TCRAP_Public/150917.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, September 17, 2015, Vol. 18, No. 184


                            Headlines


A U S T R A L I A

CONVERGENT MINERALS: Placed Into Administration
LIBERTY SERIES 2015-1: S&P Puts Prelim. B Rating to Class F Notes
MWT INSTITUTE: Administrators Put IP Up For Sale
TALOS ACCOUNTING: New Owners to Protect Staff From Liquidation
TIGER ESPRESSO: First Creditors' Meeting Set For Sept. 24

TREBLE J: First Creditors' Meeting Slated For Sept. 23
WAGGA PLUMBTEC: First Creditors' Meeting Set For Sept. 24


C H I N A

CHINA NATIONAL: May Default Interest Payment on Onshore Bond
WUZHOU INTERNATIONAL: Fitch Lowers IDR to 'B-'; Outlook Stable


I N D I A

A.V. MARBLE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
BHANSALI TRADE: CRISIL Reaffirms B+ Rating on INR35MM Loan
BHARAT BARREL: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
CHEMICAL DE: CRISIL Suspends B+ Rating on INR82.5MM Cash Loan
EPLUS PROJECTS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan

FIBRO PLASTICHEM: CRISIL Ups Rating on INR55MM Cash Loan to B-
FLORIND SHOES: CRISIL Ups Rating on INR374MM LT Loan to B-
GOYAL KNITFAB: CRISIL Suspends D Rating on INR136.4MM Term Loan
GREEN SHIELD: CRISIL Cuts Rating on INR85MM Cash Loan to D
INDO GERMAN: CRISIL Reaffirms B+ Rating on INR150MM Loan

JAYALAKSHMI POLY: CRISIL Assigns B- Rating to INR26.1MM Loan
JUST TEXTILES: CRISIL Assigns D Rating to INR92MM Cash Loan
K S VENKATRAMAN: CRISIL Assigns B+ Rating to INR120MM Cash Loan
KVN AUTO: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
LAKECITY INFRASTRUCTURE: Ind-Ra Assigns IND BB- LT Issuer Rating

MANTHARAGIRI TEXTILES: Ind-Ra Affirms 'IND B+' LT Issuer Rating
MOULIKA CONSTRUCTIONS: CRISIL Suspends B Rating on INR75MM Loan
MRIDHUL TIMBERS: CRISIL Assigns B Rating to INR25MM Cash Loan
MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR301.5MM Loan
MURLIDHAR COTTON: CRISIL Assigns 'B' Rating to INR70MM Cash Loan

NAGPAL WAREHOUSE: CRISIL Reaffirms B+ Rating on INR60MM Loan
NATIONAL EXPORT: CRISIL Reaffirms B+ Rating on INR120MM Loan
NIZMAR HOTELS: CRISIL Reaffirms B- Rating on INR150MM Loan
POONAM DRUMS: CRISIL Cuts Rating on INR260MM Cash Loan to 'D'
PRECISION ENGINEERING: CRISIL Cuts Rating on INR90MM Loan to D

PUMARTH INFRASTRUCTURE: CRISIL Reaffirms B+ Long Term Loan Rating
R.L. AGRO: CRISIL Ups Rating on INR103MM Cash Loan to B
RAJ RAJENDRA: CRISIL Assigns 'B' Rating to INR100MM Term Loan
RIDDHI SIDDHI: CRISIL Ups Rating on INR177.5MM Cash Loan to B+
SARTHAK CREATION: CRISIL Suspends 'D' Rating on INR273.8MM Loan

SHARADA FLOUR: CRISIL Reaffirms B Rating on INR65MM Loan to 'B'
SRIKARA PARENTERALS: CRISIL Reaffirms D Rating on INR25.8MM Loan
SRITHIK ISPAT: Ind-Ra Assigns 'D' Long-Term Issuer Rating
ST. XAVIER: CRISIL Cuts Rating on INR123.3MM LT Loan to D
SUPER HOBS: Ind-Ra Assigns B+ Long-Term Issuer Rating

SYMCOM IMPEX: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR36.4MM Loan
VENUS REMEDIES: CRISIL Reaffirms 'D' Rating on INR1.46BB Loan


J A P A N

OZ PRODUCTIONS: Files For Bankruptcy


P A K I S T A N

PAKISTAN: Fitch Assigns 'B' Issuer Default Rating; Outlook Stable


S I N G A P O R E

AMTEK GLOBAL: S&P Cuts CCR to CCC+; on CreditWatch Developing


                            - - - - -


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


CONVERGENT MINERALS: Placed Into Administration
-----------------------------------------------
Convergent Minerals Limited announced on September 14 that it has
voluntarily appointed Alan Hayes and Christian Sprowles of Hayes
Advisory as Administrators of the Company, with immediate effect.

On April 30, 2014, Convergent announced that it had executed a
Bridging Finance Agreement and drawndown AUD2.5 million under this
facility.  The Bridging Finance Agreement was put in place to
allow Convergent to maintain its momentum of feasibility work at
BlueVein, while ananticipated larger Project Finance Facility was
expected to provide the necessary capital to develop the Blue Vein
Gold Project at the Company's Mt Holland Goldfield in Western
Australia.

On Sept. 2, 2015, Convergent requested voluntary suspension of its
securities to conclude negotiations and documentation in relation
to the repayment of the Bridging Finance Facility and on-going
funding. These negotiations and documentation were expected to be
finalized before the open of trading on Sept. 15, 2015.

The Company now concludes that these negotiations will not
eventuate prior to September 15 and the Board has decided to
appoint Administrators, effective immediately.

Based in Australia, Convergent Minerals Limited (ASX:CVG) --
http://www.convergentminerals.com/-- is a gold exploration
company. Its principal activities are mineral exploration and
evaluation. The Company has two principal gold projects: Mt
Holland Goldfield, Western Australia and Esmeralda, Queensland.
The Company is focused on near-term mining opportunities at the
Blue Vein Gold Project, part of the Mt Holland Goldfield. The Mt
Holland Goldfield is situated 300 kilometers east of Perth in
Western Australia. It has 12 open cut gold mines and two
underground gold mines, making up the Mt Holland Goldfield. The
gold at each mine continues laterally and vertically. The
Esmeralda Prospect is situated 58 kilometers southeast of Croydon
Goldfield in North Queensland. It has more than 90 square
kilometers under tenement, including the historical workings at
Esmeralda.


LIBERTY SERIES 2015-1: S&P Puts Prelim. B Rating to Class F Notes
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to the seven classes of small-ticket commercial mortgage-
backed, floating-rate, pass-through notes to be issued by Liberty
Funding Pty Ltd. in respect of Liberty Series 2015-1 SME.  Liberty
Series 2015-1 SME is a securitization of loans to commercial
borrowers, secured by first-registered mortgages over Australian
commercial or residential properties originated by Liberty
Financial Pty Ltd.

The preliminary ratings reflect:

   -- S&P's view of the credit risk of the underlying collateral
      portfolio, including the fact that this is a closed
      portfolio, which means no further loans will be assigned to
      the trust after the closing date.

   -- S&P's view that the credit support is sufficient to
      withstand the stresses it applies.  This credit support
      comprises note subordination for each class of rated note.

   -- S&P's expectation that the various mechanisms to support
      liquidity within the transaction, including an amortizing
      liquidity facility equal to 3.0% of the outstanding balance
      of the notes, and principal draws, are sufficient under
      S&P's stress assumptions to ensure timely payment of
      interest.

   -- The AUD1,000,000 guarantee fee reserve account funded at
      close by Liberty and topped up with excess spread to the
      extent drawn.  The reserve account may be utilized to meet
      current loan losses, or as liquidity support for required
      payments.

   -- The interest-rate swap agreement with Westpac Banking Corp.
      to hedge any receipts from fixed-rate mortgage loans
      against the floating-rate obligations of the issuer trust.

PRELIMINARY RATINGS ASSIGNED

Class     Rating        Amount (mil. A$)
A1        AAA (sf)      195.0
A2        AAA (sf)       21.0
B         AA (sf)        32.0
C         A (sf)         19.6
D         BBB (sf)       12.7
E         BB (sf)         4.4
F         B (sf)          5.6
G         NR              9.7
NR--Not rated.


MWT INSTITUTE: Administrators Put IP Up For Sale
------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the intellectual
property of MWT Institute Pty Ltd is up for sale.

Dissolve.com.au relates that intellectual property available for
acquisition include curricula and course materials for certificate
three, four and Diploma level courses in health and community
services, business and finance and music. The company website,
student database, company name and registrations are also up for
sale.

MWT Institute Pty Ltd specialises in accredited training in music,
financial and community services.  Pitcher Partners' Andrew
Reginald Yeo and Gess Michael Rambaldi were appointed as
administrators of the company on Sept. 3, 2015.


TALOS ACCOUNTING: New Owners to Protect Staff From Liquidation
--------------------------------------------------------------
The Observer reports that Min Kang and his business partner Nigel
Tsa want to protect the staff and clients from the fallout from
the liquidation of Talos Accounting; the former owners of LBS
Accountants.

The report says Mr. Kang worked for that firm for four months;
almost until the liquidation that has left many creditors out of
pocket.

"All of this has left a major burden on LBS and our staff . . .
and yet the staff have stuck together and still remain with the
firm," the report quotes Mr. Kang as saying.  "I enjoyed living
and working in Gladstone and so when the liquidator put the
business up for sale I decided to put in an offer.

"The transaction was finally settled on September 7. I feel bad
for the creditors, but I'm here to run the business and look after
the staff and our clients."

He said staff had "copped a lot" during the period before the
liquidation when creditors were not being paid; "but we're
completely detached from the previous owners and the mess that's
gone before us," the report relays.

"I'm here to bring stability to the business and look after our
10 staff," Mr. Kang, as cited by the Observer, said.

BRI Ferrier's Andrew John Cummins and Peter Krejci were appointed
liquidators of Talos Accounting on August 11, 2015.


