TCRAP_Public/160725.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, July 25, 2016, Vol. 19, No. 145

                            Headlines


A U S T R A L I A

CRAWFORD METAL: First Creditors' Meeting Set For July 29
CREDO GROUP: First Creditors' Meeting Set For August 1
KEYSTONE HOSPITALITY: CBRE Appointed as Lead Sales Adviser
PEREGIAN SPRINGS: Golf Course Shuts Following Administration
RESTORED INJURY: Creditors' Meeting Set For July 29


H O N G  K O N G

GREENLAND HK: Moody's Assigns (P)Ba3 Rating to Capital Securities


I N D I A

A-ONE TEX: CARE Assigns B+ Rating to INR11cr LT Bank Loan
AARAM PLASTICS: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
AMIRA PURE: CARE Cuts to D, Suspends LT/ST Bank Loan Rating
BAFNA PHARMACEUTICALS: CRISIL Ups Rating on INR250MM Loan to C
BAJAJ CARPET: CRISIL Ups Rating on INR85MM Overdraft Loan to BB

BEE KAY: CARE Assigns B+ Rating to INR8cr LT Bank Loan
BELL MATCH: CRISIL Suspends 'D' Rating on INR60MM Packing Loan
CAREON HEALTHCARE: CRISIL Assigns B+ Rating to INR57MM Term Loan
GM SUGAR: CARE Reaffirms B+ Rating on INR100cr LT Bank Loan
GOA GLASSFIBRE: CARE Revises Rating on INR25cr LT Loan to B+

JAS ORCHID: CARE Assigns 'D' Rating to INR22.10cr LT Bank Loan
JESWILL HITECH: CRISIL Suspends 'D' Rating on INR50M Cash Loan
JM FERRO: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan
JYOTSANABEN K: CARE Assigns 'B' Rating to INR8.41cr LT Loan
KAY ARR: CARE Assigns B+ Rating to INR5.78cr LT Bank Loan

MANDHANA INDUSTRIES: CARE Cuts Rating on INR879.63cr Loan to 'D'
MEHADIA AND SONS: CARE Assigns B+ Rating to INR6.50cr LT Loan
MICKY PAPER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
N.R. COLOURS: CRISIL Suspends B- Rating on INR60MM Cash Loan
NAGAI POWER: Ind-Ra Withdraws BB+ Rating on INR1.70BB Loans

NANDAN PETROCHEM: Ind-Ra Suspends BB+ Long-Term Issuer Rating
NEEDHISHREE BUILDCON: CRISIL Assigns B Rating to INR100MM Loan
PASHUPATI CASTINGS: CRISIL Cuts Rating on INR197.6MM Loan to B+
PAUL ALUKKAS: Ind-Ra Assigns B Long-Term Issuer Rating
PM SHAH: CARE Revises Rating on INR5cr LT Bank Loan to BB-

PRIDE COKE: CRISIL Reaffirms B- Rating on INR160MM Cash Loan
PVN FABRICS: Ind-Ra Suspends BB Long-Term Issuer Rating
RAGHAVA PROJECT: CRISIL Reaffirms 'D' Rating on INR32.5MM Loan
RAGHAW FASHIONS: CRISIL Suspends 'B+' Rating on INR30MM Loan
RAJENDRAKUMAR & CO: Ind-Ra Suspends B+ Long-Term Issuer Rating

R R PRESTRESS: Ind-Ra Suspends B+ Long-Term Issuer Rating
R.J TRADE: CARE Assigns B+ Rating to INR6.90cr LT Bank Loan
R.K. COTTONS: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
RAJDEEP RICE: Ind-Ra Assigns B Long-Term Issuer Rating
RC ALL-TECH: Ind-Ra Suspends BB- Long-Term Issuer Rating

SAKTHI TRADERS: CRISIL Suspends 'B' Rating on INR52.5MM Loan
SARASWATI EDUCATION: CRISIL Suspends 'D' Rating on INR960MM Loan
SAS INTERNATIONAL: Ind-Ra Suspends BB Long-Term Issuer Rating
SATYENDRA AGRO: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
SHIV BUILD: Ind-Ra Suspends BB+ Long-Term Issuer Rating

SHREE RAM: CRISIL Lowers Rating on INR140MM Cash Loan to 'B'
SOLTEK PHOTOVOLTEK: CRISIL Suspends 'B' Rating on INR20MM Loan
SRI MURUGAN: CRISIL Assigns 'B' Rating to INR60MM Foreign LOC
SRINIVASA CONSTRUCTION: Ind-Ra Suspends BB LT Issuer Rating
SRV TELECOM: CRISIL Ups Rating on INR165MM Cash Loan to BB-

SUMETCO ALLOYS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
SUNEJA SONS: Ind-Ra Assigns BB Long-Term Issuer Rating
SVS HOSPITALS: CRISIL Suspends 'B' Rating on INR72MM LT Loan
SWASTIK CERACON: Ind-Ra Suspends BB- Long-Term Issuer Rating
VANI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR32MM LT Loan

VENKETESH UDYOG: Ind-Ra Suspends B- Long-Term Issuer Rating
VM APPARELS: Ind-Ra Suspends B+ Long-Term Issuer Rating
YINDU TEXTILES: CRISIL Suspends 'B' Rating on INR300MM LT Loan


J A P A N

SOFTBANK GROUP: Moody's Affirms Ba1 Corporate Family Rating


M A L A Y S I A

1MALAYSIA: Singapore Probes Banks Over 1MDB Transaction
1MALAYSIA: Switzerland Enlists U.S. Help on 1MDB


S I N G A P O R E

J.V. FITNESS: Ferrier Hodgson Named as Provisional Liquidators


T A I W A N

JIH SUN: Fitch Affirms Short Term Foreign Currency IDR at 'B'


                            - - - - -


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


CRAWFORD METAL: First Creditors' Meeting Set For July 29
--------------------------------------------------------
Liam Bellamy & Kimberley Andrew Strickland of WA Insolvency
Solutions were appointed as administrators of Crawford Metal
Group Pty Ltd, formerly trading as "Easy Frame", "ESM
Manufacturing Group", "ESM Machinery" and "ESM Sheds", on July
19, 2016.

A first meeting of the creditors of the Company will be held at
WA Insolvency Solutions, Level 10, 111 St Georges Terrace, in
Perth, on July 29, 2016, at 10:30 a.m.


CREDO GROUP: First Creditors' Meeting Set For August 1
------------------------------------------------------
Jeremy Joseph Nipps and Dino Travaglini of Cor Cordis on July 20,
2016, were appointed as administrators of:

   -- Credo Group Pty Ltd;
   -- Credo Professional Services Pty Ltd;
   -- Credo Group (WA) Pty Ltd;
   -- Credo Village No1 Pty Ltd;
   -- Credo Remote Accommodation Pty Ltd; and
   -- Credo Brooklyn Pty Ltd.

A first meeting of the creditors of the Company will be held at
The Conference Room, Plaza Level, BGC Centre, The Esplanade, in
Perth, on Aug. 1, 2016, at 10:00 a.m.


KEYSTONE HOSPITALITY: CBRE Appointed as Lead Sales Adviser
----------------------------------------------------------
Receivers and Managers to the Keystone Hospitality Group, Morgan
Kelly and Ryan Eagle of Ferrier Hodgson, on July 22 announced the
appointment of CBRE as lead Sales Adviser for the Group assets.

Since appointment as Receivers, Morgan Kelly confirmed all 17
venues have continued to operate and will remain open and be
offered to the market as going concerns. The venues for sale
include:

    Bungalow 8
    Cargo Bar
    Chophouse Perth
    Chophouse Sydney
    Gazebo
    Kingsleys Brisbane
    Kingsleys Woolloomooloo
    Manly Win
    Sugarmill Hotel
    The Rook
    The Winery

Jamies Italian Franchise:

    Jamie's Italian Sydney
    Jamie's Italian Perth
    Jamie's Italian Canberra
    Jamie's Italian Brisbane
    Jamie's Italian Adelaide
    Jamie's Italian Parramatta

Mr Kelly said the sales process would be conducted as either a
recapitalisation of the Group, or a sale of one or more
portfolios of assets.

The expression of interest process has fielded interest from more
than 120 parties. This interest has ranged from parties looking
at a Group-level investment, through to those interested in
groups of properties and individual properties.

A Group-level investment offers the synergies of an existing head
office function including marketing, payroll and purchasing, and
represents a rare opportunity to acquire immediate size and scale
to a portfolio.

Individually, the businesses are likely to offer high-quality
localised strategic value to enhance existing restaurant and
hotel portfolios.

"We are conducting a focussed sale strategy, specifically
targeting buyers with the balance sheet strength and operational
depth to be able to manage these acquisitions," Mr Kelly said.

Mr Kelly said the Jamie's Italian franchise restaurants would
remain grouped together and sold as a nationally integrated
restaurant brand.

"The Sydney, Brisbane, Adelaide, Perth, Canberra and Parramatta
Jamie's Italian restaurants are some of the best performing
Jamie's Italian restaurants globally and offer a very attractive
opportunity for the right partner. We will continue to work
closely with the Jamie Oliver Restaurant Group with a view to
identifying a new partner for their business in Australia," Mr
Kelly said. "This may be part of a whole of enterprise sale or as
a separate portfolio."

The sale process will start with national advertising of the sale
of the Group restaurants and hotels.  Non-binding expressions of
interest will be required to be submitted to develop a shortlist.

Short-listed parties will be invited to commence due diligence
via a commercial-in-confidence data room before submitting formal
offers.

Formal bids are expected to be submitted and assessed in
September 2016, with the aim of reaching in-principle agreement
with a buyer or buyers in late September 2016.

"We are seeking a result before the commencement of the busy
summer trade", Mr Kelly said.

The Keystone group was founded in 2000. The group runs 17
restaurants and pubs across Australia. It employs up to 1,200
staff.

On June 28, 2016, Morgan Kelly and Ryan Eagle of Ferrier Hodgson
were appointed Receivers and Managers to the Keystone Hospitality
Group.


PEREGIAN SPRINGS: Golf Course Shuts Following Administration
------------------------------------------------------------
Bill Hoffman at Sunshine Coast Daily reports that troubled
Peregian Springs Golf Club closed on July 19 with staff stood
down except for a skeleton crew left to maintain the course.

The move comes just a day after administrator Gavin Morton, of
Morton Solvency Accountants, wrote to creditors saying he would
seek a 45-day extension to the second creditors' meeting which
was due on July 26.

According to the report, Mr. Morton said the closure of the club
house and course was necessary because he had simply run out of
money to operate.

Sunshine Coast Daily relates that Mr Morton said the income
generated was not sufficient and attempts to sell as a going
concern had stalled because of the need to gain an ongoing lease
from the holding company.

He said the holding company, which owns the course and the
clubhouse, had to be satisfied of the financial capacity of any
tenant.

Mr Morton has engaged four grounds staff and two staff in
administration to maintain the assets, the report says.

He said in the event of no satisfactory tenant being found it was
likely the holding company would maintain the premises and course
while it decided what to do with it, according to the report.

Sunshine Coast Daily says members who paid their subscriptions
before the administration were now creditors while those paid
post Mr Morton's appointment would be refunded the balance of
their fees within the next two weeks.

