariff or support mechanism from
the government, S&P believes the company's ratio of funds from
operations (FFO) to debt is likely to stay between 8% and 10%
through 2017 and unlikely to recover comfortably above 12%, a
level that S&P would consider commensurate with a 'bb-' SACP.

The government of Indonesia has injected equity in the past to
support investment at state-owned companies.  PLN received about
IDR5 trillion in equity injections from the government in 2015.
The government has allocated further funding to assist state-
owned companies, including PLN, to reach their investment plans.
Nevertheless, S&P believes that any future equity infusion will
be directed toward capital expenditure.

"Despite likely subdued debt servicing capacity, we affirmed our
'BB' corporate credit rating on PLN.  In our view, the company
still benefits from its status as a government-related entity.
The company is one of the most important state-owned enterprises
and plays key strategic roles in Indonesia's integrated power
sector. It has a critical role in carrying out the bulk of power
generation and distribution of electricity domestically,
including subsidized power.  We also consider the company's link
with the government to remain very strong," said Mr. Dangra.

S&P expects PLN to remain solely-owned by the government for the
next three years at least.  A significant deterioration in the
company's creditworthiness would significantly affect the
government's reputation, in S&P's view, given PLN's size and
profile. In light of these considerations, S&P still believes the
company will benefit from an extremely high likelihood of
government support if required and PLN's corporate credit rating
incorporates two notches of uplift for government support.

PLN has yet to publish its audited financials for the year ended
Dec. 31, 2015.  S&P understands that the delay is due to a change
in accounting associated with, among other factors, the treatment
of purchase power agreements, and that S&P understands PLN
intends to publish its audited statements by June 30, 2016.  The
absence of a filing of audited annual financial statements within
180 days of the yearend reporting period could represent a
technical event of default under the covenants in the company's
medium-term note program, subject to a 30-day grace period.  It
could also reflect some shortcomings in the company's internal
controls and reporting as it grows more complex.  In the event
PLN further delays its reporting, however, S&P sees little
incentives for bondholders to trigger an event of default and
accelerate debt repayment.  This reflects the company's status as
one of the largest companies in Indonesia and its government
ownership.

The stable outlook reflects S&P's expectation that PLN will
continue to benefit from extraordinary financial support from the
government if necessary over the next three to four years given
its critical policy role and relationship with its government
shareholder.

S&P may lower the rating on PLN if:

   -- S&P perceives a weakening in the relationship between the
      company and the government that would lead to reduced
      timeliness of government support.  This could happen if the
      government's ownership in the company declines
      significantly or the government restructures PLN's
      operations or privatizes the company, which we believe is
      unlikely; or

   -- S&P assess PLN's capital structure to be unsustainable.
      This would reflected by a three-notch downgrade in the SACP
      and could materialize if the company's spending increases
      well above S&P's revised forecasts, leads to growing
      negative free operating cash flows and massive recourse to
      new debt without compensation mechanisms from the
      government; or

   -- S&P lowers its sovereign credit rating on Indonesia
      (BB+/Positive/B; axBBB+/axA-2).

S&P currently sees all these scenarios as unlikely.

S&P may raise the rating on PLN if S&P raises the local currency
sovereign credit rating on Indonesia by one notch and PLN's SACP
improves by one notch.  S&P could raise PLN's SACP if the company
sustains a ratio of FFO to debt of above 12%, supported by a more
favorable regulatory mechanism or substantial equity infusion
from the government.



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


TAKATA CORP: Chief to Quit After Guiding Firm Toward Recovery
-------------------------------------------------------------
Kyodo News reports that Takata Corp. Chairman Shigehisa Takada on
June 28 said he will step down from his post in response to the
ongoing global recall of air bag inflators blamed for at least 10
deaths and more than a hundred injuries in the U.S. alone.

Apologizing over the recall, which has reached 100 million units
globally at a cost to Takata of JPY1 trillion, Takada said he
will leave once the company has identified a road map to
recovery, according to Kyodo.

"It is my role to pass on the baton," Takada told shareholders at
their annual meeting in Tokyo, Kyodo relays.  "I apologize for
causing trouble to our shareholders and other people."

In explaining how it plans to deal with the recall crisis, Takata
management told shareholders that the firm wants automakers to
share some of the burden of the JPY1 trillion it is expected to
cost to recall 100 million air bag inflators globally, Kyodo
says.

An outside panel of experts is drawing up a turnaround plan for
Takata, the company said, Kyodo relays.

One shareholder from Nishitokyo, west of Tokyo, mused whether
Takata will survive the ordeal.

