TCRAP_Public/160812.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

            Friday, August 12, 2016, Vol. 19, No. 159

                            Headlines


A U S T R A L I A

CAMBRIDGE CIVIL: First Creditors' Meeting Set For Aug. 17
EAGLE BOYS: Merger With Pizza Hut on The Table in Buy-Up Deal
J. A. BRADSHAW: First Creditors' Meeting Set For Aug. 18
MEMBERS ALLIANCE: Goes Into Liquidation w/ Debts Close to AUD30MM
WESTPAC: Mining Downturn Weighing on Firm


C H I N A

PARKSON RETAIL: Profit Warning Won't Impact B2 Corp Family Rating


H O N G  K O N G

CHINA FISHERY: Lenders Call for Trustee to Take Over Firm


I N D I A

A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
AGRAWAL SPONGE: CARE Revises Rating on INR15cr LT Loan to BB
AK METALS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
AL-BADRIYA WOOD: CRISIL Reaffirms B Rating on INR24MM Cash Loan
ALLIANCE FILAMENTS: ICRA Suspends 'D' Rating on INR27.03cr Loan

ANOOP FORGINGS: ICRA Reaffirms B- Rating on INR6.0cr Cash Loan
ARJANDASS & SONS: ICRA Reaffirms B+ Rating on INR1.5cr LT Loan
BALAJI COTTON: ICRA Suspends 'D' Rating on INR7.0cr Loan
BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR28.4cr Loan
BHUMI GINNING: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan

BHUMI MULTI: CRISIL Assigns 'B' Rating to INR130MM LT Loan
BIRESHWAR COLD: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
BMM CEMENTS: ICRA Suspends 'D' Rating on INR183.88cr Term Loan
C.P. ISPAT: CARE Assigns 'D' Rating to INR14.50cr LT Loan
C.P. SPONGE: CARE Assigns B+ Rating to INR20cr Long Term Loan

CAPITAL ELECTRICALS: CRISIL Cuts Rating on INR70MM Loan to 'B'
CAPITAL POWER: CRISIL Lowers Rating on INR450MM Cash Loan to B
CAPITAL POWER SYSTEMS: CRISIL Cuts Rating on INR150MM Loan to B
GANPATI ROLLER: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
HANSRAJ MEMORIAL: CARE Lowers Rating on INR21.80cr LT Loan to B

K. C. FERRO: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
KESHVANAND CERAMIC: CARE Assigns 'B' Rating to INR4.10cr LT Loan
KK FINECOT: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
LAKSHMI COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan

MIDLAND DIESEL: CRISIL Reaffirms B- Rating on INR42MM Cash Loan
MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MUTYAM STEEL: CRISIL Reaffirms 'B' Rating on INR50MM e-DFS
POPPYS KNITWEAR: CRISIL Withdraws 'B+' Rating on INR230MM Loan
PRRAGATHI STEEL: CRISIL Ups Rating on INR26MM Cash Loan to 'B'

RADHE COTTON: ICRA Suspends 'D' Rating on INR5.0cr Cash Loan
RIVERGROW VYAPAR: CRISIL Lowers Rating on INR14MM Loan to 'B'
RKS FUTURE: CRISIL Reaffirms 'B' Rating on INR123.5MM Term Loan
ROCKLAND CERAMIC: ICRA Assigns B/A4 Rating to INR15cr Loan
SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR3.9cr Cash Loan

SHREE REFRIGERATIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
SHRI MOHAN: ICRA Suspends 'B' Rating on INR40cr Bank Loan
SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR100MM Loan
SRI LAXMI: CARE Assigns 'B' Rating to INR6.0cr LT Loan
SYNERGY SHAKTHI: CRISIL Lowers Rating on INR181.3MM Loan to D

TEJA INDUSTRIES: CARE Revises Rating on INR7cr LT Loan to BB-
TLG AGRO: CRISIL Lowers Rating on INR30MM Term Loan to B-
VARUN AGRO: ICRA Suspends B+ Rating on INR11cr Term Loan
VEERABHADRA MINERALS: CRISIL Reaffirms B+ Rating on INR16.3M Loan
WIANXX IMPEX: ICRA Suspends B- Rating on INR49cr Bank Loan

YASHODA MUTUALLY: CARE Assigns B+ Rating to INR6.24cr LT Loan


S I N G A P O R E

SWIBER HOLDINGS: Unit Wants to Stop ONGC From Invoking Guarantee
SWIBER HOLDINGS: Fallout No Impact on Pacific Radiance Cash Flow


S O U T H  K O R E A

MAGNACHIP SEMICONDUCTOR: Moody's Upgrades CFR to Caa1



                            - - - - -


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


CAMBRIDGE CIVIL: First Creditors' Meeting Set For Aug. 17
---------------------------------------------------------
Bob Jacobs of Auxilium Partners was appointed as administrator of
Cambridge Civil Pty Ltd on Aug. 5, 2016.

A first meeting of the creditors of the Company will be held at
Auxilium Partners, Level 3, 1060 Hay Street, in West Perth, on
Aug. 17, 2016, at 2:00 p.m.


EAGLE BOYS: Merger With Pizza Hut on The Table in Buy-Up Deal
-------------------------------------------------------------
Eloise Keating at SmartCompany reports that pizza chains Eagle
Boys and Pizza Hut could be merged to form Australia's second-
largest pizza chain, if a reported deal for private equity outfit
Allegro Funds comes to fruition.

Together Eagle Boys and Pizza Hut are estimated to hold up to 35%
of the market for takeaway pizza in Australia, with a combined
store footprint of 384 outlets. Australia's largest pizza chain
Domino's operates more than 600 outlets in Australia and
New Zealand, SmartCompany says.

Citing a report from Fairfax, SmartCompany relates that Sydney-
based private equity firm Allegro Funds is in "advanced talks" to
buy the Eagle Boys chain from the company's voluntary
administrators SV Partners, and to buy the Pizza Hut Australian
business from parent company YUM! Brands.

Allegro, which owns Carpet Court, Great Southern Rail and bus
maker Custom, is reportedly one of two private equity firms to
show interest in the pizza chains over recent months, with the
firm moving closer to securing a deal following the appointment
of David Stimpson and Terrence Rose as administrators to Eagle
Boys in mid-July, according to SmartCompany.

Thirteen company-owned Eagle Boys have closed in the time since,
while the Eagle Boys head office reportedly owes AUD30 million to
creditors, the report states.

Messrs. Stimpson and Rose have also been appointed as voluntary
administrators to EB Pizza India Pty Ltd, EB India Holdings Pty
Ltd and EB Pizza Fiji Pty Ltd.

According to SmartCompany, Fairfax reported it is uncertain if
Allegro would seek to continue to operate the brands separately
or rebrand Eagle Boys stores to Pizza Hut outlets, if a deal is
finalised.

Graeme Houston, general manager of Pizza Hut Australia, told
SmartCompany Pizza Hut's "policy is not to comment on market
speculation".

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2016, David Michael Stimpson and Terrence John Rose of
SV Partners on July 14, 2016, were appointed as administrators
of:

   -- Eagle Boys Dial-A-Pizza Australia Pty Limited
   -- EBA Pizza Holdings Pty Ltd;
   -- Eagle Girls Pty Ltd;
   -- EB Pizza IP Holdings Pty Ltd; and
   -- EB Stores Pty Ltd.


J. A. BRADSHAW: First Creditors' Meeting Set For Aug. 18
--------------------------------------------------------
Andrew John Spring and Amanda Young of Jirsch Sutherland were
appointed as administrators of J. A. Bradshaw Civil Contracting
Pty Ltd on Aug. 9, 2016.

A first meeting of the creditors of the Company will be held at
111 Harrington Street, in Sydney, on Aug. 18, 2016, at 11:00 a.m.


MEMBERS ALLIANCE: Goes Into Liquidation w/ Debts Close to AUD30MM
-----------------------------------------------------------------
Jenny Rogers at The Gold Coast Bulletin reports that Members
Alliance has collapsed owing almost AUD30 million to the tax
office.

Members Alliance, previously headquartered in Robina's corporate
power tower The Rocket, also owes AUD741,000 in unpaid rent to
the Gold Coast City Council, the report discloses.

At least 30 homeowners have been left with half-built houses as a
result of the collapse, says the Bulletin.

Around 90 employees are owed about AUD7 million in
superannuation, around AUD800,000 in entitlements is owed to
staff of a labour hire firm and a number of trade creditors are
out of pocket, according to the Bulletin.

Members Alliance, headed by former high-flying director Richard
John Marlborough, in 2013 moved in its 240 employees and took
over five floors in The Rocket, previously occupied by defunct
water retailer, Allconnex.

The Gold Coast Bulletin revealed earlier this year the company
had for some months failed to pay council rent and was kicked out
after being given a deadline for the then AUD1 million owed in
rent.

Members Alliance, which for some time continued to operate at a
Varsity Lakes address, was offered AUD350,000 as a financial
incentive by the council to move into The Rocket and had rented
the building until March 2019, the report recalls.

Jason Bettles and Raj Khatri, from Robina-based Worrells Solvency
and Forensic Accountants, have been appointed liquidators and/or
voluntary administrators of 18 companies which make up the
Members Alliance business, the Gold Coast Bulletin discloses.

According to the report, Mr Bettles said the pair were called in
by the directors and shareholders "when they realised they were
never going to repay the debt".

The Gold Coast Bulletin relates that Mr Bettles said the largest
debt, about AUD29 million, was owed to the Australian Taxation
Office.

He said the hefty ATO debt included interest and penalties after
the amount increased when the business was unable to pay, the
report relays.

Of the AUD29 million, around AUD7 million is owed in
superannuation.

Mr Bettles said at least 30 homeowners who had sought finance for
homes built in Queensland, and NSW had been left with partially-
built residences after the collapse, adds The Gold Coast
Bulletin.

Gold Coast-based firm Members Alliance provides financial
services.


WESTPAC: Mining Downturn Weighing on Firm
-----------------------------------------
Reuters reports that Australia's No.3 lender Westpac said on
August 11 its level of stressed assets edged up in the three-
months to June as a mining downturn led to higher corporate as
well as consumer defaults.

According to Reuters, Westpac increased its bad debt charges to a
six-year high in the first-half in anticipation of a rise in bad
debts, but said in a limited third-quarter update that bad debt
ratios were still near all-time lows.

It set aside less money for bad debts in the third-quarter,
compared to the quarterly average in the first half-ended March.
Bad debt charges nearly doubled in the first half to a six-year
high of AUD667 million, the report discloses.

Westpac, which posted a 3% rise in first-half cash earnings to
AUD3.9 billion, did not disclose profit or revenue numbers in its
limited third-quarter update, Reuters notes.

Westpac said non-interest income from fees and commissions during
the quarter was 5 per cent below the first-half quarterly average
due to lower markets-related income and a decline in fees from
debt market activity, according to Reuters.

Its common equity Tier-1 capital ratio slipped to 10.1 per cent
at the end of June from 10.5 per cent in March. The bank said it
expected the ratio to drop by another 110 basis points, thanks to
a regulatory change to the treatment of Australian mortgages,
says Reuters.



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


PARKSON RETAIL: Profit Warning Won't Impact B2 Corp Family Rating
-----------------------------------------------------------------
Moody's Investors Service says that Parkson Retail Group
Limited's profit warning for its first half results for 2016 is
credit negative.

However, the announcement will not immediately impact its B2
corporate family rating, senior unsecured bond rating, and
negative ratings outlook.

