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

                      A S I A   P A C I F I C

             Friday, July 8, 2016, Vol. 19, No. 134


                            Headlines


A U S T R A L I A

CHALLENGE RECRUITMENT: First Creditors' Meeting Set For July 14
CONDOR BLANCO: First Creditors' Meeting Slated For July 14
KRANTHI CONSULTING: First Creditors' Meeting Set For July 14
LOCHER & ASSOCIATES: First Creditors' Meeting Slated For July 14
XPAND GROUP: First Creditors' Meeting Slated For July 14


C H I N A

EHI CAR: Fitch Affirms 'BB-' IDR; Outlook Stable
WEST CHINA: S&P Lowers Corp. Credit Rating to 'B'; Outlook Neg.


H O N G  K O N G

WINSWAY ENTERPRISES: Claims Bar Date Set for September 24


I N D I A

ABAJ FOODS: CRISIL Suspends 'B' Rating on INR85MM Cash Loan
AJITH CARS: CRISIL Upgrades Rating on INR150MM Cash Loan to B+
ARJUN PULP: CRISIL Lowers Rating on INR226MM LT Loan to D
ARTEFACT INFRASTRUCTURE: ICRA Assigns B Rating to INR7.5cr Loan
ASHUTOSH BANDYOPADHAYAY: ICRA Assigns B Rating to INR9.0cr Loan

AUTO PROFILES: CRISIL Ups Rating on INR204MM Cash Loan to 'B'
C.K. INDUSTRIES: ICRA Revises Rating on INR13cr Cash Loan to B
COCHIN FROZEN: CRISIL Reaffirms B Rating on INR30MM Bill Disc.
DEEP JAN: CRISIL Assigns B+ Rating to INR10MM Fund Based Loan
ETHIX REALTORS: CRISIL Lowers Rating on INR600MM LT Loan to D

GB RAJA: CRISIL Suspends 'D' Rating on INR180.5MM LT Loan
GOLD KING: CRISIL Suspends B- Rating on INR50MM Cash Loan
GOLDENLINE INFRA: CRISIL Assigns D Rating to INR150MM Loan
GOYAL AUTOMOBILES: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
GREEN TEAK: ICRA Suspends B-/A4 Rating on INR7.23cr Loan

GUJARAT PEANUT: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
GULABCHAND BADRINARAYAN: CRISIL Rates INR50MM Cash Loan at 'B'
GUPTA BUILDERS: CRISIL Suspends B+ Rating on INR120.5MM Loan
ICON PETROLEUM: ICRA Assigns B+ Rating to INR7.0cr Bank Loan
JS SPINTEX: ICRA Suspends 'B' Rating on INR21.41cr Bank Loan

LABDHI INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to B-
MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
MAXFLOW PUMPS: CRISIL Lowers Rating on INR15MM Bank Loan to D
MUNDRA AGRO: CRISIL Assigns 'B' Rating to INR135MM Term Loan
N. E. AGENCY: CRISIL Assigns B+ Rating to INR50MM Cash Loan

NAAD BUILDERS: CRISIL Suspends B+ Rating on INR71.5MM Term Loan
NAMDHARI FOOD: CRISIL Suspends B- Rating on INR157.6MM LT Loan
OIL COUNTRY: ICRA Lowers Rating on INR155.0cr Loan to 'D'
PATEL RAVJI: CRISIL Suspends 'B' Rating on INR30MM LT Loan
PERMANENT MAGNETS: ICRA Suspends 'D' Rating on INR42.50cr Loan

RAVELS APPARELS: CRISIL Assigns B+ Rating to INR35MM Packing Loan
RAYBAN FOODS: ICRA Assigns 'B' Rating to INR30cr Capital Loan
ROSELABS LIMITED: CRISIL Reaffirms D Rating on INR80MM Cash Loan
SADHAV OFFSHORE: CRISIL Suspends B+ Rating on INR29MM Cash Loan
SANKET PROPERTIES: CRISIL Cuts Rating on INR140MM LT Loan to D

SATYAM GREEN: CRISIL Lowers Rating on INR60MM Term Loan to 'D'
SHREE BANKE: ICRA Assigns 'B-' Rating to INR3.0cr Cash Loan
SHREE RADHEYSHYAM: CRISIL Suspends B+ Rating on INR190MM Loan
SHREE RAMDEV: CRISIL Suspends B+ Rating on INR75MM Term Loan
SHRIRAM POWER: ICRA Suspends B-/A4 Rating on INR18.60cr Loan

SHUBHLAXMI CASTING: CRISIL Suspends B+ Rating on INR140MM Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
SRI VAKIRAKAALIAMMAN: CRISIL Suspends D Rating on INR300MM Loan
SSM BUILDERS: CRISIL Suspends B+ Rating on INR1.80BB LT Loan
SWARGIYA TAPESHWAR: CRISIL Assigns B+ Rating to INR10MM Loan

TEJRAJ PROMOTERS: CRISIL Suspends B+ Rating on INR150MM Loan
TOPLON INDUSTRIES: CRISIL Assigns 'B' Rating to INR75MM LT Loan
V. P. M. SANKAR: CRISIL Reaffirms B Rating on INR65MM Cash Loan
VEERABHADRA EXPORTS: ICRA Reaffirms B+ Rating on INR30cr Loan
VIVEK STEELCO: CRISIL Suspends B+ Rating on INR150MM Cash Loan

WIN-TEL CERAMICS: CRISIL Suspends B- Rating on INR120MM Cash Loan


N E W  Z E A L A N D

HELIPRO: Still Owes Millions of Dollars, Still in Receivership


S O U T H  K O R E A

SAMSUNG HEAVY: Workers Staged Strike Over Restructuring Plan


                            - - - - -


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


CHALLENGE RECRUITMENT: First Creditors' Meeting Set For July 14
---------------------------------------------------------------
Sule Arnautovic, Christopher John Baskerville and Glenn Anthony
Crisp of Jirsch Sutherland were appointed as administrators of
Challenge Recruitment Pty Limited on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 9, 33
Erskine Street, in Sydney, on July 14, 2016, at 11:00 a.m.


CONDOR BLANCO: First Creditors' Meeting Slated For July 14
----------------------------------------------------------
Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Condor Blanco Mines Limited on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Level 1, 20 Bond Street, in Sydney, on July 14, 2016, at
11:00 a.m.


KRANTHI CONSULTING: First Creditors' Meeting Set For July 14
------------------------------------------------------------
David Ross and Kate Savage of Hall Chadwick were appointed as
administrators of Kranthi Consulting Pty Limited on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Hall Chadwick, Level 10, 575 Bourke Street, in Melbourne, on
July 14, 2016, at 11:00 a.m.


LOCHER & ASSOCIATES: First Creditors' Meeting Slated For July 14
----------------------------------------------------------------
Sule Arnautovic, Christopher John Baskerville and Glenn Anthony
Crisp of Jirsch Sutherland were appointed as administrators of
Locher & Associates Pty Ltd on July 4, 2016.

A first meeting of the creditors of the Company will be held at
the Chartered Accountants Australia and New Zealand, Level 29,
Westpac House, 91 King William Street, in Adelaide, on
July 14, 2016, at 9:30 a.m.


XPAND GROUP: First Creditors' Meeting Slated For July 14
--------------------------------------------------------
Sule Arnautovic, Christopher John Baskerville and Glenn Anthony
Crisp of Jirsch Sutherland were appointed as administrators of
Xpand Group Pty Ltd on July 4, 2016.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 9, 33
Erskine Street, in Sydney, on July 14, 2016, at 9:00 a.m.



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


EHI CAR: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------
Fitch Ratings has affirmed eHi Car Services Limited's Long-Term
Foreign-Currency Issuer Default Rating at 'BB-' with a Stable
Outlook.  Fitch has also affirmed eHi's foreign-currency senior
unsecured rating and the rating on the USD200 mil. 7.5% senior
notes due 2018 at 'BB-'.

                        KEY RATING DRIVERS

National Expansion, Market Leader: eHi continues to be China's
second-biggest car rental company with majority market shares in
Shanghai and eastern China.  Its total fleet size rose 93% to
38,070 and total revenue increased 70% to CNY1.5 bil. in 2015.
eHi also started operations in 52 new cities in 2015.  Fitch
expects eHi to continue to expand and its fleet size to increase
to more than 55,000 in 2016 even though fleet additions will slow
due to operating efficiency considerations.

Improving Operating Leverage: Both eHi's gross profit margin and
EBITDA margin (excluding gains and losses on car disposals)
widened around 60bp to 21.6% and 39.2% respectively in 2015.  The
EBITDA margin in 1Q16 improved further to 44%.  This was aided by
an increase in rental vehicles per outlet to 96 at end-2015 from
57 at end-2014, which reduced payroll expenses per vehicle.
Fitch expects eHi's EBITDA margin (excluding gains and losses on
car disposals) and EBIT margin to be above 40% and approach 10%,
respectively in the next few years, the minimum levels required
to maintain its current rating.

Closing Gap with Competitor: eHi has been gradually closing the
gap with its biggest rival, the larger CAR Inc. (CAR;
BB/Negative).  eHi's rental revenue was almost 37% of CAR's in
1Q16, compared with only 29% in 2012.  Fitch forecasts eHi's
revenue to increase 40%-50% in 2016, compared with CAR's 20%-30%.
eHi successfully grabbed more market share in 2015 by increasing
vehicle supplies and keeping price competitive.

Avoiding the Zhuanche Business: eHi started leasing vehicles to
online travel service provider Ctrip and ride-sharing company
Didi, which provide zhuanche (or premium chauffeured car)
services, in 2014 and 2015, respectively.  This helped eHi to
absorb additional fleet capacity.  The two platforms rent
vehicles from eHi as corporate clients and together accounted for
less than 5% of eHi's total revenue in 2015.

The Chinese zhuanche industry expanded rapidly in 2015, but now
faces intense competition with more capital brought into ride-
hailing services such as Didi, Uber and Yidao.  None of the
market participants have turned a profit so far. Fitch thinks eHi
has limited its downside business risks by avoiding direct
participation in the zhuanche industry.  However, any changes in
the regulations may be costly as eHi will be significantly behind
competitors in the fast-growing industry.

