TCRAP_Public/160811.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, August 11, 2016, Vol. 19, No. 158

                            Headlines


A U S T R A L I A

GEELONG TELEPHONE: Goes Into Voluntary Liquidation
MANTHEY REDMOND: First Creditors' Meeting Set For Aug. 18
STATE DEMOLITION: First Creditors' Meeting Set For Aug. 18


C H I N A

FUTURE LAND: Fitch Says 1H16 Results Support 'BB-' Rating
LOGAN PROPERTY: 1H 2016 Results Support Ba3 CFR, Moody's Says


I N D I A

4S SPINTEX: ICRA Suspends B/A4 Rating on INR21cr Bank Loan
ADINO TELECOM: ICRA Cuts Rating on INR4.0cr Bank Loan to B+
ADITYA HI-TECH: ICRA Rates INR6.80cr Term Loan at 'B'
AKASH FASHION: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ANMOL COLD: ICRA Assigns 'B' Rating to INR6.90cr Term Loan

ATM GLOBAL: ICRA Suspends 'B' Rating on INR9.0cr Cash Loan
B. R. SPONGE: ICRA Reaffirms B+ Rating on INR12.50cr Cash Loan
BHOORATHNOM CONSTRUCTION: CRISIL Cuts Rating on INR725M Loan to D
CAIRO INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR9.27cr Loan
CHANDI CHARAN: CRISIL Reaffirms B- Rating on INR70.5MM Loan

CHHABI ELECTRICALS: ICRA Suspends 'B' Rating on INR8.5cr Loan
CLARA SWAIN: ICRA Suspends 'D' Rating on INR7.50cr Bank Loan
DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
DEVENDRA EXPORTS: CRISIL Puts B+ Ratings on Notice of Withdrawal
DSP RICE: ICRA Suspends 'D' Rating on INR8.0cr Bank Loan

FAMILY HEALTHCARE: ICRA Withdraws B+ Rating on INR17.38cr Loan
G M COLD: CRISIL Reaffirms B+ Rating on INR69.5MM Cash Loan
GALAXY COTTON: ICRA Suspends 'D' Rating on INR16.10cr Loan
HI-TECH ENGINEERING: ICRA Suspends 'B' Rating on INR5.05cr Loan
HUBLI ELECTRICITY: CRISIL Reaffirms D Rating on INR9.02BB LT Loan

IFMR CAPITAL: ICRA Rates INR5.88cr PTC Series A2 'B-(SO)'
KAMALA COLD: CRISIL Reaffirms B- Rating on INR62.6MM Cash Loan
KINETA GLOBAL: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
KOPARGAON AHMEDNAGAR: Ind-Ra Cuts INR1,560M Loan Rating to IND D
KUNDAN CARE: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating

KUNDAN INTERNATIONAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
KUNDAN RICE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
KUSHAL BAGH: ICRA Suspends B- Rating on INR6.32cr Bank Loan
LAXMI BUILDERS: CRISIL Upgrades Rating on INR30MM Loan to B+
LEADE LIQUOR: CRISIL Ups Rating on INR54MM LT Loan to B-

LEONARD EXPORTS: ICRA Ups Rating on INR3.75cr Cash Loan to B+
LIFESTILE REALTY: ICRA Assigns 'B' Rating to INR13cr Term Loan
MHETRE FOODS: CRISIL Reaffirms 'D' Rating on INR75MM LT Loan
MUSKAN OVERSEAS: CRISIL Assigns 'B' Rating to INR245MM Loan
NEW AGE: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan

NEW HORIZON: ICRA Suspends B+ Rating on INR7.40cr Loan
P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Packing Loan
R K SHAH: ICRA Suspends 'D' Rating on INR10cr Cash Loan
RD T.M.T: ICRA Assigns B+ Rating to INR7.0cr Cash Loan
REVATHI MODERN: ICRA Reaffirms B+ Rating on INR12cr LT Loan

SADHANA NITRO: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
SAHIBZADA AJIT: CRISIL Assigns 'D' Rating to INR220MM Loan
SAI MACHINE: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
SAMYU GLASS: CRISIL Cuts Rating on INR136MM Cash Loan to 'D'
SARAF AGENCIES: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'

SARBAMANGALA AGRO: ICRA Assigns 'D' Rating to INR3.80cr Cash Loan
SARVESH RICE: CRISIL Cuts Rating on INR107.0MM Term Loan to D
SATYA SURYA: CRISIL Assigns 'D' Rating to INR255MM Cash Loan
SEVEN-11 INDUSTRIES: ICRA Suspends B+ Rating on INR5.50cr Loan
SEVENHILLS HEALTHCARE: CRISIL Cuts Rating on INR5.10BB Loan to D

SHAKEEL HAIDER: ICRA Suspends 'D' Rating on INR1.0cr Loan
SHREEPATI JEWELS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
SHRI BALAJI: CRISIL Lowers Rating on INR58.4MM Term Loan to B-
SREE SATYANARAYANA: CRISIL Assigns B+ Rating on INR250MM LT Loan
SRI SAI: ICRA Suspends B+ Rating on INR20cr Bank Loan

SRINIVASA RICE: ICRA Assigns B+ Rating to INR12.05cr Loan
SUBHA-SOUMYA: CRISIL Reaffirms B- Rating on INR58.6MM Cash Loan
SUNGRACE ENERGY: ICRA Assigns B+ Rating to INR4.30cr Cash Loan
SHYAM TIMBER: ICRA Reaffirms B+ Rating on INR2.0cr Cash Loan
TUNGNATH EDUCATIONAL: ICRA Withdraws B- Rating on INR1.6cr Loan

VICTORY PRECISIONS: CRISIL Ups Rating on INR65MM Cash Loan to B+
WALL CERA: ICRA Assigns 'B+' Rating to INR5.11cr Term Loan
WELCOME MINERAL: ICRA Ups Rating on INR6.0cr Term Loan to B+


J A P A N

JAPAN DISPLAY: To Get Full Financial Aid From Government Fund


P H I L I P P I N E S

PHILWEB CORP: Shuts Operations as Pagcor Refuse to Renew License


S I N G A P O R E

SWIBER: Troubles Show Urgency Needed in Fixing Debt, Adviser Says


S O U T H  K O R E A

HANJIN SHIPPING: FSC Chief Rules Out Aid For Shipping Firm


                            - - - - -


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


GEELONG TELEPHONE: Goes Into Voluntary Liquidation
--------------------------------------------------
Samira Sarraf at CRN Australia reports that Geelong Telephone
Company (GTC) has gone into voluntary liquidation after not
getting paid for a major project.

CRN relates that in a letter filed with Australia Securities and
Investment Commission, GTC managing director Renato Trentin
explained that the company's troubles began after electrical firm
PSG Elecraft entered liquidation in 2014. PSG Elecraft owed more
than AUD10 million to creditors, CRN relates citing a report by
ABC.

Then, in late 2014, GTC sub-contracted to another project with a
major electrical contractor. Problems with the project generated
losses and GTC never received significant parts of payments owed,
Mr. Trentin, as cited by CRN Australian, said.

"This project drained the company resources and focus on the
other areas of the business was lost. Morale dropped in the
organisation and with two senior telecommunications techs
recently resigning and taking most of our other customers with
them, work in the telecommunication business declined to almost
nothing," the report quotes Mr. Trentin as saying.

Mr. Trentin told CRN the company's decision to move into the
construction business was one of the main reasons for GTC's
failure.

"Companies should be wary of going into construction because it
is a very ruthless industry. We were doing very well as a
company, supplying to a large market. It is a shame a company
that has been 30 years in the market to go like this."

GTC entered liquidation owing AUD626,219 to the Commonwealth
Bank, AUD165,342 to Middendorp Electric Company, AUD131,000 to
the Australian Taxation Office and AUD16,880 to Dimension Data,
among other creditors, CRN discloses.

Sellers Muldoon Benton was appointed as liquidator on June 3,
2016, when the company stopped trading due to lack of funds, CRN
relates citing minutes of meeting of creditors filed with ASIC.

Collections of AUD172,000 outstanding receivable accounts were
being pursued by liquidators, CRN discloses.

The liquidators told CRN that 11 employees were made redundant
when they were appointed and that all the company's assets have
now been sold.

GTC's cloud business was sold, at an undisclosed value, to
telecommunications provider Vonex. The Perth-based provider chief
executive Angus Parker told CRN: "We actually acquired this
business and allocated it to one of our channel partners to
assist them to grow their company."

Established in 1980, Geelong Telephone Company (GTC) provided
VoIP, unified communications, structured cabling, data
networking, cloud and CCTV and was an iiNet authorised reseller,
and an accredited partner of AAPT Business Connect, NEC and Aria
Technologies.


MANTHEY REDMOND: First Creditors' Meeting Set For Aug. 18
---------------------------------------------------------
Stephen Wesley Hathway -- stephen.hathway@helmadvisory.com.au --
of Helm Advisory was appointed as administrator of Manthey
Redmond (Aust) Pty Ltd on Aug. 8, 2016.

A first meeting of the creditors of the Company will be held at
Helm Advisory, Suite 4, Level 35, 50 Bridge Street, in Sydney, on
Aug. 18, 2016, at 4:00 p.m.


STATE DEMOLITION: First Creditors' Meeting Set For Aug. 18
----------------------------------------------------------
Mitchell Warren Ball of BPS Recovery was appointed as
administrator of State Demolition and Civil Works (NSW) Pty Ltd
on Aug. 8, 2016.

A first meeting of the creditors of the Company will be held at
BPS Recovery, Level 18, 201 Kent Street, in Sydney, on Aug. 18,
2016, at 10:00 a.m.



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


FUTURE LAND: Fitch Says 1H16 Results Support 'BB-' Rating
---------------------------------------------------------
Future Land Development Holdings Limited's (BB-/Stable) solid
1H16 results support its ratings and show that the company has
been able to quickly churn out new projects to more than double
its contracted sales in the past year. However, continued strong
growth will put significant pressure on land replenishment, i.e.
whether the company can secure land in attractive locations at a
reasonable price.

Future Land's fast-churn strategy helped to boost total
contracted sales significantly by 144% yoy to CNY28bn. Its sales
efficiency (measured by contracted sales/total debt) increased to
over 2.0x from 1.5x in 2015. The company has also revised its
full-year sales target to CNY52bn from CNY 40bn, and said it will
continue to target Yangtze River Delta - its core market - to
replenish land. Leverage has remained stable at 37% as it
maintains stable land bank reserves, replenishing a similar
amount of gross floor area (GFA) that it sold in 1H16.

Fitch believes there will not be a major rise in land reserves,
as Future Land avoids paying hefty prices for land. The company
paid CNY2,778 per square metre (sq m) for land acquired in 1H16,
CNY640 per sq m more than in the whole of 2015. This compares
favourably with the CNY1,167 per sq m increase in its average
selling price to CNY11,115 per sq m over the same period.

Future Land has been able to contain its land-cost escalation as
94% of its attributable land bank is located in cities in the
Tier 2 category or lower. The slow rise in land reserves,
however, means that Future Land's 25.6 million sq m land bank by
GFA as of end-June 2016 could only sustain its development for
less than five years, down from over seven years in 2015.


LOGAN PROPERTY: 1H 2016 Results Support Ba3 CFR, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that Logan Property Holdings
Company Limited's 2016 interim result are in line with
expectation and support the company's Ba3 corporate family and B1
senior unsecured ratings.

The ratings outlook remains stable.

"Logan's 1H 2016 operating results broadly support its credit
profile, its higher leverage resulting from its debt-funded
expansion in Shenzhen is offset by stable gross margins, good
contracted sales growth and adequate liquidity," says Dylan Yeo,
a Moody's Analyst.

The company's leverage weakened as a result of higher total debt.
Logan's revenue to debt ratio fell to 55.6% for the 12 months to
June 2016 from 69.1% in 2015, mainly due to debt-funded land
acquisitions in 1H 2016.

Logan acquired three land parcels in 1H 2016 with a total land
cost of RMB16.1 billion, of which it paid RMB10 billion during
the period.

The company's revenue increased a significant 22% year-on-year to
RMB6.3 billion in 1H 2016, on the back of strong contracted sales
growth in the past two years.

Its gross margin also remained at a strong 30.1% for the 12
months ended June 2016 and Moody's estimates that it will remain
stable at 28%-30% for the full year 2016, supported by Logan's
contracted sales in the last 12-24 months.

EBIT/interest coverage was stable at 3.1x for the 12 months to
June 2016 as EBIT growth kept pace with the increase in interest
expenses.

Moody's estimates that Logan's EBIT/interest coverage will remain
at 3.0x-3.5x and that its revenue-to-debt ratio will trend up
towards 70% in the next 12-18 months.  This is mainly driven by
Moody's expectation of continued revenue growth in 2H 2016 as
Logan starts to deliver its Acesite Mansion project in Shenzhen.

Logan recorded 29% year-on-year growth in contracted sales to
RMB14.9 billion in 1H 2016, mainly due to a significant price
surge for its projects in the Shenzhen region.

As a result of the improved performance, Logan increased it full-
year contracted sales target to RMB28 billion from its original
target of RMB24 billion.  Moody's expects that Logan will be able
to meet its target, particularly with the launch of a new project
in Shenzhen in the last quarter of the year.

Logan's liquidity remained adequate, with cash-to-short term debt
of 177% as of end-June 2016.

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

Established in 1996, Logan Property Holdings Company Limited is a
property developer based in Shenzhen.  The company's principal
focus is on residential projects in Shenzhen, Shantou, Nanning
and Huizhou.

The company listed on the Hong Kong Stock Exchange in December
2013.  At end-June 2016, the company's land bank totaled 14.08
million square meters in gross floor area across cities in China,
including Shenzhen, Shantou, Nanning and other cities in the
Pearl River Delta region.



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


4S SPINTEX: ICRA Suspends B/A4 Rating on INR21cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B/[ICRA]A4 rating assigned to
INR21.00 crore bank facilities of 4S Spintex India Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of requisite information from
the company.

