TCRAP_Public/160721.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, July 21, 2016, Vol. 19, No. 143

                            Headlines


A U S T R A L I A

EXPRESS ASBESTOS: First Creditors' Meeting Set for July 28
ICBC CAPITAL: ASIC Cancels AFS License
LAURA ASHLEY: Buyers Found for 18 Retail Outlets and Online Store
MODLIVING HOMES: First Creditors' Meeting Set for July 28
PUMP CORP: First Creditors' Meeting Slated for July 27

VALENCE INDUSTRIES: First Creditors' Meeting Set for July 27


C H I N A

HANRUI OVERSEAS: Fitch Gives Final 'BB+' Rating to 2019 Notes

* Ruihua's Suspension in Interbank Market Has Minimal Impact


H O N G  K O N G

TITAN PETROCHEMICALS: Trading Resumes After 4-year Halt


I N D I A

ASIAN SEALING: CRISIL Lowers Rating on INR70MM LT Loan to 'B'
ASTER PRIVATE: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
BALA SUNDRI: ICRA Suspends 'B/A4' Rating on INR10cr Bank Loan
BHARAT AGRO: ICRA Assigns 'B+' Rating to INR30cr Proposed Loan
BHUSHAN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR74MM Loan

CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR60MM Loan
EL-TE MARINE: CRISIL Reaffirms B+ Rating on INR200MM Packing Loan
G M COT FIBERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
G S DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
G.B. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR69MM Cash Loan

GEO AQUATIC: CRISIL Reaffirms B+ Rating on INR49.6MM Bill Disc.
GLENMARK PHARMACEUTICALS: Fitch Assigns 'BB' LT FC IDR
GOKUL STEELS: CRISIL Lowers Rating on INR65MM Cash Loan to 'D'
HEATH VIEW: ICRA Assigns 'B' Rating to INR12.0cr Term Loan
HEM MOTOR: CRISIL Suspends B- Rating on INR120MM Channel Loan

INOX WORLD: CRISIL Assigns B+ Rating to INR230MM LT Loan
J.R.R. CONSTRUCTION: ICRA Suspends B Rating on INR5.6cr Loan
JYOTI STEEL: CRISIL Lowers Rating on INR35.2MM Cash Loan to B+
KBC INFRASTRUCTURES: ICRA Suspends B+ Rating on INR7.50cr Loan
MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR577.38cr Loan

MAGUS METALS: ICRA Suspends B+ Rating on INR9.0cr Bank Loan
MEHTA & ASSOCIATES: ICRA Cuts Rating on INR8.0cr Loan to 'B'
MURLI COLD: ICRA Assigns B+ Rating to INR10cr Cash Loan
NANDA SALES: ICRA Lowers Rating on INR7.5cr Loan to B+
NANDI PLASTICISERS: ICRA Suspends B+ Rating on INR8.0cr Loan

NATURAL ORGANIC: CRISIL Reaffirms 'B' Rating on INR140MM Loan
NAVHARI FOOD: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
NIPSO POLYFABRIKS: ICRA Suspends C+/A4 Rating on INR7.72cr Loan
POONAM ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR100MM Loan
R.F. EXPORTS: CRISIL Assigns 'B' Rating to INR50MM Term Loan

RAJ DEALERS: ICRA Suspends B+ Rating on INR6.0cr Bank Loan
RAMESH CHANDRA: Ind-Ra Withdraws LT 'Provisional IND B+' Ratings
RIDDHI CASTING: CRISIL Cuts Rating on INR150MM Term Loan to B
SAKETH EDUCATIONAL: CRISIL Suspends 'D' Rating on INR300MM Loan
SCHABLONA INDIA: CRISIL Lowers Rating on INR50MM Cash Loan to B

SHANKAR PARVATI: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
SHRADHA APPARELS: CRISIL Reaffirms B+ Rating on INR5MM Loan
SHREE KHODAL: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
SILVER SPRING: CRISIL Reaffirms 'B' Rating on INR67.5MM Loan
SJLT SPINNING: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating

SONY PYRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
SREE HARICHARAN: CRISIL Reaffirms B- Rating on INR25MM Cash Loan
SRI BALAJI: ICRA Suspends B+ Rating on INR7.10cr Loan
SRI JAGDAMBA: CRISIL Suspends 'D' Rating on INR500MM Cash Loan
SRIJAN PUBLISHERS: Ind-Ra Withdraws Provisional 'IND BB-' Rating

SRINIVASA RICE: ICRA Ups Rating on INR9.65cr LT Loan to B+
SUPREME AUDIOTRONICS: ICRA Suspends 'B' Rating on INR5.80cr Loan
TAPTI AGRO: ICRA Assigns 'B' Rating to INR14cr Term Loan
TRICHY THANJAVUR: ICRA Reaffirms 'D' Rating on INR238.29cr Loan
UNION ENTERPRISES: ICRA Reaffirms 'D' Rating on INR9.57cr Loan

VAKRATUND COLD: CRISIL Suspends 'B' Rating on INR49.5MM Loan
VENKATESHKRUPA SUGAR: CRISIL Suspends B+ Rating on INR300MM Loan
VINAYAK POLYMERS: CRISIL Cuts Rating on INR150MM Loan to B+


M A L A Y S I A

1MALAYSIA: US Seeks to Seize More than $1B in Assets from Fund


N E W  Z E A L A N D

Q CARD: Fitch Affirms 'Bsf' Rating on Series F 2014-1 Debt


P H I L I P P I N E S

GSIS FAMILY: PDIC Invites Investors to Rehabilitate Bank
LBC EXPRESS: PDIC Order Garnishing Araneta Assets Lifted
RB LABRADOR: PDIC Files Criminal Charges vs. Former President
SECURITY BANK: Fitch Hikes LT Issuer Default Ratings to 'BB+'


                            - - - - -


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


EXPRESS ASBESTOS: First Creditors' Meeting Set for July 28
----------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Express Asbestos Removalist Pty
Ltd on July 18, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on July 28, 2016, at
11:00 a.m.


ICBC CAPITAL: ASIC Cancels AFS License
--------------------------------------
Australian Securities and Investment Commission has cancelled the
Australian Financial Services (AFS) license of ICBC Capital Pty
Ltd. ICBC was formerly known as Komodo Capital Pty Ltd.

ASIC took this action as ICBC had been placed in liquidation by
the Supreme Court of New South Wales on March 18, 2016. The
application to place ICBC in liquidation was made by a creditor
of the company on the basis that ICBC was insolvent.

As a consequence of this cancellation, ICBC is no longer able to
provide financial services that it was previously authorised to
provide under the AFS licence No. 344234.

Similarly, any authorised representative of ICBC is also unable
to continue to provide financial services under ICBC's AFS
license.

The AFS license was cancelled on June 1, 2016.


LAURA ASHLEY: Buyers Found for 18 Retail Outlets and Online Store
-----------------------------------------------------------------
Eloise Keating at SmartCompany reports that the Laura Ashley
brand will continue in Australia, after a buyer was found for 18
of the brand's local retail outlets and its online store.

SmartCompany says the Australian arm of Laura Ashley collapsed
into voluntary administration on January 7, with Ross Blakeley,
Quentin Olde and John Park of FTI Consulting appointed to manage
the administration and find a buyer for the business.

That search was successful, with a private buyer purchasing the
business from the administrators as a going concern, SmartCompany
relates.

SmartCompany understands a purchase agreement for business has
been finalised with a company called L Ashley Pty Ltd. The
purchase price is undisclosed, as are the conditions of the
agreement.

However, SmartCompany understands the sale includes 18 Laura
Ashley retail outlets and the brand's online store in Australia.

In January, Laura Ashley Australia was operating 38 stores across
the country under a licence agreement from Laura Ashley UK, the
report notes.

Seven stores were closed at the end of January, with another five
outlets earmarked for closure in mid-February. At that time,
there were 25 Laura Ashley stores trading in Australia,
SmartCompany discloses.

The Australian operations of Laura Ashley were established in
1971 and the business specialises in selling clothing, homewares
and furniture from the iconic brand.

The business was also operating four stores in New Zealand. While
the New Zealand operations were not included in the voluntary
administration of the Australian operations, administrators from
Gerry Rea Partners were subsequently appointed to LA (New
Zealand) in early June, SmartCompany relates citing Stuff.co.nz.

The four New Zealand stores ceased trading at the end of last
month and owe unsecured creditors more than NZ$2.3 million, with
Stuff reporting the buyer of the Australian operations was not
"in a position to look at New Zealand," adds SmartCompany.

                        About Laura Ashley

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into
clothing.  The company was founded in Australia in 1971 and
operates 38 stores in Australia and four in New Zealand under a
licence agreement from Laura Ashely UK.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2016, SmartCompany said external directors were called in
on Jan. 7 to manage the business, with Ross Blakeley, Quentin
Olde and John Park from FTI Consulting appointed as
administrators.

The appointment of administrators only applies to the retailer's
Australian stores.  Laura Ashley's New Zealand stores and Laura
Ashley UK are not affected by the collapse of the Australian
business, SmartCompany said.


MODLIVING HOMES: First Creditors' Meeting Set for July 28
---------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Modliving Homes Pty Ltd on July
18, 2016.

A first meeting of the creditors of the Company will be held at
CTA Business Club, MLC Centre, in Martin Place, Sydney, on
July 28, 2016, at 10:00 a.m.


PUMP CORP: First Creditors' Meeting Slated for July 27
------------------------------------------------------
Stephen Robert Dixon and Shaun McKinnon of Grant Thornton were
appointed as administrators of Pump Corp (Queensland) Pty Ltd on
July 15, 2016.

A first meeting of the creditors of the Company will be held at
King George Central, Level 18, 145-147 Ann Street, in Brisbane,
Queensland, on July 27, 2016, at 11:00 a.m.


VALENCE INDUSTRIES: First Creditors' Meeting Set for July 27
------------------------------------------------------------
Laurence Fitzgerald & Michael Humphris of William Buck were
appointed as administrators of Valence Industries Ltd, Valence
Industries Operations Pty Ltd, and Valence Industries Services
Pty Ltd on July 15, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia New Zealand, Level 3, 600 Bourke
Street, in Melbourne, on July 27, 2016, at 10:00 a.m.



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


HANRUI OVERSEAS: Fitch Gives Final 'BB+' Rating to 2019 Notes
-------------------------------------------------------------
Fitch Ratings has assigned Hanrui Overseas Investment Co., Ltd's
$US300 million 4.90% senior unsecured notes due 2019 a final
rating of 'BB+'.

The assignment of the final ratings follows the receipt of
documents conforming to information already received. The final
ratings are in line with the expected ratings assigned on 21 June
2016.

The offshore notes are unconditionally and irrevocably guaranteed
by Hanrui International Investment Company Limited (HII), which
is a direct, wholly owned subsidiary of Jiangsu HanRui Investment
Holding Co., Ltd (Hanrui; BB+/Stable). The notes are senior
unsecured obligations of HII and rank pari passu with its other
senior unsecured obligations. Net proceeds will be used for
general corporate purposes.

KEY RATING DRIVERS
Hanrui has granted a keepwell and liquidity support deed and a
deed of equity interest purchase in place of a guarantee,
undertaking to ensure HII has sufficient assets and liquidity to
meet its obligations under HII's guarantee for the US dollar
notes.

The notes are rated at the same level as Hanrui's Issuer Default
Ratings due to the strong linkage between HII and Hanrui and
because the keepwell and liquidity support deed and deed of
equity interest purchase transfers the ultimate responsibility of
payment to Hanrui. Fitch believes this signals a strong intention
from Hanrui to ensure HII has sufficient funds to honour its debt
obligations.

Hanrui's ratings are credit-linked with, but are not equalised
to, Fitch's assessment of Zhenjiang Municipality's credit
profile. The link reflects strong oversight and supervision of
Hanrui by the Zhenjiang municipal government, integration of
multi-year funding for the company with the municipal budget and
the strategic importance of Hanrui's public-sector construction
projects and social housing construction to the municipality.
Hanrui is classified as a credit-linked public-sector entity
under Fitch's criteria.

RATING SENSITIVITIES

Any rating action on Hanrui will result in a similar rating
action on the rated bond issued by Hanrui Overseas Investment
Co., Ltd.

Stronger or more explicit support from Zhenjiang Municipality may
trigger positive rating action on Hanrui. Significant changes to
Hanrui's strategic importance to the municipality, dilution of
the municipality's shareholding or lower explicit and implicit
municipality support could lead to a wider rating gap between
Hanrui and Zhenjiang.

An upgrade of Fitch's internal credit view on Zhenjiang
Municipality may trigger positive rating action on Hanrui. Weaker
fiscal performance or higher municipality debt could lead to a
lowering of Fitch's internal assessment of Zhenjiang
Municipality's creditworthiness and may trigger negative rating
action on Hanrui.


* Ruihua's Suspension in Interbank Market Has Minimal Impact
------------------------------------------------------------
The Chinese interbank market regulator's suspension of Ruihua
Certified Public Accounts (Ruihua) has minimal impact on Fitch-
rated corporates' access to the domestic debt market in 2016 as
financial statements audited by Ruihua for 2015 and previous
years will still stand, Fitch Ratings says. Corporates should
have sufficient time to switch auditors to complete their 2016
annual audits for interbank issuance in 2017.

On June 16, 2016, the National Association of Financial Market
Institutional Investors (NAFMII), the regulator of China's
interbank bond market, said Ruihua would be barred from providing
services to the interbank market for one year. This was the
penalty for Ruihua's failure to provide working documents for
Shanghai Yunfeng (Group) Co., Ltd (Yunfeng) as part of its annual
audit for Green Land Holding Group Company Limited (Greenland,
BB+/Negative). Yunfeng is a 20.5%-owned associate of Greenland.
Both Greenland and Yunfeng have bonds outstanding in the
interbank market.

Fitch said, "Based on communication with industry participants,
it is our understanding that corporates can still use annual
financial statements audited by Ruihua for 2015 and earlier to
issue bonds in the interbank market until 30 April 2017, the
deadline for publishing Chinese corporates' annual financial
statements for 2016. Ruihua needs to issue a written statement
confirming that the historical audited statements reflect the
issuer's true financial positon. The underwriter, legal counsel,
and domestic rating agency involved in the bond issuance also
need to issue similar written statements."

