TCRAP_Public/160707.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 7, 2016, Vol. 19, No. 133


                            Headlines


A U S T R A L I A

A & L EXCAVATIONS: First Creditors' Meeting Set For July 13
BENSIMON RETAIL: Collapses Into Liquidation
KI RECRUITMENT: First Creditors' Meeting Slated For July 14
KLEEN GROUP: First Creditors' Meeting Slated For July 13
SMASH TECH: First Creditors' Meeting Scheduled For July 13

XCGV SERVICES: Goes into Voluntary Administration


C H I N A

CAR INC.: Fitch Lowers Long-Term Issuer Default Rating to 'BB'
WEST CHINA CEMENT: Fitch Downgrades Long-Term IDR to 'B+'


H O N G  K O N G

CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D'
KAISA GROUP: Hong Kong Proceeding Granted Recognition
KAISA GROUP: Recognition of Hong Kong Scheme Sought


I N D I A

ADITYA ULTRA: ICRA Lowers Rating on INR8cr Cash Loan to 'D'
AKKAVILA K: ICRA Suspends 'B' Rating on INR3.5cr Term Loan
ANUBHAV GEMS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
AVNI STEELS: ICRA Suspends 'B' Rating on INR5.95cr Loan
BESTO MINING: ICRA Reaffirms 'B' Rating on INR18.14cr LT Loan

CAPITAL STEEL: ICRA Lowers Rating on INR7cr Cash Loan to B+
CHANDAK MINING: ICRA Suspends 'B' Rating on INR9cr Loan
CHINTAMANI COMMODITIES: ICRA Suspends D Rating on INR9.06cr Loan
CIVITECH DEVELOPERS: ICRA Suspends B+ Rating on INR0.62cr Loan
GEETHA TIMBER: ICRA Suspends 'B' Rating on INR2.27cr Loan

HEM RAJ: ICRA Suspends 'B' Rating on INR45cr Bank Loan
INDIABULLS REAL: S&P Affirms Then Withdraws 'B+' CCR
INDIAN BANK: Fitch Affirms Long-Term IDR at 'BB+'
JAIGO AGRO: ICRA Assigns B+ Rating to INR10cr Cash Credit
KALINDI ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

KESAR IMPEX: ICRA Suspends 'B' Rating on INR9.0cr Cash Loan
KINGFISHER: SBI Had Offered to Settle Loan Issue With Mallya
KUBER FOODS: ICRA Suspends 'B' Rating on INR10cr Fund Based Loan
L7H LIFE: ICRA Downgrades Rating on INR8.61cr LT Loan to 'D'
LORDS MARK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

MANIKANTA CONSTRUCTIONS: ICRA Suspends B+ Rating on INR3cr Loan
MONOPOLY YARNS: ICRA Revises Rating on INR4.39cr Loan to B-
MONTFORT EDUCATIONAL: ICRA Assigns 'B' Rating to INR3.30cr Loan
MOULI SPINNER: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
NARULA EXPORTS: ICRA Suspends B+/A4 Rating on INR8cr Loan

NITESH RESIDENCY: ICRA Suspends B+ Rating on INR312.50cr Loan
P.A.S. COTTON: ICRA Suspends D Rating on INR6.89cr Term Loan
PREMIER STEELS: ICRA Suspends B+ Rating on INR10cr LT Loan
PSK DEVELOPERS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'
QUAIL CV: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A3 PTCs

RAJNISH STEELS: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
RAJU SPINNING: ICRA Suspends 'D' Rating on INR13.56cr Loan
RAMANJANEYA MODERN: ICRA Suspends B+ Rating on INR5.0cr Loan
SAHITYA SADAWART: ICRA Suspends D Rating on INR11.40cr Bank Loan
SEEMA OIL: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan

SHARMA BROTHERS: ICRA Suspends B+ Rating on INR6.04cr Loan
SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Loan
SHRI MAHAVIR: ICRA Suspends 'B' Rating on INR8.0cr Bank Loan
SHRI VASANTHRAJ: ICRA Assigns 'D' Rating to INR3.0cr LT Loan
SIPAI COTTON: ICRA Suspends B+ Rating on INR6cr Cash Loan

SPRINGBOARD ENTERPRISES: ICRA Suspends B Rating on INR6cr Loan
SRI KARUNAMBIKAI: ICRA Suspends B Rating on INR20.3cr Term Loan
TRISHLA BUILDTECH: ICRA Suspends 'B' Rating on INR34cr Loan
TRIVENI SILK: ICRA Suspends B+ Rating on INR10.50cr Bank Loan
TURBO TECH: ICRA Suspends B- Rating on INR4cr Loan

V.P.S. TEXTILES: ICRA Assigns 'D' Rating to INR4.46cr Loan
VIRENDER SINGH: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
WEBFIL LIMITED: ICRA Reaffirms 'C+' Rating on INR3.38cr Loan


N E W  Z E A L A N D

POSTIE PLUS: Liquidator Cuts NZ$550K Deal With Former Supplier


S O U T H  K O R E A

DOOSAN BOBCAT: Moody's Assigns B1 CFR; Outlook Stable


                            - - - - -


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A & L EXCAVATIONS: First Creditors' Meeting Set For July 13
-----------------------------------------------------------
Gavin Moss & James Stuart McPherson of Chifley Advisory Pty Ltd
were appointed as administrators of A & L Excavations Pty. Ltd.
on July 2, 2016.

A first meeting of the creditors of the Company will be held at
the boardroom of Servcorp, Level 27, Santos Place, 32 Turbot
Street, in Brisbane, Queensland, on July 13, 2016, at 12:00 p.m.


BENSIMON RETAIL: Collapses Into Liquidation
-------------------------------------------
SmartCompany reports that luxury jewellery retailer Bensimon has
collapsed into liquidation, with reported debts totaling close to
AUD7 million.

Bensimon Retail Group operates the Bensimon Diamonds retail
outlet in Melbourne's Crown Casino, as well as an online retail
business.  Its related company, RR Fine Jewels, trades as
Elizabeth Fine Jewellery on Elizabeth Street in the Melbourne
CBD.

SmartCompany relates that the businesses entered voluntary
administration at the end of May and according to records from
the Australian Securities and Investments Commission, a
resolution to wind-up the companies was passed at a second
meeting of creditors on July 1.

Three companies -- Bensimon Retail Group Pty Ltd, Bensimon Pty
Ltd and RR Fine Jewels -- are now in liquidation, with Gary
Fettes and Shane Cremin of Rodgers Reidy managing the
liquidation, according to SmartCompany.

Jeweller Magazine, which has seen a report from the voluntary
administration, said each of the businesses owes substantial
debts to unsecured creditors: Bensimon Retail Group owes more
then AUD2.5 million, RR Fine Jewels owes over AUD4 million and
Bensimon owes more than AUD250,000, SmartCompany relays.

The three companies also reportedly owe more than AUD2 million to
trade creditors and AUD300,000 to the Australian Tax Office,
while Crown Melbourne is owed close to AUD30,000 in rent for the
retail store for April and May, SmartCompany adds.

Jeweller Magazine reported that the failure of the business has
been attributed to poor sales and the repayment of a loan to a
former director, along with the withdrawal of working capital
from the businesses and "poor or inadequate" management,
according to SmartCompany.

Liquidator Shane Cremin confirmed to SmartCompany on July 6 the
businesses are continuing to trade while the liquidators continue
to work towards selling the businesses.

SmartCompany relates that Mr. Cremin said the liquidators have
had interest from a potential buyer for the Bensimon Diamonds
store at Crown Casino, which employs five people.


KI RECRUITMENT: First Creditors' Meeting Slated For July 14
-----------------------------------------------------------
Jeremy Joseph Nipps and Glenn Spooner of Cor Cordis were
appointed as administrators of KI Recruitment Pty Ltd on July 4,
2016.

A first meeting of the creditors of the Company will be held at
The Conference Room, BGC Centre, Plaza Level, 28 The Esplanade,
in Perth, on July 14, 2016, at 10:00 a.m.


KLEEN GROUP: First Creditors' Meeting Slated For July 13
--------------------------------------------------------
Amanda Young of Jirsch Sutherland was appointed as administrator
of Kleen Group Pty Ltd on July 1, 2016.

A first meeting of the creditors of the Company will be held at
Level 27, 259 George Street, in Sydney, on July 13, 2016, at
10:00 a.m.


SMASH TECH: First Creditors' Meeting Scheduled For July 13
----------------------------------------------------------
Richard Albarran and Shahin Hussain of Hall Chadwick were
appointed as administrators of Smash Tech 2 Pty Ltd, trading as
Coomera Smash Repairs, on July 4, 2016.

A first meeting of the creditors of the Company will be held at
The Watermark Hotel 3032 Surfers Paradise Blvd, in Surfers
Paradise, Queensland, on July 13, 2016, at 10:00 a.m.


XCGV SERVICES: Goes into Voluntary Administration
-------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that XCGV Services Pty
Ltd, formerly known as Wardy IT Services, has gone into voluntary
administration. Jonathan Paul McLeod from McLeod and Partners was
appointed administrator of the company on June 23, 2016, the
report discloses.

The IT service provider was set up in June 2011. According to
sources, the entrance of the company into administration is part
of its ongoing corporate restructure efforts, Dissolve.com.au
relays.

The company reportedly gained AUD8.4 million of revenue in June
2015 which was a 30% increase in revenue compared to the previous
year, Dissolve.com.au adds.



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C H I N A
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CAR INC.: Fitch Lowers Long-Term Issuer Default Rating to 'BB'
--------------------------------------------------------------
Fitch Ratings has downgraded China-based rental auto group CAR
Inc.'s (CAR) Long-Term Issuer Default Rating (IDR) and senior
unsecured rating to 'BB' from 'BB+'. The Outlook is Negative.
CAR's $US300 million 6% notes due 2021 and $US500 million 6.125%
notes due 2020 have also been downgraded to 'BB' from 'BB+'.

The downgrade reflects the substantial and growing related-party
transactions with CAR's affiliate UCAR Inc, which has a weak
credit profile. The Negative Outlook reflects the rapidly
changing regulatory and market environment in the industries in
which CAR and UCAR operate, and the risk that CAR's transactions
with UCAR will remain high.

KEY RATING DRIVERS

Significant, Growing Related-Party Transactions: Related-party
transactions between CAR and UCAR reached 33% of total revenue in
2015, and are poised to grow further in 2016. In addition to
existing vehicle rentals to UCAR, CAR announced on 29 June 2016
that it will sell its used vehicles to UCAR and use UCAR's repair
and maintenance services. CAR's largest shareholder is UCAR
Cayman, and its largest customer is UCAR Inc, a ride-sharing
company preparing to list on China's New Third Board. Charles Lu,
who is currently chairman of CAR's board, is the actual
controller of both UCAR Cayman and UCAR Inc.

UCAR Raises Business Risk: UCAR China became CAR's largest
customer in 2015, and accounted for more than one-third of rental
revenue. At the same time, Fitch believes that UCAR's credit
profile is weak: the company is a small #4 player in China's
hyper-competitive and evolving ride-sharing industry, and has yet
to break even on an EBITDA level. UCAR believes that regulatory
developments in China may benefit UCAR's business-to-customer
model, while the timing and details remain unclear. Fitch
believes that there may be a major negative impact on CAR's
operations if UCAR remains loss-making at the EBITDA level.

Slower Car Rentals Business: Growth in the short-term rentals
business began to slow down in 2015, as inexpensive rides offered
by Didi and Uber began to lure customers away from traditional
rental cars. Excluding UCAR's contribution, revenue from short-
term car rentals grew only by the high single digits in 2015,
compared with 30% in 2014. Management says it is planning to
launch new marketing initiatives to attract and retain customers
in 2016, and is targeting 20% revenue growth for the year.

