TCRAP_Public/160915.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, September 15, 2016, Vol. 19, No. 183

                            Headlines


A U S T R A L I A

BBY LTD: Executives Shut Down Questions of Insolvency, Court Told
GENKAN PTY: First Creditors' Meeting Set for Sept. 22
MCALEESE LTD: ASIC Pushes McGrathNicol for Spill Vote
PRINTCENTRE: Auction Houses Busy at Failed Printers
PRINTING KINGSGROVE: Spicers Australia Seeks to Wind Up Printer

SWIFT DISPLAY: Unable to Pay Debt; Likely to Go Into Liquidation


C H I N A

ZOOMLION HEAVY: S&P Lowers CCR to 'B', Outlook Negative


H O N G  K O N G

PACIFIC ANDES: Liquidity Crisis Hits Many Bondholders


I N D I A

A B T INVESTMENTS: CARE Assigns 'B' Rating to INR100cr LT Loan
AGLO PACKAGINGS: CRISIL Suspends B- Rating on INR54.8MM Loan
AIR INDIA: Mulls to Restructure Loans Worth INR28,000cr
ALF TECHNOLOGIES: CRISIL Suspends B+ Rating on INR33MM Cash Loan
ANDREW YULE: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating

ARTI SHIP: CRISIL Suspends B+ Rating on INR295.8MM LT Loan
ARUN POLYMERS: CARE Assigns B+ Rating to INR9cr LT Bank Loan
BELL LEASING: CARE Assigns B (FD) Rating to INR3cr Loan
BIHAR BOTTLERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR60MM Loan

CLS INDUSTRIES: CARE Lowers Rating on INR14.33cr Loan to D
COMMERCIAL MOTORS: CARE Assigns 'B' Rating to INR0.5cr LT Loan
DOLPHIN NUTRACEUTICALS: CRISIL Suspends B Rating on INR200MM Loan
EMPIRE PHOTOVOLTAIC: CRISIL Suspends D Rating on INR127.5MM Loan
G.M. RAVINDRA: CRISIL Reaffirms B+ Rating on INR65MM Loan

GUJARAT FOILS: CARE Lowers Rating on INR139.24cr LT Loan to 'D'
JAYDEEP TUBES: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
JYOTI SPINNERS: CARE Assigns B+ Rating to INR6.30cr LT Loan
LEKHYA MOTORS: CARE Assigns B+ Rating to INR12.50cr LT Loan
MARK INTERNATIONAL: Ind-Ra Suspends 'IND BB' LT Issuer Rating

MUKKA SEA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
NEO PACK: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
OMKAMAL STEEL: CRISIL Reaffirms B+ Rating on INR39MM Cash Loan
P. C. INDUSTRIES: CRISIL Reaffirms B- Rating on INR55MM Loan
P.S. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR77.5MM Loan

PASHANKAR AUTO: CRISIL Suspends 'B' Rating on INR375MM LT Loan
PRASANTHI CASHEW: CRISIL Reaffirms 'B' Rating on INR300MM Loan
SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SAPPHIRE SPINNERS: CRISIL Suspends 'D' Rating on INR83.7MM Loan
SHREE NAKODA: CRISIL Suspends B+ Rating on INR118MM Cash Loan

SHREE PRITHVI: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
SHREE VIJAYASHREE: CRISIL Reaffirms B+ Rating on INR60MM Loan
SRI KRISHNA: CRISIL Reaffirms 'B' Rating on INR12.5MM Cash Loan
VEL MURUGAN: CRISIL Suspends 'D' Rating on INR135MM Loan


S O U T H  K O R E A

DOOSAN BOBCAT: Moody's Retains B1 CFR on Proposed IPO


                            - - - - -


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


BBY LTD: Executives Shut Down Questions of Insolvency, Court Told
-----------------------------------------------------------------
Misa Han and Joyce Moullakis at The Australian Financial Review
report that employees of failed stockbroker BBY Ltd were
repeatedly assured the firm was solvent in 2014 and early 2015,
even as funds were being moved around and key executives were
actively seeking to delay some client transactions.

AFR relates that former BBY foreign exchange and retail futures
boss Jason Battistessa told a NSW Supreme Court public examination
on Sept. 12 that in 2014, the board told him the company was
faring well despite delays in withdrawing client funds, paying
outstanding debts to him and his colleagues and a psychic being
enlisted to give business advice to the executive chairman.

"It's just the way they conducted the business," AFR quotes
Mr. Battistessa as saying.

BBY spectacularly collapsed in May 2015 after run ins with the
Australian Securities Exchange and corporate regulator and being
unable to repay loans to St George Bank. The broker's demise left
creditors out of pocket and clients AUD23 million short, AFR
notes.

Backed by litigation funder IMF Bentham, liquidator KPMG is
running the public examination to try to recover funds for
creditors and clients, according to AFR.  The report says KPMG
alleges BBY may have been trading while insolvent since 2011 and
the company may have dipped into clients' money.

AFR relates that the court examinations into BBY's collapse will
provide even more insight into how the company was managed and
shed light on its compliance practices.

According to the report, Mr. Battistessa recalled asking
executives whether BBY was solvent in late 2014 after management
asked him to attempt to delay a client's withdrawal of some of
their funds for multiple days.

"They (BBY management) were delaying (the withdrawal) via every
excuse," he told the court, noting that he waited a day before
demanding BBY facilitate the transaction, AFR relays.

In response to questions around solvency, executive chairman Glenn
Rosewall "pretty much screamed" at Mr. Battistessa, the report
relays.

"I was told that we were [solvent]. And how dare I ask,"
Mr. Battistessa, as cited by AFR, said.

                          About BBY Ltd

Founded in 1987, BBY Limited is a boutique investment firm that
offers brokerage and financial advisory services. The company
provides merger and acquisition, initial public offering, private
placement, equity trading, and market and business research
services. Additionally, it offers capital raising, restructuring,
due diligence, valuation, relationship management, and clearing
services.

On May 18, the Directors of BBY Limited have appointed KPMG as
Voluntary Administrators.  The appointment comes after a number of
run-ins with regulators over its capital requirements and failing
to repay an intraday loan to St George Bank, according to The
Sydney Morning Herald.

KPMG found that clients faced a combined shortfall in their
accounts of AUD16 million, SMH disclosed.


GENKAN PTY: First Creditors' Meeting Set for Sept. 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Genkan Pty
Ltd will be held at the offices of SV Partners Sydney, Level 7,
151 Castlereagh Street, in Sydney, NSW, on Sept. 22, 2016, at
11:00 a.m.

Ian Purchas and Shumit Banerjee of SV Partners were appointed as
administrators of Genkan Pty on Sept. 9, 2016.


MCALEESE LTD: ASIC Pushes McGrathNicol for Spill Vote
-----------------------------------------------------
Daniel Palmer at The Australian reports that the corporate
regulator is pressuring administrators of McAleese Limited to push
ahead with a spill vote of the board in a move that could see
major shareholder Mark Rowsthorn dumped from a company he co-
founded for the second time in five years.

At a meeting of McAleese creditors in Melbourne Sept. 8, it was
revealed Australia Securities and Investment Commission recently
warned McGrathNicol a spill vote should have proceeded as planned,
says The Australian.

According to The Australian, the comments came as creditors were
also told that dozens of companies were circling the assets of the
failed transport group.

McAleese appointed voluntary administrators McGrath Nicol two
weeks ago. The Australian says the appointment followed a brief
but troubled history for McAleese that included a fatal explosion
of a fuel truck in 2013 just weeks before the company's float at
$1.47 a share, the end of the mining boom and the mothballing of
operations at its major customer, Atlas Iron.

The first creditors' meeting was, however, subdued, largely due to
the conspicuous absence of chief executive Mr. Rowsthorn, the
report says.

The Australian notes that creditors heard that since McAleese
listed in November 2013, no profits had been delivered and the
trucking company was expected to generate further losses into
2017.

According to the report, McGrathNicol said it expected a
restructure resolution to be put forward "shortly" by creditors SC
Lowy and Mr. Rowsthorn, but it quashed those expectations as it
sought a six-month delay ahead of the next creditors meeting.

"We are hopeful a restructure through a deed of company
arrangement can be agreed," the report quotes McGrathNicol's Jason
Preston as saying. "However, more time is required."

He added 70 groups had expressed interest in the whole group or
some of its assets since offers were sought earlier this month,
The Australian reports.

