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

                      A S I A   P A C I F I C

          Friday, October 23, 2015, Vol. 18, No. 210


                            Headlines


A U S T R A L I A

ALAN MACKENZIE: First Creditors' Meeting Set For October 29
IENERGIZER LIMITED: Moody's Cuts Credit Facility Ratings to Caa1
LION PACKAGING: First Creditors' Meeting Set For October 29
LITTORE VINEYARDS: Ferrier Hodgson Appointed as Receivers
MINERA GOLD: Creditors Agree on Andina Resources DOCA

TOP END: First Creditors' Meeting Set For October 29


C H I N A

EVERGRANDE REAL: Moody's to Retain B1 CFR on Planned Acquisition
MAOYE INTERNATIONAL: Moody's Lowers CFR to B1; Outlook Negative


I N D I A

ANAND CARS: ICRA Withdraws B+ Rating on INR14.25cr Bank Loan
APOLLO CREATIONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
BANSAL FOODS: ICRA Upgrades Rating on INR4.50cr Loan to B+
BARNALA REALTECH: CRISIL Assigns B Rating to INR70MM Demand Loan
BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan

BHUSHAN STEEL: CARE Lowers Rating on INR29.67BB LT Loan to D
BLESSINGS RESORTS: CRISIL Cuts Rating on INR290MM Term Loan to D
DBM GEOTECHNICS: CRISIL Reaffirms D Rating on INR1.22BB Loan
DEEPMALA FISHERIES: CRISIL Reaffirms B Rating on INR50.5MM Loan
DEKSON CASTINGS: CARE Reaffirms B+ Rating on INR13.15cr LT Loan

DRUSHTI REALTORS: ICRA Assigns B+ Rating to INR13cr LT Loan
EVAN MULTI: ICRA Reaffirms B Rating on INR20cr LT Loan
GURU RAMDAS: ICRA Assigns B Rating to INR5.68cr LT Loan
GURVINDER SINGH: CARE Assigns B+ Rating to INR2.0cr LT Loan
HIGH TECH: ICRA Reaffirms B+ Rating on INR49.19cr LT Loan

IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR2.83cr Loan
IMPERIALL TECHNOFORGE: ICRA Revises Rating on INR6.58cr Loan to D
J.J.ENTERPRISE: ICRA Suspends B+ Rating on INR10cr Bank Loan
JOGINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
JWALAJI INDUSTRIES: CARE Assigns 'B' Rating to INR15cr LT Loan

K K POLYCOLOR: CRISIL Ups Rating on INR90MM Cash Loan to B-
KASTURI RAM: CRISIL Lowers Rating on INR75MM Term Loan to D
KAULGUD CONSTRUCTIONS: ICRA Suspends D Rating on INR14.7cr Loan
L.B. POLYMERS: ICRA Reaffirms B+ Rating on INR1.0cr Loan
MAA KIRANDEVI: ICRA Cuts to D, Suspends Rating on INR4.0cr Loan

MARUTI CHEMICALS: CRISIL Reaffirms B Rating on INR45MM Loan
NAUVATA ENGINEERING: CRISIL Assigns B- Rating to INR90MM Loan
NBM IRON: ICRA Reaffirms B+/A4 Rating on INR68cr Loan
NEUROGEN BRAIN: ICRA Suspends B+ Rating on INR27cr Loan
NYSE INFRASTRUCTURE: CRISIL Cuts Rating on INR1.10BB Loan to D

OVERSEAS TRADERS: ICRA Suspends B+ Rating on INR14cr LT Loan
PALAK FERRO: CARE Assigns B+ Rating to INR6.10cr LT Loan
PRO-ARC WELDING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
PROPACK INDUSTRIES: CRISIL Ups Rating on INR100MM Loan to B+
RACHHPAL AUTO: CARE Assigns B+ Rating to INR8.85cr LT Loan

RANGE CERAMIC: ICRA Revises Rating on INR11.54cr Term Loan to D
RASHMI REALTY: CRISIL Reaffirms B+ Rating on INR320MM Term Loan
SAISREE ENGINEERS: CRISIL Reaffirms D Rating on INR50MM LT Loan
SELFRIDGES PVT: CRISIL Cuts Rating on INR85MM Cash Loan to B
SHAMSHREE INT'L: CRISIL Reaffirms B+ Rating on INR49MM Loan

SHIVA ENERGY: CRISIL Assigns B Rating to INR149MM LT Loan
SHRI MUTHURAM: CRISIL Suspends D Rating on INR49.5MM Cash Loan
SIESTA LAMINATES: ICRA Assigns B Rating to INR4.0cr Cash Loan
SILVER SIGN: CRISIL Reaffirms B Rating on INR30MM LT Loan
SREE LAKSHMI: CARE Assigns B+ Rating to INR5.0cr LT Loan

SRI NAGA: CRISIL Raises Rating on INR46.8MM Loan to B-
SUJANA UNIVERSAL: CARE Assigns 'D' Rating to INR475.97cr Loan
SWASTIK REALTY: ICRA Suspends B+ Rating on INR100cr Loan
TIRUSHIVAM REALTY: ICRA Suspends B+ Rating on INR9cr Term Loan
TULI MOTORS: CRISIL Rates INR60MM Working Capital Loan at B-

VAISHNAV CASHEWS: CRISIL Assigns B+ Rating to INR55MM Cash Loan
WATERBASE LTD: CRISIL Reassigns C Rating to INR152MM Cash Loan


J A P A N

* JAPAN: Nursing Care Bankruptcies Up 50% in Jan-Aug 2015


N E W  Z E A L A N D

PTT LIMITED: Trader May Have Misled Clients, Receiver Says


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Sees KRW5 Tril. Operating Loss This Year


                            - - - - -


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A U S T R A L I A
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ALAN MACKENZIE: First Creditors' Meeting Set For October 29
-----------------------------------------------------------
Gavin Moss of Vincents Chartered Accountants was appointed as
administrator of Alan Mackenzie Earthmoving Pty Ltd, trading as
"Mackenzie Road Repair", on Oct. 19, 2015.

A first meeting of the creditors of the Company will be held at
the Meeting Room of Vincents Chartered Accountants, Level 19 MLC
Centre, 19-29 Martin Place, in Sydney, on Oct. 29, 2015, at
3:00 p.m.


IENERGIZER LIMITED: Moody's Cuts Credit Facility Ratings to Caa1
----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family and
senior secured bank credit facility ratings of iEnergizer Limited
to Caa1 from B3.

The ratings outlook is negative.

This action concludes the review for downgrade initiated on
July 30, 2015.

RATINGS RATIONALE

"The downgrade reflects iEnergizer's continuing tight covenant
headroom, and the resignation of its Executive Director, Sarah
Latham," says Kaustubh Chaubal, a Moody's Vice President and
Senior Analyst.

"Ms. Latham's unexpected resignation marks the third departure
from the company's board in less than 12 months, raising concerns
about the stability of the incumbent management team," adds
Chaubal, who is the Lead Analyst for iEnergizer.

Furthermore, the vacant CEO and CFO positions raise apprehensions
about the company's ability to attract talent. Departures in the
top management team at such frequent intervals are alarming,
especially at a time when the company needs to grow its business
amid a challenging operating environment.

"We expect iEnergizer to be increasingly dependent on its founder
Anil Aggarwal, who was recently appointed as an interim executive
director, although the absence of a succession plan is
concerning," continues Chaubal.

iEnergizer's results for the first quarter of the fiscal year
ending March 2016 were weak, with reported revenue of $39.4
million, down 17% from last year. The company's reported EBITDA
was flat at $7.4 million for the same quarter in the previous
year.

To comply with its leverage covenant debt/EBITDA of 3.35x at June
2015, iEnergizer raised $1.7 million in August 2015, by issuing
fresh equity and deploying the proceeds to reducing its debt. This
marked the second equity cure in two consecutive months, following
a $3.3 million equity cure in July 2015. Post-equity cures,
iEnergizer had leverage of 3.24x at June 2015.

The Caa1 rating reflects the tight covenant headroom. Failure to
cure breaches would result in an event of default, which, if
triggered, will result in the acceleration of repayment of its
bank facilities, which total $106 million at June 2015.

Moody's rating also reflects iEnergizer's inability so far to
relax its covenants. Its leverage covenant level tightens to 3.2x
at September 2015, 3.0x at December 2015 and then by five
additional basis points each quarter from March 2016 onwards until
stabilizing at 2.85x in September 2016 for the remainder of the
facility period.

Although we estimate iEnergizer's reported debt to reduce to less
than $100 million at September 2015, following the two equity
cures -- down from $112 million in March 2015 and $124 million in
March 2014 -- weak operating performance will continue to pressure
ratings.

Pressure on ratings is further exacerbated by weak liquidity; it
had only a small cash balance of $10.6 million at 30 June 2015 and
the company does not have a committed working capital facility.

The negative outlook reflects weakness in the company's operating
performance, the narrow covenant headroom and Moody's concerns on
stability of the senior management team. The ratings could come
under further downward pressure if iEnergizer adopts an overly
aggressive acquisition policy.

The ratings could be downgraded if the company: (1) loses any
existing contract and/or is unable to replace such contracts; (2)
experiences a weakening operating performance such that the last
twelve month's EBITDA falls below $28-30 million; (3) sees cash
and cash equivalents fall below $10 million; or (4) requires
another equity cure within the next six months.

Upward ratings pressure is unlikely, given the negative outlook.
We could stabilize the outlook, if the company: (1) successfully
renegotiates its bank facilities and relaxes its covenants; (2)
raises equity and applies proceeds towards debt reduction, thus
expanding covenant headroom; or (3) secures new contracts, such
that EBITDA grows to $33-$35 million per year.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in December 2014. Please see
the Credit Policy page on www.moodys.com for a copy of this
methodology.

iEnergizer Limited is an international business process
outsourcing company, incorporated in Guernsey. It is listed on the
London Stock Exchange's Alternative Investment Market. EICR Cyprus
Ltd., ultimately owned by Mr. Anil Aggarwal, the founder and
executive director of the company, holds 82.68% of iEnergizer.

iEnergizer is primarily engaged in the business of call center
operations, business process outsourcing services, content
delivery services and back office services.

With the Aptara acquisition in February 2012, iEnergizer expanded
its services to include provision of content process outsourcing
solutions, and delivery of a comprehensive offering for
transformation and management of text, audio, video and graphic
files content.

At 31 March 2015, 13,424 employees -- including subcontracted
staff -- worked for iEnergizer from delivery centers in India, the
US, UK, Mauritius, Australia and France. It reported revenues
totaling $139 million during the year ended 31 March 2015 and pre-
tax income of $8.6 million.


LION PACKAGING: First Creditors' Meeting Set For October 29
-----------------------------------------------------------
Thyge Trafford-Jones & Melissa Lau of Rodgers Reidy were appointed
as administrators of Lion Packaging Pty Limited on Oct. 19, 2015.

A first meeting of the creditors of the Company will be held at
Rodgers Reidy, Level 2, 230 Clarence Street, in Sydney on
Oct. 29, 2015, at 3:00 p.m.


LITTORE VINEYARDS: Ferrier Hodgson Appointed as Receivers
---------------------------------------------------------
John Hart, Ryan Eagle and Stewart McCallum of Ferrier Hodgson were
appointed Receivers and Managers (Receivers) and/or Agents for the
Mortgagee (Controllers) in relation to the assets and undertakings
of Littore Vineyards Pty Ltd on Oct. 6, 2015, (save for Littore
Family Wines Pty Ltd which we were appointed on
Oct. 8, 2015).

"The Receivers now control the Group's assets and operations
(apart from Littore Family Wines Pty Ltd which is controlled by
PPB Advisory). It is the Receivers' intention to continue to
operate in the ordinary course while the financial position of the
Group is assessed and a sale process is undertaken,"
Ferrier Hodgson said.


MINERA GOLD: Creditors Agree on Andina Resources DOCA
-----------------------------------------------------
At the reconvened second meeting of creditors of the Company held
on Oct. 8, 2015, creditors resolved that Minera Gold Limited
execute a Deed of Company Arrangement (DOCA) as proposed by Andina
Resources Limited pursuant to Part 5.3A of the Act encompassing
the provisions set down in the Administrators' Report to Creditors
dated Sept. 22, 2015.

