TCRAP_Public/160815.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, August 15, 2016, Vol. 19, No. 160


                            Headlines


A U S T R A L I A

AUSTRALIAN STEEL: First Creditors' Meeting Slated For Aug. 22
CANOPY HOLDINGS: First Creditors' Meeting Set For Aug. 23
GRANDCITY CORPORATION: First Creditors' Meeting Set For Aug. 22
PERPETUAL TRUSTEE: Moody's Assigns B2(sf) Rating to Class F Notes
SINO AUSTRALIA: Ex-Chairman Breaches Corporate Laws, Court Says

SUBZERO GROUP: Receivers Ink Asset Sale Deal with MRS
XPAND GROUP: Out of Administration as Parent Firm Secures Deal


C H I N A

SILVER SPARKLE: Fitch Assigns 'B' Rating to USD150MM Sr. Notes


I N D I A

A.K. SONI: CARE Reaffirms B+ Rating on INR17.96cr LT Loan
AARAM PLASTICS: CARE Assigns B+ Rating to INR3.27cr LT Bank Loan
ARISTO INDUSTRIES: ICRA Assigns B+/A4 Rating to INR12cr Loan
ASTRA LIGHTING: CARE Lowers Rating on INR6.33cr Term Loan to D
ASAWTH SAW: Ind-Ra Assigns 'B' Long-Term Issuer Rating

CHAWLA SONS: ICRA Suspends 'B' Rating on INR7.0cr Cash Loan
DEVIKKESH NOVAMATE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
DISHA INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
ERODE STEELS: ICRA Suspends B+ Rating on INR14.50cr Bank Loan
ESN FINANCE: Ind-Ra Assigns B+ Long-Term Issuer Rating

INDUSTRIAL MANUFACTURERS: ICRA Suspends B+ Long Term Rating
JAI BHARAT: CARE Assigns B+ Rating to INR16.55cr LT Loan
KAITHAL SOLVENT: CARE Assigns B+ Rating to INR14.50cr LT Loan
KAMAL TIMBERS: Ind-Ra Assigns BB Long-Term Issuer Rating
LAFFANS GRANITO: ICRA Suspends B+ Rating on INR25.50cr Term Loan

LAKSHYA DAIRY: ICRA Lowers Rating on INR7.50cr LT Loan to 'D'
LORD'S MARK: ICRA Suspends B+ Rating on INR18.01cr LT Loan
MARINELINES SHIP: ICRA Revises Rating on INR5.0cr Loan to B+
MGM STEELS: ICRA Suspends 'B' Rating on INR2.50cr Loan
MILLI TRUST: ICRA Withdraws B+ Rating on INR40cr Term Loan

NAMISHREE INFRATECH: ICRA Assigns B+ Rating to INR10cr Loan
NAVKIRAN TECHNO: ICRA Reaffirms B+ Rating on INR8.40cr LT Loan
ORIENT BODY: ICRA Assigns B+ Rating to INR6.0cr LT Loan
OSNAR CHEMICAL: ICRA Suspends B- Rating on INR4.0cr LT Loan
P KISHANCHAND: ICRA Reaffirms 'B' Rating on INR3.0cr LT Loan

PANKAJ STEEL: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
PATEL MOTORS: Ind-Ra Assigns BB Long-Term Issuer Rating
PAVANSUT PAPER: CARE Assigns 'B' Rating to INR9.50cr LT Bank Loan
RAMESHWAR COTTEX: ICRA Assigns 'B' Rating to INR7.0cr Cash Loan
S.G.S MOTORS: Ind-Ra Affirms BB+ Long-Term Issuer Rating

SALONI JEWELLERS: ICRA Suspends 'D' Rating on INR125cr Loan
SAVINO GRANITO: CARE Assigns 'B' Rating to INR25.75cr LT Loan
SHANTI MOTORS: ICRA Suspends B+ Rating on INR10cr Loan
SHITAL DIAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
SHIV SHAKTI: CARE Assigns B+ Rating to INR10.20cr LT Bank Loan

SHREE R.R. PIPES: CARE Assigns B+ Rating to INR10cr LT Bank Loan
SHREE RAM: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan
SIGMA C: CARE Lowers Rating on INR24cr LT Loan to 'D'
SREE SHIVA: CARE Assigns B+ Rating to INR6.70cr LT Bank Loan
SRI KARPAGAM: ICRA Assigns B+ Rating to INR6.0cr LT Loan

SRS MODERN: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
SUPER AGRO: ICRA Suspends B+ Rating on INR8.0cr Bank Loan
SURYA OIL: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
SUSEE FINANCE: ICRA Suspends 'MB' Fixed Deposit Programme Rating
THAKAR DASS: ICRA Suspends B+ Rating to INR13cr Bank Loan

TIRUPATI AGRO: ICRA Suspends B- Rating on INR3.60cr Loan
UNION BANK: S&P Lowers ICR to 'BB+'; Outlook Stable
UNITED DECOR: ICRA Suspends 'B' Rating on INR10cr Cash Credit
USHDEV ENGITECH: Ind-Ra Lowers Rating on INR895.2MM Loan to 'D'
VADSOLA CERAMIC: ICRA Reaffirms B Rating on INR7.0cr Term Loan

VANI ORGANICS: CARE Assigns 'B' Rating to INR6.50cr LT Bank Loan
VIMAL MICRONS: ICRA Reaffirms B+ Rating on INR25.60cr Loan
YELLOWSTONE NIRMITI: ICRA Assigns B+ Rating to INR30cr LT Loan
YESHASHVI STEELS: CARE Assigns 'B' Rating to INR7.95cr LT Loan
ZAVERI EXPORTS: ICRA Reaffirms C+ Rating on INR13cr LT Loan


I N D O N E S I A

LIPPO KARAWACI: Fitch Assigns BB- Rating to USD260MM Sr. Notes


J A P A N

SHARP CORP: China Antitrust Regulator OKs Hon Hai Takeover Deal


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Seoul Court Freezes Assets of Ex-Chief


                            - - - - -


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


AUSTRALIAN STEEL: First Creditors' Meeting Slated For Aug. 22
-------------------------------------------------------------
Trent Andrew Devine and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of Australian Steel
Frames and Structures Pty Ltd on Aug. 10, 2016.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on
Aug. 22, 2016, at 10:00 a.m.


CANOPY HOLDINGS: First Creditors' Meeting Set For Aug. 23
---------------------------------------------------------
Chris Cook and Michael Griffin Baskerville of Worrells Brisbane
were appointed as administrators of Canopy Holdings Pty Ltd,
trading as Northside Autocar Automatic Transmission Specialists,
on Aug. 11, 2016.

A first meeting of the creditors of the Company will be held at
Worrells Brisbane, on Aug. 23, 2016, at 10:30 a.m.


GRANDCITY CORPORATION: First Creditors' Meeting Set For Aug. 22
---------------------------------------------------------------
Kimberley Stuart Wallman Baskerville of HLB Mann Judd (Insolvency
WA) was appointed as administrator of Grandcity Corporation Pty
Ltd, formerly trading as Boyd Fabrication and Installation,
Contract CNC, HPF Group, and High Performances Facades, on Aug.
10, 2016.

A first meeting of the creditors of the Company will be held at
Level 3, 35 Outram Street, in West Perth, on Aug. 22, 2016, at
10:30 a.m.


PERPETUAL TRUSTEE: Moody's Assigns B2(sf) Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Perpetual Trustee Company Limited in
its capacity as trustee of RESIMAC Bastille Trust 2016-1NC. The
transaction is a securitisation of a portfolio of Australian non-
conforming, limited documentation and prime housing loans
originated by RESIMAC Limited (RESIMAC, unrated).

Issuer: RESIMAC Bastille Trust 2016-1NC

   -- AUD 150.0 million Class A1a Notes, Assigned Aaa (sf)

   -- AUD 375.0 million Class A1b Notes, Assigned Aaa (sf)

   -- AUD 90.0 million Class A2 Notes, Assigned Aaa (sf)

   -- AUD 78.75 million Class B Notes, Assigned Aa2 (sf)

   -- AUD 11.25 million Class C Notes, Assigned A2 (sf)

   -- AUD 15.0 million Class D Notes, Assigned Baa2 (sf)

   -- AUD 7.5 million Class E Notes, Assigned Ba1 (sf)

   -- AUD 15.0 million Class F Notes, Assigned B2 (sf)

The AUD 7.5 million Class G Notes are not rated by Moody's.

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

RATINGS RATIONALE

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A substantial portion of
the portfolio consists of loans extended to borrowers with
impaired credit histories (20.6%) or made on a limited
documentation basis (74.0%).

This is RESIMAC's 2nd publicly issued term RMBS transaction for
2016. RESIMAC has been a relatively active securitiser in the
Australian market, having completed 31 Prime term transactions
and 4 non-conforming transactions.

The definitive ratings take account of, among other factors:

   -- Class A1a and Class A1b Notes benefit from 30.0% credit
      enhancement (CE) and Class A2 Notes benefit from 18.0% CE,
      while our MILAN CE assumption, the loss we expect the
      portfolio to suffer in the event of a severe recession
      scenario, is substantially lower at 13.70%. Moody's
      expected loss for this transaction is 1.50%. The
      subordination strengthens ratings stability, should the
      pool experience losses above expectations.

   -- A liquidity facility equal to 2.0% of the aggregate
      invested amount of the notes, subject to a floor of
      AUD 1,500,000.

   -- The experience of RESIMAC in servicing residential mortgage
      portfolios. This is RESIMAC's 36th securitisation, and 5th
      non-conforming securitisation, which highlights the
      lender's experience as a manager and servicer of
      securitised transactions.

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

The key transactional and pool features are as follows:

   -- The notes will initially be repaid on a sequential basis
      (although pro-rata between Class A1b and Class A2 Notes)
      until, amongst other serial paydown triggers, the latter
      of: (1) the second anniversary from closing; or (2) the
      Class A2 subordination has at least doubled since the
      closing date.

      After that point, the Class A1a, A1b, A2, B, C, D, E, and F
      Notes will receive a pro-rata share of principal payments
      (subject to additional conditions). The principal pay-down
      switches back to sequential pay, if the cumulative losses
      as a percentage of the original portfolio balance reach 1%,
      or the aggregate invested amount of the notes outstanding
      is greater than 30% of the aggregate invested amount of the
      notes at the closing date or if there are any unreimbursed
      charge-offs.

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

   -- The portfolio contains 20.6% exposure with respect to
      borrowers with prior credit impairment (default, judgement
      or bankruptcy). Moody's assesses these borrowers as having
      a significantly higher default probability.

   -- The majority of the portfolio - 74.0% - consists of loans
      granted based on limited or alternative documentation
      basis. For 14.2% of the portfolio, RESIMAC only performed
      minimal verification, while 59.8% of the loans have been
      subject to additional verification checks over and above
      the typical checks for a traditional low documentation
      product. These additional checks include a declaration of
      financial position and six months of bank statements,
      Business Accounting Statements or GST returns. Given the
      additional verification checks and the stronger arrears
      performance, these alternative documentation loans have
      been assessed to have a lower default frequency than
      standard low documentation loans.

Methodology Underlying the Rating Action:

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

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE Assumption was
20.55%, versus the 13.70% and the Moody's mean expected loss was
2.25% as opposed to 1.50%, the model-implied ratings of the notes
would drop between zero and three notches from the from the
currently assigned levels. Class A2 Notes will not be sensitive
to a rating migration. Class B, Class D and Class F will be
sensitive to a two notch rating migration. Class C and Class E
will be sensitive to a three notch rating migration. The over-
subordination at closing reduces the probability of ratings
migration.

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

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

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


SINO AUSTRALIA: Ex-Chairman Breaches Corporate Laws, Court Says
---------------------------------------------------------------
The Federal Court of Australia on August 11 made declarations
that Sino Australia Oil and Gas Limited and its former chairman,
Mr Tianpeng Shao, contravened the Corporations Act.

As part of its case, Australian Securities and Investments
Commission alleged that Sino breached its continuous disclosure
obligations and made misleading and deceptive statements in its
prospectus documentation during 2013. ASIC also alleged that Mr
Shao failed to act with the proper degree of care and diligence
as a Sino director and that he breached continuous disclosure
laws.

The Court declared that Sino had contravened sections 674(2),
728(1)(a), 728(1)(b), 728(1)(c),1041H of the Corporations Act,
finding that it :

  * made false representations in its prospectus documentation
    in relation to patents that it claimed it and its Chinese-
    based subsidiary held;

  * failed to disclose that its profit forecast for the 2013
    calendar year would be significantly less than forecast in
    its replacement prospectus;

  * failed to disclose in its prospectus documents the existence
    of a loan agreement with the sole director of Sino's Chinese-
    based subsidiary;

  * made misleading and deceptive statements in its prospectus
    documentation in relation to the existence of service
    contracts it claimed to hold in China;

  * made misleading or deceptive statements in relation to a
    claim that it had received a sum of $3.1 million from the
    proceeds of convertible notes; and

  * provided false information to its auditors in relation a
    Chinese-based subsidiary.

In relation to Mr Shao, the Court declared that he contravened
ss180(1) and 674(2A) of the Act, finding that he:

  * was involved in the contraventions committed by Sino;

  * failed to inform himself about Sino's disclosure requirements
    and failed to understand Sino's prospectus documentation; and

  * had attempted to transfer AUD7.5 million from Sino's
    Australian bank accounts to accounts in China for the purpose
    of advancing a loan to a Chinese-based subsidiary in
    circumstances where the loan would have been irrecoverable;

In relation to Mr Shao's approving prospectus documents in
English despite not being able to speak or read the language and
without obtaining a full Chinese translation, Justice Davies
said:

"Mr Shao as chairman of the Board signed off each of the
prospectus documents . . . That required him to inform himself
fully and comprehensively about the content of the prospectus
documents to ensure that the information contained in those
prospectus documents was accurate. The failure by Mr Shao to
ensure that he could understand, even in the most basic sense,
the content of the documents he was signing was a breach of his
director's duties."

ASIC Commissioner John Price said, 'The importance of providing
accurate and timely information lies at the heart of our
financial markets and those principles were breached in this
case. This is a significant decision given these principles are
vital to maintain the integrity and efficiency of our markets.'

The Court will hear further submissions as to penalty on a date
to be fixed.

Sino was the Australian holding company of a Chinese operating
company providing specialised drilling services to the oil and
gas industry. Sino was listed on the Australian Securities
Exchange Limited on 12 December 2013 after raising approximately
AUD13.6 million under an initial public offering (IPO).

