TCRAP_Public/160722.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 22, 2016, Vol. 19, No. 144

                            Headlines


A U S T R A L I A

COMPASS RESOURCES: Receivers Seek Expression of Interest
DARWIN MEDICAL: First Creditors' Meeting Slated For July 29
EAGLE BOYS: Closes 13 Company-Owned Stores
RAUX PTY: First Creditors' Meeting Scheduled For July 29
SQUARE MILE: First Creditors' Meeting Set For July 29

THERMASKIRT AUSTRALIA: First Creditors' Meeting Set For July 29


C H I N A

ASIA TRAVEL: DCAW Raises Going Concern Doubt on Deficit
CAR INC: S&P Affirms 'BB+' CCR; Outlook Negative


I N D I A

ADMACH AUTO: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
AGRASIA IMPEX: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
ALPINE DEVELOPERS: ICRA Assigns B+ Rating to INR10cr Term Loan
AMT INTERNATIONAL: Ind-Ra Suspends B- Long-Term Issuer Rating
ANALCO INDIA: CRISIL Reaffirms B+ Rating on INR50MM LT Loan

ANJANA EXPLOSIVES: Ind-Ra Suspends B Long-Term Issuer Rating
AUTOPAL INDUSTRIES: Ind-Ra Suspends BB- Long-Term Issuer Rating
AVINASH ISPAT: Ind-Ra Assigns BB- Long-Term Issuer Rating
B.N.M. HI-TECH: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
BHALARA COTTON: Ind-Ra Withdraws IND BB- Rating on INR80MM Loan

BHARATH AGRO: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
BINARY APPAREL: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
CAPITAL VENTURES: ICRA Suspends 'B' Rating on INR30cr Bank Loan
DHARAMVIR EXPORTS: Ind-Ra Assigns B+ Long-Term Issuer Rating
DURGA MARBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating

ENTERPRISING ENTERPRISES: ICRA Reaffirms B INR29.50cr Loan Rating
FAMOUS STATIONERY: Ind-Ra Suspends B+ Long-Term Issuer Rating
GAJRAJ AUTOMOBILES: Ind-Ra Suspends BB- Long-Term Issuer Rating
GLOBARENA TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to B+
GS ATWAL: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

IDEAL ENERGY: Ind-Ra Withdraws 'IND C' Rating on INR11,070MM Loan
IMPERIAL TUBES: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
J.B. COTTON: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
JAI BHAVANI: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
JAI MAAKALI: ICRA Lowers Rating on INR35cr Cash Loan to 'D'

JAIN VINIMAY: ICRA Assigns B- Rating to INR5.0cr Cash Loan
JAINEX METALIKS: Ind-Ra Suspends IND B- Long-Term Issuer Rating
JEEVANDEEP PRAKASHAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
K PATEL: CRISIL Reaffirms B+ Rating on INR195MM Cash Loan
KAILASH ROOFING: CRISIL Suspends 'B' Rating on INR68MM LT Loan

KATHPAL SOLVEX: ICRA Suspends B-/A4 Rating on INR20cr Bank Loan
KBS INDUSTRIES: Ind-Ra Withdraws 'Provisional IND B' Rating
KLG IMPORTS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
KRIDHAN INFRA: ICRA Suspends 'D' Rating on INR20.91cr Loan
LEVITA GRANITO: CRISIL Assigns B+ Rating to INR208MM Term Loan

LINUS AGROVENTURES: Ind-Ra Suspends IND BB- LT Issuer Rating
MAHESH DYEING: CRISIL Reaffirms B+ Rating on INR51MM Cash Loan
MAHIMA COLD: ICRA Assigns B+ Rating to INR6.43cr Cash Loan
MANGLAM TIMBERS: Ind-Ra Suspends IND B Long-Term Issuer Rating
MULPURI AQUA: Ind-Ra Withdraws 'Provisional IND B' Ratings

MUNDHRA CONTAINER: ICRA Withdraws B+ Rating on INR1.0cr Loan
MUPPA PROJECTS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
MYCON CONSTRUCTION: CRISIL Cuts Rating on INR580MM Loan to 'D'
N V KHAROTE: CRISIL Reaffirms 'D' Rating on INR78.3MM Bank Loan
NAVNITLAL PRIVATE: Ind-Ra Suspends IND B Long-Term Issuer Rating

PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.20cr Loan
POLYSPIN EXPORTS: CRISIL Cuts Rating on INR63.5MM Loan to B+
RD CLEANTECH: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
RENAATUS PROCON: CRISIL Reaffirms B Rating on INR98MM LT Loan
SAKTHI SPINTEX: ICRA Suspends 'D' Rating on INR6.78cr Term Loan

SANTOSHI LEATHER: ICRA Assigns B/A4 Rating to INR1.0cr Loan
SATVA INFRATECH: ICRA Suspends B+ Rating on INR12.50cr Loan
SHAH GROUP: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
SOUTHERN POWER: ICRA Assigns B- Rating to INR3.0cr LT Loan
SRI RAGHURAMACHANDRA: CRISIL Reaffirms B+ Rating on INR43MM Loan

SRI SRINIVASA: ICRA Reaffirms B+ Rating on INR6.25cr FB Loan
SRI VENKATRAMA: CRISIL Reaffirms 'B' Rating on INR200MM Loan
STALWART TECHNIK: CRISIL Assigns B+ Rating to INR14MM Term Loan
SUN-SHINE FOOD: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
TIRUPATI AGENCIES: CRISIL Reaffirms B- Rating on INR70MM Loan

TRIDEV RESINS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
TULIP ATTIRE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
U R AGROFRESH: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
V-CHEM: ICRA Suspends 'B/A5' Rating on INR14.49cr Loan
VASTUSHREE DEVELOPERS: CRISIL Suspends D Rating on INR100MM Loan


J A P A N

SHARP CORP: Adapts to Hon Hai Style While Awaiting Rescue
SOFTBANK GROUP: S&P Affirms 'BB+' CCR; Outlook Stable


M A L A Y S I A

1MBD: Malaysia Pledges to Cooperate as U.S. Seeks to Seize Assets


N E W  Z E A L A N D

STONEWOOD HOMES: Suit Likely as Liquidators Seek to Recover Money


S I N G A P O R E

* SINGAPORE: Seeks U.S. Chapter 11 Prowess in Bankruptcy Reform


                            - - - - -


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


COMPASS RESOURCES: Receivers Seek Expression of Interest
--------------------------------------------------------
The Receivers and Managers of Compass Resources Limited are
seeking to recapitalize or sell the assets of the group. The
assets consist of the Browns Project mining and exploration
tenements and the significant processing facility (c.AUD210
million capital investment).

Investment highlights include:

   * Granted Mining Leases - Defined Resources on the existing
     leases with relevant mining approvals and waste discharge
     licenses.

   * Existing processing plant - Hydrometallurgical plant to
     process oxide resources.

   * Excellent infrastructure - Quality infrastructure already
     in place including sealed roads and high voltage power.

   * Quality tenements - Tenements are located in the highly
     mineralized area of the Run Jungle Mineral Field.

   * Opportunity for growth and exploration - The district has
     substantial exploration potential for the discovery of
     additional sulphide and oxide base metal mineralization.

Interested parties are requested to lodge an Expression of
Interest to:

          Chris Laird
          E-mail: claird@kordamentha.com
          KordaMentha
          Level 10
          40 St Georges Terrace
          Perth, WA 6000
          Australia

                     About Compass Resources

Compass Resources Limited is an exploration, mining and minerals
processing company. It focuses on Rum Jungle mineral field
located close to Batchelor in Northern Territory Australia.

On June 17, 2016, Rahul Goyal, John Bumbak and Richard Tucker of
KordaMentha were appointed Receivers and Managers of Compass
Resources Ltd pursuant to a security interest duly registered on
the Personal Property Securities Register. Accordingly, the
Receivers have assumed control of Compass Resources Ltd until
otherwise advised.

Prior to the appointment of the Receivers and Managers on
June 17, 2016, Martin Jones, Wayne Rushton and Dermott McVeigh of
Ferrier Hodgson were appointed as Voluntary Administrators of
Compass Resources Limited.

Furthermore, Bryan Hughes and Daniel Bredenkamp of Pitcher
Partners were subsequently appointed Receivers and Managers of
Compass Resources Ltd by a subordinated secured creditor on
June 24, 2016 pursuant to a security interest duly registered on
the Personal Properties Securities Register.


DARWIN MEDICAL: First Creditors' Meeting Slated For July 29
-----------------------------------------------------------

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Darwin Medical Imaging Pty Limited ATF Darwin
Medical Imagining Unit Trust on July 19, 2016.

A first meeting of the creditors of the Company will be held at
will be held at Adina Apartment Hotel, in Darwin, Northern
Territory, on July 29, 2016, at 2:00 p.m.


EAGLE BOYS: Closes 13 Company-Owned Stores
------------------------------------------
Broede Carmody at SmartCompany reports that 13 company-owned
Eagle Boys stores closed for the final time on July 21, after the
pizza chain's head office collapsed into voluntary
administration.

The company owned stores are located in Queensland, New South
Wales and Western Australia, the report discloses.

"The focus remains on maintaining business as usual and
continuing with negotiations for a sale of the business,"
SmartCompany quotes administrators SV Partners as saying on
behalf of Eagle Boys in a statement on July 21.  "The
administrators are pleased to advise they have received enquiries
from a number of interested parties since their appointment on
July 14 and are hopeful of a swift sale."

The appointment does not include Eagle Boys franchises, which are
owned by franchisees and are continuing to trade as normal.

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2016, David Michael Stimpson and Terrence John Rose of
SV Partners on July 14, 2016, were appointed as administrators
of:

   -- Eagle Boys Dial-A-Pizza Australia Pty Limited
   -- EBA Pizza Holdings Pty Ltd;
   -- Eagle Girls Pty Ltd;
   -- EB Pizza IP Holdings Pty Ltd; and
   -- EB Stores Pty Ltd.

The Sydney Morning Herald said the pizza chain's head office
called in administrators SV Partners but insisted its 120
or so franchisees will continue to trade while a potential sale
is negotiated.


RAUX PTY: First Creditors' Meeting Scheduled For July 29
--------------------------------------------------------
Andrew W Poulter of IRT Advisory was appointed as administrator
of Raux Pty Ltd as Trustee for Raux Family Trust on July 19,
2016.

A first meeting of the creditors of the Company will be held at
IRT Advisory, Suite 6, 560 Lonsdale Street, in Melbourne, on
July 29, 2016, at 11:00 a.m.


SQUARE MILE: First Creditors' Meeting Set For July 29
-----------------------------------------------------
Thomas Stuart Otway and Alan Geoffrey Scott of BRI Ferrier were
appointed as administrators of Square Mile Capital Advisory Pty
Ltd on July 19, 2016.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, on July 29,
2016, at 11:30 a.m.


THERMASKIRT AUSTRALIA: First Creditors' Meeting Set For July 29
---------------------------------------------------------------
Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton were appointed as administrators of Thermaskirt
Australia Pty Ltd on July 19, 2016.

A first meeting of the creditors of the Company will be held at
The Rialto, Level 30, 525 Collins Street, in Melbourne, Victoria,
on July 29, 2016, at 10:00 a.m.



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


ASIA TRAVEL: DCAW Raises Going Concern Doubt on Deficit
-------------------------------------------------------
Asia Travel Corporation filed with the Securities and Exchange
Commission its annual report on Form 10-K disclosing a net loss
of $1.36 million on $566,587 of revenues for the fiscal year
ended March 31, 2016, compared to a net loss of $1.34 million on
$817,680 of revenues for the fiscal year ended in 2015.

At March 31, 2016, the company had total assets of $2.88 million,
total liabilities of $4.56 million, and total stockholders'
deficit of $1.68 million.

The Company has generated a net loss of $1,356,784 and an
accumulated deficit of $11,380,869 as of March 31, 2016. The
Company also experienced insufficient cash flows from operations
and will be required continuous financial support from the
shareholders. The Company will need to raise capital to fund its
operations until it is able to generate sufficient revenue to
support the future development. Moreover, the Company may be
continuously raising capital through the sale of debt and equity
securities.

The Company's ability to achieve these objectives cannot be
determined at this stage. If the Company is unsuccessful in its
endeavors, it may be forced to cease operations. These
consolidated financial statements do not include any adjustments
that might result from this uncertainty which may include
adjustments relating to the recoverability and classification of
recorded asset amounts, or amounts and classifications of
liabilities that might be necessary should the Company be unable
to continue as a going concern.

DCAW (CPA) Limited notes that the Company has an accumulated
deficit, and has suffered losses from operations. Its ability to
continue as a going concern is dependent upon its ability to
develop additional sources of capital, generate income, and
ultimately, achieve profitable operations. These conditions raise
substantial doubt about its ability to continue as a going
concern.