Mr. Rowsthorn, a former rich lister, is at the heart of the board
spill vote after he fell out with fellow director Gilberto
Maggiolo in the wake of a controversial recapitalisation plan of
McAleese agreed with SC Lowy on June 7, according to The
Australian.

The Australian recalls that significant shareholder Havenfresh --
in which Mr Maggiolo is also a director -- formally pushed for a
meeting to remove all board members aside from Mr. Maggiolo on
June 27 amid allegations the recapitalisation deal was no more
than a grab for control by Mr. Rowsthorn.

A vote was slated for August 29 in response, but McGrathNicol
opted to abort after it was appointed administrator on the morning
of the meeting, The Australian says.

The Australian relates that McGrathNicol said it obtained legal
advice supporting the decision to adjourn, but has since received
a rebuke from ASIC over that call.

"ASIC indicated (the vote) should have been concluded within two
months," McGrathNicol's Jason Preston said, noting the final date
for the vote was August 29 under the Corporations Act, The
Australian relays. A poll will proceed shortly, with McGrathNicol
in an "ongoing dialogue" with the regulator.

Mr. Rowsthorn was removed as chief executive from freight
logistics giant Asciano in 2011, a group he also co-founded, The
Australian notes.

Further complicating matters is the sudden departure of two
directors two weeks ago, Wayne Kent and Kerry Gleeson, which means
the vote will now only be calling for the heads of Mr. Rowsthorn,
chairman Don Telford and non-executive director Warren Saxelby,
says The Australian.

The proposed spill was believed to have momentum ahead of the
postponement, The Australian adds.

McAleese Limited (ASX:MCS) -- http://www.mcaleese.com.au/news/--
is an Australia-based company, which is engaged in the provision
of heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport,
a provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of
less than truck load freight.

On Aug. 29, 2016, Joseph Hayes, Jason Preston, Jamie Harris and
Keith Crawford of McGrathNicol were appointed Voluntary
Administrators of McAleese Limited and each of its wholly owned
subsidiaries with the exception of Sunshine Refuellers Pty Ltd.


PRINTCENTRE: Auction Houses Busy at Failed Printers
---------------------------------------------------
April Glover at ProPrint reports that printers are sifting through
the wreckage of major failed print businesses Five Star and
Printcentre at auctions this week as the number of industry
players contracts further.

ProPrint says the two high profile companies join a long list of
well known names over the past few years, with On Demand the next
to have its equipment go under the hammer.

Melbourne-based Printcentre collapsed in controversial manner in
July, with staff arriving to find the gates locked and neither
directors nor liquidators in sight, the latter turning up four
hours later, ProPrint discloses.  Adelaide's Five Star went down
with debts in the millions, says ProPrint. On Demand collapsed for
the second time in a year, the Bruce Peddelsden owned business
first went under last September, it was bought by Michael Wu in
November, and then collapsed again in July, according to ProPrint.

ProPrint says Printcentre's auction was on Sept. 7, directors John
Doyle and Darren Soppi have not been seen since the company
closed. Five Star's was on Sept. 9 on site in Netley, although the
Heidelberg presses have gone there are half a dozen wide format
roll to roll printers and a heap of paper, toner and ink that may
be good buys for local printers, the report states.

According to ProPrint, some of the On Demand kit has been bought
by Mercedes Waratah, which ran the company under licence after it
went broke and then bought the business, along with some kit and
about half the staff, and have since renamed it Data Digital
Direct. Debts from On Demand may also hit the millions with the
equipment suppliers said to be vulnerable by the receiver. No date
has yet been set for an auction of the rest of the kit, the report
notes.

In all three cases, unsecured creditors are likely to see a paltry
return at best, ProPrint reports.


PRINTING KINGSGROVE: Spicers Australia Seeks to Wind Up Printer
---------------------------------------------------------------
April Glover at ProPrint reports that Kingsgrove printer
Press 11, also known as Printing Kingsgrove, faced its major
creditor Spicers Australia at a hearing in a bid to wind up the
business and push it into insolvency.

According to the report, an outsourced receptionist confirmed the
printer has closed permanently and has been wound up following its
owner's death. The name of Press 11's deceased owner has not been
disclosed, the report notes.

Calls to the printer's Kingsgrove site are now going unanswered;
however, its website is still active, ProPrint notes.

A hearing was held on September 6 to wind up the company,
commenced by the plaintiff Spicers Australia, ProPrint says.

It is understood the paper merchant is owed a significant sum from
Press 11 however further details remain murky, according to
ProPrint.

The hearing was held at the Supreme Court at Law Courts Building
Queens Square in NSW, a division of court reserved only for debts
exceeding $750,000, the report notes.

"An application for the winding up of Printing Kingsgrove Pty Ltd
was commenced by the plaintiff Spicers Australia Pty Ltd on
04/08/2016," the notice, as cited by ProPrint, reads.

Press 11 provided printing to the label, digital, signage and
promotional market, and also offered services in print management
and logistics.


SWIFT DISPLAY: Unable to Pay Debt; Likely to Go Into Liquidation
----------------------------------------------------------------
April Glover at ProPrint reports that Swift Display is allegedly
insolvent and its financial position is pending a hearing with the
Deputy Commissioner of Taxation on September 21, following the
company's inability to fulfill debt.

ProPrint contacted Swift Display but was informed by a non-related
person answering the phone that the company has 'packed up, done a
runner and moved to South Africa'.

This has not been confirmed by lawyer Charles Bavin, who is listed
as the contact on Swift Display's insolvency notice, ProPrint
relates.

Mr. Bavin told ProPrint Swift Display is insolvent with
significant debt, and will likely collapse into liquidation if the
debt is not settled.

Bella Vista-based Swift Display specialized in banner, poster and
sign printing.



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


ZOOMLION HEAVY: S&P Lowers CCR to 'B', Outlook Negative
-------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Zoomlion Heavy Industry Science and Technology Co. Ltd. to 'B'
from 'B+'.  The outlook is negative.  At the same time, S&P
lowered its long-term issue ratings to 'B' from 'B+' on the US$400
million 6.875% senior unsecured notes due 2017 and the US$600
million 6.125% senior unsecured notes due 2022 issued by Zoomlion
H.K. SPV Co. Ltd.  Zoomlion guarantees the notes.  S&P is also
lowering its long-term Greater China regional scale rating on the
China-based machinery manufacturer and its guaranteed notes to
'cnB+' from 'cnBB-'.

"We downgraded Zoomlion because we expect the company's interest-
serving capacity to deteriorate in the coming 12 months," said S&P
Global Ratings credit analyst Stanley Chan.  "In addition,
Zoomlion's business profitability will likely weaken because of
declining revenue from sluggish demand in the construction
machinery sector and the company's high fixed-cost structure.  The
company's cost reduction efforts will partially offset the
pressure on top line."

The likely deterioration in Zoomlion's interest-serving capacity
underpins S&P's negative rating outlook.  S&P now expects the
company's EBITDA interest coverage to decline to 0.7x-0.9x in the
coming 24 months, compared with S&P's previous forecast of 1.1x-
1.2x.  S&P do not see any clear signs that Zoomlion's debt
leverage position will turn around.

The prospects of business recovery are slow and uncertain.
Although the company's operating cash flow has been improving over
the past four quarters, S&P estimates the amount will not be
sufficient to fund ongoing business needs.

S&P forecasts that Zoomlion's profitability will decline in the
coming 12 months, with an EBITDA margin of 6%-7%, down from 7.6%
in the first half of 2016.  The company has been undergoing
business restructuring and headcount reduction.  However, with
declining revenue, S&P believes the fixed costs remain relatively
high and have eroded profitability.

S&P now projects that the overall revenue for Zoomlion will
continue to decline by 8%-10% over the coming 12 months, mainly
because of the weak demand in China's construction machinery
sector.  S&P expects downstream customers to maintain prudent
capital expenditure plans while the Chinese economy slows down.
S&P expects more customers to opt for second-hand machinery with
lower costs and to further postpone their machinery-replacement
cycle.  The decline in revenue from construction machinery should
continue to offset growth in the environmental and agricultural
machinery businesses.

