TCRAP_Public/160727.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

           Wednesday, July 27, 2016, Vol. 19, No. 147

                            Headlines


A U S T R A L I A

ARTENERGY PTY: First Creditors' Meeting Slated For Aug. 3
ASPENGLOW PTY: Placed into Liquidation
BESPOKE HOSPITALITY: First Creditors' Meeting Set For Aug. 2
EDWARDS BENEFITS: License Canceled Due Failure to File Statements
ESSELLARR CONTRACTING: First Creditors' Meeting Set For Aug. 2

GUVERA AUSTRALIA: Facebook, Tennis Australia Listed as Creditors
INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Cl. B Notes
L & L ADAMS: First Creditors' Meeting Scheduled For Aug. 2
PRODUCTION PRINTING: First Creditors' Meeting Set For Aug. 3


C H I N A

CHINA OIL: S&P Revises Outlook to Positive & Affirms 'BB' CCR
KU6 MEDIA: Suspending Filing of Reports with SEC


I N D I A

ALLIED MEDICAL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ANIL SANTHOSH: CRISIL Assigns B+ Rating to INR10MM LT Loan
BOSTIN ENGINEERS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
CASTINGS INDIA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
DACSS GRANITES: CRISIL Lowers Rating on INR65MM LT Loan to 'B'

DEE-TECH PROJECTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating
DEVDHAR RICE: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
DLECTA FOODS: CRISIL Reaffirms B+ Rating on INR147MM Term Loan
EARTH STAHL: CARE Reaffirms 'D' Rating on INR19.65cr LT Loan
EMSON GEARS: CRISIL Lowers Rating on INR647.1MM Loan to 'B+'

G. T. HOMES: CRISIL Reaffirms B+ Rating on INR230MM Term Loan
GAJRAJ HOTELS: CARE Ups Rating on INR18.03cr LT Loan to 'C'
GINGER INFRASTRUCTURE: CARE Assigns B+ Rating to INR15cr LT Loan
GODAWARI POWER: CARE Lowers Rating on INR1,110.21cr Loan to 'D'
HARITHA BIO: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

HYDRAULIC ENGINEERS: Ind-Ra Cuts LT Issuer Rating to 'IND B+'
INDICON CONSTRUCTION: CRISIL Reaffirms B Rating on INR39MM Loan
JAYARAJ INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
JUGAL KISHORE: CARE Reaffirms B+ Rating on INR9cr LT Loan
KALPATARU COLD: Ind-Ra Suspends IND D' Long-Term Issuer Rating

KAVYA COLD: CARE Assigns B+ Rating to INR5.28cr LT Bank Loan
KAY EM COPPER: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
KIZHAKKEBHAGATHU RICE: CRISIL Cuts Rating on INR60MM Loan to C
KPM PROCESSING: Ind-Ra Upgrades LT Issuer Rating to 'IND BB'
KRISHNA GRUH: CRISIL Suspends 'B' Rating on INR30MM Term Loan

KYS MANUFACTURERS: CARE Assigns B+ Rating to INR13.13cr LT Loan
LAGU BANDHU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
LAKSHMI TRADERS: CRISIL Suspends B Rating on INR50MM Cash Loan
LINUS PROCESSORS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
M C SPINNERS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

M.S. COLD: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
MANNA RICE: CRISIL Assigns 'B' Rating to INR57.5MM LT Loan
MATRIX ROLLER: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
MINAKSHI COTEX: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
MULPURI FOODS: CRISIL Upgrades Rating on INR620MM Loan to 'B'

MULPURI POULTRIES: CRISIL Ups Rating on INR150MM Cash Loan to B
NANDRAJ RICE: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
NARMADA SPINNING: CRISIL Raises Rating on INR200MM Loan to B+
NAROL TEXTILE: CRISIL Assigns B+ Rating to INR624.8MM Term Loan
OSHO FORGE: CRISIL Lowers Rating on INR400MM Cash Loan to B+

P. K. INDUSTRIES: CARE Upgrades Rating on INR4cr Loan to BB-
PARAMOUNT SEAFOODS: CRISIL Reaffirms B+ Rating on INR25MM Loan
PAREKH ALUMINEX: CRISIL Reaffirms D Rating on INR8.55BB Loan
PRIME URBAN: CRISIL Puts 'B' Rating on Notice of Withdrawal
R V PLASTIC: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

RAJ SALT: CARE Upgrades Rating on INR4.40cr LT Loan to BB-
RATTAN LAL: CRISIL Suspends 'D' Rating on INR195MM Term Loan
SABOO TOR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
SAHA BUILDING: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SAI MAATARINI: Ind-Ra Suspends 'IND BB' Term Loan Facility Rating

SANTOSHI RICE: CARE Reaffirms B+ Rating on INR5.80cr LT Loan
SATIJA MOTORS: CRISIL Assigns B+ Rating to INR45MM Cash Loan
SHREE BALAJI: CARE Assigns B- Rating to INR4.80cr LT Loan
SHREE MORAYA: CRISIL Assigns B+ Rating to INR60MM Term Loan
SMS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR48.8MM Loan

SORENTO GRANITO: CARE Reaffirms B+ Rating on INR2.04cr LT Loan
SRI DHARAM: CRISIL Cuts Rating on INR145MM LT Loan to 'D'
SRI VENKATESWARA: CRISIL Upgrades Rating on INR234.8MM Loan to B
SUNFAME CERAMIC: CARE Assigns B+ Rating to INR5.86cr LT Loan
SWAGATTAM PLASTIC: Ind-Ra Suspends IND B+ Long-Term Issuer Rating

T. S. JAYAPRAKASH: CRISIL Reaffirms 'B' Rating on INR46.5MM Loan
TRIPATHI HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B+
VED CELLULOSE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
WILSON PRINTCITY: CRISIL Reaffirms 'B' Rating on INR47.5MM Loan


J A P A N

KAWASAKI KISEN: Egan-Jones Assigns B Sr. Unsecured Debt Ratings
MARUI GROUP: Egan-Jones Assigns BB+ Sr. Unsecured Debt Ratings
MITSUI ENGINEERING: Egan-Jones Assigns BB Sr. Unsec. Debt Ratings
MITSUI OSK: Egan-Jones Assigns B Sr. Unsec. Debt Ratings
SHOWA SHELL: Egan-Jones Assigns B Sr. Unsecured Debt Ratings

SOFTBANK GROUP: Egan-Jones Assigns BB FC Sr. Unsec. Debt Rating
TOKYO DOME: Egan-Jones Assigns BB- Sr. Unsecured Debt Rating
UNITIKA LTD: Egan-Jones Assigns B Sr. Unsecured Debt Rating


M A L A Y S I A

1MALAYSIA: Singapore Vows More 'Intrusive' Bank Probes
1MALAYSIA: Goldman Sachs Under Spotlight in 1MDB Scandal


N E W  Z E A L A N D

BELLA'S CAFE: Closes After Two Decades in Business


T A I W A N

ACER INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B-
JIH SUN: Fitch Affirms 'BB+' LT FC Issuer Default Ratings
YUANTA COMMERCIAL: Fitch Assigns 'BB+' Support Rating Floor


                            - - - - -


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


ARTENERGY PTY: First Creditors' Meeting Slated For Aug. 3
---------------------------------------------------------
Richard Albarran of Hall Chadwick was appointed as administrator
of Artenergy Pty Ltd on July 22, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 9, Lawson
and Wentworth Rooms, 33 Erskine Street, in Sydney, on Aug. 3,
2016, at 11:30 a.m.


ASPENGLOW PTY: Placed into Liquidation
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Aspenglow Pty Ltd
has collapsed into liquidation. Richard Hughes and Timothy Heenan
of Deloitte Touche Tohmatsu have been appointed liquidators of
the company.

Dissolve.com.au says the liquidation comes after the company was
reportedly unable to pay AUD22 million to BGP Geoexplorer.

Aspenglow, previously named Palmer Petroleum, hired BGP in 2010
to survey the petroleum prospective licences of Palmer Petroleum
in the Gulf of Papua and offer a report, Dissolve.com.au
discloses.

The liquidators are tasked to chase the debtors of Palmer
Petroleum for creditors. Clive Palmer is the company`s only
director, Dissolve.com.au notes.


BESPOKE HOSPITALITY: First Creditors' Meeting Set For Aug. 2
------------------------------------------------------------
Brendan Nixon of Stanley Morgan Solvency Accountants was
appointed as administrator of Bespoke Hospitality Group Pty Ltd,
trading as Aunty Oh's, on July 22, 2016.

A first meeting of the creditors of the Company will be held at
Level 8/490 Upper Edward Street, Spring Hill, in Queensland, on
Aug. 2, 2016, at 2:00 p.m.


EDWARDS BENEFITS: License Canceled Due Failure to File Statements
-----------------------------------------------------------------
Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) licence of Sydney-based
Edwards Benefits Advisors Pty Ltd for failing to comply with a
number of key obligations as a financial services licensee.

In particular, ASIC found that Edwards Benefits:

   * failed to lodge financial statements, auditors reports and
     auditor opinions over consecutive years; and

   * failed to advise ASIC in writing, within 10 business days,
     of becoming aware of this significant breach.

ASIC cancelled Edwards Benefits' AFS licence on June 29, 2016.

Edwards Benefits has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

Edwards Benefits had been operating since 1999 and was authorised
to provide general financial product advice in relation to
superannuation, investment, and life and disability insurance to
Australian retail clients.

The annual lodgement of audited accounts is an important part of
a licensee demonstrating its capacity to provide financial
services.

ASIC will continue to contact AFS licensees which have not lodged
audited financial statements and take appropriate action if they
fail to lodge these statements.


ESSELLARR CONTRACTING: First Creditors' Meeting Set For Aug. 2
--------------------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory were appointed
as administrators of Essellarr Contracting Pty Ltd on July 21,
2016.

A first meeting of the creditors of the Company will be held
atthe Boardroom of Chifley Advisory, Level 3, 39 Martin Place, in
Sydney, on Aug. 2, 2016, at 11:00 a.m.


GUVERA AUSTRALIA: Facebook, Tennis Australia Listed as Creditors
----------------------------------------------------------------
Liam Walsh at The Courier-Mail reports that Tennis Australia, the
Victoria Racing Club and Australian musicians have been caught
out for hundreds of thousands of dollars after music-streaming
outfit Guvera placed two subsidiaries in administration.

US giant Facebook and small Australian advertising and technology
businesses are also named on a creditors list of firms and people
owed money by Gold Coast-based Guvera, the report says.

Guvera, which boasts a catalogue of 30 million songs, last month
placed subsidiaries Guvera Australia and Guv Services in
administration, owing almost AUD15 million.

The Courier-Mail relates that the move came after the ASX blocked
Guvera's plans for a stockmarket listing. Guvera, which plans to
offer a free service with advertisers paying the bill, planned to
raise up to AUD100 million in that float.

As previously reported, almost 70 staff have lost jobs and say
they are owed outstanding superannuation and redundancy pay.

Directors including Guvera chief executive officer Darren Herft
and co-founder Claes Loberg are also listed in the meeting
register, but it is not clear if they are creditors. Fellow co-
founder Brad Christiansen is another name on the list; he last
week resigned from the main Guvera's board, The Courier-Mail
says.

According to The Courier-Mail, creditor minutes stated that APRA
AMCOS, the Sydney-based body handles royalties for musicians, was
owed AUD928,712.

Tennis Australia was owed AUD285,000.  The Courier-Mail says
Guvera had a deal with Tennis Australia this year for the
Australian Open, letting listeners hear the playlists of stars
including Victoria Azarenka, whose chosen tracks included Hands
to Myself by US singer Selena Gomez.

The Courier-Mail says Victoria Racing Club, which administers
racing in the southern state, was owed AUD297,250. Race sponsors
include Guvera, which had its own race called the Guvera Stakes.

Other creditors include Facebook, the amount was not listed, the
Australian Taxation Office, owed AUD1.1 million, and Guvera's
former public relations firm Edelman, owed AUD33,950, according
to The Courier-Mail.

According to The Courier-Mail, one small technology business
creditor was hopeful the subsidiaries' administrators, Deloitte,
would succeed in reaching a resolution, although the creditor
thought the cash crunch currently was a kick in the teeth.

The report says Guvera's plan to pay back creditors involved
raising more than AUD10 million from existing investors.

One update sent earlier to associates of Guvera's fundraising
partner, Amma Private Equity, said Amma had so far raised
AUD1 million from "over 400 calls to the 3000 shareholders," adds
The Courier-Mail.

Australian-based Guvera is an online music and entertainment
streaming service.


INTERSTAR MILLENNIUM: Fitch Affirms 'Bsf' Rating on Cl. B Notes
---------------------------------------------------------------
Fitch Ratings has downgraded five and affirmed 10 classes of
notes from four transactions of the Interstar Millennium Series
and Challenger Millennium Series. These transactions are backed
by pools of Australian conforming residential mortgages
originated through a network of mortgage originators and brokers
under the Challenger Millennium Trust and Interstar Millennium
Trust Securitisation programmes. A full list of rating actions
can be found at the end of this commentary.

KEY RATING DRIVERS

The downgrades of the Class AB notes of Challenger Millennium
Series 2007-2L, the class AB notes of Interstar Millennium Series
2005-2L Trust and the class A1, A2 and AB notes of Interstar
Millennium Series 2006-2G Trust reflect the pro rata pay
structure throughout the majority of the life of the transactions
that leaves downgraded notes exposed to tail risk as the
transaction gets smaller. Payment priority in these transactions
reverts to sequential paydown if there are carryover charge-offs
or 60+ days arrears are greater than 5% of the pool balance.
Fitch makes the assumption in all structured finance ratings that
no clean-up call options are exercised unless originators are
obligated to do so, which is not the case in the Interstar and
Challenger transactions. In recent years Challenger has chosen
not to exercise clean-up call options.

The 60+ days arrears for Interstar 2005-2L and Challenger 2007-2L
are 4.16% and 4.36% respectively as of 31 March 2016. While the
class AB notes in these two transactions are exposed to
concentration risk due to the current pro-rata pay structure,
there is a higher likelihood that the transactions will revert to
sequential paydown with further portfolio deterioration or with
continued paydown of the portfolio, which would mean that the
arrears trigger would be met. The Interstar 2005-2L portfolio
consists of 91.3% low-documentation mortgages and 87.0% for
Challenger 2007-2L. Low-doc mortgages typically perform worse
than full-documentation loans. The current pool factors for
Interstar 2005-L and Challenger 2007-2L are 5.8% and 10.7%
respectively.

Interstar 2006-2G's portfolio is 84.5% full-documentation loans,
and as a result, the credit enhancement was lower at closing
compared to the Interstar 2005-2L and Challenger 2007-2L
transactions. This feature, in conjunction with the credit
enhancement level required before pro-rata amortization
could start being lower than that for Interstar 2005-2L and
Challenger 2007-2L, results in the transaction providing less
credit enhancement to support the class A1 and A2 notes. The low
absolute level of credit enhancement exposes the class A1 and A2
notes to some degree of concentration risk at the tail of the
transaction. As of March 2016, the 60+ days arrears was 2.15%,
which is well below the trigger of 5% at which the transaction
would be required to revert to sequential paydown.

In its analysis, Fitch modelled various default distributions and
interest rate stresses, as well as prepayment speeds. In running
the scenarios, for Interstar 2006-2G, Fitch observed that most
scenarios passed 'AAsf'; however, the model did result in one
minor (less than 2% unpaid principal) scenario failure for the
class A1 and class A2 notes. Fitch determined that the small
amount of discrepancy caused by the severe stress on a number of
variables simultaneously is within the tolerance level of the
ratings assigned.