Fitch said, "However, issuers will need to present 2016 annual
financial statements audited by a different auditor when they
issue interbank bonds after 30 April 2017. We believe corporates
have sufficient time to switch auditors to complete the audit."

In addition, NAFMII's suspension does not affect corporates'
access to the exchange corporate bond market, which is regulated
by the China Securities Regulatory Commission (CSRC). Over 90%
China's domestic bond issuance comes from interbank bond market,
with the rest from the exchange bond market.

Ruihua is a Chinese auditor for the following Fitch-rated
corporates:
-- Greenland Holding Group Company Limited (BB+/Negative)
-- China Southern Power Grid Co., Ltd (A+/Stable)
-- Anhui Transportation Holding Group Company Limited
    (BBB+/Stable)
-- Beijing Energy Investment Holding Co., Ltd (A+/Stable)



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


TITAN PETROCHEMICALS: Trading Resumes After 4-year Halt
-------------------------------------------------------
South China Morning Post reports that shares of debt-troubled
petroleum fuel storage and logistics firm Titan Petrochemicals
dived as trading resumed following four years of suspension,
after it escaped liquidation upon restructuring over US$400
million of debt and clinching Singaporean oil rig giant Keppel as
its business partner.

SCMP relates that the Fujian-based firm, controlled by fuel and
metals trader Guangdong Zhenrong Energy (GZE) -- a unit of state-
owned commodities trader Zhuhai Zhenrong -- will resume its
vessel building and maintenance business and diversify into oil
rig production and offshore engineering, by cooperating with
Keppel, the world's largest drilling rig maker by market share.

"The board is pleased to announce that the winding up petition
has been withdrawn and the joint and several provisional
liquidators have been discharged at midnight on [Thursday,
July 14]," Titan said in a statement on July 15, SCMP relays.

Withdrawal of the petition, completion of various debt
restructuring agreements, various shares subscription deals and
an internal control review indicating no material deficiency are
among the conditions for trading to resume, according to SCMP.

SCMP notes that after completion of a one share-for-every three
existing shares open offer at 10 HK cents a share that raised
some HK$259 million, the company is now 64.7 per cent owned by
GZE.

Titan shares traded at 9.8 HK cents at 10:56 a.m., July 15,
slightly below the open offer price, and 53.3 per cent below the
last trading price of 21 cents before trading was halted in
June 2012 pending the restructuring, notes the report.

According to SCMP, holders of its various debt instruments
together have a 6.5 per cent stake as a result of a debt-to-
shares deal as part of the debt restructuring exercise, and
Shanghai-based Chang Xin Asset Management owns 8.5 per cent of
the firm.

After completing the restructuring, Titan said it would
reactivate the shipbuilding and repair business at its mothballed
yard in Quanzhou, Fujian, and expand into offshore and marine
engineering services, the report relates.

The latter involves the construction, repair, conversion and
upgrading of oil rigs and other support vessels used in offshore
oil and gas drilling.

SCMP says Titan signed a long-term cooperation agreement two
years ago with Keppel, which agreed to send managers to the
shipyard to operate it, subject to Titan's successful
restructuring and the resumption of trading in its shares.
SCMP notes that under the deal, Keppel will earn management fees,
turnover-based fees and bonuses, and would be granted bonds
convertible into a 9.9 per cent equity stake in Titan.

Hong Kong-listed Titan, a fuel-trading and logistics firm, was
founded in 2002 by Fujian businessman Tsoi Tin-chun. It expanded
aggressively by buying tankers, building fuel storage tank farms
and a shipyard, after selling US$400 million of high-yield bonds
in 2005.

According to the report, the global financial crisis and the oil
trading and shipping downturn forced Titan to restructure its
debt in 2010 and sell the shipyard for HK$1.8 billion. But the
buyer failed to pay half the amount citing problems with the
shipyard, causing Titan to default on its debt again.

                    About Titan Petrochemicals

Headquartered in Hong Kong, Titan Petrochemicals Group Limited
(HKG:1192) -- http://www.petrotitan.com/-- is an investment
holding.  The Company is engaged in supply of oil products and
provision of bunker refueling services; provision of logistic
services, including oil storage and oil transportation, and
shipbuilding and commencement of building of ship repair
facilities.  The Company operates in three business segments:
supply of oil products and provision of bunker refueling
services; provision of logistic services (including oil
transportation and oil storage), and shipbuilding. Titan's wholly
owned subsidiaries include Titan Oil (Asia) Ltd., Titan FSU
Investment Limited, Titan Oil Storage Investment Limited, Titan
Oil Trading (Asia) Limited, Titan Bunkering Investment Limited,
Harbour Sky Investments Limited and Titan Shipyard Holdings
Limited.



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


ASIAN SEALING: CRISIL Lowers Rating on INR70MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Asian Sealing Products Private Limited (ASPPL) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          70        CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit          80        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The downgrade reflects deterioration in the business and
financial risk profiles, and liquidity, of the company due to
decline in revenue and operating margin as a result of the
downturn in the global oil and gas industry. The downgrade also
factors in continuing exposure to project risks related to a
large capital expenditure (capex) programme being undertaken.
However, debt obligations are expected to be met by unsecured
loans from promoters over the medium term.

The ratings reflect a modest scale and working capital-intensive
nature of operations and a below-average financial risk profile.
These ratings weaknesses are partially offset by the extensive
experience of the promoters in the industrial gaskets segment and
support received from them.
Outlook: Stable

CRISIL believes ASPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations, while profitability improves,
leading to a better capital structure. The outlook may be revised
to 'Negative' in case of deterioration in the financial risk
profile, most likely because of increase in debt-funded capex, or
low cash accrual.

ASPPL was originally set up in 2009 as a proprietorship firm,
which was reconstituted as a private Limited company in 2011. The
company manufactures industrial gaskets used in the oil and gas
industry and in other industrial projects. Its product profile
primarily consists of ring-joint gaskets and other related gasket
products such as graphite gaskets, teflon gaskets and non-
asbestos gaskets. ASPPL is based in Chennai and managed by Mr.
Venkatakrishnan

Net profit was INR6 million on net sales of INR527 million for
2014-15 (refers to financial year, April 1 to March 31), against
net profit of INR8 million on net sales of INR395 million for
fiscal 2014. Turnover is estimated at INR390 million for 2015-16.


ASTER PRIVATE: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aster Private
Limited's (Aster) '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 Aster.

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

Aster's ratings:
-- Long-Term Issuer Rating: migrated to 'IND D(Suspended)' from
    'IND D'
-- INR2,250 million of fund-based working capital limits:
    migrated to Long-Term/Short-Term 'IND D(Suspended)' from
    'IND D'
-- INR11,039.5 million non-fund-based working capital limits:
    migrated to Short-Term 'IND D(Suspended)' from 'IND D'


BALA SUNDRI: ICRA Suspends 'B/A4' Rating on INR10cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and the short
term rating of [ICRA] A4 assigned to the INR10.00 crore bank
facilities of Bala Sundri Foods. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.

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


BHARAT AGRO: ICRA Assigns 'B+' Rating to INR30cr Proposed Loan
--------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the
INR30.00 crore proposed bank facilities of Bharat Agro Impex.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Proposed Limits         30.00        [ICRA]B+; Assigned

ICRA's rating centrally factors in the execution and
implementation risks that are inherent to under construction
projects and the high debt-equity ratio for the project, that
reduces the firm's financial flexibility.

Moreover, the rating is constrained by the high intensity of
competition in the rice milling industry that limits the
company's profitability, along with agro-climatic risks that can
affect the availability of semi processed rice in adverse weather
conditions. ICRA also takes note of the partnership constitution
of the firm, which exposes it to risks of capital withdrawal and
of dissolution, among others.

The rating, however, favourably takes into account the benefits
BAI derives from being a part of the Bharat Group of Taraori
(Karnal), with promoters who have rich experience in the rice
milling business, which ensures well-established relationships
with several customers and suppliers. Furthermore, ICRA draws
comfort from the proximity of the mill to a major rice milling
area, resulting in easy availability of semi processed rice.
Going forward, BAI's ability to achieve commercial production as
per schedule and achieve desired operating parameters will be the
key rating sensitivities.

BAI was established in 2015 for the production of semi processed
Basmati rice through sortex machineries. The company's active
promoters are Mr. Naresh Gupta and Mr. Rakesh Gupta. With a
sorting capacity of 16 tonnes per hour (TPH), the firm's sorting
machinery is expected to commence commercial production from
December 2016. In FY2016, BAI primarily undertook trading of
rice.

BAI is a part of the Taraori-based Bharat Group from Haryana,
which is engaged in the rice milling business and dry/liquid
glucose manufacturing. The group has well-established
relationships with several customers in the Middle East. The
total project cost estimated at ~INR8.60 crore is being funded
through a term loan of INR5.25 crore, whose sanction is pending
from the bank, and the rest ~INR3.35 crore, to be infused by the
promoters.

Recent Results
In FY2016, the firm reported a profit after tax of INR0.38 crore
on an operating income of INR8.34 crore.


BHUSHAN AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR74MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bhushan
Automobiles Private LimitedBhushan Automobiles Pvt Ltd (BAPL)
continues to reflect limited bargaining power of the company with
its principal, Escorts Ltd (Escorts), exposure to intense
competition in the automotive dealership industry, and below-
average financial risk profile.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             74       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by an established
relationship with the principal and extensive industry experience
of promoters.
Outlook: Stable

CRISIL believes BAPL will continue to benefit over the medium
term from its established relationship with its principal. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile, supported by equity infusion by
promoters or a higher operating margin leading to large cash
accrual. The outlook may be revised to 'Negative' in case of a
significant slowdown in revenue, or large, debt-funded capital
expenditure, resulting in deterioration in the financial risk
profile.

BAPL was set up in 2005, promoted by Mr. Bhushan Kumar and his
family members. The company is a distributor of Escorts farm
vehicles in Bihar.


CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chirakekaren Glass
House Private Limited (CGHPL) continue to reflect CGHPL's large
working capital requirements and its modest scale of operations
in the fragmented glass and plywood trading segments. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            60        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan         40        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CGHPL will continue to benefit from its
established relations with the suppliers and customers, and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant growth
in its revenues and profitability, resulting in sizeable cash
accruals, thereby improving its liquidity. Conversely, the
outlook may be revised to 'Negative' if CGHPL reports lower than
expected revenues or profitability, or if it undertakes large
debt-funded capital expenditure thereby weakening its financial
risk profile.

CGHPL, reconstituted as a private company in 2005, is engaged in
the dealership and distribution of glass, plywood, and hardware
fittings such as bathroom fittings, adhesives and other modern
sanitary items. CGHPL's day-to-day operations are managed by Mr.
Sunny Anto Chirakekaren along with his brothers Mr. Ceejo Joy
Chirakekaren, Mr. Sinto Joy Chirakekaren, and Mr. Lenish
Chirakekaren.


EL-TE MARINE: CRISIL Reaffirms B+ Rating on INR200MM Packing Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of El-Te Marine Products (ELTE) while
reaffirming the short term ratings at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          200      CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit    140      CRISIL A4 (Reaffirmed)

CRISIL's ratings on the bank facilities of EL-TE Marine Products
(ELTE) reflect the firm's below-average financial risk profile
because of aggressive capital structure, and modest scale of
operations in the intensely competitive seafood industry. These
weaknesses are partially offset by extensive industry experience
of its proprietor.
Outlook: Stable

CRISIL believes ELTE will continue to benefit over the medium
term from the extensive industry experience of its proprietor.
The outlook may be revised to 'Positive' if significant and
sustained increase in revenue and profitability leads to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' if financial risk profile
deteriorates because of decline in cash accrual, or large debt-
funded capital expenditure, or sizeable capital withdrawal.

ELTE, set up in Alappuzha, Kerala, in 2007, exports frozen shrimp
and squids. Its daily operations are managed by proprietor Mr.
Primal Thomas.


G M COT FIBERS: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
---------------------------------------------------------------
CRISIL rating on the bank facilities of G M Cot Fibers (GMCF)'s
continues to reflect its initial stage of operations, and intense
competition in the segment. These weaknesses are partially offset
by its promoters' extensive experience in the cotton industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Term Loan              28        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMCF will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue or profitability increases,
leading to improved financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' if low
revenue or profitability or stretched working capital cycle
weaken liquidity.

Update
The firm achieved revenues of INR 303 million in 2015-16 (refer
to financial year ending 31st March) against INR 350 million in
2014-15 impacted mainly due to the ongoing volatility in cotton
prices. Further, with low value addition and conversion nature of
business; the firm's operating margins continue to remain low at
3.5 to 4.0 per cent. CRISIL believes that the firm's scale of
operations will continue to remain constrained on account of
subdued business environment and demand.

GMCF has average financial risk  reflected by low networth along
with high interest expense leading to weak interest coverage of
1.3 to 1.5 times continues to constrain the firm's liquidity
profile. With low accretion to reserves, absence of equity
infusion plans along with sustained dependence on external
borrowings; the firm's financial profile is expected to continue
to remain at similar level over the medium term. GMCF is expected
to generate sufficient cash accruals  to meet repayment
obligations of INR4.5 million over medium term.

GMCF was set up in 2014 as a partnership firm by Mr. Govind
Agarwal and his nephews, Mr. Pratish Agarwal and Mr. Ashish
Agarwal. The firm operates a cotton ginning unit in Sendhwa
(Madhya Pradesh).


G S DEVELOPERS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G S Developers &
Contractors Private Limited (GSDC) a Long-Term Issuer Rating of
'IND B' with Outlook Stable. A full list of rating actions is at
the end of this commentary.

KEY RATING DRIVERS

The ratings are constrained by GSDC's small and declining scale
of operations, weak credit metrics and low profitability margins.
In FY15, the overall revenue stood at INR464.33 million (FY14:
INR555.19 million; FY13: INR1,463.44 million), interest coverage
(operating EBITDA/gross interest expense) was 0.07x, net
financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was 80.59x, and EBITDA margins were 0.53%. The ratings
are also constrained by the company's elongated working capital
cycle of 95 days in FY15.

The ratings are supported by the company's promoter's experience
and company's established track record of more than three decades
in the civil construction business.

RATING SENSITIVITIES

Negative: A significant decline in profitability leading to
deterioration in the credit profile of the company will be
negative for the ratings.