Healthy Leverage despite Capex Pressure: The disposal of its
minority stake in Didi and several rounds of equity and debt
financings have helped eHi to shore up liquidity in 2015.  eHi
also managed to obtain better terms with vehicle suppliers and
enjoyed a CNY800 mil. increase in accounts payable in 2015.
Fitch expects eHi to spend CNY2 bil.-3 bil. capex each year in
2016-2018 to replenish and increase operating vehicles.  eHi's
FFO net leverage was low at 1x in 2015 and is likely to increase
to around 2x in 2016 without additional equity injection.

Regulation Risks: Regulation risks continue to linger in the car
rental and car service market in China.  The government has not
yet drawn up a blueprint for the industry's regulatory framework.
Any unexpected change in regulations, for example in industry
definitions, license purchase restrictions, point deduction
systems, peer-to-peer car rental and the zhuanche businesses, may
adversely impact eHi's operations in the future.  Fitch will
monitor any regulation changes and potential impacts on the
industry.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Total fleet size increases to 55,000 in 2016 and 67,000 in
      2018
   -- Net revenue will rise about 45% in 2016.  Growth will
      gradually slow down afterwards
   -- Fleet depreciation schedule: 15% of gross fleet value
   -- Fleet vehicles are disposed after two to three years of use
   -- EBITDA margin continues to benefit from scale expansion and
      improve to above 40% in 2016-2018

                       RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- FFO adjusted net leverage sustained above 3x
   -- EBITDA margin (excluding gains/losses from car disposals)
      sustained below 40% (2015: 39%)
   -- EBIT margin sustained below 10% (2015: 5%)

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

   -- No positive rating pressure in the next 12-18 months until
      it establishes a longer track record of used-car disposal
      and sustains a fleet renewal cycle
   -- A more mature regulatory environment in the car rental
      business


WEST CHINA: S&P Lowers Corp. Credit Rating to 'B'; Outlook Neg.
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on West China Cement Ltd. (WCC) to 'B'
from 'B+'.  The outlook is negative.  At the same time, S&P also
lowered the issue rating on WCC's outstanding senior unsecured
notes to 'B' from 'B+'.  In addition, S&P lowered its long-term
Greater China regional scale rating on WCC and the notes to
'cnB+' from 'cnBB'.  S&P then removed all the ratings from
CreditWatch, where they had been placed with positive
implications on Nov. 30, 2015.

"We lowered the ratings on WCC because we believe liquidity risks
have risen following the termination of a potential takeover by
Anhui Conch Cement Co. Ltd.," said S&P Global Ratings credit
analyst Danny Huang.  "WCC may encounter a less favorable market
for its short-term maturities, which include commercial paper
with less than one year, given that lenders and investors have
become cautious toward borrowers operating in sectors with
surplus capacity."

WCC had aimed to continue to tap the domestic bond market to
refinance its borrowings at lower cost in a scenario that it had
become a subsidiary of Anhui Conch and would benefit from the
latter's solid credit standing.  Given the termination of the
transaction, S&P believes market participants may be less
receptive to funding WCC.

S&P calculates that WCC's liquidity sources will not meet its
obligations for the next 12 months.  S&P's expectation for
improving profitability and cash flow should be more than offset
by large short-term maturities.  WCC's maturity profile has
weakened because the company increased its short-term borrowings,
particularly of commercial paper.  Currently, S&P do not see
support from Anhui Conch for WCC to refinance and access the
capital markets.

S&P anticipates that collaboration and partnership between WCC
and Anhui Conch will be uncertain following the termination of
the transaction.  Since market conditions remain challenging for
cement producers in China, if WCC cannot maintain good access to
funding sources, S&P believes liquidity risk and refinancing risk
may largely affect its overall credit standing.

"The negative outlook for the next 12 months reflects our view
that WCC's capacity to refinance its short-term maturities may
have weakened following the termination of a takeover by Anhui
Conch," said Mr. Huang.  WCC has large short-term bank loans and
other borrowings that may require credit conditions to remain
favorable for the refinancing.  The company's credit standing
will have weakened in the absence of a potential controlling
shareholder because lenders and investors have a cautious outlook
for sectors with overcapacity.

S&P may lower the rating if WCC does not have a concrete or
credible refinancing plan for its short-term borrowings by the
fourth quarter of 2016 or its access to funding has deteriorated,
as suggested by materially higher borrowing costs or more
restrictive credit terms.  S&P could also lower the rating if
WCC's operating performance deteriorates or market conditions
further weaken, such that the debt-to-EBITDA ratio exceeds 5x on
a sustainable basis.  This also could happen if the ASP for
cement continues to decline or WCC's sales volume is
significantly lower than S&P's expectation.

S&P may revise the outlook to stable if WCC's liquidity position
improves.  This could happen if: (1) the company replaces short-
term obligations with long-term facilities; or (2) Anhui Conch
extends funding or assistance to WCC to secure funding.  While
WCC's liquidity remains adequate at the least, S&P may also
consider raising the rating if: (1) Anhui Conch commits to
further
investment in WCC and demonstrates a commitment to support WCC's
operations, sales, and financing; or (2) WCC's operating
performance improves such that its debt-to-EBITDA ratio falls
below 4.0x while the ratio of FFO to debt stays above 20% on a
sustained basis.



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


WINSWAY ENTERPRISES: Claims Bar Date Set for September 24
---------------------------------------------------------
The High Court of the Hong Kong Special Administrative Region
Court of First Instance set Sept. 24, 2016, as Bar Date for
Scheme Creditors to file proofs of claim against Winsway
Enterprises Holdings Limited.

The Restructuring Effective Date occurred on June 23, 2016. In
accordance with the Schemes, the Initial Distribution Date
occurred on June 28, 2016.  The Bar Date will occur at 5:00 p.m.
New York on Sept. 23, 2016, the equivalent being 5:00 p.m. BVI
time on Sept. 23, 2016 and 5:00 a.m. Hong Kong time on Sept. 24,
2016.

Scheme creditors are reminded that the Bar date is the final
deadline for submission to the Information Agent of the
documentation necessary to receive Scheme Consideration under the
Schemes. Any Scheme creditor that has not already done this
should refer to the Scheme website at www.bondcom./winswayscheme
and, in particular, the Solicitation Packet for further details.

Winsway Enterprises Holdings Limited, together with its
subsidiaries, processes and trades in coking coal and other
products in the People's Republic of China and internationally.
The company manages and operates coal processing plants.  It also
provides logistics services.  The company was formerly known as
Winsway Coking Coal Holdings Limited and changed its name to
Winsway Enterprises Holdings Limited in June 2014.  Winsway
Enterprises Holdings Limited was incorporated in 2007 and is
headquartered in Beijing, the People's Republic of China

Winsway Enterprises Holdings Limited has initiated a case under
Chapter 15 of the Bankruptcy Code, seeking recognition in the
United States of a proceeding currently pending in Hong Kong.
The petition was filed by Cao Xinyi as Winsway's foreign
representative, with authorization from the Board of Directors.

The Chapter 15 case, filed in the U.S. Bankruptcy Court for the
Southern District of New York (Bankr. S.D.N.Y. Case No. 16-10833)
on April 6, 2016, is assigned to Judge Martin Glenn.



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


ABAJ FOODS: CRISIL Suspends 'B' Rating on INR85MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Abaj
Foods Pvt Ltd (AFPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          14        CRISIL A4
   Cash Credit             85        CRISIL B/Stable
   Cash Term Loan          82        CRISIL B/Stable

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

AFPL was established in Sanand (Gujarat) in 2013 by Mr. Mahavir
Avaghela and family.  The company is setting up a unit for
processing and milling rice and wheat; it is likely to begin
commercial operations in July 2015.


AJITH CARS: CRISIL Upgrades Rating on INR150MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on long term bank facility
Ajith Cars Private Limited (ACPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' and assigned it's 'CRISIL A4' rating to the
short term bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             150       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Overdraft Facility       50       CRISIL A4 (Reassigned)

The rating upgrade reflects improvement in the financial risk
profile of the company as reflected in the better than expected
net worth and capital structure. The company has reported a net
worth of 15.5 million and a gearing of 4.99 times as on March 31
2016. This has been driven by equity infusion by its promoter
mainly to fund the working capital requirements of the company.
This has further resulted in the Bank limits of the company being
utilised moderately at 75 per cent over the 9 months ended
March 31, 2016. CRISIL is of the belief that the financial risk
profile is expected to improve over the medium term driven by
profits being ploughed back into the business along with need
based support from the promoters.  The upgrade also factors in
the improvement in the business risk expected over the medium
term with a full year operation of its showroom in
Thiruvananthapuram and additional revenues generated through its
new showroom in kollam.

The ratings reflect exposure to implementation risks related to
the ongoing project and exposure to intense competition in the
automotive dealership segment. These rating weaknesses are
partially offset by the extensive industry experience of the
promoter.

As on March 31, 2016, there were unsecured loans of INR44.6
million. CRISIL has treated these loans as neither debt nor
equity as they are interest-free and expected to remain in the
business over the medium term.
Outlook: Stable

CRISIL believes ACPL will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' if operations at the
proposed showroom stabilise in a timely manner and generate
higher-than-expected revenue and profitability, leading to
increase in cash accrual. Conversely, the outlook may be revised
to 'Negative' in case of significant delay in commencement of
operations, leading to lower-than-expected cash accrual and hence
pressure on liquidity.

ACPL was incorporated in July 2014, promoted by Mr. Ajith Kumar
S. The company is currently setting up a dealership showroom for
passenger cars of Hyundai Motors India Ltd (rated CRISILA1+) at
Thiruvananthapuram, Kerala.


ARJUN PULP: CRISIL Lowers Rating on INR226MM LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Arjun Pulp and Paper India Private Limited (APPPL) to 'CRISIL
D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          226       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating downgrade reflects instances of delay in meeting term-
debt repayment obligations, and continuously overdrawn working
capital limit for close to 80 days. The defaults were driven by
weak liquidity owing to issues related to stabilisation after
commencement of commercial operations.

