TCRAP_Public/160804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 4, 2016, Vol. 19, No. 153

                            Headlines


A U S T R A L I A

AMAZING KITCHENS: First Creditors' Meeting Set For Aug. 10
BURRUP: Oswal Payments Not Linked to Business, Receivers Say
EB INDIA: First Creditors' Meeting Slated For Aug. 12
HOME ART: First Creditors' Meeting Slated For Aug. 9
INDUSTRIE PLUMBING: First Creditors' Meeting Set For Aug. 10

PATRAS PTY: First Creditors' Meeting Set For Aug. 15


C H I N A

YUZHOU PROPERTIES: Fitch Affirms 'BB-' LT Issuer Default Rating


H O N G  K O N G

NOBLE GROUP: Shares Retreat to Lowest Since 2003 in Singapore
NOBLE GROUP: Head of Asia Energy, Oil Products Traders Step Down


I N D I A

ACUTE CERAMIC: ICRA Assigns B+ Rating to INR6.78cr Term Loan
ADITYA ENGINEERS: CRISIL Assigns B+ Rating to INR45MM Cash Loan
AGASTHIACODU RUBBER: CRISIL Suspends B+ Rating on INR80MM Loan
AJAY PLASTIC: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
AKCT CHIDAMBRAM: CRISIL Suspends B+ Rating on INR135MM Cash Loan

ALCOR COLONISERS: CRISIL Suspends B- Rating on INR120MM Term Loan
ASHARFI GRAMODYOG: CRISIL Assigns B+ Rating to INR6MM Cash Loan
ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR15cr Fund Based Loan
AVID APPAREL: ICRA Lowers Rating on INR14cr Loan to D
B.D. OVERSEAS: ICRA Suspends B+/A4 Rating on INR12cr Loan

B. L. AGRO: Ind-Ra Suspends 'IND BBB' Long-Term Issuer Rating
BANSAL LUMBERS: ICRA Suspends B/A4 Rating on INR16cr Loan
BSL SCAFFOLDING: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
DAKSHINESWAR RICE: CRISIL Reaffirms B+ Rating on INR47.8MM Loan
DANDAPAT COLD: CRISIL Reaffirms 'B' Rating on INR124MM Loan

DEVARSH CONSTRUCTION: ICRA Rates INR2.50cr Overdraft Loan at B+
DEVDOOT COTTON: CRISIL Suspends B+ Rating on INR60MM Cash Loan
DHARANIDARA SPINNING: CRISIL Suspends B Rating on INR45MM Loan
ELTEL POWER: ICRA Suspends 'B' Rating on INR7.001cr Loan
GLENMARK PHARMACEUTICALS: Fitch Rates US$200MM Sr. Notes 'BB'

GREENKO ENERGY: S&P Affirms 'B+' CCR; Outlook Positive
GTN INDUSTRIES: ICRA Reaffirms 'B' Rating on INR67.8cr Term Loan
IMPERIAL READYMADE: Ind-Ra Suspends 'IND D' LT Issuer Rating
INDIRA GANDHI: CRISIL Suspends 'D' Rating on INR330MM Term Loan
INDO SILICON: CRISIL Lowers Rating on INR65MM Cash Loan to 'B'

JMC AUTOMOTIVE: CRISIL Suspends 'D' Rating on INR67.5MM Cash Loan
JONNA IRON: ICRA Suspends 'B+' Rating on INR12cr Loan
KAAR TECHNOLOGIES: Ind-Ra Suspends 'IND BBB-' LT Issuer Rating
KARIMKUTTIYIL CONSTRUCTIONS: CRISIL Suspends 'B' Loan Ratings
KAYTEE CORPORATION: Ind-Ra Suspends 'IND B+' LT Issuer Rating

KELACHANDRA POLYMERS: CRISIL Suspends 'B' Rating on INR53MM Loan
KONERU CONSTRUCTIONS: ICRA Rates INR4.0cr Cash Credit at B+
KRISHNAMMAL TRUST: CRISIL Suspends 'B' Rating on INR80MM LT Loan
KSC EDUCATIONAL: ICRA Reaffirms B+ Rating on INR152.32cr Loan
LAXMI SAI: ICRA Assigns 'B' Rating to INR3.41cr Term Loan

MADHUCON SUGAR: ICRA Ups Rating on INR98.89cr Cash Loan to B+
MAGNUM PIGMENTS: CRISIL Assigns 'B+' Rating to INR30MM Loan
MAJESTIC EXPORTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating
MAK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR15.0cr LT Loan
MANOKAMANA AGRO: CRISIL Suspends B+ Rating on INR27.5MM Cash Loan

MATRIX BOILERS: CRISIL Reaffirms 'B' Rating on INR40MM LT Loan
NALANDA BUILDERS: CRISIL Lowers Rating on INR230MM Loan to D
NAVYA INFRACON: ICRA Suspends B+ Rating on INR7.0cr Loan
OSWAL OVERSEAS: CRISIL Reaffirms 'D' Rating on INR76.2MM Loan
PASSION VITRIFIED: CRISIL Ups Rating on INR160MM Loan to BB-

PATIL AND COMPANY: CRISIL Reaffirms 'D' Rating on INR150MM Loan
PIPE & METAL: CRISIL Lowers Rating on INR57.5MM Loan to 'D'
PKP FEED: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
PRIYANKA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR60M Loan
RABI ENGINEERING: CRISIL Suspends B+ Rating on INR10MM Cash Loan

RAM RAGHU: ICRA Suspends 'B' Rating on INR9.62cr Bank Loan
REWINDER TECHNO: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
SAHYADRI RENEWABLE: CRISIL Suspends 'D' Rating on INR100MM Loan
SAMEEP FABRICS: ICRA Reaffirms 'B' Rating on INR18.50cr Loan
SATHYAM STEEL: ICRA Suspends B- Rating on INR6.0cr Term Loan

SATYAM SPINNERS: ICRA Suspends 'B' Rating on INR10.50cr Bank Loan
SBJ PROJECTS: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
SELVALATHA INDUSTRIES: CRISIL Suspends B+ Rating on INR70MM Loan
SHARDA ROAD: CRISIL Assigns B+ Rating to INR10MM Cash Loan
SHRI GANGA: ICRA Suspends 'B' Rating on INR12cr Bank Loan

SHYAM GRAMODYOG: CRISIL Assigns B+ Rating to INR10MM LT Loan
SK WHEELS: Ind-Ra Ups Long-Term Issuer Rating From 'IND BB+'
SONA EDUCATIONAL: ICRA Withdraws B- Rating on INR21cr Loan
SRI RAGAVENDRA: CRISIL Suspends 'D' Rating on INR63.9MM Loan
STEEL & METAL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

SUN INFRASTRUCTURES: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
SUNRISE HYGIENE: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
SURESOFT SYSTEMS: CRISIL Suspends 'D' Rating on INR112MM LT Loan
SURINDRA BUILDERS: CRISIL Suspends B- Rating on INR60MM Cash Loan
SWADESHI TEXTILES: CRISIL Suspends B- Rating on INR95MM Loan

TASA FOODS: ICRA Assigns B+ Rating to INR9.50cr Term Loan
TECHNE INFRA: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
VELLORE ROLLER: CRISIL Suspends B- Rating on INR55MM Cash Loan
VOLTECH ENGINEERS: CRISIL Suspends B+ Rating on INR120MM Loan

YRK CONSTRUCTIONS: CRISIL Rates INR30MM LT Bank Loan at B+


I N D O N E S I A

GAJAH TUNGGAL: S&P Lowers CCR to 'B-' & Puts on CreditWatch Neg.
MNC INVESTAMA: S&P Lowers CCR to 'B-'; Outlook Negative


J A P A N

MITSUBISHI MOTORS: Failed to Act on In-House Warnings, Panel Says


N E W  Z E A L A N D

DICK SMITH: NZ Unit Owes Unsecured Creditors NZ$22 Million


S I N G A P O R E

BROADCOM LTD: S&P Affirms 'BB+' CCR & Revises Outlook to Positive
SWIBER HOLDINGS: Had No Overdue Payments With DBS


S O U T H  K O R E A

HYUNDAI MERCHANT: Tumbles on Plan to Issue Convertible Bond


S R I  L A N K A

PEOPLE'S LEASING: Fitch Affirms 'B' LT Issuer Default Ratings


                            - - - - -


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


AMAZING KITCHENS: First Creditors' Meeting Set For Aug. 10
----------------------------------------------------------
James Stuart McPherson and Gavin Moss of Chifley Advisory Pty Ltd
were appointed as administrators of Amazing Kitchens & Designs
Pty Ltd on July 29, 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. 10, 2016, at 9:00 a.m.


BURRUP: Oswal Payments Not Linked to Business, Receivers Say
------------------------------------------------------------
Ben Butler at The Australian reports that Pankaj and Radhika
Oswal's Burrup Fertilisers made more than AUD35 million in
payments towards assets including development land, luxury cars
and an unfinished mansion known as "Taj on Swan" that had nothing
to do with the business, a court has heard.

Payments of more than US$30 million to companies in Singapore and
France also had nothing to do with Burrup, its former receiver
told the Victorian Supreme Court, The Australian relates.

The ANZ, which put Burrup into receivership, accuses the Oswals
of misappropriating about AUD150 million of company money.

Its claim is being heard as part of a long-running case in which
the Oswals have accused ANZ of undervaluing the fertiliser plant
when it was sold following its seizure in a dispute over debts to
the bank, according to The Australian.

The Oswals are seeking at least AUD1.5 billion from the bank.

The Australian relates that Simon Theobald, of PPB, told the
court that during his time as receiver of the business between
December 2010 and February 2012 he formed the view that none of
the assets belonged to the Burrup business, and his view had not
changed since then.

According to the report, Mr Theobald said that early in the
receivership he met with the tax office, which was auditing the
company and seeking large amounts of information about travel
claims "largely aircraft" and fringe benefits tax deductibility
reports.

His counsel, Philip Solomon, QC, asked Mr Theobald whether he
concluded that a list of assets including the Taj on Swan
development, land at Baldives, a Mercedes, a Range Rover, an
Aston Martin and Mrs Owsal's Otarian vegetarian restaurant chain,
belonged to Burrup, The Australian notes.

The report relates that Mr Theobald said he concluded they did
not.

He also said he did not authorise any payments to entities
including the Burrup Trust, a private school in Sanawar, India
and a clutch of Singaporean companies associated with the Oswals,
according to The Australian.

The court has previously heard that AUD54 million was paid to the
Burrup Trust before ANZ called in receivers.

The case continues, The Australian notes.

                      About Burrup Fertilisers

Headquartered in Karratha in Western Australia, Burrup
Fertilisers Pty Ltd -- http://www.bfpl.com.au/-- is Australia's
largest ammonium producer.  The company has a production capacity
of 850-tonnes of liquid ammonia a year.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 20, 2010, The Australian said Burrup Fertilisers Pty Ltd was
placed into receivership with debts of about AUD800 million.
ANZ Bank appointed PPB Advisory as receivers to Burrup
Fertilisers.  ANZ also appointed the same receivers, PPB
Advisory, over shares held by members of the Oswal Group in
related company Burrup Holdings.  The bank is alleging "evidence
of financial irregularities" as well as the usual default
triggers relating to debt facilities established between 2002 and
2007, The Australian said.


EB INDIA: First Creditors' Meeting Slated For Aug. 12
-----------------------------------------------------
David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of EB India Holdings Pty Ltd, EB
Pizza Fiji Pty Ltd, and EB Pizza India Pty Ltd on Aug. 1, 2016.

A first meeting of the creditors of the Company will be held at
SV Partners, 138 Mary Street, in Brisbane, Queensland, on
Aug. 12, 2016, at 11:00 a.m.


HOME ART: First Creditors' Meeting Slated For Aug. 9
----------------------------------------------------
Richard Albarran, Brent Kijurina and Cameron Shaw of McLeod &
Partners were appointed as administrators of Home Art Building
Group Pty Ltd on July 28, 2016.

A first meeting of the creditors of the Company will be held at
Conference Room, Level 4, 16 St Georges Terrace, in Perth, on
Aug. 9, 2016, at 10:30 a.m.


INDUSTRIE PLUMBING: First Creditors' Meeting Set For Aug. 10
------------------------------------------------------------
Steven Gladman and David Ross of Hall Chadwick were appointed as
administrators of Industrie Plumbing & Roofing Pty Limited on
July 29, 2016.

A first meeting of the creditors of the Company will be held at
Level 10, 575 Bourke Street, in Melbourne, on Aug. 10, 2016, at
11:00 a.m.


PATRAS PTY: First Creditors' Meeting Set For Aug. 15
----------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of Patras Pty Ltd on Aug. 2, 2016.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth
Street, in Brisbane, Queensland, on Aug. 15, 2016, at 9:00 a.m.



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


YUZHOU PROPERTIES: Fitch Affirms 'BB-' LT Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has affirmed Yuzhou Properties Company Limited's
(Yuzhou) Long-Term Foreign-Currency Issuer Default Rating (IDR)
at 'BB-'. The Outlook on the IDR is Stable. Fitch has also
affirmed Yuzhou's senior unsecured rating and the ratings on its
outstanding US dollar bonds at 'BB-'.

The China homebuilder's ratings are supported by its strong
contracted sales growth, region diversification, and favourable
margin compared with its peers. Its recent expansion into the
Yangtze River Delta will increase its leverage, but Fitch
believes a rise to around 40% of net debt-to-adjusted inventory
in the next 12 months will be reasonable as it has acquired good
quality sites and achieved a much larger operating scale.

KEY RATING DRIVERS

Expansion On Track: Fitch believes Yuzhou's recent expansion in
Shanghai, Nanjing and Hangzhou will help it set up core markets
in two regions - the West Strait Economic Zone and the Yangtze
River Delta - improve the company's inventory quality, and
diversify its portfolio. Yuzhou is a leading property developer
in Fujian province and Hefei, but has acquired eight land parcels
in Shanghai and Nanjing since 2015. Contracted sales in the
latter two cities reached CNY3bn in 1H16, or 24% of total
contracted sales, compared with CNY1bn, or 7% of total contracted
sales, in 2015. Yuzhou has also acquired sites in Hangzhou
through the purchase of a company for CNY4.1bn in July 2016.

Leverage Increase to be Reasonable: Fitch expects Yuzhou's
leverage, measured by net debt-to-adjusted inventory, to increase
to 35%-40% by the end of 2016 (2015: 30%). The increase will be
driven by the high land premiums as the company expands. The
attributable land cost-to-contract sales ratio was over 65% in
1H16, which was higher than its peers' average of 40%-50%.
However, a rise in leverage to about 40% by end-2016 would still
be reasonable because of the good quality of its recent land
purchases and Yuzhou's enlarged scale. Yuzhou's contracted sales
jumped 124% yoy to CNY12.9bn 1H16.

Margin Under Pressure; Still Robust: Yuzhou's consistently high
EBITDA margin of over 30% is likely to come under pressure due to
the significant rise in land costs. However, Fitch expects the
company to maintain a robust margin because most of the land
purchased is in major cities in the Yangtze River Delta and have
high sales potential; the company has a record of achieving
higher-than-average selling prices, and it has low selling,
general and administrative expenses. Yuzhou's margin has been
high mainly because of its low unit land costs, of about 22% of
average selling price in 2014. However, this ratio quickly
increased to 30% in 2015 as land costs climbed, and it is likely
to rise further because the unit cost of land Yuzhou acquired in
1H16 is about triple the average cost of total land bank at end-
2015.

Healthy Liquidity: Yuzhou has total cash of CNY11.9bn at end-
2015, which is more than enough to cover its short-term debt of
CNY4.0bn, and support its planned expansion. The company has
diversified funding channels to ensure the sustainability of its
liquidity. Besides bank loans, it has established channels for
both onshore and offshore bond issuance, as well as equity
placement.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
- Contracted sales to increase by more than 25% in 2016 as Yuzhou
continues its expansion into the Yangtze River Delta
- Higher average selling prices and unit land costs as Yuzhou
increases exposure in Tier 1 and Tier 2 cities like Shanghai,
Nanjing and Hangzhou
- Land acquisitions in line with sales growth in 2016, and
account for around 50% of total contract sales

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Net debt/adjusted inventory sustained above 45% (2015:30%)
-- Contracted sales / net inventory sustained below 0.6x (2015:
    0.6x)
-- EBITDA margin sustained below 20% (2015: 37%)
-- Significant drop in contracted sales from current scale
    (1H16: CNY12.9 billion)

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Sustaining a leading status in core markets of both the West
    Strait Economic Zone and the Yangtze River Delta
-- Net debt/adjusted inventory sustained below 40%
-- Contracted sales / net inventory sustained above 0.8x
-- EBITDA margin sustained above 25%

FULL LIST OF RATING ACTIONS

Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Senior unsecured rating affirmed at 'BB-'
US$300 million 8.75% senior notes due 2018 affirmed at 'BB-'
US$300 million 8.625% senior notes due 2019 affirmed at 'BB-'
US$250 million 9% senior notes due 2019 affirmed at 'BB-'



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


NOBLE GROUP: Shares Retreat to Lowest Since 2003 in Singapore
-------------------------------------------------------------
Bloomberg News reports that Noble Group Ltd dropped for a second
day in Singapore, slumping to the lowest price since 2003, ahead
of a one-week period that'll see the commodity trader's new
rights-issue stock begin trading and the company report quarterly
earnings.

