TCRAP_Public/161116.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

         Wednesday, November 16, 2016, Vol. 19, No. 227

                            Headlines


A U S T R A L I A

BALVEST PTY: First Creditors' Meeting Set for Nov. 24
PLATFORM BAR: First Creditors' Meeting Set for Nov. 23


C H I N A

CHINA FIBRETECH: Warns of Significant Loss in Q3
MIRAMAR LABS: Recurring Losses Raise Going Concern Doubt


H O N G  K O N G

PACIFIC ANDES: Goldin Prepares Draft Reorganization Plan


I N D I A

AGGARWAL FOODS: ICRA Reaffirms B+ Rating on INR16.77cr Loan
AL-AYAAN FOODS: ICRA Assigns 'B' Rating to INR20cr Loan
AMAR TRADES: CRISIL Lowers Rating on INR45MM Cash Loan to B+
ANJANI COTGIN: CARE Assigns B+ Rating to INR7.02cr Long Term Loan
ASSOCIATED PLASMATRON: CRISIL Reaffirms B+ Rating on INR108M Loan

B.M. ENTERPRISES: CARE Reaffirms B+ Rating on INR5cr LT Loan
BIHANI AGRO: CARE Reaffirms B+ Rating on INR9.65cr LT Loan
CHANDAN SALT: CRISIL Suspends B+ Rating on INR11MM Term Loan
DHARA PETROCHEMICALS: CRISIL Suspends B Rating on INR50MM Loan
DMW CNC: CRISIL Lowers Rating on INR188.8MM Loan to 'B'

G.D. METSTEEL: ICRA Raises Rating on INR15cr Cash Loan to 'B'
GAINUP INDUSTRIES: CRISIL Lowers Rating on INR220MM Loan to 'D'
GOLD STAR: CARE Assigns B+/A4 Rating to INR15cr Bank Loan
GOLDEN GLOBE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
GRANITE ZONE: CRISIL Reaffirms B+ Rating on INR40MM LT Loan

INDIAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR2.5cr Loan
J. J. COLD: CARE Assigns 'B' Rating to INR6.75cr Long Term Loan
JAGWANI PROJECTS: CRISIL Cuts Rating on INR140MM LT Loan to 'D'
JSM VEGOILS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
KCS PVT: CRISIL Reaffirms 'B-' Rating on INR40MM Cash Loan

KMC CONSTRUCTIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
KOPPAL GREEN: ICRA Upgrades Rating on INR14cr Loan to BB-
LAXMINARAYAN FIBER: CARE Reaffirms B+ Rating on INR7.19cr Loan
LIKHITA PROCESS: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
LOGIX SOFT-TEL: ICRA Revises Rating on INR400cr Loan to 'B'

MAA KALI: ICRA Assigns B+ Rating to INR23cr Cash Loan
MAXIMO CERAMICS: CRISIL Reaffirms 'B+' Rating on INR49.2MM Loan
MAYFAIR FABRICS: CARE Reaffirms 'B' Rating on INR5.86cr LT Loan
MOTIL DEVI: ICRA Assigns 'B' Rating to INR5.0cr Term Loans
MUBASA ELECTRICAL: CARE Assigns B+ Rating to INR5cr LT Loan

NATIONAL EXPORT: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
ORIENT GREEN: ICRA Assigns 'D' Rating to INR105.5cr Term Loan
PALLAVA GRANITE: CRISIL Reaffirms 'B-' Rating on INR40MM Loan
PALLAVA GRANITE INDUSTRIES: CRISIL Ups INR45MM Loan Rating to C

PALLAVARED GRANITE PRIVATE: CRISIL Reaffirms C Rating on 5 Loans
PARAMSHAKTI STEELS: ICRA Lowers Rating on INR40cr Cash Loan to D
PHENIX PROCON: ICRA Suspends 'B' Rating on INR9.73cr Loan
PREMIER METAL: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
PROFESSIONAL EDUCATIONAL: CRISIL Reaffirms 'D' on INR210MM Loan

R. S. CONSTRUCTION: CRISIL Assigns B+ Rating to INR40MM LT Loan
RAJSHANTI METALS: CARE Assigns B/A4 Rating to INR10cr Bank Loan
RAMA FERRO: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
ROYAL ENTERPRISES: CRISIL Suspends 'B' Rating on INR20MM Loan
RSD OVERSEAS: CARE Assigns B+ Rating to INR10cr Long Term Loan

RUBICON INSPECTION: CRISIL Reaffirms 'B' Rating on INR30MM Loan
RUCHITA GOLD: CRISIL Suspends 'D' Rating on INR680MM Cash Loan
S.K.M. COLD: CARE Reaffirms 'B' Rating on INR2.79cr LT Loan
SANATAN MERCHANTS: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
SHREE RAM: CARE Ups Rating on INR6.31cr LT Loan to BB-

SONAR BANGLA: CRISIL Reaffirms B+ Rating on INR69MM Cash Loan
SRI LANGTA: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating
SRINIVAS INFRASTRUCTURE: Ind-Ra Affirms 'IND BB+' Issuer Rating
SURFACE GRAPHICS: CRISIL Suspends 'D' Rating on INR77.1MM Loan
SUZUKI TEXTILES: CARE Lowers Rating on INR143.87cr LT Loan to C

SWATI SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR73MM Loan
TECHNOMARK ENGINEERS: CRISIL Assigns 'B' Rating to INR90MM Loan
TECHOPS INFRASTRUCTURE: CRISIL Suspends B Rating on INR50MM Loan
ULTRA DENIM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
VIJAYAKRISHNA HATCHERIES: CRISIL Suspends 'D' Cash Credit Rating

WORTH INFRA: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating


P H I L I P P I N E S

RURAL BANK OF SALINAS: BSP Shutters Rural Bank


S I N G A P O R E

CHINA FISHERY: W. Brandt Named as Trustee to CFG Peru Singapore
SWISSCO HOLDINGS: To File for Interim Judicial Management


S O U T H  K O R E A

DAEWOO: Union Rejects Call for Joining Restructuring Move
DAEWOO SHIPBUILDING: May Face Delay of Angola Firm KRW1TT Payment


                            - - - - -


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


BALVEST PTY: First Creditors' Meeting Set for Nov. 24
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Balvest
Pty Ltd, trading as Balvest Pty Ltd as the trustee for The
Balmoral Investment Unit Trust, will be held at Suite 8,
240 Sydney Road, in Coburg, Victoria, on Nov. 24, 2016, at
11:00 a.m.

Edward John Muscat -- emuscat@mayfields.com.au -- of Mayfields
Business Advisors was appointed as administrator of Balvest Pty
on Nov. 14, 2016.


PLATFORM BAR: First Creditors' Meeting Set for Nov. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Platform Bar Pty Ltd, trading as Hashtag Public Bar, will be held
at The Rialto, Level 30, 525 Collins Street, in Melbourne,
Victoria, on Nov. 23, 2016, at 10:00 a.m.

Matthew James Byrnes and Andrew Stewart Reed Hewitt of Grant
Thornton were appointed as administrators of Platform Bar on
Nov. 14, 2016.


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


CHINA FIBRETECH: Warns of Significant Loss in Q3
------------------------------------------------
Business Times reports that China Fibretech warned that it will
report a significant loss for the third quarter and nine months
ended Sept. 30 as a result of disputed payments made to settle a
claim.

The fabric treatment company had suspended its stock a year ago
over claims by customers on alleged quality issues, the report
discloses. On Sept. 29, 2016, China Fibretech announced that
executive chairman and chief executive Wu Xinhua and non-
executive director Wu Dezhi had authorised payment to the
claimants through a subsidiary without the knowledge of
independent director Low Wai Cheong or senior finance manager Mak
Chi Shing, Business Times relates.

Those payments were made despite requests by Mr Low and Mr Mak
for the company to engage a law firm to handle the claim and to
seek board approval before making any payments, according to
Business Times.

Attempts to appoint a statutory auditor and a second independent
director have also been delayed as a result of Mr. Wu Xinhua's
requests to postpone those decisions, the report says.

Business Times notes that trading in the shares remains
suspended.

China Fibretech Ltd. is a China-based investment holding company.
The Company is engaged in the provision of dyeing and post-
processing treatment services for cotton, polyester (including
spandex) and mixed knitted fabrics. The Company's customers are
fabric trading companies and garment producers located in the
Fujian Province, People's Republic of China (PRC), whose products
are primarily sold in the PRC domestic market. The Company's
post-processing treatment imparts functionalities, such as water
and fire-resistance, ultra violet (UV)-protection, moisture
wicking, anti-static and antibacterial properties and enables it
to produce velvet and polar fleece fabric. The Company's
subsidiaries include Shishi Simwa Knitting and Dyeing Co., Ltd
(Shishi Simwa) and Xiamen Sunny Dyeing and Printing Co., Ltd
(Xiamen Sunny).


MIRAMAR LABS: Recurring Losses Raise Going Concern Doubt
--------------------------------------------------------
Miramar Labs, Inc., filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q, disclosing a net
loss of $3.92 million on $4.30 million of revenue for the three
months ended September 30, 2016, compared to a net loss of $3.69
million on $3.79 million of revenue for the same period in 2015.

The Company's balance sheet at September 30, 2016, showed total
assets of $16.52 million, total liabilities of $16.25 million,
and a stockholders' equity of $268,950.

Since its inception in 2006 as a Delaware corporation, the
Company incurred significant net losses and negative cash flows
from operations.  During 2015 and the nine months ended
September 30, 2016, the Company had net losses of $14.5 million
and $17.0 million, respectively.  At September 30, 2016, the
Company had an accumulated deficit of $110.5 million.

These factors raise substantial doubt about the Company's ability
to continue as a going concern.  At September 30, 2016, the
Company had cash and cash equivalents of $6.1 million.  To date,
the Company has financed its operations principally through
private placements of its preferred stock, issuances of senior
secured debt and receipts of customer deposits for new orders and
payments from customers for systems sold.  Through September 30,
2016, the Company has received proceeds of $100.5 million from
the issuance of shares of our preferred and common stock.

A full-text copy of the Company's Form 10-Q is available at:

                     http://bit.ly/2f7EdmB

Miramar Labs, Inc., formerly KTL Bamboo International Corp., is a
shell company.  The Company was previously engaged in the
distribution of water filtration systems produced in China.



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


PACIFIC ANDES: Goldin Prepares Draft Reorganization Plan
--------------------------------------------------------
Pacific Andes International Holdings Limited on Nov. 10, 2016,
provided an update on the development of the plan of
reorganization for the Chapter 11 proceedings currently
before the United States Bankruptcy Court in the Southern
District of New York.

A preliminary draft of the structure of the plan of
reorganization (the "Draft Plan") has been prepared by Goldin
Associates LLC, the independent Financial Advisor to the
Company, Pacific Andes Resources Development Limited (an indirect
subsidiary of the Company) and China Fishery Group Limited
(another indirect subsidiary of the Company), in collaboration
and consultation with the Company. A representative of Goldin
will be traveling to Asia in the week commencing on Nov. 14,
2016, to commence consultation with certain of the Company's
creditor constituencies to obtain a preliminary feedback on this
initial structure of the Draft Plan.

"The overriding goal in discussing the Draft Plan is to make a
concrete start in the process of detailed restructuring
negotiations with representatives of our creditor constituencies.
In that process, we expect to receive feedback and input on
behalf of those constituencies that will likely lead to further
development and refinement of the Draft Plan. Once this is
achieved, we plan to roll out the refined plan of reorganisation
to all our creditors for input and comment, and ultimately to put
a final definitive plan to all creditors for voting purposes.
Stakeholders should note that there is no certainty at this stage
that the preliminary proposals contained in the Draft Plan will
be implemented," the Company said in a statement.

The Company will announce further updates on the development of
the Draft Plan as significant developments arise.

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. The Company provides a range of at-sea
transportation and logistical services to fishing companies. The
Company operates fishing fleets and fishmeal processing
facilities in fishing grounds. The Company's supply chain sources
frozen seafood products from oceans across the world.

Pacific Andes Resources Development Limited sought protection
under Chapter 11 of the Bankruptcy Code (Bankr. S. D. N.Y. Case
No. 16-12739) on September 29, 2016.  The petition was signed by
Ng Puay Yee, Annie (Jessie), executive chairman.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at $1
billion to $10 billion and debts at $100 million to $500 million.

The Debtor's case is not jointly administered with the case of
its affiliate China Fishery Group Ltd. (Cayman), which sought
Chapter 11 protection on June 30, 2016.



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


AGGARWAL FOODS: ICRA Reaffirms B+ Rating on INR16.77cr Loan
-----------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ rating to INR16.80-crore bank lines
of Aggarwal Foods.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based limits      16.77        [ICRA]B+ (reaffirmed)
   Unallocated
   (Proposed Limits)       0.03        [ICRA]B+ (reaffirmed)

The rating action factors in the increase in the operating income
in FY2016 and the improvement in the gearing level, although it
was accompanied by a reduction in cash profits and a decline in
operating margins. The rating reaffirmation also factor in AF's
weak financial profile reflected by low operating margins and
high gearing level. The rating continues to be constrained by the
high industry competition and the agro climatic risk to which
paddy cultivation is exposed. ICRA also takes note of the
proprietorship constitution of the firm, which exposes it to
risks of withdrawal of capital and dissolution etc. The rating,
however, favorably takes into account the extensive experience of
promoters in the rice industry and the proximity of the mill to
major rice-growing areas, ensuring easy availability of paddy.