Zoomlion withdrew in May 2016 its proposed offer to acquire Terex
Corp., a U.S.-based lifting and material handling solutions
company.  In S&P's opinion, the company will continue to engage in
smaller-scale acquisitions of Chinese renminbi (RMB) 500 million -
RMB600 million (US$75 million-US$ 90 million) and target
agricultural- and environmental-related businesses.  The company's
acquisition appetite may put further pressure on its liquidity and
refinancing.

S&P anticipates that Zoomlion has a clear plan to refinance its
short-term maturing debt with longer tenors for onshore bonds, and
to improve its liquidity.  Although the company maintains decent
relationships with policy banks and large state-owned banks in
China, the refinancing and liquidity risks may escalate with any
adverse changes in the currently favorable onshore credit
environment.  The slow deleveraging and Zoomlion's elevated debt
level with little signs of improvement may lead to lenders turning
more cautious in extending credit.

"The negative outlook reflects our expectation that Zoomlion's
debt- and interest-serving capacity may deteriorate in the coming
12 months," said Mr. Chan.

S&P estimates that EBITDA interest coverage will stay below 1.0x
and the debt-to-EBITDA ratio will remain above 25x without clear
signs of improvement.  Also, Zoomlion's large short-term
maturities are vulnerable to any adverse changes in the currently
favorable onshore credit conditions and the company's relationship
with banks.

S&P may lower the ratings by one or more notches if Zoomlion's
funding and liquidity pressure escalates and its debt maturity
profile deteriorates.  This could happen if:

   -- Working capital management and profitability are weaker
      than S&P expected;

   -- Debt-funded acquisitions are more aggressive than S&P
      anticipated;

   -- The weighted average debt maturity profile drops below two
      years; or

   -- The company's banking relationships weaken, reflected in
      higher borrowing costs and lower bank facilities from major
      lenders.

Although not explicitly factored into the current rating, any
large debt-funded acquisitions could weaken S&P's current
expectation for debt-servicing and the liquidity position.

S&P may revise the outlook to stable if Zoomlion's liquidity and
funding improve and stabilize, while the company lengthens its
debt maturity profile on a sustained basis.  This could happen if
Zoomlion:

   -- Generates positive operating cash flows for early debt
      prepayment and continues to reduce its on- and off-balance-
      sheet exposure;

   -- Improves its capital structure and lengthens its weighted
      average debt maturity debt to substantially more than two
      years; and

   -- Materially improves its profitability and interest-
      servicing capacity, such that the EBITDA interest coverage
      is substantially higher than 2.0x for a prolonged period.

   -- Improves the ratio of sources of liquidity to uses of
      liquidity to more than 1.2x on a sustained basis.



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


PACIFIC ANDES: Liquidity Crisis Hits Many Bondholders
-----------------------------------------------------
Marissa Lee at The Straits Times reports that the liquidity crisis
hitting Pacific Andes Resources Development (PARD) has ensnared
shareholders and bondholders alike since the firm failed to honour
coupon payments on $200 million worth of Singdollar bonds in
January.

But investigations made by separate accounting firms on behalf of
the fishing firm's bank lenders suggest that some of PARD's wounds
may have been self-inflicted, The Straits Times says.

According to the report, the investigations began after HSBC's
risk team spotted certain "red flags" at parent company Pacific
Andes International Holdings last year. Investigators appear to
have uncovered suspicious transactions by the firm and associate
companies over a period of years.

This information came to light after PARD filed for protection
against forced liquidation under the Singapore Companies Act in
July, the report says. The Pacific Andes group has struggled to
repay debts since its relationships with banks soured last year.

Court documents seen by The Straits Times included a draft report
from PricewaterhouseCoopers (PwC) detailing how PARD sources most
of its fish from Russian firms by making payments to agents in
advance to secure supplies. The agents refund PARD from time to
time after the vessel owners reimburse them.

At the end of June last year, PARD had made about US$611 million
(SGD830 million) worth of prepayments to three Russian agents
without any formal documentation, according to PwC, which had been
engaged by PARD at the banks' behest in December last year. That
figure represents about 37% of PARD's total assets, according to
The Straits Times.

Another report, from FTI Consulting and commissioned by HSBC,
traced the funds paid to one of the Russian agents, Solar Fish,
along a "circular route," The Straits Times relates.

According to The Straits Times, most of the payments made by Solar
Fish that were seen by FTI went to Hangzhou Investments and from
there to Parkmond Group, a unit of PARD, rather than to Russian
fishing firms, FTI said.

However, FTI also noted that Mr. Ng Joo Siang, PARD's executive
chairman at the time, commented that FTI's conclusions could not
be relied upon as it did not understand the Russian fishing
industry and its unique circumstances.

He also claimed that the HSBC bank account transactions did not
provide a complete picture, The Straits Times says.

In response to Straits Times queries, a PARD spokesman pointed to
a July filing stating that PARD's three independent directors have
engaged RSM Corporate Advisory to undertake a forensic review of
the allegations. A draft report is expected later this month.

Many of those who had put their savings into bonds issued by PARD
only came to know of these allegations of financial shenanigans
for the first time last month, The Straits Times says.

This was a year after PARD first made known that it was being
investigated by the Monetary Authority of Singapore and the
Commercial Affairs Department over possible breaches of the
securities law, the report adds.

Pacific Andes Resources Development Limited (PARD), a Hong Kong-
based company, is engaged in sourcing, processing, distribution
and sales of seafood products. The Company is focused on the
development, marketing and distribution of fish, frozen fish and
fish products. PARD is part of a business group known as the
Pacific Andes Group.

Pacific Andes Group, the world's 12th-largest seafood company,
filed for bankruptcy in New York after investigations by Singapore
and Hong Kong market regulators and pressure by lenders to start a
fire-sale, according to Bloomberg News. The company's liquidity
crisis was triggered by the El Nino weather pattern and the
depleted Peruvian anchovy stocks that resulted, as well as
"aggressive and improper acts by certain lenders," Chief Executive
Officer Ng Puay Yee said in court filings. While 16 units filed
for court protection, others aren't in bankruptcy, according to
the filings, which listed $4.7 billion in assets and $2.5 billion
in debt as of March 28, 2015, Bloomberg said.



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


A B T INVESTMENTS: CARE Assigns 'B' Rating to INR100cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the long-term instruments of A B T
Investments (India) Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Proposed Long-term
   Non-Convertible Debentures     100       CARE B Assigned

Rating Rationale

The rating assigned to the proposed Non-Convertible Debenture
(NCD) issue of A B T Investments (India) Private Limited
(ABTIIPL) is constrained by the non-operational nature of ABTIIPL,
being an investment holding company of ABT group with large part
of its holding in Sakthi Sugars Limited which has a strained
liquidity profile arising out of losses incurred and high debt
levels.

The rating, however, draws comfort from the vast experience of the
promoters and the group's operational track record of more than
eight decades.

Going forward, the ability of the company to plan and execute the
share sale in a timely manner would be the key rating sensitivity.
Additionally, any changes in the financial risk profile of the
investments would be a key rating sensitivity.

A B T Investments Private Limited (formerly ABT (Trichy) Private
Limited) belongs to the Coimbatore-based Sakthi group of companies
having presence in diversified industries including Sugar, Auto
Components, Power, IT services, transportation & logistics, energy
and textiles. The group also has automotive dealerships for
leading brands of Maruti Suzuki and Tata Motors across various
places in South India.

ABT Limited (rated CARE B, under credit watch) the parent company
of the Sakthi group was setup as a bus service company in 1931 by
the founder P. Nachimuthu Gounder. ABT had filed a scheme of
arrangement (Demerger) with the High Court of Madras and the same
was sanctioned on April 18, 2016, effective from January 01, 2015.

Prior to the demerger, ABT Limited had 12 subsidiaries including
ABT (Madras) Private Limited, ABT (Madurai) Private Limited, ABT
(Trichy) Private Limited and Sakthi Sugars Limited. As per the
scheme of arrangement, the resultant companies - ABT (Trichy)
Private Limited and ABT (Madras) Private Limited ceased to exist
as subsidiaries of ABT.

Post the demerger, ABT Limited would continue to carry on its core
business operations including operating transport services for
goods and passengers, providing parcel/courier services and
setting up auto and auto component dealerships.

