TCRAP_Public/160718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 18, 2016, Vol. 19, No. 140


                            Headlines


A U S T R A L I A

COFFS HARBOUR: In Liquidation; Club Future Uncertain
FLOWN PTY: First Creditors' Meeting Set For July 26
KEYSTONE: 'Working on Restructure' Before Receivers Called In
MESA MINERALS: First Creditors' Meeting Set For July 25
REPAIR WORKS: First Creditors' Meeting Set For July 25

TFS CORP: S&P Raises CCR to 'B+'; Outlook Stable

* AUSTRALIA: Insolvencies Up 21% in West Australia


C H I N A

KU6 MEDIA: Completes Merger with Shanda
KU6 MEDIA: Securities Delisted from NASDAQ
KU6 MEDIA: Shanda, et al., No Longer Own Ordinary Shares


I N D I A

AARA ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
AKANSHA SHIPBREAKING: Ind-Ra Affirms 'IND B-' LT Issuer Rating
AKHIL SHIP: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
ARORA RICE: CRISIL Reaffirms 'B' Rating on INR160MM Cash Loan
BALKRUSHNA COTEX: CRISIL Suspends B+ Rating on INR150MM Cash Loan

BRITTO TIMBERS: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
CHAMPION ELCOM: ICRA Suspends B/A4 Rating on INR14cr Loan
CHITTARANJAN SWAIN: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
COSMIC PETROCHEM: CRISIL Assigns B+ Rating to INR35MM LT Loan
CREATORS CONSTRUCTIONS: Ind-Ra Assigns 'IND B' LT Issuer Rating

DEV METAL: ICRA Reaffirms 'C' Rating on INR2.32cr Term Loan
EROS RESORTS: ICRA Reaffirms 'D' Rating on INR45.73cr Term Loan
ESKAY VIDEO: Ind-Ra Withdraws INR100M Loan's Prov. IND BB+ Rating
EXCEL VINYL: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
EXTOL EDUCATION: Ind-Ra Suspends IND BB Rating on INR37.04MM Loan

FRIENDS AGRO: ICRA Reaffirms 'B' Rating on INR9.6cr Loan
GHANSHYAM PULSES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
GHANSHYAM UDHYOG: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
GVR AJMER: Ind-Ra Lowers Rating on INR3.187BB Loan to 'IND BB'
HARMAN COTTEX: ICRA Suspends B+ Rating on INR14cr Bank Loan

HINDUSTAN DORR-OLIVER: Ind-Ra Suspends D Long-Term Issuer Rating
HT GLOBAL: Fitch Assigns 'BB-' Rating to USD300MM 7% Sr. Notes
IMMENSE PACKAGING: ICRA Suspends 'D' Rating on INR20cr Bank Loan
JAINAM INDUSTRIES: CRISIL Suspends 'B' Rating on INR60MM Loan
JINDAL POLY: ICRA Puts B+ Rating on Notice of Withdrawal

KHOKHAR INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
KTC AUTOMOTIVE: CRISIL Cuts Rating on INR65MM Cash Loan to 'B'
KVR INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR270.8MM Loan
LAHOTI MOTORS: CRISIL Ups Rating on INR65MM Bank Loan to 'B'
LEBURU CONSTRUCTIONS: CRISIL Suspends B Rating on INR48.5MM Loan

M. R COTTON: CRISIL Cuts Rating on INR72.5MM Cash Loan to B-
MAHALAXMI COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR45cr Loan
MOSARAM SHIVRAMDAS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
NAVDANYA FOODS: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan

NIRWANA HOTELS: ICRA Ups Rating on INR7.77cr Term Loan to B+
NORTELS SERVICE: CRISIL Ups Rating on INR57MM LT Loan to 'B-'
NORTH INDIA: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
SAGA AUTOMOTIVE: ICRA Suspends B+/A4 Rating on INR22.5cr Loan
SAI HOSPITAL: ICRA Suspends 'B' Rating on INR9cr Bank Loan

SANJAY STEEL: CRISIL Suspends 'B' Rating on INR70MM Loan
SASIDHAR POULTRIES: ICRA Reaffirms C+ Rating on INR6.32cr Loan
SAT INDER: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SBS FOODS: CRISIL Suspends 'D' Rating on INR75MM Term Loan
SENTHIL ENTERPRISES: Ind-Ra Assigns 'IND B+' LT Issuer Rating

SHANNON & SHANNON: ICRA Suspends B+ Rating on INR8.50cr Loan
SHRI BALAJI: ICRA Assigns 'B' Rating to INR15cr Loan
SHUBHLAXMI SILK: ICRA Suspends B- Rating on INR3.55cr Loan
SREE GURU: CRISIL Reaffirms B+ Rating on INR56.4MM Cash Loan
SREE SAI RAJESWARI: CRISIL Suspends B+ Rating on INR50MM LT Loan

SRI GURUKRUPA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
SRI RAMIAH: CRISIL Suspends B- Rating on INR50MM Cash Loan
SRI SAI: CRISIL Assigns B+ Rating to INR95MM Cash Loan
SRI SATHYA: ICRA Suspends B+ Rating on INR7.0cr Loan
SRI VELA: CRISIL Reaffirms 'D' Rating on INR194.5MM Term Loan

SRM CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR80MM Loan
SUNDER MARKETING: ICRA Suspends B+ Rating on INR17cr Bank Loan
SWARGIYA BHIKAM: Ind-Ra Suspends BB Rating on INR74.28MM Loans
TANWAR INDUSTRIES: CRISIL Cuts Rating on INR49MM Loan to 'B'
VIHAAN BOARDS: ICRA Reaffirms B- Rating on INR7.95cr Term Loan

VISHWA GYAN: Ind-Ra Suspends BB- Rating on INR67.34MM Bank Loans
VIVA SERVITRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating


S O U T H  K O R E A

HYUNDAI HEAVY: Workers Vote For Partial Strike on July 19


S R I  L A N K A

SRI LANKA: Fitch Assigns B+(EXP) Rating to US$-Denominated Bonds


                            - - - - -


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A U S T R A L I A
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COFFS HARBOUR: In Liquidation; Club Future Uncertain
----------------------------------------------------
The Coffs Coast Advocate reports that administrators of the Coffs
Harbour Deep Sea Fishing Club have responded to claims by the
club's management regarding its liquidation.

Earlier this month, the club's management said administrators --
Grant Thornton Australia -- had moved to place the club in
liquidation, despite Minister for Land Niall Blair's impending
decision about the club's lease extension, the report says.

The Advocate relates that when asked if it disregarded the
minister's decision, Grant Thornton Australia partner Said Jahani
re-iterated the liquidation process that commenced on July 3.

According to the Advocate, Mr Jahani said the liquidation process
was activated when the conditions of the club's deed of company
arrangement (DOCA) were not satisfied by its expiry date.

The report relates that Grant Thornton said Clause 5 of the
varied DOCA required a number of conditions to be satisfied as
well as DOCA funds be paid to deed administrators by 5:00 p.m. on
June 2. These requirements were not satisfied.

Mr Jahani would not detail what specific conditions under Clause
5 had not been met, the report states.

The Coffs Coast Advocate meanwhile reports that Mr Jahani said
the club would continue to be liquidated during discussions about
the future of the Fishos.

"We have been in discussions with various stakeholders this week
about an option to appoint an administrator, but are yet to
receive a proposal," the report quotes Mr Jahani as saying. "Any
such proposal will need to outline a superior outcome for
creditors. Until such time, the company will remain in the
process of liquidation."

Liquidators will now proceed to realise the Fishos assets and
undertake further investigations into the affairs of the club
leading up to Grant Thornton Australia's appointment as
administrators, The Coffs Coast Advocate reports.

Grant Thornton also said all employees had been terminated with
the club's closure, adds The Coffs Coast Advocate.


FLOWN PTY: First Creditors' Meeting Set For July 26
---------------------------------------------------
Simon Theobald & Melissa Humann of PPB Advisory were appointed as
administrators of Flown Pty Ltd on July 15, 2016.

A first meeting of the creditors of the Company will be held at
Level 1, 140 St Georges Terrace, in Perth, on July 26, 2016, at
10:00 a.m.


KEYSTONE: 'Working on Restructure' Before Receivers Called In
-------------------------------------------------------------
Samantha Hutchinson at The Australian reports that Keystone
directors were hatching a plan to restructure the failing pubs
business and offload a swag of assets in the month before a
syndicate of international backers including KKR and Olympus
appointed corporate doctors.

A creditors meeting for Keystone on July 8 learned that the group
behind Jamie's Italian, Cargo Bar and Bungalow 8 endured more
than a year of serious financial stress in the lead-up to
receivers being appointed on June 28, The Australian says.

According to The Australian, Keystone Hospitality Group's April
accounts revealed a spiralling position in which total creditor
claims of more than AUD112 million were held against a book value
of assets of AUD79m. This follows on from full year accounts from
2015 in which the group generated a before-tax loss of more than
AUD24m from revenue of AUD120m, driven in part by a large
writedown in goodwill.

The Australian relates that more than 1,000 creditors are owed
money through the collapse, including South Australian-based wine
merchant Samuel Smith and Son and food suppliers, marketing
groups and others.

The report relates that the Australian Taxation Office was also
among those who attended the meeting, with a representative who
inquired whether the administrators had yet received access to
company accounts.

The Australian says administrators Kate Barnet, Hugh Armenis and
Henry Peter McKenna of Bentleys on July 8 advised creditors it
was possible the directors could be working on a deed of company
arrangement to provide an alternative option for the future of
the company, but no correspondence had been received as yet.

"The directors have advised that prior to the appointment of
receivers they had been working on a formal restructuring plan to
solve the significant debt burden. It's possible they could still
submit a deed of company arrangement," the report quotes Ms
Barnet as saying.  "But we're relatively early in the
administration process and it's not yet known whether a formal
plan will be submitted."

She also advised creditors that the Keystone directors were yet
to submit a final financial statement on the group, the report
states.

The Australian notes that the administrators have applied to
extend the convening period over the business in a bid to
maximise proceeds, and would hold a second creditors meeting
closer to the end of the year.

They also told creditors that the structure of some of the 42
companies that have gone into receivership means that in some
cases, secured creditors wouldn't necessarily have priority
receiving the proceeds, the report notes.

According to the report, the group is continuing to operate with
receivers Ferrier Hodgson in charge, ahead of an asset sale
process which is to be decided upon in the coming week that could
see the portfolio sold either in one line or as a series of
independent assets.

The receivers are remaining tight-lipped about expectations for
the sale process, while some sources believe it could net more
than AUD100 million, adds The Australian.

Keystone, which runs venues throughout Australia such as the
celebrity chef Jamie Oliver-branded chain Jamie's Italian, as
well as Sydney staples Kingsleys, the Sugarmill, Cargo Bar and
Bungalow 8, was placed into receivership late on June 27 after
lenders KKR Asset Management and Olympic Capital Holdings Asia
called time on the business, which expanded aggressively
nationwide in 2014, according to the Sydney Morning Herald.


MESA MINERALS: First Creditors' Meeting Set For July 25
-------------------------------------------------------
Bryan Kevin Hughes and Daniel Johannes Bredenkamp of Pitcher
Partners were appointed as administrators of Mesa Minerals
Limited on July 13, 2016.

A first meeting of the creditors of the Company will be held at
Pitcher Partners, Level 1, 914 Hay Street, in Perth, Western
Australia, on July 25, 2016, at 11:00 a.m.


REPAIR WORKS: First Creditors' Meeting Set For July 25
------------------------------------------------------
Nicholas Giasoumi and Roger Darren Grant of Dye & Co. Pty Ltd
were appointed as administrators of The Repair Works Pty Ltd on
July 15, 2016.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on July 25, 2016, at
11:00 a.m.


TFS CORP: S&P Raises CCR to 'B+'; Outlook Stable
------------------------------------------------
S&P Global Ratings said that it had raised its corporate credit
rating on TFS Corp. Ltd. to 'B+', from 'B'.  The outlook is
stable.  At the same time, S&P raised the rating on the company's
senior secured notes to 'B+', from 'B', and affirmed the recovery
rating at '3'.

"The upgrade on TFS reflects our view that the company's business
profile has improved due to its successful management of the
significant increase in harvest yields and that the company will
be a reliable substantial supplier of Indian sandalwood
products," said S&P Global Ratings credit analyst Sam Heffernan.

Much of the company-owned harvest for 2016 and 2017 has been
forward sold.  In addition, the global scarcity of Indian
sandalwood trees and robust demand for sandalwood products for
use in pharmaceutical products, religious practices and fine
fragrance, will continue to support demand.

