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

                      A S I A   P A C I F I C

          Wednesday, February 17, 2016, Vol. 19, No. 33


                            Headlines


A U S T R A L I A

EMPIRE PIZZERIA: First Creditors' Meeting Set For Feb. 25
FORTIS (NSW): First Creditors' Meeting Scheduled For Feb. 24
KINGSTYLE INVESTMENTS: First Creditors' Meeting Set For Feb. 24
S.E.M. (S.A.): In Liquidation; First Meeting Set For Feb. 26
SUBLOOS GROUP: In Administration; Assets Up For Sale

TRAFFIC WORX: First Creditors' Meeting Set For Feb. 23


C H I N A

ANTON OILFIELD: Fitch Cuts Senior Unsecured Rating to 'CCC-'
KAISA GROUP: Still Lacks Necessary Support for Restructuring Plan


I N D I A

AGRASEN SPONGE: CRISIL Cuts Rating on INR100MM Loan to 'B+'
APLAB LIMITED: ICRA Reaffirms 'D' Rating on INR36cr Loan
ARCHIT TRADING: ICRA Suspends B-/A4 Rating on INR7cr Loan
ARR ESS: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
AZIZ ENTERPRISES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan

BENTEX CONTROL: CRISIL Reaffirms 'D' Rating on INR50MM Loan
BHANU FARMS: CRISIL Reaffirms D Rating on INR150MM Term Loan
CORAMANDEL INFRASTRUCTURE: Ind-Ra Suspends IND BB Issuer Rating
CREAATIVE POWERTECH: CRISIL Assigns B+ Rating to INR265MM Loan
DARVESH CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR30cr Loan

DRASHTI INNOVATIVE: CRISIL Cuts Rating on INR101.3MM Loan to D
DUGAR OVERSEAS: CRISIL Lowers Rating on INR95MM Cash Loan to B+
DUTCH GLASS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
ERODE SRI: CRISIL Reaffirms B+ Rating on INR41.4MM LT Loan
EVERGREEN VENEERS: ICRA Revises Rating on INR5cr Loan to 'B'

FACOR STEELS: ICRA Suspends 'D' Rating on INR142.40cr Loan
GARDENIA AIMS: CRISIL Suspends 'D' Rating on INR1.34BB Term Loan
HOTEL VAIGAI: ICRA Suspends 'C' Rating on INR11.50cr Loan
IA ENERGY: Ind-Ra Suspends IND B+' Long-Term Issuer Rating
JAGATJIT INDUSTRIES: ICRA Lowers Rating on INR200.84cr Loan to B+

KEAA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR115MM Loan
KF FARMS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
LANCY CONSTRUCTIONS: CRISIL Cuts Rating on INR130MM Loan to B-
LOGON INDIA: ICRA Assigns B+ Rating to INR8.0cr LT Loan
LOTUS FARMS: CRISIL Cuts Rating on INR479MM Cash Loan to 'D'

MADHU JAYANTI: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
MAHAPRABHU STEELS: CRISIL Suspends B+ Rating on INR61MM Loan
MOHAK WOOLLENS: CRISIL Lowers Rating on INR46.5MM Loan to 'B'
MRR HOSPITAL: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
MULTIFLEX POLYBAGS: CRISIL Reaffirms B+ Rating on INR25MM Loan

N.R. FOOTWEAR: ICRA Suspends 'D' Rating on INR8cr Loan
NANDINI IMPEX: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
NANO AGRO: ICRA Reaffirms 'B' Rating on INR10cr Loan
NASENSE LABS: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
NEXTGEN TEXTILE: CRISIL Assigns B- Rating to INR100MM Term Loan

PARAMESWARA AGENCIES: Ind-Ra Assigns 'IND B' LT Issuer Rating
PTS HITECH: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
PULIMOOTTIL SILKS: CRISIL Reaffirms B+ Rating on INR60MM Loan
R B PATIL: CRISIL Assigns 'B' Rating to INR20MM Term Loan
R.S.V. CONSTRUCTIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating

RICHA INTERNATIONAL: CRISIL Cuts Rating on INR60MM Pack Loan to D
ROLEX RINGS: ICRA Lowers Rating on INR383.97cr Term Loan to D
SELENO STEELS: ICRA Reaffirms B Rating on INR6.0cr Cash Loan
SHREE SHYAM: CRISIL Assigns B+ Rating to INR33.4MM Term Loan
SHREEGEN PHARMA: CRISIL Assigns B+ Rating to INR130MM LT Loan

SHREYANS OILS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
SHRI BALAJI: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SHRI RANISATI: CRISIL Assigns B Rating to INR75MM Cash Loan
SNEHAL IMPEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
SPENZZER CERAMIC: CRISIL Cuts Rating on INR49.6MM Loan to 'B-'

SREE GURUDEVA: Ind-Ra Rates INR148.02 Million Bank Loans IND BB-
SREE VINAYAGA: CRISIL Raises Rating on INR50MM Loan to B+
SRI KRISHNA: ICRA Lowers Rating on INR10cr Loan to 'D'
SRINIVASA EDUCATIONAL: ICRA Assigns 'B' Rating to INR5.68cr Loan
SUNDARAM MULTI: CRISIL Assigns 'D' Rating to INR252.5MM Loan

SUNTANA TEXTILE: ICRA Reaffirms B-/A4 Rating on INR12.95cr Loan
SUPREME AHMEDNAGAR: Ind-Ra Cuts Project Bank Loan Rating to IND D
SUPREME PANVEL: Ind-Ra Cuts Project Bank Loan Rating to 'IND D'
T. ABDUL: CRISIL Reaffirms B+ Rating on INR130MM Packing Loan
TRAFO POWER: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan

TRIVIDH TEXTILES: ICRA Suspends B-/A4 Rating on INR7cr Loan
VE-7 CERAMIC: CRISIL Cuts Rating on INR69.5MM LT Loan to D


I N D O N E S I A

TRIKOMSEL OKE: Plan Riles Bondholders as Court Rejects Claims


J A P A N

TOSHIBA CORP: Panel Mulls Replacing President Before June Meeting


N E W  Z E A L A N D

FEDERATION CLOTHING: Wholesaler Goes Into Liquidation
VALIANT HOMES: House Builder Director Still Missing


S R I  L A N K A

DFCC BANK: Fitch Keeps 'B+' Issuer Default Ratings


                            - - - - -


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


EMPIRE PIZZERIA: First Creditors' Meeting Set For Feb. 25
---------------------------------------------------------
Mathieu Tribut of Piggott Partners was appointed as administrator
of Empire Pizzeria Pty Ltd, trading as Empire Pizzeria, in its own
right and ATF Empire Unit Trust on Feb. 15, 2016.

A first meeting of the creditors of the Company will be held at
Piggott Partners, Ground Floor, 237 Adelaide Terrace, in Perth, on
Feb. 25, 2016, at 10:00 a.m.


FORTIS (NSW): First Creditors' Meeting Scheduled For Feb. 24
------------------------------------------------------------
Mitchell Griffiths -- mitchg@rapseygriffiths.com.au -- of Rapsey
Griffiths Insolvency + Advisory was appointed as administrator of
Fortis (NSW) Pty Limited on Feb. 12, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, 55-57 Hunter Street, in Newcastle, on Feb. 24, 2016, at
9:00 a.m.


KINGSTYLE INVESTMENTS: First Creditors' Meeting Set For Feb. 24
---------------------------------------------------------------
Kimberley Wallman -- kwallman@hlbinsol.com.au -- of HLB Mann Judd
(Insolvency WA) was appointed as administrator of Kingstyle
Investments Pty Ltd, formerly trading as Autocare Towing Services,
on Feb. 12, 2016.

A first meeting of the creditors of the Company will be held at
Level 3,35 Outram Street, in West Perth, on Feb. 24, 2016, at
10:00 a.m.


S.E.M. (S.A.): In Liquidation; First Meeting Set For Feb. 26
------------------------------------------------------------
Mark Hall and Simon Miller of Clifton Hall were appointed as Joint
and Several Liquidators of S.E.M. (S.A.) Pty Ltd on Feb. 15, 2016.

A meeting of creditors will be held at 10:00 a.m. on Feb. 26, 2016
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.


SUBLOOS GROUP: In Administration; Assets Up For Sale
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the assets and
business of Subloos Group are up for sale. Anthony James Jonsson
and Shaun Christopher McKinnon of Grant Thornton were appointed
administrators of the group on Feb. 8, 2016.

Highlights of the sale include a Cassowary Coast Regional Council
contract for waste services that will expire in 2019 that has more
than $3.5 million projected revenue, Dissolve.com.au says.

Dissolve.com.au notes that the company's head office is situated
in Innisfail, Queensland but it has assets and regional presence
in Cambodia, New Zealand and New South Wales.


TRAFFIC WORX: First Creditors' Meeting Set For Feb. 23
------------------------------------------------------
Andrew William Poulter of Abbott Welsh was appointed as
administrator of Traffic Worx Traffic Management Pty Ltd on
Feb. 11, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia & New Zealand, Level 3 Bourke
Place, 600 Bourke Street, in Melbourne, on Feb. 23, 2016, at
11:00 a.m.



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


ANTON OILFIELD: Fitch Cuts Senior Unsecured Rating to 'CCC-'
------------------------------------------------------------
(This announcement corrects the version published on February 1,
2016, to include the downgrading of the senior unsecured rating on
Anton Oilfield Services Group's bonds to 'CCC-' following the
downgrade of the company's Issuer Default Rating.)

Fitch Ratings has downgraded Anton Oilfield Services Group
(Anton)'s Long-Term Issuer Default rating to 'CCC' from 'B-'. At
the same time, the senior unsecured rating on Anton's $US 250
million 7.5% bonds maturing in November 2018 has been downgraded
to 'CCC-' from 'CCC'; the Recovery Rating remains at 'RR5'.

The rating action reflects Anton's elevated refinancing risk amid
a deteriorated operating environment. Fitch expects industry
conditions to remain weak due to significant near-term pressure on
oil prices. There is thus limited potential for Anton to
meaningfully improve its operating cash flows in the near-term.
The company will continue to be highly reliant on roll-over and
maintenance of credit facilities to fund its operations.

KEY RATING DRIVERS
Deteriorated Industry Conditions: Oil prices continue to be under
pressure in 2016. Reflecting the near-term pressures on oil
prices, Fitch has lowered its oil and gas price assumptions on Jan
20, 2016. Due to weak oil prices, upstream exploration and
production companies are expected to further rationalise their
capital expenditures in 2016, likely leading to increased
competitive conditions and margin pressures for oilfield services
companies. There is also a risk of write-downs of oil field
services companies' order-books; Anton had to write-down a total
of CNY335m in orders during 2015 following the weakening of oil
prices during the year.

Substantial Refinancing Risk: Anton has substantial short term
debt maturities, relative to its cash. At Jun 2015 the company had
unpledged cash of CNY265m, while unsecured short term debt stood
at CNY506mil. Anton's available bank facilities are mostly of
short term nature, and would need to be renewed over the course of
the next few quarters. Aside from the short-term debt that needs
to be refinanced, Anton has to refinance a CNY200m of domestic
bonds maturing in Aug 2016.

Tight Liquidity: As a result of lengthy accounts receivable
collection, Anton's ability to meet its operating expenses and
interest costs - totalling close to CNY300m for the first six
months of 2015, is highly reliant on short term banking
facilities. Maintaining sufficient banking facilities could be
more challenging amid volatile industry conditions.

Risk to Overseas Exposure: Anton's new orders largely come from
overseas markets, especially in Iraq. Iraq's contribution to
Anton's revenue was 33% in 1H15 compared to 16% in 2013. Of
Anton's CNY2.8bn order book at Dec 2015, Fitch estimates that
about 35%-40% is contributed by contracts in Iraq. Although the
overseas contracts have enhanced Anton's geographical diversity,
and offer higher margins than domestic ones, they carry higher
geopolitical risk, and Anton faces stiff competition in many of
its overseas markets.

KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for Anton include:
-- Revenue in 2015 to decline by 10%-15%, and to grow marginally
    thereafter
-- Gross margin at 25-30% in 2015-2017
-- Working capital cycle to stay similar to that in 2015
-- More than 50% reduction in average CAPEX in 2015-2017 from
    2014 level

RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to a negative rating action include:
-- A failure to roll over short term debt, absence of adequate
    bank credit lines, failure to maintain adequate cash
    balances, deterioration in cash conversion cycle, higher-
    than-expected capital expenditure, or weakening of the
    company's trading performance.

-- An increase in the quantum of secured debt could result in a
    downgrade of the Recovery Rating leading to a downgrade of
    its Senior Unsecured Rating.

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

-- A material improvement in liquidity, demonstration of the
    ability to adequately cover debt service obligations and to
    reduce refinancing risks - including satisfactorily
    addressing the sizable notes maturities in 2016, and
    improvement in operating performance, supporting the
    company's ability to maintain a financial and liquidity
    profile adequate for a Long-Term IDR of 'B-'.


KAISA GROUP: Still Lacks Necessary Support for Restructuring Plan
-----------------------------------------------------------------
Moxy Ying, David Yong and Lianting Tu at Bloomberg News report
that Kaisa Group Holdings Ltd. still lacked the necessary support
from creditors for its offshore restructuring plan as of Feb. 14,
said Tam Lai Ling, the Chinese developer's senior adviser.