Positive: A significant improvement in overall revenue while
maintaining the credit profile and working capital cycle will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1987 as a private limited company, GSDC executes
tender-based civil construction orders for educational
institutions, corporates, and real estate builders. The company
executes projects across India.  In FY16, the company's
management restructured its business strategies by repaying term
loans and executing higher margins projects, resulting in an
improvement in the credit profile. Interest coverage was 2.90x,
net financial leverage was 0.74x and EBITDA margin was 22.27% in
FY16 according to the provisional financial statement.

GSDC's Ratings:
-- Long-Term Issuer Rating: assigned 'IND B'; Outlook Stable
-- INR55.00 million fund-based working capital limit: assigned
    'IND B'/Stable/'IND A4'
-- INR72.50 million non-fund-based limit: assigned 'IND A4'


G.B. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR69MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
G.B. Industries (GB) continues to reflect a small scale of
operations in a fragmented and competitive business, and low
profitability. These rating weaknesses are partially offset by
the extensive experience of the partners of the firm in
processing of rice and dal.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            69        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan        10.6      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GB will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of a substantial
increase in revenue and profitability, leading to a better
business risk profile. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, a substantial increase in
working capital requirement, or large, debt-funded capital
expenditure, resulting in weakening of liquidity.

Originally established in 1991, GB was taken over by Mr. Hukum
Chand Agarwal and Mr. Sanjay Agarwal in 2003. The firm processes
rice and mills dal in Lakhimpur, Uttar Pradesh. It also trades in
other agro-commodities.


GEO AQUATIC: CRISIL Reaffirms B+ Rating on INR49.6MM Bill Disc.
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Geo Aquatic Products
Private Limited (GAPPL) continues to reflect its modest scale of
operations in the highly fragmented seafood industry. These
rating weaknesses are partially offset by the experience of the
promoters in the seafood industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       49.6      CRISIL B+/Stable (Reaffirmed)
   Packing Credit         20.0      CRISIL A4 (Reaffirmed)
   Term Loan              37.8      CRISIL B+/Stable (Reaffirmed)

The rating also factors in the company's efficient working
capital management and above-average financial risk profile
marked by low gearing and above average debt protection metrics.
Outlook: Stable

CRISIL believes that GAPPL will benefit over the medium term from
its promoters' extensive experience in the seafood business. The
outlook may be revised to 'Positive' if the company significantly
increases its scale of operations and profitability, leading to
larger-than-expected cash accruals. Conversely, the outlook may
be revised to 'Negative' if GAPPL records lower than expected
accruals due to decline in profitability, or if it's financial
risk profile deteriorates, most likely because substantial debt-
funded capital expenditure or stretch in working capital
requirements.

GAPPL was incorporated in 1998, by Kerala based Mr. C.M.
Ahammedkutty, the company is engaged in the business of
processing and export of shrimp. The company essentially deals in
Vannamei type of shrimps and the entire products are sold in the
export market, mainly in Europe and Gulf countries. Its
processing facility is located in located at Alappuzha (Kerala).


GLENMARK PHARMACEUTICALS: Fitch Assigns 'BB' LT FC IDR
------------------------------------------------------
Fitch Ratings has assigned India-based Glenmark Pharmaceuticals
Ltd (Glenmark) a Long-Term Foreign-Currency Issuer Default Rating
(IDR) of 'BB'. The Outlook is Positive. Fitch has also assigned
Glenmark's proposed Reg S notes an expected rating of 'BB(EXP)'.

Glenmark's rating incorporates its geographically diversified
profile, a demonstrated track record in regulatory compliance and
its healthy product pipeline. Glenmark is smaller than other
global generic drug makers, but it has achieved above-market
growth rates in the US and India and benefits from its in-house
R&D capabilities, which support its novel drug development
programme and generic business. Glenmark's key shareholders as of
31 March 2016 include the founding Saldanha family with a 46.5%
stake, Singapore's Aranda Investments (a subsidiary of Temasek
Holdings (Private) Limited) with 3.99%, Oppenheimer Developing
Markets Fund (2.66%) and government of Singapore (1.08%).

The Positive Outlook reflects Fitch's expectation that Glenmark's
financial profile will improve over the next one to two years,
with healthy growth in revenue and operating income supported by
launches of new products, especially the launch of a generic
version of Ezetimibe, which is used to treat high cholesterol, in
the financial year ending 31 March 2017 (FY17). However, this
improvement will depend on the generation of free cash. Free cash
generation in the past two fiscal years was constrained due to
expansion capex (mostly for a new plant in the US), a larger
working capital position and a high level of cash taxes. Fitch
believes the improvement in free cash generation will depend on
successful new product launches in the US and effective
implementation of a tax optimisation strategy.

KEY RATING DRIVERS

Small but Diversified: Glenmark's revenue and operating EBITDAR
are small compared with those of global majors, but the risk of
its small size is counterbalanced by its good diversification in
products and geographies. Scale and diversification are important
for generic drug companies to maintain stable and durable
margins. The company also enjoys a strong competitive position in
its core therapy areas of dermatology and respiratory.

Above-Market Growth: The company's revenue in the US rose by CAGR
of 20% in FY12-FY16 while revenue in India increased by CAGR of
24% over the same period. Glenmark's share of total prescriptions
filled in the competitive US market increased to 1.4% in FY16
from 0.9% in FY12, reflecting higher growth than the market. In
India, sales increased 1.5x faster than the market average over
FY12-16.

Robust Domestic Position: Glenmark is the 12th-largest player by
prescription share (17th largest by value) in the highly
fragmented Indian market, with a market share of 2.1% in FY16.
The Indian market is largely physician-driven and focused on
branded generics. Pharmaceutical companies tend to compete
through focused marketing efforts in certain therapies rather
than using a volume-based strategy. Glenmark has strong market
positions in its focus areas of dermatology (second largest),
respiratory (sixth largest) and cardiovascular (eighth largest).
The company has a nation-wide presence with a network of over
3,500 stockists and over 3,700 medical representatives. The
company also aims to expand in the over-the-counter (OTC)
segment.

Strong Product Pipeline: Glenmark has a good track record, as
reflected in the company's robust US growth, of launching new
products to augment growth and to provide a wide range of
products within each of its targeted therapy categories. The
company's R&D unit received 24 abbreviated new drug application
(ANDA) approvals (including tentative nods) from the US Food and
Drug Administration (FDA) in FY16. The company has nearly 60
ANDAs in various stages of the approval process with the US FDA,
23 of which are Paragraph IV applications (implying with a
challenge to existing patents) and several others where it has
"first to file" status. Notably, Glenmark expects revenue from
generic Ezetimibe, to account for almost 10% of sales in FY17, as
it will enjoy a period of exclusivity associated with its "first
to file" status following its launch in December 2016. Fitch
expects new product launches, particularly in the US, to drive
sales growth and support margins in the medium term.

Strong Production Base: Glenmark has a strong record of
maintaining compliance - the company has successfully cleared all
inspections with major regulatory agencies (such as US FDA and
the UK's Medicines and Healthcare products Regulatory Agency)
over the years, leading to sustained business operations. This
has also enhanced Glenmark's reputation and strengthened its
brand equity.

Stable Financial Profile: Glenmark's financial profile is
supported by robust growth and moderate diversification in
revenue, an average EBITDAR margin of around 19% in the last five
fiscal years, moderate financial leverage (net adjusted
debt/EBITDAR) of around 2.7x (after excluding INR3billion of cash
in Venezuela) and a solid fixed-charge cover of 4.0x. Dividend
payout has been modest for the last five years, ranging from 9%
to 13% of net income. The company says the annual dividend payout
is unlikely to exceed 15% of net income in the medium term.

Capital Management Improves Maturity Profile: Glenmark has
embarked on a significant debt refinancing programme to lengthen
its existing debt maturity profile through the issuance of
$US200m of convertible notes, completed in June 2016, and the
proposed Reg S notes. On completion of the proposed Reg S
issuance, the majority of the debt will be centralised at the
parent company, thus reducing structural subordination risk.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Glenmark
include:
-- FY17 consolidated revenue to increase by about 24%, driven by
    generic Ezetimibe sales and growth in key markets
-- Average EBITDAR margin of about 24% during FY17-FY19
-- Annual capex of INR7billion-8billion in FY17-FY19
-- Annual dividend payout in line with Glenmark's guidance of
    10%-15% of net income

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Maintaining EBITDAR margin in excess of 21% while achieving
    the targeted revenue growth of about 24% in FY17
-- Sustained positive level of free cash flow

Negative: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable:
-- Failure to maintain EBITDAR margin in excess of 21% and/or
    achieving its revenue growth target of about 24% in FY17
-- Failure to generate sustained positive free cash flow

LIQUIDITY

Glenmark has robust liquidity with cash balance at 31 March 2016
of INR5.6billion (excluding INR3.0billion of cash held in
Venezuela) and projected cash flow from operations in FY17 of
INR9.1billion, which are sufficient to fund capex and dividends
in FY17. Further, Glenmark proposes to refinance debt maturing in
FY17 and FY18 and fund capex through the issuance of $US200m
(INR13.5billion) of convertible bonds due 2022 and proposed issue
of Reg S fixed-rate notes. The convertible bonds and Reg S notes
would serve to improve the average tenor of Glenmark's debt and
enhance its liquidity.


GOKUL STEELS: CRISIL Lowers Rating on INR65MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gokul Steels Private Limited (GSPL) to 'CRISIL D' from 'CRISIL
B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      30.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by GSPL in
servicing its debt.

The rating reflects the small scale of GSPL's operations and
exposure to risk related to fluctuation in iron and steel prices.
These rating weaknesses are partially offset by GSPL's promoter's
extensive experience in the iron and steel industry.

GSPL, promoted by the Bihar-based Mr. Vivek Kasera, recently set
up a steel structural rolling mill in Fatwa, Patna District. The
mill commenced operations in May 2014. The Kasera family does not
have any prior experience of operating a rolling mill. However,
the family has extensive experience of over two decades in
trading in iron and steel products.


HEATH VIEW: ICRA Assigns 'B' Rating to INR12.0cr Term Loan
----------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B for INR15.0
crore long term bank facilities of Heath View Holiday Resorts
Limited (HVHRL). ICRA has also assigned the short term rating of
[ICRA]A4 for INR0.5 crore short term bank facilities of HVHRL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-
   Overdraft                3.0         [ICRA]B assigned

   Fund based limits-
   Term Loans              12.0         [ICRA]B assigned

   Non fund based limits-
   Bank Guarantee           0.5         [ICRA]A4 assigned

The ratings assigned take into account the Heath View Holiday
Resorts Limited's (HVHRL) long-term association with association
with Berggruen Hotels Private Limited (BHPL), which has
experienced professionals operating hotels under the Keys brand,
which renders brand recognition and marketing support to the
company. ICRA takes into account the favourable location of the
property in the tourist hub of Mahabaleshwar and also the high
entry barriers for new entrants due to restrictions in the region
for construction of new hotel property, which provides
competitive advantage to the company.

The ratings, however, are constrained by the single asset
concentration risk for the company as it is operating a single
hotel in Mahabaleshwar, which exposes it to any adverse demand
scenario in the region. The ratings also take note of low net
profitability for the hotel with significant depreciation and
interest costs for the company, though fiscal incentives in the
form of luxury tax exemptions and reduced electricity tariffs are
likely to render some support to profit metrics. The ratings also
factor in the company's leveraged capital structure and weak
coverage ratio. Also, moderate occupancy levels with exposure to
a single asset given the cyclical nature of tourism industry
remain a concern for the company.

ICRA expects HVHRL's occupancy levels and Average Room Rates
(ARR) to improve gradually resulting in moderate growth in
operating income; however any deterioration in occupancy levels
and ARR will be a concern for the company. The company's capital
structure is expected to remain leveraged in near term in wake of
significant debt levels; however infusion of significant equity
may result in moderation of capital structure.

Incorporated in 1993, Heath View Holiday Resorts Limited (HVHRL)
was established with the purpose of construction and operation of
a hotel at Mahabaleshwar. The company was established by the
Patel Group and was taken over by Evershine Builders in 2004.
Evershine Group then commenced construction of the hotel
property, which was completed by May 2010. Meanwhile, a hotel
operating agreement was signed between HVHRL and Berggruen Hotels
Private Limited (BHPL) assigning the rights of management and
operations of hotel to BHPL under the Keys brand name. The hotel
commenced operations in October 2010. Currently, the company is
operating an 86 room four star hotel property at Mahabaleshwar by
the name of Evershine Keys Prima Resort.

Recent Results:
HVHRL reported a profit after tax of INR0.5 crore on an operating
income of INR18.2 crore for the year ending March 31, 2015
(audited) and net losses of INR0.3 crore on an operating income
of INR15.8 crore as on March 31, 2014 (audited).


HEM MOTOR: CRISIL Suspends B- Rating on INR120MM Channel Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Hem Motor Division Private Limited (HMDPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            42.5      CRISIL B-/Stable
   Channel Financing     120.0      CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by
HMDPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HMDPL is yet to
provide adequate information to enable CRISIL to assess HMDPL'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 1999, HMDPL has been an authorised dealer of the
entire range of passenger vehicles (except Jaguar and Land Rover)
of TML since 2006 for Satara (Maharashtra). HMDPL is a part of
the Hem group of companies promoted by Mr. Bipin Shaha and his
family.


INOX WORLD: CRISIL Assigns B+ Rating to INR230MM LT Loan
--------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Inox World Industries Private Limited (Inox; part
of the Worldfa group) and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to Inox's bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Long Term Loan        230         CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Packing Credit         62.5       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Proposed Long Term     20.0       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

   Post Shipment Credit   20.0       CRISIL A4 (Assigned;
                                     Suspension Revoked)

The rating was 'Suspended' by CRISIL vide the Rating Rationale
dated December 28, 2015 since Inox had not provided necessary
information required to take the rating review. Inox has now
shared the requisite information enabling CRISIL to assign a
rating on its bank facilities.

