TCRAP_Public/151109.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

           Monday, November 9, 2015, Vol. 18, No. 221


                            Headlines


A U S T R A L I A

ALPH PTY: First Creditors' Meeting Slated For Nov. 16
G.B.G. PROJECT: First Creditors' Meeting Set For Nov. 18
HYBURN INTERNATIONAL: First Creditors' Meeting Set For Nov. 16
MURCHISON-HUME PTY: First Creditors' Meeting Set For Nov. 13
ST LEONARDS HOTEL: Placed in Voluntary Administration


C H I N A

BARING PRIVATE: Moody's Assigns Definitive B1 Corp. Family Rating
CHINA GINSENG: Has US$16.5MM Current Deficit at June 30
FUTURE LAND: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'D'
HONGLI CLEAN: Has US$25.4 Million Deficit at June 30

MIE HOLDINGS: S&P Keeps 'B' CCR on CreditWatch Negative


I N D I A

A.RAMANATHAN: CRISIL Assigns B+ Rating to INR70MM Cash Loan
BHAVYALAXMI INDUSTRIES: ICRA Assigns 'B+' Rating to INR8.0cr Loan
CHETAK LIFESPACE: CRISIL Suspends B Rating on INR200MM Term Loan
CROWN STEEL: CRISIL Lowers Rating on INR50MM Cash Loan to B+
DECIBELS ELECTRONICS: CRISIL Reaffirms B- Rating on INR17.5M Loan

DEVAKI AGENCIES: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
DEVAKI CEMENT: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
DEVAKI TRADERS: CRISIL Suspends 'D' Rating on INR190MM Cash Loan
DR. KAMAKSHI: CRISIL Suspends 'D' Rating on INR470.9MM LT Loan
ELECTROTEKNICA SWITCHGEARS: Ind-Ra Affirms 'B-' LT Issuer Rating

FINE YARNS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
GEE ISPAT: CRISIL Suspends 'D' Rating on INR2.25BB Cash Loan
GKR INFRATECH: CRISIL Upgrades Rating on INR80MM Loan to B-
GLOVE INFRACON: ICRA Lowers Rating on INR5.0cr Loan to D
GURU AASHISH: CRISIL Suspends 'D' Rating on INR550MM Cash Loan

HARERAM COTTON: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
JNV VIRA: ICRA Downgrades Rating on INR10cr Loan to D
K V RAMA: CRISIL Suspends 'D' Rating on INR35MM Bank Loan
KATHIAWAR STEELS: CRISIL Cuts Rating on INR40MM Cash Loan to B+
KOHINOOR GINNING: CRISIL Suspends B- Rating on INR93.5MM Loan

KSHITIJ KUMAR: ICRA Assigns 'B+' Rating to INR10cr Loan
KUMAR INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
MANGALAM AUTOMOTIVES: CRISIL Suspends B+ Rating on INR32.5MM Loan
METRO PANELS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
MYSORE ROYAL: CRISIL Suspends B Rating on INR120MM LT Loan

NIMISH SYNTEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
NOORUL ISLAM: ICRA Suspends 'D' Rating on INR153.90cr Loan
PHENIX PROCON: ICRA Assigns 'B' Rating to INR7.33cr Term Loan
PHOENIX STRUCTURAL: CRISIL Suspends 'D' Rating on INR47MM Loan
QUALITY ELECTROWIRE: CRISIL Suspends B Rating on INR90MM Loan

RADHE KRISHNA: ICRA Assigns 'B' Rating to INR27cr Term Loan
RAICHUR ROLLER: ICRA Reaffirms B Rating on INR3.50cr Loan
SAI INTERNATIONAL: ICRA Assigns 'B+' Rating to INR8.25r Term Loan
SAJEE BABA: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
SAKTHI ELEGANT: CRISIL Lowers Rating on INR160MM Loan to B

SATYANARAYANA JEWELLERS: CRISIL Suspends B+ Rating on INR70M Loan
SHREE TECH: CRISIL Assigns B+ Rating to INR57.5MM Cash Loan
SR DISTILLERY: ICRA Suspends 'D' Rating on INR56.76cr Loan
SSM BUILDERS: CRISIL Reaffirms B+ Rating on INR1.8BB LT Loan
SSV ENGINEERS: CRISIL Suspends B- Rating on INR200MM Term Loan

STUTI JEWELLERY: CRISIL Suspends B Rating on INR100MM Cash Loan
SUDHAKARAN NAIR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
SWAMINARAYAN DIAMONDS: CRISIL Suspends B+ Rating on INR350MM Loan
UNIVERSAL COATINGS: CRISIL Suspends B Rating on INR55MM Cash Loan
VARA LAKSHMI: CRISIL Suspends 'D' Rating on INR41MM LT Loan

VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
VINAYAK MINERALS: CRISIL Assigns 'B' Rating to INR30MM Term Loan
W.S. INDUSTRIES: ICRA Suspends 'D' Rating on INR144cr Loan
XO PACK: ICRA Assigns 'B' Rating to INR4.92cr LT Loan


I N D O N E S I A

XL AXIATA: To Sell Telecom Towers for $500MM to Clear Debt


J A P A N

TOSHIBA CORP: Posts JPY90.5BB Operating Loss in 1H 2015


S O U T H  K O R E A

* SOUTH KOREA: Restructuring Aimed at Reviving Ailing Firms


                            - - - - -


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


ALPH PTY: First Creditors' Meeting Slated For Nov. 16
-----------------------------------------------------
Michael Joseph Brennan -- mbrennan@offermans.com.au -- of
Offermans Partners was appointed as administrator of Alph Pty Ltd
trading as Bedshed Townsville and Bedshed Mackay, on Nov. 4, 2015.

A first meeting of the creditors of the Company will be held at
Level 9, 61-73 Sturt Street, in Townsville, Queensland, on
Nov. 16, 2015, at 11:00 a.m.


G.B.G. PROJECT: First Creditors' Meeting Set For Nov. 18
--------------------------------------------------------
Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of G.B.G. Project Management Services Pty Ltd,
formerly trading as Green Wastewater Group & GBG Wastewater
Management, on Nov. 6, 2015.

A first meeting of the creditors of the Company will be held at
McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street,
in Brisbane, Queensland, on Nov. 18, 2015, at 10:00 a.m.


HYBURN INTERNATIONAL: First Creditors' Meeting Set For Nov. 16
--------------------------------------------------------------
Martin Bruce Jones and Darren Gordon Weaver of Ferrier Hodgson
were appointed as administrators of Hyburn International Ltd on
Nov. 4, 2015.

A first meeting of the creditors of the Company will be held at
Ferrier Hodgson, Level 28, 108 St Georges Terrace, in Perth, on
Nov. 16, 2015, at 11:00 a.m.


MURCHISON-HUME PTY: First Creditors' Meeting Set For Nov. 13
------------------------------------------------------------
Antony Resnick and David Solomons of de Vries Tayeh were appointed
as administrators of Murchison-Hume Pty Ltd on Nov. 3, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 151 Macquarie Street, in Sydney, on Nov. 13, 2015, at
2:00 p.m.


ST LEONARDS HOTEL: Placed in Voluntary Administration
-----------------------------------------------------
Eloise Keating at SmartCompany reports that a Victorian hotel that
was previously featured in popular television series SeaChange has
been placed in voluntary administration.

Located in the small town of St Leonards on Victoria's Bellarine
Peninsula, St Leonards Hotel offers accommodation as well as a
restaurant, cafe and drive-through bottle shop, SmartCompany says.

The pub featured in the popular ABC drama series SeaChange, in
which it was named the Tropical Star Hotel.  SeaChange aired
between 1998 and 2000 and stared David Wenham and Sigrid Thornton.

The business entered voluntary administration on November 4, with
Simon Nelson and Anthony Cant of Romanis Cant appointed to manage
the administration process, the report discloses.

In a statement provided to SmartCompany, Simon Nelson and Anthony
Cant said the voluntary administration will give St Leonards Hotel
the opportunity to "restructure the business to avoid future
trading losses".

SmartCompany relates that the administrators said the venue, which
has been up for sale for several months, is continuing to trade
"as normal."

However, Messrs. Nelson and Cant said it has been "difficult to
identify the causes of failure at this point".

SmartCompany quoted the administrators as saying that: "We will be
working closely with management and the directors to identify some
of the causes of the financial issues.

"Importantly, the administrators have garnered the support of key
stakeholders to maintain the venue and business operations during
the administration period.

"The administrators are confident that sale of the business or a
deed of company arrangement would be proposed by the directors
that would be commercially beneficial to all stakeholders."

The first meeting of the company's creditors is scheduled to be
held in Melbourne on November 16.



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


BARING PRIVATE: Moody's Assigns Definitive B1 Corp. Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 corporate
family rating (CFR) to Baring Private Equity Asia VI Holding (1)
Ltd, the parent holding company for Vistra Group Holdings (BVI)
Limited (Vistra) and Orangefield Group (together "Vistra-
Orangefield"), which was established by affiliates of Baring
Private Equity Asia (BPEA) to complete its buyout of both Vistra
and Orangefield .

At the same time, Moody's has assigned a definitive B1 rating to
the USD515 million first lien term loan due 2022 (of which EUR238
million is allocated and funded in Euros) and the USD50 million
revolving credit facility; and a definitive B2 rating to the
USD185 million second lien term loan due 2023 (of which EUR78.5
million is allocated and funded in Euros). The loans are
guaranteed by substantially all subsidiaries, including Vistra and
Orangefield.

The outlook on all ratings is stable.

RATINGS RATIONALE

Moody's definitive ratings confirm the provisional ratings
assigned on 8 July 2015. The proceeds from the USD700 million term
loan borrowings are used to partially fund BPEA's approximate
USD1.4 billion acquisition of Vistra and Orangefield Group. The
balance of the purchase price is provided through an equity
injection by BPEA. The acquisitions of Vistra and Orangefield
Group were completed on 27 and 29 October, respectively.

"The B1 CFR reflects the combined company's top 4 market position
in the fragmented corporate and trust services (CTS) industry;
high barriers to entry fostered by long-standing relationships
with a well-diversified customer base; revenue and cash flow
visibility driven by the multi-year nature of its structures and a
solid liquidity profile," says Brian Grieser, a Moody's Vice
President and Senior Analyst.

"We expect growth in Vistra-Orangefield's EBITDA and cash flow
generation to be driven by the sustained demand in new structures,
especially in Asia where Vistra is a market leader. Demand growth
expectations are supported by the increase in cross border M&A and
capital markets transactions, growth in fund activities and the
increasing number of high net worth individuals who demand more
sophisticated structures.

"Ratings are constrained by Vistra-Orangefield's exposure to
legal, regulatory and reputational risks driven by global
corporate governance legislation and tax regulations; high
adjusted debt-to-EBITDA leverage, an aggressive growth strategy,
partially dependent on bolt-on acquisitions, and integration risks
following the combination of the two businesses, " adds Grieser,
also Moody's Lead Analyst for Vistra-Orangefield.

