TCRAP_Public/160728.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, July 28, 2016, Vol. 19, No. 148

                            Headlines


A U S T R A L I A

CELEBRATIONS GROUP: First Creditors' Meeting Set For Aug. 3
DICK SMITH: Deloitte Under Microscope For Accounting Breach
EAGLE BOYS: Owes AUD30 Million to Creditors
HSINIF PTY: First Creditors' Meeting Slated For Aug. 3
JJEBEN PTY: First Creditors' Meeting Set For Aug. 3

PROVINCIAL PROPERTY: First Creditors' Meeting Set For Aug. 3
SUNEDISON INC: Selling Australia Biz. for $8.7M to Flextronics
TRATS PTY: First Creditors' Meeting Scheduled For Aug. 3
VENTIA PTY: Moody's Affirms Ba2 CFR; Outlook Stable


C H I N A

DONGBEI SPECIAL: Public Fight With Creditors Continues
FENGHUI LEASING: Moody's Assigns B2 Corporate Family Rating
MIE HOLDINGS: Fitch Says Use of Sale's Proceeds Key to Ratings


I N D I A

AASTHA INFRACITY: ICRA Assigns B+ Rating to INR15cr Term Loan
AGARWAL AUTO: CRISIL Reaffirms B+ Rating on INR98MM Cash Loan
ALLU ENTERTAINMENT: Ind-Ra Suspends IND B+ LT Issuer Rating
ALPHA MARINE: ICRA Assigns B+/A4 Rating to INR15cr Loan
ANAND ENGINEERING: CRISIL Assigns B+ Rating to INR140MM Loan

APEX AUTO: ICRA Lowers Rating on INR52.16cr Loan to 'D'
BAWA APPLIANCES: CRISIL Lowers Rating on INR50MM Cash Loan to C
BSCPL INFRASTRUCTURE: CRISIL Cuts Rating on INR18.84BB Loan to D
CHHATTISGARH FERRO: ICRA Suspends B+ Rating on INR5.5cr Loan
CIBI EXPORTS: CRISIL Upgrades Rating on INR85MM Term Loan to B+

CMB SPINNING: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
CRYSTAL SEA: ICRA Assigns B+ Rating to INR14.10cr LT Loan
DEV RAJ: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
DOLPHIN WIRES: CRISIL Ups Rating on INR30MM LT Loan to BB-
EASTERN PILLING: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan

FINOLITE CERAMIC: ICRA Assigns B/A4 Rating to INR10cr Loan
FRONTIER LOGISTICS: ICRA Suspends 'B' Rating on INR7.50cr Loan
GAGAN WINE: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
GLOBAL HEALTH: CRISIL Reaffirms B+ Rating on INR117.5MM Loan
GUPTA TRANSFORMER: CRISIL Reaffirms B+ Rating on INR79.2MM Loan

HINDVA HOSPITALITY: ICRA Assigns 'B' Rating to INR40cr LT Loan
INDORE TREASURE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
JAY METAL: ICRA Reaffirms 'B' Rating on INR2.85cr Term Loan
JAYALAXMI ENTERPRISES: ICRA Reaffirms B+ Rating on INR1.25cr Loan
KARNIMATA COLD: ICRA Assigns 'B' Rating to INR6.22cr Cash Loan

KAY BEE: CRISIL Assigns B- Rating to INR70MM Cash Loan
M.G. AUTO: CRISIL Reaffirms B+ Rating on INR60MM Overdraft Loan
MAHESHWARI INDUSTRIES: ICRA Assigns B Rating to INR7.0cr Loan
NAV BHARAT: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
NIAGARA METALS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

NIOX SPECIALITY: CRISIL Assigns 'B' Rating to INR78.9MM Loan
NORTHLAND RUBBER: CRISIL Assigns B- Rating to INR70MM Cash Loan
OSNAR CHEMICALS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
POONAM TRADING: CRISIL Reaffirms D Rating on INR170MM Loan
PRAMANIK METAL: ICRA Assigns 'B' Rating to INR10cr Cash Loan

QUALITY HYBRID: CRISIL Reaffirms B Rating on INR50MM Cash Loan
R&B DENIMS: ICRA Suspends B+/A4 Rating on INR56.16cr Loan
RAMNORD RESEARCH: ICRA Assigns B+ Rating to INR0.50cr Cash Loan
RATTAN POLYCHEM: ICRA Suspends B+/A5 Rating to INR11.50cr Loan
ROLTA INDIA: S&P Lowers Rating on 2019 Sr. Unsecured Notes to 'D'

S.B. COLD: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
SATYA SUBAL: ICRA Assigns 'B' Rating to INR4.66cr Cash Loan
SATYESHWAR HEEMGHAR: ICRA Rates INR5.42cr Term Loan at B-
SEMI EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
SHAMLAL COMPANY: CRISIL Assigns 'D' Rating to INR45MM LT Loan

SHREE RAJENDRA: ICRA Assigns B+ Rating to INR5.0cr Overdraft Loan
SHRI INDHIRA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
SHUBHAM POLYSPIN: CRISIL Reaffirms B+ Rating on INR63MM Term Loan
SHYAM LEELA: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
SIDDESHWAR MULTIPURPOSE: ICRA Rates INR4.91cr Cash Loan at B

SIVAPARAMESH SPINNING: CRISIL Ups Rating on INR45MM Loan to B+
SRI KALISWARI: Ind-Ra Suspends 'IND BB+(SO)' Rating
SRI PRASANA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
SRI UMA: ICRA Lowers Rating on INR10cr Cash Loan to D
SAHIL SPINTEX: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

SANJAY DIESELS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
STELLAR MARINE: ICRA Assigns 'B' Rating to INR1.5cr Cash Loan
SUHAG GEMS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
TRANSONS OVERSEAS: CRISIL Reaffirms B Rating on INR30MM Loan
URJA AUTOMOBILES: ICRA Reaffirms 'B' Rating on INR5cr e-DFS

VALLABHANENI CONSTRUCTIONS: Ind-Ra Suspends IND BB Issuer Rating
VASHU YARN: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
VIRENDRA SATIJA: CRISIL Assigns 'B' Rating to INR73.8MM Loan
YOGESH TRADING: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
ZIMIDARA PESTICIDES: CRISIL Reaffirms B+ Rating on INR100MM Loan


I N D O N E S I A

MNC INVESTAMA: Moody's Lowers CFR to B3; Outlook Negative


P H I L I P P I N E S

EXPRESS SAVINGS: Gatchalians Get Travel Bans Over Buyout Case


S I N G A P O R E

* SINGAPORE: Sets Sights on Becoming a Debt Restructuring Hub


                            - - - - -


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


CELEBRATIONS GROUP: First Creditors' Meeting Set For Aug. 3
-----------------------------------------------------------
David Coyne and James Koutsoukos of BRI Ferrier were appointed as
administrators of Celebrations Group Pty Ltd on July 25, 2016.

A first meeting of the creditors of the Company will be held at
will be held at BRI Ferrier, Level 16, 530 Collins Street, in
Melbourne, on Aug. 3, 2016, at 11:00 a.m.


DICK SMITH: Deloitte Under Microscope For Accounting Breach
-----------------------------------------------------------
Misa Han at the Financial Review reports that McGrathNicol could
go after Dick Smith auditor Deloitte for potential breach of
accounting standards after it was appointed as the liquidator of
the collapsed electronic retailer.

According to the Financial Review, UTS accounting professor
Peter Wells said on July 25 a close reading of page 48 of the
creditors' report suggests some of the rebates were classified as
marketing rebates when they should have been classified as
inventory rebates to inflate profit for the 2015 financial year.

"If getting the rebate is the motivator for purchasing the
inventory, that starts to erode any presumption that the rebates
were marketing," the report quotes Mr. Wells as saying.  "My
guess is [McGrathNicol] is going to query whether the rebates
were in fact marketing."

The Financial Review relates that Deloitte spokesman said:
"Deloitte stands behind its audit."

Marketing rebates are recognised immediately as a profit, whereas
inventory rebates are recognised when the inventory is sold,
which may be in a later financial period, the report notes.

The Financial Review says Dick Smith posted an EBITDA of $72
million in the 2015 financial year. Excluding rebates, it would
have posted an EBITDA of minus AUD119 million.

This meant McGrathNicol as liquidator could potentially go after
Deloitte for negligence on behalf of shareholders and creditors
are out of pocket because they relied on the report, says the
Financial Review.

According to the report, McGrathNicol said Dick Smith had a long
standing practice of counting rebates as profit even before the
company was acquired from Woolworths by private equity firm
Anchorage Capital Partners.

At the second creditors' meeting at the Wesley Conference Centre
in Sydney, creditors voted to liquidate 10 Dick Smith companies
and appoint McGrathNicol as the liquidator.

Speaking to the press after the meeting, McGrathNicol's Jason
Preston said the issue of rebates was "quite topical" within the
company and on the board, the Financial Review relays. He said
that after the company was acquired by Anchorage, some elements
of the accounting were changed to make the way rebates were
counted more conservative.

"Ultimately, buyers were making decisions to buy stocks because
rebates were available . . . and certainly some of those rebates
are rebates that had a profit impact at the time the stock is
bought as opposed to when the stock is sold," the report quotes
Mr Preston as saying.

The Financial Review relates that Mr Preston said the accounting
of rebates has been an issue even before the company floated on
the ASX.

"Rebates are a constant through the life of the business. In fact
prior to the private equity acquisition, the use of rebates and
the accounting for them is topical and it's something that has
been in place for a very long time," the report quotes Mr.
Preston as saying.  "Certainly, rebates would have been received
by the business going back many years."

Mr Preston said it was problematic that rebates were accounted as
a profit in a particular period when the inventory was not
selling, the report relays.

"If the inventory is not selling . . . there is a profit recorded
in period and effectively then there is a loss in the subsequent
period," he said, notes the report.

McGrathNicol's Joseph Hayes said as the liquidator the firm will
be pursuing potential channels of recovery, adds the Financial
Review.

                         About Dick Smith

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners Mr James Stewart, Mr Jim Sarantinos and
Mr Ryan Eagle were appointed Receivers and Managers over DSH and
an number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

The TCR-AP, citing Otago Daily Times, reported on July 26, 2016,
that the creditors of Dick Smith have voted in favor of
liquidation.   According to the report, administrator
McGrathNicol will take over as liquidator of 10 companies within
the Dick Smith group following the vote by creditors at a meeting
in Sydney on July 25. ODT related that McGrathNicol will continue
to focus on the exact reasons for Dick Smith's collapse, and who
is to blame.


EAGLE BOYS: Owes AUD30 Million to Creditors
-------------------------------------------
Eloise Keating at SmartCompany reports that Eagle Boys owes tens
of millions of dollars to creditors, although the private equity
owner of the pizza chain has emerged as the largest unsecured
creditor.

The Eagle Boys head office collapsed into voluntary
administration on July 14 and administrators SV Partners have
already closed 13 company-owned stores.

As Eagle Boys franchisees continue to trade around Australia,
creditors of the five related businesses that are in
administration met for the first time on July 26, SmartCompany
relates.

The extent of the business's debts was revealed at the creditors'
meeting, according to the Courier Mail, which reports Eagle Boys
head office owes AUD30 million to creditors, SmartCompany relays.

Of that figure, AUD7 million is reportedly owed to Fusion Food
Group, which is made up of Eagle Boys and coffee chain Degani,
both of which are owned by private equity firm NBC Capital.

According to SmartCompany, the first meeting of Eagle Boys
creditors comes as data from Roy Morgan Research shows the
chain's customer base has been in free fall.

While the total number of Australians ordering takeaway pizzas
has not changed dramatically over the past four years, the
preferences among these consumers has, says SmartCompany.

SmartCompany, citing the research, said close to 5 million
Australians aged 14 and over visited or ordered from a pizza shop
in an average four-week period in the 12 months ending March
2016, which compared to approximately 4.8 million in March 2012.

In 2012, some 1.8 million people were buying pizza from Domino's,
while 1 million ordered food from Pizza Hut and around 850,000
were customers of Eagle Boys, the report discloses.

In 2016, the customer base of Domino's has increased to
approximately 2.3 million diners, compared to 745,000 for Pizza
Hut.

The number of diners ordering from Eagle Boys in an average four-
week period is now at 336,000, according to Roy Morgan, relays
SmartCompany.

SmartCompany adds that pizza brands with more gourmet offerings
have also overtaken Eagle Boys, according to the research, with
Crust Pizza now attracting 400,000 customers in a four-week
period.

The research also found that diners who reported spending money
with Eagle Boys were more likely to order food from other
takeaway brands, compared to customers of the other pizza chains,
SmartCompany reports.

Eagle Boys customers were more likely to also purchase food from
brands such as KFC, Red Rooster, Subway and Sizzler in an average
four-week period, and a third reported also ordering food from
Domino's in the same time frame, SmartCompany discloses.

According to SmartCompany, Angela Smith, group account director
at Roy Morgan Research, said in a statement the takeaway sector
in general has been experiencing a downward trend since 2012.

"The pizza sector has not been immune to this downward trend,
with Eagle Boys' recent collapse into administration a
particularly high-profile example. Domino's, on the other hand,
has managed to swim against the prevailing tide and grow its
store network and customer base," SmartCompany quotes Ms. Smith
as saying.

"Domino's strength lies in its clever use of technology at all
stages of the ordering, delivery, pick-up and purchasing process:
whether it's allowing customers to place an SMS order using an
'emoji', providing an app to track a delivery driver's progress,
or offering a tech-enabled 'fresh fast bake' certification. It is
no surprise that growing numbers of Aussies (including those who
also eat at Eagle Boys) are taking advantage of its easy and
convenient service.

In contrast, Ms. Smith said gourmet pizza chains such as Crust
and Pizza Capers have been "carving their own distinctive niche
in the market".

"Like the countless gourmet burger bars that have sprung up in
recent years, these smaller chains are offering an exotic
alternative to the predictable and somewhat interchangeable menus
of the major chains," Mr. Smith, as cited by SmartCompany, said.

"Eagle Boys has been slow on the technological uptake, yet
doesn't stand out with its menu either. Over the last few years,
increasing numbers of its customers have been eating at rival
fast-food (and specifically pizza-focused) chains, making its
current situation almost to be expected."

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

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


HSINIF PTY: First Creditors' Meeting Slated For Aug. 3
------------------------------------------------------
Jason Walter Bettles & Raj Khatri of Worrells Solvency & Forensic
Accountants on Hsinif Pty Ltd on July 22, 2016.

A first meeting of the creditors of the Company will be held at
Suite 54, Level 5, HQ @ Robina, 58 Riverwalk Ave, in Robina,
Queensland, on Aug. 3, 2016, at 3:30 p.m.


JJEBEN PTY: First Creditors' Meeting Set For Aug. 3
---------------------------------------------------
Paul John Cook and Terence James O'Connor of Paul Cook &
Associates were appointed as administrators of Jjeben Pty Ltd on
July 25, 2016.

A first meeting of the creditors of the Company will be held at
Comfort Hotel Townhouse Burnie, 139 Wilson Street, in Burnie,
Tasmania, on Aug. 3, 2016, at 1:00 p.m.


PROVINCIAL PROPERTY: First Creditors' Meeting Set For Aug. 3
------------------------------------------------------------
Jason Bettles & Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Provincial
Property Investments (Aust) Pty Ltd on July 22, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 54 HQ@Robina 58
Riverwalk Avenue, in Robina, Queensland, on Aug. 3, 2016, at
11:30 a.m.


SUNEDISON INC: Selling Australia Biz. for $8.7M to Flextronics
-------------------------------------------------------------
SunEdison, Inc., and certain of its affiliates filed with the
U.S. Bankruptcy Court for the Southern District of New York a
motion to sell their portion of the global channel business and
the Australia Business to Flextronics International USA, Inc.,
for $8.7 million, without any overbidding.

A hearing will be held on Aug. 11, 2016 at 10:00 a.m. (ET) before
the Honorable Stuart M. Bernstein, U.S. Bankruptcy Judge, at the
One Bowling Green, Courtroom 723, New York, New York.  The
objection deadline is on Aug. 4, 2016 at 4:00 p.m. (ET).

SunEdison is one of the world's leading developers of
renewable-energy solutions. The company's residential and small
commercial ("RSC") business unit is an international, multi-
channel operation selling photovoltaic solar systems and
equipment in the United States, European Union, as well as in
Latin America and Australia, to residential and small commercial
customers.

The United States residential business being sold as part of the
Asset Purchase Agreement ("APA") is primarily business-to-
business -- i.e., it sells directly to dealers. The APA also
includes the sale of SunEdison's Australia Business and certain
assets of the residential Business in Spain and Mexico.

The Australia Business is the solar and energy business of
SunEdison Australia Pty Ltd and SunEdison New Zealand Limited in
Australia and New Zealand.