The rating reflects the Worldfa group's promoters' extensive
experience in the stainless steel (SS) products industry, its
established relationships with its customers, and the financial
support the group gets from the promoters. These rating strengths
are partially offset by the group's weak financial risk profile
marked by high gearing and weak debt protection metrics, modest
scale of operations, and large working capital requirements, and
susceptibility of the group's operating margin to raw material
price volatility and to intense competition. The rating also
reflects Inox's nascent stage of operations.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Inox, Worldfa Exports Pvt Ltd
(Worldfa) and Trishul Exotic Pvt Ltd (Trishul). This is because
all the three companies, together referred to as the Worldfa
group, are promoted by the same family and have common
management, and have operational and business synergies.
Outlook: Stable

CRISIL believes the Worldfa group will benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if significant improvement in scale
of operations and profitability leads to higher-than-expected
cash accrual, thereby improving financial risk profile.
Conversely, the outlook may be revised to 'Negative' if large
working capital requirement or capital expenditure, constrains
financial risk profile, particularly liquidity.

The Worldfa group, promoted by brothers, Mr. Pramod Kumar Gupta
and Mr. Ram Babu Gupta and their wives, manufactures stainless
steel (SS) products, including utensils and bathroom accessories.

INOX was set up in 2012 by Mr. Ram Babu Gupta and Mr Pramod
Gupta. It started commercial operations in 2015 and is in the
same line of business as its group companies.

Worldfa was set up in 1986 as a proprietorship firm and in 2004,
was converted to a private limited company. Mr. Pramod Kumar
Gupta and Mrs. Kalpana Gupta, wife of Mr. Ram Babu Gupta are the
directors in the company. The company derives its revenue
entirely from sale of SS products to USA, Europe, and the Middle
East.

Trishul was set up in 1986 as a proprietorship firm and in 2003,
was converted to a private limited company. Mr. Ram Babu Gupta
and Mrs. Nirmal Gupta, wife of Mr. Pramod Kumar Gupta are the
directors.


J.R.R. CONSTRUCTION: ICRA Suspends B Rating on INR5.6cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B on INR5.60
crore bank lines of J.R.R. Construction (P) Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


JYOTI STEEL: CRISIL Lowers Rating on INR35.2MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Jyoti Steel Industries (JSI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit       107.3      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Packing Credit         107.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Term Loan               35.2      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects stretch in JSI's liquidity, due to a
stretched working capital cycle. Delay in receivables from
government authorities led to high utilisation of the bank limit
for 12 months ended March 2016. Further the company has also
incurred capital expenditure of around INR 76 million over last 2
years ended 2015-16; 40 per cent of which was funded by internal
accruals which has weakened JSL's liquidity further.

The ratings continue to reflect the average financial risk
profile, marked by modest networth and average debt-protection
metrics, despite the moderate gearing and scale of operations.
These weaknesses are partially offset by extensive industry
experience and funding support of promoters.
Outlook: Stable

CRISIL believes the firm will continue to benefit from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if significant increase in scale of
operations and profitability leads to higher cash accrual and
improves working capital management. The outlook may be revised
to 'Negative' if lower-than expected cash accrual, stretch in the
working capital requirement or debt-funded capital expenditure,
weakens liquidity.

The firm, established as a partnership concern in 1973,
manufactures stainless steel and mild steel long products, which
are mainly exported to Latin America, Europe, Africa, Middle East
Asia and South East Asia. Two manufacturing facilities, with
installed capacities of 19,000 tonnes per annum (tpa) each, are
located at Dahisar (Mumbai) and Khopoli (Maharashtra). Mr. Pankaj
Chadha and his brother Mr. Manoj Chadha are promoters of the
firm.


KBC INFRASTRUCTURES: ICRA Suspends B+ Rating on INR7.50cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.50 crore fund based limits and INR2.50 crore non fund
based limits of KBC Infrastructures Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

KBC Infrastructures Private Limited (KBCIPL) is a Guntur based
special class civil contractor involved in executing civil works
orders for road and bridge constructions. The company, started as
a partnership firm, was converted into a private limited company
in 2007. The company also has a ready mix batching plant and a
stone crusher unit, operational from September 2012, at
Perecherla, 10 kms away from Guntur, AP. The present capacity of
the batching plant is 3500 cubic metre per month while that of
the crusher unit is 200 TPH (tonnes per hour). KBCIPL is promoted
by Mr Kanneganti Butchaiah who has an experience of more than 2
decades in the civil construction industry.


MADURAI TUTICORIN: ICRA Reaffirms 'D' Rating on INR577.38cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR577.38 crore (INR598.00 crore earlier) term loans of Madurai
Tuticorin Expressways Limited (MTEL) at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              577.38       [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as MTEL's toll collections have
been significantly below expectations on account of weak traffic
flow even though the toll road is a key feeder route for
Tuticorin port. Although the company had gone for debt
restructuring in December 2012, the continued under performance
of traffic has constrained the liquidity of MTEL. Since COD, the
project stretch suffered due to toll leakages at three locations.
MTEL was able to plug leakages at some of these locations
resulting in pick up in traffic volumes from Q4 FY 15 onwards.
Traffic grew by 13% in PCU terms during FY2016 primarily driven
by significant rise in multi-axle vehicular movement along the
project stretch. Owing to low toll collections, major maintenance
reserve could not be created, as a result MTEL would be required
to raise additional debt for major maintenance which falls due in
the current year.
Going forward, ramp up in traffic volumes thereby increase in
toll collections and timely debt servicing will be the key rating
sensitivities.

MTEL is a special purpose vehicle (SPV) promoted by Madhucon
Group3 (87.77%) and Global Investment Trust Limited (12.23%) to
improve and widen a 128.15 km stretch on National Highway (NH) -
45B between Km 138/800 and 264/500, connecting the cities of
Madurai & Tuticorin in the State of Tamil Nadu. The project has
been awarded by National Highway Authority of India (NHAI) on
Build-Operate-Toll (BOT) (Toll) basis, with a concession period
of 20 years starting July 2006.The scheduled Commercial
Operations Date (COD) of the project was January 2010; however,
after a delay of more than 16 months, tolling has started in July
2011. The project road is a key arterial route connecting
Tuticorin to Madurai and the rest of India. The only other
highway that connects Tuticorin is NH-7A, which goes towards
Tirunelveli, & southern Tamil Nadu.


MAGUS METALS: ICRA Suspends B+ Rating on INR9.0cr Bank Loan
-----------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR9.00
crore bank facilities of Magus Metals Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


MEHTA & ASSOCIATES: ICRA Cuts Rating on INR8.0cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR12.00
crore bank facilities of Mehta & Associates Fire Protection
Systems Private Limited from [ICRA]B+ to [ICRA]B. ICRA has
reaffirmed the short term rating assigned to the INR2.25 crore
short-term non-fund based facilities of MAFPSPL at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              4.00        Revised to [ICRA]B from
                                        [ICRA]B+

   Bank guarantee           8.00        Revised to [ICRA]B from
                                        [ICRA]B+

   Non-fund Based,          2.25        [ICRA]A4 reaffirmed
   Short-term facilities

Rating Rationale
The ratings revision takes into account the weak financial risk
profile of the company, characterised by revenue de-growth in
FY2016, leveraged capital structure and weak coverage indicators.
ICRA notes the significantly increased working capital intensity
in FY2016 mainly owing to elongated receivables. The ratings
continue to be constrained by the high customer concentration
risks, with BHEL generating 37% of the revenues in FY2016, as
well as company's high dependence on projects from the power
sector making it vulnerable to the performance of that sector
alone. The ratings also take note of the impact of the on-site
constraints of end-customers on the company's growth in the last
three fiscal years.

The ratings however, continue to favourably consider the
established track record of the company in the fire protection
systems industry and its reputed clientele developed over the
years.

Going forward, the operating income of the company is expected to
moderate, given the slow execution pace of projects noticed in
the past, coupled with moderate orders in hand. The ability of
the company to improve its liquidity position by improving its
receivables position, along with its ability to generate new
contracts to scale up operations, will remain the key rating
sensitivities.

Incorporated in 1984, Mehta & Associates Fire Protection Systems
Private Limited (MAFPS) is engaged in providing turnkey solutions
for fire detection and protection systems. Its core business
involves design, supply, and installation, testing and
commissioning of fire detection and protection systems. The
company has been in the fire protection business for more than
three decades, and its clientele includes state electricity
boards and other reputed entities such as NTPC Ltd., Larsen &
Turbo Limited (L&T), and Bharat Heavy Electricals Limited (BHEL).
The company is promoted and managed by the Mehta family.

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR20.53 crore and profit after tax of
INR0.25 crore against operating income of INR20.83 crore and
profit after tax of INR0.42 crore for the year ended March 31,
2014. For the year ended March 31, 2016, the company reported an
operating income of INR13.01 crore and profit after tax of
INR0.18 crore (as per provisional financials).


MURLI COLD: ICRA Assigns B+ Rating to INR10cr Cash Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR10-
crore cash credit facilities of Murli Cold Storage Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Cash Credit               10         [ICRA]B+ assigned

The assigned rating takes into account the regulated nature of
the cold storage industry and competition from the peers
operating in the vicinity, limiting pricing flexibility. Besides,
the company has a small scale of operations with a single cold
storage unit, and it remains exposed to agro-climatic risks
arising from dependence upon a single agro commodity - potato.
The rating is also constrained by the company's weak financial
risk profile as reflected by low net profit and cash accrual at
an absolute level, subdued return on capital employed, high
gearing and depressed debt coverage metrics in most of the recent
years. ICRA also takes note of the company's vulnerability to
delinquency risks associated with the loans extended to farmers
and traders against potatoes stored by them in the cold storage,
if potato prices fall significantly.

The rating, however, derives support from the established track
record of the company and the promoters' more than four decades
of experience in the cold-storage business. Besides, the
company's cold storage is located in Hooghly district of West
Bengal, a region where a huge quantity of potato is produced.

ICRA has also evaluated the consolidated business risk profile of
Murli Cold Storage along with its group company Mahima Cold
Storage Private Limited (Mahima Cold Storage, rated [ICRA]B+ and
[ICRA]A4), which is also engaged in the same line of business and
shares a common management.

In ICRA's opinion, going forward, the company's ability to
improve profitability while managing the occupancy levels would
be the key rating sensitivity.

Murli Cold Storage Private Limited (Murli Cold Storage) operates
a potato cold storage facility at Boinchi in Hooghly district of
West Bengal, with the current storage capacity of 241,836
quintal. Incorporated in 1976 by the Kolkata-based Agarwal
family, the company commenced commercial operations in 1977 with
an initial capacity of 38,000 quintal, which has been gradually
raised to the current level. Another group company, Mahima Cold
Storage Private Limited, runs a potato cold storage facility with
the capacity of 149,664 quintal in Cooch Behar district of West
Bengal.

Recent Results
The company reported a net profit of INR0.10 crore on an
operating income of INR3.14 crore during FY2015 compared to a net
profit of INR0.02 crore on an operating income of INR3.11 crore
in FY2014.


NANDA SALES: ICRA Lowers Rating on INR7.5cr Loan to B+
------------------------------------------------------
ICRA has revised its long term rating earlier assigned to INR7.5
crore fund-based Nanda Sales Corporation (NSC) to [ICRA]B+ from
[ICRA]BB- (Stable).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Facility      7.5         [ICRA]B+; (Revised)

ICRA's rating revision takes into account NSC's stretched
liquidity position pursuant to elongation in its receivable cycle
which has resulted in sharp increase in working capital intensity
from NWC/OI of 28% in FY2014 to 42% in FY 2015. NSC's margins
have further remained under pressure (Operating margins declined
from 4.91% in FY 2014 to 3.82% in FY2015) on account of weak
demand outlook, the fragmented nature of the non-ferrous metals
trading industry as well as the low value additive nature of the
business, further NSC has also witnessed volumetric decline in
FY2016. NSC's significant reliance on working capital borrowings
and thin profitability has resulted in subdued debt coverage
indicators as characterized by Debt/OPBDITA of 6.8 times as on
March 31, 2015 as against 4.56 times as on March 31, 2014).
ICRA's rating also factors in the firm's vulnerability to adverse
movements in foreign exchange rates, in the absence of a hedging
mechanism and the risk associated with the partnership
constitution of the firm like withdrawal of capital, dissolution
etc. However the rating favorably factors in the experience of
the promoters in the non-ferrous metals trading business and
their established client relationships resulting in repeat
business.

The ability of the firm to ramp up its scale of operations,
improve its working capital cycle and debt coverage indicators
will be the key rating sensitivities.

Nandan Sales Corporation (NSC) is a registered partnership firm
set up in April 1994 by three partners. The firm is engaged in
import and trading of non-ferrous metals like Brass, Copper,
Nickel, Tin, Zinc, etc. It undertakes segregation, melting and
grading of imported non ferrous metals and after that selling the
same to end users. The firm has its operating office in Mathura,
Uttar Pradesh. Mr. Dina Nath Agrwal and Mr. Narendra Agrawal are
the active partners and have more than two decades of experience
in the trading industry.

Recent Results
In FY 2015, NSC registered an operating income (OI) of INR35.80
crore and a Net Profit of INR0.87 crore, as against an OI of
INR39.80 crore, net profit of INR0.35 crore in the previous year.
Further the company reported Operating Income of INR28.0 cr on
provisional basis in FY 2016.


NANDI PLASTICISERS: ICRA Suspends B+ Rating on INR8.0cr Loan
------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.00 crore
fund based facilities and INR8.00 crore non-fund based facilities
of Nandi Plasticisers and Pipes Industries. ICRA has also
suspended [ICRA]A4 rating assigned to INR6.00 crore non-fund
based facilities of NPPI. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Nandi Plasticisers and Pipes Industries (NPPI) has been in the
business of producing drippers and Sprinklers since 2002. The
proprietor of the unit is Mr. S.P.Y. Reddy, B.E (Mechanical), who
is a member of parliament from Nandyal. Mr. Reddy has 3-decade
experience in various industrial activities in and is the
Chairman of Nandi Group of Industries.


NATURAL ORGANIC: CRISIL Reaffirms 'B' Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Natural Organic Farms
(NOF) continues to reflect its below-average financial risk
profile, with moderate net worth and below-average debt
protection metrics; modest scale of operations, and exposure to
risks relating to unfavourable changes in government policy.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           140.0       CRISIL B/Stable (Reaffirmed)
   Term Loan               9.2       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the proprietor's
experience in the cotton ginning industry and the firm's
proximity to the cotton-growing belt.
Outlook: Stable

CRISIL believes NOF will benefit from extensive experience of
promoters and established relationships with customers, though
the financial risk profile may remain constrained by large
working capital requirements and moderate net worth. The outlook
may be revised to 'Positive', if higher-than-expected accrual or
infusion of funds by the proprietor strengthens the financial
risk profile. Conversely, the outlook may be revised to
'Negative', if large working capital requirements or debt-funded
capital expenditure programmes weaken the financial risk profile.

