TCRAP_Public/151104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, November 4, 2015, Vol. 18, No. 218


                            Headlines


A U S T R A L I A

DIGITAL HUB: First Creditors' Meeting Set For Nov. 11
MARTIN PRINT: First Creditors' Meeting Set For Nov. 12
Q & A ENGINEERING: First Creditors' Meeting Set For Nov. 11
TIER 5: Pioneering Dell Partner Goes Into Liquidation

* Australian Disability Support Business Up for Sale


C H I N A

BEIJING CAPITAL: Fitch Hikes Issuer Default Ratings to 'BB+'
CHINA SCE: Moody's to Retain B1 CFR on RMB2 Billion Bond Issuance
KAISA GROUP: Close to Finalising Deal With Onshore Creditors
LONGFOR PROPERTIES: S&P Affirms BB+ CCR; Revises Outlook to Pos.

* CHINA: Factory Activity Shrinks for an Unexpected Third Month
* CHINA: Steel Demand Slumping at Unprecedented Speed
* RLGs' Credit Profiles Weaken on Falling Sales, Moody's Says


I N D I A

ADARSH JAN: CRISIL Assigns 'B' Rating to INR10MM Fund Based Loan
AISHWARYA CHICKEN'S: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
ALANKAR ALLOYS: CRISIL Suspends B+ Rating on INR190MM Term Loan
ANILKUMAR CONSTRUCTION: CRISIL Ups Rating on INR35MM Loan to B-
ARCH INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating

ARIHANT PACKWELL: CRISIL Cuts Rating on INR68.2MM LT Loan to B
ARORA YARN: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
ASAN STEELS: CRISIL Lowers Rating on INR60MM Cash Loan to B-
ASHOKA EDUCATION: CRISIL Suspends B+ Rating on INR120.5MM Loan
BHAGIRATHI OIL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating

BHUSHAN OILS: CRISIL Suspends B+ Rating on INR175MM LT Loan
BLUE WORLD: CRISIL Suspends B+ Rating on INR250MM LT Loan
CLEAR SECURED: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
DARJEELING CEMENTS: CRISIL Suspends 'C' Rating on INR40MM Loan
DARON ENGINEERING: Ind-Ra Assigns 'B-' Long-Term Issuer Rating

DIGICALL TELESERVICES: CRISIL Rates INR150MM Loan at B+
EDIMANNICKAL JEWELLERY: CRISIL Rates INR56MM Cash Loan at B+
ENCORP POWERTRANS: CRISIL Ups Rating on INR50MM Loan to B
GREENLEAF TOBACCO: CRISIL Cuts Rating on INR150MM Loan to C
GUJARAT BOROSIL: Ind-Ra Ups LT Issuer Rating From 'BB'

HAPL OVERSEAS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
J.M. INTERNATIONAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
J.P. RICE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
JAI MATA: CRISIL Lowers Rating on INR50MM Cash Loan to D
KAIRASONS JEMS: CRISIL Assigns B+ Rating to INR60MM LT Loan

KEDIA CARBON: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
KIRPA RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Loan
KSR COTTON: CRISIL Assigns B+ Rating to INR52MM LT Loan
L & D CONSTRUCTION: Ind-Ra Assigns 'B' Long-Term Issuer Rating
LIZER CYLINDERS: Ind-Ra Suspends 'D' Long-Term Issuer Rating

MAA PADMAWATI: CRISIL Reaffirms B Rating on INR111MM Term Loan
MAHAVIR ROLLER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
MANIKESWARI GEMS: CRISIL Reaffirms B+ Rating on INR300MM Loan
MNR DAIRY: CRISIL Lowers Rating on INR250MM Term Loan to D
MS SOLVEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating

NISHANT MARKETING: CRISIL Suspends 'B' Rating on INR50MM Loan
PCM STRESCON: CRISIL Cuts Rating on INR447.8MM LT Loan to 'B'
PP PANDEY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
Q NINETH: CRISIL Assigns 'B+' Rating to INR110MM Cash Loan
RAHAMATH CITY: CRISIL Reaffirms B Rating on INR124.5MM LT Loan

RATHNA STORES: CRISIL Suspends 'D' Rating on INR360MM Cash Loan
REDAN INFRASTRUCTURE: Ind-Ra Withdraws B+ Rating on INR300MM Loan
RESOURCE WORLD: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
ROCK AND STORM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
S. M. AUTOPARTS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'

S. RAJIV: CRISIL Upgrades Rating on INR60MM Loan to B+
SAHAJ FASHIONS: CRISIL Assigns B+ Rating to INR135MM LT Loan
SAND DUNE: CRISIL Suspends B+ Rating on INR250MM Term Loan
SEW VIZAG: Ind-Ra Suspends 'BB+' Rating on INR2,925MM Bank Loans
SIMPLON CERAMIC: CRISIL Assigns 'B' Rating to INR80MM Term Loan

SRI RAJA: CRISIL Suspends 'B' Rating on INR200MM Cash Loan
SUDESH COTTON: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
SUJAY IRRIGATIONS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SUNDARAM MAHADEO: CRISIL Assigns 'B' Rating to INR45MM Loan
SUNLITE INDUSTRIES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating

VEDSIDHA PRODUCTS: CRISIL Cuts Rating on INR195MM Term Loan to B
VISHAL SPONGE: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
VRINDA ENGINEERS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
VSM ENTERPRISES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
WORLD WELFARE: CRISIL Assigns 'B' Rating to INR10MM Bank Loan


N E W  Z E A L A N D

SOUTH CANTERBURY: Judge Slams 'Trumpeting' of SCF Charges


S O U T H  K O R E A

DAEWOO SHIPBUILDING: SK Denies Rumors on Buying Shipbuilder

* SOUTH KOREA: Shipbuilders to Undergo Restructuring


V I E T N A M

VIETNAM: Fitch Affirms 'BB-' LT Issuer Default Ratings


X X X X X X X X

* Asian High-Yield Issuance Falls Sharply in Q3 '15, Moody's Says
* Fitch Says Emerging Asia Exports Weaken, Trailing Other Regions


                            - - - - -


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


DIGITAL HUB: First Creditors' Meeting Set For Nov. 11
-----------------------------------------------------
Richard Albarran and Cameron Shaw of Hall Chadwick Chartered
Accountants were appointed as administrators of Digital Hub Pty
Limited on Oct. 30, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 11, 16 Georges Terrace,
in Perth, on Nov. 11, 2015, at 9:30 a.m.


MARTIN PRINT: First Creditors' Meeting Set For Nov. 12
------------------------------------------------------
Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of Martin Print Pty Ltd on Nov. 2,
2015.

A first meeting of the creditors of the Company will be held at
Level 12, 88 Pitt Street, in Sydney, Nov. 12, 2015, at 11:00 a.m.


Q & A ENGINEERING: First Creditors' Meeting Set For Nov. 11
-----------------------------------------------------------
Sean Wengel and Robert Whitton & Brendan Copeland of William Buck
were appointed as administrators of Q & A Engineering Pty Ltd and
Australian Rail Maintenance Pty Ltd on Oct. 30, 2015.

A first meeting of the creditors of the Company will be held at
William Buck, Level 29, 66 Goulburn Street, in Sydney, on
Nov. 11, 2015, at 10:00 a.m.


TIER 5: Pioneering Dell Partner Goes Into Liquidation
-----------------------------------------------------
William Maher at CRN Australia reports that former Australian Dell
data centre partner Tier 5 has fallen into liquidation with claims
by creditors and employees totalling AUD3.9 million, liquidators
have revealed.

Tier 5, whose managing director is former Hostworks founder Marty
Gauvin, made headlines when it became the first to use Dell's
third generation of its modular data centres in Australia in 2010,
the report says.

CRN Australia discloses that liquidators Peter Lanthois --
planthois@duncanpowell.com.au -- and Christopher Powell --
cpowell@duncanpowell.com.au -- of DuncanPowell were appointed on
September 25 following an attempt made to sell the company after
it went into voluntary administration on May 28.

According to the report, liquidators had not adjudicated on the
claims at the time of writing, but confirmed just over
AUD1 million of the claims were by secured creditors.

The report relates that the liquidators are now realising the
remaining debtors, plant and equipment, settling employee claims
and investigating the company's collapse.

Tier 5 had a launch event for its Adelaide facility in 2010, which
incorporated Dell's modular technology, allowing the snapping
together of components in a "lego block" approach. Dell claimed
the technology could be used to build a fully operational data
centre in 30 days. The systems were easily transported in planes,
trains, ships and trucks, according to Tier 5.


* Australian Disability Support Business Up for Sale
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that expressions of
interest are sought for the sale of a disability support business
that operates in New South Wales and South Australia.

The report says the business is currently under the control of
receivers BRF Ferrier. The sale includes all of the intellectual
property and database of the business. Other assets included in
the sale include 127 residents and 15 facilities, Dissolve.com.au
relates.



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


BEIJING CAPITAL: Fitch Hikes Issuer Default Ratings to 'BB+'
------------------------------------------------------------
Fitch Ratings has upgraded Beijing Capital Land Ltd.'s (BCL) Long-
Term Foreign-Currency and Local-Currency Issuer Default Ratings
(IDR) to 'BB+' from 'BB'. The Outlook is Stable. Fitch has also
upgraded BCL's senior unsecured rating and the ratings on all
outstanding bonds to 'BB+'.

The rating upgrade reflects the stronger linkage between BCL and
its parent, Beijing Capital Group Company Limited (BCG,
BBB/Stable), resulting in a three-notch uplift for BCL's rating
compared with a previous uplift of one notch based on Fitch's
bottom-up approach in line with its Parent and Subsidiary Linkage
rating criteria. However, the standalone profile of BCL has
deteriorated, resulting in a lower standalone rating of 'B+'
compared with 'BB-' previously.

KEY RATING DRIVERS

Stronger Ties to Parent: BCL has been repositioned as the primary
property business platform of BCG, which makes BCL more
strategically important to the parent and the two have tighter
operational cooperation. Furthermore, BCG has provided direct
financial support to BCL over the past year. This includes a
keepwell and equity interest purchase undertaking agreement for
the CNY1.3bn 5.25% notes issued by Beijing Capital Juda, a 65%
owned subsidiary of BCL, and a soon-to-be-completed injection of
CNY3bn via subscription of shares in BCL, which will increase
BCG's stake in the property company to 63.56% from 45.58%.

BCG previously had four property development subsidiaries, but
will consolidate all property assets into BCL in the long run,
making it the only property platform for the group. This change
will allow BCG to realise the value of its vast land bank through
BCL's established property development operation, especially in
the Beijing-Tianjin region. The Beijing government's support to
BCG can effectively flow to BCL as the government's land
injections into BCG will subsequently be developed through BCL.

Weaker Standalone Profile: BCL has continued to execute its fast
expansion strategy in 2015, leading to further deterioration in
leverage. Leverage, as measured by net debt/adjusted inventory, in
1H15 reached almost 75% (2014: 64%) and EBITDA margin dropped
below 10%. (2014: 20%) We expect BCL's leverage to hover around
70% as it continues to expand into 2017, before entering a stable
development stage thereafter.

Rapid Expansion: BCL's contracted sales jumped 26.8% to CNY25bn in
2014, compared with an industry average of -8%. Contracted sales
in January-September 2015 rose 25% from a year earlier to
CNY18.03bn, or 52% of the 2015 target of CNY35bn. BCL's total land
premium rose 66% to CNY19.4bn in 2014, with average land cost of
CNY7,078 per square metre (sqm). BCL also entered Shanghai in 2014
in a bid to penetrate the Yangtze River Delta Region. We expect
BCL to spend CNY25bn a year in the next three years to maintain
the pace of expansion and achieve annual contracted sales growth
of more than 20%.

Tier 1 City Focus: BCL had a land bank of10.9 million sqm
(attributable 8.95 million sqm) at end-2014, among which 80% is
residential (including car parks) and almost 50% located in the
Bohai Rim region. All the new land purchased in 2014 was in five
core cities and Sydney, of which 69% was in Beijing and Shanghai.
BCL's Bohai Rim focus complements its role in developing BCG's
vast land bank in the region. The resilience of property prices in
these cities will also help BCL maintain EBITDA margin at between
15% and 20%, This trend will allow BCL to deleverage quickly from
2018 as the company moves to a stable development stage and
reaches a scale where it can help BCG complete the development of
its land bank.

Sufficient Liquidity: BCL had CNY13.9bn cash (of which CNY3bn was
restricted cash) and CNY37.2bn undrawn bank facilities at end-
2014. We believe the company has enough liquidity because of its
diversified funding channels from both onshore and offshore
capital markets. BCL had an average funding cost of around 7.2% in
2014. We expect BCL to be able to lower funding cost by 0.5pp in
2015, with the help of lower-cost onshore funding and refinancing
of higher-cost offshore bonds and perpetual securities.

KEY ASSUMPTIONS

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

-- Contracted sales reach CNY35bn in 2015 and growth rate of
    around 20% in 2016-2018.
-- Land acquisitions of around CNY25bn each year in 2015-2018,
    excluding land injections from the parent.
-- EBITDA margins to drop in 2015 to below 10% but stay around
    20% afterwards
-- Perpetual bonds treated as minority interests are
    reclassified as debt
-- No valuation gains assumed
-- Interest expenses in the forecast periods are not capitalised

RATING SENSITIVITIES

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

-- Net debt/adjusted inventory leverage sustained above 75%
-- Contracted sales/gross debt sustained below 0.8x (0.6x in
    2014)
-- EBITDA margin falling below 15% on a sustained basis
-- Any signs of weakening linkage with its parent BCG

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

-- Net debt/adjusted inventory leverage sustained below 65%
-- Contracted sales/gross debt sustained above 1x
-- EBITDA margin rising above 20% on a sustained basis

The full list of rating actions is as follows:

Beijing Capital Land Limited

-- Long-Term Foreign-Currency IDR upgraded to 'BB+' from 'BB';

    Outlook Stable
-- Long-Term Local-Currency IDR upgraded to 'BB+' from 'BB';
    Outlook Stable
-- Senior unsecured rating upgraded to 'BB+' from 'BB'

Issued by Central Plaza Development Ltd and guaranteed by BCL
-- 7.6% CNY2bn senior notes due 2015 upgraded to 'BB+' from 'BB'
-- 5.75% CNY3bn senior notes due 2017 upgraded to 'BB+'
    from 'BB'
-- 6.875% CNY250mn senior notes due 2019 upgraded to 'BB+'
    from 'BB'
-- USD1bn medium-term note programme upgraded to 'BB+' from 'BB'


CHINA SCE: Moody's to Retain B1 CFR on RMB2 Billion Bond Issuance
-----------------------------------------------------------------
Moody's Investors Service says that China SCE Property Holdings
Limited's RMB2 billion domestic bond issuance is credit positive,
but will not immediately impact the company's B1 corporate family
rating or B2 senior unsecured bond rating.