In particular, beginning in early May, and continuing until July
18, 2016, Rothschild contacted 320 potential buyers regarding the
company's assets, of which 229 of these parties entered into
non-disclosure agreements ("NDAs") with the Debtors to further
explore the potential purchase of certain of the company's
assets.

Rothschild spoke to more than 30 parties specifically about the
RSC business (or RSC in combination with some other business
unit) of which 15 executed the NDA. After discussions with the
parties that entered into NDAs, including the buyer, the Debtors
determined in their business judgment that the offer by the buyer
was the highest and/or best offer available for the purchased
assets, and entered into the sale transaction.

A summary of the principal terms of the APA is as follows:

   a. Purchase Price: $8,700,000, subject to certain purchase
      price adjustments.

   b. Sellers: Both Debtors and non-Debtors.

   c. Purchased Assets: Consist largely of various contracts,
      inventory, equipment (including office equipment), and
      intellectual property used in the Global Channel Business
      and the Australia Business.

    d. Releases: None.

As a result of the fulsome marketing and sales process that has
transpired, and the extensive arm's-length negotiations among the
parties, the Debtors believe that the sale of the purchased
assets to the buyer will maximize the value of the Debtors'
estates for the benefit of all their creditors, their
stakeholders, and other parties in interest.

The sale of the Purchased Assets pursuant to the APA does not
contemplate an auction or other further competitive bidding
process.  The Debtors believe that an expedited sale of
the Purchased Assets to the Buyer provides the best opportunity
to maximize value, particularly given the extensive marketing
process and the lack of any other alternative offer.  The Debtors
believe that the delay resulting from an auction or further
bidding process would result in significant value degradation and
the failure to achieve a higher or better offer for the Purchased
Assets from any other potential purchaser.

Counsel to Flextronics:

         CURTIS MALLET-PREVOST, COLT & MOSLE LLP
         101 Park Avenue
         New York, New York 10178
         Attn: Steven J. Reisman
               Cindi M. Giglio
         E-mail: sreisman@curtis.com
                 cgiglio@curtis.com

                    About SunEdison, Inc.

SunEdison, Inc., (OTC PINK: SUNEQ) is a developer and seller of
photovoltaic energy solutions, an owner and operator of clean
power generation assets, and a global leader in the
development, manufacture and sale of silicon wafers to the
semiconductor industry.

On April 21, 2016, SunEdison, Inc., and 25 of its affiliates each
filed a Chapter 11 bankruptcy petition (Bankr. S.D.N.Y. Case Nos.
16-10991 to 16-11017).  Martin H. Truong signed the petitions as
senior vice president, general counsel and secretary.

The Debtors disclosed total assets of $20.71 billion and total
debts of $16.14 billion as of Sept. 30, 2015.

The Debtors have hired Skadden, Arps, Slate, Meagher & Flom LLP
as counsel, Togut, Segal & Segal LLP as conflicts counsel,
Rothschild Inc. as investment banker and financial advisor,
McKinsey Recovery & Transformation Services U.S., LLC, as
restructuring advisors  and Prime Clerk LLC as claims and
noticing agent.  The Debtors employed PricewaterhouseCoopers LLP
as financial advisors; and KPMG LLP as their auditor and tax
consultant.

An official committee of unsecured creditors has been appointed
in the case.  The committee tapped Weil, Gotshal & Manges LLP as
its general bankruptcy counsel and Morrison & Foerster LLP as
special counsel.


TRATS PTY: First Creditors' Meeting Scheduled For Aug. 3
--------------------------------------------------------
Jason Bettles and Raj Khatri of Worrells Solvency & Forensic
Accountants were appointed as administrators of Trats Pty Ltd on
July 22, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Level 5 HQ@Robina, 58
Riverwalk Avenue, in Robina, Queensland, on Aug. 3, 2016, at
10:30 a.m.


VENTIA PTY: Moody's Affirms Ba2 CFR; Outlook Stable
---------------------------------------------------
Moody's Investors Service has affirmed Ventia Pty Limited's Ba2
corporate family rating.  At the same time, Moody's has affirmed
its Ba2 senior secured rating.

The ratings outlook is stable.

The rating affirmation follows Ventia's announcement that it will
issue an AUD775 million first-lien Term Loan B facility.  The
notes, issued by Ventia, will rank equally with all other senior
secured debt of the issuer.

The company is re-pricing the existing Term Loan B facility
equivalent to AUD550 million and upsizing with an add-on
equivalent to AUD225 million.

Proceeds from the add-on will be used for general corporate
purposes and to partially fund a distribution of AUD250 million
to shareholders.

                       RATINGS RATIONALE

"Ventia's Ba2 rating reflects its well established position in
key services sectors," says Saranga Ranasinghe, a Moody's
Assistant Vice President and Analyst.

Ventia provides telecommunication services in a growing
telecommunications services market.  It also has a strong market
position as a principal service provider in Infrastructure
Operations and Management.

"The rating also takes into consideration Ventia's high earnings
visibility, given its existing contract pipeline, as well as
growth opportunities stemming from the growing telecommunications
services sector and the pipeline of infrastructure spending,"
adds Ranasinghe.

As such, despite the increase in debt and the debt funded
dividend payment, Moody's still expects Ventia's credit metrics
to remain within tolerance levels for the rating.  Ventia has a
moderate financial profile for its Ba2 rating, with gross
adjusted debt/EBITDA expected to be 3.0x-3.5x in the financial
year ended June 30, 2016.

With low capital expenditure requirements, Moody's anticipates
that Ventia will generate free cash flow, which will be available
to reduce its debt over time.

The stable outlook reflects Moody's expectation that Ventia will
continue to win its share of new contracts at commercial margins
in a generally supportive market.

Upward rating pressure could emerge in the medium term if there
is a sustained improvement in Ventia's adjusted gross debt to
EBITDA, such that it falls below 3.5 times on a consistent basis.

On the other hand, the rating could face downgrade pressure if
adjusted gross debt to EBITDA exceeds 4.5x on a consistent basis.

The principal methodology used in these ratings was Construction
Industry published in November 2014.

Ventia is a leading integrated provider of industrial and civil
services to clients in Australia and New Zealand across the
telecommunications, roads, water, power, utilities and
environmental sectors.

Ventia is a 50:50 investment partnership between CIMIC Limited
and Apollo Global Management LLC, comprising the merged
businesses of Leighton Contractors Services and Thiess Services.



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C H I N A
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DONGBEI SPECIAL: Public Fight With Creditors Continues
------------------------------------------------------
Leng Cheng at Shanghai Daily reports that Dongbei Special Steel
Group Co and its creditors continued with their battle publicly
as investors pushed for the firm's bankruptcy and objected to a
potential debt-to-equity swap that could worsen its debt,
according to the investors' latest proposal on July 26.

Shanghai Daily notes that Dongbei Special Steel, a Liaoning-based
unlisted steelmaker, defaulted on at least seven debt instruments
worth CNY870 million (US$130 million) this year, triggering a
broad-based Chinese bond market sell-off in April and
highlighting the growing debt of state-owned companies in China's
mainland.

According to Shanghai Daily, Dongbei's bondholders urged the
country's securities and banking regulators to ban financial
institutions from buying bonds of all Liaoning-based companies in
their previous proposal.  But the proposal was removed from the
motion on July 26 as it "may damage the credit market" of the
local government, financial magazine Caixin cited a report by
China Chengxin Credit Rating.

The proposal was approved by China Development Bank, a primary
underwriter of Dongbei's debt, but has no legal force, market
insiders said, Shanghai Daily relays.

"Dongbei and the Liaoning government are feeling the pressure," a
person with the China Development Bank told Yicai.com, the report
relays. "If the local government doesn't provide follow-up
solutions, the seesaw struggle will continue."

Shanghai Daily notes that the consecutive defaults of Chinese
corporate bonds fuel speculation of the government's intervention
to save companies that are "too big to fall." However, key
policy-makers, including central bank officials, have signaled a
tougher stance toward using public funds to rescue SOEs, Moody's
Investors Service's Hu Kai said.

The Chinese government will "help but not bail out" the rising
corporate bond defaults as "the central authority will be
cautious before stepping in as we have to manage the actual loss
of taxpayers before taking any action," Minister of Finance Lou
Jiwei told finance chiefs from the Group of 20 leading countries
on July 24, Shanghai Daily adds.

Headquartered in Dalian, China, Dongbei Special Steel Group Co.
manufactures carbon structural, alloy, tool, stainless, and
bearing steel; and super alloy products. It offers stainless
steel bars and wire rods; bearing steel bars and wire rods; steel
products for the automotive industry.


FENGHUI LEASING: Moody's Assigns B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating (CFR) to Fenghui Leasing Co., Ltd.

At the same time, Moody's has also assigned a provisional (P)B2
long-term senior unsecured debt rating to Silver Sparkle
Limited's proposed issuance of USD-denominated long-term notes.
Silver Sparkle is wholly owned subsidiary of Fenghui Leasing.

The ratings outlook is stable.

                        RATINGS RATIONALE

Fenghui Leasing's B2 rating reflects the company's: 1) faster-
than-system average asset growth, 2) high sector and borrower
concentration , and 3) high reliance on short-term funding.
Partly offsetting these credit challenges are the company's main
credit strengths of strong profitability and low financial
leverage.

Fenghui Leasing is a leasing company established in 2009.

The company has reported rapid asset growth over the past few
years.  Specifically, total assets increased by more than 300%
within a three-year period to RMB11.8 billion at end-2015 from
RMB2.8 billion at end-2012.  Moody's believes that such a rapid
increase creates the risk of a deterioration in asset quality as
the portfolio seasons.

The company also has borrower concentration and real estate
sector concentration in its entrusted loans business.  The
company's asset quality could be materially affected by single-
name defaults.

Over the past two years, the company reported a significant
increase in its non-performing assets (NPAs).  Its NPAs to total
entrusted loans and leasing receivables rose to 2.76% at end-2015
from 0.86% at end-2013.

Moody's notes that Fenghui Leasing relies on short-term shadow
banking and confidence-sensitive wholesale funding -- including
trust products, asset management plans and bank borrowing -- to
support its entrusted loan and long-term leasing business.
Consequently, it is exposed to interest rate risk and refinancing
risk, due to the mismatch in the tenor of its assets and
liabilities.  Such risks are slightly mitigated by its increasing
funding sources from asset backed securitization products and
corporate debt.

Fenghui Leasing's profitability is strong.  The company's return
on average assets was at around 5%-6% over the past few years.
It has also received share capital injections from its
shareholders to support its business growth.  Moody's notes that
Fenghui Leasing's tangible common equity to total assets exceeded
20% at end-2015.

However, Moody's views that the company's rapid asset growth and
the potential weakening of its clients' ability to make
repayments -- against the backdrop of China's economic slowdown
-- could result in higher credit costs, which will in turn pose a
drag on its profitability and capital adequacy.

In November 2015, Jinzhou Cihang Group Co., Ltd (JC Group,
unrated) acquired 90% of Fenghui Leasing's total shares from
Fenghui Leasing's four original shareholders which are affiliated
companies of Zhongzhi Enterprise Group (unrated).  Moody's has
not incorporated any assumption of parental support in Fenghui
Leasing's rating.

What Could Change the Rating -- Up

Fenghui Leasing's ratings could be upgraded if the company: 1)
reduces its sector concentration, 2) maintains its asset quality
as it portfolio seasons, 3) materially moderates its rapid growth
rate, and 4) reduces its reliance on short-term funding.

What Could Change the Rating -- Down

The company's ratings could be downgraded if its: 1) problem loan
ratio exceeds 4%, and 2) tangible common equity to tangible
managed assets declines below 10%.

Silver Sparkle Limited's senior unsecured debt rating

The provisional (P)B2 long-term senior unsecured rating for
Silver Sparkle's guaranteed senior unsecured long-term notes
takes into account unconditional and irrevocable guarantee from
Fenghui Leasing.

The guarantee will represent an unsubordinated and unsecured
obligation of Fenghui Leasing.  As such, obligations under the
guarantee will rank pari passu with Fenghui Leaisng's existing
and future unsecured and unsubordinated obligations.

The notes carry a provisional rating.  This is because the
guarantee needs to be registered with China's State
Administration of Foreign Exchange (SAFE).  Moody's expects to
assign a definitive rating to the notes upon the completion of
registration of the guarantee of Fenghui Leasing with SAFE.

What Could Change the Rating -- Up/Down

The notes to be issued by Silver Sparkle will be unconditionally
and irrevocably guaranteed by Fenghui Leasing.  The factors that
can cause Fenghui Leasing's ratings to be upgraded and downgraded
will also drive Silver Sparkle's note ratings.

The note rating could be downgraded, if the company's secured
borrowing, under Moody's calculation, increase to over 35% of
total borrowing.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Finance
Companies published in October 2015.

Fenghui Leasing Co., Ltd is headquartered in Beijing.  It
reported assets of RMB11.8 billion (approximately USD1.8 billion)
at end-2015.


MIE HOLDINGS: Fitch Says Use of Sale's Proceeds Key to Ratings
--------------------------------------------------------------
MIE Holdings Corporation's (MIE, B-/Rating Watch Negative)
announcement that it has completed the disposal of the entire
issued share capital of Asia Gas & Energy Ltd (AGE) helps the
company's near-term liquidity profile, which is under pressure
due to low oil prices and significant debt maturities in 2018 and
2019, Fitch Ratings says.

MIE received US$208.6m from the disposal of AGE on 20 July 2016.
MIE held a 51% stake in Sino Gas & Energy Limited (SGE), which
develops unconventional gas assets in China, through AGE. A
second asset sale of a 60% equity interest in MIE's subsidiary
holding Emir-Oil, which is responsible for the company's
operations in Kazakhstan, has yet to be completed.

As much as these sale proceeds help MIE's near-term liquidity,
how the company choses to use the proceeds is also important for
its longer-term credit profile, especially considering the
company's lumpy debt maturities of US$200m and US$500m due in
2018 and 2019, respectively. The sale of its interests in SGE and
Emir-Oil will reduce MIE's asset base and hydro-carbon production
substantially, unless the company uses the proceeds to improve
its asset base and operating profile to support payments for the
upcoming debt maturities.

MIE still expects to realise about US$175m from the sale of the
company's 60% share in Emir-Oil. This disposal has already
received approval from MIE's shareholders on 20 June 2016. The
purchaser of Emir-Oil, Reach Energy Berhad, has already received
approval for the acquisition from Kazakhstan's Committee on
Regulation of Natural Monopolies and Protection of Competition of
the Ministry of National Economy; however, the purchaser has yet
to secure the approval from its shareholders and the Securities
Commission Malaysia.

Fitch will resolve the Rating Watch Negative on MIE's ratings
once these transactions are completed and the use of proceeds is
confirmed. This would also entail a review of the Recovery
Ratings on its senior unsecured debt, based on the asset and
liability profile of the company after factoring in these
developments.


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


AASTHA INFRACITY: ICRA Assigns B+ Rating to INR15cr Term Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR15.0
crore bank facilities of Aastha Infracity Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                15.0        [ICRA]B+; assigned

ICRA's rating derives comfort from the track record of AIL's
promoters in developing real estate projects in the Bihar over
the last few years. The rating also factors in the low approval
risks and the moderate execution progress of AIL's ongoing
project (26% of the project cost incurred till date). The rating
also factors in the low debt funding risk and available
moratorium with debt repayments commencing from Q1 FY2020,
thereby providing cushion to cash flows.

The rating is, however, constrained due to AIL's early stages of
project completion and weak sales bookings (20% area sold) and
velocity because of sluggish real estate demand and high
competition in the Greater Noida West region and its vicinity in
Uttar Pradesh. Moreover, while the company has received debt
sanction, AIL remains dependent on promoter support, in case of
weak incremental collections.

Going forward, the company's ability to execute the project in a
timely manner and collect balance advances, achieve additional
bookings and receive promoter funds in case of any contingency
will be the key rating sensitivities.

Incorporated in 2010, AIL is developing a residential project --
'Aastha Greens' -- in Greater Noida West, Uttar Pradesh. The
project has G+19 floors with a total of 636 units spread over
~9.21 lakh sq. ft. of saleable area. The project cost is
estimated at INR182.72 crore and is envisaged to be funded by
debt of INR48 crore, customer advances of INR90.72 crore and
promoter funds of INR44 crore. The company is promoted by Mr.
Sanjay Kumar and Mr. Arun Kumar.

Recent results
AIL reported a work-in-progress of INR29.73 crore and customer
advances of INR6.55 crore as on March 31, 2015. On a provisional
basis, the company has reported a work-in-progress of INR48.13
crore and customer advances of INR8.07 crore as on March 31,
2016.


