TCRAP_Public/160711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, July 11, 2016, Vol. 19, No. 135


                            Headlines


A U S T R A L I A

COMPASS RESOURCES: KordaMentha Appointed as Receivers
GUVERA: Directors Fail to Present Plan at July 7 Meeting
KENARDOBE PTY: Placed Into Administration
VELOCITY SHEET: First Creditors' Meeting Set For July 18


C H I N A

CEETOP INC: Cancels RMB3 Million Loan


I N D I A

20 MICRONS: ICRA Suspends 'D' Rating on INR141.99cr LT Loan
AAKASH INFRASTRUCTURE: CRISIL Rates INR250MM LT Loan at 'B'
ALFA ELECTRONIC: CRISIL Assigns B+ Rating to INR75MM Cash Loan
ARIEX ISPAT: CRISIL Lowers Rating on INR45MM LT Loan to B-
ARJUN ALLOYS: CRISIL Suspends B+ Rating on INR150MM Cash Loan

ARUN SHELTERS: CRISIL Reaffirms 'B' Rating on INR200MM LT Loan
BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
COCHIN VENEERS: CRISIL Suspends 'B' Rating on INR10.6MM Loan
EVEREST STARCH: CRISIL Suspends B+ Rating on INR250MM Term Loan

GURANDITTA MAL: ICRA Suspends 'B' Rating on INR20cr Loan
HOLISTIC REMEDIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
IDEAL CHEMICALS: CRISIL Cuts Rating on INR130MM Cash Loan to B
IFMR CAPITAL: ICRA Puts B (SO) Rating to INR2.64cr PTC Series A2
JAI HIND: CRISIL Suspends 'D' Rating on INR70MM Cash Loan

JANPATH ESTATES: ICRA Suspends B+ Rating on INR25cr Loan
JAYESH UMAKANT: CRISIL Suspends 'B' Rating on INR17.5MM Loan
KINGSTON PAPTECH: CRISIL Suspends 'D' Rating on INR145MM Loan
KRANTIVEER VASANTRAO: CRISIL Suspends D Rating on INR188.7MM Loan
M.G. SPINTEX: CRISIL Assigns B+ Rating to INR48.5MM Cash Loan

MANTRAM TECHNOFAB: ICRA Suspends B+ Rating on INR29cr Bank Loan
NEPTUNE LAMINATES: CRISIL Reaffirms B+ Rating on INR44MM Loan
NORTH BIHAR: CRISIL Suspends 'D' Rating on INR4.75BB Term Loan
NOVELTY SALES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
OM ENERGY: CRISIL Reaffirms B+ Rating on INR383.5MM Term Loan

PAWAN COMMUNICATION: Ind-Ra Assigns 'IND BB' LT Issuer Rating
PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
PHOENIX STRUCTURAL: ICRA Suspends 'C' Rating on INR12.88cr Loan
PLANET PR: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
PRECISION ENGINEERING: CRISIL Suspends D Rating on INR71MM Loan

PUNJAB LIQUORS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
RAJASTHAN TOURS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
RAYBAN FEEDS: CRISIL Lowers Rating on INR120MM Cash Loan to 'D'
RHYTHM LAND: CRISIL Lowers Rating on INR550MM LT Loan to 'D'

RITU SHIPPING: CRISIL Suspends B- Rating on INR150MM Cash Loan
SANCHETI PROPERTIES: CRISIL Puts B+ Rating on INR212.5MM Loan
SHANKER INTERNATIONAL: ICRA Suspends B Rating on INR45cr Loan
SHARDA TIMBER: ICRA Suspends 'B' Rating on INR35cr Loan
SKYMAX CERAMIC: CRISIL Suspends B+ Rating on INR33.2MM LT Loan

SRI GOKUL: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
SRI KODANDARAMA: ICRA Reaffirms B+ Rating on INR21.28cr LT Loan
SRI VENKATESWARA: CRISIL Assigns B- Rating to INR256.6MM Loan
SUMMIT JEWELLERY: CRISIL Lowers Rating on INR45MM Loan to B+
SUNBRIGHT CERAMIC: CRISIL Reaffirms B+ Rating on INR36MM Loan

SUNSHINE EDIBLE: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
SUPER COTTON: CRISIL Suspends B+ Rating on INR64MM Cash Loan
TANVIRKUMAR & CO: CRISIL Cuts Rating on INR112MM LT Loan to B+
V S METACAST: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
VICOR STAINLESS: CRISIL Suspends B+ Rating on INR70MM Cash Loan


J A P A N

TOSHIBA CORP: Three Former Heads Likely to Escape Charges


S O U T H  K O R E A

HYUNDAI MERCHANT: Pins Hope On Credit Rating Rebound


                            - - - - -


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


COMPASS RESOURCES: KordaMentha Appointed as Receivers
-----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Compass Resources
Limited has fallen into the hands of administrators on June 17,
2016. Martin Bruce Jones, Wayne Rushton and Dermott McVeigh of
Ferrier Hodgson have been appointed administrators of the
company.

Subsequently, Rahul Goyal, Richard Tucker and John Bumbak of
KordaMentha have been appointed receivers and managers of the
company, Dissolve.com.au relates.

The report says the assets and operations of Compass Resources
are reportedly controlled by the receivers.

Compass Resources Limited is an exploration, mining and minerals
processing company. It focuses on Rum Jungle mineral field
located close to Batchelor in Northern Territory Australia.


GUVERA: Directors Fail to Present Plan at July 7 Meeting
--------------------------------------------------------
Ben Butler at The Australian reports that directors of stricken
music streaming service Guvera, led by Gold Coast entrepreneur
Darren Herft, on July 7 failed to fulfil hopes they would present
a rescue plan to creditors of two subsidiaries at meetings in
Parramatta.

Administrator Neil Cussen of Deloitte last month told The
Australian he was hoping a deed of company arrangement (DOCA)
setting out a plan to pay staff and creditors of Guvera Australia
and Guv Services would be discussed at the meetings. But on July
7 Mr Cussen said he now hoped "to receive something towards the
end of this week".

"Once the proposal has been received and assessed, and after we
conduct further investigations, we will prepare a report for
creditors with a recommendation on the future of the companies,"
the report quotes Mr. Cussen as saying.

The Australian recalls that Guvera in June 2016 pushed the two
subsidiaries into administration, owing about AUD15 million after
the ASX knocked back its audacious bid to list in an initial
public offering valuing the group at more than AUD1bn.

About 60 employees of Guv Services have been let go, but Mr
Cussen has previously said about 20 have been re-employed
elsewhere within Guvera, according to The Australian. Apart from
staff, the main creditors are believed to be the Tax Office and
music copyright collection society APRA AMCOS.

The Australian notes that Guvera has also launched an emergency
capital raising of between AUD15m and AUD20m -- about AUD10m of
which Mr Cussen indicated might be used to pay creditors of
Guvera Australia and Guv Services.

"We advised creditors that we are aware of a private placement
memorandum that has been placed before Guvera Ltd shareholders
and investors which seeks to raise around AUD10m in the short
term to support the DOCA proposal."

No offer document has been registered with the Australian
Securities & Investments Commission, which would be required if
the raising targeted retail investors, The Australian states.

Already at risk is about AUD180m pumped into the company by about
3000 investors, including a large number of self-managed super
funds, through Mr Herft's AMMA Private Equity network, says The
Australian.

According to Guvera's prospectus, AMMA's efforts in raising
capital for the company have reaped it more than AUD20m in fees
since 2009, the report relays.

A company spokesman did not respond when asked for more
information about the capital raising, which he had previously
said would be complete by the end of last week or early this
week.

As The Australian revealed on July 6, even as Guvera teetered on
the brink AMMA has been raising money for a new start-up,
Kwickie, helmed by the brother of Australia Post boss Ahmed
Fahour. Kwickie, run by Mahamoud Fahour, promises to connect fans
and celebrities via video chat. It embarked on a AUD5m capital
raising last month, according to an accountant's note.