"The continued deterioration in operating performance will
pressure Parkson's cash generation, but such a performance is
largely expected and reflected in the negative ratings outlook,"
says Gloria Tsuen, a Moody's Vice President and Senior Analyst.

On 5 August 2016, Parkson announced that it expected to increase
the loss attributable to equity holders by more than 100% for the
first half 2016 compared to the corresponding period in 2015.

The expected loss is mainly due to a decline in revenue and
weakened state of consumer sentiment in China.

First half 2016 covers January to June; Parkson is expected to
release the results on 17 August 2016.

Last year, in first half 2015, Parkson had recorded a revenue
decline of 2.2% and a RMB23.3 million loss attributed to equity
holders.

The business deteriorated further in second half 2015, with a 9%
year-on-year decline in revenue and its net loss widened to
RMB162.9 million.

Subsequently, Moody's downgraded on 25 February 2016 Parkson's
corporate family rating and senior unsecured debt rating from Ba3
to B2 to reflect its weakened financial profile.

The ratings outlook is negative, reflecting the challenging
conditions in China's retail market and uncertainty over the
company's ability to turn around its weak revenue and
profitability.

The principal methodology used in these ratings was Retail
Industry published in October 2015.



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


CHINA FISHERY: Lenders Call for Trustee to Take Over Firm
---------------------------------------------------------
Tom Corrigan at The Wall Street Journal reports that lenders owed
more than $700 million have called for an independent trustee to
take over a bankruptcy liquidation of China Fishery Group, which
they have accused of stalling efforts to repay them.

The Journal relates that in court papers filed on August 8 with
the U.S. Bankruptcy Court in Manhattan, lawyers for the lender
group said they see "grave risk" in allowing the family that
founded and controls the company -- the Ng family -- to remain in
charge.

"The need for transparency and independent oversight has been a
substantial concern of the [lenders] for some time," they said,
notes the report. "The stakeholders have lost all faith in the Ng
family properly using chapter 11 to best serve creditors'
interests."

According to the Journal, Ng Puay Yee, the company's chief
executive officer, has hinted that lenders may try to wrest
control of the company away from its current management. In court
papers filed in June when China Fishery sought chapter 11
protection, Mr. Ng said his business was "in jeopardy as a result
of the aggressive and improper acts by certain lenders," the
Journal says.

Lenders, he said, have "grown impatient" and would rather pursue
a "fire sale" of the company's assets than try to streamline its
operations through a reorganization, the Journal relates.
According to the report, Mr. Ng said this year's anchovy harvest,
a critical factor in pushing the company into bankruptcy, is
expect to be much better than last year when it suffered due to
adverse weather conditions caused by El Ni§o.

The Journal notes that China Fishery, with revenue of about $585
million a year and assets including a fleet of 76 vessels and 10
processing plants in Peru, is the 12th largest seafood company in
the world. But the company is behind in filing audited financial
statement and is currently being investigated by regulatory
agencies in both Singapore and Hong Kong, the Journal discloses
citing court papers.

According to the Journal, the group of lenders -- including
Cooperatieve Rabobank U.A., Standard Chartered Bank Ltd., China
Citic Bank International Ltd. and DBS Bank -- had tried to force
a sale of the company's business in Peru, its primary asset. But
filing for bankruptcy stalled those plans.

The Journal relates that the lenders said the family has no plans
for moving the chapter 11 case forward and no desire to liquidate
the company, since their equity stakes would be last in line to
be repaid. And intercompany debts owed to affiliates also
controlled by Ng family members likely created conflicts of
interest, lawyers for the lenders said in court papers.

Lenders have asked Judge James Garrity Jr. to sign off on the
appointment of an outsider to take over the operations of the
company and its affiliates, ousting current management and
overseeing the likely liquidation of the business, says the
report.

A hearing on the matter is scheduled for Aug. 29, the report
notes.

China Fishery, which operates in emerging markets like Peru,
Russia and Africa, sells most of its fish in China. Japan and
Brazil are also significant sources of revenue, the Journal
discloses citing data provided by FactSet.

The Ng family founded the business in the 1980s and saw it grow,
eventually taking it public on stock exchanges in Hong Kong and
Singapore, the Journal notes.

                     About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S. D.
N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.



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


A. R. CHAINS: CRISIL Reaffirms B+ Rating on INR160MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of A. R. Chains
(ARC) continues to reflect its below-average financial risk
profile, especially networth, and exposure to intense competition
in the jewellery industry. These rating weaknesses are partially
offset by the proprietor's extensive experience in the gold
jewellery manufacturing segment.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            160       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ARC will continue to benefit from the
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if strong cash accrual substantially
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if low revenue or profitability, any
large capital expenditure, or stretch in working capital cycle
weakens key credit metrics.

ARC was set up in 2013 as a sole proprietorship firm by Mrs.
Rahumath S. The firm, based in Kollam (Kerala), manufactures gold
jewellery. Mr. M Hussain manages ARC's daily operations.


AGRAWAL SPONGE: CARE Revises Rating on INR15cr LT Loan to BB
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Agrawal Sponge Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      15.00     CARE BB Revised from
                                            CARE B+

   Short term Bank Facilities      7.50     CARE A4 Reaffirmed

Rating Rationale

The revision in rating assigned to the long-term bank facility of
Agrawal Sponge Pvt. Ltd (ASPL) takes into account the improvement
in ASPL's financial risk profile in FY16 over FY15. The ratings
continue to derive strength from the rich experience of the
promoters and strategic location of the plant. The ratings,
however, continue to be constrained by moderate capacity
utilisation, lack of backward integration leading to dependence
on market and consequently volatile prices, working capital
intensive nature of operations, intense competition due to
fragmented industry and cyclical nature of iron and steel
industry. The ability of the company to achieve optimum
utilization level of the existing facilities, effective
management of working capital and the ability to manage
volatility in raw-material prices and increase profitability
margin would remain the key rating sensitivities.

Incorporated in 2002, Agrawal Sponge Private Limited (ASPL;
erstwhile Agrawal Sponge Limited) was acquired by Singh family
from Mr. R.D. Gupta in 2007 and then taken over by Mr. Kailash
Chand Agrawal in November 2012. It is currently involved in
manufacturing of Sponge Iron with an installed capacity of 60,000
MTPA and MS Ingots with an installed capacity of 18,000 MTPA. The
manufacturing facility of the company is located in Raipur,
Chhattisgarh. The company is also engaged in trading of steel
products which accounted for 10.97% of gross sales in FY16
(12.13% of gross sales in FY15).

In FY16 (refers to the period from April 1 to March 31), ASPL
reported a PAT of INR0.89 crore on a total operating income of
INR69.65 crore as against loss of INR8.81 crore on a total
operating income of INR62.61 crore in FY15. In Q1FY17
(provisional), ASPL earned a PAT of INR0.74 crore on total
operating income of INR18.62 crore.


AK METALS: CRISIL Assigns B+ Rating to INR90MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of AK Metals (AKM). The rating reflects
AKM's modest scale of operations in the intensely competitive and
highly fragmented steel manufacturing industry, and its below-
average financial risk profile, marked by modest net worth and
high gearing. These rating weaknesses are partially offset by its
promoter's extensive industry experience.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit             90       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       60       CRISIL B+/Stable

Outlook: Stable

CRISIL believes that AKM will continue to benefit over the medium
term from its promoters' extensive experience in the steel
industry and established relationships with its customers. The
outlook may be revised to 'Positive' if the firm increases its
scale of operations and profitability resulting in improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm operates at a lower-than-
expected capacity utilisation, its operating margin declines, or
it undertakes a larger-than-expected debt funded capital
expenditure programme resulting in deterioration in its financial
risk profile.

Set up in 2007 by Mr. Kripal Singh as a partnership concern, AK
Metals (AKM) manufactures thermo mechanical treatment bars. The
firm's manufacturing facilities are located in Thiruvallur
(Chennai).

AKM reported a profit after tax (PAT) of INR2.9 million on a
total income of INR360.9 million for 2015-16 (refers to financial
year, April 1 to March 31), against a PAT of INR1.2 million on a
total income of INR324.1 million for 2014-15.


AL-BADRIYA WOOD: CRISIL Reaffirms B Rating on INR24MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Al-Badriya Wood
Industries (ABWI) continue to reflect a small scale of operations
in the highly fragmented timber industry, below-average financial
risk profile because of a high total outside liabilities to
tangible net worth ratio, and working capital-intensive
operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              24       CRISIL B/Stable (Reaffirmed)

   Letter of Credit         20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       11.8     CRISIL B/Stable (Reaffirmed)

   Term Loan                11.7     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the firm's promoter, and established regional
position, in the timber trading and saw mill business.
Outlook: Stable

CRISIL believes ABWI will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while operating profitability is
maintained, or improvement in working capital management,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' in case of a decline in profitability, a
stretched working capital cycle, considerable debt-funded capital
expenditure, or withdrawal of substantial capital, leading to
deterioration in the financial risk profile.

Update
Sales grew by 22% year-on-year, but remained moderate at INR93.8
million, in fiscal 2016. The growth was on account of higher
processing with new capacity. The new capacity also improved
production efficiency resulting in an operating margin of 16.5%
against 14.7%. Backed by the new production capacity, business
risk profile is expected to be sustained but scale of operation
will remain moderate over the medium term.

Financial risk profile remains below average with networth of
INR14.7 million and total outside liabilities to tangible
networth ratio at 2 times; risk coverage ratio was 4.63 times and
interest coverage ratio 2.1 times for fiscal 2016. Liquidity
continues to be stretched with expected cash accrual of around
INR10 million against repayment obligation of INR7.2 million in
fiscal 2017. Bank limit remained highly utilised at 94% during
the 12 months through March 2016. However, liquidity is supported
by an unsecured loan of INR2.18 million from the promotor as on
March 31, 2016.

Incorporated in 2005, ABWI is a Mangalore (Karnataka)-based firm
engaged in trading in and processing timber. The firm is promoted
and managed by Mr. Anwar Sadath.


ALLIANCE FILAMENTS: ICRA Suspends 'D' Rating on INR27.03cr Loan
---------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR46.03
crore long term fund based limits and INR1.55 crore short term
non fund based limits of Alliance Filaments Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                           Amount
   Facilities            (INR crore)      Ratings
   ----------            -----------      -------
   Long term fund
   Based-Cash Credit         19.00        [ICRA]D Suspended

   Long term fund
   Based-Term Loan           27.03        [ICRA]D Suspended

   Long term fund
   based-sublimit of
   Cash Credit               (2.50)       [ICRA]D Suspended

   Short term non fund
   Based-Letter of Credit   (10.00)       [ICRA]D Suspended

   Short Term non fund
   based - Project letter
   of Credit                (20.00)       [ICRA]D Suspended

   Short Term Non fund
   based - Forward Cover      0.80        [ICRA]D Suspended

   Short Term Non fund
   based - Bank Guarantee     0.75        [ICRA]D Suspended

Incorporated in the year 2009, Alliance Filaments Limited (AFL)
commenced commercial production from May 2011. The promoter group
is based in Surat (Gujarat), have been operating in the yarn
industry for more than a decade. AFL is involved in manufacturing
of Partially Oriented Yarns (POY) and Fully Drawn Yarns (FDY).
The manufacturing unit of the company is located at Kim, Surat.