NOF is a sole proprietorship that gins and presses cotton. Mr.
Manjeet Chawla is the proprietor. The firm's ginning unit is at
Kesinga (Kalahandi District, Odisha).


NAVHARI FOOD: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR7.00 crore cash credit facility of Navhari Food Products (P)
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              7.00        [ICRA]B+; reaffirmed

In arriving at the rating, ICRA has taken a consolidated view of
the group concerns namely, NFPPL and Sun-Shine Food Products
(SSFP - rated [ICRA] B+), as both the entities are in the same
line of business and have common promoters, and customers.

The rating reaffirmation takes into account the relatively modest
scale of operations of the company, albeit the 28% (year-on-year)
increase in the operating income (on a provisional basis) of the
company in FY2016. The rating continues to be constrained by the
company's weak financial profile as characterized by low
profitability, given the intensely competitive nature of the
industry and high gearing levels on account of the high working
capital intensity of operations. The rating also considers the
exposure of the company's profitability to any adverse
fluctuations in raw material prices. However, the rating
favourably takes into account the extensive experience and the
long track record of the promoters in the sweets industry and
company's strong regional presence in and around areas of
Rajasthan.

The company's ability to increase its scale of operations,
improve its profitability and efficiently manage its working
capital requirements will be the key rating sensitivities, going
forward.

Navhari Food Products Private Limited (NFPPL) was established in
1996 to manufacture traditional Indian sweets. The company is
located in Bikaner, Rajasthan and is promoted by Mr. Hari Ram
Agarwal and Mr. Madan Agarwal. The promoters are also associated
with another group concern, Sun-Shine Food Products (SSFP) which
was established in 1990 to manufacture traditional Indian snacks
i.e. namkeen. The group sells its products under the brand
'Bhikharam Chandmal'.

SSFP was established in 1990 to manufacture traditional Indian
snacks i.e. namkeen. The firm is located in Bikaner, Rajasthan
and has three partners- (i) Mr. Hari Ram Agarwal (ii) Mr. Jai
Prakash Agarwal and (iii) Ms. Lalita Agarwal.

Recent Results

In FY2015, NFPPL recorded a net profit of INR0.15 crore on an
operating income (OI) of INR35.15 crore, as against a net loss of
INR0.03 crore on an OI of INR26.48 crore in the previous year.


NIPSO POLYFABRIKS: ICRA Suspends C+/A4 Rating on INR7.72cr Loan
---------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]C+ and short-
term rating of [ICRA] A4 assigned to the INR7.72 crore bank
facilities of Nipso Polyfabriks Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


POONAM ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL ratings on long-term bank facility of Poonam Enterprises
(PE) continues to reflect PE's modest scale of operations,
susceptibility to volatility in foreign exchange rates, and large
working capital requirements. The rating also factors in the
firm's below-average financial risk profile marked by high total
outside liabilities to tangible net worth ratio, modest net
worth, and weak interest coverage ratio.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of PE's proprietor in the steel products trading
business.
Outlook: Stable

CRISIL believes that PE will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may
be revised to 'Positive' if the firm's financial risk profile
improves, driven by increased cash accruals, efficient working
capital management, or capital infusion by its proprietor.
Conversely, the outlook may be revised to 'Negative' if the
firm's financial risk profile, particularly liquidity,
deteriorates because of low cash accruals or large working
capital requirements.

Established in 1982 as a proprietorship firm, PE trades in
stainless steel pipes, flanges and fittings. The firm is based in
Mumbai and its daily operations are managed by its proprietor Mr.
Ravindra Angara.


R.F. EXPORTS: CRISIL Assigns 'B' Rating to INR50MM Term Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of R.F. Exports (RFE) and has assigned its 'CRISIL
B/Stable/CRISIL A4' ratings to these facilities. CRISIL had
suspended the ratings on March 14, 2016, as RFE had not provided
the necessary information for a rating review. The company has
now shared the requisite information, enabling CRISIL to assign
ratings to its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Discounting     150       CRISIL A4 (Assigned;
   Bill Purchase                     Suspension Revoked)

   Packing Credit          150       CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Rupee Term Loan          50       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The ratings reflect RFE's weak financial risk profile marked by
modest net worth and weak debt protection metrics. These
weaknesses are partially offset by RFE's promoter's long standing
experience in sea food industry.
Outlook: Stable

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

Established in 1995 by Mr. F M Farook, R F Exports processes and
exports various kinds of marine products like shrimps, squids,
cuttlefish, octopus and fish to various countries like Japan,
USA, and European countries.


RAJ DEALERS: ICRA Suspends B+ Rating on INR6.0cr Bank Loan
----------------------------------------------------------
ICRA has suspended rating of [ICRA]B+ assigned to the INR6.00
crore bank facilities of Raj Dealers and distributors. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Raj Dealers & Distributors promoted by Mr. Ramesh Kumar Bangur in
1971 is a sole proprietorship firm and is primarily engaged in
trading and distribution of all types of papers and news print.
The entity's warehouse facilities are located in Gazipur, Delhi-
NCR. The entity procures paper from domestic market primarily
from Paper mills like Andhra Paper Mills Private Limited &
Century Pulp & Paper, and trades it in domestic market to book
sellers, corporate entities and retailers.


RAMESH CHANDRA: Ind-Ra Withdraws LT 'Provisional IND B+' Ratings
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the Long-term
'Provisional IND B+' and Short-term 'Provisional IND A4' ratings
on Ramesh Chandra Rai's (RCR) proposed INR20.00 million fund-
based limits. The Outlook was Stable.

RCR's provisional ratings have been withdrawn as the company did
not proceed with the instrument as envisaged.

RCR's outstanding ratings are as follows:

-- Long-Term Issuer Rating: 'IND B+'/Stable
-- INR20.00 million fund-based limit: 'IND B+'/Stable/'IND A4'
-- INR45.00 million non-fund-based limits:  'IND A4'


RIDDHI CASTING: CRISIL Cuts Rating on INR150MM Term Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Riddhi Casting Private Limited (RCPL) to 'CRISIL B/Negative'
from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            15        CRISIL B/Negative (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan             150        CRISIL B/Negative (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects weakening of RCPL's financial risk
profile, especially liquidity, because of net loss of INR17.3
million in fiscal 2015 and estimated loss of INR20.2 million in
fiscal 2016 due to initial phase of operations, leading to
inadequate accrual to service debt. Revenue increased in fiscal
2016, but profitability remained modest, leading to cash loss. As
a result, networth declined and debt protection measures weakened
further. The company continues to fund debt obligation through
unsecured loans from promoters.

The rating reflects RCPL's small scale of operations in the
highly competitive steel casting industry, its susceptibility to
volatility in raw material prices, and weak financial risk
profile. These weaknesses are partially offset by the extensive
industry experience of its promoters, their funding support, and
established relationships with customers.
Outlook: Negative

CRISIL believes RCPL's financial risk profile, particularly
liquidity, will remain under pressure over the medium term due to
inadequate accrual for debt servicing. The rating may be
downgraded if lower than expected funding support from promoters
or stretch in working capital cycle, leads to further
deterioration in liquidity. The outlook may be revised to
'Stable' if RCPL generates sufficient cash accrual to meet debt
obligation, or if its promoters extend sizeable funding support,
improving liquidity.

RCPL, incorporated in 2013, manufactures spheroidal graphite iron
and cast iron castings. Its facility is at Ichalkaranji in
Kolhapur, Maharashtra, and started commercial production in April
2014.


SAKETH EDUCATIONAL: CRISIL Suspends 'D' Rating on INR300MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Saketh Educational Trust (SET).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               300       CRISIL D

The suspension of rating is on account of non-cooperation by SET
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SET is yet to
provide adequate information to enable CRISIL to assess SET'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 was founded in 2009, by the Reddy family, to set up an
international School, Candor International School (CIS), at
Bengaluru, near Electronic City. The international school offers
International Baccalaureate programme from preparatory 1 to grade
10.

SCHABLONA INDIA: CRISIL Lowers Rating on INR50MM Cash Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Schablona India Limited (SIL) to 'CRISIL B/Negative' from
'CRISIL BB-/Negative', and has reaffirmed its rating on the
short-term bank facility at 'CRISIL A4'.

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

   Letter of credit &
   Bank Guarantee           40      CRISIL A4 (Reaffirmed)

   Proposed Long Term       23.9    CRISIL B/Negative (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Negative')

   Term Loan                 9.1    CRISIL B/Negative (Downgraded
                                    from 'CRISIL BB-/Negative')

The downgrade reflects CRISIL's belief that SIL's business and
financial risk profiles will remain under pressure on account of
intense industry competition and modest demand conditions
resulting in subdued revenue growth and muted profitability in
the near term. For Fiscal 2016, net sales declined to INR231.5
million from INR439.1 million the previous year on account of
decline in demand for its designer tiles. Furthermore, it
reported cash loss of INR52 million as against a cash loss of
INR33 million in the previous year due to high fixed cost. Due to
sustained cash losses over the past four years, its capital
structure has weakened significantly. Furthermore, liquidity
remains constrained as reflected in gross current assets of
around 200 days and is supported by stretching its creditors from
its group company. CRISIL believes that company's liquidity will
remain under pressure marred by cash losses and stretched working
capital cycle.

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

CRISIL believes that SIL's credit risk profile will continue to
be constrained by intense competition and modest demand
conditions, resulting in subdued revenue growth and muted
profitability over the near term. The rating may be downgraded if
liquidity weakens further due to high cash losses or a stretch in
its working capital cycle. Conversely, the outlook may be revised
to 'Stable' in case of a sustainable increase in sales and
profitability thereby mitigating cash losses.

Established in 1983 as Soma Finance & Leasing, it was renamed SIL
in 1993. The company manufactures designer tiles and decals, and
also trades in ceramic tiles. The company is listed on the Bombay
Stock Exchange. The company was founded by Mr. H L Somany, who is
also the promoter of Somany Ceramics Limited (SCL). The
operations of SIL are currently led by its chairman, Mr. N.
Goenka. SIL has two factories, at Bahadurgarh (Haryana) and Kadi
(Mehsana, Gujarat).

The company reported a net loss of INR41.5 million on net sales
of INR231.5 million for Fiscal 2016 against a net loss of INR25.1
million on net sales of INR439 million the previous year.


SHANKAR PARVATI: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.00 crore cash credit facility, INR0.62 crore term loan
facility and INR0.69 crore unallocated limits of Shankar Parvati
Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B+ reaffirmed
   Term Loan               0.62        [ICRA]B+ reaffirmed
   Unallocated Limits      0.69        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the SPI's weak
financial risk profile characterised by thin margins, adverse
capital structure and modest debt coverage indicators. The rating
also takes into account the limited value addition in the cotton
ginning business, the highly fragmented and competitive nature of
the industry and the vulnerability of the firm's profitability to
movements in cotton prices which are subject to seasonality and
crop harvest as well as the regulatory risk with regard to MSP.
The rating also considers adverse potential impact on net worth
and gearing levels in case of any substantial withdrawal from
capital account given the constitution as a partnership firm.
The rating, however, continues to favourably factor in the long
experience of the promoters in the cotton ginning and pressing
industry and the favourable location of the firm's plant with
respect to raw material procurement.

Shankar Parvati Industries (SPI) was established as a partnership
firm in 2005, and manufactures cotton bales and cottonseeds
through ginning and pressing of raw cotton. The firm markets
cotton bales to merchant traders and cottonseeds to local oil
mills. SPI operates from its plant located in Kadi, Mehsana and
is equipped with 39 ginning machines with a total installed input
capacity of processing 20,160 Metric Tonnes (MT) of cotton per
annum. The promoters of the firm have a long experience in the
cotton ginning industry.

Recent Results
During FY2015, SPI reported an operating income of INR93.27 crore
and profit after tax of INR0.29 crore as against the operating
income of INR99.58 crore and profit after tax of INR0.12 crore
during FY2014. As per provisional financials, the firm reported
an operating income of INR74.74 crore and profit before tax of
INR0.30 crore during FY2016.


SHRADHA APPARELS: CRISIL Reaffirms B+ Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Shradha Apparels
Worldwide (SAW) continue to reflect a below-average financial
risk profile because of weak capital structure and modest debt
protection metrics. The ratings also factor in a small scale of
operations in the highly fragmented readymade garments industry.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill            25       CRISIL A4 (Reaffirmed)
   Negotiation
   Foreign Bill Purchase    5       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of partners in the textile industry and their
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SAW will continue to benefit over the medium term
from the extensive experience of its partners and their
established relationships with customers. The outlook may be
revised to 'Positive' if significantly higher-than-expected
accrual and improvement in working capital cycle leads to
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of a decline in
profitability or a stretch in the working capital cycle or any
unanticipated capital expenditure weakening its liquidity.

Update
Revenue increased at a modest year-on-year growth of 6% to INR
279 million for fiscal 2016. The revenues are expected to grow at
a healthy rate of 15-20% backed by steady order flow. However,
the scale of operations will remain small in the highly
fragmented ready-made garments industry. Operating margin is
likely to remain at 5% over the medium term. Operations remained
working capital intensive, with gross current assets of 166 days
as on March 31, 2016, due to stretched receivables of 87 days.

Financial risk profile was below average because of modest
estimated net worth of INR26 million as on March, 2016 following
low accretion to reserves. Gearing was moderate at 2.3 times,
while debt protection metrics were muted, with interest coverage
and net cash accrual to total debt ratios of 1.62 times and 0.07
time, respectively, for fiscal 2016.

Liquidity is expected to be moderate over the medium term, backed
by bank limit utilisation averaging 84% over the 12 months ended
March 2016. Also, cash accrual is expected to be INR6.0-7.6
million per annum against debt obligation of INR1 million over
the medium term. Unsecured loan from the promoters was INR14.7
million as of March 2016.

SAW was set up in 2006-07 as a partnership between Mr. Mahendra
Lulla and his son Mr. Vishal Lulla. It manufactures and exports
ready-made garments under the label of its customers.