A full-text copy of the company's 10-K report is available for
free at:

                    https://is.gd/A03GcU

Asia Travel Corporation operates a travel agency, hotel and
Tengfei, a three-star hotel with around 66 guest rooms, including
62 standard rooms and four deluxe rooms, through direct ownership
in China. The Company operates through two segments: travel
agency, which provides packaged tours, air ticketing, reservation
of hotel rooms and golf courses and organize corporate
conferences, exhibitions and show events for its customers and
travel agency, and hotel services. Its customers are primarily
tourists and business travelers. The Company's tourist customers
are from mainland China, Hong Kong, Macau, Taiwan, Singapore,
Malaysia and other southeastern Asian countries.


CAR INC: S&P Affirms 'BB+' CCR; Outlook Negative
------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on the China-based car rental company CAR Inc. and the
'BB+' issue rating on its outstanding senior unsecured notes.
The outlook on the long-term corporate credit rating is negative.

At the same time, S&P lowered its long-term Greater China
regional scale rating on CAR and the notes to 'cnBBB' from
'cnBBB+'.  S&P removed all ratings from CreditWatch, where they
were placed with negative implications on April 20, 2016.

"We affirmed the ratings on CAR because we believe the company
could maintain its credit profile after the recent changes in its
shareholding structure and senior management," said S&P Global
Ratings analyst Gloria Lu.  "We currently do not expect dominant
control and significant intervention from CAR's largest
shareholder, UCAR Inc. Hence, we do not assess both companies'
credit profile on a consolidated basis nor apply group status on
CAR."

S&P expects CAR's major shareholders to keep a good balance of
control in the board structure.  After the changes in
shareholding structure, UCAR and Legend Holdings Corp. are the
two largest shareholders with equity interest of 29.2% and 23.5%,
respectively; neither has majority control over the board and
management.

CAR's connected-parties transactions, particularly the ones with
UCAR, are subject to board approvals.  At the same time, S&P
believes that UCAR, the car-hailing company which leases a
substantial number of its cars from CAR, is not aggressively
absorbing benefits from CAR.

However, S&P anticipates that the cross-holding shareholding
structure will evolve and address uncertainties in CAR's
operation and profitability.  If S&P sees aggressive benefits
transfer from CAR to UCAR, S&P believes CAR's credit profile will
most likely deteriorate.

Currently, UCAR is an important customer to CAR because it
contributes about 30% of CAR's rental revenue, which elevated
concentration risk in CAR's operation.  In S&P's assessment,
CAR's collaboration with UCAR can underpin CAR's operating
efficiency by improving vehicle utilization, which could overcome
customer diversity deterioration.

"We assess UCAR's credit profile to be much weaker than CAR's,
mainly due to its weak market position, high competition in a
niche market, limited diversity, and deficit profitability,"
Ms. Lu said.

If S&P sees signals that UCAR and CAR will get further economic
benefits from each other, such as an enhanced supply/customer
relationship, S&P would consider combining the two companies'
credit profiles and apply group status to each company.
Furthermore, S&P believes the combined UCAR and CAR may have a
weaker credit profile than that of CAR on a stand-alone basis.

The negative outlook on CAR reflects S&P's view on heightened
risks from its relationship with UCAR, and uncertainties in its
business operation following the change in substantial
shareholders and management.  Such risks, including the cross-
holding shareholding structure, concentration risk in rental
leasing and UCAR's unprofitable position, may dent CAR's
competitive position, long-term profitability, and debt leverage.

In S&P's view, a weaker management and governance could trim the
ratings.  This could happen if S&P expects CAR's profitability
and debt leverage to significantly deteriorate to feed UCAR's
high-growth aspiration.  S&P could lower the ratings if it
believes UCAR exerts high control over CAR or S&P expects both
companies to have closer economic benefits, so that the combined
group may have a weaker credit profile, which caps CAR's credit
profile.

S&P also could lower the rating if CAR's debt-to-EBITDA ratio
exceeds 3x or the ratio of funds from operations to debt falls
below 30% on a consistent basis.  This could happen if the
company makes material debt-funded acquisitions or the
performance of its rental business deteriorates due to
significantly eroding profitability.

The lack of business diversity, CAR's limited operating record,
and potential influences from UCAR limit rating upside.  However,
S&P could revise the outlook on CAR to stable if S&P believes
UCAR will have limited impact and influence on CAR and
collaboration helps to underpin both companies' credit profile.
At the same time, CAR executes its growth strategy in China,
demonstrates a record of prudent management and board
effectiveness, while maintaining its operating margin and
financial strength.



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


ADMACH AUTO: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Admach Auto
India Limited (AAIL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. A full list of rating actions is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect AAIL's moderate scale of operations and
moderate-to-weak credit profile due to intense competition in the
auto spare parts manufacturing industry. According to provisional
FY16 financials, revenue was INR624.86 million (FY15: INR616.19
million), net financial leverage (adjusted net debt/operating
EBITDAR) was 4.14x (3.96x) and gross interest coverage (operating
EBITDA/gross interest expense) was 1.70x (1.76x).

The ratings are constrained by AAIL's tight liquidity as evident
from its around 99.15% average maximum utilisation of the working
capital limits during the 12 months ended May 2016.

The ratings, however, are supported by the company's satisfactory
operating margins of 8.56% in FY16 (FY15: 8.75%). The ratings are
further supported by AAIL's more than 10 years of relationships
with major original equipment manufacturers (OEMs) and its
proximity to OEMs as some of the major clusters of OEMs are
located in Chennai, National Capital Region.

The ratings are further supported by over two decades of
experience of AAIL's promoters in the auto components
manufacturing industry.

RATING SENSITIVITIES

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

Negative: A decline in the operating profitability or
deterioration in credit metrics could lead to a negative rating
action.

COMPANY PROFILE

Established in 1993, AAIL manufactures components of automotive
braking systems for OEMs, such as drum back plate, brake shoes,
backing plate and backing plate accessories. It has two
manufacturing plants, one each in Faridabad (Haryana) and
Chennai, with a combined annual capacity of around 40 million
pieces. AAIL is an ISO/TS 16949: 2009 & ISO 9001: 2008 certified
company. AAIL's operations are managed by its directors Om
Prakash Tantia and Manoj Tantia.

AAIL's ratings:
-- Long Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR68 million long-term loan: assigned 'IND BB-'/Stable
-- INR162 million fund-based working capital facilities:
    assigned 'IND BB-'/Stable/ 'IND A4+'


AGRASIA IMPEX: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B  assigned to
INR6.00 crore1 fund based limits (enhanced from INR5.00 crore)
and INR1.00 crore (revised from INR2.00 crore) unallocated limits
of Agrasia Impex.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       6.00        [ICRA]B re-affirmed
   Unallocated limits      1.00        [ICRA]B re-affirmed

The reaffirmation of rating continued to be constrained by AI's
small scale of operation in the chilly trading business, its weak
financial profile characterized by high gearing of 4.07 times and
moderate coverage indicators with interest coverage ratio of 1.83
times and NCA/TD of 8.23 % as on March 31, FY2015. The rating is
further constrained by tight liquidity position of the firm as
reflected by full utilization of its working capital limits on
account of high inventory levels due to seasonal availability of
chilly. This apart, rating is further constrained by high
competitive chilly trading industry; risks related to agro
climatic condition as the products traded are agricultural
produce; and risk associated with the entity's proprietorship
nature. The rating, however, favorably factors in decade long
experience of promoter in chilly trading business, its strong
relationship with customers resulting in repeat orders and easy
availability of chilly in the vicinity on account of favorable
location of Andhra Pradesh.

Going forward, the ability of the firm to increase its scale of
operation while managing its working capital requirement would
remain the key rating sensitivities from credit perspective.
Founded in 2007, as a proprietorship concern Agrasia Impex (AI)
is engaged in the trading of chilly and turmeric. Firm was
earlier involved in trading of chilly powder, based on the orders
received from customers. However, since past 4 years the firm has
discontinued the sale of chilly powder. AI is managed by Mr.
Nallamothu Sri Ramanjaneyulu who has more than a decade long
experience in trading of chilly and turmeric.

Recent Results
AI has reported an operating income of INR13.37 crore and net
profit of INR0.22 crore respectively in FY2014 as against an
operating income and net profit of INR16.88 crore and INR0.41
crore in FY2015.


ALPINE DEVELOPERS: ICRA Assigns B+ Rating to INR10cr Term Loan
--------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR10.00 crore1 fund
based facility of Alpine Developers.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based
   Term Loan               10.00        [ICRA]B+ assigned

The assigned rating factors in the moderate execution risks
associated with AD's ongoing project, given that 35% of the
project cost is yet to be incurred; the high market risk with
over 55% of the total saleable area yet to be booked; and the
high cancellation risk with only ~7% of the booked value received
as advances so far. The rating also factors in the high funding
and liquidity risk given that a large part of the customer
advances are yet to flow in, and are contingent on the timing of
bookings and collections. ICRA notes that timely completion of
construction activity within the projected cost and progress on
sales booking and collection will remain critical for the project
profitability and timely debt servicing. The rating nevertheless,
draws comfort from the time lag between the scheduled date of
project completion and repayment of the term loan. The rating,
also takes into account the longstanding experience of the
promoters in the Surat real estate market and the project's
limited exposure to regulatory risk with all the necessary
approvals being in place.

Established as a partnership firm in February 2014, Alpine
Developers commenced the development of its first residential-
cum-commercial real estate project -- Sardar Villa -- in
April 2014. The project is located in Bardoli, Surat and spread
over an area of 34,014 sq m. The project is expected to be
completed by September 2017. The promoters have been a part of
various residential projects around Surat and adjoining regions
through other entities engaged in real estate industry.


AMT INTERNATIONAL: Ind-Ra Suspends B- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated AMT
International's 'IND B-' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B-(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 AMT International.

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

AMT International's Ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable,
   -- INR50 mil. fund-based limits: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR50 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


ANALCO INDIA: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Analco India Private
Limited (AIPL) continue to reflect working capital-intensive
nature and a small scale of operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              33      CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee           47      CRISIL A4 (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee                20      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       50      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in a weak financial risk profile because
of high total outside liabilities to tangible networth ratio and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the trading industry, and a diversified product
portfolio.

Outlook: Stable
CRISIL believes AIPL 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 improvement in
the financial risk profile, most likely because of a significant
and sustained increase in scale of operations and operating
margin. The outlook may be revised to 'Negative' if the financial
risk profile, particularly liquidity, weakens because of large
borrowing for meeting working capital requirement or a decline in
operating profitability.

AIPL was incorporated in 1969, promoted by the Singhal family;
Mr. Satish Kumar and Mr. Vishwas Singhal are the majority
shareholders and directors. The company, which commenced
operations from 1995, trades in a wide range of products,
including timber, plywood, aluminium sheets, and adhesives.


ANJANA EXPLOSIVES: Ind-Ra Suspends B Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anjana
Explosives Limited's (PVN) 'IND B' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  This rating will
now appear as 'IND B(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 AEL.

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.

AEL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR30 mil. fund-based working capital limits: migrated to
      'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'
      from 'IND A4'
   -- INR25 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


AUTOPAL INDUSTRIES: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Autopal
Industries Limited's (AIL) 'IND BB-' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND BB-(suspended)' on the agency's website.

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

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.

AIL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR6.30 mil. term loan: migrated to Long-term 'IND BB-
      (suspended)' from Long-term 'IND BB-'
   -- INR100.0 mil. fund-based working capital limits: migrated
      to Long-term 'IND BB-(suspended)' and Short-term 'IND
      A4+(Suspended)' from Long-term 'IND BB-' and Short-term
      'IND A4+'


AVINASH ISPAT: Ind-Ra Assigns BB- Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Avinash Ispat
Private Limited (AIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect AIPL's moderate scale of operations and
credit metrics.  Key FY16 numbers shared by the management
indicate revenue of INR520.53 mil. (FY15: INR756.43 mil.),
operating EBITDA margin of 2% (1.8%), net financial leverage
(total adjusted net debt/operating EBITDA) of 4.8x (4.7x) and
EBITDA interest coverage (operating EBITDA /gross interest
expenses) of 1.6x (1.1x).

The ratings, however, are supported by AIPL's comfortable
liquidity profile, as evident from less than 55% utilization of
its working capital limits on an average during the 12 months
ended May 2016.  The ratings are further supported by over three
decades of experience of the company's promoters in manufacturing
of mild steel structural items such as channels and joists.

                        RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics could be positive for the ratings.

Negative:  Any deterioration in the profitability and credit
metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, AIPL is engaged in manufacturing of mild
steel structural items,such as channels and joists.  Its
manufacturing facility with an annual installed capacity of
40,000 MT is located at Urla industrial area in Raipur,
Chhattisgarh.

