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

                      A S I A   P A C I F I C

            Wednesday, June 29, 2016, Vol. 19, No. 127


                            Headlines


A U S T R A L I A

APN NEWS: Moody's Withdraws Ba2 CFR and Stable Outlook
GROVEBOROUGH PTY: First Creditors' Meeting Set For July 7
HALL CONSTRUCTION: First Creditors' Meeting Set For July 6
KIMBERLEY DIAMONDS: Sells Shares to Repay Loan From Chinese Firm
MALEK FAHD: Gets AUD5.2-Mil. Federal Government Funding

MARIA'S FARM: First Creditors' Meeting Set For July 8
ZAPS TRANSPORT: First Creditors' Meeting Set For July 6


C H I N A

BANK OF NANJING: S&P Affirms 'BB+' ICR & Revises Outlook to Neg.


I N D I A

A.RAMANATHAN & CO: CRISIL Reaffirms B+ Rating on INR90MM Loan
AJIT KUMAR: ICRA Assigns 'B' Rating to INR2.0cr Cash Loan
AMIYA STEEL: ICRA Suspends C- Rating on INR17.7cr Loan
ASIAN PEROXIDES: ICRA Lowers Rating on INR21.5cr LT Loan to D
B P ALLOYS: ICRA Suspends 'B' Rating on INR8.25cr Bank Loan

BALAJI PACKPLAST: CARE Assigns B+ Rating to INR11.61cr LT Loan
BANASHANKARI AGRO: ICRA Assigns 'B' Rating to INR9.31cr Loan
CALICA RESOURCES: CRISIL Suspends 'B' Rating on INR2MM LT Loan
CHAMUNDA COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
CHANDAKMARBLES PRIVATE: CARE Reaffirms B+ Rating on INR8cr Loan

CHIRAMITH PRECISION: ICRA Suspends B+ Rating on INR7.90cr Loan
D.R. THANGAMAALIGAI: CRISIL Reaffirms B Rating on INR60MM Loan
DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loan
EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR62.5M Loan
GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR76MM Loan to B

GRACE INTERNATIONAL: CRISIL Assigns B+ Rating to INR105MM Loan
GREEN WORLD: ICRA Suspends 'B' Rating on INR9.0cr LT Loan
HARIRAM PACKAGING: CRISIL Reaffirms B+ Rating on INR90MM Loan
HYDROTECH PARYAVARAN: Ind-Ra Migrates 'IND BB-' LT Issuer Rating
IGNIS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR20MM Loan

JALARAM ECO: ICRA Suspends 'B' Rating on INR5.90cr Bank Loan
K.PRASAD BABU: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
KAALENDI VENTURES: CARE Assigns 'B+' Rating to INR18.35cr LT Loan
KERAFIBERTEX INT'L: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
KULKARNI POWER: CRISIL Cuts Rating on INR139MM Cash Loan to B-

LTS PLASTICS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
M. S. ENGINEERING: ICRA Reaffirms B+ Rating on INR6.5cr Cash Loan
MANSA DEVI: ICRA Suspends B+ Rating on INR27cr Bank Loan
MITTAL FIBERS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
MITTAL LUMBER: ICRA Suspends B/A4 Rating on INR6.65cr Loan

NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Loan
PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
PARMESHWARI SILK: ICRA Suspends B+/A4 Rating on INR24.55cr Loan
PRAMUKH COTEX: CARE Assigns B+ Rating to INR13.50cr LT Loan
R.L. FOODS: ICRA Suspends 'B' Rating on INR29cr Loan

SADHBHAWANA IMPEX: ICRA Suspends B+ Rating on INR27.5cr Loan
SAIGON INFRATECH: CARE Reaffirms B+ Rating on INR5cr LT Loan
SAKSHI MARKFIN: ICRA Suspends 'B/A4' Rating on INR19.0cr Loan
SHREE SIDHBALI: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
SOUTHERN GOLD: CRISIL Cuts Rating on INR100MM Cash Loan to B+

SREE NIRMALA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
SREE NIVAS: CRISIL Suspends 'C' Rating on INR210MM Cash Loan
SREE VEERA: ICRA Withdraws 'B' Rating on INR5cr Bank Loan
SRI RAVICHANDRA: CRISIL Cuts Rating on INR240MM LT Loan to 'D'
SRI SANTHANALAKSHMI: CRISIL Ups Rating on INR30MM Cash Loan to B+

SRI SCL: CARE Raises Rating on INR31cr Loan to B+
SUMEET FACILITIES: CRISIL Ups Rating on INR60MM LT Loan to B+
VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR110MM Loan
VIKRANT EDUCATIONAL: CRISIL Suspends D Rating on INR85MM Loan
Y AND H: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan


N E W  Z E A L A N D

ASB THEATRE: Former Mayors Back Bailout of Troubled Theater
LAURA ASHLEY: Shuts Up Shop in New Zealand


S O U T H  K O R E A

HANJIN SHIPPING: To Return 38 Chartered Ships by 2017
SAMSUNG HEAVY: To Push for Speedy Capital Increase


                            - - - - -


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


APN NEWS: Moody's Withdraws Ba2 CFR and Stable Outlook
------------------------------------------------------
Moody's Investors Service has withdrawn APN News and Media
Limited's Ba2 corporate family rating and its stable outlook.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

APN News and Media Limited is one of Australia's leading
diversified media groups with its earnings diversified across
radio, print, outdoor, and digital media.


GROVEBOROUGH PTY: First Creditors' Meeting Set For July 7
---------------------------------------------------------
Leonard Anthony Milner of Venn Milner & Co was appointed as
administrator of Groveborough Pty Ltd, trading as Koala Park
Resort (Cowes), on June 27, 2016.

A first meeting of the creditors of the Company will be held at
Venn Milner & Co, Suite 1, 10-12 Chapel Street, in Blackburn,
Victoria, on July 7, 2016, at 11:00 a.m.


HALL CONSTRUCTION: First Creditors' Meeting Set For July 6
----------------------------------------------------------
Hamish MacKinnon and Michael Quin of Bent & Cougle were appointed
as administrators of Hall Construction Group Pty Ltd on June 24,
2016.

A first meeting of the creditors of the Company will be held at
The Gateway Theatrette, 312 St Kilda Road, in Melbourne, on
July 6, 2016, at 10:30 a.m.


KIMBERLEY DIAMONDS: Sells Shares to Repay Loan From Chinese Firm
----------------------------------------------------------------
Rapaport News reports that Kimberley Diamonds raised $3 million
(AUD4 million) by issuing shares to partly repay a loan taken out
from a Chinese auction house.

Rapaport relates that the company said it sold 40.2 million
shares at AUD0.10 per share, and of these about 7 million shares
were issued to Zhejiang Huitong Auction Co to pay off a part of
the $9.7 million debt.

According to the report, Kimberley Diamonds and Zhejiang have
also agreed to amend the terms of the deal, allowing the latter
to convert approximately $134,500 of the borrowing into shares at
AUD 0.10 apiece. The company now owes Zhejiang about $8.4
million, according to a statement June 24, Rapaport relays.

Meanwhile, Kimberley Diamonds said June 22 it and three of its
directors intend to defend themselves against claims by the
liquidators of a former subsidiary, Kimberley Diamond Company Pty
Ltd, over allegations of trading while insolvent, "voidable
transaction recovery proceedings" and breaches of director
duties, Rapaport reports. The liquidators at Australian
insolvency firm Jirsch Sutherland sued the company and directors
Alex Alexander, Noel Halgreen and Rodney Sainty, according to a
company statement obtained by Rapaport.

The liquidators have claimed $17 million plus costs and interest.
On top of that, there are also claims for "unspecified amounts,"
the miner said, Rapaport relays.

The case revolves around the collapse last July of Kimberley
Diamonds' Ellendale mine in Australia, which supplied fancy
yellow diamonds to Tiffany & Co., Rapaport reports.

                     About Kimberley Diamonds

ASX-listed Kimberley Diamonds is an Australian-based diamond
exploration and mining company with assets in Australia, Botswana
and Spain. Its main diamond producing mine located in Ellendale,
in Western Australia, was the world's leading source of rare
yellow diamonds. The diamonds mined at Ellendale were sold by
Kimberley Diamonds to Laurelton Diamonds Inc, a subsidiary of
Tiffany & Co.

Between March 2013 and May 2014 Kimberley Diamonds was in
negotiations with Tiffany & Co that were aimed at increasing the
price that Kimberley Diamonds would be paid for its diamonds.

On May 12, 2014, Kimberley Diamonds announced to the market that
price increase negotiations with Tiffany & Co had failed and,
consequently, the company's earnings forecast for the last
quarter of the 2014 financial year was revised down from AUD7.5
million to AUD1.5 million. The price of Kimberley Diamonds'
shares fell by 41.5% following the announcement.

On July 1, 2015, Kimberley Diamonds announced that Kimberley
Diamonds Company Pty Ltd, a wholly owned subsidiary of Kimberley
Diamonds, and the owners of the diamond mine at Ellendale, had
been placed into voluntary administration.


MALEK FAHD: Gets AUD5.2-Mil. Federal Government Funding
-------------------------------------------------------
James Taylor at Canterbury-Bankstown Express reports that
Australia's largest Islamic School has been saved for another
term after Federal Government officials agreed to hand over more
than AUD5 million in an 11th hour funding move.

According to the report, Malek Fahd Islamic School, in Sydney's
south west, lost AUD19 million in taxpayer funding in April after
an audit found its board, then run by the Australian Federation
of Islamic Councils, was not spending all of the money on
educating its 2400 students.

A new interim board won a reprieve later that month when the
Administrative Appeals Tribunal ruled funding be restored until
an appeal was decided. However, the Federal Government continued
to withhold funds, the report says.

On June 21, Federal Court judge Steven Rares ordered Federal
Education Minister Simon Birmingham urgently pay the school
AUD5.2 million after lawyers said it risked trading while
insolvent from week's end, the report recalls.

Canterbury-Bankstown Express says Education Department and
Training officials visited the school on June 23 and interim
board chairwoman Miriam Silva confirmed on June 24 she had been
told the payment would be made.

"As always we are committed to satisfying all requirements under
the (Australian Education Act) to ensure that our school is
compliant," she said in a letter to parents, the report relays.

An Education Department and Training spokesman confirmed the
school would be paid what it was "entitled" to for the April
quarter.