"We expect adjusted debt-to-EBITDA, proforma for the earnings of
both Vistra and Orangefield Group in 2015 and the acquisition
debt, to be just over 6.0x (pro forma for the transactions
completing on 1st January 2015). As such, leverage will be high
for the rating throughout 2016. However, we expect EBITDA growth,
coupled with modest debt reduction, to support deleveraging such
that leverage will approach 5.0x by end-2016."

The stable outlook reflects our view that Vistra-Orangefield is an
aggressively leveraged, small business when compared to similarly
rated issuers. However, this factor is mitigated by its strong and
predictable margins supported by a high degree of repeat and
retention business, stable cash flow generation, solid EBITDA
growth prospects and our expectation for significant deleveraging
over the next two years.

The first lien term loan is rated in line with the CFR at B1 and
the second lien term loan is rated one notch below at B2,
reflecting its subordination in the capital structure to the first
lien loan. The first and second lien loans are secured by
substantially all the assets of Vistra-Orangefield with the first
lien loans retaining priority in repayment in case of an
enforcement on collateral.

Vistra-Orangefield's ratings could be downgraded if integration
plans fail to provide synergies, the company deviates from its
plan to deleverage, new litigation or regulatory standards weaken
its cash flow or earnings profile or the company undertakes
another transformative acquisition over the next 12-18 months.

If adjusted debt-to-EBITDA does not trend towards or below 5.0x in
the 12-18 months following close of the transaction, ratings could
be downgraded. Further, sustained adjusted EBITA-to-Interest
expense below 2.0x or adjusted retained cash flow-to-net debt
below 10% could lead to a ratings downgrade.

The ratings are unlikely to be upgraded over the next two years
given Vistra-Orangefield's small scale and high leverage. Moody's
is unlikely to consider an upgrade prior to the company lowering
its adjusted debt-to-EBITDA on a sustainable basis below 4.0x.

Vistra-Orangefield is a provider of corporate & trust services for
companies (private companies, SMEs, listed companies), but also to
high net worth individuals (HNWI) and funds with around 50% of
gross fees generated in Asia, the rest primarily generated in
Europe. Services include company formation and renewal services,
corporate administration services, trustee and fiduciary services,
fund services and family office services. Vistra-Orangefield
operates around 180,000 structures and is present in 41
jurisdictions as of December 2014.


CHINA GINSENG: Has US$16.5MM Current Deficit at June 30
-------------------------------------------------------
China Ginseng Holdings, Inc. (CSNG:OTC US)'s working capital
deficit was US$16.5 million at June 30, 2015.  The deficit was
US$12.5 million as of June 30, 2014.

At June 30, 2015, the Company had total current assets of
US$978,255 and total current liabilities of US$17,502,003.  At
June 30, 2014, the Company had total current assets of US$1.4
million and total current liabilities of US$13.9 million.

The Company said: "We have historically financed our operation and
capital expenditures through loans from related parties, including
officers, directors and other shareholders of our company and have
raised capital through a Regulation S private placement as well.
Our current activities are related to developing our new business
strategy the sale of Ginseng juice and wine products.

"As of June 30, 2015, we had working capital deficit of
$16,523,748, compared to a working capital deficit of $11,616,962
as of June 30, 2014.

"As of June 30, 2015, there was no change in our loan payments
compared with June 30, 2014 since the loans remained constant. As
of June 30, 2015, we had an outstanding loan of 2,000,000 RMB
(about $327,139) to Ji'An Qingshi Credit Cooperatives (Ji'An
Qingshi).

"We have not paid any principal or interest of the loan; however,
Ji'An Qingshi verbally agreed in March 2008 not to call the loan.
The material terms for the verbal agreement are: No principal or
interest payments are required to be made until we are generating
profits and interest continues to accrue until we repay the loan.
On June 27, 2013, we decided to dispose of the assets and
liabilities of Tonghua Linyuan Grape Planting Co. Limited (Tonghua
Linyuan) to a third party and plan to close Tonghua Linyuan.  We
have retained $513,760 in contingent liabilities of Tonghua
Linyuan for the year ended June 30, 2015.

"On August 30,  2012, we refinanced the 8 million RMB bank loan
which we obtained from Meihekou City Rural Credit Union on
November 8, 2010 by a new loan of 8 million RMB (approximately USD
$1,308,558) from the same lender.

"As of June 30, 2015, there was no change in our loan payments
compared to June 30, 2014, since the loans remained constant.
Since the lender, Ji'An Qingshi Credit Cooperative has verbally
agreed not to call the loan, we can repay this loan at our own
discretion when funds are available.  Thus, the debt in Tonghua
Linyuan acquisition will not have impact on our liquidity and
capital resource before we start to repay the lender.

"On October 29, 2013, we borrowed $5,938,272 (RMB36,474,054) in
order to fund the acquisition of machinery and equipment by us.
The loan term was to February 28, 2014 and we paid $211,802 (RMB
1,300,000) in interest over the life of the loan.  The loan is
secured by the assets of Jilin Huaxia Ginseng Co., Ltd.  On
March 3, 2014, the due date of the loan was extended to June 30,
2014 and on September 3, 2014 the term of the loan was extended to
June 30, 2015.

"We have loans with various individuals and finance companies
totaling $3,997,629.  These loans have various maturity dates
ranging from on demand to June 30, 2015.  The loans bear interest
at 3% per annum.

"As of June 30, 2015 and 2014, we had notes payable of $1,593,996
and $1,389,124 to related parties, respectively.  These amounts
are mainly due to the working capital demands of the business.
Most of these related parties are our individual shareholders or
immediate family members of our shareholders and friends of our
shareholders.  The individuals loaned us funds, which are interest
free, which have no specific repayment date and are unsecured.
The funds received are evidenced by receipt of cash
acknowledgments.

"As of June 30, 2015, we had no material commitments for capital
expenditures other than for those expenditures incurred in the
ordinary course of business.  We plan to fund operations and
capital expenditures with cash from operations, as well as loans
from major shareholders and management members and their
affiliates.  We might also pursue additional financings in the
form of debt, equity or convertible security offerings.  There can
be no assurance that we will be able to obtain such additional
financing at acceptable terms to us, or at all.

"Cash flows provided by (used in) operating activities amounted to
$(1,152,891) for the year ended June 30, 2015, compared to
$(2,275,439) for the same period of 2014.  This change was
primarily due to an increase in net losses to $3,904,400, in
addition to an increase in inventory of $51,072 and in accounts
receivable of $114,494.  These amounts were offset by an increase
in accounts payable of $345,873; and increase in accrued expenses
of $1,768,989.

"The increase in accounts payable was due to online products
purchases during the year ended June 30, 2015.  The increase in
inventory was because we purchased products for online sale for
the year ended June 30, 2015.  The increase in accrued expenses
was because of increased accrued interest.  The increase in tax
payable because of the sales from Jilin Huaxia.

"Cash flows used in investing activities amounted to $(5,134) for
the year ended June 30, 2015 which consisted of the purchase of
computers for $5,134.

"Cash flows used in investing activities amounted to $5,929,461
for the year ended June 30, 2014, which consisted of a deposit
made on the purchase of equipment of $5,929,461. During the six
months ended December 31, 2013, Hong Kong Huaxia International
Industrial Co., Limited (Hong Kong Huaxia) borrowed a short term
loan of $6,065,932 to invest in Jinlin Huaxia so that Jinlin
Huaxia can use the fund to purchase an irrigation system, a
temperature control system, and two Computer Numerical Control
(CNC) machine tools for our operation use.  The loan term is to
December 28, 2014 and secured by $5,929,461 of assets of Jinlin
Huaxia.

"Cash flows provided by financing activities for the year ended
June 30, 2015 was $1,413,843 and primarily consisted of proceeds
of loans payable of $1,241,362, repayments of $28,299 and proceeds
from loans payable to related parties of $204,892.

"Cash flows provided by financing activities for the year ended
June 30, 2014 was $8,001,172, primarily proceeds from a loans
payable of $7,859,661 and proceeds from loans payable to related
parties of $141,511.

"We had an accumulated deficit of $18,073,829 at June 30, 2015, a
working capital deficit of $16,523,748 at June 30, 2015 and there
are existing uncertain conditions we foresee relating to our
ability to obtain working capital and operate successfully.
Management's plans include the raising of capital through the debt
and equity markets to fund future operations and the generating of
revenue through our businesses.  Failure to raise adequate capital
and generate adequate sales revenues could result in our having to
curtail or cease operations.

"Additionally, even if we do raise sufficient capital to support
our operating expenses and generate adequate revenues, there can
be no assurances that the revenues will be sufficient to enable us
to develop business to a level where it will generate profits and
cash flows from operations.  These matters raise substantial doubt
about our ability to continue as a going concern.  However, the
accompanying consolidated financial statements have been prepared
on a going concern basis, which contemplates the realization of
assets and satisfaction of liabilities in the normal course of
business.  These consolidated financial statements do not include
any adjustments relating to the recovery of the recorded assets or
the classification of the liabilities that might be necessary
should we be unable to continue as a going concern."

A copy of the Form 10-K is available at http://is.gd/5jSVrt

China Ginseng Holdings, Inc. is engaged in the production and sale
of ginseng juice - Ganzhi Asian Ginseng and Ganzhi American
Ginseng beverages and wine.  The Company is headquartered in
Changchun City, China.


FUTURE LAND: S&P Assigns 'B+' Rating to Proposed US$ Sr. Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
issue rating and 'cnBB' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated senior
unsecured notes by Future Land Development Holdings Ltd.
(BB-/Stable/--; cnBB+/--).  The ratings are subject to S&P's
review of the final issuance documentation.

The issue rating is one notch lower than the long-term corporate
credit rating on Future Land to reflect the structural
subordination risk.  S&P expects Future Land to use the proceeds
to refinance its existing US$200 million senior unsecured notes
due 2018.  S&P also anticipates that the company will use its
proposed issuance of a domestic corporate bond to refinance
existing higher-cost borrowings and to improve the company's
overall maturity profile.  In S&P's view, Future Land is likely to
maintain disciplined financial management.

Future Land's consistent sales execution is tracking its contract
sales budget of about Chinese renminbi (RMB) 28 billion in 2015.
The company's contracted sales in the first nine months reached
RMB20.1 billion, or 72% of that budgeted.  In S&P's view, the
relaxation of the Chinese government's measures toward the
property sector and credit loosening could underpin Future Land's
sales performance in 2015.

The ratings on Future Land reflect S&P's view of the company's
geographic concentration in several cities in eastern China and
the execution risk in new markets.  The company's established
market position in the Yangtze River Delta, quick asset-churn
business model, and disciplined financial management temper the
above weaknesses.

The stable outlook reflects S&P's expectation that Future Land
will improve its property sales and geographic diversity, and
maintain disciplined financial management while pursuing growth
over the next 12 months.  S&P expects the company's debt-to-EBITDA
ratio to be 4x-4.5x in 2015.


