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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

            Friday, April 1, 2016, Vol. 19, No. 64


                            Headlines


A U S T R A L I A

ATAE PTY: First Creditors' Meeting Scheduled For April 7
DEJAI LIVE: First Creditors' Meeting Set For April 11
MCALEESE LIMITED: In Talks With SC Lowy Over Debt Restructure
STEELE HOTELS: First Creditors' Meeting Set for April 8


C H I N A

CHINA AUTOMATION: Moody's B1 CFR Unaffected by Weak 2015 Results
CHINA AUTOMATION: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
GEELY AUTOMOBILE: Moody's Says Ba2 CFR Unaffected by 2015 Results
YINGDE GASES: S&P Revises Outlook to Neg. & Affirms 'BB' CCR


H O N G  K O N G

NOBLE GROUP: Shows Junk Bond Rally to Aid Asia Refinancing Crunch


I N D I A

ADHISHAKTHI EXPORTS: CRISIL Suspends B+ Rating on INR50MM Loan
ALFA INDUSTRIES: CARE Assigns B Rating to INR5.87cr LT Loan
AMBIKA DECOR: CRISIL Suspends B Rating on INR85MM Term Loan
ARMSTRONG KNITTING: CRISIL Reaffirms B- Rating on INR100MM Loan
ARYACON CONTRACTORS: CRISIL Assigns B+ Rating to INR28.5MM Loan

BHALKESHWAR SUGARS: ICRA Cuts Rating on INR89cr Term Loan to D
BLISS ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Loan
BUDDHA SORTEX: ICRA Assigns B+ Rating to INR6.75cr Loan
CHROMIC STEEL: CARE Assigns B+ Rating to INR2.01cr LT Loan
COMMERCIAL AUTO: ICRA Suspends B+/A4 Rating on INR10cr Loan

CONSORTIUM AUTOMOBILES: CRISIL Cuts Rating on INR65MM Loan to B
CORUM HOSPITALITY: CARE Lowers Rating on INR10.86cr Loan to 'D'
D M FABRICS: CRISIL Suspends B+ Rating on INR90MM Cash Loan
GOKILAA GAARMENTS: ICRA Suspends B+ Rating on INR1.33cr Loan
GRD FOODS: CARE Assigns B+ Rating to INR14.89cr LT Loan

GVK GAUTAMI: CARE Reaffirms D Rating on INR1,009.75cr LT Loan
H. N. COTEX: CARE Reaffirms B Rating on INR13cr LT Loan
HASTI PETRO: CARE Revises Rating on INR26cr LT Loan to BB-
INDRA MARSHAL: CARE Reaffirms B Rating on INR5cr LT Loan
KENOX AGRO: CRISIL Assigns B Rating to INR61.2MM Term Loan

MDA AGROCOT: CRISIL Assigns B+ Rating to INR250MM Loan
MEENAKSHI HATCHERIES: CARE Assigns B Rating to INR5.50cr LT Loan
MILLENIUM EXIM: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR20cr LT Loan
NAVBHARAT EXPLOSIVES: CARE Revises Rating on INR8.5cr Loan to B+

NAVBHARAT FUSE: CARE Cuts Rating on INR31.30cr LT Loan to B+
NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
NIPRA PACKAGING: ICRA Suspends B- Rating on INR10.67cr Loan
ORIGIN CORPORATION: CRISIL Cuts Rating on INR61.5MM Loan to 'D'
PRAGATI INGOTS: CRISIL Reaffirms B Rating on INR62MM Cash Loan

PRAKRUTEES INFRA: CRISIL Assigns 'B' Rating to INR92MM Loan
PRAKRUTI LIFE: CRISIL Assigns B- Rating to INR70MM LT Loan
PRAVIN BUILDTECH: CARE Ups Rating on INR7.33cr LT Loan to B
RAJ ENGINEERS: Weak financial strength Cues ICRA SP3D Grading
RAMDEV COTTON: CARE Reaffirms B+ Rating on INR9.50cr LT Loan

RANA MILK: ICRA Suspends B+ Rating on INR19cr Bank Loan
REACH CARGO: CRISIL Suspends 'D' Rating on INR250MM Cash Loan
SAFIR ENTERPRISES: CRISIL Reaffirms B Rating on INR35MM Loan
SAVALIA COTTON: CARE Reaffirms B+ Rating on INR44.22cr Loan
SCORODITE STAINLESS: CRISIL Assigns B+ Rating to INR230MM Loan

SEAFOOD INNOVATIONS: CRISIL Ups Rating on INR50MM Loan to B+
SHAKUNTALA GOLD: CRISIL Suspends D Rating on INR280MM Cash Loan
SHRI LAXMINARAYAN: CARE Reaffirms B+ Rating on INR4.65cr Loan
SHRI LAXMINARAYAN: ICRA Assigns B- Rating to INR5.0cr Loan
SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan

SRI RATNA: CRISIL Suspends B+ Rating on INR70MM Cash Loan
URJA INFRASTRUCTURE: CRISIL Reaffirms 'B' Rating on INR120MM Loan
XPLORE INFRASTRUCTURE: CRISIL Suspends D Rating on INR130MM Loan
YAMUNA MACHINE: ICRA Reaffirms B+ Rating on INR6.5cr Loan
YUVARAJ CABLE: CARE Assigns B+ Rating to INR5.87cr LT Loan


I N D O N E S I A

PROFESIONAL TELEKOMUNIKASI: Moody's Affirms CFR at 'Ba1'


J A P A N

SHARP CORP: Foxconn Agrees to Buy Firm for JPY389 Billion
TOSHIBA CORP: Agrees to Sell White Goods Unit to Midea


N E W  Z E A L A N D

MAINZEAL GROUP: Liquidators Reject Claims Totalling NZ$16.7MM
STONEWOOD HOMES: Two Franchises Goes Into Liquidation


                            - - - - -


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A U S T R A L I A
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ATAE PTY: First Creditors' Meeting Scheduled For April 7
--------------------------------------------------------
Nigel Robert Markey and Ann Fordyce of Pilot Partners were
appointed as administrators of ATAE Pty Ltd on March 24, 2016.

A first meeting of the creditors of the Company will be held at
Classroom 1, Administration Building, Archerfield Aerodrome, in
Archerfield, Queensland, on April 7, 2016, at 11:00 a.m.


DEJAI LIVE: First Creditors' Meeting Set For April 11
-----------------------------------------------------
Anthony Robert Cant of Romanis Cant was appointed as
administrator of Dejai Live Pty Ltd on March 30, 2016.

A first meeting of the creditors of the Company will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
April 11, 2016, at 11:00 a.m.


MCALEESE LIMITED: In Talks With SC Lowy Over Debt Restructure
-------------------------------------------------------------
Jenny Wiggins at The Sydney Morning Herald reports that McAleese
Limited has started exclusive negotiations with Hong Kong-based
hedge fund SC Lowy over a financial restructuring and extended
its trading suspension for another month.

SMH relates that the troubled transport group received three
indicative proposals from financial groups prepared to help fund
a debt restructure, but has given SC Lowy exclusive negotiating
rights until April 15.

According to SMH, McAleese' net debt rose to AUD188 million in
the six months to December compared with AUD170.5 million a year
earlier and the company has a "current asset deficiency" of
AUD163.2 million.

The company is not, however, restricted from considering
competing proposals during the period, as long as it gives SC
Lowy an opportunity to match it, the report says.

SMH notes that SC Lowy needs to complete due diligence before
making a binding proposal to McAleese.

The hedge fund specialises in secondary loan and high yield bond
trading in Asia, and has offices in Hong Kong, Seoul and London.

SMH recalls that McAleese warned earlier this month that its
liabilities exceed its assets and that it would need the support
of its banks to stay afloat if it could not complete a financial
restructure, which is expected to include an equity raising.

The transport group breached the financial covenants on its
secured loans at the end of December. But its bankers agreed to
waive McAleese's compliance obligations until mid-April to give
the company time to restructure, relates SMH.

According to the report, McAleese reported a AUD97.4 million net
loss in the six months to December due to falling income in all
divisions, and took AUD50 million of asset impairments.

The transport group's stock has slumped since its initial public
offering at AUD1.47 a share two years ago, to trade at just 5.8
cents a share due to a fatal accident involving one of its Cootes
tankers and falling demand for its services from the resources
industry, adds SMH.

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


STEELE HOTELS: First Creditors' Meeting Set for April 8
-------------------------------------------------------
Moira Kathleen Carter and Robert Humphreys of BRI Ferrier were
appointed as administrators of Steele Hotels & Apartments Pty
Ltd, trading as Itara & Jacana Apartments, on March 29, 2016.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 1, 19 Stanley Street, in Townsville,
Queensland, on April 8, 2016, at 10:30 a.m.



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C H I N A
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CHINA AUTOMATION: Moody's B1 CFR Unaffected by Weak 2015 Results
----------------------------------------------------------------
Moody's Investors Service says that China Automation Group
Limited's weak financial results in 2015 have no immediate impact
on its B1 corporate family and senior unsecured bond ratings.

The ratings outlook is stable.

"China Automation's financial leverage increased in 2015, as its
weaker earnings were only partially offset by lower debt levels.
However, we expect its financial leverage to improve over the
next 12-18 months," says Chenyi Lu, a Moody's Vice President and
Senior Analyst.

China Automation's adjusted debt/EBITDA rose to 7.2x in 2015
based on the continuing operations, from 4.4x at end-2014.
Adjusting for the redemption of $US 42 million of its senior
unsecured bonds on 7 January 2016, its adjusted debt/EBITDA would
be 5.4x in 2015.

Its adjusted debt declined to RMB1.12 billion from RMB1.60
billion, driven by a bond redemption of $US 120 million in June
2015. The company maintained a large cash balance at end-2015 to
pre-fund the bond redemption of $US 42 million in January 2016.

In June 2015, China Automation used the proceeds from the
disposal of its 76.7% equity interest in Beijing Jiaoda
Microunion Technology Company Limited (unrated), its railway
signaling business, to redeem an aggregate principal amount of
$US 120 million of its senior unsecured bonds.

Based on China Automation's announcement for its continuing
operations, its revenue declined by 14.5% year-on-year to RMB1.64
billion in 2015 from RMB1.92 billion in 2014. The decline was
underpinned mainly by weakness in the safety systems business in
the petrochemical industry amid weak oil prices, and lower sales
of traction control systems in the railway industry.

The company's adjusted EBITDA margin also declined to 9.5% in
2015 from 14.3% in 2014, owing to lower revenue and weaker gross
margins from pricing pressure.

Consequently, its adjusted EBITDA fell to RMB156 million in 2015
from RMB274 million 2014.

Moody's expects China Automation's adjusted debt/EBITDA to
decline to around 4.5x-5.0x over the next 12-18 months, driven
by: (1) a low-single-digit decline in revenue in 2016 and flat
revenue growth in 2017, underpinned by lower exploration and
production spending by its customers amid lower global oil
prices; (2) an expected improved adjusted EBITDA margin of 10.5%-
11.5%, driven by cost controls, including headcount reductions;
and (3) lower debt levels, owing to expected positive cash flow
from operations of RMB100 million per year in 2016 and 2017 and
limited maintenance capital expenditure.

This level of leverage is in line with the parameters of its B1
rating category. However, the company's rating headroom is
limited relative to the downgrade trigger of adjusted debt/EBITDA
exceeding 5.0x-5.5x.

China Automation's liquidity position is adequate. At end-2015,
the company held cash and cash equivalents of RMB601 million,
pledged bank deposits of RMB74 million, and unused committed
banking facilities of RMB442 million.

These liquidity sources and its expected operating cash flows of
RMB100 million over the next 12 months are sufficient to cover
its RMB708 million in maturing debt and maintenance capital
expenditure over the next 12 months.

China Automation Group Limited specializes in providing safety
systems and control valves to the petrochemical industry and
traction systems to the railway industry in China.

The company began operations in 1999 and was listed on the Main
Board of the Stock Exchange of Hong Kong in July 2007. Its three
founders collectively owned 44.62% of the company at 30 June
2015.


CHINA AUTOMATION: S&P Revises Outlook to Neg. & Affirms 'B+' CCR
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
rating outlook on China Automation Group Ltd. (CAG) to negative
from stable.  S&P also affirmed its 'B+' long-term corporate
credit rating on CAG.  At the same time, S&P affirmed its 'B+'
issue rating on US$200 million in 7.75% senior unsecured notes
due April 20, 2016 and US$30 million in 8.75% senior unsecured
notes due 2018 issued by Tri-Control Automation Co. Ltd.  CAG
guarantees the US$30 million notes.  In line with S&P's outlook
revision, it lowered its long-term Greater China regional scale
on CAG and its notes to 'cnBB-' from 'cnBB'.

"We revised the outlook to negative to reflect our expectation
that CAG's high leverage may further deteriorate over the next 12
months," said Standard & Poor's credit analyst Tony Tang.
Although the manufacturer of industrial safety and control
systems has a clear plan to reduce its debt, S&P believes the
industry downturn and intensifying competition landscape will
make deleveraging more difficult.

In S&P's view, CAG will continue to face project delays in the
coming 12 months.  The persistent weakness in commodities prices
and China's economic slowdown has resulted in CAG's downstream
customers in the petrochemical and coal chemical industry reining
in their capital expenditures.  S&P also believes environmental
regulations and safety standards may tighten.

CAG's leverage could deteriorate further in the coming 12 months,
if the company experiences deteriorating cash flow, driven by
working capital, or continuous pressure on its profitability.
S&P projects CAG's debt-to-EBITDA ratio to increase to 4.8x-5.0x
in 2016.

