TCRAP_Public/160715.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

            Friday, July 15, 2016, Vol. 19, No. 139


                            Headlines


A U S T R A L I A

AUSTRALIAN PROPERTY: Court Upholds Appeal by Trust's Ex-Directors
CENTRAL CAR: First Creditors' Meeting Set For July 22
COULTER TRADING: Court Names Clifton Hall as Liquidators
J.T. CYCLES: Clifton Hall appointed as Liquidators
MR INDIA: Goes Into Liquidation

NATIONAL PLANT: First Creditors' Meeting Set For July 25


C H I N A

WEST CHINA CEMENT: Moody's Reviews Ba3 CFR for Downgrade


I N D I A

AKKAVILA K: CRISIL Assigns 'B+' Rating to INR45MM Cash Loan
AMBIKA PULSES: CRISIL Suspends 'B' Rating on INR117.5MM Loan
AMRIT AGROVET: ICRA Suspends 'D' Rating on INR14.5cr Loan
AMRIT HATCHERIES: ICRA Suspends 'D' Rating on INR81.81cr Loan
ARIYANAYAKI AGRO: CRISIL Reaffirms B+ Rating on INR91MM Loan

ASOKE TIMBER: ICRA Suspends B+/A4 Rating on INR7.50cr Loan
AVC MOTORS: CRISIL Lowers Rating on INR120MM Cash Loan to 'B'
AVC MOTORS NISSAN: CRISIL Lowers Rating on INR50MM Loan to B-
B.D. AGRICARE: ICRA Suspends 'B' Rating on INR8.35cr Bank Loan
BALPRADA HOTELS: ICRA Suspends 'D' Rating on INR102cr Bank Loan

BCPL CONDUCTORS: ICRA Suspends 'B/A4' Rating on INR7.10cr Loan
CHANDULAL CHANDRAKAR: CRISIL Ups Rating on INR1.3BB Loan to B+
COCHIN MINERALS: ICRA Cuts Rating on INR36.5cr LT Loan to 'D'
COSMOS INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
CRD FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

DUSAD ELECTRICALS: ICRA Suspends B+ Rating on INR6.5cr Loan
EURO PANEL: ICRA Reaffirms 'B' Rating on INR10cr Loan
FASTBUILD BLOCKS: ICRA Suspends D Rating on INR14.55cr Loan
GHANSHYAM DALL: Ind-Ra Upgrades LT Issuer Rating to 'IND BB-'
GWALIOR REGENCY: ICRA Suspends 'B' Rating on INR15cr Term Loan

HARYANA KESRI: ICRA Suspends 'B' Rating on INR12cr Bank Loan
HOMA ENGINEERING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
HT GLOBAL: Moody's Assigns Ba3 Rating to USD300MM 7% Sr. Notes
JINDAL AGROCORP: ICRA Suspends 'B/A4' Rating on INR28.25cr Loan
JUMBO BAG: CRISIL Reaffirms 'B+' Rating on INR345MM Cash Loan

KAM-AVIDA ENVIRO: CRISIL Suspends 'D' Rating on INR342.5MM Loan
KAMSRI PRINTING: ICRA Ups Rating on INR8.80cr Loan From 'C'
KISHAN COTTON: ICRA Revises Rating on INR12cr Cash Loan to B
KNISS LABORATORIES: CRISIL Suspends B+ Rating on INR30MM Loan
KRISHNA KUMAR: ICRA Suspends B+ Rating on INR2.25cr Loan

KUNDU HATCHERIES: ICRA Suspends C+ Rating on INR7cr Bank Loan
LICHCHHWI FOOD: Ind-Ra Withdraws 'Provisional IND B+' Loan Rating
LOTUS FARMS: CRISIL Upgrades Rating on INR479MM Cash Loan to B
LOTUS POULTRIES: CRISIL Ups Rating on INR139.1MM LT Loan to 'B'
MANIDHARI GUAR: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating

MASTER INDIA: CRISIL Reaffirms 'D' Rating on INR270MM LT Loan
MIRRIKH MOTORS: CRISIL Cuts Rating on INR150MM Cash Loan to 'B'
MURUGAN IDLI: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
ORBIT PRODUCTS: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
P. S. ENTERPRISES: ICRA Suspends B+/A4 Rating on INR30cr Loan

PCC INFRASTRUCTURE: CRISIL Reaffirms 'B' Rating on INR66MM Loan
POONAM TRADING: CRISIL Cuts Rating on INR80MM Cash Loan to 'D'
PRATHYUSHA CHEMICALS: CRISIL Reaffirms D Rating on INR291MM Loan
PRESSMACH ENGINEERS: CRISIL Assigns 'B' Rating to INR135MM Loan
PRESSMACH INFRASTRUCTURE: CRISIL Rates INR78MM LT Loan at 'B'

RAJ KISHORE: CRISIL Suspends B+ Rating on INR80MM Cash Loan
RAM COIR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
RANI CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR700MM Loan
S.R.K. CHEMICALS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
S.T. WOOLLEN: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan

SANKALP COTTON: ICRA Revises Rating on INR5.0cr Cash Loan to B
SANKLECHA CONSTRUCTIONS: CRISIL Ups Rating on INR200MM Loan to B+
SANTLAL INDUSTRIES: CRISIL Assigns B+ Rating to INR600MM Loan
SAWANT TRANSPORT: CRISIL Suspends B- Rating on INR130MM Loan
SHITAL GEMS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating

SHREE DOODHAGANGA: ICRA Suspends B- Rating on INR150cr Loan
SHREE SAI: CRISIL Suspends 'D' Rating on INR59MM Cash Loan
SHUBHLAXMI GUM: ICRA Revises Rating on INR7.0cr Loan to 'B'
SRI VENKATA: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
STARWOOD VENEERS: CRISIL Assigns 'B' Rating to INR11MM Loan

SURYA METALLOYS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
SUSAAH LABORATORIES: CRISIL Assigns B+ Rating to INR42.5MM Loan
SWAGATH: CRISIL Suspends B+ Rating on INR230MM Overdraft Loan
TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR77.5MM Loan
TENKASI TIMBER: CRISIL Lowers Rating on INR12.5MM Loan to 'B'

VASHUDEV TRADING: ICRA Suspends 'B' Rating on INR5.0cr Loan
VASUNDHARA CHEM: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
VEGA CONVEYORS: Ind-Ra Assigns IND BB+' Long-Term Issuer Rating
VIKAS TECHNOPLAST: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
VISHNU CARRIERS: ICRA Suspends C/A4 Rating on INR20cr Bank Loan

WARADE PACK: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan

* INDIA: Fitch Says Homebuilders With UK Assets Face Brexit Risks


I N D O N E S I A

SOECHI LINES: Moody's Assigns Definitive B1 Corp. Family Rating


J A P A N

SURUGA BANK: Fitch Affirms 'B' Support Rating Floor


M A L A Y S I A

1MALAYSIA: UBS Flagged Suspicious 1MBD Transactions to MAS


N E W  Z E A L A N D

MECARI PTY: Creditors Get 13.86 cents in the Dollar


S O U T H  K O R E A

HYUNDAI HEAVY: To Sell Brokerage Unit as Part of Restructuring


S R I  L A N K A

SRI LANKA: S&P Assigns 'B+' Long-Term Issue Rating to Global Bond


T H A I L A N D

THAILAND: Below-Trend Growth Signals Waning Competitiveness


                            - - - - -


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


AUSTRALIAN PROPERTY: Court Upholds Appeal by Trust's Ex-Directors
-----------------------------------------------------------------
The Full Court of the Federal Court of Australia has upheld an
appeal by former directors of Australian Property Custodian
Holdings Ltd) (APCHL), the responsible entity of The Prime
Retirement and Aged Care Property Trust (Prime Trust), finding
that the trial judge should not have found that any of the former
directors had contravened the Corporations Act as alleged by
ASIC. As a result, the previous disqualifications and pecuniary
penalties imposed on the directors will be set aside.

The former directors:

    Mr William Lewski;
    Dr Michael Wooldridge;
    Mr Mark Butler;
    Mr Kim Jaques; and
    Mr Peter Clarke

had appealed against Justice Murphy's findings on liability that
the directors had breached their duties as officers of APCHL.
APCHL was also found to have breached its duties as Responsible
Entity.

ASIC cross-appealed the disqualification and pecuniary penalties
made against Mr Lewski, and the pecuniary penalty orders made
against Dr Wooldridge, Mr Butler and Mr Jaques  on the basis that
they were manifestly inadequate. In light of the decision, the
Full Court considered that it was unnecessary to make findings on
ASIC's cross-appeal.

ASIC is currently reviewing the decision and has no further
comment at this time.

APCHL was the responsible entity of the Prime Trust, a managed
investment scheme which owned retirement villages in Queensland,
NSW and Victoria. On Oct. 18, 2010, voluntary administrators were
appointed to APCHL. On Nov. 23, 2011, Stirling Horne and Petr
Vrescky of PKF Lawler (formerly Lawler Draper Dillon) were
appointed liquidators following the creditors voting to place the
company into liquidation. Approximately 9,700 investors
contributed over AUD500 million in the Prime Trust.


CENTRAL CAR: First Creditors' Meeting Set For July 22
-----------------------------------------------------
Paul Eric Nogueira and Morgan Lane of Worrells Solvency &
Forensic Accountants were appointed as administrators of Central
Car & Truck Rental Pty Ltd, trading as Thrifty (Rockhampton), and
Featherstone Investments (QLD) Pty Ltd on July 13, 2016.

A first meeting of the creditors of the Company will be held at
Empire Hotel - Conference Rooms, 5 East Street, in Rockhampton
City, Queensland, on July 22, 2016, at 10:30 a.m.


COULTER TRADING: Court Names Clifton Hall as Liquidators
--------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed Joint and Several Official Liquidators of Coulter
Trading Pty Ltd on July 13, 2016, by Order of the Federal Court
of Australia.


J.T. CYCLES: Clifton Hall appointed as Liquidators
--------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed as Joint and Several Liquidators of J.T. Cycles Pty Ltd
on June 30, 2016.

A meeting of creditors will be held at 10:30 am on Monday, July
11, 2016 at Clifton Hall, Level 3, 431 King William Street,
Adelaide.


MR INDIA: Goes Into Liquidation
-------------------------------
Mark Hall of Clifton Hall was appointed Official Liquidator of Mr
India (SA) Pty Ltd on July 13, 2016, by Order of the Federal
Court of Australia.


NATIONAL PLANT: First Creditors' Meeting Set For July 25
--------------------------------------------------------
Jarrod Villani and Craig Shepard of KordaMentha were appointed as
administrators of National Plant and Equipment Pty Limited and
National Plant Services Pty Ltd on July 13, 2016.

A first meeting of the creditors for each of the Companies will
be held at Southport Yatch Club 1 Macarthur Parade, in Main
Beach, Queensland, on July 25, 2016, at 10:00 a.m.



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


WEST CHINA CEMENT: Moody's Reviews Ba3 CFR for Downgrade
--------------------------------------------------------
Moody's Investors Service has placed West China Cement Limited's
(WCC) Ba3 corporate family and senior unsecured ratings under
review for downgrade.

This review follows WCC's announcement on 12 July 2016 regarding
its profit warning for 1H 2016. The company cited foreign
exchange losses and weak revenues as reasons for its expected net
loss.

RATINGS RATIONALE

"The ratings review reflects our concern that WCC's credit
profile could be weaker than expected owing to ongoing and
challenging industry conditions," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

There is a high probability of persistent subdued cement prices
for a longer-than-expected period due to slow restructuring of
the industry.

Such unfavorable market conditions could negatively affect WCC's
ability to maintain stable margins, positive free cash flow,
adequate liquidity and reduce debt leverage, which support the
current Ba3 ratings.

Thus Moody's review on WCC ratings will (1) factor in the latest
market conditions and forecasts; and (2) assess the company's
capacity utilization, cement prices, revenues, EBITDA margins,
liquidity position, free cash flow and debt leverage over next
12--18 months.

Moreover, Moody's will evaluate the likely operational and
financial support from Anhui Conch Cement Company Limited (Conch,
A3 stable) if WCC's performance was weaker than expected.

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

Anhui Conch Cement Company Limited -- listed on Hong Kong Stock
Exchange since 1997 and the Shanghai Stock Exchange since 2002 --
is the second-largest cement producer in China (Aa3 negative) by
production volume. The company had about 229 million tons per
annum (mtpa) clinker capacity and 290 mtpa cement capacity in
2015. In FY2015, it recorded RMB51 billion in sales. The Anhui
Provincial Government indirectly owned an 18.8% equity stake in
the company at end-2015.



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


AKKAVILA K: CRISIL Assigns 'B+' Rating to INR45MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Akkavila K Lekshmanan and Company (AKLC).
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B+/Stable
   Term Loan               45        CRISIL B+/Stable

The rating reflects the firm's modest scale of operations and
exposure to intense competition leading to susceptibility of its
operating margins to volatility in raw material prices. The
rating also factors its stretched liquidity as reflected from
limited cushion in its expected cash accruals as against
repayment obligation over the medium term. These weaknesses are
partially offset by the extensive experience of AKLC's proprietor
in sand manufacturing industry.
Outlook: Stable

CRISIL believes AKLC will continue to benefit over the medium
term from the extensive experience of its proprietor and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' if cash accrual increases
substantially due to significant ramp-up in operations, leading
to an improvement in the firm's net worth. Conversely, the
outlook may be revised to 'Negative' if the firm reports lower-
than-expected revenue and operating margins or if the working
capital cycle stretches significantly leading to deterioration in
its liquidity.

Set up in 2012, as a proprietorship firm by Mr. Syju Lekshman,
AKLC is engaged in manufacturing of M Sand. The firm is based out
of Kollam, Kerala.


