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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 24, 2016, Vol. 19, No. 167

                            Headlines


A U S T R A L I A

CANOPY HOLDINGS: First Creditors' Meeting Set For Aug. 30
KIDS WORLD: First Creditors' Meeting Slated For Aug. 31
SEDUCE GROUP: First Creditors' Meeting Slated For Aug. 31


C H I N A

BOHAI STEEL: May Receive Government Bail Out


I N D I A

APHELION FINANCE: Ind-Ra Affirms IND BB- Long Term Issuer Rating
ASIAN BUSINESS: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
BABANSAL GINNING: CRISIL Suspends B+ Rating on INR50MM LT Loan
BALAJI FIBER: CRISIL Assigns 'C' Rating to INR150MM Cash Loan
BHARAT INFRA: CRISIL Suspends B- Rating on INR50MM Term Loan

BHASKAR SHRACHI: Ind-Ra Suspends 'IND D' Long Term Issuer Rating
BULKTAINER SHIPPING: CRISIL Suspends B- Rating on INR57MM Loan
CLASSIC ENGICON: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
D. C. FABRICS: CRISIL Assigns 'B' Rating to INR35MM LT Loan
DECCAN ENGINEERING: CRISIL Suspends 'B' Rating on INR40MM LT Loan

GEE EMM OVERSEAS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
HINDUSTAN GUNNY: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
INFINITY INFRATECH: CRISIL Suspends B+ Rating on INR47.5MM Loan
JAI HANUMAN: CRISIL Assigns B+ Rating to INR73.7MM Term Loan

JAMSHEDPUR MINERALS: CRISIL Reaffirms B+ Rating on INR30MM Loan
K.K.R. FOOD: CRISIL Suspends B+ Rating on INR115MM Overdraft Loan
KALINGA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
KARAN CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR80MM Loan
KARTHIKA MODERN: CRISIL Suspends B+ Rating on INR65MM Cash Loan

KARTIKEYA PAPER: CRISIL Reaffirms B+ Rating on INR250MM Loan
KOS OILS: CRISIL Suspends 'D' Rating on INR340MM Cash Loan
KRIDHAN INFRA: CRISIL Reaffirms B- Rating on INR170.2MM Loan
KRIDHAN INFRA SOLUTIONS: CRISIL Reaffirms B- Rating on LT Loan
LGF VITRIFIED: CRISIL Reaffirms B+ Rating on INR190MM Term Loan

M.K.V.K. TIMBERS: CRISIL Assigns B Rating to INR85MM Foreign LOC
MARY MATHA: CRISIL Suspends 'D' Rating on INR138.3MM LT Loan
MERACUS MINERAL: CRISIL Reaffirms B+ Rating on INR56MM Loan
METECNO INDIA: CRISIL Suspends B- Rating on INR175.8MM LT Loan
MUKTA INDUSTRIES: CRISIL Suspends 'B+' Rating on INR220MM Loan

NOVO MEDI: CRISIL Assigns 'B+' Rating on INR90MM Cash Loan
OMNITECH ENGINEERING: CRISIL Reaffirms B Rating on INR75.4MM Loan
OPALIUM INTERNATIONAL: CRISIL Reaffirms B+ Cash Credit Rating
PADMA POLYMERS: CRISIL Ups Rating on INR40MM Cash Loan to B+
RATTAN RICE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan

S. N. RICE: CRISIL Suspends B+ Rating on INR70MM Overdraft Loan
SARAS PLASTIC: CRISIL Assigns 'B' Rating to INR46.2MM LT Loan
SARASWATI GUM: CRISIL Suspends B+ Rating on INR60MM Cash Loan
SARDA RICE: CRISIL Reaffirms B+ Rating on INR76MM Cash Loan
SHRI THANGAM: CRISIL Suspends 'B' Rating on INR80MM LT Loan

SHRISTI CEMENT: CRISIL Suspends B- Rating on INR40MM Cash Loan
SINGHANIA AND SONS: CRISIL Reaffirms B+ Rating on INR75MM Loan
SKI HIMALAYAS: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
SLEEV TOBACCO: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
SRI SATYALAKSHMI: CRISIL Reaffirms B+ Rating on INR70MM Loan

SAMRAKSHANA ELECTRICALS: CRISIL Ups Rating on INR269.8M Loan to B
T.P.S. SEKAR: CRISIL Assigns 'D' Rating to INR55MM Cash Loan


J A P A N

SHARP CORP: Reforms to Include Results-Based Pay, New Chief Says


M O N G O L I A

DEVELOPMENT BANK: S&P Lowers ICR to 'B-', Outlook Stable


N E W  Z E A L A N D

RENOVAR LTD: Homeowners Unlikely to Get Their Money Back


S I N G A P O R E

SWIBER HOLDINGS: Updates Total Sum of Claims to US$135.9-Mil.


                            - - - - -


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


CANOPY HOLDINGS: First Creditors' Meeting Set For Aug. 30
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Canopy Holdings Pty Ltd will be held at the offices of
Worrells Brisbane on Aug. 30, 2016, at 10:30 a.m.

Michael John Griffin and Chris Cook of Worrells Solvency &
Forensic Accountants were appointed as administrators of Canopy
Holdings on Aug. 11, 2016.


KIDS WORLD: First Creditors' Meeting Slated For Aug. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Kids World
(Chermside) Pty Ltd will be held at the offices of DV Recovery
Management, Level 1, at 76 Market Street, in Wollongong on Aug.
31, 2016, at 11:00 a.m.

Danny Tony Vrkic of DV Recovery Management was appointed as
administrator of Kids World on Aug. 22, 2016.


SEDUCE GROUP: First Creditors' Meeting Slated For Aug. 31
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
Seduce Group Australia Pty Ltd will be held at Eclipse Tower,
Level 19, at 60 Station Street E, in Parramatta, on Aug. 31, 2016,
at 10:00 a.m.

Michael Billingsley and Neil Cussen of Deloitte Financial Advisory
Pty Ltd were appointed as administrators of Seduce Group on Aug.
22, 2016.



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


BOHAI STEEL: May Receive Government Bail Out
--------------------------------------------
Shanghai Daily, citing online financial magazine Caixin, reports
that Bohai Steel Group, the indebted state-owned conglomerate, may
receive help from a local government bailout fund to restructure
its debts.

According to Shanghai Daily, Caixin relayed that Bohai Steel,
which was created in 2010 through the combination of four
manufacturers, holds liabilities of CNY192 billion (US$28.9
billion) from 105 creditors, alongside assets of nearly
CNY290 billion.

Shanghai Daily relates that the magazine said the Tianjin
government plans to create a local asset manager to assist in the
debt workout of Bohai Steel, alongside other troubled Tianjin
enterprises.

Restructuring of the group represented the biggest since the
global financial crisis, Standard & Poor's analyst Christopher Lee
told Reuters in March, Shanghai Daily says.

Bohai Steel creditors include the Tianjin branch of the Bank of
Beijing Co Ltd and several trust companies, Shanghai Daily
discloses.

Shanghai Daily adds that China has been moving to empower special
purpose restructuring managers, while accelerating debt-for-equity
swaps with creditors, in a bid to manage rising state sector debt.

Bohai Steel Group Co Ltd is a steelmaker based in northeast China.



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


APHELION FINANCE: Ind-Ra Affirms IND BB- Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aphelion Finance
Pvt. Ltd.'s (AFPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings take into account AFPL's operational experience of
over a decade, which has helped it acquire the knowledge and
understanding required to operate in the unsecured lending space
in its geography. The ratings also factor in AFPL's average but
adequate internal capital generation. However, the ratings are
constrained by AFPL's small and concentrated franchise, evolving
processes and compliances, limited funding sources and its largely
risky product segment (unsecured lending).

Most of AFPL loans (FY16: 56%; FY15: 50%) are in the unsecured
personal loan segment, which is considered a riskier segment than
secured loans; however, the company prices in this risk. The other
large piece in its portfolio (FY16: 39%; FY15: 47%) covers loans
that have been originated through the contacts of minority
shareholders. These loans are typically secured against loans to
the company by minority shareholders. The company has also
introduced products in the secured segment; these include gold
loans, loans against insurance policy and loans against property,
but the proportion of these remains small and in the ramp-up
stage. AFPL's borrowers are primarily located in pockets of Mumbai
and have largely been sourced through intermediaries.

AFPL has funding lines with two banks and sources funds from
minority shareholders. Management is looking to increase the
number of banks it has a relationship with.

AFPL's capitalisation levels have remained reasonable for its
size, with capital constituting about one-third of its balance
sheet. Management plans to maintain higher capitalisation and
infuse equity in line with the growth in AFPL's advances. This is
important in light of the company's low level of internal
accruals.

RATING SENSITIVITIES

Negative: A sharp rise in delinquencies, regulatory and compliance
issues, a sharp expansion in unrelated geographies and any
aggressive loan growth without adequate capital injection from the
promoter could lead to a downgrade.

