TCRAP_Public/160713.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Wednesday, July 13, 2016, Vol. 19, No. 137


                            Headlines


A U S T R A L I A

BURRUP FERTILISERS: Oswals Paid US$26MM Hush Money to Advisers
COMPLETE BINDING: Amos Insolvency Appointed as Liquidator
FAR PAVILIONS: First Creditors' Meeting Set For July 20
GUVERA AUSTRALIA: Workers Not Paid Super, Redundancy Entitlements
INTERGEN CALLIDE: Placed Into Administration

MARIA'S FARM: Placed Into Administration
REDSTONE MINERALS: First Creditors' Meeting Set For July 19


C H I N A

UTSTARCOM HOLDING: Phicomm Group Holds 31.7% of Ordinary Shares


I N D I A

A ONE: CRISIL Reaffirms 'B+' Rating on INR70MM Packing Loan
AMALA GRANITES: CRISIL Assigns 'B' Rating to INR41MM Term Loan
ANUBHA FABRICS: ICRA Withdraws B/A4 Rating on INR21.3cr Loan
CINNIC FASHIONS: ICRA Suspends 'B' Rating on INR20cr Loan
COTS KNITS: CRISIL Reaffirms 'B' Rating on INR49.4MM LT Loan

D. H. KHANDELWAL: CRISIL Suspends B+ Rating on INR120MM Cash Loan
DINESH OILS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
EISHA ATHARVA: CRISIL Suspends 'B' Rating on INR150MM LT Loan
ENTRACO POWER: CRISIL Suspends 'B' Rating on INR45MM Cash Loan
EXQUISITE PRINT: CRISIL Assigns 'B+' Rating to INR30MM Cash Loan

GOYAL MOTOCORP: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
GVP INFRA: CRISIL Assigns 'D' Rating to INR500MM Term Loan
GVRMP DHARWAD: CRISIL Assigns 'D' Rating to INR1.50BB Term Loan
HANUMAN RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
INDIAN BANK: Fitch Plans to Withdraw BB+ LT Issuer Default Rating

INTERCONTINENTAL POLYMERS: ICRA Suspends B+ INR7.50cr Loan Rating
LADO CERAMIC: CRISIL Cuts Rating on INR37.5MM Term Loan to 'B'
LAKSHMI RANGA: CRISIL Cuts Rating on INR77.5MM Cash Loan to D
LAKSHMI TRADERS: CRISIL Cuts Rating on INR40MM Cash Loan to 'D'
LAXMI NARASIMHA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

MAA VINDHWASINI: CRISIL Assigns B+ Rating to INR10MM LT Loan
MADHAVA HYTECH: CRISIL Assigns B+ Rating to INR40MM Cash Loan
MAHAVIR COTTEX: CRISIL Suspends B Rating on INR50MM Cash Loan
MEGA LINK: CRISIL Assigns B+ Rating to INR39.6MM Term Loan
MILROC GOOD: CRISIL Cuts Rating on INR100MM Overdraft Loan to D

MURALI ADS: CRISIL Assigns B+ Rating to INR210MM Long Term Loan
OCEAN PEARL: CRISIL Suspends B+ Rating on INR200MM Overdraft Loan
PURVA ENTERPRISES: ICRA Suspends 'D' Rating on INR10cr Cash Loan
RAJENDRA KUMAR: CRISIL Reaffirms B+ Rating on INR97.5MM Loan
REVIVE CONSTRUCTION: CRISIL Assigns B- Rating to INR100MM Loan

S N THAKKAR: CRISIL Suspends B- Rating on INR75MM Cash Loan
SALGUTI INDUSTRIES: ICRA Cuts Rating on INR49.11cr Loan to D
SANTOSH TIMBER: CRISIL Puts B+ Rating on INR50MM Overdraft Loan
SESHA SAI: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
SEVEN SEAS: CRISIL Reaffirms 'B+' Rating on INR2.18BB Term Loan

SHIVANJALI ISPAT: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
SHREE TATYASAHEB: CRISIL Suspends 'D' Rating on INR547.7MM Loan
SHREE VASAVI: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
SHRI RAM: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
SHRISTI COTSPINN: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating

SILVERDALE FASHIONS: ICRA Withdraws B+ Rating on INR4.0cr Loan
SMITH STRUCTURES: CRISIL Reaffirms B+ Rating on INR90MM Loan
SREE GURU: CRISIL Assigns 'B' Rating to INR56.2MM Cash Loan
SREE KOPPAMMAL: CRISIL Ups Rating on INR110MM Cash Loan to B+
SRIVEN BEER: ICRA Suspends B+ Rating on INR7.0cr Fund Based Loan

SUN ARK: CRISIL Assigns B+ Rating to INR30MM Cash Loan
SUSEE AUTO: ICRA Suspends 'D' Rating on INR15.95cr LT Loan
SUSEE AUTOMOBILES: ICRA Suspends B- Rating on INR5.0cr Loan
SUSEE CARS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
TAPI PRESTRESSED: ICRA Reaffirms 'D' Rating on INR46.68cr Loan

THRIMATHY CONTRACTING: CRISIL Reaffirms B+ Rating on INR130M Loan
V. S. MULTIMETAL: CRISIL Suspends B+ Rating on INR140MM Loan
VAISHNAVI FOOD: ICRA Assigns C+ Rating to INR6.0cr Loan
WELCOME TILES: ICRA Reaffirms 'B+' Rating on INR7.0cr Loan


N E W  Z E A L A N D

MILSON AEROSPACE: To Start Bankruptcy Proceedings vs Director


S O U T H  K O R E A

HYUNDAI MERCHANT: To Complete Debt-For-Equity Swap This Month
SAMSUNG HEAVY: Self-Rescue Plan to be Finalized This Week


                            - - - - -


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


BURRUP FERTILISERS: Oswals Paid US$26MM Hush Money to Advisers
--------------------------------------------------------------
The Sydney Morning Herald reports that Indian business couple
Pankaj and Radhika Oswal paid two advisers US$26 million
(AUD34.51 million) in hush money to hide what was really going on
at their Australian fertiliser business, a court has heard.

SMH relates that the Oswals concealed the true state of affairs
from the ANZ bank and Apache Corp, which supplied gas for the
Burrup ammonia plant in Western Australia.

US oil and gas company Apache alleges the Oswals in effect ran a
Ponzi scheme, a fraudulent investment operation, and left
Australia when they saw the game was up, the report says.

According to SMH, Apache barrister Stewart Anderson, QC, said
through the deception, Mr Oswal obtained the finance to build the
plant, the gas to operate it and an ammonia offtake agreement to
generate revenue.

SMH says Mr Anderson has told the Victorian Supreme Court the
Oswals concealed US$490 million in cost overruns in building the
plant, skimming money off the top of the profitable Burrup
Fertilisers business to pay the overruns and fund their own
lavish Perth lifestyle.

The report relates that Mr Anderson said the Oswals' two personal
financial advisers were paid US$26 million to keep quiet about
the cost overruns.

When the advisers asked for US$10 million in 2006, Mr Oswal said
the ANZ would be suspicious if such a large amount was drawn down
so early from a US$600 million line of credit to Oswal company
Maruti Investments.

According to the report, Mr Oswal said US$5 million was the
absolute most he could do and paid that amount, before a further
payment of US$21 million, the court heard.

The report says the court has heard the Oswals stripped $150
million out of the Burrup fertiliser business for their own use,
including the unfinished "Taj Mahal on the Swan" mansion in Perth
and Mrs Oswal's vegetarian restaurant chain.

"After they stripped that money out they then just fled the
country," the report quotes Mr Anderson as saying.

The Oswals left Australia in December 2010, a few days before the
ANZ appointed receivers, the report notes.

They returned in April this year and want up to $2.5 billion from
the ANZ and receivers over the sale of their 65 per cent stake in
Burrup Holdings.

They also want damages from Apache, which has a US$400 million
counter-claim against the couple arguing it could have sold its
gas to other parties for a higher price, SMH notes.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


COMPLETE BINDING: Amos Insolvency Appointed as Liquidator
---------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Peter Andrew Amos
of Amos Insolvency has been appointed liquidator of Complete
Binding And Coding Pty Ltd on May 18, 2016.

Dissolve.com.au relates that the trade finishing business
reportedly stopped operating six weeks ago. An industry insider
said the rent at the premise of Perfectly Bound in Slough
Business Park was very high and contributed to the collapse of
the company.

Perfectly Bound purchased TLC Print Finishing in 2014. Its share
of troubles also included a fire in 2015 that left its factory in
Silverwater with damaged presses shutting its operation down for
one month, the report notes.

Complete Binding And Coding formerly traded as Perfectly Bound
Pty Limited.


FAR PAVILIONS: First Creditors' Meeting Set For July 20
-------------------------------------------------------
Michael Owen -- mowen@ppbadvisory.com -- and Martin Ford --
mford@ppbadvisory.com -- of PPB Advisory were appointed as
administrators of Far Pavilions Interiors Pty Ltd on July 8,
2016.

A first meeting of the creditors of the Company will be held at
Ballroom Le Grand 1, Sofitel Brisbane Central, 249 Turbot Street,
in Brisbane, Queensland, on July 20, 2016, at 9:30 a.m.


GUVERA AUSTRALIA: Workers Not Paid Super, Redundancy Entitlements
-----------------------------------------------------------------
The Australian Financial Review reports that former Guvera
employees have accused the company of not paying their compulsory
employer superannuation contributions for as long as two years.

The allegation arose as the first round of creditors meetings
were held for two of the embattled music streaming group's local
subsidiaries on July 7, and comes as the group is scrambling to
pull together an emergency AUD10 million capital raising.

Guv Services and Guvera Australia entered voluntary
administration last month owing a total of at least AUD15 million
to creditors.

AFR relates that a shadow was cast over the future of parent
company Guvera Ltd after the Australian Securities Exchange took
the unusual step of blocking its planned initial public offer.
The float would have valued the company, which lost more than
AUD80 million in the 12 months to June, at AUD1.4 billion.

Guvera Australia, is listed as owing roughly AUD13 million,
mostly to music labels and music rights licensing organisations.
The other subsidiary, Guvera Services, which was the domestic
payroll company, has declared it owes roughly AUD2 million. The
biggest single creditor listed is the Australian Taxation Office,
owed more than AUD1 million, the report notes.

After the ATO the biggest source of creditors is roughly 80 staff
members owed about AUD467,000. It is likely the real figure owed
to former employees could be considerably higher once
superannuation and redundancy entitlements are included,
according to AFR.