In March 2014, ASIC obtained an injunction from the Federal Court
of Australia freezing the Australian bank account of Sino
following concerns that Mr Shao was attempting to transfer AUD7.5
million - representing almost the entire cash held by Sino in
Australia - to bank accounts in China for purposes that were not
disclosed, or not properly disclosed, in Sino's prospectus
documentation.

On May 21, 2015 the Court ordered, on the application of ASIC,
that Mr Peter McCluskey, a partner of Ferrier Hodgson, be
appointed as provisional liquidator of Sino and to make inquiries
in relation to, among other things, the business activities of
Sino and its subsidiaries in China and provide a report to the
court.

On March 4, 2016 the Court ordered the winding up of Sino and the
appointment of Mr McCluskey as the company's liquidator.


SUBZERO GROUP: Receivers Ink Asset Sale Deal with MRS
------------------------------------------------------
The Receivers and Managers of the Subzero Group Limited advise
that they have signed an Asset Sale Agreement for the sale of the
businesses and assets of the Subzero Group (excluding the Subzero
Group's Labour Hire and Harness Master businesses and the 50%
interest in the Moranbah Joint Venture) with Management Resource
Solutions (MRS).

MRS is a provider of technical and strategic services in the oil
& gas, construction and resources industries.  MRS was formed in
2007 and has since established itself as a market leading project
management service provider. It offers a diverse range of
services whilst specialising in project management, contract
personnel and systems. MRS is ISO 9001 quality assured and
focused on delivering high quality services, with emphasis on
establishing mutually beneficial long-term relationships with its
clients.

"The Receivers are looking forward to working with Mr Paul
Morffew (CEO of MRS), and the team at MRS, to achieve completion
of the sale by 30 September 2016" said Mr Eagle Receiver of the
Subzero Group.

Mr Eagle said that the signing of the sale agreement was positive
news for SubZero Group employees and for the Upper Hunter region
generally.


XPAND GROUP: Out of Administration as Parent Firm Secures Deal
--------------------------------------------------------------
Eloise Keating at SmartCompany reports that three recruitment
companies have been returned to their directors, after parent
company Rubicor Group secured a deal with creditors to bring the
companies out of voluntary administration.

Rubicor Group is one of Australia's largest recruitment companies
and is listed on the Australian Securities Exchange. The group,
which was founded in 2005, operates 15 specialist brands in the
human resources and recruitment areas.

Rubicor subsidiaries Xpand Group Pty Ltd, Locher & Associates Pty
Ltd and Challenge Recruitment Pty Ltd were placed in voluntary
administration on July 4, with Sule Arnautovic, Glenn Crisp and
Chris Baskerville from Jisrch Sutherland appointed to the
companies.

SmartCompany relates that the three companies traded throughout
the voluntary administration process and the companies' creditors
voted to support a Deed of Company Arrangement (DOCA) at the
second meeting of creditors on August 8.

The report says the deed, which Rubicor announced to shareholders
on August 9, will involve Rubicor assuming all employee
entitlements and liabilities and the companies' obligations to
its financer Scottish Pacific.

Unsecured creditors will be paid a total of AUD1.8 million as a
result of the agreement, SmartCompany discloses.

Administrator Chris Baskerville told SmartCompany the three
companies have close to 3,000 employees on their books, including
permanent and temporary staff, and there was no reduction in
employee numbers during the administration.

"These companies are great examples of what directors of
companies ought to do when they foresee troubled time ahead," the
report quotes Mr. Baskerville as saying.  "That is, recognise
there is a problem, seek professional advice, act on that advice
and put the interests of the company ahead of their own personal
welfare."

According to SmartCompany, Rubicor executive chairman David
Hutchinson said in a statement the agreement reached with
creditors "is in the interest of all parties".

"This restructure has removed significant liabilities from the
three operating subsidiaries that have restricted Rubicor's
operations," he said, notes the report.  "We will now be able to
invest in systems and people to take advantage of growth
opportunities and restore the company to profitability."



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


SILVER SPARKLE: Fitch Assigns 'B' Rating to USD150MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings of 'B' with a Recovery
Rating of 'RR4' to the USD150 mil. 7.875% senior unsecured notes
issued by Silver Sparkle Limited.  The notes are due in August
2019.

Silver Sparkle is a special purpose vehicle (SPV) set up to issue
the offshore notes on behalf of Fenghui Leasing Co., Ltd
(Fenghui), a China-based leasing company covering equipment
leasing and entrusted loans.

The notes are unconditionally and irrevocably guaranteed by
Fenghui, which plans to use the proceeds of the issuance for
overseas investment and general corporate purposes.

The final rating is in line with the 'B/RR4 (EXP)' rating that
Fitch assigned to the proposed notes on 26 July 2016, and follows
receipt of final documentation conforming to the information
previously received by Fitch.

                        KEY RATING DRIVERS

The notes represent a general, unsecured and unsubordinated
obligation of Fenghui, and will rank pari passu with all other
existing and future unsecured and unsubordinated obligations of
Fenghui.  The notes are rated at the same level at Fenghui's
Long-Term IDR with a Recovery Rating of 'RR4', reflecting average
recovery prospects.

                       RATING SENSITIVITIES

The rating assigned to these notes would be sensitive to the same
factors that drive the guarantor's IDR.  The rating on the notes
would also be sensitive to the size of notes issuance relative to
the guarantor's unencumbered assets.



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


A.K. SONI: CARE Reaffirms B+ Rating on INR17.96cr LT Loan
---------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of A.K. Soni
Hosiery Mills Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     17.96      CARE B+ Reaffirmed
   Short term Bank Facilities     0.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of A.K. Soni Hosiery
Mills Private Limited (AKS) continue to be constrained by its
weak financial risk profile characterised by modest scale of
operations, low profitability margins, weak solvency position
and working capital intensive nature of operations. The ratings
are further constrained by intense competition in the market and
susceptibility of the company's margins to fluctuations in raw
material prices. These rating constraints are partially offset by
support from the experienced promoters and growing scale of
operations along with favorable location of operations.

Going forward, the ability of AKS to profitably scale up its
operations, maintaining its overall solvency position while
managing its working capital requirements shall be the key rating
sensitivities.

A.K Soni Hosiery Mills Private Limited (AKS) was incorporated in
August, 2004 and is currently being managed by Mr Anand Kumar
Soni, Mrs Rajrani and Mr Sanjeev Soni. Prior to AKS, the
promoters directors were carrying out operations through a
proprietorship firm 'A.K. Soni Hosiery Mills' (operational since
1971) and engaged in a similar business. The company is engaged
in manufacturing of knitted fabric. AKS has two manufacturing
units located at Goshwala Road, Ludhiana and Focal point at
Ludhiana Chandigarh road. The plants have combined capacity of
manufacturing 2,675 metric tonnes per annum of knitted fabric.
The product line of the company mainly comprises cotton fabric,
wool fabric and polyester fabric. The company sells its products
to garment manufacturers and wholesalers located in the states of
Delhi, Punjab, Uttar Pradesh, etc. AKS mainly requires cotton
yarn, wool yarn and acrylic yarn as raw materials which are
procured directly fromthe yarn manufacturers based in Punjab.

In FY16 (based on unaudited results, refers to the period April 1
to March 31), AKS has achieved a total operating income of
INR72.67 crore with PAT of INR0.45 crore, as against the total
operating income of INR62.32 crore with net loss of INR0.21 crore
in FY15. Furthermore, AKS has achieved a total operating income
of around INR10 crore till July 14, 2016.


AARAM PLASTICS: CARE Assigns B+ Rating to INR3.27cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Aaram Plastics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.27      CARE B+ Assigned
   Short-term Bank Facilities     2.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Aaram Plastics
Private Limited (APPL) are primarily constrained on account of
its modest scale of operation in the highly competitive and
fragmented industry and its financial risk profile marked by
low profitability, weak solvency position and moderate liquidity
profile. The ratings are also constrained due to vulnerability of
margins to fluctuations in the raw material prices.

The ratings, however, derive strength from the vast experience of
the promoters in the pipe manufacturing industry.  The ability of
the company to increase its scale of operations while improving
profitability along with improvement in the solvency position and
efficient management of working capital would be the key rating
sensitivities.

Jaipur-based (Rajasthan) APPL was incorporated by Mr Monish Goyal
and Mrs Geeta Goyal along with other family members in 1996. APPL
is engaged in the business of manufacturing of High Density
Polyethylene (HDPE) pipes, sprinkles which are used in irrigation
sector and HDPE coils which are used in the telecom industry. It
manufacturers HDPE coils, pipes and sprinkler in different sizes
from its manufacturing facility located at Sitapura Industrial
Area, Jaipur. The company has its presence in the state of
Rajasthan, Bihar, Madhya Pradesh, Uttar Pradesh, Karnataka, etc.
It sells HDPE pipes and sprinkles through dealers' network,
whereas it sells HDPE coils to government departments by
participating in tenders invited by them.

During FY16, (Provisional; refers to the period April 1 to
March 31), APPL reported a total operating income of INR24.63
crore (FY15: INR23.62 crore) with a PAT of INR0.16 crore (FY15:
INR0.02 crore).


ARISTO INDUSTRIES: ICRA Assigns B+/A4 Rating to INR12cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ and a short-
term rating of [ICRA]A4 to the INR12.00 crore unallocated limit
of Aristo Industries.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long term/Short
   Term Unallocated        12.00      [ICRA]B+/[ICRA]A4 assigned

The assigned rating takes into account the firm's weak financial
profile, reflected by nominal profits and cash accruals from
operation, also leading to weak debt coverage indicators. The
capital structure also remained adverse as indicated by a gearing
of 26.0 times as on March 31, 2016. The rating is also
constrained by AI's small scale of current operations, which
resulted in an OI of INR48.16 crore in FY2016 and its limited
track record in the business of merchant trading of steel rebars
and shafts. Besides, nearly 76% of the company's sales in FY2016
were derived from two customers in UAE, thereby exposing AI to
both customer as well as geographic concentration risk. ICRA also
takes note of the risk inherent to the partnership nature of the
firm which has its inherent risk such as withdrawal of capital by
its partners.

The rating, however, favourably takes into account consistent
growth witnessed in the company's OI, and the natural hedge
enjoyed by it to a great extent as both purchase and sales are
denominated in dollars.

Incorporated in 2009, Aristo Industries (AI) used to manufacture
polyfibre mattresses from its unit in Tinsukia, Assam and traded
in fabrics. The company started merchant trading in steel rebars
and shafts from FY2015 onwards. .

Recent Results
During FY2016, the company reported a net profit of INR0.1 crore
(provisional) on an operating income of INR48.2 crore
(provisional). It had reported a net profit of INR0.1 crore on an
operating income of INR35.6 crore in FY2015.


ASTRA LIGHTING: CARE Lowers Rating on INR6.33cr Term Loan to D
---------------------------------------------------------------
CARE revises and reaffirms ratings assigned to bank facilities of
Astra Lighting Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities
   (Term Loan)                    6.33      CARE D Revised from
                                            CARE B-

   Long term Bank Facilities      4.40      CARE C Revised from
   (Fund-based limits)                      CARE B-

   Short term Bank Facilities     0.74      CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the term loan of
Astra Lighting Limited (ALL) factors in the ongoing delays in
servicing of term debt obligations while revision in the long
term rating assigned to the fund-based limits factors in stressed
liquidity position of the company. Additionally, the ratings are
constrained by the firm's weak financial risk profile marked by
small & declining scale of operations, cash losses and weak
solvency position. The ratings are further constrained by working
capital-intensive nature of operations, customer concentration
risk, susceptibility to fluctuations in raw material prices and
competitive nature of industry. These rating constraints are
partially offset by support from the experienced promoters, long
track record of operations and reputed customer base.

Going forward, ability of ALL to establish a regular debt
servicing track record, profitably scale up its operations while
improving its solvency position and managing its working capital
requirements efficiently shall remain the key rating
sensitivities.

ALL was incorporated in 1997 and is currently being managed by Mr
Paramjit Singh Chahal, Mr Parmeet Singh Chahal and Mrs Gurbir
Kaur. The company is engaged in the manufacturing of high
intensity discharge lamps (HID) and compact fluorescent lamps
(CFL) used in infrastructure projects, floodlighting of
monuments, stadiums, lighting of streets, highways, and parking
areas (outdoor), at its manufacturing unit located at Solan,
Himachal Pradesh with a total installed capacity of 15 lakhs
units as on March 31, 2015. The company procures raw material
which mainly includes arc lights, glass shells directly from
local manufacturers and dealers. Furthermore, the company sells
its products, i.e. HID lamps directly to various original
equipment manufacturers (OEMs) such as Bajaj Electricals Limited,
OSRAM India Private Limited, Wipro Enterprises Limited, etc.

Key Updates
Ongoing delays in the servicing of the term debt obligations
There are ongoing delays in the servicing of the term debt
obligations due to stressed liquidity position. The same was
due to decline in total operating income of the company on year-
on-year basis during the last 3 financial years (FY13 -FY15
(refers to the period April 1 toMarch 31)) leading to under-
absorption of fixed costs and resulting in cash losses.


ASAWTH SAW: Ind-Ra Assigns 'B' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asawth Saw Mill
(ASM) a Long-Term Issuer Rating of 'IND B'.  The Outlook is
Stable.

                        KEY RATING DRIVERS

The ratings reflect ASM's weak credit profile and stressed
liquidity.  Provisional financials for FY16 indicate revenue of
INR183 mil. (FY15: INR238 mil.), net leverage of 5.0x (6.5x) and
EBITDA interest cover of 1.4x (1.6x).  Revenue declined
substantially on subdued demand from the real-estate industry.
Profitability margin improved 180bp yoy to 5.2% on the
introduction of a new product imported from South America.  The
ratings also factor in the company's stressed liquidity position
with multiple instances of overutilization of its fund-based
facilities for up to 10 days during the 12 months ended June
2016.

The ratings are further constrained by the company's volatile
profitability with operating EBITDA margin fluctuating between
2.3% and 5.2% over the last five years on timber price movements
and currency fluctuation as the firm is fully dependent on
imports.

The ratings are supported by the promoter's two decade-long
experience in trading and processing wood.

                      RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the liquidity position will be positive for the
ratings.

Negative: Further liquidity deterioration resulting in
deterioration in the credit metrics or stressed working capital
cycle will be negative for the ratings.

                         COMPANY PROFILE

ASM was established in 1990 as proprietorship concern.  The
company processes and supplies imported teak wood to customers in
the construction and commercial vehicle manufacturing industries.