HIDILI INDUSTRY: S&P Lowers Corporate Credit Rating to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Hidili Industry International
Development Ltd. to 'D' from 'CCC-'.  At the same time, S&P
lowered its long-term Greater China regional scale rating on the
company to 'D' from 'cnCCC-'.  S&P also lowered its issue rating
on Hidili's U.S. dollar-denominated senior unsecured notes to 'D'
from 'CC' and the Greater China regional scale rating on the notes
to 'D' from 'cnCC'.  Hidili is a China-based coking coal producer.

"We lowered the rating because Hidili missed the coupon and
principal payments on its outstanding U.S. dollar bond due on
Nov. 4, 2015," said Standard & Poor's credit analyst Jian Cheng.

In S&P's view, Hidili's non-payment of this debt will extend to
most of its other obligations, mostly onshore bank loans, because
the company does not have enough financial capacity to fulfill its
obligations.  This underpins S&P's assessment that Hidili's
general default is commensurate with a rating of 'D' instead of
'SD'.  The company has appointed a financial advisor for potential
restructuring of the outstanding U.S. dollar notes.

In S&P's view, Hidili's financial performance will remain weak in
2015 due to tough industry conditions and suspension of operations
at its mines.  The company's recovery prospects are weak due to
lower coal prices and sluggish demand.  S&P believes Hidili's
highly leveraged capital structure is unlikely to improve over the
next 12-18 months.  The company's distressed financial position
has constrained its access to bank credit.


HONGLI CLEAN: Has US$25.4 Million Deficit at June 30
----------------------------------------------------
Hongli Clean Energy Technologies Corp.'s working capital deficit
was US$25.4 million at June 30, 2015.  The working capital was
US$6.8 million as of June 30, 2014.

At June 30, 2015, the Company had total current assets of
US$30.4 million and total current liabilities of US$55.8 million.
At June 30, 2014, the Company had total current assets of US$39.1
million and total current liabilities of US$32.3 million.

The Company said: "At June 30, 2015, we have working capital
deficit in the amount to $25,400,753 as compared to working
capital in the amount to $6,760,391 at June 30, 2014, reflecting
the following adverse factors: (1) an increase of $29.3 million at
the current portion of our long-term loans, (2) a new short-term
loan of $4.2 million, (3) repayments of $10.1 million of our short
term loans, (4) an investment of $16.2 million in the construction
of our coke and coal gasification equipment, and (5) an increase
of $0.6 million at other payables which mainly related to our
future construction payments.  Those adverse factors were
partially offset by: (1) a collection of $8.0 million from our
loan receivable and (2) a capital contribution of $13.2 million
from a private placement during the year ended June 30, 2015.

"Our accounts have been prepared in accordance with U.S. GAAP on a
going concern basis.  The going concern basis assumes that assets
are realized and liabilities are extinguished in the ordinary
course of business at amounts disclosed in the financial
statements.  Our ability to continue as a going concern depends
upon expenditure requirements and repayments of our short-term
loan and long-term loan facilities with Bairui Trust Co., Ltd. and
Capital Paradise Limited (CPL) as and when they become due.

"In an effort to improve our financial position, we intend to
negotiate with Bairui Trust to extend our loan maturity date, and
to increase sales of higher margin products such as syngas, coal
tar, and crude benzol.  In the meantime, we are still waiting for
the mining moratorium to conclude. If and when that occurs, we
should be able to obtain a line of credit to facilitate additional
liquidity by pledging our mining rights.  Management believes that
these and other actions taken can provide us the opportunity to
continue as a going concern.

"Net cash provided by operating activities for fiscal year 2015
was approximately $0.53 million as compared to net cash used in
operating activities of approximately $0.65 million for fiscal
year 2014.  Except for $6,988,836 in non-cash adjustment such as
depreciation, amortization and depletion, bad debt expenses,
impairment reserves and change in fair value of warrants which
increased our cash-based net income, net operating inflow for
fiscal year 2015 resulted from the following factors: (1)
inventories decreased by $4,220,150 due to the usage of coke to
produce syngas, (2) other receivable decreased by $895,390, due to
the collection of the interest receivable from CPL, (3) our taxes
payable increased by $135,601 due to the payables of VAT tax and
income tax which were scheduled to be paid on July 2015, and (4)
an increase of $638,907 from other payables and accrued
liabilities, which included cash payments of $4,901,506 for our
interest payables, net of $5,557,006 from accrued interest
expenses in 2015.  Cash inflow was mainly offset as follows: (1)
our accounts receivable increased by $5,009,210, due to longer
credit terms offered to customers during 2015 to promote syngas
sales, (2) advances to suppliers increased by $958,306 due to
expectation of an increase in our future use of coal and coke, and
(3) accounts payable decreased by $2,917,080 mainly due to
decreased raw materials purchases.  Net cash used in operating
activities for fiscal 2014 was approximately $0.65 million, as
compared to net cash used in operating activities of approximately
$6.6 million for fiscal 2013.

"Net cash used in investing activities for fiscal year 2015 was
approximately $8.15 million. During fiscal year 2015, we collected
$8.03 million from the loans receivable from CPL and invested
$13.58 million in the coke gasification construction and purchases
of the relevant equipment and invested $2.61 million in the UCG
construction.

"We had no cash provided by or used in investing activities in
fiscal year 2014.

"Net cash provided by financing activities was approximately $7.51
million. During fiscal year 2015, we completed a registered sale
of 2,818,845 shares of our common stock with net consideration of
$13.2 million and obtained an additional loan from our shareholder
and the CEO, Mr. Lv Jianhua, which amounted to approximately $0.22
million.  During fiscal year 2015, we repaid outstanding loans to
Bairui Trust for approximately $8.15 million and received a new
loan from CPL in the amount of approximately $4.23 million. During
the same period, we repaid $1.99 million to CPL.
"Net cash provided by financing activities in fiscal year 2014
included: (1) restricted cash release from the notes payable
maturity amount to $9,770,396; (2) a $385,000 loan from our CEO;
and (3) a short-term loan from an individual lender of $163,700,
offset by (A) repayment of the notes payable in the same amount
$9,770,396; (B) $325,680 repaid loan to Bairui Trust in April
2014; and (C) a repayment of $163,700 on October 2013.

"Funding for our business activities has historically been
provided by cash flow from operations, short-term bank loan
financing, and loans from our Chairman and also found in private
placement.

"On April 2, 2011, Henan Province Pingdingshan Hongli Coal & Coke
Co., Ltd. (Hongli) entered into a loan agreement with Bairui
Trust, pursuant to which Bairui Trust agreed to loan Hongli RMB360
million (approximately $57.06 million), of which RMB180 million
was due on April 2, 2013, and RMB180 million on April 2, 2014,
with annual interest rate of 6.3%.  Bairui Trust made the loan to
Hongli on April 3, 2011.  On November 30, 2011, Hongli entered
into a supplemental agreement with Bairui Trust to amend the terms
such that RMB30 million (approximately $4.8 million) would be due
on October 2, 2012, RMB100 million (approximately $15.8 million)
on April 2, 2013, RMB50 million (approximately $7.9 million) on
October 2, 2013, and RMB180 million (approximately $28.5 million)
on April 2, 2014.  We made the October 2, 2012 payment on December
25, 2012, including outstanding interest charge for late payment.
We repaid $3.2 million (RMB20 million) on April 3, 2013, and
entered into another supplemental agreement with Bairui Trust on
April 23, 2013 to extend the due date for the remaining $12.7
million (RMB80 million).  Of such remaining principal, the due
date for $3.2 million (RMB20 million) has been extended to
December 2, 2013 with an annual interest rate of 6.3% starting
from April 23, 2013.  The due date for $4.8 million (RMB 30
million) has been extended to January 2, 2014 with an annual
interest rate of 6.3% starting from April 23, 2013.  The due date
for $4.8 million (RMB30 million) was extended to February 2, 2014
with an annual interest rate of 6.3% starting from April 23, 2013.
Between April 3, 2013 and April 23, 2013, Bairui Trust charged a
9.45% annual interest rate on the entire $12.7 million
outstanding.

"On October 1, 2013, the parties executed an extension agreement,
for the remaining balance of approximately $50.3 million (RMB310
million) with a 9.9% interest rate.

"On April 2, 2014, we entered into another supplement agreement
with Bairui Trust which replaced the extension agreement dated
October 1, 2013, and repaid the principal $324,929 (RMB2,000,000).

"According to the new supplement agreement, the annual interest
rate was changed from 9.9% to 11.88% and, for the period between
December 3, 2013 and April 2, 2014, Bairui Trust charged an
additional 7.2% annual interest rate on $12.9 million
(RMB80 million) of the outstanding $50.3 million (RMB310 million)
loan principal.

"On January 20, 2015, Hongli repaid the loan of $8,132,990
(RMB50,000,000) to Bairui Trust which was due on January 2, 2015.

"On April 3, 2015, Hongli and Baitui Trust reached an agreement to
extend the loans of approximately $12.74 million (RMB78,000,000)
to April 2, 2016 with the annual interest of 11.88%.

"On October 8, 2015, Hongli and Baitui Trust reached an agreement
to extend the loans of approximately $29.3 million
(RMB180,000,000) to April 2, 2016 with the annual interest of
11.88%.

"We intend to negotiate with Bairui Trust to further extend the
maturity dates of these remain outstanding loans by an additional
two to three years, and to repay the loans through our operational
cash flow.  We cannot guarantee that we will be successful in such
negotiations.

"On January 26, 2015, Top Favour Limited and Capital Paradise
Limited entered into a loan agreement of $2,960,000 with an annual
interest rate of 7% and due on January 27, 2016.  This loan is not
secured by any collateral or guarantee.  As of June 30, 2015, the
outstanding loan from Capital Paradise Limited was $2,237,066.

"The following is expected to require capital resources:

* New Coking Facility.  We initially intend to use existing
   cash,cash flow from operations, bank loans, along with other
   finance arrangements such as extending our long term loan from
   Bairui Trust, to complete the construction of our new coking
   facility. Due to change of market conditions, we have slowed
   down the construction, but we plan to resume at full pace if
   and when market improves.

* Coke gasification project.  We had completed installation of
   our first stage coke gasification equipment on October 2014,
   which cost us approximately $8 million or RMB 49 million in
   total.  After that, we invested an additional $6.6 million to
   commence a technology upgrade project on the existing coke
   gasification equipment to double the total production capacity
   to 50,000 cubic meters per hour.  We are seeking other
   locations which have enough syngas demands in that area to
   expand our coke gasification business.  We plan to determine
   whether to invest in more equipment, totalling approximately
   $30 million, within the coming two years based on our syngas
   operation development and market situation.  All the
   investment will be funded from our operating cash flow, loans
   from third parties, or cooperation with other investors using
   our experience and technology.

* Coal underground gasification project.  On August 28, 2014, we
   entered in a cooperative agreement with the North China
   Institute of Science and Technology regarding underground coal
   gasification technique (UCG) development to refine and
   implement a technology converting underground coals into
   syngas.  Our ultimate target is to build a UCG facility with
   an annual production capacity of 7,708,800,000 cubic meters of
   syngas or 880,000 cubic meters of syngas per hour in all four
   of our coal mines."