The ratings outlook remains stable.

On Oct. 30, 2015, China SCE announced that it completed the
issuance of RMB2 billion in domestic bonds with a term of five
years at a coupon rate of 5.18%.  This is the first tranche of the
total principal amount of up to RMB3.5 billion.

"The issuance will improve the company's liquidity profile, extend
its debt maturity tenors, and lower its borrowing costs," says
Franco Leung, a Moody's Vice President and Senior Analyst, and
also the International Lead Analyst for China SCE.

Moody's expects that the issuance proceeds will be used to
refinance existing borrowings and replenish working capital.

The company's liquidity position will improve following the
issuance of RMB2 billion domestic bonds.

It was preceded by its USD350 million offshore bond issuance in
July 2015.

Its cash balance of RMB3.3 billion at end-June 2015, plus the
proceeds of the bonds issuance, are adequate to cover short-term
debt of RMB5.4 billion and committed land payments in 2H 2015.

China SCE reported a 13% year-over-year increase in contracted
sales of RMB9.0 billion for January-September 2015.  The sales
figure represented approximately 67% of its full-year target of
RMB13.5 billion.  Moody's believes the company is on track to
achieve its contracted sales target.

"The interest rate on China SCE's RMB2 billion in domestic bonds
is 5.18%.  Moody's estimates the weighted average borrowing cost
(including its perpetual instruments) of the company was at around
9.5%-10% during 1H 2015.  Its domestic bonds will therefore mildly
enhance the company's interest coverage metrics," says Cindy Yang,
a Moody's Analyst and also the Local Market Analyst for China SCE.

Moody's expects that China SCE's adjusted EBIT/interest will
register around 2.7x over the next 12-18 months compared with 2.5x
in 2014, based on Moody's expectation of pressured profit margins,
modest increases in debt, and lower borrowing costs.  An adjusted
EBIT/interest of 2.7x would be appropriate for the company's B1
corporate family rating.

China SCE's adjusted EBIT/interest coverage and revenue/debt
ratios are calculated based on Moody's standard adjustments and
the definition stated in Moody's Homebuilding And Property
Development Industry, published in April 2015.

The interest coverage formula is modified for Chinese developers
to substitute "capitalized interest" in the numerator for
"interest charged to cost of goods sold", because interest charged
to cost of goods sold is not disclosed separately in audited
financial statements.  Total debt does not include adjustments for
mortgage guarantees.

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

Founded in 1996, China SCE Property Holdings Limited is a leading
property developer in Fujian Province.  The company has also
expanded to Shanghai, Shenzhen, Nanchang and cities around the
Bohai Rim region, including Beijing, Anshan (Liaoning Province),
Langfang (Hebei province), and Linfen (Shanxi Province), but the
majority of its development projects are in Fujian Province.

The company listed on the Hong Kong Stock Exchange in February
2010, and is 57.6% owned by its chairman, Mr. Wong Chiu Yeung.


KAISA GROUP: Close to Finalising Deal With Onshore Creditors
------------------------------------------------------------
Reuters reports that Kaisa Group Holding is close to finalising a
deal with its onshore creditors, a senior advisor said, days after
the company said its talks with offshore creditors were also
progressing.

Reuters says Kaisa became the first Chinese property developer to
default on its offshore debt payments.  Reuters relates that the
company which owes almost $11 billion, of which $2.5 billion is
due to overseas creditors, is in the midst of debt restructuring
talks which have helped support its bonds.

According to the report, Tam Lai Ling, a senior adviser to the
company and former vice chairman, said Kaisa was in the last
procedural stage in talks with onshore creditors of its Shenzhen
projects.

Finalising an agreement with these creditors would enable Kaisa to
resume sales in the city, its home town, by the end of this year,
Mr. Tam added, Reuters relays.

Reuters says the company has already resumed sales in some cities
including Shanghai and Guangzhou from the middle of this year
after court orders made at its lenders' request were scrapped.

"There are more creditors involved in Shenzhen so it naturally
takes longer time. Negotiations are mostly completed, now we just
need some time to execute the documents," the report quotes
Mr. Tam as saying.

In the past week, as company updated creditors on the debt
restructuring, Kaisa's bonds have risen by up to 5 points. On
November 2, its bonds due 2017 were trading up a quarter of a
point at 66.25-68.25, Reuters notes.

Kaisa's shares have been suspended from trading since March,
according to Reuters.

On October 30, financial publication Debtwire reported that Kaisa
would soon announce a debt restructuring deal with its offshore
bond holders that would give them a net-present-value (NPV)
recovery level of above the low-70s, Reuters recalls.

Kaisa has been re-negotiating on the terms to restructure its
offshore debt after its proposal got rejected by the offshore
bondholders, adds Reuters.

China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.


LONGFOR PROPERTIES: S&P Affirms BB+ CCR; Revises Outlook to Pos.
----------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
China-based property developer Longfor Properties Co. Ltd. to
positive from stable.  At the same time, S&P affirmed its 'BB+'
long-term corporate credit rating on Longfor and the 'BB' issue
rating on the company's outstanding senior unsecured notes.  S&P
also affirmed its 'cnBBB+' long-term Greater China regional scale
rating on Longfor and 'cnBBB' rating on the notes.

"We revised the outlook because we anticipate that Longfor will
continue to smoothly execute its investment property strategy and
increase the stability of its cash flow through high-quality
shopping malls," said Standard & Poor's credit analyst Christopher
Yip.

Longfor aims to significantly increase its recurring rental income
over the next 12-24 months and more than triple the gross floor
area (GFA) of its investment property portfolio in the coming
three to four years.

Longfor's increased recurring rental income is likely to cover a
meaningful portion of its total interest expenses in the next two
years.  S&P expects the coverage ratio to be about 50% in 2015 and
60%-70% in 2016.  Through the focused and steady implementation of
its investment property strategy, Longfor has opened 15 properties
in the higher-tier cities of Beijing, Chongqing, Chengdu, and
Xi'an, with total GFA of 1.25 million square meters.

Longfor's steady execution and management expertise should temper
the execution risks from the substantial growth of its investment
properties, in S&P's view.  The company has a decent track record
of maintaining an occupancy ratio of over 90%, good tenancy
retention, and high traffic and asset quality.

S&P continues to view Longfor's established market position and
good brand recognition in China as supportive of its
"satisfactory" business risk profile.  The company's projects and
land reserves are geographically diverse and should support
moderate sales growth.  Longfor's land bank is well diversified in
23 cities across all regions of China.

S&P believes Longfor's EBITDA margin will remain steady for the
coming two years because the company is focusing its projects on
tier-one and leading tier-two cities, where it can sustain
relatively high margins.  As of the end of the first half of 2015,
land costs accounted for about 20% of the average selling price.

S&P expects Longfor's leverage to remain stable over the next two
years, with a debt-to-EBITDA ratio of 3.5x-4.0x and EBITDA
interest coverage of nearly 5.0x.  Longfor's "significant"
financial risk profile is also underpinned by its disciplined
financial management, solid banking relationships, good standing
in the capital markets, and competitive funding costs compared
with similarly rated peers'.

S&P may revise the outlook to stable if: (1) Longfor's rental
income growth is materially weaker than S&P's expectation such
that its rental income coverage of interest expenses is less than
0.5x; (2) its sales and profit margins are materially lower than
S&P's expectation; or (3) the company's debt-funded expansion is
more aggressive than S&P anticipated, such that its debt-to-EBITDA
ratio is higher than 4x.

S&P may raise the rating if Longfor: (1) steadily executes its
investment property portfolio, maintains its high occupancy ratio
and good asset quality, and demonstrates a record of retaining
tenancy, such that its recurring rental income is materially over
0.5x of total interest expenses; (2) maintains satisfactory
profitability while increasing sales; and (3) maintains
disciplined financial management during its business growth.


* CHINA: Factory Activity Shrinks for an Unexpected Third Month
---------------------------------------------------------------
Reuters reports that activity in China's manufacturing sector
unexpectedly shrank for a third straight month in October, an
official survey showed on November 1, fuelling fears that the
economy may be cooling further in the fourth quarter despite a
raft of stimulus measures.

According to Reuters, the official Purchasing Managers' Index
(PMI) was at 49.8 in October, the same pace as in previous month
and lagging market expectations of 50.0.

A reading over 50 points suggests an expansion in activity while
one below that level points to a contraction on a monthly basis,
the report notes.

Data last week showed the world's second-largest economy grew
6.9% between July and September from a year earlier, dipping below
7% for the first time since the global financial crisis, though
some market watchers believe current growth is much weaker than
government figures suggest, according to Reuters.

Reuters says to shore up growth, the government has cut interest
rates six times since November and lowered the amount of cash that
banks must hold as reserves four times this year. The latest cut
in interest rates and banks' reserve requirement came in late
October.

Beijing has also ramped up infrastructure spending and eased
restrictions on home purchases to revive the flagging property
market, adds Reuters.


* CHINA: Steel Demand Slumping at Unprecedented Speed
-----------------------------------------------------
Bloomberg News reports that if anyone doubted the magnitude of the
crisis facing the world's largest steel industry, listening to Zhu
Jimin would put them right, fast.

Demand is collapsing along with prices, banks are tightening
lending and losses are stacking up, the deputy head of the China
Iron & Steel Association said on October 28, Bloomberg relates.

"Production cuts are slower than the contraction in demand,
therefore oversupply is worsening," said Zhu at a quarterly
briefing in Beijing by the main producers' group, Bloomberg
relays. "Although China has cut interest rates many times
recently, steel mills said their funding costs have actually gone
up."

According to Bloomberg, China's mills -- which produce about half
of worldwide output -- are battling against oversupply and sinking
prices as local consumption shrinks for the first time in a
generation amid a property-led slowdown. Bloomberg relates that
the fallout from the steelmakers' struggles is hurting iron ore
prices and boosting trade tensions as mills seek to sell their
surplus overseas. Shanghai Baosteel Group Corp. forecast last
month that China's steel production may eventually shrink
20%, matching the experience seen in the U.S. and elsewhere,
Bloomberg relates.

"China's steel demand evaporated at unprecedented speed as the
nation's economic growth slowed," Bloomberg quotes Mr. Zhu as
saying. "As demand quickly contracted, steel mills are lowering
prices in competition to get contracts."

Medium- and large-sized mills incurred losses of CNY28.1 billion
($4.4 billion) in the first nine months of this year, Bloomberg
reports citing a statement from CISA. Steel demand in China shrank
8.7% in September on-year, it said.

Bloomberg says signs of corporate difficulties are mounting.
Producer Angang Steel Co. warned this month it expects to swing to
a loss in the third quarter on lower product prices and foreign-
exchange losses. The company's Hong Kong stock has lost more than
half its value this year. Last month, Sinosteel Co., a state-owned
steel trader, failed to pay interest due on bonds maturing in
2017, Bloomberg recalls.

Bloomberg, citing official data, discloses that crude steel output
in the country fell 2.1% to 608.9 million tons in the first nine
months of this year, while exports jumped 27% to 83.1 million
tons. Steel rebar futures in Shanghai sank to a record on October
28 as local iron ore prices fell to a three-month low.

China's mills face some of their worst conditions ever and the
vast majority are losing money, Citigroup Inc. said in September,
Bloomberg recalls. The outlook is the worst ever amid
unprecedented losses, Macquarie Group Ltd. said last month.

China's steel production may contract by a fifth should the
country's path follow the Europe, the U.S. and Japan, Shanghai
Baosteel Group Chairman Xu Lejiang told reporters in Shanghai last
month, Bloomberg reports. The company is China's second-largest
mill by output.

"Financing remains an acute problem as banks strictly restricted
lending to the steel sector," Mr. Zhu, as cited by Bloomberg,
said. "Many mills found their loans difficult to extend or were
asked to pay higher interest."


* RLGs' Credit Profiles Weaken on Falling Sales, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says the fiscal and debt metrics of
Chinese regional and local governments (RLGs) are under pressure
from a decline in land sales triggered by the country's economic
slowdown.

"In this environment, some RLGs may seek to offset the decline
through more efficient management of their fiscal resources, while
others may take advantage of improved RLG access to bond financing
and bank loans, thereby increasing their debt levels," says
Nicholas Zhu, a Moody's Vice President and Senior Analyst.

"Furthermore, RLG tax receipts and central government transfers
that depend on tax collection are unlikely to compensate for
falling land sales, as revenues from these sources are likely to
also slow in line with the broader Chinese economy," adds Zhu.

Moody's conclusions are contained in a just-released report titled
"Falling Land Sales to Weaken Chinese RLGs' Credit Profile," and
is authored by Zhu.

Moody's notes that the RLGs' proceeds from land sales - which
accounted for 23.8% of their total revenues of RMB17.9 trillion in
2014 - had fallen 34.7% year-on-year to RMB2 trillion in the first
three quarters of 2015.  This result compares with growth of 3.1%
and 45% in 2014 and 2013 respectively.

Moody's says that the deterioration will weigh on the RLGs'
revenues and weaken their fiscal and debt metrics.  And, if
sustained over the next 2-3 years, the decline in land sales could
have a material impact on the RLG sector's creditworthiness.

Furthermore, national investment growth slowed to 10.3% year-on-
year in the first three quarters of 2015, compared with 15.7% in
the same period of 2014, partly because of this fall in the
proceeds from land sales.

RLGs are responsible for much of China's infrastructure investment
and rely largely on land sales to fund it.

At the same time, Moody's does not see a near-term rebound in land
sales, while a recent stabilization of the housing market is
unlikely to lead to a rapid recovery in land sales, as housing
inventory levels remain very high.

Subscribers can access the report at:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_1006979

The report may also be found through this link to Moody's topic
page titled China - Reform and Rebalancing at:

http://www.moodys.com/chinarebalancing

The topic page provides subscribers with a centralized source for
Moody's research related to key credit issues in China, as the
country's rebalancing story unfolds.