The company also has a below-average financial risk profile and
working capital-intensive operations, and is exposed to
cyclicality in demand from end-user industries. However, it
benefits from group support and business experience of its
promoters.

Was originally established as Vesuvio Paper Pvt Ltd; the company
was renamed in fiscal 2010. It manufactures tissue paper.
Commercial operations started in January 2015, with a
manufacturing unit at Tirunelveli, Tamil Nadu. The company is
part of the Arjun group, promoted by Mr. Chandra Sekhar and his
family.


ARTEFACT INFRASTRUCTURE: ICRA Assigns B Rating to INR7.5cr Loan
---------------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B assigned to the
INR7.50 crore of facilities of Artefact Infrastructure Limited on
notice of withdrawal for one month at the request of the company.
As per ICRA's 'Policy on Withdrawal of Credit Rating', the
aforesaid ratings will be withdrawn after one month from the date
of this withdrawal notice.

AIL was incorporated in 1996 as a 100% subsidiary of Artefact
Projects Limited (rated [ICRA]D), to foray into infrastructure
and capitalize on the significant planned investments in the
infrastructure sector in the country. The company is engaged in
undertaking road construction projects sub-contracted by the
various EPC contractors and mine development activities with
operations focused in Maharashtra and Madhya Pradesh. It has also
successfully completed a BOT road project (annuity cum toll
basis) awarded by Madhya Pradesh Road Development Corporation
(MPRDC) in 2012 through an SPV formed by entering into a joint-
venture with Valecha Engineering Limited. The company has its
registered office in Nagpur, Maharashtra.


ASHUTOSH BANDYOPADHAYAY: ICRA Assigns B Rating to INR9.0cr Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR9
crore fund based bank facilities of M/s. Ashutosh Bandyopadhayay.
ICRA has also assigned the ratings of [ICRA]B and [ICRA]A4to AB's
unallocated limits of INR1 crore.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Fund Based-Cash
   Credit/Dropline
   Overdraft                9.0       [ICRA]B Assigned

   Unallocated Limits       1.0       [ICRA]B/[ICRA]A4 Assigned

The assigned ratings take into account AB's small scale of
current operations at present, and its weak financial profile as
reflected by weak coverage indicators and high working capital
intensity of operations. ICRA notes that the operating income of
the firm has remained volatile in the past due to lower volume of
work executed in the construction business. Given the low
complexity of work involved and low entry barriers in terms of
qualifications required for the tenders floated, intense
competition in the construction segment exert pressure on
profitability. AB also remains vulnerable to the cyclical nature
associated with the hotel industry and economic slowdown, apart
from high geographical concentration risk as the firm's entire
operations are confined to Tripura. ICRA also takes note of the
risks of capital withdrawal, given AB's legal status as a
partnership firm.

The ratings take note of the established track record of partners
in the civil construction business, spanning over more than three
decades, though the partners have limited experience in the hotel
business. AB's status as class-I government contractor with
Central and State Government Undertakings enables it to bid for
large contracts. The ratings also factor in the healthy order
book position of the firm from construction business that
provides high revenue visibility. The firm's diversified
operations, with presence in hotel and construction business,
mitigate AB's exposure to sector concentration risks to a large
extent.
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 1986 as a proprietorship concern, Ashutosh
Bandyopadhayay, converted into a partnership firm in the name of
M/s. Ashutosh Bandyopadhayay (AB) in April 2008. The firm
undertakes projects involving construction of buildings, roads,
bridges, etc. in Tripura. It is a class-I contractor for Public
Works Department, Central Public Works Department and National
Building Construction Corporation.

AB also runs a three-star hotel in the name of 'Hotel Sonar Tori'
in Agartala, Tripura. The hotel was commercialised from April
2015 and has a total room inventory of 36 along with two meeting
rooms, two banquettes, one multi-cuisine restaurant and one open
restaurant at the roof.


AUTO PROFILES: CRISIL Ups Rating on INR204MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Auto Profiles Limited (APL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable', and reaffirmed its 'CRISIL A4' rating on the short-
term facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL A4 (Reaffirmed)

   Cash Credit            204        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Corporate Loan          40        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term     231.8      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              289.2      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Working Capital         20.0      CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that APL's liquidity will
improve over the medium term, with better cushion between cash
accrual and term debt obligation. Cash accrual of INR104 million
in 2015-16 (refers to financial year, April 1 to March 31) was
insufficient to meet large term debt obligation of INR137.5
million. The shortfall was funded through unsecured loans from
promoters and external debt. The accrual is expected to increase
in 2016-17 backed by revenue growth and better absorption of
fixed overheads, against term debt obligation of INR97-98
million. CRISIL believes gradual increase in accrual and
reduction in term debt obligation will improve the company's
financial risk profile.

The ratings reflect APL's susceptibility to cyclicality in the
commercial vehicle industry, high customer concentration in
revenue, and vulnerability to increase in raw material prices
because of inability to pass on input cost increases to original
equipment manufacturers. These weaknesses are partially offset by
its established track record and its promoters' extensive
experience in the automotive ancillary industry, and its moderate
financial risk profile marked by healthy networth, moderate
gearing and moderate debt protection metrics.
Outlook: Stable

CRISIL believes APL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established customer relationships. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
revenue and profitability, or in capital structure backed by
sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profitability, or
significant weakening of capital structure on account of large
debt-funded capital expenditure or stretch in working capital
cycle.

APL, promoted in 1991 by Mr. Bikash Mukherjee and his family
members, manufactures components for medium and heavy commercial
vehicles, and makes diesel engines and construction equipment.
The company, based in Jamshedpur, Jharkhand, is a Tier-I
ancillary supplier to Tata Motors Ltd (TML), and 80 percent of
its sales are to TML. It has three manufacturing units in
Jamshedpur (total capacity of 60,000 tonne per annum [tpa]) and
one in Lucknow (5000 tpa).


C.K. INDUSTRIES: ICRA Revises Rating on INR13cr Cash Loan to B
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR14.95
crore cash credit facility of C.K. Industries from [ICRA]B+ to
[ICRA]B and assigned the long term rating of [ICRA]Bto the
INR5.00 crore warehouse receipt facility.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit             13.00       Revised to [ICRA]B
                                       from [ICRA]B+

   Standby Line of Credit   1.95       Revised to [ICRA]B
                                       from [ICRA]B+

   WHR (Against Pledge
   of Stocks)               5.00       Assigned [ICRA]B

The revision in rating takes into account the modest scale of
operations coupled with revenue de-growth, low profitability,
stretched capital structure caused by high working capital
requirements during FY2016. The ratings also factor in the
vulnerability of profitability to adverse movements in raw cotton
prices, which are subject to seasonality and crop harvest, the
regulatory risk with regard to MSP, and firm's low bargaining
power given the limited value addition and highly competitive and
fragmented industry structure due to low entry barriers. Further
the rating also considers potential adverse impact on net worth
and gearing levels in case of any substantial withdrawal from
capital accounts given the constitution as a partnership firm.
The ratings, however, continue to positively consider the long
standing experience of the promoters in the ginning industry and
favourable location of the firm's manufacturing facility in
Gujarat giving it easy access to raw material.

The operating income and profitability margins of the firm are
expected to improve supported with scale up of the operations and
stable demand outlook for cotton season.. However, the firm's
ability to scale up the operations will be largely contingent to
improvement in domestic demand, given the seasonality in the
business, volatility in prices of cotton and high competitive
intensity. Further, the firm's ability to generate funds to
ensure timely servicing of debt repayment obligations while
managing working capital efficiency will remain critical.

Established in 1997 as a partnership firm, C.K. Industries (CKI)
is engaged in the business of ginning and pressing of raw cotton
into cotton seeds and fully pressed cotton bales having a
production capacity of 28.9 TPD (Tonnes per day) of cotton bales
and 49.7 TPD of cottonseeds at its manufacturing facility located
in Kuvadava, Rajkot. The facility is also equipped with 8
expellers with crushing capacity of 52 TPD. The firm is promoted
by Mr. Arvind Kakadia along with his relatives who have over a
decade of experience in the cotton ginning business.

Recent Results
During FY2015, CKI reported an operating income of INR61.37 crore
and profit after tax of INR0.62 crore as against an operating
income of INR53.40 crore and profit after tax of INR0.99 crore in
FY2014. Further, during FY2016 CKI reported an operating income
of INR35.75 crore and profit before tax of INR0.62 crore (as per
unaudited provisional financial).


COCHIN FROZEN: CRISIL Reaffirms B Rating on INR30MM Bill Disc.
--------------------------------------------------------------
CRISIL ratings on the bank facilities of Cochin Frozen Foods
(CFF) continue to reflect the firm's modest scale of operations,
and below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by
extensive experience of its proprietor in the seafood export
business, and its established clientele.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting        30       CRISIL B/Stable (Reaffirmed)
   Packing Credit          35       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes CFF will continue to benefit over the medium term
from its proprietor's industry experience. The outlook may be
revised to 'Positive' if there is significant increase in its net
cash accrual because of higher revenue or profitability,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' in case of considerable decline in cash
accrual, or deterioration in working capital management,
weakening financial risk profile.

Update
For 2015-16 (refers to financial year, April 1 to March 31),
CFF's operating income fell 25 percent year-on-year to INR100
million due to muted demand and intense competition, and
operating margin was low, at 5.5 percent, leading to constrained
cash accrual of INR1 million. Operating income is expected to
grow moderately over the medium term, supported by geographic
diversification and capacity expansion.

The firm's financial risk profile remains subdued because of
small networth and high gearing of INR15 million and 3.5 times,
respectively, as on March 31, 2016. Debt protection metrics were
weak, with interest coverage ratio of 1.20 times in 2015-16. The
financial risk profile is expected to remain constrained by
limited accretion to reserves over the medium term.

Liquidity will remain adequate, with annual cash accrual expected
at INR1-1.5 million over the medium term, against nil term debt
obligation. Bank line utilisation remained high, averaging 97
percent for the 12 months through March 2016, due to working
capital-intensive operations.

