TCRAP_Public/160704.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, July 4, 2016, Vol. 19, No. 130


                            Headlines


A U S T R A L I A

BONELLI CONSTRUCTIONS: First Creditors' Meeting Set For July 11
CIVIL LABOUR: First Creditors' Meeting Slated For July 8
COOGEE SPORTS: First Creditors' Meeting Set For July 11
ETERN WISDOM: Fails to Lodge Reports; AFS License Cancelled
GORDON SMITH: First Creditors' Meeting Slated For July 7

NO FUSS: First Creditors' Meeting Slated For July 8
STEEL-HAUL PTY: Receivers Seek Expressions of Interest


C H I N A

CHINA XD: S&P Lowers CCR to 'B+'; Outlook Negative
HUAI'AN DEVELOPMENT: Fitch Assigns 'BB+' IDR; Outlook Stable
KWG PROPERTY: S&P Affirms 'BB-' CCR; Outlook Stable
REDCO PROPERTIES: Fitch Affirms 'B' IDR; Outlook Stable


I N D I A

ACCORD WATERTECH: ICRA Suspends B+ Rating on INR9cr Loan
ADVANCE CABLE: ICRA Suspends B+ Rating on INR5.0cr LT Loan
AGARWALA'S POLYTRADE: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
AKSHAR GINNING: ICRA Reaffirms B+ Rating on INR8.0cr Cash Loan
ARTEK ENTERPRISES: Ind-Ra Puts B+ Issuer Rating; Outlook Stable

ASOLUTION PHARMACEUTICALS: ICRA Cuts Rating on INR30cr Loan to D
AVINASH RAMAKRISHNA: ICRA Suspends B+ Rating on INR35.75cr Loan
BHARTU RAM: ICRA Suspends 'B' Rating on INR10cr Bank Loan
BLUE STAR: ICRA Suspends 'B+' Rating on INR10.50cr Bank Loan
BOLTON CV: Ind-Ra Assigns BB Rating to INR51.5MM Series A2 PTCs

CNN MINERALS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
DHANLAXMI INDUSTRIES: ICRA Withdraws 'B' Rating on INR6.80cr Loan
ECO GREEN: ICRA Suspends 'B' Rating on INR16.07cr Bank Loan
GANGA PLASTIC: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
GREAT EASTERN: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating

GROVER ZAMPA: ICRA Suspends 'B' Rating on INR14cr LT Loan
HARISONS STEEL: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
IMPACT SAFETY: ICRA Suspends 'B' Rating on INR22.10cr Loan
JAHANVI ISPAT: ICRA Suspends 'D' Rating on INR18cr Bank
JAI MAHARASHTRA: ICRA Reaffirms 'D' Rating on INR78cr NCD

JM FERRO: ICRA Suspends 'B' Rating on INR7.50cr LT Loan
JONNA STEELS: ICRA Reaffirms B+ Rating on INR14cr Fund Based Loan
LODHA DEVELOPERS: Fitch Cuts LT Issuer Default Rating to 'B'
MACGUIRE CERAMICS: ICRA Suspends B+ Rating on INR8.0cr Loan
MAHAVIR ORE: Ind-Ra Withdraws BB- Long-Term Issuer Rating

METALINK: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
MUNDRA TRACTORS: ICRA Suspends 'B' Rating on INR9.3cr Bank Loan
NADAHALLI AGRO: ICRA Suspends B/A4 Rating on INR50cr Loan
NANDINI FITNESS: ICRA Lowers Rating on INR7.0cr Loan to 'D'
NANZ MED: ICRA Suspends B+ Rating on INR11.90cr Bank Loan

NOVELTY ASSOCIATES: Ind-Ra Assigns B+ Long-Term Issuer Rating
NUEVO POLYMERS: ICRA Lowers Rating on INR30cr LT Loan to 'B'
P.K. INDUSTRIES: ICRA Suspends 'B' Rating on INR4.0cr LT Loan
PANDIT AUTOMOBILES: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
PIONEER TORSTEEL: Ind-Ra Assigns D Long-Term Issuer Rating

RNP SCAFFOLDING: ICRA Reaffirms 'B' Rating on INR30cr LT Loan
RUDRA AUTO: ICRA Suspends 'B' Rating on INR25.50cr LT Loan
S.V. PATEL: ICRA Reaffirms 'B+' Rating on INR6.50cr Cash Loan
SARAVANA GLOBAL: ICRA Cuts Rating on INR28.7cr LT Loan to 'D'
SRI SAI: Ind-Ra Suspends IND B+ Long-Term Issuer Rating

SHIV SHAKTI: ICRA Lowers Rating on INR10cr LT Loan to 'B'
SHREE TEL-FAB: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
SHREE NATH: ICRA Suspends 'B' Rating on INR11.5cr LT Loan
SHRI JAGADGURU: Ind-Ra Puts IND BB Rating to INR65MM Term Loans
SRI BALMUKUND: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating

STARSHINE NIRMAN: Ind-Ra Withdraws IND BB- LT Issuer Rating
SUBHAM AGRO: ICRA Suspends 'B' Rating on INR10cr Bank Loan
SUPER STAINLESS: ICRA Suspends B-/A4 Rating on INR8.5cr Loan
SUPREME HEATREATERS: ICRA Suspends B+/A4 Rating on INR40cr Loan
SWASTIK INDUSTRIES: ICRA Suspends 'B/A4' Rating on INR10.5cr Loan

TAYAL ENERGY: Ind-Ra Withdraws D Long-Term Issuer Rating
TIMBLO DRYDOCKS: ICRA Assigns 'B+' Rating to INR50cr LT Loan
TUNGNATH EDUCATIONAL: ICRA Withdraws B- Rating on INR1.37cr Loan
UJALA TRADING: ICRA Suspends 'B' Rating on INR10cr Bank Loan
UPPAL FERROCAST: ICRA Suspends 'B/A4' Rating on INR4.75cr Loan

VG PAPER: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
WARM FORGING: ICRA Suspends B-/A4 Rating on INR17.3cr Loan


N E W  Z E A L A N D

SEADRAGON LIMITED: PWC Raises Going Concern Doubt


S O U T H  K O R E A

STX OFFSHORE: In Talks to Ax Shipbuilding Contracts


                            - - - - -


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


BONELLI CONSTRUCTIONS: First Creditors' Meeting Set For July 11
---------------------------------------------------------------
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Bonelli Constructions Pty Ltd on
June 29, 2016.

A first meeting of the creditors of the Company will be held at
Morton's Solvency Accountants, Level 11, 410 Queen Street, in
Queensland, on July 11, 2016, at 10:00 a.m.


CIVIL LABOUR: First Creditors' Meeting Slated For July 8
--------------------------------------------------------
Christopher Darin of Worrells Solvency & Forensic Accountants was
appointed as administrator of Civil Labour Pty Ltd on June 29,
2016.

A first meeting of the creditors of the Company will be held at
the offices of Worrells Solvency & Forensic Accountants, Suite 1,
Level 15, 9 Castlereagh Street, in Sydney, on July 8, 2016, at
10:30 a.m.


COOGEE SPORTS: First Creditors' Meeting Set For July 11
-------------------------------------------------------
Gregory J Parker of Parker Insolvency was appointed as
administrator of Coogee Sports Club Ltd, formerly Coogee Bowling
Club Ltd, on July 1, 2016.

A first meeting of the creditors of the Company will be held at
Coogee Sports Club, 51 Dolphin Street, in Coogee, NSW, on
July 11, 2016, at 10:00 a.m.


ETERN WISDOM: Fails to Lodge Reports; AFS License Cancelled
-----------------------------------------------------------
Australian Securities and Investment Commission has cancelled the
Australian financial services (AFS) licence of Sydney-based Etern
Wisdom Global Pty Ltd for failing to comply with a number of its
key obligations as a financial services licensee.

In particular, ASIC found that Etern Wisdom:

   * failed to lodge financial statements, auditor reports
     and auditor opinions over consecutive years. This is in
     breach of both its legal obligations and licence conditions;
     and

   * failed to advise ASIC in writing, within 10 business days,
     of becoming aware of this significant breach.

Deputy Chair Peter Kell said, 'Licencees are required to lodge
financial statements with ASIC to demonstrate their capacity to
provide financial services. Failure to comply with reporting
obligations can be an indicator of broader compliance concerns.

'We are disappointed that some licensees have not heeded the
message that their failure to lodge audited financial statements,
a key obligation of licensees, may result in the cancellation of
their licence. We continue to focus on this obligation and will
take further action where licensees do not comply', Mr Kell said.

Etern Wisdom has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

ASIC cancelled Etern Wisdom's AFS licence on June 6, 2016.

Etern Wisdom was authorised to provide general financial product
advice in relation to derivatives and foreign exchange contracts
to Australian retail clients.

The annual lodgement of audited accounts is an important part of
a licensee demonstrating it has adequate financial resources to
provide the services covered by its licence and to conduct the
business in compliance with the Corporations Act.


GORDON SMITH: First Creditors' Meeting Slated For July 7
--------------------------------------------------------
Andrew Schwarz -- andrew@asadvisory.com.au -- of AS Advisory was
appointed as administrator of Gordon Smith Marketing Pty Ltd,
Rodney Clark Pty Ltd, and Rodeny Clark Retail Pty Ltd on June 27,
2016.

A first meeting of the creditors of the Company will be held at
Wesley Mission Conference Centre, 220 Pitt Street, in Sydney, on
July 7, 2016, at 11:00 a.m.


NO FUSS: First Creditors' Meeting Slated For July 8
---------------------------------------------------
Domenic Calabretta and Grahame Ward of Mackay Goodwin were
appointed as administrators of No Fuss Waste Solutions Pty Ltd on
June 28, 2016.

A first meeting of the creditors of the Company will be held at
Australian Institute of Company Directors, Level 1, 10 Bond
Street, in Sydney, NSW, on July 8, 2016, at 11:00 a.m.


STEEL-HAUL PTY: Receivers Seek Expressions of Interest
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the purchase of Steel-haul Pty Ltd by
receivers KordaMentha.