Going forward, the ability of the firm to grow its scale of
operations while improving its profit margins, maintaining a
healthy capital structure, and managing the working capital
optimally will be one of the key rating sensitivities.

Aggarwal Foods (AF) is a proprietorship firm, set up in 1997, by
Mr. Suresh Kumar. Aggarwal Foods is involved in processing and
exporting basmati rice to countries in the Middle East. It has a
plant at Karnal (Haryana), which has a milling capacity of 6
tonnes per hour and a sortex machinery, with a capacity of 4
ton/hr.

Recent Results
In FY2016, the company reported profit after tax (PAT) of INR0.93
crore on an operating income of INR30.63 crore as against PAT of
INR0.92 crore on an operating income of INR27.86 crore in FY2015.


AL-AYAAN FOODS: ICRA Assigns 'B' Rating to INR20cr Loan
-------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA] B to the
INR30.00-crore (including unallocated limits) bank facilities of
Al-Ayaan Foods Private Limited.

                             Amount
   Facilities             (INR crore)     Ratings
   ----------             -----------     -------
   Fund-based facilities      10.00       [ICRA] B; Assigned
   Unallocated                20.00       [ICRA] B; Assigned

ICRA's ratings factor in Al-Ayaan's limited operational track
record, low profitability inherent to the trading business and
exposure to significant customer concentration risk. The
company's largest customer - Rayban Foods Private Limited
(Rayban), a related concern, contributed more than 70% of its
sales upto FY2016. However, ICRA notes that the company has, in
FY2017, changed its customer profile and this entity is no longer
a customer. The company added the Allana Group, India's leading
meat exporter, as a customer in Q1 FY2017 and received
significant orders from them in Q1 FY2017. Post June 2016,
however, the company has made no sales to the Allana Group. Up to
FY2016, the company's working capital cycle and liquidity profile
remained stretched on account of the high debtors from Rayban
which has since improved slightly; however, significant payments
of ~Rs 30 crore remain outstanding, the realization of which
remains to be seen. ICRA also notes the intense competition in
the meat export industry, susceptibility to adverse changes in
regulations and exposure to event risks such as disease out-
break, given the nature of the raw material.

These risks are somewhat offset by the promoters' experience in
the meat processing industry and the high potential of the
buffalo meat export industry with steady realisations. ICRA notes
that the company has an Offal3 processing plant, which would
likely support margins, once its operations commenced. The growth
in scale and addition of processing plant necessitates additional
funding. Going forward, the company's ability to continue to
achieve healthy growth, while improving profitability and
managing its working capital requirements would be the key rating
sensitivities.

Incorporated in January 2014, the company currently operates as a
supplier for Indian meat exporters, with trading of livestock and
raw meat compromising the major part of the company's operations.
The company has a plant for processing of Offals, but is yet to
commence operations; as of now, the company's operations consist
solely of trading.

Recent Results
As per the company's provisional results, Al-Ayaan reported a
Profit After Tax (PAT) of INR0.2 crore on an Operating Income(OI)
of INR87.2 crore in FY2016 as compared to a PAT of INR0.1 crore
on an OI of INR34.9 crore in the previous year. During H1 FY2017,
the company has recorded a revenue of ~Rs 67 crore.


AMAR TRADES: CRISIL Lowers Rating on INR45MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Amar Trades Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           6       CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Bill Discounting        30       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Cash Credit             45       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter of Credit        35       CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term      19       CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the business risk profile
as reflected in the declining revenue and profitability and the
same was on account of subdued demand scenario coupled with
declining realisation leading to operating losses. ATL has
reported net sales of INR350.7 million in fiscal 2016 as compared
to INR445.1 million in fiscal 2015. CRISIL believes the business
risk profile of ATL will remain constrained by the subdued demand
scenario and soaring input costs.

The rating downgrade also factors in the deterioration of the
financial risk profile as reflected in erosion of the networth on
account of the huge operating losses leading to negative
accruals. The same remained at INR76.2 million as on March 31,
2016 as compared to INR98.9 million as on March 31, 2015.

The rating continues to reflect the promoters' extensive
experience in the ferro alloy industry. This rating strength is
partially offset by working capital intensity in operations, and
weak financial risk profile, with modest networth and below-
average debt protection metrics.
Outlook: Stable

CRISIL believes ATL will continue to benefit over the medium term
from the promoters' extensive experience in the ferro alloy
industry and established client base. The outlook may be revised
to 'Positive' in case of sustained improvement in scale of
operations and operating profitability, while sustaining its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if liquidity deteriorates with a stretched working
capital cycle, significantly low cash accruals, or any
significant debt-funded capital expenditure (capex).

ATL manufactures various ferro alloys, such as ferro molybdenum,
ferro vanadium, ferro titanium, ferro nickel, and ferro
aluminium. The company also manufactures aluminium shots, ash,
notched bars, and ingots. However, the sale of ferro molybdenum
and ferro vanadium constitutes most of ATL's revenue. The company
also trades in ferro alloys, and has a factory in Kolkata (West
Bengal).


ANJANI COTGIN: CARE Assigns B+ Rating to INR7.02cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Anjani
Cotgin.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.02      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Anjani Cotgin (AJC)
is constrained by its weak financial risk profile characterised
by small & declining scale of operations, low profitability
margins, leveraged capital structure and weak debt coverage
indicators. The rating is further constrained by working capital
intensive nature of operations, susceptibility of margins to
fluctuations in raw material prices, AJC's presence in the highly
fragmented and competitive nature of industry along with its
partnership nature of constitution. The rating, however, derives
strength from the experienced promoters along with established
track record of the entity and strategic location of the
manufacturing unit.

Going forward, the ability of the firm to profitably scale-up its
operations and improve its overall solvency position would remain
the key rating sensitivities.

Anjani Cotgin was established as a partnership firm in 2003 by
Mr. Subhash Goyal along with family members Mrs Geeta Devi, Mr.
Dipesh Goyal, and Mrs Vanita Kumari sharing profit and loss in
the ratio of 1:1:1:1. The firm is primarily engaged in cotton
ginning and pressing. However, it also undertakes in house cotton
seed oil extraction and refining. In addition to this, AJC
started manufacturing guar powder and guar meal w.e.f FY13
(refers to the period April 1 to March 31) after taking over the
operations of a group firm, Goyal Guar Gum & Chemical Industries.
The firm procures raw cotton and guar seeds from local grain
market and sells cotton bales directly to cotton yarn
manufacturers located in Punjab, Haryana, Himachal Pradesh etc.
whereas guar products and cotton oil are sold to traders located
in Gujrat, Delhi and Punjab. AJC has an associate concern,
namely, Gautam Swami Fabric (GSF) which is a partnership firm
engaged in the manufacturing of woven sacks since 2015.

In FY16(Provisional, refers to the period April 01 to March 31),
AJC has achieved a total operating income of INR9.93 crore with
PAT of INR0.02 crore, as against the total operating income of
INR34.27 crore with PAT of INR0.03 crore in FY15.


ASSOCIATED PLASMATRON: CRISIL Reaffirms B+ Rating on INR108M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Associated
Plasmatron Private Limited continues to reflect its below average
financial risk profile marked by aggressive gearing, low net
worth and moderate debt protection metrics.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)
   Cash Credit            16       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        108       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      7       CRISIL B+/Stable (Reaffirmed)

The rating also factors in a modest scale of operations and
working capital intensive operations. These weaknesses are
partially offset by the extensive experience of promoters.
Outlook: Stable

CRISIL believes that APPL will benefit over the medium term from
its promoters' extensive experience in the chemical coatings
industry and its established clientele. The outlook may be
revised to 'Positive' if the company reports significant increase
in its scale of operations and sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in its financial risk profile due to low cash
accruals or considerable working capital requirements or large
debt-funded capital expenditure.

APPL was incorporated in 1988 and started operations in 1991. The
company is promoted by Mr. S P G Kundva and his family. The
company is engaged in providing thermal spray coatings services
used for restoration of critical worn-out components. APPL caters
to industries such as oil and natural gas, power generation
systems, hydraulic machines, and steel mills. The company also
manufactures coated components. The company has two manufacturing
facilities, in Rabale industrial area in Navi Mumbai and at
Ambernath in Thane (both in Maharashtra).


B.M. ENTERPRISES: CARE Reaffirms B+ Rating on INR5cr LT Loan
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of B.M.
Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of B.M. Enterprises
continues to be constrained by its small scale of operations, low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by the
working capital intensive nature of operations, partnership
nature of constitution, intense competition with regional
concentration and linkage to the fortunes of brands with which
BME is associated. The rating, however, favorably takes into
account the experienced partners and association with established
brand names.

The ability of the firm to increase the scale of operations while
improving its profitability margins and capital structure and
managing the working capital requirements efficiently would be
the key rating sensitivities.

BME was established in 1991 and is currently being managed by Mr.
Sajan Gandhi, Mr. Raman Mehta and Mr Rajat Mehta.

The firm is an authorised dealer of Hero MotoCorp Limited. BME
operates a 3S facility (Sales, Spares and Service) and has two
showrooms located in Pathankot (Punjab) and Jalandhar (Punjab)
and is catering to the area in and around the region (adjoining
areas of Punjab, Himachal Pradesh and J&K). The firm also deals
in the sales of electronic goods, having dealership of Samsung,
Whirlpool and Daiichi Sankyo. The products mainly include
refrigerators and coolers which contributed ~7% of the total
income in FY16 (Provisional, refers to the period April 1 to
March 31).

In FY16, BME has achieved a total operating income of INR42.54
crore with PAT of INR0.40 crore, as against the total operating
income of INR48.17 crore with PAT of INR0.15 crore in FY15.


BIHANI AGRO: CARE Reaffirms B+ Rating on INR9.65cr LT Loan
----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Bihani Agro
Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      9.65      CARE B+ Reaffirmed
   Short term Bank Facilities     0.03      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Bihani Agro Foods
Private Limited continue to be constrained by its small scale of
operations and weak financial risk profile marked by low PAT
margin, leveraged capital structure and weak debt coverage
indicators. The ratings are further constrained by the elongated
operating cycle, susceptibility of margins to fluctuation in raw
material prices and fragmented nature of industry with high level
of government regulation. The ratings, however, favourably take
into account the experienced partners & long track record of
operations.

The ability of the firm to increase the scale of operations while
improving its profitability margins and capital structure
and managing the working capital requirements efficiently would
be the key rating sensitivities.

BAF was incorporated in the year 2014 and is promoted by Mr. Ram
Niwas Bihani, Mr. Inder Chand Bihani, Mr. Shri Niwas Bihani, Mr.
Govind Bihani, Mr. Gopal Bihani and Mr. Raghav Bihani. The
company started its operations in December 2014.  BAF is engaged
in the processing of paddy at its manufacturing unit located at
Fazilka, Punjab, with total installed capacity of 14,400 metric
ton per annum (MTPA), as on October 25, 2016. The company
procures paddy from local grain markets through dealers and
agents mainly from the state of Haryana and sells its products
i.e. basmati and non-basmati rice in the states of Delhi, Uttar
Pradesh, Haryana, Rajasthan, Maharashtra, Andhra Pradesh and
Punjab through a network of commission agents and traders. The
company has a group concern by the name-Fazilka Agro Private
Limited engaged in processing of paddy since 1992.

In FY16 (refers to the period April 1 to March 31), BAF has
achieved a total operating income of INR37.98 crore with PAT
of INR0.08 crore, as against the total operating income of
INR15.05 crore with PAT of INR0.03 crore in FY15.


CHANDAN SALT: CRISIL Suspends B+ Rating on INR11MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Chandan
Salt Works Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            9          CRISIL B+/Stable
   Term Loan             11          CRISIL B+/Stable

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

CSWPL was set up as a partnership concern in 1982 and was
reconstituted as a private limited company in 1995. It is
promoter by Mr. Shiv Kumar Khemka. The company is based in
Bhavnagar (Gujarat) and manufactures common salt for industrial
uses. The company has two directors on board, Mr. Shiv Kumar
Khemka and his son Mr. Prasann Khemka, who manage its operations.
Mr. Shiv Kumar Khemka has experience of over three decades in the
salt business. The Khemka family has mainly traded in salt since
1975 and entered the manufacturing segment in 1995.


DHARA PETROCHEMICALS: CRISIL Suspends B Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Dhara
Petrochemicals Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Letter of Credit        65        CRISIL A4

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

DPPL was established in January 2010 by Mr. Gaurav Thanky. The
company trades in plastic polymers, and is based in Mumbai
(Maharashtra). Over the past 2 years, the company has also
started selling polymers under its own brand 'Dhara'. These
granules are engineering polymers used in the automotive,
appliances, electrical, stationary, and pump industries.