TIGER ESPRESSO: First Creditors' Meeting Set For Sept. 24
---------------------------------------------------------
Kimberley Wallman of HLB Mann Judd (Insolvency WA) was appointed
as administrator of Tiger Espresso Pty Ltd, trading as Tiger
Coffee Bar, on Sept. 15, 2015.

A first meeting of the creditors of the Company will be held at
HLB Mann Judd (Insolvency WA), Ground Floor, 15 Rheola Street, in
West Perth, West Australian, on Sept. 24, 2015, at 10:00 a.m.


TREBLE J: First Creditors' Meeting Slated For Sept. 23
------------------------------------------------------
Jeremy Robert Abeyratne of APL Insolvency was appointed as
administrator of Treble J Enterprises Pty Ltd on Sept. 14, 2015.

A first meeting of the creditors of the Company will be held at
the Boardroom, APL Insolvency, Level 5, 150 Albert Road, in South
Melbourne, Victoria, on Sept. 23, 2015, at 10:30 a.m.


WAGGA PLUMBTEC: First Creditors' Meeting Set For Sept. 24
---------------------------------------------------------
Gavin Moss and Nick Combis of Vincents Chartered Accountants were
appointed as administrators of Wagga Plumbtec Pty Ltd on Sept. 14,
2015.

A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 19, MLC Centre, 19-29 Martin
Place, in Sydney, New South Wales, on Sept. 24, 2015, at 11:00
a.m.



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C H I N A
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CHINA NATIONAL: May Default Interest Payment on Onshore Bond
------------------------------------------------------------
Bloomberg News reports that China National Erzhong Group Co. may
miss an interest payment later this month after one of its
creditors filed a restructuring request, putting it at risk of
becoming the second state-owned company to default in the nation's
onshore bond market.

The smelting-equipment maker might not be able to pay a coupon
that's due Sept. 28 on its CNY1 billion ($157 million) of 5.65
percent 2017 notes if a local court accepts the creditor's
restructuring application before that date, Bloomberg relates
citing a statement posted on Chinamoney.com.cn. China National
Erzhong, based in China's western Sichuan province, issued the
five-year securities in 2012 at par and the debentures are
currently trading at 67.72% of that, Bloomberg says.

Bloomberg relates that uncertainty over the payment comes as
deflation risks, overcapacity and spiraling corporate debt cloud
the outlook for China's economy, forecast to expand at the slowest
pace since 1990 this year. Bloomberg says Baoding Tianwei Group
Co. failed to pay interest of CNY85.5 million on one of its bonds
in April, becoming the first state-owned enterprise to default in
the onshore market.

"Because Erzhong is a state-owned company, if it defaults it may
arouse investors' concern about companies' credit risks," the
report quotes Qu Qing, a bond analyst at Huachuang Securities Co.
in Beijing, as saying.

According to Bloomberg, five interest rate cuts by the People's
Bank of China since November and rules to relax yuan bond issuance
onshore mean Chinese companies are becoming less reliant on dollar
funding and more reliant on the nation's domestic market. Local
corporate bond sales have jumped 77 percent to CNY7.85 trillion in
2015 from the same period last year, according to data compiled by
Bloomberg.

The extra spread investors demand to own five-year AA- rated bonds
over government debt has narrowed 69.5 basis points since Dec. 31
to 214 basis points on September 16, Bloomberg discloses citing
data compiled by ChinaBond.

China National Erzhong is a wholly owned subsidiary of state-owned
China National Machinery Industry Corp., according to a China
International Capital Corp. report in April.

According to Bloomberg, the statement doesn't say whether China
National Erzhong will be able to pay the interest if the court
rejects the creditor's request. The statement also said there is
some uncertainty over whether the court will accept the
restructuring request, and said China National Erzhong is trying
to raise money to pay the interest.

Yields on the 2017 bonds have risen to 28.801% from 26.846% at the
start of the year, ChinaBond prices show.

China National Erzhong will communicate with bondholders on the
interest payment issue via a meeting set for Sept. 17, according
to a separate statement on Chinamoney.com.cn, a website of the
China Foreign Exchange Trade System, Bloomberg adds.


WUZHOU INTERNATIONAL: Fitch Lowers IDR to 'B-'; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Rating
(IDR) of China-based Wuzhou International Holdings Limited
(Wuzhou) to 'B-' from 'B'.  The Outlook is Stable.  The property
developer's senior unsecured rating and the rating on its
outstanding USD300m senior notes have also been downgraded to 'B-'
with Recovery Rating of 'RR4'.

The downgrade reflects Fitch's belief that Wuzhou's EBITDA margin
will stay below 20% over the next two years as it destocks
aggressively, and there will not be material reduction in debt
level.  Wuzhou's EBITDA margin fell to 14.1% in 1H15 and 13.6% in
2014 from 24.8% in 2013.  Wuzhou's land bank fell to 7.4 mil.
square metres (sqm) from 8m sqm in the six months to end-June
2015.  Its leverage as measured by net debt/adjusted inventory
ratio has risen to 33% from 29% over the same period.  Wuzhou's
EBITDA from its investment properties management and other
segments also fell sharply to CNY7.6 mil. in 1H15 from
CNY52.9 mil. in 2H14 and CNY29.6 mil. in 1H14.

KEY RATING DRIVERS

Narrow Margin to Persist: Fitch expects Wuzhou's low EBITDA margin
in 1H15 to continue at around the current level over the next two
years.  Wuzhou's declining gross profit margin trend has lasted
for more than two years; from its peak at 53% in 2012, it then
fell to 43% in 2013, 35% in 2014 and 31% in 1H15.  The margin
decline was mainly caused by liquidation of its inventory in
mature projects at lower price and rising land costs.  Wuzhou's
EBITDA margin was also affected by high sales, general and
administrative (SG&A) expenses related to expansion into new
cities.  The SG&A expenses may fall marginally from 2H15 following
staff layoffs in 2015.

Geographical Diversification Benefits Unclear: Wuzhou's average
selling price (ASP) has declined steadily to CNY5,993per sqm in
1H15 from a peak of CNY8,742 per sqm in 2011.  The company's
diversification away from Jiangsu Province has not helped profit
margin, although sales growth had been sustained.  Wuzhou
currently operates in eleven provinces and municipalities.
Jiangsu Province accounted for 47% of total contracted sales in
1H15, down from 54% in 2013.  Wuzhou's contracted sales rose 9%
yoy for the first seven months of 2015 to reach 51% of its full-
year target of CNY7 bil.

Mild Leverage Supports Ratings: Fitch expects Wuzhou's leverage to
be sustained around 30% as an increase in investment properties
will offset the reduction in development properties to keep the
adjusted inventory stable.  Investment properties accounted for
over 50% of adjusted inventory at end-June 2015.  Wuzhou has
reined in its leverage by continuing its fast-churn business and
slowing down land replenishment from 2014.  Wuzhou aims to deliver
more value-added services to existing tenants and potential buyers
instead on continuing its scale expansion.  Wuzhou's investment-
property yield was 4%-5% in 2014.

Partners Raise Wuzhou's Profile: Fitch believes that Wuzhou's
agreements to cooperate with Ping An Real Estate Co. Ltd. and
Global Logistic Properties Limited (GLP; BBB+/Stable) separately
in providing financial services to Wuzhou's SME clients and co-
developing wholesale centres and logistics facilities may enhance
the competitiveness of Wuzhou's projects.  Wuzhou can tap on GLP's
expertise in logistics and storage facilities and raise capital
from Ping An for project development.  Since the cooperation
agreements are still at the preliminary stage, the earnings and
capex requirements will be minimal.

Liquidity Remains Adequate: Wuzhou has improved its capital
structure by issuing additional bonds that bring its total
outstanding offshore bonds to USD300m (CNY1.9 bil.).  Fitch
expects the company to raise more funds from the onshore bond
market.  At end-2014, 33% of Wuzhou's debt was unsecured, compared
with 26% at mid-2014.  Wuzhou retains flexibility in liquidity
management as it has unencumbered investment properties and
development properties of CNY8.4 bil. at end-2014.

KEY ASSUMPTIONS

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

   -- Land acquisition gross floor area (GFA) at 1.2x-1.5x of
      sales GFA in 2015-2018
   -- Gross profit margin of 31%-32% in 2015-2018
   -- Same cash collection rate in 2015-2018 as that in 2014
   -- Mild contracted sales growth of 3.5%-8.2% per annum in
      2015-2018
   -- Marginal improvement in SG&A expenses

RATING SENSITIVITIES

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

   -- deterioration in refinancing prospects that has significant
      adverse impact on its liquidity profile

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

   -- Net debt/adjusted leverage sustained below 35%
   -- EBITDA margin sustained above 20%



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


A.V. MARBLE: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of A.V. Marble
Palace (AVMP) continues to reflect the firm's below-average
financial risk profile, marked by weak debt protection metrics,
and its modest scale of operations in the intensely competitive
tile and marble trading segments. These weaknesses are partially
offset by the extensive industry experience of the promoters.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            50        CRISIL B+/Stable (Reaffirmed)
   Medium Term Loan       12.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Working
   Capital Facility        7.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AVMP will continue to benefit over the medium
term from its established relationships with suppliers and its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm improves its financial risk
profile, while significantly increasing its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if AVMP posts low cash accruals, or undertakes a large
debt-funded capital expenditure programme, or if its working
capital management deteriorates, resulting in deterioration of its
financial risk profile.

AVMP was set up in Trivandrum (Kerala) in 2004 by Mr. V Varghese
and Mr. P V Rajan The firm trades in tiles, marbles, and sanitary
ware.