AMBIKA PULSES: CRISIL Suspends 'B' Rating on INR117.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ambika Pulses (AP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            117.5      CRISIL B/Stable
   Proposed Cash
   Credit Limit            22.5      CRISIL B/Stable

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

AP, a proprietorship firm of Ms. Shrikanta Kalantry, was set up
in 2007 in Latur (Maharashtra). The firm processes pulses, mainly
toor dal and occasionally, chana dal, and trades in other pulses.
It has two manufacturing units in Latur with a combined capacity
of 80 tonnes per day.


AMRIT AGROVET: ICRA Suspends 'D' Rating on INR14.5cr Loan
---------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR14.50
crore line of credit of Amrit Agrovet (P) Ltd. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the entity.


AMRIT HATCHERIES: ICRA Suspends 'D' Rating on INR81.81cr Loan
-------------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR81.81
crore line of credit of Amrit Hatcheries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


ARIYANAYAKI AGRO: CRISIL Reaffirms B+ Rating on INR91MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Ariyanayaki Agro Foods
International (AAFI) continues to reflect AAFI's weak financial
risk profile, marked by modest net worth and weak debt protection
metrics, modest scale of operations, and exposure to intense
competition in the rice milling industry. These rating weaknesses
are partially offset by the extensive experience of AAFI's
promoter in the rice milling business.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            91        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          9        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AAFI will continue to benefit over the
medium term from its promoter's extensive experience in rice
milling industry. The outlook may be revised to 'Positive' if the
firm improves its scale of operations and operating
profitability, leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
AAFI undertakes aggressive debt-funded expansions, or if its
revenues and profitability decline substantially, or if the
promoter withdraws capital from the firm, leading to weakening in
its financial risk profile.

Set up in 1995 as a proprietorship firm, AAFI is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. The firm is promoted by Mr. K. Sivaprakasam and is
based out of Pallathur (Tamil Nadu).


ASOKE TIMBER: ICRA Suspends B+/A4 Rating on INR7.50cr Loan
----------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B+ and [ICRA]A4 assigned
to the INR7.50 crore line of credit of Asoke Timber Co. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


AVC MOTORS: CRISIL Lowers Rating on INR120MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
AVC Motors (AVC) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

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

   Term Loan                26       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects expectation that AVC's liquidity
will remain weak over the near term on account of low cash
accrual. In Fiscal 2017, accrual (INR9.0-10.0 million) should be
just about adequate to service maturing term debt'of INR8.1
million. Sizeable loans and advances of INR56.8 million were
extended to promoters and group firms in Fiscal 2016, which if
not recovered early, will keep liquidity under pressure. Working
capital intensity in operations has resulted in near full
utilisation of bank lines in Fiscal 2016. However, there are no
large capex plans for the near term.

Financial risk profile remains weak, with small networth,
moderate total outside liabilities to tangible networth ratio,
and weak debt protection metrics. The rating also factors in
geographic concentration in operations, and dependence on
principal, Mahindra and Mahindra Ltd (M&M) for revenue. These
weaknesses are partially offset by the extensive experience of
the promoters in the automotive dealership business, and benefits
from the leadership position of M&M in the utility vehicle
segment.
Outlook: Stable

CRISIL believes AVC will continue to benefit from the experience
of its promoters, and M&M's leadership position in the utility
vehicle space. The outlook may be revised to 'Positive' if cash
accrual increases substantially, strengthening financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
sizeable working capital requirement, delay in recovery of loans
and advances extended, or significantly low revenue considerably
weakens key credit metrics.

AVC is a partnership firm set up in January 2011 by Ms. Bimla
Devi, Ms. Rupesha Rani (daughter-in-law of Ms. Bimla Devi), and
Mr. Surinder Kumar. The firm began operations in December 2011 in
Bathinda (Punjab) with the dealership of passenger and commercial
vehicles of M&M. It has a showroom-cum-workshop in Bathinda and
outlets in Mansa and Malout (Punjab).


AVC MOTORS NISSAN: CRISIL Lowers Rating on INR50MM Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of AVC Motors (Nissan; AVC) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects expected pressure on liquidity over
the medium term due to insufficient cash accrual against debt
obligation for fiscal 2017. The firm has also extended loans and
advances of INR61.3 million to promoters, which was almost two
times its networth in fiscal 2016. These loans, if not recovered
timely, will continue to constrain liquidity. Low cash accrual
and working capital-intensive operations have significantly
increased dependence on bank limit, which were almost fully
utilised in fiscal 2016. However, unsecured loans of INR56.7
million (as on March 31, 2016) from group concerns and absence of
any significant capital expenditure in the near term support
liquidity.

Decline in demand for Nissan Motor India Ltd's (Nissan's)
vehicles led to a substantial fall in AVC's revenue in fiscal
2016. Turnover will remain modest over the medium term due to the
principal's subdued performance and no plans of AVC to expand
geographically.

The rating reflects the firm's modest scale of operations, below-
average financial risk profile marked by high total outside
liabilities to tangible networth ratio, and weak interest
coverage, along with geographical concentration in revenue, and
dependence on principal's performance. These weaknesses are
partially offset by the extensive experience of promoters in the
automotive dealership market in Punjab and Haryana.
Outlook: Stable

CRISIL believes AVC's credit risk profile will remain weak over
the medium term due to its small scale of operations and subdued
financial risk profile. The outlook may be revised to 'Positive'
if increase in scale of operations and profitability leads to
sizeable cash accrual, while improving working capital cycle and
financial risk profile. The outlook may be revised to 'Negative'
if large working capital requirement, delay in recovery of loans
and advances, or substantially low revenue considerably weakens
overall credit risk profile.

Set up in 2011 as a partnership firm by members of Punjab-based
Makkar family, AVC is an authorised dealer of Nissan's vehicles
for Bhatinda. The firm has a showroom-cum-workshop.


B.D. AGRICARE: ICRA Suspends 'B' Rating on INR8.35cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR8.35 crore bank facilities of B.D. Agricare Pvt Ltd. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BALPRADA HOTELS: ICRA Suspends 'D' Rating on INR102cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA]D and [ICRA]D ratings assigned to
the INR102 crore bank lines of Balprada Hotels and Hospitality
Services Private Limited in the absence of the requisite
information from the company.

Balprada Hotels and Hospitality Services Private Limited
(Balprada) is a subsidiary of JMD Limited. The company has
developed a 185 room 4 star hotel at Golf Course Road in Gurgaon
at a cost of INR178 crore. The hotel has been funded by debt of
INR100 crore and promoters' contribution of INR78 crore. The
hotel project (to be operated under the 'DoubleTree by Hilton'
brand) started commercial operations in March 2012.
JMD Limited (JMD) is a public limited company engaged in
commercial and residential real estate development in Delhi,
Gurgaon, Noida, Verna and Ludhiana. JMD was promoted in 1989 by
Mr. Sunil Bedi. Its business focuses on residential and
commercial developments. JMD's first project was JMD Regent
Square, MG Road Gurgaon which was completed in the year 2001.


BCPL CONDUCTORS: ICRA Suspends 'B/A4' Rating on INR7.10cr 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 BCPL Conductors Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


CHANDULAL CHANDRAKAR: CRISIL Ups Rating on INR1.3BB Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term facility of
Chandulal Chandrakar Memorial Hospital Private Limited (CCMHPL)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1300      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the financial risk
profile of the company due to incremental promoter funding and
sizeable increase in net cash accrual to an expected INR200
million in the near term; this will be more than sufficient for
debt repayment. The increase is driven by ramp up of medical
college operations. Business risk profile also improved due to
better scale of operations and profitability, backed by
increasing academic fee receipts and a better surplus margin.

The rating reflects a modest scale of operations in the highly
fragmented healthcare industry, and a below-average financial
risk profile because of a leveraged capital structure. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters and their funding support.
Outlook: Stable

CRISIL believes CCMHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of sustained
increase in scale of operations while profitability is
maintained, or infusion of substantial equity, thereby improving
the financial risk profile, particularly liquidity. The outlook
may be revised to 'Negative' in case of less-than-expected cash
accrual, or any unanticipated, debt-funded capital expenditure,
weakening the financial risk profile.

CCMHPL was set up in 1997 by Dr. Mangal Prasad Chandrakar. It
operates two hospitals and a medical college in Chhattisgarh.


COCHIN MINERALS: ICRA Cuts Rating on INR36.5cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised the long-term rating outstanding on the
INR28.97-crore term loan facilities and the INR36.50-crore long-
term fund based facilities of Cochin Minerals and Rutile Limited
to [ICRA]D from [ICRA]. ICRA has also revised the short-term
rating outstanding on the INR41.40-crore short-term non-fund
based facilities of CMRL to [ICRA]D from [ICRA]A4.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Term loan facilities     28.97        Revised to [ICRA]D
                                         from [ICRA]BB (Stable)

   Long-term fund based     36.50        Revised to [ICRA]D
   facilities                            from [ICRA]BB (Stable)

   Short term non-fund      41.40        Revised to [ICRA]D
   based facilities                      from [ICRA]A4

   Issuer Ratings Revised to IrD/IrD from IrBB (Stable)/IrA4;
   issuer ratings continue to be under ' Notice for Withdrawal'

ICRA has also revised the long-term issuer rating assigned to
Cochin Minerals and Rutile Limited (CMRL) to IrD from IrBB and
has revised the short-term rating assigned to Cochin Minerals and
Rutile Limited to IrD from IrA4. During January 2016, ICRA had
placed the long-term and short-term issuer ratings of CMRL on
notice for withdrawal for one year at the company's request. The
issuer ratings continue to be under 'Notice for Withdrawal'.

The revision in ratings reflects the recent delay in debt
servicing by the company due to its stretched liquidity position.
CMRL's liquidity position was impacted by the operating loss
incurred by the company during FY2016, owing to subdued demand
and weak realizations for synthetic rutile. Further, the
Company's reliance on higher cost imported raw materials has
increased during FY2016 due to decline in raw material
availability from domestic sources. CMRL imports the raw
materials in bulk, backed by letter of credits; this against weak
sales had led to devolvement in letter of credit facilities and
subsequent delay in debt servicing.

Incorporated in 1989, CMRL is engaged in the manufacture of
synthetic rutile at its facility located in Aluva, Cochin. The
company has a capacity to produce 45,000 tons per annum of
synthetic rutile. The Company sells the synthetic rutile and the
by-products produced during the manufacturing process (ferric
chloride, ferrous chloride and iron hydroxide) to customers in
Japan, Middle East, and India. The company's equity shares are
listed on the Bombay Stock Exchange.

Recent results
During FY2016, CMRL reported a net loss of INR14.0-crore on an
operating income of INR155.0-crore compared to a net loss of
INR21.5-crore on an operating income of INR115.8-crore during
FY2015.


COSMOS INDUSTRIES: Ind-Ra Affirms 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Cosmos
Industries Limited's (CIL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The agency has also affirmed CIL's
INR620.00 million fund-based working capital limits at Long-term
'IND BB-' with a Stable Outlook and Short-term 'IND A4+'.

KEY RATING DRIVERS

The affirmation reflects CIL's continued revenue growth. Its
revenue increased at a CAGR of 3.61% over FY13-FY16, to
INR1,163.15 million, due to higher capacity utilisation yoy.

The ratings also factor in CIL's temporarily weakened credit
profile, with EBITDA margins of 6.45% in FY16. The company
incurred EBITDA losses of INR1.60 million in FY15, as a result of
which EBITDA margins stood at negative 0.14% that year. Its net
financial leverage (total adjusted net debt/operating EBITDAR)
improved to 1.06x in FY16 (FY15: negative 530.99x, on account of
EBITDA losses) and gross interest coverage (operating
EBITDA/gross interest expense) improved to 1.06x (negative
0.02x).

The ratings factor in CIL's comfortable liquidity, as evident by
the 62.58% average utilisation of its working capital limits
during the12 months ended June 2016.

However, the ratings are supported by the decade-long experience
of CIL's founders in the sugar industry as well as the company's
strong customer relationships.

RATING SENSITIVITIES

Positive: A sustained improvement in profitability, resulting in
improved credit metrics, will be positive for the ratings.

Negative: A significant decline in revenue or profitability,
leading to deterioration in credit metrics, could result in a
negative rating action.

COMPANY PROFILE

Established in 1955, CIL owns a 4,000-tonne crushed per day sugar
manufacturing unit in Dhuri, Sangrur district, Punjab.


CRD FOODS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned CRD Foods
Private Limited (CRD) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect CRD's lack of an operational track record and
presence in a highly competitive, fragmented and diversified
service industry with low entry barriers.

CRD is setting up a cold storage unit in Mathura, Uttar Pradesh.
The company has achieved around 60% of the project completion and
expects to operationalise the unit from October 2016. The
proposed total storage capacity of the plant is 5,500 million
tons.

The total cost of the project i.e. INR294.82m is being funded
through a term loan of INR178m from banks and remaining by
promoter's contribution. Any additional debt-led capex could
deteriorate the leverage profile of the company.

The ratings are supported by the company's promoter's operating
experience of around one decade in diversified business
activities.

RATING SENSITIVITIES

Negative: Any additional debt-led capex and/or delay in achieving
stability in the operational performance impacting the debt
serviceability of the company would be negative for the ratings.

Positive: A positive rating action could result from timely
completion of the project and achieving stability in the business
operations.

COMPANY PROFILE

CRD was incorporated in September 2010 to set up a cold storage
unit in Mathura, Uttar Pradesh.

CRD's ratings:

-- Long-Term Issuer rating: assigned 'IND B+'; Outlook Stable
-- INR178 million term loan: assigned 'IND B+'/Stable
-- INR100 million fund-based working capital limits: assigned
    'IND B+'/Stable/'IND A4'


DUSAD ELECTRICALS: ICRA Suspends B+ Rating on INR6.5cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR6.50 crore fund based facilities and INR3.50 crore non
fund based facilities and the short term rating of [ICRA]A4
assigned to the INR2.0 crore non fund based facilities of
Dusad Electricals. The suspension follows ICRA's inability to
carry out rating surveillance in the absence of requisite
information from the company.


