TCRAP_Public/160810.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 10, 2016, Vol. 19, No. 157

                            Headlines


A U S T R A L I A

ARRIUM LTD: Administrator Gives Update on Steelmaker's Future
CLIFFS NATURAL: Amends Form S-1 Prospectus with SEC
CLIFFS NATURAL: Posts $12.8 Million Net Income for 2nd Quarter
RIE RESOURCES: Rodgers Reidy Appointed as Administrators


C H I N A

CHINA BAK: Sells 2,206,64 Shares of Common Stock for $5.52MM
SUNAC CHINA: Moody's Puts B1 CFR Under Review for Downgrade
WUHAN GUOYU: Defaults on CNY400MM Bond Due August 8


I N D I A

ABHA POWER: ICRA Suspends B+ Rating on INR3.0cr Term Loan
AKASH FASHION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ALTAIR INDUSTRIAL: ICRA Suspends 'B' Rating on INR10cr Loan
AMIRA PURE: ICRA Lowers Rating on INR870cr Loan to D
AMON-RA IMPEX: ICRA Reaffirms B+ Rating on INR0.50cr LT Loan

APEX CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR4.0cr Loan
ARTEFACT INFRASTRUCTURE: ICRA Withdraws 'B' Rating on LT Loans
ASIA BULK: ICRA Suspends B-/A4 Ratings on INR43.60cr Loan
BABA AKHILA: ICRA Lowers Rating on INR30.35cr Loan to 'D'
BHARATI ENERGY: ICRA Suspends B+/A4 Ratings on INR12cr Loan

BHAVYA ENTERPRISES: ICRA Suspends B+ Rating on INR5.0cr Loan
CANAAN MARINE: CRISIL Lowers Rating on INR26MM LT Loan to B+
CAPTAIN SPORTS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
CHARIOT INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR110M Loan
CITY REALTY: ICRA Reaffirms 'D' Rating on INR350cr Term Loan

DIGNITY INNOVATIONS: CRISIL Reaffirms B- Rating on INR40MM Loan
EASTMAN CAST: CRISIL Ups Rating on INR71MM Cash Loan to BB-
FUSION VOICE: CRISIL Cuts Rating on INR90MM Cash Loan to B+
GRACIA METALS: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
INNOVATIVE TECHNOMICS: CRISIL Cuts Rating on INR60MM Loan to D

JAYABHERI AUTOMOTIVES: ICRA Assigns B-/A4 Rating to INR15cr Loan
KAMAL TIMBERS: ICRA Suspends B+ Rating on INR19.0cr Loan
KAPOOR COTSYN: CRISIL Reaffirms B+ Rating on INR52.5MM LT Loan
KARMIC ENERGY: CRISIL Reaffirms 'B' Rating on INR187.5MM Loan
KAVYA BUILDCON: CRISIL Reaffirms 'B' Rating on INR350MM Loan

KAYATHRI CONSULTANTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
KEDARNATH COTTONS: CRISIL Reaffirms B Rating on INR200MM Loan
KINETA GLOBAL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
LIFE SHINE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
MAYUR COLDSTORAGE: CRISIL Reaffirms 'D' Rating on INR58.3MM Loan

MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR1.14BB LT Loan
MULTITECH AUTO: ICRA Suspends B+ Rating on INR8.31cr Loan
PEPSU ROAD: ICRA Suspends B+ Rating on INR40cr Bank Loan
PLETHICO PHARMA: ICRA Suspends 'D' Rating on INR333.65cr Loan
RAJA MOTORS: CRISIL Upgrades Rating on INR55MM Cash Loan to B+

RATAN ENGINEERING: ICRA Suspends B Rating on INR13.75cr Loan
REAL DAIRY: CRISIL Lowers Rating on INR185MM Term Loan to 'D'
ROYALE MARINE: CRISIL Raises Rating on INR270MM LT Loan to BB-
S.V. PATEL: ICRA Assigns 'B+' Rating to INR0.73cr Term Loan
SAMRAT PLYWOOD: ICRA Suspends B+ Rating on INR24.80cr Loan

SELVARAAJ PRABHU: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
SEPAL TILES: ICRA Reaffirms B- Rating on INR4.04cr Term Loan
SHREE NAVKAR: ICRA Suspends B+ Rating on INR8.50cr Loan
SHREE SHAKTI: ICRA Assigns B+ Rating to INR9.0cr Cash Loan
SHUDDHI JEWELLERS: ICRA Suspends 'D' Rating on INR28cr Loan

SIDDHARTH INDUSTRIES: CRISIL Puts B+ Rating on Withdrawal Notice
SIDWIN FABRIC: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
SPACE GOLD: ICRA Suspends 'D' Rating on INR30cr Bank Loan
SRI GURU: CRISIL Reaffirms 'D' Rating on INR145MM Term Loan
SUNBEAM REAL: Weak Financial Strength Cues ICRA SP4D Grading

SWARG GOLDTOUCH: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
TEEAM SCORE: CRISIL Reaffirms 'B' Rating on INR10MM LT Loan
TIRUPATI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR250MM Loan
UNICURE REMEDIES: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
UNISHIRE URBANSCAPE: CRISIL Cuts INR1.26BB NCD Rating to B+(SO)

VENKATA SURESH: CRISIL Assigns 'B' Rating to INR62MM LT Loan
YASH PAPERS: ICRA Suspends 'D' Rating on INR120.18cr Loan
YUGA BUILDERS: CRISIL Assigns 'B' Rating to INR135MM Term Loan


J A P A N

* JAPAN: Corporate Bankruptcies Fall to 26-year Low in July


N E W  Z E A L A N D

PIKE RIVER: Appeal on Decision to Drop Whittall Charges Heard
THAI HOUSE: Owner Hopes Restaurant Closure Will be Temporary


P H I L I P P I N E S

BANCO FILIPINO: PDIC Files Estafa Charges vs. Top Officers
CLAVER MINERAL: DENR Suspends Seventh Nickel Miner


S I N G A P O R E

SINGAPORE: Oil and Gas Downturn Spells Trouble For City-State


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Lawmaker Says 2015 Loss Higher than Revealed


X X X X X X X X

NOVO BANCO ASIA: To Be Sold to Well Link Group


                            - - - - -


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


ARRIUM LTD: Administrator Gives Update on Steelmaker's Future
-------------------------------------------------------------
ABC News report that Arrium Limited's administrator said
electricity generation and a new workforce agreement are key
issues to be resolved before the Whyalla steelmaker can be sold.

Mark Mentha briefed an informal gathering of the Whyalla public
and council members on August 2 about the progress of the
administration, ABC News says.

According to ABC News, the South Australian industrial city is
facing uncertainty because Arrium, its biggest employer, went
into administration in April with debts of more than
AUD4 billion.

ABC News relates that Mr Mentha said a proposed pay cut was still
being negotiated and the matter would go to a vote later this
month.

He said if the proposed new award was accepted, and on-site power
generation improved, there would be an improved chance of selling
the company, the report relays.

"I think it's a significant opportunity, not only for Arrium but
for Whyalla and for South Australia, if the upgrade of that power
plant can be done in a way that takes Arrium out of the grid but
also provides it with an opportunity to supply other businesses,"
the report quotes Mr Mentha as saying.

Arrium Limited (ASX:ARI) -- http://www.arrium.com/-- is an
Australia-based mining and materials company. The Company is
engaged in mining and supply of iron ore and steelmaking raw
materials; manufacture and supply of mining consumable products;
manufacture and distribution of steel products, and recycling of
ferrous and non-ferrous scrap metal. Its segments include Mining,
Mining Consumables, Steel and Recycling. Its Mining segment
exports hematite iron ore and supplies both pelletized magnetite
iron ore and hematite lump iron ore. Its Mining Consumables
segment consists of Moly-Cop grinding media business, Waratah
steel mill and Altasteel steel mill. Its Mining Consumables
segment supplies various mining consumables, such as grinding
media, wire ropes and rail wheels. Its Steel segment manufactures
billet and distributes steel and metal products, including
structural steel selections, steel plate, angels, channels,
reinforcing steel and carbon products. Its Recycling segment
supplies steelmaking raw materials.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


CLIFFS NATURAL: Amends Form S-1 Prospectus with SEC
---------------------------------------------------
Cliffs Natural Resources Inc. filed with the U.S. Securities and
Exchange Commission an amended Form S-1 registration statement
relating to the offering of an undetermined number of common
shares of common stock of the Company with a proposed maximum
aggregate offering price of $345 million.  The Company amended
the Registration Statement to delay its effective date.

The Company's common shares trade on the New York Stock Exchange
under the symbol "CLF."  On Aug. 3, 2016, the last sale price of
the common shares as reported on the New York Stock Exchange was
$8.07 per share.

A full-text copy of the preliminary prospectus is available at:

                    https://is.gd/UiXppF

              About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.

As of June 30, 2016, Cliffs had $1.85 billion in total assets,
$3.52 billion in total liabilities and a $1.67 billion total
deficit.

                          *    *     *

As reported by the TCR on April 19, 2016, Standard & Poor's
Ratings Services said it raised its corporate credit rating on
Cleveland-based Cliffs Natural Resources Inc. to 'CCC+' from
'SD'.

Cliffs Natural carries a 'Ca' corporate family rating from
Moody's Investors Service.


CLIFFS NATURAL: Posts $12.8 Million Net Income for 2nd Quarter
--------------------------------------------------------------
Cliffs Natural Resources Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to common shareholders of $12.8 million
on $496.2 million of revenues for the three months ended June 30,
2016, compared to net income attributable to common shareholders
of $60.2 million on $498 million of revenues for the three months
ended June 30, 2015.

For the six months ended June 30, 2016, the Company reported net
income attributable to common shareholders of $120.8 million on
$802 million of revenues compared to a net loss attributable to
common shareholders of $712.4 million on $944 million of revenues
for the same period in 2015.

As of June 30, 2016, Cliffs had $1.85 billion in total assets,
$3.52 billion in total liabilities and a $1.67 billion total
deficit.

Lourenco Goncalves, Cliffs' chairman, president and chief
executive officer, said, "During the second quarter we finalized
a range of deals that are essential to Cliffs' future prosperity
and growth. Among them, the most significant was the renewal of
our multi-year supply agreement with ArcelorMittal.  This deal is
a win-win for both Cliffs and ArcelorMittal, and demonstrates the
strength of the Cliffs franchise. We also negotiated a low-cost
power agreement in Minnesota that put cash on the balance sheet,
and ensures cost-effective power for years to come.  Then, we
negotiated additional sales with a new customer, U.S. Steel
Canada, previously supplied by its parent company, U.S. Steel."

Mr. Goncalves continued, "On top of this, we reported very strong
quarterly results, earning $102 million in adjusted EBITDA, with
all of the credit going to our superior operating performance and
cost discipline."

Mr. Goncalves added: "With our clear focus on debt reduction and
balance sheet strength, I am very optimistic about where Cliffs
can go from here."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/4sUNaE

                About Cliffs Natural Resources

Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company.  The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama.  Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada.  Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.

                          *    *     *

As reported by the TCR on April 19, 2016, Standard & Poor's
Ratings Services said it raised its corporate credit rating on
Cleveland-based Cliffs Natural Resources Inc. to 'CCC+' from
'SD'.

Cliffs Natural carries a 'Ca' corporate family rating from
Moody's Investors Service.


RIE RESOURCES: Rodgers Reidy Appointed as Administrators
--------------------------------------------------------
David James Hambleton -- dhambleton@rodgersreidy-qld.com.au -- &
James Marc Imray -- jimray@rodgersreidy-qld.com.au -- of Rodgers
Reidy were appointed as administrators of ACN 168 062 404,
trading as RIE Resources, and ACN 133 670 970, trading as R.I.E.
Services, on Aug. 8, 2016.



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C H I N A
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CHINA BAK: Sells 2,206,64 Shares of Common Stock for $5.52MM
------------------------------------------------------------
China BAK Battery, Inc., entered into a securities purchase
agreement on July 28, 2016, with certain investors, pursuant to
which, the Company issued and sold an aggregate of 2,206,640
shares of common stock, par value $0.001 per share of the Company
to the investors, for an aggregate purchase price of
approximately $5.52 million, as disclosed in a Form 8-K report
filed with the Securities and Exchange Commission.

                      About China BAK

China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters.  The BAK International business was foreclosed on
June 30, 2014.  Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.

China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.

As of March 31, 2016, China BAK had US$67.54 million in total
assets, US$49.55 million in total liabilities and US$17.98
million in total shareholders' equity.

Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.


SUNAC CHINA: Moody's Puts B1 CFR Under Review for Downgrade
-----------------------------------------------------------
Moody's Investors Service has placed Sunac China Holdings
Limited's B1 corporate family rating and B2 senior unsecured
rating under review for downgrade.

This review follows Sunac's announcement on Aug. 1, 2016, of a
profit warning for 1H 2016.  The company advised that profits
attributable to shareholders for 1H2016 are expected to decline
approximately 90% from the same period in 2015.

                         RATINGS RATIONALE

"The rating review reflects the increasing risk that Sunac will
be unable to manage its declining profitability, which translates
into weak credit metrics that do not support its B1 corporate
family rating," says Franco Leung, a Moody's Vice President and
Senior Credit Officer.

Sunac attributed its expected weak performance to (1) an increase
in unrealized foreign exchange losses; (2) a decrease in profits
after tax attributable to investments in joint ventures and
associates; and (3) an increase in its interest expense ratio for
borrowings due to lower amounts of interest being capitalized.

Moody's points out that Sunac shows a trend of declining
profitability.  Its pre-impairment gross margin had declined to
12.6% in 2015 from 19.3% in 2014.  If the gross margin continues
to fall, the question emerges of whether the company has sold
properties to raise liquidity at the expense of profitability.
If that is the case, its business model may not be sustainable.

Moody's also says in its credit opinion on Sunac of 8 April 2016
that the company's credit metrics are weak for its B1 ratings;
forecasting EBIT/interest of 1.75x--2.25x and adjusted
revenue/debt leverage of 65%-75% over the next 12-18 months.

