TCRAP_Public/160801.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, August 1, 2016, Vol. 19, No. 150

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: S&P Revises Outlook to Pos. & Affirms BB CCR
AXCYZ PTY: First Creditors' Meeting Set For Aug. 8
BROADSPECTRUM LTD: S&P Raises CCR to 'BB+'; Outlook Stable
ELEMENTAL LIFE: First Creditors' Meeting Scheduled For Aug. 9
FORBFOR PTY: First Creditors' Meeting Slated For Aug. 9

RTC ELECTRICAL: In Liquidation; First Meeting Set For Aug. 9
SAPPHIRE (SA): ASIC Brings Charges Against Grain Trader
UCON DEVELOPMENTS: Court Appoints Clifton Hall as Liquidators
V O R MANAGEMENT: First Creditors' Meeting Set For Aug. 9
VALENCE INDUSTRIES: 8 Parties Keen on Buying Uley Mine


C H I N A

CHINA SOUTH: S&P Affirms 'B' CCR; Outlook Negative
GREENLAND HOLDING: Fitch Assigns 'BB+' Rating to USD450MM Notes
KINGBOARD CHEMICAL: S&P Affirms 'BB+' CCR; Outlook Stable
MINGFA GROUP: S&P Affirms 'CCC+' CCR; Outlook Negative
OCEANWIDE HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable

SHIMAO PROPERTY: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR


H O N G  K O N G

NORD ANGLIA: 3Q Results Has No Effect on Moody's B1 CFR


I N D I A

AADITIYA ASWIN: Ind-Ra Suspends BB- Long-Term Issuer Rating
AAKASH INFRA: ICRA Suspends D Rating on INR27cr Term Loan
AEGAN INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to BB+
AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
ALANG METAL: ICRA Suspends 'D' Rating on INR30cr Bank Loan

ALANG METAL REALTORS: ICRA Suspends D Rating on INR20cr Bank Loan
ALPINE DEVELOPERS: ICRA Assigns B+ Rating to INR19.75cr Loan
ALTECH INFRASTRUCTURE: ICRA Suspends B+ Rating on INR7.37cr Loan
AMBALA AUTOMOBILE: ICRA Suspends 'B' Rating on INR7cr Loan
AMBICA TIMBERTRADE: ICRA Suspends B+/A4 Rating on INR35cr Loan

ANAND MOTOR: Ind-Ra Suspends BB Long-Term Issuer Rating
ANGEL PIPES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
ASCOTT ELECTRICALS: ICRA Suspends B+ Rating on INR7cr LT Loan
ASTHA INNOVATIONS: Ind-Ra Assigns BB Long-Term Issuer Rating
AZURE HOSPITALITY: Ind-Ra Suspends B- Long-Term Issuer Rating

B.S. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
BAJORIA AGRO: CRISIL Assigns B+ Rating to INR49MM Term Loan
BEE JAY INDUSTRIAL: Ind-Ra Suspends B+ Long-Term Issuer Rating
BHASKAR INTERNATIONAL: ICRA Suspends B Rating on INR6cr Loan
BINDU FOOD: ICRA Assigns C+ Rating to INR5.00cr Cash Credit

BKD INFRASTRUCTURE: Ind-Ra Affirms BB+ Long-Term Issuer Rating
CHEMROW INDIA: ICRA Suspends B+ Rating on INR4.0cr LT Loan
DCS LIMITED: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
DEEPAK HARDWARE: ICRA Suspends 'B' Rating on INR8cr Bank Loan
DIGICON ELECTRONICS: CRISIL Assigns B- Rating to INR30MM LT Loan

EASTERN CONSTRUCTION: Ind-Ra Suspends BB Long-Term Issuer Rating
ESSEN ELITE: CRISIL Lowers Rating on INR135MM Cash Loan to 'D'
FATEHPURIA TRANSFORMERS: ICRA Suspends B+/A4 INR51cr Loan Rating
FLAGS HOTELS: CRISIL Assigns 'D' Rating to INR220MM Term Loan
FUSO GLASS: Ind-Ra Suspends BB Long-Term Issuer Rating

GBR HATCHERIES: Ind-Ra Suspends BB+ Long-Term Issuer Rating
GSN FERRO: Ind-Ra Suspends B- Long-Term Issuer Rating
HARDOLI PAPER: ICRA Lowers Rating on INR9cr Term Loan to B+
HARIOM COTGIN: CRISIL Lowers Rating on INR80MM Cash Loan to D
HARMONY LAMINATES: CRISIL Reaffirms B+ Rating on INR47.6MM Loan

HI-TECH SATLUJ: CRISIL Upgrades Rating on INR100MM Loan to BB-
INNOVA CHILDREN'S: ICRA Suspends D Rating on INR4cr Term Loan
ISSAR PHARMACEUTICALS: ICRA Suspends B Rating on INR16.35cr Loan
JAGAN INDUSTRIES: Ind-Ra Suspends BB Long-Term Issuer Rating
JPB CHEMICAL: Ind-Ra Affirms BB Long-Term Issuer Rating

K.C. TIMBER: ICRA Suspends 'B' Rating on INR2.0cr LT Loan
KHODASHI POWER: ICRA Suspends 'D' Rating on INR26cr Bank Loan
KIRTIMAN CEMENTS: ICRA Suspends 'B' Rating on INR18cr LT Loan
KRISHI NUTRITION: Ind-Ra Raises Long-Term Issuer Rating to BB+
LEO TIMBER: CRISIL Lowers Rating on INR33.5MM Cash Loan to 'B'

MADRAS HARD: Ind-Ra Affirms B+ Long-Term Issuer Rating
MAHARSHI ALLOYS: Ind-Ra Suspends B Long-Term Issuer Rating
MAHI CORPORATION: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
MALABAR HOTELS: Ind-Ra Lowers Long-Term Issuer Rating to D
MANDAVA COTTON: ICRA Suspends 'D' Rating on INR17.11cr Loan

MICON VALVES: ICRA Suspends 'D' Rating on INR11.91cr LT Loan
MISTRY CONSTRUCTION: ICRA Suspends D Rating on INR49cr LT Loan
MUKTI PROJECTS: Ind-Ra Lowers Long-Term Issuer Rating to D
NARULA SOLVEX: ICRA Assigns B+ Rating to INR12cr Cash Loan
NILGIRI TEXTILES: Ind-Ra Suspends B+ Long-Term Issuer Rating

OCIMUM INDUSTRIES: ICRA Suspends B-/A4 Rating on INR18cr Loan
PARTH DIAMOND: CRISIL Cuts Rating on INR105MM Loan to 'B'
R.H. SOLVEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1191.60cr Loan
RATNAM POULTRY: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan

RISHI TRADERS: Ind-Ra Assigns B+ Long-Term Issuer Rating
ROHIT FABTEX: ICRA Assigns B+ Rating to INR9.70cr LT Loan
RPG INDUSTRIAL: Ind-Ra Suspends BB+ Long-Term Issuer Rating
S.S. FRUITS: Ind-Ra Suspends BB- Long-Term Issuer Rating
SAINI ALLOYS: ICRA Reaffirmed B+ Rating on INR24cr Loan

SHAKTIMAN BIO: ICRA Suspends 'B' Rating on INR5.25cr LT Loan
SHARDA TIMBERS: ICRA Suspends B+/A4 Rating on INR30cr Loan
SHIRANI AUTOMOTIVE: ICRA Suspends B+/A4 Rating on INR14.95cr Loan
SHIV SHANKER: ICRA Suspends B+ Rating on INR10cr Loan
SHIVA POLYTUBES: Ind-Ra Suspends BB+ Long-Term Issuer Rating

SHREE HANS: ICRA Reaffirms B+ Rating on INR1.90cr Term Loan
SHRUTHI MILK: Ind-Ra Suspends BB+ Long-Term Issuer Rating
SONA RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
SPI PROPERTIES: ICRA Revises Rating on INR4.60cr LT Loan to B
SRI DAKSHINA: ICRA Assigns 'B' Rating to INR10cr LT Loan

SRI JAIBALAJI: ICRA Suspends B- Rating on INR18.25cr LT Loan
SRI KAKATIYA: CRISIL Assigns B+ Rating to INR60MM Cash Loan
SULAKSHANA CIRCUITS: ICRA Suspends C+/A4 Rating on INR7.41cr Loan
SWAYAMPRABHA UDYAM: ICRA Reaffirms B+ Rating on INR2cr LT Loan
T. M. MOTORS: Ind-Ra Assigns BB- Long-Term Issuer Rating

VANI AGRO: ICRA Suspends 'B' Rating on INR49.5cr Bank Loan
VIDHI MINERALS: CRISIL Reaffirms B Rating on INR25MM Cash Loan
VINIT FABRICS: Ind-Ra Raises Long-Term Issuer Rating to BB
VIVEKANANDA SEEDS: ICRA Suspends B Rating on INR7.20cr Loan
VOLTA FASHIONS: ICRA Suspends B+ Rating on INR35cr Bank Loan


J A P A N

SHARP CORP: Posts JPY2.52BB Operating Loss for Qtr Ended June 30


S O U T H  K O R E A

SK HYNIX: 2Q Results in Line With Moody's Ba1 CFR


                            - - - - -


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A U S T R A L I A
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ARISTOCRAT LEISURE: S&P Revises Outlook to Pos. & Affirms BB CCR
----------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on
Australia-based gaming machine maker Aristocrat Leisure Ltd. to
positive from stable.  At the same time, S&P affirmed its 'BB'
corporate credit rating and issue-level ratings on Aristocrat and
its related debt.  S&P's recovery rating on the company's loan is
'3H', indicating its expectation for moderate (60% to 70%)
recovery in the event of default.

"The positive outlook reflects our view of Aristocrat's improved
operating performance as a result of the company's strengthening
market position, higher-margin product mix, and successful
integration of Video Gaming Technologies, Inc. (VGT) in October
2014," said S&P Global Ratings credit analyst Graeme Ferguson.

S&P's base-case forecasts indicate that Aristocrat's strong cash
flow generation should allow it to sustain adjusted debt-to-
EBITDA at less than 2.5x and funds from operations (FFO) to debt
above 30% over the near term.  However, S&P do not view
Aristocrat's current financial policies as necessarily supporting
these credit metrics over the medium to long term.  Accordingly,
S&P expects the company to have greater financial flexibility at
the current 'BB' rating level to pursue inorganic growth or
capital management activity.

Further supporting S&P's positive outlook is the company's less
volatile earnings mix, particularly from its North American
gaming operations, where it typically receives a fixed daily fee
or turnover-based commission.  In S&P's opinion, measures taken
to reduce the company's reliance on product sales are likely to
support a more robust earnings profile through the economic
cycle.

The positive outlook also reflects the company's recent operating
performance, including its increased market share in North
America following the successful integration of VGT and its
leading market position in Asia-Pacific.  In addition, Aristocrat
has a growing presence in the online social gaming space, where
the number of average daily users has increased to approximately
1.22 million from around 715,000 per day.  While the company
posted a strong first-half result, it expects earnings to
somewhat moderate in the second half of the year ending Sept. 30,
2016.

S&P notes that consolidation in the sector over the past couple
of years has created a more competitive environment for
Aristocrat and may cause greater pricing pressures given its
relatively smaller size compared with rated peers, Scientific
Games Corp. and International Game Technology Plc (IGT), the two
largest players in North America.  There is also the potential
that market share could come under pressure in the Australian
market with Austria-based gaming group Novomatic AG taking a 53%
stake in local player Ainsworth Game Technology Ltd. (not rated).
Nevertheless, S&P believes that Aristocrat's leading brands and
content, commitment to design and development, and strong
customer relationships will support the company's market
position.

The positive outlook reflects a one-in-three chance that
Aristocrat's strong cash flow generation and increased
profitability would enable the group to sustain a financial risk
profile in line with our expectations for a higher rating.

S&P could raise the rating if Aristocrat's cash flow generation
and financial policies enable it to sustain FFO to debt of more
than 30% and debt to EBITDA of less than 2.5x.  These financial
ratios take into consideration the volatility of Aristocrat's
profitability.

Mr. Ferguson added: "Upward ratings pressure could also occur
through a strengthening of Aristocrat's business risk profile,
particularly through an increase in scale, scope and diversity,
or if we believe that the company's earnings profile is likely to
be more resilient through the economic cycle."

S&P could affirm the rating with a stable outlook if Aristocrat's
cash flow generation or financial policies are unlikely to
sustain FFO to debt of more than 30% and debt to EBITDA of less
than 2.5x over the medium to long term.  This could also occur if
there is a material deterioration in the economic environment in
the U.S. or Australia; or if Aristocrat undertakes further large
debt-funded acquisitions.


AXCYZ PTY: First Creditors' Meeting Set For Aug. 8
--------------------------------------------------
Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Axcyz Pty Ltd, trading as Vitis Eatery, on July
27, 2016.

A first meeting of the creditors of the Company will be held at
Deloitte Financial Advisory Pty Ltd, Ground Floor, 8 Brindabella
Circuit, Brindabella Business Park, in Canberra Airport, ACT, on
Aug. 8, 2016, at 12:00 p.m.


BROADSPECTRUM LTD: S&P Raises CCR to 'BB+'; Outlook Stable
----------------------------------------------------------
S&P Global Ratings said that it had raised its corporate credit
rating on Australian services company Broadspectrum Ltd. to
'BB+', from 'BB'.  The outlook is stable.

At the same time, S&P raised its ratings on the company's senior
secured debt to 'BBB-', from 'BB+'; and on the senior unsecured
debt to 'BB-', from 'B+'.  S&P also removed all ratings from
CreditWatch with positive implications, where they were placed on
May 3, 2016.  The recovery ratings remain unchanged at '2' for
the company's senior secured debt and '6' for its senior
unsecured debt.

The upgrades reflect S&P's view of the implied support from
Broadspectrum's sole parent -- Ferrovial S.A., a Spanish services
and construction company with revenues of EUR9.2 billion in 2015.
S&P assess Broadspectrum as a moderately strategic subsidiary to
Ferrovial.

"We believe that the acquisition enhances the geographic
diversification of Ferrovial's business service activities, given
Broadspectrum's good presence in the Australian defense and
infrastructure sectors.  It will also provide Ferrovial an entry
into new segments such as oil and gas, and telecommunications,"
said S&P Global Ratings credit analyst May Zhong.

Nevertheless, S&P believes that Broadspectrum's contribution to
Ferrovial's profitability will be limited, due to Broadspectrum's
low margins in the local competitive and fragmented market.  S&P
has applied a one-notch uplift to the ratings on Broadspectrum to
reflect the credit support it receives as a subsidiary of the
Ferrovial group.

S&P continues to assess Broadspectrum's business risk profile as
fair, underpinned by its good diversity in terms of end-markets,
service mix, and customer base.  Tempering these strengths is the
competitive and fragmented nature of the operations and
maintenance, and facilities management industries.  Further, the
company's EBITDA margin is weaker compared with those of its
larger global peers'.  With revenues of about A$3.8 billion in
the fiscal year ended June 30, 2015, the company is a medium-size
provider of operations, maintenance, facilities management, and
construction services in Australia.

From a credit perspective, Broadspectrum's distinctive
competitive advantage is its diversified contract types, product
offerings, and customer base.  Contract and revenue concentration
is relatively low.  The company is actively present in six major
industries with more than 250 contracts.  The industry diversity
insulates the company from a severe downturn in cyclical
industries such as mining or oil and gas.  Nonetheless, despite
its diversified revenue and contracts, S&P estimates that its
contracts with the Department of Immigration and Border
Protection (DIBP) to provide welfare and garrison support
services at the Regional Processing Centres in Nauru and Manus
Province currently account for a disproportionally large
percentage of Broadspectrum's earnings in fiscal 2016.  When
these contracts expire in 2017, it could materially reduce the
company's earnings unless they are replaced by new revenue
streams with high margins.

"In our view, Broadspectrum operates in an industry with
relatively low capital intensity and low barriers to entry,
leading to fragmented markets and price competition.  We view
Broadspectrum's consolidated EBITDA margin of 8% as relatively
modest, reflecting the competitive nature of the industry and
Broadspectrum's high overhead costs.  Nonetheless, its EBITDA
margin varies among different end-markets and service types, from
being in the high teens in defence, social and properties, to the
low single digits in resources and industrial. Its EBITDA margin
continues to be at a cyclical high in fiscal 2016 due to the
benefits of the high-margin immigration contacts with DIBP.  We
expect its earnings and margin to fall in fiscal 2018 when these
contracts expire.  We believe the company will actively pursue
new earnings streams to replace the immigration contracts," S&P
said.

Broadspectrum's significant financial risk profile reflects its
ratio of funds from operations (FFO) to debt being in the 20%-30%
range, and debt-to-EBITDA between 2.0x and 3.0x.  A key strength
of its financial risk profile is its strong free cash flow
generation, which S&P believes is due to the low capital-
expenditure requirement of the services industry.  S&P therefore
expects the company's discretionary cash flows to be positive,
such that its adjusted debt could reduce steadily from peak
levels in fiscal 2015.

Ms. Zhong added: "The stable outlook reflects our expectation
that Broadspectrum will maintain its key credit metrics such that
its adjusted FFO to debt will be higher than 20% and adjusted
debt to EBITDA below 3x over the next few years, despite the
material fall in earnings when the immigration contracts with
DIBP expire in 2017.  However, the likely large fall in earnings
would reduce the rating buffer and leave limited room for
underperformance until replacement earnings streams are
established."

S&P could consider raising the rating if Broadspectrum adopts
more-conservative financial risk policies while pursuing growth
opportunities.  This would be evident if adjusted debt-to-EBITDA
(including operating lease obligations) remains low at around 2x
and its lease-adjusted FFO-to-debt ratio remains at more than
30%.

S&P may also raise the ratings if there is a track record of
long-term commitment from the parent's senior group management or
S&P observes a closer linkage between the parent and
Broadspectrum over the next 18-24 months.

Downward rating movement could occur if Broadspectrum's key
credit metrics weaken materially, for example its FFO-to-debt
ratio worsening to lower than 20%.  This could occur if the
company is unable to replace the immigration contract with
sustainable new revenue streams.

