TCRAP_Public/160729.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Friday, July 29, 2016, Vol. 19, No. 149

                            Headlines


A U S T R A L I A

ROSSCAN PTY: First Creditors' Meeting Set For August 5
VIRGIN AUSTRALIA: To Post AUD224.7MM Full Year Net Loss


C H I N A

FENGHUI LEASING: Fitch Publishes 'B' LT Issuer Default Rating


I N D I A

A. K. ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
BAHUBALI MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Loan
CHAUDHARY JAI: CRISIL Assigns 'B' Rating to INR47MM LT Loan
DHARANI HI-TECH: CRISIL Reaffirms 'C' Rating on INR50MM Loan
DIVAY ANGELS: ICRA Suspends B- Rating on INR15cr Bank Loan

EAST END: ICRA Assigns 'B' Rating to INR4.50cr Bank Loan
FEDERAL AGRO: ICRA Suspends B+/A4 Rating on INR50cr Bank Loan
GLOBAL COPPER: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
HARI KRISHNAA: CRISIL Ups Rating on INR175MM Term Loan to BB-
IENERGY WIND: Ind-Ra Cuts INR680MM Loan Rating to 'IND BB'

J.B.C. INDUSTRIES: CRISIL Assigns B- Rating to INR65MM Cash Loan
JAYAPUSHPAM PRIVATE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
K-PACK SYSTEMS: ICRA Suspends B+ Rating on INR1cr LT Loan
KARVY THERAPEUTICS: ICRA Suspends B+/A4 Rating on INR12cr Loan
KBS INDUSTRIES: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating

KOTARKI CONSTRUCTIONS: ICRA Ups Rating on INR13cr Loan to B+
LAKSHMI TRANSFORMERS: CRISIL Ups Rating on INR45MM Loan to 'B'
MAROLI NH: Ind-Ra Cuts Sr. Project Bank Loan Rating to 'IND BB+'
MEGA BOLLYWOOD: ICRA Withdraws B- Rating on INR32cr Bank Loan
METEXIM (SOURCING): ICRA Assigns B+ Rating to INR0.25cr LT Loan

MILESTONES ENGINEERING: ICRA Reaffirms B+ INR1.20cr Loan Rating
MISHRILAL ASSOCIATES: Ind-Ra Suspends 'IND B' LT Issuer Rating
NAMASTHETU INFRATECH: ICRA Reaffirms B Rating on INR3cr Loan
NEOTECH EDUCATION: ICRA Lowers Rating on INR15.90cr Loan to D
NEW HARYANA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating

PINNACLE VENTURES: Sebi Orders Attachment of Bank, Demat Accounts
PRAVEEN ELECTRICAL: ICRA Reaffirms B+ Rating on INR9cr LT Loan
PRIME RENEWABLES: Weak Financial Strength Cues ICRA SP 3D Grading
RAINBOW GRAINS: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
RAMI REDDY: CRISIL Assigns 'B' Rating to INR150MM LT Loan

RELIANCE RETAIL: May Wind Up Jewellery Business
RUBY BUS: ICRA Suspends 'B/A4' Rating on INR54.99cr Loan
SAFARI INDUSTRIES: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
SENGUNTHAR MILLS: CRISIL Reaffirms B- Rating on INR90MM Loan
SHIVSHAKTI BARRELS: Ind-Ra Suspends 'IND B+' LT Issuer Rating

SHREE CERAMIC: CRISIL Ups Rating on INR65MM Cash Loan to BB-
SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR80MM LT Loan
SHYAMSHREE RESIDENCY: CRISIL Rates INR7MM Cash Credit at B+
SINHA COLD: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
SIRSA BANSIVAT: CRISIL Assigns 'B' Rating to INR30MM Cash Loan

SRI K.VENKAT: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
SRI PRASANNA: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
SRI SRINIVAS: ICRA Suspends B+ Rating on INR4.0cr Loan
SURYA FAB: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
SWAAA CORPORATION: Ind-Ra Suspends IND D Long-Term Issuer Rating

THIRUVAMBADY DEVASWOM: CRISIL Puts B Rating on INR197.6MM Loan
TILAK RAM: CRISIL Reaffirms 'B' Rating on INR150MM Cash Loan
TIWANA OIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
TREADSTONE LIMITED: ICRA Suspends 'B' Rating on INR8.10cr Loan
UNIVERSAL ASSOCIATES: CRISIL Cuts Rating on INR130MM Loan to D

VENKATA BHAGYALAKSHMI: Ind-Ra Suspends 'IND B' LT Issuer Rating


N E W  Z E A L A N D

SPAZIO CASA: In Liquidation; First Meeting Set For Aug. 19
VALLEYGIRL NZ: Fashion Retailer Placed in Receivership


P H I L I P P I N E S

BANCO FILIPINO: Court of Appeals Rejects Corporate Life Extension


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Ex-CEO Indicted Over Accounting Fraud
SOUTH KOREA: Corporate Bond Issuance Dips Amid Financial Woes


                            - - - - -


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A U S T R A L I A
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ROSSCAN PTY: First Creditors' Meeting Set For August 5
------------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory Pty Ltd were
appointed as administrators of Rosscan Pty Ltd, formerly Trading
as "Ray Webber Group", on July 26, 2016.

A first meeting of the creditors of the Company will be held at
the meeting room of Servcorp Brisbane, Level 27, Santos Place,
32 Turbot Street, in Brisbane, Queensland, on Aug. 5, 2016, at
12:00 pm.


VIRGIN AUSTRALIA: To Post AUD224.7MM Full Year Net Loss
-------------------------------------------------------
The Sydney Morning Herald reports that Virgin Australia said its
full-year net loss more than doubled from a year ago, hurt by the
one-off costs of a restructure to cut capacity amid stiff
competition.

SMH relates that Australia's second-biggest airline will post a
AUD224.7 million loss next month due to the cost of overhauling
the airline, it said in a trading update to the Australian stock
exchange. That compares with a AUD93.8 million loss in 2014/15.

According to SMH, The Richard Branson-backed airline, which
competes with larger rival Qantas, is cutting capacity, taking on
a new major shareholder, eyeing flights to China and seeking to
raise capital to help shore up its margins.

Its fourth-quarter and annual results released on July 28
included previously announced charges related to efficiency
initiatives "with a focus on the simplification of the group's
fleet through the removal of surplus" capacity and aircraft, SMH
discloses.  They are aimed at saving up to AUD300 million per
year in costs by the end of the 2019 financial year.

Without the one-off charges, Virgin said, annual pre-tax profit
was AUD41 million, better than the previous year's AUD49 million
pre-tax loss and within guidance it gave this month of posting
underlying profit between AUD30 million and AUD60 million,
according to SMH.

The company will present its full-year results on August 5, the
report notes.

                      About Virgin Australia

Headquartered in Brisbane, Virgin Australia Holdings Limited is
Australia's second largest airline following its launch in 2000
and listing on the Australian Securities Exchange in 2003.  As of
June 2015 it generated revenues of AUD4.7 billion and around
23.5 million revenue passengers including Tigerair Australia
(Tigerair).  VAH operates 157 aircraft, including the fleet of
Tigerair, its low cost carrier.

As reported in the Troubled Company Reporter-Asia Pacific on
June 21, 2016, Moody's Investors Service has confirmed the B2
corporate family rating and B3 senior unsecured rating of Virgin
Australia Holdings Limited.  The outlook on the ratings is
negative.

Moody's also confirmed the ratings assigned to the company's
Enhanced Equipment Notes, Virgin Australia 2013-1A Trust's Baa1
rating, Virgin Australia 2013-1B Trust's Ba2 rating, Virgin
Australia 2013-1C Trust's B1 rating and Virgin Australia 2013-1D
Trust's B3 rating, of the Series 2013-1 ("EENs").  The rating
confirmations reflect Moody's belief that the 22 aircraft serving
as collateral will remain important to the airline over the life
of the deal, which has a scheduled maturity of Oct. 23, 2023.
The outlook on the ratings is negative.

The rating action concludes the review for downgrade initiated on
April 4, 2016, and follows the company's announcement of a
proposed fully-underwritten equity raising of AUD852 million as
the outcome of its capital structure review.



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C H I N A
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FENGHUI LEASING: Fitch Publishes 'B' LT Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has published China-based Fenghui Leasing Co.,
Ltd's (Fenghui) Long-Term Issuer Default Rating (IDR) at 'B' and
Short-Term IDR at 'B'. The Outlook is Stable.

Fitch has also published the expected rating of 'B(EXP)' with
Recovery Rating of 'RR4' on the senior unsecured notes to be
issued by Silver Sparkle Limited (Silver Sparkle), a special-
purpose vehicle (SPV) set up to issue the offshore notes on
behalf of Fenghui.

Fenghui, based in Beijing in China, started its lending business
in late 2009. It provides equipment leasing and entrusted loans,
which made up 66% and 34% of total loans at end-2015,
respectively. The company conducts business all over China, with
a large share of the exposure in Shandong province and Beijing.
The company's ownership changed in late 2015 when Shenzhen-listed
Jinzhou Cihang Group bought a 90% stake. Jinzhou Cihang Group is
in the business of jewelry design, distribution and sales.

The notes to be issued by Silver Sparkle will be unconditionally
and irrevocably guaranteed by Fenghui, which plans to use the
proceeds for general corporate purposes, including overseas
investment. The notes are rated at the same level at Fenghui's
Long-Term IDR with the Recovery Rating of 'RR4', reflecting
average recovery prospects. The final rating on the proposed
notes is contingent on the receipt of final documents conforming
to information already received.

KEY RATING DRIVERS

FENGHUI'S IDRS AND SILVER SPARKLE'S SENIOR NOTES

Fenghui's IDRs reflect its weaker funding and liquidity profile,
and a higher risk appetite compared with higher-rated issuers.
Fenghui relies on funding from asset-backed securities and asset
management products, which are sensitive to the asset quality of
the underlying loans. Its liquidity is susceptible to volatility
in China's liquidity conditions. In Fitch's view, Fenghui has a
heightened risk profile based on the very strong asset growth in
excess of the company's return on capital, its credit portfolio
that is concentrated in electricity, gas and water suppliers and
the real-estate sector, and a risk control system that is still
developing compared with higher-rated issuers.

