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

                      A S I A   P A C I F I C

          Wednesday, October 7, 2015, Vol. 18, No. 198


                            Headlines


A U S T R A L I A

CRANE TRUCKS: Pearce and Heers Appointed as Liquidators
DESU DESIGNER: Enters Liquidation; Owes Almost AUD1 Million
MAXWELL TRANSPORT: Still Subject of Inquiry, Legal Action
MERCHANT THE GROCERY: First Creditors' Meeting Set For Oct. 13
REX HOSPITALITY: First Creditors' Meeting Set For Oct. 14

SOUTHAM GRADUATION: First Creditors' Meeting Set For Oct. 13


C H I N A

NANTONG MINGDE: Sainty Marine Objects to Liquidation Plan


C A M B O D I A

MFONE: Has Only $1 Million Left to Pay Creditors


I N D I A

AHALYA AGENCIES: CRISIL Assigns B+ Rating to INR49MM Cash Loan
ALCHEMIST FOODS: CRISIL Cuts Rating on INR133MM LT Loan to 'B'
ALCHEMIST LTD: CRISIL Cuts Rating on INR143MM Loan to 'B'
BINDAL COIR: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
CALL EXPRESS: CRISIL Reaffirms B Rating on INR500MM LT Loan

CAPITOL HILL: CRISIL Cuts Rating on INR450MM Term Loan to B-
COROMANDEL AGRO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR40MM Loan
ENMAS GB: CRISIL Reaffirms 'D' Rating on INR770MM Bank Loan
GANPATI ALLIED: CRISIL Assigns B- Rating to INR57MM Cash Loan

GANPATI STEELS: CRISIL Assigns B- Rating to INR40MM Cash Loan
GOLDEN AGRARIAN: CRISIL Assigns B+ Rating to INR250MM Cash Loan
HIMAVASINI MOTORS: CRISIL Ups Rating on INR50MM Cash Loan to B
INDO FRENCH: CRISIL Assigns 'B' Rating to INR33MM Term Loan
J. KAMAKSHI: CRISIL Suspends 'D' Rating on INR80MM Term Loan

KAYATHRI CONSULTANTS: CRISIL Assigns B Rating to INR65MM Loan
MALIEAKAL ELECTRONICS: CRISIL Cuts Rating on INR35MM Loan to B
PCI LIMITED: CRISIL Reaffirms 'D' Rating on INR816.2MM Term Loan
PEARL FURNITURE: CRISIL Reaffirms B+ Rating on INR38MM Loan
PETRO-CHEM INDUSTRIES: CRISIL Rates INR50MM Cash Loan at B+

PIPE & METAL: CRISIL Assigns 'B' Rating to INR57.5MM Cash Loan
PONDY VENKATESWARA: CRISIL Assigns B+ Rating to INR55MM Loan
QUALITY OVERSEAS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
RAI RAJ: CRISIL Assigns B+ Rating to INR20MM Cash Credit
SAGAR INDUSTRIES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating

SAMRAT VIJAY: CRISIL Assigns B Rating to INR200MM Term Loan
SAVVY INDUSTRIES: CRISIL Assigns 'B' Rating to INR43.2MM Loan
SHREE DURGA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SHREE LAKSHMEE: CRISIL Assigns B+ Rating to INR60MM LT Loan
SHREEJEE COTEX: CRISIL Reaffirms B- Rating on INR35MM Cash Loan

SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
SIVA CASHEW: CRISIL Assigns B+ Rating to INR65MM Cash Credit
STEFINA CERAMIC: CRISIL Reaffirms B Rating on INR68MM Term Loan
SRI SRINIVASA: CRISIL Assigns B- Rating to INR35MM LT Loan
TRANSSTROY KRISHNAGIRI: Ind-Ra Cuts INR3,650MM Loan Rating to 'D'


N E W  Z E A L A N D

MEDIAWEB LIMITED: Ex-Director Admits Fraud Charges, Faces Jail


T H A I L A N D

SAHAVIRIYA STEEL: Files For Bankruptcy on Falling Steel Prices


V I E T N A M

VINGROUP JSC: Fitch Affirms 'B+' Issuer Default Ratings


                            - - - - -


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


CRANE TRUCKS: Pearce and Heers Appointed as Liquidators
-------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Crane Trucks R Us
has entered liquidation. Pearce and Heers have been appointed
liquidators of the company.

According to the report, two employees of the Brisbane-based
transport hire company said they are owed AUD12,000 each in
entitlements, wages and superannuation.

Dissolve.com.au says the liquidation comes after John Shephard
Trailers applied in June over money the company owed for equipment
supply. Since liquidation, new business CTRU Pty Ltd has been
registered, the report notes.


DESU DESIGNER: Enters Liquidation; Owes Almost AUD1 Million
-----------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Desu Designer
Homes, formerly trading as Nu-Steel Homes Qld Pty Ltd, has entered
liquidation leaving around 60 unsecured creditors and almost AUD1
million debts.  Worrells Solvency and Forensic Accountants' Paul
Eric Nogueira and John William Cunningham have been appointed as
liquidators of the business, the report says.

According to the report, the liquidators said the collapse of the
company included AUD491,000 debts to secured creditors and
AUD359,000 owed to 50-650 unsecured creditors.

Dissolve.com.au relates that one of the liquidators stressed that
the possible cause of the company's collapse is the decrease in
the demand for the company's kit home products.


MAXWELL TRANSPORT: Still Subject of Inquiry, Legal Action
---------------------------------------------------------
ATN reports that several months after a deed of company rescue was
approved, the remains of Maxwell Transport are still the subject
of inquiry.

According to ATN, the administrator's report into the collapse
includes advice that Maxwell Transport may have been technically
insolvent from as early as the beginning of the 2014 financial
year, some 21 months before it entered into administration.

ATN relates that administrator Gess Rambaldi is understood to have
advised the Australian Securities and Investments Commission
(ASIC) accordingly, but it will be up to the regulator to conduct
its own investigation if it sees fit.

"If breaches are reported, ASIC will assess the reports to
consider its own investigation and action, if any," an ASIC
spokesperson advised ATN.

While ASIC won't discuss the specifics of any one case, the
spokesperson said the fact that creditors have agreed to a deed of
company arrangement has no bearing on whether the regulator
investigates claims made, ATN relates.

In addition to potential ASIC investigation, it is understood
former there is continuing legal action between former director
Bill Maxwell and Peter Ferrari, who helmed the company at the time
of administration, the report adds.

Maxwell Transport Group was established in 2000 and claimed
Woolworths as a foundation customer.  As well as transport, the
company offered warehousing and third-party logistics services, as
well as industry property development.

Gess Michael Rambaldi & Andrew Reginald Yeo of Pitcher Partner
were appointed as administrators of Maxwell Transport Group Pty
Ltd and MTG Logistics Pty Ltd on March 2, 2015.

In April 2015, a second meeting of creditors resolved to accept a
deed of company arrangement in which company director Peter
Ferrari effectively purchased the business as a going concern, ATN
reported.


MERCHANT THE GROCERY: First Creditors' Meeting Set For Oct. 13
--------------------------------------------------------------
Ezio Senatore and Neil Cussen of Deloitte Touche Tohmastu were
appointed as administrators of Merchant the Grocery Store Pty Ltd,
trading as Merchant, Deli & Cafe and Merchant.Grocery
Store.Deli.Coffee, on Sept. 30, 2015.

A first meeting of the creditors of the Company will be held at
at the offices of Deloitte Touche Tohmastu, Level 1, 9 Sydney Ave,
in Barton, on Oct. 13, at 10:30 a.m.


REX HOSPITALITY: First Creditors' Meeting Set For Oct. 14
---------------------------------------------------------
Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Rex Hospitality Pty Limited on Oct. 2, 2015.

A first meeting of the creditors of the Company will be held at
Jamieson Louttit & Associates, Penfold House, Suite73, Level 15,
88 Pitt Street, in Sydney, on Oct. 14, 2015, at 10:00 a.m.


SOUTHAM GRADUATION: First Creditors' Meeting Set For Oct. 13
------------------------------------------------------------
Karen Leanne Kelson and Craig Ivor Bolwell of Bolwell Kelson
Advisory were appointed as administrators of Southam Graduation
Services Pty Ltd on Oct. 1, 2015.

A first meeting of the creditors of the Company will be held at
Bolwell Kelson Advisory, South Yarra Corporate Centre, Level 1,
122 Toorak Road, in South Yarra, Victoria, on Oct. 13, 2015, at
11:00 a.m.




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


NANTONG MINGDE: Sainty Marine Objects to Liquidation Plan
---------------------------------------------------------
Dexter Yan at IHS Maritime 360 reports that Shenzhen-listed Sainty
Marine said it has objected to a liquidation plan for defunct
Nantong Mingde Heavy Industry (NMHI), which was given by the
yard's receiver.

Sainty Marine forwarded its decision to the receiver on
September 25, a stock filing of the company said, the report says.

If the plan could not be approved by all the creditors of NMHI, a
local court in Nantong would rule on the plan, according to IHS
Maritime 360.