CFF, set up in 2000, processes and exports seafood. It is based
in Kochi, Kerala, and its daily operations are managed by
proprietor Ms. K G Sulochana.


DEEP JAN: CRISIL Assigns B+ Rating to INR10MM Fund Based Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Deep Jan Kalyan Samiti (DJKS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits              10       CRISIL B+/Stable

The rating reflects the society's below-average financial risk
profile marked by small networth; and small scale of, and not-
for-profit nature of operations. These weaknesses are partially
offset by the society's healthy relations with government
authorities and implementation of various social welfare
development schemes.
Outlook: Stable

CRISIL believes the credit profile of DJKS will remain
constrained on account of the small scale of operations and low
cash accrual. The outlook may be revised to 'Positive' if
increase in scale of operations and cash accrual improves the
financial risk profile. The outlook may be revised to 'Negative'
if decline in income or cash accrual or any large, debt-funded
capital expenditure exerts
pressure on the financial risk profile.

Setup in 1997, DJKS is organised as a not-for-profit society and
is located in Bareilly, Uttar Pradesh. It is engaged in various
schemes operated by the state and central governments in Bareilly
and its surrounding areas. Some of the schemes include, operating
creches under the Rajiv Gandhi National Creche Scheme, short stay
home under the Ministry of Woman & Child Development, old age
homes under Social Welfare & Women Welfare Scheme and other
government mandated schemes.


ETHIX REALTORS: CRISIL Lowers Rating on INR600MM LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Ethix
Realtors Private Limited (ERPL) to 'CRISIL D' from 'CRISIL
B+/Stable' on account of instances of irregularity in servicing
its term debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          600       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

ERPL remains exposed to implementation risk on its project, which
is still in the initial stages, and to cyclicality in demand in
the Indian real estate sector. The company however benefits from
the extensive experience of the promoter in the real estate
sector.

Set up in 2005, ERPL is the flagship company of the Ethix group,
which has investments in several real estate projects and holds a
significant land bank in Pune. ERPL is promoted by Mr. Dharmesh
Gathani, who has been active in the real estate segment in Pune
for over 10 years. The company has undertaken a large residential
project, Kool Homes, in Undri, Pune.


GB RAJA: CRISIL Suspends 'D' Rating on INR180.5MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of GB
Raja Top Weaving Private Limited (GBRTPL; a part of the GB Raja
group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit              100        CRISIL D
   Corporate Loan            30        CRISIL D
   Letter of Credit         160        CRISIL D
   Long Term Loan           180.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility        20.0      CRISIL D
   Standby Line of Credit    15.0      CRISIL D

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GBRTPL and the promoter's group
companies, Gold King Tex (I) Pvt Ltd and GB Raja Tex Pvt Ltd.
This is because all these companies, collectively referred to as
the GB Raja group, are in the same line of business, have
fungible cash flows, and are managed by the same promoter.
Moreover, the management of the GB Raja group intends to merge
all the three companies into a single entity over the medium
term.

The GB Raja group, currently managed by Mr. B Raajarajan, derives
most of its revenue from weaving of fabrics for home textiles.


GOLD KING: CRISIL Suspends B- Rating on INR50MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Gold
King Tex India Private Limited (GKT; part of the GB Raja group).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               50        CRISIL B-/Stable
   Letter of Credit         100        CRISIL A4
   Standby Line of Credit     1.8      CRISIL A4

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GKT, GB Raja Top Weaving Pvt Ltd
(GBRTPL) and GB Raja Tex Pvt Ltd. This because the companies,
together referred to as the GB Raja group, operate in the same
line of business, have fungible cash flows, and are managed by
the same promoter. Moreover, the management of the GB Raja group
intends to merge all companies into a single entity over the
medium term.

The GB Raja group, currently managed by Mr. B Raajarajan, derives
most of its revenue from weaving fabrics for home textiles.


GOLDENLINE INFRA: CRISIL Assigns D Rating to INR150MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long-term bank
facilities of Goldenline Infrastructure Pvt Ltd (GIPL). The
rating reflects instances of delay by the company in servicing
its debt; the delays have been caused by weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      150       CRISIL D
   Term Loan               100       CRISIL D

GIPL is also susceptible to risks and cyclicality inherent in
India's real estate sector and has a limited track record in
residential real estate development. The company, however,
benefits from low project risk.

GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.


GOYAL AUTOMOBILES: ICRA Assigns B+ Rating to INR5.0cr Cash Loan
---------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR5.00
crore cash credit facility of Goyal Automobiles.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              5.00        [ICRA]B+ assigned

The assigned rating takes into account the decline in GA's sales
volumes/revenues during FY2015 and FY2016 owing to weak
rural/semi-urban demand, and weak financial risk profile, as
reflected by low profitability, adverse capital structure and
weak debt coverage indicators. The rating also remains
constrained by GA's exposure to the cyclical nature of the
automobile industry and risk inherent to a proprietorship firm
including withdrawal of capital by the proprietor.

The rating, however, positively takes into account the
established track record of the entity with a strong market
position in Raigarh, Chhattisgarh, and its status of being an
authorised dealer of HML, the market leader in domestic two-
wheeler segment.

Incorporated in 2000 as a proprietorship firm, Goyal Automobiles
(GA) is an authorised dealer for vehicles manufactured by Hero
Motocorp Limited (HML). The company sells vehicles and provides
ancillary services that include vehicle servicing and sale of
spare parts and accessories from its showroom based in Raigarh,
Chhattisgarh.

Recent Results
During FY2016, the company reported a net profit of INR0.3 crore
(provisional) on an operating income of INR82.1 crore
(provisional). It had reported a net profit of INR0.3 crore on an
operating income of INR93 crore in FY2015.


GREEN TEAK: ICRA Suspends B-/A4 Rating on INR7.23cr Loan
--------------------------------------------------------
ICRA has suspended the [ICRA]B-/A4 rating for the INR7.23 crore
bank facilities of Green Teak (India) Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


GUJARAT PEANUT: ICRA Reaffirms B+ Rating on INR4.50cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR4.50 crore fund based working capital facilities and INR1.89
crore term loan of Gujarat Peanut Products Private Limited.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund Based Limit-
   Cash Credit              4.50        [ICRA]B+; reaffirmed

   Fund Based Limit-
   Term Loan                1.89        [ICRA]B+; reaffirmed

The reaffirmation of rating takes into account GPPPL's relatively
modest scale of operations along with fluctuations in company's
profitability. ICRA also considers leveraged capital structure
where total debt of the company has increased from INR7.95 crore
in FY2013-14 to INR9.17 crore in FY2014-15 mainly due to infusion
of unsecured loan and increase in working capital borrowing.
However, the same declined to INR7.75 crore in FY2015-16
resulting from repayment of term loan and unsecured loan. Major
component of the debt belongs to working capital borrowings. High
debt level has resulted in gearing level to remain high, though
declining, since FY2010-11. Gearing level has improved from 3.6
times in FY2014-15 to 2.9 times in FY2015.16. Coverage indicators
namely interest coverage and NCA/TD have also remained modest at
2.42 times and 12% respectively as on March 31, 2015. Further,
these indicators deteriorated in during FY2015-16 where interest
coverage stood at 1.92 times and NCA/TD has remained at 8%. The
rating also takes into account the highly competitive nature of
the agro-commodities business due to low entry barriers in the
industry.

The rating, however, positively considers the experience of
GPPPL's promoters in the processing and trading of agricultural
commodities and the location advantage with regard to the
procurement of material.

ICRA expects GPPPL's revenue and profitability to remain critical
on account of vulnerability to agro-climatic conditions. The
company's ability to enhance its scale of operations while
improved profitability and improving its capital structure would
be the key rating sensitivities.

Gujarat Peanut Products Pvt. Ltd. (GPPPL) was incorporated in
2005 by Chag family. GPPPL was established to engage in trading
of agro-commodities and later it has diversified into cleaning,
sorting and packaging of various agro-products which includes
groundnuts (shelling is also done), wheat, spices, pulses, etc.
In addition, GPPPL also undertakes cleaning, sorting and
packaging of various agro-commodities for third parties as well
as group concern on job work basis.

GPPPL is currently owned and managed by Mr. Arunkumar Chag and
his son Mr. Sagar Chag. Mr. Arun has experience of over three
decades in the business through group firm and is currently
looking after the entire operations of the company, while Mr.
Sagar with over a decade experience in the business is taking
care of entire sales of the company. GPPPL has an associate firm;
Sagar International engaged in trading and export activities of
agro-commodities.

Recent Results
During the financial year FY2014-15, the company registered net
profit of INR0.1 crore on an operating income of INR30.5 crore.


GULABCHAND BADRINARAYAN: CRISIL Rates INR50MM Cash Loan at 'B'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Gulabchand Badrinarayan (GB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      10        CRISIL B/Stable

The rating reflects GB's below-average financial risk profile,
marked by small networth and weak debt protection metrics. The
rating also factors in modest scale of operations and intense
competition. These rating weaknesses are partially offset by
extensive experience of promoters in trading and distribution of
edible oils and dairy products, established association with
principals, and their funding support.
Outlook: Stable

CRISIL believes GB will benefit from the extensive experience of
the promoters. The outlook may be revised to 'Positive' if
significant improvement in revenue, profitability and accrual
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile,
particularly liquidity, weakens because of low revenue,
profitability or accrual, stretch in working capital cycle, or
sizeable capital withdrawals.

Set up in 2000 as a proprietorship firm by Mr. Prakash
Khandelwal, GB trades in and distributes edible oil and dairy
products. It is also a clearing and forwarding agent for brands
such as Ruchi Soya, Mother Dairy, Louis Dreyfus, Gemini and
Dholpur Fresh for Vidarbha region in Maharashtra.