In addition, Moody's is concerned about the volatile performance
of Sunac's joint ventures and associated companies.  Such
businesses have driven Sunac's business growth in recent years
and partly contributed to its rise in debt.

Sunac's increase in debt-funded land investments and investments
in joint ventures have led to the rise in debt, even though it
has generated strong contracted sales and cash advances from its
customers.

The company appears to have a financial policy of keeping large
cash balances and a high level of debt.  Moody's does not believe
that this strategy means a very efficient use of capital.

Moreover, the interest expenses of non-development activities
cannot be capitalized.  With the low margins of its development
business and its high level of recognized interest payments,
profitability will stay under pressure.

Moody's review will focus on Sunac's (1) policy on profit margins
and ability to improve its profitability over the next 12--18
months; (2) financial policy on cash and debt management; (3)
land acquisition strategy; (4) profit recognized and cash
dividends received from its joint ventures and associated
companies; (5) target revenue for 2017; and (6) credit metrics
for next 12-18 months.

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

Listed on the Hong Kong Stock Exchange on Oct. 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou.
At end-2015, its gross land bank totaled 27.2 million square
meters and its attributable land bank totaled approximately 18.1
million square meters.


WUHAN GUOYU: Defaults on CNY400MM Bond Due August 8
---------------------------------------------------
Bloomberg News reports that Wuhan Guoyu Logistics Industry Group
Co., failed to make a bond payment due August 8, becoming the
second such company to default in the onshore market this year.

Wuhan Guoyu, which is based in the central province of Hubei,
didn't transfer funds for interest and principal payment to the
Shanghai Clearing House before the due time, according to a
statement on August 8.  The firm issued the CNY400 million
($60 million) of one-year bonds at 7% in 2015, Bloomberg relates.

Bloomberg says Chinese companies are struggling with record debt
payments in the second half as Premier Li Keqiang seeks to cut
overcapacity with the economy growing at the slowest pace in a
quarter century. At least 18 local yuan bonds have now defaulted
this year, exceeding the seven for all of 2015, Bloomberg notes.

Bloomberg relates that the shipbuilder said on August 1 it may
not be able to repay the notes because of a capital shortage. The
company also has CNY200 million of securities due on Oct. 28,
according to Bloomberg data.

Another shipbuilder Evergreen Holding Group Co. defaulted in May,
adds Bloomberg.

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



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


ABHA POWER: ICRA Suspends B+ Rating on INR3.0cr Term Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR3.00 crore term loans and INR6.00 crore cash credit
facilities of Abha Power and Steel Private Limited.

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


AKASH FASHION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Akash Fashion
Prints Private Limited (Akash Fashion) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect Akash Fashion's increasing but still moderate
scale of operations. The company's revenue grew at a CAGR of
around 19.4% over FY12-FY16 and was INR803.4 in FY16 (FY15:
INR683.3; FY14: INR554.6). The ratings are constrained by Akash
Fashion's presence in a highly fragmented and intensely
competitive textile printing industry and its high capital-
intensive nature.

The ratings, however, are supported by the company's moderate
credit profile and comfortable liquidity. At FYE16, its net
financial leverage (Ind-Ra total adjusted net debt/operating
EBITDAR) was 2.4x (FY15: 3.8x; FY14:3.5x) and EBITDA interest
coverage (operating EBITDA/gross interest expense) was 3.6x
(2.8x; 2.9x). EBITDA margins increased to 13% in FY16 (FY15:
9.8%; FY14: 11.1%) due to better realisation on more complicated
printing works such as printing on denim as well as printing up
to 14 colours. Akash Fashion's average peak utilisation of its
fund-based limits during the 12 months ended June 2016 was 53%.

The ratings are further supported by the company's established
position and a vintage of more than a decade in the textile and
printing industry.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations
and/or improvement in the profitability leading to a sustained
improvement in the credit metrics could lead to a positive rating
action.

Negative: A decline in the scale of operations and/or operating
profitability leading to deterioration in the credit metrics
could be negative for the ratings.

COMPANY PROFILE

Akash Fashion, incorporated in 1993, is located in Ahmedabad,
Gujarat, The company prints, dyes and knits on cotton and
polyester material.

Akash Fashion's ratings:

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

   -- INR80m fund-based working capital limits: assigned 'IND
      BB'/Stable/'IND A4+'

   -- INR209.2m term loan limits: assigned 'IND BB'/Stable


ALTAIR INDUSTRIAL: ICRA Suspends 'B' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR10.00 crore
long term fund based facilities and [ICRA]A4 rating assigned to
the INR27.50 crore short term-non fund based limits of Altair
Industrial Technologies Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

Altair Industrial Technologies Pvt. Ltd. was established in the
year 2003 as a private limited company in the name of Altair
Industrial Consumables Private Limited. However, it was renamed
to Altair Industrial Technologies Private Limited in January
2012. AIPL is engaged in erecting/assembling of online turbine
cooling system, dry dock shelters and sun shelters and trading of
fire resistant paints. The company's day to day operations are
looked after by its directors, Mr. Anil Anand and Mr. Anoop Anand
and ably supported by other key management personnel.


AMIRA PURE: ICRA Lowers Rating on INR870cr Loan to D
----------------------------------------------------
ICRA has downgraded its [ICRA]BBB rating with Stable outlook and
[ICRA]A3+ rating for INR1,820.00 crore bank limits of Amira Pure
Foods Private Limited to [ICRA]D.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based Limits      870.00      [ICRA]D revised from
                                      [ICRA]BBB (Stable), rating
                                      remain Suspended

   Term Loans              18.25      [ICRA]D revised from
                                      [ICRA]BBB (Stable), rating
                                      remain Suspended

   Unallocated Limits     601.75      [ICRA]D revised from
                                      [ICRA]BBB (Stable), rating
                                      remain Suspended

   Non Fund based Limits  330.00      [ICRA]D revised from
                                      [ICRA]A3+, rating remain
                                      Suspended

The rating continues to remain suspended. The revision in rating
follows delays in debt servicing by APFPL.


AMON-RA IMPEX: ICRA Reaffirms B+ Rating on INR0.50cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR0.50 crore, long-term, fund based facilities of Amon-Ra
Impex Private Limited. ICRA has reaffirmed a rating of [ICRA]A4
for INR7.83 crore, short-term, non-fund based facilities of Amon-
Ra Impex Private Limited. ICRA has also re-affirmed a rating of
[ICRA]B+/[ICRA] A4 assigned to the INR11.67 crore unallocated
bank lines of the company.

The re-affirmation of ratings takes into account the weak
financial risk profile characterised by low profitability from
operations, and weak debt coverage indicators and small scale of
operations. 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 AIPL's low bargaining power
with suppliers, its high customer concentration risks and
vulnerability of profitability margins to volatility in exchange
rates and adverse fluctuations in cost of traded products due to
a high inventory holding period. The ratings, however, favourable
take into account the long track record of the promoters in the
trading business, its pan India distribution network and
established relationships with suppliers, which ensure regular
supply of traded products.

Incorporated in 1995, Amon-Ra Impex Private Limited (AIPL) is
engaged in the trading of tiles and floorings, battery separation
chemical KBM-4, and till recently also in PVC co-polymer resins
such as CP-450. The promoters import most of its products from
Korea and Japan. The promoters are indenting agents of the Hanhwa
Group, a Fortune 500 company based in Korea since 1993, for the
sourcing of floorings, tiles, and KBM-4. The company has recently
started importing fabrics for structural designs such as canopies
and frame/air supported structures found at hotel entrances,
stadiums and airports from Hiraoka, Japan. The promoters have
been in the business of trading for over two decades and have
developed extensive relationships with various distributors in
Southern and Western region of India. The company has also leased
two warehouses at Bhiwandi in Maharashtra for the storage of
traded materials.

Recent Results
For the year-ended March 31, 2016, the company has recorded
Profit after Tax (PAT) of INR(0.30) crore on an Operating Income
(OI) of INR14.9 crore. During FY 2015, the company has reported a
profit after tax of INR0.11 crore on an OI of INR20.9 crore.


APEX CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR4.0cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR4.00-crore1 fund-based working capital facilities of Apex
Constructions. ICRA has also re-affirmed the short-term rating of
[ICRA]A4 to the INR5.00-crore short-term non-fund based bank
guarantee facility of Apex Constructions (AC).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limit
   Cash Credit              4.00        [ICRA]B+; re-affirmed
   Non-Fund Based
   Limit- Bank Guarantee    5.00        [ICRA]A4; re-affirmed

The ratings take into account AC's moderate scale of operations,
declining revenue from INR49.74 crore in FY2015 to INR30.22 crore
in FY2016 as well as geographical concentration of the past
projects as well as ongoing orders-in-hand located in the single
state. The ratings are further constrained by high working
capital intensity at 39% as on March 31, 2016 arising from high
receivable outstanding from customers. ICRA also takes into
account the high competition arising out of the low entry
barriers to work as a subcontractor due to the low complexity
involved in the work profile. Ratings are further constrained by
the constitution, being a partnership firm, exposing the entity
to deterioration in the capital structure due to substantial
withdrawal by the partners.

The ratings, however, positively consider the experience of the
partners in the civil construction business, its recent
registration as an "AA" class category contractor, which is
likely to enable AC to bid for large contracts and the healthy
order book position of the firm, which provides high revenue
visibility.
ICRA expects AC's ability to reinstate revenue growth through a
strong order book position, along with its ability to maintain
profitability while achieving geographical diversification, and
its ability to mitigate fluctuation in key raw material prices
with the escalation clause to be the key rating sensitivities.

Apex Constructions is operational as a partnership firm since
1997. After reconstitution, it is at present managed by Mr. Raman
Patel, Mr. Rajesh Patel, and Mr. Nirav Patel along with four
other partners. The firm is primarily involved in the execution
of tender-based government civil construction contracts of roads
and canal work. It bids for tenders under its own registration as
well as undertakes projects as a subcontractor. The firm has
obtained the "AA" class contractor registration with the
Government of Gujarat during July 2016, with its validity till
December 31, 2018, enabling it to bid without capping on the
contract value of the tender.

Recent Results
During FY2015, the firm registered a net profit of INR1.7 crore
on an operating income of INR49.7 crore. As per the provisional
financial, the firm registered a profit before tax of INR1.4
crore on an operating income of INR30.2 crore.


ARTEFACT INFRASTRUCTURE: ICRA Withdraws 'B' Rating on LT Loans
--------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B assigned to
the INR7.501 crore bank facilities of Artefact Infrastructure
Limited which were under Notice of Withdrawal. The rating is
withdrawn after one month from the date of Notice of Withdrawal,
as per ICRA's policy.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term Fund
   based-Cash Credit        3.25        [ICRA]B Withdrawn

   Long Term Fund
   based- Unallocated       4.25        [ICRA]B Withdrawn

AIL was incorporated in 1996 as a 100% subsidiary of Artefact
Projects Limited (rated [ICRA]D), to foray into infrastructure
and capitalize on the significant planned investments in the
infrastructure sector in the country. The company is engaged in
undertaking road construction projects sub-contracted by the
various EPC contractors and mine development activities with
operations focused in Maharashtra and Madhya Pradesh. It has also
successfully completed a BOT road project (annuity cum toll
basis) awarded by Madhya Pradesh Road Development Corporation
(MPRDC) in 2012 through an SPV formed by entering into a joint-
venture with Valecha Engineering Limited. The company has its
registered office in Nagpur, Maharashtra.


ASIA BULK: ICRA Suspends B-/A4 Ratings on INR43.60cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 ratings assigned to the
INR43.60 crore limits of Asia Bulk Sacks Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

Siddhivinayak Motors Pvt. Ltd. (SMPL) was incorporated in May
2005 by Mr. Mayur Jhala and Mr. Mohit Jhala as a partnership firm
and was converted to a private limited company in September 2008.
SMPL is an authorized dealer and service provider for Mahindra
and Mahindra Limited (M&M) vehicles and has operations focussed
in Gujarat. The company presently has 2 showrooms in Rajkot and
Bhavnagar and 8 sales outlets at Junagarh, Morbi, Amreli, Talaja,
Mahuva, Palitana, Botad and Rajula. In addition, SMPL has
recently secured the dealership of Honda Motorcycle and Scooter
India Private Limited (HMSI) in Aug 2014 for the Bhavnagar
region. The sales at the HMSI dealership commenced from Jan. 29,
2015.


BABA AKHILA: ICRA Lowers Rating on INR30.35cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long term assigned to the INR30.35 crore1
fund based limits of Baba Akhila Sai Jyothi Industries Private
Limited to [ICRA]D from [ICRA]BB. ICRA has also revised the short
term rating assigned to INR8.45 crore non fund based limits to
[ICRA]D from [ICRA]A4.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Fund Based Limits        30.35        Revised to [ICRA]D
   Non Fund Based Limits     8.45        Revised to [ICRA]D

The revision in ratings takes into account the delay in repayment
of term loan installments and over utilization of the cash credit
limits for more than 30 days owing to stretched liquidity
position of the company on account of high inventory levels due
to weak demand for sponge iron. ICRA also notes that cyclicality
inherent in the steel industry amidst the volatility in raw
material prices making the cash flows of players like BASJIPL
volatile. The ratings however, favourably takes into experienced
promoters with more than decade long experience in sponge iron
manufacturing business, strategic location of its plant in
proximity to major raw material (pellet) suppliers resulting in
reduced transportation cost and established relationship with
customers in steel industry.

Incorporated in 2005, Baba Akhila Sai Jyothi Industries Private
Limited (BASJIPL) is into manufacturing of sponge iron. The
sponge iron plant is located at village Chikka Bagnal in Koppal
district of Karnataka and the plant commenced operations from
April 2009. The installed capacity of the plant was 100TPD (tons
per day) which was increased to 200TPD from April 2011. The
company is managed by Mr. V Krishna Murthy who has more than 15
years of prior experience in the sponge iron industry.