ANOOP FORGINGS: ICRA Reaffirms B- Rating on INR6.0cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR6.00
crore Long Term Fund Based Limits of Anoop Forgings Private
Limited to [ICRA]B-. ICRA has also reaffirmed the short-term
rating assigned to the INR0.50 crore (reduced from INR2.00 crore)
short term non-fund based limits of Anoop Forgings Private
Limited to [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              6.00       [ICRA]B- Reaffirmed
   Inland Letter of
   Credit                   0.50       [ICRA]A4 Reaffirmed

The reaffirmation of ratings takes into account AFPL's de-growth
in operating income in FY 2016 owing to decline in order inflow
driven by low demand from export customers and weak financial
profile characterized by stretched capital structure arising out
of high debt levels and low net worth, weak debt coverage
indicators, and tight liquidity position on account of increase
in working capital intensity of operations in FY 2016. The
ratings also factor in AFPL's exposure to high customer
concentration risks, and vulnerability of its profitability to
unfavourable movements in foreign exchange rates in absence of a
firm hedging mechanism.

The ratings, however, favourably factor in the long standing
experience of the promoters in the steel forging industry with an
established relationship with its clients, which has enabled the
company to garner repeat orders over the years.
Going forward, the operating income of the company is expected to
witness limited growth on account of slow order inflow and will
remain linked to the demand drivers in the end-user industries
viz. automobile, farm equipment and petrochemical business. The
profitability margins would remain vulnerable to fluctuations in
steel prices and forex fluctuations. AFPL's ability to scale up
operations and manage working capital effectively so as to
improve its cash flow position would remain critical from a
credit perspective.

Incorporated in 1994, Anoop Forgings Private Limited (AFPL) is
engaged in manufacturing of closed die forging products which
caters to Automobile & Allied Industries, Agriculture, Machine
building and Petrochemical Industries (Flanges & Pipe Fittings).
AFPL was constituted by Mr. Jitendra Verma who is currently the
Managing Director of the company and is assisted by his son Mr.
Rahul Verma, who is also a director in the company. The company
has an installed capacity of 2000 Metric tons per annum and its
manufacturing facility is located in Murbad (near Thane). It
manufactures forgings (gears, shafts and nuts) used in automobile
and farm equipment sector and various types of flanges & pipe
fittings for the petrochemical industry. It supplies both
machined and un-machined forgings (rough forgings) which are
supplied in material grades such as alloy steel, carbon steel and
stainless steel.


ARJANDASS & SONS: ICRA Reaffirms B+ Rating on INR1.5cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR1.50-crore fund-based limits of Arjandass & Sons. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 to the INR6.00-
crore non-fund based limits of the firm.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term Fund-
   Based Limits (CC)        1.50        [ICRA]B+ reaffirmed

   Short-Term Non-
   Fund Based Limits (LC)   6.00        [ICRA]A4 reaffirmed

The ratings reaffirmation takes into consideration the subdued
demand for steel products in the domestic market leading to a
decline in revenues in FY2016, thin profit margins owing to the
trading nature of the business, and the dependence on creditor-
funding has led to a relatively high total outside liabilities
compared to its tangible net worth. The ratings also take into
consideration the susceptibility of revenues to the competitive
pressure prevailing in the market and to the cyclicality inherent
in the industry. The ratings also incorporate the risk of capital
withdrawals, given its constitution as a proprietorship firm.
The assigned ratings, however, favourably factor in the
significant experience of the proprietor in the steel-trading
business and the low price-related risks on account of the low
inventory levels and order-backed procurement.

Incorporated in 2000, Arjandass & Sons (ADS) is a proprietary
concern promoted by Mr. Harichand Gupta. ADS trades in various
forms of steel products like TMT bars, HR sheets, galvanised
steel coils/sheets and others. The firm caters to the domestic
market, primarily to Maharashtra with its clientele mostly
constituting steel traders and construction and fabrication
companies. ADS has a registered office in Carnac Bunder, Mumbai
and a rented warehouse in Mulund, Mumbai. The firm was also the
authorised distributor of the Georgia brand of tea/coffee pre-
mixes of the Coca-Cola Company. From April 2015, the firm has
discontinued the premix sales business following lower margin
offered by Coca-Cola to the authorised distributors.
Recent Results:
In FY2015 the company reported a net profit of INR0.30 crore on
an operating income of INR34.01 crore. As per the unaudited
results of FY2016, the company has reported a net profit of
INR0.25 crore on an operating income of INR31.91 crore.


BALAJI COTTON: ICRA Suspends 'D' Rating on INR7.0cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR7.00
crore long term fund based limits of Balaji Cotton Industries.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Working
   Capital                  7.00        [ICRA]D suspended

Established in 2005, Balaji Cotton Industries is engaged in
cotton ginning, pressing and crushing operations. The business is
owned and managed by Mr. Vijay Jivani and other family members.
The firm's manufacturing facility is located at Tankara, Dist
Rajkot. The firm has 18 ginning machines and 1 pressing machine
with the processing capacity of 100 TPD of raw cotton. It has
also installed 4 expellers for cottonseed crushing.


BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR28.4cr Loan
---------------------------------------------------------
ICRA has re-affirmed the [ICRA]B+ rating for INR28.40-crore bank
lines of Bhagwati Rice Mill (P) Ltd (BRM).

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund-Based Facilities       28.40      [ICRA]B+ (reaffirmed)

ICRA's rating reaffirmation factors in healthy growth in
operating income in FY2016; although it was accompanied by a
increased gearing levels, slight increase in working capital
intensity and decline in interest coverage ratio. The rating
continues to be constrained by high intensity of competition in
the rice milling industry and agro-climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The ratings are also subdued on account of weak financial profile
as reflected by thin operating margins resulting in low profits,
elevated gearing levels and weak debt coverage indicators. The
rating, however, continues to favorably take into account the
extensive experience of the promoters in the rice industry and
the proximity of the mill to a major rice-growing area, which
results in easy availability of paddy.

Going forward, the ability of the company to grow its scale of
operation and improve its profitability while maintaining optimal
working capital intensity and a prudent capital structure shall
remain key rating sensitivities.

Bhagwati Rice Mill (P) Ltd (BRM) was established in 1996. The
company is primarily involved in rice milling. BRM's milling unit
is based out of Mainpuri, Uttar Pradesh and is in close proximity
to the local grain market. It sells rice under its four different
regional brands - Shree, Hathi, Gulab and Ujjwal in the domestic
market.

Recent Results
The company reported a net profit after tax of INR0.08 crore on
an operating income of INR153.83 crore during FY2016 as against a
net profit after tax of INR0.10 crore on an operating income of
INR108.93 crore during FY2015.


BHUMI GINNING: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Bhumi Ginning &
Seeds Processing Plant. (BGSPP) continues to reflect the firm's
modest scale of operations in the intensely competitive cotton
ginning industry, large working capital requirement, and average
financial risk profile because of high gearing and subdued debt
protection metrics.

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

These weaknesses are partially offset by extensive experience of
promoters, proximity to cotton-growing belt in Gujarat, and
absence of long-term debt.
Outlook: Stable

CRISIL believes BGSPP will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if substantial and sustained
increase in revenue, while maintaining profitability, leads to
higher-than-anticipated cash accrual; or if capital structure
improves significantly due to fresh capital infusion. The outlook
may be revised to 'Negative' if considerable decline in revenue
and profitability, stretch in working capital cycle, or
unexpectedly large debt-funded capital expenditure further
weakens financial risk profile.

Set up in 2006 in Sankheda, Gujarat, as a partnership firm by Mr.
Parimal Shah, Mr. Satyam Shah, and their family members, BGSPP
gins and presses cotton.


BHUMI MULTI: CRISIL Assigns 'B' Rating to INR130MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Bhumi Multi Agro Food Industries Private Limited
(BMAFIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      130       CRISIL B/Stable

The rating reflects the initial phase of the company's project
for setting up a floor mill, and its susceptibility to the risk
of delay in ramp-up of operations once its unit is commissioned
in April 2017. The rating also factors in its expected small
scale of operations and exposure to competition. These weaknesses
are partially offset by the extensive entrepreneurial experience
of its promoters, and technical assistance from its vendor.
Outlook: Stable

CRISIL believes BMAFIPL will benefit from its promoters'
extensive entrepreneurial experience and technical support from
its vendor. The outlook may be revised to 'Positive' in case of
implementation of its project without any time and cost overrun,
and timely ramp-up of operations. The outlook may be revised to
'Negative' if there is any cost or time overrun in the project,
adversely impacting the company's accrual and liquidity.

BMAFIPL, incorporated in October 2015, is setting up a flour mill
with capacity of 130 tonne per day at Kopargaon in Maharashtra.
The company is promoted by the Kapse and Jape families of
Kopargaon.


BIRESHWAR COLD: CRISIL Ups Rating on INR40MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Bireshwar Cold Storage Private Limited (BRCSPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      11.5      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan               23.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Working Capital Loan     7.1      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Working Capital          6.4      CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL B-/Stable')

The rating upgrade reflects moderate improvement in the company's
financial risk profile, with better-than-expected networth and
gearing level. Although, capital structure has improved and is
better-than-expectation, the same remain below-average and a key
rating sensitivity factor. Absence of capital expenditure (capex)
plan and moderate utilisation of bank lines continue to support
BRCSPL's liquidity profile.

The rating reflects a below-average financial risk profile and
exposure to risks related to the highly regulated and intensely
competitive cold storage industry in West Bengal. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes BRCSPL will continue to benefit over the medium
term from the extensive 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.

BRCSPL, set up in 1974, is promoted by Mr. Taraknath Pal. The
company provides cold-storage facilities to potato farmers and
traders. Its facilities are at Kotulpur in Bankura district, West
Bengal.


BMM CEMENTS: ICRA Suspends 'D' Rating on INR183.88cr Term Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR183.88 crore term loan facilities and the INR16.00 crore
fund based facility of BMM Cements Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.


C.P. ISPAT: CARE Assigns 'D' Rating to INR14.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of C.P. Ispat
Pvt. Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      14.50     CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of C.P. Ispat Pvt.
Limited (CPPL) is constrained by stressed liquidity condition
leading to continuous over drawl in the cash credit account.
Ability of the company to improve its liquidity positions and
service its debt on a regular basis are the key rating
sensitivities.

C.P. Ispat Pvt. Limited (CPPL) incorporated in the year 2006, was
initially promoted by the Kolkatabased Chawla family and was
earlier managed byMr Amarjeet Chawla. CPPL commenced commercial
production in July 2009 at its facility in Bankura, West Bengal.
However, in September 2013, the Chawla family leased out the
plant to the Durgapur-based Jayshree group owned by Mr Amit
Agarwal
and his family. Since September 15, 2013, operations of the plant
have been managed by the Jayshree group. In February 2014, the
Jayshree group entered into an agreement with the Chawla family
to purchase CPPL with effect from April 2014. Currently, Mr N K
Sharma and Mr Anil Agarwal are the promoters of CPPL. Mr N K
Sharma is the Managing Director of CPPL. CPPL is engaged in the
manufacturing of sponge iron at its plant located at Barjora,
Bankura with a current installed capacity of 60,000 metric tonne
per annum (MTPA).

As per the audited results of FY15 (refers to the period April 01
to March 31), CPPL reported a PBILDT of INR4.97 crore (PBILDT of
INR5.05 crore in FY14) and PAT of INR0.27 crore (PAT of INR 0.17
crore in FY14), on a total operating income of INR86.48 crore
(Total operating income of INR47.17 crore in FY14).


C.P. SPONGE: CARE Assigns B+ Rating to INR20cr Long Term Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of C.P.
Sponge Iron Pvt. Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of C.P. Sponge Iron
Pvt. Limited (CPPL) is constrained by its small scale of
operations with low profitability margins, lack of backward
integration vis-Ö-vis volatility in raw material prices, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players and working capital
intensive nature of operations. The aforesaid constraints are
partially offset by experienced promoter with moderate track
record of operations, strategic location of the unit and
comfortable capital structure.