Bloomberg relates that Kaisa needs approval from investors holding
75 percent of its offshore bonds and loans for its plan to
restructure debt to proceed. The firm has received no less than 53
percent as of Feb. 14, Tam told Bloomberg. The developer had
offered a consent fee of 0.5 percent for investors who supported
the plan as of that date, after paying 1 percent for those who
consented as of Jan. 24, the report says.

Kaisa, which last year became the first Chinese developer to
default on dollar notes, is facing challenges from foreign funds
as it seeks to convert $2.45 billion of its local and foreign-
currency bonds into new dollar-denominated debt, according to
Bloomberg.  The Shenzhen-based firm already had 53 percent support
as of last month, the report notes. Its proposal clashed with
plans from San Francisco-based hedge fund Farallon Capital
Management LLC and BFAM Partners. Kaisa has said Farallon's
approach would burden its shareholders and lenders with extra
financing needs, Bloomberg says.

While it still lacks the necessary 75 percent, Kaisa plans to seek
court approval to hold a creditors' meeting to vote on its plan
again, Tam, as cited by Bloomberg, said. The firm is confident it
could obtain that level of support should such a court-instructed
meeting be held, he said.  Bloomberg relates that Tam said some
creditors didn't sign on to the agreement for now because they
would be restricted from trading Kaisa's debt if they did, but
they have said they would support it during a court meeting.

Jiang Xiaodi, an investor relations officer for Kaisa, said in an
e-mail that the company cannot comment before it makes an
announcement, Bloomberg notes.

Shenzhen-based Kaisa became the first Chinese developer to default
on dollar-denominated debt when it failed to pay the coupon on two
securities earlier last year, Bloomberg News reported. In October
2015, the builder reached an agreement with Bank of China Ltd.
that enabled it to restart sales of some projects, Bloomberg News
said.

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.



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


AGRASEN SPONGE: CRISIL Cuts Rating on INR100MM Loan to 'B+'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Agrasen Sponge Private Limited (ASPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         9.5      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit          100        CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term    70.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The rating downgrade reflects expected deterioration in ASPL's
business risk profile along with stretch in the working capital
cycle. Revenue is expected to be in the range of INR150-170
million in 2015-16 (refers to financial year, April 1 to
March 31) from INR583 million in 2014-15, with cash accrual
expected to decline to INR10-11 million from INR25 million during
the respective years. The decline in the demand and prices for
sponge iron has resulted in high inventory levels of the company.
With significant decline in revenue and piling up of inventory,
gross current assets are expected to increase to a level of 500-
520 days as on March 31, 2016, from 197 days a year ago. However,
liquidity of the company remains moderate with term loan being
fully repaid and low bank limit utilisation, averaging 58 percent,
over the 12 months through November 2015. CRISIL believes the
business risk profile will remain constrained on account of
intense competition in the steel industry.

The ratings reflect ASPL's modest scale of operations, large
working capital requirements, and susceptibility of its
profitability to volatility in raw material prices. These
weaknesses are partially offset by the above-average financial
risk profile, marked by low gearing and healthy debt protection
metrics.
Outlook: Stable

CRISIL believes ASPL will maintain its above-average financial
risk profile over the medium term because of moderate networth and
low gearing. The outlook may be revised to 'Positive' if the
company's business performance improves with improved sales and
profitability, or if its working capital cycle shortens on a
sustainable basis, leading to improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
low net cash accrual or further stretch in the working capital
cycle leading to weakening of the financial risk profile,
especially liquidity.

ASPL, managed by Mr. M L Sharma, manufactures sponge iron. The
company was set up by Mr. Ashok Agrawal, Mr. Pawan Agrawal, and
Mr. Raghuveer Prasad Gupta in 2002. The manufacturing unit is
located in Rourkela (Odisha).


APLAB LIMITED: ICRA Reaffirms 'D' Rating on INR36cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term and short-term rating of [ICRA]D
to the INR73.00 crore fund-based and non-fund based bank
facilities of Aplab Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term fund
   Based-Cash Credit     12.80        [ICRA]D; reaffirmed

   Long Term Fund
   Based- WCDL           13.20        [ICRA]D; reaffirmed

   Short Term Fund
   Based- Bill
   Discounting           11.00        [ICRA]D; reaffirmed

   Short Term-Non
   Fund Based            36.00        [ICRA]D; reaffirmed

The rating reaffirmation takes into account the continued delays
in debt servicing obligations by the company.

Aplab Limited was incorporated in the year 1962 by Mr. P.S Deodhar
and has started as a manufacturer for Test & Measurement
instruments. Originally it was called as 'Applied Electronics
Limited' which later on went on to be called as 'Applied
Electronics Lab' before the name was finally changed to 'Aplab
Limited'. The company's primary business activity involves
manufacturing electrical/electronic equipments and devices. In the
year 2000, Zee Entertainment Enterprises Limited acquired 26%
stake in the company.

Recent Results
As per the audited results for FY2015, Aplab reported a net loss
of INR14.21 crore on an operating income of INR75.07 crore as
against profit after tax (PAT) of INR0.85 crore on an operating
income of INR96.23 crore in FY2014.


ARCHIT TRADING: ICRA Suspends B-/A4 Rating on INR7cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings assigned to
the INR7.00 Crore bank facility of Archit Trading Co. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


ARR ESS: CRISIL Reaffirms B- Rating on INR190MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Arr Ess Industries
Private Limited (AEIPL) continue to reflect its weak financial
risk profile because of modest networth, high total outside
liabilities to tangible networth ratio, and weak debt protection
metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           190       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       10       CRISIL A4 (Reaffirmed)

The ratings also factor in small scale of operations. These
weaknesses are partially offset by established relationships with
suppliers and customers.
Outlook: Stable

CRISIL believes AEIPL will continue to benefit over the medium
term from its established relationships with suppliers and
customers. However, financial risk profile, especially liquidity,
will remain constrained because of low operating margin. The
outlook may be revised to 'Positive' if revenue increases
significantly and financial risk profile improves on account of
higher cash accrual or a better capital structure. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of increase in working capital requirement, or if
profitability declines, leading to lower cash accrual.

AEIPL was originally promoted by Mr. Rajeev Bhalla as a
proprietorship firm, Arr Ess Brothers, in 2007, and was
reconstituted as a private limited company with the current name
in 2010-11 (refers to financial year, April 1 to March 31). It is
based in Ludhiana (Punjab), and trades in steel, cement, fabric,
cotton, and yarn.


AZIZ ENTERPRISES: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR8
crore fund based bank facilities of Aziz Enterprises.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.00        [ICRA]B; Reaffirmed
   Packing Credit        1.50        [ICRA]B; Reaffirmed
   FDBN/FDBP/FDBD        1.50        [ICRA]B; Reaffirmed

ICRA's rating continues to take into account the significant
experience of the promoters of Aziz Enterprises in the gems and
jewellery business. The ratings also derive comfort from the
firm's moderate debt coverage indicators with interest coverage of
2.01x and DSCR of 1.67x, given that the firm does not have any
committed term debt repayments. The ratings are however
constrained by the decline in the firm's profitability owing to
lower realizations (OPM declined from 5.9% in FY14 to 3.9% in FY15
while NPM declined from 3.0% in FY14 to 0.5% in FY15), high
working capital intensive nature of operations owing to high level
of stock (NWC/OI stood at 14.5% in FY15) as well as significant
withdrawals made by the partners eroding the net worth position as
on March 31, 2015. ICRA however notes that the partners have re-
infused sufficient funds in the current financial year. The
ratings also factor in the firm's exposure to forex risk in
absence of any hedging mechanism.

The ability of the firm to improve its scale of operations and
profitability while optimally managing its working capital cycle
will remain the key rating sensitivities.

Incorporated in 1972 as a partnership firm, Aziz Enterprises is
engaged in cutting, polishing and trading of precious gems, with
its product profile dominated by emerald stones. Prior to FY13,
the firm undertook only cutting and polishing of precious stones.
However, since then it has started trading in rough emerald stones
as well. The firm is managed by Mr. Ikramullah and Mr. Samiullah,
who have been engaged in this line of business since 1975.

Recent Results
In FY15, the firm had an operating income of INR13.93 crore on
which it earned a Profit after Tax (PAT) of INR0.07 crore, as
compared to an operating income of INR9.65 crore on which it
earned a PAT of INR0.29 crore in the previous year.


BENTEX CONTROL: CRISIL Reaffirms 'D' Rating on INR50MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Bentex Control and
Switchgear Co (BCSC) continue to reflect the firm's weak liquidity
on account of low cash accrual and freezing of cash credit
facility. Although the firm has been timely servicing its interest
on cash credit facility, the likelihood of timely service of
obligations remains low over the medium term due to low cash
accruals and weak financial risk profile. CRISIL believes BCSC's
liquidity will remain under pressure over the medium term.

                        Amount
   Facilities         (INR Mln)   Ratings
   ----------         ---------   -------
   Bank Guarantee        10       CRISIL D (Reaffirmed)
   Cash Credit           50       CRISIL D (Reaffirmed)
   Letter of Credit       3       CRISIL D (Reaffirmed)

BCSC's scale of operations is small, and profitability is
susceptible to volatility in raw material prices. Also, the firm
has large working capital requirement, below-average financial
risk profile because of small networth and weak debt protection
metrics, and considerable investments in group entities. However,
it benefits from its promoters' extensive experience in the
electrical products industry and its established dealer network.

BCSC, established in 1984, is a partnership firm manufacturing
household and industrial electrical products such as electric
meters, motor starters, miniature circuit breakers, and switches.
It is part of the SKN Bentex group. BCSC is managed by Mr. Kapil
Chopra and his son Mr. Rahul Chopra.


BHANU FARMS: CRISIL Reaffirms D Rating on INR150MM Term Loan
------------------------------------------------------------
CRISIL has placed its ratings on the cash credit, bank guarantee
and proposed long term bank loan facilities of Bhanu Farms Ltd
(BFL) on 'Notice of Withdrawal' for 60 days on the company's
request. The ratings on these facilities will be withdrawn at the
end of the notice period. These actions are in line with CRISIL's
policy of withdrawal of its ratings on bank loan facilities.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       41.2      CRISIL D (Notice of Withdrawal)
   Cash Credit          60.0      CRISIL D (Notice of Withdrawal)
   Proposed Long Term    2.3      CRISIL D (Notice of Withdrawal)
   Bank Loan Facility
   Term Loan           150.0      CRISIL D (Reaffirmed)

The rating on the company's term loan has been reaffirmed at
'CRISIL D'.

The ratings reflect instances of delay by BFL in timely servicing
of its term loan on account of weak liquidity.

BFL was incorporated in May 2010 as a closely held public limited
company by Mr. Anant Bangur, Dr. R Shyam Rungta, and Mr. Gokul
Chand Biyani. The company has an integrated cold chain facility at
Ghunsor village in Jabalpur, Madhya Pradesh, consisting of two
quick-freezing processing plants and one pulping plant for fruit
and vegetables.


CORAMANDEL INFRASTRUCTURE: Ind-Ra Suspends IND BB Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Coramandel
Infrastructure Private Limited's (CIPL) 'IND BB' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. The rating
will now appear as 'IND BB(suspended)' on the agency's website.

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

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

CIPL's ratings:

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

-- INR330 million fund-based working capital limit: migrated to
    'IND BB(suspended)'/'IND A4+(suspended)' from 'IND BB'/'IND
    A4+'

-- INR1,300 million non-fund-based facility: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


CREAATIVE POWERTECH: CRISIL Assigns B+ Rating to INR265MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Creaative Powertech Private Limited.

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

   Proposed Long Term    265       CRISIL B+/Stable
   Bank Loan Facility

The rating reflects the company's modest scale of operations,
large working capital requirement, and expected deterioration in
its capital structure because of a large debt-funded capacity
expansion project being undertaken. The rating also factors in
susceptibility to successful completion of, and timely ramp-up of
sales from, the proposed project. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the electrical components and structures
manufacturing business, improving product mix, and established
customer base.
Outlook: Stable

CRISIL believes CPPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company accrues expected benefits
in terms of revenue and cash accruals from its proposed capacity
expansion project.  Conversely, the outlook may be revised to
'Negative' in case of slower-than-expected scale-up of operations,
low cash accrual, or a significantly stretched working capital
cycle, constraining the financial risk profile, particularly
liquidity.

CPPL was incorporated on May 28, 2008, promoted by Mr. Lalit
Palwe, Mr. Chhabu Dagadu Nagare, and Mr. Bhagwat Dhudale. The
company manufactures isolators, fabricated structures and epoxy-
cast moulded components used in the switchgear industry. It has
begun a large capacity expansion programme to venture into
manufacturing new products (breaker assemblies and radiators,
large structural assemblies for the electrical industry) and to
consolidate its manufacturing operations.


DARVESH CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR30cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR30.00
crore long-term term loan facilities of Darvesh Constructions
Private Limited at [ICRA]B+.

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long Term-Term Loan      30.00       [ICRA]B+ Reaffirmed

The rating re-affirmation takes into account the advanced stage of
execution of the company's ongoing project, 'MAK The Address'
(nearly 86% complete as on December 31, 2015), which reduces
exposure to execution risks. ICRA notes the improvement in DCPL's
financial profile, as evidenced by an increase in turnover and
profitability, with increase in sales velocity, the demonstrated
financial support from directors in the form of unsecured loans,
and the substantial land banks under the company and its
directors. The rating continues to be supported by the strong
reputation and long track record of the promoters, who have over
two decades of experience in the Mangalore real estate market. The
favorable location of the ongoing project, which may aid in
achieving healthy sales velocity, is another credit strength. The
rating also considers the adequate liquidity position of the
company, with unutilized bank limits and committed receivables
providing sufficient cover to fund the balance cost to be
incurred.