Creditors of Guvera Australia and Guv Services will meet again on
August 1, adds The Australian.


KENARDOBE PTY: Placed Into Administration
-----------------------------------------
Domenic Calabretta of Mackay Goodwin was appointed as
administrator of Kenardobe Pty Limited on July 8, 2016.


VELOCITY SHEET: First Creditors' Meeting Set For July 18
--------------------------------------------------------
Bradd William Morelli and Stewart William Free of Jirsch
Sutherland were appointed as administrators of Velocity Sheet
Metal & Airconditioning Pty Ltd on July 6, 2016.

A first meeting of the creditors of the Company will be held at
Level1, 14 Watt Street, in Newcastle, on July 18, 2016, at
11:00 a.m.



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


CEETOP INC: Cancels RMB3 Million Loan
-------------------------------------
Ceetop Inc. loaned three million RMB to an individual which was
secured by three million shares of common stock of the Company.
On June 28, 2016 the Company determined that the Loan was
uncollectible, and the holders of the Collateral agreed to cancel
the Shares.  In lieu of the cancellation of the Shares the Loan
has been cancelled, as disclosed in a regulatory filing with the
Securities and Exchange Commission.

                      About Ceetop Inc.

Oregon-based Ceetop Inc., formerly known as China Ceetop.com,
Inc., owned and operated the online retail platform before 2013.
Due to excessive competition in online retail, the Company has
transformed itself into an integrated supply chain services
provider, and focuses on B to B supply chain management and
related value-added services among enterprises.

Ceetop reported a net loss of $599,847 on $0 of sales for the
year ended Dec. 31, 2015, compared to a net loss of $1.41 million
on $361,887 of sales for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, Ceetop Inc. had $3.22 million in total
assets, $1.16 million in total liabilities, all current, and
$2.05 million in total stockholders' equity.

The Company's auditors MJF& Associates, APC, in Los Angeles,
California, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that the Company incurred recurring losses from
operations, has a net loss of $599,847 and $1,415,949 for the
years ended December 31, 2015 and 2014, respectively, and has
accumulated deficit of $10,621,441 at December 31, 2015.



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


20 MICRONS: ICRA Suspends 'D' Rating on INR141.99cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR141.99
crore long term fund based facilities and the INR31.08 crore
short term non fund based facilities of 20 Microns Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the firm.

TMNML's (20 Microns Nano Minerals Ltd.) was originally
incorporated under the name of Speciality Minerals Pvt. Ltd. on
October 28, 1993. and the name was changed to its current form on
November 12, 2008 w.e.f February 3, 2010, TMNML became a
subsidiary of TML (20 Microns Ltd.) by way of acquisition of
99.17% of its shares by TML, prior to which it was an associate
company of TML. TMNML is engaged in the manufacturing and trading
of micronized minerals which are used as functional fillers,
extenders and binders in industries as diverse as oil & gas,
paints, rubber, paper, adhesives, ceramics, and construction.
TMNML has an installed capacity of 9.900 metric tonnes per annum
(MTPA) which is spread across two manufacturing locations in
Gujarat & Rajasthan viz. Nandesari, Alwar and Waghodia.


AAKASH INFRASTRUCTURE: CRISIL Rates INR250MM LT Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Aakash Infrastructure - Ahmedabad (AI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      250       CRISIL B/Stable

The rating reflects AI's exposure to risks related to
implementation and saleability of its ongoing project and
cyclicality inherent in the Indian real estate sector. These
weaknesses are partially offset by the experience of the
promoters in the real estate and civil construction industry.
Outlook: Stable

CRISIL believes AI will continue to benefit from the extensive
industry experience of the promoters. The outlook may be revised
to 'Positive' if better-than-expected booking of units and
receipt of customer advances lead to high cash inflow. The
outlook may be revised to 'Negative' if time or cost overrun or
slow ramp up in customer bookings leads to lower cash inflow and
a weak financial risk profile, particularly liquidity.

Set-up in July, 2014, AI is a partnership firm that undertakes
real estate projects in 'vadh City' in Viramgam district of
Gujarat.  It is promoted by Mr. Yogesh Patel, Mr. Pursottam
Patel, Mr. Suresh Patel and Mr. Anil Sanghvi.


ALFA ELECTRONIC: CRISIL Assigns B+ Rating to INR75MM Cash Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Alfa Electronic Services India Private Limited
(Alfa) and assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             75        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

CRISIL had earlier, on January 21, 2015, suspended the rating as
Alfa had not provided the necessary information required for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign a rating to the firm's
bank facilities.

The ratings reflect Alfa's large working capital requirements,
modest scale of operations and average financial risk profile
marked by small net worth, moderate gearing and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of Alfa's promoters and the
company's established relationships with its major customers.
Outlook: Stable

CRISIL believes that Alfa will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the
company ramps up its scale of operations and registers more-than-
expected revenues, resulting in an improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case Alfa registers lower-than-expected revenues
and profitability, or in case of further delay in the realisation
of its receivables or if it undertakes a significantly large,
debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile.

Alfa set up in 1991, manufactures embedded electronic systems
such as amplifiers, integrated instrumentation and communication
systems, and cable harnesses for various defense entities. The
company is promoted by Mr. Sarat Chand and his family.

Alfa reported a provisional profit after tax (PAT) of INR10.76
million on net sales of INR 273.47 million for 2015-16 (refers to
financial year, April 1 to March 31), against a PAT of INR 11.17
million on net sales of INR 258.45 million for 2014-15.


ARIEX ISPAT: CRISIL Lowers Rating on INR45MM LT Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ariex Ispat Private Limited (AIPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan         45.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects CRISIL's expectation that AIPL's business
and financial risk profile will remain under pressure on account
of declining operating profitability and inventory losses
resulting from slump in steel prices. For 2015-16 (refers to
financial year, April 1 to March 31), AIPL reported cash loss of
INR4.5-5.0 million. AIPL's promoters infused INR3 million as
unsecured loans to support the operations in 2015-16. CRISIL
believes that while AIPL's promoters have supported the
operations by infusing unsecured loans, high interest cost and
repayment obligations, along with weak profitability, will result
in heightened pressure on its liquidity over the medium term.

The rating reflects working capital-intensive operations, weak
capital structure, and vulnerability to raw material price
volatility. These rating weaknesses are partially offset by the
extensive experience of promoters in the steel industry and their
established relationships with suppliers and customers.
Outlook: Stable

CRISIL believes AIPL's liquidity will remain under pressure over
the medium term backed by weak profitability and high working
capital intensity. The outlook may be revised to 'Positive' in
case of improvement in the business risk profile with sizeable
offtake for products manufactured at its facility, and a
significantly better operating margin along with healthy cash
accrual. Conversely, the outlook may be revised to 'Negative' if
liquidity is further constrained by considerably low offtake and
consequently reduced cash accrual.

AIPL was set up by the Ramlavat family in 2012 in Himatnagar,
Gujarat. It manufactures mild steel square bars, flat bars, angle
bars, channel bars, and section bars, in various sizes. It began
commercial operations in February 2014.

AIPL reported net loss estimated at INR7.9 million on net sales
of around INR170 million for 2015-16 against net loss of INR5.5
million on net sales of INR174.1 million for 2014-15.


ARJUN ALLOYS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Arjun Alloys (AA; part of the Agarwal group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          9.2       CRISIL A4
   Cash Credit           150.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      5.0       CRISIL B+/Stable
   Term Loan              20.0       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AA, Vivek Steelco Private Limited
(VSPL), Shubhlaxmi Castings Private Limited (SCPL), Anjani Re-
Rolling Mills Private Limited (ARMPL), and VS Multimetal Pvt Ltd
(VSMPL). This is because all these entities, together referred to
as the Agarwal group, have the same promoters and management and
significant intra-group transactions.

