TCRAP_Public/160701.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 1, 2016, Vol. 19, No. 129


                            Headlines


A U S T R A L I A

ADVAMODE FINANCIAL: ASIC Cancels AFS License
AUSTRALIAN COMBINED: First Creditors' Meeting Set For July 8
BOADACEAS PTY: First Creditors' Meeting Slated For July 7
DICK SMITH: Public Examination Not Shame, Receivers Say
JAMES ESTATE: Vintage Wine Vanished Following Receivership

JOHANNA JOHNSON: Wedding Gowns Auctioned Off Online
NEXTGEN NETWORKS: Moody's Places B1 Ratings on Review for Upgrade
TFS CORP: Moody's Raises CFR to B2; Outlook Stable
TODD JONES: First Creditors' Meeting Set For July 8


C H I N A

BINHAI INVESTMENT: Moody's Retains Ba1 CFR on Sale-and-Leaseback


I N D I A

A-1 HEIGHTS: CRISIL Reaffirms 'B' Rating to INR100MM Term Loan
ADMARK CERAMIC: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
AIRWAVE INTERNATIONAL: ICRA Cuts Rating on INR5.35cr Loan to D
AL MANAMA: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
ARNAV TECHNOSOFT: ICRA Reaffirms 'D' Rating on INR15cr Loan

ATC FOODS: ICRA Assigns 'B+' Rating to INR65cr Fund Based Loan
AVINASH RAMAKRISHNA: ICRA Suspends 'B+' Rating on INR35.75cr Loan
BABA RICE: CRISIL Assigns B+ Rating to INR100MM Cash Loan
BHAVIN AGRI-INFRA: ICRA Reaffirms B+ Rating on INR2cr Loan
BLUE STAR: ICRA Suspends 'B+' Rating on INR10.50cr Bank Loan

C.A.V. COTTON: ICRA Lowers Rating on INR21cr LT Loan to 'D'
DHARMRAJ ALUMINIUM: CRISIL Cuts Rating on INR200MM Loan to 'D'
DREAM MERCHANT: CRISIL Ups Rating on INR360MM Cash Loan to B+
ENTECH OIL: CRISIL Ups Rating on INR35MM Cash Loan to B+
GMR OSE: ICRA Reaffirms 'D' Rating on INR1077.97cr Loan

GROVER ZAMPA: ICRA Suspends 'B' Rating on INR14cr LT Loan
HIMALYA INTERNATIONAL: CRISIL Cuts Rating on INR751.7MM Loan to C
HITECH LITHO: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
HT GLOBAL: Moody's Assigns Ba3 CFR; Outlook Stable
IMPACT SAFETY: ICRA Suspends 'B' Rating on INR22.10cr Loan

INDIAN STEEL: ICRA Lowers Rating on INR1,046.82cr Loan to D
JAHANVI ISPAT: ICRA Suspends 'D' Rating on INR18cr Bank Loan
JAI MAHARASHTRA: ICRA Reaffirms 'D' Rating on INR78cr Loan
JAI SHREE: CRISIL Upgrades Rating on INR44MM Term Loan to B+
JONNA STEELS: ICRA Reaffirms B+ Rating on INR14cr Loan

LAKME VITRIFIED: CRISIL Assigns 'B' Rating to INR265MM LT Loan
MAHESHWARI COAL: ICRA Suspends 'B' Rating on INR6cr Cash Loan
MALLIKHARJUNA AGENCIES: CRISIL Rates INR35MM Cash Loan at B+
MARINO FOOD: CRISIL Assigns 'D' Rating to INR260MM Term Loan
MAYAJAAL ENTERTAINMENT: ICRA Assigns C Rating to INR25cr Loan

MILANO PAPERS: CRISIL Reaffirms 'B' Rating on INR150MM Loan
N. A. YARNS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
NADAHALLI AGRO: ICRA Suspends 'B/A4' Rating on INR50cr Bank Loan
NAHALCHAND LALOOCHAND: CRISIL Reaffirms B+ Rating on INR200M Loan
NANZ MED: ICRA Suspends 'B+' Rating on INR11.90cr Loan

PATEL MOTORS: CRISIL Reaffirms B+ Rating on INR410MM Loan
PRAKASH STEELAGE: CRISIL Lowers Rating on INR1.5BB Loan to 'D'
PSN MOTORS: CRISIL Lowers Rating on INR48MM Cash Loan to 'D'
REALTRACK WIRE: CRISIL Reaffirms 'B' Rating on INR102.3MM Loan
RNP SCAFFOLDING: ICRA Reaffirms 'B' Rating on INR30cr Loan

SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR70MM Loan
SHASHI STRUCTURAL: CRISIL Ups Rating on INR122.5MM Loan to B+
SHIKHAR HOUSING: ICRA Withdraws 'B' Rating on INR10cr Loan
SHIRODE CARS: CRISIL Upgrades Rating on INR35MM Loan to 'B'
SHIV SHAKTI: ICRA Lowers Rating on INR10cr LT Loan to 'B'

SHIVA STRUCTURES: ICRA Assigns B- Rating to INR7.50cr LT Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
THERMOSET POLY: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
TIRUPATI WELLNESS: CRISIL Assigns 'B' Rating to INR170MM Loan
TULSI DALL: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan

TUNGNATH EDUCATIONAL: ICRA Withdraws B- Rating on INR1.37cr Loan
UPPAL FERROCAST: ICRA Suspends 'B' Rating on INR4.75cr Loan
VASU ALLOYS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
VEER OVERSEAS: CRISIL Reaffirms B+ Rating on INR1.57BB Loan
VERA NETS: CRISIL Suspends 'B' Rating on INR75MM LT Loan


S I N G A P O R E

IHC MANAGEMENT: Court to Hear Wind Up Petition on July 22


                            - - - - -


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


ADVAMODE FINANCIAL: ASIC Cancels AFS License
--------------------------------------------
Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of Queensland-
based Advamode Financial Pty Ltd.

The cancellation was made at Advamode's request after the company
was placed into liquidation on May 4, 2016.

The licence cancellation and liquidation follow previous ASIC
action against Advamode that led to licence conditions being
imposed on the financial services firm on Sept. 2, 2015.

Clients of Advamode can still lodge a complaint about any advice
received from representatives of Advamode. Advamode's licence
remains in effect for the purposes of External Dispute Resolution
Scheme membership and client compensation purposes. Clients with
concerns are encouraged to lodge any complaints as soon as
possible.

The AFS licence cancellation took effect on June 20, 2016.


AUSTRALIAN COMBINED: First Creditors' Meeting Set For July 8
------------------------------------------------------------
Con Kokkinos and Ivan Glavas of Worrells Solvency & Forensic
Accountants were appointed as administrators of Australian
Combined Resources Pty Ltd, trading as Skillup, on
June 29, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 15, 114 William
Street, in Melbourne, on July 8, 2016, at 10:30 a.m.


BOADACEAS PTY: First Creditors' Meeting Slated For July 7
---------------------------------------------------------
Aaron Lucan and Simon Cathro of Worrells Solvency & Forensic
Accountants were appointed as administrators of Boadaceas Pty
Ltd, trading as Cobb and Co. Court Boutique Motel and The Wine
Glass Bar and Grill, on June 27, 2016.

A first meeting of the creditors of the Company will be held at
Suite 1 Level 15, 9 Castlereagh Street, in Sydney, on July 7,
2016, at 11:30 a.m.


DICK SMITH: Public Examination Not Shame, Receivers Say
-------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that Dick Smith
receiver Ferrier Hodgson is defending its decision to publicly
interrogate the chain's former directors and office holders,
claiming the questioning is an essential part of its
investigation into the collapse of the once-high-profile chain.

With the release of the administrators' report into Dick Smith
just weeks away, Ferrier Hodgson partner James Stewart said the
decision to apply to the Australian Securities and Investments
Commission for the right to question key players in the Dick
Smith drama was not about insurance claims or corporate
reputations, SMH relates.

"This examination process is unequivocally not designed to
embarrass people, it's a process we believe we have to go through
to ascertain whether sustainable claims could be made against
parties," the report quotes Mr Stewart as saying.

SMH relates that in recent months the Australians Securities and
Investments Commission granted Ferrier Hodgson the right to
publicly question former Dick Smith directors and other
individuals over what the receiver claims are "serious issues",
sparking rumblings Ferrier Hodgson was targeting individuals with
directors and office holders liability insurance.

One individual who expects to face questioning said the public
examinations were all about maximising returns for Dick Smiths'
lenders, according to SMH.

"The receiver was the one pushing the banks to put Dick Smith
into receivership and I understand they assured the banks they
would get their money back," he said, SMH relays.

"It's my feeling they are investigating to see if they can make a
charge against directors and office holders' insurance.

"A liquidator's examination is very unusual, it's normally
handled by the administrators and it's my understanding that the
administrator has said it doesn't need one."

According to SMH, banking insiders suggest Dick Smith's lenders,
National Australia Bank and HSBC, expected to recover the $135
million they are owed through the receivership but the sale
campaign was unsuccessful and Ferrier Hodgson's decision not to
honour gift cards soured public sentiment.

SMH relates that sources close to the receiver have dismissed
claims the public examinations are about targeting individuals
with insurance cover, claiming the process is about unravelling
whether directors or other individuals took any actions that
caused or contributed to the demise of the company.

"The examinations will be very interesting . . . there is a view
that there will be some pretty strong arguments put in relation
to the conduct of certain individuals.  That's why they have D&O
insurance, not everyone does things deliberately, sometimes
people just make mistakes."

SMH notes that Ferrier Hodgson took control of Dick Smith on
January 4 after NAB and HSBC withdrew their support, leaving the
chain to founder under the weight of more than AUD400 million in
debts, including AUD135 million to the banks.

SMH says senior figures from within Dick Smith have consistently
argued the banks moved too quickly and took down a business that
was facing serious challenges but could have survived.

The deterioration in the relationship between Dick Smith and its
lenders has already been identified as a major factor in the
ultimate collapse of the retail chain, which left more than 3000
staff out of work and hundreds of investors tallying up losses,
SMH states.

Ferrier Hodgson is understood to have reached out to individuals,
including the chain's directors, to answer questions over the
demise of the business, which collapsed in January under the
weight of more than AUD400 million in debt, adds SMH.

                       About Dick Smith

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

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

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


JAMES ESTATE: Vintage Wine Vanished Following Receivership
----------------------------------------------------------
Leith Huffadine and Jennifer Smith at Daily Mail Australia report
that vintage wine worth AUD5 million has disappeared from a
collection after it was handed to receivers when a wine empire
collapsed.

Among the missing wines, believed to have been stolen, are
bottles of prestigious Australian wines like Penfolds Grange,
varieties of Henschke, Torbreck, and Chris Ringland/Three Rivers,
the report says.

A New South Wales Police State Crime Command spokesperson told
Daily Mail Australia the missing stock included wines like a
Penfolds Grange 1951, which is listed online for as much at
AUD60,000 -- sometimes more.

Others like a Penfolds Grange 1998 Magnum, worth about AUD2000,
various other Penfolds Grange vintages, and numerous vintages of
Henschke Hill of Graces wines and various Torbreck wines like The
Descendant and Runrig.

The exact number of bottles missing is unclear, but it is thought
to be in the thousands, the report notes.

Daily Mail Australia says the stock, made up by private
collections owned by up to 300 people, was held in agreement by
Wine Investment Services Pty Ltd.

It belonged to James Estate Wines head David James, from the
Hunter Valley in New South Wales, the Newcastle Herald reported,
and went into receivership when his empire fell to pieces in
2013.

According to the report, receivers McGrathNicol said at the time
the wine was being stored at facilities in the Hunter and in
Sydney.   But at some point, AUD5 million worth of wine
disappeared, and despite repeated inquiries by owners,
liquidators and local police, it was not located.

On June 30, police said in 2013 the business assets were seized,
however, inquiries revealed a number of wine collections were not
surrendered.

'Despite numerous further inquiries by owners, liquidators and
local police, the wine was not located,' a spokesman said.

Liquidators did manage to recover some money during two auctions
in 2015 when wine they had managed to retrieve was sold, the
report says.

According to Daily Mail Australia, police now believe it may have
been stolen and are appealing to anyone who may have purchased,
or have been approached to purchase, collectible or vintage
wines, including those once held in the collection.

Strike Force Farrington was set up to find the wine in March.
Detectives searched a storage unit in Newcastle later that month
but the wine was not found, Daily Mail Australia states.

'As investigations continue, detectives are appealing for
assistance from the public to locate the wine collections.'


JOHANNA JOHNSON: Wedding Gowns Auctioned Off Online
---------------------------------------------------
Laura House and Lucy Mae Beers at Daily Mail Australia report
that for Australian brides-to-be on the hunt for an affordable
gown, you may be in luck.