The Challenger 2007-1E, Interstar 2005-2L and Interstar 2006-2G
transactions are exposed to foreign-currency risk in the event
that the Libor (Challenger 2007-1E, Interstar 2005-2L and
Interstar 2006-2G), Euribor (Challenger 2007-1E) or GBP Libor
(Challenger 2007-1E) turn negative and the affected trust has to
make additional payments to the currency swap provider in the
relevant foreign currency. Excess spread is likely to be
sufficient to cover any payments payable by the trust and as such
this risk has not resulted in any of the negative ratings actions
taken at this time. Since closing, the trusts have had a positive
coupon.

As of 31 March 2016, the 30+ days arrears for Challenger 2007-1E
and Interstar 2006-2G were 2.69% and 3.11% respectively, above
Fitch's 4Q15 Dinkum Index of 0.95%. As of 31 March 2016, 30+ day
arrears levels for Challenger 2007-2L and Interstar 2005-2L were
5.26% and 5.59% respectively, below Fitch's most recent low-doc
RMBS Index of 7.29%.

All loans in the underlying portfolios have 100% lenders'
mortgage insurance (LMI) in place, provided mainly by QBE
Lenders' Mortgage Insurance Limited (Insurer Financial Strength
Rating: AA-/Stable) and Genworth Financial Mortgage Insurance Pty
Limited (Insurer Financial Strength Rating: A+/Stable). Losses
have remained within expectations. At end-March 2016, LMI covered
99.2% of the claims submitted from the Challenger 2007-2L
transaction while LMI covered between 94.9% and 97.2% of LMI
claims submitted from the other three transactions. All losses
that were not covered by LMI have been covered by excess spread
or the residual unit holders.

The affirmations of the ten RMBS classes reflect Fitch's view
that available credit enhancement supports the notes' current
ratings, the agency's expectations of Australia's economic
conditions and that the credit quality and performance of the
loans in the collateral pools have remained within the agency's
expectations.

Challenger Millenium Series 2007-1E does not have the same
structural issue that exposes senior notes to tail risk as it
pays sequentially for the life of the transaction.

VARIATIONS FROM CRITERIA
Fitch said, "In our analysis of foreign-currency exposure as a
result of potential negative Libor, Euribor and GBP Libor, Fitch
assumed the coupons due on the notes are floored at zero and that
in a 'AAAsf' stress, each of these base rates go to -0.65% for
five years, for 55 months at 'AAsf'and for 24 months at 'Bsf'.
The foreign-currency path assumption for AUD/GBP, AUD/US$ and
AUD/EUR used for the class A notes was year 1: +/-60%, year 2:
+/-80%, year 3: +/-100%, year 4 and onwards: +/-120%. For the
class B notes in Challenger 2007-1E, the path assumption was year
1: +/-60%, year 2: +/-60%, year 3: +/-60%, year 4 and onwards:
+/-60%."

The criteria variation from the "Criteria for Interest Rate
Stresses in Structured Finance and Covered Bonds" arises from
stressing the impact of negative interest rates on the
transactions and the criteria variation from the "APAC
Residential Mortgage Criteria" arises from using the foreign-
currency path assumptions for payments payable by the trust in
the case of negative interest rates. There is no rating impact on
the transactions as a result of the criteria variations.

RATING SENSITIVITIES
Credit enhancement levels for the class A notes across the
transactions can support many multiples of the arrears levels
reported in the latest investor reports. The ratings are not
expected to be affected by modest changes in performance.

The class A notes of Challenger 2007-2L and Interstar 2005-2L can
withstand additional foreclosure of 33.8% and 47.7% respectively
at their 'AAAsf' loss severity. The class AB notes can withstand
additional foreclosure of 81.8% and 79.4% respectively at the
'Asf' loss severity. The class A and AB notes of Challenger 2007-
2L and class AB notes of Interstar 2005-2L are LMI independent at
their respective ratings. All other classes are LMI dependent.

At the 'AAsf' loss severity, the class A notes of Interstar 2006-
2G can withstand additional foreclosure of 74.3%. The class AB
notes can withstand additional foreclosure of 96.7% at 'BBBsf'
loss severity. Both the class A and AB notes are LMI independent
at their respective rating.

The class A and AB notes of Challenger 2007-1E can withstand an
additional foreclosure of 100% at their 'AAAsf' loss severity.
The class A and AB notes are LMI independent.

Class B notes for all transactions would be downgraded if there
was a significant reduction in payment of LMI claims and an
unexpected deterioration in delinquencies, defaults and losses.
All class B notes are LMI dependent and there are currently no
charge-offs to date. Fitch's analysis excludes credit to excess
spread.

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

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by Challenger Mortgage
Management Pty Ltd compared to its credit policy at the time of
underwriting. Fitch has checked the consistency and plausibility
of the information and no material discrepancies were noted that
would impact Fitch's rating analysis.

A comparison of the transaction's representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and links given
under Related Research below.

The rating actions are as follows (note balances as end-March
2016):
Interstar Millennium Series 2005-2L (Interstar 2005-2L):
US$26.9 million Class A1 (ISIN US46071TAA16) affirmed at 'AAAsf';
Outlook Stable
AUD53.8 million Class A2 (ISIN AU300INTC012) affirmed at 'AAAsf';
Outlook Stable
AUD8.5 million Class AB (ISIN AU300INTC020) downgraded to 'Asf'
from 'AA+sf'; Outlook Stable
AUD4.6 million Class B (ISIN AU300INTC038) affirmed at 'Bsf';
Outlook Stable

Interstar Millennium Series 2006-2G Trust (Interstar 2006-2G):
US$54.3 million Class A1 (ISIN USQ49677AA73) downgraded to 'AAsf'
from 'AAAsf'; Outlook Stable
US$49.8 million Class A2 (ISIN USQ49677AB56) downgraded to 'AAsf'
from 'AAAsf'; Outlook Stable
AUD6.8 million Class AB (ISIN AU0000INBHC6) downgraded to 'BBBsf'
from 'AAAsf'; Outlook Stable
AUD8.0 million Class B (ISIN AU0000INBHD4) affirmed at 'Bsf';
Outlook Stable

Challenger Millennium Series 2007-1E (Challenger 2007-1E)
US$40.4 million Class A2a (ISIN XS0280784637) affirmed at
'AAAsf'; Outlook Stable
GBP25.0 million Class A2b (ISIN XS0280786335) affirmed at
'AAAsf'; Outlook Stable
EUR31.0 million Class AB (ISIN XS0280787226) affirmed at 'AAAsf';
Outlook Stable
EUR32.5 million Class B (ISIN XS0280788976) affirmed at 'Bsf';
Outlook Stable

Challenger Millennium Series 2007-2L (Challenger 2007-2L)
AUD84.3 million Class A (ISIN AU0000CHUHA5) affirmed at 'AAAsf';
Outlook Stable
AUD7.0 million Class AB (ISIN AU0000CHUHB3) downgraded to 'Asf'
from 'AAAsf'; Outlook Stable
AUD5.3 million Class B (ISIN AU0000CHUHC1) affirmed at 'Bsf';
Outlook Stable


L & L ADAMS: First Creditors' Meeting Scheduled For Aug. 2
----------------------------------------------------------
John Morgan & Geoff Davis of BCR Advisory were appointed as
administrators of L & L Adams Contracting Pty Ltd on July 21,
2016.

A first meeting of the creditors of the Company will be held at
Rockhampton Leagues Club, Cambridge Street, in Rockhampton City,
Queensland, on Aug. 2, 2016, at 1:15 p.m.


PRODUCTION PRINTING: First Creditors' Meeting Set For Aug. 3
------------------------------------------------------------
Mathew Gollant of Rodgers Reidy was appointed as administrator of
Production Printing (Aust) Pty Ltd on July 22, 2016.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, Level 3, 326 William Street, in Melbourne, on
Aug. 3, 2016, at 11:00 a.m.



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


CHINA OIL: S&P Revises Outlook to Positive & Affirms 'BB' CCR
-------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on China
Oil And Gas Group Ltd. (COGG) to positive from stable.  At the
same, S&P affirmed its 'BB' long-term corporate credit rating on
the China-based gas distributor and S&P's 'BB' long-term issue
rating on the company's senior unsecured notes.  In line with the
outlook revision, S&P raised its long-term Greater China regional
scale rating on COGG and the notes to 'cnBBB' from 'cnBBB-'.

"We revised the outlook because we expect COGG's financial
strength to improve 2016 onwards," said S&P Global Ratings credit
analyst Vincent Chow.  This follows the Qinghai government's
delayed decision to allow the company to pass through cost
increases to end customers.  S&P also expects the company's
domestic gas distribution business to grow, the dollar margin to
recover, and capital expenditure (capex) to remain stable over
the next 12-18 months.

S&P affirmed the ratings because it estimates that COGG's ratio
of funds from operations (FFO) to debt will recover to 18%-23%
over the next two years, from 13% in 2015.  The company's 2015
performance was weaker than our expectation.  The Qinghai
government's approval to pass through costs will restore COGG's
gross margin per unit of gas sold.  S&P continues to expect
limited EBITDA contribution and capital expenditure relating to
the upstream business due to weak oil prices.

S&P believes COGG remains exposed to regulatory risk for its city
gas business in China due to a lack of transparency in the
setting of city-gas tariffs.  In addition, the execution of cost
pass-through across different local governments may not be
consistent.

COGG's large exposure to Qinghai province (mainly the capital
city Xining), a less-developed region, has amplified the
volatility in its operating cash flows compared with its peers'.
In 2015, 47% of COGG's gas sales volume was from this province.
As a result, S&P continues to assess COGG as having higher
business risk than peers with national exposure.  However, given
the low prices of oil and natural gas, S&P sees a risk of margin
erosion due to cost pressure as less likely in the coming two
years.  As a result, S&P expects the company's margin to improve
in 2016-2017.  S&P estimates that its dollar margin will recover
to Chinese renminbi (RMB) 0.4/ cubic meter (cbm) from 2016
onward, from RMB0.31/cbm in 2015, but still below RMB0.49/cbm in
2013.

"In our base case, we expect COGG's gas volumes to grow 9%-10%
year-on-year (YoY) in 2016-2018 through organic growth as well as
the acquisition of additional concession rights," said Mr. Chow.
The growth is higher than the 6% in 2015.  Furthermore, S&P
believes the diversification of the company's gas distribution
exposure within China will reduce the volatility from Qinghai
province and improve the visibility of COGG's operating cash
flows, albeit gradually.

"In the upstream oil and gas business, we expect COGG to remain
exposed to the volatility in oil and gas prices, such as the
sharp decline in oil prices since its Canadian acquisition in
July 2014. We expect COGG to still be able to generate thin but
positive operating cash flows from its upstream business.
However, the company's strategy of managing drilling and land
acquisitions within the upstream business' operating cash flows
is likely to limit its growth potential for at least the next one
to two years. This is because we expect oil prices to recover
slowly.  As a result, we have also cut our estimate of the
company's total capital expenditure to around Hong Kong dollar
(HK$) 800 million per year.  Such factors for COGG's core city-
gas business and upstream business underpin our assessment of its
business risk profile as fair," S&P said.

The positive outlook reflects S&P's expectation that COGG's
financial strength will gradually improve due to a growing
domestic gas distribution business, recovery of dollar margin
from 2016, and stable capex over the next 12-18 months.  S&P
expects the company's FFO-to-debt ratio to improve gradually to
18%-20% over the same period.

S&P could raise the rating if it sees improved visibility on
COGG's ability to pass-through its costs in a timely manner, such
that its FFO-to-debt ratio improves and approaches 25% on a
sustainable basis.  S&P may also raise the ratings if the company
improves its business risk profile through further
diversification into more favorable areas within China to improve
the visibility of its operating cash flows.

S&P could revise the outlook to stable if COGG's ratio of FFO to
debt is above 15% but the improvement is slower than S&P
anticipated.  This may be a result of weaker-than-expected
operating cash flows caused by any negative policy action or a
weak economy.  In addition, large acquisitions, such as
additional upstream assets, may put pressure on the ratings.


KU6 MEDIA: Suspending Filing of Reports with SEC
------------------------------------------------
Ku6 Media Co., Ltd., filed a Form 15 with the Securities and
Exchange Commission notifying the termination of the registration
of its ordinary shares under Section 12(g) of the Securities
Exchange Act of 1934.  As a result of the Form 15 filing, the
Company is not anymore obliged to submit reports with the SEC.

                       About Ku6 Media

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

Ku6 Media reported a net loss of $2.05 million on $10.9 million
of total net revenues for the year ended Dec. 31, 2015, compared
to a net loss of $10.7 million on $8.58 million of total net
revenues for the year ended Dec. 31, 2014.

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

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



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


ALLIED MEDICAL: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Allied Medical
Limited (AML) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect AML's small scale of operations and moderate
credit metrics despite volatile EBITDA margins. The company's
provisional FY16 financials indicate revenue of INR303.3 million,
(FY15: INR345.82 million). Its net leverage (total Ind-Ra
adjusted net debt/operating EBITDAR) was 2.15x in FY16 (FY15:
2.08x), interest cover (operating EBITDA/Gross Interest Expense)
was 3.13x (2.81x) and EBITDA margins were 18.30% (16.17%). The
EBITDA margins fluctuated between 16.17% to 19.33 during FY14-
FY16 due to the volatility in raw material prices.

The ratings, however, are supported by over 30 years of operating
experience of AML's promoters in the life saving equipment
manufacturing business. The ratings are further supported by the
company's strong relationships with customers and suppliers.

The ratings factor in AML's comfortable liquidity as evident from
its 89.67% average utilisation of the working capital limits
during the 12 months ended June 2016.

RATING SENSITIVITIES

Negative: A significant decline in the revenue due to a fall in
work orders, leading to weaker credit metrics, could be negative
for the ratings.

Positive: A significant improvement in the revenue while
maintaining or improving its credit metrics from the current
levels could be positive for the ratings.

COMPANY PROFILE

AML was incorporated in 1982, and is engaged in manufacturing and
trading of life saving equipment, surgical and hospital equipment
such as anaesthesia machines and anaesthesia vaporisers and other
medical equipment. Its manufacturing facility is located in
Gurgaon, Haryana.

AML's ratings:

-- Long-Term Issuer Rating: assigned 'IND BB'/Stable
-- INR100 million fund-based limits: assigned 'IND
    BB'/Stable/'IND A4+'
-- INR50 million non-fund-based limits: assigned 'IND A4+'


ANIL SANTHOSH: CRISIL Assigns B+ Rating to INR10MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Anil Santhosh & Associates (ASA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable
   Bank Guarantee          10        CRISIL A4
   Overdraft Facility      60        CRISIL A4

The rating reflects ASA's exposure to intense competition in
civil construction industry in Kerala, modest net worth and
moderately high working capital requirements. These rating
weaknesses are partially offset by extensive experience of the
partners in the construction industry.
Outlook: Stable

CRISIL believes that Anil Santhosh & Associates (ASA) will
continue to benefit from its extensive experience of proprietors
over the medium term. The outlook maybe revised to 'Positive' in
case the firm significantly improves its scale of operations and
profitability leading to better than expected cash accruals along
with efficient working capital management. Conversely, the
outlook maybe revised to 'Negative' in case of lower than
expected cash accruals or larger than expected working capital
requirements or large debt funded capex pressurizing the firm's
liquidity.

Established in 1995, Anil Santhosh & Associates (ASA) is a
Palakkad based partnership firm involved in civil construction.
The firm's partners are Mr. Anil George and Mr. Santhosh V.


BOSTIN ENGINEERS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bostin Engineers
Pvt. Limited's (BEPL) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

BEPL' ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR4.96 million Long-term loans: migrated to Long-term 'IND
    D(suspended)' from Long-term 'IND D'
-- INR60 million fund-based working capital limits: migrated to
    Long-term 'IND D(suspended)' from Long-term 'IND D'
-- INR89 million non-fund-based working capital credit limits:
    migrated to Short-term 'IND D(suspended)' from Short-term
    'IND D'


CASTINGS INDIA: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Castings India
Private Limited (CIPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. A full list of rating action is at the end of
this commentary.