Darren Weaver and Martin Jones were appointed Joint and Several
Voluntary Administrators of Minera Gold Limited on Aug. 25, 2015.

The Administrators subsequently executed the DOCA on Oct. 15,
2015, a copy of which has been lodged with the Australian
Securities and Investments Commission as required.

The Deed Administrators are now proceeding with the implementation
of the DOCA. In that regard, creditors will shortly receive formal
notification of the intention to pay a dividend and a request to
prove their claims against the Company.

Separately, shareholders will shortly receive a prospectus and
notice of meeting in respect of the recapitalisation component of
the Andina DOCA.

Minera Gold Limited -- http://www.mundominerals.com-- is an
Australia-based company. The Company engaged in the exploration
and development of gold projects. The Company owns and operates
gold and copper toll processing plant in Nazca Ocona region of
southern Peru. The Company's producing mines are the Torrecillas
Project and the Tumi Project. These two projects include gold,
copper, silver and molybdenum mineralisation. The Company's assets
are the 100% owned Torrecillas Gold Project in Peru and the Crista
Open Pit Gold Project in Brazil. The Company's Torrecillas Gold
Project is located in south-eastern Peru within the prolific
Nazca-Ocona geological belt and comprising approximately 13,000
hectares of tenements. The Company's Crista Open Pit Gold Project
is located in Southern Brazil. The Company also includes Engenho
Gold Project, which is located in the State of Minas Gerais. The
Company's Engenho Gold Project includes deposits and exploration,
such as Crista, Olhos and Mazorca.


TOP END: First Creditors' Meeting Set For October 29
----------------------------------------------------
Nicholas John Martin and Craig David Crosbie of PPB Advisory were
appointed as administrators of Top End Training Services Pty Ltd,
trading as Top End Training, on Oct. 19, 2015.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, 600 Bourke St, in Melbourne,
Victoria, on Oct. 29, 2015, at 10:00 a.m.



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C H I N A
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EVERGRANDE REAL: Moody's to Retain B1 CFR on Planned Acquisition
----------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's (B1 negative) plans to acquire stakes in various project
companies for a total consideration of HKD7 billion will not
affect its B1 corporate family rating and B2 senior unsecured debt
rating.

The ratings outlook remains negative.

On Oct. 19, 2015, Evergrande announced that it plans to acquire
shares in these companies from Sino Land Company Limited
(unrated), Chinese Estates Holdings Limited (unrated) and C C Land
Holdings Limited (unrated).

These project companies operate property development and
investment businesses in Chongqing -- a major Chinese city -- and
own a portfolio of projects with a gross floor area of 1.38
million square meters.

The consideration of HKD7 billion will be paid in installments,
stretching over 24 months from the date of the agreement.

The proposed purchase is still subject to a number of conditions,
including approval by the shareholders of the companies involved
and the relevant authorities.

"We expect that Evergrande will use its internally generated cash
to settle the proposed acquisitions, given its strong contracted
sales growth this year," says Franco Leung, a Moody's Vice
President and Senior Analyst.

The cash consideration for the proposed share purchase represents
around 7% of Evergrande's cash balance at end-June 2015.  In
addition, because the consideration will be paid over the 24
months from the date of the agreement, this will mitigate the
impact on the company's liquidity profile.

Evergrande achieved contracted property sales of RMB128.7 billion
during January-September 2015, representing year-on-year growth of
about 31% and approximately 85.8% of its full-year target of
RMB150 billion.

Moody's believes the company is on track to achieve its full-year
target, and its strong sales performance also supports its
liquidity.

Moody's notes that the proposed acquisition, if completed, will
add properties which are developed and under development in
Chongqing to Evergrande's portfolio.

Evergrande announced on Oct. 15, 2015, that it had completed the
issuance of a total of RMB20 billion in non-public domestic bonds.
Moody's expects the issuance will help improve its liquidity
profile because most of the proceeds will be used to refinance its
onshore bank borrowings.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At
June 30, 2015, its land bank totaled 144 million square meters in
gross floor area across 154 Chinese cities.


MAOYE INTERNATIONAL: Moody's Lowers CFR to B1; Outlook Negative
---------------------------------------------------------------
Moody's Investors Service has downgraded Maoye International
Holdings Ltd.'s corporate family rating to B1 from Ba3.

At the same time, Moody's has downgraded the company's senior
unsecured ratings to B2 from B1.

The ratings outlook is negative.

RATINGS RATIONALE

"The downgrade reflects our concern over Maoye's aggressive
acquisition strategy -- against the backdrop of its weak revenue
performance -- and our consideration that debt leverage will
consequently rise and stay elevated over the next 12-18 months,"
says Lina Choi, a Moody's Vice President and Senior Credit
Officer.

The company announced two acquisitions on October 16 2015 --
Chengdu Renhe Chuntian and Qingyang Renhe Chuntian -- from Renhe
Industrial (unrated) for a total consideration of RMB2.47 billion.

In June 2015, Maoye had also announced the acquisition of a
logistics operation for a total consideration of RMB1.7 billion.

In addition, Maoye reported modest operating results for 1H 2015
as its property sales remained sluggish.  Moreover, the decline in
its retail revenue continues, given that the operating environment
stays challenging for its retail business and property sales.

In such an environment, the two new acquisitions will both deplete
its cash balance -- which was around RMB1 billion at end-June 2015
-- and increase its debt.

Accordingly, Moody's expects Maoye's leverage -- as measured by
adjusted debt/EBITDA -- to likely rise to 7.5x-8.0x by end-2015
and stay elevated through 2016, compared to 7.0x at end-June 2015.

This level of leverage is inappropriate for the Ba3 CFR category.

The company's B1 corporate family rating reflects (1) its self-
owned store strategy and concessionaire business model; (2) its
leading and established position in its affluent home market of
Shenzhen; and (3) its track record of acquiring and turning around
less profitable department stores in lower-tier cities.

On the other hand, Maoye's rating is constrained by (1) its
aggressive growth through acquisitions; (2) its exposure to its
property development activities, which have high business risks,
resulting in turn in weak and volatile operating cash flows and
high debt leverage; and (3) the increasing challenges evident in
the Chinese retail market, stemming from the slowing pace of
economic growth and competition from other retail formats.

"The negative outlook reflects our concern over Maoye's increasing
reliance on short-term financing.  Such a financial policy will
raise refinancing risks, which will be further exacerbated by its
two new acquisitions," adds Choi, who is also the Lead Analyst for
Maoye.

At end-June 2015, Maoye's short-term debt had increased to RMB6.7
billion from RMB1.8 billion at end-2014.  In addition, Maoye
issued a total of RMB900 million in super short-term notes between
July and October 2015.

Moody's estimates that total short-term debt comprised 50-60% of
Maoye's debt portfolio as of October 2015.

While such short-term domestic financing provides Maoye with
favorable borrowing rates, we are concerned that the company may
face high refinancing risk should bank credit become less
accommodative.

Maoye's liquidity profile remains weak.  The company's cash
holding of around RMB1.0 billion-RMB1.5 billion at end-June 2015
was well below its short-term debt of RMB2.0 billion.

The prospect for upward rating pressure in the near term is
limited, given the negative outlook.  But the outlook could return
to stable if the company can demonstrate an improvement in both
its liquidity position and debt leverage.  Indicative ratios
include cash/short-term debt close to 1.25x and debt/EBITDA below
6x.

Further downgrade pressure could arise if Maoye (1) shows a
deterioration in its liquidity position, that is, its short-term
debt increases materially, and its weak cash or cash flow position
experiences further pressure; (2) is unable to generate revenue
and liquidity through selling down its property inventory; and/or
(3) is unlikely to be able to reduce debt leverage to below 7x
over the next 12 months.

The principal methodology used in these ratings was Global Retail
Industry published in June 2011.

Maoye International Holdings Ltd. is one of the leading department
store operators in China (Aa3 stable).  Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding elsewhere in the
country.  The company had 40 stores in 18 cities across China's
four main regions at end-2014.



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I N D I A
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ANAND CARS: ICRA Withdraws B+ Rating on INR14.25cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR14.25
crore bank lines of Anand Cars Private Limited, which were under
notice of withdrawal for a period of one month. The rating is
withdrawn as the notice of withdrawal is completed.


APOLLO CREATIONS: CRISIL Reaffirms B+ Rating on INR50MM Loan
------------------------------------------------------------
The rating continues to reflect Apollo Creations Private Limited
(ACPL)'s exposure to risks associated with implementation of its
ongoing project, geographic concentration in its revenue profile,
and vulnerability to the cyclicality inherent in the real estate
industry in India. These rating weaknesses are partially offset by
the extensive experience of ACPL's promoters in the real estate
industry in Indore (Madhya Pradesh) and funding support from them.

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

   Proposed Long Term
   Bank Loan Facility    50        CRISIL B+/Stable (Reaffirmed)

   Term Loan             50        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that ACPL will remain exposed to risks relating to
completion of its ongoing project as per schedule, and timely
inflow of customer advances, over the medium term. The outlook may
be revised to 'Positive' if the company achieves better than-
expected booking of units, higher-than-expected receipt of
customer advances, and substantial progress in construction as per
the proposed schedule. Conversely, the outlook may be revised to
'Negative' if ACPL's liquidity deteriorates, most likely because
of delays in receipt of customer advances or time and cost
overruns in its project.

ACPL, established in 1987 by the Agrawal family, is engaged in
development of residential/commercial property in Indore. The
company is currently developing a township in Kanadia, Indore,
which involves plotting of land and construction of villas and
construction of commercial complex at Vijay nagar square; Indore.


BANSAL FOODS: ICRA Upgrades Rating on INR4.50cr Loan to B+
----------------------------------------------------------
ICRA has upgraded its rating on the INR9.0 crore fund based
facilities of Bansal Foods (India) (BNF) to [ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           4.50        [ICRA]B+; (upgraded)
   Term Loan             4.50        [ICRA]B+; (upgraded)

The rating upgrade factors in the ramping up of operations of the
firm's newly commissioned plant, which helped it achieve a
turnover of ~ INR28.0 crore in 6M FY15.The rating continues to
positively factor in the experience of the promoter group in the
business and the favorable location of BNF's manufacturing
facility.

However, the rating is constrained by the limited track record of
the firm, weak net profitability (net margins of 0.04% in FY15),
elevated gearing levels and weak coverage indicators (Debt/OPBDITA
of 5.05x and interest coverage of 1.52x for FY15). The rating also
takes into account the high working capital intensity of the
business because of the need to maintain high paddy inventory due
to the inherent seasonality, as well as the agro climatic risks to
which the firm is exposed. The rating also takes cognizance of the
proprietorship nature of the firm related to the risk of capital
withdrawals and dependence on the proprietor.

Going forward, the firm's ability to register revenue growth, run
its plant at optimal utilization levels throughout the year,
efficiently manage its working capital cycle, and bring about a
sustained improvement in its coverage indicators, will be the key
rating sensitivities.

BNF was set up in December, 2013 as a proprietorship firm by Mr
Jodha Ram Bansal in Samana (Punjab). The firm is engaged in the
milling of paddy into rice (basmati), with bran and husk as the
byproducts. The firm's plant, which has a capacity of 4 metric
tonnes per hour, commenced commercial operations from September
29,2014 and caters entirely to the export markets. Mr Bansal is
assisted by his two sons in this business.

Recent Results
For 2014-15, the firm reported a net profit of INR0.01 crore on an
operating income of INR27.99 crore.


BARNALA REALTECH: CRISIL Assigns B Rating to INR70MM Demand Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Barnala Realtech (BR).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Working Capital
   Demand Loan           70          CRISIL B/Stable

The rating reflects BR's exposure to funding and implementation
risks associated with its on-going residential project, and
susceptibility to cyclicality inherent in the Indian real estate
industry. These weaknesses are partially offset by promoters'
extensive industry experience.

Outlook: Stable
CRISIL believes BR will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in
business and financial risk profiles backed by higher-than-
expected customer advances and timely implementation of ongoing
project leading to healthy cash accrual. Conversely, the outlook
may be revised to 'Negative' if there is a time or cost overrun in
project, or significant pressure on liquidity because of delays in
receiving customer advances, leading to pressure on revenue and
profitability.