Fitch said, "Financial Profile Remains Healthy: Fitch expects the
company to turn FCF positive after cutting back its fleet-
expansion plans. Fitch expects a net fleet addition of only 7000-
8000 vehicles in 2016. We see FFO-adjusted net leverage peaking
at 2.5x in 2016, and declining gradually over the next two to
three years. CAR's liquidity is sufficient, as current cash and
committed undrawn banking facilities are more than sufficient to
cover its short-term obligations."

Share Buybacks Credit Negative: CAR announced a share buyback
plan in early June, and has already spent more than HKD300m
between early June and early July 2016. If the company continues
at the current pace, the share buybacks may more than cancel out
the projected positive FCF for the year. If the company fully
exercises its mandate to repurchase 10% of shares outstanding,
Fitch estimates that the buybacks may cost up to HKD1.8billion in
cash, based on the current share price.

KEY ASSUMPTIONS

-- Net rental fleet addition of 7,000 vehicles in 2016
-- Stable RevPac (average daily rental revenue per short-term
    rental vehicle) and utilisation rate of 63%-64%
-- Flattish revenue contribution from UCAR
-- EBITDA and EBIT margins maintained at 2015 levels
-- CNY800 million cash outlay for share buybacks in 2016
-- No common dividends

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Closer ties with UCAR, including (but not limited to) higher
    revenue contribution and higher share ownership
-- FFO-adjusted net leverage sustained above 3.0x
-- EBITDA margin sustained below 45% (FY15: 50.7%)
-- EBIT margin sustained below 20% (FY15: 30.9%)
-- Sustained negative FCF after share buybacks.

Positive: Developments that may, individually or collectively,
lead to the Outlook being revised to Stable include:
-- UCAR generates sustained positive EBITDA
-- Revenue contribution from UCAR sustained below 20%.


WEST CHINA CEMENT: Fitch Downgrades Long-Term IDR to 'B+'
---------------------------------------------------------
Fitch Ratings has downgraded West China Cement Limited's (WCC)
Long-Term Issuer Default Rating and senior unsecured rating to
'B+' from 'BB-', and removed the Rating Watch Positive (RWP) on
the ratings. The Outlook on the IDR is Stable. A full list of
ratings is at the end of this commentary.

The removal of the RWP follows the termination of Anhui Conch
Cement Company Limited's (Conch; A-/Stable) plans to acquire a
controlling stake in WCC. The downgrade is driven by WCC's
increased leverage in the current weak operating environment. The
Stable Outlook reflects Fitch's expectation that cement prices
and volumes in WCC's key markets - and hence its financial
performance - are unlikely to deteriorate.

KEY RATING DRIVERS

Acquisition by Conch Terminated: Conch and WCC jointly said on 30
June 2016 that Conch will not take a controlling stake in WCC as
the parties did not obtain all necessary regulatory approvals by
the targeted completion date. The transaction would have
increased WCC's size as Conch would have injected four of its
plants into WCC. Furthermore, as a subsidiary of a larger and
financially stronger company, WCC would have been able to
substantially lower its financial costs. Conch remains as the
second-largest shareholder of WCC (owning 21.2%), but it is
unclear what actions the two companies can take to improve WCC's
business and financial profiles.

Lower Profitability: Fitch said, "WCC's performance deteriorated
in 2015 as a result of a sustained weakness in the cement market
in Shaanxi, its main market. Gross profit/tonne (excluding
depreciation) deteriorated to CNY68/tonne in 2015 from CNY69/ton
and CNY72/ton in 2014 and 2013, respectively. We do not expect
margins to improve meaningfully in the near term as prices
continue to be weak. The average cement price in Shaanxi fell 2%
in May 2016 from a year earlier.

Higher Leverage: "WCC received CNY1.2billion from Conch's
acquisition of a stake in 2015, but the company's FFO-adjusted
net leverage increased to 4.0x in 2015 from 3.5x in 2014 due to
lower profitability, high capex, and a longer cash cycle. We
believe it would be hard for WCC to deleverage in the next three
years given the low profitability."

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- WCC's market share remains stable in Shaanxi
-- Average selling price to fall 2% in 2016 and remain unchanged
    in 2017

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- FFO-adjusted net leverage sustained below 3.5x
-- Gross profit per tonne sustained above CNY70
-- Sustained positive FCF

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO-adjusted net leverage sustained above 4.5x
-- Gross profit per tonne sustained below CNY50

FULL LIST OF RATINGS

West China Cement Limited
Long-Term IDR downgraded to 'B+' from 'BB-'; Outlook Stable; off
RWP
Senior unsecured rating downgraded to 'B+' from 'BB-'; Recovery
Rating of 'RR4'; off RWP
Rating on $US400m senior unsecured notes due 2019 downgraded to
'B+' from 'BB-'; Recovery Rating of 'RR4'; off RWP



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H O N G  K O N G
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CHINA FISHERY: Fitch Cuts Issuer Default Rating to 'D'
------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's (China
Fishery) Issuer Default Rating to 'D' from 'RD'. No Outlook has
been assigned.

The downgrade follows China Fishery's announcement on 30 June
that the company and its subsidiaries had filed for US bankruptcy
protection under Chapter 15 and Chapter 11 of the US bankruptcy
code.

The bankruptcy filing with facilitate a debt restructuring
arrangement with holders of the $US300m senior unsecured notes
issued by CFG Investment S.A.C., China Fishery's financing
vehicle. China Fishery failed to pay a coupon on the notes that
was due on 30 January 2016.

China Fishery's senior unsecured rating and the rating on the
$US300m notes issued by CFG Investment S.A.C. have been affirmed
at 'C', with a Recovery Rating of 'RR4'.

RATING SENSITIVITIES
Fitch will re-examine China Fishery's credit profile if it
successfully restructures its debt.


KAISA GROUP: Hong Kong Proceeding Granted Recognition
-----------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York issued an order recognizing the proceeding
of Kaisa Group Holdings Ltd., pending before the High Court of
Hong Kong Special Administrative Region, as a foreign main
proceeding.

Judge Lane also recognized Dr. Tam Lai Ling as the duly appointed
authorized representative of Kaisa.  Dr. Tam Lai Ling was
authorized to operate Kaisa's business in relation to its chapter
15 case and was given authority to exercise the powers of a
trustee.  He was entrusted with the administration and
realization of all of Kaisa's assets that are located in the
territorial jurisdiction of the United States, including all
claims and causes of action belonging to Kaisa.

Judge Lane ordered all persons and entities that were given a
notice of his Order and who are in possession, custody or control
of property, or the proceeds thereof, of Kaisa located in the
territorial jurisdiction of the United States to immediately
Advise Dr. Tam Lai Ling by written notice sent to the following
address:

          Suite 2001
          20th Floor, Two International Finance Centre
          8 Finance Street, Central, Hong Kong
          (Attn: Dr. Tam Lai Ling)

Judge Lane further ordered that the written notice must set forth
the following:

     (1) the nature of such property or proceeds;

     (2) when and how such property or proceeds came into the
         custody, possession and control of such person or
         entity; and

     (3) the full identity and contact information for such
         Person or entity.

                         About Kaisa Group

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property
development, property investment and property management.

Shenzhen, China-based Kaisa became the first Chinese developer to
default on dollar-denominated debt when it failed to pay the
coupon on two securities earlier in 2014.  In October 2015, the
builder reached an agreement with Bank of China Ltd. that enabled
it to restart sales of some projects.

The company said its offshore debt restructuring plan was
approved by requisite majority of creditors at scheme meetings
held by courts in Hong Kong and the Cayman Islands on May 20,
2016.  Kaisa said holders of 96 percent of its offshore
obligations, which are from outside of China, support the
restructuring agreement negotiated in the Hong Kong proceeding.

Kaisa Group filed a Chapter 15 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 16-11303) in the U.S. on May 5, 2016, to seek
recognition of its proceedings in Hong Kong.  Dr. Tam Lai Ling,
the foreign representative, signed the petition.  Attorneys at
Ropes & Gray LLP serve as counsel in the U.S. cases.

Kaisa listed $14.9 billion in debt and $16.1 billion in assets.


KAISA GROUP: Recognition of Hong Kong Scheme Sought
---------------------------------------------------
Dr. Tam Lai Ling, foreign representative of the debtor Kaisa
Group Holdings Ltd., asks the U.S. Bankruptcy Court for the
Southern District of New York to recognize the terms of Kaisa's
scheme of arrangement.

"The Hong Kong Scheme provides for a restructuring in which
Kaisa's creditors holding 'offshore' claims arising out of debt
issued by non-PRC entities under non-PRC law the Scheme Claims
will be restructured.  The Scheme Claims consist of Existing HY
Notes, Convertible Bonds, and Existing Offshore Loans... New York
law governs both (i) the Existing HY Notes and (ii) an
'Intercreditor Agreement' providing that the holders of the
Existing HY Notes, the Convertible Bonds and certain Existing
Offshore Loans have equal priority in respect of, and a pro rata
entitlement to, specified security interests," the Foreign
Representative Contends.

The Hong Kong Scheme contemplates a restructuring in which the
Existing HY Notes, Convertible Bonds, and Existing Offshore Loans
are combined into a single class for voting purposes, with each
participating holder entitled to select among the following three
options:

     (a) Option 1 - New HY Notes and CVRs: A combination of (i)
new notes ("New HY Notes")30 issued at an exchange rate of 1:1
with new principal amounts, new maturity dates, and new interest
coupon schedules; and (ii) contingent value rights ("CVRs"),
providing upside sharing in the event that one or more specified
trigger events occur.

     (b) Option 2 - New HY Notes Only: New HY Notes issued at an
exchange rate of 1:1.02598 with new principal amounts, new
maturity dates, and new interest coupon schedules; or

     (c) Option 3 - Mandatorily Exchangeable Bonds: New
convertible bonds ("Mandatorily Exchangeable Bonds," and together
with the New HY Notes and CVRs, the "Scheme Instruments") issued
at an exchange rate of 1:1.

The Foreign Representative tells the Court that the consummation
of the Hong Kong Scheme and Scheme Releases will have, among
others the following effects:

   (a) all Scheme Claims will be cancelled upon issuance of the
Scheme Instruments;

   (b) Scheme Creditors will be deemed to have entered into, and
be bound by, among others, the definitive restructuring
agreements giving effect to the terms of the Hong Kong Scheme
("Restructuring Documents");

   (c) Scheme Creditors holding Existing HY Notes, the
Convertible Bonds and certain of the Existing Offshore Loans
currently have the benefit of certain guarantees provided by some
of Kaisa's subsidiaries ("Subsidiary Guarantors").  Those Scheme
Creditors also separately have the benefit of certain share
pledges which benefit is to be pari passu under the Intercreditor
Agreement with, among others, Kaisa and certain of Kaisa's
subsidiaries ("Subsidiary Guarantor Pledgors").  As part of the
Hong Kong Scheme, each relevant trustee will enter into an
"Amended and Restated Intercreditor Agreement," pursuant to which
the security will be shared for the benefit of all Scheme
Creditors on a pari passu basis;

   (d) the Scheme Claims will be released and discharged fully
and absolutely upon the issuance of the Scheme Instruments; and

   (e) The Debtor and Debtor Related Parties shall also be
released unconditionally from possible claims arising from the
Scheme Claims ("Scheme Releases").

"Recognizing and enforcing the Hong Kong Scheme and the Hong Kong
Sanction Order could thus not upset the principles of fairness
under U.S. law and, indeed, would further the key policy
considerations of comity and recognition of a foreign court's
insolvency powers where procedural fairness is evident.  In the
absence of any public policy concerns, the Requested Relief must
be granted on the basis of comity and Bankruptcy Code section
1509(b)(3)," the Foreign Representative avers.

The Foreign Representative's Motion is scheduled for hearing on
July 14, 2016 at 11:30 a.m.  The deadline for the filing of
objections to the Foreign Representative's Motion is set on
July 8, 2016 at 5:00 p.m.