BHANSALI TRADE: CRISIL Reaffirms B+ Rating on INR35MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhansali Trade Impex
(BTI) continue to reflect BTI's modest scale in an intensely
competitive metal trading industry and working capital intensive
nature of operations.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35        CRISIL B+/Stable
   Letter of Credit         65        CRISIL A4

These rating weaknesses are partially offset by the extensive
experience of BTI's partners in the metal trading industry and
their financial support.
Outlook: Stable

CRISIL believes that BTI will maintain its business risk profile
over the medium term, backed by its partners' extensive industry
experience. The outlook may be revised to 'Positive' if BTI
reports higher growth in cash accruals resulting in better
financial risk profile. Conversely the outlook may be revised to
'Negative' in case the firm's financial risk profile deteriorates
because of low cash accruals, large working capital requirements,
or any significant capital withadrawings by promoters.

BTI, formed in 2003, is a partnership firm of Mr. Suresh Bhansali,
his brother Mr. Naresh Bhansali and their cousin Mr. Chandanmal
Bhansali. It trades in ferrous and non-ferrous metals such as
steel and nickel scrap as well as stainless steel pipes, tubes and
coils. BTI's main office is located in Mumbai.


BHARAT BARREL: CRISIL Reaffirms B+ Rating on INR45MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bharat Barrel and Drum
Manufacturing Company Pvt Ltd (Bharat Barrel) continue to reflect
Bharat Barrel's low operating efficiencies, resulting in low
profitability and stretched liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         50        CRISIL A4 (Reaffirmed)
   Cash Credit            45        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     20        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
track record of over six decades in the barrel and drums industry,
and improved market position with reduced competition after the
change in government regulations that now require purchase of
drums only from small and medium enterprises.

Bharat Barrel is demerging its core barrel manufacturing
operations and its non-core assets. Manufacturing units and other
core business assets and liabilities will be transferred to a new
company, Steel Barrel Pvt Ltd, while the non-core assets will
remain in Bharat Barrels. The company has applied for demerger to
the Delhi High Court and is likely to receive confirmation by the
end of 2015-16 (refers to financial year, April 1 to March 31).

For arriving at its rating, CRISIL has adjusted by knowing off the
non-core assets and liabilities from the balance sheet of Bharat
Barrel.
Outlook: Stable

CRISIL believes Bharat Barrel will continue to benefit over the
medium term from its strong track record in the barrel and drums
industry. The outlook may be revised to 'Positive' in case of
significant improvement in revenue or operating income, most
likely through improved capacity utilisation and operating
efficiencies, leading to better cash flows from barrel
manufacturing operations. Conversely, the outlook may be revised
to 'Negative' in case of low profitability, or large debt-funded
capital expenditure, or weakening of working capital management,
leading to deterioration in financial risk profile, especially
liquidity.

Bharat Barrel, incorporated in 1951, manufactures steel barrels
and bitumen drums. It also manufactures barrels and drums on
jobwork basis for oil refineries. It owns property other than for
the barrel business. Bharat Barrel is owned by two families: the
Jalan family owns 94 per cent stake while the Goenka family owns
the rest. Its day-to-day operations are managed by director Mr.
Sanjeev Goenka.


CHEMICAL DE: CRISIL Suspends B+ Rating on INR82.5MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Chemical de Enterprises (CE).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              82.5      CRISIL B+/Stable
   Letter of credit &
   Bank Guarantee           30        CRISIL A4
   Proposed Long Term
   Bank Loan Facility        7.5      CRISIL B+/Stable

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

CE was incorporated in 1966 by Mr. Rajendra Gupta. The firm has
been selling different types of chemicals over the past 47 years.
The major chemical that it trades in is titanium dioxide.


EPLUS PROJECTS: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eplus Projects Private
Limited (EPPL) continue to reflect its sizeable working capital
requirements, low cash accruals and net worth, stretched
liquidity, and exposure to intense competition in the civil
construction industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         80        CRISIL A4 (Reaffirmed)
   Cash Credit            65        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            5        CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the company's
moderate business risk profile, supported by a healthy order book,
sustained improvement in operating profitability, and the
promoters' considerable experience in the civil construction
business.
Outlook: Stable

CRISIL believes that EPPL will continue to benefit over the medium
term from its healthy order book and its promoters' industry
experience. The outlook may be revised to 'Positive' if
substantial and sustainable improvement in business performance
and prudent working capital management strengthen the company's
key credit metrics, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if stretch in working capital
cycle, large debt-funded capital expenditure, or decline in
business levels and profitability weakens EPPL's financial risk
profile.

EPPL was set up in 2005 by Mr. Ramanatha Reddy and Mr. S Rama
Krishna Raju. The company undertakes civil contracts and provides
consultancy services to infrastructure projects for government
bodies, urban development authorities, and corporate
organisations, mostly in Andhra Pradesh, where it is based.

For 2014-15, EPPL reported a provisional profit after tax (PAT) of
INR9.6 million on net sales of INR151.7 million, against a PAT of
INR6.8 million on net sales of INR155.6 million for the previous
year.


FIBRO PLASTICHEM: CRISIL Ups Rating on INR55MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Fibro Plastichem India Pvt Ltd (FPIPL) to 'CRISIL B-/Stable' from
'CRISIL C', while reaffirming its rating on the short-term
facility at 'CRISIL A4'.

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

   Cash Credit              55        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Letter of Credit         16        CRISIL A4 (Reaffirmed)

   Term Loan                15        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

   Proposed Long Term       23.8      CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL C')

   Overdraft Facility       20        CRISIL B-/Stable (Upgraded
                                      from 'CRISIL C')

The rating upgrade follows FPIPL's repayment of the term loan
availed from Technology Information, Forecasting and Assessment
Council (TIFAC) in March 2015.

The ratings reflect FPIPL's modest scale of operations and below-
average financial risk profile because of high gearing, modest net
worth, and average debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the fibre-reinforced plastic (FRP)-based products
industry.
Outlook: Stable

CRISIL believes that FPIPL will continue to benefit over the
medium term from its established relationships with its
principals, and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in revenue and profitability resulting in higher cash
accruals and hence in a substantial improvement in liquidity.
Conversely, the outlook may be revised to 'Negative' if the
revenue and profitability are constrained or the working capital
cycle increases, leading to deterioration in the financial risk
profile, particularly liquidity.

Incorporated in 1972, FPIPL manufactures FRP-based products. The
company has three broad verticals in terms of revenue sources: the
railways, the chemical industry, and water-treatment units. Most
of its revenue comes from the railways. The company is actively
managed by the two brothers, Mr. Sumit Dutta and Mr. Moinal Dutta.


FLORIND SHOES: CRISIL Ups Rating on INR374MM LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Florind
Shoes Pvt Ltd (FSPL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Packing           190       CRISIL B-/Stable (Upgraded
   Credit                             from 'CRISIL D')

   Letter of credit &        90       CRISIL A4 (Upgraded
   Bank Guarantee                     from 'CRISIL D')

   Proposed Long Term       374       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The rating upgrade reflects FSPL's timely servicing of debt
supported by its improved liquidity because of fund infusion from
promoters. The promoters have infused equity of INR675 million in
2014-15 (refers to financial year, April 1 to March 31).

The ratings reflect FSPL's below-average financial risk profile,
marked by a modest net worth, high gearing, and below-average debt
protection metrics. This rating weakness is partially offset by
its promoters' extensive experience in the leather footwear
industry and their long-standing relationships with customers.

For arriving at the ratings, CRISIL has now considered the
standalone business and financial risk profiles of FSPL, following
the change in management in 2014-15. Earlier, CRISIL had combined
the business and financial risk profiles of FSPL, United India
Shoe Corporation Pvt Ltd (UNISCO), and Eastern Chrome Tanning
Corporation Pvt Ltd (ECTC). Now, Mr. Shahid Mansoor will manage
FSPL's daily operations, UNISCO is being managed by Mr. Mohamed
Akmal while ECTC continues to be managed by Mr. Ammenur Rahman.
Outlook: Stable

CRISIL believes that FSPL will maintain its established market
position in the leather footwear industry over the medium term.
The outlook may be revised to 'Positive' if the company reports
significant improvement in revenue and profitability, leading to
better cash accruals and liquidity. Conversely, the outlook may be
revised to 'Negative' if FSPL's cash flows and margins decline, or
if it undertakes a large debt-funded capital expenditure
programme, adversely impacting its capital structure.

FSPL, incorporated in 1978, is a formal shoe making company
located in Chennai (Tamil Nadu). The company is managed by Mr.
Shahid Mansoor.


GOYAL KNITFAB: CRISIL Suspends D Rating on INR136.4MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Goyal
Knitfab Pvt Ltd (GKPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL D
   Cash Credit              90        CRISIL D
   Letter of Credit         20        CRISIL D
   Proposed Long Term
   Bank Loan Facility       29.8      CRISIL D
   Term Loan               136.4      CRISIL D

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

GKPL was set up in 2001 by Mr. Sitaram Goyal and his son, Mr. Atul
Goyal. The company, based in Surat (Gujarat), undertakes knitting
and dyeing, and manufactures both grey and dyed fabric. It also
undertakes dyeing on a job-work basis for fabric manufacturers in
and around Surat.


GREEN SHIELD: CRISIL Cuts Rating on INR85MM Cash Loan to D
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Green Shield Enterprises Pvt Ltd (GSEPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             85       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit        10       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Short Term     55       CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL A4')

The rating downgrade reflects GSEPL's continuously overdrawn cash
credit facility for more than 30 consecutive days. This was due to
significant deterioration in the company's liquidity mainly
because of a stretched working capital cycle.

GSEPL also has high customer concentration in its revenue profile,
and a weak financial risk profile marked by weak debt protection
metrics and high Total outside liability to Total net worth
(TOL/TNW) ratio. However, the company benefits from the extensive
experience of its promoter in the grey-cloth-trading business.

GSEPL, started by Mrs. Arti Kanodia, trades in grey fabric and
processes grey fabric as required by customers. The promoter and
her family have been engaged in this business since 1985.