According to Bloomberg's August 3 report, the shares lost as much
as 5.3 per cent to 12.6 Singapore cents, before rebounding to
trade little changed at 13.5 cents at 10:18 a.m. in the city-
state. On August 3, the stock fell 18 per cent, drawing a query
from the exchange. Hong Kong-based Noble Group said it was
unaware of the reason for the move.

After a turbulent 2015 that saw a plunge in its shares and the
first annual loss in almost two decades, Noble Group is facing
further challenges this year, Bloomberg relates.  According to
Bloomberg, the company has raised about US$500 million in a one-
for-one rights issue to shore up its finances, with the fund-
raising supported by Chairman Richard Elman and China Investment
Corp, and the new shares are expected to start on the main board
of the exchange on August 4. It's also seeking a buyer for Noble
Americas Energy Solutions, an asset it once labeled as core,
Bloomberg notes.

"Investors are jittery over Noble's continued cash-raising
activity, with some uncertainty over the potential sale of the
North American energy business given the recent slip in oil
prices," Bloomberg quotes Terence Lin, assistant director of
bonds and portfolio management at Singapore-based fund researcher
iFast Corp., as saying.  "The upcoming earnings season is likely
to shed some clarity on that, but investors are also wary of some
nasty surprises."

Noble Group's 2020 bonds dropped 0.1 cent to 80.2 cents on the US
dollar as of 9:20 a.m. on August 3, according to Bloomberg-
compiled prices. The notes have lost 5.9 cents over seven days,
including a 4.2-cent drop on August 2 that was the biggest since
January 20.

Bloomberg says the stock has tumbled 62% over the past 12 months
as Noble Group had its credit-rating cut to junk, appointed co-
chief executives to replace Yusuf Alireza and announced a series
of asset sales. The company is scheduled to report quarterly
earnings on August 11, the first under the new leadership of Jeff
Frase and William Randall, Bloomberg says.

According to Bloomberg, the rights shares were offered at 11
Singapore cents, and the company has said the theoretical ex-
rights price is 21 cents. About 20 per cent of the net proceeds
will be used to repay borrowings, with the balance set for
working-capital purposes, potentially including inventory
financing and extending trade credit to counter-parties,
according to company statements.

Trade in Noble Group shares jumped on August 2 as the stock sank
and the exchange highlighted what it said was an unusual move,
Bloomberg discloses. About 335.6 million shares changed hands
yesterday, compared with a daily average of about 90 million in
2016, according to data compiled by Bloomberg.

The planned sale of Noble Americas Energy Solutions has "already
generated significant interest" from potential buyers, Noble
Group has said. It's appointed Morgan Stanley and HSBC Bank Plc
to handle the disposal and aims to close a deal this half, adds
Bloomberg.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2016, S&P Global Ratings said that it had lowered its
long-term corporate credit rating on Noble Group Ltd. to 'B+'
from 'BB-'. The outlook is negative.  At the same time, S&P
lowered the long-term issue rating on Noble's outstanding senior
unsecured notes to 'B' from 'B+'.  In addition, S&P lowered its
long-term Greater China regional scale rating on the company to
'cnBB-' from 'cnBB' and on the notes to 'cnB+' from 'cnBB-'.
Noble is a Hong Kong-based commodity trader.

Fitch Ratings said in June that Noble Group Limited's (Noble;
BB+/Stable) rights offering and other measures to increase
liquidity will not affect the company's ratings as they are
constrained by its short-term focused funding structure and
difficult operating environment.


NOBLE GROUP: Head of Asia Energy, Oil Products Traders Step Down
----------------------------------------------------------------
Reuters reports that several traders from Noble Group, including
its head of Asia energy and metals, have left the company, trade
sources said on July 28, a month after its chief executive quit.

The latest staff departures point to a hollowing out of its oil
trading team, which expanded less than a year ago, adding to the
embattled commodity merchant's woes, Reuters relates.

According to Reuters, Noble ran into trouble as its share price
collapsed and debt ratings were downgraded after a research firm
questioned its accounts in February 2015.

Reuters relates that trade sources said the company's head of
Asia energy and metals, Ouyang Xiuzhang, and its middle
distillates team in Singapore led by Teng Siong Khoo, have left
the company.

Mr Ouyang hired the team to trade gasoil and jet fuel in
September last year when Noble was expanding its oil team to
focus on growing regional demand, says Reuters.

Noble's crude oil traders are still with the company, the sources
said, adds Reuters.

Most of the traders are expected to join private equity-backed
Freepoint Commodities in a few months' time, the sources, as
cited by Reuters, said.

Mr Ouyang was formerly from JPMorgan and Goldman Sachs while Mr
Khoo was previously from BP, the report notes.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
June 20, 2016, S&P Global Ratings said that it had lowered its
long-term corporate credit rating on Noble Group Ltd. to 'B+'
from 'BB-'. The outlook is negative.  At the same time, S&P
lowered the long-term issue rating on Noble's outstanding senior
unsecured notes to 'B' from 'B+'.  In addition, S&P lowered its
long-term Greater China regional scale rating on the company to
'cnBB-' from 'cnBB' and on the notes to 'cnB+' from 'cnBB-'.
Noble is a Hong Kong-based commodity trader.

Fitch Ratings said in June that Noble Group Limited's (Noble;
BB+/Stable) rights offering and other measures to increase
liquidity will not affect the company's ratings as they are
constrained by its short-term focused funding structure and
difficult operating environment.



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ACUTE CERAMIC: ICRA Assigns B+ Rating to INR6.78cr Term Loan
------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+ to the INR2.00 crore
cash credit facility and INR6.78 crore term loan facility and
[ICRA]A4 to INR1.30 crore Bank Guarantee of Acute Ceramic Private
Limited. ICRA has also assigned the ratings of [ICRA]B+ and
[ICRA]A4 to INR0.46 crore unallocated limits.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Facility     2.00        [ICRA]B+ assigned
   Term Loan Facility       6.78        [ICRA]B+ assigned
   Unallocated Limits       0.46        [ICRA]B+/A4 assigned
   Bank Guarantee           1.30        [ICRA]A4 assigned

The assigned ratings are constrained by the company's relatively
small scale as well as limited track record of operations,
coupled with a weak financial profile, which is characterised by
thin profitability margin, weak return indicators, leveraged
capital structure, along with moderate debt protection metrics.
The ratings are also constrained by the single product portfolio
of the company comprising only digital wall tiles, which restrict
its sales prospects with large institutional buyers as they
prefer to deal with producers with an entire ceramic tile product
range. The ratings also take note of the vulnerability of the
company's profitability to the cyclicality inherent in the real
estate industry, which is the main consuming sector; and to the
adverse fluctuations in prices of raw materials and natural gas -
the major input costs. The ratings further take into account the
highly competitive domestic ceramic industry with the presence of
large established organised tile manufacturers as well as
unorganised players in Morbi (Gujarat), resulting in limited
pricing flexibility.

The ratings, however, positively factor in the locational
advantage, enjoyed by the company by virtue of its location in
Morbi, a ceramic hub, leading to easy availability of raw
material and it also factors in the vast experience of the
promoter in the ceramics industry.

Incorporated in 2013, Acute Ceramic Private Limited (ACPL) makes
digitally printed ceramic wall tiles of three different sizes
i.e. 12"X18", 10"x15"and 12"X24" through its facility in Morbi,
Gujarat, with an installed capacity to manufacture ~7,500 boxes
of ceramic wall tiles per day. It commenced production of ceramic
wall tiles from August 2014. The products are sold under the
brand names of "Acute" and "Tiletop".

The company is promoted by Mr. Mahadev Bhoraniya, along with his
relatives, who have been associated with the ceramic tile
industry for nearly two decades.


ADITYA ENGINEERS: CRISIL Assigns B+ Rating to INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned the ratings of 'CRISIL B+/Stable/CRISIL A4'
to bank facilities of Aditya Engineers (AE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of Credit        10        CRISIL A4
   Bank Guarantee          35        CRISIL A4
   Cash Credit             45        CRISIL B+/Stable

The rating reflects the modest scale of operations in highly
competitive industry, coupled with high customer concentration.
The firm's operations are working capital intensive in nature.
These rating weaknesses are partially offset by extensive
experience of the proprietor and moderate financial risk profile,
marked by moderate networth and low gearing.
Outlook: Stable

CRISIL believes the firm will continue to benefit from extensive
industry experience of the proprietor. The outlook may be revised
to 'Positive' if the scale of operations increases significantly,
while profitability remains stable, and if working capital
management also improves in a substantial and sustained manner.
The outlook may be revised 'Negative,' if a stretched working
capital cycle, low accrual or capital withdrawal, weakens the
financial risk profile.

The firm was established by proprietor, Mr Shriram Krishnaji
Surve at Karad (Maharashtra) in 1998. It executes turnkey
contracts for erection of transmission lines.

For fiscal 2016, on provisional basis, firm has reported net
profit of INR9 million on operating income of INR164 million
against net profit of INR2 million on operating income of INR76
million for fiscal 2015.


AGASTHIACODU RUBBER: CRISIL Suspends B+ Rating on INR80MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Agasthiacodu Rubber Traders (ART).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by ART
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ART is yet to
provide adequate information to enable CRISIL to assess ART'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'
Set up in 2000, ART is engaged in the trading of rubber sheets
and scrap rubber. The firm is based out of Kollam (Kerala) and
the day to day operations of the firm are managed by Mr. Biju Lal
and Mr Baiju Lal.


AJAY PLASTIC: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ajay Plastic
Industries (Ajay) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Ajay's small scale of operations, moderate
credit metrics and volatile profitability. The company posted
revenue of INR266 million in FY16 (FY15: INR151 million) while
profitability fluctuated between 9.2%-14.9% over FY13-FY16 due to
volatile raw material prices. Net leverage (total Ind-Ra adjusted
net debt/operating EBITDA) was 2.8x in FY16 (FY15: 7.3x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
was 3.1x (1.9x). The ratings also factor in the risks associated
with the oil commodity based manufacturing business.

The ratings are supported by the promoters' four decade long
experience in footwear manufacturing. The ratings also factor in
the strong domestic brand name of Action Shoes and the unlimited
liability due to the sole proprietorship nature of the business.

RATING SENSITIVITIES

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

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the rating.

COMPANY PROFILE

Ajay is a proprietorship firm which was registered in 1974. It is
owned by Mr Naresh Aggarwal. The firm manufactures poly vinyl
chloride footwear, which is sold under Micro, and Action School
Times brands. Ajay has two manufacturing facilities, one in Delhi
and another in Bahadurgarh, with a combined installed capacity
for manufacturing 4000 pairs of shoes per day.

Ajay's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR45 million fund-based facilities: assigned
    'IND BB-'/Stable
-- INR31 million non-fund-based facilities: assigned 'IND A4+'


AKCT CHIDAMBRAM: CRISIL Suspends B+ Rating on INR135MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of AKCT
Chidambram Cotton Mill Private Limited (ACCMPL; part of the AKCT
group).
                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            135        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      37.5      CRISIL B+/Stable
   Term Loan               15.0      CRISIL B+/Stable

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

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

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


ALCOR COLONISERS: CRISIL Suspends B- Rating on INR120MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Alcor
Colonisers Private Limited (Alcor).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               120       CRISIL B-/Stable

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

Alcor, a part of the BLG group, was established in 2012 to carry
out real estate development activities. Its registered office is
located in Ajmer (Rajasthan). The company is promoted by Mr. Ram
Kishore Bang, Mr. Krishan Murari Gupta, and Mr. Ketan Gupta, who
have two decades of experience in the real estate industry.


ASHARFI GRAMODYOG: CRISIL Assigns B+ Rating to INR6MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Asharfi Gramodyog Sansthan (AGS) and has assigned
its 'CRISIL B+/Stable' rating to the long-term bank facilities.
The rating had been suspended by CRISIL on March 21, 2016, as AGS
had not provided the necessary information for a rating view. The
society has now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Cash            6        CRISIL B+/Stable (Assigned;
   Credit Limit                      Suspension Revoked)

The rating reflects the society's below-average financial risk
profile because of small networth, and modest scale of, and not-
for-profit nature of, operations. These weaknesses are partially
offset by developed relationship with government authorities for
free-meal assignments.
Outlook: Stable

CRISIL believes AGS's business risk profile will remain
constrained over the medium term due to its small scale of
operations. The outlook may be revised to 'Positive' if
significant improvement in scale of operations, diversification
of revenue profile, or timely collection of receivables leads to
better financial risk profile. The outlook may be revised to
'Negative' if decline in sales or profitability or sizeable
working capital requirement further weakens financial risk
profile.

AGS is a not-for-profit society and managed by its president, Mr.
Hari Kishan, and secretary, Mr. Asarfi Lal. The society, based in
Charra, Aligarh district, Uttar Pradesh, provides free meals
under the mid-day meal scheme and other government-mandated
schemes.


ASHOKA FOAM: ICRA Reaffirms B+ Rating on INR15cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR15.00 crore
fund based limits of Ashoka Foam Private Limited (AFPL) at
[ICRA]B+.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       15.00        [ICRA]B+; reaffirmed

The rating reaffirmation favorably takes into account the
company's wide distribution network and long experience of the
promoters in related industries (furniture and plastic
materials). However, the rating remains constrained by stretched
liquidity position of the company as reflected in the high
working capital limits utilization, primarily on account of high
inventory days as on March 31, 2016. The rating is also
constrained by the company being a new player in the Wood Plastic
Composite (WPC) foam board product segment; vulnerability of
AFPL's profitability to raw material price volatility and the
highly competitive and fragmented nature of the industry. The
rating is further constrained by slow ramp up of capacity
utilization in first five months of operations, which has
resulted in revenues being significantly lower than expectations.

Going forward the company's ability to ramp up operations in its
initial phase of operations and generate healthy profitability
shall be the key rating sensitivities.

AFPL is a closely held private limited company, which was
incorporated in 2003 and promoted by the members of the Goel
Family. AFPL is engaged in manufacturing of WPC foam board, WPC
foam doors, PVC foam board, PVC foam window and PVC Foam doors.
AFPL commenced operations in November 2015 at its manufacturing
facility in Bareilly, Uttar Pradesh.

Recent Results
In FY2016, the company, on a provisional basis, reported a net
profit of INR0.01 crore on an operating income of INR2.67 crore.


AVID APPAREL: ICRA Lowers Rating on INR14cr Loan to D
-----------------------------------------------------
ICRA has revised its rating on the INR14.10 crore bank facilities
of Avid Apparel Industries (AAI) to [ICRA] D from [ICRA] A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       14.00       [ICRA] D; Revised
   Non Fund Based Limits    0.10       [ICRA] D; Revised

The rating revision is driven by continuous overutilisation for
more than thirty days in the firm's fund based working capital
limits. The overutilisations stem from the inability of the firm
to enhance its working capital limits. Going forward the ability
of the firm to demonstrate a track record of timely debt
servicing will be the key rating sensitivity.

Incorporated in 1988, AAI is a partnership firm engaged in
exports of woven and knitted wear. AAI is a Government recognised
export house since 1998. The firm has been promoted by Mr. K K
Thomas and his wife Ms. Sheeba Thomas, who are closely involved
in the business operations. Almost all the revenues of AAI come
from exports primarily to Europe and USA. Top customers include
Abasic SL (Spain) among others.

Recent Results
The firm reported an operating income (OI) of INR28.6 crore and a
profit after tax (PAT) of INR0.4 crore in FY 2016, as per
provisional results, as compared to an OI of INR39.4 crore and a
PAT of INR0.1 crore in the previous year.


B.D. OVERSEAS: ICRA Suspends B+/A4 Rating on INR12cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA] B+/A4 ratings assigned to the INR12.00
crore, bank lines of B.D. Overseas.  The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


B. L. AGRO: Ind-Ra Suspends 'IND BBB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B. L. Agro Oils
Limited's (BL Agro) 'IND BBB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BBB(suspended)' on the agency's website. A full
list of rating actions is at the end of this commentary.

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

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

BL Agro's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BBB(suspended)'
    from 'IND BBB'/Stable
-- INR2,750 million fund-based working capital limits: migrated
    to 'IND BBB(suspended)' from 'IND BBB' and
    'IND A3(suspended)'     from 'IND A3'
-- INR770 million term loans: migrated to 'IND BBB(suspended)'
   from 'IND BBB'


BANSAL LUMBERS: ICRA Suspends B/A4 Rating on INR16cr Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B and [ICRA]A4 ratings assigned to the
INR16 Crores fund based and non fund based facilities of BansaL
Lumbers Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


BSL SCAFFOLDING: CRISIL Assigns 'B' Rating to INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of BSL Scaffolding Limited (BSL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable
   Inland/Import
   Letter of Credit         80       CRISIL A4

The ratings reflect a modest scale of operations, high working
capital requirement, and below-average financial risk profile.
These rating weaknesses are mitigated by expected improvement in
profitability driven by change in product mix, extensive
experience of promoters in the steel scaffolding manufacturing
industry, and established relationship with customers
Outlook: Stable

CRISIL believes BSL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
increase in sales and profitability leading to higher cash
accrual, along with improvement in working capital management, or
if there is considerable fund infusion. The outlook may be
revised to 'Negative' if the financial risk profile weakens due
to a stretched working capital cycle or delay in payments by
debtors.

