TCRAP_Public/160825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, August 25, 2016, Vol. 19, No. 168

                            Headlines


A U S T R A L I A

BRUCK TEXTILES: Owner Threatens to Axe 200 Jobs Over Court Action
EB PIZZA: First Creditors' Meeting Scheduled For Sept. 1
FORTESCUE METALS: Moody's Raises CFR to Ba2, Outlook Stable
MANPOWER INTEGRATED: First Creditors' Meeting Set for Sept. 1
ON ROAD RECRUITMENT: First Creditors' Meeting Set for Sept. 2

RUSSELL'S EARTHMOVING: First Creditors' Meeting Set for Sept. 1
SINO AUSTRALIA: Chairman Dupes IPO Investors, Court Says
VALHERD PTY: First Creditors' Meeting Set For Sept. 1


C H I N A

BEIJING CAPITAL: Moody's Retains Ba3 CFR on 2016 Interim Results
BINHAI INVESTMENT: 1H 2016 Results Weighs Ba1 CFR, Moody's Says
COUNTRY GARDEN: Fitch Says Bullish on Growth
FANTASIA HOLDINGS: Moody's Retains B2 CFR on Tap Bond Issuance
WEST CHINA CEMENT: Fitch Affirms 'B+' LT Issuer Default Rating

XINYUAN REAL: Fitch Assigns 'B(EXP)' Rating to USD Senior Notes


H O N G  K O N G

HENGDELI HOLDINGS: Moody's Retains Ba3 CFR on 1H 2016 Results


I N D I A

ABHIRAM INFRA: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
AMRAPALI CENTURIAN: ICRA Suspends 'D' Rating on INR350cr Loan
AROWANA EXPORTS: CARE Lowers Rating on INR7cr ST Bank Loan to D
AURO IMPEX: ICRA Reaffirms 'B' Rating on INR9.0cr Cash Loan
AURO INDUSTRIES: ICRA Reaffirms B+ Rating on INR8cr Cash Loan

AUTOMOTIVE COACHES: CRISIL Suspends D Rating on INR360MM LT Loan
B.P. CONSTRUCTION: ICRA Assigns 'B+' Rating to INR1.0cr Loan
BHAGWATI RICE: ICRA Assigns B+ Rating to INR35.40cr Loan
BHARAT PETROLEUM: Fitch Assesses 'BB+' Stand Alone Credit Profile
BHATIA COKE: ICRA Hikes Rating on INR210.5cr Loan to B+

BHAYANA BUILDERS: CRISIL Suspends B- Rating on INR250MM Loan
BULLAND BUILDTECH: CARE Assigns B+ Rating to INR18cr LT Bank Loan
C-TECH ENGINEERS: CRISIL Suspends 'B' Rating on INR15MM Cash Loan
DS AGRIFOODS: CARE Assigns B+ Rating to INR15cr LT Loan
ELECTROSTEEL STEELS: CARE Reaffirms D Rating on INR8114.44cr Loan

GOWTHAMI INFRATECH: Ind-Ra Affirms IND D Long-Term Issuer Rating
GREENROCK CRUSHERS: CRISIL Suspends D Rating on INR110MM LT Loan
HARJIT SINGH: CRISIL Lowers Rating on INR90MM Overdraft Loan to C
KNIGHT QUEEN: CRISIL Suspends B+ Rating on INR56.2MM Cash Loan
LINK ENTERPRISES: CARE Assigns B+ Rating to INR6.33cr LT Loan

LUNAWATMILK AND AGRO: CARE Rates INR5.75cr Longterm Loan 'B+'
MAA ANJANI: CRISIL Suspends B+ Rating on INR65MM LT Loan
MODERN METAALICS: CARE Rates INR4.63cr LT Bank Loan 'B+'
MRUNMAHA AGRO: CRISIL Suspends B- Rating on INR32MM LT Loan
NANDI IRRIGATION: ICRA Reaffirms B- Rating on INR6.0cr Loan

P.C.S. TRADES: ICRA Assigns B- Rating to INR6.0cr LT Loan
PLASCARE INDUSTRIES: CRISIL Suspends 'D' Rating on INR200MM Loan
RAJENDRA RICE: CARE Assigns 'B+' Rating to INR6.50cr LT Loan
RAMPRASTHA ESTATES: ICRA Suspends 'B' Rating on INR19cr Loan
REAL GROWTH: ICRA Reaffirms B+ Rating on INR21cr Fund Based Loan

REFRIGERATED DISTRIBUTORS: CRISIL Cuts INR10MM Loan Rating to B-
RELIANCE CELLULOSE: CRISIL Suspends 'D' Rating on INR185MM Loan
RELYON PACKS: CRISIL Suspends B- Rating on INR40MM Cash Loan
RENATA PRECISION: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating
RIME RICH: CRISIL Reaffirms 'D' Rating on INR95MM LT Loan

ROCHEM GREEN: CRISIL Lowers Rating on INR250.4MM Loan to 'D'
SAHIB PESTICIDES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SAIKRUPA COTGIN: ICRA Hikes Rating on INR15cr LT Loan to B+
SARASWATI TRADING: Ind-Ra Suspends 'IND B' LT Issuer Rating
SARAYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR373.1MM Loan

SAVANI TRANSPORTS: Ind-Ra Suspends IND D Long-Term Issuer Rating
SHREE KAUSHALYA: ICRA Reaffirms 'B' Rating on INR9.0cr LT Loan
SHREE UMIYAJI: CRISIL Suspends B+ Rating on INR31.9MM Cash Loan
SHRIRAM EPC: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
SHRI SHYAMJI: ICRA Lowers Rating on INR15.25cr Loan to 'D'

SJLT TEXTILES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
SONAMOTI AGROTECH: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
SPIC FASHIONS: ICRA Suspends 'D' Rating on INR12.8cr Loan
SPIRIT INFRATECH: Ind-Ra Suspends 'IND D' LT Issuer Rating
SRG ALUMINIUM: CARE Assigns 'B' Rating to INR1.58cr LT Bank Loan

SRI SARVARAYA: ICRA Hikes Rating on INR132cr Cash Loan to B+
SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
SUBHAM SOLAR: Weak Financial Strength Cues ICRA SP 3D Grading
SUDARSHAN TV: ICRA Lowers Rating on INR16.40cr Term Loan to D
SUNREN AUTOMOTIVE: CARE Assigns 'B+' Rating to INR3.03cr LT Loan

SUPRIYA SPINNING: ICRA Reaffirms 'B' Rating on INR38cr Cash Loan
TILAK RAM: CARE Assigns 'B' Rating to INR15cr Long Term Loan
TIRUPATI COTTON: CRISIL Suspends B Rating on INR45MM Cash Loan
VARDHMAN ELECTRICAL: CRISIL Suspends B+ Rating on INR46.8MM Loan
VI MICRO: ICRA Suspends 'D' Rating on INR12.24cr Bank Loan


I N D O N E S I A

BANK MANDIRI: Fitch Affirms 'BB+' Viability Rating
MODERNLAND REALTY: Fitch Rates Senior Unsecured Notes 'B'


J A P A N

DTC ONE SPECIAL: Fitch Affirms 'BBsf' Rating on Cl. E Notes


N E W  Z E A L A N D

STONEWOOD HOMES: Queenstown Mayoral Contender Faces Probe


                            - - - - -


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A U S T R A L I A
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BRUCK TEXTILES: Owner Threatens to Axe 200 Jobs Over Court Action
-----------------------------------------------------------------
The Australian reports that besieged textile mogul Philip Bart has
warned he could be forced to dismiss more than 200 workers in the
Victorian town of Wangaratta unless the federal government halts a
legal bid to recoup AUD3.47 million of taxpayer funds used to fund
staff redundancies.

According to The Australian, Mr. Bart has vowed to "vigorously
defend" a government-funded action by liquidators of Bruck
Textiles to recover money accessed two years ago under the Fair
Entitlements Guarantee scheme. He claims the dispute is
"strangling" his other businesses.

The Australian relates that the increasingly bitter legal stoush,
which has the backing of Australia's corporate regulator the
Australian Securities & Investments Commission and Employment
Minister Michaelia Cash, is seen as curtain-raiser to a showdown
between the government and Clive Palmer over a AUD74 million FEG
bill left by the collapse of Queensland Nickel.

Liquidators Andrew Needham and Barry Taylor of HLB Mann Judd are
preparing to commence Federal Court civil action against Mr. Bart,
and ASIC is also circling, the report says. Last week, the
liquidators gave the second of two confidential reports to the
corporate regulator outlining possible breaches of corporations
law, including breaches of directors' duties, The Australian
discloses.

The report relates that in a strongly worded letter to Senator
Cash on July 29, Mr. Bart warned further legal action would
jeopardize his remaining Wangaratta-based business, Australian
Textile Mills, and his entire operation, the Australian Textile
Group, which employs about 200 people in the Wangaratta area.

"It is vitally important that you understand that the adverse
publicity and the innuendo of wrongdoing is slowly but surely
strangling and threatening the viability of the remaining four
businesses within the ATG," he wrote, The Australian relays. "The
adverse publicity has the very real potential to send the whole of
ATG into insolvency."

According to the report, Mr. Bart said if the group collapsed,
employment in Wangaratta would be decimated. He requested a
meeting to "avoid further waste of taxpayer funds." Senator Cash
refused the meeting request. Her office has interpreted the letter
as a veiled threat. A spokesman for the company denied this, the
report relays. "The communication between the author of a letter
and a government minister is confidential and therefore it is
inappropriate to comment or speculate on what can only be
described as fanciful media interpretation," The Australian quotes
the spokesman as saying.

The Australian recalls that the Federal Court earlier this month
approved a funding agreement for the government to cover 80 per
cent of the legal costs involved in the liquidator's pursuit of
FEG money, which was used to pay entitlements owed to 58 Bruck
Textiles employees made redundant when the previously thriving
textile manufacturer was declared insolvent in July 2014.

The Australian notes that Mr. Bart, a Point Piper businessmen and
ultimate owner of Bruck, came to prominence as the owner of
National Textiles, a company chaired by John Howard's brother
Stan, which collapsed in 2000 owing workers AUD11 million
entitlements. The failure prompted the Howard government to
establish the General Employee Entitlement and Redundancy Scheme,
forerunner to FEG.

Bruck's liquidators examined Mr. Bart and the company's senior
managers in the Federal Court earlier this year. Liquidators told
the court that in the 18 months before their appointment,
AUD$8.656 million in assets were transferred to other group
companies for "no real cash or consideration", according to The
Australian.

As of June 30, 2012, Bruck Textiles had net assets of about $28
million. On July 10, 2014, the day before the liquidators were
appointed, Bruck's remaining business, assets and liabilities were
sold to Australian Textile Mills, a related entity owned by Mr.
Bart, for AUD1.

The liquidators calculate that Bruck's book value then was about
AUD5.5 million, The Australian discloses. A sale for that amount
would have raised sufficient funds to cover all worker
entitlements and other debts owed by the company, the report
notes.


EB PIZZA: First Creditors' Meeting Scheduled For Sept. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of EB Pizza
International Pty Ltd will be held at the offices at the offices
of SV Partners, 138 Mary Street, in Brisbane, Queensland, on Sept.
1, 2016, at 11:00 a.m.

David Michael Stimpson and Terrence John Rose of SV Partners were
appointed as administrators of EB Pizza on Aug. 22, 2016.


FORTESCUE METALS: Moody's Raises CFR to Ba2, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded Fortescue Metals Group
Ltd's corporate family rating to Ba2 from Ba3. At the same time,
Moody's has also upgraded the senior unsecured and senior secured
ratings of FMG Resources (August 2006) Pty Ltd to B1 and Ba1 from
B2 and Ba2, respectively.  The rating outlook is stable.

                          RATINGS RATIONALE

"The upgrade to Fortescue's ratings reflects the considerable
progress that the company made in reducing its debt levels in
fiscal 2016 and Moody's expectation that it will continue to
reduce debt further in fiscal 2017," says Matthew Moore a Moody's
Vice President and Senior Credit Officer.

"The debt reduction, in part facilitated by average iron ore
prices that were higher than Moody's previous expectations for
2016, has led to a significant improvement in leverage metrics for
Fortescue," says Moore.  "The company's ongoing cost and debt
reduction initiatives will allow it to maintain conservative
financial metrics over the next 12-24 months under Moody's base
case sensitivity for iron ore prices."

Continued execution on Fortescue's cost reduction initiatives --
along with higher prices -- have led to strong free cash flow
generation.  This development and Fortescue's large cash balances
have allowed it to implement its debt reduction plans and repay
around USD2 billion of debt in fiscal 2016.

Fortescue has now reduced its total reported debt levels by around
47% since fiscal 2012.

"While Moody's expects iron ore prices to remain volatile with
risk to the downside, Fortescue's initiatives to reduce cost and
debt levels and the prospects for further debt reduction improves
its ability to manage this volatility, while maintaining solid
metrics for the rating," says Moore.

Under Moody's base case price sensitivities for iron ore of around
USD45 per tonne (t), Moody's expects that Fortescue will achieve
adjusted debt/EBITDA of 2.0x-2.5x over the next 12-24 months,
absent further debt reduction.

In addition, the significant cost reduction achieved by the
company will allow for substantive free cash flow generation under
Moody's sensitivities, and which Moody's expects could be applied
to further reduction of debt and strengthening of credit metrics.

Fortescue has made considerable progress on its cost reduction
initiatives with C1 cash unit costs falling over 70% since fiscal
2012.  The company's ability to progressively reduce costs since
June 2014 led to an average C1 cost of around USD15 per wet metric
tonne (wmt) in fiscal 2016, down from around USD27/wmt in fiscal
2015.  It is targeting USD12-13/wmt for fiscal 2017.

As a result, Fortescue has improved its EBITDA margins to
approximately 45% from around 30% in the previous year despite an
around 18% reduction in revenue for fiscal 2016.

While Moody's believes that the level of USD13/wmt will be
challenging to sustain, given current exchange rates and higher
oil prices, the company's current break-even costs are below
USD30/t, allowing for positive cash flow generation under Moody's
stress sensitivities, even if its cost metrics increase slightly.

Fortescue has also reduced its refinancing task through the debt
reduction achieved to date and ongoing debt reduction should see
this continue to improve.  It now has around USD3.7 billion of
term loan coming due in 2019.

The Ba2 corporate family rating is supported by the company's
large scale operations with low cash costs of production, which
are in line with those of other major global producers.
Fortescue's rating is also supported by the company's large, long
life, high quality reserves base and solid liquidity position.  It
had cash balances of around USD1.6 billion in fiscal 2016.

The rating is balanced by the company's limited operational,
geographic and product diversity, as well as the continued
uncertainty and downside risk around iron ore prices.

                  WHAT COULD CHANGE THE RATING

The ratings could experience positive momentum if Fortescue
continues to generate solid free cash flow levels in a lower
pricing environment, further reduces debt, and maintains a track
record of lower operating costs.  The potential for an upgrade
would also consider the refinancing risk for the still large
fiscal 2019 maturities.  A reduction in this risk would be
evidenced by further material repayments or refinancing of the
2019 maturities.

Financial indicators that could lead to an upgrade include an
ability to sustain EBIT/Interest above 4.0x, CFO (minus
dividends)/debt above 20%, and debt/EBITDA below 2.5x in a lower
iron ore price environment.

The ratings could be downgraded if iron ore prices fall below
Moody's base sensitivity assumptions on a sustained basis and/or
the company's cash costs and breakeven levels increase materially.

Financial metrics that Moody's would consider for a downgrade
include EBIT/interest below 3.25x, CFO (minus dividends)/debt
below 15%, and/or debt/EBITDA above 3.25x on a consistent basis.
The rating could also be downgraded if Fortescue's liquidity
levels deteriorate materially from current levels for a protracted
period.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

                             BACKGROUND

Fortescue Metals Group Ltd, based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.

For fiscal 2016 - which ended on June 30, 2016, - Fortescue
shipped approximately 170mt of iron ore and generated revenues of
around USD7 billion.


MANPOWER INTEGRATED: First Creditors' Meeting Set for Sept. 1
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Manpower
Integrated (Cleaning) Pty. Ltd. will be held at the offices of
Cor Cordis, Level 6, at 55 Clarence Street, in Sydney, on
Sept. 1, 2016, at 11:00 a.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Manpower Integrated on Aug. 22, 2016.


ON ROAD RECRUITMENT: First Creditors' Meeting Set for Sept. 2
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of On Road
Recruitment Pty Ltd will be held at the offices of David Clout &
Associates, at 105A Bowen Street, in Spring Hill, Queensland, on
Sept. 2, 2016, at 11:00 a.m.

David Clout and Patricia Talty of David Clout & Associates were
appointed as administrators of On Road on Aug. 23, 2016.


RUSSELL'S EARTHMOVING: First Creditors' Meeting Set for Sept. 1
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Russell's
Earthmoving & Excavations Pty Ltd will be held at the offices of
Cor Cordis, Level 6, at 55 Clarence Street, in Sydney, on Sept. 1,
2016, at 10:00 a.m.

Mark Hutchins and Robert Kite of Cor Cordis were appointed as
administrators of Russell's Earthmoving on Aug. 22, 2016.


SINO AUSTRALIA: Chairman Dupes IPO Investors, Court Says
--------------------------------------------------------
Peter Williams at The West Australian reports that the chairman of
a Chinese oil and gas contractor faces penalties after the Federal
Court found he duped investors over its Australian float.

The West Australian says the court rejected as a defence that
Tianpeng Shao of Sino Australia Oil & Gas did not understand
English or Australian legal requirements when listing the company
in 2013.

According to The West Australian, Perth-registered Sino was
suspended from trading the following year after its two Australian
directors alerted the corporate watchdog of an alleged attempt to
transfer AUD7.5 million float money to Chinese bank accounts.

The court granted an Australian Securities and Investments
Commission injunction to freeze Sino's bank account, and in 2015
appointed a liquidator. Sino was wound up this year, The West
Australian says.

The report says Judge Jennifer Davies found Sino and Mr. Shao
contravened the Corporations Act by making false representations,
and misleading and deceptive statements in its IPO prospectus.