The report says Deloitte restructuring partner Neil Cussen, who
is the joint administrator, told the meeting the total value of
outstanding super liabilities was unclear. A second meeting of
creditors is scheduled for August 1.

Several former Guvera staffers told The Australian Financial
Review that it was only after the company entered administration
that they realised their super contributions were missing.

"The entire time I worked there I received payslips that recorded
my super was being deducted. But it turns out none of it was ever
actually paid into my super fund," the report quotes one former
employee who asked not to be named as saying.  "Some of the other
guys are now finding out that their super hasn't been paid for
more than two years."

AFR says Guvera co-founder and chief executive Darren Herft, who
did not front the creditors meeting, has denied the accusation
that some staff have not been paid their superannuation
entitlements for more than two years.

"The company advises it is completely incorrect," a spokeswoman
for Mr Herft said via email, AFR relays.

Australian-based Guvera is an online music and entertainment
streaming service.


INTERGEN CALLIDE: Placed Into Administration
--------------------------------------------
Giles Parkinson at Reneweconomy reports that the part owner of a
relatively new Queensland coal generator has been put into
administration after being unable to refinance its debt
facilities.

InterGen Callide, an offshoot of the major US generation company
InterGen that owns a half share of the 810MW Callide C generators
in central Queensland, has been placed into the hands of
receivers Ferrier Hodgson, Reneweconomy says.

According to Reneweconomy, the joint venture partner in the coal
plant, the Queensland government owned CS Energy, says it is
unaffected by the move and insists that the plant will continue
to operate as normal, with no job losses.

Callide C is one of the biggest single generators in the state
and forms part of the 1.5GW callide complex. Intergen, which also
owns the Milmerran power station, boasts on its web site that the
coal plants are two of the most modern and efficient in the
country.

"Our two facilities are the continent's most advanced
supercritical facilities," the company says on its web site,
Reneweconomy relays. The Callide C coal plant, a "supercritical"
coal generator deemed more efficient than most of Australia's
coal generators, was opened in 2001. It was the first
supercritical plant to be operated in Australia.

However, CS Energy pointed to issues with its Callide venture in
last year's annual report, pointing to "several legacy commercial
issues relating to fuel supply to the Callide Power Station, an
onerous contract with Gladstone Power Station and high debt
levels and associated interest expenses," notes the report.  It
said that the Callide Power Station coal supply agreements
continued to place downward pressure on earnings, and planned and
unplanned outages at the Callide power station affected output.

Reneweconomy relates that the issues appear to with the supplier,
Anglo American, and CS Energy said it had taken action in the
Supreme Court in 2014/15 to "enforce and defend the coal supply
agreements." One of the main mines supplying Callide C was
reportedly unprofitable and was sold by Anglo American earlier
this year.

According to Reneweconomy, CS energy later released a statement
that said IG Callide had been placed into the hands of
administrators PPB Advisory on June 14, and then placed into
receivership on the same day.  Ferrier Hodgson now act as the
receivers and managers of InterGen's interest in Callide C Power
Station.


MARIA'S FARM: Placed Into Administration
----------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Maria's Farm
Veggies has been placed into administration. Rahul Goyal and
David Winterbottom of KordaMentha have been appointed
administrators of the company on June 28, 2016, the report says.

According to the report, Maria's Farm Veggies was reportedly
building a 16-hectare glasshouse with a capacity of 15,000 tonnes
of vegetables per year. However, the Hunter region was hit by
floods in January damaging big portions of the building project,
forcing the move to administration.


REDSTONE MINERALS: First Creditors' Meeting Set For July 19
-----------------------------------------------------------
Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Redstone Minerals Pty Ltd on July 7, 2016.

A first meeting of the creditors of the Company will be held at
Level 2, 55 Carrington Street, in Nedlands, on July 19, 2016, at
10:30 a.m.



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


UTSTARCOM HOLDING: Phicomm Group Holds 31.7% of Ordinary Shares
---------------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Gu Guoping, Shanghai Phicomm Communication Co., Ltd.,
Phicomm Technology (Hong Kong) Co., Limited and The Smart Soho
International Limited disclosed that as of June 30, 2016, they
beneficially own 11,739,932 ordinary shares, Par Value US$0.00375
per share, of UTStarcom Holdings Corp. representing 31.7 percent
of the shares outstanding.

On June 30, 2016, Acquirer, Phicomm HK and the Sellers entered
into a further amendment to the Purchase Agreement. Pursuant to
the Fourth Amendment, the parties to the Purchase Agreement
agreed that the closing under the Purchase Agreement will take
place as soon as practicable as will be agreed among the parties
to the Purchase Agreement, but in no event later than Aug. 31,
2016.

In consideration of this additional extension of the closing
under the Purchase Agreement and certain waivers by the Sellers
set forth in the Fourth Amendment, Acquirer agreed to release to
the Shah Sellers the US$2,000,000 escrow fund that was
established pursuant to the Third Amendment to the Purchase
Agreement, together with any interest earned thereon, to pay to
the Shah Sellers an additional US$1,000,000, and to deposit
US$1,000,000 into an escrow account.

The additional US$1,000,000 payment and additional US$1,000,000
escrow deposit are required to be made by July 31, 2016. Upon
closing, the escrowed funds, together with any interest thereon,
will be applied against the balance of the purchase price for the
Ordinary Shares. If the closing does not occur by the New
Termination Date and the Purchase Agreement is terminated due to
the Sellers' failure to deliver the remaining 6,739,932 Ordinary
Shares to Acquirer, the escrow deposit will be released to the
Acquirer and Sellers will be required to pay Acquirer a
termination fee of US$1,000,000. If the closing does not occur by
the New Termination Date and the Purchase Agreement is terminated
due to Acquirer's failure to make any of the payments required by
the Fourth Amendment, the escrow deposit will be released to the
Shah Sellers as a termination fee, and the Phicomm Group will be
obligated to procure Mr. GU Guoping's resignation from the
Issuer's board of directors.

The Fourth Amendment also provides that the Sellers and persons
acting on their behalf may initiate or encourage the sale of the
remaining 6,739,932 Ordinary Shares to one or more potential
purchasers other than Acquirer, participate in discussions or
negotiations regarding such sales, furnish information and take
other action to facilitate inquiries or proposals that could
reasonably be expected to lead to such potential sales and, in
each Seller's sole discretion, sell and transfer such Seller's
portion of the remaining 6,739,932 Ordinary Shares to a purchaser
or purchaser other than the Acquirer. However, no Seller may
enter into or conclude a Third Party Deal prior to the New
Termination Date.

The Fourth Amendment continues the standstill provisions entered
into in connection with the Third Amendment until the earlier of
the closing under, and termination of, the Purchase Agreement,
and the Shah Sellers also agreed to extend the duration of their
consent to Phicomm's and Acquirer's share pledges to the Fund
until the closing date under the Purchase Agreement.

A full-text copy of the regulatory filing is available at:
                        https://is.gd/KqEh81

                      About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/-- is a
global leader in IP-based, end-to-end networking solutions and
international service and support. The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks. The
Company's headquarters are currently in Alameda, California, with
its research and design operations primarily in China.

UTStarcom reported a net loss of $20.7 million on $117 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $30.3 million on $129 million of net sales for the year
ended Dec. 31, 2014.


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


A ONE: CRISIL Reaffirms 'B+' Rating on INR70MM Packing Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of A One Duty Free
Private Limited (AODPL) continue to reflect the company's nascent
and modest scale of operations, and its subdued financial risk
profile because of small networth and weak debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of its promoters and its exclusive tie-ups
with its key principals.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           170     CRISIL A4 (Reaffirmed)
   Export Packing Credit     70     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AODPL 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 reports higher-than-expected revenues and profitability
coupled with better working capital management, resulting in a
substantial increase in its cash accruals, and hence, an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the revenues and
profitability are lower-than-expected, or if there is stretch in
working capital cycle, or if it undertakes large debt-funded
capital expenditure, leading to weakening of its financial risk
profile.

AODPL, incorporated in 2010, distributes confectionary products
at duty free outlets in international airports in India. Promoted
by Mr. Bommidala Rama Krishna and his family, the company
operates through a special economic zone in Visakhapatnam, Andhra
Pradesh.


AMALA GRANITES: CRISIL Assigns 'B' Rating to INR41MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the long
term bank facilities of Amala Granites Products (AGP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         41        CRISIL B/Stable
   Cash Credit             10        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       9        CRISIL B/Stable

The ratings reflect AGP's weak financial risk profile marked by
modest net worth and leveraged capital structure coupled with
volatility in operating margins. These weaknesses are partially
offset by AGP's promoter's long standing experience in stone
crushing industry.
Outlook: Stable

CRISIL believes that RFE will continue to benefit from promoters
long standing industry experience. The outlook may be revised to
'Positive' in case of sustainable increase in the firm's scale of
operations, and profitability or improvement in the capital
structure on account of infusion of capital. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large, debt-funded capital expenditure programme or in case of
significant withdrawal of the capital, leading to deterioration
in its capital structure.

Set up in 2006, Amala Granite Products (AGP) is engaged in stone
crushing activities and has its own quarry spread across area of
12 acres in Thrissur, Kerela. The firm is a sole proprietorship
concern of Mr. V. J. Chaco. Firm has stone crushing capacity of
1000 tonnes per day.


ANUBHA FABRICS: ICRA Withdraws B/A4 Rating on INR21.3cr Loan
------------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]B/[ICRA]A4 assigned to
the INR21.30 crore bank limits of Anubha Fabrics Private Limited,
which were under notice of withdrawal. The ratings are withdrawn
as the period of notice of withdrawal is completed.


CINNIC FASHIONS: ICRA Suspends 'B' Rating on INR20cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR20.00 crore fund based limits of Cinnic Fashions India
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2008, Cinnic Fashion India Private Limited
(CFIPL) is engaged in manufacturing of ethnic wear garments for
men. Since April 1, 2013 the operations of the proprietorship
firm (Richa Enterprises or RE promoted by Mr. Mehta) have been
wound down and business is carried out through CFIPL exclusively.
The product portfolio of the firm consists of wedding suits,
kurtas, sherwani and Indo-Western clothing articles.