Steel-Haul is an integrated logistics company that offers
specialised transport and logistics. The Western Australia
company's assets include a strong customer base and freehold
property holdings.

Dissolve.com.au says the company offer services such as shipping
container, specialised logistics that encompass train, road and
unique load service for the gas and oil industry. Steel-haul is
also into warehousing and distribution that includes bonded
warehousing facilities.



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


CHINA XD: S&P Lowers CCR to 'B+'; Outlook Negative
--------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on China XD Plastics Co. Ltd. (CXDC) to 'B+' from 'BB-'.  The
outlook is negative.  S&P has also lowered its long-term issue
rating on the senior unsecured notes issued by Favor Sea Ltd. to
'B' from 'B+'.  CXDC guarantees the notes.  At the same time, S&P
lowered its long-term Greater China regional scale rating on the
company to 'cnBB-' from 'cnBB' and that on the guaranteed notes
to 'cnB+' from 'cnBB-'.

The downgrade on CXDC reflects S&P's view that its profitability
and cash flows will weaken materially over the next two years on
increasingly intense competition in China as automobile sales
growth slows.

S&P expects CXDC's EBITDA to weaken over the next 12 months on
higher competition in China, where automobile sales growth has
moderated to mid-single digit in the recent quarters from mid-
teens just one to two years ago.  The intense competition between
automobile producers has a profound effect on auto parts
suppliers, and in turn, on the modified plastics producers for
automobiles.

"We expect an industry-wide margin compression for those modified
plastics producers that operate in an already highly fragmented
market," said S&P Global Ratings analyst Yuehao Wu.

In S&P's base case, CXDC's annual EBITDA will decline by 10%-12%
to US$140 million-US$150 million in 2016 and 2017 compared with
US$165 million in 2015.  This is despite S&P's expectation of its
sales volume growing about 5% annually during the period, partly
due to the new volume from the company's Sichuan plant, which
will come onstream in the second half of 2016.

S&P forecasts CXDC's funds from operations (FFO)-to-debt ratio at
6%-8% over 2016 and 2017, down from 11.6% in 2015, given S&P's
projection of reduced profitability and higher debt.  S&P also
expects CXDC's capital spending to stay high at about
US$150 million in 2016 while the company completes phase I
construction at its Sichuan plant.  However, S&P expects reported
debt to remain largely stable as the company uses cash and time
deposits on hand to fund the capital spending.

"CXDC could experience stronger liquidity pressure with high
near-term debt maturity and weaker cash flow," Ms. Wu said.  The
company has US$324 million of debt maturing within the next 12
months as of March 31, 2016.  It also has US$150 million in U.S.
dollar bonds maturing in February 2019.

Persisting poor operating conditions in the domestic sector make
it more difficult or costly for CXDC to refinance those
maturities.  A sufficiently proactive and well-articulated plan
for refinancing well ahead of the due date will be critical for
the company to maintain its liquidity.  In addition, the covenant
headroom for the U.S. dollar bonds has decreased because of
CXDC's weakening profitability, in our view.

The negative outlook reflects the company's rising liquidity
pressure with tightening covenant headroom and high near-term
debt maturity over the next 12 months.

S&P may lower the rating on CXDC if the company's liquidity
deteriorates materially over the next 12 months.  This could
materialize in the event of significantly lower operating cash
flows, rapid depletion of cash, failure to refinance maturing
long-term debts and extend its debt maturity profile, or a
covenant breach.

S&P may also lower the rating if the industry competition is more
intense than it had expected, causing a significant weakening in
operating cash flows and the FFO-cash-interest coverage
approaching 2.0x.

S&P may revise the outlook on CXDC to stable if the company's
liquidity stabilizes by bolstering cash balances and improving
free operating cash flows, or the headroom under its financial
covenants increases.  An outlook revision is also contingent upon
the company lengthening its debt maturity profile.


HUAI'AN DEVELOPMENT: Fitch Assigns 'BB+' IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has assigned Huai'an Development Holdings Co., Ltd
(HAD) Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'BB+'.  The Outlook is Stable.

Fitch has also assigned HAD's proposed senior unsecured US dollar
notes an expected rating of 'BB+(EXP)'.  The net proceeds of the
proposed issue will be used for HAD's general corporate purposes.

The notes will be issued by Xiangyu Investment (BVI) Co., Ltd.,
and are unconditionally and irrevocably guaranteed by Hong Kong
Xiangyu Investment Group Co., Limited, a wholly owned subsidiary
of HAD.  The notes will be senior unsecured obligations of
Xiangyu Investment and rank pari passu with all of its other
senior unsecured obligations.

At the same time, HAD has granted a keepwell and liquidity
support deed and a deed of equity interest purchase undertaking
to ensure Xiangyu Investment has sufficient assets and liquidity
to meet its obligations under the guarantee for the notes.

The notes are rated at the same level as HAD's IDRs, given the
strong link between Xiangyu Investment and HAD, and because the
keepwell and liquidity support deed and deed of equity interest
purchase undertaking transfer the ultimate responsibility of
payment to HAD.

In Fitch's opinion, both the keepwell and liquidity support deed
and the deed of equity interest purchase undertaking signal a
strong intention from HAD to ensure that Xiangyu Investment has
sufficient funds to honour the debt obligations.  The agency also
believes HAD intends to maintain its reputation and credit
profile in the international offshore market, and is unlikely to
default on its offshore obligations.  Additionally, a default by
Xiangyu Investment could have significant negative repercussions
on HAD for any future offshore funding.

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

                         KEY RATING DRIVERS

Links to Huai'an Municipality: The ratings of HAD are credit-
linked to but not equalised with Fitch's internal credit
assessment of Huai'an Municipality.  This is reflected in the
government's 100% stake in HAD, strong government control and
oversight of the company, and strategic importance of HAD's
operation to the municipality.  These factors result in a high
likelihood of extraordinary support, if needed, from the
municipality.  Therefore, HAD is classified as a credit-linked
public-sector entity under Fitch's criteria.

Huai'an Municipality's Healthy Creditworthiness: Huai'an, located
in Jiangsu province, has a budget performance that is widely
considered satisfactory and has a diversified socio-economic
profile.  Huai'an's gross regional product (GRP) growth rate is
higher than the national average, and its budgetary performance
improved over the last decade.  The strengths are partly offset
by potentially high contingent liabilities arising from its
public-sector entities.

Legal Status Attribute Mid-Range: HAD is registered as a wholly
state-owned limited liability company under the Chinese Company
Law.  Huai'an Municipality has full control over HAD.  The
Huai'an Economic and Technology Development Zone (HAETZ)
Management Committee supervises HAD on behalf of Huai'an
municipality in daily operational matters.  The government has no
plan to dilute its shareholding in HAD.

Strategic Importance Attribute Mid-Range: HAD is one of the urban
development companies in Huai'an Municipality and is the sole
investment and financing platform in the municipal government's
flagship economic and technology development zone, the HAETZ.
The company has been designated to develop large-scale urban
infrastructure projects in the zone.  HAD is integral to the zone
and plays an important role in implementing the blueprint of the
municipal government for the zone.

Government Integration Attribute Mid-Range: The company's
financials are not consolidated into the government budget, but
the government has provided significant capital injections,
subsidies and purchase of government services to support HAD's
business.  The subsidies accounted for 11% of HAD's revenue in
2015, government infrastructure projects contributed 78% to its
total revenue, according to Fitch's calculation, and the majority
of the company's receivables are directly or indirectly due from
government.  The government said it will continue to provide
fiscal support to partly fund HAD's capital expenditure and debt
servicing.

Government Control Attribute Stronger: The board members of HAD
are mainly appointed by the government, and major projects
require the government's approval.  HAD's financing plan and debt
levels are closely monitored by the government, and the company
is required to report its operational and financial results to
the government on a regular basis.  The Control attribute is
assessed at Stronger.

Weak Standalone Profile: HAD had large capex, negative free cash
flow and high leverage in the past five years.  Fitch believes
this trend will continue in the medium term, driven by ongoing
infrastructure investments in the economic and technology zone.
An extended settlement period after the completion of projects
and sizeable account receivables due from HAETZ's finance
department would further constrain HAD's liquidity position.

                        RATING SENSITIVITIES

An upgrade of Fitch's internal assessment on Huai'an Municipality
as well as a stronger or more explicit commitment of support from
the municipality may trigger positive rating action on HAD.  A
significant weakening HAD's strategic importance to the
municipality, dilution of the municipal government's
shareholding, and/or reduced municipality support may result in a
downgrade.

A downgrade may also stem from weaker fiscal performance or
increased indebtedness of the municipality, leading to
deterioration to Fitch's assessment of is creditworthiness.

A rating action on HAD would also lead to a similar action of the
proposed US dollar notes.


KWG PROPERTY: S&P Affirms 'BB-' CCR; Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB-' long-term
corporate credit rating on KWG Property Holding Ltd.  The outlook
is stable.  S&P also affirmed its 'cnBB+' long-term Greater China
regional scale rating on the China-based property developer.

At the same time, S&P affirmed its 'B+' long-term issue rating
and 'cnBB' Greater China regional scale rating on KWG's senior
unsecured notes.

"We affirmed the rating to reflect our expectation that KWG's
property sales will improve over the next 12 months owing to the
company's exposure to favorable market conditions in tier-one and
tier-two cities," said S&P Global Ratings credit analyst Matthew
Kong.  "KWG's profitability and liquidity are also likely to
remain solid.  These factors will temper the impact of the
company's high leverage."

S&P estimates that KWG's "see-through" leverage--consolidating
joint-controlled entities (JCEs)--will be 5.0x-5.5x over the
period despite a much higher reported leverage on a consolidated
basis without the JCEs.

S&P expects KWG's significant ongoing capital requirements for
construction and land purchase to keep its non-JCE consolidated
leverage high over the next 12 months.  The company's total debt
increased 15% to Chinese renminbi (RMB) 32.7 billion at end-2015,
compared with RMB28.4 billion at end-2014, mainly because of a
RMB3.3 billion onshore bond issuance in December 2015.  S&P
expects KWG's leverage to improve modestly in 2016, and the
consolidated debt-to-EBITDA ratio should stay at 9x-11x in the
next two years, compared with 11.6x at end-2015.

