TCRAP_Public/160808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, August 8, 2016, Vol. 19, No. 155


                            Headlines


A U S T R A L I A

DEQMO PTY: First Creditors' Meeting Set For Aug. 17
DJ BUILDERS: Goes Into Liquidation; Owes AUD2 Million
GARY DEANE: Collapses Into Liquidation
HARMER CONTRACTING: First Creditors' Meeting Set For Aug. 15
LEX CARTER: First Creditors' Meeting Slated For Aug. 15

RESIMAC BASTILLE: Moody's Assigns Ba1 Rating to Class E Notes
WHERE4EVENTS PTY: First Creditors' Meeting Set For Aug. 15


C H I N A

CHINA: Moves Toward Launching Credit-Default-Swap Market
FUTURE LAND: 1st Half 2016 Results Supports Ba3 CFR, Moody's Says


I N D I A

AAR DEE: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
AGMOTEX FABRICS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
AGRON LOGISTICS: ICRA Lowers Rating on INR10cr Cash Loan to D
AIMS INDUSTRIES: CARE Lowers Rating on INR10.63r LT Loan to B+

ANGAN TEXTILE: CARE Assigns B+ Rating to INR8.75cr LT Loan
BHARAT COTTAGE: ICRA Upgrades Rating on INR8.5cr Loan to B-
BHAWANI STEELS: CRISIL Suspends B- Rating on INR65MM Cash Loan
BHOPAL MOTORS: CRISIL Assigns B+ Rating to INR138.5MM Loan
BRAJESH PACKAGING: ICRA Reaffirms B+ Rating on INR6.75cr Loan

CHOUDHARY & COMPANY: ICRA Suspends B+ Rating on INR8cr Loan
D.P.M.K. FERTILIZERS: CRISIL Ups Rating on INR95MM Loan to B+
DHANLAXMI BANK: CARE Lowers Rating on INR27.50cr Loan to 'D'
DIGJAM LIMITED: CARE Revises Rating on INR40.50cr LT Loan to B+
FINESSAC FOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Term Loan

G & G INTERNATIONAL: ICRA Suspends B+ Rating on INR7.88cr Loan
G.N. PAL: ICRA Assigns 'B' Rating to INR10cr LT Loan
GANPATI MEGA: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
GARG RICE: ICRA Suspends 'B' Rating on INR6.0cr LT Loan
GUJCHEM SURFACTANTS: CRISIL Suspends B Rating on INR31.5MM Loan

HALDIA NIRMAN: CARE Assigns 'B' Rating to INR5.65cr LT Bank Loan
ICONIC CASTINGS: CRISIL Assigns 'B' Rating to INR110.7MM Loan
IDEAL CARPET: ICRA Suspends B- Rating on INR12cr Bank Loan
IFMR CAPITAL: ICRA Rates INR4.95cr PTC Series A3 'C+(SO)'
INDIAN GRAMEEN: CARE Assigns 'B' Rating to INR10cr LT Loan

JAISHRIRAM SUGAR: CRISIL Reaffirms C Rating on INR291.5MM Loan
KAILAS GINNING: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
KAUSHAMBI PAPER: ICRA Suspends B/A4 Rating on INR8.5cr Loan
KHAJA EDUCATION: CRISIL Reaffirms 'B' Rating on INR30MM Loan
KISHAN GINNING: ICRA Reaffirms B+ Rating on INR13.50cr Cash Loan

KOMPLETE SUPPLY: CRISIL Assigns B+ Rating to INR60MM Loan
MANGALA ELECTRICALS: CRISIL Assigns 'B' Rating to INR25MM Loan
MEHALA CARONA: CRISIL Suspends D Rating on INR234.9MM Cash Loan
MOONLIGHT MARBLES: ICRA Reaffirms B- Rating on INR12.54cr Loan
NITESH PUNE: CARE Lowers Rating on INR235cr NCD to B+

OM SUGARS: CARE Reaffirms 'B' Rating on INR36.45cr LT Loan
OSM PROJECTS: CRISIL Assigns B+ Rating to INR99MM Cash Loan
PARSEWAR AND COMPANY: ICRA Suspends B+ Rating on INR9.35cr Loan
PRAHLAD ISPAT: ICRA Suspends 'B' Rating on INR7.75cr Loan
PRAKASH INDUSTRIAL: CRISIL Reaffirms 'B' Rating on INR100MM Loan

PREMIER AGRO: CRISIL Ups Rating on INR100MM Cash Loan to BB-
RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR11cr Cash Credit
SAGAR AGENCIES: CRISIL Cuts Rating on INR40MM Cash Loan to B-
SAVIDHA MEDICAL: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
SCHOOL BOOK: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan

SHREE RAM: ICRA Revises Rating on INR15cr Term Loan to B+
SIDDHARTH INFRA: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
SIDDHRAJ INFRABUILD: ICRA Assigns 'B' Rating to INR3.0cr Loan
SPINTEX WOOLLEN: ICRA Suspends B Rating on INR4.60cr LT Loan
SQNY FIRE: CRISIL Suspends B+ Rating on INR60MM Cash Loan

SREE GENGA: CRISIL Suspends 'B' Rating on INR36MM Term Loan
SRI KAMATCHI: CRISIL Assigns B+ Rating to INR75MM Cash Loan
SRI VIJAYA: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
SUJAN PRECISION: CRISIL Suspends 'D' Rating on INR100MM Loan
SURENDRA ELECTRICALS: ICRA Suspends B Rating on INR9.0cr Loan

SUYASH POLYMER: ICRA Reaffirms B+ Rating on INR4.60cr Cash Loan
SUZLON ENERGY: Hopes to Exit Debt Restructuring by March 2017
SYCON CONSTRUCTIONS: ICRA Lowers Rating on INR18cr Loan to D
TAPAN SOLAR: ICRA Suspends B- Rating on INR10cr LT Loan
VIGNAN VIDYALAYAS: ICRA Reaffirms B+ Rating on INR8.54cr Loan


J A P A N

JFE HOLDINGS: Moody's Lowers Rating on Domestic Sub. Loan to Ba1


N E W  Z E A L A N D

ROSS ASSET: Former Investors Win Case to Get Shares Back


P H I L I P P I N E S

RB CABA: PDIC Files Criminal Charges vs. Ex-Officers, Employees


                            - - - - -


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


DEQMO PTY: First Creditors' Meeting Set For Aug. 17
---------------------------------------------------
Ross Stephen Thomson of Red 2 Black Accounting Solutions was
appointed as administrator of Deqmo Pty Ltd on Aug. 5, 2016.

A first meeting of the creditors of the Company will be held at
Red 2 Black Accounting Solutions, Suite 8, 1 Hobsons Gate, in
Currambine, on Aug. 17, 2016, at 11:00 a.m.


DJ BUILDERS: Goes Into Liquidation; Owes AUD2 Million
-----------------------------------------------------
Glen Norris at The Courier-Mail reports that DJ Builders and Son
Pty Ltd has gone into liquidation with debts of approximately
AUD2 million.  Oldhams Advisory was appointed liquidator for DJ
Builders on July 21, 2016, the report says.

The Courier-Mail relates that the liquidations come as insolvency
experts SV Partners warns of tough times ahead for the building
industry, with up to 405 construction businesses in Queensland at
high risk of financial failure over the next year.

The Courier-Mail, citing Queensland Building and Construction
Commission records, discloses that DJ Builders' licence was
suspended in March for failure to satisfy financial requirements.

According to the report, the suspension was lifted in May but the
company's liquidator Glen Oldham said the time lost meant it had
been unable to maintain its cash flow in increasingly tough
times. "It also was finding commercial and other projects were
coming off the boil," the report quotes Mr Oldham as saying.

He said about 10 homes and several larger residential and
commercial projects had been left uncompleted by the company, The
Courier-Mail relates.

DJ Builders was established in 1973 by Lawrie Dorä and Greg
Jenkins. The company had a turnover of around AUD30 million at
its peak, the report notes.


GARY DEANE: Collapses Into Liquidation
--------------------------------------
Glen Norris at The Courier-Mail reports that Gary Deane
Constructions Pty Ltd has collapsed into liquidation owing around
AUD13 million to creditors.  McLeod and Partners was appointed
liquidator for Gary Deane on July 14, 2016.

The Courier-Mail relates that the liquidations come as insolvency
experts SV Partners warns of tough times ahead for the building
industry, with up to 405 construction businesses in Queensland at
high risk of financial failure over the next year.

According to the report, McLeod said the cause of the company's
failure, which reflected growing insolvencies in the sector, was
being investigated.

McLeod said it was too early to say what return creditors would
receive from the company that was founded in 1987, the report
relays.

Loganholme-based Gary Deane Constructions was founded in 1987
specialising in roads, weir, earthworks and other civil
infrastructure.


HARMER CONTRACTING: First Creditors' Meeting Set For Aug. 15
------------------------------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as
administrator of Harmer Contracting Pty Ltd on Aug. 3, 2016.

A first meeting of the creditors of the Company will be held at
Paspalis Business Centre, Level 1, 48-50 Smith Street, in Darwin,
on Aug. 15, 2016, at 11:00 a.m.


LEX CARTER: First Creditors' Meeting Slated For Aug. 15
-------------------------------------------------------
Shane Leslie Deane and Nicholas Giasoumi of Dye & Co. Pty Ltd
were appointed as administrators of Lex Carter Pty Ltd on Aug. 4,
2016.

A first meeting of the creditors of the Company will be held at
165 Camberwell Road, Hawthorn East 3123, on Aug. 15, 2016, at
10:00 a.m.


RESIMAC BASTILLE: Moody's Assigns Ba1 Rating to Class E Notes
-------------------------------------------------------------
Moody's Investors Service has assigned these provisional rating
to notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of RESIMAC Bastille Trust Series 2016-1NC.
The transaction is a securitisation of a portfolio of Australian
non-conforming, limited documentation and prime housing loans
originated by RESIMAC Limited.

Issuer: RESIMAC Bastille Trust Series 2016-1NC
  AUD 70.0 million Class A1a Notes, Assigned (P)Aaa (sf)
  AUD 175.0 million Class A1b Notes, Assigned (P)Aaa (sf)
  AUD 42.0 million Class A2 Notes, Assigned (P)Aaa (sf)
  AUD 36.75 million Class B Notes, Assigned (P)Aa2 (sf)
  AUD 5.25 million Class C Notes, Assigned (P)A2 (sf)
  AUD 7.0 million Class D Notes, Assigned (P)Baa2 (sf)
  AUD 3.5 million Class E Notes, Assigned (P)Ba1 (sf)
  AUD 7.0 million Class F Notes, Assigned (P)B2 (sf)

The AUD 3.5 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.  The structure allows for timely payment of
interest and ultimate payment of principal with respect to the
Class A1a, A1b, A2, B, C, D, E and F Notes by the legal final
maturity.

                         RATINGS RATIONALE

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans.  A substantial portion
of the portfolio consists of loans extended to borrowers with
impaired credit histories (20.0%) or made on a limited
documentation basis (74.4%).

This is RESIMAC's 1st publicly issued term RMBS transaction for
2016.  RESIMAC has been a relatively active securitiser in the
Australian market, having completed thirty-one Prime term
transactions and 4 non-conforming transactions.

The provisional ratings take account of, among other factors:

   -- Class A1a and Class A1b Notes benefit from 30.0% credit
      enhancement (CE) and Class A2 Notes benefit from 18.0% CE,
      while Moody's MILAN CE assumption, the loss we expect the
      portfolio to suffer in the event of a severe recession
      scenario, is substantially lower at 14.90%.

Moody's expected loss for this transaction is 1.50%. The
subordination strengthens ratings stability, should the pool
experience losses above expectations.

   -- A liquidity facility equal to 2.0% of the aggregate
      invested amount of the notes less the redemption fund
      balance, subject to a floor of AUD 700,000;

   -- The experience of RESIMAC in servicing residential mortgage
      portfolios.  This is RESIMAC's 36th securitisation, which
      highlights the lender's experience as a manager and
      servicer of securitised transactions.

   -- Interest rate mismatch arises when the movements of the 30-
      day BBSW are not (simultaneously) passed on to the variable
      rate loans.  To mitigate the basis risk, the Trust Manager
      will calculate the threshold rate for the variable rate
      loans to ensure that the weighted average interest on all
      loans is at least the rate required to meet the Trust's
      obligations (up to Class F interest in the income
      waterfall), plus 0.25% p.a.

The key transactional and pool features are:

   -- The notes will initially be repaid on a sequential basis
      (although pro-rata between Class A Notes) until, amongst
      other serial paydown triggers, the latter of: (1) the
      second anniversary from closing; or (2) the Class A2
      subordination has at least doubled since the closing date.
      After that point, the Class A1a, A1b, A2, B, C, D, E, and F
      Notes will receive a pro-rata share of principal payments
      (subject to additional conditions).  The principal pay-down
      switches back to sequential pay, if the cumulative losses
      as a percentage of the original portfolio balance reach 1%,
      or the aggregate invested amount of the notes outstanding
      is greater than 30% of the aggregate invested amount of the
      notes at the closing date or if there are any unreimbursed
      charge-offs.

   -- The portfolio is geographically well diversified due to
      RESIMAC's wide distribution network of brokers.

   -- The portfolio contains 20.0% exposure with respect to
      borrowers with prior credit impairment (default, judgment
      or bankruptcy).  Moody's assesses these borrowers as having
      a significantly higher default probability.

   -- The majority of the portfolio - 74.4% - consists of loans
      granted based on limited or alternative documentation
      basis.
      For 16.1% of the portfolio, RESIMAC only performed minimal
      verification, while 58.3% of the loans have been subject to
      additional verification checks over and above the typical
      checks for a traditional low documentation product.  These
      additional checks include a declaration of financial
      position and six months of bank statements, Business
      Accounting Statements or GST returns.  Given the additional
      verification checks and the stronger arrears performance,
      these alternative documentation loans have been assessed to
      have a lower default frequency than standard low
      documentation loans.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
January 2015.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process -- here the MILAN
Aaa CE and median expected loss -- differed.  The analysis
assumes that the deal has not aged.  Parameter Sensitivities only
reflect the ratings impact of each scenario from a
quantitative/model-indicated standpoint.