"Can it withstand the burden? The management team bears a heavy
responsibility," the person, as cited by Kyodo, said.

But with the majority of Takata shares owned mainly by the
chairman and his relatives, ordinary shareholders may struggle to
have their opinions heard.

According to Kyodo, authorities said that in Malaysia on June 26,
a mother of two was killed after a Takata air bag in her Honda
City ruptured in a minor accident.

Kyodo relates that Mohamed Sabri Shamsudeen, head of the fire
department in the Sungai Buloh district on the outskirts of Kuala
Lumpur, said June 27 that Norazlin Haron, 44, was involved in a
"fender-bender" with a Mercedes-Benz.

"It was only a minor accident. We were puzzled how she can die
from it," the report quotes Sabri as saying.

Kyodo says Honda Motor Co.'s Malaysian unit confirmed in a
statement that Takata's "single stage driver's air bag inflator
ruptured" in the crash.

"The crash resulted in the tragic death of the driver. No
official cause of death has been yet determined," the company
said.

It added that the car, manufactured in 2005, was among a batch of
vehicles recalled in May last year to replace the air bag.

"Three mailed recall notices related to those recalls were sent
to the owner. Our records indicate that the recall repair was
never completed," Honda said.

Takata's faulty air bags, which can explode and send metal pieces
flying at great force, have prompted recalls by 14 automakers
worldwide, especially in the United States, where 10 deaths and
as many as 139 injuries have been recorded since 2009, Kyodo
notes.

As reported in the Troubled Company Reporter-Asia Pacific on
April 14, 2016, Nikkei Asian Review said that Takata Corp, mired
in a deepening air bag scandal, hopes to select a sponsor by
August to pursue restructuring under new management.  A third-
party committee of outside attorneys and others had briefed
automakers and banks on the plan by April 19, Nikkei said.
Takata hopes to select a sponsor by the end of August and draw up
fresh rehabilitation plans. It likely will accept a management
team from the sponsor.

As previously reported by the Troubled Company Reporter, citing
The Wall Street Journal, Takata hired investment bankers to seek
a cash infusion and negotiate with auto makers over the
ballooning costs it faces for rupture-prone air bags linked to 11
deaths and more than 100 injuries world-wide.

Takata tapped Lazard to help craft a restructuring plan to help
it deal with what are expected to be billions of dollars in
liabilities stemming from the faulty air bags, a steering
committee for the Japanese company said on May 25, confirming an
earlier report from the Journal.

The steering committee, made up of business, financial and legal
experts in Japan, retained Lazard within the past month, the
report said, citing people familiar with the matter.  Lazard's
work soliciting an investor and conversations with auto makers
remains in early stages, the report added.

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/--develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.



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


PROPERTY VENTURES: Case Amounts to 'Trafficking of Litigation'
--------------------------------------------------------------
Sophie Boot at BusinessDesk reports that a litigation funder that
became first-ranking creditor to one of property developer Dave
Henderson's failed companies was "trafficking" in litigation in
the hope of extracting excessive profits from default interest
rates on the debt, PriceWaterhouseCoopers told the Court of
Appeal on June 21.

BusinessDesk says PwC, which was the auditor for Henderson's
Property Ventures, and the company's directors are being sued by
the company's liquidator, with the case scheduled for the first
quarter of 2018.  The accounting firm failed in the High Court to
get the action quashed or to get the transfer of the debt to
litigation funder SPF No 10 declared invalid, the report says.

BusinessDesk relates that in the Court of Appeal on June 21,
PwC's counsel Bruce Gray QC said the compounding interest rate,
at around 21% per year, on the claimed balance sheet loss of
NZ$320 million meant the value of the loan was growing "almost
exponentially" and by the time the case got to trial in 2018 the
amount of secured debt would be "simply enormous".

Making the debt trail more complex, the security had been sold
more than once before SPF No 10 acquired it for a small upfront
cost and the promise of a cut of anything recovered, the report
states.

"If this case is not inappropriate trafficking, what is?"
BusinessDesk quotes Gray as saying. "It is hard to think of
anything more extreme - a stranger, a complete volunteer, comes
to a secured creditor of a company which effectively has been
liquidated, its assets have been sold and distributed. For a
small amount of money, it buys an opportunity to sue someone with
financing interest rates, default rates out of control, out of
kilter with the market. There's this fantastic opportunity to
acquire the claim and sit behind a liquidator and ask the
liquidator to bring it forward."