Recent Moody's publications relating to China Reform and
Rebalancing include:

   -- China Property Focus - October 2015
   -- Inside China - October 2015
   -- Chinese Banks: China's Latest Rate and RRR Cuts Are
      Positive for Bank Liquidity
   -- Property - China: Developers' Increasing Use of JVs Lowers
      Corporate Transparency
   -- Asset Managers Get a Boost from China Access
   -- Chinese Auto ABS: Delinquencies Stable in Q2 2015, but
      Likely to Increase Slightly
   -- Slower Growth and Rising Credit Risk Are Symptoms of
      Rebalancing
   -- Chinese Bank - Latest Results and Performance Trends
     (Presentation)
   -- China's Life Insurance Reform Is Credit Negative for
      Insurers
   -- Property- China: Reduced Down-Payment Requirement Is Credit
      Positive for Developers


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


ADARSH JAN: CRISIL Assigns 'B' Rating to INR10MM Fund Based Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Adarsh Jan Kalyan Evam Shiksha Samiti (AJKESS).

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

The rating reflects the society's average financial risk profile
because of a weak cash flow and a large receivable cycle. This
weakness is partially offset by AJKESS's track record of
implementation of various social welfare development schemes.
Outlook: Stable

CRISIL believes AJKESS's credit profile will remain constrained on
account of its small scale of operations and low cash accrual. The
outlook may be revised to 'Positive' if there is a significant
increase in the society's scale of operations and cash accrual
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if AJKESS reports a
decline in its income or cash accrual or in case of any large,
debt-funded capital expenditure leading to pressure on its
financial risk profile.

AJKESS, set up as a not-for-profit society, is managed by its
secretary Mr. P D Tripathi and president Mr. Rajdutt Tiwari.
Located in Lucknow district (Uttar Pradesh), the society is
engaged in various schemes operated by the state and central
governments in Lucknow and surrounding areas. The schemes include
providing hot cooked food in anganwadi centres under the scheme of
Integrated Child Development Services (ICDS) department, free
meals under the Mid-Day meal scheme, and other government-mandated
schemes. The society is also operating Adarsh Shiksha Mandir
School.


AISHWARYA CHICKEN'S: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Aishwarya
Chicken's Long-Term Issuer Rating of 'IND B(suspended)'.  The
agency has also withdrawn the Long-term 'IND B (suspended)' and
Short-term 'IND A4(suspended)' ratings on the company's
INR55 mil. fund-based limits.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Aishwarya Chicken.  Ind-Ra suspended Aishwarya
Chicken's ratings on Feb. 23, 2015.


ALANKAR ALLOYS: CRISIL Suspends B+ Rating on INR190MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Alankar Alloys Pvt Ltd (AAPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           130        CRISIL B+/Stable
   Proposed Cash
   Credit Limit          100        CRISIL B+/Stable
   Term Loan             190        CRISIL B+/Stable

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

AAPL, based in Raipur (Chhattisgarh), was acquired by Mr. Lalit
Kumar Agrawal in June 2011. The company manufactures thermo-
mechanically treated (TMT) steel bars.


ANILKUMAR CONSTRUCTION: CRISIL Ups Rating on INR35MM Loan to B-
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Anilkumar Construction Company (ACC) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'  driven by timely servicing of debt
obligations, supported by improvement in turnover and cash
accrual.

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         20         CRISIL A4 (Upgraded from
                                     'CRISIL D')

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

   Term Loan               8.9       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D')

The ratings reflect ACC's below-average financial risk profile
because of modest net worth, high gearing and weak debt protection
metrics, and modest scale of operations coupled with geographic
concentration in revenue profile. These rating weaknesses are
partially offset by the promoters' extensive experience in the
civil construction industry and healthy order book.
Outlook: Stable

CRISIL believes ACC will continue to benefit over the medium term
from its promoters' extensive experience in the civil construction
industry and healthy order book. The outlook may be revised to
'Positive' if the company reports large accrual, on the back of
significant increase in revenue. Conversely, the outlook may be
revised to Negative' if ACC's financial risk profile, particularly
liquidity, weakens owing to a decline in accrual or stretch in
working capital cycle or a large debt-funded capital expenditure.

ACC, set up in 1984 by Mr. Anilkumar Gulati and Mr. R B Bhalekar
in Nashik (Maharashtra), undertakes road construction activities
in the city for various government agencies. After the demise of
Mr. Anilkumar Gulati in 1992, Mrs. Vineeta Bhalekar, Mr. L A
Gulati, Mr. R A Gulati, Mr. S K Jagtap, and Mr. P M Hiraskar were
introduced as partners into the firm.


ARCH INFRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arch Infra
Properties Private Limited a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable.  The agency has also assigned the company's
proposed INR250 mil. long-term loan a 'Provisional IND BB-' rating
with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the nascent stage of AIPPL's project resulting
in the associated time and cost overrun risks.  The company's
residential project Starwood in Kolkata is still under
construction and is likely to be completed by Dec. 2018.  The
ratings also consider the high dependence of AIPPL on customer
advances for the completion of the project; so, any delays in
receiving advances could affect the progress of the project.

The ratings are supported by AIPPL's promoter's over 10 years of
experience of completing several projects in Kolkata.

RATING SENSITIVITIES

Positive: Timely project completion within the projected cost
outlay will be positive for the ratings.

Negative: Any delays or cost overruns in the project will lead to
a negative rating action.

COMPANY PROFILE

AIPPL was incorporated in 2008 for the development of residential
project Starwood in Chinar Park, Kolkata.  Mr Jugraj Kothari,
Prashant Vashistha and Harish Kumar Giria are the directors of the
company.  The directors belong to Arch Group which was established
in 2005.  Rajendra Kumar Sarogi, Rabindra Bacchawat, Lalit Kumar
Jain and Rajesh Osatwal are the promoters of the Arch Group.  The
company has a registered office in Park Street, Kolkata and a
corporate office in AJC Bose Road, Kolkata.


ARIHANT PACKWELL: CRISIL Cuts Rating on INR68.2MM LT Loan to B
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Arihant Packwell to 'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             40       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term      68.2     CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan               16.8     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects CRISIL belief that Arihant's liquidity will
remain stretched  as expected net cash accruals of more INR5
million will be tightly matched against maturing  term debt
obligation of INR4.7 million during 2015-16 (refers to financial
year, April 1 to March 31). CRISIL believes  Arihant's liquidity
is also constrained because of high bank limit utilisation of 92
per cent over the 12 months through August 2015, primarily on
account of large working capital requirement marked by gross
current assets of 117 days as on March 31, 2015.

The rating reflects working-capital-intensive and small scale of
operations, and geographic concentration of customers in Baddi
(Himachal Pradesh). These weaknesses are partially offset by
partners' extensive experience in the end-user (pharmaceuticals)
industry and healthy relationships with key customers.
Outlook: Stable

CRISIL believes Arihant will continue to benefit over the medium
term from partners' extensive industry experience. The outlook may
be revised to 'Positive' if the firm significantly increases
revenue while maintaining profitability, leading to healthy cash
accrual. Conversely, the outlook may be revised to 'Negative' if
working capital cycle lengthens, or significant capital withdrawal
results in lower-than-expected cash accrual, or if the firm
undertakes any large debt-funded capital expenditure programme,
weakening financial risk profile.

Arihant was set up as a partnership firm in 2006 by Mr. Ravi Jain
and Mr. Abhay Jain in Chandigarh. The firm manufactures packaging
material for pharmaceuticals and for writing pads and notebooks
for doctors. Its manufacturing facility is in the Baddi special
economic zone.


ARORA YARN: CRISIL Reaffirms 'B' Rating on INR35MM Cash Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities Arora Yarn Pvt Ltd (AYPL)
continue to reflect AYPL's weak financial profile driven by high
debt, working-capital-intensive and small scale of operations in a
highly fragmented market. These rating weaknesses are mitigated by
the benefits that AYPL receives from its promoter's extensive
experience in the textile industry and established relationships
with the customers.

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              35       CRISIL B/Stable (Reaffirmed)
   Letter of Credit         15       CRISIL A4 (Reaffirmed)
   Standby Line of Credit    3       CRISIL B/Stable (Reaffirmed)
   Term Loan                15.6     CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that AYPL will continue to benefit over the medium
term from its promoter's extensive industry experience and
established relationships with key customers. However, the
financial risk profile is expected to remain weak on account of
anticipated high debt levels. The outlook may be revised to
'Positive' if the company enhances its capacity utilisation levels
or its promoters infuse funds, thus improving its capital
structure. Conversely, the outlook may be revised to 'Negative' if
low profitability leads to low cash accruals, or poor working
capital management.

AYPL was taken over by the present management in 2009 from B J
Woollens Pvt Ltd. The company is managed by Mr. Krishan Kumar
Arora. AYPL manufactures woollen yarn at its plant in Bikaner
(Rajasthan). The company also has its branches at Panipat
(Haryana) and Badhoi (Uttar Pradesh).


ASAN STEELS: CRISIL Lowers Rating on INR60MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Asan Steels Pvt Ltd (ASPL) to 'CRISIL B-/Stable' from 'CRISIL
B+/Stable'.

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

   Term Loan               25       CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects deterioration in ASPL's business
risk profile in 2014-15 (refers to financial year, April 1 to
March 31). Operating margin deteriorated to a negative 10 per cent
in 2014-15 from a negative 4.4 per cent the previous year, owing
to decline in ingot prices, and therefore, lower fixed cost
absorption. The company had operating income of INR430 million in
2014-15, and INR200 million for the six months through September
2015. The cash accrual of INR3.9 million for 2014-15 was
inadequate to service debt of INR5.0 million maturing during the
year. However, income of INR55 million from speculative trading,
and infusion of interest-free unsecured loans by the promoters
supported the debt servicing. The business risk profile is
expected to remain weak over the medium term, given the weak
demand scenario in the steel sector.

The rating reflects ASPL's modest scale of operations with low
profitability, and susceptibility to volatility in steel prices.
The rating also factors in the company's below-average financial
risk profile, marked by a modest net worth, moderate gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of ASPL's promoters
in the steel industry, and the funding support it receives from
them.
Outlook: Stable

CRISIL believes ASPL will continue to benefit over the medium term
from the promoters' extensive industry experience and funding
support. The outlook may be revised to 'Positive' in case of
significant improvement in the company's scale of operations and
profitability, leading to substantial cash accruals. Conversely,
the outlook may be revised to 'Negative' if low cash accrual or a
substantial increase in working capital requirement results in
deterioration in ASPL's liquidity.

Incorporated in 2009, ASPL has been manufacturing mild-steel
ingots since November 2012. The company has also established a
forging unit, where the commercial production commenced in June-
July 2013. It was acquired by its current promoter, Mr. Ram Dular
Gupta, in September 2012 from its founder promoters, Mr. Suresh
Agarwal and his family. ASPL is headquartered in Kolkata (West
Bengal) and its facilities are in Khasar (Chhattisgarh).


ASHOKA EDUCATION: CRISIL Suspends B+ Rating on INR120.5MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Ashoka Education Foundation (AEF).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              2.5       CRISIL B+/Stable
   Long Term Loan         120.5       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      79.5       CRISIL B+/Stable

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

Established in 2005, AEF operates six educational institutions.
The main institution, Ashoka Universal School, in Nashik,
contributes around 80 per cent of AEF's total revenues. The school
is affiliated to the Council for Indian School Certificate
Examination.  AEF was promoted by Mr. Ashok Katariya, promoter of
Ashoka Buildcon Ltd (rated 'CRISIL AA-/Stable/CRISIL A1+'). AEF
also provides graduate and postgraduate courses in business
management. The society has also launched new graduate and
postgraduate courses in management and education in 2013-14.


BHAGIRATHI OIL: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhagirathi Oil
Industry's (BOI) Long-Term Issuer Rating 'IND B+(suspended)'.  The
agency has also withdrawn the Long-term 'IND B+(suspended)' rating
on the company's INR52.5 mil. long-term loan.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for BOI.

Ind-Ra suspended BOI's ratings on March 13, 2015.


BHUSHAN OILS: CRISIL Suspends B+ Rating on INR175MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Bhushan
Oils and Fats Pvt Ltd (BOFPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            30         CRISIL B+/Stable
   Foreign Letter of
   Credit                 60         CRISIL A4
   Proposed Long Term
   Bank Loan Facility    175         CRISIL B+/Stable
   Term Loan              35         CRISIL B+/Stable
   Working Capital
   Demand Loan            50         CRISIL B+/Stable

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

BOFPL was set up in 1998 as a partnership firm by Mr. Balbir Gupta
and his three sons and was reconstituted as a private limited
company in 2000. The company refines and trades in edible oil
including cotton seed oil, sunflower oil, soya bean oil and
mustard oil. The company's plant is in Ambala (Haryana).


BLUE WORLD: CRISIL Suspends B+ Rating on INR250MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Blue World Corporation Private Limited (BWPL).

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term       250        CRISIL B+/Stable
   Bank Loan Facility

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

Incorporated in 2010, BWPL is owned and managed by Mr. P K Mishra.
It is developing an amusement-cum-water park in Kanpur (Uttar
Pradesh). The total cost of the project is estimated at INR750
million; the project is expected to be completed by November 2014
with commercial operation starting from March 2015.


CLEAR SECURED: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Clear Secured
Services Pvt Ltd's (CSSPL) Long-Term Issuer Rating of
'IND BB(suspended)'.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
CSSPL.

Ind-Ra suspended CSSPL's rating on Jan. 13, 2015.


DARJEELING CEMENTS: CRISIL Suspends 'C' Rating on INR40MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Darjeeling Cements Ltd (DCL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            40         CRISIL C
   Proposed Long Term
   Bank Loan Facility      4.8       CRISIL C
   Term Loan              25         CRISIL C

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

Incorporated in 1997 by four Siliguri (West Bengal)-based
businessmen, DCL is a closely held public limited company, which
manufactures portland pozzolana cement. In 2005, the company was
acquired by Mr. Ajay Kumar Gupta and his family. DCL sells its
products under the registered brand, Himali.


DARON ENGINEERING: Ind-Ra Assigns 'B-' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Daron Engineering
Private Limited (DEPL) a Long-Term Issuer Rating of 'IND B-'.  The
Outlook is Stable.  The rating actions on DEPL's bank loans are:

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
  Long-term loans        35.00        Assigned 'IND B-'/Stable

  Fund-based working     20.00        Assigned 'IND B-'/
   capital limits                     Stable; 'IND A4'

KEY RATING DRIVERS

The ratings reflect DEPL's lack of operational track record as the
company is in the testing phase and commercial operations are
likely to commence later in 2HFY16.  Liquidity is comfortable as
the fund-based working capital facility is yet to be utilized.