Ability to increase in scale of operations and profitability
margins and ability to manage working capital effectively are the
key rating sensitivities.

C.P. Sponge Iron Pvt. Limited (CPPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal with
MrMohon Chawla being the Managing Director of CPPL. The company
commenced operation since July, 2008. CPPL is engaged in the
manufacturing of sponge iron at its plant located at Durgapur,
West Bengal with a current installed capacity of 60,000 metric
tonne per annum (MTPA).

As per the audited results of FY15 (refers to the period April 01
to March 31), CPPL reported a PBILDT of INR5.65 crore (PBILDT of
INR6.53 crore in FY14) and PAT of INR0.28 crore (PAT of INR 0.78
crore in FY14), on a total operating income of INR97.10 crore
(Total operating income of INR 119.65 crore in FY14).


CAPITAL ELECTRICALS: CRISIL Cuts Rating on INR70MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Capital Electricals Limited (CEL; part of the Capital group)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable', and reaffirmed its
rating on the short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          70       CRISIL A4 (Reaffirmed)

   Cash Credit             70       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Letter of Credit        30       CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     100       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the group's
financial risk profile, especially liquidity, as the tender-based
work for state electricity boards (SEBs) leads to a stretched
working capital cycle. Gross current assets (GCAs) continued to
remain significantly higher, estimated at above 300 days as on
March 31, 2016, primarily due to rise in receivables period to
above 180 days.

This is coupled with subdued operating levels and limited funding
support from promoters, has led to increased dependency on bank
limits, which have been fully utilised. CRISIL believes
significant and sustained decline in GCA days will be critical
for improvement in the liquidity profile of the company.

The rating reflects weak debt protection metrics with interest
coverage estimated at 1.2 times for Fiscal 2016, large working
capital requirement, low net profitability and susceptibility of
its turnover levels to risks related to the tender based nature
of business. These rating weaknesses are partially offset by the
experience of the group's promoters in the electrical industry
and a diversified revenue profile and a healthy networth base.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CEL, Capital Power Systems Ltd (CPS),
and Capital Power Infrastructure Ltd (CPIL). This is because the
three companies, together referred to as the Capital group, have
a common management and are engaged in similar businesses.
Outlook: Stable

CRISIL believes the Capital group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and its diversified revenue profile. The financial risk
profile is expected to remain constrained over this period,
driven by high working capital requirement due to stretched
receivables from SEBs. The outlook may be revised to 'Positive'
in case of improvement in working capital management, leading to
a better financial risk profile. The outlook may be revised to
'Negative' in case of pressure on liquidity on account of lower-
than-anticipated cash accrual or larger-than-expected working
capital cycle.

CEL, formerly known as Mayur Electrical Industries Pvt Ltd, was
incorporated in 1994, promoted by Mr Pawan Kumar Bansal. The
company manufactures electric wires and cables. Its plant is in
Noida, Uttar Pradesh.

CPS was incorporated in 1988, promoted by Mr Bansal, Mr Dinesh
Chand Gupta, and Mr Mahesh Kumar Gupta. The company manufactures
single-phase and three-phase electronic meters, which it
primarily supplies to SEBs. Its manufacturing unit is in Noida.

CPIL, incorporated in 2008 and promoted by Mr Bansal, undertakes
EPC (engineering, procurement, and construction) contracting. It
works for SEBs and state power utilities for erecting
substations, and setting up transformers, poles, feeders, and
cables.


CAPITAL POWER: CRISIL Lowers Rating on INR450MM Cash Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Capital Power Infrastructure Limited (CPIL; part of the
Capital group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable', and
reaffirmed its rating on the short-term facilities at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          950       CRISIL A4 (Reaffirmed)

   Cash Credit             450       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        100       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the group's
financial risk profile, especially liquidity, as the tender-based
work for state electricity boards (SEBs) leads to a stretched
working capital cycle. Gross current assets (GCAs) continued to
remain significantly higher, estimated at above 300 days as on
March 31, 2016, primarily due to rise in receivables period to
above 180 days.

This is coupled with subdued operating levels and limited funding
support from promoters, has led to increased dependency on bank
limits, which have been fully utilised. CRISIL believes
significant and sustained decline in GCA days will be critical
for improvement in the liquidity profile of the company.

The rating reflects weak debt protection metrics with interest
coverage estimated at 1.2 times for fiscal 2016, large working
capital requirement, low net profitability and susceptibility of
its turnover levels to risks related to the tender based nature
of business. These rating weaknesses are partially offset by the
experience of the group's promoters in the electrical industry
and a diversified revenue profile and a healthy networth base.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CPIL, Capital Power Systems Ltd (CPS)
and Capital Electricals Limited. This is because the three
companies, together referred to as the Capital group, have a
common management and are engaged in similar businesses.
Outlook: Stable

CRISIL believes the Capital group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and its diversified revenue profile. The financial risk
profile is expected to remain constrained over this period,
driven by high working capital requirement due to stretched
receivables from SEBs. The outlook may be revised to 'Positive'
in case of improvement in working capital management, leading to
a better financial risk profile. The outlook may be revised to
'Negative' in case of pressure on liquidity on account of lower-
than-anticipated cash accrual or larger-than-expected working
capital cycle.

CEL, formerly known as Mayur Electrical Industries Pvt Ltd, was
incorporated in 1994, promoted by Mr Pawan Kumar Bansal. The
company manufactures electric wires and cables. Its plant is in
Noida, Uttar Pradesh.

CPS was incorporated in 1988, promoted by Mr Bansal, Mr Dinesh
Chand Gupta, and Mr Mahesh Kumar Gupta. The company manufactures
single-phase and three-phase electronic meters, which it
primarily supplies to SEBs. Its manufacturing unit is in Noida.

CPIL, incorporated in 2008 and promoted by Mr Bansal, undertakes
EPC (engineering, procurement, and construction) contracting. It
works for SEBs and state power utilities for erecting
substations, and setting up transformers, poles, feeders, and
cables.


CAPITAL POWER SYSTEMS: CRISIL Cuts Rating on INR150MM Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Capital Power Systems Limited (CPS; part of the Capital group)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable', and reaffirmed its
rating on the short-term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          250       CRISIL A4 (Reaffirmed)

   Cash Credit             150       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        150       CRISIL A4 (Reaffirmed)

The rating downgrade reflects deterioration in the group's
financial risk profile, especially liquidity, as the tender-based
work for state electricity boards (SEBs) leads to a stretched
working capital cycle. Gross current assets (GCAs) continued to
remain significantly higher, estimated at above 300 days as on
March 31, 2016, primarily due to rise in receivables period to
above 180 days.

This is coupled with subdued operating levels and limited funding
support from promoters, has led to increased dependency on bank
limits, which have been fully utilised. CRISIL believes
significant and sustained decline in GCA days will be critical
for improvement in the liquidity profile of the company.

The rating reflects weak debt protection metrics with interest
coverage estimated at 1.2 times for fiscal 2016, large working
capital requirement, low net profitability and susceptibility of
its turnover levels to risks related to the tender based nature
of business. These rating weaknesses are partially offset by the
experience of the group's promoters in the electrical industry
and a diversified revenue profile and a healthy networth base.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of CPS, Capital Electricals Ltd (CEL) and
Capital Power Infrastructure Limited(CPIL) together referred to
as the Capital group. This is because these companies have common
management and they are involved in similar line of business.
Outlook: Stable

CRISIL believes the Capital group will continue to benefit over
the medium term from the extensive industry experience of its
promoters and its diversified revenue profile. The financial risk
profile is expected to remain constrained over this period,
driven by high working capital requirement due to stretched
receivables from SEBs. The outlook may be revised to 'Positive'
in case of improvement in working capital management, leading to
a better financial risk profile. The outlook may be revised to
'Negative' in case of pressure on liquidity on account of lower-
than-anticipated cash accrual or larger-than-expected working
capital cycle.

CEL, formerly known as Mayur Electrical Industries Pvt Ltd, was
incorporated in 1994, promoted by Mr Pawan Kumar Bansal. The
company manufactures electric wires and cables. Its plant is in
Noida, Uttar Pradesh.

CPS was incorporated in 1988, promoted by Mr Bansal, Mr Dinesh
Chand Gupta, and Mr Mahesh Kumar Gupta. The company manufactures
single-phase and three-phase electronic meters, which it
primarily supplies to SEBs. Its manufacturing unit is in Noida.

CPIL, incorporated in 2008 and promoted by Mr Bansal, undertakes
EPC (engineering, procurement, and construction) contracting. It
works for SEBs and state power utilities for erecting
substations, and setting up transformers, poles, feeders, and
cables.


GANPATI ROLLER: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Ganpati
Roller Flour Mills (GRFM) continues to reflect GRFM's weak
financial risk profile because of small networth and high gearing
along with its exposure to intense competition and vagaries of
nature being in agro commodity business. These weaknesses are
partially offset by the extensive experience of partners in wheat
processing industry and prudent working capital management.

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

Outlook: Stable

CRISIL believes GRFM will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if scale of operations and profitability improves,
while efficient working capital management is maintained, or
capital infusion strengthens financial risk profile. The outlook
may be revised to 'Negative' if low cash accrual, large working
capital requirement or capital withdrawal weakens the financial
risk profile.

Established in 1996 and based in Kolhapur (Maharashtra), GRFM
manufactures wheat products. It is owned and managed by Mr Ashwin
Kumar Jain and his family.


HANSRAJ MEMORIAL: CARE Lowers Rating on INR21.80cr LT Loan to B
---------------------------------------------------------------
CARE revises the rating assigned to the LT bank facilities of
Hansraj Memorial Educational Society; reaffirms its ST rating.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     21.80      CARE B Revised from
                                            CARE BB-

   Short-term Bank Facilities    13.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Hansraj Memorial Education Society (HMES) takes
into account its stressed liquidity position with instances of
overutilization in the working capital facilities availed and the
risks associated with the successful implementation of the on-
going project within the time & cost estimates. The ratings
continue to remain constrained by HMES's weak capital structure
and geographical concentration risk associated with all the three
schools operational in one city. The ratings, however, derive
strength from the experienced members of the society, steady
scale-up of operations and association of the trust with
University of Cambridge (United Kingdom).

Going forward, the ability of the trust to enroll projected
number of students especially in a competitive environment,
manage its working capital requirement efficiently and successful
implementation of the ongoing capex within the time & cost
estimates shall remain the key rating sensitivities.

Hansraj Memorial Educational Society (HMES) is a part of
Jalandhar-based (Punjab) Airwings Services group which is also
engaged in the business of tours & travels and HR management.
HMES was founded by Late Mr Hans Raj Bhatia under the Societies
Registration Act of India on February 1, 2000.

Mr Ajay Bhatia is the President of the society and his brother,
Mr Deepak Bhatia, is the General Secretary. HMES is currently
operating three schools in the Jalandhar city- Cambridge
International school for girls (CISFG; established in 2005),
Cambridge International School Coed (CISC; established in 2008)
and Cambridge International Foundation School (CIFS; established
in 2012). The schools are affiliated to CBSE (Central Board of
Secondary Education) and are ISO-9001:2008 accredited.

HMES reported a total operational income of INR35.33 crore with a
surplus of INR4.26 crore in FY16 (Provisional; refers to the
period April 01 to March 31) as against a total operating income
of INR32.84 crore with a surplus of INR1.29 crore in FY15.


