TCRAP_Public/160714.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 14, 2016, Vol. 19, No. 138


                            Headlines


A U S T R A L I A

DICK SMITH: Creditors Face AUD260 Million Shortfall
FAR PAVILIONS: Placed Into Voluntary Administration
FIREBIRD MARINE: First Creditors' Meeting Set For July 25
GRANDVIEW WAY: First Creditors' Meeting Set For July 20
LINC ENERGY: Liquidators Find Buyer For Firms' Assets

URBAN GROUP: First Creditors' Meeting Set For July 20


H O N G  K O N G

MCE FINANCE: Moody's Keeps Ba3 CFR on Sr. Note Amended Provisions
SA SA: Chairman Expresses Strong Concern Amid Poor Earnings
TEXHONG TEXTILE: 1H 2016 Results Supports Ba3 CFR, Moody's Says


I N D I A

AGHARA KNITWEAR: ICRA Assigns 'B' Rating to INR5.01cr Term Loan
AMPS ENGINEERING: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
ARCH PHARMALABS: INR300cr Loan Has 'ICRA D' Rating Outstanding
ASSAM TIMBER: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Credit
BALAJEE PLY: ICRA Suspends B-/A4 Rating on INR7.10cr Bank Loan

BALAJI AUTOS: ICRA Suspends B+ Rating on INR4.60cr Loan
BARMENDRA AGROTECH: ICRA Suspends 'B' Rating on INR25.72cr Loan
BEST INDIA: ICRA Withdraws 'B' Rating on INR9.62cr Loan
BK THRESHERS: ICRA Reaffirms 'B' Rating on INR120cr FB Loans
BLESSINGS RESORTS: CRISIL Reaffirms 'D' Rating on INR290MM Loan

BR. SHESHRAO: CRISIL Assigns B+ Rating to INR50MM Term Loan
D K CERAMIC: CRISIL Lowers Rating on INR50.5MM LT Loan to 'D'
DEVI CONSTRUCTION: CRISIL Assigns B+ Rating to INR90MM Cash Loan
ELEGANT OVERSEAS: ICRA Suspends B+ Rating on INR0.25cr Loan
ESSAR BULK: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating

GOODLUCK CARBON: ICRA Cuts Rating on INR72.74cr LT Loan to D
GURU KIRANA: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
KREPTON INDIA: CRISIL Suspends B+ Rating on INR5MM Overdraft Loan
KRUGO IMPEX: CRISIL Suspends B+ Rating on INR50MM Cash Loan
LILY JEWELLERY: CRISIL Suspends 'D' Rating on INR221MM Loan

MABEL ENGINEERS: ICRA Suspends 'B' Rating on INR12.54cr Loan
MADHUVAN PRASAD: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
MAHESH KUMAR: ICRA Suspends 'D' Rating on INR11.03cr Bank Loan
MANAS AUTOMOTIVE: CRISIL Suspends B- Rating on INR170MM Term Loan
MEENAR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR22.25cr Loan

MOENUS TEXTILE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB+'
MS SOLVEX: CRISIL Suspends B+ Rating on INR180MM Term Loan
MULTIPLE EXIM: ICRA Suspends 'B' Rating on INR5.72cr Loan
NAKSHATRA HOTELS: CRISIL Suspends B+ Rating on INR78.5MM LT Loan
PARSHWANATH GINNING: CRISIL Suspends B Rating on INR40M Cash Loan

PRASHANT FABRICS: CRISIL Suspends B+ Rating on INR200MM Loan
PRAYAGRAJ POWER: ICRA Assigns 'D' Rating to INR10,393cr Loan
PULSAR CERAMIC: ICRA Withdraws B+/A4 Rating on INR6.06cr Loan
PUPNEJA RICE: CRISIL Lowers Rating on INR131.5MM Cash Loan to D
RAMDEV COTTON: CRISIL Suspends 'B' Rating on INR55MM Cash Loan

SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR70MM Loan
SHAFEEQ SHAMEEL: CRISIL Reaffirms B+ Rating on INR60MM Loan
SHREE JEE: CRISIL Reaffirms 'B' Rating on INR150MM Cash Loan
SHREE LAXMI: ICRA Reaffirms 'B' Rating on INR4.50cr Cash Loan
SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr LT Loan

SMPC INDUSTRIES: CRISIL Suspends B Rating on INR100MM LT Loan
SMS INFRASTRUCTURE: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
SPA CERAMIC: ICRA Reaffirms B- Rating on INR4.0cr Cash Loan
SREE SATYA: ICRA Suspends B+ Rating on INR8.50cr Bank Loan
STYLE ONE: ICRA Suspends 'B' Rating on INR21.8cr Term Loan

SURYA SYNTHETICS: ICRA Suspends B+ Rating on INR12cr Bank Loan
SUSEE AUTO: ICRA Suspends B- LT Rating on INR7.50cr Term Loan
SUSEE PREMIUM: ICRA Suspends 'B' Rating on INR12cr New Loan
SVASCA INDUSTRIES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
TASA FOODS: ICRA Upgrades Rating on INR7.85cr Term Loan to B+

TRUMP IMPEX: CRISIL Ups Rating on INR95MM Cash Loan to BB-
VERA INDIA: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
VIDARBHA WINDING: CRISIL Suspends 'D' Rating on INR110MM Loan
YASH CONSTRUCTION: CRISIL Assigns B Rating to INR85MM Cash Loan
ZETA INDUSTRIAL: ICRA Assigns B+ Rating to INR4.50cr Loan


P H I L I P P I N E S

RURAL BANK OF SIATON: MB Prohibits Operations of Bank


S R I  L A N K A

SRI LANKA: Moody's Assigns B1 Rating to US$ Bond Offering


                            - - - - -


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


DICK SMITH: Creditors Face AUD260 Million Shortfall
---------------------------------------------------
Catie Low at The Sydney Morning Herald reports that unsecured
creditors are unlikely to get anything from the administration of
failed electronics chain Dick Smith, which has uncovered a
shortfall of more than AUD260 million following the business'
collapse in early January.

SMH relates that Dick Smith's banks, National Australia Bank and
HSBC, are also expected to shoulder a loss on their AUD140
million exposure, which sources close to the retailer suggest is
the reason receiver Ferrier Hodgson is pursuing the directors and
management after securing examination rights from the Australian
Securities and Investments Commission.

The long-awaited result of McGrathNicol's investigation into the
collapse of the retailer has sheeted home blame on the rapid
expansion of Dick Smith's retail network, plus a deterioration in
the relationship with the operation's banking syndicate, SMH
says.

According to the report, administrator Joe Hayes said the reasons
for Dick Smith's failure were complex, inter-related and dated
back to its AUD520 million float, but it was too early to discuss
any likely claims.

This conclusion is in stark contrast to allegations that rebates
and stock were used to inflate profits, outlined in a letter from
the receivers' lawyers that was sent to 10 Dick Smith directors
and executives earlier this month and leaked to the media this
week, just days before the release of the administrators' report,
relates SMH.

"The business had achieved strong growth and results pre-float,
which were underpinned by an expansion plan," SMH quotes Mr Hayes
as saying. "In that environment, management was very focused on
increasing revenue and increasing profitability. This ultimately
came at the expense of sustainable growth and the business
struggled to maintain performance."

He said expansion plans "went unchecked" in early to mid 2015,
and major inventory purchasing decisions meant Dick Smith "was
carrying too much stock that was not saleable and was
overvalued," the report relays.

"By December 2015 a rapid clearance sale was needed at a time the
business should have been achieving strong margins," Mr Hayes, as
cited by SMH, said.  "Dick Smith failed because the company did
not have enough cash to resources available to meet its current
and future commitments.

"While the report goes into some depth on these causes of
failure, it does not draw conclusions regarding the nature of
claims that could be brought. The administrators have determined
it is too early for those conclusions."

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.


FAR PAVILIONS: Placed Into Voluntary Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that Far Pavilions, a
furniture retail chain with nine stores in Queensland, has
collapsed into voluntary administration.

Administrators were appointed to the company on July 8, with
Michael Owen and Martin Ford of PPB Advisory appointed to manage
the administration, the report discloses.

According to the report, PPB Advisory said in a statement this
week three of the nine Far Pavillions stores have closed
following an initial review of the business.

These stores are located at Browns Plains, Kawana and Townsville,
the report states.

The remaining six stores in Fortitude Valley, Bundall,
Carseldine, Helensvale, Logan and Toowoomba are expected to
continue trading throughout the administration process,
SmartCompany notes.

"PPB Advisory is currently undertaking a review of the business
and seeking offers for Far Pavilions and/or its assets,"
SmartCompany quotes the administrators as saying in the
statement.

Potential buyers have until July 19 to contact the administrators
about the business or its assets, the report states.

SmartCompany, citing the Courier Mail, reports that some
customers have taken to Far Pavilion's Facebook page to complain
about not being offered refunds for unfulfilled orders.

However, the Far Pavilions Facebook page is no longer available,
says SmartCompany.

Far Pavilions was founded in 1995 and specialises in affordable
furniture and homewares from other countries.


FIREBIRD MARINE: First Creditors' Meeting Set For July 25
---------------------------------------------------------
William James Hamilton of WJ Hamilton & Co was appointed as
administrator of Firebird Marine Pty Limited on July 13, 2016.

A first meeting of the creditors of the Company will be held at
Suites 508-509, 147 King Street, in Sydney, on July 25, 2016, at
10:00 a.m.


GRANDVIEW WAY: First Creditors' Meeting Set For July 20
-------------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory were appointed
as administrators of Grandview Way Pty Ltd, trading as "Matilda
Maclean, Matilda - Clunes and Matilda Evans Head", on July 8,
2016.

A first meeting of the creditors of the Company will be held at
the Boardroom of Chifley Advisory, Suite 3.04, Level 3, 39 Martin
Place, in Sydney, on July 20, 2016, at 3:00 p.m.


LINC ENERGY: Liquidators Find Buyer For Firms' Assets
-----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the liquidators
of Linc Energy have found a buyer for the company.

Dissolve.com.au says the sale involves the intellectual property
of Linc Energy for its UCG technology and South Australia shale
assets.