While the interest is being serviced on time, the principal
repayments for the term loans availed will start from April 2016.

RATING SENSITIVITIES

Positive: The stabilization of operations leading to a substantial
improvement in the projected revenue and profitability will lead
to positive rating action.

Negative: Failure to scale up operations leading to stressed
liquidity position will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2011, DEPL offers complete turnkey solutions from
conceptualisation to designing and building structures for
industrial usage with top to bottom erection processes.


DIGICALL TELESERVICES: CRISIL Rates INR150MM Loan at B+
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Digicall Teleservices Pvt Ltd (DTPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              23.6      CRISIL B+/Stable
   Overdraft Facility    150        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     26.4      CRISIL B+/Stable

The rating reflects DTPL's modest scale of operations in the data
processing & outsourced services industry and below-average
financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the promoters' extensive
industry experience and established relationships with clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTPL and its subsidiary Digicall Global
Private Limited (DGPL), together referred to as the Digi Group.
This is because both entities are in the same line of business and
have common infrastructure.
Outlook: Stable

CRISIL believes DTPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant and sustained
improvement in revenue and profitability leading to high than
expected net cash accruals along with improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a significant decline in revenue or profitability
margins, or a stretch in the working capital cycle, or any large
debt-funded capital expenditure, leading to deterioration in the
financial risk profile and liquidity.

DTPL was incorporated in 1994 and is engaged in providing the full
range of inbound, outbound, back-office service solutions across
multiple domains and various industry verticals such as telecom,
BFSI, retail, travel, hospitality, healthcare, etc. It is owned by
Media Matrix Worldwide Ltd (74.44 per cent shareholding) and Media
Matrix Holding Pvt Ltd (25.56 per cent).


EDIMANNICKAL JEWELLERY: CRISIL Rates INR56MM Cash Loan at B+
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Edimannickal Jewellery (EJ).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit             56         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      43         CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive gold jewellery retail segment, and below
average financial risk profile, because of small net worth and
subdued debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive experience in the
jewellery business.
Outlook: Stable

CRISIL believes EJ will continue to benefit over the medium term
from its promoters' extensive experience in the gold jewellery
business in central Kerala. The outlook may be revised to
'Positive' if EJ significantly improves its cash accrual leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative' if the firm's financial risk profile weakens
because of low revenue or profitability, or a large debt-funded
capital expenditure.

EJ, set up as a partnership firm by Mr. E T Jose and his brother
Mr. Thomas Mathew in 1989, is a retailer of gold jewellery.  It
owns a shop in Ranni (Kerala). The day to day operations are
managed by Mr. Thomas Mathew.


ENCORP POWERTRANS: CRISIL Ups Rating on INR50MM Loan to B
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Encorp Powertrans Pvt Ltd (Encorp) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.

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

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

The rating upgrade reflects the improvement in Encorp's business
risk profile driven by a substantial and sustained increase in
scale of operations, while maintaining its profitability margins.
The upgrade also reflects the increase in net worth, which has
enhanced its financial flexibility, and the subsequent improvement
in its capital structure. CRISIL believes Encorp will sustain the
improvement in its financial risk profile over the medium term on
the back of consistent growth in its net worth and absence of any
large debt-funded capital expenditure (capex) programme.

Encorp's revenue registered year-on-year growth of 59 per cent to
INR282 million in 2014-15 (refers to financial year, April 1 to
March 31), and its operating profit margin remained stable at 11
per cent. CRISIL believes the company will register annual revenue
growth of around 33 per cent over the medium term supported by its
healthy order book of INR436 million (1.5 times its 2014-15
revenue) as on August 31, 2015. The operating profit margin of the
company is also expected to remain stable at 10 per cent over the
medium term, as it will continue to prudently bid for building its
order book.

Encorp's net worth increased to INR57 million as on March 31,
2015, from INR24 million as on March 31, 2014 on the back of
moderate accretion to reserves. Consequently, its gearing is
estimated to decline to 1.8 times as on March 31, 2015, from 3.2
times as on March 31, 2014. The gearing of the company is expected
to further decline to around 1.5 times as on March 31, 2016
supported by consistent growth in its net worth and absence of any
large, debt-funded capex programme.

The rating reflects large working capital requirements, and its
modest scale of operations in the intensely competitive tower
fabrication and galvanising industry. The rating of the  company
is also constrained on account of its average financial risk
profile, marked by its small net worth, high gearing, and below-
average debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the power transmission sector, and its established
relationships with customers.
Outlook: Stable

CRISIL believes Encorp will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers. The outlook may be
revised to 'Positive' if there is sustained improvement in the
company's working capital management, or there is better-than-
expected improvement in its capital structure on the back of
sizeable equity infusion by its promoters. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
Encorp's profitability margins, or significant deterioration in
its capital structure caused most likely by a stretch in its
working capital cycle.

Encorp was set up in 2010 by Mr. Rahul Nowal and his brother Mr.
Vinay Nowal. The company is engaged in fabrication of power
transmission towers. It also undertakes galvanisation work for
fabricated steel structures. The company's manufacturing facility
is at Tarapur (Maharashtra).


GREENLEAF TOBACCO: CRISIL Cuts Rating on INR150MM Loan to C
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Greenleaf Tobacco Threshers Limited (Greenleaf) to 'CRISIL C' from
'CRISIL BB/Stable'.

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Export Packing Credit     150       CRISIL C (Downgraded
                                       from 'CRISIL BB/Stable')

The rating downgrade reflects instances of delay by Greenleaf in
servicing its term loan (not rated by CRISIL). The delays were due
to the company's weak liquidity, with its depressed cash accruals
being inadequate to meet its term debt repayment obligations.
Furthermore, there was an absence of timely funding support from
its promoters.

Greenleaf also has large working capital requirement, and
profitability margins are susceptible to volatility in tobacco
prices and foreign exchange rates; the rating also factors in the
company's exposure to intense competition and regulatory risks in
the tobacco industry. However, Greenleaf benefits from promoters'
extensive industry experience in the tobacco industry and
established relations with customers.

Greenleaf was set up in 1985 as a private limited company by Mr.
Shyamsundara Rao and his family members, and was reconstituted as
a closely held public limited company in 1990. The company
processes tobacco leaves and is based in Guntur (Andhra Pradesh).


GUJARAT BOROSIL: Ind-Ra Ups LT Issuer Rating From 'BB'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Gujarat Borosil
Limited's (GBL) Long-Term Issuer Rating to 'IND BBB-' from
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

Improved Operating Performance: The upgrade reflects GBL's
improved operating performance in 1QFY16 and Ind-Ra's expectation
that the company will be able to sustain the operating performance
in the near term.  GBL's EBITDA margins improved to 18.7% in
1QFY16 (FY15: 10.7%) due to the increased proportion of value-
added products such as pattern glass and solar glasses in the
overall sales mix.

Strong Liquidity: The company has been generating positive cash
flow from operations and free cash flows since FY13 and FY14,
respectively.  Also, GBL's average working capital utilization for
the 14 months ended August 2015 was 1%.  Its net working capital
cycle improved to 126 days in FY15 (FY14: 177 days) due to lower
inventory days of 107 (171).

Continuous Financial Support: The ratings are underpinned by the
continuous financial support GBL receives from its group company
Borosil Glass Works Limited (BGWL; a 25% stake in GBL).
Currently, the ongoing support is reflected in GBL's flexibility
to defer dividend payments on non-convertible preference shares of
INR900 mil. issued to BGWL in FY12.  This non-convertible
preference share issue was cumulative in nature till FY15 and has
been converted to non-cumulative in the current year.  Dividends
on the same have been deferred till date, and the agency believes
that accrued dividend till FY15 of INR246.3 mil. will be paid out
only if there is a sustained improvement in the profitability.
The cumulative preference dividend has been considered as part of
debt by the agency.  According to company management, there will
be no dividend payment to BGWL in FY16.

Moderate Credit Profile: While GBL's EBITDA interest coverage was
strong at 11.4x at FYE15 (FY14: 9.2x), its net leverage (adjusted
net debt/EBITDA) was high at 7.5x (9.2x).  This is because Ind-Ra
has considered the non-cumulative, non-convertible preference
shares as debt, which constitutes around 74% of the total adjusted
debt at FYE15.

Upcoming Capex: GBL is incurring debt-led capex of INR310m (65%
debt and 35% equity) through FY16-FY17 to increase the capacities
of value-added glasses such as tempering glasses and solar glasses
and to set up a manufacturing facility for anti-reflecting
glasses.  Ind-Ra expects the credit profile to be consistent with
the current ratings despite debt-led capex due to EBITDA margin
expansion.  Post this capex, the overall proportion of value-added
products will improve in the overall sales mix which will lead to
an improvement in the operating profitability.

Forex Risk: GBL is exposed to forex risk as its exports form 10%
of the total revenue and imported raw materials form 22% of the
total raw material consumption.  Also, GBL does not hedge its
foreign currency exposure.  It has unhedged USD-denominated
external commercial borrowings (ECBs) of USD3.98 mil. as on date.

Competition: The company faces high competition from Chinese
importers in the absence of any anti-dumping duty and no basic
duty on import of solar glass from China

RATING SENSITIVITIES

Positive: A positive rating action could result from refinancing
of preference shares through equity while maintaining a strong
business profile.

Negative: Any debt-led capex and/or a fall in the profitability
margins resulting in sustained deterioration in the credit metrics
could result in a rating downgrade.

COMPANY PROFILE

GBL manufactures low iron solar glass for application in the
photovoltaic panel manufacturing industry worldwide as well as
patterned glass which has architectural applications.  It has a
manufacturing plant in Bharuch, Gujarat.  BGWL manufactures
laboratory glassware and microwavable glassware.

MPL's ratings:

   -- Long-Term Issuer Rating: upgraded to 'IND BBB-' from
      'IND BB'; Outlook Stable

   -- INR264.1 mil. ECB (USD3.98 mil.; reduced from USD5.60
      mil.): upgraded to 'IND BBB-'/Stable from 'IND BB'

   -- INR30 mil. fund-based cash credit limits: upgraded to
      'IND BBB-'/Stable from 'IND BB'

   -- INR55 mil. non-fund-based limits (increased from
      INR40 mil.): upgraded to 'IND A3' from 'IND A4+'

*INR264.1 mil. of ECB is equivalent to USD3.98 mil. (outstanding
on Aug. 31, 2015,) based on the conversion rate of INR66.36/USD on
Aug. 31, 2015.


HAPL OVERSEAS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn HAPL Overseas
Private Limited's (HAPL) 'IND BB(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for HAPL.

Ind-Ra suspended HAPL's ratings on March 13, 2015.

HAPL's ratings:

   -- Long Term Issuer Rating: 'IND BB(suspended)'; rating
      withdrawn

   -- INR155 mil. fund-based limits:  Long-term
      'IND BB(suspended)'; rating withdrawn

   -- INR1.5 mil. non-fund-based limits: Short-term
      'IND A4+(suspended)'; rating withdrawn


J.M. INTERNATIONAL: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned J.M.
International (JMI) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  Ind-Ra has also assigned JMI's INR200 mil.
fund-based bank facilities 'IND B+'/Stable and 'IND A4' ratings.

KEY RATING DRIVERS

The ratings reflect JMI's small scale of operations with revenue
of INR443.8 mil. in FY15 (FY14: INR438.2 mil.) coupled with low
EBITDA margins of 1.6% (2.0%) inherent in the trading industry.
Consequently, credit metrics were weak with interest coverage of
1.39x in FY15 (FY14: 1.19x) and net financial leverage of 28.59x
(18.45x).  JMI operates in a highly fragmented and intensely
competitive spice industry.

The ratings, however, derive strength from the over three decade-
long experience of JMI's proprietor in the same industry.  The
ratings are further supported by the company's strong relationship
with its customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the operating margins leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: A substantial increase in the revenue along with
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Based in New Delhi, JMI is a proprietary concern, engaged in the
trading of Indian as well as imported spices specially cloves in
the domestic market.


J.P. RICE: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned J.P. Rice Exports
Private Limited (JPRE) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  The agency has also assigned JPRE's INR60 mil.
fund-based working capital limit Long-term 'IND B+'/Stable and
Short-term 'IND A4' ratings.

KEY RATING DRIVERS

The ratings are constrained by JPRE weak credit metrics and small
scale of operations.  In FY15, gross interest coverage (operating
EBITDA/gross interest expense) stood at 1.28x, net leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) at 8.41x and revenue
at INR637 mil..

The ratings further factor in the promoters' experience of more
than three decades in the rice business.

RATING SENSITIVITIES

Negative: A fall in the overall credit metrics will be negative
for the ratings.

Positive:  A substantial improvement in the sales along with an
overall improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

JPRE, based in Delhi, was established in 2009 and trades basmati
rice in domestic and international markets.


JAI MATA: CRISIL Lowers Rating on INR50MM Cash Loan to D
--------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jai Mata Di Paper Mills Private Limited (JMDPMPL) to 'CRISIL D'
from 'CRISIL B-/Stable'.

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

   Proposed Long Term    20       CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B-/Stable')

   Term Loan             50       CRISIL D (Downgraded from
                                  'CRISIL B-/Stable')

The downgrade reflects instances of delays in repayment of term
debt obligation and also overutilisation of cash credit facility
for more than 30 days.  The delays have been caused by JMDPMPL's
weak liquidity.

JMD, set up by Raipur (Chhattisgarh)-based Sharma family in 2008,
manufactures kraft paper. Its manufacturing unit started
commercial operations in May 2011. JMD's day-to-day operations are
looked after by its promoter-director Mr. Aditya Sharma.


KAIRASONS JEMS: CRISIL Assigns B+ Rating to INR60MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Kairasons Jems & Jewels LLP (KJJL).

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

The rating reflects KJJL's startup nature of operations in the
intensely competitive gold jewellery retailing market. The rating
also reflects KJJL's below-average financial risk profile. These
rating weaknesses are partially offset by KJJL's association with
TBZ brand, which has a strong presence in India.
Outlook: Stable

CRISIL believes KJJL will continue to benefit over the medium term
from the strong brand presence of its franchisor Tribhovandas
Bhimji Zaveri Ltd (TBZ) in the gold jewellery business. The
outlook may be revised to 'Positive' if the company's capital
structure and debt-protection metrics improve driven by higher
revenue and profitability, and large cash accrual. Conversely, the
outlook may be revised to 'Negative' in case the financial risk
profile weakens because of lower-than-expected growth in revenue
and margins, or stretch in working capital cycle, or a large debt-
funded capital expenditure programme.