ABT (Madras) Private Limited would be engaging in the business of
real estate development. Accordingly, 4.66 acres of land &
property at Guindy, Chennai with a built-up area of about 77,731
Sq. Ft. and 0.44 acres of land at Coimbatore with a built up area
of around 8,750 Sq. Ft. were transferred to ABT (Madras) Private
Limited. Furthermore, long-term borrowings amounting to INR 370.63
crore from Dewan Housing Finance Corporation Limited and long term
liabilities of INR 23.76 crore from other group companies were
also transferred to the books of ABT (Madras) Private Limited.

ABT (Trichy) Private Limited would be an investment company
holding the shares of group companies. Accordingly, to better
reflect the objectives of the company, ABT (Trichy) Private
Limited was renamed as ABT Investments (India) Private Limited
(ABTIIPL). Various investments and security holding with a value
of INR266.21 crore in the books of ABT Limited were transferred to
ABTIIPL. This includes 6,74,63,540 equity shares of SSL with a
book value of INR192.44 crore and investments in other group
companies including Sri Bhagavathi Textiles Ltd. (INR35 crore),
Sakthi Automotive Group USA Inc. (Rs.17 crore), Sakthi Finance
Ltd. (INR9 crore) and Sri Chamundeeswari Sugars Ltd. (INR5 crore).


AGLO PACKAGINGS: CRISIL Suspends B- Rating on INR54.8MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Aglo
Packagings Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         3.5       CRISIL A4
   Cash Credit           35.0       CRISIL B-/Stable
   Letter of Credit       6.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility    34.1       CRISIL B-/Stable
   Term Loan             54.8       CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by APPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, APPL is yet to
provide adequate information to enable CRISIL to assess APPL'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 2006 and promoted by Mr. Prakash Agarwal, APPL
manufactures PET (Polyethylene terephthalate) caps for bottles
used for packaging of mineral water, edible oil, fruit juices, and
carbonated drinks. The company's plant is located in Guwahati
(Assam).


AIR INDIA: Mulls to Restructure Loans Worth INR28,000cr
-------------------------------------------------------
Saurabh Sinha at The Times of India reports that saddled with a
debt of almost INR50,000 crore, Air India is trying to restructure
the INR28,000-crore working capital portion of this burden.
According to the report, the airline's top brass had an informal
meeting with State Bank of India management last week in Mumbai
where the Maharaja requested that SBI Caps be asked to examine the
possibility of converting a part of the working capital debt into
equity.

TOI relates that a consortium of 19 banks have extended INR28,000
crore as working capital loan to the state-owned airline. Of this,
INR22,000 crore is aircraft purchase related loan, which has been
partially raised with guarantee from EXIM Bank from foreign
institutions, and rest via NCDs (non-convertible debentures) and
bonds. "For the working capital loan, Bank of India and Bank of
Baroda have the biggest exposure individually of about INR2,000-
2,200 crore each. SBI has an exposure of about INR1,200 crore,"
the report quotes a senior official as saying. SBI leads this
consortium of bankers for taking decisions on AI loans, TOI notes.

While no bank has far reacted positively to the idea of converting
part of loan into equity -- or taking a haircut -- the airline
management has made it clear that corporate debt restructuring
(CDR) is a must for the airline to survive, relates TOI. "Every
year, INR4,000 crore goes towards debt servicing alone . . ." AI
chairman Ashwani Lohani had told TOI.

"Of the INR28,000 crore working capital loan, INR7,000 crore is
NCD. So the issue is of INR21,000 crore. Banks will see what part
of this amount is sustainable loan - meaning that can be serviced
with the cash flows of the company - and what part is un-
serviceable (which AI may not be able to service), TOI relays. The
non-sustainable portion is about INR10,000 crore (which AI wants
to be converted into equity)," said the official.

TOI notes that AI has long been trying lenders to cut the interest
rate on loans of INR10,500 crore, on which it is paying 10.1%.
The report says the airline had earlier this year pointed out that
there were three options for restructuring the loans. One was to
get banks to convert a part of loans into equity. The second was
to swap the "high-cost debt" with non-convertible debentures,
which AI executives said, would cost 7-8%, resulting in an annual
savings of around INR200 crore, according to TOI.

TOI relates that in the third model, banks could be issued
preferential capital with a fixed rate of dividend payable. This
way, AI feels, there will be no dilution of equity. SBI Caps had
suggested this model but it did not find favour with banks
earlier. Anyway most of AI loan is from government banks and
converting to equity will mean that AI to remain fully government-
owned.

AI shares are at a par value of INR10 and the airline wants
conversion to take place at its enterprise value or market
capitalization, says TOI. The listed airlines' current share
prices range from INR62 for SpiceJet (closing BSE level on Friday)
to INR863 for IndiGo and Jet at INR541. "AI too will have to find
its share's correct price based on market valuation," said an
executive, adds TOI.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.  TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ALF TECHNOLOGIES: CRISIL Suspends B+ Rating on INR33MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of ALF
Technologies India Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            33        CRISIL B+/Stable
   Letter of Credit       20        CRISIL A4
   Term Loan               5        CRISIL B+/Stable

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

ALF, incorporated in 2010, is engaged in business of automotive
batteries and inverters. It is owned and managed by Mr. Mahavir
Jain and his brother, Mr. Gaurav Jain. The company sells the
batteries and inverters under the brand name, AKIYO.


ANDREW YULE: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Andrew Yule &
Company Ltd's (AYCL) 'IND D' Long-Term Issuer Rating to the
suspended category. The rating will now appear as 'IND
D(suspended)' on the agency's website.

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

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

AYCL's ratings:

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

   -- INR374.4 mil. fund-based limits: migrated to
      'IND C(suspended)' from 'IND C'

   -- INR27.60 mil. non-fund-based limits: migrated to
      'IND A4(suspended)' from 'IND A4'


ARTI SHIP: CRISIL Suspends B+ Rating on INR295.8MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Arti Ship
Breaking.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     295.8      CRISIL B+/Stable

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

ASB was set up in 1994 by Mr. Arun Kumar Prabhudas Shah and his
three brothers. The firm undertakes ship-breaking activities at
Alang (Gujarat).


ARUN POLYMERS: CARE Assigns B+ Rating to INR9cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Arun
Polymers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       9        CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Arun Polymers is
constrained on account of limited experience of the promoter in
polypropylene bag manufacturing industry, fluctuating profit
margins due to volatile raw material pricing and working capital
intensive nature of operations. The rating is further constrained
due to its proprietorship nature of business with relatively small
scale of operations, leveraged capital structure and weak debt
coverage indicators.

The rating, however, takes comfort from favorable outlook for the
plastic packaging industry and steadily increasing total income.

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

APS is a proprietorship firm, established in 2013 by Mr. Arun
Kumar. It started commercial operations from April 2013. The firm
is engaged in the business of manufacturing polypropylene sack
bags (PP bags) at its manufacturing unit located in Dindigul
district of Tamil Nadu. The major raw material for the unit is
virgin raffia (a by-product of petroleum) granules which are
majorly purchased from Reliance Industries Limited (RIL). The firm
had an installed capacity of 100 tons per month as on
March 31, 2016, which has been increased to 250 tons per month as
on July 31, 2016. The sales of the firm majorly take place in the
states of Tamil Nadu and Telangana.

In FY15 (refers to the period April 01 to March 31), APS earned
PAT of INR0.09 crore on a total operating income of INR14.74
crore. During FY16 (Provisional), the firm had achieved a PAT of
INR0.12 crore on a total operating income of INR19.59 crore.


BELL LEASING: CARE Assigns B (FD) Rating to INR3cr Loan
-------------------------------------------------------
CARE assigns CARE B (FD) rating to the fixed deposit programme of
Bell Leasing and Hire Purchase Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fixed Deposit                 3.00       CARE B (FD)

Rating Rationale

The rating assigned to the Fixed Deposit issue of Bell Leasing and
Hire Purchase Limited is constrained by small size of operations
confined to a limited geography and weak asset quality. The rating
also factors in continuous decline in loan portfolio and loss
during FY15 and FY16 (refers to the period April 1 to March 31).
The rating also takes note of BLHPL's presence in used vehicle
financing which is relatively riskier asset class.

The rating factors in experience of the management team and good
capital adequacy levels. Going forward, the ability of the company
to profitably scale up the operations while maintaining the
capital adequacy levels and improve the asset quality would be the
key rating sensitivities.