Based on the current structure, if the MILAN CE Assumption was
22.35%, versus the 14.90% and the Moody's mean expected loss was
2.25% as opposed to 1.50%, the model-implied ratings of the notes
would drop between one and four notches from the from the
currently assigned levels.  Class A2 Notes will be sensitive to a
one notch rating migration.  Class B, Class D and Class F will be
sensitive to a two notch rating migration.  Class C and Class E
will be sensitive to a three and four notch rating migration,
respectively.  The over-subordination at closing reduces the
probability of ratings migration.

Moody's ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors.  Moody's
ratings are subject to revision, suspension or withdrawal at any
time at our absolute discretion.  The ratings are expressions of
opinion and not recommendations to purchase, sell or hold
securities.  Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction.  Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction.  A definitive rating may differ from a
provisional rating.

Factors that would lead to an upgrade or downgrade of the
ratings:

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance.  Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, lack of transactional
governance and fraud.

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.


WHERE4EVENTS PTY: First Creditors' Meeting Set For Aug. 15
----------------------------------------------------------
Alice Ruhe & Ken Sellers of SellersMuldoonBenton were appointed
as administrators of Where4Events Pty Ltd on Aug. 3, 2016.

A first meeting of the creditors of the Company will be held at
SellersMuldoonBenton, Level 3, 90 William Street, in Melbourne,
on Aug. 15, 2016, at 11:30 a.m.



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CHINA: Moves Toward Launching Credit-Default-Swap Market
--------------------------------------------------------
Shen Hong at The Wall Street Journal reports that China is edging
closer to launching its own version of a popular hedging tool
that protects investors in case of defaults, as the world's No. 2
economy struggles to cope with slowing growth and record numbers
of companies not paying back debt.

The Journal relates that the National Association of Financial
Market Institutional Investors, an industry body backed by
China's central bank, has consulted major banks and brokerage
firms in recent weeks about the planned rollout of credit-default
swaps, three people familiar with the situation said. The swaps
would pay out if the issuer of a bond or a loan defaults, said
the people, who were briefed by the regulator on the matter, the
Journal relays.

The regulator, which oversees China's $8.5 trillion interbank
bond market, has drafted guidelines and standardized contracts
for the product, one that has in the past two decades become a
key tool in global markets to hedge government and corporate
debt, the people said, according to the Journal.

NAFMII has hired a group of lawyers to help align its CDS rules
with internationally accepted practices and is expected to ask
the People's Bank of China for formal approval to launch the
market soon, one of the people said, the Journal relays.

According to the Journal, the planned rollout of rules for CDS
reflects the pressures China faces as it tries to attract more
investors, including global players, to a swelling bond market,
even as debt defaults soar. China's domestic bond market has had
39 defaults totaling around CNY25 billion ($3.8 billion) this
year, already exceeding the total of 20 defaults worth
CNY12 billion for all of last year. In 2014, there were five such
defaults, following one in 2013, the report discloses.

"If the [CDS plan] is carried out well in China, it will
certainly be a big help to investors," the Journal quotes Wang
Ming, a partner at Shanghai Yaozhi Asset Management Co., a bond
fund that manages two billion yuan in assets, as saying.

The Journal says China experimented with a less sophisticated
version of a CDS called a credit-risk-mitigation agreement, or
CRMA, in 2010, in the wake of a credit binge. But the CRMA market
never took off, because the state kept bailing out insolvent
companies instead of letting them default, in the interests of
financial and social stability.

Now, there are signs that Beijing and the country's local
governments are becoming more tolerant of debt defaults as the
economy weakens further and governments feel increased fiscal
strains, the Journal states.

"The timing is indeed better now for CDS to be introduced to
China. Given that all kinds of defaults are on the rise, I think
demand will be quite robust," Mr. Wang, as cited by the Journal,
said.

The guidelines and standardized contracts for the credit
derivative drafted by NAFMII look to be in line with those
published by the International Swaps and Derivatives Association,
a global body based in New York that sets standard terms for
derivatives transactions, said one of the people briefed on the
instruments, according to the Journal.

So great is the enthusiasm for CDS in China that some officials
seem to view them as a way to help ailing companies get credit,
says the Journal.  The report relates that the government of the
northern province of Shanxi, China's biggest coal-producing
region, said it hopes to encourage credit-default swaps as a
means to raise investor confidence in debt issued by the area's
struggling coal-mining firms. Typically, big coal miners are
backed by the state.

According to a front-page article published Aug. 4 in the Shanxi
Daily, the Communist Party's local mouthpiece, companies from the
region are facing greater difficulties in issuing new debt
because of a weakening economy and rising debt defaults among
state-run enterprises, the Journal reports.

The Journal relates that one of the coal-mining firms from the
province that is struggling to meet its debt repayment, state-
backed ChinaCoal Group Shanxi Huayu Energy Co., defaulted on a
CNY600 million one-year bond in April.

"We've already come up with a plan, and Shanxi would like to
become the first local government to roll out a CDS contract in
China," the Journal quotes Liu Hongbo, an official at the
financial affairs office of the Shanxi provincial government, as
saying.

CDS are normally created by investment banks, which calculate the
default risks involved and charge sometimes steep fees for the
guarantees, and it is unclear how Shanxi province proposes to
handle them, the Journal notes.


FUTURE LAND: 1st Half 2016 Results Supports Ba3 CFR, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Future Land Development
Holdings Limited's 1H 2016 results support its Ba3 corporate
family and B1 senior unsecured debt ratings.

The ratings outlook remains stable.

"Future Land's strong sales and improved profitability in 1H 2016
have mitigated the impact of the modest revenue growth," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

Future land recorded 5.7% year-on-year revenue growth to
RMB9.3 billion in the first half of 2016, while its reported
gross profit margin surged to 20.8% from 16.8% over the same
period.  As a result, adjusted EBIT in 1H 2016 grew by 28% to
RMB1.7 billion.

Moody's believes the rise in the company's gross margin was
mainly driven by the increased proportion of higher margin
products delivered in Shanghai and Suzhou, which together
contributed to 64% of its revenue in 1H 2016.  Moody's expects
its gross margin to be 21%-22% in the next 12-18 months.

In addition, the company posted robust year-on-year growth of
144% in contracted sales to RMB28 billion, and has revised up its
full-year 2016 contracted sales target to RMB52 billion from
RMB40 billion.

"The company's financial metrics remain in line with its Ba3
corporate family rating/B1 senior unsecured ratings despite the
rise in leverage," adds Lau, also the Lead Analyst for Future
Land.

Future Land's EBIT interest remained flat at 3.0x for the 12
months to end-June 2016, with the growth in total debt offsetting
the moderate revenue growth and increased profitability.

Future Land's revenue to debt ratio fell to 107.5% for the 12
months to end-June 2016 from 124.8% in 2015, as its total
reported debt increased to RMB22.5 billion from RMB19.0 billion
over the period.  The growth in debt, however, was outpaced by
the 52% growth in contracted sales for the 12 months ended June
2016.

Moody's expects Future Land's EBIT/interest and revenue to debt
to be at 2.5x-3.0x and around 103%-108% in the next 12-18 months
as the company continues to improve its revenue recognition on
the back of strong sales growth and a mild margin improvement.

Future Land's liquidity position remained solid, with its cash to
short-term debt ratio improving to 282.7% from 195.3%.  Its total
cash holdings of RMB11.2 billion at end-June 2016 and operating
cash flow were adequate to cover its maturing debt of RMB4.0
billion and committed outstanding land payments of around
RMB2.1 billion over the next 12 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Future Land Development Holdings Limited maintains a presence in
26 cities in China.  Its attributable land bank totaled
approximately 14.4 million sqm. of gross floor area as of
June 30, 2016.

The company's 68.27%-owned subsidiary, Future Land Holdings Co.
Ltd (unrated), is an A-share company listed on the Shanghai Stock
Exchange.



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AAR DEE: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
--------------------------------------------------------
CRISIL rating on long term bank facility of AAR DEE Extrusions
(India) Private Limited (ADPL) continues to reflect ADPL's weak
financial risk profile, marked by its small net worth, and its
working-capital-intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan           9       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      11       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
moderate operating margin, the extensive experience of its
promoters in the aluminium industry, and its established
relationships with customers.
Outlook: Stable

CRISIL expects ADPL to maintain its established position over the
medium term on the back of its promoters' extensive industry
experience and established relationships with its customers. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in the company's revenue and
profitability margins from the current levels or there is an
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' if there is significant
deterioration in its capital structure on account of sizeable
working capital requirements or large debt-funded capital
expenditure.

ADPL, incorporated in 2004, manufactures aluminium collapsible
tubes that are used in the pharmaceuticals and adhesive
industries. ADPL is promoted and managed by Mr. Dipesh Mehta and
his wife, Ms. Reena Dipesh Mehta.


AGMOTEX FABRICS: CRISIL Assigns B+ Rating to INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Agmotex Fabrics Private Limited (AFL) and has
assigned its 'CRISIL B+/Stable' rating to the facility. CRISIL
had, on April 15, 2013, suspended the rating as the company had
not provided adequate information for a rating review. AFL has
now shared the requisite information, enabling CRISIL to assign a
rating to its bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             120       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects AFL's modest scale of operations in the
fragmented textile knitting and weaving industry, its large
working capital requirement, below-average debt protection
metrics, and stretched liquidity because of ongoing capital
expenditure (capex). These weaknesses are partially offset by the
extensive industry experience of its promoters, and their funding
support.

For arriving at the rating, CRISIL team has treated unsecured
loans of INR211.2 million extended to AFL by its promoter as
neither debt nor equity, as they bear nominal interest and will
be retained in the business over the medium term.
Outlook: Stable

CRISIL believes AFL will continue to benefit from its promoter's
extensive industry experience and funding support. The outlook
may be revised to 'Positive' if there is a significant
improvement in the company's revenue and profitability leading to
higher-than-expected cash accrual, thus, a better debt protection
metrics and liquidity. The outlook may be revised to 'Negative'
in case of low accrual, or stretch in working capital cycle, or
delay in ramp-up of operations after the ongoing capex, weakening
the financial risk profile, particularly liquidity.

AFL, incorporated in 1994, manufactures knitted and woven fabric
made of cotton, polyester, nylon, rayon, and viscose. It also has
processing and dyeing capacities. The company is promoted by Mr.
Shishir Agrawal and its registered office is at Kanpur in Uttar
Pradesh.


AGRAWAL TRADERS: ICRA Reaffirms 'B' Rating on INR6.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating to INR6.00 crore long term
fund based bank facilities of Agrawal Traders.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term, Fund
   based limits
   Cash Credit             6.00         [ICRA]B reaffirmed

The rating reaffirmation takes into account the easy availability
of raw material by virtue of favourable location and substantial
experience of promoters in the cotton seed oil business with
established relations with customers. The rating is, however,
constrained by leveraged capital structure and stretched coverage
indicators due to working capital intensive nature of operations
and low profit margins in line with low value adding nature of
business. ICRA also takes note of small scale of operations with
vulnerability associated with agro-climatic conditions, which has
a direct bearing on profitability. Going forward, scaling up
operations while managing inventory levels, will remain the key
rating sensitivities.

Established in 2007, AT is a proprietorship firm promoted by Mr.
Sanjay Agrawal. The firm is engaged in crushing of cotton seeds
to produce cotton seed wash oil and cotton seed cake. The firm
doesn't have its own manufacturing facility and the crushing work
is done by its group concern-Agrawal Oil and General Industries
on job work basis.


AGRON LOGISTICS: ICRA Lowers Rating on INR10cr Cash Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR10.00
crore fund based facility of Agron Logistics India Private
Limited from [ICRA]B to [ICRA]D.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash         10.00        [ICRA]D revised from
   Credit                               [ICRA]B

The rating revision takes into account the delays in debt
servicing by the company on account of weak liquidity position
driven by slowdown in business.

Incorporated in 2006, Agron Logistics India Private Limited and
promoted by Mr. Sadanand Pandey is a logistic service provider
primarily engaged in providing full truck load bulk cargo
transportation services on an annual contract basis. The company
operates a fleet of around 500 trucks, out of which 63 trucks are
owned and the remaining are leased by the company. The company
also provides value added services like couriering, freight
forwarding and warehousing to its customers as per their
requirements with its warehouses located across the country.


AIMS INDUSTRIES: CARE Lowers Rating on INR10.63r LT Loan to B+
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Aims
Industries Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10.63     CARE B+ Revised from
                                            CARE BB-

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of AIMS Industries Limited (AIMS) was primarily on
account of loss-making and stagnant scale of operations,
deterioration in capital structure, weak debt coverage indicators
and liquidity position during FY16 (refers to the period April 1
to March 31). The rating is further constrained on account of
stabilization risk associated with recently completed project.
The rating, however, derives strength from the experienced
promoters and established track record of operations.

AIMS's ability to increase its scale of operations, improvement
in profitability, capital structure and efficient working capital
management are the key rating sensitivities.

Baroda-based (Gujarat) AIMS was established in 1961 as a private
limited company, namely, "AIMS Oxygen Private Limited" by seven
promoters led by Mr Unmesh Mehta and Mr Shwetanshu Patel. In the
year 2001, it was converted to a closely-held public limited
company named as "AIMS Oxygen Limited". Later on, in the year
2005, it had changed its name to "AIMS Industries Limited".

During the year 2007, group companies, namely, "Ashok Jyot Oxygen
Private Limited", "Pramukh Oxygen Private Limited", "Ashok Air
Products Private Limited", "Akshar Acetylene Limited" and "Nimita
Exports Private Limited" got merged into AIMS.

AIMS is engaged into various businesses such as manufacturing of
industrial gases primarily nitrogen, argon, hydrogen, oxygen and
carbon dioxide, packaging business primarily corrugated boxes and
Electronic Manufacturing Services where it provides manufacturing
and assembling of circuit boards on job work basis. It has also
ventured in the real estate business where it had constructed a
commercial complex which houses 32 offices.

As per the provisional results for FY16, AIMS reported net loss
of INR0.77 crore on a total operating income (TOI) of INR35.30
crore as against net loss of INR0.93 crore on a total operating
income of INR31.89 crore during FY15.


ANGAN TEXTILE: CARE Assigns B+ Rating to INR8.75cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Angan Textile Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.75      CARE B+ Assigned
   Short-term Bank Facilities     0.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Angan Textile
Private Limited (ATPL) are primarily constrained on account of
stabilization risk associated with its on-going project along
with susceptibility of profit margins to volatility in raw
material prices and presence in the highly fragmented and
competitive textile industry.