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


ADINO TELECOM: ICRA Cuts Rating on INR4.0cr Bank Loan to B+
-----------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB-
(Stable) to the INR4.00 crore1 fund-based limits of Adino Telecom
Limited. ICRA has reaffirmed the short-term rating to [ICRA]A4 to
the Rs.1.00 crore letter of credit limits of ATL. ICRA has also
revised the long-term rating to [ICRA]B+ from [ICRA]BB-(Stable)
and reaffirmed the short-term rating at [ICRA]A4 to INR4.00 crore
of bank guarantee limits and INR3.00 crore (reduced from INR11.00
crore) proposed limits of ATL. The rating suspension carried out
in May 2016 has been revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits        4.00       Revised to [ICRA]B+
                                       from [ICRA]BB- (Stable);
                                       Suspension revoked

   Letter of Credit         1.00       [ICRA]A4 Reaffirmed;
                                       Suspension revoked

   Bank Guarantee           4.00       Revised to [ICRA]B+
                                       from [ICRA]BB-(Stable)
                                       /[ICRA]A4 Reaffirmed;
                                       Suspension revoked

   Proposed Limits          3.00       Revised to [ICRA]B+
                                       from [ICRA]BB-(Stable)
                                       /[ICRA]A4 Reaffirmed;
                                       Suspension revoked

Rating Rationale

The ratings revision takes into account the deterioration in
ATL's working capital intensity of operations since the last
rating exercise due to stretched receivables on account of
delayed payments from few customers. The ratings are further
constrained by ATL's small scale of operations and volatility in
revenues as reflected in decline in turnover since FY 2014 on
account of slowdown of orders and discontinued battery
operations.

The ratings, however, continue to favourably factor in the long
track record of the company in the wireless integration services
& networking solutions business, the diversified revenue mix and
ATL's qualification for DGS&D (Director General Supplies &
Disposal) rate contract for its CCTV business.

The wireless integration business & service income are expected
to provide steady stream of income to the company. Growth in
operating income would mainly be driven by Closed Circuit
Television (CCTV) business and company's ability to win large
orders in DIAL 100 division. The profitability margins are
expected to be supported primarily by the company's expertise in
the system integration segment. ATL's ability to improve
receivables position so as to manage working capital effectively
would remain important from a credit perspective.

Incorporated in the year 1992, Adino Telecom Ltd (ATL) is engaged
in various business verticals such as wireless integration
business for 'last mile' connectivity, sale & installation of
closed circuit television (CCTV) systems, execution of DIAL 100
projects for police force and networking solutions for various
clients. The company is mainly promoted by Mr. Vijay Mansukhani
and other family members, who have a long track record in
wireless integrations service & networking solutions business.

Recent Results
During FY 2016, ATL reported an operating income of INR11.65
crore and profit after tax of INR0.59 crore (as per provisional
financials). During FY 2015, ATL reported an operating income of
INR7.87 crore and profit after tax of INR0.28 crore.


ADITYA HI-TECH: ICRA Rates INR6.80cr Term Loan at 'B'
-----------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR7.051
crore long term bank facilities of Aditya Hi-Tech Cold Storage.
ICRA has also assigned [ICRA]B and [ICRA] A4 to the unallocated
limits of INR0.95 crore of AHCS.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               6.80         [ICRA] B assigned
   Cash Credit Limits      0.25         [ICRA] B assigned
   Unallocated Limits      0.95         [ICRA] B/A4 assigned

The assigned ratings are constrained by the start-up nature of
the firm's operation and its relatively modest envisaged scale of
operations, the leveraged capital structure due to the
predominately debt-funded nature of capex and the future demand
prospects from major FMCG customers that would remain critical to
improve its debt-servicing capabilities. ICRA also notes that
AHCS is a partnership firm and any significant withdrawals from
the capital account would affect its net worth and thereby
adversely impact its capital structure.

The ratings, however, favourably take into account the partners'
experience in cold storage and potato trading; favourable
location of the unit in Idar (Gujarat), an area in the vicinity
of high potato output. Further, the ratings also consider the
fixed price agreement with McCain Foods (India) Pvt. Ltd.
providing short-term revenue visibility and its presence in hi-
tech cold storage facilities to provide better realisations in
the form of rental income.

Established in August 2015, Aditya Hi-Tech Cold Storage (AHCS)
provides cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm has a modified
atmosphere cold storage facility located at Idar, Gujarat with
the capacity to store 1,65,000 bags - each weighing 50 Kg (around
8,250 MT of potatoes). The firm has been promoted by Mr. Suresh
Mali along with his relatives who have long experience in potato
farming, trading and in the cold storage business. The partners
also have association with other cold storages like PK Cold
Storage, Ratan Cold Storage and Meghdoot Cold Storage.


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


ANMOL COLD: ICRA Assigns 'B' Rating to INR6.90cr Term Loan
----------------------------------------------------------
The long term rating of [ICRA]B  has been assigned to the
INR7.151 crore long term bank facilities of Anmol Cold Storage.
ICRA has also assigned [ICRA]B and [ICRA] A4 to the unallocated
limits of INR0.85 crore of ACS.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan                6.90       [ICRA] B assigned
   Cash Credit Limits       0.25       [ICRA] B assigned
   Unallocated Limits       0.85       [ICRA] B/A4 assigned

The assigned ratings are constrained by the start-up nature of
the firm's operations and its relatively modest envisaged scale
of operations, and the leveraged capital structure due to the
predominately debt funded nature of capex. ICRA notes that future
demand prospects from major FMCG customers would remain critical
to improve the firm's debt servicing capabilities. ICRA also
notes that ACS is a partnership firm and any significant
withdrawals from the capital account would affect its net-worth,
and thereby have an adverse impact on the capital structure.

The ratings, however, favourably take into account the experience
of the partners in cold storage and potato trading. ICRA notes
the favourable location of the unit in Idar, an area near high
output potato farms; as well as the fixed price agreement with
McCain Foods (India) Pvt. Ltd., which provides short-term revenue
visibility.

Established in August 2015, Anmol Cold Storage (ACS) is engaged
in providing cold storage facility to potato-based product
manufacturers and traders on a rental basis and has commenced
commercial operations from February 2016. The firm's facility is
located at Idar, Gujarat, with a capacity to store 2,01,000 bags,
each weighing 50 kg (around 10,050 MT of potatoes). The firm has
been promoted by Mr. Prahlad Mali along with his relatives who
have long experience in potato farming, trading and cold storage
businesses. The partners also have associations with other cold
storages such as PK Cold Storage, Ratan Cold Storage and Meghdoot
Cold Storage.


ATM GLOBAL: ICRA Suspends 'B' Rating on INR9.0cr Cash Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR9.00 crore
long term working capital facilities of ATM Global Corporation.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit cum PC/
   PCFC/FBP/FBD            9.00         [ICRA]B suspended

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

ATM Global Corporation (AGC) was incorporated in November 2011 as
proprietorship firm by Mr. Kaushal Patel. The firm is engaged in
the trading of rice and cashew. The firm's works are located in
Ahmedabad, Gujarat. In the past, the firm had handled the freight
service contract of Vedanta Aluminum Limited to provide Bauxite
Ore Cargo handling and sampling services.


B. R. SPONGE: ICRA Reaffirms B+ Rating on INR12.50cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR12.50 crore2 cash credit facility and INR2.50 crore untied
limit (proposed cash credit) of B. R. Sponge & Power Limited
(BRSPL). ICRA has also reaffirmed the short-term rating of
[ICRA]A4 to the INR3.00 crore fund based facility of the company.
The fund based facility is a sublimit of the cash credit
facility.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             12.50       [ICRA]B+/Reaffirmed

   Untied Limit-
   Proposed Cash Credit     2.50       [ICRA]B+/Reaffirmed

   Fund-based facility
   (Sub-limit of Cash
    Credit)                (3.00)      [ICRA]A4/Reaffirmed

The reaffirmation of the ratings takes into account the modest
scale of current operations, and weak financial profile
characterised by low profitability and subdued coverage
indicators. The ratings continue to be constrained by the high
working capital requirements of the company arising out of large
inventory-holding. ICRA also notes BRSPL's exposure to the
inherent cyclicality in the steel industry which is likely to
keep the profitability and cash flows volatile and lack of
vertical integration which makes margins sensitive to input and
output prices.

The ratings, however, derive comfort from the long track record
and established presence of the promoters in the steel industry,
and favourable location of the manufacturing facility in close
proximity to raw material sources and its customer base, which
provides cost advantage to the company in terms of lower freight
costs. The ratings also take into account the comfortable capital
structure as reflected by a low gearing of 0.49 times as on March
31, 2016 and absence of any significant long-term debt
obligations, which provides financial flexibility.

In ICRA's opinion, the company's ability to scale up its
operations and profitability, while maintaining a conservative
capital structure and managing working capital requirements
efficiently would remain key rating sensitivities, going forward.

Incorporated in 2003, B. R. Sponge & Power Limited (BRSPL)
manufactures sponge iron with an annual installed capacity to
produce 60,000 metric tonnes per annum (MTPA) of sponge iron. The
manufacturing facility is located in Rajamunda in the Sundergarh
district of Odisha. The company is promoted by the Rourkela-based
Agarwal family.

Recent Results
During FY2016 (provisional), BRSPL reported a net profit of
INR0.43 crore on an OI of INR70.02 crore as against a net loss of
INR0.20 crore and OI of INR70.17 crore during FY2015.


BHOORATHNOM CONSTRUCTION: CRISIL Cuts Rating on INR725M Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhoorathnom Construction Company Pvt Ltd (BCCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          725       CRISIL D (Downgraded
                                     from 'CRISIL A4')

   Cash Credit             140       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term      106       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

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

   Term Loan                 9       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The rating reflects instances of delay by BCCPL in servicing its
debt obligations because of weakening in its liquidity.

The rating continues to reflect BCCPL's modest scale of
operations, large working capital requirements and exposure to
intense competition in the construction industry. However the
company benefits from the extensive experience of the promoters
in the construction industry.

Set up in 1972 in Hyderabad by Mr. A B Madhav, Mr. A L
Bhoorathnom, and Mr. A L Rajashanker, BCCPL lays water pipelines
and constructs roads for state and Central government agencies
across India. It also manufactures pre-stressed concrete,
reinforced cement concrete, and mild-steel pipes.


CAIRO INTERNATIONAL: ICRA Reaffirms 'B' Rating on INR9.27cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B  and short-
term rating of [ICRA]A4 on the INR21.35 crore fund-based bank
facilities of Cairo International.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long Term-Fund
   Based Limits             9.27        [ICRA]B; Reaffirmed

   Long/Short Term         12.08        [ICRA]B/[ICRA]A4;
   Fund Bases Limits                    Reaffirmed

ICRA's rating continues to take into account the highly
competitive nature of the business on account of the fragmented
nature of the industry, which limits CINT's pricing power. The
rating also factors in the firm's high working capital intensity
due to high receivables and inventory levels, which has resulted
in high dependence on bank borrowings. The rating is constrained
by the firm's moderate financial profile characterized by a
leveraged capital structure and weak coverage indicators.
Although the firm's working capital intensity moderated in FY16,
it continues to be high, resulting in a stretched liquidity
position, as also reflected in full utilization of the bank
limits. Further, ICRA notes that the partnership constitution of
the firm exposes it to risks of withdrawal of capital. The
rating, however, continues to derive comfort from the significant
experience of the partners, of over two decades, in the garment
industry and their active involvement in the business operations
and growth in sales, leveraging on the firm's established sales
and distribution network.

Going forward, the firm's ability to optimally manage its working
capital cycle and strengthen its coverage indicators by improving
its profit margins will be the key rating sensitivities.

Formed in December 2003 by Mr. Lalit Agarwal and his wife Mrs.
Rekha Agarwal, CINT is a partnership firm engaged in
manufacturing readymade garments such as shirts, trousers and T-
shirts, mostly for men. In addition, the firm is also engaged in
trading in woven fabric. The readymade garments are sold in the
domestic market, mostly under the firm's brands - Dash and Cairo;
while the exports sales include garments manufactured for
international brands as well. The firm's key export markets are
Saudi Arabia and United Arab Emirates. The firm's manufacturing
unit located in Mundka, Delhi has a capacity to manufacture 7.35
lakh garment pieces per annum.

Recent results
The firm, on a provisional basis, reported an Operating Income
(OI) of INR72.07 crore and a net profit of INR0.63 crore for
FY16, as against an OI of INR63.1 crore and a net profit of
INR0.75 crore for the previous year.


CHANDI CHARAN: CRISIL Reaffirms B- Rating on INR70.5MM Loan
-----------------------------------------------------------
CRISIL ratings continue to reflect the weak financial risk
profile of Chandi Charan Cold Storage Pvt Ltd (CCCSPL), marked by
high gearing and weak debt-protection metrics, and exposure to
the highly regulated and intensely competitive cold storage
industry in West Bengal. However, the company benefits from
extensive industry experience of promoters.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         2.1      CRISIL A4 (Reaffirmed)

   Cash Credit           70.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    22.6      CRISIL B-/Stable (Reaffirmed)

   Term Loan             29.0      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan           11.2      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCSPL will continue to benefit from industry
experience of its promoters. The outlook may be revised to
'Positive' if improved cash accrual or infusion of capital by
promoters, strengthens the financial risk profile and risk
absorption capacity. The outlook may be revised to 'Negative' if
stretched receivables, non-recovery of loan extended to farmers,
stretched working capital cycle, or a large debt-funded capital
expenditure (capex) programme, weakens liquidity.

CCCSPL was set up in 2011 by the Kolkata-based Gorai family. The
company has a cold storage unit (with two chambers) in Bankura
(West Bengal).


CHHABI ELECTRICALS: ICRA Suspends 'B' Rating on INR8.5cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR8.50 crore Cash Credit facility and INR0.68 crore
unallocated limits of Chhabi Electricals Private Limited. ICRA
has also suspended the short term rating of [ICRA]A4 assigned to
the INR6.00 crore non fund based facility of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Set up in 1965 by Mr. Madhusudan Rane, Chhabi Electricals Private
Limited is a manufacturer of AC (alternating current)/DC (direct
current) power supply components and systems. The company is
headquartered in Mumbai with its manufacturing facility located
in Jalgaon, Maharashtra.