BHARATI ENERGY: ICRA Suspends B+/A4 Ratings on INR12cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR12.00 crore limits of Bharati Energy & Natural Resources
Private Limited. The suspension follows ICRAs inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

Ahmedabad based, Bharati Energy & Natural Resources Pvt. Ltd.
(BENRPL) is engaged in trading of imported Indonesian coal and
firewood. BENRPL procures coal from import agents and other
companies from Mundra and Kandla Port and supplies coal to
various industries based in Gujarat. BENRPL is a sister concern
of Mukesh Industries Limited (MIL), which is engaged in the
business of fabric processing, viz. bleaching, dyeing, printing
and finishing of fabrics.


BHAVYA ENTERPRISES: ICRA Suspends B+ Rating on INR5.0cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR5.00 crore fund based facility and short term rating of
[ICRA] A4 assigned to the INR2.00 crore non fund based facilities
of Bhavya Enterprises. The suspension follows ICRA's inability to
carry out rating surveillance in the absence of requisite
information from the company.


CANAAN MARINE: CRISIL Lowers Rating on INR26MM LT Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Canaan Marine Products (Canaan) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        121       CRISIL A4 (Downgraded
   under Letter of                   from 'CRISIL A4+')
   Credit

   Long Term Loan           26       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Packing Credit          105       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

The downgrade reflects deterioration in the firm's business risk
profile on account of decline in scale of operations and a
stretched working capital cycle driven by high inventory days.
Revenue declined to INR623 million in fiscal 2016 from INR1.03
billion in fiscal 2015. Working capital cycle has also stretched
to 149 days as on March 31, 2016, from 97 days a year ago;
stretch in inventory days have led to high bank limit utilisation
for the 12 months through March 2016.

The rating continues to reflect Canaan's modest scale of
operations in the highly fragmented seafood industry, below-
average financial risk profile, with small networth, high gearing
and average debt protection metrics, and susceptibility to
volatility of raw material prices. These rating weaknesses are
partially offset by the extensive experience of promoters in the
seafood industry.
Outlook: Stable

CRISIL believes Canaan will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if substantial improvement
in scale of operations and profitability or better capital
structure on account of equity infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if a decline in cash
accrual, or large, debt-funded capital expenditure, or stretch in
working capital cycle leads to deterioration in the financial
risk profile.

Set up in 2003 as a partnership between Mr V D Joy and Mr Anthony
Bastian, Canaan processes and exports seafood such as shrimps,
squid, octopus, and cuttlefish. It exports primarily to France
and Germany in Europe, and Indonesia, Vietnam and Thailand in
South East Asia.


CAPTAIN SPORTS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Captain Sports (CS).

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

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

The ratings reflect modest scale of operations in highly
fragmented trading industry, working capital-intensive operations
and susceptibility to fluctuations in raw material rates. These
weaknesses are mitigated by extensive industry experience of
promoters.
Outlook: Stable

CRISIL believes CS will continue to benefit over the medium term
from the extensive experience of its proprietor family. The
outlook may be revised to 'Positive' in case of improvement in
scale of operations while sustaining profitability, along with
prudent working capital management. The outlook may be revised to
'Negative' if decline in revenue and profitability, large, debt-
funded capital expenditure, or sizeable working capital
requirement weakens financial risk profile, especially liquidity.

Set up in 1999 by Mr. Rajkumar as a proprietorship concern of his
wife, Ms. Rajkumar Kalpana Devi, CS trades in sports fabrics such
as super PP, plain polyesters, dot knit polyester, and jack pro
polyester. It has five outlets, one each in Tiruppur, Chennai,
Palakkad, Madurai, and Hyderabad.

Net profit was INR3.8 million on revenue of INR329 million for
fiscal 2015, against a net profit of INR3.8 million on revenue of
INR308 million for fiscal 2014. Revenue was INR325 million for
fiscal 2016.


CHARIOT INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR110M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chariot International
Private Limited (CIPL) continue to reflect CIPL's modest scale of
operations in the intensely competitive granite processing
industry, and large working capital requirement. These weaknesses
are partially offset by promoter's extensive industry experience,
and the company's comfortable financial risk profile, marked by
moderate gearing and debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit         5       CRISIL A4 (Reaffirmed)
   Packing Credit         110       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CIPL will continue to benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly increases
revenue and profitability on a sustainable basis and improves
working capital management, resulting in better liquidity.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens, most likely due to stretched receivables or considerable
decline in revenue, or if the company undertakes a large debt-
funded capital expenditure, weakening financial risk profile.

CIPL, set up in 1992, is engaged in granite processing. The
company's day-to-day operations are managed by Mr. Sandeep K
Wadhwa.


CITY REALTY: ICRA Reaffirms 'D' Rating on INR350cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D outstanding
on the INR350 crore term loan facility of City Realty &
Development Private Limited.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan              350.00      [ICRA]D/reaffirmed

The rating reaffirmation factors in the delays in debt servicing
by the company owing to its stretched liquidity position. The
liquidity profile remains weak owing to lower Minimum Monthly
Guaranteed (MMG) rentals, as well as decline in the occupancy
levels.

CRDPL, a 49:51 Joint Venture (JV) between Horizon Ventures V and
Pune-based City group, is a Special Purpose Vehicle (SPV) which
owns and operates the Amanora Town Centre at Hadapsar in eastern
Pune. The project comprises retail and commercial real estate
development over 21.87 acres of land and is part of the larger
mega-township project, namely, Amanora Park Town. This township
is spread over 400 acres and is being developed by the City
group. The civil construction of the project started in August
2008 and the mall was formally inaugurated in August 2011.

The company is also developing a residential real estate project
called Neo towers in Amanora Town Park. The project comprises of
4 towers with a total saleable area of ~6.7 lakh sqft.

Recent Results
For the financial year ending March 31, 2016, the company
reported a loss of INR26.08 crore on an operating income of
INR65.65 crore (unaudited) as against a loss of INR19.26 crore on
an operating income of INR68.43 crore in the same period last
year.


DIGNITY INNOVATIONS: CRISIL Reaffirms B- Rating on INR40MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dignity Innovations
(DI) continue to reflect DI's below-average financial risk
profile, marked by highly leveraged capital structure and modest
networth.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill
   Purchase                30       CRISIL A4 (Reaffirmed)

   Packing Credit          10       CRISIL A4 (Reaffirmed)

   Proposed Packing
   Credit                  25       CRISIL A4 (Reaffirmed)

   Working Capital
   Term Loan               40       CRISIL B-/Stable (Reaffirmed)

The ratings also factor in DI's modest scale of operations and
its large working capital requirements. These rating weaknesses
are partially offset by the extensive experience of promoters in
the ready-made garments industry.
Outlook: Stable

CRISIL believes that the DI will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to 'Positive' if the company improves its liquidity driven by
improvement in its scale of operations and profitability.
Conversely, the outlook may be revised to 'Negative' if DI's
financial risk profile weakens with a decline in its cash
accruals, or deterioration in its working capital management, or
sizeable debt-funded capital expenditure.

Established as a proprietorship firm in 1993, Dignity Innovations
(DI) is engaged in the manufacture of readymade garments (RMG).
The firm is based out of Chennai and the day to day operations of
the company are managed by the promoter, Mr. S. Rajasekaran.


EASTMAN CAST: CRISIL Ups Rating on INR71MM Cash Loan to BB-
-----------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Eastman
Cast and Forge Ltd from 'CRISIL BBB-/Stable/CRISIL A3' to 'CRISIL
D/CRISIL D' and simultaneously upgraded the ratings to 'CRISIL
BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              71       CRISIL BB-/Stable (Revised
                                     from 'CRISIL BBB-/Stable'
                                     to 'CRISIL D' and
                                     simultaneously upgraded to
                                     'CRISIL BB-/Stable)

   Export Packing Credit    82.5     CRISIL A4+ (Revised from
                                     'CRISIL A3' to 'CRISIL D'
                                     and simultaneously upgraded
                                     to 'CRISIL A4+')

   Letter of Credit         50.0     CRISIL A4+ (Revised from
                                     'CRISIL A3' to 'CRISIL D'
                                     and simultaneously upgraded
                                     to 'CRISIL A4+')

   Packing Credit          120.0     CRISIL A4+ (Revised from
                                     'CRISIL A3' to 'CRISIL D'
                                     and simultaneously upgraded
                                     to 'CRISIL A4+')

The rating revision takes into account the company's overdrawn
pre-shipment credit in foreign currency (PCFC) account for more
than 30 days from March 2016 to April 10, 2016. However, the
ratings have been reassigned because of timely servicing of debt
since then.

The ratings reflect ECFL's established and geographically
diversified customer base, and the extensive experience of the
management in tool industry. These strengths are partially offset
by its substantial working capital requirement driven by large
receivables leading to moderate financial risk profile, and
susceptibility to fluctuations in foreign exchange rates.
Outlook: Stable

CRISIL believes ECFL will continue to benefit from its
established relationships with key customers, and its promoters'
industry experience. The outlook may be revised to 'Positive' if
the company scales up operations significantly, and improves its
working capital cycle. The outlook may be revised to 'Negative'
in case of low revenue or profitability, or weakening of working
capital management affecting the company's liquidity, or large,
debt-funded capital expenditure constraining its capital
structure.

ECFL was incorporated by Mr J R Singhal in 1989 in Ludhiana,
Punjab. It manufactures and trades in hand tools, power tools,
and tractor-linkages parts. The company has two units in
Ludhiana, and a press forging machine with induction heater.

ECFL's profit after tax (PAT) was INR18.3 million on sales of
INR974 million for fiscal 2016, against a PAT INR28.8 million and
sales of INR1.05 billion for fiscal 2015.


FUSION VOICE: CRISIL Cuts Rating on INR90MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Fusion Voice Solutions India Private Limited (FVSIPL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.

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

   Proposed Fund-          35        CRISIL B+/Stable (Downgraded
   Based Bank Limits                 from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in FVSIPL's business risk
profile because of reduction in scale of operations and
profitability. With dip in demand for Nokia phones, revenue
declined 47% to INR780 million in fiscal 2016 from INR1476
million in the previous fiscal. Net cash accrual declined to
INR11 million in fiscal 2016 from INR23 million in fiscal 2015
due to low profitability and dip in scale. Muted demand for Nokia
phones should continue to constrain the business risk profile
over the medium term.

The rating reflects FVSIPL's modest scale of operations, customer
concentration in revenue, exposure to intense competition in the
mobile phone industry resulting in modest profitability margins,
and a below-average financial risk profile, with a modest
networth and moderate total outside liabilities to tangible
networth ratio. These rating weaknesses are partially offset by
the extensive experience of promoters in the distribution
business.
Outlook: Stable

CRISIL believes FVSIPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if significant improvement
in scale of operations and profitability or substantial equity
infusion by promoters strengthen the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if working
capital requirement increases, resulting in deterioration in
liquidity or any large, debt-funded capital expenditure weakens
the capital structure.

Set up in 2003 as a proprietorship concern and reconstituted as a
private limited company in 2007, FVSIPL, based in Vijayawada
(Andhra Pradesh), distributes Nokia mobiles and accessories.
Operations are managed by the promoter, Ms Jogu Prasad.


GRACIA METALS: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gracia Metals Private
Limited (GMPL) continues to reflect its modest scale and working-
capital-intensive operations in the competitive cable
manufacturing segment and its below-average financial risk
profile, marked by negative networth. . These rating weaknesses
are partially offset by the promoters' extensive experience in
the copper trading and cables.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B+/Stable (Reaffirmed)
   Letter Of Guarantee      5       CRISIL A4 (Reaffirmed)
   Letter of Credit        10       CRISIL A4 (Reaffirmed)
   Term Loan               15       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMPL will benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is significant and sustained improvement in
the company's revenue and cash accruals leading to improvement in
capital structure. Conversely, the outlook may be revised to
'Negative' if its financial risk profile, particularly liquidity,
weakens because of low cash accruals or sizable working capital
cycle or any unanticipated, large debt-funded capital
expenditure.

Update
Operating income is estimated at INR175-180 million for 2015-16,
up from INR91.0 million in the preceding year; the growth was
driven by stabilization of operations and repeat orders from
existing customers. Operating margin was at around 6.5-7.0 per
cent in 2015-16.The company's operations remain working capital
intensive, with gross current assets estimated at about 100 - 110
days, on account of debtors of about 70 ' 75 days, estimated as
on March 31, 2016; operations are expected to remain working
capital intensive over the medium term.

The financial risk profile remains below average, marked by
negative net worth levels. as on March 31, 2016, however
supported by unsecured loan from promoters of INR 38.6 million
outstanding as on March 31, 2016. Debt protection metrics
remained average with net cash accrual to total debt and interest
coverage ratios of 0.20 to 0.25 times and 2.5-2.7 times in 2015-
16. CRISIL believes that financial risk profile will remain below
average over the medium term.

Liquidity is adequate supported by adequate cash accrual against
term debt repayment. Annual cash accrual is expected at INR7.0-
7.5 million for FY2016-17 as against term debt obligation of INR
3.1 million for the same period. Further the bank lines have been
utilised at around 91 per cent for the past 7 months ended May
2016.

GMPL was incorporated in May 2013 by Mr. Mahendra Jain and Mr.
Manohar Jain. GMPL, an ISO 9001:2008 company, manufactures
various types of wires and cables. The company's manufacturing
facilities are located at Talasari (Maharashtra) and its
commercial operations commenced in May 2014.


INNOVATIVE TECHNOMICS: CRISIL Cuts Rating on INR60MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of
Innovative Technomics Private Limited (ITPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B+/Negative/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           60       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit              10       CRISIL D (Downgraded from
                                     'CRISIL B+/Negative')

   Letter of Credit         20       CRISIL D (Downgraded from
                                     'CRISIL A4')

The rating downgrade reflects overutilisation of the cash credit
account for over 30 consecutive days, as the large working
capital requirement weakened liquidity.

The ratings reflect the small scale of operations, large working
capital requirement, and vulnerability to volatile raw material
prices. The ratings also factor in the weak financial risk
profile, marked by subdued debt-protection metrics. These rating
weaknesses are partially offset by the strong track record in the
soft starters manufacturing business.