BR was formed as a partnership firm in October 2010 by Mr. Jiwan
Lal and Mr. Vijay Kumar to develop real estate projects. The firm
is undertaking a residential project, Riverdale Aquagreens, in
Nabha (Punjab).


BHARGAVI AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR200MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhargavi Automobiles
Private Limited (BAPL) continues to reflect the company's below-
average financial risk profile marked by its small net-worth, high
total outside liabilities to tangible net-worth ratio, and below-
average debt protection metrics.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        10       CRISIL A4 (Reaffirmed)
   Cash Credit          200       CRISIL B+/Stable (Reaffirmed)

The ratings of the company are also constrained on account of its
susceptibility to economic cyclicality, and its exposure to
intense competition in the automobile dealership industry
resulting in its low profitability margins. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of its promoters, the company's efficient working
capital management, and its low exposure to inventory and debtor
risks.

Outlook: Stable
CRISIL believes that BAPL will continue to benefit over the medium
term from its promoters' extensive experience in the automobile
dealership business. The outlook may be revised to 'Positive' if
there is a substantial and sustained increase in the company's
scale of operations and profitability margins, or there is a
substantial improvement in its capital structure on the back of
sizeable equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely by a stretch in its
working capital cycle.

Incorporated in the year 1997, BAPL is the authorized dealer for
Maruti Suzuki India Ltd (MSIL; rated CRISIL AAA/Stable/CRISIL A1+)
in Andhra Pradesh. The company is being promoted by Mr K. Balarami
Reddy.


BHUSHAN STEEL: CARE Lowers Rating on INR29.67BB LT Loan to D
------------------------------------------------------------
CARE revises the ratings assigned to bank facilities of Bhushan
Steel Limited.

                                 Amount
   Facilities                 (INR crore)   Ratings
   ----------                 -----------   -------
   Long term Bank Facilities   29,676.02    CARE D Revised from
                                            CARE BB (Credit watch
                                            removed)

   Short term Bank Facilities    5,184.0    CARE D Revised from
   (Working capital)                        CARE A4 (Credit watch
                                            removed)

   Short-term Bank Facilities    1,000.0    CARE D Revised from
   (Short-term Loans)                       CARE A4 (Credit watch
                                            removed)

   Subordinate Debt              1,000.0    CARE D Revised from
                                            CARE BB (Credit watch
                                            removed)

   Non-Convertible Debenture     1,275.0    CARE D Reaffirmed
   (NCD) Programme-I

   Non-Convertible Debenture       655.0    CARE D Reaffirmed
   (NCD) Programme-II

Rating Rationale
The revision in the ratings of bank facilities takes into account
the delays in debt servicing by the company. The reaffirmation of
the ratings of debt instruments takes into account the continuing
delays in servicing of debt obligations on NCDs.

Bhushan Steel Ltd (formerly known as Bhushan Steel & Strips Ltd),
incorporated in 1993, is one of the large players in the steel
industry with a steelmaking capacity of 4.7 Million Tonnes Per
Annum (MTPA) (including Phase-III expansion of 2.5 MTPA). The
company has HR steel capacity of 4.4 MTPA, billet manufacturing
capacity of 0.3 MTPA and captive power generation capacity of 158
MW (including 110 MW waste heat recovery based capacity in
Orissa). The company's manufacturing facilities are situated in
Sahibabad (UP), Khopoli (Maharashtra) and Dhenkanal (Orissa). The
company supplies a variety of finished products such as hot rolled
coil/sheet, cold rolled coil/sheet, galvanized coil/sheet, high
tensile steel strapping, colour coated coil/sheet, galume
coils/sheets, hardened & tempered steel strips, precision tubes
etc. Its products primarily cater to the demand of automobiles and
consumer durable industries.

The financial risk profile of the company had witnessed
deterioration during FY15 (refers to the period April 1 to
March 31) with the company reporting a net loss of INR1,254 crore
as against a profit of INR62 crore during FY14. Given the
subdued market conditions and muted economic recovery the
realizations were under pressure leading to fall in operating
profitability. Further, the lower operational profitability
coupled with higher capital charge given the commissioning of its
projects led to losses at net level. Lower than envisaged cash
accruals coupled with sizeable debt repayments has affected the
liquidity profile of the company leading to delays in servicing of
debt obligations by the company.

During FY15, the company reported a PBILDT and net loss of
INR2,198 crore and INR1,254 crore respectively on a total
operating income of INR10,628 crore as against a PBILDT and a PAT
of INR2,735 crore and INR62 crore respectively on a total
operating income of INR9,725 crore in FY14. During Q1FY16
(Provisional) (refers to period April 1 to June 30) BSL reported
net loss of INR739 crore on a total operating income of INR2,983
crore during the same period.


BLESSINGS RESORTS: CRISIL Cuts Rating on INR290MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Blessings Resorts Pvt Ltd (BRPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         30       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan             290       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by BRPL in
servicing debt as its hotel has not commenced operations according
to schedule.

The company is exposed to risks related to implementation and
stabilisation of its ongoing hotel project and is susceptible to
cyclicality inherent in the hospitality industry. BRPL, however,
benefits from the strategic location of its upcoming hotel.

BRPL was set up in 2011 by Mr. Amandeep Kaur Gill and Mr. Vicente
Juen Roiz. The company is setting up a three-star hotel in
Phagwara (Punjab). The hotel will be operated under the brand Park
Inn by Radisson. The hotel is expected to commence operations from
September 2016.


DBM GEOTECHNICS: CRISIL Reaffirms D Rating on INR1.22BB Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilties of DBM Geotechnics and
Constructions Private Limited (DBM) in servicing its term loan
obligations; the delays have been caused by its weak liquidity.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee      1,220        CRISIL D (Reaffirmed)

   Cash Credit         1,005        CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan              90.9      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    428.2      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan             105.9      CRISIL D (Reaffirmed)

DBM also has working-capital-intensive operations, and its
performance is susceptible to the timely execution of the projects
on hand and future order flow, and weak debt protection metrics.
These ratings weaknesses are offset by DBM's established presence
in geotechnical services and other related sectors, the extensive
experience of its promoters in this line of activity, and well-
diversified range of services.

CRISIL had downgraded its rating on the bank facilities of DBM to
'CRISIL D//CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+', on
October 5, 2015.

DBM, incorporated in 1990, specialises in offering geotechnical
services, foundation engineering services, and marine construction
activities. It is promoted by Mr. DB Mahajan, a geotechnical
engineer.

DBM offers services such as geotechnical investigation (land and
marine), piling and micro piling, construction of diaphragm wall,
construction of berth/jetties, pre-stressed rock anchoring, and
topographic/hydrographic survey.


DEEPMALA FISHERIES: CRISIL Reaffirms B Rating on INR50.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Deepmala Fisheries (DF)
continue to reflect the firm's nascent stage, and small scale of,
operations in the highly competitive seafood industry and its
exposure to risks related to volatility in raw material prices.
These weaknesses are partially offset by the extensive experience
of the firm's proprietor in the marine export industry and its
expected moderate working capital requirements.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Packing Credit         40        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     50.5      CRISIL B/Stable (Reaffirmed)

   Term Loan              29.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes DF will continue to benefit over the medium term
from the extensive industry experience of its proprietor. The
outlook may be revised to 'Positive' if the firm significantly
improves its scale of operations with sustained profitability,
leading to a substantial increase in its cash accrual. Conversely,
the outlook may be revised to 'Negative' if DF's financial risk
profile, particularly liquidity, weakens on account of lower-than-
expected accrual or substantial debt-funded expansion programme,
or if there is a stretch in its working capital cycle.

Update
For 2014-15 (refers to financial year, April 1 to March 31), DF's
reported net sales of INR20.4 million. With net sales of INR70
million till September 30, 2015, CRISIL expects moderate sales
growth during 2015-16. Operating margin remained at 6.90 per cent
during 2014-15; margin is expected to remain at a similar level
over the medium term. Operations are expected to remain working
capital intensive on account of the seasonal nature of sales. The
financial risk profile remained moderate with gearing of 0.94
times and interest coverage and net cash accruals to total debt
ratios of 1.8 times and 0.23 times, respectively, during 2014-15.
DF has stretched liquidity with accrual expected to remain tightly
matched by its debt repayment obligation of around INR3.6 million
during 2015-16. The accrual is expected to remain tightly matched
by debt obligations over medium term. CRISIL expects DF's
promoters to continue to support liquidity through timely infusion
of funds over the medium term.

DF, on a provisional basis, reported profit after tax (PAT) of
INR0.5 million on net sales of INR20.4 million during 2014-15.

Established in 2013, DF is a proprietorship firm based in Veraval
(Gujarat). The firm is owned and managed by Mr. Kishore Fofandi.
It is engaged into processing and export of marine products.


DEKSON CASTINGS: CARE Reaffirms B+ Rating on INR13.15cr LT Loan
---------------------------------------------------------------
CARE reaffirmed ratings assigned to bank facilities of Dekson
Castings Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     13.15      CARE B+ Reaffirmed
   Short term Bank Facilities     2.50      CARE A4 Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Dekson Castings
Limited (DCL) continue to remain constrained on account of the
relatively small scale of operations, moderate profitability and
solvency position, high customer concentration risk emanating from
a single customer contributing majority to the total operating
income, cyclical nature of the automobile industry and risk
associated with non-moving inventory of aluminium alloy business.
The ratings are further constrained by project execution risk
emanating from the forward integration project undertaken by the
company.

The ratings, however, continue to derive strength from the wide
experience of promoters in the casting business, location
advantage with respect to the proximity to its key customer. The
rating takes into account moderate improvement in the operating
profitability and debt coverage indicators during FY15 (refers to
the period April 1 to March 31) and steps taken by the company to
liquidate the non-moving inventory.

The ability of the company to further improve its scale of
operations and efficiently managing its working capital
requirement remains the key rating sensitivity.

Established in the year 1993 as a proprietorship concern, DCL was
later reconstituted as a private limited company in the year 2005.
In the year 2014, the company was converted to a public limited
and was listed on the SME Institutional Trading Platform of the
Bombay Stock Exchange (BSE). DCL is promoted by Mr Vikram Dekate
and his brother Mr Chetan Dekate and is engaged in the
manufacturing of aluminium sand castings and gravity die castings
components. DCL mainly caters to the two-wheeler segment in the
auto industry (about 90% of gross sales for FY15) as well as non-
auto applications, viz, electrical energy (about 10% of the gross
sales for FY15).

Aluminium is the primary raw material for DCL which the company
procures from the local market. The manufacturing unit of the
company is located in Aurangabad, and has an installed capacity of
1,290 metric tonne per annum (MTPA). During FY15, the company
reported an average utilization of 65% of its installed capacity
(vis-a-vis 67% in the previous year FY14).


DRUSHTI REALTORS: ICRA Assigns B+ Rating to INR13cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR13.00
crore long term fund based bank facility of Drushti Realtors
Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-Term Fund
   Based Limit (TL)      13.00        [ICRA]B+ Assigned

The assigned rating factors in the experience of the promoters in
executing residential real estate projects in Mumbai along with
limited execution risk for "Varun" as the structural work is
complete, with only finishing work remaining . The rating is,
however, constrained by the significant market risk for the
company with bookings received for only 28% of the saleable area
under "Varun" and "Embassy" yet to be launched. Moreover, the
rating also takes into account the high execution risk and funding
risk for "Embassy" with the construction currently being at a
nascent stage and the financial closure for the project yet to be
achieved. Even 67% of the promoter contribution is yet to be
brought in and the remaining funding dependent on customer
advances which remain contingent on timely sales and collection of
receivables.

Incorporated in 2005, Drushti Realtors Private Limited (DRPL) is a
closely held flagship company of the Drushti Group formed by Mr.
Ashok Jagdale which is engaged in development of residential real
estate projects in Mumbai. The Drushti Group, established in 2000
has developed around 1.72 lakh sq. ft. of residential real estate
space in Mumbai till date with around 4.40 lakh sq. ft. ongoing
and 0.77 lakh sq. ft. proposed to be developed in the near term.
DRPL is currently developing two projects, a residential cum
commercial redevelopment project "Varun" and a residential
redevelopment project "Embassy", both located at Pant Nagar in
Ghatkopar.