Positive: Diversification of funding sources, larger franchises,
strengthened systems, processes and compliances, improvements in
internal accruals and profitability and continued good control
over delinquencies may lead to an upgrade.

COMPANY PROFILE

AFPL is a Reserve Bank of India registered non-banking finance
company that started operations in 1999, but shifted focus to
personal unsecured loans from 2004. It has also diversified into
segments such as gold loans and loans against insurance policies.
It operates in Mumbai through a head office in Mulund and has
three retail outlets in Borivali, Andheri and Vikhroli. It had
registered a net profit of around INR9 million as at FYE16.

AFPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND BB-'; Outlook
      Stable

   -- INR150 million (increased from INR50 million) bank loan:
      affirmed at 'IND BB-'; Outlook Stable

   -- INR100 million cash credit facility: affirmed at
      'IND BB-'/Stable


ASIAN BUSINESS: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Asian Business
Connections Private Limited (ABCPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The agency has also assigned
ABCPL's proposed INR4,500m non-convertible debentures (NCDs) a
'Provisional IND BB-' rating with a Stable Outlook.

To arrive at the ratings, the agency has taken a consolidated view
of ABCPL and its subsidiaries (together referred to as the
Carnival Group) considering legal linkages, common management
control and a track record of cash fungibility within the group.
Financial support is extended by one subsidiary to another through
ABCPL as ABCPL is the holding company. The final rating will be
assigned to the NCDs following the closure of the issue and upon
the receipt of final documentation, conforming to the information
already received by Ind-Ra.

KEY RATING DRIVERS

The ratings reflect ABCPL's dependence on its subsidiaries to
honour servicing of the NCDs as it does not have any economic
activity on a standalone basis. Moreover, in the past there have
been no instances of upstreaming of dividend from its
subsidiaries.

ABCPL's management has stated that the proceeds from the proposed
NCDs will be passed on to its 99.99% subsidiary CSJ Infrastructure
Private Limited (CSJ) in the form of 9% inter corporate deposits
(ICDs) as part of CSJ's refinancing arrangements. The draft term
sheet of the NCD issue states that ABCPL has to repay INR1,500m
within 30 months from the date of issue, with the remaining
tranche to be redeemed over 60 months from the date of issue. The
draft term sheet also states that the servicing/redemption of the
NCDs would be met through cash accruals from the mall, hotel and
commercial real estate assets held by CSJ, as ABCPL does not have
any operations of its own. CSJ would upstream cash to its parent
by way of interest on the ICDs and repayment of the ICDs.

Although CSJ has reported strong EBITDA of INR1,380 million in
FY16 (Provisional) (FY15: INR1,563 million) on revenue of INR1,861
million (INR2,108 million), its cash flows are inadequate to meet
the servicing requirements on its INR13,089m debt; hence this is
being refinanced. The agency factors in the nascent stage of CSJ's
hotel operations (with only 100 out of 211 rooms operational),
which could moderately impact its profitability. Timely repayment
of ABCPL's NCDs will also be contingent upon the sale of the
remaining office space in CSJ (163,000 sq. ft., equivalent to
almost 50% of total saleable area). Any delay in these sales could
pose a liquidity risk for the parent.

The ratings are constrained by CSJ's strained liquidity position
and due to no support being drawn from the group's flagship
company, Advantage Overseas Pvt Ltd (AOPL). However, AOPL, along
with ABCPL, has guaranteed CSJ's debt. Any delay in the
finalisation of refinancing arrangements for CSJ could result in
the invocation of the guarantee by the lender and could impinge
AOPL and ABCPL's credit profiles.

However, the ratings are supported by the likely financial
flexibility available to ABCPL by way of divestment of its equity
stake in CSJ, which has an enterprise value of INR20,120m, as per
a recent valuation report shared by the company with the agency.

RATING SENSITIVITIES

Negative: The ratings could be downgraded if there is:

   -- a delay in achieving the desired level of occupancy in for
      CSJ's hotel and delays in office premise sales;

   -- cash accruals from the mall coming in lower than the
      agency's expectations

   -- an invocation of ABCPL's guarantee by CSJ's lender

COMPANY PROFILE

Incorporated in 2009 by Mr. Shrikant Bhasi, ABCPL operates in
various verticals such as commodities trading, film exhibitions,
food and beverages and real estate through its subsidiaries. Most
of its revenue, EBITDA and debt come from its subsidiaries AOPL,
CSJ, Carnival Soft Private Limited and Carnival Films Private
Limited.

Provisional FY16 numbers indicate that revenue increased by about
58% to INR960bn (FY15: INR606,624m), led a scale-up in its agro
commodity trading segment. ABCPL's consolidated EBITDA margin was
less than 1% in FY16 (same as FY15).


BABANSAL GINNING: CRISIL Suspends B+ Rating on INR50MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of BaBansal
Ginning and Pressing Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             47.5      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      50.0      CRISIL B+/Stable

   Standby Line of Credit   7.0      CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
Bansal with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Bansal is yet to
provide adequate information to enable CRISIL to assess Bansal's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Bansal, incorporated in 2003, was set up by the Gupta family; it
operates in the cotton ginning and pressing industry. The company
has two manufacturing units, with cotton production capacity of
around 150 bales per day (bpd) and 120 bpd.


BALAJI FIBER: CRISIL Assigns 'C' Rating to INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Balaji Fiber Reinforce Private Limited (BFRPL) and
assigned 'CRISIL C' rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL C (Assigned;
                                     Suspension Revoked)

CRISIL had suspended the rating on BFRPL's long-term bank
facilities on April 19, 2013, as the company had not provided the
information required for a rating view. BFRPL has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

The ratings reflect BFRPL's constrained financial risk profile and
stretched liquidity, average scale of and highly working capital
intensive nature of operations primarily driven by elongated
receivables. These weaknesses are partially offset by the
extensive experience of the promoters in industrial machinery and
consumables industry.

Incorporated in 1963 and based in Vadodara (Gujarat), BFRPL is
promoted by Mr Shantilal D Patel. It manufactures GRP and FRP
pipes that are used in chemical, petroleum, gas, water
transportation, sea water, sewerage industries.

For fiscal 2016, on a provisional basis, BFRPL had a net profit of
INR18.7 million on sales of INR349.9 million, against a net profit
of INR0.6 million on sales of INR317.5 million for fiscal 2015.


BHARAT INFRA: CRISIL Suspends B- Rating on INR50MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Bharat
Infra Cement Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B-/Stable
   Term Loan               50       CRISIL B-/Stable

The suspension of rating is on account of non-cooperation by BICL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BICL is yet to
provide adequate information to enable CRISIL to assess BICL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BICL was incorporated in 2011, promoted by Mr. Shailendra Kumar
and his friend, Mr. Vishnu Agarwal. The company manufactures
cement at its facility in Varanasi (Uttar Pradesh). It has an
installed capacity of 150,000 tonnes per annum.


BHASKAR SHRACHI: Ind-Ra Suspends 'IND D' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhaskar Shrachi
Alloys Limited's (BSAL) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for BSAL.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

BSAL's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR192 million term loans: migrated to Long-term
      'IND D(suspended)' from Long-term 'IND D'

   -- INR290 million fund-based working capital limits: migrated
      to Long-term 'IND D(suspended)' from Long-term 'IND D'

   -- INR150 million non-fund-based working capital credit
      limits: migrated to Short-term 'IND D(suspended)' from
      Short-term 'IND D'


BULKTAINER SHIPPING: CRISIL Suspends B- Rating on INR57MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bulktainer Shipping Limited.

                       Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         1.9        CRISIL A4
   Cash Credit           45.0        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility    30.7        CRISIL B-/Stable
   Term Loan             57.0        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by BSL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BSL is yet to
provide adequate information to enable CRISIL to assess BSL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

BSL was set up in 1988 as a proprietary concern - Bulktainer
Roadways - by Mr. Sanjay Sharma; it was reconstituted as a closely
held public limited company in 1995.

The company provides freight transport services by roads, and
operates a fleet of gas trailers and multi-axle bulkers. It
transports liquefied petroleum gas, butadiene, alumina, and other
commodities. It is based in Mumbai (Maharashtra).


CLASSIC ENGICON: Ind-Ra Assigns 'IND BB' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Classic Engicon
Private Limited (CEPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect CEPL's moderate scale of operations, credit
profile and order book. The company's revenue normalised to
INR1,022 million in FY16 on account of increased work orders. Its
revenue declined by 58.4% to INR207 million in FY15 (FY14:INR497
million) from INR606 million in FY13. This decline was due to less
work orders received by the company in FY14 on account of
competition in bidding for the government projects. CEPL's net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) was 1.8x in
FY16 (FY15: 3.5x) and EBITDA interest coverage (operating
EBITDA/gross interest expense) was 4.0x (2.5x). EBITDA margins
were volatile and remained in the range of 7.4%-16.4% over FY13-
FY16.