GUPTA BUILDERS: CRISIL Suspends B+ Rating on INR120.5MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gupta Builders and Promoters Private Limited (GBPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          18        CRISIL A4
   Cash Credit            120.5      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      41.5      CRISIL B+/Stable

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

GBPL, incorporated in 2011 in Chandigarh, undertakes plot-based
development of real estate residential units, and commercial and
office complexes. It is promoted by Mr. Satish Kumar and Mr.
Pradeep Kumar. The company is executing nine plot-based housing
projects-Rosewood Estate, Eco Green-I, Eco Green-II, Crest,
Ultima, Astra, Eco Homes, Eco Homes-I and Eco Homes-II-and one
commercial complex, Business Square; these projects are in
Derabassi and Kharar, both near Chandigarh. It is also
undertaking the construction of a high-rise commercial-cum-
residential project, 'Centrum', at Zirakpur, and a warehouse
project, Highway Terminal, at Rajpura, near Chandigarh.


ICON PETROLEUM: ICRA Assigns B+ Rating to INR7.0cr Bank Loan
------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.00
crore fund based facilities and a short-term rating of [ICRA]A4
to the INR1.00 crore non-fund based facilities of Icon Petroleum
Corporation Limited.

                               Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Fund based facilities         7.00       [ICRA]B+ assigned
   Non-fund based facilities     1.00       [ICRA]A4 assigned

The ratings assigned take into account the small scale of
operations in terms of revenues generated in the recent years
owing to low capacity utilization levels that restricts financial
and operational flexibility to an extent and the moderate
financial profile of the company characterized by low profit
margins, weak coverage indicators and high working capital
intensity owing to high inventory levels. The ratings factor in
the high geographical concentration risk with majority of the
customers based out of Karnataka and absence of any hedging
mechanism that exposes the company's profitability to variations
in foreign currency exchange rates.

The ratings are, however, supported by the long standing presence
of the promoters in the oil industry, reputed clientele base and
the strong relationship that the company has built with the
customers and the suppliers over the years that support growth
prospects. The ratings also factor in the expected improvement in
the capacity utilization levels with enhancement in the working
capital limits, that supports revenue visibility and improvement
in the profitability in the near to medium term. In addition,
capital structure and coverage indicators remain supported with
no major capital expenditure plans in the near future with the
company already equipped with high production capacity. Going
forward, company's ability to achieve the projected revenue
growth targets and improve its operating profitability would be
the key rating monitorables.

Established in 2005, Icon is engaged in the manufacturing of
different types of blended oils such as automotive, industrial,
metal working, transformer and white oils and automotive and
industrial greases under the brand name "ICON". The lube blending
plant was setup in 1990 by Castrol India Limited (Castrol). The
plant (land + machineries) was bought by Icon from Castrol in
2005. The plant is spread over an area of 33,882 sq mt with
office space and a manufacturing unit. The manufacturing unit has
production capacity to produce 30000 metric tonne of automotive
and industrial oils, 20000 metric tonne of metal working oil and
specialty products, 20000 metric tonne of transformer and white
oils, 15000 metric tonne of petroleum jelly and 15000 metric
tonne of automotive and industrial greases.

Recent results
During 2014-15, the company reported a net profit of INR0.03
crore on an operating income of INR12.9 crore, as against a net
profit of INR0.13 crore on an operating income of INR12.4 crore
during 2013-14. As per the unaudited financials, the company
reported a net profit of INR0.06 crore on an operating income of
INR15.9 crore during 2015-16.


JS SPINTEX: ICRA Suspends 'B' Rating on INR21.41cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B rating for the INR21.41 crore bank
facilities of JS Spintex Limited'. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of
the requisite information from the company.


LABDHI INTERNATIONAL: CRISIL Cuts Rating on INR70MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Labdhi International Private Limited (LIPL) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           25       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              70       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        175       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

The rating downgrade reflects CRISIL's belief that the financial
risk profile will be constrained due to moderation in its scale
of operations and profitability leading to deterioration in its
debt protection metrics over the medium term. As on March 31,
2016 the total outside liabilities to tangible net worth (TOLTNW)
ratio of the company is estimated to be high on account of modest
networth. Over the medium term, with incremental working capital
requirements the TOLTNW ratio is expected to remain high.  In
2015-16, the debt protection metrics are also estimated to have
been impacted on account of moderating accruals vs. its debt
levels. Over the medium term, the debt protection metrics with
the interest coverage and net cash accruals to total debt (NCATD)
ratio is expected to be remain weak in range of 0.4 to 0.5 times
and 0.03 to 0.04 times.

The ratings reflect LIPL's established track record as a
distributor of polymers for Haldia Petrochemicals Ltd (Haldia
Petro) and its diversified product mix. These rating strengths
are partially offset by the company's weak financial risk
profile, marked by modest net worth and high adjusted total
outside liabilities to tangible net worth ratio, and its exposure
to moderate debtor risk.
Outlook: Stable

CRISIL believes that LIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its long association with Haldia Petro. The outlook may be
revised to 'Positive' if the company's financial risk profile
improves significantly, led by better profitability and/or
significant equity infusion. Conversely, the outlook may be
revised to 'Negative' if LIPL's liquidity deteriorates, most
likely because of a stretch in its working capital cycle or
decline in its profitability.

LIPL, based in Ahmedabad (Gujarat), is an authorised del-credere
agent of Haldia Petro in the Gujarat region. LIPL was originally
set up as a partnership firm and was reconstituted as a private
limited company on February 18, 2011. The company also imports
and trade in materials such as low-density poly ethylene, poly
vinyl chloride, and liquid chemicals.

LIPL is estimated to report a profit after tax (PAT) of INR2
million on sales of INR487 million for 2015-16 (refers to
financial year, April 1 to March 31), as against a PAT of INR2
million on sales of INR662 million for 2014-15.


MAHABIR COLD: CRISIL Reaffirms B+ Rating on INR110MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Mahabir Cold
Storage Private Limited (MCL) continues to reflect the company's
below-average financial risk profile because of high gearing and
constrained debt protection metrics, and its large working
capital requirement. These weaknesses are partially offset by
extensive experience of its promoter in the cold storage
industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            110       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          44       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      40       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MCL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if the company's financial risk
profile improves because of increase in revenue and cash accrual,
or significant equity infusion by its promoter. The outlook may
be revised to 'Negative' in case of sizeable debt-funded capital
expenditure, or sharp decline in profit margin because of
volatility in commodity prices, leading to deterioration in the
financial risk profile.

MCL, set up in 1999 by Mr. Hulas Chand Jain, trades in, stores,
and preserves potatoes. Its cold storage unit in Tinsukhia,
Assam, has capacity of 140,000 quintals. It procures potatoes
from West Bengal, and sells to traders and wholesalers in Assam.


MAXFLOW PUMPS: CRISIL Lowers Rating on INR15MM Bank Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Maxflow
Pumps India Private Limited (Maxflow) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'. The downgrade reflects delay in
servicing the debt obligation on bank loan facilities on account
of stretched liquidity due to deterioration in working capital
cycle.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          15        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Bills Discount/          5        CRISIL D (Downgraded from
   Cheque Purchase                   'CRISIL A4')

   Cash Credit             35        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Letter of Credit         7.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       3.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The small scale of operations, vis-a-vis the large working
capital requirement, has led to the below-average financial risk
profile. These rating weaknesses are partially offset by
extensive experience of promoters in the pump industry.

Incorporated in 1972, Maxflow manufactures and installs pumps.
Tender-based orders from the government account for 40 percent of
revenue, while private projects form the rest. The company is
based at Manesar (Haryana) and operations are managed by Mr.
Naresh Arora.


MUNDRA AGRO: CRISIL Assigns 'B' Rating to INR135MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Mundra Agro Private Limited (MAPL). The rating
reflects exposure to risks relating to project implementation and
stabilisation, regulatory changes, volatility in raw material
prices, and vagaries of monsoon. These rating weaknesses are
partially offset by stable demand for rice and extensive industry
experience of promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      135       CRISIL B/Stable
   Proposed Cash Credit
   Limit                    77.5     CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility        2.5     CRISIL B/Stable

Outlook: Stable

CRISIL believes MAPL will benefit over the medium term from the
extensive industry experience of promoters. The outlook may be
revised to 'Positive' in case of timely implementation of ongoing
project within envisaged cost and higher-than-expected revenue
and accrual. Conversely, the outlook may be revised to 'Negative'
if significant time and cost overrun in project completion,
lower-than-expected capacity utilisation, or significant stretch
in working capital management leads to deterioration in financial
risk profile, particularly liquidity.

Established in November 2015, MAPL is setting up a non-basmati
rice mill unit at Giridh, Jharkhand. Operations are managed by
its promoters Mr. Rajeev Kumar Mundra and Mr. Aditya Kumar, who
are also the directors of the company.


N. E. AGENCY: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of N. E. Agency (NEA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Short Term
   Bank Loan Facility     3.5        CRISIL A4
   Bank Guarantee        16.5        CRISIL A4
   Cash Credit           50          CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations with
geographical concentration in revenue, exposure to risks inherent
in tender-based business, large working capital requirement, and
small networth. These weaknesses are partially offset by its
promoter's extensive experience in the construction industry, its
moderate order book, and comfortable debt protection metrics.
Outlook: Stable

CRISIL believes NEA will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook
may be revised to 'Positive' if the firm significantly scales up
operations and increases operating profitability, leading to
higher-than expected cash accrual, expands geographic presence,
and improves working capital management. The outlook may be
revised to 'Negative' if operating margin and topline decline, or
if financial risk profile deteriorates because of larger-than-
expected debt-funded capital expenditure, or if working capital
cycle increases, leading to pressure on liquidity.

NEA, a sole proprietorship firm of Ms. Nabam Yani, undertakes
civil construction work (primarily buildings) for government
departments and public sector entities in Arunachal Pradesh.


NAAD BUILDERS: CRISIL Suspends B+ Rating on INR71.5MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Naad
Builders and Developers (NBD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              71.5       CRISIL B+/Stable

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

NBD was setup in 2012 as a partnership firm of Mr. Dwarkadish
Agarwal and his wife Mrs. Nisha Agarwal. NBD is undertaking
development of a residential complex in Nainod Village (Indore,
Madhya Pradesh).