The company reportedly held 7 exploration licences and a couple
of licence applications for South Australia's Arckaringa Basin.
It claimed that the basin has between 03 billion and 233 billion
barrels of oil, the report says.

Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.
Linc Energy de-listed from the Australian Stock Exchange and
transferred to Singapore in 2013.

As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.  On May 23, Messrs. Sparks,
Stephen and Ford were appointed liquidators of the company.


URBAN GROUP: First Creditors' Meeting Set For July 20
-----------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of
Urban Group Energy Holdings Pty Ltd on July 8, 2016.

A first meeting of the creditors of the Company will be held at
at BPS Recovery, Level 18, 201 Kent Street, in Sydney, on
July 20, 2016, at 10:00 a.m.



================
H O N G  K O N G
================


MCE FINANCE: Moody's Keeps Ba3 CFR on Sr. Note Amended Provisions
-----------------------------------------------------------------
Moody's Investors Service says that MCE Finance Limited's consent
solicitation to amend the change of control provisions in its
senior notes does not affect its Ba3 corporate family rating or
the Ba3 rating on its senior unsecured notes.

The rating outlook remains stable.

On July 11, 2016, MCE Finance launched a consent solicitation to
amend the change of control provisions in the indenture for its
existing USD1 billion senior notes due 2021.

The consent solicitation is related to Crown Resorts Limited's
(Baa2 review for downgrade) proposed demerger of its
international holdings announced on June 15, 2016, which includes
MCE Finance's parent, Melco Crown Entertainment (unrated).

Moody's previously commented on June 17, 2016, that the proposed
demerger would have no immediate effect on MCE Finance's ratings.

"The consent solicitation for the proposed amendment is designed
to accommodate the demerger and has no impact on MCE Finance's
credit profile," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

The amendments, which are expected to be concluded by end-July
2016, propose changes to the "Change of Control" clause to (1)
include the entity formed as a result of the spin-off or demerger
of the non-Australian assets (including the shares in Melco Crown
Entertainment) by Crown Resorts Limited; (2) change the
shareholding requirements as follows: the sponsors to
collectively beneficially own at least 30% shareholding in Melco
Crown Entertainment, and Melco Crown Entertainment to
beneficially own at least 51% shareholding in Melco Crown Macau
(unrated and currently 90% owned by MCE Finance); and (3) clarify
that the provisions concerning a ratings downgrade pertain only
to a change of control event.

"The proposed changes to the indenture are not sufficiently
material to affect the ratings on the bonds," adds Tsang.

Moody's notes that MCE Finance exhibits strong liquidity.  At
end-March 2016 the company had immediately available cash
holdings of USD1.1 billion and cash availability under committed
credit facilities of USD1.25 billion, which were more than
sufficient to meet its short-term debt of USD34 million and the
share buyback of USD800 million announced in May 2016 (of which
about USD600 million is funded by MCE Finance), as well as the
USD1 billion in bonds due 2021.

The principal methodology used in these ratings was Global Gaming
Industry, published in June 2014.

MCE Finance Limited is a subsidiary of Melco Crown Entertainment
Limited.  Currently, the Hong Kong-listed Melco International
Development Ltd (unrated) is the largest shareholder of Melco
Crown Entertainment holding a 37.9% stake, followed by the
Australian-based gaming operator, Crown Resorts Limited's equity
stake at 27.4%.


SA SA: Chairman Expresses Strong Concern Amid Poor Earnings
-----------------------------------------------------------
Nikkei Asian Review reports that Sa Sa International Holdings,
Hong Kong's largest cosmetics retailer, is being hit hard by
weakening demand from mainland Chinese. With the latest financial
results showing that annual net profits halved, the company is
looking to turn around the situation by reshaping its sales chain
network, the report says.

Nikkei relates that in a briefing on June 23, Sa Sa's Chairman
and CEO Kwok Siu-ming expressed strong concern that limp consumer
sentiment in China would continue to affect the company.

Sa Sa Chairman Kwok Siu-ming speaks at a briefing in Hong Kong in
June, where he announced poor earnings results, Nikkei says.

The Company's net profits for the year ended in March dropped 54%
from the previous year to 383 million Hong Kong dollars ($49.3
million). Sales also fell 13% to HK$7.84 billion, largely due to
drops in its core markets of Hong Kong and Macau.

According to Nikkei, the retailer has already begun revamping its
business strategy. Sa Sa plans to open smaller, boutique-style
stores with a floor space of about 90 sq. meters or less, rather
than relying on its standard shops of around 140 sq. meters,
which carry as many as 10,000 items.

Targeting trendy young shoppers, the company will launch three to
four outlets by March 2017 in shopping centers in residential
districts on the outskirts of the city, as well as in small
corners of subway stations, says the Nikkei.

In central Hong Kong, however, the retailer will close poorly
performing stores. Sa Sa had opened these outlets in response to
growing demand from mainland shoppers, but rising rents cut into
profits. The company will ask landlords to reduce rents by 40-50%
and may close some stores if they do not acquiesce.

The report adds that Sa Sa will also attempt to bring online
customers to its brick-and-mortar locations. It aims to attract
young locals with enhanced product lineups from Japan, South
Korea and Taiwan. The company will also leverage social media and
its app to increase contact with smartphone users, hoping to
entice them to visit shops, the Nikkei reports.


TEXHONG TEXTILE: 1H 2016 Results Supports Ba3 CFR, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says Texhong Textile Group Limited's
positive profit alert for its earnings in 1H 2016 is credit
positive and supports its Ba3 corporate family and senior
unsecured bond ratings.

The ratings outlook remains stable.

"Texhong's improved earnings in 1H 2016 are within our
expectations.  It was these expectations that resulted in our
outlook change to stable from negative in March 2016," says
Chenyi Lu, a Moody's Vice President and Senior Analyst.

On July 8, Texhong announced that it expected to achieve a
substantial increase in its earnings for 1H 2016 compared with
those in 1H 2015, mainly driven by strong sales volume and an
improvement in its gross margin.

The higher sales volume in 1H 2016 was partly driven by its new
capacity of 250,000 spindles in Vietnam (B1 stable), which
commenced production in 2Q 2016.

Texhong's expanding capacity in yarn production will lead to
solid sales volume growth in 2016 and 2017.

In addition to the new capacity in Vietnam, the company plans to
add 450,000 spindles in Xinjiang, China (Aa3 negative), which
will commence production in 3Q 2016.

Moody's expects revenue to grow by 5% per year in 2016 and 2017,
underpinned mainly by growth in sales volume, and partially
offset by a modest decline in the average sales price.

Texhong's adjusted EBITDA margin will remain relatively stable in
2016 and 2017, supported by a relatively stable gross margin.
Its EBITDA margin was 15.9% in 2015.

Moody's expects its adjusted debt/EBITDA to decline to about 3.5x
over the next two years from 4.0x in 2015, owing to expected
positive cash flow from operations and lower capital expenditure.

This level of leverage is in line with its Ba3 ratings.

The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.

Established in 1997 and listed on the Hong Kong Stock Exchange
since 2004, Texhong Textile Group Limited specializes in
producing core-spun yarn and textile products.

The company currently operates 16 yarn production bases: 13 in
China, three in Vietnam and one in Cambodia.  Its chairman,
Mr. Tianzhu Hong, holds an approximate 55% stake in the company.



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AGHARA KNITWEAR: ICRA Assigns 'B' Rating to INR5.01cr Term Loan
---------------------------------------------------------------
The long term rating of [ICRA]B  has been assigned to the INR6.51
crore long term bank facilities of Aghara Knitwear Private
Limited. ICRA has assigned the short term rating of [ICRA]A4 to
the INR0.15 crore short term non fund based bank facilities. ICRA
has also assigned [ICRA]B and [ICRA] A4 to the unallocated limits
of INR0.04 crore of AKPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits       1.50       [ICRA] B assigned
   Term Loan                5.01       [ICRA] B assigned
   Bank Guarantee           0.15       [ICRA] A4 assigned
   Unallocated Limits       0.04       [ICRA] B/A4 assigned


The assigned ratings are constrained by the start-up nature of
the company's operations and its relatively modest envisaged
scale of operations; considering the fragmented and competitive
nature of the knitting manufacturing industry, which may limit
the pricing flexibility and in turn impact profitability. The
ratings also remain constrained by the vulnerability of the
company's profitability to the raw material price fluctuations
and its moderate debt-servicing liability, which, coupled with
the high gestation period associated with stabilisation of
operations, is expected to keep the credit profile of the company
constrained in the near term.

The ratings, however, favourably take into account the locational
advantage enjoyed by the company on account of its proximity to
Morbi, which offers ease of quality raw material procurement and
various fiscal benefits available to the company that are likely
to support profitability, going forward.

Aghara Knitwear Private Limited (AKPL) was established in June
2015 as a greenfield project and commenced commercial production
in the first week of April 2016. The company manufactures knitted
fabric from cotton yarn and mainly caters to hosiery
manufacturers. The manufacturing facility of the company is
located at Halvad, Gujarat and is equipped with 15 knitting
machines with an installed capacity of 2228 MTPA. The company is
managed by the Aghara family, who though are new to the textile
industry, have vast experience in agro-commodity trading and the
hardware industry.


AMPS ENGINEERING: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Amps
Engineering and Equipments Private Limited (AMPS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Cash Credit             40        CRISIL B/Stable
   Term Loan                4.2      CRISIL B/Stable

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

Incorporated in 2004, AMPS manufactures bulk material handling
equipment. The company also undertakes turnkey projects which
include design, manufacture, supply and erection of bulk material
handling equipment.


ARCH PHARMALABS: INR300cr Loan Has 'ICRA D' Rating Outstanding
--------------------------------------------------------------
ICRA has an [ICRA]D rating outstanding on the INR300.0 crore Non-
Convertible Debenture programmes of Arch Pharmalabs Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Non Convertible
   Debenture programme     150.0      [ICRA]D outstanding

   Non Convertible
   Debenture programme     150.0      [ICRA]D outstanding

Despite repeated requests by ICRA, APL is yet to provide
requisite information so as to enable ICRA to carry out the
ratings surveillance. ICRA will continue to follow up for the
requisite information and take appropriate rating action after
analysing the same.