AGARWAL AUTO: CRISIL Reaffirms B+ Rating on INR98MM Cash Loan
-------------------------------------------------------------
CRISIL ratings continue to reflect Agarwal Auto Sales (AAS's)
below-average financial risk profile, marked by weak debt
protection metrics and capital structure, and low networth.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           2       CRISIL A4 (Reaffirmed)
   Cash Credit             98       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in intense competition in the automotive
dealership market. These rating weaknesses are partially offset
by the firm's strong track record in the automotive dealership
market for vehicles of Mahindra & Mahindra Ltd (M&M; rated
'CRISIL AAA/Stable/CRISIL A1+') and tractors of Escorts Ltd
(Escorts), and in institutional sales of furniture of Godrej &
Boyce Manufacturing Company Ltd (Godrej & Boyce; rated 'CRISIL
AA-/Stable/FAA/Positive/CRISIL A1+').
Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its established position in the automotive dealership
market, and longstanding relationships with principals. The
outlook may be revised to 'Positive' in case of infusion of
capital, or significant increase in operating margin and cash
accrual, leading to stronger capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorates, most likely
because of large working capital requirement or decline in cash
accrual.

Update
Operating income was stagnant at INR1.26 billion in fiscal 2016
because a subdued agricultural scenario hampered sales of
agricultural vehicles. Given the absence of plans to open new
showrooms, and the continued challenging environment for M&M,
revenue growth may be muted. Net profitability may remain weak
around 0.3% over the medium term on account of the trading nature
of business. Business risk profile should, however, remain
stable, backed by healthy relationships with principals.

Liquidity remains adequate, backed by moderate utilisation of
cash credit limit-at 62% on average in the 12 months through May
2016. Cash accrual should be adequate around Rs.6 million per
annum against negligible annual maturing debt of around INR0.4
million over the next two years. Absence of large capex plans
should also support liquidity over the medium term.

Financial risk profile is below average, with low networth and
high total outside liabilities to adjusted networth-estimated at
INR25.6 million and more than 4 times, respectively, as on
March 31, 2016-on account of low accretion to reserve. Interest
coverage (estimated at 1.6 times in fiscal 2016-may continue to
be constrained by low profitability and high reliance on bank
borrowings.

Working capital cycle is expected to remain moderate: receivables
and payables were low around 4 days each, and inventory was
around 40 days as on March 31, 2016.

Established in 1967 as a partnership firm by the Agrawal family,
AAS currently has three business segments. The firm is an
authorised dealer for the entire range of M&M vehicles, Escorts
tractors, and furniture and consumer durable products of Godrej &
Boyce. It owns five showrooms in Mirzapur and Sonbhadra (both in
Uttar Pradesh).


ALLU ENTERTAINMENT: Ind-Ra Suspends IND B+ LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Allu
Entertainment Pvt Ltd's (AEPL) '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 AEPL.

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.

AEPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR45 million fund-based working capital limits: migrated to
    'IND B+(suspended)' from 'IND B+' and 'IND A4'(suspended)
    from 'IND A4'
-- INR83.6 million term-loan: migrated to 'IND B+(suspended)'
    from 'IND B+'


ALPHA MARINE: ICRA Assigns B+/A4 Rating to INR15cr Loan
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to INR15.00 crore unallocated limits of Alpha
Marine. ICRA also has ratings of [ICRA]B+ outstanding on long
term bank facilities of AM amounting to INR12.00 crore.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits       12.00       [ICRA]B+ outstanding
   Unallocated Limits      15.00       [ICRA]B+/[ICRA]A4 assigned

The assigned rating is constrained by the inherent risks
associated with the sea food industry like susceptibility to
disease, climate change risk, vulnerability to regulations
proposed by importing nations and export benefits provided by the
Indian government and the susceptibility of earnings to raw
material prices and exchange rate volatility as well as risks of
capital withdrawals that are inherent in a partnership firm.
Further, the firm has completed the construction of the shrimp
processing facility and the operations are expected to start from
July 2016; early stabilization of the operations and generation
of sufficient cash accruals/operating at adequate capacity
utilization levels will be a key rating monitorable.

The ratings, however positively factors in more than two decade
of partner's experience in sea food industry with presence of two
hatcheries firms namely Alpha Hatcheries and Lotus Hatcheries and
established relationships with farmers ensuring raw material
availability to some extent.

Going forward, ability of the firm to start its commercial
operation without any delay would be key rating sensitivities
from credit perspective.

Founded in 2015, as a partnership firm, Alpha Marine (AM) is into
business of processing and export of cultured and sea caught
shrimp. The firm is promoted and managed by Mr. Dudala Sudhakar,
Mr. Anshuman Chand, Mr. K subba Rajendra Bhatt and D. Ankineedu
Sudhakar. Each of the promoters have more than 20 years of
experience in the shrimp processing and export business. The
proposed processing unit of the firm is located at Nellore with a
proposed processing capacity of 12 tons per day (TPD).


ANAND ENGINEERING: CRISIL Assigns B+ Rating to INR140MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Anand Engineering Products Private Limited
(AEPPL). The ratings reflect the company's moderate scale of
operations, highly concentrated revenue profile, and its working
capital intensive operations. These weaknesses are partially
offset by the extensive experience of its promoter in the
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      54        CRISIL B+/Stable
   Long Term Loan         106        CRISIL B+/Stable
   Bank Guarantee           5        CRISIL A4
   Cash Credit            140        CRISIL B+/Stable

Outlook: Stable

CRISIL believes AEPPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
growth in the company's revenue and profitability, leading to
more-than-expected net cash accrual and improved capital
structure. The outlook may be revised to 'Negative' if liquidity
weakens due to large incremental working capital requirement,
decline in profitability, or large, debt-funded capital
expenditure.

AEPPL, based at Trichy in Tamil Nadu, was established in 1977 as
a proprietorship concern by Mr Kandaswamy It was reconstituted as
a private limited company in 2005, and is managed by the
founder's son Mr K. Premanathan The company is engaged in
fabrication of windmill towers for wind turbines, and heavy steel
fabrication for use in boilers of power plants and dumper bodies
in earthmoving equipment.

AEPPL had a net loss of INR2 million on operating income of
INR671 million in fiscal 2015, against profit after tax of INR4.8
million on operating income of INR286 million in fiscal 2014. Its
revenue is estimated at INR1.5 billion in fiscal 2016.


APEX AUTO: ICRA Lowers Rating on INR52.16cr Loan to 'D'
-------------------------------------------------------
ICRA has revised downward the long term rating assigned to the
INR52.16 crore term loan and INR15 crore cash credit facility of
Apex Auto Limited from [ICRA]C to [ICRA]D. ICRA has also revised
downward the short term rating assigned to the INR25 crore bill
discounting facility, INR11 crore non-fund based facility and
INR10 crore unallocated limits of AAL from [ICRA]A4  to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               52.16        Revised downward to
                                        [ICRA]D

   Cash Credit Limits      15.00        Revised downward to
                                        [ICRA]D

   Bill Discounting        25.0         Revised downward to
   Limits                               [ICRA]D

   Non-fund based Limits   11.0         Revised downward to
                                        [ICRA]D

   Unallocated limits      10.0         Revised downward to
                                        [ICRA]D

The downgrade of ratings takes into account AAL's recent delays
in servicing debt, in spite of the recent debt restructuring,
owing to the low orders coupled with high debt repayment
obligations. ICRA notes that the contraction in the scale of
operations of the company coupled with low operating
profitability has resulted in inadequate cash generation from
operations, resulting in consistent cash losses since FY2014. The
ratings remain constrained by the high customer concentration
risks of AAL, with almost 78% of its revenues at present being
accounted by Tata Hitachi Construction Machinery Company Limited
[erstwhile Telco Construction Equipment Company Limited] (THCM)
(rated at [ICRA]A+/Stable and [ICRA]A1) and Volvo India Pvt. Ltd.
However, the established market position of THCM largely
mitigates counter party risks for AAL. The ratings are also
constrained by the exposure to volatility of the raw-material
prices, primarily steel, though the presence of price variation
clauses in some of the contracts insulates the company to an
extent. The ratings however continue to factor in the experience
of the promoters of Apex Auto Limited (AAL) who have been engaged
in the business of fabricating heavy parts for the earth-moving
and construction equipment for nearly two decades and the repeat
orders from its reputed customers which indicates the company's
technical competence.

Apex Auto Limited is engaged in the fabrications of parts for the
earth-moving and construction equipment industries. It was set up
in 1995 to manufacture components for smaller range of excavators
of Tata Hitachi Construction Machinery Company Limited [erstwhile
Telco Construction Equipment Company Limited] (THCM). Currently,
the company manufactures components for excavators, back hoe
loaders, cranes, compactors, transit mixers, underground
drilling, crushing & screening equipments for the domestic and
international market.

Recent Results
The company reported a net loss of INR11.17 crore in FY2016 on an
operating income (OI) of INR97.60 crore, as compared to a net
loss of INR9.89 crore on an OI of INR108.71 crore during FY2015.


BAWA APPLIANCES: CRISIL Lowers Rating on INR50MM Cash Loan to C
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bawa Appliances Pvt Ltd (BAPL) to 'CRISIL C' from 'CRISIL
B+/Stable'; the rating on the short-term bank facilities has been
reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL C (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit        35.9      CRISIL A4 (Reaffirmed)

   Term Loan               14.1      CRISIL C (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects delays in repayment of unrated
business loan obligations by BAPL, caused by weak liquidity, as
reflected in frequently overutilised bank limit.

Moreover, scale of operations is small in an intensely
competitive consumer durables industry and below-average
financial risk profile with high gearing. These weaknesses are
partially offset by the extensive industry experience of
promoters.

Incorporated in 2012, and promoted by the New Delhi-based Mr.
Sanjeev Kapoor, BAPL manufactures Liquefied petroleum gas (LPG)
stoves and related components, and other kitchen utensils. It
also trades in steel sheets. Operations are managed by the
promoter.


BSCPL INFRASTRUCTURE: CRISIL Cuts Rating on INR18.84BB Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of BSCPL Infrastructure Limited (BSCPL) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee       18840.9      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Cash Credit           6000.0      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term    5459.1      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan             4700.0      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in servicing term debt due to
weakening in liquidity. Though BSCPL's management has not
provided CRISIL with the required information, CRISIL has
confirmed from reliable external market participants that the
company has been delaying in servicing its debt.

BSCPL also has a below-average financial risk profile because of
weak debt protection metrics, and large working capital
requirement. However, the company benefits from its large order
book.

Set up in 1981, BSCPL primarily constructs roads and buildings.
It also develops, operates, and maintains national and state
highways.


CHHATTISGARH FERRO: ICRA Suspends B+ Rating on INR5.5cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR1.50
crore1 term loans and INR5.50 crore fund-based bank facilities of
Chhattisgarh Ferro Trades Pvt. Ltd.  Also, ICRA has suspended the
[ICRA]A4 rating assigned to the INR3.00 crore non-fund based bank
facilities of CFTPL. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


CIBI EXPORTS: CRISIL Upgrades Rating on INR85MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Cibi Exports (Cibi) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit      45       CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Foreign Bill Purchase      27.5     CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Term Loan                  85.0     CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

The upgrade reflects steady improvement in Cibi's business risk
profile, driven by revenue growth and healthy operating
profitability. The firm's revenue is estimated at INR216 million
and operating profitability at 21% for fiscal 2016. The firm is
expected to grow at a moderate rate over the medium term and
consequently, liquidity is expected to improve; and the firm is
expected to generate cash accrual of INR33 million against debt
obligation of INR21.4 million for 2016-17. The firm's dependence
on working capital debt has been moderate as a result of improved
liquidity also leading an expected improved financial risk
profile. CRISIL expects that the firm's improved business risk
profile will continue to support its financial risk profile and
liquidity over the medium term.

The rating reflects Cibi's modest scale of operations in the
highly fragmented readymade garments industry, its below-average
financial risk profile because of weak debt protection metrics,
and susceptibility of its profitability to volatility in raw
material prices. These weaknesses are partially offset by the
extensive industry experience of the firm's promoters and its
established relationships with customers.
Outlook: Stable

CRISIL believes Cibi will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm reports better-
than-expected cash accrual, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or large working capital
requirement or if the firm undertakes larger than expected debt
funded capex, resulting in deterioration in its financial risk
profile.

Cibi, set up in 1993 and promoted by Mr. Anand and Ms. Jayashree
Priya, manufactures and exports readymade knitted garments.


CMB SPINNING: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated CMB Spinning
Mills' (CMB) '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 CMB.

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.

CMB's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'

-- INR25 million fund-based limits: migrated to long-term 'IND
    B+(suspended)' from 'IND B+'

-- INR17.3 million non-fund-based limits: migrated to 'IND
    A4(suspended)' from 'IND A4'

-- INR140.8 million term loans: migrated to 'IND B+(suspended)'
    from 'IND B+'


CRYSTAL SEA: ICRA Assigns B+ Rating to INR14.10cr LT Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the
INR14.10 crore fund based limits and short term rating of
[ICRA]A4 to INR15.00 crore fund based limits of Crystal Sea Foods
Pvt. Ltd. ICRA has also assigned [ICRA]B+/[ICRA]A4  to INR0.40
crore long/short term unallocated limits.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based Limits            14.10        [ICRA]B+; assigned

   Short Term Fund
   Based Limits            15.00        [ICRA]A4; assigned

   Long/Short Term          0.40        [ICRA]B+/[ICRA]A4;
   Unallocated Limits                   Assigned

The assigned ratings takes into account small scale of operations
and nascent stages of CSFPL's operations in highly fragmented
shrimp processing industry with intense competition from domestic
and international players putting pressure on the margins. The
ratings also considers the inherent risks in the industry
including susceptibility to diseases, changes in government
policies, climate change risk as witnessed during H2, FY2016 when
the cultivation was affected owing to lower rains. The ratings
also factors in moderate financial profile of CSFPL with high
gearing of 2.02 times as on March 31, 2016. The ratings, further
takes into account the high customer concentration with top 10
customers accounting for 73% of shrimp sales during FY2016. The
ratings, however, favourably takes into account more than two
decades experience of promoters in the seafood industry and
proximity of the company to major aquaculture region of Andhra
Pradesh giving easy access to raw material. ICRA also notes the
backward integration of the group into shrimp culture and also
has geographical diversification for shrimp sales into various
countries providing revenue visibility in the medium term.
Going forward, increase in scale of operations with stability in
margins and improvement in financial structure will be the key
rating sensitivities.

Crystal Sea Foods Pvt. Ltd (CSFPL) was incorporated as a private
limited company in June 2013 at Chirala in Andhra Pradesh for
setting up a shrimp processing unit with installed processing
capacity of 10,500 MTPA and 1050 MT cold storage capacity. The
promoters of the company namely, Mr. Amanchi Krishna Mohan, Mr.
Amanchi Rajendra Prasad, Mr. Cherukuri Peddabai Naidu and Mr.
Syed Waseem have more than 20 years of experience in prawn
cultivation and marketing and have a good network with
aquaculture farmers and traders. The shrimp processing unit is a
forward linkage to the existing shrimp culture.

Recent Results
The company reported an operating income of INR51.58 crore with
profit after tax of INR0.48 crore as on March 31, 2016.
(Provisional and Unaudited).


DEV RAJ: CRISIL Assigns 'B+' Rating to INR70MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the bank loan facilities of Dev Raj Rangwala (DRR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Demand Loan             10        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B+/Stable
   Letter of Credit
   Bill Discounting        10        CRISIL A4
   Cash Credit             70        CRISIL B+/Stable
   Letter of Credit        25        CRISIL A4

The rating reflects DRR's modest scale of operations in a
fragmented pigment and chemical trading business, and below
average financial risk profile marked by high leverage. These
rating weaknesses are partially strengthened by extensive
experience of partners along with established relationships with
suppliers and customers.
Outlook: Stable

CRISIL believes that DRR will maintain its business risk profile
backed by its promoter's extensive experience and established
relations with suppliers & customer. The outlook may be revised
to 'Positive' if DRR registers sustainable growth in its
accruals, or if its capital structure is strengthened by capital
infusion. Conversely, the outlook may be revised to 'Negative' if
there is significant decline in its revenues or operating
profitability and/or stretch in working capital cycle leading to
further deterioration in its capital structure.

Dev Raj Rangwala (DRR) is a partnership firm, started in 1993 by
Delhi based Mr. Ashwini Khurana and his brother Mr. Rakesh
Khurana. The firm undertakes trading of different grades of
resins, textile chemicals, transfer papers, organic and inorganic
pigments, adhesives, additives and other chemicals. The firm is
based in Delhi and has warehouses in Delhi and Mumbai.