INDO GERMAN: CRISIL Reaffirms B+ Rating on INR150MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facility of Indo German
International Pvt Ltd (IGIPL) continue to reflect IGIPL's low
profitability despite its moderate scale of operations and high
customer concentration in its revenue profile. This rating
weakness is partially offset by the extensive experience of the
company's promoters in the steel-trading business and its
efficient working capital management.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         150       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that IGIPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its efficient working capital management. The outlook may be
revised to 'Positive' in case of sustained growth in the company's
revenue and improvement in its profitability margins, while
diversifying its customer profile. Conversely, the outlook may be
revised to 'Negative' if IGIPL's financial risk profile weakens,
most likely because of delay in receivables or a decline in its
profitability or revenue.

Update
IGIPL's business risk profile remains weak, marked by fluctuating
operating revenue and margin. The company's revenue was about
INR1226.7 million in 2014-15, much lower than the previous year's
INR2559.9 million, largely because of a significant decline in the
prices of steel despite higher volumes sold in 2014-15 than in
2013-14. IGIPL's operating margin was about 0.11 per cent in 2014-
15, largely in line with previous levels. The company efficiently
manages its working capital with order-backed inventory. CRISIL
believes that IGIPL will continue to manage its working capital
requirements efficiently due to the conservative nature of the
management; however, intense competition in the highly fragmented
industry and customer concentration in the company's revenue
profile will constrain the rating over the medium term.

IGIPL's financial risk profile remained moderate, with a modest
net worth and healthy debt protection metrics. The net worth was
about INR119.2 million as on March 31, 2015, largely due to modest
accretion to reserves which has remained less than INR5.0 million
in the three years through 2014-15. Its total outside liabilities
to tangible net worth ratio was high at about 1.87 times as on
March 31, 2015, due to large purchases in the fourth quarter of
the year. The interest coverage ratio has improved to 6.51 times
in 2014-15 largely due to a decline in debt obligations. CRISIL
believes that IGIPL's financial risk profile will remain moderate
over the medium term in the absence of equity infusion and modest
accretion to reserves.

IGIPL's liquidity is marked by low cash accruals, expected at
about INR7.0 million per annum, but will be sufficient to meet
annual term debt obligations of about 0.07 million, over the
medium term. The liquidity is also supported by a healthy cash and
bank balance of about INR96.7 million as on March 31, 2015, and
moderate utilisation of bank lines at an average of about 45 per
cent over the 13 months through June 2015. CRISIL believes that
IGIPL's liquidity will remain moderate over the medium term,
supported by efficient working capital management.

Incorporated in December 1994, IGIPL is jointly promoted by the
Somani group and ThyssenKrupp AG, which holds a 49.99 per cent
stake in the company. IGIPL trades in steel, ferroalloys, and raw
materials for manufacturing steel. The Somani group is run by Mr.
T K Somani and Mr. Atul Varma, who oversees the daily operations
of IGIPL.


JAYALAKSHMI POLY: CRISIL Assigns B- Rating to INR26.1MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Jayalakshmi Poly Packs Private Limited (JPPL).
The ratings reflect JPPL's weak financial risk profile, modest
scale of operations and the susceptibility of its operating
margins to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive industry
experience of promoters and the company's established relationship
with its clients.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Letter
   of Credit                20        CRISIL A4
   Proposed Cash
   Credit Limit             11.9      CRISIL B-/Stable
   Long Term Loan           26.1      CRISIL B-/Stable
   Letter of Credit         20        CRISIL A4
   Bank Guarantee            4.5      CRISIL A4
   Cash Credit              17.5      CRISIL B-/Stable

Outlook: Stable

CRISIL believes that JPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the company's operating margin and/or capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of any major debt-funded capital expenditure, or further
deterioration in the capital structure, or an increase in working
capital requirements.

JPPL was originally established as a partnership firm in 1996; the
firm was reconstitute as a private limited company in 2010. It is
based in Bengaluru and promoted by Mr. Srinivas. The company
manufactures poly stretch film and poly air bubble sheets.


JUST TEXTILES: CRISIL Assigns D Rating to INR92MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Just Textiles Ltd (JTL). The ratings reflect
instances of delay by SA in servicing its debt; the delays have
been caused by weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan           4         CRISIL D
   Cash Credit             92         CRISIL D
   Letter of Credit         4         CRISIL D

JTL also has small scale of operations in highly competitive
industry and high working capital requirements. However, the firm
benefits from the extensive experience of the promoter in the
textile industry.

Incorporated in 1989, JTL is engaged in undertaking job work of
dying, printing, processing and finishing of grey fabric. The
company is promoted by Mr. Pradeep Modi and is based in Ambernath,
Thane. The company has capacity of 30 lac metres/month of
processing fabric and 2 lac units/month of processing Garments.


K S VENKATRAMAN: CRISIL Assigns B+ Rating to INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of K S Venkatraman and Co. Private Limited (KSV) and
has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
facilities. The ratings were suspended by CRISIL on January 25,
2013, because KSV had not provided the necessary information
required for a rating review. KSV has now provided the necessary
information, enabling CRISIL to assign ratings to the bank
facilities.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       130       CRISIL A4 (Assigned; Suspension
                                  Revoked)
   Cash Credit          120       CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

The ratings reflect KSV's modest financial risk profile, marked by
a small net worth and high gearing. The ratings also reflect the
company's exposure to intense competition in the civil
construction segment and its working-capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of KSV's promoters in the civil construction industry.
Outlook: Stable

CRISIL believes that KSV will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations while efficiently managing its
working capital requirements, leading to higher than expected cash
accruals. Conversely, the outlook may be revised to 'Negative' if
KSV reports a sharp decline in its order book or profitability, or
its working capital requirements increase, or it undertakes a
large debt-funded capital expenditure.

KSV was incorporated in 1948 and is engaged in the civil
construction activities, primarily for factories and office
buildings. The company is being managed by Mr. Ramkumar and his
son, Mr. Ashwin Ramkumar.


KVN AUTO: CRISIL Suspends 'B' Rating on INR55MM Cash Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of KVN Auto
Engineering Pvt Ltd (KVN).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               55       CRISIL B/Stable
   Term Loan                 45       CRISIL B/Stable

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

KVN, headquartered in Rudrapur (Uttarakhand) and set up in 2010,
manufactures auto components such as shafts, axles, suspensions,
and various turning components that are primarily used in light
commercial vehicles as well as in two wheelers. The company is
promoted by Mr. Vishal Singh and Mrs. Geeta Shah.


LAKECITY INFRASTRUCTURE: Ind-Ra Assigns IND BB- LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lakecity
Infrastructure Private Limited (LIPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The agency has also assigned
LIPL's bank loans these ratings:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Term loans            24.01       'IND BB-'/Stable

  Proposed term         32.00       'Provisional IND BB-'/Stable
   loans

  Fund-based limits     44.00       'IND BB-'/Stable/'IND A4+'

KEY RATING DRIVERS

The ratings reflect LIPL's small scale of operations with top-line
of INR220 mil. according to the unaudited FY15 financials (FY14:
INR186.54 mil.).

The ratings also factor in LIPL's moderate-to-weak credit metrics
with interest coverage (operating EBITDA/gross interest expense)
of 1.91x and financial leverage (total adjusted debt/operating
EBITDAR) of 3.38x in FY14.

The ratings also reflect the company's tight liquidity position as
evident from the full utilization of its working capital limits
during the 12 months ended August 2015.

The ratings are supported by over two-decade long experience of
LIPL's promoters in civil construction works.  The ratings are
further supported by its moderate EBITDA margins of 7.77% in FY14.

RATING SENSITIVITIES

Negative: A significant decline in the revenue due to the lack of
work orders leading to weaker credit metrics will be negative for
the ratings.

Positive: A significant improvement in the revenue while
maintaining or improving the credit profile will be positive for
the ratings.

COMPANY PROFILE

LIPL was incorporated on Feb. 22, 2008, and has a head office in
Udaipur; it is engaged in civil construction works as a sub-
contractor, mainly bridges, box culverts, railway over bridges,
earth work for embankment, road works.  The promoters of the
company have over three decades of experience in this business.


MANTHARAGIRI TEXTILES: Ind-Ra Affirms 'IND B+' LT Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mantharagiri
Textiles (MT) Long-Term Issuer Rating at 'IND B+'.  The Outlook is
Stable.  The agency has also taken these ratings on the MT's bank
loans:

                        Amount
   Facilities         (INR Mln)         Ratings
   ----------         ---------         -------
  Fund-based working    160.00          Affirmed at 'IND B+'/
   capital limits      (increased from  Stable
                       INR130.00 mil.)

  Long-term loans        96.23          Affirmed at 'IND B+'/
                       (reduced from    Stable
                       INR118.26 mil.)

  Non-fund-based         12.70          Assigned final 'IND A4'
  working capital limits

KEY RATING DRIVERS

The affirmation reflects MT's moderate credit profile as well as
profitability.  In FY15, interest coverage was 2x (FY14: 2.3x),
net financial leverage was 4.1x (3.6x), EBITDA margins were 10.5%
(12.4%) and operating margins were 10.5% (12.4%).  The ratings
also consider the company's moderate scale of operations with
revenue of INR612 mil. in FY15 (FY14: INR528 mil.).

The ratings continue to remain constrained by MT's tight liquidity
as reflected in its long net cash cycle of 141 days during FY15.

The ratings, however, benefit from two and a half decade long
experience of MT's founders in cotton yarn manufacturing.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
leading to a sustained improvement in credit metrics would lead to
a positive rating action.

Negative: A decline in EBITDA interest coverage and liquidity
profile would lead to a negative rating action.

COMPANY PROFILE

MT was incorporated in 1990 in Senjerimalai near Coimbatore to
manufacture cotton yarn.  The production capacity of the firm is
around 12,000kg/day.

G Subramanium, V Thirumalaisamy, T Manoranjitham, S Thilagavathi,
T Govindraj Prabhu, T Rajesh Kumar and Thanigachala Prabhu are the
partners.