On July 31, NMHI was declared bankrupt by a court in Nantong,
China, as NMHI's receiver could not find potential investors to
continue with the yard's restructuring, the report discloses. NMHI
went into court receivership since Sainty Marine applied for the
bankruptcy restructuring of NMHI in December 2014, the report
notes.

As of end of 2014, Sainty Marine provided NMHI with a net total of
CNY2.5 billion (USD403.2 million) to finance the newbuildings
under construction at NMHI, making Sainty Marine the single
largest creditor of the Nantong yard, IHS Maritime 360 recalls.

Sainty Marine found by the end of 2014 that NMHI was unable to
repay the funds as the company had predicted, the report notes.

Nantong Mingde Heavy Industry Company, Ltd. manufactures ships,
barges, and lighters. The Company offers building and repairing
ships, oil product tank and chemical tankers, car and truck
carriers, ferries, and platform supplier vessel.



===============
C A M B O D I A
===============


MFONE: Has Only $1 Million Left to Pay Creditors
------------------------------------------------
Aun Pheap at The Cambodia Daily reports that an administrator in
the bankruptcy case of defunct mobile operator Mfone said
October 1 that the company's creditors had two weeks to claim
their compensation before insolvency proceedings were closed.

Ouk Ry -- ryouk@bno.com.kh -- who was appointed by the Phnom Penh
municipal court in February 2013 to oversee the liquidation of
Mfone's assets, said that while outstanding compensation claims by
the firm's 327 creditors now stood at $118 million, the company
only had $1 million available to settle the claims, Cambodia Daily
relates.

"We are not able to pay all of the debts to the creditors because
[Mfone] went bankrupt," the report quotes Mr. Ry as saying.

In November 2013, Mfone's assets -- which had been valued at $107
million -- were sold at a major discount to Khmer Unified Network
Communication Ltd, the report recalls.

"We sold all of Mfone's assets for $10 million, and we used about
$4 million to pay the [firm's] employees," Mr. Ry said, the report
relays.

He added that taxes, antenna rental locations and salaries for the
administrator's staff had been paid with the proceeds of the sale,
but refused to elaborate on the specifics of those payments,
Cambodia Daily relays.

According to the report, Mr. Ry said that Khmer Unified Network
Communication had paid for Mfone's assets in delayed installments
and that a final $1 million payment was made last month,
completing the $10 million sale.

"We have to pay the creditors because this is the court's
procedure," the report quotes Mr. Ry as saying. "This is the last
payment."

Cambodia Daily says the two-week time limit was announced in a
public notice published in October 1's edition of the Koh
Santepheap Daily newspaper, which said that creditors would
"abandon their rights to receive compensation" if they did not
visit Mfone's Phnom Penh office within two weeks of the
announcement.

The report relates that Khan Sereyvuthy, a legal adviser to Mr.
Ry, said the decision to impose a two-week deadline was made by
the municipal court.

"We gave two weeks to the creditors to come and collect the money
because the Phnom Penh court required us to do that," the report
quotes Mr. Sereyvuthy as saying. "The court will issue an order to
close the case soon."

He added that among Mfone's creditors, Chinese telecoms firm
Huawei claimed the largest share, at $78 million, while
Singapore's DBS Bank claimed $21 million and the Ministry of Post
and Telecommunications claimed $4 million, the report discloses.

According to the report, Mr. Sereyvuthy said that a number of
creditors were not pleased with the administrator's final offer
because they would only get back a small portion of what they were
owed.

"I received many complaints from the creditors because they are
not happy when they get $20 for their thousands-of-dollar debt
claims," Mr. Sereyvuthy, as cited by Cambodia Daily, said.

"They threatened to file complaints with the court, but I told
them that was a waste of time because the court will close the
case after the two weeks of payments."

A Huawei official, who asked not to be named because he was not
authorized to speak to the media, said that the small payments
were to be expected due to the steep discount at which Mfone sold
its assets, according to the report.

"Even though the value of the assets is there, if there's no
market, no buyers, then it's almost nothing, right?" Cambodia
Daily quotes the official as saying.  "This is a fact and we have
to respect that fact," the official added. "We have to face it and
we have to deal with it."

Cambodia-based telecommunication operator Mfone, part of the
Thaicom group, on Jan. 9, 2013, petitioned for insolvency
proceedings in Phnom Penh after facing difficulties in an
intensely competitive market and after failing to complete the
sale of its shares to INT Management Service Company, The Nation
reported.



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


AHALYA AGENCIES: CRISIL Assigns B+ Rating to INR49MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Ahalya Agencies (Ahalya).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            49       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      5       CRISIL B+/Stable

The rating reflects Ahalya's modest scale of operations in an
intensely competitive consumer durables distribution industry, and
its below-average financial risk profile because of weak capital
structure and debt protection metrics. These weaknesses are
partially offset by the promoter's extensive experience in the
consumer durables distribution business.
Outlook: Stable

CRISIL believes Ahalya will continue to benefit from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company increases its scale of
operations along with profitability while improving its capital
structure leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to negative if the revenues
or profitability decline substantially or the firm undertakes
larger than expected debt funded capital expenditure programme or
if liquidity weakens due to stretch in working capital
requirements, weakening financial risk profile.

Ahalya, established in 1968 by Mr. Vasudevan Nair, is engaged in
the trading of kitchen utensils and crockeries in Kerala.


ALCHEMIST FOODS: CRISIL Cuts Rating on INR133MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL's has downgraded the rating on the long term bank
facilities of Alchemist Foods Ltd (AFL; part of the Alchemist
group) to 'CRISIL B/Stable' from 'CRISIL B+/Stable' while
reaffirming its rating on the short term bank facilities at
'CRISIL A4'.

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

   Cash Credit             90.0     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     133.0     CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan               97       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief Alchemist group's
business and financial risk profile will remain weak over the
medium term. The group's operating income declined to INR3.4
billion in 2014-15 from INR15.1 billion in 2013-14 on account of
tough competition faced by the company, particularly in its
merchant trading segment. Lower revenues combined with high fixed
overheads resulted in negative operating margins in 2014-15 as
against a modest operating margin of 2.3 per cent in 2013-14.
CRISIL expects the group's revenues and profitability to remain at
similar levels over the medium term.

The decline in operating income and profitability was accompanied
by a steep increase in gross current asset (GCA) days. The GCA
days increased to over 580 days as on March 31, 2015 from 120 days
on March 31, 2014. This steep increase was driven primarily by an
increase in debtor days to over 490 days as on March 31, 2015 from
below 100 days as on March 31, 2014. CRISIL believes that the GCA
days is likely to moderate gradually but would still remain higher
than historical levels over the medium term.

CRISIL's ratings on the bank facilities of AL continue to reflect
the continuous decline in the Alchemist group's operating
profitability, its large working capital requirements, and its
high gearing. These rating weaknesses are partially offset by the
group's long track record in the food-processing and
pharmaceutical industries.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Alchemist Ltd (AL) and its
subsidiaries, AFL, Alchemist Enterprise (S) Pte Ltd (AESPL),
Alchemist Hospitality Group Ltd (AHGL), and Alchemist
Infrastructures Pvt Ltd (AIPL), together referred to as the
Alchemist group. This is because these subsidiaries are wholly
owned by AL, and all the companies are under a common management.
Outlook: Stable

CRISIL believes that the business risk profile of the Alchemist
group will continue to remain weak over the medium term on account
of weak profitability and high working capital intensity. However,
the group is likely to continue to benefit from its long track
record in the pharmaceutical and food-processing industries and
its well-diversified operations. The outlook may be revised to
'Positive' if the group generates higher-than-expected cash
accruals, backed by a significant improvement in its operating
margin while improving its revenue growth and working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected revenue, a further decline in the
group's operating margin, or further weakening of its capital
structure, most likely on account of large debt-funded capital
expenditure. The ratings are also sensitive to the continued
financial support to the Alchemist group from group companies.

AL was initially established as a private limited company in 1988
by Dr. K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

AFL, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.


ALCHEMIST LTD: CRISIL Cuts Rating on INR143MM Loan to 'B'
---------------------------------------------------------
CRISIL's has downgraded the rating on the long term bank
facilities of Alchemist Ltd (AL; part of the Alchemist group) to
'CRISIL B/Stable' from 'CRISIL B+/Stable' while reaffirming its
rating on the short term bank facilities at 'CRISIL A4'.


                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             35       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term     127       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Proposed Short Term
   Bank Loan Facility      20       CRISIL A4 (Reaffirmed)

   Term Loan              143       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief Alchemist group's
business and financial risk profile will remain weak over the
medium term. The group's operating income declined to INR3.4
billion in 2014-15 from INR15.1 billion in 2013-14 on account of
tough competition faced by the company, particularly in its
merchant trading segment. Lower revenues combined with high fixed
overheads resulted in negative operating margins in 2014-15 as
against a modest operating margin of 2.3 per cent in 2013-14.
CRISIL expects the group's revenues and profitability to remain at
similar levels over the medium term.