"There are really no surprises," the report quotes Mr Morton as
saying.  "I could not have been clearer at the first creditors'
meeting re the options and possible outcomes.  The surprise is
the club has been able to battle on for so long under
administration."

Peregian Springs Golf Club is a resort style golf course located
in Sunshine Coast, Queensland.

Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrators of Peregian Springs Golf Club Limited
on June 21, 2016.


RESTORED INJURY: Creditors' Meeting Set For July 29
---------------------------------------------------
Simon Miller and Timothy Clifton of Clifton Hall were appointed
as Joint and Several Liquidators of Restored Injury Management
Consultants Pty Ltd on July 18, 2016.

A meeting of creditors will be held at 10:30 a.m. on July 29,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.



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


GREENLAND HK: Moody's Assigns (P)Ba3 Rating to Capital Securities
-----------------------------------------------------------------
Moody's Investors Services has assigned a provisional (P)Ba3
rating to the proposed perpetual capital securities to be issued
by Greenland Hong Kong Holdings Limited (Ba2 negative).

The rating outlook remains negative.

The notes will be issued under Greenland Hong Kong Holdings
Limited's medium-term note program (MTN, (P)Ba3).

The notes will be supported by a Deed of Equity Interest Purchase
Undertaking and a Keepwell Deed between Greenland Holding Group
Company Limited (Ba1 negative), Greenland HK and the bond
trustee.

Moody's will remove the provisional status of the perpetual
securities rating after the notes are issued on satisfactory
terms and conditions.

RATINGS RATIONALE

"The proposed perpetual securities issue will not increase the
company's debt leverage because the company plans to use the
proceeds to repay existing debt," says Franco Leung, a Moody's
Vice President and Senior Credit Officer.

Moody's considers the proposed perpetual securities as pure debt
instruments.

The perpetual securities rating of (P)Ba3 reflects (1) that the
notes rank pari passu with all other present and future unsecured
or unsubordinated obligations of Greenland Hong Kong; and (2) the
expected parental support from Greenland Holding Group Company
Limited (Greenland Holding, Ba1 negative), as reflected by the
Keepwell Deed and Deed of Equity Purchase.

The (P)Ba3 rating is one notch lower than the company's Ba2
corporate family rating, reflecting the legal and structural
subordination risk from priority debt.

Moody's said, "Greenland Hong Kong Holdings Limited's Ba2
corporate family rating reflects its standalone credit strength
and a two-notch rating uplift, based on our assessment of
expected strong financial and operating support from its parent,
Greenland Holding, if needed.

"Greenland Hong Kong's standalone credit profile in turn reflects
its small but well-located land bank, and our expectation that it
will grow in size through organic expansion and asset
acquisitions from its parent."

Its standalone credit profile also takes into consideration the
fact that it has to rely on Greenland Holding's support for its
operations and access to bank funding.

The negative outlook on Greenland Hong Kong's rating reflects (1)
the high debt leverage of Greenland Hong Kong; and (2) the weaker
financial profile of Greenland Holding, which has high debt
leverage, and therefore its weakened ability to provide support
to Greenland Hong Kong.

An upgrade of Greenland Hong Kong's ratings is unlikely, given
the negative outlook.

However, the rating outlook could return to stable if the
parent's rating outlook returns to stable and Greenland Hong
Kong's debt leverage -- as measured by revenue/debt -- trends
above 35% on a sustained basis.

On the other hand, Greenland Hong Kong's ratings could come under
downward pressure if the company (1) fails to generate operating
cash flow to maintain its liquidity buffer; (2) fails to develop
a critical level of contracted sales and revenue; or (3)
materially accelerates development, and executes an aggressive
land acquisition plan, such that debt leverage -- as measured by
revenue/debt -- fails to trend above 30%-35% on a sustained
basis.

Any evidence of a reduction in ownership or weakening of support
from its parent, or a downgrade of Greenland Holdings' rating,
will result in a downgrade of Greenland Hong Kong's rating.

Greenland Hong Kong Holdings Limited is principally engaged in
the development of large-scale, high-end residential communities,
city center integrated projects, and travel and leisure projects
that target the middle-to-high-end customer segment. At end-2015,
the company's land bank totaled 14.6 million square meters (sqm),
located in key cities in the Yangtze River Delta and southern
China's coastal areas. Greenland Holding held approximately 59%
of Greenland Hong Kong as of 19 July 2016.



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


A-ONE TEX: CARE Assigns B+ Rating to INR11cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of A-One Tex
Tech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      11        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of A-One Tex Tech
Private Limited is constrained by the short track record of
operations, modest scale of operations with working capital
intensive nature of operations and susceptibility to volatility
in raw material prices (being mainly derivatives of crude oil).
The rating also factors in the moderately leveraged capital
structure. However, the rating derives strength from continuous
increase in scale of operations, improvement in profitability
margins in FY16 (refers to the period April 1, 2015 to March 31,
2016) and reputed clientele of the company.

Going forward, the ability of the company to profitably increase
scale of operations, improve its capital structure along with
effective management of working capital shall be the key rating
sensitivities.

A-One Tex Tech Pvt. Ltd (ATTL) was established in 2011 by Mr
Rajan Kohli, and Mrs Neelja Kohli as a private limited company.
The company is engaged in manufacturing of PP Spun Bonded Non-
Woven Fabric and Bags. The production was commenced in June 2013
at its processing facility at Rai Industrial Area district in
Sonepat (Haryana). The installed capacity of stood at
approximately 3,840 metric tonnes per annum as on March 31,
2016.The capacity utilization of ATTL was approximately 99% for
FY16. The company has bought additional machinery in May 2016
costing INR6.11 crore with an installed capacity of approximately
4,000 metric tonnes per annum. The promoters have prior
experience in the gems and jewellery industry and have now
diversified into the textile industry.

During FY16 (A), ATTL had achieved a INR46.55 crore total
operating income with PAT of INR1.91 crore.


AARAM PLASTICS: CRISIL Suspends 'B' Rating on INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Aaram Plastics Private Limited (APPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4
   Cash Credit             30       CRISIL B/Stable
   Letter of Credit        10       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       5       CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
APPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APPL is yet to
provide adequate information to enable CRISIL to assess APPL'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 1996, APPL manufactures HDPE pipes, PLB HDPE
telecom ducts, MDPE pipes and injection molded items. APPL has a
manufacturing facility in Jaipur, Rajasthan with an installed
capacity of 5000 tonnes per annum.


AMIRA PURE: CARE Cuts to D, Suspends LT/ST Bank Loan Rating
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Amira Pure Foods Pvt Ltd to 'CARE D/CARE D' and suspends the
ratings.

Long term/Short term        Revised from CARE BBB/CARE A3+
Bank Facilities             to CARE D/ CARE D and Suspended

Rating Rationale
CARE has revised the ratings assigned to the bank facilities of
Amira Pure Foods Pvt Ltd (Amira India) to 'CARE D/CARE D'
on account of the delays in debt servicing due to stretched
liquidity position. CARE has also suspended, with immediate
effect, the ratings, as the company has not furnished the
information required by CARE for monitoring of the rating(s).

Amira India incorporated in 1993, is engaged in the business of
milling, processing and marketing of basmati rice, nonbasmati
rice and various other food products including ready to eat and
organic food. The processing of rice is undertaken primarily at
its milling plant at Gurgaon with installed processing capacity
of 32MTPH (Metric Tonnes Per Hour). Amira India, mills,
processes, and sells basmati rice(83%)and non-basmati rice(16%)
in both the domestic (66%) and export(34%) markets under the
umbrella brand of Amira. The company is part of the Amira Group
founded in 1915 and is promoted by Mr. Karan A. Chanana and
affiliates along with Amira Nature Foods Ltd (Mauritius) which is
a 100% subsidiary of Amira Nature Foods Limited (ANFI), British
Virgin Islands listed on the NYSE. The group has an established
presence in the domestic and international market with presence
across 60 countries.

During FY15 (refers to the period April 01 to March 31), the
company derived total operating income of INR2707.71 crore
with PAT of INR50.69 crore as against total operating income of
INR2440.11 crore and PAT of INR46.70 crore during FY14.


BAFNA PHARMACEUTICALS: CRISIL Ups Rating on INR250MM Loan to C
--------------------------------------------------------------
CRISIL has upgraded its ratings on Bafna Pharmaceuticals Limited
(Bafna) to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'. The
upgrade reflects regularisation of past defaults in the rated
facilities and proper conduct of term loan and working capital
accounts over the last three months.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             250       CRISIL C (Upgraded from
                                     'CRISIL D')

   Cash Credit              30       CRISIL C (Upgraded from
                                     'CRISIL D')

   Export Packing Credit    80       CRISIL C (Upgraded from
                                     'CRISIL D')

   Foreign Bill             50       CRISIL C (Upgraded from
   Discounting                       'CRISIL D')

   Letter of credit &       90       CRISIL A4 (Upgraded from
   Bank Guarantee                    'CRISIL D')

   Long Term Loan           16.5     CRISIL C (Upgraded from
                                     'CRISIL D')

   Proposed Long Term       53.5     CRISIL C (Upgraded from
   Bank Loan Facility                'CRISIL D')

However, the rating continues to be constrained by Bafna's still
strained liquidity arising from stretched institutional
receivables and ailing operations with cash losses in Fiscal
2016. The financial risk profile is subpar, as reflected in weak
debt protection metrics. These rating weaknesses are partially
offset by the promoter's longstanding experience in the domestic
pharmaceutical industry, and healthy demand prospects for the
pharmaceutical industry.

Bafna was set up in 1981 as a proprietary concern by Mr. Bafna
Mahaveer Chand; it was reconstituted as a public limited company
in 1995. The promoter, along with his relatives and friends, owns
40.81% of Bafna's equity; the remaining is owned by the public
and bodies corporate.

Bafna commenced production in October 1984, with a tablet
manufacturing facility at Madhavaram in Chennai and added capsule
and oral syrup facilities. In 2001, the company set up a unit for
producing betalactam products. While Bafna has, over the years,
focused on institutional and generic supplies of pharmaceutical
products, it has also steadily increased the number of product
registrations in the international market.

The company commissioned its second manufacturing facility in
Grantlyon (Tamil Nadu). It has also set up a formulations
research and development unit at the Grantlyon unit. The unit
manufactures non-betalactam products for regulated markets in the
UK and the US, and new products for markets in India and Sri
Lanka. Bafna acquired the Raricap brand from Johnson and Johnson
Ltd in April 2011.

Bafna sold its branded generics business (including Raricap and
seven other brands) to Strides Arcolab Ltd (Strides Arcolab)
through a special-purpose vehicle, Strides Actives Pvt Ltd
(SAPL), for INR481 million and a 26% stake in SAPL. Bafna has the
option to exit SAPL after five years at a minimum floor price of
INR1.0 billion. Bafna will continue to undertake contract
manufacturing for these products of SAPL for a period of five
years, post which the contract may be renewed.

For Fiscal 2016, Bafna reported a net loss of INR122 million on
net sales of INR850 million, against a profit after tax of
INR28.5 million on net sales of INR1.0 billion the previous year.