Justice Davies found the purpose of Mr. Shao's attempt to transfer
the AUD7.5 million was to lend the money to a Chinese subsidiary
in circumstances where the loan could not have been recovered, The
West Australian relates.

The chairman had also failed to inform himself about Sino's
disclosure requirements or understand its prospectus documents,
says The West Australian.

According to the report, Mr. Shao told the court in 2014 he was
completely dependent on the Australian directors Wayne Johnson and
Andrew Faulkner.

"If our company didn't do a perfect job, please understand I was
not a master of the Australian legal system, the language or the
culture," The West Australian quotes Mr. Shao as saying.

The West Australian relates that Justice Davies in her judgment
said the chairman not obtaining a full translation of the
prospectus documents before signing or authorizing them was a
failure to discharge his duties with reasonable care.

According to the court, the prospectus misled investors about
profit forecasts, patents held and the existence of contracts in
China, The West Australian relays. The company also failed to
disclose a loan agreement with the sole director of a Chinese
subsidiary.

The West Australian quotes ASIC commissioner John Price as saying
that: "The importance of providing accurate and timely information
lies at the heart of our financial markets and those principles
were breached in this case."

                        About Sino Australia

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

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

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

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


VALHERD PTY: First Creditors' Meeting Set For Sept. 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Valherd Pty
Ltd, trading as Fingers Specialised Metal Fabrication, will be
held at The Litchfield Room, Doubletree by Hilton, 116 The
Esplanade, in Darwin, Northern Territory, on Sept. 1, 2016, at
3:00 p.m.

Timothy James Clifton and Simon Richard Miller of Clifton Hall
were appointed as administrators of Valherd Pty on Aug. 22, 2016.



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C H I N A
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BEIJING CAPITAL: Moody's Retains Ba3 CFR on 2016 Interim Results
----------------------------------------------------------------
Moody's Investors Service says Beijing Capital Land Limited's
(BJCL) 2016 interim results were weak but have no immediate impact
on its Ba3 corporate family rating or the negative outlook.

BJCL's Ba3 rating reflects its standalone credit profile and
incorporates a two-notch uplift stemming from expected strong
financial and operating support from its parent, Beijing Capital
Group Co., Ltd. (Capital Group, Baa3 negative).

"BJCL's financial results for 1H 2016 were weak, as highlighted by
a drop in both its revenue and gross margin, and consistently weak
credit metrics," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer, as well as the International Lead Analyst
for BJCL.

These weaknesses are reflected in its negative outlook.

"However, we expect both BJCL's revenue and gross margin to
recover in 2H 2016 on the back of strong contracted sales in the
past 12-18 months and the scheduled delivery of higher margin
products," adds Cindy Yang, a Moody's Analyst and also the Local
Market Analyst for BJCL.

BJCL's revenue fell 10% year-on-year to RMB4.9 billion in 1H 2016
from RMB5.4 billion in 1H 2015.

At the same time, its gross margin declined to 10.4% in 1H 2016
from 12% in 2015, mainly due to a decrease in the proportion of
revenue recognized for its higher margin products.

However, the company continued to achieve strong contracted sales
in the last 18 months as it shifted its focus back to first-tier
and major second-tier cities.

Its contracted sales in 1H 2016 jumped 34.4% year-on-year to
RMB16.3 billion and its average selling price surged 78% from the
same period last year.

According to the company, BJCL had unbooked revenues of around
RMB22 billion as of June 2016 that will support its revenue growth
in 2H 2016.

Increased revenue contributions from Beijing, Shanghai and Tianjin
in 2H 2016 will also support an improvement in its gross margin to
around 15% for the full year 2016 from 10.4% in 1H 2016 and 12% in
2015.

BJCL's adjusted debt (including perpetual instruments) increased
7% to RMB64 billion as of 30 June 2016 from RMB60 billion at end
2015, given the company's fast expansion in major cities.

Moody's believes the company's growth appetite and funding needs
will remain high in the next 1-2 years.

As a result, BJCL's credit metrics will likely stay weak, with
adjusted EBIT/interest around 1.3x-1.5x and revenue/adjusted debt
around 27%-30% in the next 12-18 months.  These ratios weakly
position the company's standalone credit profile at the mid-B
level.

The company's liquidity also weakened as a result of its fast
expansion.

Its cash/short-term debt dropped to 96% as of June 30, 2016 from
180% at end-2015, mainly due to a drop in its cash holdings to
RMB13.2 billion as of June 2016 from RMB17.7 billion as of
December 2015 combined with an increase in maturing debt in the 12
months to June 2017.

Its maturing debt includes a RMB1.1 billion perpetual instrument
that was settled in July 2016 and a RMB3 billion bond due in
February 2017.

Moody's believes the refinancing risk of BJCL is manageable given
its local state-owned background and good track record of access
to the onshore and offshore bank and debt capital markets.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Incorporated in China, Beijing Capital Land Limited (BJCL) is a
mid-sized developer in China's residential property sector.  As of
June 30, 2016, the company had a total land bank of 11.59 million
square meters in gross floor area.  This land bank will support
the company's development over the next three years.  BJCL was
founded in 2002 as the major property arm of its parent, Beijing
Capital Group Co., Ltd. (Baa3 negative).  BJCL was listed on the
Hong Kong Stock Exchange in 2003.


BINHAI INVESTMENT: 1H 2016 Results Weighs Ba1 CFR, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that Binhai Investment Company
Limited's (BICL) weak results for 1H 2016 are consistent with
Moody's expectations and continue to weigh on its Ba1 corporate
family and senior unsecured debt ratings.

The ratings outlook remains negative.

"BICL's weakened operating performance -- as reflected in its
negative outlook -- continues to weigh on its Ba1 ratings," says
Ada Li, a Moody's Vice President and Senior Analyst.

The company's revenues and EBITDA declined by around 19.1% and
6.9%, to HKD1.1 billion and HKD243 million in 1H 2016
respectively, mainly due to (1) the average 28% reduction in non-
residential gas tariffs in November 2015; (2) its weakened
performance in connection services; and (3) the depreciation of
the RMB against the HKD -- the company's reporting currency.

Piped gas sales accounted for 82% and 48.6% of BICL's total
revenue and gross profits respectively in 1H 2016. Piped gas
volume sold grew 13.5% in 1H 2016, but this growth was offset by
the tariff cut, resulting in a 15.6% drop in the segment revenue.

Furthermore, the reported revenue and gross profit of its
connection services declined by 29.2% and 27.7% to HKD192 million
and HKD131 million, respectively.  Connection services contributed
50.7% of the company's 1H16 gross profit.

Moody's views BICL's reliance on connection fees will remain a key
rating constraint, because these fees' one-off and non-recurring
nature introduces volatility in its profitability and cash flow
generation.

BICL's operating environment also remains challenging amid China's
continued economic slowdown, although the related risks are
somewhat mitigated by the favorable policies for natural gas
distribution, with a track record of successful cost pass through.

Also, BICL's customer concentration in Tianjin further increases
its vulnerability to the overcapacity sector.  In particular, the
company generated HKD212 million revenue from its related party,
Tianjin Pipe and its associates, accounting for 24.4% of BICL's
piped gas sales revenue in 1H16.

"BICL's sale-and-leaseback transaction temporarily weakened its
financial profile at end-June 2016," adds Li.  "However, the
financial impact is manageable, given that the company used the
proceeds from the transaction to repay its convertible bonds due
in August."

In June 2016, BICL entered into a RMB230 million 5-year sale-and-
leaseback agreement for part of its gas pipelines assets with Bank
of Communications Financial Leasing Co., Ltd. (unrated).

The company's adjusted debt, after including the obligations under
the financial lease, amounted to HKD2.2 billion, at end-June 2016.
As a result, its adjusted funds from operations (FFO)/debt and
debt/capitalization deteriorated to 10.0% and 65.9% from 12.4% and
61.4% for the twelve months ended June 30, 2016.

However, the company subsequently used to proceeds to repay its
HKD279 million convertible bonds, due on Aug. 5, 2016.

As a result, the company's FFO/debt and debt/capitalization, on a
pro-forma basis after deducting the convertible bonds, were 11.4%
and 62.8% for the 12 months to June 2016.  These levels are
marginally within its current Ba1 ratings band.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Binhai Investment Company Limited is principally engaged in city
gas distribution and gas pipe connection businesses in China,
mainly in the Tianjin Municipality.  In 1H 2016, its gas sales
volumes reached 307 million cubic meters.

BICL is listed on the Hong Kong Stock Exchange and is 63.19% owned
by Tianjin TEDA Investment Holding Co., Ltd., which is a wholly
owned conglomerate of the State-owned Assets Supervision and
Administration Commission of Tianjin Municipality.


COUNTRY GARDEN: Fitch Says Bullish on Growth
--------------------------------------------
China-based Country Garden Holdings Co. Ltd.'s (BB+/Stable) latest
results show that the developer is building up its land reserves
aggressively to pursue strong sales growth in the next two years,
Fitch Ratings says. The company's land acquisitions have pushed up
leverage, but Fitch expects the ratio of net debt to adjusted
inventory to remain at 40%-45%; below the level where the agency
will consider taking negative rating action.

Country Garden's total contracted sales (includes contracted sales
from the company and its subsidiaries, as well as its joint
ventures and associates) of CNY125.1bn and land acquisition rate
of 40.9% for the six months to June 2016 were at historic highs.
The company's land acquisition rate, as measured by the ratio of
land premium paid to attributable contracted sales, for 1H16 was
up from 31.1% in 2015 and 17.15% in 2014. Its land replenishing
ratio, as measured by attributable gross floor area (GFA) acquired
to attributable contracted sales GFA, of 2.8x for 1H16 and 1.8x in
2015 were up sharply from 1x in 2014.

Country Garden acquired around 43.85 million square metres (sqm)
of attributable GFA for about CNY72.83 billion in total in 1H16.
This is 14% more than its full-year land acquisitions in 2015,
which amounted to 38.21 million sqm of attributable GFA at total
cost of CNY55.95 billion.

The sharp increase in acquisitions signals Country Garden's
bullish outlook for the Chinese property market for the next 12-24
months. Over 70% of the land acquired in 1H16 is in the Pearl
River Delta (PRD) and Yangtze River Delta (YRD), which should
provide healthy profit margins. Country Garden continued to
solidify its market leadership in Guangzhou, with 42% of value of
land acquired in the southern province. Jiangsu and Zhejiang
provinces and Shanghai city together accounted for 26% of land
acquired and Guangxi and Anhui provinces around 4.4-5% each.

The sharply higher contracted sales in 1H16 will translate to cash
inflow of CNY105.1 billion, which will be used together with an
increase in net debt to support Country Garden's large land bank
acquisitions. Contracted sales of CNY125.1 billion in 1H16 are 89%
of its total contracted sales of CNY140.2 billion for full-year
2015. The company raised its 2016 total contracted sales target by
31% to CNY220bn from the original target of CNY168bn. Country
Garden has around CNY907.8 billion of saleable resources for 2H16
onwards, of which 24% are aimed at customers in Shenzhen,
Guangzhou, Shanghai and Beijing.

Country Garden's leverage rose to around 45% at end-1H16 from
around 40% at end-2015. Fitch expects net debt to stay around
CNY70 billion-95 billion in 2016 and leverage to remain at 40%-45%
as the company continues to add to its land bank. In addition, its
operating cash flow will remain negative or marginally neutral.
The strong contracted sales pushed the churn rate, as measured by
total debt to contracted sales, to 1.4x at end-June 2016 from 1.1x
in end-2015.

Country Garden's EBITDA margins stabilised at around 14.8% in June
2016 from a historical low of 13.8% in December 2015. Fitch
expects the EBITDA margin to continue to improve to 15%-16% for
full-year 2016 due to recognition of contracted sales with wider
margins and rising average selling prices.


FANTASIA HOLDINGS: Moody's Retains B2 CFR on Tap Bond Issuance
--------------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's B2 corporate family rating and its B3 senior unsecured
rating are unaffected by the company's announcement of a tap bond
offering on its existing RMB600 million senior unsecured notes due
May 4, 2019.

The rating outlook is stable.

"The tap issuance will lengthen Fantasia's debt maturity profile
and will not materially affect its credit metrics, as the proceeds
will be used for the refinancing of existing debt," says Stephanie
Lau, a Moody's Assistant Vice President and Analyst.

Moody's expects that EBIT/interest will stay at around 1.7x-1.8x
over the next 12-18 months and revenue/debt will stay around 53%-
56%.  Such levels remain appropriate for the company's ratings.

Fantasia's B2 corporate family rating reflects its long track
record in Chengdu and Shenzhen, its diversified development
product line in commercial complexes and high-end residential
properties, and adequate liquidity.

But the rating is constrained by the company's execution risks in
new markets, the short track record of its asset-light model and
its weak credit metrics.

The company's liquidity position is strong.  Cash/short term debt
-- excluding listed subsidiary Colour Life Services Group, Co.
Ltd's (unrated) cash on hand -- increased to 397% at end-June 2016
from 133% in 2015.

The B3 senior unsecured rating of the proposed notes is one notch
below Fantasia's B2 corporate family rating, reflecting structural
and legal subordination.

Its secured and subsidiary debt/total assets was around 18% at
end-June 2016.  However, Moody's expects the ratio to stay in
excess of 15% in the coming 12-18 months, because the company will
continue to draw on onshore and/or secured bank loans to fund its
construction and expansion.

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

Fantasia Holdings Group Co., Limited is a property developer
established in 1996.  It listed on the Hong Kong Stock Exchange in
November 2009.

At end-June 2016, its land bank totaled 16.8 million square meters
in planned gross floor area -- including lots under framework
agreements -- mainly in the Chengdu-Chongqing Economic Zone and
the Pearl River Delta.


WEST CHINA CEMENT: Fitch Affirms 'B+' LT Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has affirmed West China Cement Limited's (WCC) Long-
Term Issuer Default Rating and senior unsecured rating of 'B+'
with Recovery Rating of 'RR4'. The Outlook is Stable.

The affirmation reflects Fitch's expectation that WCC will be able
to maintain its leading market position in its core market,
Shaanxi, and that cement prices and volumes in WCC's key markets
are unlikely to deteriorate. However, WCC has substantial short-
term debt maturing in 12 months, and failure to extend the
maturities may lead to negative rating action.

KEY RATING DRIVERS

Continued Weak Performance: WCC's 1H16 results worsened, but
continued to be within the profitability guidelines for its
current rating. EBITDA declined 5% year-on-year and gross
profit/tonne (before depreciation) decreased to CNY65 from CNY70 a
year earlier and CNY67 in 2H15. This was the result of a 7% fall
in cement average selling price (ASP). Sales volumes, however,
increased 8% in 1H16, mostly driven by additional capacity.

"We expect WCC's cement and clinker sales volume to increase by 2%
annually in 2016-2018 driven by a slow recovery in cement demand.
However, a mild recovery in demand is likely to be absorbed by the
excess supply, leading to a 3% decline in ASP in 2016 and no
improvement after that, in our view. We expect WCC's gross
profit/tonne (before depreciation) to remain around CNY65 in 2016-
2018," Fitch said.

Leverage to Remain High: WCC's cash cycle has extended to 65 days
in 1H16 from 55 days in 2015, by our estimate, caused by longer
receivable days and shorter payable days. The company expects the
payable days to normalise in the rest of this year. Fitch said,
"We expect WCC's FFO net leverage will remain around 4x (2015: 4x)
as the tough operating environment will continue to suppress FFO
even as the company trims its capital expenditure to generate
positive free cash flow."

Liquidity Pressure: WCC's short-term debt increased to CNY1.3bn at
end-2015 and remained at the same level at end-1H16, compared with
its unrestricted cash of CNY507 million at end-1H16. The company
did not take steps to improve its debt maturity profile in 1H16 as
it expected to refinance its debt after Anhui Conch Cement Company
Limited (Conch; A-/Stable) took a controlling stake in WCC.
However, the planned acquisition was terminated on 30 June 2016.
Fitch said, "We now expect WCC to focus on improving its debt
maturity profile over the next 12 months. Failure to do so may
result in negative rating action as its liquidity profile does not
support the current rating."

Conch Shareholding May Be Beneficial: Conch has retained its
21.17% stake in WCC, despite terminating plans to acquire a
controlling stake. This makes it the second-largest shareholder of
WCC with two non-executive directors on WCC's eight-member board.
Fitch said, "We believe a collaboration between Conch and WCC can
speed up the transition to disciplined supply in the Shaanxi
cement market given Conch has been a price setter in the Shaanxi
market."

KEY ASSUMPTIONS

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

   -- WCC's market share remains stable in Shaanxi

   -- Average selling price to fall 3% in 2016 and remain
      unchanged in 2017

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- FFO-adjusted net leverage sustained below 3.5x

   -- Gross profit per tonne sustained above CNY70

   -- Sustained positive FCF

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

   -- FFO-adjusted net leverage sustained above 4.5x

   -- Gross profit per tonne sustained below CNY50

   -- Failure to work towards improving debt maturity profile by
      2017

FULL LIST OF RATING ACTIONS

West China Cement Limited

   -- Long-Term IDR affirmed at 'B+' '; Outlook Stable

   -- Senior unsecured rating affirmed 'B+'; Recovery Rating of
      'RR4'

   -- Rating on USD400 million senior unsecured notes due 2019
      affirmed at 'B+'; Recovery Rating of 'RR4'


XINYUAN REAL: Fitch Assigns 'B(EXP)' Rating to USD Senior Notes
---------------------------------------------------------------
Fitch Ratings has assigned Xinyuan Real Estate Co., Ltd.'s
(Xinyuan: B/Stable) proposed US dollar senior notes a 'B(EXP)'
expected rating and Recovery Rating of 'RR4'.

The notes are rated at the same level as Xinyuan's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The final rating is subject
to the receipt of final documentation conforming to information
already received.

The Chinese homebuilder's ratings are supported by its strong
contracted sales and moderate margin recovery. The ratings are
constrained by its low land-bank business model, high leverage
driven by land replenishment needs, and tight but sustainable
liquidity.