ASSAM TIMBER: ICRA Reaffirms 'B+' Rating on INR3.50cr Cash Credit
-----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR3.50-crore cash
credit limit and INR0.50-crore unallocated limit of Assam Timber
Products Private Limited. ICRA has also reaffirmed the [ICRA]A4
rating of the INR10.00-crore non-fund based bank facility of
ATPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       3.50        [ICRA]B+ reaffirmed
   Non-fund Based Limit   10.00        [ICRA]A4 reaffirmed
   Unallocated Limit       0.50        [ICRA]B+ reaffirmed

The reaffirmation of the ratings primarily takes into account
ATPPL's low scale of current operations and decline in trading
business, which have adversely impacted the operating income of
the company in FY2015 and FY2016. The ratings also consider the
high competitive pressure in the engineered wood products (EWP)
business that limits ATPPL's margins. Besides, the margins are
exposed to the volatility in raw material prices, keeping the
profitability of the company under pressure. The ratings,
however, derive comfort from long established track record of
ATPPL's promoters in the domestic plywood industry. Established
brand identity of the company's products (sold under the
'Archidply' brand) and a wide distribution network help the
company in selling its products all over India. A conservative
capital structure and comfortable debt protection metrics provide
cushion to the financial position of the company. ICRA, however,
takes note of the net profit and cash accrual of the company from
the business, which remained nominal.

ATPPL, incorporated in 1979, is an EWP manufacturing company. The
company has its manufacturing facility in Tinsukia, ssam. The
company's product portfolio consists of plywood and blockboard
which are sold all over India under the brand "Archidply".

Recent Results
During FY2015, ATPPL reported a profit after tax (PAT) of INR0.15
crore on an operating income (OI) of INR33.33 crore compared to a
PAT of INR0.29 crore on an OI of INR37.55 crore in FY2014.


BALAJEE PLY: ICRA Suspends B-/A4 Rating on INR7.10cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B- and short
term rating of [ICRA]A4 assigned to the INR7.10 crore bank
facilities of Balajee Ply Product Pvt Ltd. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


BALAJI AUTOS: ICRA Suspends B+ Rating on INR4.60cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR4.60 crore term loan facilities, INR2.50 crore fund based
facilities and INR2.90 crore unallocated facilities of Balaji
Autos. 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.


BARMENDRA AGROTECH: ICRA Suspends 'B' Rating on INR25.72cr Loan
---------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR25.72 Crore bank lines of Barmendra Agrotech Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Barmendra Agrotech Private Limited (BAPL) was incorporated in the
year 2006. The company is promoted by Mr. Chattrasal Singh Judev,
Mrs. Uma Kumari & Mr. Krishnadev Singh. The company is setting up
a controlled atmosphere cold storage unit at Unchera (Satna) in
Madhya Pradesh with an installed capacity of 2500 MT.


BEST INDIA: ICRA Withdraws 'B' Rating on INR9.62cr Loan
-------------------------------------------------------
ICRA has withdrawn the [ICRA]B rating assigned to the INR0.48
crores term loan and INR9.62 crore unallocated facilities of Best
India Tobacco Suppliers Private Limited and has put the aforesaid
rating assigned to the INR6.50 crore cash credit limit and also
the [ICRA]A4 rating assigned to theRs.0.90 crore non fund based
limit on notice of withdrawal for one month, as the company has
closed the rated bank facilities. There is no amount outstanding
against the rated facilities.

Best India Tobacco Suppliers Private Limited was incorporated in
1981-82 in Guntur, Andhra Pradesh. The Company is primarily into
exporting of processed tobacco to countries like Tunisia, Algeria
and Egypt. The Company largely caters to the Flue Cured Virginia
(FCV) variety which contributes to around 60% of the revenues,
with the rest generated from Burley and Rustica varieties of
tobacco. BITL exports mainly to two Companies in Tunisia - Regie
Nationale Des Tabacs Et Des Allumettes (RTNA) and Manufacture Des
Tabacs De Kairouan (MTK), which are owned by the Tunisian
Government. BITL is a registered supplier with these entities and
has been exporting to these customers since 1999.


BK THRESHERS: ICRA Reaffirms 'B' Rating on INR120cr FB Loans
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B  assigned to
INR110.00 crore term loan, INR120 crore fund based limits and
INR4.00 crore non-fund based limits of BK Threshers Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to INR1.00 crore non-fund based limits, long-
term rating of [ICRA]B assigned to INR5.00 crore unallocated
limits of BKTPL and the short term rating of [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               110.00      [ICRA]B reaffirmed
   Fund based limits       120.00      [ICRA]B reaffirmed
   Long term Non-fund
   based limits              4.00      [ICRA]B reaffirmed
   Short term Non-fund
   based limits              1.00      [ICRA]A4 reaffirmed
   Unallocated limits        5.00      [ICRA]B/ICRA]A4 reaffirmed

The reaffirmation of ratings takes into consideration subdued
profitability of BKTPL in FY 2016 owing pricing pressure coupled
with higher proportion of trading revenue, despite a healthy
revenue growth of 19.89% y-o-y registered by the company during
the year. Further, the ratings remain constrained by the
relatively weak financial risk profile of the company with a
gearing of 6.81 times as on FY 2016 end coupled with subdued debt
protection metrics and increase in working capital intensity to
73% in FY 2016 owing to higher inventory holding. Moreover, the
ratings continue to be constrained by the high client
concentration risk with the top customer accounting close to 50%
of sales in FY2016 and the moderate capacity utilization levels
of the plant (although increased over the years owing to improved
orders) which has resulted in subdued return indicators for the
company. The ratings also remain affected by the regulatory risks
such as regulation of quantity of tobacco production by tobacco
board and India's need to reduce tobacco production over the long
term with India being signatory of WHO's Framework Convention on
Tobacco Control. The ratings, however, continue to favorably
factor in the group support and the financial strength of the
promoters as witnessed by the funding support in the form of
unsecured loans over the years; and the established relationship
of the company with international tobacco purchasing agents &
domestic cigarette manufacturers as reflected by receipt of
repeat orders.

The ability of the company to maintain healthy profitability
levels, effectively manage its high working capital requirements
and ensure timely servicing of its long term debt obligations
while sustaining revenue growth remains the key rating
sensitivity.

Incorporated in 2009, BK Threshers Private Limited (BKTPL) is
promoted by Mr. Bellam Kotaiah and it is into the business of
threshing and re-drying of tobacco in addition to carrying
tobacco exports. The Company setup a 12 TPH (tons per hour)
threshing plant at Kalikivai, near Tangutur, Andhra Pradesh and
the plant commenced operations from April 2012. The company
purchases various types of tobacco (Flue Cured Virginia (FCV) and
non-Virginia tobacco) from Andhra Pradesh and Karnataka tobacco
auction platforms (conducted by Government of India), processes
and sells it to domestic / overseas clients.

Recent Results
As per the unaudited & provisional results for FY 2016, the
company reported profit after tax of Rs.1.06 crore on operating
income of Rs.254.45 crore as against a net loss of Rs.0.85 crore
on operating income of Rs.212.24 crore during FY 2015(audited).


BLESSINGS RESORTS: CRISIL Reaffirms 'D' Rating on INR290MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Blessings Resorts
Private Limited (BRPL) continue to reflect instances of delay by
the company in servicing its debt because of time overrun in its
project. Its hotel, which was earlier scheduled to commence
operations in September 2016, is now expected to be commissioned
by April 2017. The project has missed deadline several times and
was initially planned to be completed by March 2015.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL D (Reaffirmed)
   Term Loan              290        CRISIL D (Reaffirmed)

The company had spent INR244.40 million of the total project cost
of INR517 million (revised from INR476.8 million). Till May 2016,
the project has been funded through bank debt of INR136.5
million, and through equity infusion and unsecured loans from
promoters. CRISIL believes delays in commencement of the hotel
will keep BRPL dependent on funds from its promoters for timely
debt servicing.

The company also faces risks related to project implementation
and stabilization of operations, and is susceptible to
cyclicality in the hospitality industry. However, it will benefit
from the strategic location of the hotel.

BRPL was set up in 2011 by the promoter Mr Harpinder Singh Gill
and Mr Rajesh  Aggarwal. The company is setting up a three star
80 room hotel with banquet at Phagwara, Punjab with the brand
name of 'Park Inn by Radisson' for which company has tied up with
Carlson Hotels Asia Pacific Pty Limited.


BR. SHESHRAO: CRISIL Assigns B+ Rating to INR50MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Br. Sheshrao Wankhede Shetkari Sahakari
Soot Girni Limited (SWSSSGL)

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          50       CRISIL B+/Stable

The rating reflects a modest financial risk profile with
stretched liquidity because of subdued operating profitability;
this is due to volatility in raw material prices and intense
industry competition. These rating weakness is partially offset
by funding support from the Government of Maharashtra (GoM),
extensive experience of the society's promoter in the textile
industry, and established relationship with customers.
Outlook: Stable

CRISIL believes the society will continue to benefit over the
medium term from the industry experience of its promoter and
funding support from GoM. The outlook may be revised to
'Positive' in case of significant improvement in revenue and
profitability, leading to higher cash accrual. The outlook may be
revised to 'Negative' if there is a decline in cash accrual,
large debt-funded capital expenditure, or weakening of working
capital management, resulting in deterioration in the financial
risk profile.

SWSSSGL is a co-operative society engaged in spinning of cotton
yarn. The society was registered in 1989 in Nagpur district of
Maharashtra, but started commercial operations in 2004. It was
set up under the guidance of Mr. Datta Meghe. The society
manufactures cotton yarn in counts of 20-50 and sells its produce
to wholesalers and hosiery garment manufacturers in India and
abroad.


D K CERAMIC: CRISIL Lowers Rating on INR50.5MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of D K
Ceramic (DKC) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          12.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             20.0      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      50.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan               42.0      CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays by DKC in meeting its term loan
obligations, on account of weak liquidity.

DKC has weak financial risk profile, modest scale of operations
in the highly competitive ceramics industry, and has large
working capital requirement. However, it benefits from the
extensive industry experience of its promoters, and the proximity
of its manufacturing facilities to raw material and labour
sources.