KEY RATING DRIVERS

The ratings reflect CIPL's small scale of operations and weak
credit metrics. According to FY16 provisional numbers, the
company's revenue was INR325 million (FY15:INR321 million). Its
net financial leverage (net debt/EBITDA) was 4.5x in FY16 (FY15:
4.3x), EBITDA interest coverage (EBITDA/gross interest) was 1.5x
(1.1x) and operating EBITDA margin was 3.8% (FY15: 3%).

The ratings also factor in CIPL's tight liquidity profile as
reflected by overutilization of its working capital limit on
average during the 12 months ended June 2016.

The ratings, however, are supported by the founder's rich
experience of more than two decades in casting iron manufacturing
business.

RATING SENSITIVITIES

Positive: An increase in revenue and operating profit, along with
an improvement in the credit metrics, could be positive for the
ratings.

Negative: A decline in the operating profitability, resulting in
deterioration in the interest coverage, could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1996, CIPL is a re-rolling mill. The company
manufactures TMT bar and rod and construction castings such as
mild steel round, tor steel, flat square, light angle and Z
section at its facility (with an annual installed capacity of
14,400MT) in Gamharia, Jamshedpur.

The company's registered office is in Kolkata, West Bengal. It is
managed by Mr. Surendra Kumar Shroff.

CIPL's Ratings

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR14 million Long-term loan: assigned 'IND B+'/Stable
-- INR50 million fund-based working capital: assigned 'IND
    B+'/Stable


DACSS GRANITES: CRISIL Lowers Rating on INR65MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Dacss Granites Private Limited (DGPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable', and reaffirmed its rating on the short-
term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

   Long Term Loan         65        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Packing Credit        190        CRISIL A4 (Reaffirmed)

   Proposed Long Term     63        CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The downgrade reflects pressure on liquidity due to low cash
accrual against debt obligation in fiscal 2016, which will
continue over the medium term. Large working capital requirement
due to sizeable inventory led to high bank limit utilisation of
over 95% in the 12 months ended March 2016. Working capital cycle
will remain a key monitorable over the medium term.

The ratings reflect DGPL's below-average financial risk profile
because of moderate gearing and weak debt protection metrics, and
small scale of, and working capital-intensive, operations. These
weaknesses are partially offset by extensive experience of its
promoter.
Outlook: Stable

CRISIL believes DGPL will benefit over the medium term from the
extensive experience of its promoter in the granite industry and
established track record. The outlook may be revised to
'Positive' if sustained increase in scale of operations and
operating profitability leads to a better financial risk profile.
The outlook may be revised to 'Negative' if deterioration in
working capital cycle or decline in operating profitability
further weakens financial risk profile.

Set up in 2005 Mr. Darala Ashwani Kumar Reddy, DGPL processes
rough granite blocks into polished granite slabs.


DEE-TECH PROJECTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dee-Tech
Projects Pvt. Ltd.'s (DTPL) '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 DTPL.

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

DTPL's Ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/ Stable

-- INR220 million fund-based limits: migrated to 'IND
    BB(suspended)'from 'IND BB'

-- INR310 million non-fund-based limits: migrated to 'IND
    BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/ 'IND A4+'


DEVDHAR RICE: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Devdhar Rice
Mill's (DERM) '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 DERM.

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

DERM's ratings:

--  Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
     from 'IND B-'/Stable
-- INR87 million fund-based working capital limits: migrated to
    'IND B-(suspended)' from 'IND B-' and 'IND A4(suspended)'
    from 'IND A4'


DLECTA FOODS: CRISIL Reaffirms B+ Rating on INR147MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dlecta Foods Private
Limited (DFPL) continues to reflect DFPL's weak financial risk
profile, marked by a small net worth and high gearing, its modest
scale of operations in the intensely competitive dairy industry
and susceptibility to offtake risk on its undergoing project.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             73       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      47.7     CRISIL B+/Stable (Reaffirmed)

   Term Loan              147       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
strong business risk profile supported by its focus on niche
segments, operational benefits derived from association with
Schreiber Dynamix Dairies Ltd (Schreiber; rated 'CRISIL AA-
/Stable/CRISIL A1+'), and its promoters' experience in the dairy
industry.
Outlook: Stable

CRISIL believes that DFPL will continue to benefit over the
medium term from its association with Schreiber and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's financial risk profile,
especially its liquidity, improves, most likely due to equity
infusion or substantial cash accruals. Conversely, the outlook
may be revised to 'Negative' if DFPL's financial risk profile,
especially its liquidity, deteriorates because of low accruals,
lengthening of its working capital cycle, or debt-funded capex.

DFPL was originally established as Devashree Foods Pvt Ltd in
2001; the name was changed in 2014. The company markets and
distributes dairy products, such as butter, cheese, and milk
powder. It purchases these products from Schreiber and sells them
under its own brand, Delecta. DFPL has a unit for manufacturing
non-dairy whipped cream and creamer cups (evaporated ultra-high
temperature milk packed in polyvinyl chloride cups).


EARTH STAHL: CARE Reaffirms 'D' Rating on INR19.65cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings to the bank facilities of Earth Stahl
and Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     19.65      CARE D Reaffirmed
   Short-term Bank Facilities     0.40      CARE D Reaffirmed

Rating Rationale
The reaffirmation of the ratings assigned to the bank facilities
of Earth Stahl and Alloys Private Limited (ESAPL) takes into
consideration the on-going delay in debt servicing and
classification of the company's account as Non-performing Asset.
The ability of ESAPL to timely service its debt obligations with
improvement in liquidity position is the key rating sensitivity.

Incorporated in 2009, ESPL, promoted by Mr Ravi Laddha and Mr
Rajesh Somani, is engaged in the manufacturing of cast iron lumps
(using waste iron content material) which are subsequently used
by the iron foundries and steel plants to manufacture ingots,
pellets and billets. The company is also involved in the trading
of the iron scrap. ESPL has its manufacturing units located at
Simga, Chhattisgarh, having an installed capacity of 10,800
metric tonnes per annum (MTPA) as on March 31, 2015.

During FY15, the total operating income of the company stood at
INR32.16 crore (vis-a-vis INR30.21 crore in FY14), whereas a net
loss of INR0.79 crore was incurred in the same year (vis-Ö-vis
PAT of INR0.05 crore in FY14). Furthermore, during FY16 (prov.),
the total operating income stood at INR11.94 crore, whereas the
net loss during the same year stood at INR4.22 crore.


EMSON GEARS: CRISIL Lowers Rating on INR647.1MM Loan to 'B+'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Emson Gears Limited (EGL; part of the Emson group) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             240       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Cash            60       CRISIL B+/Stable (Downgraded
   Credit Limit                      from 'CRISIL BB/Stable')

   Proposed Long Term       52.9     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan               647.1     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that Emson group's
liquidity will remain stretched on account of large repayment
obligations of around INR171 million in fiscal 17. Large debt was
contracted for the expansion of facilities in fiscal 14 and 15,
however sluggish demand in the automotive sector restricted ramp
up of operations, leading to moderation in profitability; and
operating income to gross block ratio slipping to less than 1
time. Although, demand has improved in the first quarter of
fiscal 17, mainly from the tractor industry; in anticipation of a
healthy monsoon, the expected net cash accrual will be tightly
matched against maturing debt obligations. Consequently,
incremental working capital requirement will be debt funded and
in turn will keep current ratio weak at 0.9 time. In fiscal 16,
the shortfall in cash accruals against maturing debt obligations
of INR274 million was primarily met by refinancing/incurring
additional debt.

The rating continues to reflect working capital intensive
operations, stretched liquidity on account of large maturing
debt, and end-user concentration leading to exposure to macro-
economic factors of the industry and impact, thereof. The
weaknesses are partially offset by the established position, and
integrated operations supporting profitability.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of EGL and Osho Forge Ltd (OFL). This is
because these companies, collectively referred to as the Emson
group, operate in the same line of business and are under a
common management. OFL manufactures gears, crown wheels, and
pinions, all of which are used as raw material by EGL. CRISIL
used to consolidate Osho Gears and Pinion Ltd (OGPL) also,
however, the same is now merged with EGL.
Outlook: Stable

CRISIL believes the Emson group will continue to benefit from its
established market position in the automotive components segment.
The outlook may be revised to 'Positive' if significant ramp up
in operations while maintaining/improving profitability leads to
higher cash accruals. The outlook may be revised to 'Negative' if
working capital requirement or lower-than-expected cash accruals
or large debt-funded capital expenditure weaken the financial
risk profile, especially liquidity.

The Emson group comprises EGL and OFL. EGL was established as a
partnership firm, Emson Sales, in 1981. The firm, founded by Mr
Ashok Kumar Dhall and Mr Vimal Dhall, manufactures gears and was
reconstituted as a limited company in 1981. In 1993, the group
established OFL to implement vertical integration into the
forgings segment. In the same year, another facility to
manufacture gears and pinions was set up under OGPL, the same is
now merged with EGL.


G. T. HOMES: CRISIL Reaffirms B+ Rating on INR230MM Term Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of G. T. Homes
(GTH) continues to reflect GTH's susceptibility to project
implementation and demand risks and to cyclicality in the real
estate industry in India. These rating weaknesses are partially
offset by the extensive experience of the firm's partners in the
real estate industry and the funding support that it receives
from them.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             230       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GTH will continue to benefit over the medium
term from its partners' extensive industry experience and the
funding support that it receives from them. The outlook may be
revised to 'Positive' if the firm completes its projects on time,
and achieves significant customer bookings, resulting in
improvement in its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of pressure on GTH's liquidity,
most likely on account of a time or cost overrun in its projects
or lower-than-expected advances from customers, resulting in low
cash inflows, or if the firm undertakes large debt-funded
projects.

GTH, established in 2003 as a partnership firm, executes real
estate projects; it is owned and managed by Mr. Gajendra Singh
Rajpal and his nephew, Mr. Gurjeet Singh Rajpal. The firm is
currently executing two residential real estate projects in
Raipur and Naya Raipur (both in Chhattisgarh).


GAJRAJ HOTELS: CARE Ups Rating on INR18.03cr LT Loan to 'C'
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Gajraj Hotels Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.03      CARE C Revised
                                            from CARE D

Rating Rationale
The revision in the rating of Gajraj Hotels Private Limited
(GHPL) factors in the improvement in debt servicing track record.
The rating also continues to draw comfort from experience of the
promoters and favourable location of the hotel property. The
rating, however, continues to remain constrained on account of
small scale of operations, weak financial risk profile
characterized by cash losses, leveraged capital structure,
stressed debt coverage indicators and liquidity position. The
rating also factors in cyclical nature of the hotel industry
coupled with high competition and subdued industry outlook.

Going forward, GHPL's ability to improve the overall financial
profile shall be the key rating sensitivity.

GHPL was incorporated on November 6, 1992, by Mr Chand Ram, his
wife Ms Krishna Devi and his son, Mr Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj'
(HG) established in the year 1992. GHPL has set up another hotel
by the name of 'Motel Gajraj Continental' (GC) in Bahadurgarh,
Haryana, which commenced its fullfledged operations from April
2013. From April 2016 onwards, the company has discontinued the
operations of 'Hotel Gajraj'.

In FY15 (refers to the period April 1 to March 31), GHPL achieved
a total operating income (TOI) of INR6 crore with PBILDT
of INR1.85 crore as against TOI of INR6.65 crore with PBILDT of
INR2.81 crore in FY14. Furthermore, during FY16 (as per the
provisional results), the company has achieved total operating
income of INR4.47 crore with PBILDT of INR0.82 crore.


GINGER INFRASTRUCTURE: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Ginger
Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       15       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Ginger
Infrastructure Private Limited (GIPL) are constrained by the risk
emanating from execution of the project underway and risk related
to timely commencement and stabilization of operations. The
rating further takes into consideration the low booking status as
on May 31, 2016 (refers to the period April 1 to March 31) and
presence in a competitive environment.

The above constraints outweigh the comfort derived from the
experience of the promoters and strategic location of the
project.
The ability of the company to successfully complete the project
in a timely manner without any cost overrun and deriving benefit
as envisaged are the key rating sensitivities.

Incorporated in Dec. 19, 2012, GIPL is a Nagpur based special
purpose vehicle (SPV) formed by Diamant Infrastructure Limited
(DIL) for construction and development of commercial complex at
Jaripatka (Nagpur) under the name of "Ginger Square" to be
operated on a built-operate-transfer (BOT) basis for a concession
period of 30 years commencing from August 2016 and ending in
August 2046, with renewal of lease further for a period of 30
years. The project was awarded by Nagpur Municipal Corporation
(NMC) for construction and development of the commercial complex.
The proposed complex would consist of shops, restaurants, hotels,
shopping mall, banquet halls, car parking, etc, distributed on
different floors over total area of 3.16 lakh square feet (lsf).
GIPL will sublease the shops, for this purpose NMC, along with
GIPL and each sub lessee shall enter into a tripartite agreement
and the hotels and banquet halls shall be operated by GIPL. An
agreement has been signed between GIPL and NMC on May 08, 2014,
for construction and development on BOT with a construction
period of 2.5 years which is expected to get completed by
December 2016 and the concession period of 30 years commencing
from August 2016 and ending in August 2046 with 1 Complete
definition of the ratings assigned are available at renewal of
lease for further period of 30 years. Thereafter, the facility at
the site would stand transferred to NMC.

The total cost of the project is estimated at INR59.80 crore
which will be funded by the promoter's contribution of INR15.00
crore, advance against sale of shops of INR14.80 crore and bank
term loan of INR30.00 crore. The financial closure for the said
debt funding has been achieved and the construction of the
proposed project is expected to be completed by the end of
December 2016.

DIL is the main promoter of GIPL holding a major share of 51%
till FY16 (refers to the period April 1 to March 31). However, in
FY17, the stake of DIL in GIPL is reduced to 33%. DIL was
incorporated in 1980 and is engaged in the execution of civil
construction (mainly into road construction) and real estate
projects.


GODAWARI POWER: CARE Lowers Rating on INR1,110.21cr Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings on the bank facilities/instrument of
Godawari Power and Ispat Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    1110.21     CARE D Revised from
                                            CARE BBB+

   Short term Bank Facilities    300.00     CARE D Revised from
                                            CARE A3+

   NCD                            76.67     CARE D Revised from
                                            CARE BBB+

Rating Rationale

The revision in the ratings takes into account the ongoing delays
in debt servicing by the company.

Incorporated on September 21, 1999, GPIL is promoted by the Hira
group. GPIL is engaged in manufacturing and selling of iron ore
pellets, sponge iron, steel billets, ferro alloys, and various
long steel products like MS round in coil (wire rods) and Hard
Black (HB) wires, from its plant located at Raipur, Chhattisgarh.
GPIL has operational captive iron ore mines at Ari Dongri,
Chhattisgarh with a capacity of 14,00,000 tpa and at Boria Tibu,
Chhattisgarh with a capacity of 7,00,000 tpa.

As on March 31, 2016, GPIL had capacities for manufacturing
18,00,000 tonnes per annum (tpa) of pellets, 4,95,000 tpa of
sponge iron, 4,00,000 tpa of steel billets, 1,00,000 tpa of MS
Round Coil and 150,000 tpa of HB wire.

The company's performance was affected due to prevailing adverse
market conditions in the iron and steel industry and consequent
reduction in operating margins leading to stress on cash flows.

GPIL registered a net loss of INR 63.39 crore on total operating
income of INR 1538.07 crore in FY16 (refers to the period April 1
to March 31) as against PAT of INR 62.11 crore on a total income
of INR 1924.25 crore in FY15.