However, KWG's see-through leverage is lower and more
commensurate with an aggressive financial risk profile.  The
lower see-through leverage is because the JCEs have significantly
lower debt because the project partners fund the land cost
through equity capital.  S&P forecasts that KWG's see-through
leverage will hover around 5x over the next two years, compared
with 5.2x at the end of 2015.

KWG's strong cash contributions from its JCEs also support its
liquidity.  S&P estimates that cash contributions from these
JCEs' will remain significant at RMB3.7 billion-RMB4 billion in
the next two years.  While these contributions are not captured
in KWG's EBITDA, they meaningfully improve the company's cash
position.  The company's cash balance is RMB12.6 billion while
its short-term debt is only RMB4 billion as of Dec. 31, 2015.
Nonetheless, KWG's liquidity is sensitive to market and credit
conditions.  Any reversals in those conditions will put the
rating under pressure.

S&P expects KWG's sales growth to be satisfactory over the next
two years, thanks to the company's well-distributed projects in
tier-one and tier-two cities that are experiencing a strong
recovery.  In the first five months of 2016, the company's
attributable contracted sales were RMB9.5 billion, up 28% year-
on-year from RMB7.4 billion.  The sales represent 43% of the
annual target.

KWG's profitability is also likely to remain strong because of
the company's almost full exposure to tier-one and select tier-
two cities.  These cities generally have more favorable supply
and demand, and rising prices.  In 2015, 57% of KWG's contracted
sales were generated in tier-one cities, with the rest from tier-
two cities.  The company's EBITDA margin therefore improved to
34.8% in 2015, from 32.5% in 2014, and was better than our
expectation.

"The stable outlook reflects our view that KWG will improve its
sales, maintain good profitability, and control costs, such that
its liquidity remains strong and tempers the impact of high
leverage over the next 12 months," said Mr. Kong.  "The outlook
also reflects our expectation that the company will continue to
generate a significant portion of its contracted sales from its
JCEs."

S&P could lower the ratings if KWG's liquidity weakens--such that
liquidity sources do not exceed uses by more than 50% in the next
12 months--or its leverage deteriorates.  This could happen if:
(1) the company's cash balance reduces substantially from
RMB12 billion as at end-2015; (2) its total contracted sales in
2016 are significantly weaker than RMB22 billion; (3) its EBITDA
interest coverage on a non-JCE consolidated basis sustains below
1.5x; or (4) its debt-to-EBITDA ratio on a proportionate
consolidation basis does not improve toward 5x.

The rating upside is limited in the next 12 months because of
KWG's small operating scale and high financial leverage.
However, S&P may raise the ratings if KWG achieves strong sales
and reduces leverage, such that its debt-to-EBITDA ratio on a
proportionate consolidation basis remains below 4x.


REDCO PROPERTIES: Fitch Affirms 'B' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has affirmed China-based Redco Properties Group
Ltd's Long-Term Foreign-Currency Issuer Default Rating at 'B'
with Stable Outlook.  The agency has also affirmed Redco's senior
unsecured ratings and its USD125 mil. 13.75% senior notes due
2019 at 'B' with Recovery Rating of 'RR4'.

Redco's ratings are affirmed as it has maintained a healthy
financial profile - its leverage as measured by net debt/adjusted
inventory was low of 27% at end-2015 and EBITDA margin stayed at
25%.  Its small business scale continues to constrain its
ratings.

                         KEY RATING DRIVERS

Equity Issuance Lowers Leverage: Redco brought in Nanchang
Municipal Public Real Estate Group Limited, a state-owned
enterprise (SOE) in Nanchang in south-eastern China, as a
strategic investor in 2015.  The SOE took a 9.9% stake, making it
the developer's third-largest shareholder.  The equity issuance
helped reduced Redco's leverage to 27% at end-2015 from 34% at
end-2014.  Furthermore, Fitch believes the new shareholder may
improve Redco's access to prime land parcels in Nanchang.

Healthy Margins: Fitch expects the gross profit margin from
property development to stay at around 27% (2015: 32%) in next
two to three years, underpinned by the company's low-cost land
acquired years ago and prudent land acquisition.  The average
cost of Redco's land bank was around CNY1,000 per square metre
(sqm) as of end-2015, with more than 60% of the land was acquired
before 2013 at low average cost of around CNY300 per sqm.

Limited Business Scale: Redco's scale with contracted sales of
CNY4.1 bil. in 2015 is the smallest among rated peers in the 'B'
category.  Although it has sufficient land bank to support sales
expansion for the next five years, Redco will still face
significant pressure in replenishing its land bank given the
rising land cost, increased competition for land, and its limited
financial resources.  Redco has a total land bank of 3.8 million
sqm at end-2015 with 19 projects in its pipeline in seven cities.
It does not have a significant presence outside its stronghold of
Nanchang, the provincial capital of Jiangxi Province, where it
ranked seventh in contracted sales GFA in 2015.

Projects Mostly in Secondary Locations: Redco's land bank is
mainly located in the Tier-2 cities of Nanchang, Tianjin and
Hefei, and most of the land parcels, except for the ones in
Nanchang and Jinan, are situated at secondary locations.  Fitch
expects Redco's land bank to improve gradually, with the
company's making effort to enter into Tier-1 cities, including
Shenzhen, Guangzhou and Shanghai.  This could raise its average
selling price (ASP) to above CNY9,000 per sqm in the next two to
three years from CNY6,828 per sqm in 2015.

Sufficient Liquidity: Redco had cash and cash equivalents of
CNY1.7 bil. (excluding restricted cash of CNY669 mil.), and
CNY545 mil. of undrawn bank facilities, which are sufficient to
cover the company's short-term debt of CNY471 mil.

                         KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Redco include:

   -- Contracted sales ASP ranging from CNY8,000 per sqm to
      CNY10,500 per sqm during 2016-2017, supported by the
      company's projects in Tier-1 cities

   -- Land replenished at a rate of 0.8x-1.5x of annual
      contracted sales by gross floor area in the next two to
      three years, with land premium accounting for 40%-50% of
      total contracted sales

   -- Gross profit margin from property development at around
      27%-28% underpinned by the low-cost land acquired years ago

   -- Land cost represents around 18%-20% of average selling
      price

                         RATING SENSITIVITIES

Positive: Future developments that may collectively lead to
positive rating actions include:

   -- Annual contracted sales sustained above CNY8 bil. (2015:
      CNY4.1 bil.) without compromising leverage, and
   -- EBITDA margin sustained above 20% (2015: 25%), and
   -- Contracted sales/total debt sustained above 1.3x (2015:
      1.3x).

Negative: Factors that may, individually and collectively, lead
to negative rating action include:

   -- Net debt/ adjusted inventory sustained above 50% (end-2015:
      27%), or
   -- EBITDA margin sustained below 15%, or
   -- Contracted sales/total debt sustained below 1.0x.



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


ACCORD WATERTECH: ICRA Suspends B+ Rating on INR9cr Loan
--------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR9.00 crore bank lines of Accord Watertech & Infrastructure
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the firm.

Incorporated in 2010 Accord Watertech & Infrastructure Private
Limited (AWIPL) is promoted by Mr. Anik Choudhary and Mr. Dhiren
Mevada. The company is active in the Water Supply and Management
and Operation & Maintenance (O&M) sector. The company is
registered with the Maharashtra Jeevan Pradhikaran which falls
under the Water Supply and Sanitation Department of Maharashtra.
Mr. Anik Choudhary, Mr. Dhiren Mevada and Mr Ajay Sharma, who
joined the board in April 2014, look after the operations of
AWIPL. The company has its registered office at Mahape, Navi
Mumbai.


ADVANCE CABLE: ICRA Suspends B+ Rating on INR5.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore long-term fund-based facility and [ICRA]A4 rating assigned
to the INR16.00 crore short-term non-fund based facilities of
Advance Cable Technologies Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


AGARWALA'S POLYTRADE: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Agarwala's
Polytrade Private Limited's (APPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended APPL's ratings on Oct. 14, 2015.

APPL's Ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR170 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR30 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


AKSHAR GINNING: ICRA Reaffirms B+ Rating on INR8.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR8.00 crore cash
credit facility Akshar Ginning & Pressing Industries (AGPI).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based-Cash
   Credit Limit           8.00        [ICRA]B+; Reaffirmed

The rating reaffirmation continues to be constrained by AGPI's
modest scale of operations and revenue de-growth of 22% in
FY2014-15 and further 3% in FY2015-16. The rating also takes into
account the modest financial profile of the firm as can be
reflected from low profitability, weak debt coverage indicators
and leveraged capital structure. The rating is further
constrained by the highly competitive and fragmented industry
structure owing to low entry barriers, vulnerability of the
firm's profitability to raw material (cotton) prices, which are
subject to seasonality, crop harvest and regulatory risks. ICRA
also notes that as AGPI is a partnership firm, any significant
withdrawals from the capital account by the partners would affect
its net worth and thereby its capital structure.

The rating, however, favourably factors in the longstanding
experience of the partners in the cotton industry and the
favourable location of the firm's manufacturing facility, giving
it easy access to raw materials.

ICRA expects AGPI's revenues to witness a marginal growth of 5%
during FY2016-17, mainly on account of stable demand outlook for
cotton and cottonseed oil. However, the profitability of the firm
will remain exposed to any adverse fluctuations in raw material
prices, which are subject to seasonality and crop harvest. The
profitability is expected to be in line with the previous
fiscals, given the stable outlook on prices. However, the firm's
ability to scale up operations would be largely contingent to
improvement in international demand, given the seasonality in the
business, volatility in prices of cotton, tough competition and
uncertainty about regulations. Further, the firm's ability to
infuse funds to support its capital structure and manage its
working capital efficiently would be a key rating sensitivity.