NAMDHARI FOOD: CRISIL Suspends B- Rating on INR157.6MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Namdhari Food International Private Limited (NFPL).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               115       CRISIL B-/Negative
   Export Packing Credit     535       CRISIL A4
   Proposed Long Term
   Bank Loan Facility        157.6     CRISIL B-/Negative

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

NFPL was set up as a partnership firm, Namdhari Food
International. It was reconstituted as a private limited company
in 2005, and is promoted by Mr. Iqbal Singh and his sons. The
company processes basmati rice variants at its plant in Haryana.


OIL COUNTRY: ICRA Lowers Rating on INR155.0cr Loan to 'D'
---------------------------------------------------------
ICRA has revised the long-term rating for bank lines of Oil
Country Tubular Limited to [ICRA]D from [ICRA]BBB-(Negative) and
short term rating to [ICRA]D from [ICRA]A3 for INR227.00 crore
bank facilities.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based limits      155.00       [ICRA]D (revised from
                                       [ICRA]BBB-(Negative)

   Non Fund Based Limits   72.00       [ICRA]D (revised from
                                       [ICRA]BBB-(Negative)

The rating revision factors in irregularities in debt servicing
by the company owing to stretched liquidity position caused by
shut down of company's only plant at Nalagonda district of
Telangana from February 22, 2016.The plant was shut down due to
the attack on an executive inside the work premises by workmen on
18th February, 2016 resulting in the death of the executive. ICRA
notes that the company has shut down the plant with effect from
22nd February, 2016 to ensure the safety of its staff.
In ICRA's view, ability of the company to resume production at
the factory and receive timely funding support from the promoter
group to support any shortfalls for debt servicing obligations
would be critical determinants for the liquidity position of the
company in the short term.

Incorporated in 1985, OCTL is primarily engaged in the processing
of Oil Country Tubular Goods used in the Oil and Gas Exploration
and Production (E&P) industry. Incorporated in 1985, OCTL is
primarily engaged in the processing of Oil Country Tubular Goods
used in the Oil and Gas Exploration and Production (E&P)
industry. OCTL's product range comprises largely of drill pipes,
casing pipes, production tubing and couplings/premium
connections/tool joints. OCTL is at present the only domestic
processor of drill pipes. The company has primarily positioned
itself to cater to the requirements of E&P companies in India
like ONGC Limited, OIL India Limited etc; OCTL also exports its
products to countries in the North and South Americas and
countries in Africa and the Middle East. The company is public
listed and is promoted by the Hyderabad based Kamineni group
which has interests in steel, healthcare and education. The
company's manufacturing unit is located at Narketpally in the
Nalgonda District of Telangana with an installed capacity of
250,000 MTPA.

Recent Results
During FY2016, the company reported net loss of INR6.60 crore on
an operating income of INR153.05 crore (as per audited
financials) as compared to the net loss of INR1.34 crore on an
operating income of INR261.16 crore during FY15 (as per audited
financials).


PATEL RAVJI: CRISIL Suspends 'B' Rating on INR30MM LT Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Patel
Ravji Mavji & Co - Keshod (PRMC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B/Stable

   Export Packing Credit   50        CRISIL A4
   & Export Bills
   Negotiation/Foreign
   Bill discounting

   Proposed Long Term      30        CRISIL B/Stable
   Bank Loan Facility

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

PRMC was established in the year 1996 by Junagadh (Gujarat)-based
Mr Rameshkumar M. Savalia and Mr Hareshkumar M. Savalia. The
firmi s involved in trading and processing of agro commodities
mainly groundnut seeds.


PERMANENT MAGNETS: ICRA Suspends 'D' Rating on INR42.50cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR42.501
crore bank limits of Permanent Magnets Limited on both long term
and short term scale. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in year 1960 by Mr. Kantilal Morarji Desai,
Permanent Magnets Limited (PML), was sold off to Mr. Taparia in
year 1963 and since then has been the flagship company of the
Taparia Group having interests in sectors as diverse as health
care, contraceptives, audio components, plantations etc. The
company started its operations in Borivali, Mumbai with the
manufacturing of Alnico (Aluminium, Nickel and Cobalt) magnets
and graduated to manufacture technically competent Hi
Permeability Magnets. PML later relocated its operations to Mira
road, outskirts of Mumbai.


RAVELS APPARELS: CRISIL Assigns B+ Rating to INR35MM Packing Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Ravels Apparels Private Limited (RAPL) and assigned
its 'CRISIL B+/Stable/CRISIL A4' ratings to the facilities.
CRISIL had, on April 27, 2016, suspended the ratings, as the
company had not provided adequate information for a rating
review. It has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Bill Discounting        27.5      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Export Packing Credit   35.0      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term      6.5       CRISIL B+/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect a small scale of operations in the highly
fragmented garments export industry, low cash accrual due to the
vulnerability of operating margin to fluctuations in raw material
prices and foreign exchange rates, and working capital-intensive
operations. These rating weaknesses are mitigated by the
extensive experience of the promoters of the company in the
garments business and established relationship with customers.
Outlook: Stable

CRISIL believes RAPL 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 higher-than-
expected cash accrual mainly driven by improvement in scale of
operations, while working capital cycle is maintained.
Conversely, the outlook may be revised to 'Negative' in case of
any pressure on liquidity, most likely because of a decline in
profitability leading to considerably lower-than-expected cash
accrual, large debt-funded capital expenditure, or a stretched
working capital cycle.

RAPL is promoted by Mr. Vinod Kapahi and his family members. The
company was originally set up in 1983 as a partnership firm,
Ravels International; this firm was reconstituted as a private
limited company with the current name in July 1993. RAPL is a
100-per-cent export-oriented unit, manufacturing high-end fashion
garments for women. The cost of each piece ranges from USD5 to
USD40.


RAYBAN FOODS: ICRA Assigns 'B' Rating to INR30cr Capital Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR32.69
crore fund based facilities of Rayban Foods Private Limited. ICRA
has also assigned its short-term rating of [ICRA]A4 to the
company's INR7.50 crore non-fund based bank facility. ICRA has
also assigned its ratings of [ICRA]B/]A4 to the INR9.81 crore
unallocated limits of RFPL. The suspension of September 2015 has
been revoked.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Working Capital         30.00       [ICRA]B; assigned
   Term Loans               2.69       [ICRA]B; assigned
   Forward contract
   (Non-fund based)         7.50       [ICRA]A4; assigned
   Unallocated              9.81       [ICRA]B/[ICRA]A4; assigned

ICRA's ratings take into account the subdued demand for Indian
buffalo meat from China, coupled with devaluation (in FY2015) of
the Brazilian currency, which has exerted further pricing
pressure on Indian meat exporters. With China being the largest
importer (via Vietnam) of buffalo meat from India and due to
increased competition from Brazil, the Indian buffalo meat
industry was impacted adversely in FY2015 and FY2016. This has
been reflected in deterioration in RFPL's financial profile, with
a declining scale of operations over the past few years, net
losses in FY 2016, and substantial increase in working capital
requirements, resulting in weak debt coverage indicators.

However, the rating derives comfort from the significant
experience of the promoter in the meat industry and the
integrated nature of RFPL's operations, with the company having
its own integrated meat processing plant, with a slaughter house,
freezing plant and rendering plant. The ratings also factor in
the favourable location of the manufacturing facility in Uttar
Pradesh which ensures easy access to raw material.

Going forward, the ability of the company to bring about a
sustained improvement in its profitability and coverage
indicators will be the key rating sensitivities.

Rayban Foods Private Limited (RFPL) commenced operations in
FY2010 and is engaged in processing of buffalo meat. The
company's integrated meat processing plant is located at Hapur,
Uttar Pradesh and has a slaughter house with a capacity to
process 1000 buffaloes per day, freezing plant with a capacity to
store 200 Metric Tonnes (MT) at a time and a rendering plant to
process waste. The rendering plant and slaughter house are
approved by the Agricultural and Processed Food Products Export
Development Authority (APEDA). The plant is ISO 9001:2008 and
HACCP1 certified and the day-to-day operations are looked after
by Mr Naushad Elahi. The meat processed by the company is
exported to countries like China, Dubai, Muscat and Egypt.

Recent Results
In FY2016, on a provisional basis, RFPL reported a net loss of
INR5.81 crore on an Operating Income (OI) of INR217.59 crore, as
against a net profit of INR1.40 crore on an OI of INR235.76 crore
in the previous year.


ROSELABS LIMITED: CRISIL Reaffirms D Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Roselabs Limited (RLL)
continue to reflect instances of delay by RLL in servicing its
debt because of pressure on liquidity. While RLL's management has
not been cooperative, CRISIL has concurred from reliable external
market participants that it continues to be classified as a non-
performing asset with the bank.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             80        CRISIL D (Reaffirmed)

   Inland/Import Letter
   of Credit               15        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5        CRISIL D (Reaffirmed)

RLL also is exposed to risks related to small scale of operations
in the dyes and textile industry and early stage of operations in
the pharmaceutical industry. However, it benefits from the
experience of promoters.

RLL, incorporated in 2008, is promoted by Ahmedabad (Gujarat)-
based Mr. Pawan Agarwal and his family.

For 2014-15 (refers to financial year, April 1 to March 31),
Roselabs had booked losses of INR7.8 million on net sales of
INR323.3 million, against losses of INR0.8 million on net sales
of INR866.30 million for 2013-14. For the nine months ended
December 31, 2015, the company's net profit was INR0.2 million on
net revenue of INR15.3 million.


SADHAV OFFSHORE: CRISIL Suspends B+ Rating on INR29MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sadhav
Offshore Engg. Co. (SOEC; part of the Sadhav group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4
   Cash Credit             29        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the financial
and business risk profiles of SOEC and Sadhav Shipping Ltd (SSL),
together referred to as the Sadhav group. This is because the
entities have common promoters, are in the similar line of
business, and have significant financial linkages with each
other.