DMW CNC: CRISIL Lowers Rating on INR188.8MM Loan to 'B'
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
DMW CNC Solutions India Private Limited to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          19        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             40        CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term     164.6      CRISIL B/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan              188.8      CRISIL B/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that the company's
liquidity will remain stretched over the medium term due to high
repayments. The cash accrual of INR80 million is expected to be
tightly matched with repayment obligations of INR70 million.
Furthermore, liquidity is constrained by high working capital
requirement as reflected in gross current assets of 194 days as
on March 31, 2016. However, liquidity is supported by continuous
capital infusions.

The ratings reflect the modest scale and working capital
intensive operations. These rating weaknesses are partially
offset by extensive experience of the DMW group's promoters in
the engineering industry.

For the previous rating exercise, CRISIL had combined the
business and financial risk profiles of DMW CNC and Diesel
Machinery Works (DMW). DMW CNC was merged with DMW with effect
from April1, 2015.
Outlook: Stable

CRISIL believes the DMW group will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if increase in scale of operations and
stable profitability lead to substantial cash accrual and
improved liquidity. The outlook may be revised to 'Negative' if
low revenue or profitability, or large debt-funded capital
expenditure or increase in working capital requirement weaken
financial risk profile.

Set up in 2005, DMW CNC manufactures precision machined
components and sub-assemblies. DMW was set up in 1991.


G.D. METSTEEL: ICRA Raises Rating on INR15cr Cash Loan to 'B'
-------------------------------------------------------------
ICRA has upgraded the long term rating of [ICRA]B- assigned to
the INR15.00 crore working capital facilities, INR5.00 crore term
loan facilities and INR3.00 crore unallocated limits1 of G.D.
Metsteel Private Limited to [ICRA]B.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term Fund
   Based-Cash Credit       15.00      [ICRA]B/upgraded from
                                      [ICRA]B- Long

   Term Fund Based-
   Term Loan                5.00      [ICRA]B/ upgraded from
                                      [ICRA]B-

   Long Term Unallocated    3.00      [ICRA]B/upgraded from
                                      [ICRA]B- Total

The rating revision takes into account the improved capacity
utilisations in FY'2016 and H1FY'2017 along with the financial
support extended by the promoters through infusion of interest
free unsecured loans. Further, ICRA continues to take comfort
from the long standing experience of the promoters in the steel
industry.

The ratings however remained constrained by the modest scale of
operations of the company as also the stretched financial
position as indicated by leveraged capital structure, weak
accruals and high working capital intensity. Further, given the
subdued finished products realisations, operating income also has
demonstrated a y-o-y limited growth in FY'2016 although the
company managed to increase the sales volume. The operating
margins of the company also remain vulnerable to the movement in
raw material prices (billets).

Going forward, managing raw material prices which have a material
impact in the profitability of the company as well as debtor and
inventory management will remain the key rating sensitivities.
Further, maintaining current healthy capacity utilisations will
remain crucial to support the volume growth of the company.

Incorporated in 1984, G.D. Metsteel Private Limited (GDM) is
engaged in the manufacturing of rolled steel products like
angles, channels, flat and beams which find end usage in auto,
electrical manufacturing and construction companies. The company
has an installed capacity of 42,000 TPA for the manufacturing of
rolled products. The promoters of the company have over two
decades of experience in the steel industry.


GAINUP INDUSTRIES: CRISIL Lowers Rating on INR220MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gainup Industries India Pvt Ltd to CRISIL D/CRISIL D from CRISIL
BB-/Stable/CRISIL A4+.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            220        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Foreign Bill            20        CRISIL D (Downgraded from
   Discounting                       'CRISIL A4+')

   Letter of Credit        50        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term     101.8      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

   Term Loan              140        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects instances of delay by the GIPL in
servicing its debt; which have been caused by the firm's weak
liquidity. The delays have been caused on account of mismatch in
cash flow management.

The ratings continue to reflect GIPL's integrated operations and
extensive experience of promoters. These strengths are partially
offset by the company's working capital-intensive nature of
operations and the susceptibility of its operating margin to
volatility in raw material prices and foreign exchange rate.

GIPL, incorporated in 1997, manufactures cotton yarn, socks, and
garments. The Tamil Nadu-based company's operations are managed
by Mr. S Dwarakanathan.


GOLD STAR: CARE Assigns B+/A4 Rating to INR15cr Bank Loan
---------------------------------------------------------
CARE assigns ratings to the bank facilities of Gold Star Battery
Private Limited.

                               Amount
   Facilities               (INR crore)   Ratings
   ----------               -----------   -------
   Long-term/Short-term         15.00     CARE B+/CARE A4
   Bank Facilities                        Assigned

   Long-term Bank Facilities     1.63     CARE B+ Assigned

   Short-term Bank Facilities    5.00     CARE A4 Assigned


Rating Rationale

The ratings assigned to the bank facilities of Gold Star Battery
Private Limited are constrained on account of its moderate scale
of operations and thin profitability along with modest liquidity
position during FY16 (refers to the period April 1 to March 31).

The ratings, however, derive benefits from experienced promoters
with established track record of operation, comfortable capital
structure and moderate debt coverage indicators.

GBPL's ability to increase the scale of operations by the
proposed capital expenditure for the increase in installed
capacity along with improvement in profit margins, capital
structure, debt coverage indicators and liquidity position amidst
competitive nature of industry are the key rating sensitivities.

Hapa-based, Jamnagar (Gujarat) GBPL was established as a private
limited company in 1999. GBPL is engaged into the manufacturing
of Storage Batteries, Solar Inverter Battery, Valve Regulated
Lead Acid (VRLA) battery and trading of battery-related
machinery, equipments, chemicals and all other materials. The
company is currently selling its products under the brand name of
'STAR GOLD', 'INVA STAR' and 'KRISHI'. Mr. Muljibhai Pansara,
director, aged 54 years who has an experience of 31 years,
manages the overall operations of the company. He is assisted by
Mr. Amratlal Pansara, Mr. Navneet Pansara and Mr. Vishal Pansara,
who are also directors of the GBPL. Its plant located at Hapa is
spread across 8,113.80 Sq. meters area. GBPL's installed capacity
of storage batteries was 6 lakh standard units (SUS) as on
March 31, 2016.


GOLDEN GLOBE: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings has assigned Golden Globe Impex Private Limited
(GGIPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect GGIPL's moderate credit profile. According to
the unaudited FY16 financials, revenue was INR759 mil. (FY15:
INR675 mil.), EBITDA margin was 2.3% (2.1%), net leverage
(adjusted net debt/operating EBITDA) was 2.5x (3.3x) and EBITDA
interest cover was 1.3x (1.4x). The company expects 1HFY17
revenue to be around INR450 mil. GGIPL has a confirmed order book
of INR220 mil. which has to be completed by December 2016.

EBITDA margin has improved since FY13, when it was 0.7%, with the
increase in scale. Revenue grew at a CAGR of around 50% over
FY13-FY16.

The ratings also reflect GGIPL's tight liquidity with its fund-
based facilities being utilised at an average of 95% over the 12
months ended September 2016.

The ratings are supported by the promoter's over two decades of
experience in the commodities and chemical trading business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will be positive rating action.

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

COMPANY PROFILE

GGIPL is a private limited company, incorporated in 2012. The
company trades commodities such as rice, spices, raw cashew nuts,
and chemicals such as glycerine, melamine, maleic, anhydride and
citric acid.

GGIPL's ratings:

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

   -- INR60 mil. fund-based facilities: assigned 'IND BB'/Stable
      and 'IND A4+'

   -- INR120 mil. non-fund-based facilities: assigned 'IND A4+'


GRANITE ZONE: CRISIL Reaffirms B+ Rating on INR40MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Granite Zone
India Private Limited continue to reflect below-average financial
risk profile because of a modest networth.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        40        CRISIL B+/Stable (Reaffirmed)

The rating also factors in a small scale of operations in the
intensely competitive granite business, and susceptibility to
changes in government regulations and to volatility in foreign
exchange rates. These rating weaknesses are partially offset by
the extensive industry experience of the promoters.
Outlook: Stable

CRISIL believes GZPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an increase in scale of operations while
comfortable profitability is maintained, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile because of
reduced margins and revenue, or large, debt-funded capital
expenditure (capex).

Update
Revenue was INR92 million in fiscal 2016, a 35% decline as
compared with INR143 million in fiscal 2015. The decline was due
to subdued offtake from the European Union and the Middle East.
Operating profitability improved to 19.5% from 17.2%. Operating
performance is likely to remain stable over the medium term
supported by gradual increase in demand from global markets.

The financial risk profile is below average; networth is
estimated at INR46 million and gearing at 1.65 time, as on
March 31, 2016. Interest coverage and net cash accrual to total
debt ratios are estimated at 1.9 times and 10%, respectively, for
fiscal 2016. There are no major debt-funded capex plans over the
medium term. The financial risk profile is expected to improve
supported by stable cash accrual.

Liquidity is sufficient marked by high bank limit utilisation and
modest cash accruals against nil debt repayment obligations. Bank
limit utilisation was high at an average of 89% during the 12
months through June 2016. Cash accrual is expected at around INR
8 million, against nil repayment obligation, in fiscal 2017.

GZPL was set up in 2007, promoted by Mr. Rameshwar Lal Bhutra.
The company processes rough granite blocks into granite slabs and
tiles.


INDIAN CONSTRUCTION: ICRA Reaffirms B+ Rating on INR2.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR2.50 crore fund-based cash credit/overdraft facility and
short term rating of [ICRA]A4 assigned to the INR3.25 crore non
fund-based bank guarantee facility of Indian Construction
Company.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund-based-
   Cash Credit/
   Overdraft Limit         2.50        [ICRA]B+; Reaffirmed

   Non Fund-based
   Bank Guarantee
   Limit                   3.25        [ICRA]A4; Reaffirmed

The ratings continue to remain constrained by ICC's moderate
scale of operations, declined revenue from INR20.3 crore in
FY2015 to INR12.4 crore in FY2016. ICRA notes the geographical
concentration risks of past projects as well as ongoing orders in
hand on a single state. ICRA also takes into account the high
competition arising out of the low entry barriers to work as a
sub-contractor due to low complexity involved in the work
profile. Due to its tender-based nature of business, its revenues
also remain dependent on a successful bidding process. Ratings
are further constrained by its constitution as a partnership
firm, exposing it to deterioration in capital structure due to
substantial withdrawal by partners.

The ratings, however, positively consider the experience of the
partners in the civil construction business. Its recently
acquired registration as an "AA" class category contractor,
meanwhile, will enable ICC to bid for large contracts.

ICC's ability to secure new orders for registering growth and
executing orders within the specific time-frame will remain the
key rating sensitivities. ICC's profits will remain vulnerable to
sub-contracting costs, as it sub-lets majority of its work
contracts to third parties. Its profits also remain vulnerable to
the end-decision of the High Court for a stay order on its
INR14.27 crore contract for the construction of a flood
protection wall on Tapi River.

Indian Construction Co. (ICC) was established as a partnership
firm in 1968. The firm is primarily engaged in the execution of
government tenders for civil construction contracts of dams,
canals, roads and other construction works. ICC is registered as
an "AA" class contractor in the construction segment with the
State Government of Gujarat, which makes it eligible to bid for
most contracts floated by government entities in the state. ICC
mainly outsources its awarded contracts to other sub-contractors.
It is currently managed by Mr. Bhagwanji Patel, Mr. Paresh
Vakeria, Mr. Bipin Vakeria, Mr. Rajesh Vakeria and Mr. Kush
Vakeria, who have a longstanding experience in the civil
construction business.

Recent Results
For the year ended March 31, 2016, the firm reported an operating
income of INR12.4 crore with a profit after tax (PAT) of INR0.3
crore.


J. J. COLD: CARE Assigns 'B' Rating to INR6.75cr Long Term Loan
---------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of J. J. Cold
Storage.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     6.75       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of J. J. Cold Storage
is constrained on account of implementation and stabilization
risk associated with the ongoing project along with competition
from other local players and seasonality associated with cold
storage business. The rating is further constrained on account of
risk associated with delinquency in loans extended to farmers
along with JCS's constitution as a partnership firm.

The rating, however, derive benefits from experience of partners
into the agricultutre industry, location advantage and JCS's
eligibility for various fiscal benefits from the government.
JCS's ability to complete the project within envisaged cost and
time parameters along with achievement of envisaged level of
sales and profitability would remain the key rating
sensitivities.

Sabarkantha-based (Gujarat) JCS was formed in April 2016 as a
partnership firm by seven partners to undertake green field
project to provide cold storage facilities to farmers for storing
potatoes on a rental basis. The cold storage will have potato
storage capacity of 5000 MT. Besides providing cold storage
facility, the firm will also provide interest bearing advance to
farmers for potato farming purposes against the stock of potato
stored. JCS has envisaged commencing commercial operations from
February 2017.


JAGWANI PROJECTS: CRISIL Cuts Rating on INR140MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jagwani Projects Pvt Ltd to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             110       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term      140       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The rating downgrade reflects overdrawals of the cash credit
limit for a period of more than 30 days and interest for the same
has also not been serviced. The same was mainly on account of its
weak liquidity.