DKC is a Morbi, Gujarat-based partnership firm set up in 2014.
The firm manufactures ceramic wall and floor tiles.


DEVI CONSTRUCTION: CRISIL Assigns B+ Rating to INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Devi Construction Company (DCC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          40        CRISIL A4
   Cash Credit             90        CRISIL B+/Stable

The ratings reflect high degree of project concentration in the
order book and execution risks, working capital-intensive nature
of operations and exposure to intense competition. These
weaknesses are partially offset by the extensive industry
experience of the partners and a moderate financial risk profile.
Outlook: Stable

CRISIL believes the firm will continue to benefit from the
established position in the road construction segment and a
healthy order book, over the medium term. Gearing and debt
protection metrics should remain moderate over this period. The
outlook may be revised to 'Positive' if timely execution of major
ongoing projects leads to substantial improvement in revenue,
while the operating profit margin and working capital cycle
remain steady. The outlook may be revised to 'Negative' if cost
and time overruns in ongoing projects, stretched working capital
cycle or any large debt-funded capital expenditure weakens the
financial risk profile.

The firm, established in 1983, is engaged in civil construction
and undertakes projects, which include construction of roads and
bridges, and improvement, widening and straightening of roads,
for government departments and private players. Operations are
mainly concentrated in Rajasthan as the firm is headquartered at
Jaipur and are managed by Mr. Krishna Yadav and his son Mr.
Abhijeet Yadav. The firm is an 'AA' class contractor.


ELEGANT OVERSEAS: ICRA Suspends B+ Rating on INR0.25cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR0.25 crore fund based facilities and short term rating of
[ICRA]A4 assigned to the INR17.00 crore non fund based facilities
of Elegant Overseas. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


ESSAR BULK: Ind-Ra Withdraws IND BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Essar Bulk
Terminal Limited's (EBTL) 'IND BB+(suspended)' Long-Term Issuer
Rating. A full list of rating actions is at the end of this
commentary.

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

Ind-Ra suspended EBTL's ratings on 16 December 2015.

EBTL's ratings:
-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
    withdrawn
-- INR13,250 million term loan: Long-term 'IND BB+(suspended)';
    rating withdrawn
-- INR180 million cash credit limits: Long-term 'IND
    BB+(suspended)'; rating withdrawn
-- INR320 million non-fund based working capital limits: Short-
    term 'IND A4+(suspended)'; rating withdrawn


GOODLUCK CARBON: ICRA Cuts Rating on INR72.74cr LT Loan to D
------------------------------------------------------------
ICRA has revised its rating on the INR106.74 crore bank
facilities of Goodluck Carbon Private Limited (GCPL) to [ICRA]D
from the long-term/short-term ratings of [ICRA]B+/[ICRA]A4.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term Fund Based       30.00       [ICRA]D; revised from
   Facilities- Cash Credit                [ICRA]B+

   Long-term Fund Based       72.74       [ICRA]D; revised from
   Facilities Term Loan                   [ICRA]B+

   Short-term Non-Fund         4.00       [ICRA]D; revised from
   Based facility                         [ICRA]A4

The ratings revision factors in the high working capital
intensity of operations of the company owing to cash based
procurement of raw material and high receivables realization
period of ~60-90 days leading to stretched liquidity position
which has resulted in delays in debt servicing. The ratings
continue to be constrained by the exposure of sales realization
to prices of crude oil derivatives; however, the impact on
margins is limited by strong correlation between the crude oil
prices and input raw material (carbon black feed stock - CBFS)
along with relatively shorter inventory holding period. The
ratings also take into account the company's heavy dependence on
tyre manufacturing and automotive industries. However, the
ratings favourably factor in the extensive experience of the
promoters in the carbon black manufacturing and trading business.

Going forward, a track record of timely debt servicing and a
sustained improvement in the company's liquidity position will be
the key rating sensitivities.

GCPL is engaged in the manufacturing of carbon black which is
used as reinforcing agent in tyre and other industries. The
company was initially engaged in trading of carbon black and
diversified into carbon black production in February 2011 after
it took on lease the production plant (located at Jitwal Kalan,
Sangrur, Punjab) of Ralson India Limited (RIL). This plant was
subsequently acquired in Mar/April 2012. At the time of
acquisition, plant comprised 2 manufacturing units of total
25,000 metric tonnes per annum (MTPA) capacities. Subsequently
the company successfully modernized and expanded the production
capacity of one unit from 12,500 MT to 21,600 MT and other unit
from 12,500 MT to 18,400 MT along with installation of captive
power plant of 6 mega-watt (MW) capacity and steel scrap
processing unit.


GURU KIRANA: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA] to the INR6.00
crore long-term fund based facilities of Guru Kirana Motors.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term-Fund Based
   Term Loan                4.00        [ICRA]B Assigned

   Long-Term-Fund Based
   Cash Credit              2.00        [ICRA]B Assigned

Rating Rationale
The assigned rating positively factors in the extensive
experience of the management in handling dealership business for
nearly five years and GKM's presence as a sole authorized dealer
of Yamaha Motor Private Limited (YMPL) in Tumkur, Karnataka. The
rating takes into account GKM's sound market position with a
network of six sub-dealers spread across Karnataka and its future
plans to widen the dealership network. Further, the rating takes
comfort from the long repayment tenure leading to the low
principal repayment obligations in the coming years. ICRA notes
that GKM's plan to take up distributorship of Castrol India
Limited in late 2016-17 is expected to support its revenue
growth, going forward. The rating also takes into account the
improvement in market share of YMPL during 2015-16 with high
demand for its newly launched models.

The rating is, however, constrained by GKM's nascent stage of
operations and low bargaining power with pricing and margins
being determined by YMPL. The leveraged capital structure on
account of significant term loan taken by GKM to set up the new
showroom and the high working capital intensity due to high
inventory levels are other rating concerns. The rating also
considers the intense competition faced by GKM from two-wheeler
dealers of other OEM's (Original Equipment Manufacturers) in this
region and its exposure to the inherent cyclicality of the
automobile industry.

Going forward, the firm's ability to increase its scale of
operations, given the competitive environment, maintain its
profitability and effectively manage its working capital
requirements will be the key rating sensitivities.

Established in December 2014 as a partnership firm by Mr.
Thanmaya M and Mrs. Arpitha, Guru Kirana Motors is an authorized
dealer of Yamaha Motor Private Limited (YMPL). The firm started
its operations in October 2015 with sales, spares and service
facility in Tumkur, Karnataka and became a certified dealer of
YMPL in May 2016. The firm has six sub-dealers under it spread
across Karnataka. It has an employee base of around 35 people.

Recent Results
During 2015-16 (as per provisional results), the firm reported a
net profit of INR0.04 crore on an operating income of INR10.30
crore for the six months of operations from October 2015 to March
2016.


KREPTON INDIA: CRISIL Suspends B+ Rating on INR5MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Krepton India Granites (KIG).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Purchase           35        CRISIL A4
   Packing Credit          50        CRISIL A4
   Secured Overdraft
   Facility                 5        CRISIL B+/Stable

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

Set up in 1985, KIG is engaged in the export of granite rough
blocks. The firm's day-to-day operations are being managed by Mr.
Arun Selvaraj.


KRUGO IMPEX: CRISIL Suspends B+ Rating on INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Krugo Impex Private Limited (KIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B+/Stable

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

KIPL, incorporated in 2013, is owned and managed by Mr. Arjan
Odedara and Mr. Manish Odedara. KIPL is a clearing and forwarding
agent for NaMo Tea for the whole of Gujarat. The company procures
tea from P M Zaveri & Co, Mumbai, which has the rights to
manufacture, market and sell NaMo Tea in India from Take India
Merchandising Pvt Ltd. KIPL sells to stockists and distributors
throughout Gujarat.


LILY JEWELLERY: CRISIL Suspends 'D' Rating on INR221MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Lily Jewellery Private Limited (LJPL).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Packing Credit             80        CRISIL D
   Post Shipment Credit      221        CRISIL D

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

LJPL, incorporated in 2004, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold
jewellery.


MABEL ENGINEERS: ICRA Suspends 'B' Rating on INR12.54cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B outstanding on
the INR12.54 crore bank facilities and the short-term rating of
[ICRA]A4 outstanding on the INR2.90 crore bank facilities of
Mabel Engineers Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


MADHUVAN PRASAD: ICRA Reaffirms B+ Rating on INR7.50cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR7.50
crore long-term fund based facilities of Madhuvan Prasad Infra
Private Limited at [ICRA]B+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term- Fund Based     7.50       [ICRA]B+ Reaffirmed

The rating re-affirmation takes into account the strong track
record of the promoter with over a decade's presence in real
estate industry in Manipal, and the growth in occupancy levels
aided by favorable location of the hotel close to key commercial
areas in Manipal that enhances its business prospects and also
mitigates competition to an extent. The rating, further takes
into account the improvement in MPIPL's revenues and healthy
operating margins during 2014-15 and 2015-16; which are supported
by higher room revenues, increased food & beverage income and
steady rentals. The focus of the management on varied promotional
activities undertaken including arrangements with corporate
clients for conferences at the hotel; tie up with travel websites
and loyalty card scheme for customers etc has supported the
revenue growth of the hotel.

The rating is, however, constrained by MPIPL's small scale of
operations with a single property, limiting the operational and
financial flexibility to an extent; and the competition from new
and existing hotels in the vicinity which has led to a dip in the
Average Room Rates (ARR's) during 2015-16. The rating also
considers MPIPL's moderate financial profile as reflected by
almost fully utilized working capital limits, stretched capital
structure and coverage indicators, notwithstanding the
improvement witnessed in 2014-15 and 2015-16, and the sizeable
repayment obligations to be met in the near to medium term vis-a-
vis cash accruals of the company. The rating continues to factor
in the cyclical nature of the hotel industry with vulnerability
to general economic slowdowns, which could impact ARRs and
occupancy levels.

With a cumulative repayment obligation of INR~6.30 crore over the
next six years, MPIPL's ability to improve its scale of
operations with comfortable accruals will be the key credit
monitorables.