Dr. Tam Lai Ling, Foreign Representative of Kaisa Group, is
represented by:

          Mark I. Bane, Esq.
          ROPES & GRAY LLP
          1211 Avenue of the Americas
          New York, NY 10036-8704
          Telephone: (212)596-9000
          Facsimile: (212)596-9090
          E-mail: mark.bane@ropesgray.com

               - and -

          Joshua Y. Sturm, Esq.
          ROPES & GRAY LLP
          800 Boylston Street
          Boston, MA 02199-3600
          Telephone: (617)951-7000
          Facsimile: (617)951-7050
          E-mail: joshua.sturm@ropesgray.com

                         About Kaisa Group

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property
development, property investment and property management.

Shenzhen, China-based Kaisa became the first Chinese developer to
default on dollar-denominated debt when it failed to pay the
coupon on two securities earlier in 2014.  In October 2015, the
builder reached an agreement with Bank of China Ltd. that enabled
it to restart sales of some projects.

The company said its offshore debt restructuring plan was
approved by requisite majority of creditors at scheme meetings
held by courts in Hong Kong and the Cayman Islands on May 20,
2016.  Kaisa said holders of 96 percent of its offshore
obligations, which are from outside of China, support the
restructuring agreement negotiated in the Hong Kong proceeding.

Kaisa Group filed a Chapter 15 bankruptcy petition (Bankr.
S.D.N.Y. Case No. 16-11303) in the U.S. on May 5, 2016, to seek
recognition of its proceedings in Hong Kong.  Dr. Tam Lai Ling,
the foreign representative, signed the petition.  Attorneys at
Ropes & Gray LLP serve as counsel in the U.S. cases.

Kaisa listed $14.9 billion in debt and $16.1 billion in assets.



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ADITYA ULTRA: ICRA Lowers Rating on INR8cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR7.00
crore of term loan and INR8.00 crore cash credit limits of Aditya
Ultra Steel Private Limited from [ICRA]C+ to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              7.00        Revised to [ICRA]D
                                       from [ICRA]C+

   Cash Credit             8.00        Revised to [ICRA]D
                                       from [ICRA]C+

The rating revision reflects delays in servicing debt obligations
due to the stretched liquidity position of the company on account
of low capacity utilization levels.

Incorporated in July 2011, Aditya Ultra Steel Private Limited
(AUSPL) is engaged in the business of manufacturing of TMT bars
at its manufacturing facility located in Rajkot district of
Gujarat having an installed capacity of 1,20,000 MTPA of TMT
bars.

The founder promoters of the company, namely Mr. Dipen Faldu, Mr.
Chirag Lakhani and Mr. Bharat Pandey had sold the business and
handed over management in 2014 to the seven new promoters.
Further, in the current fiscal, the business was sold to Jain
family consisting of Mr. Manoj Jain and his son Mr. Varun Jain.
The Jain family has taken over the management of the company from
May 2016 onwards.


AKKAVILA K: ICRA Suspends 'B' Rating on INR3.5cr Term Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR3.50
crore term loans, INR1.50 crore long term, fund-based facilities
and INR1.14 crore proposed long term facilities of Akkavila K
Lekshmanan & Co. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.

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

Akkavila K. Lekshmanan & Co (AKLC) was incorporated in December
2011 as a proprietorship concern by Mr. L. Saiju for the
production of manufactured sand from crushed granite slabs. The
promoter is a partner in another entity Akkavila Sajenan
Aggregates, which has been engaged in the business of crushing
granite slabs for over three decades. This plant was recently
modernized and is located in proximity to AKLC, thereby easing
operations of the sand manufacturing unit. The production
operations of AKLC commenced in June 2013 and the day to day
operations of the company is managed by the promoter Mr. L.
Saiju.


ANUBHAV GEMS: ICRA Reaffirms B+ Rating on INR7.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.50 crore (enhanced from INR6.25 crore) fund-based bank
limits of Anubhav Gems Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits        7.50        [ICRA]B+; reaffirmed

ICRA's rating continues to draw comfort from the experience of
promoters of AGPL with a well established track record in the
gems and jewellery business. The rating also takes into account
the company's healthy revenue growth in FY2015 backed by higher
sales volumes and the equity infusion received resulting in
increase in net worth in FY2016.

The rating however remains constrained due to AGPL's presence in
only the emerald trading business and its dependence primarily on
one supplier resulting in limited control over availability,
quality and price of gems. Further, AGPL's operations remain
highly working capital intensive on account of the high inventory
holding period due to bulk procurement. However, the same has
witnessed an improvement over the last three years. Nevertheless,
in the absence of any bank limit enhancement, the company's limit
remains highly utilised. AGPL's financial risk profile remains
moderate as reflected in high gearing levels with dependence on
interest bearing unsecured loans and modest debt protection
metrics. This apart the rating also factors in exposure of the
company's profitability to the fluctuations in the exchange rates
as it imports its entire raw material and does not follow a
hedging mechanism.

The company's ability to scale up its operations, improve its
profit margins and debt coverage and manage its working capital
requirements will remain the key rating sensitivities.

Anubhav Gems Pvt. Ltd. was established in 2010 as a private
limited company. The company is promoted by three brothers; Mr.
Rizwan Ullah, Mr. Inam Ullah and Mr. Arifullah. It is engaged in
cutting, polishing and finishing of emeralds and the
manufacturing facility is in Jaipur.

Recent Results
For FY2015, the company reported a net profit of INR0.41 crore on
an operating income of INR48.37 crore, as compared to a net
profit of INR0.37 crore on an operating income of INR26.72 crore
for the previous year. The company, on a provisional basis,
reported a net profit of INR0.52 crore on an operating income of
INR47.73 crore for FY2016.


AVNI STEELS: ICRA Suspends 'B' Rating on INR5.95cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR5.95 Crore
fund based facilities of Avni Steels The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BESTO MINING: ICRA Reaffirms 'B' Rating on INR18.14cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR18.14
crore (reduced from INR19.10) fund based limits of Besto Mining
India Private Limited (BMIPL) at [ICRA]B.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long term Fund Based       18.14       [ICRA]B reaffirmed

The rating reaffirmation takes into account the moderate scale of
operations and the geographic concentration in and around
Bangalore region, limiting operational and financial flexibility
to an extent. The rating is constrained by the highly competitive
and fragmented nature of the industry with large number of small
and large players which puts pressure on the profitability of the
company. ICRA notes that the installation of the plant facility
has led to significant bank borrowings, resulting in sizable
repayment obligations in the short to medium term, vis-a-vis, the
scale of current operations and cash accruals.

The rating, however, positively factors in the long track record
of the promoter in the construction and mining industry and the
relationship with builders and contractors which may aid in
getting work orders. The rating also takes into account the
improvement in the operating profile of the company in FY16 and
the premium quality product portfolio including M-sand, plaster
sand and aggregates, which aid in achieving above average
realizations. ICRA takes note of the ease in raw material
availability as the major raw material, granite, is available
through quarries owned by the sister concern.

Besto Mining (India) Private Ltd. (BMPL) was incorporated as a
private concern by Mr. Roy Kurian, Mr. Alex PJ and Mr. Vincent
Jospeh in 2014. The company produces M (Manufactured) Sand &
Aggregate from its 5 stage 300 tons per day (tpd) plant located
at Yalganhalli village in Chikballapur district (Bangalore).

Recent Results
During FY16 (provisional financials), the company reported a net
profit of INR0.36 crore on an operating income of INR22.47 crore
as against a net loss of INR1.58 crore on an operating income of
INR0.11 crore during 1M FY15.


CAPITAL STEEL: ICRA Lowers Rating on INR7cr Cash Loan to B+
-----------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB to [ICRA]B+
assigned to the INR7.00 crore cash credit facility of Capital
Steel Corporation (Prop. P. Rajesh Ship Breaking Private
Limited). ICRA has reaffirmed the short term rating of [ICRA]A4
to the INR56.10 crore short term non fund based facilities of
CSC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit           7.00       Revised from [ICRA]BB(Stable)
                                    to [ICRA]B+

   Letter of Credit     55.00       [ICRA]A4 reaffirmed

   Credit Exposure
   Limit                 1.10       [ICRA]A4 reaffirmed

The revision in ratings reflects the significant de-growth in
revenues of Capital Steel Corporation (CSC) in FY2015 and FY2016
following the slowdown in the ship-breaking industry and weak
profitability and coverage indicators. The ratings further
reflect the current challenging operating environment for the
ship-breaking industry characterised by lower steel prices and
increasing pressures from international competitors as well as
from a large number of players operating in Alang. ICRA also
notes that the company is exposed to any adverse movements in
steel prices, foreign exchange rate fluctuations and the
regulatory risks largely related to the environmental issues and
any delays in obtaining requisite approvals.

The ratings, however, positively factor in the extensive
experience of the promoter of more than 25 years in the ship-
breaking business and the expected revival of the ship-breaking
industry following significant decline in ship procurement price
and improvement in domestic steel prices, coupled with the
imposition of Minimum Import Price (MIP).

Incorporated in 1994, Capital Steel Corporation (Prop. P. Rajesh
Ship Breaking Private Limited) (CSC) is a private limited
company, which procures ships from the international market for
ship-breaking and sells the scrap in the domestic market. CSC
operates from Plot No. 84B at the Alang-Sosiya Ship-breaking
Yard, Bhavnagar. Taken on lease, the area of the plot is 2,115 sq
meters and can accommodate a vessel with a maximum width of
around 35 metres.

Recent Results
During FY2015, the company reported an operating income of
INR12.74 crore and profit after tax of INR0.42 crore as against
the operating income of INR20.20 crore and profit after tax of
INR1.26 crore during FY2014. Further during the first nine months
of FY2016, the company reported an operating income of INR0.00
crore and net losses of INR0.04 crore (as per provisional
unaudited financials).


CHANDAK MINING: ICRA Suspends 'B' Rating on INR9cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9 Crore fund
based facilities of Chandak Mining and Export. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


CHINTAMANI COMMODITIES: ICRA Suspends D Rating on INR9.06cr Loan
----------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR9.06 Crore
fund based and non fund based facilities of Chintamani
Commodities. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


CIVITECH DEVELOPERS: ICRA Suspends B+ Rating on INR0.62cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating for the INR0.62 crore
bank facilities of Civitech Developers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

GEETHA TIMBER: ICRA Suspends 'B' Rating on INR2.27cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B ratings; assigned to the INR2.27 crore
fund based facilities and the short term rating of [ICRA]A4
assigned to the INR12.70 crore short-term fund based facilities
and INR12.70 crore sub limits of Geetha Timber. ICRA has also
suspended the ratings of [ICRA]B/[ICRA]A4 to the INR0.03 crore
long-term/short-term unallocated facility of the Firm. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.

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


HEM RAJ: ICRA Suspends 'B' Rating on INR45cr Bank Loan
------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR45.00 crore bank facilities of Hem Raj Sohan Lal. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


INDIABULLS REAL: S&P Affirms Then Withdraws 'B+' CCR
----------------------------------------------------
S&P Global Ratings affirmed its 'B+' long-term corporate credit
rating on Indiabulls Real Estate Ltd. (IBREL) with a stable
outlook.  S&P then withdrew the rating at the company's request.
In addition, S&P affirmed and then withdraw the 'B+' long-term
foreign currency issue rating on the outstanding senior unsecured
notes issued by Century Ltd., a special purpose vehicle.  IBREL
guarantees the notes.

At the time of the withdrawal, the stable outlook reflected
improved levels of cash collections as IBREL completed the
construction of several development projects.  It also reflected
S&P's expectation that the company will continue to achieve its
target for debt reduction. IBREL has progressively reduced debt
via the disposal of non-core assets and equity issuance.  Foreign
currency exposure has reduced as IBREL has progressively bought
back US$122.8 million of its US$175 million senior unsecured
notes.

As of early June 2016, as part of its ongoing projects, IBREL has
about Indian rupee (INR) 43 billion of pending collections from
the sold inventory of its development projects, as well as some
recurring leasing income from its investment properties, which
should provide some buffer to its credit metrics.  S&P expects
EBITDA interest coverage to average slightly above 2x over the
next 24 months.