The above constraints far offset the benefits derived from the
vast experience of the promoters in the textile industry along
with strategic location in cotton-producing region, various
fiscal benefits to be received from government and advanced stage
of project implementation.

The ability of ATPL to successfully complete the project without
any delay and stabilize its business operations by achieving
envisaged capacity utilization and scale of operations would
remain the key rating sensitivities.

Rajkot- based (Gujarat) ATPL is a private limited company
incorporated on January 16, 2014, by Mr Mahesh Chothani and
Mr Ghanshyam Chothani. At present, ATPL is implementing a
Greenfield project to set up a weaving unit at Rajkot (Gujarat)
with proposed installed capacity of 2,593,000 spindles per annum.
The company envisaged total cost of project of INR11.25 crore
which is proposed to be funded through term loan of INR3.75
crore, equity share capital of INR3.50 crore and unsecured loans
from promoters and relatives of INR4 crore. Products manufactured
by ATPL will be used in the textile industry. ATPL has envisaged
commencing commercial production from July 2016. The promoters of
ATPL are also directors in their group entity Dharti Cotspin
Private Limited (DCPL, rated 'CRISIL B+') which is into the
business of yarn manufacturing.


BHARAT COTTAGE: ICRA Upgrades Rating on INR8.5cr Loan to B-
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B- from [ICRA]C to
the INR9.20 crore1 fund-based bank facility of Bharat Cottage
Industries. ICRA has reaffirmed the short-term rating of [ICRA]A4
to the INR1.20-crore non-fund based bank facility of the firm.
The unallocated limits of INR0.90 crore have been rated on both
the scales at [ICRA]B- and [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                0.70       Upgraded to [ICRA]B-
                                       from [ICRA]C

   Cash Credit              8.50       Upgraded to [ICRA]B-
                                       from [ICRA]C

   Packing Credit          (0.80)      Upgraded to [ICRA]B-
                                       from [ICRA]C

   FDBP/FUDBP              (0.80)      Upgraded to [ICRA]B-
                                       from [ICRA]C

   Letter of Credit        (0.30)      Upgraded to [ICRA]B-
   (Inland)                            from [ICRA]C

   Letter of Credit
   (LC)                     1.00       [ICRA]A4 reaffirmed

   Letter of Guarantee
   (LG)                     0.20       [ICRA]A4 reaffirmed

   Buyers Credit (Sub
   limit of LC)            (1.00)      [ICRA]A4 reaffirmed

   Unallocated limits       0.90       [ICRA]B-/[ICRA]A4 assigned

The long term rating upgrade and short term rating reaffirmation,
favourably incorporates the gradual increase in the operating
income on the back of incremental capacity additions and the
capital infusions by the partners. The ratings continue to
favourably factor in the established experience of the partners
in the plastic products segment and the well diversified product
profile of the firm.

The ratings are, however, remain constrained by the financial
risk profile characterized by stretched liquidity as reflected by
high utilization of the working capital limits and high working
capital intensity marked by high inventory levels. The capital
structure of the firm remains moderately leveraged, though the
same has improved marginally in FY 2015 supported by infusion of
capital by the partners. The ratings are also constrained by the
firm's exposure to raw material price fluctuations, the key raw
material 'Polypropylene (PP)' being crude oil derivative and cost
of the same being a significant component of the cost structure.
ICRA also takes into consideration the intense competition in the
industry which impinges the margins and the risk of capital
withdrawals, given its constitution as a partnership firm.

Established in 1961, by late Shri Mangilalji, Danrajji Badamia,
Bharat Cottage Industries (BCI) is a partnership firm managed by
Mr. Mahendra Mangilalji Jain, Mrs. Madhubala Mahendra Jain and
Mr. Priyank Mahendra Jain. BCI manufactures household plastic
items and thermo-ware products. BCI's product range comprises of
items consisting of water jugs, casseroles, water bottles, water
filter, vaccum flasks, bucket, mugs, waste bins and others. The
firm has a manufacturing unit located at Daman with an installed
capacity of 2200 MTPA and is operating at its full capacity at
present.


BHAWANI STEELS: CRISIL Suspends B- Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Bhawani
Steels Private Limited (BSPL).

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

The suspension of rating is on account of non-cooperation by BSPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BSPL is yet to
provide adequate information to enable CRISIL to assess BSPL'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 1985, BSPL was acquired by its current promoter,
Mr. Manoj Jain, in 1994. The company manufactures copper rods
that are primarily used to manufacture copper cables. BSPL's
manufacturing facility is located in SSI Industrial Area (Delhi).


BHOPAL MOTORS: CRISIL Assigns B+ Rating to INR138.5MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Bhopal Motors Private Limited (BMPL).

                                 Amount
   Facilities                   (INR Mln)     Ratings
   ----------                   ---------     -------
   Inventory Funding Facility      138.5      CRISIL B+/Stable

The rating reflects BMPL's below-average financial risk profile,
marked by high gearing, average debt protection metrics and
sizeable investment and advances to sister concerns or
affiliates. The rating also factors in BMPL's exposure to intense
competition and large working capital requirements. These rating
weaknesses are partially offset by diversified revenue profile,
and by the extensive experience of the promoters in the
automobile dealership business, and their established relations
with JCB India Pvt Ltd (JCB).

Outlook: Stable

CRISIL believes BMPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if substantial and sustained improvement in
scale of operations and accrual, or substantial equity infusion
by promoters, along with improved working capital management
strengthens the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if low operating income or cash
accrual, stretch in working capital cycle, or any large capital
expenditure or further advance to sister concerns weakens
financial risk profile, particularly liquidity.

BMPL, incorporated in 1951, is an authorised dealer for heavy
earth-moving equipment and heavy commercial vehicles including
backhoe loaders, excavators and car mounted machines for JCB
India Ltd (JCB). The company is headquartered in Indore with
multiple sales offices. The company is also an authorised dealer
for oil and lubricants of Castrol and HP. It also derives income
from leasing JCB Machines and property, and from interest. The
company is promoted by Indore-based Sanghi group. Mr. Rohit
Sanghi and Mrs. Swati Tokkar are the directors of the company.


BRAJESH PACKAGING: ICRA Reaffirms B+ Rating on INR6.75cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR0.73
crore term loan facility and INR6.75 crore cash credit facility
of Brajesh Packaging Private Limited. ICRA has also reaffirmed
the short term rating of [ICRA]A4 for INR0.14 crore short term
non-fund based facility of BPPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term, Fund
   Based-Term Loan         0.73        [ICRA]B+/Reaffirmed

   Long Term, Fund
   Based-Cash Credit       6.75        [ICRA]B+/Reaffirmed

   Short Term, Non-
   Fund Based              0.14        [ICRA]A4 Reaffirmed

ICRA has taken a consolidated view of BPPL and three other group
companies, viz. Radhika Packaging Private Limited (RPPL), Suyash
Polymer (SP) and Harshita Polypack (SP) -- together referred to
as the Dammani Group -- while arriving at the ratings, as the
group companies derive significant business synergies from each
other.

The reaffirmation of ratings takes into account BPPL's small
scale of operations, its weak financial profile characterized by
thin profitability, leveraged capital structure and weak debt
coverage indicators. The ratings are also constrained on account
of high working capital intensity of operations owing to longer
receivable turnover period and high inventory level. This has
resulted in stretched liquidity profile of the company as
reflected in consistently high utilization of working capital
limits. The ratings also factor in the highly competitive
business environment the company operates in on account of the
fragmented industry structure, with limited entry barriers. The
ratings also take into consideration, the susceptibility of the
company's profitability and cash flows to adverse fluctuations in
prices of raw materials. The rating however, favourably factor in
the long standing experience of the promoters in the industry;
established marketing network in Maharashtra and adjoining
states; and favourable demand prospect for polypropylene (PP)
strap in packaging industry.

Incorporated in 1978, Brajesh Packaging Private Limited (BPPL) is
the flagship company of the Dammani Group, engaged in the
manufacturing of PP straps and strap machines. Mr. Neelesh
Dammani, the Managing Director of the company, oversees the group
operations.

Recent Results
BPPL reported OPBDIT of INR1.30 crore in FY2015 on an operating
income of INR34.4 crore. The company had reported PAT of INR0.03
crore during the same period (provisional and unaudited
financials).


CHOUDHARY & COMPANY: ICRA Suspends B+ Rating on INR8cr Loan
-----------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B+ assigned to
the INR8 crore bank facilities of Choudhary & Company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


D.P.M.K. FERTILIZERS: CRISIL Ups Rating on INR95MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
D.P.M.K. Fertilizers Private Limited (DPMK) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable' while reaffirming the short-term rating at
'CRISIL A4'.

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

   Cash Credit             95        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade factors in improvement in the financial risk profile
over the past two years as reflected in an increase in networth,
lower-than-expected gearing, and improved debt protection
metrics.

The capital structure has improved as reflected in the
improvement in total outside liabilities to tangible networth
(TOLTNW) ratio to 5.8 times as on March 31, 2016, from 12.29
times as on March 31, 2014. This has been mainly on account of
capital infusion of INR20 million over the past two years,
coupled with profit after tax (PAT) added back to the business of
INR5.7 million, increasing the networth to INR50.4 million as on
March 31, 2016, from INR24.4 million as on March 31, 2014.
Furthermore, the scale of operations has grown as reflected in
operating revenue to an estimated INR1 billion in fiscal 2016 (Rs
730 million in the previous fiscal). This, coupled with low
operating margin of 2.5-3.0% in fiscal 2016, has led to estimated
profit of INR3.5-4.0 million against debt obligation.

The rating continues to reflect DPMK's average financial risk
profile, marked by its moderate capital structure and subdued
debt protection metrics; along with its modest scale of
operations and low profitability in the fragmented fertiliser
trading segment. These rating weaknesses are partially offset by
the extensive industry experience of the promoters, and their
funding support.
Outlook: Stable

CRISIL believes DPMK will benefit from the extensive experience
of promoters and established presence in the fertilizer trading
segment. The outlook may be revised to 'Positive' if significant
and sustained growth in revenue and profitability leads to
sizeable cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile and liquidity weaken
because of significantly low cash accrual or substantial working
capital requirement.

Established in 1990 as a proprietorship firm and reconstituted as
a company in 2009, DPMK trades in and distributes organic and
inorganic fertilisers, primarily in Chhattisgarh, Madhya Pradesh,
and Odisha. The key promoter, Mr Dwarika Gupta, manages
operations.


DHANLAXMI BANK: CARE Lowers Rating on INR27.50cr Loan to 'D'
------------------------------------------------------------
CARE revises the rating assigned to the upper tier ii bond issue
of Dhanlaxmi Bank Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Upper Tier II Bonds           27.50      CARE D Revised from
                                            CARE BB

The rating of Upper Tier II Bonds takes into account its
sensitiveness to the bank's Capital Adequacy Ratio (CAR) and
profitability during the tenure of the instrument. The ratings
for the hybrid instruments factor in the additional risk arising
due to the existence of the lock-in clause in these instruments.
Any delay in payment of interest/principal (as the case may be)
following the invocation of the lock-in clause, would constitute
an event of default as per CARE's definition of default and as
such, these instruments may exhibit a somewhat sharper migration
of the rating compared to conventional subordinated debt
instruments.

Rating Rationale

The revision in the rating assigned to the Upper Tier II bond
issue of Dhanlaxmi Bank Limited (DBL) is on account of nonpayment
of interest due to invocation of lock in clause following fall in
CAR below regulatory requirement. As per the terms of instrument,
the issuing bank shall not be liable to pay either interest or
principal in the event of CAR falling below regulatory
requirement. The bank reported a total Capital Adequacy Ratio
(CAR) of 7.51% as on March 31, 2016, which was below the
regulatory requirement of 9.625%. Tier I CAR stood at 6.12% as on
March 31, 2016 and regulatory approval for payment of the
interest has not been obtained.

DBL is a Kerala-based small-sized private sector bank with its
headquarters at Thrissur. Total assets of the bank stood at
Rs.12,426 crore as onMarch 31, 2016. The bank's shares are listed
and are widely held.

During FY16 (refers to the period April 1 to March 31), DBL
reported after tax loss of INR209 crore on a total income of
Rs.1,281 crore. The loss was primarily on account of provision
towards NPA and provision for superannuation benefits relating to
the VRS implemented in the years 2000 and 2004. Gross NPA and Net
NPA stood at 6.36% and 2.78% respectively as on March 31, 2016.
The bank is in the process of mobilizing fresh equity to improve
its capital adequacy level and expects to complete the process by
August 2016.


DIGJAM LIMITED: CARE Revises Rating on INR40.50cr LT Loan to B+
---------------------------------------------------------------
CARE revises the lt rating and reaffirms the st rating assigned
to the bank facilities of Digjam Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     40.50      CARE B+ Revised from
                                            CARE B

   Short term Bank Facilities    54.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating of Digjam Limited (Digjam)
takes into account the steps taken by the company for increasing
its scale of operations, induction of experienced professional in
top management, marketing tie-up with renowned luxury suiting
retailer of UK and proposed capex in the area of value addition.

The ratings of Digjam continue to be constrained by modest scale
of operation, cash losses, weak debt coverage indicators and
working capital-intensive nature of operations. The ratings are
further constrained by its presence in the highly competitive
worsted fabric segment and susceptibility of its margins to
foreign currency exchange rate fluctuation.

The ratings, however, derive strength from the resourceful and
experienced promoters, long track record of operations of
Digjam along-with an established brand.

The ability of Digjam to scale up its operations along-with
improvement in profitability and capital structure with efficient
management of working capital and foreign exchange rate
fluctuation are the key rating sensitivities.

Originally incorporated in 1948 as DigvijayWoollenMills Ltd,
Digjam is promoted by the S K Birla Group. Mr Sidharth Birla,
son of Mr S K Birla, is the Chairman of the company. Digjam
(amalgamating company) amalgamated with its whollyowned
subsidiary Digjam Textiles Ltd. (amalgamated company) with
appointed date of June 30, 2016, and effective date of March 23,
2016. Subsequently, the name of the company has been changed from
Digjam Textile Ltd. to Digjam Ltd., upon completion of all the
requisite formalities. The amalgamation has been accounted for as
per 'the purchase method'.

In terms of the scheme, the company has allotted 87,641,621 fully
paid equity shares of INR10 each at a premium of INR5 per share
and 500,000 - 8% non-convertible redeemable preference shares of
INR100 each at par fully paid in the ratio of 1 share for every 1
share held in the amalgamating company.