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.


JAYABHERI AUTOMOTIVES: ICRA Assigns B-/A4 Rating to INR15cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B- and short term
rating of [ICRA]A4 to INR15.00 crore unallocated limits of
Jayabheri Automotives Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Unallocated Limits       15.00       [ICRA]B-/A4; assigned

The assigned rating is constrained by the weak financial profile
of the company characterized by net losses incurred till FY2015,
highly leverage capital structure as reflected in gearing of
21.97 times as on 31st March, 2016 and weak coverage indicators
as indicated by OPBITDA-to-Interest & Finance Charges of 1.62
times and Net Cash Accruals-to-Total Debt of 5% in FY2016. The
ratings are further constrained by the vulnerability of the sales
to the cyclicality of passenger vehicle industry; trading nature
of the vehicle dealership business resulting in low operating
profitability and intense competition from other OEM dealerships
in the region thereby limiting growth to an extent.

The ratings however favourably factors in the association of the
company with Jayabheri group of companies which has presence in
real estate and film production sector; established position in
the Visakhapatnam market for Maruti Suzuki India Limited
passenger vehicle division with 2 showrooms & 7 dedicated service
centers and increase in operating income of the company at a CAGR
of 127% over the last four years.

Going forward, the ability of the company to increase its scale
of operations, improve its profitability and capital structure
while effectively managing the liquidity, given sizeable
repayments, will be the key rating sensitivities.

Jayabheri Automotives Private Limited was incorporated in the
year 2011 to undertake dealership of passenger cars of Maruti
Suzuki Motors Limited. The company is part of Jayabheri group of
companies which has presence in real estate (through Jayabheri
Properties Private Limited rated [CRISIL]BB-(Stable)) and film
production (through Jayabheri Arts) and is promoted by Mr. D.
Kishore and M. Murali Mohan. The company is catering to the
Hyderabad-Secunderabad market. JAPL operates through 2 showrooms
and 7 dedicated service centers in Visakhpatnam (Andhra Pradesh)
and one showroom and one dedicated service center in
Hyderabad(Telangana). The managing director has more than 3
decades experience in the dealership business.

Recent Results
According to provisional FY2016 results, the company has achieved
operating income of INR233.51 crore with operating profit of
INR8.41 crore as against operating income of INR113.84 crore with
operating profit of INR3.26 crore for FY2015.


KAMAL TIMBERS: ICRA Suspends B+ Rating on INR19.0cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR6.00 crore fund based limits and INR19.00 crore non fund
based limits of M/s Kamal Timbers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


KAPOOR COTSYN: CRISIL Reaffirms B+ Rating on INR52.5MM LT Loan
--------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Kapoor Cotsyn India
(KCI) continues to reflect its small scale of operations in a
highly fragmented market, customer and geographical concentration
in revenue profile and an average financial risk profile. These
weaknesses are partially offset by the extensive industry
experience of promoters, moderate operating efficiencies and
established customer relationships.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bills - Foreign        70        CRISIL A4 (Reaffirmed)

   Cash Credit             7.5      CRISIL B+/Stable (Reaffirmed)

   Packing Credit         50.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     52.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if equity infusion or increased profitability
improves the capital structure, or customer base gets
diversified. The outlook may be revised to 'Negative' if large
working capital debt or lower-than-expected revenue and operating
margin weaken the financial risk profile.

Update:
Revenues fell 11% in fiscal 2016 to INR557.6 million from
INR627.6 million in fiscal 2015 primarily due to the fall in
demand from customers in USA and Europe. Revenue is expected to
grow moderately at 5-10% with operating margin at 2.5-3.0%.

Liquidity is adequate as annual accrual is expected to be INR7.0-
7.5 million against debt repayment obligations of around INR0.5
million over the medium term. The absence of any significant
capex plans shall support liquidity over the medium term. Bank
limit utilisation was moderate at around 83%. Liquidity is also
supported by unsecured loans by promoters, which stood INR39.1
million as on March 31, 2016.

The financial risk profile is average with estimated total
outside liabilities to tangible networth (TOL/TNW) of around 2.8
times and debt protection metrics marked by interest coverage and
net cash accrual to adjusted debt (NCAAD) of 1.6 times and 0.06
time, respectively, in fiscal 2016. CRISIL believes that the
financial risk profile would remain constrained over the medium
term owing to subdued profitability and high reliance on bank
facilities.

The working capital cycle is stable marked by estimated debtor
and creditor days of 38 and 36, respectively, as on March 31,
2016. While inventory stands at around 2 months. With no major
change in inventory policy and customer profile, working capital
cycle will be stable over the medium term.

Set up in 1993 as a partnership firm, KCI manufactures ready-made
garments and mainly caters to the export market. The firm is
based in Ludhiana (Punjab), and is owned and managed by Mr Dalip
Kapoor and family.


KARMIC ENERGY: CRISIL Reaffirms 'B' Rating on INR187.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Karmic Energy
Private Limited (KEPL) continue to reflect KEPL's nascent stage
of operations and exposure to risks related to implementation and
stabilisation of its upcoming biomass-based power generation
plant. These weaknesses are partially offset by the extensive
experience of KEPL's promoters in the power industry and their
funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              187.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of successful completion of the project
along with strong revenue and profitability generation. The
outlook may be revised to 'Negative' if delays in case of
completion of the project or low revenue or profitability weakens
financial risk profile.

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). It is promoted by Ms Radha Prakash and her
husband Mr Ved Prakash manages the operations.


KAVYA BUILDCON: CRISIL Reaffirms 'B' Rating on INR350MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facility of Kavya Buildcon Private
Limited (Kavya Buildcon) continues to reflect the group's
exposure to implementation and demand risks associated with its
ongoing projects, and high degree of geographic concentration in
its revenue profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               350       CRISIL B/Stable (Reaffirmed)

The rating also factors in the group's weak capital structure and
its vulnerability to the cyclicality and risks inherent in the
Indian real estate industry. These rating weaknesses are
partially offset by the experience of the Kavya group's promoters
in the real estate business.
Outlook: Stable

CRISIL believes that Kavya Buildcon will continue to benefit over
the medium term from its promoters' extensive experience in the
real estate sector. The outlook may be revised to 'Positive' in
case of better-than-expected customer response to the group's
projects leading to better customer advances, or a substantial
improvement in the group's capital structure. Conversely, the
outlook may be revised to 'Negative' in case of delays by the
group in project completion, in the receipt of advances from
customers, or the group undertakes large debt-funded projects
leading to deterioration in its financial risk profile.

Kavya Buildcon, set up in 2003 by the Vora family, is a real
estate developer headquartered in Mumbai. Kavya Buildcon is
currently developing four residential projects and one commercial
project in and around Mumbai. Shree Construction Company is
developing a residential project in Thane, Maharashtra.


KAYATHRI CONSULTANTS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kayathri Consultants
Private Limited (KCPL) continue to reflect the company's below-
average financial risk profile because of leveraged capital
structure and muted debt protection metrics, and sizeable working
capital requirement. These weaknesses are partially offset by
extensive experience of promoter and established customer
relationship.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          65       CRISIL A4 (Reaffirmed)
   Cash Credit             50       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if substantial growth in revenue,
while maintaining stable profitability, and efficient working
capital management result in a better financial risk profile. The
outlook may be revised to 'Negative' if further stretch in
working capital cycle, decline in profitability, or larger-than-
expected debt-funded capital expenditure weakens liquidity.

Incorporated in 2010 and promoted by Mr. K Sivakumar, KCPL
fabricates and installs mechanical structures for South Railways
and oil companies such as Indian Oil Corporation Ltd, Bharat
Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd,
and the Reliance group. KCPL also undertakes tender-based turnkey
projects.


KEDARNATH COTTONS: CRISIL Reaffirms B Rating on INR200MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kedarnath
Cottons Private Limited (KCPL) continues to reflect KCPL's below
average financial risk profile marked by a modest net worth, high
gearing, and weak debt protection metrics, its limited pricing
flexibility and susceptibility of its profitability margins to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits KCPL derives from the extensive
experience of its promoters in the textile industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           200.0       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      9.3       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is a
substantial and sustained improvement in the company's revenues
and profitability margins, or there is a substantial improvement
in its net-worth on the back of sizeable equity infusion from its
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in the company's profitability
margins, or significant deterioration in its capital structure
caused most likely by a large debt-funded capital expenditure or
a stretch in its working capital cycle.

Set up in 2009 in Adilabad, Telangana, by Mr. Kedarnath Padigela,
KCPL gins cotton and extracts cotton seed oil.


KINETA GLOBAL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kineta Global
Limited (KGL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The agency has also assigned KGL's INR500m fund-based
working capital limits 'IND BB-'/Stable and 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect KGL's weak credit metrics. The company's FY16
provisional financial indicate net leverage (Ind-Ra total
adjusted net debt/operating EBITDAR) of 6.1x (FY15: 6.1x) and
interest coverage (operating EBITDA/gross interest expense) of
1.2x (FY15:1.2x).

The ratings also factor in the decline in KGL's EBITDA margins to
4% in FY16 (FY15: 24.8%) due to change in its product mix as
earlier the business was dominated by export of iron ore.
However, due to subdued demand of iron ore, the company started
trading of building materials (where margins remain low) and sub-
contracting work in the construction sector from FY16. This led
to a substantial increase in its top-line in FY16 to INR2,017.7m
(FY15: INR208.6m). In FY16, trading and construction contributed
74% and 26% (100% and 0% in FY15) to the company's top-line,
respectively.

The ratings are constrained by the customer concentration risk as
KGL generated its entire revenue from two customers in FY16. The
company's liquidity profile is tight as evident from its average
use of working capital facilities of around 98% during the 12
months ended June 2016.

The ratings, however, are supported by around two decades of
experience of the company's promoter in manufacturing burnt lime,
import of metallurgical coal and coke and export of iron ore
which led to its established relationships with customers and
suppliers. The ratings are further supported by the company's
unexecuted order book of INR1,189m, scheduled to be completed by
FY17, giving it revenue visibility for FY17 from sub-contract
revenue steam.

RATING SENSITIVITIES

Positive:  A substantial revenue growth and sustained improvement
in the profitability, liquidity and credit metrics could be
positive for the ratings.

Negative: A decline in the revenue and/or further tightening of
liquidity and profitability leading to deterioration in the
credit metrics could be negative for the ratings.

COMPANY PROFILE

Established in 2006, KGL is primarily engaged in the trading of
iron ore and building materials such as TMT bars, cement etc. It
also undertakes EPC irrigation projects on sub-contract basis.


LIFE SHINE: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Life Shine
Medical Services Private Limited (Life Shine) a Long-Term Issuer
Rating of 'IND BB-'. The Outlook is Stable. The agency has also
assigned Life Shine's INR140.73m Long-term loans an 'IND BB-'
rating with a Stable Outlook.

KEY RATING DRIVERS

The ratings reflect Life Shine's declining trend of operating
profit margins and its small scale of operations. According to
FY16 provisional financials the company's EBITDA margins declined
to 26.9% (FY15: 31.5%; FY14: 34.5%) from 46.4% in FY12 on account
of administrative expenses including doctors' salary and very
high maintenance cost of hospital. Its revenue was INR215m in
FY16 (FY15: INR180m; FY14: INR125m).

The ratings, however, are supported by the company's moderate
credit metrics. In FY16, its gross interest coverage (operating
EBITDA/gross interest expense) was 2.4x (FY15: 2.1x; FY14:1.7x)
while net financial leverage (total adjusted debt/operating
EBITDAR) was 2.8x (3.1x; 4.7x) on account of scheduled repayment
of term loans.

The ratings are further supported by the promoter's more than a
decade of experience in the health care services.

RATING SENSITIVITIES

Positive: A substantial growth in the company's top-line and
improvement in the profitability leading to a sustained
improvement in the overall credit metrics could be positive
rating action.

Negative: A substantial decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could lead to a negative rating action.

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates with 300-bed hospital
(Tulasi Hospitals) in Hyderabad (Telangana). The hospital
provides services in cardiovascular, ophthalmology, neurology,
paediatrics, and other segments.


MAYUR COLDSTORAGE: CRISIL Reaffirms 'D' Rating on INR58.3MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mayur
Coldstorage Private Limited (MCPL) continues to reflect delay in
debt servicing by MCPL; the delays are due to the company's weak
liquidity, driven by its working-capital-intensive operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      58.3      CRISIL D (Reaffirmed)

   Term Loan               31.7      CRISIL D (Reaffirmed)

MCPL also has below-average financial risk profile, marked by
modest net worth, high gearing, subdued debt protection metrics,
and modest scale of operations. These weaknesses are partially
offset by the extensive experience of MCPL's promoters in the
cold storage industry.

MCPL was incorporated in 2000, by the Shaikh family, along with
business acquaintances Mr. Esmail Ebrahim Kharodia and Mr.
Mohammad Muld Haroon Khan. MCPL provides cold storage facilities
to various wholesalers and distributors located in and around
APMC market inVashi (Navi Mumbai). Mr. Esmail Ebrahim Kharodia
oversees MCPL's operations.


MFAR HOTELS: CRISIL Reaffirms 'D' Rating on INR1.14BB LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of MFAR Hotels and
Resorts Private Limited (MFAR, formerly MFAR Hotels & Resorts
Ltd) continue to reflect delays in servicing debt due to weak
liquidity, arising from low occupancy rates.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             70        CRISIL D (Reaffirmed)

   Foreign Currency       373.5      CRISIL D (Reaffirmed)
   Term Loan

   Letter of credit &      35.0      CRISIL D (Reaffirmed)
   Bank Guarantee

   Long Term Loan         709.5      CRISIL D (Reaffirmed)

   Proposed Long Term    1141.2      CRISIL D (Reaffirmed)
   Bank Loan Facility

The company also has a below-average financial risk profile
because of weak debt protection metrics. However, MFAR benefits
from stable operations at its hotel in Kochi and promoter's
extensive experience.