BSL, incorporated in 1984, manufactures steel scaffolding and
aluminium formworks. Until 2015 it was manufacturing only steel
scaffoldings. The company is currently headed by Mr. Hansraj Shiv
and Mr. Neerav Hans. It has two plants each in Haridwar and
Roorkee, both in Uttarakhand.

Net profit and net sales (on a provisional basis) were of INR5
million and INR366.8 million, respectively, in fiscal 2016,
against net loss of INR14.9 million on net sales of INR357.1
million in the previous year.


DAKSHINESWAR RICE: CRISIL Reaffirms B+ Rating on INR47.8MM Loan
---------------------------------------------------------------
CRISIL rating on the bank facilities of Dakshineswar Rice Mill
(DRM) continues to reflect DRM's small scale of operations in the
fragmented rice milling industry, and susceptibility to
fluctuations in raw material prices, vagaries of the monsoon, and
to regulatory changes.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            29.2      CRISIL B+/Stable (Reaffirmed)
   Term Loan              47.8      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the promoters and moderate financial risk
profile, marked by low gearing and adequate debt protection
metrics.
Outlook: Stable

CRISIL believes DRM will benefit over the medium term from the
healthy prospects for the rice processing industry. The outlook
may be revised to 'Positive' in case of a substantial increase in
the firm's scale of operations, better working capital
management, or infusion of equity by the promoters, leading to
significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or any debt-funded
capital expenditure weakens financial risk profile, particularly
liquidity.

Established in 2012 as a partnership firm, DRM is engaged in
milling of non-basmati parboiled rice. Its manufacturing facility
is at Burdwan (West Bengal). The firm's day-to-day operations are
looked after by one of its partners, Mr. Bishnu Kumar Ghosh.


DANDAPAT COLD: CRISIL Reaffirms 'B' Rating on INR124MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Dandapat Cold Storage
Private Limited (Dandapat) continue to reflect its small scale of
operations and weak financial risk profile, marked by low
networth and average debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit            23        CRISIL B/Stable (Reaffirmed)
   Pledge Loan           124        CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
regulatory changes and intense competition in the cold storage
industry in West Bengal (WB). These rating weaknesses are
partially offset by extensive industry experience and established
regional position of Dandapat's promoters.
Outlook: Stable

CRISIL believes Dandapat will continue to benefit over the medium
term from the promoters' extensive experience in the cold storage
business. The outlook may be revised to 'Positive' if the company
efficiently manages farmer credit financing, significantly scales
up operations, and improves profitability. Conversely, the
outlook may be revised to 'Negative' in case of pressure on
liquidity because of delays in repayment by farmers, low cash
accruals, or large debt-funded capital expenditure.

Incorporated in 1997, Dandapat provides cold storage facilities
to potato farmers and traders. The company has two units, one
each in Dandapat, Paschim Mednipur (WB) and Rupasi Bangla,
Hooghly (WB). Dandapat's daily operations are looked after by its
director, Mr. Ranjit Dandapat.


DEVARSH CONSTRUCTION: ICRA Rates INR2.50cr Overdraft Loan at B+
---------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B+  to the INR2.50 crore
overdraft facility and the proposed overdraft facility of INR0.50
crore and [ICRA]A4 to INR2.00 crore bank guarantee and the
proposed bank guarantee of INR1.50 crore of Devarsh Construction
Company. ICRA has also assigned the ratings of [ICRA]B+ and
[ICRA]A4 to INR0.50 crore of unallocated limits.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Overdraft               2.50         [ICRA]B+ assigned
   Overdraft (Proposed)    0.50         [ICRA]B+ assigned
   Bank Guarantee          2.00         [ICRA]A4 assigned
   Bank Guarantee
   (Proposed)              1.50         [ICRA]A4 assigned
   Unallocated Limits      0.50         [ICRA]B+/A4 assigned

The assigned ratings take into account DCC's economical and
political risk arising from its focus on government projects in
Gujarat only and the intense competition in the construction
space, resulting in pressure on its margins. The ratings are also
constrained by its moderate financial risk profile, characterised
by small scale, moderate debt coverage indicators and adverse
capital structure due to small net worth base. The ratings are
further constrained by the vulnerability of the firm's
profitability to its ability to execute the projects in a timely
manner, along with maintaining performance parameters. It is also
susceptible to fluctuations in input prices in projects with
absence/limitations of the pass through clause. ICRA also notes
that DCC is a partnership concern and any significant withdrawal
from the capital account would affect its net worth and thereby
have an adverse impact on the capital structure.

The ratings, however, positively consider the long track record
of the promoters in the civil construction industry, supported by
established technical qualifications and approvals with the State
Government entities. The firm continues to benefit through repeat
orders from reputed clientele comprising Government and semi-
Government bodies, and private enterprises.

Gandhinagar (Gujarat)-based Devarsh Construction Co. (DCC) is
involved in construction of parks, beautification of lakes,
building construction, construction of canal siphon, etc. for
Government and semi-Government bodies of Gujarat. DCC is a
registered "A" contractor and an approved contractor in the
'Special Category II Contractor' class with the Government of
Gujarat. It was acquired in 2009 as a partnership firm by Mr.
Kairav Koya and Mr. Ramaji Sindhav with vast experience of around
two decades in the civil construction business.


DEVDOOT COTTON: CRISIL Suspends B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Devdoot
Cotton Industries (DCI).

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

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

DCI, established in 1996 and based in Morbi (Gujarat), is
promoted by the Patel family. The firm is engaged in ginning and
pressing of raw cotton. It has its facility at Morbi, with a
capacity of more than 250 bales of cotton per day.


DHARANIDARA SPINNING: CRISIL Suspends B Rating on INR45MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Dharanidara Spinning Mills Private Limited (DSPL).

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
   Cash Credit                  40.0       CRISIL B/Stable
   Foreign Bill Negotiation     12.5       CRISIL A4
   Inland Bills Payable         20.0       CRISIL A4
   Letter Of Guarantee          16.9       CRISIL A4
   Letter of Credit             50.0       CRISIL A4
   Packing Credit                7.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility            3.1       CRISIL B/Stable
   Term Loan                    45.0       CRISIL B/Stable

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

DSPL, incorporated in 1994, derives its revenue through sale of
cotton yarn (around 90 per cent) and export of readymade garments
(around 10 per cent).


ELTEL POWER: ICRA Suspends 'B' Rating on INR7.001cr Loan
--------------------------------------------------------
ICRA has suspended the long term Rating of [ICRA]B assigned the
INR7.001 crore fund-based bank facilities and the INR49.00 crore
non fund-based bank facilities of Eltel Power Private Limited.
ICRA has also suspended its short-term rating of [ICRA] A4
assigned to the INR2.00 crore bank lines.

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in March 2011 by Mr. V.K. Agarwal in Satna, Madhya
Pradesh, EPPL is engaged in erection and installation of power
transmission infrastructure projects on turnkey basis. The
company caters to customers such as MPPKVCL and Madhya Pradesh
Road Development Corporation Limited (MPRDCL).


GLENMARK PHARMACEUTICALS: Fitch Rates US$200MM Sr. Notes 'BB'
-------------------------------------------------------------
Fitch Ratings has assigned India-based Glenmark Pharmaceuticals
Ltd's (Glenmark, BB/Positive) US$200 million 4.50% senior
unsecured notes due in 2021 a final rating of 'BB'. The final
rating is in line with the expected rating assigned on 18 July
2016, and follows the receipt of final documents conforming to
information already received.

Glenmark will use the proceeds to repay debt at its wholly owned
overseas subsidiaries. The notes represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

KEY RATING DRIVERS
Small but Diversified: Glenmark's revenue and operating EBITDAR
are small compared with those of global majors, but the risk of
its small size is counterbalanced by its good diversification in
products and geographies. Scale and diversification are important
for generic drug companies to maintain stable and durable
margins. The company also enjoys a strong competitive position in
its core therapy areas of dermatology and respiratory.

Above-Market Growth: The company's revenue in the US rose by CAGR
of 20% in FY12-FY16 (financial year ended 31 March) while revenue
in India increased by CAGR of 24% over the same period.
Glenmark's share of total prescriptions filled in the competitive
US market increased to 1.4% in FY16 from 0.9% in FY12, reflecting
higher growth than the market. In India, sales increased 1.5x
faster than the market average over FY12-16.

Robust Domestic Position: Glenmark is the 12th-largest player by
prescription share (17th largest by value) in the highly
fragmented Indian market, with a market share of 2.1% in FY16.
The Indian market is largely physician-driven and focused on
branded generics. Pharmaceutical companies tend to compete
through focused marketing efforts in certain therapies rather
than using a volume-based strategy. Glenmark has strong market
positions in its focus areas of dermatology (second largest),
respiratory (sixth largest) and cardiovascular (eighth largest).
The company has a nation-wide presence with a network of over
3,500 stockists and over 3,700 medical representatives. The
company also aims to expand in the over-the-counter (OTC)
segment.

Strong Product Pipeline: Glenmark has a good track record, as
reflected in the company's robust US growth, of launching new
products to augment growth and to provide a wide range of
products within each of its targeted therapy categories. The
company's R&D unit received 24 abbreviated new drug application
(ANDA) approvals (including tentative nods) from the US Food and
Drug Administration (FDA) in FY16. The company has nearly 60
ANDAs in various stages of the approval process with the US FDA,
23 of which are Paragraph IV applications (implying with a
challenge to existing patents) and several others where it has
"first to file" status. Notably, Glenmark expects revenue from
generic Ezetimibe to account for almost 10% of sales in FY17 as
it will enjoy a period of exclusivity associated with its "first
to file" status following its launch in December 2016. Fitch
expects new product launches, particularly in the US, to drive
sales growth and support margins in the medium term.

Strong Production Base: Glenmark has a strong record of
maintaining compliance - the company has successfully cleared all
inspections with major regulatory agencies (such as US FDA and
the UK's Medicines and Healthcare products Regulatory Agency)
over the years, leading to sustained business operations. This
has also enhanced Glenmark's reputation and strengthened its
brand equity.

Stable Financial Profile: Glenmark's financial profile is
supported by robust growth and moderate diversification in
revenue, an average EBITDAR margin of around 19% in the last five
fiscal years, moderate financial leverage (net adjusted
debt/EBITDAR) of around 2.7x (after excluding INR3bn of cash in
Venezuela) and a solid fixed-charge cover of 4.0x. Dividend
payout has been modest for the last five years, ranging from 9%
to 13% of net income. The company says the annual dividend payout
is unlikely to exceed 15% of net income in the medium term.

Capital Management Improves Maturity Profile: Glenmark's debt
maturity profile has lengthened following the issuance of US$200m
of convertible notes in June 2016 and US$200m of senior unsecured
notes in July 2016. The company will use most of the proceeds to
repay existing debt at its wholly owned overseas subsidiaries. As
a result, majority of the debt will be centralised at the parent
company, thus reducing structural subordination risk.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Glenmark
include:
-- FY17 consolidated revenue to increase by about 24%, driven by
    generic Ezetimibe sales and growth in key markets
-- Average EBITDAR margin of about 24% during FY17-FY19
-- Annual capex of INR7bn-8bn in FY17-FY19
-- Annual dividend payout in line with Glenmark's guidance of
    10%-15% of net income

RATING SENSITIVITIES
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Maintaining EBITDAR margin in excess of 21% while achieving
    the targeted revenue growth of about 24% in FY17
-- Sustained positive level of free cash flow

Negative: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable:
-- Failure to maintain EBITDAR margin in excess of 21% and/or
    achieving its revenue growth target of about 24% in FY17
-- Failure to generate sustained positive free cash flow

LIQUIDITY
Glenmark has robust liquidity with cash balance at 31 March 2016
of INR5.6 billion (excluding INR3.0 billion of cash held in
Venezuela) and projected cash flow from operations in FY17 of
INR9.1 billion, which are sufficient to fund capex and dividends
in FY17. Further, Glenmark proposes to repay debt maturing in
FY17 and FY18 and fund capex through the issuance of US$200
million  (INR13.5 billion) of convertible bonds due 2022 and
US$200 million(INR13.5 billion) of senior unsecured notes due
2021. These issuances have helped to improve the average tenor of
Glenmark's debt and enhance its liquidity.


GREENKO ENERGY: S&P Affirms 'B+' CCR; Outlook Positive
------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'B+' long-term
corporate credit rating on Greenko Energy Holdings, which owns
and operates India-based renewable power projects.  The outlook
is positive.  S&P also affirmed its 'B+' long-term issue ratings
on U.S.-dollar-denominated senior secured notes that Greenko
Dutch B.V. issued.  Greenko guarantees the notes.

At the same time, S&P assigned its 'B+' long-term issue rating to
U.S.-dollar-denominated senior secured loans that Greenko
Investment II Ltd. proposes to issue.  Greenko will guarantee
these notes too.  The issue rating is subject to our review of
the issuance documentation.

"We affirmed the rating with positive outlook because we believe
Greenko, under its majority shareholder GIC Pte Ltd., remains
committed to deleveraging," said S&P Global Ratings credit
analyst Abhishek Dangra.

GIC, along with Abu Dhabi Investment Authority (AIDA), has
infused US$230 million into Greenko, which will help reduce the
company's currently high leverage (ratio of debt to EBITDA) and
fund future growth.

S&P also expects Greenko's earnings to increase owing to
favorable weather patterns and significant new capacity
additions.  S&P expects the company's ratio of debt to EBITDA to
reduce to about 5x in the fiscal 2018 (year ending March 31,
2018), from more than 7x in fiscal 2017.  S&P expects Greenko's
board (led by GIC) to adjust the company's growth capital
expenditure (capex) or funding mix to prevent any sustained
increase in leverage above 5x in case of under-performance.

S&P believes GIC will continue to drive Greenko's financial
policies and risk management practices.  GIC has adopted a strict
hedging policy (100% hedging on foreign currency debt) and
Greenko has a strong independent board of directors.  GIC
considers Greenko as an important investment.  Greenko is GIC's
first and sole direct corporate investment in which it has a
majority stake and board control.  However, Greenko is a
relatively small investment for GIC and is one of many
investments in the sovereign wealth fund's large portfolio.

Greenko remains a small player in the large and fragmented Indian
power industry.  The weak credit quality of some of its
customers--the state electricity boards in India--could affect
timely recovery of payments and constrain the company's cash
flows.  In addition, Greenko is exposed to variability in wind
patterns because it generates almost 70% of its cash flows in the
wind business between April and September.

The stable and regulated nature of Greenko's business allows cost
pass through, fixed tariffs, and priority offtake on grids.  The
regulated business is likely to account for the majority of the
company's revenues, but wind projects are suspect to weather
patterns.  Greenko also benefits from its long-term offtake
agreements with its customers.  The government's thrust on
supporting green energy should also support growth and offtake on
grids, despite the relatively high--although reducing--cost of
renewable energy.  S&P expects Greenko to maintain and build on
its successful track record of capacity additions.

"The positive outlook reflects our expectation that Greenko will
continue to deleverage over the next 12-18 months, backed by its
improving operating performance and GIC's financial policies,"
said Mr. Dangra.  "We also expect new capacity additions to help
Greenko maintain EBITDA interest coverage of above 1.5x in 2017
and more than 2x thereafter."

S&P may revise the outlook to stable if it believes Greenko's
leverage is unlikely to reduce below 5x or EBITDA interest
coverage does not improve sustainably above 2x over the next 12-
18 months.  This can happen due to Greenko's: (1) high debt-
funded capex; (2) delays in project execution or investor
returns; or (3) weakening operational efficiency because of lower
plant load factor.

S&P may raise the rating if it believes Greenko will reduce
leverage, such that the debt-to-EBITDA ratio is sustainably below
5x or EBITDA interest coverage is substantially above 2x.  This
can happen if: (1) Greenko's operating performance is strong,
supported by disciplined execution of new capacity additions and
favorable weather patterns; and (2) the Greenko board (led by
GIC) appropriately adjusts the company's capital structure or
capex to ensure leverage remains within the above tolerance
levels.


GTN INDUSTRIES: ICRA Reaffirms 'B' Rating on INR67.8cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B outstanding
on the INR67.80 crore (revised from 77.90) term loan facilities
of GTN Industries Limited. ICRA has also reaffirmed the short
term rating of [ICRA]A4 outstanding on the INR87.36 crore
(enhanced from 84.40) fund based facilities and INR26.20 crore
non-fund based facilities.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long term: Term
   loan facilities         67.80       [ICRA]B; Reaffirmed

   Short term: Fund
   based facilities        87.36       [ICRA]A4; Reaffirmed

   Short term: Non-
   fund based facilities   26.20       [ICRA]A4; Reaffirmed

The reaffirmation of the ratings take into account the strong
parentage enjoyed by the company by being part of the Hyderabad
based GTN Group which has varied business interests ranging from
textiles to engineering, long standing experience of the
promoters in the field of textiles and company's established
relationships with reputed customers in the domestic as well as
export markets. The ratings also consider the company's
diversified product profile, strong presence in the value-added
yarn (compact yarn) segment and increasing focus on the finer and
super fine counts where the realisations are higher.