CLARA SWAIN: ICRA Suspends 'D' Rating on INR7.50cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR7.50 crore fund-based bank facilities of Clara Swain
Hospital J.V. The suspension follows ICRA's inability to carry
out rating surveillance in the absence of requisite information
from the company.


DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Cash Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Designer Exports (DE)
continue to reflect weak financial risk profile, marked by weak
capital structure and debt protection metrics. The ratings also
factor in modest scale of operations and large working capital
requirement. These weaknesses are partially offset by the
extensive industry experience of the partners.

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

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

Outlook: Stable

CRISIL believes DE will continue to benefit from the extensive
industry experience of its partners and their funding support.
The outlook may be revised to 'Positive' if improved cash accrual
or infusion of capital by promoters, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if lower-
than-expected cash accrual, or elongation in working capital
cycle, or higher-than-expected capital withdrawal weakens the
financial risk profile including liquidity.

Kolkata-based DE was established as a partnership concern in 1999
by Mr Raj Kumar Dugar and his family. The firm manufactures
ready-made garments and also trades in fabrics.


DEVENDRA EXPORTS: CRISIL Puts B+ Ratings on Notice of Withdrawal
----------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Devendra
Exports Private Limited (DEPL) on 'Notice of Withdrawal' for 180
days at the company's request. The ratings will be withdrawn at
the end of the notice period, in line with CRISIL's policy on
withdrawal of ratings on bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Notice of
                                     Withdrawal)

   Drop Line Overdraft     14.8      CRISIL B+/Stable (Notice
   Facility                          of Withdrawal)

   Export Bill Negotiation  7.0      CRISIL A4 (Notice of
                                     Withdrawal)

   Export Packing Credit    7.0      CRISIL B+/Stable (Notice
                                     of Withdrawal)

   Letter of Credit         7.0      CRISIL A4 (Notice of
                                     Withdrawal)

   Proposed Long Term      30.2      CRISIL B+/Stable (Notice
   Bank Loan Facility                of Withdrawal)

Outlook: Stable

CRISIL believes DEPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, leading to substantial cash
accrual, while maintaining its healthy capital structure.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in revenue and profitability or weakening in
working capital management or implementation of a large debt-
funded capital expenditure programme, weakening its financial
risk profile.

Established in 1965 by Mr K Vasudevan and Ms Indira Vasudevan,
DEPL manufactures fuel injection parts such as feed pumps,
primers, piston-cooling parts, hydraulic rods, and fuel injection
pipes, which find application in the auto industry. The company
is the sole distributor of test benchers of Hartridge Ltd and
fuel injection components of Turbo Technics Ltd in India.


DSP RICE: ICRA Suspends 'D' Rating on INR8.0cr Bank Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to INR8.00 crore
bank facilities of DSP Rice Industries. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.

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


FAMILY HEALTHCARE: ICRA Withdraws B+ Rating on INR17.38cr Loan
--------------------------------------------------------------
ICRA has withdrawn its [ICRA]B+ rating on the INR17.38 crore term
loan of Family Health Care Hospital at the request of the firm as
there is no amount outstanding against the instruments. Further
ICRA has placed its [ICRA]B+ rating on the firm's INR0.50 crore
long-term, working capital facilities on notice of withdrawal for
one month. As per ICRA's 'Policy on Withdrawal of Credit Rating',
the aforesaid rating on working capital facility will be
withdrawn after one month from the date of this withdrawal
notice.

Family Healthcare Hospital (FHH) is a proprietary concern of Dr.
Suresh Kumar Nain, who owns and operates a 100-bedded hospital in
Vasundhra, Ghaziabad (Uttar Pradesh).
The hospital is fully operational since June 2013 and the firm
offers various facilities like Blood Bank, Dialysis centre,
Cardiology with Cath lab, IVF Centre, Radiology, Pathology,
Intensive Care Units (ICU), Neonatal Intensive Care Units (NICU),
Modular Operation Theatres (OTs), Emergency/Trauma Centre,
Laparoscopy etc. They also have one pharmacy within the hospital
premises.


G M COLD: CRISIL Reaffirms B+ Rating on INR69.5MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of G M Cold
Storage Private Limited (GMCSPL) continues to reflect exposure to
risks related to the highly regulated and intensely competitive
cold storage industry in West Bengal. The rating also reflects
the weak financial risk profile, marked by a small networth and
low profitability. These rating weaknesses are partially offset
by extensive experience of promoters in the cold storage and
potato trading businesses.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             69.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMCSPL will continue to benefit from
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if improved cash accrual or infusion of
capital by promoters, strengthens the financial risk profile and
risk absorption capacity. The outlook may be revised to
'Negative' if stretched receivables, non-recovery of produce
market loan extended to farmers, stretched working capital cycle,
or a large debt-funded capital expenditure (capex) programme,
weakens liquidity.

GMCSPL, incorporated in 1986, provides cold storage facilities to
potato farmers and traders and also trades in potatoes. The
company is owned by the Kolkata-based Gorai family, which has
over 25 years of experience in this business. The cold storage
unit is located at Bankura (West Bengal).


GALAXY COTTON: ICRA Suspends 'D' Rating on INR16.10cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D/D rating assigned to the INR16.10
crore limits of Galaxy Cotton & Textiles Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.

Galaxy Cotton & Textiles Private Limited (GCTPL) was incorporated
in the year 1994 and is involved in the business of ginning and
pressing of raw cotton. The company's plant is located in Veraval
(Rajkot) and is equipped with forty eight ginning machines and
one pressing machine with production capacity of 400 bales per
day. Besides manufacturing, the company is also engaged in
trading of cotton seeds, yarn, lint etc. The promoters of GCTPL
have been associated with the cotton ginning and trading business
for over two decades and are also involved in the operations of a
few other cotton ginning companies, either as directors or
partners.


HI-TECH ENGINEERING: ICRA Suspends 'B' Rating on INR5.05cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B  assigned to
the INR5.05 crore fund-based bank facilities and short term
rating of [ICRA]A4 assigned to the INR0.30 crore non fund-based
bank facilities of HI-Tech Engineering Industries. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of requisite information from the company.


HUBLI ELECTRICITY: CRISIL Reaffirms D Rating on INR9.02BB LT Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term and short-term
bank loan facilities of Hubli Electricity Supply Company Limited
(HESCOM) at 'CRISIL D/CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           1750       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit      1000       CRISIL A4 (Reaffirmed)
   Long Term Loan        9025.3     CRISIL D (Reaffirmed)
   Long Term Loan        1918.9     CRISIL D (Withdrawal)
   Short Term Loan       1062.5     CRISIL D (Reaffirmed)

The ratings reflect delays in servicing these loans on account of
weak liquidity. The ratings on the cash credit and letter of
credit facilities have been reaffirmed at 'CRISIL B-
/Stable/CRISIL A4' as these continue to be regularly serviced.
CRISIL has also withdrawn its rating on the INR1.92 billion long-
term loans as there is no outstanding against these facilities
and the withdrawal is in line with CRISIL's policy.

The ratings reflect a weak financial risk profile because of
accumulated losses, high gearing, and weak debt protection
metrics. The ratings also factor in an unfavorable customer mix,
with around 59% of sales volume concentrated in the heavily
subsidized agriculture and rural segments. These weaknesses are
partially offset by a monopoly in the power distribution business
in the company's designated regions in Karnataka, and continued
support from the Government of Karnataka (GoK).
Outlook: Stable

CRISIL believes HESCOM's credit risk profile will continue to be
constrained over the medium term owing to cash flow mismatches
driven by high power purchase cost and unfavorable customer mix.
Nevertheless, support from GoK in the form of subsidies and take-
over of significant portion of debt under the Ujjwal Discom
Assurance Yojana (UDAY) are likely to result in easing of
liquidity pressure. The outlook may be revised to 'Positive' in
case of significant improvement in the financial risk profile and
liquidity following successful implementation of UDAY. The
outlook may be revised to 'Negative' if liquidity deteriorates
further, most likely caused by any delay in realization of
receivables or release of subsidies by GoK, thereby further
weakening debt servicing ability.

Incorporated in 2002, HESCOM is an electricity distribution
company responsible for supplying power to consumers in seven
districts of Karnataka-Dharwad, Gadag, Haveri, Uttar Kannada,
Belgaum, Bijapur, and Bagalkot. The company's service area covers
54,513 square kilometre, with a population of over 14 million,
and a customer base of around 3.6 million. HESCOM is wholly owned
by GoK.

For fiscal 2015, net profit was INR302.6 million on operating
income of INR48.78 billion, against net loss of INR576.3 million
on operating income of INR   44.38 billion for fiscal 2014.


IFMR CAPITAL: ICRA Rates INR5.88cr PTC Series A2 'B-(SO)'
---------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB+(SO) rating and
Provisional [ICRA]B-(SO) rating to proposed PTC A1 and PTC A2
issuance by IFMR Capital Mosec Epoch 2016 backed by micro loan
receivables originated by Chaitanya India Fin Credit Private
Limited (Chaitanya), Fusion Micro Finance Private Limited
(Fusion), Intrepid Finance And Leasing Pvt Ltd (Intrepid), Pahal
Financial Services Private Limited (Pahal) and Saija Finance
Private Limited (Saija).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   PTC Series A1           36.11        [ICRA]BBB+(SO) 5.82%
   PTC Series A2            5.88        [ICRA]B-(SO)

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


KAMALA COLD: CRISIL Reaffirms B- Rating on INR62.6MM Cash Loan
--------------------------------------------------------------
CRISIL ratings continue to reflect the weak financial risk
profile of Kamala Cold Storage Private Limited (KCSPL), marked by
high gearing and weak debt-protection metrics, and exposure to
the highly regulated and intensely competitive cold storage
industry in West Bengal. However, the company does benefit from
extensive industry experience of its promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.1      CRISIL A4 (Reaffirmed)

   Cash Credit            62.6      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.9      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              14.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that KCSPL will continue to benefit from industry
experience of its promoters. The outlook may be revised to
'Positive' if improved cash accrual or infusion of capital by
promoters, strengthens the financial risk profile and risk
absorption capacity. The outlook may be revised to 'Negative' if
stretched receivables, non-recovery of loan extended to farmers,
stretched working capital cycle, or a large debt-funded capital
expenditure (capex) programme, weakens liquidity.

KCSPL was set up in 1996 by the Kolkata-based Gorai family. The
company has a cold storage unit (with two chambers) in Bankura.


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.


KOPARGAON AHMEDNAGAR: Ind-Ra Cuts INR1,560M Loan Rating to IND D
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kopargaon
Ahmednagar Tollways Phase 1 Private Limited's (KATPL) INR1,560m
long-term senior project bank loan to 'IND D' from 'IND BB-'. The
Outlook was Stable.

KEY RATING DRIVERS

The downgrade reflects the delays in KATPL's debt servicing, as
seen in the auditor's report accompanying its FY16 financials, as
well as slippages in project completion (scheduled commercial
operations date - COD - of Feb. 29, 2016 has passed). The project
has also undergone a cost overrun of INR530m.

The rating also factors in the sponsor, Supreme Infrastructure
India Ltd's (SIIL: 'IND D') weak credit profile, which has
constrained the sponsor's ability to arrange funding for cost
overruns.

RATING SENSITIVITIES

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

COMPANY PROFILE

KATPL is a special purpose vehicle incorporated to implement a
42.6km lane extension (two- to four-laning) on the Kopargaon
Ahmednagar section of State Highway 10 in the state of
Maharashtra, under a seven-year concession from the Maharashtra
government. The project is sponsored by SIIL. Initially, the
estimated project cost was INR2,360m, which was to be funded by a
term loan of INR1,560m and sponsors' equity of INR800m. However,
the project has undergone cost overruns of INR530m, which are to
be funded by a term loan of INR350m and sponsors' equity of
INR180m.


KUNDAN CARE: Ind-Ra Affirms 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Kundan Care
Products Limited's (KCPL) Outlook to Negative from Stable while
affirming the Long-Term Issuer Rating at 'IND BB+'.

KEY RATING DRIVERS

The Negative Outlook reflects the likelihood of a weakening of
KCPL's credit metrics FY17 onwards due to a decline in its
operating margins. This will be led by a higher customs duty on
the import of impure gold. According to the provisional FY16
figures, financial leverage (adjusted net debt/operating EBITDA)
and interest coverage (operating EBITDAR/net interest) were
comfortable at 1.2x (FY15: 3.3x) and 3.3x (3.2x). Although the
EBITDA margins were weak at 0.4% in FY16 (FY15: 0.4%), the
company's total debt of INR446m at FYE16 primarily comprised
working capital loans.

The increase in import duty on impure gold to 8.75% from 8.00%
while the duty on the import of pure gold remaining at 10.0% has
reduced the price differential between the import of the two.
However, the need for the import of into the country remains
high, despite new schemes for gold monetisation which have
reduced the total demand by just 1%.

The company ventured into the raw gold refining business in FY14,
but it has been manufacturing and distributing cosmetic products
of Jolen Inc. since 2006. The total sales achieved by the company
during FY16 were INR82.1bn, with the cosmetics division
contributing only 0.2% to the total sales. The revenue for the
cosmetics business remained stable at around INR140m during FY15
and FY16. The company earns a contribution margin of 55%-60% in
this business.

The business model for gold refining is primarily based upon the
duty difference of the gold dore bars and pure gold. Any change
in the regulation could directly pose a risk to business income,
requiring a change in the business model.

The ratings are supported by KCPL's association with the
established cosmetics brand Jolen Inc., the two-decade-long
experience of its founders in the high-value gold trading and
limited price and exchange risk in the gold refining business.

KCPL completely hedges all bullion orders against price and forex
risk through forward contracts. All orders are completed in a t+2
trading cycle. No credit period is allowed by the suppliers and
the same holds true for the customers. The complete cycle of
receipt of impure gold,refining and delivery is no longer than
two days.