KJJL, based in Dhanbad (Jharkhand) was incorporated in September
2015. The firm retails in gold and diamond studded jewellery
including necklaces, earrings, rings, bracelets, and pendants
through its outlets at Dhanbad under a franchise agreement with
TBZ. The partners are business associates and have experience in
the real estate, coal trading and sand mining sectors. However,
this is their first venture in the gold jewellery segment. The
day-to-day operations of the company are managed by Rahul Vyas and
Sumit Singh.


KEDIA CARBON: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kedia Carbon Pvt
Ltd's (KCPL) 'IND BB+(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for KCPL.

Ind-Ra suspended KCPL's ratings on Feb. 10, 2015.

KCPL's ratings:

   -- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
      Withdrawn

   -- INR195 mil. fund-based limits: 'IND BB+(suspended)'; rating
      Withdrawn

   -- INR60 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


KIRPA RICE: CRISIL Reaffirms B+ Rating on INR290MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kirpa Rice Mills
(KRM) continues to reflect KRM's weak financial profile on account
of large working capital requirements leading to high gearing, low
operating margin, vulnerability to fluctuations in raw material
prices, and dependency on monsoon and government policies. These
rating weaknesses are partially offset by the extensive experience
of partners in the rice processing industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             290      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KRM will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if KRM scales up its operations and
improves its profitability, leading to better-than-expected cash
accruals, or if its capital structure improves significantly
because of equity infusion. Conversely, the outlook may be revised
to 'Negative' if there is significant weakening in capital
structure because of a large, debt-funded capital expenditure or
significant pressure on profitability, further constraining the
liquidity.

KRM, established in 1998, processes and sells basmati rice. Its
facility in Ladhu Ka (district Firozpur, Punjab) has milling and
sortex capacity of 4 tonnes per hour. KRM has presence in the
local mandis of Fazilika, Malout, Abohar, and Mukstar for
procurement of paddy. From 2006-07 (refers to financial year,
April 1 to March 31), the firm started processing and sale of
basmati rice, mainly Pusa 1121.


KSR COTTON: CRISIL Assigns B+ Rating to INR52MM LT Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of KSR Cotton Agencies (KSR)

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit             48         CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      52         CRISIL B+/Stable

The rating reflects KSR's modest scale of operations and low
operating profitability in the intensely competitive cotton
ginning industry. The rating also reflects KSR's weak financial
risk profile marked by small networth, high gearing and weak debt
protection metrics. These rating weaknesses are partially offset
by extensive experience of the promoters in cotton ginning
industry.
Outlook: Stable

CRISIL believes that KSR will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenues and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive, debt-funded
expansions, or if its revenues and profitability decline
substantially leading to deterioration in its financial risk
profile.

Established in 2007, KSR is engaged in ginning and pressing of raw
cotton and sells cotton lint and cotton seeds. Based out of
Guntur, the firm is promoted by Mr. Kondaveeti Srinivasa Rao.


L & D CONSTRUCTION: Ind-Ra Assigns 'B' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned L & D
Construction Company (LDCC) a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable.  The agency has also assigned LDCC's bank
loans these ratings:

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
  Term loan             18.00         Long-term 'IND B'/Stable

  Fund-based limit      73.40         Long-term 'IND B'/Stable
                                      and Short-term 'IND A4'

KEY RATING DRIVERS

The ratings reflect LDCC's small scale of operations, weak credit
metrics and lack of track record.  The company operates in the
highly competitive and fragmented construction industry with low
entry barriers.  In FY15, LDCC's revenue was INR310.31 mil.,
interest coverage ratio (operating EBITDA/gross interest expense)
was 1.87x and leverage ratio (total Ind-Ra adjusted net
debt/operating EBITDAR) was 11.61x.

The ratings also factor in LDCC's stressed liquidity position as
evident from the almost-full utilization of working capital limits
during the six months ended September 2015.

The ratings are, however, supported by over three decades of
experience of LDCC's promoter in construction industry.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margins leading to weaker
credit metrics will be negative for the ratings.

Positive: A significant increase in the revenue along with an
improvement in the credit profile will be positive for the
ratings.

COMPANY PROFILE

LDCC was established in April 2014 as a proprietorship unit and
manufactures stone aggregate, stone dust and grit.  Its registered
office is in Mahanedergarh (Haryana).


LIZER CYLINDERS: Ind-Ra Suspends 'D' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Lizer Cylinders
Limited's (LCL) 'IND D' Long-Term Issuer Rating to the suspended
category.  This rating will now appear as 'IND D(suspended)' on
the agency's website.

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

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

LCL's ratings are:

   -- Long-Term Issuer Rating: migrated to 'IND D(suspended)'
      from 'IND D'

   -- INR126.5 mil. long-term debt: migrated to Long-Term
      'IND D(suspended)' from 'IND D'

   -- INR110 mil. fund-based limits: migrated to Long-Term
      'IND D(suspended)' from 'IND D'

   -- INR260 mil. non-fund-based limits: migrated to Long-
      Term/Short-Term 'IND D(suspended)' from 'IND D'


MAA PADMAWATI: CRISIL Reaffirms B Rating on INR111MM Term Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Maa Padmawati Agro
Foods Pvt Ltd (MPA) continue to reflect its susceptibility to
risks associated with startup nature of operations, volatility in
raw material prices, regulatory changes, and erratic rainfall. The
rating weakness is partially offset by the extensive experience of
the promoters in the rice milling segment and stable demand for
rice.

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

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

   Term Loan              111       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPA will benefit from the extensive industry
experience of its promoters, over the medium term. The outlook may
be revised to 'Positive' if the company successfully ramps up
operations and reports sizeable revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if MPA's
financial risk profile weakens because of inability to ramp up
operations or significantly low capacity utilisation or any
significant stretch in MPA's working capital cycle.

Established in 2011, MPA is engaged in processing of paddy into
non-basmati, parboiled and basmati rice with a capacity of 16
tonnes per hour (tph). The company has a manufacturing facility in
Aurangabad (Bihar).


MAHAVIR ROLLER: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mahavir Roller
Flour Mills Private Limited (MRFMPL) a Long-Term Issuer Rating of
'IND B+'.  The Outlook is Stable.  The agency has also assigned
MRFMPL's INR60 mil. fund-based limits a Long-term 'IND B+' rating
with Stable Outlook and a Short-term 'IND A4' rating.

KEY RATING DRIVERS

The ratings reflect MRFMPL's small scale of operations, low
profitability and weak credit metrics. FY15 financials indicate
revenue of INR285.68 mil., EBITDA margins of 3.98%, net leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) of 5.44x and
gross interest cover (operating EBITDA/gross interest expense) of
1.44x.  The ratings also factor in the risks associated with the
agricultural commodity based manufacturing business.

The ratings also factor in the company's comfortable liquidity
with its use of the working capital facilities being around 90%
during the 12 months ended September 2015.

However, the ratings benefit from over two decades of experience
of MRFMPL's founders in flour milling.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations while
maintaining the profitability leading to a sustained improvement
in the credit profile will lead to a positive rating action.

Negative: A substantial decline in the revenue or profitability
resulting in sustained deterioration in the credit profile will
lead to a negative rating action.

COMPANY PROFILE

MRFMPL manufactures refined flour, semolina, bran and allied
products and sells its products under the brand name Mahavir.  The
unit has a 60,000mtpa manufacturing facility in Haldwani.


MANIKESWARI GEMS: CRISIL Reaffirms B+ Rating on INR300MM Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Manikeswari Gems Pvt Ltd
(MGPL) continue to reflect MGPL's initial stage of operations,
susceptibility to stabilisation risk, influence of socio-political
factors, and exposure to regulatory risk. These weaknesses are
partially offset by the promoters' considerable industry
experience in the gems and stones mining business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Cash
   Credit Limit           300      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MGPL will benefit from its promoters' considerable
experience in the mining of gems and recommencement of operations
at one of its mines in April 2015. The ratings will, however,
remain constrained owing to the initial stage of operations and
susceptibility to stabilisation risk. The outlook may be revised
to 'Positive' if the company successfully stabilises its
operations and reports higher-than-expected operating income and
accrual, or if it demonstrates improved working capital
management, or in case of infusion of substantial capital by the
promoters leading to improvement in the business and financial
risk profiles. Conversely, the outlook may be revised to
'Negative' in case of substantially lower-than-expected cash
accrual or large working capital requirements or if MGPL
undertakes large, debt-funded capital expenditure leading to
deterioration in its financial risk profile, particularly
liquidity.

MGPL, promoted by Bhubaneswar-based Agarwal family, is engaged in
the mining of iolite and cat's eye (gem stone). The company
currently has four mines in Odisha. Currently, however, only one
mine is operational. MGPL also trades in gems and stones.


MNR DAIRY: CRISIL Lowers Rating on INR250MM Term Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
MNR Dairy Farms (MNR) to 'CRISIL D' from 'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              250       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects instances of delay by MNR in servicing its
debt. The delays have been caused by weak liquidity owing to cash
losses.

MNR has a weak financial risk profile because of a small net
worth, high gearing, and weak debt protection metrics. It also has
a high degree of geographical concentration in its revenue
profile, and is exposed to risks related to the dairy industry
such as changes in government regulations and epidemic-related
factors. However, the firm benefits from its promoters' extensive
entrepreneurial experience.

MNR was set up as a partnership concern in 2011 Mr. M Narsi Reddy
and family. The firm processes milk, which it sells under the
brand Kiaro. It is based in Hyderabad.


MS SOLVEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MS Solvex Private
Limited (MSSPL) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned MSSPL's bank
loans these ratings:

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
  Fund-based working      60          'IND BB'/Stable
   capital limits

  Term loan              180          'IND BB'/Stable

KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectation of a sustainable
improvement in MSSPL's scale of operations and credit profile by
FYE16 on the back of steady revenue growth and improved credit
metrics since FY16 will be its first full year of commercial
operations.  In FY15, the company was operational for five months
(November 2014-March 2015) and reported revenue of INR653 mil.,
EBITDA interest coverage of 1.7x and the net financial leverage of
5.9x.  The EBITDA margins were 6.1%.

The ratings also take into account the company's short operational
track record and raw material price fluctuation risks, since the
primary raw material, which is soya seeds, is seasonal in nature.

The ratings however, benefit from the promoters' experience of
over four decades in the solvent extraction and edible oil
industry and their long-standing relationship with customers and
suppliers.  The ratings also benefit from the company's locational
advantage, as it is situated in proximity to Neemuch Mandi, which
is one of the largest mandis for soya seeds in Madhya Pradesh.

RATING SENSITIVITIES

Positive: A positive rating action may result from a substantial
improvement in the scale of operations and in the overall credit
metrics.

Negative: Failure to achieve the top-line as projected by the
management leading to deterioration in the credit metrics will be
negative for the ratings

COMPANY PROFILE

MSSPL was incorporated in December 2012 and is promoted by Sanjay
Kumar Chopra, Manish Chopra, Ankit Agrawal and Naveen Agrawal.
The company has set up a 400 tonnes per day (TPD) solvent
extraction plant, a 100TPD refining unit and a 4TPD lecithin
powder plant in a village called Jamunia Khurd, in Neemuch, Madhya
Pradesh.  The company also manufactures deoiled soya cakes and
refined soyabean oil.  The products are sold under the brand names
"MS Gold" and "Neh Lite".


NISHANT MARKETING: CRISIL Suspends 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Nishant Marketing (NM).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Letter of credit &     50          CRISIL B/Stable
   Bank Guarantee

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

NM is a proprietorship firm promoted by Mr. Anil Mahansaria. The
firm is managed by Mr. Anil Mahansaria and his brother, Mr. Umesh
Mahansaria. The firm trades in nylon filament yarn. The firm
imports Nylon yarn from Asian and European countries and sell to
weavers and traders in Surat (Gujarat).


PCM STRESCON: CRISIL Cuts Rating on INR447.8MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
PCM Strescon Overseas Ventures Ltd (PCM) to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        777.2      CRISIL A4 (Downgraded
                                    from 'CRISIL A4+')

   Bill Discounting       20.0      CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Letter Of Guarantee   256.5      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

   Proposed Long Term    447.8      CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

   Letter of Credit      218.5      CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects the deterioration in PCM's business risk
profile. The revenue dipped to INR81.4 million in 2014-15 (refers
to financial year, April 1 to March 31) from INR2.38 billion in
2013-14, on account of delays in project execution; also, delays
led to net losses. Although the order book is healthy at INR4.8
billion, its execution remains susceptible to delays in providing
of land and approvals for the project. Moreover, the business risk
profile remains susceptible to the tender-based nature of
operations. Significant investments, of around INR1.75 billion, in
group companies continue to constrain the financial risk profile.

The ratings reflect the volatility in revenue because of the
tender-based nature of operations, and large working capital
requirement. These rating weaknesses are partially offset by PCM's
extensive experience and expertise in railway sleeper
manufacturing projects, and the healthy cash accrual.
Outlook: Stable

CRISIL believes steady execution of orders will result in robust
cash accrual for PCM over the medium term; CRISIL also expects
advances extended to associate companies to be recovered in case
of any fund requirement. The outlook may be revised to 'Positive'
if the financial risk profile, particularly liquidity, improves,
most likely because of reduction in investments in group companies
and improvement in the working capital cycle. Conversely, the
outlook may be revised to 'Negative' if the liquidity weakens
because of delays in offtake or in realisation of receivables, or
in case of any increase in investment in group companies.

PCM, incorporated in 2006, manufactures pre-compressed heavy-haul
concrete sleepers. The company is promoted by PCM Cement Concrete
Pvt Ltd and Strescon Industries Ltd.


PP PANDEY: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned PP Pandey
Infrastructure Private Limited (PPPIPL) a Long-Term Issuer Rating
of 'IND BB+'.  The Outlook is Stable.  The agency has also
assigned PPPIPL's bank loans these ratings:
                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
  Term loan              46.00        Long-term 'IND BB+'/Stable

  Fund-based limits      50.00        Long-term 'IND BB+'/Stable
                                      and Short-term 'IND A4+'

  Non-fund-based         30.00        Short-term 'IND A4+'
   limits

KEY RATING DRIVERS

The ratings reflect PPPIPL's small scale of operations as evident
from the top line of INR314.88 mil., according to the provisional
financials for FY15.