According to the report, the school's lawyer Rick Mitry said on
June 27 the K-12 campus would now remain open for at least
another term.

"Hopefully by the end of the term, and even before, the
requirements that the (department) are suggesting that they don't
comply with . . . will be complied with to the satisfaction of
the department officials," the report quotes Mr. Mitry as saying.

But the Education and Training spokesman said the decision didn't
mean further funding was guaranteed and "the department will
continue to monitor Malek Fahd Islamic School Limited's
compliance with its obligations under the Australian Education
Act 2013".

Canterbury-Bankstown Express notes that two more payments due
this year, reportedly worth AUD10.4 million, are still in doubt
if the department decides the school is still not compliant with
financial and governance rules.

The school's former board, made up of AFIC members, was thrown
out in March and an interim board brought in to address these
issues, Canterbury-Bankstown Express recalls.

As part of the Federal Court order, Malek Fahd must also launch
proceedings to recover millions possibly owed by AFIC.

Canterbury-Bankstown Express adds that Mr Mitry said he has
spoken to several parents, who said their priority now was
getting Year 12 students through their HSCs and alleviating the
stress caused to students by the uncertainty.


MARIA'S FARM: First Creditors' Meeting Set For July 8
-----------------------------------------------------
Rahul Goyal and David Winterbottom of Kordamentha were appointed
as administrators of Maria's Farm Veggies on June 28, 2016.

A first meeting of the creditors of the Company will be held at
Crowne Plaza Newcastle, Cnr Wharf Rd & Merewether Street, in
Newcastle, NSW, on July 8, 2016, at 4:00 p.m.


ZAPS TRANSPORT: First Creditors' Meeting Set For July 6
-------------------------------------------------------
Andrew Hugh Jenner Wily of Armstrong Wily was appointed as
administrator of ZAPS Transport (Aust) Pty Ltd, trading as Westin
Tristar Logistics (NSW), on June 24, 2016.

A first meeting of the creditors of the Company will be held at
Level 5, 75 Castlereagh Street, in Sydney, on July 6, 2016, at
11:00 a.m.



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

BANK OF NANJING: S&P Affirms 'BB+' ICR & Revises Outlook to Neg.
----------------------------------------------------------------
S&P Global Ratings said that it had revised the rating outlook on
Bank of Nanjing Co. Ltd. (BONJ) to negative from stable.
Accordingly, S&P lowered its long- and short-term Greater China
regional scale ratings on the China-based bank to 'cnBBB/cnA-3'
from 'cnBBB+/cnA-2'.  At the same time, S&P affirmed its 'BB+'
long-term and 'B' short-term issuer credit ratings on BONJ.  S&P
then withdrew the ratings at the issuer's request.

The negative outlook at the time of the withdrawal reflected
BONJ's eroded capital buffer to weather heightened economic risk
in China.  In the scenario that China's economic risk worsened to
the next level, S&P estimated that the bank's risk-adjusted
capital RAC ratio would fall below 5%, the minimum threshold
supporting the current assessment and overall rating.

S&P may have lowered the rating if the RAC ratio fell below 5%.
This could have occurred if China's economic risk worsened or
high growth in risk-weighted assets continues without
corresponding capital replenishment.  S&P may have revised the
outlook back to stable if the RAC ratio stayed above 5% even if
it adjusted its risk weights upward to reflect a worsened
economic risk in China.



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


A.RAMANATHAN & CO: CRISIL Reaffirms B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of A.Ramanathan & Co.
continue to reflect the firm's modest scale of operations in the
intensely competitive civil construction industry, customer and
geographical concentration in its revenue profile, and its large
working capital requirement. These weaknesses are partially
offset by extensive industry experience of its promoters, and its
moderate financial risk profile because of a moderate capital
structure and adequate debt protection metrics.

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

   Cash Credit            90        CRISIL B+/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes ARC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the firm's business risk profile
strengthens due to extension in geographical reach and
diversification of customer base, while revenue and profitability
increase significantly leading to larger-than-expected accrual,
and consequently, to a better financial risk profile. The outlook
may be revised to 'Negative' in case of significant decline in
revenue or profitability, considerable delays in realisation of
receivables, or larger-than-expected debt-funded capital
expenditure, weakening financial risk profile, particularly
liquidity.

Update
Revenue is estimated to have surged 200 percent to INR240 million
for 2015-16 (refers to financial year, April 1 to March 31) from
INR80.8 million in 2014-15 because of increased number of
contracts floated during the year and more small projects
executed by the firm. Operating margin remained at 12.3 percent
for 2015-16.

Operations remained working capital intensive, reflected in
estimated gross current assets of 191 days as on March 31, 2016,
driven by receivables of 4 months and inventory of 75 days as on
March 31, 2016.

Financial risk profile remains moderate because of moderate
gearing of 1.2 times as on March 31, 2016, and comfortable debt
protection metrics.
Liquidity remains adequate, because of moderate bank limit
utilisation, and adequate cash accrual to meet debt obligation.

ARC was set up as a partnership firm in 1955 and executes civil
contracts. It is based in Tiruchirappalli, Tamil Nadu, and
operations are managed by Mr. R Panneerselvam and Mr. P A
Paranthaman.


AJIT KUMAR: ICRA Assigns 'B' Rating to INR2.0cr Cash Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR2.00
crore cash credit facility and INR1.00 crore unallocated limit of
Ajit Kumar Swain. ICRA has also assigned a short-term rating of
[ICRA]A4 to the INR5.00 crore bank guarantee facility and INR2
crore unallocated limit.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit
   Cash Credit            2.00        [ICRA]B assigned

   Fund Based Limit
   Unallocated            1.00        [ICRA]B assigned

   Non-Fund Based
   Limit-Bank Guarantee   5.00        [ICRA]A4 assigned

   Non-Fund Based
   Limit Unallocated      2.00        [ICRA]A4 assigned

The assigned ratings take into account AKS's small scale of
current operations with limited track record of the entity and
high geographical concentration risk with projects executed only
in Odisha. The ratings also take note of the fragmented and
highly competitive nature of the industry, coupled with a tender-
based contract awarding system followed by government
departments, which keep margins under check, and also the risk
inherent to the proprietorship nature of the constitution such as
withdrawal of capital.

The ratings, however, favourably take into account the
proprietor's experience in the civil contract business through a
group entity and low counterparty default risk as the concern is
driving 100% revenue from government projects. The rating is also
upbeat about the company's strong unexecuted order book position
- ~ INR87 crore (21.15x of the OI in FY2016) - as on May 31,
2016, which provides revenue visibility over the near to medium
term.

Incorporated in 2009 as a proprietorship firm, the entity
commenced operations in the second quarter of FY2015. Ajit Kumar
Swain (AKS/ the entity) is a civil constructor involved in
irrigation canals - earthwork, rehabilitation etc, and road works
in Odisha. AKS is a registered Special Class Contractor with the
Public Works Department (PWD), Odisha, and this allows the entity
to bid for large contracts floated by the department. The
proprietor of the firm is also engaged in construction activities
through a group firm - M S Infraengineers Pvt Ltd (MSIPL), of
which he is the Chief Executing Officer.

Recent Results
During FY2016, the company reported a net profit of INR0.2 crore
(provisional) on an operating income of INR4.1 crore
(provisional). It had reported a net profit of INR0.1 crore on an
operating income of INR1.3 crore in FY2015.


AMIYA STEEL: ICRA Suspends C- Rating on INR17.7cr Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C- assigned to
the INR17.70 crore working capital facility and the short term
rating of [ICRA]A4 assigned to the INR4 crore non fund based bank
facility of Amiya Steel Private Limited. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.


ASIAN PEROXIDES: ICRA Lowers Rating on INR21.5cr LT Loan to D
-------------------------------------------------------------
ICRA has downgraded the long-term rating from [ICRA]B to [ICRA]D
for the INR21.50 crore fund-based facilities of Asian Peroxides
Limited. ICRA has also downgraded the short-term rating from
[ICRA]A4 to [ICRA]D for the INR3.00 crore non-fund based
facilities of APL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term-Fund
   Based Facilities      21.50        [ICRA]D; downgraded from
                                      [ICRA]B

   Short-term Non-
   fund based facilities  3.00        [ICRA]D; downgraded from
                                      [ICRA]A4

The ratings downgrade reflect the delays in debt servicing by APL
on account of severe liquidity pressures arising from sustained
weak financial profile of the company on the back of continued
losses due to subdued demand amid pricing pressure from imports.
ICRA also takes note of APL's temporary shutdown of its factory
since January 2016, owing to lack of working capital facilities
from banks. The ratings are also constrained by APL's small scale
of operations, its dependence on high cost feedstock leading to a
weak cost structure coupled with the working capital intensive
nature of operations; and the vulnerability of profitability to
fluctuations in raw material prices.

Asian Peroxides Limited was founded in 1986, by the Promoter and
Managing Director Mr. Shiv K. Dewan, as a 100% Export Oriented
Unit (EOU) in technical and financial collaboration with
Peroxygen Technologies Limited, Britain. The company is engaged
in the manufacture of Hydrogen peroxide, operating out of its
plant at Sullurpet, Nellore District, Andhra Pradesh. The
manufacturing facilities include two hydrogen peroxide units,
with a total capacity of 18,000 metric tons per annum (MTPA) on
100% w/w capacity and a polymer division for the production of
Carbuoy jerry cans, used to pack the product for sale. The
company pre-dominantly operates in the southern states of India
catering to the paper-mills and textile manufacturing facilities
apart from the manufacture of some value-added products.

Recent Results
For FY 2014, APL reported net losses of INR17.5 crore on a total
operating income of INR32.9 crore.


B P ALLOYS: ICRA Suspends 'B' Rating on INR8.25cr Bank Loan
-----------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B assigned to the
INR8.25 crore bank lines and short term rating of [ICRA]A4
assigned to the INR8.0 crore bank facilities of B P Alloys
Limited (BPAL).

The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Established in 1987; BPAL manufactures mild steel flats and
ingots, primarily catering to automotive leaf spring
manufacturers. The company is managed by Mr. Baldev Prasad Gupta
who has more than three decades of experience in the steel
industry. The company's rolling mill is located in Ludhiana with
an induction furnace of 15,000 metric tonnes (MT) capacity and a
rolling mill with a capacity of 22,500 MT. BPAL procures majority
of its raw materials through imports from Middle East and sells
its products under the brand 'BP'.