Madhuvan Prasad Infra Pvt Ltd (MPIPL) was incorporated as a
Private Limited Company in 2010 at Manipal, Karnataka. The
company is into the hospitality industry and has constructed a 3-
star hotel by the name "Hotel Madhuvan Serai" at Upendra Nagar in
Manipal which commenced operations on July 19, 2013. The hotel
consists of 7 floors with a built-up area of about 55,000 sft. It
consists of vegetarian and non-vegetarian restaurants, two
banquet halls, a conference hall and 46 rooms. The company has
leased out a space of 4750 sft in the ground floor to State Bank
of India for opening its branch and ATM and to Axis Bank for ATM
for a total yearly rental of ~Rs.25 lakhs.

Recent results
During 2014-15, the Company reported a profit after tax of
INR0.49 crore on an operating income of INR4.05 crore as against
a net profit of INR0.10 crore on an operating income of INR2.18
crore during 2013-14.


MAHESH KUMAR: ICRA Suspends 'D' Rating on INR11.03cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR11.03 crore bank facilities and short-term rating of
INR0.75 crore bank facilities of Mahesh Kumar Spinning Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


MANAS AUTOMOTIVE: CRISIL Suspends B- Rating on INR170MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Manas Automotive Systems Limited (MASL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B-/Stable
   Term Loan              170        CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by MASL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MASL is yet to
provide adequate information to enable CRISIL to assess MASL'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 August 2009 and promoted by Mr. Jagjit Singh
Nain, MASL manufactures rear-view mirrors at its facility in Pune
(Maharashtra). During 2014-15 (refers to financial year, April 1
to March 31), Badve Engineering Ltd and Mask Polymers bought out
Mr. Nain's equity in proportion of 3:2, and have taken over
management control.


MEENAR INDUSTRIES: ICRA Reaffirms 'B' Rating on INR22.25cr Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B  to the
INR29.751 crore fund-based bank facilities of Meenar Industries
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              7.50       [ICRA]B; Reaffirmed
   Term Loans              22.25       [ICRA]B; Reaffirmed

ICRA's rating reaffirmation takes into account delay in
commissioning of MIL's man-made yarn manufacturing facility,
which commenced commercial operations from April 2015 from
estimated December 2014. Further, the company has installed only
half of the planned capacity and completion of remaining project
is contingent on the capacity utilization of existing facilities.
As a result, the company has drawn INR13.6 crore of sanctioned
loans compared to total sanctioned loans of INR22.2 crore. ICRA
also notes little room for missteps in capacity stabilization and
production ramp up, and the company's ability to generate
satisfactory production levels and profitability would be
critical to generate adequate accruals for debt servicing. The
rating is also constrained by the commoditized nature of the
product and intense competition in a fragmented industry which
limits the company's pricing power. Icra has also noted the
change in debt repayment schedule of the term loans which has
eased the liquidity pressure to some extent in the immediate
term.

The rating, however, derives comfort from the extensive track
record of the promoters in yarn trading, which has helped them
establish their marketing channels, and assured off-take, albeit
of a small fraction of the capacity being installed in MIL, by a
group entity, Meenar Polydyed Yarns Limited (rated [ICRA]BB-
(Stable)), which is engaged in yarn processing.
Going forward, MIL's ability to ramp up its operations, while
maintaining adequate profitability and liquidity, will be the key
rating sensitivities.

Incorporated in 2007, MIL is setting up a green-field polyester
yarn manufacturing facility at Varanasi, Uttar Pradesh with a
total capacity of 15,000 metric tonnes per annum (MTPA). The
project is being executed in two phases, with commissioning of
phase I, with a capacity of 7500 MTPA, commenced in April 2015
and phase II with an equal capacity, yet to be commissioned. The
promoter family has experience of over three decades in trading
of yarns and also operates a yarn processing house.

Recent Results
As per the provisional results, MIL reported an operating income
(OI) of INR17.75 crore and net profit (PAT) of INR0.13 crore in
FY2016.


MOENUS TEXTILE: Ind-Ra Hikes Long-Term Issuer Rating to 'IND BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Moenus Textile
Private Limited's (MTPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB-'.The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in MTPL's credit metrics. Its
interest coverage (operating EBITDA/gross interest expense) was
4.06x in FY16 (FY15:2.9x) and net leverage (total adjusted net
debt/operating EBITDAR) was 1.64x (2.53x). The upgrade also
factors in MTPL's comfortable liquidity position as reflected by
its working capital utilisation of close to 75% during the 12
months ended May 2016.

The ratings continue to be supported by over two decades of
operating experience of one of the company's promoters in the
textile industry.

The ratings, however, continue to be constrained by MTPL's small
scale of operations as it reported revenue of INR389.7m in FY16
(FY15:INR394.46 million).

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operation while
maintaining the present credit profile could be positive for the
ratings.

Negative: A sustained deterioration in the overall credit metrics
could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2005, MTPL manufactures cotton yarn using rotor
spinning technology in Mandideep, Madhya Pradesh.  The company
also has a waste recycling plant to produce low-value cotton
yarn.

MTPL is planning a debt-funded cap-ex of INR50 million in the
current FY for increasing the total capacity of its manufacturing
unit to 7200 MTPA from 6000 MTPA.

MTPL's ratings:

-- Long-Term Issuer Rating: upgraded to 'IND BB+' from
    'IND BB-'; Outlook Stable
-- INR106 million fund-based working capital limit: upgraded to
    'IND BB+'/Stable from 'IND BB-'/Stable
-- INR57.1 million term loans (increased from INR41.44 million):
    upgraded to 'IND BB+'/Stable from 'IND BB-'/Stable
-- INR21 million non-fund-based working capital limit: affirmed
    at 'IND A4+'


MS SOLVEX: CRISIL Suspends B+ Rating on INR180MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
MS Solvex Private Limited (MS Solvex).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Term Loan              180        CRISIL B+/Stable

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

MS Solvex, incorporated in December 2012, is promoted by Mr.
Sanjay Kumar Chopra, Manish Chopra, Ankit Agrawal and Mr. Naveen
Agrawal. The company is currently setting up a 400 tonnes per day
(TPD) solvent extraction plant, 100 TPD refining unit and 3.5 TPD
lecithin powder plant at Village Jamunia Khurd, Neemuch (Madhya
Pradesh).


MULTIPLE EXIM: ICRA Suspends 'B' Rating on INR5.72cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR5.72 crore bank facilities
of Multiple Exim Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


NAKSHATRA HOTELS: CRISIL Suspends B+ Rating on INR78.5MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Nakshatra Hotels Private Limited (NHPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            12.5      CRISIL B+/Stable
   Long Term Loan         78.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      9.0      CRISIL B+/Stable

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

Nakshatra Hotels Private Limited (NHPL) was incorporated in the
year 2006 by Mr Sachin Patel. NHPL is engaged in hospitality in
Anand, Gujarat.


PARSHWANATH GINNING: CRISIL Suspends B Rating on INR40M Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Parshwanath Ginning and Oil Industries (PGOI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      15.2      CRISIL B/Stable
   Term Loan                9.8      CRISIL B/Stable

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

PGOI was established in 2008. It is engaged in ginning and
pressing of cotton. It recently set up an expeller for extracting
oil. The business is owned and managed by Mr. Dadubhai Chavda and
Mr. Ganeshbhai Chavda. Its factory is in Surendranagar (Gujarat).


PRASHANT FABRICS: CRISIL Suspends B+ Rating on INR200MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Prashant Fabrics India Private Limited (PFIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             80        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B+/Stable
   Term Loan              200        CRISIL B+/Stable

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

PFIPL is involved in the fabric (grey fabric) processing business
through bleaching, dyeing, printing, and finishing of fabric. The
company is currently involved in both jobwork as well as
manufacturing. PFIPL sells its products under its own brand name,
Prashant Fabrics.


PRAYAGRAJ POWER: ICRA Assigns 'D' Rating to INR10,393cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D to the INR544
crore term loans of Prayagraj Power Generation Company Ltd. ICRA
has an outstanding long term rating of [ICRA]D on INR9849 crore
term loans of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              10,393        [ICRA]D (assigned)

The rating reaffirmation takes into account delays in servicing
of interest by PPGCL which is engaged in setting up a 1980 MW
power plant in Bara tehsil in Allahabad district of Uttar
Pradesh. The rating continues to factor in the weak financial
profile of PPGCL's holding company Jaiprakash Power Ventures
Limited (JPVL) and the refinancing risk faced by JPVL towards its
large repayment obligations. ICRA notes that the financial
profile of JPVL has weakened over the years due to time and cost
overrun in various thermal power projects under
execution/recently commissioned, also accentuated by substantial
funds required in the short to medium term for meeting its equity
commitments in various projects and repaying its debt
obligations.

ICRA also makes a note of the delay in project execution (PPGCL)
by more than one year resulting in significant cost overrun in
the project. The project cost has increased from INR5.44 crore
per MW initially to INR7.37 crore per MW due to price variations
in boiler-turbine-generator (BTG) contract on account of adverse
exchange rate fluctuations, and due to increase in interest
during construction, civil costs and preliminary expenses. This
increase in fixed cost is unlikely to be fully recovered through
tariffs as the power purchase agreement (PPA) signed is based on
competitive bidding, thus resulting in lower-than-expected
project returns limiting the debt servicing capability of PPGCL,
if sufficient plant utilization levels are not achieved. Further,
the project remains exposed to high counterparty credit risk
arising out of poor financial health of Uttar Pradesh based
distribution utilities; nevertheless, payment securities
mechanisms in the form of letter of credit, escrow mechanism and
third party sale built in the PPA provide some comfort.

ICRA also makes a note of the commencement of generation in the
first unit and the past experience of the Jaypee Group in setting
up large power projects in various parts of the country.

Prayagraj Power Generation Company Limited (PPGCL) is an SPV
promoted by the Jaiprakash Power Ventures Limited (JPVL), holding
company for power projects of Jaypee Group, for the development
of a 1980 (3X660) thermal power project based on super critical
technology at Bara tehsil in Allahabad district of Uttar Pradesh.
The entire land of 1468 acres has been acquired for the project
and all the major approvals are in place. The total cost of the
project increased from INR13,870.00 crore to INR14,596.00 crore
that is to be funded in debt equity ratio of 75:25. The first
unit of the plat has commenced generation on 28th Feb 2016 and
unit 2 and unit 3 are expected to commence generation from May -
16 and Aug-16 respectively.