EURO PANEL: ICRA Reaffirms 'B' Rating on INR10cr Loan
-----------------------------------------------------
ICRA has re-affirmed long term rating of [ICRA]B to the INR10.0
crores fund based limits and INR8.65 crores term loans of Euro
Panel Products Private Limited (EPPPL).

The ratings re-affirmation takes into account EPPL's weak
financial risk profile characterised by low profitability,
leveraged capital structure and weak debt coverage indicators.
The ratings are also constrained on account of the company's high
working capital intensity of operations owing to high level of
inventory holding, resulting in stretched liquidity. ICRA notes
the vulnerability of the company's profitability to the
cyclicality inherent in the real estate industry, which is the
main consuming sector. The ratings also factor in the highly
competitive business environment the company operates in
resulting in limited bargaining power with customers. ICRA also
notes that the company's profitability remains exposed to
volatility in prices of raw materials and any adverse
fluctuations in foreign currency rates. The ratings however
favourably take into account the longstanding experience of the
promoters in the building materials industry and EPPL's
established distribution network through its acquisition of the
brand 'Eurobond'.

Incorporated in 2014, Euro Panel Products Private Limited (EPPPL)
is engaged in the manufacturing of aluminium composite panels
(ACP), marketed under the brand name of 'Eurobond'.
The company's manufacturing facility is located in Gujarat. The
unit currently has a capacity to manufacture 18.72 lakh sq mt of
panels, commissioned in April 2015. The promoter of the company,
Mr Rajesh Shah has over 20 years of experience in the building
material industry, as a distributor for multiple brands of
plywood and other wood panels.

Recent Results
Based on provisional results for fiscal year 2015-16, the company
reported net loss of INR2.23 crore on an operating income of
INR35.9 crore.


FASTBUILD BLOCKS: ICRA Suspends D Rating on INR14.55cr Loan
-----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D assigned to
the INR14.55 crore term loan, INR4.00 crore open cash credit
facilities (includes sub-limit of INR1.50 crore towards OD/BD) of
Fastbuild Blocks Private Limited (FBPL). ICRA has also suspended
the long-term rating and short-term rating of [ICRA]D assigned to
the INR1.45 fund based untied limits of FBPL. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


GHANSHYAM DALL: Ind-Ra Upgrades LT Issuer Rating to 'IND BB-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Ghanshyam Dall
Mill's (GDM) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'.
The Outlook is Stable. The agency has also upgraded the company's
INR75m fund-based limits to 'IND BB-' from 'IND B+' with a Stable
Outlook.

KEY RATING DRIVERS

The upgrade reflects an improvement in GDM's small scale of
operations and profitability leading to improvement in the credit
metrics. According to the firm's provisional FY16 financials, it
reported revenue of INR479 million (FY15: 433). GDM's EBITDA
margins were around 3.7% in FY16 (FY15: 2.9%), interest coverage
(operating EBITDA/gross interest expense) was around 1.5x (FY15:
1.3x) and net financial leverage (adjusted debt/EBITDA) was 5.8x
(FY15: 6x).

The ratings are constrained due to partnership nature of the firm
and its moderate liquidity as indicated by the average maximum
utilisation of its fund-based working capital facilities being
around 93.17% during the 12 months ended June 2016.

The ratings, however, are supported by more than four decades of
operating experience of the firm's partners in pulses processing.

RATING SENSITIVITIES

Positive: Any further improvement in the operating profitability
leading to an improvement in the credit metrics could be positive
for the ratings.

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

COMPANY PROFILE

GDM is a partnership firm established in 1972 by the family
members of GDM group. The firm's main business is processing all
types of pulses and gram flour such as gram (chana), masoor,
toor, urad, moong, batri, and trading of cereals, etc. The
company sells its products under the brand names Hathotda, Double
Sher and Golden Coin.


GWALIOR REGENCY: ICRA Suspends 'B' Rating on INR15cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR15.0 crore term loan facilities of Gwalior Regency Resorts
India Private Limited. The suspension follows ICRA's inability to
carry out rating surveillance in the absence of requisite
information from the company.


HARYANA KESRI: 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 Haryana Kesri Rice Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Haryana Kesri Rice Mill (HKRM) is a proprietorship concern
promoted by Shree Ram Niwas Mittal being the sole proprietor. The
entity was incorporated in 1992 and has been into rice milling
and trading since over two decades. HKRM processes basmati and
non basmati rice and sells it in the domestic market.


HOMA ENGINEERING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Homa Engineering Works
(HEW) continue to reflect HEW's modest net worth base and scale
of operations, working-capital-intensive operations, and high
customer concentration. These rating weaknesses are partially
offset by its promoters' extensive experience in the marine
industry, established customer relationship, and average
financial risk profile marked by average capital structure and
debt protection measures.

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

   Letter Of Guarantee      40       CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility       20       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that HEW will maintain its business risk profile
over the medium term, backed by its promoters' extensive industry
experience and established customer relationship. The outlook may
be revised to 'Positive' if HEW reports considerable growth in
revenue, while it substantially improves its working capital
cycle, leading to improved liquidity. Conversely, the outlook may
be revised to 'Negative' in case of significant pressure on
accruals of the firm or stress on liquidity because of delay in
receivables.

HEW was set up in 1974 by Mr. Hoshang Bengali and his business
acquaintances Captain Vistas Patel and Ms. Khurshid Irani. The
firm was taken over by Mr. Saifuddin Hajee and his son Mr.
Aliasgar Hajee in 2007. HEW provides ship repairing and
maintenance services for both Indian and foreign merchant navy
vessels and coast guard ships.  Mr. Aliasgar Hajee manages the
day-to-day operations of the firm.


HT GLOBAL: Moody's Assigns Ba3 Rating to USD300MM 7% Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba3 rating to
HT Global IT Solutions Holdings Limited's USD300 million 7%
senior notes due 2021.

The rating outlook is stable.

RATINGS RATIONALE

Proceeds from the notes will be used to 1) refinance
USD246.3 million of outstanding indebtedness at HT Global, 2)
deposit USD42 million an interest reserve account to prefund
interest on the notes for 24 months; and 3) the balance as cash
at HT Global.

The assignment of the definitive rating follows the completion of
HT Global's notes issuance and Moody's review of the final terms
and conditions.  Final terms and conditions are consistent with
Moody's expectations.

The provisional rating was assigned on June 28, 2016, and Moody's
ratings rationale was set out in a press release published on the
same day.

The principal methodology used in this rating was Business and
Consumer Service Industry published in December 2014.

HT Global IT Solutions Holdings Limited is the offshore funding
vehicle for BPEA's 71% ownership interest in Hexaware.  BPEA
wholly owns HT Global.  There are no operations at HT Global and
its sole asset is its investment in Hexaware stock.

Hexaware is an India-incorporated company that provides IT and
BPM outsourced services.  The sectors served -- by share of total
revenue in 2015 -- were banking and financial services at 37.3%;
manufacturing, consumers and others at 29.6%; travel and
transportation at 16.8%; and healthcare and insurance at 16.3%.


JINDAL AGROCORP: ICRA Suspends 'B/A4' Rating on INR28.25cr Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR28.25 crore bank facilities
of Jindal Agrocorp Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


JUMBO BAG: CRISIL Reaffirms 'B+' Rating on INR345MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jumbo Bag Limited
(JBL) continue to reflect weak operating efficiency, and a below-
average financial risk profile because of below-average debt
protection metrics. These rating weaknesses are partially offset
by an established regional market position in the flexible
intermediate bulk containers (FIBC) segment.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        77        CRISIL A4 (Reaffirmed)

   Cash Credit          345        CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting           62.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      80        CRISIL A4 (Reaffirmed)
   Standby Line of
   Credit                10.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes JBL will maintain its established position in the
FIBC market over the medium term, supported by its established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, or substantial equity infusion,
leading to a better financial risk profile. The outlook may be
revised to 'Negative' in case of a decline in cash accrual, large
debt-funded capital expenditure, or deterioration in working
capital management, resulting in weakening of the financial risk
profile.

JBL, established in 1990 in Chennai, manufactures FIBCs, also
known as jumbo bags. The company is part of the Bliss group and
is promoted by Mr. G P N Gupta.

JBL reported a net loss of INR6.68 million on total revenue of
INR852.96 million in Fiscal 2016, as against a net loss of
INR13.47 million on total revenue of INR963.56 million for Fiscal
2015.


KAM-AVIDA ENVIRO: CRISIL Suspends 'D' Rating on INR342.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kam-Avida Enviro Engineers Private Limited (KEPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee         107.5       CRISIL D
   Cash Credit            185.0       CRISIL D
   Letter of Credit        65.0       CRISIL D
   Proposed Long Term
   Bank Loan Facility     342.5       CRISIL D

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

KEPL was set up by Mr. Manohar Krishna, Mr. P R Dadachanji, Mr.
Avinash and Mr. Pankaj Malhotra in 1995 in Pune (Maharashtra).
The company fabricates and assembles equipment for cleaning and
maintenance at its manufacturing unit at Hinjewadi (Pune).


KAMSRI PRINTING: ICRA Ups Rating on INR8.80cr Loan From 'C'
-----------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]C to [ICRA]B
assigned to the INR8.80 crore fund based facilities of
Kamsri Printing and Packaging Private Limited. The short term
rating of [ICRA]A4 has been withdrawn.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Fund based facilities     8.80       Upgraded from [ICRA]C
                                        to [ICRA]B

The upgrade in the rating factors in the improvement in the
capital structure and the coverage indicators of the company with
the repayment of all the term loans availed from State Bank of
India using the proceeds from the sale of the pharmaceutical
division business to Essentra Plc during 2015-16. The rating
takes into account the long standing presence of the promoters
and the strong track record of the company in the printing
industry. The rating also takes into account the strong
relationship that the company has built over the years with its
customers and suppliers and the presence of well trained staff
and advanced printing equipments that ensure consistency in
quality and timely delivery of the products.

The rating is, however, constrained by the small scale of
operations and the fragmented nature of the industry that limit
the financial and pricing flexibility of the company to an
extent. The rating factors in the decrease in operating
profitability during 2015-16 on account of certain one-time
expenses and the expected fall in overall revenue of the company
during 2016-17 on account of sale of the pharmaceutical division
business, however, improved brand recognition in the market
(after the deal with Essentra) and company's plans to expand its
operations in the existing segments and diversify into other
sectors are expected to support the revenue and the profitability
going forward.

Kamsri Printing & Packaging Private Limited was incorporated in
1991, by Mr. Suresh Srinivasan. The company is engaged in
manufacturing of specialized, high quality offset printed
cartons, tags and speciality primary packaging products made out
of paper boards. KPPPL's operations primarily consists of
converting customer designs and ideas in to packaging by offset
printing on high end paper boards, and adding value with various
textures and finishes as per customer requirements and punching
and folding in to finished cartons. In November 2015, the company
sold its pharmaceutical division business to Essentra Plc
(Essentra) for an undisclosed consideration that involved
transfer of people, processes and customers to Essentra. Essentra
is a leading international supplier of specialist plastic, fibre,
foam and packaging products with three Strategic Business Units:
Component Solutions, Health & Personal Care Packaging and Filter
Products with an annual turnover of 1.1 billion pounds and net
profit of 68.7 million pounds during 2014-15. KPPPL's pharma
division sold to Essentra will be part of its Health & Personal
Care Packaging division.


KISHAN COTTON: ICRA Revises Rating on INR12cr Cash Loan to B
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
for INR12.00 crore fund-based cash credit facility and INR1.10
crore term loan of Kishan Cotton Ginning & Pressing Factory. ICRA
has also reaffirmed the short-term rating to INR6.00 crore non
fund based export packing credit facility (sublimit of CC) of
KCGPF.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-       12.00        Revised to [ICRA]B
   Cash Credit                          from [ICRA]B+

   Fund Based Limit-        1.10        Revised to [ICRA]B
   Term Loan                            from [ICRA]B+

   Fund Based Limit-
   Export Packing Credit    6.00        [ICRA]A4; reaffirmed

The revision of rating takes into account KCGPF's relatively
modest scale of operations along with fluctuations in firm's
operating income coupled with low profitability inherent in
cotton ginning business. ICRA also considers leveraged capital
structure where although the total debt of the firm has decreased
from INR13.79 crore in FY2015 to INR13.53 crore in FY2016,
withdrawal of capital has resulted in lower net worth from 5.20
crore in FY2015 to INR4.91 crore during FY2016. Reduction on net
worth has resulted in a gearing level to remain high at 2.6 times
as on March 31, 2016. Coverage indicators, namely interest
coverage and NCA/TD, have also remained modest at 1.36 times and
3% respectively as on March 31, 2015. These indicators remained
in line during FY2016 where interest coverage stood at 1.36 times
and NCA/TD remained at 3%. The ratings are further constrained by
vulnerability of profitability to raw material prices, which are
subject to seasonality and crop harvest and regulatory risks with
regard to minimum support price (MSP) of raw cotton and export of
cotton bales. ICRA further notes that the withdrawal of capital
by the partners during FY2015 and FY2016 has resulted into
increase in the gearing level due to deterioration of net worth
of the firm.

The rating, however, positively considers the experience of
KCGPF's promoters in the ginning business, the locational
advantage with regard to material procurement and the diversified
product profile reducing dependence on a single product.
ICRA expects KCGPF's revenue and profitability to remain critical
on account of vulnerability to agro-climatic conditions. The
firm's ability to enhance its scale of operations with improved
profitability and its effort to improve its capital structure
would be the key rating sensitivities.