TFS has improved its operating efficiency through vertical
integration of its two seedling nurseries, plantation and
distillery operations, and its move to buy out its partner
pharmaceutical company Santalis Healthcare earlier in the year
ended June 30, 2016.  If the company were to successfully develop
and market its own pharmaceutical products, S&P would see this as
being a further positive step-change in the transformation of the
business.  In addition, multi-year agreements with Chinese and
Indian wood buyers and a supply agreement with Galderma will
consume a large proportion of the company's oil and wood
production over the near term.

"Tempering our view of the company's business profile is the
relatively small scale of current group cash flows, and the
company's current geographic concentration of its mature
plantations that can generate cash flows related to sandalwood
products.  TFS's Kununurra plantations are the only plantations
at a mature stage for harvesting.  At around 3,700 hectares (ha),
these plantations are the largest in the total plantation area of
10,583 ha.  We believe the company proactively manages the
potential threat of wind, fire, disease, and pests disrupting
supply.  As the plantations across other areas in northern
Australia reach harvest, this diversity would be positive for the
rating.  We understand, however, that these plantations are at
least 10 years from reaching the required harvest maturity," S&P
said.

An emerging risk for TFS is the upcoming refinancing of its
senior unsecured notes due in July 2018.  S&P believes that the
company is well placed to manage this task.

Mr. Heffernan added: "The stable outlook reflects our expectation
that TFS will continue to manage the increase in harvest volumes,
and that its investment sales and management fees will remain
stable.  We also expect the company will likely maintain its
current level of leverage while it funds further land acquisition
and buybacks of investor plantation interests to meet end-market
demand."

Further diversity of sandalwood product supply through maturing
plantations would be strongly positive for the rating.  However,
S&P understands that aside from Kununurra, other plantations are
approximately 10 years from reaching the required maturity for
harvesting.

A downgrade could occur if the likely larger harvest yields do
not result in an increase in product sales, or if sales to
domestic or global investors were to decline, leading to the
company's FFO to debt being sustained below 15%.  S&P could also
lower the ratings if investment product revenues comprised over
80% of total revenue, leading S&P to revise its view of the
improving stability of revenue streams due to the more volatile
nature of investment products.

Upward momentum to the rating is limited in the medium term.
Positive rating action would be dependent on further significant
business developments -- which S&P sees as being some years away
-- such as an increase in mature plantations and a higher
proportion of revenues derived from sandalwood product sales.  In
addition, successful production and marketing of pharmaceutical
products through the TFS-owned company, Santalis Healthcare,
could provide upward rating momentum.


* AUSTRALIA: Insolvencies Up 21% in West Australia
--------------------------------------------------
Stuart McKinnon at The West Australian reports that WA company
insolvencies were up 21% in the past year, well above the
national rise of 15%.

Analysis and commentary by FTI Consulting revealed 1,014
companies entered insolvency in the 12 months to April, the
report discloses.

The West Australian says Queensland also had a 21% increase in
insolvencies to 2,191.

According to The West Australian, the Northern Territory had the
dubious honour of reporting the biggest increase in insolvencies
at 40%. However, the total number of companies remained small, up
from 52 to 73 companies.

Nationally, the total number of companies that entered external
administration was 10,258, an increase of 15% on the same period
last year, says The West Australian.

New South Wales had the lowest rate of change with only a 5%
increase to 3,402, the report discloses.



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KU6 MEDIA: Completes Merger with Shanda
---------------------------------------
Ku6 Media Co., Ltd., announced the completion of the merger
contemplated by the previously announced Agreement and Plan of
Merger dated as of April 5, 2016, among the Company, Shanda
Investment Holdings Limited and Ku6 Acquisition Company Limited,
a wholly owned subsidiary of Parent.  As a result of the merger,
the Company became a wholly owned subsidiary of Parent.

Under the terms of the Merger Agreement, which was approved by
the Company's shareholders at an extraordinary general meeting
held on July 8, 2016, all of the Company's ordinary shares issued
and outstanding immediately prior to the effective time of the
merger were cancelled in consideration for the right to receive
US$0.0108 per Share and all of the issued and outstanding
American depositary shares of the Company, each representing 100
Shares, were cancelled in consideration for the right to receive
US$1.08 per ADS (less US$0.05 per ADS cancellation fees pursuant
to the terms of the Deposit Agreement, dated as of February 8,
2005, among the Company, Citibank, N.A., as depositary (the "ADS
Depositary") and the holders of ADSs issued thereunder), in each
case, in cash, without interest and net of any applicable
withholding taxes except for the following Shares (including
Shares represented by ADSs), which were cancelled and cease to
exist at the effective time of the merger but did not convert
into the right to receive the foregoing merger consideration:

   (a) Shares held by Parent, the Company or any of their
       subsidiaries and Shares (including Shares represented by
       ADSs) held by the ADS Depositary and reserved for issuance
       and allocation pursuant to the Company's equity
       compensation plans immediately prior to the effective time
       of the merger, which were cancelled without payment of any
       consideration or distribution therefor;

   (b) restricted Shares, each of which will be cancelled at the
       effective time of the Merger and thereafter represent only
       the right to receive the issuance of restricted shares in
       the Company (continuing as the surviving company) in
       accordance with the Merger Agreement; and

   (c) Shares owned by shareholders who have validly exercised
       and have not effectively withdrawn or lost their
       dissenters' rights under the Cayman Islands Companies Law
       Cap. 22 (Law 3 of 1961, as consolidated and revised) (the
       "Cayman Islands Companies Law"), which were cancelled and
       will entitle the former holders thereof to receive the
       fair value thereon in accordance with such holders'
       dissenters' rights under the Cayman Islands Companies Law.

Shareholders of record as of the effective time of the merger who
are entitled to receive the merger consideration will receive a
letter of transmittal and instructions on how to surrender their
share certificates in exchange for the merger consideration.
Shareholders should wait to receive the letter of transmittal
before surrendering their share certificates.  As soon as
practicable after the date of this announcement, the ADS
Depositary will call for the surrender of all ADSs in exchange
for the delivery of the merger consideration.  Upon the surrender
of ADSs, the ADS Depositary will pay to the surrendering holders
US$1.08 per ADS surrendered (less an ADS cancellation fee of
US$0.05 per ADS) in cash, without interest and net of any
applicable withholding taxes.

The Company also announced that it requested that trading of its
ADSs on NASDAQ to be halted prior to market open and be suspended
effective at the close of business of July 12, 2016.  The Company
requested that NASDAQ file a Form 25 with the Securities and
Exchange Commission notifying the SEC of the delisting of its
ADSs on NASDAQ and the deregistration of the Company's registered
securities.  The deregistration will become effective in 90 days
after the filing of Form 25 or such shorter period as may be
determined by the SEC.  The Company intends to suspend its
reporting obligations under the Securities Exchange Act of 1934,
as amended, by filing a Form 15 with the SEC in ten days after
the filing of the Form 25 with the SEC.  The Company's
obligations to file with the SEC certain reports and forms,
including Form 20-F, will be suspended immediately as of the
filing date of the Form 15 and will cease once the deregistration
becomes effective.

As a result of the Merger, the Company has terminated all
offerings of its securities pursuant to its registration
statements with the SEC.

                      About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $2.05 million on $10.90 million
of total net revenues for the year ended Dec. 31, 2015, compared
to a net loss of $10.72 million on $8.58 million of total net
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that facts and circumstances including recurring
losses, negative working capital, net cash outflows, and
uncertainties associated with significant changes made, or
planned to be made, in respect of the Company's business model
raise substantial doubt about the Company's ability to continue
as a going concern.


KU6 MEDIA: Securities Delisted from NASDAQ
------------------------------------------
The NASDAQ Stock Market LLC filed a Form 25 with the Securities
and Exchange Commission to notify the termination of the
registration of Ku6 Media Co., Ltd.'s American Depositary Shares,
each representing 100 ordinary shares on the Exchange.

                       About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $2.05 million on $10.90 million
of total net revenues for the year ended Dec. 31, 2015, compared
to a net loss of $10.72 million on $8.58 million of total net
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that facts and circumstances including recurring
losses, negative working capital, net cash outflows, and
uncertainties associated with significant changes made, or
planned to be made, in respect of the Company's business model
raise substantial doubt about the Company's ability to continue
as a going concern.


KU6 MEDIA: Shanda, et al., No Longer Own Ordinary Shares
-------------------------------------------------------
In an amended Schedule 13D filed with the Securities and Exchange
Commission, Tianqiao Chen, Shanda Media Limited, Premium Lead
Company Limited, Shanda Interactive Entertainment Limited,
Shanda Investment Holdings Limited, Shanda Pictures Corporation
and Shanda Media Group Limited disclosed that as of July 12,
2016, they do not beneficially own any ordinary shares, Par Value
$0.00005 Per Ordinary Share, and American Depositary Shares, Each
Representing 100 Ordinary Shares of Ku6 Media Co., Ltd.  A full-
text copy of the regulatory filing is available at:

                     https://is.gd/wNgPua

                        About Ku6 Media

Ku6 Media Co., Ltd. -- http://ir.ku6.com/-- is an Internet video
company in China focused on User-Generated Content.  Through its
premier online brand and online video Web site --
http://www.ku6.com/-- Ku6 Media provides online video uploading
and sharing service, video reports, information and entertainment
in China.

Ku6 Media reported a net loss of $2.05 million on $10.90 million
of total net revenues for the year ended Dec. 31, 2015, compared
to a net loss of $10.72 million on $8.58 million of total net
revenues for the year ended Dec. 31, 2014.

As of Dec. 31, 2015, KU6 Media had $9.01 million in total assets,
$14.49 million in total liabilities and a total shareholders'
deficit of $5.48 million.

PricewaterhouseCoopers Zhong Tian LLP, in Shanghai, the People's
Republic of China, issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2015, citing that facts and circumstances including recurring
losses, negative working capital, net cash outflows, and
uncertainties associated with significant changes made, or
planned to be made, in respect of the Company's business model
raise substantial doubt about the Company's ability to continue
as a going concern.



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AARA ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Aara Energy Innovations
(AEI), which indicates 'Moderate Performance Capability' and
'Weak Financial Strength' of the channel partner to undertake on
grid solar projects.  The grading is valid for a period of two
years from March 17' 2016 after which it will be kept under
surveillance.

Grading Drivers

Strengths

* Relevant experience of promoters in the field of solar PV
projects.
* Satisfactory feedback from customers and suppliers.

Risk Factors
* Small scale of operations though firm has registered growth in
turnover from INR0.24 crore in FY 2015 to INR1.55 crore in
FY2016.
* Limited track record of operations with FY2015 being the first
full year of operations.
* Low networth base which limits the financial flexibility of
the firm.
* Modest order book with orders~ INR0.50 crore limiting revenue
visibility.
* High competitive pressures from large number of
organized/unorganized players.

Promoter Track Record:

As a system integrator, the firm has installed ~ 300 KW of solar
power capacity in state of Maharashtra since its commencement of
operations in Jan'14. The company has installed capacity for
solar PV projects for range of clients like hotels, sugar
companies, petrol pumps and residential buildings among others.

* Technical competence and adequacy of manpower: AEI executes
turnkey projects in the roof top solar segment. The firm
currently has five personnel (two project engineers and three
installers) for execution of the projects.

* Quality of suppliers and tie ups: The company has standard
frameworks to work with vendors/contractors and evaluates them
based on product certifications, quality parameters, financial
strength, capacity and the service levels which suppliers can
provide. The firm sometimes procures customized inverters from
Eltech and GI for the solar projects.

* Customer and O&M Network: The firm customer base consists of
hotels, bungalows, petrol pumps, colleges as also institutional
clientele among others. O&M if required is done in house. The
firm provides a guarantee of 25 years on solar PV panels and 5
years on inverter and battery.

Revenues
The company reported operating income of INR0.24 crore in FY2015
which has improved to INR1.55 crore in FY 2016(Provisional).

Return on Capital Employed (RoCE)
120%

Total Outside Liabilities / Tangible Net worth
5.17 times during FY 2015, 1.06 times in FY2016

Interest Coverage Ratio
Not Applicable given the interest free debt

Net-Worth
The firm's networth is INR0.12 crore.

Current Ratio
1.84 times during FY2015, 2.17 times in FY2016

Relationship with bankers
Good, the entity has current account with SBI, Katraj, Pune
branch.

Overall financial strength of the company is weak as the company
is still in the ramp up phase. The company's small scale of
operations leads to low net profitability.