RATING SENSITIVITIES

Negative: Volatility in the profitability resulting in the
interest coverage being sustained below 2.5x would lead to a
rating downgrade.

Positive: Stability in the profitability coupled with the
interest coverage being sustained at 3.5x would lead to a
revision of the Outlook back to Stable.

COMPANY PROFILE

KCPL operates two business divisions - manufacturing and
distribution of cosmetic products and gold refining & trading.
The company has been engaged in the cosmetics business since 2006
and has a manufacturing facility in Haridwar. The company has an
arrangement to use the brand JOLEN for cosmetics products. The
company ventured into the raw gold refining business in FY14. The
liquidity position of the company has remained stretched in the
12 months ended June 2016 due to growth in bullion business.

In FY14, the company forayed into gold refining and set up a
100kg/shift/day raw gold refining unit in Haridwar. The company
avails excise benefits which will continue till 2020. The company
imports raw gold from African countries where it has stationed
some employees for liaising with the miners. The company started
gold refining in August 2013.

The promoters of the Kundan group were also engaged in the
trading of precious metals through their flagship company Kundan
Rice Mills Limited ('IND BB+'/Negative).

KCPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      revised to Negative

   -- INR550m fund-based and non-fund based working capital
      limits: affirmed at 'IND BB+'/Negative and 'IND A4+'


   -- INR300m fund-based and non-fund based working capital
      limits: assigned final 'IND BB+'/Negative and final 'IND
      A4+'

KUNDAN INTERNATIONAL: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kundan
International Private Limited (KIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Negative.

KIPL was created as a wholly-owned subsidiary of Kundan Rice
Mills Limited (KRML: 'IND BB+'/Negative) in FY16. KIPL now
operates KRML's chemicals trading business. The agency has taken
a consolidated approach when arriving at the ratings.

KEY RATING DRIVERS

Experienced Promoters and Support: The ratings reflect the
extensive 30-year experience of KIPL's promoters in the chemical
trading business.

Commoditised Nature of Industry: The ratings are constrained by
the commoditised nature of chemicals trading. Moreover, the
industry has low entry barriers and is highly competitive with
multiple players that have established industry positions.
Competition from established players continues to remain a
challenge, but KRML's long-standing relationships with customers
and suppliers support KIPL's ratings.

Limited Price Risk; Back-to-Back Orders: The ratings factor in
risk mitigation in KIPL's trading business as it is order-backed.
Commodity price risks get mitigated as most of its sales are
conducted against back-to-back orders rather than on a stock-and-
sale basis. Around 80% of sales in the chemicals division are
customer-backed, so commodity price risk is largely mitigated.

Well-managed Forex Risk: The ratings draw comfort from the
company's well-managed forex risk as it hedges all its chemicals
orders against currency fluctuation.

Volatile Revenue; Thin EBITDA Margin: The ratings also factor in
the volatile revenue and low profitability of KIPL's trading
business. Ind-Ra believes that the consolidated EBITDA margins
(FY16 (Provisional (P)):1.5%; FY15: 0.2%) are likely to remain
low during FY17-FY19 due to the low-value-addition nature of its
business. Any adverse development such as an unanticipated
movement in foreign currency, fluctuations in commodity prices,
or payment defaults from smaller customers (leading to debtor
write-offs) could severely jeopardise KIPL's profitability.

RATING SENSITIVITIES

Positive: Ability to maintain steady revenue growth while
improving profitability, leading to an improvement in credit
metrics, could result in the Outlook being revised to Stable.

Negative: A decline in profitability, resulting in any weakening
in credit metrics, could result in a negative rating action.

Any significant weakening of linkages with the parent, such as a
change in ownership, could lead to a change in the current rating
approach and the agency can switch to a standalone rating view on
KIPL.

COMPANY PROFILE

KIPL is a 100% subsidiary of KRML. It was incorporated in 2016 to
segregate KRML's chemicals trading business into a separate
entity.  KIPL's standalone revenue for FY16 (P) was INR379m.

KIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'; Outlook
      Negative

   -- INR450m fund based working capital limits: assigned 'IND
      BB+'/Negative/'IND A4+'

   -- INR1,250m non-fund-based working capital limits: assigned
      'IND BB+'/Negative/'IND A4+'


KUNDAN RICE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kundan Rice
Mills Limited's (KRML) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Negative.

KRML created a 100% subsidiary Kundan International Private
Limited (KIPL; 'IND BB+'/Negative) in FY16. KIPL now oversees
KRML's chemicals trading business. The agency has taken a
consolidated approach while arriving at the ratings.

KEY RATING DRIVERS

The rating downgrade and Negative Outlook reflect a sharp decline
in KRML's financial profile, with provisional (P) FY16 financials
indicating revenue of INR7,437m (FY15: INR119,882m) and EBITDA of
INR110m (FY15: INR236m), which resulted in the weakening of its
credit metrics. Scaled down operations in the bullion trading
business, weak demand for rice and declining crude prices (which
led to inventory losses in the chemicals trading business)
resulted in a decline in profitability in FY16. Moreover, the
bullion trading business will continue to not contribute
significantly to profitability in FY17 as the company has scaled
down operations in this division. Consequently, Ind-Ra believes
there will be an improvement in the company's consolidated credit
metrics from FY17, but  it will only be able to offset the low
profitability from bullion trading in the medium term.

Experienced Promoters and Support: The ratings reflect the
extensive 30-year experience of KRML's promoters in the chemical
trading and rice processing industries. The promoters have also
infused funds in the form of unsecured loans (FY15: INR20m; no
infusion in FY16) from time to time so KRML can meet its funding
requirements.

Commoditised Nature of Industry: The ratings are constrained by
the commoditised nature of both rice milling and chemicals
industries. Moreover, both have low entry barriers and are highly
competitive with multiple players that have established industry
positions. Competition from established players continues to
remain a challenge, but KRML's long-standing relationships with
customers and suppliers support the ratings.

Limited Price Risk; Back-to-Back Orders: The ratings factor in
risk mitigation in KRML's trading business as it is order-backed.
Commodity price risks get mitigated as most of its sales are
conducted against back-to-back orders rather than on a stock-and-
sale basis. Around 80% of sales in the chemicals division are
customer-backed, so commodity price risk is largely mitigated.

Well-managed Forex Risk: The ratings draw comfort from the
company's well-managed forex risk as it hedges all its chemicals
orders against currency fluctuation.

Volatile Revenue; Thin EBITDA Margin: The ratings also factor in
the volatile revenue and profitability of KRML's trading
business. This is mainly due to the erratic nature of
opportunity-based trading activities in the bullion segment.
However, this would be mitigated going forward as the company has
scaled down operations in its bullion business. Ind-Ra believes
that the company's EBITDA margins (FY16:1.5%; FY15: 0.2%) are
likely to remain low during FY17-FY19 due to low-value-addition
nature of its business.

Weak Credit Metrics: KRML's credit metrics declined significantly
during FY16 as profitability in the bullion trading business was
significantly impacted due to fewer sales year-on-year.
Additionally, there was a decline in profitability in the
chemicals business due to inventory losses on account of
declining crude prices. KRML reported net leverage (total
adjusted net debt/operating EBITDAR) of 9.1x in FY16 (P) (FY15:
6.3x) and gross interest coverage (operating EBITDA/gross
interest expense) of 1.0x (1.7x). Its liquidity has been
comfortable, with 62% utilisation of its fund-based working
capital facilities for the 12 months ended June 2016 and 31%
utilisation of its non-fund-based working capital facilities for
the 11 months ended May 2016.

RATING SENSITIVITIES

Positive: Steady revenue growth while improving profitability,
leading to an improvement in credit metrics, could result in the
Outlook being revised to Stable.

Negative: A decline in profitability resulting in any further
weakening in credit metrics could result in a negative rating
action.

COMPANY PROFILE

KRML was incorporated in 1971 as a partnership firm and was
reconstituted as a company in FY95. Currently, it has two lines
of business: 1) rice milling (INR408m of revenue in FY16 (P)) and
2) the trading of chemicals and polymers (about INR5.8bn of
revenue in FY16 (P)). The company has scaled down operations in
its bullion trading business (INR1.2bn in revenue in FY16).

KRML's ratings:

   -- Long-Term Issuer Rating: downgraded to 'IND BB+'/Negative
      from 'IND BBB-'/Stable

   -- INR450m fund-based working capital limits (reduced from
      INR1,000m): downgraded to 'IND BB+'/Negative/'IND A4+' from
      'IND BBB-'/Stable/'IND A3'

   -- INR500m non-fund-based working capital limits (reduced from
      INR1,500m): downgraded to 'IND BB+'/Negative/'IND A4+' from
      'IND BBB-'/Stable/'IND A3'


KUSHAL BAGH: ICRA Suspends B- Rating on INR6.32cr Bank Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR6.32 crore fund-based bank facilities and short term
rating of [ICRA]A4 assigned to the INR0.68 crore non fund-based
bank facilities of Kushal Bagh Marbles Pvt Ltd. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of requisite information from the company.


LAXMI BUILDERS: CRISIL Upgrades Rating on INR30MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of M/S. Laxmi Builders (Laxmi) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed the rating on the short-term facilities
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          50       CRISIL A4 (Reaffirmed)

   Cash Credit             30       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      20       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

The upgrade reflects improved financial profile particularly
liquidity. The firm is likely to generate cash accrual of INR12-
14 million over the medium term against small-term debt
obligation of INR2.5 million each year. Cash accrual is expected
to remain adequate to meet the debt obligation and also provide
support to the working capital requirement. The bank lines remain
moderately utilised at 82.0% for the 10 months through February
2016. Liquidity has remained supported by promoters in the past
and is likely to continue in case of any exigencies.

The upgrade also factors in improved scale of operations of
INR150.0 million in fiscal 2016 from INR99.7 million in fiscal
2015, backed by improving order book and ability to successfully
bid and execute tenders. Topline is likely to grow marginally at
5-10% over the medium term. Operating margin remained at 15-17.5%
over the five years through March 2016. The industry is largely
working capital intensive; however, the firm has demonstrated
improvement in the working capital management as reflected in the
moderate gross current assets of 128 days as on March 31, 2015
and 135 days as on March 31, 2016.

The ratings also reflect modest scale of operations in a
competitive industry and working capital intensive operations.
These rating weaknesses are mitigated by the extensive experience
of promoters in the construction industry, and moderate financial
risk profile.
Outlook: Stable

CRISIL believes Laxmi will benefit over the medium term, from its
promoters' industry experience. The outlook may be revised to
'Positive' in case of a substantial increase in scale of
operations along with stable profitability and improvement in
working capital requirement. Conversely, the outlook may be
revised to 'Negative' if financial risk profile weakens, most
likely because of low cash accrual or constrained liquidity
because of considerable stretch in working capital cycle or
substantial withdrawal of funds by promoters.

Laxmi, is a 'Class AA' civil contractor, engaged in construction
of roads, buildings, and irrigation projects. The firm is a
partnership concern of Ahmedabad (Gujarat)-based Mr M K Patel and
Mr R K Patel.


LEADE LIQUOR: CRISIL Ups Rating on INR54MM LT Loan to B-
--------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Leade Liquor Manufacturing Private Limited (LLMPL) to 'CRISIL
B-/Stable' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      54        CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL C')

   Term Loan               43.5      CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade reflects demonstrated track record of timely
repayment of its term loan obligation for the past 12 months.
Furthermore, liquidity profile of the company is expected to
improve with improvement in cash accruals back by better capacity
utilisation due to high demand from its principal Pernod Ricard.

The rating reflects LLMPL's below-average financial risk profile
because of a modest networth and weak debt protection metrics,
and customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
promoters in the Indian-made foreign liquor (IMFL) bottling
business and the company's tie-up with Pernod Ricard.
Outlook: Stable

CRISIL believes LLMPL will continue to benefit over the medium
term from the extensive industry experience of promoters and
their tie-up with Pernod Ricard. The outlook may be revised to
'Positive' in case of a sustainable increase in revenue and
profitability, and improvement in debt protection metrics and
liquidity. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected revenue or profitability, or a stretch in
the working capital cycle leads to deterioration in the financial
risk profile, particularly liquidity.

LLMPL was promoted in 2010-11 (refers to financial year, April 1
to March 31) by Mr. Sumit Kumar Jain and his family members to
set up an IMFL bottling plant in Hooghly (West Bengal). The plant
commenced commercial operations in December 2012. The company has
a bottling capacity of around 150,000 cases per month.


LEONARD EXPORTS: ICRA Ups Rating on INR3.75cr Cash Loan to B+
-------------------------------------------------------------
ICRA has revised upwards the long term rating assigned to the
INR3.75 crore cash credit and INR2.05 crore untied limits of
Leonard Exports from [ICRA]D to [ICRA]B+.  ICRA has also upgraded
the short term rating assigned to the INR1.20 crore non-fund
based bank facilities from [ICRA]D to [ICRA]A4.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              3.75        [ICRA]B+ upgraded

   Fund Based Limit-
   Untied limits            2.05        [ICRA]B+ upgraded

   Non Fund Based
   Limit-Packing Credit/
   FBP/FBD                  1.00        [ICRA]A4 upgraded

   Non Fund Based
   Limit-Bank Guarantee     0.20        [ICRA]A4 upgraded

Rating Rationale

The upward revision in the ratings primarily factors in the
favourable track record of timely servicing of debt obligations
in the recent months. The ratings, however, remain constrained by
LE's small scale of current operations along with a weak
financial profile characterised by low profits and cash accruals,
and a leveraged capital structure that result in depressed
coverage indicators. The ratings also factor in the LE's limited
bargaining power against large suppliers and customers,
fragmented nature of industry with a large number of unorganised
players that keeps margins under check and foreign currency
fluctuation risk, as around 37% of the total sales in FY2016 was
contributed from export sales, given no formal hedging mechanism
adopted by the firm. ICRA notes that average utilisation of LE's
working capital limits remains high, which restricts its
financial flexibility. The ratings continue to be impacted by the
risk associated with the legal status of LE as a partnership
firm, including the risk of withdrawal of capital by the
partners.