The report relates that a number of couture wedding gowns from
Australian designer Johanna Johnson's Sydney showroom have
appeared on online retail and auction company, Gray's Online,
with a starting price of just AUD9.

Daily Mail Australia says hundreds of gowns, which retail for up
to AUD15,000, were placed on the site by an insolvency company on
June 28 as the designer's empire was pushed into liquidation
earlier this year.

The liquidation auction, which comes after Ms Johnson was accused
of owing more than AUD1 million to the Tax Office, is made up of
single evening pieces and bundles of five gowns -- some of which
can be purchased for less than AUD300, says Daily Mail Australia.

There are also shift dresses, ivory floor length gowns, mini
dresses, capes and fur coats on sale.

The report relates that the pieces are described as being used
'for demonstration and fitting purposes' and some may 'be soiled
and contain areas of fabric damage, blemishes and general wear
and tear.'

Many of the items have already been bid on by several punters
wishing to get their hands on the popular designer clothing.

A spokesperson for Johanna Johnson told Daily Mail Australia that
the items listed on Gray's online are sample gowns 'not exclusive
stock.'

'All customers who ordered dresses under Johanna Johnson Pty Ltd
[Ms Johnson's previous company] were offered the continuation of
their gown orders if they wished,' she said.

'It has been an extremely challenging time for Jo personally and
professionally. Her focus continues to be on the wellbeing of her
young family and maintaining the commitment she made to her
brides to ensure they receive their wedding dresses as promised.'

Ms Johnson has also thanked all 'loyal Australian and
international clientele for their support through this process,'
the report relays.

According to the report, lawyers for Johanna Johnson are in the
process of negotiating with the liquidator of Johanna Johnson Pty
Ltd and hope to resolve all outstanding matters in the following
weeks.

Earlier in the year, Supreme Court Justice Paul Brereton gave the
Sydney-based designer time to convince the court she had a plan
in place to pay off her debts, but it appears she fell short as
her business later fell into liquidation, the report recalls.

When approached by A Current Affair in May, the designer denied
that she owed over AUD1 million, says Daily Mail Australia.

'I've got nothing to hide,' she told the program.  'Sorry, sorry
that figure ($1.1 million) is incorrect and unsubstantiated, If
you want to talk to me I'm happy to talk to you properly,' the
report quotes Ms Johnson as saying.

When pressed by the reporter on ignoring attempts to be
contacted, she said she was not in a position to legally comment,
the report relays.

According to the report, court-appointed liquidator Tim Cook, who
placed the items on the site, said Ms Johnson's assets would be
sold as a result.


NEXTGEN NETWORKS: Moody's Places B1 Ratings on Review for Upgrade
-----------------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B1
corporate family rating (CFR) for Nextgen Networks Group Pty
Limited and the B1 senior secured rating for its (1) USD term
loan facility (equivalent to around AUD 400 million); and (2) USD
senior secured revolving credit facility (equivalent to around
AUD75 million) for Nextgen Networks Pty Limited.

RATINGS RATIONALE

"The review for upgrade is based on the 29 June announcement that
Vocus Communications Limited (unrated) has entered into a binding
agreement to acquire Nextgen Networks, subject to clearance from
the Australian Competition and Consumer Commission (ACCC), with
completion expected to take about three months ," says Ian
Chitterer, a Moody's Vice President and Senior Analyst.

"The decision to place the ratings on review for upgrade reflects
our assumption at this point that the acquisition will be credit
positive for Nextgen Networks due to the operational benefits
from becoming part of a full-service vertically integrated
telecommunications provider. While we do not yet have clarity on
the capital structure at the Nextgen level, our base case
expectation is that the debt facilities at Nextgen will be repaid
as funding at the Vocus level would be significantly cheaper due
to the stronger credit profile," adds Chitterer.

Moody's said, "In the absence of the announced acquisition, we
would have expected Nextgen's leverage -- based on cash/EBITDA --
to remain close to the 5.3x reported in FY2015, as the company
has experienced delays in securing and executing new sales.

"We use cash/EBITDA as it removes the element of non-cash
deferred revenue present in statutory EBITDA."

Vocus has stated that its consolidated pro-forma net debt/EBITDA
for the fiscal year ending 30 June 2016 will be less than 2.3x at
the completion of the transaction.

WHAT COULD CHANGE THE RATINGS

During the review, Moody's will seek more clarity on how Vocus
will integrate Nextgen and how the capital structure at the
Nextgen level will develop, including any decisions relating to
the outstanding USD term loan facility and the senior secured
revolving credit facility.

Nextgen Networks Group Pty Limited is an Australia based backhaul
network provider, operating a circa 17,000km of fibre optic cable
network connecting to both mainland capital cities and to
regional and remote areas. Nextgen's network access and services
enable corporate, government and wholesale customers to transfer
data and content between offices, sites, data centres, services
and exchanges.


TFS CORP: Moody's Raises CFR to B2; Outlook Stable
--------------------------------------------------
Moody's Investors Service has upgraded TFS Corporation Ltd's
corporate family rating and senior secured rating to B2 from B3.
The rating outlook is stable.

                       RATINGS RATIONALE

"The ratings upgrade reflects the transformation of TFS' business
profile in view of the change in its revenue composition," says
Saranga Ranasinghe, a Moody's Assistant Vice President / Analyst.

"With the expected significant rise in harvest volumes of Indian
sandalwood -- TFS' key product -- we see revenue from the sale of
oil and wood generating 35%-40% of anticipated revenue in FY2017,
up from 15% in FY2015", says Ranasinghe.

The change in the revenue composition reduces the inherent
volatility in the company's historical business model of relying
on investments in its Indian Sandalwood plantations.

"We consider the revenue from Indian sandalwood oil and wood to
be less volatile than that of plantation sales to both retail and
wholesale investors." adds Ranasinghe.

Moody's further notes that TFS benefits from established
commercial arrangements for the sale of its upcoming harvest and
the vertically integrated nature of its business.

The rating also considers the fact that TFS' large plantation
holdings in Western Australia have been maturing since 2013; the
strong demand for authentic and legally harvested Indian
sandalwood oil and heartwood; the high value of its plantation
assets; and its production of oil and other byproducts.

The company is also raising its exposure to directly owned
plantation assets, which -- supported by the strong demand for
Indian sandalwood -- should provide further stability to revenue
and earnings generation.

On the other hand, the B2 rating also considers the geographic
concentration and possible risks associated with such biological
assets, including threats from pests and weather.

Despite the managed investment segment (MIS) representing a lower
percentage of revenue, TFS remains subject regulatory risk, such
as -- for example -- adverse tax developments.

TFS' credit profile will remain exposed to volatilities -- with
ongoing investments in plantation assets driving the company's
credit metrics -- until the revenue generated from its Indian
sandalwood oil sales accounts for a much larger portion of total
cash revenue.

TFS currently has elevated levels of leverage of around 4.6x
adjusted debt/EBITDA for the fiscal year ending June 30, 2015.
This limits the company's ability to manage any unforeseen
events. However, with the increase in the sale of oil and
heartwood, Moody's expect adjusted debt/EBITDA to stay in the
3.5x-4.5x range for the fiscal year ending June 30, 2017.

The rating outlook is stable, reflecting our view that the
company should have sufficient liquidity to fund its operations
over the next 12 months, as well as support ongoing development
of saleable plantations in accordance with its strategy.

What could change the rating - Down
TFS' rating could be downgraded if [1] the company is unable to
execute its strategy of increasing revenue from the sale of oil
and heartwood; [2] there are adverse tax rulings affecting its
MIS business; [3] or yields and sales from its harvests fall
below expectations.

Any of the above developments could reduce expected cash flow
generation and demand for its investment products, such that its
credit metrics fall outside of the range expected for the rating.

Credit metrics that Moody's would look for on an ongoing basis to
maintain the current rating include EBITDA/Interest staying above
2.0x and debt/EBITDA comfortably below 5.5x.

What Could Change the Rating - Up
An upgrade is unlikely until the company significantly increases
its scale -- as measured by cash revenue -- and at the same time
raises earnings from its oil and heartwood sales -- to at least
50% of cash revenue, in order to eliminate any risks associated
with volatility in its revenue.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.

TFS Corporation Ltd (TFS) is one of the world's largest
vertically integrated manager and grower of Indian Sandalwood
plantations, with over 10,500 hectares of sandalwood trees under
management.


TODD JONES: First Creditors' Meeting Set For July 8
---------------------------------------------------
Anne Marie Barley of WRA Insolvency was appointed as
administrator of Todd Jones Pool Services Pty Limited, trading
Sunbather Brisbane, on June 28, 2016.

A first meeting of the creditors of the Company will be held at
WRA Insolvency, 185 Kelvin Grove Road, in Kelvin Grove,
Queensland, on July 8, 2016, at 11:00 a.m.



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C H I N A
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BINHAI INVESTMENT: Moody's Retains Ba1 CFR on Sale-and-Leaseback
----------------------------------------------------------------
Moody's Investors Service says Binhai Investment Company
Limited's (BICL) sale-and-lease-back transaction for part of its
gas pipeline network will have no immediate impact on its Ba1
corporate family rating and negative outlook.

On June 23, 2016, BICL announced that it had entered a
RMB230 million, 5-year sale-and-leaseback agreement with Bank of
Communications Financial Leasing Co., Ltd (unrated), representing
14.8% of BICL's consolidated adjusted debt at end-2015.

"As the proceeds will be used to repay the convertible bond due
this year, we expect that the overall increase in the company's
adjusted debt will be marginal," says Ada Li, a Moody's Vice
President and Senior Analyst.

"However, the agreement increases the subordination risks of
holding company creditors, as the key operating assets are
secured for purposes of the transaction," adds Li.

Moody's notes the RMB230 million proceeds will be used to repay
BICL's HKD279 million outstanding convertible bond due August
2016.

Therefore, Moody's estimates BICL's adjusted funds from
operations(FFO)/debt ratio will marginally fall to 12.0% in 2016
from 12.4% in 2015, and debt/capitalization will slightly
increase to 62.1% from 61.4%.

These projected metrics remain within BICL's current rating band
when compared with Moody's downgrade drivers of FFO/debt below
10% and debt/capitalization above 70%.

The transaction is consistent with BICL's deleveraging strategy,
and will improve its debt maturity profile and reduces its
dependence on USD or HKD financing.

However, Moody's also believes -- as indicated -- that the sale-
and-leaseback increases the subordination risks of holding
company creditors, as (1) BICL has transferred part of its major
gas pipeline network under the lease; and (2) BICL's two key
operating subsidiaries have provided guarantees on the lease
obligations.

As a result, Moody's estimates BICL's secured debt/total debt
will be around 13% after the transaction, compared with 0% at
end-2015.

The Ba1 senior unsecured rating of BICL's USD200 million bond
outstanding does not incorporate any notching for subordination.

Moody's believes the sale-and-leaseback proceeds will be
repatriated as repayment of intercompany loan from the onshore
subsidiary to the offshore holding company.  Therefore, it will
not require additional cross-border funding approval.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Binhai Investment Company Limited (BICL) is principally engaged
in the city gas distribution and gas pipe connection businesses,
mainly in Tianjin Municipality.  BICL operates 39 subsidiaries,
and services one million households and around 2,674 commercial
and industrial customers.  In 2015, BICL generated HKD2.6 billion
in revenue, of which 80% is from piped gas sales and 19% is from
connection services.

BICL is listed on the Hong Kong Stock Exchange and is 63.19%
owned by Tianjin TEDA Investment Holding Co., Ltd., which is in
turn a wholly owned conglomerate of the State-owned Assets
Supervision and Administration Commission of Tianjin
Municipality.



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A-1 HEIGHTS: CRISIL Reaffirms 'B' Rating to INR100MM Term Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A-1 Heights and
Hospitality Private Limited (AHH) continues to reflect the
company's below-average financial risk profile because of modest
networth, high gearing, and weak debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               100      CRISIL B/Stable (Reaffirmed)

The rating also factors in modest scale of operation, exposure to
risks related to stabilisation of hotel operations, and
susceptibility to cyclicality in the hospitality industry. These
weaknesses are partially offset by strategic location of the
company's hotel, and the extensive experience of its promoters in
the real estate industry.

Outlook: Stable
CRISIL believes AHH will benefit over the medium term from the
strategic location of its hotel and its promoters' extensive
experience in the real estate industry. The outlook may be
revised to 'Positive' if there is substantial and sustained
increase in profitability, or in liquidity backed by sizeable
equity infusion. The outlook may be revised to 'Negative' in case
of lower-than-expected cash accrual.

AHH, a part of the Milan group, operates a three-star hotel,
Aureole Hotel, at Andheri in Mumbai. It commenced operations in
July 2015.

The Milan group, promoted by the Samani family, develops real
estate in Mumbai.