DOLPHIN WIRES: CRISIL Ups Rating on INR30MM LT Loan to BB-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Dolphin
Wires Private Limited (DWPL) to 'CRISIL BB-/Stable/CRISIL A4+'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.7       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Bill Discounting       20.0       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Export Packing Credit  47.3       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Long Term Loan         30.0       CRISIL BB-/Stable (Upgraded
                                      from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in DWPL's business risk
profile, backed by higher revenue and cash accrual. Revenue
improved 42% year-on-year to INR720 million in fiscal 2016, while
cash accrual grew 89% to INR12 million. Financial risk profile
has also improved: gearing reduced to 0.8 times as on March 31,
2016, from 1.3 times a year ago. Debt protection metrics are
stronger, too: interest coverage and net cash accrual to total
debt ratios improved to 2.7 and 0.36 times in fiscal 2016, from
1.9 times and 0.15 times, respectively, the previous fiscal.

The ratings reflect the extensive experience of the promoters in
the seafood industry and its above-average financial risk
profile, marked by low gearing and robust debt protection
metrics, despite a small net worth. These rating strengths are
partially offset by small scale of operations in the intensely
competitive seafood industry, and volatility in raw material
prices and foreign exchange rates.
Outlook: Stable

CRISIL believes DWPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if significant improvement
in revenue and profitability strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens, most likely because of decline in cash
accrual, deterioration in working capital management, or large
debt-funded capital expenditure.

Established in 2012 in Kerala, DWPL processes and exports seafood
such as squid, tuna, octopus, and cuttlefish. The company is
promoted by Mr. Jabir Ashraf and his family members; it commenced
operations in August 2013.


EASTERN PILLING: CRISIL Reaffirms B+ Rating on INR50MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eastern Pilling and
Construction Pvt Ltd (EPCPL) continue to reflect the company's
limited scale of operations, the geographical and segmental
concentration in its operations, and its modest financial risk
profile because of small networth. These weaknesses are partially
offset by the extensive experience of its promoter in the
transmission towers industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EPCPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if geographical and
segmental diversification leads to ramp-up in operations, or if
the capital structure improves. The outlook may be revised to
'Negative' in case of weakening of the financial risk profile,
because of large working capital requirement, or low cash
accrual, or debt-funded capital expenditure.

EPCPL, established in 1991, is promoted by Mr. Abhay Kumar Das
and is based in Cuttack, Odisha. Its operations involve
conducting surveys, procuring raw material as per approved
designs, and complete installation of transmission lines,
including sub-station repair work, mainly for private companies,
apart from government agencies.


FINOLITE CERAMIC: ICRA Assigns B/A4 Rating to INR10cr Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to INR10.00 crore proposed term loans of
Finolite Ceramic.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Proposed loans          10.00       [ICRA]B/[ICRA]A4; Assigned



The assigned ratings takes into consideration the significant
project execution risk due to its initial stage of construction
with only 30% of the total expenditure incurred till June 2016
also the high funding risks since the debt funding is yet to be
tied up for the capex plan. The ratings are further constrained
by the vulnerability of the firm's profitability to the
cyclicality as inherent in the real estate industry, which is the
main consuming sector; and also to the adverse fluctuations in
prices of raw materials and natural gas, which is the major cost
component for the manufacturing of tiles. The ratings also take
into consideration the highly competitive ceramic industry with
the presence of large established organized tile manufacturers as
well as unorganized players in Morbi (Gujarat) resulting in
limited pricing flexibility, which augments the project
stabilization and marketability risks. The ratings also take into
account the possible stress on the financial profile given the
debt funded nature of the project and high debt repayments in the
near to medium term.

The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry and the location advantage
enjoyed by the firm due to its presence in Morbi (Gujarat),
India's ceramic hub giving it easy access to raw material.
Further, though initial stage of construction,
Given the current status of the project wherein the civil work
for the construction of manufacturing facility is still under
process, consignment of key machineries are yet to be delivered
and debt funding for the project is yet to be tied-up with banks.
ICRA expects a time over-run of around 3-6 months for the
commencement of its manufacturing operations. Any cost over-run
due to the same may be funded through partner's contribution.
ICRA expects stretched financial profile in the initial year of
operations characterized by modest capacity utilizations coupled
with high cost overheads and high interest and depreciation
charges, which can lead to adverse profitability. Hence the
firm's ability to ramp up its operations as per expected
operating parameters will remain critical. Further capital
structure is expected to remain stretched due to high dependency
on external working capital to fund its capex plan. However, any
additional infusion of partners' capital to trim debt levels may
improve the financial risk profile of the firm.

Established in June 2015, Finolite Ceramic is a Partnership Firm
engaged in the manufacturing of vitrified tiles and digital wall
tiles. The firm's corporate office is located in Morbi, Gujarat
and upcoming factory unit located at Ranpar village of Morbi
district in Gujarat. The factory unit is expected to have an
installed capacity of ~10000 Boxes per day of size 12" * 24" and
of ~30Kg per Box i.e ~90,000 MT per Annum.

The firm has eight partners. However, Mr. Digesh Durlabhjibhai
Aghara, Mr. Nileshkumar Anantrai Mendapara, Mr. Ramnikbhai
Anantrai Mendpara, Mr. Kishorbhai Premjibhai Varasada, Mr.
Dineshbhai Kanjibhai Kothiya, and Mr. Ashishbhai Hansrajbhai
Kalariya would be the key partners managing overall operations of
the firm. A few of the partners have considerable experience
within the manufacturing and marketing of ceramic tiles though
their group companies namely Lexico Ceramic and Doll Ceramic
Private Limited. Partner of the firm are from varied background
having experience within industries namely, manufacturing of
packing materials, manufacturing of die & mould and chemical
trading activities.


FRONTIER LOGISTICS: ICRA Suspends 'B' Rating on INR7.50cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR7.50
crore bank facilities of Frontier Logistics. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information
to assess such rating during the surveillance exercise.


GAGAN WINE: CRISIL Reaffirms B+ Rating on INR170MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gagan Wine
Trade and Financers Limited (GWTFL) continues to reflect
susceptibility to regulatory risks in the liquor business and
modest interest coverage ratio. This rating weakness is partially
offset by extensive experience of promoter in the liquor
distributorship business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             170      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       80      CRISIL B+/Stable (Reaffirmed)

   Cash Credit             170      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes the company will continue to benefit from
extensive industry experience of the promoter. The outlook may be
revised to 'Positive' if substantial growth in operating income
and profitability strengthen the business risk profile, while the
financial risk profile remains stable. Conversely, the outlook
may be revised to 'Negative' if GWTFL's financial risk profile
weakens, most likely because of any unfavourable regulatory
changes or substantial reduction in number of licences in a given
year.

GWTFL is a closely-held public limited company, based in Delhi.
It was incorporated in 1996 by promoter, Mr. Shiv Lala Doda, who
has experience of over two decades in the liquor distribution
business.


GLOBAL HEALTH: CRISIL Reaffirms B+ Rating on INR117.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Global Health Care
Products (GHCP) continue to reflect the firm's modest scale of
operations in the highly competitive fast-moving consumer goods
(FMCG) industry, and its exposure to high customer concentration
risk. These weaknesses are partially offset by the extensive
industry experience of its promoters, and its above-average
financial risk profile because of comfortable capital structure
and healthy debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)
   Cash Credit           117.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     30.0      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GHCP will maintain its moderate business risk
profile, backed by its contract with Glaxo SmithKline (GSK). The
outlook may be revised to 'Positive' if the firm ramps up
operations by expanding its customer base and securing more long-
term contracts, resulting in high cash accrual. The outlook may
be revised to 'Negative' in case of low cash accrual or large
debt-funded capital expenditure, constraining its financial risk
profile.

GHCP, established in 1997, is a partnership firm promoted by Mr.
Vasudev Baburao Prabhu and his family members. It manufactures
toothpaste and has a production facility in Silvassa.


GUPTA TRANSFORMER: CRISIL Reaffirms B+ Rating on INR79.2MM Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Gupta Transformer Products
[GPT] continue to reflect the modest scale of operations, amidst
intense competition in the transformer industry and working
capital-intensive operations. The ratings also reflect the below-
average financial risk profile, marked by high tangible outside
liability to tangible networth (TOL/TNW) ratio. These weaknesses
are partially offset by extensive experience of partners in the
transformer industry.

                           Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bank Guarantee          15.8     CRISIL A4 (Reaffirmed)

   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)

   Proposed Bank           79.2     CRISIL B+/Stable (Reaffirmed)
   Guarantee

Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
experience of partners in the transformers industry. The outlook
may be revised to 'Positive' if higher-than-expected cash
accrual, along with improvement in working capital cycle,
particularly timely collection of receivables, strengthens the
capital structure. The outlook maybe revised to 'Negative' if
lower cash accrual, a stretched working capital cycle, led by
huge delay in collection of receivables, or a large debt-funded
capital expenditure (capex), weakens the capital structure.

Update
Estimated revenue of around INR353 million in Fiscal 2016
reflects the modest scale of operations, constrained by limited
geographic presence as the entire revenue is derived from
geographic various electricity boards of Uttar Pradesh (UP).
Order book of INR220 million, as on June 10, 2016, provides
moderate revenue visibility.

Operations remain working capital-intensive, as reflected in high
gross current assets estimated around 242 days as on March 31,
2016, primarily driven by large receivables. While customers are
offered credit of 2-3 months, they tend to delay payments and
stretch the receivable cycle, which was around 140 days as on
March 31, 2016. Thus, the working capital requirement is funded
via credit from suppliers and bank limit. The firm's bank limit
utilization averages above 90 per cent for the past 12 months
ended March 2016, owing to the high reliance on short-term
working capital debt.

The financial risk profile remains below-average, marked by the
high TOLTNW ratio, mainly because of sizeable working capital
debt contracted from banks. The TOLTNW ratio, estimated around 7
times as on March 31, 2016, may improve to 4-4.5 times over the
medium term, supported by expected capital infusion of INR15
million in 2016-17.  Its networth remain modest around Rs.28.7
million due to the low accretion to reserves.

Established in 1990, GTP is a partnership firm based in
Muzzaffarnagar (UP) and manufactures distribution and power
transformers. The firm is owned and managed by Mr. Sanjay Gupta,
Mr. Gopal Gupta, and Mr. Aman Gupta.


HINDVA HOSPITALITY: ICRA Assigns 'B' Rating to INR40cr LT Loan
--------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR40.00 crore
proposed long term fund based facilities of Hindva Hospitality
LLP.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Proposed Long term
   Fund based facilities     40.00        [ICRA]B assigned

The assigned rating is constrained by the project's exposure to
execution and market risks, given the early stage of development
with limited bookings. The rating is further constrained by high
funding risk with considerable sum yet to be infused in the
project with impending sanction of bank limits; the intense
competitive pressures in the real estate market of the Surat area
and the concentration risk arising from dependence on a single
project by HHL. ICRA further notes that HHL remains exposed to
demand cyclicality in the real estate business as well as to
commodity price risks.

The rating, however, favourably factors in the longstanding
presence of the promoters in the real estate sector through
various projects executed by group entities as well as the
favourable location of the project in proximity to physical and
social infrastructure including a railway station, schools,
parks, temples, and shopping centres.

Given the slowdown in the real estate market, the key rating
driver would be the ability to timely fund the project and secure
adequate bookings and customer advances for 'The World', while
ensuring timely project execution within the envisaged costs.

Established in 2014, Hindva Hospitality LLP (HHL) is engaged in
construction and development of a hospitality project - 'The
World'. The project consists of construction of 304 units of 1
and 2BHK, fully furnished and equipped serviced apartments housed
on a land admeasuring 8,215 sq. m., with a total saleable area
admeasuring ~3.71 lakh sq. ft.

HHL is a part of the MK Group, founded and established by the
Kheni and Patel families in 1987. The group has diversified
operations across various industries such as imports and exports
of diamonds, textiles, mining, and real estate construction.


INDORE TREASURE: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indore Treasure
Island Private Limited (ITIPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The agency has also assigned ITIPL's
INR 1,279 million Long-term loans an 'IND BB+' rating with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect ITIPL's 'single property rent-based revenue
stream' from its only operational mall in Indore. The company
acquired the mall in April 2015 and after its renovation ITIPL
restarted its commercial operation from January 2016. According
to the company's provisional balance sheet of 2016 ITIPL only
generated INR19.2 million as revenue on account of only three
months of its operations. The ratings also reflect the lease term
of the land (on which the mall has been constructed) is low
compared to its repayment term.

The ratings, however, are supported by almost 99% of the
chargeable area of the company's property let out to some
renowned tenants. This indicates sufficient cash availability
during FY17 which is the first full year of its operations. The
ratings factor in the fact that the entire rent collected is
deposited in an escrow bank account and the residual cash would
be available to the company only after the debt service
obligations have been met.

The ratings are further supported by over a decade of operating
experience of promoters in real estate and development business.

RATING SENSITIVITIES

Negative: Cancellation of rental agreements with its customers
leading to substantial deterioration in its credit metrics could
be negative for the rating.

COMPANY PROFILE

ITIPL was first incorporated in 2008 as EWDPL West Reality
Private Limited (name changed on 27 July 2013). Initially the
company was promoted by Mr. Manish Kalani and Entertainment World
Developers Private Limited. Now 50% of shareholding of the
company has been transferred from Kalani family to Mr. Karan
Singh Chhabra. The company took over the business of 'Treasure
Island Mall' with all its assets and liability from Entertainment
World Developers Limited in April 2015. The total chargeable area
of the property is 3,94,230 square feet.


JAY METAL: ICRA Reaffirms 'B' Rating on INR2.85cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR2.50 crore cash credit facility and INR2.85 crore term
loan facility of Jay Metal. The rating of [ICRA]A4 has also been
reaffirmed to the INR0.18 crore short-term non-fund based limit
(sublimit of term loan facility) of JM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              2.50        [ICRA]B reaffirmed
   Term Loan                2.85        [ICRA]B reaffirmed
   Non-fund Based,
   Short-term facility     (0.18)       [ICRA]A4 reaffirmed

The reaffirmation of the ratings take into account the relatively
small scale of firm's operations as well as its moderate
financial profile, characterised by moderate capital structure
and high working capital intensity, translating to almost full
utilisation of the working capital limits. The ratings are
further constrained by the vulnerability of the firm's
profitability to fluctuations in raw material prices, which may
not be fully passed on to the end customers due to high
competition. ICRA also notes that as JM is a partnership firm,
any significant withdrawals from the capital account by the
partners could adversely affect its net worth and thereby its
capital structure.

The ratings, however, continue to favourably take into account
the promoters' experience in the casting industry and the
locational advantage available to the firm due to its proximity
to raw material sources.

Jay Metal (JM) is a partnership firm which manufactures cylinder
liners and sleeves using the centrifugal casting process with an
annual installed capacity for manufacturing nine lakh pieces of
cylinder liners. The manufacturing facility is located at Shapar,
Rajkot in Gujarat, which includes an in-house machining centre
which consists of two CNC machines. The firm started commercial
operations from July 22, 2013 and is promoted by the Sakhiya
family which has more than a decade of experience in the cylinder
liner business.

Recent Results
For the year ended 31st March 2016, JM has reported an operating
income of INR11.30 crore and net profit of INR0.58 crore as
against an operating income of INR9.70 crore and net profit of
INR0.44 crore for the year ended 31st March 2015.


JAYALAXMI ENTERPRISES: ICRA Reaffirms B+ Rating on INR1.25cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR1.25 crore long term - fund based facilities (CC) of
Jayalaxmi Enterprises. ICRA has also reaffirmed the short term
rating of [ICRA]A4  assigned to the INR6.25 crore short term -
fund based facilities and INR2.00 crore short term -
interchangeable facilities of JE. The short term -
interchangeable facilities are sub-limits of the short term -
fund based facilities.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based (CC)               1.25        [ICRA]B+ reaffirmed

   Short Term-Fund
   Based                    6.25        [ICRA]A4 reaffirmed

   Short Term
   Interchangeable         (2.00)       [ICRA]A4 reaffirmed

The reaffirmation in ratings takes into account the long-standing
experience of the promoters in the cashew processing industry,
the significant growth in the revenues during 2015-16 aided by
acquisition of new customers in the Middle East and the
comfortable capital structure of the firm. The ratings also take
into account the improvement in the working capital intensity
owing to the decline in inventory holdings over the years. The
ratings are, however, constrained by the weakening of the
operating margins and coverage indicators during 2015-16 and its
moderate scale of operations which restricts its financial and
operational flexibility to an extent. The ratings are also
constrained by the competitive nature of the industry which
limits the firm's pricing flexibility and exposes the
profitability of the firm to volatility in the prices of the raw
materials and finished products. Owing to high reliance on
exports for its processed cashew kernels, the revenues and
margins of the firm remain exposed to the fluctuations in the
foreign exchange rates. The firm is also exposed to the inherent
risks associated with the partnership nature of the business,
including the risks of capital withdrawal and limited ability to
raise capital, among others. Going forward, JE's ability to
increase its operating margins while maintaining its operating
income and capital structure would be the key rating
sensitivities.