The ratings, however, derive comfort from the extensive
experience of the partner in the fly ash trading business and an
established relationship with its reputed customer base, which
helps secure repeat orders and also reduces counter-party risks
to an extent. ICRA also takes note of the firm quantity agreement
with various power plants, which ensures timely as well as easy
availability of fly ash.

The firm's ability to achieve revenue growth, maintain
profitability and improve the capital structure, while managing
its working capital requirement efficiently, would remain crucial
from the credit perspective point of view, going forward.

Leonard Exports (LE) was established in 2001 as a partnership
firm by Mr. P.K.Darolia (holding 70% stake) along with three
other partners. The firm trades in fly ash, which it procures
from various thermal power plants and sells primarily to cement
manufacturing units. Besides, the firm also provides ancillary
services, like handling and transportation of fly ash. The firm
operates through four branches -- Farakka, Suri, Titagarh in West
Bengal and Kahalgaon in Bihar.

Recent Results
In FY2016, the firm reported a net profit of INR0.90 crore
(provisional) on an operating income of INR47.09 crore
(provisional), as compared to a net profit of INR0.70 crore on an
operating income of INR43.31 crore during FY2015.


LIFESTILE REALTY: ICRA Assigns 'B' Rating to INR13cr Term Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B  to the INR13.00
crore bank facilities of The Lifestile Realty.

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

The assigned rating favourably factors in long standing
experience of promoter group in real estate development business
along with advance stage of project construction with ~68% of
project is completed and location advantage that the project
enjoys due to easy accessibility to key city areas like schools,
collages, hospitals, shopping malls etc.

The rating is however constrained by the high marketing risk as
the management is yet to launch the project while majority of
construction has already been done. Also the majority of the
promoters committed contribution has already been tied up, making
the project highly reliant on customer advances and bank debt to
fund the remaining project cost, hence giving rise to execution
risks as well. Going forward, accelerating sales at adequate
rates while maintaining high collection efficiency and timely
execution of the project will remain key rating sensitivities.

Established in 2014, The Lifestile Realty ('TLR', 'The firm') is
developing a residential real estate project 'Amaltas' at Undri,
Pune. TLR is a partnership firm promoted by Mr. Arif Chowhan and
his son Mr. Ashraf Chowhan. The firm is a part of Hindustan Group
which is established in 1999 and promoted by Mr. Arif Chowhan.
Mr. Arif Chowhan is engaged in real estate development in Pune
for more than 15 years and has developed around 3.5 lacs sq ft
area underlining the vast experience of promoters in real estate
business.


MHETRE FOODS: CRISIL Reaffirms 'D' Rating on INR75MM LT Loan
------------------------------------------------------------
CRSIL's rating on the long term bank loan facilities of Mhetre
Foods Private Limited (MFPL) continues to reflect instances of
delay by MFPL in servicing its debt; the delays were caused by
weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL D (Reaffirmed)
   Long Term Loan          75        CRISIL D (Reaffirmed)

MFPL also has a modest scale of operations in the food processing
industry, working capital-intensive operations, and modest
networth. However, the company benefits from the extensive
industry experience of its promoters.

CRISIL had assigned its 'CRISIL D' ratings to the long term bank
facilities of MFPL July 30, 2016.

Incorporated in 2011, MFPL processes vegetables, and started its
operations in September 2015. The company is promoted by Mr Dilip
Mhetre, Mr Prakash Mhetre and Mr Vikas Mhetre and is based in
Daund (Maharashtra).


MUSKAN OVERSEAS: CRISIL Assigns 'B' Rating to INR245MM Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Muskan Overseas Private Limited (MOPL) and assigned
its 'CRISIL B/Stable' rating to the long-term bank facilities of
MOPL. CRISIL had, on July 25, 2014, suspended the ratings as the
company had not provided the information required for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign ratings to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         45       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Cash Credit              10       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Export Packing Credit   245       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects below-average financial risk profile,
profitability susceptible to raw material price volatility and
vagaries of monsoon and exposure to intensely competitive rice
milling industry and vulnerability to regulatory changes in the
rice industry. These rating weaknesses are mitigated by extensive
business experience of the promoters in the agri-commodity
industry and established customer and supplier relationship.
Outlook: Stable

CRISIL believes MOPL will continue to benefit from its promoter's
extensive industry experience. The outlook maybe revised to
'Positive' in the event of a substantial improvement in financial
risk profile driven by higher-than-expected growth in revenue
leading to high cash accrual or capital infusion along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' if low cash accrual or large working
capital requirement or large debt-funded capital expenditure
constrains liquidity.

MOPL was established in 2001 as a partnership firm and in 2010,
was reconstituted as a private limited company. Presently the
promoters and directors are Mr Dinesh Gupta and Mr Manish Gupta.
MOPL undertakes processing and trading of basmati rice in the
domestic market and mainly exports to Saudi Arabia, Dubai, Kuwait
and Malaysia. The company has its manufacturing unit at Karnal.


NEW AGE: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of New Age False Ceiling Private Limited (NAFCPL) and
reaffirmed its rating on the long-term facilities at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        20       CRISIL A4 (Reassigned)
   Proposed Long Term
   Bank Loan Facility      30       CRISIL B+/Stable (Reaffirmed)


The ratings reflect a modest scale of operations, large working
capital requirement, and below-average financial risk profile
because of a weak capital structure and below-average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of its promoters in the false ceiling
industry, and their funding support.
Outlook: Stable

CRISIL believes NAFCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile, especially liquidity,
on account of higher-than-expected cash accrual or substantial
capital infusion, along with better working capital management.
The outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates on account of low
cash accrual, a stretched working capital cycle, or debt-funded
capital expenditure.

NAFCPL was incorporated in 2008, promoted by Mr Manoj Gupta and
his family. The company manufactures false ceilings at its
facility at Nagpur, Maharashtra. It started production in 2012.
Before that, it traded in false ceiling materials.


NEW HORIZON: ICRA Suspends B+ Rating on INR7.40cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.40 crore fund-based bank facilities and short term
rating of [ICRA]A4 assigned to the INR1.60 crore non fund-based
bank facilities of New Horizon Knits Private Limited. The
suspension follows ICRA's inability to carry out rating
surveillance in the absence of requisite information from the
company.


P. J. EXPORTS: CRISIL Reaffirms B- Rating on INR60MM Packing Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of P. J. Exports (PJE) and assigned its
'CRISIL A4' rating to the firm's short-term bank facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            105       CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting             40       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit         5       CRISIL A4 (Reassigned)

   Packing Credit          60       CRISIL B-/Stable (Reaffirmed)

The ratings reflect the firm's below-average financial risk
profile because of a weak capital structure and subdued debt
protection metrics, its modest scale of operations, and large
working capital requirement. These weaknesses are partially
offset by its promoters' extensive experience in the home
furnishing textile industry.
Outlook: Stable

CRISIL believes PJE will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of significant improvement in its revenue and
profitability resulting in increase in its cash accrual, or
capital infusion leading to better liquidity. The outlook may be
revised to 'Negative' if the financial risk profile deteriorates
because of low cash accrual or stretch in working capital cycle
leading to pressure on liquidity.

PJE, formed in 2000 by two partners Amamika Todi and Sulochana
Todi, manufactures home decor products, such as bed sheets, bed
covers, curtains, and pillow covers. It commenced operations in
2008. It is managed by Mr Jiten Todi.


R K SHAH: ICRA Suspends 'D' Rating on INR10cr Cash Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR10.00
crore fund based cash credit limit including a non-fund based
bank guarantee sublimit of INR5.00 crore of R K Shah Projects
Pvt. Ltd.2 The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 1998, R K Shah Projects Pvt. Ltd. (R K Shah) is
engaged in the execution of construction contracts pertaining to
state owned entities. The company has executed construction
projects pertaining to buildings, bridges, treatment plants,
roads and pumping stations as a sub-contractor and has rendered
engineering services for projects mainly pertaining to Gujarat.
The company's administrative office is in Surat, Gujarat.


RD T.M.T: ICRA Assigns B+ Rating to INR7.0cr Cash Loan
------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.00
crore long-term fund based limits and the INR3.00 crore long-term
unallocated limits of RD T.M.T Steels (India) Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund
   Based-Cash Credit        7.00        [ICRA]B+ Assigned

   Long-term-Unallocated    3.00        [ICRA]B+ Assigned

Rating Rationale
The rating is constrained by RD TMT's small scale of operations,
its exposure to price volatility given the cyclicality inherent
in the steel industry and the vulnerability of the domestic
industry to global demand-supply mismatches. RD TMT has a low net
worth base, notwithstanding the improvement in Q1 2016-17 on
account of equity infusion from the promoters. The operations are
characterized by high working capital intensity primarily driven
by elevated inventory days leading to high utilisation of the
working capital limits availed from the bank. ICRA notes that the
company's debt funded capital expenditure plan in the near term
might impact its capital structure. Further, it shall face
competitive pressures during initial scaling up of operations of
its new business of TMT (Thermo Mechanically Treated) bars,
however, this risk is mitigated to an extent as the management
plans to involve Sati Granites India Private Limited, a large
granite exporting company based in Bangalore, Karnataka in the
marketing activities of this business.

However, the rating favorably takes into account RD TMT's
successful operations of its MS (Mild Steel) billet business
since October 2014 along with its reputed client and supplier
base. The rating also takes into account the improvement in its
financial profile during 2015-16 and Q1 2016-17 as reflected by
improvement in profitability on account of lower input costs.
Further improvement in revenue and profitability is expected as a
result of forward integration into production of TMT bars from
October 2016. ICRA also takes into account the interest rate
subsidy available to the company which lowers its interest burden
and, in turn supports its profitability.

RD TMT's ability to increase its scale of operations and execute
the upcoming project without significant time and cost overruns,
along with a sustained improvement in its liquidity position,
will be the key rating sensitivities.

RDTMT Steels India Pvt Ltd (Erstwhile Laxmi Rocks and Stones
India Pvt Ltd) has been promoted by Mr. Sanjay Agarwal, Mr.
Rajesh Kumar Agarwal and Mr. Pradeep Agarwal, who have experience
in granite business mainly in Bangalore, Karnataka since 2003.
Since October 2014, RDTMT has been engaged in the manufacturing
of mild steel billets with its manufacturing facility located at
Hindupur, Andhra Pradesh. During 2015-16, the company's average
monthly capacity stood at ~1700 tonnes. As on date, RD TMT has
closed all its granite units except 2 which are in Madurai and
are operating under the joint ownership of RD TMT and Sati
Granites India Private Limited.

Recent Results
During 2015-16 (based on provisional figures), RD TMT reported a
net profit of INR0.12 crore on an operating income of INR50.53
crore, as against a net profit of INR0.04 crore on an operating
income of INR22.99 crore during 2014-15.


REVATHI MODERN: ICRA Reaffirms B+ Rating on INR12cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR0.30
crore term loans, the INR12.00 crore fund based facilities and
the INR0.70 of proposed fund based facilities of Revathi Modern
Rice Mill at [ICRA]B+.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long-term, Term Loans      0.30       [ICRA]B+/Reaffirmed

   Long-term, fund based
   facilities                12.00       [ICRA]B+/Reaffirmed

   Long term proposed
   fund based facilities      0.70       [ICRA]B+/Reaffirmed

The rating reaffirmation takes into account RMRM's steady revenue
growth over the last three years on the back of increased demand
from its existing customers and addition of new customers. The
rating also takes comfort from the established track record of
the firm and the considerable experience of the promoter's in the
milling business; the firm's long term association with its major
customers; and the favorable demand prospects for rice, being a
staple grain of India.

The rating is, however, constrained by the intense competition in
the rice milling industry, and the limited value addition in the
business, which restricts pricing flexibility and thus, scope for
margin expansion. The rating is also constrained by the high
working capital requirements in the industry, led by high
inventory holdings necessitated by the seasonality in
availability of paddy and ageing requirements of rice. The rating
also factors in RMRM's high customer concentration risk with top
five clients accounting for 67% of revenues; and the risks of
capital continuity inherent to a partnership firm.

Established in the year 1990 as Manikandan Rice Mill and later
renamed as Revathi Modern Rice Mill in 1997, RMRM is a single
unit rice mill in Salem, Tamilnadu with a boiler capacity of 410
tonnes/hour. RMRM has a fully mechanised facility with
continuously linked operations for paddy soaking, boiling,
milling, cleaning, de-stoning, polishing and grading rice. The
major variety of rice dealt by the firm are White Ponni,
Karnataka Sona, BPT Rice and Delux ABT 43, and markets under its
own brands -- Revathi, Revathi Mallikai, Kumuthamalli,
Amudammalli, Sri Cathura, Mallikai Mark Brand and Mahaganapathy.
The firm is primarily a regional player with the entirety of its
sales in Tamilnadu, and markets through super markets and retail
outlets in Erode, Coimbatore, Salem, Karur, Dharmapuri and
Trichy.

For FY 2015-16, RMRM provisionally reported a PAT of INR0.5 crore
on an operating income of INR48.6 crore, as against a PAT of
INR0.7 crore on an operating income of INR40.9 crore in FY 2014-
15.


SADHANA NITRO: CRISIL Reaffirms 'B' Rating on INR140MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on bank facilities of Sadhana Nitro Chem Limited
(SNCL) continue to reflect the modest scale of operations and
continued pressure on margin, leading to a weak financial risk
profile. The rating weaknesses are partially offset by extensive
experience of promoters in the chemicals industry, niche product
line and integrated manufacturing facilities, which is expected
to drive growth in the future.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL B/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          100       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       33.2     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL expects SNCL to continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if better cash accrual and economies of scale help strengthen the
financial risk profile, especially liquidity. The outlook may be
revised to 'Negative' if profitability remains under pressure or
if a considerably stretched working capital cycle weakens
liquidity.