HARITHA BIO: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Haritha Bio
Products India Private Limited (HBPIPL) 'IND D' Long-Term Issuer
Rating to the suspended category. The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

HBPIPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR326 million Long-term loan: migrated to 'IND D(suspended)'
    from 'IND D'
-- INR130 million fund-based limits: migrated to
    'IND C (suspended)' from 'IND C' and 'IND A4(suspended)' from
    'IND A4'


HYDRAULIC ENGINEERS: Ind-Ra Cuts LT Issuer Rating to 'IND B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Hi-Tech
Hydraulic Engineers' (Hi-Tech) Long-Term Issuer Rating to 'IND
B+' from 'IND BB-'. The Outlook is Stable. A full list of rating
actions is at the end of the commentary.

KEY RATING DRIVERS

The downgrade reflects Hi-Tech's tight liquidity as evident from
instances of over utilisation of the working capital limits for
the six months ended June 2015, which were regularised within 11
days. According to the unaudited provisional financial statements
for FY16, the net working capital cycle lengthened to 217 days
(FY15: 95 days; FY14: 102 days) on the back of a high receivable
period of 221 days (62 days; 116 days).

The ratings continue to reflect Hi-tech's small scale of
operations and moderate credit metrics with a revenue of
INR283.2m in FY16 (FY15: INR244.3 million; FY14: INR205.5
million), net leverage (total adjusted net debt/operating EBITDA)
of 3.15x (5.3x; 2.5x) and interest coverage (operating
EBITDA/gross interest expenses) of 2.0x (2.1x; 3.2x). EBITDA
margins improved to 13.7% in FY16 from 8.1% in FY15. The
management attributes the improvement to the inclusion of high
margin machinery components in its product portfolio. Hi-tech
incurred capex of INR95 million in FY15 and FY16 to double its
capacity to 3,600TPA from 1,800TPA at its manufacturing unit. The
additional capacity has been operational since end-June 2015.

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

The ratings, however, continue to be supported by the firm's
established operational track record and the founder's operating
experience of over a decade in manufacturing hydraulic machinery
components.

RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity position will
be positive for the ratings.

Negative: Further stress on the liquidity on a margin contraction
or further deterioration in the cash conversion cycle will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2002, Hi-Tech is a Hyderabad-based partnership
firm, involved in the manufacture of hydraulic machinery
components and heavy structural fabrication work.

Hi-Tech's ratings:

-- Long-Term Issuer Rating: downgraded to 'IND B+'/Stable from
    'IND BB-'/Stable

-- INR45.7 million long-term loan (decreased from INR50.0
    million): downgraded to 'IND B+'/Stable from 'IND BB-'/Stable

-- INR60 million fund-based limits (increased from INR50
    million): downgraded to 'IND B+'/Stable from 'IND BB-'/Stable

-- INR30 million non-fund-based limits (decreased from INR40
    million): downgraded to 'IND A4' from 'IND A4+'


INDICON CONSTRUCTION: CRISIL Reaffirms B Rating on INR39MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Indicon Construction
Private Limited (ICPL) continue to reflect its modest scale of
operations, large working capital requirement, and exposure to
risks related to intense competition and tender-driven nature of
business in the civil construction industry. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters and a moderate capital structure.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10.8       CRISIL A4 (Reaffirmed)
   Cash Credit            39.0       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     10.2       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ICPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant and
sustained growth in revenue and cash accrual, while the capital
structure is maintained. The outlook may be revised to 'Negative'
if the company's financial risk profile, particularly liquidity,
deteriorates on account of low cash accrual, a stretched working
capital cycle, or large capital expenditure.

ICPL was set up in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune. It undertakes construction activity within
Maharashtra for the Public Works Department and Pradhan Mantri
Gram Gadak Yojana. The company is registered as a Class 1-A
contractor with the Government of Maharashtra and constructs
roads mainly in Pune district.


JAYARAJ INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jayaraj International
Private Limited (JIPL) continue to reflect the company's modest
scale of operations in the intensely competitive timber trading
industry and below-average financial risk profile because of
small networth, high total outside liabilities to tangible
networth (TOLTNW) ratio, and weak debt protection metrics. These
weaknesses are partially offset by the extensive experience of
its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit/
   Overdraft facility       50      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        250      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes JIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant increase in scale of
operations and profitability margins results in better debt
protection metrics and capital structure. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
sizeable debt further weakens financial risk profile.

Update
Revenue increased 7% year-on-year to INR375 million in fiscal
2016, as expected. This was mainly due to addition of clients
with geographical expansion. Operating margin remained moderate
at 8% despite exposure to fluctuation in foreign exchange rates.

Operations are expected to remain working capital-intensive over
the medium term because of sizeable inventory (90-120 days) of a
wide variety of timber, and stretched receivables following high
credit to customers. However, large working capital requirement
is supported by stretched payables.

Financial risk profile remains weak because of modest networth of
INR72 million and high TOLTNW ratio of 3.8 times as on March 31,
2016. Furthermore, debt protection metrics are likely to remain
weak, with low interest coverage ratio, in 2015-16.

However, cash accrual will be sufficient to meet debt obligation
over the medium term, while funding from promoters will further
support liquidity.

Set up in 2001 in Chennai by Mr. Raja Sekhar and his wife, Ms. T
Jayasri, JIPL imports and trades in timber.

For fiscal 2015, profit after tax (PAT) was INR5.2 million on
revenue of INR347 million, against a PAT of INR3.9 million on
revenue of INR371.3 million for fiscal 2014. For fiscal 2016,
revenue is expected at about INR375 million.


JUGAL KISHORE: CARE Reaffirms B+ Rating on INR9cr LT Loan
---------------------------------------------------------
CARE reaffirms rating to the bank facilities of Jugal Kishore
Vanaspati Products Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities       9        CARE B+ Suspension
                                            Revoked and
reaffirmed

Rating Rationale
The rating of Jugal Kishore Vanaspati Products Private Limited
(JKVL) continues to remain constrained on account of its
relatively small scale of operations in the highly fragmented and
competitive edible oil industry and its financial risk profile
marked by thin and stagnant profitability margin, moderately
leveraged capital structure and working capital intensive nature
of operations. The rating, further, continues to remain
constrained on account of project implementation risk associated
with it and vulnerability of margins due to volatility in
groundnut prices.

The rating, however, continues to derive strength from the
experienced management, strategic location of its plant and
stable demand for edible oil in India.

JKVL's ability to improve its scale of operations and
profitability along with efficient management of working capital
and timely completion of project are the key rating
sensitivities.

Bikaner (Rajasthan) based JKVL was incorporated as a private
limited company in July 1987. JKVL is promoted by Mr. Shreeram
Agarwal, Mr. Satish Agarwal and Mr. Dinesh Agarwal. The company
is mainly engaged in the business of manufacturing and supplying
refined groundnut oil and oil cakes. JKVL is also an ISO- 9001-
2008 certified company and has an installed capacity of 2400
Metric Tonnes Per Annum (MTPA) for crushing of groundnut seeds
and 3000 MTPA for refining groundnut oil as on March 31, 2016
with manufacturing facility located at Bikaner. The company sells
its product under its registered brand name of "Chandi Sikka".
The company's key raw material viz. groundnut seeds are sourced
from local market of Bikaner.

The promoters of the company have promoted other group concern
i.e. J.K. Ceramics Private Limited (JKCPL; rated CARE B+) engaged
in the manufacturing of industrial guar gum powder and processing
of guar refined dall, churi korma, edible oil and oil cake of
mustard and groundnut.

As per provisional results of FY16, JKVL has reported a total
operating income of INR35.98 crore (FY15: INR39.68 crore)
with a net profit of INR 0.26 crore (FY15: INR0.27 crore).


KALPATARU COLD: Ind-Ra Suspends IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalpataru Cold
Storage Private Limited's (Kalpataru) 'IND D' Long-Term Issuer
Rating to the suspended category. The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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

Kalpataru's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR41.8 million Long-term loans: migrated to Long-term 'IND
    D(suspended)' from Long-term 'IND D'
-- INR78.8 million fund-based working capital limits: migrated
    to Long-term/Short-term 'IND D(suspended)' from Long-
    term/Short-term 'IND D'
-- INR2 million non-fund-based working capital credit limits:
    migrated to Short-term 'IND D(suspended)' from Short-term
    'IND D'


KAVYA COLD: CARE Assigns B+ Rating to INR5.28cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kavya
Cold Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.28      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kavya Cold Storage
(KCS) is primarily constrained on account of the project
stabilization risk associated to its recently completed debt-
funded project for establishing cold storage facility. The rating
is further constrained due to its constitution being a
partnership firm; competition faced from the local players and
business prospects depending on vagaries of nature and
seasonality associated with it.

The above constraints far outweigh the benefits derived from the
partners' experience and strategic location of the firm within
the potato-growing region of Gujarat.

The ability of KCS to achieve the envisaged revenue and
profitability margins along with better working capital
management are the key rating sensitivities.

Established in the year 2015, KCS had recently completed a green
field project for providing cold storage facility for storing
potatoes on a rental basis and started the commercial production
from March, 2016. KCS was established by ten partners led by Mr
Ajitkumar Patel and Mr Narendrakumar Patel. KCS had undertaken
project for providing cold storage facility with an annual
proposed installed capacity of 6,500 metric ton at its facilities
located at Sabarkantha-Gujarat. The total cost incurred for the
project was INR7.59 crore which was funded through term loan of
INR4.98 crore, partner's capital of INR1.95 crore and balance of
INR0.66 crore by way of unsecured loans.


KAY EM COPPER: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kay Em Copper
Private Limited's '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 of KECPL.

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

KECPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR40 million fund-based cash credit facility: migrated to
    'IND BB-(suspended)' from 'IND BB-' and 'IND A4+(suspended)'
    from 'IND A4+'

-- INR10 million non-fund based bank guarantee: migrated to 'IND
    A4+(suspended) from 'IND A4+'
-- INR90 million non-fund-based letter of credit: migrated to
    'IND A4+(suspended) from 'IND A4+'
-- INR2 million FC/CEL: migrated to 'IND A4+(suspended) from
    'IND A4+'


KIZHAKKEBHAGATHU RICE: CRISIL Cuts Rating on INR60MM Loan to C
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Kizhakkebhagathu Rice Mills (KRM) to 'CRISIL C' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Open Cash Credit        60        CRISIL C (Downgraded from
                                     'CRISIL B/Stable')

The rating downgrade reflects instances of delays in repayments
of term loans which are not rated by CRISIL. The delays have been
caused on account of stretch in liquidity as seen by stretch in
working capital cycle leading to fully utilized bank limits.

The rating reflects KRM's modest scale of operations in the
intensely competitive rice milling industry, and the
susceptibility of the firm's operating profitability to changes
in government regulations and to volatility in raw material
prices. The rating also factors in the firm's weak financial risk
profile marked by low networth, high gearing and below-average
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of KRM's promoters in the rice
industry, and the firm's established relationships with customers
and suppliers.

Set up in 1997, KRM mills and processes paddy into rice, rice
bran, broken rice and husk. It has an installed paddy milling
capacity of 5 tonnes per hour (tph). Its rice mill is located at
Muvattupuzha, Kerala. Its operations are managed by Mr. Dinu
Kurien.


KPM PROCESSING: Ind-Ra Upgrades LT Issuer Rating to 'IND BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded KPM Processing
Mill Private Limited's (KPM) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The upgrade reflects an improvement in KPM's scale of operations
and credit metrics due to increased work orders. The company's
provisional FY16 financials (year end March) indicate net revenue
of INR443m (FY15: INR340m) with net financial leverage (total
Ind-Ra adjusted net debt/ operating EBITDAR) of 2.5x (3.8x) and
EBITDA interest cover (operating EBITDA/gross interest expenses)
of 3.4x (3.6x). The operating margins remained strong at 22.5% in
FY16 (FY15: 22.8%). The ratings are supported by over two decades
of experience of KPM's promoters in fabric dyeing.

The ratings, however, are constrained by KPM's tight liquidity
position as indicated by around 100% utilisation of its working
capital borrowings during the six months ended June 2016.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations leading to
improvement in the credit metrics could lead to a positive rating
action.

Negative: Any deterioration in the overall credit metrics could
lead to a negative rating action.

KPM was registered on 19 November 2010 under the Companies Act,
1956. The company has set up a 12,000kg/day fabric dyeing unit at
Tirupur in Tamil Nadu.  The company is promoted by P. Sekaran, N.
Chandra Sekaran and Thamilselvi.

KPM's ratings:

-- Long-Term Issuer Rating: upgraded to 'IND BB'/Stable from
    'IND BB-'/Stable
-- INR90 fund-based working capital limits (increased from INR70
    million): upgraded to 'IND BB'/Stable from 'IND BB-'/Stable
-- INR153.16 million Long-term loans (decreased from INR199
    million): upgraded to 'IND BB'/Stable from 'IND BB-'/Stable
-- INR22.5 million non-fund-based working capital limit:
    affirmed at 'IND A4+'


KRISHNA GRUH: CRISIL Suspends 'B' Rating on INR30MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Krishna
Gruh Udhyog (KGU).

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

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

KGU, a Kutch (Gujarat)-based proprietorship firm, was established
in 2013. It manufactures ready-to-eat snacks such as namkeens,
potato chips, and fryums. Its day-to-day operations are managed
by its proprietor, Mr. Ramesh Mavji Kara.


KYS MANUFACTURERS: CARE Assigns B+ Rating to INR13.13cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kys
Manufacturers And Exporters Pvt. Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.13      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of KYS Manufacturers
and Exporters Pvt. Limited (KMPL) is constrained by its
relatively small scale of operations, lack of backward
integration vis-Ö-vis volatility in the raw material prices,
stiff competition due to fragmented nature of the industry with
presence of many unorganized players, working capital intensive
nature of operations and leveraged capital structure. The
aforesaid constraints are partially offset by experienced
promoters with long track record of operations, and strategic
location of the plant.

The ability to increase its scale of operations with improvement
in profit margins and ability to manage working capital
effectively are the key rating sensitivities.

KMPL incorporated in the year March 1997, was promoted by Mr
Sandeep Malhotra and Mr Mahesh Kumar Sharma, Jamshedpur, with Mr
Sandeep Malhotra being the main promoter. KMPL is engaged
in the manufacturing of TMT bars and sectional products like
angles, rounds, channels, etc, at its facility in Jamshedpur
(Jharkhand) and is currently running with an installed capacity
of 24,400 MTPA.

KMPL sells its production in Jharkhand, Bihar, Uttar Pradesh,
West Bengal, etc. KMPL is also engaged in trading of iron and
steel related products and the same accounted for around 53% of
total
operating income in FY15 (refers to the period April 1 to
March 31), albeit manufacturing activity being the primarily
activity of KMPL.

As per the audited results of FY15, KMPL reported a PAT of
INR0.10 crore (PAT of INR0.04 crore in FY14), on a total
operating income of INR33.70 crore (total operating income of
INR23.89 crore in FY14). Furthermore, during FY16, KMPL is stated
to have achieved a total operating income of INR40.00 crore.


LAGU BANDHU: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lagu Bandhu
Motiwale Private Limited (LBMPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The agency has also assigned
LBMPL's INR200 million fund-based facilities 'IND BB' with a
Stable Outlook, and 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect LBMPL's volatile revenue and declining
operating profit margins during FY12-FY16, due to the retail
nature of the business and its presence in a highly fragmented
and competitive industry. Despite the volatility, revenue grew at
a CAGR of 7% to INR1,391 million according to provisional
financials for FY16 from INR1,060 million in FY12.  EBITDAR
margins declined to 8.0% from 20.6% during the same period.

The ratings factor in the company's moderate credit metrics with
net financial leverage of (adjusted net debt/EBITDAR) of 5.6x in
FY16 (FY15: 6.1x), and interest cover (EBITDAR/interest+rent) of
1.4x (1.4x). In line with Ind-Ra's methodology, 'Operating
Leases: Implications for Lessees' Credit', LBMPL's showroom
rentals have been adjusted to arrive at the leverage ratios.