COTS KNITS: CRISIL Reaffirms 'B' Rating on INR49.4MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of The Cots Knits
(TCK) continue to reflect the firm's small scale of operations in
the highly fragmented readymade garments industry, its large
working capital requirement, and modest financial risk profile.
These weaknesses are partially offset by the extensive industry
experience of the firm's promoter, and its longstanding customer
relationships.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            21.5       CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Discounting             5.0       CRISIL B/Stable (Reaffirmed)

   Packing Credit         30.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     49.4       CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has knocked off receivables
of INR41.5 million from Lilliput Kidswear Ltd from total
receivables, and a similar amount from the net worth.
Outlook: Stable

CRISIL believes TCK will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if there is a significant growth in
its revenue and profitability, and improvement in its working
capital management, while capital structure remains stable. The
outlook may be revised to 'Negative' in case of a steep decline
in revenue and profitability, or large debt-funded capital
expenditure, or stretch in working capital cycle, leading to
deterioration in its financial risk profile. Receipt of
receivables from Lilliput Kidswear Ltd will remain a key rating
sensitivity factor.

Update
TCK, on a provisional basis, had profit after tax (PAT) of INR4.5
million on revenue of INR225.9 million for fiscal 2016, against
PAT of INR4.0 million on revenue of INR223.0 million for fiscal
2015. Operating profitability was 6.56% against 6.72%.

Its large working capital requirement is reflected in gross
current assets of 192 days as on March 31, 2016, primarily on
account of inventory of 165 days and receivables of 33 days.

The firm has adequate liquidity because of steady cash accrual,
nil term debt, and support from its promoter. However, its bank
limit utilisation was high, averaging 87% over the 12 months
through April 2016.

TCK, established in 2008 and based in Tiruppur, Tamil Nadu,
manufactures readymade garments. The firm is promoted by Mr. T
Sharan Chinnu.


D. H. KHANDELWAL: CRISIL Suspends B+ Rating on INR120MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
D. H. Khandelwal Commercial Private Limited (DH Khandelwal).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            120        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      73.5      CRISIL B+/Stable
   Term Loan                6.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by DH
Khandelwal with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, DH
Khandelwal is yet to provide adequate information to enable
CRISIL to assess DH Khandelwal'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 2011, DH Khandelwal is a retailer of gold,
silver, and diamond jewellery in Nagpur. The company started
operations in April 2011 under the name, Khandelwal Jewellers.
The showroom is managed by the promoter, Mr. Rajesh Khandelwal,
his father, Mr. Dhanraj Khandelwal, and wife, Mrs. Radhika
Khandelwal.


DINESH OILS: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dinesh Oils
Limited's (DOL) Long-Term Issuer Rating to 'IND BB-' from 'IND
BBB-'. The Outlook is Negative. A full list of rating actions is
at the end of this commentary.

The downgrade reflects the deterioration in DOL's liquidity and
credit profile over FY15-FY16 in terms of an increase in working
capital cycle and a reduction in gross interest coverage ratio.

KEY RATING DRIVERS

DOL's stressed liquidity position is reflected by its near 100%
utilisation of the cash credit limits during the 12 months ended
March 2016 period and an increase in working capital cycle over
FY15-FY16. Working capital cycle elongated to 80 days in FY16
(FY15: 93 days, FY14: 27 days) mainly on the back of higher
inventory days (FY16: 170, FY15: 142, FY14: 61).

The company's gross interest coverage ratio declined over FY15-
FY16, because of an increase in interest cost, despite an
improvement in profitability. Provisional FY16 financials
indicate operating EBITDAR/gross interest expense+rent of 1.2x
(FY15: 1.3x, FY14: 2.3x) and EBITDA margins of 4.9% (4.2%, 1.8%).
EBITDA margins improved due to a lower procurement cost of raw
material. Interest cost increased due to higher usage of the cash
credit limits (FY16: INR600 million, FY15: INR600 million, FY14:
INR350 million, FY13: INR50 million). Net financial leverage
(adjusted net debt/ operating EBITDAR) though still high, reduced
to 5.9x in FY16 because of lower use of buyer's credit (FY15:
7.3x, FY14: 7.3x).

Moreover, DOL's revenue declined to INR3,818 million in FY16
(FY15: INR4,958 million, FY14: INR7,567 million) because of
around 50% and 30% fall in sales volumes for refined palm olein
oil (accounts for around 60% of  the total sales) and for
Vanaspati, respectively, over FY15-FY16. The volume decline was
due to reduced demand amid falling prices. Sales price
realisations also dropped around 20% over FY15-FY16 for the major
products. Nearly 50% of the company's sales are under its own
brand 'Gold Mohar', which has weak brand recognition. The Indian
edible oil industry is highly fragmented and is exposed to
regulatory risks.

DOL has more than 25 years of operating experience in the edible
oil industry. It also has a reasonable presence and distribution
network in Uttar Pradesh.

RATING SENSITIVITIES

Positive: An improvement in the working capital cycle and
liquidity could lead to the outlook being revised to Stable.

Negative: Further deterioration in the liquidity and credit
profile could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1986, DOL primarily manufactures refined edible
oils (mainly refined palm olein oil, refined palm oil) and
vanaspati. The company has a 750 tonnes/day manufacturing
facility in Kanpur. The capacity for vansapati is 125 tonnes/day
and for refined oil is 625 tonnes/day.

DOL's ratings:
-- Long-Term Issuer Rating: downgraded to 'IND BB-'/Negative
     from 'IND BBB-'/Stable
-- INR10 million term loan (reduced from INR31.6 million):
    downgraded to Long-term 'IND BB-'/Negative from 'IND BBB-
    '/Stable
-- INR600 million fund-based working capital limits: downgraded
    to Long-term 'IND BB-'/Negative from 'IND BBB-'/Stable and
    Short-term 'IND A4+' from 'IND A3'
-- INR1,082 million non-fund-based working capital limits:
    downgraded to Long-term 'IND BB-'/Negative from 'IND BBB-
    '/Stable and Short-term 'IND A4+' from 'IND A3'


EISHA ATHARVA: CRISIL Suspends 'B' Rating on INR150MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Eisha Atharva Construction (EAC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          150       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by EAC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EAC is yet to
provide adequate information to enable CRISIL to assess EAC'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'

EAC was established in Pune in 2012. The firm is a joint venture
between two Pune-based real estate groups, the Eisha group and
the Atharva group. EAC is developing a luxury residential real
estate project, Synergy, with a saleable area of 75,000 square
feet in Salisbury Park, Pune; the project comprises two buildings
of 11 floors each, with a total of 17 four-bedroom-hall-kitchen
flats and two duplexes.

The Eisha group has been active in the real estate segment in
Pune for over a decade, and has developed over 1 million square
feet of real estate in the city. Its promoters, Mr. Hasmukh Jain,
Mr. Suvarnsingh Sohal, and Mr. Bharat Nagori, have experience of
more than three decades in the sector.

The Atharva group has been operating in the real estate segment
in Pune for more than a decade, and is promoted by Mr. Ankush
Jain.


ENTRACO POWER: CRISIL Suspends 'B' Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Entraco Power Systems Private Limited (EPSPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee         24.5        CRISIL A4
   Cash Credit            45          CRISIL B/Stable
   Inland/Import Letter
   of Credit              30          CRISIL A4
   Proposed Term Loan      0.5        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
EPSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EPSPL is yet to
provide adequate information to enable CRISIL to assess EPSPL'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 1992, EPSPL, is a Nashik based company, engaged
in designing and manufacturing of control panels, switchboard and
bus ducts having its manufacturing set up in Nashik. It also
undertakes electrification contracts for various industrial
plants. It is promoted by two brothers; Mr. Mangesh Nasikkar and
Rajesh Nasikkar.


EXQUISITE PRINT: CRISIL Assigns 'B+' Rating to INR30MM Cash Loan
----------------------------------------------------------------
CRISIIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Exquisite Print and Pack Pvt Ltd
(EPPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            30         CRISIL B+/Stable
   Rupee Term Loan        29.4       CRISIL B+/Stable

The rating reflects limited scale of operations in a highly
fragmented industry, highly working capital-intensive operations
and below-average financial risk profile. These weaknesses are
mitigated by the extensive experience of the promoters in the
packaging industry, and a diversified and established customer
profile.

Outlook: Stable

CRISIL believes EPPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
an established clientele. The outlook may be revised to
'Positive' in case of significant increase in scale of operations
while profitability is maintained, leading to sustainable
increase in cash accrual and improvement in working capital cycle
resulting improved liquidity. The outlook may be revised to
'Negative' if liquidity deteriorates, most likely because of
further deterioration in working capital requirement, lower-than-
expected cash accrual, and/or any large, debt-funded capital
expenditure.

EPPPL, based in Kolkata and incorporated in 2011, is promoted by
Mr. Anirudha Khemka and Mr. Abhinav Agarwal. The company
manufactures printed corrugated and non-corrugated boxes.
Commercial operations started from July 2014.


GOYAL MOTOCORP: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR4.00
crore cash credit facility and INR2.50 crore term loan facility
of Goyal Motocorp Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              4.00        [ICRA]B assigned

   Fund Based Limit-
   Term loan                2.50        [ICRA]B assigned

The assigned rating takes into account GMPL's small scale of
current operations, weak financial risk profile, reflected by
nominal profits and cash accruals from operations, leading to
weak debt coverage indicators. Besides, the company's capital
structure remained adverse as reflected by a gearing of 5.30
times as on March 31, 2016 and GMPL's exposure to the cyclical
nature of the automobile industry.

The rating, however, positively takes into account GMPL's status
of being the sole authorised dealer of HMIL in Raigarh, and
experience of the director in automobile dealership business
through a group entity.

Incorporated in 2013, Goyal Motocorp Private Limited (GMPL) is an
authorised dealer of cars manufactured by Hyundai Motor India
Limited (HMIL). The company sells vehicles and provides ancillary
services that include vehicle servicing and sale of spare parts
and accessories from its showroom based in Raigarh, Chhattisgarh.
The company has another small showroom at Pathalgaon, which falls
under Jashpur district of Chhattisgarh, offering vehicle sales as
well as servicing.

Recent Results
During FY2016, the company reported a net profit of INR0.2 crore
(provisional) on an operating income of INR27.6 crore
(provisional). It had reported a net profit of INR0.1 crore on an
operating income of INR21.4 crore in FY2015.


GVP INFRA: CRISIL Assigns 'D' Rating to INR500MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facility of GVP Infra Projects Private Limited (GIPPL). The
ratings reflect instances of delay by GIPPL in servicing its term
debt. The delays are primarily because of the company's weak
liquidity owing to subdued power generation.

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

GIPPL also has a below-average financial risk profile, marked by
weak debt protection metrics. However, the company benefits from
the high demand for power in Karnataka and assured offtake in the
form of power purchase agreement with Mangalore Electricity
Supply Company Limited.