"Although CAG has been reducing cost and restructuring its
businesses in the past few years, we believe its core
petrochemical and railway businesses face continuous margin
pressure during the industry downturn," said Mr. Tang.  Its
EBITDA margin in 2015 decreased to 7%-8% from 14.7% in 2014,
partially due to the disposal of its higher margin railway
signaling business.  CAG also plans to sell or cease operation of
some unprofitable, working capital intensive non-core businesses.

In S&P's view, CAG continues to face working capital pressure.
Although the company has been implementing tight control over its
working capital management, the execution would be difficult
because S&P sees the industry is still weakening with customers
delaying payments.

In addition, S&P sees from the company's 2015 annual result it
has made a higher provision for receivables turning into bad and
doubtful debts at RMB123 million in 2015 from RMB68 million in
2014.  CAG also incurred one-off impairment losses of RMB119
million on intangible assets and RMB60 million on goodwill.
Although those are non-cash expenses in nature, they indicate an
increase in the weighted average of gross receivable days and the
ongoing difficult business operation.

S&P believes CAG has a solid refinancing plan for its maturing
US$200 million senior unsecured notes due in April 2016.  As of
February 2016, the company had repaid US$175 million.  In S&P's
base-case scenario, it expects CAG to use its cash and onshore
bank facility to refinance the remaining US$25 million notes.

The negative outlook reflects S&P's expectation that CAG's high
leverage may further deteriorate over the coming 12 months.
Although the company has a plan to reduce its debt, the industry
downturn and intensifying competition is likely to make its
deleveraging pace more difficult.

S&P may lower the ratings if CAG's debt-to-EBITDA ratio exceeds
5.0x for a sustained period. This could happen if: (1)
profitability weakens materially due to intensifying competition;
(2) the company fails to control its selling and general
administrative expenses; (3) its unprofitable businesses incur a
higher-than-expected loss; (4) working capital management
weakens.

S&P may revise the outlook to stable if the company's leverage
improves significantly such that its debt/EBITDA ratio falls
below 5.0x in a sustained basis.  This could happen if CAG
manages its working capital, generates positive operating cash
flow for early debt repayment, and controls the gross debt size.
At the same time, the company stabilizes its profitability.


GEELY AUTOMOBILE: Moody's Says Ba2 CFR Unaffected by 2015 Results
-----------------------------------------------------------------
Moody's Investors Service says that Geely Automobile Holdings
Limited's 2015 results will not affect the company's Ba2
corporate family or senior unsecured bond ratings.

The ratings outlook remains stable.

"Despite a fall in profitability due to higher investments,
Geely's net cash position remains robust, and continues to
provide a buffer against the cyclicality of the automobile
industry," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

"In addition, we expect Geely's sales to continue to grow over
the next one to two years," adds Ho.

The company's sales grew 22% year-on-year to 510,097 units in
2015. Its domestic sales grew 35% year-on-year to 484,363 units,
offsetting a 57% year-on-year decline in its export sales to
25,734 units.

Its sales growth in 2015 mainly reflects: (1) a recovery from the
24% year-on-year unit sales decline in 2014; the fall in 2014 was
driven by a sharp decline in export sales and the restructuring
of the company's dealership network in China (Aa3 negative); and
(2) a positive market response to its new models.

Moody's expects Geely will record about 15% year-on-year growth
in sales volumes during 2016. The projected sales growth will be
driven by China's growing auto sales and the company's new model
launches.

Despite stable gross margins, the company's adjusted EBITA
margin, which reflects capitalized investments in intangible
assets, fell to about 5.4% in 2015 from 7.1% in 2014. Investment
in product development is important for Geely to expand and
enhance its product line and to sustain its competiveness in the
long term.

Moody's expects Geely's EBITA margin to fall to about 2.0% in
2016, driven by its acquisition of the Volvo Car Corporation's
(unrated) co-developed Compact Modular Architecture (CMA)
platform from its parent, Zhejiang Geely Holding Group Company
Limited (unrated).

Moody's says Geely's EBITA margin should normalize to about 6.5%-
6.7% in 2017.

Geely's adjusted debt/EBITDA fell to about 0.9x in 2015 from 1.2x
in 2014, as its adjusted debt fell to about RMB2.0 billion in
2015 from RMB2.6 billion in 2014.

While Moody's expects that Geely's debt leverage will rise over
the next 12-18 months -- because of its acquisition of the CMA
platform -- its leverage should remain low, as measured by
debt/EBITDA of around 1.5x-2.0x and debt/book capitalization of
15%-20%. These levels support its Ba2 ratings.

Geely's liquidity profile is solid. The company's net cash
position -- excluding pledged cash -- rose to RMB7.3 billion at
end-2015 from RMB4.7 billion at end-2014.

Moody's expects Geely's liquidity position to weaken over the
next 12-18 months, because of its acquisition of the CMA platform
from Zhejiang Geely in 2016.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. Geely develops,
manufactures and sells passenger vehicles that are sold in China
and globally. Its chairman and founder Mr. Li Shufu and his
family held a 42.98% stake in the company at end-2015. The
company is incorporated in the Cayman Islands and listed on the
Hong Kong Stock Exchange.


YINGDE GASES: S&P Revises Outlook to Neg. & Affirms 'BB' CCR
------------------------------------------------------------
Standard & Poor's Ratings Services said that it had revised its
outlook on Yingde Gases Group Co. Ltd. to negative from stable.
S&P also affirmed the 'BB' long-term corporate credit rating on
the China-based industrial gas manufacturer and the long-term
'BB-' issue rating on the company's senior unsecured notes.  In
line with the outlook revision, S&P lowered the long-term Greater
China regional scale rating on Yingde to 'cnBB+' from 'cnBBB-'
and on the notes to 'cnBB' from 'cnBB+'.

"We revised the outlook to reflect the continued weak prospect
for China's steel sector, which accounted for 70% of Yingde's
oxygen capacity in operation at the end of 2015," said Standard &
Poor's credit analyst Dany Huang.  "We believe the poor industry
conditions, recent suspension of contracts with Yingde's major
customer, and growth in receivables could keep the company's
ratio of debt to EBTIDA consistently above 4x.  The outlook
revision also reflects our view of the company's weakening
liquidity, while noting its good banking relationship and credit
standing."

S&P now forecasts that Yingde's ratio of debt to EBITDA will be
3.5x-4.0x over the next two years, compared with S&P's previous
projection of 3.2x - 3.5x.  S&P's revised forecast factors in
lower average selling price and profitability.  S&P sees a one-
in-three possibility that it will downgrade the company if it
cannot moderate its leverage significantly in the next 12-18
months.

Yingde's financial leverage could improve over the next 12 months
if the company is able to control working capital, limit capital
expenditures, and maintain profitability.  Rating stability also
depends on the company's ability to maintain adequate liquidity
and roll over its debt.  In S&P's base case, it expects the
company to cut capital expenditure to offset the decline in
revenues.  The company has limited buffer to increase its debt,
or for its profitability to weaken.

"We affirmed the corporate credit rating and issue ratings
because of Yingde's market position as one of the largest
independent industrial gas suppliers in China," said Mr. Huang.
S&P believes the company's take-or-pay contracts with customers
secure long-term and stable cash flows.  More than 80% of the
company's revenue is from its 15-30-year onsite supply contracts.

S&P sees industry and customer concentration as rating
constraints.  Yingde derives about 70% of its revenues from the
steel industry, which is struggling with overcapacity and has low
visibility for a recovery in the medium term.  The company's top
five customers accounting for about 30% of total revenue is also
a risk.

S&P views Yingde's dispute with its major customer Hebei Jingye
to be an isolated incident.  S&P estimates the annual revenue
loss from the cancellation of the contract with Hebei Jingye to
be about Chinese renminbi (RMB) 500 million, representing around
6% of Yingde's total revenue in 2015.

The negative outlook reflects Yingde's high exposure to the steel
sector in China and potential pressure on its profitability and
working capital over the next 12 months due to order cancellation
and increased delinquency in customer payments.  In S&P's base
case, it expects the company's debt-to-EBITDA ratio to weaken and
hover near 4x by the end of 2017, from 3.5x at the end of 2015.
S&P expects the company to cut capital spending and lower its
dividend payout or take other measures to moderate the impact of
weaker revenues.

S&P could lower the ratings if Yingde's leverage exceeds 4x.
This could happen if the company's profitability weakens because
of a larger-than-expected decline in average prices or sales
volume.  S&P could also lower the ratings if Yingde's working
capital management weakens significantly, or its access to
funding in the capital market or banks weakens such that it does
not secure new funding in the next 12 months.

S&P could revise the outlook to stable if Yingde can keep its
debt-to-EBITDA ratio below 4x by cutting costs and capital
expenditure more substantially than S&P expects.  In a low
likelihood scenario, S&P could revise the outlook to stable if
the steel sector outlook improves.



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H O N G  K O N G
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NOBLE GROUP: Shows Junk Bond Rally to Aid Asia Refinancing Crunch
-----------------------------------------------------------------
David Yong at Bloomberg News reports that Asia's beaten-down
commodity bonds are now delivering the best returns as raw
material prices rebound from 25-year lows.

Noble Group Ltd.'s 2018 notes returned 37 percent in March
through March 29, leading gainers in junk bonds from Southeast
Asia, Bloomberg relates citing a Bank of America Merrill Lynch
index. Coal producer PT Indika Energy's 2018 notes gained
27 percent. Asian non-investment grade notes advanced 3 percent
since Feb. 29, while distressed debt in emerging markets rallied
7.2 percent, says Bloomberg.

Bloomberg relates that the resources turnaround is a boost for
borrowers looking for credit lines from Asian lenders and a
reprieve for distressed-debt hedge funds reeling from back-to-
back losses since October.  According to Bloomberg, Noble Group
planned to meet bankers on March 31 in Hong Kong as it seeks to
refinance at least $1 billion of revolving credit facilities,
people familiar with the matter said earlier in March. Puma
Energy, a Singapore-based fuel storage operator, plans to
refinance a $500 million revolver due in May, people familiar
said.

"Most people think that commodity prices in general have seen the
worst part of selling" even if a sustained recovery is uncertain,
Bloomberg quotes Leong Wai Hoong, a senior highyield manager in
Singapore at Nikko Asset Management Co., as saying.  His firm
managed JPY18.5 trillion ($163 billion) on Dec. 31. "The rebound
is definitely helpful for commoditybased companies seeking
financing."

Bloomberg's March 30 report said Noble Group's 2018 notes traded
at 75.4 cents on the dollar to yield 19.2 percent as of 8:55 a.m.
in Hong Kong, according to Bloomberg-compiled prices, capping a
20-cent rally last month. Indika's 2018 notes rose to 61.5 cents
from 48.4 cents. The 2021 securities from Puma Energy climbed 4.3
cents to 95.8 cents to end a four-month slide, the report added.

Southeast Asian companies are seeking $12.2 billion in loans, or
14 percent of the loan pipeline across the Asia-Pacific region,
according to data compiled by Bloomberg.

Noble Group declined to comment on the commodities rebound or its
refinancing, Bloomberg relays citing Noble's external media
advisers at Bell Pottinger Plc.

Demand for high-yield debt revived after Federal Reserve policy
makers earlier in March softened their outlook for the pace of
interest-rate increases, Bloomberg relates.  Fed Chair Janet
Yellen said on March 22 that caution is "especially warranted."
The European Central Bank stepped up its bond-buying program in
March while the Bank of Japan adopted a negative-rate policy in
January, Bloomberg notes.

                         About Noble Group

Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/--
is a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
March 1, 2016, Standard & Poor's Ratings Services said that it
had lowered its long-term corporate credit rating on Noble Group
Ltd. to 'BB-' from 'BB+'.  The outlook is negative.  At the same
time, S&P lowered the long-term issue rating on Noble's
outstanding senior unsecured notes to 'B+' from 'BB'.  In
addition, S&P lowered its long-term Greater China regional scale
rating on the company to 'cnBB' from 'cnBBB' and on the notes to
'cnBB-' from 'cnBB+'.  S&P removed the corporate credit and issue
ratings on Noble from CreditWatch, where they were placed with
negative implications on Nov. 23, 2015.  Noble is a Hong Kong-
based commodity trader.

The TCR-AP on Feb. 25, 2016, reported that Moody's Investors
Service has downgraded Noble Group Limited's corporate family
rating and senior unsecured bond ratings to Ba3 from Ba1 and the
provisional rating on its senior unsecured medium-term note (MTN)
program to (P)Ba3 from (P)Ba1. The ratings are under review for
further downgrade.


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ADHISHAKTHI EXPORTS: CRISIL Suspends B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Adhishakthi Exports (AE).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        5.9       CRISIL B+/Stable
   Secured Overdraft
   Facility             50.0       CRISIL B+/Stable

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

Set up in 2007 as proprietorship firm, AE is engaged in
processing of and trading in raw cashew nuts. The firm is based
in Udupi (Karnataka) and is promoted by Mrs. Deepa Dinesh.


ALFA INDUSTRIES: CARE Assigns B Rating to INR5.87cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Alfa
Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.87       CARE B Assigned

The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or of the unsecured loans brought in by the partners, in
addition to the changes in the financial performance and other
relevant factors.

Rating Rationale

The rating of Alfa Industries (AFI) is constrained by its very
short track record of operations, thin profitability, high
leverage and weak debt coverage indicators. The rating is further
constrained by its susceptibility to volatile guar prices, its
presence in a highly fragmented and working capital intensive
guar processing industry.