The rating continues to reflect JPPL's working-capital intensive
operations and its weak financial risk profile, marked by subdued
capital structure and below average debt protection metrics.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the company's promoters.

JPPL, incorporated in 1988, is promoted by the Kolkata (West
Bengal)-based Jagwani family. It currently exports iron ore
fines.  The company has also diversified in the manufacture of
light emitting diode (LED) lighting systems. The company
manufactures bulbs, tube lights, panel lights etc. under its LED
lighting division.


JSM VEGOILS: Ind-Ra Withdraws 'IND BB-' LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn JSM Vegoils
Private Limited's (JSM) 'IND BB-(suspended)' Long-Term Issuer
Rating.

Ind-Ra suspended JSMV's ratings on 7 April 2016.

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

JSMV's ratings are as follows:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)' ; rating
      withdrawn

   -- INR32.5 mil. fund-based working capital limits: 'IND BB-
      (suspended) and 'IND A4+(suspended); ratings withdrawn

   -- INR92.5 mil. non-fund-based working capital limits: 'IND
      A4+(suspended)'; rating withdrawn


KCS PVT: CRISIL Reaffirms 'B-' Rating on INR40MM Cash Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of KCS Pvt Ltd continue
to reflect the company's modest scale of operations, customer
concentration in revenue profile, exposure to risks related to
tender-based business, and weak financial risk profile because of
small networth, high gearing, and muted debt protection metrics.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        15.3       CRISIL A4 (Reaffirmed)
   Cash Credit           40         CRISIL B-/Stable (Reaffirmed)
   Term Loan             14.7       CRISIL B-/Stable (Reaffirmed)

The rating also takes into account the company's stretched
liquidity profile marked by tightly matched accruals vis-a-vis
term debt obligation and high bank limit utilization. These
weaknesses are partially offset by the extensive experience of
its promoter in the civil construction industry.
Outlook: Stable

CRISIL believes KCS will continue to benefit from the extensive
industry experience of its promoter in the civil construction
industry. The outlook may be revised to 'Positive' if the firm
achieves sustained growth in scale of operations and
profitability, while maintaining a stable capital structure; and
strengthens its business risk profile through greater segmental
and geographical diversity. Conversely, the outlook may be
revised to 'Negative' if a sharp decline in profitability,
stretch in working capital cycle, or any large debt-funded
capital expenditure weakens its financial risk profile.

KCS was originally established in 1971 by Mr. Kishore Chandra
Sahu as a proprietorship firm; the firm was reconstituted as a
private limited company in 1991. Based in Rourkela (Odisha), KCS
undertakes turnkey projects involving supplying, fabricating, and
erecting electrical and mechanical components, and also civil
construction.


KMC CONSTRUCTIONS: Ind-Ra Withdraws 'IND D' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn KMC
Constructions Limited's 'IND D(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended KMC's ratings on 25 April 2016.

KMC's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      withdrawn

   -- INR2,900 mil. fund-based working capital limits: Long-term
      and Short-term 'IND D(suspended)'; rating withdrawn

   -- INR5,171.1 mil. non-fund-based working capital limits:
      Short-term 'IND D(suspended)'; rating withdrawn


KOPPAL GREEN: ICRA Upgrades Rating on INR14cr Loan to BB-
---------------------------------------------------------
ICRA has upgraded the long-term rating assigned to INR14.00-
crore1 cash-credit facility, INR2.54-crore term-loan facility
(revised from INR5.00 crore), bank guarantee of INR2.00 crore and
unallocated limits of INR0.46 crore of Koppal Green Power Limited
to [ICRA]BB- from [ICRA]B+. The outlook on the long term rating
is Stable.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Cash Credit             14.00      [ICRA]BB- (Stable) Upgraded
   Term Loan                2.54      [ICRA]BB- (Stable) Upgraded
   Bank Guarantee           2.00      [ICRA]BB- (Stable) Upgraded
   Unallocated Limits       0.46      [ICRA]BB- (Stable) Upgraded

The rating upgrade positively factors increase in tariff to
INR4.63, INR4.79, INR4.97 and INR5.15 for FY2015, FY2016, FY2017
and FY2018 respectively from INR4.35 in FY2014 by Karnataka
Electricity Regulatory Commission (KERC) which would support
profitability levels in the near term. The rating also factors in
the pre-closure of term loan availed for the power division,
moderate financial risk profile of KGPL characterised by a
gearing of 1.12 times as on March 31, 2016, interest coverage of
2.44 times and Total Debt/OPBDIT of 4.84 times for FY2016; and
limited off-take risk in the power division given the ten-year
Power Purchase Agreement (PPA) with Gulbarga Electricity Supply
Company Limited (GESCOM), which will expire in FY2020. Further,
KGPL's revenues rose from INR44.65 crore in FY2015 to INR61.02
crore in FY2016 due to increase in total volume of sales and
higher realisation of the rice division coupled with higher sales
from power division following improvement in Plant Load Factor
(PLF) to 75.8% in FY2016 as compared to 60.3% in FY2015. However,
the rating continues to be constrained by volatility in raw
material costs and availability which adversely impact the PLF of
the power division; fixed-price nature of the PPA impacting the
profitability in case of high raw material prices; and low
capacity utilisation of the rice mill division in the past three
years. ICRA also factors in the company's highly fluctuating PLF
levels in last five years and its exposure to adverse regulatory
changes due to its presence in industries like biomass power
plant and rice mill which are regulated by the government.

Going forward, KGPL's ability to maintain healthy PLF levels in
the power division, improve scale of operations in the rice mill
division and maintaining improved operating profitability levels
would be the key credit rating sensitivities from credit
perspective.

KGPL runs a 6 MW bio-mass based power plant and an 8 MT per hour
rice mill in the Koppal district of Karnataka. The commercial
operations of the bio-mass power plant began in 2005 and the
entire power generated is supplied to GESCOM under a ten-year
PPA, last renewed in 2011 (valid till March 29, 2020). The rice
mill unit, with a capacity of 57,600 MTPA was earlier part of SNC
Foods Private Limited (SNCPL), which was merged with KGPL with
effect from April 1, 2011. SNCPL was promoted by KGPL and its
promoters Mr. M Subbaiah and family.

Recent Results
As per the audited results of FY2016, the company reported an
operating income of INR61.02 crore and a profit after tax of
INR0.89 crore against an operating income of INR44.65 crore with
a net profit of INR0.73 crore in FY2015.


LAXMINARAYAN FIBER: CARE Reaffirms B+ Rating on INR7.19cr Loan
--------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of
Laxminarayan Fiber Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.19      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Laxminarayan Fiber
Private Limited continues to remain constrained on account of its
financial risk profile marked by thin profit margins, leveraged
capital structure and weak debt coverage indicators. Furthermore,
the rating continues to remain constrained on account of LFPL's
exposure to raw material price fluctuation risk, working capital
intensive nature of operations and presence in the highly
fragmented and competitive cotton ginning industry with exposure
to adverse changes in government policy. The rating also factors
in decline in its profit margin, capital structure and debt
coverage indicators during in FY16 (refers to the period April 1
to March 31).

The rating continues to derive strength from the long standing
experience of its promoters in the cotton ginning business
and location advantage.

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

LFPL was incorporated on May 22, 2012 by six promoters of Goyal &
Tayal family at Jalna district, Maharashtra with a vision to
engage in the cotton ginning and pressing business of cotton
bales and cotton seeds. It procures raw cotton from farmers &
sell its product to spinning mills & oil mills. It is also
engaged in job work of cotton ginning & pressing. It has an
annual installed capacity of 50,000 Cotton bales and 25,000
metric tonne (MT) of cotton seeds. The manufacturing unit of LFPL
is located at Jalna district, Maharashtra wherein the commercial
production commenced from December 2012.

During FY16, LFPL reported a total operating income of INR43.03
crore (FY15: INR34.54 crore) and net profit of INR0.16 crore
(FY15: INR0.05 crore). During H1FY17 (Provisional), LFPL has
achieved a turnover of INR13.90 crore.


LIKHITA PROCESS: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
----------------------------------------------------------------
CRISIL ratings on the long-term bank facilities of Likhita
Process Industries continues to reflect LPI's below-average
financial risk profile, marked by modest net worth, moderate
gearing, and weak debt protection metrics, and its susceptibility
to cyclicality in demand from its end-user industry. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoter.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        40       CRISIL A4 (Reaffirmed)
   Cash Credit             45       CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that LPI will continue to benefit over the medium
term from its promoter's extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in the firm's revenue and profitability margins, or a
significant increase in its net worth on the back of sizeable
equity infusion by its promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the firm's
profitability margins or deterioration in its capital structure
caused most likely by large debt-funded capital expenditure or
stretch in its working capital cycle.

LPI, set up in 2005, manufactures windmill tower internals. The
firm is managed by promoter-director Mr. T Yellamanda Reddy. It
is based in Hyderabad.


LOGIX SOFT-TEL: ICRA Revises Rating on INR400cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised its long-term rating on the INR400-crore NCD
programme of Logix Soft-Tel Private Limited to [ICRA] B from
[ICRA B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   NCD programme           400.00     [ICRA] B; Revised from
                                      [ICRA] B+

The revision in ICRA's rating factors in the liquidity pressures
faced by the company with regard to its sole-leased property in
Noida. With occupancy in the property dropping in the current
year, there were instances of delays in debt servicing of the
bank term loan secured against the rentals of the said property.
However, in case of the NCD, rated by ICRA, the impact on debt
servicing capability is mitigated significantly by the presence
of an escrow account and a waterfall mechanism along with a
defined end use of the proceeds, as well as a favourable
repayment schedule, which includes a 12-month interest moratorium
and principal moratorium of 39 months (increased from 24 months
detailed in the provisional term sheet). ICRA also notes that the
company has utilised the NCD proceeds towards the designated end
uses and not utilised to service the bank term loan.

ICRA favourably notes the ongoing progress in various projects,
whose surplus cash flows are ear marked for servicing the NCDs.
The progress in terms of construction of ongoing projects as well
as incremental leasing in the completed commercial projects has
been satisfactory. ICRA's rating continues to take into account
the track record of LSTPL's promoters, who have more than a
decade of experience in the real estate business in the Noida
micro-market and the low-approval risk of the company's on-going
projects2. The rating, however, continues to be constrained by
LSTPL's exposure to the cyclicality inherent to the real estate
sector and the current weak demand scenario, exacerbated by the
oversupply situation in Noida.

The company's ability to execute the projects as planned and
achieve healthy collections so as to ramp up its cash flows will
be the key rating sensitivities. Invocation of cross default by
the investor will continue to be a critical rating factor.

LSTPL is the holding company of the Logix Group, which has
delivered a built-up area of more than four million sq.ft in
Noida, Uttar Pradesh. The Logix Group is in the business of
developing real estate (both residential and commercial), and
generally each individual project is executed in a separate,
project-specific entity. The promoter, Mr. Shakti Nath, along
with his wife and son, directly or indirectly holds a majority
share in all the group entities, other than one Joint Venture
(JV) included in this NCD transaction. The main operations of
LSTPL are concentrated in the leased commercial space of Sector-
16, Noida, called 'Logix Park'.


MAA KALI: ICRA Assigns B+ Rating to INR23cr Cash Loan
-----------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR44.50
crore (enhanced from INR15.58 crore) fund based facilities of
Maa Kali Alloys Udyog Private Limited. ICRA also has an
outstanding short term rating of [ICRA]A4 to the INR0.50 crore
non fund based facilities of MKAUPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limit-
   Term Loan            21.50       [ICRA]B+ assigned/outstanding

   Fund Based Limit-
   Cash Credit          23.00       [ICRA]B+ assigned/outstanding

   Non Fund Based
   Limit-Bank
   Guarantee             0.50       [ICRA]A4 outstanding

Rating Rationale

The reaffirmation of the ratings take into account significant
debt repayment obligations in comparison to current cash accruals
levels, which necessitate funding support from the promoters. The
ratings are also constrained by the cyclicality inherent in the
steel industry, which is passing through a weak phase, and has
adversely impacted the average realisation and top-line of the
company in FY2016. Further, the profitability and cash flows
would remain susceptible to inherent volatility in the raw
materials and finished goods prices. The client base of the
company is highly concentrated, with the top ten customers
accounting for more than 60% of the total sales in FY2016. ICRA
also notes that MKAUPL has to face intense competition from large
integrated steel manufacturers and subdued demand from consuming
sectors.
The ratings, however, consider the experience of the promoters in
the steel industry for more than two decades. Besides, MKAUPL's
manufacturing facility in located in close proximity to raw
material sources and its customer base, which provides the
company with a cost advantage in terms of lower freight costs.
ICRA further notes MKAUPL has linkage with the South Eastern
Coalfields Limited, which ensures steady supply of coal.

In ICRA's opinion, the company's ability to improve its
profitability and increase scale of operation and manage its
working capital requirements efficiently would be the key rating
sensitivities going forward.

