TCRAP_Public/160803.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 3, 2016, Vol. 19, No. 152

                            Headlines


A U S T R A L I A

ALLWEST INVESTIGATIONS: First Creditors' Meeting Set For Aug. 9
B. AND G. GIBBS: Goes Into Liquidation
BLANCHETOWN INVESTMENTS: First Creditors' Meeting Set For Aug. 11
HUG-A-BUB AUSTRALIA: Fertile Mind Buys Firm Out of Administration
MIH CONTACTING: First Creditors' Meeting Slated For Aug. 9

SNOWSTAR PTY: First Creditors' Meeting Slated For Aug. 10

* 7 Major Australian Retailers at "Extreme Risk" of Collapse


C H I N A

GEMDALE CORPORATION: Moody's Retains Ba2 CFR ff. Land Acquisition
WUHAN GUOYU: Says Unsure if Firm Can Repay Bonds Due Aug. 6


I N D I A

ADVANCE STIMUL: ICRA Suspends B+/A4 Rating on INR9.50cr Loan
AMAR AGRO: ICRA Suspends 'B' Rating on INR5.67cr Loan
AMAR POLYFILS: CARE Assigns 'B' Rating to INR10.0cr LT Loan
BALLARPUR INDUSTRIES: Fitch Cuts LT Issuer Default Ratings to B-
BHAMBRA OVERSEAS: ICRA Suspends 'D' Rating on INR7cr Loan

BIPIN ENGINEERS: CRISIL Lowers Rating on INR35MM Loan to 'C'
C.A TRADING: ICRA Suspends B+/A4 Rating on INR8.86cr Loan
CANDOR BIOTECH: ICRA Suspends B+ Rating on INR6.40cr Loan
CLASSIQUE INTERNATIONAL: ICRA Suspends B Rating on INR20cr Loan
DENTCARE DENTAL: CRISIL Ups Rating on INR110MM Cash Loan to 'B'

DOSHION PVT: CRISIL Suspends D Rating on INR700MM Bank Loan
DOSHION VEOLIA: CRISIL Suspends 'D' Rating on INR2.0BB Bank Loan
GREATA ENTERPRISES: CRISIL Rates INR700MM LT Loan at B+
GREENCROP INT'L: CRISIL Cuts Rating on INR52.5MM Loan to B-
GWASF QUALITY: ICRA Revises Rating on INR6.40cr LT Loan to B+

JAI SHANKER: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
JNJ MACHINES: ICRA Suspends B+ Rating on INR16.32cr Loan
KISHAN GUM: ICRA Reaffirms 'B' Rating on INR4.50cr Cash Loan
M R INDUSTRIES: CRISIL Assigns B+ Rating to INR53.5MM Term Loan
M/S SANJAY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating

MAD STUDIOS: ICRA Assigns 'D' Rating to INR13cr Term Loan
MAINI GROUP: ICRA Reaffirms B+ Rating on INR9.00cr LT Loan
MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
MBR EXIMS: CRISIL Assigns B- Rating to INR300MM LT Loan
MEKALA METAL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

MESANIYA GINNING: ICRA Suspends 'D' Rating on INR14.65cr Loan
MIRAMBICA AGRO: ICRA Suspends B+ Rating on INR6.22cr Loan
NEEV METOLOGIES: ICRA Suspends D Rating on INR3.65cr Term Loan
NICE SESAME: ICRA Suspends B+/A4 Rating on INR9.32cr Bank Loan
NITYASHRADDHA LIFECARE: CRISIL Rates INR80MM LT Loan at 'B'

OGENE SYSTEMS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
ORIENT GREEN: ICRA Lowers Rating on INR20.75cr Loan to 'D'
PANAMA PAPERS: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
RIONA LAMINATE: ICRA Revises Rating on INR3.50cr Term Loan to B+
S GOKUL: CRISIL Assigns B- Rating to INR97.5MM Cash Loan

SAKTHI RICE: ICRA Suspends B+ Rating on INR6.75cr Loan
SANTOSH ENTERPRISES: ICRA Assigns 'B' Rating to INR2.75cr Loan
SHAKAMBRI KHADYA: ICRA Suspends B-/A4 Rating on INR10cr Loan
SHREE BHAARATHI: ICRA Suspends B+ Rating on INR7cr Loan
SHRI RAM: CARE Assigns B+ Rating to INR15cr LT Loan

SHRI TULSI: ICRA Puts B+ Rating on Notice for Withdrawal
SP SUPERFINE: ICRA Lowers Rating on INR75.17cr Term Loan to D
SWASTIK ENTERPRISES: CRISIL Reaffirms B- Rating on INR90MM Loan
TIRUPATI COTTEX: ICRA Suspends 'D' Rating on INR8.0cr Cash Loan
TORNETO FOODS: CARE Assigns B+ Rating to INR5.0cr LT Bank Loan

VARDHAMAN PRESSURE: ICRA Assigns B+ Rating to INR4.50cr Loan
VASAVI PLAST: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
VEDAMATHA ENTERPRISES: ICRA Rates INR10cr Cash Credit at 'B'
VEERANARAYANA METAL: CRISIL Reaffirms B+ Rating on INR52MM Loan
VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Loan

VGS ENTERPRISES: ICRA Suspends B+ Rating on INR8.5cr Loan
VINAYAKA MICRONS: CRISIL Ups Rating on INR73MM Term Loan to BB-
VIRAJ SPINNERS: CRISIL Reaffirms 'B' Rating on INR319.9MM Loan
VIRTUAL GALAXY: ICRA Suspends 'D' Rating on INR21.52cr Loan
VISAKHA TRADES: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'

VISHAL WHEELERS: CRISIL Assigns 'B' Rating to INR61MM Cash Loan
YASHASVI YARN: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
YELLOW JEWELS: ICRA Suspends 'D' Rating on INR24cr Loan


N E W  Z E A L A N D

LOWIE RECRUITMENT: Liquidators Try to Claw Back Funds


P H I L I P P I N E S

RURAL BANK OF CABADBARAN: MB Prohibits Bank's Operations


S I N G A P O R E

SWIBER HOLDINGS: More Consolidation Seen in Offshore Sector


                            - - - - -


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


ALLWEST INVESTIGATIONS: First Creditors' Meeting Set For Aug. 9
---------------------------------------------------------------
Gavin Moss and James McPherson of Chifley Advisory Pty Ltd were
appointed as administrators of Allwest Investigations Group Pty
Ltd on July 28, 2016.

A first meeting of the creditors of the Company will be held at
the boardroom of Servcorp, Level 11, Brookfield Place, 125 St
Georges Terrace, in Perth, on Aug. 9, 2016, at 11:30 a.m.


B. AND G. GIBBS: Goes Into Liquidation
--------------------------------------
Cliff Sanderson at Dissolve.com.au reports that B. and G. Gibbs
Nominees Pty Ltd has gone into liquidation.

George Aubrey Lopez -- glopez@fitsolutions.com.au -- and Evan
Robert Verge -- everge@fitsolutions.com.au -- of Melsom Robson
Chartered Accountants were appointed liquidators of the company
on July 26, 2016, the report discloses.

Dissolve.com.au relates that the liquidation reportedly impacts
just the store in Cannington while the rest of its Western
Australia stores continue to operate.

Customers of the company are advised to get in touch with the
liquidators, according to Dissolve.com.au.

B. and G. Gibbs Nominees Pty Ltd trades as Gerry Gibbs Camera
House.


BLANCHETOWN INVESTMENTS: First Creditors' Meeting Set For Aug. 11
-----------------------------------------------------------------
Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Blanchetown Investments Pty Ltd, trading as Blanchetown Hotel,
on Aug. 1, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on Aug. 11, 2016, at 10:30 a.m.


HUG-A-BUB AUSTRALIA: Fertile Mind Buys Firm Out of Administration
-----------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the assets of
Hug-a-Bub Australia Pty Ltd have been bought out of
administration by Fertile Mind, a baby and maternity company from
Sydney. The report says the baby sling brand entered voluntary
administration in June and stopped trading temporarily.

Its sale includes stock, website and intellectual property, the
report notes.

Hug-a-Bub Australia Pty Ltd made organic baby carriers, wraps and
slings.  The company incorporated in 2001. Brendan Nixon from
Stanley Morgan Accountants was appointed administrator of the
company on June 13, 2016.


MIH CONTACTING: First Creditors' Meeting Slated For Aug. 9
----------------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of MIH Contacting Pty Ltd on July 29,
2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on Aug. 9, 2016, at
10:30 a.m.


SNOWSTAR PTY: First Creditors' Meeting Slated For Aug. 10
---------------------------------------------------------
Richard Trygve Rohrt of Hamilton Murphy was appointed as
administrator of Snowstar Pty Ltd, trading as Dandy Packaging, on
July 29, 2016.

A first meeting of the creditors of the Company will be held at
Hamilton Murphy, Certified Practising Accountants, 237 Swan
Street, in Richmond, on Aug. 10, 2016, at 10:00 a.m.


* 7 Major Australian Retailers at "Extreme Risk" of Collapse
------------------------------------------------------------
Eloise Keating at SmartCompany reports that more than 1,200
Australian retail businesses are at risk of financial failure
over the next 12 months, including seven major retailers with
annual turnover of more than AUD100 million, according to a
commercial risk assessment analysis produced by advisory firm SV
Partners.

While SV Partners's August 2016 Commercial Risk Outlook Report
does not name the major retailers it says are on the brink of
collapse, the group includes one large supermarket and grocery
chain, two large computer retailers, one large clothing retailer
and a large retailer of newspapers and books, according to
SmartCompany.

SmartCompany says the Australian retail sector has already been
hit hard in 2016, with well-known brands such as Dick Smith and
Laura Ashley running into financial strife.

Other prominent retailers to appoint external administrators this
year include clothing retailers Meredith & Moore and Man to Man,
and furniture retailer Far Pavilions, SmartCompany notes.

According to SmartCompany, the SV Partners' findings about the
retail sector draws data from company financial records over a
period of five years and bill payment histories for businesses
over a two-year period.

SmartCompany relates that within the retail sector, the report
found clothing retailers are at the highest risk of collapse,
with 91 clothing retailers deemed to be at high risk of failure.
The second most at risk sub-category is supermarkets and grocery
stores, where 79 businesses are considered high risk.

SmartCompany adds that the report also draws on data from the
Australian Securities and Investments Commission, which recorded
903 Australian retailers entering into some form of external
management between March 2015 and March 2016.

According to SmartCompany, SV Partners managing director
Terry van der Velde said in a statement financial failure is
"almost certainly on the horizon" for a large number of
retailers.

"The financial challenges these companies are facing are
reflective of the difficulty that shop front retailers are
competing with the online space which doesn't have the same
issues with labour costs, rising rents, and limited captive
markets," SmartCompany quotes Mr. Van der Velde as saying.

"Competition generated from the expansion of international stores
to Australia in recent times, particularly in the clothing space,
has also been a significant contributing factor for many
retailers.

"Mr. Van der Velde told SmartCompany retailers' margins are
becoming increasingly tight and as such, any fall in turnover
from a reduction in consumer spending "will hurt retail
businesses quite dramatically".

"Big retailers are by no means protected from these factors, but
they are usually more sophisticated and therefore are better
equipped to cope with an economic downturn," Mr. Van der Velde
told SmartCompany.  "They also have more buying power than small
retailers and so can push some of the costs back onto their
suppliers."

Overall, the SV Partners August 2016 Commercial Risk Outlook
Report found 17,681 Australian businesses are considered to be at
high risk of financial failure over the coming 12 months,
SmartCompany relays.

SmartCompany notes that in addition to those businesses in the
retail sector, the report found high levels of at-risk businesses
in the construction and professional, scientific and technical
services industries.

In the construction sector, more than 2,600 businesses are in the
highest risk category, while more than 1,300 businesses that
provider professional, scientific or technical services are also
considered at the most risk of financial failure, SmartCompany
adds.



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


GEMDALE CORPORATION: Moody's Retains Ba2 CFR ff. Land Acquisition
-----------------------------------------------------------------
Moody's Investors Service says that Gemdale Corporation's (Ba2
stable) acquisition of a residential land plot in Pudong
District, Shanghai, is credit negative because it will raise the
company's execution risk.