AIPL's ratings:

   -- Long-term Issuer rating: assigned 'IND BB-'/Stable
   -- INR110 mil. fund-based working capital limits: assigned
      'IND BB-'/Stable
   -- INR2.68 mil. long-term loans: assigned 'IND BB-'/Stable


B.N.M. HI-TECH: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
B.N.M. Hi-Tech Agro Industries (BNMHAI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable
   Long Term Loan          45        CRISIL B/Stable
   Proposed Cash
   Credit Limit            15        CRISIL B/Stable

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

BNMHAI, incorporated in 2012 and based in Davangere (Karnataka),
is engaged in milling and processing of paddy into rice. The
company is promoted by Mr. B. N. Shabbir Ahamed.


BHALARA COTTON: Ind-Ra Withdraws IND BB- Rating on INR80MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'Provisional IND BB-'/'Provisional IND A4+' ratings on Bhalara
Cotton Private Limited's (BCPL) proposed INR80 million 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 ratings have been withdrawn as the company did
not proceed with the instrument as envisaged.

MAPPL's outstanding ratings are as follows:

-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable
-- INR170 million fund-based facilities: 'IND BB-'/Stable and
    'IND A4+'


BHARATH AGRO: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR5.00 crore (revised from 3.50 crore)1 cash credit facility
and short term rating of [ICRA]A4  assigned to INR1.70 crore
Letter of credit facility of Bharath Agro Agencies. ICRA has also
reaffirmed the ratings of [ICRA]B+/A4 assigned to the INR0.30
crore (revised from INR1.80 crore) unallocated limits of BAA.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              5.00       [ICRA]B+; reaffirmed
   Letter of Credit         1.70       [ICRA]A4; reaffirmed
   Unallocated Limits       0.30       [ICRA]B+/A4; reaffirmed

The rating reaffirmation is constrained by the thin operating
margin (3.26% in FY2016) of the firm owing to trading nature of
the auto dealership business and high competition from the
various established players in the market although Mahindra and
Mahindra Limited is the market leader in the tractor segment. The
rating is further constrained by the weak financial profile of
the firm as indicated by net margin of 0.55%, gearing of 1.77
times, OPBITDA-to- Interest & Finance Charges of 1.07 times and
Net Cash Accruals-to-Total Debt of 5% as on 31st March, 2016 and
dependence of the tractor sales on the agricultural production
which exposes the industry to agro-climatic risks. The rating
also considers constrained liquidity position of the firm as
indicated by higher average utilization of its working capital
limits. Being a partnership firm, the firm also faces the risk of
capital withdrawal which will ultimately affect the net worth and
hence the firm's capital structure. The ratings, however,
favourably factor in the long standing experience of the
promoters in the tractor dealership business for Mahindra and
Mahindra Limited and their established position in the Kurnool
market with 5 showrooms and 4 dedicated service centers.

Going forward, the ability of the firm to increase the scale of
operations improve its profitability and managing its working
capital requirements effectively will be the key rating
sensitivities.

Bharath Agro Agencies was incorporated as a partnership firm in
2005. The firm is an authorized tractor dealer, spares &
accessories distributor and service provider for Mahindra &
Mahindra Limited. The firm caters to the Kurnool market and
operates through 5 showrooms at Adoni, Dhone, Atmapur,
Nandikotkur and Kurnool and 4 dedicated service centres at all
the centres except Atmapur.

Recent Results
According to provisional FY2016 financials, the firm registered
an operating income of INR34.18 crore and operating profit of
INR1.11 crore as against the operating income of INR40.23 crore
and operating profit of INR1.23 crore in FY2015.


BINARY APPAREL: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Binary Apparel
Park Private Limited (BAPPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. The agency has also assigned
BAPPL's INR120 million term loan a rating of 'IND B+' with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution risks associated with the
nascent stage of BAPPL's sole project, an apparel park comprising
21 industrial plots. The ratings also factor in the project's
distant location as it is located around 150km away from
Bangalore.

The total cost of the project is estimated to be INR327.5
million, which is being funded in a debt/equity/grant ratio of
4:3:3. The financial closure of the project was achieved at end-
September 2015 and the repayment starts from June 2017. Till 30
June 2016, the promoters had infused INR30.4 million (32.4% of
the promoter contribution) into the project, the state government
had released a grant of INR33.9 million (30% of the allotted
grant) and the term loan disbursed by the bank for the project
was INR57.8 million (47.9% of the sanctioned debt).

Of the 21 plots, four have been booked, and BAPPL plans to sell
20%, 50%, 20% and 10% of the saleable land during FY17, FY18,
FY19 and FY20 respectively. Any delay in the sale of plots will
stress the cash flows available for debt servicing.

The ratings, however, benefit from the decade long experience of
the company's promoters in the textile industry, enabling BAPPL
to leverage the promoters' relationships and contacts.

RATING SENSITIVITIES

Negative: Time or cost overruns, stressing cash flows for debt
service can lead to a negative rating action.

Positive: Sales of plots as planned, leading to strong visibility
of cash flows can result in a positive rating action.

COMPANY PROFILE

BAPPL is setting up an apparel manufacturing park in a land
parcel of around 25.42 acres in Baginadu in KR Halli Hobli of
Hiriyur Taluk in Chitradurga District, Karnataka. Around 55% of
the land would be developed into 21 industrial plots which is
planned to be sold while the remaining 45% land would be for
roads and other common infrastructure.


CAPITAL VENTURES: ICRA Suspends 'B' Rating on INR30cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA] B rating assigned to the INR30.00
crore, bank lines of Capital Ventures Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


DHARAMVIR EXPORTS: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dharamvir
Exports Private Limited (DEPL) a Long-Term Issuer Rating of 'IND
B+'.  The Outlook is Stable.  The agency has also assigned DEPL's
INR50 mil. fund-based facilities a Long-term 'IND B+' rating with
Stable Outlook and a Short-term 'IND A4' rating.

                        KEY RATING DRIVERS

The ratings reflect DEPL's small scale of operations, moderate
credit metrics and low profitability.  According to the
provisional financials for FY16, revenue was INR210.35 mil.
(FY15: INR253.71), EBITDA margins were 2.18% (0.46%), net
leverage (total adjusted net debt/operating EBITDAR) was 11.34x
(FY15: 12.51x) and gross interest cover (operating EBITDA/gross
interest expense) was 2.28x (0.33x).

The ratings also reflect the company's comfortable liquidity with
around 37.10% average maximum utilization of the working capital
facilities during the 12 months ended June 2016.

However, the ratings benefit from the over two decades of the
promoter's experience in trading and exporting agro products in
the commodities industry.

                       RATING SENSITIVITIES

Positive: A substantial increase in the revenue with an
improvement in the operating profitability leading to improvement
in the credit metrics will be positive for the ratings.

Negative: A decline in the operating profitability resulting in
deterioration in the overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

DEPL was incorporated in 1995, to export agro products, its
primary exports are Basmati and non-Basmati rice.  It also
exports other agro commodities such as spices, edible oil seeds,
walnuts, dry nuts, and fruit pulp.  It exports to 25 countries
across the European Union, Middle East, Africa and the Far East.
The company is managed by T.S. Ahluwalia and Travinder Kaur.


DURGA MARBLE: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Durga Marble and
Minerals' (DMM) 'IND B+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND B+(suspended)' on the agency's website.  The agency has also
migrated DMM's INR84 mil. fund-based working capital limits to
'IND A4(suspended)' from 'IND A4'.

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 DMM.

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.


ENTERPRISING ENTERPRISES: ICRA Reaffirms B INR29.50cr Loan Rating
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to INR29.50
crore (revised from INR20.00 crore) fund based facilities of
Enterprising Enterprises. ICRA has also reaffirmed the short-term
rating of [ICRA]A4 to INR0.50 crore non-fund based facilities of
EE.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term: Fund-
   Based facilities        29.50      [ICRA]B; reaffirmed

   Short term: Non
   fund based facilities    0.50      [ICRA]A4; reaffirmed

The reaffirmation of the ratings reflect EE's modest scale of
operations; and its weak financial profile characterized by weak
coverage indicators and high working capital intensity owing to
the firm's sizeable inventory holdings. The ratings are also
constrained by the intense competition faced by the firm, both
from domestic as well as international players; the limited value
added nature of the firm's operations leading to depressed
margins; the high geographical concentration of the firm's sales,
with significant exposure to the European and Chinese markets;
and the vulnerability of profit margins to foreign exchange rate
fluctuations. Furthermore, being a partnership firm, any sizeable
withdrawals from its capital account would impact the firm's net
worth which remains a key rating sensitivity.

However, the ratings take comfort from the extensive experience
of the promoters in the granite industry and the strong customer
profile built over four decades of operations as well as the high
quality granite reserves available with the firm and its group
entities.

Enterprising Enterprises (EE) was established as a partnership
firm in 1972 by its founder, Mr. K. Badrinarayanan, the Group
chairman of the Enterprising Group. The Group has an established
presence in the granite quarrying and trading business in India
through EE as well as group entities such as Pooshya Exports
Private Limited and Yak Granite Industries Private Limited. EE is
engaged in quarrying, processing and exporting granite products.
It sources granite from its own quarry located at Kunnam in Tamil
Nadu, as well as from Group companies and other external
entities. The granite is dressed, cut, polished and exported as
dimensional blocks, monuments, slabs, tiles, counter-tops and
cut-to-size pieces, depending on the customers' specifications.
EE is a 100% export oriented unit (EOU), and its products are
exported to markets such as the USA, Germany, China, Japan, the
UK, and Taiwan. EE's factory is located at Chembarambakkam near
Chennai.

Recent Results
For the year ended FY2016, EE achieved a net profit (provisional)
of INR1.0 crore on a total operating income of INR26.0 crore as
compared to net profit of INR1.1 crore on a total operating
income of INR30.0 crore during the previous financial year.


FAMOUS STATIONERY: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Famous
Stationery Private Limited's (FSPL) 'IND B+' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND B+(suspended)' on the agency's
website.  The agency has also migrated FSPL's INR50 mil. fund-
based working capital limits to 'IND B+(suspended)' from 'IND
B+'.

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 FSPL.

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.


GAJRAJ AUTOMOBILES: Ind-Ra Suspends BB- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gajraj
Automobiles Private Limited's (GAPL) 'IND BB-' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.  The agency has also migrated GAPL's INR180 mil. fund-
based working capital limits to 'IND BB-(suspended)' from
'IND BB-'.

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 GAPL.

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.


GLOBARENA TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to B+
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Globarena
Technologies Private Limited's (GTPL) Long-Term Issuer Rating to
'IND B+' from 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The downgrade reflects GTPL's deteriorated credit profile on
further elongation of the net working capital cycle and the
consequent stress on liquidity.  According to the company's FY16
provisional financials, its net working capital cycle
deteriorated to 806 days (FY15:307 days).  This was primarily
driven by delayed receivables from the two universities which
contribute around 75% of GTPL's revenue.  GTPL's revenue declined
to INR259.7 mil. in FY16 (FY15: 414.7 mil.), EBITDA interest
cover (operating EBITDA
  /gross interest expenses ) deteriorated to 1.7x (2.7x) and net
leverage  (Ind-Ra total adjusted net debt/operating EBITDA) to
6.5x (3.4x) due to an increase in debt to INR567 mil. (INR420
mil.); the profitability, however, improved 400 bps yoy to 33.3%
in FY16 (FY15: 29.3%).

The ratings also reflect tight liquidity position of the company
as indicated by the continuous overutilization of its cash credit
facility up to five days during the 12 months ended June 2016.

The ratings continue to be supported by over a decade of
operating experience of the company's founders in IT enabled
learning, examination and assessment solutions.  The ratings are
further supported by GTPL's strong technical know-how and reputed
customer base which includes government/private universities and
institutions.

Ind-Ra notes the management contention of receiving the
outstanding receivables by the end of FY17 which would lead to an
improvement in the credit metrics in FY18.

                       RATING SENSITIVITIES

Positive: Normalization of the collection cycle leading to
improvement in the liquidity and credit profile could lead to a
positive rating action.

Negative: Any delays in collecting the overdue receivables
leading to further tightening of liquidity and deterioration in
the credit profile could lead to a negative rating action.

COMPANY PROFILE

Incorporated in April 2000 by M.P.Chary, GTPL is an IT enabled
service organization which offers a wide range of learning,
examination and assessment solutions.

Around 84.9% of GTPL's shares are held by Charys Investments
Private Limited.

GTPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND B+'/Stable from
      'IND BB-'/Stable
   -- INR 70 mil. fund-based working capital limit: downgraded to
      Long-term 'IND B+'/Stable from 'IND BB-' and Short-term
      'IND A4' from 'IND A4+'
   -- Proposed INR 30 mil. fund-based working capital limit:
      Long-term 'Provisional IND BB-' and Short-term 'Provisional
      IND A4+': ratings withdrawn as the company did not proceed
      with the instrument as envisaged


GS ATWAL: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GS Atwal & Co
(Engineers) Pvt Ltd's (GAPL) 'IND D' Long-Term Issuer Rating to
the suspended category.  The 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 GAPL.

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.

GAPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'
   -- INR80 mil. non-fund-based limits: migrated to Long-
      term/Short-term 'IND D(suspended)' from 'IND D'
   -- INR55 mil. fund-based limits: migrated to Long-term/Short-
      term 'IND D(suspended)' from 'IND D'
   -- INR122.4 mil. Long-term loans: migrated to
      'IND D(suspended)' from 'IND D'


IDEAL ENERGY: Ind-Ra Withdraws 'IND C' Rating on INR11,070MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the 'IND
C(suspended)' rating on Ideal Energy Projects Limited's (IEPL)
INR11,070 million senior project term loans.

The rating has been withdrawn due to the lack of adequate
information. Ind-Ra will no longer provide rating or analytical
coverage for IEPL's term loans.

The agency suspended IEPL's term loan rating on Nov. 2, 2015.


IMPERIAL TUBES: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Imperial Tubes
Pvt Ltd's (ITPL) 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(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 ITPL.

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.

ITPL's Ratings:

   -- Long Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR400 mil. fund-based limits: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR50 mil. non-fund-based limit: migrated to
      'IND A4(suspended)' from 'IND A4'


J.B. COTTON: ICRA Reaffirms B+ Rating on INR4.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR4.00 crore1 cash credit facility, INR1.17 crore term loan
facility and INR0.24 crore unallocated limits of J.B. Cotton.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             4.00        [ICRA]B+ reaffirmed
   Term Loan               1.17        [ICRA]B+ reaffirmed
   Unallocated Limits      0.24        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account JBC's small scale of
operations and weak financial risk profile characterised by thin
profitability margins, adverse capital structure and high working
capital intensive nature of operations. 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 the 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, pressing and
seed crushing industry and the favourable location of the firm's
plant in Saurashtra, Gujarat, giving easy access to raw material.

Established in August 2013, J.B. Cotton (JBC) is involved in
cotton ginning, pressing and cotton seed crushing activities with
its manufacturing facility located at Amreli (Gujarat). It
commenced its commercial operations from February 2015. The plant
is equipped with 24 ginning machines and one pressing machine
with a total input capacity of 12,025 Metric Tonnes Per Annum
(MTPA) and two expellers with a total crushing capacity of 1,520
MTPA. JBC is a partnership firm with the partners having an
extensive experience in the cotton industry.

Recent Results
During FY2015 (2 months of operations), JBC reported an operating
income of INR13.09 crore and profit after tax of INR0.11 crore.
As per provisional financials, the firm reported an operating
income of INR54.94 crore and profit before tax of INR0.15 crore
during FY2016.


JAI BHAVANI: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Bhavani
Furnishing Pvt Ltd's (JBFPL) 'IND BB-' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The 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 JBFPL.

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

JBFPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR80 million fund-based working capital limits: migrated to
    'IND BB-(suspended)' from 'IND BB-'
-- Proposed INR40 million fund-based working capital limits:
    migrated to 'Provisional IND BB-(suspended)' from
    'Provisional IND BB-'


JAI MAAKALI: ICRA Lowers Rating on INR35cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the long-term rating assigned to the INR35.0
crore fund based facilities of Jai Maakali Fish Farms Private
Limited from [ICRA]B  to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   LT-Cash Credit          35.00      [ICRA]D/Downgraded from
   Facilities                         [ICRA]B

The rating downgrade factors in delays in debt servicing with
cash credit limits overutilised beyond 30 days due to liquidity
pressures arising from delays in payments by customers. The
rating also take into consideration weak financial profile of the
company characterised by high gearing of 5.18 times as on March
31, 2016 and weak coverage indicators with interest coverage
ratio of1.30 times, NCA/Debt at 3% for FY2016. The company also
faces intense competition and is exposed to the inherent risks in
the sea-food industry like susceptibility to diseases, climatic
change risks and government policies. The rating takes note of
the experience of promoters in the sea food industry and the
large scale of operations with fish farming spread across 2380
acres.
Going forward, the ability of the company to manage their working
capital requirements and regularly service their debt will remain
a key rating sensitivity from credit perspective.

Jai Maakali Fish Farms Private Limited (JMFFPL) is part of the
Jai Maakali Group of companies based at Tanuku, West Godavari
district. JMFFPL was incorporated in 2003 and is engaged in fish
farming. The company is engaged in cultivation of fish such as
Rohu and Katla in 2380 acres at Pothunuru and Dosapadu villages
in West Godavari District (Andhra Pradesh). The annual production
capacity is around 10000 tonnes.

Recent Results
According to the provisional financials for FY2016, the company
reported a profit after tax of INR0.77 crore on an operating
income of INR59.2 crore as against a profit after tax of INR0.59
crore on an operating income of INR50.3 crore in FY2015.


JAIN VINIMAY: ICRA Assigns B- Rating to INR5.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to INR5.00-crore
Cash Credit limit and a short-term rating of [ICRA]A4  to
INR2.00-crore Letter of Credit of Jain Vinimay Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             5.00       [ICRA]B- assigned
   Letter of Credit        2.00       [ICRA]A4 assigned

The ratings take into consideration small scale of operations of
the company at present, lack of financial flexibility due to high
utilisation of working capital facilities and high client
concentration risk with top two clients accounting for around 90%
of the total sales during FY2015. ICRA, however, notes that the
strong profile of the clientele mitigates the risk of client
concentration to an extent. The ratings were also constrained by
high dependence of the company on creditor funding for working
capital requirement, which has resulted in high total outside
liabilities relative to net worth ratio, which stood at 5.80
times as on March 31, 2015. However, the ratings derive comfort
from significant growth in turnover witnessed during FY2015 owing
to increase in volume off-take and established relationship and
repeat orders from reputed clients which reflect acceptable
product quality. The ratings also take cognizance of the fact
that the entity is one of the few players whose products are
registered with the Research & Design Standard Organisation
(RDSO), which acts as an entry barrier for new companies in the
industry.

JVPL was incorporated in 2004 and the company started its
operation in August 2011. The entity is primarily engaged in the
manufacturing of cold rolled formed (CRF) sections, which cater
to railway wagon makers. The manufacturing facility is located at
Sankrail, West Bengal. The products supplied by JVPL are approved
by RDSO, which is indicative of the product quality and boosts
market acceptance.

Recent Results
During FY2015, JVPL reported a profit after tax (PAT) of INR0.34
crore on an operating income (OI) of INR38.40 crore compared to a
net loss of INR0.57 crore on an OI of INR20.31 crore in FY2014.


JAINEX METALIKS: Ind-Ra Suspends IND B- Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jainex Metaliks
Limited's (JML) 'IND B-' Long-Term Issuer Rating to the suspended
category.  The outlook was Stable.  The rating will now appear as
'IND B-(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 JML.

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.

JML's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR62.5 mil. fund-based loans: migrated to
      'IND B-(suspended)' from 'IND B-'
   -- INR8 mil. non-fund-based loans: migrated to
      'IND A4(suspended)' from 'IND A4'


JEEVANDEEP PRAKASHAN: Ind-Ra Suspends 'IND BB' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jeevandeep
Prakashan Pvt Ltd (JPPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The 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 JPPL.

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.

JPPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR200 million fund-based cash credit limits: migrated to
    Long-term 'IND BB(suspended)' from 'IND BB'
-- INR80 million fund-based stand by line of credit limits:
    migrated to Long-term 'IND BB(suspended)' from 'IND BB'
-- INR70 million fund-based overdraft against property limits:
    migrated to Long-term 'IND BB(suspended)' from 'IND BB'
  -- INR43.8 million term loan: migrated to Long-term 'IND
     BB(suspended)' from 'IND BB'


K PATEL: CRISIL Reaffirms B+ Rating on INR195MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of K Patel Metal
Industries Private Limited (KPMIPL) continue to reflect low
profitability and weak financial risk profile, because of high
gearing and weak debt protection metrics. The weaknesses are
mitigated by the extensive experience of promoters in the copper
winding wires industry, established relationship with customers
and suppliers, and the funding support receives from promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             195      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         55      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KPMIPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
its established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of improvement in
financial risk profile, most likely due to significant increase
in accrual driven by improved revenue and profitability or
further equity infusion by promoters. Conversely, the outlook may
be revised to 'Negative' in case of weak financial risk profile
driven by constrained profitability or stretched working capital
cycle.

Incorporated in 1992, KPMIPL manufactures bare, enamelled, paper-
covered, and fibre-glass-covered copper wires and strips, which
are used as conducting materials in electrical motors,
transformers, and electric pumps. The company is a part of the K
Patel group, which has interests in manufacturing dyes,
chemicals, pigments, copper wires, and phytochemical extractions,
and in construction and real estate. KPMIPL's manufacturing unit
is in Daman.


KAILASH ROOFING: CRISIL Suspends 'B' Rating on INR68MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kailash Roofing Solutions Private Limited (KRSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit             67.5      CRISIL B/Stable
   Letter of Credit       110        CRISIL A4
   Long Term Loan           2.5      CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      68        CRISIL B/Stable

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

Incorporated in 2008, KRSPL manufactures roofing materials. The
company is promoted by Mr. Kishore Singh.


KATHPAL SOLVEX: ICRA Suspends B-/A4 Rating on INR20cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA] B-/A4 ratings assigned to the INR20.00
crore, bank lines of Kathpal Solvex Private Limited.  The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


KBS INDUSTRIES: Ind-Ra Withdraws 'Provisional IND B' Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'Provisional IND B' and 'Provisional IND A4' ratings on KBS
Industries Private Limited's (KBS) proposed INR100 million fund-
based working capital limits. A full list of rating actions is at
the end of this commentary.

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

KBS's outstanding ratings are as follows:

-- Long-Term Issuer Rating: 'IND B'; Outlook Stable
-- INR100 million fund-based working capital limits:  Long-term
    'IND B' and Short-term 'IND A4'
-- INR9.9 million term loan:  Long-term 'IND B'


KLG IMPORTS: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
KLG Imports & Exports (KLG Impex).

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

The suspension of rating is on account of non-cooperation by KLG
Impex with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KLG Impex is
yet to provide adequate information to enable CRISIL to assess
KLG Impex'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 1994, KLG Impex is engaged in imports and exports
of fruits and vegetables.  The firm is based out at Azadpur
Mandi, New Delhi, Delhi. KLG Impex is a part of KLG Group which
was started around 50 years with establishment of Kishal Lal &
Co. The firm mainly deals in commodities like apple,
pomegranates, grapes, tomatoes and onions. It imports mainly
pomegranate from Afganistan and apples from the countries like
China, Chilli and United States of America. It exports onions,
tomatoes and apples to mainly Pakistan and Afganistan.


KRIDHAN INFRA: ICRA Suspends 'D' Rating on INR20.91cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]D/[ICRA]D ratings assigned to the
INR20.91 crore fund based and non-fund based limits of Kridhan
Infra Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


LEVITA GRANITO: CRISIL Assigns B+ Rating to INR208MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Levita Granito LLP (LGL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              208        CRISIL B+/Stable
   Bank Guarantee          25        CRISIL A4
   Cash Credit             90        CRISIL B+/Stable

The ratings reflect exposure to risks related to project
implementation and to timely stabilisation of operations. The
ratings also factor in an expected modest scale of operations in
the highly competitive ceramic tiles industry, and an average
financial risk profile because of debt-funded capital expenditure
on the project. These rating weaknesses are partially offset by
the extensive industry experience of promoters, their committed
fund support, and benefits expected from a favourable location in
Morbi, Gujarat, the hub of the ceramics industry in India.

Outlook: Stable
CRISIL believes LGL 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 timely
implementation of the project and stabilisation of operations,
leading to higher cash accrual during the initial phase. The
outlook may be revised to 'Negative' in case of delayed project
implementation and/or ramp-up in sales and accrual, or sizable
working capital requirement, weakening the financial risk
profile, especially liquidity.

LGL, established in Morbi in 2016, is promoted by Mr. Jayesh
Rangapriya, Mr. Amit Charola, Mr.Vinodbhai Patel, and
Mr.Dineshbhai Loriya. The firmissetting up adouble-charge
vitrified tiles manufacturing facility at Morbi; this is expected
to commence operations by September 2016.


