TCRAP_Public/160706.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

            Wednesday, July 6, 2016, Vol. 19, No. 132


                            Headlines


A U S T R A L I A

ABBONDARE PTY: First Creditors' Meeting Set For July 12
GUVERA AUSTRALIA: Has Until July 7 to Present Rescue Plan
JOHANNA JOHNSON: Designer Sells Home for AUD3.2 Million
SAM MANAGEMENT: First Creditors' Meeting Set For July 13
SRM PLUMBING: First Creditors' Meeting Slated For July 13

TEECEE TRANSPORT: First Creditors' Meeting Set For July 13
TRITON MINERALS: Gets Two Competing Recapitalization Bids
UGLII GROUP: Provides Undertaking to Court


C H I N A

WEST CHINA: Moody's Confirms Ba3 CFR; Outlook Negative


I N D I A

ANANT EDUCATIONAL: CRISIL Reaffirms B- Rating on INR77.5MM Loan
B.J. GRAIN: CARE Assigns B+ Rating to INR6cr Long Term Loan
BIRBAL INTERNATIONAL: Ind-Ra Affirms 'IND B+' LT Issuer Rating
CONCORD HOSPITALITY: Ind-Ra Affirms 'IND D' LT Issuer Rating
ECO SAND: CRISIL Assigns 'B' Rating to INR89.4MM Term Loan

ELECON CONDUCTORS: CRISIL Reaffirms B+ Rating on INR55MM Loan
ETA ENGINEERING: CRISIL Lowers Rating on INR4.41BB Loan to 'D'
G AND G ISPAT: CRISIL Suspends B- Rating on INR70MM Cash Loan
GOYA AGRO: CRISIL Assigns B+ Rating to INR45MM Cash Loan
GM SUGAR: CARE Assigns B+ Rating to INR40cr LT Bank Loan

GOYAL KNITWEARS: CARE Lowers Rating on INR20.53cr ST Loan to 'D'
INDO GERMAN: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
NAMDHARI RICE: CARE Assigns 'B-' Rating to INR11.50cr LT Loan
JASMER PACK: Ind-Ra Affirms 'IND BB' LT Issuer Rating
KESHAV ENTERPRISES: CRISIL Lowers Rating on INR110MM Loan to D

KJ ISPAT: CRISIL Lowers Rating on INR80MM Cash Loan to B-
KONDUSKAR TRAVELS: CRISIL Lowers Rating on INR115MM Loan to B-
MAHESHWAR MULTITRADE: CARE Reaffirms B+ Rating on INR8.91cr Loan
OASIS COMMERCIAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
OASIS OVERSEAS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating

P.D. AGRO: CRISIL Reaffirms 'B' Rating on INR80.0MM Cash Loan
PRAKASH STEELAGE: CARE Lowers Rating on INR150cr LT Loan to 'D'
RAMALINGESHWARA COTTON: CARE Puts B+ Rating on INR5.80cr LT Loan
PROMINENT METAL: CARE Assigns B+ Rating to INR15cr LT Bank Loan
RAMCO INTERNATIONAL: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

SARTHAK ENTERPRISE: CRISIL Reaffirms B+ Rating on INR27.5MM Loan
SATYAM COTTEX: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
SEVEN SEAS: CRISIL Reaffirms B+ Rating on INR2.18BB Term Loan
SHAKUNTALA WARE: CRISIL Suspends 'B' Rating on INR160MM Loan
SHIVALIK I.B.: CRISIL Assigns B+ Rating to INR150MM e-DFS

SHIVPRASAD FOODS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SHRI GARGI: CARE Revises Rating on INR20cr LT Loan to 'B'
SHRINET AND SHANDILYA: CARE Assigns B+ Rating to INR3.0cr LT Loan
SHUBHYAN MOTORS: CRISIL Reaffirms B- Rating on INR63MM LT Loan
SILVER STAR: Ind-Ra Assigns 'IND B' LT Issuer Rating

SINGH AUTOMOBILE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
SKC INFRATECH: CRISIL Suspends B+ Rating on INR80MM Loan
SRI VIJAYA: Ind-Ra Affirms 'IND B+' Long Term Issuer Rating
STERLING GATED: CARE Upgrades Rating on INR60cr LT Loan to B+
SUBIZZ TRAVEL: CARE Assigns B+ Rating to INR0.44cr LT Loan

TAMILNADU STATE: CARE Reaffirms 'B' Rating on INR15cr LT Loan
TROY IFMR: Ind-Ra Rates INR24.1MM Series A2 PTCs at IND BB-(SO)
UNIVERSAL HEAT: CRISIL Assigns B- Rating to INR140MM Cash Loan
V. G. SHIPBREAKERS: CRISIL Cuts Rating on INR80MM Loan to 'D'
VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Loan


I N D O N E S I A

MULTIPOLAR TBK: Fitch Cuts LT Issuer Default Rating to 'B'
MODERNLAND REALTY: Fitch Affirmed 'B' LT IDR; Outlook Negative


S O U T H  K O R E A

KOREA: Troubled Shippers, Shipbuilders Suffer Rating Downgrades


S R I  L A N K A

SIERRA CABLES: Fitch Assigns 'BB+(lka)' Long-Term Rating


X X X X X X X X

FIJI REPUBLIC: S&P Affirms 'B+' Sovereign Ratings; Outlook Stable

* Unenforced & Arbitration Judgments Cost 14% of Cos. Over $50M


                            - - - - -


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A U S T R A L I A
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ABBONDARE PTY: First Creditors' Meeting Set For July 12
-------------------------------------------------------
Jason Bettles and Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Abbondare Pty Ltd
on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, HQ@Robina, 58 Riverwalk Avenue, in Robina, on July 12,
2016, 2:30 p.m.


GUVERA AUSTRALIA: Has Until July 7 to Present Rescue Plan
---------------------------------------------------------
Ben Butler and Christine Lacy at The Australian reports that
directors of cash-strapped music streaming service Guvera have
been given until July 7 to come up with a rescue plan acceptable
to creditors owed AUD15 million.

According to The Australian, the future of the group, headed by
Gold Coast entrepreneur Darren Herft, was plunged into doubt on
June 27 when it put two subsidiaries into administration after
the ASX knocked back Guvera's bold plan to list with a valuation
of more than AUD1 billion.

And while the move was designed to provide Guvera with time to
restructure, it may end up costing the company AUD15,000 a day --
almost AUD5.5m a year -- in music licensing fees, the report
says.

The Australian relates that an IPO would have provided the loss-
making Guvera with essential capital to pay its debts, including
to the Tax Office and music copyright collection society APRA
AMCOS.

At risk is about AUD180m pumped into the group by about 3000
investors, most of whom are believed to be clients of accountants
signed up to Mr Herft's AMMA Private Equity network, according to
the report.

Last week, Guvera launched a final effort to raise AUD15m-AUD20m
over the next fortnight, the report recalls.

Asked about progress of the fundraising attempt, Mr Herft said:
"All going well," The Australian relays.  He did not respond to
further queries.

According to The Australian, Deloitte partner Neil Cussen, the
administrator of the two subsidiaries, Guvera Australia and Guv
Services, said he hoped Guvera management would propose a deed of
company arrangement under which sacked employees would receive
their full entitlements and other creditors would receive full or
part payment over time.

He said about 60 workers employed by Guv Services were sacked
last week, but about a third had been re-employed elsewhere in
the Guvera group. Workers and 90 trade creditors are owed a total
of about AUD15m and are to meet on July 7, the report relates.

"We're working with Guvera management; we're hoping we receive a
proposal on or around the creditors' meeting that we can
discuss," the report quotes Mr Cussen as saying.  If creditors do
not approve a deal, the two companies are likely to be
liquidated.

"If there's liquidation, that's not a good result and we'd
probably have to refer employees to FEG (the Fair Entitlements
Guarantee Scheme)," Mr Cussen said.


JOHANNA JOHNSON: Designer Sells Home for AUD3.2 Million
-------------------------------------------------------
Lucy Macken at Domain reports that celebrity bridal designer
Johanna Johnson has some good news for her many creditors and the
tax office thanks to a secret off-market sale of her Vaucluse
home.

But news of the high-end sale came as a surprise to the company
liquidator this week when notified about the result by Domain.

Domain relates that Ms Johnson, who is known for dressing the
likes of Hollywood's Christina Hendricks and Foreign Affairs
Minister Julie Bishop, secured about AUD3.2 million from a local
buyer for the recently renovated home she owns with her husband
Andrew Johnson.

According to the report, the Johnsons' Cambridge Avenue semi is
spread over two storeys on 445 square metres with an open-plan
living and dining area and lock-up garage.

Domain relates that records show the result offers a windfall of
more than AUD1 million to the couple given their purchase price
of AUD2 million three years ago.

However, liquidator Tim Cook, of Balance Insolvency, said the
sale was unlikely to save the fashion house from insolvency given
there are more than 100 creditors owed money from the company,
including about 70 brides-to-be with outstanding orders,
according to Domain.

Earlier last week, much of the company's remaining stock was sold
off, including more than 100 dresses, some of which sold for more
than AUD1,000 each, Domain recalls.

In April, voluntary administrator Adam Shepard recommended to the
Supreme Court that a liquidator be appointed and the company
wound up given the "substantial liabilities" and an outstanding
debt to the tax office of AUD1.1 million. That tax debt included
AUD300,000 in superannuation charges payable on behalf of staff
over many years, according to Domain.

Ms Johnson had disputed the tax office assessment of her
liability, adds Domain.

Adam Shepard of Farnsworth Shepard was appointed as administrator
of Johanna Johnson Pty Ltd on April 13, 2016.

Tim Cook of Balance Insolvency was appointed as liquidator two
weeks following the appointment of administrator.


SAM MANAGEMENT: First Creditors' Meeting Set For July 13
--------------------------------------------------------
Bradley John Tonks & John Vouris of PKF were appointed as
administrators of Sam Management Pty Limited on July 1, 2016.

A first meeting of the creditors of the Company will be held at
PKF, Level 8, 1 O'Connell Street, in Sydney, on July 13, 2016, at
2:30 p.m.


SRM PLUMBING: First Creditors' Meeting Slated For July 13
---------------------------------------------------------
David Ingram and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed as administrators of SRM Plumbing Pty
Ltd on July 1, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 St Georges
Terrace, in Perth, on July 13, 2016, at 11:00 a.m.


TEECEE TRANSPORT: First Creditors' Meeting Set For July 13
----------------------------------------------------------
Richard Albarran and Cameron Shaw of Hall Chadwick were appointed
as administrators of Teecee Transport Pty Ltd ATF TC
Discretionary Trust on July 1, 2016.

A first meeting of the creditors of the Company will be held at
The Duxton Hotel, 1 St Georges Terrace, in Perth, on July 13,
2016, at 10:00 a.m.


TRITON MINERALS: Gets Two Competing Recapitalization Bids
---------------------------------------------------------
Fraser Beattie of BusinessNews report that a corporate finance
firm and a private gold company have put forward competing
proposals to recapitalize Triton Minerals.

According to the report, administrators Ferrier Hodgson said it
had received a deed of company arrangement proposal from Somers &
Partners and a recapitalization deed proposal by Minjar Gold.

BusinessNews relates that Somers & Partners has proposed a fully
underwritten entitlements issue of 226.7 million shares at 6
cents each to raise about AUD13.6 million.

The firm has paid a AUD1 million deposit, AUD300,000 of which is
non-refundable, and it expects to take up to four months to raise
the funds, BusinessNews says.

If successful, Somers & Partners will have the right to nomimate
one director to Triton's board, while all existing directors
except Garth Higgo and Paula Ferreira would resign, the report
says.

BusinessNews says Minjar, meanwhile, is offering a placement of
105.2 million shares at 8 cents each to raise AUD8.4 million, and
following that it plans to conduct an entitlement offer at 4
cents each to raise a further AUD7 million.

According to BusinessNews, Ferrier Hodgson said while Minjar's
proposal quoted a shorter timeframe for completion (of one-to-two
months), it warned that it could actually take closer to six
months to receive the funds.

"The terms of recapitalization deed and the subsequent
underwriting agreement (proposed by Minjar) have not been agreed
by the administrators of the company," the administrator said,
BusinessNews relays.

Martin Jones, Andrew Smith and Dermott McVeigh of Ferrier Hodgson
were appointed as administrators of Triton Minerals Limited on
March 2, 2016.

Triton Minerals Limited is an ASX listed mineral exploration and
development company focused on exploring and developing the
graphite recourses of their 80% interest in the Cabo Delgado
Province of Mozambique, Grafex Lda (Grafex).


UGLII GROUP: Provides Undertaking to Court
------------------------------------------
As part of proceedings commenced by Australian Securities and
Investments Commission to appoint provisional liquidators to six
companies within the Uglii Group, the defendant companies have
given an undertaking to the Federal Court relating to the offer
of shares.

In particular, the defendant companies, upon ASIC's request, have
given an undertaking to the Court that they will not make any
offer of shares in the companies except:

  -- to sophisticated or professional investors as defined in the
     Corporations Act;
  -- to persons who are associated with the defendant companies
     as defined in the Corporations Act;
  -- to existing shareholders who have invested AUD100,000 or
     more;
  -- to persons who are outside Australia and who are neither
     Australian residents or citizens; or
  -- through the holder an Australian Financial Services Licence
     who has given advice to the investor prior to the purchase
     of shares.

At a hearing on July 1, 2016, ASIC consented to an adjournment of
its application for the appointment of provisional liquidators to
the defendant companies until 10:15 a.m. on July 29, 2016, upon
the provision of the undertaking. The adjournment was sought to
give the defendants time to file any affidavits that they wish to
rely in opposition to ASIC's applications and are to be filed by
no later 4:00 p.m. on July 22, 2016.

As reported in the Troubled Company Reporter-Asia Pacific on
June 21, 2016, ASIC applied to the Federal Court of Australia for
the appointment of provisional liquidators to six companies
within the Uglii Group, namely:

     * Uglii Corporation Limited (ACN 085 265 309);
     * Traralgon Technology Holdings Limited (ACN 130 403 520);
     * Uglii Find Australia Limited (ACN 101 790 505);
     * BizMio Limited (ACN 123 172 412);
     * Projects Discovery Services Pty Ltd (ACN 112 690 347); and
     * Uglii Ads System Pty Ltd (ACN 604 405 263)

Uglii Corporation Limited is an information technology
development company that is based in Traralgon, Victoria. Uglii
is an unlisted public company with approximately 2,500
shareholders.



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WEST CHINA: Moody's Confirms Ba3 CFR; Outlook Negative
------------------------------------------------------
Moody's Investors Service has confirmed West China Cement
Limited's (WCC) Ba3 corporate family and senior unsecured
ratings.

The ratings outlook is negative.

This concludes the ratings review initiated on Dec. 1, 2015.

On June 30, 2016, WCC and Anhui Conch Cement Company Limited
(Conch, A3 stable) jointly announced that the transaction
agreement announced on Nov. 27, 2015, had been terminated.

The termination was because of the fact that certain conditions
had not been satisfied or waived before the transaction's long
stop date of June 30, 2016, including and not limited to the
approval by Chinese commerce authorities.