KEY RATING DRIVERS

Solid Contracted Sales: Xinyuan's strong contracted sales in 2015
and 1H16 were mainly driven by robust market sentiment in its core
Tier 2 and satellite cities surrounding Tier 1 cities, namely
Zhengzhou, Jinan, Suzhou and Kunshan. Tier 2 cities contributed
61% and 62% of contracted sales in 1H16 and 2015, respectively.

Small Land Bank Constrains Ratings: Xinyuan's total sellable gross
floor area (GFA) increased to 2.56 million square metres (sqm) in
China and the US at end-June 2016, from 2.33 million sqm at end-
2015. Its land bank will last 2 years, based on 2016 expected
sales, which remains low compared with that of 'B'-rated peers.
Apart from normal public auctions, Xinyuan pays advance deposits
to local government or industry partners to secure a large part of
its future land bank. There is greater uncertainty about its land
bank as a result of this acquisition strategy, which continues to
constrain scale and sales.

Land Replenishment Pressuring Leverage: Xinyuan has accelerated
acquisitions after not purchasing any new land in 2015. So far in
2016, it announced acquisitions of CNY3.6 billion of sites in
China and the US, with cash outlay of around CNY2.6 billion after
considering returned land deposits and prepayments for certain
land parcels.

With its low land bank and fast asset-churn model, Xinyuan's high
land replenishment needs will continue to pressure leverage. Fitch
expects leverage to hover around 45%-50% in 2016-2017, in view of
surging land prices in higher-tier cities amid fierce competition
and a moderate acquisition pace with cash-land-premium-
paid/contracted-sales at 40%-45%.

Expect Margin Recovery: Fitch expects Xinyuan's gross margin to
recover in 2H16-1H17, in line with surging average selling prices
in its core cities and recognition of the Oosten project in US.
This follows a slight decline to 27% in 1H16, after adding back
capitalised interest, from 28% in 2015, due to recognition of low-
margin projects in Suzhou, Jinan and Kunshan. The homebuilder's
EBITDA margin improved to 15.2% in 1H16, from 14.7% in 2015, due
to management's continued efforts to reduce selling, general and
administration costs. However, the improvement in Xinyuan's gross
margin could be jeopardised from 2H17 if land acquisition costs
sprint ahead of the rising average selling price.

Tight But Sustainable Liquidity: The company's liquidity position
is stable with a ratio of cash to short-term debt of 90% at end-
June 2016 compared to 92% at end-2015. Xinyuan's total cash of
USD931 million and undrawn credit facilities of USD306 million at
end-June 2016 are insufficient to cover its short-term borrowings
of USD1.036 billion and acquisition costs. Xinyuan's active
fundraising in the onshore bond market has alleviated its
refinancing pressure. The company issued two five-year bonds of
USD107 million and USD77 million at 7.47% and 7.09% in 2016. These
issuances have brought down Xinyuan's average borrowing cost to
8.5% at end-June 2016 from 9.5% at end-2015.

KEY ASSUMPTIONS

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

   -- Contracted sales GFA to increase 40%-50% in 2016 and 5% in
      2017-2018 due to improved churn in Tier 1 and Tier 2 cities

   -- Contracted sales ASP to increase around 5% between 2016 and
      2018 due to price increases in Tier 1 and Tier 2 cities

   -- Moderate acquisition pace with cash-land-premium-
      paid/contracted-sales at 40%-45% in 2016-2018

   -- Construction cost per sqm declining to around USD650-700 in
      2016-2018, due to cheaper construction cost in Tier 2
      cities

   -- Selling, general and administrative costs as percentage of
      contracted sales will gradually decrease to between 12%-13%
      as Xinyuan plans to cut internal costs

RATING SENSITIVITIES

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

   -- Net debt/adjusted inventory rising above 60% on a sustained
      basis

   -- Contracted sales/total debt falling below 0.6x on a
      sustained basis (last 12 months to June 2016: 0.8x)

   -- EBITDA margin falling below 15% on a sustained basis

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

   -- Significant increase in scale, as reflected by contracted
      sales exceeding CNY15 billion

   -- Net debt/adjusted inventory sustained below 40%

   -- Contracted sales/total debt improving to above 1.0x on a
      sustained basis

   -- EBITDA margin improving to above 20% on a sustained basis



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


HENGDELI HOLDINGS: Moody's Retains Ba3 CFR on 1H 2016 Results
-------------------------------------------------------------
Moody's Investors Service says Hengdeli Holdings Limited's weak 1H
2016 results have no immediate rating impact on its Ba3 corporate
family and senior unsecured bond ratings, or its negative rating
outlook.

"The company's operating performance remained weak in 1H 2016,
given challenges in the retail watch markets in China and Hong
Kong, but liquidity stayed sound, providing some buffer to manage
through the current down-cycle," says Gloria Tsuen, a Moody's Vice
President and Senior Analyst.

"Importantly, Hengdeli is maintaining its financial prudence,
downsizing its store network, reducing inventory levels, limiting
capital expenditures, and foregoing dividends," adds Tsuen.

Hengdeli's revenue and adjusted EBITDA fell 13% and around 20%
respectively year-on-year in 1H 2016.  Such a performance is weak
but is not substantially different from Moody's expectations.

Hengdeli's retail business, which represented 70% of total revenue
in 1H 2016, remained weak, especially for Hong Kong's high-margin
Harvest Max segment.

However, Harvest Max, which targets jewelry and watch sales to
members of Mainland Chinese package tour groups and which saw a
45% year-on-year fall in revenue, represented only 8% of
Hengdeli's total revenue in 1H 2016.

The company has 470 stores with a net closure of 12 stores in 1H
2016.  It will continue closing stores in 2H 2016.  It had also
reduced its inventory level by RMB289 million from end-2015.

Moody's estimates that the weak 1H 2016 performance will persist
into 2H 2016, such that adjusted EBITDA will decline by 20%-25%
this year.

Hengdeli's total reported debt rose by RMB491 million to around
RMB4 billion at end-June 2016 from end-2015.  But, most of the
increase was due to the seasonal reduction in payables which will
be reversed in 2H 2016.  Moody's expects total reported debt will
be only slightly higher at end-2016 when compared with end-2015.

Moody's expects that Hengdeli's adjusted debt/EBITDA, which
reached around 5.5x for the last 12 months to end-June 2016, will
remain high in 2016 due to continued sluggish demand.  This
elevated level of debt leverage and the difficult nature of the
operating environment are reflected in the negative rating
outlook.

However, the significant narrowing in leverage headroom is partly
mitigated by Hengdeli's sound liquidity profile and steady
adjusted retained cash flow (RCF)/net debt of around 15%, as the
company is unlikely to pay dividend and manages its net debt
exposure.

Hengdeli's liquidity profile -- while weaker than end-2015, as a
result of the partial redemption of its offshore bonds in June as
well as seasonality in working capital -- remains adequate.

The company had RMB2.1 billion in cash at end-June 2016.  Combined
with the RMB300 million in operating cash flow, Moody's expects it
to generate this year, it will have sufficient liquidity to meet
its short-term debt obligation of RMB2.2 billion and capex of
around RMB110 million.

However, if the company's operating performance, liquidity
position and/or financial profile are weaker than expectations,
then its ratings could come under pressure.

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

Hengdeli Holdings Limited listed on the Hong Kong Stock Exchange
in 2005 and its market capitalization was HKD4.1 billion as of
Aug. 19.  As of Dec. 31, 2015, the Zhang family was the largest
shareholder, with a 33.06% stake, followed by the Swatch Group
(unrated) (9.16%) and LVMH Group (unrated) (6.40%).



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


ABHIRAM INFRA: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abhiram Infra
Projects Private Limited's 'IND BB+' Long-Term Issuer Rating to
the suspended category. The Outlook was Stable. The rating will
now appear as 'IND BB+(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 AIPPL.

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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary

AIPPL' ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
      from 'IND BB+'/Stable

   -- INR240 million fund-based working capital limits: migrated
      to Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-
      term 'IND A4+(suspended)' from 'IND A4+'

   -- INR1,110 million non-fund-based working capital limits:
      migrated to Long-Term 'IND A4+(suspended)' from 'IND A4+'

   -- INR60 million fund-based working capital limits: migrated
      to Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-
      term 'IND A4+(suspended)' from 'IND A4+'

   -- INR170 million non-fund-based working capital limits:
      migrated to 'IND A4+(suspended)' from 'IND A4+'


AMRAPALI CENTURIAN: ICRA Suspends 'D' Rating on INR350cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR350.0
crore fund based limits of Amrapali Centurian Park Pvt Lt. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based Limits        350.0       [ICRA]D suspended

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


AROWANA EXPORTS: CARE Lowers Rating on INR7cr ST Bank Loan to D
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Arowana Exports Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Short-term Bank Facilities      7        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the rating assigned to the bank facilities of
Arowana Exports Private Limited takes into consideration
the on-going delay in debt servicing and classification of the
company's account as non-performing asset (NPA).

The ability of AEPL to timely service its debt obligations with
improvement in liquidity position is the key rating sensitivity.

Incorporated in September 2014, AEPL is a 100% export-oriented
unit engaged in processing and export of sea foods, majorly
shrimps. AEPL exports its products under the brand name of
"Arowana" mainly to the countries like South Africa, Spain,
Germany, Australia, Portugal, China, Hong Kong, Vietnam and
Malaysia and procures fish from local fishermen operating in
western and eastern coastline of India. AEPL has a processing
facility at Kanthavali, Uran, therein the company has entered into
a lease agreement with Sasoondock Matsyodhyog Sahakari Society
Limited (SMSSL) to use its processing facility, which has an
installed capacity of 50 tons per day. The facility is equipped
with modern equipment's and is also certified by European Union
(EU) and Hazard Analysis & Critical Control Points (HACCP).

AEPL is part of the R. S. group, formed and headed by Mr. Rajendra
Vitthal Shinde. The group comprises various entities engaged in
distribution of Fast Moving Consumer Goods (FMCG) products,
automobile servicing and also processing of sea food.


AURO IMPEX: ICRA Reaffirms 'B' Rating on INR9.0cr Cash Loan
-----------------------------------------------------------
ICRA has re-affirmed the [ICRA]B rating assigned to the INR10.71
crore fund based bank facilities of Auro Impex & Chemicals Pvt.
Ltd. ICRA has also reaffirmed the [ICRA]A4 rating assigned to the
INR5.00 crore non-fund based bank facilities of AICPL. ICRA has
also re-affirmed the long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR1.19 untied limit of AICPL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limits-
   Term Loan                1.71        [ICRA]B reaffirmed

   Fund Based Limits-
   Cash Credit              9.00        [ICRA]B reaffirmed

   Non Fund Based Limits-
   Letter of Credit         4.50        [ICRA]A4 reaffirmed

   Non Fund Based Limits-
   Bank Guarantee           0.40        [ICRA]A4 reaffirmed

   Non Fund Based Limits-
   Bank Guarantee          (0.50)       [ICRA]A4 reaffirmed

   Non Fund Based Limits-
   Forward Contract         0.10        [ICRA]A4 reaffirmed

   Fund Based/ Non Fund     1.19        [ICRA]B/[ICRA]A4
   Based Limits-Untied                  reaffirmed/assigned
   Limit

The reaffirmation of ratings take into account AICPL's moderate
scale of operations in the manufacturing of manufactures
components, spares and fabricated internal structures used in the
pollution control equipments and limited bargaining power with the
customers who are primarily large corporate, resulting in pressure
on margins. The ratings continue to be constrained by the
company's weak financial profile, characterized by an aggressive
capital structure and depressed coverage indicators, and the
stretched liquidity position of the company due to high inventory
holding along with significant receivable position. However, the
working capital intensity has improved marginally during FY2016
over the previous financial year. ICRA notes that the company has
significant debt service obligations, which are likely to keep its
cash flow under pressure in the near to medium term. The ratings
are also impacted by the vulnerability of revenue growth to
fluctuations in investment cycle of end-user industries. The
company's profitability is also exposed to any adverse change in
raw material prices as the contracts are primarily fixed price in
nature, though the same is mitigated to some extent due to short
execution cycle. The ratings, however, positively factor in the
experience of the management of more than two decades in the
business of trading/ manufacturing of pollution-control equipment,
reputed client base for being an approved sub-vendor of NTPC
Limited and a moderate order book position, resulting in revenue
visibility in the near term at least.

Going forward, the company's ability to scale up its operations,
while maintaining its profitability and managing the liquidity
efficiently, would remain critical from the credit perspective.

Incorporated in 1994, Auro Impex & Chemicals Pvt. Ltd.
manufactures components, spares and fabricated internal structures
primarily used in the pollution control equipment such as
electrostatic precipitators etc. Earlier, the company used to
trade in electrical and engineering goods. Since 2012-13, AICPL
has diversified its business portfolio and started the
manufacturing business at Khajurdaha village in Hooghly district
of West Bengal along with trading in steel products. Auro
Industries Limited, a company under the same management has
dealership and distribution business of various electrical
equipments/ accessories and is rated [ICRA]B+ and [ICRA]A4.


AURO INDUSTRIES: ICRA Reaffirms B+ Rating on INR8cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR8.00 crore cash credit facility of Auro Industries Limited.
ICRA has also reaffirmed the short term rating of [ICRA]A4
assigned to the INR3.00 crore non fund based bank facilities of
AIL.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              8.00        [ICRA]B+ reaffirmed

   Non Fund Based
   Limit-Letter of
   Credit                   2.25        [ICRA]A4 reaffirmed

   Non Fund Based
   Limit-Bank Guarantee     0.75        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into consideration the
small scale of current operations, and high competition due to the
fragmented and low value-added nature of the industry, which
result in thin profit margins. However, the top-line of the
company has witnessed a consistent growth over the past few years,
which can be attributed to its diversified product profile that
reduces dependence on the performance of a particular product or
industry. The ratings are also constrained by the weak financial
profile of AIL, characterized by nominal cash accruals, aggressive
capital structure and depressed level of coverage indicators. ICRA
notes that optimum utilization of the existing working capital
facilities, coupled with sizeable repayment obligations in the
near term adversely impact its liquidity profile. The ratings,
however, derive comfort from the long experience of the promoters
in the dealership and distribution of various electrical
equipments/accessories though exposure to client concentration
risk remains a key concern.

ICRA notes that, maintaining growth in top-line aided by its
diversified product profile, as well as improving its capital
structure and liquidity profile, going forward, would remain key
rating sensitivities.

In 1990, Auro Enterprises was set up as a proprietorship firm by
Mr. Madhusudhan Goenka for manufacturing foundry fluxes. In 1995,
it was reconstituted as a corporate body and renamed as Auro
Industries Limited. The company is now involved in dealership and
distribution of various electrical equipments/ accessories such as
uninterrupted power systems (UPS) of Ador Powerton Limited, light
fittings of Philips India Limited, and insulators of XHDC Special
Ceramics Co. Ltd. (China), etc. AIL is also involved in trading of
textiles, steel products and other products. Besides, the company
is the sole C&F agent for automotive batteries of Tractors and
Farm Equipment Limited in West Bengal. Auro Impex & Chemicals
Private Limited, a company under the same management is involved
in the manufacturing of components, spares and fabricated internal
structures primarily used in pollution control equipment and is
rated at [ICRA]B and [ICRA]A4.

Recent Results
The firm reported a net profit of INR0.19 crore on an operating
income of INR47.61 crore during FY2016 (provisional). It had
reported a net profit of INR0.20 crore on an operating income of
INR40.25 crore in FY2015.


AUTOMOTIVE COACHES: CRISIL Suspends D Rating on INR360MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Automotive Coaches and Components Limited (ACCL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             155       CRISIL D
   Long Term Loan          360       CRISIL D

The suspension of rating is on account of non-cooperation by ACCL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACCL is yet to
provide adequate information to enable CRISIL to assess ACCL'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'

Established in the early 1980s, ACCL manufactures tippers and
trailers. Until 2013, ACCL was an affiliate of Ashok Leyland Ltd
(ALL), which was its majority stake holder and sole customer. ALL
sold its entire stake in ACCL to the Singh and Baid families in
2013-14.

ACCL has two manufacturing units, in Chennai and Puducherry, with
combined capacity of 600 tippers and 250 trailers.



B.P. CONSTRUCTION: ICRA Assigns 'B+' Rating to INR1.0cr Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 to the INR4-crore enhanced unallocated limits
of M/S B.P. Construction. ICRA also has the long-term rating of
[ICRA]B+ and the short-term rating of [ICRA]A4 outstanding to the
INR10.00 crore bank facilities of BPC.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based-Cash
   Credit                   1.00        [ICRA]B+ outstanding

   Non Fund Based-
   Bank Guarantee           6.50        [ICRA]A4 outstanding

   Unallocated Limits       6.50        [ICRA]B+/[ICRA]A4
                                        outstanding /assigned

The assigned ratings take into account the entity's exposure of
profitability to volatility in raw material prices, although
presence of price variation clauses in most of the contracts
mitigates such risk to an extent. This, coupled with highly
fragmented and competitive nature of the industry, and tender-
based contract awarding system, keeps a check on the
profitability, as is evident from the fluctuating profitability in
the past. The ratings take note of the stretched liquidity profile
as also reflected by the full utilization of working capital
limits, though the absence of long-term debt obligations at
present provides some financial flexibility. The ratings take
cognizance of the high geographic concentration risk, with
operations limited to Jharkhand, and the risk associated with its
status as a partnership firm, including the risk of withdrawal of
capital by the partners.

The ratings also take note of the experience of the partners of
more than two decades in the civil construction business, its
status as a Class-1 A contractor with the Public Works Department
(PWD), Chhattisgarh, enabling it to bid for large contracts
floated within the state. The ratings note the healthy financial
profile of the firm as reflected by the conservative capital
structure and healthy debt protection indicators. The ratings take
note of the growth in scale of operations in FY2016 and the
moderate visibility for revenue growth over the near term, as also
reflected by an order book position of INR52 crore as on March 31,
2016. The sustenance of regular order flow will be critical in
maintaining a healthy growth in FY2017.

In ICRA's opinion, the ability of the firm to maintain healthy
profitability in light of heightened competition, and sustenance
of a regular order flow while maintaining a conservative capital
structure, and managing working capital requirements efficiently,
would remain key rating sensitivities, going forward.