ADMARK CERAMIC: CRISIL Reaffirms B+ Rating on INR72.5MM Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Admark Ceramic
Industries (ACI) continue to reflect healthy business risk
profile following stabilisation of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          21       CRISIL A4 (Reaffirmed)
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Term Loan               72.5     CRISIL B+/Stable (Reaffirmed)

The firm commenced operations in March 2014 and reported revenue
of around INR150 million in 2015-16 (refers to financial year,
April 1 to March 31). Operating profitability and cash accrual
were estimated around 19 percent and INR15 million respectively
for the year. Revenue is expected to grow 10-15 percent per
annum, while maintaining stable operating profitability over the
medium term.

The ratings also reflect ACI's modest scale of operations in the
intensely competitive ceramics industry, and large working
capital requirements. These rating weaknesses are partially
offset by the extensive experience of the partners, and the
proximity of its manufacturing facilities to sources of raw
material and labour.

Outlook: Stable
CRISIL believes ACI will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if the firm generates substantial cash
accrual and revenue, thereby improving its liquidity. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, weakens owing to low accrual,
stretch in working capital cycle, or any debt-funded capital
expenditure.

CRISIL believes ACI will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if the firm generates substantial cash
accrual and revenue, thereby improving its liquidity. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, weakens owing to low accrual,
stretch in working capital cycle, or any debt-funded capital
expenditure.


AIRWAVE INTERNATIONAL: ICRA Cuts Rating on INR5.35cr Loan to D
--------------------------------------------------------------
ICRA has revised its ratings on the INR10.00 Crore bank lines of
Airwave International Private Limited from [ICRA]BB+(Stable) and
[ICRA]A4+ to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           1.15       [ICRA]D; revised from
                                    [ICRA]BB+ (Stable)

   LC/BG                 3.50       [ICRA]D; revised from
                                    [ICRA]BB+ (Stable)

   Unallocated           5.35       [ICRA]D; revised from
                                    [ICRA]BB+ (Stable)/[ICRA]A4+

The revision in ratings follows delays in debt servicing by AIPL
due to the firm's stretched liquidity position. ICRA takes note
of the risk of fluctuations in mobile prices on account of
inventory holding and delay in payments from its customers to
whom the company extends a credit period of 15-20 days. ICRA also
takes note of AIPL's dependence on Apple's products, which
accounted for majority of the company's turnover and the
company's concentrated supplier base.

The company's ability to demonstrate a track record of timely
debt servicing, driven by a sustained improvement in its
liquidity position, will be the key rating sensitivity.

AIPL, incorporated in 2011, trades in electronic products, mainly
cell phones. The company is a distributor for Apple, Blackberry,
HTC and Samsung products. The company is primarily a B2B Company
and sells to corporates and dealers.


AL MANAMA: CRISIL Reaffirms B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Al Manama
Wedding Center (Al Manama) continues to reflect its small scale
of operations in the intensely competitive and highly fragmented
retail industry and below-average financial risk profile marked
by small net worth and high gearing. These rating weaknesses are
partially offset by the promoters' extensive experience in the
retail industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            120       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          40       CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan         40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that Al Manama will continue to benefit from the
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' if the firm reports a
sustainable increase in its revenue and profitability and
improves its capital structure. Conversely, the outlook may be
revised to 'Negative' if Al Manama's financial risk profile
weakens with significantly low cash accruals, or deterioration in
its working capital cycle, or large debt-funded capital
expenditure.

Established in 2012, Al Manama runs a single retail textile and
cosmetics show room in Kollam and Karunagappally (Kerala). The
firm is promoted by Mr. Abdul Aziz and his family.


ARNAV TECHNOSOFT: ICRA Reaffirms 'D' Rating on INR15cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR15.00 crore
bank facilities of Arnav Technosoft Private Limited (ATPL) at
[ICRA] D.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund based bank limits     15.00       [ICRA]D; reaffirmed

ICRA's rating continues to take into account the ongoing delays
in debt servicing on account of stretched liquidity position of
the company. While the construction of the company's sole
commercial project which is favourably located in Sector 16,
Noida, is largely complete, ATPL continues to remain exposed to
high market risk for the above project as it is yet to enter into
any lease agreement for the proposed corporate office space.
Consequently, with principal repayment already commenced in
April, 2016, ATPL will remain dependent on promoter funding
support for cashflow management.

In ICRA's view, ability of the company to lease its office space
at optimal rentals and receive timely funding support from the
promoter group to support any shortfalls for debt servicing
obligations would be critical determinants for the liquidity
position of the company in the short term.

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The
project involves construction and leasing of a corporate office
building in Sector 16 A in Noida. ATPL is part of the SDS group
which is engaged into real estate construction spanning across
group housing projects, integrated townships, commercial space
and IT park in Noida and Greater Noida regions of Uttar Pradesh.
The group is headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.

Resent Results
ATPL reported, on a provisional basis, a tangible networth of
INR4.20 crore, total debt of INR29.17 crore and a gross block of
INR25.49 crore as on January 31, 2016.


ATC FOODS: ICRA Assigns 'B+' Rating to INR65cr Fund Based Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the
INR65.00 crore fund based facilities of ATC Foods Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     65.00        [ICRA]B+; Assigned

ICRA's rating factors in the low value additive nature of the
rice milling business and the high competitive intensity in the
industry. The rating also takes into account the working capital
intensive nature of the rice milling business due to the need to
maintain substantial inventories, which has led to full
utilisation in the working capital limits for most of the year.
Further, the incremental working capital requirements have been
primarily funded through bank borrowings, leading to a highly
leveraged capital structure. The ratings are also constrained by
the company's low cash accruals, moderate net worth and weak
coverage indicators. ICRA also takes note of AFPL's low and
volatile operating margins due to slowdown in export markets, and
the company's exposure to agro climatic risks, which can affect
the availability of paddy in adverse conditions.

However, the rating is supported by the firm's long track record
of operations and the experience of the promoters in the rice
industry and proximity of the mill to a major rice growing area
which results in easy availability of paddy.

Going forward, the company's ability to maintain its scale of
operations and improve its profitability, while maintaining a
prudent capital structure and optimizing its working capital
intensity will be the key rating sensitivities.

Incorporated in 2011, ATC Foods Private Limited is engaged in
milling, processing and sorting of basmati and non-basmati rice.
The company's plant at Delhi has a milling capacity of 60 tonnes
per day. The company primarily sells basmati rice through
exports, as well as domestic sales. The direct exports are made
to countries like Dubai, Saudi Arabia etc. and the balance is
sold through exporters to European countries.

Recent Results
The company, on a provisional basis, reported a profit before tax
of INR0.90 crore on an operating income of INR341.65 crore in
FY2016, as compared to a profit before tax of INR1.00 crore on an
operating income of INR516.98 crore in the previous year.


AVINASH RAMAKRISHNA: ICRA Suspends 'B+' Rating on INR35.75cr Loan
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR35.75 crore
term loan facilities of Avinash Ramakrishna Developers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


BABA RICE: CRISIL Assigns B+ Rating to INR100MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Baba Rice Industry (BRI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B+/Stable

The rating reflects a modest scale of operations in the intensely
competitive rice milling industry, susceptibility to volatility
in raw material prices, and an average financial risk profile a
small networth, high gearing, and weak debt protection metrics.
These weaknesses are partially offset by the extensive experience
of partners in the rice milling industry.

Outlook: Stable
CRISIL believes BRI will benefit over the medium term from the
industry experience of its partners. The outlook may be revised
to 'Positive' if substantial cash accrual or equity infusion
results in a better capital structure. Conversely, the outlook
may be revised to 'Negative' if low cash accrual, stretched
working capital cycle, capital withdrawals or large, debt-funded
capital expenditure leads to deterioration in the financial risk
profile.

Established as a partnership firm in 2000, BRI processes raw
rice. It has an installed paddy milling capacity of 5 tonne per
hour (tph). Its rice mill is located in Nellore (Andhra Pradesh).
The operations are managed by Mr. M Sree Rama Raju and Mr. M
Narayan Raju.


BHAVIN AGRI-INFRA: ICRA Reaffirms B+ Rating on INR2cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the
INR2.00 crore (reduced from INR3.63 crore) fund based bank
facilities of Bhavin Agri-Infra Private Limited. ICRA has also
reaffirmed its short term rating of [ICRA]A4 to the INR14.00
crore (enhanced from INR5.00 crore) non-fund based bank
facilities of BAIPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        2.00       [ICRA]B+; reaffirmed
   Non-Fund Based Limits   14.00       [ICRA]A4; reaffirmed

The ratings reaffirmation takes into account the 10% year-on-year
growth in BAIPL's operating income (OI) in FY2015, owing to
increase in sale of pulses during the year; however, the
company's scale of operation continues to be at a moderate level.
ICRA's ratings continue to be constrained by the low entry
barriers and high competitive intensity due to low value additive
nature of business which keeps the margins under pressure. ICRA
also takes note of the exposure of the company's profitability to
adverse fluctuations in foreign exchange rates and volatility in
the raw material prices as majority of company's raw material
requirements are met through imports (92% in FY2015). The
ratings, however, favorably factor in the extensive experience of
the promoters in the food processing industry and BAIPL's
association with the Rajdhani Group, which is a well established
player in the food industry in North India; the established
relationships of the company with its suppliers as well as its
customer base, along with its vast large network of dealers which
facilitates its sales.

Going forward, the company's ability to scale up its operations
in a profitable manner will be the key rating sensitivities.
Company's Profile Incorporated in 2007, BAIPL is promoted by the
Jain family. The company is a part of the Rajdhani Group which is
into manufacturing and retailing of agro products; the major
operations of the group are carried out in the flagship company
Victoria Foods Pvt Ltd (VFPL). BAIPL is engaged in processing of
pulses (Toor Daal, Chana Daal, Moong Daal, etc.) with its
production facility located at Jalgaon (Maharashtra) with an
installed capacity of 28,800 metric tonnes per annum. The company
sells processed pulses to agro distributors across India. Apart
from selling the pulses to various distributors, the company also
undertakes processing activity for VFPL on a job work basis. The
company procures raw pulses from the local market as well as
through imports.

Recent Results
During FY2015, BAIPL recorded a net profit of INR0.12 crore on an
Operating income (OI) of INR17.62 crore, as against a net profit
of INR0.30 crore on an OI of INR15.99 crore in the previous year.


BLUE STAR: ICRA Suspends 'B+' Rating on INR10.50cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR10.50 crore bank facilities of Blue Star Cement Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


C.A.V. COTTON: ICRA Lowers Rating on INR21cr LT Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.04
crore term loans, and to the INR21.00 crore fund based facilities
of C.A.V. Cotton Mills Private Limited from [ICRA]B- to [ICRA]D.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term, Term
   Loans                 5.04       [ICRA]D/Downgraded

   Long term, Fund
   Based Facilities     21.00       [ICRA]D/Downgraded

The rating revision considers the delays witnessed in servicing
the debt obligations by the company owing to discontinuation of
business operations due to stressed liquidity position.
Going forward, regularization of debt servicing will be the key
rating sensitivity.

C.A.V Cotton Mills Private limited, incorporated in 1986 at
Coimbatore, is engaged in manufacturing of cotton yarn. CCMPL
manufactures 100% cotton yarn in the count range of 30s to 50s.
The Company has a total capacity of 32,256 spindles. The Company
has also installed wind mills with a total generation capacity of
5MW in the Southern districts of Tamil Nadu.


DHARMRAJ ALUMINIUM: CRISIL Cuts Rating on INR200MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Dharmraj Aluminium Industries Private Limited (DAIPL) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade is on account of instances of overdrawn cash credit
facility for more than 30 consecutive days due to weak liquidity,
which in turn is caused by stretched working capital cycle.

The rating also reflects working capital-intensive operations and
customer concentration in revenue profile. The rating weaknesses
are mitigated by the extensive experience of promoters in the
aluminum industry.

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar
and Mr. Bharat B Gujar. DAIPL has a manufacturing facility in
Aurangabad (Maharashtra) with a capacity of 18,000 tonne per
annum.


DREAM MERCHANT: CRISIL Ups Rating on INR360MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Dream Merchant Content Pvt Ltd (DMCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             360       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the business risk
profile, driven by increase in scale of operations, while stable
profitability led to higher accrual. Revenue grew by 5.5 percent
on a year-on-year basis to INR693 million in 2015-16 (refers to
financial year, April 1 to March 31), and the operating profit
margin rose to an estimated 9.8 percent from 8.1 percent, a year
ago. CRISIL expects sustained improvement in the business risk
profile, as new channels have been added through aggregators to
the customer base.

The ratings continue to reflect the below-average financial risk
profile, marked by modest networth, high total outside
liabilities to tangible networth ratio and below-average debt
protection metrics and the working capital-intensive nature of
business. These rating weaknesses are partially offset by
extensive industry experience of promoters, their established
market position and funding support received from them.