Although S&P do not consider it likely in the near to medium
term, downward rating pressure could also arise if
Broadspectrum's strategic importance to Ferrovial weakens, or
there is a material deterioration in Ferrovial's credit quality
to the speculative-grade level ('BB+' and below).


ELEMENTAL LIFE: First Creditors' Meeting Scheduled For Aug. 9
-------------------------------------------------------------
Frank Lo Pilato and Mitchell MacKenzie Herrett of RSM Australia
Partners were appointed as administrators of Elemental Life Pty
Ltd on July 28, 2016.

A first meeting of the creditors of the Company will be held at
RSM Australia Partners, Level 2, 370 Queen Street, in Brisbane,
Queensland, on Aug. 9, 2016, at 1:00 p.m.


FORBFOR PTY: First Creditors' Meeting Slated For Aug. 9
-------------------------------------------------------
Ozem Kassem & Jason Tang of Cor Cordis Chartered Accountants were
appointed as administrators of Forbfor Pty Limited on July 27,
2016.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Aug. 9, 2016, 11:00 a.m.


RTC ELECTRICAL: In Liquidation; First Meeting Set For Aug. 9
------------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed as Joint and Several Liquidators of RTC Electrical
Systems Pty Ltd on July 28, 2016.

A meeting of creditors will be held at 10:30 a.m. on Aug. 9,
2016, at Clifton Hall, Level 3, 431 King William Street, in
Adelaide.


SAPPHIRE (SA): ASIC Brings Charges Against Grain Trader
-------------------------------------------------------
Murray Bridge grain trader, Brenton Strauss, has appeared in the
Murray Bridge Magistrates' Court on two charges, brought by
Australian Securities and Investments Commission, of breaching
his directors' duties.

ASIC alleges that Mr Strauss, of Murray Bridge, South Australia,
failed to exercise his powers as company director in good faith
and in the best interests of a corporation and used his position
dishonestly with the intention of gaining an advantage for
another person.

At the time of the alleged conduct in March to April 2014, Mr
Strauss was a director of grain trading business Sapphire (SA)
Pty Ltd (Sapphire), which traded under the name of River City
Grain Co.

The first charge alleges that Mr Strauss reassigned grain
contracts between Sapphire and another company without the
knowledge or consent of the other company prior to placing
Sapphire in voluntary administration.

The second charge alleges that Mr Strauss directed monies that
were due and payable to Sapphire to another company knowing that
the other company had no entitlement to the monies.

The charges were brought against Mr Strauss following an ASIC
investigation into his conduct as the director of Sapphire.

Mr Strauss did not enter a plea but asked for an adjournment to
obtain legal advice.

The matter was adjourned for further mention to Aug. 22, 2016 at
Murray Bridge Magistrates' Court.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mr Strauss has been charged with two counts under section 184 of
the Corporations Act.

                       About Sapphire

Sapphire (SA) traded in agricultural commodities domestically
and overseas. The company was trading in four states as either
Rivercity Grain Co or River City Grain Co.

On March 14, 2014, Anthony Christopher Matthews of Anthony
Matthews and Associates was appointed as Administrator to
Sapphire, at the request of Mr Strauss.

On May 21, 2014, the Administrator was appointed Deed
Administrator after creditors resolved that Sapphire execute and
enter into a Deed of Company Arrangement.

Subsequently, at a meeting on Feb. 12, 2016, the creditors voted
to place Sapphire into liquidation and Mr Matthews was appointed
the company's liquidator.


UCON DEVELOPMENTS: Court Appoints Clifton Hall as Liquidators
-------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Official Liquidator
of Ucon Developments Pty. Ltd. on July 30, 2016, by Order of the
Federal Court of Australia.


V O R MANAGEMENT: First Creditors' Meeting Set For Aug. 9
---------------------------------------------------------
Schon Gregory Condon of Condon Associates was appointed as
administrator of V O R Management Pty Limited on July 28, 2016.


A first meeting of the creditors of the Company will be held at
Condon Associates, Level 6, 87 Marsden Street, on Aug. 9, 2016,
at 11.00 a.m.


VALENCE INDUSTRIES: 8 Parties Keen on Buying Uley Mine
------------------------------------------------------
Jarrad Delaney at Port Lincoln Times reports that at least eight
parties have expressed interest in the assets of mining company
Valence Industries, including the Uley Graphite Mine near Port
Lincoln.

Port Lincoln Times relates that the future of the company's
assets were discussed at a creditors meeting at the Chartered
Accountants Australia and New Zealand office in Melbourne on
July 27.

According to the report, Valence Industries announced on July 15
it was going into voluntary administration with Laurie Fitzgerald
and Michael Humphris of accounting firm William Buck appointed as
administrators.

The six people who physically attended the meeting and the eight
who attended by telephone, heard details of the company's
financial history, the report says.

Port Lincoln Times notes that Valence had recorded minimal
revenue during the past three years, losing AUD2.2 million in
2014 and more than AUD10 million in 2015, with a total of AUD13
million in liabilities.

According to Port Lincoln Times, Mr Fitzgerald said there was
already plenty of interest in the company and its assets, it was
just a matter of determining the right path.

"We have so far eight parties in direct contact with us about
acquiring or recapitalising resources of the company," the report
quotes Mr. Fitzgerald as saying.  "We have commenced discussions
with the parties."

Port Lincoln Times relates that Mr Fitzgerald said all of the
parties had also shown interest in the Uley mine.

The mine was reopened in 2014 to operate as Australia's only
active graphite mine, the report says.

Port Lincoln Times relates that the administrators are now
working out the total cost of assets as well as looking for any
other interested parties.

Mr Fitzgerald said he expected a proposal to be put forward, as
well as a deed of company arrangement, but he had no idea what it
would look like, the report relays.

"At this stage we're trying to extract the best option for the
creditors and shareholders and look at it in regards of what the
most achievable prospect is," Mr Fitzgerald, as cited by Port
Lincoln Times, said.

Port Lincoln Times adds that the creditors meeting also dealt
with whether a committee of creditors should be created to advise
the administrators and whether the administrators should be
replaced. Neither option was supported, the report states.

According to the report, Mr Fitzgerald said there was still a
sense of opportunity with the Uley mine and its future would be
determined by what proposal was put forward.

Laurence Fitzgerald & Michael Humphris of William Buck were
appointed as administrators of Valence Industries Ltd, Valence
Industries Operations Pty Ltd, and Valence Industries Services
Pty Ltd on July 15, 2016.



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CHINA SOUTH: S&P Affirms 'B' CCR; Outlook Negative
--------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B' long-term
corporate credit rating on China-based trade center developer
China South City Holdings Ltd. (CSC).  The outlook is negative.
At the same time, S&P affirmed its 'cnB+' long-term Greater China
regional scale rating on the company.  S&P also affirmed its 'B-'
long-term issue rating and 'cnB' long-term Greater China regional
scale rating on CSC's outstanding senior unsecured notes.

"The affirmed rating reflects our expectation that CSC's debt
leverage and interest coverage will improve in the next 12 months
as a result of sales recovery and the company's effort to
restrain expenditure," said S&P Global Ratings credit analyst
Dennis Lee. "At the same time, we forecast that CSC's recurring
income will continue to increase."

In S&P's base case, the company's ratio of recurring income to
interest expense will remain at 60%-70% in the fiscal year ending
March 2017.

Nevertheless, CSC will continue to have high debt leverage and
face liquidity pressure due to our expectation of mild sales
recovery, and the company's high short-term borrowings of more
than Hong Kong dollars (HK$) 10 billion.  However, S&P do not
expect the company to face refinancing risks in the next 12
months because of its high cash position and sound access to
multiple funding channels.

S&P forecasts that CSC could achieve a 15%-20% sales growth in
the next fiscal year.  Sales of trade center will remain slow
given the decelerating economic growth in China.  S&P therefore
expects CSC to expand its sales of residential properties.  S&P
Global Ratings estimates that residential properties will account
for 40%-50% of the total contracted sales, from 35% in the last
fiscal year.  S&P also expects contracted sales from trade
centers to recover slightly based on higher saleable resources.
In S&P's base case, total contracted sales are likely to increase
to HK$7.5 billion-HK$8.0 billion in 2017, from HK$6.6 billion
achieved in 2016.

"We expect CSC's profitability to recover due to the company's
control over operating expenses.  The focus on cost control and
growth of recurring income base will offset the decline in gross
margin of property sales, in our view.  We estimate that gross
margin of residential projects is at 25%-30%, lower than the
company's overall average of about 50% in the past few fiscal
years.  We expect recurring income to increase about 20% in
fiscal 2017, which should partly offset the margin pressure from
property sales.  At the same time, the company's selling, general
and administrative (SG&A) expenses are likely to stabilize at
about HK$1.5 billion per year.  Thus, we forecast its overall
EBITDA margin will recover to above 30%, from 26.7% in 2016," S&P
said.

In S&P's view, the growing recurring income base provides
additional support to CSC's credit profile.  S&P bases the
projected annual growth of about 20% on its assumptions of CSC's
increased leasable areas and higher transaction volume while more
projects start operations and become mature.  S&P expects
Shenzhen to continue to drive the stabilized income, with new
projects such as Zhengzhou increasing its contribution over time.

In addition, S&P believes CSC has some financial benefits from
the local governments where it operates.  S&P based its view on
the significant government grant of HK$1 billion received in
fiscal 2016, low land cost for CSC, and development of
surrounding infrastructure such as metro lines connected to the
trade centers. The government grants are not included in S&P's
EBITDA calculation since it is uncertain if they are on a
recurring basis.  Still, S&P considers the grants as credit
positive and support CSC's credit profile.  S&P believes the
company will receive the grants in the upcoming fiscal year but
the amount is uncertain at this point.

As a result of the government grants, together with the growing
recurring income, which cover a significant portion of interest
expenses, S&P applied a one-notch uplift in the comparative
rating assessment of CSC.

CSC's liquidity position remains a concern given its substantial
short-term borrowings of about HK$10 billion and high debt
leverage.  Nevertheless, its unrestricted cash position of
HK$9.3 billion and capability and track record to raise funds in
the capital market temper refinancing risk.  In the past fiscal
year, CSC issued bonds and notes in the onshore market to raise
about Chinese renminbi (RMB) 9 billion.  S&P believes CSC will
keep a high cash balance to maintain reasonable financial
flexibility, given its high short-term debt.

"The negative outlook reflects our view that the operating
environment for CSC will remain challenging amid the weakness in
trade center sales in China," said Mr. Lee.  "We expect a mild
recovery of the company's contracted sales in the next 12
months."

On the other hand, its recurring income is likely to moderately
increase while some of its projects mature.  S&P also expects CSC
to restrain its expenditure and improve its leverage in fiscal
2017.

S&P could lower the rating if CSC's operating performance and
leverage further deteriorate, such that its debt-to-EBITDA ratio
does not improve toward S&P's forecast of about 15x and EBITDA
interest coverage does not strengthen above 1x as projected.
This could happen if: (1) contracted sales further decline from
HK$6.6 billion in fiscal 2016; and (2) aggressive debt-funded
expansion continues.

S&P could also lower the rating if it believes that CSC has
difficulty refinancing its debt.

S&P could revise the outlook to stable in the coming 12 months if
CSC materially improves its financial performance, such that its
EBITDA interest coverage remains above 1.0x on a sustained basis
and its debt-to-EBITDA ratio improves significantly.


GREENLAND HOLDING: Fitch Assigns 'BB+' Rating to USD450MM Notes
---------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Greenland Holding Group Company Limited's (Greenland;
BB+/Negative) USD450 mil. 3.875% senior notes a final 'BB+'
rating.

The notes are issued by its 59.07%-owned subsidiary Greenland
Hong Kong Holdings Limited (Greenland HK) under its USD2bn
medium-term note programme.  Greenland has granted a keepwell
deed and a deed of equity interest purchase undertaking to ensure
that Greenland HK has sufficient assets and liquidity to meet its
debt obligations.

The notes are rated at the same level as Greenland's senior
unsecured rating because they constitute direct, unsubordinated
and senior unsecured obligations of the company.  The final
rating is in line with the expected rating assigned on July 15,
2016.

                        KEY RATING DRIVERS

Deteriorating Financial Metrics: Greenland's leverage rose to 66%
at end-2015 from 62% at end-2014 due to weaker cash collection.
This level of leverage is comparable with Fitch-rated China
homebuilders rated in the mid-to-high 'B' category.  Fitch
believes Greenland's leverage may stay in the high-50% range even
after receiving payment in 2017 for the bulk of its uncollected
sale proceeds.  This is because it had relied on supplier credit
for its inventory build-up and this may reverse in 2017 upon
project completion.  Greenland's operating efficiency, as
measured by total contracted sales/total debt, decreased to 1.0x
in 2015 from 1.3x in 2014 due to higher debt.

Slow Sales Collection: Fitch estimates that Greenland's cash
collection rate in 2015 was only 59%, slightly higher than 58% in
2014, but far behind the industry average of above 80%.  This is
mainly because almost 50% of its contracted sales are from
commercial properties, where cash collection is much slower than
that of residential property sales and exposes Greenland to
payment delays from small and medium enterprises, which have been
hit harder by China's slower economic growth and the downturn in
the commodity market.

Residential property developers typically collect the full sales
amount within three months of sales, but commercial property
developers collect 50% of the sales in the first year and have to
wait until delivery - usually three to five years after sales -
to collect the balance.  Greenland's cash collection rate for
residential sales is also below the industry average.

Deleveraging Hinges on 2017 Collection: Greenland's high leverage
is mitigated by the sizable off-balance-sheet uncollected sales
proceeds from both residential and commercial property sales,
which exceeded its annual sales at end-2015.  Sales from
commercial properties surged in 2014 and 2015, and management
expects cash collection to significantly improve in 2017 when
these projects are delivered.  Leverage is likely to trend down
towards 55% if the expected collection materializes.

Non-Property Businesses Drive Leverage: Fitch believes
Greenland's non-property businesses are still immature and need
to be funded with cash flow from the company's property business.
Greenland has made extensive investments in financial
institutions, consumer goods and infrastructure industries in
2015, which contributed to the increase in Greenland's leverage.
In addition, Greenland's smaller equity placement in 2016 means
it may need to fund a CNY10bn investment in the financial
institutions business via internal cash or external debt, which
will increase leverage further.

Benefits of Large Scale: Greenland is the second-biggest property
developer in China by contracted sales, trailing only China Vanke
Co., Ltd. (BBB+/Stable).  Greenland had contracted sales of
CNY230 bil. in 2015, down 4% from 2014.  The company's property
development business is well diversified over 40 cities in China
and overseas.  Greenland's management says it intends to sustain
a property contracted sales of over CNY200bn in the next few
years.

Diversified Funding Channels: Greenland has enhanced its onshore
funding channels after gaining a listing on the Shanghai stock
exchange in July 2015 by injecting assets into a listed company.
Greenland plans to place out shares in this listed entity,
although in May 2016 it reduced the amount to be raised to
CNY15.7 bil. from CNY30 bil.  Greenland in March 2016 also
announced it is exploring injecting its hotel assets into a
hospitality REIT that may be listed on the Singapore Exchange.
In early 2016, Greenland completed a CNY10bn domestic bond
issuance to augment its funding needs and reduce its borrowing
costs.  The company also established offshore funding channels
through its 59%-owned subsidiary Greenland Hong Kong Holdings
Limited.

Rating Uplift for Parental Support: Greenland has a moderately
strong linkage with the Shanghai government.  It will continue to
be one of the major contributors to Shanghai's tax revenue and
remain the largest Shanghai-based property company.  Fitch
believes the Shanghai State-owned Assets Supervision and
Administration Commission, which owns 46% of Greenland, will
continue to be the company's biggest shareholder and exert
significant influence on Greenland's ability to acquire quality
sites for development; even though its stake is likely to fall
after the company's planned share placement in 2016.

                          KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Greenland
include:

   -- Contracted sales to fall 22% in 2016 and remain flat in
      2017-2018.

   -- Sales of commercial property to form 60% of total sales and
      residential sales will make up the remainder in 2016-2018

   -- Land premium of around CNY60bn-65bn in 2016-2018, or around
      35% of current year contracted sales.  Assume cash is paid
       out in the same year as incurred.

   -- CNY15.7 bil. to be raised via share placement in 2016.

                        RATING SENSITIVITIES

Positive: The Outlook for the standalone ratings may be revised
to Stable if the negative guidelines are not met in the next 12
months.

Negative: Future developments that may, individually or
collectively, lead to negative rating action on the ratings
include:

   -- Net debt/adjusted inventory sustained above 60% (Fitch
      estimate for 2015: 66%)
   -- Property EBITDA margin sustained below 15% (Fitch estimate
      for 2015: 17%)
   -- Contracted sales/total debt sustained below 1x (Fitch
      estimate for 2015: 1.0x)
   -- Evidence of weakening support from parent

In arriving at debt ratios for the property segment, Fitch
allocates a part of the company's debt to its energy business to
maintain the latter's net working capital/net debt ratio at 1.5x
and the rest of the debt to the more profitable property
business.


KINGBOARD CHEMICAL: S&P Affirms 'BB+' CCR; Outlook Stable
---------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term corporate credit
rating on Kingboard Chemical Holdings Ltd. with a stable outlook.
At the same time, S&P affirmed its 'cnBBB+' long-term Greater
China regional scale rating on the company.  S&P then withdrew
all the ratings at Kingboard's request.  Kingboard is a China-
based manufacturer of laminates, printed circuit boards, and
chemical products, and also engages in property development.

The affirmed rating prior to the withdrawal reflected S&P's view
that Kingboard will maintain its market position in the laminate
and printed circuit board segments.  The company's low cost base
and diversified product offerings in these segments should partly
offset the weakening chemical business due to sluggish commodity
prices and China's slowing economy.

In addition, Kingboard's financial leverage will likely be stable
in the coming 12 months.  This is because the company has been
prudent in acquiring land bank over the past two years and has
had strong contracted sales of newly developing property projects
in the first half of 2016.  S&P expects Kingboard to use the
proceeds from property sales to repay its outstanding debt and
lower its debt.

