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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 17, 2016, Vol. 19, No. 162

                            Headlines


A U S T R A L I A

E.T.X. MANAGEMENT: First Creditors' Meeting Set For Aug. 25
GUVERA: Deloitte Did Not Tell Creditors About Accountant Referral
MOONDARAH PROJECTS: Winemaking Business Enters Liquidation


C H I N A

AMP CAPITAL: Accelerates Plans to Wind-up China Growth Fund


H O N G  K O N G

NOBLE GROUP: Liquidity Crunch in 2Q 2016 Temporary, Fitch Says


I N D I A

4S SPINTEX: CARE Assigns B+ Rating to INR21cr LT Loan
A AND J MICRONS: CRISIL Reaffirms 'B' Rating on INR118.6MM Loan
ACOUSTICS INDIA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
AGMOTEX FABRICS: CRISIL Reaffirms B+ Rating on INR205MM Loan
AMA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loan

ANUKUL AGROTECH: CRISIL Assigns B+ Rating to INR100MM Cash Loan
BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
BHARAT AGRO: CRISIL Puts B+ Ratings on Notice of Withdrawal
CHAUDHARY TRADING: CRISIL Assigns 'B' Rating to INR25MM Cash Loan
CHOKSEY CHEMICALS: CRISIL Raises Rating on INR72.5MM Loan to B

COSMOS DEVELOPERS: CRISIL Assigns 'B' Rating to INR140MM Loan
CREATIVE EDUCATIONAL: CRISIL Ups Rating on INR60MM LT Loan to B+
EKAM AGRO: CRISIL Reaffirms B+ Rating on INR110MM Term Loan
GANGETIC HOTELS: CRISIL Hikes Rating on INR1.40BB Loan to B+
GKB OPHTHALMICS: CRISIL Reaffirms B Rating on INR40MM Cash Loan

JALAN CARBONS: CRISIL Cuts Rating on INR222MM Cash Loan to B-
K.B.R. MARINE: CRISIL Assigns 'B-' Rating to INR110MM Loan
K.R.R. ENGINEERING: CRISIL Reaffirms B+ Rating on INR23.4MM Loan
KAVYARC TRADEX: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
KESHAV GREENS: CRISIL Assigns 'B' Rating to INR55MM Term Loan

LIFESTYLE SAREES: CRISIL Cuts Rating on INR220MM Cash Loan to B+
LILAMANI INFRA: CARE Reaffirms B+ Rating on INR55.27cr LT Loan
MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85.0MM Cash Loan
NEWRISE HEALTHCARE: CARE Reaffirms 'D' Rating on INR75cr LT Loan
OM PACKAGING: CARE Assigns B+ Rating to INR6cr LT Bank Loan

PAVANSUT PAPER: CARE Assigns 'B' Rating to INR9.50cr LT Loan
QUALITY HYBRID: CRISIL Reaffirms 'B' Rating on INR70MM Loan
PANACEA BIOTEC: CARE Hikes Rating on INR959.55cr LT Loan to B+
RAJASHRI FOODS: CRISIL Assigns 'B+' Rating to INR69.8MM Loan
RATAN ALUMINUM: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan

RENUKA SILKS: CRISIL Assigns 'D' Rating to INR75MM Cash Loan
RSL DISTILLERIES: CRISIL Reaffirms 'B' Rating on INR733MM Loan
SAGAR PAPER: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
SAMRUDDHI REALTY: CRISIL Lowers Rating on INR600MM NCDs to 'D'
SANJAY SHUKLA: CRISIL Reaffirms B+ Rating on INR30MM Term Loan

SAVINO GRANITO: CARE Assigns 'B' Rating to INR25.75cr LT Loan
SHREE R.R. PIPES: CARE Rates INR10cr LT Bank Loan 'B+'
SHREENIDHI METALS: CRISIL Assigns 'B' Rating to INR25.0MM Loan
SHRI SANTKRUPA: CRISIL Cuts Rating on INR65MM Cash Loan to D
SOMA ISOLUX: CRISIL Raises Rating on INR18.14BB Term Loan to C

SRI SAKTHI: CRISIL Reaffirms B+ Rating on INR150MM LT Loan
STAUNCH NATURAL: CRISIL Lowers Rating on INR200MM Loan to B+
TOKAI ENGINEERING: CRISIL Cuts Rating on INR40MM Cash Loan to D
TRUBA EDUCATION: CARE Reaffirms 'B' Rating on INR15cr LT Loan
TULASI INDUSTRIES: CRISIL Assigns 'B' Rating to INR49.5MM Loan

UNISOURCE PAPERS: CRISIL Raises Rating on INR15MM Loan to 'B'
V3 ENGINEERS: CRISIL Reaffirms B- Rating on INR92.8MM LT Loan


J A P A N

SONY CORP: Fitch Affirms 'BB' LT Issuer Default Ratings


M A C A U

STUDIO CITY: S&P Revises Outlook to Negative & Affirms 'BB-' CCR


N E W  Z E A L A N D

ROSS ASSET: Wellington Couple Win Battle to Keep NZ$2 Million


S I N G A P O R E

ASIA TELEVISION: Court OKs Majority Share Sale to Star Platinum
JV FITNESS: Owes California Fitness Members SGD21.7 Million


                            - - - - -


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


E.T.X. MANAGEMENT: First Creditors' Meeting Set For Aug. 25
-----------------------------------------------------------
A first meeting of creditors of E.T.X. Management Services Pty
Ltd, formerly trading as "Empire Trade Exchange Pty Ltd," will be
held at the offices of Grant Thornton Australia Limited, at The
Rialto, Level 30, 525 Collins Street, in Melbourne, on Aug. 25,
2016, at 11:00 a.m.

Ahmed Bise and Stephen Robert Dixon of Grant Thornton were
appointed as administrators of E.T.X. Management Services on Aug.
15, 2016.


GUVERA: Deloitte Did Not Tell Creditors About Accountant Referral
-----------------------------------------------------------------
The Australian reports that administrators of two failed
subsidiaries of troubled IPO hopeful Guvera did not tell
creditors they had accepted the job on referral from an
accountant whose family owns half of AMMA Private Equity, which
has reaped more than AUD20 million in fees from the music
streaming service.

According to The Australian, company documents showed Canberra
accountant Marc Wilson, a business associate of notorious Kiwi
former bankrupt Mark Bryers, is also a director of numerous
companies associated with AMMA and its founder, Darren Herft.

The Australian relates that in a report to creditors of one of
the failed subsidiaries, Guv Services, administrators Ezio
Senatore and Neil Cussen, of Deloitte, said Mr. Wilson's
Benchmarc Group was "part of a network of accountants associated
with AMMA Private Equity" through which money was raised to
invest in Guvera.  The administrators however did not disclose
that Chinta Holdings, owned by Marc and Carmel Wilson, holds
about 5.75% of AMMA itself, according to company documents.

Nor did they reveal that an additional 44.25% of AMMA is held by
Bruce Wayne Corp, owned by Ricky Wilson, who is also an
accountant at Benchmarc. The remaining half of AMMA is held by
Herft Accounting Australia Number 2, a company owned by
Mr. Herft's wife, Georgia, The Australian notes.

Other companies associated with AMMA where Marc Wilson is a
director include celebrity video chat service Kwickie, which is
helmed by Australia Post boss Ahmed Fahour's brother, Mahamoud,
The Australian discloses.

According to the report, Deloitte partner Sal Algeri said there
was "no conflict" of which creditors should have been told.
"We've been appointed over two companies that have nothing to do
with AMMA," he told The Australian.

Guvera tipped Guv Services and another subsidiary, Guvera
Australia, into administration on June 27 after the ASX knocked
back an audacious bid to list the group in a AUD1 billion IPO.
The Guvera appointment was one of "a number of appointments which
have been referred to us by Benchmarc Group," Mr. Senatore and
Mr. Cussen said in their July 22 report to creditors, The
Australian relays.

They were "not paid any commissions, inducements or benefits" to
take Benchmarc's jobs and there was no relationship that would
stop them properly discharging their duties. NZ company records
show Mr. Wilson remains a director of Bryers vehicle Northern
Crest Investments, which has been in liquidation since mid-2011.

The Australian says Mr. Bryers was bankrupted in New Zealand in
2009 owing AUD230 million and the following year was convicted of
34 charges of failing to comply with financial reporting rules
relating to his failed Blue Chip group.

There is no suggestion Mr. Wilson, who did not return The
Australian's calls, has done anything wrong.

Mr. Senatore and Mr. Cussen appear to be relying on an infusion
of cash from Guvera, which itself has already defaulted on more
than AUD19 million of loans, to revive Guv Services, The
Australian states.

According to The Australian, Guvera has proposed tipping
AUD360,000 into a fund over the coming 12 months under a deed of
company arrangement (DOCA), under which staff are supposed to
receive all their unpaid superannuation and other entitlements.
However, other creditors -- largely the ATO, owed more than AUD1
million -- are set to receive just 6.8 cents in the dollar.  Mr.
Senatore and Mr. Cussen did not reveal the source of the money
for the proposed DOCA, the report notes.

Guvera's prospectus shows that the loss-making group owed AUD21.4
million to lenders, of which AUD19.4 million was overdue as of
August 8. The remaining AUD2 million falls due this month, adds
The Australian.

Australian-based Guvera is an online music and entertainment
streaming service.


MOONDARAH PROJECTS: Winemaking Business Enters Liquidation
----------------------------------------------------------
Eloise Keating at SmartCompany reports that the customer list and
website of a well-established winemaking and retail business are
up for grabs, after two related companies were placed in
liquidation earlier this year.

SmartCompany relates that the Moondarra winemaking business was
established in 1991 with the production of pinot noir in
Gippsland in regional Victoria. The business later added a
vineyard in the King Valley to the operations, which produced
pinot gris and pinot noir wine varieties. Among the business's
recognised wine brands are Moondarra and Holly's Garden.

According to SmartCompany, the business was operated under two
companies, Moondarah Projects Pty Ltd and Winose Pty Ltd, which
both entered liquidation on May 18 and are now under the
management of Matthew Jess and Nathan Deppeler of Worrells
Solvency and Forensic Accountants.

SmartCompany says the liquidators have commenced a sale campaign,
with an advertisement in the Australian Financial Review late
last week stating the business's intellectual property, including
its trademarks, website and customer list, are for sale.

The ad, from Slattery Auctions and Valuations, also listed
volumes of wine for sale, including approximately 25,000 bottles
of labelled wine; approximately 45,000 bottles of incomplete or
unlabelled wine; and approximately 35,000 litres of bulk wine
stored in barrels and tanks, SmartCompany discloses.

SmartCompany says Slattery Auctions is also calling for
expressions of interest in the business's plant and equipment,
although the sale of those assets would be subject to existing
finance arrangements.

Paul Burness, managing partner of Worrells in Victoria, told
SmartCompany the business has continued to trade since
liquidators were appointed so as to sell through existing
inventories.

While Mr. Burness said the factors leading up to the companies
being placed into liquidation are not clear at this point in
time, the companies were "certainly insolvent," SmartCompany
relates.

SmartCompany adds that Mr. Burness said he expects there to be
interest from the market in the available assets, however the
liquidators are still in the early stages of the expression of
interest campaign.



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C H I N A
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AMP CAPITAL: Accelerates Plans to Wind-up China Growth Fund
-----------------------------------------------------------
Sally Rose at The Australian Financial Review reports that AMP
Capital said shareholders in its shuttered China Growth Fund will
get their first tranche of capital back by the end of September,
and has indicated more than 70% of the fund could be returned
before the end of the year.

The sooner-than-expected start returning the roughly $471 million
held in the fund was announced on August 16, as AMP said it had
engaged investment bank UBS as an external adviser on the wind-up
strategy.

About $40 million of profits and cash currently held in Hong Kong
would be released as an initial distribution of $0.08478 per unit
"as soon as possible" and by September 30 at the latest, AMP
Capital told shareholders, according to AFR.

Liquidation of as much as 95% of the fund's assets could begin in
coming days, says AFR.

All the underlying portfolio of China A-shares (other than shares
that are suspended or in trading halt) will be sold "as soon as
is practicable", the company said, the report relays.

Net cash proceeds from selling the stocks will then be held in a
bank account in China, in US dollars, until they can be
repatriated from China, AFR says.