The ratings however remain constrained by the weak financial
profile characterised by steady net losses in the recent years
leading to deterioration in net worth levels, which coupled with
rising debt levels to support the spend on capacity additions and
meet working capital requirements, has translated to a leveraged
capital structure. The ratings also factor the weak realizations
on the back of lower yarn prices in the last two years and
limited ability of industry players to increase prices arising
from competition and fragmented nature of spinning industry.
With the hive off of yarn processing and knitting division in
FY2015, the operating margins have improved in the recent
quarters albeit affected by falling realisations. However stable
interest costs coupled with payouts towards voluntary retirement
scheme (VRS) offered to employees in Medak Unit affected the net
accruals during FY2016. Going forward, GTN has a large repayment
obligation of INR15.7 crore for FY2017; healthy improvement in
cash accruals will be a key factor towards meeting the
obligations in a timely manner.

GTN is the flagship company of the Hyderabad based GTN Industries
Group (the Group). The company is primarily engaged in
manufacturing and trading of cotton yarn. GTN, which was founded
by Late M L Patodia, is presently managed by Mr. M K Patodia. The
Company's shares are listed on the Indian bourses and the
promoters hold 74.3% stake in the entity.

GTN has an installed capacity of 85,344 spindles across its two
spinning units at Medak, Andhra Pradesh and Nagpur, Maharashtra.
The company procures Indian cotton varieties such as Bunny, MCU-
5, ECH and S-6, which constitute 65% of total purchases while the
import cotton varieties like Pima and Giza constitute the rest.
GTN sells its produce majorly in the domestic markets
contributing to over 60% of its top line and the export markets
of Brazil, Italy, Korea and Turkey constituting the rest. In
September 2014, GTN hived off its loss-making yarn processing and
knitting division to GTN Engineering Limited via slump sale for
sale consideration of INR30.50 crore.


IMPERIAL READYMADE: Ind-Ra Suspends 'IND D' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Imperial
Readymade Garments Factory India Private Limited's (Imperial)
'IND D' Long-Term Issuer Rating to the suspended category. This
rating will now appear as 'IND D(suspended)' on the agency's
website.

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

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

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

-- INR100 million fund-based working capital limits: migrated to
    long-term 'IND C(suspended)' from 'IND C' and short-term 'IND
    A4(suspended)' from 'IND A4'

-- INR35 million non-fund-based working capital limits: migrated
    to long-term 'IND C(suspended)' from 'IND C' and short-term \
    'IND A4(suspended)' from 'IND A4'

-- INR53.18 million long-term loans: migrated to long-term 'IND
    D(suspended)' from 'IND D'


INDIRA GANDHI: CRISIL Suspends 'D' Rating on INR330MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Indira
Gandhi Memorial Trust (IGMT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               330       CRISIL D

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

Established in 2000 by Mr. K.M. Pareeth, IGMT operates seven
education institutions in Kerala.


INDO SILICON: CRISIL Lowers Rating on INR65MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility
of Indo Silicon Electronics Private Limited (ISPL) to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.

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

The rating downgrade reflects weak liquidity, because of
continuous overutilisation of bank limit with instances of ad hoc
limits availed during the fiscal 2016. However, the
overutilisation was permitted by the bank and the account got
regularised within 30 days. The high utilisation was caused by
significant increase in topline to INR478.2 million during fiscal
2016 from INR210.5 million during fiscal 2015 leading to high
working capital requirement. Currently, the banker has confirmed
that account is regular over the past three months through June
2016 and temporary instances of overdrawn facilities of INR10.0
million has been availed. The company has applied for enhancement
in bank lines to INR80.0 million from INR65.0 million. Liquidity
will remain stretched over the medium term due to high scale of
operations and high working capital requirement. Further,
enhancement in bank lines will remain key rating sensitivity
factor over the medium term.

The rating reflects weak financial risk profile, and average risk
management policies. These weaknesses are mitigated by the
extensive experience of promoters in the tyre trading business.
Outlook: Stable

CRISIL believes ISPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if liquidity improves due to
improvement in working capital cycle or if significant increase
in scale of operations and profitability lead to high cash
accrual. The outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of decline
in revenue and profitability, or large debt-funded capex, or
increase in working capital requirement.

ISPL was incorporated in 1999, by Delhi-based Chadha family. ISPL
earlier imported car accessories, and changed its line of
business in 2005. It now trades in passenger car radials, light
truck tyres, and bike tyres. Mr Harminder Singh Chadha, one of
its directors, manages the operations.


JMC AUTOMOTIVE: CRISIL Suspends 'D' Rating on INR67.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of JMC
Automotive Components Pvt. Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            67.5       CRISIL D
   Term Loan              42.5       CRISIL D

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

JMCPL was incorporated in 2006 by Faridabad (Haryana)-based Mr. R
P Arora. JMCPL manufactures sheet metal components, stay rods
(for rear view mirrors), wiring harnesses, windscreen wiper
blades, automotive horns, aluminum die castings, plastic
moldings, and tubular components. Mr. Arora is actively engaged
in managing the company's day-to-day operations.


JONNA IRON: ICRA Suspends 'B+' Rating on INR12cr Loan
-----------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR12.00 crore
fund based facilities of Jonna Iron Mart. 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.


KAAR TECHNOLOGIES: Ind-Ra Suspends 'IND BBB-' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kaar
Technologies India Private Limited's (KT) 'IND BBB-' Long-Term
Issuer Rating to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND BBB-(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 KT.

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

KT's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BBB-(suspended)'
    from 'IND BBB-'/Stable
-- INR232.5 million fund-based working capital limits: migrated
    to Long-term 'IND BBB-(suspended)' from 'IND BBB-' and Short-
    term 'IND A3(suspended)' from 'IND A3'
-- INR55 million non-fund-based working capital limits: migrated
    to 'IND A3(suspended)' from 'IND A3'
-- INR4.7 million m term loans: migrated to 'IND BBB-
    (suspended)' from 'IND BBB-'


KARIMKUTTIYIL CONSTRUCTIONS: CRISIL Suspends 'B' Loan Ratings
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Karimkuttiyil Constructions & Developers (KCD).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             120        CRISIL B/Stable
   Proposed Cash
   Credit Limit              5.7      CRISIL B/Stable

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

Incorporated in 2009 and based out of Ranni (Kerala), KCD is
engaged in execution of civil contracts, primarily construction
of roads and bridges for various government entities in Kerala.
The firm is founded and managed by Mr. Abraham Thomas.


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

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

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

Kaytee Corp's ratings:

-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)' from
    'IND B+'/Stable
-- INR222 million fund-based working capital limit: migrated to
    'IND B+(suspended)' and 'IND A4(suspended)' from 'IND B+' and
    'INDA4'
-- INR10 million non-fund-based working capital limit: migrated
    to 'IND A4(suspended)' from 'INDA4'
-- INR25 million working capital term loan: migrated to 'IND
    B+(suspended)' from 'IND B+'


KELACHANDRA POLYMERS: CRISIL Suspends 'B' Rating on INR53MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kelachandra Polymers (KP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable
   Letter of Credit        10        CRISIL A4
   Term Loan               53        CRISIL B/Stable

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

Set up in 2013, KP manufactures blow-moulded water tanks. The
firm's operations are managed by Mr. Titten Thomas and Mr. Teddy
Thomas.


KONERU CONSTRUCTIONS: ICRA Rates INR4.0cr Cash Credit at B+
-----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR4.00
crore cash credit limits and a short-term rating of [ICRA]A4 to
the INR7.00 crore bank guarantee limits of Koneru Constructions
Private Limited (KCPL).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit              4.00        [ICRA]B+ assigned
   Bank Guarantee           7.00        [ICRA]A4 assigned

The assigned ratings are constrained by KCPL's small scale of
operation in a highly competitive industry limiting financial
flexibility and margin expansion. The ratings are further
constrained by high client concentration risk faced by the
company with only one customer accounting for 79% of the revenues
in FY2015 and 55% of the revenues in FY2016; the revenue
concentration is also expected to remain high going forward as
the same customer accounts for significant portion of outstanding
order book of KCPL. The ratings also factor in the stretched
liquidity profile of the company on account of high receivables
and inventory levels resulting in high utilisation of working
capital limits in the past twelve months. ICRA also notes the
absence of price escalation clause with its major customer which
exposes it to fluctuations in raw material prices.

The ratings however, positively factor in the long track record
of promoters in civil and mechanical construction works resulting
in well established client base.

Going forward, ability of the company to improve the scale of
operations by securing new orders and timely execution of
existing orders, improve margins, and effectively manage its
working capital requirements would be the key rating sensitivity.

Koneru Constructions Private Limited (KCPL), incorporated in
November 2006 by Mr. Koneru Viswa Prasad and Smt D.Bhagya Lakshmi
W/o.Sri K.V.Prasad as directors, is engaged in erecting and
construction of buildings, offices factories, refineries and
furnaces. Currently the company is engaged in executing of Civil,
Mechanical and Engineering works for Indian Railways and private
clients.

Recent Results
As per audited financials for FY2016, the company reported profit
after tax of INR0.86 crore on operating income of INR18.10 crore
as compared to profit after tax of INR0.88 crore on operating
income of INR20.43 crore for FY2015.


KRISHNAMMAL TRUST: CRISIL Suspends 'B' Rating on INR80MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Krishnammal Trust (KT).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          40        CRISIL B/Stable
   Overdraft Facility      30        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      80        CRISIL B/Stable

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

KT was set up as a trust in 2001 by Dr. Suganthi Manivannan and
Mr. Manivannan. It runs a 100-bed multi-speciality hospital in
Theni (Tamilnadu) and also a nursing college offering diploma
courses.


KSC EDUCATIONAL: ICRA Reaffirms B+ Rating on INR152.32cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+  on the
INR152.32 crore bank lines of KSC Educational Society.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based Limits      152.32        [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account net losses reported
by the society, resulting in negative corpus and weak coverage
indicators. Significant debt funded capital expenditure
undertaken by the society towards infrastructure development has
translated into a weak financial profile characterized by modest
coverage indicators. While the society generated satisfactory
operating margins of 25.40% in FY2016, it has been incurring net
losses due to high depreciation and interest charges.

However, the ratings derive comfort from the good location of the
school which along with favorable demand prospects for
educational institutes enhances KES' ability to attract students.
Further, the ratings take into account the increasing number of
students which has resulted in operating profits, and support
from the promoters for meeting the funding gap. The rating also
derives comfort from the good quality of infrastructure (well
equipped campus, dormitories and other amenities) provided by the
school, its experienced management as well as the satisfactory
student faculty ratio of 8:1 being maintained by the school,
which shall help it in attracting students in the long run.

While the funding requirements in the past have been met through
unsecured loans infused by the promoters, continued timely
support from the promoters shall be a key rating monitorable.

K.S.C Educational Society was promoted by the Chadha Group with
the objective of providing technical and non-technical education.
The Society has set up an international school (from Nursery to
Class XII) by the name of 'Genesis Global School' in Sector 132
of Noida, Uttar Pradesh. The school commenced operations from
April 2010.

Recent Results
KES on a provisional basis reported a net loss of INR18.83 crore
on an operating income of INR40.70 crore in FY2016, as compared
to a net loss of INR25.41 crore on an operating income of
INR33.60 crore in the previous year.


LAXMI SAI: ICRA Assigns 'B' Rating to INR3.41cr Term Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR3.41
crore1 term loan and INR2.00 crore cash credit facility of Laxmi
Sai Breeding Farms Private Limited. ICRA has also assigned the
long-term rating of [ICRA]B and short-term rating of [ICRA]A4 to
the INR4.59 crore unallocated limits of LSBFPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   Based-Term Loan          3.41        [ICRA]B assigned

   Long Term Fund-
   based - CC               2.00        [ICRA]B assigned

   Long Term/Short
   Term Unallocated
   Limits                   4.59        [ICRA]B/[ICRA]A4 assigned

The assigned ratings are constrained by LSBFPL's modest scale of
operation in the poultry industry with revenues of INR9.72 crore
in FY2016; moderate financial risk profile of the company
characterised by gearing of 1.19 times, interest coverage ratio
of 2.36 times, and NCA/Total Debt of 17% for FY2016 and high
working capital intensity of 25% owing to high inventory levels.
The ratings also factor in the cyclicality associated with the
poultry industry, hatching egg price volatility and vulnerability
of profits to fluctuation in prices of feed (primarily maize,
broken rice and soya), which accounts for more than 75% of
production cost. The ratings, however, positively factor in the
long experience of the promoters in poultry industry; favorable
long-term demand outlook for the broiler segment of the poultry
industry and steady growth in operating income from INR1.30 crore
in FY2013 to INR9.72 crore in FY2016 on the back of increased
laying capacity.

Going forward, ability of the company to scale up operations and
managing its working capital requirements effectively will be the
key credit-rating sensitivity from credit perspective.

LSBFPL was incorporated in 2010 and is engaged in the business of
selling hatching eggs and day old chicks produced by breeding of
parent chicks procured from Venkateshwara Hatcheries Pvt. Ltd.
([ICRA] BBB(stable) /[ICRA] A3+ ) which is a market leader in the
Indian broiler industry. LSBFPL operates through facilities
located in Kowdipally Medak district, Telangana and has a
capacity of 54,000 birds.
Recent Results
According to provisional FY2016 results, the company has reported
an operating income of INR9.72 crore with a net profit of INR0.52
crore compared to an operating income of INR9.08 crore with a net
profit of INR0.46 crore in FY2015.


MADHUCON SUGAR: ICRA Ups Rating on INR98.89cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+  from [ICRA]B
for INR157.29 crore fund based facilities (earlier INR149.36
crore) and INR0.79 crore unallocated limits (earlier INR8.72
crore) of Madhucon Sugar and Power Industries Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               58.40        [ICRA]B+; upgraded from
                                        [ICRA]B

   Cash Credit             98.89        [ICRA]B+; upgraded from
                                        [ICRA]B

   Unallocated Limits       0.79        [ICRA]B+; upgraded from
                                        [ICRA]B

The rating upgrade factors in the improved outlook for the
company's core sugar business driven mainly by a significant
growth in the domestic sugar realisations, and also the
contribution to profitability from the newly commenced distillery
operations going forward. These factors are likely to result in
improved profitability and debt coverage metrics going forward,
however the debt metrics are likely to be moderate. The rating
continues to draw comfort from the integrated nature of
operations of the sugar unit with presence in cogeneration and
distillery units which are expected to provide cushion during
sugar downturn. The rating continues to take into account the
limited demand risk in the near term for the cogeneration unit
given the presence of the power sale arrangement with the state
utility.

However, the rating is constrained by the stretched liquidity
position of the company as reflected by the high working capital
utilization during the last one year. This has been due to
increase in the working capital requirements due to high
inventory of sugar. The rating continues to be constrained by the
weak financial profile of the company as reflected by low
profitability, high gearing and modest debt coverage metrics in
FY2016. The rating continues to be constrained by the
vulnerability of sugar operations to agro-climatic risks,
cyclicality inherent in the business as well as government
policies relating to cane pricing and exports.

Going forward, the ability of the company to improve crushing
levels and maintain prudent working capital management practices
are the key rating sensitivities.

Madhucon Sugar and Power Industries Limited (MSPIL) was
incorporated in November 2002 as Madhucon Sugars Limited, with an
objective to acquire 'The Palair Co-Operative sugars Limited',
sugar plant in Khammam district (Palair, was established under
co-operative sector in the year 1982). MSPIL has gradually
enhanced the sugar capacity from 1,250 TCD to 2,000 TCD by FY2007
and to 3,000 TCD by FY2008 and 3,500TCD by FY2009. The mill which
was a standalone sugar unit forayed into production of power with
a capacity of 24.2 MW from bagasse and coal in October 2008. The
distillery unit with a capacity of 65 KPLD commenced operations
in December 2015.

Madhucon Sugar and Power Industries Limited (MSPIL) is part of
the Madhucon Group of Companies which has interests in
construction, granites, coal, sugar and power. It is promoted by
MPL (27.59%) and MGL (63.07%) which together holds 91% in its
equity share capital.

Recent Results
According to the unaudited provisional financials, MSPIL reported
operating income of INR193.99 crore and net profit of INR4.47
crore in FY2016 as against operating income of INR171.89 crore
and net profit of INR1.89 crore in FY2015.


MAGNUM PIGMENTS: CRISIL Assigns 'B+' Rating to INR30MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Magnum Pigments and Polymers Private
Limited (MPPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              30.2       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     14.8       CRISIL B+/Stable
   Packing Credit         20.0       CRISIL B+/Stable
   Cash Credit            30.0       CRISIL B+/Stable
   Letter of Credit        5.0       CRISIL A4

The ratings reflect the company's modest scale of operations and
large working capital requirement in highly fragmented pigments
industry, and susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rates.
These weaknesses are partially offset by the extensive industry
experience of its promoters, and their established relationships
with suppliers and customers.
Outlook: Stable

CRISIL believes MPPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a significant
improvement in its revenue, while profitability remains stable,
leading to increase in its accrual and networth. The outlook may
be revised to 'Negative' if further stretch in working capital
cycle, or large debt-funded capital expenditure weakens the
financial risk profile, particularly liquidity.

MPPPL was set up as a proprietorship firm named Magnum Chemicals
in 1991, and was reconstituted as a private limited company with
the current name in 2003. It manufactures and exports polymer
emulsions and pigment dispersions, used in the construction,
textile, and paints industries. MPPPL is promoted by Mr. B
Sampatkumar Rai and has its registered office at Mumbai.


MAJESTIC EXPORTS: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Majestic
Exports' (ME) 'IND BB' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. This rating will now appear as
'IND BB-(suspended)' on the agency's website.