EVAN MULTI: ICRA Reaffirms B Rating on INR20cr LT Loan
------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the INR20
crore, fund-based bank facilities of Evan Multi Speciality
Hospital and Research Centre Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based-Term Loans      20.00        [ICRA]B; Reaffirmed

ICRA's rating reaffirmation factors in substantial increase in the
project cost of EHRPL's hospital, on account of inclusion of
additional medical equipment to the project scope. The cost
increase is being primarily funded through debt, resulting in
higher than expected leverage. ICRA expects that the liquidity of
the company will remain under stress in the near term on account
of pending capital expenditure and the company's nascent stages of
operations. The rating continues to be constrained due to the
concentration risk inherent to single-asset companies and long
gestation periods, which are typical of new hospital projects. The
rating however, derives strength from the fact that the civil
construction is complete, thereby obviating the execution risk of
the project, and the timely infusion of funds by the promoters
into the project. ICRA has taken cognizance of the hospital's
prospects supported by the presence of experienced promoters from
diverse medical fields; advantageous project location; and
favourable demand-supply scenario, as there are no major multi-
specialty hospitals in its proximity. ICRA also draws comfort from
the favourable maturity profile of the debt, with one year
moratorium post scheduled commercial operation date, followed by
ballooning repayments spread over seven years.
Going forward, the support of the promoters to infuse capital for
supporting the repayments of the loans; tie-up the funding
required for working capital and additional medical equipment, and
achieve adequate occupancies and per bed revenues, will be the key
rating sensitivities.

Incorporated in December 2012, EHRPL is a closely-held company
that is setting up a 130-bed multi-specialty hospital in
Muzaffarnagar, Uttar Pradesh. Amongst the ten promoters of the
company, eight are qualified doctors, with specialization in
different medical fields. The hospital commenced commercial
operations from July 2015. The project cost of the hospital has
increased from the initial estimate of INR29.7 crore to INR35.0
crore, on account of additional medical equipments and labs.


GURU RAMDAS: ICRA Assigns B Rating to INR5.68cr LT Loan
------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR5.68
crore fund based bank facilities of Guru Ramdas Ji Stone Crusher.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits-
   Long Term              5.68        [ICRA]B; assigned

ICRA's rating takes into account GRSC's moderate scale of
operations and high level of competitive intensity due to the
presence of a large number of crushers in the vicinity, which has
resulted in volatile profitability margins in the past. The rating
also factors in regulatory restrictions on the river bed mining
industry which can impact raw material availability. ICRA also
takes into account the vulnerability of GRSC's profitability to a
slowdown in the real estate and construction sectors, which are
its key off takers. Further, the rating is also constrained by the
firm's high gearing on account of its reliance on debt for funding
the working capital requirements as well as debt funded capital
expenditure; the firm has high working capital intensity due to
substantial inventory levels it is required to maintain round the
year. The rating also takes into account the moderate coverage
indicators of the firm due to low profitability and high debt
levels. ICRA also takes note of the partnership constitution of
the form which exposes it to risks related to capital withdrawals,
dissolution etc. However, the rating derives comfort from the
experience of the promoters in the industry, proximity of the
firm's processing unit to raw material sources and favorable
demand outlook for stone grits given the healthy level of
construction activity in the surrounding areas.

Going forward, the firm's ability to ramp up its operations,
maintain profitability and optimally manage its working capital
cycle, will be the key rating sensitivities.

Recent Results
GRSC reported a net profit of INR0.09 crore on an operating income
of INR18.12 crore for the year ended March 31, 2014 as compared to
a net profit of INR0.05 crore on an operating income of INR7.51
crore for the previous year. The firm, on a provisional basis,
reported an operating income of INR25.00 crore for the year ended
March 31, 2015.

GRSC was established in 2011 as a partnership concern and is
engaged in the business of stone crushing. The overall operations
of the firm are looked after by Mr. Jagjeet Singh and Mr. Harpreet
Singh. GRSC's processing unit is based in Swar in Rampur district,
Uttarakhand and is spread over an area of 11 acres. The processing
unit is in close proximity of mines located on River Kosi and has
an installed capacity of 250 Tonnes Per Hour (TPH).


GURVINDER SINGH: CARE Assigns B+ Rating to INR2.0cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Gurvinder Singh.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      2.00      CARE B+ Assigned
   Short term Bank Facilities     4.30      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of M/s Gurvinder Singh
(GVS) are constrained by its small scale of operations and weak
financial risk profile marked by low profitability margins and
weak solvency position. The ratings are further constrained by the
customer concentration risk, proprietorship nature of constitution
of the entity and highly unorganized industry with intense
competition. The ratings, however, derive strength from the
experience of proprietor.

The ability of the firm to increase the scale of operations while
improving its profitability margins, improving its capital
structure and managing the working capital requirements
efficiently would be the key rating sensitivities.

GVS is a proprietorship firm established in 2008 by Mr Gurvinder
Singh. The firm is engaged in providing services as a transport
contractor to Food Corporation of India (FCI) for the
transportation of food grains from one centre of FCI to the
other, in different districts of Himachal Pradesh and Punjab. The
firm gets contract through competitive bidding process (tender
based) and hires trucks from the transport companies for the
movement of food grains.

For FY15 (Provisional; refers to the period of April 1 to
March 31), GVS reported a total operating income of INR7.78
crore with PAT of INR0.14 crore, respectively, as against the
total operating income of INR8.08 crore with PAT of INR0.13
crore in FY14. Furthermore, the firm had achieved a total
operating income of INR3.26 crore in 5MFY16 (unaudited).


HIGH TECH: ICRA Reaffirms B+ Rating on INR49.19cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR49.19 crore fund-based bank limits of High Tech Knitwear
Private Limited. ICRA has also assigned the long-term rating of
[ICRA]B+ to the INR1.14 crore unallocated limit of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-Term Fund-
   Based Limits         49.19       [ICRA]B+ Reaffirmed

   Unallocated Limit     1.14       [ICRA]B+ Assigned

The reaffirmed rating continues to reflect the leveraged capital
structure given the debt-funded capacity expansion and the risks
associated with the project as it is still in the initial stages
of operations; the ability of the company to operate the plant at
healthy utilization levels would be critical from credit
perspective. The rating also continues to factor in HTKPL's
presence in the highly fragmented textile industry characterized
by intense competition from organized and unorganized players and
the susceptibility of margins to any adverse movement in yarn
prices.

The rating is, however, supported by the established track record
of the promoters in the textile industry and also the fact that
the company is part of a well-known textile group which provides
operational and marketing support. The financial benefits from the
TUFS scheme and the location advantages by virtue of proximity to
raw material sources and customers in Surat were also favorably
considered while reaffirming the rating.

High Tech Knitwear Private Limited (HTKPL) is a part of the Surat-
based High Tech Group which has presence in manufacturing of
greige fabric, sized yarn and warped yarn. HTKPL is involved in
manufacturing of polyester greige fabrics with an annual installed
capacity of 370 lakh meters. The company has its registered office
in Surat and manufacturing facility in Bharuch District (Gujarat).

Recent result
HTKPL has reported a profit before tax of INR0.84 crore on an
operating income of INR30.86 crore for the year ending March 31,
2015(Provisional numbers).


IFMR CAPITAL: ICRA Assigns C+(SO) Rating to INR2.83cr Loan
----------------------------------------------------------
ICRA had assigned Provisional [ICRA]BBB(SO) rating and Provisional
[ICRA]C+(SO) rating to proposed PTC A1 and PTC A2 issuance by IFMR
Capital Mosec Legolas 2015 backed by micro loan receivables
originated by Future Financial Servicess Ltd (FFSL), Fusion
Microfinance Private Limited (Fusion), Intrepid Finance and
Leasing Private Limited (Intrepid), S V Creditline Private Limited
(SVCL) and Varam Capital Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   PTC Series A1         53.81       [ICRA]BBB(SO)
   PTC Series A2          2.83       [ICRA]C+(SO)

Since the executed transaction documents are in line with the
rating conditions and the legal opinion and due diligence audit
certificate have been provided to ICRA, the said ratings have now
been confirmed as final.


IMPERIALL TECHNOFORGE: ICRA Revises Rating on INR6.58cr Loan to D
-----------------------------------------------------------------
ICRA has revised the long term rating from [ICRA]B to [ICRA]D for
INR11.58 crore fund based facilities of Imperiall Technoforge
Private Limited. ICRA has also revised the short term rating from
[ICRA]A4 to [ICRA]D for INR0.40 crore non fund based facilities of
Imperiall Technoforge Private Limited.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long term fund
   Based-Cash Credit     5.00      [ICRA]D (revised from ICRA B)

   Long term fund
   based- Term loan      6.58      [ICRA]D (revised from ICRA B)

   Short term Non fund
   Based- Letter of
   Credit                0.40      [ICRA]D (revised from ICRA A4)

The ratings revision reflects the ongoing delays in interest as
well as debt servicing caused by delays in stabilization of
operations and achievement of expected scale of operations which
has in turn led to stressed financial performance, erosion of net
worth and strain on liquidity. The rating further incorporates the
vulnerability to adverse changes in raw material prices which
coupled with presence of large number of players in organized and
unorganized segment has led to limited pricing power thus
affecting the profitability. The ratings also take note of
dependency of operations on cyclicality in automobile sector;
though its involvement in non-auto components i.e. flanges may
reduce the same.

Incorporated in 2012, ITPL is owned and managed by Mr. Samir
Vaishnav and other family members. The company was taken over by
the current management from State Bank of India in an auction of
the manufacturing facilities of Micro Forge (India) Limited. The
unit is located in Rajkot(Gujarat) with an installed capacity of
9000 tonnes per annum(TPA) for manufacturing of forged and
machined components.

Recent Results
For the year ended 31st March 2015, Imperiall Technoforge Private
Limited reported an operating income of INR4.81 crore and net loss
of INR2.64 crore.


J.J.ENTERPRISE: ICRA Suspends B+ Rating on INR10cr Bank Loan
------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 assigned to the INR10.00 crore bank facilities
of J.J.Enterprise. The suspension follows ICRAs inability to carry
out a rating surveillance due to non cooperation from the company.

J.J.Enterprise (JJ) was incorporated as a proprietorship firm in
2007 by Mrs. Damini Patel; however with effect from January 2014
the firm got converted into Limited Liability partnership. It is
engaged in the trading of indoor print media material like foam
sheets, one way vision vinyl etc which finds application in print
media industry.


JOGINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Joginder Singh.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       2        CARE B+ Assigned
   Short term Bank Facilities      6        CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of M/s Joginder Singh
(JGS) are constrained by its small scale of operations and
weak financial risk profile marked by low profitability margins
and weak solvency position. The ratings are further constrained by
the customer concentration risk, proprietorship nature of
constitution of the entity and highly unorganized industry with
intense competition. The ratings, however, derive strength from
the experience of proprietor.  The ability of the firm to increase
the scale of operations while improving its profitability margins,
improving its capital structure and managing the working capital
requirements efficiently would be the key rating sensitivities.

JGS is a proprietorship firm established in 2008 by Mr Joginder
Singh. The firm is engaged in providing services as a transport
contractor to Food Corporation of India (FCI) for the
transportation of food grains from one centre of FCI to the
other, in different districts of Himachal Pradesh and Punjab. The
firm gets contract through competitive bidding process (tender
based) and hires trucks from the transport companies for the
movement of food grains.

For FY15 (Provisional; refer to the period of April 1 to
March 31), JGS reported a total operating income of INR5.89 crore
with PAT of INR0.09 crore, as against the total operating income
of INR6.16 crore with PAT of INR0.10 crore in FY14. Furthermore,
the firm had achieved a total operating income of INR2.45 crore in
5MFY16 (unaudited).