According to AFR, AMP Capital said it expected to repatriate
CNY1.56 billion ($305 million) of the fund's principal during the
next three months.

This is the maximum permitted under current regulations, and an
application has already been made to the fund's Chinese
custodian.

"AMP Capital is committed to returning funds to unitholders as
quickly as possible," chairman Adam Tindall said. "We have
decided that the best approach is an 'upfront sell-down option',
where all of the underlying portfolio of China A-shares is sold
(other than shares that are suspended or in trading halt), and
then the net proceeds are distributed in tranches as soon as tax
and regulatory approvals are received by the Chinese
authorities."

AFR notes that AMP Capital was forced into plans to wind-up its
China Growth Fund -- a listed investment company dedicated to
China A-shares -- after shareholders in the fund voted last month
to back a push by Hong Kong-based hedge fund Lim Advisors to shut
it down.

The report relates that disgruntled investors complained the
decade-old fund had consistently underperformed its benchmark
index, charged too much in fees and traded at too wide a discount
to its net tangible assets.

It followed a protracted stoush that included an unsuccessful bid
by related party AMP Life, the largest shareholder in the fund,
to be allowed to vote, AFR states.

Before the vote AMP had warned shareholders that a study by KPMG
showed liquidating the fund and repatriating the capital out of
China could take up to 18 months, the report says.

"It is still anticipated that it will take nine to 18 months to
finalise the wind-up and return the last dollar to unitholders,"
AFR quotes Mr. Tindall a saying.

After the updated wind-up strategy was released on August 16,
shares in the fund rose 1.7% to 90.5 cents, narrowing the
discount to its net asset value of 99 cents, AFR notes.



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


NOBLE GROUP: Liquidity Crunch in 2Q 2016 Temporary, Fitch Says
--------------------------------------------------------------
Noble Group Limited's (Noble; BB+/Stable) liquidity crunch in
2Q16 is temporary and the Hong Kong-based commodities trader will
have sufficient liquidity in 3Q16, following its rights offering
and working capital reductions, says Fitch Ratings.

Noble's liquidity headroom at end-2Q16 was US$868 million,
comprising US$668 million of unrestricted cash and equivalents
and around US$200 million of undrawn committed facilities, after
the company drew down US$800 million of committed facilities to
repay debt. This left Noble's liquidity at 0.5x inventory,
compared to 1.3x at end-1Q16.

Fitch expects Noble's liquidity ratio to return above 1.0x in
3Q16, as the company is likely to generate approximately US$900
million of liquidity; US$500 million from its rights offering,
assuming cash proceeds are used to repay debt, and the rest from
working capital reductions.

Noble's 2Q16 trading volume of 55 million tonnes was similar to
the previous quarter, when higher energy volumes were offset by
lower volumes in the less profitable metal and logistic
businesses. Fitch said, "We expect the company's 3Q16 trading
volume to remain stable, which suggest a 25% yoy decline."

The de-emphasis on business scale will remain until the sale of
Noble Americas Energy Solution (NAES) business is completed, as
the company is focused on deleveraging and strengthening its
liquidity position. A significant reduction in Noble's business
scale or EBITDA generation could put pressure on its ratings. "We
will evaluate how the sale affects the company and how proceeds
will be utilised once the sale is completed," Fitch said.



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


4S SPINTEX: CARE Assigns B+ Rating to INR21cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of 4S
Spintex India Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       21       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of 4S Spintex India
Private Limited (4SIPL) is constrained by the highly fragmented
industry and seasonal nature of business resulting in high
dependence on working capital bank borrowings and profitability
margins susceptible to fluctuation in raw material prices and
changes in the government policies. However, the rating is
underpinned by the advanced stage of project implementation,
experience of the partner for three decades in the cotton
industry and location advantage due to presence in the cotton
growing belt of Andhra Pradesh.

The ability of the company to commence commercial operations as
planned and ability to stabilize the same are the key rating
sensitivities.

4S Spintex India Private Limited was incorporated in the year
2012 and promoted by Mr. K Purushotham and relatives. The company
has set up a spinning mill with an installed capacity of 8160
spindles of 35 counts. The commercial operations of the company
are likely to start by August 2016.

The company is planning to purchase the raw material (raw cotton)
from local farmers and traders located at Guntur district. 4SIPL
is planning to sell the cotton yarn to the traders, dealers and
merchant exporters of various locations like Tamil Nadu, Andhra
Pradesh and Maharashtra.


A AND J MICRONS: CRISIL Reaffirms 'B' Rating on INR118.6MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of A and J Microns
Private Limited continue to reflect AJMP's moderate scale of
operations, subdued financial risk profile because of high
gearing, and large working capital requirement. These weaknesses
are mitigated by the extensive experience of promoters in the
ceramics and laminates industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        11.4       CRISIL A4 (Reaffirmed)

   Cash Credit           80         CRISIL B/Stable (Reaffirmed)

   Term Loan            118.6       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AJMP will benefit over the medium term from its
promoters' extensive entrepreneurial experience. The outlook may
be revised to 'Positive' in case of large cash accrual because of
significant increase in revenue or sustained improvement in
operating profitability. Conversely, the outlook may be revised
to 'Negative' if financial risk profile, especially liquidity,
weakens on account of significantly low cash accrual or stretched
working capital cycle or large debt-funded capital expenditure.

Update

The company has a topline of INR360.0 million in fiscal 2016
against INR110.0 million in fiscal 2015. The growth in revenue
demonstrates early stabilization in the first full year of
operations backed by higher-than-expected orders. Moreover, a
growth of 50.0% is expected in the next fiscal backed by enhanced
capacities of 900 tonne per day. Operating margin remained
higher-than- expectations at over 15.0% in fiscal 2016, and is
expected to remain high at 15.0% over the medium term. Operations
remain working capital intensive as reflected in gross current
assets of 197 days as on March 31, 2016, and shall remain so with
gross current assets expected to remain at over 170 days in the
medium term.

Financial risk profile remains subdued with high gearing led by
short-span of commencement of operations and undertaking of
additional capital expenditure programme in fiscal 2016 to expand
the capacities. Gearing was at 2.08 time as on March 31, 2016,
higher than 1.98 times as on March 31, 2015. Moreover, networth
remained modest at INR98.0 million. However, debt protection
metrics remained comfortable with interest cover and net cash
accrual to total debt ratio of 2.4 and 0.11 times for fiscal
2016.

Liquidity is marked by generation of low cash accrual, which
remains sufficient to repay the debt obligation. Cash accrual of
INR30-40 million should be sufficient against debt obligation of
INR27.0 million each year. The bank lines remain moderately
utilised at 50.0% over the 12 months through March 2016.
Liquidity was supported by enhancement in the working capital
limits to INR80.0 million from INR40.0 million.

AJMP, incorporated in November 2013, is promoted by Mr. Vinay
Patel, Mr. Jignesh Patel, Mr. Anil Patel, Mr. Bharat Patel, Mr.
Vasantlal Patel, and Mr. Vimalkumar Savsani. The company has set
up a unit for feldspar processing in Morbi (Gujarat) with
installed capacity of 900 tonne per day, and expanded from 450
tonne per day. It commenced commercial operations in June 2014.
The promoters have experience of more than two decades in the
ceramics and laminates industry because of their association with
group companies. AJMP's main product, feldspar, is a key raw
material used for manufacturing ceramic tiles.


ACOUSTICS INDIA: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Acoustics India
Private Limited continue to reflect AIPL's below-average
financial risk profile, marked by a small net worth and weak debt
protection metrics and its modest scale of operations. These
rating weaknesses are partially offset by the extensive
experience of AIPL's promoter in the engineering industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)

   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AIPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of significant
improvement in the company's scale of operations and
profitability leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
company's working capital management deteriorates, leading to
deterioration in its liquidity, or if the company undertakes a
large debt-funded capital expenditure programme, weakening its
capital structure.

Established in 1988 by Mr. Sukumar, AIPL manufactures noise and
pollution control products used in industries such as power,
engineering, fertilizers, oil and gas, and petrochemicals.


AGMOTEX FABRICS: CRISIL Reaffirms B+ Rating on INR205MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Agmotex
Fabrics Private Limited continues to reflect its modest scale of
operations in the fragmented textile knitting and weaving
industry, its large working capital requirement, below-average
debt protection metrics, and stretched liquidity because of
ongoing capital expenditure (capex).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            205       CRISIL B+/Stable (Reaffirmed)
   Term Loan               75       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive industry
experience of its promoters, and their funding support.

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

CRISIL, on July 28, 2016, assigned its 'CRISIL B+/Stable' rating
to the long-term bank facilities of AFPL.

Outlook: Stable

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

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


AMA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR30MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of AMA Industries Private
Limited continue to reflect AMA's small scale of operations,
volatility in revenue and profitability, and below-average
financial risk profile, because of small networth and weak debt
protection metrics. These rating weaknesses are mitigated by the
extensive experience of promoters in the explosives industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee         35       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     15       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes AMA will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if sustainable improvement in scale of
operations and profitability, leads to healthy growth in cash
accrual, or if lower-than-expected working capital requirement,
results in better financial risk profile. Conversely, the outlook
may be revised to 'Negative' if revenue or profitability declines
further, or if there is a stretch in working capital cycle,
leading to weak financial risk profile, particularly liquidity.

Update

The lower industry demand resulted in revenue of INR230.8 million
in fiscal 2016, against INR234.2 million in fiscal 2015. The
company currently has an order book of INR210 million as on June
30, 2016, to be executed in the next 12-18 months, which will
help sustain scale of operations. The fluctuation in prices of
raw material prices resulted in lower operating margin of 5.5% in
FY16.

Financial risk profile remains weak with low networth of INR34.6
million, gearing of 2 times, interest coverage of 1.3 times and
net cash accrual to total debt of 0.04 time as on March 31, 2016.
Liquidity remains stretched with expected cash accrual of INR6
million tightly matching the term loan obligation of INR5 million
in fiscal 2017. The bank limits have remained moderately utilized
at 89% in the six months through March 2016, thereby providing
the financial flexibility to timely meet the debt obligation.
Liquidity is also supported by unsecured loans of INR81 million
as on March 31, 2016, from promoters.

AMA, incorporated in 2003, in Nagpur (Maharashtra) is promoted by
three brothers, Mr. Iqbal Maimoon, Mr. Abdul Maimoon, and Mr.
Akhtar Maimoon. It manufactures slurry explosives, emulsion
explosives, non-electrical explosives, and detonators; it also
trades in explosive accessories and transports explosives.


ANUKUL AGROTECH: CRISIL Assigns B+ Rating to INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Anukul Agrotech Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Standby Letter
   of Credit               20        CRISIL B+/Stable
   Buyer Credit Limit     100        CRISIL B+/Stable
   Cash Credit            100        CRISIL B+/Stable

The rating reflects AAPL's moderate scale of operations in the
highly fragmented dry fruit trading industry and weak financial
risk profile because of a high estimated total outside
liabilities to tangible net worth ratio and deterioration in the
debt protection metrics. These weaknesses are partially offset by
the company's efficient working capital management and the
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes AAPL will sustain its business risk profile over
the medium term backed by the extensive industry experience of
the promoters. The outlook may be revised to 'Positive' if the
financial risk profile improves owing to higher-than-expected
cash accrual, driven by improvement in operating profitability,
or capital infusion by the promoters. Conversely, the outlook may
be revised to 'Negative' if there is deterioration in AAPL's
financial risk profile either on account of low profitability or
high working capital requirements.

AAPL was set up in 2005 by Jaipur-based Goenka family. The
company trades in dry fruits, mustard oil, and spices. The family
has extensive experience in the trading of commodities. AAPL has
a shell-cracking unit for almonds in Jaipur. The operations are
managed by Mr. Gopal Goenka and his son Mr. Rishi Goenka.

On provisional basis, AAPL reported profit after tax of INR1.7
million on net sales of INR929.1 million for 2014-15 (refers to
financial year, April 1 to March 31) vis-a-vis net loss of INR0.3
million on net sales of INR350.1 million for 2013-14.


BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR40MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the bank facilities of Bangalore Paper Store
reflects the weak financial risk profile because of a high TOLTNW
ratio and modest debt protection metrics; and working capital
intensive nature of operations marked by high debtor days. These
rating weaknesses are partially offset by extensive experience of
promoters in the paper trading industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        95       CRISIL A4 (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vipul Overseas Private Limited and its
group company, BPS. This is because these entities together
referred to as the Vipul Overseas group, share common
infrastructure and have a similar procurement process. Moreover,
these entities trade in similar products.
Outlook: Stable

CRISIL believes the Vipul Overseas group will continue to benefit
over the medium term from the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if equity
infusion improves the capital structure or if significant
improvement in topline and profitability leads to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins or
a significant deterioration in the capital structure on account
of larger-than-expected working capital requirement.

BPS was set up as a proprietorship concern in 1991 by the New
Delhi-based Mr. Surinder Garg. It trades in coated and uncoated
paper, newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter
and managing director the other directors are Mr. Jai Dev Ram
Garg (father of Mr. Surinder Garg) and Mrs. Archana Garg (wife of
Mr. Surinder Garg). The company also trades in coated and
uncoated paper, newsprint, and waste paper.


BHARAT AGRO: CRISIL Puts B+ Ratings on Notice of Withdrawal
-----------------------------------------------------------
CRISIL has placed its rating on Bharat Agro Industries bank
facilities on 'Notice of Withdrawal' for a period of 60 days at
the company's request and on receipt of no objection from State
Bank of India. The ratings will be withdrawn at the end of the
notice period. The rating action is in line with CRISIL's policy
on withdrawal of its ratings on bank loans.

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

   Proposed Long Term      50        CRISIL B+/Stable (Notice
   Bank Loan Facility                of Withdrawal)

Outlook: Stable

CRISIL believes that BAI will benefit over the medium term from
its partners' extensive experience in the cotton ginning
industry. The outlook may be revised to 'Positive' if the firm's
profitability improves significantly, leading to improvement in
its debt protection metrics. The outlook may be revised to
'Negative' if capital withdrawals or debt-funded capital
expenditure plan causes the firm's financial risk profile to
weaken.

Established in 2005, BAI, based in Khamgaon (Maharashtra), is a
partnership firm engaged in cotton ginning. The firm was started
by members of the Juneja family in Khamgaon. Mr. Charanjeetsingh
Juneja, his sister-in-law, Mrs. Trilauchankaur Juneja, and his
nephew, Mr. Gurmeetsingh Juneja, are partners in the firm.


CHAUDHARY TRADING: CRISIL Assigns 'B' Rating to INR25MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Chaudhary Trading Co Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             25       CRISIL B/Stable
   Letter of Credit        90       CRISIL A4

The ratings reflect the company's below-average financial risk
profile because of weak debt protection metrics, its modest scale
of operations, and exposure to intense competition. These
weaknesses are partially offset by the extensive experience of
its promoters in the timber industry and their financial support
to meet its term debt obligations.

Outlook: Stable

CRISIL believes CTPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in the company's
cash accrual, leading to a considerable improvement in its
interest coverage ratio and networth. The outlook may be revised
to 'Negative' in case of large, debt-funded capital expenditure,
or decline in its profitability, or capital withdrawal, weakening
its financial risk profile, particularly liquidity.

CTPL, incorporated in 1997, processes and trades in timber. The
company is promoted by Mr. Ajay Kumar, Mr. Shiv Kumar, and Mr.
Sanjay Kumar, and its manufacturing facilities are in Gandhidham,
Gujrat.


CHOKSEY CHEMICALS: CRISIL Raises Rating on INR72.5MM Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Choksey Chemicals Private Limited to 'CRISIL B/Stable' from
'CRISIL B-/Stable', while reaffirming its ratings on the short-
term bank facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)

   Cash Credit             72.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        35        CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in CCPL's credit profile
with improvement in scale of operations along with ongoing sale
of vacant land (leading to improved liquidity). With higher
demand for water-proofing products from existing customers along
with addition of new customers, the company's scale of operations
improved to INR393 million during 2015-16 (refers to financial
year, April 1 to March 31) from INR337 million during 2014-15.
Further, ongoing sale of vacant land for about INR48 million
along with infusion of preference share capital of INR15 million
during 2015-16 uplift the company's liquidity profile. With
diverse customer profile and healthy relationships with
customers, CRISIL expects CCPL to continue to improve its
business risk profile.

The rating continues to reflect CCPL's small scale of operations
in the construction chemicals industry and working capital
intensive operations. The ratings also factor in the company's
below-average financial risk profile, marked by below-average
debt protection metrics and high external borrowings. These
rating weaknesses are partially offset by CCPL's diverse customer
profile and the promoters' extensive experience in the
construction chemicals industry.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in operating income and profitability, leading to an
improved financial risk profile, especially debt protection
metrics and total outside liabilities to tangible net worth
(TOLTNW) ratio. Conversely, the outlook may be revised to
'Negative' if CCPL's profitability deteriorates further or if
there is a stretch in its working capital cycle resulting in
liquidity pressure. The outlook may also be revised to 'Negative'
if the company undertakes any large debt-funded capital
expenditure (capex) programme, leading to deterioration in its
financial risk profile. Maintenance of funds received from
ongoing asset sale will remain a key monitorable over the medium
term.

CCPL, established in 1985 and promoted by Mr. Girish C Choksey,
manufactures construction chemicals and concrete admixtures. The
company provides a range of pre- and post-construction chemicals.
It manufactures construction chemicals at its unit in Taloja
(Maharashtra), and concrete admixtures at its facility in
Silvassa (Dadra and Nagar Haveli). It also provides water-
proofing services.


COSMOS DEVELOPERS: CRISIL Assigns 'B' Rating to INR140MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Cosmos Developers - Rajkot.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               140       CRISIL B/Stable

The rating reflects the firm's exposure to risks and cyclicality
inherent in the real estate industry, the geographical and
project concentration in its revenue, and its low sales. These
weaknesses are partially offset by the extensive experience of
its promoters in the real estate industry.

Outlook: Stable

CRISIL believes CD will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm generates substantial cash flow from
operations because of speedy execution of its project and
increased customer advances. The outlook may be revised to
'Negative' in case of significantly low cash flow from
operations, because of subdued response to its project or low
customer advances or delay in project completion, leading to
deterioration in its financial risk profile, particularly
liquidity.

CD, a partnership firm formed in 2015, is constructing a
residential complex, Cosmos Plus, at Mavadi in Rajkot, Gujarat.
The firm is promoted by 11 partners who have extensive experience
in real estate development. Its operations are managed by Mr.
Ramnik Savji Katodia, Mr. Mitul Amrut Dhut, and Mr. Kantilal
Virji Patel.


CREATIVE EDUCATIONAL: CRISIL Ups Rating on INR60MM LT Loan to B+
----------------------------------------------------------------
CRISIL has upgraded its rating on long-term bank facilities of
Creative Educational Society to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           60       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility       10       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       30       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The upgrade factors in CRISIL's belief that CES's business risk
profile will improve over the medium term supported by higher
revenue and stable operating margins. The revenue growth over the
medium term is expected to be driven by larger-than-expected
increase in the fees charged for its undergraduate programmes in
the engineering stream. The financial risk profile is expected to
improve over the medium term with improving cash accruals, modest
capex plans, and need based fund support from its promoters'.

CRISIL rating continues to reflect its highly working capital
intensive nature of operations, exposure to intense competition,
and susceptibility to changes in regulation in the education
sector. These rating weaknesses are partially offset by the
benefits driven by the long standing industry experience of its
promoters and its moderate financial risk profile, marked by
moderate gearing and debt protection metrics albeit constrained
by modest networth.

Outlook: Stable

CRISIL believes that CES will continue to benefit from its long
standing experience of trustees in the education sector. The
outlook may be revised to 'Positive' in case of a sustainable
improvement in the realization of CES' receivables and if the
society increases its scale of operations substantially, most
likely by increasing the number of courses it offers or by
increase in intake or fee hike. Conversely, the outlook may be
revised to 'Negative' if the society undertakes any large debt-
funded capital expenditure programme resulting in deterioration
in financial risk profile or faces any adverse regulatory change,
resulting in significant decline in its student intake or its
cash accruals.

Established in 2005, CES runs two colleges offering undergraduate
courses in engineering and pharmacy and post graduate courses in
pharmacy. The day-to-day operations of the society are managed by
its Chairman - Mr. S. Rama Subbha Reddy.

CES reported an estimated surplus (excess of income over
expenditure) of around INR11 million on an operating income of
around INR129 million for 2015-16 (refers to the financial year,
April 1 to March 31) against a surplus of around INR6 million on
an operating income of around INR115 million for 2014-15.


EKAM AGRO: CRISIL Reaffirms B+ Rating on INR110MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Ekam Agro Private
Limited continues to reflect company's nascent stage of
operations and it's below average financial risk profile marked
by moderate gearing and low networth. These rating weaknesses are
partially offset by the promoters' extensive experience in the
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             40       CRISIL B+/Stable (Reaffirmed)
   Term Loan              110       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that EAPL shall maintain a stable business risk
profile backed by the promoter's extensive experience in oil
industry. The outlook may be revised to 'Positive' if the company
reports higher than expected cash accruals while improving the
revenue and sustaining the profitability at healthy levels, and
subsequent improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if ESPL's revenues and
profitability decline significantly, or if the company undertakes
large debt-funded capital expenditure programme, thereby
weakening its financial risk profile and liquidity.

Update

EAPL's operating revenue is estimated at INR505.10 million in
Fiscal 2016 as compared to INR121.10 million in previous year on
account of first full year of operation. CRISIL believe that
operating revenue of the company will further improve
significantly in the range of INR850 to INR1000 million over the
medium term with supports of healthy demands of rice bran oil.
EAPL is estimated to report operating margins of 8.7% in Fiscal
2016.

EAPL is having below average financial risk profile marked by
estimated small net worth of INR60.0 million, moderate gearing of
2.42 times with  average debts protection metrics marked by ICR
and NCAAD of 2.20 and 0.15 times in Fiscal 2016. CRISIL believe
that financial risk profile of the company will remain below
average with small net worth due to low margin which leads low
accretion in the reserve.

EAPL is expected to generate sufficient net cash accruals to meet
the maturing term debts obligation of INR11.50 million in 2016-
17. Liquidity profile of the company is also supported by
promoters in the form of unsecured loans outstanding at INR27.35
million in Fiscal 2016. However, bank limits utilization of the
company has remained on the higher side at around 88% over the
last 12 month ended at May 2016 due to working capital intensive
operation marked by Gross Current Assets of 115 days in 2015-16.

Incorporated in 2014, Ekam Agro Private Limited (EAPL) is engaged
in the manufacturing of edible oil. The company's manufacturing
facility is located at Jalalabad road Mukatsar, Punjab and
operates at a capacity of around 150 tonnes per day (tpd).


GANGETIC HOTELS: CRISIL Hikes Rating on INR1.40BB Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Gangetic Hotels Private Limited to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'. GHPL owns and operates Courtyard Marriot
Hotel in Agra, Uttar Pradesh, which is managed by Marriot
International Inc.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              1400       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's expectation of continued strong
managerial, financial, operational, and any other support to GHPL
from the Phoenix group, on an ongoing basis, given that the
company is now a majority owned subsidiary of the group's
flagship company The Phoenix Mills Ltd (TMPL), which also has
management control.

In September 2015, TPML increased its ultimate ownership in GHPL
to 61% from 41%, and now plays an active role in the company's
operations. TMPL had extended unsecured loans of INR757 million
to GHPL till March 31, 2016, and is likely to continue providing
financial support when needed. This will enable GHPL to offset
the pressure on its financial risk profile. GHPL is likely to
generate cash losses in the initial years of operations due to
high interest outgo as the hotel construction was largely funded
through debt due to expansion in the project scope and
modification in line with Marriot's standards.

GHPL commenced full operations of its 5-star hotel in April 2015
and achieved moderate average occupancy and average room rent
(ARR) for fiscal 2016. GHPL's operations will continue to benefit
from the strong brand recall of, and the operational benefits
derived from its association with, Marriot. This will lead to an
increase in the occupancy and ARR over the medium term. The hotel
is also likely to benefit from its favorable location near Taj
Mahal as well as competitive pricing. As a result, GHPL's debt
protections metrics are expected to improve gradually over the
medium term.

The rating reflects the company's weak financial risk profile
because of cash losses due to initial years of operations, and
its susceptibility to cyclicality in the hospitality industry.
These weaknesses are partially offset by the managerial and
financial support that GHPL is expected to receive from TPML, and
the established track record of its operations and management
partner, Marriot, in the hospitality industry.