LINUS AGROVENTURES: Ind-Ra Suspends IND BB- LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Linus
Agroventures Pvt. Ltd's (LAPL) 'IND BB-' Long-Term Issuer Rating
to the suspended category.  This rating will now appear as
'IND BB-(suspended)' on the agency's website.  The Outlook was
Stable.

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 LAPL.

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.

LAPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-' (suspended)'
      from 'IND BB-'/Stable
   -- INR120 mil. fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'
   -- INR180 mil. term loan: migrated to 'IND BB-(suspended)'
      from 'IND BB-'


MAHESH DYEING: CRISIL Reaffirms B+ Rating on INR51MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahesh Dyeing
and Printing Mills Private Limited (MDPMPL) continues to reflect
modest scale of operations, exposure to intense competition in
the fragmented dyeing and processing industry, and stretched
working capital cycle leading to average capital structure. These
weaknesses are mitigated by the extensive experience of promoters
in the textile dyeing and processing segment and moderate
operating profitability.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             51       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.8     CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan         47.2     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes MDPMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if higher-than-expected cash
accrual and prudently managed working capital requirement lead to
improved liquidity. Conversely, the outlook may be revised to
'Negative' if cash accrual declines, working capital requirement
increases further, or a large debt-funded capital expenditure
programme, weakens the financial risk profile, particularly
liquidity.

Incorporated in 1997, Surat (Gujarat)-based MDPMPL dyes and
processes fabrics. The company caters mainly to textile players
in Surat. It is promoted by Mr. Nandkishore Rathi and family.


MAHIMA COLD: ICRA Assigns B+ Rating to INR6.43cr Cash Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.53-
crore1 cash credit facilities, INR0.1064-crore non-fund based
bank facility, and INR2.3636-crore unallocated limit of Mahima
Cold Storage Private Limited. ICRA has also assigned a short-term
rating of [ICRA]A4 to the above-mentioned non-fund based bank
facility and unallocated limit of the company, which have been
rated both on long-term and short-term scales.

                             Amount
   Facilities             (INR crore)   Ratings
   ----------             -----------   -------
   Fund Based Limit-
   Cash Credit (Running
   & Maintenance)            1.10      [ICRA]B+ assigned

   Fund Based Limit-
   Cash Credit (Marketing)   6.43      [ICRA]B+ assigned

   Non-Fund Based
   Limit- Bank Guarantee    0.1064     [ICRA]B+/[ICRA]A4 assigned

   Unallocated Limit        2.3636     [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take 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 ratings are 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 the potatoes stored by them in the cold
storage, if potato prices fall to a low level.

The ratings, however, derive support from the established track
record of the company and the promoters' long experience in the
cold-storage business. Besides, the company's cold storage is
located in a region with adequate potato production, which
reduces the occupancy risks.

ICRA has also evaluated the consolidated business risk profile of
Mahima Cold Storage along with its group company Murli Cold
Storage Private Limited (Murli Cold Storage, rated at [ICRA]B+),
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.

Mahima Cold Storage Private Limited (Mahima Cold Storage)
operates a potato cold storage facility in Cooch Behar district
of West Bengal, with the current storage capacity of 149,664
quintal. Incorporated in 2003 by the Kolkata-based Agarwal
family, the company commenced commercial operations in 2004.
Another group company, Murli Cold Storage Private Limited (Murli
Cold Storage) is also engaged in the potato cold storage business
since 1977. The cold storage facility of Murli Cold Storage, with
the current capacity of 241,836 quintal, is located in Hooghly
district of West Bengal.

Recent Results
The company reported a net profit of INR0.11 crore on an
operating income of INR1.85 crore during FY2015, as compared to a
net profit of INR0.05 crore on an operating income of INR1.69
crore in FY2014.


MANGLAM TIMBERS: Ind-Ra Suspends IND B Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Manglam Timbers'
(MT) 'IND B' Long-Term Issuer Rating to the suspended category.
The Outlook was Stable.  This rating will now appear as
'IND B(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 MT.

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.

MT's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
  -- INR17.5 mil. Long-term fund-based limits: migrated to
      'IND B(suspended)' from 'IND B'
   -- INR40 mil. Short-term non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


MULPURI AQUA: Ind-Ra Withdraws 'Provisional IND B' Ratings
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the provisional
ratings on Mulpuri Aqua Processors Private Limited's (MAPPL)
proposed bank facilities as follows:

-- Proposed INR85 million fund-based working capital limits:
    'Provisional IND B'/Stable/'Provisional IND A4'; ratings
    withdrawn
-- Proposed INR200 million term loans: 'Provisional IND
    B'/Stable; rating withdrawn

The provisional ratings have been withdrawn as the company did
not proceed with the instrument as envisaged.

Ind-Ra has maintained the Long-Term Issuer Rating of 'IND B' with
a Stable Outlook on MAPPL.


MUNDHRA CONTAINER: ICRA Withdraws B+ Rating on INR1.0cr Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR1.00
crore cash credit limits and [ICRA]A4 rating assigned to INR1.75
crore bank guarantee limits of Mundhra Container Freight Station
Private Limited which was under notice of withdrawal. The ratings
are withdrawn as the period of notice of withdrawal is completed.


MUPPA PROJECTS: Ind-Ra Suspends IND BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Muppa Projects
India Private Limited's (MPIPL) 'IND BB' Long-Term Issuer Rating
to the suspended category.  The Outlook was Stable.  This rating
will now appear as 'IND BB(suspended)' on the agency's website.
The agency has also migrated MPIPL's INR90.2 mil. term loans to
'IND BB(suspended)' from 'IND BB'.

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 MPIPL.

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.


MYCON CONSTRUCTION: CRISIL Cuts Rating on INR580MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Mycon
Construction Limited (MCL) to 'CRISIL D/CRISIL D' from 'CRISIL
C/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          580       CRISIL D (Downgraded from
                                     'CRISIL A4')


   Overdraft Facility      100       CRISIL D (Downgraded from
                                     'CRISIL C')

   Proposed Long Term       20       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

The rating downgrade reflects MCL's delays in servicing its
debts. There have been several instances of overdraws in the
working capital limits of the company on account of its working
capital intensive operations. There have also been cases of
devolvement of company's non-fund based facilities. The rating
downgrade also reflects MCL's below-average financial risk
profile marked by high gearing and weak debt protection metrics.
The ratings also reflect the geographical and customer
concentration in its revenue profile. These rating weaknesses are
partially offset by MCL's established market position in the
construction business and moderate order book.

MCL was set up as a partnership firm in 1946 by Mr. P C Malpani
in Bengaluru. It was reconstituted as a closely held public
limited company in 1989. The company is engaged in various civil
and structural construction activities for public and private
sector entities in Karnataka, Tamil Nadu, and Odisha.


N V KHAROTE: CRISIL Reaffirms 'D' Rating on INR78.3MM Bank Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of N V Kharote
Constructions Private Limited (NVKCPL) continue to reflect
continuous delays in servicing working capital term loans and
overdrawn cash credit limit; this was due to its weak liquidity.
Liquidity remains weak on account of highly working capital-
intensive operations, driven by stretched receivables.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        78.3       CRISIL D (Reaffirmed)

   Cash Credit           60         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.7       CRISIL D (Reaffirmed)

The company also has a small scale of operations in the highly
competitive civil construction industry, and a weak financial
risk profile. However, it benefits from the extensive industry
experience of its promoters.

NVKCPL, incorporated in 1992 in Pune, executes turnkey water
supply and lift irrigation projects primarily for government
agencies. It specialises in lowering and laying pipes along with
related civil, electrical, and fabrication activities.


NAVNITLAL PRIVATE: Ind-Ra Suspends IND B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navnitlal
Private Limited's (NPL) 'IND B' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND B(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 NPL.

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.

NPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
    from 'IND B'/Stable
-- INR6.7 million long-term loans: migrated to
    'IND B(suspended)' from 'IND B'
-- INR140 million fund-based limits: migrated to 'IND
    B(suspended)' from 'IND B'


PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.20cr Loan
---------------------------------------------------------
ICRA has re-affirmed its ratings on the INR19.20 crore bank
facilities of Para Products Private Limited at [ICRA]B+/[ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              9.20        [ICRA]B+; re-affirmed
   Cash Credit cum
   Letter of Credit        10.00        [ICRA]B+/[ICRA]A4;
                                        re-affirmed

The rating re-affirmation factors in PPPL's healthy client base,
location advantage and the extensive experience of the promoters
in paracetamol manufacturing. On account of its proximity to the
pharmaceutical belt of Uttaranchal, the company benefits from
faster delivery of paracetamol than its competitors. The ratings
also favourably factor in exports to African countries, which
will support the growth in operating income and improvement in
realisations. The ratings, however, remain constrained by the
company's modest scale of operations, which have declined in
FY2016, stretched capital structure, high working capital
intensity and weak coverage indicators. Moreover, the top-line
remains driven by a single product -- paracetamol -- a
commoditised product characterised by low operating margins and
limited pricing flexibility. Furthermore, the company's
profitability remains vulnerable to raw material price
fluctuations and adverse movements in exchange rates, given its
high dependence on imports and the commencement of exports.
Going forward, the company's ability to continue its revenue
growth, maintain its margins and attain an optimal working
capital intensity, will remain the key rating sensitivities.

Recent Results
In FY2015, PPPL reported an operating income (OI) of INR53.6
crore and a profit after tax (PAT) of INR0.6 crore, as against an
OI of INR52.2 crore and a PAT of INR0.6 crore in the previous
year. As per the provisional financials in FY2016, PPPL reported
an OI of INR47.7 crore and a PAT of INR0.5 crore.

PPPL is a part of the Globus Pharmachem Group, based in
Ghaziabad, Uttar Pradesh. The company is engaged in manufacturing
bulk drugs. The company has manufacturing capacities for 4,800
Tonnes Per Annum (TPA) of paracetamol. Globus Pharmachem,
formerly known as Goyal Group of Industries, is engaged in
manufacturing dye intermediates, plasticisers, industrial
chemicals and pharmaceuticals (paracetamol, diclofenac,
chlorzoxazone, chlorinated paraffin wax, vinyl sulphone ester,
acetanilide anhydride, aceclofenac and nimesulide).


POLYSPIN EXPORTS: CRISIL Cuts Rating on INR63.5MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Polyspin Exports Limited (PEL) to 'CRISIL B+/Stable/CRISIL A4'
from CRISIL BB-/Stable/CRISIL A4+.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit     107.2      CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             63.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Foreign Bill            82.0      CRISIL A4 (Downgraded from
   Discounting                       'CRISIL A4+')

   Inland/Import            8.5      CRISIL A4 (Downgraded from
   Letter of Credit                  'CRISIL A4+')

   Packing Credit          62.5      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Short Term Bank         55.0      CRISIL A4 (Downgraded from
   Facility                          'CRISIL A4+')

   Term Loan              119.4      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The ratings downgrade reflect marginal deterioration in PEL's
business risk profile marked by decline in scale of operations
and operating profitability. The scale of operations of the
company has dipped to INR1.3 billion in 2015-16 (refers to the
financial year, April 1 to March 31) from INR1.4 billion a year
earlier. The operating profitability has also dipped to 7.6
percent in 2015-16 from 8.3 percent in 2014-15.

PEL's financial risk profile is marked by moderate debt
protection metrics and aggressive capital structure. The
company's net worth and gearing were at around INR175 million and
2.95 times, respectively, as on March 31, 2016 primarily because
of working-capital-intensive operations. The company's gross
current assets (GCA) has also increased to 119 days as on
March 31, 2016 from around 92 days a year earlier, thereby
leading to high reliance on debt to meet its working capital
requirements. The company has moderate debt protection metrics,
with interest coverage and net cash accruals total debt ratios of
2.35 times and 9 percent, respectively, for 2015-16.

The ratings continues to reflect its modest scale- and working
capital intensive nature- of operations in intensely competitive
packaging industry. The ratings also reflect its moderate
financial risk profile marked by high gearing, moderate networth
and moderate debt protection metrics. These rating weaknesses are
partially offset by extensive experience of PEL's promoters in
the polypropylene (PP) products segment.

Outlook: Stable
CRISIL believes that PEL will continue to benefit over the medium
term from its established track record in the packaging industry.
The outlook may be revised to 'Positive' if the company increases
its revenue and profitability considerably, thereby improving its
cash accruals and liquidity. Conversely, the outlook may be
revised to 'Negative' if PEL's financial risk profile weakens
because of low cash accruals, sizeable working capital
requirements, or large debt-funded capital expenditure.

PEL, incorporated in 1991, manufactures and exports PP-based
products and spun cotton yarn. The company's day-to-day
operations are managed by its joint managing director, Mr. R
Ramji.


RD CLEANTECH: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RD CleanTech Pvt
Ltd's (RDCPL) 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website. The agency has also
migrated RDCPL's INR75 million term loan to 'IND BB(suspended)'
from 'IND BB'.