JWALAJI INDUSTRIES: CARE Assigns 'B' Rating to INR15cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Jwalaji
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      15        CARE B Assigned

Rating Rationale
The rating assigned to the bank facilities of Jwalaji Industries
Private Limited (JIPL) is primarily constrained on account of
the implementation and stabilization risk associated with its on-
going largely debt-funded greenfield project. The rating is
further constrained on account of its presence in the competitive
and cyclical textile industry and susceptibility to raw
material price fluctuation.

The rating, however, derives strength from the experienced
promoters and locational advantage owing to presence in textile
hub resulting in easy access to raw material and proximity to
customers.

JIPL's ability to successfully complete debt funded project within
envisaged time and cost and achieve envisaged level of sales and
profitability is the key rating sensitivity.

Incorporated in the year 2011, JIPL is implementing green field
project for manufacturing of grey fabrics at Surat and has
planning to start the commercial production from January, 2016.
JIPL is promoted by two promoters led by Mr Rajesh Prahladka and
Mr Sanjay Kejriwal. JIPL has undertaken project to manufacture
grey fabrics with an annual proposed installed capacity of
9,22,000 meters per month at its facilities located at Surat-
Gujarat. The total project cost estimated was of INR21.66 crore
(including margin for working capital of INR1.53 crore) which was
funded through term loan of INR12.54 crore, equity capital of
INR4.78 crore and balance by way of unsecured loans.

Out of the total cost of project, the company had already incurred
the capex of INR3.07 crore (15% of total project cost) till August
24, 2015. The Promoters have already infused equity of INR2.72
crore and have raised unsecured loans of INR0.71 crore.


K K POLYCOLOR: CRISIL Ups Rating on INR90MM Cash Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of K K
Polycolor Asia Limited (KKPA) to 'CRISIL B-/Stable/CRIAIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        7.5       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          90.0       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit     45.0       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Proposed Long Term   37.5       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan            30.0       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects KKPA's timely servicing of term debt
supported by improved liquidity because of adequate cash accrual
vis-a-vis term debt repayment obligation and unsecured loans from
promoters. The company had cash accrual of INR11.2 million in
2014-15 (refers to financial year, April 1 to March 31); cash
accrual in 2015-16 is expected to be sufficient to meet the term
debt repayment obligation of around INR7.3 million maturing during
the year. The promoters had extended unsecured loans of INR9.3
million in 2014-15 in order to support the liquidity.

The ratings reflect KKPA's modest scale of operations in the
fragmented dyes and pigments industry and large working capital
requirements. The ratings also factor in a below-average financial
risk profile because of a small net worth, high gearing, and
below-average debt protection metrics. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

Outlook: Stable
CRISIL believes KKPA will continue to benefit over the medium term
from its promoters' extensive experience in manufacturing calcium
compounds and masterbatches. The outlook may be revised to
'Positive' in case of higher-than-expected accrual, or better
working capital management, or if there is substantial capital
infusion, leading to improvement in the financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
deteriorates, most likely because of lower-than-expected cash
accrual, lengthening of the working capital cycle, or larger-than-
expected debt-funded capital expenditure.

KKPA, incorporated in 2010, is promoted by the Kolkata-based Ladha
family. The company manufactures calcium compounds and colour
materbatches. Its operations are currently managed by its
directors, Mr. Kishore Kumar Ladha and Mr. Kamlesh Kumar Ladha.


KASTURI RAM: CRISIL Lowers Rating on INR75MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Kasturi Ram Science and Technological Park Ltd (KSSTP) to 'CRISIL
D' from 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Term Loan             75         CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects instances of delay by KSSTP in
repayment of its term debt obligations, because of weak liquidity
driven by delay in project execution by more than a year.

KRSTP also has a below-average financial risk profile, marked by
modest net worth, high gearing, and sub-par debt protection
metrics. Besides, the company has a modest scale of operations
with high customer concentration in revenue profile. However, it
benefits from its promoters' extensive experience in the steel
fabrication industry.

Incorporated in 1997 and promoted by New Delhi-based Aggarwal
family, KSSTP is engaging in farming activities. It is
constructing a warehouse for storage of agricultural products in
Sonepat (Haryana). The project is expected to be complete by
October 2015.

KSSTP's net profit for FY2014-15 is estimated at INR1.4 million on
net sales of INR3.95 million for FY2014-15, against net profit of
INR3.78 million on net sales of INR5.97million in FY2013-14.


KAULGUD CONSTRUCTIONS: ICRA Suspends D Rating on INR14.7cr Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]D outstanding on
the INR14.70 Crore Cash Credit facilities and INR2.00 Crore Term
Loan of Kaulgud Constructions Private Limited. ICRA has also
suspended the short term rating of [ICRA]D outstanding on the
INR6.00 Crore non fund based facilities of the company. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


L.B. POLYMERS: ICRA Reaffirms B+ Rating on INR1.0cr Loan
--------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR1.00 crore fund based limits and the short-term rating of
[ICRA]A4 for the INR4.00 crore non-fund based limits of L.B.
Polymers Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limits      1.00       [ICRA]B+/Re-affirmed
   Non-Fund Based
   Limits                 4.00       [ICRA]A4/Re-affirmed

The ratings reaffirmation continues to factor in the limited track
record of operations of the company, its weak financial profile
characterised by low profitability margins and high total outside
liabilities to net-worth ratio. Further, the company's
profitability margins remain exposed to adverse fluctuations in
foreign currency rates, given that imports form ~35-40% of its
total raw material requirements. The ratings also take into
account the high competitive intensity of the petrochemical and
polymer trading business.

The ratings, however, continue to favourably factor in the
longstanding experience of the company's promoters in the polymer
trading business and the low working capital intensity of LBPL's
operations.

L.B. Polymers Private Limited (LBPL) was established in the year
2012 by Mr. Jagdish Tanna. The company is engaged in trading of
petrochemicals and polymers like high-density polyethylene (HDPE),
low-density polyethylene (LDPE), linear low density polyethylene
(LLDPE), poly-vinyl chloride (PVC) and Ethylene vinyl acetate
(EVA). The company procures these polymers from domestic suppliers
as well as imports polymers from suppliers in Dubai, Singapore and
certain European countries and sells them in the domestic market.
The promoters have a long experience in the polymer trading
business through its other group company viz. Lila Polymers
Private Limited (LPPL).

LBPL reported a Profit after Tax (PAT) of INR0.23 crore on an
operating income of INR29.01 crore in FY 2014. For FY 2015, the
company has reported a PAT of INR0.10 crore on an operating income
of INR46.80 crore.


MAA KIRANDEVI: ICRA Cuts to D, Suspends Rating on INR4.0cr Loan
---------------------------------------------------------------
ICRA has downgraded the long term rating assigned to INR2.93
crore1 term loans facilities and INR4.00 crore cash credit
facility of Maa Kirandevi Agro Foods (P) Ltd from [ICRA]B+ to
[ICRA]D. ICRA has also downgraded the short term rating assigned
to the INR0.50 crore non fund based facilities of MKAFPL from
[ICRA]A4 to [ICRA]D. The rating revision primarily takes into
account the delays in debt servicing by the company in the recent
past.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-      2.93        Downgraded from
   Term Loan                          [ICRA]B+ to [ICRA]D
                                      and suspended

   Fund Based Limit-      4.00        Downgraded from [ICRA]B+
   Cash Credit                        to [ICRA]D and suspended

   Non-Fund Based         0.50        Downgraded from [ICRA]A4
   Limit-Bank Guarantee               to[ICRA]D and suspended

ICRA has also suspended [ICRA]D rating assigned to the INR6.93
crore long term loans & working capital facilities and INR0.50
crore short term non fund based facilities of Maa Kirandevi Agro
Foods (P) Limited. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Incorporated in 2010, MKAFPL is engaged in the milling of non-
basmati rice with an installed capacity of 56,160 metric tonne per
annum (MTPA). The company commenced its commercial operations in
June 2012. The company is also engaged in milling of paddy on job-
work for Food Corporation of India (FCI). The manufacturing
facility of the company is located at Pandarsil in the district of
Mayurbhanj, Odisha.


MARUTI CHEMICALS: CRISIL Reaffirms B Rating on INR45MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Maruti Chemicals
Company (MCC) continue to reflect below-average financial risk
profile because of high total outside liabilities to tangible net
worth (TOLTNW) ratio, large working capital requirement, and
modest scale of operations. These weaknesses are partially offset
by promoter's extensive experience in the chemicals industry,
diversified product portfolio, and stabilisation of manufacturing
operations.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           45        CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       7.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.0      CRISIL B/Stable (Reaffirmed)

   Term Loan             11.5      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes MCC will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the firm significantly scales up
operations while improving working capital management. Conversely,
the outlook may be revised to 'Negative' in case of significant
decline in revenue and profitability, or deterioration in capital
structure because of capital withdrawals, or lengthening of
working capital cycle, weakening liquidity.

Update
MCC's sales increased to INR148.5 million for 2014-15 (refers to
financial year, April 1 to March 31) from INR128.1 million in
2013-14 because of manufacturing operations. Operating margin was
8 per cent for 2014-15 and is expected to improve over the medium
term with ramp-up in manufacturing. The plant is located at
Nandesari.

MCC's financial risk profile remained below average because of
small net worth and high TOLTNW ratio of INR20.8 million and 5.6
times, respectively, as on March 31, 2015. Working capital
requirement remained large, with gross current assets of 286 days
as on March 31, 2015.

MCC, set up in 1995 as a proprietorship firm by Ms. Vibha Bhatti
and based in Ahmedabad (Gujarat), trades in industrial chemicals.
In 2014-15, it commenced manufacturing chemicals used in the
pharmaceuticals industry, mainly for bulk drug manufacturing.


NAUVATA ENGINEERING: CRISIL Assigns B- Rating to INR90MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facility of Nauvata Engineering Pvt Ltd (NEPL).

                       Amount
   Facilities        (INR Mln)       Ratings
   ----------        ---------       -------
   Working Capital
   Term Loan             90          CRISIL B-/Stable

The rating reflects NEPL's modest scale of operations, and
constrained financial risk profile because of large loans and
advances to associate entities. These rating weaknesses are
partially offset by its promoter's extensive experience in the
engineering services industry.

Outlook: Stable
CRISIL believes Nauvata will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a significant and
sustained improvement in scale of operations while profitability
is maintained, substantial recovery of funds from other entities,
or fund infusion by the promoters to support future investments
and capital commitments, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in profitability, or substantial
debt contracted to fund future investments in associates and
subsidiaries, or crystallisation of capital commitments leading to
further debt contraction, resulting in weakening of the financial
risk profile.

Nauvata is a leading engineering and project management company.
It mainly provides engineering, designing, and project management
services to oil and gas companies worldwide. It is privately owned
and is based in Bengaluru. The company was originally set up in
2005 by Mr. Ashwin D Raikar and his wife Ms. Meghana Raikar as
Silicon Designs (M) India Pvt Ltd. In 2008, this company was
renamed; 2008-09 (refers to financial year, April 1 to March 31)
was Nauvata's first year of operations.


NBM IRON: ICRA Reaffirms B+/A4 Rating on INR68cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 to the INR68.00 crore letter of credit
facility of NBM Iron & Steel Trading Private Limited. ICRA has
also reaffirmed the short-term rating of [ICRA]A4 to the INR1.36
crore short-term non-fund based facilities of NBM.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Letter of Credit      68.00      [ICRA]B+/[ICRA]A4 reaffirmed
   Credit Exposure
   Limit                  1.36      [ICRA]A4 reaffirmed

The ratings continue to be constrained by weak financial profile
characterized by de-growth in its operating income in FY15, weak
profitability levels and return indicators of the company. The
rating also takes into account the cyclical nature of the user
(steel) industry which could directly impact the off-take and
revenue realisations and the cyclicality associated with the ship
breaking business prospects which remain linked to international
shipping business fundamentals. The ratings continued to be
constrained by vulnerability of profitability to adverse
fluctuations in steel scrap prices and foreign currency exchange
rates. Additionally, the nature of the industry exposes the
company to significant risks with respect to erosion in the value
of inventory. The ship breaking industry is also vulnerable to
uncertainty in the ship breaking industry with increased ship
prices and remains exposed to regulatory risks largely due to
environmental and human rights related issues.
However, the ratings favourably factors in the extensive
experience of the company's promoters in the ship breaking
business and entry barriers for new players on account of Supreme
Court of India's restrictions on new ship breaking yards.