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

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

ME's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'

-- INR140 million fund-based working capital limits: migrated to
    long-term 'IND BB-(suspended)' from 'IND BB-' and short-term
    'IND A4+(suspended)' from 'IND A4+'

-- INR3.5 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'

-- INR29.3 million term loans: migrated to long-term 'IND BB-
    (suspended)' from 'IND BB-'


MAK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR15.0cr LT Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR3.00
crore enhanced fund based facilities of MAK Constructions. ICRA
had previously reaffirmed the long-term rating of [ICRA]B+  to
the INR15.00 crore fund based facilities of MAK.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, fund
   based facilities         3.00        [ICRA]B+ assigned

   July 2016 Long-term,
   fund based facilities   15.00        [ICRA]B+ outstanding

The ratings assigned takes into account the healthy revenue
growth registered by the firm over the last two fiscals; MAK's
established track record in the construction of roads and bridges
for various government agencies; and the long standing experience
of the promoters in the industry. ICRA also notes that while
orders from government sector/government-funded projects ensure
low counter party risk, it also exposes the firm to potential
delays in receivables.

The rating is constrained by the small scale of the firm's
operations, which limits its ability to participate in large-
sized orders. The rating is further constrained by MAK's weak
order book position and the high working capital intensity of its
operations, in line with industry trends. The rating also takes
note of the risks of capital continuity associated with being a
partnership firm.

MAK Constructions (MAK) is a partnership concern established in
2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and
Mrs. R. Mekhala as partners. This firm undertakes small scale
infrastructure projects and is primarily focused on the laying
and maintenance of roads (national highways, state highways and
private roads) and bridges. MAK undertakes projects within a 100
km radius of Madurai, Tamil Nadu. The managing partner, Mr. S.R.
Chandra Mohan, has been involved in the construction segment as a
proprietor since 1989; while his partner, Mr. R.T. Venkatesh
Kumar, began his career as a construction contractor in 1995.


MANOKAMANA AGRO: CRISIL Suspends B+ Rating on INR27.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manokamana Agro Tech (P) Ltd. (MAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          22        CRISIL A4
   Cash Credit             27.5      CRISIL B+/Stable
   Proposed Bank
   Guarantee               18.0      CRISIL A4
   Proposed Cash Credit
   Limit                   22.5      CRISIL B+/Stable

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

Incorporated in 2006, MAPL mills rice at its 8 tonnes-per-hour
facility in Bilaspur (Chhattisgarh). The day-to-day operations
are managed by the Mr. Bhola Ram Mittal and his two sons, Mr.
Piyush Mittal and Mr. Rupesh Mittal. The company mills the non-
basmati par-boiled rice variety.


MATRIX BOILERS: CRISIL Reaffirms 'B' Rating on INR40MM LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Matrix Boilers Pvt Ltd
(MBPL) continue to reflect the modest scale of operations, large
working capital requirement, and below-average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoters in the boiler fabrication business.

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

   Cash Credit             40        CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Discounting              5        CRISIL A4 (Reaffirmed)

   Letter of Credit         5        CRISIL A4 (Reaffirmed)

   Packing Credit          10        CRISIL A4 (Reaffirmed)

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

Outlook: Stable

CRISIL believes MBPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if growth in revenue and profitability and
efficient working capital management improves the financial risk
profile. The outlook may be revised to 'Negative' if decline in
revenue and margins or stretch in working capital cycle or debt-
funded capital expenditure weakens the financial risk profile.

Update:
Operating revenues declined to INR49 million in fiscal 2015 from
INR75.5 million in fiscal 2014, due to low demand and high
competition in the industry. Revenues, estimated to be INR57.5
million in fiscal 2016, are expected to improve to INR100-120
million backed by moderate outstanding order book position.
Operating profitability remained moderate at around 14% during
fiscal 2016.

Operations remain working capital intensive driven by high work
in process inventory and large receivables.

Liquidity remains stretched on account of tightly matched cash
accrual against debt repayment obligation, and high bank limit
utilisation.

MBPL, set up in 2006, fabricates boiler and boiler components at
its facility in Pudukottai (Tamil Nadu). It is promoted by Mr N
Pandian, Mr A Sekar, Mr R Neelamegam, and Mr K Murugesan.

MBPL reported profit after tax of INR1.0 million on revenue of
INR48.9 million in fiscal 2015, as against INR0.2 million and
INR75.7 million for fiscal 2014.


NALANDA BUILDERS: CRISIL Lowers Rating on INR230MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nalanda Builders and Developers India Limited (NBDIL) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Overdraft Facility       20       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      230       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

   Term Loan               200       CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects instances of overdrawn overdraft and cash
credit facilities for over 30 days. The rating also factors in
delays in servicing interest on its term loan and working capital
facilities; the delays have been caused by stretched liquidity.
Liquidity is stretched on account of slowdown in the real estate
industry resulting in cash flow mismatch.

NBDIL is vulnerable to risks and cyclicality inherent in the
Indian real estate industry and geographical concentration in its
revenue profile. Furthermore, the company has a weak financial
risk profile marked by below-average debt protection metrics. The
Company however benefits from the long track record of its
promoters in the construction industry.

Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr Santosh Katara, Dr Sharad
Bhaduria, and Mr Radhey Shyam Sharma, and their families. The
promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted
as a private limited company in 2005.


NAVYA INFRACON: ICRA Suspends B+ Rating on INR7.0cr Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR7.00 crore
fund based facilities of Navya Infracon Projects Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

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


OSWAL OVERSEAS: CRISIL Reaffirms 'D' Rating on INR76.2MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Oswal Overseas Limited
(OOL) continue to reflect instances of delay by the company in
meeting its debt obligations because of its weak liquidity. OOL's
weak liquidity is driven by heavy losses on account of high
overhead cost. The company is meeting part of its debt
obligations through unsecured loans from its promoters.

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

   Cash Credit             50        CRISIL D (Reaffirmed)

   Proposed Cash
   Credit Limit            31.8      CRISIL D (Reaffirmed)

   Term Loan               76.2      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               50.0      CRISIL D (Reaffirmed)

OOL has large working capital requirement and a weak financial
risk profile marked by negative net worth. Also, the company is
exposed to risks related to fluctuations in cane supply and
yield, which depend on climatic conditions. However, it benefits
from its longstanding presence in the sugar industry.

Update
OOL's sales increased to an estimated INR564.3 million in fiscal
2016 from INR102.6 million in fiscal 2015, driven by increased
realisation on account for higher domestic sugar prices of
INR3400-3500 per quintal against 2200 per quintal a year earlier.

The company's financial risk profile has deteriorated because of
net loss of INR104 million in 2015 and INR65 million in fiscal
2016, leading to erosion of networth. The financial risk profile
will remain under stress, and will remain susceptible to the
company's operating performance.

OOL's large working capital requirement is driven by substantial
inventory, which is expected to remain at 100-120 days over the
medium term. Consequently, the company's bank line utilisation
was high, averaging 93% in the 16 months through May 2016. CRISIL
believes the working capital requirement will remain large over
the medium term.

OOL, incorporated in 1984, was promoted by the late Mr Manjeet
Singh and his brother Mr Paramjeet Singh. It manufactures sugar
(more than 90% of revenue) and steel ingots. Its manufacturing
unit in Bareilly has crushing capacity of 3500 tonne per day. Mr
Paramjeet Singh manages the company's operations.


PASSION VITRIFIED: CRISIL Ups Rating on INR160MM Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Passion Vitrified Private Limited (PVPL) to 'CRISIL BB-
/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          27        CRISIL A4+ (Upgraded from
                                     'CRISIL A4')

   Cash Credit             60        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       3        CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              160        CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The upgrade reflects ramp up in PVPL's operations post
commencement of its commercial production during the year. The
company booked INR228.2 million for 2015-16 in its first eight
months of operation, because of healthy demand of vitrified
tiles. The revenue will be supported by the company's strong
relationship with its customers and suppliers. Its operating
profitability is expected to remain at 15-17% on account of its
ability to pass on major fluctuations in prices of key inputs.
The company's receivables remained moderate, at 74 days as on
March 31, 2016 against the creditors of 338 days.

The rating reflects PVPL's quick ramp up of its operations backed
by promoter's extensive industry experience and established
customers and suppliers relation, moderate financial risk profile
marked by comfortable debt protection metrics. These rating
strengths are partially offset by the company's modest scale of
operations in the highly competitive ceramics industry and its
working-capital-intensive operations.
Outlook: Stable

CRISIL believes that PVPL will continue to benefit over the
medium term from the promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is asubstantial
and sustainable growth in its top line or operating margin
leading to large cash accruals and improvement in its financial
risk profile, especially liquidity. Conversely, the outlook may
be revised to 'Negative' if PVPL posts low cash accruals,
resulting in pressure on its liquidity.

Incorporated in 2014, PVPL is a Morbi (Gujarat)-based company
that manufactures vitrified tiles. The current directors are Mr.
Kamleshbhai Adroja, Mr. Yogeshbhai Adroja, Mr. Rajeshbhai
Kalariya, and Mr. Naresh Rajpara. The company started its
commercial operations from August 2015.


PATIL AND COMPANY: CRISIL Reaffirms 'D' Rating on INR150MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Patil and Company
(PAC) continue to reflect continuous overdrawing in the working
capital limit for over 30 days; the overdrawing has been caused
by weak liquidity due to stretch in working capital cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          150       CRISIL D (Reaffirmed)
   Cash Credit              80       CRISIL D (Reaffirmed)

Scale of operations remains modest with low project diversity and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the promoter in the
construction industry.

PAC was established in 1974, by Mr Basanna Tipanna Yelure and
subsequently other family members joined in. It undertakes end-
to-end execution of projects related to construction of roads,
primarily for government undertakings in  Maharashtra and
Karnataka.


PIPE & METAL: CRISIL Lowers Rating on INR57.5MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pipe & Metal (India) (PMI) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            57.5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Fund-         42.5       CRISIL D (Downgraded from
   Based Bank Limits                 'CRISIL B/Stable')

The downgrade reflects PMI's stretched liquidity. It has not paid
interest on its cash credit facility for over three months.
Liquidity is stretched on account of declining realisations amid
fall in steel prices and stretched receivables.

PMI has a modest scale of operations and low operating margin in
the highly fragmented iron and steel trading industry.
Furthermore, the firm has a weak financial risk profile marked by
a high total outside liabilities to tangible net worth ratio.
However, the firm benefits from the extensive industry experience
of its proprietor.

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


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

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

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

PKP's ratings:

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

-- INR57 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'

-- INR112.9 million term loans: migrated to Long-term 'IND
    D(suspended)' from 'IND D'


PRIYANKA CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR60M Loan
-----------------------------------------------------------------
CRISIL ratings on bank facilities of Priyanka Constructions
(Baroda) Private Limited (PCBPL) continues to reflect PCBPL's
modest scale of operations in the highly fragmented civil
construction industry, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of the company's promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          100      CRISIL A4 (Reaffirmed)

   Cash Credit              60      CRISIL B+/Stable (Reaffirmed)

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

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

Outlook: Stable

CRISIL believes that PCBPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and profitability,
leading to substantial cash accruals, or its promoter infuse
large equity, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if PCBPL's
topline or operating margin declines, or its financial risk
profile weakens, most likely because of a large debt-funded
capital expenditure, or its working capital cycle increases,
thereby constraining its liquidity.

Established in 1996 as a partnership firm, PCBPL was
reconstituted as a private limited company in 2002. It is
promoted by the Vadodara (Gujarat)-based Mr. Utkarsh Mehta. The
company undertakes civil contract works, mainly building
construction and industrial civil works.


RABI ENGINEERING: CRISIL Suspends B+ Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rabi
Engineering Works Private Limited (Rabi).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Cash Credit             10        CRISIL B+/Stable

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

Rabi was established as a proprietorship firm in 1994 and was
reconstituted as a private limited company in 2011-12. The
company manufactures cable trays, sub-station structures, and
transmission line towers, and trades in earthing flats for power
generation and distribution companies, and other power equipment
companies. Rabi is promoted by Mr. Tapan Kumar Sen and his wife.
However, only Mr. Sen is involved in its day-to-day operations.


RAM RAGHU: ICRA Suspends 'B' Rating on INR9.62cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term Rating of [ICRA]B assigned to
the INR9.62 Crore bank facilities of Ram Raghu Healthcare 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 January 2012, RRHPL is a closely-held company
that is setting up a 132-bedded multi-speciality hospital in Agra
(Uttar Pradesh). The promoters already own a running hospital at
Agra - Ram Raghu Hospital registered under "Raghu Enterprises".
The existing hospital is a 70 bedded hospital located in the
vicinity of the new project. It has a long track record of more
than 30 years. The operations of the existing hospital will be
slowly merged with the new hospital going forward.


REWINDER TECHNO: Ind-Ra Suspends IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rewinder Techno
Electricals' (RTE) 'IND BB-' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB-(suspended)' on the agency's website.

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

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

RTE's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR35 million fund-based limits: migrated to 'IND BB-
    (suspended)' and 'IND A4+(suspended)' from 'IND BB-' and
    'INDA4+'
-- INR20 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'INDA4+'


SAHYADRI RENEWABLE: CRISIL Suspends 'D' Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sahyadri
Renewable Energy Pvt Ltd (SREPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               100       CRISIL D

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

SREPL is part of the Gilada group, promoted by Mr. Shankarlal
Gilada and his son Mr. Rajgopal Gilada. The group comprises six
other entities having operations in financing, refractories,
renewable energy, and concrete sleepers.

SREPL executes hydro power projects. Presently, it is executing
the 1.5-megavolt Vajra-III project near Shahapur in the Bhatsa
river basin of Maharashtra.


SAMEEP FABRICS: ICRA Reaffirms 'B' Rating on INR18.50cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR18.50 crore cash credit and INR0.35 crore unallocated limits
of Sameep Fabrics Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to the INR0.44 crore short-term
non-fund based facility of SFPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             18.50       [ICRA]B reaffirmed
   Unallocated Limits       0.35       [ICRA]B reaffirmed
   Non-fund Based,
   Short-term Facility      0.44       [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account SFPL's weak
financial risk profile as reflected by low profitability margins,
leveraged capital structure, weak debt coverage indicators and
stretched liquidity position as is evident from the high
utilisation of fund-based bank limits due to high inventory and
receivables. The ratings are further constrained by the
vulnerability of SFPL's profitability to fluctuations in prices
of key raw materials which may not be passed on to the customers
adequately, and to foreign currency exchange rate fluctuations.
Further, the ratings continue to factor the exposure of
profitability to intense competitive pressures from numerous
small as well as large manufacturers as a result of the
fragmented nature of the garment industry.

The ratings, however, favourably factor in the extensive
experience of the promoters in the textile industry, favourable
location of the company in Ahmedabad in proximity to raw material
suppliers and downstream processing units, and a diversified
clientele base of the company.

Sameep Fabrics Private Limited (SFPL) was incorporated in
November 2005 in the name of Aman Fabrics Private Limited, which
was later changed to the present name in 2008-09. It trades in
and markets cotton-based textile products such as suiting and
shirting fabrics. The company procures cotton bales or grey yarn
and outsources all the key activities like spinning, weaving,
dyeing/printing, finishing etc. to other job work units. The
remaining low value added activities like cutting, ironing,
folding and packing are performed in-house. In addition, the
company also trades in cotton bales and other textile products.
It operates out of Ahmedabad and is promoted by the Agarwal
family.

Recent Results
During FY2015, SFPL reported an operating income of INR187.17
crore and profit after tax of INR0.59 crore as against the
operating income of INR173.00 crore and profit after tax of
INR0.53 crore during FY2014. As per provisional financials, the
company reported an operating income of INR213.10 crore and
profit after tax of INR0.71 crore during FY2016.


SATHYAM STEEL: ICRA Suspends B- Rating on INR6.0cr Term Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR6.00 crore proposed term loan facility and the short term
rating of [ICRA]A4 assigned to the INR10.00 crore fund based
facility and the INR6.90 crore non-fund based (sub-limit)
facilities of Sathyam Steel Roof Structures Limited.

ICRA has also suspended the long term rating of [ICRA]B- and the
short term rating of [ICRA]A4 assigned to the INR4.00 crore
proposed fund based facility of Sathyam Steel Roof Structures
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


SATYAM SPINNERS: ICRA Suspends 'B' Rating on INR10.50cr Bank Loan
-----------------------------------------------------------------
ICRA has suspended the long term Rating of [ICRA]B assigned to
the INR10.50 Crore bank facilities of and Short Term Rating of
[ICRA]A4 on the INR1.50 crore (sub-limit of fund based limit)
bank lines of Satyam Spinners Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

SSPL has been promoted by the promoters of the Manjeet Group and
the Agarwal family of Sendhwa, Madhya Pradesh. SSPL was
incorporated in 1990 for setting up a spinning unit for
manufacturing yarn at Sendhwa, and commenced operations in 1993
with a production capacity of 1,600 metric tonnes of cotton yarn.
Currently the unit has 15,336 spindles for manufacturing cotton
yarn.


SBJ PROJECTS: CRISIL Reaffirms 'B' Rating on INR80MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of SBJ Projects Private
Limited (SBJ) continue to reflect SBJ's modest scale of
operations in the intensely competitive civil construction
industry, and its large working capital requirements, resulting
in stretched liquidity. These weaknesses are partially offset by
the extensive industry experience of SBJ's promoters and their
funding support.