S&P assessed IBREL's liquidity as adequate.  The company has cash
and equivalents of about INR15 billion as of March 31, 2016.  S&P
believes that IBREL has the ability to scale back its capital
expenditure or dispose of assets in a liquidity crunch.


INDIAN BANK: Fitch Affirms Long-Term IDR at 'BB+'
-------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
on nine Indian banks as follows:

-- State Bank of India (SBI), Bank of Baroda, Bank of Baroda
    (New Zealand) Limited (BoB NZ), Punjab National Bank (PNB),
    Canara Bank, IDBI Bank Ltd., ICICI Bank Ltd. and Axis Bank
    Ltd. have been affirmed at 'BBB-'

-- Indian Bank has been affirmed at 'BB+'

The Outlook on the IDRs is Stable.

While the IDRs of Canara Bank and IDBI Bank were affirmed, their
Viability Ratings (VRs) have been downgraded by one notch to 'bb'
and 'bb-' respectively, to reflect their weaker intrinsic risk
profiles compared with higher-rated peers. Both banks' capital
positions are at greater risk because stressed assets have
increased at faster pace than capital replenishment.

Fitch has revised the sector outlook on Indian banks to Negative
from Stable implying that there are more downside risks for bank
VRs unless the risks of deteriorating asset quality and weak
earnings are counterbalanced by sizeable capital infusions.

Banking sector NPLs rose sharply in the financial year ended 31
March 2016 (FY16) as a result of stricter NPL recognition
standards. Asset quality could deteriorate further over the next
12-18 months given the banks' exposure to stressed sectors, such
as infrastructure and iron and steel, and the difficult
resolution process for stressed assets in the near term. Earnings
for the sector are also likely to be weak due to muted loan
growth and high credit costs.

Indian banks' capital positions have historically been weak. The
situation has worsened for most public-sector banks due to
delayed recognition of problem assets and high loan-loss
provisions, and will remain weak in the near term unless the
government makes significant capital investment in the banks. The
government is committed to inject $US7billion of capital in
public-sector banks by FY19, out of a budgeted investment of
$US11billion. However, the government or other related entities
are likely to have to inject more funds because Fitch estimates
the banking system needs around $US90billion of capital while
many public-sector banks are likely to find it difficult to
access new capital from other sources (see "APAC Banks: Chart of
the Month-July 2016", which is also released today).

Resolving both the asset quality and capital questions are
important conditions for some banks to regain market access. The
VRs could come under more pressure if the banks' capital levels
are not addressed.

The asset-quality and capital pressures on the system in the near
term drive Fitch's negative sector outlook, but the Reserve Bank
of India's reforms of the banking sector are likely to be
positive over the long term. If fully implemented, the reforms
should lead to better lending practices, earlier recognition of
problem exposures, improved creditor rights, greater
transparency, and a better capitalised and more competitive
banking system.

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS (SRs) AND SUPPORT RATING FLOORS (SRFs)
The Long-Term IDRs of SBI, Bank of Baroda, PNB, Canara Bank, IDBI
Bank, and ICICI Bank are at their SRFs of 'BBB-'. The ratings are
driven by their SRs of '2', which reflects Fitch's expectation
that they are highly likely to receive extraordinary support from
the Indian government due to their high systemic importance and
the government's majority ownership in all except ICICI Bank.
Indian Bank - which is also majority state-owned - has an IDR and
an SRF that is a notch lower than the large state-owned banks',
driven by its lower SR. Indian Bank's SR of '3' reflects the
moderate probability that it would receive extraordinary timely
support from the Indian government because of its lower systemic
importance stemming from its smaller size and more regional
character.

Axis Bank's IDR is driven by its VR of 'bbb-' while its SRF and
SR are lower at 'BB+' and '3', respectively, mainly due to its
moderate systemic importance and private ownership.

The VRs of SBI, ICICI Bank, Axis Bank and Indian Bank are at the
same level as their IDRs and therefore, also act as drivers for
their long-term ratings.

BoB NZ is a fully owned subsidiary of Bank of Baroda and its IDR
is driven by expectations of high support from its parent due to
the strong linkages and close integration with the latter.

Fitch said, "The Stable Outlook on the IDRs mirrors the Outlook
on India's rating (BBB-/Stable). It reflects our view that there
is no material change in the sovereign's ability to support banks
in a situation of extraordinary stress. For SBI, ICICI Bank, Axis
Bank and Indian Bank, it also reflects a degree of stability in
their standalone credit profiles, which are also drivers for
their IDRs."

VIABILITY RATING (VR)
State Bank of India (SBI)
SBI is India's largest bank and the only state-owned bank to have
an investment grade VR. The rating reflects its very strong
deposit franchise and diversified business and earnings, partly
helped by its very strong government links.

SBI's core capitalisation (CET1 ratio: 9.8% at FYE16) is better
than that of other state-owned banks. This is likely to increase
by 75-80bp with the inclusion of revaluation reserves, but more
importantly, SBI is better able to raise capital from the markets
(and not rely on government capital) than other government
banks', which provides it with more flexibility.

SBI's ratio of stressed assets (NPLs plus restructured loans) to
total assets was 9.1% at FYE16, better than that for other
government banks. Its proportion of capital vulnerable to further
erosion as a result of potential loan losses is also lower than
most other public-sector peers.

Fitch expects the impending merger of SBI with its five associate
banks to be neutral for its asset quality and capital, although
there could be some qualitative challenges in terms of
integration. Fitch believes SBI will benefit in the long term
from a stronger franchise and some cost synergies.

Bank of Baroda
Bank of Baroda's VR of 'bb+' reflects its slightly better
intrinsic financial profile than most other state banks' due to
better core capitalisation and lower risk of further loan losses
after the extensive clean-up exercise in FY16. Its VR benefits
from its position as India's second-largest public-sector bank.
The strong franchise supports a stable funding base. The rating
also reflects the bank's relatively higher specific loan-loss
cover than peers.

Although Bank of Baroda reported huge losses in FY16 due to
significantly higher credit costs, its core capitalisation
improved slightly, with CET1 ratio rising to 10.3% at FYE16 from
9.4% at FYE15. This was driven by contraction in its loan book, a
government capital injection of INR17.8billion (4.5% of FYE15
equity), and regulatory dispensations that allowed the inclusion
of revaluation, FX translation and deferred tax asset reserves in
the computation of core capital.

Punjab National Bank (PNB)
PNB is the third-largest public-sector bank in India and has a
strong local franchise. Its VR of 'bb' reflects pressures on
asset quality and core capital due to a larger stock of stressed
assets compared with other major government banks. The rating
also factors in the bank's strong deposit franchise, which
supports the bank's above-average pre-provision profitability.
The central bank's system-wide review of asset quality led to a
jump in the bank's NPL ratio at FYE16 12.9% from 6.6% a year
earlier, but the 130bp rise in the overall stressed assets ratio
to 17.6% was relatively moderate.

PNB's higher pre-provision profitability mitigates the pressure
on its VR, which gives the bank greater flexibility to absorb
further loan losses compared with many other government banks.

Canara Bank (Canara)
Canara Bank is India's fifth-largest public-sector bank with a
pan-India franchise and reasonable share in system assets and
deposits. Canara's VR factors in its good franchise and market
position but the one-notch downgrade to 'bb' reflects the sharp
deterioration in the bank's asset quality and its relatively weak
core capitalisation, which is vulnerable to further erosion due
to a significant increase in the bank's ratio of unprovided NPLs
to equity to 66% at FYE16 from 27% at FYE15. The rating also
takes into account Canara's stable funding profile with
improvement in its low-cost deposit ratio. However, pre-provision
profitability is lower compared with many major government banks.

IDBI Bank (IDBI)
IDBI is a large public-sector bank that ranks seventh in India in
terms of assets. The one-notch downgrade of IDBI's VR to 'bb-'
reflects a sharper deterioration in the bank's asset quality than
Fitch expected, and its larger proportion of loans at risk of
being classed as vulnerable compared with most other banks.
IDBI's VR also factors in its lower pre-provision earnings and
weaker core capitalisation, which is at risk of further erosion
in the absence of significant capital injection. The rating takes
into account progress the bank has made in improving its low-cost
deposit ratio, but at 26%, it is the weakest amongst large state
banks.

Indian Bank
Indian Bank is a mid-sized government bank primarily operating in
the southern states of India. Its VR of 'bb+' is at the same
level as its IDR and reflects its relatively better core
capitalisation and moderate profitability along with its strong
regional franchise. The rating factors in the deterioration in
the bank's asset quality in FY16, which was in line with the
trend in the system, although its stressed asset ratio of 11.5%
at FYE16 was better than that for most government banks. Indian
Bank's franchise is weaker compared with its larger peers' but it
enjoys a stable funding profile and has a stronger market
presence in south India.

ICICI Bank
ICICI Bank is India's second-largest bank by assets after SBI.
Its VR of 'bbb-' reflects the bank's strong pan-India franchise
as well as superior capitalisation and adequate profitability,
which gives it greater flexibility to negotiate the asset-quality
pressures it faces. The rating also reflects the bank's improved
funding profile, which is underpinned by a large share of retail
term and low-cost deposits.

ICICI Bank's NPL ratio rose to 5.8% at FYE16 from 3.8% at FYE15,
and further deterioration is likely given the bank's exposure to
the vulnerable, cyclical sectors (such as steel, power and
mining) and hence credit costs will remain high. However, ICICI
Bank's pre-provision profits at around 5.6% of loans provide
significantly greater cushion to absorb higher credit costs
(FYE16: 1.5%; FYE15: 0.8%) before capital impairment risks become
real.

ICICI Bank's CET1 ratio of 13.1% at FYE16 is among the best in
the sector and the bank may consider selling stakes in some non-
bank subsidiaries to offset near-term weakness in its internal
capital generation.

Axis Bank
Axis Bank's VR of 'bbb-' is underpinned by its stronger core
capitalisation, superior profitability and improving liability
profile, which lends stability to its rating against manageable
asset-quality pressure. Axis Bank is India's third-largest
private sector bank and its strong franchise and market position
also underpin its VR.

The deterioration in Axis Bank's NPL ratio to 1.7% at FYE16 from
1.3% at FYE15 was much smaller compared with the government
banks, while its broader stressed-asset ratio remained stable at
around 4%. However, given its exposure to certain problematic
sectors, and some specific accounts that may face potential
stress, the bank's asset quality over the next one to two years
is likely to worsen slightly.

Axis Bank's relatively strong pre-provision profitability at 4.8%
of loans as at FYE16 should provide adequate buffer against a
moderate increase in credit costs, which rose to around 1% in
FY16 (FY15: 0.7%). Capital impairment risks in Fitch's opinion,
therefore, are low and its CET1 ratio at 12.5% at FYE16 was among
the highest in the system.

Axis Bank's internal capital generation has also improved, given
the progress in the retail segment, both in asset mix and
liabilities. The bank's net interest margin widened to 3.9% in
FY16 from 3.4% in FY13, while fee income has increased over the
last few years.

SENIOR DEBT, SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The senior debt ratings of SBI, Bank of Baroda, IDBI Bank, ICICI
Bank, Axis Bank and Canara Bank are at the same level as their
IDRs as the debts represent unsecured and unsubordinated
obligations of the banks.

Legacy Upper Tier 2 bonds are rated four notches below the VR for
ICICI Bank, and three notches below the VR for Bank of Baroda and
Canara Bank. The notching is in accordance with Fitch's
assessment of each instrument's non-performance and loss-severity
risk profiles and reflects some rating compression for VRs below
'bbb-'. These subordinated debts are legacy instruments that are
not Basel III-compliant.

SBI's legacy perpetual Tier 1 bonds are rated five notches below
its VR in accordance with Fitch's assessment of the instrument's
non-performance and relative loss-severity risk profile. This
legacy hybrid debt is not Basel III-compliant.