However, there is no immediate impact on the company's Ba2
corporate family rating and stable rating outlook.

On July 27, 2016, Gemdale announced its acquisition of a land
plot with a gross floor area of 266,480 square meters (sqm) in
Pudong District, Shanghai, for RMB8.8 billion.  The unit land
cost is approximately RMB41,318 per sqm, based on saleable area.

"The sizable amount of the acquisition, representing more than
10% of the company's contracted sales target in 2016 of around
RMB80 billion, and the high unit cost of the land will raise
Gemdale's execution risk," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

"The high unit cost also implies an increased risk of a further
squeeze in Gemdale's gross margin and lower pricing flexibility,
given Moody's expectation that price growth in major cities,
including Shanghai, will moderate against the backdrop of tighter
regulations," adds Tsang, also the lead analyst for Gemdale.

Gemdale's gross margin was low at around 23% in 2015, a result of
its relatively high land cost.  This level is also lower than the
weighted-average gross margin of around 27% reported by Moody's-
rated developers in 2015.

However, the risks related to the acquisition are partly
mitigated by the company's established brand name and market
position in Shanghai.

Further, the land is located adjacent to a number of key
developments, including Pudong airport and the Disney theme park,
that could provide some support to future demand and selling
prices.

Gemdale has adequate liquidity and financial buffers to support
the land acquisition, aided by the company's strong contracted
sales and reduced funding costs.

Gemdale achieved 107.1% year-on-year growth in contracted sales
in 1H 2016 to RMB43.96 billion.  It also raised RMB5.0 billion of
domestic bonds in 1H 2016.  The coupon rates were between 3.50%-
3.69%, versus its average cost of funding of 5.32% in 2015.

Moody's expects that Gemdale's revenue/adjusted debt will stay
around 80%-85% over the next 12-18 months and EBIT coverage of
interest of 3.0x-3.5x over the same period.  These levels remain
appropriate for its Ba2 corporate family rating.

Additionally, the company's RMB18.02 billion of cash as of March
2016 could fully cover its unpaid land premium of approximately
RMB13 billion, as well as the land acquisition in Shanghai.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Gemdale Corporation is a leading developer in China's residential
property sector.  It began its property development business in
Shenzhen in 1993 and has progressively expanded its business to
cover China's seven major regions.  At Dec. 31, 2015, its land
bank totaled around 26 million meters in gross floor area.


WUHAN GUOYU: Says Unsure if Firm Can Repay Bonds Due Aug. 6
-----------------------------------------------------------
Bloomberg News reports that a Chinese shipbuilder said it may not
be able to repay bonds due this week, highlighting rising default
risks in the nation as the economy slumps.

Bloomberg relates that Wuhan Guoyu Logistics Industry Group Co.
said there is uncertainty if it can repay the CNY400 million
($60.2 million) of notes due Aug. 6 because of a capital
shortage, according to a statement on Chinamoney's website on
Aug. 1. The company issued the one-year notes at a yield of 7% in
2015, Bloomberg says.

Bloomberg notes that Chinese companies are struggling with record
debt payment in the second half as Premier Li Keqiang seeks to
cut overcapacity even after the economy grew at the slowest pace
in a quarter century. At least 17 bonds have defaulted this year,
already exceeding the seven for all of 2015, Bloomberg discloses.

According to Bloomberg, the company said sluggishness in the
shipbuilding industry has weakened Wuhan Guoyu's financial
strength.  Bloomberg relates that the shipbuilder said on June 13
it had used debt proceeds originally planned for a bank loan
payment to repay CNY200 million of one-year notes due in November
2015.

Bloomberg adds that the company also said it's still trying to
raise funds through many channels.

China-based Wuhan Guoyu Logistics Industry Group Co. Ltd. offers
international logistics and transportation services. It also
provides ship building, steel trade, and cargo warehousing
services.



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


ADVANCE STIMUL: ICRA Suspends B+/A4 Rating on INR9.50cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and the
short term rating of [ICRA] A4 assigned to the INR9.50 crore bank
facilities of Advance Stimul Engineering Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of 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.


AMAR AGRO: ICRA Suspends 'B' Rating on INR5.67cr Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.67
crore limits of Amar Agro Industries. 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.

Established in December 2013, Amar Agro Industries (AAI) has set
up a plant at Deesa in Banaskantha district of Gujarat for
processing of moong bean (green gram) with a total processing
capacity of 10,000 metric tonnes per annum (MTPA). The promoters
of the firm have longstanding experience in the agro commodity
industry by the virtue of being associated with M/s Amar Dal
Mill, a proprietary firm engaged in manufacturing and trading of
moong lentils and M/s Shri Amar Kirana Stores, a partnership firm
engaged in wholesale trading of grocery items.


AMAR POLYFILS: CARE Assigns 'B' Rating to INR10.0cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Amar Polyfils Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.00      CARE B Assigned
   Short-term Bank Facilities     1.38      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Amar Polyfils
Private Limited (APPL) are primarily constrained on account of
the fluctuating scale of operations along with declining
operating profitability, leveraged capital structure, modest debt
coverage indicators and modest liquidity position. The ratings
are further constrained due to susceptibility of its margins to
volatile raw material prices and foreign exchange fluctuation
risk.

The above constraints far outweigh the benefits derived from the
promoters' vast experience and established track record of
operations.

The ability of APPL to increase the scale of operations,
improvement in the profitability along with better working
capital management is the key rating sensitivities.

Incorporated in November 1994, Porbandar-based (Gujarat) Amar
Polyfils Private Limited (APPL) was promoted by Mr Ram Babulal
Panjri along with his two sons, Mr Ramesh Panjri and Mr Rajesh
Panjri. APPL is engaged in the business of manufacturing of High
Density Poly Ethylene (HDPE) and Poly Propylene (PP) nets,
twines and ropes. The company has an installed capacity for
manufacturing of 1500 metric ton per annum (MTPA) of nets,
1000MTPA for twine and 700 MTPA for ropes at its plant located at
Porbandar. Furthermore, APPL has entered into diverse fields by
creating three units namely Amar Aquatic Chemical (AAC,
established in FY11 - refers to the period April 1 to March 31)
which had started commercial production of collagen protein in
FY12, Amar Sterilised Fish Meal (ASFM, established in FY12) which
has started commercial production of fishmeal protein in FY13 and
Amar Steel Rope (ASR, established in FY12) which has started
commercial production of ropes in FY13.

As per the audited results for FY15 (refers to the period April 1
to March 31), APPL reported net loss of INR0.55 crore on a total
operating income (TOI) of INR60.87 crore as against net profit of
INR0.80 crore on a TOI of INR64.10 crore. During 9MFY16
(Provisional) APPL registered turnover of INR67 crore.


BALLARPUR INDUSTRIES: Fitch Cuts LT Issuer Default Ratings to B-
----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
on India-based paper maker Ballarpur Industries Limited (BILT)
and its subsidiary Bilt Paper B.V. to 'B-', from 'B+' and placed
the ratings on Rating Watch Negative (RWN).

BILT continues to face the twin challenges of high leverage and
weak liquidity. We estimate that its leverage, measured by net
debt to EBITDA with 50% equity credit for the perpetual debt,
jumped to 10.3x in the financial year ended 31 March 2016 (FY16)
from 7.8x in FY15. Its fixed-charge cover, including interest on
perpetual securities, declined to 1.3x in FY16 from 1.5x in FY15.

We had earlier assumed that the company would be able to sell off
its stake in Malaysia-based Sabah Forest Industries Bhd (SFI) by
end-FY16 and use the proceeds to deleverage. However, the
proposed deal to dispose of the stake has been terminated. In
addition, prices and demand for paper have remained weak over the
last few years. As a result, BILT's credit profile has
deteriorated, which led to the downgrade. The RWN reflects the
significant refinancing risks the company is facing as its free
cash generation would be inadequate to meet upcoming debt
maturities.

BILT's management continues to focus on reducing debt and
addressing upcoming repayments, and the company has received a
non-binding offer for two of its Indian units. The sale, if
finalised, should improve liquidity. However, failure to address
debt maturities in a timely manner through asset sales or
refinancing will result in negative rating action.

KEY RATING DRIVERS

Weak Credit Profile: We estimate that BILT's leverage will remain
high over the next three years at above 6x, assuming a high-
single-digit revenue growth rate and a slight improvement in
EBITDA margin. Its fixed-charge coverage is also likely to remain
weak at below 2x. Fitch expects the company's free cash flow
generation to be insufficient to service upcoming debt
maturities. This exposes BILT to significant refinancing risk,
unless the company is able to sell assets that are
underperforming and use the proceeds to deleverage.

Potential Sale of Indian Assets: BILT has received a non-binding
offer from JK Paper Ltd to acquire two of its units in
Maharashtra state. The plant in Ballarpur has capacity of 299.5
kilo tonnes per annum (ktpa), and Ashti plant has capacity of 54
ktpa. The proposal is subject to further due diligence,
negotiation and execution of definitive agreements.

The two units account for almost half of the paper-making
capacity of subsidiary Ballarpur Graphic Paper Products Ltd.
(BGPPL), which accounted for around 85% of BILT's consolidated
EBITDA in FY16. While the sale of the units would inject
liquidity and reduce debt, it would also materially reduce BILT's
earnings. In addition, it would impact BILT's market position as
the leading writing and printing paper producer in India.

Cyclical Business: Global paper prices have remained weak over
the last three years reflecting the lower demand globally. Demand
has been falling in the developed markets of North America and
Europe, while growth in emerging markets, such as India and
China, has been weak over the past few years and unable to offset
the demand decline in developed markets.

Rayon Unit's Restart Delayed: BILT's rayon grade pulp
manufacturing unit at Kamalapuram has remained shut since May
2014 due to adverse market conditions. The company plans to
restart operations upon receipt of subsidies from the state
governments of Telangana and Andhra Pradesh. The Telangana
government has agreed to provide a subsidy of INR300m each year
for seven years. BILT earlier planned to restart operations in
4QFY16, pending confirmation of a subsidy from the Andhra Pradesh
government. The unit has been a drag on BILT's profitability over
the past two years due to fixed costs related to the plant.

Strong Linkage with Subsidiary: Bilt Paper B.V's ratings reflect
its strong operational and strategic linkages with the ultimate
parent, BILT. Bilt Paper is in the same line of business as BILT
and the two have a common treasury and management team. Bilt
Paper holds a 99.99% stake in BGPPL, the key Indian operating
entity, and a 98% stake in SFI. Bilt Paper accounts for over 85%
of BILT's overall revenue and EBITDA.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue growth of 8% each year on average from FY17
-- Slight improvement in operating EBITDA margin to around 18%
    from FY17 (FY16: 17.5%)
-- Restart of operations at the rayon unit in Kamalapuram from
    FY18, and gradual improvement in earnings at SFI
-- Asset sales, which are used for debt repayment
-- Absence of any major capex over the medium term

RATING SENSITIVITIES

The Rating Watch Negative will be resolved following a review of
BILT's liquidity position once Fitch has more clarity about the
company's asset-sale efforts, including the potential sale of its
two Indian units.

Failure to address upcoming maturities in a timely manner through
debt repayment using asset sale proceeds or refinancing will
result in a downgrade.


BHAMBRA OVERSEAS: ICRA Suspends 'D' Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] D assigned to
the INR7.00 crore fund based limits of M/s. Bhambra Overseas. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


BIPIN ENGINEERS: CRISIL Lowers Rating on INR35MM Loan to 'C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bipin Engineers Private Limited (BEPL) to 'CRISIL C' from
'CRISIL B-/Stable', and reaffirmed its 'CRISIL A4' rating on the
company's short-term facilities.