The rating, however, remains constrained by the company's exposure
to market risks for the ongoing project (57% of bookings as on
December 31, 2015), the limited scale of operations, and the
deterioration in capital structure with a fresh term loan being
availed. ICRA notes the large debt repayment obligations in 2017-
18, which may result in some funding gap unless healthy sales
velocity and realizations are obtained. The rating also considers
that there are strong operational and financial linkages among the
MAK India Group of entities, and surplus from DCPL could be
utilized for funding the financial commitments of Group concerns,
leading to liquidity risks. The rating further factors in the
company's exposure to geographical risks, owing to the
concentration of all its projects in Mangalore. The competition
from upcoming projects of other reputed developers in the vicinity
of DCPL's ongoing project, and the susceptibility of its business
to the inherent cyclicality of the real estate industry, are other
concerns.

Going forward, the ability of the company to achieve healthy
bookings and maintain its collection efficiency, along with the
timely completion of its projects, would be the key rating
sensitivities.

Incorporated in 1993, Darvesh Constructions Private Limited
(DCPL), part of the MAK India Group of entities, is involved in
real estate development. Its presence is mainly in the Mangalore
real estate market. DCPL has nearly 20 years of experience in the
real estate sector (commercial and residential) having completed
four projects encompassing ~0.16 million sq. ft. of constructed
area. The largest residential apartment developed by the company
is MAK Grand (43,100 sq. ft.). The company is also involved in
commercial projects, with the largest commercial project developed
by it being MAK Mall (70,098 sq. ft). With a saleable area of 0.25
million sq. ft., MAK The Address, is the biggest project of the
company till date, and carries a total project cost of INR63.02
crore. The project had achieved 57% bookings and 85.55%
construction completion as on December 31, 2015. Its target date
of completion and handing over of possession is June 2016.

Recent results
During 2014-15, the Company reported a profit after tax of INR1.08
crore on an operating income of INR17.88 crore as against a net
profit of INR0.67 crore on an operating income of INR11.53 crore
during 2013-14.


DRASHTI INNOVATIVE: CRISIL Cuts Rating on INR101.3MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Drashti Innovative Syncotex Pvt. Ltd. (DISPL; part of the Gauri
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/A4+'.

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

   Cash Credit          101.3      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

   Proposed Long Term    40.0      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB/Stable')

   Term Loan             98.7      CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The rating downgrade reflects instances of delay in servicing of
term debt obligation and over-utilisation by the group of its
working capital limit.

The group has a constrained financial risk profile, particularly
liquidity, because of significant term debt obligations. Moreover,
it has working capital-intensive, and a modest scale of,
operations in a fragmented and highly competitive market. However,
the group benefits from the extensive experience of its promoters
in the textile industry.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DISPL and Gauri International Pvt Ltd
(GIPL). This is because the two companies, together referred to as
the Gauri group, have common promoters, are in the same business,
and have business and operational synergies.

Incorporated in 2013 and based in Surat, Gujarat, DISPL
manufactures and trades in fabrics used in home furnishing,
readymade garments, and dress material. GIPL, also based in Surat
and incorporated in 2010, is in a similar line of business. The
manufacturing facilities of both companies are in Surat. DISPL is
promoted by Mr. Dhaval Nakrani and Mr. Vishal Balar, while GIPL is
promoted by Mr. Nakrani.


DUGAR OVERSEAS: CRISIL Lowers Rating on INR95MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dugar Overseas Private Limited to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            95       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Inland/Import         150.8     CRISIL A4 (Downgraded from
   Letter of Credit                'CRISIL A4+')

   Term Loan              48.0     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

   Working Capital         6.2     CRISIL B+/Stable (Downgraded
   Demand Loan                     from 'CRISIL BB/Stable')

The rating downgrade reflects deterioration in the company's
financial risk profile, particularly liquidity; because of
insufficient expected cash accrual at Rs.20-25 million, against
term debt obligations of Rs.34.7 million, in 2015-16 (refers to
financial year, April 1 to March 31). Insufficient cash accrual
along with high utilisation of bank limits, with increase in
operating income and hence in working capital requirement, is
expected to constrain liquidity over the medium term. However,
liquidity is likely to be supported by unsecured loans from
promoters.

The ratings reflect the company's modest scale of operations in
the competitive confectionary industry, and large working capital
requirement. These rating weaknesses are partially offset by the
extensive industry experience of DOPL's promoters, and their
established customer and supplier relationship. The ratings also
factor in its moderate financial risk profile because comfortable
gearing and healthy debt protection indicators, though its
networth is modest.
Outlook: Stable

CRISIL believes DOPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is an increase in
scale of operations while profitability is sustained, leading to
higher cash accrual, or in case of equity infusion, thus improving
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile deteriorates, most
likely due to more-than-expected debt-funded capital expenditure
or an increase in working capital requirement.

Incorporated in 1992, DOPL is promoted by the Delhi-based Mr.
Nagraj Dugar and his family members. The company trades in and
manufactures confectionery and chocolates. In 2012-13 (refers to
financial year, April 1 to March 31), it entered into a
manufacturing licence agreement with General Candy Company Ltd,
Thailand, to manufacture candies under the brand name Heartbeat.


DUTCH GLASS: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dutch Glass (DG)
a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect DG's limited track record of operations and
weak credit metrics. The company started operations in August
2015. 1HFY16 provisional financials indicate revenue of INR48
million. Net leverage is likely to be around 4.8x and interest
coverage was 2.2x by FYE16.

The ratings factor in the tight liquidity position of the company
with the fund-based facilities being utilised at an average of
94.4% over the 12 months ended December 2015.

The ratings are supported by the promoter's more than 10 years of
experience in processing glass. The ratings are constrained by the
partnership nature of the firm's business.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 2014, DG is one of the leading processors of glass
in India.

DG's ratings:
-- Long-Term Issuer rating: assigned 'IND B+' Outlook Stable
-- INR56.12 million long-term loans: assigned 'IND B+'/Stable
-- INR11.6 million fund-based facilities: assigned 'IND
    B+'/Stable/'IND A4'


ERODE SRI: CRISIL Reaffirms B+ Rating on INR41.4MM LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Erode Sri Palani
Murugan Spinning Mills Private Limited (ESPM) continue to the
company's modest scale of operations in an intensely competitive
industry and the susceptibility of the company's operating margin
to volatility in raw material prices. The ratings also factor in
ESPM's below-average financial risk profile, marked by its modest
net worth. These rating weaknesses are partially offset by the
extensive experience of the promoters in the textile industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)

   Cash Credit            30       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     41.4     CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        14       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes ESPM will continue to benefit over the medium term
from the industry experience of its promoters. The outlook may be
revised to 'Positive' in case of higher-than-expected revenue and
profitability, resulting in improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a decline in cash accrual, large, debt funded capital
expenditure, or weakening of working capital management, resulting
in deterioration in the financial risk profile.

ESPM, incorporated in December 2006, manufactures cotton yarn. Its
operations are managed by Mr. E Palanisamy.


EVERGREEN VENEERS: ICRA Revises Rating on INR5cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+
assigned to INR5.00 crore fund based limits and reaffirmed the
short-term rating at [ICRA]A4 assigned to INR23.05 crore non fund
based limits of Evergreen Veneers Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      5.00       [ICRA]B (revised from
                                     [ICRA]B+)

   Non Fund Based        23.05       [ICRA]A4 reaffirmed
   Limits

The rating revision reflects significant decline in revenues
during FY2015 which is expected to decline further in FY2016 due
to limited raw material (timber) availability on account of
regulatory changes in Myanmar. The ratings are further constrained
by the company's presence in a highly competitive industry with
many established and unorganized players, and threat from upcoming
substitutes like Medium Density Fiber and particle boards, The
ratings also consider stretched financial profile as indicated in
thin operating margins of ~2%, weak coverage indicators with
NCA/Debt at 4.35% and interest coverage ratio of 1.34 times for
FY2015, and high working capital requirements on account of high
credit period offered to its customers which is partially offset
by higher creditor days. ICRA also notes that the company's
profitability is susceptible to fluctuations in raw material
prices and foreign exchange rates.

The ratings, however, favourably factor in the longstanding
experience of the promoter in the plywood and veneer manufacturing
and timber trading industry, proximity to the Visakhapatnam port
which results in the easy access of imported timber, and
established relationships with timber suppliers and plywood
dealers.

Going forward, the ability of the company to improve its scale of
operations and profitability while managing its working capital
requirements effectively will be the key credit rating
sensitivities.

Evergreen Veneers Private Limited (EVPL) is a private limited
company incorporated in 1992. It is involved in manufacturing of
plywood, face veneer, core veneer, and trading of timber. The
promoters Mr. Vijay Gupta and Mr. Ashok Kumar Aggarwal have
extensive industry experience. The company imports primarily
Gurjan variety of timber from Singapore, Myanmar, Indonesia and
other countries and sells veneers and plywood in various regions
in India and in Nepal.

Recent Results
As per the audited results for FY2015, the company reported profit
after tax of INR0.32 crore on turnover of INR74.81 crore as
against profit after tax of INR0.77 crore on turnover of INR92.55
crore during FY2014.


FACOR STEELS: ICRA Suspends 'D' Rating on INR142.40cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D ratings assigned to the INR142.40
crore fund and non fund based limits of FACOR Steels Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GARDENIA AIMS: CRISIL Suspends 'D' Rating on INR1.34BB Term Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Gardenia
Aims Developers Private Limited (GADPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility        100      CRISIL D
   Term Loan                1340      CRISIL D

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

GADPL was incorporated in 2009. It is a special-purpose vehicle
for the development of a group housing project in Noida (Uttar
Pradesh). The company is developing a 2.2-million-square-foot
residential project, Gardenia Aims GLORY, at Sector 46, Noida, at
a total revised cost of about INR8.3 billion to be funded in a
debt-to-equity ratio of 1:1 and the remaining by customer
advances. The project was commercially launched in July 2009.


HOTEL VAIGAI: ICRA Suspends 'C' Rating on INR11.50cr Loan
---------------------------------------------------------
ICRA has suspended the [ICRA]C rating assigned to the INR11.50
Crore bank facilities of Hotel Vaigai Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.

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


IA ENERGY: Ind-Ra Suspends IND B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended IA Energy's
(IAE) Long-Term Issuer Rating of 'IND B+' with a Stable Outlook.
The rating will now appear as 'IND B+(suspended)' on the agency's
website. The agency has also migrated IAE's INR2305.5 million term
loan to 'IND B+(suspended)' from 'IND B+'.

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

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


JAGATJIT INDUSTRIES: ICRA Lowers Rating on INR200.84cr Loan to B+
-----------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR200.84
crore fund based bank limits of Jagatjit Industries Limited to
[ICRA]B+ from [ICRA]BB. ICRA has also downgraded the short term
rating assigned to INR0.72 crore fund based and INR25.00 crore
non-fund based bank limits of JIL to [ICRA]A4 from [ICRA]A4+. ICRA
has reaffirmed the medium term rating of MB+ assigned to INR20.00
crore fixed deposit program of JIL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term: Fund
   Based Limits         200.84        [ICRA]B+/downgraded

   Short Term: Fund
   Based Limits           0.72        [ICRA]A4/assigned

   Short Term: Non-
   Fund Based Limits     25.00        [ICRA]A4/downgraded

   Medium Term: Fixed
   Deposit               20.00         MB+/ reaffirmed

The rating downgrade takes into account the deterioration in the
financial profile of JIL on account of the cash losses and delay
in stated monetisation of surplus assets leading to increasing
debt levels to fund the ongoing cash losses. Liquor sales which
accounts for ~90% of the JIL's revenues have been declining over
the past few years on account of the operational issues and
funding constraints which has limited the promotional activities,
further leading to decline in the sales volume. Declining revenues
coupled with high fixed overheads has resulted in widening of the
operating loss in FY 2015. As the losses and repayments have been
funded through additional borrowing, the debt levels have been
increasing which have increased the financial obligations and
thereby the cash losses as well. The sales volume and revenues are
expected to decline for the fourth consecutive year in FY 2016 as
well.

Pending the improvement in operational profile and cash flows on
account of the operational restructuring and cost rationalization
undertaken by JIL in FY 2016, JIL is expected to remain dependent
on external funding for meeting debt servicing obligations, given
the large scheduled debt repayments, which shall lead to further
increase in the debt levels. While timely funding tie-ups by way
of securitization of the real estate assets will be important for
maintaining adequate liquidity and timely debt servicing as a
short term arrangement; improvement in the profitability levels
and reduction in the debt levels through sale of the surplus real
estate assets will be critical for improvement in the financial
profile and long term sustainability.

The rating continues to remain constrained by the highly regulated
nature of the industry with the state government controlling the
distribution and pricing in most states, which limits the pricing
and distribution flexibility of the industry players to pass on
the increase in the raw material prices and increase the market
penetration. Moreover, the liquor industry is subject to high
levels of duties and taxes which results in vulnerability of the
sales volume and profitability to any adverse change in the duty
structure as increase in prices can impact sales while absorbing
the increase in the costs impacts the profitability.