NBM Iron & Steel Trading Private Limited was originally
incorporated in August 1997 as M/s. Hussain Sheth Ship Breakers
Pvt. Ltd., in Bhavnagar. After temporarily suspending ship-
breaking activities, the company was renamed as NBM Iron and Steel
Trading Pvt. Ltd. in 2005 and resumed ship-breaking activities in
2009. Presently, NBM operates from Plot No. 61 at Alang-Sosiya
Ship breaking Yard, Bhavnagar on a lease basis from Gujarat
Maritime Board (GMB). The area of the plot is around 2430 sq
meters.

Recent Results
The company reported net profit of INR0.24 crore on the back of an
operating income of INR92.22 crore in FY15 as compared to a net
profit of INR0.05 crore on an operating income of INR111.55 crore
in FY14.


NEUROGEN BRAIN: ICRA Suspends B+ Rating on INR27cr Loan
-------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR27.00 crore fund based bank facility (Term Loan) of
Neurogen Brain and Spine Institute (NBSI). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


NYSE INFRASTRUCTURE: CRISIL Cuts Rating on INR1.10BB Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
NYSE Infrastructure Pvt Ltd (NYSE) to 'CRISIL D' from 'CRISIL B-
/Stable'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan       1,100       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The rating downgrade reflects instances of delay by NYSE in
servicing its debt. The delays have been caused with the company
not having undertaken the road maintenance as per its concession
agreement, and the subsequent stoppage of annuity payments by
National Highways Authority of India (NHAI).

The company has a low debt-service coverage ratio, and remains
exposed to operational and maintenance risks associated with road
projects. However, it benefits from its promoters' extensive
experience in the construction sector.

NYSE was set up in 2001 as a special-purpose vehicle by Navayuga
Engineering Company Ltd and Soma Enterprises Ltd. The company
constructed a four-lane highway of around 17 kilometres on
National Highway 5, the Chennai-Kolkata section of the Golden
Quadrilateral project. It was a build, operate, and transfer
project on an annuity basis awarded by NHAI.


OVERSEAS TRADERS: ICRA Suspends B+ Rating on INR14cr LT Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings assigned to
the INR18.00 crore bank facilities of Overseas Traders. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based facility         14.00       [ICRA]B+ Suspended

   Short-term non-
   fund based facility     4.00       [ICRA]A4 Suspended

Overseas Traders (OT) is a partnership firm established in 1977
and is engaged in the export of agricultural commodities like
onions, potatoes, tendu (beedi) leaves, fresh fruits and
vegetables. OT has its registered office in Mumbai.


PALAK FERRO: CARE Assigns B+ Rating to INR6.10cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating assigned to bank facilities of
Palak Ferro Alloys.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.10      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of M/s Palak Ferro
Alloys (PFA) is constrained by small size of operations,
volatility in raw material and finished goods prices, customer
concentration risk along with weak financial risk profile
marked by thin profitability margins due to competitive nature of
business, and working capital intensive nature of operations and
weak debt coverage indicators.

The rating is underpinned by the satisfactory experience of the
promoter in ferro alloy industry along with established relations
with customers, strategic location of the plant with proximity to
key raw material sources and diversified product portfolio.

The firm's ability to improve its scale of operations and
profitability margins and debt coverage indicators while managing
working capital cycle effectively are the key rating
sensitivities.

Incorporated in 2008, PFA, is promoted by Rahul Parwani and is
currently engaged in manufacturing of ferro alloys and manganese
oxides. PFA products include ferro maganesium, manganese oxide and
di-oxide, silico magnesium, ferro manganese low carbon, etc. The
firm has its manufacturing facility located at Nagpur,
Maharashtra, with installed capacity of 7,500 metric tons per
annum (MTPA). Ferro alloys find application in the steel industry
whereas manganese oxides are used in the fertilizer industry. The
firm supplies its products in the state of Maharashtra, Punjab,
Gujarat and Delhi directly as well as through agents and brokers.

During FY15, PFA earned a PAT of INR0.14 crore on a total income
of INR17.21 crore as against a PAT of INR0.18 crore on a total
income of INR17.91 crore for FY14.


PRO-ARC WELDING: CRISIL Reaffirms B Rating on INR20MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Pro-Arc Welding and
Cutting Systems Private Limited (Pro-Arc) continue to reflect Pro-
Arc's below-average financial risk profile, marked by a modest net
worth, below-average debt protection metrics, and weak liquidity
resulting from the company's working-capital-intensive operations.
The ratings also factor in the company's small scale of operations
in the competitive metal-cutting equipment industry. These rating
weaknesses are partially offset by the extensive industry
experience of Pro-Arc's promoters and their established
relationships with key customers and suppliers.

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

   Letter of credit
   & Bank Guarantee      35        CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes that Pro-Arc's liquidity will remain constrained
over the medium term because of its working-capital-intensive
operations and small cash accruals. The outlook may be revised to
'Positive' if an improvement in demand results in an increase in
the company's cash generation, along with faster turnaround of
working capital. Conversely, the outlook may be revised to
'Negative' in case of deterioration in Pro-Arc's liquidity due to
substantially low cash accruals, further stretch in its working
capital cycle, or debt-funded capital expenditure.

Incorporated in 1996, Pro-Arc manufactures computer numerical
controlled-metal-cutting machines that operate using plasma or
gas. The company's customers are mainly engineering and
fabrication companies and government entities. Pro-Arc's
manufacturing facilities are based in Pune.


PROPACK INDUSTRIES: CRISIL Ups Rating on INR100MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Propack Industries (Kunal Plastics Private Limited) (Propack) to
'CRISIL B+/Stable' from 'CRISIL B-/Stable', while reaffirming the
rating on the short-term bank facilities at 'CRISIL A4'.

                       Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee         3         CRISIL A4 (Reaffirmed)

   Cash Credit           70         CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Letter of Credit      27.5       CRISIL A4 (Reaffirmed)

   Term Loan            100.0       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that Propack's credit risk
profile will improve over the medium term reflected in its
improving operating efficiency and leverage. The firm's operating
profitability has improved to 7.3 percent in 2014-15 from 2.3
percent in 2012-13 with stabilization of operations under the
extrusion printing and lamination processes. The operating
profitability is expected to remain comfortable at over 7 percent
over the medium term. In addition, the firm has monetized its non-
core assets which has led to prepayment of its term debt
obligation, resulting in an improved capital structure. The firm's
gearing is expected to improve over the medium term in the absence
of any debt funded capex and repayment of term debt instalments.

The ratings reflect Propack's average financial risk profile
because of moderate debt protection metrics and gearing, and
exposure to risks related to fragmentation in the intensely
competitive packaging industry. These rating weaknesses are
partially offset by the promoters' extensive industry experience
and established relationships with customers.

Outlook: Stable
CRISIL believes Propack will continue to benefit over the medium
term from the promoters' extensive industry experience and
established relationships with customers. The outlook may be
revised to 'Positive' if significant growth in revenue, while
maintaining profitability, leads to substantial increase in cash
accrual. Conversely, the outlook may be revised to 'Negative' if
liquidity deteriorates on account of lower profitability or a
stretch in the working capital cycle, leading to an increase in
dependence on external debt.

Propack was set up by the late Mr. Thakorebhai Vashi in 1970 as a
partnership firm, after the retirement of the partners; the
business was taken over by Kunal Plastics Pvt Ltd, which was
promoted by the Vashi family. Propack is equally owned by Ms.
Ameeta Desai, Ms. Alkaben Desai, and Ms. Charulata Patel. The firm
manufactures flexible packaging material for companies in the
fast-moving consumer goods sector.


RACHHPAL AUTO: CARE Assigns B+ Rating to INR8.85cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Rachhpal
Auto Alliance Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.85      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Rachhpal Auto
Alliance Private Limited (RAA) is constrained by its short track
record of operations, stabilisation risk associated with newly
setup showroom, intense competition with regional
concentration and linkage of the business to the fortune of the
OEM with which RAA is associated. The rating, however,
favourably takes into account experienced promoters and
association with established brand name.

The ability of the company to achieve envisaged sales and
profitability while managing working capital requirements
efficiently would be the key rating sensitivities.

RAA was incorporated in September 2014 and promoted by Mr Rachhpal
Singh, Mr Shaminder Singh and Mr Harpreet Singh. The company has
started its business operations in March 2015. RAA is an
authorised dealer of passenger cars of Hyundai Motors India
Limited (HMIL). RAA operates a 3S facility (Sales Spares, Service)
and has a single showroom located in Khanna, Punjab. The company
is catering to the area in and around the region (like Punjab,
Chandigarh, etc). The company has completed the construction of
showroom in March 2015 at a total project cost of INR5.28 crore
which was funded through promoter's contribution of INR3.44 crore
(including INR1.25 crore of equity capital and the remaining
INR2.19 crore as unsecured loans from the promoters & relatives)
and the balance through term debt of INR1.85 crore.

The company has two group concerns, Pal Motor Workshop
(established in 1989 and registered as a 'Maruti Authorised
Service Station') and Pal Motor (a multi brand motor workshop).
In the 10 days of operations for FY15 (Provisional; refers to the
period of April 1 to March 31), RAA reported total income of
INR0.65 crore with PAT of INR0.01 crore. Furthermore, the company
had achieved a total operating income of INR12.23 crore in 5MFY16
(unaudited).


RANGE CERAMIC: ICRA Revises Rating on INR11.54cr Term Loan to D
---------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR6.00
crore cash credit facilities and INR11.54 crore (reduced from
INR12.12 crore) term loan facilities of Range Ceramic Private
Limited from [ICRA]B to [ICRA]D. ICRA has also revised the short-
term rating assigned to the INR2.40 crore non fund based bank
guarantee from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.00       Revised to [ICRA]D
                                     from [ICRA]B

   Term loan             11.54       Revised to [ICRA]D
                                     from [ICRA]B

    Bank Guarantee        2.40       Revised to [ICRA]D
                                     from [ICRA]A4

The rating revision factors in recent instances of delays in
interest servicing by RCPL on term loan as the plant was shut down
for around one month in July 2015 due to a mishap which resulted
in blockage of funds and a stressed liquidity position.

Incorporated in November 2013, Range Ceramic Private Limited
(RCPL) is engaged in manufacturing of digitally printed ceramic
wall tile at Morbi, Gujarat with an installed capacity of 45,000
MTPA. The commercial production of wall tiles commenced from
September 2014. The promoters of the company have experience in
ceramic industry owing to their association with the group
concerns namely Whitegold Ceramic Private Limited, M/s Shyam Gold
Ceramic and Starco Ceramic.

Recent Results
As per audited results for the year ended 31st March, 2015, the
company reported an operating income of INR16.55 crore with profit
after taxes of INR0.38 crore.


RASHMI REALTY: CRISIL Reaffirms B+ Rating on INR320MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Rashmi Realty
Builders Private Limited (RRBPL) continues to reflect geographic
concentration in RRBPL's revenue profile and exposure to
cyclicality in the real estate sector. These rating weaknesses are
partially offset by the established position and brand name in the
Mira-Virar City (MVC) region of Mumbai.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             320       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that RRBPL will continue to benefit over the
medium term from its established position and brand visibility in
the MVC region. The outlook may be revised to 'Positive' if higher
than expected velocity of bookings and construction in the
company's ongoing projects translate into better than anticipated
cash inflows. Conversely, the outlook may be revised to 'Negative'
if it faces time or cost overrun in completion of its projects,
adversely impacting its ability to collect construction-linked
payments from its customers or if there is any increase in
advances given to associate concerns or related parties.

RRBPL was promoted in 2010 by the Bosmiya family of Mumbai and
undertakes development of residential real estate properties. The
Bosmiya family has been undertaking residential and commercial
real estate development projects and broking and contractual
construction since 1993 through its various group companies,
collectively referred to as the Rashmi group. The management of
the group rests with four brothers of the Bosmiya family: Mr.
Deepak Bosmiya, Mr. Yogesh Bosmiya, Mr. Hemendra Bosmiya, and Mr.
Ashok Bosmiya.