Incorporated in 2002, Maa Kali Alloys Udyog Private Limited
(MKAUPL) manufactures sponge iron and MS billets with an annual
installed capacity of 60,000 MT and 56,000 MT, respectively. The
manufacturing facility, located in Raigarh, Chhattisgarh, also
consists of a captive power plant of 8 MW. The sponge iron plant
was started in 2005, whereas the billet and power units were
started in December, 2013.


MAXIMO CERAMICS: CRISIL Reaffirms 'B+' Rating on INR49.2MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maximo
Ceramics continues to reflect working capital-intensive, and a
modest scale of, operations in the highly competitive ceramics
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             30       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.8     CRISIL B+/Stable (Reaffirmed)
   Term Loan               49.2     CRISIL B+/Stable (Reaffirmed)

The rating also factors in a below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive industry experience of the promoters, their funding
support, and proximity of the manufacturing facilities to raw
material and labour resources.
Outlook: Stable

CRISIL believes Maximo will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' in case of an improvement in scale of operations while
profitability is maintained, leading to larger-than-expected cash
accrual, or if the working capital cycle improves. The outlook
may be revised to 'Negative' if liquidity deteriorates, driven by
a decline in profitability, a stretched working capital cycle, or
substantial debt-funded capital expenditure.

Maximo, set up in 2011, is promoted by the Morbi, Gujarat-based
Kasundra and Agarwal families. The firm manufactures digital
ceramic wall tiles at its facilities in Morbi.


MAYFAIR FABRICS: CARE Reaffirms 'B' Rating on INR5.86cr LT Loan
---------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Mayfair
Fabrics Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.86      CARE B Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Mayfair Fabrics
Limited continues to be constrained by its small scale of
operations, low profitability margins, weak solvency position and
working capital intensive nature of operations. The rating is
further constrained due to presence of the company in a highly
fragmented and competitive industry. The rating, however, derives
strength from the long track record of operations of the entity,
association with reputed clientele and favorable manufacturing
location.

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

MFL, incorporated in 1987, is promoted by Mr. Rajesh Bansal,
Mrs. Bela Bansal and Mrs Deepali Bansal. The company is engaged
in the manufacturing as well as trading of knitted cloth, yarn
and readymade garments like T-shirts, dresses, pullovers,
sweaters, etc, at its manufacturing facility located in Ludhiana,
Punjab, with varying installed capacity for each product. The
company sells knitted cloths mainly to the garment manufacturers
in Ludhiana, Punjab. Apart from that, the company also sells
readymade garments to retail customers including Reliance Retail
Limited, Arvind Lifestyle Brand Limited, Lifestyle International
Private Limited etc., on a pan-India basis. The income from these
players constituted around 30% of the total income in FY16
(refers to the period April 1 to March 31). The company is
selling readymade garments to these major brands on order basis.
MFL has a group concern, by the name Flora Apparels Private
Limited which is also engaged in the textile industry.

In FY16, MFL has achieved a total operating income of INR29.08
crore with PAT of INR0.07 crore, as against the total operating
income of INR27.43 crore with PAT of INR0.06 crore in FY15.
Furthermore, MFL has achieved a total operating income of
INR12.50 crore in H1FY17 (Provisional).


MOTIL DEVI: ICRA Assigns 'B' Rating to INR5.0cr Term Loans
----------------------------------------------------------
ICRA has assigned [ICRA]B rating to the INR5.00-crore term loans,
INR2.00-crore cash-credit facilities and INR3.00-crore
unallocated limits of Motil Devi Organic Food Industries Private
Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Term Loans              5.00        [ICRA]B assigned
   Cash Credit             2.00        [ICRA]B assigned
   Unallocated             3.00        [ICRA]B assigned

The assigned ratings take into account MDOFIPL's small scale of
current operations as well as its weak financial profile
characterised by high gearing and weak debt coverage indicators
in FY2016. While assigning the rating ICRA also takes into
account the significant debt repayment obligations of the company
in the near future and its stretched liquidity position as
reflected by high utilisation of its bank limits. Moreover,
intense competition from the established brands is likely to
exert pressure on the pricing of the company's products as well
as on its marketing expense. Going forward, the ability of the
company to increase its scale of operations and generate healthy
profitability would remain key rating sensitivities.

The rating, however, derives comfort from favourable demand
outlook given the untapped Indian ice- cream market and from the
company's established distribution network, enabling it to sell
its products in Chhattisgarh as well as in Jharkhand, Odisha,
Madhya Pradesh etc.

MDOFIPL was incorporated in December, 2012 for manufacturing ice
creams at its facility in Raipur, Chhattisgarh. The trial
production at the facility had commenced in March, 2014 but the
actual commercial production had picked up in April, 2015. The
company has an installed capacity of 15,00,000 litres and the
production for FY2016 stood at ~9.09 lakh litres.

Recent Results
MDOFIPL has registered a net profit of INR0.38 crore on the back
of an operating income of INR8.22 crore during FY2016 against a
net loss of INR0.34 crore on an operating income of INR9.28 crore
during FY2015.


MUBASA ELECTRICAL: CARE Assigns B+ Rating to INR5cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Mubasa Electrical Pvt. Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Assigned
   Short term Bank Facilities      3        CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Mubasa Electrical
Pvt. Ltd. are constrained by company's weak financial risk
profile characterised by low profitability margins and weak
solvency position. The ratings are further constrained by
company's small scale of operations, concentrated revenue stream,
MEP's exposure to raw material price volatility and presence in
highly competitive transformer industry along with tender-driven
nature of business. The ratings, however, derive strength from
the experienced directors, reputed clientele and moderate order
book position.

Going forward, the ability of the company to profitably scale-up
its operations and improve its overall solvency position would
remain the key rating sensitivities.

MEP was incorporated in 1997 and is currently being managed
Mr. Sanjeev Kumar and Mr. Charanjit Singh. The company is
engaged in the manufacturing of distribution transformers with
capacities ranging from 6.3 KVA to 1,000 KVA at its manufacturing
facility located at Patiala, Punjab. The raw materials used in
manufacturing are copper wire/rod, aluminium wire/rod,
transformer oil, brass fittings, ceramic insulators, press board,
etc, which are procured domestically from manufacturers based in
Rajasthan, Haryana, Punjab, Bangalore, Mumbai, etc. The company
sells its products under the brand name of "MUBASA" to the State
Electricity Utilities which include Punjab State Electricity
Board (rated 'CARE BBB (SO)'), Dakshin Haryana BijliVitran Nigam
Limited and Uttar Haryana BijliVitran Nigam. The company receives
the orders through tenders and bidding process. MEP is ISO
9001:2008 certified for its quality management systems.

Besides this, Mr. Sanjeev Kumar is also engaged in other group
concerns, namely, K.M. Industries (KM), Sai Electro Vision (SEV),
Shree Enterprises (SET) and Mubasa Power (MP). KM is engaged in
manufacturing of aluminum wire since 2006; SEV is having
dealership of Samsung home appliances since 2013; SET is engaged
in real estate business since 2012 and MP is engaged in
manufacturing of aluminum wire since 2011.

In FY16 (refers to the period April 1 to March 31), MEP has
achieved a total operating income of INR19.73 crore with PAT
of INR0.15 crore, as against the total operating income of
INR26.55 crore with PAT of INR0.16 crore in FY15. In H1FY17
(Provisional)MEP has achieved total operating income of INR14.18
crore.


NATIONAL EXPORT: CRISIL Reaffirms 'B+' Rating on INR120MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of National Export
Industries continue to reflect NEI's weak financial risk profile,
marked by low net worth, below-average capital structure and weak
debt protection metrics, large working capital requirements, and
small scale of operations in the fragmented edible oil industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.1      CRISIL A4 (Reaffirmed)

   Cash Credit           120.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     13.5      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partly offset by the extensive
industry experience of NEI's promoters and improvement in
business risk profile in the medium term.
Outlook: Stable

CRISIL believes that NEI 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 financial risk
profile improves, most likely driven by capital infusion by
promoters or improvement in working capital management or
improved profitability. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens, most likely because
of large capital withdrawals or decline in profitability, leading
to pressure on cash accruals.

Set up in 1988 as a partnership firm in Gujarat, NEI manufactures
and trades in edible oils and de-oiled cakes. The firm was
acquired by its current promoters in 1994.

NEI reported, on a provisional basis, reported a net loss of 12.2
million on net sales of INR250.6 million for 2015-16; it reported
a profit of INR15.4 million on net sales of INR346 million for
2014-15.


OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
-------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to the
INR21.00-crore fund based facility of Om Cotex at [ICRA]B+.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund-based-
   Cash Credit            18.00       [ICRA]B+ re-affirmed

   Fund-based-
   Term Loan               3.00       [ICRA]B+ re-affirmed

The re-affirmation of the rating factors in OC's modest scale of
operations and its weak financial profile, characterised by low
profitability, moderate debt coverage indicators and gearing
levels. The ratings are further constrained by the highly
competitive and fragmented industry structure owing to low entry
barriers; and the vulnerability of the company's profitability to
raw material (cotton) prices, which are subject to seasonality,
crop harvest and regulatory risks. ICRA also notes that OC is a
partnership firm, any significant withdrawals from the capital
account by the partners could adversely affect its net-worth, and
thereby its capital structure.

The ratings, however, continues to favorably factor in the
longstanding experience of the promoters in the cotton industry
and the favourable location of the firm's plant with respect to
raw material procurement..

Going forward, the revenue growth of OC is expected to remain
moderate, although the profitability of the firm will continue to
remain exposed to any adverse fluctuations in raw materials
prices. However, the firm's ability to scale up operations would
be largely contingent on the improvement in international demand,
given the seasonality in the business, volatility in prices of
cotton, high competitive intensity and uncertain regulatory
scenario. Furthermore, the firm's ability to infuse funds to
support its capital structure and manage its working capital
efficiently would be the key rating sensitivities.

Established in 2011, Om Cotex is a partnership firm managed by
Mr. Nitesh Bhuva and three other partners. The firm is engaged in
ginning and pressing of raw cotton for the production of cotton
bales and cottonseeds. OC's manufacturing facility is located at
Kolki, in the Rajkot District of Gujarat. It is currently
equipped with 72 ginning machines and two pressing machines with
an installed production capacity of 30,000 MTPA.

Recent Results
During FY2016, OC reported an operating income of INR140.8 crore
with a net profit of INR0.7 crore, as against an operating income
of INR133.7 crore with a net profit of INR0.7 crore in FY2015.


ORIENT GREEN: ICRA Assigns 'D' Rating to INR105.5cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to INR10.00
crore cash credit facility and INR105.50 crore term loans of
Orient Green Power Company Limited.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             10.00       [ICRA]D assigned
   Term Loan              105.50       [ICRA]D assigned

The assigned rating takes into consideration delays in repayment
of term loan obligations in the recent past by OGPL due to
liquidity constraints arising out of the weak cash flow position
of the company. While the company's biomass power plants have
been operating at sub-optimal capacity utilization levels owing
to working capital funding constraints, the wind power plants
also reported subdued generation during FY2016 owing to delayed
and lower wind availability coupled with lower grid availability.
Moreover, the rating also takes into consideration weak financial
metrics of OGPL as reflected by continued losses and stretched
capital structure owing to predominantly debt funded capacity
expansions undertaken by the company in the last few years. While
ICRA notes that the company is under the purview of 5/25
restructuring programme for one of its key projects which is
expected to ease its cash flow position to a certain extent, the
formalities on the same are yet to be completed. Further, ICRA
also notes that the company is currently undergoing a
restructuring exercise as part of which biomass operations would
be carved out into another entity viz. Biobijlee Green Power
Limited(BGPL) while OGPL will retain the wind operations as well
as merge itself with the subsidiaries in the wind segment. The
exercise is expected to be completed by December 2016. In
addition, the company also plans to monetize some of its biomass
assets and deploy the funds towards providing working capital
funding for the retained biomass units.

While assigning the ratings, ICRA has, however, taken note of the
experienced management and established presence of the company in
the renewable power segment with total installed capacity of 531
MW across wind and biomass divisions; and group strength on
account of being part of the Shriram group of companies.
Going forward, the ability of OGPL to ensure timely repayment of
debt obligations by improving the performance of its wind and
biomass divisions will be the key rating sensitivity.

Incorporated in 2006, Orient Green Power Limited (OGPL) is into
the business of renewable power generation with focus on wind and
biomass power segments. As on June 2016, the company had
installed capacity of 425 MW of wind power plants across Tamil
Nadu, Andhra Pradesh, Gujarat, Karnataka and Europe and 106 MW of
biomass power plants across India. OGPL is promoted by SVL
Limited(Shriram Group) and is listed on both BSE and NSE.

Recent Results
On a consolidated level, the company generated operating income
of INR388.19 crore and loss of INR336.56 crore in FY2016 as
against operating income of INR492.55 crore and loss of INR232.96
crore in FY2015. Further, OGPL(consolidated) generated operating
income of INR126.36 crore and loss of INR22.70 crore in Q1
FY2017.