The decline in operating income and profitability was accompanied
by a steep increase in gross current asset (GCA) days. The GCA
days increased to over 580 days as on March 31, 2015 from 120 days
on March 31, 2014. This steep increase was driven primarily by an
increase in debtor days to over 490 days as on March 31, 2015 from
below 100 days as on March 31, 2014. CRISIL believes that the GCA
days is likely to moderate gradually but would still remain higher
than historical levels over the medium term.

CRISIL's ratings on the bank facilities of AL continue to reflect
the continuous decline in the Alchemist group's operating
profitability, its large working capital requirements, and its
high gearing. These rating weaknesses are partially offset by the
group's long track record in the food-processing and
pharmaceutical industries.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AL and its subsidiaries, Alchemist
Foods Ltd (AFL), Alchemist Enterprise (S) Pte Ltd (AESPL),
Alchemist Hospitality Group Ltd (AHGL), and Alchemist
Infrastructures Pvt Ltd (AIPL), together referred to as the
Alchemist group. This is because these subsidiaries are wholly
owned by AL, and all the companies are under a common management.
Outlook: Stable

CRISIL believes that the business risk profile of the Alchemist
group will continue to remain weak over the medium term on account
of weak profitability and high working capital intensity. However,
the group is likely to continue to benefit from its long track
record in the pharmaceutical and food-processing industries and
its well-diversified operations. The outlook may be revised to
'Positive' if the group generates higher-than-expected cash
accruals, backed by a significant improvement in its operating
margin while improving its revenue growth and working capital
management. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected revenue, a further decline in the
group's operating margin, or further weakening of its capital
structure, most likely on account of large debt-funded capital
expenditure. The ratings are also sensitive to the continued
financial support to the Alchemist group from group companies.

AL was initially established as a private limited company in 1988
by Dr. K D Singh under the name, Toubro Infotech & Industries Ltd
(TIIL). TIPL was reconstituted as AL when it came out with its
initial public offering in 1994. AL has grown into a diversified
corporation with operations in chemical trading, pharmaceuticals,
food-processing, floriculture, and steel.

AFL, a wholly owned subsidiary of AL, was hived off from AL in
2009. AFL is a farm-to-fork company engaged in poultry breeding
and hatching, and sale of raw and value-added meat products
through its retail chain, Republic of Chicken. AFL's portfolio
includes whole birds, eggs, chicken cuts, boneless breasts,
boneless leg meat, sausages and other cold cuts, and ready-to-eat
poultry products.


BINDAL COIR: CRISIL Reaffirms B+ Rating on INR65MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bindal Coir
Pvt Ltd (BCPL) continues to reflect the company's below-average
financial risk profile because of modest net worth, high gearing,
and weak debt protection metrics. The rating also factors in
BCPL's modest scale of operations in the highly fragmented
mattress segment. These weaknesses are partially offset by the
promoters' extensive industry experience and their funding
support.

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

Outlook: Stable

CRISIL believes that BCPL will benefit from the promoters'
extensive industry experience and their funding support over the
medium term. The outlook may be revised to 'Positive' if the
company reports significantly better-than-expected cash accrual or
substantial equity infusion along with efficient working capital
management leading to improvement in its financial risk profile
and liquidity. Conversely, the outlook may be revised to
'Negative' if low cash accrual, or large working capital
requirements or large, debt-funded capital expenditure constrains
the company's liquidity.

Update
In 2014-15 (refers to financial year, April 1 to March 31), BCPL
registered revenue of INR219.4 million against INR237.5 million
reported for 2013-14. Operating margin was 7.8 per cent in 2014-15
against 6.0 per cent in 2013-14. The decline in revenue is mainly
due to slowdown in the consumer segment; however, operating
profitability has improved because of increased operating
efficiency. CRISIL believes that BCPL's operating profitability
will remain in the range of 7 to 8 percent over the medium term.

BCPL had working-capital-intensive operations because of gross
current assets of 226 days as on March 31, 2015, including
receivables of 117 days and inventory period of 105 days. Gearing
will be high in the range of 3.5 to 4 times with no major debt-
funded capital expenditure over the medium term and the debt
comprising short-term borrowings for meeting working capital
requirements. The company's debt protection metrics are below
average owing to its average operating margin and capital
structure. Its interest coverage ratio is estimated to be 1.4
times for 2014-15. The company's bank limits were highly utilised
by around 95 per cent for the 12 months through May 2015.

BCPL was established in New Delhi in 1996. The company
manufactures foam, coir, spring, and multi-layered mattresses for
non-industrial use, and has manufacturing facilities in
Bahadurgarh (Haryana). Mr. Sunil Gupta and his family members are
the promoters.


CALL EXPRESS: CRISIL Reaffirms B Rating on INR500MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Call Express
Construction India Pvt Ltd (CECPL) continues to reflect the
funding and implementation-related risks associated with its
ongoing real estate residential project in Chennai (Tamil Nadu)
and vulnerability to economic cycles. These rating weaknesses are
partially offset by the industry experience of CECPL's promoters.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Long Term Loan           500      CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan        50      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that CECPL will continue to benefit over the
medium term from its promoters' extensive experience in real
estate development in Chennai. The outlook may be revised to
'Positive' if the company reports strong growth in cash flows,
most likely because of earlier-than-expected completion of
projects and receipt of advances, and more-than-expected sales
realisations from the ongoing residential properties. Conversely,
the outlook may be revised to 'Negative' if there are significant
delays in the completion of the ongoing projects or receipt of
payments from customers, or if the company undertakes a larger-
than-expected debt-funded capital expenditure programme leading to
deterioration in its financial risk profile.

Set up in 2006, CECPL is currently developing a residential real
estate project at Chennai. The company is promoted by Mr. Ramesh
and Mr. Ravindranathan.


CAPITOL HILL: CRISIL Cuts Rating on INR450MM Term Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Capitol Hill Hotels Pvt Ltd (CHHPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             450       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that CHHPL's project
will be delayed beyond 2017, when it was scheduled to commence
operations. Due to pending approvals from the relevant
authorities, the construction work has not yet commenced. CRISIL
expects the construction period to increase by up to two years
after commencement of the construction work. Delay in the project
is expected to increase the cost, which would result in additional
debt for the company.

The rating continues to reflect CHHPL's exposure to risks related
to implementation of its hotel project, and susceptibility to
cyclicality in the hospitality segment. These rating weaknesses
are partially offset by the promoters' experience in the
hospitality business and the advantageous location of the hotel
being developed.
Outlook: Stable

CRISIL believes that CHHPL's business risk profile will be
supported over the medium term by its management's experience in
the hospitality and real estate business. The outlook may be
revised to 'Positive' in case of earlier-than-expected completion
of the project and more-than-expected funding support from
promoters, resulting in lower project gearing. Conversely, the
outlook may be revised to 'Negative' in case of significant delays
in project completion, or any cost overrun leading to pressure on
the liquidity.

Incorporated in 2012, CHHPL is developing a four-star deluxe hotel
in Bistupur, Jamshedpur (Jharkhand). The company is promoted by
Mr. Ashwani Bhatia and Mr.  Sanjay Bhatia.


COROMANDEL AGRO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Coromandel Agro
Products and Oils Ltd (CAPOL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.  CAPOL's bank facilities have also
been assigned ratings as follows:

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
Long-term loan           49        'IND BB+'/Stable
Fund-based limits       200        'IND BB+'/Stable
Non-fund-based limits     1        'IND A4+'

KEY RATING DRIVERS

The ratings reflect CAPOL's weak credit profile with net financial
leverage of 10.07x in FY15 (FY14: 7.57x) and interest coverage of
1.08x (2.11x). This is due to the company's weak and volatile
EBITDA margins which were in the range of 1.99%-4.03% over the
last four years on account of price fluctuations in the key raw
material (cotton seed).

Ind-Ra however expects the profitability and thus credit profile
of CAPOL to improve in FY16 as the high domestic cotton stocks
will keep domestic cotton prices and thus cotton seed prices under
pressure during the year.

Despite lower realisation, CAPOL's revenue grew 4.4% yoy to
INR1,313.5m in FY15, driven by higher sales. Moreover, the
liquidity position of CAPOL has been comfortable with its average
maximum use of the working capital limits being around 70% for the
12 months ended June 2015.

The ratings factor in the financial support that CAPOL receives
from the Maddi Lakshmaiah Group (ML Group) companies in terms of
unsecured loans and advances. The ratings also reflect the over
four-decade-long experience of the group's founders in processing
of tobacco and cotton oilseeds.

RATING SENSITIVITIES

Negative: A decline in the operating profit margin resulting in
sustained deterioration of the credit metrics could lead to a
negative rating action.

Positive: A sustained increase in the revenue and operating
profitability resulting in improved credit metrics could lead to a
positive rating action.