Despite the above challenges, the rating continues to be supported
by the established market presence of JIL in the domestic IMFL
market through its flagship brand Aristocrat with operational
track record of more than five decades. Moreover, despite the cash
losses over the last two years, the liquidity has remained
satisfactory with average working capital limit utilization of
~80% over the last one year; however the same has been supported
by borrowings against the real estate assets of the company and
has thus increased the debt levels. Moreover, JIL has surplus real
estate assets which can be monetized/ securitized for meeting the
funding requirement over the medium term and maintain liquidity;
nevertheless operational improvement as reflected in improvement
in the accruals along with reduction in the debt levels remains
critical as the proceeds from the surplus assets can support the
operations only over the medium term. The rating also continues to
take into account the regular rental income from the leased
commercial properties in NCR region and the steady sales of the
malted milk food on account of long term supply contract with GSK
Consumer Healthcare which provides steady accruals and have
cushioned the impact of weakness in the liquor business to some
extent.

JIL was formed in August 1944 by Late Mr. L.P. Jaiswal. JIL is
primarily engaged in manufacturing and distribution of IMFL under
its flagship brand Aristocrat in the domestic market. JIL also
manufactures country liquor in Punjab. Liquor sales account for
most of revenues of the company at ~90%. In addition to liquor,
JIL also manufactures malt extract and malt milk-food, mostly for
GSK Consumer Healthcare, which accounts for ~9% of the revenues of
JIL. Moreover, JIL has also leased commercial properties in
Gurgaon (Haryana) and New Delhi which provides regular rental
income of ~INR18 crore annually.

JIL's manufacturing unit is located in Kapurthala (Punjab) which
also has an in-house distillery. In addition to IMFL and country
liquor, JIL also manufactures malt extract and malt milk-food at
the Kapurthala unit. JIL also has two bottling units in Alwar
(Rajasthan) and Hyderabad (Telangana).

Recent Results
During H1 FY 2016, as per the provisional results, JIL reported
operating income of INR337.71 crore, operating profit margin of
(0.1%) and net profit margin of (4.7%) as against operating income
of INR428.99 crore, operating profit margin of 1.2% and net profit
margin of (0.7%) in previous corresponding period.


KEAA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR115MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keaa International
Private Limited (KIPL) continue to reflect KIPL's weak financial
risk profile because of small net worth and below-average debt
protection metrics, weak profitability, customer concentration and
modest scale of operations in the intensely competitive
scaffolding industry. These weaknesses are partially offset by its
promoter's extensive industry experience and established
relationship with key customers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            115      CRISIL B+/Stable (Reaffirmed)

   Letter of credit &
   Bank Guarantee          25      CRISIL A4 (Reaffirmed)

   Long Term Loan          18.8    CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      12.7    CRISIL B+/Stable (Reaffirmed)

   Standby Line of Credit   8.5    CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KIPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if financial risk profile improves
because of substantial increase in net cash accrual resulting from
higher sales and profitability or moderation in working capital
requirement. Conversely, the outlook may be revised to 'Negative'
in case of significant deterioration in liquidity or capital
structure, or pressure on profitability.

KIPL, incorporated in 2009 and promoted by Ludhiana (Punjab)-based
Mr. Raveesh Moudgil, manufactures and exports scaffolding
equipment and garden accessories, primarily related to fencing. It
started commercial operations in 2010-11 (refers to financial
year, April 1 to March 31).

KIPL's net profit was INR3.9 million on net sales of INR459.0
million for 2014-15, against net profit of INR4.6 million on net
sales of INR362.6 million for 2013-14.


KF FARMS: CRISIL Assigns B+ Rating to INR85MM Cash Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of KF Farms Private Limited (KFFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Working
   Capital Facility       55       CRISIL B+/Stable
   Cash Credit            85       CRISIL B+/Stable
   Long Term Loan         10       CRISIL B+/Stable

The rating reflects the company's working capital-intensive
operations and susceptibility of operating margin to volatility in
raw material prices. These weaknesses are partially offset by the
extensive experience of KFFPL's promoters in the agriculture
industry and moderate financial risk profile marked by moderate
interest coverage ratio.
Outlook: Stable

CRISIL believes KFFPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if the company sustains operating margin at
a similar level or generates larger-than-expected cash accrual to
support working capital requirement, leading to improvement in
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected margin
leads to substantially low cash accrual, or if more-than-
anticipated debt-funded expansion or deterioration in working
capital management further weakens financial risk profile.

Established in 2003 by the Kapur group of companies, KFFPL grows
potatoes, maize, paddy, and sunflower on 1200 acres of land in
Jalandhar, Punjab.


LANCY CONSTRUCTIONS: CRISIL Cuts Rating on INR130MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Lancy Constructions (LC) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility       130      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects deterioration in Lancy Constructions'
credit risk profile, specially its business profile and liquidity.
Decline in construction activity resulted in a 25 percent drop in
sales to INR75.6 million in 2015-16 (refers to financial year,
April 1 to March 31) from INR100 million the previous year.
Consequently, net cash accrual was low at INR6.4 million, despite
interest income of INR6 million. However, timely capital infusion
of INR2 million helped service maturing debt of INR8.5 million in
2014-15. Bank limit remained fully utilised in the 12 months
through August 2015.

The rating also reflects LC's weak financial risk profile (marked
by moderate gearing, low networth and below-average debt
protection metrics), and modest scale of, and working capital
intensity in, operations in the intensely competitive ready mix
concrete (RMC) and civil construction segments. These rating
weaknesses are partially offset by the promoter's extensive
experience.
Outlook: Stable

CRISIL believes LC will continue to benefit from its promoter's
experience in the construction industry over the medium term. The
outlook may be revised to 'Positive' if revenue and profitability
increase significantly and sustainably, while working capital
management improves. The outlook may be revised to 'Negative' if
low revenue and profitability, stretch in receivables, or any
large debt-funded capital expenditure weakens financial risk
profile.

Incorporated in 1973, LC manufactures RMC for the construction
industry. The company is also engaged in civil construction works
for the real estate sector. Based in Mangalore, the company is
promoted by Mr. Lancy Mascarenhas.


LOGON INDIA: ICRA Assigns B+ Rating to INR8.0cr LT Loan
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ for the INR8.00
crore overdraft facility and the short term rating of [ICRA]A4 for
the INR7.00 crore non fund based facilities of Logon India
Infrastructure Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT- Fund based
   Overdraft facility     8.00        [ICRA]B+

   ST- Non-fund
   based - BG             7.00        [ICRA]A4

The rating factors in the consistent and significant increase in
the order book size since the company's incorporation in the year
2010 backed by the experience of the directors as EPC Contractors
for industrial, residential and infrastructure projects. The
rating also factors in the improved and favourable gearing in the
FY 2015; the large advances received from customers to aid the
working capital; and, the diversified construction sites across
India expanding the geographic scope of the company. The rating
is, however, constrained by the impediments witnessed in the road
project undertaken earlier where the company has a sizeable
exposure in terms of pending receivables and assets invested. The
rating is also constrained by the significant amount advanced to
other corporate out of the advances received from customers for
venturing into real estate projects. Ability of the Company, going
forward, to improve the revenues and profit margins and early
recovery of the advances invested in land assets will be critical
to improve the cash flows.

Logon India Infrastructure Private Limited, a private limited
company established in 2010, is primarily engaged in the
construction activities for the construction of residential and
commercial properties, industrial buildings and warehouses and
road projects. The Company operates as an Engineering, Procurement
and Construction contractor and undertakes contract orders ranging
from pre-construction services to complete turnkey construction
projects. The Company is headquartered in Chennai and the
principal place of operations is in India.


LOTUS FARMS: CRISIL Cuts Rating on INR479MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Lotus Farms to 'CRISIL D' from 'CRISIL BB+/Negative'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           479       CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Proposed Long Term      5.8     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Negative')

   Term Loan             165.2     CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

The rating downgrade reflects instances of delay by Lotus Farms in
servicing its debt. The delays have been caused by significant
weakening of the firm's liquidity with continued capital
withdrawals by partners and large debt-funded capital expenditure
(capex). Its net worth has steadily declined and is expected at
INR165 million as on March 31, 2016, against INR180 million as on
March 31, 2013, on account of capital withdrawal of INR150 million
by its partners over this period. The firm is implementing a capex
programme of around INR410 million in 2015-16 (refers to financial
year, April 1 to March 31) to increase its feed-mill capacity; 75
per cent of the capex is being funded through debt. Consequently,
gearing is expected to increase to 4.4 times as on March 31, 2016
from 2.7 times as on March 31, 2014.

Lotus Farms has a below-average financial risk profile because of
a small networth, high gearing, and weak debt protection metrics.
Furthermore, the firm is exposed to risks related to
implementation and stabilisation of its ongoing project. The
profitability margins of the firm are susceptible to volatility in
raw material prices, and the firm is exposed to intense industry
competition in the poultry industry, and is susceptible to risks
inherent in the industry such as outbreak of epidemics.

Lotus Farms was set up in 1991 as a partnership firm by Mr. M
Damodar Reddy, Mr. Srihari Reddy, and Mrs. M Surekha. The firm
produces hatching eggs and broiler birds, and operates a feed
mill. It is based in Hyderabad.

The promoters also own Lotus Poultries Pvt Ltd (rated 'CRISIL
D/CRISIL D'), which has brooding and growing bird capacity and is
setting up a layer facility in Bengaluru.


MADHU JAYANTI: Ind-Ra Suspends 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Madhu Jayanti
International Limited's (MJIL) Long-Term Issuer Rating of 'IND BB'
with a Stable Outlook. The rating will now appear as 'IND
BB(suspended)' on the agency's website. A full list of rating
actions is at the end of the commentary.

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

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

MJIL's ratings are as follows:

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

-- INR450 million fund-based limits: migrated to 'IND
    BB(suspended)' from 'IND BB' and to 'IND A4+(suspended)' from
    'IND A4+'

-- INR30 million non-fund-based limits: migrated to 'IND
    A4+(suspended)' from 'IND A4+'


MAHAPRABHU STEELS: CRISIL Suspends B+ Rating on INR61MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Mahaprabhu Steels Private Limited (MSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2       CRISIL A4
   Cash Credit            61       CRISIL B+/Stable

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

Incorporated in June 1988, and promoted by the Kolkata-based Modi
family, MSPL trades in steel scraps. The Modi family has been in
the iron and steel trading business since the past four decades.
Currently, the company's business is looked after by Mr. Vikas
Modi, who has experience of over two decades in the iron and steel
industry.


MOHAK WOOLLENS: CRISIL Lowers Rating on INR46.5MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mohak Woollens Private Limited (MWPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and assigned 'CRISIL A4' rating to its short-
term facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         6.7      CRISIL A4 (Reassigned)

   Cash Credit           46.5      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term    33.7      CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

   Term Loan             26.9      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Term Loan    11.2      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects lower-than-expected operational profit
levels of project resulting in barely-sufficient cash accrual
against debt obligation over the medium term. Due to intense
competition, though the ramp-up in sales is in-line with
expectations, the operating profitability is low in range of 4.5-5
percent; against expected levels of 7.5-8 percent. MWPL is
expected to generate just adequate cash accruals of about INR5
million against repayment obligations of almost same amount over
the medium term. Further, it is likely to undertake an additional
debt-funded capital expenditure of INR15 million for addition of
capacities in 2016-17 (refers to financial year, April 1 to March
31). Thus, liquidity is expected to remain contingent to infusion
of unsecured loans by promoters. The outstanding position of
unsecured loans was INR34.4 million as on November 30, 2015
(provisional) against INR18.2 million as on March 31, 2015.

The ratings reflect modest scale of operations in the highly
fragmented polar blankets manufacturing industry. The liquidity
and financial risk profile is expected to remain below average
mainly due to low operating profitability and debt-funded capital
expenditure plan over the medium term. These rating weaknesses are
mitigated by the promoters' extensive industry experience and
their funding support.
Outlook: Stable

CRISIL believes MWPL will continue to benefit from the promoters'
extensive experience and their funding support. The outlook may be
revised to 'Positive' in case of significant improvement in
operating profitability or working capital management leading to
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if decline in profitability level or
more-than-expected reliance on debt for working capital
requirement leads to weak financial risk profile.
MWPL, incorporated in 2014, was set up by Mr. Padam Jain and
family. The company has set up a manufacturing plant in Panipat
(Haryana) for polar yarn used for blankets and other materials,
with an existing installed capacity of 7 tonne per day.


MRR HOSPITAL: ICRA Assigns 'B' Rating to INR5.0cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.00
crore fund based bank facilities of MRR Hospital.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Term
   Loan                  5.00         [ICRA]B; assigned

The assigned rating is constrained by the execution risk and
market risk with 70% of the development cost being incurred till
date and with the healthcare centre expected to commence
operations from June 2016. The rating takes into account the
funding risk given the financial closure for the project is yet to
be achieved and the ability of the hospital to attract and retain
qualified doctors, specialists and training staff, to scale up the
operations, meet desired occupancy levels and establish a brand.
The rating also takes into account the part debt funded project
which is likely to create pressure on the debt servicing
indicators and the promoters' ability to infuse balance funds to
complete the project and timely service the debt obligations, with
insufficient cash generation, in the initial years of operation.
The assigned rating also considers possible time over-run this
which in turn may lead to liquidity constraints and the presence
of other established naturotherapy centers in Bangalore which
leads to high competitive pressure and augments market risks
during initial years of operations.