SNCL was incorporated in 1973, promoted by the late Mr. DT
Javeri. The company is currently managed by his son. It
manufactures benzene-based compounds such as nitrobenzene,
metanilic acid, and meta amino phenol.


SAHIBZADA AJIT: CRISIL Assigns 'D' Rating to INR220MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Sahibzada Ajit Singh Educational Trust (SAS) and
assigned its 'CRISIL D/CRISIL D' ratings to the facilities.
CRISIL had, on May 16, 2016, suspended the ratings as the company
had not provided the information required for a rating review. It
has now shared the requisite information, enabling CRISIL to
assign ratings to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          100       CRISIL D (Assigned;
                                     Suspension Revoked)

   Overdraft Facility      220       CRISIL D (Assigned;
                                     Suspension Revoked)

The ratings reflect instances of delay by SAS in servicing its
term debt; the delays have, in turn, been caused by stretched
liquidity and short-term mismatches in cashflow. The ratings also
factor in below-average financial risk profile, with weak capital
structure and debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of society
members in the education industry and diversified revenue
sources, with multiple schools and colleges.

SAS was formed in 1994 by Mr S Gurbachan Singh. The trust
operates more than 30 schools and colleges, including
engineering, management and polytechnic institutes. Most of the
schools operate under the name, Dhilwan International Public
School (DIPS), affiliated with Central Board of Secondary
Education (CBSE). The society started its first school in
Dhilwan, Punjab, in 1994. The institutions are in Jalandhar,
Amritsar, Kapurthala, Hoshiarpur and Fazilka districts of Punjab.


SAI MACHINE: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank loan
facility of Sai Machine Tools Private Limited (SMTPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that SMTPL will
sustain its improved business risk profile over the medium term,
supported by an increase in its scale of operations along with
sustenance of operating profitability. SMPTL registered a strong
year-on-year growth of about 40 per cent in its revenue to about
Rs.320 million in 2015-16 (refers to financial year, April 1 to
March 31); its revenue is expected to increase further with
increasing contribution from drip irrigation machines. CRISIL
believes that SMTPL will continue to improve its scale of
operations while sustaining its operating profitability, over the
medium term.

The ratings continue to reflect SMTPL's average financial risk
profile reflected in high dependence on external borrowings for
working capital operations along with a modest net worth. The
ratings also factor SMTPL's small scale and working-capital-
intensive operations. These rating weaknesses are partially
offset by the benefits that SMTPL derives from its promoters'
extensive experience in manufacturing extrusion machines for
plastic processing industry.
Outlook: Stable

CRISIL believes that SMTPL will benefit over the medium term from
its promoters' extensive experience in the industry. The outlook
may be revised to 'Positive' in case of significant improvement
in SMTPL's cash accruals or infusion of sizable fresh funds by
the promoters leading to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower cash
accruals, higher working capital requirements or debt-funded
capital expenditure (capex) further weakening the company's
financial risk profile, especially liquidity.

SMTPL, incorporated in 1988, is owned by the Jaiswal family based
out of Indore (Madhya Pradesh). The company manufactures
extrusion machines for plastic processing industry.


SAMYU GLASS: CRISIL Cuts Rating on INR136MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Samyu Glass Private Limited (SGPL) to 'CRISIL D/CRISIL D' from
'CRISIL C/CRISIL A4.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          33.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            136.0      CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit        23.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan         125.0      CRISIL D (Downgraded from
                                     'CRISIL C')

   Working Capital        111.0      CRISIL D (Downgraded from
   Term Loan                         'CRISIL C')

The rating downgrade reflects delays in servicing of term debt on
account of weak liquidity.

SGPL's scale of operations remains modest. Moreover, financial
risk profile is weak, with modest networth, high gearing, average
debt protection metrics, and large working capital requirement.
However, the company benefits from the extensive industry
experience of the promoters.

Based in Hyderabad, SGPL manufactures glass containers. The
company is promoted by Mr. S V Reddy and his associates.


SARAF AGENCIES: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saraf Agencies
Private Limited's (SAPL) Long-Term Issuer Rating to 'IND BB' from
'IND BBB-'. The Outlook is Stable. The agency has also downgraded
SAPL's INR2,342.1m long-term loans to 'IND BB' from 'IND BBB-'.
The Outlook is Stable.

SAPL is setting up a greenfield project in the Ganjam district of
Odisha for producing of 36,000 tons per annum (tpa) titanium slag
and 20,000tpa pig iron (by-product), along with a 15MW captive
power plant (CPP). The initial total project cost was INR3,496m,
of which INR2,321.8m was allocated for the titanium slag project
and the balance for CPP. The capex is being financed through a
mix of debt and equity in the ratio of 2:1. SAPL is planning to
derive most of its revenue through exports (90%) and is tying up
with overseas customers. While the titanium slag project has been
delayed significantly, there has not been any significant
development in the CPP project as well.

KEY RATING DRIVERS

The downgrade reflects a significant time overrun of nine months
in the project along with a moderate cost overrun of INR2,491.2m.
The downgrade also reflects the uncertainty over the short term
towards the timely completion of the project and liquidity
position of SAPL.

Ind-Ra believes the company will face a further time overrun that
could lead to a further cost overrun; this will deteriorate the
overall financial performance of the company. As of 19 July 2016,
around 90% of the titanium slag project had been completed. The
management expects the project to be commissioned by 31 October
2016 (earlier commercial operations date: September 2015).

According to the management, SAPL will start repayment of its
term loans from 4QFY17. Ind-Ra assumes the company to witness
short-term liquidity pressure due to the non-availability of
sufficient operating funds to service its debt repayment
commitments. This is in view of the limited period of time the
plant will operate in FY17 after achieving the commercial
operations date. Ind-Ra, however, assumes the management to
provide liquidity support to the company either in terms of
equity or unsecured loans.

The ratings are supported by the presence of strong promoters.
SAPL is part of the Forum group, which consists of 18 companies
with reported consolidated net worth of INR6,774.6m on 31 March
2015 according to the available numbers.

The ratings are also supported by SAPL's raw material linkages
and proximity to raw materials sources (to be provided by Indian
Rare Earth Minerals Limited).

RATING SENSITIVITIES

Positive: Commissioning of plant and sale of production during
FY17 and generation of operating cash flows higher than Ind-Ra's
expectation, leading to an adequate liquidity position could
result in a positive rating action.

Negative: Any further delay in the commissioning of plant and
production and/or a further escalation in the cost could result
in a negative rating action.

COMPANY PROFILE

SAPL, part of the Forum group, was incorporated in 1965 as a
private limited company. It is promoted by S.M. Shroff. SAPL is
engaged in the business of engineering and construction and real
estate among others.


SARBAMANGALA AGRO: ICRA Assigns 'D' Rating to INR3.80cr Cash Loan
-----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR5.82-
crore1 fund-based facilities of Sarbamangala Agro Products
Private Limited. ICRA has also assigned a short-term rating of
[ICRA]D to the INR0.18-crore non-fund based facility of SAPPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based Limit-
   Term Loans               1.90        [ICRA]D assigned

   Fund-based Limit-
   Cash Credit              3.80        [ICRA]D assigned

   Fund-based Limit-
   Untied limits            0.12        [ICRA]D assigned

   Non-fund Based
   Limit-Bank Guarantee     0.18        [ICRA]D assigned

The assigned rating primarily takes into account SAPPL's
unsatisfactory track record in timely servicing of debt
obligations, leading to overdue interest and principal on the
term loans. The rating is also impacted by the SAPPL's small
scale of current operations and its weak financial profile as
reflected by low net profitability and a leveraged capital
structure, leading to weak coverage indicators. The rating
continues to remain constrained by the risks inherent in an agro-
based business like rice milling, including the vulnerability
towards the changes in Government policies and raw material
supply risks as the level of harvest and quality of paddy are
highly dependent on agro-climatic conditions. The rating also
considers a low entry barrier prevailing in a highly fragmented
rice milling industry, which intensifies competition and
restricts pricing flexibility. ICRA also takes note of the
significant debt repayment obligations in comparison to current
cash accruals level, which is likely to keep the liquidity
position of the company under pressure.
The rating, however, derives comfort from the locational
advantage of SAPPL's plant being situated in close proximity to
the raw material sources, leading to easy availability as well as
low landed cost of input material and stable demand outlook of
the rice, which forms an important part of the staple Indian
diet.

Incorporated in 2009, SAPPL has a rice milling unit with an
annual milling capacity of 18,000 MT of paddy. The manufacturing
facility is in Murshidabad, West Bengal. SAPPL manufactures only
parboiled rice and markets its product under the brand name of
"Aaahar Gold."

Recent Results
During FY2016, the company reported a net profit of INR0.02 crore
(provisional) on an operating income (OI) of INR20.91 crore
(provisional) in comparison to a net profit of INR0.01 crore on
an OI of INR19.41 crore during FY2015.


SARVESH RICE: CRISIL Cuts Rating on INR107.0MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sarvesh Rice Mill Private Limited (SRMPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit             52.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Term Loan      35.5      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan              107.0      CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects instances of delay by SRMPL in servicing
its debt, on account of its weak liquidity.

SRMPL has small scale of operations in the fragmented rice
milling industry, and has a modest financial risk profile because
of high gearing and moderate debt protection metrics. However, it
benefits from the extensive experience of its promoters in the
agriculture sector.

SRMPL, incorporated in 2009, processes par-boiled rice at its
facility in Bardhaman, West Bengal. Its operations are managed by
Mr. Ritesh Agarwal and Ms. Vasudha Agarwal.


SATYA SURYA: CRISIL Assigns 'D' Rating to INR255MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Satya Surya Aluminium Industries Limited (SSAIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          45        CRISIL D
   Cash Credit            255        CRISIL D

The rating reflects instances of delay by SSAIL in servicing its
debt owing to its weak liquidity. The company has large working
capital requirements, and a below-average marked by moderate
gearing and weak debt protection metrics.  However, the company
benefits from its promoters' extensive industry experience in the
aluminium extrusions industry.

SSAIL was set up in 1994 by Mr. K. Suryanarayana and his family
members. The company manufactures aluminium-extruded products. It
is based in Hyderabad (Telangana).


SEVEN-11 INDUSTRIES: ICRA Suspends B+ Rating on INR5.50cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.68
crore long term term loan and cash credit facilities of Seven-11
Industries. The suspension follows ICRAs inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based-Term loan     0.18       [ICRA]B+; Suspended
   Fund Based-Cash Credit   5.50       [ICRA]B+; Suspended

Seven-11 Industries was established as a proprietorship firm in
2005. In 1991, Mr. Rajkumar Lodha started a proprietorship firm
named Shell Colours & Chemicals. The firm is engaged in trading
water based inks, retarder, adhesives, etc. However, in 2005, he
closed this firm and started a new firm in the name of Seven-11
Industries of which, his wife Mrs. Shelloo Lodha was the
proprietor. This firm was started to engage in the manufacturing
of water based printing inks, adhesives and retarder. The
manufacturing facilities are situated in Dhabhel Daman with an
installed capacity to manufacture 3560 MTPA. In 2011, the firm
opened its branch in Sarigam Gujarat which is engage in
manufacturing of emulsion paints for walls. The manufacturing
facility of the firm is located in Nani Daman. The plant has an
installed capacity to manufacture 3560 MTPA of its products.


SEVENHILLS HEALTHCARE: CRISIL Cuts Rating on INR5.10BB Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of SevenHills Healthcare Private Limited (SHPL) to 'CRISIL D'
from 'CRISIL B+/Stable'. The downgrade reflects irregularity in
servicing debt, due to weak liquidity on account of subdued
operating performance.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest        564.4      CRISIL D (Downgraded
   Term Loan                         from 'CRISIL B+/Stable')

   Overdraft Facility     500.0      CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term    1068.1      CRISIL D (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan             5101.1      CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The company has a weak financial risk profile, marked by weak
liquidity and high gearing, and its exposure to risks arising out
of any adverse regulatory order. Its scale of operations is
modest, and it has large working capital requirement and low
profitability. However, SHPL benefits from its promoters'
extensive experience in the healthcare industry, the improving
occupancy at its Mumbai-based hospital, and continued funding
support from AIRRO (Mauritius) Holdings I, Mauritius (AIRRO; a
fund affiliated to JP Morgan).

SHPL, incorporated in 2004, is currently operating two super-
speciality hospitals under the name of Sevenhills Hospital; one
is in in Visakhapatnam (Andhra Pradesh) and other in Andheri,
Mumbai. Sevenhills Hospital, Visakhapatnam was started in 1988 by
Sevenhills Hospitals Pvt Ltd, which was later merged with SHPL in
2009. Sevenhills Hospital, Mumbai, commenced operations in 2009.
SHPL is currently promoted by Dr. Jitendra Das Maganti, his wife,
Dr. Renuka Jitendra Maganti, and AIRRO (Mauritius) Holdings I,
Mauritius (AIRRO; a fund affiliated to JP Morgan).


SHAKEEL HAIDER: ICRA Suspends 'D' Rating on INR1.0cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR1.0 crore fund-based bank facilities and INR9.0 crore non
fund-based bank facilities of Shakeel Haider Engineers and
Contractors. The suspension follows ICRA's inability to carry out
rating surveillance in the absence of requisite information from
the company.


SHREEPATI JEWELS: Ind-Ra Assigns 'IND D' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreepati Jewels
(SJ) a Long-Term Issuer Rating of 'IND D'.

KEY RATING DRIVERS

The ratings reflect delays by SJ in servicing its term loans over
the six months ended June 2016, due to stretched liquidity. There
was a delay of 88 days in the payment of principal and there have
been continuous delays in interest payments over the past six
months.

RATING SENSITIVITIES

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

COMPANY PROFILE

SJ is promoted by Mr. Rajendra Chaturvedi and is engaged in
residential real estate projects, primarily located in South
Mumbai.