Outlook: Stable

CRISIL believes GHPL's cash flow will remain weak in the near
term, but the company will continue to receive support from its
parent, TPML. The outlook may be revised to 'Positive' in case of
a significant and sustainable increase in GHPL's revenue and
profitably, leading to sizeable cash accrual. The outlook may be
revised to 'Negative' if the revenue does not increase as
expected, or if operating profitability is low, resulting in
lower-than-expected cash accrual, or if funding support from the
promoters is less than expected and not timely, weakening the
company's liquidity.

GHPL was jointly promoted by Phoenix Hospitality Co Pvt Ltd (part
of the Phoenix group), and MTX Hotels Pvt Ltd (MTX; part of the
UP Asbestos group), which together held 60.9% stake in the
company. In fiscal 2016, TPML acquired MTX's stake in GHPL,
making the Phoenix group a majority shareholder. Private equity
players, Leine River and Fushe River, together hold 39.1% stake
in GHPL.

The company's project faced delays in construction primarily due
to expansion in scope with modification as per Marriot's
standards. The project cost of INR2.3 billion was funded through
a term loan of INR1.4 billion, equity of INR0.4 billion, and
unsecured loans of INR0.5 billion from the promoters and their
affiliates.

GHPL reported a net loss of INR362 million on operating income of
INR269 million in fiscal 2016.


GKB OPHTHALMICS: CRISIL Reaffirms B Rating on INR40MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of GKB Ophthalmics
Limited continue to reflect modest scale and working capital-
intensive operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          11       CRISIL A4 (Reaffirmed)

   Cash Credit             40       CRISIL B/Stable (Reaffirmed)

   Export Bill Purchase
   Discounting             20       CRISIL A4 (Reaffirmed)

   Export Packing Credit   30       CRISIL A4 (Reaffirmed)

   Letter of Credit        50       CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of profitability to
revenue contribution from exports as well as proportion of
revenue from plastic and glass lenses and weak interest coverage.
These strengths are partially offset by the benefits derived from
the extensive experience of management in the ophthalmic lenses
industry and comfortable capital structure.

Outlook: Stable

CRISIL believes GKB will continue to benefit from the extensive
industry experience of its management. The outlook may be revised
to 'Positive' if improvement in profitability and revenue
increases cash accrual while capital structure is maintained. The
outlook may be revised to 'Negative' if low cash accrual or large
working capital requirement or debt-funded capital expenditure
weakens liquidity.

Promoted by Mr. K G Gupta and his sons Mr. Vikram Gupta and Mr.
Gaurav Gupta, GKB was incorporated in 1981, and commenced
operations in 1983. The company manufactures ophthalmic lenses
such as single-vision glass lenses, single-vision plastic lenses,
bifocal plastic lenses, and photochromic plastic lenses.


JALAN CARBONS: CRISIL Cuts Rating on INR222MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jalan Carbons and Chemicals Private Limited to 'CRISIL B-
/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             222      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Rupee Term Loan           3      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Standby Line of Credit   12      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Working Capital         133      CRISIL B-/Stable (Downgraded
   Term Loan                        from 'CRISIL B+/Stable')

The downgrade reflects deterioration in business and financial
risk profiles on account of low market demand, a sharp fall in
coal tar prices, and tough competition from Himadri Chemicals
India Limited (HCIL), and also from smaller players such as
Palriwal Industries Pvt Ltd, Kedia Carbon Pvt Ltd, and others.
This resulted in low capacity utilisation and less ability to
bargain with customers for better realisations. Revenue declined
significantly to around INR436.4 million in fiscal 2016 from
INR922.0 million in fiscal 2015. Revenue was around INR109.0
million for the three months through June 2016 supported by an
improvement in current market prices. Operating margin declined
to less than 1% in fiscal 2015 on account of significant increase
in raw material prices and higher fixed costs. However, the
margin improved to 6% in fiscal 2016, backed by lower operating
expenses post the amalgamation of group entities.

The financial risk profile is below average due to an average
capital structure and weak debt protection metrics. Net worth was
modest, estimated at INR93.6 million, and gearing was high at
2.02 times, as on March 31, 2016. Debt protection metrics were
weak with interest coverage and net cash accrual to total debt
ratios of around 0.9 time and 0.06 time, respectively, in fiscal
2016. Liquidity is expected to be stretched over the medium term
because of low cash accrual against debt obligation of around
INR31.6 million per annum. However, liquidity is supported by the
stable lease rental receipts of around INR15.4 million per annum
from commercial and residential properties.

The rating continues to reflect the susceptibility of the
company's operating margin to cyclicality in end-user and
supplier industries, and a below-average financial risk profile
because of high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive
experience of the company's promoters in the coal tar pitch
industry.

Outlook: Stable

CRISIL believes JCCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
their sustained fund support. The outlook may be revised to
'Positive' in case of higher-than-expected revenue and
profitability, backed by sustainable improvement in capacity
utilisation and better debt protection metrics. The outlook may
be revised to 'Negative' in case of lower-than-anticipated cash
accrual and larger-than-expected working capital requirement,
weakening the financial risk profile.

JCCPL is promoted by Mr. Ajay Mohan Jalan and was formed in
August 2014; the company manufactures coal tar pitch, and trades
in its by-products, such as creosote oil, naphthalene oil, and
tar oil. Apart from its manufacturing operations, the company's
other sources of income include rental income and trading income
from sale of properties.

During 2013-14, Jalan Carbons and Chemicals Ltd and
Intercontinental Tar Refiners Pvt Ltd together combined to form
JCCPL.


K.B.R. MARINE: CRISIL Assigns 'B-' Rating to INR110MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of K.B.R. Marine Exports.

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Export Packing Credit        40      CRISIL A4
   Foreign Bill Discounting    110      CRISIL B-/Stable

The rating reflects KBR's weak financial profile marked by low
net worth and weak coverage ratio, its modest scale of operations
and susceptibility to risks inherent to the sea food industry.
The ratings also factor in risks associated with its ongoing
expansion project. These weaknesses are partially offset by the
extensive industry experience of the promoter and semi integrated
operations aiding operating efficiencies.

Outlook: Stable

CRISIL believes that KBR will benefit from the extensive industry
experience of its promoter in the shrimp exports segment. The
outlook may be revised to 'Positive' if the firm reports higher
revenues and cash accruals through timely ramp up in its ongoing
project, thus resulting in an improvement in business and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the firm faces any significant time or cost overrun
in its ongoing project, or if its working capital management
deteriorates impacting its liquidity. The outlook may also be
revised to negative if its operations are adversely impacted on
account of disease outbreak in shrimps or on account of adverse
government regulations on shrimp exports from India.

Set up in 2003 by Mr. Krisha Reddy, KBR is engaged in shrimp
exports from Andhra Pradesh.

On provisional basis, KBR reported net profit of INR0.45 million
on operating income of INR209 million for 2015-16 (refers to
financial year, April 1 to March 31) vis-a-vis net profit of
INR0.62 million on net sales of INR423 million for 2014-15.


K.R.R. ENGINEERING: CRISIL Reaffirms B+ Rating on INR23.4MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of K.R.R. Engineering
Private Limited continue to reflect the extensive experience of
the company's promoters in the steel fabrication industry, and an
above-average financial risk profile because of healthy gearing
and debt protection metrics. These rating strengths are partially
offset by a modest scale of operations in an intensely
competitive industry, and large working capital requirement.

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

   Cash Credit            20        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       25        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     23.4      CRISIL B+/Stable (Reaffirmed)

   SME Care Loan           4        CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                  2.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KRR will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations, leading to substantially higher
cash accrual, while capital structure is maintained. The outlook
may be revised to 'Negative' in case of low revenue or
profitability, a highly stretched working capital cycle, or
large, debt-funded capital expenditure, resulting in weakening of
the financial risk profile.

KRR was originally set up as a proprietorship concern, KRR
Engineering Enterprises, by Mr. K R Ramaswamy in 1976; the firm
was reconstituted as a private limited company with the current
name in 1986. KRR, based in Chennai, undertakes heavy fabrication
and machining for a wide range of process industries. It has a
track record of 40 years as a process plant manufacturer and its
promoters intend expanding the business in both domestic and
global markets. Mr. Sakthivel Ramaswamy, a graduate from the
Sloan School of Management, MIT Boston, with specialisation in
emergent technologies, has been recently appointed as managing
director.


KAVYARC TRADEX: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kavyarc
Tradex Private Limited continues to reflect the company's modest
scale of operations in an intensely competitive industry, below-
average financial risk profile because of muted debt protection
metrics and small networth, and susceptibility of operating
margin to volatility in raw material prices. These weaknesses are
partially offset by the extensive experience of its promoter in
processing food grains.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           70        CRISIL B/Stable (Reaffirmed)
   Long Term Loan        10        CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KTPL will benefit over the medium term from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' in case of significant improvement in sales, while
maintaining operating profitability; or if capital structure
improves with higher-than-expected accretion to reserves or
equity infusion. The outlook may be revised to 'Negative' if
substantially low cash accrual or deterioration in working
capital management further weakens financial risk profile.

Update

Scale of operations remains modest. As expected, revenue declined
to INR252 million in fiscal 2016 from INR361 million in 2015
because of shift to processing food grains from trading in them.
However, operating margin improved to 3.4% from 0.7%. Sales were
INR45 million for the first quarter of fiscal 2017 and are
expected to be INR250 million for the entire year. Turnover will
remain at INR250-300 million and margin at 3-4% over the medium
term.

Inventory increased to over 100 days as on March 31, 2016, from
30 days in the previous year because of change in business.
Inventory will remain large due to seasonal nature of crops, with
overall gross current assets expected at 165-170 days over the
medium term.

Large working capital requirement and recently completed capital
expenditure led to a high gearing of over 4 times as on March 31,
2016. Despite expected improvement due to increase in networth
and debt repayment, gearing will remain high at around 3 times
over the medium term. However, cash accrual will be sufficient to
meet low debt obligation. Bank limit utilization was moderate at
88% for the 10 months ended March 2016.

Incorporated in 2014 and promoted by Mr. Ritesh Kaushik Patel,
KTPL processes wheat, rice, millet, and maize at its facility in
Bavla, Ahmedabad. Before February 2015, the company traded in
food grains processed by group firm, Amidhara Industries.


KESHAV GREENS: CRISIL Assigns 'B' Rating to INR55MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facilities of Keshav Greens.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable
   Term Loan               55        CRISIL B/Stable

The rating reflects the firm's exposure to risks related to
stabilisation of operations and ramp-up in revenue from its
recently setup cold storage, and its subdued financial risk
profile because of large debt contracted to fund the project.
These weaknesses are partially offset by the extensive experience
of its promoters in the agriculture industry and their funding
support.

Outlook: Stable

CRISIL believes KG will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely stabilisation of
operations, leading to the anticipated revenue and cash accrual
in the initial phase of operations. The outlook may be revised to
'Negative' if the revenue or profitability is lower than
anticipated, leading to low cash accrual, or if large working
capital requirement exerts pressure on the firm's financial risk
profile, especially liquidity.

KG, established in April 2015 as a partnership firm, provides
cold storage services. Its cold storage at Nikoda in Himatnagar,
Gujarat, commenced commercial operations in February 2016.


LIFESTYLE SAREES: CRISIL Cuts Rating on INR220MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facility of Lifestyle Sarees Private Limited to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             220       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects significant deterioration in the company's
financial risk profile due to considerable reduction in turnover
in fiscal 2016 coupled with higher than expected inventory
holding levels. Though the company's operations are asset-light
in nature, CRISIL believes that, inventory holding levels will
continue to remain high over medium term. Gradual revival of
turnover will remain key rating sensitivity factor.

The rating reflects working capital-intensive operations and
limited pricing flexibility due to intense competition in the
fragmented textile industry. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters and an established marketing network.

Outlook: Stable

CRISIL believes LSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile, particularly liquidity, driven most
likely by a significant increase in cash accrual, better working
capital management, or infusion of substantial capital. The
outlook may be revised to 'Negative' in case of a further stretch
in the working capital cycle or significant debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.

LSPL was originally established as a proprietorship concern in
1988; the firm was reconstituted as a private limited company in
1999. The company is promoted by the Dhandharia family of Surat,
Gujarat. LSPL outsources processing activities such as dyeing,
printing, and designing of sarees, which it sells under brand
names Antra, Aravalli, and Lifestyle.