PALLAVA GRANITE: CRISIL Reaffirms 'B-' Rating on INR40MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Pallava Granite
Industries Chennai Private Limited (PGICPL; part of the Pallava
group) continues to reflect the Pallava group's working-capital-
intensive operations and its weak operating efficiency. These
rating weaknesses are partially offset by the extensive
experience of the group's promoters in the granite industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          10       CRISIL B-/Stable (Reaffirmed)

   Export Packing Credit   40       CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        10       CRISIL B-/Stable (Reaffirmed)

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PGICPL, Pallava Granite Industries
India Pvt Ltd, and PallavaRED Granite Pvt Ltd. This is because
all these entities, collectively referred to as the Pallava
group, are in a similar line of business and managed by the same
promoter, and have significant operational linkages.
Outlook: Stable

CRISIL believes that the Pallava group will continue to benefit
over the medium term from the extensive industry experience of
its promoters and their need-based fund support. The outlook may
be revised to 'Positive' in case of significant improvement in
the group's scale of operations and working capital management,
leading to a better business risk profile.  Conversely, the
outlook may be revised to 'Negative' if the Pallava group's
financial risk profile, especially its liquidity, deteriorates,
most likely because of a sharp decline in its revenue or margins
or a substantial increase in its working capital requirements.

The Pallava group exports granite; its day-to-day operations are
managed Mr. Subba Reddy. PGPL and PGICPL were set up in 1983 and
PGIPL in 1989. The group is based in Chennai.


PALLAVA GRANITE INDUSTRIES: CRISIL Ups INR45MM Loan Rating to C
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Pallava
Granite Industries India Private Limited (PGIPL; part of the
Pallava group) to 'CRISIL C/CRISIL A4' from 'CRISIL D/CRISIL D'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Bill Discounting          60       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Export Packing Credit    180       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Letter of Credit          50       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Packing Credit            40       CRISIL A4 (Upgraded from
                                      'CRISIL D')

   Proposed Long Term        45       CRISIL C (Upgraded from
   Bank Loan Facility                 'CRISIL D')

   Term Loan                 25       CRISIL C (Upgraded from
                                      'CRISIL D')

The upgrade reflects timely servicing of debt and CRISIL's
expectation that debt obligation will continue to be serviced in
a timely manner, backed by need-based fund support from
promoters.

The rating reflects the Pallava group's working-capital-intensive
operations and its modest operating efficiency. These rating
weaknesses are partially offset by the extensive experience of
the group's promoters in the granite industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGIPL, Pallava Granite Industries
Chennai Private Limited, and PallavaRED Granite Pvt Ltd. This is
because all these entities, collectively referred to as the
Pallava group, are in a similar line of business and managed by
the same promoter, and have significant operational linkages.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.

For fiscal 2016, Pallava group reported a net loss of INR94.2
million on net sales of INR701.0 million against a net loss of
INR79.8 million on net sales of INR833.6 million for fiscal 2015.


PALLAVARED GRANITE PRIVATE: CRISIL Reaffirms C Rating on 5 Loans
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of PallavaRED Granite
Private Limited (part of the Pallava group) continues to reflect
the Pallava group's working-capital-intensive operations and its
weak operating efficiency. These rating weaknesses are partially
offset by the extensive experience of the group's promoters in
the granite industry.

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

   Bill Discounting         20       CRISIL C (Reaffirmed)

   Export Packing Credit    60       CRISIL C (Reaffirmed)

   Letter of Credit         10       CRISIL A4 (Reaffirmed)

   Long Term Loan           60       CRISIL C (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       90       CRISIL C (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PGPL, Pallava Granite Industries India
Pvt Ltd, and Pallava Granite Industries Chennai Pvt Ltd. This is
because all these entities, collectively referred to as the
Pallava group, are in a similar line of business and managed by
the same promoter, and have significant operational linkages.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set
up in 1983 and PGIPL in 1989. The group is based in Chennai.


PARAMSHAKTI STEELS: ICRA Lowers Rating on INR40cr Cash Loan to D
----------------------------------------------------------------
ICRA has revised downwards the long-term rating assigned to the
INR40.00 crore fund based bank facilities, the INR2.22 crore term
loan and the INR75.0 crore proposed fund based bank facilities of
Paramshakti Steels Limited to [ICRA]D (pronounced ICRA D) from
[ICRA]BB- (pronounced ICRA double B minus). ICRA has also revised
downwards the short-term rating assigned to the INR95.00 crore
non-fund based bank facilities and the INR165.00 crore proposed
non-fund based bank facilities of PSL to [ICRA]D (pronounced ICRA
D) from [ICRA]A4 (pronounced ICRA A four). The negative outlook
on the long-term rating stands removed.


                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term loan                2.22      Revised to [ICRA]D from
                                      [ICRA]BB- (Negative)

   Fund based              40.00      Revised to [ICRA]D from
   Facilities                         [ICRA]BB- (Negative)
   cash credit

   Proposed unallocated
   fund based limits       75.00      Revised to [ICRA]D from
                                      [ICRA]BB- (Negative)

   Non-fund based short    95.00      Revised to [ICRA]D from
   term facilities                    [ICRA]A4

   Proposed unallocated   165.00      Revised to [ICRA]D from
   non-fund based limits              [ICRA]A4

The rating downgrade is on account of delays in the debt
servicing by the company due to its stretched liquidity position.

Established in 2005 by Mr. Rajendra Kumar Choudhary, PSL is
engaged in the processing and trading of HR coils and has its
steel processing facility located at Taloja in the Raigad
district of Maharashtra. PSL mainly procures HR coils from a
leading steel producer based in Maharashtra. The customer base of
PSL mainly comprises auto-ancillary units, pipe manufacturers and
domestic traders.


PHENIX PROCON: ICRA Suspends 'B' Rating on INR9.73cr Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B and short
term rating of [ICRA] A4 assigned to the INR9.73 crore bank
facilities of Phenix Procon Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2012, Phenix Procon Private Limited (PPPL) is
involved in manufacturing of AAC blocks at its manufacturing
facility located at Bavla near Ahmedabad with a current installed
capacity to manufacture 93,500 m3 of AAC blocks per annum. The
commercial production was commenced at the newly set up plant in
January 2014. The one of the promoters of PPPL is also involved
in trading of cement and flyash in Gujarat through a separate
entity.


PREMIER METAL: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Premier Metal
Products continues to reflect the small scale and working capital
intensity in the firm's operations, and its constrained financial
risk profile, marked by small networth and below-average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the firm's promoters in the
aluminium industry and their established relationships with
customers and suppliers.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Buyer Credit Limit      20       CRISIL B/Stable (Reaffirmed)
   Cash Credit             70       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PMP will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if substantial increase in revenue and
operating margin strengthens liquidity. Conversely, the outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens, most likely because of decline
in operating margin, large debt-funded capital expenditure,
increase in working capital requirement, or sizeable investments
in group companies.

PMP was established in 1976. The firm manufactures aluminium de-
oxidant castings in addition to aluminium PP caps and aluminium
die castings, which are used in the steel casting industries.
Based in Howrah (West Bengal), the firm has a reputed customer
base that includes Tata Steel Ltd and major pharmaceutical
companies. It is owned and managed by the Kolkata-based Bagaria
family.


PROFESSIONAL EDUCATIONAL: CRISIL Reaffirms 'D' on INR210MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Professional
Educational Trust continue to reflect PET's below-average
financial risk profile, marked by weak capital structure and debt
protection metrics, and is susceptible to regulatory changes and
to intense competition in the education sector. PET, however,
benefits from its trustee's extensive experience in the education
sector and its wide range of course offerings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Funded Interest
   Term Loan               40        CRISIL D (Reaffirmed)

   Long Term Loan         210        CRISIL D (Reaffirmed)

   Overdraft Facility      40        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      50        CRISIL D (Reaffirmed)

Update
PET continues to delay its debt servicing owing to its weak
liquidity. This is primarily on account of inherent cash flow
mismatches between the fee collection period and repayment
schedule. CRISIL believes that PET's liquidity will continue to
remain weak over the medium term.

PET, located in Palladam (Tamil Nadu), was established in 2009 by
Dr. C Subramaniam. The trust offers undergraduate and
postgraduate courses in engineering and management.


R. S. CONSTRUCTION: CRISIL Assigns B+ Rating to INR40MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of R. S. Construction - Mumbai.

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

The ratings reflect small scale of operations in the fragmented
civil construction industry, tender based operations along with
geographic concentration in revenue profile and working capital
intensive operations. These weaknesses are partially offset by
the extensive industry experience of partners and revenue
visibility because of moderate outstanding orders.
Outlook: Stable

CRISIL believes RSC will continue to benefit from the extensive
experience of its promoters in the civil construction industry.
The outlook may be revised to 'Positive' if increase in scale of
operations and operating profitability, leads to high cash
accrual or if capital infusion improves liquidity. The outlook
maybe revised to 'Negative' if operating margin or revenue
declines, or if any large debt funded capital expenditure
programme, or stretch in working capital cycle, weakens financial
risk profile.

RSC, set up as a partnership firm in 2011, is engaged in civil
construction business for buildings, gardens, roads and bridges.
Located in Mumbai (Maharashtra), it executes contracts for Mumbai
Metropolitan Region Development Authority (MMRDA), Municipal
Corporation of Mumbai, Thane Municipal Corporation and other
state government authorities. The partners, Mr. Rajesh Shah and
Mr. Bhavesh Shah, manage operations.


RAJSHANTI METALS: CARE Assigns B/A4 Rating to INR10cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank
facilities of Rajshanti Metals Private Limited.

                             Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Long-term/Short-term
   Bank Facilities             10        CARE B/CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Rajshanti Metals
Private Limited (RMPL) are primarily constrained on account
of its financial risk profile marked by small scale of operation,
loss during FY16 (refers to the period April 1 to March 31),
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of its operations. The ratings
are also constrained by RMPL's presence in highly fragmented
industry, susceptibility of its profit margins to fluctuation in
prices of raw material and foreign exchange rates.

The ratings, however, derive comfort from the experienced
management along with established track record of business
operation.

The ability of RMPL to increase its scale of operations along
with improvement in profit margins, capital structure, debt
coverage indicators and efficient working capital management
would remain key rating sensitivities.

RMPL was incorporated in 1992 by Mr. Shantilal Haria for
manufacturing brass extruded rods, bars, and flats, profile and
sections from brass scrap and zinc ingot. RMPL is currently
managed by Mr. Shantilal Haria and Mr. Rajesh Haria. RMPL
operates from its sole manufacturing facility located in Jamnagar
(Gujarat), with an installed capacity of 2,700 MTPA of brass
extruded rods, bars, and flats, profile and sections as on
March 31, 2016. Brass rods manufactured are sold in domestic
market and caters to demand arising from sectors such as
automobiles, metal handicraft, house hold infrastructure
(sanitary hardware, and door hinges), electrical appliances and
industrial uses.

During FY16, RMPL reported net loss of INR0.38 crore (FY15: PAT
of INR0.33 crore) on a total operating income (TOI) of INR27.43
crore (FY15: INR30.86 crore).


RAMA FERRO: CRISIL Reaffirms B+ Rating on INR30MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rama Ferro Alloys and
Finance Private Limited continue to reflect the company's large
working capital requirement and below-average financial risk
profile because of small networth and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of its promoter in the ferro alloys industry.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      30        CRISIL B+/Stable (Reaffirmed)
   Cash Credit           30        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      30        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes RFAFPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accrual and improved financial risk profile, driven by fresh
capital infusion or efficiently managed working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates on account of stretched
working capital cycle, or large debt-funded capital expenditure
plan.

Incorporated in 1996 and promoted by Mr. Dinesh Kapoor, RFAFPL
manufactures ferro alloys such as ferro molybdenum, ferro
vanadium, ferro titanium, ferro boron, ferro nickel, low and
medium-carbon ferro manganese, ferro aluminium, and ferro chrome.
Unit is in Kolkata.


ROYAL ENTERPRISES: CRISIL Suspends 'B' Rating on INR20MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Royal
Enterprises.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             20       CRISIL B/Stable
   Letter of Credit       100       CRISIL A4

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

Royal Enterprises was set up in Indore (Madhya Pradesh) in 2009
by Mr. Vimal Khurana. The firm trades in steel scrap, which is
supplied to local steel plants and foundries.


RSD OVERSEAS: CARE Assigns B+ Rating to INR10cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of RSD
Overseas.

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

Rating Rationale

The rating assigned to the bank facilities of RSD Overseas is
primarily constrained by small scale coupled with short track
record of operations, low profitability margins, leveraged
capital structure and foreign currency fluctuation risk. The
rating is further constrained by constitution of the entity being
a partnership firm, highly competitive nature of industry & low
entry barriers and business susceptible to the vagaries of
nature.

The rating, however, draws comfort from the experienced partners
in trading and processing of rice.

Going forward, the ability of the firm to improve its scale of
operations and profitability margins shall be key rating
sensitivity.

Uttar Pradesh-based RSD was established as a partnership firms in
2013 by Mr. Raju Goel and Mr. Ankit Goel sharing profit and loss
equally. The firm commenced its commercial operations in October
2014. The firm is engaged in trading of rice and other FMCG
products such as spices, desi ghee, pickles, etc. RSD sells its
products to customers located overseas such as Dubai, USA,
Turkey, etc, and procurement is mainly done domestically from
various manufacturers / whole traders located in the state of
Delhi, Punjab, Haryana and Uttar Pradesh . The firm has an
associate concerns namely "Shri Guru Gorakhnath RiceMill" engaged
in processing of rice.