COMPANY PROFILE

CAPOL is a public limited company engaged in the processing of
cotton oilseeds. The key products manufactured by the company
include cotton seed oil, de-oiled cakes, hulls, linters, soap
stock, acid oil, and sludge oil. The company has a manufacturing
facility in Chirala in Andhra Pradesh which has a 500MT/day
cottonseed pre-processing capacity, a 400 MT/day solvent
extraction capacity, a 400MT/day expelling capacity and a 60MT/day
washed oil capacity. It also has two windmills, one each in Tamil
Nadu and Gujarat with capacities of 0.65MW and 0.80MW,
respectively. CAPOL is listed on the Bombay Stock Exchange.
CAPOL is a part of the ML group, promoted by Mr. Maddi Lakshmaiah
and his family members. The group is engaged in tobacco processing
and real-estate leasing.


DIGITAL CERAMICS: CRISIL Reaffirms B+ Rating on INR40MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Digital Ceramics Pvt
Ltd (DCPL) continue to reflect its working-capital-intensive
operations, and small scale of operations in the highly
competitive ceramic tiles industry. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the ceramic tiles industry.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       20        CRISIL A4 (Reaffirmed)
   Cash Credit          40        CRISIL B+/Stable (Reaffirmed)
   Term Loan            20        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that DCPL will continue to benefit from its
promoters' extensive industry experience over the medium term. The
outlook may be revised to 'Positive' if the company significantly
improves with its scale of operation and profitability leading to
sizeable cash accruals and its capital structure improves on
account of reduction in working capital cycle or equity infusion.
Conversely, the outlook may be revised to 'Negative', if DCPL's
financial risk profile, particularly liquidity weakens marked by
decline in profitability or stretched working capital cycle or
sizeable debt-funded capital expenditure (capex).

Incorporated in 2003, DCPL is promoted by Mr. Kanti Patel and his
family. The company manufactures ceramic tiles for walls and
floors at its facility in Morbi (Gujarat).

For 2013-14, DCPL reported a net loss of INR13.8 million on sales
of INR94.6 million, as against a net profit of INR0.4 million on
net sales of INR117.7 million for 2012-13.


ENMAS GB: CRISIL Reaffirms 'D' Rating on INR770MM Bank Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Enmas GB Power Systems
Projects Ltd (EGB) continues to reflect its strained liquidity
driven by its stretched working capital cycle because of delays in
collection of receivables.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       770         CRISIL D (Reaffirmed)
   Cash Credit          100         CRISIL D (Reaffirmed)
   Letter of Credit     200         CRISIL D (Reaffirmed)

EGB also has working-capital-intensive operations, is exposed to
intense competition in the turnkey engineering, procurement, and
construction (EPC) power projects business, and is susceptible to
volatility in input prices. However, the company benefits from its
established market position in the business of erecting and
commissioning boilers and its promoters' long-standing industry
experience.

Incorporated in 1995, Chennai based EGB commissions boilers and
manufactures non-pressure parts used in boilers. It has
diversified into EPC projects, boiler-turbine generator projects,
and balance-of-plant projects for power plants with output
capacity of up to 80 megawatts.


GANPATI ALLIED: CRISIL Assigns B- Rating to INR57MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ganpati Allied Works Pvt Ltd (GAWPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           57        CRISIL B-/Stable
   Term Loan              3        CRISIL B-/Stable

The rating reflects GAWPL's weak financial risk profile marked by
a modest net worth and weak debt protection metrics. The rating
also factors in GAWPL's stretched liquidity profile on account of
net losses incurred resulting in low cash accruals. These rating
weaknesses are partially offset by the extensive experience of
GAWPL's promoters in the steel industry.
Outlook: Stable

CRISIL believes that GAWPL will benefit over the medium term from
the promoters' extensive industry experience. The outlook may be
revised to 'Positive' if GAWPL witnesses a substantial and
sustained increase in its operating income and accruals, along
with improved working capital management, leading to improvement
in its financial risk profile and liquidity. Conversely, the
outlook may be revised to 'Negative' if GAWPL's profitability or
revenue declines significantly, resulting in low cash accruals, or
if the company witnesses a stretch in its working capital or
undertakes any significant debt-funded capital expenditure
programme leading to a deterioration in its financial risk
profile, particularly liquidity.

GAWPL manufactures and trades in galvanized iron wires, hard black
wires, barbed wires, and binding wires. The company is promoted by
the Bhilai-based Gupta family and has its manufacturing facility
in Bhilai, Chhattisgarh. Mr. Ashish Gupta and Mr. Sunil Kumar
Gupta are the directors of GAWPL. The operations are, however,
primarily managed by Mr. Ashish Gupta who has experience of more
than a decade in the steel wire business.


GANPATI STEELS: CRISIL Assigns B- Rating to INR40MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Ganpati Steels (GS).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           40        CRISIL B-/Stable
   Term Loan             20        CRISIL B-/Stable

The rating reflects GS's weak financial risk profile marked by a
small net worth, high gearing and weak debt protection metrics.
The rating also factors in the firm's stretched liquidity profile
on account of net losses incurred resulting in low cash accruals.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the steel industry.
Outlook: Stable

CRISIL believes that GS will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if GS witnesses a substantial and sustained
increase in its scale of operations and accruals, along with
efficient working capital management, leading to improvement in
the firm's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm's operating income and accruals
decline significantly or if the firm witnesses a stretch in its
working capital or undertakes any significant debt-funded capital
expenditure programme.

GS, a partnership firm, manufactures and trades in galvanised iron
wires, barbed wires and stay wires. The manufacturing unit is
located in Bhilai, Chhattisgarh. Mr. Ashish Gupta and Mrs. Nirupma
Gupta are the partners of GS. The firm's operations are, however,
primarily managed by Mr. Ashish Gupta who has experience of more
than a decade in the steel wire business.


GOLDEN AGRARIAN: CRISIL Assigns B+ Rating to INR250MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Golden Agrarian Pvt Ltd (GAPL).

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

The rating reflects GAPL's weak financial risk profile because of
high gearing and modest debt protection metrics, small scale of
operations in the highly fragmented rice industry, and
susceptibility to fluctuations in paddy and rice prices. These
rating weaknesses are partially offset by promoters' extensive
industry experience and their funding support.
Outlook: Stable

CRISIL believes GAPL will continue to benefit over the medium term
from promoters' extensive industry experience and funding support.
The outlook may be revised to 'Positive' if higher-than-expected
cash accrual, substantial equity infusion, or efficient working
capital management results in a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or larger-than-expected working
capital requirement, or if the company undertakes any
unanticipated, large, debt-funded capital expenditure programme,
thereby exerting pressure on liquidity.

GAPL was established in 1980 as a partnership firm, Samra
Industries, by Mr. Harendra Jeet Singh and his brother, Mr. Sardar
Malkeet Singh. It was reconstituted as a private limited company
in 2012. GAPL is currently managed by Mr. Rajvir Singh. The firm
processes basmati and non-basmati rice at its plant in Faridkot
(Punjab), which has a total milling capacity of 9 tonnes per hour.


HIMAVASINI MOTORS: CRISIL Ups Rating on INR50MM Cash Loan to B
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Himavasini Motors Pvt Ltd (HMPL) to 'CRISIL B/Stable' from 'CRISIL
D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           50        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term     1.6      CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             18.4      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects HMPL's timely payment of debt obligation over
the past nine months following improvement in its liquidity and
expected improvement in cash accrual, sufficient to meet the debt
obligation over the medium term, driven by stabilisation of
operations in the recently started showroom. The company is
expected to generate accruals in the range of INR6.3 million to
INR7.9 million against the repayment obligations of INR2.2 million
over the medium term. CRISIL, however, believes HMPL's liquidity,
though improved, will remain constrained over the medium term by
large working capital requirement.

The rating reflects the small scale of operations in an intensely
competitive automobile dealership market, and the weak financial
risk profile because of high total outside liabilities to tangible
net worth (TOLTNW) ratio. These rating weaknesses are partially
offset by the established relationship with principal, and
promoters' extensive experience in the automobile dealership
business.
Outlook: Stable

CRISIL believes HMPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the revenue and profitability improve
significantly, leading to better net cash accrual and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens owing to a
significant decline in the revenue or operating profitability, or
deterioration in working capital management, or any large, debt-
funded capital expenditure.

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The
company is promoted by Mr. Suresh Kumar and his family members,
and runs a commercial vehicle showroom in the district. HMPL is an
authorised dealer for commercial vehicles of Tata Motors Ltd.


INDO FRENCH: CRISIL Assigns 'B' Rating to INR33MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Indo French Shellfish Company Pvt Ltd (IFSCPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             33          CRISIL B/Stable
   Bank Guarantee        12          CRISIL A4
   Export Packing
   Credit                20          CRISIL B/Stable

The ratings reflect IFSCPL's modest scale of operations in an
intensely competitive sea food exports industry, and its below-
average financial risk profile, marked by its weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive industry experience of its promoters and their well
established customer relationships.
Outlook: Stable

CRISIL believes that IFSCPL will continue to benefit over the
medium term, from the extensive industry experience of its
partners. The outlook may be revised to 'Positive' if the company
sustains an increase in its revenues and profitability, leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if IFSCPL's financial risk
profile weakens, most likely because of a decline in its cash
accruals, or large debt-funded capital expenditure, or sizeable
capital withdrawals by the partners.