A copy of the Form 10-K is available at http://is.gd/1kBeGP

Hongli Clean Energy Technologies Corp. is a vertically integrated
producer of clean energy products based in Henan Province, China.
The Company has historically been a coal and coke processor of
basic and value-added coal products for steel manufacturers, power
generators and other industrial users.


MIE HOLDINGS: S&P Keeps 'B' CCR on CreditWatch Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had kept its 'B'
long-term corporate credit rating and 'cnBB-' long-term Greater
China regional scale rating on MIE Holdings Corp. (MIEH) on
CreditWatch with negative implications.  S&P also kept its 'B'
long-term issue rating and 'cnBB-' Greater China regional scale
rating on the China-based oil producer's outstanding senior
unsecured notes on CreditWatch with negative implications.  All
the ratings were first placed on CreditWatch on Aug. 7, 2015.

"We kept the ratings on CreditWatch pending the completion of
MIEH's proposed acquisition of a 43.9% interest in Long Run
Exploration Ltd. (LRE) and the lack of clarity on the funding
structure for the transaction," said Standard & Poor's credit
analyst Jian Cheng.

"In our view, the proposed acquisition of LRE, a Canada-based oil
and gas producer, will affect our assessment of MIEH's financial
risk profile.  MIEH raised about Hong Kong dollar 245 million
through a share placement on Oct. 16, 2015.  However, the company
has to rely on external financing to fund its acquisition because
lower oil prices and less production volume have substantially
weakened its operating cash flow generation.  We have no clarity
on the funding structure for the acquisition.  Different funding
sources may lead to different assessments of MIEH's cash flow
leverage and liquidity position, if we assume that MIEH will fully
consolidate LRE," S&P said.

LRE's large exposure to natural gas and natural gas liquids may
change S&P's view of MIEH's business risk profile.  S&P notes that
the proposed acquisition could increase MIEH's reserve base, and
asset and geographic diversification.  The company's profitability
and volatility may change due to a different asset mix.

"We aim to resolve the CreditWatch when a clear funding structure
for the proposed acquisition is available or the proposed
acquisition is fully completed," said Mr. Jian.  "We will assess
the potential impact of the acquisition on MIEH's profitability,
cash flow leverage, and liquidity after the consolidation of LRE."

S&P may lower the rating on MIEH to 'B-' if: (1) the company's
operating margin deteriorates significantly due to increasing
costs; (2) its cash flow leverage falls to the lower end of a
"highly leveraged" financial risk profile category; or (3) S&P
believes MIEH's liquidity has deteriorated to "weak."



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


A.RAMANATHAN: CRISIL Assigns B+ Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of A.Ramanathan & Co. (ARC).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          5        CRISIL A4
   Cash Credit            70        CRISIL B+/Stable

The ratings reflect ARC's modest scale of operations in an
intensely competitive civil construction industry, customer and
geographical concentration in its revenue profile and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters and its moderate financial risk profile because of a
moderate capital structure and adequate debt protection metrics.
Outlook: Stable

CRISIL believes ARC 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 business risk profile
strengthens, most likely due to an extension in geographical reach
and diversification of the customer base, while revenue and
profitability increase significantly leading to larger than
expected accruals leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of a significant decline in revenues or profitability,
considerable delays in realisation of receivables, or more-than-
expected debt-funded capital expenditure, thereby weakening the
financial risk profile, particularly liquidity.

ARC was set up as a partnership firm in 1955 by Mr. R
Panneerselvam to execute civil contracts. The firm, based in
Tiruchirappalli (Tamil Nadu), is managed by Mr. R Panneerselvam
and Mr. P A Paranthaman.


BHAVYALAXMI INDUSTRIES: ICRA Assigns 'B+' Rating to INR8.0cr Loan
-----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.00
Crore bank facilities of Bhavyalaxmi Industries Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term bank
   Facilities            8.00         [ICRA]B+; Assigned

ICRA's rating takes into account the intensely competitive nature
of the rice milling industry restricting BIPL's operating margins
and agro climatic risks to which the company is exposed to, as the
availability of paddy can be affected in adverse weather
conditions. The ratings also take into account the company's
modest scale of operations and its weak financial profile
characterized by high gearing and weak coverage indicators.
However, the rating favorably factors in BIPL's experienced
management, easy availability of paddy with the rice mill being
located in a major paddy cultivating region and favorable demand
prospects for rice with India being the second largest producer
and consumer of rice internationally. Further, ICRA also takes
note of the benefit of operational synergies that BIPL derives
from group companies owing to their presence in similar agro-
related businesses.

Going forward, the company's ability to improve its profitability
and scale while effectively managing its working capital cycle
shall be the key rating sensitivities.

BIPL was incorporated in 2008 and undertakes milling of non
basmati rice, which it sells under its own brand names. The
company's promoters Mr Sanjeev Gupta and Mr Pradeep Kumar Gupta
have extensive experience in agro-based businesses through their
group companies.

Recent Results
BIPL reported a net profit of INR0.08 crore on an operating income
of INR17.45 crore in FY 2014-15 as against a net profit of INR0.20
crore on an operating income of INR23.23 crore in the previous
year.


CHETAK LIFESPACE: CRISIL Suspends B Rating on INR200MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Chetak
Lifespace Private Ltd (CLPL).

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

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

CLPL, incorporated in 2009, is a Mumbai-based private limited
company, promoted by Mr. Hiren A. Shah and his wife, Mrs. Urvashi
Hiren Shah. It develops residential real estate projects. The
company is developing a residential project Chetak Resort at Bordi
(Maharashtra) which constitutes 101 bungalows and a resort. In
addition, the company has also undertaken various projects in
Mumbai.


CROWN STEEL: CRISIL Lowers Rating on INR50MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Crown Steel Company (CSC) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

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


   Foreign Exchange        9.5      CRISIL A4 (Downgraded from
   Forward                          'CRISIL A4+')


   Letter of Credit      425        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

The downgrade reflects CRISIL's belief that CSC's business and
financial risk profiles will remain under pressure over the medium
term because of pressure on profitability and weakening interest
coverage ratio. Operating profitability declined to 0.8 per cent
in 2014-15 (refers to financial year, April 1 to
March 31) from 3.0 per cent in 2013-14, while sales reduced to
INR568 million from INR658 million over this period. Declining
steel prices and highly volatile foreign exchange (forex) rates
have resulted in profitability remaining under pressure.

The financial risk profile has deteriorated because of a decline
in interest coverage ratio to 0.4 times in 2014-15 from 1.9 times
in the previous year. In addition, CSC had a current maturity of
INR280 million in the current year, for which they have availed a
Buyers Credit facility, now maturing in May 2016. CRISIL believes
that the CSC's profitability is likely to get adversely impacted
on account of high forex volatility and pressure on steel price
over the medium term. Further, the company's ability to maintain
adequate liquidity on the date of maturity will remain a key
rating sensitivity factor over the medium term.

The ratings reflect CSC's small scale of operations and
susceptibility to volatility in forex rates and steel prices.
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the ship-breaking industry.
Outlook: Stable

CRISIL believes CSC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial growth in revenue
and improvement in profitability, backed by an increase in ship-
breaking activity. Conversely, the outlook may be revised to
'Negative' if liquidity weakens because of any adverse movement in
steel scrap prices, resulting in an inability to recover the cost
of ships purchased, or in case of unfavourable movements in forex
rates, leading to substantial losses.

CSC, set up as a partnership firm in 1982, is managed by Mr.
Arvindbhai Shah. The firm undertakes ship-breaking at Alang
(Gujarat).

CSC, on a provisional basis, reported a net loss of INR2.9 million
on net sales of INR568.7 million for 2014-15, against a net loss
of INR8.0 million on net sales of INR658.4 million for 2013-14.


DECIBELS ELECTRONICS: CRISIL Reaffirms B- Rating on INR17.5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Decibels Electronics
Pvt Ltd (DEPL) continue to reflect the modest scale of operations
in the highly competitive electronics industry, large working
capital requirement, and a weak financial risk profile because of
a small net worth and weak debt protection metrics.

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

   Letter of credit &
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)

   Long Term Loan          17.5     CRISIL B-/Stable (Reaffirmed)

These rating weaknesses are partially offset by the benefits it
derives from the extensive experience of promoters in the
electronics industry.
Outlook: Stable

CRISIL believes DEPL will continue to benefit over the medium term
from the promoters' extensive industry experience and established
relations with customers. The outlook may be revised to 'Positive'
if there is a substantial and sustained improvement in the revenue
and profitability margins, or there is a considerable improvement
in the net worth on the back of sizeable equity infusion by the
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, or deterioration
in the capital structure caused most likely by a large, debt-
funded capital expenditure or a stretch in the working capital
cycle.

Incorporated in 1995 at Hyderabad, DEPL manufactures electronic
products. The company is promoted by Mr. B S Chakravarthy and his
associates.


DEVAKI AGENCIES: CRISIL Suspends 'D' Rating on INR90MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Devaki Agencies (part of the Devaki group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             90       CRISIL D
   Long Term Loan          20       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Agencies, Devaki Traders, Devaki
Steels, and Devaki Cement Agencies, together referred to as the
Devaki group. This is because all the entities have a common
management and significantly fungible cash flows.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies trade in cement, Devaki Steels
trades in thermo-mechanically treated bars, and Devaki Traders
trades in tiles.


DEVAKI CEMENT: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Devaki Cement Agencies (DCA; part of Devaki group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Cement Agencies and its group
entities, Devaki Traders, Devaki Steels, and Devaki Agencies,
together referred to as the Devaki group. This is because all the
entities have a common management and significant fungible cash
flows among them.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies are engaged in trading in
cement, Devaki Steels trades in thermo-mechanically-treated bars,
and Devaki Traders trades in tiles.


DEVAKI TRADERS: CRISIL Suspends 'D' Rating on INR190MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Devaki
Traders (DT; part of the Devaki group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            190       CRISIL D

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Devaki Traders, Devaki Agencies, Devaki
Steels, and Devaki Cement Agencies, together referred to as the
Devaki group. This is because all the entities have a common
management and significant fungible cash flows.

The Devaki group is promoted by Mr. P Thirunavukarasu. Devaki
Agencies and Devaki Cement Agencies trade in cement, Devaki Steels
trades in thermo-mechanically treated bars, and Devaki Traders
trades in tiles.


DR. KAMAKSHI: CRISIL Suspends 'D' Rating on INR470.9MM LT Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dr.
Kamakshi Memorial Hospital Private Limited (DKMHPL).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             52.5       CRISIL D
   Long Term Loan         470.9       CRISIL D
   Proposed Long Term
   Bank Loan Facility     151.6       CRISIL D

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

DKMHPL was set up in November 2004 by Dr. T G Govindarajan; it
commenced operations in January 2006. It is a Chennai (Tamil
Nadu)-based tertiary care hospital, which specialises in
cardiology and oncology.