PULSAR CERAMIC: ICRA Withdraws B+/A4 Rating on INR6.06cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings of [ICRA]B+/[ICRA]A4 assigned to
the INR6.06 crore bank limits of Pulsar Ceramic, which were under
notice of withdrawal. The ratings are withdrawn as the period of
notice of withdrawal is completed.


PUPNEJA RICE: CRISIL Lowers Rating on INR131.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pupneja Rice Mills (PRM) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            131.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan           2.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Warehouse Financing     60.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delay in servicing debt, and overdrawn
cash credit limits, during March to May 2016. This was because of
weak liquidity driven by large working capital requirement and
volatility in raw material prices.

The firm also has a below-average financial risk profile because
of weak debt protection metrics. Besides, it has a modest scale
of operations in the highly fragmented rice industry, and its
margins are susceptible to fluctuations in raw material prices.
These rating weaknesses are partially offset by the extensive
industry experience of its promoters.

PRM was established in 1982 as a partnership firm in Jalalabad,
Punjab. The firm was founded by Mr. Suraj Chand, along with his
son, Mr. Hari Chand, and their partner, Mr. Ramesh Kumar. In
2006, Mr. Suraj Chand and Mr. Ramesh Kumar retired from the firm,
and subsequently, Mr. Hari Chand's sons, Mr. Sunny Pupneja and
Mr. Rajan Pupneja took over the business. PRM hulls and mills
paddy rice. It has a processing mill with a capacity of 5 tonne
per hour.


RAMDEV COTTON: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ramdev Cotton Industries (RCI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B/Stable
   Term Loan               28.5      CRISIL B/Stable

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

RCI, based in Harij (Gujarat), was incorporated in 2013. The
company is engaged in ginning and pressing of raw cotton. Its
facility at Harij has a ginning capacity of 30,000 tonnes per
annum and oil extraction capacity of 12,000 tonnes per annum. It
commenced production from May, 2014.


SESHASAYEE KNITTINGS: CRISIL Reaffirms B+ Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Seshasayee Knittings
Private Limited (SKPL) continues to reflect its modest scale of
operations, its large working capital requirements, and its
exposure to intense competition in the innerwear industry.

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

   Proposed Cash
   Credit Limit            30       CRISIL B+/Stable (Reaffirmed)

The rating also reflects its average financial risk profile
marked by its small net worth, moderate gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by its established regional presence in the innerwear industry
supported by its promoters' extensive industry experience and
entrenched distribution network.
Outlook: Stable

CRISIL believes that SKPL's will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is substantial
and sustained increase in the company's scale of operations,
while maintaining its profitability margins, or there is a
sustained improvement in its working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the profitability margins, or significant
deterioration in its capital structure   caused most likely by a
stretch in its working capital cycle.

SKPL was set up in 1988 by Mr. Thatavarthi Chandra Sekhara Rao
and his family members. The company manufactures inner garments
under the brand - Vilan. It is based in Vijayawada (Andhra
Pradesh).


SHAFEEQ SHAMEEL: CRISIL Reaffirms B+ Rating on INR60MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Shafeeq Shameel and
Co. (SSC) continue to reflect SSC's below-average financial risk
profile marked by small net worth and high gearing, its small
scale of operations, and exposure to intense competition in the
leather industry These rating weaknesses are partially offset by
the firm's established track record and its promoters' extensive
experience in the leather industry.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee           2.5     CRISIL A4 (Reaffirmed)

   Export Packing Credit   60.0     CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            110.0     CRISIL A4 (Reaffirmed)

   Letter of Credit        20.0     CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                  27.5     CRISIL B+/Stable (Reaffirmed)

CRISIL had earlier on 15 March 2016 downgraded its rating on the
bank facilities of Shafeeq Shameel and Co (SSC) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+. The
downgrade reflected the deterioration of SSC's business risk
profile, because of decline in operating margins and lower than
expected operating income. The company was estimated to report
revenues of INR 890 million during 2015-16 (refers to FY April 1
to March 31) as against CRISIL's expectations of around INR1.1
billion. Further operating margins had also declined to around 5
percent for 2015-16 from 7 percent for 2014-15. The decline in
operating performance was primarily on account of sluggish demand
for leather products in the export market and intense competition
in the industry. The decline in operating performance shall
weaken the financial risk profile as will be reflected in the
high gearing and weak debt protection metrics. CRISIL believes
that SSC's operating performance shall remain under pressure over
the medium term on account of intense competition and muted
demand for finished leather.
Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly improves
its financial risk profile, either through substantial cash
accrual backed by increased scale of operations and operating
profitability, or through equity infusion. Conversely, the
outlook may be revised to 'Negative' if liquidity weakens because
of sizeable capital withdrawal, or significant debt-funded
capital expenditure, or stretch in working capital cycle.

SSC, set up in 1967 by Mr. N Mohammed Sayeed and based in
Chennai, undertakes vegetable tanning of raw hides (goat skin) to
produce finished leather.


SHREE JEE: CRISIL Reaffirms 'B' Rating on INR150MM Cash Loan
------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Shree Jee Trading
Company (SJTC) continues to reflect the constrained financial
risk profile, due to a small net worth, weak debt-protection
metrics, and a high total outside liabilities to tangible net
worth (TOL/TNW) ratio.

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

The firm is also exposed to intense competition in the agro
commodities trading business. These weaknesses are partially
offset by extensive industry experience of the promoter.
Outlook: Stable

CRISIL believes SJTC will continue to benefit from extensive
industry experience of the promoter. The outlook may be revised
to 'Positive' if better profitability or an equity infusion helps
the net worth and capital structure improves. The outlook may be
revised to 'Negative' if a stretched working capital cycle
weakens the financial risk profile.

SJTC, established as a proprietorship firm in 2001, trades in
pulses, such as moong, masoor, channa, and urad. Moong forms over
70 percent of traded volume. Operations are managed by  Mr.
Sanjay Bansal.

On a provisional basis, the firm reported profit after tax (PAT)
of INR1.3 million on net sales of INR1,479 million for 2015-16
(refers to financial year, April 1 to March 31), against INR1.3
million and INR1,312 million, respectively, in 2014-15.


SHREE LAXMI: ICRA Reaffirms 'B' Rating on INR4.50cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B assigned to
the INR4.50 crore cash credit facility and INR1.44 crore term
loan facility of Shree Laxmi Guar Gum Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                1.44        [ICRA]B reaffirmed
   Cash Credit              4.50        [ICRA]B reaffirmed

The reaffirmation of rating takes into account the weak financial
profile of the firm as characterised by relatively small scale of
operations, adverse capital structure, thin profitability and low
coverage indicators. The rating is constrained by Stretched
liquidity profile as reflected by almost full utilization of its
working capital limits on account of high working capital
intensity. The rating also takes into account the vulnerability
of firm's profitability to the fortunes of oil & gas industry
(majorly Shale gas exploration in USA) being the major user
industry. The rating is further constrained by the presence of
the firm in the low value added/highly commoditised segment of
highly fragmented and competitive processing industry. ICRA also
notes that as SGI is a partnership firm and any significant
withdrawals from the capital account by the partners could
adversely affect its net worth and thereby its capital structure.
The rating however continues to favorably take into account the
promoters' experience in guar seed trading and Proximity of plant
to guar seed producing belt in Gujarat enabling ease of access to
raw material sources.

Established in October 2014, Shree Laxmi Guar Gum Industries
(SLGGI) is engaged in processing of guar seeds to manufacture
guar gum refined splits as main product and churi and korma as by
product. The plant is located at Halvad in Surendranagar district
of Gujarat with installed capacity of processing 10,800 MT of raw
guar seeds per annum. The firm is promoted by Mr. Rajanikumar
Gopani and five other partners, with three of the partners having
long standing experience in trading of agricultural commodities
at the agriculture produce market committee (APMC), Halvad.

Recent Results
During the first ten months of operations in FY2016 (provisional
unaudited financials), SLGGI has reported an operating Income of
INR25.37 crore and net profit of Rs.0.02 crore.


SHRI TULSI: ICRA Reaffirms B+ Rating on INR5.50cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR5.50 crore fund based limits of Shri Tulsi Oil Products.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long term-Fund-Based
   Limits (Cash Credit)       5.50       [ICRA]B+; reaffirmed

The rating reaffirmation factors in the established track record
of the firm in the oil manufacturing industry and easy
availability of raw material by virtue of plant's location in
Maharashtra.

However, the rating is constrained by the highly competitive and
limited value additive nature of the cotton oil industry which
coupled with the firm's modest scale of operations has resulted
in modest profitability indicators for the firm. Moreover, the
firm's profitability remains exposed to fluctuations in prices of
raw material. The rating is also constrained by the weak
financial profile of the firm characterised by weak coverage and
capitalization indicators. The rating also factors in risks
inherent in a partnership firm with respect to capital
withdrawals and exposure to regulatory risks.

Going forward, the ability of the firm to scale up the operations
and, improve its profitability and capital structure/debt
coverage indicators will be a key rating sensitivity.

Shri Tulsi Oil Products is a partnership firm promoted by Mr.
Chetan Chopda and his wife Mrs. Payal Chopa and commenced
operations in 2008. The firm is engaged in crushing of cotton
seed to produce cotton oil and cotton cake. Cotton oil is sold to
refineries for refining and cotton cake is used as a cattle feed.
The manufacturing units of the firm are located at Vidarbha
District in Maharashtra with a total installed capacity of 10,000
metric tonnes per annum.

Recent Results
The firm reported Profit After Tax (PAT) of INR0.1 crores on
operating income (OI) of INR29.0 crores in FY2016 provisional
results as against PAT of INR0.3 crores on OI of INR23.8 crores
in FY2015.


SMPC INDUSTRIES: CRISIL Suspends B Rating on INR100MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilty of SMPC
Industries (India) Private Limited (SMPC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      100       CRISIL B/Stable

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

Incorporated in 2004 and based in Chennai, SMPC is engaged in
processing of steel which includes cutting, shearing and re-
shearing of galvanised corrugated sheets on a job work basis. The
company is promoted by Mr. Azam Khan.