AA has induction furnace units at its manufacturing facility at
Changodar (Gujarat). The firm is part of the Agarwal group, which
has been manufacturing various steel products since 1972. Mr.
Suresh B Agarwal is the chairman of the group. The other entities
in the Agarwal group-VSPL, SCPL, ARMPL, and VSMPL-are also
engaged in similar businesses. While, SCPL has induction furnace
units, VSPL, ARMPL, and VSMPL have rolling mills.


ARUN SHELTERS: CRISIL Reaffirms 'B' Rating on INR200MM LT Loan
--------------------------------------------------------------
CRISIL rating to the long term bank facility of Arun Shelters
Private Limited (ASPL) continues to reflect the company's
exposure to risks inherent in real estate sector and
implementation-related risks in the company's ongoing projects.
These rating weaknesses are partially offset by ASPL's promoters'
extensive experience in the real estate industry.

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

Outlook: Stable

CRISIL believes that ASPL's business risk profile will benefit
over the medium term on account of the extensive experience of
its promoters in commercial real estate development. The outlook
may be revised to 'Positive' in case ASPL is able to generate
revenues as expected and achieves larger-than-expected bookings,
thereby strengthening its financial flexibility and cash flow
adequacies. Consequently, the outlook may be revised to
'Negative' if there are delays or/and cost overruns in project
execution or/and the offtake of the ongoing project is less than
expected.

Update
Currently the company is undertaking two project development of
luxury Villas in North Bengaluru named as Arun Aurovilla (Near
Jakur check post) and a project for construction of luxury
apartments is at Yelhanka named as Arun Kaustubha.
ASPL is expected to benefit from its favourable brand image.

CRISIL expected high booking rates due to absence of any major
luxury segment projects (villas) in Yelhanka region and other
parts of north Bangalore. Further, the company is venturing also
venturing into luxury segment apartments through the planned
project. High disposable income in Bengaluru coupled with prime
location of the projects benefits the company's business risk
profile.

The company has booked 11 of the 85 villas , all the 11 villa are
90 percent complete and possession is expected to handed by month
end of June 2016. The company has availed a term loan for its
Arun Aurovilla project for which its repayments are to be made in
4 quarterly instalments commencing from June 2016.

Arun Shelters Private Limited (ASPL) was incorporated in the year
2005 is engaged in execution residential projects primarily in
Bangalore, Karnataka. The company is being promoted by Mr Arun
Kumar .M and his family.


BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bait Logitech Private
Limited (BLPL) continue to reflect the company's small scale of
operations, and its subdued financial risk profile, marked by
small networth and below-average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          66       CRISIL A4 (Reaffirmed)
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its management in the logistics and liaison services industry.
Outlook: Stable

CRISIL believes BLPL will continue to benefit from its
experienced management team. The outlook may be revised to
'Positive' if there is significant increase in revenue and
operating margin, while capital structure remains stable. The
outlook may be revised to 'Negative' in case of lengthening in
working capital cycle, or deterioration in capital structure due
to large debt-funded capital expenditure.

BLPL was incorporated in May 2010 in Bhubaneswar. The company,
promoted by Mr. Brahma Nanda Mishra, was set up to provide
logistics and liaison services for the iron ore mining industry.
It also fabricates heavy steel structures, and provides project
and mining consultancy services. Its manufacturing unit is at
Tangi in Odisha.


BROCADE INDIA: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Brocade India Polytex
Limited (BIPL) continue to reflect BIPL's modest scale of
operations and the susceptibility of its operating profitability
to volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          45       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the company's moderate
financial risk profile marked by healthy gearing and the
entrepreneurial experience of its management team.
Outlook: Stable

CRISIL believes BIPL will continue to benefit over the medium
term from its management's entrepreneurial experience. The
outlook may be revised to 'Positive' in case of higher-than-
expected operating income, resulting in a substantial increase in
cash accrual, along with improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of low revenue or profitability, or large debt contracted
for funding working capital requirement or capital expenditure,
resulting in weakening of the company's financial risk profile.

BIPL, incorporated in 2012, manufactures polypropylene fabrics
and woven sacks. The company is promoted by Mr. Anwar Sahad and
Mr. Ebrahim Hasan.


COCHIN VENEERS: CRISIL Suspends 'B' Rating on INR10.6MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Cochin Veneers (CV).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL B/Stable
   Letter of Credit        40        CRISIL A4
   Proposed Cash Credit
   Limit                   10.6      CRISIL B/Stable
   Proposed Term Loan       0.4      CRISIL B/Stable

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

Set up in 1988, CV trades in timber and manufactures veneers. The
firm's day-to-day operations are managed by its proprietor, Mr. P
K Thomas.


EVEREST STARCH: CRISIL Suspends B+ Rating on INR250MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Everest Starch India Private Limited (ESIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B+/Stable
   Term Loan               250       CRISIL B+/Stable

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

Incorporated in June 2011, ESIPL is engaged in starch and glucose
manufacturing in Rajkot (Gujarat).


GURANDITTA MAL: ICRA Suspends 'B' Rating on INR20cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR20 crore
fund based facilities of Guranditta Mal Mohan Lal. 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.


HOLISTIC REMEDIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Holistic
Remedies Pvt Ltd (HRPL) continues to reflect the company's modest
scale of operations, large working capital requirement, moderate
profitability, and subdued financial risk profile because of weak
capital structure. These weaknesses are partially offset by
significant experience of its promoters in the homeopathy drugs
segment, and their funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              50      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility        5      CRISIL B+/Stable (Reaffirmed)
   Term Loan                 5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HRPL will continue to benefit from its promoters'
significant industry experience and their financial support. The
outlook may be revised to 'Positive' if growth in revenue and
profitability increases cash accrual, or equity infusion by
promoters results in a better capital structure. The outlook may
be revised to 'Negative' in case of stretched working capital
cycle or large debt-funded capital expenditure, leading to
deterioration in the financial risk profile.

HRPL, incorporated in 1986, manufactures homeopathic medicines in
collaboration with Bioforce AG, a Switzerland-based company. HRPL
is promoted and managed by Dr. Nalini Batra and Dr. Pranav Batra,
and has its registered office at Thane, Maharashtra.


IDEAL CHEMICALS: CRISIL Cuts Rating on INR130MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ideal Chemicals India Private Limited (ICI) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and has reaffirmed its rating
on the short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')
   Letter Of Guarantee      20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       80       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the business risk
profile of the company because of a decline in revenue and cash
accrual. Revenue declined by around 11 per cent year-on-year to
INR1.1 billion in 2015-16 (refers to financial year, April 1 to
March 31) on account a fall in chemical prices. Though operating
profitability is estimated to have been at a similar level as in
2014-15, cash accrual has reduced. Consequently, financial risk
profile has weakened. Networth remained below-average at INR42.4
million as on March 31, 2016 against INR37.6 million as on March
31, 2015, while interest coverage ratio declined to 1.79 times in
2015-16 from 2.07 times in the previous year.

The ratings reflect a below-average financial risk profile
because of a small networth, modest debt protection metrics, and
high total outside liabilities to tangible networth ratio. This
rating weakness is partially offset by an established
relationship with suppliers, and the extensive experience the
company's promoters in the chemicals trading business.
Outlook: Stable

CRISIL believes ICI will continue to benefit over the medium term
from its established relationship with suppliers. The outlook may
be revised to 'Positive' in case of an improvement in the
financial risk profile, most likely because of substantial equity
infusion or large accretion to reserves. Conversely, the outlook
may be revised to 'Negative' if the financial risk profile,
including its liquidity, weakens, driven by low cash accrual, a
stretched working capital cycle, or any debt-funded capital
expenditure.

ICI was originally set up as a partnership firm in 1971; this
firm was reconstituted as a private limited company in 2000. The
company trades in chemicals used in the pharmaceutical, textile,
steel, and fertiliser industries. It is managed by Mr. Sameer
Sharda and Mr. Vipul Maheshwari.