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

   Cash Credit            35         CRISIL C (Downgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        5         CRISIL A4 (Reaffirmed)

   Proposed Long Term     27.4       CRISIL C (Downgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              27.6       CRISIL C (Downgraded
                                     from 'CRISIL B-/Stable')

The downgrade reflects CRISIL's belief that BEPL's liquidity will
remain under pressure over the medium term on account of large
working capital requirement and modest cash accrual. The
company's operations are working capital intensive because of
stretched receivables due to significant delay in receipt of
subsidy from the government. Its cash accrual is expected to be
barely sufficient to meet its term debt obligation over the
medium term. However, the liquidity is supported by funds from
promoters.

The ratings reflect BEPL's small scale of operations, large
working capital requirement, and weak financial risk profile
because of modest networth and subdued debt protection metrics.
These weaknesses are partially offset by the extensive experience
of its promoters in the solar equipment industry.

BEPL was set up in 1979 as a partnership concern by Mr. Hemant
Revankar and his brother Mr. Dilip Revankar and later on
converted into private limited company. The company manufactures
solar water heaters, solar photovoltaic lights, food-processing
equipment such as blenders, pulpers, roasters, frying pans and
kettles, and storage tanks.


C.A TRADING: ICRA Suspends B+/A4 Rating on INR8.86cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and the
short term rating of [ICRA] A4 assigned to the INR8.86 crore bank
facilities of C.A Trading Company. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
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.


CANDOR BIOTECH: ICRA Suspends B+ Rating on INR6.40cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR6.40 crore fund based bank facilities of Candor Biotech
Limited. ICRA has also suspended the short term rating of
[ICRA]A4 assigned to the INR0.60 crore non-fund based bank
facilities of Candor Biotech Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


CLASSIQUE INTERNATIONAL: ICRA Suspends B Rating on INR20cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR20.00 crore fund based limits of Classique International.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


DENTCARE DENTAL: CRISIL Ups Rating on INR110MM Cash Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Dentcare Dental Lab Private Limited (DLPL; part of the
Dentcare group) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term        1       CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan                 4       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that cash accrual will
remain sufficient to meet debt obligation. The ratings however
continues to reflect the moderate financial risk profile marked
by its modest net worth, moderate gearing, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the dental prostheses
industry, and its wide distribution network.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DLPL and Dentcare Dental Lab (DDL).
This is because these entities, together referred to as the
Dentcare group, have common promoters, are in the same line of
business, have operational linkages, and have fungible cash
flows.
Outlook: Stable

CRISIL believes the Dentcare group 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 a
substantial and sustained increase in scale of operations, while
maintaining its profitability margins, or a considerable
improvement in capital structure on the back of sizeable equity
infusion from promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the group's
profitability margins, or significant deterioration in its
capital structure, caused most likely by a stretch in its working
capital cycle.

DDL was set up in 1988, and DLPL was set up in 2007 by Mr. John
Kuriakose and his family members. Both these entities manufacture
dental prostheses. Their manufacturing units are based in
Ernakulam (Kerala).


DOSHION PVT: CRISIL Suspends D Rating on INR700MM Bank Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Doshion Pvt Ltd (DPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             400       CRISIL D
   Letter of credit &
   Bank Guarantee          700       CRISIL D
   Proposed Cash
   Credit Limit            187       CRISIL D
   Proposed Letter of
   Credit                  200       CRISIL D
   Term Loan                13       CRISIL D

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

DPL is an Ahmedabad (Gujarat)-based water-management company. It
was incorporated in 1978 and promoted by Mr. Dhirajlal Doshi, as
Doshi Ion Exchange & Chemicals Ltd. It began operations as a
manufacturer of ion exchange resins, and has gradually moved up
the value chain to emerge as an integrated water-management
company. DPL offers a range of water-management services for
industries and municipalities, through EPC contracts, operation
and maintenance contracts, and supply of chemicals and resins
used in water treatment.


DOSHION VEOLIA: CRISIL Suspends 'D' Rating on INR2.0BB Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Doshion Veolia Water Solutions Private Limited (DVWS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1030       CRISIL D
   Letter of credit &
   Bank Guarantee         2000       CRISIL D
   Proposed Long Term
   Bank Loan Facility       70       CRISIL D
   Proposed Term Loan      350       CRISIL D
   Term Loan               200       CRISIL D

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

DVWS, established in February 2008, is a 70:30 joint venture (JV)
between DPL and Veolia Water Solutions and Technology (VWST).
DVWS undertakes EPC contracts for water and waste-water-treatment
plants. It also manufactures pharmaceutical polymers, and resins
and chemicals used for water treatment.


GREATA ENTERPRISES: CRISIL Rates INR700MM LT Loan at B+
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Greata Enterprises And Developers Private
Limited (GEDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      700      CRISIL B+/Stable

The rating reflects exposure to saleability risks related to the
company's ongoing project and to cyclicality in the real estate
industry. These weaknesses are partially offset by successful and
timely completion of past projects and extensive experience of
promoters.
Outlook: Stable

CRISIL believes GEDPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if healthy bookings and timely
receipt of customer advances lead to higher-than-expected cash
inflow and hence better liquidity. The outlook may be revised to
'Negative' if delays in receipt of customer advances, time or
cost overruns in ongoing projects, or increase in funding
requirement due to other large projects weakens liquidity.

Set up in 1995 by Mr.Nazeer Kabeer, GEDPL develops residential
and commercial real estate in Chennai. Operations are managed by
Mr. Nazeer Kabeer.


GREENCROP INT'L: CRISIL Cuts Rating on INR52.5MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Greencrop International Private Limited (Greencrop) to 'CRISIL
B-/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            52.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Long Term Loan         36.7       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term     10.8       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects expected deterioration in
Greencrop's credit risk profile on account of decline in topline
and pressure on profitability, resulting in low cash accrual.
Revenue declined by 6% year-on-year to INR255 million in fiscal
2016, from INR271 million in the previous fiscal on account of
subdued demand scenario on account of weak monsoon. Furthermore,
operations remain working capital intensive, with gross current
assets of 242 days as on March 31, 2016, mainly on account of
stretched receivables with debtors of 120 days as on March 31,
2016. The decline in revenue and profitability, along with large
working capital requirement, has resulted in low net cash
accrual, thereby impacting the financial risk profile,
particularly liquidity. Furthermore, annual cash accrual is
expected to be barely sufficient against debt obligation and
timely funding support from promoters in case of exigency will
remain a key rating sensitivity factor.

The rating reflects modest scale of operations, low operating
margin, and large working capital requirement. The rating also
factors in below-average financial risk profile, because of small
networth, moderate gearing, and modest debt protection metrics.
These rating weaknesses are mitigated by the benefits derived
from the extensive experience of promoters in the agricultural
chemicals industry and a wide distribution network.
Outlook: Stable

CRISIL believes Greencrop will continue to benefit over the
medium term from extensive industry experience of its promoters
and its wide distribution network. The outlook may be revised to
'Positive' in case of substantial improvement in scale of
operations and profitability margin, resulting in large cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability, or capital structure on
account of large working capital requirement or debt-funded
capital expenditure.

Greencrop, set up in 2001, manufactures pesticides and micro-
nutrient fertilisers. It is based in Pune (Maharashtra), with
distribution offices in Hyderabad, Bengaluru, Coimbatore (Tamil
Nadu), Raipur, Indore (Madhya Pradesh), Akola (Maharashtra), and
Ahmedabad (Gujarat). It is promoted by Mr Sharad Sawant and Mr
Popatrao Deshmukh, who have been in the agricultural chemicals
industry for around four decades.


GWASF QUALITY: ICRA Revises Rating on INR6.40cr LT Loan to B+
-------------------------------------------------------------
ICRA has revised the long term rating of the INR9.50 crore fund
based facilities of GWASF Quality Castings Private Limited
(GWASF) from [ICRA]BB- to [ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based/CC                 6.40        [ICRA]B+; revised

   Long Term-Fund
   Based TL                 2.72        [ICRA]B+; revised

   Long Term-Unallocated    0.38        [ICRA]B+; revised

The revision in the rating primarily factors in reduction in
inflow of orders from the US and European customers following
weak demand from end user industries, resulting in steep decline
in operating income and profitability. The rating remains
constrained by modest scale of operations of the company, high
working capital requirements due to high inventory and debtor
levels. Further, the rating continues to factor in high customer
concentration and intense competition from other organised and
unorganised players in the industry.

The rating, however, continues to derive comfort from the long
standing experience of the promoters of more than three decades
in the steel castings industry. The rating also factors in
established relationship with reputed clients such as Flowserve
Corporation, ITT Corporation and ARI Armaturen resulting in
repeat orders. The rating also takes into account the preferred
supplier agreement with 'Flowserve Corporation', which allows for
assured annual off take and subsequently supports the revenue
visibility of the company.

The company's ability to increase its scale of operations,
improve its profitability, while moderating its working capital
requirements would be the key sensitivities going forward.

GWASF Quality Castings Private Limited (GQCPL), incorporated in
the year 1988, is primarily involved in the manufacturing of
steel and ferrous alloy casting for valves, pumps and precision
machined castings. The company has its manufacturing facility
located in Mangalore with an installed capacity of 720 MT per
annum. The company started export of its products to the US and
Europe in 1995.

Recent results
The company reported a provisional net loss of INR0.17 crore on
an operating income of INR11.89 crore in 2015-16, as against a
profit after tax of INR0.18 crore on an operating income of
INR21.55 crore in 2014-15.


JAI SHANKER: ICRA Suspends B+ Rating on INR7.0cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.00 crore fund based limits of M/s. Jai Shanker Rice and
General Mills. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


JNJ MACHINES: ICRA Suspends B+ Rating on INR16.32cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR16.32
crore bank facilities of JNJ Machines Private Limited. The
suspension follows ICRAs 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."

JNJ Machines Private Limited (JNJ) was incorporated on July 26,
2010 and is engaged in precision machining and fabrication of
various engineering components. The machining activity involves
various operations like turning, milling, drilling, boring etc.
to cut out metal parts in order to achieve the desired geometry
while fabrication refers to building metal structures by cutting,
bending and welding. JNJ primarily caters to the job work
requirements of the power, oil, gas and steel industry. The
machining and fabrication facility of the company is located in
Hazira Industrial Park, near Surat (Gujarat). The company is
promoted by Mr. Rajendra Jain who is an electrical engineer by
qualification and has over two decades of experience in textile
industry.


KISHAN GUM: ICRA Reaffirms 'B' Rating on INR4.50cr Cash Loan
------------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating to the INR5.94 crore
long-term fund based facility of Kishan Gum Industries.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                  4.50         [ICRA]B; re-affirmed

   Fund Based-Term
   Loan                    1.44         [ICRA]B; re-affirmed

The re-affirmation of the rating takes into account the weak
financial profile of the firm, as characterised by its relatively
small scale of operations, adverse capital structure, thin
profitability and low coverage indicators. The rating is
constrained by a stretched liquidity profile, as reflected by the
almost full utilisation of its working capital limits, because of
high working capital intensity. The rating also takes into
account the vulnerability of the firm's profitability to the
fortunes of the 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 firm in the low
value-added/highly commoditised segment of the highly fragmented
and competitive processing industry. ICRA notes that as KGI is a
partnership firm, any significant withdrawals from the capital
account by the partners could adversely affect its net-worth, and
thereby its capital structure.

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

Established in September 2014, Kishan Gum Industries is engaged
in processing guar seeds for the production of guar gum refined
splits and its by-products (churi and korma). The plant is
located at Halvad in the Surendranagar district of Gujarat, with
an installed production capacity of 10,800 MT of raw guar seeds
per annum. The firm is promoted by Mr. Parshottam Patel and seven
other partners, with long standing experience in the trading of
agricultural commodities at the Agriculture Produce Market
Committee (APMC), Halvad.

Recent Results
During the first 10 months of operations in FY2016 (provisional
unaudited financials), KGI has reported an operating Income of
INR21.04 crore and net profit before tax of INR0.05 crore.