SMS INFRASTRUCTURE: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn SMS
Infrastructure Limited (SMS) 'IND BB(suspended)' Long-Term Issuer
Rating. A full list of rating actions is at the end of this
commentary.

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

Ind-Ra suspended SMS's ratings on 30 December 2015.

SMS's ratings:
-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
    withdrawn
-- INR2,442.5 million fund-based working capital limits: Long-
    term 'IND BB(suspended)' and Short-term 'IND A4+(suspended)';
    ratings withdrawn
-- INR6,830 million non-fund-based working capital limits:
    Short-term 'IND A4+(suspended)'; rating withdrawn


SPA CERAMIC: ICRA Reaffirms B- Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B- assigned to
the INR4.00 crore cash credit facility and INR2.00 crore term
loan facility of Spa Ceramic Private Limited. ICRA has also
reaffirmed the short-term rating at [ICRA]A4 assigned to the
Rs.0.90 crore non-fund based facility of SCPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.00       [ICRA]B- reaffirmed
   Term loan                2.00       [ICRA]B- reaffirmed
   Bank Guarantee           0.90       [ICRA]A4 reaffirmed

The ratings reaffirmation continues to factor in SCPL's small
scale of operations, coupled with a decline in operating income
since 2013 (from INR21.37 crore in FY2012 to INR10.83 crore in
FY2016) as well as the moderate financial risk profile,
characterised by a high gearing level, moderate profitability and
modest coverage indicators. The ratings factor in its stretched
liquidity profile reflected by almost full utilisation of working
capital limits on account of high working capital intensity. The
ratings also take into account the highly competitive domestic
ceramics industry with the presence of large established
organised tile manufacturers as well as unorganised players in
Morbi (Gujarat), resulting in limited pricing flexibility. The
ratings are further constrained by the cyclical nature of the
real estate industry, which is the main consuming sector, and
exposure of the firm's profitability to volatility in raw
material and fuel prices.

The ratings, however, favourably factor in the promoters'
experience in the ceramics industry and the firm's competitive
advantage in raw material procurement, on account of its location
in Morbi, a tile-manufacturing hub. The ratings further draw
comfort from the improvement in operating profitability,
following a reduction in the power and fuel cost.

Incorporated in November 2009, Spa Ceramics Private Limited
(SCPL) manufactures digital ceramic wall tiles. The company has
its manufacturing facility at Morbi, Gujarat with a total
manufacturing capacity of ~18,25,000 boxes per annum. SCPL
currently manufactures wall tiles in a single size of 8"x24"
under its established 'Emilus' brand and sells its products in
the domestic and exports markets. The promoters have years of
experience in the ceramic tile industry.

Recent Results
During FY2015, SCPL reported an operating income of INR11.51
crore and net loss of INR0.20 crore as against an operating
income of INR12.31 crore and net loss of INR2.33 crore during
FY2014. Further during FY2016 (provisional unaudited financials),
SCPL reported an operating income of INR10.83 crore and net
profit of INR0.57 crore.


SREE SATYA: ICRA Suspends B+ Rating on INR8.50cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to INR8.50 crore
bank facilities of Sree Satya Sreenivasa Raw & Boiled Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


STYLE ONE: ICRA Suspends 'B' Rating on INR21.8cr Term Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B assigned to
the INR21.8 crore term loan facilities and INR17.6 crore fund
based facilities and INR0.60 crore unallocated facilities of
Style One Retail 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.


SURYA SYNTHETICS: ICRA Suspends B+ Rating on INR12cr Bank Loan
--------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR12.00 Crore bank lines of Surya Synthetics. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Surya Synthetics (SS), a partnership firm established in 1990 is
managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm is
engaged in the production of cotton and synthetic fabrics which
is used in making ladies suits, dress materials, shawls, etc. The
firm's manufacturing unit is located in Ludhiana and comprises of
74 looms, 40 embroidery machines and 1 printing machine.


SUSEE AUTO: ICRA Suspends B- LT Rating on INR7.50cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR7.50 crore term loan facilities and INR7.00 crore proposed
long term facilities and the short-term rating of [ICRA]A4
assigned to INR4.50 crore non-fund based facilities of Susee Auto
Spares 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 PREMIUM: ICRA Suspends 'B' Rating on INR12cr New Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B  assigned to
the INR3.50 crore term loan facilities, INR1.50 crore fund based
facilities and INR12.00 crore proposed facilities of Susee
Premium 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.


SVASCA INDUSTRIES: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Svasca
Industries (India) Limited (SIIL) 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 SIIL's small scale of operations, weak credit
metrics and moderate operating margins due to the highly
competitive tender-based nature of business. Provisional FY16
financials indicate revenue of INR539.61m (FY15: INR491.36m), net
leverage (total Ind-Ra adjusted net debt/operating EBITDAR) of
3.03x (3.97x), gross interest cover (operating EBITDA/gross
interest expense) of 1.37x (1.14x) and EBITDA margins of 9.13%
(8.17%).

The ratings also factor in SIIL's full use of the working capital
facilities during the 12 months ended May 2016.  The overall net
conversion cycle deteriorated to 89 days in FY16 from 83 days in
FY15, mainly due to higher payable and receivable days.

However, the ratings are supported by SIIL's founder's experience
of over three decades in electrical products manufacturing.

RATING SENSITIVITIES

Negative: Further stress on the liquidity profile and a decline
in the profitability or an increase in the working capital cycle
leading to deterioration in the overall credit metrics will be
negative for the ratings.

Positive: A significant improvement in the revenue while the
credit profile being maintained or improving will be positive for
the ratings.

COMPANY PROFILE

SIIL was established in 1997 and manufactures power and
distribution transformers and servo voltage stabilisers at its
facilities in Rudrapur (Uttarakhand) and Faridabad (Haryana).

SIIL's ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR130.00 million fund based limit: assigned 'IND
    B+'/Stable/'IND A4'
-- INR160.00 million non-fund based limits: assigned 'IND A4'


TASA FOODS: ICRA Upgrades Rating on INR7.85cr Term Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR7.85 crore
term loan and INR1.00 crore non fund based limits of Tasa Foods
Private Limited from [ICRA]B to [ICRA]B+ ICRA has reaffirmed the
short-term rating at [ICRA]A4 for the INR18.50 crore fund based
facilities of TFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                7.85       [ICRA]B+/upgraded
                                       from [ICRA]B

   Non Fund Based-          1.00       [ICRA]B+/upgraded
   Bank Guarantee                      from [ICRA]B

   Fund Based/Packing
   Credit                  18.50       [ICRA]A4/reaffirmed

The rating revision positively factors in the favourable
regulatory support extended to the company by the Government of
Andhra Pradesh in the form of capital subsidy and interest
subvention. The rating revision also factors in the expected
growth in company's revenues driven by increase in the installed
capacity from 14,000 mtpa to 30,000 mtpa. Further, the ratings
continue to favourably factor in the experience of the promoters
in the fruit processing business and the stable nature of the
food industry; the demands for fruit products are largely steady
and are unrelated to the economic cycles.

The rating revision, however, continues to be constrained by the
moderate financial profile of TFPL as characterized by modest
scale of operations, high gearing and moderate debt protection
metrics. The ratings continue to take into consideration the
seasonality in the business which leads to high working capital
requirement during peak season as characterized by high working
capital utilizations during May to July, and the agro-climatic
risks associated with the availability of raw materials. The
ratings also take into account intense competition in the fruit
pulp industry market by presence of large number of organized and
unorganized players.

Going forward, the company's ability to scale up business while
improving its margins and optimizing the working capital
requirements would remain the key rating sensitivities.

Tasa Foods Private Limited (TFPL), incorporated in 1999, is
primarily involved in the manufacturing of mango pulp from
selected varieties (totapuri, alphonso, senthura and rajapuri)
and other fruit pulps like guava and papaya. The company has its
manufacturing facility located in Chittoor district of Andhra
Pradesh with an installed capacity of 30,000 MTPA. TFPL exports
its products primarily to countries in Europe, Africa and Middle
East.

Recent Results
For 2015-16, the company reported an operating income of INR50.07
crore (as per provisional results) and a net profit of INR1.50
crore as against an operating income and a net profit of INR44.89
and INR0.72 crore respectively in 2014-15.


TRUMP IMPEX: CRISIL Ups Rating on INR95MM Cash Loan to BB-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Trump Impex Private Limited (TIPL) to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             95        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects improvement in TIPL's business and financial
risk profiles, backed by healthy revenue growth and fund infusion
by its promoter. The revenue grew 58 per cent in 2015-16 (refers
to financial year, April 1 to March 31) to INR2.1 billion, driven
by healthy demand. Equity infusion of INR148 million as well as
infusion of additional unsecured loans of INR77 million in 2015-
16 led to significant improvement in the total outside
liabilities to tangible net worth ratio to 3 times as on
March 31, 2016, from around 12 times a year earlier. The networth
increased to INR180 million from INR31 million. Funds from the
promoter were used to meet incremental working capital
requirement, limiting reliance on bank debt. CRISIL believes TIPL
will sustain its improved financial risk profile on the back of
continued financial support from its promoter.

The rating reflects the extensive experience of TIPL's promoter
in the metals trading business and his funding support. These
strengths are partially offset by TIPL's presence in the highly
fragmented and competitive metal trading industry and the
company's average financial risk profile, marked by moderately
high external indebtedness, and weak debt protection metrics
though partially supported by moderate net worth.
Outlook: Stable

CRISIL believes TIPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if there is improvement in
its operating margin, leading to enhanced accrual, and a better
capital structure. The outlook may be revised to 'Negative' in
case of a significant decline in revenue or profitability, or
stretch in working capital cycle, leading to deterioration in the
financial risk profile.

TIPL, incorporated in 2009 , trades in ingots, billets, ferrous,
and non-ferrous metal scrap. The company is promoted and managed
by Mr. Devang Mehta. Its office is in Mumbai.

TIPL, on a provisional basis, had profit after tax (PAT) of
INR5.0 million on net sales of INR2.1 billion for fiscal 2016,
against PAT of INR2.2 million on net sales of INR1.3 billion for
fiscal 2015.