On a provisional basis, profit after tax (PAT) was INR1.8 million
on total sales of INR500.2 million for fiscal 2016, against PAT
of INR2.1 million on total sales of INR795.6 million for fiscal
2015.


LILAMANI INFRA: CARE Reaffirms B+ Rating on INR55.27cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Lilamani Infra.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     55.27      CARE B+ Reaffirmed

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of capital
or of the unsecured loans brought in by the partners, in addition
to the changes in the financial performance and other relevant
factors.

Rating Rationale

The rating continues to remain constrained on account of delay in
completion of Lilamani Infra's sole residential project "River
Valley One", modest booking status, high repayment obligation of
its project loan; and its presence in an inherently cyclical
real-estate sector and constitution as a partnership firm.

The rating, however, continues to derive comfort from the
experience of the partners and long track record of the group
in the real estate market of Ahmedabad.

Lilamani's ability to complete and sell the units of its ongoing
real estate project in a timely manner at envisaged price, along
with timely realisation of sales proceed, are the key rating
sensitivities.

Ahmedabad-based Lilamani is a partnership firm constituted in
February 2012 by Mr. Paras Vora and Mr. Shreyans Vora to develop
a premium residential project under the name 'River Valley One'
at Hansol, Ahmedabad - Gujarat. The project consist of seven
high-rise residential towers (Basement + Ground Floor + Stair
Cabin + 11 storeys) aggregating 253 (4 BHK) flats. The project is
proposed on 18,475 sq. mtrs (1.99 lakh sq. ft.) land owned by the
Lilamani group having total estimated saleable area of around
10.99 lakh sq. ft. The project was launched in November 2013 and
earlier envisaged to be completed by December 2015 is now
scheduled for completion by the end of December 2016.

Till May 31, 2016, Lilamani had incurred INR163 crore (around
91%) of envisaged total project cost which was funded through
term debt of INR56.70 crore, advance from customers of INR33.47
crore and balance was funded by the promoter group.


MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85.0MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mars Plywood
Industries Private Limited continue to reflect the extensive
experience of the company's promoter in the plywood industry,
established brand and dealer network, and above-average financial
risk profile because of a healthy networth, low gearing, and
robust debt protection metrics.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          7.5      CRISIL A4 (Reaffirmed)
   Cash Credit            85.0      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      310.0      CRISIL A4 (Reaffirmed)
   Standby Line of
   Credit                 17.5      CRISIL A4 (Reaffirmed)

These rating strengths are partially offset by exposure to risks
related to volatility in foreign exchange rates, working capital-
intensive nature of operations, and susceptibility to risks
related to intense competition and to any adverse impact of
regulatory changes.
Outlook: Stable

CRISIL believes MPIL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of prudent working
capital management, along with maintenance of scale of operations
and net cash accrual, leading to better liquidity. The outlook
may be revised to 'Negative' if capital structure and liquidity
weaken because of a stretched working capital cycle,
significantly low cash accrual, or sizeable debt-funded capital
expenditure.

MPIL was established by Mr. Roshan Lal Agarwal in 2001. The
company has plywood manufacturing units in Kolkata and Mangaluru
with capacities of 20,000 square metre (sqm) and 12,000 sqm, per
annum, respectively. Its main product is premium-grade plywood,
sold under the Mars Ply brand.


NEWRISE HEALTHCARE: CARE Reaffirms 'D' Rating on INR75cr LT Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Newrise
Healthcare Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       75       CARE D Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of NewRise Healthcare
Private Limited (NRHPL) continues to take into account ongoing
delays in servicing of the company's debt obligations.

NRHPL is promoted by Panacea Biotec Limited (PBL; 87.60% stake)
and the Umkal group (12.40% stake). NRHPL was previously known as
Umkal Medical Institute Private Limited (UMIPL). The name was
changed to the present one in March 2011. NRHPL has set up a
multi-specialty hospital with 224 beds in DLF (Phase-3), Gurgaon,
on a 2.50 acres area.

PBL had entered as a promoter by taking 75.20% stake in NRHPL in
May 2008 by way of infusion of equity. Consequent to this, the
Umkal group (Umkal) would act only as an investor without
offering any further financial or management support. The
hospital achieved partial COD in December 2012 as per the revised
scheduled commencement date.

The total project cost stood at INR180.00 crore funded through
debt of INR101.00 crore and equity of INR79.00 crore from
an earlier estimate of INR142.60 crore funded through debt of
INR101.00 crore and equity of INR41.60 crore.

The total project cost stood at INR180.00 crore funded through
debt of INR101.00 crore and equity of INR79.00 crore from an
earlier estimate of INR142.60 crore funded through debt of
INR101.00 crore and equity of INR41.60 crore.


OM PACKAGING: CARE Assigns B+ Rating to INR6cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Om
Packaging.

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

Rating Rationale

The rating assigned to the bank facilities of Om Packaging (OP)
is constrained by small scale of operations, leveraged capital
structure and working capital intensive nature of operations. The
rating is also constrained by fluctuations in the profitability
margins, susceptibility of margins to volatility in the raw
material prices, high degree of competition in the packaging
industry with low entry barriers and partnership form of
constitution.

The rating, however, derives strength from the long track record
and experience of the partners in the packaging industry, and
established marketing network and customer base.

The ability of the firm to scale up operations in a highly
competitive market, along with improvement in the profitability
margins and efficient working capital management are the key
rating sensitivities.

OP is a partnership firm established in 1999 by Mr. Birendra
Kumar, Mr. Ramu Sing Yadav and Mr. Shyam Sunder Yadav.
Subsequently in February 2012, Mr. Ramu Sing Yadav and Mr. Shyam
Sunder Yadav retired from business and Mr. Avinash Kumar joined
the business. OP is currently managed by two partners, Mr.
Birendra Kumar and Mr. Avinash Kumar sharing profit and loss in
the ratio of 95:05, respectively. The firm is engaged in the
business of manufacturing of wide range of packaging products
like industrial barrels, drums, paper cores and tubes and
containers. The products are mainly used in various industries
that include food & beverages, paints & coatings, chemical,
textile and pharmaceuticals.

The manufacturing facility of the firm has ISO certification
9001:2008 for quality management and located at HSIDC Industrial
area, Haryana. The total installed capacity for fiber drum, paper
tube and barrel stood as 10.95 lakh, 3 lakh and 1.46 lakh per
month, respectively. OP caters to domestic as well as overseas
customers. The domestic customers of the company mainly include
Dabur, Heinz India Limited, Hindalco Industries Ltd, Indswift
Laboratories Limited, Sun Pharmaceuticals, Nector Life Sciences,
Jubilant Life Sciences, etc. Moreover, it also exports its
products to international markets of Dubai and Nepal.

During FY16 (based on provisional results; refers to the period
of April 1 to March 31), OP reported a PAT of INR0.36 crore
(INR0.29 crore in FY15) on a total income of INR21.13 crore
(INR21.12 crore in FY15).


PAVANSUT PAPER: CARE Assigns 'B' Rating to INR9.50cr LT 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.


QUALITY HYBRID: CRISIL Reaffirms 'B' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Quality
Hybrid Seeds Company continues to reflect a modest scale of
operations in a highly fragmented industry, and an average
financial risk profile because of a high total outside
liabilities to tangible net worth (TOLTNW) ratio, and weak debt
protection metrics with a low net cash accrual to total debt
(NCATD) ratio. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the
agricultural seeds industry, an established distribution network,
and efficient working capital management.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          70.0      CRISIL B/Stable (Reaffirmed)
   Term Loan             8.8      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes QHSC will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established distribution network. The outlook may be revised to
'Positive' in case of significantly high cash accrual while
working capital requirement is efficiently managed. The outlook
may be revised to 'Negative' if cash accrual is low or working
capital requirement increases substantially, leading to
deterioration in the financial risk profile, particularly
liquidity.

Update

Operating income is estimated at INR335 million for fiscal 2016.
Revenue is expected to grow at 15-20% per annum over the medium
term, with increased geographical penetration in surrounding
states, supported by promoters' extensive industry experience,
their understanding of the dynamics of the local market,
established relationship with customers, and selling under its
own brand.

Operating profitability margin moderated to an estimated 2.6% in
fiscal 2016, compared with 3.2% in the previous fiscal, due to
increased sales and marketing expenditure. The margin is expected
to remain constrained at 2.0-2.6% over the medium term due to
presence in a highly fragmented industry.

Liquidity is moderate because of expected net cash accrual of
INR3-4 million, as against short-term debt repayment obligations
of INR1.8 million, in fiscal 2017. Working capital requirement is
efficiently managed with gross current assets estimated at 64
days as on March 31, 2016, driven by inventory and debtors of 22
days and 36 days, respectively.

The financial risk profile is average because of a modest
networth, estimated at INR25 million as on March 31, 2015. The
networth may improve to INR35-37 million over the medium term,
supported by expected capital infusion of INR15 million in fiscal
2017. QHSC has high TOLTNW ratio of around 2.4 times estimated
for fiscal 2016. In absence of any large debt funded capital
expenditure it is expected to remain comfortable in the range of
1.9-1.8 times. NCATD and interest coverage ratios remained weak
at around 0.10 time and 1.60 times, respectively, estimated for
fiscal 2016.  NCATD and interest coverage ratios are expected to
remain in the range of 0.10-0.11 time and 1.60-1.65 times,
respectively, over the medium term.

Established in 2000 as proprietorship firm, QHSC manufactures and
processes different types of seeds. The firm's manufacturing
units are in Hisar, Haryana. It has three plants with a total
capacity of 16 tonne per hour. Operations are handled by Mr.
Naresh Agarwal.


PANACEA BIOTEC: CARE Hikes Rating on INR959.55cr LT Loan to B+
--------------------------------------------------------------
CARE revises/reaffirms ratings assigned to bank facilities of
Panacea Biotec Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    959.55      CARE B+ Revised from
                                            CARE B-

   Short term Bank Facilities    61.97      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Panacea Biotec Limited (PBL) takes into consideration the
improved liquidity profile of the company on account of relisting
of its vaccines by WHO. Furthermore, the ratings continue to
factor in the experienced promoters and management team of the
company, its long track record of operations and various
strategic alliances formed by the company to boost its revenues
from overseas market.

These rating strengths are, however, partially offset by PBL's
weak financial risk profile, exposure to customer and product
concentration risk in the vaccines segment and susceptibility of
its margins to foreign exchange fluctuations.

Going forward, the ability of the company to increase its scale
of operations while improving its profitability margins as well
as its ability to effectively manage its working capital cycle
would remain the key rating sensitivities.

PBL was incorporated in February 1984 under the name of Panacea
Drugs Private Limited (PDPL). In September 1993, it was converted
into a public limited company and its name was changed to the
present one. PBL is promoted by the Jain family headed by Mr.
Soshil Kumar Jain and is one of the leading biotechnology
companies in India involved in manufacturing of vaccines and
pharmaceutical formulations.

PBL has manufacturing facilities in Himachal Pradesh and Punjab
for vaccines and pharmaceutical formulations complying with
international regulatory standards of USFDA, UK-MHRA, and WHO-
cGMP standards, etc.

On account of the deterioration in the financial risk profile
during the period FY12-14 (refers to the period April 1 to
March 31), the company approached the CDR cell for restructuring
of the debt and executed a CDR scheme in FY15. Since then, PBL
continues to service its debt obligations as per the CDR terms.

During FY16 (LR-Aud), PBL reported total operating income of
INR661.60 crore and PAT of INR0.87 crore as compared with
total operating income of INR688.65 crore and loss of INR65.23
crore during FY15.


RAJASHRI FOODS: CRISIL Assigns 'B+' Rating to INR69.8MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rajashri Foods Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Rupee Term Loan        69.8      CRISIL B+/Stable

   Foreign Letter of
   Credit                 52.5      CRISIL B+/Stable

   Foreign Exchange
   Forward                 6.2      CRISIL A4

   Cash Term Loan         64        CRISIL B+/Stable

   Bank Guarantee          1.5      CRISIL A4

   Cash Credit             6        CRISIL B+/Stable

The rating reflects RFPL's modest scale of operations, and below
average financial risk profile marked by modest net worth and
high gearing. The rating also factors in moderate implementation
and stabilization related risks with respect to its ongoing
expansion plan. However, the off-take from the project is backed
by an assured off-take agreement with Charoen Pokphand (I) Pvt.
Ltd (CP). These rating weaknesses are partially offset by the
promoters' extensive experience in the feed manufacturing
industry and its long term contracts with customers like
Britannia Industries Limited and CP.