BAJAJ CARPET: CRISIL Ups Rating on INR85MM Overdraft Loan to BB
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bajaj
Carpet Industries Limited (BCIL) to 'CRISIL BB/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Letter of Credit       30.0      CRISIL A4+ (Upgraded from
                                    'CRISIL A4')

   Overdraft Facility     85.0      CRISIL BB/Stable (Upgraded
                                    from 'CRISIL B+/Stable')

The upgrade reflects the operational synergies expected between
Hitkari Hitech Fibres Pvt Ltd (HHFPL) and its newly acquired
company BCIL. HHFPL and its key promoters have acquired majority
stake in BCIL. BCIL, with an installed capacity of 3600 MT for
non-woven fabric, 1773 MT of tufted fabric and an 8.64 Lac Sq m
of printing unit has a capacity which is around 5 times the
capacity of HHFPL thereby enhancing the capacity of the group to
meet additional demands. Further, BCIL is expected to benefit
from the established customer and supplier relationship thereby
leading to an expected improvement in the working capital cycle
especially its inventory management.

The upgrade also reflects Hitkari Group's improved financial risk
profile reflected in better gearing and debt protection metrics
driven by decline in long term debt and improvement in net worth
through improved profits being ploughed back in the business. The
Gearing and net worth improved to around 1.9 times and INR135 to
140 million, respectively, as on March 31, 2016, from 2.4 times
and INR115.9 million, respectively, a year earlier. CRISIL is of
the belief that additional support from the promoters in the form
if equity coupled with incremental profits being ploughed back
into the business, Hitkari Groups capital structure will improve
over the medium term.

The ratings further reflects HHFPL's longstanding presence in the
non-woven industry and its established relationships with
customers. These strengths are partially offset by large working
capital requirement and moderate scale of operations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of HHFPL and BCIL (together referred to
as Hitkari Group). This is because both the companies, together
referred to as the Hitkari group, are in the same line of
business, and have a common management and operational and
financial linkages, including fungible cash flows
Outlook: Stable

HHFPL will continue to benefit over the medium term from its
longstanding presence in the non-woven textile industry. The
outlook may be revised to 'Positive' if scale of operations and
profitability increase significantly, leading to better-than-
expected cash accrual, and consequently, improvement in
liquidity. Conversely, the outlook may be revised to 'Negative'
if financial risk profile, especially liquidity, weakens due to
pressure on cash accrual and stretch in working capital cycle, or
sizeable capex.

HHFPL was incorporated in 1985 as Hitkari Fibres Ltd and got its
present name in 2009. It is promoted by Murarka family and
manufactures automotive moulded carpets from non-woven fabrics.
It has one manufacturing facility at Mahad in Raigad,
Maharashtra, and two units in Gurgaon.

Incorporated in 1985, BCIL manufactures tufted and non-woven
carpets, which are used by institutional and automotive
industries.


BEE KAY: CARE Assigns B+ Rating to INR8cr LT Bank Loan
------------------------------------------------------
CARE assigns 'CARE B+' & 'CARE A4' ratings to the bank facilities
of Bee Kay Precision India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       8        CARE B+ Assigned
   Short term Bank Facilities      1        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bee Kay Precision
India Private (BKP) are primarily constrained by its small
and fluctuating scale of operations, weak financial risk profile
marked by low profitability margins, leveraged capital structure
and weak coverage indicators, and working capital intensive
nature of operations. The rating is further constrained by
susceptibility of margins to volatility in prices of raw
material.

The rating, however, draws comfort from experienced promoters and
reputed though concentrated customer base.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins and
capital structure, and effective management of working capital
requirements shall be the key rating sensitivities.

Kanpur-based (Uttar Pradesh), Beekay Precision India Private
Limited (BKP) was incorporated in 2006 by Mr Ram Chandra Sharma
andMr Neeraj Sharma. The company has succeeded an erstwhile
proprietorship BK Enterprises, the proprietorship concern of Mr
Ram Chandra Sharma. BKP is engaged in manufacturing of sheet
metal components for two-wheelers and four wheelers. Also company
is engaged in manufacturing of machinery parts for loom machines.
Further the company manufactures military shirts and parts of
arms and ammunitions for Small Arms Factory. The company ventured
into textile industry in FY14 (refers to the period of April 1 to
March 31). The company majorly procures the raw material from
Tata Steel Limited (rated CARE AA+), Bhushan Steel Limited (rated
CARE D) and Rastriya Ispat Nigam Limited and any shortfall is met
through suppliers located in the local area.

BKP has contracts with Tata Motors Limited (rated CARE AA+) and
Lohia Corp Limited for supply of sheet metal components.

In FY15, BKP achieved a total operating income (TOI) of INR43.75
crore with PBILDT and PAT of INR3.05 crore and INR0.31 crore
respectively, as against TOI of INR50.66 crore with PBILDT and
PAT of INR3.14 crore and INR0.39 crore respectively in FY14. In
FY16 (unaudited) (refers to the period April 1 2015 to March 31
2016), the company achieved TOI of INR36.11 crore.


BELL MATCH: CRISIL Suspends 'D' Rating on INR60MM Packing Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of The
Bell Match Company (BMC).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Packing Credit          60       CRISIL D
   Term Loan               10       CRISIL D

The suspension of ratings is on account of non-cooperation by BMC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BMC is yet to
provide adequate information to enable CRISIL to assess BMC'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 as a partnership firm in 1998, Sivakasi (Tamil Nadu)-
based BMC manufactures safety matches.


CAREON HEALTHCARE: CRISIL Assigns B+ Rating to INR57MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Careon Healthcare Solutions Private
Limited (CHSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       8        CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   38        CRISIL B+/Stable
   Cash Credit             32        CRISIL B+/Stable
   Letter of Credit        10        CRISIL A4
   Proposed Term Loan       5        CRISIL B+/Stable
   Term Loan               57        CRISIL B+/Stable
   Proposed Letter of
   Credit                  10        CRISIL A4

The ratings reflect the company's modest scale of operations and
average operating profitability. These weaknesses are partially
offset by the average financial risk profile and extensive
experience of promoter in the medical disposables industry.
Outlook: Stable

CRISIL believes CHSPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if substantial increase in scale of
operations and profitability leads to better cash accrual. The
outlook may be revised to 'Negative' if significant decline in
revenue or operating margin or larger-than-expected, debt-fund
capital expenditure weakens financial risk profile.

Incorporated in 1991 and promoted by Mr. James George, CHSPL
manufactures medical disposables such as surgical drapes, and
also trades in medical disposable equipment. Group Company,
Careon Medical Disposable Pvt Ltd, was merged with CHSPL in April
2015.


GM SUGAR: CARE Reaffirms B+ Rating on INR100cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms ratings to the bank facilities of GM Sugar And
Energy Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      100       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of GM Sugar and Energy
Ltd. (GMSEL) continues to be constrained by highly leveraged
capital structure, stretched operating cycle, cyclical & seasonal
nature of the sugar industry and associated agro-climatic risks.
The rating is further constrained by volatility in profitability
margins and weak liquidity position.

The rating, however, continues to derive strength from experience
of GMSEL's promoters, established track record of GMSEL in the
sugar industry, partially integrated operations with captive
source of power and stable operating income.

The ability of the company to protect its profit margin amidst
volatile sugar prices in a highly regulated environment and
deleverage its capital structure are the key rating
sensitivities.

Incorporated on November 2007 as a Private Ltd. company, GMSEL
was later reconstituted as a Public Ltd. company on February 11,
2010. GMSEL is engaged in the production of sugar & molasses
from sugarcane. The company commenced commercial operations in
February 2008 with cane crushing capacity of 1250 TCD at a
partially integrated sugar plant taken on lease from Karnataka
Sahakari Sakkare Karkhane Niyamit, (Karnataka Cooperative Sugar
Factory) for a period of 32 years.

Subsequently, the crushing capacity was enhanced to 2,500 TCD in
October 2012. GMSEL also operates a multi-fuel co-generation unit
of 18 MW. The plant is located at Sangur, Haveri District,
Karnataka, which falls under the well-irrigated belt (River
Varada Belt) of the Central Karnataka. The company is promoted by
Mr G. M. Lingaraju, Mr G. M. Prasannakumar and Mr G. S.
Anithkumar.

For FY16 (Prov); refers to the period April 01 to March 31),
GMSEL reported a total operating income of INR150.33 crore and
PAT of INR0.67 crore as against operating income of INR169.03
crore and net loss of INR6.89 crore in FY15.


GOA GLASSFIBRE: CARE Revises Rating on INR25cr LT Loan to B+
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Goa
Glassfibre Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long Term Bank Facilities     25       CARE B+ Revised
   (Fund Based)                           from CARE B + (SO)

   Long/Short Term Bank           6       CARE B+/CARE A4
   Facilities (Non Fund Based)            Revised from
                                          CARE B+(SO)/
                                          CARE A4 (SO)

Rating Rationale

The revision in the rating is based upon the limited reliance of
Goa Glass Fibre Limited (GGFL) on the financial guarantee from
the parent for meeting its financial obligations. The ratings
are, however constrained by the company's poor financial track
record, limited product range, and weak credit profile of the
parent group.

The ratings are supported by the experience of the management and
operations team at its parent, 3B Binani Glassfibre Sarl (3B
Binani, rated CARE BB), and improving operational and financial
performance of the company.

CARE has withdrawn ratings assigned to long termbank facility
(term loan) of GGFL upon full repayment of the said facility and
receipt of no dues certificate from the bankers.

Ability to continue to improve operational and financial
performance, financial discipline and financial health of the
Binani Industries Limited, the ultimate holding company are key
sensitivities to the rating.

Goa Glass Fibre Ltd. (GGFL), a wholly owned subsidiary of 3B
Binani Glassfibre Sarl (3B Binani, rated CARE BB). 3B Binani is a
part of the Binani group and is a wholly owned subsidiary of the
flagship company of the group, Binani Industries Ltd (BIL, rated
CARE B+).

GGFL is engaged in the business of manufacture and sale of glass
fibre at its manufacturing facility situated at Colvale, Goa. The
products manufactured include Chopped Strand Mat - both powder
and emulsion bound, Direct Rovings, Assembled Rovings, Woven
Rovings and Chopped strands.

During FY16 (period from April 01 to March 31), GGFL reported
operating Income of INR138.86 crore and PAT of INR28.65 crore
compared to operating income of INR128.80 crore and INR124.39
crore in FY15 and FY14 respectively and PAT of INR2.71 crore in
FY15 and net loss of INR24.62 crore in FY14.


JAS ORCHID: CARE Assigns 'D' Rating to INR22.10cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Jas Orchid
Resorts Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.10      CARE D Assigned

Rating Rationale
The rating assigned to the bank facilities of Jas Orchid Resorts
Private Limited (JORPL) takes into account the ongoing delays in
the servicing of debt obligations due to stressed liquidity
position of the company.

JORPL, incorporated in 2003, is promoted by Mr Jagdeep Singh, Mr
Jaspal Singh and Mr Sanjeev Preenja and operates a 5-star hotel
(by the name Holiday Inn) in Amritsar (Punjab). Prior to 2013,
the company, did not have any significant operations and since
then has been engaged in the business of operating hotel
properties. JORPL is the owner of one hotel property located in
Amritsar for which the company has an operations and management
(O&M) agreement with Intercontinental Hotel Group (IHG) under
Holiday Inn brand. IHG group manages/owns various premium hotel
properties across 100 countries.