IFMR CAPITAL: ICRA Puts B (SO) Rating to INR2.64cr PTC Series A2
----------------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB+(SO) rating and
Provisional [ICRA]B(SO) rating to proposed PTC A1 and PTC A2
issuance by IFMR Capital Mosec Saturn 2016 backed by micro loan
receivables originated by Intrepid Finance and Leasing Private
Limited (Intrepid), Pahal Financial Services Private Limited
(Pahal) and Samasta Microfinance Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   PTC Series A1           16.24       [ICRA]BBB+(SO)
   PTC Series A2            2.64       [ICRA]B(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


JAI HIND: CRISIL Suspends 'D' Rating on INR70MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jai Hind Spinning Mills Limited (JHSML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL D
   Letter of Credit
   Bill Discounting        50        CRISIL D
   Long Term Loan          22        CRISIL D

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

Set up in 1992 by the late Mr. P M Pichai Chettiar, JHSML
manufactures combed cotton yarn at its manufacturing unit in
Namakkal (Tamil Nadu). The company's operations are currently
managed by the founder's son, Mr. Muthuswamy


JANPATH ESTATES: ICRA Suspends B+ Rating on INR25cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating for the INR25.00 Crore
bank facilities of Janpath Estates Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JAYESH UMAKANT: CRISIL Suspends 'B' Rating on INR17.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Jayesh Umakant Nehete (JUN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL A4
   Cash Credit             17.5      CRISIL B/Stable

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

JUN, established in 2011 by its proprietor Mr. Jayesh Nehete, is
a Jalgaon (Maharashtra) based civil construction player dealing
mainly in the construction of roads and bridges. JUN presently
undertakes sub-contracted work orders from larger infrastructure
players. The promoter's family has been in government tenders
contracting business for the past 15 years.


KINGSTON PAPTECH: CRISIL Suspends 'D' Rating on INR145MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kingston Paptech Private Limited (KPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            145        CRISIL D
   Letter of Credit        95        CRISIL D
   Proposed Long Term
   Bank Loan Facility      19        CRISIL D
   Term Loan               81        CRISIL D

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

Incorporated in 2009 and located in Sabarkantha (Gujarat), KPPL
is promoted by Mr. Manohar Patel, Mr. Balwant Patel, Mr. Bharat
Rudani, and Mr. Kalpesh Patel. The company manufactures
multilayer kraft, kraft board, and kraft paper.


KRANTIVEER VASANTRAO: CRISIL Suspends D Rating on INR188.7MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Krantiveer Vasantrao Narayanrao Naik Shikshan Prasarak Sanstha
(KVN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              188.7      CRISIL D

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

KVN was established in 1953. The society operates pre-primary
schools, primary schools, secondary schools, a science-commerce-
arts junior college, polytechnic institutes, industrial training
institutes, an engineering institute, and a management institute.


M.G. SPINTEX: CRISIL Assigns B+ Rating to INR48.5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M.G. Spintex Private Limited (MSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         28.5       CRISIL B+/Stable

   Bank Guarantee        12.5        CRISIL A4
   Cash Credit           48.5        CRISIL B+/Stable

The ratings reflect the extensive experience of the company's
promoters in the cotton industry. This strength is partially
offset by a modest scale of operations, susceptibility of
profitability to volatility in raw material prices, exposure to
intense competition, and weak financial risk profile because of a
small networth.

Outlook: Stable

CRISIL believes MSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if revenue and profitability
increase significantly, leading to considerable improvement in
cash accrual. The outlook may be revised to 'Negative' if
significantly low cash accrual, sizable working capital
requirement, or large debt-funded capital expenditure weakens the
financial risk profile.

Incorporated in 2005, MSPL is promoted by the Ahmedabad-based
Modi family. The company has a spinning unit at Ahmedabad with a
capacity of 15,500 spindles.

MSPL had a net loss of INR3.7 million on sales of INR190.4
million in 2015-16 (refers to financial year, April 1 to March
31) on a provisional basis, against a net loss of INR10.4 million
on sales of INR211.6 million in 2014-15.


MANTRAM TECHNOFAB: ICRA Suspends B+ Rating on INR29cr Bank Loan
---------------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR29.00
crore bank facilities of Mantram Technofab Private Limited
(MTPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

MTPL is promoted jointly by Manjeet Group and Agarwal family of
Sendhwa. Manjeet Group is essentially involved in cotton ginning
& trading and also has small presence in spinning as well. The
other shareholder, Agarwal family is engaged in agriculture,
agro-based trading, cotton ginning & spinning and infrastructure
development activities.

MTPL has set-up a green field facility for manufacturing high
density polyethylene (HDPE)/polypropylene (PP) woven fabrics and
sacks in Sendhwa, Madhya Pradesh and commenced operations from
November 2010. HDPE/PP bags are used for packing and transport of
products in the cement, textiles, soapstone, fertilisers, food
grains, chemicals and salt industries. It uses polymers such as
HDPE and PP, which are primarily sourced domestically.


NEPTUNE LAMINATES: CRISIL Reaffirms B+ Rating on INR44MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Neptune
Laminates Private Limited (NLPL) continues to reflect NLPL's
modest scale of operations in the highly competitive laminates
industry and the company's weak financial risk profile, marked by
high gearing and weak protection metrics. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the laminates industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)
   Term Loan              44        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NLPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if revenue increases substantially
and profitability improves, leading to higher-than-expected cash
accrual and a better financial risk profile. The outlook may be
revised to 'Negative' if revenue or operating margin is lower
than expected, or in case of sizeable, debt-funded expansion or
weakening of working capital management, resulting in
deterioration in the financial risk profile.

NLPL, incorporated in 2013, is promoted by the Veraval, Gujarat-
based Limbani family and others. It manufactures laminates and
started commercial production in January 2015.

NLPL had sales of INR73.6 million for 2015-16 (refers to
financial year, April 1 to March 31), against INR13.8 million for
2014-15.


NORTH BIHAR: CRISIL Suspends 'D' Rating on INR4.75BB Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
North Bihar Highway Limited (NBHL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Short Term Loan         500       CRISIL D
   Term Loan              4750       CRISIL D

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

Incorporated in July 2010, NBHL is a special purpose vehicle
(SPV) promoted by C&C Constructions Ltd (C&C) and BSCPL
Infrastructure Ltd (BSCPL) for two-laning the Muzaffarpur-
Sonbarsa section of National Highway 77 (from Kilometre [Km] 2.8
to Km 89.00) in Bihar on a design, build, finance, operate, and
transfer annuity basis.


NOVELTY SALES: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Novelty Sales a
Long-Term Issuer Rating of 'IND B'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect NOVELTY's small scale of operations and weak
credit profile.  In FY15, its revenue was INR275.12 mil. (FY14:
INR164.13 mil.), net financial leverage (total adjusted net
debt/operating EBITDA) was 22.50x (15.23x) and gross interest
coverage (operating EBITDA/gross interest expense) was 1.00x
(0.86x).  Its margins dipped to 0.74% in FY15 (FY14: 1.66%) due
to the heavy discounts offered as well as advertisement and
promotional expenses to increase its top line.

Novelty's provisional FY16 financials indicated a top line of
INR391.96 mil., EBITDA margins of 1.65%, interest coverage of
1.13x and net leverage of 7.27x.

The ratings factor in NOVELTY's stressed liquidity position as
evident from the 101% average utilization of its fund-based
working capital limits during the 12 months ended May 2016.

However, the ratings are supported by the company's promoters'
operating experience of over 18 years in the auto industry.

                      RATING SENSITIVITIES

Positive: An improvement in the operating profitability, leading
to improved interest coverage and liquidity profile, could lead
to a positive rating action.

Negative: A decline in the operating profitability, leading to
deterioration in the credit metrics, could be negative for the
ratings.