Outlook: Stable

CRISIL believes RFPL will continue to benefit over the medium
term from its long term assured offtake contracts. The outlook
may be revised to 'Positive' if RFPL reports successful ramp up
of operations from proposed capex with sustained profitability
margins, while improving its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' in case of substantially decline in revenue and
operating margin, or if working capital cycle gets considerably
stretched, thereby impacting financial risk profile or if the
project gets delayed thereby impacting the revenue profile of the
company.

Incorporated in 1990, RFPL is based out of Bangalore, Karnataka
and is promoted by Mr. M R Arvind along with his brother Mr. M R
Rajiv. The company is engaged in manufacture of animal feeds and
veterinary supplements catering to the requirements of Cattle,
Poultry and Aqua Culture. The company has its manufacturing
facility based out of Bangalore, Karnataka and are also setting
up another manufacturing facility in Hiryur, Karnataka.


RATAN ALUMINUM: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Ratan Aluminum
Recycling Private Limited continues to reflect RARPL's weak
financial risk profile marked by weak debt protection metrics and
high customer concentration in revenue profile. These weaknesses
are partially offset by prudent working capital management.

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

Outlook: Stable

CRISIL believes RARPL will benefit over the medium term from its
prudent working capital management. The outlook may be revised to
'Positive' if increase in scale of operations and operating
profitability lead to higher than expected net cash accruals and
improvement in financial risk profile. The outlook may be revised
to 'Negative' if decline in revenue or profitability or sizeable
working capital requirement weakens the financial risk profile.

Incorporated in 2011, RAPL manufactures aluminium ingots, mainly
for supplies in the automotive sector, and is promoted by Mr. O P
Paliwal, Ms Rajni Paliwal and family. Its manufacturing facility
is located at Faridabad, Haryana.


RENUKA SILKS: CRISIL Assigns 'D' Rating to INR75MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its D rating to the long-term bank facilities
of Renuka Silks - Perambalur Unit. The rating reflects instances
of delay by the firm in meeting its term debt obligations on
account of weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            75         CRISIL D
   Long Term Loan         27.5       CRISIL D

RS has a weak financial risk profile, and has modest scale of
operations, and large working capital requirement. However, it
benefits from its partners' experience of over 30 years in the
apparel retail sector.

RS is a partnership concern set up in 2013. It retails apparel
for men, women, and kids, and specialises in uniforms for schools
and corporates. The firm has a single showroom at Perambalur in
Tamil Nadu, covering 24,000 square feet. Its operations are
managed by Mr. R Kandasamy.


RSL DISTILLERIES: CRISIL Reaffirms 'B' Rating on INR733MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of RSL Distilleries (P)
Limited continue to reflect the company's exposure to time and
cost overruns in setting up a distillery in Karnal, Haryana, and
susceptibility to regulatory changes in the liquor industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL B/Stable (Reaffirmed)
   Rupee Term Loan         733       CRISIL B/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of its promoters and healthy demand prospects for grain-based
liquor in India.
Outlook: Stable

CRISIL believes RSL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if the company commercializes its distillery
without any time and cost overruns and achieves healthy ramp-up
in operations. The outlook may be revised to 'Negative' if
significant time or cost overrun in project weakens liquidity.

Established in Chandigarh in 2004 by Mr. Rana Inder Pratap Singh
and Mr. Rana Karan Inder Pratap Singh, RSL is setting up a
distillery with capacity of 120 kilolitre per day in Karnal,
which is expected to commence commercial operations in September
2016.


SAGAR PAPER: CRISIL Reaffirms B+ Rating on INR60MM Term Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Sagar Paper Mills
Private Limited continues to reflect SPMPL's modest scale of
operations in the highly fragmented and competitive paper
industry. This weakness is partially offset by its moderate
financial risk profile and extensive industry experience of its
promoter in the paper industry.

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

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

   Term Loan               60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SPMPL will benefit from the extensive industry
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if expansion in scale and profitability
leads to higher-than expected cash accrual and improvement in
financial risk profile. The outlook may be revised to 'Negative'
if increase in working capital requirement or lower-than-expected
revenue or/and profitability weakens the financial risk profile.

SPMPL was incorporated in 2004 in Muzaffarnagar (Uttar Pradesh)
and began operations in 2005. It manufactures fine quality kraft
paper used for making corrugated boxes at its facility in Roorkee
(Uttaranchal). The directors of the company are Mr. Anil Tyagi,
Mr. Rajkumar Tyagi, Mr. Dhananjay Tyagi, Mr. Sunil Kumar, and Mr.
Mohammed Salim.


SAMRUDDHI REALTY: CRISIL Lowers Rating on INR600MM NCDs to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the INR600 million non-
convertible debentures (NCDs) of Samruddhi Realty Ltd to 'CRISIL
D' from 'CRISIL BB(SO)/Stable'. The downgrade reflects the delays
in debt servicing by SRL as the company was unable to conclude
the refinancing of these NCDs in a timely manner.

CRISIL, on July 20, 2016, assigned a rating of 'CRISIL BB/Stable'
to the proposed INR750 million non-convertible debentures
(proposed NCDs) of SRL; which are not placed as on date. SRL's
ability to timely refinance its existing NCDs through the
proposed NCDs was a key monitorable for the said rating. CRISIL
has downgraded its rating on the proposed NCDs to 'CRISIL B-
/Stable' from 'CRISIL BB/Stable' following the increase in SRL's
refinancing risk as the ongoing refinancing exercise has not been
completed within expected timelines.

The rating continues to reflect the company's early stage of
operations in Bengaluru's residential real estate market,
exposure to project implementation risks, and susceptibility to
cyclicality inherent in the real estate sector. These weaknesses
are partially offset by the healthy saleability of SRL's ongoing
projects and its promoters' industry experience of 20 years.

The Samruddhi brand has a limited track record, having delivered
less than 1 million square feet (sq ft) in Bengaluru so far. SRL
has nine ongoing projects, and plans to launch five projects in
the near term, and will face risks emanating from the initial
stage of development of new projects. Also, the inherent
cyclicality in the real estate sector could result in
fluctuations in cash inflow because of volatility in realisations
and saleability. In contrast, cash outflow, including debt
obligation, is relatively fixed.

The company's ongoing projects have reported healthy bookings on
account of strong product positioning and discounted prices. As
on May 31, 2016, the company had sold 70% of the inventory in the
seven projects already launched. Its ongoing projects are in
advanced stages of completion, with more than half the total cost
already incurred.

Outlook: Stable

CRISIL believes SRL will continue to depend on refinancing to
support its debt servicing obligations over the medium term. The
outlook may be revised to 'Positive' if there is substantial cash
inflow because of high saleability of projects and healthy
customer advances. The outlook may be revised to 'Negative' in
case of low customer advances or significant delays in completion
of projects, necessitating sizeable debt.

SRL, formed in 2003, develops residential real estate in
Bengaluru. Mr. V R Manjunath, Mr. Hemang Rawal, and Mr. Ravindra
Madhudi are its promoters. The company is a part of the Samruddhi
group that has around 4.0 million sq ft under development across
14 projects. SRL is listed on the Bombay Stock Exchange in the
Small and Medium Enterprises segment.

On a provisional basis, SRL's net profit was INR18 million on
operating income of INR476 million in fiscal 2016, against a net
profit of INR20 million on operating income of INR498 million in
fiscal 2015.


SANJAY SHUKLA: CRISIL Reaffirms B+ Rating on INR30MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of M/s. Sanjay
Shukla continue to reflect its small scale of operations in a
highly fragmented and competitive industry.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          20      CRISIL A4 (Reaffirmed)
   Overdraft Facility      50      CRISIL A4 (Reaffirmed)
   Term Loan               30      CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the average financial risk profile
marked by moderate net worth and moderately high gearing. These
rating weaknesses are partially offset by the promoters'
extensive experience in freight forwarding and transportation
business and its established relationships with customers.
Outlook: Stable

CRISIL believes that MSS will benefit from its promoters'
extensive industry experience in freight forwarding and
transportation business over the medium term. The outlook may be
revised to 'Positive' in case of significant improvement in the
firm's scale of operations while it maintains its profitability
leading to sizeable accruals or if there is a substantial decline
in advances given to the group entities. Conversely, the outlook
may be revised to 'Negative' in case of further weakening in the
firm's financial risk profile and liquidity on account of large
working capital requirements, further investments made in group
entities or if it undertakes a large capital expenditure (capex)
programme.

Incorporated in 1980s, and based in Indore (Madhya Pradesh) MSS
provides freight forwarding and transportation services since its
inception. The day-to-day activity is managed by its proprietor
Mr. Sanjay Shukla.


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 S
avino 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.


SHREE R.R. PIPES: CARE Rates INR10cr LT Bank Loan 'B+'
------------------------------------------------------
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.


SHREENIDHI METALS: CRISIL Assigns 'B' Rating to INR25.0MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Shreenidhi Metals Private limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              23.4       CRISIL B/Stable
   Cash Credit            25.0       CRISIL B/Stable
   Inland/Import Letter
   of Credit              10.0       CRISIL A4

The ratings reflect the company's modest scale of operations in
the highly competitive aluminium extrusion industry, and average
financial risk profile because of a small networth and modest
debt protection metrics. The ratings also factor in highly
working capital-intensive operations and susceptibility of
operating margin to fluctuations in raw material prices. These
rating weaknesses are partially offset by promoters' extensive
experience in various industries, and early stabilization of
operations.
Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from its promoters' extensive experience in various
industries. The outlook may be revised to 'Positive' in case of
better-than-expected scale of operations and profitability along
with efficient working capital management. Conversely, the
outlook may be revised to 'Negative' in case of a considerable
decline in revenue and profitability, deterioration in working
capital management impacting liquidity, or large, debt-funded
capital expenditure, weakening the financial risk profile.

SMPL manufactures and trades in aluminium circles, squares, and
hexagon plates. The company was formed in 2013, promoted by Mr.
Prahlad Maloo and family; it started operations in August 2014.
SMPL has an installed capacity of 1800 tonnes per annum at its
manufacturing plant in Vadodara.


SHRI SANTKRUPA: CRISIL Cuts Rating on INR65MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shri Santkrupa Cotton Industries to 'CRISIL D' from 'CRISIL B-
/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              65       CRISIL D (Downgraded
                                     from 'CRISIL B-/Stable')

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

   Term Loan                14       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects delays in repayment of term loan and
overdrawals in cash credit account for more than 30 days. The
delays have been caused by weak liquidity on account of stretch
in working capital cycle and heavy losses incurred on inventory.

SSCI has a below-average financial risk profile, marked by modest
networth and weak debt protection metrics. Further, the scale of
operations is also modest. These weaknesses are partially offset
by the extensive industry experience of the partners. However,
the firm benefits from the extensive experience of its partners
in the cotton industry.

Set up in 1997 as a partnership firm by Mr. Akash Fundkar, Mr.
Harbanssingh Juneja, Mr. Karamjeetsingh Juneja, and Mr. Onkarappa
Todkar, SSCI  processes raw cotton (kapas) into cotton bales and
cotton seeds. It also has a crushing unit to extract de-oiled
cake and oil from cotton seeds. Its unit is based in Khamgaon
(Maharashtra).


SOMA ISOLUX: CRISIL Raises Rating on INR18.14BB Term Loan to C
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Soma Isolux Surat Hazira Tollway Private Limited to 'CRISIL C'
from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan             18,140      CRISIL C (Upgraded from
                                     'CRISIL D')

The rating upgrade reflects receipt of date of commencement of
commercial operations (DCCO), thereby mitigating project
implementation risk; and corporate guarantee of INR24 billion
from each of the sponsors, Indus Concessions India Pvt Ltd
(formerly, Isolux Corsan Concessions India Pvt Ltd), and Soma
Enterprises Ltd, which will help meet debt obligations in case of
shortfall in cash flows.

Public Sector Pension Investment Board (PSP; rated 'AAA/Stable/
A-1+' by S&P Global Ratings) made investments in Isolux Corsan
group which holds 50% stake in SISHTPL, thereby improving Isolux
Corsan group's financial risk profile. The pick-up in toll
collections and resultant cash flow adequacy as well as timely
financial support from the sponsors will remain the key rating
sensitivity factors.