AKANSHA SHIPBREAKING: Ind-Ra Affirms 'IND B-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affimed Akansha
Shipbreaking Pvt Ltd's (ASBPL) Long-Term Issuer Rating at
'IND B-'.  The Outlook is Stable.  The agency has also affirmed
ASBPL's INR350 mil. non-fund-based working capital limits at
Long-term 'IND B-' with a Stable Outlook and Short-term 'IND A4'.

                        KEY RATING DRIVERS

The ratings continue to reflect weak credit profile of the
company, with nil revenue during FY16 according to provisional
financials, Nil revenue can be attributed to the company's
negotiation for its next project during that period.
Additionally, the company wanted to go slow on the next ship
breaking assignment on account of fluctuations in the metal
prices.  ASBPL's gross interest coverage improved to negative
0.4x in FY16 (FY15: negative 2.7x) and the net financial leverage
deteriorated to negative 10.6x (FY15:negative4.4x), on account of
negative EBITDA.

The ratings, however, benefit from ASBPL's continued high
interest income over the years (FY16: INR 8.79 mil. FY15:INR11.76
mil.) on its fixed deposits, which helped the company serve its
interest expense of INR3.22 mil. in FY16 and INR2.19 mil. in
FY15.

                      RATING SENSITIVITIES

An improvement in the overall credit metrics of the company could
positive for the ratings.

COMPANY PROFILE

ASBPL, incorporated in 1999, is engaged into ship breaking
activity.  The company owns a plot in Alang-Sosiya Belt of
Bhavnagar district.  Presently the company is managed by Amit
Kumar Deshraj Jain and Kamladevi Jain.


AKHIL SHIP: Ind-Ra Affirms 'IND B-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Akhil Ship
Breakers Pvt Ltd's (ASBPL) Long-Term Issuer Rating at 'IND B-'.
The Outlook is Stable.  The agency has also affirmed ASBPL's
INR300 mil. non-fund-based working capital limits at Long-term
'IND B-' with a Stable Outlook and Short-term 'IND A4'.

                        KEY RATING DRIVERS

The ratings continue to reflect the weak credit profile of the
company, with negligible revenue of INR 0.5 mil. during FY16
based on provisional financials.  The company's negligible
revenue can be attributed to the negotiation for its next project
during FY16. Additionally, the company wanted to go slow on the
next ship breaking assignment on account of fluctuations in the
metal prices.  In FY16 the interest coverage deteriorated to
negative 1.2x (FY15:0.3x) and net financial leverage deteriorated
to negative 14.7x (47.1x), on account of negative EBITDA.

The ratings, however, benefit from ASBPL's interest income of
INR0.89 mil. in FY16 (FY 15:INR1.69 mil.) which helped the
company serve its interest expense of INR0.56 mil. (INR1.65
mil.).

RATING SENSITIVITIES
An improvement in the overall credit metrics of the company could
be positive for the ratings.

COMPANY PROFILE

ASBPL was incorporated in 1999 and is engaged into ship breaking
activity.  The company owns a plot in Alang-Sosiya Belt of the
Bhavnagar district.  Presently the company is managed by Anil
Jain and Manish Jain.


ARORA RICE: CRISIL Reaffirms 'B' Rating on INR160MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arora Rice
Mills (ARM) continues to reflect ARM's weak financial risk
profile because of a high total outside liabilities to tangible
networth ratio, weak debt protection metrics, and modest
liquidity. The rating also factors in large working capital
requirement, small scale of operations in the intensely
competitive and regulated rice processing industry, and
susceptibility to erratic rainfall and to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive industry experience of promoters and the healthy
growth prospects for the rice processing industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             160       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ARM will continue to benefit over the medium term
from the extensive industry experience of promoters and healthy
growth prospects for the rice processing industry. The outlook
may be revised to 'Positive' if substantial cash accrual or
benefits from significant capital infusion by promoters leads to
improvement in its capital structure, or if working capital
management improves. Conversely, the outlook may be revised to
'Negative' in case of significant weakening of capital structure
and liquidity on account of larger-than-expected working capital
requirement, or large, debt-funded capital expenditure.

ARM was established as a partnership firm in 1998 in Jalalabad
(Punjab); it was acquired by Mr. Ashok Aneja and his relatives in
Fiscal 2004. The firm processes both basmati and non-basmati rice
which is mainly sold to bulk exporters or directly exported to
the Middle Eastern countries.


BALKRUSHNA COTEX: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Balkrushna Cotex Private Limited (BCPL).

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

   Proposed Long Term
   Bank Loan Facility       8.1      CRISIL B+/Stable

   Term Loan               16.9      CRISIL B+/Stable

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

Balkrushna Cotex Private Limited (BCPL) was initially established
as a partnership firm in May 2011 under the name 'Balkrushna
Cotex' by Mr. Bhavdeepbhai Kantibhai Aghera, Mr. Ankitbhai
Amarshibhai Bhalodiya and their family members. The firm was
converted into a private limited company in November'13. The
Company has a cotton ginning and pressing unit located at Gondal
in Rajkot district of Gujarat with an installed capacity of
around 230-250 bales/day.


BRITTO TIMBERS: CRISIL Reaffirms 'B' Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Britto Timbers Private
Limited (BTPL) continue to reflect its small scale of operations
in the highly fragmented timber industry, its below-average
financial risk profile marked by weak interest coverage ratio,
and working capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        80        CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of promoters and its established regional
presence in the timber trading and saw mill business.
Outlook: Stable

CRISIL believes BTPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if significant scale-up of operations is
achieved while maintaining operating profitability, and better
working capital management leading to improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if cash accrual declines or its working capital
management weakens, or if company undertakes large debt-funded
capital expenditure leading to deterioration of its financial
risk profile.

Set up in 2012, and based in Kanyakumari district (Tamil Nadu),
BTPL trades in and processes timber. It is promoted and managed
by Mr. G Arul Shoban and his family.


CHAMPION ELCOM: ICRA Suspends B/A4 Rating on INR14cr Loan
---------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR14.0 crore unallocated
facility of Champion Elcom Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.


CHITTARANJAN SWAIN: Ind-Ra Withdraws 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn M/s
Chittaranjan Swain's 'IND B+(suspended)' Long-Term Issuer Rating.

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

Ind-Ra suspended Chittaranjan's ratings on Aug. 12, 2015.

Chittaranjan's ratings:

   -- Long-Term Issuer Rating: 'IND B+(suspended)'; rating
      withdrawn
   -- INR50 mil. non-fund-based working capital limits:
      'IND A4(suspended)'; rating withdrawn
   -- INR35 mil. fund-based working capital limits:
      'IND B+(suspended)'; rating withdrawn
   -- INR4.7 mil. long-term loans: 'IND B+(suspended)'; rating
      withdrawn


COSMIC PETROCHEM: CRISIL Assigns B+ Rating to INR35MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable'rating to the long-term
bank loan facilities of Cosmic Petrochem Pvt Ltd (CPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B+/Stable
   Long Term Loan          35        CRISIL B+/Stable

The rating reflects a modest scale of operations, below-average
financial risk profile, and working capital-intensive operations
on account of high inventory days. These rating weaknesses are
partially offset by the extensive experience of promoters in the
wax industry, diverse product profile for various industries, and
a healthy customer base.
Outlook: Stable

CRISIL believes CPPL will continue to benefit over the medium
term from the  extensive industry experience of its promoters and
established customer relationship. The outlook may be revised to
'Positive' if there is substantial and sustained improvement in
scale of operations, profitability, and working capital cycle,
mainly inventory. A better capital structure owing to sizeable
accretion to reserves or fresh capital infusion, may also result
in a 'Positive' outlook. The outlook may be revised to 'Negative'
if the financial risk profile weakens, most likely due to
increase in working capital requirement.

CPPL, promoted by Mr. Kapil Maggu and Ms. Surabhi Bansal,
manufactures high-density polyethylene/polyethylene (HDPE/PE)
wax. Its manufacturing unit is in Haryana. Production started in
December 2013.


CREATORS CONSTRUCTIONS: Ind-Ra Assigns 'IND B' LT Issuer Rating
---------------------------------------------------------------
India Ratings & Research (Ind-Ra) has assigned Creators
Constructions (CC) a Long-Term Issuer Rating of 'IND B'.  The
Outlook is Stable.

                       KEY RATING DRIVERS

The ratings reflect CC's liquidity stress along with the moderate
credit profile.  There were seven instances of overutilization in
its working capital facilities of up to 15 days during the seven
months ended May 2016 on stretched cash conversion cycle which
deteriorated in FY16 to 127 days (FY15: 111 days).  The company's
provisional FY16 financials indicate revenue of INR209 mil.
(FY15:INR205 mil.) net leverage (net adjusted debt/operating
EBITDAR) of 2.2x (1.2x) and interest coverage of 2.9x (2.7x).
EBITDA margins remained volatile and fluctuated between 10.4% and
14.0% during FY12-FY16 on account of raw material price
volatility inherent to the business.  CC has a current order book
of INR445.7 mil. (2.13x of FY16 revenue).

The ratings, however, are supported by more than two decades of
operating experience of the company's founders in the
engineering, procurement and construction segment.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the company's liquidity
could lead to a positive rating action.

Negative: Any decline in the profitability resulting in further
stress on the liquidity position could lead to a negative rating
action.

COMPANY PROFILE
CC is an A-class PWD civil contractor incorporated in 2010.  The
company is engaged in mini civil station, hospital, college and
road contract projects.  It derives 90% of its revenue from
government projects.

CC's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
   -- INR58.5 mil. fund-based working capital facilities:
      assigned 'IND B'/Stable/'IND A4'
   -- INR60 mil. non-fund-based working capital facilities:
      assigned 'IND A4'


DEV METAL: ICRA Reaffirms 'C' Rating on INR2.32cr Term Loan
-----------------------------------------------------------
ICRA has re-affirmed long-term rating of [ICRA]C to the INR2.32
crore term loan and INR7.0 crore fund based limits of Dev Metal &
Alloys Private Limited. ICRA has also re-affirmed short-term
rating of [ICRA]A4  to the INR1.5 crore non-fund based facilities
of Dev Metal.


The ratings re-affirmation take into account DMAPL's small scale
of operations, its modest financial profile characterized by thin
profitability margins, inadequate debt coverage indicators and
high total outside liabilities to tangible networth. The ratings
are further tempered by the company's stretched liquidity
position due to elongated working capital cycle resulting in
consistently high utilization of working capital limits. ICRA
notes that the highly competitive and fragmented market in which
the company operates limits its pricing power which is also
reflected in its weak profitability metrics. The ratings also
factor in the company's small scale of operations. The ratings
also take into consideration, the susceptibility of the company's
profitability and cash flows to adverse fluctuations in prices of
raw materials. ICRA however positively notes the long track
record of the promoters in the aluminium alloy manufacturing
business and the company's established relationship with large
die-caters supplying components to automotive OEMs.

Incorporated in 2000, Dev Metals & Alloys Private Limited (DMAPL)
is engaged in the manufacturing of aluminium alloys which find
applications in the automotive and electronics industries. The
Company's primary manufacturing facility is located in Bhiwandi,
Maharashtra with an aggregate capacity of 500 tonnes per month
(based on 4 shift operations).

Recent Results
Based on provisional results for fiscal year 2015-16, the company
reported a PAT of INR0.20 crore on an operating income of INR17.0
crore. During FY 2014-15, the company reported a net loss of
INR0.79 crore on an operating income of INR16.2 crore.


EROS RESORTS: ICRA Reaffirms 'D' Rating on INR45.73cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the rating for the INR56.63 crore (earlier
INR68.40 crore) fund based/non fund based limits and term loans
of Eros Resorts and Hotels Private Limited (ERHPL) at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        5.00        [ICRA]D reaffirmed
   Term Loans              45.73        [ICRA]D reaffirmed
   Non-Fund Based Limits    5.90        [ICRA]D reaffirmed

The reaffirmation of the rating takes into account delays in
servicing of debt obligations by the company owing to its
stretched liquidity position on account of weak operating metrics
during the initial ramp-up period of the hotel property. However,
in FY2016, occupancies of the property have witnessed
considerable improvement leading to increase in Revenue per
Available Room and improvement in cash flow generation. This has
resulted in reduction in delays in debt servicing, though the
improvement is not sufficient to meet the sizeable debt servicing
commitments. Moreover, ICRA has taken note of long track record
of promoters in the hospitality industry and consistent infusion
of funds by promoters to meet the funding requirements towards
operating losses and debt servicing, which is expected to
continue going forward as well.