                        COMPANY PROFILE

Incorporated in 2012, NOVELTY is an authorised distributor of
Mobis India Private Limited's (sister concern of Hyundai Motors
India Limited) products in Amritsar district, Punjab.  The firm
is managed by two partners: S. Jatinder Singh and S. Luvtesh
Singh.

NOVELTY's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
   -- INR40 mil. fund-based working capital limits: assigned
      'IND B'/Stable/'IND A4'
   -- INR30 mil. non-fund-based working capital limits: assigned
      'IND A4'
   -- Proposed INR20 mil. fund-based working capital limits:
      assigned 'Provisional IND B'/Stable/'Provisional IND A4'



OM ENERGY: CRISIL Reaffirms B+ Rating on INR383.5MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of OM Energy
Generation Private Limited (OEGPL) continues to reflect the
company's exposure to risks related to implementation of its
project for setting up a hydropower project. This rating weakness
is partially offset by the extensive experience of OEGPL's top
management in setting up hydropower projects, and expected
support from its parent group.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      16.5     CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        383.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OEGPL will continue to benefit over the medium
term from the favourable demand prospects for power, especially
renewable energy. The outlook may be revised to 'Positive' if the
company stabilises its operations earlier than expected and
within the budgeted cost, resulting in large cash accrual, and
hence, a better financial risk profile. The outlook may be
revised to 'Negative' in case of significant time or cost overrun
in the project, resulting in delay in commencement of operations
and low cash accrual, thereby weakening the financial risk
profile.

Update
OEGPL's project cost of INR639.4 million is being funded in a
debt-to-equity ratio of 60:40. The company has been sanctioned
debt of INR383.5 million, of which, INR189 million was disbursed
by May 31, 2016. The promoters have put in INR140 million of
their total contribution of INR255.9 million.

The project was expected to be commissioned in August 2016.
However, date of commission has been revised to April 2018 due to
delay in transfer of land, which happened only in April 2015. The
company has obtained the necessary approvals and clearances.
Full-fledged civil construction started in May 2016, and the
project is expected to be completed by December 2017.

OEGPL, part of the OPG group, was incorporated in 2010 to execute
a 7-megawatt hydropower project at Chamba in Himachal Pradesh.
The company is promoted by Mr. Ravi Gupta and his family. Its
operations are managed by director Mr. Dalip Dua.


PAWAN COMMUNICATION: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pawan
Communication Private Limited (PCPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect PCPL's small scale of operations and moderate
credit profile.  Provisional (P) FY16 financials indicate revenue
of INR305 mil. (FY15: INR231 mil.), gross interest coverage of
4.5x (3.7x) and net financial leverage of 2.7x (1.2x).

The ratings also reflect the entity's tight liquidity situation
with its average maximum utilization of the working capital
limits being above 100% for the six months ended May 2016.

The ratings, however, are supported by PCPL's founders'
experience of close to a decade in executing engineering,
procurement and construction projects.

RATING SENSITIVITIES

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

Negative: Deterioration in the credit metrics may lead to a
negative rating action.

COMPANY PROFILE

PCPL was incorporated in 2009 in Guwahati, Assam.  The company
undertakes turnkey engineering, procurement and construction
projects such as the installation of optical fibre networks and
laying of pipes and ducts in Assam as well as Northeast India.

The business is based on confirmed purchase orders received from
various reputed government and private clients such as Dishnet
Wireless Limited, Reliance Jio Infocom and Himachal Futuristic
Communication Limited.

PCPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/ Stable
   -- INR30.00 mil. fund-based working capital limits: assigned
      'IND BB'/ Stable
   -- INR20 mil. non-fund-based working capital limits: assigned
      'IND A4+'


PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Perfect Engineers &
Contractors (PEC) continues to reflect PEC's modest scale of
operations in the fragmented civil construction industry, the
geographic concentration in its revenue, and its large working
capital requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PEC's promoters in the civil construction industry
and the firm's moderate financial risk profile marked by
comfortable debt protection metrics.
Outlook: Stable

CRISIL believes that PEC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm scales up its
operations significantly while improving its profitability,
leading to substantial cash accruals and a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PEC reports low revenue or profitability, or if its working
capital management deteriorates resulting in weak liquidity, or
if it undertakes a large debt-funded capital expenditure
programme, leading to weakening of its financial risk profile.

Set up in 1993 as a partnership firm, PEC undertakes civil
construction work, primarily buildings in Kerala. The firm is
based in Palakkad (Kerala) and its day-to-day operations are
managed by Mr. M. Sunil and Mr. M. Sajeevan.

PEC reported a profit after tax (PAT) of INR3.18 million on
revenue of INR8.44 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR7.8 million on revenue
of INR119.5 million for 2013-14.


PHOENIX STRUCTURAL: ICRA Suspends 'C' Rating on INR12.88cr Loan
---------------------------------------------------------------
ICRA has suspended long-term rating of [ICRA]C and short-term
rating of [ICRA]A4 assigned to the INR12.88 Crore bank facility
of Phoenix Structural & 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.


PLANET PR: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Planet PR Appartment Private Limited (Planet
PR). The rating reflects small scale of operations, large working
capital requirements and susceptibility to unfavourable change in
regulatory policies. These weaknesses are partially offset by the
extensive experience of its promoters in the iron ore and coal
trading business.

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

Outlook: Stable

CRISIL believes Planet PR will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in its revenue and cash
accrual, along with improvement in its working capital
management. The outlook may be revised to 'Negative' in case of
low operating income and accrual, or weakening of capital
structure, or large debt-funded capital expenditure, leading to
deterioration in its financial risk profile, particularly
liquidity.

Planet PR, promoted by Odisha-based Mr. Ranjan Kumar Pattanayak
and Mr. Pradyumna Singh, trades in iron ore and coal. Its
operations are primarily managed by Mr. Ranjan Kumar Pattanayak.


PRECISION ENGINEERING: CRISIL Suspends D Rating on INR71MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Precision Engineering Components Private Limited (PEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL D
   Cash Credit            10         CRISIL D
   Term Loan              71         CRISIL D

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

Promoted by Mr. Ravi Bhojwani, PEPL manufactures fabricated and
machined components at its newly set up workshop in Bhopal
(Madhya Pradesh). It has capacity to undertake machining projects
of about 20 tonnes.


PUNJAB LIQUORS: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to long-term
bank facility of Punjab Liquors Private Limited (PLPL).

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

The rating reflects the modest scale of operations and average
financial risk profile, because of the moderate total outside
liabilities to tangible networth (TOL/TNW) ratio and debt-
protection metrics. These weaknesses are partially offset by
extensive experience of promoters and growing scale of operations
in the liquor business.
Outlook: Stable

CRISIL expects the company to continue to benefit from extensive
industry experience of promoters and diversity in operations. The
outlook can be revised to 'Positive' if a stronger financial risk
profile leads to improvement in the TOL/TNW ratio and debt-
protection metrics. The outlook can be revised to 'Negative' if
regulatory changes have an adverse impact on the financial risk
profile.

The Delhi-based company distributes both Indian Made Foreign
Liquor (IMFL) and country liquor, primarily in Haryana. PLPL was
incorporated in 2006 and promoted by Mr. Shiv Lala Doda, Mr.
Gagan Doda and Mr. Arun Deep Doda.


R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R. R.
Developers (RRD) continues to reflect a weak financial risk
profile, given a small networth and high advances to RRD's sister
concerns; the firm also remains exposed to cyclicality in the
hospitality industry. These rating weaknesses are partially
offset by the favourable location of its hotel, and the
established brand image of the RR group in Lucknow, Uttar
Pradesh, leading to a consistent increase in scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft Facility      23       CRISIL B+/Stable (Reaffirmed)
   Term Loan               60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RRD will continue to benefit over the medium term
from the reputation of its promoters in Lucknow. The outlook may
be revised to 'Positive' if improved revenue and profitability or
a decline in advances from its sister concerns leads to
improvement in its financial risk profile, particularly
liquidity. Conversely, the outlook may be revised to 'Negative'
if a substantial decline in occupancy levels at RRD's hotel, or
increase in advances to its sister concerns, or any large, debt-
funded capital expenditure leads to deterioration in the
financial risk profile.