Digjam is primarily engaged in manufacturing worsted fabrics at
its sole manufacturing facility at Jamnagar, Gujarat.

Digjam sells its fabric under the 'Digjam' brand through its
established marketing network consisting of approximately 19
agents, 114 wholesale dealers and 1207 retailers spread across
India.

As per the audited results for 9MFY16 (refers to the period July
1, 2015 to March 31, 2016), Digjam reported net loss of INR9.88
crore on a total operating income (TOI) of INR95.31 crore.


FINESSAC FOOD: CRISIL Reaffirms B+ Rating on INR57.5MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Finessac Food
Ingredients and Colours Private Limited (Finessac) continue to
reflect a small scale of operations in the fragmented food
colours and dyes industry, and average financial risk profile
because of a modest net worth and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            30        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        6        CRISIL A4 (Reaffirmed)
   Term Loan              57.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Finessac 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 a significant
increase in scale of operation while profitability is sustained,
leading to sizable cash accrual and improvement in the financial
risk profile. The outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, especially
liquidity, most likely due to a stretched working capital cycle.

Update
Operating income declined to INR72.5 million in fiscal 2016 from
INR100.8 million in the previous fiscal due to lower offtake from
main customers, driven by a sluggish economy. Operating margin,
however, improved to 30.1% from 23.0% due to low raw material
costs and higher number of job-work orders executed during the
year.

The financial risk profile is average because of a modest
networth and high gearing of INR19.1 million and 3.66 times,
respectively, as on March 31, 2016. Debt protection metrics were
moderate, with interest coverage and net cash accrual to total
debt ratios of 2.18 times and 0.15 time, respectively, in fiscal
2016. Cash accrual, though modest, remains sufficient to meet
debt obligation. Bank limit was moderately utilised at an average
of about 87% over the 12 months through May 2016. Liquidity is
also supported by unsecured loans of INR33.0 million (as on
March 31, 2016) extended by promoters.

Finessac, incorporated in July 2013 and promoted by Mr Ravindra
Kedia and family, manufactures food ingredients and colours. Its
unit is in Roha, Maharashtra.


G & G INTERNATIONAL: ICRA Suspends B+ Rating on INR7.88cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.881 crore fund based bank facilities and INR2.12 crore
unallocated limits of G & G International Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund- Based Limits-
   Long Term               7.88         [ICRA]B+; Suspended

   Unallocated Limits-
   Long Term               2.12         [ICRA]B+; Suspended

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

GGIPL was established in 2012 as a private limited company and
manufactures polar fleece blankets with specifications ranging
from 100-450 Grams per Square Meter (GSM). The company's
manufacturing unit located at Gharaunda, Karnal in Haryana has an
installed capacity of 10 tonnes per day and commenced commercial
production from December 2012.


G.N. PAL: ICRA Assigns 'B' Rating to INR10cr LT Loan
----------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR10.00
crore fund-based bank facilities of G.N. Pal and Sons.

                            Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long-term fund-based
   bank facilities           10.00        [ICRA]B; assigned

ICRA's rating takes into account the early stage of the
operations wherein the firm is yet to see the scalability of
revenues and achieve the estimated profitability. The rating also
factor in the intense competition in the gold jewellery retailing
from other organized and unorganized players in the Haldwani
region. The rating is also constrained by the risks in the gold
price fluctuation although fast moving inventory and return
policy of Tanishq helps manage inventory risk to some extent. The
rating however draws comfort from the firm operating a franchise
of 'Tanishq' a well established brand in the Indian markets along
with healthy revenues and footfalls seen in the first six months
of operations. The rating also derives comfort from promoter's
background as they have been operating other group concerns in
different domains.

Going forward, the ability of the firm to ramp-up its revenues
and footfalls to generate adequate profitability and cash
accruals will be key rating sensitivities. Any significant
inventory loss will also be a key rating monitorable.

G.N. Pal and Sons was established in 2015 as a partnership
concern and started operations in October 2015. The firm operates
a franchise of Tanishq in Haldwani. All the ornaments sold are
manufactured and supplied by Titan Industries Ltd. The showroom
has been set up to fulfill the norms and standards of Titan with
respect to display, stocking and selling.


GANPATI MEGA: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ganpati Mega Builders
India Private Limited (GMB) continue to reflect the company's
modest networth and scale of operations. These weaknesses are
partially offset by the extensive experience of its promoters in
the civil construction industry, and its healthy order book
providing revenue visibility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          90        CRISIL A4 (Reaffirmed)
   Cash Credit             60        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GMB will continue to benefit over the medium term
from its promoters' extensive industry experience and its healthy
order book. The outlook may be revised to 'Positive' if increase
in revenue and operating margin improves financial risk profile,
particularly liquidity, or if enhancement in working capital
limits results in a better liquidity. Conversely, the outlook may
be revised to 'Negative' if operating profitability declines, or
if revenue growth slows down, or if working capital cycle
lengthens, leading to deterioration in its financial risk
profile, particularly liquidity.

GMB, established in 2007, is a civil contractor and undertakes
projects, such as redevelopment of buildings, construction of
housing for the poor, and canal construction, for government
authorities. The company, based in Agra, Uttar Pradesh, is
managed by Mr. Piyush Jain and Mr. Parag Jain.


GARG RICE: ICRA Suspends 'B' Rating on INR6.0cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR6.001 crore fund based bank facilities of Garg Rice &
General Mills.

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

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

GRGM is a proprietorship firm which was set up in 1980 by Mr. Ram
Lal Garg, and is engaged in processing and selling of basmati
rice, mainly to local traders. It has its plant located in
Kaithal, Haryana with a milling capacity of 5 tonnes per hour and
sortex machinery with a capacity of 4 tonnes per hour. The firm
sells major portion of the Basmati produced and by products such
as husk, rice bran and 'phak' to local traders.


GUJCHEM SURFACTANTS: CRISIL Suspends B Rating on INR31.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gujchem Surfactants Private Limited (GSPL; formerly known as
Gujarat Chemicals).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4
   Cash Credit            15        CRISIL B/Stable
   Foreign Bill
   Discounting            12        CRISIL B/Stable
   Packing Credit         10        CRISIL A4
   Proposed Long Term
   Bank Loan Facility     31.5      CRISIL B/Stable
   Term Loan              13.5      CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
GSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GSPL is yet to
provide adequate information to enable CRISIL to assess GSPL'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 1970s, GSPL is a manufacturing firm into
production of ethoxylates, surfactants, formulations, phosphates
and oil field chemicals, with an installed production capacity of
1500 Mts per month. The firm is managed by Mr. Pramod Shah and
Mr. Ankit Shah with exports contributing to around 65 per cent of
the overall revenues of the firm.


HALDIA NIRMAN: CARE Assigns 'B' Rating to INR5.65cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Haldia Nirman Projects Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.65      CARE B Assigned
   Short-term Bank Facilities     2.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Haldia Nirman
Projects Pvt. Ltd. (HNPL) are constrained by its relatively small
scale of operation with moderately low profitability margin,
volatile input prices, risk of delay in project execution,
sluggish growth amidst intense competition in the construction
industry and working capital intensive nature of business
resulting in leveraged capital structure. The aforesaid
constraints are partially offset by experienced promoters with
long track record of operation, satisfactory order book position
and satisfactory client portfolio.

Regular receipt of contract proceeds, steady flow of orders &
timely execution of the same and ability to manage working
capital effectively are the key rating sensitivities.

HNPL incorporated in November 5, 2004, was promoted by the Bera
family of Haldia, West Bengal, with Mr Saroj Kumar Bera being the
main promoter. HNPL is a small-sized West Bengal-based company
engaged in providing different types of construction services
which include construction of buildings, pipelines, electrical
works, etc, for both private and government entities with
majority of revenue being derived from private entities during
FY15 (refers to the period April 01 to March 31).

As per the audited results of FY15, HNPL reported a PBILDT of
INR1.05 crore (PBILDT of INR1.54 crore in FY14) and PAT of
INR0.13 crore (PAT of INR0.44 crore in FY14), on a total
operating income of INR5.80 crore (total operating income of
INR14.32 crore in FY14). During FY16 (Provisional), the company
has maintained to have achieved TOI of INR17.35 crore.


ICONIC CASTINGS: CRISIL Assigns 'B' Rating to INR110.7MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Iconic Castings Private Limited (ICPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan             110.7      CRISIL B/Stable
   Cash Credit            70        CRISIL B/Stable
   Funded Interest
   Term Loan              15.1      CRISIL B/Stable

The rating reflects the company's modest-scale and working-
capital-intensive operations, weak financial risk profile because
of subdued capital structure, and susceptibility to cyclicality
in its end-user industries and to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of its promoters in the steel castings and fabrication
business, and its established clientele.
Outlook: Stable

CRISIL believes ICPL will benefit from its promoters' industry
experience. The outlook may be revised to 'Positive' if its
revenue increases significantly while profitability remains
stable, leading to sizeable cash accrual. The outlook may be
revised to 'Negative' in case of low profitability, increase in
working capital requirement, or significant debt-funded capital
expenditure, leading to pressure on its liquidity.

ICPL, established in 2010 by Mr Sandeep Pore and Mr Sachin Pore,
manufactures cast iron castings and spheroidal graphite iron
castings used in the automotive and engineering industries. Its
operations are managed by Mr Sachin Pore.


IDEAL CARPET: ICRA Suspends B- Rating on INR12cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B- assigned to
the INR12.00 crore bank facilities of Ideal Carpet Industries.
The suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

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


IFMR CAPITAL: ICRA Rates INR4.95cr PTC Series A3 'C+(SO)'
---------------------------------------------------------
ICRA had assigned Provisional [ICRA]A(SO) rating, Provisional
[ICRA]BBB+(SO) rating and Provisional [ICRA]C+(SO) rating to
proposed PTC A1, PTC A2 and PTC A3 issuance by IFMR Capital Mosec
Nile 2016 backed by micro loan receivables originated by Intrepid
Finance and Leasing Private Limited (Intrepid), Light
Microfinance Private Limited (Light) and Saija Finance Private
Limited (Saija).

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   PTC Series A1           14.02       [ICRA]A(SO)
   PTC Series A2            8.52       [ICRA]BBB+(SO)
   PTC Series A3            4.95       [ICRA]C+(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


INDIAN GRAMEEN: CARE Assigns 'B' Rating to INR10cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Indian
Grameen Services.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facility
   (proposed)                      10       CARE B Assigned

Rating Rationale

The rating assigned to the bank facility of Indian Grameen
Services (IGS) is constrained by small size of operations with
moderate seasoning of clients, major exposure towards MFI,
moderate capital adequacy ratio, limited resource profile,
below average financial performance and asset quality and
susceptibility to changes in government regulations. The
above rating weakness is partly offset by group support and
experience of the promoters to promote livelihood financial
services including micro-savings, micro-credit & micro-insurance
and moderately diversified portfolio.

The ability of the company to increase its scale of operations,
diversify clientele base and improve upon asset quality
along with its ability to raise funds would be the key rating
sensitivities.

Incorporated in 1987, IGS is registered as not for Profit Company
under section 25 of Companies Act. IGS was formed by Mr. Vijay
Mahajan, Mr. Deep Joshi and Mr. Sankar Datta and is affiliated to
the Basix group. In 2001, the company seeded Livelihoods And
Microfinance Promotion (LAMP) fund with INR2 million to support
small NGO's & community based organizations to startmicrofinance
operations and serve poor households which were too remote to be
served directly.

In 1999, Canadian International Development Agency (CIDA)
identified Basix for 'Banking for the Poor in India'. CIDA also
identified Canada based DID (Development international
Desjardins) to provide technical assistance to BSFL (Bhartiya
Samruddhi Finance Ltd.), a non-banking finance company in the
Basix Group. It funded INR5.86 crore to BSFL for 7 years to be
repaid in 4 installments. However as specified, entire proceeds
was to be repaid to the credit of IGS. Starting 2005 to 2011,
entire proceeds of INR7.76 crore (including interest) of the 4
installments were repaid into the IGS LAMP Fund.

In 2009, Ford foundation (FF) contributed 14-year-long soft loan
of INR94.83 million to IGS. IGS has also received grant
(unreturnable/pure) from Sir Ratan Tata Trust and Swiss Agency
for Development and Co-operation (included in corpus fund).

The LAMP Fund supports around 147 organizations across 18 states
of India with high focus in Bihar, Madhya Pradesh, Odisha, West
Bengal and Rajasthan. Apart from LAMP fund, IGS has 2 more
business verticals namely Business Correspondent (BC) and
Project. Under BC, IGS used to extend financial inclusion
services (to the poor and less privileged in the unbanked areas
of India) as a Business Correspondent of RBL Bank and Yes Bank.
Currently, BC operations with both the banks have been
discontinued. Under Projects vertical, IGS focuses on capacity
building/institution development of producers/communities.

The gross and net NPA stood at 3.51%, respectively, as on
March 31, 2015 as a percentage of loan assets as against 3.87% &
1.25% as on March 31, 2014. IGS's CAR (for LAMP Fund) was
satisfactory at 10.18% as on March 31, 2015. Overall gearing
ratio remained at the same level at 1.08x as onMarch 31, 2015
vis-a-vis 1.09x as onMarch 31, 2014. ROTA was negative in FY15
due to higher operating expenses.

In FY15, IGS incurred a net loss of INR0.01 crore (P.Y. INR0.20
crore) on total income of INR39.04 crore (P.Y. INR25.89 crore).
In H1FY16 (on provisional basis), IGS earned INR0.05 crore on
total income of INR17.56 crore.


JAISHRIRAM SUGAR: CRISIL Reaffirms C Rating on INR291.5MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jaishriram
Sugar and Agro Products Ltd (JSAPL) continues to reflect the
company's large working capital requirement, weak financial risk
profile, and susceptibility to risks related to non-availability
of sugarcane and to changes in regulations in the sugar industry.
However, these weaknesses are partially offset by its promoters'
industry experience and funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            33.5       CRISIL C (Reaffirmed)

   Sugar Pledge Cash
   Credit                291.5       CRISIL C (Reaffirmed)

CRISIL had on Feb. 10, 2016 upgraded its rating on the long-term
bank facilities of JSAPL to 'CRISIL C' from 'CRISIL D'.