ERHPL has been promoted by the erstwhile Eros group, which is a
Delhi-based group promoted by the Sood family and has presence in
real-estate and hospitality businesses in the National Capital
Region (NCR). ERHPL is a closely-held company with its entire
share capital held by Directors, relatives of directors and group
entities. ERHPL owns a premium five star hotel property in Mayur
Vihar, Delhi, under the brand name Crowne Plaza (earlier Hotel
Hilton) which has been operational since October 2011 and has a
management contract with Intercontinental Hotels Group. Earlier,
ERHPL also used to own a four star hotel in Mayur Vihar under the
brand name Holiday Inn (earlier Double Tree by Hilton) which was
demerged into a separate company in a restructuring exercise
completed in May 2015.

Recent Results

As per provisional financials, ERHPL reported an operating income
of INR27.7 crore and a net loss of INR22.6 crore for FY2016
vis-a-vis operating income of INR24.9 crore and net loss of
INR26.7 crore for FY2015 (as per audited financials).


ESKAY VIDEO: Ind-Ra Withdraws INR100M Loan's Prov. IND BB+ Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'Provisional IND BB+' rating on Eskay Video Pvt. Ltd.'s (EVPL)
proposed INR100 mil. term loan.  The Outlook was Stable.

The rating has been withdrawn as the company did not proceed with
the instrument as envisaged.

EVPL's outstanding ratings are:

   -- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable
   -- INR50 mil. fund-based working capital limits: 'IND BB+'/
      Stable


EXCEL VINYL: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Excel Vinyl Coatings
Private Limited (EVCPL) continue to reflect EVCPL's small scale
of operations, large working capital requirement, and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
its promoter.

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

   Cash Credit             14       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        30       CRISIL A4 (Reaffirmed)

   Packing Credit           7.5     CRISIL A4 (Reaffirmed)

   Rupee Term Loan         28.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EVCPL will continue to benefit over the medium
term from the extensive entrepreneurial experience of its
promoter. The outlook may be revised to 'Positive' if
significantly ramp-up of operations while maintaining operating
profitability, or improvement its working capital management
results in a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if low cash accrual, or
large, debt-funded capital expenditure, or weakening of working
capital management leads to deterioration in its financial risk
profile.

Incorporated in 2012, EVCPL, based in Chennai, manufactures
synthetic leather. It is promoted and managed by Mr. K Natarajan.


EXTOL EDUCATION: Ind-Ra Suspends IND BB Rating on INR37.04MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB'
ratings on Extol Education Society's (EES) INR37.04 mil. term
loan and INR60 mil. bank overdraft facility to the suspended
category. The Outlook was Stable.  The ratings will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
the lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for EES.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


FRIENDS AGRO: ICRA Reaffirms 'B' Rating on INR9.6cr Loan
--------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B for the
INR9.60 crore fund based facilities of Friends Agro Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits        9.60        [ICRA]B re-affirmed

The rating action factors in its modest scale of operations and
the intensely competitive nature of the rice milling industry,
which limits the pricing flexibility of industry participants
including FAI. Coupled with high working capital intensity of the
business, this has resulted in high gearing levels, weak debt
protection metrics and profitability indicators. ICRA notes the
risks inherent in a partnership firm including limited ability to
raise equity capital, risk of dissolution due to
death/retirement/insolvency of partners, etc. However, the rating
favourably takes into account the firm's experienced management
and proximity of the mill to a major rice growing area, which
results in easy availability of paddy.

Friends Agro Industries is a partnership firm established in
January 2010 by Mr. Gaurav Aneja, Mr. Sandeep Aneja, Mr. Vipin
Kumar and Mr. Vikram Kumar as partners. The firm is involved in
the milling and processing of basmati and non-basmati rice. It is
based out of Jalalabad, Punjab.

Recent Results
During FY2015, the firm reported a profit after tax (PAT) of
INR0.34 crore on an operating income of INR25.89 crore as against
a PAT of INR0.14 crore on an operating income of INR21.58 crore
in FY2014. As per the provisional figures, the firm reported an
operating income of ~INR33.80 crore in FY2016.


GHANSHYAM PULSES: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ghanshyam Pulses
(GP) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect GP's moderate credit metrics and small scale
of operations.  According to the company's FY16 provisional
financials, its interest coverage (operating EBITDA/gross
interest expense) was around 1.3x (FY15: 1.3x), net leverage
(total adjusted net debt/operating EBITDAR) was 6.6x (6.9x),
operating EBITDA margin was 2.1% (2.4%) and revenue was INR455
mil. (INR413).

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

The company's liquidity is comfortable as indicated by the
average maximum utilization of its working capital limit being
around 73.19% during the 12 months ended June 2016.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations and a
rise in the operating profitability, leading to 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

GP is a proprietorship firm established in 1998 by Mr. Babulal
Bansal.  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 firm sells its
products under the brand names Hathotda, Double Sher and Golden
Coin.

GP's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR87.5 mil. fund-based working capital limits: assigned
      'IND B+'/Stable
   -- INR17.5 mil. term loan limits: assigned 'IND B+'/Stable


GHANSHYAM UDHYOG: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ghanshyam Udhyog
(GU) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect GU's moderate credit metrics and small scale
of operations.  According to the firm's FY16 provisional
financials, its interest coverage (operating EBITDA/gross
interest expense) was around 1.3x (FY15: 1.6x), net leverage
(total adjusted net debt/operating EBITDAR) was 3.9x (FY15:
3.4x), operating EBITDA margin was 3.5% (FY15: 4.4%)   and
revenue was INR423 mil. (FY15: INR380 mil.).

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

GU's liquidity is comfortable as indicated by the average maximum
utilization of its working capital limit being around 66.73% in
the 12 months ended June 2016.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operation and a
rise in the operating profitability, leading to 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

GU is a partnership firm established in 1998.  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 firm sells its products under the brand names
Hathotda, Double Sher and Golden Coin.

GU's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR87.5 mil. fund-based working capital limits: assigned
      'IND B+'/Stable
   -- INR15 mil. term loan limits: assigned 'IND B+'/Stable


GVR AJMER: Ind-Ra Lowers Rating on INR3.187BB Loan to 'IND BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GVR Ajmer
Nagaur Tollway Private Limited's (GANTPL) INR3,187.50 mil. bank
loans to 'IND BB' from 'IND BBB-'.  The Outlook is Negative.

                         PROJECT PROFILE

GANTPL is an SPV owned by GVR Infra Projects Limited ('IND
BBB+'/Stable, GVR Infra).  It has been established to construct,
operate and maintain the two-laned Ajmer-Nagaur section of NH-89,
in Rajasthan under a 21-year concession from the Rajasthan Public
Works Department on a design, build, finance, operate and
transfer basis.  The total project cost of INR4,250 mil. is being
funded by equity of INR612.50 mil., a grant of INR450 mil. and a
debt of INR3,187.50 mil.

KEY RATING DRIVERS

The rating downgrade and Negative Outlook reflect the likelihood
of a shortfall in GANTPL's toll revenue in FY17compared with
Ind-Ra's base case estimates.  The downgrade also reflects the
delayed project commissioning and GANTPL's increasing dependence
on the sponsor for timely debt service.  However, the rating
factors in the respite to cash flows coming from the shift in
commercial operation date (COD) to May 2, 2016, from Feb. 2,
2015, and in the date repayment date to December 2016 from
December 2015.

GANTPL received the provisional completion certificate on
March 18, 2016, and partial toll collection is underway for 76%
of the project stretch.

The project is exposed to patronage risks, for the stretch being
a toll road.  In the absence of a history, the traffic and
consequently the revenue trend will be clear only after the road
completes at least one year of tolling.  The stretch is dominated
by commercial traffic (65%) which, while holding high revenue
potential, is vulnerable to economic volatility.

Higher dependence on the sponsor for operational expenses and
lifecycle costs constrain the rating.  As part of the
transaction, the sponsor has extended an undertaking to fund any
shortfall in resources for completing the project, major
maintenance reserve account and cost overruns (up to 10% of
estimated project cost). The sponsor has also undertaken to
provide necessary support to meet financial covenants.

The debt is likely to be repaid in 48 structured quarterly
installments with the last installment scheduled to repaid on
Sept. 30, 2028.  The repayment has been shifted by a year to
December 2016.  The creation of a debt service reserve, not
forming part of the project cost, from operational cash flows
could pose a challenge if traffic does not materialise in line
with Ind-Ra's projections.

The project has minimal residual completion risk of 1.50%,
according to the lenders' independent engineer's report dated
March 2016.  GANTPL has achieved 98.50% of project completion by
delinking the Ajmer-Pushkar bypass and railway over bridge on Ren
bypass from the scope of GANTPL in the form of a supplementary
agreement.  The seemingly low levels of complexity of work, fixed
price, turnkey, date-certain engineering, procurement and
construction (EPC) contract with an experienced contractor, GVR
Infra Projects Ltd, mitigates residual completion risk.

Ind-Ra's base case analysis reflects a minimum debt service
coverage ratio (DSCR) of 0.72x (in FY18) thus necessitating
sponsor support to the tune of INR500 mil. over a period of 12
years.  The minimum DSCR for the rating case is 0.67x (in FY25).
The rating case projections necessitate sponsor support to the
tune of INR1,460 mil.  The credit metrics are weak mainly on
account of the scheduled major maintenance expenditure (FY20-
FY21) and a heavily back-ended amortization structure.  Also, in
the event of non-creation of a major maintenance reserve, the
support from the sponsor could elevate beyond the original
management case assumptions.

RATING SENSITIVITIES

Positive: A strong ramp-up, supported by improvements in the
coverage ratios beyond Ind-Ra's base case estimates could result
in a rating upgrade.

Negative: A prolonged delay in the receipt of grants and any
significant traffic underperformance, absent sponsor support
could result in a further rating downgrade.


HARMAN COTTEX: ICRA Suspends B+ Rating on INR14cr Bank Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR14.00 Crore bank lines of Harman Cottex. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Established in the year 2007 by Mr. Rasdeep Singh Chawla, Harman
Cottex is primarily engaged in cotton ginning, and is a part of
Puneet Group of Khargone, which has over 25 years of experience
in the Cotton Trade. The proprietorship concern has installed
capacity of 44 ginners at its facility in Khargone, Madhya
Pradesh, which translates into processing capacity of 3.0 lac
quintal seed cotton per annum. The firm also has automatic
bailing press and other ancillary machinery installed at its
facility.


HINDUSTAN DORR-OLIVER: Ind-Ra Suspends D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hindustan Dorr-
Oliver Limited's (HDOL) 'IND D' Long-Term Issuer Rating to the
suspended category.  This rating will now appear as
'IND D(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for HDOL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

HDOL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR2,070 mil. fund-based limits: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR8,000 mil. non-fund-based limits: migrated to Short-term
      'IND D(suspended)' from 'IND D'
   -- INR1,200 mil. long term loan: migrated to Long-term
      'IND D(suspended)' from 'IND D'
   -- INR1,816.2 mil. working capital term loan: migrated to
      Long-term 'IND D(suspended)' from 'IND D'
   -- INR84.1 mil. funded interest term loan: migrated to Long-
      term 'IND D(suspended)' from 'IND D'


HT GLOBAL: Fitch Assigns 'BB-' Rating to USD300MM 7% Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned HT Global IT Solutions Holdings
Limited's (HT Global) USD300 mil. 7% senior notes due 2021 a
final rating of 'BB-'.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on June 28, 2016.  The notes are secured by
Baring Asia Private Ltd's 100% equity stake in HT Global and the
interest reserve account.

The notes are rated in line with HT Global's Long-Term Foreign-
Currency Issuer Default Rating.  HT Global will use the proceeds
from the notes to refinance its existing debt and prefund two
years of interest on the notes.

HT Global owns a 71.3% stake in Indian IT service provider,
Hexaware Technologies Limited.  The notes will be subordinate to
any potential debt at Hexaware or other operating subsidiaries.
Hexaware and other operating subsidiaries do not currently have
any debt and we understand management aims to keep the businesses
debt-free.  HT Global also has limited capacity to take on
additional debt, as there is an incurrence covenant of
debt/EBITDA of 3.75x (forecast 2016: 3.5x) in the bond's
documents.

                       KEY RATING DRIVERS

Mid-Tier IT Services Provider: HT Global's ratings reflect its
mid-tier position in the global IT services industry, relatively
small scale and modest cost and technology advantage over peers.
However, its ratings are supported by the moderate-to-high costs
to its customers to switch to competitors, diversified revenue
stream in terms of products and industries served and its
profitable niche with a solid customer base willing to work with
the company on a recurring basis.

High Leverage: HT Global's forecasted 2016 FFO-adjusted net
leverage of 4.4x is higher than that of most IT peers.  Most
Indian IT companies maintain a net cash balance, as they require
limited capex investments, pay modest dividends to shareholders
and have limited appetite for debt-funded mergers and
acquisitions.  Fitch FFO-adjusted net leverage metrics are higher
than the net debt/EBITDA ratio.  Fitch measures FFO by deducting
corporate tax, dividends paid to Hexaware's 29% minority
shareholders and dividend distribution tax (at 20.4% on dividends
paid) from EBITDA.