SSL and SOEC, based in Mumbai, were established in 1992 by Capt K
K Choudhary and his family members. SSL is engaged in coastal
logistics, offshore logistics, security of ports, and ship
management. SOEC is engaged in providing services which include
annual maintenance contracts for oil companies and repair and
maintenance of vessels for shipping companies.


SANKET PROPERTIES: CRISIL Cuts Rating on INR140MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Sanket
Properties Private Limited (SPPL) to 'CRISIL D' from 'CRISIL
B+/Stable' on account of instances of irregularity in servicing
its term debt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          140       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

SPPL remains exposed to implementation risk on its project, which
is still in the initial stages, and to cyclicality in demand in
the Indian real estate sector. The company however benefits from
the promoters' extensive experience.

Set up in 2006, SPPL is promoted by Mr. Dharmesh Gathani and his
wife, Mrs. Jyoti Gathani. Members of the Gathani family have been
active in the real estate segment in Pune for over 10 years and
have executed multiple real estate projects. SPPL has undertaken
the construction of a residential real estate project in
Ambegaon, Pune.


SATYAM GREEN: CRISIL Lowers Rating on INR60MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating to the long-term bank facility
of Satyam Green Energy (SGE) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                60       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing term debt; the delays
have been caused by weak liquidity because of a time overrun by
the firm in commissioning its solar power project.

SGE is exposed to risks associated with its new solar power
plant. Also, its financial risk profile, particularly liquidity,
is expected to remain weak on account of low cash accrual vis-a -
vis repayment obligations. However, the firm benefits from
funding support from its promoter and his entrepreneurial
experience.

SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for
setting up a solar power project of 1.1-megawatt in Solapur,
Maharashtra.


SHREE BANKE: ICRA Assigns 'B-' Rating to INR3.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B- to the INR3.00
crore cash credit facility of Shree Banke Bihari Buildcon. ICRA
has also assigned a short-term rating of [ICRA]A4to the INR7.00
crore bank guarantee facility of SBBB.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit              3.00       [ICRA]B-/Assigned
   Bank Guarantee           7.00       [ICRA]A4/Assigned

The assigned ratings take into account SBBB's limited operational
track record, leading to its small scale of current operations,
and weak financial profile, characterised by nominal profit and
cash accruals from the business, which along with high gearing,
leads to depressed coverage indicators and low order book
position as in June 2016, which provides limited revenue
visibility. The ratings are also constrained by highly fragmented
and competitive nature of the industry, which keeps the entity's
profitability under check. The ratings further incorporate the
risks associated with the entity's status as a partnership firm,
including the risk of capital withdrawal by the partners.

The ratings, however, derive support from the established track
record of the promoters in the civil construction business, with
more than a decade of experience in the industry.

In ICRA's opinion, the ability of the entity to increase its
scale of operations, while improving its profitability and
capital structure, and effectively managing the working capital
requirements would remain key rating sensitivities, going
forward.

Established in 2014 as a partnership firm, Shree Banke Bihari
Buildcon (SBBB) has a civil construction business in
Chhattisgarh. The firm commenced its commercial operations in
January, 2016 by primarily supplying construction materials. SBBB
also undertook the construction of a dam for a private contractor
of Chhattisgarh in FY2016. The firm was promoted by Raipur-based,
Agarwal and Singhania families, who have been in the civil
construction business for more than a decade.

Recent Results
During 3M FY2016 (P), SBBB reported a net profit of INR0.12 crore
on an OI of INR4.19 crore.


SHREE RADHEYSHYAM: CRISIL Suspends B+ Rating on INR190MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Radheyshyam Syn-Fab Private Limited (SRSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             190       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       35       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by
SRSPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRSPL is yet to
provide adequate information to enable CRISIL to assess SRSPL'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 2009, SRSPL is engaged in trading and processing
of fabrics (mainly cotton). Currently, there are three directors
on board-Mr. Pawan Kumar Agrawal, Mr. Vinit Agrawal and Mr.
Gaurav Agrawal.


SHREE RAMDEV: CRISIL Suspends B+ Rating on INR75MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Shree
Ramdev Cotton Industries (SRCI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            75         CRISIL B+/Stable
   Term Loan               7.5       CRISIL B+/Stable

The suspension of rating is on account of non-cooperation by SRCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRCI is yet to
provide adequate information to enable CRISIL to assess SRCI'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 2007, SRCI has been set up as a ginning and
pressing unit with capacity to produce 180 bales per day in
Vijapur (Gujarat). Its day-to-day operations are managed by Mr.
Natvarbhai Ramdas and his son, Mr. Maneshkumar Natvarbhai, who
have over 8 years of experience in the cotton-ginning and
pressing industry.


SHRIRAM POWER: ICRA Suspends B-/A4 Rating on INR18.60cr Loan
------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B- and [ICRA]A4 assigned
to the INR18.60 crore line of credit of Shriram Power & Steel
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the entity


SHUBHLAXMI CASTING: CRISIL Suspends B+ Rating on INR140MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shubhlaxmi Casting Private Limited (SCPL; part of the Agarwal
group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4
   Cash Credit            140        CRISIL B+/Stable
   Letter of Credit        30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility      15        CRISIL B+/Stable
   Term Loan               36.3      CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SCPL, Vivek Steelco Private Limited
(VSPL), Anjani Re-Rolling Mills Pvt Ltd (ARMPL), Arjun Alloys
(AA), and VS Multimetal Pvt Ltd (VSMPL). This is because all
these entities, together referred to as the Agarwal group, have
the same promoters and management and significant intra-group
transactions.

SCPL has induction furnace units at its manufacturing unit at
Changodar (Gujarat). The company is part of the Agarwal group,
which has been manufacturing various steel products since 1972.
Mr. Suresh B Agarwal is the chairman of the group. The other
entities in the Agarwal group-VSPL, AA, ARMPL, and VSMPL-are also
engaged in similar businesses. While, AA has induction furnace
units, VSPL, ARMPL, and VSMPL have rolling mills.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR180MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Lakshmi
Ganesh Modern Raw & Boiled Rice Mill (SLG) continues to reflect
the firm's modest scale of operations, below-average financial
risk profile marked by its modest net networth, high gearing, and
weak debt protection metrics, and susceptibility of its
profitability to changes in paddy prices and government
regulations. These weaknesses are partially offset by extensive
experience of its promoters in the rice milling industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            180       CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                   5.8     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      64.2     CRISIL B+/Stable (Reaffirmed)

   Long Term Loan          20.0     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SLG will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if there is substantial and
sustained improvement in revenue and profitability, or in
networth because of sizeable equity infusion. The outlook may be
revised to 'Negative' in case of steep decline in profitability,
or significant deterioration in capital structure because of
large debt-funded capital expenditure or stretch in working
capital cycle.

SLG, set up in 1983 by Mr. B Satyanarayana Murthy and his family,
mills and processes paddy into rice. It also generates by-
products, such as broken rice, bran, and husk.


SRI VAKIRAKAALIAMMAN: CRISIL Suspends D Rating on INR300MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sri Vakirakaaliamman Spinning Mills Private Limited (SVS).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             300        CRISIL D
   Letter Of Guarantee       6.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       19.5      CRISIL D
   Term Loan                89        CRISIL D

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

SVS manufactures hosiery yarn. Its manufacturing unit is in
Dindigul (Tamil Nadu); its administrative office is in Tirupur
(Tamil Nadu).


SSM BUILDERS: CRISIL Suspends B+ Rating on INR1.80BB LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SSM Builders and Promoters (SSMBP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          50        CRISIL A4
   Long Term Loan        1800        CRISIL B+/Stable

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

Set up in 2011 by Mr. K Santhanam, SSMBP is currently executing
the development process of SSM Nagar, a self-contained housing
complex, at Perungalathur (Tamil Nadu).


SWARGIYA TAPESHWAR: CRISIL Assigns B+ Rating to INR10MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Swargiya Tapeshwar Ram Kalyan Samiti (STRKS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits              10       CRISIL B+/Stable

The rating reflects the society's below-average financial risk
profile marked by small networth, and the small scale of, and
not-for-profit nature of operations. These weaknesses are
partially offset by the society's track record of healthy
relations with government authorities and implementation of
various social welfare development schemes.
Outlook: Stable

CRISIL believes STRKS's credit profile will remain constrained on
account of the small scale of operations and low cash accrual.
The outlook may be revised to 'Positive' if increase in scale of
operations and cash accrual improves the financial risk profile.
The outlook may be revised to 'Negative' if decline in income or
cash accrual or any large, debt-funded capital expenditure exerts
pressure on the financial risk profile.

STRKS, setup in 1990, is organised as a not-for-profit society
and is located in Saidpur, Mohammadabad, Uttar Pradesh. It
operates primary school, high school, residential school and
hostels under its name. It is also engaged in various welfare
schemes operated by the state and central governments in
Mohammadabad and surrounding areas.


TEJRAJ PROMOTERS: CRISIL Suspends B+ Rating on INR150MM Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Tejraj
Promoters and Builders (TPB).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-Based
   Bank Limits              150      CRISIL B+/Stable

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

TPB, established in September 2009, is a proprietorship firm of
Mr. Tejraj Patil. The firm remained non-operational until the
first-half of 2009-10 (refers to financial year, April 1 to March
31), when it started its first real estate project. The projects
executed by the firm are primarily redevelopment projects,
undertaken in association with the occupants of the property to
be redeveloped. TPB plans to start residential real estate
projects in Balewadi and Pirangut (Pune, Maharashtra).


TOPLON INDUSTRIES: CRISIL Assigns 'B' Rating to INR75MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities Toplon Industries Private Limited (TIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash Credit
   Limit                    60       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility       75       CRISIL B/Stable


The rating reflects exposure to risks related to funding and
implementation of an ongoing project, to start-up stage of
operations, and to intense completion in a fragmented industry.
These rating weaknesses are partially offset by the extensive
experience of its promoters.
Outlook: Stable

CRISIL believes TIPL 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 substantial cash
flow, leading to timely completion of the project and healthy
cash accrual. Conversely, the outlook may be revised to
'Negative' in case of time and cost overruns in the project, or
significant pressure on revenue and profitability and hence on
liquidity, leading to deterioration in debt-servicing ability.