The rating however derives strength from vast experience of the
promoters of AFI in Agro commodities.

The ability of AFI to increase its scale of operation, improve
its profitability and capital structure while efficiently
managing the working capital requirement would be the key rating
sensitivities.

AFI was promoted by Mr Ajaybhai Santoki along with two other
partners as a partnership firm in 2013 to undertake business of
processing of guar seeds along with trading of agro commodities.

The commercial operations of the firm commenced from April 2014
and FY15 (refers to the period April 1 to March 31) was the first
year of operations for the firm. During FY15, AFI reported PAT of
INR0.04 crore on total operating income of INR21.84 crore. As per
provisional results for 10MFY16, AFI earned PAT of INR0.21 crore
on total operating income of INR8.90 crore.


AMBIKA DECOR: CRISIL Suspends B Rating on INR85MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ambika Decor Private Limited (ADPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B/Stable
   Term Loan              85       CRISIL B/Stable

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

ADPL was incorporated as a private limited company in March 2011
and started operations in August 2014. The company is engaged in
manufacturing of laminates. ADPL is promoted by Mr. Yogesh
Sharma, Mr. Rajesh Sharma, Mr. Ravi Patel, and Mr. Manoj Patel.
The company has a manufacturing facility with a capacity of 0.1
million board laminate sheets per month at Pithampur Industrial
Area, Dhar (Madhya Pradesh).


ARMSTRONG KNITTING: CRISIL Reaffirms B- Rating on INR100MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Armstrong Knitting
Mills (AKM) continue to reflect the firm's modest scale of
operations in an intensely competitive textile industry, and
susceptibility to volatility in raw material prices and foreign
exchange rates.

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

   Foreign Bill
   Purchase                26.5    CRISIL B-/Stable (Reaffirmed)

   Long Term Loan          17.9    CRISIL B-/Stable (Reaffirmed)

   Packing Credit         160.0    CRISIL A4 (Reaffirmed)

The ratings also factor in a below-average financial risk profile
because of a high contingent liability. These rating weaknesses
are partially offset by the extensive industry experience of its
promoters.
Outlook: Stable

CRISIL believes AKM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial cash accrual,
resulting in significant improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the financial risk profile, most likely
because of a sharp decline in revenue and profitability, leading
to lower cash accrual, weakening of working capital management,
or large debt-funded capital expenditure. Also, CRISIL will
continue to monitor the contingent liability of INR119.1 million,
which will remain a key rating sensitivity factor. CRISIL
understands that there will not be any outflow towards this
liability over the medium term.

Set up in 1971 and based in Tiruppur, AKM manufactures knitted
garments, predominantly for the export market.


ARYACON CONTRACTORS: CRISIL Assigns B+ Rating to INR28.5MM Loan
---------------------------------------------------------------
CRIISL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aryacon Contractors and Engineers (ACE).
The ratings reflects ACE's small scale of operations in high
fragmented industry along with geographical concentration. These
weakness are partially offset by extensive experience of ACE's
promoter in the construction industry.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Long Term
   Bank Loan Facility      11.5       CRISIL B+/Stable
   Bank Guarantee          30         CRISIL A4
   Cash Credit             28.5       CRISIL B+/Stable

Outlook: Stable

CRISIL expects that ACE will maintain its business risk profile
over the medium term backed by the promoters' extensive
experience and moderate order book position. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations along with geographical diversification of its
revenues and sustenance of profitability while improving's its
working capital management. Conversely, the outlook may be
revised to 'Negative', if the firm registers less than expected
accruals or if it undertakes any large additional debt-funded
capex leading to deterioration in its financial risk profile or
pressure on liquidity due to further stretch in working capital
requirements.

Establish in 2002, Aryacon Contractors & Engineers (ACE) based in
Kerala, is promoted by Mr. Gireesh G Nair & Mr. S. Shyam. ACE is
engaged in construction of tunnels for hydroelectric projects,
power houses, dams, and other types of heavy construction works
mainly in Kerala.


BHALKESHWAR SUGARS: ICRA Cuts Rating on INR89cr Term Loan to D
--------------------------------------------------------------
ICRA has revised the long term rating to [ICRA]D from [ICRA]C-
for INR95.50 crore term loans of Bhalkeshwar Sugars Limited.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan            89.00       Revised to [ICRA]D
                                    from [ICRA]C-

   Proposed Limits       6.50       Revised to [ICRA]D
                                    from [ICRA]C-

The rating revision reflects stretched liquidity profile of the
company as exhibited by delays in the debt servicing. The rating
is constrained by the weak financial profile of BSL as reflected
by low profitability, weak capital structure and debt coverage
metrics in FY15. Further, the debt repayment burden remains high
and the company's ability to service its debt obligations
critically depends on achieving healthy capacity utilization and
healthy contribution margins. The rating continues to be
constrained by the exposure of BSL's operations to agro climatic
risk on cane availability, high regulatory risk inherent in sugar
sector and leveraged funding of the project. ICRA however, notes
the strengths of the company including integrated nature of
operations with cogen unit which is expected to provide cushion
to profitability during cyclical downturn in the sugar industry,
FRP linked sugarcane payments in Karnataka which insulates in
case of downturn in sugar price and the long experience of
promoter and key management personnel in the sugar sector.

Going forward, BSL's ability to service the debt obligation in
time will be the key rating sensitivity factor.

Bhalkeshwar Sugars Limited (BSL) was incorporated in 2000 and is
promoted by Mr. Prakash Khandre. The company operates 2500 TCD
sugar plant and 14 MW cogeneration unit in Bhalki in Bidar
district of North Karnataka.


BLISS ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR35MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bliss Enterprises (BE)
continue to reflect the firm's modest scale of operations,
exposure to customer concentration risks in its revenue profile,
and weak financial risk profile, marked by modest net worth and
high gearing. These rating weaknesses are partially offset by the
benefits that the firm derives from its proprietor's extensive
experience in the pumps industry and established relationship
with its principal.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         14       CRISIL A4 (Reaffirmed)

   Cash Credit            35       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that BE will continue to benefit from the
proprietor's extensive experience in the pumps industry. The
outlook may be revised to 'Positive' if the firm achieves
significant and sustainable improvement in its revenue and
margins, while improving its capital structure. Conversely, the
outlook may be revised to 'Negative' if BE registers significant
decline in its revenue or margins, or witnesses a significant
lengthening of its working capital cycle.

BE was established as a proprietorship concern in 2002 by Mr.
Baldev Wani. The concern is engaged in trading of pumpsets and
valves, which have use in the oil and gas sector for firefighting
purposes. BE is an authorised dealer for pumpsets and valves of
Kirloskar Brothers Ltd (KBL; rated 'CRISIL AA-/Negative/CRISIL
A1+').

BE reported profit after tax (PAT) of INR1.5 million on net sales
of INR96.2 million for 2013-14against PAT of INR1.6 million on
net sales of INR102 million for 2012-13.


BUDDHA SORTEX: ICRA Assigns B+ Rating to INR6.75cr Loan
-------------------------------------------------------
ICRA has assigned its [ICRA]B+ rating to INR6.75 crore fund based
bank limits of Buddha Sortex Rice Industries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based limits     6.75         [ICRA]B+; assigned

ICRA's rating takes into account the high intensity of
competition in the rice milling industry to which BSRI is
exposed. This translates into low profitability, which is,
however, in line with the industry trends. ICRA also takes note
of the agro climactic risks, which can affect the availability of
paddy in adverse weather conditions. The rating also factors in
the company's weak financial risk profile as reflected in its
high gearing and weak debt coverage indicators. The rating
however, positively factors in the proximity of the mill to major
rice growing areas, which results in easy availability of paddy.

Going forward the ability of the company to maintain healthy
growth in revenues and profitability; while maintaining a prudent
capital structure and optimal working capital intensity will be
the key rating sensitivities.

Buddha Sortex Rice Industries Private Limited (BSRI), was
established in 2013 and is engaged in milling and sorting of Non-
Basmati Rice. The company's unit located at Hetimpur Deoria
(U.P.) has an installed capacity of 8 tons/hour. The company
caters to both domestic and export customers. The day to day
operations of the company are managed by Mr. CP Gupta.

Recent Results
The company reported a profit after tax (PAT) of INR0.03 crore on
an operating income of INR5.45 crore for FY15. Till February 15
2016, the company reported, on a provisional basis, an operating
income of INR21.03 crore.


CHROMIC STEEL: CARE Assigns B+ Rating to INR2.01cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
Chromic Steel LLP.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.01      CARE B+ Assigned
   Long term/Short term           2.90      CARE B+/CARE A4
   Facilities                               Assigned
   Short term Bank Facilities     4.50      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Chromic Steel LLP
(CSL) is primarily constrained on account of short track records
of operations and partnership nature of constitution. The ratings
continue to remain constrained due to presence in highly
competitive steel industry and susceptibility to cyclical nature
of the steel industry.

The ratings, however, derive benefits from moderate experience of
the promoters into similar line of business operations. The
ability of CSL to increase the scale of operations along with an
improvement in profitability, capital structure and debt
coverage indicators is the key rating sensitivity.

Rajkot-based (Gujarat) CSL was established in March 2015 by Mr
Chintan Faldu and Mr Ishwar Hingorani to carry out business of
manufacturing stainless steel tubes. CSL commenced operations
from December 2015 onwards. CSL supplies its products to domestic
customers and procures the material from prime suppliers of India
and also imports from China as well as Korea.

During 10MFY16 (Provisional), CSL achieved TOI of INR1.82 crore.


COMMERCIAL AUTO: ICRA Suspends B+/A4 Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+/A4 ratings assigned to the
INR10.0 crore bank lines of Commercial Auto Products Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Commercial Auto Products Private Limited (CAPPL) was incorporated
in 1985 by Mr. Ajay Gupta to manufacture and export radiators for
the automotive industry. Initially, the company was engaged in
the manufacture of copper-brass radiators; with the company also
setting up aluminium radiators manufacturing unit in 2008. CAPPL
supplies to major tractor manufacturers like Mahindra and
Mahindra Limited, Escorts Limited, International Tractors Limited
etc.


CONSORTIUM AUTOMOBILES: CRISIL Cuts Rating on INR65MM Loan to B
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Consortium Automobiles Private Limited (CAPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            65       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Channel Financing      62.8     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan         25.2     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')


The downgrade reflects deterioration in CAPL's financial risk
profile, especially liquidity. The company's cash accrual,
expected at INR8.5-9.0 million in 2015-16 (refers to financial
year, April 1 to March 31) will be insufficient to meet debt
obligation of INR11.8 million, however the shortfall is being met
from the working capital limits. Stretched liquidity has led to
higher reliance on external borrowing. Consequently, total
outside liabilities to tangible networth (TOLTNW) ratio is
expected to increase to 5.16 times as on March 31, 2016, from
4.86 times a year earlier. Networth has eroded, and is expected
at INR43.9 million as on March 31, 2016, against INR47.7 million
as on March 31, 2015, on account of loss. Improvement in
liquidity backed by fund infusion by promoter will remain a key
rating sensitivity factor.

The rating reflects CAPL's weak financial risk profile because of
small networth and high TOLTNW ratio, and modest scale of
operations. These weaknesses are partially offset by the
company's established relationship with Tata Motors Ltd (TML;
rated 'CRISIL AA/Stable/CRISIL A1+'), and its promoter's
extensive experience as an automotive dealer in Odisha.
Outlook: Stable

CRISIL believes CAPL will continue to benefit over the medium
term from its healthy relationship with TML. The outlook may be
revised to 'Positive' if the company's liquidity improves on
account of substantial equity infusion by its promoter, resulting
in a better financial risk profile, especially liquidity.
Conversely, the outlook may be revised to 'Negative' if scale of
operations and profitability decline further, and inventory
increases due to persistent sluggishness in demand, thus
weakening financial risk profile, particularly liquidity.

CAPL, incorporated in Odisha in 2004 by Mr. Vishal Dhawan, is an
authorised dealer of TML's commercial vehicles.


CORUM HOSPITALITY: CARE Lowers Rating on INR10.86cr Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Corum Hospitality.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     10.86      CARE D Revised from
                                            CARE BB

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Corum Hospitality is on account of delay in servicing of debt
obligations due to weak liquidity position.
Establishing a clear track record of timely servicing of debt
obligations along with improvement in liquidity position is the
key rating sensitivity.

Established as a partnership firm by Mr Mihir Desai and Mr Amit
Singh in 2009, Corum Hospitality (CH) currently operates
seven restaurants under the various brand names; 2 under brand
'Masalazone', and 5 under 'The Bar Stock Exchange' across various
locations in Mumbai.

During FY15 (refers to the period April 1 to March 31), CH
recorded total operating income of INR17.30 crore (vis-Ö-vis
Rs.11.17 crore in FY14) and PAT of INR0.25 crore (vis-Ö-
visRs.0.11 crore FY14).


D M FABRICS: CRISIL Suspends B+ Rating on INR90MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
D M Fabrics Private Limited (DMFPL).