In FY16 (Provisional; refers to the period April 01 to March 31),
JORPL reported a total operating income of INR18.88 crore with
loss of INR6.93 crore, as against a total operating income of
INR13.09 crore with a loss of INR14.76 crore in FY15 (Audited).


JESWILL HITECH: CRISIL Suspends 'D' Rating on INR50M Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Jeswill
Hitech Solutions Private Limited (JHSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL D

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

JHSPL, set up in 2007, manufactures handwriting input products.
The company is based in Bengaluru (Karnataka) and its daily
operations are managed by Mr. P S Moorthy.


JM FERRO: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of JM Ferro Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.50      CARE B+ Assigned
   Short-term Bank Facilities    12.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of JM Ferro Alloys
Private Limited (JM) are constrained by growing yet modest scale
of operation, low profit margin inherent to trading nature of
operations, working capital intensive nature of operations
leading to highly leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by its
presence in the highly fragmented industry leading to stiff
competition.

The above constraints are partially offset by the strength
derived from the experienced promoters in the steel trading
industry and diversified product portfolio.

JM's ability to increase its scale of operations and improve
profit margin and capital structure along with efficient
management of the working capital requirement are the key rating
sensitivities.

Incorporated in 2011 as private limited company, J M Ferro Alloys
Private Limited (JM) is engaged in the business of trading of
steel products namely Hot Rolled (HR) sheets/coils/CTL,
Galvanized Plain (GP) coil/sheet, scrap, Pipe, Tube, TMT bars and
others.
JM's products find application mainly in automobile, electrical,
construction and consumer durable industry. Around 60% of KS
purchases are from the domestic market and balance is imported
indirectly through agents. Revenues are generated entirely from
the domestic market.

JM stocks traded material at its warehouse situated at Kalamboli
and supplies as per the customer's requirements.

As per FY16 (refers to the period April 1 to March 31),
provisional results, JM reported a total operating income of
INR136.22 crore (vis-a-vis INR113.54 crore in FY14) and PAT of
INR0.67 crore (visÖ-vis INR0.30 crore in FY15).


JYOTSANABEN K: CARE Assigns 'B' Rating to INR8.41cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Jyotsanaben K. Goswami.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.41      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Jyotsanaben K.
Goswami (JKG) is constrained on account of proprietorship
nature of its constitution, highly leveraged capital structure
and weak debt coverage indicators along with a moderate liquidity
position. The rating further takes note of the lack of experience
of the proprietor in the warehousing business coupled with the
inherent risk associated with renewal and cancellation of lease
contracts.

The rating however derives strength from low saleability risk on
account of warehouses given on outright lease basis to M/s Go
Green Warehouses Private Limited, its operating model mechanism
which yields healthy profits and favourable demand outlook for
agri-warehousing capacities in the country.

The ability of JKG to expand its storage capacity base by
establishing new storage facilities, while continuation/renewal
of its existing lease agreement at envisaged terms coupled with
timely receipts from the lessee along with an improvement in its
capital structure and debt coverage indicators are the key rating
sensitivities.

Established in 2015 as a proprietorship firm, JKG is engaged in
providing storage facilities on leave and license agreement
basis to M/s Go Green Warehouses Private Limited (GGW) who in
turn has sub-let the same to National Bulk Handling Corporation
Private Limited (NBHC; rated CARE A/ CAREA1) for a period of 60
months (validity till December 2020). The firm commenced its
commercial operations from February 2015 from two warehouses,
which thereafter expanded to four warehouses, spread over 180,713
square feet at Kadi, Mehsana; Gujarat. The warehouses have a
storage capacity of 30,080 Metric Tonnes of products and
primarily stores castor seeds, cotton bales, cumin seeds etc.

While the construction of the warehouses has been done by GGW who
is into the business of constructing commercial properties, NHBC
is one of the leading agri-warehousing and allied services
company, offering various services like supply chain, collateral
management, warehouse management, pest management & commodity
health, quality assaying & certification and audit supervision &
surveillance pan-India.

During FY16 (Provisional; refers to the period April 1 to
March 31), JKG reported a total operating income (TOI) of INR1.74
crore with a PAT of INR0.76 crore.


KAY ARR: CARE Assigns B+ Rating to INR5.78cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Kay Arr Engineering Services.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.78      CARE B+ Assigned
   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Kay Arr
Engineering Services (KAES) are constrained by the relatively
small scale of operations, limited track record of operations and
working capital & labour intensive nature of operations. The
ratings are further constrained by the constitution being a
partnership firm with risk of withdrawal of capital and limited
resources of the partners.

The ratings, however, derive strength from long experience of the
partners in the engineering industry with support of technical
team, established relationship with its reputed clientele base
and suppliers, growth in total income from operations, moderate
profit margins and comfortable capital structure & debt coverage
indicators.

Going forward, the ability of the firm to improve its scale of
operations, to improve its profitability and efficient working
capital management will be the key rating sensitivities.

Based in Coimbatore, Kay Arr Engineering Services (KAES) is
promoted by Mr P Kanakaraj in the year 2008 as a partnership firm
with three other partners namely, Mrs R Rukmani, Mr P Ponnusamy
and Mr G Arul Dass. After several re-constitutions, the firm has
presently two partners namely Mr P Kanakaraj and Mr G Arul Dass
with profit sharing ratio of 75% and 25% as on March 31, 2016.

The firm is an ISO 9001:2008 certified entity engaged in the
servicing of windmill and industrial gearboxes. In 2012, it
further diversified into manufacturing of industrial and windmill
gearboxes.

The firm has been servicing the entire range of industrial gear
boxes and windmill gear boxes since 1997 including refurbishing,
repair & up-gradation of gear boxes mostly of heavy industries,
windmills, power plants etc. with a power range up to 2000 KW.
KAES is the authorized service center and sells spare parts for
Kirloskar groups, SKF India Limited and other corporate clients.
KAES has a capacity to manufacture gear boxes ranging from 50-250
numbers depending upon the size of the gear box orders.

Kay Arr Engineering Agency (KAEA) which is a proprietorship
concern established in the year 1997 and promoted by Mr P
Kanakaraj in Coimbatore. The firm is an authorized dealer of M/s.
Premium Energy Transmission Ltd (formerly known as Greaves Cotton
Ltd,) M/s. ELGI Electric AC Motors & M/s. Bharat Bijilee Motors
for ranges up to 450KW/600HP. Furthermore, the firm is also a
technical partner of SKF India Limited for bearings; and
authorized by M/s. Kirloskar Pneumatic Company Ltd., for Sales &
Service of their Windmill Gear Boxes and spares etc.

As per audited results, the firm has earned PAT of INR0.46 crore
on total operating income of INR9.58 crore in FY15 as against PAT
of INR0.21 crore on total operating income of INR6.22 crore in
FY14. The firm has achieved a total operating income of INR5.64
crore in FY16 (Provisional, refers to the period April 1 to
March 31)).


MANDHANA INDUSTRIES: CARE Cuts Rating on INR879.63cr Loan to 'D'
----------------------------------------------------------------
CARE revises the ratings assigned to bank facilities and debt
instruments of Mandhana Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long Term Bank Facilities     879.63     CARE D Revised from
                                            CARE BBB+

   Short Term Bank Facilities     87.50     CARE D Revised from
                                            CARE A3+

   Non-Convertible Debentures     77.00     CARE C Revised from
                                            CARE BBB+

Rating Rationale
The revision in the ratings assigned to the bank facilities of
Mandhana Industries Limited (MIL) takes into account delays
in servicing of its debt obligations. The revision in rating
assigned to the non-convertible debentures (NCDs) takes into
account the stretched liquidity position of MIL, though no delays
were reported in servicing of these NCDs till now.

MIL's ability to improve its cash flows and regularize its debt
servicing are the key monitorables.

Mandhana Industries ltd (MIL) is engaged primarily in
manufacturing of textile fabric (grey and finished fabric). As on
March 31, 2015, MIL had a yarn dyeing capacity of 4.3 mn kg per
annum, weaving capacity of 39 mn mtrs per annum, fabric
processing capacity of 72.60 mn mtrs per annum and garmenting
capacity of 6.60 mn pieces per annum. Sale of fabric (Textile
division) is the major revenue contributor and contributed around
87% of total revenues in FY16; the rest is contributed by sale of
garments.

In May 2012, the company launched apparels and accessories under
'Being Human' brand under license arrangement with Salman Khan
Foundation in Middle East Countries and in India in Oct 2012.
However, post approval of scheme of demerger by High Court on
March 29, 2016, the company has demerged its retail business of
brand 'Being Human' into an independent entity, named, Mandhana
Retail Ventures Limited (MRVL), to be listed post demerger, from
the appointed date April 1, 2014.

During FY16, MIL reported operating revenue of INR1653.62 crore
and a PAT of INR57.13 crore as against an operating revenue and
PAT of INR1549.49 crore and INR62.72 crore respectively in FY15
(figures for FY15 and FY16 factor the impact of demerger of
retail business of 'Being Human' into MRVL).


MEHADIA AND SONS: CARE Assigns B+ Rating to INR6.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mehadia
And Sons.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.50      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Mehadia and Sons
(MS) is primarily constrained by weak financial risk profile
of the entity marked by declining profitability margins, weak
debt coverage indicators and leveraged capital structure.

The rating is further constrained by highly competitive and
fragmented nature of industry and working capital intensive
nature of operations of MS.

The rating derives strength from experience of the promoters,
long track record of operations of entity, strong support from
other group concerns and expected business opportunity in the
trading segment.

The ability of entity to increase its scale of operations and
improve profitability along with efficient management of its
working capital are the key rating sensitivities.

Established in the year 1999, MS is a partnership firm based in
Nagpur (Maharashtra) with Mr Ramshankar Mehadia, Mr Pradeep
Mehadia, Mr Kamal Motilal Agrawal, Mr Vimal Motilal Agrawal and
Mrs Kalawati Motilal Agrawal as partners.

The entity is engaged in trading business of diverse products
like pharmaceutical items and fabrics which constituted about 92%
and about 8%, respectively, of total revenue during FY16 (refers
to the period April 1 to March 31 (provisional).

The firm procures medicines from reputed firms like Eli-Lilly &
Company, Macleod's Pharmaceuticals, Boehringer Ingelheim India
Private Limited and supplies them to various medical shops in and
around Nagpur and procures fabric (cotton and polyester) from
local dealers and wholesalers and sells to local dealers and
wholesalers.

The firm belongs to Mehadia group, which has three entities
including MS, Mehadia and Sons C&F Division (MCF) which was
established in 1981 and is engaged in trading of pharmaceuticals
products and acts as clearing and forwarding agent for Peter
England and R.J Tradelinks, RJT which was established in 1997 and
is engaged in trading business (distributor for Madura garments,
pharmaceutical medicines and fabrics).

In FY16 (provisional), (refers to the period April 1 to
March 31), MS achieved an operating income of INR19.64 crore with
PAT amounting to INR0.03 crore, as compared with total operating
income of INR13.89 crore with PAT of INR0.02 crore in FY15.
Furthermore, MS has registered an income of INR3.75 crore till
May 31, 2016.


MICKY PAPER: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Micky
Paper Caps Works (MPCW; part of the Sony Fireworks group).