CEPL's revenue is likely to improve during FY17 with the current
outstanding order book of INR1,654.7 million (1.61x of FY16
revenue) to be executed by end of FY17. CEPL has booked revenue of
INR508.4 million in 1QFY17.

The ratings further reflect CEPL's tight liquidity with the
average utilisation of its working capital limits being 97.6% for
the 12 months ended July 2016.

The ratings, however, are supported by more than a decade of
operating experience of the company's promoters in the EPC
segment.

RATING SENSITIVITIES

Positive: A substantial top-line growth with an improvement in the
EBITDA margins leading to a sustained improvement in the credit
metrics could be positive for the ratings

Negative: Failure to maintain a healthy order book impacting the
revenue visibility and a decline in the profitability resulting in
a sustained deterioration in the credit metrics could lead to a
negative rating action

COMPANY PROFILE

CEPL was established in Jharkhand in October 2007. The company,
promoted by Mr. Dilip Kumar Singh, undertakes construction of
roads, bridges, check dams, irrigation and other such projects.
Its key customer is the Public Works Department (PWD) of Jharkhand
and Bihar. It is registered as a Class-1 contractor with PWD
Jharkhand and central PWD of India.

CEPL's ratings:

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

   -- INR50 million fund-based facilities: assigned
      'IND BB'/ Stable/'IND A4+'

   -- INR160 million non-fund-based facilities: assigned
      'IND A4+'

   -- Proposed INR90 million non-fund-based facilities: assigned
      'Provisional IND A4+'


D. C. FABRICS: CRISIL Assigns 'B' Rating to INR35MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of D. C. Fabrics (Ludhiana).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             35        CRISIL B/Stable
   Long Term Loan          35        CRISIL B/Stable

The rating reflects the firm's average financial risk profile
because of high gearing, and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of its promoters in the textile industry.
Outlook: Stable

CRISIL believes DCF will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if significant scale-up in operations, while
improving profitability, leads to higher-than-expected cash
accrual. The outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of low cash
accrual due to pressure on scale and profitability, stretch in
working capital cycle, or large capital expenditure.

Established in 1994 as a partnership firm by Mr. Sanjeev Kumar
Jain, Mr. Saket Jain, and Ms. Sangeeta Jain, DCF manufactures
fabrics from yarn at its facilities in Ludhiana.


DECCAN ENGINEERING: CRISIL Suspends 'B' Rating on INR40MM LT Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Deccan Engineering Constructions Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          30        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      40        CRISIL B/Stable

   Secured Overdraft
   Facility                30        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
DECPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DECPL is yet to
provide adequate information to enable CRISIL to assess DECPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

DECPL is a Chennai-based civil contractor. The company's day-to-
day operations are managed by its director Mr. V V D Murali.


GEE EMM OVERSEAS: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gee Emm Overseas
(GEO) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The agency has also assigned GEO's INR60m fund-based
working capital limits Long-term 'IND B+'/Stable and Short-term
'IND A4' ratings.

KEY RATING DRIVERS

The ratings reflect GEO's small scale of operations and weak
credit profile. According to GEO's provisional financials for
FY16, its revenue was INR 345.41 m (FY15: INR332.86m), gross
interest coverage (EBITDA/interest) was 1.73x (1.55x) and net
leverage (net debt/EBITDA) stood at 10.15x (15.35x). EBITDA margin
was moderate at 3.23% in FY16 (FY15: 4.18%); margins declined in
FY16 due to a fall in prices of Basmati rice.

The ratings are constrained by GEO's presence in the highly
fragmented and intensely competitive rice milling industry,
government regulations and seasonality of operations.

The ratings, however, are supported by over 10 years of experience
of GEO's promoters in the rice milling industry. The ratings are
further supported by the entity's strong relationships with its
customers and suppliers. Moreover, GEO's liquidity is comfortable
as evident from 39.56% of average working capital utilisation for
the 12 months ended July 2016.

RATING SENSITIVITIES

Negative: A decline in the EBITDA margins leading to deterioration
in the credit metrics could lead to a negative rating action.

Positive: A substantial growth in the revenue along with
improvement in the EBITDA margins leading to improvement in the
credit metrics could lead to a positive rating action.

COMPANY PROFILE

GEO is a partnership firm engaged in processing of Basmati and
non-basmati rice. The processing plant of the entity is located in
Moga, Punjab with a production capacity of 10 Tonnes/hour.


HINDUSTAN GUNNY: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-----------------------------------------------------------------
CRISIL rating on the bank facility of Hindustan Gunny Bags and
Allied Suppliers continues to reflect HGBAS's large working
capital requirements and modest scale of operations. These rating
weaknesses are partially offset by the extensive experience of the
firm's promoters in the packaging industry, its established
customer linkages, and its above-average financial risk profile,
marked by moderate capital structure and debt protection metrics.

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

Outlook: Stable

CRISIL believes that HGBAS will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its established clientele. The outlook may be
revised to 'Positive' if sustainable ramp-up in scale of
operations, efficient management of working capital cycle, and
stable profitability lead to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if the liquidity
declines, most likely due to low cash accruals, stretch in working
capital cycle, or any large debt-funded capex.

HGBAS, established in 1984, is a partnership firm promoted by the
Bafna family. Sale of polypropylene and gunny bags contributes
about 95 and 5 per cent, respectively, to the firm's revenue. The
bags are sold mainly to the sugar industry. The operations are
managed by the partners, Mr. Bhushan Bafna and Mr. Sudarshan
Bafna.


H M INTERNATIONAL: CRISIL Reaffirms B Rating on INR62.5MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of H M International
continue to reflect HMI's weak financial risk profile, marked by
modest networth, high adjusted total outside liabilities to
tangible networth ratio and subdued debt protection metrics. The
rating also factors in HMI's high working capital-intensive nature
of operations. These rating weaknesses are partially offset by a
strong customer base and healthy relationships with brand-licence
providers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            62.5       CRISIL B/Stable (Reaffirmed)

   Import Letter of
   Credit Limit           55.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.5       CRISIL B/Stable (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility     25.0       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes HMI will continue to benefit over the medium term
from its established relationships with brand-licence providers.
The outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue and profitability margins or a
significant improvement in capital structure or networth on the
back of sizeable equity infusion by promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
profitability margins, or considerable deterioration in capital
structure caused most likely by large, debt-funded capital
expenditure or stretched working capital cycle.

H M International established as a proprietorship concern by Mr.
Mahendra Choraria in 1996 is engaged in trading of stationery
items for school students such as sharpeners, erasers, crayons,
pencils, pens, compass boxes, lunch box, water bottle, etc. The
firm has licenses of The Walt Disney Company, Nickelodeon and
Dream Theatre Co to sell these stationary items under their
respective brand or logo.


INFINITY INFRATECH: CRISIL Suspends B+ Rating on INR47.5MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Infinity Infratech.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL A4

   Cash Credit             20        CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      46.5      CRISIL B+/Stable

   Term Loan               47.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by II
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, II is yet to
provide adequate information to enable CRISIL to assess II's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

II was established in 2010 by Mr. Pratik Desai and is engaged in
the manufacturing of RCC Hume pipes, services tenders of
government in civil projects and manufactures stone aggregates.
The plant is located at Vapi.


JAI HANUMAN: CRISIL Assigns B+ Rating to INR73.7MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jai Hanuman Rice & General Mills.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            40.0       CRISIL B+/Stable
   Term Loan              73.7       CRISIL B+/Stable

The rating reflects the firm's subdued financial risk profile
because of high gearing, and its modest scale of operations and
large working capital requirement in the fragmented rice industry.
These weaknesses are partially offset by its partners' extensive
industry experience.
Outlook: Stable

CRISIL believes JHRGM will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' in case of a substantial improvement in its financial
risk profile driven by higher-than-expected revenue growth leading
to high cash accrual, or capital infusion and efficient working
capital management. The outlook may be revised to 'Negative' in
case of lower-than-expected cash accrual, or sizeable working
capital requirement, or large, debt-funded capital expenditure,
exerting pressure on the firm's liquidity.

JHRGM was established as a partnership firm in 2008 by Mr Surinder
Kumar and Mr Hari Krishan. The firm mills and processes basmati
and non-basmati rice. Its facilities are at Gharaunda in Karnal,
Haryana.


JAMSHEDPUR MINERALS: CRISIL Reaffirms B+ Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jamshedpur Minerals &
Chemicals continue to reflect the firm's susceptibility to
volatility in raw material prices and cyclicality in the steel
industry and small scale of operations in the fragmented
ferroalloys industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                  30       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        10       CRISIL A4 (Reaffirmed)

   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's weak financial risk profile
marked by modest net worth and high gearing. These weaknesses are
partially offset by extensive experience of promoters in the ferro
alloy industry.