The rating, however, favourably factors in the long experience of
the one of the promoters in the healthcare industry along with
adequate demand for healthcare facilities in Bangalore where there
is health awareness and willingness to spend on health as well.
The rating also takes into account the favourable location of the
healthcare centre which is strategically located in Sollur,
Bangalore, with ease of accessibility and the expected revenue
diversification since the firm plans to cater to several
disciplines likes naturotherapy, ayurveda and yoga. ICRA also
notes the low gearing level with ~65% of the project cost being
incurred by the promoters and the expected funding support, if
required, going forward.

Going forward, the company's ability to attract patients and
achieve the expected occupancy levels and profitability to timely
service debt obligations will remain the key rating sensitivities.

MRR Hospital, incorporated as a partnership firm, is a healthcare
centre established by Dr. Chetan Kumar in December 2012. The firm
is developing a naturotherapy, ayurveda and yoga centre under the
name MRR Hospital in Sollur, Bangalore which is expected to
commence operations in June 2016. The healthcare centre will cure
all types of ailments viz. arthritis, asthma, bronchitis,
diabetes, hypertension, heart problem, obesity, acidity, cervical
spondylitis, menstrual irregularities etc. through naturopathy,
ayurvega and yoga. The total project cost is INR16.80 crore of
which INR5.85 crore will be funded through debt.


MULTIFLEX POLYBAGS: CRISIL Reaffirms B+ Rating on INR25MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Multiflex Polybags
Private Limited (MPPL) continue to reflect MPPL's modest scale of
operations in the intensely competitive packaging industry and
below-average financial risk profile because of high gearing.
These weaknesses are partially offset by promoter's extensive
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       20       CRISIL A4 (Reaffirmed)
   Long Term Loan         25       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MPPL will continue to benefit over the medium term
from promoter's extensive experience. The outlook may be revised
to 'Positive' if significant improvement in scale of operations
and profitability leads to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if accrual
declines, the firm undertakes sizeable debt-funded capital
expenditure programme, or if inefficient working capital
management results in deterioration in financial risk profile.

Update
Revenue declined to INR99.7 million in 2014-15 (refers to
financial year, April 1 to March 31) from INR107.5 million in the
previous year due to a fire accident in the factory, which
affected operations and sales. With facilities being restored in
August 2015, revenue in 2015-16 is expected to remain in line with
the previous year. Operating margins also declined to 2.3 percent
in 2014-15. However, with operations having been fully stabilised
in the current year, the operating margins are expected to revert
to historical levels over the medium term.

Operations are working capital-intensive, with gross current
assets of 265 days as on March 31, 2015, due to large insurance
receivables. Also, debtor days stood at around 60 days as on March
31, 2015.  With stabilisation of operations at the restored
facility and receipt of insurance claims, working capital
management is expected to remain at historical levels of 120 to
150 days over the medium term.

Liquidity remains adequate due to moderate bank limit utilisation,
unsecured loans from the promoter, and adequate cash accrual
against debt obligation over the medium term.

Set up in 1989 as a partnership firm and reconstituted as a
private limited company in 2013, Chennai-based MPPL manufactures
flexible packaging material. The company is promoted by Mr.
Rajendra Mehta.

MPPL reported a net loss of INR5.7 million on total revenue of
INR99.7 million for 2014-15, against a net loss of INR2.5 million
on total revenue of INR107.5 million for 2013-14.


N.R. FOOTWEAR: ICRA Suspends 'D' Rating on INR8cr Loan
------------------------------------------------------
ICRA has suspended the [ICRA] D rating assigned to the INR8 crore
fund based facilities of N.R. Footwear Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.


NANDINI IMPEX: Ind-Ra Suspends 'IND D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has suspended Nandini Impex
Private Limited's (NIPL) Long-Term Issuer Rating of 'IND D'. The
rating will now appear as 'IND D (suspended)' on the agency's
website.

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

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

NIPL's ratings are as follows:

-- Long-Term Issuer rating: migrated to Long-term 'IND
    D(suspended)' from Long- term 'IND D',

-- INR350 million fund-based limits: migrated to Long- term 'IND
    D(suspended)' from Long- term 'IND D'

-- INR50 million non-fund-based limits: migrated to Short-term
    'IND D(suspended)' from Short-term 'IND D'

-- INR401.2 million term loan: migrated to Long- term 'IND
    D(suspended)' from Long- term 'IND D'


NANO AGRO: ICRA Reaffirms 'B' Rating on INR10cr Loan
----------------------------------------------------
ICRA has reaffirmed [ICRA]B rating assigned to the INR10.00 crore
long term fund based facilities of Nano Agro Foods Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital       10.00        [ICRA]B reaffirmed

The reaffirmation of rating continues to factor in NAFPL's weak
financial profile as evident from low return indicators, stretched
capital structure and weak debt coverage indicators. The rating
continue to remain constrained by the highly competitive and
fragmented industry structure owing to low entry barriers and the
vulnerability of profitability to raw material prices, which are
subject to seasonality, crop harvest and regulatory risks.
The rating however, continues to positively factors in the past
experience and technical qualification of the promoters; favorable
location of the company's manufacturing facility in Gondal giving
easy access to raw material.

Nano Agro Foods Private Limited (NAFPL) was incorporated in the
year 2007 and is engaged in the business of ginning & pressing of
raw cotton and cotton trading. The company's manufacturing
facility is located at Gondal (Rajkot), Gujarat with a production
capacity of 180 bales per day.

Recent Results
For the financial year 2014-15, the company reported an operating
income of INR59.44 Cr. and profit after tax of INR0.05 Cr. as
against an operating income of INR51.46 Cr. and profit after tax
of INR0.10 Cr. for the financial year 2013-14.


NASENSE LABS: Ind-Ra Suspends 'IND BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has Nasense Labs Private
Limited's (Nasense) 'IND BB+' Long-Term Issuer Rating with a
Stable Outlook to the suspended category. The rating will now
appear as 'IND BB+(suspended)' on the agency's website.

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

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

Nasense's ratings:

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

-- INR16.5 million term loan limits: migrated to 'IND
    BB+(suspended)' from 'IND BB+'
-- INR60.0 million fund-based limits: migrated to 'IND
    BB+(suspended)'/'IND A4+(suspended)' from 'IND BB+'/'IND A4+'
-- INR80.0 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'
-- Proposed INR60.0 million fund-based working capital limits:
    'Provisional 'IND BB+'/'Provisional IND A4+'; ratings
    withdrawn as the company did not proceed with the instrument
    as envisaged
-- Proposed INR30.0 million term loan limits: 'Provisional IND
    BB+'; rating withdrawn as the company did not proceed with
    the instrument as envisaged
-- Proposed INR30.0 million non-fund-based working capital
    limits: 'Provisional IND A4+'; rating withdrawn as the
    company did not proceed with the instrument as envisaged


NEXTGEN TEXTILE: CRISIL Assigns B- Rating to INR100MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Nextgen Textile Park Private Limited (NTPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              100      CRISIL B-/Stable

The rating reflects NTPPL's start-up phase of operations, and
exposure to risks related to timely stabilization and off-take
risks associated with its ongoing project. These weaknesses are
partially offset by its promoters' extensive industry experience,
and support of government grants because of approval for project
under Scheme for Integrated Textile Park (SITP).
Outlook: Stable

CRISIL believes NTPPL will continue to benefit over the medium
term from promoters' extensive experience in the textile industry.
The outlook may be revised to 'Positive' in case of timely
stabilization of the installed capacity with more-than-expected
capacity utilisation, leading to healthy revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of delays in stabilisation of project or lower-
than-expected revenue or profitability resulting in weakening
financial risk profile.
NTPPL, incorporated in March 2007, is a special purpose vehicle
promoted by Mr. Aloke Bhatnagar, Mr. B S Bhatnagar, and Mr. Dinesh
Gangadharan (nominee director) to set up a textile park near Pali
(Rajasthan). The company was set up under SITP, supported by the
Ministry of Textiles, the Government of India, to set-up textile
park infrastructure to house units of small entrepreneurs. The
project is expected to be fully operational from April 2016.


PARAMESWARA AGENCIES: Ind-Ra Assigns 'IND B' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Parameswara
Agencies (PA) a Long-Term Issuer rating of 'IND B'. The Outlook is
Stable. The agency has also assigned PA's INR60 million fund-based
working capital limits 'IND B'/Stable and 'IND A4' ratings.

KEY RATING DRIVERS

The ratings factor in PA's small scale of operations and weak
credit metrics. Revenue was INR181 million in FY15 (FY14:161
million) with 4.3% EBITDA margin (FY14:3.5%). EBITDA interest
coverage (operating EBITDA/gross interest expense) was 1.2x in
FY15 (FY14: 1.1x) and net financial leverage (total adjusted net
debt/operating EBITDA) was 7.6x (7.8x).

Liquidity position is moderate with the fund-based facilities
being utilised at an average of 97.4% over the 12 months ended
January 2016.

The ratings are supported by the over three decades of experience
of PA's promoters in the waste paper processing and cotton trading
businesses.

RATING SENSITIVITIES

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

Negative: A decline in the profitability resulting in a sustained
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

PA was established in 1988 by Sri Kambhampati Nageswara Rao as a
proprietary concern, and is engaged in waste paper processing and
trading of cotton.


PTS HITECH: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of PTS HITECH PROJECTS
India Private Limited (PTS) continue to reflect the company's
modest scale of operations in the fragmented civil construction
industry, and below-average financial risk profile because of high
gearing and a modest net worth. These rating weaknesses are
partially offset by the extensive industry experience of PTS's
promoters and a moderate order book.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4 (Reaffirmed)
   Cash Credit            50       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes PTS will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in
scale of operations while moderate operating profitability is
maintained, or if there is an improvement in working capital
management. Conversely, the outlook may be revised to 'Negative'
if revenue or profitability is lower than expected, or working
capital management deteriorates, resulting in weakening of
liquidity.

PTS, set up in 2009, is based in Puthiyara, Kerala. It executes
civil contracts for Kerala Public Works Department. Its operations
are managed by Mr. P T Srinivasan, the promoter.


PULIMOOTTIL SILKS: CRISIL Reaffirms B+ Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Pulimoottil Silks
Thrissur (PST, part of the Pulimoottil group) continues to reflect
the group's exposure to intense competition in the apparel retail
segment.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            60       CRISIL B+/Stable (Reaffirmed)
   Term Loan              20       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the below-average financial risk
profile because of a high total outside liabilities to tangible
net worth (TOLTNW) ratio, and low interest coverage ratio. These
rating weaknesses are partially offset by the benefits the
Pulimoottil group derives from its promoters' extensive experience
in the industry.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of four entities: PSAPL, Pulimoottil
Silks, Thrissur; Pulimoottil Silks, Kottayam and Pulimoottil
Garments, Kottayam. This is because these entities, collectively
referred to as the Pulimoottil group, are in the same line of
business, have common promoters, fungibility of funds, and share
significant business synergies.
Outlook: Stable

CRISIL believes the Pulimoottil group will benefit from the
promoters' experience in the apparel retail industry. The outlook
may be revised to 'Positive' if ramp-up in scale of operations and
stable profitability results in a substantially stronger financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if deterioration in working capital management or any additional
debt-funded capital expenditure leads to deterioration in the
liquidity and financial risk profile.

The Pulimoottil group consists of four entities, Pulimoottil Silks
and Apparel Private Limited set up in 2013, Pulimoottil Silks,
Kottayam, Pulimoottil Garments, Kottayam, set up in 1986, and
Pulimoottil Silks, Thrissur, set up in 2007. The group retails
silk saris and ready-made garments. The operations are managed by
Mr. Stephen Chacko, Mr. Abraham Chacko, and Mr. John Chacko.


R B PATIL: CRISIL Assigns 'B' Rating to INR20MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of R B Patil Infrastructure Private Limited.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Proposed Rupee Term Loan    20        CRISIL B/Stable
   Bank Guarantee              15        CRISIL A4
   Cash Credit                 15        CRISIL B/Stable

The ratings reflect the company's small scale and working capital-
intensive nature of operations, and exposure to risks related to
the tender-based nature of business in the intensely competitive
civil construction industry. The ratings also factor in an average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of RBIPL's promoters
and their funding support.
Outlook: Stable

CRISIL believes RBIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant growth
in revenue and profitability, leading to sizable cash accrual.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens, most
likely due to a time or cost overrun in the company's ongoing
capital expenditure programme, low cash accrual, or a stretched
working capital cycle.

Incorporated in 2006 and promoted by Mr. Bhaidas Patil, RBIPL is
based at Amalner in the Jalgaon district of Maharashtra. It
undertakes civil construction contracts primarily for construction
of roads and buildings in Maharashtra and is registered as a
Class-1 contractor with the Public Works Department of Maharashtra
state.


R.S.V. CONSTRUCTIONS: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.S.V.
Constructions Private Limited's (RSV) 'IND BB+' Long-Term Issuer
Rating with a Stable Outlook to the suspended category. The rating
will now appear as 'IND BB+(suspended)' on the agency's website. A
list of additional rating actions is provided at the end of this
commentary.