MOULIKA CONSTRUCTIONS: CRISIL Suspends B Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Moulika
Constructions (MC).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            75       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable

The suspension of rating is on account of non-cooperation by MC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MC is yet to
provide adequate information to enable CRISIL to assess MC'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 the year 2010, MC is promoted by Mr. Jayant Patel,
Mr. Arvind Patel, Mr. Raja Gopal Raju and Mr. Pratap Reddy. The
partnership firm is involved in undertaking civil construction
works like construction Canals and Bridges.


MRIDHUL TIMBERS: CRISIL Assigns B Rating to INR25MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Mridhul Timbers Private Limited (MTPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              25        CRISIL B/Stable
   Letter of Credit        125        CRISIL A4

The ratings reflect MTPL's modest scale and working capital
intensive operations and its modest financial risk profile marked
by a small net worth and high total outside liabilities to total
net worth (TOLTNW). These rating weaknesses are partially offset
by extensive experience of MTPL's promoters in the timber trading
industry.
Outlook: Stable

CRISIL believes that MTPL's will continue to benefit over the
medium term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
improvement in the company's cash accruals and improvement in
working capital cycle leading to improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case the company reports lower than expected cash accruals or
stretch in working capital cycle, leading to pressure on liquidity
and financial risk profile.

MTPL was incorporated in 2009 by Mr. Saleesh Sreedharan and Mr.
Shiji Rajan. The company is engaged in trading of timber. The
company is based in Thrissur (Kerala).

For 2014-15 (refers to financial year, April 1 to March 31),MTPL
reported profit after tax (PAT) of INR185.7 million on net sales
of INR554.6 million, against net loss of INR0.3 million on net
sales of INR231.4 million for 2013-14.


MUKTAR INFRA: CRISIL Reaffirms 'B' Rating on INR301.5MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Muktar Infrastructure
India Pvt Ltd (MIPL) continue to reflect the company's working-
capital-intensive operations, order-based nature of operations,
and susceptibility of its revenue to timely execution of orders
and timely realisation of revenue from customers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            5       CRISIL A4 (Reaffirmed)
   Cash Credit              44       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       96.2     CRISIL B/Stable (Reaffirmed)
   Term Loan               301.5     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of MIPL's promoter in various industries and the
benefits that the company derives from being a part of Shaikh
Muktar Group (SMG).
Outlook: Stable

CRISIL believes that MIPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company achieves a significant
increase in its revenue while improving its working capital cycle,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if MIPL registers a decline in its revenue or operating
margin, or if there is a stretch in its working capital cycle, or
if it undertakes a large debt-funded capital expenditure
programme, resulting in further weakening of its financial risk
profile.

MIPL was set up in 2011-12 (refers to financial year, April 1 to
March 31) by Mr. Shaikh Muktar. The company undertakes civil
construction work; it also has a ready-mix concrete plant. MIPL is
a part of Goa-based SMG, which has interests in mining,
infrastructure, construction, engineering, logistics, hospitality,
and shipping services. MIPL undertakes civil construction work for
private parties. It is also constructing a hotel in Goa.

MIPL, on a provisional basis, reported net profit of INR2.4
million on net sales of INR110.1 million in 2014-15 (refers to
financial year, April 1 to March 31) against net profit of INR0.7
million on net sales of INR110 million in 2013-14.


MURLIDHAR COTTON: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Murlidhar Cotton (MC).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              70        CRISIL B/Stable
   Term Loan                20        CRISIL B/Stable

The rating reflects the firm's exposure to risks related to
implementation of its ongoing project and to stabilisation of
operations after commencement. The rating also factors in the
susceptibility of the firm's profitability to volatility in cotton
prices and to intense competition. These rating weaknesses are
partially offset by the promoters' extensive experience in the
cotton ginning industry, and established relationships with
customers and suppliers, and the benefits the firm derives from
the favorable location of its plant.
Outlook: Stable

CRISIL believes that MC will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if early stabilisation of
operations leads to sizeable cash accruals for the firm.
Conversely, the outlook may be revised to 'Negative' if low cash
accruals, stretch in working capital cycle, any large debt-funded
capital expenditure, or disruption in operations due to any
regulatory change weakens the firm's key credit metrics.

Set up in 2015, MC is a partnership firm promoted by the Gami and
Dalsaniya families of Dhrangda (Jamnagar, Gujarat). The firm is
setting up a unit for cotton ginning and pressing; the commercial
operations of the unit are expected to start from October 2015.


NAGPAL WAREHOUSE: CRISIL Reaffirms B+ Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Nagpal Warehouse
Inc. (NWI) continues to reflect NWI's modest scale of operations,
dependence on primary operational cash flows, and high customer
concentration in its revenue profile. These rating weaknesses are
partially offset by the extensive industry experience of the
partners and the financial support received from them.

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

Outlook: Stable

CRISIL believes that NWI will continue to benefit over the medium
term from its offtake agreement with Food Corporation of India,
and will maintain its average financial risk profile. The outlook
may be revised to 'Positive' in case of a significant and
sustained improvement in margins and accrual, leading to better
debt protection metrics. Conversely, the outlook may be revised to
'Negative' if there are delays in receipt of rentals from clients
or termination of lease agreements, adversely affecting NWI's
ability to service its debt in time.

NWI, a partnership firm set up in 2012, is promoted by Mr.
Kanhaiya Nagpal and his son Mr. Ajay Nagpal. The firm has a
warehouse on 226,512 square feet (sq ft) of land to facilitate
storage of agriculture-based products in Sonepat (Haryana).


NATIONAL EXPORT: CRISIL Reaffirms B+ Rating on INR120MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of National Export
Industries (NEI) continue to reflect NEI's weak financial risk
profile, marked by below-average capital structure and weak debt
protection metrics, large working capital requirements, and small
scale of operations in the fragmented edible oil industry. These
rating weaknesses are partly offset by the extensive industry
experience of NEI's promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.1      CRISIL A4 (Reaffirmed)
   Cash Credit           120.0      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     13.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that NEI will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's financial risk
profile improves, most likely driven by capital infusion by
promoters or improvement in working capital management or improved
profitability. Conversely, the outlook may be revised to
'Negative' if the firm's liquidity weakens, most likely because of
large capital withdrawals or decline in profitability, leading to
pressure on cash accruals.

Update
For 2014-15 (refers to financial year, April 1 to March 31), NEI
reported net sales of INR387.4 million as against INR430.4 million
a year ago. Decline in top line was mainly due to supply side
pressure stemming from uneven rainfall during 2014-15. The firm's
operating margin improved to around 9.7 per cent in 2014-15, with
firm able to command higher realisation. NEI's operations remains
working capital intensive marked by gross current assets of around
200 days as on March 31, 2015. Working capital intensive
operations has led to high reliance on external short term debt as
is marked by average bank limit utilization of 92 per cent for 8
months ended March 31, 2015. The firm's financial risk profile
remained weak with high gearing of over 2 times and moderate debt
protection metrics; interest coverage and net cash accruals to
total debt ratios are estimated around 1.9 times and 0.09 times as
on March 31, 2015. NEI's liquidity remains moderate, supported by
absence of term debt; partially mitigating the risk associated
with uncertain cash flow. However, capital withdrawal in the past
couple of years has led to moderate net worth. CRISIL believes any
large capital withdrawals can affect firms financial risk profile
significantly and hence will remain a rating sensitivity factor
over the medium term.

NEI reported, on a provisional basis, a book profit of INR14.9
million on net sales of INR387.4 million for 2014-15; it reported
a book profit of INR6.9 million on net sales of INR430.4 million
for 2013-14.

Set up in 1988 as a partnership firm in Gujarat, NEI manufactures
and trades in edible oils and de-oiled cakes. The firm was
acquired by its current promoters in 1994.


NIZMAR HOTELS: CRISIL Reaffirms B- Rating on INR150MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Nizmar Hotels Pvt Ltd
(NHPL) continue to reflect NHPL's weak financial risk profile
because of small net worth and aggressive gearing due to
substantial debt contracted to fund its capital expenditure.
Moreover, NHPL has a small scale of operations in the highly
fragmented hospitality industry. These weaknesses are partially
offset by the extensive industry experience of NHPL's promoters.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          2.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.5      CRISIL B-/Stable (Reaffirmed)

   Term Loan             150        CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NHPL will benefit over the medium term from its
hotel's advantageous location and its promoters' industry
experience. The outlook may be revised to 'Positive' if sales and
cash accrual increase significantly during the initial phase of
operations. Conversely, the outlook may be revised to 'Negative'
if significantly low sales or delayed project completion
pressurises liquidity.

NHPL was incorporated in 1986 by the Goa-based Nizari family.
Initially, the company was engaged in real estate development in
Goa. In 1995, it purchased a hotel, renovated it, and renamed it
as Nizmar Resort in 1999. Currently, the hotel is under
renovation, expected to be completed in the near term.


POONAM DRUMS: CRISIL Cuts Rating on INR260MM Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of
Poonam Drums and Containers Private Limited (PDCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+' due to continuous
overdrawals of more than 30 days in its cash credit  facility due
to weak liquidity.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              260       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Inland/Import             30       CRISIL D (Downgraded from
   Letter of Credit                   'CRISIL A4+')

The rating continues to reflect PDCPL's modest financial risk
profile marked by high gearing and subdued debt protection
metrics, and working capital intensive nature of operations. These
rating weaknesses are partially offset by benefits that PDCPL
derives from the extensive experience of the promoter in the steel
industry coupled with established customer relationships.

Incorporated in 1983, PDCPL is engaged in manufacturing of drums,
containers, tins and cans. The company was acquired and owned by
the Chaudhary family in 1994. The company is based out of Mumbai
and has manufacturing units in Khalapur (Maharshtra) and in Mohali
(Punjab).


PRECISION ENGINEERING: CRISIL Cuts Rating on INR90MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Precision Engineering Corporation (PEC) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         70        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            90        CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Letter of Credit       20        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Term Loan              20        CRISIL D (Downgraded from
                                    'CRISIL A4')

The downgrade reflects delays by PEC in meeting its debt
obligations on account of delayed payments from debtors leading to
stretched working capital reflected in its weak liquidity.