Set up in 1997 by Dr. P Mohamad Ali, MFAR owns a five-star deluxe
hotel, Le Meridian, and a convention centre in Kochi. It also
operates a five-star hotel, The Westin, in Chennai.


MULTITECH AUTO: ICRA Suspends B+ Rating on INR8.31cr Loan
---------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR8.31
crore line of credit of Multitech Auto Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
entity.


PEPSU ROAD: ICRA Suspends B+ Rating on INR40cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR40.00
crore fund-based bank facilities of Pepsu Road Transport
Corporation (PRTC). The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the entity.


PLETHICO PHARMA: ICRA Suspends 'D' Rating on INR333.65cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR333.65 crore term loans & working capital facilities &
short term rating of [ICRA]D to the INR125.00 crore non fund
based facilities of Plethico Pharmaceuticals Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


RAJA MOTORS: CRISIL Upgrades Rating on INR55MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Raja Motors (Sirsa) (RMS) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             55        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Rupee           2.5      CRISIL B+/Stable (Upgraded
   Term Loan                         from 'CRISIL B/Stable')

   Rupee Term Loan         20.0      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the improvement in RMS's business risk
profile because of steady revenue growth y-o-y driven by increase
in demand for Hyundai cars and new launches in the economy
segment. The firm's revenue grew at an estimated 23% in 2015-16
(refers to financial year, April 1 to March 31). Going forward,
CRISIL expects RMS to sustain its improved turnover levels and
further achieve moderate growth in the range of 5-10%. It does
not have any plans to open new showrooms or workshops.

With improving revenue and sustenance of profitability, its net
cash accruals have witnessed growth supporting the improvement in
liquidity. Over the medium term, its net cash accruals will be
approximately 2.5 times of the maturing term debt obligation.
CRISIL believes absence of significant capital expenditure
(capex) will support liquidity.

The rating reflects RMS's exposure to intense competition in the
automotive (auto) dealership market, and its below-average
financial risk profile because of a modest networth and weak debt
protection metrics. These weaknesses are partially offset by its
established position and its promoters' extensive experience in
the auto dealership market.
Outlook: Stable

CRISIL believes RMS will continue to benefit from its established
position in the auto dealership market in Sirsa, Punjab. The
outlook may be revised to 'Positive' if there is a significant
and sustainable increase in its revenue and accrual, leading to
improvement in its networth and interest coverage ratio. The
outlook may be revised to 'Negative' if its revenue and
profitability deteriorate, or if it undertakes large debt-funded
capex, constraining its capital structure.

RMS, a partnership firm, was set up in 2008 by Mr Om Prakash
Makkar and his son, Mr Rajesh Kumar Makkar. It is the sole
authorised dealer for Hyundai Motor India Ltd in Sirsa.


RATAN ENGINEERING: ICRA Suspends B Rating on INR13.75cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR13.75 crore fund based limits and short term rating of
[ICRA]A4  assigned to the INR0.25 crore non fund based limits of
M/s Ratan Engineering Company Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


REAL DAIRY: CRISIL Lowers Rating on INR185MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Real
Dairy Industries Pvt Ltd (RDIPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

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

   Term Loan               185       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects delays in meeting the term-loan
obligation, as a stretched working capital cycle weakened
liquidity.

The rating reflects the below-average financial risk profile,
with weak capital structure and debt-protection metrics. The
rating also factors in the modest scale of operations and
vulnerability to cyclicality, intense competition and the
regulatory framework of the dairy industry. These rating
weaknesses are partially offset by extensive industry experience
of promoters.

RDIPL, set up in 2011 by Mr Manojkumar Tupe, has a milk
processing unit to manufacture value-added products such as
skimmed milk powder and ghee. The company has its unit at
Baramati (Maharashtra).


ROYALE MARINE: CRISIL Raises Rating on INR270MM LT Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Royale Marine Impex Pvt. Ltd. (RMIPL) to 'CRISIL BB-/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Export Packing          230       CRISIL BB-/Stable (Upgraded
   Credit                            from 'CRISIL B/Stable')

   Long Term Loan           60       CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      270       CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating upgrade reflects improvement in RMIPL's business risk
profile, with stabilisation of operations at the new facility,
and healthy turnover of INR800 million in fiscal 2016-the first
full year of operations. Operating margin was moderate at 10.7%
in fiscal 2016, and should remain stable over the medium term,
aided by benefits from economies of scale. Benefits from the
management's extensive entrepreneurial experience and from ramp-
in scale of operations are expected to help maintain stable
credit metrics.

The rating continues to reflect extensive experience of the
promoters and above-average financial risk profile. These
strengths are partially mitigated by working capital intensity
and limited track record in operations, and intense competition
in the seafoods industry
Outlook: Stable

CRISIL believes RMIPL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive'
if substantial and sustainable increase in revenue and
profitability, or efficient working capital management
strengthens financial metrics. Conversely, the outlook may be
revised to 'Negative' if low growth in revenue and profitability
constrains debt servicing ability, or capital structure weakens
on account of stretch in working capital cycle or any large
capital expenditure.

Incorporated in 2011, RMIPL is based in Bapatla, Andhra Pradesh.
Mr V Narendra Varma Raju and his family are the promoters. The
company processes shrimp, and began commercial operations in
December 2014.


S.V. PATEL: ICRA Assigns 'B+' Rating to INR0.73cr Term Loan
-----------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to the INR0.73
crore1 term loan facility of S.V. Patel & Sons. ICRA also has the
long term rating of [ICRA]B+ outstanding on the INR6.50 crore
cash credit facility of SVP.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan               0.73        [ICRA]B+ assigned
   Cash Credit             6.50        [ICRA]B+ outstanding

The rating reaffirmation takes into account SVP's small scale of
current operations and weak financial risk profile characterised
by moderate profitability levels, owing to the limited value
addition in the business and the highly competitive and
fragmented industry structure and adverse capital structure due
to high working capital requirements of the business. The rating
is also constrained by the vulnerability of the firm's
profitability to cotton and castor seed prices, which are subject
to seasonality and crop harvest. ICRA also notes that SVP is a
partnership firm and any significant withdrawals from the capital
account could affect its net worth and thereby its capital
structure.

The assigned rating, however, positively considers the long
experience of the promoters in the cotton seed and castor seed
crushing industry and its reputed clientele base. The rating also
favourably considers the locational advantage of the firm, giving
it easy access to quality raw material (cotton seeds and castor
seeds).

Established in 2005, S.V. Patel & Sons (SVP) is a partnership
firm which crushes cotton seeds and castor seeds. In November
2015, the firm also commenced the production of castor oil
derivative viz. Hydrogenated Castor Oil (HCO). The manufacturing
facility, located at Kapadvanj in Gujarat, is equipped with nine
expellers each for cotton seed and castor seed crushing, with a
total installed production capacity of 9,000 Metric Tonnes Per
Annum (MTPA) and 2,800 MTPA respectively. The total installed
capacity of HCO stands at 5,500 MTPA. The firm is promoted and
managed by Mr. Rajesh Patel along with his family members and
friends. The key promoter has an experience of more than a decade
in the oil manufacturing industry.

Recent Results
During FY2015, SVP reported an operating income of INR24.25 crore
and profit after tax of INR0.30 crore as against the operating
income of INR22.40 crore and profit after tax of INR0.25 crore
during FY2014. As per provisional financials, the firm reported
an operating income of INR24.35 crore and profit after tax of
INR0.20 crore during FY2016.


SAMRAT PLYWOOD: ICRA Suspends B+ Rating on INR24.80cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR24.80 crore fund based bank facilities of Samrat Plywood
Limited. ICRA has also suspended the short term rating of
[ICRA]A4  assigned to the INR8.20 crore non fund based bank
facilities of Samrat Plywood Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


SELVARAAJ PRABHU: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Selvaraaj Prabhu
and Company (SPC) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable. The agency has also assigned the firm's
INR177.5m fund-based working capital facilities long-term 'IND B-
'/Stable and short-term 'IND A4' ratings.

KEY RATING DRIVERS

The ratings reflect SPC's weak credit profile and liquidity
stress. FY16 provisional financials indicate revenue of INR898m
(FY15: INR898m), net leverage (total Ind-Ra adjusted debt net of
cash/EBITDA) of 7.4x (5.9x) and interest coverage (operating
EBITDA/gross interest expense) of 1.1x (1.1x). The company's
liquidity was tight with over utilisation of the fund-based
working capital facilities for up to 29 days during the six
months ended June 2016.

EBITDA margin remained volatile and fluctuated between 2.2% and
3.0% during FY12-FY16P due to commodity-based nature of the
business. SPC has a current order book of INR1000m as on date.

The ratings derive support from the more-than-three decades of
experience of the founders in the dhal trading business.

RATING SENSITIVITIES

Negative: Any decline in profitability resulting in a further
stress on the liquidity position and sustained deterioration in
the credit profile will lead to a negative rating action.

Positive: Substantial growth in top-line and improvement in
profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

COMPANY PROFILE

SPC was set up in 1997 as a proprietorship concern in the name
of, Samrat Exim Corporation, it was converted to a partnership
firm and renamed Selvaraaj Prabhu and Company in 2003. It is
involved in the milling of various raw pulses resulting in the
production of processed split dhal and trading of dhal along with
other agri commodities. SPC has a manufacturing unit in Chennai
with an installed capacity of 900tonnes/ month. The day-to-day
operations are managed by Mr. Selvaraj Prabhu.


SEPAL TILES: ICRA Reaffirms B- Rating on INR4.04cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B- to the
INR3.00-crore fund-based cash credit facility, INR1.00-crore book
debts facility (sub-limit of cash credit) and term loan of
INR4.04-crore of Sepal Tiles Private Limited. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 to the INR1.25-crore
short-term non-fund based letter guarantee facilities of STPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-Based Limit-
   Cash Credit              3.00        [ICRA]B-; re-affirmed

   Fund-Based Limit-
   Book Debts              (1.00)       [ICRA]B-; re-affirmed

   Fund-Based Limit-
   Term Loan                4.04        [ICRA]B-; re-affirmed

   Non-Fund Based
   Limit-Letter of
   Guarantee                1.25        [ICRA]A4; re-affirmed

The ratings continue to take into account STPL's relatively
modest scale of operations, reduced revenue from INR20.26 crore
during FY2015 to INR17.12 crore and moderate profitability of
4.54% during FY2016. The ratings are further constrained by a
moderate capital structure with gearing level at 1.38 times as on
March 31, 2016. ICRA also notes that an elongated receivable
period in turn leading to stretched payables has resulted in high
working capital intensity of 31% and TOL/TNW at 2.9 times as on
March 31, 2016. The ratings further take into account the low
entry barriers in the industry resulting in intense competition
in the ceramics business, especially in Morbi, with the presence
of large established organised tiles manufacturers and
unorganised players and foreign exchange currency rate
fluctuations due to exposure to export sales.

The ratings, however, positively consider the experience of the
promoters in the ceramics industry and the locational advantage
resulting in easy access to raw materials from suppliers.
ICRA expects the company's profitability to be exposed to the
cyclicality and the cash flow volatility of the end user industry
i.e. real estate, volatility in prices of raw material and
availability and fluctuation of fuel prices. ICRA expects that
the ability of the company to scale up operations and register
revenue growth and maintaining health profitability and improving
the realisation cycle from the customer to curb working capital
intensity would be the key rating sensitivities.

Sepal Tiles Private Limited (STPL) was incorporated in November
2011 by Mr. Lalit Patel along with other family members and
relatives. It commenced operations by manufacturing floor tiles,
however, since FY2016, it has changed its product profile and now
manufactures five sizes of digitally printed ceramic wall tiles
viz. 16"X24", 18"X12", 12"X24", 16"X16" and 12"X12". The plant is
located in Morbi, Gujarat and it manufactures glazed wall tiles,
unglazed wall tiles and body clay. Body clay is used for the
captive consumption and for sale to customers. The directors of
the company are associated with other group concerns namely Sepal
Ceramic, which also makes ceramic wall tiles from its plant in
Morbi, Gujarat.

Recent Results
During FY2015, the company registered net profit of INR0.72 crore
on an operating income of INR20.26 crore. As per the provisional
financials of FY2016, STPL has achieved net profit of INR0.79
crore on an operating income of INR17.12 crore.


SHREE NAVKAR: ICRA Suspends B+ Rating on INR8.50cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ assigned to
the INR8.50 crore fund based facilities of Shree Navkar Tex
Creations. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


SHREE SHAKTI: ICRA Assigns B+ Rating to INR9.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B+ to the INR9.90
crore fund based facilities of Shree Shakti Agro Industries.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Term Loan                0.90       [ICRA]B+; assigned

   Fund Based Limits-
   Cash Credit              9.00       [[ICRA]B+; assigned

ICRA's ratings are constrained by the moderate scale of SSAI's
operations and the risks related to stabilization of the new
plant and achievement of expected process parameters with
acceptable level of capacity utilisation.

The ratings also factor in the low profitability in the oil
processing business and the fragmented nature of the industry
which leads to intense competition; the exposure of the
profitability margins to adverse fluctuations in raw-material
prices and the risk of capital withdrawals on account of the
partnership nature of the firm. However, the ratings positively
factor in the extensive experience of promoters in edible oils &
oil seeds business with strong presence in the state of Punjab
through associate concerns and the favorable location of the firm
in Haryana facilitating raw material procurement by virtue of
proximity to cotton and mustard seed producing belts of the
country. The rating also positively factors in the fact that
there are no significant repayments in the near to medium term as
the project is largely funded though internal funding i.e. equity
and unsecured loans with project debt to equity ratio of 0.6:

The promoters, Mr. Vikas Doda and Mr. Vijay Kumar, took over a
partially erected seed crushing plant in Ellenabad, Haryana from
the previous promoters and incorporated Shree Shakti Agro
Industries (SSAI) in the year 2015. The firm started commercial
manufacturing of mustard oil and cake and cottonseed oil and cake
in the existing unit (having capacity to crush 60 tonnes of seeds
per day) from September 2015. Along with manufacturing
operations, the firm also trades in mustard oil and cake which
contributed ~20% to the total sales of the firm during September
2015 - March 2016. The firm is in the midst of enhancing the
crushing capacity from 60 TPD to 135 TPD for which the machinery
has already been ordered. The commercial production with full
capacity is expected to commence from September 1, 2016.