M R INDUSTRIES: CRISIL Assigns B+ Rating to INR53.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of M R Industries - Jaipur (MRI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             30        CRISIL B+/Stable
   Term Loan               53.5      CRISIL B+/Stable

The rating reflects the firm's below-average financial risk
profile because of small networth and weak capital structure,
modest scale of operations, and low profitability in the
competitive secondary steel industry. These weaknesses are
partially offset by proprietor's extensive experience and their
funding support.
Outlook: Stable

CRISIL believes MRI will continue to benefit over the medium term
from the extensive experience of its proprietor and their funding
support. The outlook may be revised to 'Positive' if increase in
revenue and profitability leads to higher-than-expected cash
accrual or if proprietor infuses sizable fresh capital. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, stretch in working capital cycle, or unexpectedly large,
debt-funded capital expenditure further weakens financial risk
profile, especially liquidity.

Established in 1992 as a proprietorship firm by Ms. Manju Gupta,
MRI manufactures mild steel billets and ingots at its facilities
in Jaipur. It also trades in machine parts, consumables, and
components related to the iron and steel industry.


M/S SANJAY: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended M/s Sanjay
Agrawal's (Sanjay) Long-Term Issuer Rating of 'IND BB' with a
Stable Outlook. 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 Sanjay.

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

Sanjay's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB(suspended)' from
    'IND BB'/ Stable
-- INR40.00 million fund-based working capital limits: migrated
    to 'IND BB(suspended)' from 'IND BB'
-- INR600 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


MAD STUDIOS: ICRA Assigns 'D' Rating to INR13cr Term Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR17.50
crore working capital facilities of Mad Studios Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based - Term Loan       13.00        [ICRA]D; assigned

   Long term, fund
   based - Cash Credit      2.50        [ICRA]D; assigned

   Long term Non Fund
   based                    2.00        [ICRA]D; assigned

The assigned rating takes into account MSPL's delays in timely
servicing of its debt obligations on account of marginal cash
flow generation ability driven by under utilization of capacity.

Mad Studios Private Limited (MSPL) was incorporated on 30th
January, 2012 and is primarily engaged in the production of
television commercials. The company also in the recent past
forayed into movie production and end to end production services
business that entails leasing of equipment and related services
to various directors, film studios, production houses, etc.
MSPL is a part of the Mad Group. The flagship company of the
Group is Mad Entertainment Limited, promoted by Mr. Sunil
Manchanda who has been in the Media Industry for more than two
decades. The Group has produced more than 1000 television
commercials for various famous brands till date.

Recent Results
In FY2015, MSPL has reported a net loss of INR13.8 crore on
operating income of INR16.7 crore and on a provisional basis,
reported a net loss of INR6.5 crore on operating income of INR7.9
crore in H1 FY2016.


MAINI GROUP: ICRA Reaffirms B+ Rating on INR9.00cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ to the
INR9.50 crore (enhanced from INR7.50 crore), bank facilities of
Maini Group of Educational Society (MGES).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund-
   Based Limits             9.00        [ICRA]B+; Reaffirmed

   Unallocated              0.50        [ICRA]B+; Reaffirmed

ICRA's rating reaffirmation takes into consideration the healthy
response to the Cambridge International School (CIS) operated by
MGES, wherein the student strength, although at a modest level,
has more than tripled in AY2016-17, since its start of operations
in AY2013-14. This, coupled with an increase in fee, may support
profitability levels going forward. The profitability in FY2016
has been lower than estimated levels owing to higher operating
expenses despite a healthy growth in student strength. ICRA also
notes that the Society may incur some capital expenditure on the
sports infrastructure which may require external funding.
ICRA's rating is, however, constrained on account of MGES' modest
financial profile and weak debt coverage indicators. Further, the
rating is constrained on account of its single asset operations
which limit its geographic penetration and scale.

Going forward, the Society's ability to attract students to
optimally utilise its capacity and ability to improve its
financial profile while improving surplus margins, and the
quantum of additional capex and its funding mix shall be the
critical rating sensitivities.

Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and has ~1100 students in Academic Year 2016-17. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.

Recent Results
MGES, on a provisional basis, reported a net profit of INR0.18
crore on revenue receipts of INR4.46 crore in FY2015-16, as
against a net profit of INR0.04 crore on revenue receipts of
INR3.44 crore in the previous year.


MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maks Technologies (MT)
continue to reflect MT's modest scale of operations, improving
but low operating profitability, and weak financial risk profile
because of weak debt protection metrics. These rating weaknesses
are mitigated by the extensive experience of promoters in the
copper wire manufacturing and trading industry and the funding
support from promoters and affiliates.

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

   Inland/Import
   Letter of Credit       70        CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes MT will continue to benefit over the medium term
from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of significant improvement in scale of operations and
profitability, along with efficient working capital management,
leading to large cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens, most
likely because of low cash accrual, large working capital
requirement, or any unanticipated debt-funded capital
expenditure.

Update
Operating income declined to INR622.8 million in fiscal 2016 from
INR713.3 million in the previous fiscal with lower offtake from
main customers due to sluggish economy. However, operating margin
improved to 5.4% from 3.6% due to increased proportion of export
during fiscal 2016. Operations are working capital intensive as
reflected in gross current assets of 152 days in fiscal 2016,
mainly due to stretched debtors of 117 days as on March 31, 2016.

Financial risk profile remains below average because of modest
networth and high gearing of INR50.1 million and 3.18 times,
respectively, as on March 31, 2016. Debt protection metrics
remain below average, with interest coverage and net cash accrual
to total debt ratios of 1.52 times and 0.03 time, respectively,
in fiscal 2016. Cash accrual, though modest, remains sufficient
to meet debt obligation. Moreover, bank limit was moderately
utilised at 82% over the 10 months through June 2016.
Additionally, liquidity is supported by funding unsecured loans
of INR45.7 million from promoters as on March 31, 2016.

MT was established as a proprietorship firm in Pune (Maharashtra)
in 2008, and was reconstituted as a partnership firm in April
2013. It manufactures tin-copper wires and promoters Mr Nilesh
Jain and Mr Pradeep Jain, manage its operations.


MBR EXIMS: CRISIL Assigns B- Rating to INR300MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long
term bank loan facility of MBR Exims Private Limited  (MBR).

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

The rating reflects the MBR's modest scale of operations and
below-average financial risk profile, marked by high expected
total outside liabilities to adjusted net worth (TOLANW), modest
debt protection metrics and net worth. These rating weaknesses
are partially offset by the benefits derived from extensive
experience of its promoters in the rice industry.
Outlook: Stable

CRISIL believes that the MBR will benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company reports substantial
improvement in revenue and margins, while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
if MBR reports low revenue and margins or if its working capital
cycle lengthens, leading to deterioration in its financial risk
profile.

Established in 2013 as a partnership firm 'MBR Exim' and later
reconstituted in June, 2016 as a private limited company, MBR is
a rice trader. Based in Nizamabad, Telangana, the company is
promoted and managed by Mr. Laxman Reddy.

For 2015-16, MBR is estimated to report profit after tax (PAT) of
INR1.8 million on net sales of INR340 million against PAT of
INR0.1 million on net sales of INR374 million for 2014-15.


MEKALA METAL: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mekala Metal Works
Private Limited (MMWPL; part of the Veeranarayana group) continue
to reflect the group's below-average financial risk profile
marked by modest networth, high gearing and weak debt protection
metrics. The ratings also factor in the modest scale of
operations in the fragmented lead ingots manufacturing industry.
These weaknesses are partially offset by the  extensive industry
experience of the promoters and their established track record.

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

   Letter of credit &
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)

CRISIL has combined the business and financial risk profiles of
MMWPL with Veernarayana Metal Pvt Ltd (VMPL), together referred
to as the Veeranarayana group. This is because both the entities
are in the same line of business and have fungible finances,
along with common management.
Outlook: Stable

CRISIL believes MMWPL will continue to benefit from the extensive
industry experience of its promoters and established track
record. The outlook may be revised to 'Positive' if increase in
scale of operations and operating profitability improves the
financial risk profile. The outlook may be revised to 'Negative',
if decline in cash generation or stretch in working capital cycle
or a large debt-funded capital expenditure weakens the liquidity
profile.

Update
Veeranarayana group booked turnover of INR733 million in 2015-16
from INR639 million last year, with a Y-O-Y growth of 14.7 per
cent backed by higher demand for it products. The group has made
sales of around INR150 million till May-2016 and is expected to
maintain the moderate growth over the medium term. The group has
sustained its operating margin at 6.2 per cent in 2015-16 as
against 6.6 per cent in the past year is expected to sustain its
over the medium term.

Financial risk profile continues to remain below average with
networth of INR41.5 million, gearing of around INR4.7 times,
interest coverage of 1.3 times and NCTAD of 0.04 times as on
March 31, 2016. Liquidity continues to remain stretched reflected
by highly utilised bank limits of 97% in last twelve months
ending March-2016. The group is expected to generate cash
accruals of around INR10 million against repayment obligation of
INR1.7 million.   Liquidity is also expected to be supported
enhancement of bank limits by INR20 million and equity infusion
of INR10 million in 2016-17. The liquidity is also supported by
the unsecured loan from promoters which stands at INR19.8 million
as on March 31, 2016.

Established in 1990 as a private limited company, MMWPL
manufactures pure lead ingots. The company is promoted and
managed by Mr. K Rajendra Chettiar and his son Mr. K R Mohan
Kumar.

Established in 1990 as a private limited company, VMPL also
manufactures pure lead ingots. The company is owned by the same
promoters.


MESANIYA GINNING: ICRA Suspends 'D' Rating on INR14.65cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR14.65
crore limits of Mesaniya Ginning and Pressing Factory. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Mesaniya Ginning and Pressing Factory (MGPF) was established as a
partnership firm in July 1999 by Mr. Mohmadfaruk Mesaniya and Mr.
Yakub Mesaniya to undertake the business of cotton ginning and
pressing with its product profile consisting of cotton bales and
cotton seeds. The manufacturing facility of the firm, located at
Wankaner, Rajkot (Gujarat), was equipped with 24 ginning machines
and one fully automated pressing machine, translating into a peak
production capacity of 34 tonnes per day (TPD) of cotton bales.
The partnership was reconstituted in August 2013 and is currently
promoted by Mr. Sajidali Mesaniya, Mr. Ismail Mesaniya and Mr.
Yakub Mesaniya. With the reconstitution, the existing unit was
demolished to set up a new unit in the same premises, engaged in
the same line of business. The new unit commenced commercial
operations on 15th February, 2014 and is equipped with 48 ginning
machines and one fully automated pressing machine having a total
production capacity of 12165 TPA of cotton bales and 21120 TPA of
cotton seeds.


MIRAMBICA AGRO: ICRA Suspends B+ Rating on INR6.22cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.22
crore limits of Mirambica Agro Industries. The suspension follows
ICRAs inability to carry out a rating surveillance in the absence
of the requisite information from the company.

Mirambica Agro Industries (MAI), promoted by Mr. Manhardan
Gadhavi along with his family members, commenced commercial
operations from October 2012 by taking over a non-operational
rice mill. It is engaged in processing of various agro
commodities such as rice, wheat, pulses etc.; however majority of
its revenues are derived from milling of rice. The firm operates
from its processing unit, having an installed capacity of 4
Metric tonnes per hour (MTPH), located at Bavla in the Ahmedabad
district of Gujarat. The key promoter has a long standing
experience in the trading of agro commodities.


NEEV METOLOGIES: ICRA Suspends D Rating on INR3.65cr Term Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR3.00 crore cash credit facility and the INR3.65 crore term
loan facility of Neev Metologies Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non cooperation from the company.

Incorporated in August 2012, Neev Metologies Private Limited
(NMPL) is engaged in manufacturing of Aluminum foil and its
variants. The company is promoted by Mr. Sagar Parsana and Mrs.
Nisha Parsana who holds more than 5 years of experience in
Aluminum foil manufacturing by virtue of their associating with
few other aluminum foil manufacturing companies. The company has
set up an aluminum pressing plant at a cost of INR6.64 crore in
October 2013 and commenced commercial operations from January
2014. NMPL product portfolio consists of aluminum bottle cap,
food grade aluminum foils and commercial grade aluminum foils.