SJ's ratings:

   -- Long-Term Issuer Rating: assigned 'IND D'

   -- INR469.2m term loan: assigned Long-term 'IND D'

   -- INR47.5m fund-based working capital limits: assigned Long-
      term 'IND D'


SHRI BALAJI: CRISIL Lowers Rating on INR58.4MM Term Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its ratings on the long-term bank
facilities of Shri Balaji Packaging (SBP) to 'CRISIL B-/Stable'
from 'CRISIL B /Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             41.6      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               58.4      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects an anticipated deterioration in SBP's
credit profile, with an expected decline in scale of operations
and operating profitability. Following a fire outbreak at SBP's
manufacturing unit during May 2016; the firm's net sales and
profitability are expected to lower. Further, the firm continues
to exhibit working capital intensity, primarily emanating from
high inventory levels of about 200 days as on March 31, 2016.
CRISIL believes that the extent of loss on inventory post fire-
outbreak along with subsequent realisation of insurance claim
will remain key monitorables over the medium term.

The ratings continue to reflect SBP's modest scale and working-
capital-intensive operations. These rating weaknesses are
partially mitigated by its promoters' extensive experience in the
packaging industry and established relationships with customers
and suppliers, which drives its market position.
Outlook: Stable

CRISIL believes that SBP will continue to benefit from its
promoter's extensive industry experience and diversified customer
base. The outlook may be revised to 'Positive' if the firm
achieves higher-than-expected revenues and profitability, while
improving its working capital cycle and capital structure. The
outlook may be revised to 'Negative' in case of lower-than-
expected cash accruals, large debt-funded capital expenditure
(capex) or further lengthening of its working capital cycle.

SBP is a partnership firm setup in 2010 and is engaged in
manufacturing of corrugated boxes. The firm is owned by Mr. Arpit
Bangur and Mrs. Mangla Bangur. It has a manufacturing unit at
Baddi with a fully-automated corrugation line


SREE SATYANARAYANA: CRISIL Assigns B+ Rating on INR250MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Sree Satyanarayana Builders (SSB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           250      CRISIL B+/Stable

The rating reflects SSB's exposure to implementation and demand
risks associated with its ongoing commercial real estate project
at Proddatur, Cuddapah District, and its vulnerability to
cyclicality inherent in the Indian real estate industry. These
rating weaknesses are partially offset by the extensive
experience of promoters in the real estate industry, and the
strategic location of the project.
Outlook: Stable

CRISIL believes that SSB will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if SSB undertakes
projects of larger size, generates more-than-expected cash flows,
aided by earlier-than-expected completion of its ongoing projects
and healthy occupancy rates in its commercial properties,
improving the company's business and financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
time and cost overruns in its projects, or lower than- expected
occupancy resulting in deterioration of financial risk profile.

Set up in 2008 as a partnership concern, SSB is developing a
commercial real estate project at Proddatur, Cuddapah District.
The firm is promoted by Mr. Mr. B Srinivasa Reddy and others.


SRI SAI: ICRA Suspends B+ Rating on INR20cr Bank Loan
-----------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to INR20.00 crore
bank facilities of Sri Sai Krishna Raw & Boiled Rice Mill. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

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


SRINIVASA RICE: ICRA Assigns B+ Rating to INR12.05cr Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR12.05
crore (enhanced from INR9.65 crore) fund based facilities
Srinivasa Rice Industries. ICRA has also assigned [ICRA]B+/A4
rating for INR0.43 crore unallocated limits of the firm.

                        Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   Fund based limits      12.05     [ICRA]B+ assigned/outstanding

   Unallocated limits      0.43     [ICRA]B+/[ICRA]A4; assigned

The credit strengths and concerns of Srinivasa Rice Industries
remain the same as highlighted in ICRA's Rationale issued in
June 2016 available at the following link:

http://www.icra.in/Files/Reports/Rationale/Srinivasa%20Rice-R-
11072016.pdf

Srinivasa Rice Industries was established as February FY2013, and
the current management has taken over the mill in August 2014,
and, under the new management, the company has started its
operations on 24th November 2014. The firm is engaged in milling
of paddy to produce raw and boiled rice. It is located in
Gurazala, Guntur Dsitrict of Andhra Pradesh. The current milling
capacity is 8 tonnes of paddy per hour. The day to day operations
of the firm are looked after by Gudipati Srinivas and Gudipati
Lingaiah.

Recent Result
As per provisional FY16 financials, the firm registered PAT
levels of INR0.23 crore on an Operating income of INR44.87 crore
as against PAT levels of INR0.13 crore on an Operating income of
INR25.88 crore in FY15.


SUBHA-SOUMYA: CRISIL Reaffirms B- Rating on INR58.6MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Subha-Soumya Cold
Storage Private Limited (SSCSPL) continue to reflect SSCSPL's
below-average financial risk profile, with small networth and
high gearing, and susceptibility to regulatory changes in the
cold storage industry in West Bengal. These rating weaknesses are
partially offset by the extensive industry experience of SSCSPL's
promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4 (Reaffirmed)

   Cash Credit            58.6      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     42.5      CRISIL B-/Stable (Reaffirmed)

   Term Loan              35.0      CRISIL B-/Stable (Reaffirmed)

   Working Capital Loan   12.4      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SSCSPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if efficiently managed farmer credit
financing and significantly increased scales of operations
improve profitability. Conversely, the outlook may be revised to
'Negative' if delayed repayments by farmers, significantly low
cash accrual, or any large, debt-funded capital expenditure put
pressure on liquidity.

SSCSPL was incorporated on May 28, 2011 by Mr. Kartick Ghosh and
it commenced its operations from March 2012. The company set up a
cold storage facility in Paschim Mednipur (West Bengal) with
capacity of 18,000 metric tonnes (MT) (two chambers of 9,000 MT
each) for storing potatoes.


SUNGRACE ENERGY: ICRA Assigns B+ Rating to INR4.30cr Cash Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.80
crore1 fund based and non-fund based limits of Sungrace Energy
Solutions Private Limited. ICRA has also assigned a long-
term/short-term rating of [ICRA]B+/[ICRA]A4 to the INR3.20 crore
unallocated limits of SESPL.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              4.30       [ICRA]B+ assigned
   Bank Guarantee           2.50       [ICRA]B+ assigned
   Unallocated Limits       3.20       [ICRA]B+/[ICRA]A4 assigned

The assigned ratings are constrained by SESPL's small scale of
operations with revenues of INR17.44 crore in FY2016 in a highly
competitive solar industry; and limited bargaining power with
buyers and suppliers due to stiff competition from cheaper
imported Photo Voltaic (PV) modules from China, Korea and Taiwan
keeping revenue growth and margins under pressure. The ratings
are further constrained by SESPL's significant dependence on
external funding given the high Total Outstanding Liabilities
(TOL) by Tangible Networth (TNW) ratio at 3.89 times as on March
31, 2016 owing to high creditors; high working capital intensity
of ~50% in FY2016 due to delay in payments from government
clients and high customer concentration risk with top 5 customers
accounting for 75% of total revenues in FY2016. The ratings
however positively factor in more than two decades of promoter's
experience in solar industry; qualified management and technical
team with prior experience in solar industry and established
relationship with suppliers and customers. The ratings also
consider product diversification with company started selling
solar water pumps during FY 2016 which supported the growth in
revenues from INR11.18 crore in FY 2015 to INR17.44 crore in
FY2016; and favorable demand outlook for SESPL's products given
the impetus of Indian government under Jawaharlal Nehru National
Solar Mission (JNNSM) to increase the installed solar capacity to
100 GW by 2020.

Going forward company's ability to improve its scale of operation
and profitability and manage its working capital cycle
effectively would be key rating sensitivities from credit
perspective.

Incorporated in 1999, Sungrace Energy Solutions Private Limited
(SESPL) is into manufacturing of wide range of solar products
such as mono/multi crystalline solar PV modules, solar lanterns,
solar street lights, solar water pumps and a host of other
customized solar products. The manufacturing unit of the company
is located in Nacharam area of Hyderabad and is backed by R & D
cell, testing lab to produce affordable and custom designed Solar
PV products. SESPL manufactures the SPV modules from 3wp to 300wp
with annual capacity of 10 MW. SESPL is promoted by a group of
technocrats namely Mr. S. Pavan Kumar, Mr. T. Ravi Kumar, Mr. S.
Srinivas Rao and Mr. Ranjan Kumar Jha, with considerable work
experience in solar modules manufacturing and other related
products.

Recent Results
For FY2016 (unaudited & provisional), the company reported an
operating income of INR17.44 crore and net profits of INR0.52
crore as compared to operating income of INR11.18 crore and net
profit of INR0.22 crore for FY2015.


SHYAM TIMBER: ICRA Reaffirms B+ Rating on INR2.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR2.00-crore
fund-based cash credit facility of Shyam Timber Private Limited.
ICRA has also reaffirmed the rating of [ICRA]A4 to the INR13.00-
crore short-term non-fund based letter of credit facility of
STPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit Limit        2.00        [ICRA]B+; Reaffirmed

   LC(Import/Inland),
   FCL/Buyer's Credit      13.00        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by STPL's moderate
operating scale, characterised by the decline in operating income
by 24.3% in FY2016 to INR30.4 crore, down from INR40.2 crore
mainly due to reduced sales volumes owing to slowdown in demand
from real estate and construction industry. The ratings also take
into account the highly competitive industry and low value
additive nature of its operations as well as thin profitability
of 0.5% for FY2016 and moderate return indicators. High
dependence on creditors has resulted into high TOL/TNW of 4.2
times as on March 31, 2016. The ratings also factor in the
exposure of the company's profitability to volatility in imported
timber prices, susceptibility of timber availability to export
regulations in the key supplying markets and adverse currency
fluctuations. Further, the ratings are also constrained by the
vulnerability of profitability to the cyclicality inherent in the
real estate and the construction industry which are the main
consuming sectors.

The ratings, however, take into account the long and established
track record of the promoters in the timber industry as well as
close proximity to the Kandla and Mundra ports, resulting in easy
access to imported timber.

ICRA expects STPL's scale of operations to increase at a moderate
pace, driven by stable order inflows from the customers. However
the current slowdown in construction and real estate industry
also puts pressure on the company's ability to scale up its
operations. The ability of the company to improve profitability
levels amidst high competition in the industry while managing
foreign currency fluctuations will remain the key rating
sensitivities.

Shyam Timber Private Limited (STPL) started operations as a
partnership firm in the early 1990s and later changed the
constitution to a closely-held company in March 2000. The company
is currently headed by Mr. Praveen Jethwa, along with his brother
Mr. Sunil Jethwa. The promoters have a long experience in the
timber industry. STPL is currently involved in the timber trade
and it imports teakwood from the African countries and sells it
to saw mills in India. The company's unit is in Gandhidham,
inKutch District (Gujarat), near the Kandla port. It has also set
up a branch office in Mumbai to import timber at Nhava Sheva
port, in order to serve its South-based customers.

Recent Results
For the year ended March 31, 2016, the company reported an
operating income of INR30.4 crore with net profit of INR0.2
crore.


TUNGNATH EDUCATIONAL: ICRA Withdraws B- Rating on INR1.6cr Loan
---------------------------------------------------------------
ICRA has withdrawn its [ICRA]B- rating on the INR1.60 crore
working capital facilities of Tungnath Educational Society which
was under notice of withdrawal. The rating has been withdrawn as
the period of notice of withdrawal is completed.


VICTORY PRECISIONS: CRISIL Ups Rating on INR65MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its ratings on the long-term bank facilities
of Victory Precisions Private Limited (VPPL) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' while reaffirming the short-
term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Reaffirmed)


   Cash Credit             65        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')


   Corporate Loan          15        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit         5        CRISIL A4 (Reaffirmed)


   Long Term Loan          21        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      20.4      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Standby Line of Credit   5.0      CRISIL A4 (Reaffirmed)

   Term Loan               64.6      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in business risk profile,
backed by consistent revenue growth. Revenue growth was 26% at
INR309 million in fiscal 2016 as against INR245 million in fiscal
2015. The growth was supported by increasing exports and addition
of new customers such as Alpha Lava, Cummins etc. Business risk
profile is expected to improve further over the medium term
backed by better market penetration and incremental revenue being
generated from regular and recently added customers.

The rating continues to reflect modest scale of operations,
susceptibility of profitability to volatility in input prices,
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the promoters in
the industrial machinery and consumables industry.
Outlook: Stable

CRISIL believes VPPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if sizeable cash accrual and better working capital
management improves financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, or large working
capital requirement, or large debt-funded capital expenditure
weakens liquidity.

Incorporated in 1997, VPPL is engaged in casting and machining of
compressor parts, diesel engine parts, jigs and fixture parts,
switchgear parts, and farm equipment. The company, based in Pune
(Maharashtra), is promoted by Mr Sagar Kaushik and family.


WALL CERA: ICRA Assigns 'B+' Rating to INR5.11cr Term Loan
----------------------------------------------------------
The long term rating of [ICRA]B+ has been assigned to INR5.11
crore1 term loan facility and INR4.00 crore cash credit facility
of Wall Cera Tiles Private Limited. The ratings of
[ICRA]B+(pronounced as ICRA B plus) and [ICRA]A4 have also been
assigned to the INR1.89 crore unallocated limits of WCTPL.

                        Amount
   Facilities         (INR crore)      Ratings
   ----------         -----------      -------
   Term Loan               5.11        [ICRA]B+ Assigned
   Cash Credit             4.00        [ICRA]B+ Assigned
   Unallocated             1.89        [ICRA]B+/[ICRA]A4 Assigned

The assigned ratings are constrained by WCTPL's modest scale of
operations as well as limited portfolio of the company comprising
only ceramic wall tiles which restricts its sales prospects with
large institutional buyers. The ratings are further constrained
by weak financial profile of WCTPL's characterized by stretched
capital structure and weak debt coverage indicators. The ratings
also take into account the inherent cyclicality of the real
estate industry, being the main consuming sector, and the
vulnerability of the company's profitability to adverse movements
in prices of raw material and coal/gas prices. Further, the
highly fragmented and competitive industry structure, with the
presence of large established organised tile manufacturers, as
well as unorganised players in the region results in limited
pricing flexibility.