Fitch considers the company's franchise and management quality as
secondary to its ratings. The recent change in the company's
shareholders, the management team's limited track record with
Fenghui, and the adoption of China's Generally Accepted
Accounting Principles (GAAP) instead of International Financial
Reporting Standards (IFRS) indicate that the corporate governance
is still developing.

The ratings are supported by the company's modest use of
encumbered assets, improving funding diversity and high
profitability. Nonetheless, the high profitability may not fully
reflect the inherent risk in the loan book's rapid growth and
hence may not be sustained in a severe economic downturn or
market stress when both funding and credit costs may rise
sharply.

Provisions for credit losses are made on a basis of actual
defaults and may be inadequate to capture unexpected losses. All
loans are fully collateralised, but collection from customers in
default may be a lengthy process. The company's NPL ratio (90
days overdue) was 2.8% with reserve to total loans ratio at 1.7%
at end-2015.

The guaranteed notes issued by Silver Sparkle constitute general,
unsecured and unsubordinated obligation of Fenghui and will rank
pari passu with all other existing and future unsecured and
unsubordinated obligations of Fenghui.

RATING SENSITIVITIES

FENGHUI'S IDRS AND SILVER SPARKLE'S SENIOR NOTES

Positive rating action may result if Fenghui sustains improvement
in its funding and liquidity, and reduction in asset growth
commensurate with internal capital generation.

Severe deterioration in liquidity and asset quality, or expansion
of its risk appetite could lead to a rating downgrade.

As the senior notes issued by Silver Sparkle are guaranteed by
Fenghui, the rating assigned to these notes would be sensitive to
the same factors that drive the guarantor's IDR. In addition, the
rating on the notes would be sensitive to the size of notes
issuance relative to guarantor's unencumbered assets.



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I N D I A
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A. K. ENTERPRISES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of A. K. Enterprises - Biharsharif (AKE). The
rating reflects a modest scale of operations in the intensely
competitive steel trading industry, and susceptibility to price
fluctuations.

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

These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in steel trading and a
moderate financial risk profile.
Outlook: Stable

CRISIL believes AKE will continue to benefit over the medium term
from the industry experience its promoters. The outlook may be
revised to 'Positive' in case of significant and sustained
improvement in operating income and cash accrual, along with
better working capital management. The outlook may be revised to
'Negative' in case of lower-than- expected cash accrual, a
stretched working capital cycle, significant debt contracted to
fund incremental working capital requirement, or large, debt-
funded capital expenditure, leading to deterioration in the
financial risk profile.

AKE , a partnership firm established in 1998 by Mr Sushil Kumar
and Mr Sunil Kumar, trades in iron and steel products such as
hot-rolled (HR) and cold-rolled (CR) steel sheets, HR and CR
coils, Galvanised Corrugated (GC) sheets, and thermo-mechanically
treated (TMT) angles, channels, and other products. The firm's
office is in Nalanda, Bihar. Operations are managed by the
partners. It procures products primarily from distributors and
also from other smaller manufacturers.


BAHUBALI MOTORS: CRISIL Reaffirms 'B' Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bahubali Motors
Private Limited (BMPL) continues to reflect the company's below-
average financial risk profile because of stretched liquidity,
leveraged capital structure, and subdued debt protection metrics.

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

The rating also factors in the company's modest scale of
operations in the intensely competitive automotive dealership
business. These weaknesses are partially offset by its promoters'
extensive industry experience and their funding support.
Outlook: Stable

CRISIL believes BMPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company's financial risk profile, particularly
liquidity, improves significantly, because of a substantial
increase in its cash accrual or equity infusion. The outlook may
be revised to 'Negative' in case of low cash accrual on account
of a decline in revenue or operating profitability, or stretch in
working capital cycle, or debt-funded capital expenditure,
leading to more pressure on its liquidity.

BMPL was originally established as a partnership firm in 1959,
and was reconstituted as a private limited company in 2005. The
company has been a dealer for Tata Motors Ltd's cars in Raipur
since 2000. It is promoted by Mr. Hiralal Shah and his family.


CHAUDHARY JAI: CRISIL Assigns 'B' Rating to INR47MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of Chaudhary Jai Ram Cold Storage Private Limited
(CJR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Facility                 3        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      47        CRISIL B/Stable
   Long Term Loan          31        CRISIL B/Stable
   Overdraft Facility      19        CRISIL B/Stable

The rating reflects vulnerability to delays in payments by
farmers because of adverse market conditions and high funding and
completion risk of the new project. These weaknesses are
partially offset by the extensive experience of the promoters in
the agricultural industry.
Outlook: Stable

CRISIL believes CJR will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if operations scale-up through timely implementation
of ongoing capital expenditure (capex). The outlook may be
revised to 'Negative' if there is delay in completion of the
capex or delays in receipt of rentals adversely affects CJR's
ability to service debt in a timely manner.

Incorporated in December 2014, CJR is promoted by Mr Veerendra
Singh and Mr Gaurav Singh. It is engaged in providing cold
storage services to farmers for potatoes and perishable products.


DHARANI HI-TECH: CRISIL Reaffirms 'C' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dharani Hi-Tech
Projects Private Limited (DHPPL) continue to reflect delays by
DHPPL in servicing its debt (not rated by CRISIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           10       CRISIL A4 (Reaffirmed)
   Overdraft Facility       50       CRISIL C (Reaffirmed)

The delays have been caused by the company's weak liquidity
resulting from stretched subsidy receivables. The ratings also
reflect the company's small scale of operations in the civil
construction industry and below-average financial risk profile
marked by a highly leveraged capital structure. These rating
weaknesses are partially offset by the benefits that DHPPL
derives from its promoters' extensive experience in the civil
construction industry, and its moderate order book position.

DHPPL, set up in 1995, was reconstituted as a private limited
company in 2010. It operates in the civil construction industry.
The company's day-to-day operations are managed by Mr. S Kamaraj
and Mr. Senthamil Selvan.


DIVAY ANGELS: ICRA Suspends B- Rating on INR15cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- on INR15.00
crore bank lines of Divay Angels Realtor Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


EAST END: ICRA Assigns 'B' Rating to INR4.50cr Bank Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR6.00-crore enhanced fund-based/ non-
fund based bank facilities of East End Technologies Private
Limited (EETPL). ICRA also has the long-term rating of [ICRA]B
and the short-term rating of [ICRA]A4 outstanding to the INR8.00-
crore bank facilities of EETPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund Based Limit-
   Cash Credit             2.00      [ICRA]B outstanding

   Non Fund Based
   Limit-Bank Guarantee    4.50      [ICRA]B assigned/outstanding

   Fund Based Limit-
   Standby line of
   Credit                  0.50      [ICRA]A4 outstanding

   Untied limits           7.00      [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into account the company's small scale
of current operations, although the top-line witnessed a
significant growth in the last fiscal, low profits and cash
accruals from the business, leading to depressed level of
coverage indicators, and stretched liquidity position as
reflected by high utilisation of working capital limits. The
ratings are also constrained by the high customer as well as
geographical concentration risks, and limited bargaining power
against large and strong customers. Low value addition in the
business and stiff competition among the players in the metal
fabrication industry keep margins of all the players, including
EETPL, under check.

The ratings, however, derive comfort from the experience of the
promoters in the steel fabrication business, reputed clientele
across diversified industries like steel, petro-chemical,
fertiliser, etc. which reduces counter-party risks to a large
extent. The ratings also factor in EETPL's healthy order book
position that provides some revenue visibility in the near to
medium term though the same may impact its liquidity position
further given its high working capital intensive nature of
operations. Going forward, scaling up of resources for the
successful execution of the current healthy order book and the
ability of the firm to manage its liquidity efficiently would
remain crucial from the credit perspective.

Incorporated in 1999, EETPL is engaged in the fabrication of mild
steel and stainless steel products such as ladders, industrial
columns, chimneys, heat exchangers, agitators, commercial fans,
ladles, etc. Besides, the company is also involved in laying of
underground/ above-ground pipelines and undertaking repair and
maintenance jobs. Promoted by Mr. Sandeep Patnaik, the company's
manufacturing facility is located at Choudwar, Odisha.

Recent Results
The company has reported a net profit of INR0.38 crore on an
operating income of INR14.06 crore during FY2016 (provisional).
The company reported a net profit of INR0.26 crore on an
operating income of INR7.32 crore in FY2015.


FEDERAL AGRO: ICRA Suspends B+/A4 Rating on INR50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA] A4 on INR50.00 crore bank lines of Federal
Agro industries Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


GLOBAL COPPER: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR10.00
crore cash credit facility and INR8.75 crore term loans of Global
Copper Limited at [ICRA]B. Further, ICRA has also reaffirmed the
short term rating of [ICRA]A4 for the INR5.90 crore non fund
based facilities of GCL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      10.00       [ICRA]B reaffirmed
   Term Loans               8.75       [ICRA]B reaffirmed
   Short Term-Non fund
   based Limits             5.90       [ICRA]A4 reaffirmed

The ratings reaffirmation takes into account the weak financial
risk profile of GCL characterized by modest profitability
margins, adverse capital structure and inadequate debt protection
metrics; pressure on liquidity driven by moderately high debt
repayment obligations against cash accruals and high working
capital requirements. The ratings are also constrained by the
stiff competition from relatively cheaper imports which limits
GCL's pricing flexibility and profitability; and the
vulnerability of profitability to adverse fluctuations in the
copper price as well as exchange rate fluctuations, although the
risk is partly mitigated by forward cover booked by the company.

The ratings, however, continue to take comfort from the
experience of the management in the metal industry, healthy
growth in operating income during FY 2016 as well as addition of
new customers. The ratings also favorably take into account the
stable demand outlook for secondary copper and copper alloy
products.

Incorporated in the year 2010, Global Copper Limited (GCL) is
engaged in manufacturing of level wound copper coils, pancake
copper coils and copper tubes of various sizes. The manufacturing
facility of the company is located at Savli - GIDC, Vadodara in
Gujarat, with a production capacity of 3600 MT per annum. The
manufacturing process of GCL is ISO 9001:2008 certified. In June
2014, GCL was taken over by the current management. The stake of
earlier promoters, Mr. Vijendra Gupta (~40%) and Mr. Dinesh
Kothari (30%), was taken over by Mr. Hitesh Vaghela & family
(30%), Chechani family (30%) and Jethaliya family (20%). Further,
in May 2016, 70% of the company's shares were acquired by Honest
Enterprise Limited; closely held by Hitesh Vaghela & family who
also continue to hold the remaining 30% of GCL's shares. The
management has a longstanding experience in the business of
trading and processing of metal based products.