Kishan Cotton Ginning & Pressing Factory (KCGPF) has been
established in 2003 as a partnership firm by Mr. Gopaldas Saparia
with four other partners. However, later in October 2013 three
partners i.e. Mr. Gopal Saparia, Mr. Purshottam Saparia and Mr.
Vittal Saparia retired from the partnership and two new partners
i.e. Mr. Hemal Thacker and Mr. Yagnik Garada were admitted as new
partners in the firm.

The firm is currently engage into processing and export of cotton
bales, ground nut seeds and extract cotton seeds oil and cotton
seed oil cakes. The firm is located at Kutch (Gujarat). The firm
is also involved in trading of agricultural produces like cotton
bales, ground nut seeds, castor seeds, sesame seeds etc.

Recent Results
During the financial year FY2015, the company registered net
profit of INR0.40 crore on an operating income of INR63.14 crore.


KNISS LABORATORIES: CRISIL Suspends B+ Rating on INR30MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kniss Laboratories Private Limited (KLPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Bill Purchase           20        CRISIL A4
   Cash Credit             30        CRISIL B+/Stable
   Long Term Loan          12        CRISIL B+/Stable
   Proposed Short Term
   Bank Loan Facility      28        CRISIL A4

The suspension of ratings is on account of non-cooperation by
KLPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KLPL is yet to
provide adequate information to enable CRISIL to assess KLPL'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 1988, Kniss Laboratories is a private limited
company that specializes in the manufacture of allopathy and
ayurvedic formulations. The day to day operations of the company
are managed by Mr. M.D. Vardarajan.


KRISHNA KUMAR: ICRA Suspends B+ Rating on INR2.25cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.25 crore
cash credit facility of M/s. Krishna Kumar Singh (KKS). ICRA has
also suspended [ICRA]B+ rating and [ICRA]A4 rating assigned to
the INR2.70 crore bank guarantee and INR1.05 crore fund based/
non fund based untied limit of KKS. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


KUNDU HATCHERIES: ICRA Suspends C+ Rating on INR7cr Bank Loan
-------------------------------------------------------------
ICRA has suspended its rating of [ICRA]C+ assigned to the INR7.00
crore bank facilities of Kundu Hatcheries Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


LICHCHHWI FOOD: Ind-Ra Withdraws 'Provisional IND B+' Loan Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'Provisional IND B+' ratings on Lichchhwi Food India Pvt. Ltd.'s
(LFIPL) proposed INR60 million fund-based working capital limits
and INR25 million term loans. The Outlook was Stable. A full list
of rating actions is at the end of this commentary.

The provisional ratings of LFIPL have been withdrawn as the
company did not proceed with the instruments as envisaged.

LFIPL's outstanding ratings are as follows:

-- Long-Term Issuer Rating:  'IND B+'; Outlook Stable
-- INR41.8 million term loan: 'IND B+'/Stable
-- INR68.2 million fund-based working capital limits: 'IND
    B+'/Stable


LOTUS FARMS: CRISIL Upgrades Rating on INR479MM Cash Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Lotus Farms (LF; part of the Lotus group) to 'CRISIL B/Stable'
from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            479        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term       5.8      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan              165.2      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects improvement in liquidity as indicated
by timely servicing of debt over the four months through May
2016. The group is expected to sustain the improved liquidity
over the medium term, driven by better cash accrual.

The rating reflects Lotus group's below-average financial risk
profile because of high gearing and weak debt protection metrics.
The rating also factors in susceptibility of profitability
margins to volatility in raw material prices, exposure to intense
competition in the poultry industry, and vulnerability to risks
inherent in the industry such as outbreak of epidemics. These
rating weaknesses are partially offset by  the extensive industry
experience of promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LF and Lotus Poultries Pvt Ltd (LPPL).
This is because both the companies, together referred to as the
Lotus group, have common promoters, are in the same line of
business, and have operational and financial linkages.
Outlook: Stable

CRISIL believes that Lotus group will maintain a stable business
risk profile over the medium term owing to the promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of more-than-expected revenue and
profitability resulting in higher cash accrual, and significant
equity infusion leading to improvement in the financial risk
profile, especially capital structure. Conversely the outlook may
be revised to 'Negative' in case of a decline in revenue and
operating profitability, or more-than-expected debt-funded
capital expenditure, leading to deterioration in the financial
risk profile, particularly liquidity.

LF is a partnership firm set- up in 1991 by Mr. M Damodar Reddy,
Mr. Srihari Reddy, and Mrs. M Surekha. The firm is engaged in the
poultry business - broiler bird segment. It is based in Hyderabad
and has farms in Bengaluru.

LPPL was incorporated in 2010, promoted by Mr. Damodar Reddy and
Mr. Srihari Reddy. The company has a poultry farm in Bengaluru
and sells hatching eggs.


LOTUS POULTRIES: CRISIL Ups Rating on INR139.1MM LT Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Lotus Poultries Private Limited (LPPL; part of the Lotus
group) to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             43        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan         139.1      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      27.9      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The rating upgrade reflects improvement in liquidity as indicated
by timely servicing of debt over the four months through May
2016. The group is expected to sustain the improved liquidity
over the medium term, driven by better cash accrual.

The rating reflects Lotus group's below-average financial risk
profile because of high gearing and weak debt protection metrics.
The rating also factors in susceptibility of profitability
margins to volatility in raw material prices, exposure to intense
competition in the poultry industry, and vulnerability to risks
inherent in the industry such as outbreak of epidemics. These
rating weaknesses are partially offset by the extensive industry
experience of promoters.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LPPL and Lotus Farms (LF). This is
because both the companies, together referred to as the Lotus
group, have common promoters, are in the same line of business,
and have operational and financial linkages.
Outlook: Stable

CRISIL believes that Lotus group will maintain a stable business
risk profile over the medium term owing to the promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of more-than-expected revenue and
profitability resulting in higher cash accrual, and significant
equity infusion leading to improvement in the financial risk
profile, especially capital structure. Conversely the outlook may
be revised to 'Negative' in case of a decline in revenue and
operating profitability, or more-than-expected debt-funded
capital expenditure, leading to deterioration in the financial
risk profile, particularly liquidity.

LF is a partnership firm set- up in 1991 by Mr. M Damodar Reddy,
Mr. Srihari Reddy, and Mrs. M Surekha. The firm is engaged in the
poultry business - broiler bird segment. It is based in Hyderabad
and has farms in Bengaluru.

LPPL was incorporated in 2010, promoted by Mr. Damodar Reddy and
Mr. Srihari Reddy. The company has a poultry farm in Bengaluru
and sells hatching eggs.


MANIDHARI GUAR: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Manidhari Guar
Gum Industries (MGGI) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable. The agency has also assigned MGGI's INR80.00m
fund-based working capital limits a Long-term 'IND B-' rating
with Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect MGGI's small scale of operations, weak credit
metrics and low profitability margins. Provisional FY16
financials indicate revenue of INR191.80 million (FY15: INR354.93
million), EBITDA margin of negative 0.23% (0.86%), gross interest
coverage (operating EBITDA/gross interest expense) of negative
3.93x (1.22x), net financial leverage (total adjusted net
debt/operating EBITDAR) of negative 39.51x (1.27x). The firm
incurred EBITDA losses of INR0.44 million in FY16.

The ratings also factor in the firm's satisfactory liquidity
profile with the average maximum utilisation of the fund-based
limits being 39.68% during the 12 months ended June 2016.

However, the ratings are supported by MGGI's founders' over 20
years of experience in manufacturing guar gum industry as well as
the firm's strong customer relationships.

RATING SENSITIVITIES

Positive: An improvement in the operating margins and overall
credit metrics could be positive for the ratings.

COMPANY PROFILE

Established in 1998, MGGI manufactures guar gum, guar gum powder
(churi) and guar gum mixture (korma) at its 500 quintals per day
facility located in Adarsh Nagar, Barmer, Rajasthan.


MASTER INDIA: CRISIL Reaffirms 'D' Rating on INR270MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Master India
Brewing Co. (MIBC) continues to reflect instances of delay in
servicing debt. The delays are because of weak liquidity, driven
by working capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL D (Reaffirmed)
   Long Term Loan         270        CRISIL D (Reaffirmed)

The firm also has a weak financial risk profile because of high
gearing and weak debt protection metrics, and is exposed to
regulatory risks. However, it benefits from the extensive
experience of its promoters in the beer industry.

MIBC, set up as a partnership firm in fiscal 2010, manufactures
beer. The firm is promoted by Mr. Deepak Burman, Mr. Jitendra
Newatia, Mr. Rajesh Kumar Jalan, and Master (India) Brewing Co
Ltd.


MIRRIKH MOTORS: CRISIL Cuts Rating on INR150MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Mirrikh Motors Private Limited (MMPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects weakening of the company's financial risk
profile due to more-than-expected debt, leading to deterioration
in its gearing to above 4 times as on March 31, 2016, Its
liquidity is stretched, indicated by almost fully utilised bank
limits in the 12 months through March 2016. Its cash accrual,
expected at INR17-20 million per annum, will be inadequate to
meet annual debt obligation of INR25 million, over the medium
term. The liquidity is expected to be supported by unsecured
loans from promoters. As on March 31, 2016, the unsecured loans
were at INR37.1 million.

The rating reflects MMPL's below-average financial risk profile
because of a highly leveraged capital structure and modest
interest coverage ratio, and exposure to intense competition in
the automotive dealership industry. These weaknesses are
partially offset by its established market position as a dealer
of Hyundai Motors India Ltd (HMIL) in Surat, Gujarat, and funding
support from its promoters.
Outlook: Stable

CRISIL believes MMPL will benefit over the medium term from its
promoters' extensive industry experience and funding support, and
its established relationship with HMIL. The outlook may be
revised to 'Positive' if its financial risk profile improves, led
by higher revenue and operating profitability. The outlook may be
revised to 'Negative' in case of large debt-funded capital
expenditure, leading to deterioration in its financial risk
profile.

MMPL, based in Surat, is an authorised dealer for HMIL in Surat
and Bardoli in Gujarat. It also deals in spares and accessories,
and undertakes servicing of vehicles.

For the 11 months ended February 29, 2016, on a provisional
basis, the company's profit after tax (PAT) was INR4.5 million on
turnover of INR1.29 billion, vis-a-vis PAT of INR4.8 million on
turnover of INR1.12 billion for 2014-15.


MURUGAN IDLI: Ind-Ra Withdraws 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Murugan Idli
Shop's (MIS) Long-Term Issuer Rating of 'IND B+'. The Outlook was
Stable. The agency has also withdrawn the 'Provisional IND B+'
rating on the company's proposed INR120 million long-term loan.
The Outlook was Stable.

MIS' loan rating has been withdrawn as the company did not
proceed with the proposed long-term loan as envisaged.
Consequently, the agency has also withdrawn MIS' Long-Term Issuer
Rating. Ind-Ra will no longer provide ratings or analytical
coverage for MIS.


ORBIT PRODUCTS: CRISIL Suspends 'D' Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Orbit Products Private Limited (OPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        30        CRISIL D
   Cash Credit             40        CRISIL D
   Letter of Credit        25        CRISIL D
   Proposed Cash Credit
   Limit                    5        CRISIL D

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

OPPL trades in a variety of products, such as basmati rice,
fabric, garments, chemicals, jewellery, detergent powder, and
biscuits, depending on customer requirements. The group is
promoted by Mr. Rajiv Modi and his father, Mr. Rajendra Modi. The
group sources products from the local markets for sale in India
and abroad.


P. S. ENTERPRISES: ICRA Suspends B+/A4 Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR30.00 crore bank
facilities of P. S. Enterprises. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


PCC INFRASTRUCTURE: CRISIL Reaffirms 'B' Rating on INR66MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of PCC Infrastructure
Private Limited (PCC) continue to reflect a modest scale of
operations in the fragmented civil construction industry,
susceptibility to risks related to tender-based operations, and
large working capital requirement. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          80        CRISIL A4 (Reaffirmed)

   Overdraft Facility       4        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      66        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PCC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in revenue along with steady profitability,
resulting in substantial cash accrual. The outlook may be revised
to 'Negative' if the company's financial risk profile, especially
liquidity, deteriorates, most likely because of lower-than-
expected cash accrual, large working capital requirement, or
substantial debt-funded capital expenditure.

PCC's promoters, the Wadhawan family, have been engaged in civil
construction since 1979. Initially, the operations were carried
out under a partnership firm. Later, PCC was reconstituted as a
private limited company, under which the business is carried out.

The company specialises in road projects and also undertakes
civil work at various airports. Mr. Gaurav Wadhawan oversees
operations. Its registered office is in Mumbai.


POONAM TRADING: CRISIL Cuts Rating on INR80MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Poonam Trading Company (PTC) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Inland/Import           40        CRISIL D (Downgraded from
   Letter of Credit                   'CRISIL A4+')

The rating downgrade reflects the overdrawn cash credit limit of
the company for more than 30 days and devolvement of letter of
credit in May 2016. The defaults were driven by weakened
liquidity because of modest operating profitability and delay in
receipt of payments from customers. Furthermore, intense
competition is expected to constrain operating profitability over
the medium term. Large working capital requirement, which is
primarily funded through external debt, will continue to result
in high interest burden and hence low cash accrual over the
medium term.

The firm has a modest scale of operations in the intensely
fragmented timber industry and its operating margin is
susceptible to volatility in raw material prices and foreign
exchange rates. Moreover, it has a weak financial risk profile.
However, the firm benefits from the extensive experience of its
promoters in the timber trading and sawmill business.

Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in
and processes timber. It is promoted and managed by Mr. Navin
Patel and Mr. Haresh Patel.

Profit after tax (PAT) was INR1.4 million on total revenue of
INR1.28 billion for fiscal 2015, against PAT of INR4.4 million on
total revenue of INR992.4 million for fiscal 2014. For fiscal
2016, revenue is estimated at INR1.3 billion.