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

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

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

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


N.R. COLOURS: CRISIL Suspends B- Rating on INR60MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
N.R. Colours Limited (NRCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      175       CRISIL A4
   Cash Credit              60       CRISIL B-/Stable
   Term Loan                12       CRISIL B-/Stable

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

NRCL was promoted by Mr. Nirav Raveshia in 1990 under the name NR
Chemicals to undertake trading in different grades of resins,
organic and inorganic pigments, additives and other chemicals. In
2004-05 (refers to financial year, April 1 to March 31), it
commenced manufacturing cashew-nut shell oil resins, and later on
colour tint and stains, aqua-colour and coat tint. Its facility
is based in Bhiwandi (Mahrashtra).


NAGAI POWER: Ind-Ra Withdraws BB+ Rating on INR1.70BB Loans
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND BB+(suspended)' long-term rating on Nagai Power Private
Limited's INR1,700 mil. senior project term loans (Phase-I).

The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide rating or analytical
coverage for Nagai Power.

The agency suspended the rating on Oct. 1, 2015.


NANDAN PETROCHEM: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nandan Petrochem
Ltd's (NPL) '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 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 BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR50 mil. term loans: migrated to 'IND BB+(suspended)'
      from 'IND BB+'
   -- INR360 mil. fund-based limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR20 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


NEEDHISHREE BUILDCON: CRISIL Assigns B Rating to INR100MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Needhishree Buildcon Private Limited (NBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         100       CRISIL B/Stable

The rating reflects exposure to risks and cyclicality inherent in
the real estate industry and geographic and project concentration
in revenue profile. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes NBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in cash flow from operations, resulting from speedy
execution of an ongoing project and improved receipt of customer
advances. The outlook may be revised to 'Negative' if cash flow
from operations is significantly low because of subdued response
to the project, low customer advances, or delay in project
completion, leading to deterioration in the company's financial
risk profile, particularly liquidity.

NBPL, incorporated in 2010, is constructing a residential
building, Ornate, in Jagriti Vihar, Meerut. Mr. Narendra Kumar
Sharma, Mr. Vinod Kumar Tyagi and Mr. Chetan Prakash, along with
their family members, are the promoters. The company is a part of
the Meerut-based Needhishree group, the promoters of which have
extensive experience in the real estate industry.


PASHUPATI CASTINGS: CRISIL Cuts Rating on INR197.6MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Pashupati Castings Limited (PCL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            197.6      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects expected deterioration in liquidity
profile of the PCL marked by stretch in receivables over four
months as on March31 2016, reflecting high competitive thermo-
mechanically treated (TMT) steel bar industry. This is coupled
with subdued operating levels and absence of any fund infusion by
promoters has increased its dependency on Bank limits. The same
were fully utilised along with few instances of overdrawls in
past 12 months through March, 2016.CRISIL believes that high
receivables level will constrain the liquidity profile over the
medium term.

The rating reflects PCL's weak financial risk profile because of
subdued debt protection metrics, large working capital cycle, and
exposure to competition in the TMT steel bar industry. These
weaknesses are partially offset by extensive experience of
promoters and established customer relationship.
Outlook: Stable

CRISIL believes PCL will continue to benefit over the medium term
from the extensive experience of its promoters and strong
relationship with customers. The outlook may be revised to
'Positive' if significant ramp-up in operations and
profitability, while improving working capital cycle, leads to
healthy debt protection metrics. The outlook may be revised to
'Negative' if increase in working capital requirement or large,
debt-funded capital expenditure further weakens financial risk
profile.

Incorporated in 1996 in Aligarh and promoted by Mr. Yogendra
Kumar Yadav and Mr. Ashok Kumar Yadav, PCL manufactures mild-
steel ingots and TMT bars under the Pashupati TMT brand.

Profit after tax (PAT) was INR1.00 million on net sales of INR921
million for fiscal 2016, against a PAT of INR2.1 million on an
operating income of INR1233.5 million in the previous fiscal.


PAUL ALUKKAS: Ind-Ra Assigns B Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Paul Alukkas
Developers Pvt. Ltd (PADPL) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.  The agency has also assigned BAPPL's
INR140 mil. term loan a rating of 'IND B' with a Stable Outlook.

                         KEY RATING DRIVERS

The ratings reflect the execution and saleability risks
associated with PADPL's three ongoing projects (two apartment
complexes and one villa) in Kochi, Kerala.  One of the apartment
complexes (Evalia) is likely to get completed by FY18 while the
other (Eco Paradise) would be ready by FY19.  The floor work of
the 11-storey building has been completed in Evalia which has a
total of 55 flats (2BHK and 3BHK) with a total saleable area of
82,951 sq. ft. In the other apartment project, Eco Paradise which
is a 12-storey building with 49 flats (2BHK, 3BHK and a 5BHK
penthouse) and a total saleable area of 90,472 sq. ft., the
basement is currently under construction.  In the villa project,
Treesa Gardens which would comprise of 15 villas with a total
salable area of 33,477 sq. ft., brickwork for the model villa is
currently under construction.  By end-March 2016, 10 and four
flats had been booked, in Evalia and Eco Paradise, respectively.
The rating also factors in the lack of the promoter's track
record and experience in the real estate segment.

                       RATING SENSITIVITIES

Negative: Future developments that may lead to a negative rating
action include further leveraging of the existing business for
new projects and/or time and cost overruns stressing cash flows
for debt service.

Positive: Future developments that may lead to positive rating
action include the sale of units as planned, leading to strong
visibility of cash flows.

COMPANY PROFILE

Established in 2013, PADPL is promoted by Paul Alukkas, who is
engaged in the jewelry retail business in Kerala.


PM SHAH: CARE Revises Rating on INR5cr LT Bank Loan to BB-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of PM
Shah & Company Jewellers Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE BB- Revised from
                                            CARE B+

Rating Rationale
The revision in rating assigned to the bank facilities of PM Shah
& Company Jewellers Private Limited (PMJ) is primarily on account
of growth in operating income along with improvement in capital
structure and debt coverage indicators during FY16 (refers to the
period April 1 to March 31).

However, the rating continues to be constrained by relatively
modest scale of operations with low capitalization, fluctuating
profit margins and weak debt coverage indicators. The rating is
further constrained by working capital intensive nature of
operations with long inventory holding period and presence in the
highly competitive and fragmented industry.

The rating, however, continues to derive strength from the
experience of management and long track record of operations.

Going forward, the ability of the company to increase the scale
of operations and improve profitability amidst intense
competition while maintaining capital structure and efficiently
manage its working capital requirement are the key rating
sensitivities.

PM Shah & Company Jewellers Private Limited (PMJ) was established
in 1964 as a partnership firm and subsequently converted into
private limited company in 1996. The company is engaged in
manufacturing (outsourced on job-work basis), trading and
retailing of hallmarked certified gold and diamond
jewellery/ornaments. PMJ operates through its retail outlets
based in Mumbai (Chira Bazaar and Vasai). The company procures
gold bars from the bullion traders & jewellery through dealers in
the domestic market.

During FY16 Provisional (refers to period April 1 to March 31),
PMJ reported total operating income of INR24.27 crore (visa-
vis INR22.48 crore in FY15), and PAT of INR0.26 crore (vis-a-vis
INR0.18 crore in FY15). As per 3MFY17 (April 01, 2016 to June 28,
2016) provisional results, PMJ has achieved total operating
income of INR3.00 crore.


PRIDE COKE: CRISIL Reaffirms B- Rating on INR160MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pride Coke
Private Limited (PCPL) continues to reflect the company's large
working capital requirement, and susceptibility to cyclicality in
its end-user steel industry and to volatility in coke prices.
These weaknesses are partially offset by the extensive experience
of the company's promoter in the coke industry, and its stable
customer base.

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

   Proposed Long Term
   Bank Loan Facility      41.4     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PCPL will continue to benefit over the medium
term from its healthy revenue and stable customer base. Its
liquidity is likely to remain weak because of increasing working
capital requirement. The outlook may be revised to 'Positive' if
the liquidity improves because of significant increase in cash
accrual or substantially better working capital management. The
outlook may be revised to 'Negative' in case of low cash accrual,
or stretch in working capital cycle, or large debt-funded capital
expenditure, weakening the company's financial risk profile,
particularly liquidity.

PCPL was incorporated in 2004 by Mr. Kamal Harlalka, and
commenced operations in 2005. It manufactures low-ash
metallurgical coke (LAMC) and coke breeze. Its unit is in
Guwahati.


PVN FABRICS: Ind-Ra Suspends BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated PVN Fabrics
Private Limited's (PVN) '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 PVN.

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.

PVN's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
       from 'IND BB'/Stable
   -- INR163.4 mil. long-term loans: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR220 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR162 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


RAGHAVA PROJECT: CRISIL Reaffirms 'D' Rating on INR32.5MM Loan
---------------------------------------------------------------
CRISIL ratings on the bank facilities of Raghava Project
Constructions Private Limited (RPCPL) continue to reflect
instances of delay by the company in servicing its debt. The
delays have been caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         32.5       CRISIL D (Reaffirmed)

   Overdraft Facility     25         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL D (Reaffirmed)

RPCPL has a modest scale of operations, high degree of
geographical concentration in its order-book, and large working
capital requirement, and is exposed to intense competition in the
civil construction industry. However, the company benefits from
its promoters' extensive industry experience.

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It
is based in Vijayawada, Andhra Pradesh.


RAGHAW FASHIONS: CRISIL Suspends 'B+' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Raghaw
Fashions Private Limited (RFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable
   Term Loan               21.5      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by RFPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RFPL is yet to
provide adequate information to enable CRISIL to assess RFPL'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 2004, RFPL undertakes the job work of dyeing and
printing of fabrics. The company was promoted by Mr. Bhagirath
Panpaliya with capacity of processing 90,000 meters per day of
fabrics. The company is based in Surat (Gujarat).

RAJENDRAKUMAR & CO: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajendrakumar &
Co's (RKC) '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 RKC.

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.

RKC's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR25 mil. cash credit limits: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR95 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


R R PRESTRESS: Ind-Ra Suspends B+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R R Prestress
Industries' (RRPI) '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 RRPI.

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

RRPI's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR40 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)'/'IND A4(suspended)' from 'IND B+'/
      'IND A4'
   -- INR14.5 mil. non-fund-based bank guarantee: migrated to
      'IND A4(suspended)' from 'IND A4'


R.J TRADE: CARE Assigns B+ Rating to INR6.90cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
R.J Trade Links.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.90      CARE B+ Assigned
   Short-term Bank Facilities     0.10      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of R.J Tradelinks
(RJT) are primarily constrained by weak financial risk profile of
the entity marked by declining profitability margins, weak debt
coverage indicators and leveraged capital structure. The ratings
are further constrained by highly competitive and fragmented
nature of industry and working capital intensive nature of
operations of RJT. The ratings derive strength from experience of
the promoters, long track record of operations of the entity,
strong support from other group concerns and expected business
opportunity in trading segment.

The ability of the entity to increase its scale of operations and
improve profitability along with efficient management of its
working capital are the key rating sensitivities.