ELECTROTEKNICA SWITCHGEARS: Ind-Ra Affirms 'B-' LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Electroteknica
Switchgears Private Limited's (ESPL) Long-Term Issuer Rating at
'IND B-'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects ESPL's continued small scale of
operations and weak credit profile. In FY15, revenue was
INR110 mil. (FY14: INR130 mil.), EBITDA margins were negative 7.4%
(negative 5%), interest coverage was negative 4.2x (negative 3.6)
and net financial leverage was negative 1.8x (negative 2x).

The ratings continue to be constrained by ESPL's weak operational
track record as reflected in its delays in some contracts leading
to high liquidated damages.

The ratings are, however, supported by over two decades of
experience of the company's promoters in manufacturing
switchgears.

RATING SENSITIVITIES

A sustained improvement in the EBITDA margins leading to an
improvement in the overall credit metrics will lead to a positive
rating action.

COMPANY PROFILE

Incorporated in 1989 in Kolkata, ESPL manufactures switchgears. In
2008, it was acquired by Vijai Electricals Ltd, which has also
guaranteed for the rated bank facilities.  S Balasubramanian and P
Suresh Babu are the directors of the company.


FINE YARNS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Fine Yarns a Long-
Term Issuer rating to IND BB.  The outlook is Stable.  Ind-Ra has
also assigned the company's INR138.50 mil. non-fund-based working
capital limits a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings factor in Fine Yarns' small scale of commodity trading
operations and volatile profitability.  Unaudited FY15 financials
indicate revenue of INR508 mil. (FY14: INR547 mil.); profitability
fluctuated between 0.2% and 1.9% over FY13-FY15.  Fine Yarns is a
small player and a price taker in the large, usually volatile
agri-commodity market.

The ratings are supported by the promoters' over three decade long
experience in the yarn trading business.  The ratings also benefit
from the company's comfortable credit metrics with net leverage of
negative 8.7x in FY15 (FY14: negative 28.7x) and EBITDA interest
cover of 2.8x (0.2x).  Liquidity is comfortable as the INR10 mil.
cash credit facility remained unutilized during the 12 months
ended September 2015.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to stressed
credit metrics will result in a negative rating action.

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

COMPANY PROFILE

Started by Mr. Arun Bhartia in 1999 as a proprietary concern, Fine
Yarns sells imported yarns to local textiles manufacturers and
wholesalers.  Fine Yarns is a part of Fine Yarn group which also
includes Nimish Syntex ('IND BB'/Stable) and Bharthia Yarns
('IND BB'/Stable).  All the entities trade yarn.


GEE ISPAT: CRISIL Suspends 'D' Rating on INR2.25BB Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gee Ispat Private Limited (GIPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           2250       CRISIL D
   Letter of Credit      1250       CRISIL D
   Proposed Long Term
   Bank Loan Facility     750       CRISIL D
   Proposed Short Term
   Bank Loan Facility     250       CRISIL D

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

GIPL was incorporated in December 2003 as a private limited
company by three friends, Mr. Vijay Garg, Mr. Krishan Basia, and
Mr. Ankit Gupta. Mr. Garg and Mr. Gupta have been trading in food
grains for 25 years and 30 years, respectively. Mr. Basia has
experience of almost 30 years in the steel industry.

GIPL was set up with capacity to produce 103,500 tonnes per annum
(tpa) of stainless steel (SS) flats. The company commenced
commercial operations in February 2005. In 2009-10 (refers to
financial year, April 1 to March 31), GIPL diversified its product
mix and installed a facility to manufacture SS long products (such
as angles, bars, and channels) with capacity of 28,080 tpa.

SS flats manufactured by GIPL are mainly used by utensil
manufacturers. GIPL sells its products in the domestic as well as
export markets (through dealers). Angles, bars, and channels
manufactured by GIPL are mainly used in the infrastructure and
construction sectors.


GKR INFRATECH: CRISIL Upgrades Rating on INR80MM Loan to B-
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
GKR Infratech Private Limited (GKR) to 'CRISIL B-/Stable' from
'CRISIL C'. The rating on the company's short-term facility has
been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          40       CRISIL A4 (Reaffirmed)

   Overdraft Facility      80       CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

   Proposed Long Term      40       CRISIL B-/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL C')

The upgrade reflects the timely servicing of debt by GKR over the
past five months ended September 2015. The upgrade also reflects
CRISIL's belief that the company will continue to service its debt
in a timely manner, with its cash accruals expected to remain
adequate to meet its maturing debt obligations.

The ratings continue to reflect GKR's modest scale of operations
in the intensely competitive civil construction industry, its
large working capital requirements, and high degree of geographic
concentration in order book. The rating of the company is also
constrained on account of its average financial risk profile
marked by its small net worth, high total outside liabilities to
tangible net worth ratio, and moderate debt protection metrics.
These rating weaknesses are partially offset by its promoters'
extensive industry experience.
Outlook: Stable

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

GKR was set up in 2010 by Mr. Devendar Singh and his family
members. The company undertakes construction of roads, and caters
to government entities in Uttar Pradesh. It is based in Lucknow
(Uttar Pradesh).


GLOVE INFRACON: ICRA Lowers Rating on INR5.0cr Loan to D
--------------------------------------------------------
ICRA has revised the long term rating for the INR0.20 crore term
loan facilities, INR5.00 crore fund based facilities of Glove
Infracon Private Limited from [ICRA]B to [ICRA]D. ICRA has also
revised the short term rating assigned to INR2.80 crore non fund
based limits from [ICRA]A4 to [ICRA]D.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund based limits      5.00       [ICRA]D downgraded
                                     from [ICRA]B

   Term Loan              0.20       [ICRA]D downgraded
                                     from [ICRA]B

   Non Fund Based         2.80       [ICRA]D downgraded
   Limit-Bank Guarantee              from [ICRA]A4

The revision in the ratings consider the delays observed in timely
servicing of debt obligations by the company.

Incorporated in November 2011, GIPL is engaged in the road &
bridge construction activity in the state of Assam.


GURU AASHISH: CRISIL Suspends 'D' Rating on INR550MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Guru
Aashish Texfab Ltd (GATL; part of the Jajoo group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            550       CRISIL D
   Proposed Long Term
   Bank Loan Facility     250       CRISIL D

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

GATL was set up by Mr. Kamal Jajoo in Mumbai in 2003. GATL is a
closely held public limited company trading in fashion fabrics
primarily used in garments for youth and children. The company is
a part of the Jajoo group, which was established by Mr. Prahladrai
Jajoo (grandfather of Mr. Kamal Jajoo) in Gwalior (Madhya
Pradesh), in 1951. The other key group companies include PFL
(incorporated in 1992) and JEL (incorporated in 2000), which trade
in fabrics used for making shirts and suits.


HARERAM COTTON: CRISIL Suspends 'D' Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hareram
Cotton Industries (HCI).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            100       CRISIL D
   Proposed Long Term
   Bank Loan Facility     100       CRISIL D
   Rupee Term Loan         20       CRISIL D

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

HCI was set up as a proprietorship firm in Pandhurna (Madhya
Pradesh) in 1999. The firm gins cotton and produces cotton oil and
cotton cakes. HCI was founded by Mr. Ramdas Hirode.


JNV VIRA: ICRA Downgrades Rating on INR10cr Loan to D
-----------------------------------------------------
ICRA has revised the long-term rating assigned to the INR8.00
crore cash credit facility of JNV Vira Engineering Private Limited
to [ICRA]D from [ICRA]C+. ICRA has assigned the long-term rating
of [ICRA]D on the INR3.00 crore term loan facilities of JNV. ICRA
has also revised the short-term rating to the INR7.00 crore
(reduced from 10.00 crore) non-fund based limit of JNV to [ICRA]D
from [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           8.00        Downgraded to [ICRA]D
                                     from [ICRA]C+

   Term loan             3.00        [ICRA]D assigned

   Non-fund based       10.00        Downgraded to [ICRA]D
   Limit                              from [ICRA]A4

The revision in ratings takes into account the stretched liquidity
profile of the company with sharp increase in working capital
intensity in FY15 resulting in overutilization of its working
capital bank limits and instances of LC devolvement in the past
six months. The ratings also incorporate the deterioration in the
financial risk profile characterized by decline in profitability,
cash accruals and debt coverage indicators. The ratings also
factor in the competitive pressures from organized as well as
unorganized players and the vulnerability of profitability to any
unfavourable fluctuations in prices of key raw materials given the
fixed price nature of job work contracts.The ratings are further
constrained by JNV's modest scale of operations and linkage of its
revenue growth to timeliness of project execution by its large
clients.

ICRA however favorably notes the extensive experience of the
promoters in fabrication of process equipments/accessories, the
reputed customer base and the company's established relations with
the customers which assists in procuring repeat orders.

Incorporated in 2007, JNV Vira Engineering Private Limited (JNV)
is an engineering company engaged in the fabrication business,
primarily manufacturing process equipments/accessories for
industries like petrochemicals, power and other related
industries. The company carries out its activities at a 49,000
square foot workshop unit at Vadodara, Gujarat. JNV is promoted by
Mr. Vinod Shah and Mr. Jaykumar Patel.

Recent Results
In FY15, JNV reported an operating income of INR25.55 crore and
profit after tax of INR0.71 crore as against an operating income
of INR24.87 crore and profit after tax of INR0.83 crore during
FY14.


K V RAMA: CRISIL Suspends 'D' Rating on INR35MM Bank Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of K V Rama
Krishna Rao (KVR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         35       CRISIL D
   Overdraft Facility     35       CRISIL D

The suspension of ratings is on account of non-cooperation by KVR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KVR is yet to
provide adequate information to enable CRISIL to assess KVR'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 as a proprietorship firm in 2000, KVR is engaged in
execution of civil contracts, predominantly in the east and west
Godavari districts of Andhra Pradesh.


KATHIAWAR STEELS: CRISIL Cuts Rating on INR40MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Kathiawar Steels (KS) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB-/Stable/CRISIL A4+'.

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

   Letter of Credit      350        CRISIL A4 (Downgraded from
                                    'CRISIL A4+')

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

   Proposed Short Term    80        CRISIL A4 (Downgraded from
   Bank Loan Facility               'CRISIL A4+')

The downgrade reflects CRISIL's belief that KS's business risk
profile will remain under pressure over the medium term on account
of the slowdown in ship-breaking activity. The revenue declined to
INR277 million in 2014-15 (refers to financial year, April 1 to
March 31) from INR597 million in 2012-13; furthermore, the firm
incurred operating losses in 2014-15, as against a margin of 4 per
cent in 2012-13. KS did not purchase any ship in 2014-15 on
account of volatility in steel scrap prices and foreign exchange
(forex) rates, and is expected to have sales of INR50-100 million
in 2015-16. However, the management's cautious approach towards
purchase of ships helps keep the quantum of forex loss low.