Bell Leasing and Hire Purchase Limited registered with RBI as a
deposit taking NBFC-AFC. BLHPL is a closely held company which was
promoted by Mr. Chacko in 1984. The company is predominantly
engaged in financing of used heavy commercial vehicles,
machineries, two wheelers, etc., under lease & hire purchase
loans. The average ticket size is INR 3 lakh to INR 5 lakh. As on
March 31, 2016 it had a loan portfolio of INR 2.5 crore and the
entire operations are confined to Kerala with head office at
Kochin. As on March 31, 2015, promoters and family members hold
79.57% stake and the remaining stake by Kuttanad Credit and
Investment Limited (20.43%).

During FY16 (prov.), the company registered net loss of INR0.2
crore on a total income of INR0.7 crore as against net loss of
INR0.4 crore and total income of INR0.8 crore during FY15.


BIHAR BOTTLERS: Ind-Ra Suspends 'IND B' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bihar Bottlers
and Blenders Pvt. Ltd.'s (BBBPL) 'IND B' Long-Term Issuer Rating
to the suspended category. The Outlook was Stable. The rating will
now appear as 'IND B(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 BBBPL.

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

BBBPL's ratings:

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

   -- INR15.5 mil. fund-based limits: migrated to
      'IND B(suspended)' from 'IND B'

   -- INR59.49 mil. long-term loan: migrated to
      'IND B(suspended)' from 'IND B'


CHIRAKEKAREN GLASS: CRISIL Reaffirms B- Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chirakekaren Glass
House Private Limited continue to reflect CGHPL's large working
capital requirements and its modest scale of operations in the
fragmented glass and plywood trading segments. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

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

   Loan Against Property   41.6     CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan               38.4     CRISIL B-/Stable (Reaffirmed)

   Long Term Loan          40.0     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CGHPL will continue to benefit from its
established relations with the suppliers and customers, and the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company reports significant growth in
its revenues and profitability, resulting in sizeable cash
accruals, thereby improving its liquidity. Conversely, the outlook
may be revised to 'Negative' if CGHPL reports lower than expected
revenues or profitability, or if it undertakes large debt-funded
capital expenditure thereby weakening its financial risk profile.

CGHPL, reconstituted as a private company in 2005, is engaged in
the dealership and distribution of glass, plywood, and hardware
fittings such as bathroom fittings, adhesives and other modern
sanitary items. CGHPL's day-to-day operations are managed by Mr.
Sunny Anto Chirakekaren, Mr. Sinto Joy Chirakekaren, and Mr.
Lenish Chirakekaren.


CLS INDUSTRIES: CARE Lowers Rating on INR14.33cr Loan to D
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of CLS
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.33      CARE D Suspension
                                            revoked and revised
                                            from CARE B

Rating Rationale

The revision in the rating assigned to the bank facilities of CLS
Industries Private limited is primarily driven by ongoing delay in
debt repayment due to weak liquidity position.

Establishing a clear debt servicing track record with an
improvement in the liquidity position and increase its scale of
operations with an improvement in profit margins and capital
structure are the key rating sensitivities.

Gandhidham-based (Gujarat) CIPL, erstwhile known as Ave Hotels and
Resorts Private limited, was incorporated in the year 2008 as a
private limited company by Mr. Shyam Sharma (Director) and his two
sons Mr. Mohit Sharma and Mr. Rohit Sharma. The name of the
company was changed to its present form on May 18, 2010.

CIPL is engaged in the manufacturing of core veneer with an
installed capacity of 18.25 lakh Square Meter per Annum (SMPA),
phase veneer with an installed capacity of 54.75 lakh SMPA, marine
plywood with an installed capacity of 1.10 lakh per annum, block
board with an installed capacity of 3.65 lakh per annum and flush
doors with an installed capacity of 1.10 lakh per annum as on
March 31, 2016. The commercial production of CIPL was started in
February 2011. The promoter group also has business interests in
other fields such as hospitality, leasing, trading, etc, through
their group concerns namely CLS Enterprise Private Limited, Shiv
Petroleum, Shiv Enterprise and C.L. Sharma Resorts Private
Limited.

As per the provisional results of FY16, CIPL reported net loss of
INR0.67 crore on a total operating income (TOI) of INR42.50 crore
as against net profit of INR0.10 crore on a TOI of INR24.73 crore
during FY15. As per the provisional results of 4MFY17, CIPL
registered TOI of INR14 crore.


COMMERCIAL MOTORS: CARE Assigns 'B' Rating to INR0.5cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' rating to the bank facilities
of Commercial Motors.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      0.50      CARE B Assigned
   Short-term Bank Facilities    11.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to Commercial Motors (CMM) are primarily
constrained by small and declining scale of operations with low
partners' capital base and weak financial risk profile marked by
low profitability margins, highly leveraged capital structure &
weak coverage indicators coupled with constitution of the entity
being a partnership concern. The ratings are further constrained
by working capital intensive nature of operations along with
pricing constraints and margin pressure arising out of competition
from various auto dealers in the market. The ratings, however,
draw comfort from experienced management in automobile dealership
and association with an established brand name.

Going forward; the ability of the firm to increase its scale of
operations while improving its profitability margins and capital
structure shall be the key rating sensitivity. Furthermore,
ability of the firm to efficiently manage its working capital
requirements would be another key rating sensitivity.

Bareilly-based (Uttar Pradesh), Commercial Motors was established
in 1985 as a partnership firm. The firm is currently being managed
by Mr. Arun Gupta and Mr. Shivam Gupta. CMM is an authorized
dealer of Tata Motors limited (TML) vehicles since 1985. The firm
operates though its 3S (Sales, spare service) facility and is
engaged in the sale of commercial vehicle i.e. trucks and buses,
servicing of vehicles, sale of spare parts.

In FY15 (refers to the period April 1 to March 31), CMM has
achieved a total operating income (TOI) of INR49.04 crore and
PAT of INR0.02 crore. In FY16 (provisional results), the firm has
achieved total operating income of INR49.04 crore with PBILDT and
PAT of INR6.06 crore and 0.05 crore.


DOLPHIN NUTRACEUTICALS: CRISIL Suspends B Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Dolphin
Nutraceuticals India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      200       CRISIL B/Stable

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

DNIPL was set up in February 2013 by Mr. Kiran Mahale, his family
and business associates. The company is likely to commence
production in the first quarter of 2015-16 (refers to financial
year, April 1 to March 31); it is expected to cultivate and
process spirulina algae, which is useful in reducing blood
cholesterol, prevention of vitamin A deficiency, and anaemia.
DNIPL has entered into technical collaboration with Green Bubble
Algal Works Pvt Ltd.


EMPIRE PHOTOVOLTAIC: CRISIL Suspends D Rating on INR127.5MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Empire
Photovoltaic Systems Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             28        CRISIL D

   Proposed Long Term
   Bank Loan Facility      10.8      CRISIL D

   Term Loan              127.5      CRISIL D

   Working Capital
   Term Loan                3.7      CRISIL D

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

EPSPL was set up in 2010 by Mr. L Anil Kumar and his friends. The
company manufactures solar photovoltaic modules. It commenced
operations in 2012, and is based in Hyderabad (Telangana).


G.M. RAVINDRA: CRISIL Reaffirms B+ Rating on INR65MM Loan
---------------------------------------------------------
CRISIL's ratings the bank facilities of G.M. Ravindra continue to
reflect GMR's modest scale of operations in a fragmented civil
construction industry, its large working capital requirements, and
customer concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive industry
experience of GMR's proprietor in the civil construction industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          35       CRISIL A4 (Reaffirmed)
   Overdraft Facility      65       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GMR will continue to benefit over the medium
term from its proprietor's extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm reports substantial growth in its scale of operations
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case there
is significant decline in the firm's revenue or profitability, or
in case of stretch in its working capital cycle, or if it
undertakes any large debt-funded capital expenditure programme,
thereby significantly impacting its financial risk profile.

Update
GMR recorded revenues of around INR78.9 million in 2015-16. Going
forward, the revenues of the company are expected to improve on
the back of healthy order book of the company of around INR400
billion to be executed over the period of next 2 years. GMR's
operating profitability has been healthy at around 12-15 per cent
for the past 3 years ending 2015-16. The operating profitability
of the firm is a function of nature of the projects which the firm
undertakes. GMR's working capital requirements continue to be
sizeable driven by the high inventory levels given the intensive
nature of operations. GMR's liquidity remains adequate marked by
moderately utilized bank lines on the back of its sizable working
capital requirements. GMR's revenue and operating margin will
remain key rating sensitivity factors affecting the accretion to
reserves and thus the liquidity and financial profiles.