Recent Results
For year ended on March 31, 2015, GCL has reported an operating
income of INR42.92 crore and a net loss of INR0.82 crore as
against an operating income of INR74.43 crore and profit after
tax of INR0.32 crore for the year ended March 31, 2014. Further,
for the year ended March 31, 2016, the company has reported an
operating income of INR77.53 crore and profit after tax of
INR0.53 crore. (As per provisional financials).


HARI KRISHNAA: CRISIL Ups Rating on INR175MM Term Loan to BB-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Hari Krishnaa Spinning Mills Pvt Ltd (HKSMPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5.6       CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit            50.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term      0.6       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan             175.0       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that the company's financial
risk profile will improve over the medium term, supported by
steady operating performance. Steady revenue growth and healthy
operating profitability will result in moderate cash accrual to
INR32-36 million per annum over the medium term. Improved
accretion and absence of debt-funded capital expenditure (capex)
will result in better gearing of 1.2 times from 2.02 times
estimated as on March 2016. The upgrade also factors in sustained
improvement in the company's liquidity because of prudent working
capital management. Its bank limit utilisation averaged 89% over
the 12 months through May 2016.

The ratings reflect the above average financial risk profile
driven by moderate debt protection metrics and extensive
experience of HKSMPL's promoter in the textile industry. These
strengths are partially offset by the susceptibility of its
profitability to volatility in raw material prices modest scale
of operations in the highly fragmented textile industry.
Outlook: Stable

CRISIL believes HKSMPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant revenue growth,
while profitability remains stable, leading to higher cash
accrual and better capital structure. The outlook may be revised
to 'Negative' in case of low revenue and cash accrual, or
weakening of the capital structure because of large debt-funded
capex, leading to deterioration in the financial risk profile.

HKSMPL, incorporated in September 2011, spins cotton yarn. The
company commenced commercial operations in September 2013. It is
promoted by Mr N Balakrishnan.


IENERGY WIND: Ind-Ra Cuts INR680MM Loan Rating to 'IND BB'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded iEnergy Wind
Farms (Theni) Private Limited's (IWFTPL) INR680 million senior
project loans and INR25 million working capital facility to 'IND
BB' from 'IND BBB-'. The Outlook is Negative.

KEY RATING DRIVERS

The downgrade and the Negative Outlook reflect the deterioration
in IWFTPL's wind energy plant's operational parameters including
power generation due to a significant dip in the plant load
factor (PLF) levels during FY16. The plant operated at a PLF of
15% in FY16, which is below Ind-Ra's base case estimates of
22.60%. The agency consequently believes that the financial
profile of the project has weakened, although the project company
has not shared its financials with Ind-Ra.

Like peers, IWFTPL's lower PLF is attributed to the variations in
wind velocities due to El Nino weather conditions in the region
and constraints in the evacuation of power due to grid
availability in the region. The project is located in a high wind
density zone; however, the last year's PLF being much lower than
Ind-Ra's base case, has skewed the historical average generation
lower than the P90 estimates of 28% which is based on the wind
assessment study for the project. The rating continues to reflect
the inherent risk related to wind availability and speed.

The rating, however, is supported by the presence of multiple
counterparties with whom the company has signed 10-year-long
power purchase agreements at a lower tariff rate compared to the
average tariff rate for high-tension industrial consumers in
Tamil Nadu.

RATING SENSITIVITIES

Negative: Operating and financial performance consistently below
Ind-Ra's base case assumptions, default by counterparties, absent
sponsor support will result in a rating downgrade.

COMPANY PROFILE

IWFTPL is sponsored by Indian Energy Ltd. through intermediate
holding companies. It has been operating a 16.5MW wind farm in
Theni, Tamil Nadu, since August 2010.


J.B.C. INDUSTRIES: CRISIL Assigns B- Rating to INR65MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of J.B.C. Industries (JBC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL B-/Stable

The rating factors in the modest scale of operations, below-
average financial risk profile and stretched liquidity. These
rating weaknesses are partially offset by extensive experience of
proprietor in the steel industry and longstanding association
with Tata Steel Ltd (TSL).
Outlook: Stable

CRISIL believes JBC will continue to benefit from extensive
industry experience of proprietor over the medium term. The
outlook may be revised to 'Positive' if growth in scale of
operations, amidst stable profitability and efficient working
capital management, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if a stretched working
capital cycle or decline in profitability or revenue, weakens the
financial risk profile.

JBC Industries, incorporated in 1995, is a sole proprietorship
firm, owned by Mr. Jitendra Patra. The Odisha-based firm trades
in iron and steel products, such as HB wire, GI wire,
agricultural equipment and manufactures binding wire, barbed
wire, chainlink net and fastener nails.  It is the authorised
dealer of Tata Steel Ltd (Agrico and wire division) for 22
districts in Odisha. The manufacturing facility is located at
Mancheswar Industrial Estate at Bhubaneswar.


JAYAPUSHPAM PRIVATE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hotel
Jayapushpam Private Limited's (Hotel JP) '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. Ind-Ra has also migrated the ratings on Hotel JP's
INR120.09m term loan to 'IND BB(suspended)' from 'IND BB'/Stable.

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

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.


K-PACK SYSTEMS: ICRA Suspends B+ Rating on INR1cr LT Loan
---------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR1.00 crore long-term bank facilities and the short-term
rating of [ICRA]A4 assigned to the INR4.00 crore short-term bank
facilities of K-Pack Systems Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


KARVY THERAPEUTICS: ICRA Suspends B+/A4 Rating on INR12cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR12.00 crore limits of Karvy Therapeutics Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Incorporated in the year 1989, Karvy Therapeutics Private Limited
(KTPL) is promoted by Mr. Jagdish Kothari along with his son Mr.
Parag Kothari, and is engaged in manufacturing of fine chemicals
and bulk drug intermediates. The manufacturing facility is
located in the Lodhika region, which is about 10 kms from Rajkot
in the state of Gujarat. The production facility is ISO 9001:2008
certified, and is equipped with four glass reactors with capacity
ranging from 1.60 to 3.00 kilo litres and five stainless steel
reactors having capacities between 1.00 to 4.00 kilo litres.


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

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

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

-- INR100 million fund-based limits: migrated to 'IND
    B(suspended)' from 'IND B' and 'IND A4(suspended)' from 'IND
    A4'

-- INR9.9 million term loan limits: migrated to 'IND
    B(suspended)' from 'IND B'


KOTARKI CONSTRUCTIONS: ICRA Ups Rating on INR13cr Loan to B+
------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR13.0
crore cash credit limits of Kotarki Constructions Private Limited
(KCPL) from [ICRA]B to [ICRA]B+. ICRA has also re-affirmed the
short term rating assigned to the INR12.00 crore bank guarantee
limits at [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Cash           13.0        [ICRA]B+ (upgraded from
   Credit                               [ICRA]B)

   Short Term-Bank
   Guarantee                12.0        [ICRA]A4 (re-affirmed)

The rating upgrade derives comfort from the improvement in the
financial profile characterized by adequate profitability and
comfortable debt coverage indicators, characterized by a gearing
of 0.75 times, and NCA/TD of 42%, as on March 31st, 2016 (as per
the provisional results). This apart, the ratings also take into
account the company's adequate order book of INR143.4 crore, with
pending order book to operating income ratio of 1.4 times
imparting healthy revenue visibility over short to medium term.
The ratings continue to favourably factor in the long experience
of the promoters in the civil construction industry.

The ratings are, however, constrained by the company's exposure
to geographic and sectoral concentration risks as ~81% of the
outstanding order book are attributable to road construction
space and are largely in and around Bidar, Karnataka. ICRA also
takes note of the high working capital intensity majorly driven
by elongated receivables leading to a stretched liquidity
position as evidenced by the high utilization of the cash credit
limits. The ratings also continue to remain constrained by the
fragmented structure of the industry coupled with a tender based
contract awarding system leading to intense competition from a
large number of players, which puts pressure on margins. KCPL
also remains exposed to the volatility in raw material prices;
though presence of price escalation clause in some contracts
mitigates such risks to an extent.

Going forward, the healthy current order book position is
expected to support the growth in operating income for the next
12-18 months. The ability of the company to timely execute the
projects in hand, secure new orders and effectively manage its
working capital requirements would be the key rating
sensitivities. Scaling up resources, both in terms of machinery
and manpower for the successful execution of the orders, will
remain a key challenge.

Kotarki Constructions Private Limited (KCPL) was incorporated in
the year 2004. It is a family owned and closely held company led
by Mr. Kotarki Shanker who looks after the overall operations,
supported by Mr. Kotraki Prabhurao and Mr. Kotarki Sangamesh
handling project executions and Mr. Kotraki Anand handling
administration. The company was established as a proprietorship
firm in the year 1989, by Mr. Kotraki Shanker and was
reconstituted as private limited company in the year 2004.
Currently, the company undertakes contracts for construction of
roads, bridges, complex, and construction of irrigation canals in
Karnataka. The company has executed orders for various reputed
clients like NHAI (National Highways Authority of India), KRDCL
(Karnataka Road Development Corporation Limited), PWD (Public
Works Department), and KIADB (Karnataka Industrial Area
Development Board) to name a few.

Result Results
For the financial year 2015-16 (as per provisional numbers), the
firm reported a net profit of INR5.6 crore on an operating income
of INR101.1 crore, as against a net profit of INR3.0 crore on an
operating income of INR80.7 crore in 2014-15.


LAKSHMI TRANSFORMERS: CRISIL Ups Rating on INR45MM Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Lakshmi Transformers and Electricals (LTE) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable,' while reaffirming the short-term rating
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          175      CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                   60      CRISIL A4 (Reaffirmed)

   Buyer Credit Limit       45      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Cash Credit              10      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Cash Credit-Book Debt    20      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Letter of Credit         60      CRISIL A4 (Reaffirmed)

The rating upgrade reflects CRISIL's belief that LTE's business
risk profile will continue to improve over the medium term on
account of unexecuted orders in hand. In 2015-16, LTE reported
operating income of over INR400 million in line with CRISILs'
expectation. At present, firm has an outstanding order book of
INR600 million to be executed over next 12-18 months.