JSAPL, incorporated in February 2006, has a sugar plant with
capacity to crush 2000 tonne of cane per day, and a 5-megawatt
cogeneration plant. The plant, at Halgaon in Ahmednagar,
Maharashtra, commenced commercial operations in fiscal 2013. Its
operations are managed by promoter Mr M N Navale and his family
members.


KAILAS GINNING: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kailas Ginning Factory (KGF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            60         CRISIL B/Stable
   Long Term Loan          7.2       CRISIL B/Stable
   Proposed Cash
   Credit Limit           17.8       CRISIL B/Stable

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

KGF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm is involved in the ginning and
pressing of raw cotton to make cotton bales and also
manufacturing of cotton seed wash oil, cotton seed linter, and
de-oiled cake from them.


KAUSHAMBI PAPER: ICRA Suspends B/A4 Rating on INR8.5cr Loan
------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR8.50 crore bank facilities
of Kaushambi Paper Mills (P) Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


KHAJA EDUCATION: CRISIL Reaffirms 'B' Rating on INR30MM Loan
------------------------------------------------------------
CRISIL ratings on the bank facilities of Khaja Education Society
(KES)'s continues to reflect modest scale of operations, its
significant exposure to group entities resulting in high
dependence on bank limits, and its susceptibility to adverse
regulatory changes in the education sector. These rating
weaknesses are partially offset by KES's established regional
presence in Gulbarga region (Karnataka), supported by its
longstanding presence in the education segment and extensive
industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          77        CRISIL A4 (Reaffirmed)

   Long Term Loan          20        CRISIL B/Stable (Reaffirmed)

   Overdraft Facility      30        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      23        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KES will continue to benefit over the medium
term from the extensive experience of its promoters in the
education sector and its established regional presence. The
outlook may be revised to 'Positive' if there is significant
improvement in financial risk profile coupled with improvement in
working capital management. Conversely, the outlook may be
revised to 'Negative' if KES undertakes a larger-than-expected
debt-funded capital expenditure programme, or records a steep
decline in its revenues and surplus, resulting in deterioration
in its financial risk profile.

Update
The society was registered in 1966. The established position of
the society is reflected in high levels of occupancy in most of
the courses offered and the hospital.  Therefore overall
operational performance for the society has been in line with
expectation. CRISIL expects the occupancy for various institute
of society to be in line with historical trends.

As the society acts as a guardian of funds generated from various
institutes and provides required funds to the institutes, there
are minimal operating overheads. Further, the income of the
society is the only development fund collected from students from
each of the institutes. The other components of the fees
collected from each of the student is normally retained by the
individual institutes. It is observed that medical college is the
largest contributor to the society with almost 90 to 95 percent
of the total income.

The society is expected to have regular capex of Rs.20 to 25
million per year over the medium term towards laboratories
renovation, seminars from IIT/IIM faculties etc. CRISIL expects
no major debt for these plans and most of it is expected to be
funded through internal accruals only.

The management of the society has been very conservative and
conscious in repayment of term loan installments and interest.
The fees are collected semi-annually; the society repays term
loan installments as well as interest for all the term loans in
advance of around 10-15 days. The same has been confirmed by the
banker. This ensures that there is no mismatch between cash
inflow and obligations.

In absence of any major capex plan the financial risk profile is
expected to remain healthy with gearing and debt protection
indicators improving from current levels

KES is set up in 1958 and registered in 1966. KES runs
educational institutes in Gulbarga (Karnataka). The society is
founded by late Mr. Padmashri Syed Shah Muhammad Al Hussaini. The
society is currently managed by Dr. Syed Shah Khusro Hussaini.


KISHAN GINNING: ICRA Reaffirms B+ Rating on INR13.50cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR13.50 crore cash credit facility of Kishan Ginning &
Pressing Factory.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             13.50        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account weak financial
profile as reflected by low profitability as inherent in the
cotton ginning business resulting in modest return indicators.
Further, leveraged capital structure of the firm has resulted in
high gearing level and weak debt protection metrics during the
period under study. The ratings also take into account the low
value additive nature of operations and the intense competition
on account of the fragmented industry structure leading to thin
profit margins. Moreover, profitability of the firm is also
vulnerable to adverse fluctuations in raw material prices which
are subject to seasonal availability of raw cotton and government
regulations on MSP for procurement of raw cotton. ICRA further
notes that KGPF is a partnership concern and any substantial
withdrawal from capital account in future could adversely impact
the credit profile of the firm.

The ratings, however, favourably take into account favourable
location of the firm's manufacturing facility giving it easy
access to raw material. The rating also favourably considers the
firm's presence in the forward integration of cottonseed crushing
thus providing diversification and additional revenues.

Kishan Ginning & Pressing Factory (KGPF) was established in 2008
as partnership firm by Mr. Ramesh Chachadia and his family
members. During the current fiscal i.e. FY 2015-16, the firm
underwent reconstitution of partnership as three partners
voluntarily retired from the firm and at present four partners
make up the management. The firm is involved in ginning and
pressing of raw cotton and crushing of cottonseeds with a fleet
of 12 ginning machines and one pressing machine with an installed
capacity to produce 50 bales per day and 17 expellers with the
capacity to process 140 tonnes of cotton seeds per day.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR86.78 crore and profit before tax of INR0.30 crore
as per the provisional financials.


KOMPLETE SUPPLY: CRISIL Assigns B+ Rating to INR60MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Komplete Supply Chain Solutions Private
Limited (KSCSPL).

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Loan Against Property      60       CRISIL B+/Stable

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

The rating reflects KSCSPL's exposure to demand risks for its
warehouses and its below-average financial risk profile because
of a small net worth and high gearing. These rating weaknesses
are partially offset by the extensive experience of the company's
promoters in the warehouse and logistics industry and their fund
support.
Outlook: Stable

CRISIL believes KSCSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operation either by an increase in rental
income or sale of the constructed warehouse, while healthy
profitability is maintained. The outlook may be revised to
'Negative' in case of delay in receipt of rental income, reduced
offtake for its warehouses leading to stretched liquidity.

Incorporated in 2011 and based in Thane, Maharashtra, KSCSPL
constructs warehouses and also derives rental income. It is
managed by the Premchandani family.


MANGALA ELECTRICALS: CRISIL Assigns 'B' Rating to INR25MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Mangala Electricals (ME).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable
   Bank Guarantee          25        CRISIL A4
   Open Cash Credit        25        CRISIL B/Stable

The ratings reflect the ME's modest Scale of operation, its
exposure to intense competition in the electrical construction
industry, and its working capital intensive operations. The
ratings also reflect ME's weak financial risk profile marked by
modest networth. These rating weaknesses are partially offset by
extensive industry experience of ME's promoters and its long
standing customer relationships.
Outlook: Stable

CRISIL believes that Mangala Electricals (ME) will continue to
benefit over the medium term from the industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in the firm's scale of operations while
maintaining profitability resulting in higher-than-expected cash
accruals or in case of significant infusion of capital into the
firm resulting in an improvement in its capital structure.
Conversely, the outlook may be revised to 'Negative', if the firm
undertakes any significant debt-funded capital expenditure or
fails to execute its projects on time, or bids aggressively
leading to pressure on margins.

Established in 1981 as a proprietorship firm, Mangala Electricals
(ME), is a Mangalore (Karnataka) based electrical contractor. The
firm primarily undertakes erection of transmission lines. The day
to day operations of the firm are managed by Mr. G. Bhaskar Bhat.


MEHALA CARONA: CRISIL Suspends D Rating on INR234.9MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Mehala
Carona Textiles Private Limited (MCT; part of the Mehala group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            234.9      CRISIL D
   Funded Interest
   Term Loan               66.6      CRISIL D
   Letter of Credit        55.0      CRISIL D
   Proposed Long Term
   Bank Loan Facility      10.8      CRISIL D
   Term Loan               85        CRISIL D
   Working Capital
   Term Loan              219.9      CRISIL D

The suspension of ratings is on account of non-cooperation by MCT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCT is yet to
provide adequate information to enable CRISIL to assess MCT'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 ratings, CRISIL has combined the business and
financial risk profiles of MCT and Dharani Textiles Pvt Ltd
(DTPL). This is because MCT and DTPL, together referred to as the
Mehala group, are in the same line of business, have close
operational and financial linkages, including fungible cash
flows, and are under a common management.

MCT was set up in 1994 by Mr. R Doraisamy in Tirupur (Tamil
Nadu). The company manufactures hosiery yarn.


MOONLIGHT MARBLES: ICRA Reaffirms B- Rating on INR12.54cr Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the
INR12.54-crore long-term fund-based limits of Moonlight Marbles
Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund-based
   limits                  12.54        [ICRA]B-; reaffirmed

The rating reaffirmation takes into account the steady growth in
MMPL's operating income (OI) over the past few years. This has,
however, been accompanied by fluctuation in its operating profit
margins, arising out of raw material price fluctuations and
increase in working capital intensity over the past few years.
ICRA's rating continues to take into account the intensely
competitive and low value additive nature of the marble
processing industry, which results in thin profitability. The
rating also takes into account the company's modest scale of
operations and high working capital intensity due to high debtors
and inventory levels. The rating also factors in the company's
weak financial profile as reflected in its high gearing levels
and moderate coverage indicators. The ratings are further subdued
by stretched liquidity position as evident from its low
unutilized bank limits in the past.

Nevertheless, the rating derives comfort from the long experience
of the promoters in the marble processing business, their
established relationships with customers and satisfactory demand
outlook for marble products in India.

Going forward, the ability of the company to increase its scale
of operations in a profitable manner while maintaining optimal
working capital intensity and improving its capital structure,
will be the key rating sensitivities.

MMPL was established in 1990 and is involved in processing of
marbles. The manufacturing facility of the company is located at
Rajasamand, Rajasthan. It mainly sells its products in India with
some exports to countries in Europe and the Middle East.

Recent results
The company, reported a Profit after Tax (PAT) of INR0.68 crore
on an OI of INR30.02 crore in FY2015, as against a PAT of INR0.18
crore on an OI of INR27.16 crore in the previous year. The
company, on a provisional basis, reported an OI of INR30.23 crore
for FY2016.


NITESH PUNE: CARE Lowers Rating on INR235cr NCD to B+
-----------------------------------------------------
CARE revises the ratings assigned to the NCD of Nitesh Pune Mall
Pvt. Ltd. (Erstwhile Anuttam Developers P Ltd.)

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Non-Convertible Debenture       235      CARE B+ Revised from
                                            Provisional
                                            CARE BB(SO)

Rating Rationale

The rating assigned earlier to the NCD of Nitesh Pune Malls Pvt.
Ltd. (NPM) was based upon the credit enhancement available in the
form of unconditional and irrevocable corporate guarantee from
Nitesh Estates Limited (NEL). Owing to weaker macro factors in
the residential market which has affected the financial
performance of NEL, CARE has taken the standalone view of NPM
(which is holding the retail asset) without considering the
credit enhancement.

The present rating to the NCD of NPM takes into account the
current depressed occupancy levels and lower rental collections
at the mall 'The Nitesh Hub' as old leases were signed on basis
of commencement of rent post occupancy levels reaching a
threshold limit. The rating is also constrained by the high re-
financing risk associated with the NCD redemption given the
bullet repayment of the entire principal and redemption premium.
These weaknesses are partially offset by the company being part
of Nitesh Estates group and recent pick up in occupancy levels at
mall. The rating also takes note of cash flow based interest
servicing in the initial period and that compulsory interest
payments shall start only from the third year (Nov'17) of NCD
placement.

Going forward, company's ability to achieve higher occupancy
levels with signing of rentals at remunerative prices will be the
key rating sensitivity.

Nitesh Pune Mall Private Limited (NPM) was incorporated in the
year 2005 as Anuttam Developers P Ltd, promoted by Permindo Ltd.
Cyprus (indirectly held by Elbit Imaging Ltd). NPM is engaged in
the business of construction and development of commercial retail
space and is operating and managing a shopping mall called Nitesh
Hub (previously known as The Koregaon Park Plaza) at Pune. The
mall is developed on a plot area of 6 acre and has total leasable
area of 4.73 lsft. During 2012 the mall has commenced its
commercial operation, and as of Jun'16 the mall has occupancy
rate of 45%. Apart from this, the company has signed LOI with
various other tenants for occupying additional area of 0.31lsf.


OM SUGARS: CARE Reaffirms 'B' Rating on INR36.45cr LT Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of OM
Sugars Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     36.45      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Om Sugars Limited
(OSL) continues to be constrained by the company's nascent stage
of operations, highly leveraged capital structure, stretched
operating cycle, cyclical & seasonal nature of the sugar industry
and associated agro-climatic risks. The rating also factors in
minimal capacity utilization leading to minuscule operating
income achieved by the company during FY16 (refers to the period
April 01 to March 31).

The rating, however, continues to derive strength from experience
of OSL's promoters, partially integrated operations with captive
source of power and strategic location of the plant in high
recovery and sufficient cane availability area.

The ability of the company to ramp up its operations and fully
utilize its capacity to attain envisaged income and deleverages
its capital structure remains the key rating sensitivities.

Incorporated on August 2009 as a Private Ltd. Company, OSL was
later reconstituted as a Public Ltd. Company on February 11,
2010. OSL is engaged in the production of white crystal sugar &
molasses from sugarcane. The company commenced commercial
operations in November 2014 on a partially integrated sugar plant
with a crushing capacity of 2,500 tones crushed per day (TCD)
with sugar season (SS) 2014-15 being the first crushing season.
OSL also operates a multi-fuel co-generation unit of 4 Mega-watt
(MW) for captive consumption. The plant is located at Chikkodi
Taluka in Belgaum District of Karnataka, which falls under the
well-irrigated belt (River Ghatapraha, Krishna and Dudhganga
Belt) of North Karnataka.

For FY16 Prov. (refers to the period April 1 to March 31), OSL
reported a total operating income of INR20.87 crore and net loss
of INR1.54 crore as against operating income of INR1.51 crore and
net loss of INR3.57 crore in FY15.


