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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

            Thursday, May 26, 2016, Vol. 19, No. 103


                            Headlines


A U S T R A L I A

BLUESTREAM AUSTRALIA: First Creditors' Meeting Set For June 2
EXPRESS DIRECT: First Creditors' Meeting Set For June 2
PO BOX: In Liquidation; Creditors' Meeting Set For June 3
TARAMA (WA): First Creditors' Meeting Slated For June 2
TONEBLOCK PTY: First Creditors' Meeting Set For June 2


C H I N A

AGILE PROPERTY: Moody's Confirms Ba3 CFR; Outlook Negative
SUNAC CHINA: Moody's Retains B1 CFR on Proposed Acquisitions


I N D I A

AA FOOD: CARE Assigns B+ Rating to INR2.49cr LT Loan
ABHAYANJANEYA HEALTH: ICRA Reaffirms B Rating on INR35cr Loan
ANEESH AHMAD: ICRA Upgrades Rating on INR3.0cr Cash Loan to C+
AXIS BANK: Moody's Rates USD-Denominated Sr. Unsec. Notes 'Baa3'
BASSAIYA STEEL: CARE Assigns 'B' Rating to INR5.75cr LT Loan

CRITICAL ACCESS: CARE Assigns 'B' Rating to INR8.50cr LT Loan
DERBY CLOTHING: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR404.08cr Loan
EMBOSS EDUCATION: CRISIL Assigns 'B' Rating to INR85MM Term Loan
EMPKEE ENGINEERS: ICRA Suspends 'B' Rating on INR10.62cr Loan

G.S. MAJESTIC: CRISIL Suspends 'B' Rating on INR300MM Loan
GOMATHI STEELS: CRISIL Reaffirms B+ Rating on INR140MM Loan
GOURANGA COLD: CRISIL Reaffirms B- Rating on INR98.5MM Cash Loan
GUPTA MARRIAGE: ICRA Assigns 'B' Rating to INR13.50cr Loan
HARISH CHANDRA: ICRA Withdraws B+ Rating on INR24.49cr Loan

INNOVARE LABS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
JAY SHIV: CARE Assigns B+ Rating to INR1.39cr LT Loan
JNV VIRA: ICRA Suspends D Rating on INR11cr Bank Loan
KARNATAKA NUTRACEUTICALS: CRISIL Rates INR20MM Cash Loan at B
KRG ASSOCIATES: CARE Assigns 'B' Rating to INR12cr LT Loan

KRISHNA PAPER: CRISIL Lowers Rating on INR64.2MM Loan to B+
L. K. AND SONS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
LITECON INDUSTRIES: ICRA Suspends B+ Rating on INR14.42cr Loan
M J K MERCANTILES: CRISIL Cuts Rating on INR41.1MM Loan to B+
MAHATMA GANDHI: ICRA Assigns C+ Rating to INR20cr LT Loan

NATVAR COTEX: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
PARTHASARATHY CNC: ICRA Suspends B- Rating on INR17.5cr Loan
POWERWIND LIMITED: CRISIL Suspends B- Rating on INR580MM Loan
R. K. COTGIN: ICRA Suspends 'B' Rating on INR11.5cr Bank Loan
R.K. RICE: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan

RATAN ENGINEERING: CARE Assigns B+ Rating to INR12.75cr LT Loan
ROSHAN REAL: ICRA Reaffirms B+ Rating on INR5.72cr Loan
RSG DEVELOPERS: ICRA Revises Rating on INR5.5cr Loan to 'B'
SAGAR FOODS: ICRA Reaffirms B/A4 Rating on INR1.38cr Loan
SARASH INTERNATIONAL: ICRA Suspends D Rating on INR3.6cr Loan

SAVITON METPLAST: ICRA Reaffirms B+ Rating on INR3.7cr Loan
SHEETAL COOL: ICRA Puts B+ Rating on INR7.75cr Loan
SHIKHAR HOUSING: ICRA Puts 'B' Rating on INR10cr Bank Loan
SHIKHAR INTEGRATED: CARE Assigns 'B' Rating to INR17cr LT Loan
SHREE MAHALAXMI: CRISIL Reaffirms 'B' Rating on INR130MM Loan

SMS LABS: CRISIL Assigns B- Rating to INR62.5MM Term Loan
SMT SONPATTI: CARE Assigns B+ Rating to INR5.50cr LT Loan
SOMA NUTRITION: ICRA Assigns B+ Rating to INR8.0cr Term Loan
SPUNWEB NONWOVEN: ICRA Assigns B Rating to INR8.10cr Term Loan
SUNARK ALUMINIUM: ICRA Suspends C- Rating on INR4.26cr Loan

SWAMI YOGANAND: Ind-Ra Assigns 'IND D' Rating to INDR49.5MM Loan
TARA FINVEST: CRISIL Cuts Rating on INR124MM Cash Loan to B+
TRANSFORMEX FERROUS: CARE Assigns 'B' Rating to INR4.64cr Loan
VIDHATA EDUCATIONAL: CRISIL Assigns 'B' Rating to INR190MM Loan
VINAYAK INTERNATIONAL: CARE Assigns B+ Rating to INR1.5cr Loan


I N D O N E S I A

SRI REJEKI: Moody's Puts (P)B1 Rating to Prop. Sr. Unsec. Notes


J A P A N

MITSUBISHI: Books JPY19.1BB Charge Over Fuel Efficiency Scandal


M A L A Y S I A

1MALAYSIA DEVELOPMENT: Singapore Shuts Swiss Private Bank


P H I L I P P I N E S

LBC BANK: Former Directors, Officers Face Another Criminal Case


S O U T H  K O R E A

STX OFFSHORE: Creditors Mull Court Receivership


                            - - - - -


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


BLUESTREAM AUSTRALIA: First Creditors' Meeting Set For June 2
-------------------------------------------------------------
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Bluestream Australia Pty. Ltd on
May 24, 2016.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, on June 2, 2016, at
11:00 a.m.


EXPRESS DIRECT: First Creditors' Meeting Set For June 2
-------------------------------------------------------
Bruce Gleeson and Daniel Robert Soire of Jones Partners
Insolvency were appointed as administrators of Express Direct
Services Pty Limited on May 23, 2016.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on June 2, 2016, at 10:00 a.m.


PO BOX: In Liquidation; Creditors' Meeting Set For June 3
---------------------------------------------------------
Broede Carmody at SmartCompany reports that PO Box (Aust) Pty
Ltd, a menswear chain with 15 stores, has collapsed into
liquidation as the sector faces tough trading conditions,
including low margins and high rental costs.

PO Box (Aust) Pty Ltd, which formerly traded as menswear chain
Casual Guy, called in liquidators earlier this month,
SmartCompany says.

Hamish MacKinnon director of Bent & Cougle, has been appointed
liquidator, with a meeting of creditors scheduled for the June 3
in Melbourne, according to SmartCompany.

PO Box purchased discount menswear retailer Casual Guy when it
went into liquidation around four years ago, SmartCompany
discloses.  However, after initially closing down a number of
stores, PO Box increased the total number of Casual Guy outlets
to 15.

Until recently, it also operated a warehouse in Victoria and
employed around 60 people.

Founded in 1987, Casual Guy specialised in selling both formal
and causal menswear at a competitive price.

Liquidator Hamish MacKinnon told SmartCompany all Casual Guy
stores have now ceased trading.

"All stock has been removed and all 60 staff have been
terminated," SmartCompany quotes Mr. MacKinnon as saying.  "It
would appear that the low end market of menswear is a very
difficult market -- most likely due to low margins, staffing
costs and rentals on retail premises."


TARAMA (WA): First Creditors' Meeting Slated For June 2
-------------------------------------------------------
Dino Travaglini and Jeremy Joseph Nipps of Cor Cordis were
appointed as administrators of Tarama (WA) Pty Ltd, trading as
AGK Automotive Electrics, on May 24, 2016.

A first meeting of the creditors of the Company will be held at
Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in
Perth, on June 2, 2016, at 1:00 p.m.


TONEBLOCK PTY: First Creditors' Meeting Set For June 2
------------------------------------------------------
Andrejs Janis Strazdins and Maris Andris Rudaks of BRI Ferrier
were appointed as administrators of Toneblock Pty. Ltd., trading
as Five Star Print, on May 23, 2016.

A first meeting of the creditors of the Company will be held at
BRI Ferrier, Level 4, 12 Pirie Street, in Adelaide, on June 2,
2016, at 11:00 a.m.



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


AGILE PROPERTY: Moody's Confirms Ba3 CFR; Outlook Negative
----------------------------------------------------------
Moody's Investors Service has confirmed Agile Property Holdings
Limited's Ba3 corporate family rating and the B1 senior unsecured
ratings assigned to the bonds issued by Agile.

The ratings outlook is negative.

This concludes the ratings review initiated on Feb. 29, 2016.

                         RATINGS RATIONALE

"The rating confirmation considers the progress that Agile has
made on finalizing the arrangement for refinancing debt maturing
in 2016, and which will improve its liquidity position," says
Kaven Tsang, a Moody's Vice President and Senior Credit Officer.

The company issued public and private onshore bonds for a total
of RMB2.8 billion during January-April 2016.

Additionally, the company is in discussion with its banks and
targets to secure additional offshore bank loans in 1H 2016 to
address part of the repayment of the offshore debt of around
RMB13.8 billion maturing between 2Q 2016 and 1H 2017.

In this context, Moody's notes that Agile has a proven ability to
refinance debt to improve its liquidity position.

"The second key factor behind the confirmation is Moody's
estimation that Agile's credit metrics over the next 12--18
months will stay consistent with its Ba3 corporate family
rating," says Tsang.

Moody's expects the company's revenue/adjusted debt to stay at
84%-90% and EBIT/interest coverage to stay at 2.8x-3.0x.

This expectation is based upon the assumption that the company
will continue its prudent approach to financial management,
limiting rises in debt leverage.  In fact, debt leverage -- as
measured by revenue/adjusted debt -- improved to 91% at end-2015
from 77% at end-2014.

It is also based upon the further assumption that Agile will
achieve moderate growth in pre-sales of around 5% in 2016.
Furthermore, funding costs will fall and selling prices for its
properties will rise, partially offsetting the pressure on its
gross margin.

The average selling prices for the company's pre-sales rose to
RMB9,862 per square meter during January-April from RMB8,725 in
all of 2015.

Agile's exposure to the risk of RMB depreciation is also
manageable and, in Moody's assessment, the adequacy of its
financial buffer means it can withstand a 10% fall in the
currency.

On the other hand, Agile's destocking action reduced its gross
margin to 25.1% in 2015 from 32.4% in 2014, while EBIT/interest
coverage fell to 2.8x from 3.2x.  Furthermore, its level of
foreign currency debt is material, representing 48% of total
reported debt at end-2015.

Agile's Ba3 corporate family rating reflects its strong market
position in Guangdong Province, but is constrained by its
narrowing profit margin, weak debt maturity profile, and
geographic concentration in Guangdong.

Its B1 bond rating is notched down from its corporate family
rating due to subordination risk.  Secured and subsidiary
debt/total assets was 16% at end-2015.  Moody's expects this
ratio to stay at 15%-20% over the medium term.

Its reported cash position of around RMB13.1 billion at end-2015
and cash proceeds from strong pre-sales of around RMB16.9 billion
during January-April will provide a good liquidity buffer and a
good form of support towards operations and debt repayments.

The negative rating outlook reflects the consideration that
liquidity risk could rise because of substantial refinancing
requirements for 2016 and 1H 2017, and which the company targets
to manage down over the next 6 months.

Upgrade pressure in the near term is unlikely, given the negative
outlook.

However, the ratings outlook could return to stable, if Agile (1)
completes refinancing of all offshore debt due up to 1H 2017, and
achieves an adequate liquidity position, as evidenced by its
holdings of cash equivalents of 1.0x-1.5x of short-term debt; (2)
exhibits stable contracted sales growth according to its pre-
sales plan; and (3) maintains its disciplined approach to land
acquisitions.

On the other hand, Moody's could consider downgrading Agile's
ratings if its (1) financial and liquidity position weakens
materially due to (a) weaker-than-expected pre-sales or revenue;
or (b) the aggressive development of new projects; or (2)
refinancing risk escalates, especially for its offshore
borrowings.

Indicators of downgrade pressure include a fall in EBIT/interest
below 2.5x-3.0x and cash holdings below 1.0x of short-term debt
on a sustained basis.

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

Agile Property Holdings Limited is one of China's major property
developers, operating in the mid-to-high-end segment.  At
Dec. 31, 2015, the company had a land bank with a total gross
floor area of 34.87 million square meters in 41 cities and
districts in China. Southern China (mainly Guangdong Province) is
its largest market, accounting for around 34% of the company's
land bank and around 50% of its pre-sales in 2015.

The list of ratings affected by this rating action

Confirmations:

Issuer: Agile Property Holdings Limited
  Corporate Family Rating (Local Currency), Confirmed at Ba3
  US$700M 9.875% Senior Unsecured Regular Bond/Debenture (Foreign
   Currency) Mar 20, 2017, Confirmed at B1
  US$500M 9% Senior Unsecured Regular Bond/Debenture (Foreign
   Currency) May 21, 2020, Confirmed at B1
  Chn.Rnb.2000M 6.5% Senior Unsecured Regular Bond/Debenture
   (Foreign Currency) Feb 28, 2017, Confirmed at B1
  US$650M 8.875% Senior Unsecured Regular Bond/Debenture (Foreign
   Currency) Apr 28, 2017, Confirmed at B1
  US$500M 8.375% Senior Unsecured Regular Bond/Debenture (Foreign
   Currency) Feb 18, 2019, Confirmed at B1

Outlook Actions:

Issuer: Agile Property Holdings Limited
  Outlook, Changed To Negative From Rating Under Review


SUNAC CHINA: Moody's Retains B1 CFR on Proposed Acquisitions
------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings
Limited's B1 corporate family rating and B2 senior unsecured debt
ratings are not immediately affected by its proposed acquisitions
of various project companies for a total consideration of RMB4.4
billion.