Outlook: Stable
CRISIL expects DMCPL to continue to benefit over the medium term
from extensive industry experience of promoters. The outlook may
be revised to 'Positive' in case of higher than expected scale of
operations or profitability leading to improvement in debt
protection metrics or if there is an improvement in DMCPL's
capital structure. The outlook may be revised to 'Negative' in
case of further deterioration in liquidity due to lower than
expected profitability, stretch in working capital requirements
leading to deterioration in its capital structure.

DMCPL was incorporated in 2012-13 by Mr. Gautam Adhikari and Mr.
Markand Adhikari and commenced operations in 2013-14. The company
is engaged in content syndication and sells content in India and
abroad.  The company is based at Andheri, Mumbai.


ENTECH OIL: CRISIL Ups Rating on INR35MM Cash Loan to B+
--------------------------------------------------------
CRISIL has upgraded its long-term rating on the bank facilities
of Entech Oil & Gas Engineering Private Limited (EOGPL) to
'CRISIL B+/Stable' from CRISIL B/Stable and reaffirmed the short
term ratings at CRISIL A4.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Reaffirmed)
   Cash Credit             35        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects the improved business and financial
risk profile of the company. The company's operating performance
is estimated to marked by revenues of INR113milion, resulting
from steady execution of orders from IHI Corp and operating
profitability of around 34 per cent in 2015-16. Consequently the
company is estimated to generate steady cash accruals against nil
term debt repayments. The bank lines are also sparsely utilized
at around 18 per cent for 12 months ending January 2016.

The ratings continue to reflect EOGPL's below-average financial
risk profile marked by modest net worth and initial phase of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the industrial consultancy
services.

Outlook: Stable
CRISIL believes that EOGPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports higher-than-expected
revenue and profitability, resulting in improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if GECPL reports lower-than-expected revenue and
operating margin or its working capital cycle stretches, leading
to deterioration in its financial risk profile, particularly
liquidity.

Set up in 2014 and based in Chennai (Tamil Nadu), EOGPL aims to
offer consultancy services to oil and gas companies in the
disciplines of electrical and instrumentation. The company is
promoted by Mr. V Balachandran and his son Mr. B Venkata Kaushik,
and is expected to commence commercial operations in April 2015.


GMR OSE: ICRA Reaffirms 'D' Rating on INR1077.97cr Loan
-------------------------------------------------------
ICRA has reaffirmed the rating assigned to the INR1077.97 crore
term loans (reduced from INR1080.0 crore) of GMR OSE Hungund
Hospet Highways Private Limited (GOHPL) at [ICRA]D. ICRA has also
withdrawn the [ICRA]D rating assigned to the INR47.3 crore Non-
Fund based facilities of GOHPL as there is no amount outstanding
against the rated instrument.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Fund Based Facilities       1077.97    [ICRA]D; reaffirmed
   Non-Fund Based Facilities     47.30    [ICRA]D; withdrawn

The rating reaffirmation for fund based limits of GOHPL takes
into account the continued delays in debt servicing by the
company owing to the inadequate toll collections caused due to
weak traffic on the project stretch. While reaffirming the
rating, ICRA has taken note of the 14.99% divestment by GMR group
companies in GOHPL to Oriental Tollways Private Limited (an
associate of Oriental Structural Engineers Private Limited (OSE))
in March 2016. GMR group has agreed to divest its balance 36.01%
shareholding in GOHPL to OSE. The rating continues to factor in
the concentration of project's revenues on the iron-ore carrying
trucks thus exposing its earnings to the cyclicality in steel
industry, its exposure to interest rate risk given that the
interest on the loans would be reset every year post the COD and
inherent risks in BOT projects such as political acceptability of
rate hikes linked to WPI, likelihood of toll leakages and
potential competition from alternate routes.

GMR OSE Hungund Hospet Highways Private Limited (GOHPL) is a
Special Purpose Vehicle (SPV) promoted jointly by GMR Group (GMR
Infrastructure Limited {GIL} - 26%, GMR Highways Limited -
10.01%) and OSE Group (Oriental Structural Engineers Private
Limited {OSE} - 26% and Oriental Tollways Private Limited -
37.99%) for the four/six-laning of Hungund-Hospet stretch on the
Mangalore-Solapur section of National Highway 13 in Karnataka.
The Project Highway, with a total length of 98,4 kilometers
(kms), has been constructed under the Design-Build-Finance-
Operate-Transfer (DBFOT) toll basis. The total cost incurred on
the project is ~Rs. 1650 crore.

GIL is a subsidiary of GMR Holdings Private Limited (the ultimate
holding company of GMR Group) and all the infrastructure assets
of the group are consolidated under it. GMR Highways limited is a
wholly-owned subsidiary company of GIL and is the holding company
of various highway projects being developed by GMR group. OSE is
a Delhi-based construction company having expertise in
construction of rigid and flexible pavements for roads / highways
and airfields, including bridges, flyovers, embankment with
reinforced earth and earthwork. It has executed pavement works,
both rigid and flexible, at 39 airfields and more than 1000 kms
of city roads and national / state highways in India and abroad.
The project was awarded by the National Highway Authority of
India (NHAI) to the consortium of GIL- OSE on the basis of lowest
positive grant of INR340.92 crore quoted by it, with a concession
period of 19 years starting from September 2010. The total
project cost was INR1650.92 crore, which was funded by promoter's
equity of INR230 crore, grant from NHAI of INR340.92 crore, and
INR1080 crore of senior debt - translating into a debt-equity
ratio of around 1.89:1. The Concession Agreement (CA) provided by
NHAI required GOHPL to initiate and complete 4/6-laning of the
Project Road within 30 months (construction period). GOHPL
achieved partial commercial operation of the project in November
2012 and started operations on two toll plazas. However, due to
delays in handing over the required land parcels by NHAI to GOHPL
the project implementation was delayed. Post completion of land
acquisition in Jan 2014, the project was completed in April 2014
with company commencing operations at last toll plaza on May 14,
2014.

In March 2016, GMR group agreed to divest its complete 51%
shareholding in GOHPL to OSE. By the end of March 2016, GMR
Highways Limited has transferred 14.99% shares held by it to
Oriental Tollways Private Limited (an associate of Oriental
Structural Engineers Private Limited, the other consortium
member) and the balance transfer of shares will happen in the
current year.

Financial Results
As per financials of the company it has recorded an operating
income of INR119.42 crore and a net loss of INR43.94 crore in
FY2016 as against an operating income of INR106.42 crore and a
net loss of INR44.61 crore in FY2015. GOHPL has an outstanding
debt of INR1077.97 crore at the end of March 2016.


GROVER ZAMPA: ICRA Suspends 'B' Rating on INR14cr LT Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR14.00
crore long term fund based and non fund based facilities of
Grover Zampa Vineyards 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.


HIMALYA INTERNATIONAL: CRISIL Cuts Rating on INR751.7MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Himalya International Limited (HIL) to 'CRISIL C' from 'CRISIL
B-/Stable' and reaffirmed its 'CRISIL A4' rating on the short-
term facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           15       CRISIL A4 (Reaffirmed)

   Cash Credit &           516.4     CRISIL C (Downgraded from
   Working Capital                   'CRISIL B-/Stable')
   demand loan

   Funded Interest         362.1     CRISIL C (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

   Letter of Credit          5.0     CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee           50.0     CRISIL A4 (Reaffirmed)

   Term Loan               751.7     CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Working Capital         243.1     CRISIL C (Downgraded from
   Term Loan                         'CRISIL B-/Stable')

The downgrade reflects CRISIL's belief that HIL's financial risk
profile, particularly liquidity, will remain constrained over the
medium term due to stretched working capital cycle and low
operating margin leading to limited internal accrual. Due to
substantial inventory and receivables, the company's bank limits
were fully utilised for the twelve months period through
October'15. The downgrade also factors in subdued growth in the
company's business. Operating income increased marginally to an
estimated INR1.14 billion in 2015-16 (refers to financial year,
April 1 to March 31) from INR1.02 billion a year ago. CRISIL
believes HIL's liquidity will remain constrained over the medium
term.

The ratings reflect HIL's weak financial risk profile,
particularly liquidity, on account of stretched working capital
cycle and low operating margin leading to leading to modest
internal accrual. The ratings also factor in susceptibility to
regulatory changes, unfavourable weather conditions, epidemic-
related factors, and volatility in prices of and perishable
nature of raw materials. These weaknesses are partially offset by
extensive experience of the company's promoters in the food-
processing industry.

HIL was originally promoted by Mr. Man Mohan Malik (chairman and
chief executive officer) and Mr. Sanjay Kakkar (managing
director) in 1992 as Himalya Cement & Calcium Carbonate Pvt Ltd
(HCC) for manufacturing precipitated calcium carbonate and
hydrate of lime. It was reconstituted as a public limited company
with the current name in 1994. In 1998-99, these operations were
discontinued. HIL now cultivates mushrooms and baby potatoes, and
manufactures food items, such as indigenously processed Italian
cheese, paneer, yoghurt, sweets, snacks, and breaded appetisers
(eggplant, cheese, mushrooms). These products are sold under the
Himalya Fresh brand. The company has manufacturing facilities at
Sirmaur in Himachal Pradesh, and at Mehsana in Gujarat.


HITECH LITHO: CRISIL Reaffirms 'B' Rating on INR30MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hitech Litho Private
Limited (HLPL) continue to reflect an average financial risk
profile, especially liquidity, because of a stretched working
capital cycle, and its vulnerability to intense competition in
the printing ink industry. These rating weaknesses are partially
offset by the extensive industry experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        15        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      14.6      CRISIL B/Stable (Reaffirmed)
   Term Loan                2.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes HLPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' in case of substantial
accrual, leading to improvement in the financial risk profile,
especially liquidity. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, especially liquidity,
deteriorates, most likely because of low accrual, a stretched
working capital cycle, or large, debt-funded capital expenditure.

Update
HLPL has provisionally reported an operating income of INR110
million during 2015-16 (refers to financial year, April 1 to
March 31) as against INR80.8 million in 2014-15. Operating margin
declined to 10.0 percent from 13.9 percent on account of intense
competition. Working capital management improved during 2015-16,
as reflected in reduction in gross current assets to 251 days as
on March 31, 2016, from 347 days a year ago. The improvement was
primarily driven by reduction in receivables to 158 days from 213
days. However, it remains exposed to risk of debtor write-off of
receivables up to INR20 million which are under dispute. Business
risk profile should remain comfortable over the medium term
because of moderate growth in its modest scale of operations and
exposure of its operating margin to intense competition.

Financial risk profile remains average, owing to small adjusted
networth of INR26.3 million and moderate total outside
liabilities to adjusted networth ratio of 2.14 times as on
March 31, 2016. Debt protection metrics remain moderate, with
interest coverage ratio of 2.45 times during 2015-16. Liquidity,
however, remains weak on account of a stretched working capital
cycle. Bank limits remained highly utilised at 89 percent over
the 12 months ended March 31, 2016. The financial risk profile
should remain average over the medium term on account of weak
liquidity. Moreover, recovery of the disputed debtors of INR20
million will likely remain a key rating sensitivity factor over
the medium term.

HLPL, promoted by Mr. Gyanrakash Srivastava and Ms. Nitu
Srivastava, was incorporated in February 2011. It manufactures
printing inks that are used in the packaging industry.


HT GLOBAL: Moody's Assigns Ba3 CFR; Outlook Stable
--------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to HT Global IT Solutions Holdings Limited -- a
company incorporated under the laws of Mauritius formed by Baring
Private Equity Asia V Mauritius Holdings (4) Limited (BPEA,
unrated) -- to invest in the information technology (IT) and
business process management (BPM) service provider, Hexaware
Technologies Limited (unrated) and has no other operations,
employees or real investment.

At the same time, Moody's assigned a provisional (P)Ba3 rating to
HT Global's proposed $300 million senior notes due 2021.

Proceeds from the notes will be largely used for refinancing
purposes at HT Global and to pre-fund the first two years of
interest payments on the proposed notes.

The provisional rating on the proposed notes will be removed upon
completion of the issuance and satisfactory review of the final
terms and conditions.

The rating outlook is stable.

                         RATING RATIONALE

"HT Global's Ba3 CFR is supported by its 71% controlling interest
in Hexaware, the debt-free financial position and high EBITDA-to-
cash flow conversion rates at Hexaware, and the solid liquidity
profile of both HT Global and Hexaware," says Brian Grieser, a
Moody's Vice President and Senior Analyst.