OSM PROJECTS: CRISIL Assigns B+ Rating to INR99MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of OSM Projects Private Limited (OSMPL). The
ratings reflect a modest scale of operations with high working
capital requirement, and an average financial risk profile
because of low debt protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                1        CRISIL B+/Stable
   Cash Credit             99        CRISIL B+/Stable
   Letter Of Guarantee     80        CRISIL A4

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the engineering
equipment setup industry and an established customer base with
diversified end-user industries.
Outlook: Stable

CRISIL believes OSMPL will continue to benefit over the medium
term from its established industry track record and strong
customer profile. The outlook may be revised to 'Positive' in
case of an improvement in scale of operations, while
profitability is maintained and working capital requirement
efficiently managed, leading to a better financial risk profile.
The outlook may be revised to 'Negative' in case of a significant
decline in profitability, any large, debt-funded capital
expenditure, or a considerable increase in working capital
requirement, leading to deterioration in the financial profile.

OSMPL was originally established in 2000 as a proprietorship firm
by Mr. Surender Sharma. This firm was reconstituted as a private
limited company in 2004. The company mainly executes turnkey
projects in ash handling, material handling, and coal handling
systems, and provides operation and maintenance service for the
power, sugar, cement, paper, and other process industries. Its
manufacturing facilities are in Kot, Uttar Pradesh, and Sikri, at
Faridabad, Haryana.

Net profit was INR13.6 million on sales of INR594.3 million in
fiscal 2016, against net profit of INR5.6 million on sales of
INR370.2 million in fiscal 2014.


PARSEWAR AND COMPANY: ICRA Suspends B+ Rating on INR9.35cr Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR9.35 crore,
bank facilities of Parsewar and Company. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Established in 1968, PAC is a partnership firm, engaged in
trading in agricultural inputs such as Fertilizers, Seeds and
Pesticides. The firm is also engaged in manufacturing of NPK
mixed fertilizers which contributes around 20-25% of total
revenues. The firm is located in Nanded, Maharashtra and has a
branch office in Aurangabad, Maharashtra.


PRAHLAD ISPAT: ICRA Suspends 'B' Rating on INR7.75cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR7.75 crore fund based bank facilities of Prahlad Ispat
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.


PRAKASH INDUSTRIAL: CRISIL Reaffirms 'B' Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL ratings on bank facilities of Prakash Industrial
Infrastructure Private Limited continues to reflect geographical
and sectoral concentration in PIIPL revenue profile, its small
net worth, and its modest scale of operations in the civil
construction industry. These rating weaknesses are partially
offset by the industry experience of the company's promoters and
their sound industry relationships.

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

   Cash Credit            100        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     100        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PIIPL will benefit from the promoter's
extensive industry experience. The outlook may be revised to
'Positive' if PIIPL scales up and diversifies its operations
while maintaining its operating margin and improving its
liquidity by selling its substantial land bank. Conversely, the
outlook may be revised to 'Negative' if the company undertakes a
large debt-funded capital expenditure programme or its working
capital cycle lengthens, thereby weakening its financial risk
profile.

PIIPL was originally set up in 1975 as a partnership firm,
Prakash Constructions; the firm was reconstituted as a private
limited company with the current name in 2009. The company is
promoted by Mr. Dinesh Agrawal. It undertakes civil construction
primarily for industrial projects in the private sector. Its
operations are largely focused within Maharashtra.


PREMIER AGRO: CRISIL Ups Rating on INR100MM Cash Loan to BB-
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Premier Agro Products Private Limited (PAPPL) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Term Loan                10       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

The rating upgrade reflects improvement in the financial risk
profile; particularly liquidity resulting from prepayment of term
debt through promoter's funding support. The promoters have
infused unsecured loans of around INR63.6 million in 2015-16
(refers to financial year, April 1 to March 31) to prepay term
loan obligation of around INR30.2 million and to support its
working capital operations. This is also reflected in moderate
bank limit utilizations of 81% over the past 12 months ended May
2016.CRISIL has treated the unsecured loans as neither debt nor
equity as these loans are low interest bearing and are expected
to remain in the business over the medium term. PAPPL's gearing
is expected to improve moderately to 2.2-2.3 times over the
medium term from current estimated gearing of 2.7-2.8 times due
to improving cash accruals supported by ramp up in operations.
CRISIL believes that the support available to PAPPL from its
promoters will sustain its moderate level of debt reliance over
the medium term and therefore shall remain a rating sensitivity
factor.

The rating reflects PAPPL's modest scale of operations and
susceptibility to volatility in commodity (wheat) prices. The
ratings also factor in PAPPL's working-capital-intensive
operations and average financial risk profile, marked by modest
net worth and high gearing. These rating weaknesses are partially
offset by the benefits that PAPPL derives from its promoter's
extensive experience in the agricultural commodities industry.
Outlook: Stable

CRISIL believes that PAPPL will benefit from the extensive
experience of its promoters, over the medium term. The outlook
may be revised to 'Positive' if PAPPL significantly improves its
financial risk profile, particularly its capital structure
supported by increase in cash accruals. Conversely, the outlook
may be revised to 'Negative' if any large debt-funded capital
expenditure or increase in debt funded working capital
requirements weakens the financial risk profile.

PAPPL, set up in 1992 in Palakkad (Kerala), processes wheat into
different by-products such as refined flour (maida), semolina
(suji), and whole wheat flour (atta). These products are sold in
the market under the brand, Surabhi. The company's milling unit
is located in Palakkad (Kerala).


RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR11cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR11.00
crore (enhanced from INR8 crore) cash credit facility and the
INR2.85 crore term loan facility of Riddhi Siddhi Cotfiber
Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             11.00       [ICRA]B+; re-affirmed
   Term Loan                2.85       [ICRA]B+; re-affirmed

The rating reaffirmation takes into account the weak financial
profile of the company as reflected by thin profitability margins
inherent in the cotton ginning, and leveraged capital structure
due to its reliance on external borrowings and modest debt
coverage indicators. The ratings further takes into account the
intense competition prevailing in the cotton ginning industry on
account of fragmented industry structure leading to inflexibility
in pricing. Moreover, the profitability of the company is also
vulnerable to adverse fluctuations in raw material prices which
are subject to seasonality and crop harvest of raw cotton.
The ratings, however, favourably takes into account the
experience of the management in the cotton ginning business and
favourable location of the company's manufacturing facility
giving it easy access to raw material.

Riddhi Siddhi Cotfiber Private Limited was incorporated in June
2013 by Mr. Vashrambhai Surani with other shareholders, being
family and friends. The company is engaged in ginning and
pressing of raw cotton for the production of cotton bales and
cotton seeds. The production operations commenced from June 2014.
The company is equipped with 48 ginning machines and an automatic
pressing machine with an installed production capacity of 500
bales of cotton per day with equipments being operational for 24
hours.

Recent Results
For the year ended 31st March 2016, the company reported an
operating income of INR79.35 crore and profit before tax of
INR0.26 crore as per the certified provisional financials.


SAGAR AGENCIES: CRISIL Cuts Rating on INR40MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sagar Agencies (SA) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and reaffirmed its 'CRISIL A4' rating on the firm's
short term facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4 (Reaffirmed)

   Cash Credit             40        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      23        CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan               12        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that SA's liquidity will
remain under pressure over the medium term on account of delays
in receivables and losses incurred in its business. SA reported
operating income and profitability of around Rs.175 million and
3.2 per cent, respectively, for fiscal 2016, and net loss of
INR3.3 million. SA's business has been suffering losses over the
past three years ended fiscal 2016 on account of new dealerships
authorized by its principal Dow Chemical Company in its
territory. Moreover, the presence of bad debts of around INR7-8
million in fiscal 2016 resulting in further weakening of
liquidity. The management is trying to liquidate part of its
assets in the form of land to reduce its reliance on debt.
Financial risk profile remains modest with capital withdrawals of
around INR12.8 million undertaken in fiscal 2016.The ability of
the management to bring in own funds shall remain a key
monitorable over the medium term. Business risk profile is
expected to improve albeit gradually with the management closing
down its Dow Chemical Company's dealership and focusing solely on
Finolex dealership.

The ratings continue to reflect the firm's average financial risk
profile, especially small net worth, moderate total liabilities
to tangible net worth (TOLTNW) and interest coverage ratio. The
ratings also factor in SA's susceptibility to volatility in
demand for its traded products and to intense competition in the
polymer and pipe-fittings industry. These rating weaknesses are
partially offset by the firm's established track record and its
promoter extensive experience in the industry.
Outlook: Stable

CRISIL believes that SA will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if a sustained increase in cash accruals
strengthens the firm's financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SA's financial risk
profile weakens on account of lower than expected cash accruals
or larger than expected withdrawals

Established in 1990, SA trades in poly-urethane and poly-vinyl
chloride resin, and pipe fittings. The operations are managed by
Mr. P Sathyapalan.


SAVIDHA MEDICAL: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR5.00
crore term loan facilities and the INR5.00 crore unallocated
limits of Savidha Medical Center and Hospital.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term-Term Loans        5.00       [ICRA]B Assigned
   Long-term Unallocated
   limits                      5.00       [ICRA]B Assigned

The assigned rating takes into consideration the significant
experience of the promoters in the healthcare industry; the
promoter's established client base as a medical practitioner and
the favorable catchment area of the proposed hospital which is
expected to drive the patient inflows. The rating is, however,
constrained by the geographic concentration risks inherent to
being a single location hospital and the presence of established
and reputed hospitals in Coimbatore; however, the favorable
demand-supply scenario in the region is expected to support the
occupancy levels for the hospital. The rating is also constrained
by the risks associated with green field projects and the ability
of the firm to meet the initial debt obligations, with commercial
operations yet to commence in the hospital. ICRA also takes note
of the capital continuity risks associated with partnership
firms. Going forward, the ability of the firm to commence
operations at the earliest and achieve adequate occupancies and
per bed revenues thereby generating strong cash flows will be key
rating sensitivities.

Savidha Medical Center and Hospital has been established by Dr.
Sasithra and Mr. Dhamodharan as a partnership firm in the year
2015. The firm proposes to establish a multi-speciality hospital
under the name Savidha Medical Center and Hospital in
Mettupalayam, Coimbatore with specialties including Paediatrics,
Orthopaedics, Dermatology, Obstetrics, Gynaecology and General
medicine. The hospital is proposed to be a 50-bed facility with
in-patient services for Obstetrics and Gynecology and the
commercial operations is expected to commence from October 2016.


SCHOOL BOOK: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR4.00 crore cash credit facility and INR5.00 crore term loan
facility of School Book Company.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              5.00      [ICRA]B+/Reaffirmed
   Term Loan                4.00      [ICRA]B+/Reaffirmed

The rating reaffirmation is constrained by the moderate size of
the entity in terms of turnover, presence in limited geographic
area and relatively fragmented industry structure with presence
of number of organized and unorganized players. The rating is
also constrained by the seasonality in the SBC's turnover as a
large portion of the demand comes from students and academic
institutions which results in higher working capital requirement
in a few months. ICRA takes note of the leveraged balance sheet
with a gearing of 5.19x as on March 31, 2016 on account of low
net worth base of the firm due to capital withdrawals by the
partners. Nevertheless, the rating continues to draw comfort from
the long track of firm's operations and established brand
presence of the firm in its region of operation.

Going forward, the extent of withdrawal of capital by the
partners, timely tie up of bank limits to maintain adequate
liquidity and the ability of the firm to increase its turnover
and improve capital structure shall be the key rating
sensitivities.

SBC is based in Mangalore and manufactures notebooks and trades
in stationary paper, other stationary items (normally used in
offices and schools) and books (school and general). It also has
a printing press which provides digital printing solutions based
on demand. It was incorporated in 1922 and has a multi storey
central warehouse in Mangalore for its trading and distribution
operations, two retail shops in Mangalore (on Car Street and on
KS Rao Road) and a digital printing press. It is being managed by
10 partners from Bhandary family.

Recent Results

Based on unaudited provisional financials for FY 2016, SBC
reported a net profit of INR1.69 crore on an operating income of
INR60.05 crore. For FY 2015, the firm reported a net profit of
INR0.91 crore on an operating income of INR52.73 crore.


SHREE RAM: ICRA Revises Rating on INR15cr Term Loan to B+
----------------------------------------------------------
ICRA has revised its long term rating earlier assigned to INR15.0
crore1 fund-based facilities of Shree Ram Kripa Buildhome Private
Limited (SRKL) to [ICRA]B+ from [ICRA]BB- (Stable) (pronounced
ICRA Double B minus).

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

ICRA's rating revision factors in the subdued sales and execution
velocity in SRKL's project over the last one year which further
exposes it to funding risk as a large part of the project is
planned to be met through customer advances. The risk is further
exacerbated by the fact that the substantial repayments for the
project have already commenced while the project remains in
intermediate stages of construction. The rating however derives
comfort from the long experience of the promoters in the real
estate industry, the favorable location of the project and the
paid up land bank. While the company's committed receivables to
payables ratio has improved to 0.5 times as compared to 0.4 times
a year ago.

Going forward, the company's ability to achieve additional sales,
receive envisaged collections and execute the project as planned
will remain the key rating sensitivities. In absence of ramp up
in collections, the company remains dependent on timely promoter
support in order to manage its debt servicing.

Shree Ram Kripa Buildhome Private Limited (SRKL) is a private
limited company; and is a part of Shree Ram Group (Jaipur). SRKL
is a special purpose vehicle incorporated to undertake the
development of a group housing project by the name of "South
Court" in Jagatpura region of Jaipur. The project constitutes of
216 residential units to be built up in 4 towers in total built
up area of 3, 44, 435 sq. Ft. The proposed project will include a
budgeted cost of INR74.65 cr comprising of INR14.65 cr of land
and approval cost and INR54.0 crore of Construction cost.


SIDDHARTH INFRA: CRISIL Assigns 'B' Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Siddharth Infra Power Private Limited
(SIPPL; part of the Siddharth group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Standby Letter of
   Credit                  10        CRISIL B/Stable
   Letter of Credit        30        CRISIL A4
   Bank Guarantee          55        CRISIL A4
   Cash Credit             65        CRISIL B/Stable

The ratings reflect the Siddharth group's small scale of
operations in a highly fragmented industry, its large working
capital requirement, and its subdued financial risk profile
because of modest networth. These weaknesses are partially offset
by its promoters' extensive experience in the electricals
industry, and its established relationships with customers and
suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SIPPL and Siddharth Industries (SI).
This is because the entities, together referred to as the
Siddharth group, are in the same business and have common
promoters. SI transferred its entire business to SIPPL in June
2016.
Outlook: Stable

CRISIL believes the Siddharth group will benefit from its
promoters' extensive industry experience, and its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if the group's revenue and profitability
increase substantially, leading to higher-than-expected cash
accrual, or if its working capital cycle improves, resulting in
better liquidity. The outlook may be revised to 'Negative' if its
scale of operations and profitability decline or if its liquidity
weakens due to stretch in working capital cycle or sizeable,
debt-funded capital expenditure.