The ratings reflect KS's small scale of operations, and
susceptibility to volatility in forex rates and steel prices.
These rating weaknesses are partially offset by the extensive
experience of promoters in the ship-breaking industry.
Outlook: Stable

CRISIL believes KS 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 substantial growth in
topline and improvement in profitability, backed by an increase in
ship-breaking activity. Conversely, the outlook may be revised to
'Negative' if the liquidity weakens because of any adverse
movement in steel scrap prices, resulting in inability to recover
the cost of ship purchased, or unfavourable movements in forex
rates, leading to substantial losses.

KS was set up in 1994 by Mr. Jaswant Shah as a proprietorship
firm. The firm was subsequently reconstituted as a partnership
between Mr. Jaswant Shah and Mr. Hiren Shah. It undertakes ship-
breaking activity at Alang Shipbreaking Yard in Bhavnagar
(Gujarat).

KS, on a provisional basis, reported a net loss of INR2.6 million
on sales of INR277 million for 2014-15, against a net loss of
INR6.8 million on sales of INR201 million for 2013-14.


KOHINOOR GINNING: CRISIL Suspends B- Rating on INR93.5MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kohinoor
Ginning and Pressing Pvt Ltd (KGPPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            93.5      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      0.1      CRISIL B-/Stable
   Term Loan              43.9      CRISIL B-/Stable

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

KGPPL was set up in 2011 by the Luniya and Bothara families of
Ghogargaon (Maharashtra). The company is engaged in cotton ginning
and pressing to make cotton bales and crushing of cotton seeds.


KSHITIJ KUMAR: ICRA Assigns 'B+' Rating to INR10cr Loan
-------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR10.00
crore non fund based bank facilities of Kshitij Kumar Choudhary.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Non-Fund Based
   Facility             10.00         [ICRA]B+; Assigned

ICRA's rating favorably factors in the extensive experience of the
promoters in the royalty collection business in the state of
Rajasthan. This apart, the rating also derives comfort from the
moderate financial profile of the firm reflected in its low
leverage and moderate coverage indicators. However the rating
remains constrained on account of the high operating leverage of
the firm, owing to the fixed royalty or toll collections payable
to the concessioning authority, whereas the revenues remain
dependent on the pace of the mining activity and the quality of
the mining reserves in the associated mine in case if mining and
the traffic volumes and collection efficiency in case of tolling.
ICRA also takes note of the partnership constitution of the firm
which exposes it to risks related to capital withdrawal, risk of
dissolution tec. Also, in the absence of fund based bank limits,
the firm remains dependent on timely funding support from partners
in case of lower than expected collections and cash flow
mismatches.

Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility and achieve healthy volumes, will be
the key rating sensitivities.

KKC, incorporated in 2009 is a partnership concern, promoted by
Mr. Kshitij Kumar Choudhary. The firm is a royalty contractor for
Sand Stone & Khanda mining in Sikar region in the state of
Rajasthan. Such contracts are awarded on competitive bidding by
Directorate of Mines and Geology (DMG), Government of Rajasthan.
Under these contracts, the firm collects royalties from the miners
based on volumes extracted by the latter and in turn pays a fixed
royalty amount to DMG as per the pre-fixed schedule. The firm also
undertakes toll collection contract awarded by Rajasthan State
Road Development and Construction Corporation Ltd, the company
operates a contract for toll collection at Kotputlli - Sikar -
Konchaman stretch.

Recent Results
The firm, on a provisional basis, reported an operating income
(OI) of INR9.97 crore and a net profit of INR0.61 crore for FY15
as against operating income (OI) of INR8.83 crore and a net profit
of INR0.49 crore for FY14.


KUMAR INDUSTRIES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Kumar Industries (KIN).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       43.5      CRISIL B+/Stable

   Cash Credit              50.0      CRISIL B+/Stable

   Long Term Loan            6.5      CRISIL B+/Stable

The rating reflects KIN's working-capital-intensive operations and
susceptibility to volatility in raw material prices and to
government regulations. These rating weaknesses are partially
offset by partners' extensive experience in the rice industry and
their funding support.
Outlook: Stable

CRISIL believes KIN will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' if KIN's capital structure improves
either by equity infusion or higher-than-expected cash accrual,
backed by increase in scale of operations and efficient working
capital management. Conversely, the outlook may be revised to
'Negative' if financial risk profile deteriorates because of
decline in revenue and profitability or larger-than-expected,
debt-funded capital expenditure, or if liquidity weakens
significantly due to increase in working capital requirement.

KIN was set up in 2007 as a proprietorship concern and converted
into a partnership firm in 2014. It is promoted by the members of
the Kumar family of Jalalabad (Punjab). The firm mills and
processes paddy into basmati rice, rice bran, broken rice, and
husk. Mr. Raj Kumar and his son, Mr. Vivek Kumar, are key partners
and manage operations.

KIN reported a profit after tax of INR7.28 million on net sales of
INR152.70 million for 2014-15 (refers to financial year,
April 1 to March 31), against a net profit of INR4.50 million on
net sales of INR91 million for the previous year.


MANGALAM AUTOMOTIVES: CRISIL Suspends B+ Rating on INR32.5MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mangalam
Automotives Pvt Ltd (MAPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            32.5      CRISIL B+/Stable
   Inventory Funding
   Facility               25.0      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      4.0      CRISIL B+/Stable
   Term Loan              14.0      CRISIL B+/Stable

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

MAPL, incorporated in 2008, is an authorised dealer for Hyundai
Motors India Ltd (rated 'CRISIL A1+') in Raipur. It is promoted by
Mr. Deepak Agrawal and his wife, Mrs. Nirmala Devi Agrawal. The
company operates a sales, service and spares centre in Raipur.


METRO PANELS: CRISIL Suspends B+ Rating on INR35MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Metro
Panels Industries (MPI).

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Cash Credit                  35        CRISIL B+/Stable
   Foreign Letter of Credit      5        CRISIL B+/Stable
   Term Loan                    15        CRISIL B+/Stable

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

MPI was set up in June 2013 as a 50:50 partnership firm by Mr. Ram
Kishore Agrawal and his friend, Mr. Amit Kumar Goyal. MPI has set
up a unit for manufacturing aluminium composite panels at Naroda
in Ahmedabad (Gujarat). The unit commenced operations in first
week of November 2013.


MYSORE ROYAL: CRISIL Suspends B Rating on INR120MM LT Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Mysore
Royal Academy Trust (MYRA).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         120       CRISIL B/Stable

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

MYRA was formed in 2010 in Mysore (Karnataka) by Prof. Shalini Urs
and her husband Prof. Shrijay Devaraj Urs. The trust has set up a
completely residential business school named MYRA School of
Business, which commenced operations in 2013-14.


NIMISH SYNTEX: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Rating and Research (Ind-Ra) has assigned Nimish Syntex (NS)
a Long-Term Issuer Rating of 'IND BB'.  The Outlook is Stable.
Ind-Ra has also assigned the company's INR150.00 mil. non-fund-
based working capital limits a Short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings factor in NS' small scale of operations, volatile
profitability and the risks associated with agricultural commodity
trading operations.  According to the unaudited of FY15
financials, revenue was INR756 mil. (FY14: INR411 mil.) with
EBITDA margins fluctuating between 1.7% and negative 1.7% on
volatile yarn prices.

The ratings are supported by over three decade long experience of
NS' promoters in yarn trading.  Credit metrics are comfortable
with net leverage of negative 12.7x in FY15 (FY14: 0.22x) and
EBITDA interest cover of 55.32x (25.31x).  Liquidity was
comfortable as the INR10 mil. cash credit facility was unutilized
during the 12 months ended Sept. 2015.

RATING SENSITIVITIES

Negative: A decline in the profitability leading to stressed
credit metrics will result in a negative rating action.

Positive: Increased scale of operations along with a sustained
improvement in the credit metrics will lead to a positive rating
action.

COMPANY PROFILE

Started by Mr. Arun Bhartia and Mr. Nimish A Bhartia in 1999 as a
partnership firm, NS sells imported yarn to the local textiles
manufacturer and wholesalers.  NS is a part of Fine Yarn group
which also includes Fine Yarn ('IND BB'/Stable) and Bharthia Yarns
('IND BB'/Stable).   All the entities trade yarn.


NOORUL ISLAM: ICRA Suspends 'D' Rating on INR153.90cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR153.90
Crore long term fund based facilities of Noorul Islam Trust. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
Company.


PHENIX PROCON: ICRA Assigns 'B' Rating to INR7.33cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B to the INR2.15
crore cash credit facility and the INR7.33 crore term loan
facility of Phenix Procon Private Limited. ICRA has also assigned
the short term rating of [ICRA]A4 to the INR0.25 crore Bank
Guarantee facility of PPPL.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Cash Credit facility    2.15        [ICRA]B assigned
   Term Loan facility      7.33        [ICRA]B assigned
   Bank Guarantee
   Facility                0.25        [ICRA]A4 assigned

The assigned ratings take into account the start up nature of the
company and modest scale of operations as well as limited past
experience of the promoters in the AAC blocks manufacturing space,
though one of the promoters has been engaged in trading of
construction material (cement) through a separate entity. The
ratings are also constrained by increased competitive intensity in
AAC blocks segment with substantial capacity additions by various
players in last three years as reflected by declining gross
realizations over past 12-15 months, low entry barriers with low
technology and low capital intensive nature of AAC manufacturing
operations and presence of established substitute in the form of
red clay bricks. ICRA also takes note of the stretched liquidity
position of the company owing to high debt repayment liabilities
in the medium term.

The ratings, however, favourably take into account the stable
demand outlook for AAC blocks; mandatory usage of AAC blocks in
the state government tendered civil construction projects has also
supported the demand growth. The ratings also factor in the
favorable location of the company's manufacturing facility in
proximity to raw material sources as well as major consumption
centres including Ahmedabad, Vadodara and Surat. The company has
entered into tie ups with various builders and end users in last
8-10 months which is expected to result in improved capacity
utilization levels from current fiscal onwards.

Incorporated in 2012, Phenix Procon Private Limited (PPPL) is
involved in manufacturing of AAC blocks at its manufacturing
facility located at Bavla near Ahmedabad with a current installed
capacity to manufacture 93,500 m3 of AAC blocks per annum. The
commercial production was commenced at the newly set up plant in
January 2014. The one of the promoters of PPPL is also involved in
trading of cement and flyash in Gujarat through a separate entity.

Recent Results
For the year ended 31st March 2014 (for 2.5 months of operations),
PPPL reported an operating income of INR0.57 crore and net loss of
INR0.65 crore. Further for the year ended 31st March 2015, PPPL
reported an operating income of INR8.73 crore and net loss of
INR0.50 crore (as per provisional unaudited financials).


PHOENIX STRUCTURAL: CRISIL Suspends 'D' Rating on INR47MM Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Phoenix Structural and Engineering Private Limited (PSEPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            20        CRISIL D
   Term Loan              47        CRISIL D

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

PSEPL, incorporated in 2007, was established by the Nagpur based
Patil family for fabrication and galvanisation of transmission
towers. The company is managed by Mr. Sunil Patil, his wife Mrs.
Prema Patil and their son Mr. Varun Patil. The company has its
manufacturing facility in Nagpur, Maharashtra.