Hexaware may take a dividend holiday to the extent that proceeds
from the notes will prefund two years of HT Global's interest
payments initially, after which HT Global will need to maintain
only one year of interest for the notes.

Low Rating Headroom: Fitch's rating case forecasts FFO-adjusted
net leverage falling to 3.1x in 2018 and FFO fixed-charge
coverage to 2.3x, compared with levels where Fitch would consider
negative rating action of 3.25x and 2.0x, respectively.

Stable Cash Flows: Fitch expects HT Global to generate at least
USD85m in annual EBITDA during 2016-2017, supported by 95% of
revenue coming from repeat customers.  The company has multi-year
contracts with most key customers, out of which some have take-
or-pay structures.  Billing rates have been stable for the last
few years.

Strong Revenue Growth: Fitch forecasts revenue to rise by 9%-11%
a year in 2016 and 2017 due to higher IT spend by existing
customers and HT Global's focus on expanding its business,
targeting the banking & finance and housing & insurance
industries, supported by infrastructure management and business
analytics services.  Fitch also forecasts operating EBITDAR
margin to decline slightly to around 16%-17% (2015: 18%) because
a larger share of service revenue is delivered at customers'
premises, which is more costly, and stable employee utilisation
rates of around 70%-7l% (2015: 71%).

Positive FCF Starting 2017: Fitch forecast HT Global to generate
positive annual FCF of USD15 mil.-20 mil. from 2017, when capex
will normalize to around 2% of revenue.  Fitch expects HT Global
to generate minimal FCF in 2016 due to high capex of around
USD40 mil. to expand facilities at two of its Indian delivery
centres.  The company is not likely to further expand its
delivery facilities as it has sufficient space to accommodate
additional employees, except for specific customer requests.

Moderate Customer Concentration: HT Global has moderately higher
customer concentration compared to most IT peers.  Its top-10
customers accounted for about 55% of its 2015 revenue, with the
top customer making up 10%-15%.  However, only four customers
account for more than 5% of revenue each.  The concentration risk
is mitigated by the company's long-standing ties with its top-20
customers, which have an average relationship term of 11 years.

                        KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for HT Global
include:

   -- revenue growth of 9%-11% over the next two years
   -- operating EBITDAR margin to trend down to around 16%-17%
      over the next two years
   -- capex/revenue to remain low at around 2%-3% starting 2017
   -- HT Global to maintain a minimum interest coverage of 1.0x.

                        RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- worse-than-expected performance or lower equity returns
      leading to an FFO-adjusted net leverage of over 3.25x on a
      sustained basis
   -- operating EBITDAR margin declining below 15% due to a lower
      employee utilization rate or losing key customers.
   -- FFO-fixed charge cover below 2.0x on a sustained basis.

Positive: Future developments that may, individually or
collectively, lead to a positive rating action include:

   -- improved FFO-adjusted net leverage to below 1.5x on a
      sustained basis
   -- positive FCF margin of over 3% on a sustained basis.

                            LIQUIDITY

Adequate Liquidity: HT Global's liquidity was adequate at end-
2015, with cash and equivalents of USD66 mil.  This comfortably
covers short-term debt maturities of USD17 mil. and USD20 mil. in
2016 and 2017, respectively.  The company will use proceeds from
the USD300 mil. notes to repay all existing debt.


IMMENSE PACKAGING: ICRA Suspends 'D' Rating on INR20cr Bank Loan
----------------------------------------------------------------
ICRA has suspended [ICRA] D rating assigned to the INR20 crore
bank facilities of Immense Packaging Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Immense Packaging Private Limited (IPPL) was acquired in April
2007 by Mumbai based Mrs Lata Kela & her family members for
setting up polyethylene film manufacturing facilities. The
promoters have been in the flexi packaging business for the last
two decades through their group entities and have developed
relationships with several co-operative dairies based in Western,
Northern and Southern India. The company set up its production
unit at Tiruvallur, Tamil Nadu for manufacturing of multilayer
polyethylene (PE) film used in liquid milk packaging. The annual
production capacity is around 2400 TPA and it primarily caters to
the demand of Tamil Nadu (TN) based state co-operative milk
dairies.


JAINAM INDUSTRIES: CRISIL Suspends 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Jainam Industries Private Limited (JIPL).

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

The suspension of rating is on account of non-cooperation by JIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JIPL is yet to
provide adequate information to enable CRISIL to assess JIPL'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 2001, Ahmedabad-based JIPL is owned and managed
by Mr. Pravin Jain and Mr. Kirti Jain. The company trades in
petroleum-based products such as furnace oil, fuel oil, and fatty
oil, and has a distillation plant in Udaipur (Rajasthan), to
recover different grades of valuable products.


JINDAL POLY: ICRA Puts B+ Rating on Notice of Withdrawal
--------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B+ assigned to the
fund based limits of Jindal Poly Weaves Private Limited (JPPL)
aggregating to INR10.09 crore1 on Notice of Withdrawal for 30
days at the request of the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       3.34         [ICRA]B+ placed on
   (Term Loans)                         Notice of Withdrawal


   Fund Based Limits       6.75         [ICRA]B+ placed on
   (CC)                                 Notice of Withdrawal

As per ICRA's policy, the ratings will be withdrawn after 30 days
from the date of this withdrawal notice.


KHOKHAR INFRASTRUCTURE: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khokhar
Infrastructure Private Limited (KIPL) a Long-Term Issuer Rating
of 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect KIPL's small scale of operations and moderate
credit metrics.  Key FY16 numbers shared by management indicate
revenue of INR558 mil. (FY15: INR420 mil.), net leverage (total
adjusted net debt/operating EBITDA) of 2.4x (2.9x), EBITDA
interest coverage (operating EBITDA/gross interest expenses) of
2.3x (1.4x) and EBITDA margins of 6.1% (7.5%).

The ratings also consider KIPL's moderate liquidity profile, as
indicated by its 92.52% average working capital utilization for
the 12 months ended June 2016.

The ratings benefit from KIPL's proprietor's experience of two
decades in the civil contracting business.

RATING SENSITIVITIES
Positive: An increase in revenue, along with maintenance of
credit metrics at current levels, could result in a positive
rating action.

Negative: A sustained deterioration in credit metrics could
result in a negative rating action.

COMPANY PROFILE

Incorporated in 2007, KIPL is an 'A' class contractor registered
in Jharkhand and Bihar.  The company is engaged in the
construction of roads and bridges. KIPL's order book position was
INR228.5 mil. at end-March 2016 (0.41x of FY15 revenue).

KIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR50 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR300 mil. non-fund-based working capital limits: assigned
      'IND A4+'


KTC AUTOMOTIVE: CRISIL Cuts Rating on INR65MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KTC Automotive Company (KTC) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable', and reaffirmed its 'CRISIL A4' rating on the short-
term facility.

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

   Cash Credit             65        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       8.2      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan                6.8      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects KTC's weaker than expected financial risk
profile because of erosion of net worth on account of operating
losses over the past two years. The net worth has declined
significantly from INR29 million in fiscal 2014, to INR1.5
million in fiscal 2015. The net worth is estimated to remain
modest at INR3-4 million in fiscal 2016 chiefly because of lower
than expected demand for the Ernakulam show room. Although KTC's
business risk profile is expected to improve in fiscal 2016, its
net worth and debt protection metrics will remain modest over the
medium term.

The ratings reflect KTC's modest scale of operations in the
intensely competitive automobile dealership industry, and its
weak financial risk profile because of below-average capital
structure and debt protection metrics, and stretched liquidity.
These weaknesses are partially offset by the extensive industry
experience of the firm's promoters, and its geographically
diverse revenue profile across Kerala.
Outlook: Stable

CRISIL believes KTC will continue to benefit over the medium term
from its geographically diverse revenue profile across Kerala and
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's financial risk profile
improves on account of increase in accrual and a stronger capital
structure. The outlook may be revised to 'Negative' if a stretch
in working capital cycle or large debt-funded capital expenditure
weakens the financial risk profile.

KTC, set up in 2002, is a Kerala-based partnership firm and
authorised dealer of the passenger cars and light commercial
vehicles of Mahindra & Mahindra Ltd ('CRISIL AAA/Stable/CRISIL
A1+') in Kerala.


KVR INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR270.8MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of KVR Industries Limited
(KVRIL) continue to reflect company's modest scale of operations
in the intensely competitive and fragmented paper industry, large
working capital requirement, and a weak financial risk profile
because of a modest networth, high gearing, and weak debt
protection metrics. However, the company benefits from the
extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            270.8      CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan               19.2      CRISIL D (Reaffirmed)
   Long Term Loan         160.0      CRISIL D (Reaffirmed)

CRISIL had earlier, on April 29, 2016, downgraded its rating on
the long-term bank facilities to 'CRISIL D' from 'CRISIL BB-
/Stable'

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.


LAHOTI MOTORS: CRISIL Ups Rating on INR65MM Bank Loan to 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Lahoti Motors Private Limited (LMPL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Upgraded from
                                     'CRISIL D')

   Cash Credit             65        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      36        CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

   Term Loan               19        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The rating upgrade reflects CRISIL's belief that LMPL will
sustain the improvement in its liquidity profile. The liquidity
profile of the company is marked by moderate utilisation of bank
lines of 91 per cent for the 12 months ending March 2016 as
against the overdraws made earlier. The company is also expected
to generate adequate net cash accrual generation to meet its term
debt obligations. The upgrade also factors in LMPL's stable
business risk profile, marked by the company maintaining its
revenue and the sustenance of its operating margin.

The ratings reflect LMPL's established relations with Maruti
Suzuki India Ltd (MSIL; CRISIL AAA/Stable/CRISIL A1+), along with
low exposure to risks related to inventory and receivables. The
ratings also factor in the company's average financial risk
profile, marked by moderate gearing and debt protection metrics.
These rating strengths are partially offset by LMPL's modest
scale of operations with a limited track record, amid intense
competition in the automobile (auto) dealership segment.
Outlook: Stable

CRISIL believes that LMPL will continue to benefit from its
promoters' established relations with MSIL. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability, resulting in sizeable cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile and liquidity deteriorate because of
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

LMPL was founded in December 2010, by Mr. Srikant Lahoti and his
wife, Mrs. Usha Lahoti. The company is an authorised dealer of
Maruti passenger cars in Gulbarga and Bidar (Karnataka). Besides
new cars and spares, LMPL also trades in used cars under MSIL's
True Value brand.


LEBURU CONSTRUCTIONS: CRISIL Suspends B Rating on INR48.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Leburu Constructions Private Limited (LCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         25         CRISIL A4
   Cash Credit            48.5       CRISIL B/Stable
   Long Term Loan         10         CRISIL B/Stable
   Proposed Bank
   Guarantee              25         CRISIL A4
   Proposed Cash Credit
   Limit                  16.5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
LCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LCPL is yet to
provide adequate information to enable CRISIL to assess LCPL'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 2010, LCPL is based out of Hyderabad and promoted
by Mr. L Prabhakar Reddy and his family. The company is involved
in undertaking irrigation projects, such as water supply and
sewerage systems, in Karnataka, Odisha, and Maharashtra.


M. R COTTON: CRISIL Cuts Rating on INR72.5MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of M. R Cotton Industries (MR Cotton) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             72.5      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               27.5      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects firm's estimated subdued operating
performance and lower cash accruals in 2015-16 (refers to
financial year) primarily driven by declined cotton prices.
Revenue were estimated to be at INR300 million in 2015-16 (refers
to financial year, April 1 to March 31) at similar levels of
INR291.9 million in 2014-15.The cash accruals were estimated to
be tightly matched with scheduled debt repayments. Financial risk
profile remains weak, with gearing estimated at 1.9 times for as
on March 31, 2016 and subdued debt protection metrics.

The rating also reflects modest scale of operations in highly
fragmented cotton industry and vulnerability of business and
profitability to changes in government policy. These rating
weaknesses are partially offset by the extensive experience of MR
Cotton's partners in cotton ginning industry.
Outlook: Stable

CRISIL expects MR Cotton will benefit over the medium term,
backed by its partner's extensive experience in the cotton
industry. The outlook may be revised to 'Positive' in case of
higher-than expected ramp up in scale of operations, while
improving its profitability margins, resulting in better cash
accruals. Conversely, the outlook may be revised to 'Negative',
if MR Cotton's financial risk profile and liquidity deteriorates
further in case of the lengthening of its working capital cycle
or generates lower-than-expected cash accruals from operations.