BALAJI PACKPLAST: CARE Assigns B+ Rating to INR11.61cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Balaji
Packplast Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    11.61       CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Balaji Packplast
Private Limited (BPPL) is primarily constrained on account of
stabilization risk associated with its recently commenced
operations. The rating is further constrained on account of
susceptibility of its profitability to volatility in raw material
prices and presence in the highly fragmented and competitive
plastic industry.

The above constraints far offset the benefits derived from the
vast experience of the promoters in the plastic industry
along with fiscal benefits to be received from the government.
The ability of BPPL to stabilize its business operations by
achieving envisaged level of capacity utilization and scale of
operations would remain the key rating sensitivities.

Morbi-based (Gujarat), BPPL is a private limited company
incorporated on August 4, 2015 by Mr Hitesh Gandhi and Mr
Jagdish Panara. BPPL had undertaken a debt-funded capex of
setting up a manufacturing unit of Polypropylene (PP), Low
Density Polythene (LDPE) and High Density polythene-based (HDPE)
Woven fabrics and sacks with proposed installed capacity of 4,320
MTPA of bags per annum during January 2016. BPPL has commenced
commercial production from May 2016. Its products find
application mainly in cement, food processing, and textile and
fertilizer industry. As on June 14, 2016, BPPL has achieved a
total operating income (TOI) of INR1.56 crore.


BANASHANKARI AGRO: ICRA Assigns 'B' Rating to INR9.31cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR9.31
crore working capital facility of Banashankari Agro Farms LLP.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Working Capital
   Limit (Proposed)       9.31        [ICRA]B; assigned

The assigned rating is constrained by the firm's limited track
record of operations. ICRA further takes note of the inherent
weaknesses of the business in the form of seasonal demand and
susceptibility to risks like disease outbreak. Further, the
rating is constrained by the fragmented industry structure with
the presence of various unorganised players which limits pricing
flexibility, while the profitability margins remain vulnerable to
volatility in the feed prices (i.e. maize and soya). The rating
is also constrained on account of the risk of capital withdrawal
inherent to the partnership nature of the firm. Nevertheless, the
assigned rating favourably considers the extensive experience of
the promoters in the poultry industry and the increasing trend in
consumption of poultry products in the country which is likely to
support long-term growth of the domestic industry. Going forward,
the firm's ability to scale up its operations profitably and
efficient management of working capital requirement will remain
key rating sensitivities.

Established in FY 2016, BAFLLP is a partnership firm, owned and
managed by Mr. S N Raghunath and his family. The firm is based
out of Malur (Karnataka) and has commenced operations in April-
2016. BAFLLP has entered into arrangement with hatchery units for
hatching of the eggs procured from its group concern Banshankari
Poultry Farms Private Limited. The firm supplies day old chicks
received from the hatchery units to contract farmers for rearing
and sells the live birds to the distributors in nearby areas. The
other group entities comprises of Banashankari Feeds, Madhuban
Industries and Banashankari Enterprises.


CALICA RESOURCES: CRISIL Suspends 'B' Rating on INR2MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Calica Resources Private Limited (CRPL).

                            Amount
   Facilities              (INR Mln)     Ratings
   ----------              ---------     -------
   Export Packing Credit      100        CRISIL A4
   Proposed Long Term
   Bank Loan Facility           2        CRISIL B/Stable

The suspension of ratings is on account of non-cooperation by
CRPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CRPL is yet to
provide adequate information to enable CRISIL to assess CRPL'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 2011, CRPL is promoted by Ahmedabad-based Mr.
Ankit Patel and Mr. Sandeep Patel. It is part of the Calica
Export group, that manufactures and trades in textile grade, food
grade and industrial grade powder made from guar seeds, tamarind
and maize starch.


CHAMUNDA COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Chamunda Cotton Private Limited (CCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              70       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term       20       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The upgrade reflects expected improvement in business and
financial risk profiles over the medium term, backed ramp-up in
operations and stable margins. CCPL was estimated to record
revenue of over INR360 million (Rs. 314 million in previous year)
with stable operating margin of about 4 per cent in 2015-16. The
cash accruals were also estimated to be more than double in 2015-
16 to about INR5.5 million. The financial risk profile was also
estimated to improve with improvement in gearing and debt
protection metrics from the previous levels.

The rating continues to reflect average financial risk profile
because of moderate gearing and subdued debt protection metrics,
and small scale of operations in the intensely competitive cotton
industry. These weaknesses are partially offset by the extensive
experience of promoters.
Outlook: Stable

CRISIL believes CCPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of sustainable scale up in operations, with
stable margins leading to higher than expected cash accruals. The
outlook may be revised to 'Negative' if low cash accrual, stretch
in working capital requirement or large, debt-funded capital
expenditure weakens financial risk profile, especially liquidity.

Incorporated in 2006 and promoted by Bhavnagar-based Mr. Bhupat
Mori, Mr. Dhiraj Panara, Mr. Govind Hadiyal, Mr. Jigneshkumar
Vadaliya, and Mr. Naran Mori, CCPL gins and presses raw cotton
into cotton bales and extracts cottonseed oil from cotton cakes.


CHANDAKMARBLES PRIVATE: CARE Reaffirms B+ Rating on INR8cr Loan
---------------------------------------------------------------
CARE reaffirms rating to the bank facilities of Chandakmarbles
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank facilities       8        CARE B+ Reaffirmed
   Short-term bank facilities      1        CARE A4 Reaffirmed

Rating Rationale
The ratings of Chandak Marbles Private Limited (CMPL) continue to
remain constrained on account of its presence in the highly
competitive marble industry and its financial risk profile marked
by thin profitability, weak solvency position and moderate
liquidity position. The ratings are, further, constrained on
account of the risk associated with availability of raw
material, vulnerability of margins to fluctuation in foreign
exchange fluctuation and linkage to the cyclical real estate
sector.

The ratings, however, favourably take into account the experience
of the promoters with established track record of operations in
the marble industry and location advantage with ease of
availability of raw material and labour.

The ability of the company to increase its scale of operations,
improve profitability and capital structure along with better
management of working capital would be the key rating
sensitivity.

Kishangarh (Rajasthan) based CMPL was incorporated in 1991 by Mr.
Ramesh Chandak along with his family members.

CMPL is engaged in the business of processing of marble blocks as
well as trading of finished marble slabs, granites and tiles. The
processing plant of the company is located at Kishangarh and has
an installed capacity to process 1.50 Lakh Square Meter Per Annum
(LSMPA) of marble slabs, granites and tiles. The company procures
its raw material (marble blocks) majorly fromItaly, Vietnam,
Egypt, Spain, Greece and Turkey and also purchases from local
suppliers.

As per provisional results of FY16, CMPL has reported a total
operating income of INR36.68 crore (FY15: INR28.28 crore) with
a net profit of INR 0.18 crore (FY15: INR0.10 crore).


CHIRAMITH PRECISION: ICRA Suspends B+ Rating on INR7.90cr Loan
--------------------------------------------------------------
ICRA has suspended the ratings of [ICRA]B+ assigned to the
INR7.90 crore fund based facilities and [ICRA]A4 assigned to
INR0.10 crore non fund based facilities of Chiramith Precision
(India). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


D.R. THANGAMAALIGAI: CRISIL Reaffirms B Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of D.R.
Thangamaaligai (DRT) continue to reflect the firm's modest scale
of operations in an intensely competitive gold jewellery retail
segment, and the below-average financial risk profile, marked by
its subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
the promoters.

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

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

Outlook: Stable

CRISIL believes that DRT will continue to benefit over the medium
term from its proprietor's extensive entrepreneurial experience.
The outlook may be revised to 'Positive' if large cash accruals
help substantially strengthen DRT's financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens on account of low revenue or
profitability, or sizeable debt-funded capital expenditure or
capital withdrawals by the proprietor.

DRT was set up in 2014 as a sole proprietorship firm by Mr. D
Rajappa. The firm, based in Chennai (Tamil Nadu) is engaged in
gold jewellery retailing. The daily operations of the firm are
managed by Mr. D Rajappa.


DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR65MM Loan
----------------------------------------------------------------
CRISIL's rating on Dariyalal Industries (DI) continues to reflect
its modest scale of operations in the highly competitive cotton
industry and vulnerability of its business and profitability to
dependence on monsoons, changes in government policy.

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

   Long Term Loan         14.1      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    120.9      CRISIL B+/Stable (Reaffirmed)

The rating also factors in a weak financial risk profile, with
high gearing and subdued debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of promoters, and the proximity of the firm's unit to
the cotton-growing belt in Gujarat.
Outlook: Stable

CRISIL believes DI will continue to benefit over the medium term
from the extensive experience of promoters in the cotton
industry. The outlook may be revised to 'Positive' if sizeable
cash accrual provides cushion to the liquidity because of
improvement in the scale of operations and sustaining the
operating margin. Conversely, the outlook may be revised to
'Negative', if the financial risk profile deteriorates due to a
stretch in working capital cycle, leading to pressure on
liquidity, capital withdrawal, or any large, debt-funded capital
expenditure; or if operations come under pressure owing to a
change in government policy.

Formed in 1989, DI was promoted by the late Mr. Prataprai Pujara
and Mr. Jagdish Pujara. Presently, Mr. Jay Pujara and his family
members managing operations. The firm gins and presses cotton.


EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR62.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Epitome Plast-O-Pack
Private Limited (EPPL) continue to reflect a modest scale and
working capital-intensive nature of operations, a volatile
operating margin, and a weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the polyethylene terephthalate (PET) preforms
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            30        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit       45        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     62.5      CRISIL B-/Stable (Reaffirmed)

   Term Loan              32.5      CRISIL B-/Stable (Reaffirmed)

   Working Capital
   Term Loan              30.0      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes EPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
increase in revenue and operating margin, resulting in healthy
debt protection metrics, or considerable improvement in the
working capital cycle, leading to lower reliance on debt.
Conversely, the outlook may be revised to 'Negative' in case of
low revenue or profitability, or deterioration in liquidity, most
likely due to large capital expenditure or a stretched working
capital cycle.

EPPL, incorporated in 2008, manufactures polyethylene
terephthalate preforms and high density polyethylene bottles. It
is based in Kolkata.


GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR76MM Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gangothri Nutrients and Fertilizers Private Limited (GNFPL) to
'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             60        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Long Term Loan          64        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Fund-
   Based Bank Limits       76        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects improvement in the company's business and
financial risk profiles because of healthy revenue growth and
increasing cash accrual. Year-on-year revenue growth of 96
percent to INR139.6 million in 2015-16 (refers to financial year,
April 1 to March 31), along with stable profitability, resulted
in increase in accrual of INR16.6 million in 2015-16 from
negative accruals in 2014-15. CRISIL believes GNFPL will sustain
healthy revenue growth and operating margin over the medium term,
leading to improvement in its financial risk profile.

The rating reflects GNFPL's small scale of operations in the
intensely competitive fertilizer industry, large working capital
requirement, and subdued financial risk profile because of modest
networth, and weak gearing and debt protection metrics. These
weaknesses are partially offset by extensive industry experience
of its promoters.
Outlook: Stable

CRISIL believes GNFPL will continue to benefit from its
promoters' extensive industry experience, and its established
customer relationships. The outlook may be revised to 'Positive'
if revenue and profitability increase on a sustained basis,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' in case of considerable decline in revenue
or profitability, or deterioration in working capital management
leading to weak liquidity, or large debt-funded capital
expenditure, constraining financial risk profile.

GNFPL, incorporated in 2010 by Mr. K Madhuram Reddy and Mr. K
Sammaiah, manufactures soil conditioners and micronutrients. The
company started commercial operations in 2013-14.


GRACE INTERNATIONAL: CRISIL Assigns B+ Rating to INR105MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Grace International (GI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             105       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
fragmented garment accessories trading business, its large
working capital requirement, and subdued financial risk profile
because of weak debt protection metrics. These weaknesses are
partially offset by extensive industry experience of its
promoter, and its established customer base.
Outlook: Stable

CRISIL believes GI will continue to benefit over the medium term
from its promoter's extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is substantial increase in revenue and
profitability, leading to better-than-expected cash accrual, or
improvement in working capital cycle. The outlook may be revised
to 'Negative' in case of deterioration in financial risk profile
due to decline in revenue and profitability, or lengthening of
working capital cycle, or increase in loans and advances to
affiliates.

GI was set up by Mr. Vikram Jain as a proprietorship firm in
1993. It trades in buttons, hooks, patches, zipper sliders,
cufflinks, belt buckles, and other garment accessories. Its
registered office is in Delhi.


GREEN WORLD: ICRA Suspends 'B' Rating on INR9.0cr LT Loan
---------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
the INR9.001 crore fund based bank facilities of Green World
International Private Limited. ICRA has also suspended the short
term rating of [ICRA]A4 assigned to the INR2.08 crore non fund
based bank facilities of GWIPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund- Based Limits
   Long Term              9.00        [ICRA]B; Suspended

   Non Fund- Based
   Limits- Short Term     2.08        [ICRA]A4; Suspended

The ratings were suspended due to lack of cooperation by the
client to provide any further information.

Established in 2010 as a partnership firm, Green World
International was reconstituted as a private limited company,
Green World International Private Limited (GWIPL) in October
2012. It is a closely held company, being promoted by Mr. Anurag
Srivastava, Mr. Vaibhav Agarwal, Mr. Ujwal Gupta and Mr. Vipul
Gupta along with other directors. GWIPL was incorporated with the
objective of carrying on the business of recycling of scrapped
motherboards, computers, electronic items, televisions and other
kinds of electronic waste. The firm has an operational e-waste
recycling unit at Manesar. The new facility, with state of the
art equipments has been set up at Bahadurgarh (Haryana) which has
become operational from February 2014.


HARIRAM PACKAGING: CRISIL Reaffirms B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Hariram Packaging and
Polymers (HPP) continue to reflect the firm's weak financial risk
profile, marked by modest net worth, high gearing, and below
average debt protection metrics. The rating weakness is partially
offset by its established track record of operations

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)

   Cash Credit             70       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      90       CRISIL B+/Stable (Reaffirmed)

Update
The revenues of the firm had significantly declined in 2014-15 to
INR543 million from INR2.49 billion in 2013-14. The revenues
declined as the Haldia Petrochemical plant (which is the
principal company for HPP) was only operational for 2 months in
the entire year. The operating margins of the firm had declined
to 0.4 times in 2014-15 as the volumes traded by the firm had
significantly declined. Going forward, CRISIL believes that the
business profile of HPP will recover back to historic levels now
that the supply side constraints are now resolved.

The liquidity of the firm is adequate marked by improvement in
gross current asset (GCA) days at around 26 days over the medium
term, moderately high BLU of 97 per cent for the 12 months ended
January 2016 supported by the controlled working capital cycle of
the firm and absence of major capex. The firm has moderate
current ratio of around 1.26 times as on March 2015. The
unsecured loans of about INR5.2 crores as on March 31, 2015 in
the firm also support the liquidity profile.

The capital structure of the firm is weak. The firm had however
brought in funds in the form of unsecured loans of INR5.2 crores
as on 31st March 2015 to support the working capital requirements
which the team has treated as NDNE The firm also reported weak
interest coverage of 0.72 times in 2014-15 and has remained at
similar levels over the past few years. However, the firm's
financial risk profile is supported by the relatively low risk
business model.
Outlook: Stable

CRISIL believes that HPP will continue to benefit from its
established relations with customers and suppliers over the
medium term. The outlook may be revised to 'Positive' if the firm
significantly increases the scale of its operations while
maintaining its profitability, capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if HPP's capital structure and debt protection metrics
weaken.

HPP is a del-credere and consignment agent of Haldia
Petrochemicals limited for polymer products such as HDPE and PP.
HPP was set up as a partnership firm by Mr. Dilip Murarka and his
wife, Mrs. Sandhya Murarka in Nagpur (Maharashtra) in 2001.


HYDROTECH PARYAVARAN: Ind-Ra Migrates 'IND BB-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hydrotech
Paryavaran (India) Private Limited's (HPIPL) 'IND BB-' Long-Term
Issuer Rating to the suspended category. The Outlook was Stable.
The rating will now appear as 'IND BB-(suspended)' on the
agency's website.

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

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

HPIPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
    from 'IND BB-'/Stable
-- INR60 million fund-based working capital limits: migrated to
    'IND BB- (suspended)' from 'IND BB-' and 'IND A4+(suspended)'
    from 'IND A4+'
-- INR60 million non-fund-based working capital limits: migrated
    to 'IND A4+(suspended)' from 'IND A4+'


IGNIS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ignis International
Industries Private Limited (IIIPL) continue to reflect IIIPL's
modest scale of operations, its modest financial risk profile,
marked high total outside liabilities to tangible net worth and
modest net worth.

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

   Letter of Credit       135       CRISIL A4 (Reaffirmed)

   Standby Line of
   Credit                  10       CRISIL B+/Stable (Reaffirmed)

The rating also factors IIIPL's susceptibility of its operating
profitability to fluctuations in raw material prices and foreign
exchange rates. These rating weaknesses are partially offset by
the extensive experience of IIIPL's promoters in the steel
industry and its established relationship with its customers on
the back of value additions in product offered.
Outlook: Stable

CRISIL believes that IIIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
established relationship with customers. The outlook may be
revised to 'Positive' if the company's scale of operations
increases substantially, leading to higher than expected accruals
or if there is large equity infusion, leading to improvement in
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of decline in the company's
operating margin, or large working capital requirements, leading
to deterioration in its financial risk profile.

Established in 2011, IIIPL trades in Hot Roll (HR) coils and
nickel based products in the domestic market. The company is
promoted by the Vadodara (Gujarat)-based Mohnot family and
managed by Mr. Preet Mohnot.


JALARAM ECO: ICRA Suspends 'B' Rating on INR5.90cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating assigned to the INR5.90
crore limits of Jalaram Eco Fabric Private Limited. The
suspension follows ICRAs inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Incorporated in the year 2011, Jalaram Eco Fabric Private Limited
(JEFPL) is engaged in the manufacturing of Polypropylene (PP)
non-woven fabrics. The company's manufacturing facility is
located at Harsol in Gujarat and has a production capacity of
about 2400 MTPA of non woven fabric. The company commenced
commercial production from December 2012.


K.PRASAD BABU: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA] B to INR6.00
crore1 cash credit facility and INR2.00 crore bank guarantee of
K.Prasad Babu.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            6.00        [ICRA]B assigned
   Bank Guarantee         2.00        [ICRA]B assigned

The assigned rating is constrained by KPB's small order book and
the relatively low complexity of contracts undertaken, leading to
significant competitive pressures and low profitability
indicators. The rating is further constrained by volatile
operating margins which are exposed to the fluctuations in raw
material prices in the absence of price escalation clause in its
contracts. The rating also considers high sector and geographic
concentration risks with operations largely focused on civil
construction contracts for 'Andhra Pradesh" departments. ICRA
also notes the risks associated with sole proprietorship nature
of the firm and the labour intensive nature of the business with
mobilization of semi-skilled workers being a challenge and a
likely constraint in scaling up the operations especially in new
geographies. The rating is, however supported by decade long
experience of the proprietor in the civil construction business
and other construction related works, the proprietor's
established relationship with clients and government impetus on
development of smart cities which provide favourable growth
prospects for construction players.

Going forward, the ability of the firm to improve margins,
effectively manage working capital requirements and meet debt
obligations in a timely manner will be the key rating
sensitivities from credit perspective.

The firm was incorporated by Mr. K. Prasad babu in the year 2014
as sole proprietorship and is based out in Srikakulam Dist. of
Andhra Pradesh. The firm is primarily engaged in construction of
offices, Hospitals, Govt. residential complexes & blocks,
Godowns, schools etc. for government agencies.

Recent Result
KPB has reported an operating income of INR70.00 crore and net
profit of INR4.34 crore in unaudited FY2016 as against an
operating income of INR81.79 crore and net profit INR4.39 crore
in FY2015.


KAALENDI VENTURES: CARE Assigns 'B+' Rating to INR18.35cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Kaalendi
Ventures LLP.
                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     18.35      CARE B+ Assigned

Rating Rationale

The rating assigned to the bank facilities of Kaalendi Ventures
LLP. (KV) is constrained by its project risk, lack of backward
integration vis-a-vis volatility in the raw material prices and
stiff competition due to fragmented nature of the industry with
presence of many unorganized players. The aforesaid constraints
are partially offset by the experience of the partners,
achievement of financial closure for the project and strategic
location of the plant.