Under the original agreement, WCC was to receive four of Conch's
cement-producing companies based in Shaanxi Province in exchange
for its issuance of new shares to Conch.

Under this scenario, WCC would have seen Conch become its largest
shareholder, with an equity stake of 51.6% from the current
21.2%.

                          RATINGS RATIONALE

"The rating confirmation reflects WCC's financial performance and
Moody's expectation that its operation and access to funding have
been strengthened by its association with Conch, even though the
latter's equity stake in WCC has not risen because of the
transaction's termination," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

WCC's adjusted EBITDA margin is expected to remain stable at 27-
28% over the next 12-18 months -- compared with 27.7% in 2015 --
as lower production costs for its products partially offset the
effects of downward pricing pressure.

Moody's expects WCC to generate positive free cash flow in 2016,
which will help reduce debt, given its reduced capital spending.
As a result, we expect debt/EBITDA to decline to 3.7-4.0x over
the next 12-18 months from 4.0x in 2015.  This level of leverage
positions WCC in the Ba-rating level.

On the other hand, Moody's expects WCC's revenues to fall
moderately due to weak market fundamentals.

Moody's expects that the consolidation in China's cement
manufacturing industry will continue over the next 1-2 years,
with surviving producers benefiting from a reduced level of
production capacity against the backdrop of difficult market
conditions.

In this context, Moody's believes that WCC has the opportunity to
become one of the surviving producers over the long term because
of Conch's investment.

Thus, Moody's expects WCC to benefit from the achievement of
business synergies with Conch, a development which will likely
include operating support to reduce costs; better management of
supply; reductions in borrowing costs; and improvements in access
to the bank and capital markets.

The negative outlook reflects Moody's concerns over WCC's weak
liquidity position against the backdrop of weak pricing in the
cement manufacturing industry.  Reported cash/short-term debt was
at a low level, measuring only 39% at end-2015.

Upgrade pressure in the near term is unlikely, given the negative
outlook.

However, the ratings outlook could return to stable, if (1) WCC
achieves a sound liquidity position, such that its cash balance
fully covers its short-term debt; (2) WCC is disciplined in its
capital expenditure; (3) WCC does not undertake acquisitions over
the next 12 months, given the difficult nature of the market; and
(4) Conch does not reduce its investment in WCC.

On the other hand, downward rating pressure could emerge, if
WCC's financial and/or liquidity position weakens because of
falling revenues; rising costs; aggressive acquisitions; or
unexpected shareholder distributions.

Financial indicators of a rating downgrade include EBITDA margins
below 20% -25%, or debt/EBITDA exceeding 3.5x - 4.0x on a
sustained basis.

Any reduction in WCC of Conch's level of ownership will also be
negative for WCC's ratings.

The principal methodology used in these ratings was Building
Materials Industry published in September 2014.

West China Cement Limited (WCC) is one of the leading cement
producers by capacity in China's Shaanxi province.  At end-2015,
the company's annual production of cement was 29.2 million tons.
Its revenues totaled RMB3.5 billion in 2015.

Anhui Conch Cement Company Limited -- listed on Hong Kong Stock
Exchange since 1997 and the Shanghai Stock Exchange since 2002 --
is the second-largest cement producer in China by production
volume.  The company had about 229 million tons per annum (mtpa)
clinker capacity and 290 mtpa cement capacity in 2015.  In
FY2015, it recorded RMB51 billion in sales.  The Anhui Provincial
Government indirectly owned an 18.8% equity stake in the company
at end 2015.



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ANANT EDUCATIONAL: CRISIL Reaffirms B- Rating on INR77.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Anant Educational
Trust (AET) continue to reflect AET's below-average financial
risk profile because of a leveraged capital structure and muted
debt protection metrics, constraining its financial flexibility.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      7.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      5.0      CRISIL B-/Stable (Reaffirmed)

   Term Loan              77.5      CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the trust's exposure to risks related
to restrictions imposed by regulatory bodies and to intense
competition in the education sector. These rating weaknesses are
partially offset by the benefits AET derives from the extensive
experience of its trustees in the education sector.
Outlook: Stable

CRISIL believes AET will continue to benefit over the medium term
from the extensive industry experience of its trustees and its
association with Delhi Public School (DPS). The outlook may be
revised to 'Positive' if continued significant ramp-up in scale
of operations, with an increase in student intake while improving
its profitability, leads to positive accrual and significant
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' in the event of further dip in occupancy and
profitability, or significant deterioration in liquidity because
of large capital expenditure.

AET was set up in 2011. The trust set up a school under the DPS
brand in Patiala (Punjab) in 2012-13 (refers to financial year,
April 1 to March 31). Mr. Ramesh Talwar is the key promoter-
trustee who looks after AET's operations.

AET's estimated net deficit stood at INR6.0 million on estimated
net sales of INR40.7 million for 2015-16, as against net deficit
of INR12.7 million on net sales of INR27.6 million for 2014-15.


B.J. GRAIN: CARE Assigns B+ Rating to INR6cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of B.J.
Grain.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       6        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of B.J. Grain (BJG) is
constrained by the proprietorship nature of constitution, nascent
stage of operations, presence in the highly competitive and
fragmented agro-trading industry along with exposure to commodity
price fluctuation risk and seasonal nature of availability of
trading material resulting in working capital intensive nature of
business.

The above weaknesses are partially offset by the proprietor's
satisfactory experience in liquor trading business.

Attainment of stability of operations and managing the working
capital needs during the initial stage of operations will be the
key rating sensitivity.

Established in October 2015 as a proprietorship entity, BJG is
engaged in trading of grains and pulses. The firm started its
commercial operations from February, 2016. BJG procures the raw
material primarily from the domestic market partly through
various brokers, processing mills and partly from farmers present
in the vicinity of Nagpur and adjoining region. The entity's
sales are entirely domestic with majority sales to distilleries
located in and around Vidarbha region directly or via various
brokers. The firm sells its products mainly to distilleries like
Radico Distilleries (Aurangabad), Anand Distilleries (Nagpur),
etc. The firm does not have owned storage facilities to store the
traded goods; instead the facilities are leased as and when
required.


BIRBAL INTERNATIONAL: Ind-Ra Affirms 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings & Research (Ind-Ra) has affirmed Birbal
International Private Limited's (BIPL) Long-Term Issuer Rating at
'IND B+'. The Outlook is Stable. A full list of rating actions is
at the end of the commentary.

KEY RATING DRIVERS

The ratings continue to reflect BIPL's small scale of operations
and a dip in its EBITDA margins. The company's FY16 provisional
financials indicate revenue of INR417.89m with deterioration in
the company's operating EBITDA margins to 8.38% from 9.67% in
FY15. The ratings are constrained by BIPL's presence in a highly
fragmented and competitive textile industry and its working
capital intensive nature of business.

The ratings, however, reflect BIPL's improved credit metrics in
FY16 as reflected by its gross interest coverage (operating
EBITDA/gross interest expense) of 2.00x (FY15: 1.79x) and
financial leverage (total adjusted debt/ operating EBITDAR)
of4.58x (5.44x).

The ratings are supported by three decades of operating
experience of BIPL's promoters in the textile business and its
strong relationships with the customers and suppliers. The
ratings are further supported by comfortable liquidity position
of the company with the average utilisation of its packing credit
limit being at 56.44% during the 12 months ended May 2016.

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: Any deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

BIPL was incorporated in 1995 in New Delhi. The company is
engaged in the manufacturing of garments and their export. The
company manufactures kidswear, shirts, t-shirts, jeans, trousers
etc. The company is a 100% export house. BIPL has a production
capacity of 30,000 garments per day and is managed by Surender
Gupta and Sunita Gupta.

BIPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
-- INR100 million fund-based limits: affirmed at 'IND B+'/Stable
    /'IND A4'
-- INR20 million term loan: 'IND B+'/Stable; rating withdrawn


CONCORD HOSPITALITY: Ind-Ra Affirms 'IND D' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Concord
Hospitality Private Limited's (CHPL) Long-Term Issuer Rating at
'IND D'. The agency has also affirmed CHPL's INR516.5m term loans
(reduced from INR600m) at Long-Term 'IND D' rating.

KEY RATING DRIVERS

The affirmation reflects CHPL's continued delays in servicing of
term loans during April, May and June 2016 due to its stressed
liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.

COMPANY PROFILE

Incorporated on 29 September 2005, CHPL has set-up a five-star
hotel in Amritsar. The company has tied up with Radisson Hotels
International Inc. (through its parent company Carlson Hotels
Asia Pacific, Singapore).

The five-star hotel is branded as Radisson Blu. In total , it has
161 rooms, two deluxe suites, five executive lounges and 18
junior suites with all the amenities. Additionally, the hotel has
one multi-cuisine-all-day dining restaurant, two specialty
restaurants, lounges, bar with dance floor, banquet hall, meeting
rooms, business centre with boardrooms, executive/crew lounges,
swimming pool and a health club / spa.

CHPL has also entered into an agreement with reputed companies
for interior designing, structural designing, landscaping and
designing backspaces for kitchen, house-keeping and other
utilities. The company is promoted by Sh.  Harpinder Singh Gill
and Sh. Abhay Singh.


ECO SAND: CRISIL Assigns 'B' Rating to INR89.4MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Eco Sand (ES). The rating reflects the start-
up nature of operations, and an average financial risk profile
because of a modest networth. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the company's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              89.4       CRISIL B/Stable
   Bill Discounting       15.6       CRISIL B/Stable
   Secured Overdraft
   Facility               20.0       CRISIL B/Stable

Outlook: Stable

CRISIL believes ES will continue to benefit over the medium term
from the extensive entrepreneurial experience of its promoters.
The outlook may be revised to 'Positive' if substantial ramp up
in revenue and profitability result in better-than-expected cash
accrual, while working capital requirement is efficiently
managed. The outlook may be revised to 'Negative' in the event of
lower-than-expected ramp-up in capacity utilisation resulting in
depressed cash accrual, or sizeable working capital requirement
leading to deterioration in debt protection metrics.

ES was established in 2014 as a partnership firm, promoted by
Mrs. Sunitha Raghuveer and six others. The firm manufactures sand
and aggregates. It is has a crushing unit at Chikkaballapur,
Karnataka.


ELECON CONDUCTORS: CRISIL Reaffirms B+ Rating on INR55MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Elecon Conductors
Limited (ECL) continue to reflect ECL's below-average financial
risk profile because of a modest networth and weak debt
protection metrics, along with a modest scale of operations in
the intensely competitive power distribution equipment industry
and working capital-intensive operations. These rating weaknesses
are partially offset by the extensive industry experience of
promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         27.5      CRISIL A4 (Reaffirmed)
   Cash Credit            55.0      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       35.0      CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      2.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ECL will continue to benefit from the extensive
industry experience of promoter. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability leads to better-than-expected cash accrual, while
improving its working capital cycle and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if revenue
or margin declines, adversely impacting cash accrual, or if
working capital cycle stretches, constraining liquidity, or if
sizeable, debt-funded capital expenditure (capex) weakens
financial risk profile.

Update
Scale of operations is small, with operating revenue of INR290
million in 2015-16 (refers to financial year, April 1 to
March 31). Revenue is expected to remain at INR295-300 million,
primarily supported by order book of INR140 million from Uttar
Pradesh and Uttarakhand which is to be executed in 2016-17.
Operating margin is estimated at 5.4 percent for 2015-16
(provisional), and is expected to remain at similar levels over
the medium term, though it will remain susceptible to competition
in a tender-driven business.

Financial risk profile should be below average because of modest
networth, estimated at INR70 million as on March 31, 2016, over
the medium term owing low accretion to reserves. Gearing is
estimated at 1.06 times as on March 31, 2016, and is expected to
improve to below 1 time over the medium term. Interest coverage
ratio is expected to remain weak at 1.5-1.7 times over this
period.

Operations are working capital intensive as reflected in high
gross current assets at 250 days as on March 31, 2016. The same
is mainly due to high debtors and inventory levels, estimated at
96 days and 130 days, respectively, on account of delay in
receipts from government institutions and maintaining stock of
variety of products such as high-value transformers and
distribution equipment. This leads to high dependence on bank
borrowings1, averagely utilised at 90 percent over the 12 months
through March 2016. However, liquidity is supported by net cash
accrual, absence of capex plan and debt obligation over the
medium term.

Established in 1995, ECL manufactures power transformer, all
alloy aluminium conductors (AAAC), aluminium conductor steel-
reinforced (ACSR) cables, DPC wiring and distribution
transformer. The company operates two plants in Meerut (Uttar
Pradesh) and Roorkee (Uttarakhand). The operations are managed by
Mr. Atul Jain.


ETA ENGINEERING: CRISIL Lowers Rating on INR4.41BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ETA Engineering Private Limited (ETAE) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'. The downgrade reflects
devolvement of the company's non-fund-based bank facilities and
overutilization of its fund-based facilities for more than 30
consecutive days.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            950        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of credit &    4412.5      CRISIL D (Downgraded from
   Bank Guarantee                    'CRISIL A4+')

   Proposed Short Term    974.0      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

ETAE's financial risk profile is weak because of stretched
liquidity, modest cash accrual, and subdued debt protection
metrics. However, the company benefits from its established
position in the mechanical, electrical, and plumbing (MEP)
solutions market.

ETAE, incorporated in 1994, is a part of the Dubai-based ETA
group. The company undertakes heating, ventilating, and air-
conditioning (HVAC) projects; electromechanical projects and
services (EMPS); and MEP works. In 2006, the ETA group entered
the multi-modal logistics business by obtaining a licence from
Indian Railways through ETAE. It sold the license in 2012-13
(refers to financial year, April 1 to March 31).

For 2013-14, ETAE had net loss of INR494 million on net sales of
INR9.4 billion, against profit after tax of INR367 million on net
sales of INR6.6 billion for 2012-13.


G AND G ISPAT: CRISIL Suspends B- Rating on INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of G and G
Ispat Private Limited (GGPL).

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

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

GGPL was established in April 2011 by members of the
Chhattisgarh-based Agarwal family. The company manufactures mild
steel channels and angles at its facility in Raipur.


GOYA AGRO: CRISIL Assigns B+ Rating to INR45MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Goya Agro Industries Limited (GAIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable
   Term Loan               20        CRISIL B+/Stable

The rating reflects high working capital intensity, and a modest
scale of operations in the highly fragmented edible oil industry.
The rating also factors in a moderate capital structure driven by
a small net worth, however overall gearing remains moderate.
These weaknesses are mitigated by the extensive experience of the
promoters of the company in the solvent extraction business.
Outlook: Stable

CRISIL believes GAIL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected growth in revenue and improvement in profitability,
resulting in significantly better business and financial risk
profiles. The outlook may be revised to 'Negative' in case of a
large quantum of debt contracted to fund capital expenditure,
leading to significant increase in gearing, or profitability is
lower-than-expected, resulting in further deterioration in the
financial risk profile.

GAIL, based in Haryana, was established in 1989 by Mr. Ramesh
Chandra Goyal. It is presently managed by his son, Mr. Madhur
Goyal. The company extracts rice bran oil and its residual de-
oiled cake for supply in the local market.