CRISIL expects operating income to grow by 5% annually, over the
medium term. The rating upgrade also factors in sufficient
liquidity, reflected in comfortable cushion available in the bank
limit, which was sparingly utilised over 12 months ended May
2016. Also, the firm is expected to generate net cash accruals of
around Rs.4 million in 2016-17 against debt obligation of 0.7
million over the same period. CRISIL expects firm's to maintain
its liquidity over the medium term.

The ratings continue to reflect the large working capital
requirement, modest financial risk profile, marked by modest
debt-protection metrics and scale of operations. These rating
weaknesses are partially offset by extensive experience of
partners in the transformer manufacturing segment.
Outlook: Stable

CRISIL believes LTE will continue to benefit from extensive
industry experience of partners. The outlook may be revised to
'Positive' if improvement in revenue and operating margin lead to
higher-than-expected cash accrual, along with better working
capital management, particularly timely collection of
receivables. Conversely, the outlook may be revised to 'Negative'
if there is pressure on the revenue or profitability, or
deterioration in liquidity resulting from larger-than-expected
working capital requirements, most likely driven by significant
delay in collection of receivables. Large withdrawal of capital
by partners or debt-funded capital expenditure, may also result
in a 'Negative' outlook.

Established in 1991 by Mr. Sanjay Singhal and his family members,
LTE manufactures both power and distribution transformers,
ranging from 10 kilo volt amperes (kVA) to 5000 kVA. Its
manufacturing facilities are in Agra and Haridwar.


MAROLI NH: Ind-Ra Cuts Sr. Project Bank Loan Rating to 'IND BB+'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Maroli NH Road
Private Limited's (MNRPL) USD3.9 million (INR223.9 million) long-
term senior project bank loan to 'IND BB+' from 'IND BBB-'. The
Outlook is Stable.

KEY RATING DRIVERS

Heightened Sponsor Risk: The downgrade reflects the heightened
sponsor risk, due to the recent alleged financial irregularities
in road construction works for Brihanmumbai Municipal Corporation
by MNRPL's sponsor, Relcon Infraprojects (Relcon), and the
subsequent temporary suspension order, which would limit the
company from undertaking new bidding for road projects. The
unconditional and irrevocable guarantee provided by Relcon for
MNRPL to bridge any shortfall in debt service and fund any
additional amount payable from exchange/interest rate
fluctuations is now under increased risk.

Increased Operation Risk: Additionally, the operation and
maintenance risk has increased as the project stretch is
contracted to Sunrise Stone Industries, a sister concern of
Relcon under a fixed-rate operations & maintenance (O&M) contract
for the entire concession period.

Foreign Exchange Risk: The entire debt is in US dollars, 67% of
which is hedged and has lower interest rates than the unhedged
portion. The foreign exchange risk stems from the unhedged
exposure to exchange rate fluctuations. The loan will be
completely amortised one year prior to the date of receipt of the
last annuity (September 2025). The debt service reserve account
equivalent to INR16 million has been funded in the form of a bank
guarantee. The absence of a major maintenance reserve provision
remains a concern.

Moderate Revenue Risk: The rating continues to reflect the
revenue risk stemming from the uncertainty regarding timely
annuity receipt from the Government of Gujarat (GoG). MNRPL's
credit profile is driven primarily by fixed, pre-agreed semi-
annual annuities (INR26.64m each) received from the Roads and
Buildings Department, GoG in March and September each year. An
interval of 25 days between the scheduled date of receipt of
every annuity and debt repayment every six months (March and
September every year) provides some room for possible delays in
the receipt of annuity from GoG. Ind-Ra's base case assumes
receipt of 95% of annuity each year in its projections.

RATING SENSITIVITIES

Positive: The sustained receipt of annuities on time and in full
could result in a rating upgrade.

Negative: Any material delays in the receipt of the annuity or
adverse changes in currency and interest, along with absent
sponsor support, could result in a negative rating action.

COMPANY PROFILE

MNRPL is a special purpose vehicle promoted by Relcon. It has
been incorporated to implement two-laning of the NH - Maroli
section under a design, build, finance, operate and transfer
(annuity basis) model under a 13-year concession by the Roads and
Buildings Department, GoG.


MEGA BOLLYWOOD: ICRA Withdraws B- Rating on INR32cr Bank Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- assigned to
the INR32.00 crore bank facilities of Mega Bollywood Private
Limited which was under the notice for withdrawal. The rating is
withdrawn as the period of notice for withdrawal is completed.


METEXIM (SOURCING): ICRA Assigns B+ Rating to INR0.25cr LT Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR0.25
crore term- loans and a short-term rating of [ICRA]A4 to the
INR4.75 crore fund based facilities of Metexim (Sourcing) Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term loan           0.25      [ICRA]B+/Assigned
   Short-term, Fund
   based facilities         4.75      [ICRA]A4/Assigned

The assigned ratings takes into account the established track
record of the company in the precision engineering industry; and
the considerable experience of the management spanning over two
decades in the business. The ratings also factor in Metexim's
established relationship with its reputed customers in the auto
and other manufacturing segment with healthy repeat orders
providing revenue visibility. ICRA also takes note of the
favourable demand prospects for automobile segment over the
medium term. The ratings also consider the stringent quality
requirements in the precision engineering industry, which serves
as effective entry barriers, and protects margins to an extent.

The ratings are, however, constrained by Metexim's moderate scale
of operations which limits economies of scale benefits; and its
modest equity base leading to highly leveraged capital structure
and an elevated Total Outside Liabilities to Tangible Net Worth
(TOL:TNW) ratio. The ratings also take into account the high
customer concentration of Metexim's revenues, although partly
mitigated by the established market position and healthy
financial risk profile of its major customers. The ratings also
take note of the vulnerability of Metexim's profitability to the
fluctuations in raw material prices and foreign exchange rates;
and the exposure to the inherent cyclicality in end-user
industries.

Metexim (Sourcing) Private Limited was incorporated in the year
1983 as Monank Leasing & Investments Private Limited- then
involved in the financial intermediation business. It was renamed
to its present form in the late 90's and operates in the
engineering segment. The company supplies precision engineered
components to Tier-I OEMs in India and also exports to US, Europe
and Japan. It currently operates out of its ISO 9001:2008
certified facility at Thirumazhisai near Chennai with adequate
machinery based comprising vertical and horizontal machining
centres, CNC single and double spindle lathes, and various boring
and cutting machines. The daily operations of the company are
managed by Mr. Sailesh Mehta and Ashish Mehta.

Recent Results:
For the year ended FY 2016, Metexim provisionally reported a PAT
of INR0.6 crore on an operating income of INR27.5 crore as
against a PAT of INR0.3 crore on an operating income of INR26.7
crore, in FY 2015.


MILESTONES ENGINEERING: ICRA Reaffirms B+ INR1.20cr Loan Rating
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR1.20 crore, fund-based bank facilities of Milestones
Engineering Private Limited (MEPL). ICRA has also reaffirmed its
short-term rating of [ICRA]A4 on the company's INR5.25 crore,
non-fund based bank facilities.

                               Amount
   Facilities               (INR crore)    Ratings
   ----------               -----------    -------
   Fund-based facilities        1.20       [ICRA]B+; reaffirmed
   Non-Fund-based facilities    5.25       [ICRA]A4; reaffirmed

ICRA's ratings reaffirmation continue to take into account MEPL's
modest scale of operations, the moderate size of its order book
and continued slowdown in the real estate market which has led to
moderation in order inflows. The ratings are also constrained on
account of its top two customers accounting for ~63% of the
pending order book, leading to substantial execution exposure to
these entities. The ratings, however, continue to favorably
factor in the company's comfortable gearing at 0.23x as on March
31, 2016 owing to high net worth on account of gradual accretion
to reserves. Also, the ratings derive strength from MEPL's
experienced promoters who (through several group companies) have
an established track-record of operations in the industry, having
been associated with several reputed clients in the past.
Further, the ratings also factor in the operational synergies in
the form of cross-selling and raw-material purchases, derived
from the presence of group companies in similar lines of
businesses.
In ICRA's view, the company's ability to improve its operating
scale and improve its operating profitability margins and attain
an optimal working-capital cycle will be the key rating
sensitivities.

Incorporated in 1984, MEPL is a part of the Delhi-based Milestone
group, promoted by Mr. S.K. Aggarwal and his family members. MEPL
is a closely-held company engaged in providing turnkey
installation services for electrification of industrial/
commercial establishments. The company's scope of services
includes providing concept, basic design, detailed engineering,
supply of materials, erection at site, testing/ commissioning and
operation and maintenance of systems like power distribution,
lighting systems etc.

Recent Results
The company reported, on a provisional basis, a net profit of
INR0.35 crore on an operating income of INR8.24 crore in FY 2015-
16, as against a net profit of INR0.38 crore on an operating
income of INR8.58 crore in the previous year.


MISHRILAL ASSOCIATES: Ind-Ra Suspends 'IND B' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mishrilal
Associates Private Limited's (MLAPL) 'IND B' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. The
rating will now appear as 'IND B(suspended)' on the agency's
website.

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



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.

MLAPL's ratings:

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

-- INR15.00 million fund-based working capital limits: migrated
    to 'IND B(suspended)' from 'IND B' and 'IND A4(suspended)'  -
    from 'IND A4'

-- INR50.25 million non-fund-based working capital limits:
    migrated to 'IND A4(suspended)' from 'IND A4'


NAMASTHETU INFRATECH: ICRA Reaffirms B Rating on INR3cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating outstanding on the
INR4.00 crore fund based bank facilities of Namasthetu Infratech
Private Limited (NIPL) at [ICRA]B. ICRA has also re-affirmed the
short term rating outstanding on the INR8.00 crore non-fund based
bank facilities of NIPL at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits        3.00       [ICRA]B Reaffirmed;
   Rated on Long-Term                  Suspension revoked
   Scale Cash Credit

   Other proposed limit     1.00       [ICRA]B Reaffirmed;
                                       Suspension revoked

   Bank Guarantee           8.00       [ICRA]A4 Reaffirmed;
                                       Suspension revoked

The ratings re-affirmation takes into account the company's
modest scale of operations and project concentration risk with
61% of the order book being attributable to top three orders (top
order constitutes 26% of total order book) and decline in
operating margins of the company in FY 2016. The ratings are
further constrained by the vulnerability of firm's profitability
to fluctuation in raw material prices for projects with absence
of price escalation clause and high competitive intensity in
civil construction business resulting in pressure on margins.
The assigned ratings, however, favourably factor in the vast
experience of the promoter in the civil construction industry,
strong growth in operating income (~51%) in FY2016 and
comfortable gearing level. ICRA also notes the company's healthy
order book position of 67.27 crore as on May 31, 2016 (1.94x of
FY2016 Operating Income) which reflects medium term revenue
visibility.