The ability of the entity to complete the envisaged project on
time without cost and time overrun and derive benefits there from
are the key rating sensitivities.

KV was established on February 12, 2016, by Mr Binay Kumar Singh,
Ms Ratika Gupta and Mr Pradip Kumar Gupta as the limited
liability partners having profit sharing ratio of 50%, 25% and
25%,
respectively. KV is currently undertaking an initial project to
set up a manufacturing of MS pipe and Structural steel products
at Fatuha, Patna, with projected installed capacity of 60,000
MTPA for MS pipe and 30,000 MTPA for Structural steel products.
The total cost of the project is INR20.26 crore being financed at
a debt equity ratio of 2.61:1. The project is currently at a
nascent stage of execution with about 8% of the project been
completed till May 19, 2016, with an aggregate amount of INR1.64
crore spent for the process and the same has been funded fully
through partners' capital contribution. KV is expected to
commence commercial operation in October 2016. Mr Binay Kumar
Singh, the managing partner, will look after the day-to-day
operations of the entity along with other partners and a team of
experienced personnel.


KERAFIBERTEX INT'L: Ind-Ra Hikes LT Issuer Rating to 'IND BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Kerafibertex
International Pvt. Ltd's (Kera) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB'. The Outlook is Stable. A full list of rating
actions is at the end of this commentary.

KEY RATING DRIVERS

The upgrade reflects Kera's improved credit profile on revenue
growth, margin normalisation and further margin expansion likely
under a long-term sourcing contract with the state of Kerala.
According to the company's FY16 unaudited financials, its EBITDA
interest coverage (operating EBITDA/gross interest expense)
increased to 2.5x (FY15: 1.1x) and net leverage improved to 3.8x
(5.0x) on account of a 31.9% yoy growth in revenue to INR1,055m
(FY15: INR795m) and the improvement in EBITDA margin. The growth
in revenue can be attributed to  increased orders from its
existing customers. The company's EBITDA margin is likely to have
normalised to around 6.7% in FY16 after a decline to 4.9% in FY15
due to the fluctuations in the raw material price.

Kera has leased its Trivandrum manufacturing unit to the Kerala
government for six years under an agreement (w.e.f October 2015)
wherein the government operates the two production lines
(installed capacity of 150 square metres/hour) and supplies the
products to the company at a subsidised price of INR310/sqmetre
as against the market price of INR350/sqmetre. According to the
agreement, the government utilises an exclusive 60% of the total
installed capacity for producing coirs for Kera.

Also, the company is scouting for new customers overseas and is
likely to continue its strong growth by adding a few marquee
names to their customer list. The management is in discussions
with Walmart Stores Inc and Lowes Companies Inc among others.

The ratings continue to factor in the company's comfortable
liquidity position with the average peak day-end utilisation of
its fund-based facilities of around 80% over the 12 months ended
May 2016.

The ratings, however, continue to be constrained by the
agricultural commodity-based nature of the manufacturing business
which is fraught with price volatility and the foreign currency
risks (Kera being a 100% export oriented unit).

RATING SENSITIVITIES

Positive: A substantial revenue growth while maintaining
profitability leading to net financial leverage being sustained
below 3.0x could be positive for the ratings.

Negative: The company's net interest coverage sustained below
3.0x could be negative for the ratings.

COMPANY PROFILE

Established in 2000, KFIPL is a subsidiary of M/s Giacomini &
Gambarova S.r.l, an Italy-based company which holds 95% of the
shares. The company manufactures products using natural / coco
fibre, polypropylene, rubber, cotton and vinyl along with jute
and sisal fibres.

Kera's Ratings:

-- Long-Term Issuer Rating: upgraded to 'IND BB+'/Stable from
    'IND BB'/Stable
-- INR450m fund-based working capital facilities (increased from
    320 million): upgraded to Long-term 'IND BB+'/Stable from
    'IND BB'/Stable
-- INR32.50 million non-fund-based working capital limits
    (increased from 20 million): affirmed at 'IND A4+'


KULKARNI POWER: CRISIL Cuts Rating on INR139MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kulkarni Power Tools Limited (KPTL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable, and reaffirmed its 'CRISIL A4' rating on the
company's short-term bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.5       CRISIL A4 (Reaffirmed)

   Bill Discounting        6.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Cash Credit           139.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit       77.5       CRISIL A4 (Reaffirmed)

   Mortgage Loan          40.0       CRISIL B-/Stable (Downgraded
   Facility                           from 'CRISIL B+/Stable')

   Packing Credit         25.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term    117.1       CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

   Term Loan              69.4       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects weakening in liquidity because of
cash losses in 2015-16 (refers to financial year, April 1 to
March 31) due to significant decline in revenue and operating
margin. Stretch in working capital cycle has added to pressure on
liquidity. Improvement in revenue, profitability and working
capital management will be key rating sensitivity factors over
the medium term.

The ratings reflect weak financial risk profile, sizeable working
capital requirement, and exposure to intense competition in the
electric power tools industry, and to volatile raw material
prices. These rating weaknesses are partially offset by
established market position backed by promoters' extensive
industry experience.

The ratings are based only on information available in the public
domain, as KPTL has not co-operated with CRISIL in its
surveillance process.
Outlook: Stable

CRISIL believes KPTL will benefit over the medium term from the
extensive industry experience of the promoters. The outlook may
be revised to 'Positive' if significant improvement in revenue,
profitability leading to sizable cash accrual, and efficient
management of working capital strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case low
accruals most likely on account of lower-than-expected growth in
its revenues or operating margin or stretch in working capital
cycle weakens financial risk profile, particularly liquidity.

KPTL, incorporated in 1976, manufactures electric power tools and
blowers for a variety of applications in the construction,
automotive, railways, shipyards, bus-body building, fabrication
work, housing, and general manufacturing industries. Its
manufacturing unit is in Shirol, Maharashtra.

KPTL reported a net loss of INR71.6 million on operating income
of INR657 million in 2015-16 as against a profit after tax of
INR1 million on operating income of INR864 million in 2014-15.


LTS PLASTICS: Ind-Ra Assigns 'IND B' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned LTS Plastics
(India) Pvt Ltd (LTSPIPL)a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect the company's weak credit metrics and small
scale of operation. Its FY16 provisional financial indicate
revenue of INR177m (FY15:INR233m) with low interest coverage of
1.2x (1.2x) and net financial of 6.8x (6.8x).

The ratings are constrained on account of the tight liquidity
profile of the company with the average utilisation of 98% of its
working capital limits during the 12 months ended May 2016.

The ratings, however, are supported by over a decade of
experience of the company's director in the bag manufacturing
business.

RATING SENSITIVITIES

Positive:  An improvement in the company's scale of operations
along with the improvement in the credit metrics could be
positive for the ratings.

Negative: Any deterioration in the profitability leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1997, LTSPIPL is engaged in manufacturing of FIBC
jumbo bags, wide width films, pond liners and jumbo bag liners.
LTSPIPL procures raw material mainly from Saudi Arabia and
Mitsubishi(Japan) and exports its products to Australia, France
and Japan.

The company started its commercial operations in 2002.

LTSPIPL

-- Long-Term Issuer Rating: assigned 'IND B'/Stable
-- INR120m fund-based working capital limit: assigned 'IND
    B'/Stable
-- INR61 million non-fund-based working capital limit: assigned
    'IND A4'


M. S. ENGINEERING: ICRA Reaffirms B+ Rating on INR6.5cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR6.50 crore fund based bank limits of M/s. M. S. Engineering.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                 6.50        Reaffirmed at [ICRA]B+

The rating reaffirmation takes into account MSE's high working
capital intensive nature of operation, which has resulted in a
stretched liquidity position as is reflected by the high
utilisation of its working capital limits and the vulnerability
of its profitability to the movement in raw material prices
because of the absence of the price escalation clause in its work
orders. The rating also factors in the intense competition in the
road construction business due to the fragmented industry
structure and a tender-based contract awarding system followed by
the Government departments. This exerts pressure on the company's
profitability, in addition to the high geographical concentration
risk, with MSE's entire operations being confined to West Bengal
only. ICRA also takes note of the risks of capital withdrawal,
given MSE's legal status as a partnership firm.

The rating, however, derives comfort from the established track
record of the partners in the civil construction business, with
the experience of more than three decades and MSE's status as a
Class-I contractor in West Bengal, which enables it to bid for
large contracts floated by the departments across the state. The
rating also takes into account the moderate capital structure of
the firm in the last few fiscals.

In ICRA's opinion, the ability of the firm to scale up its
execution capabilities to achieve revenue growth while managing
its working capital requirements efficiently would remain key
rating sensitivities, going forward.

Established in 1984 as a partnership firm, M/s. M. S. Engineering
(MSE) is promoted and managed by Mr. Debabrata Das and Mr.
Satyabrata Das. MSE construct, repairs and maintains roads and
bridges. The firm undertakes projects for Government departments
like the Public Works Department (PWD) and the Pradhan Mantri
Gram Sadak Yojana (PMGSY) of West Bengal and companies like
Indian Oil Corporation Limited, Haldia Petrochemicals Limited
etc. It is recognised as a Class-I Government contractor by the
government departments in West Bengal.

Recent Results
MSE reported a net profit of INR0.68 crore during 2014-15 on an
operating income of INR24.66 crore as compared to a net profit of
INR0.55 crore and an operating income of INR24.57 crore during
2013-14.


MANSA DEVI: ICRA Suspends B+ Rating on INR27cr Bank Loan
--------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ assigned to the
INR27.00 Crore bank lines of Mansa Devi Rice Mills. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

Mansa Devi Rice Mills (MDRM) is a partnership concern established
in 1982 by its partners, Mr. Raj Kumar and Mr. Ved Prakash. Mansa
Devi Rice Mills processes basmati and non basmati rice and sells
it in the domestic and export market.


MITTAL FIBERS: Ind-Ra Affirms 'IND B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Mittal
Fibers (MF) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. A full list of rating actions is at the end of this
commentary.

KEY RATING DRIVERS

The ratings continue to reflect MF's limited value-added activity
in the textile value chain and the proprietorship nature of the
business. The ratings factor in the firm's continued small scale
of operations with revenue declining sharply to INR289m (FY15:
INR412m) in FY16 according to the provisional financials.


The ratings are supported by the increase in MF's EBITDA margins
to 5.9% in FY16 (FY15: 2.2%) which lead to an improvement in
interest coverage to 2.1x (1.9x) along with net financial
leverage to 5.6x (11.3x). However, the credit metrics remain
weak.