Net profit was INR2.00 million on net sales of INR289.9 million
in 2014-15 (refers to financial year, April 1 to March 31)
against net profit of INR1.4 million on net sales of INR335.4
million in 2013-14. Net sales are estimated at INR255.1 million
for 2015-16.


GM SUGAR: CARE Assigns B+ Rating to INR40cr LT Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of GM Sugar
And Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       40       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of GM Sugar and Energy
Ltd. (GMSEL) is constrained by highly leveraged capital
structure, stretched operating cycle, cyclical & seasonal nature
of the sugar
industry and associated agro-climatic risks. The rating also
factors in volatility in profitability margins and weak liquidity
position of the company.

The rating, however, derives strength from experience of GMSEL's
promoters, established track record of GMSEL in the sugar
industry, partially integrated operations with captive source of
power and stable operating income.

The ability of the company to protect its profit margin amidst
volatile sugar prices and highly regulated environment and
deleverage its capital structure are the key rating
sensitivities.

Incorporated on November 2007 as a Private Ltd. company, GM Sugar
and Energy Ltd. (GMSEL) was later reconstituted as a Public Ltd.
company on February 11, 2010. GMSEL is engaged in the production
of sugar & molasses from sugarcane. The company commenced
commercial operations in February 2008 with cane crushing
capacity of 1,250 TCD at its partially integrated sugar plant
taken on lease from Karnataka Sahakari Sakkare Karkahane Niyamit
(Karnataka Cooperative Sugar Factory) for a period of 32 years.
Subsequently, the crushing capacity was enhanced to 2,500 TCD in
October 2012.

GMSEL also operates a multi-fuel co-generation unit of 18 MW. The
plant is located at Sangur, Haveri District, Karnataka, which
falls under the well irrigated belt (River Varada Belt) of the
Central Karnataka. The company is promoted by Mr G. M. Lingaraju,
Mr G. M. Prasannakumar and Mr G. S. Anithkumar.

For FY16 Prov. (refers to the period April 1 to March 31), GMSEL
reported a total operating income of INR150.33 crore and PAT of
INR0.67 crore as against operating income of INR169.03 crore and
net loss of INR6.89 crore in FY15.


GOYAL KNITWEARS: CARE Lowers Rating on INR20.53cr ST Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Goyal Knitwears Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    12.00       CARE D Revised from
                                            CARE B+
   Short term Bank Facilities   20.53       CARE D Revised from
                                            CARE A4

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Goyal Knitwears Private Limited (GKPL) takes into account the
ongoing overdrawals in the fund-based working capital limits and
devolvement of the Letter of Credit limit availed due to
stressed liquidity position of the company.

Goyal Knitwears Private Limited (GKPL) was incorporated in year
1999 as a public limited company (closely held) by Mr Kamal
Prakash Goyal and his brothers. The company was later
reconstituted as a private limited company in 2005. GKPL is
primarily engaged in the manufacturing and export of hosiery
garments and knitwear for children, men and women at its
manufacturing unit located in Ludhiana, Punjab, with an installed
capacity of 33 lakhs pieces, per annum as on March 31, 2015.
Furthermore, the company is also engaged in the trading of yarn
and knitted cloth which constituted about 2.30% and 28.71%
respectively, of the total operating income in FY15 (refers to
the period April 1 to March 31). GKPL has a diversified product
mix catering to all the segments viz. children (0-14 years of
age) to adults. The product range comprises of complete range of
children wear (upper and lower body), sweaters, T Shirts, lowers,
gloves, caps, for men and women. The company manufactures and
sells kidswear and women apparels domestically under its own
brand 'Yellow Apple' and 'Riverside' to wholesalers and retailers
who are serviced by a network of dealers and distributors and the
company's own sales team.

GKPL registered a total operating income of INR167.99 crore
during FY15 (refers to the period April 1 to March 31)with PAT of
INR0.79 crore as against a total operating income of INR133.95
crore with PAT of INR0.60 crore in FY14.


INDO GERMAN: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indo German
International Private Limited (IGIPL) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect IGIPL's moderate scale of operations along
with very thin EBITDA margins. According to the company's
provisional FY16 financials its revenue dipped to INR1,164m
(FY15: INR1,222.71m) on account of a decline in the steel prices
in FY15 and FY16 and its operating margins were 0.14% (0.12%).;
IGIPL's operating margins were low due to its weak bargaining
power in the intensely competitive steel industry and the trading
nature of its business.

The ratings factor in company's weak credit metrics with the net
interest coverage (operating EBITDA/gross interest expense) of
negative 0.20x in FY16 (FY15: negative 0.17x), offset by the
company's interest income of INR8.59m (INR10.52m) against the
interest expenses of INR0.19m (INR1.85m). IGIPL's net financial
leverage (total adjusted net debt/operating EBITDA) was negative
24.24x in FY16 (FY15: negative 9.28x).

The ratings, however, are supported by more than four decades of
extensive experience of its promoters in the steel trading
business, which has resulted in the company's long-standing
relationships with its clientele and suppliers. The ratings are
also supported by the proper measures taken by IGIPL to mitigate
the forex risk. The ratings further reflect the company's
comfortable liquidity profile with its average utilisation of the
working capital limits being around 62.88% during the 12 months
ended May 2016.

RATING SENSITIVITIES

Positive: An improvement in the operating profitability leading
to a sustained improvement in the gross interest coverage could
lead to a positive rating action.

Negative: A decline in the operating profitability resulting in
deterioration in the interest coverage could lead to a negative
rating action.

COMPANY PROFILE

IGIPL, incorporated in 1995 by its promoter Mr. T.K. Somani, is
engaged in the export and import of iron and steel, their alloys
and other allied products. The company has its head office in New
Delhi.

IGIPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR150 million fund-based limits: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR80 million non-fund-based limits: assigned 'IND A4+'


NAMDHARI RICE: CARE Assigns 'B-' Rating to INR11.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B-'/'CARE A4' ratings to the bank facilities
of Namdhari Rice And General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     11.50      CARE B- Assigned
   Short term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The rating assigned to Namdhari Rice and General Mills (NRGM) is
primarily constrained by its small and declining scale of
operations, weak financial risk profile marked by highly
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations with stressed liquidity
position. The ratings are, further constrained by its presence
in the fragmented and competitive nature of industry, dependence
on the vagaries of nature, high level of government regulation
and partnership nature of its constitution.

The ratings, however, draw comfort from experienced partners in
processing of rice with long track record of operations, moderate
profitability margins and favorable manufacturing location.

Going forward, the ability of the firm to increase its scale of
operations while maintaining its profitability margins, improve
its capital structure and effective management of working capital
shall be the key rating sensitivities.

Sirsa-based (Haryana) Namdhari Rice & General Mills (NRGM) was
established in 1986 as partnership concern by Mr Daljit Singh
andMr Jaspal Singh sharing profits and losses equally.

The firm is engaged in milling and processing and trading of both
basmati and non-basmati rice with an installed capacity of 320
tonnes per day as on March 31, 2016. The firm procures the raw
material (unprocessed rice/de-husked paddy) from grain markets
located in Haryana through commission agents.

The firm sells its products under the brand name "Namdhari",
"Paras", "Sant" to wholesalers in Haryana, Delhi, Pune,
Hyderabad, Bangalore, Chennai etc. Also the firm exports 15% of
its sale to Europe. The by-product of rice viz husk, rice bran,
and 'phak' are sold in the domestic market.

During FY15 (refers to the period April 01 to March 31), NRGM has
achieved a total operating income (TOI) of INR28.85 crore with
PBILDT and PAT of INR3.17 crore and INR0.99 crore respectively,
as against TOI of INR73.85 crore with operating loss of INR3.94
crore and net loss of INR6.73 crore. In FY16 NRGM has achieved a
total operating income of INR30 crore (as per the unaudited
results).


JASMER PACK: Ind-Ra Affirms 'IND BB' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jasmer Pack
Limited's (JPL) Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The affirmation reflects JPL's continued small scale of
operations and moderate credit metrics. Provisional (P) FY16
financials provided by the company indicate that revenue was
INR540.7m (FY15: INR537.1m; FY14: INR397.22m), financial leverage
(Ind-Ra adjusted debt/operating EBITDAR) was 4.98x (5.21x) and
interest coverage (operating EBITDA/gross interest expense) was
1.58x (1.54x).

The ratings continued to be constrained on account of JPL's tight
liquidity position, as reflected in the 99.3% average utilisation
of its fund-based limits for the 12 months ended May 2016.

However, the ratings continue to benefit from the company's
strong EBITDA margins of 10.55% in FY16 (P) (FY15: 8.71%; FY14:
10.15%) as well as its promoters' experience of more than 15
years in the paper and packaging industry.

RATING SENSITIVITIES

Negative: Inability to improve credit metrics and/or
deterioration in its liquidity profile could lead to a negative
rating action.

Positive: Substantial improvement in revenue and credit metrics
could lead to a positive rating action.

COMPANY PROFILE

JPL was established in 2000 as a proprietorship concern and
incorporated in to a closely held public limited company in 2009.
It manufactures corrugated boxes and rolls at Kala-Amb, Himachal
Pradesh and caters mainly to companies in the fast-moving
consumer goods, pharmaceutical and consumer products sectors.

JPL's ratings:

-- Long-term Issuer Rating: affirmed at 'IND BB'/Stable
-- INR145 million fund-based working capital limits: affirmed at
    'IND BB'/Stable/'IND A4+'
-- INR2.3 million non-fund-based working capital limits:
    affirmed at 'IND BB'/Stable/'IND A4+'


KESHAV ENTERPRISES: CRISIL Lowers Rating on INR110MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Keshav Enterprises (KE) to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        110       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Letter of Credit         30       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating downgrade reflects devolvement of letter of credits
for more than 30 days. The delays have been caused by weak
liquidity due to slowdown in the shipbreaking industry resulting
in stretched receivables.

Keshav Enterprises (KE) has a weak financial risk profile marked
by a small net worth, high total outside liabilities to tangible
networth ratio, and weak debt protection metrics. Further, the
firm is susceptible to cyclicality in the ship-breaking industry,
and to volatility in steel scrap prices and foreign exchange
rates. However, the firm benefits from the extensive experience
of its proprietor and his family in the ship-breaking industry.
KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.


KJ ISPAT: CRISIL Lowers Rating on INR80MM Cash Loan to B-
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KJ Ispat Limited (KJIL) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable'. The rating on the company's short-term facility has
been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Reaffirmed)

   Cash Credit             80        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      35.8      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                3.0      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects weaker-than expected revenue and
accruals in 2015-16 owing to subdued demand, low sales
realisations, and high industry competition. KJIL is estimated to
report operating income of INR212.5 million and negligible cash
accruals of just INR1.3 million which is substantially lower than
CRISIL's expectation. Further, the company is estimated to report
net loss of INR10.4 million in 2015-16. Continued losses has
resulted in complete erosion of company's net worth which is
estimated to be just INR0.1 million as on March 31, 2016.
However, unsecured loan of INR205 million, as on March 31, 2016,
extended by the promoters over the year provides some support to
liquidity and financial risk profile. These loans have been
treated as neither debt nor equity by CRISIL while arriving at
the rating of KJIL.

Large working capital requirement, negligible accruals, and high
interest and finance charges continue to exert pressure on
company's liquidity profile. Its bank lines has been highly
utilised at around 95 percent, on an average, over the last 12
months ended through March 2016.

The situation is not likely to improve in 2016-17 owing to
continued subdued demand for sponge iron. KJIL has taken
maintenance shut-down at its factory on April 07, 2016 and the
same was continuing till May 31, 2016 (latest details available
till May 31, 2016). The same is likely to further impact
company's revenue, accruals, and financial profile during the
current year.

The ratings continue to factor in small scale of operations,
marginal market share in the intensely competitive sponge iron
business, and stretched liquidity owing to large working capital
requirement, continued losses, and insignificant accruals. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.
Outlook: Stable

CRISIL believes KJIL will continue to benefit over the medium
term from the extensive experience of the promoters in the sponge
iron industry. The outlook may be revised to 'Positive' in case
of substantial and sustainable improvement in company's scale of
operation and cash accruals, improved working capital management,
or substantial capital infusion by promoters leading to
improvement in liquidity and financial risk profile. Conversely,
further weakening in liquidity and financial profile on account
of substantial cash losses or, any large capital expenditure, or
increase in working capital requirement, may result in the
outlook being revised to 'Negative'.

Incorporated in 2003, KJIL manufactures sponge iron, and began
commercial operations in March 2006. The company is equally owned
by the Kandoi and Jalan families. Promoter-director, Mr. PL
Kandoi, has experience of about 28 years in the steel industry.


KONDUSKAR TRAVELS: CRISIL Lowers Rating on INR115MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Konduskar Travels Private Limited (KTPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft
   Facility                 115      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Term Loan        65      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that KTPL's
liquidity will remain under pressure over the medium term due to
stagnant revenue, declining profitability and large maturing
debt. Revenue, on a provisional basis, has marginally declined to
INR467.5 million in 2015-16 (refers to financial year, April 1 to
March 31), from INR 479.7 million in the previous year while
operating margin declined to 20.8 percent from 24.7 percent in
the same period. Operating margin is expected to remain under
pressure over the medium term on account of intensifying
competition among the domestic passenger transport operators.
Furthermore, the company is expected to incur sizeable debt-
funded capital expenditure for acquiring new buses which is
expected to result in large maturing debt. Hence, liquidity will
remain under pressure over the medium term on account of barely
sufficient cash accrual against maturing debt.

The rating reflects weak financial risk profile because of modest
networth and leveraged capital structure. The rating also factors
in exposure to geographical concentration in revenue and intense
competition in passenger transport industry. These rating
weaknesses are mitigated by an established regional presence
developed under the guidance of an experienced management and
moderate operating efficiency.
Outlook: Stable

CRISIL believes KTPL will continue to benefit from an established
regional position in passenger transport business and experienced
management. The outlook may be revised to 'Positive' if sizable
cash accrual or large capital infusion by promoters leads to
improvement in capital structure and liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected
revenue and profitability or higher-than-anticipated capital
expenditure or further funding support to associates weaken the
financial risk profile especially liquidity.

Incorporated in 1994, KTPL is based in Kolhapur (Maharashtra).
The company has been promoted by Konduskar and family and
provides passenger transport services mainly in Maharashtra, Goa,
Karnataka and Gujarat.


MAHESHWAR MULTITRADE: CARE Reaffirms B+ Rating on INR8.91cr Loan
----------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Maheshwar
Multitrade Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.91      CARE B+ Suspension
                                            Revoked and
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Maheshwar
Multitrade Private Limited (MMPL) is constrained on account of
modest scale of operations along with seasonal nature of
availability of trading material resulting in working capital
intensive nature of business along with exposure to material
price fluctuation risk, presence in the highly fragmented
industry, thin profitability margins, moderate capital structure
and weak debt coverage indicators.

The rating draws support from the experience of the promoters for
around three decades, support from group concern along with long-
term association with diversified clientele.