The ratings also take in to account LBMPL's high working capital
cycle as indicated by net cash conversion days of 382 days (FY15:
391 days) due to its high inventory holding requirements.

The ratings, however, derive strength from the company's track
record of operations and comfortable liquidity as indicated by
its average maximum utilisation of 70.08% for the 12 months ended
May 2016.

RATING SENSITIVITIES

Positive: Sustainable improvement in the revenue and
profitability leading to an improvement in the credit metrics
will be positive for the ratings.

Negative: A decline in the profitability resulting in pressure on
credit metrics will be negative for the ratings.

COMPANY PROFILE

In 1989 LBMPL was converted to a private limited entity from a
partnership firm. It is engaged in the retailing of gold and
diamond jewellery. The company has nine exclusive showrooms
situated in Mumbai (Dadar and Borivali), Thane, Dombivali, Pune
(Karve Road and Aundh), Goa, and Oklahoma, USA.


LAKSHMI TRADERS: CRISIL Suspends B Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Lakshmi Traders (LT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Letter of Credit        45        CRISIL A4

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

LT was established as a proprietorship concern by Mr.
Sankarlingam, a Chennai-based entrepreneur, in 1977. The firm
trades in steel scrap and steel long products such as bars,
channels, and angles. It sells the steel scrap to thermo-
mechanically treated (TMT) bar manufacturers, casting units, and
foundries. LT has its administrative office in Chennai.


LINUS PROCESSORS: Ind-Ra Suspends 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Linus Processors
Private Limited's (LPPL) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND BB-
(suspended)' on the agency's website. The Outlook was Stable.

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


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.

LPPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR88 million fund-based limits: migrated to 'IND BB-
    (suspended)' from 'IND BB-'
-- INR60 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


M C SPINNERS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M C Spinners
Private Limited's (MCS) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

MCS's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR150 million fund-based working capital limits: migrated to
    Long-term 'IND D(suspended)' from 'IND D'
-- INR22 million non-fund-based working capital limits: migrated
    to Short-term 'IND D(suspended)' from 'IND D'
-- INR256.5 million long-term loans: migrated to Long-term 'IND
    D(suspended)' from 'IND D'


M.S. COLD: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.S. Cold
Storage 's (MSCS) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website. The
agency has also migrated MSCS' INR90.1 million term loan to 'IND
BB-(suspended)' from 'IND BB-'.

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

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.


MANNA RICE: CRISIL Assigns 'B' Rating to INR57.5MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Manna Rice Industries Private Limited (MRIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     22.5       CRISIL B/Stable
   Cash Credit            10.0       CRISIL B/Stable
   Long Term Loan         57.5       CRISIL B/Stable

The rating reflects the company's exposure to risks related to
implementation, stabilisation related risk of its rice mill
project. These weakness are partially offset by the extensive
experience of its promoters in the rice industry.
Outlook: Stable

CRISIL believes MRIPL will implement its rice mill without any
significant time or cost overrun. The ratings may be revised to
'Positive' if the company generates higher than expected cash
accruals, backed by timely stabilisation of operations post
capex, resulting in improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue or profitability or deterioration in
working capital management or any significant unexpected debt-
funded capital expenditure negatively impacts financial risk
profile and liquidity.

MRIPL, incorporated in 2010, is setting up a rice mill at
Kuttannad in Kerala. The company is promoted by Mr James K C, Mr
Mathew Varghese Chirayathu, and Mr Rofin M, and its operations
are managed by Mr. Vijayan Nampoothiry N.


MATRIX ROLLER: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Matrix Roller
Mill Private Limited's (MARF) '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 MARF.

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.

MARF's are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
    'IND B'/Stable

-- INR71 million fund-based working capital limits: migrated to
    'IND B(suspended)' from 'IND B' and 'IND A4(suspended) from
    'IND A4'

-- Proposed INR29 million fund-based limits: migrated to
    'Provisional IND B(suspended)' from 'Provisional IND B' and
    'Provisional IND A4(suspended)' from 'Provisional IND A4'

-- INR60 million term loans: migrated to 'IND B(suspended)' from
    'IND B'

-- Proposed INR16 million term loans: migrated to 'Provisional
    IND B(suspended)' from 'Provisional IND B'


MINAKSHI COTEX: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the bank facility of Minakshi Cotex (Minakshi)
continues to reflect the firm's weak financial risk profile,
marked by weak debt protection metrics and moderate gearing, its
working capital intensive nature of operations, and
susceptibility to volatility in raw material prices and to
adverse regulatory changes.

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

These rating weaknesses are partially offset by the extensive
experience of Minakshi's partners in the cotton ginning industry,
and funding support from partners in the form of unsecured loans.
Outlook: Stable

CRISIL believes that Minakshi will continue to benefit over the
medium term from its promoters' extensive industry experience and
funding support. The outlook may be revised to 'Positive' if
there is substantial and sustained growth in the firm's revenues
and profitability from the current level, or if there is an
improvement in its capital structure, most likely through fresh
capital infusion. Conversely, the outlook may be revised to
'Negative' if Minakshi's liquidity weakens significantly, most
likely because of substantially less-than-expected cash accruals
or large working capital requirements.

Minakshi was set up in 2003 as a partnership firm by the Tayal
family of Madhya Pradesh. The firm has two units in Georai and
Khamgaon (Maharashtra), where it undertakes cotton ginning and
pressing.


MULPURI FOODS: CRISIL Upgrades Rating on INR620MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Mulpuri Foods and Feeds Private Limited (MFFPL; part of the
Mulpuri group) to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            620        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Long Term Loan        150.8       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by the group over
the four months through June 2016. The upgrade also factors in
CRISIL's belief that the group will continue to meet its debt
obligations in a timely manner over the medium term, backed by
continued funding support from promoters.

The rating reflects the group's below-average financial risk
profile, working capital-intensive operations, and exposure to
risks inherent in the poultry and aqua-culture industries. These
rating weaknesses are partially offset by an established regional
market position in the poultry and aqua-culture industries and
the extensive industry experience of its promoter.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MFFPL, Mulpuri Fisheries Pvt Ltd
(MFPL), Mulpuri Poultries (MP), and Sri Venkateswara Poultry Farm
(SVPF). This is because all these entities, together referred as
the Mulpuri group, have a common management, and significant
intra-group operational and financial linkages. Furthermore,
there are cross corporate guarantees extended to each other.
Outlook: Stable

CRISIL believes the Mulpuri group will continue to benefit over
the medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue and profitability
margins, or continued improvement in working capital management.
The outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the capital structure of the group caused most likely by large,
debt-funded capital expenditure or a stretched working capital
cycle.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The
group is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009,
breeds Pangasius and Indian carp fish.


MULPURI POULTRIES: CRISIL Ups Rating on INR150MM Cash Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Mulpuri
Poultries (MP; part of the Mulpuri group) to 'CRISIL B/Stable'
from 'CRISIL D'.

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

   Long Term Loan          131.1     CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by the group over
the four months through June 2016. The upgrade also factors in
CRISIL's belief that the group will continue to meet its debt
obligations in a timely manner over the medium term, backed by
continued funding support from promoters.

The rating reflects the group's below-average financial risk
profile, working capital-intensive operations, and exposure to
risks inherent in the poultry and aqua-culture industries. These
rating weaknesses are partially offset by an established regional
market position in the poultry and aqua-culture industries and
the extensive industry experience of its promoter.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MP, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Fisheries Pvt Ltd (MFPL), and Sri Venkateswara
Poultry Farm (SVPF), together referred as the Mulpuri group. This
is because all these entities, together referred as the Mulpuri
group, have a common management, and significant intra-group
operational and financial linkages. Furthermore, there are cross
corporate guarantees extended to each other.
Outlook: Stable

CRISIL believes the Mulpuri group will continue to benefit over
the medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue and profitability
margins, or continued improvement in working capital management.
The outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the capital structure of the group caused most likely by large,
debt-funded capital expenditure or a stretched working capital
cycle.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The
group is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009,
breeds Pangasius and Indian carp fish.


NANDRAJ RICE: Ind-Ra Suspends 'IND B-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nandraj Rice
Mill's (NARM) 'IND B-' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B-(suspended)' on the agency's website. The agency has also
migrated the ratings on NARM's INR70m fund-based working capital
limits to Long-term 'IND B-(suspended)' and Short-term 'IND
A4(suspended)' from 'IND B-' and 'IND A4'

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

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


NARMADA SPINNING: CRISIL Raises Rating on INR200MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on long term bank facilities of
Narmada Spinning Private Limited (NSPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', whereas the short term rating is re-
affirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         16.5      CRISIL A4 (Reaffirmed)

   Cash Credit            30.0      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      3.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan             200.0      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The rating upgrade reflects improvement in the business risk
profile, led by successful ramp-up in scale of operations.
Extensive industry experience of promoters and established
relationships with customers and suppliers have resulted in
higher-than-expected operating income estimated around INR446.4
million, in Fiscal 2016, the first year of operations. The
business risk profile is also supported by comfortable operating
margin of 13.9% estimated for Fiscal 2016.  CRISIL expects
sustained growth in revenue and moderate profitability over the
medium term.

The financial risk profile is above-average, led by moderately
high gearing of 2.12 times, estimated as on March 31, 2016, and
healthy debt protection metrics, marked by interest coverage of
2.23 times, estimated as on March 31, 2016.

The rating continues to reflect the short track record and
moderate scale of operations, amidst intense competition in the
textile industry and average financial risk profile. These rating
weaknesses are partially offset by extensive industry experience
of promoters and established relationships with customers and
suppliers.
Outlook: Stable

CRISIL believes that NSPL will continue to benefit from extensive
experience of promoters in the textile industry. The outlook may
be revised to 'Positive' if the company reports substantial
growth in scale of operations, while maintaining profitability
and the working capital cycle. The outlook may be revised to
'Negative' if revenue or profitability declines significantly or
if a huge, debt-funded capital expenditure weakens the business
and financial risk profile.

Incorporated in Fiscal 2014, NSPL is engaged in manufacturing of
open-end spinning yarn. The company has been promoted by the
Morbi-based Dhamsania family and commenced commercial operations
in April 2015.


NAROL TEXTILE: CRISIL Assigns B+ Rating to INR624.8MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Narol Textile Infrastructure & Enviro
Management (NTIEM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Term Loan              624.8      CRISIL B+/Stable

The ratings reflect NTIEM's exposure to project implementation
related risks and to timely stabilisation and commensurate ramp-
up in sales during its initial phase of operations. These rating
weaknesses are partly mitigated by NTIEM's exclusivity and tie up
with many textile processors and other units in Narol cluster,
near Ahmedabad (Gujarat) for operating common effluent
collection, conveyance, treatment and disposal facilities, and
funding support it receives from members' contribution and
government grants.
Outlook: Stable

CRISIL believes NTIEM will benefit over the medium term from its
exclusive arrangement with processing units in its area. The
outlook may be revised to 'Positive' in case of timely
implementation and stabilisation of the project leading to
anticipated revenue and cash accruals during initial phase of
operations. The outlook may be revised to 'Negative' if there is
delay in implementation or stabilisation of the project leading
to lower revenue, cash accruals or stretch in working capital
cycle adversely impacting financial risk profile, especially
liquidity.

NTIEM was established in 2010, promoted by various textile units
in the Narol textile cluster of Ahmedabad, for establishing CETP
facilities for the benefit of members with an objective of
attaining a clean and green environment. The project is under
implementation and is expected to start commercial operations in
2016-17.


OSHO FORGE: CRISIL Lowers Rating on INR400MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Osho Forge Limited (OFL; part of the Emson group) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             400       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Overdraft Facility       50       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       90       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

   Term Loan               110       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that Emson group's
liquidity will remain stretched on account of large repayment
obligations of around INR171 million in fiscal 17. Large debt was
contracted for the expansion of facilities in fiscal 14 and 15,
however sluggish demand in the automotive sector restricted ramp
up of operations, leading to moderation in profitability; and
operating income to gross block ratio slipping to less than 1
time. Although, demand has improved in the first quarter of
fiscal 17, mainly from the tractor industry; in anticipation of a
healthy monsoon, the expected net cash accrual will be tightly
matched against maturing debt obligations. Consequently,
incremental working capital requirement will be debt funded and
in turn will keep current ratio weak at 0.9 time. In fiscal 16,
the shortfall in cash accruals against maturing debt obligations
of INR274 million was primarily met by refinancing/incurring
additional debt.

The rating continues to reflect working capital intensive
operations, stretched liquidity on account of large maturing
debt, and end-user concentration leading to exposure to macro-
economic factors of the industry and impact, thereof. The
weaknesses are partially offset by the established position, and
integrated operations supporting profitability.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OFL and Emson Gears Ltd (EGL). This is
because these companies, collectively referred to as the Emson
group, operate in the same line of business and are under a
common management. OFL manufactures gears, crown wheels, and
pinions, all of which are used as raw material by EGL. CRISIL
used to consolidate Osho Gears and Pinion Ltd (OGPL) also,
however, the same is now merged with EGL.
Outlook: Stable

CRISIL believes the Emson group will continue to benefit from its
established market position in the automotive components segment.
The outlook may be revised to 'Positive' if significant ramp up
in operations while maintaining/improving profitability leads to
higher cash accruals. The outlook may be revised to 'Negative' if
working capital requirement or lower-than-expected cash accruals
or large debt-funded capital expenditure weaken the financial
risk profile, especially liquidity.

The Emson group comprises EGL and OFL. EGL was established as a
partnership firm, Emson Sales, in 1981. The firm, founded by Mr
Ashok Kumar Dhall and Mr Vimal Dhall, manufactures gears and was
reconstituted as a limited company in 1981. In 1993, the group
established OFL to implement vertical integration into the
forgings segment. In the same year, another facility to
manufacture gears and pinions was set up under OGPL, the same is
now merged with EGL.


P. K. INDUSTRIES: CARE Upgrades Rating on INR4cr Loan to BB-
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of P. K. Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       4        CARE BB- Revised from
                                            CARE B+
   Short-term Bank Facilities      6        CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of P. K. Industries (PKI) is primarily due to
improvement in the total operating income (TOI), increase in cash
accruals coupled with improvement in profit margins, debt
coverage indicators and liquidity position during FY16 (refers to
the period April 1 to March 31). The ratings continue to draw
strength from the vast experience of the proprietor in the
transformer industry and its stable association with reputed
clientele.

The ratings, however, continue to remain constrained on account
of its leveraged capital structure and working capital intensive
nature of operations.

PKI's ability to increase the scale of operations coupled with
improvement in capital structure as well as better working
capital management remain the key rating sensitivities.

Bhopal-based (Madhya Pradesh) P. K. Industries (PKI) was formed
in 2000 as a proprietorship firm by Mr Prashant K Gupta. The firm
is ISO 9001: 2008 certified entity and it is engaged into the
business of manufacturing of power and distribution
transformers.PKI manufactures transformers from capacity of 5
Kilo Volt Ampere (KVA) to 5 Mega Volt Ampere (MVA) and supplies
the same to State Electricity Boards (SEB's) in Madhya Pradesh
and Rajasthan and other private customers who take contract from
government departments.

During FY16, PKI reported total operating income (TOI) of
INR20.04 crore with PAT of INR0.82 crore as compared with TOI of
INR7.92 crore and PAT of INR0.31 crore during FY15. During Q1FY17
(Prov.), PKI has achieved a turnover of INR6.25 crore.