Established in 1998, Jayalaxmi Enterprises is a partnership firm
promoted by Mr. Vittalaraya Hegde and family. JE is engaged in
processing of raw cashew nuts (RCNs) to plain cashew kernels and
trading of RCNs and processed kernels. JE has its processing unit
in Hosmar in Udupi District, Karnataka with an installed capacity
of 1300 MT per annum. The firm sources about 50-60% of its RCN
requirements through imports from East and West African countries
and the rest from the traders and resellers in Kerala and
Karnataka. During 2015-16, the firm derived about 60% of its
revenues from exports to the Middle Eastern countries. Trading of
RCNs and processed kernels contributed to about 75% of the
revenues during 2015-16.

Besides Jayalaxmi Enterprises, the promoters also own two other
firms named Laxmidevi Cashews and Manglagowri Exports, also
engaged in the cashew processing, with an installed processing
capacity of 250 MT and 225 MT per annum respectively. JE uses the
facilities of its associates for cashew processing. With its
associates, JE has an aggregate manufacturing capacity of 1775 MT
per annum.

Recent Results
The firm reported a net profit of INR0.3 crore on an operating
income of INR62.2 crore (as per the provisional financials)
during 2015-16, as against a net profit of INR0.3 crore on an
operating income of INR22.2 crore during 2013-14.


KARNIMATA COLD: ICRA Assigns 'B' Rating to INR6.22cr Cash Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.80
crore fund based facilities of Karnimata Cold Storage Limited.
ICRA has also assigned the short term rating of [ICRA]A4 to the
INR0.20 crore non-fund based facility of KCSL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Term Loan                2.58        [ICRA]B assigned

   Fund Based Limit-
   Cash Credit              6.22        [ICRA]B assigned

   Fund Based Limit-
   Working Capital Loan     1.00        [ICRA]B assigned

   Non Fund Based
   Limit-Bank Guarantee     0.20        [ICRA]A4 assigned

Rating Rationale
The assigned ratings take into account KCSL's small scale of
current operations, and its weak financial risk profile as
reflected by low profits, high gearing and depressed level of
coverage indicators. The ratings also consider significant debt
repayment obligations of the company going forward and the high
working capital intensive nature of operations (on account of
upfront advances to be extended to the farmers at the time of
loading of potatoes), which exerts pressure on the liquidity
position. The ratings are further constrained by the regulated
nature of the industry, making it difficult to pass on the
increase in operating costs, exerting pressure on the
profitability and KCSL's exposure to agro-climatic risks as its
business performance depends upon a single agro commodity, i.e.
potato. ICRA notes that the company remains exposed to the
counterparty risk due to loans extended to farmers, given the
chances of default, if potato prices fall significantly.
The ratings, however, derive comfort from the experience of the
promoters in the industry and locational advantage of KCSL, as
its cold storage unit is situated in West Medinipur, a district
where a large quantity of potato is produced.

In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Karnimata Cold Storage Limited (KCSL) had set up its cold storage
unit at West Medinipur, West Bengal in 2012, to carry out the
business of storage and preservation of potatoes. KCSL has a
storage capacity of 25,814 metric tonnes (MT) at present.

Recent Results
During 2015-16, KCSL posted a net profit of INR0.08 crore on an
operating income of INR4.37 crore. The company reported a net
profit of INR0.06 crore on an operating income of INR5.56 crore
in 2014-15.


KAY BEE: CRISIL Assigns B- Rating to INR70MM Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Kay Bee Cotgin Private Limited (KBCPL).

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

The rating reflects KBCPL's weak financial risk profile, with a
small networth, high gearing and weak debt protection metrics.
The rating also factors in company's modest scale of operations
in the intensely competitive cotton industry, and its exposure to
adverse fluctuation in cotton prices. These weaknesses are
mitigated by the promoters' extensive experience in the cotton
industry.
Outlook: Stable

CRISIL believes that Kay Bee Cotgin Private Limited (KBCPL) will
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company reports substantial cash accruals or improves its
capital structure. Conversely, the outlook may be revised to
'Negative' in case of considerable decline in revenue and
profitability, or deterioration in working capital management
further impacting its financial risk profile and liquidity.

KBCPL was incorporated in 1997. The operation of the company is
managed by Mr. Ashok Gandhi and his familymembers. KBCPL carries
out cotton ginning and pressing operations at its facility
located at Abohar, Punjab.


M.G. AUTO: CRISIL Reaffirms B+ Rating on INR60MM Overdraft Loan
---------------------------------------------------------------
The rating on the long-term bank facility of M.G. Auto Service
(MGAS) continue to reflect its weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and weak debt protection metrics, and low bargaining power
with its principal, Class India Private Limited. These rating
weaknesses are partially offset by its promoters' extensive
experience in the harvesters' distributorship business and its
established market position in Karnataka.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft
   Facility                 60      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MGAS will continue to benefit from its
promoters extensive industry experience. The outlook may be
revised to 'Positive' if MGAS's financial risk profile improves,
most likely driven by an increase in its scale of operations, and
improvement in its profitability,  capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of decline in MGAS's revenues and
profitability, or if the company undertakes any large debt-funded
capital expenditure programme, thereby weakening its capital
structure.

Update
MGAS's achieved revenues of around Rs.300 million in 2015-16 as
compared to Rs.409.2 million in 2014-15. The decline in revenues
was on account of poor monsoon during the year which hampered the
agricultural activities and thus affecting the sale of vehicles
at the firm. The operating profitability of the firm has been in
the range of 3.5-4 per cent and CRISIL expects it to remain at
similar levels over the medium term. Going forward the growth in
the scale of operations and sustenance of operating profitability
will remain a key rating sensitivity factor for the firm over the
medium term.

The working capital cycle of the firm is moderate marked by Gross
Current Assets of around 100 days as on 31st March 2016 mainly on
account of inventory levels of around 60 days. The liquidity
profile of the firm is marked by full utilization of bank lines
over the past 12 months ended January 2016. These are mainly
towards funding the inventory. The firm is expected to generate
net cash accruals of around Rs.1.8-2 million over the medium term
annually against no term loan repayments.

The financial risk profile of the firm is modest marked by weak
capital structure and below average debt protection metrics. .
The company had a small net worth of about Rs.24.6 million as on
March 31, 2016. The company has a high TOLTNW ratio, at around
4.35 times as on March 31, 2016 because of its low net worth and
high borrowings to meet its large working capital requirements.
Going forward the working capital management and capital
expenditure undertaken by the firm and its funding pattern
thereof will remain a key rating sensitivity factor over the
medium term.

Set up by Mr. Nagaraju, Mr. Surendra and their family, MGAS is an
authorised dealer of combine harvesters of Class India Private
Limited in Karnataka.


MAHESHWARI INDUSTRIES: ICRA Assigns B Rating to INR7.0cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating to the INR7.00 crore Long
Term Fund Based Limits of Maheshwari Industries (MI) to [ICRA]B.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term Fund
   Based-Cash Credit       7.00         [ICRA]B Assigned

The ratings assigned is constrained by the firm's modest scale of
operations which witnessed de-growth in FY2016 owing to decline
in sales volume & steel prices during the period and weak
financial profile characterized by leveraged capital structure,
weak debt coverage indicators & high debtor days. The ratings are
further constrained by high competitive pressures & limited value
addition in the business operations leading to low profitability
margins. ICRA also notes that as MI is a proprietorship firm; any
significant withdrawals from the capital account by the
proprietor would adversely affect its net worth and thereby its
capital structure; this remains a key rating sensitivity.

The rating, however, favourably considers the established
experience of MI's promoters in the steel trading business,
established relationship of the firm with customers ensuring
regular orders and a diversified customer base.

Going forward, the ability of the firm to secure regular orders
in order to grow in scale & increase profitability on the back of
increased government spending in the infrastructure sector and
the firm's ability to pass on the adverse impact of fluctuation
in steel prices to its customers would remain critical from
credit perspective.

Maheshwari Industries (MI) is a proprietorship concern
incorporated in the year 1996 promoted by Mrs. Meenakshi
Maheshwari. The operations of the firm are managed by Mr. Upendra
Maheshwari who has an experience of more than two decades in
steel trading business.

The firm is engaged in trading of steel and steel products in
Mumbai and nearby regions. It has a warehouse in Kalamboli, Navi
Mumbai where it stores the steel products procured from the steel
manufacturing units and supplies to its clients based on their
requirements The products supplied by the firm include TMT bars,
corrosion resistant steel (CRS), epoxy coated steel (PSL
process), ready-made steel (Cut & Bend Bars), Structural Steels,
Electric Resistance welded pipes (ERW), Galvanised plain (GP)
sheets, galvanized corrugated sheet (GC), hot rolled (HR) and
Cold rolled (CR) sheets to infrastructure projects, builders and
subcontractors in civil construction industry.

Recent Results

During FY 2016 (provisional results), MI reported an operating
income of INR40.32 crore and profit after tax of INR0.22 crore as
against an operating income of INR59.60 crore and profit after
tax of INR0.31 crore during FY 2015.


NAV BHARAT: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nav Bharat
Buildcon Private Limited's (Nav Bharat) 'IND D' Long-Term Issuer
Rating to the suspended category. This rating will now appear as
'IND D(suspended)' on the agency's website.

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

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.

Nav Bharat's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR82.5 million term loans: migrated to 'IND D(suspended)'
    from Long-term 'IND D'
-- INR46 million fund-based limits: migrated to 'IND
    D(suspended)' from Long-term/Short-term 'IND D'
-- INR50 million non-fund-based limits: migrated to 'IND
    D(suspended)' from Short-term 'IND D'


NIAGARA METALS: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Niagara Metals
India Limited's (NMIL) '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 of Niagara Metals India Limited.

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,

NMIL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR70 million fund-based limits: migrated to 'IND
    BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND A4+'
-- INR20 million term loan limits: migrated to 'IND
    BB(suspended)' from 'IND BB'
-- INR160 million non-fund-based limit: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


NIOX SPECIALITY: CRISIL Assigns 'B' Rating to INR78.9MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of Niox Speciality Paper Mills (NSPM). The ratings
reflect NSPM's early stage of operations in a highly fragmented
and competitive paper industry and the susceptibility to
fluctuations in waste paper prices. These weaknesses are
mitigated by the promoters' extensive industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              78.9       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      1.1       CRISIL B/Stable
   Cash Credit            35.0       CRISIL B/Stable
   Inland/Import Letter
   of Credit              10.0       CRISIL A4

Outlook: Stable

CRISIL believes that NSPM will benefit from the promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if case of timely stabilisation of
operations of the proposed plant and if higher-than-expected
revenue and profitability lead to higher cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
liquidity is constrained due to delays in the commencement of
operations, or lower-than-expected cash accrual during the early
stage of operations.

Incorporated in 2015, NSPM is setting-up a unit with capacity of
9,000 tonnes per annum of Kraft paper at Mehsana (Gujarat). The
firm is promoted by Mr. Nikhil Patel and Mr. Arvind Patel. The
firm started its production in May 2016 only.


NORTHLAND RUBBER: CRISIL Assigns B- Rating to INR70MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Northland Rubber Mills (NRM) and has assigned its
'CRISIL B-/Stable/CRISIL A4' ratings to the facilities. The
ratings had been suspended on April 25, 2016, as NRM had not
provided information required for a rating review. The firm has
now shared the requisite information, enabling CRISIL to assign
the ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             70        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit        20        CRISIL A4 (Assigned;
                                     Suspension Revoked)

The ratings reflect the firm's weakening business risk profile,
marked by decline in revenue and operating profitability, owing
to intense competition. The rating also factors in moderate
financial risk profile, with low networth and moderate gearing
along with large working capital requirement. These weaknesses
are mitigated by the extensive experience of the management in
the rubber conveyor belts industry, and healthy relationships
with customers.
Outlook: Stable

CRISIL believes NRM will continue to benefit over the medium term
from the promoters' extensive experience in the conveyer belts
industry, and diversified customer profile. The outlook may be
revised to 'Positive' in case the firm significantly scales up
operations, and improves profitability, while maintaining stable
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' if NRM contracts sizeable
debt to fund capital expenditure or working capital requirement,
weakening financial risk profile.

NRM, a partnership firm set up in 1965, manufactures textile
reinforced conveyor belts for industries such as steel, cement,
mining, thermal power, and fertilisers. Mr. Anil Mahajan, the key
partner, and other members of his family, oversee operations. The
manufacturing unit is at Sonipat, Haryana.

Revenue was estimated at INR529.7 million in Fiscal 2016. NRM
reported net losses of INR6.5 million on net sales of INR520.4
million in Fiscal 2015 against net profit of INR33.7 million on
net sales of INR644.9 million the previous year.


OSNAR CHEMICALS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Osnar Chemicals
Private Limited (OCPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. A full list of rating actions is at the end of
the commentary.

KEY RATING DRIVERS

The ratings reflect OCPL's tight liquidity as indicated by
instances of over-utilisation of its fund-based limits during the
12 months ended May 2016, which were regularised within 15 days.
The ratings factor in the company's small scale of operations and
outstanding order book. According to FY16 provisional financials
its, revenue was INR273 million (FY15: INR207 million), while
orders outstanding as on May 2016 was worth INR176 million (0.65x
of revenue in FY16)

The ratings, however, reflect OCPL's comfortable credit metrics
with net leverage (net debt/EBITDA) of 1.7x in FY16 (FY15: 2.9x),
interest coverage (operating EBITDA/gross interest expense) of
3.4x (2.1x) and EBITDA margins of 10.7% (8.7%).

The ratings are supported by two decades of operating experience
of OCPL's founders in executing contractual orders from
government authorities for road development and water-proofing.

RATING SENSITIVITIES

Positive: An improvement in the liquidity and/or substantial
increase in revenue while maintaining the current credit metrics
could lead to a positive rating action.

Negative: Any further deterioration in the company's liquidity
profile and/or decline in its operating profitability leading to
deterioration in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

Incorporated in 1972, OCPL offers services for road development
and improvement and undertakes contracts for water-proofing and
damp-proofing work.

OCPL's ratings:

-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR40 million fund-based limits: assigned 'IND B+'/Stable
-- INR40 million non-fund-based limits: assigned 'IND
    B+'/Stable/'IND A4'


POONAM TRADING: CRISIL Reaffirms D Rating on INR170MM Loan
----------------------------------------------------------
CRISIL ratings on the bank facilities of Poonam Trading Company
(PTC) continue to reflect modest scale of operations in the
intensely fragmented timber industry and its operating margin is
susceptible to volatility in raw material prices and foreign
exchange rates. Moreover, it has a weak financial risk profile.
However, the firm benefits from the extensive experience of its
promoters in the timber trading and sawmill business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D (Reaffirmed)

   Inland/Import
   Letter of Credit       170       CRISIL D (Reaffirmed)

CRISIL had earlier downgraded its rating to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+' for the bank facilities of
PTC vide its rationale dated July 05, 2016, due to  overdrawn
cash credit limit of the company for more than 30 days and
devolvement of letter of credit in May 2016.
About the Firm

Set up in 1998 and based in Tenkasi, Tamil Nadu, PTC trades in
and processes timber. It is promoted and managed by Mr. Navin
Patel and Mr. Haresh Patel.

Profit after tax (PAT) was INR1.4 million on total revenue of
INR1.28 billion for fiscal 2015, against PAT of INR4.4 million on
total revenue of INR992.4 million for fiscal 2014. For fiscal
2016, revenue is estimated at INR1.3 billion.


PRAMANIK METAL: ICRA Assigns 'B' Rating to INR10cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the fund-
based limits of INR10.00 crore of Pramanik Metal Corporation.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash credit             10.00        [ICRA]B Assigned

The assigned rating is constrained by PMC's low profitability on
account of the trading nature of business & high competitive
intensity, highly leveraged capital structure and weak debt
coverage indicators. The rating also takes into account the
vulnerability of firm's profitability to fluctuations in prices
of scrap/metals and adverse foreign exchange movements given
significant imports. ICRA also notes that as PMC is a partnership
firm; any significant withdrawals from the capital account by the
partners would adversely affect its net worth and thereby its
capital structure; this remains a key rating sensitivity.
The rating, however, favourably takes into account the experience
of PMC's partners in the metal scrap trading business,
established relationship with customers as well as suppliers and
healthy growth in operating income of the firm in the last two
fiscal years.

Incorporated in 1962, Pramanik Metal Corporation (PMC) is mainly
engaged in trading of copper, aluminum, and cable scrap. The firm
is also engaged in trading of copper wire rod & Copper cathode
rods manufactured by various domestic players. PMC is currently
promoted by Mr. Jitendra Mehta who has long experience in trading
of metal scrap.

Recent Results
During FY2016, the firm has reported a profit after tax (PAT) of
INR0.38 crore on an operating income of INR111.76 crore ( based
on provisional financials). During FY2015, the firm reported a
PAT of INR0.25 crore on an operating income of INR95.32 crore.