Established in 2006, Akshar Ginning & Pressing Industries (AGPI)
is a partnership firm which gins and presses raw cotton to
produce cotton bales and cottonseeds. The firm also crushes
cottonseeds to produce cottonseed oil. The manufacturing
facility, located at Una, Gujarat, is equipped with 24 ginning
machines and one pressing machine, with a production capacity of
250 finished bales per day. The firm also has four expellers with
a production capacity of 5 tonnes of oil per day. AGPI is managed
by six partners, namely, Mr. Shambhu B. Zalavadiya, Mr. Himmat B.
Zalavadiya, Mr. Chunilal B. Zalavadiya, Mr. Pareshkumar H.
Zalavadiya, Mr. Jaydipkumar C. Zalavadiya and Mr. Ashvinkumar V.
Barvaliya, all family members and relatives.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR29.07 crore with profit after tax (PAT) of
INR0.19 crore. Further during FY 2015-16 as per provisional
unaudited numbers; the company has reported operating income of
INR28.07 crore with profit before providing for depreciation and
taxes of INR0.12 crore.


ARTEK ENTERPRISES: Ind-Ra Puts B+ Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Artek
Enterprises Private Limited (AEPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect AEPL's small scale of operations as well as
its moderate profitability and credit metrics.  Provisional FY16
financials indicate revenue of INR101.01 mil. (FY15: INR127.78
mil.), EBITDA margins of 5.59% (4.53%), net adjusted financial
leverage (total adjusted net debt/operating EBITDAR) of 2.88x
(3.53x) and gross interest cover (operating EBITDA/gross interest
expense) of 1.99x (1.09x).

The ratings also factor in AEPL's tight liquidity, with full use
of its working capital facilities during the 12 months ended May
2016.

However, the ratings are supported by AEPL's promoters'
experience of over 35 years in the system integration and
networking business.  The ratings are further supported by the
company's strong relationships with customers and suppliers.

                        RATING SENSITIVITIES

Negative: A significant decline in revenue due to a fall in
orders, leading to weaker credit metrics, will be negative for
the ratings.

Positive: A significant improvement in revenue while maintaining
or improving its credit profile from current levels will be
positive for the ratings.

                         COMPANY PROFILE

AEPL was established in 1979 and provides system integration and
networking services such as network security, voice video data,
physical security, audio visuals, renewable energy and video
conferencing to government, semi-government and private
companies. Its head office is located in New Delhi.

AEPL's ratings:

   -- Long term issuer rating: assigned 'IND B+'/Stable
   -- INR10.00 mil. fund-based limits: assigned 'IND B+'/Stable/
      'IND A4'
   -- INR49.50 mil. non-fund-based limits: assigned 'IND A4'


ASOLUTION PHARMACEUTICALS: ICRA Cuts Rating on INR30cr Loan to D
----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR30.00
crore term loan facility of Asolution Pharmaceuticals Private
Limited from [ICRA]B+ to [ICRA]D. ICRA has also downgraded the
short term rating assigned to the INR1.00 crore non fund based
facility of Asolution Pharmaceuticals Private Limited from
[ICRA]A4 to [ICRA]D .

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Scale       30.00        [ICRA]D revised
   Term Loan                          from [ICRA]B+

   Short Term Scale
   PCFC/ PSCFC            0.50        [ICRA]D revised
                                      from [ICRA]A4

   Imp/Inland LC          0.50        [ICRA]D revised
                                      from [ICRA]A4

The rating revision takes into account the delays in debt
servicing by the company on account of delays in commissioning of
manufacturing plant located in Ambernath, by 3 months, leading to
stretched liquidity position, resulting in delays in repayment in
term loans.

ASolution Pharmaceutical Private Limited was incorporated under
the guidance of Dr. Laxmi Chodankar and Dr. Nandkumar Chodankar
who have nearly three decades of experience in the pharmaceutical
industry. The company is currently engaged in custom synthesis
and manufacturing of Specialty products for API for the
international regulated markets. The company's product profile
comprises of niche, small volume products depending on the
requirements of the clients. The manufacturing unit of the
company is located in MIDC, Ambernath (Maharashtra)


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.


BHARTU RAM: ICRA Suspends 'B' Rating on INR10cr Bank Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR10.0 crores bank facilities of Bhartu Ram Ashish Kumar.
The suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the company


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.


BOLTON CV: Ind-Ra Assigns BB Rating to INR51.5MM Series A2 PTCs
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bolton CV IFMR
Capital 2016 (an ABS transaction) provisional ratings as:

   -- INR427.6 mil. Series A1 pass through certificates (PTCs):
      assigned Ind-Ra Provisional IND A-(SO)'; Outlook Stable
   -- INR51.5 mi. Series A2 PTCs: assigned 'Provisional IND
      BB(SO)'; Outlook Stable

The final ratings are contingent upon the receipt of final
documents conforming to the information already received.

The used commercial vehicles loan, multi-utility vehicle loan,
car loan and construction equipment loan pool to be assigned to
the trust is originated by Ess Kay Auto Finance Private
Limited(EKAFPL).

                         KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of EKAFPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction.  The provisional rating of
Series A1 PTCs addresses the timely payment of interest on
monthly payment dates and ultimate payment of principal by the
final maturity date on Jan. 17, 2020, in accordance with the
transaction documentation.

The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on Jan. 17, 2020, in
accordance with the transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralisation available to Series A1 is
17.0% of the initial pool principal outstanding (POS) and
overcollateralisation available to Series A2 is 7.0% of the
initial POS.  The total excess cash flow or the internal CE
available including overcollateralisation to Series A1 and A2
PTCs is 34.60% and 21.54%, respectively, of the initial POS.  The
transaction also benefits from the external CE of 3.0% of the
initial POS in the form of fixed deposits in the name of the
originator with a lien marked in favor of the trustee.  The
collateral pool to be assigned to the trust at par had the
initial POS of INR515.2 mil., as of the pool cut-off date of June
26, 2016.

The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 Maximum Payout on the Series A2 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency also
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction.  The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests.  If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and the rating of Series A2 PTCs will not be impacted.


CNN MINERALS: Ind-Ra Withdraws BB- Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CNN Minerals
Private Limited's (CNN) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended CNN's ratings on Oct. 14, 2015.

CNN's Ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR80 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR60 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


DHANLAXMI INDUSTRIES: ICRA Withdraws 'B' Rating on INR6.80cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B assigned to the INR6.80
crore1 bank limits of Dhanlaxmi Industries, which were under
notice of withdrawal.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash credit            6.80        [ICRA]B (withdrawn)

The ratings are withdrawn as the period of notice of withdrawal
is completed.


ECO GREEN: ICRA Suspends 'B' Rating on INR16.07cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR16.07
crore limits of Eco Green Paper Products 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.

Incorporated in March 2011, Eco Green Paper Products Private
Limited (EGPPPL) is promoted by Mr. Bhupendra Patel and Mr. Hemal
Thacker. The company is engaged in manufacturing of kraft paper
in the range of 80-200 GSM (grams per square meter) having a
Burst Factor(BF) of 16-22 BF at its plant located at Kutch,
Gujarat having an installed capacity of 22,500 Metric tonnes per
annum (MTPA).


GANGA PLASTIC: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ganga Plastic
Products Private Limited's (GPPPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended GPPPL's ratings on Oct. 14, 2015.

GPPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR60 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR60 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


GREAT EASTERN: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Great Eastern
Appliances Private Limited's (GEAPL) 'IND BB+(Suspended)' Long-
Term Issuer Rating.

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

Ind-Ra suspended GEAPL's ratings on Nov. 3, 2015.

GEAPL's ratings:

   -- Long-Term Issuer rating: 'IND BB+(suspended)'; rating
      withdrawn,
   -- INR400 mil. fund-based limits: 'IND BB+(suspended)'; rating
      withdrawn
   -- INR306.8 mil. Long-term loans: 'IND BB+(suspended)'; rating
      withdrawn


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.


HARISONS STEEL: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Harisons Steel
Ltd's (HSL) 'IND BB-(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of information.  Ind-
Ra will not provide ratings or analytical coverage for HSL.

Ind-Ra suspended HSL's ratings on Dec. 29, 2015.

HSL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR40.3 mil. term loans: 'IND BB-(Suspended)'; rating
      withdrawn
   -- INR210 mil. fund-based limits: 'IND BB-(Suspended)'; rating
      withdrawn
   -- INR50 mil. non-fund-based limits: 'IND A4+(Suspended)';
      rating withdrawn
   -- Proposed INR12.6 mil. term loans: 'Provisional IND BB-
      (Suspended)'; rating withdrawn
   -- Proposed INR40 mil. fund-based limits: 'Provisional IND BB-
      (Suspended)'; rating withdrawn
   -- Proposed INR20 mil. non-fund-based limits: 'Provisional IND
      A4+(Suspended)'; rating withdrawn


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.


JAHANVI ISPAT: ICRA Suspends 'D' Rating on INR18cr Bank
-------------------------------------------------------
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 NCD
---------------------------------------------------------
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 at
[ICRA]D .

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

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.


JM FERRO: ICRA Suspends 'B' Rating on INR7.50cr LT Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to
the INR20.00 crore bank facility of JM Ferro Alloys Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   LT Scale-Fund Based
   Limits - Cash Credit       7.50       [ICRA]B, Suspended

   ST Scale-Non Fund
   Based Limits-Letter
   of Credit (Import/
   Export/Buyer's Credit)    12.00       [ICRA]A4, Suspended

   LT & ST Scale-Untied       0.50       [ICRA]B/[ICRA]A4,
   Limits                                 Suspended

Established in FY 2011, J M Ferro Alloys Private Limited (JMF) is
engaged in the business of trading of various types of Steel.
Till FY 2013, the company was engaged into the trading of
structural items only. However, from FY 2014 onwards the company
has diversified its product profile and has also started trading
of various steel products namely Hot Rolled (HR)
sheets/coils/CTL, Galvanized Plain (GP) coil/sheet, scrap, Pipe,
Tube, TMT bars etc. The company has its registered office in
Masjid (Mumbai) and a rented warehouse at Kalamboli.

The company's associate concern, New Steel Trading Private
Limited is engaged in the business of trading of steel products,
import and trading of ferrous and non ferrous scrap and
manufacturing of Ingots.


JONNA STEELS: ICRA Reaffirms B+ Rating on INR14cr Fund Based 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).