SAISREE ENGINEERS: CRISIL Reaffirms D Rating on INR50MM LT Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Saisree Engineers Pvt
Ltd (SSEPL) continue to reflect delays by SSEPL in servicing its
term debt obligation owing to weak liquidity resulting from
stretched working capital cycle.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        50        CRISIL D (Reaffirmed)
   Cash Credit           50        CRISIL D (Reaffirmed)
   Long Term Loan        50        CRISIL D (Reaffirmed)

The ratings also continue to reflect modest scale of operations,
segmental and customer concentration, and weak financial risk
profile because of high gearing and a small net worth. These
weaknesses are partially offset by the promoters' extensive
experience in the civil construction industry.

Incorporated in 2010, Hyderabad-based SSEPL undertakes coal mining
works (digging and dumping) and civil construction works. The
company is promoted by Mr. Suryanarayana Raju and his family.

SSEPL reported a profit after tax (PAT) of INR8 million on net
sales of INR203 million in 2014-15 (refers to financial year,
April 1 to March 31), against a PAT of INR12 million on net sales
of INR236 million in 2013-14.


SELFRIDGES PVT: CRISIL Cuts Rating on INR85MM Cash Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Selfridges Pvt Ltd (SPL) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable' and reaffirmed its rating on the short-term bank
facility at 'CRISIL A4'.

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

   Cash Credit           85        CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Long Term Loan        23.5      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Cash          4.0      CRISIL B/Stable (Downgraded
   Credit Limit                    from 'CRISIL B+/Stable')

   Secured Overdraft      40.0     CRISIL B/Stable (Downgraded
   Facility                        from 'CRISIL B+/Stable')

   Working Capital        27.5     CRISIL B/Stable (Downgraded
   Term Loan                       from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that SPL's liquidity and
financial risk profile will weaken following exit from the
consumer durables distribution business. With 85 per cent of
operating income derived from distributorship business, cash
accruals will decline over the medium term. On the other hand,
maturing debt obligation will be stable as majority of term debt
is in the retailing business, leading to pressure on liquidity.

The ratings reflect SPL's modest scale of operations and its
below-average financial risk profile, marked by a high total
outside liabilities to tangible net worth ratio. These rating
weaknesses are partially offset by extensive experience of SPL's
promoters in retail business.

Outlook: Stable
CRISIL believes that SPL will continue to benefit over the medium
term from its promoters' experience in the retailing business. The
outlook may be revised to 'Positive' if the company's scale of
operations increases significantly along with improvement in its
financial risk profile, most likely on account of increase in cash
accruals or improvement in capital structure. Conversely, the
outlook may be revised to 'Negative' if SPL's financial risk
profile, particularly its liquidity, deteriorates due to
substantial increase in its working capital requirements or a
decline in its profitability leading to low cash accruals.

Set up as a partnership firm in 1993 and reconstituted as a
private limited company in 2003, SPL has been engaged in
distribution and retailing of consumer durables and apparel
retailing across Kerala. The company had distributorship for Sony
consumer durables in 11 district of Kerala. SPL also operates the
branded showrooms for Tanishq Diamond Jewellery and several
marquee apparel brands under franchisee agreements. The company
has exited the distribution business in June 2015 and is likely to
focus on its retail segment. The company is managed by managing
director Mr. S Giridharan and his son Mr. Sujay Giridharan.


SHAMSHREE INT'L: CRISIL Reaffirms B+ Rating on INR49MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shamshree
International Pvt Ltd (SIPL) continue to reflect the weak
financial risk profile with a small net worth, high gearing, and
weak debt protection metrics. The rating also factors in the small
scale of operations. These rating weaknesses are mitigated by the
promoters' extensive experience in the pharmaceutical industry.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           49        CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      45        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the scale of operations and
profitability improve considerably along with improved working
capital management, leading to higher cash accrual and consequent
improvement in liquidity. Conversely, the outlook may be revised
to 'Negative' if the financial risk profile, especially liquidity
weakens because of significantly lower-than-expected cash accrual,
or stretched working capital cycle.

Update
During 2014-15 (refers to financial year, April 1 to March 31),
SIPL has reported a revenue of INR217 million, against INR304
million in 2013-14. SIPL is in the trading of active
pharmaceutical ingredients- antibiotics since around two decades.
CRISIL believes SIPL will sustain its small scale of operations at
INR250-300 million with established customer base over the medium
term. In 2014-15, SIPL's operating margin improved to 7.7 per cent
from 5.42 per cent in 2013-14. The margins remain vulnerable to
volatility in the prices of imported raw material. CRISIL believes
the operating margin will remain at 6-7 per cent over the medium
term. The working capital is marked by gross current assets (GCAs)
of 270 days majorly due to high inventory and receivable levels of
154 days and 110 days, respectively, as on March 31, 2015. CRISIL
believes SIPL's working capital management will improve gradually
with better inventory management, though will remain high with
GCAs of more than 200 days.

The liquidity is marked with high bank limit utilisation of above
95 per cent in the 6 months, through August 2015. SIPL is likely
to generate net cash accrual of INR2.5 million; however the
liquidity is supported by no debt obligation over the near term.
Liquidity is also supported by the absence of any capital
expenditure plans over the medium term. CRISIL believes SIPL's
liquidity will remain adequate over the near term.

SIPL's financial risk profile continues to be weak with modest net
worth of INR46 million, and high gearing of 2.5 times, as on March
31, 2015. The interest coverage was also low at 1.31 times for
2014-15. The financial risk profile is expected to remain weak
over the near term.

SIPL was established in 1997 as a proprietary concern by Mr.
Jatinder Jain. It was reconstituted as a private limited company
in December 2005, with Mr. Jatinder Jain and his wife, Ms. Alka
Jain, as its directors. The company is based in Chandigarh and
trades in active pharmaceutical ingredients.


SHIVA ENERGY: CRISIL Assigns B Rating to INR149MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Shiva Energy Resources Pvt Ltd (SERPL).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        25        CRISIL A4
   Long Term Loan       149        CRISIL B/Stable

The ratings reflect funding and implementation risks associated
with ongoing project, in addition to hydrology risk inherent to
the functioning of hydro-power projects. These weaknesses are
partially offset by long-term fixed price power purchase agreement
(PPA).

Outlook: Stable

CRISIL believes SERPL will implement its ongoing project without
any significant time or cost overruns. The outlook may be revised
to 'Positive' if the project completes within scheduled timelines,
and generates higher-than-expected cash accrual because of an
increase in plant load factor or revenue realisation. Conversely,
the outlook may be revised to 'Negative' if there is any
additional delay in plant commissioning, or significant delays or
defaults by power purchase entities.

SERPL is setting up a 3.5 megawatt hydro power generation power
project. The company is expected to start its commissioning from
2017-18. It has already entered into a 40-year PPA with Himachal
Pradesh State Electricity Board at INR3.8 per unit.


SHRI MUTHURAM: CRISIL Suspends D Rating on INR49.5MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Muthuram Export Pvt Ltd (SMEPL).

                         Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             49.5       CRISIL D
   Long Term Loan          44.9       CRISIL D
   Proposed Long Term
   Bank Loan Facility      38.3       CRISIL D

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

Set up in 1984, SMEPL manufactures grey cotton fabric and cotton
yarn. The company is based in Tamil Nadu, and its day-to-day
operations are managed by its promoter-directors, Mr. M
Theivasigamani, Mr. M Ganeshan, and Mr. M Srinivasan.


SIESTA LAMINATES: ICRA Assigns B Rating to INR4.0cr Cash Loan
-------------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR7.93 crore long term
fund based facilities of Siesta Laminates Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.00        [ICRA]B assigned
   Term Loan              3.93        [ICRA]B assigned

The assigned rating is constrained by start up nature of
operations and limited track record of the promoters in the
laminates industry as well as SLPL's weak financial risk profile
characterized by high gearing and weak coverage indicators and
modest scale of operations. The rating also factors in the
vulnerability of profitability to adverse fluctuations in the
prices of the key raw material and stretched liquidity position of
the company as reflected by nearly fully utilized cash credit
limits owing to high debtors and inventory days. ICRA also takes
note that the domestic laminate industry is constrained by the
high competitive intensity which limits pricing flexibility and
profitability.

The rating, however, takes comfort from the long past experience
of company's promoters in plywood industry for more than three
decades and their long association with related business as well
as the stable demand outlook for decorative laminates due to
rising urbanization in the country.

Incorporated in 2013, Siesta Laminates Private Limited (SLPL) is
engaged in manufacturing decorative laminates sheets having 8 x 4
size having 0.7 mm to 1.0 mm thickness, which are primarily used
in the furniture for surface decoration. The unit is located at
Mehsana District in Gujarat and has a production capacity of 30
lacs sheets per annum. The company is promoted by Mr. Ambalal
Patel who have more than three decades of experience in the
plywood industry by virtue of his association to various plywood
manufacturing and marketing companies. He is supported by his sons
namely Mr. Sunil Patel and Mr. Jayant Patel.

Recent Results
For FY 2015 (provisional financials), the company reported an
operating income of INR15.03 crore and net profit of INR0.67 crore
as against an operating income of INR2.61 crore and net loss of
INR0.86 crore during the 8 months of operations for FY 2014.


SILVER SIGN: CRISIL Reaffirms B Rating on INR30MM LT Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of Silver Sign Pvt Ltd
(SSPL) continue to reflect its modest scale of operations, large
working capital requirements, low profitability, and weak
financial risk profile. These weaknesses are partially offset by
the benefits that SSPL derives from its promoters' extensive
experience in the polyvinyl chloride (PVC) products industry and
its established relationships with major suppliers.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Buyer Credit Limit        50      CRISIL A4 (Reaffirmed)

   Foreign Letter of
   Credit                   100      CRISIL A4 (Reaffirmed)

   Overdraft Facility        20      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        30      CRISIL B/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes SSPL will continue to benefit over the medium term
from its promoters' extensive industry experience and its
established relationships with major suppliers. The outlook may be
revised to 'Positive' in case of significant and substantial
improvement in the company's revenue with stable operating
profitability, or if there is considerable improvement in its
capital structure because of substantial cash accrual or equity
infusion along with steady working capital requirements.
Conversely, the outlook may be revised to 'Negative' if SSPL
reports low cash accrual because of low profitability or large
working capital requirements, resulting in a decline in its
liquidity.

Set up in 2009 by Mr. Arun Kumar Bhaiya, SSPL trades in PVC
products such as PVC flexible plastic sheets (flex), PVC
lamination films, and PVC vinyl. It recently diversified into
importing LED modules. The company has branch offices in Delhi,
Mumbai, Chennai, and Kolkata.


SREE LAKSHMI: CARE Assigns B+ Rating to INR5.0cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Sree
Lakshmi Engineeringworks.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      5.00      CARE B+ Assigned

Rating Rationale
The rating assigned to the bank facilities of Sree Lakshmi
Engineering Works (SLW) is constrained by its small scale of
operations, fluctuating total operating income, stretched
operating cycle, leveraged capital structure and stressed debt
coverage indicators. The rating, however, derives strength from
the qualified and experienced promoters and improvement in
profitability margin during FY15 -Provisional (refers to the
period April 1 to March 31).

The ability of the company to increase its scale of operations,
improve its order book position by bagging new orders, manage its
working capital efficiently and timely completion of projects on
hand are the key rating sensitivities.

Tirupati-based SLW was established by Mr K. Anantha Reddy and his
family members in the year 2001 as a partnership concern. The firm
is engaged in civil works such as water supply works, laying roads
and construction of buildings for government bodies such as
Panchayat Raj and Municipal Corporations which are procured
through tenders. The firm has executed several contracts since its
inception and currently has an order book worth around INR 3.48
crore as on August 24, 2015, to be executed by April 2016.

During FY15, SLW reported a net profit of INR0.05 crore on a total
operating income of INR11.22 crore as against a net profit of
INR0.43 crore on a total operating income of INR21.90 crore in
FY14.