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

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

Set up in 1996 by Mr. B N Agarwal, DMFPL trades in printed cotton
sarees. Based in Kolkata (West Bengal), DMFPL purchases sarees
from Mumbai (Maharashtra) and Surat (Gujarat). The company has
about 50 wholesalers as its customers across West Bengal, Bihar,
Orissa, etc


GOKILAA GAARMENTS: ICRA Suspends B+ Rating on INR1.33cr Loan
------------------------------------------------------------
ICRA has suspended the long-term rating of [ICRA]B+ assigned to
the INR1.33 crore term loans of Gokilaa Gaarments. ICRA has also
suspended the short-term rating of [ICRA]A4 assigned to the
INR22.00 crore fund based facilities and INR1.00 crore non-fund
based facilities of Gokilaa Gaarments. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the firm.


GRD FOODS: CARE Assigns B+ Rating to INR14.89cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
GRD Foods Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     14.89      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of GRD Foods Private
Limited (GFPL) is constrained by its nascent stage of operations,
concentrated supplier base and weak solvency position. The rating
is further constrained by seasonal nature of operations, intense
competition and susceptibility of margins to raw material price
fluctuation risk. The rating, however, derives strength from the
experienced promoters and established procurement and marketing
network.

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

Incorporated in 2012, GRD Foods Private Limited (GFPL) is engaged
in the manufacturing of dairy products like ghee, whole milk
powder (WMP), skimmed milk powder (SMP), dairy whitener, butter
etc. The operations of GFPL started in April, 2014. The company
has its milk processing unit in Kathua (Jammu and Kashmir) and
sells its products under the brand name 'GRD' to wholesalers and
institutional clients all over India. GFPL has an installed
capacity to process 10,000 litres per hour (LPD) of raw milk.
GFPL procures about 80% of the raw material directly from
Baksheesh Sandhu Milk Chilling Centre (BSCC, associate concern of
GFPL, established in 1945) and remaining from contractors who
have their own procurement and chilling facilities. GFPL has
another group concern viz. Sandhu Trading Company (STC;
established in 2005, which is engaged in trading of milk and milk
products.

GFPL registered a total operating income of INR33.54 crore during
FY15 (refers to the period April 1 to March 31) with PAT of
INR0.32 crore. Furthermore, in H1FY16 GFPL achieved total
operating income of INR35 crore.


GVK GAUTAMI: CARE Reaffirms D Rating on INR1,009.75cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the long-term bank
facilities of GVK Gautami Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities   1,009.75     CARE D Reaffirmed

Rating Rationale

The rating assigned to the long-term bank facilities of GVK
Gautami Power Limited (GGPL) continues to be constrained by
the strained liquidity position at the back of the plant being
non-operational throughout FY15 (refers to the period
April 1 to March 31) resulting in delays in debt servicing.

GGPL is a subsidiary of GVK Energy Limited (GEL), which in turn
is the subsidiary of GVK Power & Infrastructure Limited the
flagship company of the GVK group. The company operates a 464 MW
gas-based Combined Cycle Power Plant (CCPP), located in East
Godavari District of Andhra Pradesh, comprising two gas turbine
generators and one steam turbine generator.

During FY15 (refers to the period April 01 to March 31), GGPL
reported total income of INR17.62 crore (Rs.23.45 crore in FY14)
and net loss of INR204.74 crore (net loss of INR211.05 crore in
FY14).


H. N. COTEX: CARE Reaffirms B Rating on INR13cr LT Loan
-------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
H. N. Cotex Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      13        CARE B Suspension
                                            revoked and rating
                                            re-affirmed

Rating Rationale

The rating assigned to the bank facilities of H. N. Cotex Private
Limited (HNCPL) continues to remain constrained on account of the
susceptibility of the operating margins to cotton price
fluctuations, seasonality associated with the availability of
cotton, presence in a highly fragmented industry with limited
value addition and prices and supply for cotton being highly
regulated by the government. The rating further takes into
account the stabilization of operations and low profit margins in
FY15 (refers to the period April 1 to March 31) and its leveraged
capital structure and weak debt coverage indicators as on
March 31, 2015.

The rating, however, continues to draw strength from the
promoters' experience and strategic location in the cottongrowing
region of Gujarat.

HNCPL's ability to improve its profit margins and capital
structure while managing its working capital requirements
efficiently are the key rating sensitivities.

Ahmedabad-based (Gujarat) HNCPL was incorporated during July 2013
as private limited company by Mr Bhargav Jani and other seven
family members. Mr Bhargav Jani and Mr Haresh Jani are the key
directors of HNCPL and look after all the day to day activities
of HNCPL. HNCPL is into the business of cotton ginning and
pressing of cotton bales. HNCPL is operating from its sole
manufacturing unit located in Mehsana (Gujarat) with an installed
capacity of 9072 MTPA for cotton bales and 16330 MTPA for cotton
seed as on March 31, 2015. FY15 is the first full year of
operation as HNCPL has commenced commercial production from March
2014.

During FY15 (refers to the period April 1 to March 31), HNCPL
reported a total operating income (TOI) of INR91.28 crore with a
PAT of INR0.01 crore as against TOI of INR6.62 crore with a net
loss of INR(0.10) crore for its one month of operations in FY14.
During 11MFY16 (Provisional), HNCPL achieved a TOI of INR91.42
crore.


HASTI PETRO: CARE Revises Rating on INR26cr LT Loan to BB-
----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Hasti Petro Chemical & Shipping Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     26.00      CARE BB- Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to the bank facilities of
Hasti Petro Chemical & Shipping Limited (HPCSL) takes into
account significant growth in its scale of operations marked by
increase in the total operating income during FY15 (refers
to the period April 1 toMarch 31) over last financial year.

The rating, however, continues to remain constrained on account
of its financial risk profile marked by declining profitability,
working capital intensive nature of operations and risk
associated with the ongoing project.

The rating, however, continues to draw strength from the long-
standing experience of HPCSL's promoters along with its
established track record of operations in the industry and
location advantage of its dry ports. The rating, further,
continues to draw strength from geographically diversified
revenue stream along with comfortable solvency position.

HPCSL's ability to increase its scale of operations while
improving profitability along with efficient management of
working capital as well as timely completion of the ongoing
project within envisaged time and cost parameter shall be the
key rating sensitivities.

HPCSL was initially incorporated in 1991 as Hasti Cement Limited
with the planning to install and operate cement unit in the
company. Then after, management of the company changed its
objective to operate Inland Container Depots (ICD) including
container stuffing and de-stuffing, bonded and general warehouse
facility, cargo consolidation, distribution, container storage,
freight forwarding, container repair and railway siding services.
Therefore, in September 1998, name of the company was renamed as
HPCSL.

In the year 2001, HPCSL set up its first ICD in Rajasthan at
Jodhpur, known as 'The Thar Dry Port' with the capacity to
handle 60,000 Twenty-foot Equivalent Units (TEUs). It emerged out
the first privatized ICD in the state of Rajasthan and country as
well. Other players in Rajasthan are CONCOR and Rajasthan Small
Industries Corporation (RAJSICO) in the public sector. Then
after, in 2009, HPCSL set up its second ICD at Ahmedabad to take
advantage of growing trade in Delhi Mumbai industrial corridor
with the capacity to handle 120,000 TEUs. Furthermore, HPCSL has
also received approval from government to set up ICD at Jaipur
and Vadodara.

During FY15, HPCSL has reported a total operating income of
INR118.03 crore (FY14: INR82.81 crore) with a PAT of INR0.61
crore (FY14: INR0.73 crore). Furthermore, as per provisional
results of 11MFY16, HSPCL has achieved TOI of around INR101
crore.


INDRA MARSHAL: CARE Reaffirms B Rating on INR5cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assgined to the bank facilities of
Indra Marshal Power Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long- term Bank Facilities      5        CARE B Reaffirmed
   Short-term Bank Facilities      7        CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Indra Marshal
Power Private Limited (IMPPL) continue to be constrained on
account of its modest net-worth base, leveraged capital
structure, stretched liquidity position, susceptibility of
profitability to volatility in raw material prices, dependence of
IMPPL on the government contracts along with fixed-price
contracts and highly fragmented nature of the industry. The
ratings also factor in the significant decline in the company's
profitability along with deterioration in capital structure FY15
(refers to the period April 1 to March 31).

The ratings continue to draw comfort from the experienced
promoters along with the long track record of the entity,
reputed and established client base and strong marketing and
distribution network.

The ability of IMPPL to increase its scale of operations, improve
profitability and capital structure along with the efficient
working capital management thereby improving liquidity position
are the key rating sensitivities.

Incorporated in the year 1968, IMPPL belongs to the Jhawar Group
based in Indore. IMPPL was originally constituted as a
partnership concern by Late Mr Jai Narayan Jhawar. The firm was
converted into a private limited company in the year 2009. IMPPL
is engaged in the trading, manufacturing and assembling of pump
set with horsepower of 3.5 to 20, air (garage) compressors which
are used for agriculture and commercial purpose, power tiller,
rotary tiller and power weeder. The company has an installed
capacity of 56,000 pumps and 5000 compressors per annum as on
March 31,
2015. The company imports approximately 25% of the required
components (spare parts) from China and procures rest from the
domestic market. The company sells its assembled pump sets and
compressors to irrigation department of State Governments and
other private players. The assembled pumps are sold under the
brand name 'Indra Marshall'. The company has a pan India presence
with network of 275 dealers. IMPPL is an ISO 9001:2008 certified
company.

During FY15, IMPPL reported total operating income (TOI) of
INR25.87 crore with Net Loss of INR5.86 crore as compared to
TOI of INR21.33 crore and profit after tax (PAT) of INR0.11 crore
during FY14. During 9MFY16 (Provisional), IMPPL has achieved a
turnover of INR14.24 crore.


KENOX AGRO: CRISIL Assigns B Rating to INR61.2MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Kenox Agro Industries Private Limited
(KAPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             61.2      CRISIL B/Stable

   Proposed Cash
   Credit Limit           8.8      CRISIL B/Stable

   Inland/Import
   Letter of Credit       2.5      CRISIL A4

   Bank Guarantee         2.5      CRISIL A4

   Cash Credit           25.0      CRISIL B/Stable

The ratings reflect the company's weak financial risk profile
because of a small net worth, high gearing, and weak debt
protection metrics. The ratings also factor in a small scale of
operations and average operating margin. These rating weaknesses
are partially offset by the extensive experience of KAPL's
promoters in the agricultural products industry, and their
funding support.
Outlook: Stable

CRISIL believes KAPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of a more-than-expected increase in
scale of operations, leading to healthy cash accrual and a better
capital structure. Conversely, the outlook may be revised to
'Negative' in case of lower-than-anticipated operating margin,
large, debt-funded capital expenditure, or weakening of working
capital management, leading to further deterioration in the
financial risk profile.

KAPL was established in 2014 by the Vasaya family and their
friends. The company manufactures and trades in gram flour. It is
based in Silvasa.


MDA AGROCOT: CRISIL Assigns B+ Rating to INR250MM Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of MDA Agrocot Private Limited (MAPL).

                             Amount
   Facilities              (INR Mln)    Ratings
   ----------              ---------    -------
   Cash Credit                 70       CRISIL B+/Stable
   Foreign Bill Discounting   250       CRISIL B+/Stable

The rating reflects MAPL's modest scale of operations in the
competitive cotton yarn and agricultural commodities trading
industry. The rating also factors in the constrained financial
risk profile because of an aggressive capital structure and
below-average debt protection metrics. These weaknesses are
partially offset by the extensive industry experience of the
promoters and the company's moderate risk-management policies.

For arriving at the rating, CRISIL has treated unsecured loans of
INR26.6 million as on March 31, 2015, extended by the promoters
and related parties to MAPL, as neither debt nor equity. This is
because these loans bear nominal interest and are expected to be
retained in the business over the medium term.
Outlook: Stable

CRISIL believes that MAPL will benefit over the medium term from
the extensive industry experience of the promoters. The outlook
may be revised to 'Positive' if the company scales up its
operations significantly, while improving its profitability
leading to higher cash accrual. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of low cash accrual or a stretched
working capital cycle or if there is any adverse change in the
risk-management policies.

MAPL was established by Mr. Aditya Bhoot and Mr. Darshan Bhoot in
December 2011 as Deegee Dehydration Pvt Ltd. The company was
renamed in November 2014. It trades in and exports cotton yarn,
rice, wheat, and corn; the operations are based in Amravati
(Maharashtra).


MEENAKSHI HATCHERIES: CARE Assigns B Rating to INR5.50cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilties of Meenakshi
Hatcheries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.50       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Meenakshi
Hatcheries (MH) is constrained by the implementation risk
associated with setting up of shrimp hatchery unit, financial
closure yet to be
achieved for the project, presence in the highly fragmented
industry resulting in stiff competition from other established
players and constitution of the entity as a partnership firm.
However, the rating is underpinned by the experience of the
partner in shrimp hatchery industry, location advantage of the
unit and stable demand of shrimp food.

The ability of the firm complete the unit without any cost or
time overrun, generate the revenue and profit margins as
envisaged and stabilize the business operations in a competitive
environment are the key rating sensitivities.

MH was established in December 2015 and promoted by Mr BSSNV
Krishna and his family members. The firm has proposed to set-up a
shrimp hatchery unit. MH is planning to do hatchery activity
(Shrimp) sell the shrimp seed to shrimp farmers located in and
around Andhra Pradesh. The process of shrimp seed production
involves four stages (Maturation, Spawning and Hatching, Larval
rearing and post larval rearing). It takes around 40 days for
entire process to complete.

The project was started in November 2015 and likely to be
completed by first quarter of FY17 (refers to the period April 1
to March 31). The total proposed cost of project is INR6.55 crore
which is proposed to be funded through bank term loan of INR4.72
crore and partners' capital of INR1.83 crore.