The stable outlook at the time of the withdrawal reflected S&P's
view that Kingboard will maintain its market position and
profitability over the next 12 months.  S&P anticipates that the
company's debt leverage will improve moderately as it recognizes
sales from property development and maintains its prudent capital
expenditure and debt-funded land bank acquisition strategy.  This
should result in Kingboard's ratio of funds from operations to
debt staying at 20%-30% over the next 12 months.


MINGFA GROUP: S&P Affirms 'CCC+' CCR; Outlook Negative
------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'CCC+' long-term
corporate credit rating on China-based real estate developer
Mingfa Group (International) Co. Ltd.  At the same time, S&P
affirmed its 'CCC' long-term issue rating on the company's
outstanding senior unsecured notes.  S&P also affirmed the long-
term Greater China regional scale rating on Mingfa and the notes
at 'cnCCC+' and 'cnCCC', respectively.  S&P removed all the
ratings from CreditWatch, where it had placed them with negative
implications on April 6, 2016.  The outlook on the long-term
corporate credit rating is negative.

"We affirmed the ratings and resolved the CreditWatch status
given our view that Mingfa's track record of refinancing and
improved sales performance so far this year has somewhat tempered
imminent risks for the company," said S&P Global Ratings credit
analyst zsther Liu.

The outlook is negative, reflecting S&P's expectation that Mingfa
still faces heightened refinancing risk over the next six to 12
months due to its large short-term maturities, potential negative
impact from an investigation into its financial reporting, and
unsustainable leverage.

Mingfa relies highly on rolling over its short-term borrowings,
which have consistently accounted for 70%-80% of its total debt
over the past few years.  As of Dec. 31, 2015, Mingfa had short-
term borrowings of Chinese renminbi (RMB) 9.7 billion, compared
with an unrestricted cash balance of only about RMB1.9 billion.

"Mingfa's refinancing risk could increase over the next 12 months
zecause of its unsustainable leverage, which requires further
debt to finance," said Ms. Liu.

S&P expects Mingfa's leverage will remain high given its
considerable construction expenditure to support sales.  Mingfa's
debt-to-EBITDA ratio will be above 15x in the next 12 months
under our base-case scenario.  In addition, S&P's expectation
that its EBITDA interest coverage will be around 0.7x in 2016
also indicates weak debt-servicing capability.

The investigation into Mingfa's financial reporting issues also
constitutes a potential risk to its operations and refinancing.
The release of the results of the investigation and the company's
2015 annual report has been delayed several times.  The company
now expects this to conclude in August 2016.  In S&P's view, the
postponement may reflect ongoing difficulties in resolving the
reporting issues.

Nevertheless, Mingfa's banking relationships and significantly
stronger sales performance temper the above risks.  S&P also
expects the benign property market conditions in Nanjing and
Hefei to help Mingfa further improve sales, which should somewhat
alleviate the company's liquidity risks.

S&P also believes further negative impact from the investigation
into and delayed publication of its financial reporting might not
be as significant as previously expected, because the
transactions between Mingfa and certain potentially related
parties have already been excluded from the results released on
April 1, 2016.

S&P continues to assess the management and governance of Mingfa
as weak, mainly to reflect S&P's concerns over the transparency
of the company's financial reporting, and weak internal controls
demonstrated by delays in information disclosure due to delays in
the investigation.

S&P sees Mingfa's liquidity as weak because S&P expects the
company's sources of liquidity to be materially deficient
compared to its uses over the next 12 months.  Mingfa could face
liquidity pressure if it cannot refinance its short-term
borrowings, in S&P's view.

S&P could lower the rating if Mingfa has difficulties rolling
over its short-term borrowings or does not obtain new financing
from lenders to improve its maturity profile.  S&P could also
lower the rating if it believes that the investigation into its
financial reporting issues has any negative impact on the
company's operations or refinancing ability.

S&P could revise the outlook to stable if Mingfa improves its
liquidity position.  This could happen if the company
successfully refinances its short-term borrowings and extends its
debt maturity.  At the same time, the company would need to
satisfactorily resolve its financial reporting issue such that
S&P believes its operations and refinancing would not be
negatively impacted.


OCEANWIDE HOLDINGS: Fitch Affirms 'B' IDR; Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed China-based Oceanwide Holdings Co.
Ltd.'s Long-Term Issuer Default Rating at 'B' with Stable
Outlook.

At the same time, Fitch has affirmed the property developer's
senior unsecured rating and the rating on its outstanding USD320m
senior notes issued by Oceanwide Real Estate International
Holding Company Limited and USD600m senior notes issued by
Oceanwide Holdings International 2015 Co., Ltd. at 'B' with
Recovery Rating of 'RR4'.

Oceanwide's rating is supported by its strong sales growth and
good-quality land bank.  The rating is constrained by the rapid
increase in net debt to CNY51 bil. in 1Q16 from CNY35 bil. in
2014.  The trend is likely to continue in the next 18 months as
the company ramps up development expenditure to support sales
growth and continues to invest in its finance business.

                         KEY RATING DRIVERS

Strong Sales Growth Maintained: Fitch expects Oceanwide's
contracted sales to continue to increase in 2016 and 2017 due to
accelerated project launches in Wuhan and substantial sales from
new projects in Beijing and Shanghai.  Contracted sales rose by
55% in 2015 to CNY15.1 bil., and are on track to hit around
CNY17bn in 2016 and CNY20bn in 2017.  Fitch expects Oceanwide to
generate positive operating cash flow from its property business
to fund its expansion into the financial sector after achieving
contracted sales of over CNY20 bil.

However, aggressive debt-funded expansion will continue to put
pressure on Oceanwide's debt servicing ability and Fitch measures
such risk based on the company's ratio of contracted sales to net
debt excluding debt attributable to financial institutions (FI).
Fitch expects this ratio to rise above 0.3x from 2017, compared
to 0.27x expected in 2016 and 0.3x in 2015.

Finance Expansion to Continue: Oceanwide is aggressively
diversifying its business from pure property development to
financial institutions since 2014.  It has spent over CNY20bn to
build its finance business, which includes securities, trust,
insurance and internet finance.  Fitch expects Oceanwide to
continue to invest heavily in the finance sector with an aim to
secure licenses for a full range of finance businesses and this
will continue to put pressure on its leverage.

Leverage Remains High: Oceanwide's leverage (as measured by net
debt/adjusted inventory), after deconsolidating the debt of the
FI business reached 81.5% in 1Q16 (2014: 81.3%), which is higher
than that of 'B' rated peers.  Fitch expects this ratio to remain
above 80% due to Oceanwide's property development business model,
which requires more time to generate sales because the primary
land development phase is usually lengthy.  Oceanwide's
consolidated net debt jumped to CNY51 bil. at end-March 2016 from
CNY35 bil. in 2014, driven mainly by increased development
expenditure, the rapid expansion of its finance business,
additional investments in financial assets and overseas
acquisitions.

High Quality Land Bank: Oceanwide's large land bank, most of
which was acquired many years ago, is sufficient for more than 10
years for development.  Sites in Tier 1 cities like Beijing and
Shanghai, affluent Tier 2 cities like Wuhan and major cities in
the US make up 87% of its land bank.  One of Oceanwide's projects
in Beijing is located close to the city's central business
district within the 4th Ring Road.  The low land cost for this
large site in Beijing supported Oceanwide's overall EBITDA margin
of over 35% in the past three years, and Fitch expects this to
stay above 30% over the next 24 months - one of the highest
margins among Chinese developers.  Oceanwide has low land-
replenishment needs.

Enhanced Liquidity: Oceanwide had more than CNY35bn in cash on
hand as of end-March 2016 following aggressive fundraising.  The
company is in the process of raising another CNY15bn through a
private share placement, which is expected to be completed by
end-2016.  The cash will be used for property development and
capital injection into the insurance business.  Oceanwide also
has raised CNY18.5 bil. via bonds since September 2015 at an
average interest rate of 6%-7%, which is significantly lower than
its historical funding cost of about 9%.  The funds have been
deployed to replace expensive trust loans and Oceanwide is
continuing to optimise its debt profile.

                           KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Limited new land acquisitions at 0.1x of contracted sales
      in terms of gross floor area

   -- Contracted sales growth driven mainly by increase in
      average selling prices to CNY35,000/square metre in
      2016-2018 from CNY32,148/square metre in 2015

   -- Property development gross margin of 50% in 2016-2018
      (lower than in previous years, due to higher construction
      cost)

   -- Lower dividend payout ratio than in previous years

                        RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:

   -- Contracted sales/net debt excluding debt attributable to
      financial institutions sustained below 0.25x; or a
      sustained deterioration of this ratio

   -- EBITDA margin sustained below 35%

   -- Substantial weakening of the credit profile of its key
      financial institutions

Positive: Positive rating action is not expected in the next
12-18 months due to Oceanwide's high leverage.


SHIMAO PROPERTY: S&P Revises Outlook to Neg. & Affirms 'BB+' CCR
----------------------------------------------------------------
S&P Global Ratings said that it revised its rating outlook on
Shimao Property Holdings Ltd. to negative from stable.  At the
same time, S&P affirmed its 'BB+' long-term corporate credit
rating on the China-based real estate developer and the 'BB'
issue rating on the company's outstanding senior unsecured notes.
In line with the outlook revision, S&P lowered the long-term
Greater China regional scale rating on Shimao to 'cnBBB' from
'cnBBB+' and on the notes to 'cnBBB-' from 'cnBBB'.

"We revised the outlook because we anticipate that Shimao's weak
leverage may not recover substantially over the next 12 months
due to the company's prolonged destocking process and weak sales
execution," said S&P Global Ratings credit analyst Matthew Kong.

In S&P's base case, it estimates the company's debt-to-EBITDA
ratio to hover around 5x in 2016 with minimal improvement, which
is weak for the rating.  Shimao's weaker-than-expected debt-to-
EBITDA ratio of 5x in 2015 was a result of lower sales, missed
revenue booking target, and eroded margins.

S&P expects Shimao to maintain a stable operating performance in
2016.  However, S&P estimates that the company's property sales
growth will remain at a low single-digit level for the year,
compared to substantially high double-digit growth among peers.
Its contracted sales for the first half of the year increased 9%,
mainly benefiting from increasing average selling price (ASP).

In S&P's view, Shimao's profit margins may slip to 27%-28% in
2016, from 28.5% in 2015.  The increase in land price and the
destocking in lower-tier cities offset the benefits from
improving funding costs and operating expenses.  However, the
company's margins are still good among developers.

Nonetheless, S&P sees greater potential improvement in Shimao's
leverage from 2017 onward.  S&P expects the company's sales to
pick up substantially in 2017, given that it will largely
complete its destocking while improving its execution capability.
This will lead to good recovery in operating cash flows and
revenue recognition.  S&P expects its debt-to-EBITDA ratio to
improve to about 4.5x in 2017 in our base case.

"We believe Shimao's discipline in land acquisition will support
its rating due to a lower reliance on new debt for funding," said
Mr. Kong.  "The rating affirmation also reflects Shimao's
established market position in China and good product and
geographic diversity."

The negative outlook reflects S&P's expectation that Shimao's
leverage may not improve significantly and remain weak for the
rating over the next 12 months.  However, S&P believes that the
company can maintain largely stable property sales and profit
margins.

S&P may lower the rating if Shimao's sales performance is weaker
than S&P's estimates, such that property sales are materially
below RMB70 billion.  S&P could also downgrade Shimao if its
debt-funded expansion is more aggressive than S&P expects, such
that the company's debt-to-EBITDA ratio does not improve toward
4x.

S&P may revise the outlook to stable if Shimao can reduce
leverage, such that its debt-to-EBITDA ratio improves
significantly toward 4x and EBITDA interest coverage improves to
more than 3x sustainably.



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


NORD ANGLIA: 3Q Results Has No Effect on Moody's B1 CFR
-------------------------------------------------------
Moody's Investors Service says Nord Anglia Education, Inc (NAE)
reported results for the fiscal third quarter ended May 2016 (3Q
2016) that were broadly in line with expectations and have no
effect on its B1 corporate family rating (CFR), the B1 ratings on
its senior secured term loan B, the senior secured revolving
credit facility, and the CHF200 million senior secured notes
issued by Nord Anglia Education Finance LLC, or negative rating
outlook.

NAE reported 3Q FY2016 revenue growth of 49.4% year-on-year to
$253.8 million, boosted by the contribution from acquired
schools. Reported EBITDA grew to $69.9 million, but the growth
rate was less strong at 39.9%, as currency depreciation and
higher costs for operations in China pressured profit margins.

"Pro forma for recent acquisitions, NAE's leverage remains high
for the B1 ratings with adjusted debt to EBITDA of about 7.0x for
the 12 months ended May 2016. We expect that leverage will remain
at around 7.0x for fiscal 2016 owing to acquisitions and modest
pressure on margins," says Joe Morrison, a Moody's Vice President
and Senior Credit Officer.

Moody's believes progress toward reduced leverage has been
delayed due to the drag on EBITDA growth of recent acquisitions
of lower margin schools; expenses associated with start-up
schools (particularly in Chicago) and new school openings; and
new employment-related taxes in China.

Recently completed sale-and-leaseback transactions also have
increased Moody's adjusted debt as operating lease obligations
are capitalized.

At end-May 2016, NAE had $261 million in cash holdings which were
more than sufficient to cover borrowings under the revolving
credit facility of $28 million.

NAE's stable and predictable cash flows, which stem from demand
for its premium educational services, continue to support the
ratings. Moody's expects that NAE will be disciplined in
executing its acquisition strategy, acquiring individual schools
in existing markets that are accretive to earnings and cash flow.

Nord Anglia Education, Inc. is headquartered in Hong Kong and
operates 42 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 35,300 students
ranging in level from pre-school through to secondary school. NAE
also provides outsourced education and training contracts with
governments and curriculum products through its Learning Services
division. For the 12 months ended May 2016, NAE generated
revenues of about $833 million.



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


AADITIYA ASWIN: Ind-Ra Suspends BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aaditiya Aswin
Paper Mills Private Limited's (AAPMPL) 'IND BB-' Long-Term Issuer
Rating to the suspended category.  The Outlook was Stable.  The
rating will now appear as 'IND BB-(suspended)' on the agency's
website.

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

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

AAPMPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR59 mil. fund-based limits: migrated to Long-term
      'IND BB-(suspended)' from 'IND BB-' and Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR10 mil. non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


AAKASH INFRA: ICRA Suspends D Rating on INR27cr Term Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR27.00 crore of fund based facility of Aakash Infra. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based-Term Loan         27.00        [ICRA]D suspended

Aakash Infra was promoted by Mr. Manish Patel, Mrs. Naynaben
Patel, Mr. Kisan Dipakbhai Patel, Mr. Samir Babubhai Patel and
Mr. Arvindbhai H. Mangukiya as the partners in the year 2010. The
firm is a flagship company of the Aakash Group. The promoters in
the firm have an established track record in real estate
development and have constructed several projects in Surat. The
firm has four ongoing projects - Aakash Earth, Aakash East Point,
Aakash Echo Point and Aakash Evergreen.


AEGAN INDUSTRIES: Ind-Ra Lowers Long-Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Aegan
Industries Private Limited's Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The downgrade reflects the substantial deterioration in Aegan's
credit profile in FY15.  Ind-Ra's ratings were based on the
unaudited FY15 number provided by the company which indicated
EBITDA interest coverage (operating EBITDA/gross interest
expense) of 2.8x and net leverage (total debt/operating EBTIDA)
of 3.3x with an operating EBITDA margin of around 12.7%.  While
the audited FY15 financial statements state that the EBITDA
interest coverage was 2.1x and net leverage was 4.9x with an
operating EBITDA margin of around 10.7%.

The company's stressed liquidity position is reflected by its
near 100% utilization of the cash credit limits during the 12
months ended March 2016 and a stretch in the working capital
cycle over FY15-FY16.  The working capital cycle stood at 196
days in FY16 (FY15: 227 days, FY14: 160 days) mainly on the back
of higher cotton stocks maintained.

Provisional FY16 financials indicate revenue of INR1,525 mil. and
a margin of 11.1% with an order book worth INR180.0 mil. to be
executed over August and September 2016.  The company has
indicated INR342m of revenue in the 1QFY17.

The ratings continue to factor in the company's founders'
experience of over a decade in the manufacturing of combed cotton
yarn.  The company's presence in Tamil Nadu, which is a hub for
textile and garment manufacturers in India, has also been
factored into the ratings.

                        RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
in profitability, leading to a sustained improvement in the
credit metrics, would be positive for the ratings.

Negative: A decline in revenue or operating profitability,
resulting in significant deterioration in the credit metrics will
be negative for the ratings.

                          COMPANY PROFILE

Incorporated in the 2008, Aegan is a cotton yarn manufacturer and
exporter with an installed capacity of 25,920 spindles, the
company utilizes 98.2% of its installed capacity.

Aegan's Ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB+' from
      'IND BBB-'; Outlook Stable
   -- INR268.0 mil. long-term loans (reduced from INR269.9 mil.):
      downgraded to Long-term 'IND BB+'/Stable from
      'IND BBB-'/stable
   -- INR450 mil. fund-based working capital limits (increased
      from INR400 mil.): downgraded to Long-term 'IND BB+'/Stable
      from 'IND BBB-'/Stable and downgraded to Short-term
      'IND A4+' from 'IND A3'
   -- INR101 mil. non-fund-based limits (increased from
      INR100 mil.): downgraded to Short-term 'IND A4+' from
      'IND A3'


AKSHAYA AUTO: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facility of Akshaya Auto Service
(AAS) continue to reflect AAS's below-average financial risk
profile, marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics.

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

The ratings also factor in the firm's modest scale of operations
in the intensely competitive automobile dealership industry.
These rating weaknesses are partially offset by AAS's established
relationship with its key principal, Bajaj Auto Ltd (BAL; rated
'CRISIL AAA/FAAA/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes that AAS will continue to benefit over the medium
term from its exclusive dealership contract with its principal,
BAL. The outlook may be revised to 'Positive' if AAS's sales
volumes and operating margin improve substantially, or if there
is any equity infusion from the promoters, thereby improving its
capital structure. Conversely, the outlook may be revised to
'Negative' if AAS records a decline in its sales volumes, thus
significantly impacting its revenues and profitability, or
undertakes any large, debt-funded capital expenditure (capex)
programme, thus weakening its financial risk profile.