Outlook: Stable

CRISIL believes JMC will benefit over the medium term from the
extensive experience of its partners. The outlook may be revised
to 'Positive' in case of a significant increase in the firm's
revenue and cash accruals, or if it improves its working capital
management, or if its promoters infuse substantial capital,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if JMC's accruals are low, or
its working capital management weakens, or it undertakes a large
unexpected debt-funded capital expenditure programme, leading to
deterioration in its financial risk profile, particularly its
liquidity.

Established in 2014 in Jamshedpur as a partnership firm by Mr.
Manoj Kumar Gutgutia, Mr. A K Gutgutia, Mr. Shiv Kumar Agarwal,
and Mr. Ramjanam Singh, JMC manufactures ferro alloys such as low
carbon ferro manganese, ferro molybdenum, and ferro titanium.
Commercial operations began from February 2015.


K.K.R. FOOD: CRISIL Suspends B+ Rating on INR115MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
K.K.R. Food Products (KFP; part of the KKR group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      115       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility        1       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by KFP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KFP is yet to
provide adequate information to enable CRISIL to assess KFP's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KFP, SN Rice Mills, KKR Mills, KKR
Flour Mills, Karthika Modern Rice Mill, KKR Agro Mills, and KKR
Products and Marketing Pvt Ltd. This is because all these
entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2003, KFP trades in spices and pickles.


KALINGA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR90MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kalinga
Enterprises Private Limited continues to reflect KEPL's small
scale and working capital intensive nature of operations.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           90       CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by the extensive experience
of KEPL's promoters in the iron ore and steel products trading
business and average financial risk profile, marked by weak debt
protection metrics, low total outside liabilities to tangible
networth ratio, and moderate networth.
Outlook: Stable

CRISIL believes KEPL will continue to benefit from the extensive
experience of its promoters in iron ore and steel products
trading. The outlook may be revised to 'Positive' if improvement
in scale of operations and profitability, leads to high cash
accrual and prudent working capital management. The outlook may be
revised to 'Negative' if low profitability, large debt-funded
capital expenditure, stretch in working capital cycle, or support
to group entities weakens financial risk profile.

KEPL was originally incorporated in 2006 as Srinathji Iron Pvt
Ltd; the name was changed in May 2009. Since fiscal 2011, KEPL
trades in iron ore and steel products and also provides
transportation services to its customers on a case-to-case basis.
The operations are managed by directors - Mr Amit Gupta and Mr
Arup Gupta.


KARAN CONSTRUCTION: CRISIL Reaffirms 'B' Rating on INR80MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Karan Construction
Company continue to reflect KCC's modest scale of operations in
the intensely competitive civil construction industry, and its
large working capital requirement. These rating weaknesses are
partially offset by KCC's moderate financial risk profile marked
by low gearing and stable networth base and extensive experience
of the firm's partner in the construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         100       CRISIL A4 (Reaffirmed)
   Cash Credit             80       CRISIL B/Stable (Reaffirmed)
   Overdraft Facility      50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KCC will continue to benefit over the medium term
from the extensive industry experience of partners. The outlook
may be revised to 'Positive' in case of substantial growth in
scale of operations and profitability, and improvement in working
capital cycle. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates, most likely
because of reduced revenue and margins, or any large, debt-funded
capital expenditure, or any delay in receipt of bills from
principal contractors.

KCC was founded by Mr Suresh Chandra Karan, Mr Suman Karan, and Mr
Susobhan Karan in Haldia (West Bengal) in 1999. The firm
undertakes civil, mechanical and electrical contracts awarded by
central and state government, and private undertakings.


KARTHIKA MODERN: CRISIL Suspends B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Karthika
Modern Rice Mill (KMRM; part of the KKR group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             65        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      20        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by KMRM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KMRM is yet to
provide adequate information to enable CRISIL to assess KMRM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of KMRM, SN Rice Mills, Karthika Modern
Rice Mill, KKR Flour Mills, KKR Food Products, KKR Agro Mills, and
KKR Products and Marketing Pvt Ltd. This is because all these
entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.

Set up in 2007, KMRM is engaged in the business of rice milling.


KARTIKEYA PAPER: CRISIL Reaffirms B+ Rating on INR250MM Loan
------------------------------------------------------------
CRISIL's rating on the long term bank loan facility of Kartikeya
Paper Distributor Private Limited continue to reflect below-
average financial risk profile, marked by high gearing and weak
debt protection metrics.

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

The rating also factors in the company's modest scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
KPDPL's promoters' in trading in paper products, and their funding
support.
Outlook: Stable

CRISIL believes that KPDPL will continue to benefit from its
promoters' extensive industry experience, over the medium term.
The outlook may be revised to 'Positive' in case of significant
cash accruals or capital infusion along with efficient working
capital management. Conversely, the outlook may be revised to
'Negative' in case of low cash accruals or large working capital
requirements or if KPDPL undertakes a sizeable debt-funded capital
expenditure programme, thereby exerting pressure on its liquidity.

Incorporated in April 1998, KPDPL trades in paper and paper
products. The company is an authorised distributor of Ballarpur
Industries Ltd and Avery Denison (India) Pvt Ltd. KPDPL is based
in Lucknow and is promoted by Mr. Raj Kumar Agarwal.


KOS OILS: CRISIL Suspends 'D' Rating on INR340MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of KOS Oils
Private Limited.

                            Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                340       CRISIL D
   Standby Line of Credit      15       CRISIL D

The suspension of ratings is on account of non-cooperation by KOS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KOS is yet to
provide adequate information to enable CRISIL to assess KOS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

KOS was originally established in 1979 as a partnership firm, Sri
Krishna Oil Stores, promoted by Mr. K Arumugam and managed by nine
partners; the firm was reconstituted as a private limited company
with the current name in 2014. Based in Tiruvannamalai (Tamil
Nadu), KOS trades in refined palm oil and other edible oils in
Tamil Nadu and Puducherry.


KRIDHAN INFRA: CRISIL Reaffirms B- Rating on INR170.2MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kridhan Infra Limited
(KIL; part of the Kridhan group) continue to reflect the Kridhan
group's large working capital requirement, exposure to risks
inherent in tender-based contracts, and its weak financial risk
profile because of modest debt protection metrics. These
weaknesses are partially offset by the extensive experience of its
promoters in the steel industry, and its comfortable revenue
visibility driven by a healthy order book.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit           170.2      CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       60        CRISIL A4 (Reaffirmed)
   Term Loan               9.8      CRISIL B-/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KIL and its wholly owned subsidiary,
Kridhan Infra Solutions Pvt Ltd (KISPL). This is because the
companies, together referred to as the Kridhan group, have
significant operational and financial linkages.

Outlook: Stable

CRISIL believes the Kridhan group will continue to benefit from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the group reports substantial cash
accrual backed by robust revenue growth or sustained improvement
in operating profitability, leading to better liquidity. The
outlook may be revised to 'Negative' if the liquidity deteriorates
because of low cash accrual or stretch in working capital cycle or
debt-funded capital expenditure.

IL (formerly, Readymade Steel India Ltd) was established in 2006
as a joint venture by Mr Anil Agrawal (25% share); Bengaluru-based
Krishna Triveni Ltd (25% share); and CSC Holdings Ltd (50% share),
a leading Singapore-based geotechnical engineering company. In
2007, Mr Agrawal acquired the stake of the other partners, and
inducted Ms Krishna Devi Agrawal, his mother, as a shareholder in
KIL.

KISPL, incorporated in 2011, manufactures and trades in couplers
and thermo-mechanically treated bars.


KRIDHAN INFRA SOLUTIONS: CRISIL Reaffirms B- Rating on LT Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kridhan Infra Solutions
Private Limited (KISPL; part of the Kridhan group) continue to
reflect the Kridhan group's large working capital requirement,
exposure to risks inherent in tender-based contracts, and its weak
financial risk profile because of modest debt protection metrics.
These weaknesses are partially offset by the extensive experience
of its promoters in the steel industry, and its comfortable
revenue visibility driven by a healthy order book.

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

   Letter of Credit        20       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      54.8     CRISIL B-/Stable (Reaffirmed)

   Term Loan               10.2     CRISIL B-/Stable (Reaffirmed)

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of KISPL and its parent, Kridhan Infra
Ltd. This is because the companies, together referred to as the
Kridhan group, have significant operational and financial
linkages.

Outlook: Stable

CRISIL believes the Kridhan group will continue to benefit from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the group reports substantial cash
accrual backed by robust revenue growth or sustained improvement
in operating profitability, leading to better liquidity. The
outlook may be revised to 'Negative' if the liquidity deteriorates
because of low cash accrual or stretch in working capital cycle or
debt-funded capital expenditure.

KIL (formerly, Readymade Steel India Ltd) was established in 2006
as a joint venture by Mr Anil Agrawal (25% share); Bengaluru-based
Krishna Triveni Ltd (25% share); and CSC Holdings Ltd (50% share),
a leading Singapore-based geotechnical engineering company. In
2007, Mr Agrawal acquired the stake of the other partners, and
inducted Ms Krishna Devi Agrawal, his mother, as a shareholder in
KIL.