ASM's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B', Outlook Stable
   -- INR35 mil. fund-based facilities: assigned 'IND B'/Stable
   -- INR120.0 mil. non-fund-based facilities: assigned 'INDA4'


CHAWLA SONS: ICRA Suspends 'B' Rating on INR7.0cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR7.00
crore cash credit facility of Chawla Sons (CS or the firm).

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based limits-
    Cash Credit             7.0         [ICRA]B; suspended

   Fund based limits-
   Buyers Credit
   (sublimit of Cash
    Credit)                (3.5)        [ICRA]A4; suspended

   Non Fund based limits
   Letter of Credit
   (sublimit of Cash
    Credit)                (3.5)         [ICRA] A4; suspended

ICRA has also suspended the [ICRA]A4 rating assigned to the
INR3.50 crore fund based and non-fund based interchangeable sub-
limit facility of cash credit facility of CS. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the firm.

CS promoted by late Mr. Ajitsingh Chawla initially started its
business as proprietorship concern in 1978. The corporate status
of the entity was converted to partnership firm in 2010. CS was
initially engaged in trading of aluminium scrap & metals and
gradually in 2008 the firm started its own manufacturing unit
with an installed capacity of 15,600 MTPA for manufacturing
aluminum ingots and base alloys. The firm has its registered
office at Thane and manufacturing unit in Bhiwandi, Maharashtra.


DEVIKKESH NOVAMATE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Devikkesh
Novamate Boards Private Limited (DNBPL) a Long-Term Issuer Rating
of 'IND B+'.  The Outlook is Stable.

                         KEY RATING DRIVERS

The ratings reflect DNBPL's small scale of operations, with
revenue of INR218 mil. in FY16 (FY15: INR163 mil.).  The ratings
also factor in the company's moderate credit profile, with net
leverage (net debt/EBITDA) of 4.9x in FY16 (FY15: 6.6x) and
interest coverage of 1.3x (1.1x).  Moreover, the company remains
exposed to raw material availability risk.  The ratings also
factor in the company's long working capital cycle of 152 days in
FY16 (FY15: 218 days).

The rating is supported by the decade-long experience of DNBPL's
founders in manufacturing laminated and pre-laminated particle
boards.

                       RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the current credit profile could lead to a positive rating
action.

Negative: A sustained decline in the revenue and/or operating
profitability leading to deterioration in the credit profile
could result in a negative rating action.

                         COMPANY PROFILE

Incorporated in 1997, DNBPL manufactures particle boards,
laminated particle boards and pre-laminated particle boards.

DNBPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'/Stable
   -- INR32 mil. long-term loans: assigned Long-term
      'IND B+'/Stable
   -- INR37.5 mil. fund-based limits: assigned Long-term
      'IND B+'/Stable


DISHA INDUSTRIES: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Disha Industries
Private Limited (DIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect DIPL's moderate credit profile.  Its net
financial leverage (net adjusted debt/operating EBITDAR) was 2.8x
in FY16 (FY15: 4.0x), interest coverage (operating EBITDA/gross
interest expense) was 2.4x (1.9x) and EBITDA margins declined to
11.8% (12.2%).  The FY16 numbers are provisional in nature.  The
company's revenue grew at a CAGR of 140.73% over FY13-FY16 and
was INR1,041 mil. in FY16 (FY15: INR986 mil.;).  DIPL is likely
to have booked revenue of INR280 mil. in 1QFY17.

Ind-Ra has maintained a negative to stable outlook on the paper
industry for FY17 on the expectations of a limited improvement in
the demand-supply environment and import risks.

The company's liquidity is tight with fund-based facilities being
almost fully utilized on an average during the 12 months ended
June 2016.

The ratings are constrained by commodity product and foreign
currency fluctuations as DIPL imports 60% of its raw material
from foreign countries.

The ratings, however, are supported by over two decades of
operating experience of the company's promoters in the paper
manufacturing industry.

                       RATING SENSITIVITIES

Positive: A substantial growth in the revenue and profitability
leading to a sustained improvement in the overall credit metrics
could lead to a positive rating action.

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

                           COMPANY PROFILE

Incorporated in 1995, Uttar Pradesh-based DIPL is into
manufacturing of kraft paper from recyclable waste paper.  The
company's 39,600 TPA manufacturing unit is located at Muzaffar
Nagar in Uttar Pradesh.

DIPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB+'/Stable
   -- INR208 Long-term loan: assigned 'IND BB+'/Stable
   -- INR125 mil. fund-based facilities: assigned
      'IND BB+'/Stable/'IND A4+'
   -- INR50 mil. non-fund-based facilities: assigned 'IND A4+'


ERODE STEELS: ICRA Suspends B+ Rating on INR14.50cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR14.50 Crore Fund based facility of M/s Erode Steels. The
suspension follows ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from
the company.


ESN FINANCE: Ind-Ra Assigns B+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ESN Finance and
Capital Services Limited (ESN) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The agency has also assigned
ESN's INR135 mil. long-term loan an 'IND B+' rating with a Stable
Outlook.

                        KEY RATING DRIVERS

The ratings reflect ESN's limited funding sources, moderate
profitability and small loan portfolio.  ESN has primarily relied
on equity funding from promoters to grow its loan book over FY12-
FY15.  As at FYE15, it had no external borrowings from any banks
or financial institutions.  In FY16, ESN borrowed INR135 mil. (as
a term loan) from Bank of India.  ESN also relies on overdraft
against fixed deposit receipts in case of an emergency.

ESN's profitability indicators have remained moderate, with net
interest margin of 13.15% in FY16 (FY15: 17.62%). Return on
assets (RoA) was thin at 0.08% in FY16 (FY15: 0.21%) but saw the
impact of strong growth in the loan book in FY16 as the company
substantially levered up in the latter half of the fiscal.  ESN's
loan book remained small despite the 45.77% yoy growth.  Its loan
portfolio as at FYE16 was INR406.4 mil. (FYE15: INR278.82 mil.).

The ratings also factor in the want of adequate systems and
processes as well as ESN's sizeable geographical concentration
risk.  Currently all its records and accounts are maintained in a
non-customized, publicly-available ERP system named Microsoft
Axapta.  ESN is primarily a New Delhi-focused NBFC. Of its 10
branches, 7 are located in New Delhi and 3 in areas of Haryana
that are close to New Delhi (Faridabad and Gurgaon).

The ratings derive strength from ESN's asset quality and healthy
capitalization.  Its asset quality has remained strong, with zero
gross non-performing assets (GNPAs) throughout its operational
track record.  This is a result of the short-term nature of its
loans and no fixed principal maturity.  The lack of reliance on
bank lines until FY15 led to its promoters infusing funds during
FY13-FY15.  Additionally, capitalization remained healthy at
115.84% (Tier I capital at 70.76%) in FY16 (FY15: 128.16%- Tier I
capital at 102.72%).  Healthy capitalization provides headroom
for growth in its loan book if ESN has access to funding from
external sources.  The ratings also reflect the synergy benefits
derived from having in-house gold valuation experts as well as
ex-bankers.

                        RATING SENSITIVITIES

Negative: Deterioration in asset quality and/or profitability
indicators and the inability to raise incremental funds for asset
growth or for refinancing existing funds could lead to a negative
rating action.

Positive: A significant improvement and geographical
diversification in its franchises, driven by diversification in
its funding profile and profitability indicators, while
sustaining a healthy asset quality and liquidity profile, could
lead to a rating upgrade.


INDUSTRIAL MANUFACTURERS: ICRA Suspends B+ Long Term Rating
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore long term fund based bank facilities and the [ICRA]A4
rating assigned to the INR20.00 crore short term non fund based
bank facilities of Industrial Manufacturers. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


JAI BHARAT: CARE Assigns B+ Rating to INR16.55cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Jai Bharat Ricemills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.55      CARE B+ Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned
   Long-term/Short-term Bank
   Facilities                     6.00      CARE B+/CARE A4
                                            Assigned

Rating Rationale

The ratings assigned to Jai Bharat Rice Mills (JBRM) are
primarily constrained by small scale of operations, weak
financial risk profile marked by low profitability margins,
leveraged capital structure, weak coverage indicators and working
capital intensive nature of operations. The ratings are further
constrained by partnership nature of its constitution, business
susceptible to the vagaries of nature and fragmented and
competitive nature of the industry. The ratings, however, draw
comfort fromexperience of the partners, growing scale of
operations and favorable manufacturing location.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins and
improving its capital structure while managing its working
capital requirements shall be the key rating sensitivities.

Haryana based Jai Bharat Rice Mills (JBRM) was established in
2001 as a proprietorship firm by Mr Ganesh Dass Garg.  JBRM was
reconstituted as a partnership firm on April 1, 2005 with
inclusion of Mr Assem Garg as a partner. The current partners are
Mr Ganesh Dass & Mr Aseem Dass and sharing their profit and
losses equally. JBRM is engaged in milling, processing and
trading of basmati rice with an installed capacity of 4 tonne per
hour (MTPH) at unit located at Tarori, Karnal, Haryana. The firm
procures the raw material (unprocessed rice/ paddy) from grain
markets of Haryana and sells its product to rice exporters in
Haryana.

In FY16 (refers to the period April 1 to March 31), JBRM has
achieved a total operating income (TOI) of INR67.20 crore with
PBILDT and PAT of INR2.62 crore and INR0.22 crore as against
total operating income (TOI) of INR61.54 crore with PBILDT and
PAT of INR2.34 crore and INR0.20 crore in FY15.


KAITHAL SOLVENT: CARE Assigns B+ Rating to INR14.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Kaithal
Solvent Private Limited.

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

Rating Rationale

The ratings assigned to the bank facilities of Kaithal Solvent
Private Limited (KSP) are primarily constrained by modest
scale of operations, weak profitability margins coupled with
leveraged capital structure, fragmented industry having low
level of capacity utilization and vulnerability of profitability
margins due to presence in the highly volatile agro-commodity
business. These rating constraints are partially offset by
support from the experienced partners in processing of
agricultural products, growing scale of operations and moderate
operating cycle.

Going forward, the ability of KSP to increase its scale of
operations while improving its profitability margins with
improvement in capital structure shall remain the key rating
sensitivities.

Based in Haryana, Kaithal Solvent Private Limited (KSP) was
incorporated in January, 1999 and is currently being managed
by Mr. Kamal Kumar, Mr. Chajju Ram, Mr. Deepak Kumar, Mr. Anoop
Kumar and Mr. Nitin Garg. KSP is engaged in extraction of rice
bran, sunflower seeds and soya bean degum at its processing
facility located in Haryana with an installed capacity of 160
metric tons per day from solvent plant KSP has also started
refining of sunflower and rice bran oil from November 2014(FY15)
having installed capacity of 100 metric tonnes per day. The key
raw material required by the company is rice bran, sunflower
seeds and soya bean degum. The company procures rice bran from
rice mills and other suppliers based in Haryana, Uttar Pradesh,
Punjab & West Bengal. The sunflower seeds are procured from
"Anaaz mandi"
through the auction from Haryana & Punjab. The company sells rice
bran oil, sunflower oil and soya bean oil to edible oil
refineries to the wholesalers and traders all over India.
Further, the de-oiled cake is sold directly to poultry farmers,
Amul dairy, government factories and many private companies based
in Gujarat, U.P., Rajasthan, Haryana, Punjab, Maharashtra, Tamil
Nadu etc.

KSP reported a PAT of INR0.21 crore on a total operating income
of INR80.95 crore in FY15 (refers to period from April 1 to
March 31) as against PAT of INR0.11 crore on a total operating
income of INR44.41 crore in FY14. The firm has achieved sales of
INR129.17 crore in FY16 (based on unaudited results).


KAMAL TIMBERS: Ind-Ra Assigns BB Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamal Timbers
India Private Limited (KTPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.

                        KEY RATING DRIVERS

The ratings reflect KTPL's moderate scale of operations and weak
credit metrics.  The company's FY16 provisional financials
indicate revenue of INR823 mil. (FY15: INR596 mil.) with an order
book worth INR150 mil. to be executed over the next two months.
The company has achieved revenue of INR288.7 mil. in 1QFY17.
KTPL's net leverage (net adjusted debt/operating EBITDAR) was
4.4x in FY16 (FY15: 4.9x) and interest coverage was 1.7x (1.6x).
Its EBITDA margin declined yoy to 4.3% in FY16 (FY15: 5%) due to
a subdued domestic demand and volatile timber prices.

The ratings, however, are supported by KTPL's comfortable
liquidity with the average utilization of its fund-based working
capital limits being around 86.3% for the 12 months ended June
2016.

The ratings are further supported by over two decades of
experience of the company's promoter in the timber business.

                       RATING SENSITIVITIES

Positive: A substantial revenue growth and improvement in the
profitability leading to a sustained improvement in the overall
credit metrics could be positive for the ratings

Negative: A substantial decline in the profitability resulting in
a sustained deterioration in the overall credit metrics of the
company could be negative for the ratings.

                         COMPANY PROFILE

KTPL, incorporated in 2005, is engaged in the trading and
processing of timber.  It imports timber from Southeast Asian
countries such as Singapore, Malaysia and Hong Kong and processes
it in its saw mills located at Faridabad (Haryana) and Gandhidham
(Gujarat).  The company's product portfolio includes Ghana teak,
Nagpur teak, rosewood and hollock.

KTPL's ratings:

   -- Long-Term Issuer Rating: assigned 'IND BB'/Stable
   -- INR60 mil. fund-based facilities: assigned
      'IND BB'/Stable/'IND A4+'
   -- INR190 mil. non-fund-based facilities: assigned 'IND A4+'


LAFFANS GRANITO: ICRA Suspends B+ Rating on INR25.50cr Term Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR34.50
crore long term fund based limits and INR4.50 crore(including
letter of credit of INR7.36 crore within the overall limits)
short term non fund based limits of Laffans Granito Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term scale Fund
   Based - Cash Credit      9.00        [ICRA]B+ suspended

   Fund Based - Term
   Loan                    25.50        [ICRA]B+ suspended

   Non Fund Based Limits
   Bank Guarantee           4.50        [ICRA]A4 suspended

   Letter of Credit
   (within overall limit)  (7.36)       [ICRA]A4 suspended

Incorporated in June 2014, Laffans Granito Private Limited is a
private limited company and is proposed to engage in
manufacturing of vitrified tiles with annual production capacity
of 93000 MTPA. The company will initially manufacture vitrified
tiles of size 24" x 24". The manufacturing facility of Laffans
Granito Private Limited is situated at Morbi, Gujarat.