The rating also reflects Hexaware's mid-sized scale relative to
large global IT and BPM service providers and high customer and
geographic concentration.  In 2015, Hexaware had one customer
that accounted for over 10% of its revenue and three more that
accounted for over 5%.  While this is a key risk, it is balanced
by the company's long-term relationships with these customers,
the multiple contracts for each customer, and the integrated
nature of its services in its customer operations.

Hexaware generates around 80% of its revenue from US-based
companies and should benefit from its customers' growing reliance
on outsourced IT and BPM services in the next two years.

The IT and BPM outsourcing industry is highly competitive,
particularly with regards to employee retention and share of
clients IT spend, as customers look to upgrade from legacy
commodity IT services to higher-value digital offerings.

"We anticipate competition to weigh on Hexaware's margins but
expect the company to broadly maintain their current operating
levels as Hexaware undertakes more complex tasks for its clients
and focuses on increasing employee utilization rates," adds
Grieser, who is also Moody's Lead Analyst for HT Global.

HT Global's proposed $300 million notes are structurally
subordinated to the creditors and cash flows of Hexaware but will
be the only debt in the consolidated capital structure.

Accordingly, debt service at HT Global will be dependent on
dividends from Hexaware.  Its dividends will be subject to
payments to minority shareholders and dividend distribution tax.
As a result, HT Global receives only 59% of dividends declared by
Hexaware.

The Ba3 rating positively reflects Moody's expectation that
Hexaware will remain debt free and that dividend flow -- combined
with high initial liquidity at HT Global, which will benefit from
the prefunding of two years interest requirements -- will provide
solid interest coverage for noteholders.

Moody's also expects the bond indenture to provide meaningful
protection to noteholders in the form of limited headroom under
the debt incurrence ratios at HT Global and Hexaware and security
over HT Global's equity shares.

HT Global will not be allowed to incur meaningful incremental
debt unless consolidated debt-to-EBITDA is below 3.75x.  Hexaware
will be allowed to incur debt of up to 35% of EBITDA, but in all
instances must also comply with the consolidated incurrence test
at HT Global.

Leverage on a fully consolidated, proforma basis will be roughly
3.5x at close (5.0x pro-rata for HT Global's' 71% share of
EBITDA).  Given current leverage levels relative to the
incurrence test (3.5x vs 3.75x) and a long-term track record of a
debt-free balance sheet at Hexaware -- including the roughly
three years while under BPEA control -- Moody's do not expect the
two companies to incur any material incremental debt over the
next 12-18 months.

The stable outlook reflects Moody's expectation that revenue and
EBITDA growth over the next two years will support deleveraging
to or below 3.0x on a fully consolidated basis.

The rating could be upgraded if Hexaware is successful in
reversing ongoing margin erosion such that its EBITDA margins
improve to over 20% and the company continues to grow its
customer base and diversify its operations.

For an upgrade, leverage would likely be kept at 2.5x on a
consolidated basis, and the company should maintain a strong
liquidity profile.

The rating could be downgraded if the company were to shift its
financial strategy from one focused on organic growth to a more
acquisition-driven strategy or if dividends are extracted from HT
Global.  Specifically, consolidated leverage rising above 4.0x
could result in a downgrade.

Finally, if liquidity were to deteriorate at Hexaware and HT
Global such that consolidated cash holdings fell below $50
million and cash flows from operations at Hexaware fell below $50
million on a rolling twelve month basis, increased ratings
pressure could lead to a negative outlook or downgrade.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in Decemebr 2014.

HT Global is the offshore funding vehicle for BPEA's 71%
ownership interest in Hexaware.  BPEA wholly owns HT Global.
There are no operations at HT Global and its sole asset is its
investment in Hexaware stock.

Hexaware is an India-incorporated company that provides IT and
BPM outsourced services.  The sectors served -- by share of total
revenue in 2015 -- were banking and financial services at 37.3%;
manufacturing, consumers and others at 29.6%; travel and
transportation at 16.8%; and healthcare and insurance at 16.3%.


IMPACT SAFETY: ICRA Suspends 'B' Rating on INR22.10cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR22.10
crore long term fund based facilities and the short term rating
of [ICRA]A4 assigned to the INR13.94 crore short term fund based
facilities of Impact Safety Glass Works Pvt. Ltd. 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.


INDIAN STEEL: ICRA Lowers Rating on INR1,046.82cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the long term and short term ratings for
INR2520.53 crore bank limits and term loans of Indian Steel
Corporation Limited (ISCL) to [ICRA]D from the existing long term
rating of [ICRA]C and short term rating of [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan            861.00       Downgraded to [ICRA]D
   Fund-based Limits    205.36       Downgraded to [ICRA]D
   Non-Fund-based
   Limits             1,046.82       Downgraded to [ICRA]D
   Unallocated          407.35       Downgraded to [ICRA]D

The rating action factors in delays in debt servicing,
overdrawals in utilization of fund based limits and instances of
devolvement of Letters of Credit (LC) over the last one year on
account of stretched liquidity profile of the company. The
company's financial profile has deteriorated materially in FY2016
as it reported decline in turnover and reported significant
losses at the operating and net level. The decline in turnover
has been on account of weak market demand which has resulted in
decline in realizations as well as sales volumes for ISCL.
Moreover, utilization of working capital limits for repayment of
term loans has resulted in higher working capital borrowings
which led to increase in the total debt levels of the company.
This, coupled with material decline in net worth (owing to
losses) has resulted in increased leverage and deterioration in
debt coverage indicators. Further, the ratings continue to be
constrained by the inherent cyclicality in the steel industry;
its competitive nature, which limits the pricing flexibility of
the industry participants including ISCL; and foreign exchange
risk as also evidenced by forex losses suffered by the company in
recent years. These factors have continued to exert pressure on
the company's profitability and cashflow generation.

ICRA, however, takes note of the long experience of ISCL's
promoters, ISCL's established operational track record in the
steel industry; its sizeable manufacturing base; its wide
customer base which includes reputed players of the auto and
white goods sector; its locational advantage of being located
near the Kandla and Mundra port; and the management support and
technical assistance available from Mitsui and Company Limited,
Japan.

Going forward, company's ability to timely service its debt
obligations, achieve revenue growth, increase its manufacturing
volumes along with improving its profitability will be the key
rating sensitivities.

Indian Steel Corporation Limited (ISCL) is jointly promoted by
Ruchi Group of Industries, India and Mitsui & Company, Japan in
the year 2004. The company is involved in manufacturing of Cold
Rolled (CR) coils & sheets and Galvanised Plain (GP) and
Galvanised Corrugated (GC) sheets. The company has set up its
manufacturing facilities at village Bhimasar near Kandla port,
Gandhidham in the State of Gujarat, in close proximity to Mundra
port.

Ruchi Group of Industries is a reputed industrial conglomerate in
India with interests in businesses ranging from steel to food
products. The Group is actively involved in soya processing,
edible oils, dairy products, cold rolled sheets and coils,
galvanized sheets and coils and a host of other activities.

Mitsui & Co. Limited is one of the largest industrial
conglomerates in Japan and has variety of business interests such
as Metal products and Minerals, Machinery, Electronics, Chemical,
Energy, Consumer Products and Services, Logistics and Financial
Markets.

Recent Results
During FY2016, ISCL has posted a net loss of INR306.5 crore on an
operating income of INR1,933.2 crore (as per provisional
financials). In FY 2015, ISCL posted a net loss of INR144.2 crore
on an operating income of INR2901.8 crore (as per audited
financials).


JAHANVI ISPAT: ICRA Suspends 'D' Rating on INR18cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR18.0 crore fund based bank facilities of Jahanvi Ispat
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JAI MAHARASHTRA: ICRA Reaffirms 'D' Rating on INR78cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR78.00
crore (reduced from INR100 crore) Non-Convertible Debenture (NCD)
programme of Jai Maharashtra Nagar Development Private Limited
(JMNDPL) at [ICRA]D.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Non-Convertible         78.00      [ICRA]D/reaffirmed
   Debenture Programme

The rating reaffirmation factors in the continuing delays in debt
servicing as well as breach of the covenants of the debenture
trust deed by failing to provide additional security within the
stipulated timelines. ICRA notes that the principal and premium
amounts due for redemption on 16 March 2016 and 16 June 2016
remain overdue as on date. The rating continues to remain
constrained by the high execution risk following delays of over
three years in commencement of the project as critical approvals
including Intimation of Disapproval (IOD) for sale portion have
still not been received. The project also faces high market risk
given that the sales are not launched formally.
ICRA has favourably taken note of the attractive location of the
company's redevelopment project at Borivali East, Mumbai, in
close proximity to the suburban railway stations of Borivali and
Kandivali.

The rated NCD had to be repaid by 16 June 2016, given the
deferment of cash flows from the project and the delay in
commencement, timely availing of alternate funding remains
critical from a credit perspective. Further, the company's
ability to secure the requisite approvals as well as execute and
monetize the project in a timely manner constitutes other
monitorable factors.

JMNDPL is a special purpose vehicle (SPV) promoted by a Mumbai-
based promoter group for undertaking the redevelopment of the Jai
Maharashtra Nagar Co-operative Housing Federation Limited which
is a federation of eight societies at Borivali (East), near
Magathane bus depot in Mumbai. The promoter group, Shubh Group,
holds 54.55% equity stake in the company while the balance is
held by a private equity investor Signature Realty Advisory India
Pvt. Ltd. (44.62% stake) and Volsacom Services Limited (0.83%
stake). The land is owned by the Maharashtra Housing and Area
Development Authority (MHADA). Of the ten societies, eight are
covered under the redevelopment project being undertaken by the
company.


JAI SHREE: CRISIL Upgrades Rating on INR44MM Term Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Jai Shree Radhey Woven Sack (JRWS) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

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

   Term Loan               44       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects expected improvement in credit risk
profile over the medium term because of substantial increase in
cash accrual following continued revenue growth and sustained
operating margin. Turnover of INR120 million in 2015-16 (first
full year of operations; refers to financial year, April 1 to
March 31) was significantly higher than INR62 million in 2014-15,
backed by expanding clientele and healthy demand.

The rating reflects JRWS's modest scale of operations in the
intensely competitive packaging industry and average financial
risk profile. These weaknesses are partially offset by extensive
experience of promoters.

Outlook: Stable
CRISIL believes JRWS will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of sizeable cash accrual and efficient
working capital management. The outlook may be revised to
'Negative' if low cash accrual or large working capital
requirement puts further pressure on liquidity.

Set up as a partnership firm by Mr. Kashmiri Lal, Mr. Mohit Garg,
and Ms. Anubha Gupta, JRWS is setting up a unit in Panipat to
manufacture PP woven sacks that are mainly used to pack cement,
sugar, and rice.


JONNA STEELS: ICRA Reaffirms B+ Rating on INR14cr Loan
------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR14.00 crore fund based limits of Jonna Steels.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund based limits     14.00      [ICRA]B+ re-affirmed

The rating reaffirmation takes into account JS's modest scale of
operation in a highly fragmented iron and steel trading industry
and characterised by intense competition leading to thin
profitability levels; and weak financial profile as characterized
by high gearing of 2.84 times, stretched coverage indicators with
interest coverage of 1.12 times and NCA/total debt of 1.38% as on
March 31, 2016. The rating is also constrained by the tight
liquidity position of the firm as evident from high utilisation
of its working capital limits due to high inventory levels. The
rating, however, positively factors in the more than four decade-
long experience of the partners in the iron and steel trading
business, healthy growth in operating income over the past one
year owing to increased construction activity in state post
bifurcation, established relationship with suppliers ensuring
regular supply of traded goods and strong relationship with
customers resulting in repeat orders.

Going forward, the firm's ability to increase its scale of
operations and improve its profitability while managing its
working capital requirements will be the key credit
sensitivities.

Jonna Steels was founded in year 1998 by Mr. Veeranjaneyulu. It
is involved in the trading of iron and steel products. The firm
caters to the demands of the Rayalaseema districts of Chittoor,
Anantapur and Hyderabad from where it operates. JS deals in the
complete range of iron and steel products including structural,
mild structure (MS) range (beams, flats, rounds, etc.), and
thermo mechanically tested (TMT) bars. The firm procures traded
products from steel rolling mills located in and around Hyderabad
in addition to procuring from steel manufactures like TATA Steel
and RINL.

Recent Results
JS has reported an operating income of INR67.46 crore and net
profit of INR0.15 crore respectively in FY2015 as against an
operating income and net profit of INR93.79 crore and INR0.20
crore in FY2016 (provisional and unaudited).


LAKME VITRIFIED: CRISIL Assigns 'B' Rating to INR265MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Lakme Vitrified LLP (LVL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      265       CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility       32.5     CRISIL A4

The rating reflects the firm's start-up phase and expected modest
scale of operations in the intensely competitive ceramic tiles
industry, and expected large working capital requirement. These
weaknesses are partially offset by the extensive experience of
promoters and favourable location in Morbi.