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 RDCPL.

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.


RENAATUS PROCON: CRISIL Reaffirms B Rating on INR98MM LT Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Renaatus Procon Private
Limited (RPPL) continue to reflect RPPL's small scale of
operations in the highly competitive construction materials
industry and its below-average financial risk profile, marked by
highly leveraged capital structure. These weaknesses are
partially offset by the extensive industry experience of its
promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            28.4       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         98.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.6       CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes RPPL will continue to benefit from the extensive
industry experience of its promoters and their continued need-
based funding support. The outlook may be revised to 'Positive'
if increase in cash accrual improves the financial risk profile.
The outlook may be revised to 'Negative' if decline in cash
accrual, or inefficient working capital management, or large
debt-funded capital expenditure weakens the financial risk
profile.

Update
For Fiscal 2016, operating income is estimated at around Rs 180
million, a year-on-year growth of around 24% backed by steady
orders from an established client base. However, operating margin
has declined to around 22.3 percent from 26.7 percent in Fiscal
2015 on account of volatile raw material prices and intense
competition. CRISIL believes business performance will improve
moderately over the medium term, supported by steady sales and
capacity expansion.

The financial risk profile remains subdued because of a small
networth and high gearing of around Rs 50 million and 2.9 times,
respectively, as on March 31, 2016. Debt protection metrics were
average, with interest coverage ratio of 2.1 times in Fiscal
2016. The financial risk profile is expected to improve driven by
steady accretion to reserves over the medium term.

Liquidity will remain adequate, with estimated annual cash
accrual of Rs 30-35 million over the medium term, against debt
obligation of Rs 17 million each in Fiscals 2017 and 2018. Bank
line utilisation was high, averaging 95 percent for the 12 months
through March 2016.However, liquidity is comforted by need-based
funding support from promoters, which has remained around Rs 16
million as on March 31, 2016.

Established in 2011, RPPL manufactures aerated autoclaved
concrete (AAC) blocks. The company is based in Erode (Tamil Nadu)
and its daily operations are managed by Mr Selvasundaram and his
family members.


SAKTHI SPINTEX: ICRA Suspends 'D' Rating on INR6.78cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]D  assigned to
the INR6.78 crore term loan facilities, INR3.00 crore fund based
facilities and INR3.42 crore proposed facilities of Sakthi
Spintex Private Limited. ICRA has also suspended the short term
rating of [ICRA]D assigned to INR2.65 crore non-fund based
facilities of the Company. 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.


SANTOSHI LEATHER: ICRA Assigns B/A4 Rating to INR1.0cr Loan
-----------------------------------------------------------
ICRA has assigned a short term rating of [ICRA]A4 to the INR6.00
crore foreign bills discount facility of Santoshi Leather Works.
The foreign bills discount facility include sub-limit of INR3.00
crore towards packing credit facility for which ICRA has assigned
the short term rating of [ICRA]A4. ICRA has also assigned [ICRA]B
and [ICRA]A4 ratings to the INR1.00 crore unallocated limits of
SLW.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Foreign Bills
   Discount                 6.00        [ICRA]A4 assigned

   Fund Based Limit
   Packing Credit          (3.00)       [ICRA]A4 assigned

   Untied limits            1.00        [ICRA]B/[ICRA]A4 assigned

Rating Rationale
The assigned ratings take into account SLW's small scale of
current operations and its weak financial profile as reflected by
low profits and cash accruals and a leveraged capital structure,
leading to weak coverage indicators. The ratings continue to
remain constrained by the high client concentration risks with
SLW supplying to only around 5-6 customers at present. Besides a
highly-competitive leather gloves manufacturing business leading
to low bargaining power with established clients, restricting the
pricing flexibility for small players like SLW. The ratings also
consider SLW's exposure to exchange fluctuations risks and a high
working capital intensity of operations, which adversely impact
liquidity.

The ratings, however, derive comfort from the vast experience of
the proprietor in the industrial leather gloves industry for
around three decades and regular orders from its established
client base, which reflect acceptable product quality of SLW. In
ICRA's opinion, the ability of the company to manage its working
capital requirements while scaling up operations and improving
profitability, will be the key rating sensitivities, going
forward.

Established in 1989 as a proprietorship firm, Santoshi Leather
Works (SLW) primarily manufactures industrial leather gloves. The
proprietor, Mr. Swapan Kr. Ghosh, has been in the same line of
business for around three decades. The manufacturing facility of
the firm is located at Beliaghata, Kolkata and it has a capacity
to manufacture around 6000 pairs of leather gloves daily. SLW is
recognized as a "Star Export House" by the Government of India.

Recent Results
During 2015-16, SLW posted an operating income of INR12.62 crore
(provisional). The company reported a net profit of INR0.28 crore
on an operating income of INR12.75 crore in 2014-15.


SATVA INFRATECH: ICRA Suspends B+ Rating on INR12.50cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ to INR12.50
crore long term fund based limits of Satva Infratech Pvt. Ltd.
(SIPL). ICRA has also suspended [ICRA]B+ to the INR7.50 crore
unallocated limits of SIPL. 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.


SHAH GROUP: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shah Group
Builders Limited's (SGBL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The ratings were on Rating Watch Negative.
The rating will now appear as 'IND BB(suspended)' on the agency's
website. The agency has also migrated the 'IND BB' rating on
SGBL's INR1,350 million term loans to 'IND BB(suspended)'.

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 SGBL.

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.


SOUTHERN POWER: ICRA Assigns B- Rating to INR3.0cr LT Loan
----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR3.38
crore long-term fund based facilities and a short-term rating of
[ICRA]A4 to the INR6.62 crore short-term non fund based
facilities of Southern Power Equipment Company Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term-Fund
   Based Term Loan          0.38        [ICRA]B- Assigned

   Long-Term Fund
   Based Cash Credit        3.00        [ICRA]B- Assigned

   Short-Term Non
   Fund Based Limit         6.62        [ICRA]A4 Assigned

Rating Rationale
The assigned ratings are constrained by the weak financial risk
profile of the company characterized by decline in turnover by
~24% in FY16 along with net losses and weak debt coverage
indicators. The ratings also consider the limited revenue
visibility on account of the low order book position of INR18.28
crore as on April 01, 2016, which is 0.77 times the operating
income of FY2016. The ratings also factor in high working capital
intensity of the company owing to high inventory holding due to
delays in inspections by the clients, and deterioration in
debtors' profile on account of payment delays by the state power
utilities and private clients.

The ratings, however, positively factor in the extensive
experience of the promoters in the field of transformer
manufacturing for over thirty five years and the reputed customer
profile of the company comprising government entities such as
Tamil Nadu Electricity Board and Karnataka Power Transmission
Corporation Limited. Further, the ratings take into consideration
the high net worth base of the company on account of internal
accruals for the past three decades. The ratings also take into
account the limited exposure of the company to raw material price
fluctuation as almost all orders are subject to Price Variation
clause as per IEEMA (Indian Electrical and Electronics
Manufacturers Association) guidelines.

Going forward, the company's ability to scale up business by
successfully bidding for tenders given the competitive
environment, improve its profitability and effectively manage its
working capital requirements will be the key rating
sensitivities.

Southern Power Equipment Company Private Limited ("SPEC"/ the
company) was established in the year 1988 as a closely held
private limited company under the name 'Deccan Transformers
Private Limited' which was changed to the present name in 2001.
The company is based out of Yeshwanthpur, Bangalore. SPEC is
primarily involved in the manufacturing of distribution
transformers and power transformers. The company is a member of
'Indian Electrical Electronics Manufacturers Association',
'Indian Transformers Manufacturers Association' and 'Karnataka
Transformers Manufacturers Association'. It is an ISO 9001:2000
certified company.

Recent Results
During 2015-16 (as per provisional results), the company reported
a net loss of INR1.84 crore on an operating income of INR23.74
crore as against an operating income and a net loss of INR31.20
and INR0.37 crore respectively in 2014-15.


SRI RAGHURAMACHANDRA: CRISIL Reaffirms B+ Rating on INR43MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Raghuramachandra
Rice Industries (SRRI) continue to reflect reflects SRRI's weak
financial risk profile, marked by modest net worth and high
gearing, modest scale of operations, and exposure to intense
competition in the rice milling industry. These rating weaknesses
are partially offset by the extensive experience of SRRI's
proprietor in the rice milling business.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Cash Credit             43      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          11      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

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

Update
SRRI's revenue have remained stable at around INR200 million in
2014-15. Going forward, CRISIL believes that the revenues of the
company will grow at a moderate pace over the medium term.
SRRI's working capital requirements continue to be stable marked
by GCA's of 95 days as on 31st March 2015 driven by the moderate
inventory levels at 66 days as on March 31, 2015. SRRI's
liquidity remains moderate by utilization of the bank lines at 84
per cent through the 12 months ending March 2016. SRRI's
improvement in the scale of operations and sustenance of its
operating profitability will remain key rating sensitivity
factors affecting the accretion to reserves and thus the
liquidity and financial profiles.

SRRI's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
SRRI's gearing stood at 3.49 times as on March 31, 2015 and is
expected to remain at similar levels on account of low accretion
to reserves. SRRI's working capital management, along with
capital expenditure plans and their funding thereof will remain
key rating sensitivity factors affecting the financial profile
over the medium term.

Set up in 2011 as a proprietorship firm, SRRI mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. A. Raghuram and is based out of Raichur
(Karnataka).


SRI SRINIVASA: ICRA Reaffirms B+ Rating on INR6.25cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
INR6.25 crore fund based limits of Sri Srinivasa Rice Mill
(Mahendrawada). ICRA has also reaffirmed the rating of [ICRA]B+
assigned to INR3.75 crore unallocated limits of SSRM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits        6.25        [ICRA]B+ re-affirmed
   Unallocated limits       3.75        [ICRA]B+ re-affirmed

The reaffirmation of rating continues to be constrained by SSRM's
small scale of operation in rice milling industry with decline in
revenues from INR32.79 crore in FY2015 to INR30.03 crore in
FY2016 on account of change in government policy on levy rice,
its weak financial profile characterized by low profitability
indicators; and risks arising from partnership nature of the
firm. The rating is further constrained by intensive competitive
nature of the rice milling industry restricting operating margins
and agro climatic risks, which can affect the availability of the
paddy in adverse weather conditions. ICRA notes that the
reduction in levy has resulted in greater supplies to the open
market, which has adversely affected the price realizations for
the firm. The rating is however supported by the long track
record of the promoters in the rice mill business and ease in
paddy procurement due to plant location in major paddy
cultivating region of the country. Further, favorable demand
prospects of the industry with India being the second largest
producer and consumer of rice internationally augurs well for the
firm.

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

Founded in the year 1978 as a partnership firm, Sri Srinivasa
Rice Mill (Mahendrawada) (SSRM) is engaged in the milling of
paddy and produces raw and boiled rice. The firm is promoted by
Mr. T. Sathi Reddy and his family who have more than 25 years of
experience in rice industry. The rice mill is located at
Mahendrawada village in East Godavari district of Andhra Pradesh
with an installed capacity to mill 55800 metric tons of paddy per
annum.

Recent Results
SSRM has reported an operating income of INR32.79 crore and net
profit of 0.32 crore respectively in FY2015 as against an
operating income and net profit of INR30.03 crore and INR0.21
crore in FY2016 (provisional and unaudited).


SRI VENKATRAMA: CRISIL Reaffirms 'B' Rating on INR200MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Venkatrama Agro Tech (SVRAT) reflects SVRAT's below-average
financial risk profile marked by high gearing and weak debt
protection metrics, and the susceptibility of its operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
SVRAT's promoters in the rice-milling industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SVRAT will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
and sustained increase in the firm's revenue and profitability
resulting in improved cash accruals, or substantial capital
infusion by its promoters, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
SVRAT's cash accruals are lower than expected, or if it contracts
considerable debt to fund its working capital requirements or
capital expenditure, leading to deterioration of its financial
risk profile.

Set up in 2011, SVRAT mills and processes paddy into rice, rice
bran, broken rice, and husk. The firm is promoted by Mr. Padmakar
Choudary and his family members.


STALWART TECHNIK: CRISIL Assigns B+ Rating to INR14MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Stalwart Technik Private Limited (STPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               14       CRISIL B+/Stable
   Cash Credit              6       CRISIL B+/Stable
   Packing Credit          40       CRISIL A4

The ratings reflect the company's modest scale through improving
and working capital-intensive, operations in the competitive
stainless steel utensils industry and average financial risk
profile because of small networth and moderate debt protection
metrics. These weaknesses are partially offset by extensive
experience of promoters and their funding support, and improving
profitability, which is expected to continue to increase over the
medium term.

For arriving at the ratings, unsecured loans from promoters have
been treated as neither debt nor equity as they are expected to
remain in business over the medium term.