SHREE KHODAL: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR8.351 crore line of credit of Shree Khodal Cot-Gin Private
Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limit-
   Term loan               1.85         [ICRA]B+; reaffirmed

   Fund based limit-
   Cash Credit             6.50         [ICRA]B+; reaffirmed

The reaffirmation of rating takes into account the limited track
record of the company's operations with SKCPL having commenced
commercial production from January, 2015. The rating also factors
in the weak financial profile of the firm characterised by the
low profitability, adverse capital structure and weak coverage
indicators. Further, the limited value-added nature of operations
coupled with the highly competitive and fragmented industry
structure, arising from low entry barriers exert further pressure
on the firm's profitability margins.

The rating, however, continues to favourably factor in the past
experience of the promoters in the cotton ginning and pressing
industry. Further, the location of the firm's manufacturing
facility in Rajkot, Gujarat ensures the ready availability of the
key raw material viz. high quality raw cotton.

ICRA expects SKCPL's revenues to increase by 5% in FY2017
compared to that during FY2016. The company's capital structure
though leveraged is expected improve in FY2016-17 as supported by
the repayment of term loan and increase in the net worth base,
following an increase in the retained earnings. The company's
ability to scale up its operations, while improving its
profitability, and effectively managing its working capital
requirements, will be a rating positive. SKCPL's operating
profits would, however, remain vulnerable to adverse movement in
raw cotton prices, which are subject to seasonality, crop harvest
and government regulations regarding MSP of raw cotton and export
of cotton bales.

Shree Khodal Cot-Gin Private Limited (SKCPL) was incorporated in
2012. The company commenced ginning and pressing operations in
January 2015 by setting up a manufacturing facility at Rajkot,
Gujarat. The company's facility is equipped with 30 ginning
machines and a pressing machine with a total capacity to process
28,000 MT of raw cotton annually. The operations of the firm are
managed by Mr. Kamleshbhai Vekaria and Mr. Bharatbhai Vekaria who
have an experience of over five years in the cotton industry.


SILVER SPRING: CRISIL Reaffirms 'B' Rating on INR67.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facilities of Silver Spring Spinners India Private Limited
(SSSPL), and reaffirmed its 'CRISIL B/Stable' rating on the
company's long-term bank facilities. The ratings reflect the
company's modest scale of operations in the intensely competitive
textile industry, the susceptibility of its operating margin to
volatility in raw material prices, and its below-average
financial risk profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL A4 (Reassigned)

   Cash Credit            67.5       CRISIL B/Stable (Reaffirmed)

   Letter of Credit       10.5       CRISIL A4 (Reassigned)

   Rupee Term Loan        25.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.5       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters in the yarn segment.
Outlook: Stable

CRISIL believes SSSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a considerable increase in its revenue
and profitability, resulting in a better financial risk profile.
The outlook may be revised to 'Negative' in case of a steep fall
in its revenue, or any large debt-funded capital expenditure,
resulting in deterioration in its financial risk profile.

Update
SSSPL's revenue is estimated to increase by 8% year-on-year to
INR410 million in fiscal 2016, in line with CRISIL's expectation,
led by increase in volume. Operating margins are likely to remain
stable at 4.5 percent in 2015-16 because of its ability to pass-
through any volatility in input prices.

Its working capital cycle is expected to remain in-line with
CRISILs expectations. Its inventory is estimated to be at 70 days
as on March 31, 2016, and receivables collection to remain
efficient. The company will maintain prudent working capital
management over the medium term, with steady inventory and
receivables.

SSSPL's financial risk profile remained constrained by weak debt
protection metrics. In fiscal 2016, its net cash accrual to total
debt and interest coverage ratios are estimated at 5% and 1.4
times, respectively while the networth and gearing are expected
to be at INR98.4 million and gearing at 1.22 times respectively.

SSSPL's liquidity will remain sufficient over the medium term,
driven by adequate cash accrual to meet long-term debt
obligations. Its bank line utilisation averaged 93% over the 12
months through March 2016.

SSSPL was incorporated in 1997 at Srivilliputhur in Tamil Nadu.
The company manufactures cotton yarn. It is managed by Mr.
Rajendran Sridhar and Ms. Menaka.

For fiscal 2015, SSSPL has reported a net loss of INR2.8 million
on revenue of INR375.5 million as against a Profit After Tax of
INR1.6 million on revenue of INR 412 million in fiscal 2014.


SJLT SPINNING: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended SJLT Spinning
Mills Private Limited's (SJLT) 'IND BB+' Long-Term Issuer Rating.
The Outlook was Stable. This rating will now appear as 'IND
BB+(suspended)' on the agency's website. A full list of rating
actions is at the end of this commentary.

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 SJLT.

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.

SJLT's ratings are as follows:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR215.7 million Long-term loan: migrated to 'IND
    BB+(suspended)' from 'IND BB+'
-- INR230 million fund-based working capital limits: migrated to
    'IND BB+(suspended)' and 'IND A4+(suspended)' from 'IND BB+'
    and 'IND A4+'
-- INR100 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


SONY PYRO: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sony
Pyro International (SPI; part of the Sony Fireworks group). The
suspension of rating is on account of non-cooperation by SPI with
CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPI is yet to
provide adequate information to enable CRISIL to assess SPI's
ability to service its debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Long Term Loan          10        CRISIL B+/Stable

The suspension reflects CRISIL's inability to maintain a valid
rating in the absence of adequate information. CRISIL considers
information availability risk as a key factor in its rating
process as outlined in its criteria 'Information Availability - a
key risk factor in credit ratings'

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
Sqny Fireworks (SF), SPI, Micky Paper Caps Works (MPCW), Vinayaga
Fireworks (VF), and Vinayaga Fireworks Industries (VFI).

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


SREE HARICHARAN: CRISIL Reaffirms B- Rating on INR25MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sree Haricharan
Granite Exports India Private Limited (SHGEIPL) continue to
reflect geographical concentration in the company's revenue
profile, and its large working capital requirement.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              25      CRISIL B-/Stable (Reaffirmed)
   Export Packing Credit    50      CRISIL A4 (Reaffirmed)
   Letter of Credit          5      CRISIL A4 (Reaffirmed)

The ratings also factor in below-average financial risk profile
because of small networth, high gearing, and modest debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in the granite industry.
Outlook: Stable

CRISIL believes SHGEIPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in revenue and profitability, or in working capital
management. The outlook may be revised to 'Negative' in case of
steep decline in profitability, or significant deterioration in
capital structure because of large debt-funded capital
expenditure or stretch in working capital cycle.

SHGEIPL was set up in 2010 by Andhra Pradesh-based Mr. Damodara
Rao Potturi and Ms. Sulochana Potturi. The company has set up a
facility to process, polish, and export rough granite blocks to
make granite slabs and monumental slabs of different
specifications. It commenced commercial operations in February
2013.


SRI BALAJI: ICRA Suspends B+ Rating on INR7.10cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.10 crore
fund based and non fund based facilities of Sri Balaji
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

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


SRI JAGDAMBA: CRISIL Suspends 'D' Rating on INR500MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sri
Jagdamba Ginning and Pressing Private Limited (Part Ix Company)
(SJG).

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Bill Discounting          100        CRISIL D
   Cash Credit               500        CRISIL D
   Long Term Loan             10        CRISIL D
   Standby Line of Credit     40        CRISIL D

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

SJG was set up in 2007 by Mr. Raj Kumar Agarwal and his family
members. SJG is engaged in ginning and pressing of raw cotton.
The company's ginning unit is located in Adilabad district in
Telangana.


SRIJAN PUBLISHERS: Ind-Ra Withdraws Provisional 'IND BB-' Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'Provisional IND BB-' and 'Provisional IND A4+' ratings on Srijan
Publishers Pvt Ltd's (SPPL) proposed INR40m fund-based working
capital limits. The Outlook on the Long-term rating was Stable. A
full list of rating actions is at the end of this commentary.

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

SPPL's outstanding ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable
-- INR40 million fund-based working capital limits: 'IND BB-
    '/Stable and 'IND A4+'


SRINIVASA RICE: ICRA Ups Rating on INR9.65cr LT Loan to B+
----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR9.65
crore fund based limits and INR0.83 crore non fund based limits
of Srinivasa Rice Industries (SRI) to [ICRA]B+ from [ICRA]B. ICRA
has retained the short term rating on INR0.83 crore non-fund
based limits at [ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term fund based     9.65      [ICRA]B+; Upgraded from
                                      [ICRA]B

   Long term/Short term     0.83      [ICRA]B+/A4;Upgraded from
   non fund based                     [ICRA]B/A4

The rating action primarily factors in the stabilization of
operations of the firm and increase in the scale of operations of
the company with revenues increasing from INR25.88 crore in FY15
to that of INR44.87 crore in FY16 higher volumes sold with
increase in capacity utilization. The assigned rating considers
the vast experience of promoters and presence of Rice Mill in one
of the key paddy growing areas of Andhra Pradesh resulting in
easy availability and procurement of paddy. However, the rating
is constrained by the small scale of operations, highly
fragmented and competitive nature of the industry which limits
the pricing flexibility. The rating also factors in agro-climatic
risks which could affect the availability of paddy and regulatory
risk with respect to Minimum Support Price Policy of the paddy.
ICRA also notes the risks associated with the partnership nature
of the firm.

Going forward, the ability of the firm to increase its sales,
improve the profitability in the highly competitive industry, and
effectively manage its working capital requirements would be the
key rating sensitivities.

Srinivasa Rice Industries was established as February FY2013, and
the current management has taken over the mill in August 2014,
and, under the new management, the company has started its
operations on 24th November 2014. The firm is engaged in milling
of paddy to produce raw and boiled rice. It is located in
Gurazala, Guntur Dsitrict of Andhra Pradesh. The current milling
capacity is 8 tonnes of paddy per hour. The day to day operations
of the firm are looked after by Gudipati Srinivas and Gudipati
Lingaiah.

Recent Result
As per provisional FY16 financials, the firm registered PAT
levels of INR0.23 crore on an Operating income of INR44.87 crore
as against PAT levels of INR0.13 crore on an Operating income of
INR25.88 crore in FY15.


SUPREME AUDIOTRONICS: ICRA Suspends 'B' Rating on INR5.80cr Loan
----------------------------------------------------------------
ICRA has suspended rating of [ICRA]B assigned to the INR5.80
crore bank facilities of Supreme Audiotronics Private Limited
(SAPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

SAPL is a Delhi based company, engaged in distributing and
servicing car audio systems and also in manufacturing of plastic
parts for cars. The company mainly caters to Tata Motors Limited
for car audio systems and to Maruti Suzuki India Limited (MSIL)
for plastic consoles. It is the sole distributor and service
provider for Clarion Audio Systems in India. The entity was
incorporated in 1956 as a partnership firm, Supreme Electronics,
and was later converted into a private limited company- Supreme
Audiotronics Private Limited.


TAPTI AGRO: ICRA Assigns 'B' Rating to INR14cr Term Loan
--------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR14.50
crore (enhanced from INR10.00 crore) proposed term loan of Tapti
Agro Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Proposed Term Loan      14.00        [ICRA]B (Assigned)

The rating assigned is constrained by implementation risks
associated with the project as the financial closure is yet to be
achieved and with scheduled commissioning targeted for December
2016. Further, planned debt-funded capital expenditure (capex)
exposes the firm to possible stress on debt servicing capability
in case of slower than expected ramp up of cash flows. The rating
is also constrained by the competitive pressures from other sugar
manufacturing players in the market; the firm's relatively modest
envisaged scale of operations; and vulnerability of profitability
to adverse fluctuations in the prices of sugarcane post
commissioning. ICRA also notes that TAI is a partnership firm and
any significant withdrawals from the capital account would affect
its net worth and thereby its capital structure.

The rating, however, favourably considers the established
experience of TAI's promoters in the sugar industry and location
advantage by virtue of the factory being located in a cane
growing region, giving it easy access to raw material.

M/s Tapti Agro Industries (TAI) incorporated in 2015 is setting
up a Khandsari (semi-white centrifugal sugar) manufacturing
facility having crushing capacity of 1,500 Tonnes of Cane per Day
(TCD) at Betul District of Madhya Pradesh. The firm plans to
commence the operations of the facility by December 2016.

The firm is promoted by Mr. Rahul Kumar Sao and Mr. Dharmveer
Juneja who have significant experience in the sugar industry
through their association with other firms which are also engaged
in sugar manufacturing.


TRICHY THANJAVUR: ICRA Reaffirms 'D' Rating on INR238.29cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR238.29 crore (INR261.00 crore earlier) term loans of Trichy
Thanjavur Expressways Limited (TTEL) at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan              238.29        [ICRA]D Reaffirmed

The rating reaffirmation takes into account continued delays in
repayment of debt obligations, as TTEL's toll collections have
been significantly below expectations on account of weak traffic
flow. Although the company had gone for debt restructuring in
December 2012, the continued under performance of traffic has
constrained the liquidity of TTEL. ICRA notes that the prospects
for traffic growth along the route are moderate, given that the
route is not an arterial one and that it does not connect any
major ports or commercial centres as some highways do. Given the
poor toll collections, major maintenance reserve could not be
created, as a result TTEL would be required to raise additional
debt to fund the major maintenance (MM). Given the weak traffic
along the stretch and consequently lower damage to the road, TTEL
is in discussions with NHAI for deferment of MM. Response from
NHAI is awaited.

Going forward, ramp up in traffic volumes thereby increase in
toll collections and timely debt servicing will be the key rating
sensitivities.

TTEL is a special purpose vehicle (SPV) promoted by Madhucon
Projects Ltd (MPL) for the strengthening and widening of an
existing 55.75km long stretch between Trichy-Thanjavur on
National Highway (NH) - 67. The project has been awarded by NHAI
on Build-Operate-Toll (BOT) (Toll) basis, with a concession
period of 20 years starting June 2006. The scheduled Commercial
Operations Date (COD) of the project was June 2009; however,
after a delay of more than 22 months, the actual COD was May
2011. The project road connects Thanjavur, a prominent tourist
city to Trichy and other places in the western part of South
India.