MR Cotton was established as a partnership firm in 2011 by Mr.
Dhirenbhai Patel, along with family members Mr. Mahendrabhai
Patel, Mr. Chetankumar Patel, Mr. Rumitkumar Patel and Smt.
VeenaVinodbhai Patel. The firm is engaged in ginning and pressing
of raw cotton (kapas) to make cotton bales and also undertakes
sell of cotton seed and cotton seed cake. The firm has
manufacturing facility at Kadi, Mehsana (Gujarat).


MAHALAXMI COTTON: CRISIL Suspends 'B' Rating on INR60MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Mahalaxmi Cotton (MC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable
   Long Term Loan          16        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       1.5      CRISIL B/Stable

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

Incorporated in 2013, MC is a partnership firm located in Kadi,
Gujarat. The partnership firm is promoted by partners with
combined experience of around 10 years in the cotton industry.
The firm is engaged in ginning and cotton seed extraction
activity. The firm has started the unit in December 2013.


MODEST INFRASTRUCTURE: ICRA Reaffirms C+ Rating on INR45cr Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]C+ and the
short-term rating of [ICRA]A4 assigned to the INR45.00 crore fund
based limits, the INR125.00 crore non-fund based limits and the
INR80.00 crore proposed limits of Modest Infrastructure Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based limit        45.00        [ICRA]C+ reaffirmed
   Non-fund based limit   125.00        [ICRA]C+/[ICRA]A4
                                        reaffirmed
   Proposed Limits         80.00        [ICRA]C+/[ICRA]A4
                                        Reaffirmed

The re-affirmation of the rating takes into account the company's
weak financial performance as reflected by its consistently loss
making operations (with losses at operating level since FY2014),
which have resulted in complete erosion of its net-worth. Coupled
with the increasing working capital intensity of operations on
account of high receivables, this has resulted in a stretched
liquidity position, as evidenced by negative fund flow from
operations and high fund based limit utilisation levels. The
prolonged losses incurred by MIL in the past were because of
liquidated damages, high interest costs and cancellation of
orders. Going forward, some of these factors would continue to
exert pressure on the profitability of the company. Moreover,
MIL's profitability remains vulnerable to input price variations
owing to the fixed price nature of its contracts. The company's
order-book position remains weak (INR0.75 crore as of May 2016),
although a recent sale of vessels in April 2016 provides revenue
visibility in the near term. The company is also exposed to
client concentration risks, given the nature of the shipbuilding
industry.

The rating, however, favourably takes into account the financial
support extended by the Dempo Group in the form of unsecured
loans to fund MIL's cash losses and meet its liquidity
requirements. ICRA also notes the experience of the promoters in
the shipbuilding industry.

Modest Infrastructure Limited is shipbuilding and repairing
company, which undertakes projects of building small to medium
sized product tankers, bulk carriers and offshore survey vessels,
in addition to ship-repairing activities. The company was started
as a shipping agency, 'Modest Offshore Services Pvt. Ltd.', by
Mr. Kishore Gambani. It was engaged in managing vessels,
repairing, dry docking of ships and other ship-related services.
In 2006, MIL ventured into the shipbuilding segment, and
currently has a shipyard facility at Ramsar in Bhavnagar,
Gujarat. In 2012, the Goa-based shipbuilding company -- Dempo
Shipbuilding & Engineering Private Limited -- acquired 74% stake
in MIL through share purchase/share subscription agreement.

For the year ended March 31, 2015, the company reported a net
loss of INR30.36 crore on an operating income (OI) of INR51.66
crore. For the year ended March 31, 2016, the company reported a
net loss of INR36.44 crore on an OI of INR31.66 crore
(unaudited).


MOSARAM SHIVRAMDAS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Mosaram Shivramdas (MS) and assigned its 'CRISIL
B+/Stable' rating to the facility. The rating had been suspended
on March 31, 2016, as MS had not provided information required
for a rating review. MS has now shared the requisite information,
enabling CRISIL to assign the rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects modest scale of operations in the intensely
competitive fertiliser and pesticide trading business, and large
working capital requirement. The rating also factors in average
financial risk profile, marked by a high total outside
liabilities to tangible networth ratio. These weaknesses are
partially offset by benefits from the extensive experience of the
promoters and established relations with suppliers.
Outlook: Stable

CRISIL believes MS will continue to benefit over the medium term
from the extensive experience of the promoters and established
relations with suppliers. The outlook may be revised to
'Positive' if significant revenue growth, improvement in
profitability, and sizeable capital infusion considerably
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if decline in operating profitability,
or any large capital expenditure weakens the financial metrics.

MS is a partnership firm set up by Mr. Sanjay Agarwal and his
son, Mr. Naman Agarwal. It trades in fertilisers and pesticides.
The firm is also an authorised dealer for Bharat Petroleum
Corporation Ltd. MS currently owns a petrol pump in Maholi (Uttar
Pradesh).


NAVDANYA FOODS: ICRA Assigns 'B' Rating to INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR4 crore
cash credit facility of Navdanya Foods Private Limited (NFPL).
ICRA has also assigned a short term rating of [ICRA]A4
(pronounced ICRA A four) to the INR2.5 crore letter of guarantee
facility of NFPL.

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

   Non Fund Based-Letter
   of guarantee            2.50         [ICRA]A4 assigned

The assigned ratings take into account NFPL's weak financial risk
profile as reflected by an unfavourable capital structure,
intensely competitive nature of the industry, characterised by
the presence of a large number of small players and the low value
additive business, which keeps the margins under check. The
ratings take note of the low capacity utilisation of the
facility, which has kept the business return indicators low, and
NFPL's vulnerability to adverse changes in Government policies
towards agro-based commodities like rice. The ratings also take
into account the experience of the promoters in the industry and
the favourable demand prospects of the industry, with rice being
a staple food in India. The ratings also take into consideration
the locational advantage due to the proximity to various rice
mills, resulting in easy availability of husk (raw material for
manufacturing of rice husk ash and micro silica), and the
entity's initiative for a product diversification, which is
likely to result in a growth in top-line and profitability over
the near to medium term.

In ICRA's opinion, the company's ability to successfully
diversify its product profile and improve its capacity
utilisation and profitability while managing external debt
efficiently would be the key rating sensitivities going forward.

Established in 2000, Navdanya Foods Private Limited mills
parboiled rice and trades in finished rice. It has an installed
capacity to manufacture 43,200 MTPA of rice and 6,000 MTPA of
rice husk ash and micro silica.

Recent Results
In FY2015, NFPL reported a profit after tax of INR0.46 lacs on an
operating income (OI) of INR32.87 crore as compared to a PAT of
INR0.08 crore on an OI of INR30.96 crore in FY2014.


NIRWANA HOTELS: ICRA Ups Rating on INR7.77cr Term Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating outstanding on the INR7.77
crore term loans, INR0.60 crore fund based facilities, INR0.02
crore of non-fund based facilities and INR0.02 crore of proposed
term loans of Nirwana Hotels and Resorts Private Limited to
[ICRA]B+ from [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              7.77         [ICRA]B+/upgraded from
                                        [ICRA]B

   Fund Based facilities   2.00         [ICRA]B+/upgraded from
                                        [ICRA]B

   Non-Fund Based          0.02         [ICRA]B+/upgraded from
   facilities                           [ICRA]B

The rating upgrade considers the substantial improvement in
NHRPL's revenues and margins supported by 29.3% ramp up of in the
company's RevPAR (Revenue Per Available Room) from INR2,572 in
FY2015 to INR3,187 in FY2016. During FY2016, the company's
operating income stood at INR10.1 crore (up 29.1% YoY) with
operating margin of 28.5% (up from 21.6%). This was largely
supported by the strong branding and marketing initiatives taken
up by the company over the last two years which resulted in
increase in occupancy from 28% in FY2014 to 40% in FY2016.
Consequent to strong accruals on back of healthy operational
metrics, while the company's capital structure and coverage
metrics had also improved during FY2016, they continue to remain
strained.

The ratings also continue to factor in the favorable location of
Hoysala Village Resort, located close to several heritage sites
in Hassan, which continues to enhance NHRPL's business prospects.
Further, long standing experience of the promoters in the
hospitality business, strong brand presence by virtue of company
tying up with national and international travel agencies and
online portals continue to support the company's occupancies and
RevPARs. Ancillary services like spa, souvenir shop, coffee cafÇ
and bar and dining facilities (also open to walk-in customers)
have facilitated multiple avenues for revenue generation which in
turn have resulted in a steady increase in non-room revenues of
the company.

The rating strengths are, however, partially offset by the stiff
competition faced by the company from relatively cheaper hotels
situated in its close vicinity. The rating also continues to be
constrained by the single property concentration and financial
profile of the company characterized by stretched debt protection
metrics and negative free cash flows. ICRA also notes that the
company is currently in the process of enhancing its room
inventory from 49 rooms to 59 rooms by way of addition of 10
Malnad suite palaces to the room portfolio. Successful ramp up in
occupancies of the same would have an impact on the company's
margin trajectory in the future on. Going forward, ability of the
company to expand its revenue base whilst improving its
profitability and financial profile would remain key credit
monitorables.

Incorporated in 1993, NHRPL is engaged in hospitality services
through a 49-room single resort called "Hoysala Village Resort
located in Hassan, Karnataka about 200 Kms from Bangalore. The
Resort is spread over 7 acres of land completely owned by the
promoters with about 30 cottages, 10 suites and 9 Jacuzzi Villas.
Apart from lodging, Hoysala Village Resort offers a variety of
other facilities like swimming, indoor sports, massage and
trekking facilities to its guests. The Resort also has multi-
cuisine restaurants as well as bar and dining facilities, a spa,
a souvenir shop and coffee cafÇ to cater to varied preferences of
its domestic and foreign guests. The company is promoted by Mr.
K. R Alwa and his family. The promoters have presence across real
estate and agricultural businesses apart from hospitality
services through their other companies viz. Civic India Housing
Pvt Ltd and Civic India Mphar Pvt Ltd.


NORTELS SERVICE: CRISIL Ups Rating on INR57MM LT Loan to 'B-'
-------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facility of
Nortels Service Apartments Private Limited (NSAPL) to ''CRISIL B-
/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          57        CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      43        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D')

The upgrade reflects timely servicing of term debt aided by
funding support from promoters. The promoters have infused
capital of around INR74 million in 2015-16 (refers to financial
year, April 1 to March 31) leading to prepayment of term debt.
Consequently, NSAPL's repayment obligations have also reduced to
around INR10 million per annum from INR15 million per annum.
Though cash accrual might be inadequate to meet debt obligation
over the medium term, the company shall service debt obligation
on time, backed by promoters' fund support.

NSAPL continues to be exposed to the risk of small scale of
operations and geographical concentration in revenue. Also, its
financial risk profile is below average because of modest
networth. However, the company benefits from its promoters'
extensive industry experience and favourable location of its
service apartments.

NSAPL, incorporated in 2000, manages service apartments in
Chennai. The company is promoted by Mr. Sri Krishnan, Mr. Sunil
Nair, Mr. A Murugappan, Mr. S Narayanan, and Mr. Lui Ki.


NORTH INDIA: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR11.0 crore (enhanced from INR9.0 crore) fund based facility
and short-term rating of [ICRA]A4 on the INR1.0 crore (reduced
from INR1.5 crore) non-fund based facility of North India
Surgical Company.

ICRA takes note of steady revenue growth and improvement in
operating profit margins registered by the company in past two
years;however the same was accompanied by increase in working
capital intensity and increased gearing as well.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based-Cash
   Credit                   11.0        [ICRA]B+; reaffirmed

   Non fund based-
   Bank Guarantee            1.0        [ICRA]A4; reaffirmed

ICRA's ratings are continued to be constrained by the intense
competition in the surgical devices industry, which has resulted
in NISC's low profitability. The ratings also take into account
the firm's modest scale of operations and its limited product
portfolio i.e. stents, spinal implants and pace makers. Reliance
on bank borrowings for funding the working capital requirements
coupled with the firm's low profitability has resulted in its
weak financial profile as reflected in high gearing and weak
coverage indicators. The ratings are further constrained by the
firm's stretched liquidity position as reflected in the high
utilization of its bank lines.

The ratings, however positively factor in the firm's association
with key manufacturers of medical devices and the promoters'
experience in the healthcare sector though group company Kumar
Brothers Chemists Private Limited (KBCPL). The ratings also
factors in the firm's diversified and increasing customer base
and its established marketing support network which aids the
expansion of customer base. ICRA also takes note of the favorable
demand outlook for the medical devices industry and in-particular
cardio-vascular implants, like valves and stents.