Going forward, considering the competitive intensity in civil
construction business, the ability of the firm to secure regular
orders to grow in scale & improve profitability and maintain a
satisfactory track-record with respect to timely execution of the
projects on hand remains important from credit perspective.

Namasthetu Infratech Private Limited (NIPL) (erst. B.K. Infratech
Private Limited) was incorporated in 2006. The company is engaged
in civil construction activities such as - construction and
repairs of airport runways, expansion and modification of
terminal buildings, construction of sewage disposal systems,
walls for government organizations etc.

BKIPL was founded by technocrats proficient in the construction
industry, and widely experienced in handling construction
projects. The company is promoted by Mr. Ranjit Bhake, who has an
experience of more than a decade in civil construction industry.


NEOTECH EDUCATION: ICRA Lowers Rating on INR15.90cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR15.90
crore (reduced from INR18.22 crore) fund based facilities of
Neotech Education Foundation (NEF) to [ICRA]D from [ICRA]C.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loans              15.90        Revised to [ICRA]D
                                        from [ICRA]C

Rating Rationale

The revision in rating takes into account the delays in debt
servicing as a result of liquidity constraints arising due to
delays in commissioning of project and aligned cost overruns
coupled with lower than expected fresh enrollments in the degree
course. The rating is further constrained by the relatively small
scale of company's operations as well as weak financial profile
of the company as characterized by adverse capital structure and
modest debt coverage indicators. The rating continues to be
constrained by the start up nature of the college which makes it
difficult to recruit competent academic staff and secure adequate
enrolments as well as high competitive intensity due to the
presence of other educational institutions in the nearby regions.
The rating, however, takes note of the long experience of the
promoters in the education business through other colleges.

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. At
present, the college offers civil, electrical and mechanical
engineering courses at undergraduate level to a total of 480
students per batch and Diploma to Degree courses to a total of
100 students per batch. Additionally, the college also started
offering Diploma courses in civil, computer, electrical and
mechanical streams with the total intake of 300 students per
batch from academic year 2014-15.

Recent Results
For year ended on March 31, 2015, NEF has reported an operating
income of INR4.23 crore and a net loss of INR2.35 crore as
against an operating income of INR1.38 crore and a net loss of
INR2.00 crore for the year ended March 31, 2014. Further, for the
year ended March 31, 2016, the company has reported an operating
income of INR7.44 crore and profit after tax of INR1.37 crore.


NEW HARYANA: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated New Haryana
Overseas' (NHOV) '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 of NHOV.

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.

NHOV's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR95 million fund-based working capital limit: migrated to
    Long-term 'IND B+(suspended)' from 'IND B+' and Short-term
    'IND A4(suspended)' from 'IND A4'
-- Proposed INR45 million fund-based working capital limit:
    Long-term 'Provisional IND B+' and Short-term 'Provisional
    IND A4'; ratings withdrawn as the company did not proceed
    with the debt instrument as envisaged


PINNACLE VENTURES: Sebi Orders Attachment of Bank, Demat Accounts
-----------------------------------------------------------------
The Times of India reports that the Securities and Exchange Board
of India (Sebi) has ordered attachment of bank and demat accounts
of Pinnacle Ventures India and its eight directors as part of
steps to recover dues of INR3.85 crore.

The dues include fine imposed on the firm along with interest,
charges, expenses and other costs for violation of norms, the
report says.

TOI relates that the order came after the company failed to
refund money collected illegally from investors by issuing
preference shares during 2011-12 and 2012-13, collecting around
INR3.85 crore.

In an attachment order, Sebi has directed banks to attach all
accounts including lockers held by the company and its directors,
the report discloses.

Similarly, the regulator has directed depositories -- NSDL and
CDSL -- to attach all demat accounts of the defaulters, TOI
states.

According to the report, the watchdog has also asked for various
details of the accounts held by the entities, including account
statements.

The markets regulator has been given powers to attach properties
and bank accounts, among other things, of persons and entities
which have failed to comply with directions involving payment of
penalties and other dues, adds TOI.


PRAVEEN ELECTRICAL: ICRA Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.0
crore fund based facilities and INR9.0 crore (enhanced from
INR3.0 crore) non-fund based facilities of Praveen Electrical
Works at [ICRA]B+. ICRA has also reaffirmed the long term rating
of [ICRA]B+ and the short term rating of [ICRA]A4 assigned to the
INR6.0 crore (enhanced from INR2.0 crore) proposed facilities of
the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund
   Based Limits            5.00         [ICRA]B+ reaffirmed

   Long-Term Non
   Fund Based Limits       9.00         [ICRA]B+ reaffirmed

   Proposed Limits         6.00         [ICRA]B+/A4 reaffirmed

The ratings take into account the small scale of operations in a
highly fragmented and competitive nature of industry that limits
the financial and operating flexibility to an extent and the
moderate financial profile of the firm marked by low profit
margins and stretched liquidity position due to delayed payments
from the customers, in turn, resulting in high utilisation with
few instances of over utilisation of the sanctioned working
capital limits. The ratings factor in the geographical
concentration risk of the firm with operations concentrated in
the state of Karnataka and exposure to volatility in raw material
prices with absence of price escalation clause in majority of its
contracts.

The ratings are, however, supported by the long standing
experience of the promoter of more than 20 years in executing
electrical contracts and the strong relationship that the firm
has established with its client base consisting of government
authorities. The rating takes into account the healthy order book
position of the firm and the strong track record of timely order
execution that support growth prospects. The rating also factors
in the improvement in the capital structure and the coverage
indicators in the recent years on account of healthy operating
accruals and reduction in the debt level.

The ability of the firm to scale up its operations while managing
healthy liquidity position will remain the key rating
monitorable.

Praveen Electrical Works was established as a proprietorship firm
in the year 1994 by Mr. Prakash. C. Angadi. The firm is an
electrical contractor and is a registered Class I contractor with
Government of Karnataka. The firm undertakes internal and
external electrification works and caters to various Government
departments in Karnataka such as Hubli Electricity Supply Company
Limited, Karnataka Slum Development Board, Public Works
Department and The Karnataka Power Transmission Corporation
Limited among others.

Recent Results
During 2014-15, the firm reported a net profit of INR1.4 crore on
an operating income of INR32.0 crore as against a net profit of
INR0.8 crore on an operating income of INR21.6 crore during 2013-
14. As per the unaudited financials, the firm reported a net
profit of INR1.6 crore on an operating income of INR35.2 crore
during 2015-16.


PRIME RENEWABLES: Weak Financial Strength Cues ICRA SP 3D Grading
-----------------------------------------------------------------
ICRA has assigned 'SP 3D grading to Prime Renewables Private
Limited (PRPL), which indicates 'Moderate Performance Capability'
and 'Weak Financial Strength' of the channel partner & "Solar
Photovoltaic System Integrator" to undertake "On Grid Solar
Rooftop Power Projects" and "Off Grid and Decentralized Solar
Applications." The grading is valid for a period of two years
from June 10, 2016 after which it will be kept under
surveillance.

Grading Drivers
Strengths existing clients

Risk Factors

* Limited track record of operations with ability to execute
large project remain to be seen
* Order book concentrated to a single project; any deferment in
execution can hamper revenue bookings of the company
* High competitive pressures from large number of
organized/unorganized players
* Stretched capital structure with gearing of 3.5x in FY2016;
though debt is in the form of unsecured loans from the promoters
* Small balance sheet size limits the financial flexibility
* Small scale of operations

Fact Sheet

Year of Incorporation
2015

Office Address
Galaxy Square, 3rd Floor, Nana Peth, Pune 411 002

Board of Directors
Mr Nilesh Laddad
Mr Uday Datye
Mr Bhagwan Jaju
Mrs Smita Inamdar

Prime Renewables Private Limited (PRPL) is engaged in solar
system designing and installation with the help of PV
polycrystalline solar panels and grid tie inverters. The
principle area of operation remains roof top on & off grid solar
systems. The firm has installed ~180 KW solar capacities in its
first year of operations, with Bavaria Motors being the key
client (105KW capacity).

* Promoter Track Record: Established in 2015, Prime Renewables
Private Limited ('PRPL') is engaged in installation,
commissioning and maintenance of Solar Photovoltaic Systems. The
company does not have any manufacturing unit, and most of the
assembling takes place at the site location. As a system
integrator, since its commencement of operations, the company has
installed ~ 180KW of solar power capacity for private
organizations. The company has installed multiple solar systems
which include installation of rooftop solar panels, on and off
grid solar PV applications etc.

* Technical competence and adequacy of manpower: The company has
manpower with experience in related industries. It currently has
around 22 employees on board, and plans to recruit additional
workforce as the gradual expansion takes place.

* Quality of suppliers and tie ups: The Company has standard
frameworks to work with vendors/contractors and evaluates them
based on product certifications, quality parameters, financial
strength, capacity and the service levels which suppliers can
provide. Suppliers of solar panels are based out of Gujarat and
Maharashtra.

* Customer and O&M Network: PRPL is currently engaged in
projects for private players only. All the projects have battery
back-up and 3 years of warranty for the module and battery and 25
years for solar panels. PRPL provides good service support and
maintenance is done on monthly basis for each project. The
company offers a two year warranty period post-installation,
during which no maintenance charges are imposed. It also plans to
roll out annual maintenance contracts (AMCs) after the conclusion
of warranty period.


RAINBOW GRAINS: CRISIL Reaffirms 'B' Rating on INR65MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rainbow
Grains Private Limited (RGPL) continues to reflect a nascent
stage of operations in the highly fragmented rice industry,
customer concentration in revenue, a weak financial risk profile
because of high total outside liabilities to tangible net worth
ratio, and working capital-intensive-operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit-Book
   Debt                     25       CRISIL B/Stable (Reaffirmed)

   Cash Credit-Stock        65       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       60       CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the basmati rice
industry, their funding support, and established relationship
with a key customer.
Outlook: Stable

CRISIL believes RGPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile due to capital
infusion, higher-than-expected cash accrual, and a better working
capital cycle.  The outlook may be revised to 'Negative' in case
of deterioration in the financial risk profile because of
substantial working capital requirement, sizeable debt-funded
capital expenditure, or lower-than-expected cash accrual.