Update
AAS's achieved revenues of around INR308.2 million in 2015-16 as
compared to INR244.7 million in 2014-15. The improvement in the
revenues was on account of some new variants of motorcycles which
the principal had launched. The operating profitability of the
firm has been in the range of 4-5 per cent and CRISIL expects it
to remain at similar levels over the medium term. Going forward
the growth in the scale of operations and sustenance of operating
profitability will remain a key rating sensitivity factor for the
firm over the medium term.

The working capital cycle of the firm is moderate marked by Gross
Current Assets of around 122 days as on 31st March 2016 mainly on
account of inventory levels of around 45 days. The liquidity
profile of the firm is marked by almost full utilization of bank
lines over the past 12 months ended March 2016. These are mainly
towards funding the inventory. The firm is expected to generate
net cash accruals of around INR3-4 million over the medium term
annually against no term loan repayments.

The financial risk profile of the firm is modest marked by weak
capital structure and below average debt protection metrics. .
The firm had a small net worth of about INR17.6 million as on
March 31, 2016. The firm has a high TOLTNW ratio, at around 5.23
times as on March 31, 2016 because of its low net worth and high
borrowings to meet its large working capital requirements. Going
forward the working capital management and capital expenditure
undertaken by the firm and its funding pattern thereof will
remain a key rating sensitivity factor over the medium term.

Akshaya Auto Service (AAS), established in 1989, is the sole
authorised dealer for BAL's two-wheelers and three-wheelers in
Tumkur and Chitradurga districts (both in Karnataka). AAS is
promoted by Mr. Suresh Babu and his sons, Mr. A S Samith and Mr.
A S Amith.


ALANG METAL: ICRA Suspends 'D' Rating on INR30cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR30 crore
fund based and non-fund based bank lines of Alang Metal Exim
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Established in the year 2003, AMEPL is promoted by Mr. Bilal
Lakadia and is engaged in the trading of ferrous and non-ferrous
metal scrap. The company procures scrap from local suppliers,
mainly by participating in auctions and tenders by ship-breaking
companies or by direct purchases. AMEPL's warehouses are located
in Mumbai, Maharashtra and in Bhavnagar, Gujarat and its
customers include metal foundries as well as metal traders
located in Maharashtra and Gujarat.


ALANG METAL REALTORS: ICRA Suspends D Rating on INR20cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR20 crore
fund based and non-fund based bank lines of Alang Metal &
Realtors Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.

Incorporated in 2011, Alang Metal and Realtors Private Limited
(AMRPL) started its operations only in December 2012. The company
is engaged in the trading of ferrous and non-ferrous scrap. Key
products traded by the company include brass scrap, cast iron
scrap, copper scrap, mild steel (MS) scrap, old and used
machinery parts and MS structural steel. The company has two
stockyards at Kalamboli, Navi Mumbai and Bhavnagar, Gujarat,
which are owned by the promoters.


ALPINE DEVELOPERS: ICRA Assigns B+ Rating to INR19.75cr Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR19.75 crore
(enhanced from INR10.00 crore) fund based facility of
Alpine Developers. The firm has an outstanding long-term rating
of [ICRA]B+, assigned to the INR10.00 crore fund based limit of
the firm.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term fund         19.75       [ICRA]B+;
   Based-Term Loan                    assigned/outstanding

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

The rating, also takes into account the longstanding experience
of the promoters in the Surat real estate market and the
project's limited exposure to regulatory risk with all the
necessary approvals being in place.

Established as a partnership firm in February 2014, Alpine
Developers commenced the development of its first residential-
cum-commercial real estate project: Sardar Villa in
April 2014. The project is located at Bardoli in Surat, Gujarat,
across 34,014 sq. m. The project is completion is scheduled for
September 2017. The promoters have been a part of various
residential projects around Surat and adjoining regions through
other entities engaged in real estate industry.


ALTECH INFRASTRUCTURE: ICRA Suspends B+ Rating on INR7.37cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.371 crore fund based bank facilities and INR0.23 crore
unallocated limits of Altech Infrastructure Private Limited. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR3.40 crore non fund based limits of AIPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits
   Long Term                7.37      [ICRA]B+; Suspended

   Unallocated Limits
   Long Term                0.23      [ICRA]B+; Suspended

   Non Fund Based Limits
   Short Term               3.40      [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

AIPL was incorporated in the year 2006 and is engaged in the
manufacturing of Deaerators, Pressure Vessels, Heat Exchangers,
Condensers, Evaporators and other stainless steel tanks which
finds application in many industries like, Chemical, Fertilizer,
Breweries, Petro Chem., Paper, Plywood, Power, etc. The company
has its manufacturing facility in Bhiwadi, Rajasthan.


AMBALA AUTOMOBILE: ICRA Suspends 'B' Rating on INR7cr Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR7.0 crore banking facilities of Ambala Automobile India
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in absence of requisite information from the
company.


AMBICA TIMBERTRADE: ICRA Suspends B+/A4 Rating on INR35cr Loan
--------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR35.0 crore banking
facilities of Ambica Timbertrade Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.


ANAND MOTOR: Ind-Ra Suspends BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anand Motor
Agencies Limited's (AMAL) 'IND BB' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB(suspended)' on the agency's website.

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

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.

AMAL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR198 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
      from 'IND A4+'
   -- INR30 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


ANGEL PIPES: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable' on the long-
term bank facilities of Angel Pipes and Tubes Private Limited
(APTPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       50       CRISIL B/Stable

The rating reflects the company's moderate scale of operations in
the highly fragmented steel products industry, large working
capital requirement and weak financial risk profile marked by
high gearing and weak debt protection metrics. These weakness are
partially offset by the extensive industry experience of the
promoters.
Outlook: Stable

CRISIL believes APTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if substantial cash accrual or equity infusion
results in improvement capital structure. Conversely, the outlook
may be revised to 'Negative' if low cash accrual, stretched
working capital cycle, capital withdrawals or large, debt-funded
capital expenditure leads to deterioration in the financial risk
profile.

Incorporated in 2007, APTPL manufactures stainless steel pipes.
The company is promoted by Mr Mehta family and is based in
Mumbai. Its manufacturing facilities are based in Sanchore
(Rajasthan).


ASCOTT ELECTRICALS: ICRA Suspends B+ Rating on INR7cr LT Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]B+ ratings assigned to the INR7.0 crore
long term fund based and non-fund based facilities and INR6.80
unallocated facilities of Ascott Electricals Private Limited.
ICRA has also suspended [ICRA]A4 ratings assigned to the INR0.20
Crore short term fund based facility and INR2.00 Crore sublimit
facility of the company . The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


ASTHA INNOVATIONS: Ind-Ra Assigns BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Astha
Innovations Pvt. Ltd. (AIPL) a Long-Term Issuer Rating of 'IND
BB'.  The Outlook is Stable.  The agency has also assigned AIPL's
INR110 mil. fund-based facilities an 'IND BB' rating with a
Stable Outlook.

                        KEY RATING DRIVERS

The ratings reflect AIPL's moderate financial and credit profile.
Key FY16 numbers shared by management indicate revenue of
INR505 mil. (FY15: INR837 mil.), net leverage (total adjusted net
debt/operating EBITDA) of 1.9x (1.8x), EBITDA interest coverage
(operating EBITDA /gross interest expenses) of 4.6x (2.3x) and
EBITDA margins of 4.4% (3.4%).

The ratings factor in AIPL's comfortable liquidity, as indicated
by the 23.21% average utilization of its working capital limits
during the 12 months ended June 2016.

The ratings, however, benefit from the more than two decades of
experience of AIPL's directors in the iron and steel industry.

                       RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.

Negative: Deterioration in the EBITDA margins leading to
sustained deterioration in the credit metrics could be negative
for the ratings.

                           COMPANY PROFILE

AIPL is a trader and consignment agent of iron & steel products
situated in Raipur, Chhattisgarh.  The company was incorporated
in April 2001, and also operates a 1.5MW wind turbine in
Shahjahanpur, Uttar Pradesh.  It has entered into a power selling
agreement with Madhya Pradesh Power Corporation Limited for 25
years.


AZURE HOSPITALITY: Ind-Ra Suspends B- Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Azure
Hospitality Private Limited's (AHPL) '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 AHPL.

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.

AHPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR15 mil. fund-based facilities: migrated to
      'IND B-(suspended)' from 'IND B-' and 'IND A4(suspended)'
      from 'IND A4'
   -- INR40 mil. term loans: migrated to 'IND B- (Suspended) from
      'IND B-'
   -- Proposed INR25 mil. fund-based facilities: 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
   -- Proposed INR20 mil. term loans: Long-term 'Provisional IND
      B-'; ratings withdrawn as the company did not proceed with
      the debt instrument as envisaged


B.S. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL's rating of the long term bank facilities of B.S.
Industries continues to reflect the firm's weak business risk
profile driven by large working capital requirements,
susceptibility of its margins to volatility in raw material
prices and adverse regulations.

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

   Proposed Long Term
   Bank Loan Facility       3.8     CRISIL B+/Stable (Reaffirmed)

   Term Loan                5.0     CRISIL B+/Stable (Reaffirmed)

The firm's financial risk profile is also weak, marked by weak
debt protection metrics and moderate gearing. These rating
weaknesses are partially offset by the extensive experience of
B.S. Industries' partners in the cotton industry, and the funding
support that the firm receives from them in the form of unsecured
loans.
Outlook: Stable

CRISIL believes that B. S. Industries will continue to benefit
from its partners' extensive industry experience and financial
support over the medium term. The outlook may be revised to
'Positive' if the firm ramps up its accruals significantly, with
improvement in revenues and profitability while prudently
managing its working capital. Conversely, the outlook may be
revised to 'Negative' if the firm's working capital management
deteriorates or its liquidity weakens significantly, most likely
because of lower-than-expected cash accruals, or the firm
undertakes any large debt-funded capital expenditure (capex)
programme, further weakening its capital structure.

Update
B.S. Industries recorded stable revenues of around INR320 million
in 2015-16. The healthy sales growth was supported by higher
demand for cotton. Going forward, CRISIL believes that the
revenues of the firm are expected to grow at a modest pace over
the medium term.  In 2015-16, the operating margins are expected
to be moderate at around 3-4 per cent as the cotton prices have
reduced significantly and no inventory gains are expected. B.S.
Industries working capital requirements continue to be sizeable
driven by the high inventory levels at 70 days and debtor levels
at 65 days as on March 31, 2016. B.S. INDUSTRIES's liquidity
remains stretched marked by fully utilized bank lines on the back
of its sizable working capital requirements. However the
liquidity is supported by no term debt obligations and support
from the promoters in the form of unsecured loans of INR15
million as on 31st March 2016. B.S. INDUSTRIES's revenue and
operating margin will remain key rating sensitivity factors
affecting the accretion to reserves and thus the liquidity and
financial profiles.

The firms financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics.
The firms gearing is moderate at 0.84 times as on March 31, 2016
and is expected to remain at similar over the medium term on
account of low accretion to reserves. The firms working capital
management, along with capital expenditure plans and their
funding thereof will remain key rating sensitivity factors
affecting the financial profile over the medium term,

B. S. Industries was set up in 2007 as a partnership firm by the
Tayal family of Madhya Pradesh. The firm is engaged in cotton
ginning and pressing through its processing facility in Lasur,
Aurangabad (Maharashtra) with a capacity of producing 18,000
cotton bales per year.


BAJORIA AGRO: CRISIL Assigns B+ Rating to INR49MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Bajoria Agro Processing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              49         CRISIL B+/Stable
   Cash Credit            37.5       CRISIL B+/Stable
   Proposed Cash
   Credit Limit            3.5       CRISIL B+/Stable

The rating reflects BAPPL's below-average financial risk profile
because of a small networth and moderately high gearing, its
modest scale of operation and profitability and exposure to
intense competition and the vagaries of nature being in agro
commodity business. These weaknesses are partly offset by the
long track record of the promoters in the agro-commodity
processing segment and their funding support.
Outlook: Stable

CRISIL expects the company to benefit over the medium term from
the industry experience of its promoters. The outlook may be
revised to 'Positive' if ramp-up in operations and increase in
cash accrual improves the capital structure. The outlook may be
revised to 'Negative' if low revenue, or profitability or
increase in working capital requirement, or large debt-funded
capital expenditure weakens the financial risk profile,
particularly liquidity.

Incorporated in 2013, BAPPL manufactures wheat based products
including maida, sooji, rava and atta. Its manufacturing facility
at Abohar, Punjab had a production capacity of about 10
tonne/hour. It commenced  commercial operations in August 2015.


BEE JAY INDUSTRIAL: Ind-Ra Suspends B+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bee Jay
Industrial Corporation's 'IND B+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND B+(suspended)' on the agency's website.

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

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.

Bee Jay' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'/Stable
   -- INR120 mil. fund-based limits: migrated to
      'IND B+(suspended)' from 'IND B+' and 'IND A4(suspended)'
      from 'IND A4'
   -- Proposed INR80 mil. fund-based limits: 'Provisional IND B+'
      and 'Provisional IND A4': ratings withdrawn as the company
      did not proceed with the instrument as envisaged.


BHASKAR INTERNATIONAL: ICRA Suspends B Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  assigned
to the INR6.001 crore fund based bank facilities of Bhaskar
International Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   Long Term                6.00        [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Incorporated in 1997 as a private limited company, BIPL is
primarily engaged in the trading of gunny bags and also
manufacturing of Poly Propylene woven fabric bags mainly used in
packaging by rice, food grains and sugar manufacturers and
traders. The company is a part of AOCC group which is also
engaged in a similar line of business. The key promoters of the
firm are Mr. Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and
their family members. The manufacturing facility of the company
is located in the Industrial estate in Yamuna Nagar, Haryana with
an installed capacity to manufacture 1800 MT per annum of PP
woven bags.


BINDU FOOD: ICRA Assigns C+ Rating to INR5.00cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C+ to the INR7.35
crore fund based facilities of Bindu Food Processors Private
Limited. An untied limit of INR0.65 crore has been rated by ICRA
at [ICRA]C+ and [ICRA]A4 on long term and short term scale
respectively.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limit-
   Term Loan                1.35       [ICRA]C+ assigned

   Fund Based Limit-
   Cash Credit              5.00       [ICRA]C+ assigned

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

   Untied limit             0.65       [ICRA]C+/[ICRA]A4 assigned

Rating Rationale
The assigned ratings take into account BFPPL's small scale of
current operations, and its weak financial risk profile as
reflected by low profits, high gearing and depressed level of
coverage indicators. The ratings also consider significant debt
repayment obligations of the company, going forward. Besides, the
company has high working capital intensive nature of operations
due to the upfront advances it extend to the farmers at the time
of loading of potatoes, which exert pressure on the liquidity
position. The ratings are further constrained by the regulated
nature of the industry, making it difficult to pass on any
increase in operating costs, putting pressure on the
profitability. BFPPL is also exposed to agro-climatic risks as
its business performance depends entirely upon a single agro
commodity, i.e. potato. ICRA notes that the company also remains
exposed to the counterparty risk due to the loans extended to
farmers, given the chances of default if potato prices fall
significantly. The ratings, however, derive comfort from the
experience of the promoters in the industry and locational
advantage of BFPPL, as its cold storage unit is in West
Medinipur, a district where a large volume of potato is produced.
In ICRA's opinion, the ability of the company to improve its
profitability as well as cash accruals while managing its working
capital requirements efficiently would be the key rating
sensitivities, going forward.

Bindu Food Processors Private Limited (BFPPL) had set up its cold
storage unit in West Medinipur, West Bengal in 1997 to carry out
the business of storage and preservation of potatoes. BFPPL has a
storage capacity of 21,326 metric tonnes (MT). The cold storage
unit of the company is operating under the name Purnima Cold
Storage.

Recent Results
During 2015-16, BFPPL posted a net profit of INR0.24 crore
(provisional) on an operating income of INR3.81 crore
(provisional). The company reported a net profit of INR0.04 crore
on an operating income of INR2.86 crore in 2014-15.


BKD INFRASTRUCTURE: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed BKD
Infrastructure Pvt. Ltd.'s (BIPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The affirmation continues to reflect BIPL's moderate scale of
operations, and geographical concentration arising from its
contract execution activities being based in Odisha only.
According to the company's FY16 provisional financials the
company reported revenue of INR1,589 mil. (FY15:INR1,033 mil).
Moreover, BIPL's operating EBITDA margin declined to a low of
5.8% in FY16 (FY15: 6.1%) because of sub-contracted execution
activities and high competition in the construction industry.

The ratings also reflect BIPL's tight liquidity profile leading
to over 94% use of the working capital limits on an average with
few instances of over-utilization during the 12 months ended June
2016.

The ratings, however, are supported by over a decade of operating
experience of BIPL's promoters in the construction of buildings,
roads and bridges.  The ratings are also supported by BIPL's
strong credit metrics.  In FY16, the company's net financial
leverage (total Ind-Ra adjusted net debt/ operating EBITDAR) was
negative 0.4x (FY15: 1.4x) and gross interest coverage (operating
EBITDA/gross interest expenses) was 13.7x (6.0x).

                         RATING SENSITIVITIES

Positive: A sustained improvement in the liquidity profile could
be positive for the ratings.

Negative: Any further deterioration in the liquidity profile
could be negative for the ratings.

COMPANY PROFILE

BIPL was incorporated in April 2008 and has a registered office
at Sambalpur, in Odisha.  The company, promoted by Braja Kishore
Das and Monalisa Das, is engaged in the civil construction works.

BIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
   -- INR20 mil. fund-based working capital limits: affirmed at
      'IND BB+'/Stable
   -- INR120 mil. non-fund-based working capital limits
      (increased from INR70 mil.): affirmed at 'IND A4+'


CHEMROW INDIA: ICRA Suspends B+ Rating on INR4.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR4.001 crore fund based bank facilities of Chemrow India
Private Limited. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR11.00 crore non fund based limits and
long/short term ratings of [ICRA]B+/A4 on the INR3.00 crore
unallocated limits of CIPL.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Fund-Based Limits
   Long Term               4.00      [ICRA]B+; Suspended

   Non Fund-Based
   Limits-Short Term      11.00      [ICRA]A4; Suspended

   Unallocated-
   Long/Short Term         3.00      [ICRA]B+/[ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

CIPL was incorporated in 1997 and is engaged in the trading of
polymers and plastic materials like Ethylene-vinyl acetate (EVA),
Poly Vinyl Chloride (PVC), Propylene Glycol, etc, with EVA being
the major product. In addition, in Q4 2013-14, the company
started a manufacturing facility in Delhi for the manufacturing
of shoe lasts. CIPL also has a manufacturing facility in Agra,
Uttar Pradesh, whereas trading is done through its two offices in
Delhi.


DCS LIMITED: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated DCS Limited's
(formerly Delta Construction Systems Ltd.) '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 DCS.

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.

DCS' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR100 mil. fund-based working capital limits: migrated to
      Long-term 'IND BB(suspended)' from 'IND BB' and Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR480 mil. non-fund-based working capital limits: migrated
      to Long-term 'IND A4+(suspended)' from 'IND A4+' -Proposed
      INR300 mil. term loans: migrated to Long-term
      'provisional IND BB(suspended)' from 'provisional IND BB'
   -- Proposed INR50 mil. fund-based working capital limits:
      migrated to Long-term 'provisional IND BB(suspended)' from
      provisional 'IND BB' and Short-term 'provisional IND
      A4+(suspended)' from 'provisional IND A4+'
   -- Proposed INR420 mil. non-fund-based working capital limits:
      migrated to Short-term 'provisional IND A4+(suspended)'
      from 'provisional IND A4+'


DEEPAK HARDWARE: ICRA Suspends 'B' Rating on INR8cr Bank Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B  assigned to
the INR8.0 crore banking facilities of Deepak Hardware Industries
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in absence of requisite information
from the company.


DIGICON ELECTRONICS: CRISIL Assigns B- Rating to INR30MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of Digicon Electronics Pvt Ltd (DEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      30        CRISIL B-/Stable

The rating reflects the company's small scale of operations in
the competitive printed circuit boards (PCBs) assembling industry
and weak financial risk profile marked because of weak capital
structure. These weaknesses are partially offset by extensive
experience of promoters and established relationship with
customers.
Outlook: Stable

CRISIL believes DEPL will benefit over the medium term from the
extensive experience of its promoters and established clientele
The outlook may be revised to 'Positive' if significant
improvement in revenue and profitability leads to sizeable cash
accrual; or if substantial infusion of funds results in a better
capital structure. The outlook may be revised to 'Negative' if
low cash accrual, stretched working capital cycle, or any major
debt-funded capital expenditure further weakens financial risk
profile, particularly liquidity.

Incorporated in April 2006 in South Korea and promoted by Mr.
Yong Su Park, Mr. Sang Sik Oh, and Mr. Byung Seon Yang, DEPL
assembles PCBs for LG Electronics India Pvt Ltd (rated 'CRISIL
AA+/Stable/CRISIL A1+') and Videocon Industries Ltd. The PCBs
find application in colour television, light-emitting diode, and
liquid colour displays. Manufacturing unit is in Ranjangaon near
Pune.


EASTERN CONSTRUCTION: Ind-Ra Suspends BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Eastern
Construction Company's (ECC) 'IND BB' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  The rating will
now appear as 'IND BB(suspended)' on the agency's website.

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

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.

ECC's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR15 mil. fund-based working capital limits: migrated to
      'IND BB(suspended)' from 'IND BB' and 'IND A4+(suspended)'
      from 'IND A4+'
   -- INR50 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


ESSEN ELITE: CRISIL Lowers Rating on INR135MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Essen
Elite Associates (Essen Elite) to 'CRISIL D' from 'CRISIL
BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             135       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects Essen Elite's delays in debt
servicing. The delays have been on account of weak liquidity,
given lower-than-expected cashflows and saleability, and slowdown
in construction of commercial project, Aishwaryam One, at
Chinchwad, Pune. Saleability and timeliness in financial support
from the promoters will remain key rating sensitivity factors.

The rating continues to reflect the firm's exposure to project
implementation risks given the early stage of the project, and
saleability risk related to the inherent cyclicality in the real
estate sector. However, the company benefits from the favourable
location of the project on the Mumbai-Pune Highway, and the
partners' experience in the real estate sector.

Essen Elite is a special-purpose vehicle floated jointly by three
business groups: the Essen group, the MD group, and the Elite
group. The project, Aishwaryam One, in Chinchwad, Pune, is within
limits of the Pimpri-Chinchwad Municipal Corporation (PCMC). The
project area extends over 3 acres of land, with estimated
saleable area of around 0.17 million square feet, with 127 units
including shops, offices, and showrooms. The project will have
seven floors including two basements. The land, worth INR93
million, has already been procured. The estimated cost for the
project is around INR780 million.About 70% of Phase-I of the
project has been completed.

The Essen group and MD group, in partnership, have implemented
four projects totalling 1.25 million sq ft in the past five years
in Pune, and are undertaking five more projects in the city. The
Elite group is engaged in the retail franchisee business, and
this is the first real estate project it is executing in
partnership with other groups.


FATEHPURIA TRANSFORMERS: ICRA Suspends B+/A4 INR51cr Loan Rating
----------------------------------------------------------------
ICRA has suspended [ICRA]B+/[ICRA]A4 ratings assigned to the
INR51 crore fund based, non fund based and proposed facilities of
Fatehpuria Transformers and Switchgears Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


FLAGS HOTELS: CRISIL Assigns 'D' Rating to INR220MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Flags Hotels Private Limited (FHPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         220       CRISIL D

The rating reflects FHPL's delays in meeting debt obligation
because of stretched liquidity.

FHPL has small scale of operations, and weak financial risk
profile driven by weak debt protection metrics. However, it
benefits from its promoters' extensive experience in the
hospitality industry.

FHPL, incorporated in 2010, operates four restaurants and seven
banquet halls in Mumbai under the Flags brand. It is managed by
Mr. Joseph Sequeira, Mr. Larence Sequeira, and Ms. Catherine
Dsouza.


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

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

Fuso's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable
   -- INR260 mil. fund-based working capital limits: migrated to
      Long-term 'IND BB(suspended)' from 'IND BB' and Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR155 mil. non-fund-based working capital limits: migrated
      to Short-term 'IND A4+(suspended)' from 'IND A4+'
   -- INR33.7 mil. term loans: migrated to Long-term
      'IND BB(suspended)' from 'IND BB'


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

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

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

GBR's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR60 mil. fund-based working capital limits: migrated to
      Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-
      term 'IND A4+(suspended)' from 'IND A4+'
   -- INR11.1 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'


GSN FERRO: Ind-Ra Suspends B- Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GSN Ferro Alloys
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 for GSN.  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

GSN' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B-(suspended)'
      from 'IND B-'/Stable
   -- INR222.5 mil. fund-based working capital limits: migrated
      to Long-term 'IND B-(suspended)' from 'IND B-' and Short-
      term 'IND A4(suspended)' from 'IND A4'
   -- INR57.5 mil. non-fund-based working capital limits:
      migrated to Short-term 'IND A4(suspended)' from 'IND A4'
   -- INR668.7 mil. term loan: migrated to Long-term
      'IND B-(suspended)' from 'IND B-'


HARDOLI PAPER: ICRA Lowers Rating on INR9cr Term Loan to B+
-----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR9.00
crore term loans of Hardoli Paper Mills Limited to [ICRA]B+ from
[ICRA]BB- (stable). ICRA has reaffirmed the short term rating
assigned to the INR1.00 crore letter of credit limit of HPML at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loans              9.00       [ICRA]B+; revised
                                      from [ICRA]BB- (Stable)

   Letter of Credit        1.00       [ICRA]A4 reaffirmed

Rating Rationale
The revision in long term rating takes into account the weakening
of financial profile of the company in FY2016 on account of
decline in profitability and increase in debt levels which have
resulted in increased gearing level and worsening of debt
coverage indicators for FY 2016. The ratings continue to remain
constrained by the vulnerability of company's profitability to
volatility in waste paper prices and fluctuations in foreign
exchange rates, and the highly competitive nature of kraft paper
industry with presence of various organized and unorganized paper
mills which restricts pricing flexibility and keeps margins under
pressure. ICRA also notes that the company has sizeable repayment
obligations in the near to medium term and hence scaling up of
revenues along with improvement in profitability would remain
critical from credit perspective.

Nonetheless, the ratings favourably factor in the long standing
experience of promoters and established track record of the
company in the kraft paper business, the company's established
network of agents spread across western and southern region, and
healthy revenue growth reported by the company during FY 2016.

Hardoli Paper Mills Limited (HMPL) was incorporated in 1992 and
is engaged in the manufacture of different varieties of Kraft
Paper with BF (Burst Factor) ranging from 16 to 24. Kraft Paper
is used for making corrugated boxes, liners, textile tubes,
duplex cartons etc. and the main consumption is thus in
packaging. The company has its production facility located at
village Hardoli, Nagpur. The capacity of the plant was 30,000
MTPA until FY 2015. The company started with a modernization-cum-
expansion plan in 2015, which was be completed in FY 2016. Phase
I of the expansion saw the increase in manufacturing capacity to
45,000 MTPA. The plant has been operating at this enhanced
capacity since April 2015. Phase II of the expansion comprising
modernization and efficiency improvements is currently underway
and is expected to be completed by July 2016.

Recent Results
For the financial year ended March 31, 2015, the company reported
an operating income of INR48.12 crore and profit after tax of
INR0.59 crore. Further, as per unaudited provisional financials
for the financial year ended March 31,2016, the company reported
operating income of INR61.83 crore and net loss of INR1.20 crore.


HARIOM COTGIN: CRISIL Lowers Rating on INR80MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Hariom Cotgin Private Limited (HCPL) to 'CRISIL D' from
'CRISIL BB-/Stable'. The downgrade reflects the company's delay
in debt servicing because of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The company's operations remain working capital intensive, and
susceptible to volatility in raw material prices. However, it
benefits from the extensive experience of its promoters in the
cotton ginning industry.

HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and
presses and processes cotton seed into oil and cakes. In October
2015, it was taken over by Mr. Bharatbhain Selani and Mr.
Chiragbhai Selani, who have been in the cotton ginning and
pressing business for five decades.


HARMONY LAMINATES: CRISIL Reaffirms B+ Rating on INR47.6MM Loan
---------------------------------------------------------------
CRISIL's rating on bank facilities of Harmony Laminates Pvt Ltd
(HLPL) continue to reflect its small scale of operations that are
also working capital-intensive, in the fragmented laminates
industry.

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

   Proposed Long Term
   Bank Loan Facility       0.4    CRISIL B+/Stable (Reaffirmed)

   Term Loan               47.6    CRISIL B+/Stable (Reaffirmed)

The rating also factors in the weak financial risk profile,
marked by low networth, high gearing and moderate debt-protection
metrics. These rating weaknesses are partially offset by
extensive industry experience of promoters and financial support
received from them and established relationships with customers
and suppliers.
Outlook: Stable

CRISIL believes that HLPL will continue to benefit from extensive
industry experience of promoters. The outlook may be revised to
'Positive' if substantial increase in scale of operations, amid
stable profitability, leads to sizeable accrual, while lower
working capital requirement or equity infusion by promoters,
strengthens the capital structure. The outlook may be revised to
'Negative' if decline in profitability, a stretched working
capital cycle, or any large, debt-funded capital expenditure
programme, weakens the financial risk profile.

HLPL, incorporated in 2009 by promoter Mr. Mahesh Savlia and his
Rajkot-based family, manufactures decorative laminates.

On a provisional basis, the company posted a net loss of INR1.9
million on net sales of INR126.7 million for fiscal 2015,
vis-a-vis net loss of INR0.4 million on net sales of INR121.9
million reported a year ago.


HI-TECH SATLUJ: CRISIL Upgrades Rating on INR100MM Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Hi-Tech Satluj Motors Private Limited (HTSM) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              90       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Inventory Funding       100       CRISIL BB-/Stable (Upgraded
   Facility                          from 'CRISIL B+/Stable')

   Proposed Long Term       10       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The upgrade reflects significant improvement in HTSM's business
risk profile marked by significant increase in its scale of
operations. The company's revenue grew at a compounded annual
growth rate of 24% over the three years through 2015-16, to
INR1.1 billion. Consequently, its net cash accrual increased to
around INR9.5million in 2015-16. CRISIL believes that the top
line of the Company will register moderate growth over the medium
term driven by HTSM's established position in automotive
dealership and its long-standing relationship with TML.

Further, HTSM's net worth rose to INR84 million as on March 31,
2016, from INR29.6million as on March 31, 2015 led by conversion
of unsecured loans into equity to the tune of INR50million.
CRISIL believes that the net worth of the Company will improve
gradually over the medium term on the back of increase in
accretion to reserves, however it will continue to remain modest.

The rating reflects the extensive experience of HTSM's promoters
in the automotive dealership business and its comfortable return
on capital employed. These strengths are partially offset by the
company's exposure to intense competition, and its modest
financial risk profile marked by weak debt protection metrics.
Outlook: Stable

CRISIL believes HTSM will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company sustains its
revenue growth while maintaining its operating profitability and
improving its working capital management, leading to higher-than-
expected cash accrual and a better financial risk profile. The
outlook may be revised to 'Negative' in case of lower-than-
expected accrual or large debt-funded capital expenditure,
resulting in weakening of capital structure, or increase in
working capital requirement, leading to stretch in liquidity.
HTSM is an authorised dealer for the passenger cars of Tata
Motors Ltd (rated 'CRISIL AA/ Stable/CRISIL A1+') in Himachal
Pradesh. It was set up as a partnership firm named Satluj Motors,
and was reconstituted as a private limited company with the
current name in fiscal 2013. The company is promoted by Mr.
Mohinder Singh Gulleria and Mr. Narinder Singh Gulleria, who have
experience of over a decade in the automotive dealership
business. The company has 3 showrooms and workshops, one each in
Mandi, Hamirpur, and Kullu. Additionally, it has one branch each
in Bilaspur, Rampur, Sakarghat, Jogindernar, Manali, Karsog,
Sujanpur, Ghur mani.


INNOVA CHILDREN'S: ICRA Suspends D Rating on INR4cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR4.00 crore term loan facilities and INR11 crore cash
credit facilities of Innova Children's Heart Hospital Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Innova Children's Heart Hospital Private Limited (ICHHPL),
incorporated in 2006, is a quaternary care hospital specializing
in pediatric cardiology. ICHHPL has been set up by a group of
doctors (Dr. Sujanee Murthy, Dr. Naga Rajan, Dr. Anil Kumar) led
by Dr. K. S. Murthy, to provide dedicated care for children
suffering from heart diseases both congenital and acquired, along
with general pediatrics.


ISSAR PHARMACEUTICALS: ICRA Suspends B Rating on INR16.35cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  to the
INR16.35 crore fund based limits and INR8.65 crore unallocated
limits of Issar Pharmaceuticals Private Limited (IPPL). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


JAGAN INDUSTRIES: Ind-Ra Suspends BB Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jagan Industries
Limited's (JIL) 'IND BB' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB(suspended)' on the agency's website.  The agency has also
migrated the ratings on JIL's INR60 mil. fund-based limits to
'IND BB (suspended)'/'IND A4+ (suspended)' from
'IND BB'/Stable/'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 JIL.

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.


JPB CHEMICAL: Ind-Ra Affirms BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed JPB Chemical
Industries Pvt Ltd.'s Long-Term Issuer Rating at 'IND BB'.  The
Outlook is Stable.  The agency has also affirmed JPB's INR220
mil. fund-based working capital limits at 'IND BB'/Stable and
'INDA4+' ratings.

                        KEY RATING DRIVERS

The affirmation reflects JPB's continued moderate credit profile.
The company's revenue declined yoy to INR974 mil. in FY16
(FY15:1,088 mil., FY14: INR1,205 mil.); its operating EBITDA
margin was 3.2% (3.5%, 3.1%), EBITDA interest coverage (operating
EBITDA/gross interest expense)was 1.3x (1.3x, 1.2x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was 5.5x (4.6x, 5.3x).  The FY16 numbers are provisional in
nature.

The ratings are further constrained by the tight liquidity
position of the company with the average utilization of its
working capital limits being around 97% during the 12 months
ended June 2016.

The ratings, however, are supported by 30 years of experience of
the company's founders in trading of chemicals.

                        RATING SENSITIVITIES

Positive: An improvement in the profitability leading to
improvement in the credit metrics could be positive for the
ratings.

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

COMPANY PROFILE

JPB was incorporated in 1997, however it started its commercial
operations in 1999.  The company is into manufacturing, import
and distribution pharmaceuticals, solvents and bulk drugs.  JPB
is an authorized distributor for Shree Rayalseema Petrochemicals
Limited and Rashtriya Chemicals and Fertilizers Ltd which are the
leading chemical and fertilizer producing companies.  The
registered office of JPB is situated at Vile Parle, Mumbai and
storing facility at Taloja.  The entire business lies in the
hands of the Gandhi family, with Jitendra Gandhi being the
Managing director, Hiten Gandhi, Parag Gandhi and Tushar Parikh
being the directors of the company.


K.C. TIMBER: ICRA Suspends 'B' Rating on INR2.0cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.001 crore fund based bank facilities of K.C. Timber
Traders. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR8.00 crore non fund based limits of
KCTT.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   Long Term               2.00         [ICRA]B; Suspended

   Non Fund Based
   Limits-Short Term       8.00         [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Business was established in 1991as a partnership firm with Mr.
Manish Bansal and Mr. Romesh Bansal as partners in equal ratio.
Both the partners are actively engaged in the working of the
business. The company is a wholesale trader of timber and imports
timber from Latin America and West Africa. The variety of timber
that the company deals is mainly teak which is used in making of
furniture and light construction work. Head office as well the
factory of the firm is located at Assam Timber Market in New
Delhi.