NICE SESAME: ICRA Suspends B+/A4 Rating on INR9.32cr Bank Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ and short
term rating of [ICRA] A4 assigned to the INR9.32 crore bank
facilities of Nice Sesame Agro Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Nice Sesame Agro Industries (NSAI) was established as a
partnership firm, in 2005 by Shaikh brothers and is engaged in
processing (hulling) and export of sesame seeds. The processing
unit of the firm is located at Kapadwanj-Nadiad Road, Gujarat.
The firm is also engaged in trading of sesame seeds, pigeon peas
(Toor dal), and other agro commodities. Currently, Mr. Munaf
Shaikh and Mr. Hanif Shaikh manage the business; they have
considerable experience in agro commodity processing and trading.


NITYASHRADDHA LIFECARE: CRISIL Rates INR80MM LT Loan at 'B'
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Nityashraddha Lifecare Private Limited (NLPL;
part of the NL group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      80        CRISIL B/Stable

The rating reflects the group's susceptibility to timely ramp-up
of operations, once the operations commence in August 2016. The
rating also factors in its expected small scale of operations due
to limited capacity, and exposure to competition. These
weaknesses are partially offset by the extensive experience of
promoters in the healthcare industry and low funding risk for
hospital project.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of NLPL and Nityashraddha Lifecare (NL),
together referred as the NL group. This is because NL has
extended loan and property to NLPL.
Outlook: Stable

CRISIL believes the NL group will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if hospital project is
implemented within envisaged time and cost and in case of timely
ramp-up of operations. The outlook will be revised to 'Negative'
if there is significant time or cost overrun in project
implementation or lower-than-expected ramp-up in operations.

Incorporated in 2013 and promoted by Dr. Thakur and Mr. Deshpande
and their families, the NL group is setting up a 100-bed multi-
speciality hospital in Pune.


OGENE SYSTEMS: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ogene Systems
India Private Limited's (Ogene) 'IND D' Long-Term Issuer Rating
to the suspended category. The Outlook was Stable. The rating
will now appear as 'IND D(suspended)' on the agency's website.

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

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

Ogene's ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'

-- INR250 million fund-based working capital limits: migrated to
    Long-term 'IND D(suspended)' from 'IND D' and Short-term 'IND
    D(suspended)' from 'IND D'

-- INR150 million non-fund-based working capital limits:
    migrated to Short-term 'IND D(suspended)' from 'IND D'

-- INR175.6 million term loans: migrated to Long-term 'IND
    D(suspended)' from 'IND D'


ORIENT GREEN: ICRA Lowers Rating on INR20.75cr Loan to 'D'
----------------------------------------------------------
ICRA has revised the long-term rating assigned to INR20.75 crore1
term loan (revised from INR24.89 crore) and INR12 crore cash
credit limits(revised from INR6 crore) of Orient Green Power
(Rajasthan) Private Limited from [ICRA]BB-  to [ICRA]D. Further,
ICRA has also revised the long-term rating assigned to INR6.45
crore unallocated limits(revised from INR8.31 crore) of OGPRPL
from [ICRA]BB- to [ICRA]D and the short term rating from [ICRA]A4
to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               20.75       [ICRA]D revised
   Cash Credit             12.00       [ICRA]D revised
   Unallocated Limits       6.45       [ICRA]D/[ICRA]D revised

The revision in ratings takes into account delays in servicing of
debt repayment obligations by OGPRPL due to deterioration in
overall operating and financial performance during FY2016. The
revenue of the company dropped by 48.31% y-o-y in FY2016 owing to
reduction in the PLF of its 8 MW biomass based power plant in
Rajasthan to 28.42%(from 56.52% in FY2015 and 77.86%(adjusted) in
FY2014) following a shortage in fuel supply (owing to unseasonal
rains in Rajasthan). ICRA also notes that the average fuel cost
of the company increased over and above the level factored in the
tariff received as per the power purchase agreement(PPA) with
Rajasthan state power distribution utilities. Further, the
ratings remain constrained by the continued exposure of the
company's profitability to volatility in raw material prices and
the seasonality associated with fuel availability.In addition,
the ratings remain tempered by the moderate financial position of
the Rajasthan state distribution utilities which would affect the
receivable position and thereby the liquidity profile and debt
servicing capability of OGPRPL, given that the company does not
maintain any debt service reserve. In addition, ICRA also takes
note of the weak financial position of the parent entity Orient
Green Power Limited which would limit its ability to support
OGPRPL. The ratings, however, continue to positively factor in
the low offtake risk for the power generated due to presence of a
long term PPA with Rajasthan state power distribution utilities
for twenty years.

Going forward, the company's ability to revive its revenue and
profitability levels through reasonable PLFs and economical raw
material procurement remains the key rating sensitivity.

Orient Green Power Company (Rajasthan) Private Limited (OGPRPL)
was incorporated in November 2008 and is engaged in the business
of generating electrical power using biomass. The company has
commissioned an 8.0 MW biomass based power plant in Kishanganj
(Baran, Rajasthan) in October 2013 and power is being sold to the
Rajasthan state power distribution utilities under a 20 year
power purchase agreement. OGPRPL is part of the orient group of
companies which has significant presence in biomass and wind
power segment.

Recent Results
OGPRPL reported loss of INR7.28 crore on a turnover of INR11.93
crore in FY2016 as against loss of INR0.63 crore on a turnover of
INR23.08 crore in FY2015.


PANAMA PAPERS: CRISIL Assigns 'B' Rating to INR75MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Panama Papers Private Limited (PPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               40        CRISIL B/Stable
   Cash Credit             75        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

The rating reflects the company's small scale of operations in
the competitive industrial paper segment and below-average
financial risk profile because of modest networth and average
capital structure. These weaknesses are partially offset by the
extensive experience of its promoters.
Outlook: Stable

CRISIL believes PPPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant ramp-up in sales due
to enhanced capacity leads to high cash accrual. The outlook may
be revised to 'Negative' if lower-than-expected sales and cash
accrual or sizable working capital requirement weaken financial
risk profile, particularly liquidity.

Incorporated in 2005 and promoted by Mr. Bhavesh Patel, PPPL
manufactures absorbent kraft paper used in the lamination and
packaging industry. The company has manufacturing facility  in
Morbi,Gujarat.


RIONA LAMINATE: ICRA Revises Rating on INR3.50cr Term Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long-term rating to the INR3.50 crore term
loan and the INR3.00 crore cash credit facility of Riona Laminate
Private Limited from [ICRA]B to [ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based-Cash
   Credit                  3.00       Revised from [ICRA]B
                                      to [ICRA]B+

   Fund-based-Term
   Loan                    3.50       Revised from [ICRA]B
                                      to [ICRA]B+

The rating revision reflects the stabilisation of operations of
Riona Laminate Private Limited (RLPL) as demonstrated in the high
capacity utilisation levels supporting the topline growth of the
company. The rating also considers the locational advantage
enjoyed by RLPL, giving it easy access to raw material.

The rating remains constrained by the stretched liquidity
position of the company, as exhibited by high receivable days.
Further, the company remains exposed to intense competition due
to the presence of a large organised as well as the unorganised
sector.

ICRA also notes the vulnerability of profitability to the
cyclicality inherent in the real estate industry and the
fluctuations in raw material prices, especially imported design
paper and chemicals.

ICRA expects RLPL's revenues to witness a growth of ~10% during
FY2016-17, due to increased penetration in the market. The
profitability of the company would remain vulnerable to
fluctuation in the prices of raw materials and its ability to
pass on the same to its customers in a timely manner, given the
competitive scenario pressurising the margins. However, ICRA
expects RLPL's working capital intensity to remain high because
of the stretched receivables.

Incorporated in 2011, Riona Laminate Private Limited (RLPL) is a
private limited company which manufactures high pressure
decorative laminates. RLPL is promoted by Mr. Kishan Bhalodiya,
Mr. Jayntilal Kanani and Mr. Jaydeep Kanani.

The company's plant is located in Morbi (Guajrat) with an
installed production capacity of 90,000 sheets per month. The
company mainly manufactures decorative sheets of the size 8'x4'
with thickness ranging from 0.8mm-1.0 mm, which is the most
common size sold in India. The company also manufactures phenol
resin and melamine resin for the purpose of captive consumption,
which is also sold externally.

Recent Results
During FY2015, RLPL reported an operating income of INR8.82 crore
with net profit of INR0.20 crore against an operating income of
INR5.00 crore with net loss of INR0.63 crore. In FY2016 the
company reported an operating income of INR13.84 crores with an
operating profit (OPBDITA) of INR2.10 crore.


S GOKUL: CRISIL Assigns B- Rating to INR97.5MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facility of S Gokul Das (SGD). The rating reflects the
firm's exposure to intense competition in the civil construction
industry in Kerala, its modest net worth, and large working
capital requirement. These weaknesses are partially offset by the
extensive experience of its proprietor in the construction
industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             97.5      CRISIL B-/Stable

Outlook: Stable

CRISIL believes SGD will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if there is a significant increase in the firm's
revenue and profitability, leading to better-than-expected cash
accrual, along with efficient working capital management. The
outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, or sizeable working capital requirement,
or large debt funded capital expenditure, resulting in pressure
on liquidity.

SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr. S Gokuldas. It is a contractor for the
Kerala state Public Works Department.


SAKTHI RICE: ICRA Suspends B+ Rating on INR6.75cr Loan
------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ outstanding
on the INR1.05 crore term loans and INR6.75 crore fund based
facilities of Sakthi Rice Mill. ICRA has also suspended the
short-term rating of [ICRA]A4 outstanding on the INR0.25 crore
fund based facilities of the Firm. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the entity.


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.


SANTOSH ENTERPRISES: ICRA Assigns 'B' Rating to INR2.75cr Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR6.95 crore bank facilities of
Santosh Enterprises.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, fund
   based limits-
   Cash Credit              2.75        [ICRA] B assigned

   Long term -
   Unallocated              0.20        [ICRA] B assigned

   Short term, fund
   based limits             4.00        [ICRA] A4 assigned

The assigned rating favorably factors in the long standing
experience of the promoters in the metal fabrication industry;
the firm's established relationship with reputed client; and its
comfortable capital structure owing to healthy net worth
position. The rating is, however, constrained by firm's high
dependence on the requirements of its major client WWIL for
orders with ~70-80% revenues coming from WWIL - exposing its
revenues to volatility in the domestic windmill industry. The
firm has reported significant de-growth in its operating income
in FY2015 owing to decrease in order inflow from WWIL on account
of WWIL's production being stuck due to labour union strike.
However, the order inflow has increased in FY2016 resulting in
growth in operating income. Though, overall the scale of
operation of the firm continues to remain small. The firm has
healthy order book position of ~Rs. 28.00 crore which provides
revenue visibility for medium term. The working capital position
of the firm remained stretched owing to elongated receivable
cycle. The firm's margins are also exposed to input price
fluctuations owing to fixed price contracts. Going forward
scaling up operations by diversifying its client base to reduce
revenue volatility and managing working capital efficiently will
remain key rating sensitivities.

Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural
installation components like angle, channel, plates, railings and
gallery mainly used in wind mills supplied by Wind World India
Limited (WWIL) erstwhile Enercon India Limited. The firm operates
through its fabrication and galvanization units at Ambad and
Gonde, Nashik, with a total installed capacity of 2,400 MT per
annum. Santosh enterprises outsource galvanized work to Vir
electro Engineering Private Limited.


SHAKAMBRI KHADYA: ICRA Suspends B-/A4 Rating on INR10cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- and short
term rating of [ICRA]A4 assigned to the INR10.00 crore fund based
limits of Shakambri Khadya Bhandar. The suspension follows ICRA's
inability to carry out rating surveillance in the absence of
requisite information from the company.


SHREE BHAARATHI: ICRA Suspends B+ Rating on INR7cr Loan
-------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ to the
INR7.00 crore fund based facilities of Shree Bhaarathi Cotton
Mills Private Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the entity.

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.


SHRI RAM: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shri Ram
Agro Sciences Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Shri Ram Agro
Sciences Private Limited (SRAS) is primarily constrained by small
& fluctuating scale of operations and weak debt service coverage
indicators. The ratings are further constrained due to its
working capital intensive nature of operations along with SRAS'
presence in the highly competitive industry with susceptibility
to vagaries of nature.