Outlook: Stable
CRISIL believes LVL will benefit over the medium term from the
extensive experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if timely stabilisation of
operations leads to substantial cash accrual. The outlook may be
revised to 'Negative' if cash accrual is low due to fewer orders
or subdued profitability, or if financial risk profile weakens
because of sizeable working capital requirement or debt-funded
capital expenditure.

Established in 2016 as a partnership firm by Mr. Shaileshkumar
Rojmala and Mr. Bhavesh Kundaria, LVL is setting up a plant to
manufacture double charge vitrified tiles in Morbi, which is
expected to commence operations in April 2017. The unit will have
an installed capacity of 67,500 tonne per cent annum.


MAHESHWARI COAL: ICRA Suspends 'B' Rating on INR6cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.46 crore1 term loan and INR6.00 crore cash credit
facilities, and the short term rating of [ICRA]A4 assigned to the
INR2.00 crore non-fund based bank facility of Maheshwari Coal
Benefication & Infrastructure Private Limited. The suspension
follows lack of co-operation from the company.


MALLIKHARJUNA AGENCIES: CRISIL Rates INR35MM Cash Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mallikharjuna Agencies (MA). The ratings
reflect modest scale and geographic concentration in operations,
and risks relating to unfavourable regulations for the Indian
spirits industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             35        CRISIL B+/Stable

The ratings also factor in average financial risk profile, marked
by modest net worth. These rating strengths are mitigated by the
promoters' extensive experience in the liquor distribution
business

Outlook: Stable
CRISIL believes MA will continue to benefit over the medium term
from extensive experience of the promoters in the liquor
distribution business. The outlook may be revised to 'Positive'
if substantial and sustained improvement in revenue and
profitability, or sizeable equity infusion strengthens financial
risk profile. Conversely, the outlook may be revised to
'Negative' if adverse regulatory changes, lower-than-expected
profitability, or large working capital requirement weakens key
credit metrics.

Set up as a partnership firm in 2000, by Mr. Ashok Kumar Reddy,
MA distributes liquor and alcoholic beverages. The firm is based
in Pondicherry.


MARINO FOOD: CRISIL Assigns 'D' Rating to INR260MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Marino Food Products Private Limited (Marino).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL D
   Term Loan              260        CRISIL D

The rating reflects instances of delay by Marino in servicing its
debt obligations because of weak liquidity.

Marino has a below average financial risk profile because of
modest net worth, high gearing, and weak debt protection metrics.
The company has large working capital requirement, faces intense
competition in the confectionery industry, and is vulnerable to
volatility in raw material prices. However, it benefits from its
promoter's extensive industry experience.

Marino, incorporated in May 2010 by Mr. Om Prakash Chhawnika,
manufactures confectionery items. It is based in Hyderabad.


MAYAJAAL ENTERTAINMENT: ICRA Assigns C Rating to INR25cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating to [ICRA]C+ for the
INR25.00 crore term loan facilities of Mayajaal Entertainment
Limited.

                               Amount
   Facilities                (INR crore)     Ratings
   ----------                -----------     -------
   LT Term loan facilities       25.00       [ICRA]C+/assigned

The rating takes into consideration the significant experience of
the promoters in the media industry and the diversified revenue
streams for the Company including multiplex, rental and resort
incomes. Over the past three fiscals, the Company has also been
generating significant revenues through its venture into the real
estate business through its subsidiary which has supported the
cash flows considerably. The rating is however, constrained by
the stretched financial profile characterized by weak capital
structure and coverage indicators. Further, the Company faces
increasing competition arising from malls and multiplexes being
set up in the nearby regions which has an impact on the
footfalls. The rating also takes cognizance of the delays in debt
servicing witnessed in the past owing to tight liquidity
condition. Going forward, given the capital expenditure planned
towards increasing the number of screens, the Company's ability
to attract footfalls to its entertainment centre and thereby
improve its revenues while protecting its profit margins and
efficiently managing its working capital cycle will be critical
to generating to strong cash flows and hence, improve its credit
profile.

Incorporated in 1997, the Company established a multiplex with
six screens and a shopping mall. With addition of screens over
the years, it has evolved into a 16-screen multiplex, becoming
the largest multiplex in India. Apart from the screens, the
complex also has food court, bowling alley, gaming arcade and
restaurants. The Company has also developed an on-shore resort
under the name Mayas Resort with 50 rooms. The sports village on
the property has two cricket grounds where the Indian Cricket
League (ICL) holds tournaments on a regular basis. The car
parking facility can accommodate more than 1,100 cars. Spread
over an area of 27.0 acres, the complex is located in Kanathur
(about 30km from Chennai) on the East Coast Road (State Highway
49) connecting Chennai and Kanyakumari.

Recent results
The Company reported a net profit of INR1.5 crore on an operating
income of INR26.5 crore for FY15. During FY14, MEL reported a net
profit of INR0.4 crore on an operating income of INR30.3 crore.


MILANO PAPERS: CRISIL Reaffirms 'B' Rating on INR150MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Milano Papers Private
Limited (MPPL) continue to reflect exposure to intense
competition in the paper industry and susceptibility of operating
profitability to fluctuations in raw material prices.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee            12      CRISIL A4 (Reaffirmed)
   Cash Credit              150      CRISIL B/Stable (Reaffirmed)
   Long Term Bank Facility   90.5    CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the company's promoter, healthy
relationship with customers and suppliers, and adequate financial
risk profile because of moderate gearing.

Outlook: Stable
CRISIL believes MPPL will continue to benefit over the medium
term from the financial support of its promoter and proximity of
plant to customers and suppliers. The outlook may be revised to
'Positive' if operating margin is sustained while scaling up
operations, and if working capital management is efficient and
cash accrual higher than expected. The outlook may be revised to
'Negative' if stretched liquidity due to low cash accrual or
larger-than-expected debt-funded capital expenditure weakens
financial risk profile.

Update
Sales are estimated at about INR1.33 billion for 2015-16 (refers
to financial year, April 1 to March 31) due to trading activity,
from INR717 million in 2014-15. Operating profitability has
declined significantly to about 6 percent in 2015-16from 12
percent in the previous year, on account of undertaking trading
activity during the year. CRISIL believes revenue will remain at
similar levels over the medium term with expected improvement in
profitability because of management's focus on manufacturing of
paper board.

Operations remain working capital-intensive, with gross current
assets of 105 days as on March 31, 2016, because of stretched
receivables (64 days) and sizeable inventory (35-40 days).
Working capital requirement is expected to remain large over the
medium term due to incremental focus on manufacturing activity.

Financial risk profile is adequate because of gearing of around
1.9 times, backed by a networth of around INR100 million, as on
March 31, 2016.Debt protection metrics were moderate with
interest coverage and net cash accrual to total debt ratios of
around 2 times and 0.18 time, respectively, for 2015-16.
Liquidity is moderate, with cash accrual of around INR39 million
against debt repayment of INR27 million in 2015-16.

Set up in 2011, MPPL is promoted by the Morbi, Gujarat-based Mr.
Bachubhai Agola. The company manufactures paper board, which is
used by various fast-moving consumer goods and packaging
companies.


N. A. YARNS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
N. A. Yarns (NAY).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable

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

NAY was set up in 2000 as a proprietorship firm by Ludhiana
(Punjab)-based Mr. Vipon Gupta. The firm trades in polyester,
acrylic, and other blended yarns along with knitted fabric.


NADAHALLI AGRO: ICRA Suspends 'B/A4' Rating on INR50cr Bank Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and the short
term rating of [ICRA]A4 assigned to the INR50.00 crore bank
facilities of Nadahalli Agro International 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.


NAHALCHAND LALOOCHAND: CRISIL Reaffirms B+ Rating on INR200M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Nahalchand
Laloochand Private Limited (NLPL) continues to reflect exposure
to risks related to saleability and implementation of ongoing
projects.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              200       CRISIL B+/Stable (Reaffirmed)

The rating also factors in vulnerability to cyclicality inherent
in the Indian real estate sector. These rating weakness are
partially offset by the extensive industry experience of the
company's promoters.

Outlook: Stable
CRISIL believes NLPL will continue to benefit over the medium
term from the extensive industry experience its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected customer advances backed by healthy booking rates. The
outlook may be revised to 'Negative' in case of significant time
or cost overrun in the execution of ongoing projects most likely
due low customer advances, or higher-than-expected debt
contracted for project funding, leading to deterioration in the
financial risk profile of the company.

Incorporated in 1948, NLPL mainly develops residential real
estate property in Mumbai. The company is promoted by the
Himatlal family, which has been engaged in diversified business
activities such as textiles, film processing, and sugar. NLPL has
two ongoing residential projects in Mumbai.


NANZ MED: ICRA Suspends 'B+' Rating on INR11.90cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR11.90 crore fund based bank facilities of Nanz Med Science
Pharma (P) Limited. ICRA has also suspended the short term rating
of [ICRA]A4 assigned to the INR6.10 crore non-fund based bank
facilities of Nanz Med Science Pharma (P) Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


PATEL MOTORS: CRISIL Reaffirms B+ Rating on INR410MM Loan
---------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Patel Motors
(Indore) Private Limited (PMPL) continues to reflect PMPL's
average financial risk profile, marked by a highly leveraged
capital structure and modest net worth.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Inventory Funding
   Facility                 410     CRISIL B+/Stable (Reaffirmed)

   Bank Guarantee            11     CRISIL A4 (Reaffirmed)

   Loan Against Property    270     CRISIL B+/Stable (Reaffirmed)

   Cash Credit              219     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's limited bargaining power
with principals, Maruti Suzuki India Ltd (MSIL), Eicher Motors
Ltd (Eicher), and Tractors and Farm Equipment Ltd (TAFE), and the
susceptibility of its margins to intense competition in the
automotive dealership market. These rating weaknesses are
partially offset by PMPL's established position in the passenger
and commercial vehicles dealership market in Madhya Pradesh (MP)
and its diversified product portfolio with dealerships of
passenger and commercial vehicles as well as tractor and farm
equipment. The ratings also reflect the extensive industry
experience of PMPL's promoters and their financial support to the
company.

CRISIL has treated PMPL's outstanding unsecured loans of INR109
million as on March 31, 2015, from its promoters and affiliates
as neither debt nor equity as these loans are subordinated to
bank debt.

Outlook: Stable

CRISIL believes that PMPL will benefit over the medium term from
its established relationships with its principals and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if PMPL generates substantial cash
accruals, resulting in improvement in its capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if PMPL's financial risk profile, particularly its
liquidity, weakens because of significant decline in the
company's sales volumes or operating margin or deterioration in
its working capital management.

PMPL commenced operations in 1983 and was founded by Mr. Ballabh
Bhai Patel. PMPL currently deals in vehicles of Tractors and Farm
Equipment Ltd (TAFE), Eicher, and MSIL through show rooms and
service centres across Madhya Pradesh.


PRAKASH STEELAGE: CRISIL Lowers Rating on INR1.5BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Prakash Steelage Limited (PSL) to 'CRISIL D/CRISIL D' from
'CRISIL BBB/Stable/CRISIL A3+'. Furthermore, the ratings have
been placed on 'Notice of Withdrawal' for 60 days at the request
of the company and on receipt of a no-objection certificate from
its lead banker. This is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1500       CRISIL D (Downgraded from
                                     'CRISIL BBB/Stable'; Placed
                                     on 'Notice of Withdrawal')

   Letter of credit        700       CRISIL D (Downgraded from
   & Bank Guarantee                  'CRISIL A3+'; Placed on
                                     'Notice of Withdrawal')

   Proposed Long Term     1100       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BBB/Stable'; Placed
                                     on 'Notice of Withdrawal')

The rating downgrade reflects an unanticipated and unprecedented
deterioration in the credit profile of PSL in the last quarter of
2015-16 (refers to financial year, April 1 to March 31) resulting
in delays in meeting financial obligations. In July 2015, the
company had divested its seamless pipes business, which
contributed about half its manufacturing turnover, for a
consideration of about INR2.1 billion. A bulk of the proceeds
from the sale was utilised to reduce borrowings, leaving a cash
and bank balance of about INR177 million as on September 30,
2015. Moreover, it had unutilised fund-based bank lines of about
INR60 million around the same period. Operations were also
profitable until the end of December 2015, as anticipated, with
net profit of about INR119 million for the nine months ended
December 31, 2015. The profit from operations, being retained in
the business, was expected to add to funds available. In the
absence of any capital expenditure plans, CRISIL had anticipated
that the excess liquidity available would be sufficient to meet
financial obligations in case of exigencies. With net sales of
about INR3.67 billion with net profit of INR119 million in the
first nine months ended December 31, 2015, the performance was as
anticipated without any signs of deterioration in business
profile or pressure on company's financial profile and liquidity.