RATING SENSITIVITIES

IDRS AND SENIOR DEBT
The VRs on Bank of Baroda, PNB, Canara Bank and IDBI Bank are
lower than their SRFs and their IDRs may be downgraded if factors
underpinning the SRFs weaken. For SBI, ICICI Bank and Indian
Bank, where the VRs and SRFs are at the same level, their IDRs
would only be downgraded if both the SRFs and the VR were to be
downgraded. A downgrade of India's sovereign rating will trigger
a downgrade of the banks' IDRs that are at the same level as the
sovereign. Likewise, a change in the sovereign's Outlook will
also lead to a revision of the Outlooks on the banks' IDRs. Axis
Bank's IDR is solely driven by its VR and a downgrade to its VR,
while unlikely in the near term, will lead to a downgrade to its
IDR.

Any changes in the banks' IDRs would result in equivalent changes
in their senior debt ratings.

VRS, SUBORDINATED DEBT AND OTHER HYBRID SECURITIES
The 'bbb-' VRs of the private banks, ICICI Bank and Axis Bank,
remain sensitive to any unexpected and/or significant asset
quality deterioration, particularly if that is accompanied by a
reduction in capital buffers, which currently support their
ratings. The VRs of ICICI Bank and Axis Bank may also move down
if the sovereign is downgraded as it is not common to have bank
VRs above the sovereign rating due to operating environment-
related risks.

There is a negative bias on the VRs of SBI, Bank of Baroda,
Canara Bank, PNB, IDBI and Indian Bank, which are sensitive to
rising pressures on asset quality and capitalisation. These VRs
factor in periodic government capital injections, the absence of
which may weaken the banks' capital positions if asset quality
continues to deteriorate. The VR of SBI will be also sensitive to
downward movement in the sovereign rating or Outlook.

The banks' Upper Tier 2 and hybrid Tier 1 debt are all notched
down from the VRs and will be sensitive to any change in the VRs.

SUPPORT RATINGS (SRs) AND SUPPORT RATING FLOORs (SRFs)
The SRs and SRFs are determined by the agency's assessment of the
government's propensity and ability to support a bank, based on
the bank's relative size and systemic importance. A change in the
government's ability to provide extraordinary support due to a
change in the sovereign ratings would affect the SRs and SRFs.
The SRs and SRFs will also be impacted by any change in the
government's propensity to extend timely support.

The rating actions are as follows:

SBI:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- $US10billion MTN programme affirmed at 'BBB-'
-- $US3.5billion senior unsecured notes affirmed at 'BBB-'
-- $US400 million perpetual tier 1 bonds affirmed at 'B'

PNB:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bb'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'

Bank of Baroda:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bb+'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- $US3billion MTN Programme 'BBB-'
-- $US1.5billion senior unsecured notes under the MTN programme
    affirmed at 'BBB-'
-- $US300 million Upper Tier 2 notes under MTN programme
    affirmed at 'B+'

BOBNZ:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Support Rating affirmed at '2'

Canara Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating downgraded to 'bb', from 'bb+'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- $US2billion MTN programme affirmed at 'BBB-'
-- $US850 million of senior notes under MTN programme affirmed
    at 'BBB-'
-- $US250 million Upper Tier 2 notes under MTN programme
    downgraded to 'B', from 'B+'

IDBI Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating downgraded to 'bb-', from 'bb'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- $US5billion medium-term note programme affirmed at 'BBB-'
-- $US2billion senior unsecured notes affirmed at 'BBB-'

Indian Bank
-- Long-Term IDR affirmed at 'BB+'; Outlook Stable
-- Short-Term IDR affirmed at 'B'
-- Viability Rating affirmed at 'bb+'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'

ICICI Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'
-- $US4.2billion senior notes affirmed at 'BBB-'
-- $US750 million Upper Tier 2 bonds affirmed at 'B+'

Axis Bank:
-- Long-Term IDR affirmed at 'BBB-'; Outlook Stable
-- Short-Term IDR affirmed at 'F3'
-- Viability Rating affirmed at 'bbb-'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB+'
-- $US5billion MTN programme affirmed at 'BBB-'
-- $US1.75billion senior unsecured notes affirmed at 'BBB-'


JAIGO AGRO: ICRA Assigns B+ Rating to INR10cr Cash Credit
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10.00
crore cash credit facilities of Jaigo Agro Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term-Cash Credit    10.00      [ICRA]B+/assigned

The assigned rating takes into consideration the significant
experience of the partners in the rice and dhal mill industry of
over a decade and the healthy growth in the revenues over the
past few years (with a CAGR of over 50% in the past three years)
aided by addition of new wholesale outlets spread across Chennai.
The rating also favorably takes into account the captive
consumption and monetization of by-products and the state of the
art, fully automated manufacturing process in the rice mill
resulting in cost and labor optimization.

However, the ratings are constrained by the highly competitive
nature of the milling industry with limited value addition, which
limits the margins of the firm which has been on a declining
trend over the past few years, the low capacity utilization of
~50%, and the vulnerability of the firm's profitability to
fluctuations in raw material prices. The rating also takes into
account the firm's highly geared capital structure, which coupled
with the weak profitability has resulted in weak coverage
indicators. Further, the rating continues to factor in the agro
climatic risks, which can impact the availability of the basic
raw material.

Going forward, the key rating drivers would be the firm's ability
to improve its capacity utilization and maintain/improve its
operating profit margins while sustaining the growth momentum.
Jaigo Agro Industries was incorporated in 2015 as a partnership
firm by merging four proprietorship concerns owned by the
managing partner and his family members, namely, Murrali Modern
Rice Mill engaged in operating a rice mill since 2004, Sumathi
Traders and Perumal Traders which have been engaged in the
trading of dhal and rice since 2013 and Goutham Dhall Mill which
has been operating a dhal mill from 2015. It is engaged in
milling, processing, sorting and trading of rice and dhal.

The firm's product profile comprises of non-basmati rice, Urid
dhal, Moong dhal and Toor dhal. The firm sells the products in
the brand name of "Jaigo" and "MMR". The firm has capacity to
manufacture 100 tonnes per day of rice and 150 to 200 tonnes of
dhal per month (operating in a single shift of 12 hours per day).
The firm has a fully automated modernized facility in Redhills,
Chennai.

Recent Results
The firm reported a net profit of INR0.4 crore on an operating
income of INR27.8 crore during 2014-15 as against a net profit of
INR0.3 crore on an operating income of INR19.3 crore during 2013-
14.


KALINDI ISPAT: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kalindi Ispat
Pvt Ltd (KIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

KIPL's ratings reflect its small scale of operations, with
provisional (P) FY16 financials indicating revenue of INR322m
(FY15: INR466m) and moderate operating margins of 7% (4.7%) The
ratings also consider KIPL's weak credit profile, with gross
interest coverage (operating EBITDA/gross interest expense) of
1.3x in FY16 (P) (FY15: 1.2x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 3.8x (5.6x).

The ratings also consider KIPL's tight liquidity; the average
utilisation of its fund-based working capital limits was more
than 97.20% for the six months ended May 2016. The ratings also
factor its high customer concentration risk, as its top five
customers contributed 51.51% to overall revenues during FY16 (P).

However, the ratings are supported by KIPL's founders' experience
of more than a decade in the steel industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations, along with
an improvement in credit metrics, would lead to a positive rating
action.

Negative: A decline in profitability, leading to deterioration in
credit metrics, may lead to a negative rating action.

COMPANY PROFILE

KIPL was incorporated in 2004 and manufactures sponge iron. It
has an installed capacity of 60,000mtpa at its manufacturing
facility in Bilaspur, Chattisgarh.

KIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR117.50 million fund-based working capital limits: assigned
    'IND BB-'/ Stable
-- INR10 million non-fund-based working capital limits: assigned
    'IND A4+'


KESAR IMPEX: ICRA Suspends 'B' Rating on INR9.0cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B outstanding on
the INR9.00 Crore cash credit facilities and the INR2.50 crore
term loans of Kesar Impex. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


KINGFISHER: SBI Had Offered to Settle Loan Issue With Mallya
------------------------------------------------------------
The Times of India reports that State Bank of India (SBI) is
willing to have a one-time settlement of the Kingfisher Airlines
loan issue with Vijay Mallya if he agrees to repay the
outstanding principal amount along with some interest and legal
fees, but the former liquor baron has put conditions which are
unacceptable to the bank, its top official has told a
parliamentary panel.

According to TOI, SBI chairman Arundhati Bhattacharya told the
panel, which is scrutinizing amendments to debt recovery laws,
that the bank has aggressively tackled the matter and is open to
reaching one-time settlements if a debtor offers to repay the
principal along with a reasonable amount of interest, sources
said.

"We are not insisting on payment of interest upon interest," she
reportedly told MPs, TOI relays. This led some members of the
all-party panel to ask the SBI boss about the bank's stance on
Mallya, especially whether the largest bank, which leads the
consortium of PSBs that sunk money in Kingfisher Airlines, was
ready for a one-time settlement with Mallya after taking a
haircut.

She replied in the affirmative, but said that while Mallya had
expressed his willingness to have a settlement he had ringed it
with conditions which SBI could not accept, said a person
familiar with the deliberations, TOI relates.

Source said Bhattacharya stuck to her guns when some members
mentioned reports about Mallya's counsel telling the Supreme
Court that he was ready to pay INR6,000 crore against the
INR4,900 crore he had borrowed from PSBs, according to TOI.

If the lenders' stance finds resonance with the political
establishment, the latest development could mean a breakthrough
in settling one of the most high-profile bad loan cases involving
Indian industrialists, TOI reports.

TOI relates that members of the panel also asked RBI governor
Raghuram Rajan whether lenders were mandated by the central bank
to take personal guarantees from promoters of corporate units
they lend to, but Rajan said the RBI had not issued any such
directive.

According to the report, advisers to Mallya's tottering UB Group
have spoken about reaching an understanding with bankers on the
broad contours of a possible settlement deal. This involves
payment of the outstanding principal estimated at INR4,850 crore,
an interest payout of around INR150 crore and the legal fees
incurred by the lenders.

But they have cautioned that any settlement could move forward
only if the political leadership agrees with the assessment of
the bankers, the report says. Mallya, who is currently holed up
in London and whose extradition India has sought, has become the
symbol of the domestic banking system's fight to recoup loans
from defaulting billionaires. A settlement would enable Mallya to
return to the country, TOI states.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and
competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue
to reflect delays by KFAL in servicing its debt; the delays have
been caused by the company's weak liquidity and continued losses
at the operating level.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)

Losses in the past seven years have resulted in a complete
erosion of KFAL's net worth, leading to its weak financial risk
profile. Presently, the company does not carry out any commercial
operations.


KUBER FOODS: ICRA Suspends 'B' Rating on INR10cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR10.0 crore fund based limits of Kuber Foods. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

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


L7H LIFE: ICRA Downgrades Rating on INR8.61cr LT Loan to 'D'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR8.61
crore term loan from [ICRA]B- to [ICRA]D and the short term
rating assigned to the INR8.00 crore non-fund based (sub-limit)
facilities from [ICRA]A4 to [ICRA]D for the bank facilities of
L7H Life Resources Private Limited. The revision in ratings takes
into account the recent developments of delays in meeting debt
obligations on term loans.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term-term loan      8.61        Revised from [ICRA]B-
                                        to [ICRA]D and suspended

   Short term-non fund     (8.00)       Revised from [ICRA]A4
   based limits                         to [ICRA]D and suspended

ICRA has also suspended the long term and short term ratings of
[ICRA]D/ [ICRA]D for the bank facilities of L7H Life Resources
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


LORDS MARK: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has assigned Lords Mark Industries
Private Limited (LMIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect LMIPL's moderate financial and credit
profile. The company's provisional FY16 financials indicate
revenue of INR875 million (FY15: INR735 million; CAGR 14.84%
during FY12-FY16), net financial leverage (net adjusted
debt/operating EBITDAR) of 3.4x (4.7x), interest coverage of 2.2x
(2.2x) and EBITDA margins of 5.9% (3.9%).