Tolling began on August 21, 2015, with receipt of provisional
completion certificate. SISHTPL achieved DCCO from April 30,
2016, for completion of 90.77% of the total project. Though
lower-than-expected traffic build-up resulted in weak toll
revenue and shortfall in cash flows, toll income is expected to
pick-up gradually over the medium term backed by good traffic
potential of the road stretch. The project has received
Operations & Maintenance grant of INR2.73 million till date. As
per the agreement with National Highways Authority of India
(NHAI; rated 'CRISIL AAA/Stable'), SISHTPL will receive INR6
million per annum as O&M grant until 2020-21 (refers to financial
year from April 1 to March 31).

The delays in debt servicing in the past was on account of the
company's weak liquidity position and interrupted disbursement
from the lenders. Furthermore, delay in release of grant by NHAI
and debt restructuring also impacted the company's cash flows. As
per the debt restructuring done in April 2016, the repayment of
term loans has been rescheduled by a year from September 2015 to
September 2016.  CRISIL believes that SISHTPL's ability to meet
its debt obligation in a timely manner over the medium term will
depend on the pick-up in toll collections and financial support
from the sponsors, in case of shortfall in cash flows. .

Toll revenue remains susceptible to fluctuation in traffic
volume. However, the company benefits from sponsor support and
good traffic potential, supported by the presence of an
industrial belt along the road stretch

Set up in 2009 as a special-purpose vehicle by Isolux Corsan
India Engineering and Construction Pvt Ltd (part of the Isolux
Corsan group) and Soma Enterprises Ltd, SISHTPL has entered into
a concession agreement with NHAI for execution of a road project
on design, build, finance, operate, and transfer (DBFOT) basis.

The company has constructed four lanes of the Surat-Hazira port
section of National Highway-6, State Highway (SH)-168, and SH-187
(length of project highway is 132.9 kilometres) in Gujarat under
the National Highways Development Project Phase III, through
public-private partnership on a DBFOT basis. The concession
tenure is for 19 years, which includes construction period of 30
months. Revised project cost of INR32.37 billion was funded
through debt, equity, and capital grant from NHAI in the ratio of
74:17:9.  The project was delayed by 48 months and it achieved
DCCO on April 30, 2016.


SRI SAKTHI: CRISIL Reaffirms B+ Rating on INR150MM LT Loan
----------------------------------------------------------
CRISIL rating on the long-term bank facilities of Sri Sakthi Amma
Educational Trust continues to reflect SSAET's small net worth,
modest scale of operations, geographic concentration in its
revenue profile, and its high reliance on donation income.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      150      CRISIL B+/Stable (Reaffirmed)
   Term Loan                50      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits that
the trust derives from its association with its established
parent trust, Sri Narayani Peetham (SNP), which has a sound
reputation in South India and provides timely financial support
to SSAET, and the healthy demand prospects for the education
sector in Vellore (Tamil Nadu).
Outlook: Stable

CRISIL believes that SSAET will continue to benefit over the
medium term from its established regional position in the
education sector. The outlook may be revised to 'Positive' if the
trust significantly scales up its operations and generates
substantial net cash accruals, most likely due to improved
occupancy, while maintaining its capital structure. Conversely,
the outlook may be revised to 'Negative' if support from the
parent trust is delayed, or regulatory change, or deterioration
in cash flow management.

SSAET was registered as a charitable trust in 2001. It was formed
by SNP, which manages the Golden Temple of Sripuram (Vellore).
The trust is headed by Sri Sakthi Amma also known as Narayani
Amma. SSAET operates a school offering the state board course up
to the tenth standard, with more than 1000 students. It also runs
a Central Board Of Secondary Education (CBSE)-affiliated school
admitting students up to the eighth standard.


STAUNCH NATURAL: CRISIL Lowers Rating on INR200MM Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Staunch Natural Resources Private Limited to
'CRISIL B+/Stable' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             200       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Long Term       50       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The downgrade reflects CRISIL's belief that SNGPL's financial
risk profile will remain constrained over the medium term because
of low interest coverage ratio on account of large debt. The
company's estimated operating income fell 31.3% year-on-year in
fiscal 2016, and its cash accrual declined 20 % year-on-year to
12 million in FY-16, due to increased interest burden resulting
from large working capital debt. Its bank limit was fully
utilised over the 12 months through March 2016. Its adjusted
interest coverage ratio fell to 1.5 times in fiscal 2016 from
3.04 times in fiscal 2014.

The rating reflects its modest scale of operations, low operating
margin because of trading business, small networth, and large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of SNRPL's promoters
in the iron and steel trading business.
Outlook: Stable

CRISIL believes SNRPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a significantly
improvement in its revenue and profitability, resulting in
higher-than-expected cash accrual, and if its working capital
management is efficient. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity, weakens
because of less-than-anticipated cash accrual or substantial
working capital requirement.

SNRPL, incorporated in 2008, commenced operations in fiscal 2011.
The company trades in mill scale, iron ore fines, and imported
mild steel scrap. It has two directors: Mr. Nandish Parekh and
Mr. Aditya Golecha.


TOKAI ENGINEERING: CRISIL Cuts Rating on INR40MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Tokai Engineering Private Limited (TEPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D (Downgraded
                                     from 'CRISIL A4')

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

   Proposed Long Term
   Bank Loan Facility      12.5      CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

   Rupee Term Loan         17.5      CRISIL D (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects instances of delay by the company in
servicing its term debt, because of stretched liquidity. The
liquidity is constrained by large working capital requirement and
short-term funds being utilized for long-term purposes.

TEPL has small scale of operations, large working capital
requirement, and a below average financial risk profile because
of high gearing. However, it benefits from the extensive
experience of its promoters in the jigs and fixtures
manufacturing segments, and special purpose machines for the
automotive industry.

TEPL, incorporated in 2006, manufactures jigs and fixtures,
testing machines, and special purpose machines for automotive
components. Its plant is in Manesar, Haryana. TEPL's promoters
are Mr. Rajesh Khanna and his wife Ms Shilu Khanna.


TRUBA EDUCATION: CARE Reaffirms 'B' Rating on INR15cr LT Loan
-------------------------------------------------------------
CARE reaffirms the LT rating andwithdraws the ST rating assigned
to the bank facilities of Truba Education Society.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Truba Education
Society (TES) continues to remain constrained on account of
implementation risk associated with its ongoing debt-funded
expansion project, modest scale of operations, fluctuating
profitability coupled with the modest enrolment ratio and weak
liquidity position during FY16 (refers to the period April to
March 31). The rating is further constrained on account of its
presence in a highly regulated education industry and increasing
competition from numerous private educational institutes.

The rating, however, derives strength from the experience of the
promoters in the education industry, its comfortable capital
structure and moderate debt coverage indicators.

The ability of TES to successfully implement its debt funded
project along with increase in its scale of operations and
profitability by improving the enrolment ratio is the key rating
sensitivity.


TULASI INDUSTRIES: CRISIL Assigns 'B' Rating to INR49.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Tulasi Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     0.6        CRISIL B/Stable
   Long Term Loan         9.9        CRISIL B/Stable
   Open Cash Credit      49.5        CRISIL B/Stable

The rating reflects a modest scale of operations in a highly
competitive industry, susceptibility of operating margin to
volatility in raw material prices, and a weak financial risk
profile because of weak capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of the firm's partners and
established relationship with customers and suppliers.
Outlook: Stable

CRISIL believes TI will continue to benefit over the medium term
from the extensive entrepreneurial experience of its partners and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of a considerable
increase in scale of operations while profitability is
maintained, leading to higher cash accrual, or significant
improvement in the capital structure supported by infusion of
funds. The outlook may be revised to 'Negative' in case of
pressure on liquidity on account of larger-than-expected working
capital requirement, lower-than-anticipated cash accrual, or
further debt-funded capital expenditure.

TI was set up in 2015 as a partnership firm at Karimnagar,
Telangana; operations are being managed by Mr. N Pandari Nath. It
manufactures tamarind seed powder.


UNISOURCE PAPERS: CRISIL Raises Rating on INR15MM Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Unisource Papers Private Limited to 'CRISIL B/Stable' from
'CRISIL B-/Stable', and has reaffirmed its rating on the short-
term facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit        50        CRISIL A4 (Reaffirmed)

   Long Term Loan          14.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Letter of
   Credit & Bank
   Guarantee               20.5      CRISIL A4 (Reaffirmed)

The rating upgrade reflects improvement in the financial risk
profile of the company because of a better-than-expected networth
of INR94.2 million and gearing of 0.26 time as on March 31, 2016,
supported by equity capital infusion. Sales were INR297.9 million
and operating margin 9.7% in fiscal 2016 against previously
estimated 5%, due to better pricing on product procurement and
increased business from ITC Ltd. Consequently, liquidity also
improved with an increase in cash accrual. Although, liquidity is
better than expectation, it is below-average and further
improvement will be a key rating sensitivity factor.

The ratings reflect weak liquidity due to high utilisation of
working capital limit driven by working capital-intensive
operations. The ratings also factor in a modest scale of
operations in a fragmented industry and vulnerability to
fluctuations in foreign exchange rates. These rating weakness are
partially offset by an established customer profile, and
extensive experience of promoters in paper trading.
Outlook: Stable

CRISIL believes UPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established relationship with suppliers and customers. The
outlook may be revised to 'Positive' in case of higher cash
accrual and efficient working capital management, leading to
stronger liquidity. The outlook may be revised to 'Negative' in
case of a stretched working capital cycle, pressure on
profitability, or large, debt-funded capital expenditure,
resulting in weakening of liquidity.

UPPL was incorporated in 2005, promoted by Mr. Inder Aurora. The
company imports, trades in, and processes a variety of paper,
including kraft, test liner, and virgin. The products are
imported from the US, Europe, and Australia. It also has a unit
in Talegaon, Pune, dedicated to job work for ITC Ltd. Another
unit, at Chakan, Pune, is used for cutting and rolling of paper
into different sizes and shapes as per customer requirement.


V3 ENGINEERS: CRISIL Reaffirms B- Rating on INR92.8MM LT Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of V3 Engineers Private
Limited continue to reflect weak financial risk profile, marked
by modest networth and weak debt protection metrics, and working
capital-intensive operations. These weaknesses are mitigated by
the extensive experience of the promoters in the furniture
industry.

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

   Cash Credit            80        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       20        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     92.8      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes V3 Engineers will benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of increased cash
generation or infusion from promoters results in improved
financial risk profile, while improving its working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of weak liquidity along with stretched working capital cycle
or lower-than-expected cash generation.

Incorporated in 1990, V3 Engineers manufactures and installs
modular furniture for corporate and domestic uses. The company
derives 70% of its revenue from corporate (office) furnishings.



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


SONY CORP: Fitch Affirms 'BB' LT Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has revised the Outlook on Sony Corporation to
Positive from Stable. The Long-Term Foreign- and Local- Currency
Issuer Default Ratings (IDRs) have been affirmed at 'BB'.

The Outlook revision reflects Fitch's expectations of higher
margins in Sony's non-financial businesses and deleveraging
following restructuring and management's commitment to improve
profitability. There is a high probability of a rating upgrade
should leverage remain low and earnings stabilise further in key
operating segments.

KEY RATING DRIVERS

Margin Improvement: Fitch expects Sony to continue generating
modest operating profit from its non-financial businesses
following cost reductions and restructuring. Fitch said, "We also
expect profitability to become less volatile due to downsizing,
the termination of unprofitable businesses and lower
restructuring charges. We expect improved profitability for the
financial year ending March 2017 (FYE17), with an operating EBIT
margin of 2.1% (FYE16: 1.9%), excluding Sony Financial Holdings
(SFH)."

Leverage Remains Controlled: Fitch expects Sony to deleverage
over the next year or two due to better margins and lower capex.
Excluding SFH, the company plans to invest JPY245bn in fixed
assets in FYE17, compared with JPY372bn in FYE16. It also plans
to cut its investment in image sensors to JPY60bn (FYE16:
JPY260), resulting in FFO-adjusted leverage, excluding SFH,
falling to 3x (FYE16: 3.3x).