QUALITY ELECTROWIRE: CRISIL Suspends B Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Quality
Electrowire Industries Pvt Ltd (QEPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         5         CRISIL A4
   Cash Credit           90         CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     5         CRISIL B/Stable

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

Incorporated in 2008, QEPL manufactures electric transformers at
its factory in Narela (Delhi). The company manufactures
transformers mainly for private players. It is managed by Ms. Renu
Jindal and her husband, Mr. Deepak Jindal.


RADHE KRISHNA: ICRA Assigns 'B' Rating to INR27cr Term Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR27.00
crore fund based limits of Radhe Krishna Enterprise.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based Term
   Loan                 27.00         [ICRA]B assigned

The assigned rating takes into account the risks pertaining to the
completion of considerable residual work of the firm's only
ongoing residential project and the risk of cancellation of
bookings in light of the minimal token money received on each
booking. Though the project is primarily debt funded, some comfort
is drawn from bank limits sanctioned for phase I and ~30% of the
total proposed equity and unsecured loans brought in which
partially mitigates funding risks. The rating is also constrained
by the exposure to the cyclicality inherent in the real estate
sector and the vulnerability to adverse fluctuations in the cement
and steel prices, although the same is mitigated to an extent by
efficient cost estimation to accommodate raw material price
movements. ICRA further notes that the timely completion of the
project along with sales realization and receipt of advances would
remain critical given the bulleted repayments towards the
scheduled completion date.

The rating, however, favourably factors in the experience of the
promoters in the real estate development business and the
project's proximity to civic amenities which has ensured moderate
bookings in the nascent stages of construction.

Radhe Krishna Enterprise (RKE) was incorporated in May, 2014 and
is engaged in the construction of residential projects in Surat.
RKE is executing one residential project namely Kashiba Villa
located in Kamrej, Surat. The company was promoted by Mr. Ladha O.
Maiyani, Mr. Babu O. Maiyani, Mr. Laxman O. Maiyani and Mr. Mukesh
L. Maiyani. RKE is a group company of Maiyani Group which has
presence in the construction, textile as well as diamonds
business.


RAICHUR ROLLER: ICRA Reaffirms B Rating on INR3.50cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
INR7.50 crore fund based limits of Raichur Roller Flour Mills.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits/
   CC Limits                 3.50      [ICRA]B/ Reaffirmed

   Fund Based Limits/
   Term Loans                2.00      [ICRA]B/ Reaffirmed

   Unallocated-Long Term     2.00      [ICRA]B/ Reaffirmed

The rating remains constrained by the modest scale of operations
of the firm and its weak financial profile as characterized by
thin profitability, modest debt protection metrics and high
gearing of 2.58 times as on March 31, 2015. The rating also takes
into consideration the highly fragmented nature of grain
processing industry which results in intense competitive pressures
and exposure of the entity's profitability. ICRA also takes into
consideration the agro-climatic risks and government policies
which impact the availability and the prices of the raw material,
which in turn affect the profitability of the firm.

The rating however positively factors in more than three decade of
promoters' experience in flour mill industry and the stable demand
outlook of wheat flour, as it forms an important part of the
staple Indian diet.

Going forward, RRFM's revenue growth is expected to be driven by
its entry into the Chakki Fresh Atta segment. Also, increase in
the margins of the firm and improvement in its capital structure
and coverage indicators would be the key rating sensitivities.

Raichur Roller Flour Mills was incorporated in year 1986 and is
engaged in milling of wheat to manufacture Maida, Atta, Suji, Rawa
and Bran. The firm has a well-diversified wholesaler distribution
network which caters primarily to the markets in Karnataka and
Andhra Pradesh. The firm's manufacturing facility is located at
Raichur district of Karnataka.

Recent Results
As per the provisional results for FY2015, the firm reported a net
profit of INR0.26 crore on an operating income (OI) of INR31.59
crore as against a net profit of INR0.24 crore on an OI of
INR28.89 crore in FY2014.


SAI INTERNATIONAL: ICRA Assigns 'B+' Rating to INR8.25r Term Loan
-----------------------------------------------------------------
ICRA has assigned its rating of [ICRA]B+ to the INR13 crore long
term fund based facilities of Sai International.

                          Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund Based Limits-
   Term Loan               8.25        [ICRA]B+; assigned

   Fund Based Limits-
   Cash Credit             2.00        [ICRA]B+; assigned

   Fund Based Limits-
   Buyer's Credit          2.75        [ICRA]B+; assigned

ICRA's rating is constrained by Sai International's modest scale
of operations and the vulnerability of its revenues and
profitability, to adverse fluctuations in raw material prices as
well as foreign exchange rates, as majority of the raw material,
namely Polyurethane (a crude oil derivative) is imported from
Singapore and Thailand. The rating also takes into account the
firm's thin margins and its weak financial profile characterized
by weak coverage indicators and adverse capital structure. The
rating also factors in the partnership constitution of the firm
which exposes it to the risk of capital withdrawals, risk of
dissolution etc. The rating, however, favourably factors in the
extensive track record of the partners, with more than 20 years of
experience in the shoe industry and the steady revenue growth
witnessed by the firm in the last three years, with improving
demand scenario for its products.

Going forward, the firm's ability to improve its scale of
operations in a profitable manner leading to improved coverage
indicators will be the key rating sensitivity.

Sai International is a partnership firm and was incorporated in
2005 by two brothers, Mr Nishant Jagga and Mr. Vishal Jagga. The
firm manufactures footwear at its plant located in Bahadurgarh,
Haryana. The product profile of the firm includes sports shoes,
sandals and slippers. The sports shoes of the firm are sold under
the brand name 'Tavera' whereas the sandals and slippers are sold
under the brand name 'PU-Lite'. The firm's major raw material is
Polyurethane, which is imported from Singapore and Thailand, and
Rexine which is procured from suppliers in Haryana, Delhi and
Uttar Pradesh.

Recent results
As per provisional financials for 2014-15, the firm reported a net
profit of INR0.54 crore on an operating income of INR37.44 crore,
as against a net profit of INR0.53 crore on an operating income of
INR33.83 crore in the previous year.


SAJEE BABA: ICRA Assigns 'B' Rating to INR4.0cr Term Loan
---------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR4.00 crore term loan
and INR2.00 crore cash credit facility of Sajee Baba Grains Pvt
Ltd. ICRA has also assigned an [ICRA]A4 rating to the INR0.20
crore bank guarantee facility of SBGPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limit-
   Term Loan             4.00         [ICRA]B assigned

   Fund Based Limit-
   Cash Credit           2.00         [ICRA]B assigned

   Non Fund Based
   Limit- Bank
   Guarantee             0.20         [ICRA]A4 assigned

The assigned ratings take into account SBGPL's small scale of
current operations as reflected by an operating income of INR5.37
crore in 3M 2014-15, limited track record of operations and the
adverse capital structure as on 31st March, 2015 owing to high
project gearing as well as working capital debt required post
commissioning. The ratings also take into consideration the
fragmented nature of the industry with low entry barriers which
results in intense competition, and also the firm's exposure to
agro climatic risks which can affect the availability of paddy in
adverse weather conditions. The ratings however, favorably factor
in the favorable demand prospects for the industry, with rice
being a staple food, SBGPL's presence in a major paddy growing
state, resulting in easy availability of paddy and entitlement to
various subsidies and exemptions which are likely to support the
profitability and cash flows of the company in the coming years.

Incorporated in 2011, Sajee Baba Grains Pvt Ltd commenced
operations in January, 2015. The company is engaged in the milling
of basmati rice with an installed capacity of 14,400 metric tonne
per annum (MTPA) at its manufacturing facilities in Burdwan, West
Bengal.

Recent Results
During 3M 2014-15, the company has reported a net profit of
INR0.01 crore on an operating income of INR5.37 crore.


SAKTHI ELEGANT: CRISIL Lowers Rating on INR160MM Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Sakthi Elegant Towers India Private Limited (SETIPL) to 'CRISIL
B/Stable' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            160       CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan              120       CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that SETIPL's
liquidity will remain under pressure over the medium term due to
low bookings for Phase II of its ongoing project. Cash flows are
expected to be inadequate for redemption of the cash credit
facility in June 2016. However, the promoters are expected to
bring in funds, or resort to refinancing for redeeming the cash
credit facility.

The ratings reflect SETIPL's exposure to completion and
saleability risks on ongoing projects, small scale of operations,
and geographic concentration in revenue. However these rating
weaknesses are partially offset by the promoters' extensive
experience and the company's project execution capabilities.
Outlook: Stable

CRISIL believes SETIPL will benefit over the medium term from the
experience of its promoters in the residential real estate
business. The outlook may be revised to 'Positive' if early
completion of projects or sizeable sales realisations lead to
better than expected cash flows. Conversely, the outlook may be
revised to 'Negative' if delays in execution of projects or in
receipt of advances, a significant decline in realisations, or any
large, debt-funded project weakens the financial risk profile.

SETIPL, established in 2005 by Mr. Rajendran, develops residential
apartments in Chennai and Coimbatore (both in Tamil Nadu).


SATYANARAYANA JEWELLERS: CRISIL Suspends B+ Rating on INR70M Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Satyanarayana Jewellers (SJ).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            45        CRISIL B+/Stable
   Long Term Loan          5        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     70        CRISIL B+/Stable

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

SJ, established in 2010, is engaged in gold jewellery retailing.
The firm's day-to-day operations are managed by Mr. B V R
Srinivas.


SHREE TECH: CRISIL Assigns B+ Rating to INR57.5MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shree Tech Paprers (STP).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           57.5       CRISIL B+/Stable

The rating reflects STP's modest scale of operations, large
working capital requirements, and below-average financial risk
profile. These weaknesses are mitigated by the promoters' moderate
experience in the paper industry and their funding support.
Outlook: Stable

CRISIL believes STP will continue to benefit from the promoters'
moderate experience in the paper industry and the funding support
it receives in the form of unsecured loans. The outlook may be
revised to 'Positive' if the firm ramps up its scale of operations
and sustains its operating profitability. Conversely, the outlook
may be revised to 'Negative' if STP's financial risk profile
deteriorates owing to further decline in scale of operations or
profitability, or a significant debt-funded capital expenditure.

Registered in 2012, STP is a partnership firm that manufactures
paper stationary products such as books and notepads with majority
of its sales to Tamil Nadu Newsprint and Papers Ltd. Its
manufacturing facility is in Karur (Tamil Nadu).


SR DISTILLERY: ICRA Suspends 'D' Rating on INR56.76cr Loan
----------------------------------------------------------
ICRA has suspended the rating of [ICRA]D assigned to the INR56.76
crore bank facilities of SR Distillery Private Limited. The
suspension follows lack of co-operation from the company.