QUALITY HYBRID: CRISIL Reaffirms B Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Quality
Hybrid Seeds Company (QHSC) continues to reflect a modest scale
of operations in a highly fragmented industry, and an average
financial risk profile because of a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics with a low net cash accrual to total debt
(NCATD) ratio.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50.0      CRISIL B/Stable (Reaffirmed)
   Term Loan                8.8      CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the agricultural seeds
industry, an established distribution network, and efficient
working capital management.
Outlook: Stable

CRISIL believes QHSC will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established distribution network. The outlook may be revised to
'Positive' in case of significantly high cash accrual while
working capital requirement is efficiently managed. The outlook
may be revised to 'Negative' if cash accrual is low or working
capital requirement increases substantially, leading to
deterioration in the financial risk profile, particularly
liquidity.

Update
Operating income is estimated at INR335 million for fiscal 2016.
Revenue is expected to grow at 15-20% per annum over the medium
term, with increased geographical penetration in surrounding
states, supported by promoters' extensive industry experience,
their understanding of the dynamics of the local market,
established relationship with customers, and selling under its
own brand.

Operating profitability margin moderated to an estimated 2.6% in
fiscal 2016, compared with 3.2% in the previous fiscal, due to
increased sales and marketing expenditure. The margin is expected
to remain constrained at 2.0-2.6% over the medium term due to
presence in a highly fragmented industry.

Liquidity is moderate because of expected net cash accrual of
INR3-4 million, as against short-term debt repayment obligations
of INR1.8 million, in fiscal 2017. Working capital requirement is
efficiently managed with gross current assets estimated at 64
days as on March 31, 2016, driven by inventory and debtors of 22
days and 36 days, respectively.

The financial risk profile is average because of a modest
networth, estimated at INR25 million as on March 31, 2015. The
networth may improve to INR35-37 million over the medium term,
supported by expected capital infusion of INR15 million in fiscal
2017. QHSC has high TOLTNW ratio of around 2.4 times estimated
for fiscal 2016. In absence of any large debt funded capital
expenditure it is expected to remain comfortable in the range of
1.9-1.8 times. NCATD and interest coverage ratios remained weak
at around 0.10 time and 1.60 times, respectively, estimated for
fiscal 2016.  NCATD and interest coverage ratios are expected to
remain in the range of 0.10-0.11 time and 1.60-1.65 times,
respectively, over the medium term.

Established in 2000 as proprietorship firm, QHSC manufactures and
processes different types of seeds. The firm's manufacturing
units are in Hisar, Haryana. It has three plants with a total
capacity of 16 tonne per hour. Operations are handled by Mr.
Naresh Agarwal.


R&B DENIMS: ICRA Suspends B+/A4 Rating on INR56.16cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the long term
and the [ICRA]A4  ratings assigned to the short term bank limits
of R&B Denims Limited totalling INR56.16 crore. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2010, R&B Denims Limited (RBDL) is engaged in the
manufacturing of Grey Fabrics. RBDL commenced operations in April
2012 as a denim manufacturing unit based at Palsana, Surat
(Gujarat). The company is involved in warping, sizing, weaving,
processing and trading of denim. RBDL is engaged in the weaving
of denim fabric from cotton yarns and Partially Oriented Yarns
(POY). The major activities performed at its manufacturing unit
comprises of direct sales to the open market and job work income
for larger denim processing units. Company's products include
open end/ ring spun yarns, slub yarns, multi count, cottons and
polyester spandex. They come as Indigo dyed, Sulphur Dyed, Indigo
bottom Sulphur toppings and Sulphur bottom and Indigo toppings,
with both foam and wet finishes. RBDL listed its Equity shares on
BSE SME Platform post Initial Public Offering issue [Issue size:
INR3.71 crore] in April, 2014. The company markets its product in
the states of Delhi, Maharashtra, Gujarat, West Bengal &
Karnataka through its dealers.


RAMNORD RESEARCH: ICRA Assigns B+ Rating to INR0.50cr Cash Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR0.50-
crore fund-based sub-limit within the non-fund based limit of
Ramnord Research Laboratories Private Limited. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR15-crore non-
fund based limits of RRLPL.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Short-Term Non-
   Fund Based-
   Import LC               15.00        [ICRA]A4 Assigned

   Short-Term Non-
   Fund Based Sub-
   Limit-Buyer's Credit   (15.00)       [ICRA]A4 Assigned

   Long-Term Fund-
   Based Sub-limit-
    Cash Credit            (0.50)       [ICRA]B+ Assigned

The assigned ratings are constrained by RRLPL's limited track
record of operations in the nickel and cobalt trading business.
The company was involved in motion picture film processing
activities since 1948 and diversified into nickel and cobalt
trading business from FY2015. The ratings, further take into
account RRLPL's low profit margins due to the predominantly low
value-additive trading nature of operations; susceptibility of
profit margins to exchange rate risks, given its high reliance on
imports to meet its purchase requirements and the intensely
competitive and fragmented nature of the metal industry, which
restricts profitability. The company is importing nickel/cobalt
entirely against LC with a usance term of 90 days, translating
into creditor days of 103 days in FY2015-16. However, the
receivables position of the company has remained stretched, as is
evident from debtor days of 115 days in FY2015-16. Though the
liquidity position of the company has improved in FY2015-16, it
remained stretched in the past on account of slow realisation and
high level of advances given to various parties. RRLPL has
written off a significant amount of bad debts and doubtful
advances in the past, which has affected the profitability of the
company. ICRA notes that the company has generated losses at
operating profit levels during FY2012 to FY2014, on account of
high operating expenses. The ratings also take into account the
firm's exposure to high client concentration risks as the company
derives its revenues entirely from two customers.

The assigned ratings, however, favourably factor in the
substantial increase witnessed in operating income of the company
due to the increase in sales volume. The operating income of the
company has increased from INR9.42 crore in FY2015 to INR50.14
crore in FY2016. The ratings also take into the comfortable
capital structure of the company as evinced by gearing of 0.09
times as on March 31, 2016.

ICRA expects RRLPL's scale of operations to improve, supported by
an increase in sales volumes. ICRA expects the company's
profitability indicators to remain constrained due to the low
value addition and inherently fragmented industry structure. Any
unfavourable movement in nickel prices or decline in sales to its
key customers could adversely impact RRLPL's credit profile. The
gearing is expected to remain comfortable.

Established in 1948, Ramnord Research Laboratories Private
Limited was originally established to undertake motion picture
film processing activities. However, the company had to close its
film processing business due to rapid technological changes in
the industry. At present, the company gives cinematographic
cameras and studio lights to the film industry on a rental basis
and has diversified into the trading of cobalt and nickel metal
from FY2014-15. RRLPL derived 99% of its revenues from nickel
trading in FY2015-16.

Recent Results
RRLPL recorded a net profit of INR0.51 crore on an operating
income of INR9.42 crore for the year ending March 31, 2015 and a
net profit of INR2.28 crore on an operating income of INR50.14
crore for the year ending March 31, 2016 (as per the provisional
figures disclosed by the management).


RATTAN POLYCHEM: ICRA Suspends B+/A5 Rating to INR11.50cr Loan
--------------------------------------------------------------
ICRA has suspended ratings of [ICRA]B+/ A4 assigned to the
INR11.50 crore bank facilities of Rattan Polychem Private Limited
(RPPL). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

RPPL, incorporated in 2009, manufactures EPS which is used as a
primary raw material for manufacturing Thermocole products for
various applications such as thermal insulation of buildings,
cold storage, industrial refrigeration and air conditioning. The
manufacturing facilities of the company are located in Faridabad,
Haryana.


ROLTA INDIA: S&P Lowers Rating on 2019 Sr. Unsecured Notes to 'D'
-----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issue
rating on the 2019 senior unsecured notes guaranteed by Rolta
India Ltd. (Rolta) to 'D' from 'CC'.  S&P removed the issue
rating from CreditWatch, where it was first placed with negative
implications on June 20, 2016.  Rolta Americas LLC issued the
notes.  At the same time, S&P affirmed its 'D' long-term
corporate credit rating on Rolta.  S&P also affirmed its 'D'
long-term issue rating on the 2018 notes issued by Rolta, LLC,
and guaranteed by Rolta, an India-based information technology
(IT) products and solutions company.

"Our rating action follows Rolta's inability to pay the interest
due on its 2019 senior unsecured guaranteed notes on July 24,
2016, the due date," said S&P Global Ratings credit analyst
Ashutosh Sharma.  "We do not expect the company to make the
payment even after the expiry of the 30-day grace period.  In
addition, we understand that Rolta remains in default on its
other obligations, including certain bank facilities and the 2018
senior unsecured guaranteed notes."

The 2018 notes' trustees have already served a default notice to
the company.  The 2019 notes' indentures contain cross-default
provisions, which could be invoked by the trustees prior to the
end of grace period on the notes.

The Rolta management has said that it continues to work on
addressing the overall situation and on a plan to regularize all
its debt service obligations in consultation with its bankers and
strategic advisors.


S.B. COLD: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.B. Cold
Storage Industries Private Limited's (S.B.) '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 S.B.

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.

S.B's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR55.5 million term loans: migrated to Long-term 'IND
    D(suspended)' from Long-term 'IND D'
-- INR78.7 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 limits: migrated
    to Short-term 'IND D(suspended)' from Short-term 'IND D'


SATYA SUBAL: ICRA Assigns 'B' Rating to INR4.66cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.28
crore term loan, INR4.66 crore cash credit and INR0.96 crore
working capital loan facilities of Satya Subal Himghar Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR0.10 crore bank guarantee facility of SSHPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan                4.28        [ICRA]B assigned

   Fund Based Limits-
   Cash Credit              4.66        [ICRA]B assigned

   Fund Based Limits-
   Working Capital Loan     0.96        [ICRA]B assigned

   Non Fund Based
   Limits-Bank Guarantee    0.10        [ICRA]A4 assigned

The assigned ratings take into account SSHPL's small scale of
current operations, and its weak financial risk profile as
reflected by high gearing, depressed coverage indicators, and
subdued return on capital employed. The ratings also consider the
high working-capital-intensive nature of operations (due to the
upfront advances to be extended to the farmers at the time of
loading of potatoes), which exert pressure on the liquidity
position. Besides, the company has significant debt-servicing
obligations arising out of the term loan availed of to set up the
facility, which are likely to keep its cash flows under pressure
in the near to medium term. The ratings are further constrained
by the regulated nature of the industry, which makes it difficult
to pass on the increase in operating costs, exerting pressure on
the profitability. SSHPL is also exposed to agro-climatic risks,
as its business performance depends entirely upon one agro
commodity, i.e. potato. ICRA notes that the company is exposed to
the counterparty risk on loans extended to farmers, due to the
chances of delinquencies, if potato prices fall substantially.

The ratings, however, derive support from the established track
record of the promoters in the cold storage and potato-trading
business with an experience of more than two decades in the
industry. SSHPL also enjoys location advantage as it's cold
storage unit is situated in Paschim Midnapore, a district where a
large volume of potato is produced.

In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Incorporated in April 2012, Satya Subal Himghar Private Limited
(SSHPL) is promoted by the West Bengal-based Ghosh family. The
company provides cold storage facility to potato farmers and
traders on a rental basis with a storage capacity of 17,800
metric tonnes (MT). The cold storage unit is located at
Baghapukur, in Paschim Midnapore, West Bengal.

Recent Results
In 2014-15, the company reported a net loss of INR0.11 crore on
an operating income of INR3.13 crore; as compared to a net profit
of INR0.02 crore on an operating income of INR3.53 crore in 2013-
14.


SATYESHWAR HEEMGHAR: ICRA Rates INR5.42cr Term Loan at B-
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR5.42
crore1 term loan, INR3.40 crore cash credit and INR1.00 crore
working capital loan facilities of Satyeshwar Heemghar Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR0.18 crore bank guarantee facility of SHPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan                5.42        [ICRA]B- assigned

   Fund Based Limits-
   Cash Credit              3.40        [ICRA]B- assigned

   Fund Based Limits-
   Working Capital Loan     1.00        [ICRA]B- assigned

   Non Fund Based
   Limits-Bank Guarantee    0.18        [ICRA]A4 assigned

The assigned ratings take into account the stabilisation risk of
SHPL's unit with 2015-16 being the first year when the unit has
stored potatoes. ICRA also considers significant debt-servicing
obligations of the company arising out of the term loan availed
of to set up the facility, which is likely to keep its cash flows
under pressure in the near to medium term. The ratings are
further constrained by the regulated nature of the industry,
making it difficult to pass on the increase in operating costs of
all the players in the cold storage business including SHPL,
exerting pressure on the profitability. Besides, the company is
exposed to agro-climatic risks, as its business performance
depends upon only one agro commodity, i.e. potato. ICRA notes
that the company also remains exposed to the counterparty risk on
loans extended to farmers, given the chances of delinquencies, if
potato prices fall significantly.

The ratings, however, derive support from the established track
record of the promoters in the cold storage and potato-trading
business with an experience of more than two decades in the
industry. The company also enjoys location advantage as its cold
storage unit is situated in Paschim Midnapore, a district where a
large volume of potato is produced.

In ICRA's opinion, the ability of the company to stabilise its
operations along with managing its working capital requirements
efficiently would be the key rating sensitivities, going forward.

Incorporated in September 2014, Satyeshwar Heemghar Private
Limited (SHPL) is promoted by the West Bengal-based Ghosh family.
The company provides cold storage facility to potato farmers and
traders on a rental basis and has a storage capacity of 22,790
metric tonnes (MT). The cold storage unit is located at Mohaboni,
Paschim Midnapore, West Bengal.


SEMI EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Semi Exports (SE)
continue to reflect a modest scale of operations in the intensely
competitive cashew industry, and a below-average financial risk
profile because of a high total outside liabilities to tangible
networth ratio. These rating weaknesses are partially offset by
the extensive experience of the firm's proprietor in the cashew
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        50       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes SE will continue to benefit over the medium term
from its established track record in, and stable demand prospects
for, the cashew industry. The outlook may be revised to
'Positive' in case of large cash accrual, resulting in an
improvement in the financial risk profile. The outlook may be
revised to 'Negative' in case of low revenue and profitability,
large debt-funded capital expenditure, or significant withdrawal
of capital by the proprietor.

SE, a proprietorship firm of Mrs. Laija Navabudeen, processes and
trades in raw cashew nuts. The firm is based in Kollam, Kerala.


SHAMLAL COMPANY: CRISIL Assigns 'D' Rating to INR45MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' ratings to the bank facilities
of Shamlal Company India Private Limited (SCIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       45       CRISIL D
   Bill Discounting         35       CRISIL D
   Loan Against Property    20       CRISIL D

The ratings reflect delays in servicing debt due to weak
liquidity arising from depressed cash accrual and stretched
receivables from its iron ore trading business.

SCIPL also has a weak financial risk profile because of below
average debt protection metrics and leveraged capital structure,
small scale of operations in the competitive textile industry,
and exposure to government policy on iron ore. However, the
company benefits from the extensive experience of its promoters
and their funding support.

Set up as partnership firm (Shamlal and Company) in Salem, Tamil
Nadu, in 1957 by Mr. Shamlal Bajaj and Mr. Desraj Bajaj, and
reconstituted as a private limited company. SCIPL is engaged in
dying, processing and printing of fabric, and also trades in grey
fabric. The company used to trade in iron ore but discontinued
that business after ban on iron ore mining.


SHREE RAJENDRA: ICRA Assigns B+ Rating to INR5.0cr Overdraft Loan
-----------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR5.00
crore fund based over draft facility, the INR0.49 crore fund
based term loan facility and the INR4.51 crore of unallocated
limits of Shree Rajendra Agro Industries (SRAI).

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based-Over Draft      5.00       [ICRA]B+ (assigned)
   Fund Based-Term Loan       0.49       [ICRA]B+ (assigned)
   Unallocated Limits         4.51       [ICRA]B+ (assigned)

The assigned rating is constrained by the firm's moderate scale
of operations that limit its operational and financial
flexibility, to an extent. The rating takes into account SRAI's
weak financial profile, characterised by highly leveraged capital
structure, low profitability margins and high working capital
borrowings. The rating also takes into account the low value
additive nature of operations and intense competition on account
of fragmented industry structure with low entry barriers, leading
to thin profit margins. The rating further considers the
vulnerability of profits to fluctuations in raw material prices,
which are subject to seasonality, crop harvest, and Government
regulations on cotton exports as well as on MSP for cotton
procurement. The ratings are also limited by the exposure of the
firm to the inherent risks associated with the partnership firm;
any substantial withdrawals from capital account would adversely
impact the net-worth and thereby the gearing level.

The rating, however, positively factors in the established
presence and significant experience of the promoters, with a long
track record of more than three decades in the cotton industry.
The rating also take into account of the strategic location of
the plant at a cotton producing belt of India, giving it easy
access to raw cotton; while subsidy under TUFS provides
additional support.