LAKSHYA DAIRY: ICRA Lowers Rating on INR7.50cr LT Loan to 'D'
-------------------------------------------------------------
ICRA has revised its long term rating on the INR10.0 crore fund
based limits of Lakshya Dairy Private Limited to [ICRA]D from
long term rating of [ICRA]B+.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund-
   Based Limits             7.50        [ICRA]D; Revised
   Unallocated              2.50        [ICRA]D; Revised

ICRA's rating action is driven by delays in debt servicing by
Lakshya Dairy Private Limited (LDPL) due to its stretched
liquidity position. Division of business in the family has also
impacted the company's financial position.

Going forward, the company's ability to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.

Incorporated in 2007-08, LDPL is engaged in the trading of milk.
The company has been promoted by Mr. Rajbir Singh Nagar and Mr.
Rohit Nagar, who have been in the milk trading business for more
than two decades. The company procures milk from farmers and milk
aggregators, and preserves it in its chillers before selling it
to milk processors and local dairies.


LORD'S MARK: ICRA Suspends B+ Rating on INR18.01cr LT Loan
----------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR18.01 crore long term fund based bank facilities and the
long-term/short-term rating of [ICRA]B+/[ICRA]A4 assigned to the
INR1.99 crore unallocated limits of Lord's Mark Industries Pvt.
Ltd. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


MARINELINES SHIP: ICRA Revises Rating on INR5.0cr Loan to B+
------------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]BB- to [ICRA]B+
assigned to the INR5.00 crore cash credit facility of Marinelines
Ship Breakers Private Limited. ICRA has reaffirmed the short term
rating of [ICRA]A4 to the INR35.00 crore short term non fund
based facilities of MSBPL.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             5.00        Revised from [ICRA]BB-
                                       (Stable) to [ICRA]B+

   Letter of Credit       30.00        [ICRA]A4 reaffirmed

The revision in ratings reflects the significant de-growth in
revenues of Marinelines Ship Breakers Private Limited in FY2016
following the slowdown in the ship-breaking industry and weak
profitability and debt coverage indicators. The ratings further
reflect the current challenging operating environment for the
ship-breaking industry characterised by lower steel prices and
increasing pressures from international competitors as well as
from a large number of players operating in Alang. ICRA also
notes that the company is exposed to any adverse movements in
steel prices, foreign exchange rate fluctuations and the
regulatory risks largely related to the environmental issues and
any delays in obtaining requisite approvals.

The ratings, nevertheless draws comfort from the extensive
experience of the promoters and Group in the ship-breaking
business.

Incorporated in 1997, Marinelines Ship Breakers Private Limited
(MSBPL) is engaged in the business of dismantling of ships to
produce re-rollable scrap. It procures ships from the
international market for ship-breaking and sells the scrap in the
domestic market. MSBPL operates from Plot No. 47 leased from
Gujarat Maritime Board at the Alang-Sosiya Ship-breaking Yard,
Bhavnagar. The area of the plot is 2,295 square meters.

Recent Results
During FY2015, the company reported an operating income of
INR66.83 crore and profit after tax of INR0.23 crore as against
the operating income of INR70.18 crore and profit after tax of
INR0.28 crore during FY2014. Further during FY2016, the company
reported an operating income of INR16.80 crore and profit after
tax of INR0.16 crore (as per provisional unaudited financials).


MGM STEELS: ICRA Suspends 'B' Rating on INR2.50cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR2.50 Crore Fund based facility and the short term rating
of [ICRA]A4 assigned to the INR6.50 Crore Non-fund based facility
of M/s MGM Steels. The suspension follows ICRA's inability to
carry out a rating surveillance, in the absence of the requisite
information from the company.


MILLI TRUST: ICRA Withdraws B+ Rating on INR40cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR40.00
crore proposed term loan facility of Milli Trust (MT), as the
trust has not raised funds against the rated instrument. There is
no amount outstanding against the rated facility.


NAMISHREE INFRATECH: ICRA Assigns B+ Rating to INR10cr Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR10.00
crore1 unallocated limits of Namishree Infratech.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Unallocated limits      10.00        [ICRA]B+ assigned

The assigned rating is constrained by the project execution risk
with 60% of construction cost yet to be incurred of the total
cost of INR70.71 crore; significant market risk with only 30%
bookings (out of 33 flats of the firm's share) in residential and
zero bookings for the commercial space as on June 30, 2016; and
moderate funding risk with 30% of the project cost proposed to be
funded from customer advances, which in turn is dependent on
customer bookings and collections. The remaining cost of INR41.52
crore is funded by partners contribution of INR3.24 crore,
INR20.74 crore of customer advances and INR17.54 crore term loan
from the bank. The term loan has to be repaid in 3 equated
quarterly instalments after a moratorium period of 26 months and
the timely repayments will be contingent upon firm achieving
sufficient sales velocity. The rating also continues to be
constrained by NI's concentration in the Hyderabad residential
and commercial market and exposure to cyclicality inherent to the
real estate sector. The assigned rating however positively
factors in the attractive location of the project, 'T-19 towers',
owing to the proximity of the project in the heart of the city
and long standing experience of more than 15 years of NI's
promoters in the real estate industry.

Going forward, timely execution of the project without cost and
time overruns and the ability of the firm to achieve sufficient
sales and collections for the term loan repayments will remain
the key rating sensitivities from credit perspective.

Namishree Infratech (NI) is a partnership firm founded on June,
2013 and is engaged in the business of construction both
commercial and residential with its head office located in
Hyderabad. The firm is developing T-19 towers in Ranigunj
Hyderabad on a land area of 8686.05 Sq Yards; 40% of the project
work was completed as on 30th June, 2016 and the construction of
the project is expected to be completed by December, 2017.


NAVKIRAN TECHNO: ICRA Reaffirms B+ Rating on INR8.40cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ assigned to
the INR8.40 crore bank lines of Navkiran Techno Feeds. ICRA has
also reaffirmed the long term rating at [ICRA]B+ assigned to
INR1.60 crore unallocated limits of the firm.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long term fund based       8.40      [ICRA]B+; Reaffirmed
   Unallocated limits         1.60      [ICRA]B+; Reaffirmed

The rating reaffirmation factors in the small scale of operations
of the firm in highly fragmented aqua feed industry with intense
competition from the established players. The rating continues to
be constrained by the exposure to volatility in key raw materials
and partnership nature of the firm with risk of capital
withdrawal by the partners as observed in FY2016. In FY2016,
operating income of the company witnessed a healthy growth of
92.71% on account of increase in capacity to 2500Mt'S per month
successful deployment of new grinding machine and healthy demand
leading to higher sales volumes; however, operating margins
declined on account of volatility observed in raw material
prices. The assigned ratings factors in the location of
manufacturing unit in the aqua culture belt of Andhra Pradesh.
ICRA also notes the vast experience of the promoters in the aqua
feed industry with operational support from the group concern.

Going forward, the ability of the firm to increase the scale of
operations, while managing its working capital requirements,
would be key rating sensitivities.

Navkiran Techno Feeds (NTF) was established as a partnership firm
in April 2012 by Mr. Narasimha Rao. The firm is engaged in the
manufacturing of shrimp and fish feeds with an installed capacity
of 2500MT's per month. The manufacturing unit is located at
Bhimavaram in the state of Andhra Pradesh. The firm commenced its
operations in January 2014 at 1200 MT per month manufacturing
capacity. NTF successfully expanded its manufacturing capacity to
2500MT during May 2015. NTF belongs to the UNO group which is
predominantly into manufacturing of extruded floating fish feeds
in India since the year 2008 with an installed capacity of
9000MT's per month.

Recent Result
As per provisional FY16 financials, the firm registered PAT
levels of INR1.05 crore on an Operating income of INR26.96 crore
as against PAT levels of INR0.38 crore on an Operating income of
INR13.99 crore in FY145.


ORIENT BODY: ICRA Assigns B+ Rating to INR6.0cr LT Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA] B+ to the INR6.00
crore1 fund-based facilities of Orient Body Shop Solutions India
Private Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, Fund-
   based facilities         6.00        [ICRA]B+/Assigned

The assigned rating takes into account the company's status as an
authorized dealer for globally reputed Original Equipment
Manufacturers (OEMs) such as GYS SAS France, Cellete Inc France,
Stanzani Tools Italy, Heshbon Co., Ltd and Hedson Technologies in
the automotive body repair equipment space. The rating also
considers OBSS' growing customer base, especially in the southern
and western regions of India, which has supported sales growth;
and the long track record of the promoters and the group in the
automobile replacement parts and repair equipment industry. The
rating also considers OBSS' healthy profit margins and adequate
debt coverage indicators; and the favourable demand prospects for
OEM repair equipments over the medium term.

The rating is, however, constrained by OBSS' small scale of
operations and limited value additive nature of the business; and
its modest equity base leading to a leveraged capital structure
and an elevated Total Outside Liabilities to Tangible Net Worth
(TOL:TNW) ratio. The rating also takes into account OBSS' limited
pricing flexibility with realisations determined by the OEMs,
thus exposing the company's margins to fluctuations in forex
rates. The rating also considers the dependence of OBSS' volume
growth on new customer additions given the relatively longer
replacement cycle of its products.

Orient Body Shop Solutions India Private Limited was incorporated
in 2011 as a private limited company to operate in the after-
sales automotive body repair business. The company deals in
equipments such as dent removal systems, spot welding and
riveting equipment, among others, sourced from established global
OEMs such as GYS SAS France, Celette Inc France and Stanzani
tools Italy, Heshbon Co., Ltd., and Hedson Technologies, and
markets to service centres of all major automobile players in the
country. The company also manufactures equipments such as
Inverter spray booths, Mini & full range CRS, material handling
equipment for workshops and spray gun cleaning equipment etc, in
addition to providing maintenance services and equipment training
to its customers. OBSS offers recognized training courses on Body
and Paint process as well as on the equipments to leading vehicle
manufacturers, OEM dealerships and to its own employees. It
currently operates out of its facility at Neelambur near
Coimbatore with adequate machinery and warehouse supporting its
manufacturing and trading segment. The daily operations of the
company are managed by Mr.Zainul Y. Imani and Mr. Palaniswamy
Kumar.

Recent Results:
For the 11M ended FY 2016, OBSS provisionally reported a PAT of
INR1.6 crore on an operating income of INR19.9 crore as against a
PAT of INR0.4 crore on an operating income of INR12.5 crore, in
FY 2015.


OSNAR CHEMICAL: ICRA Suspends B- Rating on INR4.0cr LT Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR4.00
crore long term fund based bank facilities and the [ICRA]A4
rating assigned to the INR4.00 crore short term non fund based
bank facilities of Osnar Chemical Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to non-cooperation from the company.


P KISHANCHAND: ICRA Reaffirms 'B' Rating on INR3.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B and the
short-term rating of [ICRA]A4 to the INR13.00 crore (enhanced
from INR11.00 crore) bank facilities of P Kishanchand Textiles
Limited.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long term fund based
   Limit- Cash credit       3.00        [ICRA]B Reaffirmed

   Short term non fund
   based limit- Letter
   of credit               13.00        [ICRA]A4 Reaffirmed

   Short term non fund
   based limit-Buyer's
   credit                   9.00        [ICRA]A4 Reaffirmed

The re-affirmation of ratings continue to remain constrained by P
Kishanchand Textiles Limited (PKTL)'s weak profitability metrics
and low accruals in the absence of value addition in the business
with the entire revenues accruing from fabric trading. The
ratings also continue to factor in the company's weak capital
structure marked by a modest net worth base and relatively high
external borrowings. Apart from borrowings, the company's working
capital funding is also met through letter of credit (LC) backed
creditors resulting in high TOL/TNW of 9.66 times as on March 31,
2016. The ratings also take into account the company's presence
in a highly fragmented and competitive industry structure with
presence of large number of unorganized players due to low entry
barriers, which limits the company's pricing flexibility.

The ratings, however, favorably considers the vast experience of
the promoters in fabric trading business, and benefits accruing
from being located in textile hub of Bhiwandi, which provides
advantages in terms of proximity to suppliers and customers. ICRA
also notes that strategic restructuring carried out with its
sister concern (Unicorn Textiles Private Limited) to consolidate
the fabric trading operation under one entity has entailed
operational synergies and has fuelled the growth in operating
income of the company in the last two years.

In FY2017, ICRA expects PKTL's operating income to grow
moderately at a year on year growth rate of 10% which is expected
to be backed by steady order inflow from regular customers and
addition of new types of fabrics in its trading portfolio. Going
forward, the company's ability to improve its operating
profitability by controlling the trading expenses in the backdrop
of competitive pricing pressure will be critical for improvement
in cash accrual position and hence will be the key rating
sensitivities.

Conversely, lower-than-expected profitability due to adverse
movements in fabric prices, any further weakening of capital
structure or stretch in the working capital cycle, will result in
deterioration in the financial risk profile; especially liquidity
which could have negative impact on the key credit metrics.

Incorporated in 1998, by Mr. Kishanchand Agarwal, P Kishanchand
Textiles Limited (PKTL) is primarily engaged in the business of
trading different types of fabrics. The fabrics are sold through
a network of wholesalers located in Maharashtra, Haryana and
Delhi.
The company has two warehousing facilities in Bhiwandi, Thane in
Maharashtra and its registered office is in Mumbai.

In FY2015, the company's operation were consolidated with its
sister concern Unicorn Textiles Private Limited (UTPL) who was
engaged in similar business of fabric trading. Under this
arrangement, UTPL has bought 99.90% stake in PKTL while it has
transferred its business operation to PKTL.

Recent results
P Kishanchand Textiles Limited recorded a profit before tax of
INR0.30 crore on an operating income of INR56.61 crore for the
year ending March 31, 2016 (provisional numbers).


PANKAJ STEEL: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the ratings of [ICRA]B+ to the INR4.50-crore
cash credit limit which is a sublimit of the non-fund based
facility of Pankaj Steel Corporation. ICRA has also reaffirmed
the rating of [ICRA]A4 to the INR8.00-crore short-term non-fund
based facility and to the INR7.00 crore sub-limits of the non-
fund based facilities of PSC. The combined utilisation of the
fund-based and non-fund based limits should not exceed INR8.00
crore at any point of time.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit            (4.50)       [ICRA]B+; Reaffirmed,
                                        Suspension revoked

   Non-fund based          8.00        [ICRA]A4; Reaffirmed,
   limits Import                        Suspension revoked
   letter of Credit

   Letter of Comfort/      (5.00)      [ICRA]A4; Reaffirmed,
   Buyer's Credit                       Suspension revoked

   Inland Letter of Credit (2.00)      [ICRA]A4; Reaffirmed,
                                        Suspension revoked

The reaffirmation of the ratings reflect Pankaj Steel
Corporation's (PSC) weak financial profile characterized by low
net profitability, modest level of coverage indicators and a
leveraged capital structure. The ratings also continue to factor
in the firm's small scale of operations with muted growth in a
highly fragmented industry with low entry barriers resulting in
intense competition. Moreover, the ratings continue to remain
constrained by the high inventory levels entailing high working
capital intensity, which amplify the firm's exposure to
volatility in steel prices. ICRA further notes that the firm is
exposed to foreign exchange fluctuation risks in the absence of a
natural hedge and a firm hedging mechanism.