However, in the last quarter of 2015-16, there has been an
unanticipated and unprecedented loss from operations, with a net
loss of about INR0.93 billion. Against total sales of INR1.88
billion in that quarter, material cost was about INR2.38 billion.
The reason provided by the management for such an extraordinary
difference between material cost and sales is disproportionate
with the raw material prices during that period. Moreover,
debtors of about INR246 million were written off in this quarter,
which was again unanticipated from the trend of debtors till end
of December 2015. These extraordinary losses are in contradiction
to the representations provided by the management of the company
in the past. As a result of these extraordinary losses from
operations, the surplus funds dried up and the company has
defaulted on some of its financial obligations as confirmed by
bankers.

PSL was set up in 1991 as a closely held public limited company
by Mr. Prakash C Kanugo; it was listed in August 2010. The
company initially traded in stainless steel sheets, coils,
strips, pipes, and tubes. Currently, it manufactures a variety of
welded stainless steel pipes and tubes, and trades in stainless
steel sheets, coils, plates, and other such items. Its products
are used in instrumentation, evaporators, heating elements, fluid
piping, exhaust piping, heat exchangers, pumps, valves, and
condensers

For 2015-16, PSL reported a net loss of INR814.4 million on net
sales of INR5.6 billion as against profit after tax of INR140.6
million on net sales of INR10.7 billion for 2014-15.


PSN MOTORS: CRISIL Lowers Rating on INR48MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of PSN Motors Private Limited (PSN) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             48        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Overdraft Facility       7.5      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      31.6      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan                2.9      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects overdrawn working capital
facilities for more than 30 days owing to weak liquidity.

The rating continues to reflect PSN's modest scale of operations
in the intensely competitive automobile dealership industry, and
its below-average financial risk profile, marked by high total
outside liabilities to tangible net worth (TOLTNW) ratio. The
rating also factors in the company's exposure to supplier
concentration risk. These rating weaknesses are partially offset
by the extensive industry experience of PSN's promoters and its
established market position in Kerala.

PSN was initially set up in 1921 and reconstituted as a private
limited company in 1952. Since 2009, PSN has been an authorised
dealer for SML Isuzu Ltd. It is presently managed by its managing
director, Mr. P K Sangameswaran.


REALTRACK WIRE: CRISIL Reaffirms 'B' Rating on INR102.3MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Realtrack Wire
Industries Private Limited (RWIPL) continue to reflect a modest,
though improving, scale of operations in the highly competitive
steel wire industry, and large working capital requirement. The
ratings also factor in a weak financial risk profile driven by
high gearing and average debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of promoters and their funding support.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         7.5      CRISIL A4 (Reaffirmed)
   Cash Credit           20.0      CRISIL B/Stable (Reaffirmed)
   Corporate Loan        15.0      CRISIL B/Stable (Reaffirmed)
   Long Term Loan       102.3      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes RWIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a sustained and
substantial increase in scale of operations and profitability,
leading to better-than-expected cash accrual and improvement in
liquidity. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, sizable increase in working
capital requirement, or any additional debt-funded capital
expenditure, further weakening the financial risk profile,
especially liquidity.


RWIPL, incorporated in 2011, is promoted by Ahmedabad-based Mr.
Tushar Shah and Mr.Vipul Shah. The company manufactures various
types of steel wires from wire rods. It began commercial
operations from June 2013.

For 2014-15 (refers to financial year, April 1 to March 31), net
profit was INR0.4 million on net sales of INR147.4 million,
against profit after tax of INR0.3 million on net sales of
INR53.9 million for 2013-14.


RNP SCAFFOLDING: ICRA Reaffirms 'B' Rating on INR30cr Loan
----------------------------------------------------------
ICRA has reaffirmed long term rating of [ICRA]B to the long term
fund based facility of INR30.00 crore (enhanced from INR15.00 cr)
of RNP Scaffolding & Formwork Private Limited. ICRA has also
reaffirmed rating of [ICRA]A4 to the INR5.00 Crore short term
fund based facility of the company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund-
   based facility        30.00        [ICRA]B; (Reaffirmed)

   Short-term fund
   based facility         5.00        [ICRA]A4; (Reaffirmed)

The reaffirmation of ratings takes into account RNP's limited
track record of operations and its highly leveraged capital
structure with a gearing of 5.27 times as on 31st March 2016,
though unsecured loans in the business provide comfort to an
extent. The rating also factors in the highly competitive nature
of the scaffolding and steel trading industry with significant
presence of the unorganized sector and the exposure to the
cyclicality in steel prices given the fixed price nature of
contracts.

The rating also takes into account the strong experience of RNP's
promoters in the scaffolding and formwork business and their long
track record in the business. The company has also forayed into
trading of steel pipes in FY 2016 which constitutes majority of
the sales revenue due to higher volumes traded resulting in steep
growth in its operating income. The company has also recorded
moderate profitability in FY 2016.

ICRA expects RNP's revenues to improve by over 10% in FY 2016-17
compared to that during FY 2015-16. Although, the majority
portion of the revenue comprise of trading income, the operating
profits are expected to remain healthy on the back of renting
business and jobwork activity. However, the relatively higher
interest expenses are expected to translate into moderate
profitability on net level. RNP's capital structure is likely to
remain leveraged over the medium term following higher working
capital requirements.

RNP Scaffolding & Formwork Private Limited (RNP) was established
in 2013 and started its operations from FY 2014. It is engaged in
manufacture of scaffolding & formworks which has applications in
construction, real estate and industrial sectors. RNP rents out
the scaffoldings and formworks manufactured mainly to real estate
developers and infrastructure companies. The company is also
engaged in trading of steel pipes contributing nearly 80% of the
revenue. The company also undertakes job work activity for
manufacture of scaffoldings and formworks. The manufacture of
scaffolding and formwork is done in-house. The company has its
registered office in Navi Mumbai. The company is run by Mr.
Ramesh Patil and Mr. Vishal Patil supported by technical staff.

Recent Results:
RNP recorded a net loss of INR0.32 Crore on an operating income
of INR46.18 Crore as per audited numbers of FY 2015 and a net
profit of INR5.62 cr on an operating income of INR150.09 cr as
per provisional numbers of FY 2016.


SAI LEKSHMI: CRISIL Reaffirms 'B' Rating on INR70MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Sai Lekshmi Cashew
Company (SLCC)  continues to reflect SLCC's large working capital
requirements and below-average financial risk profile, marked by
modest debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the firm's
proprietor in the cashew industry.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Buyer Credit Limit        25      CRISIL B/Stable (Reaffirmed)
   Export Packing Credit     70      CRISIL B/Stable (Reaffirmed)
   Foreign Bill Purchase      5      CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes that SLCC will continue to benefit over the
medium term from its proprietor's extensive industry experience.
The outlook may be revised to 'Positive' if the firm records a
considerable increase in its revenue and profitability, leading
to better-than-expected cash accruals and hence to improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if SLCC's revenue or profitability is low,
or if its working capital management weakens, resulting in weak
liquidity. Large debt-funded capital expenditure, leading to
weakening of the firm's financial risk profile, may also result
in a 'Negative' outlook.

Set up in 1998, SLCC processes raw cashew nuts. The firm's day-
to-day operations are managed by its proprietor, Ms. R
Jalajakumari.

For 2014-15 (refers to financial year, April 1 to March 31), SLCC
had net profit and net sales of INR4.5 million and INR291.4
million, respectively, against INR1.2 million and INR168.8
million, respectively, for 2013-14.


SHASHI STRUCTURAL: CRISIL Ups Rating on INR122.5MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shashi Structural Engineers Pvt Ltd (SSEPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', and reaffirmed its 'CRISIL A4'
rating on the short-term facility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         60        CRISIL A4 (Reaffirmed)
   Cash Credit           110        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')
   Long Term Loan          7.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')
   Proposed Long Term    122.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects improvement in SSEPL's business risk
profile, driven by revenue growth, and healthy order book and
operating margin. Revenue grew 30 percent year-on-year to INR240
million in 2015-16 (refers to financial year, April 1 to March
31) while operating margin remained at 32 percent, because of
increased orders from key customers and better capacity
utilisation. The upgrade also factors in moderate working capital
cycle with decline in inventory to 320 days as on March 31, 2016,
from 445 days a year earlier due to faster order execution.
Growth in sales and profitability led to significant rise in cash
accruals to estimated INR50 million as on March 31, 2016 from
INR30 million during the previous year. CRISIL believes SSEPL
will maintain its business risk profile over the medium term,
backed by sustained revenue growth and healthy order book of
INR2.5 billion, and better liquidity resulting from adequate cash
accrual and decline in working capital requirement.

The ratings reflect SSEPL's modest scale of operations and large
working capital requirement in the competitive civil construction
industry. These weaknesses are partially offset by extensive
industry experience of the company's promoter, and its healthy
profitability.

Outlook: Stable
CRISIL believes SSEPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of sustainable and
substantial increase in revenue and profitability. The outlook
may be revised to 'Negative' if working capital cycle lengthens,
or if revenue and profitability decline, leading to lower cash
accrual.

SSEPL, promoted by Mr. Amresh K. Tiwari, supplies aggregates and
earthwork material to large civil construction players. It also
undertakes work for road construction on lower layers up to
granular sub-base.


SHIKHAR HOUSING: ICRA Withdraws 'B' Rating on INR10cr Loan
----------------------------------------------------------
ICRA has withdrawn its long term rating of [ICRA]B on the INR10.0
Crore working capital facilities of Shikhar Housing Development
Private Limited, which was under notice of withdrawal. The rating
has been withdrawn as the period of notice of withdrawal is
completed.


SHIRODE CARS: CRISIL Upgrades Rating on INR35MM Loan to 'B'
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shirode Cars Private Limited (SCPL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       3        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               15        CRISIL B-/Stable  (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan               12        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in business and financial risk
profiles. Higher sales of vehicle resulted in a 61 percent growth
in revenue to INR261 million in 2015-16 (refers to financial
year, April 1 to March 31) from INR162 million in the 2014-15.
Though operating margin of 3.6 percent resulted in insufficient
cash accrual of INR3.3 million against debt obligation of INR6.6
million, unsecured loan of INR20 million from the promoter helped
to repay debt on time (total unsecured loan was INR41 million as
on March 31, 2016). Cash accrual is expected to be around INR6
million against debt obligation of INR2 million in 2016-17. Also,
cash credit limit was moderately utilised at 77 percent in the 12
months ended March 2016 which has sufficient buffer to meet term
loan obligation. The support from promoters to timely meet the
its debt obligation will remain key rating sensitivity factor.

The rating reflects SCPL's weak financial risk profile because of
small networth and muted debt protection metrics, and exposure to
intense competition in the automobile dealership industry. These
weaknesses are partially offset by the extensive experience of
promoter.

Outlook: Stable
CRISIL believes SCPL 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 revenue
and profitability or sizeable infusion of funds leads to a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual or deterioration in working
capital cycle stretches liquidity.


Established in 2012 by Mr. Ganesh Shirode, SCPL is the authorised
dealer for Hyundai Motors India Ltd's (Hyundai; rated 'CRISIL
A1+') passenger vehicles and spare parts in Maharashtra. It also
has authorised services station of Hyundai.


SHIV SHAKTI: ICRA Lowers Rating on INR10cr LT Loan to 'B'
---------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]B
for the INR10.00 crore fund based facilities of Shiv Shakti
Enterprise.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loans      10.00        [ICRA]B downgraded

The rating revision takes into account the delay in execution of
the project Siddhi Vinayak Heights; thereby leading to a high
probability of cash flow mismatches as the debt servicing
liability, largely matches with the receivables against sold area
and value of unsold area. ICRA notes that the firm has received
only 13% of the total estimated sales from customers till May
2016 and the pace of sales has remained low during the last one
year (19% of the project booked till date), while the repayment
of the term loan is scheduled to commence from August 2016. The
sales risk is further accentuated due to competition from other
ongoing and upcoming projects in the area where the project is
being executed and the ongoing slowdown in the real estate
market. Further, the rating takes into account the high execution
and funding risk for the development of other two projects, since
the development of remaining towers has not commenced yet.

The rating, however, takes into account the long experience of
the promoters in the Surat real estate market and project's
limited exposure to regulatory risk as necessary approvals are in
place.

Re-scheduling of the term loan, completion of remaining towers
and timely inflow of receipts from customers will be critical for
timely servicing of its debt obligation. With ~64% of unsold
inventory of units in completed towers and no bookings for flats
in the remaining towers, the pace of future bookings and timely
receipt of customer advances will determine the cash flow
adequacy of the firm. It has already received more than 70% of
the booked value as advances and sales proceeds, so limited
comfort is drawn from cash proceeds from the already booked
flats. Further, being a partnership entity, any significant
capital withdrawals by the partners could have a materially
adverse impact on the firm's credit quality.