Established in 2010, MMPL is engaged in the trading of edible
oils. MMPL belongs to the Maheshwar group of Kolhapur. MMPL is
promoted by the Banchode family who has also setup another group
entity Maheshwar Oil Mills (MOM) (a partnership firm) which was
incorporated in 1992, and is engaged in the manufacturing and
trading of edible oils.

The product profile of MMPL comprises groundnut oil, ground nut
seed, makkachuni, cattlefeed, palm oil and cotton seed oil. MMPL
procures groundnut oil and groundnut seeds from MOM, while other
raw material is procured from suppliers based in Maharashtra.

MMPL has a diversified customer base and the top three customers
were Bodke Oil Mill, Kamani Oil Company and S.K. Oil Indusries
which contributed around 20% of the total sales in FY16 (refers
to the period April 1 to March 31).


OASIS COMMERCIAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oasis Commercial
Private Limited (OCPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The ratings are based on a consolidated view of OCPL and its 55%
subsidiary Oasis Overseas Exports Private Limited (OOEPL; 'IND
BB+'/Stable) due to the strong operational and legal linkages
between them. OCPL has provided a corporate guarantee for OOEPL's
debt. Both the parent and the subsidiary have their extra neutral
alcohol (ENA) manufacturing facilities at the same location and
share the same suppliers, customers and Indian made foreign
liquor (IMFL) brands of the Oasis group promoted by the Delhi-
based Malhotra family. OCPL also provides power and steam (for
operations) to its subsidiary OOEPL.

KEY RATING DRIVERS

The ratings reflect the moderately leveraged consolidated credit
profile of OCPL. According to the estimated consolidated FY16
financials provided by the company, net adjusted leverage (total
adjusted net debt/operating EBITDAR) was high at 4.2x (FY15:
4.7x) due to the outstanding project term loans of INR880.2m
(INR1,079m), unsecured loans from the promoters of INR955m
(INR898m) and a long net cash cycle of 75 days (75 days).
However, gross interest coverage has been relatively comfortable
(FY16 estimates: 2.9x, FY15: 2.5x) due to low interest expenses,
because the unsecured loans from the promoters are interest free.

The ratings factor in the susceptibility of the company's margins
to volatility in raw material prices whereas the end product
prices are fixed and regulated by the state government. However,
EBITDA margins were maintained at 14.0% in FY16 (FY15: 14.1%) as
the average input costs were contained at INR14,560/MT
(INR14,676/MT). The other operational challenges faced by the
company include the renewal of license for IMFL manufacturing and
sales and regional concentration of operations and customers as
it has presence in only a single state (Haryana).

The ratings are constrained by the highly regulated nature of the
liquor business with varying regulatory frameworks across
different states in India regarding consumption, sale, inter-
state transfers, and taxes. More than 95% of OCPL's domestic ENA
sales are to liquor companies. ENA sales to liquor companies are
highly susceptible to any complete or partial ban on liquor in
the state or a revision of excise duties.

The ratings, however, are supported by the Oasis group's
operating experience of around five decades in the liquor
business through other group companies which offsets OCPL's
limited record of operations of two years. Experienced promoters
and management, along with an established supplier and customer
base, has enabled both OCPL and OOEPL to stabilise its new
manufacturing facilities and sell effectively in their first full
year of operations in FY15. Both the facilities have been running
at a capacity utilisation rate of about 80% and have been
profitable from the first full year of operations.

Liquidity has been moderate with average fund-based working
capital utilisation at 91% of the drawing power for the 12 months
ended May 2016.

RATING SENSITIVITIES

Positive:  An improvement in the EBITDA margins leading to net
debt/EBITDA being sustained below 3x will result in a positive
rating action.

Negative: Any unplanned capex and/or deterioration in the EBITDA
margins leading to net debt/EBITDA being sustained above 4.5x
will result in a negative rating action.

COMPANY PROFILE

OCPL was incorporated in 2006 to manufacture and sell liquor and
allied products. In 2013, the company acquired an ENA
manufacturing facility of capacity 120,000 litres/day along with
a 9MW biomass power co-generation plant from A.B. Grain Spirits
Pvt. Limited. The unit is located in Ambala, Haryana. According
to the estimated standalone FY16 financials provided by the
company, OCPL reported revenue of INR1,968m (FY15: INR1,872m),
EBITDA of INR329m (INR303m) and net income of INR88m (INR59m). At
consolidated level, OCPL had revenue of INR3,911m (FY15:
INR3,649m), EBITDA of INR549m (INR515m) and net income of INR178m
(INR139m).

OCPL belongs to the Oasis Group that has been manufacturing and
selling liquor over the past five decades in Punjab. The Oasis
group comprises OCPL, OOEPL, Oasis Distilleries Limited, Malbros
International (P) Limited and Vijeta Beverages (P) Limited. The
group has five distilleries and three bottling units with a
combined spirit production capacity of around 485,000 litres/day.

OCPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR591.3 million term loans: assigned 'IND BB+'/Stable
-- INR450 million fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'
-- INR50 million non-fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'


OASIS OVERSEAS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Oasis Overseas
Exports Private Limited (OOEPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The ratings are based on a consolidated view of OOEPL and its
parent Oasis Commercial Private Limited (OCPL; 'IND BB+'/Stable)
due to the strong operational and legal linkages between them.
OCPL has provided a corporate guarantee for OOEPL's debt. Both
the parent and the subsidiary have their extra neutral alcohol
(ENA) manufacturing facilities at the same location and share the
same suppliers, customers and Indian made foreign liquor (IMFL)
brands of the Oasis group promoted by the Delhi-based Malhotra
family. OCPL also provides power and steam (for operations) to
its subsidiary OOEPL.

KEY RATING DRIVERS

The ratings reflect the moderately leveraged consolidated credit
profile. According to the estimated consolidated FY16 financials
provided by the company, net adjusted leverage (total adjusted
net debt/operating EBITDAR) was high at 4.2x (FY15: 4.7x) due to
the outstanding project term loans of INR880.2m (INR1,079m),
unsecured loans from the promoters of INR955m (INR898m) and a
long net cash cycle of 75 days (75 days). However, gross interest
coverage has been relatively comfortable (FY16 estimates: 2.9x,
FY15: 2.5x) due to low interest expenses, because the unsecured
loans from the promoters are interest free.

The ratings factor in the susceptibility of the company's margins
to volatility in raw material prices whereas the end product
prices are fixed and regulated by the state government. However,
EBITDA margins were maintained at 14.0% in FY16 (FY15: 14.1%) as
the average input costs were contained at INR14,560/MT
(INR14,676/MT). The other operational challenges faced by the
company include the renewal of license for IMFL manufacturing and
sales and regional concentration of operations and customers as
it has presence in only a single state (Haryana).

The ratings are constrained by the highly regulated nature of the
liquor business with varying regulatory frameworks across
different states in India regarding consumption, sale, inter-
state transfers and taxes. More than 95% of OOEPL's domestic ENA
sales are to liquor companies. ENA sales to liquor companies are
highly susceptible to any complete or partial ban on liquor in
the state or a revision of excise duties.

The ratings, however, are supported by the Oasis group's
operating experience of around five decades in the liquor
business though other group companies which offsets OOEPL's
limited record of operations of two years. Experienced promoters
and management, along with an established supplier and customer
base, has enabled both OCPL and OOEPL to stabilise its new
manufacturing facilities and sell effectively in their first full
year of operations in FY15. Both the facilities have been running
at capacity utilisation of about 80% and have been profitable
from the first full year of operations.

Liquidity has been moderate with average fund-based working
capital utilisation at 83% of the drawing power for the 12 months
ended May 2016.

RATING SENSITIVITIES

Positive: An improvement in the EBITDA margins leading to net
debt/EBITDA being sustained below 3x will result in a positive
rating action.

Negative: Any unplanned capex and/or deterioration in the EBITDA
margins leading to net debt/EBITDA being sustained above 4.5x
will result in a negative rating action.

COMPANY PROFILE

OOEPL was incorporated in 2007 to manufacture and sell liquor and
allied products. In 2013, the company acquired Adie Broswon
Distillers & Bottlers Pvt. Ltd. from Chadha Group of Companies,
which was constructing a 120,000 litres/day ENA manufacturing
facility in Ambala, Haryana at that time. After acquisition,
Oasis group finished the balance commissioning of the plant and
started commercial operations in May 2014. According to the
estimated standalone FY16 financials provided by the company,
OOEPL reported revenue of INR1,943m (FY15: INR1,887m), EBITDA of
INR220m (INR212m) and net income of INR90m (INR80m). At a
consolidated level, revenue was INR3,911m (FY15: INR3,649m),
EBITDA was INR549m (INR515m) and net income was INR178m
(INR139m).

OOEPL belongs to the Oasis Group that has been manufacturing and
selling liquor over the past five decades in Punjab. The Oasis
group comprises OCPL, OOEPL, Oasis Distilleries Limited, Malbros
International (P) Limited and Vijeta Beverages (P) Limited. The
group has five distilleries and three bottling units with a
combined spirit production capacity of around 485,000 litres/day.

OOEPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
-- INR288.9 million term loans: assigned 'IND BB+'/Stable
-- INR202.6 million fund-based working capital limits: assigned
    'IND BB+'/Stable/'IND A4+'
-- INR23.6m non-fund-based working capital limits: assigned 'IND
    BB+'/Stable/'IND A4+'


P.D. AGRO: CRISIL Reaffirms 'B' Rating on INR80.0MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of P.D. Agro
Processors (PDAP) continues to reflect the firm's subdued
financial risk profile because of modest networth and high
gearing, and its small scale of operations. These weaknesses are
partially offset by extensive experience of its partners in the
rice industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            80.0       CRISIL B/Stable (Reaffirmed)
   Term Loan              45.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PDAP will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if there are significantly
high sales or profitability, or substantial improvement in
financial risk profile driven by higher-than-expected cash
accrual or capital infusion, and efficient working capital
management. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, or sizeable working capital
requirement or debt funded capital expenditure, leading to
increased pressure on liquidity.

PDAP was established in July 2013 as a partnership firm by Mr.
Bhupender Agarwal and Ms. Kamla Agarwal. The firm processes non-
basmati rice (Sona Masuri, Samba Masuri, HMT) at its unit in Rae
Bareilly, Uttar Pradesh, which has installed milling and sorting
capacity of 15 tonne per hour. PDAP commenced operations in
January 2014.


PRAKASH STEELAGE: CARE Lowers Rating on INR150cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings to the bank facilities of Prakash
Steelage Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      150       CARE D Revised from
   (Fund-based)                             CARE BBB+

   Short-term Bank Facilities      70       CARE D Revised from
   (Non-fund based)                         CARE A3+

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Prakash Steelage Limited (PSL) takes into account unexpected
deterioration in credit profile of the company during Q4FY16
leading to delays in meeting debt obligations.

In July 2015, the company hived-off its seamless steel division
for a consideration of INR209.16 crore which was primarily
utilized to reduce bank loans. Furthermore, the company reported
net profit of INR11.87 crore on the operating income of
Rs.366.84 crore during nine months ended December 31, 2015.

However, during Q4FY16, the company reported operating loss of
INR47.45 crore on account of high raw material prices than
compared with sales price, resulting into total operating loss of
INR41.38 crore for FY16 (refers to the period April 1 to March
31). Furthermore, due to unexpected provisioning of INR24.65
crore towards doubtful debtors, the company registered net loss
of INR87.88 crore in FY16. This resulted into stretched liquidity
position and the company was unable to meet its financial
obligations.

PSL, incorporated on May 9, 1991, was converted into a public
limited company on August 12, 1997, and was listed on the
stock exchange in August 2010. PSL started its business with
trading in the stainless steel (SS) sheets, coils, plates and
scrap. Presently, the company is engaged in the manufacturing of
welded stainless steel pipes and tubes and trades into
stainless steel sheets and coils. The company's products are used
in heat exchanger, evaporators, heating elements, fluid
piping, pumps, valves, condensers and in other instrumentation
equipment. Presently, installed capacity of PSL stands at
10,000 metric tonnes (MT).

During FY16 (audited), PSL reported net loss of INR87.88 crore on
a total operating income of INR560.84 crore.


RAMALINGESHWARA COTTON: CARE Puts B+ Rating on INR5.80cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Ramalingeshwara Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.80      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ramalingeshwara
Cotton Industries (RCI) is constrained by limited track record
and relatively small scale of operations, the highly fragmented
cotton industry coupled with seasonal nature of business
resulting in dependence on working capital borrowings,
profitability margins susceptible to fluctuation in raw material
prices and constitution of the entity as a partnership firm.
However, the rating is underpinned by the experience of the
partner for a decade
in the cotton industry, locational advantage, growth in total
operating income albeit decline in profit margin, moderate
capital structure and debt coverage indicators, comfortable
operating cycle, and stable outlook of the textile industry.

The ability of the firm to increase its scale of operations,
profitability margins with the ability to manage the raw material
price fluctuation risk are the key rating sensitivities.

Ramalingeshwara Cotton Industries (RCI) was established in the
year 2013 and promoted by Mr T Jagadeeswar and their friends and
relatives. The firm is engaged in manufacturing of cotton bales
and cotton seeds. The firm procures the raw cotton from the
farmers located in and around Warangal.

The firm sells its products i.e. cotton bales and cotton seeds to
various textile manufacturers located in Maharashtra, Pune, Tamil
Nadu and Pondicherry.

During FY16 (Provisional) (refers to the period April 1 to
March 31), RCI reported a PAT of INR0.14 crore on a total
operating income of INR34.57 crore as against a PAT of INR0.12
crore on a total operating income of INR25.35 crore in FY15.


PROMINENT METAL: CARE Assigns B+ Rating to INR15cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Prominent
Metal Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Prominent Metal
Private Limited (PMP) is primarily constrained by the nascent
stage of operations, modest scale of operations, highly leveraged
capital structure and weak coverage indicators. The rating is
further constrained by working capital intensive nature of
operations and PMP's presence in the highly competitive metal
trading segment. The rating, however, draws comfort from
experienced promoters, moderate profitability margins and
established distribution network and customer base.

Going forward, ability of the company to increase its scale of
operations while maintaining its profitability margins and
registering improvement in its capital structure shall be the key
rating sensitivity.

Prominent Metal Private Limited (PMP) was incorporated in
February, 2014 by Mr Prem Chand Gupta and his wife Ms Madhu Lata.
PMP is engaged in trading of aluminium ingots, aluminium wire
rods & all types of aluminium products & scraps which find
application in various industries including cables, aluminium
extrusion, automobile industry, utensils industry and fabrication
industry. OMP procures the traded goods from Bharat Aluminium
Company Ltd, Sesa Sterlite Limited, Hindustan Aluminium Company,
National Aluminium Company Limited etc. It markets the products
in different states across India with major presence in northern
India, viz Delhi, Haryana, Punjab, Ghaziabad and Jammu & Kashmir.
The company sell its products directly to manufacturers & dealers
and its consignment agents, with whom the company has an
agreement to sell its goods on a commission basis.