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

   Cash Credit             80        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      45        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBJ will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if significant growth in revenue,
efficient management of working capital cycle, and stable
profitability and capital structure, lead to sizeable cash
accrual. Conversely, the outlook may be revised to 'Negative' if
decline in profitability, considerable pressure on working
capital, delay in project execution, stretched receivables, or
any large capital expenditure weakens financial metrics,
including liquidity.

SBJ was set up in 2008 by the Raipur-based Bansal family. The
company undertakes civil work and mass earthwork, as well as
earthmoving projects. It also has its own stone crushing plant.


SELVALATHA INDUSTRIES: CRISIL Suspends B+ Rating on INR70MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Selvalatha Industries (SI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      36.9      CRISIL B+/Stable
   Term Loan                3.1      CRISIL B+/Stable

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

SI was established in 2002 and manufactures compounded asafoetida
which is used as a flavouring agent. The firm is managed by Mr. T
Rajavel who has an extensive experience of marketing and
processing in the spice industry.


SHARDA ROAD: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sharda Road Lines (SRL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Bank
   Guarantee                10       CRISIL B+/Stable
   Bank Guarantee           60       CRISIL A4
   Cash Credit              10       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations,
exposure to intense competition and tender-based business, and
below-average financial risk profile because of small networth.
These weaknesses are partially offset by proprietor's extensive
experience in the logistics and transportation industry.
Outlook: Stable

CRISIL believes SRL will continue to benefit over the medium term
from the extensive experience of its proprietor and established
relationship with customers. The outlook may be revised to
'Positive' if significant improvement in scale of operations and
profitability leads to higher-than-expected cash accrual. The
outlook may be revised to 'Negative' if substantial stretch in
working capital cycle or large, debt-funded capital expenditure
further weakens financial risk profile.

Established in 1982 as proprietorship firm by Mr. Kamlesh Mittal,
SRL handles and transports (logistics) food grains for government
entities. The firm bids for government tenders both online and
offline.


SHRI GANGA: ICRA Suspends 'B' Rating on INR12cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR12.00 crore
bank lines of Shri Ganga Bishan Cotton Mills (SGBCM). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in the year 2000 as a partnership concern by Mr.
Naveen Kumar Garg and Mr. Neeraj Kumar Garg, SGBCM is engaged in
cotton ginning and pressing. The firm set up its cotton ginning
plant at Fatehbad, Haryana in 2000, where it undertakes cotton
ginning to produce cotton (lint) from raw cotton. The firm also
produces cotton seed oil from cottonseed which is a by-product of
ginning operations. SGBCM reported a profit after tax (PAT) of
INR14,070 on an operating income (OI) of INR37.39 crore in FY2014
as against a PAT of INR0.01 crore on an OI of INR32.15 crore in
FY2013.


SHYAM GRAMODYOG: CRISIL Assigns B+ Rating to INR10MM LT Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility Shyam Gramodyog Sansthan (SGS) of and has assigned its
'CRISIL B+/Stable' rating to the long-term bank facilities. The
rating had been suspended by CRISIL on March 21, 2016, as SGS had
not provided the necessary information for a rating view. The
society has now shared the requisite information.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       10       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the society's below-average financial risk
profile because of small networth, and modest scale of, and not-
for-profit nature of, operations. These weaknesses are partially
offset by extensive experience of the promoters in implementing
social welfare schemes for non-profit food assignments, and the
society's established network of kitchens to service the same.
Outlook: Stable

CRISIL believes SGS's business risk profile will remain
constrained by its small scale of operations. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations, and timely collection of receivables strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a decline in sales or profitability, or large
working capital requirement leads to pressure on financial risk
profile.

SGS is a not-for-profit society managed by president, Mr Ram
Kumar, secretary, Mr Nathuram, and nine other members. The
society is located at Charra in Aligarh district of Uttar Pradesh
and provides free meals under the mid-day meal scheme and other
government mandated scheme.


SK WHEELS: Ind-Ra Ups Long-Term Issuer Rating From 'IND BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded SK Wheels Pvt
Ltd's (SKWL) Long-Term Issuer Rating to 'IND BBB-' from 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

Improved Credit Metrics: SKWL's overall credit profile
strengthened over FY14-FY16. Provisional (P) FY16 financials
indicate that interest coverage (operating EBITDA/gross interest
expense) improved to 1.8x (FY14: 1.5x, FY15: 1.6x). Absolute
EBITDA increased to INR429 million in FY16, recording a 48% CAGR
over FY14-FY16, providing for increased interest expenses. Its
net leverage (total debt net of cash/operating EBITDA) improved
to 5.0x (FY15: 5.2x; FY14: 6.7x) even as total outstanding debt
increased to INR2,025 million in FY16 (P) (FY15: INR1,484
million; FY14: INR1,323 million). Ind-Ra expects the company's
credit metrics to remain stable at the current rating levels, and
expects interest coverage and net leverage to improve to above
2.0x and below 5x, respectively, over FY17-FY19. The agency also
expects EBITDAR/fixed charge coverage (operating EBITDA/gross
interest expense + lease rentals) to remain close to FY16 levels
at 1.7x over FY17-FY19.

Fortified Positioning as an MSIL Dealer: SKWL's positioning as a
Maruti Suzuki India Limited (MSIL) dealer strengthened over FY14-
FY16 as the company became one of only four dealers in Mumbai
region for MSIL's premium car channel NEXA in FY16. Additionally,
for its used car business - Maruti True Value (MTV) - it reported
a 95% CAGR in revenue to INR216 million in FY16 (P) (FY14: INR57
million). SKWL's operations in the new and used car segments make
the company competitive in the industry. Ind-Ra believes the MSIL
dealership is the main driver for growth in SKWL's operational
scale, with MSIL steadily improving its market share in terms of
volume in the domestic passenger vehicle segment to 47% in FY16
(P) (FY14: 42%).

High Inventory Holding: SKWL's high working capital borrowings,
primarily to maintain inventory stock, have constrained the
company's credit profile. High inventory holding of 90 days in
FY16 (FY15: 107 days) tied up cash flows, inflating borrowings to
maintain operations. Its working capital cycle was
correspondingly long at 110 days in FY16 (P) (FY15: 135 days).
Ind-Ra notes that high inventory holding is part of management's
strategy to support revenue growth and expects the working
capital cycle to increase as the company adds two showrooms in
FY17. The average maximum utilisation of its fund-based
facilities was high at 95% for the 12 months ended June 2016.

Promoter Funding Supports Liquidity: Ind-Ra expects liquidity to
remain weak over FY17-FY19, but this would be supported by
promoter funding as repayment obligations of INR320.5 million
remain due over the same period. Even over FY14-FY16, the
company's liquidity remained weak as increasing inventory funding
requirements resulted in stressed cash flow from operations, with
cash flow from operations being negative INR204 million in FY16
(P) (FY15: INR126 million). Nevertheless, promoter funding of
INR94.5m over FY14-FY16 (prior to FY14: INR21.2 million)
supported the company's liquidity, enabling it to service its
debt in a timely manner.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDAR fixed charge
coverage to above 3.0x could be positive for the ratings.

Negative: A decline in profitability, resulting in the EBITDAR
fixed charge coverage falling below 1.7x, will lead to a negative
rating action.

COMPANY PROFILE

Established by Mr. Anil Kumar in 2004, SKWL is an MSIL dealer for
new, premium (NEXA) and used cars in Mumbai, Thane and Raigarh.
It also provides after-sales services, related accessories and
financial services for the sale and purchase of cars. It has five
showrooms and four service centres in and around Mumbai, at
Turbhe, Khopoli, Bhiwandi, and Andheri. Management plans to add
two showrooms in FY17.

In FY16 (P) the company reported 61% yoy revenue growth to
INR5,174m. Total capex incurred for the year was INR309 million
as the company set up a NEXA showroom and concluded capex to
build a stockyard at Bhiwandi for its MTV business.

SKWL's ratings:
-- Long-Term Issuer Rating: upgraded to 'IND BBB-'/Stable from
    'IND BB+'/Stable
-- INR318 million (decreased from INR373.9 million) term loan:
    upgraded to 'IND BBB-'/Stable from 'IND BB+'/Stable
-- INR1,200 million (increased from INR850 million) fund-based
    working capital facilities: upgraded to 'IND BBB-'/Stable
    from 'IND BB+'/Stable
-- INR60 million non-fund-based working capital facilities:
    assigned 'IND A3'
-- Proposed INR130 million term loan: assigned 'Provisional IND
    BBB-'/Stable
-- Proposed INR70 million (decreased from INR100m) fund-based
    working capital facilities: upgraded to 'Provisional IND BBB-
    '/Stable from 'Provisional IND BB+'/Stable


SONA EDUCATIONAL: ICRA Withdraws B- Rating on INR21cr Loan
----------------------------------------------------------
ICRA has withdrawn its [ICRA]B- rating on the INR21.00 crore bank
facilities of Sona Educational Society. The ratings have been
withdrawn at the request of the company as the facilities have
been fully redeemed and there is no amount pending against the
facilities.


SRI RAGAVENDRA: CRISIL Suspends 'D' Rating on INR63.9MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sri Ragavendra Blue Metal Private Limited (SRB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL D
   Proposed Long Term
   Bank Loan Facility     28.6       CRISIL D
   Rupee Term Loan        63.9       CRISIL D

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

SRB, based in Dindigul (Tamil Nadu), manufactures blue metal and
M-sand. The company's daily operations are managed by Mr. S
Kannan.


STEEL & METAL: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Steel & Metal
Tubes (India) Limited (SMT) a Long-Term Issuer Rating of 'IND
BB+' with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SMT's moderate scale of operations and credit
profile, as well as its comfortable liquidity position. According
to the provisional financials for FY16 the overall revenue stood
at INR838.72 million (FY15: INR957.76 million), interest coverage
(operating EBITDA/gross interest expense) at 3.27x (2.97x) and
net leverage (total adjusted net debt/operating EBITDAR) at 3.67x
(2.78x). The company's liquidity profile is comfortable as
evident from average working capital utilisation of around 52%
during the 12 months ended June 2016.

Operating EBITDA margins were volatile and ranged between 2%-2.6%
over FY12-FY16P due to fluctuating raw material prices.

The ratings are, however, supported by the three-decade-long
experience of SMT's promoters in the iron and steel industry.

RATING SENSITIVITIES

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

Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the rating.
COMPANY PROFILE

SMT was incorporated in 1971 as a private limited company, and
subsequently in July 1984, it was converted into a deemed limited
company. The company manufactures pipes such as electric
resistance welded pipes and tubes. It has a manufacturing plant
in Ghaziabad, Uttar Pradesh with a total installed capacity of
50,000 tonnes per annum.

SMT's ratings are as below:

-- Long-Term Issuer Rating: assigned 'IND BB+'/ Stable

-- INR90.00 million fund-based limits: assigned 'IND BB+'/
    Stable/ 'IND A4+'

-- INR130.00 non-fund-based limits: assigned 'IND A4+'


SUN INFRASTRUCTURES: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sun
Infrastructures Private Limited's (SIPL) 'IND BB+' Long-Term
Issuer Rating. The Outlook was Stable. The agency has also
withdrawn SIPL's proposed INR980 million term loan's 'Provisional
IND BB+' rating.

The ratings have been withdrawn due to insufficient information
from the rated issuer. Ind-Ra will no provide ratings or
analytical coverage for SIPL.


SUNRISE HYGIENE: ICRA Suspends 'B' Rating on INR5.0cr Cash Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA] B rating assigned to the INR8.87
crore long term fund based limits of Sunrise Hygiene Flours
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund
   Based-Cash Credit        5.00        [ICRA]B suspended

   Long term fund
   based-Term loan          2.12        [ICRA]B suspended

   Long term fund
   Based-Pledge
   facility under tie
   up with NBHC with
   NCMSL                    1.75        [ICRA]B suspended

Incorporated in the year 2010, Sunrise Hygiene Flours Private
Limited (SHFPL) is primarily engaged in the milling of wheat to
manufacture 'Maida', 'Atta', 'Suji', 'Rava' and 'Bran'. The
company is promoted by Mr. Jayendra Akbari along with other
directors. SHFPL's flour milling unit is located in Rajkot,
Gujarat with a milling capacity of 33,600 MTPA.SHFPL commenced
commercial production from December 2011.The company sells its
products under the brand name of "Shreematiji".


SURESOFT SYSTEMS: CRISIL Suspends 'D' Rating on INR112MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Suresoft Systems Private Limited (SSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             18        CRISIL D
   Long Term Loan         112        CRISIL D

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

SSPL, incorporated in 1997, provides embedded system software
solutions for digital consumer products, such as set top boxes
and television sets. The company is managed by Mr.
Kanagasabapathy, Ms. Nikila Rani, and Mr. Thillairajan.


SURINDRA BUILDERS: CRISIL Suspends B- Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Surindra Builders (SB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL A4
   Cash Credit             60        CRISIL B-/Stable

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

Surindra Builders is a proprietorship firm based out of
Chandigarh, started by Mr Surinder Singh. The firm undertakes
complete execution of projects related to construction of
residential and commercial buildings for both government
undertakings and private builders.


SWADESHI TEXTILES: CRISIL Suspends B- Rating on INR95MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Swadeshi Textiles Private Limited (STPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4
   Cash Credit            60         CRISIL B-/Stable
   Long Term Loan         95         CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     43         CRISIL B-/Stable

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

Incorporated in 2001, STPL manufactures interlining fabric and
wide width fabric. It procures grey fabric from looms in South
India, and produces interlining fabrics through the use of powder
coatings and chemicals. The operation of the company is currently
managed by Mr. Vishal Talreja s/o Late Mr. Suresh Talreja.


TASA FOODS: ICRA Assigns B+ Rating to INR9.50cr Term Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR9.50
crore (enhanced from INR7.85 crore) term loan facility and
INR0.25 crore cash credit limits of Tasa Foods Private Limited.
ICRA has assigned a short-term rating of [ICRA]A4 to the INR22.00
crore (enhanced from INR18.50 crore) fund based packing credit
facility and INR6.00 crore non fund based letter of credit of the
company. ICRA also has the long-term rating of [ICRA]B+
outstanding to the INR1.00 crore non fund based bank guarantee
facility of the company.

                           Amount
   Facilities            (INR crore)   Ratings
   ----------            -----------   -------
   Fund Based-Term Loan       9.50     [ICRA]B+/Assigned

   Fund Based-Cash Credit     0.25     [ICRA]B+/Assigned

   Non Fund Based-Bank        1.00     [ICRA]B+/Outstanding
   Guarantee

   Fund Based-Packing
   Credit                    22.00     [ICRA]A4/ Assigned

   Non Fund Based-
   Letter of Credit           6.00     [ICRA]A4/ Assigned

The assigned ratings positively factor in the favorable
regulatory support extended to the company by the Government of
Andhra Pradesh in the form of capital subsidy and interest
subvention. The ratings also factor in the expected growth in
company's revenues driven by increase in the installed capacity
from 14,000 mtpa to 30,000 mtpa. Further, the ratings continue to
favourably factor in the experience of the promoters in the fruit
processing business and the stable nature of the food industry;
the demands for fruit products are largely steady and are
unrelated to the economic cycles.

The ratings, however, are constrained by the moderate financial
profile of TFPL as characterized by modest scale of operations,
high gearing and moderate debt protection metrics. The ratings
take into consideration the seasonality in the business which
leads to high working capital requirement during peak season as
characterized by high working capital utilizations during May to
July, and the agro-climatic risks associated with the
availability of raw materials. The ratings also take into account
intense competition in the fruit pulp industry market by presence
of large number of organized and unorganized players.

Going forward, the company's ability to scale up business while
improving its margins and optimizing the working capital
requirements would remain the key rating sensitivities.

Tasa Foods Private Limited (TFPL), incorporated in 1999, is
primarily involved in the manufacturing of mango pulp from
selected varieties (totapuri, alphonso, senthura and rajapuri)
and other fruit pulps like guava and papaya. The company has its
manufacturing facility located in Chittoor district of Andhra
Pradesh with an installed capacity of 30,000 MTPA. TFPL exports
its products primarily to countries in Europe, Africa and Middle
East.

Recent Results
For 2015-16, the company reported an operating income of INR50.07
crore (as per provisional results) and a net profit of INR1.50
crore as against an operating income and a net profit of INR44.89
and INR0.72 crore respectively in 2014-15.


TECHNE INFRA: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Techne Infra India
Private Limited (TIIPL) continue to reflect the company's modest
scale of, and working capital-intensive, operations and average
financial risk profile because of small networth and moderate
gearing. These weaknesses are partially offset by the extensive
experience of its promoters in the civil construction industry
and moderate order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          25       CRISIL A4 (Reaffirmed)
   Cash Credit             35       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TIIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of sustained growth in
revenue and cash accrual, while managing receivables cycle. The
outlook may be revised to 'Negative' if stretch in working
capital cycle due to delayed receivables, low cash accrual, or
any large, debt-funded capital expenditure further weakens
liquidity.

Incorporated in 2010 and promoted by Mr. Dimitrius John D'Mello,
Mr. Suneel Vashdev Alreja, and Mr. Hemant Bidaiah Lychettira,
TIIPL is a Mumbai-based civil contractor.