Established in 1999 R.J is a partnership firm based in Nagpur
(Maharashtra) with Mr Ramshankar Mehadia, Mr Pradeep Mehadia, Mr
Kamal Motilal Agrawal, Mr Vimal Motilal Agrawal and Mrs Kalawati
Motilal Agrawal as partners. The entity is engaged in trading
business of diverse products like (pharmaceutical medicines,
madura garments and fabrics) whereby it serves wholesalers and
dealers based in Maharashtra and supplies traded goods to various
retailers in and around Nagpur. The entity procures fabric
(cotton and polyester) and pharmaceutical products (medicines)
from textile and pharmaceutical industries, respectively based in
Maharashtra.

In FY16 (prov.; refers to the period April 1 to March 31), RJT
achieved an operating income of INR29.04 crore with PAT
amounting to INR0.19 crore, as compared with total operating
income of INR19.05 crore with PAT of INR0.09 crore in FY15.
Furthermore, RJT has registered an income of INR5.75 crore till
May 31, 2016.


R.K. COTTONS: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of R.K. Cottons (RKC)
continue to reflect a modest scale of operations with high
customer concentration in revenue profile, and large working
capital requirement. These rating weaknesses are partially offset
by the extensive experience of the firm's promoter in the
garments industry, and a moderate financial risk profile.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Foreign Bill
   Discounting           20       CRISIL A4 (Reaffirmed)
   Packing Credit        80       CRISIL A4 (Reaffirmed)
   Rupee Term Loan       50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RKC will benefit over the medium term from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of sizeable cash accrual, driven by
enhanced revenue and profitability, and improvement in working
capital management. The outlook may be revised to 'Negative' if
the financial risk profile weakens due to large debt-funded
capital expenditure, increased working capital requirement, or
capital withdrawal by the promoter.

RKC is a proprietorship firm established by Mr. Raj Kumar in
1997. The firm manufactures and exports knitted garments. It is
based in Tirupur, Tamil Nadu, where it has its manufacturing
facilities.

Profit after tax (PAT) was INR7 million on operating income of
INR430 million for fiscal 2015, against PAT of INR7 million on
operating income of INR572 million for the previous fiscal.
Revenue is estimated at INR570 million for fiscal 2016.


RAJDEEP RICE: Ind-Ra Assigns B Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajdeep Rice
Mill Private Limited (RRMPL) a Long-Term Issuer Rating of 'IND
B'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect RRMPL's lack of operational track record,
small scale of operations and moderate credit metrics.  The
company started its commercial operations in January 2016 and had
an installed capacity of 6 tons/hour at FYE16.  According to
provisional FY16 financials, the company had revenue of INR24
mil. (FY15: INR10 mil.), interest coverage of 1.5x (1.3x) and net
financial leverage of 8.8x (42.3x).

The ratings are constrained by the weak liquidity position of the
company as reflected by its full utilization of the working
capital limits during the seven months ended June 2016.

The ratings, however, are supported by the company's promoters'
two decades of experience in the rice industry.

                        RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the scale of operations along with an
improvement in the credit metrics of the company.

Negative: A negative rating action could result from a decline in
the scale of operations along with deterioration in the credit
metrics.

COMPANY PROFILE

Incorporated in 2013, RRMPL is engaged in the processing,
milling, trading and export of rice.  The company is managed by
Mr Pradeep Kumar and family.  The company specializes in raw Sona
Mansuri rice, raw Parmal rice, raw Katarni rice and raw Sonam
rice.

RRMPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B'/Stable
   -- INR20 mil. fund-based working capital limit: assigned
      'IND B'/Stable
   -- INR30 mil. term loan: assigned 'IND B'/Stable


RC ALL-TECH: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RC All-Tech
Power Systems Private Limited's (RC All-Tech) '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 RC All-Tech.

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.

RC All-Tech's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR17.5 mil. fund-based working capital limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'/Stable and
      'IND A4+(suspended)' from 'IND A4+'
   -- INR31.8 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'
   -- INR0.7 mil. long-term loan: migrated to 'IND BB-
      (suspended)' from 'IND BB-'/Stable


SAKTHI TRADERS: CRISIL Suspends 'B' Rating on INR52.5MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sakthi
Traders Shri Sakthi Hitech Agro Foodss (STSSHAF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            52.5       CRISIL B/Stable
   Long Term Loan          6.0       CRISIL B/Stable

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

STSSHAF, incorporated in 1994 and based in Karaikudi (Tamil
Nadu), is engaged in milling and processing of paddy into rice,
rice bran, broken rice and husk. The company's day-to-day
operations are managed by Mr. G. Palanichamy.


SARASWATI EDUCATION: CRISIL Suspends 'D' Rating on INR960MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Saraswati Education Society (SES).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             160       CRISIL D
   Term Loan               960       CRISIL D

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

SES was set up in October 2003 by Dr. Nandkumar Yadavrao
Tasgaonkar to establish and manage technical and other
educational institutions in Maharashtra. It is registered under
the Societies Registration Act and the Indian Trusts Act.


SAS INTERNATIONAL: Ind-Ra Suspends BB Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SAS
International's (SASI) '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 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 SASI.

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

SASI's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR215.0 mil. fund-based working capital limits: migrated
      to 'IND BB (suspended)'/'IND A4+ (suspended)' from
      IND BB'/'IND A4+'
   -- INR30 mil. non-fund-based working capital limits: migrated
      to 'IND A4+' (suspended) from 'IND A4+'


SATYENDRA AGRO: CRISIL Suspends 'B' Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Satyendra
Agro Products (SAP).

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

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

SAP, established in 2009, processes toor daal. The firm's day-to-
day operations are handled by Mr. Bijendra Shah, Mr. Pravinkumar
Shah, and Mr. Viralkumar Shah. It sells its product under the
brand name, Srivdevi.

SHIV BUILD: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Build India
Pvt Ltd's (SBIPL) '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 SBIPL.

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.

SBIPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR50 mil. fund-based working capital limits: migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR150 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


SHREE RAM: CRISIL Lowers Rating on INR140MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shree Ram Sponge and Steels Private Limited (SRSSPL) to
'CRISIL B/Stable' from 'CRISIL B+/Stable'. The rating on the
short-term facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         30       CRISIL A4 (Reaffirmed)

   Proposed Cash Credit     80       CRISIL B/Stable (Downgraded
   Limit                              from 'CRISIL B+/Stable')

The downgrade reflects expectation that business and financial
risk profiles will remain under pressure on account of subdued
demand and decline in price realisation. Operating income dropped
to an estimated INR976.4 million in Fiscal 2016 from INR1.2
billion the previous year, owing to lower demand and capacity
utilisation, and fall in realisation. Operating margin reduced to
around 1% from 3% during the period. Furthermore, sizeable
interest costs resulted in estimated cash losses of INR9.3
million, against positive cash accrual of INR14.8 million in
Fiscal 2015, significantly weakening capital structure. Gross
current assets increased to an estimated 116 days as of March
2016 from 94 days a year ago. Liquidity should remain under
pressure on account of cash losses and stretch in working capital
cycle.

The ratings continue to reflect exposure to risks related to
availability, and volatility in prices, of raw materials, and to
intense competition in the steel long products industry. These
rating weaknesses are partially offset by the extensive
experience of the promoters and moderate working capital cycle.
Outlook: Stable

CRISIL believes SRSSPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if substantial revenue growth and
considerable improvement in operating profitability, or low
working capital requirement strengthens debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if stretch
in working capital cycle, continued cash losses and erosion in
networth, or any large capital expenditure, weakens capital
structure.

SRSSPL was originally set up as Shree Ram Dairy Farm in 1998 by
Mr. Umesh Kumar Sharma. The firm was in the dairy farming
business until 2000, when it was reconstituted as a private
limited company with the current name. Currently, the company
manufactures ingots and thermo-mechanically treated bars at its
unit in Rourkela, Odisha.


SOLTEK PHOTOVOLTEK: CRISIL Suspends 'B' Rating on INR20MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Soltek
Photovoltek Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            20         CRISIL B/Stable
   Long Term Loan         15         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     15         CRISIL B/Stable

The suspension of rating is on account of non-cooperation by SPPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPPL is yet to
provide adequate information to enable CRISIL to assess SPPL'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 December 2013, SPPL is currently setting up a 15
MW fully automated Solar Photovoltaic Panel manufacturing unit
near Gannavaram in Krishna district of Andhra Pradesh. Promoted
by Mr. Sunkara Maneesh, the company is expected to start
commercial operations from May 2015.


SRI MURUGAN: CRISIL Assigns 'B' Rating to INR60MM Foreign LOC
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sri Murugan Timbers (SMT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable
   Cash Credit             10        CRISIL B/Stable
   Foreign Letter of
   Credit                  60        CRISIL B/Stable

The rating reflects large working capital requirement and small
scale of operations in a highly fragmented timber industry. These
rating weaknesses are mitigated by the extensive experience of
the partners in the timber trading industry.

Outlook: Stable

CRISIL believes SMT will benefit from its partners' extensive
industry experience. The outlook may be revised to 'Positive' if
financial risk profile improves significantly, supported by an
increase in scale of operations and considerable improvement in
operating margin along with infusion of capital. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile weakens, due to decline in scale of operations and
operating margin; or if an increase in working capital cycle
weakens liquidity.

Incorporated in 2014 as a partnership firm, SMT processes and
trades timber. It's processing facilities is at Tenkasi (Tamil
Nadu). The operations are managed by Mr. Rajakani.


SRINIVASA CONSTRUCTION: Ind-Ra Suspends BB LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Srinivasa
Construction Corporation Private Limited's (SCCPL) '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 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 SCCPL.

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

SCCPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR500 mil. fund-based limits: migrated to
      'IND BB(suspended)' from 'IND BB'
   -- INR250 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'IND A4+'


SRV TELECOM: CRISIL Ups Rating on INR165MM Cash Loan to BB-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of SRV
Telecom Private Limited (SRV) to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           25       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit             165       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit         10       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

The rating upgrade reflects significant improvement in the
business risk profile of the company. The business risk profile
of the company improved by 32 per cent to INR332.1 million in
2015-16. CRISIL believes that SRV will be able to maintain this
growth on the back of new customers and new products started by
the company. The rating upgrade also reflects the equity infusion
of INR54.1 million by the promoters which supports the financial
risk profile of the company. The infusion of equity has improved
the gearing to around 2.98 times as on March 31, 2016. The
company has moderate debt protection metrics with ratios with net
cash accruals to total debt and interest coverage ratios at 0.21
times and 2.56 times respectively for 2015-16.

The rating upgrade also reflect the extensive industry experience
of the company's promoters and established relationship with its
customer, TTK Prestige Ltd (TTK Prestige; rated CRISIL AA-
/Stable/CRISIL A1+). These rating strengths are partially offset
by SRV's modest scale of operations, aggressive capital
structure, and stretched liquidity due to working capital-
intensive operations.
Outlook: Stable

CRISIL believes SRV will continue to benefit over the medium term
from promoters' extensive industry experience and established
relationship with its key customer. The outlook may be revised to
'Positive' in case of significant improvement in the business
risk profile of the company led by addition of new customers and
new products leading to improvement in the revenues of the
company. Conversely, the outlook may be revised to 'Negative' in
case of a stretched working capital cycle, leading to further
pressure on liquidity, or large debt-funded capital expenditure.