The ratings outlook remains negative.

On May 19, 2016, Sunac announced that it had entered into a
framework agreement with Top Spring International Holdings
Limited (unrated), a Hong Kong-listed residential property
developer, to acquire seven property projects in various PRC
cities, including Sanhe City, Shanghai, Nanjing, Shenzhen,
Huizhou and Hangzhou.  The proposed acquisitions are still
subject to a number of conditions, including approval from both
companies' shareholders and board of directors.

"The proposed acquisitions are consistent with Sunac's strategy
of focused expansion in cities with strong property demand.  We
expect Sunac can fund the acquisitions with its cash on hand and
operating cash flows," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.

Moody's estimates Sunac has a sufficient liquidity buffer to
fully fund the proposed acquisitions, despite the relatively
sizable consideration of around 16% of the company's total cash
balance at end-2015.

Moody's estimate is based on the company's recent property
presales growth, which will partly support the funding required
for the acquisition.  Sunac achieved strong contracted property
sales of RMB31 billion in the first four months of 2016,
representing year-on-year growth of about 100.5% and
approximately 39% of its full-year target of RMB80 billion.

The newly acquired projects should also bring additional cash
inflow to the company in the next 6-12 months.

The proposed acquisition follows Sunac's other land acquisitions
of the past 12-18 months, which it partly funded with debt.  The
company spent an estimated consideration of RMB25 billion on land
acquisitions in Q1 2016 and 2015, with a total attributable GFA
of around 12.6 million square meters.

Sunac's adjusted revenue/debt weakened to around 70% in 2015 from
around 82% in 2014, driven in part by its active land purchases.
Moody's expects its debt leverage will remain weak at 65%-75%
over the next 12-18 months.

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

Listed on the Hong Kong Stock Exchange on Oct. 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer with projects in China's main
regions of Beijing, Tianjin, Shanghai, Chongqing and Hangzhou.
At end-2015, its gross land bank totaled 27.2 million square
meters and its attributable land bank totaled approximately 18.1
million square meters.



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I N D I A
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AA FOOD: CARE Assigns B+ Rating to INR2.49cr LT Loan
----------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to bank facilities of
AA Food Factory.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.49      CARE B+ Assigned
   Short term Bank Facilities     4.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of AA Food Factory
(AAFF) are constrained by the stabilisation and saleability
risk associated with the new green-field project and constitution
of the entity being a partnership firm. The ratings are further
constrained by the competitive nature of the industry and
seasonality of business operations. The ratings, however, derive
strength from the partner's long association with the beekeepers.
Going forward, the ability of the firm to stabilise its
operations and achieve the envisaged sales & profitability levels
will remain the key rating sensitivities.

AAFF was incorporated in January 2015. The firm has setup a plant
at Derabassi, Mohali (Punjab), to process and package raw honey
for export purpose. The project has been setup at a total cost of
INR3.2 crore which stands fully incurred. The project cost has
been met through a term loan of INR1.99 crore and the remaining
through partners' capital. Mr Pritpal Singh and Mr Abhishek
Mehanare the two partners of the firm sharing profit and loss in
the ratio 2:1, respectively. The operations of the firm are
expected to start by the end of May 2016.


ABHAYANJANEYA HEALTH: ICRA Reaffirms B Rating on INR35cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
INR35.00 crore term loan limits of Abhayanjaneya Health Care
Private Limited. The rating suspension carried out in September
2015 has been revoked.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             35.00       [ICRA]B reaffirmed;
                                     Suspension Revoked

The reaffirmation of rating is constrained by modest scale of
operations with operating losses in FY15 owing to high fixed
employee expenses; weak financial risk profile with gearing of
1.55 times as on March 31, 2015 due to reduced net worth levels
on account of net losses in the past 2 years; and revenue
concentration risk owing to single location presence.

The rating is also constrained by competition from major
hospitals in Nellore region; significant term loan repayments in
the medium term and DSCR in FY16 is less than 1.The rating
however positively factors in the well qualified and eminent
doctors in the promoter group; and modern facilities offered by
the hospital along with adequate demand for advanced health care
facilities in Nellore district. The rating also factor in
significant increase in operating income from INR28.49 crore in
FY15 to INR53.89 in FY16 on account of increase in occupancy
levels from 29% in FY15 to 65% in FY16 and high average inpatient
revenue per admission indicating complex and high end nature of
procedures performed at the hospital.

Going forward, improvement in bed occupancy levels and operating
profitability and ability of the company to generate sufficient
accruals for term loan repayments are key rating sensitivities
from credit perspective.

Abhayanjaneya Health Care Private Limited (AHCPL) was
incorporated in the year 2010 and operates a 210 bedded multi
specialty Hospital under the name "Simhapuri Hospital" in
Nellore, Andhra Pradesh. The hospital commenced its operations
from March 2014. The hospital is a multispecialty hospital
providing treatment in the fields of Cardiology, Nephrology,
Neurology, Orthopaedics, Pulmonolgy, Urology, gastroenterology,
etc. In April 2015, AHCPL empanelled to the Dr. N.T.R. Vaidya
Seva Scheme of the Government of Andhra Pradesh.

Recent Results
The hospital reported an operating income and net loss of
INR28.49 crore and INR11.84 crore in FY2015 as against an
operating income and net loss of INR0.75 crore and INR2.14 crore
respectively in FY2014. The hospital has reported an operating
income and cash profit of INR53.89 crore and INR2.37 crore
respectively in FY2016 (Provisional and Unaudited).


ANEESH AHMAD: ICRA Upgrades Rating on INR3.0cr Cash Loan to C+
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR3.00
crore1 cash credit facility of Aneesh Ahmad Khan from [ICRA]D to
[ICRA]C+. ICRA has also revised the short term rating from
[ICRA]D to [ICRA]A4 assigned to the INR3.00 crore short term non
fund based bank facility of the firm. ICRA has assigned the
ratings of [ICRA]C+ and/or [ICRA]A4 to the INR1.08 crore
unallocated limits of AAK.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long term Fund
   Based Limit
   Cash Credit           3.00         [ICRA]C+ Revised from
                                      [ICRA]D

   Short term Non
   Fund Based Limit
   Bank Guarantee        3.00         [ICRA]A4 Revised from
                                      [ICRA]D

   Unallocated Limit     1.08         [ICRA]C+ and [ICRA]A4
                                       Assigned

The revision in ratings takes into account the regularization of
debt servicing and subsequent liquidation of the term loan by AAK
during the last one year as confirmed by the bank and the
management. The ratings also continue to favorably factor in the
long experience of the promoters of AAK in the coal overburden
removal and transportation business and the high entry barriers
for new players in the industry as a result of stringent
technical criteria for the bidders, The ratings also draw comfort
from the relatively low counterparty risks involved in the
business due to the presence of prominent clients like WCL and
MPPGCL.

However, the ratings continue to be constrained by the weak
capital structure and debt protection indicators because of debt
funded capital expenditure. ICRA also takes note of the stretched
liquidity position as reflected by full utilization of bank
limits due to significant funds being locked up in the form of
security deposits. Further, ICRA notes that the firm's small
scale of operations with presence only in Madhya Pradesh could
limit the growth in operations. The rating concerns also emanate
from the presence of liquidated damage clause in most of the
contracts making it critical to achieve the monthly mining
quantities and the vulnerability of profitability to diesel price
variations. The ratings are further constrained by the fact that
AAK is a partnership concern and the quantum of withdrawals from
the capital account will remain a key sensitivity.

Aneesh Ahmad Khan (AAK) was established in the year 1994 and is
engaged in the business of overburden removal, coal excavation
and coal transportation contract works. The firm was established
by eight partners belonging to the same family. The firm's
operations are majorly concentrated in coal mining areas of
Madhya Pradesh, primarily in the district of Chhindwara.

Recent Results
For the financial year ending March 31, 2016, the company
reported a profit after tax of INR2.84 crore on an operating
income of INR47.71 crore (Provisional numbers).


AXIS BANK: Moody's Rates USD-Denominated Sr. Unsec. Notes 'Baa3'
----------------------------------------------------------------
Moody's Investors Service has assigned a Baa3 rating to Axis Bank
Ltd's (Axis, Baa3, Positive) proposed USD denominated senior
unsecured notes, issued under its US$5 billion Global Medium-Term
Note (GMTN) program.  The drawdown will be carried out from its
Dubai International Financial Centre (DIFC) branch, and Axis will
allocate the net proceeds from the sale of the notes for the
financing of Eligible Green Projects as described in, and in
accordance with, Axis' Green Bond Framework.  The bonds will have
a maturity of 5 years and will be listed on the Singapore Stock
Exchange and the London Stock Exchange.

The outlook on the rating, where applicable, is Positive.

The senior debt rating is subject to receipt of final
documentation, the terms and conditions of which are not expected
to change in any material way from the draft documents reviewed
by Moody's.

                         RATINGS RATIONALE

The Baa3 foreign currency senior unsecured MTN debt rating is
anchored on Axis' baa3 baseline credit assessment (BCA).

Axis' BCA of baa3 reflects our view of the bank's solid
commercial and retail banking franchise as the third-largest
private-sector bank in India.  Its asset quality is pressured by
the challenging macro-economic conditions and exposure to weak
corporates. However, Axis retains strong buffers to mitigate the
impact.  Its strong performance in core profitability and capital
has been better than the average of the Indian banking system.
This is in part due to its weighting towards the retail sector,
which underpins its strong funding profile and wider net interest
margin.

The principal methodology used in this rating was Banks published
in January 2016.

Axis Bank Ltd is headquartered in Mumbai.  As of March 31, 2016,
Axis reported standalone assets of INR5,255 billion
(approximately USD78.5 billion).

The full list of ratings for Axis Bank Ltd is:

  Long-term local currency deposit rating of Baa3; positive
   outlook
  Short-term local currency deposit rating of P-3
  Long-term foreign currency deposit rating of Baa3; positive
   outlook
  Short-term foreign currency deposit rating of P-3
  BCA and Adjusted BCA of baa3
  Counterparty Risk Assessment of Baa2(cr) / P-2(cr)

The full list of ratings for Axis Bank Limited, Dubai
International Financial Centre (DIFC) Branch is:

  Foreign currency senior unsecured rating of Baa3; positive
   outlook
  Foreign currency senior unsecured MTN program rating of (P)Baa3
  Foreign currency subordinated MTN program rating of (P)Ba1
  Foreign currency junior subordinated MTN program rating of
   (P)Ba2
  Foreign currency other short term rating of (P)P-3
  Counterparty Risk Assessment of Baa2(cr) / P-2(cr)


BASSAIYA STEEL: CARE Assigns 'B' Rating to INR5.75cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Bassaiya
Steel Corporation.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      5.75      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Bassaiya Steel
Corporation (BSC) is primarily constrained on account of its
modest scale of operations coupled with limited presence in the
iron and steel industry and its financial risk profile marked by
thin profitability, weak solvency and liquidity position. The
rating is also constrained due to its presence in a highly
fragmented and competitive trading of iron and steel based
products and its constitution as a proprietorship concern. These
weaknesses, however, offset to an extent from the experienced
management in the industry.

The ability of the firm to increase its scale of operations while
maintaining profitability along with improvement in capital
structure would be the key rating sensitivities.

Jaipur-based (Rajasthan) BSC was formed in 1997 by Mrs Sunita
Gupta, however, major operations of the firm is managed by her
husband, Mr Pradeep Gupta. BSC is primarily engaged in the
trading of iron & steel sheets and plates. The firm mainly caters
to the domestic market with sales concentrated predominantly in
Jaipur to various traders and end user manufacturing units. It
procures iron and steel sheets and plates mainly form dealers
located in Jaipur.

During FY15 (refers to the period April 1 to March 31), BSC
reported a total operating income of INR26.68 crore (FY14:
INR22.78 crore) with a PAT of INR0.04 crore (FY14: INR0.03
crore). As per provisional result of 11MFY16, BSC has achieved
TOI of around INR29.86 crore.


CRITICAL ACCESS: CARE Assigns 'B' Rating to INR8.50cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Critical
Access Health Services & Research Centre Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.50      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Critical Access
Health Services & Research Centre Private Limited (CAHSRL) is
constrained on account of its residual project execution risk
coupled with stringent regulatory framework along with slow
progress of the project. The rating is further constrained on
account of leveraged capital structure and high competition in
fragmented nature of the industry.

The rating, however, derives strength from the experienced
promoters, locational advantage and favourable industry outlook
for the Indian healthcare industry.

Timely complete the project without any significant cost and time
run along with ability of the hospital to profitably scale up its
operations while improving the capital structure remains to be
key rating sensitivities.

Incorporated on March 12, 2010, CAHSRL is promoted by Dr Sudeep
Sangwan and Dr Ms Krishna Sangwan. CAHSRL plans to setup a 100-
bed multi-specialty hospital at Panipat, Haryana, by December
2016 of which 50 beds are already operational since May 2015. The
hospital is a multispecialty hospital and trauma centre along
with value-added services mainly comprising 10-bed ICU, OPD, 2
Operating rooms/ Labour room, Imaging department with Spiral CT
scan, X-ray, ultrasound machine, theatre sterile supply unit,
Mammography, Laboratory services and so on. The hospital will
outsource laundry services to provide clean linen while
sterilisation of requisite linen is proposed to be carried out
in-house.