LODHA DEVELOPERS: Fitch Cuts LT Issuer Default Rating to 'B'
------------------------------------------------------------
Fitch Ratings has downgraded India-based homebuilder Lodha
Developers Private Limited's (Lodha) Long-Term Issuer Default
Rating (LT IDR) to 'B' from 'B+'. The Outlook is Negative. The
agency has also downgraded the long-term rating on Lodha's
$US200m senior unsecured notes due in 2020 to 'B' from 'B+'. The
notes have a Recovery Rating of 'RR4'. The US dollar notes are
issued by Lodha Developers International Limited, and guaranteed
by Lodha and some of its subsidiaries.

The downgrade reflects Lodha's inability to reduce its leverage,
as measured by net debt/adjusted inventory, to a level
appropriate for its previous rating. Leverage had increased to
80% by 31 December 2015 from 76% at 31 March 2015 (FYE15) and 65%
at FYE14, as the company continued to ramp up the pace of
construction in its property projects in spite of lower-than-
expected presales and cash collections over the last 12-18
months.

The Negative Outlook reflects the heightened liquidity risk that
Lodha may face in the short-term together with the risk that
leverage will continue to remain high at above 80% - if presales
and cash collections continue to underperform our expectations,
or if there are significant cash calls from its 40%-owned London
joint venture.

KEY RATING DRIVERS
Presales Miss Targets: Fitch said, "Lodha pre-sold INR64 billion
worth of properties in FY16, considerably below our expectations
of INR110 billion. As a result, cash collections were also weaker
than expected at INR62 billion. However cash collections in FY16
were 15% higher than in FY15 because the construction progress of
sections of major projects that were presold in prior years were
mostly on track. Fitch expects demand for residential properties
in India to remain modest, due to the significant unsold
inventory across most domestic regional markets. Therefore we
expect Lodha to pre-sell only around INR60 billion -65 billion of
property in FY17.

Cash Collections to Improve: "We expect cash collections to rise
to about INR80 billion to 85 billion in FY17, because several of
Lodha's large projects which have been substantially pre-sold are
on track to be delivered to customers during the same period.
Incremental sales of such completed projects typically result in
a shorter cash-collection cycle.

Leverage Could Remain High: "We do not expect Lodha to be able to
deleverage significantly over the next 12 months using its
internally generated cash flow. The company has continued to lend
money to its London joint-venture, which is in the very early
stages of development and has a high project-debt burden. A
substantial amount of the London project debt falls due in the
next six months, mostly in December 2016. Fitch believes that
Lodha may choose to support London project-debt maturities
(although it has no obligation to do so) if it is unable to
secure offshore refinancing, given the significant investments it
has already made.

High Debt Maturities in FY18: "Lodha's contractual debt
maturities balloon to over INR35 billion in FY18, and could
significantly increase liquidity risks if not addressed early.
However, in FY17 only INR800 million out of Lodha's total debt of
INR144 billion at 31 December 2015 falls due, which we expect the
company to be able to meet in light of access to domestic credit
markets which is still satisfactory. The company also had over
INR15 billion of undrawn credit facilities at FYE16."

Large Indian Homebuilder: Lodha is one of India's largest
homebuilders in terms of presales and land bank. The company sold
around $US970 million worth of properties across more than 20
projects in FY16 -- with a land bank of over 25 million square
metres -- valued at over $US10bn. Its cash flows and sales are
concentrated on four large project locations, each housing
several high-rise towers or housing schemes. These locations are
likely to account for more than 70% of sales and cash collections
over the next three years.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Lodha will sell between INR60 billion -65 billion of
    properties in FY17
-- Cash collections between INR80 billion -85 billion
-- Construction of key projects will continue on track
-- Lodha will continue to support interest- and demolition-cost
    deficits of its London JV

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Weaker liquidity over the next six months if presales and
    cash collections continue to remain weak, resulting in
    leverage remaining higher than 80% or presales/gross debt
    remaining below 0.5x (FY16 estimate: 0.4x)
-- Inability to secure the refinancing of short-term contractual
    maturities of project debt in its London JV that may lead to
    pressure on Lodha's own balance sheet
-- Limited progress towards addressing the significant
    contractual maturities of domestic debt falling due in FY18
-- Increasingly onerous terms from lenders on incremental
    financing raised

Positive: Fitch does not anticipate developments with a
substantial likelihood of leading to a rating upgrade. However,
the Outlook may revert to Stable if the above factors do not
materialise.


MACGUIRE CERAMICS: ICRA Suspends B+ Rating on INR8.0cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR8.00 crore bank facility of Macguire Ceramics LLP. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                          Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   LT Scale-Fund Based
   Limits-Cash Credit       8.00        [ICRA]B+, Suspended

   ST Scale-Non fund
   Based Limits-Letter
   of Credit                2.50        [ICRA]A4, Suspended

Macguire Ceramics LLP (MCP) was incorporated in the February 2012
and has started its operations in April 2012. The firm is engaged
in the business of trading of high end flooring tiles namely
Ceramic, Porcelain and Vitrified tiles of size 800x800mm in the
price range of INR80/Sq.ft to INR140/Sq.ft. The firm has its
registered office in Vile Parle (Mumbai) and warehouse at
Bhiwandi and Dadar.

The group entity, Monalisa Ceramics India Private Limited is
engaged trading of flooring tile along with wall tiles namely
ceramic, vitrified and porcelain tiles.


MAHAVIR ORE: Ind-Ra Withdraws BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mahavir Ore &
Sponge Private Limited's (MOSPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.  The agency has also withdrawn the 'IND BB-
(suspended)' rating on MOSPL's INR75 mi. fund-based limits.

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

Ind-Ra suspended MOSPL's ratings on Oct. 14, 2015.


METALINK: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Metalink a Long-
Term Issuer Rating of 'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect the company's moderate credit profile and
small scale of operations.  The firm's FY16 provisional financial
indicate revenue of INR155 mil. (FY15:103 mil.) with the interest
coverage of 1.8x (1.4x), net financial leverage of 3.9x (4.9x)
and operating EBITDA margin of 5.2% (6.1%).

The liquidity of the firm is moderate with the average
utilization of its working capital limits being 50% during the 12
months ended May 2016.

The ratings, however, are supported by over a decade of operating
experience of Metalink's partners in the fabricated steel
manufacturing business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
the overall improvement in the credit profile could be positive
for the ratings.

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

COMPANY PROFILE

Incorporated in 2003, Metalink is a partnership firm engaged in
manufacturing and exports of fabricated steel products.  The firm
exports its products (tension bars, barb wire arms, galvanized
rods etc) to the USA and Spain.

Metalink is managed by Mr Gaurav Dhawan and family.

Metalink's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR44.5 mil. fund-based working capital limit: assigned
      'IND B+'/Stable
   -- INR12.5 mil. non-fund-based working capital limit: assigned
      'IND A4'


MUNDRA TRACTORS: ICRA Suspends 'B' Rating on INR9.3cr Bank Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR9.30 crore bank facilities of Mundra Tractors. The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the
company.


NADAHALLI AGRO: ICRA Suspends B/A4 Rating on INR50cr 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.


NANDINI FITNESS: ICRA Lowers Rating on INR7.0cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised its long term rating on the INR7.00 crore1 fund
based bank facilities of Nandini Fitness Private Limited to
[ICRA]D from [ICRA]B-.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits       7.00       [ICRA]D; revised from
                                      [ICRA]B-

The rating revision is driven by delays in debt servicing by
NFPL, due to its stretched liquidity position due to its modest
cash accruals and high working capital intensity. ICRA takes note
of the company's weak financial risk profile with elevated
gearing and weak coverage indicators. However, ICRA derives
comfort from the association of the company with a reputed brand
'Gold's Gym'.

Going forward, a track record of timely debt servicing driven by
a sustained improvement in its liquidity position will be the key
rating sensitivity.

NFPL was promoted by Mr. Sumit Goel and Mr. Hemant Kumar Singh in
2009, to set up a health and fitness business in Lucknow, Uttar
Pradesh. The company is a franchisee of Gold's Gym and is
currently managing two gyms, along with the Mojo restaurant at
Mahanagar, Lucknow.


NANZ MED: ICRA Suspends B+ Rating on INR11.90cr Bank 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.


NOVELTY ASSOCIATES: Ind-Ra Assigns B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Novelty
Associates Private Limited (NAPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The agency has also assigned
the company's INR720 mil. fund-based working capital limits a
Long-term 'IND B+'/Stable and Short-term 'IND A4' ratings.

                        KEY RATING DRIVERS

The ratings are constrained by NAPL's weak credit profile with
net financial leverage (total adjusted net debt/operating
EBITDAR) of 9.8x and gross interest coverage (Operating
EBITDA/Gross Interest Expense) of 1.3x in FY15 on account of high
balance sheet debt and low EBITDAR margin.  The company's
provisional FY16 financials indicate a net financial leverage of
8.7x while a gross interest coverage of 1.3x.

On March 31, 2015, the total debt outstanding was INR1025 mil.,
of which working capital debt constituted 50%, term loan 6% and
unsecured loans 44%.

Ind-Ra notes that the EBITDAR margins for the company have
remained in narrow range of 3.3%-4.0% over FY12-FY15 despite a
healthy growth in the sales volumes primarily due to dealership
nature of its business.

In FY15, NAPL reported revenue of INR2,666 mil., up 12.5% yoy
with EBITDAR margin of 4.0% on the back of  13.4% yoy growth in
sales volume.  In FY16 the company's revenue was INR3,393 mil.,
up 27.3% yoy with EBITDAR margin of 4.0% backed by 20% growth in
sales volume.  NAPL derives around 94% of its revenue from sale
of cars while sale of spares and accessories and sale of services
account for 4% and 2%, respectively.

Ratings are further constrained by NAPL's stretched liquidity
position with net cash conversion cycle of 106 days in FY15.  The
company's fund-based working capital facilities were nearly fully
utilized over the 12 months ended May 2016.

The ratings, however, draw comfort from NAPL's strong track
record as the oldest authorized dealer of Hyundai Motors India
Limited (HMIL) in Amritsar and Gurdaspur district of Punjab.  The
company currently has five dealerships in Punjab.