The ratings, however, factor in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent.

In FY2017, ICRA expects PSC's operating income to grow at a
sluggish pace due to overall slowdown in the steel industry.
Going forward, the firm's ability to decrease its high inventory
levels and increase its scale of operations with improved profit
margins, while managing its working capital requirements, will
remain the key rating sensitivities. Conversely, lower-than
expected profitability due to adverse movements in steel prices
or currency fluctuations, large withdrawal by proprietor leading
to deterioration of capital structure or a further stretch in the
working capital cycle, will result in deterioration in the
financial risk profile; especially liquidity which could have
negative impact on the key credit metrics.

M/s Pankaj Steel Corporation (PSC), promoted by Mrs. Usha Agarwal
was established as a proprietorship concern in 1978. PSC
primarily trades in iron and steel scrap and waste. Apart from
trading PSC is also involved in processing both long and flat
steel products on a job work basis. PSC has its registered office
at Reay Road, Mumbai and rented warehouse facility at Kalamboli,
Navi Mumbai.

Recent Results
The firm recorded a profit before tax of INR0.05 crore on an
operating income of INR9.46 crore for the year ending March 31,
2016 (provisional).


PATEL MOTORS: Ind-Ra Assigns BB Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Patel Motors
(Indore) Private Limited (PMPL) a Long-Term Issuer Rating of
'IND BB'.  The Outlook is Stable.  The agency has also assigned
PMPL's INR410.0 mil. fund-based working capital limits an 'IND
BB' rating with a Stable Outlook.

                        KEY RATING DRIVERS

The ratings reflect the company's moderate scale of operations
along with a moderate credit profile.  According to provisional
financials for FY16, PMPL's revenue was INR4,722.1 mil. (FY15:
INR3889.9 mil.), gross interest coverage (operating EBITDA/net
interest expenses) stood at 1.4x (1.4x), and net financial
leverage (total adjusted net debt/ operating EBITDA) was 6.0x
(4.8x).  The operating EBITDA margin was also low at 3.3% in FY16
(FY15: 3.8%) on account of the distributorship nature of the
business.

The company's liquidity position is moderate as reflected by its
around 93.9% use of the working capital limits on average during
the 12 months ended June 2016.

The ratings, however, benefit from PMPL's dealerships of some
renowned auto manufacturers (Maruti Suzuki India Limited, Eicher
Motors Limited, Tractors and Firms Equipment Limited) in Madhya
Pradesh and its diversified product portfolio with dealerships of
passenger and commercial vehicles as well as tractors and farm
equipment.  The ratings also benefit from the promoter's over
three decades of experience in the auto dealership business.

                      RATING SENSITIVITIES

Positive: Substantial improvement in its revenue and
profitability along with an improvement in the credit metrics
will positive for ratings.

Negative: A decline in the revenue and profitability leading to
deterioration in the credit profile and in liquidity will be
negative for the ratings.

                          COMPANY PROFILE

PMPL was incorporated in 1985 as a partnership entity.  At
inception it had taken an authorized dealership from Tractors and
Farms Equipment Limited.  In 1993 the firm was converted into a
private limited company.  In 1994 the company became a dealer for
Eicher Motors Limited's light and medium commercial vehicles.  In
1997 PMPL acquired an authorized dealership for Maruti Udyog
Limited's passenger vehicles.  The company has 15 showrooms and
12 workshops, it also runs a driving school in Indore.


PAVANSUT PAPER: CARE Assigns 'B' Rating to INR9.50cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Pavansut Paper Mill Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     9.50       CARE B Assigned
   Short-term Bank Facilities    0.70       CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Pavansut Paper
Mills Private Limited (PPMPL) are primarily constrained on
account of risk associated with implementation and stabilization
risk associated with highly leveraged project, susceptibility of
margins to volatility of rawmaterial prices and exchange rate
fluctuations.

However, the ratings derive strength from the experience of
promoters, location advantage as well as stable outlook of
the paper industry.

PPMPL's ability to stabilize its business operations by
commencing commercial production within specified timeline and
cost parameters and establishing customer base would be key
rating sensitivity. Furthermore, achieving envisaged level of
sales and profitability in volatile raw material pricing scenario
and highly competitive industry would also remain crucial.

Wankaner-based (Gujarat), PPMPL was incorporated in January 2015
by Mr Ravi Miteshbhai Patel, Mr Shailesh Prabhulal Patel and Mr
Rajendrabhai Karamshibhai Patel to setup green-field project for
manufacturing of craft papers with a proposed installed capacity
of 30,000 MTPA. Total cost of the project is estimated to be
INR13.97 crore, which is proposed to be funded through a term
loan of INR7.00 crore, promoters' contribution of INR5.00 crore
and remaining through unsecured loan of INR1.97 crore. The
commercial operations are expected to start from September 2016.

The promoters have decade long experience in cotton industry and
have promoted Sardar Cotton Industries, Kohinoor Clock Industries
andMaruti Oil Mills which are engaged in Cotton Industry.


RAMESHWAR COTTEX: ICRA Assigns 'B' Rating to INR7.0cr Cash Loan
---------------------------------------------------------------
The long term rating of [ICRA]B has been assigned to the INR2.50
crore1 term loan facility and INR7.00 crore cash credit facility
of Rameshwar Cottex.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Term Loan               2.50         [ICRA]B Assigned
   Cash Credit             7.00         [ICRA]B Assigned

The assigned rating is constrained by the limited track record of
operations and possible stress on the capital structure and debt
coverage indicators of the firm on account of the debt-funded
nature of the project and highly working capital intensive nature
of operations. The rating also takes into account the firm's
limited value addition in the cotton ginning and cottonseed
crushing business, commoditised nature of products and the
vulnerability of the firm's profitability to adverse movements in
cotton prices, which are subject to seasonality and crop harvest.
The firm's operations are also exposed to regulations governing
the industry such as restrictions on cotton exports and minimum
support price (MSP). ICRA also notes that the cotton ginning
industry is highly fragmented with the presence of a large number
of manufacturers, which coupled with low entry barriers for new
entrants, has led to high competitive intensity of the sector.
Further, the rating considers potential adverse impact on the net
worth and the gearing levels in case of any substantial
withdrawal from capital accounts, given the constitution as a
partnership firm.

The ratings, however, take comfort from the long experience of
the promoters in the cotton industry and the favourable location
of the firm's plant with respect to raw material procurement.
Going forward, the ability of the firm to stabilise operations
along with optimal capacity utilisation levels, so as to generate
sufficient cash accruals to meet the interest and principal
repayment obligations, while managing working capital
requirements, will remain the key rating sensitivities.

Established in April 2016, as a partnership firm, Rameshwar
Cottex (RC) is involved in cotton ginning and pressing to produce
cotton bales and cottonseeds and in trading of raw cotton at its
manufacturing facility located in Rajkot, Gujarat. Its facility
is equipped with 36 ginning machines and a pressing machine with
an installed production capacity of 54 MTPD or 320 bales per day.
The firm set up its manufacturing facility in November 2015 and
commercial operations commenced from January 2016. The promoters
associated with the firm have vast experience in agro-
commodities.


S.G.S MOTORS: Ind-Ra Affirms BB+ Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.G.S Motors Pvt
Ltd's (SMPL) Long-Term Issuer Rating at 'IND BB+'.  The Outlook
is Stable.

                        KEY RATING DRIVERS

The affirmation reflects SMPL's continued moderate scale of
operations and modest credit profile.  FY16 provisional results
indicate revenue of INR2,742 mil. (FY15: INR2,481 mil.;
FY14:INR1,458 mil.) and EBITDA margin of 2.7% (2.1%; 3.4%).  The
company's interest coverage (operating EBITDA/gross interest
expense) was 2.14x in FY16 (FY15: 1.4x; FY14: 1.75x) and net
leverage (total adjusted net debt/operating EBITDAR) was 6.45x
(6.93x; 6.01x).

The ratings factor in SMPL's tight liquidity position as evident
by its near to full working capital utilization on an average
during the 12 months ended July 2016.

The ratings, however, are supported by six decades of operating
experience of the company's promotor in running and managing
vehicle showrooms and service stations.  The ratings continue to
benefit from the fact that SMPL is the sole authorized dealer of
TATA Motors Ltd. for the latter's commercial vehicle segment in
Gwalior and six other surrounding locations in Madhya Pradesh.

                       RATING SENSITIVITIES

Positive: A substantial revenue growth leading to sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: A sustained deterioration in the interest coverage on
revenue or margin contraction could be negative for the ratings.

                         COMPANY PROFILE

SMPL was initially incorporated as SG Motors, a partnership firm,
in August 1989 by the Sanghi Group of Indore.  Later, it was
converted into a private limited company.

The company has been engaged in automobile dealership since 1954.

SMPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
      Stable
   -- INR150 mil. fund-based facilities: affirmed at 'IND BB+';
      Outlook Stable
   -- INR20 mil. non-fund-based facilities: affirmed at 'IND A4+'


SALONI JEWELLERS: ICRA Suspends 'D' Rating on INR125cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR125
crore long term fund based facilities and INR60 crore unallocated
amount of Saloni Jewellers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2002, Saloni Jewellers Private Limited (SJPL) is
a private limited company founded by Mr. Kiran Jain and Mr.
Jitendra Jain. The company is engaged in the business of gold
jewellery which includes earrings, bangles, bracelets, chains and
anklets. The company has five group concerns - Ruchita Gold
Private Limited, Shuddhi Jewellers Private Limited, Space Gold
Private Limited, Yellow Jewels Private Limited and Aansa Gold
Private Limited which are engaged in similar lines of Business.
The Company has its registered office at Zaveri Bazaar, Mumbai
and one marketing office in Ahmedabad, Gujarat.


SAVINO GRANITO: CARE Assigns 'B' Rating to INR25.75cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Savino Granito Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.75      CARE B Assigned
   Short-term Bank Facilities     3.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Savino Granito
Private Limited (SVGPL) are constrained on account of
implementation and stabilization risk associated with ongoing
debt funded capex, susceptibility of operating margins to
volatility in the raw material and fuel costs and risk inherent
due to linkage with the real estate sector which is cyclical in
nature coupled with low entry barriers in the tiles industry.

The above constraints, however, outweigh the comfort derived from
the experienced promoters and location advantage on account of it
being located in Morbi which is one of the largest ceramic
clusters in India.

The ability of SVGPL to complete ongoing debt funded capex within
envisaged timeline and cost parameters and achieving envisaged
level of sales and profitability will be the key rating
sensitivities.

Morbi-based (Gujarat) SVGPL was incorporated in December 2015 by
Mr Manojbhai Muljibhai Kalariya, Mr Vishal Pranjivanbhai
Kalariya, Mr Satishbhai Jayntilal Vadsola, Mr Nareshbhai
Muljibhai Kalariya and Mr Maheshbhai Jayantilal Vadsola for
manufacturing of various types of vitrified floor and wall tiles
which are widely used in office and residential buildings. SVGPL
is currently undertaking a greenfield project to manufacture
tiles with a proposed installed capacity of around 6000 boxes
(Size 600 mm X 600 mm) per annum at its manufacturing facilities
located at Morbi, Gujarat. The total
project cost is estimated at INR36 crore which will be funded
through term loan of INR19.75 crore, equity of INR12 crore and
balance INR4.25 crore by way of unsecured loans. SVGPL will sell
the tiles directly, within the country as well as export the same
to Saudi Arabia, Dubai, Kuwait etc.under the brand name of
'Savino'.

The group entities include Savino Ceramic Private Limited (SCPL),
Satnam Pipe Industries and Sona Plastic Industries.


SHANTI MOTORS: ICRA Suspends B+ Rating on INR10cr Loan
------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the
INR10.00 crore fund based facilities of Shanti Motors (SM). The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
firm.


SHITAL DIAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shital Diam (SD)
a Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.
The agency has also assigned SD's INR220 mil. fund-based limits
'IND BB'/Stable and 'IND A4+' ratings.

                         KEY RATING DRIVERS

The ratings reflect SD's moderate credit profile with net
financial leverage (total adjusted net debt/operating EBITDA) of
5.9x in FY16 (FY15: 6.4x) and EBITDA gross interest coverage
(operating EBITDA/gross interest expense) of 1.4x (1.4x).  EBITDA
margins declined to 4.4% in FY16 from 4.8% in FY15 on account of
weak industry dynamics.  FY16 numbers are provisional in nature.

The firm's scale of operations remained moderate as indicated by
its revenue of INR1,395 mil. in FY16 (FY15: INR1,193 mil.).

The ratings factor in SD's tight liquidity with the average
utilization of its working capital limits being 98.57% for the 12
months ended May 2016.  The ratings also factor in SD's long cash
conversion cycle of 97 days in FY16 (FY15: 146 days) as well as
the partnership structure of the organization.

The ratings, however, are supported by over three decades of
experience of SD's promoters in the diamond processing industry
and its operational track record of over two decades.

                       RATING SENSITIVITIES

Positive: An improvement in scale of operations and profitability
leading to improved credit metrics could result in a positive
rating action.

Negative: A decline in the profitability leading to deterioration
in the credit metrics could result in a negative rating action.

                         COMPANY PROFILE

SD was incorporated as a partnership concern in 1989 by Mr.
Mukesh Kantilal Shah, Mr. Hasmukh Kantilal Shah and Mr. Arvind
Kantilal Shah.  The firm is presently being managed by Mr. Mukesh
Kantilal Shah and Mr. Hasmukh Kantilal Shah.  SD is primarily
engaged in manufacturing of cut and polished diamonds.


SHIV SHAKTI: CARE Assigns B+ Rating to INR10.20cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Shiv Shakti Knit Fabs.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      10.20     CARE B+ Assigned
   Short term Bank Facilities      0.34     CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shiv Shakti Knit
Fabs (SSKF) are primarily constrained by post implementation
project risk associated with newly set up debt-funded
manufacturing facility. The ratings are further constrained due
to
its constitution as a partnership firm along with SSKF'S presence
in the highly competitive industry with seasonality associated
with woolen products.

The rating, however, draws comfort from the experienced partners
in the textile industry.

Going forward, the ability of SSKF to achieve the envisaged
revenue and profitability while improving the capital structure
shall be the key rating sensitivities.