K. C. FERRO: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 for INR23.15 crore (Reduced from
INR25.62 crore) fund-based & non-fund based bank facilities of K.
C. Ferro & Rerolling Mills Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term - Term
   Loans                    7.72        [ICRA]B+; Reaffirmed

   Long-term - Cash
   Credits                 15.00        [ICRA]B+; Reaffirmed

   Short- term - LC
   (Sub-limits of CC)      (4.00)       [ICRA]A4; Reaffirmed

   Short-term - Bank
   Guarantee                0.43        [ICRA]A4; Reaffirmed

The rating reaffirmation continues to factor in K. C. Ferro &
Rerolling Mills Private Limited (KCFRMPL)'s weak financial risk
profile characterised by low profitability, modest coverage
indicators and leveraged capital structure. The ratings are
further constrained by stiff competition from established players
from domestic as well as international market, which limits the
pricing flexibility of the company as well as the decreasing
trend of sales realisation which has, in turn, led to de-growth
in the topline of the company for FY2016.

Nevertheless, the ratings favourably factor in the strong
experience of the promoters in the steel industry and the
operational synergy achieved by KCFRMPL, through its group
companies in terms of raw material sourcing and business
development since they cater to similar industries. ICRA also
takes note of the ISI-marked products offered by the company
which attract strong players within the real estate market,
providing it with a competitive edge and also the locational
advantage enjoyed by the company due to its proximity to Mumbai,
Thane, Navi Mumbai and Pune within Maharashtra. This helps it
accommodate a large number of prospective clientele under the
real estate segment.

Despite the ongoing weakness in the domestic steel industry,
significant funds have been allocated by the Government for
infrastructure development in the Union Budget 2016-17 and the
Government also plans to build nearly 10,000 kilometres of
national highways and upgrade around 50,000 kilometres of state
highways to the national highways category during the year. There
has also been regular intervention by the Government departments
to protect the domestic steel industry from external shocks like
a sharp decline in international steel prices due to weak demand
from the global market. This is likely to improve the demand for
semi-finished and finished steel products in the medium term. In
FY2017, ICRA expects the company's operating income to grow at a
moderate year on year growth rate of 10% amidst the growing
investment by the Government to develop infrastructure, which
will keep the demand indicators stable for the steel industry.
Going forward, the company's ability to improve the scale of its
operations as per expected parameters - managing its working
capital cycle and improving the profitability by managing the
price risk - will be critical and hence will be the key rating
sensitivities.

K. C. Ferro & Rerolling Mills Private Limited (KCFRMPL) was
established in 2008 to manufacture thermo-mechanically treated
(TMT) bars. The plant and machinery were fully installed in
FY2013 and the company commenced manufacturing in January 2013,
backed by a capex of ~Rs. 21.00 crore. Mr. Pawan Agarwal, the
chairman and managing director of the company, has nearly two
decades of experience in the steel industry while the other
directors, namely Mr. Neeraj Agarwal and Mr. Mohender Garg, have
the experience of around eight years in the steel industry.

The company has few group companies namely 'Nashik Strips Pvt.
Ltd.', 'Shree Hanuman Tubes Pvt. Ltd.' and Shree Krishna Steel
products, which manufacture mild steel ingots - a key raw
material for manufacturing TMT bars. Aayushmaan Vinimay Pvt Ltd
and Heaven Agencies Pvt Ltd trade in mild steel ingots, Vyoma
Exim Pvt Ltd trades in interior decorating material and Wonder
Signs Pvt Ltd, trades in household appliances.

Recent Results
The company has achieved an operating profit of ~INR4.49 crore
and the net profit of ~INR0.65 crore on a turnover of ~INR120.30
crore as per FY2016 provisional statement against an operating
profit of ~INR6.12 crore and the net profit of ~INR1.54 crore on
a turnover of ~INR153.19 crore as per FY2015 audited report.


K. K. FIBERS: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of K. K. Fibers
(KKF; part of the KK group) continues to reflect the group's
average financial risk profile because of a modest net worth,
moderate gearing, and moderate debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      13.1     CRISIL B+/Stable (Reaffirmed)


The rating also factors in a small scale of operations with low
operating profitability in the highly fragmented cotton industry,
and susceptibility to changes in government policies and to
volatility in cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters, and funding support received from them.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKF and KK Finecot Private Limited
(KKPL). This is because both the entities, together referred to
as the KK group, are engaged in a similar business, managed by
common promoters, and have operational linkages in the form of
common procurement.
Outlook: Stable

CRISIL believes the KK group 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,
particularly liquidity, most likely because of substantial cash
accrual or infusion of fresh capital. The outlook may be revised
to 'Negative' in case of a decline in profitability or increase
in working capital requirement, leading to deterioration in the
financial risk profile, particularly liquidity.

The KK group, based in Khargone, Madhya Pradesh, is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
gins and presses raw cotton and sells cotton seeds. It has an in-
house oil mill for extracting oil from cotton seeds. KKFL,
incorporated in fiscal 2012, also gins and presses raw cotton.


KESHVANAND CERAMIC: CARE Assigns 'B' Rating to INR4.10cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Keshvanand
Ceramic Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.10      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Keshvanand Ceramic
Industries (KCI) is primarily constrained on account of its
financial risk profile marked by nascent stage of operations with
net losses, leveraged capital structure, moderate debt
coverage indicators and weak liquidity position during FY16
(provisional; refers to the period April 1 to March 31). The
rating is further constrained on account of partnership nature of
constitution leading to limited financial flexibility, presence
in the highly competitive ceramic industry and its fortune linked
with demand from the real estate sector and susceptibility of its
profitability to volatility in raw material prices.

The above constraints far offset the benefits derived from the
vast experience of the promoters in the ceramic industry and its
location in the ceramic hub with easy access to raw material and
labour.

The ability of KCI to increase its scale of operations with
improvement in profitability and working capital management
would remain the key rating sensitivities.

Morbi-based (Gujarat), KCI was established in 2014 by Mr Vinod
Bhamani, Mr Jayantilal Padaliya, Mr Manish Bhimani and Mr Bipin
Bhimani. KCI is engaged in manufacturing of ceramic body minerals
in the form of clay. The ceramic body minerals are used in
manufacturing of tiles. The manufacturing plant is located at
Morbi with an installed capacity of 3000 MTPA of ceramic body
minerals as on March 31, 2016. Partners of KCI are also involved
in their group entity namely Purusharth Oil Industry which is
into manufacturing of oil.

KCI has reported net loss of INR0.04 crore on a TOI of INR9.07
crore during FY16 (Provisional; refers to the period April 1 to
March 31) as against net loss of INR0.17 crore on a TOI of INR
12.77 crore during FY15 (Audited). Till July 26, 2016, KCI has
achieved a turnover of INR2.05 crore.


KK FINECOT: CRISIL Reaffirms B+ Rating on INR52.5MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of KK Finecot
Private Limited (KKPL; part of the KK group) continues to reflect
the group's average financial risk profile because of a modest
net worth, moderate gearing, and moderate debt protection
metrics. The rating also factors in a small scale of operations
with low operating profitability in the highly fragmented cotton
industry, and susceptibility to changes in government policies
and to volatility in cotton prices. These rating weaknesses are
partially offset by the extensive industry experience of the
group's promoters, and funding support received from them.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            52.5      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     19.0      CRISIL B+/Stable (Reaffirmed)

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of K. K. Fibers (KKF) and KKPL. This is
because both the entities, together referred to as the KK group,
are engaged in a similar business, managed by common promoters,
and have operational linkages in the form of common procurement.
Outlook: Stable

CRISIL believes the KK group 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,
particularly liquidity, most likely because of substantial cash
accrual or infusion of fresh capital. The outlook may be revised
to 'Negative' in case of a decline in profitability or increase
in working capital requirement, leading to deterioration in the
financial risk profile, particularly liquidity.

The KK group, based in Khargone, Madhya Pradesh, is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
gins and presses raw cotton and sells cotton seeds. It has an in-
house oil mill for extracting oil from cotton seeds. KKFL,
incorporated in fiscal 2012, also gins and presses raw cotton.


LAKSHMI COTTON: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
----------------------------------------------------------------
CRISIL rating on long-term bank facility of Lakshmi Cotton
Traders (LCT) continues to reflect the modest scale of
operations, amidst intense competition in the cotton trading
industry.

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

The rating also reflects the below-average financial risk
profile, marked by low networth, high total outside liabilities
to tangible networth (TOL/TNW) ratio, and weak debt-protection
metrics. These weaknesses are partially offset by extensive
industry experience of promoters.
Outlook: Stable

CRISIL believes LCT will continue to benefit from extensive
experience of promoters in cotton trading. The outlook may be
revised to 'Positive' in case of substantial and sustained growth
in revenue and profitability, or if a sizeable equity infusion by
promoters strengthens the capital structure considerably. The
outlook may be revised to 'Negative' if profitability declines
sharply, or any large, debt-funded capital expenditure or
stretched working capital cycle, weakens the key credit metrics.

Set up in 1992, LCT trades in raw cotton and cotton lint. Based
out of Guntur, the firm is promoted by Mr S. Koteswara Rao and
his family.


MIDLAND DIESEL: CRISIL Reaffirms B- Rating on INR42MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Midland Diesel
Services Private Limited (MDSPL) continue to reflect MDSPL's weak
financial risk profile, marked by a modest net worth, high total
outside liabilities to tangible net worth ratio, and inadequate
debt protection metrics, and its stretched liquidity with large
working capital requirements.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         25        CRISIL A4 (Reaffirmed)

   Cash Credit            42        CRISIL B-/Stable (Reaffirmed)

   Channel Financing      18        CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                  7.5      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Demand Loan             4        CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the diesel generator
industry, and its long-standing relationship with its principal,
Cummins India Ltd (Cummins).
Outlook: Stable

CRISIL believes that MDSPL's liquidity will remain constrained
over the medium term due to its working-capital-intensive
operations and large debt repayment obligations. The outlook may
be revised to 'Positive' if the company reports significantly
higher-than-expected accruals or there is sizeable equity
infusion, improving its overall financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in MDSPL's liquidity, most likely due to
lengthening of its working capital cycle.

Established in 1984, MDSPL is an authorised dealer and service
provider for Cummins diesel engines and generator sets and their
spares, for parts of Maharashtra and Madhya Pradesh. MDSPL is
based in Nagpur (Maharashtra) and is promoted by Mr. S R Dixit
and Mr. P R Dixit, along with their family members.


MITTAL GLOBAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank loan facilities of
Mittal Global Cot. Industries (MGCI) continues to reflect MGCI's
modest scale of operations in the highly competitive and
fragmented cotton ginning industry, and susceptibility of its
margins to volatility in cotton prices and to the regulatory
framework governing the cotton industry.

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

   Proposed Long Term
   Bank Loan Facility     17        CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's average financial risk
profile, marked by a low net worth and moderate debt protection
metrics. These rating weaknesses are partially offset by the
partners' extensive industry experience.
Outlook: Stable

CRISIL believes that MGCI will continue to benefit over the
medium term from its partners' extensive industry experience and
the steady demand for cotton ginning. The outlook may be revised
to 'Positive' if the firm increases its scale of operations
substantially, while it improves its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if MGCI's capital structure weakens, mostly likely due to
withdrawal of funds by promoters or decline in its profitability.

MGCI, set up as a partnership firm in July 2012 by Mr. Kamal
Agrawal and family, gins and presses cotton at its unit in
Barwani (Madhya Pradesh). The firm commenced its ginning
operations in December 2012. The Agrawal family has been involved
in the cotton ginning business since 1996 through its other group
entities.