The ratings, however, take comfort from the long experience of
the promoters in the ceramics industry, the favourable location
of the company's plant, with respect to raw material procurement
and reputed customer profile.

The operating income of the company is expected to improve
supported with scale up of operations and stable order inflow
from Kajaria Ceramics Limited. In ICRA's view, the ability of the
company to scale up its operations while improving profit margins
and efficient working capital management, thereby improving debt
coverage indicators will be some of the key rating sensitivities.

Incorporated in June 2013, Wall Cera Tiles Private Limited
(WCTPL) is engaged in manufacturing of ceramic wall tiles at its
manufacturing facility located in Morbi, Gujarat. The company
commenced its operations from July 2014 with an installed
capacity of manufacturing 38,250 MTPA.

The operations of the company are managed by various promoters
who have significant experience in the ceramic industry. One of
the directors Mr. Manish Savsani is holding managerial position
in Acer Granito Private Limited which is into manufacturing of
vitrified tiles and also one of the promoters Mr. Dhaval
Padsumbia is associated with Win-Stone Industries (India) Private
Limited which is into manufacturing of artificial marbles.

Recent Results
During FY2016, WCTPL reported an operating income of INR31.72
crore and profit after tax of INR0.13 crore as against an
operating income of INR8.06 crore and loss of INR0.97 crore in 9M
FY2015.


WELCOME MINERAL: ICRA Ups Rating on INR6.0cr Term Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
rating to the INR1.85-crore fund-based cash credit facility and
INR6.00-crore fund-based term loan facility of Welcome Mineral
Private Limited (WMPL). ICRA has also reaffirmed the short-term
rating of [ICRA]A4 to the INR1.10-crore non-fund based bank
guarantee facility of WMPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund-based -Cash
   Credit Limit             1.85        Upgraded to [ICRA]B+
                                        from [ICRA]B

   Fund-based Term
   Loan                     6.00        Upgraded to [ICRA]B+
                                        from [ICRA]B

   Non-Fund Based
   Bank Guarantee           1.10        [ICRA]A4; Reaffirmed

The rating upgrade primarily factors in the stabilisation
achieved in its first full year of operations as also reflected
in moderate capacity utilisation levels supported by improved
operating margins. The ratings also favourably take into account
the long experience of the key promoters of Welcome Mineral
Private Limited (WMPL) in the ceramic industry and established
brand visibility of its group concern. The ratings also continue
to factor in the locational advantage enjoyed by WMPL, giving it
easy access to raw material.

However, the ratings remain constrained by WMPL modest scale of
operations with its financial profile characterised by low
profitability and modest weak debt protection metrics. The
capital structure of the company also remained stretched as is
reflected from the high gearing of 2.30 times as on March 31,
2016. ICRA takes note of the dependence of operations and cash
flows on the performance of the real estate industry, which is
the main consuming sector, intense competition with presence of
large established organised tile manufacturers and unorganised
players and vulnerability of profitability to raw material and
other input cost.

ICRA expects WMPL's revenues to witness a normal growth of ~10%
in anticipation of improved capacity utilisation levels. The
profitability at operating level is expected to remain moderate
in the range of 14.-14.5%; however, the net profitability is
expected to improve with the decline in depreciation and interest
charges. WMPL's capital structure is likely to improve with debt
repayments, improvement in profitability and no major capex
expected. ICRA expects WVPL's working capital intensity to remain
high because of high inventory holding and stretched receivables.
Further, the company's ability to infuse funds to support its
capital structure, increase the scale of operations, and manage
its working capital efficiently would be key rating
sensitivities.

Incorporated in September 2013, Welcome Mineral Private Limited
(WMPL) is owned and managed by Mr. Pradeep Kavar and Mr. Ramesh
Sanavda. The commercial production of the company was started
from September 2014. WMPL manufactures body clay as well as
glazed wall tiles of two sizes: 8"X12" & 12"X12" which find wide
application for commercial as well as residential buildings. The
manufacturing facility is located in Morbi, Gujarat, with a
current installed capacity of manufacturing 90000 MTPA of body
clay and 18000 MTPA of ceramic tiles.

Recent Results
For the year ended March 31, 2016, as per the provisional
unaudited numbers the company reported an operating income of
INR14.39 crore, with profit before taxes of INR0.41 crore.



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


JAPAN DISPLAY: To Get Full Financial Aid From Government Fund
-------------------------------------------------------------
The Japan Times reports that Japan Display Inc. said it has
received a promise from a government-backed fund for financial
support, with the maker of smartphone displays facing a sales
slump.

According to the Japan Times, Japan Display Chairman and Chief
Executive Officer Mitsuru Honma said in a news conference on
August 9 that the Innovation Network Corp. of Japan (INCJ) has
told his firm that it will provide "full support" to the supplier
for Apple Inc.

The report relates that the aid from the fund, which is already
the biggest shareholder in Japan Display, could amount to tens of
billions of yen, including investment for production of next-
generation organic electroluminescence panels. Honma was mum
about details of support from the INCJ, the report relays.

Japan Display has been depending on short-term loans from banks
against a backdrop of sluggish sales of displays to smartphone
makers in countries such as China, according to the Japan Times.

The Japan Times says the company has been asked by its lenders to
improve its financial health, but it is uncertain whether the
firm can stay competitive against its global rivals in such
fields as organic EL displays, in particular those of South
Korea.

The report notes that Honma's remarks came after Japan Display
announced that it posted an operating loss of JPY3.4 billion for
the April-June quarter against a year-earlier profit of JPY2.2
billion.

Japan Display also logged a net loss of JPY11.7 billion during
the three months through June, expanding substantially from the
JPY461 million loss of the previous year. The company posted a
net loss for the third straight year for the quarter, the Japan
Times discloses.

Sales plunged 29.2 percent from a year earlier to JPY174.3
billion, hurt by slower sales of iPhones, the report adds.

Japan Display was formed in a government-backed deal in 2012 from
the ailing display units of Sony Corp., Toshiba Corp. and Hitachi
Ltd.

The INCJ had aimed to merge Japan Display with the liquid crystal
display unit of Sharp Corp. But Sharp, another struggling
electronics maker, has decided to restructure under support from
Taiwan's Hon Hai Precision Industry Co., known by its trade name
Foxconn, the Japan Times says.



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


PHILWEB CORP: Shuts Operations as Pagcor Refuse to Renew License
----------------------------------------------------------------
Jenniffer B. Austria at Manila Standard Today reports PhilWeb
Corp. will have to wind up its operations following the decision
of the state-gaming firm not to renew its license.

"Philweb contract will expire Aug. 10, 2016, Pagcor will not
renew/extend the contract. PhilWeb informed Pagcor that they are
doing their wind up operations," Manila Standard quotes
Philippine Games and Amusement Corp. assistant vice president for
corporate communications Maricar Bautista as saying in a text
message.

PhilWeb officials were scheduled to meet with Pagcor officials
late on August 9 after Pagcor chief executive Andrea Domingo said
the government would not renew PhilWeb's license.

As a result, share price of PhilWeb on August 8 plunged 17.2% to
PHP4.25 apiece from August 8's close of PHP5.13.

Share price of PhilWeb since July 1 has dropped by 78% from
PHP19 per share to PHP4.25, after President Rodrigo Duterte
ordered a stop to online gambling in his first cabinet meeting,
Manila Standard states.

With the Pagcor's decision, PhilWeb Corp., which operates and
manages electronic casinos owned by the Philippine gaming
regulator, will have to shut down operations, including 286 so-
called e-games outlets, according to Manila Standard.

PhilWeb earlier said it had been managing the gaming regulator's
e-games network for the past 14 years, remitting PHP14 billion
($298 million) to the agency for its share of the revenue from
the operations, Manila Standard relays.

The company clarified it did not operate online gaming websites.
PhilWeb's electronic games cannot be accessed by office or home
computers and its members-only players must be physically present
at the cafes to play, says Manila Standard.

According to Manila Standard, PhilWeb said its meeting with
Pagcor aimed to clarify the situation, adding President Duterte
might have been misinformed about its operations.

"PhilWeb is merely a software provider to Pagcor for its network
of e-Games outlets. We are not online gaming. Our software cannot
be played from homes or offices," the report quotes PhilWeb
president Dennis Valdes as saying in a previous statement.

According to Manila Standard, Mr. Valdes said each e-Games outlet
was owned by an individual entrepreneur whose gaming license was
issued by Pagcor directly to them. Each e-Games outlet, thus,
pays all taxes, as does PhilWeb itself.

"The e-Games network contributed a total of P2.1 billion to
Pagcor in 2015, and over P14 billion in the past 14 years," he
said.

PhilWeb Corp. chairman Roberto Ongpin quit his post to save the
company, after listed gaming technology company became the focus
of President Duterte's anti-oligarch and anti-online gambling
pronouncements.

"The main reason why Mr. Ongpin resigned from PhilWeb is to save
the company. He recognized that if he stayed on, PhilWeb's e-
Games outlets could be shut down, which would lead to the loss of
its business and eventual closure, affecting more than 5,000
employees," said Mr. Valdes in a statement released through a
public relations firm on August 7, adds Manila Standard.



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


SWIBER: Troubles Show Urgency Needed in Fixing Debt, Adviser Says
-----------------------------------------------------------------
David Yong and Andrea Tan at Bloomberg News report that
Singapore's offshore oil services companies and marine
engineering firms are leaving it too late to reorganize finances
to survive an industry slump, raising the risk of steep losses on
their bonds, a debt restructuring consultancy said.

Bloomberg relates that the lack of urgency means lenders have
time to take on more security for their loans, leaving
bondholders with poor recovery prospects, Kurt Metzger, a
Singapore-based director at GEM Advisory, said in an interview.
Swiber Holdings Ltd.'s troubles mean many weaker issuers from
within the industry could struggle to access the capital markets
to refinance maturing debt over the next 24 months, he said,
Bloomberg relays.

Bloomberg says Singapore's bond market has suffered new defaults
since November last year, the market's first since 2009.
According to Bloomberg, Swiber's failure to service a bond coupon
last week came after PT Trikomsel Oke missed payments on two
notes totaling S$215 million since November 2015 and Pacific
Andes Resources Development Ltd. reneged on S$200 million of
securities in January.

"From past experience, the time frame to complete a proper
balance-sheet restructure can be in excess of 12 months as the
various stakeholders always have different agendas that have to
be aligned," Bloomberg quotes Mr. Metzger as saying. "However,
the directors of the issuers seem to be in denial and not taking
proactive action to preserve the value of the companies and a
crisis mentality is created as they wait too long. The Swiber
situation is a good case in point."

As the company fell into court-supervised judicial management,
Swiber said it was unable to make a coupon payment on Aug. 2,
Bloomberg discloses citing Swiber's stock exchange filing. The
company has four bonds worth S$460 million and a 450 million yuan
($68 million) debt outstanding, according to Bloomberg data. It
took two short-term loans from DBS Group Holdings Ltd. to pay off
bonds in June and July, pledging more of its assets to the lender
as security.

Even in the best-case scenario when issuers restructure their
balance sheet well before bond maturity, Singapore's illiquid
market and the lack of organization among individual investors
mean bleak recovery prospects, said Mr. Metzger, who has worked
on distressed cases including Chinese solar-power producer
Suntech Power Holdings Co. and Thai companies Gulf Cogeneration
Co. and Precious Shipping Pcl, Bloomberg relays.

"Limited liquidity in the secondary market makes it so difficult
for an investor to exit," Mr. Metzger, as cited by Bloomberg,
said. The small size of Singapore dollar bond issues means
professional distressed-debt investors haven't been active, and
the trustee structure associated with these notes didn't
anticipate the need to properly represent bondholders in a
restructuring, he added.

Oil-related firms face SGD325 million of securities maturing
through year end, SGD390 million in 2017 and SGD700 million in
2018, according to Bloomberg-compiled data. Ausgroup Ltd., Otto
Marine Ltd. and Swiber were among 10 Singapore-listed companies
that sought to loosen debt covenants this year, up from eight in
2015.

"Clearly, there's a need in the current environment for the
bondholders to find a champion of their rights and actively
participate in the restructure process to ensure the proper
return is achieved," Bloomberg quotes Mr. Metzger as saying.
"Unfortunately, it looks like the current path is the old adage
of dealing with distressed situations: Amend, Pretend and
Extend."

                         About Swiber Holdings

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

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



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


HANJIN SHIPPING: FSC Chief Rules Out Aid For Shipping Firm
----------------------------------------------------------
Yonhap News Agency reports that South Korea's top financial
regulator on August 10 said Hanjin Shipping Co., the country's
largest shipping line, reeling from huge debts, should stand on
its own feet or face court receivership.

Yim Jong-yong, chairman of the Financial Services Commission
(FSC), reaffirmed that the government has no plan to offer
financial aid to Hanjin Shipping Co., according to Yonhap.

"Hanjin Shipping is in talks over ship mortgage loans with 34
financial institutions" in addition to charter rate negotiations
and private debt rescheduling efforts, he said in a monthly press
briefing, the report relays.

The government will let the company resolve its liquidity crisis
on its own and handle the issue in accordance with "principles"
in case of failure, Yim, as cited by Yonhap, stressed.

Yonhap says Hanjin is expected to suffer a cash shortage of as
much as KRW1.2 trillion (US$1.1 billion) in the next 1 1/2 years.

Creditors have called on Hanjin to first cover KRW700-900 billion
through its self-restructuring before they provide any financial
support. But Hanjin claims it is hard to finance more than
KRW400 billion, relates Yonhap.

Yonhap notes that on the nation's struggling shipbuilding field,
Yim said the government remains committed to efforts to keep the
big-three firms stay afloat.

"Daewoo Shipbuilding & Marine Engineering Co., as well as Hyundai
Heavy Industries Co. and Samsung Heavy Industries Co., are
implementing an unprecedented large-scale self-restructuring plan
worth a total of KRW10.3 trillion," the report quotes Yim as
saying.

The outcome of external consulting on the direction of the
shipbuilding industry will be available in late August, he added.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***