GMR's financial profile continues to be modest marked by an
average capital structure and moderate debt protection metrics.
GMR's gearing stood at 2.4 times as on March 31, 2016 and is
expected to remain at similar over the medium term on account of
low accretion to reserves. GMR's working capital management, along
with capital expenditure plans and their funding thereof will
remain key rating sensitivity factors affecting the financial
profile over the medium term.

GMR was set up in 2004 as a sole proprietorship concern by Mr. G M
Ravindra in Bengaluru. The firm is engaged in civil construction
works, primary construction of Reinforced Concrete (RCC) culverts
and storm water drains, in Bengaluru. GMR is a registered
contractor with Bruhat Bengaluru Mahanagara Palike (BBMP).


GUJARAT FOILS: CARE Lowers Rating on INR139.24cr LT Loan to 'D'
---------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Gujarat
Foils Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    139.24      CARE D Revised from
                                            CARE BBB

   Short term Bank Facilities   105.00      CARE D Revised from
                                            CARE A3+

Rating Rationale

The revision in the ratings takes into account the ongoing
delays/defaults in debt servicing by the company.

Incorporated in 1992 as a public limited company, Gujarat Foils
Limited was acquired by Topworth Group in 2008.  Mr. Abhay Lodha
(promoter of the Topworth Group) is the Chairman of GFL and has
more than a decade of experience in steel trading and
manufacturing. GFL manufactures aluminum sheets and foils for
industrial applications like bottle caps used in brewery and
pharmaceutical packaging, heat exchanger fins of AC units, Eyelets
used in footwear and garment sector, end caps of Tube lights used
in electrical sector. Besides, GFL has presence in consumer
products business with its embossed consumer house foil
'nutriwrap'. Also, in November 2014, the company ventured into a
new activity in the consumer segment and commenced manufacturing
of Semi-Rigid Containers (SRC), which are used mostly by
restaurants to supply packaged food to cater to the orders from
households. The SRC manufacturing unit is a leasehold premise at
Bhiwandi, Maharashtra. As on March 31, 2016, GFL has 28000 tonnes
sheets and foils rolling capacity and 3600 tonnes pharmaceutical
foil rolling capacity.

The company reported a net loss of INR 1.56 crore on total
operating income of INR453.30 crore in FY16 as compared to a
net profit of INR6.72 crore on total operating income of INR487.71
crore in FY15. Also, during Q1FY17 (provisional results), the
company reported a net loss of INR 4.40 crore on a total income of
INR 86.29 crore as compared to PAT of 1.83 crore on total income
of INR102.49 crore during Q1FY16 (provisional results).


JAYDEEP TUBES: Ind-Ra Suspends 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jaydeep Tubes
Pvt Ltd's 'IND B+' Long-Term Issuer Rating to the suspended
category. The Outlook was Stable. The rating will now appear as
'IND B+(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 JTPL.

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

JTPL's Ratings:

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

   -- INR20 mil. fund-based working capital limit: migrated to
      'IND B+(suspended)' from 'IND B+'

   -- Proposed INR10 mil. fund-based working capital limit:
      'Provisional IND B+'; rating withdrawn as the company did
      not proceed with the instrument as envisaged

   -- Proposed INR23.8 mil. term loan: 'Provisional IND B+';
      rating withdrawn as the company did not proceed with the
      instrument as envisaged


JYOTI SPINNERS: CARE Assigns B+ Rating to INR6.30cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Jyoti Spinners.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.30      CARE B+ Assigned
   Short term Bank Facilities     3.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Jyoti Spinners are
primarily constrained by its small scale of operations with low
capital base, elongated operating cycle and execution and
stabilization risk associated with its expansion project.

The ratings are further constrained by its foreign exchange
fluctuation risk, seasonality associated with the product
manufactured and highly competitive nature of the industry.

The ratings, however, draw comfort from experienced partners, long
track record of operations and moderate profitability margins and
capital structure. Going forward, the ability of the firm to
increase the scale of operations while improving profitability
margin and managing its working capital requirements shall be the
key rating sensitivity. Also, completing the ongoing capex within
cost and time estimates shall be the key rating sensitivities.

Panipat-based (Haryana), Jyoti Spinners, partnership firm, was
established in 1991 by Mr. Ishwar Goel, Mr. Ashok Goel and
Mr. Neeraj Aggarwal. Currently the operations are managed by Mr.
Akhil Goel and Mr. Ankit Goel. JS is engaged in manufacturing of
shoddy yarn, which is used in manufacturing of blankets, at its
manufacturing facility located in Panipat, Haryana with an
installed capacity of 500 Kg yarn per day. The firmimports the raw
material i.e rags from Europe, U.S. etc and sells the yarn
produced through agents in places such as Panipat, Rajasthan and
Punjab and also export to African countries (50% of sales).

In FY15 (refers to the period April 1 to March 31), JS has
achieved a total operating income (TOI) of INR6.17 crore with PAT
of and INR0.06 crore. In FY16 (based on provisional results), the
firm has achieved TOI amounting to INR5.91 crore.


LEKHYA MOTORS: CARE Assigns B+ Rating to INR12.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Lekhya
Motors Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.50      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Lekhya Motors
Private Limited is constrained by the project stabilisation risk,
volume-driven business with intense competition in the auto
dealership industry, working capital intensive nature along with
cyclical nature of the industry.

The rating, however, derives strength from experience of the
promoters in the industry along with long-term association with
Maruti Suzuki India Limited.

Going forward, the ability of the company to sell higher volumes
of cars, generate higher cash accruals along with efficient
management of working capital requirements will be the key rating
sensitivities.

Incorporated on May 2, 2016, LMPL is promoted by Mr. Goluguri
Sriramareddy Lekhya and Ms Jwalitha Goluguri Lekhya. LMPL is a
part of the Reddy and Reddy Group which has 7 other associate
companies engaged in trading of sea food and dealers of
automobiles.

LMPL is an authorized dealer of Maruti Suzuki India Limited. The
company is engaged in sale of new cars, servicing of vehicles and
sale of spare parts (3S) and operates through its NEXA showroom
situated in Hubballi, Karnataka. The variant of vehicles offered
by the entity includes Baleno, S Cross, Ignis and Ciaz Face Lift.
The total project cost is estimated to be around INR5.51 crore to
be funded by INR3.5 crore of term loan and remaining by promoters'
equity. Furthermore, LMPL will also be involved in sale of spares
and accessories and services through its services shop and body
shop. The installed capacity for service shop and body shop is
estimated to be around 12,000 vehicles per annum and 3,000
vehicles per annum, respectively. The commercial operations of the
company are expected to commence from Mid September 2016.


MARK INTERNATIONAL: Ind-Ra Suspends 'IND BB' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mark
International Foods Stuff Pvt 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 agency has also migrated the rating on MIFSPL's
INR60m fund-based working capital limits to 'IND BB(suspended)'
from 'IND BB'. 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 MIFSPL. 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.


MUKKA SEA: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mukka Sea Food
Industries Private Limited a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The agency has also assigned MSFIPL's
INR400 mil. fund-based facilities a Long-term 'IND BB' rating with
a Stable Outlook and a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect MSFIPL's moderate credit profile. According to
provisional FY16 financials MSFIPL's revenue was INR1,572 mil.
(FY15: INR1,827 mil.) and operating EBITDA margin was 3.9% (2.9%)
with net leverage (Ind-Ra adjusted net debt/Operating EBITDAR) of
7.5x (8.1x) and EBITDA interest coverage (operating EBITDA/gross
interest expense) of 2.3x (2.9x).

The ratings are constrained on volatile fish prices and supply and
currency fluctuations. MSFIPL's EBITDA margin fluctuated between
0.9% to 4.4% over FY12-FY16 on account of fish price movements and
currency fluctuation. 80% of MSFIPL's revenue comes from exports
and all orders are signed in USD.

MSFIPL's liquidity profile remains moderate with its fund based
facilities being utilized at an average of 77.3% over the 12 month
ended June 2016.

The ratings, however, are supported by five decades of operating
experience of the company's promoter in the aquaculture business.

RATING SENSITIVITIES

Positive: A substantial growth in the company's top-line along
with the improvement in the profitability leading to a sustained
improvement in the overall credit metrics could lead to a positive
rating action.