VERA INDIA: ICRA Reaffirms B+ Rating on INR25cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the INR25
crore (enhanced from INR18 crore) cash credit facility of Vera
India Limited (VIL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             25.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the sustained
improvement in VIL's scale of operations in the last two years,
with operating income of INR77.35 crore in 2014-15 vis a vis
INR28 crore during 7M 2013-14. The firm recorded operating income
of INR94.50 crore during 10M 2015-16.

ICRA's rating continues to be constrained by thin operating
margins (2.76% in 2014-15 ) due to the low value add nature of
trading business and fragmented industry structure and the
profitability being exposed to agro-climatic risks which can
cause volatility in raw material prices. The rating also takes
into account the moderately high working capital requirements due
to high receivable and inventory days; and the weak return and
coverage indicators with ROCE of 10.22%, interest coverage of
1.17 times and TD/OBDITA of 8.79 times during 2014-15. The
rating, however, favourably factors in the extensive experience
of the promoters in edible oils & oil seeds business with strong
presence in the state of Punjab through associate concerns and
the favourable location of the company in Muktsar (Punjab)
facilitating finished goods procurement by virtue of proximity to
cotton and mustard seed producing belts of the country.

VIL was incorporated in July 2013 with Mrs. Sita Rani, Mr. Vijay
Kumar and Mr. Rakesh Kumar as its promoters. The company began
operations in August 2013 and is engaged in trading of tea,
cotton and mustard seeds, cakes and oil. The firm operates out of
its office situated at Muktsar, Punjab, in the same area as the
group's other manufacturing firms. The plant has a built up area
of ~ 1 acre. The goods for trading are procured from the group
companies- Vijay Oil Mills (mustard oil and cakes) and Vijay Agro
Foods (tea). The products are sold through distributors under the
brand name of 'VERA' to customers across Punjab, HP, J&K, Delhi,
Haryana and other parts of North India.

In 2015-16, VIL reported a net profit of INR0.24 crore on an
operating income of INR77.35 crore, as against a net profit of
INR0.08 crore on an operating income of INR28 crore during 7M
2013-14. Also as per the provisional figures, during 10M 2015-16,
VIL reported a net profit of INR0.36 crore on an operating income
of INR94.50 crore.


VIDARBHA WINDING: CRISIL Suspends 'D' Rating on INR110MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vidarbha Winding Wires Limited (VWWL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL D
   Cash Credit            110        CRISIL D
   Letter of Credit        60        CRISIL D

The suspension of ratings is on account of non-cooperation by
VWWL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VWWL is yet to
provide adequate information to enable CRISIL to assess VWWL'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 1989 and promoted by Mr. Rohit Agarwal, VWWL is a
Nagpur (Maharashtra)-based company. VWWL manufactures bare and
enameled copper and aluminium wires. Such wires are primarily
used for overhead transmission and distribution of electricity.


YASH CONSTRUCTION: CRISIL Assigns B Rating to INR85MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Yash Construction Company - Latur (YCC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             85        CRISIL B/Stable
   Term Loan               15        CRISIL B/Stable

The rating reflects the firm's stretched working capital cycle,
modest scale of operations, and exposure to tender-based business
amid geographical concentration in revenue. These weaknesses are
partially offset by extensive experience of promoters in the
civil construction industry and near-term revenue visibility due
to moderate order book.
Outlook: Stable

CRISIL believes YCC will benefit over the medium term from the
extensive experience of its promoters and moderate order book.
The outlook may be revised to 'Positive' if firm reports better-
than-expected scale of operations, while maintaining
profitability, leads to substantial cash accrual. Conversely, the
outlook may be revised to 'Negative' in case of lower than
expected cash accrual, further stretch in working capital cycle,
or unexpectedly large debt-funded capital expenditure weakens
financial risk profile, particularly liquidity.

Set up in 2007 in Latur as a partnership firm by Ms. Anita
Thombre and Ms. Vandna Thorat, YCC undertakes civil construction
contracts for roads, bridges, and buildings in Maharashtra.


ZETA INDUSTRIAL: ICRA Assigns B+ Rating to INR4.50cr Loan
---------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to the INR10 crore fund
based, non-fund based and proposed bank facilities of Zeta
Industrial Corporation Pvt. Ltd.  The suspension of May 2013 has
been revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        2.50       [ICRA]B+; Assigned
   Non-fund Based Limits    4.50       [ICRA]B+; Assigned
   Unallocated (Proposed
   Limits)                  3.00       [ICRA]B+; Assigned

The assigned rating takes into account ZICL's presence in the
highly fragmented electrical switchgear products industry, with
competition from various organised as well as unorganised
players. Coupled with the bidding based model for award of
contracts, along with the company's limited bargaining power
vis-a-vis large clients, this has led to pricing pressure. The
rating also factor in the company's high working capital
intensity of operations, primarily driven by stretched
receivables. Nevertheless, ~30-35% of the total sales is
registered in Q4 during last few years. The ratings are further
constrained by the company's modest scale of operations and its
weak coverage indicators, as reflected by an interest cover of
1.32 times in FY2016. The rating, however, derives comfort form
ZICL's experienced management, and its established relationships
with key customers, which have enabled it to secure repeat orders
in the past.

The company's ability to improve its scale of operations and
profitability while maintaining an optimal working capital
intensity would be the key rating sensitivities.

Zeta Industrial Corporation Pvt. Ltd. is engaged in the business
of assembling switchgears. ZICL was set up by Mr Sanjay Gujral,
and is managed by his two sons, Siddharth and Karan Gujral, who
have several years of experience in the industry. The company's
facility is located at Ghaziabad in Uttar Pradesh.

Recent Results
In FY2015, the company reported a profit after tax (PAT) of
INR0.12 crore on an operating income of INR12.74 crore, as
against a PAT of INR0.08 crore on an operating income of INR11.43
crore in the previous year. During FY2016, on a provisional
basis, the company reported an operating income of INR12.51
crore.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF SIATON: MB Prohibits Operations of Bank
-----------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
approved to prohibit Rural Bank of Siaton (Siaton, Negros
Oriental), Inc. from doing business in the Philippines by virtue
of MB Resolution No. 1202.A dated July 7, 2016. It directed the
Philippine Deposit Insurance Corporation (PDIC) as Receiver to
proceed with the takeover and liquidation of the bank. PDIC took
over the bank on July 8, 2016.

Rural Bank of Siaton is a single-unit rural bank located at Km.
50, National Highway, Poblacion Siaton, Negros Oriental. Based on
the Bank Information Sheet filed by the bank with the PDIC as of
December 31, 2015, Rural Bank of Siaton is owned by Emilio C.
Macias II (28.35%), Melba L. Macias (16.69%), Caroline Ann M.
Villa (12.37%), Victoriano L. Tizon (4.81%); and Emilio L. Macias
III, Lamberto L. Macias, Erwin Michael L. Macias, Edward Marck L.
Macias and Eileen Marie M. Pinili (at 3.85% each). The Bank's
President and Chairman is Eileen Marie M. Pinili.

Latest available records show that as of March 31, 2016, Rural
Bank of Siaton had 1,301 accounts with total deposit liabilities
of PHP46.6 million. Total insured deposits amounted to PHP40.7
million or 87.3% of total deposits.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Rural Bank of Siaton or acted as co-makers of
these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to concerned depositors at their addresses
recorded in the bank by the third week of July 2016.

Depositors may update their addresses until July 14, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts by the fourth week of July 2016.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on July 19, 2016. It enjoins all depositors and
borrowers to attend the Forum to verify with PDIC representatives
if they are eligible for early payment and the manner of paying
their loan obligations with the bank. Those not eligible will be
informed of the requirements and procedures for filing deposit
insurance claims. The time and venue of the Forum will be posted
in the bank's premises and announced in the PDIC website,
www.pdic.gov.ph. Likewise, the schedule of the claims settlement
operations, as well as the requirements and procedures for filing
claims will be announced through notices to be posted in the bank
premises, other public places and the PDIC website.

Rural Bank of Siaton is the first bank to be ordered closed by
the MB following the effectivity on June 11, 2016 of Republic Act
No. 10846 that amended the PDIC Charter.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph.



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


SRI LANKA: Moody's Assigns B1 Rating to US$ Bond Offering
---------------------------------------------------------
Moody's Investors Service has assigned a provisional rating of
(P)B1 to the Government of Sri Lanka's announced US-dollar
denominated bond offering.  The Government of Sri Lanka's issuer
rating is B1, with a negative outlook.

Moody's expects to remove the provisional status of the rating
upon the closing of the proposed issuance and a review of its
final terms.

                         RATINGS RATIONALE

Sri Lanka's B1 rating is supported by the economy's robust growth
potential and higher income levels than similarly rated
sovereigns.  With the effective implementation of some of the
fiscal policy measures and other structural reforms planned under
the International Monetary Fund's (IMF) Extended Fund Facility
(EFF), the government would be able to tap a significant
potential revenue base.

However, there are material risks that the IMF programme does not
deliver the outcomes that are currently expected.  This could
lead to a deterioration in Sri Lanka's credit metrics to levels
no longer comparable to B1-rated sovereigns.

In June 2016, Moody's affirmed Sri Lanka's B1 ratings and changed
the outlook to negative from stable.  The action was prompted by:
1) Our expectation of a further weakening in some of Sri Lanka's
fiscal metrics in an environment of subdued GDP growth which
could lead to renewed balance of payments pressure. 2) The
possibility that the effectiveness of the fiscal reforms
envisaged by the government may be lower than we currently
expect, which could further weaken fiscal and economic
performance.

The negative outlook signals that an upgrade is unlikely.
Evidence of effective reform implementation leading to
significant and lasting improvements in tax collection would be
positive.  Such an improvement, coupled with reforms of
macroeconomic policy that lead to more stable external financing
conditions, would support a return of the rating outlook to
stable.

Conversely, signs that the fiscal consolidation measures are
ineffective or that the authorities' commitment towards fiscal
consolidation is wavering would point to a higher debt burden for
longer and put negative pressure on the rating.  In particular,
if such developments were accompanied by a marked fall in foreign
exchange reserves and lack of market access, a downgrade to the
rating would be possible.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2015.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***