VELLORE ROLLER: CRISIL Suspends B- Rating on INR55MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vellore Roller Flour Mills Private Limited (VRFMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          75        CRISIL A4
   Cash Credit             55        CRISIL B-/Stable
   Long Term Loan           6.8      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       6.2      CRISIL B-/Stable

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

VRFMPL was set up in 1978 by Mr. A M K Jambulinga Mudaliar and
his son, Mr. J Karthikeyan.  The company manufactures wheat
products, such as maida, atta, suji, and bran.


VOLTECH ENGINEERS: CRISIL Suspends B+ Rating on INR120MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Voltech Engineers Pvt Ltd (VEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4
   Cash Credit            120        CRISIL B+/Stable
   Long Term Loan          62.2      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     102.8      CRISIL B+/Stable

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

Set up as a proprietorship concern by Mr M Umapathi in 1995, VEPL
was subsequently reconstituted as a private limited company in
2005. VEPL tests and commissions electrical equipment.


YRK CONSTRUCTIONS: CRISIL Rates INR30MM LT Bank Loan at B+
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of YRK Constructions (YRK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft
   Facility                 15       CRISIL B+/Stable
   Proposed Overdraft
   Facility                 15       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       30       CRISIL B+/Stable
   Bank Guarantee           12       CRISIL A4
   Proposed Bank
   Guarantee                28       CRISIL A4

The ratings reflect YRK's modest scale of operations in the
fragmented civil construction industry and exposure to risks
related to tender-based business. The rating also factors in its
below-average financial risk profile marked by high expected
gearing, moderate debt protection metrics; albeit constrained by
modest networth. These rating weaknesses are partially offset by
the benefits that the firm derives from extensive experience of
partners in the civil construction industry, and its healthy
order book providing strong revenue visibility over the medium
term.
Outlook: Stable

CRISIL believes that YRK will benefit over the medium term from
the extensive experience of its partners and its healthy order
book. The outlook may be revised to 'Positive' if YRK's revenues
and profitability continue to improve while maintaining its
capital structure. Conversely, the outlook may be revised to
'Negative' if YRK's revenue and profitability deteriorates or if
there is a delay in receipt of bills from various principal
contractors leading to deterioration in financial risk profile.

Established in 2013 as a partnership firm, YRK is engaged in
civil construction activities primarily in irrigation and Roads &
over-bridges segment. Based in Guntur (Andhra Pradesh), the firm
is promoted and managed by Mr.Y Rama Krishna Reddy.

For 2015-16, YRK is estimated to report profit after tax (PAT) of
INR8.4 million on net sales of INR291 million against PAT of
INR2.2 million on net sales of INR26 million for 2014-15.



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


GAJAH TUNGGAL: S&P Lowers CCR to 'B-' & Puts on CreditWatch Neg.
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on PT Gajah Tunggal Tbk. to 'B-' from
'B'. S&P also lowered its long-term ASEAN regional scale rating
on the Indonesia-based tire manufacturer to 'axB-' from 'axB+'.
At the same time, S&P lowered its long-term issue rating on Gajah
Tunggal's senior secured notes to 'B-' from 'B'.  S&P placed all
the ratings on the company and the notes on CreditWatch with
negative implications.

"The downgrade reflects rising refinancing risk relating to Gajah
Tunggal's senior secured notes maturing in February 2018," said
S&P Global Ratings credit analyst Yuehao Wu.

Gajah Tunggal has not yet articulated a credible strategy to
repay or refinance its senior secured notes.  The US$500 million
notes are large compared to the company's capacity to generate
operating cash flows.  Gajah Tunggal will most likely need to
refinance the notes, given still-high capital spending and
investment in working capital, lack of cash build-up, and
negative discretionary cash flows through 2017.

In S&P's opinion, refinancing options could become increasingly
limited for Gajah Tunggal with 18 months remaining before the
February 2018 maturity.  The company has a limited number of core
banking relationships, and existing banks provide working capital
lines rather than long-term debt funding.  Indonesian companies
across sectors have been turning to the domestic bond market over
the past few years.  Nevertheless, Gajah Tunggal has not used
this funding source in recent years, and the process is often
lengthy for first-time issuers.

Gajah Tunggal's fairly solid results for the half-year ended
June 30, 2016, do not reduce the refinancing risk the company
faces, in S&P's opinion.  Despite higher revenue growth and
EBITDA margin that S&P had earlier anticipated, Gajah Tunggal's
spending remains high.  Capital expenditure is now likely to
exceed IDR1.1 trillion in 2016, about 20% more than S&P's earlier
base-case assumptions of IDR900 billion.  Sales to related
parties have also reached a multi-year high and almost doubled to
about 18% of revenues in the six-months ended June 30, 2016,
compared with that in the same period last year.  Receivables
from related parties grew to IDR882.2 billion as of June 30,
2016, from about IDR509.3 billion as of Dec. 31, 2015, preventing
commensurate cash accumulation.  S&P understands, however, that
trading terms in export markets do not differ between related
parties and third parties.  Revenues grew 12.2% compared to the
same period in 2015. Reported EBITDA was about IDR1.1 trillion
over the period, or about 65% of S&P's previous full-year
estimate.

Amid growing refinancing risk, S&P places less emphasis on Gajah
Tunggal's cash flow adequacy and interest servicing capacity.
S&P projects the company's ratio of funds from operations (FFO)
to debt at about 10% in 2016 and 2017.  S&P also anticipates
EBITDA interest coverage to stay above 2.0x over the period.

S&P forecasts that Gajah Tunggal's liquidity sources will barely
cover its liquidity needs over the next 12 months.  Therefore,
S&P views Gajah Tunggal's liquidity as less than adequate.

"The CreditWatch placement indicates a one-in-two likelihood that
we will downgrade Gajah Tunggal in the next three months unless
the company makes substantial progress in addressing the
refinancing of its February 2018 notes," said Ms. Wu.

S&P aims to resolve the CreditWatch after reviewing Gajah
Tunggal's measures to address the notes maturity and how those
measures reduce refinancing risk for its U.S.-dollar-denominated
notes.

S&P could lower the rating by one notch or more if the company is
unable to address at least part of its maturing debt by October
2016.  Also, S&P could lower the rating by more than one notch if
it sees a growing likelihood of the company executing what S&P
considers a distressed exchange, including material capital
market transactions to purchase the notes at below par values.


MNC INVESTAMA: S&P Lowers CCR to 'B-'; Outlook Negative
-------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on PT MNC Investama Tbk. to 'B-' from 'B'.  S&P also lowered its
long-term ASEAN regional scale rating on the company to 'axB-'
from 'axB+'.  The outlook is negative.

In addition, S&P lowered its long-term issue rating on the senior
secured notes guaranteed by MNC Investama to 'B-' from 'B'.
Ottawa Holdings Pte. Ltd. issued the notes.

MNC Investama is an Indonesia-based holding company with sizable
media interests and growing operations in financial services.

"The downgrade reflects MNC Investama's increasingly unfavorable
debt maturity profile and delays in articulating a comprehensive
refinancing strategy for the company's maturing debts, especially
its U.S. dollar-denominated senior secured notes," said S&P
Global Ratings analyst Xavier Jean.

MNC Investama and its main operating companies are facing debt
repayments of nearly US$900 million in bank loans and bonds
through 2018.  These include a bank loan of US$243 million at PT
MNC Sky Vision Tbk. at the end of 2016, a bank loan of
US$250 million at PT Media Nusantara Citra Tbk. (PT MNC Tbk.) in
September 2017, culminating with a US$365 million senior secured
bond in May 2018 at PT MNC Investama Tbk., the holding company.

MNC Investama and group companies will face varying degrees of
refinancing risks for these three lumpy maturities, given the
still-high capital spending and lack of cash build-up through
2017.

"In our opinion, refinancing risk is more acute for MNC
Investama's senior secured notes than for its operating
companies," Mr. Jean said.  "MNC Investama has limited operating
activities or assets on its own that it can use as a source of
repayment for the notes. It relies on dividends it receives from
its operating subsidiaries, most notably PT MNC Tbk., to service
interest on the notes."

The upcoming bond maturity at MNC Investama coincides with a soft
performance at operating subsidiaries.

Cash accumulation at MNC Investama and at the main operating
companies is likely to remain limited over the next 18 months,
given still-elevated investment in growing the business, interest
servicing requirements and high shareholder distributions.

MNC Investama has divested part of its direct stake in MNC Sky
Vision since the beginning of 2016 to boost liquidity and support
interest coverage at the holding company.  S&P believes it has
the option to divest it further if necessary.  The value of its
5.93% stake is about IDR450 billion currently.

MNC Investama also controls the dividend payout at its operating
subsidiaries, particularly at PT MNC Tbk., which S&P estimates
will contribute more than three quarters of the total dividends
received at the holding company level over the next 12-18 months.

"We believe PT MNC Tbk.'s balance sheet is sufficiently robust to
absorb higher dividend payouts or exceptional dividends, with a
debt-to-EBITDA ratio below 2.0x.  Such payments to MNC Investama
could provide a source of partial repayment for the maturing
bonds.  Nevertheless, we believe PT MNC Tbk.'s management may not
elect to raise payout too substantially, given PT MNC Tbk. faces
its own 2017 refinancing requirement," Mr. Jean said.

As a result of those factors, S&P believes MNC Investama will
likely need to refinance most of its US$365 million bond.  Such
refinancing would in turn likely depend on the willingness of
debt providers to be subordinated to the secured creditors at MNC
Investama's operating companies, and to accept lending to the
holding company level.

S&P regards refinancing risk at the operating companies for their
respective maturing syndicated bank loans to be less elevated
than that of MNC Investama.  S&P understands that refinancing at
MNC Sky Vision is currently in progress with a targeted
completion in September.

The negative outlook reflects persisting refinancing risk, and
the prospect of a further rating downgrade within the next six to
nine months in the absence of a credible refinancing strategy for
the company's maturing debts, especially its 2018 U.S. dollar-
denominated bonds.

S&P could lower the rating by one notch or more if MNC Investama
fails to offer and start implementing a comprehensive refinancing
strategy for its maturing U.S. dollar notes within six to nine
months.  S&P could lower the rating by more than one notch if it
sees a growing likelihood of the company executing what it
considers a distressed exchange, including material capital
market transactions to purchase the notes at below par value.

S&P could revise the outlook to stable if MNC Investama puts in
place a comprehensive refinancing strategy for its maturing
notes. S&P's base case contemplates a successful refinancing of
MNC Sky Vision's bank loans within the next three months.
Therefore, the completion of this refinancing, in itself, is
unlikely to lead S&P to revise the outlook to stable.



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


MITSUBISHI MOTORS: Failed to Act on In-House Warnings, Panel Says
-----------------------------------------------------------------
Kyodo News reports that Mitsubishi Motors Corp. failed to dig
into in-house information revealing improper practices at its
development division at the center of a fuel economy data
manipulation scandal, a third-party panel said on August 3.

Kyodo relates that after looking into the scandal, the special
investigation panel also took issue with Mitsubishi Motors'
corporate culture and its insular organizational structure.

According to Kyodo, the panel added that the company's management
called for achieving better fuel economy but left the job to the
development division and failed to grasp the reality and
capability of its development unit.

In a questionnaire on compliance conducted by Mitsubishi Motors
in 2011, employees pointed out false reporting of performance
test results and manipulation of quality records at its
development division, says Kyodo.

Still, neither the development division nor the compliance
division carried out an investigation or took any other steps,
Kyodo discloses citing a report released on August 3.

According to the report, Mitsubishi Motors launched the panel
chaired by lawyer Keiichi Watanabe to investigate why the scandal
occurred and make proposals to prevent a recurrence. Two other
lawyers and a former Toyota Motor Corp. official sat on the
panel.

Kyodo says Mitsubishi Motors first admitted in April that it
manipulated data to make four of its minicar models, including
two supplied to Nissan Motor Co., look more efficient than they
actually were.

Since then, the scandal has widened to include other vehicles
amid revelations that the automaker used testing methods that did
not comply with Japanese regulations and turned to desktop
calculations instead of performing actual tests to obtain data
needed to calculate fuel economy, Kyodo relays.

Kyodo notes that the scandal led to the resignation of former
President Tetsuro Aikawa, hurting Mitsubishi's minicar sales as
it had to temporarily suspend production and sales of the models
involved. Minivehicles have engines no larger than 660 cc.

Mitsubishi Motors swung to a loss in the April-June quarter, as
it had to book a massive special charge to deal with the fuel
economy scandal, adds Kyodo.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
May 18, 2016, S&P Global Ratings said it has lowered its long-
term corporate credit rating on Japan-based automaker Mitsubishi
Motors Corp. two notches to 'BB-'.  S&P's long-term rating
remains on CreditWatch with negative implications.  S&P placed
its previous rating on Mitsubishi Motors on CreditWatch negative
on April 22, 2016, after the company revealed it has falsified
fuel-consumption test data.

The downgrade reflects S&P's view that Mitsubishi Motors had
serious deficiencies in its companywide risk management regime
and internal governance.  Regarding risk management standards,
the company has not successfully institutionalized comprehensive
policies that effectively identify, monitor, select, and mitigate
key risks, in S&P's view.  Therefore, S&P has lowered its overall
assessment of Mitsubishi Motors' management and governance to
weak from our previous assessment of fair.

S&P's rating on Mitsubishi Motors remains on CreditWatch negative
to reflect S&P's view that damage the most recent misconduct
inflicts on the company's brand recognition and social
credibility might weaken its business competitiveness and
capacity to generate earnings, which, in turn, might lead S&P to
lower its assessments of the company's business and financial
risk profiles.  Not only might unit sales plunge, but because the
focus of the company's automotive lineup is just two vehicle
types, mini-vehicles and sports utility vehicles (SUVs), it will
have a significant impact on the company's sales amount.  If the
fraudulent testing also leads to a heavy financial burden to meet
various expenses for compensation, reduced profitability and
increased working capital may lower operating cash flow and free
cash flow.  In turn, this might weigh heavily on Mitsubishi
Motors' financial standing, which underpins S&P's current rating
on the company.



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


DICK SMITH: NZ Unit Owes Unsecured Creditors NZ$22 Million
----------------------------------------------------------
Catherine Harris at The New Zealand Herald reports that the
New Zealand arm of Dick Smith owes unsecured creditors about
NZ$22 million, a new report revealed.

The Kiwi subsidiary also owes just over NZ$142.3 million to
secured creditors such as banks, and has paid nearly NZ$300,000
in professional fees, according to outgoing administrators
McGrathNicol, the Herald relates.

According to the Herald, Dick Smith was put into administration
in January and came to a well-publicized end when it closed more
than 390 stores on both sides of the Tasman in April and May, 62
of which were in New Zealand.

While Ferrier Hodgson continues as receivers, creditors voted
last month to put McGrathNichol in as liquidators, the report
notes.

The Herald relates that in a recent McGrathNicol report on the
entire group, there was a large shortfall between the more than
AUD260 million (NZ$274 million) owed to creditors and the book
value of Dick Smith's assets of AUD170 million which required
"fuller investigation and reconciliation".

The company's downfall was largely put down to significant
trading losses in the first half of the 2016 year, losses on the
wind-down of inventory during the receivership, and "very
significant" commitments to its banks and suppliers, adds the
Herald.

                         About Dick Smith

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

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

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

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



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


BROADCOM LTD: S&P Affirms 'BB+' CCR & Revises Outlook to Positive
-----------------------------------------------------------------
S&P Global Ratings said it affirmed its 'BB+' corporate credit
rating on Singapore-based Broadcom Ltd. and revised the outlook
to positive from stable.

S&P also affirmed the 'BBB' issue-level rating on the company's
secured debt.  The recovery rating is '1', indicating S&P's
expectation for very high recovery (90% to 100%) in the event of
a payment default.

At the same time, S&P affirmed the 'BB+' issue-level rating on
the legacy Broadcom Corp. unsecured notes.  The recovery rating
is '3', indicating S&P's expectation for meaningful recovery (50%
to 70%; upper end of the range) in the event of a payment
default.

Additionally, S&P assigned its 'BBB' issue-level rating to the
company's new term loan B-3.  The recovery rating is '1',
indicating S&P's expectation for very high recovery (90% to 100%)
in the event of a payment default.

"The outlook revision is based on the company's progress to date
on the integration of Broadcom Corp. by maintaining gross margins
relatively unchanged and applying a significant portion of its
discretionary cash flow toward debt reduction," said S&P Global
Ratings credit analyst Jenny Chang.

In addition to approximately $560 million of term loan repayment
in the second quarter ending April 30, 2016, S&P expects the
company to repay about another $1 billion by the end of third
fiscal quarter resulting in S&P Global Ratings' pro forma
adjusted leverage in the low-2x area, ahead of S&P's previous
forecast.  S&P's adjusted leverage is net of surplus cash, which
it calculates as 75% of reported cash and investments.

The positive outlook reflects ample debt capacity under S&P's
assessment of Broadcom's credit profile and S&P's expectation
that its continuing growth prospects and strong cash generating
ability provides substantial financial flexibility for
acquisitions and shareholder returns, which would support a
higher corporate credit rating over the coming year.


SWIBER HOLDINGS: Had No Overdue Payments With DBS
-------------------------------------------------
The Business Times reports that DBS Group Holdings said the
projects financed by Swiber Holdings were on track, and that it
had no overdue payments with the bank. However, an equity
injection meant to reduce Swiber's high gearing fell through.