Established in 1987 as a proprietorship concern, M/s B.P.
Construction (BPC) was reconstituted as a partnership firm in
1998. BPC is involved in civil construction and electrification
for various Government departments in the state of Jharkhand. The
firm is registered as a Class- 1A contractor with the Public Works
Department (PWD), Jharkhand and a Class 1 electrical contractor
with Vidyut Vibhag, Energy Department, Government of Jharkhand for
electrification work of up to 33 KV.

Recent Results

BPC reported a net profit of INR1.84 crore (provisional) in FY2016
on an operating income of INR51.36 crore (provisional) as against
a PAT of INR1.01 crore on the back of an OI of INR18.26 crore
during FY2015.


BHAGWATI RICE: ICRA Assigns B+ Rating to INR35.40cr Loan
--------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR35.40-crore (enhanced from
INR28.40 crore) bank lines of Bhagwati Rice Mill (P) Ltd.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund-Based Facilities      35.40      [ICRA]B+; assigned

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

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

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

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


BHARAT PETROLEUM: Fitch Assesses 'BB+' Stand Alone Credit Profile
-----------------------------------------------------------------
Fitch Ratings has affirmed India-based Bharat Petroleum
Corporation Limited's (BPCL) Long-Term Foreign-Currency Issuer
Default Rating (IDR), its senior unsecured rating, and ratings on
its outstanding senior unsecured debt at 'BBB-'. The Outlook is
Stable.

KEY RATING DRIVERS

Strong Linkages with State: Fitch equalizes BPCL's rating with
that of its largest shareholder, the state of India (BBB-/Stable)
(54.9% shareholding), due to their strong operational and
strategic linkages. Fitch believes the linkages remain strong
despite the deregulation of diesel prices in 2014 and introduction
of the direct benefit transfer scheme - which transfers subsidies
directly to the consumers - for household liquefied petroleum gas
(LPG). BPCL continues to retail kerosene at government-prescribed
prices that are lower than market prices. Government covers the
under-recoveries (the difference between market prices and state-
controlled selling prices) from the sale of kerosene through
subsidies and discounts from upstream companies, whereas
downstream companies had borne part of the under-recoveries in the
past.

Fitch may reassess BPCL's linkages with the state if the state-
owned oil marketing companies' policy role weakens due to further
deregulation of prices for petroleum products. Fitch will also
take into consideration government's commitment to maintaining
market-based prices for already-deregulated products when oil
prices rise. The lower oil prices and deregulation of diesel have
improved BPCL's finances significantly. Fitch assesses the
standalone credit profile at 'BB+'.

Falling Subsidies: The oil sector reforms by way of deregulation
of diesel prices in 2014, along with low crude oil prices, has
resulted in a zero subsidy for BPCL during the financial year
ending March 31, 2016 (FY16) (FY15: INR4.9 billion). Fitch said,
"We expect no subsidy burden for BPCL over the next two years,
given Fitch's assumptions of oil prices at USD42 per barrel (bbl)
in 2016 and USD45 per bbl in 2017. Furthermore, government hiked
the subsidised LPG prices by INR1.98 in July 2016 and by INR1.93
in August 2016. Similarly, government increased kerosene prices by
INR0.25 per litre in July 2016."

Fitch believes that under-recoveries could be reduced
significantly if the price hikes continue on a regular basis.
Nevertheless, it remains uncertain as to how government will
approach subsidies at higher crude prices, especially prices above
USD60 per bbl.

Significant Operator: BPCL is the third-largest refiner in the
country, with a capacity of 30.5 million tonnes per annum (mtpa) -
representing 13% share of India's refining capacity - and the
second-largest marketer of petroleum products, with around a one-
quarter market share. BPCL marketed 36.8 mtpa of petroleum
products in FY16 (FY15: 35 mtpa) and refined 29.8 mtpa (FY15:
29.3mtpa). We expect BPCL to maintain its leading position over
the medium to long term, given its capex plans for enhancing
capacity.

Comfortable Financial Profile: "We expect BPCL's net leverage (net
adjusted debt/operating EBITDAR) to remain below 3x and EBITDA
interest cover above 4.5x over the next three years. This is
despite the large capex and investment. Credit metrics improved
during FY16, with net leverage of 1.3x (FY15: 1.7x) supported by
strong gross refining margins (GRM) of USD6.59 per barrel (bbl)
(FY15:USD3.62 per bbl)." Fitch said.

"We expect the GRMs to moderate over the next two years in line
with the industry. This, together with the large investment plans,
is likely to result in a marginal weakening of credit metrics
during FY17 and FY18. However, we expect the benefits from the
expanded Kochi refinery and continuing strong performance of the
Bina refinery (GRM FY16 USD11.7/ bbl; FY15 USD6.1/bbl) to support
improvement in operational cash flows from FY18." Fitch said.

Large Capex: "We expect BPCL's capex to remain high at over
INR600bn over the next five years (FY16: INR113.6 billion). In
addition, the company (through its subsidiary) is acquiring a
stake in Rosneft's Taas-Yuriah and Vankor fields in Russia for a
consideration of around USD1.1 billion (around INR75 billion). The
large investments are likely to result in BPCL's FCF remaining
negative over the medium term. The largest portion of the capex is
for the expansion of the Kochi refinery to 15.5mtpa from the
current 9.5mtpa, at a cost of around INR165 billion. The company
expects to complete expansion of the Kochi refinery by end-2016,
and to start operations in early 2017." Fitch said.

Upstream Discoveries: BPCL has 17 upstream blocks (seven in India
and 10 abroad), from which some successful discoveries have been
made, and is in the process of acquiring a stake in two blocks
owned by Rosneft. Other than the current acquisitions which are
producing fields, the most notable is BPCL's 10% participating
interest in the Rovuma Basin in Mozambique (discovery of 75
trillion cubic feet of natural gas resources). The other
noteworthy discoveries are in its Brazilian assets (20%
participating interest), and West Australian onshore assets in
Perth (27.8% stake). Fitch said, "We expect BPCL to start
benefiting from its upstream investments in the medium to long
term."

KEY ASSUMPTIONS

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

   -- Industry refining margins to moderate during FY17 and FY18

   -- No net under-recoveries for FY17 and FY18

   -- Oil prices of USD42 per bbl for FY17, USD45 for FY18 and
      USD55 for FY19 in line with Fitch's base-case price deck,
      as outlined in "Corporate Oil Price Assumption Raised for
      2016; Slow Recovery From Here", dated July 27, 2016

   -- Total consolidated capex of around INR600 billion over the
      next five years

RATING SENSITIVITIES

Positive: Developments that may, individually or collectively,
lead to positive rating action include:

   -- An upgrade of the sovereign rating, provided the rating
      linkages with the state remain intact.

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

   -- A downgrade of the sovereign rating

   -- Weakening of linkages between BPCL and the state.

For India's sovereign rating, the following sensitivities were
outlined by Fitch in its Rating Action Commentary of July 18, 016.

The main factors that, individually or collectively, could lead to
positive rating action are:

   -- Fiscal initiatives that would cause the general government
      debt burden to fall more rapidly than expected in the
      medium term

   -- An improved business environment resulting from implemented
      reforms and persistently contained inflation, which would
      support higher private investment and real GDP growth.

The main factors that, individually or collectively, could lead to
negative rating action are:

   -- Further deviation of the already-high public-debt burden
      from the peer median, which may be caused by stalling
      fiscal consolidation or greater-than-expected deterioration
      in the banking sector's asset quality that would prompt
      large-scale sovereign financial support

   -- Loose macroeconomic policy settings that cause a return of
      persistently high inflation levels and a widening current-
      account deficit, which would increase the risk of external
      funding stress.


BHATIA COKE: ICRA Hikes Rating on INR210.5cr Loan to B+
-------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B
for INR224.50 crore bank facilities of Bhatia Coke & Energy
Limited. Also, ICRA has reaffirmed the short term rating at
[ICRA]A4 for INR75.50 crore short term bank facilities of BCEL.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund-Based     210.50       [ICRA]B+ (upgraded)

   Long Term Non Fund-
   Based                     14.00       [ICRA]B+ (upgraded)

   Short Term Non Fund-
   Based                     75.50       [ICRA]A4 (reaffirmed)

While upgrading the long term rating ICRA takes into account
establishment of Trust and Retention Account (TRA) and appointment
of concurrent auditor for preventing cash outflows to support the
group companies, which are in severe financial distress in
relation to BCEL. The ratings however continue to remain
constrained by risks arising from large contingent liabilities on
account of corporate guarantees extended for loans availed by the
group entities3 which are under severe stress and have turned Non
Performing Assets (NPAs) with banks.

The ratings are also constrained by BCEL's concentrated exposure
to single end user industry for Coke, i.e. steel industry, which
has been witnessing demand, pricing and profitability pressures
resulting in slowdown in the Coke demand. Because of this, the
manufacturing capacity has not been utilized at high levels on
consistent basis for last few years, thereby resulting in weak
profitability. The company has however utilized this opportunity
during last 6~9 months to undertake the maintenance of its coke
oven batteries because of which, BCEL's coke sales quantity
declined by ~20% in H2FY2016 vis-a-vis H1FY2016. The production in
Q1FY17 remains lower by ~45% over previous Q1FY16, whereas sales
were down by ~15% in Q1FY17 on YoY basis supported by the clearing
of finished goods inventory. Apart from the demand cyclicality
from the end user industry, BCEL's profitability is also exposed
to fluctuation in commodity prices and foreign exchange rates as
it imports the coal used for manufacturing coke.

The ratings continue to take into account favorable location of
the coke manufacturing plant near sea port, which eases the
flexibility to import coal; and nearness to the manufacturing
facilities of key customers. Further, ratings also favorably
factor in BCEL's enhanced cost competitiveness on account of
complimentary power generation using waste heat recovery and power
shortage in state of Tamil Nadu, thereby resulting in strong power
sales realization, however the same is dependent on coke
production levels as the power is generated from flue gas, thereby
resulting in high operating leverage also.

ICRA takes a note of the steady profitability levels in FY2016
which coupled with restructuring of the debt obligations in
Q4FY2015 limited the debt repayments during the year and resulted
in improvement in balance sheet. As against the earlier peak
repayments of INR36 crore, the repayment burden has declined
considerably as a moratorium period till January 2017 has been
provided for the term loans. Also, residual repayment tenor of
term loans has been changed to about 8 years from about 3 years
earlier thereby resulting into an improved DSCR. As a result, the
accruals of INR28.8 crore in FY2016 were largely deployed towards
reduction of creditors, which were earlier stretched by the
company given the weakened liquidity profile. Also, as the
receivables as on March 2016 were lower compared to March 2015 due
to decline in sales in H2FY2016, the total debt as on March 2016
stood lower at INR104 crore vis-Ö-vis INR123 crore in March 2015.
Nonetheless, the other issues related to the group as well as
fluctuations in operating performance due to industry issues
outweigh these positives.


BHAYANA BUILDERS: CRISIL Suspends B- Rating on INR250MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bhayana
Builders Private Limited (BBPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          300      CRISIL A

   Cash Credit             110      CRISIL B-/Stable

   Letter of Credit         50      CRISIL A4

   Proposed Long Term
   Bank Loan Facility      250      CRISIL B-/Stable

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

BBPL was incorporated in 1979, promoted by Mr. Ramesh Bhayana
along with his brother, Mr. Suresh Bhayana. The company provides
turnkey construction services mainly civil works, erection, and
commissioning of projects in the office space, infrastructure,
real estate (commercial, residential), and industrial segments.
Mr. Nitin Bhayana (son of Mr. Suresh Bhayana) and Mr. Vikas
Bhayana (son of Mr. Ramesh Bhayana) currently oversee the day-to-
day operations of the company.


BULLAND BUILDTECH: CARE Assigns B+ Rating to INR18cr LT Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bulland
Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       18       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Bulland Buildtech
Private Limited is primarily constrained by residual project
execution risk coupled with debt funding not tied up, marketing
risk associated with the on-going project and weak financial risk
profile marked by low profitability and leveraged capital
structure. The rating is further constrained by intense market
competition with cyclical and seasonality associated with real
estate industry and exposure to local demand-supply dynamics.

The rating, however, draws comfort from experienced promoters of
BBP.

Going forward, the ability of the company to execute the project
as per schedule, timely sales at envisaged prices along with
timely realization of customer advances would be the key rating
sensitivities.

Delhi-based BBP was incorporated by Mr. Rajneesh Nagar, Mr.
RamKesh Basist and Mr. Krishan Pal Singh. The company is engaged
in real estate development. Currently, BBP is developing 'Bulland
Elevates' residential project with 10.95 lsf of saleable area.

The promoters of BBP have other business interests such as
dealership of Lohia Machinery Limited, dealership of TVS Motor
Company; which is being carried out through associate concerns,
namely, M/s Bulland Automobile and M/s Bulland Motors, and M/s
Flash Express Courier Services engaged in courier business.

During FY15 (refers to the period April 1 to March 31), BBP has
achieved a TOI of INR44.85 crore with PBILDT and PAT of INR2.19
crore and INR0.67 crore, respectively, as against TOI of INR29
crore with PBILDT and PAT of INR1.44 crore and INR0.64 crore,
respectively, for FY14. Furthermore, the company has achieved TOI
of INR38.34 crore for FY16 (Prov.) with PBILDT and PAT of INR2.70
crore and INR0.14 crore, respectively, for FY16 (prov.).


C-TECH ENGINEERS: CRISIL Suspends 'B' Rating on INR15MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of C-Tech
Engineers Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A

   Cash Credit            15         CRISIL B/Stable

   Foreign Bill
   Discounting            10         CRISIL A4

   Packing Credit         15         CRISIL A4

   Proposed Cash
   Credit Limit            5         CRISIL B/Stable

   Proposed Term Loan      1.8       CRISIL B/Stable

   Term Loan               9.2       CRISIL B/Stable

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

C-Tech, promoted as a partnership firm by Mr. Satish Mutha and Mr.
Avinash Chabukswar in 1995, was reconstituted as a private limited
company with its current name in 2001. It mainly manufactures
precision components such as hardened bushes, pins, sub-
assemblies, lock nuts, and earth-moving equipment spares. The
company is based in Pune (Maharashtra).


DS AGRIFOODS: CARE Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of DS
Agrifoods Private Limited.

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

Rating Rationale

The rating assigned to DS Agrifoods Private Limited is primarily
constrained by small scale of operations with low net worth base
and weak financial risk profile marked by low profitability
margins, leveraged capital structure & weak coverage indicators.
The rating is further constrained by susceptibility to fluctuation
in raw material prices and monsoon-dependent operations and
fragmented nature of industry coupled with high level of
government regulation. The ratings, however, draw comfort from
experienced directors, growing scale of operations and moderate
operating cycle.

Going forward; the ability of the company to increase its scale of
operations while improving its profitability margins and overall
gearing position shall be the key rating sensitivity.

DS Agrifoods Private Limited was incorporated in 2013 and was
promoted by Mr. Amit Agarw, Mr. Rakesh Kumar Agarwal and Mr. Anuj
Agarwal. The company has succeeded an erstwhile partnership
firm'D.S. Exports (DSE)' (established in 2000) and the said firm
was converted into private limited company. The company is engaged
in trading and processing (milling) of paddy and rice. The
manufacturing unit is located at Pilibhit, Uttar Pradesh with a
total installed capacity of 16 tonne per day (TPD) as on
March 31, 2016. DSA procures paddy and rice from local grain
markets located in Uttar Pradesh through commission agents. The
company sells its products i.e. basmati and non-basmati rice
mainly in Uttar Pradesh, Delhi and Rajasthan through dealer and
distribution network. The company also exports to Singapore and
Nepal. The company sells basmati rice in the brand name 'Doon
Malai' and 'Hill Queen' and non-basmati rice is mainly sold in the
brand name 'Goodric'.

In FY16 (refers to the period April 1 to March 31; provisional),
DSA has achieved a total operating income (TOI) of INR55.73
crore and PAT of INR0.09 crore as against total operating income
(TOI) of INR53.73 crore and PAT of INR0.05 crore in FY15.
Further in FY17, the company has achieved total sales of INR10.06
crore till May 21, 2016.


ELECTROSTEEL STEELS: CARE Reaffirms D Rating on INR8114.44cr Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Electrosteel Steels Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    8114.44     CARE D Reaffirmed

   Long-term/Short-term Bank
   Facilities                    550.00     CARE D/CARE D
                                            Reaffirmed

   Short-term Bank Facilities    750.00     CARE D Reaffirmed

Rating Rationale

The rating takes into account the ongoing delays in debt servicing
on account of the delay in completion of 2.51 MTPA integrated
steel and ductile iron project amidst deteriorating financial
position of the company and subdued steel industry scenario.

ESL, promoted by Electrosteel group of Kolkata, was incorporated
in December, 2006 to set up an integrated steel plant and Ductile
Iron (DI) pipe plant at Jharkhand. ESL is setting up a 2.51
million tonne per annum (MTPA) integrated steel and ductile iron
pipe project (including Captive Power Plant [CPP] of 120 MW) at
Bokaro, Jharkhand at a total project cost of INR14,000 crore
(revised from INR11,500 crore). The company has incurred around
INR12,700 crore as on March 31, 2016. While a major part of the
facility (i.e.1.51 million tonnes) has commenced production, the
balance is still under construction. There has been delay in
project implementation and cost overrun in the project.

Due to delay in project implementation, the company went into CDR
which was approved on Sep.26, 2013.  Bankers have invoked the SDR
in 2015 but the same is still pending. The cash accruals of the
company has been severely affected on account of the delay in
completion of the project along with higher interest burden
leading to delays in debt servicing (payment of interest &
instalment).

During FY16, the company has reported net loss of INR326.55 crore
on a total income of INR2.612.86 crore.


GOWTHAMI INFRATECH: Ind-Ra Affirms IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gowthami
Infratech Private Limited's Long-Term Issuer Rating at 'IND D'.