SRV, based in Bengaluru and promoted by Mr. E K Surendran, was
incorporated in 1995. It started operations as a manufacturer of
telecom equipment and electronic products such as phones with
caller identification, electronic push-button telephones, fixed
wireless telephones, patch cords and pigtails, and coin box
telephones.

Owing to irregularities in the telecom sector and slower
realization of dues from its telecom customers, the company
entered into the consumer durables segment in 2011-12 (refers to
financial year, April 1 to March 31). It manufactures induction
cook-tops for TTK Prestige and others.


SUMETCO ALLOYS: CRISIL Suspends 'B' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Sumetco
Alloys Private Limited (SAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            100        CRISIL B/Stable
   Proposed Cash Credit
   Limit                   20        CRISIL B/Stable

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

SAPL, incorporated in 1996 by Delhi-based Bhandari family,
manufactures and trades in lead alloys and pure lead. The company
has manufacturing capacity of 27,000 tonnes per annum located in
Bhiwadi (Rajasthan). The day-to-day operations of the company are
managed by Mr. Priyank Bhandari.


SUNEJA SONS: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suneja Sons a
Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.  The
agency has also assigned Suneja's INR197.50 mil. fund-based
working capital limits Long-Term 'IND BB' with a Stable Outlook
and Short-Term 'IND A4+' ratings.

                          KEY RATING DRIVERS

The ratings factor in Suneja's small scale of operations and
moderate credit metrics.  According to the provisional financials
for FY16 the overall revenue stood at INR1,227.83m (FY15:
INR1,123.16 m), interest coverage (operating EBITDA/gross
interest expense) at 1.17x (1.39x), leverage (total adjusted
debt/operating EBITDAR) at 4.77x (4.56x).

The ratings also factor in the risk associated with the
partnership structure of the firm, trading nature of business and
its moderate EBITDA margins (FY16:1.46%; FY15: 1.67%).

The ratings are supported by Suneja's comfortable liquidity
position as reflected in its almost 15% average maximum use of
the fund-based working capital limits during the 12 months ended
May 2016.

The ratings are also supported by the partners' experience of
more than three decades in the paper trading business.

                       RATING SENSITIVITIES

Negative: A further decline in the EBITDA margins leading to
weaker credit metrics shall be negative for the ratings.

Positive: Diversification in the product portfolio leading to
substantial improvement in the revenue and in the credit metrics
shall lead to a positive rating action.

COMPANY PROFILE
Suneja, established in 1971, is engaged in the trading of various
varieties of paper.  The firm also operates as an authorised
distributor for ITC's paperboards and specialty papers since
2009.


SVS HOSPITALS: CRISIL Suspends 'B' Rating on INR72MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of SVS
Hospitals Private Limited (SVS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           72       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by SVS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SVS is yet to
provide adequate information to enable CRISIL to assess SVS'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 the year 2006, SVS is setting up a 150-bed Neuro
specialty hospital in Hyderabad. Promoted by Dr. D Sreedhar and
his associates, the hospital is expected to start commercial
operations from May 2015.


SWASTIK CERACON: Ind-Ra Suspends BB- Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swastik Ceracon
Limited's (SCL) '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 SCL.

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.

SCL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR121 mil. long-term loans: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR500 mil. fund-based working capital limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'
   -- INR141.5 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


VANI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR32MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Vani Constructions (VC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan        10.4       CRISIL B+/Stable
   Cash Credit             7.6       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     32.0       CRISIL B+/Stable

The rating reflects VC's initial stage of operations and working
capital intensive nature of operations. These rating weaknesses
are partially offset by extensive industry experience of the
partners.
Outlook: Stable

CRISIL believes VC will continue to benefit over the medium term
from partners's extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports higher-than-expected
profitability and revenues, resulting in significant improvement
in financial risk profile. Conversely, the outlook may be revised
to 'Negative' if financial risk profile deteriorates due to
lower-than-expected margins or revenue, large debt-funded capital
expenditure, or higher than expected debt to fund working capital
requirements.

Setup in 2014, Vani Constructions (Vani) is a partnership concern
between Mr. P. Mallikaarjun Rao, Mr. P. Sriharsha, Miss. P.
Prasanthi and Mrs. P. Satyavani. The firm is engaged in
commercial blasting and painting process. The firm has its
manufacturing facility in Vishakapatnam, Andhra Pradesh.


VENKETESH UDYOG: Ind-Ra Suspends B- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venketesh
Udyog's '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 Venketesh Udyog.

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.

Venketesh Udyog's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR50 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'
   -- INR100 mil. fund-based working capital limits: migrated to
      'IND B-(suspended)' from 'IND B-'


VM APPARELS: Ind-Ra Suspends B+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated VM Apparels Pvt.
Ltd.'s (VMAPL) '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 VMAPL.

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.

VMAPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR27.7 mil. long-term loans: migrated to
      'IND B+(suspended)' from 'IND B+'
   -- INR20 mil. non-fund-based working capital limits: migrated
       to 'IND A4(suspended)' from 'IND A4'
   -- INR180 mil. fund-based working capital limits: migrated to
      'IND B+(suspended)' from 'IND B+'


YINDU TEXTILES: CRISIL Suspends 'B' Rating on INR300MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Yindu
Textiles Private Limited (YTPL).

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

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

YTPL, based in Guntur (Andhra Pradesh), is currently setting a
spinning unit to manufacture cotton yarn of counts 32s. The
company is promoted by Mr. B. Banerjee and family.



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


SOFTBANK GROUP: Moody's Affirms Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Japan K.K. has affirmed SoftBank Group Corp.'s Ba1
corporate family rating and backed senior unsecured ratings,
following the company's announcement on 18 July that it will
acquire all shares of ARM Holdings plc (unrated) for
approximately GBP24.0 billion (approximately $31.0 billion or
JPY3.3 trillion) in cash. The rating outlook is stable.

SoftBank expects to complete the acquisition by 30 September
2016.

RATINGS RATIONALE

"Although we recognize that SoftBank paid a high price for ARM
with an approximate 43% premium, we expect it can accommodate the
financial impact within its rating," says Motoki Yanase, a
Moody's Vice President and Senior Analyst. "In particular, the
company holds a high amount of unrealized investments that are
not reflected on its balance sheet and which support its Ba1
rating."

"The rating affirmation therefore considers the significant
financial flexibility that the company has, supported by its
investments in Alibaba Group Holding Limited (A1 stable) and
Yahoo Japan Corporation (unrated)," adds Yanase, who is also the
Lead Analyst for SoftBank.

"While we thus do not expect that SoftBank's leverage will breach
our down-driver for the rating, the ratio will come close to the
rating down-driver, thereby materially reducing the cushion
within its rating," adds Yanase.

SoftBank has obtained a JPY1.0 trillion bridge loan for the
acquisition, which Moody's expects will raise the company's
leverage close to the downgrade guidance of 5.5x on a gross debt
basis by end-March 2017, from 5.0x as of March 2016.

While the acquisition of ARM will absorb substantial cash,
Moody's expects SoftBank's liquidity will remain adequate for its
operations, supported by operating cash flows and its recent
asset sales.

Such asset sales include its monetization of Alibaba -- through
outright sales of Alibaba shares and the issuance of mandatory
exchangeable trust securities -- as well as the sale of its
23.47% stake in GungHo Online Entertainment, Inc. (unrated), an
online gaming company, and its 72.2% stake in Supercell Oy
(unrated). Before tax, Moody's expects the proceeds from these
three transactions to total around JPY1.8 trillion.

SoftBank has announced that it will fund approximately $31
billion of the purchase price for ARM through new debt of JPY1.0
trillion (about $9.5 billion) and the balance via cash on hand.

Upward ratings pressure is unlikely in the near term, given the
increase in debt resulting from the ARM transaction.
Nevertheless, upward rating pressure could emerge over time if
SoftBank improves its profitability and gross leverage, such that
its adjusted EBITDA margin stays above 35% and adjusted gross
debt/EBITDA falls below 3.5x. In addition, the company will need
to demonstrate an excellent liquidity profile and access to the
capital markets.

On the other hand, the ratings could be downgraded if SoftBank's
adjusted EBITDA margin remains below 30%, or if the company's
adjusted gross debt/EBITDA exceeds 5.5x on a sustained basis in
the absence of other sufficiently mitigating factors. Mitigating
factors could include sufficient alternative liquidity, including
cash and liquefiable investments that increase the company's
financial flexibility.

The rating could also be downgraded in case of a material
increase in SoftBank's debt leverage beyond Moody's current
expectations to fund the ARM acquisition which would see around
30% made up of new debt, with the balance being contributed by
available cash on hand.

A significant depletion of SoftBank's liquidity or decrease in
the value of its investments could also increase downward rating
pressure.

Moody's recognizes the drag on SoftBank's rating from the very
weak financial and operating profile of Sprint Corporation (B3
negative), a majority owned subsidiary of SoftBank. While this
factor is adequately captured in the current Ba1 rating of
SoftBank, the rating and outlook could come under pressure if
Sprint's performance further deteriorates.


SoftBank Group Corp. is a Japanese holding company with
operations in mobile and fixed-line telecommunications,
broadband, Internet and other businesses. Its subsidiary,
SoftBank Mobile Corp., is the third-largest mobile
telecommunication operator in Japan measured by subscribers.



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


1MALAYSIA: Singapore Probes Banks Over 1MDB Transaction
-------------------------------------------------------
Reuters reports that Singapore's central bank is scrutinising
several banks, including UBS and DBS Group Holdings, to see if
they broke anti-money laundering rules in handling transactions
linked to scandal-hit Malaysian state fund 1MDB, three people
with knowledge of the matter said.

The Monetary Authority of Singapore (MAS) is looking at several
aspects of the banks' operations including whether they were
diligent enough in knowing who their customers were and what the
source of their funds was, and whether they were particularly
careful in screening politically-exposed persons such as
government officials, banking and legal sources aware of the
review said, Reuters relates.

The probe could lead to fines and other penalties if lapses are
found, said the sources who declined to be identified due to the
sensitivity of the matter, according to the news agency. It is
unclear which transactions by the banks are being examined.

Switzerland's Falcon Private Bank and Coutts International, which
is owned by Geneva-based Union Bancaire Privee, are also among
the banks under review, they said, Reuters relays.

When asked about the MAS review, a Zurich-based spokesman for
Falcon said: "We have transparently shared our view and have
nothing to add."

Reuters relates that Falcon, which is owned by one of the world's
leading sovereign wealth funds -- Abu Dhabi's International
Petroleum Investment Company (IPIC) -- has previously said it is
in contact with Singapore's central bank and cooperating with
authorities.

According to the report, sources said the MAS is in talks with
several banks and will make an announcement on any punitive
action against them after the review is completed. The full
details are not known at this stage, the report notes.

Reuters says Singapore faces pressure to show that banks in the
city-state are complying with increasingly tough anti-money
laundering rules around the world. While the United States has
imposed hefty fines on banks for lapses related to money
laundering, tax evasion and international sanctions, Asian
regulators have been generally slow to act, some lawyers said,
adds Reuters.

"It is also important for Singapore to be seen to be taking
action against any abuse of its private banking sector for money
laundering," the report quotes Nizam Ismail, Singapore-based
partner at RHTLaw Taylor Wessing LLP, where he advises clients on
financial services regulation and compliance, as saying.