KISPL, a wholly owned subsidiary of KIL, was incorporated in 2011.
It manufactures and trades in couplers and thermo-mechanically
treated bars.


LGF VITRIFIED: CRISIL Reaffirms B+ Rating on INR190MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of LGF Vitrified Private
Limited continues to reflect LGF's modest scale of operations in
the highly competitive ceramics industry, and large working
capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          41       CRISIL A4 (Reaffirmed)
   Cash Credit             80       CRISIL B+/Stable (Reaffirmed)
   Term Loan              190       CRISIL B+/Stable (Reaffirmed)

The rating also factors in an average financial risk profile
because of a small net worth, and modest gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the company's partners and
favorable location of its plant ensuring availability of raw
material and labor.

Outlook: Stable

CRISIL believes that LGF will continue to benefit over the medium
term from the extensive industry experience of its partners and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of a higher-than-expected increase
in scale of operations and profitability, leading to larger-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of lower-than-anticipated revenue or
profitability, or deterioration in the financial risk profile,
most likely because of a stretched working capital cycle or
substantial debt-funded capital expenditure.

Incorporated in 2014, LGF, is a Morbi-Gujarat based company,
engaged in manufacturing of ceramic vitrified tiles. The company
commenced commercial operations from December 2015. The total
manufacturing capacity of the unit would be 6500 boxes per day.
The company is promoted by Mr. Dinesh Ghodasra, Mr. Damji Patel,
Mr. Ramniklal Ghodasara and Mr. Mayur Godhani.


M.K.V.K. TIMBERS: CRISIL Assigns B Rating to INR85MM Foreign LOC
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of M.K.V.K. Timbers and Saw Mills (MKVKTSM; part
of the MKVK group). The ratings reflect a modest scale of
operations in the highly fragmented timber industry, working
capital-intensive operations, and susceptibility to volatility in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of promoters in the timber
trading industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility      12.5      CRISIL A4

   Cash Credit             12.5      CRISIL B/Stable

   Foreign Letter of
   Credit                  85.0      CRISIL B/Stable

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of MKVKTSM and its sister concern, Sri MKV
Kandasamy Nadar Firm. This is because the two firms, together
referred to as the MKVK group, are under common promoters, in the
same line of business, and have fungible cash flows between them.
Outlook: Stable

CRISIL believes the MKVK group will maintain its business risk
profile over the medium term backed by established relationships
with customers. The outlook may be revised to 'Positive' if
scaling up of operations with improvement in profitability
significantly improves liquidity. Conversely, the outlook may be
revised to 'Negative' if a stretch in working capital cycle or
deterioration in margins weakens liquidity.

Set up in 1996, MKVKTSM, promoted by Mr. KP Jayachandram and Mr.
PJ Kannanmathi, trades in timber, cement, asbestos, bamboo, and
thermo-mechanically treated bars.

MKVKNF, processes and trades in imported timber.


MARY MATHA: CRISIL Suspends 'D' Rating on INR138.3MM LT Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Mary Matha
Education Society.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         138.3      CRISIL D

The suspension of ratings is on account of non-cooperation by MMES
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MMES is yet to
provide adequate information to enable CRISIL to assess MMES's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Established in 2003, MMES was taken over in 2008 by the PRS group,
which is headed by Mr. R Murugan. MMES runs one institute, PRS
College of Engineering and Technology, in Trivandrum (Kerala). The
institute, approved by the All India Council for Technical
Education, New Delhi, is affiliated to the University of Kerala
and recognised by the Government of Kerala.


MERACUS MINERAL: CRISIL Reaffirms B+ Rating on INR56MM Loan
-----------------------------------------------------------
CRISIL ratings on the bank facilities of Meracus Mineral LLP's
modest scale of operations in the highly competitive ceramics
industry, and large working capital requirement. The rating also
factors in an average financial risk profile because of a small
net worth, and modest gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the firm's partners and favourable location
of its plant ensuring availability of raw material and labor.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           7       CRISIL A4 (Reaffirmed)

   Proposed Cash
   Credit Limit            35       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2       CRISIL B+/Stable (Reaffirmed)

   Term Loan               56       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MML will continue to benefit over the medium
term from the extensive industry experience of its partners and
its established relationships with customers. The outlook may be
revised to 'Positive' in case of a significant increase in scale
of operations and profitability, leading to larger-than-expected
cash accruals or improvement in its working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-anticipated revenue or profitability, or deterioration
in the financial risk profile, most likely because of a stretched
working capital cycle or substantial debt-funded capital
expenditure.

MML, is a partnership firm, set up in 2014 and is based out of
Morbi. Mr. Nikunj Vadaliya and Mr. Jitendra Aghara are the
partners of the firm. MML is engaged in manufacturing of purified
feldspar, a raw material used in the ceramic industry. The firm
commenced commercial operations from August 2015.


METECNO INDIA: CRISIL Suspends B- Rating on INR175.8MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Metecno
India Private Limited.

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

   Cash Credit            130        CRISIL B-/Stable

   Funded Interest
   Term Loan               28.4      CRISIL B-/Stable

   Letter of Credit       140        CRISIL A4

   Long Term Loan         175.8      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by MIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MIPL is yet to
provide adequate information to enable CRISIL to assess MIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 2005, in Chennai, MIPL manufactures and installs
sandwich poly urethane foam (PUF) panels, used in industrial
buildings as walls, roof and insulators.


MUKTA INDUSTRIES: CRISIL Suspends 'B+' Rating on INR220MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mukta Industries Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        75.5      CRISIL A4
   Cash Credit            220.0      CRISIL B+/Stable
   Overdraft Facility       4.5      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by MIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MIPL is yet to
provide adequate information to enable CRISIL to assess MIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

Incorporated in 1994, MIPL is promoted by Mr. Prakash Shah, Mr.
Naresh Shah, Mr. Hemendra Shah, Mr. Pankaj Shah, and Mr. Pardip
Shah. The company trades in steel and paper products.


NOVO MEDI: CRISIL Assigns 'B+' Rating on INR90MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Novo Medi Sciences Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              90       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       10       CRISIL B+/Stable

The rating reflects the company's exposure to risks related to its
initial years of operations, its large working capital
requirement, and the product concentration in its revenue. These
weaknesses are partially offset by the extensive experience of its
promoters in the pharmaceuticals industry.

Outlook: Stable

CRISIL believes NMS will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company's operations stabilise,
backed by increase in revenue, profitability, and accrual, and
prudent working capital management. The outlook may be revised to
'Negative' in case of lower-than-expected revenue or operating
margin, or weakening of its financial risk profile because of a
stretch in its working capital cycle or large, debt-funded capital
expenditure.

NMS trades in and markets chickenpox vaccine (Nexipox) in India.
It imports the vaccines from China, and has a 10-year agreement
with the manufacturer. The company was incorporated in 2013, but
started operations only in March 2016. It is promoted by Mr
Vipulkumar Bhagat and Ms Anju Kaundnya.


OMNITECH ENGINEERING: CRISIL Reaffirms B Rating on INR75.4MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Omnitech
Engineering continues to reflect a small scale of operations in
the highly fragmented engineering industry, and susceptibility of
operating margin to fluctuations in input prices and foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45.5      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       3.1      CRISIL B/Stable (Reaffirmed)

   Term Loan               75.4      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes OE 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 and profitability, leading to
substantial cash accrual. The outlook may be revised to 'Negative'
if the firm's financial risk profile weakens, most likely because
of delay in stabilising its debt-funded expansion project, or if
relationship with its key customer deteriorates, leading to a
decline in sales or profitability.

Update

In fiscal 2016, presence in the export market increased and new
customers added, while domestic market position was maintained.
Also, manufacturing capacity was enhanced by 35%. Operating income
is estimated at INR224.8 million for fiscal 2016, almost in line
with CRISIL's expectations, and is expected to improve further
over the medium term. Operating margin remained at 11.10%, higher
than CRISIL's expectations of 9%, and will remain at a similar
level over the medium term. However, cash accrual is expected to
be just sufficient to meet maturing debt repayment obligations.
Also, working capital requirement remains high, indicated by gross
current assets of 226 days as on March 31, 2016.

Capital structure is moderate, with gearing estimated at 1.94
times as on March 31, 2016, though this is slightly higher than
CRISIL's expectations. Financial risk profile remains moderate
because of adequate interest coverage and net cash accrual to
total debt ratios of 1.92 times and 0.10 time, respectively,
estimated for fiscal 2016.

Established in 2006, OE is a partnership firm promoted by Mr
Udaybhai Parekh and Mrs Kinnariben U Parekh of Rajkot, Gujarat.
The firm manufactures precision machined components such as
shafts, pins, hubs, and mounts.