The project cost amounts to INR13.93 crore and is proposed to be
funded through term loan of INR8 crore, equity of INR5.93 crore.
The part facilities of hospital are operational since May 01,
2015 and balance is expected to be operational by December 2016.
CAHSRL has already incurred INR9.98 crore as December 31, 2015,
funded through term loan of Rs 6.15 crore and balance through
promoter's contribution.

Hospital has currently started various departments such as
internal medicine, critical care unit, Gynecology, general
surgery, nephrology, orthopaedic surgery, pharmacy and Diagnostic
services.


DERBY CLOTHING: CRISIL Reaffirms B- Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Derby Clothing Private
Limited (Derby) continues to reflect its below-average financial
risk profile, marked by weak debt protection metrics, its large
working capital requirements, and its modest scale of operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B-/Stable (Reaffirmed)
   Letter of Credit        5       CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the ready-made garments
industry.
Outlook: Stable

CRISIL believes that Derby will continue to benefit over the
medium term from its promoters' extensive experience. The outlook
may be revised to 'Positive' if the company's revenue and
profitability improve significantly leading to better than
expected cash accruals or its working capital management improves
thereby improving its financial risk profile particularly its
liquidity. Conversely, the outlook may be revised to 'Negative'
if Derby's scale of operations reduces or if its financial risk
profile deteriorates further, most likely because of increased
working capital borrowings, large debt-funded capital
expenditure, or lower-than-expected cash accruals.

DCPL was incorporated in Chennai in 1999. The company
manufactures and retails men's ready-made garments. It is
promoted by Mr. Vijay Kapoor.


EDUCOMP SOLUTIONS: CARE Reaffirms D Rating on INR404.08cr Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to receivables assignment facility
of Educomp Solutions Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Receivables Assignment
   Facility                      404.08     CARE D Reaffirmed

Rating Rationale

The rating assigned to the receivables assignment facility of
Educomp Solutions Limited (ESL) continues to factor in the
delays in interest servicing and repayment of the facility.

The receivables assignment facility is a transaction between
Educomp Solutions Limited (ESL, the assignor) and the
assignee (bank) wherein the receivables of ESL's Smart Class
product have been assigned. ESL was incorporated in 1994 as
Educomp Datamatics Pvt Ltd and the name of the company was
changed to the present one in August 2005. The company is engaged
in providing digital educational content in the classroom through
its patented product 'Smart Class' and 'Edureach' (ICT). Smart
Class is a first of its kind, teacher-led educational content-
based solution, which provides technology-based learning into the
classrooms. Edureach works closely with various state and central
government agencies to implement the large-scale public-private-
partnership projects. The company is also engaged in providing
other services like vocational, higher education and professional
development, K-12 schools and online, supplementary and global
services.

ESSL is a special purpose vehicle (SPV) created with the
objective to implement the 'Smart Class' and other associated
products and services of ESL, across various private schools in
India. ESSL is mainly responsible for implementation, operations
and maintenance of the Smart Class for the period of the
contract.

Under the above mentioned transaction, ESL, the assignor has
assigned its future receivables amounting to INR675 crore,
to be received from ESSL, to the bank. As per the assignment
agreement, the bank has received all rights, title and
interest of ESL's receivables from ESSL amounting to INR675
crore. Against the same, the bank has sanctioned to ESL
receivables assignment facilities (in various tranches) amounting
to INR410 crore. The credit enhancement for this transaction is
in the form of unconditional and irrevocable guarantee provided
by ESL.

During FY15 (refers to the period April 01 to March 31), ESL
reported total operating income of INR199.27 crore and net
loss of INR1165.44 crore as against total operating income of
INR293.93 crore and net loss of INR312.23 crore during FY14.


EMBOSS EDUCATION: CRISIL Assigns 'B' Rating to INR85MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Emboss Education LLP (EEL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Rupee Term Loan           85       CRISIL B/Stable

The rating reflects EEL's expected small scale from operating a
kindergarten school, exposure to quantum and timeliness of cash
inflows from property given to Apple Global School, and firm's
constrained financial risk profile because of large debt funded
capital expenditure. These rating weaknesses are partly mitigated
by the extensive entrepreneurial and education sector experience
of the promoters and their fund support.
Outlook: Stable

CRISIL believes the firm will continue to benefit from the
extensive experience of the promoters. The outlook may be revised
to 'Positive' if cash inflows are higher than expected leading to
easing of liquidity pressure. Conversely, the outlook may be
revised to 'Negative' if lower cash inflows partly reduces firm's
debt servicing ability.

EEL is a limited liability partnership firm set up in 2014.
Promoted by Ms. Liza Shah and Mr. Jigish Shah, the firm provides
infrastructure services to group entity, Apple Global School
(AGS).


EMPKEE ENGINEERS: ICRA Suspends 'B' Rating on INR10.62cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR10.62 Crore Fund based facilities and the short term
rating of [ICRA]A4 assigned to the INR0.05 Crore Non-fund based
facility of Empkee Engineers Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.


G.S. MAJESTIC: CRISIL Suspends 'B' Rating on INR300MM Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
G.S. Majestic Developers Private Limited (GSMD).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             300        CRISIL B/Stable

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

Incorporated in 2010, GSMD is setting up a shopping mall in
Ludhiana (Punjab). The total project cost is estimated at INR1300
million and is expected to be funded in a debt-to-equity ratio of
3:10. The construction has been completed and the mall is
expected to begin operations by November 2014.


GOMATHI STEELS: CRISIL Reaffirms B+ Rating on INR140MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Gomathi Steels
(GS) continue to reflect GS's modest scale of operations in the
highly-competitive steel products industry, and its below-average
financial risk profile, marked by a modest net worth, high
gearing, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the firm's proprietor in the steel products industry.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           20      CRISIL A4 (Reaffirmed)
   Bill Discounting         20      CRISIL A4 (Reaffirmed)
   Bill Discounting         10      CRISIL B+/Stable (Reaffirmed)
   Bill Discounting
   under Letter of Credit   15      CRISIL A4 (Reaffirmed)
   Cash Credit             140      CRISIL B+/Stable (Reaffirmed)
   Term Loan                20      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that GS will continue to benefit over the medium
term from the industry experience of its proprietor. The outlook
may be revised to 'Positive' if the firm substantially increases
its scale of operations while improving its margins and capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in GS's revenue and margins or
lengthening of its working capital cycle, leading to further
deterioration in its financial risk profile.

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu).


GOURANGA COLD: CRISIL Reaffirms B- Rating on INR98.5MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gouranga Cold Storage
Private Limited (GCSPL) continue to reflect GCSPL's small scale
of operations and below-average financial risk marked by a low
net worth, high gearing and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit          98.5       CRISIL B-/Stable (Reaffirmed)
   Term Loan             8.0       CRISIL B-/Stable (Reaffirmed)

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

CRISIL believes GCSPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if an increase in cash
accrual, or infusion of capital by promoters leads to improvement
in the financial risk profile, particularly liquidity.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on liquidity on account of delays in repayment by
farmers, considerably low cash accrual, or significant, debt-
funded capital expenditure.

GCSPL, incorporated in 1987, provides cold-storage facility to
potato farmers and traders. The company is owned by the WB-based
Dolui family, which has experience of over two decades in the
same line of business. GCSPL's cold storage, with capacity of
about 42,960 tonnes divided into five chambers, is in Paschim
Medinipur, WB. Average capacity utilisation during 2015-16(refers
to financial year, April 1 to March 31) was over 95 percent.


GUPTA MARRIAGE: ICRA Assigns 'B' Rating to INR13.50cr Loan
----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR18.00
crore fund based bank facilities of Gupta Marriage Halls Private
Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit Limit     4.50         [ICRA]B; assigned
   Term Loan            13.50         [ICRA]B; assigned

ICRA's ratings take into account the high competitive intensity
to which GMHP is exposed and the susceptibility of its
profitability to the inherent seasonality and cyclicality of the
hotel industry which can impact the Revenue Per Available Room
(RevPAR). ICRA also takes note of the company's revenue
concentration on a single property in Meerut, Uttar Pradesh. The
company's diversification into textile trading business is likely
to exert pressure on its profitability margins in the future and
will result in deterioration of its coverage indicators. ICRA
also takes note of the company's stretched liquidity position as
evident in the near full utilization of its working capital
limits and high term loan repayments in comparison to cash
accruals. This has necessitated promoter support for debt
servicing. Further, the financial profile is characterized by
high leverage as reflected in gearing of 3.81 times as on March
31, 2015. However, ICRA positively factors in the significant
experience of the promoters, of over two decades, in the
hospitality industry and the favorable location of GMHP's
property in Meerut.

Going forward, GMHP's ability to ramp up its scale of operations
and improve its liquidity position will be the key rating
sensitivities.

GMHP was incorporated in February 1996 and is engaged in the
hotels and textiles businesses. The company runs Hotel Samrat
Heavens (including Bar and Restaurant) which is located in
Meerut, Uttar Pradesh. Further, from the last two years the
company has diversified into textile trading.

Recent Results
The company reported a net profit of INR0.27 crore on an
operating income of INR22.80 crore in FY 2015, as against a net
profit of INR0.25 crore on an operating income of INR15.28 crore
in the previous year. The company on a provisional basis,
reported a net profit of INR0.24 crore on an operating income of
INR19.89 crore in 9MFY2016.


HARISH CHANDRA: ICRA Withdraws B+ Rating on INR24.49cr Loan
-----------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ for the
INR24.49 crore fund based facilities and term loans of Harish
Chandra Ramkali Charitable Trust. As per ICRA's policy on
withdrawals, ICRA can withdraw the rating in case the rating
remains suspended for more than three years.


INNOVARE LABS: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Innovare Labs
Private Limited (ILPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned ILPL's proposed
INR500 million term loan limits a 'Provisional IND BB' rating
with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the execution and off-take risks associated
with ILPL's project (a plant to manufacture active pharmaceutical
ingredients: APIs), which is scheduled to start commercial
operations in November 2016. Moreover, there are uncertainties
regarding the receipt of requisite regulatory approvals.

The ratings are supported by ILPL promoters' and key management
personnel's combined experience of more than six decades in the
pharma industry. The CEO, Mr. Indukuri V Sunil Kumar previously
worked for Mylan Laboratories Limited and various subsidiaries of
Ranbaxy Laboratories Limited in areas such as business
development, supply-chain management, quality control, research &
development, operations and regulatory affairs. Other key
managerial personnel have previously worked with companies such
as Mylan Laboratories Limited, Dr. Reddy's Laboratories Limited
and Aurobindo Pharma Ltd ('IND AA+'/Stable).

The ratings also benefit from the progress of the project, which
is on schedule. In the absence of financial closure, it is being
funded by the promoters, who had raised INR223m as at 7 April
2016, out of the total scheduled promotors' contribution of
INR307m. The total project cost is INR800m and is proposed to be
funded through a mix of debt and equity in the ratio of 1.66:1.
The ratings also factor in the project's locational advantage, as
it located in an Andhra Pradesh Special Economic Zone, where
basic infrastructure such as water and power is available.
Management contends that their contacts in the pharma industry
built over the past two decades mitigate the off-take risks.

Ind-Ra believes that the scheduled erection of the plant and
commencement of operations is incumbent upon the timely
achievement of financial closure, with a minimum 10-12 month
moratorium from commencement of operations.

RATING SENSITIVITIES

Positive: Stabilisation of profitable operations, leading to
generation of sufficient cash flows, will lead to a positive
rating action.

Negative: Any delays in the commencement of operations will lead
to negative rating action.

COMPANY PROFILE

Incorporated in 2012, ILPL is setting up a manufacturing plant
for API production with an installed capacity of 318mtpa in
Vishakhapatnam, Andhra Pradesh.


JAY SHIV: CARE Assigns B+ Rating to INR1.39cr LT Loan
-----------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of M/S. Jay Shiv Agro Industries.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      1.39      CARE B+ Assigned
   Long-term/Short-term Bank     13.50      CARE B+/CARE A4
   Facilities                               Assigned

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

Rating Rationale
The ratings assigned to the bank facilities of M/s. Jay Shiv Agro
Industries (JSAI) are constrained due to its presence in highly
fragmented rice milling industry where prices are regulated by
government, working capital intensive nature of operations on
account of seasonality associated with the procurement of raw
material and its constitution as partnership firm.

The ratings also constrained due to JSAI's thin PBILDT margin due
to low value addition, high leverage on back of elevated working
capital borrowing and weak debt coverage.

The ratings, however, derive strength from vast experience and
established track record of partners in rice milling business and
favorable location of JSAI's rice milling plant.

JSAI's ability to grow its total operating income (TOI) while
managing volatility associated with raw material (ie, paddy)
prices along with improvement in profitability and leverage would
be the key rating sensitivities.

JSAI was established as a partnership firm in 2008 by the Ramwani
and Vaghela families and has seven partners. The firm
is primarily engaged in the milling, processing, grading and
packing of par boiled rice and has a processing capacity of
43,200 tonnes per annum (TPA) as on March 31, 2016. It exports
rice to Turkey and South African countries which constitutes of
4-5% of its TOI.