Recent Results
From the period of September 2015 - March 2016, SSAI reported an
operating income of INR6.91 crore and a net profit of INR0.12
crore.


SHUDDHI JEWELLERS: ICRA Suspends 'D' Rating on INR28cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR28.00 crore
bank facilities of Shuddhi Jewellers Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Shuddhi Jewellers Private Limited (SJPL) is a private limited
company promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The
company is engaged in the business of gold jewellery which
includes earrings, bangles, bracelets, chains and anklets. SJPL
does not have any manufacturing facility of its own and gets its
jewellery manufactured from job workers. SJPL sells its jewellery
to various wholesalers and retailers in the domestic market.


SIDDHARTH INDUSTRIES: CRISIL Puts B+ Rating on Withdrawal Notice
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Siddharth Industries (SI, part of the Siddharth group) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'; while has placed its ratings
on the bank guarantee of INR35 million, letter of credit of INR15
million, cash credit of INR45 million and proposed long term bank
facility of INR5 million of SI on 'Notice of Withdrawal' for a
period of 180 days; the ratings will be withdrawn at the end of
the notice period. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank loan facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Notice of
                                    Withdrawal)

   Cash Credit             45       CRISIL B/Stable (Notice of
                                    Withdrawal)

   Letter of Credit        15       CRISIL A4 (Notice of
                                    Withdrawal)

   Proposed Long Term       5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable';
                                    Placed on 'Notice of
                                    Withdrawal')

The downgrade reflects deterioration in the Siddharth group's
business risk profile on account of decline in operating margin
and stretch in working capital cycle. Operating margin reduced to
8% in fiscal 2016 from 10.2% in fiscal 2014. Revenue, however,
has grown marginally-to INR333.9 million from INR319 million-
during this period. The downgrade also factors stretch in stretch
in gross current assets and debtors to 240 and 142 days as of
March 2016 from 210 and 116 days, respectively, two years
earlier. The stretch in working capital cycle led to bank limit
remaining fully utilised in the 12 months through June 2016.

The ratings reflect the group's small scale of operations in an
intensely competitive industry, and large working capital
requirement. The ratings also factor in average financial risk
profile, with modest networth and moderate gearing, despite
strong debt protection metrics. These rating weakness are
partially offset by the promoters' vast experience in the
electrical industry, and healthy relations with customers and
suppliers.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SI and Siddharth Infra Power Pvt Ltd
(SIPPL). SI transferred its entire business to SIIPL in June
2016. The entities are in the same line of business and are
managed by the same promoters.
Outlook: Stable

CRISIL believes the Siddharth group will benefit from the
promoters' vast experience and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if substantial improvement in scale of operations, profitability,
and cash accrual, and efficient management of working capital
cycle strengthen financial metrics, including liquidity.
Conversely the outlook may be revised to 'Negative' if decline in
revenue and profitability, stretch in working capital cycle, or
any large capital expenditure weakens the group's financial risk
profile.

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


SIDWIN FABRIC: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR5.00-crore
fund-based cash credit facility and INR2.00-crore term loan
facility of Sidwin Fabric Private Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limits      5.00        [ICRA]B+ assigned
   Term Loan               2.00        [ICRA]B+ assigned

The assigned ratings are constrained by the limited track record
of promoters of Sidwin Fabric Private Limited in the business of
manufacturing PP non-woven fabric. Further, high reliance on
initial debt-funded capex and working capital requirement exposes
the company to leveraged capital structure. The rating also takes
into account high bargaining power of the suppliers coupled with
weak coverage indicators on account of moderate profitability and
high finance charges. ICRA further notes the vulnerability of
profitability to adverse movement in raw material prices along
with the intense competitive pressures in the highly fragmented
industry.

The rating, however, takes comfort from the favourable demand
prospects of non-woven fabrics because of their multiple
applications as well as technical and operational advantages over
traditional fabric material. ICRA also notes that the promoters
of this entity hold interest in manufacturing and marketing of
ceramic tiles, laminates sheets etc through other concerns.

Going forward, the ability of the company to scale up its
operations to the expected level and establish its products in a
competitive business environment so as to generate sufficient
cash accruals to meet the interest and principal repayment
obligations in the near term, would be some of the key rating
sensitivities.

Established in 2011, Sidwin Fabric Private Limited (SFPL) is
managed by Mr. Prafulkumar Patel and three other directors. It
manufactures polypropylene (PP) non-woven fabrics which find
application in medical and hygiene products, agricultural
coverings and carry bags. SFPL's manufacturing facility is
located at Himmatnagar and is currently operating with an
installed capacity of 2100 metric tonnes per annum. The company
can manufacture non-woven fabrics of GSM ranging from 9-200 with
a width of 3.2 metres.

Recent Results
During FY2015, SFPL reported an operating income of INR21.40
crore and a net profit of INR0.03 crore. Further, during FY2016,
the company reported an operating income of INR21.24 crores.


SPACE GOLD: ICRA Suspends 'D' Rating on INR30cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR30.00 crore
bank facilities of Space Gold Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Space Gold Private Limited (SGPL) is a private limited company
promoted by Mr. Kiran Jain and Mr. Jitendra Jain. The company is
engaged in the business of gold jewellery which includes
earrings, bangles, bracelets, chains and anklets. SGPL does not
have any manufacturing facility of its own and gets its jewellery
manufactured from job workers. SGPL sells its jewellery to
various wholesalers and retailers in the domestic market.


SRI GURU: CRISIL Reaffirms 'D' Rating on INR145MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Sri Guru Harkrishan
Sahib (C) Eye Hospital Trust (Regd.) [SGHS] continue to reflect
instances of delay by SGHS in meeting its debt obligation; the
delays have been caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      45        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      60        CRISIL D (Reaffirmed)

   Proposed Working
   Capital Facility        30        CRISIL D (Reaffirmed)

   Term Loan              145        CRISIL D (Reaffirmed)

Liquidity was stretched because of the large capital expenditure
incurred for setting up additional hospital blocks and renovation
of existing blocks. Liquidity is also stretched due to delay in
realisation from third-party administrators and sizeable debt
obligations.

The scale of operations is small, with geographic concentration
in revenue profile. The trust, however, benefits from its
established position in the healthcare industry in Sohana, Mohali
(Punjab).

Set up in 1993 in Mohali, SGHS operates a super -speciality
hospital, deriving most of its revenue from the ophthalmic
division, a heart centre, and an educational institute imparting
nursing degrees. The trust was established by the late Mr Jasbir
Singh Khalsa. Currently, Mr Devinder Singh Khalsa is the chairman
of the trust; other trustees include Mr Gurmeet Singh (secretary
and chief executive officer), Mr Swaranjit Singh, Mr Sarabjit
Singh, and Mr Harbans Singh.


SUNBEAM REAL: Weak Financial Strength Cues ICRA SP4D Grading
------------------------------------------------------------
ICRA has assigned SP4D grading to Sunbeam Real Ventures Private
Limited. The grading indicates Weak performance capability and
Weak financial strength of the channel partner to undertake solar
projects.  The grading is valid for a period of two years from
July 25, 2016 after which it will be kept under surveillance.

Grading Drivers
Strengths
* Technically sound promoters with experience in solar power
sector.
* Moderate order book position providing revenue visibility in
near term.
* Positive feedback from customers, suppliers and banker.
Risk Factors
* Large number of unorganized players indicating high level of
competition may lead to pressure on margins.
* Small scale of operations: relatively lower installation
levels in solar PV

Fact Sheet

Year of Establishment
November 2013

Registered Office Address
S-21, Panchsheel Park, New Delhi 110017

Incorporated in the November 2013 as a private limited company,
SRVPL is involved in the installation of customized rooftop solar
power plants. The company has an employee base of around 20
permanent and contractual employees. SRVPL carries out
installation of solar power plants through the following
financing options i.e., Power Purchase Agreements (PPA model),
Capital Expenditure model (Capex), Hire and Purchase model. Till
date, the company has carried out the installation of 5kW of
solar plants. The company has an order book position of 1070 KWp
Solar power projects of ~INR5.80 crore.

SI Related Business - Weak Performance Capability

Directors' Track Record: Mr. Viraj Gadhoke and Mr. Sunil Gadhoke
are directors of the company. Mr Sunil Gadhoke is the proprietor
at Sunbeam corporation for the past 30 Years, which is in the
business of supply of high grade titanium equipment used in sea
water condensers of Indian thermal power plants. Mr. Gadhoke has
also been in the business of supply of Hydro Turbines to Indian
Hydro power generating companies Mr. Viraj Gadhoke has over 6
years of experience in Solar Energy sector. He started with VA
Solar Energy Consultancy and then joined Welspun Energy in 2013.
Post leaving Welspun in 2014, Viraj has been associated with SIPL

Technical competence and adequacy of manpower:
SRVPL is involved in the installation of customized rooftop solar
power plants. SRVPL carries out installation of solar power
plants through the various financing options i.e., PPA model,
Capex model and Hire and purchase model. The company has an
employee base of around 20 employees.

Quality of suppliers and tie ups: The entity sources various
products like modules, inverters, cables, panels, etc. required
from various suppliers like Ornate Agencies Private lImited,
Sunkalp Energy, Sudhir Engineering Works, etc.

Customer and O&M Network: Till date the company has installed
5kWp of rooftop solar power plant. SRVPL procures different parts
of solar power plant and install them at client site. For better
understanding of customers, SRVPL carries out free site survey
and consultation session for customers. The company is mainly
focusing on Punjab, Haryana, Delhi and NCR to secure orders.

Financial Strength - Weak

Revenues
INR 0.02 crore

Return on Capital Employed (RoCE)
- 1.24%

Total Outside Liabilities / Tangible Net worth
1.02 times

Interest Coverage Ratio
-

Net-Worth
INR7.33 crore

Current Ratio
2.11 times

Relationship with bankers
Bankers are satisfied with firm's conduct

The overall financial profile of the firm is Weak.


SWARG GOLDTOUCH: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Swarg Goldtouch Limited
(SGTL) continues to reflects SGTL's modest scale of operations,
exposure to intense competition, and large working capital
requirements.

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

   Proposed Long Term
   Bank Loan Facility      10       CRISIL B-/Stable (Reaffirmed)

The rating also factors in the company's below-average financial
risk profile, marked by a high total outside liabilities to
tangible net worth ratio, below-average debt protection metrics,
and a modest net worth. These rating weaknesses are partially
offset by the extensive experience of SGTL's promoters in trading
in imitation jewellery.
Outlook: Stable

CRISIL believes that SGTL will continue to benefit from the
extensive experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves driven by improvement in cash accruals,
efficient working capital management, or capital infusion by the
promoters. Conversely, the outlook may be revised to 'Negative'
in case the company's financial risk profile, particularly its
liquidity, deteriorates due to substantially low cash accruals or
sizeable working capital requirements.

Update
SGTL business performance in terms accrual , scale , margins and
working capital cycle remains in line with expectation in 2015-16
(refer to financial year ending 31st March). CRISIL backed by no
change in the business model SGTL expected to register marginal
growth in scale & accruals  over medium term.

Further financial risk continues to be average marked by low
networth and high total liabilities to tangible networth (TOLTNW)
of 3.3 times with moderately healthy risk coverage of above 6
times . CRISIL expects financial risk profile to remain at
similar level in absence of capex plan.

SGTL utilised its bank limits fully during 2015-16 on account of
its large working capital requirements and modest cash accruals.
CRISIL believes that SGTL's bank limits will remain fully
utilised over the medium term on account of its large working
capital requirements.

Set up as a proprietorship firm in 2004, SGTL was reconstituted
as a limited company in 2008. SGTL trades in imitation jewellery.
The company has 24 retail shops in Mumbai, Pune, and Nashik (all
in Maharashtra).


TEEAM SCORE: CRISIL Reaffirms 'B' Rating on INR10MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Teeam Score (TS)
continue to reflect TS's modest scale of operations, below-
average financial risk profile marked by high gearing and its
working capital intensive operations. These weaknesses are
partially offset by the extensive industry experience of TS's
promoters.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Foreign Bill Purchase     10      CRISIL A4 (Reaffirmed)
   Long Term Loan            10      CRISIL B/Stable (Reaffirmed)
   Packing Credit            30      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that TS will continue to benefit, over the medium
term, from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher
than expected revenues and profitability, resulting in
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if PM undertakes larger than
expected debt-funded capital expenditure programme, or in case of
stretch in working capital cycle, resulting in weakening of its
financial risk profile.

Set up in 2012, TS is into manufacturing of gift wrapping papers
and is a 100 percent export. The firm is based out of Karur
(Tamil Nadu) and is promoted by Mr. R.A. Kamaraj and Mr. R.
Ramasamy. The firm has commenced commercial operations in April
2015.

TS has provisionally reported a profit after tax (PAT) of INR1.16
million on an operating income of INR46.7 million in Fiscal 2016.


TIRUPATI INDUSTRIES: CRISIL Reaffirms B+ Rating on INR250MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Tirupati
Industries - Rajkot (TI) continues to reflect the firm's modest
scale of operations in the fragmented edible oils industry, and
its large working capital requirement. These weaknesses are
partially offset by the extensive industry experience of its
partners, and its established distribution network.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            250       CRISIL B+/Stable (Reaffirmed)

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

   Term Loan               47.5     CRISIL B+/Stable (Reaffirmed)

CRISIL had upgraded the ratings on the long-term bank facilities
of Tirupati Industries - Rajkot (TI) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' in February 09, 2016.
Outlook: Stable

CRISIL believes TI will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is a more-than-expected growth in its revenue
and profitability, leading to higher accrual, and hence, to a
better financial risk profile, while its working capital
requirement remains stable. The outlook may be revised to
'Negative' in case of decline in profitability leading to low
cash accrual, and large working capital requirement, or debt-
funded capital expenditure, or withdrawal of capital/unsecured
loans, weakening the financial risk profile.