RATING SENSITIVITIES

Positive: A rise in the profitability leading to an improvement
in the overall credit metrics will be positive for the ratings.

Negative: Any deterioration in the profitability leading to
deterioration overall credit metrics will be negative for the
ratings.

COMPANY PROFILE

MF was established by Sanjay Agarwal in 2007. The firm is engaged
in the ginning and pressing of cotton at Shahada, Maharashtra. It
operates 36 ginning and one pressing machines. The firm also has
an oil mill. The proprietor has another firm which is engaged
into similar kind of activities in Khetia, Madhya Pradesh.

MF's liquidity position is comfortable  as indicated by its 70%
utilisation of the fund-based working capital limits during the
six months ended May 2016.

MF's ratings:
- Long-Term Issuer Rating: affirmed at 'IND B+'/Stable
- INR60m fund-based working capital limits: affirmed at
  'IND B+'/Stable
- INR7.04m long-term loans (reduced from INR15.5m): affirmed at
'IND B+'/Stable


MITTAL LUMBER: ICRA Suspends B/A4 Rating on INR6.65cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B/A4 rating for the INR6.65 Crore
bank facilities of Mittal Lumber Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in
the absence of the requisite information from the company.


NEW BHARAT: ICRA Reaffirms 'B' Rating on INR34cr Loan
-----------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR34.0 crore fund-based facilities of New Bharat Rice Mills.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits     34.00        [ICRA]B Reaffirmed

ICRA's rating continues to take into account the high intensity
of competition in the rice milling industry and low value
additive nature of the business which has resulted in NBRM's thin
margins. The rating also takes into account the working capital
intensive nature of the rice milling business due to the need to
maintain substantial inventories (paddy is procured seasonally
and rice is stocked for aging purposes). Funding of working
capital requirements, primarily through bank borrowings has led
to a highly leveraged capital structure, which coupled with the
firm's thin profitability has also resulted in stretched debt
coverage indicators. The rating also takes into account agro
climatic risks, which can affect the availability of paddy in
adverse conditions. ICRA however draws comfort from the extensive
experience of the promoters in the rice industry, proximity of
the mill to a major rice growing area which results in easy
availability of paddy and stable demand outlook for rice.
Going forward the ability of the firm to improve its scale of
operations in a profitable manner while optimally managing its
working capital cycle and improving its capital structure will be
the key rating sensitivities.

Incorporated in 1958, NBRM is a partnership firm engaged in the
milling and export of basmati and non-basmati rice. The plant is
located in Batala, Punjab with a milling capacity of 8
tonnes/hour. The firm has been promoted by Mr. Om Prakash Khosla,
Ms. Pooja Khosla, Mr. Rashim Khosla and Ms. Sonia Khosla. The
firm sells its products under its registered brand names Taj
Mahal, Do Teer and Gagan.

Recent Results
The firm reported a net profit of INR0.12 crore on an operating
income of INR66.36 crore in FY2015, as against a net profit of
INR0.44 crore on an operating income of INR97.74 crore in the
previous year. On a provisional basis, NBRM posted an operating
income of INR79.78 crores in FY2016.


PARASMANI GEMS: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Parasmani Gems
Pvt Ltd (PGPL) continues to reflect a weak financial risk profile
because of high gearing and weak debt protection metrics. The
rating also factors in a small scale of operations in the
intensely competitive jewellery industry and geographical
concentration of business. These rating weaknesses are partially
offset by the extensive industry experience of the promoters in
the jewellery industry.

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

Outlook: Stable

CRISIL believes PGPL will continue to benefit over the medium
term from the industry experience of its promoters. The outlook
may be revised to 'Positive' in case of substantial increase in
scale of operations along with geographical diversification.
Improvement in the financial risk profile, driven most likely by
substantial cash accrual or equity infusion, may also result in a
'Positive' outlook. The outlook may be revised to 'Negative' in
case of a decline in operating margin or operating income, or
deterioration in the financial risk profile, most likely because
of increase in working capital requirement or large, debt-funded
capital expenditure.

Update
Topline declined to INR410 million in 2015-16 (refers to
financial year, April 1 to March 31) from INR430 million in 2014-
15, while operating margin improved to 5.6 percent from 4.8
percent. Working capital cycle was large, indicated by gross
current assets of 160 days as on March 31, 2016, driven by
inventory of 145 days. Bank limit utilisation was high, averaging
99 percent over the past 12 months through December 2015. The
financial risk profile remained below average because of high
gearing of 2.2 times and a modest networth of INR40-50 million,
as on March 31, 2016. Debt protection metrics were weak, with
interest coverage ratio of 1.4 times in 2015-16.

PGPL, incorporated in 2005, is promoted by Mr. DaxeshSoni and his
family. The company manufactures and retails gold, silver,
diamond, and platinum jewellery, and precious stones. It has a
showroom at Ahmedabad (Gujarat).


PARMESHWARI SILK: ICRA Suspends B+/A4 Rating on INR24.55cr Loan
---------------------------------------------------------------
ICRA has suspended long term Rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR24.55 crore bank facilities
of Parmeshwari Silk Mills Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.

PSML was incorporated in 1993 and is engaged in selling of
shirting fabric and ladies dress material under its brand Ramtex.
The company has in-house manufacturing capacity for weaving,
embroidery and digital printing in Ludhiana (Punjab) and has 84
looms (weaving capacity of 48 lac meters per annum), 45
embroidery machines and 2 digital printing machines as on
March 31, 2014.


PRAMUKH COTEX: CARE Assigns B+ Rating to INR13.50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pramukh
Cotex Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Pramukh Cotex
Private Limited (PCPL) are constrained by the inherent project
execution & stabilization risk, susceptibility of margins to
fluctuation in the raw material prices and presence in the highly
competitive and fragmented textile industry.

These factors far offset the benefits derived from the experience
and resourceful promoters, location advantage and operational
support from group entities having presence across the textile
value chain.

The ability of PCPL to successfully complete and stabilize the
project within the envisaged time and cost and thereafter
achieving the envisaged sales and profitability are the key
rating sensitivities.

Incorporated in 2013, Pramukh Cotex Private Limited (PCPL) is
currently setting up plant for weaving of fabric for shirting and
dress material for the domestic market at Dahiwad, Shirpur,
Dhule.

PCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) promoted by Deesan Infrastructure
Private Limited (part of deesan group). GWSS consist of several
SSI unit within it out of which around 27 SSI units have an
installed capacity of 115 looms as on June 10, 2016 with a
capacity to manufacture around 13.45 million meter of grey fabric
will provide job work services only to PCPL. PCPL will purchase
raw material i.e. cotton yarn primarily from Priyadarshini
Sahakari Soot Girani Ltd., other Deesan Group companies and sale
its product to domestic textile units.

PCPL is a part of the Deesan group which has been in the business
of textile manufacturing since 1996 and has various companies
operating under it (including PCPL). It has a presence in all
segments of cotton textiles starting from cultivation of cotton
to manufacturing of garments. PCPL receives operational support
from the other group companies in terms of procurement of
materials and building customers.


R.L. FOODS: ICRA Suspends 'B' Rating on INR29cr Loan
----------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR29 crore
fund based facilities of R.L. Foods. The suspension follows
ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.

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


SADHBHAWANA IMPEX: ICRA Suspends B+ Rating on INR27.5cr Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR27.50 crore fund based limits and INR7.00 crore non fund
based limits of Sadhbhawana Impex Private Limited. The suspension
follows ICRA's inability to carry out rating surveillance in the
absence of requisite information from the company.


SAIGON INFRATECH: CARE Reaffirms B+ Rating on INR5cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Saigon Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       5        CARE B+ Reaffirmed
   Short term Bank Facilities     26        CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to Saigon Infratech Private Limited (SIPL)
continue to remain constrained by small scale of operations
coupled with low net worth base, below average financial risk
profile marked by moderate profitability and leveraged capital
structure and concentrated order book. The ratings are further
constrained by its presence in the highly fragmented and
competitive industry and challenging business environment faced
by the construction industry.

The ratings, however, draw comfort from experienced promoter in
civil construction business, healthy unexecuted order book
position, and moderate operating cycle.

The ability of the company to scale up of its operations while
maintaining its profitability margins along with effective
working capital management shall be the key rating sensitivities.

Incorporated in 2011, SIPL is promoted by Mr Neeraj Tyagi and Mr
Abhimanyu Pratap Singh Tyagi. The company started its commercial
operations in June 2012 and is engaged in execution of civil
construction projects like construction of commercial building,
office complex, hard-scaping stone work and residential projects
for both private organizations and government departments. The
company procures its raw material, ie, sand, cement, steel bars
etc. from domestic dealers and distributors. As on May 31, 2016,
SIPL has an unexecuted order book of INR65.57 crore with an
average tenure of 12 months. The group companies of SIPL include
Sai Shagun Buildtech Private Limited and Saigon Traders &
Contractors which are set up for the real estate development.

SIPL reported a PAT of INR0.32 crore on a total operating income
of INR6.98 crore in FY15 (refers to the period April 1 to
March 31) as against PAT of INR0.20 crore on a total operating
income of INR4.40 crore in FY14. During FY16 (Prov.), SIPL has
reported a total operating income of INR16.34 crore and PAT of
INR0.96 crore.


SAKSHI MARKFIN: ICRA Suspends 'B/A4' Rating on INR19.0cr Loan
-------------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short term
rating of [ICRA]A4 assigned to the INR19 crore bank facilities of
Sakshi Markfin Pvt. Ltd. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the
requisite information from the company.


SHREE SIDHBALI: CRISIL Reaffirms B+ Rating on INR250MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shree Sidhbali Steels
Limited (SSSL) continues to reflect SSSL's average financial risk
profile, marked by a comfortable net worth and average debt
protection metrics, and its moderate scale of operations in the
highly fragmented steel products industry.

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

   Cash Credit            250       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      47.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan                7.5     CRISIL B+/Stable (Reaffirmed)

The ratings also factor in the company's susceptibility to
intense competition in the industry and volatility in raw
material prices. These rating weaknesses are partially offset by
the benefits that SSSL derives from its semi-integrated
operations, and its promoters' extensive experience in the steel
industry.
Outlook: Stable

CRISIL believes that SSSL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's
liquidity improves, driven most likely by a shorter working
capital cycle and significant increase in cash accruals.
Conversely, the outlook may be revised to 'Negative' if SSSL's
financial risk profile deteriorates owing to stretch in the
working capital cycle, or unanticipated cash outflow, most likely
to support associate concerns or fund capital expenditure plans.