GIPPL operates a 15 megawatt hydro power project in Udupi
district in Karnataka. The operations of the company are managed
by the promoter, Mr. G Venkateswara Rao.

For 2014-15 (refers to financial year, April 1 to March 31),
GIPPL reported a net loss of INR73.9 million on total revenue of
INR1.69 million.


GVRMP DHARWAD: CRISIL Assigns 'D' Rating to INR1.50BB Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank loan
facility of GVRMP Dharwad Ramanagar Tollway Private Limited
(GDRTPL). The ratings reflect instances of delay by GDRTPL in
servicing its term debt. The delays are primarily because of the
company's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              1500       CRISIL D

GDRTPL also has a below-average financial risk profile, marked by
weak debt protection metrics. However, the company benefits from
the extensive industry experience of its sponsors in the civil
construction industry.

GDRTPL is a special purpose vehicle (SPV) set up as a joint
venture between GVR Infra Projects Limited (51%), RMN
Infrastructures Ltd (25%) and Prathyusha Group (24%) in 2010.
GDRTPL has entered into a 30 year concession agreement with
Karnataka Road Development Corporation Limited to widen and
maintain SH-34 from Dharwad to Ramanagar (Karnataka) for a total
length of 61.4 kms on BOT-toll basis.

For 2014-15 (refers to financial year, April 1 to March 31),
GDRTPL reported a net loss of INR398.72 million on total revenue
of INR44.23 million, against a net loss of INR145.95 million on
total revenue of INR23.93 million for 2013-14.


HANUMAN RICE: ICRA Reaffirms 'B' Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the
INR10.00 crore fund based bank facilities of Hanuman Rice Mills.
ICRA has also reaffirmed its short term rating of [ICRA]A4 on the
INR5.00 crore short term, fund based bank facilities of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            10.00        [ICRA]B; reaffirmed

   Short Term Fund
   Based Limits             5.00        [ICRA]A4; reaffirmed

ICRA's ratings favourably take into account the long standing
experience of HRM's promoters, with strong relationships with
various customers and suppliers, coupled with proximity of the
mill to a major rice growing area, which results in easy
availability of paddy and stable demand outlook given that India
is a major consumer (rice being an important staple of the Indian
diet) and exporter of rice. However, the ratings continue to be
constrained by HRM's low capacity utilization levels and
declining operating profitability. The ratings are further
constrained by the firm's leveraged capital structure due to the
firm's large working capital requirements, which have primarily
been funded by working capital borrowings. Further the firm's low
profit margins coupled with high gearing have led to weak
coverage indictors, as reflected in low interest coverage and
weak NCA/TD3. The ratings are also constrained by the high
intensity of competition in the rice milling industry and agro
climatic risks, which can affect the availability of paddy in
adverse weather conditions. ICRA's ratings also factors in the
partnership constitution of the firm which exposes it to risks
related to capital withdrawal, dissolution etc.

Going forward, the firm's ability to bring about a sustained
improvement in its profitability and liquidity will be the key
rating sensitivities.

HRM was established in 1990 as a partnership firm with Mr. Shiv
Parshad, Mr. Sushil Garg, Mr.Rajesh Garg and Mr. Subhash Garg as
partners in equal ratio. After the demise of Mr. Subhash Garg in
2009, the partnership firm was reconstituted and Mr. Vipin Garg
was admitted as a partner with equal share in the firm. HRM
carries out processing and trading of rice in the domestic market
and also exports to the Middle East and Europe. HRM has two
plants with an overall capacity of 10 tonnes per hour at Taraori,
Karnal (Haryana).

Recent Results
The firm, on a provisional basis, reported a net profit of
INR0.17 crore on an operating income of INR75.48 crore for FY2016
as compared to a net profit of INR0.18 crore on an operating
income of INR68.37 crore for the previous year.


INDIAN BANK: Fitch Plans to Withdraw BB+ LT Issuer Default Rating
-----------------------------------------------------------------
Fitch Ratings plans to withdraw the ratings on Indian Bank on or
about, 8 August 2016, which is approximately 30 days from the
date of this non-rating action commentary for commercial reasons.

Fitch currently rates Indian Bank as follows:
-- Long-Term Issuer Default Rating (IDR) at 'BB+'; Outlook
    Stable;
-- Short-Term IDR at 'B'
-- Viability Rating at 'bb+'
-- Support Rating at '3'
-- Support Rating floor at 'BB+'

Fitch reserves the right in its sole discretion to withdraw or
maintain any rating at any time for any reason it deems
sufficient. Fitch believes that investors benefit from increased
rating coverage by Fitch and is providing approximately 30 days'
notice to the market of the rating withdrawal of Indian Bank .
Ratings are subject to analytical review and may change up to the
time Fitch withdraws the ratings.

Fitch's last rating action for the above referenced entity was on
5 July 2016. The ratings were affirmed.


INTERCONTINENTAL POLYMERS: ICRA Suspends B+ INR7.50cr Loan Rating
-----------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR7.50 crore fund based and the short-term rating of
[ICRA]A4 assigned to the INR1.50 crore non fund based bank
facilities of Intercontinental Polymers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LADO CERAMIC: CRISIL Cuts Rating on INR37.5MM Term Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lado Ceramic Pvt. Ltd. (LCPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming its rating on the short-
term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4 (Reaffirmed)

   Cash Credit             20        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               37.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects deterioration in business and financial
risk profiles on account of low revenue, and operating profit,
leading to low cash accrual. Accrual was INR3.1 million in Fiscal
2016. Debt protection metrics were, therefore, average: interest
coverage was 1.8 times. Net worth was small at INR40.0 million as
on March 31, 2016. The working capital remained stretched on
account of high gross current assets of 452 days, marked by high
inventory of 375 days, as on March 31, 2016.

The rating continues to reflect modest scale and working capital
intensity in operations in the intensely competitive ceramics
industry. The rating also factors in average financial risk
profile, marked by small networth. These rating weaknesses are
partially offset by extensive experience of the promoters, and
proximity of facilities to raw material and labour sources.
Outlook: Stable

CRISIL believes LCPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if significant increase in scale of
operations and profitability considerably strengthens cash
accrual. Conversely, the outlook may be revised to 'Negative' if
low revenue, profitability, or accrual, stretch in working
capital cycle, or any large capital expenditure weakens key
credit metrics.

Incorporated in September 2014, LCPL is a Morbi-based company,
manufacturing digitally printed ceramic wall tiles. Mr. Rohit
Barasara and Mr. Piyush Kalariya and their family members are the
promoters. The promoters have experience of a decade in marketing
ceramic wall tiles through associate companies, Coral Sales Depo,
Mumbai, and Gallops Marketing, Morbi. The company has a
production capacity of 24,000 tonne per annum.


LAKSHMI RANGA: CRISIL Cuts Rating on INR77.5MM Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on bank facilities of
Lakshmi Ranga Enterprises Private Limited (LREPL; part of the
Lakshmi group) to 'CRISIL D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             77.5      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan               22.5      CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects the group's overdrawn working
capital facilities (for more than 30 consecutive days) and delay
in repayment of the term-loan on account of weak liquidity.

The ratings also reflect the working capital-intensive nature and
moderate scale of operations, amidst intense competition in the
trading business. These weaknesses are partially offset by
extensive experience of the group's promoters in the paints and
cement dealership industries.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LREPL and Lakshmi Traders (LT). This
is because the two entities, together referred to as the Lakshmi
group, have a common management and are engaged in similar lines
of business.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


LAKSHMI TRADERS: CRISIL Cuts Rating on INR40MM Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Lakshmi
Traders - Chennai (LT; part of the Lakshmi group) to 'CRISIL D'
from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              40       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Working         20       CRISIL D (Downgraded from
   Capital Facility                   'CRISIL BB/Stable')

The rating downgrade reflects the group's overdrawn working
capital facilities (for more than 30 consecutive days) and delay
in repayment of the term-loan on account of weak liquidity.

The ratings also reflect the working capital-intensive nature and
moderate scale of operations, amidst intense competition in the
trading business. These weaknesses are partially offset by
extensive experience of the group's promoters in the paints and
cement dealership industries.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LT and Lakshmi Ranga Enterprises Pvt
Ltd (LREPL). This is because the two entities, together referred
to as the Lakshmi group, have a common management team and are
engaged in similar lines of business.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


LAXMI NARASIMHA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Laxmi Narasimha
Breeding Farm (LNBF), a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect LNBF's small scale of operations, volatile
EBITDA margins and moderate credit metrics. According to FY16
provisional financials the firm's revenue was INR132m
(FY15:INR108.5 million). Its margins varied between 7.8% and
20.5% over FY12-FY16 due to volatility in the feed prices. The
firm's net leverage (Ind-Ra adjusted net debt/operating EBITDAR)
was 2.4x at FYE16 (FYE15: 2.2x) and EBITDA interest cover
(operating EBITDA/gross interest expense) was 3.4x (2.6x). The
ratings further reflect the firm's moderate liquidity profile
with the average peak utilisation of its fund-based working
capital facilities being around 95% during the 12 months ended
May 2016.

The ratings factor in the risks inherent in poultry industry
(including the disease outbreaks). The ratings also factor in the
partnership structure of the firm and intense industry
competition.

The ratings, however, are supported by the extensive experience
of around three decades of the firm's partners in the poultry
industry and its established relationships with the customers.

RATING SENSITIVITIES

Negative: A decline in the scale of operations and/or
profitability, leading to deterioration in the credit metrics
and/or liquidity could lead to a negative ratings action.

Positive: A substantial increase in the scale of operations
and/or improvement in profitability, leading to a sustained
improvement in the credit metrics could lead to positive rating
action.

COMPANY PROFILE

LNBF is a Telangana-based partnership firm involved in the
poultry business.

LNBF's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR10 million fund-based working capital limits: assigned
    'IND B+'/Stable/'IND A4'
-- INR21.6 million term loan limits: assigned 'IND B+'/Stable
-- Proposed INR110 million fund-based working capital limits:
    assigned 'Provisional IND B+'/Stable/'Provisional IND A4'


MAA VINDHWASINI: CRISIL Assigns B+ Rating to INR10MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank facility of Maa Vindhwasini Mahila Prashikshan
Evam Samaj Sewa Sansthan (MVMPESSS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable

The rating reflects the society's below-average financial risk
profile because of small networth. The rating also factors in its
modest scale and not-for-profit operations. These weaknesses are
partially offset by its established relationships with government
authorities, and track record of implementing social welfare
development schemes.
Outlook: Stable

CRISIL believes MVMPESSS's credit risk profile will remain
constrained by its small scale of operations and low cash
accrual. The outlook may be revised to 'Positive' if there is a
significant increase in its revenue and cash accrual, leading to
a better financial risk profile. The outlook may be revised to
'Negative' in case of a decline in its income or cash accrual, or
large debt-funded capital expenditure, leading to pressure on its
financial risk profile.