Incorporated in 2011, IFSCPL is engaged in the processing and
exports of sea fish primarily to European countries. Located in
Cochin, Kerala, the company's processing facility has been
commercialized in March 2015.


J. KAMAKSHI: CRISIL Suspends 'D' Rating on INR80MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
J. Kamakshi (JKS).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Term Loan             80          CRISIL D

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

JKM was set up by Mr. J Ramachandraiah and his family members. The
firm has constructed a warehouse in Chennai and has given it on
lease for the purpose of earning lease rentals.


KAYATHRI CONSULTANTS: CRISIL Assigns B Rating to INR65MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Kayathri Consultants Pvt Ltd (KCPL).

                         Amount
   Facilities          (INR Mln)       Ratings
   ----------          ---------       -------
   Proposed Long Term
   Bank Loan Facility       15         CRISIL B/Stable

   Bank Guarantee           65         CRISIL A4

   Cash Credit              50         CRISIL B/Stable

The ratings reflect KCPL's below-average financial risk profile,
marked by weak capital structure and debt protection metrics. The
ratings also factor in the sizeable working capital requirements
marked by large inventory and stretched receivables. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and established relationships with customers.
Outlook: Stable

CRISIL believes that KCPL will continue to benefit over the medium
term from the promoters' extensive industry experience and
knowhow. The outlook may be revised to 'Positive' if substantial
growth in revenue while maintaining stable profitability and
working capital management resulting in an improvement in the
company's financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the liquidity weakens, most likely
because of a stretch in working capital cycle, or decline in
profitability or in case of larger than expected debt-funded capex
plans.

Incorporated in 2010 by Mr. K. Sivakumar, KCPL fabricates and
installs mechanical structures for the railways and petroleum oil
companies. The company also undertakes tender-based turnkey
projects. The major customers include Indian Oil Corporation Ltd,
Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation
Ltd (HCPL), the Reliance group, and Southern Railways.


MALIEAKAL ELECTRONICS: CRISIL Cuts Rating on INR35MM Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Malieakal Electronics (Malieakal) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft Facility      35       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Term Loan               26       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that Malieakal's financial
risk profile will be weaker than previously expected because of
increase in total outside liabilities to tangible net worth
(TOLTNW) ratio resulting in stretched liquidity. The TOLTNW ratio
increased to 7.84 times as on March 31, 2015, from 6.76 times as
on March 31, 2014, against CRISIL's expectation that it would
decline to less than 5 times. CRISIL believes increased debt will
reduce the gap between cash accrual and debt obligation.
Furthermore, in 2014-15 (refers to financial year, April 1 to
March 31), revenue grew by a modest 8.6 per cent to INR224
million, impacted by subdued market conditions. Any improvement in
business performance over the medium term will remain critical for
Malieakal's credit risk profile.

The rating reflects Malieakal's below-average financial risk
profile because of high TOTLNW ratio, and modest scale in the
intensely competitive consumer electronics and home appliances
retail segment. These weaknesses are partially offset by its
promoter's extensive industry experience.
Outlook: Stable

CRISIL believes Malieakal will continue to benefit over the medium
term from its moderate operating profitability and promoter's
extensive industry experience. The outlook may be revised to
'Positive' in case of significant improvement in scale of
operations and profitability, or substantial equity infusion,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile
weakens because of significantly low revenue or profitability, or
sizeable debt for capital expenditure or working capital
requirement.

Based in Kollam (Kerala) and set up in 1979, Malieakal deals in
consumer electronics and home appliances. Promoter Mr. James
Joseph oversees its operations.


PCI LIMITED: CRISIL Reaffirms 'D' Rating on INR816.2MM Term Loan
----------------------------------------------------------------
CRISIL ratings continue to reflect the PCI Limited (PCI; part of
Prime group) weak financial risk profile, marked by high gearing
and weak debt coverage metrics, and its large working capital
requirements.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee       500         CRISIL D (Reaffirmed)
   Cash Credit          550         CRISIL D (Reaffirmed)
   Letter of Credit     500         CRISIL D (Reaffirmed)
   Rupee Term Loan      816.2       CRISIL D (Reaffirmed)

These rating weaknesses are partially offset by the group's
demonstrated ability to service its diversified and reputed
clientele, its established market position in its specific power
equipment segment, and its exclusive marketing tie-ups with
reputed global manufacturers.

CRISIL had downgraded its rating on the long-term bank facilities
of PCI Ltd (PCI; part of the Prime group) to 'CRISIL D/CRISIL D'
from 'CRISIL C/ CRISIL A4' via rationale dated 16th September
2015.

PCI, set up in 1986 by Mr. Surinder Mehta, is the flagship company
of the Prime group. It provides technology-related solutions to
various industries, especially the power sector. Its activities
include marketing, distribution, and after-sale service support
for power testing, maintenance, and conditioning equipment, and
machine tools. It also has a unit in Manesar (Haryana) for
manufacturing precision equipment and investment castings
(constituting 5 to 6 per cent of its sales). Furthermore, it owns
three windmills with combined capacity of 4.5 megawatts in Kutch
(Gujarat).


PEARL FURNITURE: CRISIL Reaffirms B+ Rating on INR38MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Pearl
Furniture Pvt Ltd (PFPL) continues to reflect PFPL's small scale
of operations in the highly competitive home furnishings industry
and weak financial risk profile, marked by high gearing and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          38         CRISIL B+/Stable (Reaffirmed)
   Term Loan            25.3       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that PFPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company stabilises
operations on time, leading to high cash accruals and better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if its accruals are low or financial risk profile
deteriorates, most likely because of increased working capital
borrowings or large debt-funded capital expenditure (capex).

Update
For 2014-15 (refers to financial year, April 1 to March 31),
PFPL's net sales were INR67.4 million, lower than CRISIL's
expectation. Decline in sales was mainly due to sluggish demand
resulting from overall low performance in the infrastructure
industry and lower-than-expected offtake of capacities. However,
in 2015-16, with healthy offtake in capacities, PFPL's topline is
expected to register 100 per cent growth.

In 2014-15, the company's profitability remained low at around 3.9
per cent on account of substantially low offtake of capacities,
leading to higher fixed cost. However, in 2015-16, its operating
margin is expected to improve to around 10 per cent and remain at
a similar level over the medium term. PFPL's operations will
remain working capital intensive, with gross current assets
expected at 180 to 230 days over the medium term due to large
inventory and moderate debtors. The company's financial risk
profile is marked by high gearing and weak debt protection
metrics. CRISIL believes that though PFPL's liquidity will remain
stretched over the medium term as accruals are likely to be
tightly matched against debt repayments, it will be supported by
absence of any major debt-funded capex plan, and unsecured loan of
INR17 million from promoters.

PFPL reported, on a provisional basis, a net loss of INR5.10
million on net sales of INR67.4 million for 2014-15.

Incorporated in 2013, PFPL is promoted by the Rajkot (Gujarat)-
based Nandani family. The company manufactures all types of
furniture such as chairs and bedroom sets.


PETRO-CHEM INDUSTRIES: CRISIL Rates INR50MM Cash Loan at B+
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Petro-Chem Industries (PCI).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility      0.5        CRISIL B+/Stable
   Long Term Loan         12          CRISIL B+/Stable
   Bank Guarantee         10          CRISIL A4
   Cash Credit            50          CRISIL B+/Stable

The ratings reflect PCI's modest scale of operations and large
working capital requirements in the highly fragmented and
competitive pipe fittings industry. These weaknesses are partially
offset by its promoter's extensive industry experience and its
established relationships with customers and suppliers.
Outlook: Stable

CRISIL believes PCI will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of significant and sustained
improvement in scale of operations and profitability along with
efficient working capital management, leading to higher-than-
expected accrual. Conversely, the outlook may be revised to
'Negative' if orders reduce, adversely affecting revenue or
profitability, or if liquidity weakens because of significant
increase in working capital requirements, or if the firm
undertakes a large debt-funded capital expenditure programme,
weakening financial risk profile.

PCI is a Vadodara (Gujarat)-based proprietorship firm established
in 2002. It manufactures forged pipe fittings and flanges made of
carbon steel, stainless steel, alloy steel, and mild steel.


PIPE & METAL: CRISIL Assigns 'B' Rating to INR57.5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pipe & Metal (India) [PMI].

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Cash Credit          57.5         CRISIL B/Stable
   Term Loan            42.5         CRISIL B/Stable

The rating reflects PMI's modest scale of operations and low
operating margin in the highly fragmented iron and steel trading
industry. The rating also factors in the firm's weak financial
risk profile because of a high total outside liabilities to
tangible net worth ratio and muted debt protection metrics. These
rating weaknesses are partially offset by the extensive industry
experience of PMI's proprietor and established relationships with
customers and suppliers.
Outlook: Stable

CRISIL believes PMI will continue to benefit over the medium term
from proprietor's extensive experience in the steel trading
business. The outlook may be revised to 'Positive' if the firm's
reports higher-than-expected revenue and profitability while
efficiently managing working capital requirement, leading to
larger-than-expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of decline in sales or operating
margin, poor working capital management, or if proprietor
withdraws substantial capital, resulting in deterioration in
capital structure.