The management expects the EBITDA margin to improve in FY17 on
scale benefits with top line growing at above 50% yoy because of
increased order flow. The company had an order book worth
INR1,150 million at FYE16 which will be executed by September
2016. In 1QFY17, the company is likely to have recorded revenue
of INR370 million.

The ratings further reflect LMIPL's modest liquidity profile with
its fund-based facilities being utilised at an average of 94%
over the 12 months ended June 2016.

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

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
could lead to a positive rating action.

Negative: A significant decline in the profitability resulting in
a sustained deterioration in the overall credit metrics could
lead to a negative rating action.

COMPANY PROFILE

LMIPL was incorporated in 1998 as a private limited company by Mr
Sachidanand Upadhyay. The company produces and sells bottled
water under the brand name AQUA FRESH in Maharashtra. The company
entered into the business of paper trading in 2005 and started
selling paper reams by procuring them from local paper mills and
importers. In 2006, the company started manufacturing paper at
its 96,000 metric tonnes per annum facility in Vasai,
Maharashtra. It started solar LED products manufacturing in 2014
at the same facility with an installed capacity of 9.4 million
units per annum.

LMIPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR20.2 long-term loan: assigned 'IND BB+' Outlook Stable
-- INR290 million fund-based facilities: assigned 'IND
    BB+'/Stable; 'IND A4+'
-- INR50 million non-fund-based facilities: assigned 'IND A4+'


MANIKANTA CONSTRUCTIONS: ICRA Suspends B+ Rating on INR3cr Loan
---------------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]B+ to INR3.00 crore
fund based facilities and short-term rating of [ICRA]A4 to
INR4.00 crore non fund based limits and long term and short term
rating of [ICRA]B+/[ICRA]A4 to INR1.00 crore unallocated limits
of Manikanta Constructions. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the firm.

Manikanta Constructions is a partnership firm based out of
Nizamabad, Telangana setup in 2002 by Mr. Surender Rao. The firm
is engaged in civil construction and undertakes government
projects for road development & construction of bridges in Andhra
Pradesh and Telangana region.


MONOPOLY YARNS: ICRA Revises Rating on INR4.39cr Loan to B-
-----------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B to [ICRA]B-
assigned to the INR5.89 crore fund based bank limits of Monopoly
Yarns Private Limited. The long-term rating assigned to the
INR6.46 crore unallocated limit of ICRA has been revised to
[ICRA]B-, while the short-term rating has been reaffirmed at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund           1.50        [ICRA]B- Revised from
   based limit-                         [ICRA]B
   Overdraft

   Long term fund           4.39        [ICRA]B- Revised from
   based limit-Term                     [ICRA]B
   Loans

   Unallocated Limit        6.46        [ICRA]B-/[ICRA]A4
                                         Revised/Reaffirmed

The revision in rating takes into account the asset-liability
mismatch caused by unfavorable repayment schedule of term loans
availed and the company's weak profitability as a result of the
adverse cost structure, which is unlikely to be corrected in the
near term. The ratings also consider the small scale of the
company's operations accompanied by flat revenue growth, and the
weak financial profile characterized by continuing net losses
leading to erosion of net worth, high debt and consequently an
adverse capital structure. The ratings are constrained by the
susceptibility of profit margins to volatility in the prices of
polyester chips and a concentrated customer base with around 40%
of the sales coming from the top five customers in the last two
years. Further, the company procures polyester chips, its major
raw material solely from JBF Industries Limited which results in
weak bargaining power.

The ratings, however, continue to favorably factor in the
promoters' long experience in the yarn processing and
manufacturing business and the locational benefits received by
the company by virtue of its presence in Silvassa.

ICRA expects MYPL's revenues to remain stagnant in FY2017; the
prices of its key raw material follow the crude oil prices, a
further decline of which may lead to a falling trend in sales
realization. Timely debt servicing and achievement of financial
breakeven will be critical for improvement of the company's
credit profile and would be the key rating sensitivities going
forward.

Monopoly Yarns Private Limited (MYPL), a closely held company, is
a part of the Shri Damodar Group, which processes and
manufactures polyester filament yarn. The company was
incorporated in 1995 and commenced operations from March 2010.
MYPL is engaged in manufacturing polyester filament yarn, used as
a raw material for textile and industrial applications and 20D
(denier) monofilament polyester yarns, which is mostly used in
the production of fabrics for automotive use. The company's
manufacturing unit is in Silvassa (Union Territory of Dadra and
Nagar Haveli) having a capacity of processing ~135 tonnes of yarn
per month. The company has its registered office in Mumbai.

Established in 1983, Shri Damodar Yarn Manufacturing Private
Limited {Rated [ICRA]BBB-(Stable)/[ICRA]A3} is also a part of the
Shri Damodar group and engaged in processing of yarn which
involves binding, twisting and dyeing. The processed yarn is used
by the manufacturers of fabric, dress materials, suiting and
furnishing. Both the companies sell their products under the
brand name 'Shri Damodar'.

Recent results
MYPL recorded a net loss of INR4.07 crore on an operating income
of INR16.24 crore for the year ending March 31, 2016 (Provisional
numbers).


MONTFORT EDUCATIONAL: ICRA Assigns 'B' Rating to INR3.30cr Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.07
crore fund based facilities of The Montfort Educational Society.
ICRA has also assigned a long term rating of [ICRA]B to the
INR0.93 crore unallocated amount of MES.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based - OD               1.00        [ICRA]B assigned

   Long Term Fund
   Based- Term Loan         3.30        [ICRA]B assigned

   Long Term Fund
   Based- Term Loan         2.27        [ICRA]B assigned

   Long Term Fund
   Based- Term Loan         2.50        [ICRA]B assigned

   Unallocated amount       0.93        [ICRA]B assigned

The assigned rating is constrained by Montfort's small scale of
operations, increasing competitive intensity resulting in
difficulty in attracting and retaining quality students and
teachers and vulnerability of operations to the regulated nature
of the Indian education industry. The rating is also constrained
by the Inherent cash flow mismatches, given the nature of
business of education institutes as fee receipts are collected on
a quarterly basis vis-a-vis monthly obligations for interest
payments.

The assigned ratings however favourably factor in the extensive
experience of the trustees spanning over a decade in the
education sector; healthy occupancy levels with an overall
occupancy ratio of 93% in Academic Year 2015-16 and comfortable
capital structure with a gearing of 0.64 times as on March 31,
2016.
ICRA expects Montfort's scale of operations to improve supported
by new admissions, addition of a new school and expected rise in
fees. In ICRA's view, the company's ability to attract and retain
well qualified and experienced teaching staff to remain
competitive and maintain profitability would be the key rating
sensitivities.

The Montfort Educational society (Montfort or MES) was
established by Dr. John K V in 2006. The Montfort Educational
society was registered after the catholic saint, St. Louise Mary
Gregone de Montfort. The society started its first educational
institution under the banner K John Public School in 2007 in
Eastern Nagpur. The second institution under the same name was
established in 2008 at Saoner, Nagpur. In April 2016, the society
has also established a nursery school at Besa in Nagpur.

Both the schools offer education from Nursery to Class 10 and are
affiliated to the Central Board for Secondary Education (CBSE).
The campus at Saoner is spread across an area of 10 acres and the
campus at Asoli is spread across an area of 3 acres. It provides
facilities like playground, indoor games, dance room, music room,
science laboratory, computer lab, health & medical check-up room
and transportation through its own buses. The total number of
students in both the schools is 2,951 students and the number of
teachers is 92, implying a student teacher ratio of 32:1.

Recent Results
MES recorded a net profit of INR1.84 crore on an operating income
of INR7.13 crore for the year ending March 31, 2016 (as per the
provisional figures disclosed by the management).


MOULI SPINNER: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR15.00 crore bank
facilities of Mouli Spinner Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


NARULA EXPORTS: ICRA Suspends B+/A4 Rating on INR8cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ and [ICRA]A4 ratings assigned to the
INR8 Crore fund based and non fund based facilities of Narula
Exports. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


NITESH RESIDENCY: ICRA Suspends B+ Rating on INR312.50cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR312.50 crore bank facilities of Nitesh Residency Hotels
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term-Term Loans    312.50       [ICRA]B+ suspended

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

Nitesh Residency Hotels Private Limited (NRHPL), incorporated in
2006, is a Bangalore based company in the hospitality sector. It
is promoted by Mr. Nitesh Shetty together with CPI India Limited
for the development, operation and maintenance of a 5-star deluxe
hotel at Residency Road, Bangalore. An operating agreement has
been signed with M/s Marriott Hotels India Private Limited for
the operation of the 277 room hotel as a Ritz Carlton brand
hotel. The hotel has been operational since November 2013.


P.A.S. COTTON: ICRA Suspends D Rating on INR6.89cr Term Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR6.89 crore
term loan facilities, INR5.00 crore long-term fund based
facilities, INR5.04 crore long-term proposed facilities and
INR1.75 crore short-term non-fund based facilities of P.A.S.
Cotton Mills Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the Company.

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


PREMIER STEELS: ICRA Suspends B+ Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR10.00
crore long term fund based facilities of Premier Steels. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.

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

Incorporated in 1983, Premier Steels is primarily engaged in
trading of steel products such as Mild Steel (MS) Angles, MS
Channels, MS Plates, HR (Hot Rolled) sheets and TMT (Thermo
Mechanically Treated) bars. It has a stock yard located in
Ernakulam (Kerala). The firm has three equal partners, Mr. T P
Ismail, Mrs. Waheedha Mohammed Ashraf and Mr. V.A. Mohammed
Ashraf.


PSK DEVELOPERS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PSK Developers
Pvt. Ltd's (PSK) Long-Term Issuer Rating to 'IND B+' from 'IND
BB'. The Outlook is Stable. The agency has also downgraded PSK's
INR1,850 million term loan to 'IND B+'/Stable from 'IND BB'.

KEY RATING DRIVERS

The downgrade reflects the increased funding and execution risks
caused by the delay of almost a year in PSK's ongoing project -
Fashion Index. Management had expected to complete construction
till the plinth level by end-2QFY16, but it was eventually
completed by end-1QFY17. Management has attributed this delay
primarily to delayed approval from the Mumbai municipal
corporation.

The downgrade also factors in the cost escalation caused by the
delay, as the increased rental expenses to INR382m from INR245.6
million led to a similar increase in the project cost to INR4,021
million from INR3,888 million. Since this is a redevelopment
project and PSK does not receive any income for the redevelopment
portion of the site (268 residential units), the funding gap has
been further exacerbated with the high inventory. Of the total
promoter contribution of INR980 million, INR570 million had been
injected as at FYE16 in the form of equity. The increased project
cost will also be borne by the promoters.

The downgrade also reflects saleability risks as management
initially planned to sell 22% (73) of the total commercial units
(333) by FYE16, but this has been delayed due the delay in
completion of plinth stage. The company has not sold any units so
far, exacerbating the risk of cash flow mismatches.

The ratings are supported by the large moratorium period, under
which the first principal instalment is due in 2QFY19, while
interest is being charged and paid currently.

RATING SENSITIVITIES

Positive: Project completion within the scheduled timeframe and
strong cash flow visibility on account of an increase in unit
sales 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 servicing, could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2004, Mumbai-based PSK is engaged in residential
real estate redevelopment. Its ongoing project -- Fashion Index
-- is a commercial as well as residential redevelopment located
in Dadar (Mumbai). The project comprises 268 residential units
(to be handed over to the current tenants) and 333 commercial
units (developer's share).