Incorporated in 2002 and promoted by the Lucknow-based Agarwal
family, RRD is part of the RR group. The firm runs a budget hotel
in Lucknow. RRD follows a franchise model and operates under the
brand, Best Western Plus Levana.


RAJASTHAN TOURS: CRISIL Assigns B+ Rating to INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Rajasthan Tours Private Limited (RTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              23.4       CRISIL B+/Stable
   Cash Credit            35.0       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      1.6       CRISIL B+/Stable

The ratings reflects RTPL's susceptibility to intense competition
in tour operation segment leading to low profitability and
cyclicality in travel and tourism industry. The above mentioned
weaknesses are partially offset by the promoters' extensive
industry experience and established relationship with customers
in the tourism industry. The rating also factors in the company's
above average financial risk profile, marked by a modest net
worth, moderate total outside liabilities to tangible net worth
ratio, and support from promoters in the form of unsecured loans.
Outlook: Stable

CRISIL believes that RTPL will continue to benefit over the
medium term from its long standing experience of the promoters in
tourism industry. The outlook may be revised to 'Positive' in
case of a significant increase in its scale of operations and
profitability leading to higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the firm
reports lower than expected cash accruals or if it undertakes a
large debt-funded capital expenditure, leading to weakening in
its financial risk profile.

RTPL, a private limited company, incorporated in September 1959
is a travel company engaged in providing a range of services such
as transport services, organizing sightseeing and excursions and
travel and stay arrangements. It was founded by Mr. Bhim Singh
who is the chairman and managing director of the company. Mrs.
Madhuwanti Singh (Daughter of Mr. Bhim Singh) and Mrs. Rajkumari
(Wife of Mr. Bhim Singh) are directors with the company and
assists in the day to day operations of the company.


RAYBAN FEEDS: CRISIL Lowers Rating on INR120MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rayban Feeds and Hatcheries Private Limited (RFHPL) to 'CRISIL
D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Long Term Loan          110       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       20       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The downgrade reflects delays in repayment of principal and
payment of interest on the outstanding term loan by more than two
months. The total outstanding amount due as on  June 25, 2016,
was INR1.66 million; the delay is mainly because of weak
liquidity due to low cash accrual and large working capital
requirement driven by high inventory.

The company has a modest scale of operations in the fragmented
and competitive poultry farming industry. However, it benefits
from the extensive industry experience of its promoters.

Incorporated in 2011, RFHPL is engaged in poultry farming. The
company was incorporated as a joint venture between the Elahi and
Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore,
Tamil Nadu, respectively. It has a registered office in
Coimbatore while its poultry farming unit is in Hapur; the unit
commenced operations in fiscal 2014.


RHYTHM LAND: CRISIL Lowers Rating on INR550MM LT Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Rhythm
Land Developers Private Limited (RLDPL) to 'CRISIL D' from
'CRISIL B+/Stable' on account of instances of irregularity in
servicing the term debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          550       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

RLDPL remains exposed to implementation risk on its project,
which is still in the early stages, and to cyclicality in demand
in the Indian real estate sector. The company however benefits
from the promoters' extensive experience.

Set up in 1995, RLDPL is executing a residential real estate
project in Handewadi (Pune). Mr. Dharmesh Gathani, Mr. Gautam
Budhrani, and Mr. Ramesh Bhatia are the promoters.


RITU SHIPPING: CRISIL Suspends B- Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ritu
Shipping Private Limited (RSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B-/Stable

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

Incorporated in 2004, RSPL trades in metal scrap. The company is
promoted and managed by Mr. Suresh Agarwal and Mr. Vivek Agarwal.
The company buys metal scrap from auctions and sells the same to
induction furnace units and rolling mill units in Gujarat after
cutting/polishing them as required.


SANCHETI PROPERTIES: CRISIL Puts B+ Rating on INR212.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Sancheti Properties (SP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              212.5      CRISIL B+/Stable

The rating reflects the firm's below-average financial risk
profile, due to debt contracted to fund setting up of the
windmill. The rating also factors in risk of delay in receipt of
payments for electricity sold, and cyclicality in the real estate
industry. These rating weaknesses are partially offset by
extensive experience of the promoters, established brand
identity, and low exposure to implementation risk on ongoing
project.
Outlook: Stable

CRISIL believes SP will continue to benefit over the medium term
from the extensive experience of the promoters. The outlook may
be revised to 'Positive' if customer bookings exceed
expectations, or payments for power sold come in on time.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected advances from customers, and or stretch in payments
weaken financial metrics.

Part of the Sancheti group of Pune, SP develops real estate in
Pune. The firm is developing two residential real estate projects
in the city. It has also set up a 4.5 MW windmill.


SHANKER INTERNATIONAL: ICRA Suspends B Rating on INR45cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR45 crore
fund based and non fund based facilities of Shanker International
Private Limited (erstwhile Shanker Timber Store). 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.


SHARDA TIMBER: ICRA Suspends 'B' Rating on INR35cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR35 crore
fund based, non fund based and proposed facilities of Sharda
Timber Private Limited (erstwhile Sharda Timber Store). 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.


SKYMAX CERAMIC: CRISIL Suspends B+ Rating on INR33.2MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Skymax
Ceramic (SC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          12        CRISIL A4
   Cash Credit             25        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      33.2      CRISIL B+/Stable
   Term Loan               29.8      CRISIL B+/Stable

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

SC, incorporated in 2011, is promoted by the Morbi (Gujarat)-
based Mr. Ashokkumar Patel, Mr. Sunilkumar Patel, and Mr.
Kantilal Patel. The company is engaged in the manufacturing of
ceramic porcelain floor tiles with a production capacity of 5500
boxes per day.


SRI GOKUL: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Gokul Kannan Modern
Rice Mill (SGK) continues to reflect SGK's small scale of
operations in the intensely competitive rice milling industry and
its below-average financial risk profile, marked by high gearing.
These rating weaknesses are partially offset by the extensive
experience of SGK's proprietor in the rice milling business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            60        CRISIL B/Stable (Reaffirmed)
   Long Term Loan         20        CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGK will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm undertakes aggressive, debt-
funded expansions, or if its revenue and profitability decline
significantly, leading to deterioration in its financial risk
profile.

Set up in 2007, SGK mills and processes paddy. The firm is
managed by Mr. S A Ramar.

For 2014-15 (refers to financial year, April 1 to March 31), SGK
reported a net profit of INR0.8 million on net sales of INR243
million, as against a net profit of INR0.8 million on net sales
of INR180 million for 2013-14.


SRI KODANDARAMA: ICRA Reaffirms B+ Rating on INR21.28cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ assigned to
the INR21.28 crore (revised from INR29.99 crore) fund based
limits of Sri Kodandarama Boiled & Raw Rice Mill. ICRA has also
reaffirmed the long-term rating of [ICRA] B+ and short-term
rating of [ICRA] A4 assigned to INR8.72-crore (revised from
INR0.01 crore) unallocated limits of SKBRRM.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund-
   based limits            21.28       [ICRA]B+ (Reaffirmed)

   Long Term/Short          8.72       [ICRA]B+ /[ICRA]A4
   Term Unallocated                    (reaffirmed)
   limits

The ratings reaffirmation continues to be constrained by the
SKBRRM's modest financial risk profile characterised by low
profitability and high gearing of 1.93 times as on March 31,
2016; and significant decline in revenue of the firm from
INR80.17 crore in FY2015 to INR67.82 crore in FY2016 on account
of decrease in total volume of sales and lower realisation. The
abolishment of levy system resulted in increased supply of rice
in open market, leading to increased competition and lower
realisation and thereby revenues. The ratings also consider the
intensely competitive nature of the rice industry amid several
small-scale players and susceptibility to agro-climatic risks,
which impact the availability of paddy in adverse weather
conditions. However, the ratings draw comfort from the experience
of the promoters in the rice industry, presence of the firm in a
major rice growing area, resulting in easy availability of paddy,
and favourable demand prospects of rice (with India being the
second-largest producer and consumer of rice).
Going forward, the firm's ability to improve its revenue,
operating margins, while managing its working capital
requirements effectively, will be the key credit-rating
sensitivities.