Established in 2013, Shree Rajendra Agro Industries (SRAI) is
owned and managed by Mr. Sumermal Jain along with three other
partners. The firm is engaged in the business of ginning and
pressing of raw cotton with manufacturing capacity of around 200
bales per day at the plant operating on a 24-hours basis. SRAI is
currently equipped with 24 ginning machines and two pressing
machines. Its saleable products include cotton lint and cotton
seeds.
Recent Results
During FY16 (provisional financials), the company reported a net
profit of INR1.01 crore on an operating income of INR74.01 crore
as against a net profit of INR1.63 crore on an operating income
of INR81.23 crore during FY15.


SHRI INDHIRA: CRISIL Suspends B+ Rating on INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Indhira Cotton Mills Private Limited (Shri Indhira; part of
the AKCT group).

                            Amount
   Facilities             (INR Mln)    Ratings
   ----------             ---------    -------
   Cash Credit                120      CRISIL B+/Stable
   Standby Line of Credit      15      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'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Shri Indhira Cotton Mills Pvt Ltd,
AKCT Cidambaram Cotton Mill Pvt Ltd (ACCMPL), and its subsidiary
DPN Spinners Pvt Ltd (DPN). This is because the three companies,
together referred to as the AKCT group, have common promoters,
operate in the same line of business, and have financial
fungibility.

Shri Indhira was established in 1956 in Chennai (Tamil Nadu).
ACCMPL was incorporated in Chennai (Tamil Nadu) in 2006. These
companies manufacture 100 per cent polyester yarn. In 2012-13,
ACCMPL acquired DPN, which also manufactures 100 per cent
polyester yarn.


SHUBHAM POLYSPIN: CRISIL Reaffirms B+ Rating on INR63MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Shubham Polyspin
Private Limited (SPPL) continue to reflect its weak financial
risk profile, especially capital structure, and average debt
protection metrics. The rating also factors in modest scale of
operations in the intensely competitive polymer packaging
industry. These rating weaknesses are partially offset by
extensive experience of the promoters and their healthy
relationships with reputed customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              48      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        9      CRISIL B+/Stable (Reaffirmed)

   Term Loan                63      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SPPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if on-time stabilisation of new capacities
considerably strengthens cash accrual and financial risk profile.
Conversely the outlook may be revised to 'Negative' if reduced
order flow or profitability, stretch in working capital cycle, or
any large capital expenditure weakens the financial metrics.

Incorporated in 2012, SPPL is promoted by the Ahmedabad-based
Somani family. Key promoters, Mr. Ankit Somani and Mr. Nitin
Somani, have been in the plastic packaging industry for more than
a decade through group concern Shubham Tex-o-Pack Pvt Ltd.

Profit after tax and net sales increased to an estimated INR3.1
million and INR155.9 million in Fiscal 2015-16, from INR2.01
million and INR132.6 million the previous year.


SHYAM LEELA: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Shyam Leela
Fashion House Private Limited (SLF) continues to reflect the
company's weak financial risk profile driven by large working
capital debt, and its low operating margin because of small scale
of operations in the competitive textile trading business. These
weaknesses are partially offset by its promoters' extensive
industry experience and their funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SLF will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company's financial risk
profile improves, because of more-than-expected cash accrual or
equity infusion. The outlook may be revised to 'Negative' in case
of less-than-expected cash accrual, or larger-than-expected debt
to fund working capital requirement or capital expenditure.

Promoted by the Khatri family, SLF is a wholesaler of sarees,
cloth materials, and handloom items in Uttar Pradesh, Bihar,
Madhya Pradesh, and Jharkhand. Initially set up as a firm, the
entity was reconstituted as a private limited company in April
2010. SLF mainly operates in the wholesale market in Kanpur.

SLF had a book profit of INR2.2 million on sales of INR653.7
million in fiscal 2015, against a book profit of INR0.08 million
on sales of INR669.3 million in fiscal 2014.


SIDDESHWAR MULTIPURPOSE: ICRA Rates INR4.91cr Cash Loan at B
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.79
crore term loan, INR4.91 crore cash credit and INR1.02 crore
working capital loan facilities of Siddeshwar Multipurpose
Heemghar Private Limited. ICRA has also assigned a short-term
rating of [ICRA]A4  to the INR0.12 crore bank guarantee facility
of SMHPL. ICRA has also assigned a long term rating of [ICRA]B
and a short term rating of [ICRA]A4 to unallocated limits of
INR1.16 crore of SMHPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan                2.79        [ICRA]B assigned

   Fund Based Limits-
   Cash Credit              4.91        [ICRA]B assigned

   Fund Based Limits-
   Working Capital Loan     1.02        [ICRA]B assigned

   Non Fund Based
   Limits-Bank Guarantee    0.12        [ICRA]A4 assigned

   Fund Based/Non Fund
   Based Limit-
   Unallocated Limits       1.16        [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into account SMHPL's small scale of
current operations, and its weak financial risk profile as
reflected by high gearing, depressed coverage indicators, and
subdued return on capital employed. The ratings also consider the
high working-capital-intensive nature of operations (due to the
upfront advances to be extended to the farmers at the time of
loading of potatoes), which exert pressure on the liquidity
position. Besides, the company has significant debt-servicing
obligations arising out of the term loan availed of to set up the
facility, which are likely keep its cash flows under pressure in
the near to medium term. The ratings are further constrained by
the regulated nature of the industry, which makes it difficult to
pass on the increase in operating costs, exerting pressure on the
profitability. SMHPL is also exposed to agro-climatic risks, as
its business performance depends entirely upon one agro
commodity, i.e. potato. ICRA notes that the company is exposed to
the counterparty risk on loans extended to farmers due to the
chances of delinquencies, if potato prices fall substantially.

The ratings, however, derive support from the established track
record of the promoters in the cold storage and potato-trading
business with an experience of more than two decades in the
industry. SMHPL also enjoys location advantage as its cold
storage unit is situated in Paschim Midnapore, a district where a
large volume of potato is produced.

In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Incorporated in May 2010, Siddeshwar Multipurpose Heemghar
Private Limited (SMHPL) is promoted by the West Bengal-based
Ghosh family. The company provides cold storage facility to
potato farmers and traders on a rental basis with a storage
capacity of 17,200 metric tonnes (MT). The cold storage unit is
located at Jhankra, in Paschim Midnapore, West Bengal.

Recent Results
In 2014-15, the company reported a net profit of INR0.02 crore on
an operating income of INR2.94 crore; as compared to a net profit
of INR0.04 crore on an operating income of INR3.27 crore in 2013-
14.


SIVAPARAMESH SPINNING: CRISIL Ups Rating on INR45MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sivaparamesh Spinning Mill Private Limited (SSMPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its rating
on the short-term facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.8       CRISIL A4 (Reaffirmed)

   Cash Credit            25.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     28.2       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Rupee Term Loan        45.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects steady improvement in business risk profile
driven by revenue growth and moderate operating profitability.
Turnover was INR154 million and operating margin 11.7% for fiscal
2016, compared to Rs.53 million and 6.8% respectively the
previous year. Continued moderate revenue growth over the medium
term is expected to improve liquidity. Also, cash accrual of
INR11 million will be sufficient to meet debt obligation of
INR6.3 million for fiscal 2017. CRISIL expects that the company's
improved business risk profile will continue to support its
financial risk profile and liquidity over the medium term.

The ratings reflect SSMPL's modest scale of operations in the
intensely competitive textile industry, below-average financial
risk profile because of a highly leveraged capital structure, and
susceptibility of operating margin to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of its promoters and established relationship with
customer, Asian Fabricx Pvt Ltd (rated 'CRISIL A-/Stable/CRISIL
A2').
Outlook: Stable

CRISIL believes SSMPL will continue to benefit over the medium
term from the extensive experience of its management and
established relationship with customer. The outlook may be
revised to 'Positive' if higher-than-expected cash accrual leads
to a better financial risk profile. The outlook may be revised to
'Negative' if substantially low cash accrual, large working
capital requirement, or sizeable debt-funded capital expenditure
further weakens financial risk profile.

Set up in 2014 in Salem, Tamil Nadu, SSMPL manufactures cotton
yarn. Operations are managed by Mr. Shiva Kumar.


SRI KALISWARI: Ind-Ra Suspends 'IND BB+(SO)' Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated the ratings on
Sri Kaliswari Metal Powders Private Limited's (SKMPPL) INR40
million fund-based working capital limits and INR155.6 million
non-fund-based bank limits to 'IND BB+(SO)(suspended)'/'IND
A4+(SO)(suspended)' from 'IND BB+(SO)'/'IND A4+(SO)'.

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 SKMPPL's bank loans.

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.


SRI PRASANA: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Sri Prasana
Tex's (SPT) Long-Term Issuer Rating of 'IND B' with a Stable
Outlook. 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 SPT.

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.

SPT's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND B(suspended)' from
   'IND B'/Stable
-- INR30.00 million fund-based working capital limits: migrated
    to 'IND B(suspended)' from 'IND B'
-- Proposed INR30.00 million fund-based working capital limit:
    'IND B'; rating withdrawn as the company did not proceed with
    the proposed fund-based limit as envisaged.
-- Proposed INR10.00 million non-fund-based working capital
    limit: 'IND B'; rating withdrawn as the company did not
    proceed with the proposed non-fund-based limit as envisaged.
-- Proposed INR30.00 million long-term loan: 'IND B';  rating
    withdrawn as the company did not proceed with the proposed
    long-term loan as envisaged.


SRI UMA: ICRA Lowers Rating on INR10cr Cash Loan to D
-----------------------------------------------------
ICRA has revised the long-term rating assigned to INR10.00 crore
cash credit (CC) limits and INR1.50 crore unallocated limits of
Sri Uma Jewellers India Private Limited to [ICRA]D from [ICRA]B.


                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             10.00      Revised to [ICRA]D
                                      from [ICRA]B

   Unallocated Limits       1.50      Revised to [ICRA]D
                                      from [ICRA]B

The revision in rating takes into consideration excess drawing
for more than 30 days on cash credit limits in the last six
months owing to nationwide jewellers' strike protesting levy of
1% excise duty on non-silver jewellery. The rating continues to
be constrained by weak financial risk profile characterised by
stretched coverage indicators with interest coverage ratio of
1.16 times, NCA-to-Total Debt of 2.66%, high gearing of 4.38
times as on March 31, 2016, and net losses in FY2015.The rating
is further constrained by the working-capital intensive nature of
business owing to requirement of high inventory level,
geographical concentration risk inherent to a single retail-
outlet business; and small scale of operations in the intensely
competitive gems-and-jewellery retail industry.

The rating, however, positively factors in the long experience of
the promoters in the jewellery retail business and favourable
long-term outlook of the jewellery industry, supported by several
socio-economic and cultural factors that are unique to the Indian
market.

Going forward, the ability of the company to service the debt
obligations in a timely manner, improve scale of operation and
effectively manage its working capital requirements are the key
rating sensitivities.

Sri Uma Jewellers India Private Limited, established in 2009, is
located in Hyderabad in Telangana. It is an authorised dealer of
Tanishq. The company is managed by Mr. Yougender Dande who has
vast experience in the jewellery-retail industry. The company, at
present, has one showroom in A.S.Rao Nagar, Hyderabad.

Recent Results
According to provisional FY2016 results, the company has reported
an operating income of INR35.48 crore with a net profit of
INR0.13 crore. According to audited FY2015 results, the company
has reported a net loss of INR2.26 crore on an operating income
of INR36.98 crore.


SAHIL SPINTEX: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sahil Spintex
Limited's (SASPL) '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 agency has also
migrated SASPL's INR330 million term loan to Long-term 'IND
D(suspended)' from Long-term 'IND D'.

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 SASPL.

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.


SANJAY DIESELS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sanjay Diesels'
(SD) '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 SD.

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

SD's ratings are as follows:

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

-- INR70 million fund-based working capital limits: migrated to
    'IND B+(suspended)' from 'IND B+ and 'IND A4(suspended)' from
    'IND A4'

-- INR80 million non-fund-based working capital limits: migrated
    to 'IND A4(suspended)' from 'IND A4'


STELLAR MARINE: ICRA Assigns 'B' Rating to INR1.5cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR1.50
crore cash credit limit, which is a sublimit of short- term fund
based facilities of Stellar Marine Foods.


                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based limits-
   Cash Credit
   (Sublimit of fund
   based limit)           (1.50)        [ICRA]B; Assigned

   Fund-based limits-
   PC/PCFC cum FBP/
   FBD/FCBP/FCBD           7.10         [ICRA]A4; Assigned

   Non-fund based
   Limits-Bank Guarantee
   (Sublimit of fund-
   based limit)           (0.20)        [ICRA]A4; Assigned

ICRA has also assigned a short-term rating of [ICRA]A4  to the
INR7.10 crore fund-based facilities and to the INR0.20 crore non-
fund based facility, which is a sub-limit of fund based
facilities of SMF.

The assigned ratings are constrained by Stellar Marine Food's
(SMF's) small scale of operations curbed by dependence on other
seafood processors for processing activities and the low value
additive nature of operations coupled with intense competition
from domestic players as well as other low cost countries thereby
limiting its operational and pricing flexibility. Further, the
ratings factor in the susceptibility of SMF's revenues to any
adverse movement in foreign exchange fluctuations, while it
mitigated to an extent by borrowings in foreign currency (USD).
The ratings also incorporate SMF's stretched liquidity position
on account of lengthened receivable cycle and tight payment terms
with suppliers along with seasonal stocking of raw materials.
The Indian seafood industry faces inherent challenges like
volatile export demand, seasonality in sales and risk in raw
material availability owing to susceptibility of sea catch to
disease outbreaks and adverse climatic conditions. While
assigning the ratings, ICRA has noted the susceptibility of the
firm's profitability to changes in government regulation on
export incentives as well as policies in importing nations.
The ratings also factor in the firm's proprietorship status as
any significant capital withdrawals could adversely impact the
gearing levels.

However, the ratings positively factor in the long standing
experience of the proprietor in the seafood industry through its
other group ventures and the growing demand for Indian seafood
due to shortage in the global marine market as a result of the
disease attack in South East Asian countries.

Going forward, ICRA expects the firm's top-line to grow at a
healthy rate in FY2017 supported by the near term commissioning
of group company's seafood processing and storage unit which is
likely to largely reduce firm's dependence on other seafood
processors for processing and storage activities.

Promoted by Mr. Jayant Mirani in 2009, M/s Stellar Marine Foods
is a proprietorship concern which processes and exports various
types of fishes, cephalopods and crustacean shrimps. SMF is a
part of the Stellar Group of Companies which has a presence in
diversified business segments, including processing and exporting
marine foods and agro based products. The firm is dependent on
other seafood processors for seafood processing and cold storage
activity.

Recent Results
Stellar Marine Foods has reported a net profit before tax of
INR0.14 crore on an operating income of INR8.91 crore for the
year ending March 31, 2015, and a net profit before tax of
INR0.30 crore on an operating income of INR9.21 crore, as per the
provisional financials for the period ending March 31, 2016.


SUHAG GEMS: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Suhag Gems and
Jewels (India) Pvt. Ltd.'s (SGJIPL) '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 SGJIPL.

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

SGJIPL's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR2.5 million term loan: migrated to 'IND B+(suspended)'
    from 'IND B+'
-- INR50 million fund-based working capital limit: migrated to
    'IND B+(suspended)'/'IND A4'(suspended) from 'IND B+'/
    'IND A4'
-- Proposed INR27.5 million non-fund-based working capital
    limit:  'Provisional IND A4'; rating withdrawn as the company
    did not proceed with the instrument as envisaged.


TRANSONS OVERSEAS: CRISIL Reaffirms B Rating on INR30MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Transons Overseas
India Private Limited (TOPL) continue to reflect the company's
modest scale of operations, and the high customer concentration
in its revenue. These weaknesses are partially offset by the
extensive experience of its promoters in the transformer
industry, and their funding support.

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

   Letter of Credit        75        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.3      CRISIL B/Stable (Reaffirmed)

   Term Loan                1.7      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TOPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of revenue growth
and stable operating margin, and significant diversification of
customer base, reducing dependence on Group Company for revenue.
The outlook may be revised to 'Negative' if the company
undertakes large, debt-funded capital expenditure, or if its
working capital management weakens, leading to deterioration in
its financial risk profile, particularly liquidity.

TOPL, established in 2011 and based at Alwar in Rajasthan,
manufactures copper wires, corrugated wall panels, and circuit
breakers used in transformers. The company was originally set up
as P & M Electricals and Transformers Pvt Ltd and got its present
name in 2012. Its manufacturing facility is in Alwar. TOPL is
managed by Mr. Pawan Kumar Jain and his son Mr. Mohnish Jain.