Outlook: Stable
CRISIL believes STPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if substantial improvement in scale
of operations and profitability due to enhanced capacity leads to
higher-than-expected cash accrual and better liquidity. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, or sizeable working capital requirement or debt-funded
capital expenditure puts pressure on liquidity.

Incorporated on December 10, 2007, and promoted by Mr. Rajiv
Khosla and his family members, STPL manufactures and exports
stylish stainless steel kitchenware. Operations are managed by
Mr. Rajiv Khosla and his son, Mr. Raghav Khosla.


SUN-SHINE FOOD: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed its long rating of [ICRA]B+ on the INR9.00
crore cash credit facility of Sun-Shine Food Products.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              9.00        [ICRA]B+; reaffirmed

In arriving at the rating, ICRA has taken a consolidated view of
the group concerns namely, SSFP and Navhari Food Products (P)
Limited (NFPPL - rated [ICRA]B+), as both the entities are in the
same line of business and have common promoters, customers.
The rating reaffirmation takes into account the relatively modest
scale of operations of the firm, albeit the 16% (year-on-year)
increase in its operating income on a provisional basis during
FY2016. The rating continues to be constrained by the firm'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 moderate working capital intensity of
operations. . The rating also considers the exposure of the
firm's profitability to any adverse fluctuations in raw material
prices and the risk of capital withdrawal associated with a
partnership firm. However, the rating favourably takes into
account the extensive experience and the long track record of the
promoters in the snacks (namkeen) industry and the firm's strong
regional presence in and around areas of Bikaner.

The firm'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.

Sun-Shine Food Products (SSFP) was established in 1990 to
manufacture traditional Indian snacks i.e. namkeen. The firm is
located in Bikaner, Rajasthan and has three partners -- Mr. Hari
Ram Agarwal, Mr. Jai Prakash Agarwal and Ms. Lalita Agarwal. The
promoters are also associated with another group concern, Navhari
Food Products Private Limited (NFPPL) which was established in
1996 to manufacture traditional Indian sweets. The group sells
its products under the brand name, Bhikharam Chandmal.

NFPPL was established in 1996 to manufacture traditional Indian
sweets. The company is located at Bikaner and has two directors,
Mr. Hari Ram Agarwal and Mr. Madan Agarwal. It sells its products
under the brand Bhikharam Chandmal.

Recent Results In FY2016, SSFP recorded a net profit of INR0.56
crore on an operating income (OI) of INR51.79 crore, as against a
net profit of INR0.50 crore on an OI of INR44.60 crore in the
previous year.


TIRUPATI AGENCIES: CRISIL Reaffirms B- Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL ratings continue to reflect Tirupati Agencies Private
Limited (TAPL's) small scale of operations and large working
capital requirement leading to stretched liquidity. These
weaknesses are partially offset by the extensive experience of
the promoters in the roller bearing trading business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          6        CRISIL A4 (Reaffirmed)
   Cash Credit            70        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TAPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company reports a substantial and sustained
increase in its scale of operations and accrual along with
improved working capital management leading to an improvement in
the financial risk profile, particularly liquidity. The outlook
may be revised to 'Negative' if low cash accrual, or further
stretch in working capital management, or large debt-funded
capital expenditure weakens the financial risk profile.

TAPL, incorporated in 1981, trades in roller ball bearings of odd
sizes. The company currently has four warehouses, one in Kolkata
and the others in Mumbai. TAPL's day to day operations are looked
after by its promoter-director Mr. Chandra Kant Khemka.


TRIDEV RESINS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tridev Resins
Private Limited's (TRPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The 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 TRPL.

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.

SCPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR45 million fund-based foreign bill discounting: migrated
    to 'IND BB(suspended)' from 'IND BB'
-- INR20 million non-fund-based letter of credit: migrated to
    'IND A4+(suspended)' from 'IND A4+'
-- INR2 million non-fund-based bank guarantee: migrated to 'IND
    A4+(suspended)' from 'IND A4+'
-- INR1 million non-fund-based forward contract limits: migrated
    to 'IND A4+(suspended)' from 'IND A4+'
-- INR20 million cash credit limits: migrated to 'IND
    BB(suspended)' from 'IND BB'


TULIP ATTIRE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tulip Attire
Private Limited's (TAPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website. The agency
has also migrated TAPL's INR340 million fund-based limits to 'IND
BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND A4+'.

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 TAPL.

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


U R AGROFRESH: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned U R Agrofresh
Private Limited (UR Agro) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable. The agency has also assigned UR Agro's
INR75m term loans an 'IND B' rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect UR Agro's nascent stage of operations as the
company hasn't yet started commercial operations at its plant. UR
Agro took over the gherkins processing plant from IFG Innovative
Foods Private Limited in March 2016 for total purchase
consideration of INR81 million. The promoters have brought in
INR25m in the form of equity to support the company's liquidity.

UR Agro is likely to start operations at its plant in 2QFY17 as
this is the harvest season for gherkins.

The ratings, however, are supported by the promoters' operating
experience of more than two decades in the food processing
industry. The ratings are further supported by one year
moratorium as repayment of term loans will start from March 2017.

RATING SENSITIVITIES

Positive: Timely completion of the project in line with the
project cost outlay with generation of revenue as expected by
management could be positive for the ratings

Negative: Any time or cost overrun could be negative for the
ratings.

COMPANY PROFILE

U R Agrofresh, started in 2009, processes and exports semi-
processed gherkins in barrels.


V-CHEM: ICRA Suspends 'B/A5' Rating on INR14.49cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA]B and the [ICRA]A4 ratings assigned
to the INR14.49 crore limits of V-Chem. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

V-Chem was established as a partnership firm in 2010 to
manufacture 4-CAP (4 Chloro 2 amino phenol), which was
discontinued in April 2013. The firm currently manufactures PAP
(Para Amino Phenol) which is the key raw material for
manufacturing paracetamol. The manufacturing unit located in
Jhagadia, Gujarat has a production capacity of 180 MT per month.


VASTUSHREE DEVELOPERS: CRISIL Suspends D Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Vastushree Developers (VD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               100       CRISIL D

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

VD was set up in 2001 by Mr. Abhijeet Keshav Bhujbal, Ms. Sarika
Abhijit Bhujbal, Mr. Mahesh Ashok Mathwad, Mr. Kishore Ashok
Mathwad, and Mr. Rakesh Ashok Mathwad. The firm is developing a
real estate property, Vastushree Adrina, in Pune (Maharashtra).



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


SHARP CORP: Adapts to Hon Hai Style While Awaiting Rescue
---------------------------------------------------------
Nikkei Asia Review reports that Sharp Corp. is moving ahead with
structural changes to prepare for a business turnaround under Hon
Hai Precision Industry, but protracted anti-trust screening in
China is holding up much-awaited rescue funds from the Taiwanese
white knight.

A reorganization blueprint announced by the Japanese electronics
maker is aimed at making its operations better suited to the
sponsor's strict cost management regime, Nikkei relates.

According to Nikkei, the changes involve incorporating the cloud
service promotion center, an organization under Sharp's consumer
electronics in-house company, into the communication systems
division.

Staffed with 200 to 300 people, the center has been promoting
"internet of things" and artificial intelligence technologies in
the company's consumer electronics, says Nikkei.  An example is
an electric oven that utilizes cloud computing and AI
technologies. The product, launched July 6, allows users to
decide recipes and select ideal meal-cooking settings by simply
conversing with it, according to Nikkei.

Nikkei relates that horizontal organizations, like the cloud
service promotion center, offer various merits by producing
synergies that are not possible if individual sections just
focused on their own turf. But Hon Hai, which operates under the
Foxconn name, dislikes structures that make numerical results
harder to see.

Thus a strategic organization designed to tap technological
strengths across different segments will disappear to please the
sponsor, Nikkei notes.

According to the report, the blueprint also incorporates
marketing operations in Japan and Asia, as well as the corporate
business division, into the white goods business of the consumer
electronics company. Because those operations also handle
televisions and other products outside the white goods category,
the move will create some inconsistencies, says Nikkei. Future
restructuring steps will also bring the two companies' suitable
human resources and technologies to separate business segments,
the report adds.

                        About Sharp Corp.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.  More than ever, the Japanese electronics
maker is banking on Hon Hai Precision Industry, its soon-to-be
owner, to turn around its fortunes, Nikkei said.  According to
Nikkei, Sharp announced on May 12 that its group net
loss came in at JPY255.9 billion ($2.35 billion) for the year
ended in March. The figure is wider than the previous fiscal
year's JPY222.3 billion group net loss. The company's display
panel business and consumer electronics business in particular
sunk the company deeper into its hole.  Heavy extraordinary
losses also damaged the overall result. The operating loss came
in at JPY161.9 billion, narrower than the JPY170 billion that
Sharp had forecast.

The company's net worth now stands at minus JPY31.2 billion, with
a capital to asset ratio at minus 2.7%. However, fresh funding
from Taiwan's Hon Hai, once the takeover is completed, is
expected to bring the Japanese electronics giant's net worth back
above zero, Nikkei noted.

On May 17, 2016, S&P Global Ratings said it has raised its long-
term corporate credit rating on Sharp Corp. to 'CCC+' from 'CCC'.
S&P kept the rating on CreditWatch with positive implications.
S&P also maintained its 'C' short-term corporate credit and
commercial paper program ratings and S&P's 'CCC+' long-term
senior unsecured debt rating on Sharp on CreditWatch positive.
At the same time, S&P also raised its long-term corporate credit
rating on overseas Sharp subsidiary Sharp International Finance
(U.K.) PLC. to 'CCC+' from 'CCC', kept the rating on CreditWatch
positive, and kept S&P's 'C' short-term corporate credit and
commercial paper program ratings on the subsidiary on CreditWatch
positive.

The upgrade reflects more clear confirmation that Sharp's
creditor banks intend to maintain their supportive stance toward
the company, as borne out by agreements Sharp has updated on
existing syndicated loans.  The updated agreements include lower
interest rates and longer repayment dates.  S&P continues to
place its ratings on Sharp on CreditWatch with positive
implications because Sharp's financial base is likely to improve
as a result of a capital injection from Taiwan's Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--) and a degree of
stabilization of Sharp's LCD business within the Hon Hai group.

S&P revised to positive from negative the CreditWatch
implications on its rating on Sharp on March 31, 2016, following
the company's announcement on March 30, 2016, that it will issue
new shares through third-party allocations totaling JPY388.8
billion to Hon Hai and its group companies by Oct. 5, 2016.  Hon
Hai also announced it would acquire Sharp's shares.

The TCR-AP reported on April 15, 2016, that Egan-Jones Ratings
Company lowered the foreign currency senior unsecured rating on
debt issued by Sharp Corp. Japan to CCC+ from B- on March 30,
2016.


SOFTBANK GROUP: S&P Affirms 'BB+' CCR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB+' long-term
corporate credit and senior unsecured debt ratings on SoftBank
Group Corp. after the Japan-based telecommunications and Internet
company said that it will acquire leading U.K.-based
semiconductor designer ARM Holdings PLC for about JPY3.3
trillion. The rating outlook on SoftBank remains stable.

Despite S&P's view that the proposed acquisition would be
slightly negative for its assessment of SoftBank's business risk
profile, S&P affirmed the ratings because it believes the
acquisition's impact would be within the tolerances for S&P's
current assessment.  This is because the new business would make
only a small contribution to SoftBank's consolidated EBITDA for
the near term.  Meanwhile, the semiconductor business carries a
higher risk of earnings volatility than telecommunications, in
S&P's view.  S&P's affirmation of the ratings on SoftBank also
incorporates its plan to finance most of the huge deal with
proceeds from asset sales, which would somewhat ease the burden
on the company's financial standing.

ARM is a highly profitable company, with an operating profit
margin topping 40% thanks to its monopolistic hold on the global
market for designing semiconductors for smartphones.  It does not
have any manufacturing facilities but rather licenses its designs
to major semiconductor makers around the world.  This allows it
to better secure stable profits compared with companies that
engage in both the manufacture and sale of semiconductors.
However, the semiconductor business carries higher business risk
than telecommunications, which brings in stable revenues from
subscribers, because of sizable swings in earnings stemming from
high market volatility and rapid technological innovations.
Also, SoftBank may find it difficult in the near term to reap
additional benefits from the proposed acquisition because ARM's
domain largely differs from SoftBank's existing businesses, in
S&P's view.  S&P also questions whether SoftBank can successfully
integrate the highly volatile semiconductor business into its
group and operate it in a unified manner.  Nevertheless, the
planned acquisition will have a limited impact on SoftBank's
business profile, in S&P's view; ARM's profits would account for
only about 5% of SoftBank's consolidated EBITDA for the next two
to three years.  S&P's assessment of SoftBank's business risk
profile also incorporates S&P's view that:

   -- The company's domestic telecommunications and Internet
      businesses generate stable EBITDA and are highly
      profitable;

   -- U.S. subsidiary Sprint Corp. has low profitability and a
      weak position in the highly competitive U.S telecom market;
      and

   -- SoftBank's growth strategy is very aggressive.