RGPL was established in March 2014 by Mr Sunil Kumar Bakshi, Mr
Pritpal Singh, and Mr Ravdeep Singh. It processes paddy into rice
at Kotakpura, Punjab. Its registered office is in Delhi.


RAMI REDDY: CRISIL Assigns 'B' Rating to INR150MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Rami Reddy Constructions (RRC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL B/Stable

The rating reflects the low booking progress and susceptibility
to risks, related to successful implementation of ongoing
projects and cyclicality in the real estate sector. The rating
also factors in the below-average financial risk profile, marked
by a weak capital structure. These rating weaknesses are
partially offset by extensive industry experience of partners in
the real estate market of Hyderabad.
Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
experience of partners in the real estate sector. The outlook may
be revised to 'Positive' if substantial realisations from ongoing
projects lead to a sharp rise in cash flows and lower debt. The
outlook may be revised to 'Negative' if the firm faces delays in
project completion or receipt of customer advances, is unable to
sell ongoing projects, or if it undertakes huge, debt-funded
projects.

Set up in 2006, RRC is a partnership firm, engaged in residential
real estate development in Hyderabad. The firm has been promoted
by Mr PSV Rami Reddy and Mrs PVR Laxmi.


RELIANCE RETAIL: May Wind Up Jewellery Business
-----------------------------------------------
The Times of India reports that Reliance Retail may soon exit its
jewellery business in the face of stiff competition from regional
players.  The company operates a chain of jewellery stores under
Reliance Jewels brand with more than 50 outlets under its belt.

TOI relates that Reliance Retail, the retail arm of Reliance
Industries, has shut around 10 Reliance Jewels stores, including
some of its flagship outlets such as the ones on Hughes's Road
near Ambani's 27-storey home Antilia in South Mumbai and on Park
Street, Kolkata's iconic high street.

A Reliance Retail spokesperson did not respond to an email from
TOI.

"Reliance Jewels has not been able to create a dent in the
domestic jewellery market, which requires a brand to remain
committed for years. In the meanwhile, regional players started
expanding fast," TOI quotes people familiar with the development
as saying.  "They are in the process of shutting more stores and
may wind up the business in the next two years."

TOI notes that the country's jewellery market, estimated at
around INR3.5 lakh crore by All India Gems & Jewellery Trade
Federation, witnessed several regional jewellery brands including
Kerala-based Kalyan Jewellers, Delhi's PC Jewellers, Kolkata's
Senco and Mumbai's Tribhovandas Bhimji Zaveri spread their
presence across the country. Some of them, such as Senco and
Kalyan, have done so on the back of PE money.

For instance, the domestic arm of US PE firm Warburg Pincus
picked up a minority stake in Kalyan for around INR1,200 crore in
2014.


RUBY BUS: ICRA Suspends 'B/A4' Rating on INR54.99cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 ratings assigned to the
INR54.99 crore limits of Ruby Bus Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non cooperation from the company.

Ruby Bus Private Limited (RBPL) was incorporated in the year 1947
and has been a part of the Indian bus body building industry for
over six decades. The company which is engaged in the business of
building bus bodies was promoted by late Mr. Shantilal Kapashi,
grandfather of the current Managing Director Mr. Pankaj Kapashi.
Headquartered in Mumbai, the company has manufacturing facilities
set up at Naroda, Ahmedabad, and has the capacity and
infrastructure to produce 3000 bus bodies per annum. Over the
years, the company has registered exports of more than 16,000
vehicles to various countries like Sri Lanka, Afghanistan, Ghana,
among many others.


SAFARI INDUSTRIES: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Safari
Industries (India) Limited's (SIIL) '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. A full list of rating actions is at the end of this
commentary.

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

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.

SIIL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'/Stable
-- INR164 million fund-based limits: migrated to Long-term 'IND
    BB+(suspended)' from 'IND BB+'/Stable and Short-term 'IND
    A4+(suspended)' from 'IND A4+'
-- INR200 million non-fund-based limits: migrated to Long-term
    'IND BB+(suspended)' from 'IND BB+'/Stable and Short-term
    'IND A4+(suspended)' from 'IND A4+'


SENGUNTHAR MILLS: CRISIL Reaffirms B- Rating on INR90MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sengunthar Mills
Private Limited (SMPL) continue to reflect the company's modest
scale of operations, its susceptibility to volatility in raw
material prices, and its below-average financial risk profile.
These weaknesses are partially offset by its promoters' extensive
experience in the cotton yarn industry, and their funding
support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            90        CRISIL B-/Stable (Reaffirmed)
   Long Term Loan         24.7      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in
the company's revenue and profitability leading to better
liquidity. Conversely, the outlook may be revised to 'Negative'
if SMPL undertakes any large debt-funded capital expenditure, or
registers operating losses going forward, or if its working
capital cycle lengthens, weakening its liquidity.

Update
SMPL had estimated revenue of INR240 million in fiscal 2016, down
33% year-on-year on account of reducing realisations from cotton
yarn and increasing competition. The company incurred an
operating loss in fiscal 2016 because of reduced realisations
resulting in inventory loss, one-time severance package offered
to old employees, and high power costs. The operating margin is
expected to improve over the medium term with expected increase
in cotton yarn prices, and lower employee and power costs.

The company's operations remain working capital intensive,
reflected in estimated gross current assets of 100 days as on
March 31, 2016, driven by large receivables and inventory.

SMPL has weak liquidity because of inadequate cash accrual to
meet term debt obligation, and high bank limit utilisation.
However, the liquidity is supported by need-based funds from
promoters.

SMPL was set up in 1980 by Mr K S A Kandasamy Mudaliar and Mr T N
Thiruvenkadam and their relatives. It manufactures cotton yarn at
its facility at Tiruchengode in Tamil Nadu. Mr. T N Thiruvenkadam
has been engaged in a similar business for three decades. The
company has wind power generators with combined capacity of 2.95
megawatt.

SMPL reported a loss of Rs.17.0 million on total revenue of
Rs.363.16 million for 2014-15 (refers to financial year, April 1
to March 31), against a loss of Rs.1.95 million on total revenue
of Rs.393.16 million for 2013-14. For 2015-16, the company is
estimated to have reported revenues around Rs. 240 million.


SHIVSHAKTI BARRELS: Ind-Ra Suspends 'IND B+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shivshakti
Barrels Pvt Ltd's (SBPL) 'IND B+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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.

SBPL's Ratings:


-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable,
-- INR45 million fund-based limits: migrated to 'IND
    B+(suspended)'from 'IND B+'
-- INR1.88 million term loan: migrated to 'IND B+ (suspended)'
    from 'IND B+'
-- INR13.5 million non-fund-based working capital limit:
    migrated to 'IND A4(suspended)'from 'IND A4'


SHREE CERAMIC: CRISIL Ups Rating on INR65MM Cash Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shree Ceramic Fibers Private Limited (SCFPL) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable.

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

   Long Term Loan          35        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects steady improvement in business risk
profile with compounded annual growth of over 30 per cent in the
past three years and moderate margins of around 15 per cent. The
company has been able to establish such growth on the back of
healthy demand and its relationship with customers. SCFPL is
adding 5000 MTPA of capacities from current 2000 MTPA, which is
expected to be operational in the last quarter of 2016-17. This
new capacity will give substantial growth to the scale of SCFPL
over the medium term. Furthermore, the new capacities are capable
of manufacturing soluble ceramic, which is a value added product
with high margins. Increased acceptance of this value added
product will also lead to increased margins for the company over
the medium term. The financial risk profile of the company is
moderate with gearing of 1.55 times as on March 31, 2016, which
is expected to increase to around 2.5 times as on March 31, 2017,
however will come down with repayments over the medium term.

The ratings continue to reflect the benefits that SCFPL derives
from its promoters' extensive experience in the insulation
industry and favorable demand prospects for its products because
of use in multiple end-user industries. These rating weaknesses
are partially offset by SCFPL's moderate scale of operations, its
exposure to risks related to its ongoing capacity expansion
project and its average financial risk profile with moderate
gearing, modest net worth and average debt protection metrics.
Outlook: Stable

CRISIL believes that SCFPL will benefit from its promoters'
extensive experience in the insulation industry and favorable
demand prospects for its products. The outlook may be revised to
'Positive' if the company scales up operations post capex while
maintaining profitability, thereby improving cash accrual while
sustaining its capital structure. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in the company's
financial risk profile, particularly its liquidity, most likely
because of lower-than-expected ramp-up in sales after expansion
or delay in project implementation or stretch in working capital
cycle.

Incorporated in August 2011, SCFPL is promoted by Mr. Anadkumar
Tiwari and his two sons Mr. Amit Tiwari and Mr. Anupam Tiwari.
SCFPL engages in manufacturing of insulating materials such as
ceramic fibres. The unit commenced commercial operations in
January 2013. The company is adding about 5000 MTPA to its
installed capacity in 2016-17 increasing it from 2000 MTPA.


SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR80MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on bank facilities of Shri Bhagyodaya Metals
Private Limited (SBMPL) continue to reflect the modest scale of
operations, amidst intense competition in the utensil
manufacturing industry, and volatility in sales, given the
tender-based nature of business.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)

   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        30       CRISIL A4 (Reaffirmed)

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

The ratings also factor in the below-average financial risk
profile, marked by small networth. These rating weaknesses are
partially offset by extensive industry experience of promoters
and integrated operations, resulting in strong operating
efficiencies.
Outlook: Stable

CRISIL believes that SBMPL will continue to benefit from
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if an equity infusion by promoters improves
networth and/or considerable growth in topline and operating
margin leads to substantial accretion to reserves. The outlook
may be revised to 'Negative' if the financial risk profile,
particularly liquidity, weakens, most likely due to a sizeable
increase in working capital requirement, decline in operating
margin or large, debt-funded capital expenditure.

SBMPL was set up in 1990 by Mr. Sheshmal Shah and his family,
based in Ahmedabad. The company manufactures stainless steel
utensils and sells them under the, 'Bharat' brand to various
traders/dealers in Gujarat. The company regularly bids for
tenders from various government organisations.