MUTYAM STEEL: CRISIL Reaffirms 'B' Rating on INR50MM e-DFS
----------------------------------------------------------
CRISIL rating on the long-term bank facilities of Mutyam Steel
Private Limited (MSPL) continues to reflect below-average
financial risk profile because small networth, high total outside
liabilities to tangible networth ratio, and subdued debt
protection metrics.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              30       CRISIL B/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                  50       CRISIL B/Stable (Reaffirmed)

The rating is also constrained on account modest scale of
operations, and exposure to intense competition in the steel
trading industry resulting in low profitability margin. These
rating weaknesses are mitigated by extensive experience of
promoters in the steel industry.
Outlook: Stable

CRISIL believes MSPL will continue to benefit from its promoters'
extensive industry experience and its established relations with
customers. The outlook may be revised to 'Positive' if
profitability margin increases substantially, or capital
structure improves considerably backed by sizeable equity
infusion from promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in profitability margin,
or significant decline in capital structure caused by stretched
working capital cycle.

MSPL set up in 2012, is promoted by Mr Mahender Reddy. The
company is an exclusive distributor for Tata Steel Ltd's
structural steel products in Andhra Pradesh and Telangana. It is
headquartered in Hyderabad.


POPPYS KNITWEAR: CRISIL Withdraws 'B+' Rating on INR230MM Loan
--------------------------------------------------------------
CRISIL has placed its ratings on the bank guarantee facilities of
INR20 million, export packing credit facilities of INR480
million, foreign bill discounting facilities of INR420 million,
letter of credit facilities of INR80 million and standby line of
credit facilities of INR120 million of Poppys Knitwear Pvt Ltd
(PKPL) on 'Notice of Withdrawal' for a period of 180 days; the
ratings will be withdrawn at the end of the notice period. CRISIL
has withdrawn its rating on the proposed long-term bank loan
facility of INR230 million of PKPL.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Notice of
                                     Withdrawal)

   Export Packing         480        CRISIL A4 (Notice of
   Credit                            Withdrawal)

   Foreign Bill           420        CRISIL A4 (Notice of
   Discounting                       Withdrawal)

   Letter of Credit        80        CRISIL A4 (Notice of
                                     Withdrawal)

   Proposed Long Term     230        CRISIL B+/Stable
   Bank Loan Facility                (Withdrawal)

   Standby Line of
   Credit                 120        CRISIL A4 (Notice of
                                     Withdrawal)

The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank loans.
About the Company

Incorporated in 1973 and based in Tirupur (Tamil Nadu), PKPL
operates in the ready-made garments segment, mainly for infant
wear. The operations are managed by Mr A Sakthivel and Mr A
Sivakumar.


PRRAGATHI STEEL: CRISIL Ups Rating on INR26MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Prragathi Steel Castings Private Limited (PSC) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              26       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Cash Credit-Book Debt    24       CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term       15.5     CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan                12.5     CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in liquidity due to expected
increase in cash accrual and funding support from promoters in
the form of unsecured loans. Sales were INR159 million in fiscal
2016. As the share of revenue from engineering products increased
to 70% in fiscal 2016 from 40% in fiscal 2015, operating margin
improved to 9.3% from 6.6%. Sales have been healthy at around
INR40 million during April-June 2016 backed by higher orders,
which will lead to sales of around INR200 million in fiscal 2017,
while profit margins will improve. Furthermore, promoters are
expected to continue to extend need-based financial support. Over
the five fiscals through fiscal 2016, promoters have infused
INR19.72 million to meet term loan obligation in time. Timely
support from promoters will remain a key rating sensitivity
factor.

The rating reflects a modest scale of operations and below-
average financial risk profile because of high gearing, a modest
net worth, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the castings industry and their financial
support.
Outlook: Stable

CRISIL believes PSC will continue to benefit over the medium term
from its promoters' funding support. The outlook may be revised
to 'Positive' in case of sizeable cash accrual, backed by
improvement in revenue and profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of low cash accrual or deterioration in working capital
management, resulting in deterioration in the financial risk
profile, especially liquidity.

Set up in 1987 in Shimoga, Karnataka, PSC manufactures carbon,
stainless steel, and alloy-based castings. The company's
operations are managed by Mr N Surendra.


RADHE COTTON: ICRA Suspends 'D' Rating on INR5.0cr Cash Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR6.30
crore long term fund based limits of Radhe Cotton & Oil
Industries. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based
   Cash Credit              5.00        [ICRA]D Suspended
   Long term fund based
   Term Loan                1.30        [ICRA]D Suspended

Radhe Cotton and Oil Industries is established in the year 2013
as a partnership firm by Mr. Shailesh Varmora along with six
other partners. The manufacturing plant of the firm is situated
at Rajkot, Gujarat. The firm has installed 26 ginning machines
and one pressing machine. The commercial production of the firm
has commenced in the first week of March 2014.


RIVERGROW VYAPAR: CRISIL Lowers Rating on INR14MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Rivergrow Vyapar Private Limited (RVPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable' while reaffirming the ratings of its
short term bank facilities to 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit         80       CRISIL A4 (Reaffirmed)

   Proposed Long Term        6       CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that RVPL's business and
financial risk profile will remain under pressure over the medium
term, with pressure on pace of sales growth and operating
profitability leading to deterioration of its debt protection
metrics. In the year 2015-16(refers 1st April to 31st March),
RVPL's turnover is estimated to be lower than expected at INR120
million while remaining stable year on year (y-o-y). For 2015-16,
the operating profitability of RVPL is estimated to be lower than
expectation at 0.7 per cent; due to decline in its avg.
realization. The operating margins continue to remain volatile
marked by fluctuations in gross margins due to pressure on avg.
realizations against rise in raw material prices. The declining
sales and operating margins have impacted its debt protection
metrics which are significantly lower-than-expected with interest
coverage and net cash accruals to total debt (NCATD) ratio at 1.7
times and 0.02 times respectively in 2015-16. Over the medium
term, the debt protection metrics are expected to remain under
pressure.

The ratings reflect the company's limited track record of
operations in the highly competitive timber trading industry, low
operating margin which is susceptible to raw material price and
foreign exchange rate fluctuation, and working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of RVPL's promoters in the timber industry
and the company's moderate net worth leading to a moderate
capital structure.
Outlook: Stable

CRISIL believes that RVPL will continue to benefit from its
promoters' extensive industry experience and its moderate capital
structure over the medium term. The outlook may be revised to
'Positive' if the company substantially improves its scale of
operations and profitability, or it shortens its working capital
cycle, leading to improvement in liquidity. Conversely, the
outlook may be revised to 'Negative' if RVPL generates low cash
accruals, or in case of sizeable working capital requirements,
resulting in pressure on its financial risk profile, especially
liquidity.

RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in
February 2014. It deals in the pine variety of timber. Its
operations are managed by Mr. Ramesh Chinaria, who has about two
decades of experience in the timber trading industry.

RVPL is estimated to report net profit of INR0.9 million on sales
of INR120 million for 2015-16, against a net profit of INR0.6
million on sales of INR121 million for 2014-15.


RKS FUTURE: CRISIL Reaffirms 'B' Rating on INR123.5MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of RKS Future
Foods and Cold Chain Pvt. Ltd. (RKS) continues to reflect
exposure to risks associated with modest scale of operations in a
highly fragmented industry, offtake risk related to ramp up of
operations, and to adverse climatic conditions leading to lower
availability of its primary product, apples. The rating also
factors in working capital-intensive operations. These rating
weaknesses are partially offset by its promoters' extensive
industry experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      56.5     CRISIL B/Stable (Reaffirmed)

   Term Loan              123.5     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RKS will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is higher than
expected ramp up of operations and maintains profitability, while
working capital requirement is efficiently managed. The outlook
may be revised to 'Negative' if there is a considerable increase
in working capital requirement or a decline in profitability,
leading to deterioration in the financial risk profile of the
company.

Update
Operations began in August 2015 and revenue is estimated at INR17
million for the eight months ended March 31, 2016.  The revenue
booked during fiscal 2016 were rental income. Going forward,
revenue is estimated to be in the range of INR60-65 million for
fiscal 2017 comprising of rental income and income from trading
of apples. Thereafter, revenue is expected to grow moderately at
8-10% per annum over the medium term. Operating margins is
expected to remain healthy at around 35%.

Financial risk profile is moderate, with net worth at INR76
million including capital subsidy of INR64 million and total
outside liabilities to tangible net worth ratio estimated at
0.90-1.1 times as on March 31, 2016. However, return on capital
employed (RoCE) is modest and estimated at 4.5-5 per cent.
Financial risk profile will likely to remain moderate over the
medium term driven by moderate cash accrual, conservative stance
of its management towards contracting debt, and absence of any
large, debt funded capex plan.

Liquidity is adequate, with sufficient cash accruals (expected at
INR15-16 million in 2016-17) to meet its debt obligations (around
INR10 million) and absence of debt-funded capex plans. Bank limit
utilization averaged at 41 per cent for the 8 months through
March, 2016. The company's operation is working capital intensive
with gross current asset days expected to be in the range of 165-
175 days. Its working capital cycle receives support from bank
finance and low debt-funded capex plans going forward.

RKS was incorporated in 2013, promoted by Mr Kewal Krishan, Mr
Rishi Dev, Mr Rohit Singla, Mr Sandeep Kumar, Mr Rakesh Kumar, Mr
Rupesh Goyal, and Mr Ravinder Kumar, for setting up a controlled
atmosphere cold chain facility for fruits and vegetables. The
facility is set up at Baddi, Himachal Pradesh, with a capacity of
5000 tonne.


ROCKLAND CERAMIC: ICRA Assigns B/A4 Rating to INR15cr Loan
----------------------------------------------------------
Ratings of [ICRA]B and [ICRA]A4 has been assigned to the INR15.00
crore proposed unallocated limits of Rockland Ceramic LLP.

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

The assigned rating reflects RCL's financial profile which is
expected to remain stretched in the near term to medium term
given the debt funded nature of project and impending debt
repayment. The rating further takes into account the lack of
track record of company's operation as well as risk associated
with stabilisation of its operations. The rating is also
constrained by vulnerability of profitability and cash flows to
cyclicality inherent in real estate industry which is the main
consuming sector and highly competitive nature of the business,
which keeps the margins under pressure.

The rating, however, favourably takes into account the past
experience of the promoters in the ceramic industry as well as
favourable location of the plant which allows easy access of raw
material.

Going forward, ICRA expects the operating income of the company
to witness moderate growth. However, the ability of the company
to stabilize operations, manage input costs given the volatility
associated with raw material prices and pricing pressure owing to
high competitive intensity will remain the key rating
sensitivities.

Established in 2016, Rockland Ceramic LLP (RCL) plans to
manufacture vitrified tiles with an annual production capacity of
46500 MT (5000 boxes per day) per annum. RCL is expected to
commence its trial run from October 2016 and will commence its
commercial production from November 2016. The firm will initially
manufacture only one size of vitrified tiles 24"x24".


SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR3.9cr Cash Loan
-------------------------------------------------------------
ICRA has re-affirmed its long-term rating of [ICRA] B on the
INR5.85-crore (reduced from INR10.48 crore) fund-based bank
facilities of Shree Balaji Ice and Cold Storage (SBICS).