The rating, however, draws comfort from the experienced
promoters, moderate profitability margins & capital structure
with presence in the agro cluster at Uttarakhand.

Going forward, the ability of SRAS to increase its scale of
operations while maintaining profitability margins and capital
structure along with effective working capital management shall
be the key rating sensitivities.

Rudrapur-based (Uttarakhand) Shri Ram Agro Sciences Private
Limited (SRAS) was incorporated in 2011 by Mr Jasvinder
Singh, Mrs Jasmeet Kaur, Mr Jeetender Singhal and Mr Manpreet
Singh. The company is engaged in processing and trading of wheat,
paddy, vegetables, green manure and fodder seeds. The seed
processing unit of the company is located at Rudrapur, having a
processing and grading capacity of 7500 tonne per annum (TPA) as
on March 31, 2015. SRAS purchases the breeder seeds (initial
level or raw seeds) of wheat and paddy from the state authorities
or agriculture universities and provides them to farmers for
germination. After the receipt of germinated foundation seeds
from the farmers, the company gets them certified from a seed
certifying agency. These certified seeds are graded and then sold
to the retailers and distributors in Uttar Pradesh, Bihar,
Punjab, Uttranchal, Haryana and West Bengal. The company also
sells to Government agencies like National Seeds Corporation
(NSC), Bihar Rajya Beej Nigam Limited and National Cooperative
Consumer's Federation of India Limited (NCCF). SRAS sells the
certified seeds under the brand name of 'Shri Ram Seeds'.

SRAS has an associate concern namely Bhartiya Beej Nigam Limited
incorporated in 2006 by Mr Jasvinder Singh, Mrs Jasmeet Kaur and
Mr Jeetender Singhal engaged in trading and processing of seeds.
In FY15 (refers to the period April 01 to March 31), SRAS
achieved a total operating income (TOI) of INR20.93 crore with
PBILDT INR3.45 crore and PAT of INR0.92 crore, as against TOI of
INR17.18 crore with PBILDT of INR3.39 crore and PAT of INR0.92
crore in FY14. During FY16 (based on unaudited results), the
company has achieved a total operating income of around INR16
crore.


SHRI TULSI: ICRA Puts B+ Rating on Notice for Withdrawal
--------------------------------------------------------
ICRA has placed the long term rating of [ICRA]B+ assigned to the
INR5.00 crore bank limits of Shri Tulsi Industries on notice for
withdrawal for one month at the request of the company. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
ratings will be withdrawn after one month from the date of this
withdrawal notice.


SP SUPERFINE: ICRA Lowers Rating on INR75.17cr Term Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR75.17 crore term loan facilities, INR8.00 crore fund based
facilities and INR18.41 crore proposed facilities of SP Superfine
Cotton Mills Private Limited to [ICRA]D from [ICRA]B-. ICRA also
downgraded the short-term rating outstanding on the INR1.88 crore
non-fund based facilities of the company to [ICRA]D from
[ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term: Term
   loans                   75.17        [ICRA]D/downgraded
                                        from [ICRA]B-

   Long Term: Fund
   based facilities         8.00        [ICRA]D/downgraded
                                        from [ICRA]B-

   Long Term: Proposed
   facilities              18.41        [ICRA]D/downgraded
                                        from [ICRA]B-

   Short Term: Non-
   fund based facilities    1.88        [ICRA]D/downgraded
                                         from [ICRA]A4

The downgrade in ratings reflects the delays observed in debt
servicing by SP Superfine due to its stretched liquidity position
in the last six months. The company had large debt repayment
obligations on the long-term loans availed for capex / working
capital purposes; the same was expected to be met by cash profits
and for any shortfall, through unsecured loans from the
promoters. With weak operating environment, the cash accruals
were inadequate compared to the repayment obligations. In the
absence of any funding support from promoter, coupled with
delayed collection of receivables from its customers and lower
contribution margins on the back of sharp rise in cotton prices
unmatched by equivalent increase in yarn prices stretched the
overall liquidity profile of the company.

The financial profile of SP Superfine remained weak with negative
networth of INR24.4 crore (as on March 31, 2016) stemming from
large accumulated losses over the past leading to weak capital
structure and coverage metrics. The scale of operations of the
company continued to remain modest restricting economies of scale
while presence in a highly fragmented industry limits its pricing
flexibility and exposes the company's earnings to volatility in
raw material prices. The company's ability to overcome the
present liquidity strain through faster collection of receivables
or infusion of equity / unsecured loans by the promoters will be
critical in meeting its debt repayment obligations in a timely
manner.

Promoted by Mr. Velusamy in 1995, SPSCM is engaged in
manufacturing cotton yarn, in the count range of 40s to 80s, with
50s forming a major share of the production. The Company has an
installed capacity of 28,224 spindles and its spinning unit is
located in Attur, Tamil Nadu.

Recent Results
According to the unaudited financials, the Company reported a net
profit of INR1.1 crore on an operating income of INR62.8 crore
during FY2016 as against a net loss of INR2.0 crore on an
operating income of INR64.5 crore during FY2015.


SWASTIK ENTERPRISES: CRISIL Reaffirms B- Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL's rating on long-term bank facilities of Swastik
Enterprises - New Delhi (SE) continue to reflect the modest scale
of operations and exposure to revenue concentration risk and
susceptibility of operating margin to volatile steel scrap
prices.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting       90        CRISIL B-/Stable (Reaffirmed)
   Cash Credit            65        CRISIL B-/Stable (Reaffirmed)
   SME Gold Card           5        CRISIL B-/Stable (Reaffirmed)

The rating also factors in SE's weak financial risk profile,
marked by small net worth, weak debt protection metrics and high
leverage. These weaknesses are partially offset by extensive
experience of promoters in the steel industry.
Outlook: Stable

CRISIL believes that the firm will continue to benefit from
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if the firm manages to increase the scale
of operations, while maintaining profitability or if an equity
infusion strengthens the capital structure. Conversely, the
outlook may be revised to 'Negative' if profitability declines,
most likely due to adverse movement in metal scrap prices, or a
large, debt-funded capital expenditure or increase in working
capital requirement, weakens the financial risk profile,
especially liquidity.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta,
is located in New Delhi. It was reconstituted as a partnership
firm in 1991. SE trades in steel scraps and cold-rolled sheets;
it sells steel scraps to thermo-mechanically treated (TMT) steel
bar manufacturers, auto manufacturers and casting units.
Operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta and
Mr. Arun Gupta.


TIRUPATI COTTEX: ICRA Suspends 'D' Rating on INR8.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
INR8.00 crore cash credit facility and the INR0.51 crore term
loan facility of Tirupati Cottex. The suspension follows ICRA's
inability to carry out a rating surveillance due to non
cooperation from the company.

Tirupati Cottex (TC) was established as a partnership firm in
March 2011 and is engaged in the business of ginning and pressing
of raw cotton. The firm's manufacturing facility is located at
Jasdan, Rajkot in Gujarat and is equipped with fourteen ginning
machines and one pressing machine. The firm is currently promoted
by Mr. Divyeshbhai Rasikbhai Padaliya, Mr. Kanakbhai Karamshibhai
Bodar, Mr. Bharatbhai Jadavbhai Limbasiya and Mr. Maheshbhai
Dhanjibhai Ramani who have long-standing experience in the cotton
industry.


TORNETO FOODS: CARE Assigns B+ Rating to INR5.0cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE A4' and 'CARE B+' ratings to the bank
facilities of Torneto Foods International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.00      CARE B+ Assigned

   Long-term/Short-term           3.00      CARE B+/CARE A4
   Bank Facilities                          Assigned

   Short-term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Torneto Foods
International Private Limited (TFIPL) are constrained on account
of its nascent stage of operations, competition from established
players and raw-material fluctuation risk.

The ratings, however, derive benefits from the well-qualified and
experienced promoter and location advantage.

The ability of TFIPL to achieve envisaged level of revenue and
effectively manage its working capital needs are the key rating
sensitivities.

Sabarkantha-based (Gujarat) Torneto Foods International Private
Limited (TFIPL) was incorporated in November 2015 to take up the
business of manufacturing of wafers and Indian ethnic snacks.
TFIPL is promoted primarily by Mr Nilesh Kumar Patel, Mr
Rameshbhai Patel, Mr Jasmin Kumar Patel and Mr Kundan Kumar Patel
who have an experience of around one decade in various industries
ranging from manufacturing of ceramic tiles to cleaning as well
as grading of grains/pulses. The promoters are foraying into an
entirely new line of business keeping in view the increasing
popularity and demand of snacks in the food industry. TFIPL
processes and sells potato chips and various Indian ethnic snacks
in different size of packing under its own brand name 'Macsy'.
TFIPL completed a project of INR8.72 crore during May 2016 and
commenced commercial production from the same month as well.
TFIPL operates with an installed capacity of 1,080 Metric Tonne
Per Annum (MTPA) for Potato chips and 2,520 Metric Tonne Per
Annum (MTPA) for Indian Ethnic Snacks.

The entire project was funded through a term loan of INR5 crore
and rest by equity share capital of INR2.75 crore and unsecured
loan of INR0.97 crore.


VARDHAMAN PRESSURE: ICRA Assigns B+ Rating to INR4.50cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B+' to the INR4.50
crore term loan and the INR1.50 crore fund based cash credit
facility of Vardhaman Pressure Die Casting (VPDC).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                  1.50         [ICRA]B+ (assigned)

   Fund Based-Term Loan    4.50         [ICRA]B+ (assigned)

The assigned rating is constrained by the firm's moderate scale
of operations that limit its operational and financial
flexibility, to an extent as well as its weak capital structure
with a high gearing of 3.28 times as on 31st March 2016. The
rating takes into account the intense competition on account of
fragmented industry structure with low entry barriers, leading to
pressure on profit margins; and the vulnerability of profits to
fluctuations in raw material prices. The rating is also limited
by the exposure of the firm to the inherent risks associated with
the proprietorship firm; wherein any substantial withdrawals from
capital account would adversely impact the net-worth and thereby
the gearing level. The rating, however, positively factors in the
established presence and significant experience of the promoters,
with a long track record of more than a decade in the die casting
industry. The rating also takes into account of established
customer profile which lends stability to business volumes. Going
forward, the ability of the firm to increase its turnover,
improve its profitability and liquidity position would remain key
rating drivers for the firm.

Vardhaman Pressure Die Casting is engaged in the manufacturing of
aluminium castings which largely find use in various industries
like automobiles, home appliances, electrical, electronics and
many more. Incorporated in the year 2006 as a proprietorship
firm, the firm has its manufacturing facility at Bommasandra
Industrial Area, Bangalore with current capacity of 3.5 MT per
day. Mr. Vikram Kumar, the promoter of the firm has wide
experience in the die casting industry.

Recent Results
During FY16 (provisional financials), the firm reported a net
profit of INR0.82 crore on an operating income of INR26.64 crore
as against a net profit of INR0.54 crore on an operating income
of INR17.48 crore during FY15.


VASAVI PLAST: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Vasavi Plast
Industries (VPI) continue to reflect VPI's average financial risk
profile marked by its modest net worth, moderate gearing, and
average debt protection metrics.

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

   Letter of Credit        25       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15       CRISIL B+/Stable (Reaffirmed)

The ratings of the firm are also constrained on account of its
modest scale of operations in the intensely competitive poly-
vinyl chloride pipe manufacturing industry, and its working-
capital-intensive nature of operations. These rating weaknesses
are partially offset by the extensive industry experience of
VPI's proprietor.
Outlook: Stable

CRISIL believes that VPI will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the firm registers a
substantial and sustained increase in its scale of operations and
profitability margins, or there is a substantial improvement in
its capital structure on the back of sizeable capital additions
from its proprietor. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in the firm's profitability
margins, or significant weakening in its capital structure caused
most likely by a large debt-funded capital expenditure or a
stretch in its working capital cycle.

Set up in 2001 in Guntakal, Andhra Pradesh, as a proprietorship
firm by Mr. S Ramamohan Gupta, VPI is a part of the Vasavi group
and manufactures rigid PVC pipes.