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

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

RSV's ratings:

-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
    from 'IND BB+'
-- INR75.0 million fund-based working capital limits: migrated
    to 'IND BB+(suspended)' from 'IND BB+' and
    'IND 4+(suspended)' from 'IND A4+'
-- INR150.0 million non-fund-based working capital limits:
    migrated to 'IND A4+(suspended)' from 'IND A4+'


RICHA INTERNATIONAL: CRISIL Cuts Rating on INR60MM Pack Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Richa
International to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Letter of Credit      10        CRISIL D (Downgraded from
                                   'CRISIL A4')

   Packing Credit        60        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The rating downgrade reflects Richa International's over-
utilisation of its fund-based limits for more than 30 consecutive
days because of weak liquidity.

Richa International also has below-average financial risk profile,
marked by small networth, high total outside liabilities to
tangible networth ratio, and weak debt protection metrics. The
ratings also factor in the firm's small scale and working-capital-
intensive nature of operations, and exposure to fluctuations in
commodity prices and foreign exchange rates. These weaknesses are
partially offset by the promoters' funding support and extensive
experience in the agricultural commodity trading business.

Richa International, a partnership firm, was set up in 1993 by Mr.
Anil Dani in Mumbai. The firm exports agricultural commodities,
mainly maize, rice, and sugar. It also exports commodities such as
millet, sorghum and turmeric occasionally.


ROLEX RINGS: ICRA Lowers Rating on INR383.97cr Term Loan to D
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR383.97
crore (reduced from INR453.81 crore) term loans and INR32.85 crore
cash credit facilities of Rolex Rings Private Limited to [ICRA]D
from [ICRA]B. ICRA has also revised the short-term rating assigned
to the INR241.63 crore (reduced from INR245.13 crore) short-term
facilities of RRPL to [ICRA]D from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loans           383.97       Revised to [ICRA]D
                                     from [ICRA]B

   Cash Credit           32.85       Revised to [ICRA]D
                                     from [ICRA]B

   PCFC                  73.36       Revised to [ICRA]D
                                     from [ICRA]A4

   Bill Discounting/     74.36       Revised to [ICRA]D
   PSCFC                             from [ICRA]A4

   Letter of Credit      93.91       Revised to [ICRA]D
                                     from [ICRA]A4

The revision in ratings incorporates incidences of irregularities
in debt servicing in the last few months by the company. Further,
ICRA takes note of the significantly large repayment liabilities
due in the near to medium term that are expected to keep the
credit metrics and liquidity under stress.

The rating also factors in the company's weak financial profile as
reflected by negative net worth position as on March 31, 2015 and
high working capital intensity owing to long receivables coupled
with high inventory holding periods. The ratings are further
constrained by vulnerability of the company's profitability to
adverse fluctuations in prices of key raw material i.e. alloy
steel and foreign currency exchange rate on raw material imports
though the same is partly mitigated by presence of price revision
clauses with customers, the use of forward contracts and natural
hedging offered by export sales.

The ratings however favourably take into account the healthy scale
of operations coupled with improvement in profitability during the
last three fiscals, thereby leading to relatively improved
accruals and coverage indicators. The ratings also factor in the
long standing experience of the promoters spanning over three
decades and established track record of the company in the bearing
and auto component industry; state of the art manufacturing
facilities equipped with latest forging machinery and established
relationships with leading global bearing and auto component
manufacturers in the form of approved vendor status.

Rolex Rings was initially established as a partnership firm by Mr.
Rupesh D. Madeka in 1980 and was later on reconstituted into a
Private Limited company in 2003. The company is currently managed
by Mr. Manesh Madeka, his brothers and their sons. The primary
business of the company is manufacturing of bearing rings/races
and automotive components through forging and turning processes.
It caters to the requirement of automobile sector and has a
reputed clientele base comprising of global bearing and auto
manufacturers. The company has two manufacturing units, both
located in Rajkot district of Gujarat with a combined installed
capacity to manufacture 320 million units of forged rings,
machined rings and automobile parts. The promoter family holds
54.46% stake in the company while the remaining stake of 45.51% is
held by the private equity firm New Silk Route.


SELENO STEELS: ICRA Reaffirms B Rating on INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR6.00 crore cash credit facility of Seleno Steels Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   (Cash Credit)          6.00        [ICRA]B reaffirmed

The reaffirmation of the rating takes into account SSL's weak
financial profile, characterized by low profits and cash accruals
from the business, leading to depressed level of coverage
indicators and small scale of current operations on the back of
low capacity utilization of the unit, owing to a scarcity of raw
materials as well as weak demand scenario. The rating is further
constrained by the high working capital intensity of operations on
account of high inventory levels, mainly on account of build up on
iron ore/ coal fines and a long credit period extended to the
customers, which exerts pressure on the company's liquidity
position and also restricts its financial flexibility. Further,
the company remains exposed to high client concentration risk with
almost the entire sales being made to the Raigargh based group
concern 'Balaji Induction Furnace Pvt. Ltd.'.

The rating, however, favourably considers the experience of the
promoters and long track record of the company in the
manufacturing of sponge iron and a comfortable capital structure
with debt comprising primarily of working capital loan.

Nevertheless, with the steel industry being the end user of sponge
iron manufactured by the company, SSL remains exposed to the
inherent cyclicality in the steel industry, which is likely to
keep its profitability and cash flows volatile. Going forward,
SSL's ability to optimally utilize its manufacturing facility,
while at the same time improve its profitability and reduce its
working capital intensity would be key rating sensitivities.

Incorporated in 2001, SSL is promoted and managed by Mr. Rajesh
Agarwal and his family members. The company is engaged in the
manufacturing of sponge iron with an annual production capacity of
45,000 tons per annum (TPA). The manufacturing facility is located
at Raigarh in Chattisgarh with three DRI kilns of capacity 50 TPD
(tons per day) each.

Recent Results
During the first eight months of 2015-16 (provisional), the
company reported a turnover of INR9.09 crore. The company reported
a net profit of INR0.07 crore on an operating income of INR18.49
crore in 2014-15.


SHREE SHYAM: CRISIL Assigns B+ Rating to INR33.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shree Shyam Texturising - Ahmedabad (SST).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan            33.4       CRISIL B+/Stable
   Bank Guarantee        8         CRISIL A4
   Cash Credit          11.4       CRISIL B+/Stable

The ratings reflect SST's start-up phase of operations in a
fragmented industry, and its exposure to risks related to
stabilisation of operations. These weaknesses are mitigated by the
promoters' extensive experience in the textile industry, benefits
likely to be derived from its group concern, and assured sales of
manufactured products to associate entities.
Outlook: Stable

CRISIL believes SST will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if higher-than-expected revenue is generated leads to
increase in cash accrual. Conversely, the outlook may be revised
to 'Negative' if cash accrual is very low, or if financial risk
profile weakens because of stretched working capital cycle, large
debt-funded capital expenditure, or disruption in operations due
to regulatory changes.

Established in 2015, SST is promoted by Ahmedabad-based Mr. Pratik
Mittal and Mr. Gunjan Mittal. The firm will be supported by the
promoters of the associate entities, which is in the similar line
of business. The firm is established with an installed capacity of
3,120 metric tonne per annum.


SHREEGEN PHARMA: CRISIL Assigns B+ Rating to INR130MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities Shreegen Pharma Limited (SPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        130       CRISIL B+/Stable
   Letter of Credit       45       CRISIL A4
   Bank Guarantee          5       CRISIL A4
   Cash Credit            50       CRISIL B+/Stable

The rating reflects the company's modest scale of operations in
the intensely competitive pharmaceutical industry, and working
capital-intensive nature of operations owing to high debtors.
These rating weaknesses are partially offset by the extensive
industry experience of SPL's promoters, and established
relationship with customers and suppliers.
Outlook: Stable

CRISIL believes SPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and accretion to reserve, and efficient management of
working capital cycle strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
significant decline in revenue and profitability, increase in
working capital requirements, or any new debt-funded capital
expenditure weakens the financial risk profile.

Incorporated in 2012 as a closely held public limited company, SPL
manufactures bulk drugs. Its manufacturing facility is in Bidar,
Karnataka. Operations are managed by Mr. B R Mangeswar Reddy.


SHREYANS OILS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shreyans Oils
Limited (SOL) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings are constrained by SOL's small scale of operations and
volatile revenue (FY13: INR146.79 million, FY14: INR307.93
million, FY15: INR224.85 million). The ratings also reflect the
company's weak operating profitability and credit profile. In
FY15, EBITDA margins were 4.24% (FY14: 2.60%), net leverage was
6.93x ( 6.74x) and interest coverage was1.38x (1.44x).

SOL's business is highly commoditised in nature and is also
susceptible to seasonal trends. In addition the company operates
in the fragmented, rice bran oil, and de-oiled rice bran industry,
which is also susceptible to government interventions.

However, the ratings draw comfort from SOL's founder's over 45
years of experience in the rice bran industry, established
customer relationships and the healthy growth prospects for the
rice industry.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the operating profitability leading to deterioration in the credit
metrics.

Positive:  A positive rating action could result from an
improvement in the operating profitability leading to sustained
improvement in the credit metrics.

COMPANY PROFILE

Incorporated in 1992, SOL manufactures crude rice bran oil and de-
oiled rice bran also known as cattle feed. The company has a
2000MT/day manufacturing facility in Ludhiana, Punjab.

SOL's ratings:

-- Long-Term Issuer Ratings: assigned 'IND B'/Stable

-- INR60 million fund-based limit: assigned 'IND B'/Stable/'IND
    A4'

-- Proposed INR45 million fund-based limit: assigned
    'Provisional IND B'/Stable/'Provisional IND A4'

-- Proposed INR45 million term loan: assigned 'Provisional IND
    B'/Stable


SHRI BALAJI: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Balaji
Institute of Nursing Private Limited (SBINPL) a Long-Term Issuer
Rating of 'IND B+'. The Outlook is Stable. Ind-Ra has also
assigned SBINPL's INR73.5 million term loans an 'IND B+' with a
Stable Outlook.

KEY RATING DRIVERS

The ratings reflect SBINPL's lack of operational track record. The
company is setting up a nursing college in Raipur, Chhattisgarh,
and plans to start commercial operations from July 2016. The
ratings factor into the long-term debt of INR73.5 million availed
for the construction of the college, whose repayments will start
from FY18. The generation of sufficient cash flows during the
initial years for repayment of these term debts will be the key
challenge for SBIPL.

However, the ratings are supported by the over two decades of
experience of its founders in the same line of business.


RATING SENSITIVITIES

Negative: Any major delay (beyond July 2016) in the start of
commercial operations or lower-than-expected occupancy levels
impacting the cash flows will be negative for the ratings.

Positive: Timely completion of the project and achievement of
projected levels of operational parameters will be positive for
the ratings.

COMPANY PROFILE

SBINPL was incorporated in 2013. It is managed by Mr.Anil Dubey
and Mr. Devendra Naik. The total cost of the project is INR129.76
million which is being funded by a term loan of INR73.5 million
and equity of INR56.27 million.


SHRI RANISATI: CRISIL Assigns B Rating to INR75MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Shri Ranisati Steel Traders (SRSST).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B/Stable

The rating reflects the firm's small scale of and working capital
intensive operations, and its weak financial risk profile because
of small net worth and weak interest coverage ratio. These
weaknesses are partially offset by the promoters' extensive
experience in the iron and steel trading business.

For arriving at the ratings CRISIL has treated unsecured loans of
INR40 million extended to the firm by its partners and their
families as neither debt nor equity, based on a specific
undertaking shared by SRSST's management that the loans shall
remain in the business over the next three years.
Outlook: Stable

CRISIL believes SRSST will continue to benefit over the medium
term from its established relationships with suppliers and
customers, and the extensive industry experience of its partners.
The outlook may be revised to 'Positive' if financial risk profile
improves significantly, most likely because of better-than-
expected revenue and accruals. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile or liquidity
weakens owing to sizeable working capital requirement, or large
capital withdrawal or debt-funded capital expenditure.

SRSST, based in Raipur, Chhattisgarh, trades in iron and steel
products, especially galvanised plain and corrugated (GP/GC)
sheets and coils. Set up in May 2014 by Mr Satyaprakash and Mr
Pawan Jhunjhunwala, the firm deals in products of principals such
as Uttam Galva Steels Ltd, Bhushan Power & Steel Ltd, Bhushan
Steel Ltd, and Uttam Value Steels Ltd. Operations are in Raipur
and Nagpur.


SNEHAL IMPEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Snehal Impex
Private Limited (SIPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SIPL's small scale of operations and weak
credit metrics. The company started its operations in FY15 and
reported INR7 million revenue and negative EBITDA. 9MFY16
financials indicate revenue of INR14.1 million and marginally
positive EBITDA. The company had an outstanding order book of
INR10m at end-December 2015, which needs to be executed by March
2016.

However, liquidity was comfortable with the fund-based facilities
being utilised at an average of 59.4% during the 12 months ended
January 2016.

The ratings are supported by the promoter's more than two decades
of experience in agro pesticide manufacturing.

RATING SENSITIVITIES

Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics will be negative for
the ratings.

Positive: An increase in the scale of operations while maintaining
the profitability leading to a sustained improvement in the credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1993, the Gujarat-based SIPL manufactures agro-
pesticides at its manufacturing unit in Ankleshwar on job-work
basis. It gets orders from UPL Limited, Cheminova India Ltd ,
Gujarat Agro Industries Corporation Limited, and Tagros Chemicals
India Limited. SIPL converts the raw material provided by the
clients into finished products based on client specifications.