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

COMPANY PROFILE

MSFIPL was incorporated in 2003 as a partnership firm which
converted into a private limited company in 2010. It is engaged in
manufacturing of fish meal, fish oil and fish soluble paste. The
company's manufacturing unit is in Mangalore, Karnataka with a
capacity to process 167 metric tons of raw fish daily. The unit
has ISO9001:2008, ISO22000:2005, HACCP, GMP+, AQSIQ and EU
certifications.


NEO PACK: Ind-Ra Suspends 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Neo Pack Plast
(India) 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 NPPIPL.

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.

NPPIPL's ratings:

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

   -- INR50 mil. fund based working capital limits: migrated to
      'IND BB-(suspended)' from 'IND BB-'

   -- INR5.8 mil. long term loans: migrated to 'IND BB-
      (suspended)' from 'IND BB-'

   -- INR3.5 mil. non-fund based working capital limits: migrated
      to 'IND A4+(suspended)' from 'IND A4+'


OMKAMAL STEEL: CRISIL Reaffirms B+ Rating on INR39MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Omkamal Steel
Pvt Ltd continues to reflect OMSPL's small scale of operations
with constrained profitability due to competitive and fragmented
nature of industry. It also has a weak financial risk profile
marked by small networth and high gearing.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             39       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      16       CRISIL B+/Stable (Reaffirmed)

   Term Loan               10       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are mitigated by the promoters' extensive
industry experience and diversified of end-user industries
Outlook: Stable

CRISIL believes that OMSPL will continue to benefit from the
promoters' extensive experience and established client base. The
outlook may be revised to 'Positive' if OMSPL significantly
improves its capital structure, or scale of operation and
profitability leading to improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative', in
case the company generates low accruals or if it undertakes any
large additional debt-funded capital expenditure programme leading
to deterioration in its financial risk profile or pressure on
liquidity due to any stretch in working capital requirements.

Incorporated in 2005, OMSPL manufactures several types of MS steel
wires such as HB wire, GI wire, binding wire, galvanised binding
wire and barbed wire catering to varied industries like
construction, agriculture, fencing, welding electrodes,
reinforcement, and power and cable industry.


P. C. INDUSTRIES: CRISIL Reaffirms B- Rating on INR55MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of P. C. Industries
continue to reflect a weak financial risk profile, and a modest
scale, and working capital intensity nature, of operations. These
rating weaknesses are partially offset by the extensive experience
of the firm's promoters in the electrical industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            55        CRISIL B-/Stable (Reaffirmed)
   Term Loan              19.9      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PCI will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of higher-than-
expected cash accrual, sufficient to meet term debt obligations,
backed by substantial improvement in revenue and operating margin.
The outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens, on account of lower-
than-expected cash accrual, significant debt-funded capital
expenditure, or deterioration in working capital management.

Update
Revenue grew marginally to about INR114.0 million in fiscal 2016
from INR112.0 million in fiscal 2015. That's because of a change
in the credit policy to customers whereby orders are only executed
against advance payment or on letters of credit, leading to lower-
than-expected orders. Operating margin improved to about 14.6% in
fiscal 2016 from 8.3% in fiscal 2015 backed by lower cost of
inventory procured during the acquisition Pierlite India Pvt Ltd
(PIPL). Business operations have remained working capital
intensive despite improvement in the debtor cycle to about 41 days
as on March 31, 2016, from 173 days a year earlier, supported by
change in the credit policy. The working capital cycle has
remained stretched on account of large inventory acquired during
acquisition of PIPL.

The financial risk profile remains modest with aggressive gearing
of about 3.73 times as on March 31, 2016, and modest debt
protection metrics: interest coverage and net cash accrual to
total debt ratios were about 1.5 times and 0.07 time,
respectively, in fiscal 2016. Though the financial risk profile
has improved, it remains weak due to aggressive gearing and a
modest networth.

Liquidity remains weak with insufficient cash accrual to meet term
debt obligation. Cash accrual is expected at INR7-10.0 million per
annum over the medium term against repayment obligation of about
INR12.7 and INR6.6 million in fiscal 2017 and fiscal 2018,
respectively. Liquidity, and hence the financial risk profile,
remains supported by promoters through unsecured loans, the
balance of which was about INR12.9 million as on
March 31, 2016, and additional equity of about INR9.2 million.

Established in 1996, PCI is proprietorship concern promoted by
Mr. Mayur Shah of Ahmedabad, Gujarat. The firm manufactures
electrical utilities such as switch gear, fuse gear, re-wireable
kit-kat fuses, fuse links, fuse bases, fuse fittings, fuse
pullers, link disconnectors, bus bar support, cut-outs, and
distribution box assemblies. These are used in power transmission
and distribution (T&D), infrastructure, industrial, and other
applications. Operations are presently handled by Mr. Mayur Shah
and his sons, Mr. Falun Shah, and Mr. Honey Shah.


P.S. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR77.5MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of P.S. Industries (Regd)
continues to reflect PSI's modest financial risk profile, marked
by average gearing and debt protection metrics, with constrained
financial flexibility as a result of large working capital
requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            77.5      CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       20.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     24.3      CRISIL B+/Stable (Reaffirmed)


   Term Loan               8.2      CRISIL B+/Stable (Reaffirmed)

The rating also reflects high customer concentration in revenue,
and exposure to intense competition. These weaknesses are
partially offset by the extensive experience of the promoter and
financial support received from him.
Outlook: Stable

CRISIL believes PSI will continue to benefit from the extensive
experience of its promoter in manufacturing nuts and bolts for the
automobile industry. The outlook may be revised to 'Positive' if
expansion in scale of operations increases cash accrual thereby
improving the financial risk profile. The outlook may be revised
to 'Negative' if increased working capital requirement or large
debt-funded capital expenditure weakens the financial risk
profile.

Set-up in 1987 as a proprietorship firm by Mr. Parminder Singh,
PSI manufactures nuts, bolts, and fasteners used in the automobile
industry. Its plant is located in Ludhiana (Punjab).


PASHANKAR AUTO: CRISIL Suspends 'B' Rating on INR375MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Pashankar Auto India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     375        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
PAIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PAIPL is yet to
provide adequate information to enable CRISIL to assess PAIPL'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 2007-08, PAIPL leases out commercial real estate.
However till June 2014, the company was an authorised dealer of
Audi vehicles.


PRASANTHI CASHEW: CRISIL Reaffirms 'B' Rating on INR300MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Prasanthi Cashew
Company continue to reflect a below-average financial risk profile
because of high gearing and average debt protection metrics.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Foreign Bill Purchase    50       CRISIL A4 (Reaffirmed)
   Packing Credit          450       CRISIL A4 (Reaffirmed)
   Packing Credit          300       CRISIL B/Stable (Reaffirmed)

The ratings also factor in susceptibility to volatility in cashew
prices and to intense competition in the cashew processing
industry. These rating weaknesses are partially offset by the
extensive industry experience of the firm's proprietor and
established market position in processing and exporting cashew
kernels.
Outlook: Stable

CRISIL believes PCC will continue to benefit over the medium term
from the industry experience of its proprietor. The outlook may be
revised to 'Positive' if liquidity improves significantly, leading
to lower reliance on bank borrowing to fund working capital
requirement. The outlook may be revised to 'Negative' in case of
deterioration in working capital management, or significant
decline in cash accrual because of lower revenue or operating
profitability, leading to weakening of liquidity.

PCC, founded as a proprietorship firm by Mr. Mohan Chandra Nair in
Kerala in 1984, processes and exports cashew kernels.


SAI SRINIVASA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai Srinivasa
Cotton Industries continues to reflect a below-average financial
risk profile because of a small net worth and high gearing.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit          100.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      2.6       CRISIL B+/Stable (Reaffirmed)

The rating also factors in susceptibility of margins to regulatory
changes and to volatility in cotton prices. These rating
weaknesses are partially offset by the extensive experience of the
firm's partners in the cotton industry and the advantageous
location of its plant.
Outlook: Stable

CRISIL believes SSCI will continue to benefit over the medium term
from the extensive industry experience of its partners and its
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if there is substantial and sustained
improvement in revenue and profitability margins, or a significant
increase in networth due to sizeable equity infusion. The outlook
may be revised to 'Negative' in case of a decline in scale of
operations, negatively impacting cash accrual, or deterioration in
liquidity because of large working capital requirement or debt-
funded capital expenditure.