                      RATING SENSITIVITIES

Positive:  An improvement in revenue and operating profit along
with strengthening of the credit metrics and liquidity profile
could be positive for the ratings.

Negative: Any decline in the revenue and profitability leading to
deterioration in the liquidity profile and inability of the
promoters to provide financial support to NAPL could result in a
negative rating action.

COMPANY PROFILE

NAPL is a part of Novelty Group established in 1950.  The group
owns the famous Novelty sweets in Amritsar and has interests in
food, automobiles and real estate business.  NAPL is into selling
cars and related accessories and providing financing and
insurance solutions for them.


NUEVO POLYMERS: ICRA Lowers Rating on INR30cr LT Loan to 'B'
------------------------------------------------------------
ICRA has revised its long term rating to [ICRA]B from [ICRA]BB-
and also reaffirmed its short term rating at [ICRA]A4 on the
INR30 crore bank limits of Nuevo Polymers Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term/Short       30.00       [ICRA]B; revised from
   Term Fund Based                   [ICRA]BB- (Stable)/[ICRA]A4;
   Limits                            Reaffirmed

The revision in long-term rating takes into account the
deterioration in NPPL's financial profile as reflected by the
fall in operating income from INR127.74 crore in 2014-15 to
INR38.46 crore in 2015-16 attributable to reduced demand for guar
gum powder from the oil and gas drilling industry in the United
States, the primary end-user segment. Decline in guar gum powder
prices (by almost ~50% from INR13,111/Quintal in May 2015 to
INR6000/Quintal in May 2016) on the back of fall in crude oil
prices coupled with good sowing and higher carryover stock of
guar gum powder in 2015-16 resulted in ~53% decline in the
company's production level to 2936 metric tonnes in 2015-16 as
against 6200 metric tonnes in 2014-15. The revision also factors
in the increase in the working capital intensity (NWC/OI was 6%
in 2014-15 which increased to 40% in 2015-16) of the company on
account of the increase in the debtors days due to decline in the
quantum of sales to the group company (Engenium Chemicals Corp)
from 95% in 2014-15 to 28% of the total sales in 2015-16.

The ratings continue to be constrained by the vulnerability of
guar crop to agro-climatic risks leading to cyclicality and
fragmented industry structure with relatively low market share of
the company in comparison to the overall exports of guar gum from
the country. The ratings, however, favourably factor in the
experience of the promoter in guar gum business. The ratings also
take note of the limited competition from substitutes of the
product for the oil and gas segment and the company's proximity
to raw material supply.

ICRA expects the revenues of the company to increase to some
extent due to the increased focus on its new product - Catonic
Guar, the realizations for which are almost three times of guar
gum powder. The profitability levels of the company are expected
to remain low due the muted demand in the near term and the stiff
competition prevailing in the industry. The ability of the
company to sustain its revenues and profitability margins will be
the key rating sensitivities.

NPPL was formed in March 2012, for providing consultancy work for
guar gum manufacturers and traders. Later in 2012-13, NPPL
entered into a Joint venture contract with Engenium Chemical
Corporations, ECC (Canada based trader of guar gum) and
established its manufacturing facility in Jhajjar, Haryana for
producing 'Industrial Grade Guar Gum Powder' from guar splits.
The company has further added a new product, Catonic Guar, the
manufacturing of which began in April 2015. The total combined
capacity of the company is 7500 metric tonnes per annum (MTPA).
Dadoo family, with two other family owned companies namely
Kamakya Vincom Private Limited and Efficient Technology Private
Limited, owns 70% shares of NPL with the remaining 30% being held
by ECC.

Recent Results
In 2015-16, NPPL reported a net loss of INR2.53 crore on an
operating income of INR38.46 crore as against a net profit of
INR3.45 crore on an operating income of INR127.74 crore in 2014-
15.


P.K. INDUSTRIES: ICRA Suspends 'B' Rating on INR4.0cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR4.001 crore fund based bank facilities of P.K. Industries.
ICRA has also suspended the short term rating of [ICRA]A4
assigned to the INR6.00 crore non fund based bank facilities of
PKI.

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

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund- Based Limits
   Long Term                4.00      [ICRA]B; Suspended

   Non Fund-Based Limits
   Short Term               6.00      [ICRA]A4; Suspended

Business was established in the year 2000 as a sole
proprietorship concern and is engaged in manufacturing and
selling of power and distribution transformers from 5KVA to 5MVA
capacity. Manufacturing plant of the company is located in the
Industrial Area in Govindpura, Bhopal, Madhya Pradesh.


PANDIT AUTOMOBILES: ICRA Suspends B+/A4 Rating on INR9.5cr Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR9.5 crores bank
facilities of Pandit Automobiles Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.


PIONEER TORSTEEL: Ind-Ra Assigns D Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pioneer Torsteel
Mills Private Limited (PTMPL) a Long-Term Issuer Rating of
'IND D'.

                          KEY RATING DRIVERS

The rating reflects PTMPL's continuous delays in debt repayments
over the 12 months ended May 2016, due to its stretched
liquidity. The liquidity stress was on account of the subdued
industry demand coupled with sub-optimal capacity utilization and
the resulting insufficient operational cash flows to meet the
debt obligations.

                       RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1999, PTMPL is into the manufacturing of sponge
iron and steel products at its plant with an installed capacity
of 200 tonnes/day.  After its acquisition by Benita Industries
Limited in 2013, PTMPL restarted its commercial operations from
July 2014, after a halt since FY12.  Benita Industries Limited
holds 97% shares of PTMPL.

PTMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND D'
   -- INR100 mil. fund-based working capital limits: assigned
      Long-term 'IND D'
   -- INR185 mil. term loan limits: assigned Long-term 'IND D'
   -- INR40 mil. non-fund-based working capital limits: assigned
      Short-term 'IND D'


RNP SCAFFOLDING: ICRA Reaffirms 'B' Rating on INR30cr LT 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.


RUDRA AUTO: ICRA Suspends 'B' Rating on INR25.50cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR25.501 crore fund based bank facilities of Rudra Auto Tech
Engineering Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund-Based Limits
   Long Term              25.50       [ICRA]B; Suspended

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

RAPL manufactures precision forged and machined auto components
in its factory located in Pantnagar, Uttarakhand. The company
manufactures various auto components such as flange axle rear,
flange propeller shaft, end flange rear, sleeve stop, steering
arm, hub brake pedal , drop arm, planetary gear, spicer flange,
end flange, rear flange axle, pivot pin, bracket etc. RAPL is
promoted by Mr. Vishal Singh (holding a 20% stake) and his family
members, and Mr. Singh is also the Managing Director of the
company. Mr. Singh also owns a majority stake of 52% and serves
as a Director in KVN, which is involved in manufacturing of auto
components such as bright bars, traub components, CNC components
etc in its manufacturing facilities in Pantnagar.


S.V. PATEL: ICRA Reaffirms 'B+' Rating on INR6.50cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.50 crore cash credit facility of S.V. Patel & Sons.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.50        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account SVP's small scale of
current operations and weak financial risk profile characterised
by moderate profitability levels, owing to the limited value
addition in the business and the highly competitive and
fragmented industry structure and adverse capital structure due
to high working capital requirements of the business. The rating
is also constrained by the vulnerability of the firm's
profitability to cotton and castor seed prices, which are subject
to seasonality and crop harvest. ICRA also notes that SVP is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.
The rating, however, positively considers the long experience of
the promoters in the cotton seed and castor seed crushing
industry and its reputed clientele base. The rating also
favourably considers the locational advantage of the firm, giving
it easy access to quality raw material (cotton seeds and castor
seeds).

Established in 2005, S.V. Patel & Sons (SVP) is a partnership
firm which crushes cotton seeds and castor seeds. In November
2015, the firm also commenced the production of castor oil
derivative viz. Hydrogenated Castor Oil (HCO). The manufacturing
facility, located at Kapadvanj in Gujarat, is equipped with nine
expellers each for cotton seed and castor seed crushing, with a
total installed production capacity of 9,000 Metric Tonnes Per
Annum (MTPA) and 2,800 MTPA respectively. The total installed
capacity of HCO stands at 5,500 MTPA. The firm is promoted and
managed by Mr. Rajesh Patel along with his family members and
friends. The key promoter has an experience of more than a decade
in the oil manufacturing industry.

Recent Results
During FY2015, SVP reported an operating income of INR24.25 crore
and profit after tax of INR0.30 crore as against the operating
income of INR22.40 crore and profit after tax of INR0.25 crore
during FY2014. As per provisional financials, the firm reported
an operating income of INR24.35 crore and profit after tax of
INR0.20 crore during FY2016.


SARAVANA GLOBAL: ICRA Cuts Rating on INR28.7cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating to the INR57.5 crore term loans
and fund based long term facilities of Saravana Global Energy
Limited from [ICRA]C- to [ICRA]D. ICRA has also revised the short
term rating on the INR22.5 crore fund based and non-fund based
limits of the company from [ICRA]A4 to [ICRA]D.

                             Amount
   Facilities             (INR crore)      Ratings
   ----------             -----------      -------
   Long-term, term
   loans                      28.7        [ICRA]D; downgraded

   Long-term, cash
   credit facilities          25.0        [ICRA]D; downgraded

   Long-term, proposed
   facilities                  3.8        [ICRA]D; downgraded

   Short-term, bills
   discounting facilities     10.0        [ICRA]D; downgraded

   Short-term, letters
   of credit/bank
   guarantees                12.5         [ICRA]D; downgraded

The rating revision factors in the recent delays in debt
servicing following from the weak financial profile of the
company owing to the delay in raising funds through the sale of
assets/divestment of stake which was proposed to be applied
towards One Time Settlement of foreign currency borrowings. The
ratings are also constrained by the insulator industry remaining
vulnerable to cyclicality in the end-user industry and weak
credit profile of SEBs who remain the principal buyers; and, the
intense competition in the insulator industry from domestic
organized players even though the threat from Chinese imports
receded gradually following the imposition of the Safeguard Duty.

The company, on a provisional basis, has reported an operating
income of INR42.6 crore and net loss of INR3.4 crore in FY 2016
as against an operating income of INR30.2 crore and net loss of
INR22.3 crore in FY 2015.