The bank, in responding to queries from The Business Times,
confirmed that DBS had provided a bridging loan to be repaid upon
the expected equity injection from the investor. This loan is
understood to have gone towards the recent redemption of two bond
issues, worth SGD205 million in total.

"The investor failed to follow through on the equity injection
per the investment agreement," The Business Times quotes a
spokeswoman as saying.

The Business Times relates that DBS said Swiber, with its
orderbook of more than SGD1 billion as at end-June 2016, was
involved in major projects with strong counterparties. It noted
that Swiber's track record went back more than a decade, and that
it was also refinancing some vessels to raise cash.

According to the report, DBS's comments come amid questions about
the bank's credit-risk assumptions, following the hard knock from
its SGD700 million Swiber exposure. This is as its single net
allowance charge for Swiber -- now headed for judicial management
-- is now 75 per cent of its assumed allowance for the entire
oil-and-gas portfolio in a stressed scenario.

Analysts are pointing to the bank's statement for its first-
quarter results, when the bank said that if oil prices stayed at
US$20 per barrel for a prolonged period, its allowance related to
the oil-and-gas sector would not be more than SGD200 million,
says The Business Times.

But its net allowance charge for its Swiber exposure is
SGD150 million.

Fitch Ratings analyst Ng Wee Siang told The Business Times: "The
bank may have to re-examine the assumptions used in its stress
test."

The Business Times says the net provision for its Swiber exposure
comes from tapping its general allowance of SGD200 million to
provide for the anticipated shortfall, and after it expects only
half of the SGD700 million total exposure -- SGD350 million -- to
be recovered, as that part of the exposure is secured.

There are two forms of provisions in Singapore: Under a specific
provision, a portion of earnings is set aside for specific loans
under stress.  The other is a general provision, which is an
overall cushion against loans that may, even in the ordinary
course of business, come under stress.

Under Monetary Authority of Singapore (MAS) rules, Singapore
banks must always keep a general provision of at least one per
cent of loans and receivables after accounting for collateral and
deducting specific provisions.

Questions are now mounting over how DBS could have estimated an
allowance of SGD200 million this year for the sector, if it was
already exposed so significantly to Swiber, one of the
overleveraged players in the market, The Business Times
discloses.

DBS did not make an allowance for its SGD700 million Swiber
exposure at all, said a UBS report. Other analysts also confirmed
that this was so."Simply put, (it) adds one more quarter of
specific provision charges," UBS said, The Business Times relays.

                       About Swiber Holdings

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.

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.



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


HYUNDAI MERCHANT: Tumbles on Plan to Issue Convertible Bond
-----------------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hyundai Merchant
Marine Co., the South Korean shipping company currently under
creditor banks' control, tumbled the most on record in Seoul
trading on investor concerns that its plan to issue
KRW200 billion ($179 million) of convertible bonds would dilute
shareholdings.

The shares dropped as much as 30 percent, the most since data
compiled by Bloomberg dating back to October 1995, making the
stock the second-worst performer on the Kospi index. Hyundai
Merchant, the nation's second-biggest shipping line, traded down
24 percent at KRW8,020 as of 10:33 a.m. local time, on August 3
shrinking its market value to KRW263 billion.

Bloomberg relates that Hyundai Merchant said August 3 it will
sell the convertible bonds with a 0.5 percent yield to five
creditors, including Korea Development Bank and Woori Bank, as
part of an earlier announced restructuring plan to swap existing
debt into shares.  According to Bloomberg, the company is among
liners worldwide that are undertaking debt reforms and asset
sales to boost their balance sheets as overcapacity in the
industry causes freight rates to stay depressed.

"Investors are worried that the convertible bond sale will
further dilute their holdings," Bloomberg quotes Park Moo Hyun,
an analyst at Hana Financial Investment Co. in Seoul, as saying.
"Considering the low yield, there's a very high chance the bonds
will be converted to shares. The sale is a reminder that Hyundai
Merchant isn't out of danger yet even after creditors took over
the company."

The creditors, which also include NongHyup Bank, KB Bank and
Korea Securities Finance Corp., will buy the bonds, Hyundai
Merchant said in a regulatory filing late on August 3. The bonds,
maturing on June 30, 2019, don't pay an annual coupon and can be
converted to shares at KRW9,530 each starting Aug. 2, 2017,
according to Bloomberg.

Bloomberg says the convertible bond issue comes after the
shipping company completed the sale of 280 million new shares to
investors last month as part of the debt-for-equity swap plan.

Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services.  The Company
provides its services under two main segments: container and
bulk.



================
S R I  L A N K A
================


PEOPLE'S LEASING: Fitch Affirms 'B' LT Issuer Default Ratings
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of People's Leasing &
Finance PLC (PLC), Central Finance Company PLC (CF), Melsta Regal
Finance Ltd (MRF), HNB Grameen Finance Limited (HGL), LB Finance
PLC (LB), Siyapatha Finance PLC (Siyapatha), Senkadagala Finance
PLC (Senka), AMW Capital Leasing And Finance PLC (AMCL), Singer
Finance PLC (SFL), and Mercantile Investment & Finance PLC (MIF).

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT

The rating actions follow Fitch's periodic review of the large
and mid-sized finance companies in Sri Lanka.

The companies in the peer group remain predominantly exposed to
vehicle financing. Fitch expects growth potential in the vehicle
financing segment to be limited due to the increase in import
tariffs for cars and the central bank's imposition of a 70% cap
on loan-to-value ratio for loans extended for the purpose of
acquiring or using motor vehicles. Fitch expects asset quality
and capitalisation to deteriorate in the sector following
aggressive loan book growth in recent years and challenging
operating conditions, which were signalled in Fitch's downgrade
of Sri Lanka's sovereign rating to 'B+' from 'BB-' in February
2016.

Fitch's ratings on the finance companies in the peer group are
driven by their business model and franchise, and their risk
appetite, which is reflected in their exposure to more vulnerable
customer segments.

Finance Companies with Institutional Support-Driven Long-Term
Ratings

PLC's Issuer Default Rating (IDR) and National Long-Term Rating
continue to reflect Fitch's view that PLC's parent, the state-
owned and systemically important People's Bank (AA+(lka)/Stable),
would provide extraordinary support to PLC, if required. People's
Bank's propensity to support PLC stems from its 75% shareholding
in PLC, common brand and PLC's position as a "strategic
subsidiary" of the bank. The finance company accounted for 29.6%
of the bank's consolidated post-tax profits and 9.9% of total
assets at end-March 2016. In addition to its own branches, PLC
has 110 window offices within branches of People's Bank. The
parent's ability to provide support to PLC stems from the limited
ability of the sovereign (B+/Negative) to provide such backing.

The negative Outlook on the IDR mirrors that on the sovereign's.
Fitch maintains a Stable Outlook on the National Long-Term
Rating, in line with that of People's Bank, as this is a measure
of relative strength between issuers within Sri Lanka.

AMCL's rating reflects Fitch's view that support would be
forthcoming from Associated Motorways Private Limited (AMW),
which owns 90% of AMCL, given the finance company's strategic
importance to the parent. This is based on AMCL's role in the
group, the common AMW brand and the existence of common
creditors, which contribute to high reputational risk for AMW if
AMCL were to default. In addition AMW remains a key source of
funding for AMCL; 53% of AMCL's total funding at end-2015 was
either directly borrowed from or guaranteed by AMW.

AMW is involved in the strategic direction of AMCL, having four
out of 10 seats on AMCL's board. AMCL also benefits from business
referrals from AMW's branch network, and has 11 branches within
AMW's branches. About 74% of its advances comprised vehicle
finance facilities provided to its parents' clients at end-2015
(end 2014: 46% and 2013:49%).

Siyapatha's rating reflects Fitch's view that support would be
forthcoming from its parent, Sampath Bank PLC (A+(lka)/Negative),
which owns 100% of Siyapatha and is involved in the strategic
direction of Siyapatha through board representation. Siyapatha is
rated two notches below its parent because of Siyapatha's limited
contribution to the group's core businesses and Siyapatha's
different branding from its parent. Siyapatha's relative size to
Sampath Bank and its contribution to group profit remains low,
averaging 6% of group profit in 2013 to 2015. Sampath Bank's
leasing book accounted for just 7% of group advances at end-2015,
of which Siyapatha provided 33%.

Fitch said, "HGL's rating reflects Fitch's expectation of support
from its parent, Hatton National Bank PLC (HNB; AA-(lka)/Stable).
We apply a two-notch differential to reflect that HGL is mainly
engaged in the provision of micro finance, which is not a
significant product for HNB as it accounted for only about 3% of
the bank's loan book at end-2015. Furthermore, there is limited
operational and management integration of the entities. We also
consider HNB's majority shareholding (51%), its involvement in
the strategic direction of HGL through board representation, and
the common HNB brand."

The rating of MRF reflects Fitch's expectation of support from
its ultimate parent, Distilleries Company of Sri Lanka (DIST;
AAA(lka)/Stable), a leading domestic alcoholic-beverage
manufacturer that wholly owns MRF. The four-notch differential
between DIST and MRF reflects the latter's negligible role in the
parent company. MRF has limited synergies and low operational
integration with the group's core business, and a different brand
from the parent. MRF accounted for just 1.9% of group revenue,
1.1% of consolidated net profit and 5.4% of group assets at end-
March 2016. Fitch believes that the disposal of MRF would not
significantly alter the group's operations or earnings, although
that is not currently planned, according to DIST.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

CF's rating continues to be supported by its strong
capitalisation, which is driven by above-industry profitability
and the company's practice of high profit retention. The rating
also reflects its better funding profile compared with peers; a
higher proportion of CF's deposits are sourced from its
established franchise. However, these strengths are partly offset
by CF's weak asset quality stemming from its high risk appetite
and low provisioning compared with peers, despite the recent
improvements.

The rating of LB captures its established franchise as the third-
largest non-bank financial institution in Sri Lanka in terms of
assets, and its satisfactory levels of capital, which are
supported by healthy revenue generation and sound profitability
through its higher-yielding products. These are counterbalanced
by its relatively higher risk appetite as seen from its exposure
to gold-backed lending (end-March 2016: 17.7% of gross loan
book), which is unique in the licensed finance company peer
group, and increasing liquidity risk given its high loan growth
relative to its assets (gross loans to total assets: 88% at end-
March 2016). Mitigating factors include its 10.9% deposit market
share among LFCs, which remains moderately concentrated and the
availability of unused credit lines.

Senka's rating reflects its satisfactory credit profile that has
been maintained through economic cycles, its relatively strong
franchise among finance companies in Sri Lanka and access to
longer-term institutional funding. These positive factors are
counterbalanced by its deposit franchise and capitalisation,
which are weaker compared with higher-rated peers.

SFL's rating reflects its relatively measured risk appetite,
weaker-than-peers' franchise and overall stable financial
indicators. SFL's capitalisation is higher than that of its peers
amid modest loan growth, and its asset-quality metrics have
improved. The rating is underpinned by Fitch's view that the
rating on SFL's parent, retailing company Singer (Sri Lanka) PLC
(Singer; A-(lka)/Stable), provides a floor at two notches below
its rating level for SFL's rating. This reflects Singer's
majority ownership in SFL, the common Singer brand and Singer's
influence on SFL's strategic direction through representation on
the finance company's board.

MIF's rating reflects its long operating history, satisfactory
capitalisation and loan book exposure to less risky customer
segments relative to peers. However, its ratings also capture its
high risk appetite, which is evident in its substantial exposure
to equity investments, low profitability metrics relative to
peers and greater reliance on concentrated and short-term
funding.

The ratings on the senior debentures of PLC, CF, Senka, SFL and
MIF and the proposed senior debentures of Siyapatha and Senka are
in line with their National Long-Term Ratings according to Fitch
criteria. Fitch has not provided any rating uplift for the
collateralisation of CF's and SFL's as their secured notes'
recovery prospects are considered to be average and comparable
with those of unsecured notes in a developing legal system.

SUBORDINATED DEBT
Subordinated debentures of CF, LB, Senka, and Siyapatha are rated
one notch below their National Long-Term Ratings to reflect the
subordination to senior unsecured creditors.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT

Finance Companies with Institutional Support Driven Long-Term
Ratings

PLC's ratings may be downgraded if People's Bank ceases to be a
majority shareholder, if People's Bank's ability to provide
support weakens, or if PLC's strategic importance to its parent
diminishes over time. Fitch does not expect PLC's ratings to be
upgraded, unless People's Bank's ratings are upgraded, which
would be most likely driven by an upgrade of the sovereign.

The ratings on AMCL, Siyapatha, MRF and HGL are similarly
sensitive to changes in Fitch's assessment of their respective
parents' ability and propensity to provide support, none of which
is expected by Fitch in the short to medium term.

Finance Companies with Long-Term Ratings Driven by Intrinsic
Strength

Fitch said, "We deem the ratings upside for the entities whose
ratings are driven by their own intrinsic strength as limited,
taking into account our view of the operating environment, which
is likely to be challenging over the short to medium term. All
these ratings are on Stable Outlooks as we expect the entities'
to maintain their risk profiles and, where necessary, adjust
their risk appetites to preserve capital. Outperformance against
this backdrop and relative to peers, while not expected, could
make us consider positive rating action."

CF's rating could be downgraded if it is not able to provide
adequate buffers against further loan quality deterioration
through provisioning, which would lead to an increase in net NPLs
relative to equity. An upgrade is only likely if CF is able to
improve its asset quality and provisioning cover on sustained
basis alongside a reduction in its high risk appetite.

Weakening profitability or a further increase in LB's risk
appetite, indicated through aggressive loan growth or
deterioration in asset quality, all of which increase capital
impairment risk, could lead to a downgrade of the company's
ratings. An increase in liquidity risk can also lead to a
downgrade. An upgrade of LB's rating is contingent on the company
achieving stronger capitalisation levels, lower exposure to risky
assets and a more comfortable liquidity position.

Senka's rating could be downgraded if asset quality weakens,
leading to a material decline in capitalisation or excessive
asset encumbrance. An upgrade of Senka's rating is contingent
upon maintenance of stronger capitalisation and a more robust
deposit franchise that would allow the company to expand in a
better controlled manner.

Fitch said, "An upgrade of SFL's ratings from an improvement in
its standalone strength is unlikely as we expect its franchise to
remain materially weaker compared with that of its more
established, higher-rated peers. The more likely driver of an
upgrade of SFL's rating would be its relationship with its
parent, in particular its strategic importance to Singer."

Fitch said, "A sustained deterioration in SFL's standalone credit
profile, capitalisation and asset quality relative to similarly
rated peers would not result in a downgrade of SFL's rating
unless our assessment of parental support were to also change."

Fitch would consider downgrading MIF's ratings if its large
maturity mismatches were to increase or if MIF were to experience
a sustained deterioration in capitalisation and asset quality
relative to its higher-rated peers. An upgrade of MIF's rating is
contingent on the company significantly reducing its equity
investment exposure, structural maturity mismatches and deposit
concentrations, as well as improving core profitability and
maintaining its capitalisation.

The ratings on the senior debt of PLC, CF, Senka, SFL and MIF,
and the proposed senior debt of Siyapatha and Senka will move in
tandem with their National Long-Term Ratings.

SUBORDINATED DEBT
The assigned subordinated debt ratings will move in tandem with
their National Long-Term Ratings.

FULL LIST OF RATING ACTIONS

The following ratings were affirmed as follows:

People's Leasing & Finance PLC:
Long-Term Foreign-Currency Issuer Default Rating at 'B'; Outlook
Negative
Long-Term Local-Currency Issuer Default Rating at 'B'; Outlook
Negative
National Long-Term Rating at 'AA-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'AA-(lka)'

Central Finance Company PLC:
National Long-Term Rating at 'A+(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'A+(lka)'
National Long-Term Rating for senior unsecured debt at 'A+(lka)'
National Long-Term Rating for subordinated debt at 'A(lka)'

Senkadagala Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at
'BBB+(lka)'
National Long-Term Rating for subordinated debt at 'BBB(lka)'
National Long-Term Rating for proposed senior unsecured debt at
'BBB+(lka)(EXP)'

Singer Finance (Lanka) PLC
National Long-Term Rating at 'BBB(lka)'; Outlook Stable
National Long-Term Rating for senior secured debt at 'BBB(lka)'
National Long-Term Rating for senior unsecured debt at 'BBB(lka)'

AMW Capital Leasing And Finance PLC
National Long-Term Rating at 'BBB+(lka)'; Outlook Stable

Siyaptha Finance PLC
National Long-Term Rating at 'A-(lka)'; Outlook Negative
National Long-Term Rating for proposed senior unsecured debt at
'A-(lka)(EXP)'
National Long-Term Rating for subordinated debt at 'BBB+(lka)'

Melsta Regal Finance Ltd:
National Long-Term Rating at 'A+(lka)'; Outlook Stable

HNB Grameen Finance Ltd.:
National Long-Term Rating at 'A(lka)'; Outlook Stable

LB Finance PLC:
National Long-Term Rating at 'A-(lka)'; Outlook Stable
National Long-Term Rating for subordinated debt at 'BBB+(lka)'

Mercantile Investments and Finance PLC
National Long-Term Rating at 'BBB-(lka)'; Outlook Stable
National Long-Term Rating for senior unsecured debt at 'BBB-
(lka)'



                             *********

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
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                 *** End of Transmission ***