SHYAMSHREE RESIDENCY: CRISIL Rates INR7MM Cash Credit at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Shyamshree Residency Private Limited (SRPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Letter of
   Credit                   2       CRISIL A4
   Bank Guarantee          71       CRISIL A4
   Cash Credit              7       CRISIL B+/Stable

The rating reflects the modest scale of operations, exposure to
risks related to tender-based business and average financial risk
profile, due to small networth and large working capital
requirement. These rating weaknesses are partially offset by
industry experience of promoters and funding support received
from them, and the moderate order book that renders revenue
visibility.
Outlook: Stable

CRISIL believes that SRPL will continue to benefit from
experience of promoters and the moderate order book. The outlook
may be revised to 'Positive,' if substantial increase in scale of
operations, amidst stable profitability, leads to sizable cash
accrual. The outlook may be revised to 'Negative' if lower-than-
expected cash accrual, or a stretched working capital cycle,
weakens the financial risk profile, especially liquidity.

Incorporated in 2006 by promoter Mr Saket Agarwal and his family
members, SRPL erects and commissions transmission and
distribution lines and manufactures PSC poles required for this
purpose. The company, based out of Madhya Pradesh, currently has
electrification contracts in Panna and Gadh districts.


SINHA COLD: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sinha Cold
Storage & Warehouse Company Private Limited's (Sinha) '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 Sinha.

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.

Sinha's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR12 million long-term loans: migrated to Long-term 'IND
    D(suspended)' from Long-term 'IND D'
-- INR45.1 million fund-based working capital limits: migrated
    to Long-term/Short-term 'IND D(suspended)' from Long-
    term/Short-term 'IND D'
-- INR1.5 million non-fund-based working capital credit limits:
    migrated to Short-term 'IND D(suspended)' from Short-term
    'IND D'


SIRSA BANSIVAT: CRISIL Assigns 'B' Rating to INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of The Sirsa Bansivat Cooperative Labour And
Construction Society Limited (Sirsa).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          45        CRISIL A4
   Cash Credit             30        CRISIL B/Stable

The rating factors in Sirsa's modest scale and working capital
intensive nature of operations and its average financial risk
profile, marked by high gearing and average debt protection
metrics. These rating weakness are partially offset by Sirsa's
promoter's extensive industry experience.
Outlook: Stable

CRISIL believes that the Sirsa will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established customer relationships. The outlook may
be revised to 'Positive' if the society's scale of operations and
profitability improves substantially, leading to more-than-
expected cash accruals or in case of any significant equity
infusion. Conversely, the outlook may be revised to 'Negative' in
case of any significant pressure on the company's liquidity due
to stretch in receivables.

Setup in 2005, The Sirsa Bansivat Co-operative Labour and
Construction Society Limited. (Sirsa) is engaged in providing
manpower supply business to various electricity departments in
Haryana. The company currently has contracts with three boards
i,e Dakhin Haryana Bijli Vitran Nigam (DHBVNL), Haryana Vidyut
Prasaran Nigam Limited (HVPNL) and Uttar Haryana Bijli Vitran
Nigam (UHBVN).


SRI K.VENKAT: Ind-Ra Affirms 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri K.Venkat
Narasimha Reddy's (KVN Reddy) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable. A full list of rating actions
is at the end of the commentary.

KEY RATING DRIVERS

The affirmation reflects the company's continued weak liquidity
position as reflected by its more than 100% use of its working
capital limits which were regularized in 5-12 days during the
past 12 months ended June 2016. The ratings also factor in the
company's small scale of operations as reflected by its revenue
of INR479 million according to provisional financials for FY16
(FY15: INR154 million) and its proprietorship nature of business.

The ratings, however, derive support from the strong credit
metrics with interest coverage (operating EBITDA/gross interest
expense) of 8.2x and net financial leverage (total adjusted net
debt/operating EBITDAR) of 0.5x according to the provisional
financials for FY16 and the proprietor's two decades of
experience in the construction business.

RATING SENSITIVITIES

Positive: Improvement in liquidity position will be positive for
the ratings.

Negative: Further deterioration in the liquidity will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1998, Sri K.Venkat Narasimha Reddy is a
proprietorship firm engaged in the construction of roads and
other civil works. The firm is managed by Mr K.V.N Reddy. It
receives projects from the various government departments of
Andhra Pradesh and Telengana and has a registered office in
Warangal, Telengana.

KVN Reddy's rating:
-- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
    Stable
-- INR60 million fund-based working capital limits (increased
    from INR30 million): affirmed at 'IND BB-'/Stable
-- INR80 million non-fund-based working capital limits
    (increased from INR25 million): affirmed at 'IND A4+'


SRI PRASANNA: CRISIL Reaffirms 'B' Rating on INR75MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Prasanna Metals
and Alloys (SPMA), continue to reflect the below average
financial risk profile, marked by weak capital structure and
working capital intensive operations. These rating weaknesses are
partially offset by the extensive experience of SPMA's partners
in the steel fabrication industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             75        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        15        CRISIL A4 (Reaffirmed)

CRISIL had on 09th May, 2016 downgraded the long term rating of
SPMA to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and reaffirmed
the short term rating at 'CRISIL A4'.

The rating downgrade reflects weakening of SPMA's financial risk
profile, particularly its liquidity due to weak demand scenario
in the steel fabrication industry. The cash accruals remain
modest and the firm has working capital intensive operations,
thereby leading to stretched liquidity.
Outlook: Stable

CRISIL believes that SPMA will continue to benefit over the
medium term from its partners' extensive experience. The outlook
may be revised to 'Positive' if increase in scale of operations
and profitability strengthen the capital structure and financial
risk profile. The outlook may be revised to 'Negative' if SPMA
undertakes any large debt-funded capital expenditure or the
working capital cycle is stretched further.

SPMA, set up in 2004, is involved in fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by three partners - N Muruganandam, R Manivannan and PS
Veeramani.


SRI SRINIVAS: ICRA Suspends B+ Rating on INR4.0cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR4.00 crore long-term bank facilities and the short-term
rating of [ICRA]A4 assigned to the INR1.00 crore short-term bank
facilities of Sri Srinivas Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SURYA FAB: Ind-Ra Suspends IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Surya Fab's 'IND
BB-' Long-Term Issuer Rating to the suspended category. The
Outlook was Stable. This rating will now appear as 'IND BB-
(suspended)' on the agency's website. Ind-Ra has also migrated
the ratings on Surya Fab's INR70 million fund-based limits to
'IND BB-(suspended)' from 'IND BB-' and 'IND A4+(suspended)' from
'IND A4+'.

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

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.


SWAAA CORPORATION: Ind-Ra Suspends IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Swaaa
Corporation Private Limited's (SCPL) '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 SCPL.

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

SCPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'
-- INR42.5 million fund-based working capital limits: migrated
    to Long-term 'IND D(suspended)' from 'IND D' and Short-term
    'IND D(suspended)' from 'IND D'
-- INR36.6 million term loan: migrated to Long-term
    'IND D (suspended)' from 'IND D'


THIRUVAMBADY DEVASWOM: CRISIL Puts B Rating on INR197.6MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of The Thiruvambady Devaswom (TTD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan        197.6       CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility      2.4       CRISIL B/Stable

The rating reflects the trust's small scale of operations, and
subdued financial risk profile, marked by modest debt protection
metrics. These weaknesses are partially offset by the reputation
of the temple it manages at Thrissur in Kerala, and the extensive
experience of its trustee in organising religious festivals in
Thrissur.
Outlook: Stable

CRISIL believes TTD will continue to benefit from the reputation
of its temple in Thrissur. The outlook may be revised to
'Positive' if the trust's financial risk profile improves, backed
by healthy cash inflow. The outlook may be revised to 'Negative'
if the financial risk profile deteriorates due to larger-than-
expected debt-funded capital expenditure.

TTD was set up by Mr Hariharsudhan to manage the Thiruvambady
temple in Thrissur. The trust organises the Thrissur Pooram
festival, among other festivals.


TILAK RAM: CRISIL Reaffirms 'B' Rating on INR150MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities Tilak Ram Babu
Ram Private Limited (TRBR) continues to reflect the company's
limited pricing flexibility in the highly competitive and
fragmented cotton ginning and trading industry, and the
susceptibility of its operating margin to volatility in cotton
prices.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       40       CRISIL B/Stable (Reaffirmed)

The rating also factors in its weak financial risk profile
because of its modest networth and high gearing. These weaknesses
are partially offset by the extensive experience of its promoter
in the cotton industry, and its established relationships with
customers and suppliers.
Outlook: Stable

CRISIL believes TRBR will continue to benefit from its promoter's
extensive industry experience, and its established relationships
with customers and suppliers. The outlook may be revised to
'Positive' if the company increases its scale of operations
substantially, while improving its profitability and capital
structure. The outlook may be revised to 'Negative' if its
profitability declines because of adverse movements in cotton
prices, weakening its financial risk profile.

TRBR, incorporated in 2012, is promoted by Haryana-based Mr. Raj
Kumar Garg. In April 2013, TRBR acquired Tilak Industries, the
promoter's proprietorship firm established in 1992 in Tohna,
Haryana. TRBR gins cotton and trades in cotton bales. It derives
70% of its revenue from trading in cotton bales, and the rest
from ginning. Its manufacturing unit is at Tohna, and has
capacity of 200 bales per day.


TIWANA OIL: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tiwana Oil Mills
Private Limited's (TOMPL) '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 TOMPL.

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.

TOMPL's ratings are as follows:
-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/Stable
-- INR15.06 million term loan: migrated to 'IND BB(suspended)'
    from 'IND BB'
-- INR82.50 million fund-based working capital limits: migrated
    to 'IND BB(suspended)' from 'IND BB'


TREADSTONE LIMITED: ICRA Suspends 'B' Rating on INR8.10cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR8.10 crore fund based limits and the long term rating of
[ICRA] B assigned to the INR1.90 crore unallocated limits of M/s
Treadstone Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


UNIVERSAL ASSOCIATES: CRISIL Cuts Rating on INR130MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Universal Associates (UAS) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           85       CRISIL D (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             130       CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating reflects UAS' delays in servicing its debt on account
of stretch in working capital and liquidity.