An MAS spokeswoman referred Reuters to its statement in March
when it had said that "as part of its investigations into
possible money-laundering and other offences in Singapore, it has
been conducting a thorough review of various transactions as well
as fund flows through our banking system."

1MDB referred Reuters to its earlier statements. In May, it had
said it hadn't been contacted by any foreign lawful authority on
matters relating to the company, and that it remains committed to
fully cooperating with the authorities.

                             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.


1MALAYSIA: Switzerland Enlists U.S. Help on 1MDB
------------------------------------------------
Hugo Miller and Giles Broom of Bloomberg News report that Swiss
prosecutors have asked the U.S. Department of Justice for help in
gathering information in their probe into corruption at the
Malaysian development fund known as 1MDB, as more Swiss banks
were named by U.S prosecutors for their involvement in the
scheme.

The Office of the Attorney General has filed requests for legal
assistance with U.S. authorities and other countries, a spokesman
for the office said on July 20, without naming them, the report
relates.  According to Bloomberg, the Swiss Federal Office of
Justice earlier on July 20 confirmed that it had received a
similar request from the U.S. on May 24 and that the Swiss
Attorney General was processing it. No further details of what
accounts or banks were in the request was given.

The report says U.S. prosecutors sought permission in a
California court filing on July 20 to seize more than $1 billion
in real estate, art and other luxury goods bought with money
diverted from 1MDB into accounts held by shell companies at
various banks in Switzerland. It's the latest development in a
crackdown by prosecutors in the U.S., Switzerland and Singapore
to uncover how more than $3.5 billion in assets were diverted
from the economic development fund, Bloomberg says.

Bloomberg notes that BSI SA, one of the Swiss banks named in the
Justice Department's 136-page complaint, had already been linked
to the alleged corruption at the fund. BSI had its Singapore
license revoked over the issue and Swiss prosecutors in May
opened criminal proceedings against the bank and two former
senior executives.  According to Bloomberg, BSI "ignored clear
warning signals" about the risk of the transactions in its
pursuit of profit, the head of Swiss financial regulator Finma
said in May after he seized 95 million Swiss francs ($96 million)
from the bank.

Bloomberg says the U.S. complaint sheds more light on the extent
of BSI's involvement with the fund. Over the course of several
months, about $1.367 billion that 1MDB raised from bond issues in
2012, or more than 40 percent of the total raised, was
transferred to an account belonging to a shell company held at
BSI in Switzerland, the complaint alleges.

In May 2012, some $907.5 million raised in a bond sale was
transferred from an account held at the Bank of New York Mellon
to an account in the name of 1MDB Energy at Swiss-based Falcon
Private Bank Ltd, according to the complaint cited by Bloomberg.
A day later, $577 million was wired from Falcon to an account
held in the name of a shell company called Aabar-BVI, the
complaint reads.

Other banks in Switzerland named as conduits for transactions in
the complaint include RBS Coutts and Rothschild Bank AG. The
Luxembourg arm of Banque Privee Edmond de Rothschild was also
cited in the complaint, Bloomberg discloses.

Bloomberg notes that the U.S. asset seizures are the largest
action ever by the Justice Department's Kleptocracy Asset
Initiative, which was established in 2010 to crack down on the
use of U.S. banks for international money laundering.

                             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.



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


J.V. FITNESS: Ferrier Hodgson Named as Provisional Liquidators
--------------------------------------------------------------
Tim Reid -- tim.reid@fh.com.sg -- and Theresa Ng --
theresa.ng@fh.com.sg -- of Ferrier Hodgson have been jointly and
severally appointed as Provisional Liquidators of J.V. Fitness
Pte. Ltd by order of the High Court on July 19, 2016.

"J.V. Fitness does not have adequate liquid resources to continue
its operations and therefore all outlets in Singapore will be
closed from July 21 until further notice," Ferrier Hodgson said.

"The Provisional Liquidators will quickly explore options that
may be available to enable the business to operate but for time
being, it is necessary to cease the operations of the fitness
centres with immediate effect."

J.V. Fitness Pte Ltd owns and operates the California Fitness
centres located at Bugis, Raffles Place and Novena.



===========
T A I W A N
===========


JIH SUN: Fitch Affirms Short Term Foreign Currency IDR at 'B'
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings on six Taiwanese
securities companies, namely Oriental Securities Corporation
(Oriental), Concord Securities Corporation (Concord), Ta Chong
Securities Co., Ltd., Ta Ching Securities Co., Ltd., Tachan
Securities Co., Ltd, and Horizon Securities Co., Ltd.  At the
same time, Fitch has maintained Concord's ratings on Negative
Outlook.  The Outlooks of other five entities are Stable.

Fitch has placed the ratings of Jih Sun Securities Corp., Ltd
(Jih Sun) on Rating Watch Negative (RWN), and affirmed most of
the ratings of Jih Sun Financial Holding Co., Ltd (JSFH) and Jih
Sun International Bank (JSIB).

KEY RATING DRIVERS

IDRS and NATIONAL RATINGS
Oriental, Concord, Ta Chong, Ta Ching, Tachan and Horizon are the
smaller securities firms in Taiwan.  They face bigger challenges
than their larger domestic peers from negative structural change
in Taiwan's brokerage market.  This is because they lack
economies of scale in brokerage, and rely on proprietary trading
for profit.

Fitch expects the smaller firms to report net losses more
frequently.  Pressure on brokerage-related revenue continues due
to a sustained decline in market turnover and commission rates.
Trading profits are challenging against heightened, unexpected
market volatility.  That said, Fitch believes the overall credit
profile of the smaller firms rated by Fitch remains generally in
check, underpinned by their healthy balance sheets that exhibit
strong loss-absorption and adequate liquidity.

Oriental, rated highest among the smaller companies at 'BBB-',
demonstrates consistently strong capital strength, an intention
to limit use of debt borrowing, and a restrained appetite for
trading.  Nevertheless, the company has a trading-focused
business model and a weaker risk-adjusted return among local
peers.

Concord is rated 'BB+', reflecting its relatively diversified
franchise among similarly sized local peers, although it has
below-average capital and liquidity positions due to higher
reliance on short-term repos to fund its larger, long-term bond
investments.  This has left its credit profile more vulnerable to
stock-market volatility and to market and liquidity risks, as
reflected in the Negative Outlook.

The ratings affirmations of Ta Chong, Ta Ching and Tachan at 'BB'
or 'BBB+(twn)' and Horizon at 'BBB(twn) are based on their
generally stable credit profiles, which are underpinned by their
consistently low leverage and Fitch's expectation of their
ability to maintain sound capital buffers, liquid portfolios and
high-quality collateral backing repo funding.  That said, Horizon
is rated lower, taking into account its weaker and more volatile
earnings, and higher market risk appetite.

Jih Sun's ratings are placed on RWN because the agency is re-
assessing the group's credit profile.  It is highly likely that
Fitch would shift its approach to analyze the group's
consolidated profile and assign common ratings to all group
entities - including Jih Sun, JSFH and JSIB - instead of
currently using Jih Sun as an anchor to the ratings of JSFH and
JSIB.  This is based on our belief that all three entities have a
high correlation of default, considering that they are likely to
extend support to one another.  The downward pressure on Jih Sun
comes from JSIB being a potential drag on the group's overall
profile, particularly in terms of JSIB's weaker franchise -
despite adequate asset quality and capitalisation.

VR: only for JSIB

JSIB's VR would be driven by the consolidated profile of the
group, based on the potential new approach mentioned earlier.
JSIB's VR is on Rating Watch Positive (RWP) as Fitch expects the
bank to benefit from ordinary support from the group.  The bank
is likely to benefit in particular from the group's overall
capital and funding fungibility and sharing of the Jih Sun's
stronger franchise and better internal capital generation.

SUBORDINATED DEBT

JSIB's non-Basel III-compliant subordinated bond is rated one
notch below the issuer's National Long-Term Rating to reflect its
subordinated status and the absence of going-concern loss-
absorption features.  JSIB's Taiwanese Basel III Tier 2 (B3T2)
capital is rated two notches below the issuer's anchor rating,
comprising zero notching for non-performance risk and two notches
for loss severity.  Wider notching than Fitch's base case of one
notch reflects the poor recovery prospects for Taiwanese B3T2
debt at the point of non-viability or government receivership.
Taiwan's authorities would only move a bank into insolvency
administration when it reaches a very low capital level or a 2%
capital adequacy ratio, reducing the recovery prospects for B3T2
debt.  The above notching practices are in accordance with
Fitch's criteria on rating bank regulatory capital and similar
securities.

                       RATING SENSITIVITIES

IDRS AND NATIONAL RATINGS

For Concord, triggers for a ratings downgrade include rising risk
appetite for stock trading and further significant expansion in
bond investments, which lead to a weakened capital profile.  An
Outlook revision to Stable is likely if Concord could manage to
moderate its appetite for trading, reduce its leverage and
strengthen its capitalization.

Ratings upside for the other smaller securities firms is limited,
unless they demonstrate a sustained improvement in earnings
quality - most likely through a larger and more diversified
franchise - which is unlikely in the short to medium term.
Conversely, sustained weak earnings and a sharp increase in risk
appetite resulting in significant deterioration in capitalisation
may trigger negative rating action.

Under the common rating approach that is to be taken, the IDRs
and National Ratings of Jih Sun, JSFH and JSIB would be most
sensitive to the group's ability to maintain its securities
franchise to underpin the group's overall credit profile.

VR: only for JSIB
Under the new approach, JSIB's VR would move in tandem with the
group's overall long-term IDR.  Any change in the assessment of
the consolidated profile of the group is to trigger similar
rating action.

SUBORDINATED DEBT
Any rating action on JSIB could trigger a similar move on its
debt ratings.

The rating actions are:

Jih Sun
  Long-Term Foreign Currency IDR at 'BBB-'; placed on RWN
  Short-Term Foreign Currency IDR at'F3'; placed on RWN
  National Long-Term Rating at 'A(twn)'; placed on RWN
  National Short-Term Rating at 'F1(twn)'; placed on RWN

JSFH:
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F2(twn)'

JSIB:
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F2(twn)'
  Viability Rating at 'bb'; placed on RWP
  Subordinated debt (non-Basel III-compliant) rating affirmed at
   'BBB+(twn)'
  Subordinated debt (Basel III Tier 2 capital) rating affirmed at
   'BBB(twn)'

Oriental:
  Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
  Short-Term Foreign-Currency IDR affirmed at 'F3'
  National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
  National Short-Term Rating affirmed at 'F1(twn)'

Concord:
  Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
   maintained on Negative
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'A-(twn)'; Outlook
   maintained on Negative
  National Short-Term Rating affirmed at 'F2(twn)'

Horizon:
  National Long-Term Rating affirmed at 'BBB(twn)'; Outlook
Stable
  National Short-Term Rating affirmed at 'F3(twn)'

Ta Chong:
  National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook
   Stable
  National Short-Term Rating affirmed at 'F2(twn)'

Ta Ching:
  National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook
   Stable
  National Short-Term Rating affirmed at 'F2(twn)'

Tachan:
  Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook Stable
  Short-Term Foreign-Currency IDR affirmed at 'B'
  National Long-Term Rating affirmed at 'BBB+(twn)'; Outlook
   Stable
  National Short-Term Rating affirmed at 'F2(twn)'


                             *********

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.



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