The company has associate concerns i.e. Worldwide Metals Private
Limited (CARE BB-/ CARE A4), Olympus Metal Private Limited (CARE
BB-/ CARE A4), Oyster Steel & Iron Private Limited and Duke
Sponge and Iron Private Limited, all engaged in trading of
aluminium and copper components.

In FY15 ( refers to the period April 1 to March 31), PMP has
achieved a TOI of INR49.89 crore with PBILDT and PAT of INR2.68
crore and INR0.21 crore respectively. Furthermore, the company
has achieved a total operating income of INR64 crore for FY16
(unaudited).


RAMCO INTERNATIONAL: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramco
International (RI) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect RI's small to moderate scale of operations
and a decline in its EBITDA margins. According to the company's
FY16 provisional financials, its revenue was INR783.02m
(FY15:INR661.33m), and EBITDA margins were 3.05% (5.44%). The
deterioration in margins was due to the intense competition in
the garden hand tools market.

The ratings further reflect RI's moderate to weak credit metrics
in FY16 with the interest coverage (operating EBITDA/gross
interest expense) of 2.77x (FY15:1.77x) and net financial
leverage (total adjusted net debt/operating EBITDAR) of 4.54x
(4.62x). The ratings factor in RI's partnership-based
organisational structure.

The ratings, however, are supported by RI's long operational
record and its promoter's experience of more than two decades in
the garden hand tools industry. The ratings are further supported
by the company's comfortable liquidity as indicated by the
average utilisation of its fund based working capital limits
being 52% during the 12 months ended June 2016.

RATING SENSITIVITIES

Negative: Any deterioration in the operating EBITDA margin
leading to weaker credit metrics could be negative for the
ratings.

Positive: An improvement in the topline along with an improvement
in the credit metrics could be positive for the ratings.

COMPANY PROFILE

RI, incorporated in 1995, is involved in the manufacturing of
garden hand tools and selling its products in the international
markets such as the UK and Australia. It has its manufacturing
unit in Jalandhar, Punjab.

RI's ratings:

-- Long-Term Issuer Rating; assigned 'IND BB-'/Stable
-- INR160 million fund-based working capital limit: assigned
    'IND BB- '/Stable/ 'IND A4+'
-- INR7.5 million non-fund-based limit: assigned 'IND A4+'


SARTHAK ENTERPRISE: CRISIL Reaffirms B+ Rating on INR27.5MM Loan
----------------------------------------------------------------
CRISIL ratings to the bank facilities of Sarthak Enterprise (SE)
continues to reflect SE's modest scale of operations with high
customer concentration and low profitability due to limited value
addition and working capital intensive operations. These
weaknesses are partially offset by the extensive industry
experience of the promoters and established relationship with
customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         22.5      CRISIL A4 (Reaffirmed)

   Letter of Credit       50.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     27.5      CRISIL B+/Stable (Reaffirmed)

Update
SE's sales remained moderate at around INR170 million in 2015-16
(refers to financial year, April 1 to March 31). The company's
sales are expected to remain modest over the medium term, in
keeping with past trends and a well-established relationship with
suppliers and contractors for raw material supply while operating
margin are estimated to be around 8 percent in 2015-16 and
expected to remain moderate over the medium term. Operations
remain working capital intensive marked by Gross current assets
of 133 days led by debtor of 75 days and inventory levels
maintained at around 32 days in 2015-16. The financial risk
profile is marked by gearing at 0.03 time due to moderate
networth levels of about INR40 million as on March 31, 2016 is
expected to remain at similar levels over the medium term, with
moderate accrual, growing networth and no capital expenditure
over the medium term.
Outlook: Stable

CRISIL believes SE will benefit from the extensive industry
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if higher than expected sales revenue or
improvement in profitability with some more value addition to the
product results in higher cash accrual.The outlook may be revised
to 'Negative' if considerable delay in order execution, or any
stretch in working capital cycle, weakens the financial risk
profile, particularly liquidity.

SE is Ahmedabad, Gujarat based entity; set up in 2011 as a
partnership firm. The firm deals in provision of fault detection
instruments and its installation in electric power systems.


SATYAM COTTEX: CARE Reaffirms B+ Rating on INR5.81cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Satyam Cottex.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.81       CARE B+ Suspension
                                            revoked and Rating
                                            Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Satyam Cottex
(Satyam) continues to remain constrained on account of thin
profit margins, moderately leveraged capital structure and weak
debt coverage indicators. The rating is also constrained by
moderate liquidity amidst working capital intensive nature of
operations, susceptibility of profit margins to raw material
price fluctuations and presence into the highly fragmented cotton
industry. The rating also takes into consideration healthy growth
in total operating income (TOI) during FY15 (refers to the period
April 1 to March 31).

The rating, however, continues to derive comfort from the
experience of the promoters and proximity to raw material
growing region of Gujarat.

Satyam's ability to improve its scale of operations in volatile
industry scenario coupled with an improvement in overall
financial risk profile marked by improving profit margins,
capital structure and debt coverage indicators remains the key
rating sensitivities.

Satyam was setup as a partnership firm in April 2013 by Mr Mehul
R. Sanghani, Mr Ashok K. Bhagiya, Mr Mansukhbhai V. Sanghani and
Mr Bhaveshbhal G. Chandat, along with five other non-executive
partners, based out of Rajkot, Gujarat. The firm is engaged in
the business of cotton ginning and pressing to produce cotton
bales and cotton seeds. The products are mainly used in the
manufacturing of cotton yarn in the textile industry and oil
extraction companies. The manufacturing unit of the firm is
located at Tankara, Gujarat. The unit commenced commercial
production from November 2013 with an installed capacity to
produce 5,850 metric tonnes per annum (MTPA) for cotton bales and
11,925 MTPA for cotton seeds.

During FY15, Satyam reported a total operating income (TOI) of
INR40.30 crore with a PAT of INR0.04 crore as against TOI
of INR17.42 crore with a PAT of INR0.02 crore in FY14. During
FY16 (provisional), Satyam achieved a TOI of INR31.83 crore.


SEVEN SEAS: CRISIL Reaffirms B+ Rating on INR2.18BB Term Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Seven Seas
Hospitality Private Limited (SSHPL) continues to reflect exposure
to demand-related risks, associated with the new five-star hotel,
and the weak financial risk profile, as debt contracted to fund
the project led to a highly leveraged capital structure. These
weaknesses are partially offset by extensive industry experience
of promoters and the well-established brand image in the
banqueting and catering segment.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           40        CRISIL B+/Stable (Reaffirmed)
   Term Loan           2180        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes banquet halls that are currently operational will
continue to generate healthy revenue and maintain healthy
profitability. CRISIL also believes that the company will remain
exposed to demand-related risks arising from the new project at
Rohini. The outlook may be revised to 'Positive' if healthy
accrual strengthens the capital structure. The outlook may be
revised to 'Negative' if delays in project completion or larger-
than-expected debt, significantly weakens the financial risk
profile.

SSHPL was incorporated in 2006 and is promoted by the Dang group.
The hotel offers banqueting and catering services at three
banquet halls at Lawrence Road, Delhi, with a combined seating
capacity for 1,500 people. The company has set up a five-star
hotel-cum-restaurant-cum-banquet-hall at Rohini, Delhi, at an
estimated cost of INR3.36 billion which commenced operations in
March 2016.


SHAKUNTALA WARE: CRISIL Suspends 'B' Rating on INR160MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shakuntala Ware House (Shakuntala).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             160       CRISIL B/Stable
   Overdraft Facility       30       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B/Stable

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

Incorporated in 2006, Shakuntala is a partnership firm promoted
by Mr. Kamlesh Kumar Argal and his family members. The firm is
engaged in trading of rice and provides warehousing services for
agro-commodities. Its operations are based in Obedullaganj,
Madhya Pradesh and it owns a warehouse, with a storage capacity
of 10,000 tonnes per annum.


SHIVALIK I.B.: CRISIL Assigns B+ Rating to INR150MM e-DFS
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Shivalik I.B. Autogem Private Limited
(SAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                 150       CRISIL B+/Stable

The rating reflects exposure to intense competition in the
automobile dealership market, geographic concentration in revenue
profile, and a weak financial risk profile because of an eroded
networth and subdued debt protection metrics. These rating
weaknesses are partially offset by a healthy scale of operations
and established relationship with the principal, Hyundai Motors
India Ltd (HMIL).
Outlook: Stable

CRISIL believes SAPL will continue to benefit over the medium
term from its healthy relationship with HMIL. The outlook may be
revised to 'Positive' if there is any significant infusion of
equity, and/or higher-than-expected cash accrual due to increase
in scale of operations and improved operating margin, leading to
a better capital structure. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens, most likely because of significant decline in
revenue and profitability, increased dependence on bank limit, or
higher-than-expected capital expenditure.

Incorporated in 2013 and promoted by Mr. Vishnu Patel and his
family, SAPL is an authorised dealer of passenger vehicles of
HMIL. The company operates a showroom in Ahmedabad with 3S
(sales, service, and spares) facilities.


SHIVPRASAD FOODS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shivprasad Foods
and Milk Products (SFMP) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SFMP's moderate credit profile and liquidity.
According to FY16 provisional financials the firm's revenue was
INR753m (FY15:INR880.6m). The decline in the revenue was due to a
decrease in the milk prices since January 2015, leading to a
lower realisation. The firm's net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 7.1x at FYE16 (FYE15: 4.2x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
was 2.0x (2.6x). The firm's fund-based working capital facilities
were fully utilised during the 12 months ending May 2016.

The deterioration in the credit metrics was primarily due to the
debt-led capex for the milk processing capacity expansion at its
unit to 0.6 megalitres of milk/day from 0.4 megalitres of
milk/day. The expansion which started in FY16 is likely to have
been completed by June 2016.  Ind-Ra believes the credit metrics
will improve in FY17 due to the utilisation of increased capacity
which will drive the revenue growth coupled with scheduled
repayment of term loan.

The ratings also factor in a decline in the firm's EBITDA margin
to 3.4% in FY16 from 3.6% in FY15 (FY14: 4.3%) due to the
fluctuation in the milk prices. More than 50% of the total sales
to single corporate customer leading to customer concentration
also moderate the rating.

The ratings, however, are supported by over two decades of
operating experience of the firm's proprietor in the food
industry and its seven year-long operational history. The ratings
are further supported by SFMP's strong relationships with its
customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics and/or liquidity could lead to a negative
rating action.

Positive: A substantial revenue growth along with an improvement
in the profitability leading to improved credit metrics could
lead to a positive rating action.
COMPANY PROFILE

Established in 2009 in Malshiras taluka of Solapur district, SFMP
is into the processing of milk and manufacturing of other milk
products such as ghee, butter, curd etc. Currently it has an
installed capacity to process 0.4 megalitres of milk/day.
Additionally, the company also has an installed capacity at its
unit to process 0.15 megalitres of milk/day for manufacturing
skimmed milk powder.

SFMP's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR70 million fund-based working capital limits: assigned
    'IND BB-'/Stable/'IND A4+'
-- INR48.4 million term loan limits: assigned 'IND BB-'/Stable
-- Proposed INR80 million fund-based working capital limits:
    assigned 'Provisional IND BB-'/Stable/'Provisional IND A4+'


SHRI GARGI: CARE Revises Rating on INR20cr LT Loan to 'B'
---------------------------------------------------------
CARE revises rating assigned to the bank facilities of Shri Gargi
Buildcon Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     20.00      CARE B Revised from
                                            CARE B+

Rating Rationale

The revision in the rating of Shri Gargi Buildcon Private Limited
(SGBPL) takes into account delay in project implementation by
more than one year which led to reschedulement of term loans and
decline in booking of residential flats.

The rating continues to remain constrained on account of project
implementation risk and moderate customer advances in view of
subdued outlook for the cyclical real estate sector.

The rating, however, continues to be favourable taking into
account the experience of the promoters in executing construction
contracts mainly water supply projects.

The ability of the company to timely complete its ongoing real
estate project without any cost overrun along with adequate
bookings and timely receipt of booking advances as envisaged
would be the key rating sensitivities.

SGBPL was incorporated in October 2008 by the Sharma family of
Jaipur. However, the present promoter group acquired the company
in 2010. SGBPL is engaged in the development of housing projects
in Jaipur, Rajasthan. SGBPL is a part of the Lahoty group which
is mainly engaged in the construction and real estate business.
The group concerns include Lahoty Buildcon Limited (rated 'CARE
BB+/CARE A4+'; engaged in construction business mainly executing
government water supply projects), Gendi Real Estate Private
Limited (engaged in real estate business) and Saffron Vyapaar
Private Limited (engaged in real estate business).

SGBPL is mainly engaged in the real estate development activities
and is currently working on one residential project namely
'Square Arcade' in Jaipur with total saleable area of 316,009.83
Square Feet (Sq Ft). The project consists of total 216 flats
which include 81 2BHK flats and 135 3BHK flats. SGBPL started
construction of this project from October 2012 with envisaged
cost of INR51.27 crore funded through debt-equity ratio of 1.60
times. The project was originally envisaged to be completed by
September 2015. However, the project has been delayed by more
than one year and will be completed by December 2016.


SHRINET AND SHANDILYA: CARE Assigns B+ Rating to INR3.0cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shrinet And Shandilya Construction Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.00      CARE B+ Assigned
   Short term Bank Facilities    38.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shrinet and
Shandilya Construction Private Limited (SSPL) are primarily
constrained by small scale of operations, declining operating
margin, moderately leveraged capital structure, weak
coverage indicators, working capital intensive nature of
operations and SSPL's presence in a highly competitive
construction industry. The rating constraints are partially
offset by the experienced promoters and healthy order book.
Going forward, the ability of SSPL to increase its scale of
operations while improving its profitability margins while
managing its working capital requirements shall be the key rating
sensitivities.

Shrinet and Shandilya Construction Private Limited (SSPL) was
incorporated in July 10, 1998 by Mr Sanjay Partap Singh.

The company is engaged in construction of roads and development
work like construction of drains and culvert. SSPL executes
contracts mainly for government departments like New Okhla
Industrial Development Authority (NOIDA), Office of Executive
Engineer-Irrigation Division, Road Division and Superintending
Engineer-Rural Engineering Department. The main raw material for
the company includes bitumen, crushed stone, dust sand, cement
and tar which the company procures mainly from local dealers
where the project is located. The company procures bitumen from
Indian Oil Corporation.

SSPL reported a PBILDT of INR2.93 crore and PAT of INR0.61 crore
on a total operating income of INR26.15 crore in FY15 (refers to
the period April 1 to March 31) as against PBILDT of INR4.63
crore and PAT of INR1.07 crore on a total operating income of
INR29.55 crore in FY14. The company had achieved a total
operating income of INR28.50 crore in FY16 (based on unaudited
results).