According to BusinessDesk, the debt originated in 2006 with a
NZ$56.7 million loan that the now-defunct Hanover Finance
advanced to Five Mile Holdings, a subsidiary of Property
Ventures, secured by a general security agreement with Property
Ventures. Hanover sold that security to Allied Farms Investments
in 2009. Five Mile went into receivership in November 2009, and
after selling off its land in Queenstown was left owing Allied
NZ$39 million. Property Ventures went into liquidation in July
2010 with Robert Walker appointed as the liquidator, according to
the report.

In November 2012, Mr. Walker, as liquidator of Property Ventures,
started proceedings against the company's directors and PwC as
its auditors. But before that lawsuit was started, SPF No 10
entered into a litigation funding agreement with Property
Ventures which gave it a first ranking security interest over the
assets, BusinessDesk recalls.

In March 2013, Allied Farms sold SPF No 10 its security agreement
and the debts owed by Five Mile, and securities including rights
of action. SPF paid Allied NZ$100,000 and agreed to pay it 5
percent of the net amount recovered in proceedings, according to
the High Court judgment last year on PwC's failed attempt to
prevent the liquidator suing it over a bankrupt company it had
audited, BusinessDesk states.

In July last year, the High Court ruled that the litigation could
proceed, denying PwC's application for an order to stay
proceedings, BusinessDesk recalls.

According to BusinessDesk, PwC had argued that SPF No 10 had no
interest in the subject matter before litigation and its only
interest was "to make excessive and disproportionate profit"
through an arrangement SPF had made with Allied that amounted to
"a misuse of the liquidator's powers under the Companies Act."

However, Justice Brown found that PwC failed the Waterhouse test,
which is named after a case in New Zealand's Supreme Court in
2013. The judge said PwC failed to establish either that the
arrangement was a manifestation of abuse of process, or that the
cause of action being assigned to SPF No 10 was not permitted.

BusinessDesk relates that in the Court of Appeal on June 21,
PwC's Gray said the case was a clear example of trafficking of
litigation as SPF No 10 "seems to do nothing else other than hold
this security."

SPF No 10 is owned by LPF Group, a litigation funder whose
directors include former Shareholders' Association boss Bruce
Sheppard, William Wilson and Phillip Newland. LPF is in turn
owned by BG Litigation, which is owned by Newland, the report
discloses.  Last December, Newland argued in an NZ Herald column
that litigation funders levelled the playing field against
defendants who may have caused financial injury but who could be
well resourced with commercial liability insurance to fight a
court battle, BusinessDesk recalls.

According to Companies Office records SPF No 10 is one of at
least 19 similarly named companies ultimately owned by Newland,
the report notes.



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


* State-Run Energy Firms to Sell Off Loss-Making Overseas Assets
----------------------------------------------------------------
Yonhap News Agency reports that South Korea's state-run energy
firms will offload their loss-making overseas assets to improve
their balance sheets in the midst of low oil prices as the
government pushes for sweeping restructuring and downsizing
efforts, the trade ministry said June 29.

According to Yonhap, the Korea National Oil Corp. (KNOC), the
Korea Gas Corp. (KOGAS) and the Korea Resources Corp. (KORES) run
a combined 91 exploring operations outside South Korea as the
former Lee Myung-bak administration put its policy priority on
winning overseas resource development projects amid higher oil
prices.

But a recent freefall in prices of oil and other resources has
dealt a hard blow to the state-run utility firms, with the debt
ratio of the KNOC skyrocketing to 453% in 2015 from 64% in 2007,
Yonhap discloses.

"All their overseas assets will be subject to the government's
assessment test every year and the government will decide the
disposition of investments as a result," Vice Trade Minister Woo
Tae-hee said in a briefing, Yonhap relays. "And the government
will closely oversee their costs and profits in order to improve
their financial soundness and increase adaptability to a low oil
price trend."

He said the overseas assets will be scored and placed into four
groups based on present and future profitability, with the
lowest-graded ones to be put on sale, Kyodo relays.

According to Yonhap, the trade ministry's plan is a follow-up to
the government's earlier framework on restructuring state-run
energy firms.

Under the plan, the public energy companies will cut their
workforces by up to 30% and reorganize their business portfolios
by 2020, as well as sell off their loss-making assets, in order
to streamline the management structure and improve their balance
sheets, Yonhap discloses.

KORES will focus on conserving mineral resources, while the Korea
Electric Power Corp. will also be exempted from energy-exploring
operations, the report notes.

It also includes a plan to partly open the local electricity and
fuel gas supply markets, which are monopolized by KEPCO and
KOGAS, respectively, to private companies, while the government
will seek to list some big-name corporations, including the Korea
Hydro and Nuclear Power Corp., on the local stock market, reports
Yonhap.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***