Saravana Global Energy Limited (SGEL, formerly known as Saravana
Insulators Limited) was incorporated in 2003 by acquiring the
assets of Seshasayee Industries Limited, a sick unit. SGEL
manufactures alumina porcelain insulators in Unit I located at
Cuddalore, Tamil Nadu, with capacity of 15,000 tons per annum
(mtpa) and, polymer insulators in Unit II located in
Madhurandhakam, Tamil Nadu, with capacity of ~27,000 pieces per
annum for application in transmission lines, power equipment
manufactures, and railway electrification projects. The company
also has a separate division, Global Power Research Institute, a
National Accreditation Bureau of Laboratories (NABL) recognized
extra high voltage (EHV) testing lab in Cuddalore. The promoters
hold ~80% of the stake in the company in their personal capacity
while the remaining is held by a private equity investor.


SRI SAI: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Sai
Enterprises' (SSE) Long-Term Issuer Rating of 'IND B+' to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.  The
agency has also migrated SSE's INR97.50 mil. fund-based limits to
'IND B+(suspended)' from 'IND B+'.

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

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


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
e 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.


SHREE TEL-FAB: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree Tel-Fab
Industries Private Limited's 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended Tel-Fab's ratings on Oct. 14, 2015.

Tel-Fab's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR100 mil. fund-based limits: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR137.5 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


SHREE NATH: ICRA Suspends 'B' Rating on INR11.5cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR11.501 crore fund based bank facilities of Shree Nath Ji
Enterprises.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund- Based Limits
   Long Term             11.50        [ICRA]B; Suspended

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

SNJE was established in 2013 as a partnership firm and is engaged
in the business of processing and trading of Basmati rice. The
commercial operations of the firm commenced only from November
2013. All the partners are actively engaged in the operations of
the firm. SNJE has its manufacturing unit at Kuchpura, Nissing,
Haryana with a milling capacity of 5 tonnes/hour of paddy.


SHRI JAGADGURU: Ind-Ra Puts IND BB Rating to INR65MM Term Loans
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Jagadguru
Co-operative Hospital Society Ltd.'s (SJCHSL) INR65 mil. term
loans an 'IND BB' rating with a Stable Outlook.

                         KEY RATING DRIVERS

The rating is constrained by SJCHSL's limited size of operations,
with provisional (P) FY16 financials indicating total income of
INR117.7 mil. (FY15: INR87.2 mil.).  Ind-Ra believes that the
society is not likely to record any astronomical top-line growth
in the near-to-medium term on account of moderate revenue growth
in its two important income sources: hospital receipts - 15.7%
CAGR over FY12-FY16 (P) - and tuition fees (23.4%).

SJCHSL's operating margin was lower than that of the private
trusts/societies that run medical colleges and hospitals on the
back of concessions in both tuition fees and medical treatments.
Both tuition fees per student as well as hospital receipts have
been low vis-a-vis their private counter-parts.  However, its
operating margin improved to 11.6% in FY16 (P) from 6.9% in FY15.

The agency believes the society's operational effectiveness is
moderate with total student strength recording a CAGR of 8.6%
over FY12-FY16.  In a segment-wise break-up, the CAGR of student
strength in nursing courses was negative 0.2% over FY12-FY16,
while this segment's average contribution to total student
strength was 41%.

The student strength of postgraduate courses - with an average
contribution of 20% to total student strength over FY12-FY16 -
increased at a CAGR of 29.1%, while the student strength in
Bachelor of Ayurvedic Medicine and Surgery (BAMS) -- with an
average contribution of 39% to the total student strength over
FY12-FY16 (P) - increased at a CAGR of 9.5%.  However, the agency
believes the society is going to record an uptick in the total
student strength in FY18 on the back of the introduction of the
Bachelor of Naturopathy of Yoga Sciences (BNYS) course with an
intake of 40 seats, to be accommodated in the ayurvedic medical
college.

The society's total capital and reserves rose to INR152.1 mil. in
FY16 (P) from INR140.8 mil. in FY15 on the back of a rise in
grants and donations from the central and state governments as
well as autonomous organizations.  Its available funds (cash and
unrestricted funds) stood at INR13.1 mil. in FY16 (P), declining
marginally from INR14.1 mil. in FY15.  The available funds cover
to debt (27.5%) and operating expenditure (12.7%) in FY16 (P)
were limited.

The society did not have debts in its books over FY12-FY14.
However, in FY15 it borrowed a term loan with a sanctioned amount
of INR63.6 mil. for a capital expenditure plan of INR106.5 mil.
over FY15-FY19 for the creation of fixed assets (buildings for an
ayurvedic medical college and a hostel as well as naturopathy and
yoga centres).  Accordingly, its debt/current balance before
interest and depreciation stood at 3.3x and 1.3x in FY15 and
FY16, (P) respectively, and its debt service coverage ratio stood
at 1.6x.

                       RATING SENSITIVITIES

Positive: Strong operational effectiveness along with improved
debt metrics and liquidity profile could be positive for the
rating.

Negative: Deteriorating financial profile on account of a lower-
than-expected rise in the headcount and a decline in grants,
coupled with a disproportionate increase in debt-led capex, could
be negative for the rating.

COMPANY PROFILE

SJCHSL was formed in 1951.  This limited liability co-operative
society is registered with the Bombay Co-operative Societies Act,
1925.  The 11-member management board is chaired by Mr. B. R.
Patil.

The society runs a 150-bed allopathy hospital and a 220-bed
ayurvedic hospital.  It set up its ayurvedic medical college in
FY97 and currently offers undergraduate and postgraduate ayurveda
courses.  The society also manages a nursing school, which offers
a diploma course in General Nursing and Midwifery (GNM) and a
nursing college that offers undergraduate and postgraduate
courses in nursing.  It also runs a naturopathy centre.  The
hospitals and colleges are spread across an area of 68 acres at
Ghataprabha town in Belgavi district, Karnataka.


SRI BALMUKUND: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Balmukund
Polyplast Pvt Ltd's (SBPPL) 'IND BB-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended SBPPL's ratings on Oct. 14, 2015.

SBPPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR367 mil. fund-based working capital limits:
      'IND BB-(suspended)'; rating withdrawn
   -- INR85 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


STARSHINE NIRMAN: Ind-Ra Withdraws IND BB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Starshine
Nirman Private Limited's (SNPL) 'IND BB-(suspended)' Long-Term
Issuer Rating.

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

Ind-Ra suspended SNPL's ratings on Oct. 14, 2015.

SNPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      withdrawn
   -- INR40 mil. fund-based working capital limits:
      'IND BB-(suspended)'; rating withdrawn
   -- INR250.5 mil. non-fund-based working capital limits:
      'IND A4+(suspended)'; rating withdrawn


SUBHAM AGRO: ICRA Suspends 'B' Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR10.0 crores bank facilities of Subham Agro India. The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the company


SUPER STAINLESS: ICRA Suspends B-/A4 Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 rating assigned to the INR8.50
crore limits of Super Stainless Steel. 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.

Super Stainless Steel (SSS) is a proprietor ship firm,
established in the year 2002 by Mr. Devendra Patel. From 2002 to
2005, the firm was mainly involved in the trading of the ammonium
alum. From 2005 onwards, the firm discontinued trading of
ammonium alum and started the trading of the stainless steel
sheets, coils and plates. In the year 2007, the firm acquired the
dealership of Jindal Stainless Limited. The firm currently also
undertakes trading of stainless steel products of SAIL.


SUPREME HEATREATERS: ICRA Suspends B+/A4 Rating on INR40cr Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR40.00 crore bank lines
of Supreme Heatreaters Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.

Incorporated in 1987, Supreme Heatreaters Pvt. Ltd is a family
run business promoted by Mr. Sanjay Chowdhri who is an engineer
by qualification. The company was initially engaged in
undertaking job work of heat treatment services and later
commenced manufacturing and processing of wires, bright bars and
profiles of stainless and ball bearing steel. In 2007, SHPL set-
up an additional division "Supreme Special Steels" in order to
manufacture specialty steels such as Nickel-based Superalloys,
Duplex & Super-duplex stainless steels, High Speed Steels etc
which find applications in the oil and gas exploration, nuclear
energy, defense and petroleum industry.


SWASTIK INDUSTRIES: ICRA Suspends 'B/A4' Rating on INR10.5cr Loan
-----------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR10.5 crore bank facilities
of Swastik Industries. The suspension follows ICRA's inability to
carry out a rating surveillance in absence of requisite
information from the company.


TAYAL ENERGY: Ind-Ra Withdraws D Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tayal Energy
Limited's (TEL) 'IND D(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended TEL's ratings on Dec. 30, 2015.

TEL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn
   -- INR1,283.2 mil. term-Loan: Long-term 'IND D(suspended)';
      rating withdrawn
   -- INR965 mil. fund-based limits: Long-term
      'IND D(suspended)'; rating withdrawn
   -- INR180 mil. non-fund-based limits: Short-term
      'IND D(suspended)'; rating withdrawn


TIMBLO DRYDOCKS: ICRA Assigns 'B+' Rating to INR50cr LT Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
INR50.00 crore fund based facility of Timblo Drydocks Private
Limited. ICRA has assigned the short term rating of [ICRA]A4 to
the INR90.0 crore short-term non-fund based limits of TDPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          50.00        [ICRA]B+ Assigned

   Short-term non-
   fund based limits     90.00        [ICRA]A4 assigned

The assigned ratings favourably factor in the established track
record of the company's promoters in the business of construction
of vessels across categories and favourable long-term demand
prospects for vessels in India being supported by their increased
usage for movement of cargo to coastal areas and/or minor ports.
Further, the new policy for providing financial assistance to the
Indian Shipbuilding & ship-repair industry announced by the
Government of India in December 2015 is expected to lead to
higher order flow over the next 2-3 years. ICRA also notes that
TDPL is a part of the financially strong PTI Group; flagship of
the group has long experience in iron ore mining in Goa.