MVMPESSS, set up in 1993, is a not-for-profit society. It
implements state and central government schemes in and around
Deoria in Uttar Pradesh.


MADHAVA HYTECH: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Madhava Hytech Infrastructures India Private
Limited (MHIPL), and has assigned its 'CRISIL B+/Stable/CRISIL
A4' ratings to the facility. CRISIL had, on February 27, 2013,
suspended the ratings as MHIPL had not provided the necessary
information for a rating review. The company has now shared the
requisite information, enabling CRISIL to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         100        CRISIL A4
   Cash Credit             40        CRISIL B+/Stable

The rating reflects modest scale of operations, large working
capital requirement, and exposure to intense competition in civil
construction industry. These weaknesses are partially offset by
extensive experience of the company's promoters in the civil
construction industry, and its moderate order book, providing
medium-term revenue visibility.
Outlook: Stable

CRISIL believes MHIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained increase in revenue and profitability, or continued
improvement in working capital cycle. The outlook may be revised
to 'Negative' in case of steep decline in profitability, or
deterioration in capital structure because of large, debt-funded
capital expenditure or stretch in working capital cycle.

MHIPL undertakes civil construction work on contract basis for
Railways, and State Road authorities. The company is promoted by
Mr. Pradeep Kilaru and is based out of Hyderabad.


MAHAVIR COTTEX: CRISIL Suspends B Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mahavir Cottex (MC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      34.8      CRISIL B/Stable
   Term Loan               15.2      CRISIL B/Stable

The suspension of rating is on account of non-cooperation by MC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MC is yet to
provide adequate information to enable CRISIL to assess MC'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'

MC was established in 2014 as a partnership firm in Amreli
(Gujarat). The firm has recently set up its project to carry out
cotton ginning and pressing; operations commenced in October
2014.


MEGA LINK: CRISIL Assigns B+ Rating to INR39.6MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Mega Link Chains India Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              39.6       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      0.4       CRISIL B+/Stable
   Bank Guarantee          2.0       CRISIL A4
   Cash Credit            28.0       CRISIL B+/Stable

The ratings reflect MLCIPL's exposure to risks related to
fragmented nature of the steel industry and large working capital
requirement. The rating also factors in the company's average
financial risk profile marked by small networth, moderate gearing
and average debt protection metrics These rating are partially
offset by extensive experience of the promoters in steel
manufacturing business.
Outlook: Stable

CRISIL believes that MLCIPL will continue to benefit from the
extensive industry experience of its promoters, over the medium
term. The outlook may be revised to 'Positive' in case MLCIPL's
financial risk profile improves significantly, most likely
because better-than-expected revenues and profitability or
improvement in its working capital requirement. Conversely, the
outlook may be revised to 'Negative' if the company's
profitability or revenues decline, resulting in lower-than-
expected cash accruals, or the company undertakes any large-than
expected debt funded capital expenditure.

Established in 1996 as partnership firm, MLCIPL was incorporated
during 2008 and undertakes manufacturing, trading and exporting
of industrial link chains and wire ropes like engineering wire
ropes, fishing wire ropes, galvanized fishing wire ropes and
others. MLCIPL has it manufacturing facility located at Thane
(Maharashtra). The company is promoted by Mr. Janardan Pandey,
who also look after the day to day operations of the company.


MILROC GOOD: CRISIL Cuts Rating on INR100MM Overdraft Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Milroc Good Earth Property And Developers LLP (MGE) to 'CRISIL
D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      100       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan                50       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects delays by MGE in servicing its term debt.
The delays have been caused by weak liquidity due to slowdown in
the real estate industry resulting in stretched receivables.

MGE also faces geographical concentration risk and demand risk
for its hotel project. However, the firm benefits from the
extensive experience of its promoters in the real estate
business.

MGE develops residential and commercial properties in Goa. It is
promoted and managed by Mr. Allaparthi Durgaprasad and Mr.
Kantipudi Kulasekhar, who have developed more than 15 residential
and commercial properties in Goa over the past 20 years.


MURALI ADS: CRISIL Assigns B+ Rating to INR210MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Murali Ads and Publicities (MAP; a part
of the Murali group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B+/Stable
   Cash Credit             15        CRISIL B+/Stable
   Long Term Loan         210        CRISIL B+/Stable

The rating reflects the Murali group's modest scale of
operations, large working capital requirement, and weak financial
risk profile because of small networth and high gearing. These
weaknesses are partially offset by the extensive experience of
its proprietor in the advertising industry, and its healthy
operating profitability.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MAP and Murali Residency (MR). This is
because both the entities, together referred to as the Murali
group, are under the same management team and have common
bankers.
Outlook: Stable

CRISIL believes the Murali group will continue to benefit over
the medium term from the extensive industry experience of its
proprietor. The outlook may be revised to 'Positive' if its
financial risk profile improves, because of higher-than-expected
cash accrual, lower working capital requirement, or equity
infusion. The outlook may be revised to 'Negative' if its
financial risk profile or liquidity weakens due to low
profitability, or stretch in working capital cycle, or sizeable
capital expenditure or capital withdrawal.

MAP and MR are proprietorship firms of Mr. V. Krishnaswamy. MAP,
established in 1989, provides out-of-home (OOH) advertising
solutions at railway stations, for which, it is a sole licensee
in Tamil Nadu and Kerala. MR, established in 1913, manages a
hotel in Kumbakonam, Tamil Nadu.


OCEAN PEARL: CRISIL Suspends B+ Rating on INR200MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Ocean Pearl Hotels Private Limited (OPHPL; a part of the Swagath
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      200       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
OPHPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OPHPL is yet to
provide adequate information to enable CRISIL to assess OPHPL'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 its ratings, CRISIL has consolidated the business
and financial risk profiles of OPHPL with its group entity
Swagath. This is because the two entities, together referred to
as the Swagath group, have significant financial linkages and a
common management.

Swagath, set up in 2001 by Mr. Jayaram Banan, runs nine multi-
cuisine restaurants under the Swagath brand in Delhi/National
Capital Region. OPHPL, incorporated in 2011 by Mr. Jayaram Banan,
runs a four-star hotel in Mangalore (Karnataka) and a banquet
facility in Maharauli in Delhi.


PURVA ENTERPRISES: ICRA Suspends 'D' Rating on INR10cr Cash Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR10 crore cash credit facility of Purva Enterprises (PE).
The suspension follows lack of co-operation from the company.


RAJENDRA KUMAR: CRISIL Reaffirms B+ Rating on INR97.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of M/s. Rajendra
Kumar Sureka & Others (RKS) continues to reflect exposure to
risks associated with development of its proposed real estate
project, and vulnerability to risks and cyclicality inherent in
the Indian real estate industry. These rating weaknesses are
partially offset by the favourable location of, and low funding
risk associated with, the upcoming real estate project.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              97.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RKS will continue to benefit over the medium term
from the favourable location of its ongoing project. The outlook
may be revised to 'Positive' if the project is implemented as per
schedule and receives better-than-expected response in terms of
occupancy or lease rental rates, and thereby generates
substantial rental income. Conversely, the outlook may be revised
to 'Negative' in case of cost and/or time overrun in project
execution, or limited response for the project, resulting in low
occupancy rates or rental income, and hence, in deterioration in
liquidity and financial flexibility.

RKS, an association of persons established by Guwahati-based Mr.
Rajendra Kumar Sureka, is currently developing a commercial mall-
cum-office space on G S Road in Guwahati. The firm's other
associates are Mr. Sureka's brother, Mr. Krishna Kumar Sureka,
and mother, Mrs. Patiya Devi Sureka. It plans to earn rental
income by leasing out the commercial and office space.


REVIVE CONSTRUCTION: CRISIL Assigns B- Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Revive Construction Company India Private Limited
(RCCIPL) and has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the facilities. CRISIL had suspended the ratings on
December 17, 2015, as RCCIPL had not provided necessary
information required for a rating review. RCCIPL has now shared
the requisite information, enabling CRISIL to assign ratings to
its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          100       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Overdraft Facility      100       CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect modest scale of operations in the civil
construction industry, stretched receivables, and average
financial risk profile marked by modest networth and high
gearing. These weaknesses are partially offset by the extensive
experience of the promoter in the industry.
Outlook: Stable

CRISIL believes RCCIPL will benefit over the medium term from the
extensive experience of the promoter. The outlook may be revised
to 'Positive' if increase in cash accrual, dip in working capital
requirement, or any equity infusion strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
financial risk profile deteriorates owing to lower revenue and
margins, or stretch in working capital requirement.

Set up in 2009, by Mr. Abdul Rahuman Nasarudeen and his family,
RCCIPL undertakes civil construction works, related to laying and
repair of roads. It is head quartered in Thiruvananthapuram,
Kerala.


S N THAKKAR: CRISIL Suspends B- Rating on INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S N Thakkar Construction Private Limited (SN Thakkar).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          300       CRISIL A4
   Bill Purchase-
   Discounting Facility    140       CRISIL A4
   Cash Credit              75       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility        5       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SN
Thakkar with CRISIL's efforts to undertake a review of the
ratings outstanding. Despite repeated requests by CRISIL, SN
Thakkar is yet to provide adequate information to enable CRISIL
to assess SN Thakkar'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'

SN Thakkar, engaged in civil and infrastructure construction,
started operations in Mumbai in 1984, as a partnership firm, SN
Thakkar Constructions; the firm was reconstituted as a private
limited company in 1992. SN Thakkar is closely held by Mr.
Praveen Thakkar, Mr. Pradeep Thakkar, and their family members.