The firm has working-capital-intensive operations, limited
revenue diversity, and exposure to risks relating to tender-based
nature and small scale of operations. However, it benefits from
the experience of partners.

UAS was set up in 1987 as a partnership concern. The firm
undertakes civil construction works with road construction being
its main revenue contributor. Based in Bhavnagar (Gujarat), it
undertakes contracts for departments of the Gujarat government in
and around the Bhavnagar region. It has 'Class AA' certification
for road construction. The firm is managed by Mr. Rajnikant Patel
and his son, Mr. Bhavik Patel.


VENKATA BHAGYALAKSHMI: Ind-Ra Suspends 'IND B' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Venkata
BhagyaLakshmi Raw & Boiled Rice Mill's (VBLR) 'IND B' Long-Term
Issuer Rating to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND B(suspended)' on the agency's
website.

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

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.

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

-- INR50 million fund-based working capital limits: migrated to
    Long-term 'IND B(suspended)' from 'IND B'/Stable and Short-
    term 'IND A4(suspended)' from 'IND A4'

-- INR61 million term loan: migrated to 'IND B(suspended)' from
    'IND B'/Stable



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


SPAZIO CASA: In Liquidation; First Meeting Set For Aug. 19
----------------------------------------------------------
Stuff.co.nz reports that bathroomware company Spazio Casa has
been placed into liquidation.

According to a public notice, an application for liquidation was
filed on July 6, the report says.

Stuff.co.nz relates that the company could not be reached for
comment and the law firm representing the plaintiffs, RMY Legal
in New Plymouth, refused to comment, citing client
confidentiality.

It's not the first time Spazio Casa has got into trouble,
Stuff.co.nz notes.

In 2011, the company admitted multiple breaches of the Fair
Trading Act, including making false claims about where its
products came from, Stuff.co.nz recalls.

According to Stuff.co.nz, a Commerce Commission investigation
found 60% of the company's products were manufactured in China
while Spazio Casa gave the impression that its products came from
Italy.

It also advertised its products as unique when some were readily
available from competitors, and it misled customers by failing to
adequately disclose that prices advertised were GST exclusive,
the report says.

In 2015 a former employee spent seven months on home detention
after she was wrongly accused of theft, Stuff.co.nz recalls.

Stuff.co.nz relates that former Spazio Casa director Paulo
Cozzolino accused Auckland mother-of-three Rachel Wilkinson of
taking NZ$40,000 worth of bathroom products and selling them on
Trade Me.

Ms. Wilkinson was acquitted at a retrial when ex-franchisees of
the company came forward to counter the claims of Cozzolino, the
report notes.

The company's liquidation hearing will be held at the Auckland
High Court on August 19, Stuff.co.nz discloses.


VALLEYGIRL NZ: Fashion Retailer Placed in Receivership
------------------------------------------------------
Catherine Harris at Stuff.co.nz reports that fashion retail
chains Valleygirl and Temt are now in receivership.

Stuff.co.nz relates that Conor McElhinney --
cmcelhinney@mcgrathnicol.com -- of McGrath Nichol said he was
appointed late on July 26 and still assessing ValleyGirl NZ's
situation.

The company, which has about 40 stores in New Zealand, went into
voluntary administration on July 22, the report notes.

It was run out of Australia where two associated companies which
supplied the New Zealand stores with stock have been put into
liquidation, according to Stuff.co.nz.

The associated companies ran two retail chains in Australia,
Paper Scissors and Chicabooti.

According to the report, Mr. McElhinney said he could not yet say
how many staff the New Zealand Valley Girl and Temt chains
employed but they were owed wages.

Most of the stores were still open "but with employees not being
paid I couldn't confirm whether they are all currently open".

Earlier this week, administrator Stewart Free --
StewartF@jirschsutherland.com.au -- of Jirsch Sutherland said the
New Zealand company had suffered from a fall in trading and
problems securing stock. Creditors, particularly landlords, had
been left unpaid.

"We are currently investigating the best options for preserving
the business operations, which include investigating a potential
sale of the business, and by virtue trying to ensure that
employees are best looked after," the report quotes Mr. Free as
saying.

Administrators work to keep a company operating, often finding a
new buyer, while receivers step in ahead of administrators to act
in creditors' interests, Stuff.co.nz notes.

The New Zealand company is separate from Valley Girl in Australia
although the owners of the companies are believed to have family
ties, says Stuff.co.nz.



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


BANCO FILIPINO: Court of Appeals Rejects Corporate Life Extension
-----------------------------------------------------------------
Vince Alvic Alexis F. Nonato at Businessworld reports that the
Court of Appeals (CA) has dismissed the petition by shareholders
of shuttered Banco Filipino Savings and Mortgage Bank to order
the extension of its corporate life for another 50 years up to
2064.

In a 15-page decision dated July 14, the CA Special Sixteenth
Division upheld the findings of the Bangko Sentral ng Pilipinas
Monetary Board (BSP-MB) that Banco Filipino failed to comply with
the requirements for a Certificate of Authority, Businessworld
relates.

According to the report, the appellate court added that the
Securities and Exchange Commission (SEC) was right in denying the
renewal of the bank's corporate life after shareholders failed to
secure a certificate of authority from the MB, a requirement for
such applications.

Businessworld says the central bank's policy-setting body said
the Banco Filipino shareholders could not avail of the
certificate of authority, because the Philippine Deposit
Insurance Corp. had assumed the bank's corporate existence after
it was placed under liquidation. The MB added that a bank is not
allowed to continue its corporate life while under liquidation,
the report states.

Businessworld relates that the decision, written by Associate
Justice Edwin D. Sorongon, noted that the MB's finding was well
within its discretion.

According to Businessworld, the appellate court also said it
could not substitute the MB's factual findings with its judgment.
It noted that Banco Filipino's petition did not say it was able
to comply with the MB's requirements.

"The BSP-MB's findings, being a quasi-judicial body exercising
quasi-judicial powers and functions, and having expertise on the
matter at hand, are accorded respect and great weight especially
when supported by substantial evidence," the decision, as cited
by Businessworld, read.

Businessworld adds that the appellate court also said it "cannot
fault the SEC for its adherence to the law," when it refused to
renew Banco Filipino's corporate life over the absence of a
certificate of authority.

It cited Section 14 of Republic Act No. 8791, or the General
Banking Law of 2000, which mandated that the SEC "shall not
register the articles of incorporation of any bank, or any
amendment thereto, unless accompanied by a certificate of
authority issued by the Monetary Board . . .," Businessworld
relays.

Since Banco Filipino was not able to beat the June 25, 2014
deadline to extend its corporate life, the appellate court now
considered it to be a fait accompli, according to Businessworld.

"Borne by this undeniable fact is the inevitable conclusion that
Banco Filipino's corporate term expired by operation of law after
June 25, 2014," the decision read, Businessworld relays.

Banco Filipino was incorporated on June 25, 1964 with a fifty-
year term. However, its operations were interrupted in January
1985 when the then Central Bank of the Philippines ordered its
closure. The Supreme Court in December 1991 ruled the closure as
illegal, and the bank was able to reopen in June 1992.  But, on
March 2011, the MB placed Banco Filipino under the PDIC's
receivership over its inability to pay liabilities and the lack
of realizable assets that could be used to meet the obligations.
The liquidation process began in October 2011.

The appellate court in January 2012 initially ruled against the
MB's actions but later reversed itself in November 2012. Banco
Filipino's shareholders elevated the case against liquidation
before the Supreme Court, where it is currently pending, the
report notes.



====================
S O U T H  K O R E A
====================


DAEWOO SHIPBUILDING: Ex-CEO Indicted Over Accounting Fraud
----------------------------------------------------------
Yonhap News Agency reports that prosecutors indicted a former
head of Daewoo Shipbuilding & Marine Engineering Co. on July 27
on charges of cooking the books to inflate assets by some
trillion won and getting loans using faked financial statements.

According to the report, the Seoul Central District Prosecutors'
Office said Ko Jae-ho is being charged with fraud, breach of
trust, as well as violating the Financial Investment Services and
Capital Markets Act and the Act on External Audit of Stock
Companies.

Yonhap relates that the 60-year-old, who headed the company from
2012 to 2015, allegedly overreported some KRW5.7 trillion
(US$5 billion) in terms of net assets from 2012 to 2014 by under-
reporting the production cost or neglecting losses suffered by
the firm's affiliates.

Based on the higher credit rating unlawfully earned by doctoring
its books, the shipyard allegedly received some KRW21 trillion
worth of loans between 2013 and 2015, according to prosecutors,
Yonhap relays.

According to Yonhap, prosecutors said its employees received a
total of KRW496 billion of bonuses during the period based on the
exaggerated figures, when the shipbuilder was in fact suffering
from losses.

"We have mostly covered the accounting fraud committed during
Ko's management period, but we are still looking into other
irregularities," Yonhap quotes a senior prosecutor asking not to
be named as saying.

Last week, the prosecution indicted Ko's predecessor Nam Sang-
tae, Yonhap recalls. The investigation team said they could slap
additional charges on the fomer CEOs following their probe
result, the report relays.

Earlier this year, the shipyard said it swung to huge losses in
2013 and 2014 from earlier reported profits, citing accounting
mishaps, Yonhap discloses.

Yonhap adds that the Board of Audit and Inspection, the country's
state auditor, has said the shipyard is suspected of rigging its
books to hide up to KRW1.5 trillion in losses between 2013 and
2014.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, the report notes.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.


SOUTH KOREA: Corporate Bond Issuance Dips Amid Financial Woes
-------------------------------------------------------------
Yonhap News Agency reports that South Korean firms sharply
reduced bond issuance in the first half of 2016, yet another sign
of their worsening financial health amid a drawn-out economic
slump, a government tally showed on July 28.

Yonhap relates that the value of ordinary corporate bonds issued
in the six months totaled KRW18.9 trillion (US$16.7 billion),
down 18.9% from a year earlier, according to the Financial
Supervisory Service.

They preferred gilt-edged bonds, says Yonhap. Among non-
guaranteed corporate bonds issued during the period, worth
KRW18.87 trillion, those with AA or higher ratings accounted for
80.9%, Yonhap notes.

The ratio stood at 76.4% and 79.8% in the first and second half
of last year, respectively, says the report.

Stock issuance by local firms, meanwhile, jumped 59% on-year to
KRW3.56 trillion during the January-June period, adds Yonhap.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***