SSSL was set up in 1996 by Mr. Pawan Agarwal, Mr. Neeraj Agarwal,
Mr. Anil Kumar Garg, and Mr. Naveen Kansal. The company's
facility in Muzaffarnagar (Uttar Pradesh) manufactures thermo-
mechanically treated bars and mild steel ingots.


SOUTHERN GOLD: CRISIL Cuts Rating on INR100MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Southern Gold Private Limited (SGPL) to 'CRISIL B+/Stable/ CRISIL
A4+' from 'CRISIL BB/Stable/ CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         300        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

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

   Cash Credit &           90        CRISIL B+/Stable (Downgraded
   Working Capital                   from 'CRISIL BB-/Stable')
   demand loan

   Long Term Loan          75        CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SGPL's working
capital requirements will remain stretched over the medium term
because of delays in realization of its receivables from its
export customers.

The company's GCAs have been estimated at 95-100 days in 2015-16
(refers to financial year, April 1 to March 31), with receivables
estimated at 70-80 days as against GCAs of 54 days and
receivables of 33 days in 2013-14. This has resulted in high
reliance on bank lines to fund its stretched receivables cycle
with bank limits remaining highly utilized over the past six
months ended February 2016.

The company's revenue is expected to improve by 25 per cent year-
on-year in 2015-16 (refers to financial year, April 1 to
March 31), leading to  improvement in its cash accruals to around
INR30-35 million in 2015-16 from INR24.8 million in 2014-15.
Although its cash accruals are expected to be adequate against
its repayment obligations over the medium term any further
stretch in realization of its receivables may lead to significant
deterioration in its business risk profile over the medium term.

The ratings reflect the extensive experience of SGPL's promoters
in the gold jewellery segment. This rating strength is partially
offset by the company's below-average financial risk profile
marked by high gearing, and the susceptibility of its revenue and
profitability to volatility in gold prices.

For arriving at the ratings, CRISIL has considered the business
and financial risk profiles of SGPL on a standalone basis.
Previously, CRISIL had combined the business and financial risk
profiles of SGPL and Southern Jewellery and Dye Works (SJDW). The
change in the analytical approach follows the closure of SJDW's
operations in 2013-14.
Outlook: Stable

CRISIL believes that SGPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company's
financial risk profile improves, with significant increase in its
revenue along with improvement in its profitability. Conversely,
the outlook may be revised to 'Negative' if SGPL's financial risk
profile, particularly its liquidity, weakens, most likely due to
low cash accruals, or elongation of working capital cycle, or
large debt-funded capital expenditure.

SGPL, set up in 2010, trades in gold jewellery on a wholesale and
retail basis. Mr. C A Collins and his brother, Mr. C A Raphy,
manage the company's day-to-day operations.


SREE NIRMALA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Sree Nirmala Yarn Mill Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B+/Stable
   Cash Credit             40        CRISIL B+/Stable
   Long Term Loan          15        CRISIL B+/Stable

The rating reflects SNYM's modest scale of operations in the
intensely competitive and highly fragmented textile industry, and
its below-average financial risk profile, marked by modest net
worth and weak debt protection metrics. These rating weaknesses
are partially offset by its promoter's extensive experience in
the textile industry.
Outlook: Stable

CRISIL believes SNYM will continue to benefit over the medium
term from its promoter's extensive experience in the textile
industry. The outlook may be revised to 'Positive' if the company
reports a sustainable increase in its revenue and profitability,
thereby strengthening its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if SNYM generates lower-
than-expected cash accruals or undertakes any large debt-funded
capital expenditure programme, resulting in deterioration in
financial risk profile.

Incorporated in 2003, Rajapalayam (Tamil Nadu) based Sree Nirmala
Yarn Mill Private Limited (SNYM) is engaged in the manufacturing
of cotton yarn of counts 32s to 40s. The day to day operations of
the company are managed by Mr. N. Venkadasamy.


SREE NIVAS: CRISIL Suspends 'C' Rating on INR210MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Sree Nivas Buildtech India Private Limited (SNBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            210        CRISIL C
   Proposed Cash
   Credit Limit            90        CRISIL C

The suspension of rating is on account of non-cooperation by
SNBPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SNBPL is yet to
provide adequate information to enable CRISIL to assess SNBPL'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 2000 by Mr. R Venugopal, SNBPL undertakes
residential real estate projects in Puducherry.


SREE VEERA: ICRA Withdraws 'B' Rating on INR5cr Bank Loan
---------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B for the
INR5.00 crore bank facilities of Sree Veera Bhadra Swamy Shopping
Mall as the earlier notice of withdrawal for a period of 1 month
since April 7, 2016 is completed.

On 1st April 2012, M/s. Sree Veerabhadra Swamy Shopping Mall was
formed by the amalgamation of three firms namely, M/s.Vaijayanthi
Textiles, M/s. Andela Textiles, M/s. Sree Veerabhadra Swamy Silk
and Sarees. SVSSM is involved in trading of textiles; sarees
(different varieties like pure silk sarees, pattu sarees, cotton,
printed, fancy and semi fancy sarees), dress materials for
chudidhars and other women wear, readymade garments for men along
with fabric for suiting and shirting and readymade garments for
kids. The shopping mall is spread across 25000 sq feet of area
over 5 floors and located at Y.V.street, Kadapa district of
Andhra Pradesh.


SRI RAVICHANDRA: CRISIL Cuts Rating on INR240MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Sri Ravichandra Textiles Private Limited (SRTPL) to
'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             140       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan          240       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Cash           10        CRISIL D (Downgraded from
   Credit Limit                      'CRISIL B+/Stable')

The downgrade reflects instances of delay by SRTPL in servicing
its debt because of its weak liquidity.

SRTPL has a below-average financial risk profile because of
modest networth, high gearing, and weak debt protection metrics.
Also, its profitability is susceptible to volatility in cotton
prices, and it has large working capital requirement. However,
the company benefits from its promoters' extensive industry
experience.

SRTPL, incorporated in 2010, manufactures cotton yarn, primarily
in counts of 10s and 20s. Its manufacturing facilities are in
Guntur, Andhra Pradesh, and started commercial production in
November 2012.


SRI SANTHANALAKSHMI: CRISIL Ups Rating on INR30MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Santhanalakshmi Spinners Private Limited (SSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable', while reaffirming its rating
on the short-term bank facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)

   Cash Credit            30         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      0.8       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan             115.0       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in business risk profile, driven
by stabilisation in operations, resulting in a substantial
increase in scale of operations while maintaining healthy
profitability. The upgrade also factors in improvement in
liquidity because cash accrual is expected to be sufficient to
meet its debt obligation over the medium term.

The ratings reflect the extensive experience of promoters in the
textile spinning industry. This rating strength is partially
offset by a moderate scale of operations in the intensely
competitive spinning industry and a below-average capital
structure.
Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' if substantial ramp-up in revenue and
profitability results in larger-than-expected cash accrual while
efficiently managing its working capital. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected
profitability and cash accrual, or sizeable working capital
requirement.

SSPL, incorporated in 2011 and based at Pallipalayam (Tamil
Nadu), operates a spinning unit to manufacture viscose yarn. It
is promoted by Mr. P Shanmugam and Mr. S Sivasubramaniam.


SRI SCL: CARE Raises Rating on INR31cr Loan to B+
-------------------------------------------------
CARE revokes suspension and revises the rating assigned to the
bank facilities of Sri Scl Infratech Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       31       CARE B+ Revised from
                                            CARE D and suspension
                                            Revoked

   Long-term/Short-term Bank      220       CARE B+/CARE A4
   Facilities                               Revised from CARE D
                                            and suspension
                                            revoked

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Sri SCL Infratech Limited (SSIL) takes into account the
regularization of debt servicing led by improved liquidity
profile and financial performance FY16 (refers to the period
April 1 to March 31) with recovery of advances from subsidiaries
execution of major irrigation projects during the year. The
ratings also take into account experienced promoters, healthy
order book position and increase in total operating income during
FY16. The ratings, however, continue to be constrained by
leveraged capital structure, concentrated order book position,
working capital-intensive nature of the business and continued
significant exposure in the group companies. The ability of the
company to recover contract proceeds in a timely manner, with
further improve the liquidity position and effectively manage its
working capital requirements are the key rating sensitivities.

SCL was started by Mr D V Naidu as a partnership firm under the
name of Srinivasa Construction in 1981. It was incorporated as a
private limited company in June 1990 and was later converted into
a public limited company in June 1997. Furthermore, the name of
the company was changed to "Sri SCL Infratech Ltd" from "SCL
Infratech Ltd" on October 25, 2013. Based in Hyderabad, the
company is engaged in construction of irrigation projects, hydro
power and railway projects. As on May 31, 2016, the order book
position of the company was INR1413.11 crore.

During FY16 (Provisional), SSIL achieved a total income of
INR208.32 crore (FY15 - INR160.67 crore), PBILDT of INR36.99
crore (FY15 - INR32.96 crore) and PAT of INR5.80 crore (FY15 -
INR2.36 crore).


SUMEET FACILITIES: CRISIL Ups Rating on INR60MM LT Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sumeet Facilities Private Limited (SFPL) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'. The rating on the company's short-term
facility has been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          35        CRISIL A4 (Reaffirmed)

   Cash Credit             60        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term      60        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Rupee Term Loan          5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects sustained improvement in liquidity,
driven by substantially stronger cash accrual and enhanced bank
line. The stronger accrual was largely due to ramp-up in scale of
operations and profitability, and addition of new customers. Net
cash accrual should exceed INR27.5 million annually in the near
to medium term, and comfortably cover maturing debt. Prudent
working capital management and enhanced bank line supported
moderate bank limit utilisation'at 76 percent. Liquidity should
remain healthy over the medium, underpinned by improving cash
accrual and funding support from promoters and associates
whenever necessary. Associates have supported operations with
preference shares of INR45 million as of March 2015.

The ratings reflect modest, through improving, scale of
operations, intense competition in the manpower services
industry, and average financial risk profile. These rating
weaknesses are partially offset by extensive experience of the
promoters and their funding support.