The partners are engaged in similar line of business through
their other entities -- Siddhi Vinayak Agro Industries (SVAI),
Janki Agro Industries (JAI; rated 'CARE B+/CARE A4', reaffirmed
in January 2016), Janki Rice & Solvent Industries Private Limited
(JRSIPL) and Jay Agro Industries (rated 'CARE B+', assigned in
April 2015).

As per the audited results for FY15 (refers to the period April 1
to March 31), JSAI reported a TOI of INR99.94 crore (FY14:
INR87.59 crore) with a PAT of INR0.34 crore (FY14: INR0.25
crore).
As per the provisional results, during 9MFY16, JSAI reported TOI
of INR82.27 crore with PBT of INR0.41 crore.


JNV VIRA: ICRA Suspends D Rating on INR11cr Bank Loan
-----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR11.00 crore fund based facilities of JNV Vira Engineering
Private Limited. ICRA has also suspended the short term rating of
[ICRA]D assigned to the INR7.00 crore non fund based facility of
JVEPL. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Incorporated in 2007, JNV Vira Engineering Private Limited (JNV)
is an engineering company engaged in the fabrication business,
primarily manufacturing process equipments/accessories for
industries like petrochemicals, power and other related
industries. The company carries out its activities from the unit
located at Vadodara, Gujarat. JNV is promoted by Mr. Vinod Shah
and Mr. Jaykumar Patel.


KARNATAKA NUTRACEUTICALS: CRISIL Rates INR20MM Cash Loan at B
-------------------------------------------------------------
CRISIL has assigned the 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Karnataka Nutraceuticals India
Limited (KNIL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit           50        CRISIL A4
   Cash Credit              20        CRISIL B/Stable
   Letter of Credit         30        CRISIL A4

The ratings reflect the modest scale of operations, exposure to
competitive pressures in both domestic and international markets,
and working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of promoters in the
drug manufacturing industry, geographical diversification in
revenue profile and comfortable gearing.
Outlook: Stable

CRISIL believes KNIL will benefit over the medium term from its
promoters' extensive industry experience in nutraceutical
industry and its geographical diversification in revenue. The
outlook may be revised to 'Positive' in case of improvement in
scale of operations and cash accruals leading to improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case KNIL records significantly lower than expected
cash accruals or undertakes large capex or if working capital
management deteriorates leading to weak financial risk profile.

Established in 2005, KNIL manufactures Halquinol B.P-80 and the
related range of products, supplied as veterinary feed additives
or supplements.

It has bulk drug manufacturing facilities in the special economic
zone at Hassan, Karnataka and is capable of producing specialised
active pharmaceutical ingredients for veterinary usage.

For 2015-16 (refers to financial year April 1 to March 31), on a
provisional basis, the company reported a loss of INR7.69 million
on a net sales of INR60.7 million, against loss of INR 1.57
million on net sales of INR 123.1 million posted in 2014-15.


KRG ASSOCIATES: CARE Assigns 'B' Rating to INR12cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of KRG
Associates.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      12        CARE B Assigned

Rating Rationale

The rating assigned to the bank facility of KRG Associates (KRG)
is primarily constrained on account of limited experience
of partners in the hotel industry, residual project execution and
stabilization risk associated with the debt-funded greenfield
project. The rating is further constrained by its presence in the
highly fragmented and competitive nature of industry and
partnership nature of constitution.

The rating, however, draws comfort from the financial closure
achieved for the project.

Going forward, the ability of the firm the implementation of the
project within time and cost estimates and achievability of
envisaged average room rent and occupancy level shall be the key
rating sensitivity.

Kurukshetra-based (Haryana) KRG established in September 2013 as
a partnership firm by five partners namely Mr Kulwant Rai
Chhabra, Mr Rajesh Popli, Mr Gulshan Chhabra, Mr Abhishek Chhabra
and Mr Ankush Chhabra sharing profit and losses in 15%, 22.50%,
22.50%, 20.00% and 20.00% respectively. KRG is undertaking a
greenfield project for constructing a three star hotel and resort
at Kurukshetra. The estimated cost of project is INR21.06 crore.
The proposed hotel will be built on a land of 3 acres which would
be situated on a national highway no. 28 which links Punjab,
Himachal Pradesh and Haryana to Delhi. The hotel will have 24
rooms, banquet hall (600 person capacity), mini banquet hall (120
person capacity) and a restaurant. The hotel is proposed to
commence commercial operations by June, 2017.


KRISHNA PAPER: CRISIL Lowers Rating on INR64.2MM Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Krishna Paper Projects Private Limited (KPPPL; part of the
Krishna group) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.


                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            64.2      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Proposed Short Term   110.8      CRISIL A4 (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The downgrade reflects deterioration in group's financial risk
profile due to ongoing capital expenditure (capex) of around INR3
billion in Krishna Tissues Pvt Ltd (KTPL; part of the Krishna
group) to enhance its kraft paper manufacturing capacity. The
capex is being funded with term loan of INR2080 million and the
rest through own funds or internal accrual, and the project is
likely to be commissioned in October-November 2016. Debt-funded
capex has weakened gearing, estimated to be around 2 times as on
March 31, 2016, from 1 time in 2014-15 and 0.79 time in 2013-14.
The gearing is likely to remain above 2 times over the medium
term. Further the ongoing capex has also constrained the group's
liquidity since a significant portion of the group's cash accrual
shall be utilised towards the capex. CRISIL believes that timely
commissioning of the project, ramp up in scale of operations and
generation of adequate cash accruals shall continue to be key
rating sensitivity factors over the medium term on account of the
significant repayment obligations in the group for the debt
contracted post commencement of project.

The rating reflects exposure of Krishna group to risks associated
with timely completion, commissioning and stabilisation of its
ongoing project. The rating also reflects its working capital
intensive operations and susceptibility of the group's
profitability to volatility in raw material prices and foreign
exchange rates. These weaknesses are partially offset by its
established clientele and extensive industry experience of
promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KPPPL, M J K Mercantiles Pvt Ltd, Tara
Finvest Pvt Ltd and KTPL. This is because all these companies,
together referred to as the Krishna group, have a common
management and significant operational linkages.
Outlook: Stable

CRISIL believes the Krishna group will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' in case of timely
implementation and stabilisation of ongoing project along with
generation of adequate cash accruals and efficient working
capital management. The outlook may be revised to 'Negative' if
time or cost overrun in project, lower than expected operating
income or accrual, stretch in working capital cycle, or any other
significant capex plans, further weakens the financial risk
profile, particularly liquidity.

The Krishna group manufactures duplex paper board and kraft
paper. KPPPL, TFPL, and MJK trade in waste paper and chemicals
used in the paper industry, and also procure waste paper for the
group's manufacturing unit, which is set up in KTPL. The group is
promoted by Kolkata based Bajaj family and has its existing
manufacturing unit located at Ghoraghata near Bagnan (West
Bengal). The upcoming unit is located in Burdwan, West Bengal.


L. K. AND SONS: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
L. K. and Sons (LK).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL A4
   Cash Credit              60        CRISIL B/Stable

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

Established in 1999, LK undertakes civil construction work,
mainly related to construction of roads and bridges for the
government. Its daily operations are being managed by Mr.
Laishram Kadamjit Singh.


LITECON INDUSTRIES: ICRA Suspends B+ Rating on INR14.42cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA] B+ (pronounced
ICRA B plus) assigned to the INR14.42 crore long term fund based
facilities of Litecon Industries 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 September 2010, Litecon Industries Private
Limited (LIPL) is involved in manufacturing of AAC blocks at its
manufacturing facility located at Kamrej near Surat with a
current installed capacity to manufacture 180,000 m3 of AAC
blocks per annum. The commercial production was commenced at the
newly set up plant in June 2012. The promoters of LIPL are also
involved in manufacturing and marketing of cement in Gujarat
through a separate entity since 2006.


M J K MERCANTILES: CRISIL Cuts Rating on INR41.1MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
M J K Mercantiles Private Limited (MJK; part of the Krishna
group) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            41.1      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB/Stable')

   Letter of Credit       25.0      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Short Term    63.9      CRISIL A4 (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The downgrade reflects deterioration in group's financial risk
profile due to ongoing capital expenditure (capex) of around INR3
billion in Krishna Tissues Pvt Ltd (KTPL; part of the Krishna
group) to enhance its kraft paper manufacturing capacity. The
capex is being funded with term loan of INR2080 million and the
rest through own funds or internal accrual, and the project is
likely to be commissioned in October-November 2016. Debt-funded
capex has weakened gearing, estimated to be around 2 times as on
March 31, 2016, from 1 time in 2014-15 and 0.79 time in 2013-14.
The gearing is likely to remain above 2 times over the medium
term. Further the ongoing capex has also constrained the group's
liquidity since a significant portion of the group's cash accrual
shall be utilised towards the capex. CRISIL believes that timely
commissioning of the project, ramp up in scale of operations and
generation of adequate cash accruals shall continue to be key
rating sensitivity factors over the medium term on account of the
significant repayment obligations in the group for the debt
contracted post commencement of project.

The rating reflects exposure of Krishna group to risks associated
with timely completion, commissioning and stabilisation of its
ongoing project. The rating also reflects its working capital
intensive operations and susceptibility of the group's
profitability to volatility in raw material prices and foreign
exchange rates. These weaknesses are partially offset by its
established clientele and extensive industry experience of
promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MJK, Tara Finvest Pvt Ltd, Krishna
Paper Projects Pvt Ltd (KPPPL), and KTPL. This is because all
these companies, together referred to as the Krishna group, have
a common management and significant operational linkages.
Outlook: Stable

CRISIL believes the Krishna group will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' in case of timely
implementation and stabilisation of ongoing project along with
generation of adequate cash accruals and efficient working
capital management. The outlook may be revised to 'Negative' if
time or cost overrun in project, lower than expected operating
income or accrual, stretch in working capital cycle, or any other
significant capex plans, further weakens the financial risk
profile, particularly liquidity.

The Krishna group manufactures duplex paper board and kraft
paper. KPPPL, TFPL, and MJK trade in waste paper and chemicals
used in the paper industry, and also procure waste paper for the
group's manufacturing unit, which is set up in KTPL. The group is
promoted by Kolkata based Bajaj family and has its existing
manufacturing unit located at Ghoraghata near Bagnan (West
Bengal). The upcoming unit is located in Burdwan, West Bengal.


MAHATMA GANDHI: ICRA Assigns C+ Rating to INR20cr LT Loan
---------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C+ to INR20.00
crore long term fund based facilities of The Mahatma Gandhi
Sahakara Sakkare Karkhane.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term-Fund
   Based (CC)            20.00        [ICRA]C+ assigned

The assigned rating takes into account the weak financial
performance of MGSSK marked by net losses and negative cash
accruals reported until 2014-15 on account of low sugar
realizations and high cane cost, the negative networth owing to
accumulation of losses over the years and the high debt level
resulting in high financial costs. The coverage indicators have
remained inadequate and the cash losses and debt servicing
obligations have been funded through additional borrowings, so
far, leading to further increase in the debt levels y-o-y. The
rating is also constrained by the exposure of the business to
agro climatic risks on sugarcane availability and recovery, and
high regulatory intensity in terms of sugarcane pricing. However,
the rating draws comfort from the long standing experience of the
promoters in the sugar industry, the support extended by the
Government of Karnataka by way of interest free loans and
conversion of portion of the government loan into equity, and
recent improvement in the sugar realizations in both the domestic
and international markets. Going forward, sustained improvement
in the sugar realizations, achievement of high production levels
and timely liquidation of finished goods stock are critical for
the timely servicing of debt obligations.

The Mahatma Gandhi Sahakara Sakkare Karkhane (N), a cooperative
society registered under the Karnataka Cooperative Societies Act,
1959, operates 3500 TCD (Tons of Cane per Day) sugar mill
integrated with an 8 MW cogen power plant, in Balki Taluk of
Bidar District in Karnataka. Registered in April 1991, the
society commenced its operations in November 2003 with 2500 TCD.
During 2011-12 and 2012-13, the entity expanded its processing
capacity to 3500 TCD and also installed the cogen plant. MGSSK
was promoted by Dr. Bheemanna Khandre, who has more than 35 years
of experience in the sugar industry and has also cofounded
several other cooperative societies. The Government of Karnataka
holds 81.0% stake in the entity as on March 31, 2016.

Recent Results
The entity reported a net loss of INR21.8 crore on an operating
income of INR179.5 crore during the financial year 2014-15, as
against a net loss of INR19.0 crore on an operating income of
INR153.2 crore during 2013-14.


NATVAR COTEX: ICRA Reaffirms 'B' Rating on INR6.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.00 crore cash credit facility and INR0.74 crore (reduced
from INR1.54 crore) term loan facility of Natvar Cotex Pvt. Ltd.
ICRA has also assigned [ICRA]B to the INR0.80 crore unallocated
limits of NCPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           6.00        [ICRA]B reaffirmed
   Term Loan             0.74        [ICRA]B reaffirmed
   Unallocated limits    0.80        [ICRA]B assigned

The rating reaffirmation continues to take into account the
Natvar Cotex Pvt. Ltd.'s (NCPL) modest scale of operations; weak
financial risk profile characterized by low profitability
margins, adverse capital structure and modest debt coverage
indicators. The ratings continue to factor in the vulnerability
of profitability to adverse movements in raw cotton prices which
are subject to seasonality and crop harvest and regulatory risk
with regard to Minimum Support Price and highly competitive &
fragmented industry structure due to low entry barriers.