The ratings are supported by the over two decades of experience of
PPPIPL's promoters in civil construction works.  The ratings are
further supported by PPPIPL's comfortable operating profitability
and credit metrics for FY15 with interest EBITDA margins of 8.49%
(FY14: 9.40%), interest coverage (operating EBITDA/gross interest
expense) of 6.18x (3.26x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 1.47x (2.55x).

The ratings also factor in PPPIPL's adequate liquidity as evident
from its 80.24% average cash credit utilization during the 14
months ended Sept. 2015.

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability
leading to deterioration in the credit metrics will be negative
for the ratings.

Positive: A significant improvement in the revenue while the
credit profile being sustained will be positive for the ratings.

COMPANY PROFILE

PPPIPL was established in July 2008 and is engaged in the business
of civil construction works in roads and other allied works.  It
has a head office in Lucknow.  The company is registered with
various state government and central government departments as an
'A' class contractor.


Q NINETH: CRISIL Assigns 'B+' Rating to INR110MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Q Nineth Ceramics (QNC).

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

The rating reflects QNC's below-average financial risk profile,
marked by weak debt protection metrics and small net worth, and
modest scale of operations in the intensely competitive tile
trading segment. These weaknesses are partially offset by
extensive industry experience of the firm's promoters.
Outlook: Stable

CRISIL believes QNC will continue to benefit over the medium term
from established relationship with suppliers and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if QNC's financial risk profile improves, while scale
of operations and profitability increase significantly.
Conversely, the outlook may be revised to 'Negative' if the firm
reports lower-than-expected cash accrual, the firm undertakes a
large, debt-funded capital expenditure programme, or if its
working capital management deteriorates, resulting in
deterioration in financial risk profile.

QNC was set up in Thirukkad (Kerala) in 2012 by Mr. Moopan
Kunnath. The firm trades in tiles, marbles, and granite.

QNC reported a profit after tax (PAT) of INR2 million on net sales
of INR544 million for 2014-15 (refers to financial year, April 1
to March 31), against a PAT of INR1 million on net sales of INR78
million for 2013-14.


RAHAMATH CITY: CRISIL Reaffirms B Rating on INR124.5MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rahamath City
Developers Pvt Ltd (RCDPL) continues to reflect RCDPL's exposure
to risks related to completion and commercialization of its
ongoing project and susceptibility to risks inherent in the real
estate industry. These rating weaknesses are partially offset by
the experience of RCDPL's promoters in the real estate development
business and their proven project execution capabilities.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      124.5     CRISIL B/Stable (Reaffirmed)
   Bank Loan Facility

Outlook: Stable

CRISIL believes that RCDPL will benefit over the medium term from
its promoters' experience in residential real estate development.
The outlook may be revised to 'Positive' if RCDPL completes its
project earlier than expected and benefit over the medium term
from its healthy revenue visibility from lease rentals thereby
improving its liquidity leading to substantially large cash flows.
Conversely, the outlook may be revised to 'Negative' in case of
delays in project execution or if RCDPL undertakes a large debt-
funded project, impacting its financial risk profile or
significant delays in receipt of rent, leading to pressure on its
liquidity.

Incorporated in 2012, RCDPL is a Villupuram (Tamil Nadu)-based
real estate development company. Its operations are managed by
managing director Mr. S Rahamathullah Baig.


RATHNA STORES: CRISIL Suspends 'D' Rating on INR360MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Rathna
Stores (Firm) (RSF).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           360         CRISIL D
   Long Term Loan         36         CRISIL D
   Overdraft Facility     75         CRISIL D
   Proposed Long Term
   Bank Loan Facility     29         CRISIL D

The suspension of rating is on account of non-cooperation by RSF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RSF is yet to
provide adequate information to enable CRISIL to assess RSF'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 as a partnership concern in 1984 in Chennai by Mr. Siva
Perumal Nadar, RSF deals in utensils, consumer electronics, home
appliances, and mobile phones.


REDAN INFRASTRUCTURE: Ind-Ra Withdraws B+ Rating on INR300MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the
'IND B+(suspended)' rating on Redan Infrastructure Private
Limited's (RIPL) INR300 mil. senior project bank loan.

The rating has been withdrawn due to lack of adequate information.
Ind-Ra will no longer provide ratings or analytical coverage for
RIPL.

Ind-Ra suspended RIPL's rating on March 2, 2015.


RESOURCE WORLD: Ind-Ra Assigns 'IND BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Resource World
Exim Pvt Ltd (RWE) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The agency has also assigned RWE's bank loans
the following ratings:

                     Amount
   Facilities      (INR Mln)       Ratings
   ----------      ---------       -------
   Term loan          15.90        'IND BB'/Stable

   Fund-based
   working capital     75.0        'IND BB'/Stable and 'IND A4+'
   limits

KEY RATING DRIVERS

The ratings are constrained by RWE's small scale of operations
with revenue of INR222.59m in FY15 (FY14: INR 85.82m). The ratings
are also constrained by RWE's tight liquidity position due to its
extended receivables, leading to the high utilisation of the
working capital facilities on average (96.42%) during the six
months ended August 2015.

The ratings also reflect the increase in net financial leverage of
the company to 5.0x in FY15 (FY14: 1.1x) due to an increase in the
total debt.
The ratings, however, benefit from over two decades of experience
of RWE's founder in the garment industry. The ratings are also
supported by the company's moderate interest coverage of 2.5x in
FY15 (FY14: 2.6x) and increasing operating EBITDA margins of 10.9%
(9.3%).

RATING SENSITIVITIES

Positive: A sustained improvement in the revenue along with
improvement in the overall credit metrics will be positive for the
ratings.

Negative: Any deterioration in the liquidity profile will be
negative for the ratings.

COMPANY PROFILE

RWE was incorporated in 2010. It manufactures garments, especially
in female fusion wear, under the brand Desi Belle. The company is
promoted and led by Mrs. Sharmila Nadkarni, managing director and
chief executive officer of the company.
The company was into the trading business up to October 2012.


ROCK AND STORM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rock and Storm
Distillaries Private Limited (RSDPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  Ind-Ra has also assigned
RSDPL's INR100 mil. fund-based bank facilities Long-term
'IND BB-'/Stable and Short-term 'IND A4+' ratings.

KEY RATING DRIVERS

The ratings reflect RSDPL's small scale of operations with revenue
of INR478.03 mil. in FY15 (FY14: INR310.23 mil.), coupled with
moderate EBITDA margins of 4.43% (5.46%).  The ratings also
reflect the company's weak credit profile with net financial
leverage (adjusted net debt/operating EBITDA) of 7.33x in FY15
(FY14: 5.26x) and gross interest coverage (operating EBITDA/gross
interest expense) of 1.87x (1.45x).

The ratings, however, derive strength from the over a decade-long
experience of RSDPL's founders in the beverage industry.  The
ratings are further supported by the company's healthy
relationship with its customers and suppliers.  The liquidity is
comfortable with the fund-based facilities being utilized at an
average of around 89.06% during the 12 months ended Sept. 2015.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to sustained
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue with the
operating profitability being sustained or improving will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2008, RSDPL manufactures and supply beverages
(grain-based packed beverages, flavor beverages, processed
beverage, party drinking beverages, etc.).  The company has
installed an Indian made foreign liquor (IMFL) bottling plant in
Village Chajjli, Sunam Ramgarh, Jharkhand, with an installed
capacity of 1 million cases per annum of IMFL fine premium blended
whisky.  The company is managed by Mr. Amandeep Singla, Arundeep
Singla and Mr. Sanjay Saini.


S. M. AUTOPARTS: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded S.M. Autoparts
Private Ltd.'s (SMAPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-'.  The Outlook is Stable.  The agency has also taken
these rating actions on the company's bank loans:

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
  Fund-based working        20        upgraded to 'IND BB'/
   capital limits                     Stable from 'IND BB-'
   (cash credit)

  Fund-based working        50        upgraded to 'IND BB'/
   capital limits (E-DFS)             Stable from 'IND BB-'

  Proposed fund-based       27.5      assigned 'Provisional
   working capital limits             IND BB'/Stable

KEY RATING DRIVERS

The upgrade reflects an improvement in SMAPL's revenue as well as
credit profile due to an improvement in the revenue contribution
from Tata authorized service centres segment along with a fall in
interest expense.  In FY15, revenue stood at INR636 mil. (FY14:
INR522 mil.) with interest coverage of 2x (1.7x) and net leverage
of 4.6x (4.7x).

The ratings are constrained by SMAPL's declining EBITDA margins
(FY15: 3.3%; FY14: 3.5%) on account of rising indirect expenses.

The ratings, however, are supported by SMAPL being an authorised
distributor of spare parts of Tata Motors Limited's commercial
vehicles in 36 districts of Uttar Pradesh.

RATING SENSITIVITIES

Positive: A substantial improvement in the credit metrics will
lead to positive rating action.

Negative: Any deterioration in the credit metrics will lead to
negative rating action.

COMPANY PROFILE

SMAPL was incorporated in 2009 by Mohit Jain.  It is an authorized
distributor of Tata Motors' commercial vehicle spare parts for
eastern and central Uttar Pradesh.  The company has three branch
offices in Lucknow, Allahabad and Gorakhpur.


S. RAJIV: CRISIL Upgrades Rating on INR60MM Loan to B+
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
S. Rajiv and Co's (SRC) 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
   ----------           ---------     -------
   Foreign Exchange
   Forward                  2.6       CRISIL A4 (Reaffirmed)

   Post Shipment Credit    60.0       CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term      27.4       CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects the improvement in SRC's financial
risk profile, with consistent equity infusion by its promoters
resulting in a sizeable increase in the firm's net worth and hence
in a better capital structure. CRISIL believes that the firm will
sustain the improvement in its financial risk profile over the
medium term on the back of consistent growth in its net worth and
the absence of any large debt-funded capital expenditure (capex)
plan.

The firm's net worth has increased to INR113 million as on
March 31, 2015, from INR52 million as on March 31, 2013, on the
back of equity infusion of INR35 million and modest accretion to
reserves, over this period. Consequently, its total outside
liabilities to tangible net-worth (TOLTNW) ratio reduced to 1.9
times as on March 31, 2015, from 4.9 times as on March 31, 2013.
The ratio is expected to improve further to 1.1 times as on
March 31, 2016, on the back of consistent growth in its net worth
and absence of any large debt-funded capex.

The ratings reflects the firm's modest scale of operation in the
intensely competitive diamond industry, large working capital
requirements, and susceptibility of its profitability margins to
volatility in diamond prices and in foreign exchange rates. These
rating weaknesses are partially offset by the extensive experience
of SRC's promoters in the diamond industry, and its established
relationship with customers. The ratings also factor in a moderate
financial risk profile marked by its modest net worth, low TOLTNW
ratio, and average debt protection metrics.
Outlook: Stable

CRISIL believes SRC will continue to benefit over the medium term
from its promoters' extensive industry experience and established
relationship with customers. The outlook may be revised to
'Positive' if there is a substantial and sustained improvement in
profitability margins, or a sustained improvement in working
capital management. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins, or
significant deterioration in the capital structure caused most
likely on account of stretch in working capital requirements.

SRC was set up in 1972 as a partnership firm by the late Mr.
Ramniklal Jhaveri and his family members. The firm primarily
trades in polished diamonds; it also undertakes cutting and
polishing of diamonds. SRC is headquartered in Mumbai
(Maharashtra).


SAHAJ FASHIONS: CRISIL Assigns B+ Rating to INR135MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Sahaj Fashions Pvt Ltd (SFPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            115        CRISIL B+/Stable
   Long Term Loan         135        CRISIL B+/Stable

The rating reflects SFPL's large working capital requirement, and
average financial risk profile because of high gearing. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the textile industry and funding
support received from them.
Outlook: Stable

CRISIL believes SFPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of an improvement in the
company's capital structure through equity infusion, or a
substantial increase in cash accrual backed by an increase in
scale of operations and better working capital management.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the financial risk profile, particularly
liquidity, most likely because of a decline in revenue and
profitability, large debt-funded capital expenditure, or an
increase in working capital requirement.

SFPL was incorporated in 2011, promoted by the Kishangarh
(Rajasthan)-based Toshniwal family. The company manufactures
cotton dyed shirting material. Mr. Rohit Toshniwal, the key
promoter, manages the business.

SFPL reported a profit after tax (PAT) of INR2.75 million on net
sales of INR38.19 million for 2014-15 (refers to financial year,
April 1 to March 31), as against a net profit and net sales of
INR2.60 million and INR32.64 million for the previous year.


SAND DUNE: CRISIL Suspends B+ Rating on INR250MM Term Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Sand
Dune Construction Pvt Ltd (SDCPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Overdraft Facility      100        CRISIL A4
   Proposed Overdraft
   Facility                 50        CRISIL B+/Stable
   Proposed Term Loan      250        CRISIL B+/Stable
   Term Loan               100        CRISIL B+/Stable

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

SDCPL, incorporated in 1991 in Jaipur (Rajasthan), develops
residential and commercial real estates. It is promoted by Mr.
Ravi Mathur, Mr. Anuj Mathur, Mrs. Sheena Mathur, and Mrs. Rini
Mathur. The company is constructing several real estate projects
in Jaipur.


SEW VIZAG: Ind-Ra Suspends 'BB+' Rating on INR2,925MM Bank Loans
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SEW Vizag Coal
Terminal Private Ltd's (SVCTPL) INR2,925 mil. senior project bank
loans' 'IND BB+' rating with a Stable Outlook to the suspended
category.  This rating will now appear as 'IND BB+(suspended)' on
the agency's website.

The rating has been migrated to the suspended category due to lack
of adequate information.  Ind-Ra will no longer provide ratings or
analytical coverage for SVCTPL's bank loans.