SI, a proprietorship firm, was set up by Vadodara, Gujarat-based
Mr Jagdeep Shukla in 2003. SIPPL was incorporated in 2010 by Mr
Jagdeep Shukla and Ms Neenaben J Shukla. The group supplies
substations and cables to government agencies and private
organisations. It is registered as a 'Class A' supplier. Its
operations are managed by Mr Jagdeep Shukla.


SIDDHRAJ INFRABUILD: ICRA Assigns 'B' Rating to INR3.0cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR2.50
crore overdraft facility and INR3.00 crore term loan facility of
Siddhraj Infrabuild Private Limited. ICRA has also assigned the
short-term rating of [ICRA]A4 to the INR1.32 crore non-fund based
bank guarantee facility of SIPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Overdraft                2.50       [ICRA]B; Assigned
   Term Loan                3.00       [ICRA]B; Assigned
   Bank Guarantee           1.32       [ICRA]A4; Assigned

The assigned ratings take into account SIPL's relatively modest
scale of operations. The capital structure of the company also
remained stretched, as can be reflected from a high gearing of
2.5 times as on March 31, 2016, mainly on account of the infusion
of fresh term loans and unsecured loans to undertake capex.
However, the comfortable profitability has resulted in
comfortable coverage indicators where interest coverage remained
at 6.2 times and NCA/TD at 30% as on March 31, 2016. The ratings
are further constrained by the company's elongated payable days
on account of a delay in realisation of payment from the
contract- awarding authority. The ratings also take into account
the highly competitive nature of the business due to low entry
barriers in the industry where small players do have to meet
specifications to work as sub-contractors.

The rating, however, positively considers the SIPL promoters'
more than two decades of experience gained through group concerns
which are into the related business and its ability to secure a
contract, generating healthy revenue growth during the initial
phases of operations.

ICRA expects the impact on SIPL's profit margins on account of
the fluctuation on the actual usage and the price of the raw
material, as compared to stipulations in the work order. The
company's ability to secure new work orders to enhance its scale
of operations since it has been facing scarcity of the formal
work contracts and the need to improve its capital structure
would be the key rating sensitivities.

Incorporated in July 2012, Siddhraj Infrabuild Private Limited
(SIPL) is promoted and managed by Mr. Raju Odedara. The company
is involved in earthwork-related activities, which include
excavation work, supply of sand and laying pipelines. The company
has been awarded "Class B" category contractor status. Earlier in
2003, a partnership firm was established in the name of "Raj
Construction" wherein the business related to material handling
as well as earth work-related activities were carried out.
However, later in 2012 this partnership firm was merged in the
newly incorporated company i.e. SIPL. The company is based out of
Ranavav in the Porbandar district of Gujarat.

The promoter i.e. Mr. Raju Odedara has over 20 years of
experience in this line of business through his association with
three other group concerns - namely Raj Transport, Krishna
Service and Jayraj Enterprise which are also involved in
earthwork-related business. All of these are partnership firms
wherein Mr. Raju Odedara is a partner.

Recent Results
The company has reported an operating income of INR21.5 crore and
profit after tax of INR0.5 crore in FY2015.


SPINTEX WOOLLEN: ICRA Suspends B Rating on INR4.60cr LT Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR4.601 crore fund based bank facilities and short term
rating of [ICRA]A4 assigned to the INR0.70 crore non fund based
bank facilities of Spintex Woollen Mills. ICRA has also suspended
the long/short term rating of [ICRA]B/A4 assigned to the INR3.70
crore unallocated limits of SWM.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limits-
   Long Term                4.60        [ICRA]B; Suspended

   Non Fund-Based
   Limits- Short Term       0.70        [ICRA]A4; Suspended

   Unallocated Limits-
   Long/Short Term          3.70        [ICRA]B/A4; Suspended

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

SWM was established in 1968 as a partnership firm and currently
has two units located in Ludhiana. Unit 1 is engaged in the
spinning of wool, which is used in-house for making sweaters for
the Indian Army and the Border Security Force, while Unit 2 is
into spinning of acrylic fiber.


SQNY FIRE: CRISIL Suspends B+ Rating on INR60MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facility of SQNY Fire
Works (SF; part of the Sony Fireworks group).

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

The suspension of rating is on account of non-cooperation by SF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SF is yet to
provide adequate information to enable CRISIL to assess SF'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 ratings, CRISIL has combined the business and
financial risk profiles of Sony Fireworks Private Limited (SFPL),
SF, Sony Pyro International (SPI), Micky Paper Caps Works(MPCW),
Vinayaga Fireworks (VF), and Vinayaga Fireworks Industries (VFI).

SFPL, incorporated in 1991 and based in Sivakasi (Tamil Nadu), is
promoted by Mr. P Karvannan and Mr. P Ganesan. The company
manufactures and distributes fireworks. VF, SF, SPI, MPCW and VFI
were established as partnership firms and are engaged in the same
business.


SREE GENGA: CRISIL Suspends 'B' Rating on INR36MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Genga Mills Private Limited (SGMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             20        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       9        CRISIL B/Stable
   Rupee Term Loan         36        CRISIL B/Stable
   Working Capital
   Term Loan               15        CRISIL B/Stable

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

SGMPL, incorporated in 1999, manufactures cotton yarn. Its day-
to-day operations are managed by Mr.  R Srinivasan.


SRI KAMATCHI: CRISIL Assigns B+ Rating to INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Sri Kamatchi Traders (SKT) and has assigned its
'CRISIL B+/Stable' rating to the facility. CRISIL had suspended
the rating on June 8, 2016, as SKT had not provided the required
information for a rating review. The firm has now shared the
requisite information, enabling CRISIL to assign a rating to its
bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects SKT's below-average financial risk profile,
its modest scale of operations, and susceptibility of its
operating margin to volatility in raw material prices. These
weaknesses are partially offset by its partners' extensive
experience in the food processing industry, and their financial
support to the firm.
Outlook: Stable

CRISIL believes SKT will continue to benefit from its partners'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case of a substantial
improvement in the firm's financial risk profile, driven by
higher-than-expected cash accrual or capital infusion, and
efficient working capital management. The outlook may be revised
to 'Negative' in case of lower-than-anticipated cash accrual, or
considerable working capital requirement, or large, debt funded
capital expenditure, exerting further pressure on liquidity.

SKT, set up in 1985 as a partnership firm in Chennai, processes
pulses, mainly urad dal, to produce flour used by food processing
players. The firm's operations are managed by managing partner Mr
S C Mohan.

On a provisional basis, SKT had net profit of INR2.9 million on
revenue of INR399 million in fiscal 2016, against a net profit of
INR2.3 million on revenue of INR388 million in fiscal 2015.


SRI VIJAYA: CRISIL Lowers Rating on INR80MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sri Vijaya Durga Motors Private Limited (SVDMPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

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

   Proposed Long Term      20        CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

The rating downgrade reflects instances of delay in servicing
debt; the delay was due to weakening of liquidity.

SVDMPL has a small scale of operations, low profitability, and a
weak financial risk profile because of a small net worth, high
gearing, and weak debt protection metrics. However, the company
benefits from the extensive experience of its promoters in the
automobile dealership industry.

SVDMPL, incorporated in 2003, remained non-operational until
April 2011. During fiscal 2012, the company commenced operations
by taking up the dealership for Mahindra Navistar's commercial
vehicles. It has three showrooms, one each at Kadapa, Kurnool,
and Anantpur, all in Andhra Pradesh.


SUJAN PRECISION: CRISIL Suspends 'D' Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sujan
Precision Components Private Limited (SPCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL D

The suspension of rating is on account of non-cooperation by
SPCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SPCPL is yet to
provide adequate information to enable CRISIL to assess SPCPL'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 2010 and based in Bengaluru, SPCPL manufactures
bright bars. The company is a part of the Sujan group and is
promoted and managed by Mr. B S Padmanabhachar.


SURENDRA ELECTRICALS: ICRA Suspends B Rating on INR9.0cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and the short
term rating of [ICRA] A4 assigned to the INR9.00 crore bank
facilities of Surendra Electricals Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.

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


SUYASH POLYMER: ICRA Reaffirms B+ Rating on INR4.60cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for INR1.37
crore term loan facility and INR4.60 crore cash credit facility
of Suyash Polymer. ICRA has also reaffirmed the short term rating
of [ICRA]A4 for INR0.09 crore short term non-fund based facility
of SP.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term, Fund
   Based-Term Loan         1.37       [ICRA]B+/Reaffirmed

   Long Term, Fund
   Based-Cash Credit       4.60       [ICRA]B+/Reaffirmed

   Short Term, Non-
   Fund Based              0.09       [ICRA]A4 Reaffirmed

ICRA has taken a consolidated view of Harshita Polypack and three
other group companies, viz. Brajesh Packaging Private Limited
(BPPL), Radhika Packaging Private Limited (RPPL) and Suyash
Polymer (SP) -- together referred to as the Dammani Group --
while arriving at the ratings, as the group companies derive
significant business synergies from each other.

The reaffirmation of ratings takes into account HP's small scale
of operations, its weak financial profile characterized by thin
profitability, leveraged capital structure and weak debt coverage
indicators. The ratings are also constrained on account of high
working capital intensity of operations owing to longer
receivable turnover period and high inventory level. This has
resulted in stretched liquidity profile of the company as
reflected in consistently high utilization of working capital
limits. The ratings also factor in the highly competitive
business environment the company operates in on account of the
fragmented industry structure, with limited entry barriers. The
ratings also take into consideration, the susceptibility of the
company's profitability and cash flows to adverse fluctuations in
prices of raw materials. The rating however, favourably factor in
the long standing experience of the promoters in the industry;
established marketing network in Maharashtra and adjoining
states; and favourable demand prospect for polypropylene (PP)
strap in packaging industry.

Incorporated in 1978, Harshita Polypack (HP) is a part of the
Dammani group engaged in manufacturing of polypropylene
disposable cups. Mrs. Pratima Nitin Dammani is the proprietor of
the firm while the affairs of the group are collectively managed
by Mr. Neelesh Dammani and Mr. Nitin Dammani.

Recent Results
Harshita Polypack reported OPBDIT of INR1.22 crore in FY2015 on
an operating income of INR22.59 crore. The company had reported
PAT of INR0.06 crore during the same period (provisional and
unaudited financials).


SUZLON ENERGY: Hopes to Exit Debt Restructuring by March 2017
-------------------------------------------------------------
The Economic Times reports that Suzlon Energy Ltd hopes to exit a
process of corporate debt restructuring by March 2017, its
chairman said on August 4, a turnaround for a company that four
years ago reeled under heavy debt after an ill-advised overseas
expansion.

According to ET, Suzlon's purchase of German wind energy firm
RePower, now renamed Senvion, for EUR1.4 billion ($1.56 billion)
in 2007 proved a costly mistake after the 2008 global financial
crisis dented demand for wind turbines.

The report says the debt taken on to purchase the company badly
hurt Suzlon, leading it to post India's biggest default in
foreign currency convertible debt in 2012. It also forced Suzlon
to enter corporate debt restructuring (CDR) in 2013, a formal
process in India under which companies that face difficulties in
repaying their loans can work with banks to restructure their
debt, the report notes.

But founder and chairman Tulsi Tanti said Suzlon has steadily
rebuilt its business by focusing on its domestic business, helped
by a strong push by Prime Minister Narendra Modi's government
towards renewable energy, according to ET.

"We will be the fastest company to come out of CDR," the report
quotes Tanti as saying in an interview.

Tanti said Suzlon expects its cash balance to exceed its debt in
five years as it increases operating capacity and cuts its
interest payments, the report relays.

Suzlon plans to add 15 gigawatts of wind and solar energy
capacity over the next five years to its current asset base of
9.5 gigawatts, Tanti said, adding the company had acquired enough
land to undertake projects, ET relays. Land acquisition is among
the major challenges faced by renewable energy companies.

He also said that Suzlon, which four years ago accounted for
almost half of the Indian wind turbine market but has since seen
that fall to 27%, was targeting a 40% share by March 2017, ET
reports.

ET relates that Suzlon will also not look for any overseas
acquisition, Tanti said, after last year selling Senvion for 1
billion euros to cut debt, marking an end to its overseas foray.

"There is no plan for any type of acquisition," Tanti, as cited
by ET, said.   "We will grow in the overseas market but through
exports of our wind turbines," he added.

                        About Suzlon Energy

Headquartered in Pune, India, Suzlon Energy Ltd (BOM:532667) --
http://www.suzlon.com/-- is engaged in the business of design,
development, manufacturing and supply of wind turbine generators
(WTGs) of a range of capacities and its components. Its
operations relate sale of WTGs and allied activities, including
sale/sub-lease of land, infrastructure development income; sale
of gear boxes, and sale of foundry and forging components.
Others primarily include power generation operations.


SYCON CONSTRUCTIONS: ICRA Lowers Rating on INR18cr Loan to D
-------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR18.0
crore fund based term loan of Sycon Constructions Private Limited
from [ICRA]BB- to [ICRA]D.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                18.0       Revised to [ICRA]D
                                       from [ICRA]BB- (stable)

The rating revision reflects the delay in servicing of debt
obligations due to delays in project commissioning resulting in
cost over-runs as well as the weak demand scenario restricting
sales velocity. The operations continue to remain constrained by
the execution and marketing risk customary to the nature of such
real estate projects, asthe project is in mid-stages of
construction with moderate bookings of ~55% till June 2016. The
modest scale of operations, coupled with thin profitability
levels limit the financial and operational flexibility of the
company. ICRA takes note of the management and operational
linkages among Sycon group concerns, and the fact that surplus
funds from SCPL can be utilized towards funding the financial
commitments of the group concerns leading to liquidity risk.

Going forward, ability of the company to complete the
construction in a timely manner and to achieve healthy sales
velocity, while maintaining collection efficiency; in order to
generate adequate cash flows and meet debt servicing in a timely
manner will be key credit monitorables.