The rating, however, favorably factors in the longstanding
experience of the promoters in the cotton trading industry
through other associate concerns and the favorable location of
the company in Rajkot, Gujarat providing easy access to quality
raw material (raw cotton).

Incorporated in June 2013, Natvar Cotex Pvt. Ltd. (NCPL) is
engaged in cotton ginning and pressing activities at its
manufacturing facility located at Rajkot in Gujarat. The plant is
equipped with 30 ginning machines and 1 pressing machine with a
production capacity of ~300 bales per day (1 bale=170 kg)
translating to ~51 Metric Tonnes Per Day (MTPD). NCPL is a
private limited company with the promoters having extensive
experience in the cotton industry as they were earlier involved
in trading of raw cotton.

Recent Results
During FY2015, NCPL reported an operating income of INR61.49
crore and profit after tax of INR0.09 crore as against the
operating income of INR16.32 crore and profit after tax of
INR0.05 crore during four months of operations in FY2014. As per
provisional financials, the company reported an operating income
of INR63.96 crore and profit before depreciation and tax of
INR0.87 crore during first eleven months of FY2016.


PARTHASARATHY CNC: ICRA Suspends B- Rating on INR17.5cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR17.50 Crore Fund based facilities of Parthasarathy CNC
Technology Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance, in the absence of
the requisite information from the company.


POWERWIND LIMITED: CRISIL Suspends B- Rating on INR580MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Powerwind Limited (Powerwind).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              580       CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee          1400       CRISIL A4
   Term Loan                520       CRISIL B-/Stable

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

Powerwind manufactures wind turbine blades, and assembles wind
turbine generators at its plant in Bawal (Haryana). It is a part
of the New Delhi based RS India group, which has diverse business
interests such as real estate, infrastructure, and wind energy;
wind energy is one of the group's key business divisions. The RS
India group is promoted by Mr. Rajkumar Yadav, who also manages
the company along with a team of professionals.

Powerwind was established as Chettinad Energy Pvt Ltd (CEPL), in
2004 and was later renamed as RK Wind Pvt. Ltd in 2008-09. RK
Wind acquired the materials and intellectual property (IP) rights
of PowerWind gmbH in 2012-13, and was subsequently renamed as
Powerwind Ltd.


R. K. COTGIN: ICRA Suspends 'B' Rating on INR11.5cr Bank Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B on the INR11.5
crore bank lines of R. K. Cotgin & Pressing Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


R.K. RICE: CRISIL Reaffirms 'B' Rating on INR130MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.K. Rice and
General Mills (RKRG) continues to reflect its weak financial risk
profile, with small networth, high gearing, and below-average
debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           130       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      7       CRISIL B/Stable (Reaffirmed)
   Term Loan               8       CRISIL B/Stable (Reaffirmed)

The rating also factors in small scale of operations, high
dependence on the monsoons, and susceptibility to changes in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of the partners in the rice milling
industry.
Outlook: Stable

CRISIL believes RKRG will continue to benefit over the medium
term from its partners' extensive industry experience; however,
financial risk profile may remain constrained by low cash
accrual. The outlook may be revised to 'Positive' if a sizeable
capital infusion, efficient working capital management, or a
considerable increase in cash accrual strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower cash accrual, large working capital requirement, or
substantial debt-funded capital expenditure weakens credit
metrics.

Update
Revenue declined around 17 percent to INR442.4 million in 2015-16
(refers to financial year, April 1 to March 31) over the previous
year, due to unfavourable rise prices. However, operating margin
was stable at 6.7 percent. Revenue per annum and operating margin
should be INR450-500 million and 6.5-7.0 percent over the medium
term.

Financial risk profile remains weak because of estimated small
networth of INR30-33 million ,high gearing of around 5.5 times as
on March 31, 2016, and weak interest coverage at around 1.4 times
in 2015-16. The financial risk profile may remain constrained by
sizeable working capital requirement, low cash accrual, and,
therefore, larger debt.  The inventory days are expected to be in
the range of 140-160 days over the medium term. The creditors are
expected to remain in the range of 25-35 days over the medium
term as the firm receives credit from the local grain merchants .

Sizeable working capital debt and low networth will continue to
constrain liquidity and financial flexibility. Bank limit
utilisation was high'at 96 percent in 12 months through March
2016'on account of large working capital requirement. Annual cash
accrual of INR8-9 million should, however, be adequate to cover
maturing debt of INR3 million per annum. Inventory and creditors
are expected at 140-160 and 25-35 days, respectively, over the
medium term. Unsecured loans from promoters (Rs.52.7 million as
of March 2016) continue to support liquidity. CRISIL expects
RKRG's liquidity to remain weak on account of continued high
reliance on bank limit to meet working capital requirement and
small net worth.

RKRG was set up as a partnership firm in 2001 by Mr. Ram Karan
Goyal and Mr. Sanjeev Bansal. In 2008, the partnership was
reconstituted, with Mrs. Monica Goyal, daughter-in-law of Mr. Ram
Karan Goyal, taking over the stake of Mr. Sanjeev Bansal. RKRG's
daily operations are looked after by Mr. Ram Karan Goyal and his
son, Mr. Nitin Goyal. The firm mills basmati rice at its unit in
Cheeka (Haryana).


RATAN ENGINEERING: CARE Assigns B+ Rating to INR12.75cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Ratan Engineering Company Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     12.75      CARE B+ Assigned
   Short term Bank Facilities     0.25      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Ratan Engineering
Company Private Limited (REPL) are primarily constrained
by its small scale of operations, low profitability margins,
leveraged capital structure and elongated operating cycle. The
ratings are further constrained by its presence in the highly
fragmented and competitive industry. The rating, however, draws
comfort from experienced management.

Going forward, the ability of the company to increase its scale
of operations along with improvement in the capital structure
shall be the key rating sensitivities.

REPL was established in 1985 by Mr Ram Parkash, Mr Naresh Garg
and Mr Vikram Garg. REPL is engaged in manufacturing of
customised steel casting products, which includes industrial
valves, turbine components and other type of casting using
radiography technology. The company has manufacturing facilities
located at Kahrani and Bhiwadi in Rajasthan, which have a
combined installed capacity of 5000 Metric tonnes per annum for
finished casting.

In FY15 (refers to the period April 1 to March 31), REPL has
achieved a total operating income (TOI) of INR12.22 crore and
PAT of INR0.05 crore as against total operating income (TOI) of
INR10.74 crore and PAT of INR0.05 crore in FY14. Furthermore, the
firm achieved total sales of INR15.10 crore during 11MFY16
(refers to the period April 1 to February 29) (as per unaudited
results).


ROSHAN REAL: ICRA Reaffirms B+ Rating on INR5.72cr Loan
-------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR5.72 crore long term fund based limits of Roshan Real Estates
Private Limited. ICRA has also re-affirmed its short-term rating
of [ICRA]A4 on the INR12.0 crore non fund based limits of RREPL.
ICRA has also assigned its rating of [ICRA]B+ to the INR1.28
crore long term fund based limits and short term rating of
[ICRA]A4 to the INR4.0 crore non fund based limits of the
company.

                            Amount
   Facilities             (INR crore)    Ratings
   ----------             -----------    -------
   Fund Based Facility        5.72       [ICRA]B+; (Reaffirmed)
   Non Fund Based Facility   12.00       [ICRA]A4; (Reaffirmed)
   Fund Based Facility        1.28       [ICRA]B+; (Assigned)
   Non Fund Based Facility    4.00       [ICRA]A4; (Assigned)

The ratings reaffirmation factors in RREPL's order book (Order
book/Operating income of 1.38 times as on February 2016) which
renders steady revenue visibility over the short to medium term.
The ratings continue to derive comfort from the extensive
experience of the promoters in the civil construction industry,
predominantly in the New Delhi region and established
relationships with government and public sector clients.
The ratings however continue to remain constrained on account of
RREPL's increasing working capital intensity on the back of
receivables and security deposits. Consequently, high utilization
of the company's working capital limits resulting in stretched
liquidity. Further the ratings continue to factor in the pressure
on RREPL's margins owing to the intensely competitive nature of
the industry and the inherent volatility in the margins on
account of the fact that its contracts do not build in price
escalation clauses for key raw materials. This apart, the ratings
also remain constrained on account of high geographical
concentration risk.
Going forward, profitably ramping up its scale of operations
while timely executing the order book along with the ability of
the firm to manage its liquidity position will be the key rating
sensitivity factors.

RREPL incorporated in 1997 as a registered private limited
company under the patronage of Mr. Syed Manzoor Ali for
undertaking civil engineering projects. The company has been
engaged in the construction and maintenance work mainly for
Government Organizations like Public Works Department (PWD),
Central Public Works Department (CPWD), Delhi State Industrial
Development Corporation (DSIDC), IGNOU etc. The order book of the
firm stands at ~Rs. 51.14 crore as on February 2016.

Recent Results
The firm reported an operating income of INR37.13 crore and a net
profit of INR0.28 crore for 2014-15 as against an operating
income of INR36.4 crore and a net profit of INR0.32 crore for
2013-14.


RSG DEVELOPERS: ICRA Revises Rating on INR5.5cr Loan to 'B'
-----------------------------------------------------------
ICRA has revised its long term rating on the INR7.5 crore fund
based bank facilities of RSG Developers Private LImited (RSG) to
[ICRA]B from [ICRA]B+.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.5       [ICRA]B; Revised
   Term Loan              2.0       [ICRA]B; Revised

The rating revision takes into account the significant stretch in
RSG's working capital position with increase in receivable and
inventory days owing to slow order book movement (NWC/OI
increased to 92% in FY15 vis-a-vis 16% in FY14). ICRA notes that
increase in working capital intensity is partially funded from
unsecured loans from group. Given the slow order book movement on
the back of some stuck old projects and no new order inflow,
RSG's growth and profitability have remained subdued. The rating
remains constrained by weak debt protection indicators of the
company (Gearing at 6.43x, Net Cash Accruals/Total Debt at 2%,
Total Debt/ OPBDIT3 at 18.59x and TOL/TNW4 respectively as on
March 31, 2015), its exposure to the cyclicality inherent in real
estate business with majority of its order book being from this
sector as well as large investments made (INR~17 crore against
total balance sheet size of INR51 crore) in real estate ventures
of group concerns.
The rating, however continues to derives comfort from RSG's
experienced promoters and its long track record in real estate &
construction business. The rating also positively factors in the
company's healthy order book, INR71.78 crore, which results in
Order Book/Operating Income ratio (~3.23x) and provides revenue
visibility for medium term.

Going forward, the company's ability to get fresh orders and
execute the same in a timely and profitable manner, along with an
improvement in its working capital cycle will be the key rating
sensitivities. The sustainability of infusion of unsecured loans
from group will also be the key rating monitorable.

RSG Developers Private Limited (RSG) was founded in 2004 by Mr.
Rajeev Sharma. The company is based out of Noida (Uttar Pradesh)
and is involved in civil construction business- it has developed
multiple road and building construction projects for private as
well as public sector clients; however, the contribution of
private sector clients (mainly its own group companies) has been
high. The order book was INR74.53 crore as on April 30, 2016.

Recent Results
RSG reported a PAT of INR0.41 crore on operating income (OI) of
INR20.08 crore in 2014-15 as against a PAT of INR0.65 crore on OI
of INR19.93 crore in the previous year. On provisional basis, the
company reported OI of INR22.20 crore in 2015-16.


SAGAR FOODS: ICRA Reaffirms B/A4 Rating on INR1.38cr Loan
---------------------------------------------------------
ICRA has reaffirmed the short term rating of [ICRA]A4 for the
INR6.00 crore Foreign Documentary Bill Purchase (FDBP) facility
and the INR8.00 crore Packing Credit facility of Sagar Foods.
ICRA has also reaffirmed the ratings of [ICRA]B/[ICRA]A4 for the
INR1.38 crore unallocated limits of SF.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   FDBP Facility         6.00        [ICRA]A4 reaffirmed
   Packing Credit
   Facility              8.00        [ICRA]A4 reaffirmed
   Unallocated Limits    1.38        [ICRA]B/[ICRA]A4 reaffirmed

The reaffirmation of ratings takes into consideration the firm's
modest scale of operations coupled with volatility in operating
income in recent past and weak financial profile characterized by
adverse capital structure, low accruals and high working capital
intensity. The ratings further remain constrained by
vulnerability of the profitability to the fluctuations in
procurement rates & adverse movements in foreign exchange rates
as well as high competitive intensity in the processed seafood
industry which is expected to keep margins under pressure. The
ratings further takes into account the regulatory risks
associated with reduction in export benefits or export
restrictions imposed by GoI as well as any changes in import
policies by the consuming nations. While assigning the rating
ICRA has also noted the likely risks of capital withdrawals and
its adverse impact on capital structure of the firm that are
inherent in partnership firms.

The ratings, however, favorably take into account the long
experience of the promoters in the seafood industry, growing
demand for Indian seafood in overseas market leading to growth in
sales and addition of value added products in to the product
portfolio which is expected to support the operating income and
margins going forward.

Sagar Foods (SF), incorporated in 1992, is engaged in the
business of processing and export of frozen seafood including
cuttlefish, shrimp and squids to the European countries. The
firm's processing plant has an EU approval under 'PPa' category
for export of seafood items. The firm is predominantly an export
oriented player with more than 95% of its revenue derived from
the overseas market.

Recent Results
For FY2015, the firm reported an operating income of INR28.11
crore and profit after tax of INR0.00 crore as against operating
income of INR22.51 crore and profit after tax of INR0.40 crore
for FY 2013. Further, the firm reported operating income of
INR21.54 crore and profit before depreciation and tax of INR0.82
crore for 9M FY 2016 (as per unaudited provisional numbers).