Update
TI stabilised operations in its first year of operations. Its
revenue of INR850.0 million and healthy operating margin of 5.4%
for nine months of operations in fiscal 2016 are higher than
CRISIL's expectation. Its large working capital requirement is
indicated by gross current assets of over 100 days, driven by
receivables of 42 days as on March 31, 2016. Increase in scale of
operations will lead to larger working capital requirement, and
hence, to higher reliance on bank line.

The firm's financial risk profile remained comfortable, because
of gearing of 1.5 times as on March 31, 2016. Increased bank
limit utilisation will weaken the gearing to over 2.0 times over
the medium term. The debt protection metrics were comfortable,
with interest coverage and net cash accrual to total debt ratios
at 2.4 times and 0.17 time, respectively, for fiscal 2016.

The firm has adequate liquidity. Its cash accrual is expected at
INR23-25 million per annum, against annual term debt obligation
of INR7.9 million, over the medium term. The liquidity is also
supported by unsecured loans from the partners, at INR85.0
million as on March 31, 2016. Any infusion or withdrawal of funds
by the partners will be a rating sensitive factor. Due to large
working capital requirement, the bank line utilisation was high,
at an average of 96% over the 10 through March 2016.

TI was set up by brothers Mr Ashish Talaviya and Mr Ashwin
Talaviya, and their family members, as a partnership firm in
2014. It is based in Rajkot, Gujarat, and extracts groundnut oil
and produces de-oiled cakes.


UNICURE REMEDIES: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR0.85 crore (reduced from INR2.18 crore) term loan and the
INR5.00 crore long-term fund based cash credit facility of
Unicure Remedies Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR0.40 crore short term non
fund based facilities and the ratings of [ICRA]B+/A4 to the
INR3.45 crore unallocated limits of URPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Long Term Fund
   Based-Cash Credit        5.00       [ICRA]B+ Reaffirmed

   Long Term Fund
   Based-Term loan          0.85       [ICRA]B+ Reaffirmed

   Short Term Non
   Fund Based Limits        0.40       [ICRA]A4 Reaffirmed

   Long Term/Short Term
   Unallocated Limits       3.45       [ICRA]B+/A4 Reaffirmed

The reaffirmation of the ratings factors in the company's modest
scale of operations with future growth dependant on increase in
exports to semi regulated countries in South America, South East
Asia and Africa. The ratings are further constrained by the high
competitive pressure due to the presence of a large number of
generic formulation drug manufacturers, including units set up in
notified zones, who enjoy fiscal benefits and scale advantages.
The ratings also factor in the exposure of company's operations
to regulatory restrictions such as drug price control which could
impact margins of the company although focus on oral formulation
powder and exports mitigates the risk to a certain extent.
The ratings, however, favourably consider the long standing
experience of URPL's promoters in the pharmaceutical industry,
extensive product portfolio coupled with approved status for
export of drugs to several South East Asian, African and South
American countries. The ratings also factor in the technical
competence and ability of the company to develop new formulations
on a continuous basis apart from growing visibility and brand
presence of its powdered formulation "VITAL Z" across pharmacies
in Gujarat.

Going forward, ICRA expects the operating income of the company
to witness moderate growth as the company would benefit from
increased sale of disinfectants and prescription based powdered
formulations in India and semi regulated countries with
improvement in demand scenario. The company's profitability would
however continue to remain exposed to the volatility in raw
material prices given the competitive intensity in the
formulation industry. In ICRA's view, the ability of the company
to scale up its operations and improve its profitability and
capital structure remain the key rating sensitivities.

Unicure Remedies Private Limited (URPL) is a pharmaceuticals
company engaged in manufacturing of formulation drugs,
disinfectants and prescription based energy powders. URPL is
promoted by Mr. V. P. Divanji who set up the entity in 1993. URPL
operates from its three plants located at Gorwa and Manjusar in
Vadodara, Gujarat with a total installed capacity of
manufacturing 6 crore general tablets, 9 crore hormonal tablets
and 7.8 lakh kgs of powder formulation per year. URPL has
developed more than 130 generic drugs for the export market and
about 40 drugs for the domestic market since inception;
manufactured in its WHO GMP compliant manufacturing facilities.

Recent Results
During FY2016 (unaudited provisional financials), URPL reported
an operating income of INR32.85 crore and profit before
depreciation and tax of INR3.67 crore as against an operating
income of INR29.26 crore and profit after tax of INR0.42 crore
during FY2015.


UNISHIRE URBANSCAPE: CRISIL Cuts INR1.26BB NCD Rating to B+(SO)
--------------------------------------------------------------
CRISIL has downgraded its rating on the non-convertible
debentures (NCDs) of Unishire Urbanscape Private Limited (UUPL;
part of the Unishire Urbanscape group) to 'CRISIL B+(SO)/Stable'
from 'CRISIL BB-(SO)/Stable'. The 'SO' suffix in the rating
denotes that these instruments are supported by a well-defined
payment waterfall, tight escrow mechanism, ring-fenced cash
flows, and a mandatory prepayment clause.

                        Amount
   Facilities          (INR Bln)     Ratings
   ----------          ---------     -------
   Non Convertible        1.26       CRISIL B+(SO)/Stable
   Debentures                        (Downgraded from 'CRISIL BB-
                                     (SO)/Stable')

The rating downgrade reflects weakening of the group's business
risk profile because of slow sales and decline in customer
advances in fiscal 2016. Sales are expected to remain subdued due
to its relatively new brand in Bengaluru, and offerings being
made in the premium and luxury segment, which is facing
significant demand pressure. Furthermore, the group is likely to
remain exposed to refinancing risk as cash generated from
operations may be insufficient to meet debt servicing
obligations.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UUPL, Unishire Skyscapes LLP, Unishire
Properties LLP, Unishire Homes LLP, Unishire Regency Park LLP,
and Unishire Developers Pvt Ltd. This is because these six
entities, together referred to as the Unishire Urbanscape group,
are co-obligors to the NCDs; their projects and cash flows are
security against the these instruments by way of exclusive first
charge. CRISIL has not combined other companies of the promoters
in the absence of any fungible cash flows following the tight
escrow mechanism of the rated NCDs.

The rating continues reflect modest saleability of the group's
ongoing projects, its exposure to project risks and to
cyclicality inherent in the real estate sector. These rating
weaknesses are partially offset by the extensive industry
experience of the group's promoters and the well-defined
covenants of the NCDs.

The group has a limited development track record in the real
estate market, having developed only 1 million square foot (sq
ft) in Bengaluru till date. Its relatively new brand in the
Bengaluru market has resulted in modest saleability of ongoing
projects. Furthermore, it is exposed to project risks and is
susceptible to the cyclicality inherent in the real estate
sector, which could result in fluctuations in cash inflows
because of volatility in realisations and saleability. In
contrast, cash outflows, such as debt obligations, are relatively
fixed. However, the ratings continue to derive comfort from the
promoter's involvement in real estate development for the past 25
years.
Outlook: Stable

CRISIL believes the Unishire Urbanscape group's business risk
profile will remain sensitive to the slow progress of its ongoing
projects. The outlook may be revised to 'Positive' if the group
generates more-than-expected cash flow through higher saleability
backed up by healthy customer advances. Conversely, the outlook
may be revised to 'Negative' if cash flow is impacted due to
lower-than-expected improvement in saleability or in customer
advances, or if debt obligations are not refinanced in a timely
manner.

UUPL, founded in February 2011, develops real estate in
Bengaluru. The company is completely held and managed by the
Mehta family. Currently, the Unishire Urbanscape group has around
1.6 million sq ft under development in Bengaluru.


VENKATA SURESH: CRISIL Assigns 'B' Rating to INR62MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Venkata Suresh Enterprises (VSE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      62        CRISIL B/Stable
   Cash Credit             28        CRISIL B/Stable
   Proposed Cash
   Credit Limit            10        CRISIL B/Stable

The rating reflects VSE's weak financial risk profile marked by
high gearing and weak debt protection metrics, and exposure to
intense competition in the tobacco business. These weaknesses are
partially offset by the benefits it derives from its promoter's
extensive experience in the tobacco trading business, and its
established relationships with key customers and suppliers.
Outlook: Stable

CRISIL believes that VSE will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationships with key customers. The outlook may be
revised to 'Positive' if the firm reports a sustainable increase
in revenue and profitability resulting in an improvement in
business and financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of a decline in revenue and
profitability, or any large debt-funded capital expenditure
(capex), or deterioration in working capital leading to further
deterioration in VSE's financial risk profile.

VSE started its operations in 2000 as a proprietorship firm. The
firm is promoted by Mr. MV Suresh Babu. Based in Guntur (AP), the
firm is engaged in trading of tobacco.


YASH PAPERS: ICRA Suspends 'D' Rating on INR120.18cr Loan
---------------------------------------------------------
ICRA has suspended long term rating of [ICRA]D assigned to the
INR120.18 crore long term loans & working capital facilities &
short term rating of [ICRA]D assigned to the INR6.00 crore short
term, non fund based letter of credit and bank guarantee
facilities of Yash Papers Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits       120.18       [ICRA]D Suspended
   Non-fund Based Limits     6.00       [ICRA]D Suspended

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

YPL has been in existence for over 25 years and has been engaged
in the paper manufacturing business since 1983. The main products
of the company include low-grammage kraft paper and Machine
Glazed (MG) Poster Paper. The paper manufactured is used in
numerous industries such as layer between Glass and Plywood
sheets, wrapping of tobacco products & clothes, lamination etc.


YUGA BUILDERS: CRISIL Assigns 'B' Rating to INR135MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Yuga Builders (YB). The rating reflects exposure
to offtake risks related to an ongoing project and to
geographical concentration risks, and susceptibility to
cyclicality in the real estate industry. These rating weaknesses
are partially offset by the extensive industry experience of the
firm's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               135       CRISIL B/Stable

Outlook: Stable

CRISIL believes YB will continue to benefit over the medium term
from the extensive industry experience its promoters. The outlook
may be revised to 'Positive' if healthy bookings of units in the
ongoing project, and timely receipt of customer advances lead to
higher-than-expected cash inflows and consequently to improved
liquidity. The outlook may be revised to 'Negative' if liquidity
deteriorates, most likely because of delays in receipt of
customer advances, a time or cost overrun in the ongoing project,
or in case of other large projects being undertaken
simultaneously, thereby significantly increasing funding
requirement.

Set up in 2006, YB is a partnership firm and an equal joint
venture between Yuga Homes Ltd (YHL) and Consolidated
Construction Consortium Ltd (CCCL). The firm develops residential
real estate in Chennai. Operations are managed by Mr. R
Viswanathan.



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


* JAPAN: Corporate Bankruptcies Fall to 26-year Low in July
-----------------------------------------------------------
Kyodo News reports that the number of corporate bankruptcies fell
last month to the lowest level for a July in 26 years and down
9.5 percent from a year earlier to 712, according to a credit
research agency.

The figure marked the fifth straight monthly drop, Tokyo Shoko
Research said on August 8, Kyodo relates.

Tokyo Shoko Research said a major reason behind the sharp decline
in July was that the number of failures in the construction
sector decreased on the back of reconstruction projects following
the March 2011 quake-tsunami disasters and public construction
projects, according to Kyodo.

Kyodo says the agency voiced concern over the future outlook,
however, saying small and medium-size companies have been facing
labor shortages, which could increase payroll costs and possibly
trigger bankruptcies among smaller firms.

The agency tallies bankruptcies involving liabilities of at least
JPY10 million, Kyodo discloses.

Kyodo says liabilities left by bankrupt companies in July rose
3.3 percent from the previous year to JPY124.02 billion, up for
the first time in five months.

Five out of 10 industrial sectors, including the construction,
manufacturing and information and communication industries, saw
fewer bankruptcies than a year earlier, adds Kyodo.



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


PIKE RIVER: Appeal on Decision to Drop Whittall Charges Heard
-------------------------------------------------------------
Stuff.co.nz reports that health and safety watchdog WorkSafe NZ
knew the decision to drop charges against former Pike River mine
boss Peter Whittall would disappoint, the Court of Appeal has
been told.

Stuff.co.nz relates that Mr. Whittall faced 12 charges, but they
did not go ahead. As part of the agreement to drop them,
Mr. Whittall's insurer paid NZ$3.41 million to go to victims'
families and the two survivors, Stuff.co.nz relates.

Mr. Whittall had pleaded not guilty to the charges, and the money
would otherwise be spent on his defence, it was argued, the
report says.

According to Stuff.co.nz, the mother of one of the victims and
the wife of another were unhappy with the result, and asked for a
court to review the process that led to the money being accepted
and the charges dropped.

Sonya Rockhouse and Anna Osborne lost in the High Court, and were
both present on August 9 for the hearing of their appeal against
that decision, the report says.

After the Court of Appeal judges reserved their decision, the
pair said it was hard listening to the argument again, according
to Stuff.co.nz.

"We wanted justice, we didn't want blood money," the report
quotes Ms. Osborne as saying.  "You cannot buy justice in
New Zealand. You should not be able to buy justice in
New Zealand, but that is what apparently happened in this case."

Because of the way the charges against Mr. Whittall ended, the
families still had unanswered questions, which left them feeling
raw and emotional, she said, Stuff.co.nz relays.

According to Stuff.co.nz, Crown lawyer Joanna Holden said the
Court of Appeal was told that WorkSafe decided not to consult the
victims' families, or the two survivors, when making its decision
because it would not have helped to have the expected opposition
confirmed.

The decision-makers took into account the likely disappointment,
she said.

Mr. Whittall, the mine chief executive at the time of the
disaster, had all 12 health and safety charges against him
dropped in December 2013, Stuff.co.nz recalls.

Stuff.co.nz says the lawyer for Rockhouse and Osborne, Nigel
Hampton, QC, told the Court of Appeal that WorkSafe's decision to
accept the offer made for Mr. Whittall was unprincipled and
unprecedented.

The families should have been consulted in a meaningful way about
such a significant decision, Mr. Hampton, as cited by
Stuff.co.nz, said.