PRATHYUSHA CHEMICALS: CRISIL Reaffirms D Rating on INR291MM Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Prathyusha Chemicals and
Fertilisers Limited (Prathyusha) continue to reflect instances of
delay by Prathyusha in servicing its debt. The delays have been
caused by the weakening in the company's liquidity with its cash
accruals not being sufficient to meet its term debt repayment
obligations.

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit                 70      CRISIL D (Reaffirmed)
   Foreign Letter of Credit   180      CRISIL D (Reaffirmed)
   Term Loan                  291      CRISIL D (Reaffirmed)

Prathyusha has a below-average financial risk profile marked by
its small net worth, high gearing, and weak debt protection
metrics. The company also has large working capital requirements,
and its operations are susceptible to erratic monsoons and
changes in government regulations. However, the company benefits
from its promoters extensive experience in the fertiliser
industry.

Prathyusha was set up in 1999 by Mr. A Visweswara Rao. In 2004,
Prathyusha was referred to the Board for Industrial and Financial
Reconstruction (BIFR), and was categorised as a sick unit. In
2009, Mr. Y T Raja and associates, approached BIFR and took over
Prathyusha.


PRESSMACH ENGINEERS: CRISIL Assigns 'B' Rating to INR135MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable 'rating to the long term
bank facilities of Pressmach Engineers Private Limited (PEPL;
part of the Pressmach Group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             135       CRISIL B/Stable
   Proposed Cash
   Credit Limit             20       CRISIL B/Stable

The ratings reflect the Pressmach group's working capital
intensive operations marked by high receivables and its exposure
to intense competition in the fragmented civil construction
industry. These strengths are partially offset by the Pressmach
group's moderate financial risk profile and the extensive
industry experience of the promoters in the civil construction
industry.

For arriving at the ratings CRISIL has consolidated the business
and financial risk profiles of PEPL, Pressmach Infrastructure
Private Limited (PIPL) and Pressmach, collectively known as the
Pressmach group as they are in the same line of business, have a
common management and have financial and operational linkages
Outlook: Stable

CRISIL believes that the Pressmach Group will continue to benefit
over the medium term from the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if the
group significantly improves its scale of operations and
profitability leading to larger-than-expected cash accruals with
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the Pressmach group's revenues
operating margins decline, or in case of an elongation in the
working capital cycle, resulting in a deterioration in the
financial risk profile, particularly, liquidity.

The flagship entity of the Pressmach Group, PIPL was set up in
2010 and is engaged in the manufacture of roofing sheets,
sandwich panels, etc. Pressmach, was set up in 1985 and is also
engaged in similar line of business. PEPL is engaged in civil
construction, primarily construction of buildings.


PRESSMACH INFRASTRUCTURE: CRISIL Rates INR78MM LT Loan at 'B'
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Pressmach Infrastructure Private Limited (PIPL;
part of the Pressmach group) and has assigned its 'CRISIL
B/Stable' rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              35       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Long Term Loan           78       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term        8       CRISIL B/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings were suspended by CRISIL on September 12, 2014,
because PIPL had not provided the necessary information required
for a rating review. PIPL has now provided the necessary
information, enabling CRISIL to assign ratings to the bank
facilities.

The ratings reflect the Pressmach group's working capital
intensive operations marked by high receivables and its exposure
to intense competition in the fragmented civil construction
industry. These strengths are partially offset by the Pressmach
group's moderate financial risk profile and the extensive
industry experience of the promoters in the civil construction
industry.

For arriving at the ratings CRISIL has consolidated the business
and financial risk profiles of PIPL, Pressmach Engineers Private
Limited and Pressmach, collectively known as the Pressmach group
as they are in the same line of business, have a common
management and have financial and operational linkages
Outlook: Stable

CRISIL believes that the Pressmach Group will continue to benefit
over the medium term from the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if the
group significantly improves its scale of operations and
profitability leading to larger-than-expected cash accruals with
improvement in its working capital cycle. Conversely, the outlook
may be revised to 'Negative' if the Pressmach group's revenues
operating margins decline, or in case of an elongation in the
working capital cycle, resulting in a deterioration in the
financial risk profile, particularly, liquidity.

The flagship entity of the Pressmach Group, PIPL was set up in
2010 and is engaged in the manufacture of roofing sheets,
sandwich panels, etc. Pressmach, was set up in 1985 and is also
engaged in similar line of business. PEPL is engaged in civil
construction, primarily construction of buildings.


RAJ KISHORE: CRISIL Suspends B+ Rating on INR80MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Raj Kishore Engineering Constructions Private Limited (RKECPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4
   Cash Credit             80        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B+/Stable

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

RKECPL was incorporated in 2010 by Mr. S Rajasekaran. RKEPL is
engaged in various construction related activities including
civil construction (industrial buildings, RCC roads, towers,
chimneys and other related works, structural steel works,
mechanical structures, storage tanks, and others.


RAM COIR: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ram Coir Mills
(RCM) 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 RCM's moderate scale of operations and credit
profile due to its presence in the intensely competitive coir
industry along with limited pricing flexibility, raw material
price fluctuations, and exchange rate movements as it is an
export-oriented unit. According to FY16 provisional financials,
revenue was INR519.5 million (FY15: INR464.2 million; FY14:
INR442.7 million) net leverage (Ind-Ra total adjusted net
debt/operating EBITDAR) was 4.8x (3.4x; 3.8x), interest cover
(operating EBITDA/gross interest expenses) was 2.1x (1.8x; 1.6x)
and EBITDA margin was 5.1% (4.5%; 4.2%). Revenue grew at a CAGR
of 12.7% and the margins varied between 4.2% and 5.1% over FY13-
FY16.

The ratings also factor in the partnership form of the
organisation.

The ratings, however, are supported by the firm's comfortable
liquidity position with its peak average working capital
utilisation being 45% over the three months ended May 2016. The
ratings are further supported by more than three decades of
experience of the company's present partners in the coir
industry, and the company's more than 60 years of presence in the
coir industry and its established relationships with customers
and suppliers.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1952 and based out of Kerala, RCM is an export-
oriented unit. The firm manufactures vinyl backed coir products,
coir mats, jute products, rubber molded coir products, 100%
rubber mats and polypropylene mats. The firm is SA8000:2008
certified.

RCM's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR130 million fund-based working capital limits: assigned
    'IND B+'/Stable/'IND A4'
-- INR38.4 million term loan limits: assigned 'IND B+'/Stable


RANI CONSTRUCTIONS: CRISIL Suspends 'D' Rating on INR700MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Rani Constructions Private Limited (RCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         700        CRISIL D
   Cash Credit            140        CRISIL D

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

RCPL, promoted in 1983 by Mr. G Gundiah, undertakes
infrastructure projects, primarily roads and irrigation works.
The company's clients include various state and central
government bodies.


S.R.K. CHEMICALS: CRISIL Suspends B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of S.R.K.
Chemicals Limited (SRK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            50         CRISIL B+/Stable
   Line of Credit         70         CRISIL A4
   Proposed Long Term
   Bank Loan Facility      6         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 2008, SRK is a part of the Neelkanth group,
promoted by the Gandhidham-based Kangad family. The group has a
presence in businesses such as salt manufacturing, civil
construction, water supply, transportation, and low ash
meteorological (LAM) coke manufacturing. SRK trades in various
products such as salt, timber and HMS.


S.T. WOOLLEN: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR15.00 crore bank
facilities of S.T. Woollen 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.


SANKALP COTTON: ICRA Revises Rating on INR5.0cr Cash Loan to B
--------------------------------------------------------------
ICRA has revised the long term rating reaffirmed to the INR1.49
crore1 term loans facility and the INR5.00 crore cash credit
facility of Sankalp Cotton & Oil Industries from [ICRA]B+ to
[ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based- Term        0.29         Revised from [ICRA]B+
   Loan I                               to [ICRA]B

   Fund Based-Term         1.20         Revised from [ICRA]B+
   Loan II                              to [ICRA]B

   Fund Based-Cash         5.00         Revised from [ICRA]B+
   Credit                               to [ICRA]B

The revision in rating factors in the financial profile of SCOI,
as characterized by sales de-growth in FY2016 owing to demand
slowdown and stretch liquidity, resulting from high inventory
levels. The rating also takes into account the firm's small scale
of operations, the limited value additive nature of operations
and the intense competition due to a fragmented industry
structure, leading to low to moderate profit margins.

ICRA also notes the vulnerability of profitability to the adverse
movements in raw cotton prices, which are subject to seasonality
and crop harvest, as well as to Government regulations in terms
of MSP for procurement of raw cotton and exports.

The rating, however, favourably takes into account the experience
of the partners in the cotton industry, and the location
advantage enjoyed by SCOI, giving it easy access to high quality
raw cotton.

The turnover and margins are expected to remain in line with the
previous fiscal, given the stable outlook on prices and
availability for raw cotton. However, SCOI's ability to scale up
its operations will be largely contingent on an improvement in
international demand, given the seasonality in the business,
volatility in prices of cotton, high competitive intensity and an
uncertain regulatory scenario. Furthermore, the firm's ability to
infuse funds to support its capital structure and manage its
working capital efficiently would be a key rating monitor.

Established in 2012, Sankalp Cotton & Oil Industries (SCOI) is a
partnership firm. While the firm is owned by eight partners, it
is actively managed by four- Mr. Hareshbhai Kalola, Mr.
Nileshbhai Kakasania, Mr. Chintubhai Vidja and Mr. Pravinbhai
Vaishnani. SCOI is engaged in ginning and pressing of raw cotton
as well as crushing of cottonseeds. SCOI's manufacturing facility
is located at Hirapar in Rajkot District of Gujarat. It is
currently equipped with 18 ginning machines, a pressing machine
and five expellers for the production of cotton bales and
cottonseed oil. SCOI has an installed production capacity of 160
cotton bales and 3.5MT of cottonseed oil per day (24 hours
operation).

Recent Results
In FY2015, SCOI reported an operating income of INR19.73 crore
and net profit of INR0.19 crore. Further, in FY2016 (unaudited
provisional financials), Firm has reported an operating income of
INR15.36 crore with operating profit of INR0.84 crore.


SANKLECHA CONSTRUCTIONS: CRISIL Ups Rating on INR200MM Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sanklecha Constructions Private Limited (SCPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Drop Line Overdraft     200       CRISIL B+/Stable (Upgraded
   Facility                          from 'CRISIL B/Stable')

The upgrade reflects healthy booking and adequate customer
advances for the company's project, supporting its liquidity.
Till May 2016, the company had sold over 50% of the units and
received customer advances of INR635 million. To fund
construction, it has availed of a dropline overdraft facility of
INR350 million. It has spent INR900 million on construction. Its
liquidity is supported by healthy moratorium of 18 months and
ballooning repayment schedule, with repayment starting in March
2017.

The rating reflects the company's exposure to risks related to
implementation of its Waterway project, geographical
concentration in its revenue, and vulnerability to cyclicality in
demand inherent in the real estate sector. These weaknesses are
partially offset by the extensive experience of its promoters,
and its established track record and brand in the real estate
sector in Nashik, Maharashtra; and its healthy customer advances.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' if the company reports significant
increase in customer advances, resulting in sizeable cash inflow.
The outlook may be revised to 'Negative' in case of delays in
projects or decline in customer advances, leading to
deterioration in its liquidity.

SCPL was incorporated in 1991 as Sanklecha Investment & Finance
Pvt Ltd and got its present name in 2000. It is a part of the
Sanklecha group, which develops residential real estate through
group entities. SCPL is executing two projects, The Metrozone and
Waterways, in Nashik.


SANTLAL INDUSTRIES: CRISIL Assigns B+ Rating to INR600MM Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Santlal Industries Ltd (SIL) and has assigned
its 'CRISIL B+/Stable' rating to the facilities. CRISIL had, on
March 11, 2013, suspended the rating as SIL had not provided the
necessary information required for a rating review. The firm has
now shared the requisite information, enabling CRISIL to assign a
rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             600       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Warehouse Financing     150       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects a weak financial risk profile because of high
gearing and weak debt protection metrics. The rating also factors
in a modest scale of operations and large working capital
requirement. These rating weaknesses are partially offset by
healthy operating efficiencies backed by a captive power plant,
extensive experience of the company's promoters in the rice
industry, and their funding support.
Outlook: Stable

CRISIL believes SIL will continue to benefit over the medium term
from the extensive industry experience of its promoters and their
funding support. The outlook may be revised to 'Positive' in case
of more-than-expected net cash accrual, or improvement in capital
structure led by equity infusion. Conversely, the outlook may be
revised to 'Negative' in case of lower-than-expected cash
accrual, increase in working capital cycle, or large debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

SIL was established in October 1999 by the Mainpuri, Uttar
Pradesh-based Agrawal family. The company processes basmati rice;
it has a processing capacity of 660 tonne per day at its unit in
Mainpuri.


SAWANT TRANSPORT: CRISIL Suspends B- Rating on INR130MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sawant Transport Private Limited (STPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             130       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       20       CRISIL B-/Stable
   Term Loan                60       CRISIL B-/Stable

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

Established in 2011, STPL is engaged in the road transportation
business and owns 104 vehicles; it has 183 vehicles on rent. The
company was originally set up as a proprietorship concern by Mr.
Abhijit Sawant, and was reconstituted as a private limited
company in 2011. It is based in Ahmednagar.


SHITAL GEMS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shital Gems Pvt.
Ltd.'s (SGPL) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. The agency has also affirmed SGPL's INR220 million fund-
based working capital limits at Long-term 'IND B+' with a Stable
Outlook and Short-term 'IND A4'.