VEDAMATHA ENTERPRISES: ICRA Rates INR10cr Cash Credit at 'B'
------------------------------------------------------------
ICRA has assigned a long term rating of '[ICRA]B' to the INR10.0
crore fund based cash credit facility of Vedamatha Enterprises
Pvt. Ltd.

                              Amount
   Facilities              (INR crore)     Ratings
   ----------              -----------     -------
   Fund Based-Cash Credit       10.0       [ICRA]B (assigned)

The assigned rating is constrained by the company's modest scale
of operations, with steep decline in revenues in FY16 owing to
discontinuation of distributorship for HUL products and low
profitability, inherent to the low value additive nature of
trading business. The rating takes into account VEPL's stretched
capital structure characterized by high gearing (of 4.69 times as
on 31st March, 2016) and moderate coverage indicators. The rating
also takes into account the intense competition across product
categories from unorganized as well as larger organized retailers
restrict pricing flexibility and limit margin expansion. The
rating further considers the working capital intensive nature of
operations, with high inventory holding for HUL products in FY16.
The rating, however, positively factors in the experience of the
promoter in the trading business. The rating also takes into
account of the stable outlook for decorative laminates driven by
rising urbanization.

Vedamatha Enterprises Pvt Ltd was incorporated in 2002, and is
currently engaged in the decorative laminations business as a
distributor of Greenlam Industries Ltd for Bangalore, under a
partnership firm named as "Vishaka Enterprises". The company is
also engaged in to trading of silk sarees through its retail show
room 'Devanad Silks' in Chichpet, Bangalore through partnership
firm named "Devanand Marketing". Since inception till June 2015,
the company was a distributor of HUL's FMCG products for
Bangalore City area.

Recent Results
During FY16 (provisional financials), the company reported a net
profit of INR0.03 crore on an operating income of INR11.55 crore
as against a net profit of INR0.14 crore on an operating income
of INR41.31 crore during FY15.


VEERANARAYANA METAL: CRISIL Reaffirms B+ Rating on INR52MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Veeranarayana Metal
Alloys Private Limited (VMAPL; part of Veeranarayana group)
continues to reflect below-average financial risk profile marked
by modest networth, high gearing and weak debt protection
metrics. These weaknesses are partially offset by the extensive
industry experience of its promoters and established track
record.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4 (Reaffirmed)
   Cash Credit            52        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       30        CRISIL A4 (Reaffirmed)

CRISIL has combined the business and financial risk profiles of
VMAPL and Mekala Metal Works Pvt Ltd (MMWPL), together referred
to as Veeranarayana group. This is because both the entities are
in the same line of business and have fungible finances, along
with common management.
Outlook: Stable

CRISIL believes Veeranarayana group will continue to benefit from
the extensive industry experience of its promoters and
established track record. The outlook may be revised to
'Positive' if increase in scale of operations and operating
profitability improves the financial risk profile. The outlook
may be revised to 'Negative', if decline in cash generation or
stretch in the working capital cycle or a large debt funded
capital expenditure weakens the liquidity profile.

Update:
Veeranarayana group's turnover increased at 14.7% to INR733
million in fiscal 2016, from INR639 million last year, backed by
higher demand for its products. The group has made sales of
INR150 million till May 2016 and is expected maintain moderate
growth over the medium terms. While operating margin at 6.2% in
fiscal 2016, as against 6.6% last year is expected to sustain
over the medium term.

Financial risk profile remains below average with networth of
INR41.5 million, gearing of around 4.7 times, interest coverage
of 1.3 times and net cash accrual to adjusted debt of 0.04 time
as on March 31, 2016. Liquidity continues to be stretched as
reflected by highly utilised bank limits of 97% in the last
twelve months through March 2016. The group is expected to
generate cash accrual of around INR10 million against repayment
obligation of INR1.7 million. Liquidity is expected to be
supported by enhancement of bank limits by INR20 million and
equity infusion of INR10 million in fiscal 2017. Liquidity is
further aided by unsecured loans which stood at INR19.8 million
as on March 31, 2016.

Established in 1990 as a private limited company, MMWPL
manufactures pure lead ingots. The company is promoted and
managed by Mr. K Rajendra Chettiar and his son Mr. K R Mohan
Kumar.

Established in 1990 as a private limited company, VMAPL also
manufactures pure lead ingots. The company is owned by the same
promoters.


VENKY HI-TECH: ICRA Reaffirms B+ Rating on INR24cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating of the INR24.00 crore
cash credit facility and INR4.50 crore (enhanced from INR3 crore)
unallocated facilities of Venky Hi-Tech Ispat Ltd. ICRA has also
reaffirmed the [ICRA]A4 rating of the INR1.5 crore letter of
credit facility of VHTIL. The unallocated limits of INR4.50
crores have also been rated in the short term for which the
rating was reaffirmed at [ICRA]A4. The rating of [ICRA]B+ earlier
assigned to the INR1.50 crore term loan facility has been
reassigned to the unallocated limit.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit             24.00        [ICRA]B+ reaffirmed

   Non-Fund Based
   Limit-Letter of
   Credit                   1.50        [ICRA]A4 reaffirmed

   Unallocated              4.50        [ICRA]B+/[ICRA]A4
                                        Reaffirmed

The reaffirmation of the ratings continues to factor in VHTIL's
weak financial risk profile as reflected by low profitability,
nominal cash accruals and adverse debt coverage indicators. ICRA
notes that although the company incurred losses in its steel-
making business in FY2016, it was able to post profits largely
driven by trading of commodity derivatives and income from
trading. The ratings also take into account low capacity
utilisation of the rolling mill, adversely affecting the return
on capital employed, the vulnerability of the profitability to
adverse movement in raw material prices, and the working capital
intensive nature of operations that adversely affects the
company's liquidity position. The ratings also incorporate the
company's exposure to the cyclicality associated with the steel
industry, which is passing through a downturn at present.
The ratings, however, favourably take into account the experience
of the promoters in the steel industry, diversified product mix
and the partially integrated nature of operations with the
presence of both billet and thermo-mechanically treated (TMT) bar
manufacturing units.

Venky Hi-Tech Ispat Limited (VHTIL) was incorporated in December
2003 and currently has the production capacity of 36,000 tonnes
per annum (TPA) of ingots and 84,000 TPA of thermo-mechanically
treated (TMT) bars at its manufacturing facility at Durgapur,
West Bengal. The company also started manufacturing billets from
February 2015.

Recent Results
The company reported a net profit of INR0.4 crore (provisional)
in FY2016 on an OI of INR107.1 crore (provisional), as compared
to a net profit of INR0.5 crore on an OI of INR130.9 crore during
FY2015.


VGS ENTERPRISES: ICRA Suspends B+ Rating on INR8.5cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR8.50 crore fund based limits of VGS Enterprises. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


VINAYAKA MICRONS: CRISIL Ups Rating on INR73MM Term Loan to BB-
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Vinayaka Microns India Private Limited (VMIPL) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             41.8      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash           40.2      CRISIL BB-/Stable (Upgraded
   Credit Limit                      from 'CRISIL B+/Stable')

   Term Loan               73.0      CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects CRISIL's belief that the company will
sustain its improved business risk profile over the medium term,
aided by addition of production capacity, a healthy order book in
hand, and established relationship with a diversified clientele
in the overseas market. Revenue is estimated at around INR206
million and operating margin at 12.3% in fiscal 2016, against
INR108 million and 6.7%, respectively, in fiscal 2015.
Consequently, cash accrual is estimated to have been sufficient
to meet repayment obligation.  Moreover, there is adequate
cushion in bank limit utilisation, which was around 68% over the
14 months through May 2016, leading to improvement in financial
metrics; total outside liabilities to tangible net worth ratio is
expected at 1.5 to 2.0 times over the medium term.

The rating reflects an improving scale of operations, moderate
financial risk profile, and extensive experience of promoters in
the minerals processing industry. These rating strengths are
partially offset by a small networth and large working capital
requirement.
Outlook: Stable

CRISIL believes VMIPL will continue to benefit over the medium
term from its established relationship with a diversified
clientele. The outlook may be revised to 'Positive' in case of
better-than-expected cash accrual with improvement in working
capital management and a better capital structure, largely driven
by a higher networth. The outlook may be revised to 'Negative' in
case of low cash accrual, larger-than-expected working capital
requirement, or substantial debt-funded capital expenditure,
weakening the financial risk profile.

VMIPL is promoted by the Rajasthan-based Kachhawaha family. The
company processes industrial minerals, primarily quartz,
feldspar, and mica. It has processing capacities for quartz
powder and quartz grit at Beawar in Ajmer, Rajasthan. Its
operations are managed by Mr Jayveer Singh Kachhawaha.


VIRAJ SPINNERS: CRISIL Reaffirms 'B' Rating on INR319.9MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Viraj
Spinners Limited (VSL) continues to reflect VSL's modest scale of
operations in the highly competitive cotton spinning industry.
The ratings also factor in high gearing and below-average debt
protection metrics. These rating weaknesses are mitigated by the
extensive experience of promoters in the cotton spinning
industry, moderate profitability and support from government
subsidies.

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

   Long Term Loan         319.9      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15.1      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VSL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant increase in the
scale of operations and profitability leads to higher than
expected cash accruals or large fund infusion by promoters,
resulting in better financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' in case
financial risk profile, particularly liquidity, weakens because
of low cash accrual or stretch in working capital cycle.

Update
Revenue during fiscal 2016 increased to INR431 million as against
INR68 million during the previous fiscal, given first full year
of operations and better utilisation of capacities. This has
resulted in better absorption of fixed costs leading to
improvement in operating margin to 15.2% in fiscal 2016 from 6.6%
in previous fiscal. Increasing revenue and profitability had led
to cash accrual of INR14.9 million in fiscal 2016; however these
were less than previous expectation of INR25 million. Further
operations remained moderately working capital intensive with
gross current assets of 78 days driven by moderate inventory of
46 days and was funded through moderate bank limit utilisation of
77% over the 12 months through March 2016.

Capital structure has remained aggressive with modest networth of
INR115 million and high gearing of 3.64 times as on March 31,
2016. The interest coverage and net cash accruals to total debt
ratios were below average at 1.3 times and 0.04 time for fiscal
2016, despite ramp up in operations due to high interest costs.
Liquidity remained constrained with cash accrual remaining
tightly matched against debt obligation of INR18.8 million for
fiscal 2016. The accrual is expected to increase in medium term
with expected improvement in operating performance and receipt of
government subsidies and thus will be just sufficient to meet
scheduled debt obligation.

Incorporated in 2010, VSL manufactures cotton yarn. The key
promoter is Mr Sadashiv Patil and its manufacturing facilities
are in Vita (Maharashtra). It has installed capacity of 18,720
spindles and commenced commercial operations in January 2015.


VIRTUAL GALAXY: ICRA Suspends 'D' Rating on INR21.52cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR21.52 crore
fund based facilities of Virtual Galaxy Infotech Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Virtual Galaxy Infotech Private Limited provides include core
banking solutions for co-operative banks and ERP solutions for
SMEs. It has implemented CBS in more than 400 branches of co-
operative banks. It was established as a partnership firm in 1995
and later incorporated as a private limited company in 1997.
VGIPL is promoted by Mr. Avinash Shende and Mr. Sachin Pande. The
company employs about 200 people across development, marketing
and implementation functions.


VISAKHA TRADES: Ind-Ra Cuts Long-Term Issuer Rating to 'IND B+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Visakha
Trades' Long-Term Issuer Rating to 'IND B+' from 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects the substantial decline in VT's
profitability resulting in weak credit metrics. According to
provisional financials for FY16, the company's EBITDA fell to
INR7m from INR13 million in FY15 on account of competitive
pressures and raw material price fluctuation. The top-line
increased around 18% yoy to INR123 million in FY16. Net leverage
(total adjusted net debt/ operating EBITDAR) deteriorated to 6.7x
in FY16 (FY15: 4.2x) and EBITDA interest coverage to 1.6x (3.0x).