KEY RATING DRIVERS

The affirmation reflects GIPL's continued overuse of the working
capital limits in the 12 months ended January 2015. This has been
due to the company's tight liquidity as funds are blocked as
retention money due to time overruns in project execution. In FY14
(year end March), revenue declined to INR134.9 million (FY13:
INR296.8 million) with net loss of INR0.7 million (FY13: INR0.7
million net profit).

RATING SENSITIVITIES

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

COMPANY PROFILE

GIPL, formerly known as KVK Constructions Private Limited, was
incorporated in November 2005. The company name was changed to
GIPL in January 2010. GIPL is a Hyderabad-based company providing
project management and engineering, procurement and construction
services under the Rajiv Gandhi Grameen Vidyutikaran Yojna in
Madhya Pradesh and Orissa.  The company is also undertaking
projects in the areas of extra high voltage transmission. GIPL is
a subsidiary of Namratha Power Private Limited.

GIPL's ratings:

   -- Long-Term Issuer Rating: affirmed at 'IND D'

   -- INR62.0 million fund-based working capital limit: affirmed
      at long term and short term 'IND D'

   -- INR50.0 million term-loan limit: assigned long term 'IND D'

   -- INR455.4 million (reduced from INR515.40 million) non-fund
      based limit: affirmed at short term 'IND D'


GREENROCK CRUSHERS: CRISIL Suspends D Rating on INR110MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Greenrock Crushers and Mines Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          110       CRISIL D

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

Incorporated in 2012, GRCMPL manufactures m-sand and other
aggregate products that are primarily used in the construction
industry. The company is promoted by Mr. KJ Paul, Mr. KJ Thomas,
Mr. PJ Jacob and Mr. Joshy P Mathew.


HARJIT SINGH: CRISIL Lowers Rating on INR90MM Overdraft Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Harjit Singh Dugal to 'CRISIL C' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility       90       CRISIL C (Downgraded
                                     from 'CRISIL B-/Stable')

The rating downgrade reflects CRISIL's belief that HSD's business
and financial risk profiles will remain weak over the medium term
as the firm has no major business operations since the past two
years through fiscal 2016, because of slowdown in the real estate
industry. The firm has undertaken a new project in April 2016 with
expected construction cost of Rs 55 million to be majorly funded
by debt. HSD's financial risk profile is expected to deteriorate
on account of additional debt for the new project with no major
equity infusion and no major accretion to reserves. The interest
on the facility is paid on time through funding support from
proprietor. HSD's liquidity is expected to remain weak, but is
expected to be supported through funding from its proprietor, over
the medium term.

The rating reflects small scale of operations with geographic
concentration and susceptibility to risks and cyclicality inherent
in the Indian real estate industry. The rating also factors in
below-average financial risk profile because of stretched
liquidity. These rating weaknesses are mitigated by the extensive
experience of the proprietor in the real estate industry in Delhi.

HSD was established as a proprietorship firm by Mr. Harjit Singh
Dugal in 2008. The firm undertakes real estate development in
Delhi.


KNIGHT QUEEN: CRISIL Suspends B+ Rating on INR56.2MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Knight
Queen Industries Private Limited (part of the Anupam group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5        CRISIL A4
   Cash Credit            56.2      CRISIL B+/Stable
   Inland/Import
   Letter of Credit        2.1      CRISIL A4
   Term Loan              16.7      CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AHA and its group company Knight Queen
Industries Pvt Ltd (KQIPL). This is because the two entities,
together referred to herein as the Anupam group share a common
management, operations and marketing network.

Set up in 1984, as a partnership firm, AHA manufactures hurricane
lantern, liquid petroleum gas (LPG) stove, kerosene-wick stove,
LPG geyser, pressure cooker, LED lamps. The group has its
manufacturing facility in Himachal Pradesh and sells its lantern
under the brand name 'Everyday'.

Set up in 1985-86, KQIPL manufactures mosquito repellents like
refills, mats, liquid vaporiser machine and coils. KQIPL also
manufactures LPG stove and pressure cookers. KQIPL sells its
repellent under the 'Knight Queen' brand and the remaining
products under the '3H' brand.


LINK ENTERPRISES: CARE Assigns B+ Rating to INR6.33cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Link Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.33      CARE B+ Assigned
   Short-term Bank Facilities     8.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Link Enterprises is
primarily constrained on account of its financial risk profile
marked by declining total operating income (TOI) during last three
years ended FY15 (refers to the period April 1 to
March 31), thin profit margins, leveraged capital structure, weak
debt coverage indicators and moderate liquidity position. The
ratings are also constrained by LIE's presence in a highly
fragmented and competitive trading industry along with
susceptibility of profit margins to fluctuation in prices of
material and its proprietorship nature of constitution.

The ratings, however, derive comfort from the experienced
proprietor coupled with established track record of operations.

The ability of LIE's to increase its scale of operations along
with improvement in profitability, capital structure and debt
coverage indicators will remain the key rating sensitivities.

Gandhidham-based (Gujarat) LIE is a proprietorship firm
established in 1994 by Mr. Harendra Karia. LIE is engaged into the
business of trading of petroleum products, timber logs, salt and
other items such as provisions, footwear, etc. LIE procures
petroleum products from Gulf countries and sales it to vessels
while it procures timbers from Indonesia and sales it to domestic
traders. LIE is also into business of power generation through its
two wind mills located in Rajasthan and supplies power to state
electricity boards of Rajasthan. Link International is an
associate entity of LIE, which is also engaged into trading of
petroleum products since last 13 years.

During FY15 (refers to the period April 1 to March 31), LIE
reported PAT of INR0.17 crore (FY14: INR0.14 crore) on a total
operating income (TOI) of INR25.92 crore (FY14: INR33.04 crore).
Furthermore, during FY16 (Provisional), LIE has reported
net loss of INR0.10 crore on TOI of INR20.88 crore.


LUNAWATMILK AND AGRO: CARE Rates INR5.75cr Longterm Loan 'B+'
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Lunawatmilk and Agro Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term Bank      5.75      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Lunawat Milk and
Agro Private Limited are constrained primarily on account of its
small scale of operations, its financial risk profile marked by
thin profit margins, leveraged capital structure and weak debt
coverage indicators and risk associated with presence in a
cyclical and fragmented trading of agro based products.

The ratings, however, derive comfort from the experience of its
promoters coupled with established presence of group in the
industry.

The ability of LMAPL to increase scale of operations, improve its
profit margins, capital structure and debt coverage indicators are
the key rating sensitivities.

Indore-based (Madhya Pradesh), LMAPL was incorporated during July
2012, as a private limited company by Mr. Sanjay Lunawat, Mr.
Girish Gadgil, Mr. Deepakkumar Jain, Mr. Prakash Sagari. LMAPL is
engaged into the business of trading of various agro-based
products like Chana, Makka, Mungdal, Soyabean, Udaddal, Wheat,
etc. LMAPL started its trading activity from November 2014.


MAA ANJANI: CRISIL Suspends B+ Rating on INR65MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Maa Anjani Ramsiya Rice Mill (P) Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      65        CRISIL B+/Stable
   Term Loan               10        CRISIL B+/Stable

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

MARS was incorporated as a private limited company in 2007 and is
managed by its key promoter Mr. Rajeev Kumar. The company is
engaged in manufacturing non-basmati rice and its manufacturing
facility is located at Shikhokabad, Uttar Pradesh.


MODERN METAALICS: CARE Rates INR4.63cr LT Bank Loan 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Modern
Metaalics Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.63      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Modern Metaalics
Private Limited (MMPL) is primarily constrained on account of its
small scale of operations, thin profitability, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The rating is also constrained by MMPL's presence in a
highly competitive industry with limited value addition and its
susceptibility of profit margins to fluctuation in prices of
material.

The rating, however, derives comfort from the experienced
management coupled with location advantages in terms of
material and labor availability being presence in textile hub,
i.e. Surat.

The ability of MMPL's to increase its scale of operations with
improvement in profitability, capital structure and debt
coverage indicators will remain key rating sensitivities.

Surat-based (Gujarat) MMPL was earlier established as a
proprietorship firm as Modern Craft in 2009 by Mr. Pariean
Kotecha with an objective of carrying out trading activity of
Jari. During June 2011, MMPL was converted from proprietorship to
private limited company and from August 2012 MMPL has changed its
business from trading to manufacturing of jari. MMPL is currently
managed by Mr. Pariean Kotecha andMr Karan Kotecha, both promoters
possess long experience in industry. MMPL is operates with an
installed capacity of 8 lakh kg per annum as on March 31, 2016 for
manufacturing jari. MMPL procures polyester films and yarns from
local manufacturer and sales its product to local manufacturer.

During FY15 (refers to the period April 1 to March 31), MMPL
reported PAT of INR0.09 crore (FY14: INR0.12 crore) on a total
operating income (TOI) of INR19.54 crore (FY14: INR19.05 crore).
Furthermore, during FY16 (Provisional), MMPL has reported PBDT of
INR0.51 crore on TOI of INR21 crore.


MRUNMAHA AGRO: CRISIL Suspends B- Rating on INR32MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mrunmaha
Agro Foods Private Limited (part of the Trimurti group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B-/Stable
   Long Term Loan         32        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     13        CRISIL B-/Stable

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

For arriving at the rating, CRISIL has combined the business and
the financial risk profile of MAFPL and Trimurti Corn Agro Foods
Pvt Ltd. This is because these two companies, together referred as
the Trimurti group, are under a common management, are engaged in
a similar line of business, and have operational and financial
linkages. Furthermore, both these companies have given corporate
guarantees for each other's bank facilities.

The Trimurti group processes agro-commodities such as sweet corn,
baby corn, and green peas, and manufactures frozen, non-frozen,
and ready-to-eat products. TCAFPL and MAFPL have a combined
processing capacity of 38 tonnes per day (tpd) at their
manufacturing units in Pune (Maharashtra). The group has
undertaken a capex programme to increase its processing capacity
by 145 tpd; the enhanced capacity is expected to be commissioned
by April 2015.


NANDI IRRIGATION: ICRA Reaffirms B- Rating on INR6.0cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- to INR6.00
crore cash credit facility and short term rating of [ICRA]A4 to
INR3.00 crore (revised from INR4.00 crore) non-fund based
facilities of Nandi Irrigation Systems Limited. ICRA has also
reaffirmed the long-term/short-term rating of [ICRA]B-/[ICRA]A4 to
INR3.00 crore (revised from INR2.00 crore) unallocated limits of
NISL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit              6.00      [ICRA]B-; Re-affirmed
   LC (Non-fund based)      2.00      [ICRA]A4; Re-affirmed
   BG (Non-fund based)      1.00      [ICRA]A4; Re-affirmed
   Unallocated Limits       3.00      [ICRA]B-/[ICRA]A4;
                                      Re-affirmed

The re-affirmation of ratings takes into account the small scale
of NISL's operations, highly competitive and fragmented nature of
the industry which limits the pricing power of the company, and
the high geographic concentration of the company with presence
only in states of Andhra Pradesh and Telangana. The ratings also
take into account the vulnerability in profitability due to
volatility in raw material prices. The ratings are further
constrained by weak financial profile characterized by thin
margins, high gearing of 2.39x times as on March 31, 2016 and
stretched coverage indicators as reflected in TD/OPBIDTA of 8.34x
times and OPBIDTA/Interest of 1.14x times as on March 31, 2016,
and high working capital intensity of operations. The ratings also
takes into account the significant delays in receivables from the
government exerting pressure on the liquidity of the company which
can be witnessed by the high utilization of the sanctioned working
capital limits.

The ratings, however, favorably factor in the vast experience of
the promoters in the micro irrigation sector and favorable
prospects for drip and sprinkler irrigation systems due to
emphasis from government for micro irrigation.

The ability of the company to improve its scale of operations,
profitability, and capital structure with effective working
capital management would remain the key rating sensitivities.

Setup in July 2007, M/s Nandi Irrigation Systems Limited (NISL) is
promoted by Mr. Sajjala Sreedhar Reddy and is engaged in the
manufacturing of Polyvinyl-Chloride (PVC) pipes, lateral pipes and
sprinklers used in Irrigation. The company has its plant located
in Nandyal, Kurnool district of Andhra Pradesh. The company has an
installed capacity of 6000 MTPA for manufacturing of pipes ranging
between 40 mm & 60mm. NISL is a part of the Nandi group of
Industries based out of Andhra Pradesh which is engaged in the
manufacturing of PVC pipes, HDPE pipes, Water Storage containers,
flexible hoses, agricultural pipes, casing pipes, Electrical,
Plumbing and submersible pipes etc.

Recent Results

In FY2015, Nandi Irrigation Systems Limited reported an operating
income of INR32.53 crore and a net profit of INR0.11 crore. As per
FY2016 provisional numbers, NISL reported an operating income of
INR33.15 crores and a net profit of INR0.12 crore.


P.C.S. TRADES: ICRA Assigns B- Rating to INR6.0cr LT Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR6.00
crore fund based facility of P.C.S. Trades.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Long-term-Fund
   based facility           6.00        [ICRA]B- Assigned

The assigned rating factors in the weak financial profile
characterized by small scale of operations, thin profit margin,
stretched capital structure and weak coverage indicators. The
rating also reflects the vulnerability of the firm's margin to
commodity price fluctuations and volatility in foreign exchange
rates. ICRA notes that the firm's business is susceptible to
regulatory risks, which remains exposed to any change in
government's policy regarding participation in import, restriction
on stock holding limits of the commodity and high competitive
intensity due to the presence of numerous players thereby
restricting the firm's pricing flexibility. Nonetheless, the
rating favorably considers the long standing experience of the
management in business and stable outlook for Indian agro products
in the domestic market.

P.C.S. Trades is a sole proprietorship firm, established by Mr.
PCS Govindarajaperumal in the year 2001. The firm is located in
Virudhunagar, a very busy agricultural marketing center in the
state of the Tamil Nadu. P.C.S. Trades is involved in the trading
of agricultural commodities like dun peas, green peas, orid dhal,
chick peas, green moong etc. Majority of the supplies of the firm
are imported from Canada, Australia, Russia, Ukraine and Burma and
are sold marjorly in Tamil Nadu, Kerala, Karnataka and Andhra
Pradesh. Mr. Sundararajan, father of Mr. Govindarajaperumal, runs
a firm that is solely involved in the trading of coriander.

Recent Results
The firm reported an operating income of INR40.6 crore with a net
profit of INR0.1 crore in FY2014-15, against an operating income
of INR23.7 crore with a net profit of INR0.1 crore in FY 2013-14.


PLASCARE INDUSTRIES: CRISIL Suspends 'D' Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Plascare Industries Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         13.5      CRISIL D
   Cash Credit           110.0      CRISIL D
   Letter of Credit       40.0      CRISIL D
   Long Term Loan        200.0      CRISIL D
   Proposed Long Term
   Bank Loan Facility     36.5      CRISIL D

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

Plascare was set up in 2004 by Mr. S Khosla and Mr. R Vasan. The
company manufactures polycarbonate bottles, polypropylene
closures, and polyethylene terephthalate preforms and closures.


RAJENDRA RICE: CARE Assigns 'B+' Rating to INR6.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Rajendra Rice & General Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.50      CARE B+ Assigned
   Long term/Short term Bank      0.50      CARE B+/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rajendra Rice &
General Mills are primarily constrained by its small scale of
operations, weak financial risk profile marked by low
profitability margins, leveraged capital structure, weak coverage
indicators and working capital intensive nature of operations and
constitution of the entity being a partnership firm. The rating is
further constrained by its presence in the fragmented and
competitive industry, dependence on the vagaries of nature and
high level of government regulation.

The rating, however, draws comfort from experienced promoters in
processing of rice, favorable manufacturing location and growing
scale of operations.

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

Tohana-based, (Haryana) Rajendra Rice & General Mills (RRGM) was
established in 1986 as partnership firm by Mr. Avtar Singh and his
sons Mr. Tarsem Singh and Ms. Surinder Kaur sharing profit and
losses equally. RRGM is engaged in milling and processing of
basmati and Non-Basmati rice and the firm has an installed
capacity of 4 ton per day as on June 30, 2016. The firm is also
engaged in trading of basmati rice. The firm procures the raw
material (unprocessed rice/de-husked paddy) mainly from grain
markets in Haryana, Punjab through commission agents and sells its
product to export houses located in Punjab, Haryana, Delhi
andMumbai. From July 2015 onwards, RRGM has also started exporting
basmati rice.

During FY15 (refers to the period April 1 to March 31), RRGM has
achieved a total operating income (TOI) of INR25.42 crore and PAT
of and INR0.08 crore respectively. In FY16 (based on unaudited
results) RSAP has achieved a total operating income of INR30
crore.


RAMPRASTHA ESTATES: ICRA Suspends 'B' Rating on INR19cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR19.0
crore non fund based limits of Ramprastha Estates Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Non Fund based limits      19         [ICRA]B; suspended

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


REAL GROWTH: ICRA Reaffirms B+ Rating on INR21cr Fund Based Loan
----------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR21-crore fund
based limits and has assigned [ICRA]B+ rating for INR4 crore non
fund based limits of Real Growth Commercial Enterprises Limited.

                              Amount
   Facilities              (INR crore)    Ratings
   ----------              -----------    -------
   Fund-based facilities         21       [ICRA]B+; reaffirmed

   Non fund based facilities      4       [ICRA]B+; assigned

ICRA's rating action factors in healthy growth in operating income
in FY 16; although it was accompanied with decline in operating
margins and increase gearing levels. ICRA's rating continues to
factor in RGCEL's presence in a highly competitive industry
characterized by the presence of a large number of organized and
unorganized players, which has resulted weak profitability. The
rating also takes into account the company's elongated level of
receivables, which has resulted in a tight liquidity position, as
reflected in continuous high bank limit utilization. The high
receivables have been funded through a corresponding high level of
creditors as well. This has resulted in an elevated TOL/TNW3 ratio
of 8.34x as on March 31, 2016.

However, the rating draws comfort from the promoters' extensive
experience in the business and the company's minimal exposure to
the raw material price risk, due to low inventory levels
maintained by the company and order-backed procurement followed by
the company.

Going forward, the ability of the company to improve its scale of
operations, manage its working capital cycle optimally, improve
its capital structure and register a sustained improvement in
profitability will be the key rating sensitivities.