PARAMOUNT SEAFOODS: CRISIL Reaffirms B+ Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Paramount Seafoods
(Paramount) continue to reflect its below-average financial risk
profile, marked by weak debt protection metrics and modest net
worth. The ratings also factor in the firm's susceptibility to
volatility in raw material prices and to fluctuations in foreign
exchange rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill
   Discounting              45      CRISIL A4 (Reaffirmed)

   Foreign Bill
   Discounting              25      CRISIL B+/Stable (Reaffirmed)

   Packing Credit           50      CRISIL A4 (Reaffirmed)

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

These rating weaknesses are partially offset by the extensive
experience of promoters in the seafood industry.
Outlook: Stable

CRISIL believes that Paramount will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in revenue and profitability, leading to
a substantial increase in cash accrual, while also strengthening
its capital structure. Conversely, the outlook may be revised to
'Negative' in case of low cash accrual, a stretched working
capital cycle, or any large capital expenditure, resulting in
deterioration in the financial risk profile, especially
liquidity.

Paramount, set up in 2011, exports frozen marine products. The
firm is promoted by Mr. A M Gafoor and his family.


PAREKH ALUMINEX: CRISIL Reaffirms D Rating on INR8.55BB Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities and non-convertible
debentures of Parekh Aluminex Limited (PAL) continue to reflect
delays in servicing debt, as per CRISIL's discussions with PAL's
lenders. Efforts to resolve cash flow mismatch have not been
successful since the demise of then chairman and managing
director, Mr. Amitabh Arun Parekh, in January 2013; he was the
key management person supervising operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            3450      CRISIL D (Reaffirmed)

   Letter of Credit        550      CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee          900      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     8550      CRISIL D (Reaffirmed)

Incorporated in 1994, PAL manufactures aluminium foil containers
(AFC), lids, covers, and allied products used in packaging food
items. Manufacturing units are in Dadra and Nagar Haveli. In
2005, PAL acquired a Singapore-based company to enter the
Southeast Asian markets. In 2008, its units acquired export
oriented-unit status. The company entered the retail space with
two brands, PAL and ME Foil, in fiscal 2011. It has annual
production capacities of 6880 million pieces of AFC, 39.6 million
pieces of foil roll, and 1790 million pieces of foil lids.

PAL incurred a loss of INR3.8 billion on net sales of INR10.9
billion for fiscal 2013, against a profit after tax of INR846.6
million on net sales of INR13.7 billion for fiscal 2012. No
financials have been released since June 2013.


PRIME URBAN: CRISIL Puts 'B' Rating on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of
Prime Urban Development India Limited (PUDIL) on 'Notice of
Withdrawal' for a period of 180 days on PUDIL's request. The
ratings will be withdrawn at the end of the notice period. The
rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Export Bill             250       CRISIL B/Stable (Notice
   Negotiation                       of Withdrawal)

   Packing Credit           50       CRISIL A4 (Notice of
                                     Withdrawal)

Outlook: Stable

CRISIL believes that PUDIL will continue to benefit over the
medium term from the promoters long standing presence in the
industry. The outlook may be revised to 'Positive' in case PUDIL
reports significantly higher-than-expected growth in cash flow
from operations, thereby translating into an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company faces a stretch in its working capital
cycle, or if the cash flow from operations in respect of its real
estate segment is significantly below expectations.

PUDIL was incorporated in 1936 by the Patodia family, headed by
Late Mr.Madanlal Patodia. The operations of the company are
currently being managed by the third generation of the Patodia
family- Mr.Manoj Patodia and Mr. Anuj Patodia. The company is
engaged in the trading of cotton yarn. The company is also
engaged in real estate development through three partnership
firms in which the company is a partner. These firms are- Prime
New Line AOP, Prime Developers and Prime Mall Developers. PUDIL
is listed on the Bombay Stock Exchange.


R V PLASTIC: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R V Plastic
Limited's (RVPL) '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 RVPL.


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

RVPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable

-- INR100.00 million fund-based limits: migrated to 'IND
    B+(suspended)'/'IND A4(suspended)' from 'IND B+'/'IND A4'

-- INR70.00 million non-fund-based bank guarantees: migrated to
    'IND A4(suspended)' from 'IND A4'


RAJ SALT: CARE Upgrades Rating on INR4.40cr LT Loan to BB-
----------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Raj Salt & Chemicals Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.40      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     8.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of Raj Salt & Chemicals Pvt. Ltd
(RSPL) takes into cognizance improvement in the financial risk
profile in FY16 (refers to the period April 01 to March 31) vis-
Ö-vis FY15 marked by improvement in total operating income,
capital structure & debt service coverage indicators and
improvement in liquidity position and operating cycle. However,
the ratings continue to be constrained by small scale of
operation and low profitability margin, stiff competition due to
fragmented nature of the industry, exposure to volatility in the
cashew nut prices and forex rates, highly competitive and working
capital intensive nature of operation. The ratings, however,
continue to draw comfort from the experience of the promoters;
however, lacking experience in the trading of food products
coupled with long track record of operations.

Going forward, the ability of the entity to improve its scale of
operations along with profit margins and effective working
capital management would be the key rating consideration.

RSPL was incorporated in March 1995 by Mr Bajrang Lal Agarwal and
Mr Ritesh Agarwal of Kharagpur, West Bengal. The company was
initially engaged in manufacturing of salt & chemicals and wax
since inception. However, since April 2013, RSPL stopped the
manufacturing operations and started trading in cashew nuts. The
unit is located at Medinipore, West Bengal. The company imports
its trading materials from Ivory Coast, Ghana, etc. and sells the
products fully in the domestic market.

Currently, the day-to-day affairs of the company are managed by
Mr Bajrang Lal Agarwal with adequate support from the other
director and a team of experienced personnel.

In FY16 (A), the firm has reported a total operating income of
INR23.83 crore (as against INR17.03 crore in FY15) and PAT of
INR0.09 crore (as against PAT of INR0.06 crore in FY15).


RATTAN LAL: CRISIL Suspends 'D' Rating on INR195MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Rattan
Lal Jindal Educational Trust (RJET).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               195       CRISIL D

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

RJET was founded in 2009 by members of the Jindal family
comprising Mr. Hariram Gupta, his wife, Mrs. Santosh Gupta, son,
Mr. Yogesh Gupta, daughter-in-law, Mrs. Sonal Gupta, and
daughter, Ms. Usha Gupta. The trust operates the GD Goenka
International School under the GD Goenka School franchise; the
school, based in Sonepat (Haryana), is affiliated to the Central
Board of Secondary Education. RJET is also operating two play
schools under the La Petite brand of the GD Goenka School
franchise, one in Kundli (Himachal Pradesh) and the other in
Preet Vihar (Delhi). RJET started operations with its first batch
of students in April 2012.


SABOO TOR: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saboo Tor
Private Limited's (STPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website. The agency
has also migrated STPL's INR105 million fund-based limits to 'IND
BB(suspended)' from 'IND BB'.

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

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.


SAHA BUILDING: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saha Building Centre
Private Limited (SBCPL) continue to reflect the company's large
working capital requirement and modest scale of operations in the
fragmented and competitive civil construction industry. These
weaknesses are partially offset by the industry experience of its
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)

   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes SBCPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of significant increase in the
company's revenue and accrual, or improvement in its working
capital management, leading to a better financial risk profile,
especially liquidity. Considerably low accrual, or stretch in
working capital cycle, or large debt-funded capital expenditure,
leading to deterioration in the company's financial risk profile,
particularly liquidity, may lead to a revision in the outlook to
'Negative'.

SBCPL was set up in 1999 as a proprietorship firm, and was
reconstituted as a private limited company in 2008. It undertakes
civil construction, mainly of buildings. The daily operations are
managed by its director Mr. Apurba Kumar Saha.


SAI MAATARINI: Ind-Ra Suspends 'IND BB' Term Loan Facility Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the 'IND BB'
rating on Sai Maatarini Tollways Limited's (SMTL) INR13,973.5
million term loan facility to the suspended category. The Outlook
was Negative. The rating will now appear as 'IND BB(suspended)'
on the agency's website.

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

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


SANTOSHI RICE: CARE Reaffirms B+ Rating on INR5.80cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Santoshi Rice And General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.80       CARE B+ Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Santoshi Rice and
General Mills (SRM) continues to remain constrained by its
weak financial risk profile marked by small scale of operations,
low profitability margins and leveraged capital structure &
weak coverage indicators. The rating is further constrained by
working capital-intensive nature of operations, partnership
nature of constitution, business susceptible to the vagaries of
nature and its presence in a highly competitive and fragmented
agro-processing business with a high level of government control.

The rating, however, draws strength from the experienced partners
in the agro-processing industry and long track record of
operation of the entity, growing scale of operations and
favorable manufacturing location.

Going forward, the ability of SRM to scale up its operations with
improvement in the profitability margins and capital structure
along with effective working capital management shall be the key
rating sensitivities.

Karnal-based, (Haryana) SRM was established as a partnership firm
in 1986 by two partners namely Mr Pawan Kumar and Mr Kanti
Prasad, sharing profits and loss equally. They collectively look
after the overall operations of the firm.

The firm is engaged in milling and processing of paddy, with a
total installed capacity of 32,000 metric ton per annum (MTPA) as
on March 31, 2016. SRM procures paddy from local grain markets
through dealers and agents mainly from the state of Haryana. The
firm sells basmati and non-basmati rice in the states of Delhi,
Haryana and Punjab through a network of commission agents and
traders.

SRM has achieved a total operating income (TOI) of INR36.30 crore
with PBILDT and profit after tax (PAT) of INR1.34 crore and
INR0.03 crore, respectively, in FY15 (refers to the period April
1 to March 31) as against TOI INR29.44 crore with a PBILDT and
PAT of INR0.88 and INR0.01 crore, respectively, in FY14.
Furthermore, during FY16, the entity achieved TOI of INR11.90
crore (as per the unaudited results).


SATIJA MOTORS: CRISIL Assigns B+ Rating to INR45MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Satija Motors Pvt Ltd (SMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             45        CRISIL B+/Stable

The ratings reflect SMPL's modest scale of and working capital-
intensive operations in the intensely competitive automobile
dealership business and below-average financial risk profile
because of a small networth and leveraged capital structure.
These rating weaknesses are partially offset by the extensive
experience of promoters in the automobile dealership industry,
their funding support, and healthy relations with principals.

For arriving at the ratings, CRISIL has treated unsecured loans
of INR19.7 million as on March 31, 2015, extended by promoters,
as neither debt nor equity. This is because these are expected to
be retained in the business over the medium term.
Outlook: Stable

CRISIL believes SMPL will benefit from the extensive industry
experience of promoters and their healthy relations with
principals. The outlook may be revised to 'Positive' in case of
significant improvement in financial risk profile backed by
considerably higher cash accrual or equity infusion by promoters.
Conversely, the outlook may be revised to 'Negative' if low
accrual, most likely on account of a decline in revenue or
profitability, or large, debt-funded capex leads to deterioration
in the financial risk profile, particularly liquidity.

SMPL was earlier established in 1984 as a partnership firm,
Satija Motor Cycle, for setting up authorised dealership of
Yamaha Motors Pvt Ltd two-wheelers. In November 1990, the firm
was reconstituted as a private limited company with its present
name. In 2002, it added dealership of Mahindra & Mahindra Ltd
tractors.

SMPL, promoted by the Satija family and managed by Mr. Nikish
Satija, and is based in Chhindwara (Madhya Pradesh).


SHREE BALAJI: CARE Assigns B- Rating to INR4.80cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B-' rating to the bank facilities of Shree
Balaji Steel.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.80      CARE B- Assigned

Rating Rationale

The rating assigned to the bank facilities of Shree Balaji Steel
(SBS) is constrained by its small scale of operations, weak
financial profile with net loss in FY15 (refers to the period
April 1 to March 31), risk associated with trading nature of
business and competitive and fragmented nature of the industry
and constitution as a proprietorship firm limiting financial
flexibility. The rating also factors in leveraged capital
structure and weak debt protection metrics.

The above constraints outweigh the comfort derived from the
experience of the proprietor.

The ability of the entity to improve its scale of operation,
improve its financial profile and profitability along with
efficient management of working capital are the key rating
sensitivities.

SBS, based out of Nagpur (Maharashtra) is a proprietorship entity
promoted by Mr Radheshyam Sarda and commenced operation in
January, 1981. SBS is engaged in trading of iron & steel products
such as Thermo Mechanically Treated (TMT) bars, round bars,
angles, channels, beams, flats, sheets, etc. which find
application in industries like construction, infrastructure and
engineering. The entity has its registered office and servicing
facility based in Nagpur. The servicing facility is rented and
has
an area of 800 sq. ft. The entity procures materials from
domestic  suppliers players based in Nagpur and sells its
products in the state of Maharashtra and Chhattisgarh.

During FY15 (refers to the period April 1 to March 31), SBS
posted a net loss of INR0.26 crore on a total income of INR15.04
crore as against a PAT of INR0.10 crore on a total income of
INR10.02 crore for FY14. Furthermore, the entity has achieved a
turnover of INR8 crore during FY16 (provisional).


SHREE MORAYA: CRISIL Assigns B+ Rating to INR60MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Shree Moraya Polymers Private Limited
(SMPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B+/Stable
   Rupee Term Loan         60        CRISIL B+/Stable

The rating reflects SMPPL's small scale of operations and weak
financial risk profile, marked by low networth and high gearing.
The rating also factors in working capital intensity in
operations and volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
the promoters and healthy relationship with key customer, Bisleri
International Pvt Ltd (Bisleri).
Outlook: Stable

CRISIL believes that SMPPL will continue to benefit from its
established customer relationships and the experience of its
promoters. The outlook may be revised to Positive' if ramp-up in
scale of operations results in stronger cash accrual and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if delay in stabilising operations, significantly
constrains the financial metrics, including liquidity.

Incorporated in February 2013, SMPPL manufactures PET bottles for
Bisleri. SMPPL began commercial operations in September 2013. The
company is promoted by Mr. Santosh Sawant, Mr. Ajay Galande and
Mr. Rohidas Landhghe, and is based in Pune, Maharashtra.


SMS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR48.8MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of SMS International
Beverages Private Limited (SMS) continue to reflect a weak
financial risk profile because of high gearing, below-average
debt protection metrics, and a small networth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)

   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       15        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     24.3      CRISIL B+/Stable (Reaffirmed)

   Term Loan              48.8      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in a modest scale of operations in the
intensely competitive food processing segment. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters and their funding support.
Outlook: Stable

CRISIL believes SMS will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations along with improved
profitability, leading to a better capital structure. The outlook
may be revised to 'Negative' if the financial risk profile
deteriorates, most likely because of lower-than-expected cash
accrual or large working capital requirement.

Update
Net sales and operating margin are estimated at about INR200
million and 9.0%, respectively, for fiscal 2016, against INR159.6
million and 7.3%, respectively, in the previous fiscal. The
improvement in sales was because of increased sales volumes from
recently added distributors/stockists supported by a pan-India
distribution network. Consequently, operating profitability
improved, supported by better negotiation of prices for imported
tetra packs with suppliers. Net sales and operating margin are
expected to remain at INR220-250 million and 8.5%, respectively,
over the medium term, supported by improving brand penetration.

Total outside liabilities to tangible networth (TOLTNW) ratio was
high, estimated at 7.8-8.0 times as on March 31, 2016, because of
large debt contracted for setting up the plant. The ratio may,
however, improve sharply after receipt of subsidy from MFPI
(Ministry of Food Processing Industries), estimated at INR40
million. This will be utilised towards repayment of existing term
loans. If the subsidy is not received, the TOLTNW ratio will
improve only gradually on account of moderate accretion to
reserves. Interest coverage and net cash accrual to total debt
ratios are estimated at 1.8 times and 0.08 times, respectively,
for fiscal 2016. Debtors are estimated at 10-15 days and
inventory at 130 days as on March 31, 2016. Without the subsidy,
cash accrual is likely to be tightly matched against maturing
debt in fiscal 2017. Dependency on bank limit remains high,
reflected in average utilisation of around 95% in the 12 months
through March 2016.