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


SIMPLON CERAMIC: CRISIL Assigns 'B' Rating to INR80MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Simplon Ceramic Private Limited (SCPL).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan               80        CRISIL B/Stable

   Proposed Short Term
   Bank Loan Facility      10        CRISIL A4

   Cash Credit             20        CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

The ratings reflect SCPL's exposure to project risks and the
company's modest scale of operations over the medium term. These
rating weaknesses are partially offset by extensive experience of
the company's promoters in the ceramic industry and strategic
location of its plant at Morbi, Gujarat which ensures availability
of raw materials and labour.
Outlook: Stable

CRISIL believes that SCPL will maintain its business risk profile
backed by its promoters' industry experience. However, the
company's financial risk profile is expected to remain average
over the medium term, with high gearing and average debt
protection metrics because of low accruals during the project
stabilisation phase. The outlook may be revised to 'Positive' if
the company stabilises its operations earlier than expected,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if SCPL reports low
operating margin or it undertakes any large debt-funded expansion
plan or its working capital management deteriorates, leading to
deterioration in its financial risk profile.

SCPL was incorporated in February 2015. The company is setting up
a facility to manufacture digital wall tiles. SCPL is promoted by
Mr. Ashvin Bhoraniya and others.


SRI RAJA: CRISIL Suspends 'B' Rating on INR200MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sri Raja
Rajeswari Constructions (SRRC).

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            200        CRISIL B/Stable

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

SRRC was incorporated as a proprietorship firm named R. Muthaiah
in 1993 in Nellore (Andhra Pradesh) and later reconstituted as a
partnership firm. SRCC undertakes earthworks, canal lining and
civil construction works, largely as a sub-contractor. The firm is
registered as a special class contractor with the Andhra Pradesh
Irrigation department.


SUDESH COTTON: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sudesh Cotton Ginning and Pressing Factory.

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Cash Credit            90          CRISIL B/Stable

The rating reflects SCGPF's modest scale of operations in the
highly fragmented Cotton ginning and pressing industry and below
average financial risk profile because of its small net worth and
weak debt protection metrics. These weaknesses are partly
mitigated by the extensive experience of SCGPF's partners in the
cotton ginning industry.

Outlook: Stable

CRISIL believes that SCGPF will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustained
improvement in its scale of operations and operating efficiency
and a significantly better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is decline in its
scale of operations and operating profitability, or in case of any
significant debt funded capital expenditure (capex) plans leading
to deterioration in its financial risk profile.

SCGPF, based in Rajasthan, is a partnership firm established in
1997. It is engaged in ginning and pressing of cotton. The firm
also trades in various other commodities such as binola oil and
cake, mustard seeds, guar, moong dal, barley, and wheat. It is
owned by Mr. Dharam Pal and Mrs. Sudesh Rani.


SUJAY IRRIGATIONS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sujay Irrigations
Private Limited (SIPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  SIPL's bank facilities have also been
assigned ratings as:

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
  Long-term loan           35.00       'IND BB+'/Stable
  Fund-based limits        10.10       'IND BB+'/Stable
  Non-fund-based limits     8.71       'IND A4+'

KEY RATING DRIVERS

The ratings reflect SIPL's small scale of operations with revenue
of INR250 mil. in FY15 (FY14: INR333 mil.).  The fall in the
revenue in FY15 was due to a decline in sales volume.  Delayed
revenue collection and inventory pile-up led to the net cash
conversion cycle deteriorating to 75 days in FY15 (FY14: 42 days)
resulting in a rise in the year-end debt to INR37.7m (INR19.8
mil.).

The ratings benefit from SIPL's comfortable credit metrics with
EBITDA margins of 8.5% in FY15 (FY14: 8.0%), gross interest
coverage of 4.5x (8.6x) and net leverage (total adjusted net
debt/operating EBITDA) of 1.7x (0.7x).  The ratings also benefit
from the around two-decade-long track record, and experience of
the management in manufacturing irrigation equipment.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with the maintenance of the credit profile will be positive
for the ratings.

Negative: Deterioration in the overall credit profile will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1996, SIPL is a Bengaluru-headquartered irrigation
equipment manufacturer with an installed capacity of 2,500mtpa.

The total debt outstanding on 31 March 2015 comprised an
INR31.8 mil. working capital loan and an INR5.9 mil. unsecured
loan from promoters.  Liquidity is comfortable with the average
maximum working capital use being around 85% for the 12 months
ended August 2015.


SUNDARAM MAHADEO: CRISIL Assigns 'B' Rating to INR45MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Sundaram Mahadeo Autoworld Private Limited (SMAPL).

                        Amount
   Facilities         (INR Mln)       Ratings
   ----------         ---------       -------
   Proposed Cash
   Credit Limit            45         CRISIL B/Stable
   Proposed Term Loan      25         CRISIL B/Stable

The rating reflects susceptibility to risks associated with
ongoing project, and expected leveraged capital structure during
initial stage of operations. These weaknesses are partially offset
by promoters' extensive entrepreneur experience.
Outlook: Stable

CRISIL believes SMAPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if SMAPL stabilises operations of its
upcoming showroom in a timely manner, and generates substantial
revenue and profitability leading to large cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
delay in commencement of operations, or low cash accrual during
initial phase of operations, resulting in pressure on liquidity.

Incorporated in June 2015 and promoted by Mr. Sumit Agarwal and
Mr. Amit Agarwal, SMAPL is setting up a showroom for commercial
vehicles of Tata Motor Ltd at Tezpur (Assam). The company is
expected to commence operations in January 2016.


SUNLITE INDUSTRIES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunlite
Industries (SI) a Long-Term Issuer Rating of 'IND B+'.  The
Outlook is Stable.  Rating actions on SI's bank loans:

                        Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
  Long-term loans        14.8        Assigned 'IND B+'/Stable
  Fund-based             40.0        Assigned 'IND B+'/Stable/
   facilities                        'IND A4'

KEY RATING DRIVERS

The ratings reflect SI's small scale of operations and moderate
credit metrics.  In FY15, revenue was INR420 mil. (FY14: INR264
mil.), EBITDA interest coverage was 1.9x (2.5x) and net leverage
was 6.5x (5.4x).  The ratings also factor in SI's volatile
profitability on input price fluctuations.  EBITDA margins have
ranged from 1.9% to 3.6% since FY13.

Liquidity is comfortable with the fund-based facilities being
utilized at an average of 67% over the 12 months ended August
2015.

The ratings are supported by the two-decade-long experience of the
company's promoters in manufacturing copper rods and wires.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and profitability
leading to a sustained improvement in the overall credit metrics
will lead to a positive rating action.

Negative: A substantial decline in the profitability resulting in
sustained deterioration in overall credit metrics will lead to a
negative rating action.

COMPANY PROFILE

Started in 2012 by Mr Prahladray Ramprasad Heda in Gujarat, SI
manufactures copper rods and wires.


VEDSIDHA PRODUCTS: CRISIL Cuts Rating on INR195MM Term Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Vedsidha Products Private Limited (VPPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             45       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term      30       CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan              195       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects expectations of pressure on VPPL's
liquidity profile on account of slow ramp up of revenue and
sizeable term debt repayments over the medium term. VPPL commenced
operations in 2014-15 (refers to financial year, April 1 to March
31) and achieved revenue of INR37 million, which was lower than
CRISIL's expectations. The company generated cash accruals of INR5
million in 2014-15 on the back of its strong operating margin of
64 per cent. The strong operating margin was driven by the
benefits of autoclaved aerated concrete (AAC) blocks over bricks
and the limited competition in Nagpur in the AAC blocks' industry.
Although the company is expected to achieve ramp up of revenue
over the medium term to INR150-200 million annually, the cash
accruals will be tightly matched against its scheduled term debt
obligations of INR25 million annually. Along with revenue, the
sustenance of operating margin will be a key rating sensitivity
factor which will determine cash accruals' generation and thus the
liquidity profile.

The rating reflects VPPL's weak financial risk profile, marked by
a high gearing and weak debt protection metrics, and the company's
modest scale of operations. These weaknesses are partially offset
by the strong operating profitability.
Outlook: Stable

CRISIL believes that VPPL will continue to benefit over the medium
term from its promoters' extensive experience in the construction
industry; however, its credit risk profile will remain constrained
by its initial phase of operations. The outlook may be revised to
'Positive' in case of successful ramp-up in VPPL's operations
resulting in sizeable cash accruals. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the company's
financial risk profile, particularly its liquidity, because of
slower ramp-up in operations and profitability, or large working
capital requirements.

VPPL is promoted by Nagpur (Maharashtra)-based Mr. Prabhudas Vyas
and Mr. Niranjan Ranka. The company has set up a plant to
manufacture autoclaved aerated concrete blocks near Nagpur.


VISHAL SPONGE: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vishal Sponge
Private Limited's (VSPL) 'IND D(suspended)' Long-Term Issuer
Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for VSPL.

Ind-Ra suspended VSPL's ratings on March 12, 2015.

VSPL's ratings:

   -- Long-Term Issuer Rating: 'IND D(suspended)'; rating
      Withdrawn

   -- INR65 mil. long-term loans: 'IND D(suspended)'; rating
      Withdrawn

   -- INR57.5 mil. fund-based limits: 'IND D(suspended)'; rating
      Withdrawn


VRINDA ENGINEERS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vrinda Engineers
Pvt Ltd's 'IND BB-(suspended)' Long-Term Issuer Rating.

The ratings have been withdrawn due to lack of adequate
information.  Ind-Ra will no longer provide ratings or analytical
coverage for Vrinda.

Ind-Ra suspended Vrinda's ratings on Feb. 10, 2015.

Vrinda's ratings:

   -- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
      Withdrawn

   -- INR100 mil. fund-based limits: 'IND BB-(suspended)' and
      'IND A4+(suspended)'; ratings withdrawn

   -- INR340 mil. non-fund-based limits: 'IND A4+(suspended)';
      rating withdrawn


VSM ENTERPRISES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned VSM Enterprises
Private Limited (VSME) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.  The agency has also assigned the company's
bank facilities these ratings:

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
  Fund-based working        50         Long-term 'IND B+'/Stable
   capital limit                       and Short-term 'IND A4'

  Non-fund-based limit       3         Short-term 'IND A4'

  Proposed fund-based       10         Long-term 'Provisional
   working capital limit               'IND B+'/ Stable and
                                       Short- term 'Provisional
                                       'IND A4'

  Proposed non-              7         Short-term 'Provisional
   fund-based limit                    IND A4'

KEY RATING DRIVERS

The ratings are constrained by VSME's small scale of operations
and weak credit profile.  According to the provisional financials
for FY15, revenue was INR293.14 mil., interest coverage (operating
EBITDA/gross interest expense) was 1.23x and net financial
leverage (total adjusted net debt/operating EBITDA) was 4.80x.

However, the ratings benefit from around 25 years of experience of
VSME's founders in IT products business.  The ratings are
supported by the company's comfortable liquidity position as
evident from its around 91% average working capital utilization
during the 12 months ended September 2015.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue and credit metrics.

Negative: A negative rating action could result from a fall in the
overall credit metrics due to a decline in the overall operating
profitability.

COMPANY PROFILE

Established in 2002 in Delhi, VSME trades IT products such as
projectors, large format displays and uninterruptible power supply
systems.


WORLD WELFARE: CRISIL Assigns 'B' Rating to INR10MM Bank Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of World Welfare Society (WWS).

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

The rating reflects the society's average financial risk profile
because of weak cash flows and long receivables cycle. These
rating weaknesses are partially offset by WWS's track record of
implementation of various social welfare development schemes.
Outlook: Stable

CRISIL believes WWS's credit profile will remain constrained over
the medium term on account of its small scale of operations and
low cash accrual. The outlook may be revised to 'Positive' in case
of a significant improvement in scale of operations and cash
accrual, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if there is a decline in
revenue or cash accrual, or larger-than-expected debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

WWS, a not-for-profit society, is managed by its secretary Mr.
Virendra Tripathi, vice president Mr. Hanuman Prasad, and
president Mr. Rajdutt Tiwari. The society's head office is in the
Lucknow district (Uttar Pradesh). It is engaged in various schemes
operated by the state and central governments in Shravasti,
Lucknow, and surrounding areas. Services include providing hot
cooked food in anganwadi centres under the Integrated Child
Development Services Scheme, free meals under the Mid-Day Meal
Scheme, amenities under the Swachh Bharat Mission and others.



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


SOUTH CANTERBURY: Judge Slams 'Trumpeting' of SCF Charges
---------------------------------------------------------
Jack Montgomerie at Stuff.co.nz reports that the Serious Fraud
Office's "trumpeting" of the South Canterbury Finance (SCF) case
as New Zealand's biggest white-collar crime was "unforgivable", a
judge said.

Stuff.co.nz says Justice Paul Heath made the statement during an
application at the High Court in Timaru by former SCF chief
executive Lachie McLeod for the Crown to pay for his successful
defence of charges he faced in 2014.

Appearing for McLeod on November 2, Jonathan Eaton, QC, said the
prosecution was "under pressure to come through with the goods" by
securing convictions of McLeod and SCF directors Edward Sullivan
and Bob White, the report relates.

They were charged with submitting an application containing false
information for SCF to enter the Crown Retail Deposit Guarantee
scheme. The company's subsequent collapse cost the scheme an
estimated NZ$1.58 billion of the NZ$1.7 billion the Serious Fraud
Office (SFO) alleged was involved in fraudulent SCF transactions,
according to Stuff.co.nz.

McLeod, Sullivan and White were all acquitted of the charge, the
report notes.

His Honour said it was "absolutely astounding" the prosecution in
the 2014 trial never interviewed then-Treasury secretary John
Whitehead about whether the application was what made him let the
company into the scheme, the report relates.

Stuff.co.nz relates that appearing for the Crown, Colin
Carruthers, QC, said the Crown argued the men committed an offence
when they submitted the application.

Carruthers maintained Crown decisions to prosecute Mr. McLeod were
reasonable, the report states.

According to the report, Mr. Eaton said His Honour needed to look
at verdicts acquitting Mr. McLeod and ask "shouldn't he get
something back?"

Mr. Eaton said Mr. McLeod had "put his life on hold" for three
years to defend the misuse of a document charge and charges of
theft in a special relationship by breaching trust deeds and false
accounting, Stuff.co.nz relates.

Stuff.co.nz says the Costs in Criminal Cases Act 1987 regulates a
maximum compensation scale of NZ$226 for each half day a defence
lawyer spends in court. However, Mr. Carruthers said the going
Crown rate was NZ$199 an hour before GST, and the commercial rates
Eaton produced were higher than that. Mr. McLeod was also seeking
disbursements for expert document analysis.

The report says the Act allows a court to order costs above that
scale "if it is satisfied that, having regard to the special
difficulty, complexity, or importance of the case, the payment of
greater costs is desirable".