RSD achieved a total operating income (TOI) of INR3.17 crore in
FY15 (refers to the period April 01 to March 31) with PBILDT of
INR0.03 crore and PAT of INR0.02 crore. Furthermore, the company
has achieved total operating of INR8.51 crore in FY16 (based on
the provisional results).


RUBICON INSPECTION: CRISIL Reaffirms 'B' Rating on INR30MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rubicon Inspection
Systems Pvt Ltd continue to reflect Rubicon's small scale of
operations, limited revenue diversity and small net worth.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4 (Reaffirmed)

   Cash Credit             30        CRISIL B/Stable (Reaffirmed)

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

These rating weaknesses are partially offset by the extensive
industry experience of Rubicon's promoters, its established
relationships with customers.
Outlook: Stable

CRISIL believes that Rubicon will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company scales up
in operations (through inflow of new orders) and improves its
profitability and cash accruals, resulting in substantially
stronger liquidity. Conversely, the outlook may be revised to
'Negative' if Rubicon's small net worth continues to constrain
its scale operations and therefore, its business risk profile.

Based in Delhi, and promoted by Mr. Inderjeet Singh in 2007,
Rubicon undertakes service contracts for drain maintenance,
closed circuit television (CCTV) inspection of storm water
drains/sewer lines, trenchless laying of gravity pipes, and
underground earthwork. The promoter has been in the same business
since 1997 through a proprietorship firm, Rubicon Inspection
Systems, which was reconstituted as Rubicon in 2007. Rubicon has
a fleet of truck-mounted machines and excavators, which are used
to carry out the jobs it undertakes.


RUCHITA GOLD: CRISIL Suspends 'D' Rating on INR680MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Ruchita
Gold Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             680       CRISIL D
   Proposed Long Term
   Bank Loan Facility      300       CRISIL D
   Standby Line of
   Credit                   20       CRISIL D

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

RGPL was set up in September 2010 by Mr. Jitendra Jain and his
brother Mr. Kiran Jain. The company gets gold jewellery
manufactured on job-work basis and sells to wholesalers and
showrooms in Maharashtra.


S.K.M. COLD: CARE Reaffirms 'B' Rating on INR2.79cr LT Loan
-----------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of S.K.M. Cold Chain And Logistics.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     2.79       CARE B Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of S.K.M Cold Chain
and Logistics continues to remain constrained on account of small
scale of operations, moderately leveraged capital structure, weak
debt coverage indicators and weak liquidity position. The rating
also takes into consideration loss reported by the firm during
FY16 (A). The rating, however, derives comfort from experience of
partners into agricultural industry and stabilization of
operations.

The ability of SKM to increase its scale of operation along with
improvement in profitability, capital structure and debt coverage
indicators coupled with efficient management of working capital
are the key rating sensitivities.

SKM was established during April 2014 as a partnership firm by
five key partners, namely, Mr. Sanjiv Laxmichand Hinduja, Mr.
Bharatsingh Lalsinh Raheva, Mr. Mahendrasinh Lalsinh Rahevar, Mr.
Dhirajsinh Lalsinh Rehavr and Mr. Omkar Ramlakhan Mahto with an
objective of setting up cold storage facility in food
preservation business segment along with carrying out business of
trading of fruits and vegetables. The storage plant is spread
over an area of 8000 Sq. meters at Rupal village of Sabarkantha
district in Gujarat with total storage capacity of 1.40 lakh bags
per annum (LBPA). Moreover, four storage chambers are constructed
in the plant to store and preserve vegetables; mainly potatoes to
maintain and preserve its quality for a longer period of time.
SKM has completed its green field project in February 2015 and
started commercial operations from April 2015.

During FY16 (A; refers to the period April 1 to March 31), SKM
reported a total operating income (TOI) of INR1.63 crore and net
loss of INR0.14 crore. During H1FY17 (Provisional), SKMachieved
TOI of INR0.70 crore.


SANATAN MERCHANTS: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sanatan
Merchants Private Limited's (SMPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SMPL's continued moderate scale of
operations as well as credit metrics. During FY16, SMPL earned
revenue of INR623 mil. (FY15: INR787 mil.), interest coverage
(operating EBITDAR/gross interest expense + rents) of 1.4x
(1.4x), net leverage (total adjusted net debt/operating EBITDAR)
of 6.1x (4.5x) and EBITDA margins of 2.7% (2.1%). Revenue of SMPL
declined in FY16 due to lower orders received from its customers
resulting in high use of its working capital limits which lead to
deterioration in the net leverage.

The liquidity profile of the company remains moderate with 94.1%
average maximum use of its working capital limits during the six
months ended September 2016.

The ratings, however, continue to benefit from the promoter's
experience of over three decades in the trading line of business
(pens, machineries, personal care products, etc.) as well as the
company's association with reputed brands such as Cello, Venesa,
Maped and Polo for which it is a distributor in Bangladesh.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the credit profile could be
positive for the ratings.

Negative: Deterioration in the credit profile could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1994 and with its registered office in Kolkata,
SMPL manufactures and markets hand tools and power tools such as
marble, stone cutting machines, granite cutting machines, wood
cutting machines, pesticide sprayers and rice processing
machines, and trades writing, stationary, body care products and
other accessories.

The company is managed by its three directors - Binod Maroti,
Kusum Maroti, and Nirav Maroti.

SMPL's Ratings:

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

   -- INR90 mil. fund-based facilities (increased from INR70m):
      affirmed at 'IND BB+'/Stable and assigned 'IND A4+'

   -- INR20 mil. non-fund-based facilities: 'IND A4+'; rating
      Withdrawn


SHREE RAM: CARE Ups Rating on INR6.31cr LT Loan to BB-
------------------------------------------------------
CARE revises the LT rating and assigns ST rating to the bank
facilities of Shree Ram Fibres India Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      6.31      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     1.50      CARE A4 Assigned

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Shree Ram Fibres India Private Limited is
primarily on account of improvement in its scale of operations
during FY16 (refers to the period April 1 to March 31) coupled
with continuous improvement in its profitability, capital
structure as well as debt coverage indicators. The ratings
continue to take comfort from the wide experience of the
promoters of SRFPL in the cotton industry.

The ratings, however, continue to remain constrained on account
of seasonality associated with the procurement of raw material,
susceptibility of profitability to cotton price fluctuation and
changes in the government policy coupled with its presence in the
highly fragmented industry with limited value addition and
working capital intensive nature of operations.

SRFPL's ability to improve its scale of operations coupled with
improvement in overall financial risk profile marked by
improving profit margins, capital structure and debt coverage
indicators along with better working capital management
remains the key rating sensitivities.

Dhar-based (Madhya Pradesh), SRFPL is promoted by Mr. Mohanlal
Khandelwal in 2007. SRFPL is engaged in manufacturing of cotton
bales by ginning and pressing of raw cotton. Apart from ginning &
pressing, SRFPL is also involved into trading of ginned cotton,
cotton seeds, soya beans and other agro commodities. SRFPL has
established a fully automated pressing unit at Gandhwani, Dhar
with an installed capacity of 10,000 MTPA ginned cotton and
19,000 MTPA cotton seeds as on March 31, 2016. During May 2016,
SRFPL established another unit at Gandhwani for soya bean
processing with an installed capacity of 4902 MTPA of soya bean
de-oiled cake and 798 MTPA of soya bean oil.

During FY16, SRFPL reported a PAT of INR0.58 crore on a TOI of
INR65.35 crore as against PAT of INR0.44 crore on a TOI of
INR54.84 crore during FY15. During H1FY17 (Provisional), SRFPL
has achieved turnover of INR19.57 crore.


SONAR BANGLA: CRISIL Reaffirms B+ Rating on INR69MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Sonar Bangla
Cold Storage Private Limited continues to reflect Sonar's small
scale of operations and below-average financial risk profile,
marked by small net worth and moderate gearing.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            69       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1       CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
regulatory changes, and to risks related to intense competition
in the cold storage industry in West Bengal (WB). These rating
weaknesses are partially offset by extensive industry experience
of its promoter in the cold storage industry.
Outlook: Stable

CRISIL believes Sonar will continue to benefit over the medium
term from its promoter extensive industry experience. The outlook
may be revised to 'Positive' if the company efficiently manages
farmer credit financing, significantly scales up its operations,
and improves its profitability. Conversely, the outlook may be
revised to 'Negative' if Sonar's liquidity is constrained by
delays in repayments by farmers; significantly low cash accruals,
or any large debt-funded capital expenditure.

Incorporated in 1997, Sonar provides cold storage facilities to
potato farmers and traders. The company has one cold storage in
Paschim Mednipur (WB). The director, Mr. Ranjit Dandapat,
oversees Sonar's daily operations.


SRI LANGTA: Ind-Ra Withdraws 'IND B-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Langta Baba
Steels Pvt Ltd.'s (SLBSPL) 'IND B-(suspended)' Long-Term Issuer
Rating.

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

Ind-Ra suspended SLBSPL's ratings on 11th April 2016.

SLBSPL's ratings:

   -- Long-Term Issuer rating: 'IND B-(suspended)'; rating
      withdrawn,

   -- INR157.9 mil. Term Loan:  'IND B-(suspended)'; rating
      withdrawn,

   -- INR51.6 mil. funded interest term loan: 'IND B-
      (suspended)'; rating withdrawn

   -- INR150 mil. fund-based limits: 'IND B-(suspended) '; rating
      withdrawn


SRINIVAS INFRASTRUCTURE: Ind-Ra Affirms 'IND BB+' Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Srinivas
Infrastructure Private Limited's (SIPL) Long-Term Issuer Rating
at 'IND BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SIPL's continued small scale of
operations, and moderate credit metrics. SIPL's FY16 financials
indicate revenue of INR606m (FY15: INR516m), net leverage (total
adjusted net debt/operating EBITDAR) of 1.3x (1.0x) and interest
coverage (operating EBITDA/gross interest expense) of 2.7x
(2.5x). The improvement in credit metrics is on the back of
marginal improvement of EBITDA margins (FY16: 10.6%; FY15:
10.4%). SIPL has a current order book of INR1,318 mil. as on
September 2016, The company recorded 7MFY17 revenue of INR450
mil. The company changed its business strategy in FY16 and
started taking direct orders from the counterparties rather than
depending on the sub-contracts issued by its group company.

Most of SIPL's ongoing projects as well as the projects in its
pipeline are Andhra Pradesh and Telangana -based, creating a
significant concentration risk, on account of which the ratings
are constrained.

The ratings factor in the company's net cash conversion cycle
which was 100 days in FY16 (FY15: 84 days). Although the working
capital cycle is stretched the management believes there will be
improvement going forward.

The ratings further factor in the company's moderate liquidity
position with the fund-based facilities being utilised at an
average of 90.8% over the 12 months ended October 2016.

The ratings, however, derive support from over two decades of
experience of SIPL's promoter in the construction sector.

RATING SENSITIVITIES

Positive: A significant increase in the revenue while maintaining
the operating profitability could lead to a positive rating
action.

Negative: Any stress on liquidity due to a decline in the
operating margins or the elongation of net working capital cycle
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1995, SIPL executes civil construction contracts
in Andhra Pradesh and Telangana.

SIPL's ratings:

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

   -- INR50 mil. fund based limits (Increased from INR40 mil.):
      affirmed at 'IND BB+'/Stable

   -- INR50 mil. non-fund based limit (Increased from INR30m):
      affirmed at 'IND A4+'

   -- Proposed INR30 mil. fund based limits: assigned
'Provisional
      IND BB+' /Stable*

   -- Proposed INR30 mil. non-fund based limits: assigned
      Provisional 'IND A4+'*

* the ratings are provisional and the final rating will be
  assigned subject to execution of sanction letter for the
  above\facilities.


SURFACE GRAPHICS: CRISIL Suspends 'D' Rating on INR77.1MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Surface Graphics Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL D
   Cash Credit            35         CRISIL D
   Proposed Long Term
   Bank Loan Facility      7         CRISIL D
   Term Loan              77.1       CRISIL D
   Working Capital
   Term Loan              38.9       CRISIL D

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

SGPL, established in 1989 in Mumbai, manufactures mono cartons
used in packaging. The company is promoted by Mr. H Shetty, his
brother Mr. S Shetty and Mr. Shridhar Hegde.


SUZUKI TEXTILES: CARE Lowers Rating on INR143.87cr LT Loan to C
---------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Suzuki
Textiles Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    143.87      CARE C Revised from
                                            CARE BB+

   Short-term Bank Facilities    20.23      CARE A4 Revised from
                                            CARE A4+

Rating Rationale

Revision in the ratings assigned to the bank facilities of Suzuki
Textiles Limited takes into account acute liquidity stress faced
by the company on account of operating losses reported in FY16
(refers to the period April 1 to March 31) and disruption in the
operations subsequent to fire incidence in the company's premises
in March 2016. The ratings further continue to remain constrained
on account of working capital intensive operations,
susceptibility of profitability to volatile raw material prices
and inherent cyclicality associated with the textile industry.