Going forward, the firm's ability to ramp up its scale of
operations while sustaining margins in light of increasing
competition in existing segments,improving capital structure and
maintaining optimal working capital intensity, will be the key
rating sensitivities.

NISC, a partnership firm, commenced operations in April 2012 by
taking over the operational business of medical segment of Jagat
Steels Private Limited. NISC is the exclusive dealer of stents
made by Abbott Healthcare, spinal implants made by Medtronic Plc
and pacemaker of St. Jude and is also engaged in trading of
various disposable surgical items and medicines. The firm
supplies its exclusive products to various hospitals in the
cities of Chandigarh, Panchkula and Mohali such as PGIMER1,
Fortis, and Alchemist etc. It also sells its products to ultimate
consumers. The firm's management consists of two partners, Mr
Varun Singla, (B.Pharma) and Mr Arun Singla. Both the partners
are backed by the experienced management of KBCPL, who are into
healthcare business for more than 30 years.

Recent Results
The firm reported a profit after tax (PAT) of INR0.31 crore on an
operating income (OI) of INR31.60 crore in FY2016 (as per
provisional results) as against a PAT of INR0.18 crore on an OI
of INR29.74 crore in previous year.


SAGA AUTOMOTIVE: ICRA Suspends B+/A4 Rating on INR22.5cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR22.50 crore
unallocated facility of Saga Automotive India Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in absence of requisite information from the
company.


SAI HOSPITAL: ICRA Suspends 'B' Rating on INR9cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR9.00 crore bank facilities of Sai Hospital. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


SANJAY STEEL: CRISIL Suspends 'B' Rating on INR70MM Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sanjay Steel Corporation (SSC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        70        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      29.9      CRISIL B/Stable

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

SSC, a Mumbai-based partnership firm established in 1984, carries
out ship-breaking activities and trades in steel and iron
scrap.Its partners are Mr. Gauri Shankar Jain and his son, Mr.
Sanjay Kumar Jain.


SASIDHAR POULTRIES: ICRA Reaffirms C+ Rating on INR6.32cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C+ to INR5.00-
crore Cash Credit, INR6.32-crore Term Loan facilities and
INR3.68-crore Unallocated Limits of Sasidhar Poultries Pvt. Ltd.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]C+; re-affirmed
   Term Loan               6.32        [ICRA]C+; re-affirmed
   Unallocated limits      3.68        [ICRA]C+; re-affirmed

The rating re-affirmation takes into account the small scale of
operations in the poultry-farming business with weak financial
profile as reflected in thin net margins, the high levels of
debt, high gearing, and stretched coverage indicators. The rating
also considers high working capital intensity in FY2016 on
account of high inventory leading to constrained liquidity
position as indicated by high average utilisation of working
capital limits (98%) over the past 14 months. The rating factors
in the cyclical nature associated with the poultry industry,
resultant table egg price volatility and vulnerability of profits
to fluctuation in prices of feed (primarily maize, broken rice
and soya), which accounts for more than 80% of production cost.

The ratings, however, draws comfort from the vast experience of
the management in the poultry farming and healthy demand outlook
for layer eggs due to increasing acceptance of eggs as a daily
meal component.

Going forward, the ability of the company to scale up operations
and improve capital structure while effectively managing the
working capital requirements would be key rating sensitivities.

Sasidhar Poultries Private Limited was incorporated by Mr. B.
Sesha Rao in 2002. The firm is engaged in the business of
commercial layer poultry farming and operates through facilities
located in west Godavari district in Andhra Pradesh. The company
has 11 sheds with a total capacity of 3,60,000 birds.

Recent Results
As per the audited financial results for FY2016, the firm
registered PAT of INR0.21 crore on an operating income of
INR37.66 crore against PAT of INR0.05 crore on an operating
income of INR27.41 crore in FY2015.


SAT INDER: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sat Inder
Constructions Private Limited a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

SICPL's ratings reflect its small scale of operation.  According
to provisional FY16 financials, the company's revenue was
INR285 mil. (FY15:INR198 mil.).  The ratings further reflect the
company's moderate credit metrics.  SICPL's gross interest
coverage (operating EBITDA/gross interest expense) was 2.6x in
FY16 (FY15: 2.4x), net financial leverage (total adjusted net
debt/operating EBITDAR) was 2.0x (2.4x) and the operating margins
declined to 7.5% (7.8%).

The ratings factor in the company's tight liquidity position as
indicated by the average maximum utilization of its fund-based
limit being 96.42% during the six months ended May 2016.

The ratings, however, are supported by more than three decades of
operating experience of the company's founders in the
construction industry and an extensive track record of completing
several projects.

RATING SENSITIVITIES

Positive: An improvement in the liquidity could lead to a
positive rating action.

Negative: Any further decline in the profitability leading to
deterioration in liquidity could lead to a negative rating
action.

COMPANY PROFILE
SICPL, established as Inder constructions (a partnership firm) in
1984, was incorporated as a private limited company in 2013.  The
company undertakes civil construction projects for government
entities such as PWDs in Odisha and West Bengal.

Inderpall Singh Bhatt is the managing director of the company.

SICPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR50 mil. fund-based working capital limit: assigned
      'IND BB-'/Stable
   -- INR7.3 mil. Long-term loan: assigned 'IND BB-'/Stable
   -- INR45 mil. non-fund-based working capital limits: assigned
      'IND A4+'


SBS FOODS: CRISIL Suspends 'D' Rating on INR75MM Term Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
SBS Foods Private Limited (SBS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4         CRISIL D
   Proposed Long Term
   Bank Loan Facility      1         CRISIL D
   Term Loan              75         CRISIL D

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

SBS was incorporated in 2011. The company is engaged in the
process of agro product processing and cold storage in Satara
(Maharashtra). SBS is promoted by Mr. Sopanrao Salunkhe and his
family.


SENTHIL ENTERPRISES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Senthil
Enterprises (SE) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SE's weak credit metrics on account of its
weak EBITDA margins and high working capital requirements, both
inherent to the trading nature of business.  These led to tight
liquidity in FY16, as per provisional (P) financials.  SE's net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) in FY16 (P)
was 6.4x (FY15:6.5x; FY14: negative 0.3x), EBITDA interest
coverage was 1.6x (2.3x; 20.0x) and EBITDA margin was 1.9% (1.7%;
1.2%).  The firm's peak use of its working capital facilities was
around 97% during the 12 months ended June 2016.

However, the ratings are supported by SE's revenue CAGR of around
13.43% over FY13-FY16.  Its revenue was INR425.0 mil. in FY16 (P)
and INR393.7 mil. in FY15.  The ratings are also supported by its
founder's experience of around one decade in the cotton trading
business and its strong relationships with customers and
suppliers.

RATING SENSITIVITIES
Positive: Substantial growth in revenue leading to sustained
improvement in overall credit metrics will be positive for the
ratings.

Negative: A decline in revenue or a rise in margin pressures,
leading to sustained deterioration in credit metrics, will be
negative for the ratings.

COMPANY PROFILE
Established in 2009 as a proprietorship concern SE is engaged in
the trade of cotton bales.  It purchase cotton from Gujarat,
Andhra Pradesh and Karnataka in bulk and sells to its customers
in Erode, Tripura, Coimbatore, etc.

SE's ratings:
   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR52.5 mil. fund-based working capital limits: assigned
      'IND B+'/Stable/'IND A4'
   -- INR5 mil. non-fund-based working capital limits: assigned
      'IND A4'


SHANNON & SHANNON: ICRA Suspends B+ Rating on INR8.50cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR8.50 crore fund based limits of Shannon & Shannon. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


SHRI BALAJI: ICRA Assigns 'B' Rating to INR15cr Loan
----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR15.00
crore working capital limit of Shri Balaji Industries.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Working Capital Limit     15.00        [ICRA]B; assigned

ICRA's assigned rating takes into account the firm's small scale
of operations in rice milling, the weak financial profile
characterized by fluctuating moderate profitability, adverse
capital structure, high capital gearing and weak coverage
indicators. The rating is further constrained by the intense
competitive nature of the rice milling industry characterized by
a number of small players restricting operating margins and agro
climatic conditions, which can adversely affect availability of
paddy in adverse weather conditions. The rating is, however,
supported by long track record of promoters in the rice milling
business. Further favourable demand prospects of the industry
with India being second largest producer and consumer of rice
internationally augurs well for the firm.

Going forward, the firm's ability to improve its profitability
and manage its working capital requirements will be the key
rating sensitivities from credit prospective.

Incorporated in 1980, Shri Balaji Industries is a proprietorship
concern of Mr. Bal Kishan Nyati, engaged in milling, processing
and sorting of basmati rice. The firm primarily caters to the
domestic customers with marginal exports to countries such as
Dubai and UAE through merchant exporters. The firm has a dealer
network of 40 to 50 dealers in Rajasthan, Gujarat and Maharashtra
and sells its produce under the brand name 'Tansen'.

Group Company Profile
Incorporated in April 2012, Tansen Foods Private limited is into
trading of different varieties of rice. In November 2012, the
entire operations of Shri Balaji Industries were transferred to
this company and the products were sold under the brand name of
Tansen. However, from April 2015, the promoter again started
operating Shri Balaji Industries.

Recent Results

During 2012-13, Shri Balaji Industries recorded a net profit of
INR0.64 crore on an operating income of INR24.67 crore, The firm
did not operate in the FY 2014 and FY 2015 as entire operations
of Shri Balaji Industries were transferred to Tansen Foods
Private Limited (TFPL) in November 2012. During 2014-15, TFPL
recorded a net profit of INR0.10 crore on an operating income of
INR82.47 crore as against a net profit of INR0.27 crore on an
operating income of INR54.31 crore in the previous year.


SHUBHLAXMI SILK: ICRA Suspends B- Rating on INR3.55cr Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B- assigned to
the INR6.00 crore bank facilities of Shubhlaxmi Silk Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limit-
   Term Loans             3.55          [ICRA]B- Suspended

   Long Term Fund
   Based Limit-
   Cash Credit            2.45          [ICRA]B- Suspended

Shubhlaxmi Silk Mills (SSM) was incorporated in 2003-04 as a
partnership firm and was engaged in weaving of greige fabric on
job work basis since inception. SSM ventured into the
manufacturing of greige fabric in June 2011. The firm has its
registered office at Mumbai and two manufacturing facilities in
Bhiwandi(Thane) with one of them operating as two functional
units each equipped with 44 and 32 looms respectively, 28 looms
are operational in the second facility. The combined installed
capacity is around 4,00,000 meters of greige cloth per month.


SREE GURU: CRISIL Reaffirms B+ Rating on INR56.4MM Cash Loan
------------------------------------------------------------
CRISIL rating on the long term bank facilities of Sree Guru
Raghavendra Cotton Ginning and Pressing Factory (SGR) continue to
reflect SGR's average financial risk profile, marked by small net
worth and high gearing, and susceptibility of margins to
volatility in cotton and cotton seed prices. These rating
weaknesses are partially offset by the extensive experience of
SGR's promoters in cotton ginning.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           56.4       CRISIL B+/Stable (Reaffirmed)
   Term Loan             15.0       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in financial risk profile or operating
margin. Conversely, the outlook may be revised to 'Negative' if
there is significant decline in revenue, resulting in low cash
accruals, or substantial debt-funded capital expenditure.

SGR was set up as a partnership concern in 1995. It gins and
presses cotton. The firm's facility in Bellary (Karnataka) has 42
ginning machines. Its pressing unit has capacity of around 300
bales per day. SGR's group entities'Sree Laxmi Venkatesh Ginning
& Pressing Factory, Sree Guru Raghavendra Ginning and Pressing
Factory, and Sree Parimala Cotton Ginning & Pressing Factory'gin
cotton in Maharashtra.


SREE SAI RAJESWARI: CRISIL Suspends B+ Rating on INR50MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sree
Sai Rajeswari Complex (SSRC).

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

   Proposed Long Term
   Bank Loan Facility       8.5      CRISIL B+/Stable

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

SSRC was set up as a partnership firm in September 2008 by Mr. B
Rajeshwara Reddy and his wife, Mrs. B Venkata Subamma. It runs a
shopping mall at Prodattur in Cuddapah (Andhra Pradesh).


SRI GURUKRUPA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Gurukrupa Agro Industries (SGAI).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                 120        CRISIL B+/Stable
   Long Term Bank Facility       5        CRISIL B+/Stable

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

Set up in 2008, SGAI is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. The firm is
promoted by Mr. G. Sreenivas his family members.