KEY RATING DRIVERS

The affirmation reflects SGPL's continued moderate scale of
operations and weak credit profile. According to the provisional
FY16 financials, revenue was INR846.9 million (FY15: INR821.9
million), gross interest coverage (operating EBITDA/gross
interest expenses) was 1.4x (1.3x), net financial leverage (total
adjusted net debt/operating EBITDA) was 8.5x (7.4x) and EBITDA
margin was 3.5% (4.3%). The company is vulnerable to volatility
in foreign exchange as well as fluctuations in the price of
diamonds as it imports rough diamonds and exports cut and
polished diamonds.

Moreover, the company's liquidity position is tight as reflected
by its around 99.1% use of the working capital limits on average
during the 12 months ended May 2016.

The ratings, however, are supported by SGPL's management's
experience of over three decades in the diamond industry, and the
company's well-established position in the domestic and overseas
markets and its long operational record of 16 years.

RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics will be
positive for the ratings.

Negative: Deterioration in the liquidity profile and/or credit
metrics will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2000, SGPL is a private limited company located
in Mumbai. The company is engaged in importing and exporting
rough as well as cut and polished diamonds.


SHREE DOODHAGANGA: ICRA Suspends B- Rating on INR150cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to INR150 crore
bank facilities of Shree Doodhaganga Krishna Sahakari Sakkare
Karkhane Niyamit. 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.


SHREE SAI: CRISIL Suspends 'D' Rating on INR59MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shree Sai Maruti Ginning and Pressing Factory (SSMGPF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            59         CRISIL D
   Proposed Long Term
   Bank Loan Facility      1.9       CRISIL D

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

SSMGPF, a partnership firm, is promoted by Mr. Jitendrasinh
Jhala, Vijaykumar Babulal Patel, and Kartikbhai Nanjibhai
Vikhariya. The firm has a cotton ginning unit at Babra in Amreli
(Gujarat). SSMGPF also extracts oil from cotton seeds.


SHUBHLAXMI GUM: ICRA Revises Rating on INR7.0cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B+ to [ICRA]B
for the INR7.00 crore1 cash credit facility and INR1.48 crore
term loan facility of Shubhlaxmi Gum Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                1.48        Revised to [ICRA]B
                                        from [ICRA]B+
   Cash Credit              7.00        Revised to [ICRA]B
                                        from [ICRA]B+

The rating revision takes into account the weak financial profile
of the firm as characterised by its adverse capital structure,
thin operating profitability, coupled with net losses in FY2016
and the firm's weak coverage indicators. The rating is
constrained by the stretched liquidity profile as reflected by
almost full utilisation of its working capital limits, on account
of high working capital intensity. The rating also takes into
account the vulnerability of the firm's profitability to the
fortunes of oil and gas industry (primarily shale gas exploration
in USA), which is the major user industry. The rating is further
constrained by the presence of the firm in the low value-
added/highly commoditised segment of the highly fragmented and
competitive processing industry. ICRA also notes that as SGI is a
partnership firm, 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 favourably take into account
the promoters' past experience in guar seed trading and proximity
of the plant to the guar seed-producing belt in Gujarat, enabling
access to raw material sources.

Shubhlaxmi Gum Industries (SGI) is a partnership firm established
in August 2013 by Mr. Hasmukhbhai Varmora and Mr. Jayeshbhai
Rupala. The firm commenced its commercial operations in March
2014 and is engaged in processing of guar seeds to produce guar
gum refine splits and its by-products like churi and korma. The
firm carries its operations from its processing facility set up
at Halvad in Surendranagar district of Gujarat having annual
installed capacity of 18,000 MT of raw guar seeds.

Recent Results
For the year ended 31st March 2015, SGI has reported an operating
income of INR58.56 crore and net profit of INR0.18 crore as
against an operating income of INR2.12 crore and net loss of
INR0.14 crore for the year ended 31st March 2014. For the year
ended 31st March 2016 (provisional unaudited financials), SGI has
reported an operating Income of INR45.33 crore and net loss of
INR0.21 crore.


SRI VENKATA: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Venkata Siva
Parvathi Spinning Mills Pvt. Ltd.'s (SVSP) Long-Term Issuer
Rating at 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SVSP's moderate credit metrics and scale
of operations. Key FY16 numbers shared by management indicate
revenue of INR1,779 million (FY15: INR2,055 million), net
leverage (total adjusted net debt/operating EBITDA) of 4.0x
(4.5x), EBITDA interest coverage (operating EBITDA /gross
interest expenses) of 1.9x (1.4x) and EBITDA margins of 12.3%
(9.3%).

The ratings factor in SVSMPL's tight liquidity as evident by its
average working capital utilisation of 99.6% during the12 months
ended June 2016.

The ratings, however, continue to be supported by over three
decades of operating experience of the company's promoter in the
ginning and spinning industry.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to deterioration
in the overall credit profile could be negative for the ratings.

Positive: A sustainable improvement in the credit profile
underpinned by improvements in the profitability or an increase
in the scale of operations could be positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, SVSP manufactures cotton yarn with
installed capacity of 56,064 spindles at its unit in Guntur,
Andhra Pradesh. It manufactures combed wrap and hosiery cotton
yarn with 40s, 50s, 56s HT, 60s count and also other counts
according to market requirement. The products of SVSP are sold
globally.

The company is managed by M. Gigidhar Rao and M. Subba Rao.

SVSP's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR417.03 million  long-term loans (decreased from INR443.94
    million): affirmed at 'IND BB+'/Stable
-- INR457 million fund-based limits (increased from INR427
    million): affirmed at 'IND BB+'/Stable/'IND A4+'
-- INR113.3 million non-fund-based limits (increased from INR108
    million): affirmed at 'IND A4+'


STARWOOD VENEERS: CRISIL Assigns 'B' Rating to INR11MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Starwood Veneers Private Limited (SVPL).

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Packing Credit             11        CRISIL A4
   Overdraft Facility         20        CRISIL A4
   Export Packing Credit      11        CRISIL B/Stable
   & Export Bills
   Negotiation/Foreign
   Bill discounting
   Letter of credit &
   Bank Guarantee             58        CRISIL A4

The ratings reflect the company's weak financial risk profile
because of high gearing and muted debt protection metrics, modest
scale of operations and large working capital requirements. These
weaknesses are partially offset by the extensive experience of
promoters in the timber industry.
Outlook: Stable

CRISIL believes SVPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of higher-than-expected
growth in revenue and profitability or improvement in working
capital management. The outlook may be revised to 'Negative' if
significant decline in topline or operating margins, further
increase in working capital requirement, or sizeable, debt-funded
capital expenditure leads to deterioration in financial risk
profile.

Incorporated in 1997 and promoted by Mr. Ashish Agarwal, SVPL
processes teak veneer and timber. The company has a sawing unit
in Gandhidham, Gujarat, and a veneer processing facility in
Sampla, Haryana. Head office is in New Delhi.


SURYA METALLOYS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Surya Metalloys
Private Limited's (SMAPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable. A full list of rating actions is at the
end of this commentary.

KEY RATING DRIVERS

The affirmation reflects SMAPL's continued small scale of
operations and weak credit metrics due to its presence in the
highly fragmented steel industry. Provisional FY16 financials
provided by the company indicate revenue of INR358.33 million
(FY15: INR446.95 million; FY14: INR495.08 million), financial
leverage (Ind-Ra adjusted debt/operating EBITDAR) of 4.84x
(5.40x) and interest coverage (operating EBITDA/gross interest
expense) of 1.11x (1.11x).

However, the ratings are supported by the over two decades of
operating experience of SMAPL's founders in the industry and
SMAPL's comfortable liquidity position. Its use of the working
capital facilities during the 12 months ended June 2016 was
around 92.76% on average. The ratings are further supported by
the improvement in SMAPL's EBITDA margin to 4.21% in FY16 (FY15:
2.35%) due to an increase in capacity utilisation resulting in
improved operational efficiency and an increase in the proportion
of higher margin steel ingots in the sales mix.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: Significant revenue growth along with improved credit
metrics could lead to a positive rating action.

COMPANY PROFILE

Incorporated in November 2011, SMAPL manufactures mild-steel
ingots at its 20,760mtpa facility in Nasirabad, Rajasthan. The
company caters to the construction and steel manufacturing
industries.

SMAPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND B+'; Outlook Stable
-- INR49 million term loan (increased from INR20 million):
    affirmed at 'IND B+'/Stable
-- INR55 million fund-based limits (increased from INR30
    million): affirmed at 'IND B+'/Stable/'IND A4'
-- INR10 million non-fund-based limits: affirmed at 'IND A4'


SUSAAH LABORATORIES: CRISIL Assigns B+ Rating to INR42.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long
term bank facilities of Susaah Laboratories Pvt Ltd (SLPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            42.5       CRISIL B+/Stable
   Long Term Loan         37.5       CRISIL B+/Stable

The rating reflects SLPL's modest scale- and working capital
intensive nature- of operations and customer concentration in
revenue profile. The rating also reflects SLPL's moderate
financial risk profile marked by moderate gearing and debt
protection metrics albeit constrained by modest networth.  These
rating weaknesses are partially offset by the benefits derived
from extensive industry experience of the promoters and its
established customer relationships.
Outlook: Stable

CRISIL believes that SLPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability on a sustainable basis while
maintaining its comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' if SLPL's financial risk
profile weakens, most likely because of a significant increase in
its working capital requirements or pressure on its profitability
and revenues, or larger-than-expected debt-funded capital
expenditure programme.

Established in 2007 as a private limited company, SLPL is a
manufacturer of active pharmaceutical ingredients (APIs) and bulk
drug intermediaries. Based in Hyderabad, Telangana, the company
is promoted and managed by Mr. K Srinivas.

For 2015-16 (refers to financial year, April 1 to March 31), SLPL
reported estimated profit after tax (PAT) of INR7.7 million on
net sales of INR194 million against net loss of INR14 million on
net sales of INR84 million.


SWAGATH: CRISIL Suspends B+ Rating on INR230MM Overdraft Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Swagath
(a part of the Swagath group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      230       CRISIL B+/Stable

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

For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of Swagath with its group entity
Ocean Pearl Hotels Pvt Ltd (OPHPL). This is because the two
entities, together referred to as the Swagath group, have
significant financial linkages and a common management.

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


TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR77.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Tan-B Constructions
(TBC) continue to reflect its weak financial risk profile, marked
by below-average debt protection metrics and modest networth. The
rating also reflects small scale of operations in the intensely
competitive civil construction industry. These rating weaknesses
are partially offset by extensive experience of the proprietors.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         12.5      CRISIL A4 (Reaffirmed)

   Overdraft Facility     77.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TBC will continue to benefit over the medium term
from the promoters' extensive experience. The outlook maybe
revised to 'Positive' if significant improvement in scale of
operations and profitability strengthens financial risk profile.
Conversely, the outlook maybe revised to 'Negative' if low cash
accrual, or large working capital requirement or capital
expenditure weakens financial metrics, including liquidity.

TBC, set up in 2012, undertakes civil construction, especially,
road and irrigation, projects in Palakkad, Kozhikode and
Malappuram districts of Kerala, for the central and state
governments. Mr. Aboobacker VP, Mr. Babu K Nayeem, Mr. Mohammed
Abdul Nazer, and Mr. Tom C Kavalkkal are the partners. All
partners are contractors with individual licences.

Profit after tax and net sales were INR7 million and INR234
million, respectively, in Fiscal 2016 (Rs 7.4 million and INR168
million in Fiscal 2015).


TENKASI TIMBER: CRISIL Lowers Rating on INR12.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Tenkasi Timber and Saw Mill (TTSM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            12.5       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       57.5       CRISIL A4 (Reaffirmed)

The downgrade reflects weakening of liquidity because of low cash
accrual and high bank limit utilisation; these are due to decline
in revenue to INR105.3 million for fiscal 2016 from INR152.3
million for fiscal 2015. Intense competition and subdued demand
are likely to constrain revenue and operating profitability over
the medium term. Also, large working capital debt will continue
to result in high interest outgo and hence low cash accrual.

The ratings reflect TTSM's modest scale of operations, exposure
to intense competition in the timber processing segment, and
below-average financial risk profile. These weaknesses are
partially offset by extensive experience of promoters.
Outlook: Stable

CRISIL believes TTSM will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if increase in scale of operations
and profitability leads to high cash accrual, or sizeable capital
infusion strengthens financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, inefficient working
capital management, or any large, debt-funded capital expenditure
further weakens financial risk profile, particularly liquidity.

Set up in 2008 in Tamil Nadu by Mr. Syed Ali Badushah, TTSM
processes and trades in timber.

Profit after tax (PAT) was INR2.4 million on total revenue of
INR152.3 million for fiscal 2015, against PAT of INR2.0 million
on total revenue of INR186 million for fiscal 2014. Revenue was
INR105.3 million for fiscal 2016.


VASHUDEV TRADING: ICRA Suspends 'B' Rating on INR5.0cr Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR5.00 Crore bank lines of Vashudev Trading Company(VTC). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

VTC is a proprietorship concern promoted by Shree Adarsh Kumar.
The entity was incorporated in 2010 and has been engaged in rice
milling and trading since then. VTC's milling facility with a
capacity of 2 tonnes per hour is located at Kaithal, Haryana.


VASUNDHARA CHEM: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vasundhara Chem
Plast Industries' (VCPI) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects VCPI's small scale of operations, as
indicated by its revenue of INR240 million during FY16 according
to its provisional financials (FY15: INR225 million). The ratings
also reflect the company's moderate credit metrics. Its interest
coverage was 1.4x in FY16 (FY15:1.3x) and net leverage (adjusted
net debt/ operating EBITDAR) was high at 5.4x (5.4x).

The ratings further reflect VCPI's tight liquidity profile as
indicated by its average maximum utilisation of 99.04% of its
fund-based working capital limit during the six month ended May
2016.

The ratings, however, are supported by the three decades of
operating experience of VCPI's founders in manufacturing
polypropylene rolls and bags.