SRI NAGA: CRISIL Raises Rating on INR46.8MM Loan to B-
------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Sri Naga
Nanthana Mills Ltd (SNNML) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Cash Credit          10.0       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term   32.3       CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             9.4       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital      46.8       CRISIL B-/Stable (Upgraded
   Term Loan                       from 'CRISIL D')

The upgrade reflects timely servicing of debt because of improved
liquidity backed by funding support from promoters. Though cash
accrual will be inadequate to meet debt obligation, the company
will meet debt obligation on time, backed by promoters' support.

The ratings reflect below-average financial risk profile because
of small net worth and high gearing, and modest scale of
operations in the fragmented textile industry. These weaknesses
are partially offset by promoters' extensive industry experience.

Outlook: Stable

CRISIL believes SNNML will continue to benefit over the medium
term from promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company reports significant
improvement in revenue while sustaining operating profitability,
resulting in improved cash accrual and liquidity. Conversely, the
outlook may be revised to 'Negative' if revenue or profitability
declines or if promoters withdraw funds, thereby negatively
impacting debt servicing ability.

SNNML was set up in 1983 as a private limited company in
Virudhanagar (Tamil Nadu), and was reconstituted as a closely held
limited company in 1997. It manufactures cotton yarn and polyester
yarn, and its operations are managed by director Mr. Veerachamy.


SUJANA UNIVERSAL: CARE Assigns 'D' Rating to INR475.97cr Loan
-------------------------------------------------------------
CARE assigns 'CARE D' to the bank facilities of Sujana Universal
Industries Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    475.97      CARE D Assigned
   Short term Bank Facilities   363.00      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Sujana Universal
Industries Limited (SUIL) take into account the ongoing delays in
servicing of debt obligations owing to the stretched liquidity
position of the company.

SUIL was incorporated in August 1986 and is a part of the Sujana
group. The company is engaged mainly in trading and processing of
steel products and also derives income from manufacture and sale
of steel bearings, electrical appliances and castings.

SUIL is promoted by Mr Y.S. Chowdhary who has more than 23 years
of experience in manufacturing and trading of steel products. The
Sujana group has diversified business activities with its presence
in construction & structural steel, power transmission & telecom
towers and allied services, energy (generation, distribution,
green energy consulting and manufacture of energy saving LEDs),
basic and urban infrastructure development, precision engineering
components, domestic appliances and international trade. SUIL also
has presence in Singapore, Dubai, Hong Kong, Cayman Island and
Mauritius through its subsidiaries (viz, Pac Ventures Pvt. Ltd.,
Sujana Holdings Ltd., Nuance Holdings Ltd., Sun Trading Ltd.,
and Hestia Holdings Ltd.), all of which are engaged in the trading
activity.

During FY15, SUIL reported total operating income of INR3,260.16
crore (Rs.3,462.67 crore in FY14) with PBILDT of INR113.12 crore
(INR152.71 crore in FY14) and net loss of INR11.94 crore (net loss
of INR6.30 crore in FY14).


SWASTIK REALTY: ICRA Suspends B+ Rating on INR100cr Loan
--------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR100.00 crore fund based limit of Swastik Realty Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


TIRUSHIVAM REALTY: ICRA Suspends B+ Rating on INR9cr Term Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR9 crore term
loan of Tirushivam Realty Pvt. Ltd. (TRPL). The suspension follows
ICRA's inability to carry out a rating surveillance in the absence
of the requisite information from the company.


TULI MOTORS: CRISIL Rates INR60MM Working Capital Loan at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Tuli Motors Private Limited (TMPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Working Capital Loan      60       CRISIL B-/Stable
   Proposed Fund-Based
   Bank Limits               47       CRISIL B-/Stable
   Working Capital
   Facility                  18       CRISIL B-/Stable

The rating reflects TMPL's modest scale of operations and below
average financial risk profile marked by low net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by extensive experience of the promoters in auto dealership
industry.

Outlook: Stable
CRISIL believes that TMPL will continue to benefit from the
extensive experience of the promoters in automobile dealership
industry. The outlook may be revised to 'Positive' in case the
company reports significantly higher than expected revenues and
profitability, along with improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in TMPL's financial risk profile due to
lower than expected cash accruals, higher than expected increase
in working capital requirement or large debt-funded capital
expenditure.

Incorporated in 2012, TMPL is a dealer for Tata Motors Limited's
(TML's) passenger cars. It operates one showroom cum service
station in Delhi. The company is promoted by Delhi based Singh
family. Mr. Arvinder Singh manages its day to day operations.


VAISHNAV CASHEWS: CRISIL Assigns B+ Rating to INR55MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Vaishnav Cashews (VC).

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

The rating reflects VC's modest scale of operations in the
intensely competitive cashew industry and its working-capital-
intensive operations. These weaknesses are partially offset by the
extensive industry experience of the firm's proprietor.

Outlook: Stable

CRISIL believes VC will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of a considerable increase in
revenue and profitability, leading to higher cash accrual and
improvement in the financial risk profile. Conversely, the outlook
may be revised to 'Negative' if revenue or profitability is low,
or the working capital management weakens, or if there is large,
debt-funded capital expenditure, leading to weakening of the
financial risk profile, particularly liquidity.

Set up as a proprietorship firm in 2007, VC processes raw cashew
nuts and sells cashew kernels. The operations of the firm are
managed by the proprietor, Mr. Susheelan Pillai.

VC, on a provisional basis, reported profit after tax (PAT) of
INR4.7 million on net sales of INR279.6 million for 2014-15
(refers to financial year, April 1 to March 31); it had reported
PAT of INR4.6 million on net sales of INR253.5 million for 2013-
14.


WATERBASE LTD: CRISIL Reassigns C Rating to INR152MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the bank facilities of The Waterbase Ltd (TWL)
continue to reflect instances of delay in servicing debt (not
rated by CRISIL) due to a dispute, which is currently under
litigation. The rating reaffirmation is based only on publicly
available information as TWL has not cooperated with CRISIL in its
surveillance process.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          152        CRISIL C (Reassigned)
   Letter of Credit     221.5      CRISIL A4 (Reassigned)
   Letter of Credit     133.8      CRISIL C (Reassigned)

The rating reflects TWL's exposure to risks inherent in the
seafood industry. This rating weakness is partially offset by
benefits derived from promoter's extensive experience in the
shrimp feed industry and the above-average financial risk profile
because of healthy debt protection metrics.

Incorporated in 1992, TWL has shrimp-feed manufacturing and
shrimp-processing units. The operations are managed by Mr. Ashok
Nanjappa.



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


* JAPAN: Nursing Care Bankruptcies Up 50% in Jan-Aug 2015
--------------------------------------------------------
Yuri Teshima and Yuko Ohiro at The Japan News report that there
has been an unusually large number of bankruptcies in the nursing
care industry, which has grown rapidly since the onset of the
super-aging society.

The report relates that too many companies that built housing for
elderly people -- primarily fee-based homes -- adopted a business
model that assumed demand would be there. However, this has
resulted in an employee shortage that has caused many facilities
to struggle.

There are also worries about the quality of care declining, the
report notes.

The Japan News, citing Tokyo Shoko Research Ltd, discloses that
there were 55 bankruptcies in the elderly welfare and nursing care
industry from January to August this year, 50 per cent more than
the same period in 2014.

This year is on pace to be the industry's worst in terms of
bankruptcies since the nursing-care insurance system was launched
in 2000, and contrasts with a trend toward fewer bankruptcies in
the economy overall, the report states.

Half the companies that failed this year are new to the industry,
having been founded in 2010 or later, according to The Japan News.

The report relates that a TSR researcher gave an example of a
construction company from Kanagawa Prefecture that started a
nursing home business.

The firm ran into problems after it tried to expand too rapidly
and was faced with a sharp rise in labour costs, the report
relays.

"The number of businesses sputtering due to worker shortages or
fierce competition has risen," the report quotes the researcher as
saying.

According to the report, an executive at one of the larger
companies in the industry said many more firms did not go
bankrupt, but had sold off businesses due to financial
difficulties.

"Sometimes the operating body changes before the residents even
realise what's happening," the executive, as cited by The Japan
News, said.

Watami Co., which mainly runs izakaya drinking and eating
establishments, has decided to sell its nursing care business, the
report notes.



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


PTT LIMITED: Trader May Have Misled Clients, Receiver Says
----------------------------------------------------------
Hamish Fletcher at The New Zealand Herald reports that a gold and
currency trading firm allegedly part of a "ponzi scheme" told
customers profits were "large and instantaneous" in its sales
pitch, receivers said.

Records from the company, PTT or Prosper Through Trading, suggest
that many clients may not have understood what they were being
sold, the receivers also said, the Herald relates.

According to the report, the Financial Markets Authority in August
went to the High Court to freeze PTT's assets, those of four
associated entities and those of Steven and Lisa Roberston.

The High Court, at time, also appointed PwC as receivers to manage
PTT and the financial affairs of the Robertsons, the Herald
recalls.

The Herald relates that it has since emerged that the FMA holds
serious concerns that the company was running a "fraudulent scheme
designed to obtain money from members of the public".

These concerns, according to a judge, arose from a complaint the
FMA received that Steven Robertson was operating a "ponzi scheme"
through PTT, the report relays.

A report by receivers John Fisk and David Bridgman to the High
Court was made public earlier this month and said Mr. Robertson,
who appears to control PTT, arranged for staff to hold
directorships and shareholdings as nominees for him, the Herald
relays.

About NZ$4.4 million had come into PTT and associated companies
between June 2013 and August this year, which at this point only
had NZ$51,000 of cash, the report, as cited by the Herald, said.

According to the Herald, Mr. Robertson had also accepted loans
from customers and in June made inquiries about putting PTT into
voluntary liquidation.

So far the receivers said that 10 claims have come in seeking
NZ$291,000 and AUD39,000. There are further clients and investors
who are known creditors and yet to file a claim, the receiver's
report said, the Herald relays.

The Herald notes that the receivers also provide details of PTT's
sale pitch to potential clients.

These people were led to believe that significant profits
(specified at up to NZ$50,000) could be made from a NZ$2,000 or
NZ$2,500 starting amount, the Herald discloses.

As reported by the Troubled Company Reporter-Asia Pacific on
Aug. 18, 2015, The Financial Markets Authority (FMA) has obtained
interim asset preservation orders over the assets of PTT Limited,
Steven Robertson and associated entities, from the High Court in
Auckland.  This is part of an ongoing investigation into PTT
Limited. The FMA has concerns that client funds may be at risk and
the company may be operating in breach of financial market
legislation. Neither Mr Robertson nor PTT is registered on the
Financial Services Provider Register.

The High Court has also granted the FMA's application appointing
John Fisk and David Bridgman of PwC as receivers and managers of
PTT Limited and six other associated entities, on a limited basis.



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


DAEWOO SHIPBUILDING: Sees KRW5 Tril. Operating Loss This Year
-------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. is expected to log an operating loss of over
KRW5 trillion (US$4.4 billion) this year, up by some
KRW1 trillion from previous forecasts, industry sources said on
October 22.

According to the report, sources said the outlook follows a recent
audit by the state-run Korea Development Bank (KDB), the main
creditor of the troubled company, which has revealed additional
losses from overseas branches.

Yonhap relates that the shipyard posted an operating loss of
KRW3.03 trillion in the second quarter alone, while it is widely
expected to report an operating loss of KRW1 trillion for the
third quarter.

The informed sources said the additional losses also included a
KRW200 billion loss from an order cancellation, as well as loss
caused by a rise in the general cost of building ships, Yonhap
relays.

They, if confirmed, will bring the company's total operating loss
to KRW5.3 trillion for the year with its net loss expected to
reach KRW4.8 trillion, the sources, as cited by Yonhap, said.

With such a heavy loss, the company's debt ratio is also expected
to reach over 4,000% at the end of the year, Yonhap notes.

According to Yonhap, the government is reportedly devising a
rescue plan for the country's second-largest shipbuilder that will
likely include an injection of additional funds from KDB and other
creditors, as well as a $5-billion refund guarantee on advance
payments made to Daewoo Shipbuilding.

The rescue plan is expected to be announced before the end of the
month and as early as this week, adds Yonhap.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.



                             *********

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

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

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


                            *********


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

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

Copyright 2015.  All rights reserved.  ISSN: 1520-9482.

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

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



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