PEC's financial risk profile remains below average, marked by
modest net worth and subdued debt protection metrics. However, the
firm benefits from its partners' extensive experience in the heat
exchanger coils segment.

PEC was originally set up as a proprietorship concern by Mr. H D
Gupta in 1982, as an ancillary to Bhilai Steel Plant; it gradually
added other customers. In 2010, it was reconstituted as a
partnership firm after the founder's son, Mr. Vaibhav Gupta,
joined the business. PEC manufactures heat exchanger coils used in
boilers in power plants. Its manufacturing facility and office are
in Bhilai (Chhattisgarh).


PUMARTH INFRASTRUCTURE: CRISIL Reaffirms B+ Long Term Loan Rating
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Pumarth
Infrastructure Pvt Ltd (PIPL) continues to reflect the company's
exposure to risks relating to funding, implementation, and offtake
in respect of its ongoing projects and risks relating to
cyclicality in the real estate industry.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Proposed Long Term
   Bank Loan Facility      300      CRISIL B+/Stable (Reaffirmed)

The rating also factors in funding support extended to group
companies. These weaknesses are partially offset by benefits that
PIPL derives from its promoter's extensive experience in real
estate development.
Outlook: Stable

CRISIL believes that PIPL will benefit over the medium term from
its promoter's extensive experience in the real estate sector. The
outlook may be revised to 'Positive' if the company exhibits
significant progress in bookings and flow of advances for its
ongoing project and projects in the pipeline. Conversely, the
outlook may be revised to 'Negative' if PIPL reports significantly
lower-than-expected cash flow from operations, either because of
subdued response to its projects or lower-than-envisaged flow of
advances or if it contracts large debt, thereby impacting its
financial risk profile.

PIPL, established in 1982 by Mr. Manoj Sumati Kumar Kasliwal, is
involved in real estate development and trading of shares and
commodities. The company primarily undertakes development of land
by converting agricultural land into non- agricultural status,
providing the supporting infrastructure, and dividing it into
plots and selling it to end customers. It also develops row houses
based on customer requirements.


R.L. AGRO: CRISIL Ups Rating on INR103MM Cash Loan to B
-------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of R.L. Agro
Industries (RLAI) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            55        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Long Term Loan         11.3      CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term     38.7      CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

   Warehouse Financing   103        CRISIL B/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in the business risk
profile of the firm, marked by improvement in operating revenue
and operating margin. Improvement in operating revenue is largely
on account of capital expenditure undertaken to process basmati
and non-basmati rice as against previous years when the firm was
able to process only non-basmati rice. This has led to improved
demand for the products leading to improvement in the firm's
revenue. Also, processing of basmati rice has led to improvement
in operating margin due to higher average selling price on account
of the premium nature of the product. Improvement in margin is
also supported by declining trading activity and efficient raw
material procurement. CRISIL believes that improvement in RLAI's
business risk profile will be supported by processing of varieties
of rice, increased demand for the product, and healthy industry
prospects.

The rating continues to reflect RLAI's weak financial risk
profile, marked by a weak capital structure, and the company's
large working capital requirements and small scale of operations.
These weaknesses are partially offset by the benefits that RLAI
derives from its promoters' extensive experience in, and the
healthy growth prospects of, the rice industry.
Outlook: Stable

CRISIL believes that RLAI will maintain its business risk profile
over the medium term on the back of its promoters' extensive
experience in the rice industry. The financial risk profile is
expected to remain weak owing to a weak capital structure and
large debt undertaken to meet its working capital requirements.
The outlook may be revised to 'Positive' in case of improvement in
capital structure driven by capital infusion by the promoters or
better working capital management. Conversely, the outlook may be
revised to 'Negative' in case of higher-than-expected increase in
working capital requirements or low profitability leading to
deterioration in the financial risk profile.

Set up in 2010 by Mr. Krishan Gopal and Mr. Chanchal Kumar, RLAI,
a partnership firm, mills and processes basmati and non-basmati
rice and sells the same in the domestic market. Its plant is
situated in Gurdaspur (Punjab).


RAJ RAJENDRA: CRISIL Assigns 'B' Rating to INR100MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Raj Rajendra Realtors (RRR).

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

The rating reflects RRR's exposure to the implementation and
demand risks associated with its ongoing project. The rating also
reflects a high degree of geographic concentration in its revenue
profile and vulnerability to cyclicality inherent in the real
estate industry. These weaknesses are partially offset by the
benefits that RRR derives from the extensive experience of its
promoters in the industry.
Outlook: Stable

CRISIL believes that RRR will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry. The outlook may be revised to 'Positive' in case of
significant booking of units and receipt of customer advances for
its ongoing project, leading to better-than-expected cash flow
and, therefore, liquidity. Conversely, the outlook may be revised
to 'Negative' in case of deterioration in RRR's liquidity, either
because of low customer advances or significant cost overrun in
its ongoing project.

RRR was set up in 2012 by Mr. Gumanmal Doshi, Mr. Narpatraj Mehta,
Mrs. Jayamala Nahar, and Mr. Anil Bhandari. The firm is engaged in
real estate development. It is currently re-developing a
residential building in Mumbai.


RIDDHI SIDDHI: CRISIL Ups Rating on INR177.5MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Riddhi Siddhi Cotspin Pvt Ltd (RSCPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           177.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Long Term      4.0      CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B/Stable')

   Term Loan              21.5      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects stabilisation of RSCPL's operations, with the
company reporting a turnover of INR1107.4 million for 2014-15
(refers to financial year, April 1 to March 31) against INR30.00
million in 2013-14. Its operating margin remained moderate at 2.5
percent despite intense competition in the cotton industry.

RSCPL's financial risk profile, however, remains average, with
high gearing of 3.23 times and a moderate net worth of INR61.2
million as on March 31, 2015. Its debt protection metrics also
remained average, with interest coverage and net cash accruals to
total debt ratios of 1.7 times and 0.1 times, respectively, for
2014-15. CRISIL believes that RSCPL's financial risk profile will
remain moderate over the medium term.

The rating reflects RSCPL's exposure to risks relating to adverse
regulatory changes in the intensely competitive cotton ginning
industry, and to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
RSCPL's promoters in the cotton ginning industry.
Outlook: Stable

CRISIL believes that RSCPL will continue to benefit, over the
medium term, from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations, leading to high
cash accruals and a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if RSCPL's accruals are low
because of reduced profitability, or if the financial risk profile
deteriorates, most likely because of a stretched working capital
cycle or substantial debt-funded capital expenditure.

Incorporated in April 2013, RSCPL is promoted by Mr. Ankit Lotiya,
Mr. Sureshkumar Lotia, and Mr. Kanubhai Vekariya. The company has
a cotton-ginning unit in Rajkot (Gujarat) and commenced operations
in March 2014. It sells cotton bales and cotton seeds.


SARTHAK CREATION: CRISIL Suspends 'D' Rating on INR273.8MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sarthak
Creation Pvt Ltd (SCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           10        CRISIL D
   Cash Credit             250        CRISIL D
   Funded Interest
   Term Loan               117.9      CRISIL D
   Letter of Credit         10        CRISIL D
   Term Loan               273.8      CRISIL D

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'.

SCPL was set up by Mr. Subhash Tibrewal in 2005 and commenced
commercial operations in August 2009. It manufactures shirts,
tops, and trousers, and is based in Surat (Gujarat).


SHARADA FLOUR: CRISIL Reaffirms B Rating on INR65MM Loan to 'B'
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sharada Flour
Products India Pvt Ltd (SFPIPL) continues to reflect SFPIPL's
below-average financial risk profile, marked by a modest net
worth, high gearing, and average debt protection metrics; and the
company's modest scale of operations in the highly fragmented
wheat processing industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            65        CRISIL B/Stable (Reaffirmed)
   Term Loan              15        CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of SFPIPL's promoters and their funding
support.

Outlook: Stable

CRISIL believes that SFPIPL will continue to benefit over the
medium term from its promoters' industry experience and their
funding support. The outlook may be revised to 'Positive' in case
the company's cash accruals are significant or if promoters make
substantial capital infusion along with efficiently managing
working capital. Conversely, the outlook may be revised to
'Negative' in case SFPIPL's cash accruals are substantially low or
if its working capital requirements are sizeable or if the company
undertakes any unanticipated debt-funded capital expenditure
programme.

Established in 2010 and based in Kollam (Kerala), SFPIPL processes
wheat into maida, suji, and aata. The company is promoted by Mr.
Nair and his family members.


SRIKARA PARENTERALS: CRISIL Reaffirms D Rating on INR25.8MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Srikara
Parenterals Private Limited (SPPL) continues to reflect instances
of delay by SPPL in servicing its debt; the delays have been
caused by the company's weak liquidity.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan              25.8      CRISIL D (Reaffirmed)
   Long Term Loan         25.2      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      7.2      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan              21.8      CRISIL D (Reaffirmed)

SPPL also has large working capital requirements and below-average
financial risk profile, marked by a weak capital structure.
However, the company benefits from its established regional
presence aided by promoter's extensive experience in the
healthcare industry.

Incorporated in 2006 and based in Vijayawada (Andhra Pradesh),
SPPL manufactures intravenous fluids used in the healthcare
industry. The company is promoted by Mr. Gorla Naga Manikyala Rao,
and its day-to-day operations are managed by Mr. Prem Raj
Rayepudi.


SRITHIK ISPAT: Ind-Ra Assigns 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Srithik Ispat (P)
Ltd (SIPL) a Long-Term Issuer Rating of 'IND D'.  The agency has
also assigned SIPL's bank facilities these ratings:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Fund-based working    180.00      Long Term 'IND D'
   capital limits

  Term loans             66.00      Long Term 'IND D'

  Non-fund-based          3.00      Short Term 'IND D'
  working capital limits

KEY RATING DRIVERS

The ratings reflect SIPL's delayed servicing of term loan
obligations since June 2015 due to its tight liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1998, SIPL is a part of the Srithik Group and
manufactures sponge iron from iron ore and coal at its 18,000mtpa
facility in Sanguem, Goa.