The company had increased its fund-based facilities to INR40
million from INR30 in March 2016 to accommodate further growth.
That said, its liquidity position remained moderate with 81%
average utilisation of the fund-based facilities for the 12
months ended June 2016. The management expects 1QFY17 revenue to
have been around INR25 million.

Ind-Ra believes that the company's credit metrics could
deteriorate further and stress its liquidity position even more,
in view of the challenging market scenario, in which growth would
be difficult and further margin contraction is likely.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and an increase in
profitability leading to an improvement in the credit metrics
would be positive for the rating.

Negative: Any further decline in profitability leading to
sustained deterioration in the credit metrics would be negative
for the rating.

COMPANY PROFILE

Established in 1991, VT is a sole proprietorship firm based in
Visakhapatnam. It is involved in refurbishing the cabins of naval
ships, as well as in building and selling porta cabins.

VT's ratings:

-- Long-Term Issuer Rating: downgraded to 'IND B+' from 'IND BB-
    '; Outlook Stable
-- INR3.25 million long term loans (reduced from INR14 million):
    downgraded to 'IND B+/Stable' from 'IND BB-'/ Stable
-- INR40 million fund-based facilities (increased from INR30
    million): downgraded to 'IND B+/Stable' from 'IND BB-'/Stable
    and to 'IND A4' from 'IND A4+'
-- INR20 million non-fund-based facilities (increased from INR15
    million): downgraded to 'IND B+/Stable' from 'IND BB-'/Stable
    and to 'IND A4' from 'IND A4+'


VISHAL WHEELERS: CRISIL Assigns 'B' Rating to INR61MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vishal Wheelers Private Limited (VWPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              36         CRISIL B/Stable
   Line of Credit         23.5       CRISIL B/Stable
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit            61.0       CRISIL B/Stable

The rating reflects VWPL's modest scale of operations with low
pricing power with principal, and susceptibility to intense
competition in the automobile industry. The rating also factors
in below-average financial risk profile because of high total
outside liabilities to adjusted networth and weak debt protection
metrics. These rating weaknesses are mitigated by the extensive
experience of promoters along with their funding support and
established market position.
Outlook: Stable

CRISIL believes VWPL will maintain its stable business risk
profile over the medium term, backed by its promoters' extensive
entrepreneurial experience. The outlook may be revised to
'Positive' if scale of operations expands significantly along
with improvement in operating profitability, resulting in higher-
than-expected cash accrual and liquidity improves with
effectively managed working capital needs. Conversely, the
outlook may be revised to 'Negative' if scale of operations
reduces significantly thus impacting cash accrual adversely, or
liquidity weakens on account of higher-than-expected working
capital requirement or large, debt-funded capital expenditure.

VWPL incorporated in 2007 by Mr Amit Singh and Mr Vishal Singh
with authorised service center of Maruti Suzuki India Ltd in
Unnao (Uttar Pradesh). In 2009, the promoters started Vishal Cars
(a sub division of VWPL) that operates an authorised dealership
of sales, service and spares of Skoda India Pvt Ltd in Kanpur and
Lucknow districts of Uttar Pradesh.


YASHASVI YARN: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yashasvi Yarns
Limited's (YYL) 'IND D' Long-Term Issuer Rating to the suspended
category. The Outlook was Positive. The rating will now appear as
'IND D(suspended)' on the agency's website.

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

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.

YYL' ratings:

-- Long-Term Issuer Rating: migrated to 'IND D(suspended)' from
    'IND D'

-- INR510 million fund-based limits: migrated to Long-term 'IND
    D(suspended)' from 'IND D'

-- INR260 million non-fund-based limits: migrated to Short-term
    'IND D(suspended)' from 'IND D'

-- INR285.4 million term loan: migrated to Long-term 'IND
    D(suspended)' from 'IND D'


YELLOW JEWELS: ICRA Suspends 'D' Rating on INR24cr Loan
-------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR24.00 crore
fund based facilities of Yellow Jewels 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 2013, Yellow Jewels Private Limited (YJPL) is
promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The company is
engaged in manufacturing of gold jewellery which includes
earrings, bangles, bracelets, chains and anklets. The company has
its registered office at Zaveri Bazaar in Mumbai. YJPL sells gold
jewellery majorly to wholesale customers and also performs job
work for jewellery manufacturing for some of its clients. YJPL is
a closely held entity with 100% ownership by the promoter family.




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


LOWIE RECRUITMENT: Liquidators Try to Claw Back Funds
-----------------------------------------------------
Hamish Fletcher at NZ Herald reports that the liquidators of
Lowie Recruitment Ltd, league coaching legend Graham Lowe's
former recruitment company, are trying to claw back funds from
one of its shareholders.

Lowie Recruitment Ltd was put into voluntary liquidation in
December 2014 owing Inland Revenue nearly NZ$1 million after the
business was sold to another firm, the Herald discloses.

Although the recruitment business still uses Graham Lowe's
nickname, the former Manly, Queensland and Kiwis coach is no
longer involved in it, the Herald relates.

After the sale, the business was run as a division of Pounamu
International, a company co-directed by former New Zealand Rugby
League chairman Andrew Chalmers, according to the report.

The Herald says Pounamu was one of Lowie Recruitment Ltd's
shareholders and the liquidators are now in a High Court dispute
with that company over allegedly voidable transactions.

A voidable transaction is one where a liquidator claws back funds
from one creditor to distribute to others, the Herald notes.

Details of the dispute were revealed in a recently published High
Court decision over the disclosure of documents, says the report.

According to the Herald, liquidators Jeffrey Meltzer and Mike
Lamacraft said that in October 2014 -- some eight weeks before
they were appointed -- Lowie Recruitment owed NZ$1m to Pounamu.
They allege that during that month the company paid NZ$1 million
into Pounamu's bank account.

The Herald says the liquidators also allege that Pounamu, acting
under a general security agreement, took control of the assets
and accounts receivable of the company.

The report relates that Messrs. Melzter and Lamacraft allege that
the transactions enabled Pounamu to get more towards the payment
of its debt than it would have received through the liquidation
of the company.

Pounamu's position, according to the court decision, is that in
October 2014 it loaned NZ$1 million to Lowie Recruitment Ltd and
that the firm repaid about NZ$840,000.

It said it was entitled to recover the funds it had advanced, the
report relays.



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


RURAL BANK OF CABADBARAN: MB Prohibits Bank's Operations
--------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
approved to prohibit Rural Bank of Cabadbaran (Agusan), Inc. from
doing business in the Philippines by virtue of MB Resolution No.
1317 dated July 28, 2016. It directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
July 29, 2016.

Rural Bank of Cabadbaran is a four-unit rural bank with head
office located at Garame cor. Cabiltes Sts., City of Cabadbaran,
Agusan del Norte. It has two branches located in Butuan City,
Agusan del Norte and in Cagayan de Oro City, Misamis Oriental;
and a micro-banking office located in Gingoog City, Misamis
Oriental. Based on the Bank Information Sheet filed by the bank
with the PDIC as of December 31, 2015, Rural Bank of Cabadbaran
is owned by Mariano A. Tolentino (7.51%), Fabian P. Cong (6.05%),
Generoso A. De Jesus (5.76%), Tito Y. Antonio (4.64%), Horacio C.
Nable (4.23%), Veronica A. Nable (4.21%), Rosalinda F. Rodriguez
(3.29%), Umberto A. Rodriguez (2.81%), Joaquin Miguel C. De Jesus
(2.62%), Ma. Carmen A. Nable (2.55%), Rafael A. Rodriguez
(2.31%), and Canuta A. Mortola (2.09%). The Bank's President is
Horacio L. Soriano and its Chairman is Cayetano B. Serrano, Jr.

Latest available records show that as of March 31, 2016, Rural
Bank of Cabadbaran had 8,471 accounts with total deposit
liabilities of PHP201.2 million. Total insured deposits amounted
to PHP153.7 million involving 99.3% of total deposit accounts.

PDIC said that during the takeover, all bank records shall be
gathered, verified and validated. The state deposit insurer
assured depositors that all valid deposits shall be paid up to
the maximum deposit insurance coverage of PHP500,000.00.

Depositors with valid deposit accounts with balances of
PHP100,000.00 and below shall be eligible for early payment and
need not file deposit insurance claims, except accounts
maintained by business entities, or when they have outstanding
obligations with Rural Bank of Cabadbaran or acted as co-makers
of these obligations. Depositors have to ensure that they have
complete and updated addresses with the bank. PDIC will start
mailing payments to concerned depositors at their addresses
recorded in the bank by the third week of August 2016.

Depositors may update their addresses until August 9, 2016 using
the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.

For depositors that are required to file deposit insurance
claims, the PDIC will start claims settlement operations for
these accounts not later than the third week of August 2016.
Depositors are advised to be ready to present the original copy
of their evidence of deposit such as savings passbook,
certificate of time deposit, unused checks or latest bank
statement; and two (2) original valid photo-bearing
identification documents (IDs) which are basic requirements in
filing deposit insurance claims. PDIC may require additional
documents in the course of claims processing.

The PDIC also announced that it will conduct a Depositors-
Borrowers' Forum on August 11-12, 2016. All depositors, borrowers
and creditors of the bank are enjoined to attend the Forum to
verify with PDIC representatives if they are eligible for early
payment and the manner of paying their loan obligations with the
bank. Those not eligible will be informed of the requirements and
procedures for filing deposit insurance claims. The time and
venue of the Forum will be posted in the bank's premises and
announced in the PDIC website, www.pdic.gov.ph. Likewise, the
schedule of the claims settlement operations, as well as the
requirements and procedures for filing claims will be announced
through notices to be posted in the bank premises, other public
places and the PDIC website.

Rural Bank of Cabadbaran is the second bank to be ordered closed
by the MB following the effectivity on June 11, 2016 of Republic
Act No. 10846 that amended the PDIC Charter.

For more information, depositors may communicate with PDIC Public
Assistance personnel stationed at the bank premises. They may
also call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342),
the PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-
4631, or send their e-mail to pad@pdic.gov.ph.



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


SWIBER HOLDINGS: More Consolidation Seen in Offshore Sector
-----------------------------------------------------------
Nicole Tan at Channel News Asia reports that more consolidation
is expected in the offshore and marine sector, following recent
developments in Swiber Holdings Ltd, according to market
watchers.

The report relates that Swiber said on July 29 it plans to
restructure and operate under judicial management, after
withdrawing earlier liquidation plans.  Analysts said this is
likely to have wider reaching implications for other industries
in Singapore.

According to CNA, Swiber's latest decision to be placed under
judicial management gives it time to restore its financial health
while under supervision of Singapore courts.

CNA relates that Swiber also revealed its subsidiaries had
received more letters of demand, bringing the total sum of claims
to US$50.5 million (S$68 million).

According to its latest quarterly accounts, the company had
US$1.43 billion of liabilities and US$1.99 billion in total
assets on March 31, CNA relays.

According to CNA, market watchers said the offshore services firm
had already shown signs of weakness a year ago, such as stretched
balance sheets amid a surge in orders when oil prices were high,
and funding was easily available.

"The strains were obvious when oil prices plunged almost 50% from
its high," the report quotes Mr Nicholas Teo, a trading
strategist at KGI Frasers Securities, as saying. "When it has
stayed down for an even longer time frame than expected, it is
starting to prove fatal for borrowers, especially for those with
weak balance sheets."

One analyst cited concerns over transparency in the wider
industry, the report notes.

"If you look at Swiber's case, they mention they have very huge
orders amounting to up to SGD700 million - and this accounts for
70 per cent of their orders - but there's really very little
information about who (are they for), and (their) duration," CNA
quotes Mr Terence Wong, CEO of Azure Capital, as saying. "So I
think SGX (Singapore Exchange) will clamp down on such companies
and I think they'll force companies to be a lot more transparent
if they've not really done so."

Meanwhile, provisional liquidator Cameron Duncan announced on
August 1 that Swiber is unable to meet an upcoming coupon payment
due on August 2 for a 6.5% bond due in 2018. The SGD150 million
6.50% certificates were issued by its subsidiary Swiber Capital
Pte Ltd, the report discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets earlier last week by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. 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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