Karnal-based, (Haryana) Shiv Shakti Knit Fabs (SSKF) is a
partnership firm and was established in April, 2016 by Mr
Abhinav Singla, Mr Janak Raj Singla, Mr Anuj Singla and Mrs Rju
Singla. All the partners share profits and losses equally.

The firm was established with an objective to set up a
manufacturing unit of mink blankets. The main raw materials
required for production are polyester yarn, satin silk and dyeing
colors. The firm will procure the raw material mainly from the
domestic market such as Ludhiana, Jalandhar, Amritsar (Punjab)
and New Delhi and sell the same to dealers located in Karnal and
nearby regions. The total project cost is estimated at INR13.35
crore, which will be funded through term loan of INR6.75 crore
and balance from the promoters' contribution in the form of
partners' capital and unsecured loans amounting to INR6.60 Crore.


SHREE R.R. PIPES: CARE Assigns B+ Rating to INR10cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of Shree
R.R. Pipes.

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

Rating Rationale

The rating assigned to the bank facilities of Shree R.R. Pipes
(RRP) is primarily constrained by its small scale of operations,
weak financial risk profile marked by low profitability margins,
leveraged capital structure and weak coverage indicators.

The rating is further constrained by its presence in the highly
competitive industry and low entry barriers. The rating, however,
draws comfort from experienced promoters, growing scale of
operations and moderate operating cycle.  Going forward, the
ability of the company to increase its scale of operations while
improving its profitability margin and capital structure along
with efficient management of working capital requirements shall
be the key rating sensitivities.

Delhi-based, Shree R.R. Pipes, a unit of RKD Pipes Private
Limited (RKD) was established as a proprietorship firm in 2012 by
Mr Sharad Gupta. RRP is operating under RKD and the company has
no other business activity. Mr Sharad Gupta and Ms Ritu Agarwal
are managing the operations of RRP who are also directors in RKD.
The company is primarily engaged in trading of PVC tubes, GI
pipes, Mild steel tubes etc. The company has authorized
distributorship of Jindal Industries Limited and Jindal Steels
Limited for NCR and UP and some areas of Uttaranchal. The company
has a dealership network of around 70-80 dealers.

In FY15 (refers to the period April 1 to March 31), RRP has
achieved a total operating income (TOI) of INR35.34 crore with
PAT of INR0.08 crore. In FY16 (based on unaudited results)
(refers to the period April 01 to March 31), the company achieved
TOI of INR41 crore.


SHREE RAM: ICRA Reaffirms B+ Rating on INR7.5cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for
INR7.501-crore cash credit facility and INR0.45-crore term loan
facility of Shree Ram Cotton Industries.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loan Limit         0.45        [ICRA]B+; Reaffirmed
   Cash Credit Limit       7.50        [ICRA]B+; Reaffirmed

The rating reaffirmation takes into account the weak financial
profile as reflected by low profitability as inherent in the
cotton ginning business, resulting in modest return indicators.
Further, the leveraged capital structure of the firm has resulted
in high gearing level of 2.31 times as on March 31, 2016 and weak
debt protection metrics during the period under study. The
ratings also take into account the low value additive nature of
operations and the intense competition on account of the
fragmented industry structure, leading to thin profit margins.
Moreover, the firm's profitability is also vulnerable to adverse
fluctuations in raw material prices, subject to seasonal
availability of raw cotton and Government regulations on MSP for
procurement of raw cotton.
The rating, however, favourably takes into account the favourable
location of the firm's manufacturing facility, giving it easy
access to raw material. The rating also favourably considers the
firm's presence in the forward integration of cottonseed
crushing, thus providing diversification and additional revenues.

The firm's ability to increase its scale, maintain adequate
profitability and improve its capital structure, given the
seasonality in the business, volatility in prices of cotton
bales, high competitive intensity and high working capital
requirement, will remain critical to the credit metrics. SRCI is
a partnership concern and any substantial withdrawal from capital
account in future could also adversely impact the credit profile
of the firm.

Shree Ram Cotton Industries (SRCI) was established as a
partnership firm in January 2011 by Mr. Keshav Lalapara, Mr.
Rakesh Lalpara and Mr. Harshad Ratanpara along with other family
members. Later in August 2014, Mr. Suresh Ratanpara, along with
other 11 partners, has taken over the management of the firm from
all previous partners.

SRCI is currently involved in cotton ginning and pressing to
produce cotton bales and cotton seeds and crushing of cotton
seeds to produce cotton seed oil and cotton seed cake. The firm's
manufacturing facilities are located at Tankara, Rajkot in
Gujarat. The plant is equipped with 32 ginning machines and 1
fully automatic pressing machine with a production capacity of
300 cotton bales per day and 8 crushing machines with the seed-
crushing capacity of 80 metric tonnes per day (MTPD) of cotton
seeds.

Recent Results
For the year ended March 31, 2016, the company has reported an
operating income of INR34.26 crore with profit after tax of
INR0.02 crore as per provisional financial statement.


SIGMA C: CARE Lowers Rating on INR24cr LT Loan to 'D'
-----------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Sigma C Infrastructure Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       24       CARE D Revised from
                                            CARE BBB-

   Long term Bank Facilities        8       CARE BB Revised from
                                            CARE BBB-

Rating Rationale

The revision in the rating assigned to facility (a) of Sigma C
Infrastructure Pvt Ltd (SIPL) takes into cognizance the
instances of invocation of performance bank guarantees of the
company, which were regularised after a delay exceeding one
month.

The revision in the rating assigned to facility (b) of SIPL
factors in the deterioration in the operating performance along
with stressed liquidity position of the company. The rating
continues to be constrained by SIPL's small scale of operations,
working capital intensive nature of its business mainly due to
stretched receivables, high concentration of water infrastructure
projects, which is a relatively new area of business for the
company resulting in high project execution risk as well as
fragmented nature of the industry with intense competition.

The rating also factors in the experience of the promoters of
SIPL in execution of contracts in the power sector. The company's
ability to effectively manage the tight working capital situation
and increase its scale of operations shall remain the key rating
sensitivities.

SIPL was established as a sole proprietorship firm, Sigma
Construction, in 1993 by Mr A K Bhasin (Chairman) and the same
was later reconstituted as a private limited company in
September 2012, whereby its name was changed to its current name.

SIPL is engaged in the execution of turnkey contracts for the
power industry whereby it undertakes supply, erection, testing,
and installation of equipment, auxiliaries, and motors for
generating stations and switch yards and also undertakes the
civil works. The company is also involved into underground cable
laying and jointing works, installation of third rail and
traction substations for the Metro Railways and diversified into
water distribution and drainage projects in Assam since FY14
(refers to the period April 1 to March 31). The company has been
executing power projects across various locations in India and
has been carrying out construction work primarily for various
government entities. The power sector continued to remain the
core area of operation for SIPL accounting for about 85% of its
total revenue in FY15 (refers to the period April 1 to March 31).

SIPL witnessed invocation of two Performance Bank Guarantees
(PBGs) aggregating INR4.69 crore furnished to its principal
contractor in the water infrastructure projects (local
distribution and transmission) awarded in Assam. The dues to the
bank were regularised by SIPL in June, 2016 after a delay of more
than a month. Such PBG invocation of SIPL was a result of
invocation of PBG of the principal contractor on account of
irregular project progress. The liquidity position of SIPL
witnessed significant deterioration on account of the above
development and the fund based working capital limits of the
company have been fully utilised.


SREE SHIVA: CARE Assigns B+ Rating to INR6.70cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sree
Shiva Ginning & Pressing.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.70      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Sree Shiva Ginning
& Pressing (SSG) is constrained on account of small scale of
operations with thin profit margins, moderately leveraged capital
structure, presence in highly fragmented and regulated industry,
partnership nature of entity, susceptibility of profits to
volatile price fluctuation and seasonality associated with
availability of cotton.

The rating, however, takes comfort from the experience of
partners, locational advantage of the unit and satisfactory debt
coverage indicators.

Going forward, the ability of the firm to increase its scale of
operations with improvement in profit margins and capital
structure will be the key rating sensitivities.

SSG is a partnership firm established in June 2014. However, SSG
started commercial operations in April 2015. The partners of the
firm are Mr K. Suguresh, Mr Satnoor Mallikarjuna, Mr Satnoor
Shivamurthy, Mrs K. Chandrakala and Mrs P. Suma. The partners
have agriculture background and belong to the same family. The
firm has a cotton ginning and pressing factory in Kurnool
district of
Andhra Pradesh with total installed capacity of 40,000 bales per
annum. The partners of SSG have interest in other businesses like
whole sale and retail trading of ground nut, edible oil, edible
oil seeds and pulses.

In FY16 [Provisional], the firm had achieved a PAT of INR0.25
crore on a total operating income of INR55.04 crore.


SRI KARPAGAM: ICRA Assigns B+ Rating to INR6.0cr LT Loan
--------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.00
crore1 fund-based facilities of Sri Karpagam Steels.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term, Fund-
   based facilities         6.00        [ICRA]B+/ Assigned

The assigned rating takes into consideration the established
track record of the firm and the considerable experience of
Karpagam's promoters in the steel trading business spanning over
two decades. The ratings also factor in Karpagam's comfortable
capital structure; and the favourable demand prospects for steel
products in the medium term.

The rating is, however, constrained by Karpagam's stretched
working capital metrics driven by high receivables and inventory
position, which has led to almost full utilization of the working
capital limits, availed from the bank. High dependence on working
capital debt coupled with the trading nature of its business has
resulted in moderate profitability and debt protection
indicators. The rating also factors in Karapagam's small scale of
operations; and the fragmented and competitive nature of the
industry, which limits the pricing flexibility and exposes the
firm to fluctuations in raw material prices. The rating also
considers the risks of capital continuity inherent to a
partnership firm.

Sri Karpagam Steels was established in the year 1991 as a
partnership firm and is engaged in the business of trading steel
products. The company procures flat products such as Hot Rolled &
Cold Rolled Coils and plates from domestic players and sells to
local manufacturers and traders. After a decade in the industry,
Karpagam setup its own plant at Saravanampatti to manufacture
Mild steel and boiler steel sheets from the purchased HRC coils -
as per client requirements - through CNC Gas cutting and
mechanical cutting machines. The firm is currently run by its
partners Mr. Krishnasamy, Mr. Somasundaram, Mr. Shanmugasundaram
and Mr. Sivamani with each having vast experience in the steel
industry spanning over two decades.

Recent Results:
For the year ended FY 2016, Karpagam provisionally reported a PAT
of INR0.13 crore on an operating income of INR31.9 crore as
against a PAT of INR0.07 crore on an operating income of INR39.5
crore, in FY 2015.


SRS MODERN: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SRS Modern
Sales Ltd's (SRSM) Long-Term Issuer Rating to 'IND D' from
'IND BB'.  The Outlook was Stable.  The agency has also
downgraded the company's INR750 mil. fund-based working capital
limits to Long-term 'IND D' from 'IND BB'/Stable and Short-term
'IND D' from 'IND A4+'.

                       KEY RATING DRIVERS

The downgrade reflects deterioration in SRSM's liquidity position
leading to over utilization of bank limits for the six months
ended July 2016 due to continued slowdown in the construction and
real estate industry in Delhi and national capital region.

                       RATING SENSITIVITIES

Positive: An improvement in the company's liquidity position
could lead to a positive rating action.

                         COMPANY PROFILE

SRSM is part of the SRS group and trades construction materials
such as cement, TMT bars and glasses.  The company has its
footing mainly in the national capital region.  SRS group
operates various businesses such as retail, wholesale business of
FMCG products, jewelry, real estate and financing.


SUPER AGRO: ICRA Suspends B+ Rating on INR8.0cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR8.0 crore
bank lines of Super Agro Industry. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

Super Agro Industry (SAI) is part of the Sirsa, Haryana based
Thakkar Dass Group promoted by late Mr. Nand Gopalji Gupta, and
is engaged in the business of cotton ginning. The promoters have
been into this business since 1956. The group has four cotton
ginning units and one trading unit. Under Super Agro Industry
there is a ginning and pressing unit in Sirsa (Haryana). The
flagship firm of the group Thakar Dass Nand Gopal has three
operating units: trading unit in Fatehabad (Haryana), and Ginning
and pressing units each in Sanosara (Gujarat) and
Kothara(Gujarat). The other entity of the group, Mahaluxmi Cotton
& General Mills has a ginning and pressing unit in Jind
(Haryana).


SURYA OIL: ICRA Reaffirms B+ Rating on INR7.0cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR7.00 crore cash credit facility and INR3.79 crore of
unallocated bank limits of Surya Oil & Agro Industries.

                        Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             7.00        [ICRA]B+ Reaffirmed
   Unallocated             3.79        [ICRA]B+ Reaffirmed

The rating continues to remain constrained by the firm's weak
financial profile characterized by low profitability owing to the
limited brand presence, stretched capital structure and weak
coverage indicators. The rating factors in the vulnerability of
the firm's profitability to adverse movements in raw material
prices which are subject to seasonality and crop harvest and the
high competitive intensity in the retail edible oil market which
is highly fragmented due to the presence of a large number of
established players as well as smaller refineries and dealers.
Further, it also considers the potential impact on gearing levels
due to capital withdrawals as seen in FY2016.

The rating, however, continues to favorably factor in the long
standing experience of SOAI's promoters in the edible oil
refining industry and its reputed clientele base which includes
established edible oil manufacturing as well as marketing
companies. The rating also factors in the favorable location of
the firm's plant in proximity to a large number of oil mills
located near Wankaner and Morbi in the cotton growing belt of
Saurashtra, Gujarat.

The scale of operations of SOAI is expected to remain broadly at
existing levels on account of high utilization of existing
capacity and no capacity expansion plans in the near future.
Although the profitability of the firm will remain exposed to any
adverse fluctuations in edible oil prices which in turn would
depend on the seasonality and crop harvest of cotton and maize,
the same is expected to improve with higher sales under the
firm's own brand with continuous addition of new customers. In
ICRA's view, the ability of the firm to improve its profitability
while efficiently managing the impact of raw material price
changes and maintain a healthy capital structure by managing
working capital requirements would remain the key rating
sensitivities.

Established in August 2011, Surya Oil and Agro Industries (SOAI)
is a partnership firm engaged in refining of edible cottonseed
oil and maize oil. SOAI is promoted by Mr. Sanket Zalaria, Mr.
Narottam Patel and Mr. Jateen Adroja. The firm also carries out
trading of other edible oils such as Sunflower oil, sesame oil,
rice bran oil etc. SOAI operates from its plant located in
Wankaner, Rajkot with a total installed capacity of refining 100
MT of edible oil per day.