SALGUTI INDUSTRIES: ICRA Cuts Rating on INR49.11cr Loan to D
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR49.11
crore1 fund based limits and INR0.15 crore non-fund based limits
of Salguti Industries Limited from [ICRA]B- to [ICRA]D. ICRA has
also revised the short term rating assigned to INR8.14 crore non-
fund based limits of SIL from [ICRA]A4 to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limit        49.11      [ICRA]D revised from
                                      [ICRA]B-

   Non-fund based Limits
   LT scale                 0.15      [ICRA]D revised from
                                      [ICRA]B-

   Non-fund based Limits
   ST scale                 8.14      [ICRA]D revised from
                                      [ICRA]A4

The revision in rating primarily takes in to account delay in
debt repayment obligations by the company owing to stretched
liquidity position following delays in receivables from major
clients of the company. The ratings are also constrained by weak
financial profile on account of high gearing of 4.72 times as at
March, 31, 2016, weak coverage indicators as indicated by
interest coverage of 1.38 times, NCA/Debt of 6% and Debt/OPBDITA
of 5.27 times during FY 2016; SIL's exposure to significant
customer concentration risk and high competitive intensity in the
poly woven sacks & spinning industry also exerts pressure on the
profitability.

The ratings however take comfort from the long track record of
operations & promoters' experience in the packaging industry; and
established relationship with major customers such as Coromandel
International Limited & Venkat Polymers Private Limited.
Going forward, timely servicing of debt obligations will be the
key monitorable. Further, the ability of the company to improve
its profitability while managing its working capital requirements
would remain key rating sensitivities from credit perspective

Salguti Industries Limited (SIL) was incorporated in 1984 and is
engaged in the manufacturing of poly woven sacks for packaging of
fertilizers, cement, food grains etc. In year 2005, SIL
diversified into textiles segments and is engaged in the
manufacturing of cotton grey fabric for garments, bed linen and
furnishings. The manufacturing facilities for packaging division
are located at Bollaram, Medak District and Rajapur,
Mahaboobnagar District of Telangana and for textile division at
Jadcherla, Telangana. Currently, the installed capacity of poly
woven sacks is 10400 MT/annum and of textile unit is at 2600
MT/annum.

Recent Results
The company reported a net loss of INR0.40 crore on an operating
income of INR116.46 in FY2016 as against a net profit of INR0.30
crore on an operating income of INR124.95 crore in FY2015.


SANTOSH TIMBER: CRISIL Puts B+ Rating on INR50MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Santosh Timber Trading Company
Limited (STTCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        200       CRISIL A4
   Overdraft Facility       50       CRISIL B+/Stable


The ratings reflect the company's small scale of operations in
the highly fragmented timber trading industry, and its below-
average financial risk profile because of high total outside
liabilities to adjusted networth ratio and weak debt protection
metrics. The ratings also factor in large working capital
requirement, and susceptibility of operating margin to volatility
in raw material prices and foreign exchange rates. These
weaknesses are partially offset by extensive experience of its
promoter in the timber trading business.
Outlook: Stable

CRISIL believes that STTCL business risk profile will continue to
benefit from its promoters long standing industry experience. The
outlook may be revised to 'Positive' if the company achieves
higher than expected growth in revenue and profitability or if
there is an improvement in working capital management leading to
better business and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is a significant
decline in its top line or margins due to high competition,
leading to deterioration in its business risk profile or if there
is more than expected increase in the company's working capital
requirements or if it undertakes any significant debt funded
capex leading to deterioration in its financial risk profile.

STTCL incorporated in 1982, as a proprietorship firm by Delhi
based Aggarwal family prior to that in 1996 converted into
closely held Limited company. STTCL engaged in imports and
trading of medium density fire board (MDF), Acrylic Solid Surface
(ASS), Doorskin and timber. The company has a sawing unit in
Gandhidham, Gujrat and having head office in New Delhi.

On provisional basis, profit after tax (PAT) was INR1.6 million
on net sales of INR297.3 million in 2015-16 (refers to financial
year, April 1 to March 31), against a PAT of INR1.1 million on
net sales of INR293.8 million in 2014-15.


SESHA SAI: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to INR6.00
crore fund based limits and INR6.00 crore unallocated limits of
Sesha Sai Cotton Company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits        6.00        [ICRA]B reaffirmed
   Unallocated Limits       6.00        [ICRA]B reaffirmed

The rating are constrained by the firm's small scale of
operations and the weak financial profile characterized by low
profitability on account of limited value additive nature of the
business, high gearing levels (14.84 times as on 31st March 2015)
and stretched coverage indicators. The ratings are further
constrained by highly fragmented industry structure resulting in
low profitability levels and the susceptibility of profitability
and revenues to agro-climatic risks which can impact the
availability of the raw materials in adverse weather conditions
and high working capital requirements of the firm primarily on
account of stretched receivables from its customers resulting in
high average working capital utilization of 90% during the past
12 months. ICRA also notes the customer concentration risks as
the top 5 customers accounted for more than 60% of the total
revenue during FY2015 and the risks associated with sole
proprietorship nature of the firm.

The rating, however, is supported by the established track record
of the proprietor with about two decades of experience in cotton
ginning industry and proximity of the manufacturing unit to
cotton growing areas thereby aiding in easy availability of raw
cotton and lower transportation costs.

Going forward, ability of the firm to increase its scale of
operations while improving profitability and effectively manage
working capital requirements would remain key rating
sensitivities.

SSCC was established in the year 2001 as a proprietorship concern
by Mr. Jampu Anjaneyulu. The entity is engaged in ginning and
pressing of cotton and trading of cotton lint and cotton seed.
The firm has an installed capacity of12 ginning machines located
in Guntur, Andhra Pradesh on lease, while pressing of cotton
bales is outsourced.

Recent results
SSCC has reported an operating income of INR29.89 crore and net
profit of INR0.18 crore in FY2015 as against an operating income
of INR30.48 crore and net profit of INR0.17 crore in FY2014.


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

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

Outlook: Stable

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

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


SHIVANJALI ISPAT: CRISIL Suspends 'D' Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shivanjali Ispat Private Limited (SIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D
   Cash Credit             60        CRISIL D
   Proposed Cash Credit
   Limit                   40        CRISIL D
   Proposed Long Term
   Bank Loan Facility      14.6      CRISIL D
   Term Loan               20.9      CRISIL D

The suspension of ratings is on account of non-cooperation by
SIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIPL is yet to
provide adequate information to enable CRISIL to assess SIPL'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'

SIPL was promoted in 2010 by the Agarwal, Panjwani, and Upaipuria
families of Kolhapur (Maharashtra). In 2012-13 (refers to
financial year, April 1 to March 31), the Agarwal family took
over the company. SIPL manufactures mild-steel ingots at its
plant in Kolhapur.


SHREE TATYASAHEB: CRISIL Suspends 'D' Rating on INR547.7MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Tatyasaheb Kore Warana Sahakari Navshakti Nirman Sanstha
Limited (Warana Navshakti).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     547.7      CRISIL D
   Term Loan              452.3      CRISIL D

The suspension of rating is on account of non-cooperation by
Warana Navshakti with CRISIL's efforts to undertake a review of
the ratings outstanding. Despite repeated requests by CRISIL,
Warana Navshakti is yet to provide adequate information to enable
CRISIL to assess Warana Navshakti'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'

Warana Navshakti is a co-operative society engaged in
hydroelectric power generation. The society, registered in 2005,
is part of the Warana group of societies. It has set up four
power plants at Chitri, Kumbhi, Kadavi and Patgaon in Kolhapur
district of Maharashtra. Mr. Vinay Kore is the founder chairman
of Warana Navshakti. The day-to-day operations of the society are
managed by Mr. SRPatil, Chief Executive Officer with support from
other professionals.


SHREE VASAVI: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities Shree Vasavi Exports (SVE).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Key Cash Credit            30        CRISIL B/Stable
   Foreign Bill Purchase      10        CRISIL B/Stable
   Cash Credit                30        CRISIL B/Stable
   Export Packing Credit      30        CRISIL A4

The ratings reflect its moderate scale of operations in intensely
competitive cashew trading industry. The ratings also reflect its
weak financial risk profile marked by small networth, high total
outside liability to tangible networth ratio and modest debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the promoters in cashew trading
industry and established relationship with its customers.
Outlook: Stable

CRISIL believes that SVE will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative', if the firm's financial risk profile
deteriorates owing to lower than expected revenues and
profitability, or due to stretch in working capital cycle or
large debt funded capex.

Set up in 1997 as a proprietorship firm, SVE is engaged in
trading of raw cashew nuts and Palmyra fibre. The firm is based
out of Kakinada in Andhra Pradesh and promoted by Mr.T Vijay
Kumar.


SHRI RAM: CRISIL Suspends 'B' Rating on INR120MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Ram Switchgears Private Limited (SRSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         216        CRISIL A4
   Cash Credit            120        CRISIL B/Stable
   Letter of Credit        24        CRISIL A4
   Proposed Short Term
   Bank Loan Facility       8        CRISIL A4
   Term Loan               32        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
SRSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRSPL is yet to
provide adequate information to enable CRISIL to assess SRSPL'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'

SRSPL, promoted by the Jhalani family of Ratlam (Madhya Pradesh)
in 1985, manufactures electrical items such as distribution
transformers, switchgear, meter boxes, feeder pillars,
distribution boxes, and junction boxes used in the distribution
of power and also undertake erection, installation, and operation
and maintenance of these items for its customers. Its
manufacturing units are located in Ratlam.


SHRISTI COTSPINN: Ind-Ra Affirms 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shristi Cotspinn
Private Limited's (Shristi) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The affirmation reflects Shristi's sustained moderate credit
profile despite a decline in its revenue. The company's audited
FY16 financials indicate net leverage (net adjusted
debt/operating EBITDAR) of 3.1x (FY15: 3.2x) and interest
coverage (operating EBITDA/gross interest expense) of 3.4x
(2.5x).  Shristi's revenue declined 10.6% yoy in FY15 to INR686
million (FY14: INR767 million) while it reported flat revenue of
INR703 million in FY16.

The ratings continue to be constrained by the company's presence
in the agro commodity-based manufacturing industry which is
fraught with price fluctuations. Favorable cotton prices lead to
a 70 basis points margin expansion to 12.3% in FY16 (FY15: 12.2
%).

The ratings, however, are supported by Shristi's strong liquidity
with its use of the fund-based working capital facilities being
minimal at around 39% during the 12 months ended May 2016. The
ratings are further supported by its founders' operating
experience of over two decades in the textile industry.

RATING SENSITIVITIES

Positive: A substantial revenue growth along with the stable
profitability leading to a sustained improvement in the credit
profile could lead to a positive rating action.

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

COMPANY PROFILE

Shristi is a spinning unit, located close to Coimbatore. It is
involved in the spinning of cotton yarn and production of
fabrics. The unit has an installed capacity of 16,800 spindles
and 788 rotors.