TIPL, promoted by Mr. Daljit Singh Rana and Mr. Kush Aggarwal, is
setting up a unit in Jammu and Kashmir for manufacturing
polyethylene terephthalate (PET) grinding (granules) from PET
bottles and PET scrap. The proposed capacity of the plant is 3000
kilogram per hour.


V. P. M. SANKAR: CRISIL Reaffirms B Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of V. P. M. Sankar and Son
(VPMS) continues to reflect the firm's modest scale of operations
in the intensely competitive gold jewellery retailing business,
and below-average financial risk profile. These weaknesses are
partially offset by the proprietor's extensive experience.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             65       CRISIL B/Stable (Reaffirmed)
   Long Term Loan          10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VPMS will continue to benefit over the medium
term from the extensive experience of the proprietor. The outlook
may be revised to 'Positive' if substantial and sustained
improvement in scale of operations, and stable profitability
strengthen key credit metrics. Conversely, the outlook may be
revised to 'Negative' if any large capital expenditure or
considerable decline in cash accrual weakens financial risk
profile.

Update
Operating income reduced to an estimated Rs 109 million in fiscal
2016 from Rs 115 million the previous year, on account of subdued
demand and volatility in gold prices. Operating profitability,
however, was stable around 12.2%. Modest scale of operations and
intense competition should constrain business risk profile over
the medium term as well.

Financial risk profile should continue to be weak. Networth was
low at an estimated Rs 33 million as of March 2016. Debt
protection metrics are weak, with interest coverage ratio of
about 1.31 times in fiscal 2016.

Liquidity is constrained by large working capital requirement.
Bank limit utilisation was high about 98 percent in the 12 months
through January 2016. However, cash accrual should be healthy,
against nil maturing debt over the medium term.

Set up in 2008, VPMS retails gold and silver jewellery. The firm
has one showroom each in Srivilliputur and Rajapalayam (Tamil
Nadu), and a combined area of about 7700 square feet. Retail of
gold and silver jewellery contributes 85% and 15%, respectively,
to revenue. Mr. Thangaprabhu is the proprietor.


VEERABHADRA EXPORTS: ICRA Reaffirms B+ Rating on INR30cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to INR30.00
crore1 (revised from INR2.50 crore) export packing credit (EPC)
facility, INR18.97 crore term loan and INR10.03 crore (revised
from INR28.53 crore) unallocated limits of Veerabhadra Exports
Private Limited (VEPL). ICRA has also assigned a long term rating
of [ICRA]B+ to the INR4.00 crore forward contract and INR2.00
crore bank guarantee limits of VEPL.

                         Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   EPC                     30.00      [ICRA]B+; Re-affirmed
   Term Loan               18.97      [ICRA]B+; Re-affirmed
   Forward Contract         4.00      [ICRA]B+; Assigned
   Bank Guarantee           2.00      [ICRA]B+; Assigned
   Unallocated Limits      10.03      [ICRA]B+; Re-affirmed

The rating reaffirmation factors in about 8 months of delay in
the commissioning of the project from the expected COD. The
rating is also constrained by the small scale of operations of
the company with an operating income of INR17.36 crores in
FY2016, stretched financial profile characterized by net losses
of INR1.41 crores in FY2016 and high gearing of 4.17x times as on
31st March, 2016. ICRA also takes note of the company's exposure
to volatility in foreign exchange rates for its export sales
though it is mitigated to some extent by entering into forward
contracts. The rating also factors in the inherent risks in sea
food industry like susceptibility to diseases, climate change
risks and government policies along with the high competitive
intensity in the industry which limits the pricing flexibility
for VEPL.

The rating, however draws comfort from the long experience of the
promoters in the sea food industry and its existing relationship
with suppliers through its group concern involved in distribution
of aqua feeds which ensures availability of raw materials. The
rating also factors in its advantageous location as surrounding
area of the project has adequate fish and shrimp availability.
Given the delay in the commissioning of the project and the
commencement of repayments simultaneously with that of the
project, timely ramp up of operations with healthy margins along
with timely receipt of capital subsidy from Andhra Pradesh Food
Processing Society (APSFC) remain crucial to meet its debt
repayment obligations and are the key rating sensitivities.

The company was incorporated in 2011 by Mr. Veerabhadra Reddy and
has set up a shrimp processing plant with a capacity of 40 MTPD.
The project cost of around INR38.97 crore was funded through a
term loan of around INR18.97 crore and the balance from
promoter's contribution in the form of equity and interest free
unsecured loans. The company commenced operations in December,
2015.

Recent Results
As per 4M FY2016 provisional numbers, VEPL reported an operating
income of INR17.36 crores and a net loss of INR1.41 crore.


VIVEK STEELCO: CRISIL Suspends B+ Rating on INR150MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Vivek Steelco Private Limited (VSPL; part of the Agarwal group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Bill Discounting        10        CRISIL A4
   Cash Credit            150        CRISIL B+/Stable
   Proposed Cash Credit
   Limit                   60.2      CRISIL B+/Stable
   Rupee Term Loan         44.8      CRISIL B+/Stable

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VSPL, Anjani Re-Rolling Mills Pvt Ltd
(ARPL), Arjun Alloys (AA), Shubhlaxmi Casting Pvt Ltd (SCPL), and
V. S. Multimetal Pvt Ltd (VSMPL). This is because all these
entities, together referred to as the Agarwal group, have the
same promoters and management and significant intra-group
transactions.

VSPL was set up as Vivek Steel Industries in 1998; it was
reconstituted as a private limited company in 2008. It
manufactures various alloy steel, stainless steel, and mild steel
rolled products. Its rolling mill unit is at Changodar (Gujarat).
The company is part of the Agarwal group, which has been
manufacturing various steel products since 1972. Mr. Suresh B
Agarwal is the chairman of the group. The other entities in the
Agarwal group-VSMPL, SCPL, ARMPL, and AA-are also engaged in
similar businesses. While, ARMPL and VSMPL have rolling mills,
SCPL and AA have induction furnace units.


WIN-TEL CERAMICS: CRISIL Suspends B- Rating on INR120MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Win-Tel Ceramics Private Limited (WCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          25        CRISIL A4
   Cash Credit            120        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      25        CRISIL B-/Stable
   Term Loan               30        CRISIL B-/Stable

The suspension of ratings is on account of non-cooperation by
WCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, WCPL is yet to
provide adequate information to enable CRISIL to assess WCPL'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 2008, WCPL is promoted by the Morbi (Gujarat)-
based Kundariya family and others. The company manufactures
vitrified tiles at its facilities in Morbi.



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


HELIPRO: Still Owes Millions of Dollars, Still in Receivership
--------------------------------------------------------------
Stuff.co.nz reports that a helicopter company with roots in
Palmerston North is likely to leave more than NZ$1 million in
debts when its receivership is over.

Three companies tied to Helipro were placed into receivership in
late-2014, owing NZ$25m to various entities.

Helipro, founded in Palmerston North, had eight bases throughout
New Zealand, 62 staff and a fleet of about 40 aircraft at the
time it was placed into receivership.  Receivers at the time said
the company was unable to service its loans after cashflow was
lower than expected.

Stuff.co.nz relates that the latest receivership report, released
in June by John Fisk of PricewaterhouseCoopers, showed the
company still owes about NZ$18 million to preferential and
secured creditors.

ANZ Bank and its finance subsidiary UDC Finance are owed the
lion's share, NZ$17.7m, and have repossessed aircraft Helipro
owned, the report said, Stuff.co.nz relays.

Those aircraft were being marketed for sale by agents of UDC
Finance, while the receivers have been selling spare parts,
operational equipment and other assets, according to Stuff.co.nz.

According to Stuff.co.nz, the report said receivers were also
trying to gather debts owed to one of the companies related to
Helipro.  Unsecured creditors were owed NZ$1.4 million, but
should not count on payments being made.

"Based on the realisations that have been achieved during the
receivership, we believe there are unlikely to be funds available
for distribution to unsecured creditors," the report said.

An end date for the receivership has not been set, but the next
step will see the Palmerston North operation wound down, the
report, as cited by Stuff.co.nz, said.

Helipro was established in 1983, and grew from a single
pilot/helicopter operation in Palmerston North to a fleet based
throughout the South Pacific.



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



SAMSUNG HEAVY: Workers Staged Strike Over Restructuring Plan
------------------------------------------------------------
Yonhap News Agency reports that workers at Samsung Heavy
Industries Co., a major South Korean shipyard, went on a partial
strike on July 7, demanding the company nix its tough
restructuring plan, marking the first time that a troubled South
Korean shipbuilder has faced a labor dispute.

Earlier this week, the group of workers at the company's shipyard
in Geoje, South Gyeongsang Province, voted to launch the strike
for four hours till 5 p.m., the report says.

Some 5,400 members of the so-called "labor council," joined the
strike, says Yonhap. Samsung Heavy, a unit of the country's top
conglomerate Samsung, does not formally allow a labor union,
Yonhap notes.

"The company is pushing for a cut in workforce under the name of
an early retirement scheme," said the council. "We urged the
company to withdraw the tough restructuring plan, but it didn't."

According to Yonhap, Samsung Heavy workers' partial strike is the
first of its kind this year with their counterparts at Hyundai
Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering
Co. set to take similar collective action.

In early June, the KDB accepted Samsung Heavy's KRW1.5 trillion
self-restructuring plan, giving it some time to try to ride out
the crisis on its own, Yonhap recalls.

Yonhap notes that the package, approved by its creditors, calls
for the company 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.

Samsung Heavy is one of South Korea's three major shipyards
reeling from snowballing losses caused by falling global demand
and tougher competition. Yonhap relates that the Seoul government
and creditor banks, including the state-run Korea Development
Bank, have called for "bone-crushing" reform efforts, including
massive job cuts.

Workers at Daewoo Shipbuilding & Marine Engineering Co. also
approved a strike proposal earlier this week, and Hyundai Heavy
Industries Co.'s unionized workers are set to vote next week on
whether they will go on a strike, Yonhap states.

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 ***