Recent Results
During FY2015, SOAI reported an operating income of INR131.30
crore and profit after tax of INR0.52 crore as against an
operating income of INR104.66 crore and profit after tax of
INR0.09 crore in FY2014. Further, during FY2016 SOAI reported an
operating income of INR130.70 crore and profit before tax of
INR0.68 crore (as per unaudited provisional financial).


SUSEE FINANCE: ICRA Suspends 'MB' Fixed Deposit Programme Rating
----------------------------------------------------------------
ICRA has suspended the [ICRA]BB- (stable) rating assigned to the
INR10.00 crore long term loan facilities of Susee Finance and
Leasing Private Limited. ICRA has also suspended the MB rating
assigned to the Fixed Deposit Programme of the company. The
suspension follows lack of co-operation from the company.

                            Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Bank Loan Facilities      10.00      [ICRA]BB-(stable);
                                         Suspended

   Fixed Deposit Programme               MB; Suspended

Susee Finance & Leasing Private Limited (SFLPL) is part of the
Susee group of companies, which has operations extending across
sectors such as automobile dealerships, Information Technology
and Non-banking finance. SFLPL was incorporated in 1991 and is
primarily involved in the financing of two wheelers, both new and
used two wheelers. The company started offering small business
loans against property from FY2014. As in March 2015, SFLPL had
12 branches largely in the South Tamil Nadu region.

During FY2015, SFLPL reported a net profit of INR0.6 crore on a
total asset base of INR17.9 crore as compared to a net profit of
INR0.1 crore on a total asset base of INR13.9 crore in FY2014.


THAKAR DASS: ICRA Suspends B+ Rating to INR13cr Bank Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR13.0 crore
bank lines of Thakar Dass Nand Gopal (TDNG). The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

TDNG is part of the Sirsa, Haryana based Thakar Dass Group
promoted by late Mr. Nand Gopalji Gupta, and is engaged in the
business of cotton ginning/trading. The promoters have been in
this business since 1956. The group has four cotton ginning units
and one trading unit. Under TDNG, there are three operating units
located in Fatehabad (Haryana), Sanosara (Gujarat), and Kothara
(Gujarat). The Fatehabad unit is a trading unit while the firm
has a Ginning and pressing unit each in Sanosara and Kothara. The
other two entities of the group, Super Agro Industry and
Mahaluxmi Cotton & General Mills have a ginning and pressing unit
in Sirsa and Jind (Haryana) respectively.


TIRUPATI AGRO: ICRA Suspends B- Rating on INR3.60cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR3.60 crore term loan, INR2.50 crore cash credit and
INR0.21 crore bank guarantee facilities and short term rating of
[ICRA]A4 assigned to the INR0.50 crore letter of credit, which is
a sub-limit of Tirupati Agro Product (TAP)'s term loan facility.

ICRA has also suspended the long term rating of [ICRA]B- and
short term rating of [ICRA]A4 assigned to an untied limit of
INR0.19 crore of TAP. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.


UNION BANK: S&P Lowers ICR to 'BB+'; Outlook Stable
---------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Union Bank of India to 'BB+' from 'BBB-'.  The
outlook is stable.  At the same time, S&P lowered its short-term
issuer credit rating on the India-based bank to 'B' from 'A-3'.
S&P also lowered its long-term issue ratings on Union Bank's
senior unsecured notes to 'BB+' from 'BBB-'.

"We downgraded Union Bank because we expect the bank's asset
quality to remain weak over the next 12 months, following a
deterioration over the past few quarters," said S&P Global
Ratings credit analyst Nikita Anand.  Accordingly, S&P has
lowered its assessment of the bank's stand-alone credit profile
(SACP) to 'bb' from 'bb+'.

S&P continues to see a very high likelihood that the government
of India (BBB-/Stable/A-3) will continue to provide timely and
sufficient extraordinary support to the bank.  S&P's view of the
likelihood of extraordinary government support is based on its
assessment of the bank's very strong link with, and very
important role to, the government.  The rating is therefore one
notch higher than the SACP.

The pickup in corporate performance and debottlenecking of
stressed sectors in India is likely to be gradual, hurting Union
Bank's asset quality.  The bank has a high exposure to the
corporate and small and midsize enterprise segments in India.
The stress in these segments has pushed up the bank's non-
performing loan (NPL) ratio to 10.2% as of June 30, 2016, from
5.0% as of March 31, 2015.  S&P has therefore revised its
assessment of Union Bank's asset quality to weak from moderate.

S&P continues to assess Union Bank's capital and earnings as
moderate because S&P expects the bank's pre-diversification risk-
adjusted capital (RAC) ratio to remain at 5%-5.5% over the next
12 months.  This ratio is 5.4% as of March 31, 2016.

"We anticipate that Union Bank's profitability will remain modest
over the next 12 months, mainly due to elevated credit costs,"
said Ms. Anand.  "The bank's profitability has reduced in recent
years because of margin pressure and increasing credit costs
stemming from a rise in NPLs.  However, Union Bank has been able
to remain profitable in recent quarters, unlike some of its peer
public sector banks."

S&P believes that the government will continue to infuse capital
into Union Bank.  The government injected Indian rupee (INR) 11.1
billion equity into the bank in fiscal 2013 (year ended March 31,
2013), INR5 billion in fiscal 2014, and INR10.8 billion in fiscal
2016.  S&P could lower its forecast RAC ratio if economic risks
in India increase because it calibrates risk weights to the
underlying economic risk in a country.  This may negatively
affect S&P's assessment of Union Bank's capital and earnings.

The regulatory requirement for Tier 1 capital (including capital
conservation buffer) in India is set to increase to 8.25%
effective March 31, 2017.  Union Bank's stand-alone Tier 1 ratio
is 8.39% as of June 30, 2016.  S&P's base-case expectation is
that the bank will meet the minimum regulatory capital
requirement by tapping the capital markets or receiving capital
from the government or government-related entities.  S&P's view
is based on the government's public commitment as part of its
plan to revamp public sector banks (including Union Bank) and
help them to maintain a safe buffer over their Basel III
requirements.  Union Bank's inability to raise sufficient
capital, such that it breaches the regulatory capital
requirement, could lead to a multiple-notch downgrade.  S&P
Global Ratings caps the SACP of a bank that breaches the
regulatory capital requirement (and is still allowed to continue
to operate) at 'ccc+'.

S&P expects Union Bank to maintain its average domestic business
franchise and strong funding and liquidity profile over the next
12 months.

The stable outlook on Union Bank reflects S&P's expectation that
the likelihood of government support to the bank will remain very
high.  The outlook also reflects S&P's view that, although Union
Bank's SACP is likely to remain under pressure over the next 12
months, it is unlikely to deteriorate to a level that will lead
to a change in the rating.

S&P could lower the rating if Union bank's SACP weakens by two
notches to 'b+'.  S&P could lower its assessment of the SACP to
'bb-' from 'bb' if the bank's pre-diversification RAC ratio dips
to below 5% on a sustained basis.  The RAC ratio could
deteriorate if the bank grows aggressively and is unable to
support this growth with sufficient capital infusion, or if the
economic risk in India rises.

S&P currently sees no upside potential to the rating on Union
Bank for the next 12 months at least.


UNITED DECOR: ICRA Suspends 'B' Rating on INR10cr Cash Credit
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR15.63 crore long term loan and working capital facility
and short term rating of [ICRA]A4 assigned to the INR0.50 crore
of letter of credit facility of United Decor Options Pvt. Ltd.
ICRA has also suspended the ratings of [ICRA]B/[ICRA]A4 assigned
to the unallocated facility of INR2.37 crore of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund Based
   Cash Credit               10.00       [ICRA]B suspended

   Long Term Fund Based
   Term Loan                  5.63       [ICRA]B suspended

   Short Term Non-fund
   Based- Letter of Credit    0.50       [ICRA]A4 suspended

   Long Term and Short
   Term- Unallocated Amount   2.37       [ICRA]B/[ICRA]A4
                                         suspended

Incorporated in 2006, United Decor Options Pvt. Ltd. (UDOPL) is
engaged in the trading of floorings and personal care items. The
United group has four other companies viz; United Distributors
Inc. which is in import and distribution of food and personal
care items, Lifestyle Asia Pvt. Ltd. which imports & distributes
lifestyle products of reputed brand, Tradewel Construction
Corporation Pvt Ltd and Singapore International School. UDOPL has
its registered office at Opera House, Mumbai.


USHDEV ENGITECH: Ind-Ra Lowers Rating on INR895.2MM Loan to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Ushdev Engitech Limited's (UEL) INR895.2 mil. rupee term loan
(INR833.64 mil. outstanding as on July 31, 2016,) to Long-term
'IND D' from 'IND BBB-'.  The Outlook was Stable.  Ind-Ra has
also withdrawn the 'Provisional 'IND BBB-' rating assigned to
UEL's proposed INR75 mil. term loan as the company is no longer
proceeding with the instrument as envisaged.

                       KEY RATING DRIVERS

The downgrade reflects UEL's delays in debt servicing during May
and June 2016, although debt servicing was regular prior to that
period and in July 2016.  Management has said that the delays
have mainly been caused by the low wind season (April - June
2016) and an increase in receivables days from Rajasthan discoms.

                      RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

                         COMPANY PROFILE

UEL operates wind power plants across five states: Karnataka,
Maharashtra, Tamil Nadu, Gujarat and Rajasthan; it has an
aggregate capacity of 58.2MW.  Ushdev Power Holdings Private
Limited (UPHPL) is UEL's holding company and is part the UD
Group. UPHPL generates electricity from renewable resources such
as wind power. Provisional FY16 numbers indicate that the UEL's
revenue was INR355.52 mil. (FY15: INR408 mil.) and EBITDA was
INR211.62 mil. (INR280m).  It recorded a net loss of INR51.50
mil. in FY16 (P) (FY15: net loss of INR35 mil.).


VADSOLA CERAMIC: ICRA Reaffirms B Rating on INR7.0cr Term Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B to the
INR3.00-crore fund-based cash credit facility and term-loan
facility of INR7.00-crore of Vadsola Ceramic. ICRA has also re-
affirmed the short-term rating of [ICRA]A4 to the INR1.50-crore
short-term non-fund based bank guarantee facilities of VC.

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

   Fund-based Limit-
   Term Loan               7.00         [ICRA]B; re-affirmed

   Non-fund Based Limit
   Bank Guarantee          1.50         [ICRA]A4; re-affirmed

The ratings continue to take into account VC's modest scale of
operations with limited history of presence in the market. The
ratings are further constrained by the financial profile
characterised by low profit margin where net profit margin stood
at 0.06% during FY2016. The firm's capital structure has also
remained stretched with high gearing level of 3.72 times as on
March 31, 2016 though the same has declined from a high gearing
level of 4.52 times as on March 31, 2015 and low profitability
has also resulted in weak coverage indicators. ICRA also takes
into account the low entry barriers in the industry resulting in
intense competition in the ceramics business, especially in
Morbi, with the presence of large established organised tiles
manufacturers and unorganised players. The ratings are further
constrained by its constitution of being a partnership firm,
exposes the entity to deterioration in the capital structure due
to substantial withdrawal by the partners.

The ratings, however, positively consider the experience of the
promoters in the ceramics industry for more than two decades and
the locational advantage, resulting in easy access to raw
materials from suppliers.

ICRA expects the company's profitability to be exposed to the
cyclicality and the cash flow volatility of the end-user industry
i.e. real estate, volatility in prices of raw material and
availability and fluctuation of fuel prices. ICRA expects that
the ability of the firm to scale up operations along with
maintaining healthy profitability and improving capital structure
by reducing external debt would be the key rating sensitivities.

Vadsola Ceramic (VC) was established in August 2013 as a
partnership concern. Later, the partnership was reconstituted in
FY2016 and at present the firm has eight partners. The firm has
commenced commercial operations from September 2014 and currently
manufactures digitally-printed wall tiles which have wide usage
for commercial as well as domestic buildings.

The plant is located in Morbi, Gujarat with an installed capacity
of 12,000 Metric Tonnes Per Annum (MTPA) for digitally printed
ceramic glazed wall tiles. It commenced operations with two sizes
of tiles i.e. 10"X15" and 9"X24". Since January 2016, it has
added another size of wall tiles i.e. 12"X18" to the existing
tile types. The key promoters, namely Mr. Kunvarji Vadsola and
Mr. Dhanji Vadsola, have more than two decades of experience in
the related field.

Recent Results
During FY2016, the firm registered net profit of INR0.01 crore on
an operating income of INR10.30 crore.


VANI ORGANICS: CARE Assigns 'B' Rating to INR6.50cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vani
Organics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Vani Organics
Private Limited (VOPL) is constrained by weak financial risk
profile marked by continuous losses though the company has
achieved net profit in FY16 (Provisional; refers to the period
April 1 to March 31), highly competitive and regulated industry
and customer concentration risk.

The rating, however, takes comfort from the long track record of
the company and extensive experience of promoters in the
industry.
Going forward, the ability of the company to increase its scale
of operations with improvement in profit margins and capital
structure will be the key rating sensitivities.

Vani Organics Private Limited (VOPL) belongs to Vani Group based
out of Hyderabad promoted by Late Mr Subba Rao. The Group
commenced its business by incorporating Vani Pharma Labs Limited
(VPL) in the year 1976 which is the flagship company of the
group. VPL is engaged in the manufacturing of Active
Pharmaceutical Ingredients (APIs) and bulk drugs. In 1984, the
group expanded its production facilities by incorporating VOPL in
Bidar, Karnataka, to process bulk drug orders received from other
drug manufacturing companies. The current promoters of VOPL are
Mr Mallampatti Chakradhar, Mrs Mallampati Anuradha and Mrs
Mallampati Lakshmi Kranthi. VOPL does job work of bulk drug and
intermediaries manufacturing for companies like VPL, Sequent
Scientific Limited, Everest organics, etc.

In FY15, VOPL earned net loss of INR2.58 crore on a total
operating income of INR1.16 crore. During FY16 [Provisional], the
company had achieved a PAT of INR0.04 on a total operating income
of INR3.44 crore.


VIMAL MICRONS: ICRA Reaffirms B+ Rating on INR25.60cr Loan
----------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR0.33 crore term
loans and the INR25.60 crore cash credit facility of Vimal
Microns Limited. ICRA has also reaffirmed an [ICRA]A4 rating on
the INR1.25 crore short term non fund based facility of VML.