SHUBHYAN MOTORS: CRISIL Reaffirms B- Rating on INR63MM LT Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect Shubhyan Motors Private
Limited (SMPL) weak financial risk profile, because of modest
networth, aggressive gearing, and weak debt protection metrics.
The ratings reflect unrelated diversification, investments/loans
to group companies, and exposure to intense competition in the
automobile industry. These weaknesses are mitigated by the
extensive experience of promoters in the automobile dealership
business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B-/Stable (Reaffirmed)

   Channel Financing       50       CRISIL B-/Stable (Reaffirmed)

   Inventory Funding
   Facility                50       CRISIL A4 (Reaffirmed)

   Term Loan               20       CRISIL B-/Stable (Reaffirmed)

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

   Long Term Loan          63       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SMPL's financial risk profile will remain
constrained by unrelated diversification and investments. The
outlook may be revised to 'Positive' if financial risk profile
improves significantly, most likely through infusion of funds by
the promoters, coupled with liquidation of investments/loans to
group companies. Conversely, the outlook may be revised to
'Negative' if investment in unrelated businesses increases
further, or if there is a stretch in the working capital cycle,
or if operating margin declines.

SMPL, incorporated in 1998, is promoted by Mr. Ranjeet Pawar. It
is an authorised dealer of commercial vehicles (CVs) manufactured
by Tata Motors Ltd (TML) and two wheelers manufactured by Hero
Motocorp Ltd (Hero Motocorp). The company operates three
showrooms, all in Maharashtra, one each in Ahmednagar and Satara
for TML's CVs and one for Hero Motocorp's two wheelers in Pune.
SMPL also deals in spares and provides vehicle servicing.


SILVER STAR: Ind-Ra Assigns 'IND B' LT Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Silver Star
Group (SSG) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable. The agency has also assigned SSG's proposed INR100m fund-
based facilities a 'Provisional IND B' rating with a Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect the execution and funding risks associated
with Silver Palm Grove, SSG's ongoing project. While 30% of the
construction has already been completed, the project is scheduled
to be completed by FYE19.

The funding risk emanates from the firm's substantial dependence
on the customer advances which is 58% of the total project cost
of INR417m (excluding the land cost). Under a joint development
agreement, the firm needs to pay the amount equivalent to the
50,000 sq. ft. of total saleable area or the number of flats to
the land owners. The firm is selling all the flats and will pay
the land owners in cash.

Out of the total 142 flats being built, as on 31 March 2016, SSG
had received bookings for the 93 flats while the remaining 35%
expose the firm to saleability risk and possible cash flow
mismatches.

The ratings, however, are supported by over a decade of operating
experience of the company's promoters in the real estate segment
and a track record of four completed projects (residential and
commercial) in Pune.

RATING SENSITIVITIES

Positive: The sale of flats as planned, leading to strong
visibility of cash flow could lead to a positive rating action.

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

COMPANY PROFILE

Pune-based SSG, incorporated in 2013, is a partnership firm.
SSG's current project Silver Palm Grove consists of five building
having a total of 142 saleable flats covering the total saleable
area of 1,69,477 Sq. ft. The construction of the project has
already started and the whole project is likely to be completed
by December 2018.


SINGH AUTOMOBILE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Singh Automobile
(SA) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings reflect SA's small scale of operations and moderate
credit profile. According to the unaudited FY16 financials,
revenue was INR230.80m (FY15: INR285.69m), net leverage (net
debt/EBITDA) was 3.33x (3.70x), interest coverage was 1.99x
(2.06x) and EBITDA margin was 4.59% (3.20%). The ratings factor
in the proprietorship nature of the organisation.

The ratings, however, are supported by the firm's comfortable
liquidity profile as indicated by its average working capital
utilisation of 57.12% for the 12 months ended June 2016.

The ratings are also supported by over 15 years of experience of
SA's promoters in the dealership business coupled with the
company's established presence in Fatehpur, Uttar Pradesh as an
authorised dealer of Mahindra and Mahindra Limited ('IND
AAA'/Stable) and Bajaj Auto Limited's vehicles.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the credit metrics would be negative for the
ratings.

Positive: Substantial growth in the revenue along with an
improvement in the profitability leading to an improvement in the
overall credit metrics will be a positive for the ratings.

COMPANY PROFILE

Established in 1999, SA holds dealership for vehicles of Mahindra
and Mahindra and Bajaj Auto.

SA's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR42m fund-based working capital limits: assigned 'IND BB-
    '/Stable/'IND A4+'
-- INR18m non-fund-based working capital limit: assigned 'IND
    A4+'


SKC INFRATECH: CRISIL Suspends B+ Rating on INR80MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SKC Infratech Private Limited (SKC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          150       CRISIL A4
   Overdraft Facility       80       CRISIL B+/Stable

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

SKC undertakes civil construction works and was set up as a
proprietorship concern, Seth Kishan Chand, in 1985 by Mr. Kishan
Chand Bansal. The firm was reconstituted as a private limited
company, Seth Kishan Chand & Associates Pvt Ltd, in 1996. The
company was renamed SKC in 2012. SKC's registered office is in
Gurgaon (Haryana).


SRI VIJAYA: Ind-Ra Affirms 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Vijaya
Venkateswara Cotton Mills Private Limited's (SVVCM) Long-Term
Issuer Rating at 'IND B+'. The Outlook is Stable. The agency has
also affirmed SVVCM's INR100m fund-based limits (reduced from
INR110m) at 'IND B+' with a Stable Outlook.

KEY RATING DRIVERS

The affirmation reflects SVVCM's continued small scale of
operations and weak credit profile. Provisional (P) FY16 numbers
shared by management indicated revenue of INR533m (FY15:
INR592m), EBITDA interest coverage (EBITDA/interest) of 1.6x
(1.9x), net financial leverage (net debt/operating EBITDA) of
10.2x (5.6x) and operating EBITDA margins of 2.6% (3.3%).

SVVCM's liquidity was comfortable, with 89% average utilisation
of its working capital limits during the 12 months ended May
2016.

The ratings continue to remain constrained on account of SVVCM's
presence in the highly competitive cotton industry, which is
vulnerable to fluctuations in the price of raw cotton.

However, the ratings continue to benefit from SVVCM's founders'
experience of more than three decades in the cotton ginning
business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics could lead to a positive rating action.

Negative: Further deterioration in credit metrics could lead to a
negative rating action.

COMPANY PROFILE

SVVCM was incorporated in 2006 by Mr. M. Nagamalleswara Rao and
Mr. M. Rajasekhara Rao. It is engaged in the ginning and pressing
of cotton. Its processes are completely automated, with the
capacity to process 300 bales of cotton per day and operate 42
double roller gins.


STERLING GATED: CARE Upgrades Rating on INR60cr LT Loan to B+
-------------------------------------------------------------
CARE revises rating assigned to the ncd issue of Sterling Gated
Community Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Instruments-
   Non Convertible Debentures      60       CARE B+ Revised from
                                            CARE D

Rating Rationale

The revision in the rating of Sterling Gated Community Private
Limited (SGCPL) factors in amendment in the debenture trust
agreement with the investors on extending the coupon payment
dates and that the coupon payments shall be only out of the
surplus funds available with the company. The rating of SGCPL
continue to factor in high project execution risk as the project
is at a very nascent stage and yet to be launched for booking,
apart from moderate dependency on customer advances.

The rating, however, derives strength from the promoter's
extensive experience in the real estate industry, favorable
location of the project and receipt of key statutory approvals.
The ability of the company to complete the project on-time and
mobilize the required customer advances for the project
would be the key rating sensitivities.

SGCPL is a special purpose vehicle (SPV) formed by Mr Ramani
Sastri and Mr Shankar Sastri, who have more than 30 years'
experience of developing real estate projects in Bangalore and
founders of the Sterling group. The Sterling group has an
experience in developing apartments, villas and commercial
complexes across Bangalore. The Sterling developers group till
date has developed over 28 projects in total.

SGPCL is developing a real estate apartment project in
Whitefield, Bangalore. The project is residential project with
total 147 units of 3BHK and 4BHK configurations, planned over a
part of larger land parcel owned by an associate company,
Sterling Urban development Private Limited (SUDPL). The project
is a Joint Development with SUDPL as the land owner with a share
of 25% in revenue and the balance 75% with SGCPL as developer of
the project. The remaining land of SUDPL is being developed as
Villa Grande project comprising total 250 villas with Phase-I
completed and Phase-II ongoing.


SUBIZZ TRAVEL: CARE Assigns B+ Rating to INR0.44cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CAREA4' ratings to the bank facilities of
Subizz Travel Solutions Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     0.44       CARE B+ Assigned
   Short term Bank Facilities    0.48       CARE A4 Assigned
   Long term /Short term Bank
   Facilities                    1.08       CARE B+/CARE A4
                                            Assigned

Rating Rationale
The ratings assigned to the bank facilities of Subizz Travel
Solution Private Limited (STSPL) are constrained by its nascent
stage of operations, small scale of operations, highly leveraged
capital structure, and working capital intensive nature of
operations. The ratings are further constrained by its presence
in a highly fragmented and competitive industry. The ratings,
however, draw comfort from experience of the promoters, and
moderate profitability margins and coverage indicators.

Going forward, the ability of the company to increase its scale
of operations while improving its capital structure and effective
management of working capital requirements shall be the key
rating sensitivities.

Pune-based STSPL, a private limited company, was incorporated in
June 20, 2012. It is promoted by Mr Maninder Uppal, andMs
Priyadatta Uppal. STSPL is engaged in travel and tours business
wherein it provide domestic and international tour packages which
includes air & rail tickets, hotel packages and cab services. The
company's clientele includes corporate and individuals. STSPL is
registered with the International Air Transport Association
(IATA) and is also a member of Travel Agents Federation of India
(TAFI). The company generates around 85% of the revenue from
booking air tickets and the remaining 15% from other services.

The company gets contracts from corporates and has around 15
corporate contracts in hand. For each corporate client the
company has one travel consultant exclusively dealing with the
corporate client. The company generates 90% of the revenue from
corporate clients and the remaining 10% from individual
customers.

In FY15, MWPL has achieved a total operating income (TOI) of
INR1.04 crore with PBILDT and PAT of INR0.23 crore and INR0.14
crore, respectively, as against TOI of INR0.65 crore with PBILDT
and PAT of INR0.11 crore and INR0.08 crore, respectively, in
FY14. In FY16 (unaudited) (refers to the period April 2015 to
March 2016), the company achieved TOI of INR1.04 crore.


TAMILNADU STATE: CARE Reaffirms 'B' Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Tamilnadu State
Transport Corporation (Coimbatore) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Tamilnadu State
Transport Corporation (Coimbatore) Limited (TNSTC-CBE) continues
to be constrained by the delays in debt servicing of term loans
(not rated by CARE) from the Government of Tamilnadu (GoTN) and
continued losses incurred by the Corporation during FY16 (refers
to the period April 1 to March 31) resulting in erosion of
Networth. The rating is also constrained by the company's high
dependence on debt funding and weak liquidity profile of the
company with high working capital utilization. The rating,
however, favourably takes into account the established track
record of operations and funding support received from GoTN,
being the state's public transport undertaking in the Coimbatore
region.
Going forward, the continual support from GoTN for day-to-day
operations and the ability of the company to manage working
capital efficiently would be the key rating sensitivities.

TNSTC-CBE, a Government of Tamilnadu Undertaking, began its
operation of public transportation in 1972 under the name of
Cheran Transport Corporation Limited (CTC) in Coimbatore, Tamil
Nadu. CTC was bifurcated into Jeeva Transport Corporation Limited
(JTC) and Mahakavi Bharathiar Transport Corporation Limited
(MKBTC) in 1983 and 1994, respectively. JTC and MKBTC have
operational jurisdiction over Erode and Udhagamandalam districts
of Tamil Nadu, respectively. In February 2004, all three
companies (CTC, JTC &MKBTC) were merged and renamed as TNSTC-CBE.

As on March 31, 2015, TNSTC-CBE had a fleet of 3,295 buses with
44 branches operating in Coimbatore, Tiruppur, Udhagamandalam and
Erode districts of Tamil Nadu. It also operates long distance
services to Chennai, Bangalore, Mysore, Pondicherry,
Thiruchendur, Marthandam, Sengottai, Guruvayoor, Hassan, etc. The
Corporation is operating 12.6 lakh km per day carrying around 25
lakh passengers every day. TNSTC-CBE has its own body building
units and production facilities for paints and Tyre flaps.

During FY16 (Provisional), the Corporation reported after tax
loss of INR411 crore on total operating income of INR1,206 crore
as against after tax loss of INR431 crore and operating income of
INR1,213 crore in FY15.


TROY IFMR: Ind-Ra Rates INR24.1MM Series A2 PTCs at IND BB-(SO)
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Troy IFMR
Capital 2016 (an ABS transaction) final ratings as follows:

-- INR357.5 million Series A1 pass through certificates (PTCs):
    'IND A-(SO)'; Outlook Stable
-- INR24.1 million Series A2 PTCs: 'IND BB-(SO)'; Outlook Stable
The micro finance loan pool assigned to the trust has been
originated by Satin Creditcare Network Limited ('IND
BBB+'/Stable).

KEY RATING DRIVERS

The final ratings are based on the origination, servicing,
collection and recovery expertise of Satin Creditcare Network,
the legal and financial structure of the transaction and the
credit enhancement (CE) provided in the transaction. The final
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 20 December 2017 in accordance with the
transaction documentation.

The final 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 20 December 2017, 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 and A2
PTCs are 11% and 5%, respectively, of the initial pool principal
outstanding (POS). The total excess cash flow or the internal CE
available to Series A1 and A2 PTCs is 21.96% and 14.85%
respectively, of the initial POS. The transaction also benefits
from the external CE of 3.00% of the initial POS in the form of
fixed deposits with RBL Bank in the name of the originator with a
lien marked in favour of the trustee. The collateral pool
assigned to the trust at par had the initial POS of INR401.7m, as
of the pool cut-off date of 1 February 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 and c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors.

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
analysed 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 30%, the
model-implied rating sensitivity suggests that the rating of the
Series A1 will be downgraded by two notches. If the assumptions
of the base case default rate worsen by 30%, the model-implied
rating sensitivity suggests that the rating of the Series A2 PTCs
will not be downgraded from its current rating level.


UNIVERSAL HEAT: CRISIL Assigns B- Rating to INR140MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings and assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of
Universal Heat Exchangers Limited (UHEL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           140       CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Letter of credit &    195       CRISIL A4 (Assigned;
   Bank Guarantee                  Suspension Revoked)

The ratings were previously 'Suspended' by CRISIL vide the Rating
Rationale dated March 14, 2016, since UHEL had not provided
necessary information required to maintain a valid rating. UHEL
has now shared the requisite information, enabling CRISIL to
assign ratings to the bank facilities.

CRISIL's ratings on the long term bank facilities of UHEL
continue to reflect the company's below-average financial risk
profile of the company, its large working capital requirements
and susceptibility to economic cycles given the nature of the
business. These weaknesses are partially offset by established
regional market position in heat exchangers and pressure vessels
segment.
Outlook: Stable

CRISIL believes that UHEL will continue to benefit over the
medium term from its promoter's extensive industry experience and
established customer relationships. The outlook may be revised to
'Positive' if UHEL reports a sustainable and significant
improvement in its profitability, leading to cash profits, or its
promoter infuses significant capital leading to better capital
structure. Conversely, the outlook may be revised to 'Negative'
if there is a slowdown in order inflow, its margins decline, or
it undertakes any large, debt-funded capex, weakening its
financial risk profile.