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.

PMI reported a profit after tax (PAT) of INR0.08 million on net
sales of INR348 million for 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR0.07 million on net
sales of INR346.1 million for 2013-14.


PONDY VENKATESWARA: CRISIL Assigns B+ Rating to INR55MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Pondy Venkateswara Modern Rice Mill (Pondy) and has
assigned its 'CRISIL B+/Stable' rating to the long term bank
facilities of Pondy. The ratings were previously 'Suspended' by
CRISIL vide the Rating Rationale dated 31st, October 2013, since
Pondy had not provided necessary information required for a rating
review. Pondy has now shared the requisite information enabling
CRISIL to assign ratings to its bank facilities.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           55        CRISIL B+/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term     5        CRISIL B+/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

The rating reflects Pondy's modest scale- and working capital
intensive nature of operations in the fragmented rice industry,
its below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. The rating also
factors in its susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the rice milling industry and its
established relation with its customers and suppliers.
Outlook: Stable

CRISIL believes that Pondy will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, leading to better financial
risk profile, or if the partners infuse significant capital,
resulting in improved capital structure. Conversely, the outlook
may be revised to 'Negative' if the firm undertakes aggressive
debt-funded expansions, or its revenue and profitability decline
substantially, or if the partners withdraw substantial capital
leading to weakening in its financial risk profile.

Established as a proprietorship firm in 1992 and based in
Ariyankuppam (Puducherry) under the proprietorship of Mrs. P
Premavati, Pondy is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. The day to day
operations are managed by Mr. Govindaraju who is the son of the
proprietor, Mrs.P Premavathi.

Pondy, on a provisional basis, reported profit after tax (PAT) of
INR1.1 million on net sales of INR279 million in 2014-15 (refers
to financial year, April 1 to March 31), against PAT of INR1
million on net sales of INR272 million for 2013-14.


QUALITY OVERSEAS: CRISIL Assigns B+ Rating to INR65MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Quality Overseas Pvt Ltd (QOPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            65       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     55       CRISIL B+/Stable

The rating reflects QOPL's large working capital requirement and
average financial risk profile because of modest net worth and
weak gearing. These weaknesses are partially offset by promoters'
extensive experience in the rice-milling industry and their
funding support, and the company's moderate operating
efficiencies.

For arriving at the rating, CRISIL has treated QOPL's interest-
bearing unsecured loan of INR34.3 million from its promoters and
affiliates as neither debt nor equity as the loan is expected to
be retained in the business.
Outlook: Stable

CRISIL believes QOPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability increase, leading to a
better financial risk profile, and if the company manages working
capital efficiently. Conversely, the outlook may be revised to
'Negative' if financial risk profile, especially liquidity,
weakens because of inefficient working capital management leading
to stretched receivables and large inventory, or if profitability
declines substantially.

Based in Amritsar, QOPL was incorporated in 1998 as JJ Solvents
Pvt Ltd, and got its present name in 2009. Its promoters are Mr.
Vinod Khanna, Mr. Naresh Mittal, Mr. Rajinder Mittal, and Mr.
Manpreet Makkar. It processes paddy. Its unit is in Amritsar and
has installed capacity of 6 tonnes per hour.


RAI RAJ: CRISIL Assigns B+ Rating to INR20MM Cash Credit
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Rai Raj Construction Pvt Ltd (RRCPL).

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        30         CRISIL A4
   Cash Credit           20         CRISIL B+/Stable

The ratings reflect RRCPL's working-capital-intensive and modest
scale of operations in the fragmented and competitive civil
construction industry. These rating weaknesses are partially
offset by the industry experience of the company's promoters.
Outlook: Stable

CRISIL believes RRCPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of an increase in the company's
scale of operations and accruals or better working capital
management, leading to improvement in its financial risk profile,
especially its liquidity. Conversely, substantially low accruals,
or a stretch in RRCPL's working capital cycle, or any large debt-
funded capital expenditure, leading to deterioration in the
company's financial risk profile, particularly its liquidity, may
lead to a revision in the outlook to 'Negative'.

Incorporated in 2007, RRCPL undertakes civil construction work,
mainly related to construction of roads. The company is based in
Vaishali (Bihar) and its day-to-day operations are managed by Mr.
Baidya Nath Rai.


SAGAR INDUSTRIES: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sagar Industries
& Distilleries Private Limited (Sagar) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable. The agency has also assigned
the following ratings to Sagar's bank loans:

                              Amount
   Facilities                (INR Mln)     Ratings
   ----------                ---------     -------
Long-term loans                17.5       'IND BB-'/Stable
Fund-based facilities         150         'IND BB-'/Stable
Non-fund-based facilities     160         'IND A4+'

KEY RATING DRIVERS

The ratings reflect Sagar's small scale of operations and weak
credit metrics. Unaudited FY15 financials indicate revenue of
INR457m (FY14: INR736m), interest coverage of 3.2x (4.5x), net
leverage of 13.5x (8.5x) and EBITDA margins of 7.6% (9.0%).
The ratings, however, benefit from the company's comfortable
liquidity with the fund-based facilities being utilized on an
average of 64% over the 12 months ended June 2015.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line and improved
profitability leading to a sustained improvement in the overall
credit metrics will lead to a positive rating action.
Negative: Any further decline in the profitability resulting in
sustained deterioration in the overall credit metrics of the
company will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1999, Sagar manufactures portable and non-portable
alcohol in Nashik, Maharashtra.


SAMRAT VIJAY: CRISIL Assigns B Rating to INR200MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Samrat Vijay Construction Pvt Ltd (SVCPL). The
rating reflects the company's exposure to implementation risks on
its real estate project and to cyclicality inherent in the Indian
real estate industry. These weaknesses are partially offset by the
project's attractive location and the promoters' experience in
construction.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             200        CRISIL B/Stable

Outlook: Stable

CRISIL believes SVCPL will benefit over the medium term from the
attractive location of its project and the promoters' experience
in construction. The outlook may be revised to 'Positive' if a
considerable increase in booking of units strengthens the
financial flexibility and cash flow adequacy. Consequently, the
outlook may be revised to 'Negative' if delays or cost overruns on
the project, slow offtake of units, or substantial support to
group companies weaken the financial risk profile, especially
liquidity.

SVCPL, incorporated on July 3, 2008, in Chapra, Bihar, is
developing Dwarka City Centre, a commercial real estate project,
on NH-28, Muzaffarpur. The project will be the company's first.
The company is promoted by Mr. Arjun Singh and his wife Mrs.
Babita Kumari.


SAVVY INDUSTRIES: CRISIL Assigns 'B' Rating to INR43.2MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Savvy Industries (SI).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      43.2       CRISIL B/Stable
   Cash Credit             26         CRISIL B/Stable
   Long Term Loan          25.8       CRISIL B/Stable

The rating reflects SI's initial stage of operations and
susceptibility of its operating margin to intense competition and
to volatility in raw material prices. These rating weaknesses are
partially offset by the promoters' extensive experience in the
woven elastics industry.
Outlook: Stable

CRISIL believes SI 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 firm successfully
stabilises its operations and generates substantial operating
income and cash accrual, or infusion of substantial capital,
leading to improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected operating income and accrual, or stretch in working
capital cycle, or any large debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
particularly liquidity.

SI, a partnership concern constituted on October 24, 2014,
manufactures narrow woven elastics for industrial and household
use; it commenced commercial operations from September, 2015. The
firm has its unit in Sansawadi, Pune (Maharashtra). Mr. Rajesh
Jain, Mr. Gaurav Jain, Mr. Rishabh Jain, Mrs. Namita Jain, and
Mrs. Anuradha Jain are the partners of the firm. The promoters
have been trading in narrow woven fabrics for the past several
years through their other firms. SI's operations are primarily
managed by Mr. Gaurav Jain.


SHREE DURGA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree Durga
Fibers (SDF) continues to reflect SDF's small scale of operations
in the highly competitive and fragmented cotton ginning industry,
its exposure to risks relating to adverse regulatory changes and
to volatility in raw material prices. The rating also reflects the
below-average financial risk profile with modest net worth, high
gearing, and subdued debt protection metrics. These rating
weaknesses are mitigated by the promoters' extensive industry
experience.

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

Outlook: Stable

CRISIL believes that SDF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial cash
accrual or capital infusion leading to correction in the capital
structure and improvement in liquidity. Conversely, the outlook
may be revised to 'Negative' if the liquidity is constrained
because of low cash accrual or large working capital requirements
or debt-funded capital expenditure programme.

Established in 2008, SDF gins and presses cotton, and trades in
cotton bales and is headquartered in Shahada (Maharashtra). The
firm is owned and managed by Mr. Ajay Goyal and family. SDF is
part of a group of companies promoted by the Sendhwa (Madhya
Pradesh)-based Goyal family and engaged in the cotton and sugar
industries.