QUAIL CV: Ind-Ra Assigns 'IND B+(SO)' Rating to Series A3 PTCs
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Quail CV IFMR
Capital 2016 (an ABS transaction) provisional ratings as follows:

-- INR89.4 million Series A1 pass through certificates (PTCs):
    assigned 'Provisional IND A-(SO)'; Outlook Stable
-- INR53.9 million Series A2 PTCs: assigned 'Provisional IND A-
    (SO)'; Outlook Stable
-- INR17.5 million Series A3 PTCs: assigned 'Provisional IND
    B+(SO)'; Outlook Stable

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

The commercial vehicle loan, multi-utility vehicle loan, four-
wheeler loan and tractor loan pool to be assigned to the trust
has been originated byKogta Financial (India) Limited.

KEY RATING DRIVERS

The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Kogta Financial (India), the
legal and financial structure of the transaction and the credit
enhancement (CE) provided in the transaction. The provisional
rating of Series A1 and Series A2 PTCs addresses the timely
payment of interest on monthly payment dates and ultimate payment
of principal by the final maturity date on 17 December 2019 in
accordance with the transaction documentation.

The provisional rating of Series A3 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 and Series A2 PTCs and ultimate
payment of principal by the final maturity date on 17 December
2019, 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
Series A2 is 18.0% of the initial pool principal outstanding
(POS) and overcollateralisation available to Series A3 is 8.0% of
the initial pool POS. The total excess cash flow or the internal
CE available including overcollateralisation to Series A1 and
Series A2 PTCs together and Series A3 PTCs is 36.3% and 23.2%,
respectively, of the initial POS. The transaction also benefits
from the external CE of 5.0% of the initial POS in the form of
fixed deposits in the name of the originator with a lien marked
in favour of the trustee. The collateral pool to be assigned to
the trust at par had the initial POS of INR174.8m, as of the pool
cut-off date of 31 May 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 and Series A2
investors c) monthly interest payment of Series A3 investors
after the complete redemption of Series A1 and Series A2
investors and d) any shortfall in Series A3 maximum payout on the
Series A3 final maturity date.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
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 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and Series A3 PTCs will not be impacted. However if the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A2 PTCs will be downgraded by two notches.


RAJNISH STEELS: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 to the fund-based and non-fund
based limits aggregating to INR11.00 crore of Rajnish Steels.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term: Fund
   Based Limits             8.00        [ICRA]B+/Reaffirmed

   Short-term: Non
   Fund Based Limits       (5.40)       [ICRA] A4 Reaffirmed

   Both Long Term and        3.00       [ICRA]B+/[ICRA] A4
   Short Term Scale:                    Reaffirmed
   Unallocated Limits

The ratings reaffirmation takes into account the over three-
decade long experience of the promoters in the steel-trading
business and the positive outlook on prices of long-steel
products post implementation of MIP from February 2016.

However, the ratings are constrained by the subdued profitability
indicators on account of intense competition and limited value
addition in steel-trading business. The company reported a
revenue de-growth during FY2016 due to lower sales under the
ship-breaking segment. The firm purchased only one ship during
FY2016 due to sharp fall in prices of steel products. The ratings
are also constrained by the high gearing level, resulting from
working capital-intensive operations. The ratings action also
factors in the susceptibility of the firm's profitability to
adverse fluctuation in end-product prices, inherent cyclical
nature as well as environmental risks related with the ship-
breaking business. The ratings further take into account the high
customer concentration risk as well as risks associated with its
constitution as a proprietorship firm, including the possibility
of capital withdrawals by the proprietor.

Incorporated in 1980, Rajnish Steel (RS) is a proprietorship
concern set up by Mr. Rajnish K. Gupta. The firm has been
involved in steel-trading business for over three decades and
primarily trades in long-steel products. During FY2013, it
ventured into ship-breaking business to support revenue growth
and diversify its revenue base. The ship-breaking operations are
carried out at the ship-breaking yard at Darukhana, Mumbai.

Recent Results
For FY2016, the firm reported Profit after Tax (PAT) of INR0.08
crore on an Operating Income (OI) of INR17.56 crore.
(Provisional). During FY2015, the firm reported a PAT of INR0.10
crore on an operating income of INR21.47 crore.


RAJU SPINNING: ICRA Suspends 'D' Rating on INR13.56cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR13.56 crore
term loan facilities, INR22.00 crore long-term fund based
facilities, INR0.26 crore long-term non-fund based facilities,
INR17.01 crore long-term proposed facilities and INR5.00 crore
short-term non-fund based facilities of Raju Spinning Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the Company.

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


RAMANJANEYA MODERN: ICRA Suspends B+ Rating on INR5.0cr Loan
------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR5.00 crore fund based facilities of Ramanjaneya Modern Rice
Mill. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the firm.

Ramanjaneya Modern Rice Mill (RMRM) is engaged in the milling of
paddy and produces raw rice. The rice mill is located in
Cherukuwada village of West Godavari in Andhra Pradesh. The
production capacity is 120 MT per day and it produces non-basmati
variety of rice which is non-sortex. RMRM, apart from selling
rice to FCI, sells it to dealers in Assam and Maharashtra who
then export it to countries like Bangladesh.


SAHITYA SADAWART: ICRA Suspends D Rating on INR11.40cr Bank Loan
----------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]D assigned to the
INR11.40 Crore bank lines of Sahitya Sadawart Samiti(SSS). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

SSS was incorporated in 1959 under the Rajasthan Societies
Registration Act, 1953 and commenced operations in 1994. The
society operates Suresh Gyan Vihar University and two schools in
Jaipur (Rajasthan), namely Gyan Vihar School and Sahitya Sadawart
Senior Secondary School. The university offers courses in
Engineering (B.Tech, M.Tech, Ph D), Management (BBA, MBA, Ph.D,
B.Com), Computer Applications (BCA, MCA), Science (M.Sc., Ph.D)
Pharmacy (B.Pharm., M.Pharm., Ph.D), Education (B.Ed, M.Ed, Ph.D)
and Hotel Management (BHMCT, BHMTT). The university campus is
located in Jagatpura, Jaipur. Mr. Sunil Sharma is the chancellor
of the Suresh Gyan Vihar University and is a key member of the
society.


SEEMA OIL: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA] B+ and short-
term rating of [ICRA] A4 assigned to the INR15.00 crore bank
facilities of Seema Oil Traders. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


SHARMA BROTHERS: ICRA Suspends B+ Rating on INR6.04cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ on the
INR6.04 crore bank lines of Sharma Brothers. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR21.00 crore fund-based bank facilities of Shri Agrawal
Educational and Cultural Society.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            21.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the modest
operational profile of the society given slight improvement in
occupancy levels in the engineering college to 49% for Academic
Year (AY) 2015-16 relative to 38% in the previous year along with
year on year improvement in the occupancy of school in its third
year of operations. Though the occupancies and student strength
in school is expected to increase going forward; the accruals
from the existing operations of the society are likely to remain
modest. Given the increasing scheduled repayments, SAEC will
shall continue to require funding support from the promoters,
Further, the society is expected to incur some capital
expenditure in the school on account of increasing student
strength. The capital structure of the society is moderate with
gearing of 1.7x as on March 31, 2016 owing to past deficits and
debt funded capex for setting up the engineering college and
school. The debt coverage indicators would continue to remain
modest given the leveraged capital structure, modest accruals and
high debt repayment liabilities. The rating also remains
constrained on account of stretched liquidity profile of the
society on account of delays in receipt of fees from the
students. The rating however, favorably takes into account the
extensive track record of the management in the education field
in Madhya Pradesh, having established a total of five colleges
and three schools in Bhopal, under two societies and their
regular support towards funding the deficit and capex being
undertaken.

Going forward, the ability of the society to achieve adequate
occupancies in the engineering college in the light of presence
of a number of colleges / schools in nearby areas and manage the
liquidity through timely fee collection would remain the key
rating sensitivities. Any major debt funded capital expenditure
and timely funding from promoters will be the key monitorables.

SAEC was formed in FY 2008 by Mr. Sudhir Kumar Agrawal. The
society has set up an engineering college under the name, Sagar
Institute of Science, Technology and Engineering in Ratibad
(Bhopal) which is affiliated to Rajiv Ghandhi Proudyogiki
Vishwavidyalaya, Bhopal (Madhya Pradesh). The engineering college
commenced operations from AY 2009-10 with an intake of 90
students and presently has a strength of 816 students (in AY
2015-16). The college offers graduate (B.E.) and post-graduate
(M.E.) courses. The society has also set up a school - 'Sagar
Public School' in Bhopal which commenced operations from AY 2014-
15 and currently running classes up to Standard VIII, and student
strength of 1139 for AY 2016-17.

SAEC is part of the Bhopal based Sagar group, which has
operations across education, real estate and textile sectors. In
addition to SAEC, another society in the Sagar group, Shri
Agrawal Educational and Welfare Society, has set up four colleges
and two schools in Bhopal which have a total strength of ~8,300
students (of which about 5,000 are students in schools). Two
group companies, Agrawal Builders and Agrawal Builders and
Colonizers have been engaged in civil construction and real
estate development for the past three decades in Bhopal. Another
group company - Sagar Manufacturers Private Limited (rated
[ICRA]BBB-(Stable)/[ICRA]A3), manufactures cotton spun yarn and
has a spinning unit in Madhya Pradesh with an installed capacity
of 75,552 spindles, which commenced commercial production from
March 2013.


SHRI MAHAVIR: ICRA Suspends 'B' Rating on INR8.0cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR8.00 crore fund based limits and the short term rating of
[ICRA]A4 assigned to INR0.10 crore non fund based limits of Shri
Mahavir Cereals. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.

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


SHRI VASANTHRAJ: ICRA Assigns 'D' Rating to INR3.0cr LT Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR2.02
crore term loan facilities and the INR3.00 crore fund based
facilities of Shri Vasanthraj Textiles Private Limited. ICRA has
also assigned a long-term/short-term rating of [ICRA]D to the
INR2.98 crore proposed facilities of SVT.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Loan
   Facilities               2.02        [ICRA]D/Assigned

   Long Term Fund
   based facilities         3.00        [ICRA]D/Assigned

   Short term/Long
   term Unallocated
   limits                   2.98        [ICRA]D/Assigned

The assigned ratings reflect the delays witnessed in servicing
the debt obligations by the company, owing to its stressed
liquidity position. The company's scale of operations remains
small which restricts the benefits from economies of scale and
the presence in the highly commoditized market with intense
competition inhibits its pricing flexibility, thereby exposing
the margins to fluctuations in cotton and yarn prices.
Cumulatively, these have led to a weak financial profile of the
company characterized by thin margins, stretched capital
structure and inadequate debt protection metrics. ICRA takes note
of the experience of promoters in the textile industry and the
efforts taken by them to increase the scale of operations,
although the results remain to be seen. Early regularisation of
debt servicing is critical and remains the key rating
sensitivity.

Shri Vasanthraj Textiles Private Limited, established in the year
1992 is engaged in the manufacture of cotton yarn in the count
range of 40's to 60's. The Company's manufacturing facility is
located in R. Vadipatti (Tamil Nadu) with an installed capacity
of ~14400 spindles. SVT sells its produce majorly in the markets
of Malegoan, Berhampur etc mostly through agents.

Recent Results
The company reported a net profit of INR0.02 crore on an
operating income of INR10.89 crore during 2014-15 as against a
net loss of INR(0.19) crore on an operating income of INR13.32
crore during 2013-14.


SIPAI COTTON: ICRA Suspends B+ Rating on INR6cr Cash Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.00
crore long term cash credit limit of Sipai Cotton Industries. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Cash Credit     6.00       [ICRA]B+; Suspended

Sipai Cotton Industries (SCI) was set up in 1999 as a partnership
firm by Mr. Ibrahim Sipai with an experience of more than a
decade, and his family members and relatives as cotton ginning
and pressing unit located at Wankaner, Gujarat. It is also
engaged in trading activities of cotton bales and cottonseed. At
present, the firm has installed 28 ginning machines and 1
pressing machine.