SARASH INTERNATIONAL: ICRA Suspends D Rating on INR3.6cr Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D assigned to
the INR3.60 Crore Fund based facilities and the short term rating
of [ICRA]D assigned to the INR7.40 Crore Non-fund based facility
of M/s Sarash International. The suspension follows ICRA's
inability to carry out a rating surveillance, in the absence of
the requisite information from the company.


SAVITON METPLAST: ICRA Reaffirms B+ Rating on INR3.7cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA] B+ on the
INR7.74 crore2 fund-based limits of Saviton Metplast Pvt Ltd.
ICRA has also reaffirmed the [ICRA] A4 rating earlier assigned to
the INR2.46 crore non fund based facilities of SMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits
   CC                    3.70        [ICRA]B+; reaffirmed

   Term Loan             1.20        [ICRA]B+; reaffirmed

   Unallocated           2.84        [ICRA]B+; reaffirmed

   Non fund based
   limits                2.46        [ICRA] A4; reaffirmed


For arriving at the ratings, ICRA has taken a consolidated view
of SMPL and its group company Saviton Living Concepts (SLC) as
both the entities are in similar line of business and under the
same management.

ICRA's rating reaffirmation takes into account the strengths
derived from being part of the Saviton group, which has
established track record in furniture industry backed by
established relationship with a diverse set of clients. Further,
the ratings favourably factor in the group's focus on
institutional clients through its own brand sales.

The rating however is continued to be constrained by the group's
declining scale of operations owing to weak market scenario and
modest net profitability given the high interest outgo as the
term loan was disbursed in Feb, 2014 and the full year interest
cost has accounted in FY2015. Further given the high working
capital requirements owing to high inventory levels, the group's
liquidity profile and debt coverage indicators remain modestThe
rating continues to factor in the vulnerability of raw material
prices and high competitive intensity, which limits the group's
profitability metrics.

In the backdrop of weak market scenario the group's ability to
ramp up its scale of operations, improve its profitability and
debt coverage will be a key rating sensitivity. Going forward,
maintaining the liquidity profile and improving its working
capital cycle will also be the key rating monitorables.

Incorporated in 1998, SMPL is involved into the manufacturing of
plastic moulded components for furniture and complete furniture
sets. The company has its manufacturing unit set up in Manesar.
SMPL is part of Saviton Group being promoted by Mr P Jaiswal. The
other group entity Saviton Living Concepts is also involved into
similar line of business while carrying out the manufacturing and
assembling of different kinds of office furniture, mainly chairs,
tables, and office workstations.

Recent results
SMPL reported, a net profit of INR0.03 crore on an operating
income (OI) of INR15.38 crore in FY2014-15, as compared to a net
profit of INR0.07 crore on an OI of INR16.82 crore in the
previous year. As on March 31, 2016, on provisional basis the
company has reported an OI of INR11 crore.

SLC reported, a net profit of INR0.66 crore on an operating
income (OI) of INR20.90 crore in FY2014-15, as compared to a net
profit of INR0.61 crore on an OI of INR24.87 crore in the
previous year. As on March 31, 2016, on provisional basis the
company has reported an OI of INR16.59 crore.


SHEETAL COOL: ICRA Puts B+ Rating on INR7.75cr Loan
---------------------------------------------------
ICRA has placed the [ICRA]B+ rating assigned to the INR7.75 crore
bank limits of Sheetal Cool Products Private Limited on notice
for withdrawal for one month at the request of the company. As
per ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
rating will be withdrawn after one month from the date of this
withdrawal notice.


SHIKHAR HOUSING: ICRA Puts 'B' Rating on INR10cr Bank Loan
----------------------------------------------------------
ICRA has placed its long-term rating of [ICRA]B on the INR10.0
crore bank lines of Shikhar Housing Development Private Limited
on a notice of withdrawal for one month at the request of the
company1. As per ICRA's policy, the ratings will be withdrawn
after one month from the date of this withdrawal notice.

Shikhar Housing Development Private Limited, incorporated on July
02, 2010, is involved in real estate and construction activities
in the city of Indore (Madhya Pradesh). The company is promoted
by Mr. Narendra Batra, Mr. Pawan Agarwal and Mr. Manish Agarwal,
who have significant experience in the real estate and
construction business. The company is currently executing two
group housing projects, Balaji Heights and Balaji Skyz, in
village Pipliyakumar in Indore, with total saleable area of more
than 8.35 lakh sqft. SHDPL is also developing a plotting project,
Balaji Angan, in Hatod, Madhya Pradesh on a land area of 13.35
acres.


SHIKHAR INTEGRATED: CARE Assigns 'B' Rating to INR17cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' to the bank facilities of Shikhar
Integrated Cold Chain Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       17       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Shikhar Integrated
Cold Chain Private Limited (SCPL) is primarily constrained
by its limited experience of the promoters in the cold storage
industry, short track record of operations, stabilization risk
and working capital intensive nature of operations. The rating is
further constrained by its presence in fragmented nature of the
industry, susceptibility of margins to fluctuation in raw
material availability along with high level of government
regulation.

The ratings, however, draw comfort from integrated operations
along with positive outlook for the Indian cold chain industry.

Going forward, the ability of the company to increase its scale
of operations while maintaining its envisaged profitability
margin, improve its capital structure and efficient management of
working capital requirement shall be the key rating
sensitivities.

Hathras based (Uttar Pradesh) SCPL a private limited company was
incorporated in 2012 is promoted by Mr Y P Singh, Mr Amlesh Singh
and Mr Ashish Singh.

SICPL, having storage capacity of the unit is 5000 metric tonnes
as on February 2016) is engaged in procurement, cold storage and
distribution of agricultural products such as lemon, ginger,
carrot, pomegranate and apple. The company commenced operations
from April 2015. The storage capacity of the unit is 5000 metric
tonnes as on February 2016.

The company purchases the fruits and vegetables directly from the
farmers where apples is procured from Himachal Pradesh & Jammu &
Kashmir, pomegranate from Maharashtra(Nasik) lemon, carrot and
ginger from Andhra Pradesh, Uttar Pradesh (Sikandrabad) and
Karnataka respectively. The company sells these fruits and
vegetables to wholesellers in local mandi's of Agra, Hathras, and
Aligarh etc.

In 11MFY16 (unaudited; refers to the period April 1, 2015 to
February 29, 2016), the company achieved Total Operating Income
of INR7 crore.


SHREE MAHALAXMI: CRISIL Reaffirms 'B' Rating on INR130MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Mahalaxmi
Himghar Private Limited (SMHPL) continue to reflect weak
financial risk profile, capital structure and debt protection
metrics.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           4        CRISIL A4 (Reaffirmed)
   Cash Credit            130        CRISIL B/Stable (Reaffirmed)

The ratings also factor in exposure to risks relating to revision
in government policies and volatility in product prices. These
weaknesses are partially offset by the extensive experience of
the promoters in the cold storage industry.
Outlook: Stable

CRISIL believes SMHPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if increase in scale of operations
and profitability improves cash accrual significantly. The
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, delay in receipt from farmers, or large debt-funded
capital expenditure weakens financial risk profile, especially
liquidity.

SMHPL was incorporated in 1979 by Mr. Madan Dolui and his family.
The company provides cold storage facilities for potato
manufacturers. It also trades in potatoes, although the portion
of revenue from this business is minimal. It is based in West
Bengal.


SMS LABS: CRISIL Assigns B- Rating to INR62.5MM Term Loan
---------------------------------------------------------
CRISIL has assigned the 'CRISIL B-/Stable' rating to the bank
facilities of SMS Labs Services Private limited (SMS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              7.5       CRISIL B-/Stable
   Cash Term Loan          62.5       CRISIL B-/Stable

The rating reflects the weak financial profile, tightly-matched
accrual versus repayment and modest scale of operations. These
weaknesses are partially offset by the comfortable operating
margin, backed by presence in a niche industry with limited
competition and funding support from promoters via unsecured
loans.
Outlook: Stable

CRISIL believes the company will continue to benefit over the
medium term from the comfortable operating margin, given the
presence in a niche industry. The outlook may be revised to
'Positive' if improvement in scale of operations or working
capital management strengthens the financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
lower profitability, poor working capital management or a large,
debt-funded capital expenditure programme weakens liquidity.

SMS was established in January 2011 in Thiruvallur (Tamil Nadu)
and started operations in 2013. The company is involved in
chemical and biological testing of environmental (air and stack,
all types of water, effluents/waste water, soil, sludge and solid
waste, VOC analysis, PAH, PCB analysis), food and agriculture
products, pesticides and antibiotic residues, salt spray, oils,
container testing, and trace metal analysis. Mrs. Sharadha Murali
manages the daily operations.

The company reported a net loss of INR9 million on sales of INR34
million for 2014-15 (refers to financial year, April 1 to
March 31), against a net loss of INR30 million on sales of INR2
million for 2013-14. It is expected to report a turnover of INR65
million for 2015-16.


SMT SONPATTI: CARE Assigns B+ Rating to INR5.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of SMT
Sonpatti Devi Memorial Medical Trust.

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


Rating Rationale

The rating assigned to the bank facilities of Smt. Sonpatti Devi
Memorial Medical Trust (SMT) is primarily constrained by small
scale of operations, deteriorating profitability margins,
leveraged capital structure and deteriorating coverage
indicators. The ratings are further constrained by the highly
regulated educational sector in India and operations concentrated
to a single geographical area with increasing competition from
established and upcoming educational institutes.

The rating, however, draw comfort from experienced members of the
trust, well established infrastructure and high enrolment ratio.

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

Smt Sonpatti Devi Memorial Medical Trust (SMT) is a charitable
trust set up by Mr Ramesh Harvinsh Singh for providing education
services in Jaunpur (Uttar Pradesh) in 1995. The trust operates
three colleges and one public school in Jaunpur. The trust
operates three colleges under the name Kunwar Haribansh Singh
College of Pharmacy (KHSCP), Kunwar Haribansh Singh Institute of
Management (KHSIM) and Kunwar Haribansh Singh Institute of
Nursing (KHSIN). Colleges are affiliated to Uttar Pradesh
Technical University and are approved by the All India Council
for Technical Education (AICTE).The trust also operates a school
in the name of Indravati Public School providing primary and
secondary education. The school is affiliated to Central Board of
Secondary Education.

In FY15 (refers to the period April 1 to March 31), SMT has
achieved a total operating income (TOI) of INR3.37 crore with
SBID and Surplus of INR1.66 crore and INR0.12 crore respectively
as against total operating income (TOI) of INR3.25 crore
with SBID and Surplus of INR1.46 crore and INR0.07 crore
respectively in FY14.


SOMA NUTRITION: ICRA Assigns B+ Rating to INR8.0cr Term Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR8.00
crore term loan facility and INR2 crore cash credit bank facility
of Soma Nutrition Labs Private Limited. ICRA has also assigned a
long term rating of [ICRA]B+ to the INR2 crore fund based
facility , which is a sub limit of the cash credit facility of
the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term loan             8.00        [ICRA]B+; assigned

   Cash Credit           2.00        [ICRA]B+; assigned

   S/L EPC              (2.00)       [ICRA]B+; assigned

The assigned rating takes into account Soma Nutrition Labs
Private Limited's nascent stage of operations given the fact that
the company is yet to commence its operations, and only 66% of
the estimated project cost has been incurred (Rs. 6.41 crore out
of promoters funds and INR3.09 crore out of bank loan) as on
April 25, 2016. With the estimated date of commercial operations
being August-September, 2016, following a delay from April 2016,
the company is exposed to execution risks pertaining to delays in
commencement and stabilisation of operations. The rating also
factors in the necessity to scale up export volumes to generate
adequate cash accruals given the debt funded capex for timely
servicing of debt obligations as well as the company's exposure
to stringent quality checks of the manufacturing facility and
products by United Nations, UNICEF, and other international
bodies who would be its prospective customers. The rating also
takes note of the nascent stage of supplementary food and
regulatory framework for malnourished children in India. Going
ahead, any adverse regulatory developments could hamper the
business in India. Also being an export-oriented unit, the
company's revenues are exposed to currency fluctuations in the
absence of a formal hedging mechanism.

The rating, however, draws comfort from the vast experience of
the promoters in the field of therapeutic food products with
operational synergy from group company and its associations with
reputed international organisations and NGOs including UN,
UNICEF, etc. who will be the target customers of Soma Nutrition.
ICRA also takes note of the limited off take risks for the
products given the limited competition intensity in this industry
on account of few manufacturers of Ready to Use Therapeutic Food
(RUTF) and Ready to Use Supplementary Food (RUSF) in India and
the huge demand from buyers in Africa and other under developed
countries supported by various international NGO's.

ICRA expects Soma Nutrition's operations to commence from August-
September 2016 and revenue recognition of not more than INR28
crore for 7MFY2017, which is likely to improve over the years
with an increase in the production capacity. The operating profit
margin is expected to be in the range of 7-7.5% during the next 5
years. Net margin is expected to be weak in the first year of
operations due to a delay in the project take off resulting in
lower revenues. However it is expected to remain in the range of
3.5-4% during the next 5 years. The company's capital structure
is likely to remain leveraged over the medium term. However with
an increase in the net worth and repayment of outside debt the
same is expected to improve in the long term.