SHREE LAKSHMEE: CRISIL Assigns B+ Rating to INR60MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shree Lakshmee Homes & Infrastructures (SLHI).
The rating reflects SLHI's exposure to risks related to its
ongoing project's completion, and to risks inherent in the real
estate industry. These weaknesses are partially offset by the
promoters' extensive industry experience.

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

Outlook: Stable

CRISIL believes SLHI will benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if early project completions or substantial
sales realisations from the ongoing project lead to sizeable cash
flows. Conversely, the outlook may be revised to 'Negative' if
delays in project completions or in receipt of customer advances,
or large debt-funded projects weaken the financial risk profile.

Set up in 1999, SLHI is an Udupi-based real estate developer. Its
operations are managed by its proprietor, Mr. Amrith Shenoy.


SHREEJEE COTEX: CRISIL Reaffirms B- Rating on INR35MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shreejee Cotex
- Shahada (SC) continues to reflect SC's small scale of operations
in the highly competitive cotton ginning industry, and
susceptibility to regulatory changes and to volatility in raw
material prices.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           35         CRISIL B-/Stable (Reaffirmed)
   Term Loan             30         CRISIL B-/Stable (Reaffirmed)

The rating also factors in the firm's average financial risk
profile because of high gearing and modest net worth. These
weaknesses are partially offset by its partners' extensive
experience in the cotton ginning and pressing industry.
Outlook: Stable

CRISIL believes SC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant increase in scale
of operations, leading to high cash accrual and a better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if revenue and profitability are lower than anticipated, resulting
in weakening of financial risk profile, particularly liquidity.

SC was established in September 2014 by Mr. Ajay Goyal and his
family members. The firm commenced operations in November 2014. It
gins and presses cotton and trades in cotton bales. Its facilities
are in Nandurbar (Maharashtra), with installed capacity to process
1500 quintals of raw cotton per day.


SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shubham Cotton
Mills Pvt Ltd (SCMPL) continues to reflect the customer
concentration risks in the company's revenue profile and its
below-average financial risk profile because of small net worth,
high gearing, and weak debt protection metrics. These weaknesses
are partially offset by the extensive experience of the promoters
in the cotton ginning and guar gum industries.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           175       CRISIL B/Stable (Reaffirmed)
   Term Loan               5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SCMPL will benefit from the extensive
experience of its promoters in the cotton ginning and guar gum
industries, over the medium term. The outlook may be revised to
'Positive' if its net worth improves significantly, backed by
equity infusion by the promoters, and if its profitability
improves significantly, leading to large cash accrual. Conversely,
the outlook may be revised to 'Negative' if the company undertakes
a large, debt-funded capital expenditure programme, resulting in
deterioration in its financial risk profile, or in case of an
increase in its working capital requirements.

SCMPL, incorporated in 1988, gins cotton, extracts oil from cotton
seeds, and manufactures guar gum and its by-products, churi and
korma. The company's processing and manufacturing unit is in
Ellenabad (Sirsa; Haryana). It was acquired by the current
promoters, Mr. Vinod Kumar, Mr. Naresh Kumar, and Mr. Mukesh
Kumar, in 2003 from Mr. Ajay Kumar, Mr. Raj Kumar, and Mr. Prem
Kumar.

For 2014-15 (refers to financial year, April 1 to March 31),
SCMPL's estimated profit after tax (PAT) was INR1.7 million on net
sales of INR2.31 billion; the company reported PAT of INR1.00
million on net sales of INR 2.76 billion for 2013-14.


SIVA CASHEW: CRISIL Assigns B+ Rating to INR65MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Siva Cashew Company (SCC).

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

The rating reflects SCC's small scale of operations in the highly
competitive cashew industry, and weak financial risk profile
because of high total outside liabilities to tangible net worth
ratio and weak debt protection metrics. These weaknesses are
partially offset by its promoter's extensive industry experience.
Outlook: Stable

CRISIL believes SCC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if the firm records considerable increase in revenue
and profitability leading to larger cash accrual and better
capital structure. Conversely, the outlook may be revised to
'Negative' if the firm records lower-than-expected revenue and
profitability or undertakes a large debt-funded capital
expenditure programme, or if its working capital management
weakens.

Set up in 2006 by Mr. Srinilal Sadasivan, SCC trades in raw cashew
nuts and processes cashew kernels. SCC has two processing
facilities in Kollam (Kerala) and installed capacity of 24 tonnes
per day.

SCC, on a provisional basis, reported profit after tax (PAT) of
INR1 million on net sales of INR280 million 2014-15 (refers to
financial year, April 1 to March 31), against PAT of INR1 million
on net sales of INR139 million for 2013-14.


STEFINA CERAMIC: CRISIL Reaffirms B Rating on INR68MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Stefina Ceramic Pvt
Ltd (SCPL) continues to reflect the company's modest scale and
nascent stage of operations, its working capital intensive
operations and its average financial risk profile. These rating
weaknesses are partially offset by its promoters' extensive
experience in the ceramic industry.

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

   Proposed Long Term
   Bank Loan Facility     7         CRISIL B/Stable (Reaffirmed)

   Term Loan             68         CRISIL B/Stable (Reaffirmed)

   Working Capital
   Facility              30         CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SCPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SCPL significantly scale up its
operations with sustained profitability leading to higher than
expected accruals and its capital structure improves marked by
substantial equity infusion. Conversely, the outlook may be
revised to 'Negative' if the company's liquidity deteriorates
marked by decline in profitability or stretch in working capital
requirements or large debt funded capex.

Update
SCPL, on provisional basis reported net sales of INR66.1 million
for 2014-15 (refers to financial year, April 1 to March 31), with
nine months of operations. With 2015-16 being first full year of
operations, CRISIL expects moderate sales growth can be seen. The
company's operating margin remained healthy at over 20 per cent
over the medium term. The operations, remained working capital
intensive as reflected in its gross current assets (GCAs) of 547
days as on March 31, 2015. SCPL's working capital intensive
operations has resulted into high reliance on external short term
debt; the average bank limit utilization remained at 88 per cent
over the 12 months through June 2015 with instances of near full
utilization in past few months.  SCPL's financial risk profile
remained average marked by high gearing of 2.89 times and average
debt protection metrics as on March 31, 2015; interest coverage
and net cash accruals to total debt ratios remained at 2.3 times
and 0.09 times, respectively, as on March 31, 2015. SCPL is likely
to generate accrual of around INR15 million, against its scheduled
annual debt obligations of INR12.3 million. Liquidity is partly
supported by unsecured loans from promoters, (the balance of which
was INR30.5 million as on March 31, 2015) which are subordinated
to bank debt and are expected to remain in business (CRISIL has
treated unsecured loans outstanding as on March 31, 2015 as
neither debt nor equity). CRISIL believes that SCPL's promoters
will continue to support its liquidity through timely infusion of
funds over the medium term.

SCPL, on a provisional basis, reported a net profit of INR0.3
million on net sales of INR66.1 million for 2014-15.

Incorporated in June 2013, SCPL manufactures digitally-printed
wall tiles in Rajkot (Gujarat). The company is promoted by Mr.
Hitesh Vilapara and Mr. Manojkumar Vilapara. It commenced
commercial production in July 2014.


SRI SRINIVASA: CRISIL Assigns B- Rating to INR35MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Srinivasa Paper Mills Pvt Ltd (SSPM).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           20        CRISIL B-/Stable
   Long Term Loan        35        CRISIL B-/Stable

The rating reflects the small scale of, and working capital
intensity in, SSPM's operations. The rating also factors in the
company's below-average financial risk profile marked by high
gearing, modest debt protection metrics and small net worth. The
rating also reflects the company's susceptibility to volatility in
raw material prices and to intense competition in the business.
These rating weaknesses are partially offset by the extensive
industry experience of the promoters.
Outlook: Stable

CRISIL believes that SSPM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability and improvement in working capital management result
in a stronger financial risk profile. Conversely, the outlook may
be revised to 'Negative' if acute supply constraints and low
capacity utilisation, or any large, debt-funded capital
expenditure weakens the financial risk profile.

Established in 2011 and based out of Yanam (Puducherry), SSPM
manufactures kraft paper. The company is promoted by Mr. K
Seshagiri Rao and others.

SSPM reported a provisional profit after tax (PAT) of INR0.4
million on net sales of INR94 million in 2014-15 against net loss
of INR0.2 million on net sales of 83 million in 2013-14.


TRANSSTROY KRISHNAGIRI: Ind-Ra Cuts INR3,650MM Loan Rating to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Transstroy
Krishnagiri Tinidivanam Highways Pvt Ltd's (TKTHPL) INR3,650
million senior project bank loans to 'IND D' from 'IND BBB-
'/Negative.

KEY RATING DRIVERS

The downgrade reflects TKTHPL's delays in debt servicing.

RATING SENSITIVITIES

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

COMPANY PROFILE

TKTHPL is a special purpose company, incorporated to undertake the
improvement of a 182.182km, two-lane stretch of the National
Highway 66 under a 15-year concession from National Highways
Authority of India ('IND AAA'/Stable). The stretch connects
Krishnagiri and Tindivanam, both towns situated in Tamil Nadu.
TKTHPL is owned by Transstroy (India) Limited (74%) and OJSC
Corporation Transstroy (26%).