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Cash Credit             3.90         [ICRA]B; reaffirmed
   Term Loan               1.95         [ICRA]B; reaffirmed

ICRA takes note of subdued sales in the past three years along
with the deterioration in operating profit margins on account of
the rising fuel and labour costs. The rating reaffirmation also
considers the high working capital intensive nature of
operations, on account of the upfront advances to be extended to
the farmers at the time of loading of potatoes, which exerts
pressure on the liquidity position and the regulated nature of
the industry, making it difficult to pass on the increase in
operating costs. The rating continues to be constrained by the
highly competitive nature of the cold storage industry with
numerous unorganised players and the vulnerability of SBICS'
profitability to significant fall in potato prices and possible
inventory loss, in case the market price of potato is lower than
the collateral value. The rating also factors in SBICS' modest
scale of operations and weak financial profile, characterized by
low cash accruals, high gearing and weak debt coverage
indicators. The rating also takes into account the risks
associated with the constitution of the firm as a partnership,
which exposes it to risks of termination and capital withdrawals.

However, the rating continues to derive comfort from the long
track record of the promoters in the cold storage business and
the locational advantage of the firm due to the proximity of its
storage facility to potato-growing areas.

In ICRA's opinion, the company's ability to improve its
profitability while managing its working capital requirements
efficiently would be the key rating sensitivities, going forward.

Incorporated in 2008, SBICS provides cold storage facilities to
potato manufacturers on a rental basis. The firm has a cold
storage facility at Sasni, Uttar Pradesh and has a capacity to
store 19601 Metric Tonnes (MT) of potatoes.

Recent Results
SBICS reported a net profit of INR0.02 crore on an operating
income of INR3.41 crore in FY2015, as against a net profit of
INR0.08 crore on an operating income of INR3.28 crore in FY2014.
The firm, on a provisional basis, reported an operating income of
INR3.43 crore in FY2016.


SHREE REFRIGERATIONS: CRISIL Reaffirms B+ Rating on INR55MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Refrigerations
Private Limited (SRPL) continue to reflect SRPL's modest scale of
and working capital-intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          15       CRISIL A4 (Reaffirmed)

   Bill Discounting        10       CRISIL A4 (Reaffirmed)

   Cash Credit             55       CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          10       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.8     CRISIL B+/Stable (Reaffirmed)

   Proposed Rupee
   Term Loan               30.0     CRISIL B+/Stable (Reaffirmed)

   Term Loan               25.7     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in below-average financial risk profile
because of high gearing and below-average debt protection
metrics. These rating weaknesses are mitigated by the extensive
experience of promoters in the refrigeration and condensing
industry and established clientele.
Outlook: Stable

CRISIL believes SRPL 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 financial risk profile and liquidity, most likely
because of considerable increase in cash accrual coupled with an
improved working capital cycle, or significant fund infusion.
Conversely, the outlook may be revised to 'Negative' in case of
low accrual due to decline in revenue or operating margin, or
stretched working capital cycle, or time or cost overrun in
ongoing debt-funded capital expenditure, weakening the financial
risk profile, particularly liquidity.

Update
Revenue growth was moderate at 26% year-on-year in fiscal 2016,
thereby achieving revenue of INR353 million supported by addition
of clientele in marine equipment industry. However, operating
margin declined marginally at 8.8% in fiscal 2016 from 10.4% in
fiscal 2015 with limited pricing power with customers. Working
capital cycle improved as reflected in gross current assets of
194 days as on March 31, 2016, as against 258 days as on
March 31, 2015, supported by controlled inventory and faster
realisation of debtors.

Financial risk profile remains below average with high gearing of
2.39 times as on March 31, 2016, and subdued debt protection
metrics because of interest coverage and net cash accrual to
total debt ratios of 1.6 times and 0.16 time, respectively,  for
fiscal 2016. Further with ongoing debt-funded capital expenditure
for expansion of production capacity, the financial risk profile
will remain below average over the medium term. Liquidity too
remained constrained with high bank limit utilisation of 93% for
the 6 months through May 2016, and expected modest cash accrual
of INR13 million for fiscal 2017, just sufficient for scheduled
debt obligation of INR9 million.

SRPL incorporated in 1990, and promoted by Mr. Ravalnath Shende,
manufactures condensing units, chilling units, spray dampening
systems, and appliance-testing machines. Its manufacturing
facility is in Karad, Maharashtra.


SHRI MOHAN: ICRA Suspends 'B' Rating on INR40cr Bank Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B assigned to
the INR40.0 crore fund based facilities of Shri Mohan Singh
Shiksha Sansthan. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sidhgiri
Holdings Private Limited (SHPL) continues to reflect the
company's average financial risk profile, large working capital
requirement, low operating margin, and modest scale of operations
in the competitive coal trading industry. These weaknesses are
partially offset by the extensive experience of promoters and
increasing demand for coal in India.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit              100     CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit    15     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SHPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case capital structure improves
with better profitability, higher-than-expected net cash accrual,
or significant equity infusion by promoters. The outlook may be
revised to 'Negative' if large working capital requirement or
decline in revenue or profits further weakens liquidity.

Established in 2008 in Varanasi by members of Tulsyan family,
SHPL trades in non-coking coal by procuring it through open
market e-auctions from Coal India Ltd's subsidiaries, Northern
Coal Fields Ltd and Central Coalfields Ltd.


SRI LAXMI: CARE Assigns 'B' Rating to INR6.0cr LT Loan
------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Sri Laxmi
Narasimha Rice Industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities        6        CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Sri Laxmi Narasimha
Rice Industry (SLN) is constrained on account of stabilization
risk associated with initial stages of operations, working
capital intensive nature of business operations, partnership
nature of constitution, monsoon-dependent operations, high level
of government regulation along with fragmented nature of
industry.

The rating, however, takes comfort from the partners' experience
in the rice industry, locational advantage of the mill and
healthy demand outlook for rice.

Going forward, the ability of the firm to stabilize its
operations and achieve sales and profit margins as envisaged
without adversely affecting its capital structure will be the key
rating sensitivities.

SLN is a partnership firm established in April 2015. The firm
started commercial operations in April 2016. The partners of the
firm are Mr K. Janardhana Reddy, Mr P. Ramalinga Reddy, Ms K.
Sesha Reddy and Mr S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka. The firm has acquired land &
building for INR2.70 crore and machinery for INR0.50 crore from
Sri Ramalingeshwara Swamy Rice Mill (an existing mill in
Sriguppa). In addition to the above, the firm has also purchased
machinery worth INR1.3 crore to aid rice milling activities.
Overall, the rice mill was set up at a total cost of INR6.22
crore which was funded by partners' capital of INR5.22 crore and
long-term loans of INR1.00 crore. The rice mill has an installed
capacity of milling 4 metric tonnes (MT) of rice per hour.


SYNERGY SHAKTHI: CRISIL Lowers Rating on INR181.3MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Synergy Shakthi Renewable Energy Limited (SSREL) to 'CRISIL D'
from 'CRISIL B/Negative'.

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

   Funded Interest         46.9      CRISIL D (Downgraded from
   Term Loan                         'CRISIL B/Negative')

   Long Term Loan         181.3      CRISIL D (Downgraded from
                                     'CRISIL B/Negative')

   Proposed Long Term      61.8      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Negative')

The rating downgrade reflects CRISIL's belief that SSREL will
face challenges in servicing its term debt obligations in a
timely manner due to strained liquidity. Owing to changes in
regulatory policies, the company's 10 megawatt (MW) biomass power
plant has not been operational since June 2015, resulting in net
losses. The company in the past liquidated its cash surplus to
service its term obligations. However, as operations are unlikely
to commence in the near term as well pending clarity from the
State government on the regulatory policy, pressure on SSREL's
liquidity will continue, leading to possible delays in servicing
of debt obligations.

The rating also continues to be constrained by SSREL's weak
financial risk profile due to cessation of operations, and its
susceptibility to regulatory policy changes.

Incorporated in 2007, SSREL is the maiden venture of the Lucas-
TVS group in the renewable energy space. Lucas Indian Service Ltd
is the single largest shareholder with a stake of around 47% in
SSREL's equity, while other group companies hold the remainder.
SSREL has a 10 MW biomass power plant in Krishnagiri district,
Tamil Nadu. The plant had started commercial operations in
February 2010, but stopped operations in June 2015 due to adverse
changes in regulations. The company predominantly used to sell
power to industrial customers in the open market through short-
term agreements. Currently, the company has not entered into any
long-term power purchase agreements.

In 2014-15, profit after tax (PAT) was INR7.1 million on net
sales of INR331.8 million, against PAT of INR19.5 million on net
sales of INR378.8 million in 2013-14.


TEJA INDUSTRIES: CARE Revises Rating on INR7cr LT Loan to BB-
-------------------------------------------------------------
CARE revokes suspension and revises/reaffirms the ratings
assigned to the bank facilities of Teja Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.00      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities    12.25      CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to bank facilities
of Teja Industries (TAI) primarily takes into consideration
growth in the scale of operations and improvement in capital
structure during FY16 (refers to the period April 1 to March
31 - provisional).

The ratings, however, continue to be constrained by the
relatively small scale of operations, declining profit margins,
weak debt coverage indicators and working capital intensive
nature of operations resulting in an elongated operating cycle.
The ratings further continue to be constrained by customer
concentration risk, foreign fluctuation risk and presence in the
highly competitive and regulated leather industry and partnership
nature of constitution.

The ratings assigned continue to derive strength from experienced
partners, established relationship with clients and strategic
location of the manufacturing plant.

The ability of the TAI to scale up its operation along with
improvement in profitability and capital structure along with
efficient management of working capital are the key rating
sensitivities.

Established in 1985 as a partnership firm, Teja Industries (TAI)
is engaged into manufacturing of leather goods such as belts,
wallets, ladies bag, men's bag and luggage bag. The manufacturing
plant of the firm (admeasuring around 80,000 sq.ft.) is located
at Urappakkam (Chennai) and Mumbai with total installed capacity
of 895,000 units per annum with around 85% average capacity
utilization for FY16. The firm employs around 440 workers. The
main raw materials (tanned leather) is primarily procured
domestically with imports (from Taiwan, Brazil, Hong Kong, and
China) forming 29% of the purchases. Around 51% of the total
sales are through exports to customers based in UK, Ireland,
Germany, USA and Spain.

TAI supply its products to well-known and established players in
the industry such as Mumbai based Aditya Birla Nuvo Ltd. (Louis
Phillip & Allen Solly brand), Brandconcept P. Ltd. (Tommy
Hilfiger brand), Raymonds Ltd. (Raymond & Park Avenue brand),
Arvind Lifestyle (Arrow/US Polo brand) and Ireland based Dubarry
Ltd. (Dubarry brand), Germany based Landleder GMBH
(Mafzan/Landleder brand).

During FY16-Provisional, TAI recorded total operating income of
INR37.65 crore (up by 2% vis-a-vis FY15) and PAT of INR0.18 crore
(declined by 24.61%). Furthermore, during Q1FY17 (refers to the
period April 1, to June 30, 2016), TAI has posted total income of
INR9.36 crore. Furthermore, the company has unexecuted order book
of INR18.50 crore as on July 14, 2016 which is to be executed
before October 31, 2016.


TLG AGRO: CRISIL Lowers Rating on INR30MM Term Loan to B-
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of TLG Agro Traders Private Limited (TLGPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable', while reaffirming the short-term rating
at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            14.9       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Export Packing
   Credit                150         CRISIL A4 (Reaffirmed)

   Term Loan              30         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in the business and
financial risk profiles of TLGPL. Revenue is estimated at around
INR290 million in fiscal 2016 against INR440 million in fiscal
2015. Despite the decline in revenue, the working capital cycle
remained stretched on account of large inventory holding
requirement and delayed receivables. The financial risk profile
also deteriorated on account of a decline in net cash accrual
resulting in weakening of debt protection metrics marked by
estimated interest cover of 1.05 time and NCATD of 0.01 time for
fiscal 2016. CRISIL believes that the financial risk profile will
continue to remain weak over the medium term.