Sycon Constructions Pvt. Ltd (SCPL), part of Sycon group, was
incorporated on 17th March, 2003, through amalgamation of
independent construction and property development companies,
Leubin Constructions and Arnav Developers. The company is
promoted by Mr. Kumar Nadig and Mr. Anil Bagalwadi (both having
50% shareholding in the company). Both the promoters have more
than two decades of experience in architecture, product design,
civil construction, project development and operations. Sycon
group is engaged in property development and civil construction
business. The group's civil contracting division, Sycon Infra
Private Ltd. (55% shareholding of SCPL), in addition to doing
civil construction of Sycon group projects, has also done
projects for esteemed groups like Brigade Lavelle, Brigade
Coronet, Brigade Mayfair, Brigade Odyssey, Prestige Dorchester.
Till date the company has executed more than 20 residential,
commercial and institutional buildings.

Project Profile
Sycon Maitri is the ongoing residential villa project of SCPL,
being executed at Chikkabankahalli, Whitefield. The project
comprise of 65 duplex Villas (4BHK-5BHK) spread over 10.33 acre
area (42 co share). These villas have a built-up area in the
range of 3658-6000 sqft with ticket size of INR2.5 - INR4.5crore.
The total project cost has increased from INR76.75 crore to
INR82.75 crore on account of increase in overhead cost and
increase in raw material cost and also the company is providing
better specifications & facilities compared to initial plan, and
increase financial cost (for additional loan of INR6 crore and
reschedulement of existing loan). Till 24th June'16, the company
has incurred INR62.25 crore of cost and construction of the
project is completed by 75%.

Recent Results
During FY16, the company reported a net profit of INR5.72 crore
on an operating income of INR13.08 crore as against a net profit
of INR0.51 crore on an operating income of INR12.42 crore during
FY15.


TAPAN SOLAR: ICRA Suspends B- Rating on INR10cr LT Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR10.001 crore fund based bank facilities of Tapan Solar
Energy Private Limited. The ratings were suspended due to lack of
cooperation by the client to provide any further information.

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

Tapan Solar Energy (P) Ltd. (TSEPL) was incorporated on 3rd
August, 2010 by Mr. Kailash Nath Harlalka and Mr. Rajendra Mittal
& Mr Surendra Harlalka. TSEPL is engaged in the manufacturing of
crystalline solar photovoltaic module (sizes ranging from 3W to
290W), under the brand name of 'ELECSSOL'. In addition the
company is also engaged in manufacturing of solar lantern,
installation and commissioning of solar PV systems as system
integrator and trading of solar home lighting system, solar
street lights and solar water heaters. The manufacturing plant is
located at Neemrana, Rajasthan, and is spread over 30,000 Sq.Ft.
with a capacity of 20 MW. The company's clientele comprises
predominantly EPC contractors and the manufacturers of solar
systems.


VIGNAN VIDYALAYAS: ICRA Reaffirms B+ Rating on INR8.54cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR3.97
crore1 working capital limits, INR4.52 crore term loan limits and
INR8.54 crore unallocated limits of Vignan Vidyalayas Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             3.97         [ICRA]B+ reaffirmed
   Term Loan               4.52         [ICRA]B+ reaffirmed
   Unallocated limits      8.54         [ICRA]B+ reaffirmed

The rating reaffirmation continues to be constrained by modest
scale of operations with revenues of INR14.59 crore for FY2016;
decline in VVL's student enrolments for hostel and mess
facilities during the past 3 years owing to increased competition
in the High school and intermediate education; and dip in
operating margins from 35.28% in FY2014 to 31.35% in FY2016 on
account of increased employee costs. Further the revenues have
been stagnant at around INR14.00 crore for the past 2 years owing
to increased fee per student despite decline in enrollments. The
rating, however, derives comfort from long experience of
promoters of over three decades in the field of education;
established presence of the Vignan group of institutions run by
Lavu Educational Society (LES, rated [ICRA]BB(Stable)) in the
states of Andhra Pradesh and Telangana; and agreement with LES
for providing mess and hostel facilities to LES students of
Hyderabad and Vizag campuses.

Going forward, the ability of the company to increase revenues
and improve margins would be the key rating sensitivities from
the credit perspective.

Vignan Vidyalayas Limited (VVL) was incorporated in 1993 as a
limited company by Dr.Lavu Rathaiah and his family members. VVL
provides hostel and mess facilities in Hyderabad and Vizag
exclusively for the students of LES, apart from leasing buildings
for schools and junior colleges of LES. VVL collects
establishment charges from the students of LES for the facilities
leased out to High school and Junior colleges.

Recent Results
For FY2016 (provisional), VVL has reported an operating income of
INR14.59 crore and net profit of INR1.85 crore as against an
operating income of INR14.11 crore and net profit of INR0.93
crore in FY2015.



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


JFE HOLDINGS: Moody's Lowers Rating on Domestic Sub. Loan to Ba1
----------------------------------------------------------------
Moody's Japan K.K. has downgraded JFE Holdings, Inc.'s senior
unsecured debt rating to Baa2 from Baa1, domestic shelf
registration rating to (P)Baa2 from (P)Baa1, as well as domestic
subordinated loan rating to Ba1 from Baa3.

The rating outlook is negative.

                          RATINGS RATIONALE

"The rating downgrade principally reflects the deterioration in
JFE's financial leverage and increasing concerns over its ability
to sustain profits and financial leverage amid a challenging
operating environment and significant JPY appreciation", says
Takashi Akimoto, a Moody's Assistant Vice President and Analyst
and also Lead Analyst for the company.

"The deterioration in JFE's operating performance -- as seen in
its recent quarterly results -reflects adverse conditions
including sluggish domestic demand, continuous volatile export
markets due to overproduction in China, and the rapid
appreciation in the yen.  Such factors have resulted in negative
pressures on JFE's selling prices and metal spreads for its steel
products.  In addition, the yen's appreciation has negatively
affected inventory valuations," adds Akimoto.

On July 29, 2016, JFE reported a 13.6% year-on-year decline in
consolidated sales to JPY740.6 trillion, an operating loss of
JPY4.2 billion, and a recurring loss of JPY13.3 billion for 1Q
(April -- June 2016) of the fiscal year ended March 2017
(FYE3/2017).  Its operating margin for the period deteriorated
to -0.6% from 2.9% for the same period a year ago.

In comparison to their Asian peers, the recent rapid yen
appreciation, together with sluggish domestic demand, has eroded
the previous advantages that Japanese steel manufactures had
held.

The yen appreciation has made steel products from China, Korea
and Taiwan more competitive in both domestic and overseas markets
in terms of price.  It is also negative for important clients of
JFE, which include Japanese manufacturers -- such as automotive
makers -- as it undermines the competitiveness of their exports.
This situation makes Japanese steel makers' price negotiations
with clients more difficult.

Reflecting the significant deterioration in profit generation,
JFE's financial leverage, measured by adjusted debt/EBITDA, also
worsened to around 6.3x for the 12 months to June 2016 from 5.4x
for FYE3/2016.

"The negative outlook on JFE's rating reflects our expectation
that a rapid recovery in JFE's leverage -- as measured by
adjusted debt/EBITDA -- is unlikely over the next 12-18 months
amid challenging conditions for the industry and despite JFE's
ongoing debt reduction efforts," says Akimoto.

Moody's notes that JFE had JPY209.8 billion of cash on hand as of
June 2016, up JPY145.2 billion since March 2016, due to a
subordinated loan issuance of total JPY200.0 billion on June
2016. However, JFE's current financial leverage is still high for
the previous senior unsecured Baa1 ratings, even after
considering the fact that it can partially use cash on hand for
debt reduction.

On the other hand, material increases in the company's debt are
unlikely over the next 12-18 months, in view of JFE's
conservative financial policy, although the weakening in earnings
will continue to pressure key financial metrics.  Moody's also
views positively JFE's effort to sustain its cash flows including
the company's decision to forgo first half (interim) dividends
and its sales of investment securities.

The ratings could experience positive pressure if JFE improves
its financial profile by enhancing earnings and/or implementing
substantial deleveraging initiatives, such that its adjusted
debt/EBITDA stays below 5.0x and adjusted EBIT margin is
maintained in excess of 3.0%.

On the other hand, downward ratings pressure could emerge if
there is a continued decline in earnings or an increase in its
debt levels, such that its adjusted debt/EBITDA exceeds 6.0x and
adjusted EBIT margin falls below 1.0% on a sustained multi-period
basis.

The principal methodology used in these ratings was Global Steel
Industry (Japanese) published in November 2012.

JFE Holdings, Inc., headquartered in Tokyo, is a holding company
with stakes in operating subsidiaries focused on steel,
engineering, and trading operations.



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


ROSS ASSET: Former Investors Win Case to Get Shares Back
--------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that Duncan and Nora
Priest have won a High Court case against the liquidators of Ross
Asset Management, successfully arguing that they were in a
different position to other investors in David Ross's Ponzi
scheme because they didn't give the jailed fraudster
discretionary powers over their funds.

In a High Court judgment on Aug. 5, Justice Denis Clifford ruled
that the Priest holdings, which amounted to about NZ$2 million of
the residual pool of NZ$10.26 million found in the accounts of
companies that Ross used to run his Ponzi scheme, were held on
"bare trusts for the sole benefit of the Priests and at the sole
direction of Mr Priest," the report relates.

According to BusinessDesk, the judge ordered Ross Asset
Management (in liquidation) and Dagger Nominees to transfer to
the Priests "all dividends, shares, proceeds, interest and other
returns earned in respect of the Priest holdings held by each of
them." Priest holdings that had been transferred to the third
defendant, Nessock Custodians, were also deemed to have been held
by RAM and Dagger on bare trusts, the judgment said, the report
relays.

BusinessDesk relates that the liquidators, PwC's John Fisk and
David Bridgman, had opposed the Priests application, arguing that
all investors with David Ross were entitled to the benefit of the
Priest holdings in the same way any other funds recovered would
be shared in proportion to investors' losses.

According to BusinessDesk, the High Court appointed Fisk and
Bridgman as receivers of RAM in November 2012 and as liquidators
a month later.

Since the Priest case, the position of the liquidators has been
challenged in the Supreme Court by another RAM investor, Hamish
McIntosh, who appealed a Court of Appeal ruling that he must
repay NZ$454,000 in fictitious gains from an investment in RAM of
NZ$500,000, BusinessDesk notes. The liquidators of RAM are cross-
appealing that they should be entitled to claw back his principal
as well.

BusinessDesk notes that Fisk and Bridgman originally took their
action against McIntosh as a test case and had previously said
they would pursue other investors who pulled out their funds
before RAM's collapse. Defrauded investors are expected to
receive 3 cents for every dollar invested.

In the High Court, Justice Alan MacKenzie had ruled the
liquidator's bid to claw back funds from former Ross investors
didn't need an 'all or nothing' approach, and the principal
invested could be viewed as separate from the investment scheme's
fictitious returns. But in the Supreme Court, Mr. McIntosh said
it was "completely artificial to bifurcate that amount," the
report relays.

Wellington-based Ross built up a private investment service by
word of mouth, producing regular reports for shareholders
indicating healthy but fictitious returns, according to
BusinessDesk.  Between June 2000 and September 2012, Ross
reported false profits of NZ$351 million from fictitious
securities trading as part of a fraud that was the largest single
such crime committed by an individual in New Zealand.  According
to BusinessDesk, Mr. McIntosh Aug. 5 said his broker recommended
Ross to him and the investment was accepted by both his
accountant and bank.

In June last year, the Court of Appeal turned down a bid by Ross
to reduce his 10-year, 10-month jail term, which carries a
minimum non-parole period of five years and five months, says
BusinessDesk.

                       About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



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


RB CABA: PDIC Files Criminal Charges vs. Ex-Officers, Employees
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with
the Department of Justice (DOJ) a criminal complaint against
three former officers and employees of the closed Rural Bank of
Caba (La Union), Inc. ("RB Caba") for qualified theft and for
conducting business in an unsafe and unsound manner that resulted
in estimated losses of about PHP1.69 million to the bank. The
complaint filed on June 6, 2016 is under preliminary
investigation of the DOJ.

RB Caba is a single-unit bank ordered closed by the Monetary
Board and placed under receivership of the PDIC on December 10,
2015.

The respondents Josefina D. Fangon, former Manager/Consultant;
Evelyn N. Alcantara, former Cashier; and Eileen G. Cabanban,
former savings bookkeeper were charged for taking advantage of
their positions in the bank with a common purpose of personally
benefitting from the savings of several depositors of RB Caba.

Respondents are facing 11 counts of qualified theft under
Articles 308 to 310 of the Revised Penal Code. Qualified theft
involving the amount of PHP1.69 million is a non-bailable offense
and is punishable by reclusion perpetua or imprisonment of 20 to
40 years. Meanwhile, conducting business in an unsafe and unsound
manner is in violation of Republic Act (RA) 3591, as amended or
the PDIC Charter, and of RA 8791 or the General Banking Law of
2000. The offense is punishable by imprisonment of 6 to 12 years
or a fine of not less than PHP50,000 but not more than P10
million, or both, at the discretion of the court.

In its complaint, PDIC alleged that for a period of eight years,
from 2007 to 2015, and without authority from the bank, the
respondents appropriated money generated as deposits for their
own benefit. The elaborate scheme, according to the investigation
conducted by PDIC, involved the non-recording of deposits in the
books of the bank, deposit lapping or the fraudulent practice of
concealing theft of cash from a customer's payment by stealing
cash from the next customer's payment, and misreporting of
deposit and withdrawal transactions in the bank's books of 11
deposit accounts that respondents allegedly manipulated.

Depositors of these accounts identified respondents Fangon and
Alcantara as the ones who received their cash deposits from 2007
to 2015. Examination of the depositors' passbooks and the bank's
ledger as of bank closure showed discrepancies totaling
PHP1,685,504.39. Meanwhile, as savings bookkeeper, Cabanban was
responsible for posting of day to day transactions on passbook
and manual subsidiary ledgers to the bank system.

Filing of charges against officers of the closed RB Caba is in
support of PDIC's efforts to bring to justice parties that engage
in acts that will put depositors and the Deposit Insurance Fund
(DIF) at risk. The PDIC continues to pursue legal actions against
bank officials and personnel who engage in unsafe and unsound
banking practices that pose grave threats to the stability of the
country's banking system. The PDIC is mandated to generate,
preserve, maintain faith and confidence in the country's banking
system, and protect it from illegal schemes and machinations.



                             *********

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

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

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


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

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

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

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

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



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