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


MEDIAWEB LIMITED: Ex-Director Admits Fraud Charges, Faces Jail
--------------------------------------------------------------
Rob Kidd at The New Zealand Herald reports that a failed magazine
publisher has admitted fraud charges covering more than
NZ$2 million and accepted he will be locked up at sentencing.

However, 62-year-old Victor John Clarke -- a former director of
publisher MediaWeb -- was granted bail on "compassionate grounds"
so that he could undergo surgery and help his wife with a farm
they manage on Waiheke Island, the report relates.

According to the report, Mr. Clarke appeared before Auckland
District Court on October 6 where his lawyer Mina Wharepouri
entered guilty pleas to three counts of obtaining by deception and
one of using a forged document.

"Mr Clarke accepts a sentence of imprisonment will be the
inevitable outcome," the lawyer said, the report relays.

MediaWeb, started by Clarke and Toni Myers, produced a number of
industry-related titles including NZ Management Magazine. Its main
revenue source was an annual event celebrating the country's top
200 businesses, the report discloses.

The Herald notes that the Serious Fraud Office (SFO) said the
defendant falsified financial statements to present a positive
picture of the company's financial position, created fictitious
entries into the company's accounting system to obtain money from
a lending institution, forged emails, and failed to disclose the
true financial position of the company to obtain funding from a
trust.

MediaWeb was placed into receivership on March 5, 2014, and then
into liquidation on March 21, owing creditors more than NZ$2
million.

McDonald Vague was appointed receiver and is understood to have
found several anomalies when analysing the financial records of
the company. The case was then handed over to the SFO, the report
recalls.



===============
T H A I L A N D
===============


SAHAVIRIYA STEEL: Files For Bankruptcy on Falling Steel Prices
--------------------------------------------------------------
Yukako Ono at Nikkei Asian Review reports that Sahaviriya Steel
Industries has gone into bankruptcy, hit by falling steel prices.

The company said its application for business rehabilitation has
been accepted by the Central Bankruptcy Court of Thailand, Nikkei
relates.

According to the report, Sahaviriya Steel slid into insolvency
after a British subsidiary, Sahaviriya Steel Industries UK,
stopped making slab, an intermediate material for steel sheet, due
to the market slump.

Nikkei notes that the Thai steelmaker acquired a mothballed plant
in Redcar, England, from India's Tata Steel for $470 million in
2011, resuming production there in 2012 and foraying into slab
production. But with cheap Chinese steel flooding the market,
prices plunged.  Production costs began to exceed selling prices,
according to Sahaviriya Steel President Win Viriyaprapaikit, the
report relays.

Sahaviriya Steel has been posting net losses since 2011. Its
liabilities surpassed assets by THB990 million ($27.5 million) at
the end of June, the report discloses.

On Sept. 19, the company halted operations at the British unit,
laying off 1,700 of about 2,000 employees, according to Nikkei.

Sahaviriya Steel owes lenders Krung Thai Bank, Siam Commercial
Bank and Tisco Bank an estimated THB50 billion. The company plans
to restructure its debt with the three creditors while reviving
its business through a focus on its mainstay hot- and cold-rolled
steel.

Based in Bangkok, Thailand, Sahaviriya Steel Industries PLC (SSI)
-- http://www.ssi-steel.com/-- engages in manufacturing and
distributing of hot rolled coils. The Company has four segments:
manufacture of hot rolled coils, maintenance services, deep-sea
port services, and coke manufacturing and steel making plants. SSI
supplies steel sheets to various sectors, such as automobile,
energy, transportation and construction sectors. SSI owns SSI
Teesside, a 3.6 million tons per annum iron-steel making plant
located in Redcar in the northeast of UK, through its subsidiary,
Sahaviriya Steel Industries UK Limited.

SSI has investments in joint-venture downstream plants: Thai Cold
Rolled Steel Sheet PLC (TCRSS), a cold roll mill, and Thai Coated
Steel Sheet Co., Ltd., (TCS), an electro-galvanizing line. The
Company's other subsidiaries include Prachuap Port Company Limited
and West Coast Engineering Company Limited.



=============
V I E T N A M
=============


VINGROUP JSC: Fitch Affirms 'B+' Issuer Default Ratings
-------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Vingroup JSC's (Vingroup)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs), senior unsecured rating and the rating on its senior notes
at 'B+'. The Outlook is Stable.

Vingroup is Vietnam's largest listed property company by market
capitalisation. Its cash receipts from the sale of residential
units and recurring revenue from its investment property portfolio
- comprising retail, hospitality, healthcare and education
businesses - increased strongly- in 2014 and 1H15. Vingroup's
expansion in 2014 and so far in 2015 - while maintaining a
moderate financial leverage (the ratio of net adjusted debt to the
sum of investment properties and inventory net of customer
advances) - was underpinned by Vietnam's improving macroeconomic
environment. The ratings reflect Vingroup's aggressive expansion
pipeline, which is likely to result in a spike in financial
leverage by end-2015 as well as the lower coverage of interest
expense offered by recurring EBITDA from the investment property
portfolio when compared with regional peers.

KEY RATING DRIVERS

Supportive Macroeconomic Environment: Fitch upgraded Vietnam's
Long-Term IDRs to 'BB-' from 'B+' in November 2014 on the back of
accelerating GDP growth, moderation of inflation, and high savings
and investment rates. Vietnam's GDP growth accelerated to 6.5% in
9M15 (9M14: 5.6%), primarily driven by faster growth in the
manufacturing sector and steady expansion of the services and
agricultural sectors.

Vingroup's cash sales from property development rose 73% to
VND14.6trn (USD649.7m) in 2014 and the pace of growth has been
sustained 1H15. The improving macroeconomic environment is likely
to support the successful launch of Vingroup's projects in the
pipeline and the expansion of its investment property portfolio in
the medium term.

Robust Residential Unit Sales: Vingroup's property development
portfolio up till 1H14 was concentrated, with cash flows primarily
from sale of residential units at Royal City, Vinhomes Riverside
and, to a limited extent, Times City. The company has expanded its
property development business after the success of these projects,
and has launched more projects, such as new phases in Times City,
Hoi An, Dan Phuong, Vinhomes Central Park, Can Tho, Vinpearl
Premium Golf Land and Villas and Bac Ninh. The increase in
projects launched reduces concentration risks and increases the
likelihood of Vingroup meeting its growth targets.

Growing Investment Property Portfolio: Vingroup is simultaneously
expanding its development property and investment property
businesses. The company has aggressive plans to increase its
retail portfolio to over 20 malls by end-2015 from six malls at
end-2014. Vingroup is also expanding its other businesses, such as
hospitality, healthcare and education, which generate recurring
revenue. Fitch views the dual focus favourably as the investment
property portfolio would enhance cash-flow visibility and increase
the ratio of investment property EBITDA to interest expense to
over 1.0x (2014: 0.89x).

Aggressive Though Scalable Expansion: Fitch projects Vingroup's
capex to peak at VND46.6trn in 2015 before decreasing in 2016. In
addition to the risks associated with rapid expansion, net
financial leverage is projected to spike to around 50% by end-2015
(end-2014: 43%). But the scalable nature of Vingroup's capex
provides the company with the flexibility to reduce capex if
property development sales are lower-than-projected.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Vingroup
include

-- Capex will reach VND46.6trn in 2015 and around VND20.0trn a
    year in 2016 and 2017
-- Cash sales from property development would increase to
    VND35trn in 2015
-- Vingroup to reduce gross debt annually from 2016 to 2018

RATING SENSITIVITIES

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

-- The ratio of net adjusted debt to the sum of net inventory and
investment properties exceeding 60% on a sustained basis, or
-- The ratio of investment properties' EBITDA to interest expense
remaining below 1.0x on a sustained basis

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

-- The ratio of net adjusted debt to the sum of net inventory
    and investment properties declining to less than 40% on a
    sustained basis, and

-- The ratio of investment properties' EBITDA to interest
    expense improving to 1.75x on a sustained basis
-- Vingroup generating positive free cash flows (cash flow from
    operations less capex less dividends) on a sustained basis

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity: The rising revenue from Vingroup's
development and investment property businesses, VND13.5trn in
additional borrowings planned for 2015 (of which VND10.9trn was
raised in 1H15) and the VND2.15trn preference share investment by
Warburg Pincus underpin Vingroup's comfortable liquidity.

Moderate Refinancing Risk: Contractual debt maturities for 2H15,
2016 and 2017 are VND3.7trn, VND10.2trn and VND11trn respectively.
Outstanding cash and bank deposits as of 30 June 2015 were
VND8.8trn and VND5.5trn respectively, which are adequate to meet
debt maturities till end-2016.

FULL LIST OF RATING ACTIONS

The full list of rating actions is as follows:

Vingroup JSC
Long-Term Foreign-Currency IDR affirmed at 'B+'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'B+'; Outlook Stable
Senior unsecured rating affirmed at 'B+'
Rating on senior notes affirmed at 'B+'



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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-
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