SIPL's ratings:

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

-- INR48.6 million long term loans: assigned 'IND B-'/Stable

-- INR10.0 million fund-based facilities: assigned 'IND B-
    '/Stable/'IND A4'


SPENZZER CERAMIC: CRISIL Cuts Rating on INR49.6MM Loan to 'B-'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Spenzzer Ceramic Private Limited (SCPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'. The rating on the short-term bank
facilities has been assigned at 'CRISIL A4'.

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

   Term Loan              49.6     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term     35.4     CRISIL B- (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Cash Credit            30.0     CRISIL B- (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects CRISIL's belief that SCPL's liquidity will
remain under pressure over the medium term on account of low cash
accrual against maturing debt. Scale of operations and
profitability will remain key rating sensitive factors.

The rating also reflects the company's early stage and modest
scale of operations in the intensely competitive ceramics
industry. These rating weaknesses are partially offset by the
promoters' extensive experience, and proximity of the
manufacturing facilities to raw material and labour sources.
Outlook: Stable

CRISIL believes SCPL will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if higher sales leads to large cash
accrual, strengthening liquidity. Conversely, the outlook may be
revised to 'Negative' if reduced order flow, profitability and
therefore, cash accrual, or stretch in working capital cycle or
any large, debt-funded capital expenditure weakens financial risk
profile.

SCPL, set up in 2014, manufactures ceramic wall-glazed tiles. The
production facilities in Morbi, Gujarat have a capacity of 30,000
tonnes per month. SCPL commenced commercial operations in July
2015.


SREE GURUDEVA: Ind-Ra Rates INR148.02 Million Bank Loans IND BB-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) assigned Sree Gurudeva
Charitable and Educational Trust's (SGCET) INR148.02 million bank
loans an 'IND BB-' rating. The Outlook is Stable.

KEY RATING DRIVERS

The rating is constrained by SGCET's small scale of operations and
limited operating track record. The trust reported INR134.08
million total operating and non-operating income in FY15.

SGCET had accepted nearly all applications to fill the seats as
reflected in 100% of acceptance rate over FY11-FY15. The absence
of brand equity as well as affiliation with industries translates
into limited demand flexibility. This further constraints the
rating of the trust.

SGCET's debt servicing capability is weak as reflected in its
below 1x debt service coverage ratio over FY13-FY15. Although the
coverage ratio was less than 1x over FY13-FY15, debt servicing was
timely mainly due to better fund management. Ind-Ra does not
expect any major improvement in the coverage ratio due to high
debt service commitments during FY16-FY17.

The trust's debt burden is moderately high as reflected in its
debt/income (FY15: 158.42%; FY14: 184.78%) and debt//current
balance before interest and depreciation (CBBID: 3.54x in FY15).
Although SGCET's borrowings marginally increased to INR212.42
million in FY15 (FY14:INR198.06 million), debt/CBBID has remained
at around 3.5x (FY14:3.59x).

The ratings are however supported by the trust's adequate
operating performance translating into comfortable operating
margins. However, the 6.90 percentage points year-on-year decline
in operating margins to 44.34% in FY15 raises concerns on the
operational performance of trust. The decline was mainly on higher
operating expenditures (42.50% yoy) than operating income (24.85%
yoy). SGCET's net operating surplus increased to INR11.44 million
in FY15 from INR8.99 million in FY14.

The trust's cash and bank balance increased to 140.77% yoy
INR25.57 million in FY15. This resulted in a moderate liquidity
profile as reflected in 12.04% of financial coverage and 34.52% of
operating expenditure coverage in FY15.

Tuition fee was the primary source of income with an average
contribution of 90.89% over FY11-FY15. Staff cost was the major
cost (averagely contributed 31.16% over FY11-FY15) followed by
other operating expenditures (average proportion over FY11-FY15:
21.14%). Interest cost proportioned 21.04% during the same period.


SREE VINAYAGA: CRISIL Raises Rating on INR50MM Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sree Vinayaga Constructions (SVC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Overdraft Facility        50      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's expectation that SVC's revenue
growth will continue over the medium term, backed by steady flow
of orders from the Tamil Nadu Public Works Department (PWD). For
2014-15 (refers to financial year, April 1 to March 31), the firm
had revenue of INR224 million with operating profitability of
about 5 percent, up from INR69 million in 2013-14. The turnover is
expected to grow to INR264 million in 2015-16, with an order book
of INR190 million as on December 31, 2015, to be executed over the
next nine months. The firm's asset light business model will lead
to net cash accrual to support the working capital requirements.
Additionally, SVC's receivables cycle is expected to remain short
with debtors of less than 10 days as on March 31, 2016.

The rating reflects modest scale of operations, susceptibility to
risks associated with tender-based business and intense
competition in the civil construction industry. These rating
weaknesses are partially offset by partners' extensive experience
and average financial risk profile because of moderate gearing and
adequate debt protection metrics.
Outlook: Stable

SVC will continue to benefit from its moderate order book, and the
promoters' extensive experience in the civil construction segment
over the medium term. The outlook may be revised to 'Positive' if
the firm significantly improves the scale of operations and
profitability, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SVC's
working capital management weakens, leading to weak liquidity, or
the firm undertakes a large, debt-funded capital expenditure
programme, thus weakening its capital structure.

SVC was established in May 2013 as a partnership firm by Mr.
Reghunathan, Mr. Gopikrishna, Mr. Murugan and Mr. Pandian. The
firm undertakes civil construction works, primarily for Tamil Nadu
Public Works Department.


SRI KRISHNA: ICRA Lowers Rating on INR10cr Loan to 'D'
------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR10.00
crore long term fund based limits of Sri Krishna Shelters Private
Limited from [ICRA]BB to [ICRA]D. ICRA has also revised the short
term rating assigned to INR5.00 crore short term non fund based
limits of Sri Krishna Shelters Private Limited from [ICRA]A4 to
[ICRA]D.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        10.00      Revised to [ICRA]D
                                       from [ICRA]BB (Stable)

   Non Fund Based Limits     5.00      Revised to [ICRA]D
                                       from [ICRA]A4

The rating revision takes into account irregularities in debt
servicing by the company on account of high buildup of inventory
leading to stretched liquidity position.

Sri Krishna Shelters Pvt. Ltd. started as a proprietorship concern
in the year 1990. The company was converted to a partnership firm
in 2003 and subsequently to a private limited company in 2007.
SKSPL, promoted by Mr. Raghavendra, is engaged in construction
business with focus on commercial projects, such as industrial
buildings, hospitals, offices etc.


SRINIVASA EDUCATIONAL: ICRA Assigns 'B' Rating to INR5.68cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR3.62
crore term loans, INR0.70 crore fund based facilities and the
INR5.68 crore unallocated facilities of Srinivasa Educational
Society.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Term Loans               3.62      [ICRA]B/Assigned
   Long-term-Fund based     0.70      [ICRA]B/Assigned
   Long-term Unallocated    5.68      [ICRA]B/Assigned

The assigned rating considers small scale of operations of the
society with operating income of INR6.9 crore in FY2015, high
competition which could impact occupancy, profitability, and
faculty retention, and highly regulated nature of the higher
education industry where any adverse regulation could impact
revenue growth and profitability. ICRA also notes that with
significant repayment obligations over the medium term and
government of Andhra Pradesh accounting for majority of the
receivables of the society, any delays in receivables would
stretch the liquidity position. The rating, however, positively
factors in the experience of the society members in the education
industry and favourable outlook for the higher education industry
in India over the medium term. Going forward, ability of the
society to improve its scale of operations, profitability, and
timely receipt of payments from the government are the key rating
sensitivities.

Srinivasa Educational Society (SEC, the society), started in 2004
by Mr. B. Srinivasa Rao, has set up Kakinada Institute of
Technology and Science (KITS, the institute) in 2008 which is
affiliated to Jawaharlal Nehru Technical University, Kakinada
(JNTUK). The institute offers 6 courses in B-tech, 6
specializations in M-tech, 2 specializations in M Pharmacy, MBA,
and three polytechnic courses.

Recent Results
According to audited financials, the society reported net profit
of INR0.1 crore on operating income of INR6.9 crore for FY2015 as
against net profit of INR0.2 crore on operating income of INR6.0
crore for FY2014.


SUNDARAM MULTI: CRISIL Assigns 'D' Rating to INR252.5MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
loan facilities of Sundaram Multi Pap Limited (SMPL; part of
Sundaram Group). The ratings reflect SMPL's delays in meeting debt
obligation because of stretched liquidity.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Working Capital Loan      252.5      CRISIL D
   Corporate Loan            187.5      CRISIL D
   Bank Guarantee            100        CRISIL D
   Cash Credit               150        CRISIL D

The Sundaram group has a below average financial risk profile
marked by weak debt protection metrics and large working capital
requirements. The group however benefits from the extensive
experience of its promoters in the stationery segment and moderate
regional presence of Sundaram brand in Maharashtra and Gujarat.

To arrive at the ratings of SMPL, CRISIL has consolidated the
business and financial risk profiles of SMPL with that of its 100
per cent subsidiary E-Class Education System Limited (EESL) on
account of significant financial interlinkages between the
companies.

SMPL, incorporated in 1985, manufactures stationery, such as note
books, long books, diaries, note pads, and office stationery under
the Sundaram brand. Its manufacturing facility is in Palghar,
Maharashtra. The company is managed by the Shah family and is
promoted by Mr. Amrut Shah and his brother Mr. Shantilal Shah.

Incorporated in 2009, E-class Education system Ltd (EESL) is
engaged in providing digital education to students in Maharashtra
under the brand 'E-class'.


SUNTANA TEXTILE: ICRA Reaffirms B-/A4 Rating on INR12.95cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- and the
short-term rating of [ICRA]A4 to the INR12.95 crore bank
facilities of Suntana Textile Mills Private limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Total fund based      12.95       [ICRA]B- and [ICRA]A4
   Limits- FBP/FBD/                  Reaffirmed
   FCBP/FCBD Cum
   PC/PCFC/PSCL

   Sub Limits PF/PCFC    (9.75)      [ICRA]B- and [ICRA]A4
                                     Reaffirmed

   PSDL                  (2.25)      [ICRA]B- and [ICRA]A4
                                     Reaffirmed

   PSDL (Ag govt         (0.80)      [ICRA]B- and [ICRA]A4
   incentives                        Reaffirmed
   receivables)

   Direct bills          (2.00)       [ICRA]B- and [ICRA]A4
                                      Reaffirmed

   Cash Credits          (0.95)       [ICRA]B- and [ICRA]A4
                                      Reaffirmed

The rating reaffirmation takes into accounts STMPL's moderate
scale of operations with weak financial risk profile as depicted
by low profitability, significantly stretched capital structure
and weak coverage ratios. Further, profitability of the company
continue to remain susceptible to raw material price fluctuations
and foreign exchange rates. ICRA also takes a note on stiff
competition with the market due to large number of players in
similar operations in domestic and international market which
restrict pricing flexibility of the company. The ratings also take
into account tight liquidity position as indicated by high working
capital intensity of operations following high utilization of
working capital limits.

ICRA however, takes a positive note of long standing experience of
the promoters in the textile industry and benefits arising from
the favourable location of the manufacturing facility as is
evident in the easy availability of key raw materials, and
proximity to nearby ports for exports in international markets.

Suntana Textile Mills Private Limited has its presence in the
textile industry since 1979. It was incorporated in 2006 by
merging Sunil Textile Industries and Sushil Textile Industries,
which were incorporated in 1979 and 1985 respectively. Initially,
the group was engaged in the manufacturing of grey fabrics.
However, since 1995, the group gradually ceased its in-house
fabrics manufacturing operations and initiated the manufacturing
of fabrics for formal suiting by assigning job works to various
companies located in Bhilwara in Rajasthan and Bhiwandi in
Maharashtra. Mr. Sunil Agarwal, Mr. Chiranjilal Agrawal and Mrs.
Bharti Agrawal are key directors of the company handling overall
operations of the company.


SUPREME AHMEDNAGAR: Ind-Ra Cuts Project Bank Loan Rating to IND D
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme
Ahmednagar Karmala Tembhurni Tollways Private Limited's (SAKTTL)
INR4,050 million long-term senior project bank loan to 'IND D'
from 'IND BB'. The Outlook was Negative.

KEY RATING DRIVERS

The downgrade reflects SAKTTL's delays in debt servicing as on 31
March 2015, as reported in the audited financial statements shared
with Ind-Ra for FY15.

RATING SENSITIVITIES

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

COMPANY PROFILE

SAKTTL is an SPV incorporated to implement a 61.71km lane
extension (two- to four-laning) on the Ahmendnagar-Karmala-
Tembhurni section of State Highway 141 in Maharashtra, under a
22.78-year concession from the state government. The project is
sponsored by Supreme Infrastructure India Ltd ('IND D'). The
estimated project cost is INR5,400 million - to be funded by a
term loan of INR4,050 million (INR3,736.5 million drawn down as of
30 September 2014) and sponsors' equity of INR1,350 million (100%
infused).


SUPREME PANVEL: Ind-Ra Cuts Project Bank Loan Rating to 'IND D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Supreme Panvel
Indapur Tollways Private Limited's (SPITPL) INR9,000 million long-
term senior project bank loan to 'IND D' from 'IND B+'. The
Outlook was Negative.

KEY RATING DRIVERS

The downgrade reflects SPITPL's delays in debt servicing for a
period ranging from 30 to 60 days as on 31 March 2015, as reported
in the audited financial statements shared with Ind-Ra for FY15.