Established in 1972, Universal Heat Exchangers Limited (UHEL) is
engaged in design and manufacture of Heat Exchangers, Pressure
Vessels and Columns. The company's plant at Coimbatore, Tamil
Nadu has installed capacity of manufacturing 2000MT per annum,
its fixed Handling Capacity at 70 MT and it also has Fabrication
capabilities. The facilities carry ASME 'U' & 'U2' Stamp
Certification.


V. G. SHIPBREAKERS: CRISIL Cuts Rating on INR80MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
V. G. Shipbreakers Private Limited (VGS) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/ CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit         80       CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects devolvement of letter of credits
for more than 30 days. The delays have been caused by weak
liquidity due to slowdown in the shipbreaking industry resulting
in stretched receivables.

V. G. Shipbreakers Pvt Ltd (VGS) has a weak financial risk
profile, marked by a modest net worth, a high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics. Further, the company has large working capital
requirements and is susceptible to cyclicality in the ship
breaking industry and to volatility in steel scrap prices.
However, the company benefits from the extensive experience of
its proprietor and his family in shipbreaking and steel trading
businesses.

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VAISHNODEVI OIL: CRISIL Reaffirms B+ Rating on INR85MM Loan
-----------------------------------------------------------
CRISIL rating on the long-term bank facility of Vaishnodevi Oil
Seeds Processing Industries (VOSPI) continues to reflect VOSPI's
below-average financial risk profile marked by high gearing and
weak debt protection metrics. The rating also reflects the firm's
modest scale of operations, and its vulnerability to volatility
in raw material prices and to changes in government policies.
These rating weaknesses are partially offset by the extensive
experience of VOSPI's promoters in the edible oil industry and
the firm's proximity to raw material sources.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             85       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VOSPI will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the firm increases
its revenue and improves its profitability significantly, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in VOSPI's
financial risk profile, particularly its liquidity, most likely
because of a stretch in its working capital cycle, low accruals,
or large debt-funded capital expenditure (capex).

Update
For 2015-16(refers to financial year, April 1 to March 31),
VOSPI's sales are estimated to be around INR590million and are
expected to grow at moderate pace with support of increasing
volumes in the range of 15 to 18 per cent over the medium term.
Over the medium term, the operating margins are expected to
remain range bound at 2 to 3 per cent. Over the medium term,
CRISIL expects the firm'soperating cycle measured by gross
current assets (GCA) in the range of 85 to 90 days and the
overall working capital requirements are expected to rise in
scale of operations.VOSPI's financial risk profile is supported
by moderate gearing and average debt protection metrics. The
liquidity continues to be marked by moderate cushion between its
accruals and term debt repayment obligations; no plans of major
capex over the medium term and working capital intensive
operations.

VOSPI, set up in 2006, is promoted by Mr. Praful Kumar Thakkar
and his brother Mr. Deepak Kumar Thakkar. The firm manufactures
unrefined mustard oil, and also sells its by-product, mustard de-
oiled cakes. Its seed crushing unit is in Banaskantha (Gujarat)
and has installed capacity of 250 tonnes per day.

VOSPI reported a profit after tax (PAT) of INR7 million on sales
of INR592 million for 2014-15; it had reported a PAT of INR3.4
million on sales of INR486 million for 2013-14.



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


MULTIPOLAR TBK: Fitch Cuts LT Issuer Default Rating to 'B'
----------------------------------------------------------
Fitch Ratings has downgraded Indonesian holding company PT
Multipolar Tbk's (Multipolar) Long-Term Issuer Default Rating to
'B' from 'B+'. The Outlook is Stable. The agency has also
downgraded Multipolar's senior unsecured rating and USD230m notes
due in 2018 to 'B' from 'B+' with Recovery Rating of 'RR4'. The
notes are issued by Pacific Emerald Pte Ltd, a wholly owned
subsidiary, and guaranteed by Multipolar and certain
subsidiaries.

At the same time, Fitch Ratings Indonesia has downgraded the
National Long-Term Rating to 'BBB+(idn)' from 'A(idn)'. The
Outlook is Stable.

The downgrade reflects Multipolar's weaker overall business
profile, which stems from the change in Fitch's assessment of the
credit profile of Indonesian retailer PT Matahari Putra Prima Tbk
(MPPA, not rated), in which Multipolar owns a 50.23% stake.
Sustained pressure on MPPA's credit profile will result in lower
and less reliable dividends paid to Multipolar, the holding
company, to cover its operational expenses and interest
servicing. Fitch forecasts Multipolar's fixed-charge coverage
ratio to remain below 1.25x, which is not consistent with a
'B+/A(idn)' rating.

'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However,
changes in circumstances or economic conditions are more likely
to affect the capacity for timely repayment than is the case for
financial commitments denoted by a higher rated category.

KEY RATING DRIVERS

Weaker MPPA Performance: The downgrade reflects Fitch's
expectation of lower and less reliable dividends from MPPA on
account of MPPA's weaker credit profile. MPPA has experienced a
challenging operating environment, with slower economic growth,
weaker consumer sentiment and higher competition from smaller
retail formats, which has weakened its cash generation. This has
seen MPPA's leverage as measured by total adjusted debt/operating
EBITDAR increase to 3.2x in FY15 from 1.8x in the previous year.
Free cash flow will likely remain negative given MPPA's dividend
target and capex plan as well as the challenging environment,
which Fitch expects to persist for at least 24 months.

Structural Subordination: The rating of Multipolar reflects the
structural subordination that arises from its group structure.
Multipolar is a holding company that owns majority stakes in
companies involved in businesses, such as retail, IT service and
pay-TV. Most of the company's cash flows are generated from its
stakes in Indonesian retailers MPPA and PT Matahari Department
Store Tbk (MDS), in which Multipolar owns 20.48%.

Lower Sustainable Dividends: MPPA's weaker performance and the
absence of a special dividend that was paid in 2015 will reduce
Multipolar's dividend receipts to around IDR70 billion a year in
2016 and 2017 (2015: IDR218 billion). However, we estimate higher
dividends of IDR200 billion -- 250 billion a year in 2016-2017
(2015: IDR175 billion) from MDS -- which is debt-free, has a
solid financial performance and faces less competition - will
help to make up for the reduced dividends from MPPA.

Fitch said, "Decreasing Fixed-Charge Coverage: Lower dividend
receipts and weak performance by subsidiaries (especially PT
Indonesia Media Televisi and Multipolar's China retail
operations) will result in decreasing fixed-charge coverage.
Fitch expects fixed-charge coverage, as measured by the ratio of
(adjusted EBITDA + dividend + rent) to (adjusted interest +
rent), to decline to around 1.0x in 2017 and 2018, below our
previous 1.25x threshold for negative rating action."

Weaker Liqudity at Holding Company: The lower dividend from MPPA
will have to be compensated by dividends from smaller and less
established subsidiaries, such as PT Matahari Pacific and PT
Nadya Putra Investama. Fitch estimates the ratio of dividends
from subsidiaries to interest will decline to around 1.0x in 2016
and 2017 (2015: 1.1x).

The holding company will also need to rely on other measures,
such as capital reduction and subsidiaries' repayment of
shareholders loans, to cover its operational expenses, if
dividend receipts fall short of Mutlipolar's expectations.
Liquidity at the holding company is supported by the existing
IDR120 billion undrawn working capital facility.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for Multipolar
include:
-- Deconsolidation of MPPA figures from Multipolar's
    consolidated financials; proportionate consolidation of
    IMTV's EBITDA in accordance with Multipolar's ownership of
    65%
-- Dividend from MPPA of around IDR70 billion and dividend from
    MDS of around IDR200 billion- IDR300 billion each year in
    2016 and 2017
-- MPPA-adjusted capex at around IDR300 billion- IDR500 billion
    a year in 2016-2017
-- Multipolar Technology to generate around IDR230 billion -
    IDR260 billion of EBITDA a year in 2016 and 2017

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Overall improvement in business profile that results in
    sustainable fixed-charge coverage of above 1.3x, which may be
    from the divestment of weak subsidiaries or higher
    sustainable dividends from established subsidiaries or
    investments.
-- Turnaround in MPPA's credit profile as indicated by free cash
    flow turning neutral or positive.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Fixed-charge coverage falls below 1.0x on a sustained basis.
-- Material weakening in liquidity that results from lower
    dividend receipts or deterioration in subsidiaries'
    performance or significant reduction in the cash balance of
    Multipolar (excluding MPPA) or if Multipolar receives
    increasingly unfavourable terms on its financing


MODERNLAND REALTY: Fitch Affirmed 'B' LT IDR; Outlook Negative
--------------------------------------------------------------
Fitch Ratings has revised Indonesia-based homebuilder PT
Modernland Realty Tbk's (Modernland) Outlook to Negative from
Stable. At the same time the agency has affirmed the company's
Long-Term Issuer Default Rating at 'B'. A full list of the rating
actions is provided at the end of this commentary.

The Negative Outlook reflects the risk that Modernland could
breach a number of its local-currency debt covenants in 2017, as
EBITDA may remain weak unless presales improve in the next six to
12 months. Modernland may not be able to achieve its presales
target for 2016 due to the slow domestic macroeconomic
environment and its dependence on cyclical industrial land sales,
which may put a strain on its cash collection. The IDR was
affirmed at 'B' as the company may take measures to improve the
recognition of EBITDA or alternatively obtain waivers on covenant
breaches.

KEY RATING DRIVERS

Weak Presales; Covenant Breach: Modernland's 1Q16 presales fell
86% yoy to IDR197 billion, which accounted for less than 10% of
its 2016 target. The decline was driven by slow economic growth
and the government's crackdown on tax evasion, which has left
buyers cautious. Fitch forecasts this may lead to Modernland
breaching a number of its local-currency debt covenants in 2017,
as EBITDA declines following the weakness in presales.

The implementation of a tax amnesty in Indonesia on 1 July may
boost demand for property, although Modernland's overall credit
profile is not likely to benefit in the short term given the
potential surge in new property launches in the market once the
amnesty takes effect and Modernland's major exposure towards the
industrial segment.

Volatile Industrial Cashflows: Modernland's exposure to
industrial land sales results in more volatile cash flows than
peers that depend on residential sales. Nevertheless, this
remains an important contributor to Modernland's cash flows, and
the volatility is mitigated by the low development risks of the
industrial segment.

Modernland has a good 20-year track record in developing
industrial estates, and has built strong relationships with
tenants. Its flagship Cikande industrial estate has a very low
average land cost compared with the current average selling price
(ASP) of around IDR1.5m per square metre (sqm), and Modernland
has sufficient land to continue developing there for around five
years, assuming no further land acquisitions. Fitch believes
Modernland can build on its success in Cikande and use a similar
business model for future developments in Bekasi.

Limited Residential Track Record: Fitch expects Modernland's
residential and commercial segment to account for more than 60%
of presales by 2018, driven by the Jakarta Garden City (JGC)
project and the new launches in Bekasi. The growing proportion of
residential sales will counterbalance volatility in industrial
land sales, but Modernland's track record in developing an
integrated, large-scale residential project is still limited
relative to the other rated developers.

ASRI Land Sales Delayed: Fitch expects cash collection from land
sales to PT Alam Sutera Realty Tbk (ASRI, B+/Negative) to lag
behind management's expectation. Fitch's rating case assumes
majority of the proceeds that was expected to be received this
year to be delayed to 2017, mainly due to ASRI's weak presales.
Nevertheless, Modernland believes ASRI remains committed to
completing the acquisition, given the strategic location of the
land and the low acquisition price compared with the current
market price in the area.

Manageable Forex Risk: Modernland has entered into a few call-
spread options to fully hedge the principal of its USD191 million
bond due 2019, covering rupiah depreciation of up to IDR15,500
per US dollar. The company has also entered into a similar
hedging arrangement for its USD57 million outstanding bond due
2016, covering rupiah depreciation of up to IDR14,000 per US
dollar. In addition, Fitch believes that Modernland's thick
margins are sufficient to absorb short-term currency volatility.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- Presales (excluding one-off sales) of IDR1.5trn and IDR3.6trn
    in 2016 and 2017, respectively
-- Average ASP growth of 5%-10% year on year
-- Land acquisition capex of IDR825 billion and IDR743 billion
    in 2016 and 2017, respectively
-- Majority of ASRI's land sale proceeds to be delayed to 2017

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- If the company fails to achieve its 2016 presales target and
    there is heightened risk it may breach covenants on its
    local-currency debt, or the company fails to negotiate
    waivers on covenant breaches
-- Presales/ gross debt sustained at less than 40% (2016F: 77%)

Positive: Future developments that may, individually or
collectively, lead the Outlook to be revised back to Stable
include:
-- The company achieves its 2016 presales target and the risk of
    it breaching its local-currency debt covenants is reduced, or
    the company successfully manages to negotiate waivers on
    covenant breaches

LIQUIDITY

Adequate Liquidity: Modernland had IDR519 billion of cash and
IDR999 billion of current maturities at end-2015. Of the IDR999
billion, management extended the maturity on IDR150 billion of
working capital facilities to 2017. Furthermore, Fitch's rating
case expects Modernland to be able to repay its upcoming USD57
million bond maturity (part of the current maturities) in October
2016 using a combination of cash collected from previous years'
presales and the proceeds from a planned rupiah bond issuance.
Part of Modernland's cash balance is held in US dollars, which
mitigates some currency risk on the repayment. Liquidity is also
supported by Modernland's access to local and international
capital markets.

FULL LIST OF RATING ACTIONS

PT Modernland Realty Tbk
Long-Term IDR affirmed at 'B'; Outlook revised to Negative from
Stable
Senior unsecured rating affirmed at 'B'

Modernland Overseas Pte Ltd
USD57 million outstanding 11% senior unsecured notes due 2016
affirmed at 'B' and Recovery Rating of 'RR4' (original principal
amount was USD150 million prior to the exchange in 2014)

Marquee Land Pte Ltd
USD191 million outstanding 9.75% senior unsecured notes due 2019
affirmed at 'B' and Recovery Rating of 'RR4'



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


KOREA: Troubled Shippers, Shipbuilders Suffer Rating Downgrades
---------------------------------------------------------------
Yonhap News Agency reports that South Korea's troubled firms,
mostly shipbuilders and shippers, have faced rating downgrades
amid their deepening financial woes and ongoing corporate
overhaul efforts, industry sources said.

Korea Ratings Corp. said a total of 31 firms suffered a rating
downgrade in the first half of the year, compared with 43
companies a year earlier, according to Yonhap.

But Daewoo Shipbuilding & Marine Engineering Co. and other
shipbuilders, along with the country's major shipping lines such
as Hanjin Shipping Co. saw their ratings take a downgrade, says
Yonhap.

For one, Hanjin Shipping, the country's top shipping line, was
rated BB+ in March, but suffered a further downgrade to CCC in
June, Yonhap discloses. Its smaller local rival, Hyundai Merchant
Marine Co., also suffered a sharp drop in its credit rating to D
in April, from B+ in February, according to Korea Ratings.