SKBRRM is a partnership firm established in 1980 and is engaged
in the milling of paddy for production of non-basmati rice
products (raw rice and boiled rice). The milling unit is located
in East Godavari District, Andhra Pradesh with an installed
capacity of 90,000 MTPA.

Recent Results
According to provisional FY2016 results, the firm has reported a
turnover of INR67.82 crore with a net profit of INR1.02 crore.
During FY2015, it recorded a turnover of INR80.17 crore with a
net profit of INR1.31 crore.


SRI VENKATESWARA: CRISIL Assigns B- Rating to INR256.6MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Sri Venkateswara Vidya Peeth (SVV).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           256.6       CRISIL B-/Stable
   Long Term Loan         25.0       CRISIL B-/Stable

The rating reflects the Trust's exposure to regulatory changes
and to intense competition in the education sector, and its weak
financial risk profile. The rating also factors in the risks
related to the Trust's ongoing project of setting up a
polytechnic college. These rating weaknesses are partially offset
by its established regional presence in the education sector,
aided by its Trustee's extensive experience.
Outlook: Stable

CRISIL believes that VVS will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if the Trust reports significant growth in
revenue and profitability primarily through timely completion and
ramp up of operations at its proposed polytechnic college.
Conversely, the outlook may be revised to 'Negative' if SVV faces
any significant time or cost overrun in its ongoing project or
reports a steep decline in revenue and surplus or in case of
adverse impact on the trust's financial risk profile because of
regulatory or legal policies related to educational institutions.

Sri Venkateswara Vidyapeeth (SVV) was founded in 1979 by the late
Sri.S.Alwar Das (former Education Minister, Govt. of Andhra
Pradesh). The Trust currently runs an English medium school, 2
management schools, 3 Junior colleges and 2 colleges in
Vishakhapatnam, AP. The Trust belongs to the Alwar Das Group of
Institutions based in Vishakhapatnam which runs around 26
educational institutions. The Chairman of the Trust is Sri. K.
Phanibhushana Rao. The day to day operations are managed by
Dr.Rajendra SVH (Secretary).


SUMMIT JEWELLERY: CRISIL Lowers Rating on INR45MM Loan to B+
------------------------------------------------------------
CRISIL has placed the ratings of Summit Jewellery LLP (Summit,
part of TKC group) on 'Notice of Withdrawl' for a period of 180
days and downgraded the ratings by one notch to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'; the
ratings will be withdrawn at the end of the notice period. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable';
                                     Placed on 'Notice of
                                     Withdrawal')

   Foreign Discounting     19.8      CRISIL A4 (Downgraded from
   Bill Purchase                     'CRISIL A4+'; Placed on
                                     'Notice of Withdrawal')

   Packing Credit          13.2      CRISIL A4 (Downgraded from
                                     'CRISIL BB-/Stable'; Placed
                                     on 'Notice of Withdrawal')

   Proposed Long Term      22.0      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable';
                                     Placed on 'Notice of
                                     Withdrawal')

The downgrade reflects deterioration in the TKC group's business
risk profile on account of decline in revenue and profitability
leading to net loss of INR8.5 million in 2015-16 (refers to
financial year, April 1 to March 31). Revenue fell to INR1.32
billion from INR1.36 billion in 2014-15, and operating profit
dropped to 4 percent from 7.5 percent. Decline in profitability
also weakened debt protection metrics. Interest coverage ratio
was less than 1 time in 2015-16 against 1.75 percent in 2014-15.

The ratings reflect the group's large working capital
requirement, exposure to intense competition in the gems and
jewellery business resulting in modest profitability, and
susceptibility to fluctuations in diamond prices and foreign
exchange rates. These weaknesses are partially offset by
extensive experience of its promoters in the gems and jewellery
business, its established relationships with customers, and
above-average financial risk profile because of moderate networth
and modest total outside liabilities to tangible networth ratio,
despite below-average debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Tanvirkumar & Co (TKC), Tanvirkumar
Diamond Ltd (TDL), Summit, and Eternity Jewels (Eternity). This
is because all the entities, collectively referred to as the TKC
group, have common promoters, are in the same line of business,
and have significant operational linkages and fungible cash flow.
From September 2015, the businesses of Summit, TDL, and Eternity
have been transferred to TKC, and Summit and TDL have become
partners in TKC.
Outlook: Stable

CRISIL believes the TKC group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer relationships. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in profitability with stable revenue, or if there is a
sustained improvement in its working capital cycle. The outlook
may be revised to 'Negative' in case of lower-than-expected
improvement in profitability, or significant deterioration in
capital structure because of stretch in working capital cycle.

TKC (erstwhile, Milan Jewellers) was set up in 1976 by Mr.
Kirtilal Chokshi and Mr. Kanti Jhaveri. It manufactures and
trades in polished diamonds. Mr. Milan Choksi and Mr. Mihir
Jhaveri are active partners in the firm, while Mr. Shanay Choksi
and Mr. Nailesh Choksi are dormant partners.

Summit, set up in 1996, manufactures diamond studded jewellery
for domestic and overseas markets. Mr. Milan Choksi, Mr. Shanay
Choksi, and Kamlesh Jhaveri are partners in the firm. It has a
showroom in Mumbai.

TDL was originally set up in 1966 as a partnership concern, and
was reconstituted as a closely held public limited company in
1995. It was the flagship company of the group. It trades in
polished diamonds for domestic and international markets.

Eternity, set up in 1996, manufactures diamond studded jewellery.
It is based in Mumbai and derives its entire revenue from export.


SUNBRIGHT CERAMIC: CRISIL Reaffirms B+ Rating on INR36MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Sunbright Ceramic
Private Limited (SCPL) continue to reflect the company's initial
stage and modest scale of operations in the highly competitive
ceramic tiles industry, and large working capital requirement.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters and benefits derived from
its favourable location in Morbi, Gujarat, the hub of the
ceramics industry in India.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)
   Cash Credit             25       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          36       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in topline while operating margin is maintained, or
infusion of equity to support liquidity. The outlook may be
revised to 'Negative' if the financial risk profile weakens,
driven most likely by significantly low cash accrual, substantial
working capital requirement, or debt-funded capital expenditure.

SCPL, established in Morbi in 2014, is promoted by Mr. Jayantilal
Pranjivanbhai Detroja, Mr. Kantilal Sundarjibhai Padaliya, and
Mr. Narendrabhai Sundarjibhai Padaliya. The company manufactures
digital wall tiles; it commenced operations in December 2014.


SUNSHINE EDIBLE: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the
INR10.00 crore fund-based bank facilities of Sunshine Edible Oils
(SOI).

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term-Cash Credit     5.00       [ICRA]B+; Assigned
   Long Term-Term Loan       5.00       [ICRA]B+; Assigned

ICRA's rating takes into account limited track record of
operations of the firm coupled with the risk of the stabilization
of the new plant and achievement of the expected yields with
adequate level of capacity utilization. The rating also factors
in the low profitability in the oil processing business and the
fragmented nature of the industry leading to intense competition;
the exposure of the profitability margins to the adverse price
fluctuation of the raw materials and the debt repayments in the
near to medium term owing to the debt-funded capital expenditure
which may exert pressure on liquidity. However, the rating draws
comfort from the extensive experience of the promoters in the oil
trading business and proximity of the plant to the mustard seed
belt in Rajasthan. Further, ICRA also notes the timely completion
of the project as per the estimated costs and a moratorium period
of nine months for the loan repayment from the commencement of
the plant.