RGCEL was incorporated in 1995 under the name KRS Financials Pvt
Ltd. In 2001, it was taken over by the RG Group and its name was
changed to Rajesh Projects & Finance Limited, which was
subsequently changed to its current name in January, 2011. The
company was involved in the development of commercial offices-cum-
shopping complexes till 2007. It commenced trading in stainless
steel sheets of various dimensions in January 2010 in Bhiwadi
(Rajasthan). The company's stock is listed on the stock exchanges
of Bombay, Delhi, Jaipur and Ahmedabad.

Recent Results

During FY2016, the company reported a profit after tax (PAT) of
INR0.89 crore on an operating income (OI) of INR245.42 crore, as
against a PAT of INR0.73 crore on an OI of INR153.97 crore in
FY2015.


REFRIGERATED DISTRIBUTORS: CRISIL Cuts INR10MM Loan Rating to B-
----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Refrigerated Distributors Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B+/Stable,' while reassigning 'CRISIL A4' to its
short term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        10        CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Packing Credit          40        CRISIL A4 (Reassigned)

The downgrade reflects moderation in RDPL's business profile,
marked by operating losses, and decline in turnover. Decline in
fish catch and increasing competition from other marine product
exporting countries resulted in net sales reducing by 33% to
around Rs 237 million in fiscal 2016, and in operating losses.
With competition likely to remain intense, CRISIL will closely
monitor recovery in turnover and profitability. Operating losses
have resulted in erosion in networth and weaker interest coverage,
financial profile, and liquidity. The promoters have extended
long-term funds in the form of unsecured loans. The support of the
promoters, and quantum of cash inflows from sale of power from
wind mills will be critical in debt servicing, and will,
therefore, constitute key rating sensitivity factors.

The rating also reflects susceptibility to volatile raw material
prices and foreign exchange rates, and weak financial risk
profile. These rating weaknesses are partially offset by the
extensive experience and funding support of the promoters.

Outlook: Stable

CRISIL believes RDPL will continue to benefit from the extensive
experience of its promoters in the seafood industry and their
funding support. The outlook may be revised to 'Positive' if
financial risk profile improves considerably, backed by equity
infusion or accretion to reserve. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in liquidity due to
lower cash accrual, or absence of funding support from the
promoters.

Incorporated in 1996, RDPL processing and export of surimi and
fishes. The company is currently managed by Mr. Nisar Naik and Mr.
Asif Naik. The company has its processing facilities at Navi
Mumbai (Maharashtra).


RELIANCE CELLULOSE: CRISIL Suspends 'D' Rating on INR185MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Reliance Cellulose Products Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL D
   Cash Credit            180       CRISIL D
   Letter of Credit        30       CRISIL D
   Term Loan              185       CRISIL D

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

RCPL, set up in 1978 by Mr. Shyam Sunder Jhunjhunwala,
manufactures cellulose and its derivatives. Currently, RCPL is
managed by Mr. S S Jhunjhunwala, who is the chairman and managing
director, and his son, Mr. AK Jhunjhunwala, who is the executive
director.


RELYON PACKS: CRISIL Suspends B- Rating on INR40MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Relyon
Packs.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             40        CRISIL B-/Stable
   Term Loan               19.8      CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by RP
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RP is yet to
provide adequate information to enable CRISIL to assess RP'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'

Established in 2011 as a proprietorship in Cuttack (Odisha), RP
manufactures flexible laminates and low-density films that
primarily find application in flexible packaging. The firm's day-
to-day operations are managed by Mr. Pritish Sahoo.


RENATA PRECISION: Ind-Ra Assigns IND BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Renata Precision
Components Private Limited a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RPCPL's increasing but still moderate scale of
operations as well as its moderate liquidity position. The
company's revenue grew at a CAGR of around 24.8% over FY12-FY16
and was INR511.9 million in FY16 (FY15: INR425.7 million)
according to provisional statements. The company's liquidity
remained moderate with the average utilization of its working
capital facilities being around 91% during the 12 months ended
July 2016 on account of the working capital intensive nature of
its operations. Its gross working capital cycle remained in the
range of 192-125 days during FY12-FY16.

The ratings, however, factor in RPCPL's comfortable credit metrics
and healthy EBITDA margins with net financial leverage (Ind-Ra
adjusted net debt/operating EBITDAR) of 2.1x at FYE16 (FY15: 2.1x)
and EBITDA interest coverage of 3.7x (3.5.x). The margins remained
above 18% during FY14-FY16. The ratings are supported by RPCPL's
operational track record of around 10 years and around two decades
of experience of its promoter in manufacturing of precision
components leading to established relationships with customers.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue while
maintaining the credit metrics at current levels could lead to a
positive rating action.

Negative: Any debt-led capex or margin pressure, leading to
deterioration in the credit metrics and/or liquidity, could lead
to a negative rating action.

COMPANY PROFILE

Started as a proprietorship concern in 1992 and later converted
into a private limited company in 2006, RPCPL is located in Pune,
Maharashtra. It is into technical moulding of precision plastic
parts, multi component (2K) moulding, metal stamping, metal-
plastic insert moulding, assembly of plastic + metal + rubber
components, tool design and manufacturing and product design and
development. The company carries its activities at its two plants
located in Pune.

RPCPL's ratings:

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

   -- INR87.5 million fund-based working capital limits: assigned
      'IND BB+'/Stable/'IND A4+'

   -- INR18 million non-fund-based working capital limits:
      assigned 'IND A4+'

   -- INR151.9 million term loan limit: assigned 'IND BB+'/Stable

   -- Proposed INR25 million term loan limit: assigned
      'Provisional IND BB+'/Stable


RIME RICH: CRISIL Reaffirms 'D' Rating on INR95MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Rime Rich Foods Private
Limited continue to reflect delays in servicing debt due to weak
liquidity, which is in turn because of working capital-intensive
operations. Liquidity will remain constrained over the medium term
due to low cash accrual and large working capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan          95       CRISIL D (Reaffirmed)
   Overdraft Facility      45       CRISIL D (Reaffirmed)

RRFPL also has a modest scale of operations, below-average
financial risk profile because of high gearing and small networth,
and geographical concentration in revenue profile. However, the
company benefits from the extensive experience of its promoters in
manufacturing ice creams.

Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr.
Starson Kandamkulathy and Mr. Fineson K J, RRFPL manufactures ice
creams under the Pappai brand.


ROCHEM GREEN: CRISIL Lowers Rating on INR250.4MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Rochem Green Energy Private Limited to 'CRISIL D' from
'CRISIL C'.

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

   Proposed Long Term     166.1      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL C')

   Term Loan              250.4      CRISIL D (Downgraded from
                                     'CRISIL C')

The downgrade reflects delays in debt servicing, because of weak
liquidity, arising from ongoing operational losses and highly
leveraged capital structure.

RGEPL was incorporated in 2010. Mr. Prayas Goel and Mr. Prerak
Goel own 51% and 49% stakes, respectively. Currently, RGEPL is
operating a municipal solid waste plant in Pune in collaboration
with the Pune Municipal Corporation. RGEPL is also undertaking EPC
(engineering, procurement and construction) of the solid waste
management project.


SAHIB PESTICIDES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Sahib Pesticides.

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

The rating reflects the firm's modest scale of operations, large
working capital requirement, and average financial risk profile
marked by high gearing. These weaknesses are partially offset by
extensive experience of its proprietor.

Outlook: Stable

CRISIL believes SP will continue to benefit over the medium term
from its diverse product portfolio. The outlook may be revised to
'Positive' in case of significant revenue and profitability
leading to improvement in its financial risk profile. The outlook
may be revised to 'Negative' if sharp decline in profitability or
revenue or lower-than-expected cash accrual due to stretch in
working capital cycle further weakens financial risk profile.

Established in 2006 as a proprietorship firm by Mr. Subhash
Khurana, SP manufactures insecticides and fungicides at its
facility in Karnal, Haryana, which commenced operations in 2009.


SAIKRUPA COTGIN: ICRA Hikes Rating on INR15cr LT Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on the INR15.00
crore cash credit facilities and the INR4.21 crore term loan
facilities of the Saikrupa Cotgin Private Limited to [ICRA]B+ from
[ICRA]D.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Long-term, fund-based      15.00       [ICRA]B+/upgraded from
   Facilities-Cash Credit                 [ICRA]D

   Long-term, fund-based       4.21       [ICRA]B+/upgraded from
   Facilities-Term Loan                   [ICRA]D

The rating upgrade takes into account the regularisation of debt
servicing by the company over the last three months on account of
modest repayment obligations and effective working capital
management. ICRA also notes the longstanding experience of the
promoters in the cotton ginning and oilseed industry and the
location advantage enjoyed by the firm by virtue of its location
in the cotton producing belt of Yavatmal district.
The rating, however, continues to remain constrained by SKCPL's
modest scale of operations and low profitability owing to the
limited value addition and highly competitive and fragmented
industry structure. ICRA also notes the company's low return
indicators and modest coverage indicators given low profitability
levels. The rating is also constrained by the vulnerability of the
firm's profitability to raw material prices which are subject to
seasonality, and crop harvest; and the regulatory risks with
regard to MSP fixed by GoI and restrictions on cotton exports.

Incorporated in 2009, Saikrupa Cotgin Private Limited is a 100%
promoter owned company engaged in ginning and pressing of raw
cotton. The company also undertakes crushing of cotton seed to
extract cotton seed oil and cotton seed cake. The company's
manufacturing facility is located in Wani town, Yavatmal district
in Maharashtra. SKCPL was set up by taking over the assets and
liabilities of Saikrupa Ginning Factory (Proprietor Sunil Katkade)
and Saikrupa Ginning and Pressing Industries (Proprietor
Mahadeorao Katkade) in FY2012. Saikrupa Ginning Factory (SGF),
which commenced operations in 2004-05, was engaged in ginning of
raw cotton. Saikrupa Ginning and Pressing Industries, which
commenced operations in 2006, was engaged in pressing of ginned
cotton produced by SGF along with manufacturing of cotton seed oil
and oil cake.


SARASWATI TRADING: Ind-Ra Suspends 'IND B' LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saraswati Trading
Company's 'IND B' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. This rating will now appear as
'IND B(suspended)', on the agency's website. The agency has also
migrated the ratings on STC's INR110.00 million fund-based limits
to 'IND B(suspended)'/'IND A4(suspended)' from 'IND B'/Stable/'IND
A4'.

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 STC.

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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


SARAYA INDUSTRIES: CRISIL Suspends 'D' Rating on INR373.1MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Saraya Industries Limited (SIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit           236.9       CRISIL D

   Term Loan             373.1       CRISIL D

   Working Capital
   Term Loan              40.0       CRISIL D

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

SIL, incorporated in 1980, is managed by the promoters of the
Majithia family. Its directors include Mr. Gurmehar Singh
Majithia, Mr. Bikram Singh Majithia, and Mr. Pradeep Ahuja. The
company operates a distillery unit in Gorakpur (Uttar Pradesh) and
manufactures country liquor and Indian-made foreign liquor. It
also owns a sugar mill which is currently non-operational.


SAVANI TRANSPORTS: Ind-Ra Suspends IND D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Savani Transports
Private Limited's 'IND D' Long-Term Issuer Rating to the suspended
category. This 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 STPL.

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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

STPL's ratings:

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

   -- INR175 million fund-based working capital limits: migrated
      to Long-term 'IND D(suspended)' from 'IND D'

   -- INR11.5 million non-fund-based working capital limits:
      migrated to Short-term 'IND D(suspended)' from 'IND D'

   -- INR12.57 million term loan: migrated to Long-Term
      'IND D(suspended)' from 'IND D'


SHREE KAUSHALYA: ICRA Reaffirms 'B' Rating on INR9.0cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B to the
proposed INR9.00 crore, fund based bank facilities of the Shree
Kaushalya Fibers.

                           Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Long Term Fund-based
   bank facilities            9.00       [ICRA]B, reaffirmed

The rating reaffirmation takes into account SKF's limited track
record of operations and the highly competitive and seasonal
nature of the cotton ginning industry. ICRA also takes note of the
pressure on the company's profitability on account of the low
value additive nature of the work, seasonality of the cotton
ginning industry and volatility in raw material prices. The
rating, however, favorably factors in the extensive experience of
the promoters in the cotton ginning industry, and existing
relationships with customers, which will help the firm in the
initial phase of operations. Further, ICRA also notes the
proximity of the manufacturing units to the cotton producing belt
of Maharashtra and Madhya Pradesh, resulting in easy access to raw
material and reduction in transportation costs and agent
commission.

In ICRA's view, the ability of the firm to ramp up its operations
and generate healthy profitability shall be the key rating
sensitivities.

SKF is a partnership firm promoted by the Tayal family of Sendhwa,
Madhya Pradesh and is engaged in cotton ginning and pressing. The
promoters have extensive experience in the cotton ginning business
through other group companies like Mahesh Ginning Private Limited
and Girijashankar Cotton Private Limited. The firm's unit, which
is equipped with 20 ginning machines, has an installed capacity of
100 cotton bales per day.

Recent Results
The company ,on a provisional basis, reported a net profit of
INR0.03 crore on an operating income of INR9.65 crore in FY 2015-
16, as against a net profit of INR0.16 crore on an operating
income of INR5.98 crore in 4M FY2014-15.


SHREE UMIYAJI: CRISIL Suspends B+ Rating on INR31.9MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Umiyaji Cold Storage.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            31.9       CRISIL B+/Stable
   Term Loan              28.1       CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by SUCS
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SUCS is yet to
provide adequate information to enable CRISIL to assess SUCS'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'

SUCS is a cold storage chain providing cold storage facilities for
potatoes. It became operational in 2013 and is managed by Kachhawa
and Patel families of Deesa (Gujarat). Mr. Vikram Kachhawa manages
the firm's day-to-day operations.


SHRIRAM EPC: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shriram EPC Ltd's
'IND BB' Long-Term Issuer Rating to the suspended category. The
Outlook was Stable. The rating will now appear as
'IND BB(suspended)' on the agency's website.

The ratings have been suspended due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of SEPC.

The ratings will remain suspended 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.

SEPC's ratings:

   -- Long-Term Issuer Rating: migrated to 'IND BB(suspended)'
      from 'IND BB'/Stable

   -- INR4,240 million fund-based working capital limits:
      migrated to 'IND BB(suspended)'/'IND A4+(suspended)' from
      'IND BB'/'IND A4+'

   -- INR6,706 million non-fund-based limits: migrated to 'IND
      BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND A4+'

   -- INR18,231.7 million term loans: migrated to
      'IND BB(suspended)' from 'IND BB'


SHRI SHYAMJI: ICRA Lowers Rating on INR15.25cr Loan to 'D'
----------------------------------------------------------
ICRA has revised its long-term rating on the INR21.25 crore bank
facilities of Shri Shyamji Agrico Exports Private Limited to
[ICRA]D from [ICRA]BB- with a 'Stable' outlook.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits       15.25       [ICRA]D; Downgraded from
                                       [ICRA]BB- (Stable)

   Term Loan                5.72       [ICRA]D; Downgraded from
                                       [ICRA]BB- (Stable)

   Unallocated              0.28       [ICRA]D; Downgraded from
                                       [ICRA]BB- (Stable)

ICRA's rating action is driven by the delays in debt servicing by
SAEPL, due to the stretched liquidity position of the company.
ICRA takes note of the highly competitive and fragmented nature of
the rice industry which coupled with SAEPL's limited pricing power
and moderate scale of operations has resulted in relatively weak
profitability indicators. ICRA also takes cognizance of the
company's exposure to agro climatic risks, which can affect the
pricing and availability of paddy.

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

SAEPL is a closely held company and was incorporated in 2014 after
taking over D.S International (partnership firm); subsequent to
the take-over, all the assets and liabilities of D.S.
International have been transferred to SAEPL. The partners of D.S.
International have become the promoters of the company. The
company is engaged in milling and processing of basmati rice at
its plant located at Karnal, Haryana which has a milling capacity
of 13 tonnes per hour.


SJLT TEXTILES: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SJLT Textiles
Private Limited's 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. This rating will now
appear as 'IND BB+(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 SJLT.

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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.

SJLT's ratings:

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

   -- INR325 million fund-based working capital limits: migrated
      to Long-term 'IND BB+(suspended)' from 'IND BB+' and Short-
      term 'IND A4+(suspended)' from 'IND A4+'

   -- INR50 million non-fund-based working capital limits:
      migrated to Short-term 'IND A4+(suspended)' from 'IND A4+'

   -- INR225 million term loans: migrated to Long-Term 'IND
      BB+(suspended)' from 'IND BB+'


SONAMOTI AGROTECH: Ind-Ra Assigns IND B+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sonamoti Agrotech
Private Limited a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect SAPL's weak credit metrics in FY16 with net
leverage (total adjusted net debt/operating EBITDA) of 5.2x (FY15:
6.2x) and gross interest coverage (operating EBITDA/gross interest
expense) of 1.7x (1.3x). FY16 numbers are provisional in nature.

The ratings are primarily constrained by SAPL's short track record
coupled with small scale of operations in the highly fragmented
and competitive agricultural industry. The company's FY16 numbers
indicate revenue of INR445 million (FY15: INR357 million) and
operating margins of 9.0% (8.9%).

The ratings are further constrained by SAPL's weak liquidity
profile as reflected by its maximum working capital limit
utilization of 99% on an average during the 12 months ended June
2016. The ratings factor in the limited experience of the
company's promoters in the rice milling business and working
capital-intensive nature of the business due to seasonal
availability of paddy.

The ratings, however, are supported by SAPL's proximity to major
paddy-growing areas enabling easy availability of paddy and
providing logistics advantage and local customer base.

RATING SENSITIVITIES

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

Negative: A dip in the operating profitability, leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

SAPL was incorporated in 2010 by the Kasera family of Patna
(Bihar) for setting up a paddy processing unit at Karmali Chak in
Patna. The company commenced the commercial production at its unit
in November 2013 with the rice processing capacity of 58,400MTPA.

The company is managed by three directors: Mr. Anup Kasera, Mr.
Gopal Kasera and Mrs. Sangeeta Kasera.