RATING SENSITIVITIES

Positive: A substantial improvement in the EBITDA interest
coverage could lead to a positive rating action.

Negative: A sustained decline in the EBITDA Interest coverage
could lead to a negative rating action.

COMPANY PROFILE

VCPI was formed in 1998 as a partnership firm. The firm
manufactures Polypropylene/HDPE/LDP/BOPP rolls and bags for
application in food grade, consumer items, agro and allied
industries as packaging media.

Vinod Mohanlal Gupta, Ravi Mohanlal Gupta and Pista Devi Gupta
are VCPI's partners.

VCPI's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
-- INR80 million fund-based working capital limits (increase
    from INR70 million): affirmed at 'IND B+'/Stable
-- INR10.64 million Long-term loans (decrease from INR14.72
    million): affirmed at 'IND B+'/Stable
-- INR20.4 million non-fund-based working capital limits
    (increase from INR0.4 million): affirmed at 'IND A4'


VEGA CONVEYORS: Ind-Ra Assigns IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vega Conveyors
and Automation Limited (VCAL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The ratings reflect VCAL's increasing, yet moderate, scale of
operations as well as its moderate liquidity position.  The
company's revenue increased at a CAGR of around 22.3% over FY12-
FY16, and was INR321.0 in FY16, according to provisional (P)
statements. Its liquidity has remained moderate, with 91% average
use of the peak of its working capital facilities during the 12
months ended May 2016, on account of the working capital
intensive nature of its operations. Its gross working capital
cycle remained at 150-200 days during FY12-FY16.

However, the ratings are supported by VCAL's comfortable credit
metrics. At FYE16 (P), its net leverage (Ind-Ra adjusted net
debt/operating EBITDAR) was 1.8x (FY15: 2.1x; FY14:1.6x) and
EBITDA interest coverage (operating EBITDA/gross interest
expense) was 3.9x (4.5.x; 4.2x). The ratings are further
supported by VCAL's EBITDA margin, which improved to 14.7% in
FY15 from 8.7% in FY12. However, the margin declined to 11.3% in
FY16 due to one-time expenses incurred to create designs for one
of its clients, but the company believes this will bring in a
larger number of orders going forward.

VCAL's operations of around one and a half decades have led to
its established market position in the manufacture of conveying
systems, material handling systems and packaging automation
systems. This, coupled with its unexecuted order book worth
INR253.3 million as at end-May 2016, which is to be executed by
January 2017, also benefits the ratings.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue while maintaining
the credit metrics at current levels could lead to a positive
rating action.

Negative: Margin pressure, leading to deterioration in credit
metrics and/or liquidity, could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1999, VCAL is engaged in the manufacture of
conveying systems, material handling systems and packaging
automation systems across industry segments. Its products include
material handling, conveying and automation solutions for
companies operating in segments such as food and beverages,
battery, pharmaceuticals, petrochemicals, textiles and
engineering.

VCAL's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
-- INR32.5 million fund-based working capital limits: assigned
    'IND BB+'/Stable /'IND A4+'
-- INR21.08 million long-term loans: assigned 'IND BB+'/Stable
-- INR40.0 million non-fund-based working capital limits:
    assigned 'IND A4+'
-- Proposed INR30.0 million fund-based working capital limits:
    assigned 'Provisional IND BB+'/Stable/'Provisional IND A4+'
-- Proposed INR20.0 million non-fund-based working capital
    limits: assigned 'Provisional IND A4+'


VIKAS TECHNOPLAST: Ind-Ra Affirms IND BB- Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vikas
Technoplast Pvt Ltd's (VTPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable. A full list of rating actions
is at the end of this commentary.

Ind-Ra suspended VTPL's ratings on 25 February 2016

KEY RATING DRIVERS

The affirmations reflect VTPL's small scale of operations and
moderate credit metrics. During FY16, VTPL's revenue was INR141m
(FY15: INR110 million), interest coverage (operating EBITDA/ net
interest expenses) was 1.6x (1.3x), EBITDA margins were 7.9%
(8.1%) and net leverage (total adjusted net debt/ operating
EBITDA) was 7.4x (7.2x).

The company's liquidity continued to be tight with the full
utilisation of its working capital limits during the 12 months
ended May 2016.

The ratings, however, continue to be supported by more than two
decades of operating experience of VTPL's promoter in the plastic
industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA interest coverage
could lead to positive rating action.

Negative: A substantial detoriation in the EBITDA interest
coverage could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2013, VTPL manufactures plastic bottles, pet
jars, preform, moulds and other plastic products used for
packaging and storing purpose.

The company, with its administrative office and manufacturing
plant located in Silvassa in Dadra and Nagar Haveli, is managed
by three of its directors- Kannan B Naidu, Ramesh B Naidu and
Kavya K Naidu.

VTPL's ratings:

-- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
    Stable
-- INR30 million fund-based facilities: affirmed at 'IND BB-
    'Stable/'IND A4+'
-- INR16.8 million term loan (reduced from INR30 million):
    affirmed at 'IND BB-'; Outlook Stable


VISHNU CARRIERS: ICRA Suspends C/A4 Rating on INR20cr Bank Loan
---------------------------------------------------------------
ICRA has suspended ratings of [ICRA]C/A4 assigned to the INR20.00
crore bank facilities of Vishnu Carriers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


WARADE PACK: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR5.00 crore Cash Credit facilities and to INR0.50 crore
unallocated limit of Warade Pack Tech Private Limited. ICRA has
also reaffirmed the short term rating of [ICRA]A4  to the INR3.50
crore Bank Guarantee facilities and to INR0.50 crore unallocated
limit of WPTPL.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term, Fund based
   limits - Cash Credit       5.00        [ICRA]B reaffirmed

   Short term, Non Fund
   based limits- Bank
   Guarantee                  3.50        [ICRA]A4 reaffirmed

   Long term/short term       0.50        [ICRA]B/[ICRA]A4
   Unallocated Limits                     reaffirmed

The reaffirmation of the ratings take into account the vast
experience of the promoters in the packaging automation business,
reputed and geographically-diversified client base (established
relationship with them helping in order inflows) and positive
outlook on high-value orders, which are under negotiation.
However, the ratings are constrained by the company's small scale
of operations and vulnerability of revenue to the slowdown in the
overall capex cycle in the industry. Further, the company's
revenues are concentrated within the FMCG sector with ~50% of
sales derived from the P&G Group of Companies during FY2016. The
company has high working capital intensity, marked by high
inventory levels owing to long manufacturing cycle. ICRA also
takes note of the company's leveraged capital structure with
gearing of ~2.3x in FY2016 and modest revenue visibility with
order book of ~Rs. 10.95 crore. Further, the planned debt-funded
capex in FY2017 is expected to put pressure on capital structure
and cash flow position of the company.

ICRA expects WPTPL's revenues to improve by 30% in FY2017
compared to that of FY2016 driven by order book in hand and
expected orders, which are under negotiations. WPTPL's capital
structure is likely to remain leveraged over the medium term
given its proposed debt-funded capex.

Warade Pack Tech Private Limited (WPTPL) is engaged in assembly
of packaging equipment and offers packaging solutions like
Cartooning systems, Conveyor systems, Checkweigher systems etc.
It provides robotics and industrial automation packaging
machineries and is involved in redesigning, manufacturing and
testing of primary machines, besides providing end-to-end
packaging solutions.

WPTPL caters to customers across verticals like FMCG,
pharmaceutical, fertilisers among others. The company has an
assembling unit at Sinhgad Road, Pune and is run by Mr. Suresh
Warade who has more than 25 years of experience in the field of
packaging automation business.


* INDIA: Fitch Says Homebuilders With UK Assets Face Brexit Risks
-----------------------------------------------------------------
Indian homebuilders with significant investments in the London
property market will face near-term challenges from Britain's
vote to leave the EU on June 23, says Fitch Ratings. Demand for
luxury residential properties and commercial properties -- the
segments some Indian homebuilders have invested in -- may remain
weak at least over the coming six to 12 months as buyers postpone
purchases and banks trim loans amid increased economic
uncertainty.

Asking prices of London's luxury residential properties have
fallen by 5%-20% over the last few weeks by some market
estimates. This is in spite of the British pound trading at all-
time lows against the US dollar - foreign investors make up a
considerable part of the demand for London's luxury residential
properties. However over the longer term, these risks may be
moderated by the tight supply of new residential developments,
particularly in Central London, owing to challenges in securing
regulatory approvals on new projects.

Commercial property demand has also weakened, and in some
instances, prompted investors to exit commercial property-focused
investment funds. This has led to some funds freezing withdrawals
to enable a more orderly closure, while others have offered
withdrawals at steep discounts to the net asset value to reflect
the potential impact of having to sell assets quickly.
Furthermore many foreign and domestic banks have also cut credit
exposure to London property investors by reducing loan-to-value
ratios or freezing new loans altogether.

The risk to Indian homebuilders will depend on the extent
leverage was used to fund their London projects, and whether
project construction and marketing sales coincide with the
ongoing market volatility. Homebuilders may choose to defer
marketing launches until investor sentiment improves, cut prices
to spur higher sales, or sell equity stakes in the projects to
reduce leverage.

Indiabulls Real Estate Limited (IBREL, B+/Stable) and Lodha
Developers Private Limited (Lodha, B/Negative) have significant
exposure to the luxury residential and commercial property
segments in London. Both companies made sizeable investments in
London's Mayfair and suburbs in 2013 and 2014. Of the two, IBREL
is less exposed to demand volatility in the next six to 12 months
because it only expects to start developing its properties in
2017. Lodha could be more exposed to near-term property-market
turbulence because it has already launched the smaller of its two
investments.

Lodha's rating already factors in the uncertainty around presales
in its projects, both at home and overseas, as well as our view
that near-term operating cash flows may not be sufficient to
reduce its high leverage. IBREL's rating factors in its
demonstrated ability to reduce leverage over the last 12 months,
as well as the modest improvement in sales momentum in its key
domestic property projects.



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


SOECHI LINES: Moody's Assigns Definitive B1 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating (CFR) to Soechi Lines Tbk. (P.T.) (Soechi). The
rating outlook is stable.

Moody's has also withdrawn the provisional (P)B1 rating on the
proposed $200 million senior unsecured notes of Soechi Capital
B.V., a wholly owned subsidiary of Soechi, because the notes were
not issued.

RATINGS RATIONALE

Soechi is a small player in the global shipping sector but is a
market leader in the niche shipping sector in Indonesia (Baa3
stable). Soechi's relationship with Pertamina (Persero) P.T.
(Baa3 stable), the national oil company of Indonesia, and the
protections afforded by the cabotage principle, which requires
intra-island sea carriage to be performed by Indonesian flagged
vessels, create high barriers to competition.

"The B1 rating reflects Soechi's solid market position in
Indonesia's domestic oil & gas shipping sector, the visibility of
revenues driven by its use of long-term charter contracts and its
longstanding relationship with Pertamina" says Brian Grieser a
Moody's Vice President and Senior Credit Officer and lead analyst
for the company.

The company has demonstrated a prudent approach to growth
marrying second hand vessel purchases with long-term charter
contracts to ensure a solid return on investment. As a result,
the company generates high margins, with EBITDA margins of 47%
for the twelve months ended 31 March 2016.

The company has managed to successfully grow its fleet in recent
years while maintaining debt-to-EBITDA leverage around 3.5x.

However, Soechi's rating reflects its high customer and vessel
concentration, with Pertamina accounting for over 50% of revenues
in 2015 and it's two Very large Crude Carriers (VLCC) accounting
for an estimated 25% of shipping revenues.

The rating also reflects Soechi's weak liquidity profile driven
by its dependence on short term loans and its high capital
spending levels. This is partly mitigated by a track record of
refinancing its bank loans with relationship banks.

The stable outlook is supported by the expectation that Soechi
will maintain its longstanding relationship with Pertamina and
will have good revenue visibility from its time charter
contracts. The outlook also takes into account the risk factors
arising out of the formative stage of the capital intensive
shipbuilding business and its relatively small contribution to
the overall earnings.

The rating could be upgraded if management continues to
successfully grow its shipping business while lowering leverage.
Given Soechi's small scale and customer and vessel concentration,
Moody's would expect leverage, as measured by debt-to-EBITDA to
be around 3.0x on a sustainable basis and interest coverage
measured as (FFO + Interest)-to-Interest Expense of over 4.0x
before considering an upgrade.

Furthermore, an upgrade is unlikely before its shipyard business
can demonstrate its ability to execute its orders in a timely and
profitable manner as well as sustain a modest backlog.

The rating could be downgraded if the company materially
increases debt levels to fund new tanker acquisitions over the
next 12-18 months or its shipbuilding business fails to meet its
new build terms and is required to reimburse any installment
payments to customers.

Furthermore, downward pressure on the ratings could build should:
1) any legislative development arise that loosens cabotage laws;
2) Pertamina shifts management of its fleet such that it reduces
its exposure to Soechi; 3) either of Soechi's 2 VLCC's are out of
service for an extended period.

In terms of credit metrics, debt-to-EBITDA leverage exceeding
4.5x or interest coverage below 2.25x could lead to a downgrade.
Soechi is engaged in the business of providing crude oil,
petroleum products and liquefied petroleum gas shipping and
shipyard services principally to companies operating in the
domestic oil and gas and chemical sectors in Indonesia. Soechi
operates a fleet of 35 vessels comprising 19 oil tankers, 10
chemical tankers, 3 gas tankers and 3 Floating Storage &
Offloading Units (FSO) having a total capacity of 1.46 million
dead weight tonnage. The tanker fleet includes the only two
Indonesian flagged VLCC's in the market,

Soechi is a family owned business with the members of the Utomo
family having majority ownership(approximately 85%) while 15% of
the stock is publicly held. The company recently completed its
IPO in December 2014 and is listed on the Indonesian stock
exchange.