As on February 29, 2016, the firm has incurred expenses of
INR0.70 crore towards the land development and civil works and
the same is funded by the partners' capital.


MILLENIUM EXIM: ICRA Assigns 'B' Rating to INR3.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR5.54
crore fund based bank facilities of Millenium Exim Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR0.25 crore non-fund based bank facility of MEPL. ICRA
has assigned [ICRA]B and [ICRA]A4 ratings to an untied limit of
INR6.21 crore of MEPL as well.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Term Loan             2.54         [ICRA]B assigned

   Fund Based Limit
   Cash Credit           3.00         [ICRA]B assigned

   Non Fund Based
   Limit Bank
   Guarantee             0.25         [ICRA]A4 assigned

   Fund Based/Non-
   fund Based Limit
   Untied Limit          6.21         [ICRA]B/[ICRA]A4 assigned

The assigned ratings take into account the company's relatively
small scale of current operations, although healthy scaling up of
operations is witnessed in the current fiscal. ICRA notes the
high competitive intensity of the business, given the established
presence of large organized players and that of unorganized
players in the non-branded segment. The ratings consider the
vulnerability of the company's profitability to raw material
price fluctuations in view of the limited room for increasing the
selling price (Maximum Retail Price), given the price elasticity
of demand. Furthermore, the ongoing capital expenditure program
(capex) of the company to enhance its production capacity exposes
MEPL to project execution risks, primarily time and cost
overruns, given the early stages of development of the project.
Moreover, MEPL would be undertaking part debt funded capex for
setting up an additional facility, which along with the existing
term loan may exert pressure on cash flows and keep its liquidity
position stretched.

The ratings, however, derive comfort from the locational
advantage the unit enjoys for sourcing raw materials and
dispatching its finished goods. ICRA notes the favorable demand
prospects for instant noodles, driven by the change in the socio-
demographics of the country. ICRA further notes that the ongoing
capital expenditure program is likely to enhance the company's
production levels, which in turn will augment revenue and
profitability, following the commissioning of the project.

Incorporated in August 2007 as a private limited company,
Millenium Exim Private Limited (MEPL) was promoted by Mr.
Mananchand Agrawal, Mr. Rakesh Garg, and Mrs. Sumitra Garg. The
company is engaged in manufacturing instant noodles with an
installed capacity of 4,800 metric tons per annum. The noodles
are sold under the brand name, 'My Noodles'. MEPL commenced its
commercial production in February 2014. The company is also in
the process of doubling its manufacturing capacity by setting up
an additional unit, which is scheduled to commence operations by
Q3 2016-17.

Recent Results
MEPL reported a net loss of INR0.58 crore on an operating income
of INR7.76 crore during 2014-15, as against a net loss of INR0.83
crore on an operating income of INR1.22 crore during 2013-14.


NALLAPANENI RAMESH: CARE Reaffirms B+ Rating on INR20cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Nallapaneni Ramesh Kumar.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       20       CARE B+ Reaffirmed
   Short term Bank Facilities      20       CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Nallapaneni Ramesh
Kumar (NRK) continue to remain constrained by client
concentration risk, leveraged capital structure, weak debt
coverage indicators,
working capital-intensive nature of operations, susceptibility of
margins to fluctuation in raw material cost in the absence of
price escalation clause, limited financial flexibility owing to
proprietorship nature of constitution and presence in the highly
competitive and fragmented construction industry.

The ratings, however, derive strength from established track
record and experienced promoter, growth in the total operating
income albeit decline in the profit margins and improvement in
working capital cycle in FY15 (refers to the period April 01 to
March 31) and healthy order book position with moderate revenue
visibility.

The ability of the firm to improve its capital structure, debt
coverage indicators, profitability margins and manage working
capital requirements efficiently are the key rating
sensitivities.

NRK was established in 1993 by Mr N Ramesh Kumar as a
proprietorship concern for executing civil construction works.
NRK is registered as a Special Class I contractor and engaged in
execution of civil construction works like canal works and earth
works in the state of Andhra Pradesh under direct tender basis.

During FY15, NRK reported a PAT of INR0.75 crore on a total
operating income of INR56.43 crore as against net profit of
INR0.84 crore on a total operating income of INR41.50 crore in
FY14. Furthermore, as per the provisional financials for 10MFY16,
the firm has reported sales of INR55 crore during the period.


NAVBHARAT EXPLOSIVES: CARE Revises Rating on INR8.5cr Loan to B+
----------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Navbharat Explosives Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.50      CARE B+ Revised from
                                            CARE BB
   Short term Bank Facilities     7.50      CARE A4 Reaffirmed

Rating Rationale
The revision in the long term rating takes into account
deterioration in financial risk profile of the company in FY15
depicted through decline in total operating income and cash loss
in FY15. The ratings also factor in company's moderate scale of
operation with low capacity utilisation, presence in a hazardous
business segment with regulated nature of operations and working
capital intensive nature of operations with elongated operating
cycle. However, the ratings continue to draw strength from
experienced promoters with long and established track record of
the group, strategic location of the plant with proximity to end
users, high entry barriers in the explosives segment and steady
off-take arrangement with Coal India Ltd. Ability of the company
to improve revenue and profitability, increase capacity
utilization and manage working capital effectively will remain
the key rating sensitivities.

Incorporated in the year 1984, Navbharat Explosives Company
Limited (NECL) is a part of the Navbharat group of companies
based in Raipur, Chattisgarh. Controlled by the Singh family, the
group has interests in steel, mining, explosives and real estate
sector. NECL is a manufacturer of industrial explosives and
accessories, which encompass cartridge explosives, bulk
explosives, detonating fuse and cast booster. The company has
three manufacturing facilities, with a combined installed
capacity of 28,000 Metric Tonnes Per Annum (MTPA). Apart from
NECL, the Navbharat group
carries out the explosives business through another legal entity
i.e. Navbharat Fuse Company Limited (NFCL - rated CARE B+/CARE
A4).

NECL registered net loss of INR0.83 crore on total operating
income of INR15.18 crore in FY15 (refers to the period April 1
to March 31) as compared to PAT of INR0.88 crore on a total
operating income of INR20.68 crore in FY14. NECL has achieved a
net sale of INR24 crore, in the first ten months of this
financial year ending January 2016.


NAVBHARAT FUSE: CARE Cuts Rating on INR31.30cr LT Loan to B+
------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned
to the bank facilities of Navbharat Fuse Company Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     31.30      CARE B+ Revised from
                                            CARE BB


  Short term Bank Facilities     23.50      CARE A4 Reaffirmed

Rating Rationale
The revision in the long term rating takes into account
deterioration in financial risk profile of the company in FY15
depicted through decline in total operating income and cash loss
in FY15. The ratings also factor in company's low capacity
utilisation, regulated nature of business, significant exposure
in group companies and working capital intensive nature of
operations leading to higher utilisation of working capital
limits. However, the ratings continue to draw strength from
experience of the promoters with long and established track
record of the group, strategic plant location, diversified
revenue profile, steady off-take arrangement with Coal India
Ltd., indigenous source for raw materials and relatively high
entry barriers in the business. Ability of the company to improve
revenue and profitability, increase capacity utilization and
manage working capital effectively will remain the key rating
sensitivities.

Navbharat Fuse Company Ltd (NFCL) was incorporated in 1988 for
manufacturing of industrial explosives at Raipur, Chhattisgarh.
The company produces bulk and cartridge explosives with an
aggregate installed capacity of 50,000 tons per annum (TPA). The
company supplies explosives majorly to Coal India Ltd (CIL) and
its subsidiaries including South Eastern Coalfields Ltd, Northern
Coalfields Ltd, Eastern Coalfields Limited, etc. Apart from NFCL,
the Navbharat group carries out the explosives business through
another legal entity i.e. Navbharat Explosives Company Limited
(NECL - rated CARE B+/CARE A4). This apart, the company is also
engaged into manufacturing of sponge iron with a 60,000 TPA plant
at Jagdalpur, Chhattisgarh. The Navbharat group also has interest
in real estate activities which it carries out through its
group companies. Main promoters of the group the Singh family of
Raipur have over three decades of track record in the industrial
explosives segment.

NFCL registered net loss of INR2.84 crore on total operating
income of INR46.84 crore in FY15 (refers to the period April 1
to March 31) as compared to PAT of INR0.97 crore on a total
operating income of INR110.44 crore in FY14. NFCL has achieved a
net sale of INR50 crore in the first ten months of this financial
year ending January 2016.


NEMLAXMI BOOKS: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
-------------------------------------------------------------
The long term rating of [ICRA]B+ has been reaffirmed to the
INR10.00 crore (enhanced from INR7.00 crore) cash credit facility
and INR0.90 crore (reduced from INR2.14 crore) term loan facility
of Nemlaxmi Books (India) Private Limited. Further, the short
term rating of [ICRA]A4 has also been reaffirmed to the INR0.72
crore short term non fund-based facility of NBIPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit          10.00       [ICRA]B+ reaffirmed
   Term Loans            0.90       [ICRA]B+ reaffirmed
   Non fund based        0.72       [ICRA]A4 reaffirmed

The reaffirmation of ratings factors in Nemlaxmi Books (India)
Private Limited's (NBIPL) modest scale of operations with de-
growth in reported in FY15, moderate financial risk profile
characterized by average profitability margins, moderate return
and debt coverage indicators, leveraged capital structure and
high working capital intensity. The ratings continue to remain
constrained by the highly competitive and fragmented domestic
industry structure, vulnerability of profitability to raw
material price fluctuations given the high share of raw material
costs in the overall cost structure, and tight liquidity position
of the company as reflected by the high utilization of working
capital facilities. The profitability also remains exposed to
foreign exchange rate fluctuations in light of large portion of
exports and absence of formal hedging policy.

However, the ratings take comfort from the long experience of the
promoters as well as the long track record of the company within
the paper and paper based stationery products industry, the
established brand and product quality of the company, which
ensures stable order flow both from domestic and overseas markets
and the established and moderately diversified customer base of
the company.

Established in 1992, Nemlaxmi Books (India) Pvt. Ltd. (NBIPL) is
promoted by Mr. Vimal Sekhani for manufacturing and trading of
paper and paper-based stationery products. The registered office
and manufacturing facilities of NBPL are located in Surat. Till
FY15, the company had two manufacturing units located in Surat
with capacities of 10 Metric Tonnes Per Day (MTPD) and 35 MTPD.
However, during the current financial year, the company sold one
of the factory buildings and merged both the facilities.

Recent Results
For the year ended March 31, 2015, the company reported an
operating income of INR31.25 crore and profit after tax of
INR0.51 crore as against an operating income of INR41.25 crore
and profit after tax of INR0.32 crore for year ended March 31,
2014. As per provisional financials, the company reported an
operating income of INR24.56 crore and profit before tax of
INR0.83 crore during first nine months of FY16.


NIPRA PACKAGING: ICRA Suspends B- Rating on INR10.67cr Loan
-----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR10.67 Crore
fund based limits of Nipra Packaging Pvt. Ltd. ICRA has also
suspended [ICRA]A4 to the INR3.81 crore non fund based limits of
the company. The suspension follows ICRA's inability to carry out
a rating surveillance in the absence of the requisite information
from the company.


ORIGIN CORPORATION: CRISIL Cuts Rating on INR61.5MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the long term bank
facilities of Origin Corporation (OC) to 'CRISIL D' from 'CRISIL
BB+/Stable'.  The rating downgrade reflects consistent delays by
OC in servicing its debt.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           61.5      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

   Proposed Long Term     6.7      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Stable')

   Term Loan              6.8      CRISIL D (Downgraded from
                                   'CRISIL BB+/Stable')

The ratings also reflect OC's small scale of operations,
constrained profitability due to presence in intensely
competitive business segment, and moderate working capital
requirements. These rating weaknesses are partially offset by the
extensive industry experience of the promoters.

OC was set up in 2006 in Indore (Madhya Pradesh) by Mr. Tapash
Roy, Mrs. Ajanta Roy, and Mr. Animesh Roy. It was initially
involved in trading in polyester yarn. However, in 2008, the firm
started processing polyester yarn in the count range of 20s to
80s. Gradually, it also started manufacturing sewing threads.


PRAGATI INGOTS: CRISIL Reaffirms B Rating on INR62MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pragati
Ingots and Power Private Limited (PIPPL) continues to reflect
PIPPL's small scale of operations and exposure to risks related
to the competitive and fragmented nature of the secondary steel
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            62       CRISIL B/Stable (Reaffirmed)
   Term Loan              58       CRISIL B/Stable (Reaffirmed)

The rating also factors in the company's weak financial risk
profile, marked by weak debt protection metrics, and the
susceptibility of its operating margin to volatility in steel
prices. These rating weaknesses are partially offset by PIPPL's
diversified clientele and limited working capital requirements.
Outlook: Stable

CRISIL believes that PIPPL will benefit from the healthy
prospects for the secondary steel industry over the medium term.
The outlook may be revised to 'Positive' in case of a significant
increase in the company's revenue and profitability, along with
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if the company reports low capacity
utilisation leading to decline in its topline and weakening its
profitability, or undertakes a large debt-funded capital
expenditure programme.

Incorporated in 2009, PIPPL is promoted by Mr. Abhishek
Bhachhawat and Mr. Umesh Agarwal. The company manufactures mild
steel ingots, which find application in rolling mills, and are
used as raw materials to manufacture various steel products,
including thermo-mechanically treated bars and hot-rolled coils
and strips. PIPPL has a manufacturing plant in Raipur
(Chhattisgarh).