Shristi's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB'/Stable
-- INR107.6 million long term loans (reduced from INR 149.3
    million): affirmed at 'IND BB'/Stable
-- INR160 million fund-based facilities (increased from INR 140
    million): affirmed at 'IND BB'/Stable/'IND A4+'
-- INR18.5 million non-fund-based working capital facilities:
    'IND A4+'; rating withdrawn as the debt has been paid in full


SILVERDALE FASHIONS: ICRA Withdraws B+ Rating on INR4.0cr Loan
--------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating outstanding on the INR4.00
crore long term cash credit facilities and the [ICRA]A4 rating
outstanding on the INR1.00 crore short term non fund based
facilities of Silverdale Fashions, as there is no amount
outstanding against the rated facilities. The rating was under
notice of withdrawal and is withdrawn as the period of notice of
withdrawal is complete.


SMITH STRUCTURES: CRISIL Reaffirms B+ Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Smith
Structures (India) Private Limited (SSIPL) continue to reflect
modest scale of operation and large working capital requirement
along with below average financial risk profile marked by low net
worth. These rating weaknesses are partially offset by extensive
experience of the promoters in the industry along with near term
revenue visibility.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            90       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSIPL will continue to benefit from its promoter
experience in the industry. The outlook may be revised to
'Positive' in case of significant increase in the company's scale
of operations along with profitability leading to higher accruals
and improvement in the overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's liquidity, driven by large
incremental working capital requirements, lower cash accruals or
any large debt funded capex.

Update
For the year 2015-16 (refers to April 1st to march 31st), the
company's turnover is estimated to be around INR320 million
supported by sustained albeit moderate order flow during the
year.  The company has an order book of more than INR200 million
to be executed over period of next 3 to 4 months Over the medium
term, the sales growth is expected to grow at pace of around 20
per cent supported by its order-flows. In the year 2015-16, the
company's profitability at operating level is estimated to around
8.3 per cent. Over the medium term, the op margins are expected
to remain in range of 8 to 9 per cent. For the year 2015-16, the
company's working capital requirements continue to be dominated
by book debts and inventory at around 90 and 85 days
respectively. Over the medium term, CRISIL expects group's
operating cycle to remain in the range of 210 to 220 days and the
working capital requirements to rise with scale of operations.

Over the medium term, the financial risk profile is expected to
be constrained by its high leverage, below average debt
protection metrics.

Established in 2011, SSIPL is engaged in Pre ' Engineered Metal
Building System (PEB) designs, fabrication and erection works.
The company's capacity currently stands at around 50,000 MT per
annum. The plant is located in Gandhidham (Kutch) Gujarat and is
managed & operated by the Panchal family.

SSIPL is estimated to report a profit after tax (PAT) of INR3.1
million on sales of INR320 million for 2015-16, against a PAT of
INR2.6 million on sales of INR268 million for 2014-15.


SREE GURU: CRISIL Assigns 'B' Rating to INR56.2MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sree Guru Renuka Rice Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             56.2      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       0.3      CRISIL B/Stable

The rating reflects SGRRI's modest scale of operations in the
highly fragmented rice industry and susceptibility to erratic
monsoon. The rating also factors in a below-average financial
risk profile because of weak capital structure and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the proprietor in the rice
industry.
Outlook: Stable

CRISIL believes SGRRI will continue to benefit over the medium
term from the extensive industry experience of its proprietor.
The outlook may be revised to 'Positive' in case of sustainable
improvement in scale of operations and profitability, leading to
an improvement in financial risk profile. The outlook may be
revised to 'Negative' in case of aggressive, debt-funded
expansions, or a significant decline in revenue and
profitability, leading to deterioration in the financial risk
profile.

Set up as a proprietorship firm in 2006 by Mr. B M Nanjiah, SGRRI
processes paddy into rice. It has an installed milling capacity
of about 500 tonne per day at Davangere, Karnataka.


SREE KOPPAMMAL: CRISIL Ups Rating on INR110MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sree
Koppammal Cotton Spinning Mills Private Limited (SKC) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL D')

   Letter of Credit         40       CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Proposed Long Term       30       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The upgrade reflects the improvement in the company's liquidity
with closure of term loans through equity infusion by promoters
in fiscal 2016. Because of nil term debt, and sustained operating
income and profitability, CRISIL believes the liquidity will
remain adequate over the medium term.

The ratings reflect SKC's exposure to intense competition,
susceptibility to volatility in raw material prices, and average
debt protection metrics. These weaknesses are partially offset by
the extensive experience of its promoters in the textile
industry.
Outlook: Stable

CRISIL believes SKC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accrual driven by revenue growth. The outlook may be revised to
'Negative' in case of deterioration in financial risk profile
because of decline in revenue and profitability, or larger-than-
expected debt-funded capital expenditure.
SKC, based in Aruppukottai, Tamil Nadu, was incorporated in 1995.
Itmanufactures cotton yarn and polyester'cotton-blended yarn. Its
operations are managed Mr. T R S Babu.

SKC, on a provisional basis, had profit after tax (PAT) of
INR1.68 million on revenue of INR659.24 million for fiscal 2016,
against PAT of INR0.46 million on revenue of INR617.38 million
for fiscal 2015.


SRIVEN BEER: ICRA Suspends B+ Rating on INR7.0cr Fund Based Loan
----------------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR7.00 crore fund based facilities and INR0.50 crore unallocated
limits of Sriven Beer And Wine Distributors. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.

Sriven Beer & Wine Distributors was founded as a partnership firm
on September 10, 2010 with Mr. Y.D. Prasad Reddy and M/s. Mandovi
Distilleries & Breweries Pvt Ltd. as partners with 50%
partnership interest each. The firm is the distributor for United
Spirits Ltd (USL), & United Breweries Ltd. (UBL), for Chandrapur
district and Nagpur in Maharashtra. The firm has distribution
rights for brands like Mc Dowels No. 1 Whiskey, Signature Rare
Whiskey, Black Dog Scotch Whiskey, Diplomat Whiskey, Royal
Challenge Whiskey, Kingfisher Beers, Canon Beers.


SUN ARK: CRISIL Assigns B+ Rating to INR30MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4+' ratings to
the bank facilities of Sun Ark Aluminium Industries Private
Limited (SAIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable
   Letter of Credit        90        CRISIL A4

The ratings reflect SAIPL's reflects the small scale of
operations in the intensely competitive aluminium powder
manufacturing segment, its working capital intensive operations
and the susceptibility of operating profitability to fluctuation
in raw material prices. These weaknesses are partially offset by
the extensive industry experience of the promoters in the
aluminium powder manufacturing industry and its moderate
financial risk profile marked by comfortable gearing and debt
protection metrics.
Outlook: Stable

CRISIL believes that will continue to benefit from the extensive
industry experience of promoters. The outlook may be revised to
'Positive' in case of higher than expected revenues leading to
better than expected cash accruals .Conversely, the outlook may
be revised to 'Negative' if the company's revenues or operating
profitability decline, or in case of a stretch in the working
capital cycle or higher than expected debt funded capex leading
to weakening of its financial risk profile.

Established in 2007, Sun Ark Aluminium Industries Private Limited
(SAIPL) manufactures aluminium powder, which find its application
in manufacturing refractory moulds and explosives. The operations
are currently being managed by Mr.Sivakumar.


SUSEE AUTO: ICRA Suspends 'D' Rating on INR15.95cr LT Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR2.05 crore term loan facilities, INR5.00 crore fund based
facilities and INR15.95 crore long-term proposed facilities and
the short-term rating of [ICRA]D assigned to INR0.50 crore non-
fund based facilities of Susee Auto Sales and Service Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

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


SUSEE AUTOMOBILES: ICRA Suspends B- Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR1.71 crore term loan facilities, INR5.00 crore fund based
facilities and INR3.89 crore proposed facilities of Susee
Automobiles Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

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


SUSEE CARS: CRISIL Suspends B+ Rating on INR40MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Susee Cars and Trucks Private LImited (SCTPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable
   Channel Financing       30       CRISIL B+/Stable
   Proposed Cash Credit
   Limit                    8       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
SCTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCTPL is yet to
provide adequate information to enable CRISIL to assess SCTPL'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 2003, SCTPL is an authorised dealer for Hyundai
Motor India Ltd (rated, CRISIL A1+). The company runs three
showrooms in Tamil Nadu. SCTPL is promoted by Mr. S. Rajasekharan
and his family members.


TAPI PRESTRESSED: ICRA Reaffirms 'D' Rating on INR46.68cr Loan
--------------------------------------------------------------
ICRA has reaffirmed Tapi Prestressed Products Limited's long term
rating on INR46.68 crore fund based limits from at [ICRA]D. ICRA
also reaffirmed the [ICRA]D ratings to INR20.59 crore non find
based limits (revised from INR71.00 crore). ICRA has also
reaffirmed the long term and short term rating of [ICRA]D to
INR38.73 crore unallocated limits of TPPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term, Fund
   Based- Cash Credit      46.68      [ICRA]D (reaffirmed)

   Short Term, Non-
   Fund Based              20.59      [ICRA]D (reaffirmed)

   Long term/Short
   Term-Unallocated        38.73      [ICRA]D (reaffirmed)

ICRA's rating action is driven by persistent overutilization of
working capital limits, due to the stretched liquidity position
of the company mainly on on back of long pending receivables
along with sizeable money stuck as security deposit and retention
money given non-moving orders.

ICRA takes note of long standing experience of the promoters in
the civil construction industry, approved Class-I(A) contractor
status registered with various government and semi-government
undertakings, municipal corporations and water supply boards and
backward integration of the company into manufacturing of
prestressed concrete pipes.

TPPL is a closely held public company promoted by the the Kotecha
Group and was incorporated in the year 1986. The company is
involved in undertaking various turnkey projects involving water
supply, irrigation, roads and other such civil constructions. The
company is registered as a Class-I(A) contractor with various
government and semi-government undertakings, Municipal
Corporations and Water Supply Boards. The company has a track
record of 35 years in construction and has executed several
projects in the states of Maharashtra, Gujarat, Madhya Pradesh,
Orissa, Tamilnadu, Andhra Pradesh and Karnataka with ~65% of the
current order book accounting for projects in Maharashtra.
The company is also engaged in manufacturing of prestressed
concrete pipes and has a manufacturing plant located in Bhusawal
with an installed capacity of manufacturing 50,000 pipes
annually. The diameter of the prestressed pipes rages from 300 mm
to 1800 mm and pressure ranges from 4 kg/cm2 to 30 kg/cm2.