For arriving at the ratings, CRISIL has treated preference shares
of INR45 million from associates as on March 31, 2015, as neither
debt nor equity; this is because these will be retained in the
business over the medium term.
Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if revenue and profitability improve
significantly, leading to higher-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens, because of decline
in cash accrual, a stretched working capital cycle, or any large,
debt-funded capital expenditure.

Set up in 1992 by Mr. Prabhakar Salunke, SFPL provides manpower
services, which include housekeeping services and skilled and
unskilled workers. The company is based in Pune and mainly
renders its services to corporate clients, education institutes,
hotels, malls, and government establishments.


VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR110MM Loan
------------------------------------------------------------
CRISIL rating on the bank loan facilities of Varaha Lakshmi
Narasimha Swamy Educational Trust (VLN) continues to reflect
delays by VLN in servicing its debt; the delays have been caused
by the Trust's weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL D (Reaffirmed)
   Long Term Loan         110        CRISIL D (Reaffirmed)

VLN is also susceptible to adverse regulatory changes. However,
it benefits from the extensive experience of its promoters in the
education sector.

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.


VIKRANT EDUCATIONAL: CRISIL Suspends D Rating on INR85MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vikrant
Educational and Social Welfare Society (VESWS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft Facility      20        CRISIL D
   Proposed Term Loan      85        CRISIL D
   Term Loan               85        CRISIL D

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

VESWS was registered in December 2007, promoted by the Rathore
and Tomar families. Mr. Rakesh Singh Rathore is the chairman of
the society. VESWS has three technical colleges and one higher
education college, set up with the state government's permission
in 2009, at Gwalior (Madhya Pradesh).


Y AND H: CRISIL Suspends 'B+' Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Y and H
Patel Finance Limited (Y and H Patel).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              50       CRISIL B+/Stable

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

Y and H Patel is a non-deposit-taking non-banking financial
company registered with the Reserve Bank of India. The company
provides financing for commercial vehicles, two-wheelers, and
three-wheelers, as also mortgage loans and consumer durable
loans. Its operations are concentrated in Ahmedabad. Though it
has just one outlet, it operates through business executives
present at various dealerships spread across 15 locations around
India.



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


ASB THEATRE: Former Mayors Back Bailout of Troubled Theater
-----------------------------------------------------------
The Marlborough Express reports that the council should bail out
Blenheim's cash-strapped theatre and write off its NZ$5.1 million
debt, three former mayors say.

However, they have warned against taking control of the embattled
theatre project by dissolving the Marlborough Civic Theatre
Trust, the report says.

The Marlborough Express relates that while incumbent mayor
Alistair Sowman has faced calls to step down, former council
leaders Gerald Hope and Leo McKendry said there was no point
calling for his resignation three months out from council
elections.

According to the report, Liz Davidson said Sowman needed to
"stand resilient" against the "naysayers".

The report relates that Mr. Hope, who held the mayoralty from
1998 to 2001, said the financial fate of the ASB Theatre was the
most significant decision ever faced by the Marlborough District
Council.

The Marlborough Express says councillors would decide on June 30
whether they should pay off more than NZ$5 million in theatre
loans and boost the theatre's annual operating grant from
NZ$200,000 to NZ$390,000.

Increasing the operating grant would cost each ratepayer NZ$18 a
year, which was "not unacceptable", Mr. Hope, as cited by The
Marlborough Express, said.

"The theatre won't be viable if we continue to add debt upon
debt. That's not in the interests of the public. This is the time
for councillors to put aside any personal concerns they might
hold about the theatre's scale, size, location and build cost and
look to the future of what the theatre will offer a wide range of
users and audiences," the report quotes Mr. Hope as saying. "It's
a simple financial decision in the interest of the wider
community."

Mr. Hope said he would have made the operation of the theatre
trust public.

"I would have made sure that councillors were kept fully informed
as to the progress of the building phase. I would have ensured
the finances were clearly understood with projections of income
and expenditure given to councillors well in advance.

"There is no point in looking back over the project management,
the management by the trust, trustees or the financial position
they are now in.

"What we have is a world-class performing arts theatre which is
the most modern in New Zealand. We have to plan for the future."

Councillors have called for the Marlborough Civic Theatre Trust
to be dissolved, with the council taking over its assets and the
ongoing governance of the theatre.

Mr. Hope said he would caution the council against that move, the
report relays.

"Council would lose goodwill and investment by volunteers of more
than 10 years. They would be in danger of losing funding
structures if they moved to a charitable trust."

Councillors Jessica Bagge and Jamie Arbuckle said Sowman should
resign and a motion of no confidence in the mayor is expected to
be raised at Thursday (June 30)'s meeting, The Marlborough
Express reports.


LAURA ASHLEY: Shuts Up Shop in New Zealand
------------------------------------------
The New Zealand Herald reports that British homeware and fashion
store Laura Ashley has shut up shop in New Zealand after its new
Australian owners have shown no interest in continuing the
business this side of the Tasman.

Administrators Paul Sargison and Simon Dalton of Gerry Rea
Partners were appointed on June 2, five months after the
Australian operation appointed administrators.

Laura Ashley has operated in New Zealand for the past twenty
years, with two stores in Auckland and two in Christchurch.

In their report, the administrators said when they were appointed
two of the stores were closed immediately and the stock
transferred to the remaining two, the Herald relays.

They engaged with the purchaser of the Australian operation about
the potential sale of the New Zealand stores.

According to the Herald, the administrators' report said the
company had been insolvent for "a considerable period of time"
and "regrettably, a sale of the business was not feasible".

Staff at the stores were owed NZ$19,234, but have since been
paid. Unsecured creditors were owed NZ$2.5 million, leaving a
deficit of NZ$2.3 million, according to the report cited by the
Herald.

                        About Laura Ashley

Laura Ashley Australia sells fashion, homewares and furniture.
Laura Ashley was a Welsh fashion designer who first launched her
furnishings business in the 1950s, before expanding into
clothing.  The company was founded in Australia in 1971 and
operates 38 stores in Australia and four in New Zealand under a
licence agreement from Laura Ashely UK.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 8, 2016, SmartCompany said external directors were called in
on Jan. 7 to manage the business, with Ross Blakeley, Quentin
Olde and John Park from FTI Consulting appointed as
administrators.

The appointment of administrators only applies to the retailer's
Australian stores.  Laura Ashley's New Zealand stores and Laura
Ashley UK are not affected by the collapse of the Australian
business, SmartCompany said.



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


HANJIN SHIPPING: To Return 38 Chartered Ships by 2017
-----------------------------------------------------
The Korea Herald reports that Hanjin Shipping has decided to
return a total of 38 chartered ships to owners by 2017 as a part
of its cost-cutting efforts.

The Korea Herald relates that the company, which was put under a
creditor-led restructuring program, will return 18 chartered bulk
carriers and 20 container vessels which have been a major drag on
its balance sheet.

"We hope to save significant costs from the return. We will put
our utmost efforts to stabilize the financial health at the
earliest," the report quotes an official at the firm as saying.

Of some 100 container ships that Hanjin Shipping operates, 63 are
borrowed fleets, the report notes.

According to the report, container carriers normally borrow their
chartered ships again after contracts end for operation but
Hanjin decided to give back the vessels as the firm has massive
debts reaching KRW5.6 trillion (US$4.7 billion) as of end-2015.

Last year, Hanjin Shipping posted a net profit of KRW3 billion, a
turnaround from a net KRW423.3 billion loss in the previous year,
the report discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
May 6, 2016, The Korea Herald said creditors of Hanjin
Shipping have agreed to offer financial assistance to the company
and initiate a corporate rehabilitation program with conditions
attached.  The Korea Herald related that seven creditor banks,
led by state-run Korea Development Bank, gave a nod to Hanjin
Shipping's proposal to restructure its debt and provide an aid
package in return for self-rescue efforts, at a meeting on May 5.
According to the Korea Herald, the conditions for bailout include
a cut in charter rates that Hanjin pays to foreign shipowners,
retaining a global alliance membership and signing an agreement
with bondholders for debt restructuring.

Korea-based Hanjin Shipping Co., Ltd. engages in the provision of
marine transportation services. The Company mainly provides four
categories of services: container service, bulk service, terminal
service and third party logistics (3PL) service.


SAMSUNG HEAVY: To Push for Speedy Capital Increase
--------------------------------------------------
Yonhap News Agency reports that embattled Samsung Heavy
Industries Co. said June 28 it will push for a capital increase
as soon as its shareholders raise the upper limit of stock for
sale in August, which is part of its KRW1.5 trillion (US$1.28
billion) restructuring plan.

Yonhap notes that Samsung Heavy, a unit of South Korea's top
conglomerate Samsung Group, unveiled the self-rescue program
earlier this month, including stock sales and job cuts, as it
grappled with falling freight rates amid slackened global demand
and tougher competition.

"We will raise share capital as soon as possible because it is
not easy to get new funds in the current circumstances," CEO Park
Dae-young told reporters after an economic forum, without
elaborating on the size and method of the stock sale, Yonhap
relays. "Banks are also strongly demanding (capital increase)."

Before increasing its stocks, the company has to increase the
maximum number of shares it is legally permitted to issue in a
shareholders' meeting slated for Aug. 19, Yonhap recalls. Under
its articles of incorporation, Samsung Heavy is currently allowed
to float up to 240 million shares, and it has already issued
231 million, the report states.

Yonhap relates that industry watchers predict the company could
raise about KRW1 trillion by selling new stocks to its
affiliates.

Samsung Electronics Co., the group's flagship, is the largest
stakeholder in the shipyard with 17.62 percent, and other
affiliates, such as Samsung Life Insurance Co. and Samsung SDI
Co., also own stakes, the report discloses.

Yonhap says Park didn't comment on whether Samsung Electronics
Vice Chairman Lee Jae-yong, the group's heir apparent, and other
affiliates have any plans to buy Samsung Heavy's new shares.

The self-rescue package, approved by its creditors, calls for the
nation's No. 3 shipyard to cut 1,500 jobs this year, sell non-
core assets and suspend part of its production facilities,
including floating docks, in gradual phases to cope with a fall
in new orders, according to Yonhap.

Samsung Heavy Industries Co., Ltd. manufactures crude oil
tankers, container vessels, bulk carriers, cruisers, and
passenger ferries. The Company also produces steel and bridge
structures, and material handling equipment. In addition, Samsung
Heavy Industries provides civil engineering, architectural, and
plant construction services.


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***