PRAKRUTEES INFRA: CRISIL Assigns 'B' Rating to INR92MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of Prakrutees Infra Impex India Private Limited
(PIIL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           92        CRISIL B/Stable
   Long Term Loan         6        CRISIL B/Stable

The rating reflects PIIL's initial stage and modest scale of
operations and the expected average financial risk profile. These
weaknesses are mitigated by the promoters' extensive experience
in the petrochemical products trading industry.
Outlook: Stable

CRISIL believes PIIL will benefit over the medium term from its
promoters' experience. The outlook may be revised to 'Positive'
if significant increase in scale of operations and operating
profitability enhances cash accrual and financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens because of significant increase in working
capital requirement or constrained profitability.

Incorporated in 2015, Karwar (Karnataka)-based PIIL is involved
in import and sales of bitumen. The company started operations in
October 2015 and is being managed by promoters, Mr. M R Shetty,
Mr. Madhu Shetty, Mr. Dinesh Hegde and Mr. A P Bhat.


PRAKRUTI LIFE: CRISIL Assigns B- Rating to INR70MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Prakruti Life Science Private Limited
(PLSPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         70        CRISIL B-/Stable
   Overdraft Facility     10.3      CRISIL A4

The rating reflects the company's nascent stage and modest scale
of operations in the pharmaceutical products manufacturing
industry. These weaknesses are partially offset by the extensive
experience of the promoters in the industry.
Outlook: Stable

CRISIL believes that PLSPL will continue to benefit over the
medium term from the extensive industry experience of the
promoters. The outlook may be revised to 'Positive' if the
company significantly scales up its operations and operating
profitability, resulting in improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PLSPL records a decline in its accrual, or if higher-than-
expected working capital requirements weaken its financial risk
profile.

Set up in 2012, Udupi (Karnataka)-based PLSPL is a part of the
Prakruti group. The company, which started operations in April
2015, manufactures pharmaceutical drugs on contract. The
operations are managed by the promoter, Mr. M R Shetty.


PRAVIN BUILDTECH: CARE Ups Rating on INR7.33cr LT Loan to B
-----------------------------------------------------------
CARE revokes suspension and revises the rating assigned to the
bank facilities of Pravin Buildtech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     7.33       CARE B Suspension
                                            revoked and rating
                                            revised from CARE D

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Pravin Buildtech Private Limited
(PBPL) was primarily on account of satisfactory track record of
debt servicing. The rating, however, continues to remain
constrained on account of its short track record of operations
with its presence in a highly competitive industry which is
further exposed to the risks and cyclicality inherent to the
real estate industry, modest scale of operation, thin
profitability, leveraged capital structure and moderate debt
coverage indicators.

The rating, however, continues to derive comfort from the
experienced promoters, its presence at a strategic location at
Morbi (Gujarat) giving it easy access to fly ash and positive
demand outlook for Autoclaved Aerated Concrete (AAC) blocks on
account of increasing acceptance of the product in the Indian
market.

PBPL's ability to increase its scale of operations, improvement
its profitability and capital structure in light of stiff
competition and efficient working capital management are the key
rating sensitivities.

Morbi-based (Gujarat) PBPL was established in 2012 as a private
limited company by three promoters led by Mr Bhavesh Bhalodia and
Mr Mitul Panara. PBPL is engaged in the business of manufacturing
of AAC blocks and its manufacturing facilities located at Morbi
with an installed capacity to produce 90,000 sq. cubic meters per
annum as on March 31, 2015.

As per the audited results for FY15 (refers to the period April 1
to March 31), PBPL reported net profit of INR0.03 crore on a
total operating income (TOI) of INR12.33 crore as against net
profit of INR0.19 crore on a total operating income of INR11.63
crore. As per the provisional results for 11MFY16, PBPL
registered a turnover of INR13.48 crore.


RAJ ENGINEERS: Weak financial strength Cues ICRA SP3D Grading
-------------------------------------------------------------
ICRA has assigned SP 3D grading to Raj Engineers (RE). The
grading indicates Moderate performance capability and Weak
financial strength of the channel partner to undertake off-grid
solar projects. The grading is valid for a period of two years
from March 18, 2016 after which it will be kept under
surveillance.

Grading Drivers

Strengths
* Technically sound promoters with long experience in running
   business
* Positive feedback from customer and suppliers

Risk Factors
* Relatively small scale of operations
* Large number of unorganized players indicating high level of
   competition leading to low profitability margins
* Geographical concentration risk due to limited presence in
   Rajasthan only

Fact Sheet

Year of Establishment
1980
Office Address
116, Navjeevan Complex, Station Road, Jaipur, Rajasthan
Directors
Mr. Bhanwar Lal Soni

Established in 1989, Raj Engineers is a part of Raj Group of
Companies. The firm is engaged in manufacturing of a wide range
of products like submersible pumps, PVC pipes, Solar Water Heater
Systems, Solar Panels and LED lights etc.

The product profile of the firm is as follows:
* Solar Water Heater
* Solar Panels
* Solar Home Lighting Systems
* Solar Pumping Systems
* Solar Power Pack System
* Solar Charge Controller
* Solar Inverter

SI Related Business - Moderate Performance Capability

Promoter Track Record:
The firm has been started by Mr. Bhanwar Lal Soni in 1980. It is
now being handled by his son Mr. Rajesh Soni. The promoters have
more than three decades of experience in this field.

Technical competence and adequacy of manpower:
The firm is primarily engaged in manufacturing and trading of
renewable solar products like Solar water heaters, Solar pumps,
Solar Home Lighting Systems, solar power pack systems and PVC
Pipes. The firm has installed approximately around 500 KW in the
Solar PV space. The technical competence is adequate as
represented by positive feedback from the customers and well
qualified management profile.

The firm presently has 13 employees including two promoters and 6
skilled employees. The employee base for the company is
moderately adequate for the size of operations for the company.
The company also employs contractual labor for executing orders
as and when required.


RAMDEV COTTON: CARE Reaffirms B+ Rating on INR9.50cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facility of
Ramdev Cotton Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      9.50      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramdev Cotton
Industries (RCI) continues to remain constrained on account of
thin profit margin coupled with weak debt coverage indicators and
weak liquidity position. The rating continues to remain
constrained on account of presence of RCI in the cotton ginning
business which is at the lower end of the entire textile value
chain that involves limited value addition and seasonality
associated with the procurement of raw material.

The rating, however, continues to draw strength from healthy
growth in the total operating income during FY15 (refers to
the period April 1 to March 31) coupled with moderately
comfortable capital structure, the wide experience of the
partners in the cotton industry and location advantage in terms
of proximity to the cotton seed growing regions in Gujarat.

The ability of RCI to increase its scale of operations and profit
margins in light of the competitive nature of the industry along
with improvement in capital structure through better working
capital management would remain the key rating sensitivities.

RCI was established in 2009 as a partnership firm at Jasdan in
Rajkot, Gujarat. The firm is established by six partners of the
Sakariya family with unequal profit and loss sharing agreement
between them. Mr Ramjibhai Sakariya is the managing partner who
looks after overall operations. However, from November 1, 2014,
two partners, namely, Mr Aswinbhai Chovatiya and Ms Nitaben
Sakariya were retired from partnership firm and other partners
infused the additional funds.

The partners are associated with cotton industry through their
other business entity namedWhite Gold Cotton Industries,
located at Gondal, Rajkot. All the partners are actively involved
in the management of RCI as functional heads. RCI is engaged in
business of cotton ginning & pressing to produce cotton bales and
cotton seeds. The product is mainly used in manufacturing of
cotton yarn in the textile industry. It has an installed capacity
to produce 6,048 MTPA (Metric Tonnes per Annum) for cotton bales
and 10,500 MTPA for cotton seeds. The finished product is sold
through intermediaries like brokers, agents and distributors in
the domestic market. The sales are largely to Gujarat, Karnataka
and Tamil Nadu while raw cotton (Shankar - 6), which is the major
raw material, is procured from local vendors & farmers in
Gujarat.

During FY15, RCI reported TOI of INR64.05 crore and PAT of
INR0.02 crore as against TOI of INR53.40 crore and PAT of INR0.02
crore during FY14. During 7MFY16 (Provisional), RCI has achieved
TOI of INR36.12 crore.


RANA MILK: ICRA Suspends B+ Rating on INR19cr Bank Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR19.0
crore bank lines of Rana Milk Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.

Incorporated in 2004-05, Rana Milk Foods Private Limited (RMFPL)
is engaged in the manufacture and marketing of milk products. It
is promoted by Prem Singh Rana, who has been in working in dairy
industry for more than two decades. The company's milk processing
plant is located in Khanna in Punjab and has processing capacity
of 5 lac litre per day (LLPD).


REACH CARGO: CRISIL Suspends 'D' Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Reach Cargo Movers Private Limited (Reach).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            250      CRISIL D
   Letter of credit &
   Bank Guarantee          10      CRISIL D
   Proposed Long Term
   Bank Loan Facility      24      CRISIL D
   Term Loan               26      CRISIL D

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

Reach, set up in 2004 by Mr. Arup Deb, is a logistics company,
which transports goods such as automobile spare parts, steel
plates, transformers, excavators, and train engines.


SAFIR ENTERPRISES: CRISIL Reaffirms B Rating on INR35MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Safir Enterprises (SE)
continue to reflect SE's modest scale of operations,
susceptibility to volatility in raw material prices and foreign
exchange rates, and large working capital requirements.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            35       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       40       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable (Reaffirmed)

The ratings also factor in the firm's below-average financial
risk profile marked by high total outside liabilities to tangible
net worth ratio and weak interest coverage ratio. These rating
weaknesses are partially offset by the extensive experience of
SE's proprietor in the timber trading industry.
Outlook: Stable

CRISIL believes that SE will continue to benefit over the medium
term from its proprietor's industry experience. The outlook may
be revised to 'Positive' in case of significant improvement in
the firm's scale of operations and profitability, resulting in
substantial cash accruals, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in SE's financial risk profile,
particularly liquidity, most likely driven by low cash accruals
or large working capital requirements.

Established in 2009 as a proprietorship firm by Mr. A Mukadam, SE
imports and trades in timber.


SAVALIA COTTON: CARE Reaffirms B+ Rating on INR44.22cr Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of
Savalia Cotton Ginning & Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     44.22      CARE B+ Reaffirmed
   Short term Bank Facilities     3.50      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Savalia Cotton
Ginning and Pressing Private Limited (SCGPL) continues to remain
constrained on account of its presence in the highly fragmented
cotton ginning and trading business having limited value addition
resulting in inherently thin profitability coupled with high
working capital intensity and susceptibility of its margins to
volatile cotton prices and government policies. The ratings are
further constrained on account of SCGPL's leveraged capital
structure and weak debt protection metrics.

The ratings, however, take comfort from the vast experience of
the promoters in the cotton ginning business and its strategic
location in the cotton-producing region of Gujarat.

The ability of SCGPL to increase its total operating income (TOI)
while efficiently managing its working capital requirements along
with improvement in its profitability and capital structure are
the key rating sensitivities.

Incorporated in November 1999, Rajkot-based, SCGPL is promoted by
Mr Utpal Savalia and Mr Jitendra Bhalara and is engaged in cotton
ginning & pressing and trading of cotton & cotton seeds. As
on March 31, 2015, SCGPL had an installed capacity of 13,000
Metric Tonne Per Annum (MTPA) of cotton ginning at its processing
unit located at Shapar Industrial Area near Rajkot in Gujarat.
During FY15 (refers to the period April 01 to March 31), SCGPL
reported PAT of INR0.03 crore on a total operating income (TOI)
of INR264.73 crore as against a PAT of INR0.37 crore on a TOI of
Rs.243.70 crore during FY14. As per the provisional results for
10MFY16, SCGPL reported total gross sales of INR175 crore.


SCORODITE STAINLESS: CRISIL Assigns B+ Rating to INR230MM Loan
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Scorodite Stainless India Private Limited (SSPL)
and has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to bank
loan facilities. CRISIL had suspended its ratings on January 6,
2016, as SSPL had not provided the necessary information for a
rating review. The company has now shared the requisite
information, enabling CRISIL to assign ratings to its bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         20       CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit           230       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Letter of Credit       90       CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Term Loan              50       CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect SSPL's below-average financial risk profile
because of weak debt protection metrics and working capital-
intensive operations. These rating weaknesses are partially
offset by the extensive experience of promoters in the steel
industry, and its diversified customer and geographic profile.
Outlook: Stable

CRISIL believes SSPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if sustained improvement in
profitability leads to larger-than-expected cash accrual or
significantly better working capital management. Conversely, the
outlook may be revised to 'Negative' if weak operating
performance, or larger-than-expected, debt-funded capital
expenditure, or further stretch in the working capital cycle
leads to deterioration in the financial risk profile.

Incorporated in 2006, SSPL is promoted by the Rajasthan-based
Sanghvi brothers. The activities were earlier being carried out
under Sanghvi Metal Corporation, which was established in 1979.
SSPL manufactures, trades in, and exports stainless steel, and
duplex, super duplex, welded, and seamless carbon steel pipes,
tubes, and 'U' tubes.


SEAFOOD INNOVATIONS: CRISIL Ups Rating on INR50MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its long term rating of Seafood Innovations
(SI) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while
reaffirming the short term rating at 'CRISIL A4'.