The ratings continue to reflect a small scale of operations in
the competitive basmati rice segment and large working capital
requirement. The ratings also factor in a weak financial risk
profile, with high total outside liabilities to tangible net
worth ratio and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
promoters in the basmati and non-basmati rice segments.
Outlook: Stable

CRISIL believes TLGPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if sustained and significant
growth in scale of operations and profitability, along with
prudent management of working capital requirement, leads to
higher-than-expected accrual and better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue and profitability or any larger-than-
expected, debt-funded capital expenditure or any stretch in the
working capital cycle leads to deterioration in the financial
risk profile.

TLGPL was founded by the Dharamkot (Punjab)-based Goyal family in
2008. The key promoters, Mr Hitesh Goyal, Mr Dinesh Garg, and Mr
Chandal Goyal, manage operations. TLGPL is a commission agent for
farmers, for paddy and wheat. It also trades in, mostly exports,
basmati and non-basmati rice. Moreover, TLGPL has set up a rice
milling unit, which began processing basmati rice in December
2013.


VARUN AGRO: ICRA Suspends B+ Rating on INR11cr Term Loan
--------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR11.00
crore, long term, fund based term loan facilities and INR8.00
crore working capital facilities of Varun Agro Processing Foods
Pvt. Ltd.. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term - Term
   Loan                    11.00        [ICRA]B+ Suspended

   Long term - Cash
   Credit                   8.00        [ICRA]B+ Suspended

Incorporated in 2010, VAPF is part of the Nasik based Varun Foods
and started its operations in 2012. The company is engaged in
manufacturing tomato paste and fruit pulp such as mango pulp,
white guava pulp and red papaya concentrate. Among mango pulp,
the company offers several varieties such as Alphonso Mango pulp,
Kesar Mango Pulp and Totapuri Mango Pulp. The manufacturing
facility of the company is located in Nasik district of
Maharashtra having an installed capacity of ~2000 MT per month'.


VEERABHADRA MINERALS: CRISIL Reaffirms B+ Rating on INR16.3M Loan
-----------------------------------------------------------------
CRISIL's rating's on the bank facilities of Veerabhadra Minerals
Private Limited (VMPL's) continues to reflect VMPL's modest scale
of operations, exposure to concentration risks in revenue profile
and susceptibility of operating profitability to adverse movement
in foreign exchange rates.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.7      CRISIL A4 (Reaffirmed)

   Cash Credit             8.0      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            10.0      CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                 15.0      CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         16.3      CRISIL B+/Stable (Reaffirmed)

   Packing Credit         20.0      CRISIL A4 (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of the promoters in the granite industry and above average
financial risk profile marked by healthy gearing and debt
protection metrics.
Outlook: Stable

CRISIL believes VMPL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' if liquidity improves or revenue and profitability
increase significantly while improving the capital structure. The
outlook may be revised to 'Negative' if stretch in receivables or
deterioration in relationship with customers or large debt-funded
capital expenditure weakens the financial risk profile,
particularly liquidity.

Incorporated in 1989, VMPL is engaged in extraction and export of
granites. The company is promoted by Mr GV Pratap Reddy and
family.


WIANXX IMPEX: ICRA Suspends B- Rating on INR49cr Bank Loan
----------------------------------------------------------
ICRA has suspended the [ICRA] B- rating assigned to the INR49.00
crore bank facilities of Wianxx Impex Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


YASHODA MUTUALLY: CARE Assigns B+ Rating to INR6.24cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
the Yashoda Mutually Aided Cooperative Credit Society Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.24      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of The Yashoda
Mutually Aided Cooperative Credit Society (YMACS) is constrained
by small scale of operation, high geographic concentration of
business in and around Visakhapatnam, Andhra Pradesh,
concentrated loan portfolio with majority of exposure to group
loan to small businesses, high delinquency (in the 90-180 days
bracket) as on March 31, 2016, and as on June 30, 2016, high
dependence on external debt for funding the loan portfolio and
competition from various small players in the microfinance
industry. The rating is, however, underpinned by experienced
promoters, minimum regulatory restrictions leading to ease of
business expansion, satisfactory net interest margin and capital
adequacy ratio. The ability of the company to diversify the
portfolio mix with subsequent expansion of the scale of operation
and improve the asset quality are the key rating sensitivities.

YMACS was founded by Mrs Ravala Jhansi Lakshmi, in April 2002,
with the objective to help the weaker section of the society.
YMACS is registered under section 5 of the Andhra Pradesh
Mutually Aided Co-operative Societies Act, 1995 (the Act). It is
engaged in lending money to its registered members from the
corpus formed by taking deposits from its members and term loans
from banks. The society runs by its own bye-laws which are framed
conforming the principles laid down in the Act and it is governed
by the co-operative registrar. The loan portfolio of YMACS is
majorly concentrated into loans to small business group and rest
are diversified into individual loans, mortgage loan, gold loan,
educational loan, housing loan and vehicles loan. Any member who
needs financial assistance should have 10% of the loan value as
Share Capital.

During FY16 (provisional) (refers to the period April 01 to
March 31), YMACS reported a PAT INR0.01 crore (FY15: INR0.01
crore) on a total income of INR1.20 crore (FY15: INR1.30 crore).
Net interest margin was 5.27% in FY16 (FY15: 4.40%).



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


SWIBER HOLDINGS: Unit Wants to Stop ONGC From Invoking Guarantee
----------------------------------------------------------------
The Economic Times reports that Swiber Offshore India has
appealed to the Bombay High Court to stop state-run Oil and
Natural Gas Corporation from invoking a bank guarantee of $105
million (about INR700 crore) after the offshore construction and
support services provider's Singapore-based parent ran into
financial troubles.

The Indian subsidiary of Swiber Holding Ltd had furnished the
bank guarantee last year after bagging a construction,
maintenance and service contract from ONGCBSE, the report says.

According to the report, the genesis of the dispute lies in a
liquidation application filed by Swiber Holding Ltd and Swiber
Construction Pte in a Singapore court and approval sought to
appoint judicial managers to help the company reorganise its
business.

Judicial management is an equivalent of the Board for Industrial
and Financial Reconstruction (BIFR), which helps sick industrial
units revive in India, the report notes. ET relate that the
state-run Indian oil and gas company said that it is entitled to
invoke the bank guarantee as per the agreement with Swiber
Offshore India since the latter had filed for judicial
management.

However, Swiber Offshore India argued in the high court that it
is very much in a position to fulfil its contractual obligations
of work and said that invocation of the bank guarantee will hurt
the company. It has assured the court that it will obtain
suitable court orders from the Singapore Court so that ONGC's
projects do not suffer, ET relates.

ET says the company said that its quantum of work for ONGC,
including both ongoing and executed projects, stands at about
$800 million (about INR5,300 crore). Justice SJ Kathawala posted
the matter for further hearing on August 11 and directed the
lenders who have issued the bank guarantees that they will have
to abide by the orders passed by the Indian courts, ET says.

                       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.


SWIBER HOLDINGS: Fallout No Impact on Pacific Radiance Cash Flow
----------------------------------------------------------------
Aaron Low at The Strait Times reports that oil and gas firm
Pacific Radiance expects that the fallout from Swiber Holdings
will hit the company's balance sheet but not its cash flow.

It also reassured investors that it had the full support of its
lenders, partners and banks, even as the company continues to
navigate through one of the worst industry downturns in years,
the report relates.

According to The Strait Times, the company noted in a statement
to the Singapore Exchange that it had "doubtful receivables" on
its balance sheet in relation to services rendered to Swiber, the
offshore marine firm that was placed in judicial management after
it failed to keep up with its debts. But the doubtful receivables
are classified as a non-cash accounting provision, estimated to
be worth US$10.1 million (S$13.5 million), and is not expected to
"significantly affect the company's cash flow position".

It added that it "will continue to pursue all legal avenues of
recovery of the doubtful receivables," the report relays.

The Strait Times says the company also told investors it was
looking at various finance options to take off some of the strain
during this challenging period, which may last two to three
years. "Some of the key steps include the refinancing of loans
with its key lenders, and the amendment of a financial covenant
of its sole SGD100 million bond issue due August 2018 to avoid
any technical breaches," it said.

It also stressed that it was running a business that is quite
different from Swiber's, reports The Strait Times.

It said: "The group owns and operates a fleet of offshore support
vessels which are mostly chartered out on a time charter basis,
while Swiber is a contractor which offers a range of engineering,
procurement, installation and construction services; the
businesses are different," The Strait Times discloses.

                       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
====================


MAGNACHIP SEMICONDUCTOR: Moody's Upgrades CFR to Caa1
-----------------------------------------------------
Moody's Investors Service has upgraded to Caa1 from Caa2
MagnaChip Semiconductor Corporation's corporate family rating and
senior unsecured bond rating.

The rating outlook remains stable.

RATINGS RATIONALE

"The rating action reflects indications of increasing traction in
MagnaChip's operational turnaround, as it improves revenue and
maintains positive funds from operations," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

"Such improvements have put the company in a stronger liquidity
position and give it more time to restore its business and
financial health," adds Tsuen.

MagnaChip's 2Q 2016 revenue of USD167 million was up 12.8%
quarter-on-quarter (qoq), despite a USD9 million impact from the
closure of its 6-inch fab in late February.

The improvement shows that the various strategic initiatives
implemented in early 2015 have started to have a tangible impact
on revenue.

Strong demand for AMOLED products from smartphone makers in China
has driven most of the growth in the Display Solutions business
over the past three quarters, while new products and new key
global IC customers in Foundry Services have stemmed declines in
the segment and increased utilization of the 8 inch fabs to
around 80% in 2Q 2016 from the mid-70s in the previous two
quarters.

Moody's expects that given the current trajectory, its revenue
will stabilize this year, following three years of decline.

At the same time, the company has maintained tight cost controls,
with combined operating expenses running at USD82 million in the
first six months of 2016 (1H 2016), below the USD98 million for
1H 2015.

As a result of both better revenue and reduced expenses,
MagnaChip's operating loss narrowed to USD3 million in 1H 2016
from USD27 million in 1H 2015. The company also reported positive
funds from operations of USD5 million in 1H 2016.

That said, whether it can achieve positive operating income
remains uncertain.

MagnaChip had USD84 million in cash at end-June 2016, including
USD10 million in prepayment from a key foundry customer. With no
short-term debt, capex at USD15 million this year, and reduced
negative operating cash flows, liquidity will be adequate for the
next 1-2 years.

The stable outlook reflects MagnaChip's adequate liquidity
position, as well as the reduced levels of legal overhang and
financial risks from its internal controls issues.

Upward ratings pressure could emerge if the company (1) turns
around its operations; (2) completes the remediation of material
weaknesses in its internal controls; and (3) improves its
liquidity position through growing its cash balance.

Key credit metrics that Moody's would consider for an upgrade
include (1) achievement of a positive operating margin; and (2)
adjusted EBIT/interest expense improving to above 1x, both on a
sustained basis.

On the other hand, downward ratings pressure could re-emerge if
the company: (1) fails to turn around its operations, such that
it continues to report negative EBITDA and funds from operations;
or (2) reports cash on hand below USD50 million.

The principal methodology used in these ratings was Semiconductor
Industry Methodology published in December 2015.

MagnaChip Semiconductor Corporation is a Korea-based designer and
manufacturer of analog and mixed-signal semiconductor products
for consumer, computing, communication, industrial, automotive
and Internet of Things (IoT) applications.



                             *********

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

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

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


                            *********


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

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

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

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

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



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