RATING SENSITIVITIES

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

COMPANY PROFILE

SPITPL is a special purpose company incorporated to implement a
84km lane expansion (from two lanes to four lanes) project on a
design, build, finance, operate and transfer basis, under a 21-
year concession from National Highways Authority of India('IND
AAA'/Stable). The project is a JV between Supreme Infrastructure
India Ltd  (64%, 'IND D'), China State Construction Engineering
Hong Kong Limited (26%) and Mahavir Road and Infrastructure Pvt
Limited (10%).


T. ABDUL: CRISIL Reaffirms B+ Rating on INR130MM Packing Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of T. Abdul Wahid
Tanneries Private Limited (TAWT) continue to reflect its below-
average financial risk profile, marked by high gearing and
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of TAWT's promoters
in the leather industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Bill Discounting         40      CRISIL A4 (Reaffirmed)
   Letter of Credit         29.6    CRISIL A4 (Reaffirmed)
   Packing Credit          130      CRISIL B+/Stable (Reaffirmed)
   Standby Line of Credit   24      CRISIL A4 (Reaffirmed)
   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TAWT will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if financial risk profile improves
significantly led by equity infusion, or increase in cash accrual,
backed by ramp-up in scale of operations and improvement in
profitability. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens because of decline in cash accrual, stretch in working
capital cycle, or large debt-funded capital expenditure.

Incorporated in 1975 and based in Tamil Nadu, TAWT converts raw
hide into semi-finished and finished leather, which it supplies to
the overseas market. The operations are currently managed by Mr T.
Adnan Ahmed

TAWT reported a profit after tax (PAT) of INR3.9 million on
revenue of INR1.04 billion for 2014-15 (refers to financial year,
April 1 to March 31), as against a PAT of INR4.4 million on an
operating income of INR0.92 billion for 2013-14.


TRAFO POWER: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Trafo Power and
Electricals Private Limited (TPEPL) continue to reflect TPEPL's
small scale of operations in the intensely competitive
transformers industry, and large working capital requirement.
These weaknesses are partially offset by promoters' extensive
industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         46       CRISIL A4 (Reaffirmed)

   Cash Credit            65       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit        5       CRISIL A4 (Reaffirmed)
    Term Loan               4      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TPEPL will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if capital structure improves,
because of equity infusion or higher-than-expected cash accrual
driven by better scale of operations, profitability, and working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile weakens because of decline in
revenue and profitability, or significantly large debt-funded
capital expenditure, or if liquidity is constrained by increase in
working capital requirement.

TPEPL was set up in 1996 by Agra (Uttar Pradesh)-based Mr. S K
Jain, who is the company's key promoter and managing director.
TPEPL manufactures and exports distribution and power
transformers, pressed steel radiators, corrugated wall panels, and
mild steel tanks. Its manufacturing facility is in Agra.


TRIVIDH TEXTILES: ICRA Suspends B-/A4 Rating on INR7cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- and [ICRA]A4 ratings assigned to
the INR7.00 Crore bank facility of Trividh Textiles. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


VE-7 CERAMIC: CRISIL Cuts Rating on INR69.5MM LT Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
VE-7 Ceramic to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL
A4'. The downgrade reflects VEC's delays in meeting principal
obligation on its bank loan facilities, because of weak liquidity
on account of nascent stage of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        26.5      CRISIL D (Downgraded from
                                   'CRISIL A4')
   Cash Credit           30.0      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')
   Long Term Loan        69.5      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The firm has modest scale of operations and a weak financial risk
profile because of small networth and high gearing. However, it
benefits from its promoters' extensive experience in the ceramic
industry.

VEC, set up in 2014 and promoted by Morbi (Gujarat)-based Patel
family and their relatives, manufactures wall tiles.




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


TRIKOMSEL OKE: Plan Riles Bondholders as Court Rejects Claims
-------------------------------------------------------------
David Yong at Bloomberg News reports that some bondholders of PT
Trikomsel Oke said they were "disappointed" with the decision by
an Indonesian court to reject their claims after the phone
retailer sought to suspend its debt obligation following a default
on two bonds last year.

According to Bloomberg, Jakarta-based Trikomsel obtained
protection in January under Indonesia's debt suspension proceeding
known as PKPU, part of the country's insolvency law that allows a
petitioner up to 270 days to implement a restructuring.  Bloomberg
says Trikomsel missed coupon
payments on S$115 million ($82.7 million) of 2016 notes in
November and on S$100 million of 2017 notes in December. The
securities were issued by a Singapore unit and on-lent to an
Indonesian affiliate, the report notes.

"We were disappointed to learn that Trikomsel has convinced the
PKPU administrators to recognize its affiliate Trisatindo's
purportedly 'secured' intercompany claim related to the proceeds
of the notes," according to an e-mailed statement from law
firm O'Melveny & Myers LLP on behalf of a noteholder steering
committee, Bloomberg relays. "This treatment benefits the company
at the expense of legitimate creditors and is not fair and
equitable to noteholders."

PT Trikomsel Oke Tbk operates in the retail telecommunication
business. The Company operates retail stores in cities throughout
Indonesia that offer a wide range of branded cellular phones.



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


TOSHIBA CORP: Panel Mulls Replacing President Before June Meeting
-----------------------------------------------------------------
The Japan Times reports that Toshiba Corp.'s Nomination Committee
is considering replacing President Masashi Muromachi as early as
June, informed sources have said.

The report relates that Toshiba is bracing for a record group net
loss of JPY710 billion for the year ending in March. By replacing
the company's chief, Toshiba is hoping to head off criticism at a
general shareholders' meeting in late June, the Japan Times says.

However, the five outside directors who make up the committee are
also considering delaying the replacement until September or even
later -- after the company is taken off a watch list by the Tokyo
Stock Exchange, the report states.

According to the Japan Times, Toshiba has been restricted from
issuing new shares and bonds since September, when it was placed
on the TSE's list of companies required to improve internal
governance.

In July 2015, Muromachi, then Toshiba chairman, began to double as
president, following the resignation of former President Hisao
Tanaka over a massive accounting scandal, the report relates.

When the company launched a new management team in September that
year, Muromachi was reappointed as president, a move that some
criticized, says the Japan Times.

                       About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Feb. 12, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating by three notches to B2 from Ba2.  Moody's has also
downgraded Toshiba's subordinated debt rating by 4 notches to Caa2
from B1, and affirmed its short-term rating of Not Prime.
At the same time, B2 CFR and long-term senior unsecured bond
ratings, as well as its Caa2 subordinated debt rating remain under
review for further downgrade.

On Feb. 9, 2016, Standard & Poor's Ratings Services said that it
has lowered its long-term corporate credit rating on Japan-based
diversified electronics company Toshiba Corp. three notches to
'B+' from 'BB+' and its long-term senior unsecured debt rating two
notches to 'BB' from 'BBB-'.  The debt rating is two notches
higher than the corporate credit rating, reflecting S&P's view
that the probability of default in Toshiba's bonds is lower than
that in its bank borrowings.  S&P is keeping its long-term ratings
on Toshiba on CreditWatch with negative implications, where S&P
placed them Dec. 22, 2015, when it lowered the long-term corporate
credit rating.  S&P has affirmed its short-term corporate credit
and commercial paper ratings on Toshiba.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


FEDERATION CLOTHING: Wholesaler Goes Into Liquidation
-----------------------------------------------------
Hamish Fletcher at the NZ Herald reports that Federation Clothing
and a sister firm with four Auckland stores has gone into
liquidation owing creditors more than NZ$1 million.

The business, launched about 15 years ago, is still trading and
being put up for sale after liquidators were appointed to
Federation Clothing and Laundromat Collective by owners
Jenny Joblin and Nicholas Clegg, according to the Herald.

The Herald relates that liquidator Peri Finnigan, in a report
filed with the Companies Office on Feb. 16, said ASB Bank was owed
just over NZ$1 million of secured debt by Federation.

Employees of Federation were owed NZ$2,637 in holiday and
redundancy pay while workers at Laundromat were owed NZ$11,000.
IRD is believed to be owed a total of more than NZ$90,000 by both
firms, the Herald discloses.

Unsecured creditors of both Federation and Laundromat are owed
NZ$1.71 million, though some of this is understood to be related-
party debt owed by one firm to the other for stock, the Herald
relays.

According to the Herald, Ms. Finnigan said New Zealand Customs
seizing a large shipment of stock -- and the need to borrow money
to then release the clothing -- was one reason for the firms'
failure.

"There was also a reduction in gross profit margins due to
increased competition and lower pricing in the market, plus the
adverse effects of exchange rate fluctuations," the Herald quotes
Ms. Finnigan as saying in the report.  "Withdrawal of the entity's
product line from a large retail chain and its re-reinstatement at
a discounted rate had adverse affects. Lastly, a number of failed
improvement projects of a material amount have all contributed to
the downfall of the company."

The Herald says Joblin and Clegg are also facing charges in the
Auckland District Court alleging they filed erroneous paperwork
while importing goods into New Zealand.

Other allegations include that they failed to comply with the
Customs and Excise Act.

Federation Clothing was also charged by New Zealand Customs. The
case is due to come back to court in April, adds the Herald.

Federation Clothing is a wholesaler of streetwear of the same
name, which is stocked by Laundromat Collective's four Auckland
stores in the city centre, Newmarket, Takapuna and Onehunga.


VALIANT HOMES: House Builder Director Still Missing
---------------------------------------------------
Hamish Fletcher at the NZ Herald reports that the director who ran
a trio of failed property companies owing more than
NZ$6 million still can't be tracked down.

Valiant Homes had been working on 13 building sites in Auckland
but went into liquidation and receivership last March, owing more
than NZ$4 million, with suppliers and other unsecured creditors
claiming more than NZ$1 million of that amount, the Herald
discloses.

It was directed by Auckland man Hamish James Clarke, who was also
behind two other property companies that went into liquidation
last year.

According to the Herald, Mr. Clarke was believed to be in Europe
as of last September and didn't leave behind company records for
the liquidators to work through.

He has yet to surface -- although one of the liquidators,
Grant Reynolds, told the Herald there was no system in place where
he would be notified if Mr. Clarke had returned to this country.

The Herald relates that Gareth Hoole, liquidator of V H Projects
Two, said in a report this month that he was unable to locate Mr.
Clarke.

"Notwithstanding a number of efforts to locate the director of the
company, the liquidators were unable to do so and the liquidators
understand that he has left New Zealand. There is prima facie
evidence of inappropriate activity on the part of the director and
the liquidators believe that he failed to meet the statutory
duties imposed in a director of a company," the Herald quotes Mr.
Hoole as saying.

"However, given the absence of funding and also an inability to
locate the said director, no further action was taken by the
liquidators. At the time of the preparation of the first report
the Liquidators were unaware of any creditors but have since
ascertained that there was in excess of [NZ]$1,800,000 of
liabilities. The company was clearly insolvent and again, this
supports evidence of inappropriate conduct on the part of the
director," Mr. Hoole said in this month's report.

Since Valiant Homes' collapse, some funds have come back to
creditors. One lender, Savings & Loans, has got back NZ$745,000 of
the NZ$3.2 million it was owed, according to the Herald.

Heartland Bank is believed to have received a little under half of
the NZ$325,000 it was owed, the Herald adds.



================
S R I  L A N K A
================


DFCC BANK: Fitch Keeps 'B+' Issuer Default Ratings
--------------------------------------------------
Fitch Ratings assigned DFCC Bank PLC's (DFCC; AA-(lka)/Stable)
proposed senior unsecured debentures of up to LKR7bn a final
National Long-Term Rating of 'AA-(lka)'.

The assignment of the final rating follows the receipt of
documents conforming to information already received, and the
final rating is the same as the expected ratings assigned on 3
November 2015.

The proposed debentures, which will have tenors of three years and
carry fixed coupons, will be listed on the Colombo Stock Exchange.
DFCC expects to use the proceeds to reduce asset and liability
maturity mismatches.

KEY RATING DRIVERS

The proposed senior debentures are rated in line with DFCC's
National Long-Term Rating. The issues rank equally with the claims
of the bank's other senior unsecured creditors.

DFCC's rating is driven by its high capitalisation and its
developing commercial banking franchise.

RATING SENSITIVITIES

The ratings on the proposed debentures will move in tandem with
DFCC's National Long-Term Rating.

A rating upgrade for DFCC would be contingent on the bank
achieving a significantly stronger commercial banking franchise
while maintaining strong credit metrics. DFCC's rating could be
downgraded if there is a sustained and substantial increase in
risk appetite that could materially weaken its strong capital
position.

A full list of DFCC's ratings follows:

Long-Term Foreign-Currency Issuer Default Rating (IDR): 'B+';
Outlook Stable
Long-Term Local-Currency IDR: 'B+'; Outlook Stable
Short-Term Foreign-Currency IDR: 'B'
Viability Rating: 'b+'
Support Rating: '4'
Support Rating Floor: 'B'
US dollar senior, unsecured notes: 'B+'; Recovery Rating 'RR4'
National Long-Term Rating: 'AA-(lka)' Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures:
'AA-(lka)'
Proposed Sri Lanka rupee-denominated senior unsecured debentures:
'AA-(lka)'
Basel II-compliant Sri Lanka rupee-denominated subordinated
debentures: 'A+(lka)'




                             *********

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 ***