Established as a partnership firm in February 2014, Shiv Shakti
Enterprise commenced the development of its first real estate
project viz. Siddhi Vinayak Heights in April 2014. The project is
a residential project housing 152 two BHK flats with a saleable
area in the range of 1138sq.ft to 1186sq.ft.The project is
located in the Pal-Adajan area of Surat and the management is
targeting the service class population employed in companies
located in Hazira industrial belt as prospective buyers. The
management has rescheduled the project completion from September
2016 to July 2017.


SHIVA STRUCTURES: ICRA Assigns B- Rating to INR7.50cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR13.50
crore1 long term fund based facilities. ICRA has also assigned a
short term rating of [ICRA]A4 to the INR0.50 crore short term non
fund based facility of Shiva Structures Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term, fund
   based limits
   Term Loan             6.00         [ICRA]B- assigned

   Long term, fund
   based limits-
   Cash Credit           7.50         [ICRA]B- assigned

   Short term, non
   fund based limits-
   Bank Guarantee        0.50         [ICRA]A4 assigned

The assigned rating favourably factors in long standing track
record of SSPL's promoters in the construction (civil works)
business and their established relations with various Government
departments. The company has healthy order book position as on
Mar-16 though ~72% of total order book is attributed to top two
projects which expose the company to high project concentration
risk. The rating is however constrained by sizeable debt
repayment obligations of ~Rs. 6.00 crore in FY2016 and the
promoters support to repay the same in timely manner will remain
crucial. The company has leveraged capital structure with a
gearing of 1.7x in FY2016 and moderate coverage indicators. The
company is also exposed to geographical concentration risk as the
company majorly operates in Vidarbha and Marathwada region of
Maharashtra state. The ratings are further constrained by SPPL's
small scale of operations despite of healthy order book position
due to slow pace of order execution which is mainly due to delays
in receiving funds from customers which mainly includes
Government authorities. Going forwards, ensuring timely recovery
from Government authorities and increasing scale of operations
will remain key rating sensitivities.

Shiva Structures Private Limited (SSPL) was initially set up as a
proprietorship firm under the name Shiva Construction by Mr.
Madhukar Deshmukh in the year 1996 and was later on converted
into a private limited company in October 2008. The company is
involved in executing contracts of irrigation work and road
construction for state government and civil bodies. The company
is registered as a Class 1A contractor with the state's Public
Work Department (PWD) and an approved contractor for various
government and civil bodies.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Lakshmi Raw
& Boiled Rice Mill (SLRM) continues to reflect the firm's below-
average financial risk profile because of modest net worth, high
gearing and weak debt protection metrics, large working capital
requirement, and susceptibility of operating profitability to
volatility in raw material prices. These weaknesses are partially
offset by extensive industry experience of its promoter in the
rice milling industry.

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

Outlook: Stable
CRISIL believes SLRM will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if there is sustained improvement in
revenue and profitability, working capital management, or in the
capital structure due to sizeable capital infusion. The outlook
may be revised to 'Negative' if profitability declines steeply,
or the capital structure weakens due to large, debt-funded
capital expenditure or a stretched working capital cycle.

SLRM mills and processes paddy into rice, rice bran, broken rice,
and husk. It is promoted by Mr. Muralidhar Reddy, and is based in
Nellore, Andhra Pradesh.


THERMOSET POLY: ICRA Assigns 'B' Rating to INR5.0cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore working capital facilities of Thermoset Poly Products (I)
Pvt. Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term, fund
   Based- CC             5.00       [ICRA]B; assigned

The assigned rating takes into account the experience of more
than four decades of the management and the steady demand for the
products.

The rating, however, is constrained by the weak financial profile
as reflected by thin profitability margins and adverse capital
structure as evidenced from the high gearing of 2.71times as on
March 31, 2015 coupled with weak coverage indicators and the high
working capital intensity of the operations due to high inventory
days. The rating also factors in the small scale of operations
and the exposure of the profitability to adverse fluctuations in
foreign currency and raw material prices which in turn are pegged
to crude oil prices. Also, with the top ten customers accounting
for 66% of the total revenues in FY2015, the customer
concentration risk is moderately high.

Going forward, the ability of the company to improve its
profitability and capital structure while managing its liquidity
profile will be a key rating consideration.

Thermoset Poly Products (I) Pvt. Ltd. (Thermoset) was established
in 1993 and is engaged in manufacturing of fibre-reinforced
plastic/glass-fiber reinforced plastic (FRP/GRP) and other
engineering plastics. The management has an experience of more
than four decades in the field.

The company was primarily engaged in the design and manufacture
of chemical equipments like large capacity storage tanks,
reaction vessels, scrubbing systems, piping, chlorine drying
towers, pollution control equipments etc. in FRP/GRP, however,
for the last 5-6 years, the company has been focusing on its main
product, FRP/GRP manhole covers with the brand name of
"Thermodrain". Thermodrain finds its application as solid top and
recess manhole covers, STP tank covers, water gully covers, water
tank covers, gratings and septic tanks for the sewerage,
electrical and telecom chambers.

The company has a manufacturing facility of 40,000 sq. ft. spread
over an area of 1,60,000 sq. ft. located at Panvel, Raigarh.

Recent Results
In FY2015, Thermoset has reported a net profit of INR0.2 crore on
operating income of INR17.6 crore as against a net loss of INR0.3
crore on operating income of INR12.1 crore in FY2014.


TIRUPATI WELLNESS: CRISIL Assigns 'B' Rating to INR170MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Tirupati Wellness (TW).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Rupee Term Loan         80       CRISIL B/Stable
   Cash Credit             20       CRISIL B/Stable
   Proposed Rupee
   Term Loan              170       CRISIL B/Stable

The rating factors in TW's modest scale of operations with
exposure to competition and exposure to project risk. These
rating weaknesses are partially offset by TW's promoter's
extensive experience in the health supplement manufacturing
industry.

Outlook: Stable
CRISIL believes TW will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case TW's registers a higher than
expected growth  in scale of operations and profitability while
maintaining its capital structure Conversely, the outlook may be
revised to 'Negative' if TW registers lower than expected cash
accruals or in case of significant stretch in working capital
cycle leading to deterioration in financial risk profile and
liquidity.

TW is Bangalore based partnership firm promoted by the Goyal
family. The firm started manufacturing of PTI caps in 2013. The
firm is also in process of setting up a manufacturing unit for
the production of protein powder (health supplements) and the
manufacturing of the same is expected to commence in second half
of FY2016-17.


TULSI DALL: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Tulsi Dall Mill (TDM)
continues to reflect weak financial risk profile, marked by
modest networth, and weak capital structure and debt protection
metrics.

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

The rating also factors in working capital intensity and small
scale of operations in the intensely competitive agricultural
commodities industry. These rating strengths are partially offset
by extensive experience of the promoters in the business.

Outlook: Stable
CRISIL believes TDM will continue to benefit from the
longstanding experience of the promoters. The outlook may be
revised to 'Positive' if significant improvement in operating
margin, working capital management, and net cash accrual
strengthens financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if any large capital
expenditure, stretch in working capital cycle, or decline in
operating margin weakens financial metrics.

TDM, a partnership firm based in Nagpur, was set up in 1987 by
Mr. Mohandas Aswani, and Mr. Tulsi Aswani. The firm processes and
trades in pulses such as toor dal and chana dal (split chickpeas)
and green peas.


TUNGNATH EDUCATIONAL: ICRA Withdraws B- Rating on INR1.37cr Loan
----------------------------------------------------------------
ICRA has withdrawn its [ICRA]B- rating on the INR1.37 crore term
loan and INR7.03 crore unallocated limits of Tungnath Educational
Society at the request of the society as there is no amount
outstanding against the instruments. Further ICRA has placed its
[ICRA]B- rating on the society's INR1.60 crore long-term, working
capital facilities on notice of withdrawal for one month. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
rating on working capital facility will be withdrawn after one
month from the date of this withdrawal notice.

Tungnath Educational Society was established in 2006 and operates
'Satya College of Engineering and Technology' (SCET) in Palwal,
Haryana. The college was established in 2008 and is affiliated to
Maharishi Dayanand University, Rohtak. SCET offers both
undergraduate and post graduate level programs in engineering and
management and also offers diploma courses.


UPPAL FERROCAST: ICRA Suspends 'B' Rating on INR4.75cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to INR4.75 crore bank line of credit
of Uppal Ferrocast Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

UFPL was incorporated in the year 1997 after its founding
promoters decided to convert the earlier established partnership
concern (1984) into a Private Limited Company. Subsequently,
UFPL's foundry has seen gradual expansions & modernisation, and
today, it has an installed production capacity of 2500 MT per
annum. The foundry, spread over 20,000 sq. ft. in the Industrial
Development Area (IDA) - Uppal, Hyderabad, manufactures ductile &
grey iron castings with a weight range of 300 grams to 2.5 tons.


VASU ALLOYS: CRISIL Reaffirms B- Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vasu Alloys
Private Limited (VAPL) continues to reflect the company's limited
track record, susceptibility to intense competition in the lead
trading industry, below-average financial risk profile, and large
inventory. These weaknesses are partially offset by established
relationship with customers and growth prospects for the lead
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             50       CRISIL B-/Stable (Reaffirmed)
   Term Loan                4       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes VAPL will continue to benefit over the medium
term from growth prospects for the lead industry. The outlook may
be revised to 'Positive' if substantial increase in revenue and
profitability leads to a better financial risk profile, or
sizeable equity infusion by promoters improves capital structure.
The outlook may be revised to 'Negative' if capital structure
deteriorates, operating profitability is low, or inability to
cater to new orders leads to inventory pile-up.

Incorporated in 2011, VAPL manufactures re-melted lead ingots
that are commercially called raw lead or lead bullion. These are
further processed into pure lead and lead alloys. Manufacturing
facility are in Karnal, Haryana.


VEER OVERSEAS: CRISIL Reaffirms B+ Rating on INR1.57BB Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Veer Overseas Limited
(VOL; 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.

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

   Export Packing Credit
   & Export Bills
   Negotiation/Foreign
   Bill discounting       1570      CRISIL A4 (Reaffirmed)

   Warehouse Receipts      250      CRISIL B+/Stable (Reaffirmed)

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.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VOL and Veer Oil & General Mills
(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.


VERA NETS: CRISIL Suspends 'B' Rating on INR75MM LT Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Vera Nets
Private Limited (VNPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          75        CRISIL B/Stable

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

VNPL was incorporated as a private limited company in January
2014 by Mrs. Champaben Makwana and Mrs. Sheebaben Makwana. The
company is in the process of setting up a plant at Bhavnagar
(Gujarat) to manufacture nylon fishing nets and allied products,
with an installed capacity of 561.6 tonnes per annum (tpa), which
is expected to start commercial production from January 2015.



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


IHC MANAGEMENT: Court to Hear Wind Up Petition on July 22
---------------------------------------------------------
Gwyneth Yeo at theedgemarkets reports that International
Healthway Corporation (IHC) on June 29 said it has made an
application to the High Court of Singapore, to wind up IHC
Management, a wholly-owned subsidiary of IHC.

The application was made on June 28 under Section 254 of the
Companies Act. The hearing date for the application has been
scheduled for July 22.

According to the report, IHC said IHC Management owes it certain
sums of money through inter-company loans, and has been appointed
a receiver over monies owed to funds. IHC also said it applied to
wind up the subsidiary to "protect its interests, in its position
as a major creditor of IHC Management".

On May 3, three funds -- Enterprise Fund III, Value Monetization
III, and VMF3 -- appointed receivers over the share capital of
IHC's three wholly owned investment holding subsidiaries over a
dispute on the outstanding amount due to the funds,
theedgemarkets recalls. The three subsidiaries were IHC Medical
RE, IHC Management and IHC Management Australia.

On the same day, IHC applied to the Supreme court of Singapore to
rescind or suspend the appointment, but the Court directed on May
4 that the application should be heard and determined on an inter
partes basis on a date to be scheduled, according to
theedgemarkets. The directive was made on the basis that the
charged assets will not be imperilled and that the management of
the charged assets should not be altered pending the hearing.

According to IHC's 2015 annual report, the funds allege that IHC
and its subsidiaries owe a total amount of SGD34 million,
including outstanding interest of SGD7.9 million, as of April 7.
However, as at Dec 31, the outstanding amount due to the funds
that was recorded in IHC's balance sheet was SGD5.26 million with
no outstanding interest, theedgemarkets discloses.

IHC added that the additional amounts claimed by the funds were
not recognised in its financial statements as management, based
on legal advice, believed there is no basis or merit to the
claims, theedgemarkets reports.

IHC is warning its shareholders to exercise caution when trading
in its shares, adds theedgemarkets.



                             *********

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,
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Information contained herein is obtained from sources believed
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