OPALIUM INTERNATIONAL: CRISIL Reaffirms B+ Cash Credit Rating
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Opalium International
Exports continue to reflect OIE's below-average financial risk
profile, marked by small net worth and high total outside
liabilities to tangible net worth (TOLTNW) ratio, modest scale and
working-capital-intensive operations, and low profitability. These
rating weaknesses are partially offset by its promoters' extensive
experience in the fabric trading business and their funding
support, and OIE's established relationships with suppliers and
customers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)

   Packing Credit          30       CRISIL A4 (Reaffirmed)

   Packing Credit
   in Foreign Currency      15      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that OIE will benefit from its promoters'
extensive experience in the fabric trading industry over the
medium term. The outlook may be revised to 'Positive' if the firm
significantly increases its scale of operations and cash accruals
coupled with improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' in case of deterioration in
OIE's financial risk profile, particularly liquidity, owing to
further elongation in working capital cycle or significant decline
in profitability.

Update

OIE's operating income grew at a muted pace to around INR290.0-
300.0 million for 2015-16, against INR293.1 million in the
preceding year. OIE's Operating margin was at around 4.5-5.0 per
cent in 2015-16.The company's operations remain working capital
intensive, with gross current assets estimated at about 195-200
days, on account of debtors of about 95 - 100 days, estimated as
on March 31, 2016; operations are expected to remain working
capital intensive over the medium term.

The financial risk profile remains below average, marked by low
net worth levels, as on March 31, 2016, however supported by
unsecured loan from promoters of INR 17.7 million outstanding as
on March 31, 2016. Debt protection metrics remained average with
interest coverage ratios of 2.0-2.5 times in 2015-16,. CRISIL
believes that financial risk profile will remain below average
over the medium term.

Liquidity is adequate supported by adequate cash accrual against
term debt repayment. Annual cash accrual is expected at INR3.0-3.5
million for FY2016-17 as against no term debt obligation for the
same period. Further the bank lines have been utilised at around
96 per cent for the past 12 months ended July 2016. There were
capital withdrawals to the tune of INR16.3 million in FY 2015-16.

OIE, set up in 1993 as a partnership firm, trades in fabric in the
domestic as well as international market. Currently, Mr. Raman
Jain, his wife Ms. Kamni Jain and his son Mr. Rahul Jain are the
partners of OIE. The firm markets its products under its own
Opalium and Bonytex brands.


PADMA POLYMERS: CRISIL Ups Rating on INR40MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Padma Polymers - Mumbai to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and have reaffirmed the short-term rating at 'CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer Credit Limit      20        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

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

   Letter of Credit        60        CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in business risk profile on
account of improvement in scale of operations. The firm registered
a compounded annual growth rate (CAGR) of 33 per cent over the
last 3 years ended 2015-16 while sustaining the operating
profitability at 2.3 per cent over the same period. The upgrade
also reflects the funding support that Padma receives from the
promoters in the form of unsecured loans which is at INR46 million
as on March 31, 2016 from INR14 million as on
March 31, 2013.

The rating continues to reflect small scale of operations, and
below-average financial risk profile marked by its small net
worth, high total outside liabilities to tangible net worth
(TOLTNW) ratio and weak debt protection metrics. These rating
weaknesses are partially offset by the promoters' extensive
experience in the polymer trading segment and funding support
received from them.
Outlook: Stable

CRISIL believes that Padma would continue to benefit over the
medium term from its promoters' extensive industry experience and
established relations with customers. The outlook may be revised
to 'Positive' if the firm materially improves its capital
structure with sizeable accretion to reserves, or a fresh capital
infusion. Conversely, the outlook may be revised to 'Negative' if
Padma's financial risk profile deteriorates because of substantial
working capital requirements, capital withdrawals or significantly
low cash accruals.

Setup as a partnership firm in 1998, in Mumbai, Padma Polymers
(Padma) is engaged in trading of plastic raw material such as High
Density Polyethylene, Poly Propylene, Low Density Polyethylene,
Linear Low Density Poly Ethylene, etc.  The firm also undertake
trading of paraffin wax, which finds its application in
lubrication, electrical insulation and makings of candles. The
firm is promoted by Mr. Viresh Timbadia and Paresh Timbadia.


RATTAN RICE: CRISIL Reaffirms 'B' Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL rating on the long-term bank facility of Rattan Rice and
General Mills continue to reflect RRGM's below-average financial
risk profile, marked by a high gearing ratio and weak debt
protection metrics and its small scale of operations in the highly
fragmented rice milling industry. These rating weaknesses are
partially offset by the extensive experience of RRGM's promoters
in the rice industry and the gradual ramp-up in scale of
operations.

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

Outlook: Stable

CRISIL believes that Rattan Rice and General Mills (RRGM) will
continue to benefit over the medium term from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm's revenue and profitability increase
substantially, leading to an improvement in cash accruals and
hence, in financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm's capital structure and
liquidity weaken, most likely due to low cash accruals, or if its
working capital requirements increase or it undertakes substantial
debt-funded capital expenditure programme.

Rattan Rice and General Mills (RRGM), set up in 1994, mills many
varieties of basmati rice. It is a partnership concern established
by Mr. Pankaj Bansal, Mr. Pankaj Garg, Mr. Pradeep Anand, and Mr.
Pradeep Kumar. Its manufacturing facility is located in Nissing
(Haryana).


S. N. RICE: CRISIL Suspends B+ Rating on INR70MM Overdraft Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
S. N. Rice Mills (part of the KKR group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility     70         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      1.4       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by KKR
GROUP with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KKR GROUP is yet
to provide adequate information to enable CRISIL to assess KKR
GROUP's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key factor in its rating process as outlined in its
criteria 'Information Availability - a key risk factor in credit
ratings'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SN Rice Mills, Karthika Modern Rice
Mill, KKR Mills, KKR Flour Mills, KKR Food Products, KKR Agro
Mills, and KKR Products and Marketing Pvt Ltd. This is because all
these entities, together referred to as the KKR group, are under a
common management and have strong operational and financial
linkages.

Set up in 1976 by Mr. K K Karnan, the KKR group commenced
operations with a small rice-trading business in Okkal near Kochi.
Over the years, the group has started milling and manufacturing
value-added food products. The KKR group sells its products under
the Nirapara brand.


SARAS PLASTIC: CRISIL Assigns 'B' Rating to INR46.2MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Saras Plastic Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             28.0      CRISIL B/Stable
   Long Term Loan          46.2      CRISIL B/Stable

The rating reflects a modest scale of operations and a below-
average financial risk profile marked by highly leveraged capital
structure and small net worth. The rating also factors in
susceptibility of profitability to volatility in raw material
prices and to intense competition in the packaging industry. These
rating weaknesses are partially offset by significant fund support
from promoters of the company and their extensive entrepreneurial
experience.
Outlook: Stable

CRISIL believes SPPL will continue to benefit over the medium term
from the significant fund support from its promoters and their
extensive entrepreneurial experience. The outlook may be revised
to 'Positive' in case of successful stabilization of operations
post capital expenditure, resulting in higher-than-expected sales
realizations, or improvement in the financial risk profile through
equity infusion. The outlook may be revised to 'Negative' in case
of lower-than-expected increase in turnover or sub-optimum
capacity utilization, resulting in further deterioration in the
financial risk profile.

Incorporated in 1991, SPPL is promoted by Mr Prakash Gandhi and
his wife Mrs Jayashree Gandhi; it is based in Ahmednagar,
Maharashtra. The company manufactures plastic bags used for
packaging, and mulch films.


SARASWATI GUM: CRISIL Suspends B+ Rating on INR60MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Saraswati Gum and Chemicals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      40        CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SGC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SGC is yet to
provide adequate information to enable CRISIL to assess SGC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SGC, established in 1998, is a partnership firm based in Siwani
(Haryana). The firm is managed by Mr. Gobind Ram Bansal and his
family. SGC manufactures refined guar gum splits, guar korma, and
guar churi. The firm has a manufacturing unit in Siwani.


SARDA RICE: CRISIL Reaffirms B+ Rating on INR76MM Cash Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sarda Rice and
Oil Mills continues to reflect SROM's modest scale of operations
in the fragmented market, and below-average financial risk
profile, marked by small networth, high gearing and average debt
protection metrics. These rating weaknesses are partially offset
by the promoters' extensive experience in the rice industry.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             76       CRISIL B+/Stable (Reaffirmed)
   Term Loan               54       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SROM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if revenue and profitability increase
significantly, leading to a stronger financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
aggressive, debt-funded expansions, significant decline in revenue
and profitability, or withdrawal of capital by the partners,
weakens financial risk profile.

SROM, a partnership firm, was formed in 1917. It mills and
processes paddy into rice, rice bran, broken rice, and husk. Its
rice mill is in Birbhum (West Bengal). TOperations are managed by
Mr. Prakash Chandra Sarda and his son Mr. Karan Sarda.