SRI RAMIAH: CRISIL Suspends B- Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Ramiah Spinners Limited (SRSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         3.8        CRISIL A4
   Cash Credit           50          CRISIL B-/Stable
   Letter of Credit      25          CRISIL A4
   Long Term Loan         9.7        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
SRSL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRSL is yet to
provide adequate information to enable CRISIL to assess SRSL'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, SRSL manufactures cotton yarn. The company
is promoted by Mr.R. Selvaraj and his family members.


SRI SAI: CRISIL Assigns B+ Rating to INR95MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sri Sai Srinivasa Rice Industries Private
Limited.

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

The rating reflects below-average financial risk profile, with
modest networth, high gearing and weak debt protection metrics.
The rating also factors in susceptibility to unfavourable
regulatory changes and volatile paddy prices. These weaknesses
are partially offset by benefits from the extensive experience of
the promoters in the rice milling industry, and efficient working
capital management.
Outlook: Stable

CRISIL believes SSSRIPL will continue to benefit over the medium
term for the longstanding experience of the management. The
outlook may be revised to 'Positive' if revenue increases
substantially, strengthening financial risk profile. Conversely,
the outlook may be revised to 'Negative' if aggressive, debt
funded expansions, or considerable decline in revenue and
profitability substantially weakens the financial metrics.

Incorporated in 1998, SSSRIPL mills and processes paddy into
rice, rice bran, broken rice and husk. The facility at Nellore,
Andhra Pradesh has a milling capacity of 60 tonne per hour. Its
rice mill is located in Nellore, in Andhra Pradesh. Mr. Piduru
Venkata Suresh Reddy and his family are the promoters.


SRI SATHYA: ICRA Suspends B+ Rating on INR7.0cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR7.00 crore
long term fund based facilities and ratings of [ICRA]B+/A4
assigned to the INR3.00 Crore unallocated facilities of Sri
Sathya Exim. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


SRI VELA: CRISIL Reaffirms 'D' Rating on INR194.5MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Vela Smelters
Private Limited (SVSPL) continue to reflect instances of delay in
servicing its debt; the delays have been caused by the company's
weak liquidity, owing to weak operating performance.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             90        CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan               24.5      CRISIL D (Reaffirmed)
   Letter of Credit        45.0      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      45.5      CRISIL D (Reaffirmed)
   Term Loan               99.6      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan              194.5      CRISIL D (Reaffirmed)

SVSPL has working-capital-intensive operations, and its
profitability is susceptible to volatility in input prices and to
intense industry competition. However, the company benefits from
its promoters' extensive experience in the steel industry.

SVSPL, incorporated in 2003, is promoted by Mr. T M Murugasen.
The company manufactures thermo-mechanically treated steel bars
and angles. It is based in Namakkal (Tamil Nadu).


SRM CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR80MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of SRM Construction
(SRMC) continue to reflect a modest scale of operations in the
intensely competitive civil construction industry, and
geographical and customer concentration in revenue profile. These
rating weaknesses are partially offset by the extensive industry
experience of the firm's promoters, and an above-average
financial risk profile because of comfortable gearing and debt
protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Reaffirmed)
   Overdraft Facility      80       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SRMC 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
improvement in scale of operations and profitability, leading to
large cash accrual, while comfortable gearing is maintained. The
outlook may be revised to 'Negative' in case of aggressive, debt-
funded expansion, or substantial debt contracted to meet large
working capital requirement, weakening the financial risk
profile.

Update
Revenue is estimated to have increased 22% year-on-year to INR750
million in fiscal 2016, primarily supported by healthy execution
of orders. However, the revenue was lower than CRISIL's earlier
expectation largely because of some delays in execution of a few
projects. Operating margin remained stable at 10.2% because of
ability to pass on changes in input prices.

Working capital requirement is moderate as indicated by estimated
gross current assets of 81 days as on March 31, 2016. The working
capital requirement is driven by receivables of around one month
and inventory of around 10 days. Receivables were 31 days and
inventory 6 days as on March 31, 2016. Against this, credit
received from suppliers is 15 days. Consequently, the bank limit
was utilised at an average of 77% in the 12 months ended March
31, 2016. The company will maintain efficient working capital
management over the medium term, with steady inventory and
receivables.

Financial risk profile remains above average because of
comfortable gearing and debt protection metrics. Gearing is
estimated at 0.80 time and networth at Rs 154 million, as on
March 31, 2016. The networth is expected to improve over the
medium term with steady accretion to reserves and the gearing is
expected to remain comfortable in the absence of any significant
debt funded capex plans. Net cash accrual to total debt and
interest coverage ratios are estimated at 42% and 6.27 times,
respectively, for fiscal 2016 and are expected to remain
comfortable at similar levels supported by steady accruals.

Liquidity is expected to remain adequate over the medium term
because of sufficient cash accrual to meet long-term debt
obligations.

SRMC, set up as a partnership firm in 2006, is based in Erode,
Tamil Nadu; it is promoted by Mr. S Boopathy and his family
members. The firm undertakes civil contracts, involving
construction of canals, buildings, roads, earthworks, canal
lining, and civil construction works, primarily for government
departments.


SUNDER MARKETING: ICRA Suspends B+ Rating on INR17cr Bank Loan
--------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short
term rating of [ICRA]A4 assigned to the INR17.00 crore bank
facilities of Sunder Marketing Associates. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SWARGIYA BHIKAM: Ind-Ra Suspends BB Rating on INR74.28MM Loans
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swargiya Bhikam
Singh Smriti Samaj Kalyan Sansthan's (SBSKS) INR74.28 mil. bank
loans to 'IND BB(suspended)' from 'IND BB'.  The Outlook was
Stable.

The rating has been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for SBSKS.

The rating will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the rating could be reinstated and will be
communicated through a rating action commentary.


TANWAR INDUSTRIES: CRISIL Cuts Rating on INR49MM Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Tanwar Industries (TI) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' while reaffirming the rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)

   Cash Credit             30        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               49        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that the financial
risk profile, particularly liquidity, of the firm will remain
weak over the medium term. In fiscal 2016, due to delay in
starting of its canopy plant, operating income was significantly
lower than expectation at Rs 294 million while operating
profitability was low at 4.5%. This led to lower-than-expected
cash accrual for the year. Although the plant is now operational,
liquidity is expected to remain weak over the medium term on the
back of low operating profitability and annual repayment
obligations.

CRISIL's rating on the bank facilities of TI continues to reflect
modest scale of operations in the fragmented and competitive
power storage equipment industry, and an modest financial risk
profile because of a small net worth. These rating weaknesses are
partially offset by the extensive industry experience of the
firm's promoters and its decade-long association with Mahindra &
Mahindra Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes TI 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
improvement in the financial risk profile, most likely because of
an increase in scale of operations and profitability resulting in
substantial net cash accrual. The outlook may be revised to
'Negative' if liquidity deteriorates because of substantial
increase in working capital requirement, low cash accrual, or
delay in project completion.

TI, a partnership firm, was set up in 1998. It is managed by Mr.
Mohammed Tahir and Mr. Arvind K Lunia. It manufactures diesel
generator sets. The firm operates in Rajasthan.


VIHAAN BOARDS: ICRA Reaffirms B- Rating on INR7.95cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B- on the
INR15.00 crore bank facilities of Vihaan Boards Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans               7.95        [ICRA]B-; reaffirmed
   Cash Credit              7.05        [ICRA]B-; reaffirmed

The reaffirmation of the rating takes into account the long
experience of the promoters in the wood processing industry
through associate concern Pine Plywood Pvt Ltd. The rating,
however, continues to be constrained by the VBPL's high working
capital intensity, with NWC/OI of 29% for FY2016, on account of
high inventory days. This has resulted in a stretched liquidity
position, as reflected in the near full utilisation of its bank
limits. The rating also factors in the vulnerability of the
company's profitability to the cyclicality of the real estate
industry, as well as to adverse fluctuations in raw material
prices. ICRA also notes that the availability of VBPL's key raw
material, bagasse, is subject to cyclicality in the sugar
industry. The rating, however, favourably factors in the
satisfactory growth in the scale of operations achieved in the
past three years, since commencement of operations. The company
is also expected to benefit from the growing popularity of pre-
laminated particle boards as an economical substitute for
laminated plywood.

Vihaan Boards Private Limited (VBPL), incorporated in 2011, is
promoted by Mr. Bharat Surana, Mr. Chattar Surana, and Mr. Gaurav
Dewan. The company is engaged in manufacturing particle boards at
its facility in Moradabad, Uttar Pradesh, with an installed
capacity of 2,500 particle boards per day (dimensions of
8'x4'x17mm). The facility commenced operations from May 2013.

Recent Results
As per the unaudited financials of 2015-16, VBPL reported a net
profit of INR1.32 crore on an operating income (OI) of INR28.02
crore as against a net profit of INR0.89 crore on an OI of
INR26.31 crore in 2014-15.


VISHWA GYAN: Ind-Ra Suspends BB- Rating on INR67.34MM Bank Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB-'
rating on Vishwa Gyan Punj Trust's (VGPT) INR67.34 mil. bank
loans to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

The ratings have been migrated to the suspended category due to
lack of adequate information.  Ind-Ra will no longer provide
ratings or analytical coverage for VGPT.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period.  However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


VIVA SERVITRADE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Viva Servitrade
Private Limited (VSPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The rating reflects VSPL's small scale of operations, weak
profitability and moderate credit metrics due to the trading
nature of business.  According to FY16 unaudited financials,
revenue was INR910.24 mil. (FY15: INR764.91 mil.), EBITDA margins
were 2.94% (3.00%), EBITDA interest coverage (operating
EBITDA/gross interest expenses) was 1.45x (1.33x), and net
leverage (total adjusted net debt/ operating EBITDA) was 3.71x
(3.67x).

VSPL's liquidity was moderate as evident from its average maximum
utilization of around 98% for the nine months period ended May
2016.

The ratings, however, are supported by the company's promoters'
experience of around five years in trading electronics and FMCG
products.

RATING SENSITIVITIES

Positive: The positive rating action could result from a
significant increase in the revenue and profitability leading to
an improvement in the credit metrics.

Negative: The negative rating action would result from a decline
in the profitability resulting in deterioration in the credit
metrics.

COMPANY PROFILE

Incorporated in February 2012, VSPL is a Mumbai-based private
limited company engaged in the trading of electronics and FMCG
products.  Mr Sagar Raut and Mr. Sidhant Vaze manage the
company's operations.

VSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
   -- INR100 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR150 mil. non-fund-based working capital limits: assigned
      'IND A4+'



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


HYUNDAI HEAVY: Workers Vote For Partial Strike on July 19
---------------------------------------------------------
Yonhap News Agency reports that workers at Hyundai Heavy
Industries Co. on July 15 voted to launch a strike demanding a
greater say in management and a hike in wages.

The news agency relates that the labor union said the unionized
workers will go on a partial strike for four hours starting
today, July 19.

Should the shipbuilder's workers lay down their tools this year,
it will mark the third consecutive year that the shipyard has
faced a labor strike, the report says.

Yonhap says that since early May, the company's management and
labor union have held 18 rounds of negotiations to narrow their
differences, but failed to do so.

According to the report, workers at Samsung Heavy Industries Co.
launched their first partial strike last week, calling on the
company to scrap its restructuring move, including a massive job
cut.

Daewoo Shipbuilding & Marine Engineering Co. workers also voted
to launch a strike sometime soon, the report says.

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

Yonhap says the country's top three shipyards -- Hyundai Heavy
Industries, Samsung Heavy Industries Co. and Daewoo Shipbuilding
& Marine Engineering Co. -- suffered a combined operating loss of
KRW8.5 trillion (US$7.4 billion) last year due largely to
increased costs stemming from a delay in the construction of
offshore facilities and an industrywide slump, with the Daewoo
Shipbuilding alone posting a KRW5.5 trillion loss.

The shipbuilders have recently drawn up sweeping self-rescue
programs worth KRW10.35 trillion in their desperate bids to
overcome a protracted slump and mounting losses, adds Yonhap.

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: Fitch Assigns B+(EXP) Rating to US$-Denominated Bonds
----------------------------------------------------------------
Fitch Ratings has assigned Sri Lanka's upcoming US dollar-
denominated bonds an expected rating of 'B+(EXP)'.

KEY RATING DRIVERS
The expected rating is in line with Sri Lanka's Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'B+' with a
Negative Outlook.

RATING SENSITIVITIES
The rating would be sensitive to any changes in Sri Lanka's Long-
Term Foreign-Currency IDR.  In February 2016, Fitch downgraded
Sri Lanka's Long-Term Foreign-Currency IDR and Local-Currency IDR
to 'B+' with a Negative Outlook.



                             *********

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.

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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
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                 *** End of Transmission ***