The company is headed by Mr. Shikhir Vir Agarwal and Mrs. Girija
Agarwal who have an experience of more than a decade in the iron
and steel industry.


ST. XAVIER: CRISIL Cuts Rating on INR123.3MM LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of St. Xavier's Educational Trust (SXET) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/Overdraft    61        CRISIL D (Downgraded from
   facility                           'CRISIL BB-/Stable')

   Long Term Loan          123.3      CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Proposed Long Term      115.7      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL BB-/Stable')

The downgrade reflects instances of delay by SXET in servicing its
term debt; the delays have been caused by the trust's weak
liquidity arising from mismatches in the trust's cash flows.

SXET is also susceptible to adverse regulatory changes and to
intense competition in the education sector. However, the trust
benefits from its established market position in Tamil Nadu.
SXET was set up in 1989 in Tirunelveli (Tamil Nadu) by Dr. Cletus
Babu. The trust manages institutes offering graduate and post-
graduate courses in Tamil Nadu.


SUPER HOBS: Ind-Ra Assigns B+ Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Super Hobs and
Broaches Private Limited (SHBPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  Ind-Ra has also assigned
SHBPL's bank loans these ratings:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
  Fund-based working     12.0       Long-term 'IND B+'/Stable
   capital limit                    and Short-term 'IND A4'

  Term loan              43.0       Long-term 'IND B+'/Stable

KEY RATING DRIVERS

The ratings are constrained by SHBPL's small scale of operations
with revenue of INR43.98 mil. according to the provisional
financials for FY15, and the working capital intensive nature of
its business with a net cash cycle of 200 days and average working
capital utilization of 90.05% during the 12 months ended August
2015.

The ratings are also constrained by the company's moderate credit
metrics with gross interest coverage ratio of 2.7x in FY15 (FY14:
2.9x) and net leverage ratio of 5.3x (5.9x) due to the high debt
level in the overall capital structure of the company.

The ratings are supported by SHBPL's high EBIDTA margins of 40.70%
in FY15 and its promoters' experience of more than a decade in the
tools industry.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue could lead to a
positive rating action.

Negative: Any dip in the EBITDA margins leading to deterioration
in the credit metrics could lead to a negative rating action.

COMPANY PROFILE

SHBPL was formed in February 1999 to manufacturer high speed steel
gear cutting tools and broaches.  Based in Patiala, Punjab, it
supplies superior grade products all over India and abroad.


SYMCOM IMPEX: CRISIL Reaffirms B+ Rating on INR150MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Symcom Impex
Private Limited (SIPL) continues to reflect SIPL's below-average
financial risk profile marked by a weak interest coverage ratio,
its susceptibility to risks related to the highly fragmented
nature of the scrap-trading industry, and the vulnerability of its
operating margin to fluctuations in steel scrap prices. These
rating weaknesses are partially offset by the extensive industry
experience of SIPL's promoters.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            150       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     100       CRISIL B+/Stable (Reaffirmed)


Outlook: Stable

CRISIL believes that SIPL 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 a substantial
increase in the company's cash accruals, driven most likely by a
sustainable increase in its scale of operations and profitability,
leading to improvement in its capital structure and debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if SIPL's liquidity weakens because of low cash
accruals, increase in working capital requirements, or significant
diversion of funds towards group companies.

Update:
SIPL's operating income decreased to around INR426 million in
2014-15 (refers to financial year, April 1 to March 31) from
INR483 million in the previous year despite higher sales volumes;
the decline was mainly on account of decrease in prices of steel
scrap. The company's operating margin was around 6.0 per cent in
2014-15, lower than in the previous year, mainly due to increased
trading business; the margin is expected to remain in the range of
5 to 6 per cent over the medium term.

SIPL's financial risk profile has remained below average, with
high total outside liabilities to tangible net worth (TOLTNW)
ratio and small net worth. The TOLTNW ratio was around 3.0 times
and net worth INR124 million, as on March 31, 2015, because of low
accretion to reserves. SIPL's debt protection metrics remained
weak, with interest coverage ratio of 1.1 times in 2014-15. The
financial risk profile is expected to remain below average over
the medium term.

SIPL's liquidity is stretched, with low cash accruals and almost
fully utilised bank lines. The cash accruals are estimated at INR5
million to INR10 million per annum, vis-a-vis nil annual debt
obligations, over the medium term. Its operations are working
capital intensive as reflected in its gross current assets of 425
days as on March 31, 2015. Hence, the bank facilities were almost
fully utilised over the 12 months through June 2015. However, its
liquidity was supported by unsecured loans of INR42.7 million
extended by promoters in 2014-15.

SIPL was set up in April 2011. The company undertakes the disposal
of scrap obtained by dismantling and demolishing big industrial
units and workshops such as textile mills, sugar mills, and steel
plants, and ships. It also trades in scrap.


VARUN FERTILIZERS: CRISIL Reaffirms B+ Rating on INR36.4MM Loan
---------------------------------------------------------------
CRISIL rating continues to reflect Varun Fertilizers Pvt Ltd
(VFPL)'s large working capital requirements and susceptibility to
government regulations and monsoon. These rating weaknesses are
partially offset by the expected improvement in the company's
financial and business risk profiles, driven by commencement of
single super phosphate (SSP) manufacturing in 2013-14 (refers to
financial year, April 1 to March 31) and its management's
extensive experience in the fertilizer industry.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     36.4      CRISIL B+/Stable (Reaffirmed)
   Term Loan               1.1      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that VFPL will continue to benefit over the medium
term from its management's extensive industry experience and
commencement of SSP production. The outlook may be revised to
'Positive' if the company scales up operations and improves
profitability, leading to increase in net cash accruals, without
negatively impacting working capital cycle. Conversely, the
outlook may be revised to 'Negative' if VFPL's working capital
cycle lengthens, resulting in weakened financial risk profile, or
if it is unable to scale up operations as expected. Any adverse
impact of regulatory changes, leading to weakening of business
risk profile, may also result in a 'Negative' outlook.

Update
VFPL achieved a profit after tax (PAT) of about INR6 million on
net sales of about INR465 million for 2014-15, against PAT of
INR3.9 million on net sales of INR443 million for 2013-14. Its
operating profitability was 5.8 per cent for 2014-15 against 4.2
per cent in 2013-14 with improving operating efficiencies and
stabilisation in SSP operations. Capacity utilisation in 2014-15
was 40 per cent and is expected to reach 70 per cent in 2015-16.
CRISIL believes that VFPL will achieve annual revenue growth of 5
to 10 per cent over the medium term backed by entry in new markets
and established relationships with clients.

The company operates in both the Rabi (October-February) and
Kharif (March-July) seasons. It has large gross current asset days
(GCA) at the year-end (192 days as on March 31, 2015) as
substantial sales happen during the first quarter of every year.

VFPL's financial risk profile has improved with equity infusion by
promoters, and is expected to improve further as its term loan is
likely to be completely repaid by December 2015 and it has no
capital expenditure plan for the medium term. Its liquidity also
improved with increased cushion between accruals and debt
obligations. The company has outstanding loan of INR1 million as
on June 2015 and will have no debt obligation in 2016-17.

VFPL was incorporated in 2005 in Indore (Madhya Pradesh). The
company manufactures fertilizers such as nitrogen-phosphorous-
potassium (NPK) and SSP. It has capacity to manufacture 150,000
tonnes per annum (tpa) of NPK and 120,000 tpa of SSP at its plant
in Indore. The company is managed by Mr. Ashish Tiwari and Mr.
Abhishek Tiwari.

VFPL reported profit after tax (PAT) of INR3.9 million on net
sales of INR443.2 million for 2013-14 against PAT of INR2.5
million on net sales of INR216.6 million for 2012-13.


VENUS REMEDIES: CRISIL Reaffirms 'D' Rating on INR1.46BB Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Venus Remedies Ltd
(VRL) continue to reflect the continued delays by VRL in servicing
bank obligations because of stretched liquidity.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           1050       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan               95.7     CRISIL D (Reaffirmed)

   Letter of Credit         6.6     CRISIL D (Reaffirmed)

   Letter of credit &
   Bank Guarantee          30       CRISIL D (Reaffirmed)

   Term Loan             1467.7     CRISIL D (Reaffirmed)

The rating also reflects the company's working-capital-intensive
and small scale of operations in the overall formulations market.
VRL, however, benefits from its high-value critical care segment.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VRL and its wholly owned subsidiary,
Venus (VP), based in Germany. VP provides out-licensing services
of common technical documents, and warehousing and logistical
support. Both the entities have together been referred to as VRL

Established in 1991 by Mr. Pawan Chaudhary, VRL has presence in
both branded and generic-formulation pharmaceuticals. It has a
facility in Panchkula (Haryana) and another facility in Baddi
(Himachal Pradesh), with aggregate capacity of 0.57 million
bottles per day. VRL is mainly present in the critical care
segment, manufacturing parenterals such as cephalosporins,
carbapenems, and oncology drugs in lyophilised form; infusions;
volume parenterals used for treating varied ailments such as
bacterial infections and cancer.

For 2014-15 (refers to financial year, April 1 to March 31), on a
standalone basis, VRL provisionally reported loss of INR12 million
on net sales of INR4497 million against PAT of INR609 million on
net sales of INR5187 million for 2013-14.



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


OZ PRODUCTIONS: Files For Bankruptcy
------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Oz Productions,
the Japanese production house that shaped the face of J-horror
cinema with films such as the Ringu and Ju-On series, has applied
for bankruptcy.

Creditors of the company can submit their claims until
October 14, Dissolve.com.au says.

Oz Productions was established in 1989 by Takashige Ichise.



===============
P A K I S T A N
===============


PAKISTAN: Fitch Assigns 'B' Issuer Default Rating; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has published Pakistan's Long-Term Foreign- and
Local-Currency Issuer Default Ratings (IDRs) at 'B' with Stable
Outlooks.  The agency has assigned a Short-Term Foreign-Currency
IDR of 'B' and a Country Ceiling of 'B'.