According to the report, His Honour said Mr. McLeod's case was
"clearly beyond scale".  When considering the compensation
application, he would have to decide how much of Mr. McLeod's
costs to award based on the evidence for each of the charges he
had faced.

They ranged from a false accounting charge where the "reasonable
possibility" of Mr. McLeod's involvement could not be ruled out to
a charge focused on a transaction related to Dairy Holdings
Limited, where His Honour said he had produced "effectively a
finding of innocence," Stuff.co.nz reports.

The report relates that Mr. Eaton said emails the Crown claimed
showed McLeod trying to circumvent SCF's trust deed actually
showed him structuring a loan so it obeyed the deed. Eaton claimed
a Crown assumption that a "culture of concealment" existed in SCF
drove the prosecution to seize upon any documents as evidence of
wrongdoing.

A decision on McLeod's application is expected in coming weeks,
the report adds.

                 About South Canterbury Finance

Based in New Zealand, South Canterbury Finance Limited
(NZE:SCFHA) -- http://www.scf.co.nz/-- was engaged in the
provision of financial services.  The Company's principal
activities were borrowing funds from public and institutional
investors and on lending those funds to the business, plant and
equipment, property, rural and consumer sectors.  It typically
advanced funds by means of hire purchase, floor plans, leasing of
plant, vehicles and equipment, personal loans, business term
loans and revolving credit facilities, mortgages against
property, and other financial instruments, including consumer
loan insurance.

On Aug. 31, 2010, Trustees Executors Limited, as trustee for
South Canterbury Finance charging group, appointed Kerryn Downey
and William Black of McGrathNicol as receivers of the charging
group's secured assets.

"As Trustee, we have had South Canterbury Finance under
heightened surveillance since 2008.  As part of that, SCF was
granted a Trustee waiver in February 2010 to allow it time to
recapitalize.  Unfortunately, the Company's Directors have
advised us that they have not been successful with respect to a
recapitalization and requested us to appoint a receiver.  At this
point we, as Trustee, agree that it is the best interests of
debenture, deposit and bond holders to do that," said Yogesh
Mody, Southern Regional Manager for Trustees Executors Limited.

The New Zealand government repaid South Canterbury's 35,000
depositors and stockholders NZ$1.6 billion under the Crown
retail deposit guarantee scheme.



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


DAEWOO SHIPBUILDING: SK Denies Rumors on Buying Shipbuilder
-----------------------------------------------------------
Yonhap News Agency reports that SK Group, South Korea's No. 3
conglomerate, on November 3 denied rumors that it has decided to
take over a troubled shipbuilder.

"Rumors that SK Group has sought to acquire Daewoo Shipbuilding &
Marine Engineering Co. are groundless," the report quotes SK
Holdings Co. as saying in a filing.

Yonhap relates that shares of Daewoo Shipbuilding spiked
20% at one point in morning trade on November 3 after local media
reported that the Korea Development Bank (KDB), the shipyard's
largest shareholder and creditor, has agreed with SK Group to sell
a controlling stake in the company.

Yonhap says the KDB, the state-run policy lender, also refuted the
news reports, saying that it is not in talks with SK Group to sell
the ailing company.

Daewoo Shipbuilding, the country's third-largest shipyard, has got
trapped in massive losses that slammed the entire industry,
stemming from a downturn in the overall shipbuilding sector,
according to Yonhap.

Last week, the KDB and other creditor banks decided to funnel
KRW4.2 trillion (US$3.7 billion) into the company to help it stay
afloat, fanning public criticism that a large amount of taxpayer
money will be used to bail out a financially troubled shipbuilding
company despite a slim chance for its revival, Yonhap reports.

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.


* SOUTH KOREA: Shipbuilders to Undergo Restructuring
----------------------------------------------------
Yonhap News Agency reports that South Korean shipbuilders are
expected to engage in painful restructuring efforts starting this
month as they struggle to cope with the present market downturn,
industry watchers said on November 1.

According to the news agency, the restructuring that will affect
Hyundai Heavy Industries Co. (HHI), Samsung Heavy Industries and
Daewoo Shipbuilding & Marine Engineering Co. (DSME), as well as
many smaller sized companies, could result in the streamlining of
operations, and the laying off of some 10,000 workers in the next
two to three years.  The latest market crisis can also lead to
less competitive yards going bankrupt in the face of dwindling
orders, the report says.

As of last year, 18.2% of local shipyards were classified as
"marginal" companies that could collapse. This is up significantly
from 6.1% in 2009, Yonhap discloses.

Reflecting this, the government has made clear that the market
needs to sort itself out with weaker companies being allowed to
fail, says Yonhap.

Yonhap recalls that in the heyday of shipbuilding, companies made
trillions of won and hired large numbers of new people who got
hefty paychecks. More recently, with the global economy on the
wane and stiffer competition from yards in China, local companies
have been losing trillions of won.

Even the world's big three shipyards -- Samsung Heavy, HHI and
DSME -- are expected to post losses totaling KRW10 trillion this
year alone, Yonhap discloses.

"Companies that cannot float on their own need to be ousted, which
can help alleviate market uncertainties," the report quotes
Financial Services Commission Chairman Yim Jong-yong as saying.
"Restructuring can eventually help the national economy."

Reflecting this stance, a source in the shipbuilding industry said
the government seems determined to oust failing companies and
force those that remain to engage in tough restructuring measures,
according to Yonhap.

Yonhap relates that highlighting such developments, DSME already
agreed to implement changes that can lead to the layoff of upwards
of 30% of its workforce in 2016. This can translate into 3,000
people being fired.

According to the report, the company's union caved to pressure
from its creditors, led by the state-run Korea Development Bank,
last month. DSME, moreover, pledged to sell off all unnecessary
assets and property holdings to generate funds.

Besides Daewoo, industry watchers said that HHI and Samsung Heavy
that had all engaged in restructuring last year may have to follow
through with additional cost cutting measures, says Yonhap.

"The three large shipyards have similar earnings structures and
compete for the same dwindling orders so their situations should
be roughly the same," the source, as cited by Yonhap, said.

He said there have already been moves by local shipyards to start
accepting early retirement on a regular basis as a means to cut
costs, the report relays.

Others said that in the next couple of years, there will likely be
a move to merge failing companies into bigger yards that can
compete more effectively with overseas rivals, according to
Yonhap.

Yonhap relates that the government, meanwhile, said that with
conditions in the shipbuilding sector unlikely to improve anytime
soon, efforts are under way to provide emergency support to
certain areas, such as South Gyeongsang Province, that will be the
most affected by closures so they can switch to new industries and
businesses.

In addition, measures will be drawn to extend the employment
support period provided by the state from the current one year to
three, so people laid off from work can receive more training,
which should make them more eligible for new positions, Yonhap
reports.



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


VIETNAM: Fitch Affirms 'BB-' LT Issuer Default Ratings
------------------------------------------------------
Fitch Ratings has affirmed Vietnam's Long-Term Foreign and Local
Currency Issuer Default Ratings (IDRs) at 'BB-' with a Stable
Outlook. The issue ratings on Vietnam's senior unsecured foreign-
and local-currency bonds are also affirmed at 'BB-'. The Country
Ceiling is affirmed at 'BB-' and the Short-Term Foreign-Currency
IDR at 'B'.

KEY RATING DRIVERS

The affirmation of Vietnam's IDRs with a Stable Outlook reflects
the following key rating drivers:

Vietnam's ratings balance its recent macroeconomic stabilisation
and strong macroeconomic outlook against high public debt levels,
sizeable budget deficits, and relatively weak structural
indicators.

Fitch forecasts a 2015 budget deficit of 6.0% of GDP, compared
with an estimated 6.2% of GDP in 2014 based on the agency's
adjusted measure. The 2016 budget is currently under deliberation
by the National Assembly. Fitch forecasts a modest fiscal
consolidation in 2016 to 5.4% of GDP. This will be largely driven
by a reduction in off-budget capital expenditure, as we expect the
official State Budget deficit to remain broadly similar to 2015.
Fitch does not anticipate a change in fiscal policy following the
planned central leadership transition in 2016.

General government gross debt (GGGD) rose to an estimated 47.3% of
GDP in 2014, higher than the 'BB' median of 42.8% of GDP, and up
from 42.3% the year prior. Fitch expects GGGD to rise to 49.3% of
GDP in 2015 and stabilise at about 50% of GDP as the authorities
move towards achieving their stated medium-term fiscal objectives
of reducing the official budget deficit to below 4% of GDP. The
authorities have indicated that they will not seek to raise the
public debt ceiling of 65% of GDP, which captures a broader
measurement of public debts, including government guarantees.

Fitch deems Vietnam's refinancing risk as moderate, which balances
high concessionary funding with a growing stock of marketable
domestic debt at relatively short maturities. Domestic debt has a
weighted average maturity of 4.3 years versus 12.8 years for
external debt. Five-year domestic bond yields rose to 6.7% in
October 2015 from 5.2% a year prior. Vietnam is expected to
graduate from the World Bank's International Development
Association programme at end-2017, which will require more market-
based funding in the future.

Vietnam's macroeconomic growth performance has improved over the
past year. Real GDP rose by 6.5% during the first nine months of
2015, up from 5.6% a year prior. Key drivers were final
consumption (+9.1%) and gross capital formation (+8.1%), as net
exports detracted from growth. Manufacturing continues to be the
largest contributor to output growth, although construction and
services also reported strong year-on-year increases.

Fitch expects Vietnam's current-account balance to narrow to 0.8%
of GDP in 2015, following surpluses averaging 4.1% of GDP over the
past four years. Imports have surged by 14.3% in value terms
during the first ten months of 2015 versus export growth of 8.5%.
This has resulted in a trade deficit of US$4.1bn in the year to
October 2015 versus a surplus of US$2.4bn a year prior.

Foreign reserve coverage of 2.1x current-account payments remains
low relative to the 'BB' median of 4.2x, and Fitch estimates the
country depleted around 20% of its gross reserve stock in recent
months to defend the exchange rate. This led to a 1% devaluation
of the Vietnamese dong in September 2015 and a widening of the
trading band from 2% to 3%. The devaluation was the third this
year, following two separate 1% devaluations in January and May
2015, and an initial widening of the trading band from 1% to 2% in
August.

Vietnam's banking sector continues to exhibit lingering asset-
quality risks and poor transparency, but is showing preliminary
signs of stabilisation. Fitch previously estimated that the true
level of NPLs could be as high as 15%, but believes a recent pick-
up in real-estate activity is likely to have increased the
underlying collateral value of non-performing assets, which could
lead to somewhat lower provisioning for banks. Property price
indices suggest residential prices are now rising modestly
following several years of stagnation.

Vietnam's medium-term growth prospects will be significantly
enhanced should the Trans-Pacific Partnership (TPP) be
successfully ratified by participating countries. The free-trade
elements of the TPP will lower tariff barriers, giving Vietnam
greater access to large consumer markets in the US, Japan, Canada
and Australia. TPP signatories accounted for 39% of Vietnam's
total exports and 23% of imports in 2014. An agreement in
principal on a separate free-trade deal with the European Union
(18% of total exports) will also lower tariff barriers and enhance
access to another key export market.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are currently balanced.

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

-- A commitment to rein in fiscal deficits, contributing to an
    improved outlook for government debt ratios.
-- Greater transparency about the size and risks surrounding
    contingent liabilities.
-- Further progress in banking-sector reform.

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

-- A move away from a macroeconomic policy mix aimed at
    achieving macroeconomic stability, low and stable inflation,
    and external equilibrium.
-- Depletion of foreign reserves in a sufficient scale to
    destabilise the economy.

KEY ASSUMPTIONS

-- No escalation of regional or geopolitical disputes to a level
    that disrupt trade and financial flows.
-- Global economic conditions remain broadly in line with
    Fitch's recent "Global Economic Outlook"



===============
X X X X X X X X
===============


* Asian High-Yield Issuance Falls Sharply in Q3 '15, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that Asian high-yield bond issuance
totaled only $800 million in Q3 2015 -- down from $2.7 billion in
Q2 2015 -- and was also the lowest quarterly issuance level since
Q2 2012, which totaled just $250 million.

Furthermore, issuance for January-September was $8.0 billion, well
below $13.3 billion a year ago.

"In particular, Chinese property issuance -- a major contributor
to the high-yield market -- has slowed in 2015 due to the
relatively small volume of maturing bonds, the opening up of
alternative onshore funding channels, and the adverse impact on
investor confidence of Kaisa Group Holdings Ltd's (rating
withdrawn) default early in the year," says Brian Grieser, a
Moody's Vice President and Senior Analyst.

"The slowing growth in China's economy and the potential for an
interest-rate increase by the Federal Reserve are also weighing on
demand for Asian high yield bonds," adds Grieser.

Moody's conclusions were contained in the latest edition of its
quarterly report "High Yield Interest" which looks at the Asian
market.

Offshore issuance by Chinese property developers totaled just $6.0
for January-September, compared with the $9.6 billion raised in
the same period in 2014.

The report also highlights that the trailing 12-month high-yield
default rate for Asian non-financial corporates stood at 3.6% at
end-July 2015; a slight fall from the 3.9% at end-2014.  In the
seven months between January and July 2015, three issuers
defaulted: two Chinese firms and one Indonesian company.

Further, this quarter's issue of Moody's newsletter also
highlights research focusing on rated issuers exposures to foreign
currency debts.  Moody's notes that most non-property and property
rated Chinese companies with debt denominated in foreign
currencies have the financial cushion to withstand a hypothetical
10% depreciation of the renminbi against those currencies, all
else being equal, in two separate reports.

The new Moody's report also focuses on Indonesian property
developers' noting that credit profiles will deteriorate on the
rupiah's sharp fall but that healthy liquidity levels are expected
to offset rupiah weakness.


* Fitch Says Emerging Asia Exports Weaken, Trailing Other Regions
-----------------------------------------------------------------
Fitch Ratings says Emerging Asia's exports weakened for the fourth
straight quarter in 3Q15, underperforming other emerging regions
in volume terms. Emerging Asian currencies have weakened less, on
average, than those of other major emerging regions on a real
trade-weighted basis, partly explaining the divergence.

Global trade growth has been weak since 2009. Part of the
explanation likely lies in the flattening of the US trade deficit
since 2013 -- previous US recoveries saw the deficit carry on
rising. This is related to the shale oil revolution and to a shift
in US savings behavior.



                             *********

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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