THRIMATHY CONTRACTING: CRISIL Reaffirms B+ Rating on INR130M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Thrimathy Contracting
Company (TCC) continue to reflect a modest scale and working
capital-intensive nature of operations in the civil construction
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's proprietor.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)
   Cash Credit            130       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TCC will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while operating profitability is
maintained, or improvement in working capital management,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' if cash accrual declines, or capital
requirement increases substantially, leading to a weak financial
risk profile.

TCC, established in 2001, is a Malappuram, Kerala-based civil
contractor. Its operations are managed by its proprietor, Mr. V P
Thrimathy.

For fiscal 2016, net profit is estimated at INR10-15 million on
contract receipts of INR368.3 million; net profit was INR13.3
million on contract receipts of INR225 million for fiscal 2015.


V. S. MULTIMETAL: CRISIL Suspends B+ Rating on INR140MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
V. S. Multimetal Private Limited (VSMPL; part of the Agarwal
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            140        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1.8      CRISIL B+/Stable
   Term Loan               68.2      CRISIL B+/Stable

The suspension of rating 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'

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

VSMPL 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, ARMPL, and AA - are also engaged in
similar businesses. While, ARMPL and VSPL have rolling mills,
SCPL and AA have induction furnace units.


VAISHNAVI FOOD: ICRA Assigns C+ Rating to INR6.0cr Loan
-------------------------------------------------------
ICRA has assigned its rating of [ICRA]C+ to the INR6.00 crore
long term fund based bank facility of Vaishnavi Food products.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Working
   Capital Limits           6.00        [ICRA]C+; assigned

ICRA's rating is constrained by the modest scale of operations of
the firm and the highly fragmented and competitive nature of the
industry with low entry barriers and limited pricing power. The
rating also factors in the firm's high working capital intensity
in line with seasonal nature of business and high inventory
levels which results in stretch liquidity position of the firm.
ICRA notes that the firm continues to be exposed to risks
inherent in the agro-based food processing industry in terms of
fluctuation in demand and supply and price variations. The
rating, however, favorably factors in the extensive experience of
the promoters, spanning over two decades, in the food processing
business and well established customer relationships.

Going forward, the firm's ability to increase its scale of
operations while optimally managing its working capital
requirements will remain the key rating sensitivities.

Incorporated in 2011, VFP is engaged in processing and freezing
of Green Peas as well as other vegetables. The firm started its
commercial operations in 2011 at its manufacturing unit located
at Sultanpur Patti,Bazpur (U.S. Nagar).The firm has the
production facility of 2 metric tonnes of peas per hour.

Recent Results
During FY2015, VFP reported a net profit of INR0.19 crore on an
Operating Income (OI) of INR9.00 crore, as against a net profit
of INR0.22 crore on an OI of INR7.77 crore in FY2014.


WELCOME TILES: ICRA Reaffirms 'B+' Rating on INR7.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR4.00 crore cash credit facility and INR7.00 term loan facility
of Welcome Tiles Private Limited (WTPL). ICRA has also reaffirmed
the short term rating at [ICRA]A4 to the INR1.35 crore short term
non fund based facility of WTPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based- Cash
   Credit Limit             4.00        [ICRA]B+; Reaffirmed

   Fund Based-Term Loan     7.00        [ICRA]B+; Reaffirmed

   Non Fund Based Bank
   Guarantee                1.35        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by WTPL's modest
operating scale, decline in revenue by 3.4% in FY2016 to INR20.4
crore down from INR21.1 crore in FY2015 mainly due to drop in
realizations. The ratings also take into account the highly
competitive nature of the ceramic tile industry and vulnerability
of WTPL's profitability to the cyclicality associated with the
real estate industry and to the adverse movements in prices of
key input materials and gas prices. The capital structure of the
company remained stretched as can be reflected from high gearing
of 2.4 times as on March 31, 2016. Further the coverage
indicators remained moderate with interest coverage of 3.4 times
and NCA/Total Debt of 19.6% as on March 31, 2016.

The ratings, however, favourably factors in the extensive
experience of the promoters in the ceramic business as well as
location advantage of the company by virtue of proximity to raw
material sources and skilled manpower. ICRA further notes that
the declining gas prices and the installation of Gasifier will
results into considerable savings in fuel cost and is expected to
alleviate cost pressures to some extent.

ICRA expects WTPL's revenues to witness a normal growth of ~10%
in anticipation of improved capacity utilization levels. The
profitability is expected to be in line with the previous
fiscals. WTPL's capital structure is likely to remain moderate
over the medium term with no major capex expected. Further the
company's ability to infuse funds to support its capital
structure, increase the scale of operations and manage its
working capital efficiently would be key rating sensitivities.

Welcome Tiles Private Limited (WTPL) was incorporated in January
2013. The commercial production was commenced in October 2013.
The company is owned and managed by Mr. Nilesh Saradava and other
family members. The manufacturing facility is located in Morbi,
Gujarat and operates in two shifts of 12 hours each with current
installed capacity of 25988 Metric Tons Per Annum (MTPA). WTPL
manufactures wall tiles of multiple sizes i.e. 10X15, 10X18 and
12X12 which find wide application in commercial and residential
buildings.

Recent Results
For the year ended 31st March, 2016, the company reported an
operating income of INR20.36 crore with profit before taxes of
INR0.62 crore as per the provisional unaudited numbers.



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


MILSON AEROSPACE: To Start Bankruptcy Proceedings vs Director
-------------------------------------------------------------
Stuff.co.nz reports that the director and owner of a Manawatu
aircraft refurbishment company may be made bankrupt, as
liquidators of his company look to find money for creditors.

Milson Aerospace, a Manawatu company which restored aircraft and
took care of its own aerospace collection, was placed into
liquidation in May 2015 at the request of freight company DHL
Global Forwarding, Stuff.co.nz notes.

At the time, the company's sole director and shareholder David
French told Stuff he had been suffering health problems before
the liquidation.

Stuff.co.nz relates that in their latest report, liquidators
Damien Grant and Steven Khov of Waterstone Insolvency said they
were still investigating the company's books, records and
affairs.

They were also pursuing French for an overdrawn account, which
involved them issuing a bankruptcy proceeding, the report said,
Stuff.co.nz relays.

According to Stuff.co.nz, no assets had been realised by the
liquidators in the past month, which means they had been unable
to pay Inland Revenue the NZ$3,100 it was owed.

Five unsecured creditors had also made claims worth NZ$38,000
collectively, Stuff.co.nz discloses.

"It is currently too early to determine whether any distribution
to creditors is likely," the report, as cited by Stuff.co.nz,
said.


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


HYUNDAI MERCHANT: To Complete Debt-For-Equity Swap This Month
------------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co.
proposes to sell stocks worth KRW2.49 trillion (US$2.16 billion)
this month, which includes KRW1.9 trillion worth of debt-for-
equity swap, industry sources said July 12.

According to Yonhap, sources said Hyundai Merchant is seeking to
sell stocks at KRW8,890 per share to creditors, bondholders,
owners of chartered ships and even retail investors this month.

Of the proposed amount, some KRW1.9 trillion, or 76%, is part of
a debt rescheduling scheme agreed on with creditors, bondholders
and the owners of chartered fleet, the report discloses.

After the stock sale, the state-run Korea Development Bank-led
creditors will emerge as the No. 1 shareholder in the shipping
line with some 40%, according to Yonhap.

Yonhap relates that the stake held by current majority
shareholders, including Hyundai Group affiliates, will be reduced
to below 1 percent, from 22.6%, after the stock sale and a
capital reduction for them, the sources said.

In April, its creditors approved the shipper's restructuring plan
in return for the company meeting three key prerequisites -- a
debt recast, a charter rate cut and an inclusion into a global
shipping alliance, Yonhap recalls.

Earlier, Hyundai Merchant said its talks to be part of the
world's largest shipping alliance, 2M, have made significant
progress, raising hopes that the negotiation will soon be
completed.

Yonhap says Hyundai Merchant has reached an agreement with owners
of its chartered ships to cut leasing rates by slightly over
20 percent.

Also, bondholders of Hyundai Merchant Marine approved a
KRW804.2 billion debt rescheduling proposal, under which more
than half of its debt will be swapped for the shipper's stocks
and the remaining debt will be paid back in two years.

The creditors also agreed to swap KRW680 billion worth of debt
for the shipper's stocks as part of an effort to keep the shipper
afloat, Yonhap notes.

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.


SAMSUNG HEAVY: Self-Rescue Plan to be Finalized This Week
---------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank will finalize a self-rescue plan proposed by Samsung Heavy
Industries Co., a major South Korean shipyard, this week, which
includes a capital increase and workforce layoffs, industry
sources said on July 12.

Yonhap relates that sources said the policy lender, the main
creditor for the shipbuilder, will decide whether to approve the
proposed self-restructuring plan, after reviewing it along with a
consulting firm.

Earlier, Samsung Heavy proposed a KRW1.45 trillion self-rescue
plan, including stock sales and job cuts, as it grappled with
falling freight rates amid slackened global demand and tougher
competition, Yonhap discloses.  The plan also includes selling
non-core assets and suspending part of its production facilities.

Industry watchers predict the company could raise about
KRW1 trillion by selling new stocks to its affiliates, Yonhap
states.

Samsung Electronics Co., the group's flagship, is the largest
stakeholder in the shipyard with 17.62%, and other affiliates,
such as Samsung Life Insurance Co. and Samsung SDI Co., also own
stakes.

Yonhap News Agency meanwhile reports that workers at Samsung
Heavy went on a partial strike last week, demanding the company
nix its tough restructuring plan, marking the first time that a
troubled South Korean shipbuilder has faced a labor dispute.

According to the report, Samsung Heavy workers' partial strike is
the first of its kind this year with their counterparts at
Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine
Engineering Co. set to take similar collective action.

Samsung Heavy is one of South Korea's three major shipyards
reeling from snowballing losses caused by falling global demand
and tougher competition. The Seoul government and creditor banks,
including the state-run Korea Development Bank, have called for
"bone-crushing" reform efforts, including massive job cuts.

Workers at Daewoo Shipbuilding & Marine Engineering Co. also
approved a strike proposal earlier this week, and Hyundai Heavy
Industries Co.'s unionized workers are set to vote next week on
whether they will go on a strike, Yonhap reports.

Samsung Heavy Industries Co., Ltd. manufactures crude oil
tankers, container vessels, bulk carriers, cruisers, and
passenger ferries. The Company also produces steel and bridge
structures, and material handling equipment. In addition, Samsung
Heavy Industries provides civil engineering, architectural, and
plant construction services.



                             *********

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

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

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


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

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

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

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

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



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