KHODASHI POWER: ICRA Suspends 'D' Rating on INR26cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR26.00 crore bank line of credit of Khodashi Power Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Khodashi Power Private Limited is setting up a 4.90 (2X2.45) MW
hydro electric power plant which is Located in Karad District of
Pune. It is being promoted by a group of individual promoters
with Mr G.P. Darshan Lal as Chairman. The project envisages
generation of power through run of river Hydro electric scheme.
The diversion is created on the river Krishna near Karad just
before it joins the Kyona tributary.


KIRTIMAN CEMENTS: ICRA Suspends 'B' Rating on INR18cr LT Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  assigned to
the INR18.001 crore fund based bank facilities of Kirtiman
Cements and Packaging Industries Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits
   Long Term               18.00        [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

KCPIL was incorporated in 1996 and manufactures PP woven fabric
bags used in packaging. Apart from selling PP woven bags, the
company also supplies PP woven fabric to traders. The key
promoters of the company are Mr. Ashwani Kumar Oberoi, Mr. Sunil
Kumar Oberoi and their family members. The company is a part of
the AOCC group which is also engaged in a similar line of
business. The manufacturing facility of the company is located in
Yamuna Nagar, Haryana with an installed capacity of 5400 Metric
Tonnes (MT) per annum to manufacture PP woven bags.


KRISHI NUTRITION: Ind-Ra Raises Long-Term Issuer Rating to BB+
--------------------------------------------------------------
India Ratings and Research has upgraded Krishi Nutrition Company
Private Limited's (KNCPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BB-'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The upgrade reflects KNCPL's successful completion of a
manufacturing plant project and stabilization of operations over
FY15-FY16 resulting in a robust financial performance.  The
company reported revenue of INR5,508 mil. and INR3,342 mil. in
FY16 and FY15 (FY14: INR485 mil.), respectively.  Its interest
coverage (operating EBITDA/gross interest expenses) was 5.4x and
11.1x in FY16 and FY15 (FY14: 21.8x), respectively, and net
financial leverage (total Ind-Ra adjusted net debt/operating
EBITDAR) was negative 3.3x and negative 1.8x (negative 17.6X).
FY16 financials are provisional in nature.

The ratings are supported by KNCPL's comfortable liquidity
profile, as indicated by its less than 58.4% average use of the
working capital limits for the 12 months ended April 2016 and
short working capital cycle of two days in FY16 and negative one
day in FY15 (FY14: 16 days).

The ratings, however, remain constrained by the company's weak-
but-improving EBITDA margins (FY16: 0.9%; FY15: 0.6%; FY14: 0.2%)
and its short track record of operations.  It started operations
during November 2013, and FY15 was the first full year of
operations for the company.

                       RATING SENSITIVITIES

Positive: An improvement in the EBITDA margins leading to a
substantial improvement in the credit metrics could lead to a
positive rating action.

Negative: Operations at its own manufacturing unit not leading to
a significant improvement in the EBITDA margins and deterioration
in the working capital cycle could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2013, KNCPL manufactures animal feed through an
outsourcing arrangement with five units in Tamil Nadu and one in
Karnataka.  It has also started manufacturing products at its own
120,000mtpa unit located in Tamil Nadu.

KNCPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB+' from
      'IND BB-'; Outlook Stable
   -- INR129.36 mil. long-term loans (increased from INR128
      mil.): upgraded to 'IND BB+'/Stable from 'IND BB-'/Stable
   -- INR65 mil. fund-based working capital limits (reduced from
      INR85 mil.): upgraded to 'IND BB+'/Stable from 'IND BB-'
   -- INR17 mil. non-fund-based working capital limits: assigned
      'IND A4+'


LEO TIMBER: CRISIL Lowers Rating on INR33.5MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Leo Timber Private Limited (LTPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', and reaffirmed its rating on the short-term
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             33.5      CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        80.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term       6.5      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in the company's
financial risk profile, especially liquidity, because of a
stretched working capital cycle. Gross current assets (GCAs) were
high at 167 days (estimated) as on March 31, 2016, though they
reduced from around 175 days a year earlier; the high GCAs were
due to large inventory and receivables. The resultant large
working capital debt remains debt protection metrics weak, with
interest coverage and net cash accrual to total debt ratios at
1.4 times and 0.06 time, respectively, for fiscal 2016.
Furthermore, sizeable debt contracted in fiscal 2016 has resulted
in an increase in repayment obligation; liquidity would,
therefore, be stretched over the medium term. Working capital
management and adequate cash accrual for meeting repayment
obligations will remain key monitorables.

The ratings reflect a below-average financial risk profile
because of a small net worth, high total outside liabilities to
tangible net worth ratio, and weak debt protection metrics. The
ratings also factor in a modest scale of operations and exposure
to intense competition. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the timber-trading industry and moderate risk management.
Outlook: Stable

CRISIL believes LTPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is substantial and
sustained improvement in revenue and profitability margins,
leading to better cash accrual and capital structure, or a
significant increase in net worth on the back of equity infusion.
The outlook may be revised to 'Negative' in case of a steep
decline in profitability margins or significant deterioration in
the capital structure on account of a considerable increase in
working capital requirement.

Incorporated in 1996, LTPL trades in timber. The company is based
in Delhi and is managed by Mr. Devender Singh.


MADRAS HARD: Ind-Ra Affirms B+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research has affirmed Madras Hard Tools Pvt
Ltd's (MHPL) Long-Term Issuer Rating at 'IND B+'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings continue to reflect MHPL's moderate credit metrics,
with provisional (P) financial of FY16 financials indicating
interest coverage (operating EBITDAR/gross interest expense) of
1.9x (FY15: 1.6x) and net financial leverage (total adjusted net
debt/operating EBITDAR) of 9.5x (7.8x), due to a decline in its
EBITDA margin to 3.7% (5.4%).

The ratings also factor MHPL's tight liquidity, as reflected in
the 97.5% utilization of its fund-based limits during the six
months ended June 2016.

The ratings are supported by the four-decade-long experience of
MHPL's promoter in the trading business.  The ratings also
consider the improvement in MHPL's revenue to INR1,054 mil. in
FY16 (FY15: INR980 mil.).

                       RATING SENSITIVITIES

Positive: An improvement in the company's liquidity position will
lead to a positive rating action.

Negative: Deterioration in interest coverage could lead to a
negative rating action.

COMPANY PROFILE

MHPL was incorporated in 1972 and is an authorized distributor of
steel wire ropes for Usha Martin Ltd ('IND BBB'/RWN).  It is also
an authorised distributor for eight-strand mooring ropes for Tuff
Ropes Pvt. Ltd.  Additionally, the company manufactures slings
and PET bottles.

MHPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
   -- INR19.42 mil. long-term loans (reduced from INR32.86 mil.):
      affirmed at 'IND B+'/Stable
   -- INR275 mil. fund-based working capital limits: affirmed at
      'IND B+'/Stable/'IND A4'
   -- INR10 mil. non-fund-based facility: affirmed at 'IND A4'


MAHARSHI ALLOYS: Ind-Ra Suspends B Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research has migrated Maharshi Alloys and
Steels' '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 Maharshi Alloys.

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

Maharshi Alloy's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B(suspended)'
      from 'IND B'/Stable
   -- INR50 mil. fund-based limits: migrated to Long-term
     'IND B(suspended)' from 'IND B' and Short-term
     'IND A4(suspended)' from 'IND A4'
   -- INR20 mil. non-fund-based limits: migrated to Short-term
      'IND A4(suspended)' from 'IND A4'


MAHI CORPORATION: ICRA Reaffirms B+ Rating on INR5cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR5.00 crore cash credit facility and INR1.45 crore term
loan facility of Mahi Corporation Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        [ICRA]B+ reaffirmed
   Term Loan               1.45        [ICRA]B+ reaffirmed

The rating reaffirmation takes into account the weak financial
profile of the company as characterised by its adverse capital
structure, thin operating profitability, weak coverage indicators
and high working capital intensity. The rating is constrained by
the small scale of operations coupled with sales de-growth
witnessed during FY2016, where the company derived majority of
the revenue from cotton trading. The rating also takes into
account the vulnerability of the company's profitability to the
fortunes of oil and gas industry (primarily shale gas exploration
in USA), which is the major user industry. The rating is further
constrained by the presence of the company in the low value-
added/highly commoditised segment of the highly fragmented and
competitive processing industry.

The rating, however, continues to favourably take into account
the promoters' past experience in guar seed trading and proximity
of the plant to the guar seed-producing belt in Gujarat, enabling
access to raw material sources.

Incorporated in November 2013, Mahi Corporation Private Limited
(MCPL) processes guar seeds to obtain guar gum refined splits and
by-products like churi and korma. The company operates from its
facility located at Tankara in Rajkot district of Gujarat, with
an installed guar gum seeds processing capacity of 16,500 MTPA.

Recent Results
For the year ended 31st March 2016, MCPL has reported an
operating income of INR25.99 crore and net profit of INR0.05
crore as against an operating income of INR30.36 crore and net
profit of INR0.02 crore for the year ended 31st March 2015.


MALABAR HOTELS: Ind-Ra Lowers Long-Term Issuer Rating to D
----------------------------------------------------------
India Ratings and Research has downgraded Malabar Hotels Private
Limited's (MHPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'.  The Outlook was Stable.

                        KEY RATING DRIVERS

The downgrade reflect MHPL's delays in servicing its term loans
for the three months ended June 2016 due to a stretched liquidity
position because of low occupancy at its hotel.

                       RATING SENSITIVITIES

Positive: Timely servicing of debt for three consecutive months
could result in a positive rating action.

COMPANY PROFILE

Incorporated in 2002, MHPL operates a five-star hotel named
Kohinoor-Asiana which is located in Chennai.

MHPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND BB-'/Stable
   -- INR30 mil. (decreased from INR60 mil.) fund-based working
      capital limits: downgraded to 'IND D' from 'IND BB-'/Stable
   -- INR300 mil. (decreased from INR310 mil.) term loan:
      downgraded to 'IND D' from 'IND BB-'/Stable
   -- INR10 mil. non-fund-based working capital limits:
      'IND A4+'; rating withdrawn as the facility has been paid
      in full


MANDAVA COTTON: ICRA Suspends 'D' Rating on INR17.11cr Loan
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]D to the INR17.11 crore
long term fund based limits and INR1.78 crore non-fund based
limits of Mandava Cotton Mills Private Limited (MCMPL). ICRA has
also suspended [ICRA]D/[ICRA]D to the INR11.11 crore unallocated
limits of MCMPL. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


MICON VALVES: ICRA Suspends 'D' Rating on INR11.91cr LT Loan
------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR11.91 crore
long term fund based and short term non fund based bank
facilities of Micon Valves (I) Private Limited. ICRA has also
suspended the rating of [ICRA]D to the INR0.09 crore unallocated
amount. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MISTRY CONSTRUCTION: ICRA Suspends D Rating on INR49cr LT Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR49 crore
long term, working capital facilities of Mistry Construction Co.
Pvt. Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 1983, Mistry Construction Co. Pvt. Ltd. (MCCPL)
is engaged in site excavation and mining work and also undertakes
textile trading. The promoters are also associated with other
companies engaged in film exhibition & tower leasing (Meghraj
Cinema, Kurla Exhibitors), textile trading (Millennium Clothing
Pvt. Ltd.) and site excavation & mining activities (Mistry
Enterprises Limited).


MUKTI PROJECTS: Ind-Ra Lowers Long-Term Issuer Rating to D
----------------------------------------------------------
India Ratings and Research has downgraded Mukti Projects
Limited's (MPL) Long-Term Issuer Rating to 'IND D' from
'IND B-'.  The Outlook was Stable.

                        KEY RATING DRIVERS

The ratings reflect MPL's tight liquidity, leading to delays in
debt servicing for the 12 months ended June 2016.

                      RATING SENSITIVITIES

Timely servicing of debt for three consecutive months could
result in a positive rating action.

COMPANY PROFILE

MPL, incorporated in 1993, is a closely held public limited
company with a registered office in Kolkata.  The company
operates a shopping mall cum entertainment centre named Mukti
World and also owns a five star hotel named Park Plaza in
Kolkata.

MPL's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND D' from
      'IND B-'/Stable
   -- INR1549.7 mil.( increased from INR1,186.3 mil.) term loan:
      downgraded to 'IND D' from 'IND B-'
   -- INR32.4 mil. (reduced from INR33.8 mil.) fund-based working
      capital limits: downgraded to 'IND D' from 'IND B-'


NARULA SOLVEX: ICRA Assigns B+ Rating to INR12cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B+ on the
INR12.00 crore long-term fund-based bank facilities of Narula
Solvex Private Limited.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Cash Credit Facilities     12.00       [ICRA]B+; assigned

ICRA's assigned rating is constrained by the intense competition
due to the fragmented nature of the edible oil industry and the
easy availability of substitutes with different varieties of
edible oils present in the market. The rating also takes note of
the modest scale of operations of the company, exposure of its
profitability to agro-climatic risks, likely to cause volatility
in raw material prices, and the vulnerability of realisations to
global edible oil price movements. Further, the rating also
factors in the weak financial risk profile of the company,
characterised by low profitability margins, adverse capital
structure and weak debt protection metrics.

The rating, however, favourably factors in the long and
established track record of the promoter in the rice mill
industry, the favourable demand prospects for rice bran oil in
the domestic market due to its significant health benefits and
easy availability in India, and the locational advantage of the
company by way of proximity to the rice bran producing belt of
Haryana and Punjab which helps in raw material procurement.

Going forward, the ability of the company to achieve improved
profit margins and effectively manage its working capital
requirements will be the key rating sensitivities.

Narula Solvex Private Limited (NSPL) is a private limited
company, which processes rice bran with a product mix, comprising
crude rice bran oil and de-oiled rice bran. Established in
September 2003, the company operates from its production unit
located at Moga, district of Punjab, with an installed capacity
of 300 metric tonnes per day (MTPD). The company extracts
solvents and sells the crude oil to the oil refiners and traders
in the nearby regions. It procures rice bran from millers in the
nearby regions of Haryana and Punjab. NSPL is promoted by the
Narula family, with an experience of around two decades in rice
bran oil extraction.

Recent Results
During FY2016, NSPL, on a provisional basis, reported an
operating income (OI) of INR75.49 crore and a profit after tax of
INR0.80 crore as against an OI of INR56.12 crore and a profit
after tax of INR0.09 crore for FY2015.


NILGIRI TEXTILES: Ind-Ra Suspends B+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research has migrated Nilgiri Textiles Private
Limited's (NTPL) '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 NTPL.

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

NTPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
      from 'IND B+'
   -- INR60 mil. fund-based working capital limits: migrated to
      Long-term 'IND B+(suspended)' from 'IND B+' and Short-term
      'IND A4(suspended)' from 'IND A4'
   -- INR9.6 mil. non-fund-based working capital limits: migrated
      to 'IND A4(suspended)' from 'IND A4'


OCIMUM INDUSTRIES: ICRA Suspends B-/A4 Rating on INR18cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and short
term rating of [ICRA]A4 assigned to INR18.00 crore bank line of
credit of Ocimum 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.

Ocimum Industries Private Limited (formerly known as Ocimum
Constructions Private Limited) was incorporated in the year 2006.
The company is promoted by Mr. B. K. Kishore Reddy and family
which also runs Astra Microwave Products Limited, which is a
leading player in the defense sector. The company undertakes
construction of buildings, offices and also does civil works for
GVK Projects Limited, NALCO, etc.

The company has recently floated a partially owned subsidiary in
Sri Lanka by the name of Sri Venkateswara Global Constructions
Limited. The subsidiary is undertaking construction of housing
units under the Urban Regeneration Project (City of Colombo)
initiated by the Ministry of Defence of the Government of Sri
Lanka.


PARTH DIAMOND: CRISIL Cuts Rating on INR105MM Loan to 'B'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Parth Diamond Private Limited (PDPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable', while reaffirming the rating on the company's
short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Line of Credit         105       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term       5       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in PDPL's liquidity
reflected in its fully utilised working capital limits with
instances of overdrawals.

PDPL's sales have increased to INR765 million in 2015-16 from
INR500 million in 2014-15 leading to an increase in its working
capital requirements, reflected in full utilisation of its bank
limits, with multiple instances of overdrawals. Furthermore, PDPL
is also planning to incur capital expenditure of INR10-12 million
in 2016-17 to set up a unit to manufacture silver samples which
will be funded through 75% debt and 25% equity. Timely infusion
of funds for the capex will remain a key rating sensitivity
factor.

The ratings continues to reflect PDPL's modest scale of
operations, its large working capital requirements, and its
exposure to intense competition in the jewellery manufacturing
industry resulting in its modest profitability margins. These
rating weaknesses are partially offset by the extensive
experience of PDPL's promoters in the jewellery manufacturing
industry, company's established relations with customers and
moderate financial risk profile marked by moderate networth,
comfortable total outside liability to tangible networth (TOLTNW)
ratio.
Outlook: Stable

CRISIL believes that PDPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' in case of sustained improvement in PDPL's
liquidity, backed by efficient working capital management or any
infusion of funds. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle.

PDPL was established in 2000 by Mr. Vaishal P Jariwala and his
family members. The company manufactures plain gold and diamond-
studded jewellery. The company primarily caters to the retailers
in the domestic market.


R.H. SOLVEX: Ind-Ra Assigns BB+ Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research has assigned R.H. Solvex Private
Limited (RHSPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect RHSPL's moderate scale of operations and
moderate financial profile.  According to the provisional
financials provided by the company, the revenue was INR1,081 mil.
in FY16 (FY15: INR1,100 mil.).  Its credit profile was moderate
with EBITDA margins of 2.7% in FY16 (FY15: 3.3%), gross interest
coverage (EBITDA/interest) of 2.2x (2.0x) and net leverage (net
debt/EBITDA) of 3.3x (4.3x).  RHSPL's liquidity was comfortable,
as is evident from its 38% average utilization of the working
capital facilities over the 12 months ended June 2016.

The ratings also take into account the raw material price
fluctuation risks associated with the edible oil refining
business since its primary raw material, soya seeds, is seasonal
in nature.