Going forward, the ability of the firm to stabilize its
operations and achieve adequate level of capacity utilization and
contribution margin will be the key rating sensitivities.

Constituted in December 2014, SEO is a partnership firm engaged
in the extraction of mustard oil from its plant based out of
Kishangarh with a capacity of 57600 quintals per annum. The firm
is being promoted by Jain and Mittal family of Kishangarh and the
plant commenced its commercial production in May 2016.


SUPER COTTON: CRISIL Suspends B+ Rating on INR64MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Super
Cotton Industries (SCI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             64        CRISIL B+/Stable
   Term Loan               25.5      CRISIL B+/Stable

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

Established in 2013, SCI is a partnership firm based at Soyal in
the Jamnagar district of Gujarat. The firm commenced operations
from January 2014.


TANVIRKUMAR & CO: CRISIL Cuts Rating on INR112MM LT Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tanvirkumar & Co (TKC; part of TKC group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Post Shipment Credit     533      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       112      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the TKC group's business
risk profile on account of decline in revenue and profitability
leading to net loss of INR8.5 million in 2015-16 (refers to
financial year, April 1 to March 31). Revenue fell to INR1.32
billion from INR1.36 billion in 2014-15, and operating profit
dropped to 4 percent from 7.5 percent. Decline in profitability
also weakened debt protection metrics. Interest coverage ratio
was less than 1 time in 2015-16 against 1.75 percent in 2014-15.

The ratings reflect the group's large working capital
requirement, exposure to intense competition in the gems and
jewellery business resulting in modest profitability, and
susceptibility to fluctuations in diamond prices and foreign
exchange rates. These weaknesses are partially offset by
extensive experience of its promoters in the gems and jewellery
business, its established relationships with customers, and
above-average financial risk profile because of moderate networth
and modest total outside liabilities to tangible networth ratio,
despite below-average debt protection metrics.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TKC, Tanvirkumar Diamond Ltd (TDL),
Summit Jewellery LLP (Summit), and Eternity Jewels (Eternity).
This is because all the entities, collectively referred to as the
TKC group, have common promoters, are in the same line of
business, and have significant operational linkages and fungible
cash flow. From September 2015, the businesses of Summit, TDL,
and Eternity have been transferred to TKC, and Summit and TDL
have become partners in TKC.
Outlook: Stable

CRISIL believes the TKC group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established customer relationships. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in profitability with stable revenue, or if there is a
sustained improvement in its working capital cycle. The outlook
may be revised to 'Negative' in case of lower-than-expected
improvement in profitability, or significant deterioration in
capital structure because of stretch in working capital cycle.

TKC (erstwhile, Milan Jewellers) was set up in 1976 by Mr.
Kirtilal Chokshi and Mr. Kanti Jhaveri. It manufactures and
trades in polished diamonds. Mr. Milan Choksi and Mr. Mihir
Jhaveri are active partners in the firm, while Mr. Shanay Choksi
and Mr. Nailesh Choksi are dormant partners.

Summit, set up in 1996, manufactures diamond studded jewellery
for domestic and overseas markets. Mr. Milan Choksi, Mr. Shanay
Choksi, and Kamlesh Jhaveri are partners in the firm. It has a
showroom in Mumbai.

TDL was originally set up in 1966 as a partnership concern, and
was reconstituted as a closely held public limited company in
1995. It was the flagship company of the group. It trades in
polished diamonds for domestic and international markets.

Eternity, set up in 1996, manufactures diamond studded jewellery.
It is based in Mumbai and derives its entire revenue from export.


V S METACAST: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
V S Metacast Private Limited (VSMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL A4
   Cash Credit           120.0       CRISIL B/Stable
   Rupee Term Loan        60.0       CRISIL B/Stable

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

VSMPL was incorporated in 2011 and is promoted by the Gujarat
based Agarwal group. The Agarwal group is into manufacturing of
various steel products since 1972. VSMPL is engaged in
manufacturing mild steel (MS) billets/ingots and rounds and has
its manufacturing facility at Ahmedabad (Gujarat) having a
capacity of 30,000 tonnes per annum. The directors of VSMPL are
Mr. Vivek Agarwal and his uncle, Mr. Anil Agarwal. The company
reported, on a provisional basis, a net profit of INR 2.7 million
on net revenues of INR 686 million in 2013-14.


VICOR STAINLESS: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Vicor Stainless Private Limited (VSPL; formerly known as; Anjani
Re-Rolling Mills Private Limited; part of the Agarwal group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            70         CRISIL B+/Stable
   Term Loan              21.4       CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VSPL, Vivek Steelco Private Limited
(VSPL), Shubhlaxmi Castings Private Limited (SCPL), Arjun Alloys
(AA), and VS Multimetal Pvt Ltd (VSMPL). This is because all
these entities, together referred to as the Agarwal group, have
the same promoters and management and significant intra-group
transactions.

VSPL manufactures various mild steel, alloy steel, and stainless
steel products. Its rolling mill unit is at Changodar (Gujarat).
The company is part of the Agarwal group, which has been
manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The other entities in the
Agarwal group-VSPL, SCPL, AA, and VSMPL are also engaged in
similar businesses. While, VSPL and VSMPL have rolling mills,
SCPL and AA have induction furnace units.



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


TOSHIBA CORP: Three Former Heads Likely to Escape Charges
---------------------------------------------------------
The Japan Times reports that the Tokyo District Public
Prosecutors Office's special investigation unit believes it will
be difficult to charge three former presidents of Toshiba Corp.
over the firm's high-profile accounting scandal, sources said on
July 8.

The unit informed the Securities and Exchange Surveillance
Commission of its view, according to the sources, the report
relays.

The Japan Times relates that the SESC is expected to decide
whether to file criminal complaints against the three --
Atsutoshi Nishida, Norio Sasaki and Hisao Tanaka -- after holding
talks with the prosecutors office.

The report notes that according to a third-party investigation
panel set up by Toshiba, the company padded earnings at its
personal computer division through a practice whereby it sold PC
components to contract manufacturers and then bought finished
products from them.

Believing they could possibly be held criminally responsible for
the wrongdoing at the PC division, the SESC questioned the former
presidents on a voluntary basis, according to the report.

But the special unit of the prosecutors office found it difficult
to bring charges because transactions involving the PC components
actually occurred and other companies employ similar practices,
the sources said, relates The Japan Times.

                           About Toshiba

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.

On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch.  The outlook on the long-term corporate credit
rating is negative.  S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016.  S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.



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


HYUNDAI MERCHANT: Pins Hope On Credit Rating Rebound
----------------------------------------------------
The Korea Herald reports that Hyundai Merchant Marine said on
July 8 that it will visit major credit rating agencies to explain
about its ongoing restructuring measures, in hopes they
reevaluate the credit standing of the ailing company.

According to the report, the company will visit the rating
agencies Korea Investor Services, Korea Ratings and National
Information and Credit Evaluation and talk about their
restructuring plan process, including the asset sales,
negotiations to reduce charter rates and ongoing talks to join
the 2M, the international shipping alliance.

The Korea Herald relates that HMM recently suffered a sharp drop
in its credit rating to "D" after it initially failed to extend
the maturity of debts in March.

However, HMM was able to reschedule all its debt totaling
KRW843 billion (US$ 726. 1 million) in May, getting out of the
default status, the report says.

"The credit ratings to 'default' has negatively influenced our
businesses here and abroad," the report quotes an official of the
company as saying. "Since the restructuring plan has been
successfully implemented, we hope the market assesses the credit
rating appropriately."

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***