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

   Packing Credit         25       CRISIL A4 (Reaffirmed)

   Term Loan              37       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects improvement in financial risk profile
of the firm marked by above-average gearing ratio and moderate
debt protection metrics due to infusion of capital and steady
cash accrual in 2014-15 (refers to financial year, April 1 to
March 31). SI's gearing was at 1.6 times as on March 31, 2015.
The ratings also reflect the promoters' extensive experience in
the seafood industry.

These rating strengths are partially offset by moderate scale of
and working capital-intensive operations and by exposure to risks
related to volatility in foreign exchange rates.
Outlook: Stable

CRISIL believes SI 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, most likely because of substantial growth in
revenue and profitability resulting in substantial accrual, or
due to significant infusion of capital by its partners.
Conversely, the outlook may be revised to 'Negative' if working
capital management weakens, or if a considerably low operating
margin leads to decline in cash accrual, or if it undertakes
debt-funded capital expenditure programme, resulting in weak
financial risk profile.

SI, a partnership firm established in 1994, in Kerala, processes
and exports frozen seafood including squid, cuttlefish, and
shrimp. The firm, has two partners: Mr. Joseph Zachariah and his
wife Ms. Sunila Joseph.


SHAKUNTALA GOLD: CRISIL Suspends D Rating on INR280MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Shakuntala Gold Ornaments Limited (Shakuntala; formerly known as
KBJ Gems and Jewellery Limited; part of the KBJ Group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            280      CRISIL D
   Proposed Long Term
   Bank Loan Facility      20      CRISIL D

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

For arriving at the ratings, CRISIL has consolidated the business
and financial profiles of Shakuntala, Aksha Gold Ornaments
Limited (Aksha; formerly known as KBJ Gold Ornaments Limited),
KBJ Jewel Industry India Pvt. Ltd.(KBJ Jewel; formerly known as
KBJ Jewellery Private Limited) and BLK exim Limited (BLK;
formerly known as KBJ exports Limited) together referred as 'KBJ
Group' on account of business synergies within the group due to
common manufacturing facilities, common set of customers,
financial fungibility within group companies

Shakuntala was incorporated in 2011 by Mr. Mohit Kamboj, a
Mumbai-based third generation entrepreneur; it manufactures fancy
jewellery. The company is part of Mumbai-based KBJ group engaged
in wholesale gold jewellery manufacturing such as necklaces
(primarily mangalsutras), bracelets, earrings, bangles and other
type of related allied products.

Shakuntala is part of Mumbai based KBJ group engaged in wholesale
gold jewellery manufacturing. Apart from Shakuntala, KBJ group
has other entities named Aksha Gold Ornaments Limited (Aksha;
formerly known as KBJ Gold Ornaments Limited), KBJ Jewel Industry
India Pvt. Ltd.(KBJ Jewel; formerly known as KBJ Jewellery
Private Limited) and BLK exim Limited (BLK; formerly known as KBJ
exports Limited) . All the entities are based at Mumbai with
common manufacturing facilities, common set of customers, common
promoters and management


SHRI LAXMINARAYAN: CARE Reaffirms B+ Rating on INR4.65cr Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Shri Laxminarayan Industrial Co-Operative Service Society
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.65      CARE B+ Reaffirmed
   Short-term Bank Facilities     4.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shri Laxminarayan
Industrial Co-operative Service Society Limited (SLCS) continue
to be constrained on account of risk associated with the receipt
of balance booking advance.

The ratings, however, derive strength from the experience of the
promoters in the real estate sector and established track record
of operations. The ratings further derive strength from low
project execution risk, favorable booking status and low reliance
on debt.

The ability of SLCS is to receive the balance customer advances
from booked units on time is the key rating sensitivity.

Incorporated in 2004, SLCS, promoted by Surat-based members of
the Patel family to develop the textile industrial estate at
Udhna (Surat), namely, "Shri Laxminarayan Industrial Park"
(SLIP). SLCS was established as co-operative society under
Gujarat Co-operative Society Act, 1961. The project comprises of
housing 2,655 industrial units and total saleable area of the
project is 67.86 lakh square feet. Bookings for all the units
have been received and almost entire construction work has been
accomplished till February 29, 2016.


SHRI LAXMINARAYAN: ICRA Assigns B- Rating to INR5.0cr Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- for the INR5.00
crore fund based limits and a short term rating of [ICRA]A4 for
INR2.00 crore unallocated fund based limits of Shri Laxminarayan
Chemical & Fertilizers Private Limited.


                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits/
   Cash Credit           5.00       [ICRA]B-/Assigned

   Fund Based Limits/
   Unallocated           2.00       [ICRA]A4/Assigned


The assigned ratings take into consideration the long-standing
experience of the promoter group in the fertilizer industry. The
ratings also draw comfort from the established presence of the
entity in Karnataka market, given that SLCF conducts business
with reputed players such as Rastriya Chemicals Limited (RCF),
India potash Limited (IPL), Deepak Fertilizers Limited (DFL),
IFFCO.
The ratings, however, are constrained by modest scale of
operations, which limits economies of scale. The ratings also
factor in the weak financial profile characterised by modest
return metrics, high gearing and coverage indicators and high
working capital intensity of operations. ICRA also notes the
vulnerability of business to agro climatic conditions given that
demand for fertilizers in India is linked to a large extent to
monsoon conditions.

Shri Laxminarayan Chemical and Fertilisers Private Limited
(SLCF), incorporated as a private limited company in 2005, is
engaged in manufacturing and trading Nitrogen-Phosphorus-
Potassium (NPK) complexes. The company's plant is located in
Hubli district of Karnataka and the company commenced commercial
production in 2006. SLCF has installed capacity of 100 tons/Day
for NPK.

Recent Results
SLCF recorded a net profit of INR0.55 Crore on an operating
income of INR18.08 Crore in FY2015 as against a net profit of
INR0.45 Crore on an operating income of INR12.79 Crore in FY2014.


SHRINIWAS GINNING: CRISIL Reaffirms B+ Rating on INR80MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shriniwas
Ginning Industries (SGI) continues to reflect its below-average
financial risk profile because of modest networth and high
gearing. The rating also factors in the modest scale of
operations in the highly fragmented cotton ginning industry and
susceptibility to volatility in cotton prices.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           12.6     CRISIL B+/Stable (Reaffirmed)

   Term Loan               7.4     CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the cotton industry and their
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SGI will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of higher-than-expected cash
accrual, driven by improved scale of operations and
profitability, or significant capital infusion, resulting in
improvement in the capital structure. Conversely, the outlook may
be revised to 'Negative' if a decline in revenue or
profitability, or a stretch in the working capital cycle, or
higher-than-expected capital withdrawal leads to deterioration in
the financial risk profile, particularly liquidity.

SGI was established in 2006 as a proprietorship concern by Mr.
Gopaldas Rathi. The firm gins and presses cotton. It processes
raw cotton (kapas) into cotton bales and cotton seeds.


SRI RATNA: CRISIL Suspends B+ Rating on INR70MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Ratna Lakshmi Spinning Mills Private Limited (SRS).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          8       CRISIL A4
   Cash Credit            70       CRISIL B+/Stable
   Letter of Credit       15       CRISIL A4
   Term Loan              24.7     CRISIL B+/Stable
   Warehouse Financing    37.6     CRISIL B+/Stable

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

SRS, incorporated in 1994, derives revenue from manufacture of
cotton yarn and sale of fabric. The company's manufacturing unit
is in Kunnathur (Tamil Nadu).


URJA INFRASTRUCTURE: CRISIL Reaffirms 'B' Rating on INR120MM Loan
-----------------------------------------------------------------
CRISIL 's ratings on the bank facilities of Urja Infrastructure
(UI; part of Urja Group) continues to reflect Urja Group's modest
scale of operations, tender-based nature of business, and
working-capital-intensive operations. These rating weaknesses are
partially offset by the benefits that the extensive experience of
Urja Group's promoters in the civil construction business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        60        CRISIL A4 (Reaffirmed)
   Cash Credit          120        CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of UT and Urja Infrastructure (UI). This
is because both these entities, together referred to as Urja
Group, share the same management team, are in a similar line of
business, and have significant operational and financial linkages
with each other. CRISIL has also treated the unsecured loans
extended to the group by its promoters as neither debt nor
equity, as these loans are expected to remain in the business
over the medium term till the currency of bank borrowings.
Outlook: Stable

CRISIL believes that Urja Group will continue to benefit over the
medium term from its promoters' extensive industry experience and
its strong revenue visibility. The outlook may be revised to
'Positive' in case the group significantly improves its working
capital management, leading to healthy improvement in its
liquidity, while it maintains its debt protection metrics.
Conversely, the outlook may be revised to 'Negative' in case Urja
Group's liquidity deteriorates because of further lengthening of
its working capital cycle or if the group undertakes a debt-
funded capital expenditure programme.

UI set up in 2006, and UT set up in 2009 as partnership firms by
the Mumbai (Maharashtra)-based Jadhav family and the Nagpur
(Maharashtra)-based Pagariya family. It undertakes civil
construction works, mainly related to irrigation projects in
Maharashtra. Both the firms are registered contractors with VIDC,
Government of Maharashtra. The group's day-to-day operations are
managed by Mr. Pramod Pagariya.


XPLORE INFRASTRUCTURE: CRISIL Suspends D Rating on INR130MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Xplore Infrastructure Private Limited (XIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            130      CRISIL D

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

XIPL was incorporated in 2007. The company is a part of the
Kolkata-based Ganges Jute group, promoted by Mr. Rohit Poddar of
the Poddar business family. XIPL has entered into a joint
development agreement with Xplore Tech Services Pvt Ltd (land
owner) to develop Xplore Tech Park, a commercial complex, likely
to be a LEED Gold rated 'Green Building'.


YAMUNA MACHINE: ICRA Reaffirms B+ Rating on INR6.5cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR6.50 crore fund-based limits and INR2.41 crore (earlier
INR3.60 crore) term loans of Yamuna Machine Works Ltd. ICRA has
also reaffirmed the short term rating of [ICRA]A4 to the INR3.00
crore fund based limits and INR1.50 crore non fund based limits
of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit Limit     6.50       [ICRA]B+; reaffirmed
   Term Loan Limits      2.41       [ICRA]B+; reaffirmed
   Export Packing
   Credit Limit          3.00       [ICRA]A4; reaffirmed
   Bank Guarantee
   Limit                 1.50       [ICRA]A4; reaffirmed

The ratings reaffirmation takes into consideration the weak
financial profile of Yamuna Machine Works Ltd. (YMWL),
characterized by decline in revenues, low profit levels,
leveraged capital structure and working capital intensive nature
of operations. The ratings also take into consideration the
susceptibility of revenues to the fluctuation in exchange rates
and to the competitive pressure prevailing in the market. The
ratings also factor in vulnerability of the operations to demand
risk arising from the dependence on the business cycles of
textile industry.

The assigned ratings, however favourably factor in the
significant experience of the partners in the textile processing
machineries manufacturing business and the diversified product
portfolio.

Yamuna Machine Works Limited was established in the year 1990 as
a private limited company and later changed its status to a
limited company in 2012. The company was promoted by Mr.
Madhubhai Mangukia and others. Since its inception, the company
has been carrying on the business of manufacturing and
installation of textile processing machineries. YMWL is an ISO
9001:2008 certified company. The company has its registered
office in Kandivili (Mumbai) and a manufacturing unit in G.I.D.C.
Vapi, (Gujarat)

Recent Results:
YMWL recorded a net profit of INR0.10 crore on an operating
income of INR50.56 crore for the year ending March 31, 2015. As
per the 8M unaudited results of FY16, the company reported a
profit before tax of INR0.72 crore on an operating income of
INR40.70 crore.


YUVARAJ CABLE: CARE Assigns B+ Rating to INR5.87cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Yuvaraj
Cable Networks.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.87       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Yuvaraj Cable
Networks (YCN) is constrained by small scale of operations,
elongated operating cycle due to high average inventory period
resulting in working capital intensive nature of operations,
leverage capital structure and weak debt coverage indicators, and
constitution of the entity as a partnership firm. However, the
rating is underpinned by the experience of the partners for more
than a decade in cable network business, growth in total
operating income along with increasing PBILDT margin during the
period (FY13-FY15) [FY refers to period April 01 to March 31],
long track record resulting in strong and established customer
base albeit supplier concentration risk and stable demand outlook
for digital television services.

The ability of the firm to continue to increase its scale of
operations along with improvement in profitability margins and
debt coverage indicators and manage working capital requirements
efficiently are the key rating sensitivities.

Yuvaraj Cable Networks (YCN) was established in the year 1999 and
promoted by Mr D Ramachandra Rao, his family members and friends.
The firm is engaged in the business of providing television
services through installation of set top boxes (local cable
network) in and around Kovvur, Andhra Pradesh. The firm provides
television services to six circles (covering 80 villages) in A.P.
namely Kovvur, Chagallu, Tallapudi, Gopalapuram, Polarvarm and
Devarapalli.

During FY15 (refers to the period April 1 to March 31), YCN
reported a PAT of INR0.05 crore on a total operating income of
INR3.12 crore as against PAT of INR0.04 crore on a total
operating income of INR0.93 crore in FY14. Furthermore, as per
provisional financials for 11MFY16, the firm has reported sales
of around INR7 crore during the period.



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


PROFESIONAL TELEKOMUNIKASI: Moody's Affirms CFR at 'Ba1'
--------------------------------------------------------
Moody's Investors Service affirmed the Corporate Family Rating
for Profesional Telekomunikasi Indonesia (Protelindo) at Ba1. The
rating outlook is stable.