The ratings however benefit from RHSPL's founders' experience of
more than three decades in the solvent extraction and edible oil
refining business along with the company's close proximity to
soya seed mandis and the promoters' long standing relationships
with the existing customers and suppliers.

                        RATING SENSITIVITIES

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

Negative: A negative rating action may result from deterioration
in the company's credit metrics.

COMPANY PROFILE

RHSPL was incorporated in September 2010 and is promoted by
Mr. Harman Prasad Agrawal, Meena Agrawal, Rohit Agrawal and Rahul
Agrawal.  The company has a solvent extraction plant with a
production capacity of 250 tonnes per day (TPD) and a 50 TPD
edible oil refining unit in Seoni (Madhya Pradesh).  The company
is engaged in manufacturing deoiled soya cakes and refined
soyabean oil.  It sells the refined oil under the brand name
Nutririch.

RHSPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook Stable
   -- INR100.00 mil. fund-based working capital limits: assigned
      'IND BB+'/Stable
   -- INR71.80 mil. long term loans: assigned 'IND BB+'/Stable
   -- INR0.30 mil. non-fund based working capital limits:
      assigned 'IND A4+'


RANCHI EXPRESSWAYS: ICRA Reaffirms D Rating on INR1191.60cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR1191.601 crore term loan facilities of Ranchi Expressways
Limited at [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term loans             1191.60       [ICRA]D re-affirmed

The re-affirmation of rating takes into account the continued
delays in servicing its term loan obligations. In terms of
financial progress, REL achieved a progress of 29% of the total
Engineering, Procurement and Construction (EPC) cost as against
the revised target of 42% as on May, 2016 due to unavailability
of RoW and delayed equity infusion. ICRA notes that owing to
delays in securing RoW by the authority, REL has sought extension
of timeline for completion of project till December, 2017 as
against scheduled COD of June, 2015. The rating continues to take
into account the implementation risks, pending land acquisition
and susceptibility to adverse movement of the interest rates. The
rating is further constrained by REL's exposure to funding risk
in the light of deteriorated financial risk profile of Madhucon
Projects Limited (MPL, rated [ICRA]D) given that MPL is yet to
bring in around INR94 crore of equity and would be required to
part fund the cost escalation. While reaffirming the rating, ICRA
has noted the operational strength of the promoter (MPL), who is
also the EPC contractor, fixed-price EPC contract; absence of
traffic risk and low revenue risk due to annuity nature of the
project.

Going forward, REL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further, timely
infusion of remaining equity and tying up funds for the
escalation in cost, timely execution of the project as per
revised schedule will be the other rating sensitivities.

Ranchi Expressways Limited (REL) has been incorporated in the
year 2011 as a special purpose vehicle promoted by Madhucon Infra
Limited (MIL) and Madhucon Projects Limited (MPL) through their
Road BOT (Build, Operate, Transfer) projects holding company
Madhucon Toll Highways Limited (MTHL) to carry out the four-
laning of Ranchi-Jamshedpur Highway section.
About the project

Four-laning of Ranchi to Jamshedpur section of NH-33 from km
114.000 to km 277.500 in the state of Jharkhand under NHDP Phase
III on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity
basis. The total cost of the project is INR1655.0 crore,
including the Interest During Construction (IDC) component of
INR147.64 crore. The total concession period is 15 years
including the construction period of 2.5 years. The appointed
date for the project has been announced as 4th Dec 2012 and the
scheduled date of completion of the project is 3rd June 2015. REL
will receive a fixed annuity payment of INR133.2 crore semi-
annually for a period of 12.5 years. The project is being funded
by INR1191.6 crore debt and INR463.4 crore of promoter's
contribution in the form of INR182.05 crore equity and INR281.35
crore interest free unsecured loans. As on 31st May 2016,
promoters have brought in INR369.50 crore and INR737.37 crore of
the debt has been drawn down.


RATNAM POULTRY: CRISIL Reaffirms B+ Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Ratnam Poultry Private
Limited (RPPL) continues to reflect RPPL's below-average
financial risk profile, marked by small networth, high gearing
and modest debt protection metrics, and its large working capital
requirements.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         60.6      CRISIL B+/Stable (Reaffirmed)
   Open Cash Credit       90        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     49.4      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of RPPL's promoters in the poultry industry and the
company's established market position.
Outlook: Stable

CRISIL believes that RPPL will continue to benefit over the
medium term from the extensive experience of the promoters in the
poultry industry. The outlook may be revised to 'Positive' in
case of a sustained improvement in the company's scale of
operations and operating profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if RPPL's revenue and operating profitability decline,
or if it extends substantial fund support to its associate
entities, or if it undertakes a significant debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.

RPPL was set up in 1986 by Mr. M P Seshaiah and his family. The
company undertakes poultry farming.


RISHI TRADERS: Ind-Ra Assigns B+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research has assigned Rishi Traders (RT) a
Long-Term Issuer Rating of 'IND B+'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect RT's small scale of operations and moderate
credit profile.  According to RT's provisional financials for
FY16, the revenue was INR199 mil. (FY15: INR249 mil.), EBITDA
margin was 5.3% (5.2%), gross interest coverage (EBITDA/interest)
was 1.4x (1.4x) and net leverage (net debt/EBITDA) stood at 7.7x
(3.5x).  Ind-Ra expects the company's credit metrics to improve
in FY17 on the back of scheduled repayment of existing loans
leading to lower total debt.

The ratings are also constrained by RT's presence in the highly
competitive cotton industry, which is vulnerable to fluctuations
in the price of raw cotton.

The ratings however, benefit from the company's founders'
experience of more than five years in the cotton ginning
business.

                         RATING SENSITIVITIES

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

Negative: A negative rating action may result from a decline in
the company's scale of operations along with deterioration in its
credit metrics.

COMPANY PROFILE
RT was established in 2011 and is engaged in ginning and pressing
of raw cotton.  The firm has its manufacturing unit in Nagpur,
Maharashtra, with a capacity to produce 250 bales of cotton per
day.  It is managed by Mr. Kirti Kumar Patel, Mr. Vivek Kirti
Kumar Patel and Mr. Viral Kirti Kumar Patel.

RT's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
   -- INR80.00 mil. fund-based working capital limits: assigned
     'IND B+'/Stable
   -- INR13.00 mil. long term loans: assigned 'IND B+'/Stable


ROHIT FABTEX: ICRA Assigns B+ Rating to INR9.70cr LT Loan
---------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B+ to the
INR9.70 (enhanced from INR7.00-crore) fund-based bank facility of
Rohit Fabtex.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund-
   Based Limits            9.70         [ICRA]B+; assigned

ICRA's rating is constrained by Rohit Fabtex's moderate scale of
operations and its working capital-intensive nature of
operations, resulting in an adverse capital structure and
stretched liquidity. The rating also takes into account the
vulnerability of the firm's profitability to fluctuations in raw
material prices and the intensely competitive nature of the
industry, which exerts pressure on the firm's operating margins.
The rating is further constrained by risks associated with the
constitution of the firm as a proprietorship form of business,
which exposes it to risks of capital withdrawal, dissolution etc.

However, the rating favourably takes into account the extensive
experience and the long track record of the promoters in the
textile industry and the favourable location of the plant at
Balotra, Rajasthan which is a hub for processing of poplin
fabric.
The firm's ability to increase its scale of operations, improve
its profitability and efficiently manage its working capital
cycle will be the key rating sensitivities.

Rohit Fabtex was established as a proprietorship firm in 2010 by
Mr. Kishorilal Singhvi for fabric processing. The unit of the
firm at Balotra has an installed capacity of ~40,000 meters per
day, to produce poplin fabric.

Recent Results
In FY2015, RF recorded a net profit of INR0.90 crore on an
operating income of INR49.06 crore, as against a net profit of
INR0.76 crore on an operating income of INR46.32 crore in the
previous year.


RPG INDUSTRIAL: Ind-Ra Suspends BB+ Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research has migrated RPG Industrial Product
Pvt Ltd's 'IND BB+' Long-Term Issuer Rating to the suspended
category.  The Outlook was Stable.  The rating will now appear as
'IND BB+(suspended)' on the agency's website.

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

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.

RPG's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR240 mil. term loan: migrated to 'IND BB+(suspended)'
      from  'IND BB+'/Stable
   -- INR150 mil. fund-based limits: migrated to
      'IND BB+(suspended)' and 'IND A4+(suspended)' from
      'IND BB+'/Stable and 'INDA4+'
   -- INR15 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'INDA4+'
   -- Proposed INR15 mil. non-fund-based limits: 'Provisional
      'IND A4+'; rating withdrawn as the company did not proceed
      with the debt instrument as envisaged.


S.S. FRUITS: Ind-Ra Suspends BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research has migrated S.S. Fruits International
Private Limited's (SSFIPL) 'IND BB-' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable. The rating will
now appear as 'IND BB-(suspended)' on the agency's website.

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

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

SSFIPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
      from 'IND BB-'/Stable
   -- INR80 mil. fund-based working capital limits: migrated to
      Long-term 'IND BB-(suspended)' from 'IND BB-' and Short-
      term 'IND A4+(suspended)' from 'IND A4+'
   -- INR170 mil. non-fund-based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


SAINI ALLOYS: ICRA Reaffirmed B+ Rating on INR24cr Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR24.00 crore1 (enhanced from INR18.00 crore) bank limits of
Saini Alloys Private Limited (SAPL). ICRA has withdrawn the
short-term rating of [ICRA]A4 outstanding on non-fund-based
limits of Saini Alloys Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Non Fund Based          24.00         [ICRA]B+(Reaffirmed)
   Limits          (enhanced from 18.00)

The rating reaffirmation favorably factors in the strong year-on-
year increase in SAPL's operating income in FY2015 and FY2016,
mainly driven by increase in trading of Hot Rolled (HR) coils.
The rating reaffirmation also takes into account SAPL's increased
product diversification, with the company focusing on trading of
HR coils and manufacturing of steel tubes and pipes. This has
also been accompanied by a slight improvement in the company's
coverage indicators. The rating reaffirmation also factors in the
company's comfortable working capital intensity as reflected in
NWC/OI2 of 12% in FY2016. The ratings continue to remain
constrained due to the weak industry scenario marked by weak
realizations following subdued demand and pressure from cheap
imports. ICRA also takes note of the decline in SAPL's operating
profit margins on account of losses incurred in production of MS
ingots (due to high power costs); the ingots manufacturing
facility has been closed since November 2015. Further, the
company's modest profit margins coupled with high dependence on
working capital borrowings, have led to weak gearing and coverage
indicators, which despite the improvement relative to the
previous year, remain weak.

Going forward, SAPL's ability to further ramp up its scale of
operations and improve its profitability, resulting in improved
gearing and coverage indicators will be the key rating
sensitivities.

Saini Alloys Private Limited is engaged in the manufacturing of
steel pipes and trading of HR coils. The company was promoted by
Mr. Ratan Singh Saini and Mr. Ram Niwas Saini in 1999. The
company's manufacturing facility is located in Sikandrabad (Uttar
Pradesh) with an installed capacity of 36,000 MT per annum
(increased from 10,000 MT per annum) of Steel tubes and pipes.
SAPL discontinued production of mild steel ingots in November
2015.

Recent Results
SAPL, on a provisional basis, reported a net profit of INR0.74
crore on an operating income of INR241.37 crore in FY2016, as
compared to a net profit of INR0.37 crore on an operating income
of INR164.14 crore in the previous year.


SHAKTIMAN BIO: ICRA Suspends 'B' Rating on INR5.25cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  assigned to
the INR5.251 crore fund based bank facilities and INR0.75 crore
unallocated limits of Shaktiman Bio Agro Industries Private
Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-Based Limits
   Long Term               5.25       [ICRA]B; Suspended

   Unallocated Limits
   Long Term               0.75       [ICRA]B; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Incorporated in 2007 as a private limited company, SBAIPL is
primarily engaged in the trading of gunny bags mainly used in
packaging for rice, sugar and other food grains. The company has
now also started manufacturing corrugated boxes from January 2014
and has an installed capacity of 21600 metric tonnes for the
same. The company is a part of the AOCC group which is also
engaged in a similar line of business. The key promoters of the
company are Mr. Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and
their family members. The manufacturing facility of the company
is located in the Industrial estate in Yamuna Nagar, Haryana.


SHARDA TIMBERS: ICRA Suspends B+/A4 Rating on INR30cr Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR30.0 crore banking
facilities of Sharda Timbers. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company.


SHIRANI AUTOMOTIVE: ICRA Suspends B+/A4 Rating on INR14.95cr Loan
-----------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 assigned to the INR14.95 crore bank
facilities of Shirani Automotive Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
absence of requisite information from the company.


SHIV SHANKER: ICRA Suspends B+ Rating on INR10cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR10 crore
fund based and proposed facilities of M/S Shiv Shanker Rice Mill.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


SHIVA POLYTUBES: Ind-Ra Suspends BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research) has migrated Shiva Polytubes Private
Limited's (SPPL) 'IND BB+' Long-Term Issuer Rating to the
suspended category.  The Outlook was Stable.  The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

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

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.

SPPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR44 mil. fund-based limits (cash credit): migrated to
      'IND BB+(suspended)' from 'IND BB+'
   -- INR6.6 mil. fund-based limits (standby line of credit):
      migrated to IND A4+(suspended)' from 'A4+'
   -- INR33.35 mil. non-fund-based limits: migrated to
      'IND A4+(suspended)' from 'A4+'
   -- INR21.5 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'


SHREE HANS: ICRA Reaffirms B+ Rating on INR1.90cr Term Loan
-----------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA] B+ and short
term rating of [ICRA] A4 on the INR75.00 crore bank facilities of
Shree Hans Rice & General Mills (SHRGM).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan                1.90        [ICRA]B+; reaffirmed
   Fund Based Limits       72.50        [ICRA]B+/[ICRA] A4;
                                        reaffirmed
   Unallocated              0.60        [ICRA]B+/[ICRA] A4;
                                        reaffirmed

The rating reaffirmation takes into account the continued decline
in SHRGM's sales since past two years on account of declining
realizations and subdued demand in its major exporting
destinations. Though, this has also been accompanied by an
improvement in the operating margins driven by lower paddy
procurement prices. The ratings continue to be constrained by the
high working capital intensive nature of the rice milling
business, necessitated by the large inventory holdings that have
adversely impacted the liquidity position, as also reflected by
high utilization of working capital limits. The ratings continue
to take into account the firm's weak financial profile as
reflected in high gearing and weak coverage metrics. ICRA takes
note of the partnership constitution of the firm which exposes it
to risks of withdrawal of capital, risk of dissolution etc.
However, the ratings favorably factor in SHRGM's experienced
management and its proximity to major rice growing areas. ICRA
also continues to take into account the favourable demand
prospects for the rice industry, with India being the second
largest producer and consumer of rice in the world and rice being
an important part of the staple Indian diet.

Going forward, the firm's ability to scale up, strengthen its
margins ,maintain an optimal working cvapital intensity and
improve its capital structure would be key rating sensitivities.

SHRGM a partnership firm, was incorporated in 1980, and is
primarily engaged in milling of basmati rice, with its milling
unit located in Taraori, Karnal, in close proximity to the local
grain market. The firm has a milling and sorting capacity of 12
tonnes per hour.

Recent Results
SHRGM reported a net profit of INR1.99 crore on an operating
income of INR183.22 crore in FY2015, as against a net profit of
INR2.06 crore on an operating income of INR238.76 crore in
FY2014. The firm, on a provisional basis, reported an operating
income of INR134.14 crore in FY2016.


SHRUTHI MILK: Ind-Ra Suspends BB+ Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research has migrated Shruthi Milk Products
Private Limited's (SMPPL) 'IND BB+' Long-Term Issuer Rating to
the suspended category.  The Outlook was Stable.  The rating will
now appear as 'IND BB+(suspended)' on the agency's website.

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

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

SMPPL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable
   -- INR60 mil. cash credit limits: migrated to Long-term
      'IND BB+(suspended)' from 'IND BB+' and Short-term
      'IND A4+(suspended)' from 'IND A4+'
   -- INR24.8 mil. term loans: migrated to Long-term
      'IND BB+(suspended)' from 'IND BB+'


SONA RICE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sona Rice
Industries (SRI) continues to reflect SRI's below-average
financial risk profile, marked by small networth, high gearing,
and weak debt protection metrics, and modest scale of operations
in the fragmented rice milling industry. These rating weaknesses
are partially offset by extensive industry experience of
partners.

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

Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
industry experience of partners. The outlook may be revised to
'Positive' if cash accrual improves substantially or capital
infusion by partners or better working capital management
strengthens the capital structure. The outlook may be revised to
'Negative' if low accrual, increase in working capital
requirement, or any large debt-funded capital expenditure
programme, weakens liquidity.

Established in 2000 as a partnership firm, SRI mills and
processes paddy into rice, bran, broken rice, palam, and husk, at
its manufacturing unit in Nagpur. The firm is owned and managed
by Mr. Sachin Zamtani and Mr. Shanker Zamtani.


SPI PROPERTIES: ICRA Revises Rating on INR4.60cr LT Loan to B
-------------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR8.75
crore fund based facilities of SPI Properties Private Limited
(SPIPPL) from [ICRA]B+ to [ICRA]B.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long-term, Fund
   Based                    4.60      [ICRA]B/Revised

   Long-term, Proposed      4.15      [ICRA]B/Revised
   Facilities

The rating revision takes into account the severe grid
availability issues in Tamil Nadu, leading to low Plant Load
Factor (PLF), adversely impacting SPIPL's revenues and
consequently, its profitability, debt protection metrics and cash
flows in FY 2015-16. The rating also takes into account the
modest operational profile of the company, with an installed wind
power generation capacity of 4.7 MW; and SPIPPL's considerable
investments in real estate joint ventures, and advances made to
related entities, impacting its liquidity profile. ICRA also
takes into account, the impact of variability in wind speed and
grid availability on the PLFs - which may lead to volatility in
revenues, cash flows and debt protection metrics. The rating also
factors in SPIPPL's exposure to regulatory risk of any adverse
change in government policy with respect to renewable energy,
tariffs, open access charges, wheeling or banking.