SPRINGBOARD ENTERPRISES: ICRA Suspends B Rating on INR6cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR6.00 crore fund based limits and the long term rating of
[ICRA] B and short term rating of [ICRA]A4 assigned to the
INR4.00 crore unallocated Line of Credit of Springboard
Enterprises India Limited. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.

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


SRI KARUNAMBIKAI: ICRA Suspends B Rating on INR20.3cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR20.3 crore term loan facilities, INR12.50 crore fund based
facilities of Sri Karunambikai Mills Private Limited. ICRA has
also suspended the short-term rating [ICRA]A4 assigned to the
INR30.75 crore fund based facilities and INR10.85 crore non-fund
based facilities of the Company. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the Company.

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


TRISHLA BUILDTECH: ICRA Suspends 'B' Rating on INR34cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B on the
INR34.0 crore bank lines of Trishla Buildtech Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


TRIVENI SILK: ICRA Suspends B+ Rating on INR10.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR10.50 Crore bank lines of Triveni Silk Mills. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Triveni Silk Mills (TSM), a partnership firm established in 1990
is managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm
is engaged in the production of cotton and synthetic fabrics
which is used in making ladies suits, dress materials, shawls,
etc. The firm's manufacturing unit is located in Ludhiana and
comprises of 7 looms, 30 embroidery machines and 4 printing
machine.


TURBO TECH: ICRA Suspends B- Rating on INR4cr Loan
--------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR4.00
crore long-term fund-based facility and [ICRA]A4 rating assigned
to the INR3.50 crore short-term non-fund based facilities of
Turbo Tech Precision Engineering Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


V.P.S. TEXTILES: ICRA Assigns 'D' Rating to INR4.46cr Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR0.54
crore term loan facility and the INR3.00 crore fund based
facilities of V.P.S. Textiles (India) Private Limited. ICRA has
also assigned a long term / short-term rating of [ICRA]D to the
INR4.46 crore proposed facilities of VPS.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Loan
   Facilities              0.54        [ICRA]D/Assigned

   Long Term Fund
   based facilities        3.00        [ICRA]D/Assigned

   Short term/Long
   Term- Unallocated
   Limits                  4.46        [ICRA]D/Assigned

The assigned ratings reflect the delays witnessed in servicing
the debt obligations by the company, owing to its stressed
liquidity position. The company's scale of operations remains
small which restricts the benefits from economies of scale and
the presence in the highly commoditized market with intense
competition inhibits its pricing flexibility, thereby exposing
the margins to fluctuations in cotton and yarn prices.
Cumulatively, these have led to a weak financial profile of the
company characterized by thin margins, stretched capital
structure and inadequate debt protection metrics. ICRA takes note
of the experience of promoters in the textile industry and the
efforts taken by them to increase the scale of operations,
although the results remain to be seen. Early regularisation of
debt servicing is critical and remains the key rating
sensitivity.

V.P.S. Textiles (India) Private Limited, established in the year
2006 is engaged in the manufacture of cotton yarn in the count
range of 40's to 60's. The company's manufacturing facility is
located in R. Vadipatti (Tamil Nadu) with an installed capacity
of 11616 spindles. VPS sells its produce majorly in the markets
of Malegoan, Berhampur etc mostly through agents.

Recent Results
The company reported a net profit of INR0.03 crore on an
operating income of INR8.82 crore during 2014-15 as against a net
loss of INR(0.11) crore on an operating income of INR9.67 crore
during 2013-14.


VIRENDER SINGH: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.00 crore bank facilities of Virender Singh Harinder
Singh. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


WEBFIL LIMITED: ICRA Reaffirms 'C+' Rating on INR3.38cr Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]C+ rating of INR3.38 crore fund-
based cash credit facility and INR10.30 crore non-fund based bank
facilities of Webfil Limited. ICRA has reaffirmed the [ICRA]A4
rating to the non-fund based facilities, which are also rated on
the short-term scale.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             3.38        [ICRA]C+ reaffirmed
   Letter of Credit        5.40        [ICRA]C+/A4 reaffirmed
   Bank Guarantee          4.90        [ICRA]C+/A4 reaffirmed

The reaffirmation of the ratings takes into account the
irregularities in payment of interest on the remaining loans
taken from the West Bengal Industrial Development Corporation
(WBIDC) and the Government of West Bengal (GoWB). Besides, the
capital structure of the company is extremely weak due to its
huge accumulated losses and large accumulated inventory, which is
ageing. If written off, the same might result in additional
losses. The ratings are also constrained by low net profitability
of the company due to high employee expense and high interest
expense. The ratings, however, derive support from the fact that
the company is a part of the Andrew Yule group and that WBIDC
holds a substantial stake in the company. ICRA also takes note of
the strong order book position of the company, which provides
revenue visibility in the near term. Besides, the strong research
and development capability of the company helped it develop
digital products for the domestic market that carries a high
margin.

WL was incorporated in 1979 as a joint venture company of West
Bengal Infrastructure Development Corporation Limited and the
Andrew Yule group. The company manufactures tungsten filament
wires used in luminaries and digital products, which in turn is
primarily used in communication and surveillance services.

Recent Results
During FY2016, WL reported a profit after tax (PAT) of INR0.05
crore (provisional) on an operating income (OI) of INR25.92 crore
(provisional) compared to a PAT of INR2.63 crore on an OI of
INR26.14 crore in FY2015.



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


POSTIE PLUS: Liquidator Cuts NZ$550K Deal With Former Supplier
------------------------------------------------------------
BusinessDesk reports that the liquidator of Postie Plus' former
owner reached a NZ$550,000 settlement with the failed retailer's
former logistics supplier, leaving creditor Bank of New Zealand
facing a shortfall of more than NZ$5 million.

In the final liquidators' report for Retva Ltd, the remaining
shell of Postie Plus Group, PwC's David Bridgman said a "full and
final" settlement was concluded in April 2016, ending proceedings
brought by the retailer's secured creditor. BNZ had funded the
initial legal proceedings against the third party supplier, but
would have needed third party litigation funding to pursue the
claim further, according to BusinessDesk.

"The liquidators explored funding options and took this, and a
number of other factors, into account in reaching the settlement,
including consideration of the merits of the claim, the time and
cost of taking the matter to a full court trial and the risks
associated with ongoing litigation," BusinessDesk quotes Mr.
Bridgman as saying in his report.

BNZ was owed NZ$6 million at the time of liquidation and received
NZ$298,000 as a distribution, implying it was still owed about
NZ$5.7 million. The liquidators' fees and disbursements totalled
NZ$166,000, while legal fees were NZ$65,000, BusinessDesk
discloses.

Postie Plus appointed PwC's Bridgman and Colin McCloy as
voluntary administrators in June 2014 after losing the support of
its lenders when it failed to recapitalise the business.

BusinessDesk relates that the company had been hit by supply
chain disruptions in 2012 and 2013 when it outsourced its
distribution centre to Kuehne + Nagel, while shifting its
headquarters to Auckland. Kuehne + Nagel was never formally named
as the party being pursued in the courts.

According to BusinessDesk, the retail business was sold as a
going concern to South Africa's Pepkor for NZ$7.1 million which
more than halved BNZ's outstanding loan of NZ$13.7 million and
repaid other preferential creditors. After that, liquidators were
appointed in September 2014.

BusinessDesk relates that PwC's Bridgman said the shortfall to
BNZ as the secured creditor meant unsecured creditors owed NZ$6.7
million were also left out of pocket.

The liquidators have requested the company be removed from the
register, adds BusinessDesk.

Postie Plus Group Limited (NZE:PPG) -- http://www.ppgl.co.nz/--
comprises the retail businesses of Postie+, Baby City and
Arbuckles.  The company offers a range of products for all age
groups.  Postie+ sells casual family clothing through a chain of
79 stores.

Colin McCloy and David Bridgman, Partners from
PricewaterhouseCoopers, were appointed Administrators to Postie
Plus Group Limited on June 3, 2014. The business is now in
voluntary administration.

Postie Plus has 64 retail stores located throughout New Zealand.



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


DOOSAN BOBCAT: Moody's Assigns B1 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating to Doosan Bobcat Inc. (DBI).

The rating outlook is stable.

At the same time, Moody's has withdrawn the B1 CFR of DBI's
subsidiary, Doosan Infracore International, Inc. (DII), because
DII's merger with its 100% owned subsidiary, Clark Equipment
Company (CEC, unrated) was completed on June 30, 2016, with CEC
as the surviving entity.

Moody's has also affirmed the Ba3 rating on the $1.06 billion
senior secured term loan co-borrowed by DII and Doosan Holdings
Europe Limited (DHEL, unrated).  DII's obligation has been
assumed by CEC following the completion of the merger process.

CEC and DHEL are co-borrowers on a joint and several basis for
the senior secured term loan.  Accordingly, the rating on the
senior secured term loan is based on the credit quality of their
parent DBI, which broadly reflects in turn the combined
financials of the co-borrowers.

                        RATINGS RATIONALE

"DBI's B1 CFR primarily reflects its dominant position in the
compact farm and construction equipment market in North America,
as well as its good ability to generate positive free cash flow
over the next 1-2 years," says Wan Hee Yoo, a Moody's Vice
President and Senior Analyst.

"However, the CFR is constrained by the company's moderate scale,
high product concentration and the highly cyclical nature of the
compact farm and construction equipment industry," adds Yoo.

Moody's expects that DBI's adjusted debt/EBITDA will improve to
about 3.3x-3.5x over the next 12-18 months from 4.0x in 2015,
mainly driven by debt redemptions that occurred in 1H 2016, as
well as the company's moderate growth in earnings.

While this level of financial leverage is strong for its B1 CFR,
DBI's rating is partly constrained by its parent, Doosan
Infracore Co Ltd (DI, unrated), given that DI's overall credit
profile is not as strong as that of DBI, and DI exerts full
control over DBI and DBI's subsidiaries.

Nevertheless, this drag on DBI's rating is partly mitigated by
the following factors: (1) the covenant package in the senior
secured term loan limits the risk of credit contagion and
potential cash leakage to the parent; (2) DBI's limited
dependence on its parent for its operations; and (3) DI's strong
commitment to ensure that DBI maintains a viable standalone
credit profile.

The merger between DII and CEC will not affect the rating of the
senior secured term loan, given the minimal impact of the merger
on the companies' capital structure and financials.  Moody's
points out that according to DII, the purpose of the merger was
to simplify the ownership structure to enhance operating
efficiency.

The Ba3 rating on the $1.06 billion senior secured term loan
mainly reflects the first lien -- except for those assets secured
by the first lien for the revolver -- on substantially all of the
assets and capital stock of the co-borrowers, their parent DBI,
as well as their subsidiaries.  This structure means that the
facility ranks ahead of most other debt and liabilities.

The stable rating outlook reflects Moody's expectation that DBI's
financial profile will gradually improve and that the company
will maintain its robust market positions in its core businesses
over the next 12-18 months.

Upward pressure on the ratings could arise over time if: (1)
DBI's financial profile improves through enhanced earnings, as
well as the prudent management of its investments, such that its
adjusted debt/EBITDA stays below 3.5x and retained cash flow
(RCF)/adjusted net debt exceeds 20%-22% on a sustained basis; and
(2) DI's credit quality improves considerably, or if there is a
meaningful decline in DI's ownership stake in DBI.

On the other hand, the ratings could be downgraded if DBI's
profitability and cash flow remain weak, such that its adjusted
debt/EBITDA exceeds 5.0x and RCF/adjusted net debt stays below
12%-13% on a sustained basis.

The ratings could also be pressured if DI extracts large amounts
of cash from DBI, and if DI's credit quality deteriorates
considerably.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

Doosan Bobcat Inc. is the leading manufacturers of compact farm
and construction equipment in North America and EMEA.  It engages
in the design, manufacture, sale and service of compact farm and
construction equipment under the Bobcat brand and portable power
products.  It also distributes heavy construction equipment
produced by its parent Doosan Infracore Co Ltd.



                             *********

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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