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


SURUGA BANK: Fitch Affirms 'B' Support Rating Floor
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) on two Japan-based regional banks -- Shizuoka Bank, Ltd.
(The)'s (Shizuoka) at 'A' with a Negative Outlook and Suruga Bank
Ltd.'s (Suruga) at 'A-' with a Stable Outlook.

KEY RATING DRIVERS

VIABILITY RATING (VR) AND IDRs

The IDRs of Shizuoka and Suruga are driven by their VRs. Like
other banks in Japan, most regional banks continue to face a
challenging operating environment. This includes rising
uncertainty over the sustainability of government initiatives to
stimulate economic growth and competitive pressures in a very
low, if not negative, interest-rate environment. Strong funding
and liquidity, sustained by a firm deposit base, are key
strengths for the Japanese banking system and for both banks'
ratings.

The Negative Outlook for Shizuoka reflects the constraint of its
VR being rated equal to that of Japan's sovereign rating
(A/Negative). It would be difficult for the bank to avoid failure
in the event of a sovereign default, even though its intrinsic
profile is otherwise stable, due to Shizuoka's high exposure to
Japanese government bonds (JGBs) relative to its capital. The
bank's JGB holdings were 68% of Fitch Core Capital (FCC) at end-
March 2016, despite decreases in the previous few years.

The Stable Outlook for Suruga's IDRs reflects Fitch's view that
harsh credit cost rises will not crystalise and the bank's credit
profile will be underpinned by adequate risk controls and
buffers, particularly in terms of earnings capacity.

Shizuoka's VR of 'a' reflects its sustained strong
capitalisation, with an FCC ratio of 16.3% at end-March 2016,
leading franchise in Shizuoka Prefecture and potential buffers
against credit-risk through high guarantee/collateral coverage,
including public guarantees. Constraining factors for Shizuoka's
VR include limited options to diversify its revenue base and the
negative interest rate policy squeezing its profitability due to
the bank's reliance on lending.

Suruga's VR of 'a-' factors in its above-domestic peer
profitability, with a return on assets of 0.9% for the year
ending March 2016, compared with mega banks' average of 0.4%.
Suruga has also improved its net interest margin, with increased
balance in higher-yield non-housing loans, whereas the net
interest margins of domestic peers contracted. The bank's
relatively high profitability is backed by its unique business
model, which differentiates itself from typical Japanese
commercial banks by focusing on the retail business; providing a
wide range of retail clients with multi-purpose loans.
Profitability is also supported by Suruga's proactive risk
control, although to some degree it may reflect the bank's higher
risk appetite. Suruga's VR is constrained by a lack of
diversification due to the bank's concentration on retail lending
and its small asset size, with consolidated total assets of
JPY4trn, compared with Shizuoka's JPY11trn, at end-March 2016.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Shizuoka's SR of '2' and SRF of 'BBB-' reflect Fitch's belief
that the sovereign has a strong propensity to support the bank,
if necessary, due to Shizuoka's size relative to other banks in
its prefecture and nationally.

Fitch believes the sovereign's propensity to support Suruga,
which has an SR of '4' and an SRF of 'B', may be more limited due
to the bank's marginal systemic importance within Japan's
financial system and small operational size.

RATING SENSITIVITIES

VIABILITY RATING (VR) AND ISSUER DEFAULT RATINGs (IDR)

The VR for Shizuoka could be downgraded if the sovereign's rating
is downgraded, in light of the bank's rating's proximity to the
Japanese sovereign's IDRs. The bank's VR is unlikely to be rated
above the sovereign's rating due to Shizuoka's significant
sovereign exposure and high dependence on the domestic economy
for its business operation and revenue generation.

Positive rating action for Suruga is likely to stem from further
structural improvement in the domestic operating environment,
leading to sustainable loan expansion and faster internal capital
generation without a large increase in risk appetite. However,
Suruga's IDRs and Outlook are constrained by the Japanese
sovereign's IDRs, even if its VR was upgraded to 'a'. Fitch
believes structural improvement is remote and will take some
time.

Both banks' VRs and IDRs could be downgraded if substantial
deterioration in the operating environment increases performance
volatility, resulting in the banks taking more risk to offset the
negative environment's effects without a corresponding increase
in loss-absorption buffers. This includes increased exposure to
market risk, although Fitch expects it to be small, or
involvement in industry consolidation, leading to potentially
higher earnings or capital volatility.

SUPPORT RATING (SR) AND SUPPORT RATING FLOOR (SRF)

Shizuoka's SR and SRF are based on Fitch's assessment of the
sovereign's ability and willingness to support the bank, and are
therefore sensitive to changes in the sovereign's rating. A
downgrade in the sovereign's ratings to 'A-' or below would be
likely to lead to a downgrade in Shizuoka's SR and SRF.

Suruga's SR and SRF are not immediately sensitive to the
sovereign rating, as Fitch already factors in a limited
probability of support. Fitch may change its perception about the
sovereign's willingness to support Suruga subject to the
evolution of the bank's regulatory framework.

The rating actions are as follows:

Shizuoka:
-- Long-Term Foreign- and Local-Currency IDRs affirmed at 'A';
    Outlook Negative
-- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a'
-- Support Rating affirmed at '2'
-- Support Rating Floor affirmed at 'BBB-'

Suruga:
-- Long-Term Foreign- and Local-Currency IDRs affirmed at 'A-';
    Outlook Stable
-- Short-Term Foreign- and Local-Currency IDRs affirmed at 'F1'
-- Viability Rating affirmed at 'a-'
-- Support Rating affirmed at '4'
-- Support Rating Floor affirmed at 'B'


===============
M A L A Y S I A
===============


1MALAYSIA: UBS Flagged Suspicious 1MBD Transactions to MAS
----------------------------------------------------------
Jeffrey Voegeli and Chanyaporn Chanjaroen at Bloomberg News
report that UBS Group AG flagged suspicious transactions linked
to 1Malaysia Development Bhd. to the Monetary Authority of
Singapore, prompting an investigation of the accounts involved, a
person familiar with the matter said.

Bloomberg relates that the transactions were not immediately
recognized by UBS as suspicious, said the person, who asked not
to be identified because the matter is private. At least $1.24
billion was transferred in 2014 from the account of a 1MDB
subsidiary held at BSI SA in Lugano, Switzerland, to a UBS
account in Singapore held by what appeared to be a unit of an Abu
Dhabi company, U.K.-based investigative blog Sarawak Report said
on July 11, Bloomberg relays.

A spokeswoman for UBS declined to comment on the 1MDB transfers.
When asked about the UBS case, the Singapore regulator referred
to its previous statements made on March 31 and May 24. MAS has
said it is conducting supervisory reviews of several financial
institutions and bank accounts through which suspicious and
unusual transactions have taken place, without identifying the
parties involved.

Bloomberg notes that he Malaysian sovereign wealth fund is at the
center of probes in its home country and other jurisdictions
including Singapore, Switzerland and the U.S. as regulators seek
to determine if some of the billions of dollars it raised were
siphoned off. While 1MDB has denied wrongdoing, a Malaysian
parliamentary committee in April identified at least $4.2 billion
of questionable transactions, including those involving Abu Dhabi
companies.

Singaporean regulators said in May they will strip BSI's local
unit of its banking license amid global investigations
surrounding 1MDB, Bloomberg recalls. BSI, which is based in
Lugano, was fined SGD13.3 million ($9.9 million) for 41 breaches,
including its failure to conduct due diligence on high-risk
accounts and monitor suspicious customer transactions.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


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


MECARI PTY: Creditors Get 13.86 cents in the Dollar
---------------------------------------------------
Heather Wright at ChannelLife NZ reports that unsecured creditors
of the local arm of POS distributor Mecari, previously known as
Pos Pos, have been paid just 13.86 cents in the dollar, as the
liquidation of the failed company winds up.

Mecari was placed into liquidation by shareholder resolution in
April 2015, leaving a string of debts with companies including
Ingram Micro, Synnex and Spark among those caught by the
company's failure, ChannelLife relates.

Early reports showed an estimated debt of NZ$345,476 to unsecured
creditors, who included Ingram Micro New Zealand, Motorola
Solutions, Spark New Zealand and Zebra Technologies, according to
ChannelLife.

ChannelLife relates that the liquidator's final report showed
five securities were listed against the company at the time of
its liquidation, with Inland Revenue also having a preferential
claim for nearly NZ$3000, which was paid in full.

In addition, proofs of debt were received from 10 trade
creditors, totalling NZ$128,780, with one claim -- which made up
the bulk of the sum -- rejected, leaving claims totalling
NZ$21,765 and a related party debt of NZ$901,980 owing to the
shareholder. Inland Revenue also had a non-preferential unsecured
claim of NZ$6886, in addition to its preferential claim,
ChannelLife discloses.

According to ChannelLife, the report said a distribution of 13.86
cents in the dollar, totalling NZ$129,000, was made to the 11
creditors whose claims were accepted.

The report showed Mecari NZ$94,924 cash on hand at the time of
liquidation and had NZ$57,939 in debtors, of which the
liquidators recouped NZ$43,682, ChannelLife discloses.

ChannelLife notes that Mecari's Australian parent company, which
went into receivership and liquidation several months earlier,
also owed the local operations NZ$76,287, with liquidators
acknowledging there was 'no recovery action' given the failure of
the parent company.

Mecari operated in the traditional retail sector and also
targeted verticals such as airlines, gambling, manufacturing and
public safety, before its fall. The company ceased trading in
November 2014, with all staff employed by the company
'terminated' prior to the liquidation.



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


HYUNDAI HEAVY: To Sell Brokerage Unit as Part of Restructuring
--------------------------------------------------------------
Yonhap News Agency reports that Hyundai Heavy Industries Co., a
troubled shipyard, is seeking to sell its brokerage unit as part
of its restructuring drive, but its bid may fall through due to
lack of potential investors, industry sources said on July 14.

According to the report, sources said Hyundai Heavy plans to sell
an 85.3% stake in HI Investment & Securities Co. which is held by
its affiliate, Hyundai Mipo Dockyard Co., a deal estimated at
around KRW500 billion (US$439 million).

Hyundai Heavy plans to complete the sale of the brokerage unit by
the end of the year, the report says.

Yonhap says Hyundai Heavy took over the brokerage firm, formerly
known as CJ Investment & Securities Co., in 2008, and has spent a
total of KRW1.12 trillion for the takeover and the participation
in the new stock offering.

The sources said potential bidders include Korea Investment &
Securities, Shinhan Financial Group and a slew of mid-tier
financial companies, but they have not shown keen interest in
buying the brokerage house, Yonhap relays.

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

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

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

Hyundai Heavy Industries builds ships for commercial, and
military purposes. The Company manufactures oil tankers, cargo
and passenger vessels, and warships. Hyundai Heavy Industries
also produces heavy industrial machineries, wind turbines, solar
panels, electrical components for engines and power trains, and
industrial vehicles, such as cranes and bulldozers.



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


SRI LANKA: S&P Assigns 'B+' Long-Term Issue Rating to Global Bond
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to
the global bond issued by the Democratic Socialist Republic of
Sri Lanka (B+/Negative/B).

The senior unsecured bond constitutes direct, unconditional,
unsubordinated, and unsecured general obligations of the issuer,
and payments will be backed by the full faith and credit of Sri
Lanka.  The dual tranche bond has a 5.5- and 10-year maturity.



===============
T H A I L A N D
===============


THAILAND: Below-Trend Growth Signals Waning Competitiveness
-----------------------------------------------------------
Moody's Investors Service says that Thailand's below-trend growth
over the last two years indicates that the country is facing
emerging competitiveness issues that weigh on the long term
outlook for GDP growth, and also signals heightened political
risks.

At the same time, Thailand (Baa1 stable) also demonstrates a
strong fiscal position and low external vulnerability, as well as
favorable funding conditions -- as shown in the government's low
debt servicing costs and limited refinancing risks -- reflecting
the sovereign's proactive and credible management of debt and
monetary policy.

Moody's conclusions were contained in its recently-released
annual credit analysis, titled "Government of Thailand - Baa1
Stable" which examines the sovereign with respect to four rating
factors: economic strength, which is assessed as "high (-)";
institutional strength "high (-)"; fiscal strength "very high";
and susceptibility to event risk "moderate (+)".

The report constitutes an annual update to investors and is not a
rating action.

Moody's report says that Thailand's fiscal indicators remain
stronger when compared to similarly rated peers, despite fiscal
accommodation resulting in higher debt levels. Lackluster
domestic demand and lower prices for Thailand's commodity imports
have supported the current account amid faltering goods exports,
and the wide current account surplus serves as a buffer to
volatile capital flows.

Moreover, increased public spending and robust tourist arrivals
have supported the country's economic growth, against a backdrop
of sluggish external demand and weak private sector activity.

Moody's points out that Thailand's merchandise exports have
weighed on economic growth; a situation which is in line with the
slowing of trade across Asia Pacific. In US dollar terms,
Thailand's goods exports have contracted year-on-year for 10 of
the past 13 quarters since the beginning of 2013.

In contrast, the country's services exports have been robust over
the past year, driven by healthy tourist arrivals, especially
from China (Aa3 negative).

Ongoing political uncertainty around the progress of
constitutional reform and the timetable for general elections
have also weighed on growth, particularly through business
sentiment and consumer confidence.

On the issue of Thailand's slipping competitiveness, Moody's
points out that this development is manifested in the country's
falling share of inward flows of foreign direct investment (FDI)
into ASEAN over the past decade.

For 2016 and 2017, Moody's expects that Thailand will achieve GDP
growth levels similar to those seen in 2015, reflecting a
continuation of the broad trends mentioned: namely, the continued
bifurcation in the patterns of private and public demand, as well
as the ongoing divergence between goods and services exports.
Specifically, Thailand should achieve a 2.8% growth in 2016 and
3.0% in 2017.



                             *********

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 ***