SAPL's Ratings:

   -- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable

   -- INR77.5 million Long-Term loan: assigned 'IND B+'/Stable

   -- INR75.5 million fund-based working capital limit: assigned
      'IND B+'/Stable


SPIC FASHIONS: ICRA Suspends 'D' Rating on INR12.8cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR12.80 Crore Fund based facility of Spic Fashions Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance, in the absence of the requisite information
from the company.


SPIRIT INFRATECH: Ind-Ra Suspends 'IND D' LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Spirit Infratech
Private Limited's '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 agency has also migrated SIPL's INR125
million term loans to 'IND D(suspended)' from 'IND D'.

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 SIPL.

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 the six-
month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


SRG ALUMINIUM: CARE Assigns 'B' Rating to INR1.58cr LT Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of SRG Aluminium Private Limited.

                                Amount
   Facilities                (INR crore)   Ratings
   ----------                -----------   -------
   Long-term Bank Facilities     1.58      CARE B Assigned
   Long Term /Short-term
   Bank Facilities               4.00      CARE B/CARE A4
                                           Assigned

Rating Rationale

The ratings assigned to the bank facilities of SRG Aluminium
Private Limited are primarily constrained on account of its modest
scale of operations in a highly competitive and fragmented
aluminum alloys ingots Industry, weak solvency position and
working capital intensive nature of operations. The ratings are
also constrained on account of vulnerability of margins to
fluctuations in the raw material prices and foreign exchange rate.

The ratings, however, favorably take into account experienced
management and moderate profitability margins. The ability of the
company to increase its scale of operations while maintaining of
profitability margin and improvement in its solvency position with
better management of working capital are key the rating
sensitivities of the company.

Gwalior (Madhya Pradesh) based SAPL was incorporated in November
2010 by Mr. Lalit Gupta along with his son, Mr. Uday Gupta and
other family members. SAPL is engaged in the business of
manufacturing of aluminum alloys based ingots which are used
mainly in construction industry, electrical industry, light weight
applications, automobiles and other applications. The plant of the
company is located at Gwalior with an installed capacity of 7000
Metric Tonnes Per Annum (MTPA) for manufacturing of aluminum
alloys based ingots. The main raw material of the company is
aluminum scrape which it procured from domestic market as well as
import mainly from South Africa, Cyprus and USA etc.

During FY16 (Audited; refers to the period April 1 to March 31),
SAPL has reported a total operating income (TOI) of INR12.12 crore
as against INR 12.70 crore during FY15 (A) and PAT of INR0.14
crore during FY16 as against INR0.05 crore during FY15.


SRI SARVARAYA: ICRA Hikes Rating on INR132cr Cash Loan to B+
------------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR132 crore
cash credit limits and INR58.00 crore term loans of Sri Sarvaraya
Sugars Limited from [ICRA]B to [ICRA]B+. ICRA has also upgraded
the rating assigned to the INR5.00 crore Fixed Deposit Programme
of SSSL from MB to MB+.

                            Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Cash Credit               132.00       [ICRA]B+ upgraded
   Term Loan                  58.00       [ICRA]B+ upgraded
   Fixed Deposit Programme     5.00        MB+ upgraded

The revision in ratings takes into consideration the relatively
low implementation risk associated with the capacity expansion
plan of INR175 crore being undertaken by the company in its
bottling unit, given that ~84% of total cost has already been
incurred till date; and the healthy performance demonstrated by
the company in FY2016 aided by healthy volume sales in the
bottling unit. Further, the ratings continue to positively factor
in the diversified operational profile of the company with
presence of bottling unit along with the sugar division which in
turn is fully forward integrated and provides a cushion to the
overall profitability of the company during sugar downturn; and
the stable business model of the company in the beverages division
due to exclusive franchise agreement with Coca-Cola India Private
Ltd., for three districts of Andhra Pradesh/Telangana. Further,
the ratings also consider the extensive experience of the
promoters in the sugar industry which entails established
relationships with farmers (for sugar cane procurement) and
customers for the other product segments. The ratings, however,
continue to remain constrained by the exposure of the sugar unit
to agro-climatic risks which impact sugarcane availability and
recovery; and the regulated nature and high working capital
intensity associated with the sugar industry which have resulted
in relatively high utilization in working capital limits for the
company. The ratings also remain constrained by the seasonality
associated with the beverages industry and the capital intensive
nature of the bottling business which demands continuous
investment in capital expansion. Further, the ratings also
continue to remain constrained by the exposure of beverages
industry to regulatory risks from changes in government policies.

Going forward, the ability of the company to service its debt
obligations on a timely basis by ensuring fungibility of monetary
resources between the bottling and sugar units, manage its working
capital requirements effectively and ensure timely completion of
the planned expansion in the bottling division remain the key
rating sensitivities from credit perspective.

Sri Sarvaraya Sugars Limited was incorporated in the year 1956 by
Mr. SBPBK Satyanarayana Rao. The company operates an integrated
sugar plant with a crushing unit of 4000 TCD capacity located in
Chelluru district in Andhra Pradesh. The company also operates a
bottling division with units at three locations namely Vemagiri,
Kesavaram and Sathupally in Andhra Pradesh/Telangana and is a
franchisee bottler for Coca Cola India Private Limited.

Recent Results
As per the unaudited & provisional results for FY2016, the company
reported profit after tax of INR26.92 crore on operating income of
INR487.12 crore as against profit after tax of INR18.93 crore on
operating income of INR672.74 crore during FY 2015(18M).


SRI VENKATESWARA: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
---------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR12.00 crore fund based limits of Sri Venkateswara Aqua
Culture.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit Limit       12.00       [ICRA]B+ reaffirmed

The reaffirmation of rating continues to be constrained by the
firm's low profitability levels owing to the trading nature of the
aqua feed industry with operating margins at 1.73% and net margins
at 0.50% for FY 2016; low coverage ratios with interest coverage
at 1.45 times and NCA/Debt at 3% for FY 2016 and risks arising
from partnership nature of the business. The rating is also
constrained by the modest scale of operations of the firm coupled
with intense competition from unorganized players owing to low
entry barriers and high working capital intensive nature of the
business owing to high debtor days as majority of the sales are
made to farmers who pay after the harvesting of shrimps, which
takes around 120 days. Moreover, the demand for shrimp feed is
exposed to inherent risks in the seafood industry, including
susceptibility to diseases, government policies, and climate
change risks.

The rating, however, favorably factors in the significant
experience of the promoters in the aqua feed industry, along with
logistic advantages of the firm's facilities being located in
proximity to the major aquaculture belt of Andhra Pradesh. The
rating also favorably factors in the longstanding relationship
with the suppliers ensuring continuous supply of feed for trading
and low customer concentration risks with firm supplying the feed
to large number of farmers located in the aquaculture belt.
Going forward, the firm's ability to improve its revenues and
operating margins, while managing its working capital
requirements, will be the key credit rating sensitivities.

Founded in 2000 as a partnership firm, Sri Venkateswara Aqua
Culture (SVAC) is engaged in trading shrimp feed from CP Aqua
Culture Private Limited in Andhra Pradesh; and in the shrimp
culture of Vannamei and Black Tiger species. The registered office
is located at Penuguduru village of East Godavari district in
Andhra Pradesh. The firm's operations are overseen by the managing
partner, Mr. S. Krishna Reddy, who has been involved in the aqua
feed industry for more than fifteen years. The firm operates
several branches within the East Godavari district of Andhra
Pradesh.

Recent Results
For FY 2016 (unaudited and provisional results), the firm reported
a profit after tax (PAT) of INR0.22 crore on an operating income
(OI) of INR44.25 crore, as against a PAT of INR0.21 crore on an OI
of INR44.30 crore in FY 2015 (audited).


SUBHAM SOLAR: Weak Financial Strength Cues ICRA SP 3D Grading
-------------------------------------------------------------
ICRA has assigned SP 3D grading1 to Subham Solar Solutions Private
Limited indicating the 'Moderate Performance Capability' and 'Weak
Financial Strength' of the channel partner to undertake solar
projects. The grading is valid for a period of two years from the
date of assignment of grading i.e. till July 28, 2018 after which
it will be kept under surveillance.

Grading Drivers

Strengths

  * Positive customer feedback on the quality of products
    supplied and after sales services being provided by the
    company

  * Low level of external debt and comfortable working capital
    indicators leading to a conservative gearing and comfortable
    coverage indictors

Risk Factors

  * Limited experience of the promoter in the field of solar
    Projects

  * Small scale of operations resulting in low turnover, nominal
    profits and cash flows from the business

  * Lack of geographical diversification, as the company at
    present operates primarily in West Bengal and Uttar Pradesh

Fact Sheet
Year of Establishment
2013
Office Address
83, Bidhan Road
Paul Building Complex, 1st Floor
Siliguri, West Bengal

Directors
Mr. Nawal Kishore Mishra
Mr. Hari Prasad Adhikari
Mr. Rajen Sharma


SUDARSHAN TV: ICRA Lowers Rating on INR16.40cr Term Loan to D
-------------------------------------------------------------
ICRA has revised its long term rating on the INR16.40 crore long
term bank facilities of Sudarshan TV Channel Limited to [ICRA] D
from [ICRA] BB-(Stable). ICRA has also revised its rating on the
INR3.50 crore short term bank facilities to [ICRA] D from [ICRA]
A4. ICRA has also revised its rating on the INR1.98 crore
unallocated bank facilities of STCL to [ICRA] D from [ICRA]BB-
(Stable)/ [ICRA] A4.The rating suspension carried out in April
2016 has been revoked.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans              16.40      [ICRA] D; Revised;
                                      suspension revoked

   OD                       3.50      [ICRA] D; Revised;
                                      suspension revoked

   Unallocated              1.98      [ICRA] D; Revised;
                                      suspension revoked

The rating revision is driven by delays in debt servicing on
account of pressure on cashflows. While the company was
undertaking debt funded capital expenditure and had to meet its
repayment obligations, it also witnessed a significant decline in
operating scale on account of weak advertisement sales in FY2016
resulting in pressure on liquidity. ICRA however, takes note the
long standing experience of the promoters in the media industry
and the pickup in ad revenue seen in Q1 FY2017 which is likely to
improve the liquidity of the company in the near term.
Going forward the ability of the company to demonstrate a track
record of timely debt servicing will be the key rating
sensitivity.

STCL is a public limited company, incorporated in 2007 by Mr.
Suresh K. Chavhanke and his wife Mrs. Maya Chavhanke. Presently,
the company operates two news channels, 'Surdashan News' and 'A to
Z News'; along with 'Sai TV', the a TV channel in India that is
dedicated to Sai Baba and his teachings and beliefs.

Recent Results
STCL reported a net profit of INR0.4 crore on an Operating Income
(OI) of INR14.4 crore in FY2016 (as per provisional results) as
compared to a net loss of INR0.7 crore on an OI of INR22.8 crore
in the previous year. Further, as per the management, the company
has reported an operating income of ~Rs. 5 crore in the first
quarter of FY2017.


SUNREN AUTOMOTIVE: CARE Assigns 'B+' Rating to INR3.03cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Sunren Automotive.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      3.03      CARE B+ Assigned
   Short-term Bank Facilities     2.57      CARE A 4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sunren Automotive
are primarily constrained by its small scale of operations with
low proprietors capital, low profitability margins, leveraged
capital structure and weak coverage indicators. The ratings are
further constrained by constitution of the entity being a
proprietorship firm, exposure to raw material price volatility and
highly fragmented and competitive nature of industry.

The rating constraints are partially offset by experienced
proprietor, reputed though concentrated customer base, growing
scale of operations and moderate working capital cycle.

Going forward, the ability of the company to increase its scale of
operations while diversifying its customer base and improving the
profitability margin and capital structure base shall be the key
rating sensitivities.

SA, based in Haridwar, Uttrakhand, was established in 2010 as a
proprietorship concern by Mr. Subhash Saini. SA is primarily
engaged in the manufacturing of auto component, namely, brake hose
which find its application in automobile industry. The raw
material is rubber hole which is procured domestically and also
imports from Japan and Korea, etc. The firm sells its products
mainly in the domestic market to automobile component
manufacturers.

In FY15 (refers to the period April 1 to March 31), SA has
achieved a total operating income (TOI) of INR18.46 crore and PAT
of INR0.19 crore Furthermore, in FY16, the company has achieved
TOI of around INR16.00 crore.


SUPRIYA SPINNING: ICRA Reaffirms 'B' Rating on INR38cr Cash Loan
----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to INR16.96
crore1 (revised from INR20.26 crore) term loan, INR38.00 crore
(revised from INR58.00 crore) cash credit facility and INR13.31
crore (revised from INR9.37 crore) unallocated limits of Supriya
Spinning Mills Private Limited. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 to INR45.00 crore (revised from
INR25.64 crore) non-fund based limits of SSMPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loan               16.96      [ICRA]B; Re-affirmed
   Cash Credit             38.00      [ICRA]B; Re-affirmed
   ILC (Non-fund based)    45.00      [ICRA]A4; Re-affirmed
   Unallocated Limits      13.31      [ICRA]B; Re-affirmed

The reaffirmation of the ratings continues to factor in the weak
financial profile characterized by high gearing of 2.62x times as
on March 31, 2016, low margins, and stretched coverage indicators.
Further, the ratings are also constrained by the commoditized
nature of the product in the highly fragmented industry which
limits the company's ability to pass on the hikes in input costs.
The operating income of the company witnessed 14% growth in
FY2016, however, operating margins declined significantly on
account of higher proportion of revenues from low margin trading
activity. ICRA notes that the company is exposed to agro-climatic
risks and regulatory risk with regards to minimum support price of
kappas and restrictions on exports; further, the seasonal nature
of raw material availability requires SSMPL to maintain high
inventory holding exposing it to price risk in the form of
vulnerability to cotton and yarn price fluctuations.

However, the ratings favorably factor in the experience of the
promoters and their well established network, and the operational
efficiencies of the unit due to recent vintage of plant and
machinery. The ratings also draw comfort from proximity of the
unit to major cotton growing areas of Andhra Pradesh(AP), the
relatively lower power tariff in AP and fiscal incentives under
TUF Scheme.

The ability of the company to improve its profitability, capital
structure and continue to increase its scale of operations with
effective working capital management would remain the key rating
sensitivities.

Supriya Spinning Mills Private Limited incorporated in 2005, is
based in Guntur district of Andhra Pradesh. The company is engaged
in trading of cotton lint and manufacturing cotton yarn. SSMPL
started its operations with 14,400 spindles and increased to
31,584 spindles over the last two years. Lint and cotton waste
trading activity is the primary focus of the company.

Recent Results
In FY2015, Supriya Spinning Mills Private Limited reported an
operating income of INR219.06 crore and a net profit of INR1.66
crore. As per FY2016 provisional numbers, SSMPL reported an
operating income of INR249.70 crores and a net profit of INR1.54
crore.


TILAK RAM: CARE Assigns 'B' Rating to INR15cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Tilak Ram Babu
Ram Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Tilak Ram Babu Ram
Private Limited is constrained by its small scale of operations,
weak financial risk profile marked by declining scale of
operations, low profitability margins, leveraged capital
structure, weak debt coverage indicators and elongated operating
cycle. The rating is further constrained by concentrated revenue
stream, TRBR's presence in fragmented and competitive industry
along with susceptibly of margins to fluctuations in raw material
prices. The rating, however, derives strength from the experience
of the promoters in the textile industry, company's favorable
plant location and reputed clientele.

Going forward, the ability of the company to profitably scale up
its operations while diversifying its customer base and improving
its overall solvency position and managing its working capital
requirements efficiently would remain the key rating
sensitivities.

TRBR is an ISO 9001:2008 certified company, incorporated in May
2012 and promoted by Mr. Raj Kumar Garg and Mrs. Dimple Garg. The
company has succeeded an erstwhile proprietorship firm M/s Tilak
Industries established in 1992 in which Mr. Raj Kumar Garg was the
proprietor. The company's commercial operations commenced from
April 2013. TRBR is majorly engaged in the trading of cotton
bales. The company also undertakes cotton ginning & pressing at
its processing facility located in Tohana, Haryana, having an
installed capacity of manufacturing 300 cotton bales per day.
TRBR procures raw cotton from the local agents in Haryana, while
cotton bales for trading purpose are procured directly from cotton
mills located in Haryana. The cotton bales are further sold to
spinning mills through commission agents based in northern and
central India.

In FY16 (Provisional, refers to the period April 1 to March 31),
TRBR has achieved a total operating income of INR48.75 crore with
PAT of INR0.12 crore, as against the total operating income of
INR100.63 crore with PAT of INR0.06 crore in FY15.


TIRUPATI COTTON: CRISIL Suspends B Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Tirupati Cotton Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      35        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by TCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TCI is yet to
provide adequate information to enable CRISIL to assess TCI'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'

TCI was established as a partnership firm in 2002 by Mr.
Durgashankar Agarwal and his mother Chandrakalabai Agarwal. The
firm is engaged in ginning and pressing of raw cotton (kapas) to
make cotton bales; it also trades in cotton bales. TCI has a
manufacturing facility at Paratwada (Maharashtra).


VARDHMAN ELECTRICAL: CRISIL Suspends B+ Rating on INR46.8MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vardhman Electrical Appliances.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B+/Stable
   Letter of Credit        20        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      28.2      CRISIL B+/Stable
   Term Loan               46.8      CRISIL B+/Stable

The suspension of ratings is on account of non-cooperation by VEA
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VEA is yet to
provide adequate information to enable CRISIL to assess VEA'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'
About the Firm

Established in 1983, Vardhman Electrical Appliances is a Delhi
based company, involved in manufacturing of heaters, motors and
fan ceiling blades. The promoters of the company are Mr, Pramod
Jain and his brothers.


VI MICRO: ICRA Suspends 'D' Rating on INR12.24cr Bank Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to the
INR12.24 Crore Fund based facility of Vi Micro Educational Trust.
The suspension follows ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from the
company.