KEY RATING DRIVERS

The ratings reflect the following factors:

Pakistan's 'B' ratings balance the country's underdevelopment,
political instability, weak public finances and history of
macroeconomic volatility against the stabilisation and progress on
reforms achieved under the country's latest International Monetary
Fund (IMF) programme.

Pakistan entered a three-year, USD6.2 bil. Extended Fund Facility
(EFF) with the IMF in September 2013 after a period of loose
fiscal and monetary policies threatened to destabilise the
economy.  Since then, foreign reserves have more than doubled to
USD18.7 bil. from USD8.6 bil., and the government's annual budget
deficit has almost halved to 4.8% from 8.2%.

Low external liquidity is a key credit weakness for Pakistan,
although it has improved.  Foreign reserves at 3.8 months of
current external payments in the fiscal year ended June 2015
(FY15) are in line with the 'B' median.  The country's external
imbalances are modest - the current account deficit has been below
3% of GDP since 2010 and net external debt is moderate at 14.6% of
GDP at end-FY15, below the 'B' median of 18.9%.  Nonetheless,
experience in 2013 shows how quickly Pakistan's external finances
can come under pressure; in that year, Pakistan found it difficult
to finance a USD2.3 bil. maturity that it owed the IMF.

Pakistan's economic fundamentals more broadly remain weak on many
measures, even compared with low-rated 'B' range peers.
Pakistan's average growth rate in the five years to FY15 was 4.2%,
below the 'B' median of 4.6%.  Inflation averaged 8.6% over the
same period compared with a 'B' median of 4.5%, and was more
volatile.  Pakistan's structural weaknesses are reflected in a low
investment rate of just 15% in FY15, which constrains medium-term
growth prospects.  Net foreign direct investment inflows averaged
just 0.7% of GDP per year over FY10-FY14.

However, inflation has moderated under the IMF programme.  Core
inflation averaged 5.4% in January-July 2015, down from 8.2% in
the same period of 2014.  Headline inflation was just 1.7% in
August 2015.  The State Bank of Pakistan cut its policy rate 300bp
since October 2014, but at 6.5% the rate remains positive in real
terms.

Pakistan's structural credit fundamentals are also weak.  Pakistan
is one of the poorest countries rated by Fitch.  Average income in
FY15 was just USD1,433, well below the 'B' median of about
USD3,600.  Pakistan's broader level of development is well below
that of 'B' peers, ranking in the 22nd percentile of the UN's
Human Development Index, below the 'B' median at the 36th.  The
business environment is challenging, reflected in the country
ranking 128 in the World Bank's Ease of Doing Business framework.

Standards of governance are low and perceptions that corruption is
prevalent are high on international measures.  Politically-related
and terrorist violence remain severe problems despite some recent
improvement in political stability.  Elections in 2013 saw an
orderly transfer of power between democratically-elected
governments, a landmark for the country.

Pakistan's gross general government debt to GDP ratio was 64.6% at
end-FY15, which is relatively high compared with the 'B' median of
51.3%, or 'BB' median of 41.6%.  The country has USD4.75 bil. of
bonds issued in international markets, although the maturity
profile is moderate until USD2bn falls due in 2019.  The country
has a history of default, with a distressed exchange on USD3.5
bil. of debt under the Paris Club in 1999.  However, the budget
deficit has narrowed to 4.8% of GDP by FY15 from 8.4% in FY12.
The government debt ratio is expected to decline gradually in
Fitch's base case.

Pakistan's fiscal revenue base is narrow, with a revenue take of
15.5% of GDP in FY15 against the 25.6% 'B' median.  Pakistan's
revenues have also been more volatile than rating peer medians.
This is partly to do with volatility in State Bank of Pakistan
(SBP) profits, which accounted for 9.5% of federal government
revenue per year on average over FY10-FY15.  The authorities
envisage lower SBP profits in future as disinflation continues and
have drawn up permanent revenue-enhancing measures worth 1% of GDP
in the recently introduced FY16 budget.

Nonetheless, Pakistan has made considerable progress with
structural reform under its current IMF programme.  The government
has made a start on privatisations, accruing about 0.5% of GDP in
FY15 in receipts.  The authorities have a schedule of sales
planned, including a stake in Pakistan International Airlines.
Sales of utilities are part of a broader programme of tackling
quasi-fiscal arrears in the power sector.  Utility tariffs have
been raised towards economic rates, and energy subsidy reductions
yielded 1.2pp of GDP in fiscal savings by FY15 compared with FY13.

The banking sector is weak but has also begun to benefit from
reforms.  The ratio of non-performing loans (NPLs) to total loans
is high at 12.8% at end-March 2015, although the ratio of NPLs net
of provisions to bank capital has fallen to 9.8% from 19.9% in
March 2013.  System capitalization has risen partly because of
government action to tackle under-capitalised institutions,
including enforcement of a minimum absolute capital amount.

The China-Pakistan Economic Corridor initiative announced in April
could significantly strengthen Pakistan's economic fundamentals.
China has offered to invest around USD46bn in infrastructure and
energy, which includes the connection of its western city of
Kashgar with the Pakistani port of Gwadar by 2030.  However, the
rate of progress with the scheme and the cost of any debt
financing incurred by the Pakistani sovereign remain to be seen.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
a negative rating action are:

   -- Policy slippage that leads to renewed pressure on basic
      economic and financial stability, evident in a rise in
      inflation or the current account deficit

   -- Deterioration in the fiscal position that leads to a sharp
      or sustained rise in government debt ratios

   -- Sharp deterioration in political stability, sufficient to
      damage the country's economic or financial stability

The main factors that could, individually or collectively, lead to
a positive rating action are:

   -- A strengthened business environment supported by an
      improved security situation and decreased political risk

   -- Build-up of foreign reserves

   -- Sustained fiscal consolidation, strengthening of the revenue
      base, and reduction in government debt ratios

KEY ASSUMPTIONS

The ratings incorporate an assumption that Pakistan's relations
with India do not deteriorate to the point of renewed armed
conflict.



=================
S I N G A P O R E
=================


AMTEK GLOBAL: S&P Cuts CCR to CCC+; on CreditWatch Developing
-------------------------------------------------------------
Standard & Poor's Ratings Services said it had lowered its long-
term corporate credit ratings to 'CCC+' from 'B+' on Singapore-
incorporated automotive supplier Amtek Global Technologies Pte
Ltd.  S&P has also placed all ratings on CreditWatch with
developing implications.

At the same time, S&P also lowered to 'CCC+' from 'B+' its issue
ratings on Amtek Global's EUR235 million senior secured term loan
and EUR30 million revolving credit facility (RCF), and placed them
on CreditWatch with developing implications.  This is in line with
the rating action on the corporate credit rating.  The recovery
ratings are unchanged at '4', reflecting S&P's expectation of
average recovery in an event of default (in the upper half of the
30%-50% range).

The downgrade reflects heightened liquidity risks at India-based
parent company Amtek Auto Ltd. (Amtek Auto).  S&P sees a risk that
Amtek Auto may not have sufficient liquidity to meet its interest
or debt obligations, which could lead to a default at Amtek Auto,
or a debt restructuring.  This could have a negative impact on
Amtek Global's liquidity or credit quality.

The heightened liquidity risks follow spending on acquisitions by
Amtek Auto, coupled with high short-term debt and low cash
balances as of March 31, 2015, as well as an increase in losses
during the three months to June 30, 2015.

S&P also believes that Amtek Global has shown higher debt and
weaker-than-expected leverage, with adjusted debt to EBITDA of
approximately 6.0x for the year to March 31, 2015, and S&P expects
that leverage will remain above 5.0x.  S&P also sees far weaker
cash flow generation, with negative free operating cash flow
(FOCF) of around EUR29 million for the nine months to March 31,
2015.  In addition, as of that date, the company had cash balances
of about EUR42 million, against short-term debt maturities of
EUR49 million, and S&P sees a risk of ongoing negative FOCF, with
only limited sources of liquidity available.

S&P has revised down the SACP on Amtek Global to 'b-' from 'b+'.
This reflects S&P's revised assessment of its financial risk
profile to "highly leveraged" from "aggressive."  S&P has also
revised its assessment of Amtek Global's liquidity to "less than
adequate" from "adequate."  Under S&P's criteria, a combination of
"weak" business risk and "highly leveraged" financial risk
profiles results in an anchor of 'b' or 'b-'.  S&P chooses the
lower anchor of 'b-' for Amtek Global, reflecting the risk of
ongoing negative FOCF.

S&P applies its group rating methodology to its ratings on Amtek
Global.  S&P classifies it as a "strategically important"
subsidiary of Amtek Auto because, in S&P's view, Amtek Global is
unlikely to be sold and plays an important role in the group's
long-term strategy.  S&P has revised down its GCP assessment on
Amtek Auto to 'ccc+' from 'b+', reflecting higher default risks.

S&P has yet to receive requested information regarding Amtek
Auto's liquidity position, its ability to meet near-term debt and
interest payments, and whether there are discussions underway with
creditors.  If such information is not provided imminently as
requested, S&P may suspend or withdraw the ratings on Amtek
Global.

The CreditWatch placement reflects the possibility that S&P could
raise or lower the ratings on Amtek Global.  If S&P concludes that
Amtek Global is partly insulated from the liquidity difficulties
at Amtek Auto, S&P may raise the rating by one notch to 'B-'.  If
Amtek Auto misses any interest or principal payments, or enters
into a distressed debt exchange or restructuring, S&P would
consider this to be a default, under its criteria, and lower the
ratings further.

S&P expects to have discussions with Amtek Global and Amtek Auto
to resolve the CreditWatch.  If S&P do not receive the requested
information imminently, it may however decide to suspend or
withdraw the ratings.



                             *********

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 2015.  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
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                 *** End of Transmission ***