SHRI THANGAM: CRISIL Suspends 'B' Rating on INR80MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Thangam Spinners India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            75         CRISIL B/Stable
   Letter of Credit       10         CRISIL A4
   Long Term Loan         80         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     35         CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by STS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STS is yet to
provide adequate information to enable CRISIL to assess STS's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

STS was set up as a partnership firm in 1995 and reconstituted as
a private limited company in 2008. The company manufactures cotton
yarn.


SHRISTI CEMENT: CRISIL Suspends B- Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shristi Cement Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         14.4       CRISIL A4
   Cash Credit            40.0       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      0.6       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by SCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCL is yet to
provide adequate information to enable CRISIL to assess SCL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key factor in its rating process as outlined in its criteria
'Information Availability - a key risk factor in credit ratings'

SCL was incorporated in the year 2001 and began its operations in
the year 2003. The company is engaged in the production of cement
with an installed production capacity of 300000 MTPA.


SINGHANIA AND SONS: CRISIL Reaffirms B+ Rating on INR75MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Singhania and Sons
Private Limited continue to reflect SSPL's susceptibility to
cyclicality in its end-user industry and to regulatory changes.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase           25       CRISIL A4 (Reaffirmed)

   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)

   Foreign Documentary
   Bills Purchase          50       CRISIL A4 (Reaffirmed)

   Foreign Exchange
   Forward                  3.6     CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee          22.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     121.4     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in an average financial risk profile,
marked by small networth and low total outside liabilities to
tangible networth ratio. These rating weaknesses are partially
offset by the extensive experience of SSPL's promoters in the
chemicals trading business.
Outlook: Stable

CRISIL believes SSPL will continue to benefit over the medium term
from the extensive industry experience of promoters and their
established relationships with customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in revenue and profitability margins, or continued
improvement in working capital management. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or significant deterioration in its capital
structure caused most likely by stretch in working capital cycle.

SSPL, based in Kolkata and promoted by Mr. Purushottam Lal
Singhania in 1947, is a trader engaged in export of iron fines and
in local sales of imported chemicals used largely in the paints
industry. The operations are managed by Mr. Pradeep Kumar
Singhania.


SKI HIMALAYAS: Ind-Ra Assigns 'IND BB+' Long Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ski Himalayas
Ropeway Private Limited (SHRPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SHRPL's small scale of operations and moderate
credit metrics. According to the provisional financials for FY16,
the company's revenue was INR94.25 million in FY16 (FY15: INR96.04
million), interest coverage (operating EBITDA/gross interest
expense) was 3.72x (3.18x) and net leverage (adjusted net
debt/operating EBITDA) was 1.88x (1.16x).

The ratings factor in the risk of a decline in the company's
EBITDA margins (to 74.92% in FY16 from 78.05% in FY15) caused by a
fall in tourism in the area due to various reasons such as natural
calamities, accidents, etc. The ratings also reflect the risk of
high maintenance capex in the future as is common to such
projects.

RATING SENSITIVITIES

Negative: Decease in margins leading to deterioration in the
credit metrics will be negative for the ratings.

Positive: A significant improvement in the topline,
diversification of the revenue sources while maintaining the
current credit profile will be positive for the ratings.

COMPANY PROFILE

SHRPL undertakes tourism ropeway projects and installs aerial
passenger ropeways on a build & operate basis. The company runs
Ropeway and Passenger Transportation Systems which has been
commissioned at Solang, District Kullu, Himachal Pradesh on the
South Western Ridge of the Phatru mountains along with famous
Solang Ski Slopes.

SHRPL's Ratings:

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

   -- INR101 million term loan facilities: assigned
      'IND BB+'/Stable


SLEEV TOBACCO: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sleev Tobacco Company Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             100       CRISIL D
   Proposed Long Term
   Bank Loan Facility        5       CRISIL D

The suspension of ratings is on account of non-cooperation by
STCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, STCPL is yet to
provide adequate information to enable CRISIL to assess STCPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information.

Set up in 2011, STCPL trades in and processes manufactured
tobacco. It is promoted by Mr. K. Koteswara Rao and is based in
Guntur, Andhra Pradesh.


SRI SATYALAKSHMI: CRISIL Reaffirms B+ Rating on INR70MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri
Satyalakshmi Rice Mill continues to reflect the firm's modest
scale of operations in the intensely competitive rice-milling
industry, and the susceptibility of its operating profitability to
changes in government regulations and to volatility in raw
material price.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)

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

The rating also factors in the firm's below-average financial risk
profile because of modest networth, subdued capital structure, and
weak debt protection metrics. These weaknesses are partially
offset by the extensive industry experience of its promoters.
Outlook: Stable

CRISIL believes SSLRM will continue to benefit from its promoters'
extensive experience in the rice milling industry. The outlook may
be revised to 'Positive' if the firm's revenue and profitability
increase substantially, leading to a better financial risk
profile, or in case of significant capital infusion resulting in
an improvement in its capital structure. The outlook may be
revised to 'Negative' in case of larger-than-expected, debt-funded
capital expenditure, or capital withdrawal, weakening the
financial risk profile.

SSLRM, set up in 1984 as a partnership firm, mills and processes
paddy into rice. The firm is promoted by Mr. Jagannadha Raju, Mr.
Arun Kumar Raju, Mr. Rama Koti Raju, Mr. Dharma Raju, Mr
Ramachandra Raju, and Ms. P Usha Rani.


SAMRAKSHANA ELECTRICALS: CRISIL Ups Rating on INR269.8M Loan to B
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Samrakshana Electricals Limited to 'CRISIL B/Stable' from 'CRISIL
B-/Stable', and reaffirmed its 'CRISIL A4' rating on the company's
short-term bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          17.5      CRISIL A4 (Reaffirmed)


   Cash Credit            100.0      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Foreign Exchange
   Forward                  1.4      CRISIL A4 (Reaffirmed)

   Letter of Credit        40.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     269.8      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that SEL will sustain its
improved profitability because of prudent procurement policy and
better absorption of overheads, resulting in increase in its cash
accrual, over the medium term. The company's operating margin
improved to an estimated 8.55% in fiscal 2016 from 2.85% in fiscal
2015. Better-than-expected profitability resulted in improvement
in its financial risk profile, particularly liquidity. SEL's cash
accrual, which was negative in fiscal 2015, is estimated to have
increased to INR12.7 million in fiscal 2016. Consequently, its
interest coverage ratio and net cash accrual to total debt ratio
improved to 1.84 times and 0.16 time, respectively, in fiscal 2016
from 0.66 time and a negative 0.14 time, respectively, in the
previous fiscal. CRISIL believes SEL will sustain its improved
financial risk profile over the medium term.

The ratings continue to reflect SEL's modest scale of operations,
its working-capital-intensive operations, and susceptibility of
SEL's margins to volatility in raw material prices. These rating
weaknesses are partially offset by its promoters' extensive
industry experience.
Outlook: Stable

CRISIL believes SEL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of substantial increase in its revenue, along
with healthy operating profitability and efficient working capital
management. The outlook may be revised to 'Negative' if its cash
accrual declines because of lower-than-expected revenue or
operating margin, or if it undertakes sizeable debt-funded capital
expenditure, weakening its financial risk profile.

SEL, based in Hyderabad, was set up by Mr D J Ramesh in 1987, and
commenced operations in fiscal 1991. SEL manufactures oil-immersed
circuit breakers, porcelain insulators, press boards, and powder
paint used in transformers.


T.P.S. SEKAR: CRISIL Assigns 'D' Rating to INR55MM Cash Loan
------------------------------------------------------------
CRISIL assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of T.P.S. Sekar. The rating reflects delays in
servicing term loans; the delays were due to weak liquidity and
cash flow mismatches.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           9        CRISIL D
   Bank Guarantee          10        CRISIL D
   Cash Credit             55        CRISIL D

The firm also has a modest scale of operations and customer and
geographical concentration in revenue profile. However, it
benefits from the extensive experience of its promoter in the
civil construction business.

TPSS, established in 1998 by Mr TPS Sekar as a proprietorship
concern, undertakes civil construction works in Tamil Nadu. The
firm is primarily a contractor for Tamil Nadu State Highways and
is engaged in laying of roads and construction of bridges. It also
owns a Bharath Petroleum petrol bunk, which is primarily utilised
to fuel the tippers, lorries, and rollers required for civil
construction.



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


SHARP CORP: Reforms to Include Results-Based Pay, New Chief Says
----------------------------------------------------------------
The Japan Times reports that the new president of Sharp Corp., Tai
Jeng-wu, on August 22 revealed details of his plans for the
struggling electronics maker, including pledging full-fledged
structural reforms.

Mr. Tai, also the No. 2 man of Taiwan's Hon Hai Precision Industry
Co., which acquired a majority stake in Sharp this month, made the
comment to reporters at Sharp's new headquarters in Sakai, Osaka
Prefecture, the report relates.