Yonhap relates that rating downgrades were also made for the
country's major shipbuilders. Daewoo Shipbuilding suffered a drop
in its rating to BB from BB+ in June, with ratings for Samsung
Heavy Industries Co. and Hyundai Heavy Industries Co. cut by two
notches and one notch, respectively, to A- and A.

"The overall outlook for the country's shipbuilding sector is
negative, and further downgrades may be made if their slump
continues," Yonhap quotes Seo Kang-min, an analyst at Korea
Ratings, as saying.

Yonhap notes that South Korean shipbuilders have been under
severe financial strain since the 2008 global economic crisis
which sent new orders tumbling amid a glut of vessels and tougher
competition from Chinese rivals.

The country's top three shipyards -- Hyundai Heavy Industries,
Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine
Engineering Co. -- suffered a combined operating loss of
KRW8.5 trillion (US$7.4 billion) last year due largely to
increased costs stemming from a delay in the construction of
offshore facilities and an industrywide slump, with the Daewoo
Shipbuilding alone posting a KRW5.5 trillion loss, Yonhap
relates.

According to the report, the shipbuilders have recently drawn up
sweeping self-rescue programs worth KRW10.35 trillion in their
desperate bids to overcome a protracted slump and mounting
losses.

Separately, local shippers are also placed under a tough
restructuring drive as falling freight rates and a protracted
slump squeezed their margins, the report states.



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


SIERRA CABLES: Fitch Assigns 'BB+(lka)' Long-Term Rating
--------------------------------------------------------
Fitch Ratings has assigned Sri Lanka-based cable manufacturer
Sierra Cables PLC (Sierra) a National Long-Term Rating of
'BB+(lka)'. The Outlook is Stable.

Sierra's rating reflects its established core business, which has
an extensive product portfolio, modest but expanding market share
and stable EBITDA margins. This is counterbalanced by exposure to
cyclical end-markets, risks associated with international
expansion and losses at subsidiaries. The rating is also
supported by Fitch's expectation that the company will maintain
net leverage, measured as net adjusted debt/operating EBITDAR, at
less than 2.5x over the medium term, despite planned capacity
expansions. Leverage was 2.4x in the financial year ended 31
March 2016 (FY16).

KEY RATING DRIVERS

Recovery in End-Markets: Sierra's customers are mostly in
cyclical industries, including construction and infrastructure
development, which substantially slowed down in the past 12-18
months. However, the government's decision to resume work on many
of the suspended projects and to launch a few new large-scale
developments in 2016 will boost demand for the cable industry.
Growth in construction of housing due to rapid urbanisation in
Sri Lanka and gradual expansion in the manufacturing sector
should also drive demand for cables.

Modest but Increasing Market Share: Sierra is the third-largest
cable manufacturer in Sri Lanka based on revenue. Its market
share has increased steadily to 22%. The company has an extensive
product portfolio that is similar to that of much larger peers to
meet the needs of domestic industrial and retail customers.

Strong EBITDA Margins: Sierra's EBITDA margin improved steadily
over the past few years due to increases in high-margin sales to
institutional customers, low raw-material prices and use of
efficient machinery in the production process. Aluminium and
copper account for about 70% of the company's cost of goods sold,
and Sierra can pass on any price increases to its customers if
necessary, which allows the company to maintain stable margins.

Fitch said, "Strengthening Balance Sheet: Sierra's net leverage
improved to 2.4x at FYE16 from 5.1x at FYE13 due to significant
improvements in its core operations. We expect the company to
maintain net leverage below 2.5x over the medium term, despite
planned expansions both domestically and internationally, which
we expect to be primarily funded through internally generated
funds."

Drag from Unprofitable Subsidiaries: Sierra's two subsidiaries
Sierra Industries Limited (SIL) and Sierra Power Limited (SPL)
are still unprofitable. The potential divestment of the power
business during FY17 and a possible turnaround in SIL's
profitability in the next 12-18 months as a result of significant
contract wins from institutional customers should have a positive
impact Sierra's margins and leverage in the medium term.

Risky International Expansions: Sierra will invest LKR375m to set
up cable manufacturing plants in Kenya and Fiji in the next
couple of years. Kenya provides strong growth potential for the
company - given electrification is below 30% - but the investment
carries high political and economic risk. Disruptions to
production, delays in payments or additional capital calls could
adversely impact Sierra's future cash flows. In Fiji, Sierra has
tied up with the two largest hardware product distributors in the
country, which mitigates risks associated with foreign expansion.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- Annual revenue growth to average 20% from FY17-FY18, partly
    due to a low base and partly due to international expansion
    and new contract wins from institutional clients. Annual
    revenue growth to stabilise in the high-single-digit range in
    the medium term.
-- EBITDA margins to expand by 100bps over FY17-FY20 due to a
    bigger proportion of institutional and international sales in
    the sales mix, and due to the restructuring of unprofitable
    subsidiaries.
-- Average capex of LKR150m a year over FY17-FY20
-- Dividend pay-out ratio to average 30% over FY17-FY20

RATING SENSITIVITIES

Positive: An upgrade is not anticipated in the short to medium
term due to Sierra's current size and scale of operations,
however future developments that may, individually or
collectively, lead to positive rating action over the longer term
include:
- An improvement in company's size and scale of operations while
maintaining the current credit profile

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Adjusted net debt/EBITDAR over 3.5x on a sustained basis
-- EBITDAR coverage (as measured by EBITDAR to (Gross Interest +
    Rent)) reducing below 3.0x on a sustained basis
-- Delays or disruptions in its planned Kenyan of Fiji
    expansion, which could result in additional capital calls or
    reduce profitability

LIQUIDITY

Manageable Liquidity Position: As at end-March 2016, Sierra had
LKR73m of unrestricted cash and LKR840m in unutilised credit
lines to meet LKR945m of short-term debt falling due in the next
12 months, placing the company in a tight but manageable
liquidity position. The planned divestments of the power
subsidiary should also boost cash.



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


FIJI REPUBLIC: S&P Affirms 'B+' Sovereign Ratings; Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings affirmed its long-term foreign and local
currency sovereign ratings on the Republic of Fiji at 'B+'.  S&P
also affirmed the short-term rating on Fiji at 'B'.  The outlook
remains stable.  Fiji's transfer and convertibility remains at
'B+'.

                             RATIONALE

The rating affirmation on Fiji reflects S&P's view of the
country's weak institutional settings, limited monetary policy
flexibility, income levels, and weakening fiscal metrics that
constrain the government's credit-standing.  Mitigating these
weaknesses are the government's falling interest costs and its
sound external position.

S&P also expects Fiji's credit quality to remain stable as the
impact of Cyclone Winston on the economy is likely to be
temporary.  On Feb. 20, 2016, tropical Cyclone Winston caused
major damage and disruptions to the economy.  Estimates put the
damage bill at more than 10% of GDP (more than US$500 million),
with private property including housing making up a significant
proportion of the damage, rather than public infrastructure.
Roads, agriculture, and the sugar industry also incurred damage.
The central business district in Suva and key tourism areas
around Nadi avoided the brunt of the cyclone and incurred
relatively limited damage to key infrastructure.

In addition, the damage is more concentrated to rural areas,
while tourism arrivals continue to grow, resulting in less risk
to the economy than S&P previously thought.  Real economic growth
will still slow to about 2.5% in fiscal 2016, before rebounding
to 4% in 2017 and 3.8% in 2018.  This will drive Fiji's GDP per
capita toward US$5,400 and improve the country's economic outlook
over the medium-term.  Reconstruction works, Fiji National
Provident Fund's (FNPF) assistance that allows members to
withdraw up to Fiji dollar (FJ$) 5,000 for home repairs
(projected to reach about FJ$250 million-FJ$300 million in
total), government assistance, and donor and multi-lateral agency
aid will support economic growth and offset any potential
temporary impacts to the agriculture and sugar industries.

Fiji's economy has grown by an average of 4.8% per year since
2013 and has improved income levels, with GDP per capita of about
US$5,000 in 2015.  This level may not fully capture the impact of
Cyclone Winston.

The government's fiscal position is likely to weaken, resulting
in higher borrowings in the near-term.  Immediately following
Cyclone Winston, the government faces higher current expenditure
requirements and potentially lower growth in tax receipts.  This
scenario will weaken the government's fiscal position and has led
to higher borrowings.  S&P forecasts deficits to average about 4%
of GDP over the next three years, resulting in the annual change
in general government debt rising to more than 3% of GDP between
2016 and 2018.  This will increase net general government debt to
46% of GDP in 2016 and 2017, from 42% in 2015, before returning
to its downward trend as deficits narrow and growth accelerates.

In contrast, interest expenditure is falling and will average
less than 10% of government revenues.  Falling interest costs
reflect improved market pricing on the refinancing of the
government's US$250 million bond (5% of GDP) in September 2015,
and a higher proportion of concessional borrowings from the Asian
Development Bank and World Bank.

Shortcomings in infrastructure and basic services, and the urgent
need for reconstruction following Cyclone Winston constrain the
government's budgetary flexibility, in S&P's view.

Fiji's external metrics are likely to remain supportive of the
sovereign ratings.  External liquidity (measured by gross
external financing needs as a percentage of current account
receipts [CAR] and usable reserves) is likely to average about
96% over 2016-2019.  Meanwhile, external borrowings (measured by
narrow net external debt) are likely to rise to 10% of CAR during
the period. The current account deficit may widen in 2016 and
2017, reflecting higher imports as reconstruction activity picks
up.  S&P expects tourism receipts to support Fiji's services
receipts and external position.

During 2016, inward remittances to support affected relatives
will fund a large proportion of the current account deficit.
Official reserves remain comfortable at more than US$900 million
(about three and a half months of import coverage) in 2016, and
will receive support from Asian Development Bank and World Bank
loans. Weighing on its external metrics is Fiji's high reliance
on foreign financing, as indicated by its much greater level of
net external liabilities relative to narrow net external debt.

S&P regards the Reserve Banks of Fiji's ability to support
sustainable economic growth while attenuating economic or
financial shocks to be constrained.  The pegged currency
arrangements restrict the country's monetary flexibility.  This
policy requires the authorities to focus on exchange rate
stability at the expense of stability in domestic prices and
economic growth.  Further limiting flexibility is the lack of
effective monetary policy transmission to the economy, which is a
result of Fiji's underdeveloped financial system.  Extensive
foreign exchange restrictions are a further hindrance, although
these have been gradually easing in recent years as Fiji rebuilt
its official reserves.

The political state in Fiji appears to have stabilized following
democratic elections in 2014.  This is reflected in improved
relations with the international community including donor
agencies.  The effectiveness of policymaking remains mixed with
limited checks and balances, and deficiencies in producing timely
and reliable data.

                               OUTLOOK

The stable outlook reflects S&P's expectations that the Fiji
government will ensure the impact of Cyclone Winston on its
fiscal position and economy is temporary, while safeguarding the
country's external position and reserve levels.

S&P may lower the ratings within the next 12 months if the impact
of Cyclone Winston was substantially worse than S&P forecasts.  A
downgrade could also occur if the political and policy
environment becomes unpredictable, causing a decline in domestic
and foreign investor confidence, and the withdrawal of donor and
multilateral support.

S&P may raise the ratings if Fiji's economic growth remains
strong, enabling the government to replace lost capital following
Cyclone Winston while improving its fiscal position.  At the same
time, an upgrade would be predicated on the government reducing
its foreign exchange restrictions and maintaining a healthy level
of reserves.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.  At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee
by the primary analyst had been distributed in a timely manner
and was sufficient for Committee members to make an informed
decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "key rating factor" had
improved/deteriorated and that the "key rating factor" had
improved/deteriorated.  All other key rating factors were
unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion.  The chair or designee reviewed
the draft report to ensure consistency with the Committee
decision. The views and the decision of the rating committee are
summarized in the above rationale and outlook.  The weighting of
all rating factors is described in the methodology used in this
rating action.

RATINGS LIST

Ratings Affirmed

Republic of Fiji
Sovereign Credit Rating                B+/Stable/B
Transfer & Convertibility Assessment
  Local Currency                        B+

Republic of Fiji
Senior Unsecured                       B+


* Unenforced & Arbitration Judgments Cost 14% of Cos. Over $50M
---------------------------------------------------------------
Burford Capital, a global finance firm focused on law, on June
29, 2016, announced research showing the troubling scale of
damages and awards left unpaid by judgment evaders.

A new Burford study shows that 86 percent of private practice
lawyers have clients who in the last five years have not been
paid the full value of a successful litigation or arbitration
judgment or award. Almost one in five lawyers (19 percent) said
their clients' unenforced judgments were worth between $10 and
$50 million (GBP7 to GBP35 million); 14 percent said that their
client's unenforced judgments were worth more than $50 million.

"If one were to add up the lost value to companies around the
world when they cannot enforce judgments, the collective sum
would be billions," said Christopher Bogart, CEO of Burford
Capital.

The study, conducted by Burford in conjunction with the Lawyer
Research Service, points to a significant global problem. After
securing justice in court, often at a cost of millions in legal
fees and years of effort, companies can be left hanging when
judgment debtors -- individuals, corporations or foreign
governments -- simply fail to pay what they owe.  Collecting is
even more problematic when these judgment debtors take steps to
bury assets in offshore structures.

The majority of corporate executives surveyed (58 percent)
confirmed that their companies have not been paid the full value
of litigation and arbitration judgments in the past five years.
The majority of lawyers (62 percent) said the prime reason
judgments or awards could not be satisfied was because debtors'
assets were hidden offshore.  They identified the regions most
likely to erect barriers to securing judgment awards as Russia
and the former Soviet states (37 percent), followed by the
Caribbean (20 percent) and Asia (16 percent).

Corporations may, however, leverage professional judgment
enforcement and asset tracing partners to recover judgment
awards. Mr. Bogart continued: "Given the scale of the problem,
businesses are increasingly turning to enforcement partners --
and the savviest companies are also utilizing litigation finance
to turn those unenforced judgment debts into capital for the
business, without adding cost or risk to corporate balance
sheets."

According to the survey, more than half of private practice
lawyers (52 percent) said clients have worked with judgment
enforcement and asset tracing professionals to recover judgment
awards the past five years.  However, only 11 percent have
clients who have sought and secured financing to fund these
enforcement services, moving these costs off their balance sheets
-- signalling both an opportunity for businesses and a need for
law firms to educate clients.

The study is based on a survey of over 200 private practice
lawyers, in-house counsel and corporate C-level executives in the
UK, US, Europe and Asia.

A copy of the report is available at:

    http://bankrupt.com/misc/Burford_WhitePaper_NY_Final.pdf

                    About Burford Capital

Burford -- http://www.burfordcapital.com/-- is a global finance
firm focused on law.  Burford's businesses include litigation
finance, insurance and risk transfer, law firm lending, corporate
intelligence and judgment enforcement, and a wide range of
investment activities.  Burford's equity and debt securities are
publicly traded on the London Stock Exchange.  The firm works
with lawyers and clients around the world from its principal
offices in New York and London.



                             *********

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

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

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


                            *********


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

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

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

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

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



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