RATINGS RATIONALE

The rating affirmation follows Protelindo's announced acquisition
of 2,500 towers from XL Axiata (Ba1 stable) for a total
consideration of IDR3.57 trillion (US$268 million). The
transaction entails an upfront IDR cash payment, with no
deferment.

"Protelindo has significantly improved its business scale and
credit profile over the last two years, leading to resilient
financial metrics, such that its credit profile can easily
accommodate this acquisition. Pro-forma for the acquisition we
expect Protelindo's leverage to remain within our expectations
for the rating at 3.0x-3.2x," says Nidhi Dhruv, a Moody's
Assistant Vice President.

"The acquisition will also significantly improve Protelindo's
scale and business profile, making it the largest independent
tower company in Indonesia by some margin - with about 15,000
towers and about 24,000 tenants," adds Dhruv, also Moody's Lead
Analyst for Protelindo.

By comparison, the second largest independent tower company,
Tower Bersama Infrastructure (TBI, Ba3 stable) had 11,291 towers
leased to 18,642 tenants as of September 2015.

XL will lease back 2,432 of the towers at a monthly lease rate of
IDR10 million. Some IDR2 million of this monthly lease is subject
to an annual inflation escalator at the lower of Indonesia's
official rate of inflation or 7%.

"The transaction, when consummated will also improve Protelindo's
tenancy mix, as these 2,432 towers will have XL as the anchor
tenant. We expect Protelindo's revenues from the Big 3 mobile
operators (Telekomunikasi Selular (Baa1 stable), Indosat (Ba1
stable) and XL) to improve to about 51% pro forma for the
acquisition from 47% as of September 2015," adds Dhruv.

The acquired towers have a tenancy ratio of about 1.5x, with the
majority of the collocation contracts with the smaller wireless
operators in Indonesia.

"We expect Protelindo to fund the acquisition largely through IDR
bank debt. However, given the company's strong financial profile,
and the EBITDA accretive nature of the business, this additional
debt will not materially weaken the company's leverage and
coverage metrics," adds Dhruv.

"Protelindo continues to have an excellent liquidity profile,
with well staggered debt maturities which we do not expect to
change as a result of this acquisition. The company also has
demonstrated strong access to bank funding."

The transaction is subject to certain conditions precedent
including joint audit of the towers under consideration. The
transaction is expected to complete by 30 June 2016.

The outlook on Protelindo's rating is stable on the expectation
that it will grow and deleverage in accordance with its business
model and that the regulatory environment remains relatively
benign.

An upgrade is unlikely over the next 18-24 months in light of
Protelindo's acquisition appetite and likelihood of initiating
dividend payments. However, upward pressure may build if
Protelindo's financial profile improves significantly and the
company establishes a track record of contract renewals. Specific
indicators for an upgrade include adjusted debt/EBITDA declining
to below 2.5x on a consistent basis and interest coverage, as
measured by adjusted (FFO + interest)/interest, rising above
4.5x-5.0x.

"We would consider downgrading the rating if adjusted debt/EBITDA
increases and remains above 3.5x-4.0x and (FFO +
interest)/interest falls below 3.5x-4.0x. Acquisitions
substantially beyond our expectations in terms of size or price
paid, lower rental rates due to increased competition, or a
material deterioration in the financials of one of its major
tenants such as H3I would likely cause these metrics to weaken."

Founded in 2003, Protelindo is one of two leading independent
tower companies in Indonesia with 12,211 telecommunication sites
serving 20,965 tenants as of 30 September 2015. It essentially
leases space on its communications towers to cellular
telecommunications operators on long-term contracts.

Protelindo is wholly owned by Sarana Menara Nusantara (SMN,
unrated), which is listed on the Indonesian Stock Exchange.
Currently, 32.7% of SMN is owned by the Hartono family, and
Protelindo's management, sponsors and advisors hold a significant
stake in the company.



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


SHARP CORP: Foxconn Agrees to Buy Firm for JPY389 Billion
---------------------------------------------------------
The Japan Times reports that Hon Hai Precision Industry Co.
agreed on March 30 to buy control of financially struggling Sharp
Corp. for JPY389 billion ($3.5 billion) in the first takeover of
a major Japanese electronics producer by a foreign company.

According to the report, the agreement by Hon Hai, also known as
Foxconn, followed weeks of uncertainty over what Sharp had said
was a deal at a higher price.

The Japan Times reports that Hon Hai, which assembles Apple's
iPhones, said it would buy 66% of Osaka-based Sharp.

On the same day, Sharp also decided to accept the reduced
takeover offer made by Hon Hai, after a monthlong review of the
financial standing of the troubled electronics maker, the report
says.

According to the report, the price of JPY389 billion was a
reduction of JPY100 billion, or about 20%, from the JPY489
billion Sharp said on Feb. 25 that Hon Hai had agreed to pay. The
Taiwanese company said at the time it wasn't ready to sign a
deal.

The Japan Times says the companies gave no reason for the change,
but news reports suggested Hon Hai was concerned about taking on
additional liabilities it learned about late in the negotiations.

"We are glad both sides could reach such a decision to forge an
alliance to boost innovation," Tai Jeng-wu, a member of the
Taiwanese firm's board of directors, said during a brief
appearance before reporters at the Taipei stock exchange, the
report relays.

Asked what its strategy would be to help Sharp recover from
losses, Mr. Tai said Hon Hai's plans called for the company to
"upgrade its technology" but gave no details, The Japan Times
relays.

Hon Hai said a final contract is to be signed on April 2, the
report discloses.  Sharp President Kozo Takahashi and Hon Hai
Chairman Terry Gou will hold a news conference on April 2 in
Sakai, Osaka Prefecture, the report says.

"We have much that we want to achieve and I am confident that we
will unlock Sharp's true potential and together reach great
heights," the report quotes Mr. Gou as saying in a joint press
release.

Takahashi also expressed hope that the two companies' strategic
alliance will accelerate innovation, The Japan Times reports.

According to The Japan Times, the rescue deal will enable Hon Hai
to make use of Sharp's advanced liquid-crystal display technology
and expand its business. Sharp aims to mass-produce next-
generation organic light-emitting diode displays, which analysts
say could be used in future iPhone models. Sharp board members
approved making changes to the rescue plan on March 30.

Losses at its liquid-crystal display business have raised the
need for Sharp to improve its finances, The Japan Times
discloses.

On March 30, Sharp cut its earnings outlook for the current
business year ending March 31, projecting an operating loss of
JPY170 billion on sales of JPY2.45 trillion. It previously
forecast an operating profit of JPY10 billion on JPY2.7 trillion
in sales.

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

The TCR-AP reported on Nov. 6, 2015, that Standard & Poor's
Ratings Services said that it has lowered its long-term corporate
credit and debt ratings on Japan-based electronics company Sharp
Corp. to 'CCC+' from 'B-' and its short-term corporate credit and
commercial paper program ratings on the company to 'C' from 'B'.
S&P has also lowered its long-term corporate credit rating on
overseas subsidiary Sharp International Finance (U.K.) PLC to
'CCC+' and the rating on its commercial paper program to 'C'.
The outlook on the long-term corporate credit ratings on both
companies is negative.


TOSHIBA CORP: Agrees to Sell White Goods Unit to Midea
------------------------------------------------------
The Japan Times reports that Toshiba Corp. said March 30 it has
agreed to sell an 80.1% stake in its home appliance unit to
China's Midea Group Co. for about JPY53.7 billion ($473 million)
as the industrial conglomerate proceeds with restructuring
following a massive accounting scandal.

The Japan Times relates that under the agreement, Toshiba will
keep the remaining 19.9% stake in the Toshiba Lifestyle Products
& Services Corp. unit and Midea will be licensed to use the
Toshiba brand worldwide for 40 years.

According to The Japan Times, Toshiba is expected to book a pre-
tax profit of around JPY90 billion in the April-June quarter of
fiscal 2016 following the planned sale.

Launched in 1968, consumer appliances maker Midea is has coveted
Toshiba's sales networks in other Asian countries.

Improper accounting practices that came to light last year have
prompted Toshiba to make downward revisions totaling around
JPY230 billion to its pre-tax earnings over nearly seven years
and revamp its money-losing businesses in a bid to improve its
books, The Japan Times discloses.

Earlier in March, Toshiba announced its decision to sell Toshiba
Medical Systems Corp., a medical equipment maker, to imaging
company Canon Inc., adds The Japan Times.

                             About Toshiba

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 March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2.  The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.  This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.

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
====================


MAINZEAL GROUP: Liquidators Reject Claims Totalling NZ$16.7MM
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that the liquidators of the
Mainzeal group of companies that started collapsing on Waitangi
Day in 2013 have rejected NZ$16.7 million of claims, or about 11
percent of what's sought by out-of-pocket creditors.

BusinessDesk relates that BDO's Andrew Bethell, who was appointed
liquidator of the Mainzeal group, said his team has reviewed
1,223 of the more than 1,400 claims from creditors owed $153
million, rejecting about a tenth of them, according to the latest
report on the administration.  According to the report,
Mr. Bethell is looking to realise any remaining receivables, and
is pursuing legal action against Mainzeal's former directors,
which will determine what, if anything, is paid out to creditors.

BusinessDesk says the liquidator filed papers in the High Court
against Mainzeal's former directors, including ex-Prime Minister
Jenny Shipley, principal Richard Yan, one-time Brierley
Investments head Paul Collins, Mainzeal chief Peter Gomm, and
Clive Tilby, claiming they breached their duties in relation to a
series of restructuring two years before Mainzeal's collapse,
reckless trading, and claims against other parties.

"The liquidators have secured third-party funding enabling them
to conduct the litigation," Mr. Bethell said in his report. "The
matter is before the court and may take a significant amount of
time to reach its conclusion."

All of Mainzeal's preferential creditors, including staff and
Inland Revenue, have been paid, and the liquidators expect to
complete their review of unsecured claims by their next report in
six months, BusinessDesk notes.

According to BusinessDesk, the Mainzeal liquidators have had to
contend with court action from the construction group's
principal, Richard Yan, who opposed the inclusion of Richina
Global Real Estate (RGRE) and Isola Vineyards to the
administration.

Last year, the Court of Appeal upheld Yan's bid to set aside the
liquidation of RGRE and exclude Isola Vineyards, saying it was
premature to do so before disputed debts were determined,
BusinessDesk recalls. Prior to the hearing, the liquidators had
complained about the veracity of information they had received
relating to RGRE.

BusinessDesk notes that the liquidators had previously said they
were investigating RGRE's transactions with related parties in
New Zealand and internationally, including the restructures of
related party debts that occurred around July and December 2012,
saying the commercial rationale wasn't evident.

The December 2012 restructure saw the NZ$15.2 million debt owed
to Mainzeal Property & Construction transferred to MGL Trading in
exchange for shares, says BusinessDesk.

Related companies Mainzeal Property & Construction and Mainzeal
Living were tipped into receivership on Feb. 6, 2013, and 200 Vic
joined them on Feb. 13. Liquidators were appointed to the
Mainzeal group later that month on Feb. 28.

BusinessDesk notes that the receivership of Mainzeal Property &
Construction left a surplus of NZ$1.1 million for the liquidators
of the wider group, who represent unsecured creditors. The
receivers were appointed by BNZ, which was owed NZ$11.3 million,
the bulk of which was over the Mainzeal headquarters building on
Auckland's Victoria St.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership
and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.


STONEWOOD HOMES: Two Franchises Goes Into Liquidation
-----------------------------------------------------
Chloe Winter at Stuff.co.nz reports that two Stonewood Homes
franchises have gone into liquidation, just one week after the
Chow brothers severed ties with the building firm's founder.

Stonewood Blenheim Region and Stonewood Homes New Plymouth, run
by Brent Mettrick, went into liquidation on March 30, relates
Stuff.co.nz.

Bryan Williams, of BWA Insolvency, has been appointed liquidator.
His first report is due today, April 1, Stuff.co.nz discloses.

It is unclear how many homes are unfinished and who will take
responsibility for completing the builds, according to the
report.

Last week, the building company's new owner, Inno Capital,
announced it terminated franchise arrangements involving Mettrick
and would pursue "a considerable sum" in outstanding franchise
fees, Stuff.co.nz recalls.

New Zealand's third-largest home builder, Stonewood Homes New
Zealand Ltd -- the master franchisor of the Stonewood Group --
and sister companies Stonewood Homes and Sterling Homes
(Christchurch), went into receivership on February 22, owing
unsecured creditors NZ$15 million.

Inno Capital, a company owned by millionaire property and sex
industry magnates Michael and John Chow, and finance specialist
Clint Webber, bought the business assets for an undisclosed sum
on March 9, according to Stuff.co.nz.

Stuff.co.nz relates Mr. Webber said on March 23 they had
cancelled the franchise arrangements with the West Coast,
New Plymouth and Blenheim franchisees.

Stuff.co.nz says the decision effectively cuts Mettrick, who
founded the company with wife Sue in 1987, out of Stonewood.

He is the director of the three entities, having stepped in to
take over from failing franchisees. The news was relayed to him
via email.

"Unfortunately those three franchises, in my opinion, weren't
financially sound," the report quotes Mr. Webber as saying.
"We've now had total oversight of Stonewood's operations and been
able to review the company's financial position. With regards to
former owner Brent Mettrick, let's just say we do not want to
have a relationship with [him]."

Mettrick has been contacted for comment. He said he would reply
through his solicitor, but is yet to do so, the report notes.

Mr. Williams said he would not be commenting on the liquidation,
adds Stuff.co.nz.


                             *********

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 ***