UNION ENTERPRISES: ICRA Reaffirms 'D' Rating on INR9.57cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]D rating assigned to the INR6.40
crore1 cash credit facility and INR9.57 crore (reduced from
INR11.65 crore) term loan facilities of Union Enterprises
(Sachdev Steel Works Private Limited). ICRA has also reaffirmed
the [ICRA]D rating assigned to the INR6.92 crore (enhanced from
INR4.84 crore) unallocated limits of UE.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Cash Credit              6.40       [ICRA]D reaffirmed

   Fund Based Limits-
   Term Loans               9.57       [ICRA]D reaffirmed

   Unallocated              6.92       [ICRA]D/[ICRA]D reaffirmed

The reaffirmation of the ratings take into account delays in debt
repayment by UE in the past and nominal expected cash accruals in
FY2016 which is likely to exert pressure on the debt-repayment
ability of the company in the future as well. Besides, the
company has poor liquidity position as reflected by high
utilisation of its bank limits and significant deterioration in
the financial profile with continuous losses posted over the last
three years. The ratings are also constrained by vulnerability of
UE's cash flows and profitability to cyclicality inherent in the
steel industry, its small scale of current operations and low
capacity utilisation of the mills.

The ratings, however, favourably take into account experience of
the promoters in operating rolling mills for more than three and
a half decades.

Union Enterprises (UE) has been in the business of manufacturing
TMT bar and rod since 1975. The production facility is located in
the Adityapur Industrial Area in Jamshedpur, Jharkhand. UE
currently produces TMT bars where billets/pencil ingots are used
as the major raw material. The company has recently installed a
fully automated structural mill with a capacity of 57,600 tpa.
This is in addition to the existing 14,400 tpa rebar mill.


VAKRATUND COLD: CRISIL Suspends 'B' Rating on INR49.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M/s.
Vakratund Cold Storage & Warehouse (VCSW).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               49.5      CRISIL B/Stable

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

Established in 2013-14 (refers to financial year, April 1 to
March 31) as a partnership firm by Mr. Ashok Gaikwad and Mr.
Pritam Chopada, VCSW operates a cold storage unit primarily for
raisins and grapes in Nashik (Maharashtra).


VENKATESHKRUPA SUGAR: CRISIL Suspends B+ Rating on INR300MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Venkateshkrupa Sugar Mills Limited (VSML).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      300       CRISIL B+/Stable

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

VSML, based in Shirur, Pune (Maharashtra), manufactures sugar;
its plant has a sugarcane crushing capacity of 2500 tonnes per
day. The company is promoted by Mr. Sandeep Taur and his friends
and relatives. It has been set up recently, with 2012-13 (refers
to financial year, April 1 to March 31) being is first full year
of operations.


VINAYAK POLYMERS: CRISIL Cuts Rating on INR150MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Vinayak Polymers Inc. (VPI) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.

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

   Letter of Credit        50        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade follows CRISIL's belief that VPI's financial
risk profile, particularly its liquidity and debt protection
metrics, will be weaker than previous expectation, over the near
term, because of stretched working capital cycle. The company's
debtor and inventory days increased sharply as on March 31, 2016,
leading to spike of gross current assets of more than 159 days as
on that date. As a result the bank limit utilisation increased to
99% for past twelve months ending March 31, 2016, the firm is
also availing ad-hoc limit of INR25 million. Financial risk
profile deteriorated as total outside liabilities to adjusted
networth increased to 9.9 times from previous year 3.7 times,
this was primarily due to increased creditor days to 117 days
(previous year; 41 days) and high bank debt. Debt protection
metrics of the firm remain weak with interest cover at 1.4 times.

Although market position of VPI improved in FY16, backed by
healthy sales growth from INR1250 million in FY15 to INR1992
million in FY16. Sales improved due to opening of new branches in
Kanpur and Hyderabad. Also the firm has taken pet resin
dealership in four states viz; South Maharashtra, Karnataka,
Telangna and Andhra Pradesh. Business risk profile is further
supported by having a diversified customer base in plastic
industry. Operating margins remained in the vicinity of 1.5-2 per
cent owing to trading nature of the concern, however remain in
line with industry peer.

The rating reflects firm's weak financial risk profile, marked by
a high leverage and weak debt protection metrics. The rating is
also constrained by the firm's exposure to volatility in raw
material prices, and its working-capital-intensive operations.
These rating weaknesses are partially offset by extensive
experience of VPI's promoters in the petrochemical trading
industry, its moderate scale of operations and diversified
customer base.
Outlook: Stable

CRISIL believes that VPI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in the firm's financial risk profile, most
likely through fresh capital infusion or higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative' if VPI's liquidity weakens significantly, most likely
because of lengthening of its working capital cycle or lower-
than-expected cash accruals, or if it undertakes a debt-funded
capital expenditure programme, leading to weakening of its
capital structure.


Set up in 2007 by Mr. Rahul Agarwal and his family members, VPI
trades in polymers such as PP, PE, and HDP. The firm, based in
Delhi, The firm, based in Delhi and serves to customers in Uttar
Pradesh, Hyderabad and Delhi-NCR. It has also started dealership
of Indorama Ventures Public Co. Ltd (Micro Polypet Pvt Ltd) in
Jan 2016 in South Maharashtra, Karnataka, Telangna and Andhra
Pradesh.



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


1MALAYSIA: US Seeks to Seize More than $1B in Assets from Fund
--------------------------------------------------------------
The Associated Press reports that the United States on July 20
moved to recover more than $1 billion that federal officials say
was stolen from a Malaysian sovereign wealth fund and that was
used for high-end real estate, fancy artwork and production of
the Hollywood film, "The Wolf of Wall Street."

AP says Justice Department civil forfeiture complaints seek the
forfeiture of property including a Manhattan penthouse and a
Beverly Hills mansion, a $35 million private jet and paintings by
Vincent Van Gogh and Claude Monet.

The report relates that the complaint, filed in Los Angeles,
alleges a complex money laundering scheme that the Justice
Department said was intended to enrich top-level officials of a
government-controlled Malaysian wealth fund.

That fund, known informally as 1MDB, was created in 2009 by the
Malaysian government with the goal of promoting economic
development projects in the Asian nation. Instead, officials at
the fund diverted more than $3.5 billion over the next several
years through a web of shell companies and bank accounts in
Singapore, Switzerland, Luxembourg and the US, the complaint
alleges, according to AP.

"In seeking to seize these forfeited items, the Department of
Justice is sending a message that we will not allow the United
States to become a playground for the corrupt," AP quotes
United States Attorney Eileen Decker, the US Attorney in Los
Angeles, as saying at a news conference. "And we will not allow
it to be a platform for money laundering or a place to hide and
invest in stolen riches."

Federal officials say more than $1 billion was laundered into the
US for the personal benefit of 1MDB officials and their
associates. The funds were used to pay for luxury real estate in
the US and Europe, gambling debts in Las Vegas casinos, a London
interior designer, expensive paintings and the production of
films, including the 2013 Oscar-nominated movie "The Wolf of Wall
Street."

According to the news agency, the Justice Department said it was
the largest forfeiture demand under an initiative that seeks to
recover foreign bribery proceeds and embezzled funds.

AP says the complaint identifies by name multiple Malaysian
nationals that the government alleges profited from the scheme.

Among them is Riza Shahriz Bin Abdul Aziz, who co-founded Red
Granite Pictures, a movie production studio whose films include
"The Wolf of Wall Street," AP relays.  Eleven wire transfers
totaling $64 million were used to fund the studio's operations,
including the production of the movie starring Leonardo DiCaprio,
according to the complaint cited by AP.

AP notes that the complaint identified Riza as a relative of a
Malaysian official, but did not name the official. He is the
stepson of Prime Minister Najib Razak, says AP.

"Neither 1MDB nor the Malaysian people ever saw a penny of profit
from that film or from any of the other assets that were
purchased with funds that were siphoned from 1MDB," the report
quotes Assistant Attorney General Leslie Caldwell, head of the
Justice Department's criminal division, as saying. "Instead, that
money went to relatives and associates of the corrupt officials
of 1MDB and others."

The Justice Department is seeking to seize any royalties and fees
owed to Red Granite in the future, adds AP.

                             About 1MDB

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

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

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

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

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

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

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



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


Q CARD: Fitch Affirms 'Bsf' Rating on Series F 2014-1 Debt
-----------------------------------------------------------
Fitch Ratings affirms the ratings of notes issued by The New
Zealand Guardian Trust Company Limited in its capacity as trustee
of the Q Card Trust. The transaction is a securitisation of New
Zealand credit card receivables. The transaction is a revolving,
asset backed note program featuring a multi-class structure that
will purchase eligible receivables from the seller on a revolving
basis.

The rating actions are as follows:
NZD10.0 million, VFN affirmed at 'AAAsf'; Outlook Stable
NZD89.5 million, Series A 2014-1 affirmed at 'AAAsf'; Outlook
Stable
NZD89.0 million, Series A 2014-2 affirmed at 'AAAsf'; Outlook
Stable
NZD58.0 million, Series A 2014-3 affirmed at 'AAAsf'; Outlook
Stable
NZD37.5 million, Series B 2014-1 affirmed at 'AAsf'; Outlook
Stable
NZD26.3 million, Series C 2014-1 affirmed at 'Asf'; Outlook
Stable
NZD18.8 million, Series D 2014-1 affirmed at 'BBBsf'; Outlook
Stable
NZD20.8 million, Series E 2014-1 affirmed at 'BBsf'; Outlook
Stable
NZD7.3 million, Series F 2014-1 affirmed at 'Bsf'; Outlook
Stable.

KEY RATING DRIVERS

The affirmation reflects Fitch's view that available credit
enhancement is sufficient to support the notes' current rating
and the agency's expectations of New Zealand's economic
conditions. Credit quality and the performance of underlying
receivables remain within the agency's expectations.

The transaction was modelled with a base case gross yield rate of
17.3%, a base case monthly payment rate (MPR) of 6.8% and a base
case charge-off rate of 4.5%. The transaction has performed
better than Fitch expected, with an average gross yield of 18.7%,
an average MPR of 8.0% and an average charge-off rate of 2.6%
during the year to June 2016.

Arrears greater than 120 days are low, at 3.98% at end-June 2016.
Arrears greater than 120 days have been stable in the 3%-4%
range, well below the excess spread trapping trigger of 8%.
Fitch has revised its steady case assumption for the charge-off
rate to 4.5% from 5.0%, reflecting the better-than-historical
performance of the asset in the trust since closing. The steady
cases for the MPR and yield remain unchanged.

RATING SENSITIVITIES
The transaction can withstand multiples of the current charge-off
rates, ranging from 5.56x in a 'AAAsf' scenario to 2.69x in a
'Bsf' scenario at the base case of the gross yield rate, MPR and
revised charge-off rate.

The transaction can withstand higher multiples of the current
charge-off rates, ranging from 13.47x in a 'AAAsf' scenario to
6.38x in a 'Bsf' scenario, at the average gross yield rate, MPR
and charge-off rate during the year to June 2016.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action.

DATA ADEQUACY
Fitch conducted a review of 10 sample loan files, focusing on the
underwriting procedures conducted by Fisher & Paykel Finance
Limited compared with its credit policy at the time of
underwriting. Fitch checked the consistency and plausibility of
the information and no material discrepancies were noted that
would affect Fitch's rating analysis.

Initial key rating drivers and rating sensitivity are described
further in the new issue report, Q Card Trust, dated 12 August
2014.



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


GSIS FAMILY: PDIC Invites Investors to Rehabilitate Bank
--------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC), Receiver of
the closed GSIS Family Bank, called on interested investors to
participate in the pre-qualification process for the
rehabilitation of the bank. Interested parties had until
July 20, 2016 to submit their letters of intent to rehabilitate
the bank and the required supporting documents.

Investors may be banks or non-bank corporations. Meanwhile,
supporting documents include full name, address, and contact
details; business overview; list of shareholders and their
respective shareholdings and nationalities; evidence of financial
capacity. In case the investor is a consortium, all the
supporting documents for each member of the consortium are
required to be submitted.

As earlier published, documentary requirements should be
submitted on July 20, 2016 to Ms. Ana Rosa E. Viray, Department
Manager of PDIC's Receivership and Bank Management Department I
located at the 5th Floor, SSS Building, Ayala Avenue corner V.A.
Rufino St., Makati City.

Investors will be evaluated based on a set of pre-qualification
criteria. Banks that intend to participate in the rehabilitation
of the GSIS Family Bank shall be required to have a minimum
capital adequacy ratio (CAR) of 12% before the acquisition, the
capacity to infuse necessary capital to ensure that the 12% CAR
requirement is complied with if it falls below 12% after
acquiring GSIS Family Bank, and a CAMELS composite rating of at
least "3" with a Management rating of not lower than "3".
Interested investor-banks must have no findings of unsafe and
unsound banking practices and are not under the Prompt Corrective
Action (PCA) framework of the Bangko Sentral ng Pilipinas (BSP).
In case of foreign banks, these must be authorized to operate as
a bank in the Philippines.

On the other hand, investors which are non-bank corporations must
be authorized to do business in the Philippines, profitable for
the last three years of operation and compliant with foreign
ownership limit/ceiling in a bank as stated in the General
Banking Law. In addition, they should have capital of at least
PHP2 billion or adequate to meet the capital requirement for the
rehabilitation of GSIS Family Bank; current asset to current
liability ratio of 2:1; and unqualified audit opinion by
independent auditors on the results of operations for the last
three years.

In the Invitation to Prequalify as earlier published and as
posted in its website, PDIC advised that after the pre-
qualification process, investors which met the pre-qualification
criteria shall be notified of their eligibility to further
participate in the rehabilitation of GSIS Family Bank. It also
enjoined interested investors to ensure that all supporting
documents are duly certified/signed by their authorized
representative. PDIC said that it shall not consider any document
that is not certified/signed. PDIC reserves the right to
terminate the rehabilitation process at any time.

Qualified third party investors shall be required to execute a
confidentiality agreement and post a PHP5 million bond prior to
the conduct of the due diligence on August 1, 2016.

Letters of Intent submitted after the July 20, 2016 deadline
shall no longer be entertained.

Interested investors may visit www.pdic.gov.ph for further
information or communicate with Ms. Viray at (02) 841-4751 or at
e-mail address, aeviray@pdic.gov.ph.

A 22-unit thrift bank, GSIS Family Bank was ordered closed by the
Monetary Board of the BSP and taken over by PDIC on May 13, 2016.