Accordingly, S&P's assessment of SoftBank's business risk profile
as satisfactory is likely to remain unchanged even after the
planned acquisition of ARM.

To finance the approximately JPY3.3 trillion deal, SoftBank plans
to use the JPY2.3 trillion it would raise primarily by selling
assets.  Of the JPY2.3 trillion, it monetized part of its stake
in Alibaba Group Holding Ltd. in June and plans to sell all of
its shares in Supercell Oy for a total of nearly JPY2 trillion in
cash.  Because the amount of proceeds from these asset sales
slightly exceeded S&P's assumption, it believed SoftBank had
built up extra capacity for future acquisitions and investments.
S&P estimates the post-acquisition ratio of debt to EBITDA
(adjusted and consolidated, excluding captive finance operations)
will stand at about 4.6x compared with 4.1x as of end-March 2016.
The estimated post-acquisition ratio, as well as other key
financial indicators that would deteriorate, is within the
tolerances for S&P's current assessment of its financial risk
profile.  However, the ARM deal is occurring earlier and is
larger than S&P assumed, and comes after SoftBank's February
announcement of a JPY500 billion share buyback plan.  These
factors have strengthened S&P's view that SoftBank's growth and
financial strategies are very aggressive.  S&P's assessment of
SoftBank's financial risk profile also reflects:

   -- A heavy debt burden due to huge acquisition and investment
      costs and Sprint's weak cash flow; and

   -- Continued pressure on SoftBank's free operating cash flow
      (FOCF) in the next one to two years as a result of the
      group's continued high capital expenditures and weak
      performance of the U.S. operations.

Accordingly, S&P continues to assess SoftBank's financial risk
profile as aggressive.

S&P haven't substantially changed its base-case scenario for
SoftBank because the planned acquisition is unlikely to affect
the company's telecommunications business or FOCF.  However, S&P
expects post-acquisition debt to EBITDA to hover in the mid-4x
range because SoftBank will allocate a large amount of cash on
hand, including proceeds from asset sales, to the acquisition.

The planned acquisition will not affect S&P's assessment of
SoftBank's liquidity.  Therefore, S&P continues to assess
SoftBank's liquidity as adequate and expect its liquidity sources
to reach about 1.2x its uses over the next 12 months.

The stable outlook reflects S&P's expectation that profits from
the company's domestic mobile communications and Internet
businesses will likely grow steadily, leading to continued
positive FOCF in its domestic telecommunications business.  S&P
believes this will ease the negative impact deficits in FOCF at
Sprint will have on the company's key consolidated financial
indicators, as well as temper the high risk of volatile earnings
from the semiconductor business.  By funding most of the planned
ARM acquisition through asset sales, SoftBank will soften the
financial burden stemming from the deal.  Nevertheless, S&P
considers SoftBank's financial policy and its maintenance of
adequate liquidity as key factors in S&P's analysis, particularly
because it faces a mountain of debt that matures by year-end.

S&P would downgrade SoftBank if debt to EBITDA sustainably
exceeded 5x.  This could result from another large acquisition or
aggressive investments in pursuit of growth; or steeper-than-
expected weakening of FOCF at Sprint.  A downgrade is also likely
if competitive conditions in the domestic market deteriorate
significantly, materially eroding the group's consolidated
profitability.

"We think an upgrade is unlikely in the near term, given the
addition of the highly volatile semiconductor business to
SoftBank's business mix; Sprint's gradually improving but still
weak operating performance; and SoftBank's strong appetite for
growth.  Nonetheless, we would consider raising our rating on
SoftBank if it improved its financial standing materially and
sustainably while significantly reducing the group's (including
Sprint) debt.  For instance, an upgrade would be contingent on
debt to EBITDA decreasing to below 4.0x on a sustainable basis
even after incorporating the possibility of more acquisitions or
investments for growth," S&P said.



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


1MBD: Malaysia Pledges to Cooperate as U.S. Seeks to Seize Assets
-----------------------------------------------------------------
Niluksi Koswanage at Bloomberg News reports that Malaysia's
government said it will cooperate with lawful investigations of
local companies or its citizens, as U.S. prosecutors seek to
seize $1 billion in assets they say are linked to a fraud trail
leading from a Malaysia state fund.

"As the prime minister has always maintained, if any wrongdoing
is proven, the law will be enforced without exception," Tengku
Sariffuddin, press secretary to premier Najib Razak, said in an
e-mailed statement on July 21, Bloomberg relays.

1Malaysia Development Bhd., or 1MDB, has been the focus of
multiple probes in Malaysia and a comprehensive review by the
country's attorney general found no crime was committed, Najib's
office said in the statement, Bloomberg says. 1MDB remains the
subject of an investigation by Malaysian police, it said.

According to the report, more than $3.5 billion was
misappropriated from the fund, and about $1 billion was laundered
through the U.S. banking system, the U.S. Justice Department
said, laying out its case in a dozen filings on July 20. The
alleged scheme of international money laundering and
misappropriation stretched from 2009 to 2015, it said.

Bloomberg notes that the civil suit seeking the seizure of the
assets said some funds were used for the personal benefit of
Malaysian public officials and their relatives and associates.
Money went to buy luxury real estate in the U.S., pay gambling
expenses in Las Vegas and acquire $200 million in artwork,
prosecutors said.

1MDB is at the center of several international investigations
into alleged corruption and money laundering by public officials.
Prosecutors in at least four countries -- Singapore, Switzerland,
Luxembourg and the U.S. -- are looking into money flows from the
investment vehicle, which was established for national
development, Bloomberg notes.

Bloomberg says the U.S. complaint mentioned Najib's stepson, Riza
Aziz, and a Malaysian financier, Low Taek Jho, who is known as
Jho Low. Riza partly owns Red Granite Pictures, a Hollywood
production company that backed "The Wolf of Wall Street."

Bloomberg relates that the U.S. move lays the groundwork for
tension with Malaysia, a longtime ally on issues including
counterterrorism and trade. Malaysia is a member of the U.S.-led
Trans-Pacific Partnership trade pact. U.S. President Barack Obama
and Najib have met several times and have played golf together.

According to Bloomberg, Malaysia Communications Minister Salleh
Said Keruak urged caution on any claims related to 1MDB. The fund
has been the subject of unprecedented politically-motivated
attacks aimed at unseating Najib, Salleh said on July 21 in a
statement via state news agency Bernama, Bloomberg relates.

"Any claims relating to 1MDB must be treated with caution, follow
due legal process and adhere to the principle of 'innocent until
proven guilty'," Bloomberg quotes Salleh as saying. "No one
should rush to judgment before allegations are proven in court."

                            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
====================


STONEWOOD HOMES: Suit Likely as Liquidators Seek to Recover Money
-----------------------------------------------------------------
Michael Wright at Stuff.co.nz reports that the saga of Stonewood
Homes will likely head to court as the failed building company's
liquidators look to reclaim money from some creditors to pay
others.

Stonewood Homes New Zealand Ltd and Stonewood Homes Ltd were
placed in receivership in February and liquidation in April,
owing companies and contractors nearly NZ$20 million.

According to Stuff.co.nz, the receivers were still in the process
of tracing money owed to secured creditors following the sale of
Stonewood to Inno Capital in March. If enough money was recovered
to pay those claims in full, the remainder would go to
preferential creditors: out of pocket employees, followed by the
Inland Revenue Department, Stuff.co.nz relates.

"The only way unsecured creditors are going to get any money is
from other places, not from the sale of the business,"
Stuff.co.nz quotes liquidator Rhys Cain as saying. "In
particular, actions against people or recovery of preferential
payments to certain creditors."

Stuff.co.nz says Mr. Cain and fellow liquidator Rees Logan had
the unenviable task of pursuing unsecured creditors for money
they may have to pay back, to be redistributed to preferential
creditors.

"Nobody likes to receive those letters," Mr. Cain, as cited by
Stuff.co.nz, said.  "The liquidators don't particularly like to
write them, but the bottom line is there will be creditors out
there that received significant payments and other creditors
received nothing.

"On the one hand you feel bad about asking someone to pay money
back, but on the other hand you're making sure everyone gets
treated fairly. It is actually a good thing to do. It's just not
a very nice thing to have to do."

The process would likely lead to court proceedings, he said.

"Some creditors will accept it pretty straightforward, negotiate
something with us and we'll settle it and move on quickly. Other
ones will fight all the way and court processes take a long time.

"Measure the length of this in years, not months. If we have to
go to court to do some things here, it will be two or three
years, easy."

According to Stuff.co.nz, the liquidators would also investigate
Stonewood's financial transactions leading up to its collapse.
They would focus on the last six months before liquidation, but
had the scope to go back two years.

"We make sure that all of the transactions that occurred in there
were appropriate and didn't unfairly prefer certain parties over
others," Stuff.co.nz quotes Mr. Cain as saying.  "We'd also be
looking at decisions made by the officers and management of the
company during the time when the company would be insolvent and
whether or not they have fulfilled their duties to the company
and if not, in our view, take appropriate action there."

Any evidence of criminal activity would be passed to authorities,
including police, the Serious Fraud Office or the Companies
Office, he said, adds Stuff.co.nz.

Inno Capital, a company owned by property magnates Michael and
John Chow and finance specialist Clint Webber, bought the
business assets for an undisclosed sum on March 9, Stuff.co.nz
disclosed.



=================
S I N G A P O R E
=================


* SINGAPORE: Seeks U.S. Chapter 11 Prowess in Bankruptcy Reform
---------------------------------------------------------------
David Yong at Bloomberg News reports that Singapore is seeking to
enhance its position as a center for debt restructuring by giving
its insolvency law some of the powers of the U.S. bankruptcy
code's Chapter 11, just as companies worldwide default on bonds
at the fastest pace since the global financial crisis.

The government has "broadly accepted" 17 recommendations
submitted by a committee after a yearlong review, the Ministry of
Law said in a statement, Bloomberg relays. Those include offering
automatic stay of legal and enforcement actions for debtors,
creating a bench of specialist judges for its bankruptcy court
and increasing rescue-financing capital by enticing distressed-
debt funds and private equity firms to set up shop in the city-
state, Bloomberg says.

"We have all the basic building blocks for dealing with
restructuring and we see that Singapore will be able to fill this
space," Indranee Rajah, senior minister of state for law, told
reporters on July 20, Bloomberg relays. "Singapore should not
just be a debt restructuring place for Singapore companies and
businesses but a global debt restructuring center much in the way
as New York and London. We should be playing that role to the
region and beyond."

Bloomberg says there have been 100 bond defaults globally this
year through July 15 compared with 62 failures at this time last
year, according to S&P Global Ratings, the worst since the
fallout from the demise of Lehman Brothers Holdings Inc. In
Singapore, non-payments by PT Trikomsel Oke and Pacific Andes
Resources Development Ltd. from November marked the first
defaults since 2009, the report states.

"The recommendations are progressive," Bloomberg quotes Ashok
Kumar, a director at BlackOak LLC, a restructuring and insolvency
law firm in Singapore, as saying. "The market needs it as over
the next couple of years, things are going to be rough in some
sectors as the risk of debt default rises."

A Chapter 11 bankruptcy petition protects the debtor from legal
and enforcement action worldwide, Bloomberg notes. According to
the report, Singapore's Companies Act offers two ways of
restructuring via judicial management and schemes of arrangement,
legal procedures that follow the English law. The former provides
automatic protection. In the latter way, a moratorium on legal
actions by creditors may be given subject to adequate disclosure
of information under the proposed reform.

Bloomberg notes that a slump in global commodity prices in the
past three years has pushed Asian coal miners including PT Bumi
Resources and PT Berau Coal Energy to seek protection in
Singapore and U.S. courts, while fishery group Pacific Andes
Resources made a move locally.

Bloomberg adds that Singapore's legal review may also introduce
so-called pre-packaged restructuring -- a negotiated deal between
the debtor and its major creditors that may be presented for
court approval before any formal legal proceedings. The intent is
to save time and cost in debt restructuring efforts.

To attract more distressed financing capital, the legal reform
will allow the local court to grant investors so-called "super-
priority lien" status -- or seniority in claims over existing
creditors -- when funding companies in bankruptcy, the ministry
said on July 21, Bloomberg relays.

Rajah said the government plans to propose the amendments to the
Companies Act by year end, and a plan to house all its relevant
restructuring and bankruptcy procedures under a new law is a long
term target, adds Bloomberg.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***