SMS was established in 2013 in Solan, Himachal Pradesh, promoted
by Mr. Mool Chand Garg, Mr. Sanjay Mittal, and Mr. Sudheer Gupta.
The company manufactures food products, including fruit juices,
fruit drinks, jams and jellies; it commenced production in
January 2014. It sells juices under the Pulpy Fresh brand.


SORENTO GRANITO: CARE Reaffirms B+ Rating on INR2.04cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sorento Granito Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      2.04      CARE B+ Reaffirmed
   Long-term/Short term Bank
   Facilities                    17.75      CARE B+/CARE A4
                                            Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Sorento Granito
Private Limited (SGPL) continue to remain constrained on account
moderate scale of operations, low profit margins, moderately
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. The ratings also remain constrained
on account of susceptibility of margins to volatility in raw
material and fuel prices, customer concentration risk and its
presence in the highly fragmented vitrified tile industry with
fortunes linked with the cyclical real estate market. The ratings
also take into consideration significant decline in turnover,
profitability and cash accruals coupled with elongation in
operating cycle during FY16 (Provisional, refers to the period
April 1 to March 31).

The ratings, however, continue to draw strength from vast
experience of the promoters in the tiles manufacturing business,
well-established relationship with customers & suppliers and
location advantage through its presence in the tile cluster of
Gujarat.

The ability of SGPL to increase its scale of operations and
improve its overall financial risk profile by improving
profitability and capital structure while efficiently managing
the working capital requirements remain the key rating
sensitivities.

Incorporated in 2007, Morbi-based SGPL is engaged in the
manufacturing of vitrified tiles. Its plant has daily installed
capacity of 7,500 boxes of tiles size 2' X 2' square feet. It
sells its product under the brand name of "Sorento". SGPL is
promoted by Mr Bhagwandas Tulsiyani along with Mr Hasmukhlal
Ubhadiya, Mr Murlibhai Tulsiyani andMr Narendra Kagthara.

During FY15, SGPL reported a total operating income (TOI) of
INR82.76 crore with a PAT of INR0.66 crore as against TOI of
INR49.36 crore with a PAT of INR0.13 crore in FY15. During FY16
(Provisional), SGPL reported a TOI of INR48 crore.


SRI DHARAM: CRISIL Cuts Rating on INR145MM LT Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility
of Sri Dharam Educational Trust (SDET) to 'CRISIL D' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          145       CRISIL D (Downgraded
                                     from 'CRISIL B/Stable')

The rating downgrade reflects instances of delay by SDET in
servicing its debt repayment obligations on account of weak
liquidity arising out of cash flow mismatch. SDET is also
vulnerable to the intense competition from other educational
institutes in the region of its operation. However, the trust
benefits from the management's extensive industry experience.

Set up in 2013, SDET runs a nursery school in Tindivanam (Tamil
Nadu), Aakrutii School and a secondary school (Sri Dharamchand
Jain School) affiliated to Central Board of Secondary Education
(CBSE). Mr. H Bablasa is the key promoter-trustee who looks after
the trust's operations.


SRI VENKATESWARA: CRISIL Upgrades Rating on INR234.8MM Loan to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Venkateswara Poultry Farm (SVPF; part of the Mulpuri
groups) to 'CRISIL B/Stable' from 'CRISIL D'.

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

   Long Term Loan         234.8      CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

The upgrade reflects timely servicing of debt by the group over
the four months through June 2016. The upgrade also factors in
CRISIL's belief that the group will continue to meet its debt
obligations in a timely manner over the medium term, backed by
continued funding support from promoters.

The rating reflects the group's below-average financial risk
profile, working capital-intensive operations, and exposure to
risks inherent in the poultry and aqua-culture industries. These
rating weaknesses are partially offset by an established regional
market position in the poultry and aqua-culture industries and
the extensive industry experience of its promoter.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SVPF, Mulpuri Foods and Feeds Pvt Ltd
(MFFPL), Mulpuri Fisheries Pvt Ltd (MFPL), and Mulpuri Poultries
(MP). This is because all these entities, together referred as
the Mulpuri group, have a common management, and significant
intra-group operational and financial linkages. Furthermore,
there are cross corporate guarantees extended to each other.
Outlook: Stable

CRISIL believes the Mulpuri group will continue to benefit over
the medium term from the extensive industry experience of its
promoter. The outlook may be revised to 'Positive' if there is a
substantial and sustained increase in revenue and profitability
margins, or continued improvement in working capital management.
The outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the capital structure of the group caused most likely by large,
debt-funded capital expenditure or a stretched working capital
cycle.

The Mulpuri group was set up by Mr. Lakshmana Swamy who has more
than three decades of experience in the poultry industry. The
group is based in Vijayawada, Andhra Pradesh.

SVPF, established in1992, and MP, established in 2003, sell
hatching eggs. MFFPL, incorporated in 2009, manufactures floating
fish feed and poultry feed. MFPL, was incorporated in 2009,
breeds Pangasius and Indian carp fish.


SUNFAME CERAMIC: CARE Assigns B+ Rating to INR5.86cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sunfame Ceramic Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.86      CARE B+ Assigned
   Short-term Bank Facilities     2.30      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Sunfame Ceramic
Private Limited (SCPL) are primarily constrained on account
of small scale of operations coupled with low profit margins,
moderately leveraged capital structure, moderate debt coverage
indicators and moderate liquidity position. Furthermore, the
ratings are also constrained on account of prospects linked to
the highly cyclical real estate sector and susceptibility of
margins to volatility associated with raw material and feed stock
(LNG) prices.

The ratings, however, derive benefits from the experienced
promoters, located in the ceramic hub with easy access to raw
material, fuel and labour.

SCPL ability to increase its scale of operations and profit
margins in light of volatile raw material and fuel costs would
remain the key rating sensitivities. Furthermore, improvement in
the capital structure and debt coverage indicators would also
remain crucial.

Morbi-based (Gujarat) SCPL was incorporated during March 2011 by
Mr Kirti Udhreja, Mr Jayanti Patel andMr Suresh Jain and
commenced commercial production of ceramic wall tiles from
November 2011 onwards. SCPL operates with a capacity of
manufacturing ~30,000 square meters per day (smpd) of non-
vitrified wall tiles as on March 31, 2016.

As per the audited result for FY15 (refers to the period April 1
to March 31), SCPL reported a TOI of INR16.80 crore with a PAT of
INR0.12 crore as compared with TOI of INR14.47 crore and PAT of
INR0.14 crore in FY14. As per the provisional results for FY16,
SCPL has registered a TOI of INR9.00 crore.


SWAGATTAM PLASTIC: Ind-Ra Suspends IND B+ Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Swagattam
Plastics' (Swagattam) '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 Swagattam.

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.

Swagattam's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR5 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'
-- INR30 million fund-based limits: migrated to IND
    B+(suspended)' from 'IND B+'
-- INR10.53 million Long-term loans: migrated to 'IND
    B+(suspended)' from 'IND B+'


T. S. JAYAPRAKASH: CRISIL Reaffirms 'B' Rating on INR46.5MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings to the bank facilities of
T. S. Jayaprakash (TSJ).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)

   Overdraft Facility      46.5      CRISIL B/Stable (Reaffirmed)

   Proposed Working
   Capital Facility        13.5      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect TSJ's modest scale, and working-
capital-intensive nature of operations in the intensely
competitive civil construction industry. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's proprietor.
Outlook: Stable

CRISIL believes that TSJ will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in the firm's scale of operations while it maintains its
operating profitability, or if it improves its working capital
management, resulting in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if TSJ's
accruals decline, or if its working capital requirements increase
substantially, leading to weakening of its financial risk
profile.

TSJ is a Palakkad (Kerala)-based civil contractor. Its operations
are managed by its proprietor, Mr. T S Jayaprakash.


TRIPATHI HOSPITAL: CRISIL Ups Rating on INR200MM Term Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Tripathi Hospital Private Limited (THPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               200       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the expected improvement in the company's
business and financial risk profiles on account of full-fledged
commencement of its hospital by October 2016. The company's
turnover rose to INR38 million in fiscal 2016 from INR16 million
in fiscal 2015 on account of partial commencement of hospital,
and is expected at INR150-200 million in fiscal 2017. Its
operating margin improved significantly to 55% in fiscal 2016
from 10.7 per cent in 2014-15 on account of increased occupancy
with no major increase in cost, and is expected to remain
healthy. The company's financial risk profile is expected to
improve because with expected improvement in accretion to
reserves. Its total outside liabilities to tangible networth
ratio improved to 2.9 times as on March 31, 2016, from 5.87 times
as on March 31, 2015 on account of equity infusion of INR30
million in fiscal 2016.

The rating reflects THPL's small scale of operations, and its
exposure to risks related to stabilisation of operations of its
multi-speciality hospital. These weaknesses are partially offset
by the extensive experience of its promoters in the healthcare
industry.
Outlook: Stable

CRISIL believes THPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up operations, while improving its operating
profitability, resulting in substantial cash accrual and a better
financial risk profile. The outlook may be revised to 'Negative'
if its scale of operations remains stagnant, or if it undertakes
substantial debt-funded capital expenditure, weakening its
financial risk profile, particularly liquidity.

THPL, incorporated in November 2001, provides medical services in
the fields of orthopaedics and gynaecology/obstetrics. It was
originally established as a partnership firm in 2000 and was
reconstituted as a private limited company in 2001. The company
is managed by Mr B K Tripathi and his wife Ms. Nidhi Tripathi. It
has a 100-bed hospital at Noida in Uttar Pradesh.


VED CELLULOSE: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ved Cellulose
Limited's (VCL) 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website. A full list of
rating actions is given at the end of the commentary.

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

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.

VCL's Ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR147.5 million fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB'
-- INR34.85 million term loan: migrated to 'IND BB(suspended)'
    from 'IND BB'
-- INR60 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


WILSON PRINTCITY: CRISIL Reaffirms 'B' Rating on INR47.5MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank
facilities of Wilson Printcity Private Limited (WPPL) at 'CRISIL
B/Stable' while assigning its ratings on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Reassigned)

   Cash Credit             35        CRISIL B/Stable (Reaffirmed)

   Term Loan               47.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      27.5      CRISIL B/Stable (Reaffirmed)

The ratings on the bank facilities of Wilson Printcity Pvt Ltd
(WPPL) continues to reflect the company's large working capital
requirement and small scale of operations in the fragmented
printing industry. These weaknesses are partially offset by the
industry experience of its promoters, and its comfortable
financial risk profile.
Outlook: Stable

CRISIL believes WPPL will continue to benefit over the medium
term from the industry experience of its promoters and its
healthy debt protection metrics. The outlook may be revised to
'Positive' if the company reports strong accrual backed by
significant increase in revenue or operating margin, and improves
its working capital management. The outlook may be revised to
'Negative' in case of decline in its accrual, or large debt-
funded capital expenditure, or increase in working capital
requirement, weakening its financial risk profile.

Update
WPPL had modest revenue of INR152.0 million in fiscal 2016. The
revenue has been stagnant on account of discontinuation of
relationship with Navneet Education Limited and no order from the
Gujarat government for printing of text books. However, the
company won other orders. Its operating margin declined to 9.0%
in fiscal 2016 from 23.1% in fiscal 2015 on account of intense
competition. Its working capital requirement remains large
because of receivables of over 100 days in the three years ended
March 31, 2016, and inventory of 65 days. However, the working
capital management is supported by payables.

The company's financial risk profile remains comfortable for the
current scale of operations, supported by networth of INR118.0
million and gearing of less than 1.0 time as on March 31, 2016.
Its debt protection metrics were also healthy, with interest
coverage and net cash accrual to total debt ratios of 2.1 times
and 0.21 time, respectively, for fiscal 2016. The liquidity is
modest because of low accrual of INR17-20 million in fiscal 2016
and high bank line utilisation of over 98.0% in the 12 months
through May 2016. The liquidity is supported by unsecured loans
of INR111 million from the promoters.

WPPL, incorporated in 1995, is promoted by the Ahmedabad,
Gujarat-based Mr. Gunvantrail Dave and his family members. The
company provides printing services. Its printing press facility
is at Sanand in Ahmedabad.



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


KAWASAKI KISEN: Egan-Jones Assigns B Sr. Unsecured Debt Ratings
---------------------------------------------------------------
Egan-Jones Ratings Company assigned B ratings on senior unsecured
debt issued by Kawasaki Kisen Kaisha Ltd. on July 5, 2016.

Kawasaki Kisen Kaisha, Ltd., also referred to as "K" Line, is one
of the largest Japanese transportation companies.


MARUI GROUP: Egan-Jones Assigns BB+ Sr. Unsecured Debt Ratings
--------------------------------------------------------------
Egan-Jones Ratings Company assigned BB+ ratings on senior
unsecured debt issued by Marui Group Co Ltd on July 7, 2016.

Marui Group operates through about 25 subsidiaries and 6
affiliates in retailing and credit card services.


MITSUI ENGINEERING: Egan-Jones Assigns BB Sr. Unsec. Debt Ratings
-----------------------------------------------------------------
Egan-Jones Ratings Company assigned BB ratings on senior
unsecured debt issued by Mitsui Engineering & Shipbuilding Co.
Ltd on July 1, 2016.

Mitsui Engineering & Shipbuilding is a Japanese company.


MITSUI OSK: Egan-Jones Assigns B Sr. Unsec. Debt Ratings
--------------------------------------------------------
Egan-Jones Ratings Company assigned B ratings on senior unsecured
debt issued by Mitsui OSK Lines Ltd on July 7, 2016.

Mitsui OSK Lines (MOL) is a Japanese transport company
headquartered in Toranomon, Minato, Tokyo, Japan.


SHOWA SHELL: Egan-Jones Assigns B Sr. Unsecured Debt Ratings
-----------------------------------------------------------
Egan-Jones Ratings Company assigned B ratings on senior unsecured
debt issued by Showa Shell Sekiyu KK on July 6, 2016.

Showa Shell Sekiyu Kabushiki Kaisha is the base of Royal Dutch
Shell group in Japan. The Company provides oil and energy
solution business in Japan and worldwide. It was formed by the
merger of Showa Oil Company and Shell Sekiyu.


SOFTBANK GROUP: Egan-Jones Assigns BB FC Sr. Unsec. Debt Rating
----------------------------------------------------------------
Egan-Jones Ratings Company assigned a BB foreign currency senior
unsecured rating on debt issued by SoftBank Group Corp on June
30, 2016.

SoftBank Group Corp. is a Japanese multinational
telecommunications and Internet corporation.


TOKYO DOME: Egan-Jones Assigns BB- Sr. Unsecured Debt Rating
------------------------------------------------------------
Egan-Jones Ratings Company assigned BB- ratings on senior
unsecured debt issued by Tokyo Dome Corp on July 11, 2016.  EJR
also assigned B ratings on commercial paper issued by the
Company.

Tokyo Dome Corporation operates an air dome-type baseball stadium
and an urban amusement center. The Company also sells sundry
goods and operates financing, hotels, real estate, restaurants,
and convention and exhibition halls.


UNITIKA LTD: Egan-Jones Assigns B Sr. Unsecured Debt Rating
-----------------------------------------------------------
Egan-Jones Ratings Company assigned B ratings to senior unsecured
debt issued by Unitika Ltd on July 8, 2016.

Unitika Ltd is a Japanese company based in Osaka, Japan.
Primarily, the company produces various textiles, glass,
plastics, and carbon fiber products.



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


1MALAYSIA: Singapore Vows More 'Intrusive' Bank Probes
------------------------------------------------------
Jeevan Vasagar at The Financial Times reports that Singapore's
regulator has vowed more "intrusive" inspections of banks over
money-laundering after admitting that the scandal surrounding
Malaysia's state investment fund has been a blow to the city-
state's reputation as a financial centre.

FT says banks in Singapore were used to channel money diverted
from 1MDB, according to US prosecutors, who allege that more than
$3.5 billion was siphoned off from the Malaysian state investment
fund.