LBC EXPRESS: PDIC Order Garnishing Araneta Assets Lifted
--------------------------------------------------------
Doris Dumlao-Abadilla at Philippine Daily Inquirer reports that
key assets of the Araneta family, including a controlling stake
in publicly listed courier and remittance service firm LBC
Express Holdings Inc., have been freed up.

This follows the execution of an earlier court order lifting the
Philippine Deposit Insurance Corp.'s PHP1.8-billion attachment
and garnishment initiative, the Inquirer relates.

The Inquirer says the counter-bond delivered by the defendants
will stand in place of the released properties and serve as
security to satisfy any final judgment in the legal case.

This development frees up crucial assets and thereby eases the
liquidity, administrative and operational challenges that had
confronted the group following the attachment and garnishment
order issued on Dec. 7, 2015, according to the Inquirer.

The PDIC's move was part of a collection claim on behalf of a
defunct LBC banking affiliate.

Last February, however, the Makati Regional Trial Court issued an
order to lift and set aside the writ of preliminary attachment
and the garnishment after the defendants delivered a counter-
bond.

The defendants to this case are: LBC Express Inc., LBC
Development Corp., LBC Properties, Inc., Juan Carlos Araneta,
Santiago Araneta, Fernando Araneta, Monica Araneta, Carlos
Araneta, Ma. Eliza Berenguer, Ofelia Cuevas, Apolonia Ilio,
Joseph Jeffrey Rodriguez and Arlan Jurado.

LBC Express is a subsidiary of LBC Express Holdings while LBC
Development is its parent company.

In line with the order, says the report, LBC Express Holdings
disclosed to the Philippine Stock Exchange on July 14 that RCBC
Stock Transfer Department had effected as of July 13 the lifting
of the attachment and garnishment tag on 1.2 billion shares in
LBC Express Holdings -- equivalent to an 84.5 percent stake --
alongside the lifting of the garnishment of PLDT Inc. preferred
shares held by LBC Development Corp.

The sheriff of Makati RTC also served the lifting of garnishment
upon the main offices of the following banks: Landbank of the
Philippines, BDO Unibank, Inc., Metropolitan Bank and Trust
Company, Bank of the Philippine Islands, Rizal Commercial Banking
Corporation and Philippine National Bank.

LBC Bank is a 20-unit thrift bank that was ordered closed by the
Monetary Board of the Bangko Sentral ng Pilipinas on September 9,
2011. LBC Bank's closure affected 33,191 accounts with total
estimated deposits of PHP5.95 billion, PHP2.97 billion of which
are insured by the PDIC up to the maximum deposit insurance
coverage of PHP500,000. Of the total insured deposits, 98% or
PHP2.91 billion have been paid by PDIC drawn from the Deposit
Insurance Fund (DIF). The DIF is PDIC's funding source for
payment of deposit insurance.


RB LABRADOR: PDIC Files Criminal Charges vs. Former President
-------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed on
June 27, 2016 with the Department of Justice (DOJ) a criminal
complaint against Mark Ernest D. Rosario, former
President/Manager of the closed Rural Bank of Labrador, Inc. (RB
Labrador), for estafa. RB Labrador is a single-unit bank ordered
closed by the Monetary Board and placed under receivership of the
PDIC on April 16, 2015.

The respondent is facing charges of estafa through falsification
of documents pursuant to Articles 315 (2) (a) and (1) (b), in
relation to Articles 171 and 172 of the Revised Penal Code.

In its complaint, PDIC alleged that Rosario sold two (2) motor
vehicles owned by RB Labrador for PHP225,000 in 2013 without
authority from the Bank's Board of Directors. Investigation
showed that subject vehicles were sold by Rosario using
Secretary's Certificates supposedly authorized by the Bank's
Board. Proceeds from the sale were found to have not been turned
over to and not recorded in the books or records of RB Labrador.

Further investigation by PDIC revealed that the signatory to the
Secretary's Certificates was neither elected nor designated as
the Bank's Assistant Corporate Secretary, but was the Bank's
appraiser who pointed to Rosario as the one who instructed him to
sign the certificates. PDIC alleged that Rosario did not have
authority to sell or dispose the properties of RB Labrador
without approval from its Board and deliberately concealed from
the Bank the sale transactions covering the vehicles. To date,
the respondent has not turned over the proceeds from the sale of
the subject vehicles. He also failed to provide any explanation
or reply about the sale transactions.

Under Article 315 of the Revised Penal Code, estafa involving
more than PHP22,000 is punishable with prision mayor (6 years and
1 day to 12 years imprisonment) or reclusion temporal (12 years
and 1 day to 20 years imprisonment).

Filing of charges against erring bank officers and employees is
in support of PDIC's efforts to bring to justice parties who
engage in acts that will put depositors and the Deposit Insurance
Fund (DIF) at risk. The PDIC continues to pursue legal actions
against bank officials and personnel who engage in unsafe and
unsound banking practices that pose grave threats to the
stability of the country's banking system. The PDIC is mandated
to generate, preserve, maintain faith and confidence in the
country's banking system, and protect it from illegal schemes and
machinations.


SECURITY BANK: Fitch Hikes LT Issuer Default Ratings to 'BB+'
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of four Philippine banks -- China Banking Corporation
(CBC), Philippine National Bank (PNB), Rizal Commercial Banking
Corp. (RCBC) and Security Bank Corporation (SBC) -- to 'BB+' from
'BB', and their Viability Ratings (VRs) to 'bb+' from 'bb'. The
banks' Outlooks are Stable. Fitch has concurrently upgraded the
National Long-Term Rating on PNB to 'AA-(phl)', in line with
those of CBC and SBC.

Fitch believes steady growth in the Philippine economy and
enhancements to banking regulations over the last few years has
strengthened the domestic operating environment, notwithstanding
long-standing structural issues, such as concentrated loan
portfolios, developing corporate governance standards and family
control and conglomerate ownership of the banks. This drives
Fitch's upgrade of the Operating Environment factor to 'bbb-'
from 'bb+'.

Fitch said, "We expect continued economic improvement and pro-
active regulatory oversight alongside gradually-improving
regulatory frameworks to benefit banks' asset quality and
ultimately their credit profiles through the cycle. This is an
important factor underlying today's ratings upgrades."

RCBC's medium-term note programme, as well as RCBC's and SBC's
senior notes, have been upgraded in tandem.

A full list of rating actions is at the end of this rating action
commentary.

KEY RATING DRIVERS
VRS, IDRS and NATIONAL RATINGS

The IDRs of the four Philippine banks and the National Long-Term
Ratings of CBC, PNB and SBC are driven by their VRs. The upgrade
of PNB's National Long-Term Rating reflects an improved credit
profile relative to those of other Philippine entities.

The ratings reflect the banks' higher growth appetite amid a
broadly-favourable backdrop and their smaller but still
meaningful local franchises as mid-sized banks in the
Philippines. They also incorporate Fitch's expectation that the
banks will maintain broadly-steady asset quality, adequate
capital buffers and stable funding and liquidity profiles as they
grow and potentially gain market share.

Fitch said, "The Stable Outlooks reflect Fitch's expectation that
the banks' financial profiles will remain steady over the near-
to medium-term. We believe continued economic growth, a
relatively conservative regulatory environment and a liquid
banking system - backed by a growing middle-class population and
strong remittances from overseas workers - will support the
banks' rating profiles."

Fitch expects the four banks to continue growing their branch
footprints as they allocate more resources to consumer-centric
portfolios. The banks continue to target high loan growth in the
mid-teens to high-20s and may also undertake acquisitions as they
build their franchises and enhance their market positions.

The four banks' asset quality should remain broadly steady, aided
by a favourable macroeconomic environment and rising incomes.
Asset quality improvements have been most pronounced for PNB and
RCBC, whose NPL ratios fell to 2.5% and 1.8% at end-2015 from
8.1% and 7.2% at end-2010, respectively.

Fitch considers SBC's asset quality to be the strongest amongst
the four banks, as it has a steady record and low NPL ratio of
0.8% at end-2015, lower large-loan concentration relative to
capital, lower exposure to higher-risk consumer loans and larger
investment securities portfolio mostly held in Philippine
government bonds. This is balanced against Fitch's expectations
that SBC's asset mix will change over the medium-term,
particularly in light of accelerated growth plans following a
partnership deal in 1H16 with the Bank of Tokyo-Mitsubishi UFJ,
Ltd. (BTMU; 'A'/Negative). Under the arrangement, BTMU invested
PHP36.9billion in SBC in return for a 20% stake in SBC and two
board seats.

SBC aims for above-industry loan growth of 25%-30%, subject to
net interest margins, and has raised its branch growth targets
for the next five years following the BTMU partnership. Over-
ambitious growth could weaken SBC's asset quality, funding and
capitalisation if poorly-managed. Fitch's upgrade of SBC is based
on the expectation that the bank will maintain appropriate
underwriting standards and sustain a satisfactory financial
profile as it expands.

Fitch said, "CBC's consolidated asset quality has deteriorated in
the last few quarters, with its NPL ratio rising to 2.7% and loan
loss provisions declining to 78% of NPLs at end-March 2016 (end-
2013: 2.0% and 147%, respectively). This was only partly due to
the acquisition of the weaker Planters Development Bank in 2014,
as pockets of asset quality weakness emerged in the bank's
existing portfolio. The upgrade of CBC's ratings are supported by
Fitch's assessment that recent negative trends in the bank's
asset quality have been modest on a consolidated group level, and
the agency's broader expectation of more stable through-cycle
asset quality for the banking sector, including for CBC. We also
expect the bank to remediate its loan quality and improve its
provision coverage over the next few years.

"We believe the four mid-size banks would qualify as mid-tier
domestic systemically important banks and incur a minimum common
equity Tier 1 (CET1) ratio of 10.0% by January 2019. The CET1
ratios of CBC, PNB, RCBC and SBC (13.1%, 16.9%, 13.1% and 12.1%,
respectively) at end-March 2016 comfortably met the higher
incoming minimum requirement. The capital injection from BTMU
increased SBC's CET1 ratio to about 20.7% at end-March 2016 on a
pro-forma basis, further boosting its capital position."

Ambitions for market share gains and high risk-weighted asset
growth - exceeding internal capital generation - are likely to
erode existing capital ratios, but Fitch expects the banks to
maintain adequate capital buffers to support growth targets and
offset rapid-growth risks.

A money-laundering case involving RCBC and other Philippine and
international entities in 1H16 highlighted existing gaps in
domestic anti money-laundering standards. Fitch believes such
issues are in line with the Philippine banks' rating levels and
expects regulators to take action to deter similar incidents.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Support Ratings of 3 and Support Rating Floors of 'BB-
' reflect Fitch's expectation of a moderate probability of
extraordinary state support for the banks, if needed. This takes
into account the Philippine sovereign's fiscal position -
captured in its rating of 'BBB-/Positive', and the banks'
moderate systemic importance, stemming from their 3%-6% market
shares of system assets, loans and deposits. This places them
within the top-10 banks in the Philippines.

MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT

Fitch has upgraded the ratings on RCBC's medium-term note
programme and RCBC's and SBC's senior notes to 'BB+' from 'BB'.
The ratings are the same as the banks' IDRs because the senior
notes constitute the banks' direct, unsubordinated and unsecured
obligations and rank equally with all their other unsecured and
unsubordinated obligations.

RATING SENSITIVITIES
VIABILITY RATINGS, IDRS AND NATIONAL RATINGS

A further upgrade of the four banks' IDRs and Viability Ratings
is not probable in the near-term in light of the recent upgrade.

Fitch may downgrade the banks' ratings if their higher risk
appetites result in significant asset quality deterioration and
earnings volatility. The ratings would also come under pressure
with increasing concentration risk, excessive growth in riskier,
more volatile sectors, such as real estate, unsecured personal
loans or unsecured project finance, or if their capitalisation,
funding and liquidity strengths diminished, potentially as a
result of rapid growth.

Continued improvements in risk frameworks, greater earnings
diversity, lower concentration risk and, in some cases,
strengthened corporate governance would be positive for the
banks' ratings, although Fitch expects such developments to
materialise only gradually over the longer-term.

CBC, RCBC and PNB are more vulnerable to negative rating action
due to their weaker asset quality. In particular, CBC's rating
could be downgraded if its asset quality and provisioning
continues to deteriorate or if it executes poorly on its growth
strategy, including on the remaining portions of its integration
of Planters Development Bank.

SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Support Ratings and Support Rating Floors would be
affected by any change in Fitch's perception of the sovereign's
ability or propensity to provide extraordinary support to the
banks in a timely manner. An upgrade of the sovereign IDRs could
lift the banks' Support Ratings and Support Rating Floors.

Fitch does not foresee significant risk of reduced implicit state
support for the banks in the near-term.

The rating actions are as follows:

CBC
-- Long-Term Foreign- and Local-Currency IDRs upgraded to 'BB+'
    from 'BB'; Outlook Stable
-- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
    Stable
-- Viability Rating upgraded to 'bb+' from 'bb'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB-'

PNB
-- Long-Term Foreign-Currency IDR upgraded to 'BB+' from 'BB';
    Outlook Stable
-- Short-Term Foreign-Currency IDR affirmed at 'B'
-- National Long-Term Rating upgraded to 'AA-(phl)' from
    'A+(phl)'; Outlook Stable
-- Viability Rating upgraded to 'bb+' from 'bb'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB-'

RCBC
-- Long-Term Foreign- and Local-Currency IDR upgraded to 'BB+'
    from 'BB'; Outlook Stable
-- Viability Rating upgraded to 'bb+' from 'bb'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB-'
-- Ratings on medium-term note programme and senior notes
    upgraded to 'BB+' from 'BB'

SBC
-- Long-Term Foreign- and Local-Currency IDR upgraded to 'BB+'
    from 'BB'; Outlook Stable
-- Short-Term Foreign-Currency IDR affirmed at 'B'
-- National Long-Term Rating affirmed at 'AA-(phl)'; Outlook
    Stable
-- Viability Rating upgraded to 'bb+' from 'bb'
-- Support Rating affirmed at '3'
-- Support Rating Floor affirmed at 'BB-'
-- Rating on senior notes upgraded to 'BB+' from 'BB'



                             *********

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

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

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


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

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

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

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

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



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