The ratings, however, continue to draw strength from its
experienced promoters, integrated operations and established
dealer network.

STL's ability to improve its liquidity position through receipt
of pending insurance claim within envisaged timeframe and improve
its operating profitability while efficiently managing working
capital requirements is the key rating sensitivity.

Suzuki Textiles Limited is a Bhilwara based closely held public
limited company incorporated in 1986 and has an operational track
record of more than two decades. STL also enjoys location
advantage being situated in Bhilwara, a hub for the textile
industry. STL operates in three basic segments - suiting &
shirting, yarn (polyester cotton & cotton) and readymade garments
with suiting and shirting contributes more than 70% of total
operating income. STL focuses on low to medium segment of fabrics
(catering the need based segment), mainly through the dealer
network entailing reduction in selling and distribution expenses.
Mr. R.P. Maheshwari, the chairman of STL has more than 25 years
of experience in the textile business.

As per audited results of FY16, STL has reported total operating
income of INR397.25 crore (FY15: INR 437.58 crore) with a net
loss of INR11.34 crore (FY15: Profit after tax of INR2.25 crore).


SWATI SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR73MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swati Synthetics
continue to reflect Swati's modest scale of operations in the
intensely competitive embroidery designing business and its weak
financial risk profile, because of a small net worth and high
gearing. These rating weaknesses are partially offset by RC's
established track record in the textile industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)
   Term Loan              73        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Swati will continue to benefit over the medium
term from its established relationships with customers and the
superior quality of embroidery designs. The outlook may be
revised to 'Positive' if the financial risk profile improves,
most likely through infusion of fresh capital or significant
increase in revenue and profitability. Conversely, the outlook
may be revised to 'Negative' if there is significant
deterioration in working capital management or decline in
profitability or a large debt-funded capital expenditure, leading
to low net cash accrual.

Swati, a proprietorship concern, set up by Mr. Ramniwas Gupta in
2009, is engaged in embroidery designing on fabrics. The firm is
part of the Jay Bharat group.


TECHNOMARK ENGINEERS: CRISIL Assigns 'B' Rating to INR90MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Technomark Engineers India Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Overdraft Facility      90        CRISIL B/Stable

The ratings reflect TEIPL's modest scale of operations in the
intensely competitive mechanical, electrical and plumbing
services industry and its large working capital requirement
marked by stretched receivables. The ratings also factor in
average financial risk profile marked by small networth and
average debt protection metrics. These weaknesses are partially
offset by the extensive industry experience of its promoters and
moderate order book providing revenue visibility.

For arriving at the ratings, CRISIL has treated unsecured loans
extended by promoters of INR15.3 million as on March 31, 2016, as
neither debt nor equity as this will be retained in business over
the medium term.
Outlook: Stable

CRISIL believes TEIPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if increase in revenues and stable
profitability leads to sizable cash accrual, and efficient
working capital management improves liquidity. The outlook may be
revised to 'Negative' if low cash accrual or stretch in working
capital cycle or any major debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.

TEIPL, established as a proprietorship firm in 1988 by Mr. R S
Nair, was reconstituted as a private limited company with its
current name in 2008. It is based out of Trivandrum (Kerala) and
provides mechanical, electrical and plumbing services to various
corporate and government establishments.


TECHOPS INFRASTRUCTURE: CRISIL Suspends B Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Techops Infrastructure Pvt Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable
   Term Loan               50        CRISIL B/Stable

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

TIPL was founded by Mr. Rajendra Nakade, Mr. Vilas Harde, Mr.
Jeevan Ghime, Mr. Narendra Dakhale and Mr. Anil Kale in Nagpur
(Maharashtra) in 2007. The company is a real estate developer.


ULTRA DENIM: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ultra Denim
Private Limited (UDPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect UDPL's moderate financial and credit profile.
The company's provisional FY16 financials indicate revenue of
INR606 mil., net financial leverage (net adjusted debt/operating
EBITDAR) of 7.5x, interest coverage (operating EBITDA/gross
interest expense) of 3.4x and EBITDA margins of 17%. FY16 was the
first year of operations as the company started its operations in
July 2015.

The management expects the EBITDA margin to improve in FY17 due
to scale benefits with top-line growing at above 130% yoy on
account of increased order flow and FY17 being the first full
year of operations. The company has an order book worth INR108
mil. which will be executed by November 2016. In 1HFY17, the
company recorded revenue of INR750 mil.

The ratings further reflect UDPL's modest liquidity profile with
its fund-based facilities being utilised at an average of 82%
over the 12 months ended September 2016.

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

RATING SENSITIVITIES

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

COMPANY PROFILE

UDPL was established in 2011 by Mr. Bhogibhai L. Patel. The
company manufactures denim fabrics at its unit unit (with an
annual installed capacity of 9.1 million metres ) in Surat,
Gujarat

UDPL's ratings:

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

   -- INR772.7 mil. Long-term loans: assigned 'IND BB-'/Stable

   -- INR110 mil. fund-based facilities: assigned 'IND BB-'/
      Stable/'IND A4+'

   -- INR25 mil. non-fund based facilities: assigned 'IND A4+'


VIJAYAKRISHNA HATCHERIES: CRISIL Suspends 'D' Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vijayakrishna Hatcheries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            28.5       CRISIL D
   Term Loan              21.5       CRISIL D

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

Set up in 2010, as a proprietorship concern by Mrs. Vijaya Reddy,
VKH is engaged in poultry hatching in the layer segment. Its
poultry unit is located in Ranga Reddy (Telangana).


WORTH INFRA: Ind-Ra Withdraws 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Worth Infra
Industries Private Limited's (WIIPL) 'IND B(suspended)' Long-Term
Issuer Rating.

Ind-Ra suspended WIIPL's ratings on 7 April 2016.

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

WIIPL's ratings are as follows:

   -- Long-Term Issuer Rating: 'IND B(suspended)'; rating
      withdrawn

   -- INR52.1 mil. Long-term loans: 'IND B(suspended)'; rating
      withdrawn

   -- INR9 mil. fund-based working capital limits: 'IND
      B(suspended)'; rating withdrawn


=====================
P H I L I P P I N E S
=====================


RURAL BANK OF SALINAS: BSP Shutters Rural Bank
----------------------------------------------
Ben O. de Vera at the Philippine Daily Inquirer reports that the
Bangko Sentral ng Pilipinas (BSP) has shuttered another rural
bank in Cavite, bringing the number of closed countryside lenders
so far this year to 18.

The Inquirer relates that in a bulletin, state-run Philippine
Deposit Insurance Corp. (PDIC) said the Monetary Board, the BSP's
highest policymaking body, in a Nov. 11 resolution prohibited
Rural Bank of Salinas Inc. from doing business.

As designated receiver, the PDIC took over the bank as well as
its affairs, assets, branches and records, the Inquirer says.

The bank's head office was located at Marseilla Street, Barangay
(village) Muzon, Rosario, Cavite.  It had two branches.

"Under Section 13 of Republic Act (RA) No. 3591 (PDIC Charter),
as amended by RA 10846, a bank that has been placed under
liquidation shall in no case be re-opened and permitted to resume
banking business. Furthermore, Section 12 thereof expressly
provides that banks closed by the Monetary Board shall no longer
be rehabilitated," the PDIC, as cited by the Inquirer, said.

The Inquirer notes that 17 other rural banks earlier placed by
the BSP under PDIC receivership were Rural Bank of Villaviciosa
(Abra) Inc., Lapu-Lapu Rural Bank Inc., Rural Bank of Bayawan
(Negros Oriental) Inc., Rural Bank of Basay (Negros Oriental)
Inc., Rural Bank of Panay Inc., Koronadal Rural Bank Inc., Rural
Bank of Malinao (Aklan) Inc., Surigao City Evergreen Rural Bank
Inc., Rural Bank of Amadeo (Cavite) Inc., New Rural Bank of
Binalbagan, Rural Bank of Siaton (Siaton, Negros Oriental) Inc.,
Rural Bank of Alabat (Quezon) Inc., Rural Bank of Cabadbaran
(Agusan) Inc., Rural Bank of Claveria (Cagayan) Inc., Rural Bank
of Luna (Isabela) Inc., and Sampaguita Savings Bank Inc.

Including thrift bank GSIS Family Bank, the Monetary Board closed
down a total of 19 banks thus far in 2016.



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


CHINA FISHERY: W. Brandt Named as Trustee to CFG Peru Singapore
---------------------------------------------------------------
BankruptcyData.com reported that the U.S Trustee filed with the
U.S. Bankruptcy Court a notice of appointment of a Chapter 11
trustee to the bankruptcy case of China Fishery Group's Debtor
affiliate CFG Peru Singapore.  The notice states, "William J.
Brandt, Jr. You are hereby notified of your appointment as
Chapter 11 trustee of the estate of debtor CFG Peru Singapore,
subject to Court approval.  Pursuant to the Decision and Order
directing the appointment of a Chapter 11 Trustee in the CFG Peru
Singapore case and after consultation with the parties-in-
interest, the United States Trustee has selected William J.
Brandt, Jr. as the Chapter 11 Trustee in that case.  To the best
of the United States Trustee's knowledge, William J. Brandt Jr.'s
connections with CFG Peru Singapore, the other Debtors, PARD,
creditors, any other parties-in-interest, their respective
attorneys and accountants, the United States Trustee, and persons
employed in the Office of the United States Trustee are limited
to those connections set forth in the attached affidavit."  The
Court subsequently approved Brandt's appointment.

                About China Fishery Group Limited

China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies.  Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016.  The petition was
signed by Ng Puay Yee, chief executive officer.

The case is assigned to Judge James L. Garrity Jr.

At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debt at $10 million to $50
million.

Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel.  The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.


SWISSCO HOLDINGS: To File for Interim Judicial Management
---------------------------------------------------------
The Strait Times reports that Swissco Holdings will file for
interim judicial management over the next few days, it said on
Nov. 14.

The decision comes as its main lenders have rejected the
company's financial restructuring plan, the rig and vessel
chartering group told The Straits Times by phone.

UOB is Swissco's largest lender, followed by DBS. Swissco carries
S$255 million of bank debt owed to seven banks, the report says.

Chief executive Tan Fuh Gih told The Straits Times: "Due to the
current circumstances, we're no longer able to operate as a going
concern, and are prepared to file for interim judicial
management."

The report relates that Chairman Lim How Teck said the company is
preparing its paperwork and will file over the next few days.

Swissco has a market value of about SGD35.1 million. The shares
last traded at 5.2 cents on Oct. 10 before trading was suspended,
the report notes.

Swissco also owes bond holders SGD100 million in principal that
would have come due in 2018.

Mr. Lim noted that bond holders are likely to get very little in
return when the company goes under judicial management, while
shareholders can expect to get nothing, adds The Strait Times.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



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


DAEWOO: Union Rejects Call for Joining Restructuring Move
---------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co.'s labor union rejected a call from the company's
creditors on Nov. 15 to join the shipyard's restructuring move,
including a workforce cut.

Last week, creditors, led by the state-run Korea Development
Bank, drew up KRW3.2 trillion (US$2.75 billion) worth of
financial help for Daewoo Shipbuilding, one of the country's big
three shipyards faced with a protracted industrywide slump and
falling new orders, Yonhap relates.

But the creditors demanded that Daewoo's labor union submit a
written pledge not to go on strikes and launch other collective
actions and also join in the company's implementation of self-
rescue measures, according to Yonhap.

"We can work together to salvage the firm, but we cannot accept a
restructuring move which includes massive job cuts," Yonhap
quotes a labor union official as saying.

According to Yonhap, the labor union's response came a day after
the country's chief financial regulator ratcheted up pressure on
Daewoo Shipbuilding's unionized workers to support a creditor-led
restructuring drive.

Yonhap says Yim Jong-yong, chairman of the Financial Services
Commission, stressed that both the management and labor of the
troubled shipbuilder should make "thorough self-rescue efforts"
under the principle of "loss-sharing" among stakeholders.

Daewoo Shipbuilding has been seeking to sell more assets, says
Yonhap. Last week, Daewoo Shipbuilding said it would secure an
additional KRW700 billion through asset sales, raising the total
amount prepared as part of its self-rescue measures to KRW6
trillion.

Yonhap notes that the shipyard is also working to reduce the
number of its employees by some 20% to 10,000 by the end of this
year.

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

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


DAEWOO SHIPBUILDING: May Face Delay of Angola Firm KRW1TT Payment
-----------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. may face a further delay in receiving KRW1
trillion in payment from an Angola oil firm for the delivery of
two drill ships.

Yonhap relates that Daewoo Shipbuilding and Sonangol have been
negotiating to resolve the delayed payment, but the delivery may
be pushed back to next year, according to industry sources.

The delivery of two drill ships was originally scheduled for June
and July, respectively, but was delayed due to Sonangol's
worsening financial status, the report says.

The payment is one of the key resources for Daewoo Shipbuilding
to repay debts worth KRW940 billion due in April and November
next year, Yonhap notes.

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

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***