                        Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              0.33       [ICRA]B+ reaffirmed
   Cash Credit Facility   25.60       [ICRA]B+ reaffirmed
   Non Fund Based Limits   1.25       [ICRA]A4 reaffirmed

The reaffirmation of ratings takes into account the relatively
modest size of operations of the company, fragmented nature of
the industry with large number of unorganised as well as
organised players and weak financial profile characterised by low
net margins and a stretched capital structure resulting from
regular debt funded capex in the past and high working capital
requirements. Moreover, the absence of captive mineral resources
exposes the company to uncertainty in its raw material supply
arrangements and results in high working capital intensity of
operations. The ratings further remain constrained owing to
indirect exposure to group company- VMML by way of a corporate
guarantee.

The ratings, however, favourably factor in the long experience of
the promoters in the micronized mineral powder business, steady
build-up in sales volumes over the years, established
relationship with reputed clientele and positive demand outlook
from the paints
and plastics industry.

Vimal Microns Limited (VML), established in 1993 by Mr.
Ganpatbhai K. Patel and associates, is engaged in manufacturing
of micronised mineral powder used as fillers in various paint and
polymer industries. The different products consist of Calcium
Carbonate, Dolomite, China Clay, Talc, Baryte and Quartz. The
company's manufacturing setup is located at Mehsana district,
Gujarat and the production capacity of the plant is 88,800 TPA.
VML reported an operating income of INR77.80 crore and profit
after tax of INR0.33 crore for year ended 31st March 2016
(Provisional) as against operating income of INR85.15 crore and
net loss of INR0.15 crore for year ended March 2015.


YELLOWSTONE NIRMITI: ICRA Assigns B+ Rating to INR30cr LT Loan
--------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the proposed
INR30.00 crore line of credit of Yellowstone Nirmiti LLP.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Proposed Long term
   Fund Based              30.00        [ICRA]B+ Assigned

The assigned rating takes into account the long standing
experience of promoters, the established market position and
successful project execution capability of the promoter groups
(Pristine Group, Kohinoor Group and Wellworth Group) in the Pune
region, along with the long experience of the civil contractors,
architects and design consultants appointed for the project. The
assigned rating also derives comfort from the attractive location
of the project, which is situated in proximity to the industrial
parks(Chakan, Bhosari and Talegaon) and SEZs (Hinjewadi) and
having easy accessibility to key city areas like schools,
colleges, hospitals, shopping malls etc.

The assigned rating is however constrained by execution and
regulatory risk associated with the upcoming project, which is at
a very nascent stage of construction. The project is yet to start
as it awaits commencement certificate for the partial saleable
area, NA Land certificate and environmental clearance, which is
expected in September 2016. The rating also factors in the
exposure of the project to the funding risk as the project is yet
to achieve financial closure for the proposed term loan coupled
with high reliance on customer advances to fund the project.
Further, lower-than-expected sales booking and customer advances
can delay the execution of the project. ICRA also notes the
modest scale of operations of the entity which may restricts its
operational and financial flexibility. However promoters' ability
to bring additional funds if required mitigates this risk to an
extent.

Yellowstone Nirmiti LLP is incorporated in February 2015 as a
real estate residential projects development firm. The promoters
of the partnership firm are also the promoters of "Pristine
Group', 'Kohinoor Group' and 'Wellworth Reality' which are one of
the larger real estate groups having presence in Pune,
Maharashtra.

The project is located in Mahalunge, Pune near Mumbai Bangalore
Highway and close to Hinjewadi IT park with infrastructure
already in place. The project will have 5 towers with 2 towers of
20 floors each, 1 tower of 12 floors and 2 towers of 9 floors
each. As on date, firm has received building approval for 4
towers with 289 flats and saleable area of 2.72 lacs Sq ft out of
5.58 Lacs Sq Ft with 5 towers and 574 flats.


YESHASHVI STEELS: CARE Assigns 'B' Rating to INR7.95cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Yeshashvi
Steels & Alloys Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.95      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Yeshashvi Steels &
Alloys Private Limited (YSA) are constrained by the small scale
of operations, declining trend of total income, low and
fluctuating profitability margins, weak solvency and stressed
liquidity position. The rating is further constrained by
volatility in prices of raw material along with cyclicality
associated with the steel industry.

The rating, however, derives strength from the experience of the
promoter and established clientele.

Going forward, the ability of the company to improve its scale of
operations, profitability margins and capital structure along
with efficient management of working capital requirements will be
the key rating sensitivities.

YSA, incorporated on August 13, 2007 in the state of Karnataka,
was promoted by Mr S P Venkatesh along with friends and
relatives. YSA is engaged in manufacturing of sponge iron at its
manufacturing plant located in Bellary with a total installed
capacity of 30,000 million tonnes per annum (MTPA).

YSA also sells small quantity of char dust, which is a by-product
of sponge iron manufacturing process. The major raw material for
the company is iron ore and coal which are mainly procured from
companies like BMM Ispat Limited, Agarwal Coal Corporation
Private Limited and MSPL Limited. The major clientele of the
company includes customers like Mahrishi Alloys Private Limited,
Prime Gold International Limited and Shreeji Sales Corporation.

In FY15 (refers to the period of April 1 to March 31), the
company reported a total operating income of INR61.16 crore and a
profit after tax (PAT) of INR1.38 crore (as against a total
operating income of INR65.64 crore and PAT of INR1.42 crore in
FY14). Furthermore, during FY16 (Provisional), YSA reported a
total operating income of INR45.44 crore and a PAT of INR0.14
crore.


ZAVERI EXPORTS: ICRA Reaffirms C+ Rating on INR13cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]C+ assigned to
the INR13.00 crore fund-based limits of Zaveri Exports Pvt. Ltd.

                        Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-Term Fund-
   based limits            13.00        [ICRA]C+ Reaffirmed

The rating reaffirmation continues to be constrained by ZEPL's
weak financial risk profile characterised by interest coverage
ratio of 1.30 times, NCA-to-Total Debt of 1.49%, high gearing of
4.25 times as on March 31, 2016 and significant decline in
revenue from INR71.53 crore in FY2015 to INR43.56 crore in FY2016
owing to stopping of bullion trading activity. The rating is
further constrained by the working capital-intensive nature of
the business owing to high inventory levels; geographical
concentration risk inherent to a single-retail outlet business
and small scale of operations in the intensely competitive gems-
and-jewellery retail industry. The rating, however, positively
factors in the long experience of the promoters in the jewellery
retail business and favourable long-term outlook of the jewellery
industry supported by several socio-economic and cultural factors
that are unique to the Indian market.

Going forward, the company's abilities to improve its revenue and
manage its working capital requirements effectively will be the
key credit-rating sensitivities.

ZEPL was incorporated as a private limited company in 2001 and is
promoted by Mr. Sunil Tayal. The company manufactures and exports
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22-karat gold
jewellery to 18-karat jewellery studded with diamonds, gemstones
like rubies, emeralds, sapphires and semi-precious stones. ZEPL
sells all forms of jewellery, including earrings, necklaces,
bangles, rings, anklets, pendants, bracelets, brooches, pins and
silverware. The company has one retail showroom at Abids,
Hyderabad.

Recent Results
According to provisional FY2016 results, the company has reported
an operating income of INR43.56 crore with a net profit of
INR0.19 crore. During FY2015, it recorded an operating income of
INR71.53 crore with a net profit of INR0.09 crore.



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


LIPPO KARAWACI: Fitch Assigns BB- Rating to USD260MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Lippo Karawaci
TBK's (Lippo, BB-/A+(idn)/Stable) USD260 mil. 7% senior unsecured
notes due in 2022 a final rating of 'BB-'.  The notes are issued
by Lippo's wholly owned subsidiary Theta Capital Pte Ltd and
guaranteed by Lippo and its subsidiaries.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on Aug. 5, 2016.

The notes are rated at the same level as Lippo's senior unsecured
rating, as they represent unconditional, unsecured and
unsubordinated obligations of the company.  The notes form a part
of the same series as the existing USD150 mil. 7% senior
unsecured notes due in 2022, which are also rated 'BB-'.  Lippo
expects to use the proceeds to refinance its outstanding USD250
mil. 7% senior unsecured notes, which are due in 2019.

                       KEY RATING DRIVERS

Slower Presales, Asset Sales: Lippo sold IDR328bn of residential
property in 1Q16 - a sharp decline from IDR1.4trn in 1Q15.  The
company postponed launches in 1H16 until after the government's
tax-amnesty ruling was passed.  Fitch now expects Lippo to sell
around IDR3trn of residential property for 2016, which is about
IDR1.5trn lower than our previous expectations.  Fitch still
expects Lippo to inject IDR1.7trn of mature malls and hospitals
to its Singapore-listed real estate investment trusts in 2016,
although there has been some delay in this process as well.

Significant Flexibility on Capex: Lippo has significant
flexibility to defer its capex during times of weak presales,
which supports its ratings.  The company has significantly
curtailed its capex this year to around IDR3.3trn, which is less
than half of its initial budget.  This is because much of its
capex included discretionary land banking and construction costs
contingent on selling a minimum value of new projects.  Fitch
believes this will allow Lippo to conserve cash flows and manage
leverage within its rating parameters in 2016.

Strong Recurring Cash Flows: Lippo owns a large portfolio of
assets that generated recurring operating EBITDAR (before
operating lease rents) of IDR1.9trn during the 12 months to end-
March 2016 (LTM 1Q16).  Over 60% of these recurring cash flows
stem from one of Indonesia's largest private hospital networks,
which Lippo owns, for which there is stable demand.  The
remainder comprises of one of the largest retail mall franchises
in Indonesia, several hotels and educational institutions, and
dividend income from its REITs.  Recurring EBITDAR covered
Lippo's consolidated interest and operating lease payments by
1.2x in LTM 1Q16, which underpins its ratings.

Limited Rating Headroom: Lippo's leverage stood at 45% at end-
March 2016, lower than the 48% at end-2015, supported by cash
collected on presales made in prior years, capex cuts, as well as
a strengthening of the Indonesian rupiah.  However, Lippo's
leverage is close to the 50% threshold beyond which the ratings
may be negatively affected.

                          KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- residential presales of IDR3trn in 2016
   -- asset sales to REITs of IDR1.7trn in 2016
   -- capex of IDR3.3trn in 2016

                       RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- a sustained increase in leverage to more than 50%
   -- a sustained weakening in the ratio of EBITDAR from
      recurring sources to interest cost and operating lease
      rent to below 1.2x
   -- inability to pre-fund capex.

Positive: A rating upgrade is not expected in the medium-term
given Lippo's smaller operating scale and recurring income base
compared with higher-rated international peers.  Fitch also
expects Lippo's leverage to remain high over the medium-term as
it executes its expansion plans.



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


SHARP CORP: China Antitrust Regulator OKs Hon Hai Takeover Deal
---------------------------------------------------------------
Japan Today reports that Hon Hai said August 12 antitrust
authorities in China had approved its takeover of ailing Japanese
electronics maker Sharp, clearing the last obstacle to the drawn-
out deal.

The report relates that the purchase, which was supposed to close
last month, has reportedly been held up by China -- one of the
countries that was reviewing the deal over concerns that it could
lead to a monopoly on LCD screens.

Hon Hai gains Sharp's cutting-edge LCD panel technology with the
$3.5-billion buyout, giving it a 66% controlling stake, the
report says.

"Our application for antitrust review in various regions is
completed," Japan Today quotes Hon Hai as saying in a statement
to the Taiwan stock exchange on August 11.  "Both sides will
carry out the handover procedures as soon as possible according
to the contract," it said.

The report notes that the announcement fulfils an ambition of Hon
Hai founder Terry Gou, whose firm first pursued Sharp four years
ago.

Gou's company -- also known as Foxconn -- is the world's biggest
electronics supplier, with Apple a key customer for smartphone
components.  But the smartphone giant is squeezing its suppliers
as sales of its iPhones slow, dropping 15% last quarter year-on-
year, says Japan Today.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2016, Nikkei Asia Review said Sharp Corp.'s net
loss for fiscal 2015 widened enough to pull the company into
technical insolvency as its liabilities exceeded assets on a
consolidated basis.

On June 27, 2016, the TCR-AP, citing Nikkei, reported that
Sharp's acquisition by the Taiwanese contract manufacturer --
officially known as Hon Hai Precision Industry -- received
approval at the shareholders meeting. The Foxconn group will
invest JPY388.8 billion ($3.67 billion), gaining a 66% voting
stake in Sharp via newly allocated shares.  Nikkei added that
higher-ups from the Taiwanese company were appointed as Sharp
directors including Foxconn second-in-command Tai Jeng-wu, who
will serve as the Japanese company's chief.

On June 24, 2016, the TCR-AP reported that The Japan Times said
the new boss of Sharp Corp. confirmed that it is planning to lay
off 7,000 employees worldwide after Hon Hai Precision takes over
the century-old firm. He also vowed to "change the culture" of
the company.

On July 22, Nikkei Asia Review reported that Sharp Corp. is
moving ahead with structural changes to prepare for a business
turnaround under Hon Hai Precision, but protracted anti-trust
screening in China is holding up much-awaited rescue funds from
the Taiwanese white knight.



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


DAEWOO SHIPBUILDING: Seoul Court Freezes Assets of Ex-Chief
-----------------------------------------------------------
Yonhap News Agency reports that a Seoul court on August 12
ordered to freeze the assets of a former CEO of Daewoo
Shipbuilding & Marine Engineering Co., one of the country's top
three shipbuilders, who has been indicted over bribery and
embezzlement.

According to Yonhap, the Seoul Central District Court ordered
that some KRW2 billion (US$1.8 million) of Nam Sang-tae's wealth
that he allegedly obtained illegally be frozen. He headed the
shipyard from 2006 to 2012.

Mr. Nam was indicted in July on charges of siphoning off company
assets and giving business favors to a local logistics company
owned by his friend in return for money, Yonhap recalls.

Yonhap relates that the decision came amid state prosecutors'
widening probe into the shipyard, which is implementing self-
created debt-restructuring plans in the face of a decrease in new
orders caused by the protracted global economic slump.

Earlier this year, the shipyard said it had much larger losses in
2013 and 2014 than earlier reported profits, citing accounting
mishaps, the report discloses.

According to the report, the Board of Audit and Inspection, the
country's state audit agency, has said the shipyard is suspected
of rigging its books to hide up to KRW1.5 trillion in losses
during the cited period.

Yonhap says prosecutors suspect that a string of irregularities
continued until the current management board, despite its pledge
to break away from the past and to run the company transparently.

Earlier this month, the chief financial officer of the shipyard
was called in by prosecutors for questioning on allegations that
he cooked the books to cover up the company's operating losses,
adds Yonhap.

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***