"There is no doubt that the recent findings have made a dent in
our reputation as a clean and trusted financial centre," FT
quotes Ravi Menon, managing director of the Monetary Authority of
Singapore, as saying.

He described the lapses in anti money-laundering controls as
"unacceptable" and warned of tougher inspections, the report
relates.

"We will spend more time," Mr Menon said at the launch of the MAS
annual report. "We will ask more questions. We will look through
minutes. There will be surprise visits."

FT relates that Mr Menon said the tougher regime would not apply
across the board but would focus on banks that had underperformed
in previous inspections.

"We will work hard with the industry to ensure that Singapore
offers neither safe haven nor safe passage for tainted money from
anywhere," he added.

From next month, the MAS will have a dedicated money-laundering
unit, and a supervisory team to monitor risks and carry out on-
site inspections, according to FT. These functions have
previously been spread between departments. The regulator is also
creating a new enforcement unit to investigate suspected
violations.

Earlier this year, the MAS ordered the closure of Swiss bank
BSI's Singapore operation after inspections that revealed lapses
in policy, failures of oversight and multiple breaches of anti
money-laundering regulations, FT says. BSI accounts in
Switzerland and Singapore have been used for 1MDB-related fund
transfers, FT relays citing US prosecutors.

Last week, Singapore authorities announced the seizure of bank
accounts and other assets totalling SGD240 million (USD177
million) in connection with investigations into 1MDB fund flows,
FT recalls. This total includes SGD120 million belonging to
Malaysian businessman Jho Low and his family.

FT notes that Mr Low is alleged by US prosecutors to have played
a central role in the operations of 1MDB, although he has denied
playing any part after the fund was created.

                            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: Goldman Sachs Under Spotlight in 1MDB Scandal
--------------------------------------------------------
Reuters reports that Goldman Sachs' work with Malaysian sovereign
wealth fund 1MDB is under the spotlight over U.S. government
allegations that billions of dollars were diverted for the
personal use of officials and some people associated with them.

Reuters relates that the Wall Street bank helped 1MDB, which was
founded by Malaysian Prime Minister Najib Razak in September
2009, raise $6.5 billion in three bond sales in 2012 and 2013 to
invest in energy projects and real estate to boost the Malaysian
economy.

Instead, more than $2.5 billion raised from those bonds was
misappropriated by high-level 1MDB officials, their relatives and
associates, Reuter says citing U.S. Department of Justice civil
lawsuits filed in court on July 20.

According to Reuters, prosecutors said the money was used to buy
artwork, including paintings by Vincent Van Gogh and Claude
Monet, luxury properties in New York and London and to pay off
gambling debts in Las Vegas.

Reuters says Goldman Sachs, which earned close to $600 million to
arrange and underwrite the 1MDB bonds, has not been accused of
any wrongdoing.  Still, the lawsuits allege investors were not
properly informed about the use and nature of the bonds.

The U.S. Justice Department said that the offering circulars for
two of the bonds issued in 2012 contained "material
misrepresentations and omissions" over what the proceeds of the
bonds would be used for and the nature of the relationship
between 1MDB and International Petroleum Investment Company
(IPIC), an entity owned by the Abu Dhabi government, according to
Reuters.

IPIC guaranteed one bond directly and another one indirectly. The
U.S. government also alleged in its lawsuit that no reference to
IPIC's indirect guarantee was included on one of the offering
circular, Reuters says.

"We helped raise money for a sovereign wealth fund that was
designed to invest in Malaysia. We had no visibility into whether
some of those funds may have been subsequently diverted to other
purposes," Reuters quotes a spokesman for the bank as saying.

The FBI and other U.S. regulators, including New York's
Department of Financial Services, have been investigating Goldman
Sachs' business relationship with 1MDB, Reuters states.

                              About 1MDB

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

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

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

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

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

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

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



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


BELLA'S CAFE: Closes After Two Decades in Business
--------------------------------------------------
Paul Mitchell at Stuff.co.nz reports that Palmerston North's
Bella's Cafe has closed after two decades in business.

According to Stuff.co.nz, owner and chef Karl Austen said Bella's
style of fine dining had gone out of fashion as people watched
their wallets and business had been declining. It had been open
20 years, to the day, when it closed on July 1, he said.

"Bella's had its regulars which kept things going for 20 years
but there wasn't enough new blood coming in. It's a shame, but
nothing lasts forever and they do say this is the year for
change."

When Mr. Austen and former business partner Alistair Pearson took
over the eatery in 1998 it was a lunch time cafe, and part of the
name stuck.

The report relates that Mr. Austen said while he was selling up
in Palmerston North, he was looking to open a new restaurant in
Whanganui.

"I already have clientele there and the town's screaming out for
somewhere like Bella's. There's little in that style of fine
dining over there."

He also wanted to take the opportunity to try some new ideas that
didn't quite fit with Bella's style.

"I want to be learning something new everyday. I love what I do,
but repetition hinders you a bit."

Stuff.co.nz says the first half of 2016 has already seen several
well-known names in Palmerston North hospitality leave the scene,
including Hester Guy's retirement and the closure of long running
restaurants Ken's Kitchen and Halikarnas.

Restaurant Association of New Zealand Manawatu president Sean
Kereama couldn't believe Bella's had closed, but it was possibly
a sign of the times, he said, Stuff.co.nz relays.

"It was a lovely restaurant in a good position [on The Square].
It's been one of Palmerston North's best restaurants for a number
of years. But dining out is one of the first things out the door
when people are tightening their belts," Stuff.co.nz quotes Mr.
Kereama as saying.

A fixture of the city's dinning scene, Bella's had a reputation
for top-notch casual fine dining. The business won Restaurant of
the Year at the Manawatu Hospitality Awards three times, starting
with at the inaugural awards in 2007, Stuff.co.nz discloses.



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


ACER INC: Egan-Jones Hikes Sr. Unsecured Debt Ratings to B-
-----------------------------------------------------------
Egan-Jones Ratings Company raised the senior unsecured ratings on
debt issued by Acer Inc. to B- from CCC+ on July 1, 2016.  EJR
also raised the commercial paper rating on the Company to B from
C.

Acer Inc. is a Taiwanese multinational hardware and electronics
corporation specialising in advanced electronics technology and
is headquartered in Xizhi, New Taipei City, Taiwan.


JIH SUN: Fitch Affirms 'BB+' LT FC Issuer Default Ratings
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Jih Sun Financial
Holding Co., Ltd (JSH) and its subsidiary Jih Sun International
Bank (JSIB). At the same time, Fitch has downgraded the ratings
of Jih Sun Securities Corp., Ltd (JSS) and removed them from
Rating Watch Negative (RWN). The Outlooks for all three entities
are Stable.

Fitch placed JSS's ratings on RWN on 18 May 2016 because the
agency was re-assessing the group's credit profile. A full list
of rating actions is at the end of this rating action commentary.

KEY RATING DRIVERS

IDRS AND NATIONAL RATINGS
Fitch has affirmed the ratings on JSH and JSIB and downgraded
JSS's ratings because the agency has shifted its approach to
analyse the group's consolidated profile and assigned common
ratings to all group entities. Previously, Fitch rated the group
using JSS's ratings as the anchor for the group's ratings and
notched each entity's rating from the anchor rating based on its
credit profile. However, JSIB's significant size and contribution
to the group leads to some limitations in that approach. JSIB
accounts for about 85% of JSH's assets and JSS makes up around
15% of the holding company's assets.

Fitch's revised assessment of the group takes into account the
high integration of the management within the group, the
consolidated regulatory supervision, and fungibility of liquidity
and capital within the group. Thus, all three entities have high
correlation of default, and Fitch treats them as having one
credit profile. The affirmation of JSH and JSIB, and downgrade of
JSS reflect the growing asset and earnings contribution from JSIB
to the group.

JSH's credit profile is weighed down by its overall modest
franchise and limited pricing power. The group's franchise is
smaller relative to most financial holding companies in Taiwan,
with the group's brokerage franchise shrinking. The group's
ratings are supported by its balance sheet strength and
conservative risk appetite. JSH takes on less growth risk
relative to peers. Its balance sheet expanded at CAGR of only
1.5% between 2011 and 2015. Its impaired ratio declined
substantially to 1.82% at end-2015 from 4.66% at end-2013. JSH's
capitalisation is strong, with its Fitch Core Capital Ratio
higher than those of peers in Taiwan. However, its ROA excluding
bad debt recoveries is lower than that of peers.

VIABILITY RATINGS
Fitch has assigned JSH a Viability Rating (VR) of 'bb+' to
reflect the credit profile on a consolidated basis. Fitch has
also upgraded JSIB's VR to 'bb+' from 'bb', and removed its
Rating Watch Positive (RWP) to align it with other ratings of the
group.

SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch has simultaneously assigned a Support Rating of '5' and a
Support Rating Floor of 'NF' (No Floor) to JSIB to reflect the
low likelihood of sovereign support to the entity due to its
small deposit franchise and modest systemic importance.

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, VIATBILITY RATINGS AND NATIONAL RATINGS
The group's IDRs, VRs, and National Ratings could be upgraded if
the group can strengthen its franchise and sustainably improve
its core profitability without significantly expanding its risk
appetite.

A downgrade to the group's IDRs, VRs, and National Ratings could
result from unexpected large proprietary trading losses by its
securities business or significantly weakened loan book quality
leading to impairment of capital.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity or ability of the
Taiwan government to provide timely support to the bank.

SUBORDINATED DEBT
Any rating action on JSIB's National Long-Term Rating could
trigger a similar move on its debt ratings

The full list of rating actions is as follows:

JSH
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 assigned at 'bb+'

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 upgraded to 'bb+' from 'bb'; removed from Rating
Watch Positive
Subordinated debt (non-Basel III-compliant) rating affirmed at
'BBB+(twn)'
Subordinated debt (Basel III Tier 2 capital) rating affirmed at
'BBB(twn)'
Support Rating assigned at '5'
Support Rating Floor assigned at 'NF'

JSS
Long-Term Foreign Currency IDR downgraded to 'BB+' from 'BBB-';
removed from Rating Watch Negative; assigned Stable Outlook
Short-Term Foreign Currency IDR downgraded to 'B' from 'F3';
removed from Rating Watch Negative
National Long-Term Rating downgraded to 'A-(twn)' from 'A(twn)';
removed from Rating Watch Negative; assigned Stable Outlook
National Short-Term Rating downgraded to 'F2(twn)' from
'F1(twn)'; removed from Rating Watch Negative


YUANTA COMMERCIAL: Fitch Assigns 'BB+' Support Rating Floor
-----------------------------------------------------------
Fitch Ratings has affirmed the 'BBB+' Long-Term Foreign-Currency
Issuer Default Rating (IDR) ratings of Taiwan-based Yuanta
Financial Holding Co., Ltd. (YFHC) and its subsidiaries, Yuanta
Securities Co., Ltd. (YS) and Yuanta Commercial Bank Co., Ltd.
(YCB). The Outlook is Stable. At the same time, Fitch removed the
Rating Watch Negative (RWN) on the three entities. A full list of
rating actions is at the end of this commentary.

Fitch placed the group's ratings on RWN on 19 August 2015
following YFHC's announcement to acquire all the shares of Ta
Chong Commercial Bank (TCB), as the acquisition would potentially
dilute the group's financial strength and involve execution risk.
YFHC completed its acquisition of TCB in 22 March, 2016 and plans
to consolidate TCB and YCB into one Yuanta-branded bank by first
half of 2017.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
The removal of ratings from RWN and the consequent affirmation of
the rating on the group reflects its enlarged franchise and sound
financial standing, which is commensurate with the group's IDRs.
Fitch deems the group companies as highly correlated and sharing
the same credit profile, hence all three companies are rated at
the same level.

Fitch assessed the group using the common ratings approach,
finding that the group had a diversified business model, with the
securities and banking business representing 42% each of YFHC's
total equity investment at end-1Q16, management's high
integration within the group, consolidated regulatory supervision
and liquidity and capital fungibility within the group.

The group's ratings reflect its improving domestic and regional
franchise, sound internal capital generation and the
subsidiaries' adequate capital position. The banking business had
a pro-forma 9.4% common equity Tier 1 ratio at end-2015 and the
securities business had a capital adequacy ratio of more than
350%. Fitch expects steady profitability and restrained asset
growth to underpin the group's capital, with modest capital usage
among its principal subsidiaries.

Group asset quality is in line with similarly rated domestic
peers, with an impaired loan ratio of 1.6% and coverage ratio of
more than 100% at end-1Q16. Excluding the legacy portfolio from
Yuanta Securities Korea Co., Ltd, the pro-forma impaired loans
ratio at banking business would fall to 1.1%, with a coverage
ratio of 136%. The group has a conservative market-risk appetite
and consistently manages its value-at-risk below 0.5% of YFHC's
equity, its self-imposed threshold.

YCB's senior unsecured bonds are rated at the same level as its
National Long-Term Rating of 'AA-(twn)', reflecting the bonds'
relative probability of default within Taiwan's national scale.

VIABILITY RATING
Fitch has assigned YFHC a Viability Rating of 'bbb+' to reflect
its credit profile on a consolidated basis and has upgraded YCB's
Viability Rating to 'bbb+' from 'bb+' to align it with the
group's rating.

SUPPORT RATING AND SUPPORT RATING FLOOR
Fitch has assigned YCB a Support Rating of '3' and a Support
Rating Floor 'BB+' to reflect its moderate systemic importance
and moderate probability of state support, if needed, based on
its aggregate 3% deposit market share.

RATING SENSITIVITIES
IDRS, VIABILITY RATING, NATIONAL RATINGS AND SENIOR DEBT
Negative ratings action could result from a weakened risk
profile, which could arise from overly aggressive acquisitions
that significantly dilute funding and capitalisation or from
excessive risk-taking for yield that compromises underwriting
standards and risk controls.

A rating upgrade is less likely, as the group is still developing
its regional franchise and business diversity and has only
moderate pricing power in its main operating segments; a higher-
rated international peer would have a more established business
model and strategic objectives, alongside refined management
quality. Any rating action on YCB could trigger a similar move on
the rating of its debt.

SUPPORT RATING AND SUPPORT RATING FLOOR
YCB's Support Rating and Support Rating Floor are sensitive to
any change in Fitch's assumptions around the propensity or
ability of the Taiwan government (A+/Positive) to provide it with
timely support to the bank. Its Support Rating and Support Rating
Floor may also be negatively affected if there is a significant
and sustained decline in YCB's deposit market share.

The rating actions are as follows:

Yuanta Financial Holding Co., Ltd.:
Long-Term Foreign-Currency IDR affirmed at 'BBB+'; removed from
RWN, Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F2'; removed from
RWN
National Long-Term Rating affirmed at 'AA-(twn)'; removed from
RWN, Outlook Stable
National Short-Term Rating affirmed at 'F1+(twn)'; removed from
RWN
Viability Rating assigned at 'bbb+'

Yuanta Securities Co., Ltd.:
Long-Term Foreign-Currency IDR affirmed at 'BBB+'; removed from
RWN, Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F2'; removed from
RWN
National Long-Term Rating affirmed at 'AA-(twn)'; removed from
RWN, Outlook Stable
National Short-Term Rating affirmed at 'F1+(twn)'; removed from
RWN

Yuanta Commercial Bank Co., Ltd.:
Long-Term Foreign-Currency IDR affirmed at 'BBB+'; removed from
RWN, Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'F2'; removed from
RWN
National Long-Term Rating affirmed at 'AA-(twn)'; removed from
RWN, Outlook Stable
National Short-Term Rating affirmed at 'F1+(twn)'; removed from
RWN
Viability Rating upgraded to 'bbb+' from 'bb+'
Support Rating assigned at '3'
Support Rating Floor assigned at 'BB+'
Senior unsecured debt affirmed at 'AA-(twn)'; removed from RWN



                             *********

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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