He added that he will consider redeploying Sharp staff rather than
imposing job cuts, and will introduce a form of results-based
remuneration to keep standards high, The Japan Times relays.

According to the report, Mr. Tai took office on Aug. 13, the day
after Hon Hai, also known as Foxconn Technology Group, completed
procedures to acquire the struggling company.

Sharp is currently cutting pay for employees in managerial posts
by 5% and that for rank-and-file employees by 2%, says The Japan
Times.

The Japan Times relates that in a message he sent to employees,
Mr. Tai stressed that he will implement a personnel system based
on rewards for good work and punishment for that which falls
short.

In the message, Mr. Tai said he plans to make up for the pay cuts
for non-managerial employees with allowances from September, The
Japan Times adds. For managerial employees, the allowances will be
paid to those who achieve results, he said.

Sharp has ceased assembly of its own-brand television sets in the
United States and Europe and is outsourcing production to other
companies, The Japan Times discloses.

Mr. Tai indicated that he hops to resume production of TVs under
the Sharp name, saying the company wants to regain the brand, adds
The Japan Times.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 22, 2016, S&P Global Ratings raised its long-term corporate
credit and debt ratings on Japan-based electronics company Sharp
Corp. to 'B-' from 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'B' from 'C'.
At the same time, S&P removed the ratings from CreditWatch.  S&P
took the same actions on overseas Sharp subsidiary Sharp
International Finance (U.K.) PLC, raising S&P's long-term
corporate credit rating on the company to 'B-' from 'CCC+' and
S&P's short-term corporate credit and commercial paper program
ratings to 'B' from 'C' and removing them from CreditWatch.  The
outlook on the long-term corporate credit ratings on the companies
is positive.

The upgrades follow the completion of new share issuance through
third-party allocations to Taiwan-based Hon Hai Precision Industry
Co. Ltd. (A-/Stable/--) on Aug. 12, 2016.  The capital increase
improved Sharp's capital base significantly, but S&P believes the
company will take time to recover its business competitiveness and
cash flow generation within Hon Hai group.  Nevertheless, Sharp is
important to Hon Hai's medium- to long-term business strategy,
under which Hon Hai aims to change its business model from its
current one as an electronics manufacturing service provider.  As
a result, S&P believes Hon Hai is likely to give Sharp reasonable
support in the event it is financially weakened.  Accordingly, S&P
incorporates one notch of uplift into its corporate credit rating
on Sharp from its stand-alone credit profile (SACP), which
excludes the likelihood of extraordinary support from the parent
group, to reflect potential support from Hon Hai, whose
creditworthiness is materially higher than Sharp's.



===============
M O N G O L I A
===============


DEVELOPMENT BANK: S&P Lowers ICR to 'B-', Outlook Stable
--------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
the Development Bank of Mongolia (DBM) to 'B-' from 'B' after
downgrading the sovereign on Aug. 19, 2016.  The outlook on the
long-term issuer credit rating on DBM is stable.  S&P also
affirmed its 'B' short-term rating on DBM.

This rating action came after S&P lowered the long-term sovereign
credit rating on Mongolia to 'B-' from 'B'.  The outlook on
Mongolia is stable.  At the same time, S&P affirmed its 'B' short-
term rating on Mongolia.

S&P equalizes the ratings on DBM with the sovereign rating because
S&P expects the bank to remain a government-related entity (GRE)
with an almost certain likelihood of receiving government support.

In S&P's view, DBM's role will remain critical to the Mongolian
government.  DBM was established in March 2011 as the sole policy
bank to execute strategic government policies. Mongolia's
infrastructure is relatively underdeveloped, and the government
will need to use DBM to develop major infrastructure projects.
S&P believes the bank will provide efficient medium- to long-term
financing for the economic development of Mongolia.

"We expect DBM to maintain its integral link with the Mongolia
government," said S&P Global Ratings credit analyst Daehyun Kim.
"The government fully owns DBM, and we expect the government to
continue to exert significant control and influence over the
appointment of the bank's key management and operating decisions.
We do not anticipate any significant change in the ownership
structure in the medium- to long-term."

The government has a record of providing capital to DBM so that
the bank continues to perform its key policy banking roles.  S&P
expects the Mongolian government to continue to provide funding
and liquidity support to DBM, when necessary.

"The stable outlook on DBM mirrors that on the sovereign rating on
Mongolia (B-/Stable/B)," said Mr. Kim.  "We equalize the rating on
DBM with the sovereign rating because we expect the bank to remain
a government-related entity (GRE) with an almost certain
likelihood of receiving government support."

The stable outlook on the sovereign rating balances the country's
low-income resource-driven economy, emerging policy environment
and fiscal performance, high external risk, and limited monetary
flexibility with the prospect that large mining projects could
quickly reverse Mongolia's sovereign credit profile during the
next 12 months.  This outlook also assumes that official creditor
support is imminent to contain balance-of-payment and fiscal
pressures.

S&P would lower the ratings on DBM if S&P lowers the sovereign
ratings on Mongolia.  Downward pressure on the sovereign ratings
could emerge if Mongolia's external liquidity weakens markedly.

S&P could upgrade DBM if S&P was to raise the sovereign ratings on
Mongolia.  Upward pressure on the sovereign rating could build if
the development of the Oyu Tolgoi and Tavan Tolgoi mines
accelerates economic growth and improves fiscal and external
performances more than S&P currently expects.



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


RENOVAR LTD: Homeowners Unlikely to Get Their Money Back
--------------------------------------------------------
The New Zealand Herald reports that the housing minister is
investigating whether a company which Kiwi families say left them
with half-finished renovations breached new disclosure
requirements.

Renovar Ltd, of which Jonathan Sommers was the sole director, was
put into liquidation on August 9, the Herald relates.

And the liquidator said it's unlikely any of the complainants will
get their money back.

According to the report, homeowner Amanda Blake claims she and
husband Stuart paid NZ$200,000 to Mr. Sommers for an upstairs
renovation and new bathrooms in their Orakei home in September
last year.

A month after renovations were meant to start, in February, they
said they found out Mr. Sommers hadn't started to get council
consent.

The Herald relates that Ms. Blake said Mr. Sommers completed the
framing for the upstairs bedroom and ensuite, the wiring, part of
the plumbing and the downstairs bathroom.

In May, they claim renovations ground to a halt as they waited six
weeks for Mr. Sommers to organise the scaffolding to put the roof
on. In June, they contacted a lawyer with serious concerns and
discussed getting out of their contract with Mr. Sommers.

Amanda Blake said she was unable to contact Mr. Sommers via phone
or company email, the report relays.

The Herald adds that the couple will have to pay around NZ$100,000
extra for their renovations but are determined to finish the house
and move on with their lives.

Ms. Blake urged people to do their research before engaging with a
builder, the report says.

In an email, Mr. Sommers, reportedly now in Sydney, confirmed to
the Herald his business failed due to financial trouble.

"Jobs were underpriced. People I hired didn't work out . . . Talk
to the liquidators for more financial information."

He estimates creditor exposure was close to NZ$150,000, not the
millions that have been reported elsewhere.  Mr. Sommers said he
is trying to deregister his business in Australia, the report
relates.

According to the Herald, Building and Housing Minister Dr Nick
Smith said the Ministry of Business, Innovation and Employment is
investigating an allegation by the affected home owners that Mr.
Sommers did not show evidence of finances and experience.

Under new legal building requirements that came into effect in
January last year, builders are required to provide full financial
and historical disclosure, their level of insurance,
qualifications and experience on contracts of more than $30,000.
If there has been a breach, builders may be open to prosecution,
the Herald states.

The Herald relates that liquidator Simon Dalton said it seemed
unlikely that the homeowners will get their money back.

"It is not possible for us to currently determine if a
distribution would be available to unsecured creditors but, it
seems fair to suggest, that based on the currently identified
assets, it looks unlikely that unsecured creditors will receive a
distribution," the report quotes Mr. Dalton as saying.

"The homeowners affected by this company collapse will be
unsecured creditors. We have yet to be contacted by all of them
and would urge them to please get in contact with us so we can
determine their claim and investigate the circumstances behind
their claim."



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


SWIBER HOLDINGS: Updates Total Sum of Claims to US$135.9-Mil.
-------------------------------------------------------------
PC Lee at theedgemarkets.com reports that Swiber Holdings has
updated that the group has about US$135.9 million (SGD183 million)
in total sum of claims as of August 19.

In its SGX filing, Swiber's interim judicial managers said the
information provided is based on documents and information
provided by the company, theedgemarkets.com relates.

According to the report, the managers said they are in the process
of verifying the accuracy and completeness of such information and
may, if necessary at a later time, amend or update the
information.

"The company is currently seeking legal advice on the above
claims," the managers, as cited by theedgemarkets.com, added.

                          About Swiber

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

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

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.



                             *********

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 ***