URJA AUTOMOBILES: ICRA Reaffirms 'B' Rating on INR5cr e-DFS
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR6
crore1 fund based bank limits and INR0.5 crore unallocated limits
of Urja Automobiles Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             1.00        [ICRA]B Reaffirmed
   e-DFS                   5.00        [ICRA]B Reaffirmed
   Unallocated Limits      0.50        [ICRA]B Reaffirmed

The reaffirmation of the rating takes into account the inherently
low profit margins and high working capital requirements in an
auto dealership business, its weak bargaining position with the
principal, and the adverse financial risk profile of the company
as reflected by a high gearing and weak debt coverage indicators.
The rating takes note of the stretched liquidity profile and
stiff competition from other passenger car dealers given the
highly-competitive environment of the Indian passenger car
segment with aggressive model launches and expansion of service
centres. Besides, UAPL faces high geographical concentration risk
as its presence is limited to Bihar.

The rating also takes note of the experience of promoters in the
automobile dealership business and the established position of
the company as a sole authorised dealer of NMIPL in Bihar till
FY2016, notwithstanding the recent introduction of another dealer
by NMIPL in Muzaffarpur. The rating takes note of the revenue
growth supported by introduction of new model (Datsun Go+) in
FY2016. The rating takes into account the potential demand upside
with planned new model introduction by NMIPL in FY2017 which are
likely to support volumes for the company going forward. The
revenue is also likely to grow from sale of accessories and
services driven by continuous customer addition to the company's
retail customer base.

In ICRA's opinion, the ability of UAPL to improve its
profitability from the business while improving its capital
structure would be the key rating sensitivity going forward.

Incorporated in February 2013, Urja Automobiles Private Limited
(UAPL) is an authorised dealer for sale of passenger vehicles of
Nissan Motors India Private Limited (NMIPL) in Bihar. UAPL
operates one 3S (Sales, Spares, Service) facility in Patna and
four sales outlets in Muzaffarpur, Purnia, Begusarai and Bhojpur
districts in Bihar.

Recent Results
UAPL reported a profit after tax of INR0.07 crore (provisional)
in FY2016 on an operating income of INR24.92 crore, as compared
to a net profit of INR0.03 crore on an operating income of
INR23.91 crore during FY2015.


VALLABHANENI CONSTRUCTIONS: Ind-Ra Suspends IND BB Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vallabhaneni
Constructions Private Limited's (VCPL) 'IND BB' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. This
rating will now appear as 'IND BB(suspended)' on the agency's
website.

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

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.

VCPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR50 million fund-based working capital limits: migrated to
    'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR260 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'

COMPANY PROFILE

Ratings are not a recommendation or suggestion, directly or
indirectly, to you or any other person, to buy, sell, make or
hold any investment, loan or security or to undertake any
investment strategy with respect to any investment, loan or
security or any issuer.


VASHU YARN: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Vashu Yarn
Mills India P. Ltd.'s (VYMIPL) Long-Term Issuer Rating of 'IND
BB-'. The Outlook was Stable. The rating will now appear as 'IND
BB-(suspended)' on the agency's website. A full list of rating
actions is at the end of 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 VYMIPL.

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.

VYMIPL's ratings are as follows:

-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR50.00 million fund-based working capital limits: migrated
    to 'IND BB-(suspended)' from 'IND BB-'
-- INR66.50 million long term loans: migrated to 'IND BB-
    (suspended)' from 'IND BB-'
-- INR24.00 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


VIRENDRA SATIJA: CRISIL Assigns 'B' Rating to INR73.8MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Virendra Satija Foundation Society (VSFS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              73.8       CRISIL B/Stable

The rating reflects VSFS's subdued financial risk profile because
of leveraged capital structure and weak debt protection metrics,
exposure to intense competition, and susceptibility to regulatory
risks associated with the education sector. These weaknesses are
partially offset by extensive entrepreneurial experience of its
promoters and their funding support, and association with Delhi
Public School Society (DPS), an established brand in school
education.

For arriving at the rating, unsecured loans of Rs.12.6 million as
on March 31, 2015, from the promoters have been treated as
neither debt nor equity as they will be retained in the business
over the medium term.
Outlook: Stable

CRISIL believes VSFS will benefit over the medium term from the
strong brand image of DPS and funding support from promoters. The
outlook may be revised to 'Positive' in case of significant ramp-
up in operations driven by high student intake, resulting in
higher-than-expected profitability and net cash accrual. The
outlook may be revised to 'Negative' in case of lower occupancy,
impacting cash accrual, and large debt-funded capital expenditure
leading to deterioration in financial risk profile, particularly
liquidity.

VSFS was founded in March 2012 to set up a school in Chhindwara,
Madhya Pradesh, under the DPS franchise. The school commenced
operations in June 2014. Mr. Virendra Satija is chairman of the
society.


YOGESH TRADING: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yogesh Trading
Company's (YTC) '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 YTC's INR180 million fund-based working
capital limits to Long-term 'IND B(suspended)' and Short-term
'IND A4(suspended)' from 'IND B'/Stable 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 YTC.

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.


ZIMIDARA PESTICIDES: CRISIL Reaffirms B+ Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Zimidara
Pesticides (ZP) continues to reflect exposure to risks related to
geographic concentration in revenue, and weak financial risk
profile because of high total outside liabilities to tangible
networth (TOLTNW) ratio and low interest coverage ratio. These
rating weaknesses are partially offset by the extensive
experience of promoters in the pesticides trading segment and
moderate risk management policies.

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

Outlook: Stable

CRISIL believes ZP will maintain its business risk profile over
the medium term, backed by the extensive industry experience of
promoter. The outlook may be revised to 'Positive' if networth
increases substantially, driven by sustained improvement in
profitability or fresh equity infusion, while maintaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if the scale of operations or profitability declines
on account of change in government regulations in the agro-
chemical industry, or if liquidity weakens on account of a
stretched working capital cycle.

Update
Revenue is estimated at INR850.60 million in fiscal 2016 compared
to INR1036.20 million in fiscal 2015. The decline was on account
of lower demand as a result of damage to cotton crop in Punjab;
however, revenue should post healthy growth over the near term on
account of good monsoon prospects. Consequently, profitability
will likely remain at 2% over the medium term in line with
historical levels.

Financial risk profile is below average, with estimated small
networth of INR22.20 million, high TOLTNW ratio of 3.86 times,
and weak interest coverage ratio of 1.14 times in fiscal 2016.
The financial risk profile will likely remain weak over the
medium term due to modest networth and large working capital
requirement.

Net cash accrual should be sufficient to meet negligible debt
obligation during fiscal 2017. Although bank limit utilisation is
high at 98.64% over the 12 months through March 2016, due to
large working capital requirement, liquidity is supported by
unsecured loans, of up to INR53.22 million as on March 31, 2016,
from promoters. Operations will likely remain working capital
intensive in line with historical levels.

Established in 1990 as a proprietorship firm by Mr. Om Prakash.
The firm trades in pesticides, seeds, and fertilizers. ZP is an
authorised dealer and distributor of around 42 pesticide
companies in Abohar (Punjab). The operations are managed by Mr.
Om Prakash.



=================
I N D O N E S I A
=================


MNC INVESTAMA: Moody's Lowers CFR to B3; Outlook Negative
---------------------------------------------------------
Moody's Investors Service has downgraded to B3 from B2 the
corporate family rating of P.T. MNC Investama Tbk. (BHIT) and to
Caa1 from B3 the bond rating of the $365 million senior secured
notes issued by its wholly owned subsidiary Ottawa Holdings Pte.
Ltd., and guaranteed by BHIT.

The outlook is negative.

Through its stake in Global Mediacom (BMTR), BHIT has a
significant stake in media operating companies PT Media Nusantara
Citra Tbk (MNC), Indonesian's leading free to air (FTA) broadcast
company, and PT MNC Sky Vision Tbk (Sky Vision), Indonesia's
leading pay-TV operator.

                         RATINGS RATIONALE

"The rating action considers the fact that the company has yet to
announce a refinancing plan for a $243 million loan maturing
within the next 120 days at Sky Vision, one of the company's
media subsidiaries," says Annalisa Di Chiara, a Moody's Vice
President and Senior Credit Officer.

A total 25% of the principal is payable in August/September even
though the loan matures in November 2016.  Notably, there are
cross-default provisions contained in BHIT's bond indenture, in
the event Sky Vision -- as a restricted subsidiary -- defaults on
an interest or principal payment on any debt outstanding.

"Moreover, even if the company addresses Sky Vision's maturing
loan, the group faces additional and significant refinancing
risks over the next 18 months.  MNC, another of BHIT's media
subsidiaries, has a $250 million bank loan maturing in September
2017.  And BHIT's $365 million senior secured notes mature in May
2018," adds Di Chiara, also the Lead Analyst for BHIT.

In addition, BHIT's financial profile has deteriorated over the
last 12 months, reflecting the weakening operating performance at
its media operating subsidiaries combined with higher absolute
debt levels, as evidenced by its leverage of around 4.2x.

Moreover, as a holding company without any operating assets, BHIT
relies on cash dividends upstreamed from its operating
subsidiaries to service its debt.  None of its media operating
subsidiaries are directly or wholly owned and, as such, dividends
are also exposed to cash leakage.

MNC is the main source of dividend income for BHIT.  And Moody's
believes that BHIT, as a controlling shareholder, can likely seek
higher dividend payouts from BMTR, MNC and other subsidiaries, if
necessary.

However, Moody's also recognizes that there may be some
limitation to the amount of dividends that can be ultimately
upstreamed specifically by MNC to BHIT, given MNC's own debt
maturities, including the $250 million loan maturing in September
2017.

In Moody's opinion, this loan will need to be refinanced if MNC
is to continue upstreaming a sufficient level of dividends to
help BHIT support its own debt service requirements and fund its
debt service reserve account as required under the bond
indenture.

Moody's expects MNC to continue to generate stable cash flow and
provide a sustainable source of dividends to BHIT.  However,
Moody's believes coverage of interest at the BHIT level with cash
dividends received from its subsidiaries, including MNC, will be
around 0.5x in 2016.

The negative outlook reflects the lack of clarity around BHIT's
financial policy with regard to the group's funding strategy,
importantly including refinancing plans for maturing loans and
shareholder return initiatives at its key media operating
subsidiaries.

It also reflects BHIT's overall risk appetite, especially with
regard to its plans to expand into riskier non-media related
businesses and our expectation that interest cover will remain
weak over the next 12-18 months.

Upward rating pressure is unlikely over the near term, given the
downgrade and the significant level of refinancing risk over the
next 18 months associated with bank loans maturing at its key
operating subsidiaries and its own bond maturity in May 2018.

On the other hand, further negative pressure could emerge should
1) BHIT fail to address its refinancing needs on a timely basis;
(2) leverage increases above 5.0x on a consolidated basis; or (3)
interest coverage at the BHIT level -- as measured by cash
dividends from operating subsidiaries/interest expense - remains
below 1.0x on a sustained basis.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014.

Headquartered in Jakarta, P.T. MNC Investama Tbk. (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, and energy and
real estate.

In addition to P.T. Media Nusantara Citra and P.T. MNC Sky
Vision, BHIT's other operating companies include P.T. MNC Kapital
Indonesia Tbk and P.T. MNC Land.

The company also has portfolio investments in other private and
public companies operating in transport, infrastructure and other
industries.  BHIT is controlled by Mr. Hary Tanoesoedibjo.



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


EXPRESS SAVINGS: Gatchalians Get Travel Bans Over Buyout Case
-------------------------------------------------------------
Marc Jayson Cayabyab at INQUIRER.net reports that the
Sandiganbayan Fourth Division on July 27 issued a hold departure
order (HDO) against Senator Sherwin Gatchalian, the members of
his family, and 21 others as they face a criminal case involving
the allegedly anomalous buyout of insolvent bank Express Savings
Bank Inc., by the Local Water Utilities Administration (LWUA) in
2009.

INQUIRER.net relates that the court issued the HDO barring the
travel of Senator Gatchalian, his parents and siblings, and
former LWUA chair and now Surigao Del Sur representative Prospero
Pichay Jr. over the case.

Senator Gatchalian's father, so-called "Plastics King" William
Gatchalian, mother Dee Hu Gatchalian, and siblings Kenneth
Gatchalian and Weslie Gatchalian were among those included in the
court's HDO ordering the Bureau of Immigration to bar them from
traveling abroad unless they secure a permission from the court,
according to INQUIRER.net.

Each of them stand accused of one count of violation of Section
3(e) of Republic Act No. 3019 or the Anti-Graft and Corrupt
Practices Act, one count of Malversation of Public Funds as
defined under Article 217 of the Revised Penal Code, and one
count of violation of the Manual of Regulation for Banks (MORB),
INQUIRER.net says.

They have all posted their bail bonds, the report notes.

"The Bureau of Immigration and Deportation is hereby directed to
bar/prohibit the above-named accused from leaving the Philippines
for any destination abroad, either by air or sea transportation,
except by prior written permission duly secured from and granted
by this court," the Sandiganbayan said in the HDO, INQUIRER.net
relays.

According to INQUIRER.net, the Gatchalians were charged as
executives of Wellex Group Inc. owned by the patriarch William
Gatchalian, who earned the moniker "Plastics King" for leading
the local plastics business in Valenzuela, the turf of the
influential family.

Meanwhile, Congressman Pichay was charged with three counts of
graft, three counts of malversation, one count of violation of
MORB and one count of violation of Republic Act 8791 or General
Banking Law of 2000, for leading the purchase by LWUA of the
insolvent bank to save it from the brink of bankruptcy. He has
yet to post bail, says INQUIRER.net.

The insolvent bank Express Savings Bank Inc., (Esbi), a local
thrift bank based in Laguna owned by the Gatchalian family, is
co-owned by the Wellex Group Inc. (WGI) and Forum Pacific Inc.
(FPI). Weslie Gatchalian, who succeeded Sherwin in the Valenzuela
congressional district, was also an FPI executive, INQUIRER.net
discloses.

According to the report, the Ombudsman said Congressman Pichay
and other LWUA officials approved the acquisition of the
insolvent bank in 2009 despite audit findings that show that the
bank suffered net losses and capital deficits for five straight
years from 2005 to 2009.

The acquisition took the effect of a financial rescue, as the
LWUA officials bought 445,377 Esbi shares worth PHP101.363
million from the Gatchalian group that gave the agency 60-percent
equity in the bankrupt bank, the report notes.

Congressman Pichay and the other officials later injected
PHP780 million LWUA funds to the bank to increase its authorized
capital stock, says INQUIRER.net.  The Gatchalians of Wellex and
other owners of the bank were also paid PHP80 million in the
acquisition.

According to INQUIRER.net, the LWUA made the acquisition and
transactions despite warnings by the Bangko Sentral ng Pilipinas
(BSP), the Monetary Board of the BSP, and the Department of
Finance (DOF) about the Esbi's fragile financial condition
following a due diligence review that showed high liquidity and
credit risks.

The acquisition was also made without the requisite regulatory
approvals from the BSP, its Monetary Board, the DOF and the
Office of the President, INQUIRER.net says.

INQUIRER.net relates that in ordering the filing of charges to
the Sandiganbayan, Ombudsman Conchita Carpio Morales said "in
view of the bank's precarious financial standing at the time of
the sale, the windfall received by herein private respondents
must be deemed unwarranted benefit, advantage or preference."

According to INQUIRER.net, the following accused were also issued
an HDO in connection with the case - former LWUA officials
Eduardo Bangayan, Aurelio Puentevella, Enrique Senen Montilla
III, Wilfredo Feleo, Daniel Landingin, Arnaldo Espinas; Wellex
executives Elvira A. Ting and Yolanda de la Cruz; FPI executives
Arthur R. Ponsaran, Geronimo Velasco Jr., Peter Salud, Rogelio D.
Garcia, Lamberto Mercado Jr., Joaquin Obieta and Evelyn de la
Rosa; and Esbi executives George Chua, Gregorio Ipong, Generoso
Tulagan, Wilfred Billena, and Edita Bueno.

Express Savings Bank was a four-unit thrift bank based in Laguna,
Philippines.  It engaged in the business of granting loans,
receiving deposits and paying interest on such deposits.



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


* SINGAPORE: Sets Sights on Becoming a Debt Restructuring Hub
-------------------------------------------------------------
Ashima Ohri at Asian Legal Business reports that Singapore's
Ministry of Law has announced that it has accepted
recommendations made by an expert committee that could pave the
way for the city-state to become a regional hub for international
debt restructuring.

ALB relates that the recommendations broadly laid emphasis on
enhancing the legal framework for restructurings by creating
modified rules and procedures, having specialist insolvency
judges on the bench and increasing the use of alternative dispute
resolution processes.

According to ALB, the law ministry is also keen to strengthen the
insolvency profession in Singapore through rescue financing and
addressing the perception gap by raising international awareness
about the country's restructuring capabilities, with increased
involvement in international insolvency organisations.


                             *********

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

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

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


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

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

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

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

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



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