The overwhelming purpose of the payment offer was to buy off the
prosecution, he said.

But Ms. Holden said it was not a bargain or a deal struck. The
payment offered was just one of the factors that was considered
in reaching the decision not to go ahead with the prosecution,
the report relays.

"It was an elephantine factor, big, very big," Stuff.co.nz quotes
Court of Appeal president Justice Stephen Kos as saying.

Twenty-nine men died when the West Coast coal mine exploded on
November 19, 2010, the report recalls.

Rockhouse lost her 21-year-old son Ben, and Osborne lost her
husband Milton, notes Stuff.co.nz.

According to the report, Mr. Hampton said Pike River Coal had
been ordered to pay NZ$3.41 million reparation in an earlier
prosecution, but it had no money.

Family members had been asked for their bank account numbers as a
result of that case and, when the Mr. Whittall money was paid
into court, it was forwarded to the families.  However, Rockhouse
and Osborne were not asked if they consented to receiving the
money, Mr. Hampton said, Stuff.co.nz relays.

If Rockhouse and Osborne won their review of the decision not to
prosecute Mr. Whittall, ideally they would like the prosecution
to go back to the district court.

Stuff.co.nz adds that Mr. Hampton acknowledged there would be
difficulties about what would happen to the money if Rockhouse
and Osborne won.

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.


THAI HOUSE: Owner Hopes Restaurant Closure Will be Temporary
------------------------------------------------------------
Stuff.co.nz reports that Palmerston North's Thai House restaurant
has closed, but its owners hope it will only be temporary.

According to the report, owner Nook Tongskul said there had been
a fewer diners recently at both Thai House on Fitzherbert Ave and
his other restaurant, the Thai Orchid, around corner on Ferguson
St.

"It's a very quiet market at the moment, so we didn't want to
split our customers between the two restaurants," the report
quotes Tongskul as saying.

He said people have been a little more cautious with their money
over the past two years.

"It's only on their birthdays or for something special they come
to the restaurants.

"People go out looking for NZ$10-NZ$15 meals, but we're fully
licensed, so our meals are over NZ$20 per head."

Stuff.co.nz relates that Mr. Tongskul said the family tried to
keep both restaurants open for as long as they could, but it was
costing too much to keep running two similar restaurants so close
together. They have decided to concentrate their efforts on the
Thai Orchid for now, and closed Thai House last month.

According to Stuff.co.nz, Mr. Tongskul said Thai House customers
will still be able to get their favorite dishes and the same
standard of service around the corner at the Orchid, and any
table bookings could be transferred.  But it wasn't the end for
Thai House, he planned to open it again under a different name.

Stuff.co.nz adds that Mr. Tongskul said the family planned to aim
for a different market when it reopened, offering NZ$13 meals and
take-aways and ditching its liquor licence.

"Hopefully it'll just be closed for a little while, to get a new
look. Maybe it'll be a little less fancy, get the students in
with [lower] prices. We'll try something new," Mr. Tongskul, as
cited by Stuff.co.nz, said.



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


BANCO FILIPINO: PDIC Files Estafa Charges vs. Top Officers
----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) filed with
the Department of Justice (DOJ) a criminal complaint against the
former directors, officers, employees and consultants of the
closed Banco Filipino Savings and Mortgage Bank for syndicated
estafa that resulted in estimated losses of about PHP669.6
million to the Bank. The complaint filed on July 5, 2016 is
scheduled for setting of initial hearing by the DOJ Task Force on
Financial Fraud. Banco Filipino is a 62-unit bank ordered closed
by the Monetary Board and placed under receivership of the PDIC
on March 17, 2011.

Charged with committing syndicated estafa in violation of
Presidential Decree No. 1689 (1980) were Albert C. Aguirre
(former Vice Chairman), Teodoro O. Arcenas (former Chairman and
President), and 31 other former officers, employees and
consultants of Banco Filipino.

In its Complaint-Affidavit, PDIC alleged that the respondents,
with abuse of confidence as bank directors/officers, conspired
and misappropriated Banco Filipino funds solicited from the
depositing public approximating PHP669.6 million to pay for their
travels abroad from January 2000 to July 2003. The syndicated
estafa led to bank losses. Even after the bank was ordered closed
on March 17, 2011, respondents failed to return the amount.

Banco Filipino, which started operations in 1964, was first
ordered closed in January 1985. It was in 1991 when the Supreme
Court ordered its re-opening and three years later, Banco
Filipino resumed operations under the comptrollership of the
Bangko Sentral ng Pilipinas (BSP), in compliance with the Supreme
Court order. Due to the Bank's good financial health, BSP's
comptrollership of the Bank was lifted in January 2000. PDIC
alleged that based on investigation, the crime of syndicated
estafa was committed after BSP's comptrollership was lifted. With
a net loss of PHP1.778 billion and a net asset decline of almost
50% for a three-year period since 2000, Banco Filipino was again
placed under BSP comptrollership.

In 2011 when the Monetary Board ordered the bank's closure again,
PDIC discovered several anomalous expenditures incurred by the
Bank starting 2000 until July 2003 representing travel expenses
of the Bank's directors, officers, consultants, and employees in
the total amount of PHP669.6 million. Of this amount, PHP621.2
million was unliquidated. Another amount of PHP48.4 million was
spent for the activities of Los Tamaraos Polo and Equestrian
Center, Inc., an affiliate company of respondent Aguirre, and
sponsorship of a tournament in London, England as well as
personal expenses such as clothing, toiletries, perfume and
accessories, groceries, freight services, vehicle repair and
maintenance, license registration, drugstore purchases, and
medical fees. The respondents justified that their travel
expenses were incurred to prepare for Banco Filipino's operations
as a universal bank, conduct image build-up activities, expand
contacts, and explore unspecified business opportunities. Upon
investigation, the expenses were found to be not at all related
to the business of the Bank.

Syndicated estafa is a non-bailable criminal offense punishable
by life imprisonment.

PDIC had earlier filed criminal complaints against former
directors, officers and employees of Banco Filipino for
conducting business in an unsafe and unsound manner, in violation
of the PDIC Charter. The filing of charges is in support of
PDIC's efforts to bring to justice parties who 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 unscrupulous 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.


CLAVER MINERAL: DENR Suspends Seventh Nickel Miner
--------------------------------------------------
Reuters reports that the Philippine government has suspended the
operations of a seventh nickel miner, Claver Mineral Development
Corp., a minister said on August 7, deepening an environmental
crackdown that has caused jitters in global nickel markets.

The Philippines is the biggest supplier of nickel ore to top
market China and the suspension of some mines and the risk of
more closures sent global nickel prices to an 11-month high of
$10,900 a ton on July 21, Reuters says.

"Today we are suspending Claver Mineral. We will audit all the
mine sites of Mindanao," Reuters quotes Environment and Natural
Resources Secretary Regina Paz L. Lopez as saying, referring to
the nickel-rich southern island.

Reuters says Ms. Lopez made the announcement during a mining
forum in southern Davao City, but did not immediately say what
prompted the suspension.

According to Reuters, the government has now suspended seven
miners, all of them nickel producers, amid an ongoing audit that
began on July 8 that aims to check whether companies are
complying with regulations to protect the environment where
they're operating.

Claver Mineral did not immediately respond to a request for
comment. Congressman Prospero Pichay, Jr. has taken control of
the company after acquiring a 60% stake in September 2015,
Reuters discloses citing Claver Mineral's Web site.

"Those who violated the laws, who allowed the improper mining of
areas of Mindanao, they must be held accountable," the report
quotes Mario Luis Jacinto, director of the Mines and Geosciences
Bureau, as saying at the forum.

In 2012, the bureau ordered the suspension of Claver's mining
operations due to excessive silt buildup in the area where it is
located, Reuters recalls.

Reuters adds that President Rodrigo R. Duterte on August 8 warned
mining companies to strictly follow tighter environmental rules
or shut down, saying the Southeast Asian nation could survive
without a mining industry.

"I would like that the mining companies, the ones that we
suspend, must rehabilitate. That is social justice," Ms. Lopez,
as cited by Reuters, said.

Claver Mineral Development Corp. runs a mine in the Surigao del
Norte province in Mindanao.



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


SINGAPORE: Oil and Gas Downturn Spells Trouble For City-State
-------------------------------------------------------------
The Financial Times reports that Singapore Inc is facing mounting
concerns as the city-state's long-successful oil and gas sector
turns sour with the oil price slump.

The FT says oil and gas services have been a lucrative niche for
the country. It is the world's biggest maker of jack-up rigs,
which are used to drill for oil in shallow ocean waters. But the
plunging price of oil, currently hovering around $40 a barrel,
has turned this strength into a source of economic pain as rig
builders have been forced to slash jobs while smaller oil
services providers face bankruptcy, the FT relates.

According to the report, the latest company to enter into
difficulty is Swiber, a Singapore-listed marine engineering
company that has been placed under a court-supervised rescue
plan.

Analysts said Swiber's troubles underline the particular risks
faced by the country's three big banks -- DBS, OCBC and UOB --
which are the main lenders to the country's offshore oil and gas
services sector. Swiber, valued at just over SGD50 million
(US$37m) before trading was suspended, defaulted on a coupon
payment earlier this month, hit by a slowdown in its business
including the delay of a US$710m oilfield project in west Africa,
according to the FT.

A total of SGD1.2bn in bonds issued by Singapore oil and gas
services companies is set to mature by the end of 2017, the FT
discloses citing data compiled by OCBC Bank, and there are now
worries there could be more defaults.

"I would expect sporadic default cases going forward. I would
expect widespread default in the event that oil prices remain
depressed on a sustained basis," the FT quotes Wee Siang Ng, a
Singapore-based analyst at Fitch Ratings, as saying.

The FT says big players such as rig-builder Keppel Corp are also
struggling. Keppel cut 16% of its staff in the first half of the
year as net profit fell 45%. Rival Sembcorp Marine reported a
70% drop in first-half profit.

However, Keppel is cushioned by the strong performance of its
property development and property fund management arm. Both rig
builders also are backed by Temasek, Singapore's state investment
company, the FT notes.

But a handful of smaller oil and gas companies have attracted
warnings from auditors about their ability to continue as going
concerns, the FT reports citing financial filings.

"Several offshore and marine companies were making investments
for future growth during 2014 and were caught when energy prices
took a steep dive in [the fourth quarter of] 2014," the FT quotes
Nick Wong, credit analyst at OCBC Bank, as saying.

The oil price slide had also deterred upstream activity by oil
majors, denting the profitability of services providers, Mr Wong,
as cited by the FT, added.

To cope, Singapore oil services groups have sought to raise money
through rights issues, divesting assets, and by restructuring
bank loans, adds the FT.



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


DAEWOO SHIPBUILDING: Lawmaker Says 2015 Loss Higher than Revealed
-----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co.'s 2015 loss was greater than previously revealed,
an opposition lawmaker claimed on August 9.

According to the report, Rep. Sim Sang-jung, the head of the
Justice Party, the shipyard's operating loss for the first half
of 2015 was tallied at KRW3.2 trillion (US$2.89 billion), but an
additional loss of KRW3.1 trillion was found through due
diligence conducted for 10 weeks starting in July last year.

"Financial authorities found that the shipbuilder has spearheaded
an accounting fraud, but they extended a large amount of
financial aid," the report quotes Rep. Sing as saying. "They
should explain why such a large amount of aid was extended to
Daewoo Shipbuilding."

Yonhap relates that the lawmaker claimed that up to KRW2.4
trillion in aid was necessary to put the shipbuilder back on the
normalization track, but the government announced a greater-than-
advised amount of KRW4.2 trillion in October last year, which she
claimed was mobilized to cover up the accounting gimmick.

But the state-run Korea Development Bank, the main creditor of
Daewoo Shipbuilding, and the Financial Services Commission, the
financial regulator, flatly denied such claims, the report says.

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

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


===============
X X X X X X X X
===============


NOVO BANCO ASIA: To Be Sold to Well Link Group
----------------------------------------------
Nelson Moura at Macau Business Daily, citing to a group release
on the Portuguese Securities Market Commission (CMVM), reports
that Portuguese banking group Novo Banco S.A (Novo Banco) has
agreed on the sale of its Macau unit, Novo Banco Asia S.A. (Novo
Banco Asia), to Hong Kong incorporated brokerage firm Well Link
Group Holdings Limited.

Novo Banco Asia -- formerly known as Banco Espirito Santo do
Oriente (BESOR) -- is the Macau subsidiary of Novo Banco, which
was created after the collapse of its parent company Banco
Espirito Santo (BES) in 2015, Macau Business Daily discloses.

The value of the purchase wasn't revealed by the bank, and the
deal is now pending approval by the Portugal Central Bank and the
Monetary Authority of Macau (AMCM), Macau Business Daily notes.

In an interview with Portuguese newspaper Jornal de Negocios in
July of this year, Novo Banco's former Chief Executive Officer,
Eduardo Stock da Cunha stated that the sale of the Macau unit
would probably reach higher values than the sale of the bank's
other units, since in Asia it is normal to "pay higher market
multiples than those we can get in a small operation like Cape
Verde or in a European unit", Macau Business Daily recounts.

While its parent company in Portugal registered EUR981 million
(MOP8.6 billion/US$1 billion) in losses in 2015, Novo Banco Asia
generated MOP4.6 million (US$575,737) in profits last year, Macau
Business Daily relays.

Headquartered in Lisbon, Novo Banco, S.A. provides various
financial products and services to private, corporate, and
institutional customers.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Jan. 6,
2016, Moody's Investors Service downgraded to Caa1 from B2 the
senior debt and long-term deposit ratings of Portugal's Novo
Banco, S.A. and its supported entities.  This follows the Bank of
Portugal's (BoP) announcement on Dec. 29, 2015, that it had
approved the recapitalization of Novo Banco by transferring
EUR1,985 million of senior debt back to Banco Espirito Santo,
S.A. (BES unrated).  Moody's said the outlook on Novo Banco's
deposit and senior debt ratings is now developing.



                             *********

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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