Successful Game Business: Fitch said, "We expect continued solid
revenue from PlayStation 4 (PS4) and enhanced network services to
support Sony's overall profitability, mitigating its weaker
consumer electronics and semiconductor businesses. Sony has
cumulatively sold more than 40 million PS4s, with this console
being the fastest-selling in PlayStation's history. We expect
higher PS4 software sales to follow the strong PS4 hardware
sales, supporting firmer margins over the short term."

Temporarily Image Sensor Business Weakness: Structural weakness
in the handset industry and slowing adoption of dual-lens cameras
in high-end smartphones will delay profit growth for Sony's image
sensor business in the short term. Fitch said, "We believe the
company's technology leadership and market-strength in image
sensors will offset end-market decline. We expect profitability
for the semiconductor division to revive in FYE18, following a
FYE17 operating loss due to supply disruption cause by the
Kumamoto earthquake in 2016."

Limited Consumer Electronics Recovery: Fitch believes stiffer
competition in the consumer electronics industry and a frail
industry outlook remain as key risks to Sony's margin recovery.
The company is focused on higher-end markets and cost cutting,
but stronger rivals, such as Samsung Electronics Co., Ltd
(A+/Stable), Apple Inc. and emergence of Chinese competitors,
pose a greater challenge to Sony's goal of increasing profit and
market share in its electronics segments.

KEY ASSUMPTIONS

   -- High-single digit revenue contraction in FYE17 due to
      falling sales of image-sensors, negative effects from yen
      appreciation and further downsizing of the consumer
      electronics business.

   -- Ex-SFH operating margin to stay at around 2% in FYE17 then
      improve gradually.

   -- Ex-SFH capex on fixed assets to fall to JPY280 billion in
      FYE17, from JPY372 billion in FYE16.

   -- Annual cash dividend of JPY25 billion.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to Fitch's Outlook on Sony's ratings being
revised to Stable include (for Sony excluding SFH):

   -- sustained EBIT margins lower than 2%

   -- FFO-adjusted leverage sustained above 3.5x.

Positive: Further evidence of management strategy to deliver
sustainable performance that may, individually or collectively,
lead to a positive rating action include (for Sony excluding
SFH):

   -- sustained EBIT margins higher than 2%

   -- FFO-adjusted leverage sustained below 3.5x

LIQUIDITY

Adequate Liquidity: Fitch expects Sony's liquidity to remain
adequate. Excluding SFH, Sony had readily available cash of
JPY750bn at FYE16, compared with debt due within one year of
JPY244bn. The company also had unused credit facilities of
JPY523bn and continues to have sound access to local banks and
capital markets.

FULL LIST OF RATING ACTIONS

   Sony Corporation

   -- Long-Term Foreign- and Local-Currency IDRs affirmed at
      'BB'; Outlook revised to Positive from Stable

   -- Short-Term Foreign- and Local-Currency IDRs affirmed at 'B'

   -- Local-currency senior unsecured rating affirmed at 'BB'



=========
M A C A U
=========


STUDIO CITY: S&P Revises Outlook to Negative & Affirms 'BB-' CCR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Studio City Co.
Ltd. to negative from stable.  At the same time, S&P affirmed its
'BB-' long-term corporate credit rating on the Macau-based casino
operator.  S&P also affirmed its 'B' long-term issue rating on
the senior unsecured notes that Studio City Finance Ltd. issued.
Studio City Finance's existing and future restricted
subsidiaries, including Studio City, guarantee the notes.  In
line with the outlook revision, S&P lowered its long-term Greater
China regional scale rating on Studio City to 'cnBB' from 'cnBB+'
and on the notes to 'cnB+' from 'cnBB-'.

"We revised the outlook because of a slow ramp-up in the
operations of Studio City's new casino and the company's weakened
mid-term growth prospects.  We believe these factors, if they
persist, could expose Studio City to substantial refinancing
risks over the next 12 months and reduce the likelihood of
extraordinary group support from its parent, Melco Crown
Entertainment Ltd. [MCE group]," said S&P Global Ratings credit
analyst Sophie Lin.

S&P anticipates that still-tough operating conditions in Macau's
gaming industry and risks of cannibalization between new and
existing casinos will keep the ramp-up of the new casino's
operations slow and delay the reduction of debt leverage.

Studio City's cash flow generation is weak and its debt level
remains high, leading to credit metrics that are unlikely to
improve significantly in 2016 and 2017 as S&P had previously
anticipated.  Studio City's reported adjusted EBITDA of about
US$36 million in the first half of 2016 is substantially lower
than S&P's previous expectation of US$70 million-US$90 million.
As a result, S&P revised its comparable rating analysis for
Studio City to neutral from positive and lowered the company's
stand-alone credit profile (SACP) to 'b-' from 'b'.

S&P sees substantial refinancing risks for Studio City over the
next 12 months.  The company is likely to breach the financial
covenants on its HK$10.86 billion senior credit facilities on the
first test date for compliance, which commences on March 31,
2017.  This may trigger a technical default and accelerated
payment of the senior loan, if the company fails to obtain a
waiver from its bank creditors or refinance the outstanding loan
on time.

"In our view, Studio City may have to refinance the outstanding
senior credit facilities over the next 12 months.  We note that
the company had amended the covenants on its senior credit
facilities in November 2015, whereby the financial covenants were
loosened from the original agreement.  We believe that bank
creditors might be unwilling to provide a further loosening of
covenants, waivers, or amendments within a short period.  Studio
City's good banking relationship and track record of prudent risk
management mitigate the risks.  We revised our assessment of the
company's liquidity position to less than adequate, from
adequate, based on these factors," S&P said.

"The affirmed rating mainly reflects our assessment of
extraordinary group support to Studio City from its parent MCE
group in times of stress.  We believe that Studio City is
currently a strategically important subsidiary of the MCE group,
and this results in a three-notch rating uplift from its SACP of
'b-'.  Studio City's close linkage with the MCE group's brand
image and common panel of management, and its relationship with
the Macau government and gaming regulator supports our
assessment. The MCE group controls 60% shares of Studio City and
the new casino operates under MCE's gaming sub-concession in
Macau," S&P noted.

"Nevertheless, we believe the importance of Studio City to the
MCE group's growth and operating performance could diminish, if
operations do not improve materially over the next 12 months.
This could reduce Studio City's importance within the overall
group and diminish the MCE group's support and long-term
commitment.  The MCE group currently holds a 60% stake in Studio
City, with New Cotai owning the remaining 40%.  This may result
in a less-flexible table allocation within the MCE group and
reduce incentive for management to bring high-value customers to
a partially owned new casino versus other fully owned casinos,"
S&P said.

S&P may lower the ratings if Studio City's liquidity position
deteriorates or the company fails to refinance the senior secured
credit facilities on time, such that S&P views its financial
commitments to be unsustainable in the long term.

S&P could downgrade Studio City by multiple notches if S&P
believes the company's medium-term growth prospects erode and its
importance to the group diminishes, such that S&P no longer
assess it as a strategically important subsidiary of MCE group.
S&P could also lower the ratings on Studio City if S&P believes
the group credit profile of the MCE Group has weakened.

S&P could revise the outlook to stable if the performance of the
new casino accelerates materially and Studio City's liquidity
position improves to adequate.  S&P could also revise the outlook
to stable or upgrade the company if it assess Studio City as a
more important entity of the MCE group.



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


ROSS ASSET: Wellington Couple Win Battle to Keep NZ$2 Million
-------------------------------------------------------------
NZN reports that a Wellington couple have won their battle to
keep NZ$2 million they had tied up in their friend David Ross'
Ponzi scheme, leaving other investors further out of pocket.

NZN relates that the High Court has found in favor of Duncan and
Nora Priest.  Mr. Priest, a broker, had been friends with Mr.
Ross and said he used Ross Asset Management as a nominee to
manage share transactions, using its ANZ Bank current account.

According to NZN, Mr. Ross is currently serving more than 10
years in prison after his scheme collapsed in 2012 - there was
just NZ$10.26 million left from funds he claimed were worth
nearly NZ$450 million.

NZN says the liquidator, PwC's John Fisk, has been trying to
recover some money for investors in New Zealand's biggest Ponzi
scheme. He wanted to have access to all of the NZ$10.26 million.

The Priests took the liquidator to court last year, arguing their
money was never part of the Ponzi scheme, NZN recalls.

In its decision released on August 16, the High Court found in
favor of the Priests keeping the NZ$2m, saying they had never
given Ross discretion to manage investments on their behalf,
relays NZN.

NZN adds that the court did say Mr. Ross had defrauded the couple
when he sold some of their shares to pay money into his scheme.

Defrauded RAM investors expect to receive 3 cents in every dollar
invested, the report notes.

Mr. Fisk is seeking to claw back some of the NZ$100 million to
NZ$115 million that was lost in the fraudulent scheme for some
1,200 investors, adds NZN.

                       About Ross Asset

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

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

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

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

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

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



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


ASIA TELEVISION: Court OKs Majority Share Sale to Star Platinum
---------------------------------------------------------------
Eddie Lee at the South China Morning Post reports that the High
Court on August 12 allowed the controlling stake in defunct
broadcaster Asia Television to be formally sold to a mainland
investor, who claimed he had a rescue plan for the troubled firm.

According to SCMP, ATV's former boss Wong Ching, who had filed a
petition to wind up the company to recoup his losses, agreed to
sell shares under his control to Si Rongbin's Star Platinum.

But the deal was earlier blocked by ATV's other creditors,
including listed company China Trends, who feared that their
interests would be jeopardized, the report relates.

On August 12, High Court judge Mr. Justice Jonathan Harris
validated the transaction after hearing that the parties would no
longer object to the share transfer and that the dues for the
shares had been paid by Si, SCMP reports.

Neither Wong or Si appeared in court, SCMP says. Their lawyers
declined to give details about the terms of the agreement.

It was also not revealed whether Wong would continue his bid to
wind up ATV, which pulled the plug and ended 59 years of
broadcasting service in April, after the share deal, the report
notes.

The liquidation petition against the company was adjourned until
September 5, adds SCMP.


JV FITNESS: Owes California Fitness Members SGD21.7 Million
-----------------------------------------------------------
The Straits Times reports that the firm that owns California
Fitness was already SGD21.7 million in the red in January last
year, but that did not stop the gym chain from signing new
members and getting them to pay their fees up front. That is how
owner JV Fitness kept the chain going despite money troubles,
until the chain's closure last month, the report says.

According to the report, around 27,000 members are now owed
SGD20.8 million in unused gym access and unredeemed personal
training sessions, it was revealed in a liquidation report
presented to court on August 12. The Straits Times says the debt
forms most of the SGD30.8 million, which the chain's owner is
liable for. JV's total assets on record are worth SGD5 million
and include rental deposits paid to its landlords.

Financial statements also showed that for years, JV has been
accumulating losses, which stood at SGD25.6 million by the end of
June this year, the report relays.

The Straits Times relates that liquidator Tim Reid, describing
the losses as "staggering", said: "The members who paid in
advance . . . have every reason to be annoyed." He added that
there is "no prospect" of getting back their money through any
asset sale. After the chain closed its Orchard branch in
February, the gym equipment was sold for just SGD20,000, he
explained.

Members were shocked to hear that the gym had been losing money
since 2013, and asked why it was allowed to continue selling
packages, according to The Straits Times.

The Straits Times says consumer watchdog head Seah Seng Choon
called for the authorities to look into what he called a
questionable practice. "Case will discuss with the ministry and
the relevant stakeholders to look into protection for consumers'
pre-payment," the report quotes Seah Seng Choon, the executive
director of the Consumers Association of Singapore, as saying.

In the liquidators' report, Mr. Reid and his colleague Theresa Ng
said the way the firm obtained payments in advance when it was
clearly insolvent "warrants further close review," The Straits
Times relays.

According to The Straits Times, lawyer Lionel Tay, who acts for
the liquidators, added that they will also be investigating all
potential breaches of the Companies Act or any other law.

When California Fitness shut its Orchard branch six month ago,
leaving it with three other outlets at Raffles Place, Bugis and
Novena, it said it was a strategical business decision. Last
month, after all 12 California Fitness gyms in Hong Kong were
shut due to debt, a spokesman would only say that the Singapore
chain operated separately, the report states.

But on July 16, California Fitness announced that it had closed
the Raffles Place branch and directed its members to the Novena
and Bugis outlets. Shortly after midnight on July 20, the
liquidators, who were appointed just hours earlier, announced all
outlets were closed, The Straits Times notes.



                             *********

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 ***