Soma Nutrition Labs Private Limited was incorporated in 2013 and
will be engaged in the business of manufacturing and exporting
therapeutic and supplementary food for malnourished children
across the world as well as in India. Mr. Hemant Phatak who is
the managing director of the company has an experience of over
two decades in a similar line of business. The company has its
registered office in Borivali, Mumbai and factory at Jejuri near
Pune spread over an area of 6050 sq. metres. Soma Nutrition has a
group company Phoenix Trading & Consulting Private Limited, which
is engaged in the trading of non-food items for the
underprivileged.


SPUNWEB NONWOVEN: ICRA Assigns B Rating to INR8.10cr Term Loan
--------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to the INR5.50 crore cash
credit facility and INR8.10 crore term loan facility and [ICRA]A4
to INR0.45 crore Bank Guarantee of Spunweb Nonwoven Private
Limited. ICRA has also assigned the ratings of [ICRA]B and
[ICRA]A4 to INR8.10 crore of Project Letter of Credit which is
sublimit of Term Loan facility and INR0.16 crore of Credit Export
Limit which is sublimit of Cash Credit facility.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           5.50        [ICRA]B assigned
   Term Loan             8.10        [ICRA]B assigned
   Bank Guarantee        0.45        [ICRA]A4 assigned
   Project LC INR      (8.10)       [ICRA]B/[ICRA]A4 assigned
   Credit Export Limit  (0.16)       [ICRA]B/[ICRA]A4 assigned

The assigned rating is constrained by lack of track record of
Spunweb Nonwoven Private Limited (SNPL)'s operations as the same
is still in the project phase, the risk associated with the
stabilization of the plant as per the expected operating
parameters, acceptability of company's products in market and the
relatively small envisaged scale of operations. Further, the high
reliance on debt for project funding exposes the company to
possible stress on debt servicing capability in case of slower
than expected ramp up of operations and cash flows. The rating
also continues to take into account the vulnerability of the
company's profitability to any adverse fluctuations in the raw
material prices, high bargaining power of suppliers along with
intense competitive pressures in the fragmented wire drawing
industry.

The rating, however, favourably factors in relevant experience of
the promoters of more than a decade in non-woven textile business
and the company's location advantage by virtue of proximity to
raw material sources.

Spunweb Nonwoven Private Limited (SNPL) is setting up a unit at
Morbi in Gujarat to manufacture Polypropylene (PP) non-woven
fabrics which find application in automotive, home furnishing,
medical, packaging etc. The company proposes to manufacture
fabrics mainly for preparation of medical and hygiene products.
The proposed plant will have an annual installed capacity of
manufacturing 4800 metric tonnes (MT) with the commissioning of
operations expected in June 2016.


SUNARK ALUMINIUM: ICRA Suspends C- Rating on INR4.26cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C- assigned to
the INR4.26 Crore Fund based facility and the short term rating
of [ICRA]A4 assigned to the INR4.00 Crore Non-fund based facility
of Sunark Aluminium Industries Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance, in
the absence of the requisite information from the company.


SWAMI YOGANAND: Ind-Ra Assigns 'IND D' Rating to INDR49.5MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Swami Yoganand
Charitable Trust's (SYCT) INR49.5 million term loan and INR30
million working capital facility a Long-term rating of 'IND D'.

KEY RATING DRIVERS

The rating reflects SYCT's delays in debt servicing over the
three months ended April 2016 due to its weak liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

SYCT was established in 2002. It runs two boarding schools under
the name Vatsalya International School in Anand, Gujarat.


TARA FINVEST: CRISIL Cuts Rating on INR124MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Tara Finvest Private Limited (TFPL; part of the Krishna group)
to 'CRISIL B+/Stable' from 'CRISIL BB/Stable'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             124       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects deterioration in group's financial risk
profile due to ongoing capital expenditure (capex) of around INR3
billion in Krishna Tissues Pvt Ltd (KTPL; part of the Krishna
group) to enhance its kraft paper manufacturing capacity. The
capex is being funded with term loan of INR2080 million and the
rest through own funds or internal accrual, and the project is
likely to be commissioned in October-November 2016. Debt-funded
capex has weakened gearing, estimated to be around 2 times as on
March 31, 2016, from 1 time in 2014-15 and 0.79 time in 2013-14.
The gearing is likely to remain above 2 times over the medium
term. Further the ongoing capex has also constrained the group's
liquidity since a significant portion of the group's cash accrual
shall be utilised towards the capex. CRISIL believes that timely
commissioning of the project, ramp up in scale of operations and
generation of adequate cash accruals shall continue to be key
rating sensitivity factors over the medium term on account of the
significant repayment obligations in the group for the debt
contracted post commencement of project.

The rating reflects exposure of Krishna group to risks associated
with timely completion, commissioning and stabilisation of its
ongoing project. The rating also reflects its working capital
intensive operations and susceptibility of the group's
profitability to volatility in raw material prices and foreign
exchange rates. These weaknesses are partially offset by its
established clientele and extensive industry experience of
promoters.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of TFPL, MJK Mercantiles Pvt Ltd (MJK),
Krishna Paper Projects Pvt Ltd (KPPPL), and KTPL. This is because
all these companies, together referred to as the Krishna group,
have a common management and significant operational linkages.
Outlook: Stable

CRISIL believes the Krishna group will continue to benefit over
the medium term from the extensive experience of its promoters.
The outlook may be revised to 'Positive' in case of timely
implementation and stabilisation of ongoing project along with
generation of adequate cash accruals and efficient working
capital management. The outlook may be revised to 'Negative' if
time or cost overrun in project, lower than expected operating
income or accrual, stretch in working capital cycle, or any other
significant capex plans, further weakens the financial risk
profile, particularly liquidity.

The Krishna group manufactures duplex paper board and kraft
paper. KPPPL, TFPL, and MJK trade in waste paper and chemicals
used in the paper industry, and also procure waste paper for the
group's manufacturing unit, which is set up in KTPL. The group is
promoted by Kolkata based Bajaj family and has its existing
manufacturing unit located at Ghoraghata near Bagnan (West
Bengal). The upcoming unit is located in Burdwan, West Bengal.


TRANSFORMEX FERROUS: CARE Assigns 'B' Rating to INR4.64cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of
Transformex Ferrous Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.64      CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Transformex Ferrous
Private Limited (TFPL) is constrained on account of its financial
risk profile marked by operating losses during FY15 (refers to
the period April 1 to March 31), its presence in fragmented
nature of a industry with high degree of competition along with
volatility associated with raw material prices and foreign
exchange fluctuation risk. The rating is further constrained on
account of TFPL's presence in a highly fragmented industry with
high degree of competition. The rating, however, derives strength
from the experience management.

Going forward, TFPL's ability to increase its scale of operations
along with improving its profitability in light of the
competitive nature of the industry and raw material price
fluctuation remains the key rating sensitivities.

Vadodara-based (Gujarat) TFPL incorporated in 2013 is engaged
into the business of recycling of Steel Scrap. TFPL imports light
metal scrap (LMS) from Istanbul and Dubai. LMS comprises rubber
and steel. TFPL removes the rubber and processes the remaining
steel in it in order to convert it into Mild Steel (MS) Scrap
which is sold in the domestic market. TFPL is operating from its
sole manufacturing plant located in GIDC Estate, Ramanamdi
(Baroda) with an installed capacity of 12,000 metric tonnes per
annum (MTPA) for MS Scrap as on March 31, 2015.

As per the audited results for FY15, TFPL reported a total
operating income of INR0.93 crore with net loss of INR0.19 crore.
As per the provisional results for 11MFY16 (April 1, 2015-
December 31, 2015), TFPL has registered a TOI of INR2.50 crore.


VIDHATA EDUCATIONAL: CRISIL Assigns 'B' Rating to INR190MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Vidhata Educational and Welfare Trust (VEWT).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                190       CRISIL B/Stable

The rating reflects risks relating to execution of project,
optimal student in-take level, exposure to intense competition in
the education sector and susceptibility of revenue to regulatory
changes. These weaknesses are partially offset by management's
extensive experience in the education sector and comfortable
capital structure of the project.
Outlook: Stable

CRISIL believes VEWT will benefit from promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the trust commissions its project on time and has higher-than-
expected student intake leading to significant revenue.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overruns, weakening the trust's
liquidity profile.

VEWT is a charitable society formed in June 2010 by Mr. Pradeep
Kumar and his family. It is setting up a school, Pragaya
International School, in Panipat, which will offer education from
Pre-nursery to Class XII. The school will have infrastructure
such as library, auditorium, swimming pool, and cafeteria.

The school is expected to start its operations from FY 2016-17.


VINAYAK INTERNATIONAL: CARE Assigns B+ Rating to INR1.5cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Vinayak International Housewares Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      1.50      CARE B+ Assigned
   Short term Bank Facilities    17.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to Vinayak International Housewares Private
Limited (VIH) are primarily constrained by low profitability
margin, leveraged capital structure, weak coverage indicators and
working capital intensive nature of operations. The rating is
further constrained by its presence in a highly competitive
industry due to low entry barriers.

The ratings, however, draw comfort from experienced management
and moderate profitability margins.

Going forward, the ability of the company to increase its scale
of operations along with improvement in capital structure and
efficient management of working capital requirements shall be the
key rating sensitivities.

VIH was established in 1996 under the name Vinayak International
as a proprietorship concern by Mr Rajindra Prasad Gupta.
Subsequently, in 2012, VIH was reconstituted as a private limited
and the name was changed to its current name. VIH is engaged in
manufacturing and trading of stainless steel utensils. The main
raw material for the company is stainless steel sheets which the
company procures from domestic players as well as from foreign
players. Domestically it procures raw materials from various
manufacturers based in Delhi and Haryana region. It imports raw
material mainly from China, which is 40% of the total raw
material consumed. In FY15 (refers to the period April 1 to March
31), the company generated 57% (47% of sales in FY14) of its
revenue from trading and balance from manufacturing. The company
has manufacturing facility located in Wazirpur industrial area,
Delhi. The installed capacity of the company is 5 lakhs pieces
per month.


In FY15 (refers to the period April 1 to March 31), VIH has
achieved a total operating income (TOI) of INR53 crore with
PBILDT and PAT of INR2.74 crore and INR0.40 crore as against
total operating income (TOI) of INR45.73 crore with PBILDT and
PAT of INR3.06 crore and INR0.32 crore in FY14. Furthermore, the
firm achieved total sales of INR58 crore during 11MFY16 (refers
to the period April 1 to February 29) (as per unaudited results).



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


SRI REJEKI: Moody's Puts (P)B1 Rating to Prop. Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1 rating
to the proposed senior unsecured notes to be issued by Golden
Legacy Pte. Ltd. and unconditionally and irrevocably guaranteed
by P.T. Sri Rejeki Isman Tbk (Sritex).

Sritex corporate family rating is B1.  The rating outlook is
positive.

Proceeds from the proposed notes will primarily be used to
repurchase the existing $270 million senior unsecured notes due
2019.  The existing notes are rated B1 and are issued by Golden
Legacy Pte. Ltd., which is a wholly owned subsidiary of Sritex,
and guaranteed by Sritex.

The provisional rating on the proposed notes will be removed upon
successful completion of the issuance and satisfactory review of
the final terms and conditions.

                         RATINGS RATIONALE

"We expect transaction proceeds to (1) be used to refinance
existing debt, with absolute debt levels remaining at current
levels, (2) extend the maturity profile of the notes to 2021, and
(3) potentially retire high cost working capital loans.  As such,
we expect Sritex's leverage to remain around 3.7x proforma for
the transaction," says Brian Grieser, a Moody's Vice President
and Senior Analyst.

Sritex announced a tender offer for the existing notes due 2019
on May 23, 2016, which will expire on May 31, 2016.  The tender
offer is subject to a number of conditions, including the
completion of the proposed notes offering.

Sritex's B1 CFR reflects its relatively small scale in the highly
competitive global textile industry, its geographic concentration
of assets in Indonesia's central Java region, and manageable
debt-to-EBITDA leverage of approximately 3.7x at March 31, 2016.

The rating also reflects Sritex's (1) solid EBITDA margins,
ranging between 17% and 20%; (2) strong trends in earnings
growth; (3) track record of executing on its large, debt-funded
capital spending program, which is now near completion (4) both
customer and geographic sales diversification and (5) a solid
liquidity profile.

The positive outlook reflects Moody's expectation that Sritex
will successfully complete its capex program in 2016 and that
spending levels will decline materially by end-2016 and into
2017. Accordingly, we expect EBITDA growth and improved cash
generation to result in a significant improvement in Sritex's
credit profile over the next 18 months.

The ratings could be upgraded if Sritex maintains a stable
financial profile over the next 18 months, with cash flows
exceeding capital spending.  In particular, debt-to-EBITDA levels
below 3.5x and EBITA/interest expense above 3.5x on a sustained
basis would be supportive of an upgrade.

In addition, the company would also need to maintain its good
liquidity profile, supported by high cash balances and committed
bank facilities to be upgraded.

A near-term downgrade is unlikely, given the positive outlook.
However, the outlook could return to stable if: (1) rising wages
and other input costs reduce Sritex's cost competitiveness, such
that EBITDA margins fall below 15% on a sustained basis, or (2)
Sritex expands its business through debt-funded acquisitions or
capital expenditures, such that debt-to-EBITDA exceeds 4.0x on a
sustained basis, or (3) liquidity deteriorates due to either
falling cash balances or a loss of access to its credit
facilities.

A shift in Sritex's articulated financial policy -- such that the
company expands its debt-funded capex program -- would most
likely also result in a return to a stable outlook.