SSCI, a partnership firm, was set up in 2010. It undertakes cotton
ginning and pressing of raw cotton into bales. The firm is based
at Mahabubabad in Warangal, Andhra Pradesh.


SAPPHIRE SPINNERS: CRISIL Suspends 'D' Rating on INR83.7MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sapphire Spinners India Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         11.3      CRISIL D
   Cash Credit            75.0      CRISIL D
   Proposed Bill
   Discounting
   Facility               30.0      CRISIL D
   Term Loan              83.7      CRISIL D

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

Set up in 2004, SSIPL sells knitted fabric. The company also
manufactures cotton yarn and ready-made garments. SSIPL's day-to-
day operations are managed by its managing director, Mr. K R
Karthi Raja.


SHREE NAKODA: CRISIL Suspends B+ Rating on INR118MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Nakoda Ginning And Pressing Factory.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            118       CRISIL B+/Stable
   Term Loan               25       CRISIL B+/Stable

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

SNGPF is a partnership firm of Mr. Premchand Doshi and family,
which was previously known as Nakoda Ginning and Pressing Factory
(Nakoda). Nakoda was a proprietorship firm of Mr. Premchand Doshi
and was engaged in the cotton ginning and pressing business since
1996. SNGPF had taken over operations of the Nakoda from FY 2013-
14. The firm has a ginning and pressing unit in Khargone (Madhya
Pradesh), with an installed capacity of 450 cotton bales per day.


SHREE PRITHVI: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Prithvi
Steel Rolling Mills Pvt 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 migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for Prithvi.

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

Prithvi's Ratings:

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

   -- INR147.5 mil. fund-based working capital limit: migrated to
      'IND BB+(suspended)' from 'IND BB+'

   -- INR90 mil. non-fund-based working capital limit: migrated
      to 'IND A4+(suspended)' from 'IND A4+'

   -- INR52.68 mil. term loan: migrated to 'IND BB+(suspended)'
      from 'IND BB+'


SHREE VIJAYASHREE: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating the long-term bank facilities of Shree Vijayashree
Food Processing Industries continues to reflect the firms' modest
scale of operations in the intensely competitive rice-milling
industry, and the susceptibility of the firm's operating
profitability to changes in government regulations and to
volatility in raw material prices.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             60       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          10       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the firm's below-average financial risk
profile, marked by weak capital structure and debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SVFPI's promoters in the rice industry and
benefits expected from the healthy demand prospects for this
industry.
Outlook: Stable

CRISIL believes that SVFPI will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially or in case of significant
infusion of capital into the firm, resulting in an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if SVFPI undertakes a large debt-funded capital
expenditure programme or if its partners withdraw capital from the
firm, leading to deterioration in its financial risk profile.

Update
SVFPI recorded revenues of around INR230 million in 2015-16 which
marginally declined as compared to INR260 million in 2014-15.
Going forward, CRISIL believes that the revenues of the firm are
expected to grow at a modest pace given the small scale of
operations of the company. In 2015-16, SVFPI's operating margins
were moderate at around 6-7 per cent and are expected to remain at
similar levels over the medium term. SVFPI's working capital
requirements continue to be sizeable driven by the high inventory
levels at 130 days as on March 31, 2016. SVFPI's liquidity remains
stretched marked by fully utilized bank lines on the back of its
working capital requirements. Also, the firm is expected to
generate sufficient net cash accrual generation of INR5-6 million
over the medium term to meet its term debt obligations of INR3.6
million over the medium term. SVFPI's revenue and operating margin
will remain key rating sensitivity factors affecting the accretion
to reserves and thus the liquidity and financial profiles.

The firm's financial profile continues to be modest marked by an
aggressive capital structure and weak debt protection metrics. The
firm's working capital management, along with capital expenditure
plans and their funding thereof will remain key rating sensitivity
factors affecting the financial profile over the medium term.

Set up in 2009, SVFPI mills and processes paddy into rice, rice
bran, broken rice, and husk. It has an installed paddy milling
capacity of 6 tonnes per hour. Its rice mill is located at
Allanagar village in Koppal (Karnataka). The partners of the firm
are Mr. Arihanthkumar Mehta, Mr. S. Goutamchand Mehta, Mr. S.
Vijaykumar Mehta, and Mr. Vishal Mehta.


SRI KRISHNA: CRISIL Reaffirms 'B' Rating on INR12.5MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Krishna Timber Mart
& Saw Mill continue to reflect the firm's small scale of
operations in the highly fragmented timber industry, its below-
average financial risk profile because of high total outside
liabilities to tangible networth ratio, and its large working
capital requirement.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting
   under Letter of
   Credit                  2.5      CRISIL A4 (Reaffirmed)

   Cash Credit            12.5      CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       75        CRISIL A4 (Reaffirmed)

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

CRISIL believes SKTM will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the firm significantly scales up its operations
while maintaining operating profitability and improving its
working capital management, resulting in a better financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
declines, or working capital management weakens, or if the firm
undertakes large debt-funded capital expenditure, weakening its
financial risk profile.

SKTM, set up in 1985 as a proprietorship firm, trades in timber.
The firm, based in Salem, Tamil Nadu, is promoted by Mr. Krishna
Raj.


VEL MURUGAN: CRISIL Suspends 'D' Rating on INR135MM Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Vel
Murugan Timber Industries (part of Velmurugan group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Letter
   of Credit               135       CRISIL D
   Proposed Long Term
   Bank Loan Facility       41       CRISIL D
   Secured Overdraft
   Facility                 24       CRISIL D

The suspension of rating is on account of non-cooperation by VTI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, VTI is yet to
provide adequate information to enable CRISIL to assess VTI'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 Vel Murugan Timber Industries and Vel
Murugan Timber Traders. This is because both these firms, together
referred to as the Velmurugan group, are in a similar line of
business, and have the same promoters and significant business
synergies.

The Velmurugan group is based in Chennai (Tamil Nadu). It trades
in and processes timber. While VTT is involved only in timber
trading, VTI is involved in both trading and processing of timber.
The group's day-to-day operations are managed by Mr. Paneer Selvam
and Mr. S Sridhar.



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


DOOSAN BOBCAT: Moody's Retains B1 CFR on Proposed IPO
-----------------------------------------------------
Moody's Investors Service said that Doosan Bobcat Inc.'s (DBI)
plan to list on the Korea Exchange, if completed as planned, will
be credit positive.

The company's B1 corporate family rating and stable rating outlook
remain unchanged.

"Although the IPO will not provide DBI with meaningful cash
inflow, the transaction -- if it proceeds as planned -- will
improve the financial profile of its parent Doosan group, which
has been a drag on DBI's credit profile," says Wan Hee Yoo, a
Moody's Vice President and Senior Analyst.

"We also expect the IPO to improve DBI's transparency and
corporate governance," adds Yoo.

According to DBI's announcement on September 2016, DBI plans to
list itself on the Korea Exchange by around Oct. 21, 2016.

The IPO will have a minimal direct impact on DBI's financial
profile, because it will only issue KRW5 billion worth of new
shares during the IPO process.

However, the transaction will help Doosan group lower its
financial leverage and alleviate liquidity pressure, because DBI's
two shareholders -- Doosan Infracore Co., Ltd (DI, unrated) and
Doosan Engine Co., Ltd (unrated) -- would raise about KRW1.1-1.4
trillion through the sale of their DBI shares during the IPO
process.  Such proceeds would account for about 22%-26% of the two
companies' combined reported debt as of end-June 2016.

Upon completion of the IPO, Doosan group's ownership of DBI should
decrease to 51% from 78%.

Moody's expects DBI's adjusted debt/EBITDA to improve to 3.3x-3.5x
over the next 12-18 months from 4.0x in 2015, driven by steady
growth in earnings and positive free cash flow, part of which will
likely be used to reduce debt.  This level of financial leverage
solidly positions the company at the B1 corporate family rating.

The principal methodology used in this rating was Global
Manufacturing Companies published in July 2014.

Doosan Bobcat Inc. is the leading manufacturers of compact farm
and construction equipment in North America and EMEA.  It engages
in the design, manufacture, sale and service of compact farm and
construction equipment under the Bobcat brand and portable power
products.  It also distributes heavy construction equipment
produced by its parent Doosan Infracore Co Ltd.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***