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


BANK MANDIRI: Fitch Affirms 'BB+' Viability Rating
--------------------------------------------------
Fitch Ratings has affirmed the international ratings on four
Indonesian state-owned banks - PT Bank Mandiri (Persero) Tbk
(Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk (BRI), PT Bank
Negara Indonesia (Persero) Tbk (BNI), and Lembaga Pembiayaan
Ekspor Indonesia (Indoexim). At the same time Fitch Ratings
Indonesia has affirmed the national ratings of Mandiri, BRI, BNI,
PT Bank Tabungan Negara (Persero) Tbk (BTN) and the ratings of two
of the banks' subsidiaries - PT Mandiri Tunas Finance (MTF) and PT
Bank BRISyariah (BRIS). The rating Outlooks are Stable.

'AAA(idn)' National Long-Term Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.

'AA(idn)' National Long-Term Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country. The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.

'F1(idn)' National Short-Term Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The state-owned banks' Issuer Default Ratings (IDRs) and National
Ratings are support driven and, together with their Support
Ratings (SRs) and Support Rating Floors (SRFs), reflect the high
probability they would continue to receive state support in times
of need. This is based on the banks' relative systemic importance
in the Indonesian economy, including the degree of their policy
roles - especially in the case of BTN and Indoexim - as well as
the government's majority ownership in each of them. The four
commercial banks (Mandiri, BRI, BNI and BTN) together accounted
for around 41% of total banking system assets at end-1H16. The
National Long-Term Ratings on BNI and BTN are lower than those of
Mandiri and BRI to reflect Fitch's view of their lower systemic
importance (at around 8% and 3% of total system assets at 1H16,
respectively).

The National Ratings of MTF and BRIS reflect Fitch's expectation
of a strong probability of extraordinary support from their
respective parents, if needed. Fitch views MTF as a strategically
important subsidiary in Mandiri's consumer finance business based
on its 51%-ownership, common brand name and strong linkages
between parent and subsidiary. Fitch views BRIS as playing a key
role in expanding BRI's sharia banking business in Indonesia. BRIS
is rated one notch lower from its parent to take into account its
limited significance in terms of contribution to the parent's
overall franchise.

VIABILITY RATINGS

The Viability Ratings (VRs) of Mandiri, BRI and BNI consider the
sub-investment grade operating environment for banks in Indonesia
that has a high influence on their standalone credit profiles.
Banks in Indonesia face challenges that arise from the continued
weakness in global commodity markets and the renewed market
volatility surrounding China's economic slowdown. Nevertheless,
the banks' credit profiles, which have been enhanced since the
late 1980s through several cycles, are likely to allow them to be
resilient through expected levels of volatility.

Mandiri's VR of 'bb+' reflects its position as the largest bank
Indonesia, with around 15% share of system assets at 1H16, its
good level of capitalization relative to overall risk appetite,
above-peer profitability and, notwithstanding a significant
deterioration during 1H16, a still-manageable asset quality. The
bank's NPL ratio rose to 3.9% at end-1H16, above the industry
average of around 3.1%, as it suffered from a more prolonged
downturn in the economic environment than it had originally
foreseen. Credit costs have also risen, which puts pressure on
profitability; but Fitch expects asset-quality deterioration to
moderate and the bank's profitability and provision coverage to
remain sufficient to absorb potential credit losses.

BRI's VR of 'bb+' reflects its position as the second-largest bank
with around 14% share of system assets; its distribution network
that is the most extensive among peers and an unchallenged
franchise in rural micro-lending; profitability that is better
than that of its peers, with its focus on micro businesses helping
it to generate strong margins; and a capital position that is
considered good for its overall risk appetite. Its asset quality
is likely to weaken in line with the industry, but will continue
to be mitigated by its strong credit fundamentals, which are
underpinned by its diversified credit exposures.

BNI's VR of 'bb+' reflects its position as Indonesia's fourth-
largest bank, and its satisfactory capitalization, profitability
and asset quality. However, in Fitch's view, BNI's appetite for
loan growth in the riskier commercial segment is higher than that
of Mandiri and BRI, which can be seen in its above-industry-
average growth of 9.5% during 1H16. Fitch believes that this
increases the risk to the bank's asset quality in the future.
However, Fitch expects these risks to remain manageable for BNI
and the bank's satisfactory profitability and capital buffers
should enable it to withstand any potential increase in credit
costs.

Indoexim is 100% owned by the government of Indonesia and it plays
an important policy role in supporting and developing Indonesia's
export industry, an area of strategic importance to the country's
economic development. No VR is assigned to Indoexim as Fitch views
that it is less meaningful to analytically assess such a policy-
related institution on a standalone basis.

SENIOR DEBT

The banks' rupiah and foreign-currency denominated senior bonds
and bond programmes are rated at the same levels as their IDRs and
their National Long-Term and Short-Term Ratings, in accordance
with Fitch's rating criteria.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

Changes to Indonesia's sovereign rating (BBB-/Stable) may lead to
corresponding changes to the banks' ratings. Deterioration in the
state-owned banks' standalone financial profiles alone is unlikely
to impact their IDRs and National Ratings unless the factors
underpinning state support also weaken. The National Ratings of
BNI and BTN could be upgraded if we view that the systemic
importance of these banks has increased. A change in the
government's ability and willingness to provide extraordinary
support would also affect these banks' IDRs, National Ratings, SRs
and SRFs. Fitch will review the potential impact on SRs and SRFs
as further key details and supporting regulations for the
Financial System Crisis Prevention and Mitigation Law become
available.

The National Ratings of MTF and BRIS are sensitive to changes in
their parent's National Ratings. Any significant dilution in
ownership or perceived weakening of support from the parents would
be negative for the subsidiaries' National Ratings. However, Fitch
sees this prospect as remote in the foreseeable future given the
subsidiaries importance to their parents businesses. For MTF, a
material increase in ownership, leading to greater integration
between parent and subsidiary, and stronger control by Mandiri of
MTF could narrow the rating differential between the two entities.
For BRIS, positive rating action could arise if there is evidence
of a significant increase in BRIS's contribution to BRI in terms
of revenue, profit, franchise or other synergies.

VIABILITY RATINGS

Rating upside on the VRs may result from fundamental improvements
in the operating environment, including in the capital markets and
the economy, better corporate governance, and a more visible
improvement in the banks' risk management cultures. Rating
downside may result from significant asset-quality deterioration
and weakened loss-absorption buffers, particularly in a sharp
protracted downturn.

SENIOR DEBT

Any changes in the IDRs, National Long-Term and Short-Term Ratings
would affect the ratings on the banks' rupiah and foreign-currency
denominated senior bonds and bond programmes.

The full list of rating actions is as follows:

   Mandiri:

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
      Stable

   -- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
      Stable

   -- Short-Term Foreign-Currency IDR affirmed at 'F3'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Support Rating affirmed at '2'

   -- Viability Rating affirmed at 'bb+'

   -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'

   BRI:

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
      Stable

   -- Short-Term Foreign-Currency IDR affirmed at 'F3'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Support Rating affirmed at '2'

   -- Viability Rating affirmed at 'bb+'

   -- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'

   -- Senior unsecured rating affirmed at 'BBB-'

   -- Medium-term notes affirmed at 'AAA(idn)'

   BNI:

   -- Long-Term Foreign-Currency affirmed at 'BBB-'; Outlook
      Stable

   -- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
      Stable

   -- Short-Term Foreign-Currency IDR affirmed at 'F3'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Support Rating affirmed at '2'

   -- Viability Rating affirmed at 'bb+'

   -- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'

   -- Senior unsecured rating affirmed at 'BBB-'

   BTN

   -- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'

   -- Senior unsecured rating affirmed at 'AA(idn)'

   Indoexim

   -- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Stable
      Outlook

   -- Short-Term Foreign-Currency IDR affirmed at 'F3'

   -- Support Rating Floor affirmed at 'BBB-'

   -- Support Rating affirmed at '2'

   -- Senior unsecured EMTN programme affirmed at 'BBB-'

   MTF

   -- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'

   BRIS

   -- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
      Stable

   -- National Short-Term Rating affirmed at 'F1+(idn)'


MODERNLAND REALTY: Fitch Rates Senior Unsecured Notes 'B'
---------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Modernland Realty
Tbk's (Modernland, B/Negative) USD57 million 9.75% senior
unsecured notes due in 2019 a final rating of 'B' with a Recovery
Rating of 'RR4'. The notes will be issued by Modernland's wholly
owned subsidiary Marquee Land Pte Ltd and guaranteed by Modernland
and certain subsidiaries.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on Aug. 18, 2016.

The notes are rated at the same level as Modernland's senior
unsecured rating, as they represent unconditional, unsecured and
unsubordinated obligations of the company. The notes form a part
of the same series as the existing USD191 million 9.75% senior
unsecured notes due in 2019, which are also rated 'B'. Modernland
expects to use the proceeds to refinance its outstanding USD57
million 11% senior unsecured notes, which are due on Oct. 25,
2016.

The Negative Outlook on Modernland's Long-Term Issuer Default
Rating (IDR) reflects the risk that the company could breach a
number of its local-currency debt covenants in 2017, as EBITDA may
remain weak unless presales improve in the next six to 12 months.
Modernland may not be able to achieve its presales target for 2016
due to the slow domestic macroeconomic environment and its
dependence on cyclical industrial land sales, which may put a
strain on its cash collection. The IDR was affirmed at 'B' as the
company may take measures to improve the recognition of EBITDA or
obtain waivers on covenant breaches.

KEY RATING DRIVERS

Weak Presales; Covenant Breach: Modernland's 1H16 presales fell
80% yoy to IDR404 billion, which accounted for around 10% of its
2016 target. The decline was driven by slow economic growth and
the government's crackdown on tax evasion, which has left buyers
cautious. Fitch forecasts this may lead to Modernland breaching a
number of its local-currency debt covenants in 2017, as EBITDA
declines following the weakness in presales.

The implementation of a tax amnesty in Indonesia on 1 July may
boost demand for property, although Modernland's overall credit
profile is not likely to benefit in the short term given the
potential surge in new property launches in the market once the
amnesty takes effect and Modernland's major exposure towards the
industrial segment.

Volatile Industrial Cash Flows: Modernland's exposure to
industrial land sales results in more volatile cash flows than
peers that depend on residential sales. Nevertheless, this remains
an important contributor to Modernland's cash flows, and the
volatility is mitigated by the low development risks of the
industrial segment.

Modernland has a good 20-year track record in developing
industrial estates, and has built strong relationships with
tenants. Its flagship Cikande industrial estate has a very low
average land cost compared with the current average selling price
(ASP) of around IDR1.5m per square metre (sqm), and Modernland has
sufficient land to continue developing there for around five
years, assuming no further land acquisitions. Fitch believes
Modernland can build on its success in Cikande and use a similar
business model for future developments in Bekasi.

Limited Residential Track Record: Fitch expects Modernland's
residential and commercial segment to account for more than 60% of
presales by 2018, driven by the Jakarta Garden City (JGC) project
and the new launches in Bekasi. The growing proportion of
residential sales will counterbalance volatility in industrial
land sales, but Modernland's track record in developing an
integrated, large-scale residential project is still limited
relative to the other rated developers.

ASRI Land Sales Delayed: Fitch expects cash collection from land
sales to PT Alam Sutera Realty Tbk (ASRI, B+/Negative) to lag
behind management's expectation. Fitch's rating case assumes the
majority of the proceeds that was expected to be received this
year will be delayed to 2017, mainly due to ASRI's weak presales.
Nevertheless, Modernland believes ASRI remains committed to
completing the acquisition, given the strategic location of the
land and the low acquisition price compared with the current
market price in the area.

Manageable Forex Risk: Modernland has entered into a few call-
spread options to fully hedge the principal of its USD191 million
bond due 2019, covering rupiah depreciation of up to IDR15,500 per
US dollar. The company has also entered into a similar hedging
arrangement for its USD57 million outstanding bond due 2016,
covering rupiah depreciation of up to IDR14,000 per US dollar. In
addition, Fitch believes that Modernland's thick margins are
sufficient to absorb short-term currency volatility.

KEY ASSUMPTIONS

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

   -- Presales (excluding one-off sales) of IDR1.5 trillion and
      IDR3.6 trillion in 2016 and 2017, respectively

   -- Average ASP growth of 5%-10% year on year

   -- Land acquisition capex of IDR825 billion and IDR743 billion
      in 2016 and 2017, respectively

   -- Majority of ASRI's land sale proceeds to be delayed to 2017

RATING SENSITIVITIES

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

   -- If the company fails to achieve its 2016 presales target
      and there is heightened risk it may breach covenants on its
      local-currency debt, or the company fails to negotiate
      waivers on covenant breaches

   -- Presales/ gross debt sustained at less than 40% (2016F:
      77%)

Positive: Future developments that may, individually or
collectively, lead the Outlook to be revised back to Stable
include:

   -- The company achieves its 2016 presales target and the risk
      of it breaching its local-currency debt covenants is
      reduced, or the company successfully manages to negotiate
      waivers on covenant breaches



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


DTC ONE SPECIAL: Fitch Affirms 'BBsf' Rating on Cl. E Notes
-----------------------------------------------------------
Fitch Ratings has affirmed the ratings on 39 tranches from eight
DTC transactions. The Outlooks on all tranches are Stable. The
transactions are securitisations of mortgage loans backed by
multi-family apartment properties.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that stable performance of
the underlying loans and available credit enhancement (CE) levels
are sufficient to support the current ratings. The master lease
structure in place for the collateral properties contributes to
stable loan performance, and for each of the eight transactions,
delinquencies and defaults have been limited to date. Fitch
expects this trend to continue. The transactions were not
remodelled, given the stable actual and expected asset
performance.

RATING SENSITIVITIES

An unexpected increase in the delinquency or default rate may lead
to higher loss assumption, which may, in turn, affect the ratings
of the notes. However, the possibility of downgrade for the senior
notes of DTC One to Three, especially for the most senior notes,
is considered remote due to significant progress of the sequential
principal repayment. The 'AAAsf' rated notes of the other
transactions can be supported even if assumed property cash flows
decline by 20% from the agency's initial assumptions.

For DTC Three and DTC Eight, Fitch continues to believe that
available cash reserves address liquidity risk in the absence of
an eligible advancing agent. This view is based on the expected
stable performance of the underlying loan pools, note amortisation
and the low interest rate environment in Japan. Therefore, an
unexpected increase in interest rates may lead to negative rating
actions on these transactions.

DATA ADEQUACY

Fitch checked the consistency and plausibility of the information
it received about the performance of the underlying pools and the
transaction. There were no findings that were material to this
analysis. Fitch has not reviewed the results of any third-party
assessment of the underlying pools information or conducted a
review of loan origination files as part of its ongoing
monitoring.

The full list of rating actions is as follows.

   DTC One Special Purpose Company:

   -- JPY10.0 million Class A-1 notes affirmed at 'AAAsf';
      Outlook Stable

   -- JPY87.6 million Class A-2 notes affirmed at 'AAAsf';
      Outlook Stable

   -- JPY0.4 million Class A-3 notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY320 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY180 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- JPY320 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   -- JPY350 million Class E notes affirmed at 'BBsf'; Outlook
      Stable

   DTC Two Funding Limited:

   -- JPY7.6m Class A notes affirmed at 'AAAsf'; Outlook Stable

   -- JPY470 million Class B notes affirmed at 'AA+sf'; Outlook
      Stable

   -- JPY280 million Class C notes affirmed at 'A+sf'; Outlook
      Stable

   -- JPY380 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   -- JPY850 million Class E notes affirmed at 'BBsf'; Outlook
      Stable

   -- JPY1.1 billion Class J notes affirmed at 'BBBsf'; Outlook
      Stable

   DTC Three Funding Limited:

   -- JPY368 million Class A-1 notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY251 million Class A-2 notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY870 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY540 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- JPY690 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   -- JPY776 million Class E notes affirmed at 'BBsf'; Outlook
      Stable

   DTC Four Funding Limited:

   -- JPY2.3 billion Class A-1 notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY1.2 billion Class A-2 notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY294 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY294 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- JPY71 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   DTC Five Funding Limited:

   -- JPY3.2 billion Class A notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY265 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY265 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- JPY20 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   DTC Six Funding Limited:

   -- JPY4.0 billion Class A notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY330 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY310 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- Class D notes were paid in full in June 2016.

   DTC Seven Funding Limited:

   -- JPY4.6 billion Class A notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY612 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY239 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   DTC Eight Funding Limited:

   -- JPY5.8 billion Class A notes affirmed at 'AAAsf'; Outlook
      Stable

   -- JPY695 million Class B notes affirmed at 'AAsf'; Outlook
      Stable

   -- JPY632 million Class C notes affirmed at 'Asf'; Outlook
      Stable

   -- JPY276 million Class D notes affirmed at 'BBBsf'; Outlook
      Stable

   -- JPY58 million Class N notes affirmed at 'BBBsf'; Outlook
      Stable

All tranche balances are as of Aug. 19, 2016.



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


STONEWOOD HOMES: Queenstown Mayoral Contender Faces Probe
---------------------------------------------------------
Mark Price at The New Zealand Herald reports that Queenstown
mayoral candidate Jim Boult is to be investigated in relation to
the collapse of Stonewood Homes New Zealand Ltd, something Boult
says he welcomes.

The Herald relates that Ernst and Young liquidator Rhys Cain said
on August 22 an investigation into the failed company would begin
"in the next few days".

It would examine the workings of the company during the two years
before its collapse, with a "specific focus" on its final six
months, the Herald says.

It would look at the activities of all directors and senior
managers with "crucial decision-making ability".

Mr. Boult was a member of the board of the Christchurch building
company for about a year and acted as executive chairman for a
period, according to the Herald.

He stood down from the board on Feb. 1, 2016, telling Fairfax
Media later he had done so because he had been part of an attempt
to buy Stonewood before receivers were called in and he considered
he had a conflict of interest, says the Herald.

Asked if he could rule out action against Mr. Boult, Cain said:
"No," the Herald relays.

He could not give an assurance the investigation would be
completed before the local body elections on October 8, says the
Herald.

"It's really hard to pick. We're not running this investigation to
the timetable of the local body elections."

Stonewood Homes New Zealand Ltd was placed in receivership on Feb.
22, 2016, owing unsecured creditors NZ$15 million, and it is now
being liquidated.



                             *********

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

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

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


                            *********


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

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

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

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

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



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