The ratings are however constrained by the high gearing levels
and the stretched liquidity position of the company, which is on
account of high working capital requirement. ICRA however notes
that large part of the debt is in the form of interest free
unsecured loan from promoters, adjusting for which the capital
structure remains satisfactory. The ratings also factor in the
company's modest orderbook position presently; high competitive
intensity in the industry; and the vulnerability of the company's
profitability and cash flows to the cyclicality in the
shipbuilding sector and to raw material price fluctuations. ICRA
also notes that the company continues to have high receivables
outstanding, mainly from one customer. In ICRA's view, receipt of
the same in the near term would be critical for the liquidity and
credit profile of the firm.

Timblo Drydocks Private Limited (TDPL) was started in the year
1973 by Late Mr. Pandurang Timblo as a ship-repair unit for
undertaking repairs for barges. It carried out major and minor
repair works for different categories of vessels till 2008, post
which it ventured into construction of small size vessels. Upto
FY2011, it undertook construction of barges. Subsequently it
started construction of several large vessels including Offshore
Service Vehicle (OSV), dredger, container vessel etc.
The company's shipyard has been setup on the bank of River Zuari,
Goa and is built over an area of ~52,000 sq mt. The shipyard has
the facility to build 4-5 vessels at a time with maximum LOA
(Length Overall) of 120 meters and DWT (Deadweight tonnage) 8,000
tonnes. The company can build vessels such as dry cargo barges,
pontoons, multi-purpose vessels dredgers, passenger launches,
small floating jetties, OSVs, and various other specialized
vessels. The company also has a fibre division, wherein it builds
various types of Fibre Reinforced Plastics (FRPs), especially for
the defence sector.

The flagship of the PTI group is Panduronga Timblo Industrias
(PTI). PTI is involved in iron ore mining in Goa. It has 15
leases, of which 5 mines are operational. Prior to the mining ban
introduced in Goa from September 2012, PTI was exporting about
1.8 million MT of iron ore annually. The firm currently has a
license to mine not more than 1.5 million MT of iron ore
annually.

Recent Results
During FY2015, TDPL reported an operating income of INR109.11
crore (as against INR1.38 crore during FY2014) and profit after
tax of INR1.07 crore (as against INR2.33 crore for FY2014).


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.


UJALA TRADING: ICRA Suspends 'B' Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR10.0 crores bank facilities of Ujala Trading Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the
company.


UPPAL FERROCAST: ICRA Suspends 'B/A4' 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.


VG PAPER: Ind-Ra Raises Long-Term Issuer Rating to 'IND BB'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded V.G. Paper And
Boards Ltd's (VGPBL) Long-Term Issuer Rating to 'IND BB' from
'IND B+'.  The Outlook is Stable.

                          KEY RATING DRIVERS

The upgrade reflects VGPBL's improved credit profile on
normalized profitability and a substantial topline growth. FY16
provisional financials indicate net leverage of 3.3x (negative)
and EBITDA interest cover of 3.5x (negative) on EBITDA turning
positive along with 257% topline growth.  VGPBL's is likely to
have recorded revenue of INR817 mil. in FY16 (FY15:229m) as
operations stabilized after the new management took over.  Mr. R
Venkatapathy and his family took over the operations of VGP in
December 2014 in a slump sale.  The company had reported negative
EBITDA in FY14 and FY15.  FY16 numbers indicate 14.8% EBITDA
margin.

VGIPL's liquidity is comfortable with its use of fund-based
working capital facilities being at around 77% during the 12
months ended May 2016.

Ind-Ra, however, expects the credit metrics to deteriorate in the
short-term with the new debt coming in to fund the company's
planned capacity expansion at its manufacturing unit, increasing
the installed capacity to 120 tons/day from 100 tons/day.  The
credit metrics are likely to normalize by FYE18 as the operations
stabilize and the new capacity becomes profitable.

The ratings are supported by over two decades of operating
experience of the company's founders in the paper manufacturing
industry.

                         RATING SENSITIVITIES

Positive: A substantial growth in the revenue while maintaining
the profitability leading to a sustained improvement in the
credit profile could lead to a positive rating action

Negative: A substantial decline in the revenue or the
profitability resulting in a sustained deterioration in the
credit profile of the company could lead to a negative rating
action

COMPANY PROFILE

Incorporated in 1986, Tirupur-based VGPBL manufactures the paper
used for newspaper printing.

VGPBL's ratings:

   -- Long-Term Issuer Rating: upgraded to IND 'BB'/Stable from
      'IND B+'/Stable
   -- INR109.3 mil. (increased from INR81.4 mil.) Long-term
      loans: upgraded to 'IND BB'/Stable from 'IND B+'/Stable
   -- INR250.0 mil. fund-based facilities: upgraded to 'IND BB'
      /Stable /'IND A4+' from 'IND B+'/Stable/'IND A4'


WARM FORGING: ICRA Suspends B-/A4 Rating on INR17.3cr Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B- and short-
term rating of [ICRA]A4 assigned to the INR17.30 crores bank
facilities of Warm Forging Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.



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


SEADRAGON LIMITED: PWC Raises Going Concern Doubt
-------------------------------------------------
BusinessDesk reports that Seadragon Limited's auditors have
warned the fish oil extractor may not have sufficient cash
reserves to meet its obligations if it fails to achieve its
forecast cash flow and doesn't receive continued support from
investors and financiers.

BusinessDesk relates that in a note to the company's audited
financial accounts, PWC indicates an uncertainty that casts doubt
on the Nelson-based company's ability to continue as a going
concern.

In a statement published with its annual report, Seadragon said
it had breached an agreement with one of its lenders because it
wrote down the value of its Omega-2 fish oil stocks, BusinessDesk
relays.

According to BusinessDesk, the fish oil extractor agreed to sell
its Omega-2 inventory to what it describes a major international
food and fine chemicals company for about NZ$2.5 million. As a
result, it wrote down the value of its inventory by a further
NZ$600,000, bringing the total write-down of inventory for the
year to NZ$4.3 million.

BusinessDesk relates that Seadragon said the write down meant
that the company "did not comply with one of its lending
covenants set out in its lending facilities with Heartland Bank
as of 31 March 2016 and 30 June 2016." Seadragon breached an
agreement that covers the ratio of working capital it must hold
compared to its debt.

BusinessDesk notes that Heartland Bank agreed to waive compliance
and is in discussions with Seadragon about using some of the
NZ$2.5 million raised from the sale of the Omega-2 stocks to
repay some of its debt.

BusinessDesk says the announcement was made as Seadragon
published its audited financial results for the year to the end
of March. Sales fell to NZ$5.6 million from NZ$6.2 million a year
earlier. The net loss almost doubled to NZ$5.5 million from
NZ$2.8 million a year earlier. It had previously flagged an
unaudited net loss of NZ$4.9 million.

Chairman Colin Graves said the results reflected the downturn in
the Omega-2 market. "Recent weakness meant we were unable to meet
sales targets for the last financial year and led to our Omega-2
inventory levels being much higher than usual at year end," he
said, adding that the industry sale of its Omega-2 stocks was a
"major step in executing our strategy to exit the Omega-2
markets," BusinessDesk reports.

Seadragon is taking a number of steps to try to preserve its cash
position, BusinessDesk notes. It is cutting its operating costs,
exiting office leases where they are not fully used and looking
to speed up the sale of stocks that are selling slowly or are not
seen as crucial to the business. It is also looking to ramp up
sales of its Omega-3 products, according to BusinessDesk.

Its financial accounts show it had NZ$195,000 in cash and was due
to receive NZ$685,000 in trade and other receivables for the year
ended March 31, 2016. It owed NZ$884,000 to trade creditors and
had an overdraft of NZ$3.87 million, BusinessDesk discloses.

According to BusinessDesk, Mr. Graves said the company was
reviewing the terms of their relationship with its bankers and
looking at options to raise additional capital "if needed". Notes
to the financial accounts show the company's response to
questions about Seadragon's ability to continue as a going
concern is to seek additional cornerstone investors and look at
other funding options, BusinessDesk relays. It raised NZ$10
million in a rights issue last September.

SeaDragon Limited (NZE:SEA) -- http://www.seadragon.co.nz/--
manufactures refined fish oils. The Company operates in two
segments: Holding Company Activities and Fish Oil Refinery
Activities. Its products include deep sea shark liver oil (DSSLO)
and Omega3. The Company exports its products to various
countries, which include the United States, Canada, France, the
United Kingdom, Sweden, Poland, South Africa, China, South Korea,
Japan, Malaysia, Singapore, Philippines, New Zealand and
Australia. The Company is engaged in producing refined Omega-3
fish oils sourced from: Hoki, Tuna and Anchovies. Its
subsidiaries include CER Group Pty Limited, which operates as a
holding company; CER Property Pty Limited, which invests in
property; SeaDragon Marine Oils Limited, which operates marine
oil blenders, and Omega 3 New Zealand Limited, which is also
engaged in marine oil blending.



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


STX OFFSHORE: In Talks to Ax Shipbuilding Contracts
---------------------------------------------------
Yonhap News Agency reports that STX Offshore & Shipbuilding Co.,
a local shipyard under court receivership, is in talks with its
customers to cancel orders, as it strives to reduce losses,
industry sources said on July 1.

According to the report, sources said STX Offshore is close to
axing its contract to build four ships with Frontline Ltd., the
world's largest oil tanker shipping firm.

Also, STX Offshore is in talks with another customer to nix an
order contract to build three ships, the sources said, says
Yonhap.

Last month, a local court approved a filing by financially shaky
STX Offshore to be put under a court-led restructuring scheme,
paving the way for the shipyard to avert liquidation, Yonhap
recalls.

According to Yonhap, the shipbuilder has been under the control
of its creditors since April 2013 amid a protracted slump in the
shipbuilding sector.

Yonhap relates that despite over KRW4 trillion ($3.36 billion) in
financial aid from its creditors, the shipbuilder logged an
operating loss of KRW314 billion last year following a loss of
KRW1.5 trillion the previous year.

STX Offshore & Shipbuilding was affiliated with the now-defunct
STX Group that had a business portfolio that ranged from
construction and shipping to shipbuilding and energy.

It is one of the local shipyards that have been suffering massive
losses due to delays in the construction of offshore facilities
and an industry-wide slump, Yonhap notes.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.


                             *********

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.


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

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

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

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

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



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