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

P.T. Sri Rejeki Isman Tbk, located in central Java, Indonesia, is
a vertically integrated manufacturer of textiles and textile
products.  Its operations are spread across 22 factories,
consisting of 9 spinning plants, 3 weaving plants, 3 finishing
plants and 8 garment plants.  Net revenues generated by its four
divisions were approximately $622 million for calendar 2015.



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


MITSUBISHI: Books JPY19.1BB Charge Over Fuel Efficiency Scandal
---------------------------------------------------------------
The Japan Times reports that Mitsubishi Motors Corp. on May 25
added a JPY19.1 billion special loss to its fiscal 2015 earnings
due to the recent fuel efficiency manipulation scandal.

According to the report, the automaker is expected to provide
compensation for gas expenses to owners who purchased the cars in
question and will also return government-sponsored rebates for
environmentally-friendly cars.

Mitsubishi reached the figure after conducting in-house tests on
the four minicar models whose fuel efficiency was exaggerated, a
company spokesman said, The Japan Times relays.

The charge cuts the Tokyo-based automaker's net profit to
JPY72.5 billion from JPY89 billion that it initially reported on
April 27, according to the report.

Mitsubishi manipulated data for the eK Wagon, eK Space, Dayz and
Dayz Roox to make them appear up to 15 percent more fuel
efficient, the report recalls.

The firm said May 25 that it is still unable to come up with a
fiscal 2016 forecast, adds The Japan Times.

                       About Mitsubishi Motors

Japan-based Mitsubishi Motors Corporation (TYO:7211) --
http://www.mitsubishi-motors.com/index.html-- manufactures
automobile.  The Company, along with its subsidiaries and
associated companies, is engaged in the development, production,
purchase, sale, import and export of general and small-sized
passenger vehicles, mini-vehicles, sport utility vehicles (SUVs),
vans, trucks and automobile parts, as well as industrial
machines. It is also engaged in the checking and maintenance of
new vehicles, as well as the provision of automobile sales
financing and leasing services.

As reported in the Troubled Company Reporter-Asia Pacific on
April 29, 2016, The Japan Times said Mitsubishi abstained from
releasing a forecast for fiscal 2016 on on April 27 as a scandal
involving falsified fuel efficiency figures threatened to be a
road wreck for the automaker.

On April 26, 2016, Standard & Poor's Ratings Services said that
it has placed its 'BB+' long-term corporate credit rating on
Japan-based automaker Mitsubishi Motors Corp. on CreditWatch with
negative implications following the company's announcement that
fuel-consumption test data for four of its mini-vehicle models
was deliberately falsified.  This testing fraud is highly likely
to depress unit sales, and damage to business performance and the
company's financial profile over the next year or two may exceed
tolerances for the current rating, in S&P's view.

On April 20, 2016, Mitsubishi Motors announced confirmation of
the deliberate falsification of data for fuel-consumption testing
on four models of its mini-vehicles that sold 625,000 units in
total. Because the focus of the company's automotive lineup is
mini-vehicles and sports utility vehicles (SUVs), the success or
failure of any one model has a significant impact on earnings.
It remains difficult to immediately estimate the impact of the
fraudulent testing on vehicle unit sales in Japan and abroad.
However, given that Mitsubishi Motors' original equipment
manufacturing (OEM) partner Nissan Motor revealed the
falsification and that Mitsubishi Motors has admitted to two
recall coverups in the past, S&P thinks the fraud is likely to
lead to a decline in unit sales.  In addition, this incident may
hurt the company's business results significantly over the mid-
to long-term if it reduces Mitsubishi Motors' OEM supplies to
other automakers or weakens its brand recognition in Southeast
Asian markets, which contributes to companywide sales and
profits. Meanwhile, the company has relatively ample cash and
deposits at hand, which will absorb the financial impact of the
incident to some extent if the fraud affects only mini-vehicles
in Japan.



===============
M A L A Y S I A
===============


1MALAYSIA DEVELOPMENT: Singapore Shuts Swiss Private Bank
---------------------------------------------------------
Nikkei Asian Review reports that in a concerted move, authorities
in Singapore and Switzerland probing the transfers of money from
a Malaysian sovereign fund said on May 24 they had initiated
criminal proceedings against a Swiss private bank and shut down
its subsidiary in the city-state.

Nikkei relates that the actions will likely pile pressure on
other authorities, including the U.S. and Malaysia investigating
1Malaysia Development Berhad, which has been embroiled in a
scandal involving Prime Minister Najib Razak for the past year.

According to Nikkei, the Monetary Authority of Singapore, the de
facto central bank, said in a statement it had served a closure
notice to the local branch of BSI Bank for mismanagement, the
first such case since 1984.

Separately, the Office of the Attorney General of Switzerland
also announced it had initiated criminal proceedings against the
bank's parent in relation to a series of complex fund transfers
for its client, 1MDB, the report relays.  The announcements led
to the immediate resignation of Stefano Coduri, BSI Bank's group
chief executive, according to news reports.

Nikkei relates that MAS said its decision to withdraw the
merchant bank status of BSI Bank was made after months of
investigations into its operations revealed "multiple breaches of
anti-money laundering regulations and a pervasive pattern of non-
compliance."

The statement did not name 1MDB but an MAS spokesperson told the
Nikkei Asian Review those actions taken on "BSI Bank arose from
serious lapses by the bank in connection with suspicious
transactions and relationships, including with 1MDB-related
entities and broader failings in management oversights."

Singapore's BSI Bank was served notices of shortcomings in 2011
and 2014 in relation to risk management and internal controls,
which it had rectified, Nikkei states.  The latest probe by the
Singapore authority showed management oversight that led to
breaches of anti-money laundering regulations, leading to
penalties amounting to SGD13.3 million ($9.6 million) for 41
breaches of the central bank notice, according to Nikkei.

"BSI Bank is the worst case of control lapses and gross
misconduct that we have seen in the Singapore financial sector,"
Nikkei quotes Ravi Meno, MAS's managing director, as saying.

Nikkei reports that several bank staff were found to have
committed "wilful act[s] of misconduct," including deceiving
auditors, faking asset valuation and taking instructions from a
third party in relation to customers' accounts.

The Wall Street Journal reports that following the announcements,
BSI's head office in Switzerland said in a statement that its
group chief executive officer Stefano Coduri would step down with
immediate effect, and that it has cooperated fully with
investigations by regulators in both Switzerland and Singapore.

Authorities in Switzerland and Singapore are among those in at
least six countries investigating the alleged misappropriation of
funds from 1Malaysia Development Bhd., a Malaysian government
investment fund, the Journal notes.

The Malaysian state fund has denied any wrongdoing and said it is
cooperating with authorities. On May 24, 1MDB said in a statement
that it was aware of the statements from authorities in Singapore
and Switzerland and "remains committed to fully cooperating with
any foreign lawful authority," the Journal adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).



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


LBC BANK: Former Directors, Officers Face Another Criminal Case
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) charged
former directors and officers of the closed LBC Development Bank,
Inc. (LBC Bank) for violating Republic Act 3591, as amended, or
the PDIC Charter by conducting business in an unsafe and unsound
manner that caused LBC Bank aggregate losses of at least
PHP1.8 billion. The criminal complaint was filed on April 15,
2016 before the Department of Justice Task Force on Financial
Fraud.

Charged were LBC Bank's former directors Santiago G. Araneta,
Juan Carlos G. Araneta, Fernando G. Araneta, Carlos G. Araneta,
and Joseph Jeffrey Rodriguez; as well as former Chairman,
President and CEO Ma. Eliza G. Berenguer, former Head of the
Treasury Ofelia F. Cuevas, former Finance Head Apolonia L. Ilio,
and former Cashier Arlan T. Jurado.

LBC Bank is a 20-unit thrift bank that was ordered closed by the
Monetary Board of the Bangko Sentral ng Pilipinas on September 9,
2011. LBC Bank's closure affected 33,191 accounts with total
estimated deposits of PHP5.95 billion, PHP2.97 billion of which
are insured by the PDIC up to the maximum deposit insurance
coverage of PHP500,000. Of the total insured deposits, 98% or
PHP2.91 billion have been paid by PDIC drawn from the Deposit
Insurance Fund (DIF). The DIF is PDIC's funding source for
payment of deposit insurance.

The complaint alleged that the respondents positioned the bank to
be an active player in the remittance business through a service
agreement with LBC Express. LBC Express is a remittance company
owned by LBC's Bank's stockholders and directors. Under the
agreement, LBC Bank was tasked as the pay-out or distribution
agent of LBC Express. In return, LBC Express was responsible for
the payment of service fees for every transaction facilitated by
LBC Bank.

The complaint further alleged that the respondents, taking
advantage of their bank positions, deliberately acted in favor of
LBC Express and disregarded their duties and responsibilities to
LBC Bank when they failed to require LBC Express to pay the
service fees due. The respondents were also charged for their
failure to question or investigate the cause of LBC Express' non-
payment of the service fees. The complaint also charged
respondents for their failure to impose measures to protect the
interest of LBC Bank, either by terminating the service agreement
unless payment was made to LBC Bank, or by imposing sanctions to
LBC Express for failure to pay. The service agreement, the
complaint noted, was even renewed repeatedly from 2005 to 2011.
These acts, the complaint stated, constitute the conduct by the
respondents of unsafe and unsound banking practices.

The PDIC has earlier filed charges of estafa, syndicated estafa
and falsification of commercial documents against former
directors and officers of LBC Bank. The filing of charges against
erring bank officers and employees and unscrupulous individuals
is an important undertaking of the PDIC to achieve the objectives
of deterring other parties from taking advantage of the deposit
insurance system, and protecting the interests of the depositors
and the DIF.



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


STX OFFSHORE: Creditors Mull Court Receivership
-----------------------------------------------
Yonhap News Agency reports that the creditors of STX Offshore &
Shipbuilding Co. are moving to put the midsize local shipyard
under court receivership this month, ending their yearslong
financial aid, amid ongoing efforts to revamp the ailing
industries, such as shipping and shipbuilding, industry sources
said on May 25.

According to the report, sources said the creditors, led by the
state-run Korea Development Bank, will discuss whether to extend
a lifeline to the financially troubled shipbuilder. But the
sources said the creditors have already reached a consensus to
place the shipyard under court receivership.

Yonhap notes that STX Shipbuilding, once the country's No. 4
shipbuilder, has been under the control of its creditors since
April 2013, in line with a protracted slump in the shipbuilding
sector.

STX Shipbuilding was affiliated with the now-defunct STX Group
that had a business portfolio that ranged from construction and
shipping to shipbuilding and energy, Yonhap says.

According to Yonhap, the creditors had provided over
KRW4 trillion (US$3.36 billion) to the shipyard, but it is still
reeling from losses.

Last year, the shipyard logged an operating loss of KRW314
billion following a loss of KRW1.5 trillion the previous year.

Its debt owed to financial institutions reached KRW6 trillion,
the report discloses.

Yonhap says creditors extended additional aid of KRW450 billion
to the shipyard late last year and sought to reorganize STX
Shipbuilding's business portfolio to focus on tanker ships and
small-sized LNG carriers.

Should the shipbuilder be put under court receivership, its
creditors have to set aside an additional 2.8 trillion won in
loan-loss reserves, the report states. In particular, KDB and the
Export-Import Bank of Korea, the shipbuilder's two major
creditors, are required to set aside over KRW2 trillion in
provisions against bad loans extended to STX Shipbuilding.

According to Yonhap, local shipyards have been suffering massive
losses due to increased costs stemming from a delay in the
construction of offshore facilities and an industrywide slump.

The country's top three shipyards -- Hyundai Heavy Industries
Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding &
Marine Engineering Co. -- suffered a combined operating loss of
KRW8.5 trillion last year, and a huge chunk of the loss, some
KRW5.5 trillion, came from Daewoo Shipbuilding, Yonhap discloses.

Yonhap meanwhile reports that Financial Services Commission
Chairman Yim Jong-yong said the government and creditors will
push for a speedy restructuring of smaller shipyards in the
country.

The government is working to draw up a set of comprehensive
measures to overhaul financially shaky shipyards early next
month, Yonhap relays.

Yonhap relates that industry sources said local lenders had
provided a combined KRW7.4 trillion in financial aid to the
country's three mid-sized shipyards -- STX Shipbuilding, SPP
Shipbuilding Co. and Sungdong Shipbuilding & Marine Engineering
Co. -- since they were put under creditor-led restructuring
schemes.

By company, a total of KRW4.5 trillion has been provided to STX
Shipbuilding since April 2014. Creditors have extended a total of
KRW1.1 trillion to SPP Shipbuilding since May of last year. And
Sungdong Shipbuilding received a total of KRW1.9 trillion in
financial aid from its creditors since May 2010, Yonhap reports
citing sources.

STX Offshore & Shipbuilding Co. Ltd. is a Korea-based company
mainly engaged in the shipbuilding and offshore business. The
company operates its business through five segments: merchant
vessel, cruise, offshore and specialized vessel (OSV), vessel
apparatus and other segment. The merchant vessel segment engages
in the manufacture of liquefied natural gas (LNG) and liquefied
petroleum gas (LPG) carriers, container ships, tankers, very
large ore carriers (VLOCs), bulk carriers as well as pure cars
and truck carriers. The cruise segment provides cruise ships. The
OSV segment engages in the manufacture of offshore patrol
vessels, corvettes and others. The vessel apparatus segment
produces vessel engines, deck houses and others. The other
segment mainly engages in the plant construction business, rental
business, crane business and others.



                             *********

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

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

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


                            *********


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

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

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

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

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



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