The rating, nevertheless, favourably takes into consideration the
long-standing experience of the promoter group in managing varied
businesses; and the favourable regulatory environment with both
central and state power regulators incentivizing private
renewable power generation. The rating also factors in the
presence of windmills in high wind density areas; the in-place
O&M contracts with reputed Original Equipment Manufacturers
(OEM); and limited demand risks due to the signing of PPAs with
group captive customers, and healthy realisations thereof.
Improvement in grid availability and PLF, and recovery of the
aforesaid investments and advances would significantly improve
SPIPPL's liquidity position and remains the key rating
sensitivities, going forward.

SPI Properties Private Limited, the erstwhile Ultramarine
Investments Private Limited (UIPL), was incorporated in 2003, and
was primarily involved in acquiring land parcels in Tamil Nadu
and Andhra Pradesh, and developing them in Joint Venture (JV)
with other real estate developers. UIPL was renamed in 2005 as
Ultramarine Property Developers Private Limited, and then again
in 2008 as SPI Properties Private Limited. SPIPPL forayed into
wind power generation with its acquisition of a 1.5 MW windmill
in 2007, supplying power to various group entities. SPIPPL has
since expanded and currently owns seven wind mills with a
cumulative capacity of 4.7 MW at Theni and Tirunelveli districts
of Tamil Nadu. The company is part of the Samayanallur Power
Investments Group promoted by Mr. Kiran Reddy and his family,
which has a presence across varied businesses in South India.
Samayanallur Power Investments Private Limited is the holding
company for the group's operations and has significant
shareholding in all the group entities, namely, Madurai Power
Corporation Private Limited - which owns and operates a 106 MW
liquid fuel-based power plant - and SPI Cinemas Private Limited
which owns two multiplexes - Sathyam Cinemas and Escape --
besides other entertainment outlets such as Blur, Thinkmusic, and
Ecstasy, in Chennai.

For FY 2015-16 (Prov), SPIPPL reported a net loss of INR0.72
crore on an operating income of INR3.68 crore as against a net
loss of INR0.59 crore on an operating income of INR4.71 crore in
FY 2014-15.


SRI DAKSHINA: ICRA Assigns 'B' Rating to INR10cr LT Loan
--------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B for the
INR10.00 crore fund based limits of Sri Dakshina Murthy Agro
Industries Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   based Limits            10.00        [ICRA]B; assigned

The assigned rating considers the execution risk with just 23% of
the project constructed till date, the high debt funded capital
structure with debt-to-equity ratio of 1.74:1 resulting in high
gearing levels and stretched cash flows in the initial stages of
operation. The rating is also constrained by agro-climactic risks
affecting the availability of key raw materials used in the
cotton seed oil manufacturing industries. However the rating
factors in the 6 month gap between the proposed date of
commencement of operations and scheduled commencement of term
loan repayments. The rating also positively factors in the vast
experience of promoters in cotton ginning business and presence
of edible oil manufacturing unit in cotton growing areas on
Telangana resulting in easy supply of raw materials.

Going forward, the timely commencement and ramp up of operations
is crucial to meet its repayment obligations.

Incorporated in 2016, a Sri Dakshnina Murthy Agro industry
Private Limited (SDMAIPL) is establishing a Solvent extraction
unit with a plant capacity of 400 TPD and also an Oil refinery
with a capacity of 50 TPD. The proposed manufacturing unit would
be located in Chilakamarri village, P.A. Palli mandal of Nalgonda
district with a total area of 14.22 acres. The total project cost
of the manufacturing unit would be INR47.15 crore and the same
would be part funded through a term loan of INR30.00 crore and
promoter's equity of INR17.15 crore. Mr. Viven Vardhan Reddy, Mr.
Ravinder Reddy, Smt. Padmaavthi, Smt. Aruna Reddy, Smt. Kavya,
Smt. Manik & Smt. Sridevi are the promoters of the company. Some
of the promoters have experience in running ginning mills and
rural godowns. Mr. Ravinder Reddy owns "Sri Kaanaka Durga Cotton
Industries" and is located in the same village as that of solvent
extraction unit.


SRI JAIBALAJI: ICRA Suspends B- Rating on INR18.25cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR18.251 crore fund based bank facilities of Sri Jaibalaji
Steel Rolling Mills Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund- Based Limits
   Long Term               18.25      [ICRA]B-; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

SJB was established in 2008 and is promoted by Mr. Shashank Jain,
Mr. Akask Kumar and Mr. Gaurav Swarup, along with members of
their family. The company commenced commercial operations from
2010 and manufactures thermo mechanically treated bars at its
facility located in Muzaffarnagar, Uttar Pradesh, with an
installed capacity of 60,000 metric tonnes per annum.


SRI KAKATIYA: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sri Kakatiya Industries (India) Private Limited.

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

The rating factors in SKIPL's nascent stage of operations and
customer concentration in its order book. These rating weakness
are partially offset by SKIPL's healthy order book position,
along with healthy growth prospects for pipe manufacturers in
Telengana region.
Outlook: Stable

CRISIL believes that SKIPL will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' in case of higher than
expected increase in its scale of operations and profitability or
better working capital management, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SKIPL's liquidity deteriorates, most likely because
of increasing working capital requirements, lower profitability
or any large debt-funded capital expenditure plans leading to
weakening of its liquidity.

Incorporated in 2015, SKIPL is into manufacturing of High-density
polyethylene (HDPE) pipes and pipe fittings. The company is
promoted by Mr. Y Ravi Prasad, Mr. Y Hemachandra, Mr. M
Venkatareddy and Mrs. M Jamna Rani.


SULAKSHANA CIRCUITS: ICRA Suspends C+/A4 Rating on INR7.41cr Loan
-----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C+ and short
term rating of [ICRA]A4 assigned to INR7.41 crore bank line of
credit of Sulakshana Circuits Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Sulakshana Circuits Limited was incorporated in the year 1988 by
Mr. C. S. Rao in technical collaboration with Lazer-Tech
(Canada). The company is involved in the manufacturing of printed
circuit boards. The company manufactures multilayer, double-sided
and single-sided PCBs for defense, aerospace, automotive, medical
and other sectors. The company's clientele includes ECIL, Astra
Microwave Limited, etc.


SWAYAMPRABHA UDYAM: ICRA Reaffirms B+ Rating on INR2cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.00 crore long-term fund based facilities of Swayamprabha
Udyam & Co. ICRA has also reaffirmed the short term rating
assigned to the INR6.75 crore fund based limits of the firm at
[ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term: Fund
   based facility           2.00        [ICRA]B+; reaffirmed

   Short term: Fund
   based facility           6.75        [ICRA]A4; reaffirmed

The reaffirmation of rating continues to factor in the moderate
scale of operations of the firm and its weak financial profile
characterized by low profitability and weak coverage indicators.
ICRA notes that the firm is exposed to volatility in the raw
cashew nut prices on account of the timing difference between the
procurement and actual execution of the order as the procurement
is seasonal and not backed by confirmed orders. The ratings also
factor in the minimal pricing flexibility in a highly competitive
industry and the risks inherent in partnership firms including
the risk of capital withdrawal, among others. The reaffirmation,
however, continues to derive comfort from the experience of
promoters in the cashew business and favorable domestic demand
prospects resulting in robust revenue growth of ~96% in FY2015-
16. Going forward, the firm's ability to scale up its operations
and improve its profitability, capitalization and coverage
indicators would be the key rating sensitivities.

Swayamprabha Udyam & Co was established in 2000 to manufacture
and process cashew kernels from raw cashew nuts. The firm is
managed by Mr. Ajith Kamath and his wife Mrs. Anasooya Kamath.
The firm imports the raw cashew nuts (RCNs) primarily from
African countries like Guinea Bissau, Tanzania and Ivory Coast.
The RCNs are further processed, graded, packed and sold in the
domestic market (India).

Recent Results
For 2015-16, the firm reported a net profit of INR0.20 crore on
an operating income of INR63.64 crore (as per provisional
results) as against a net profit of INR0.09 crore on an operating
income of INR32.47 in 2014-15.


T. M. MOTORS: Ind-Ra Assigns BB- Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research has assigned T. M. Motors (TMM) a
Long-Term Issuer Rating of 'IND BB-'.  The Outlook is Stable.
The agency has also assigned TMM's INR110 mil. fund-based
facility Long-term 'INDBB-'/Stable and Short-Term 'IND A4+'
ratings.

                        KEY RATING DRIVERS

The ratings reflect TMM's moderate to small scale of operations
with revenue of INR712.89 mil. according to the company's FY16
provisional financials (FY15: INR666.05 mil.).  The ratings are
constrained by TMM's weak credit metrics in FY16 with net
financial leverage (total adjusted net debt/operating EBITDAR) of
5.75x (FY15: 5.43x) and interest coverage (operating EBITDA/gross
interest expense) of 1.22x (FY15: 1.29x).  TMM's EBITDA margin
was weak at 2.08% in FY16 (FY15: 1.91%) due to inherent trading-
based nature of business.  The ratings further factor in TMM's
organizational structure.

The ratings, however, are supported by around three decades of
experience of the company's promoters in trading of two-wheelers
and its authorized 3S dealership of Hero Motocorp Limited.  The
ratings are further supported by TMM's comfortable liquidity
position as evident from its average cash credit utilization of
89.55% during the 12 months ended June 2016.

                       RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to
deterioration in the credit metrics could lead to a negative
rating action.

Positive: A sustained revenue growth along with improved credit
metrics could lead to a positive rating action.

COMPANY PROFILE
TMM, incorporated in 2004, is into two-wheelers trading.  The
authorised 3S dealership is located in Bharatpur (Rajasthan).


VANI AGRO: ICRA Suspends 'B' Rating on INR49.5cr Bank Loan
----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B assigned to
the INR49.5 crore banking facilities of Vani Agro Farms Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in absence of requisite information from the
company.


VIDHI MINERALS: CRISIL Reaffirms B Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vidhi Minerals and
Alloys Private Limited (VMAPL) continue to reflect the extensive
experience of promoters in the mining industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            25        CRISIL B/Stable (Reaffirmed)
   Letter of Credit       15        CRISIL A4 (Reaffirmed)
   Packing Credit         45        CRISIL A4 (Reaffirmed)

This rating strength is partially offset by a below-average
financial risk profile, with high gearing and weak interest
coverage ratio. The ratings also factor in its moderate scale of
operations, working capital-intensive operations, and constrained
liquidity.
Outlook: Stable

CRISIL believes VMAPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' in case of successful
scaling up of operations while maintaining profitability and
strengthening the financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual, stretched working capital
cycle, or large, debt-funded capital expenditure.

VMAPL is a part of the larger Shyamji group, which is promoted by
Mr Ajay Khandelwal and Mr Vijay Khandelwal. The company,
incorporated in 2005 in Nagpur, Maharashtra, trades in
commodities such as manganese ore, silico manganese, ferro silico
manganese, and ferro manganese.


VINIT FABRICS: Ind-Ra Raises Long-Term Issuer Rating to BB
----------------------------------------------------------
India Ratings and Research has upgraded Vinit Fabrics Private
Limited's (VFPL) (earlier known as Vinit Fabrics Limited) Long-
Term Issuer Rating to 'IND BB' from 'IND B(suspended)'.  The
Outlook is Stable.

Ind-Ra suspended VFL's ratings on March 17, 2016.

                         KEY RATING DRIVERS

The upgrade reflects an improvement in VFPL's scale of operations
and credit metrics.  According to the company's provisional
financials its revenue was INR391 mil. (FY15: INR339 mil.; FY14:
INR 108 mil.), net interest coverage was 3.7x (3.4x, 3.7x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) was 2.4x (2.5x, 7.8x).  Though the revenue grew
significantly, the scale of operations continues to be small.
This revenue growth was on account of an improvement in the sales
volume and EBITDA margins.  The company's EBITDA margins were
17.5% in FY16 (FY15:15.2%; FY14:13.5%).

The ratings also factor in VFPL's strong liquidity position as
reflected in its working capital limits utilization of less than
10% on an average during the six months ended June 2016.

The ratings, however, are constrained by the operations of the
company being limited to dyeing and printing of fabrics in the
overall textile value chain.

                         RATING SENSITIVITIES

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

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

COMPANY PROFILE
VFPL, established by Vishwanath Munigilal Agarwal in 2010 as a
closely held public limited entity, was converted into a private
limited company in May 2016.  The company has been operational
since November 2013 and is engaged in dyeing and printing of
fabrics.

VFPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BB' from
      'IND B(suspended)'
   -- INR28.52 mil. term loan (reduced from INR43.87 mil.):
      upgraded to 'IND BB'/Stable from 'IND B(suspended)'
   -- INR45 mil. fund-based working capital limits (increased
      from INR15 mil.): upgraded to 'IND BB'/Stable from
      'IND B(suspended)'


VIVEKANANDA SEEDS: ICRA Suspends B Rating on INR7.20cr Loan
-----------------------------------------------------------
ICRA has suspended the rating of [ICRA]B to the INR7.20 crore
long term fund based limits of Vivekananda Seeds (VS). ICRA has
also suspended [ICRA]B/[ICRA]A4 to the INR2.30 crore unallocated
limits of VS. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

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


VOLTA FASHIONS: ICRA Suspends B+ Rating on INR35cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
INR35.00 crore bank line of credit of Volta Fashions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Volta Fashions Private Limited was incorporated in September,
2004 to set up a garment manufacturing unit in India. However,
promoter Mr. Motaparti Prasad and Mr. Manubhai J Patel have
various other business interests in East Africa, UK, Middle East
and India and did not focus on VFPL. VFPL's real operations only
started couple of years back i.e. in FY2012 when Mr. Prasad's son
Mr. Sunil has come to India to look in to various business
interests of the group in India. Today the company is jointly
owned by Mr. Sunil's mother Mrs. Rajyalaxmi, Mr. Mannubhai J
Patel who is a partner of Mr. Prasad in almost all his companies
and M/s Volta Impex Pvt. Ltd. -- a company promoted by Mr. Prasad
and Mr. Patel to export capital goods to East African and Middle
Eastern clients.



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


SHARP CORP: Posts JPY2.52BB Operating Loss for Qtr Ended June 30
---------------------------------------------------------------
The Japan Times reports that Sharp Corp., restructuring under
Taiwan's Hon Hai Precision Industry Co., reported on July 29 a
group operating loss of JPY2.52 billion ($24.3 million) for the
April-June quarter after another poor performance from its core
liquid crystal display business.

That's much smaller than the JPY28.76 billion operating loss from
a year earlier, but Osaka-based Sharp also posted a group net
loss of JPY27.45 billion, compared with JPY33.98 billion a year
before, on sales of JPY423.4 billion, down 31.5 percent,
according to The Japan Times.

Sharp has not released its group earnings projections for the
full year, saying it needs to assess the outcome of the takeover
by Hon Hai, the report notes.

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

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.

On June 27, 2016, the TCR-AP, citing Nikkei, reported that
Sharp's acquisition by the Taiwanese contract manufacturer --
officially known as Hon Hai Precision Industry -- received
approval at the shareholders meeting. The Foxconn group will
invest JPY388.8 billion ($3.67 billion), gaining a 66% voting
stake in Sharp via newly allocated shares.  Nikkei added that
higher-ups from the Taiwanese company were appointed as Sharp
directors including Foxconn second-in-command Tai Jeng-wu, who
will serve as the Japanese company's chief.

On June 24, 2016, the TCR-AP reported that The Japan Times said
the new boss of Sharp Corp. confirmed that it is planning to lay
off 7,000 employees worldwide after Hon Hai Precision takes over
the century-old firm. He also vowed to "change the culture" of
the company.

On July 22, Nikkei Asia Review reported that Sharp Corp. is
moving ahead with structural changes to prepare for a business
turnaround under Hon Hai Precision, but protracted anti-trust
screening in China is holding up much-awaited rescue funds from
the Taiwanese white knight.



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


SK HYNIX: 2Q Results in Line With Moody's Ba1 CFR
-------------------------------------------------
Moody's Investors Service says that SK Hynix Inc.'s weakened
results for the second quarter ended 30 June 2016 (2Q 2016) are
in line with the company's Ba1 corporate family rating and stable
outlook.

"While margin decline continued because of falling average
selling prices (ASP), shipment growth improved in 2Q and a
further recovery is expected in the second half, helped by
reduced inventory levels at PC and server providers, strong
demand from smartphone makers, and improving traction for solid
state drives (SSD)," says Gloria Tsuen, a Moody's Vice President
and Senior Analyst.

"SK Hynix's cash position has fallen by KRW1.36 trillion since
end-2015, but adjusted debt/EBITDA remained robust at 0.7x, which
is supportive of the Ba1 rating," adds Tsuen.

The company reported an 8% increase in revenue in 2Q 2016 quarter
on quarter (QoQ) -- although down 15% year-on-year -- driven by
18% and 52% QoQ increases in DRAM and NAND bit shipments
respectively. The demand recovery was driven by mobile,
computing, and SSD.

Reported operating income fell 19% QoQ, as ASP was down 11% for
both DRAM and NAND. As a result, reported operating margin
declined by 4 percentage points QoQ to 11%.

Moody's expects, for full year 2016, SK Hynix's revenue will
decline by 15%-20%, and its operating income by 60%-65% to around
KRW2 trillion. Free cash flow will also turn negative, given a
high capex level of around KRW6 trillion.

However, SK Hynix's leverage should remain below 1x for 2016, and
the company's KRW3.4 trillion in cash and short-term investments
as of end-June 2016 provide a solid buffer during the current
industry downcycle.

SK Hynix's liquidity profile is strong, with only KRW589 billion
in short-term debt.

The company's Ba1 corporate family rating continues to factor in
one notch of uplift for support from its parent, SK Telecom Co.,
Ltd. (A3 stable).

SK Hynix Inc., a Korea-based company, is engaged in the design,
manufacture and sale of memory chips, such as DRAM and NAND flash
memory. It is 20.07%-owned by SK Telecom Co., Ltd.



                             *********

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

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

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


                            *********


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

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

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

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

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



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