SSM BUILDERS: CRISIL Reaffirms B+ Rating on INR1.8BB LT Loan
------------------------------------------------------------
CRISIL's ratings on bank facilities of SSM Builders and Promoters
(SSMBP) continue to reflect the firm's exposure to implementation-
related risks of the ongoing project and geographical
concentration in revenue profile. These rating weaknesses are
mitigated by the promoter's extensive experience in real estate
development and advantageous location of the ongoing project.

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

Outlook: Stable

CRISIL believes SSMBP will continue to benefit from the promoter's
extensive industry experience and from the niche positioning of
its project. The outlook may be revised to 'Positive' in case of
higher-than-expected cash flow supported by earlier-than-expected
completion or significantly higher realisations for the ongoing
project. Conversely, the outlook may be revised to 'Negative' in
case of further delays in project completion or in receipt of
payments from customers, inability to sell the ongoing project, or
larger-than-expected, debt-funded projects.

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


SSV ENGINEERS: CRISIL Suspends B- Rating on INR200MM Term Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
SSV Engineers Pvt Ltd (SSV).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            180       CRISIL B-/Stable
   Letter of credit &
   Bank Guarantee          50       CRISIL A4
   Proposed Bank
   Guarantee               50       CRISIL A4
   Proposed Cash
   Credit Limit           100       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility      20       CRISIL B-/Stable
   Term Loan              200       CRISIL B-/Stable

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

SSV commenced operations by acquiring two proprietary concerns,
SSV Engineers and Steel Wind Energy, owned by Mr. V M Shinde, with
effect from April 2008. SSV fabricates mild steel structurals
(such as platform structures for boilers and heavy foundations of
windmills), and components (pressure vessel covers), mainly for
pressure vessels. The company carries out cutting, bending,
welding, and finishing processes. SSV has three fabrication units:
two near Pune (one each in Pimpri and Chakan) and one in Indapur
(all in Maharashtra).


STUTI JEWELLERY: CRISIL Suspends B Rating on INR100MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Stuti
Jewellery (SJ).

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

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

SJ was set up in November 2011 by Ms. Deepa Vernekar and Ms.
Shilpa Vernekar. Based in Bangalore (Karnataka), the firm makes
South Indian handmade jewellery. The Vernekar family is engaged in
the export of handmade jewellery through SJ's sister concern which
has won several awards for its expertise in jewellery
manufacturing.


SUDHAKARAN NAIR: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Sudhakaran
Nair and Company Pvt. Ltd. (SNC) Long-Term Issuer Rating at
'IND BB'.  The Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects SNC's continued small scale of operations
with revenue of INR259 mil. in FY15 (FY14: INR234 mil.).  The
ratings also reflect the firm's moderate credit profile with
interest coverage of 2.8x in FY15 (FY14: 2.2x), net financial
leverage of 1.7x (3.3x) and EBITDA margins of 7.1% (4.6%).

The ratings factor in SNC's tight liquidity as evident from the
multiple instances of overutilization in its fund-based working
capital facility up to eight days over the 12 months ended Sept.
2015.

The ratings, however, benefit from the over two decades of
experience of SNC's founders in the service industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
interest coverage will be positive for the ratings.

Negative: Deterioration in the scale of operations and interest
coverage will be negative for the ratings.

COMPANY PROFILE

SNC was incorporated in 1986 in Chennai and provides plumbing and
sanitary installation, fire protection installation as well as
specialised installation services.


SWAMINARAYAN DIAMONDS: CRISIL Suspends B+ Rating on INR350MM Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Swaminarayan Diamonds Private Limited (SDPL; part of the
Swaminarayan group).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            350       CRISIL B+/Stable

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SDPL and V Raj Gems (VRG). These
entities, together referred to as the Swaminarayan group, have
common promoters and are in a similar line of business.

VRG, a partnership firm set up in 2002, trades in rough and
polished diamonds. SDPL, incorporated in November 2012, also
trades in rough and polished diamonds. The group's operations are
managed by Mr. Deepak Patel and his wife Mrs. Sweta Patel.


UNIVERSAL COATINGS: CRISIL Suspends B Rating on INR55MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Universal
Coatings Private Limited (UCPL; part of the Universal group).

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of UCPL and its group entity Universal
Converters Pvt Ltd (UPL), together referred to as the Universal
group. This is because these entities are managed by the same
promoters, are into the same lines of business and have cash flow
fungibility.

Incorporated in 1990, UCPL and UPL manufactures polyester twist
wrappers for the confectionary industry. The group is promoted by
Mr. Pratap Reddy and Mrs. Anita Reddy.


VARA LAKSHMI: CRISIL Suspends 'D' Rating on INR41MM LT Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vara
Lakshmi Paraboiled Rice Mills Private Limited (VLPL).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12        CRISIL D
   Long Term Loan         41        CRISIL D

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

VLPL, set up in 2012, is in the business of milling and processing
paddy into rice, rice bran, broken rice, and husk. It is promoted
by Mr. G Venkateshwarlu. VLPL commenced commercial operations in
October 2012.


VENKATA NAGA: ICRA Reaffirms B+ Rating on INR9.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR11.25 crore fund based limits of Venkata Naga Lakshmi Paper
Mills Private Limited. ICRA has also reaffirmed the ratings of
[ICRA]B+/[ICRA]A4 assigned to INR13.75 crore unallocated limits of
VNLPMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan Limits       2.25       [ICRA]B+ Reaffirmed
   Cash Credit Limits     9.00       [ICRA]B+ Reaffirmed
   Unallocated Limits    13.75       [ICRA]B+/[ICRA]A4 Reaffirmed

The reaffirmation of ratings is constrained by the small scale of
operations in the kraft paper industry; weak financial risk
profile of the company as characterised by high gearing, moderate
coverage indicators and low profitability margins; and fragmented
nature of industry as characterized by competition from a large
number of players, restricts the ability to pass on any rise in
input costs. This apart, the ratings are also constrained by the
company's stretched liquidity as reflected by high working capital
intensity leading to high utilization levels of working capital
limits and vulnerability of profits to fluctuations in waste paper
prices. The ratings, however, favorably factor in the longstanding
presence of the promoters in the paper and packaging industry,
well-established client network and the company's healthy revenue
growth - albeit on a low base in FY2015.

Going forward, the ability of the company to strengthen its
financial profile and efficiently manage its working capital
requirements remains the key rating sensitivity.

Venkata Naga Lakshmi Paper Mills Private Limited (VPMPL) is a
manufacturer of kraft paper, incorporated in 2003 by Mr. V.
Mangapathi Raju. The promoter has more than 2 decades of
experience in the paper industry. The company's manufacturing
facility is situated in Unguturu, West Godavari District, Andhra
Pradesh. It currently has an installed capacity of 70 metric tons
per day (MTPD).

Recent Results
For FY 2015, the company reported a profit after tax of INR0.47
crore on an operating income of INR38.01 crore, as against a
profit after tax of INR0.40 crore on an operating income of
INR30.28 crore in FY 2014.


VINAYAK MINERALS: CRISIL Assigns 'B' Rating to INR30MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Vinayak Minerals (VM).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              30        CRISIL B/Stable
   Proposed Short Term
   Bank Loan Facility     10        CRISIL A4
   Cash Credit            15        CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility      5        CRISIL B/Stable

The ratings reflect VM's modest scale of operations and exposure
to project risks. These rating weaknesses are partially offset by
the extensive experience of the firm's promoters in the ceramic
industry and the favourable location of its plant at Morbi
(Gujarat), which ensures easy availability of raw materials and
labour.
Outlook: Stable

CRISIL believes VM will continue to benefit over the medium term
from its promoters' industry experience. However, the financial
risk profile, especially gearing and debt protection metrics may
remain moderate over this period, because of low accrual during
the project stabilisation phase. The outlook may be revised to
'Positive' if early stabilisation of operations results in a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a low operating margin, any large debt-
funded expansion, or deterioration in working capital management
weakens the financial risk profile further.

Set up in February 2015 as a partnership firm, VM is promoted by
Mr. Uttam Vadhadiya and others. The firm is setting up a facility
to produce ceramic body clay with a capacity of 90,000 tonnes per
annum.


W.S. INDUSTRIES: ICRA Suspends 'D' Rating on INR144cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating outstanding on INR30.0 crore
Non Convertible debenture programme, INR69.0 crore fund based
facilities and INR144.0 crore non-fund based facilities of W.S.
Industries (India) Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


XO PACK: ICRA Assigns 'B' Rating to INR4.92cr LT Loan
-----------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B to the INR4.92
crore fund based facilities of XO Pack Private Limited. ICRA has
also assigned a long term/short term rating of [ICRA]B/[ICRA]A4 to
the INR2.42 crore proposed facilities of XO Pack Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund
   Based Facilities      4.92        [ICRA]B assigned

   Long Term/Short
   Term Proposed
   Facilities            2.42        [ICRA]B/[ICRA]A4 assigned

The ratings assigned take into account the limited track record
and modest scale of operations of the company, the stretched
financial position of the company with negative net worth owing to
losses accrued during the past two years of operations on a small
equity base, although the promoters have brought in additional
funding in the form of unsecured loans. The ratings are also
constrained by the low, albeit growing, capacity utilization of
the company which was around 25% during FY 2014-15, the high
working capital intensity of the company's operations caused by
the high inventory stocking and stretched receivable position,
though extended credit provided by the suppliers moderates working
capital requirements to an extent. The ratings also consider the
intense competition faced from numerous unorganised players given
the fragmented nature of the industry and the low entry barriers.

The ratings assigned also take into account the company's state of
the art manufacturing facility with an installed capacity to
manufacture up to18,000 Metric tons of corrugated cartons per
year, the healthy order book position of the client, with high
value orders received from new customers during the year likely to
support growth in revenues and capacity utilisations going
forward. ICRA also takes into account the healthy demand outlook
for packaging industry due to strong growth anticipated in end
user segments like FMCG, Food & Beverages and Pharma, etc as well
as the long standing experience of the promoters in manufacturing
and international trade.

XO pack Pvt. Ltd. was established in 2011, and is engaged in
manufacture and supply of corrugated cartons and other packaging
solutions. The company is located in SEZ, Kakkanad with a current
production capacity of 50 metric tonnes per day, equipped with
state of the art technology supported by the latest quality
testing machines. The company has a fully automatic 5ply
corrugated unit with online printing and folder gluing facilities.
The promoters of the company are Mr. S. Mohan Nair and Mr. M.
Muraleedharan who are vastly experienced, having been engaged in
related businesses for several decades and is adequately supported
by experienced operational staff. The company presently caters to
packaging requirements of other companies in the SEZ as well as
other Export oriented units.

Recent results
XO Pack Private Limited recorded a net profit of INR0.24 crore on
an operating income of INR6.5 crore during the period April 2015
to September 2015 as per unaudited financial statements; as
against a net loss of INR1.9 crore on an operating income of
INR10.2 crore during FY 2014-15 as per the audited financial
statements.



=================
I N D O N E S I A
=================


XL AXIATA: To Sell Telecom Towers for $500MM to Clear Debt
----------------------------------------------------------
Jakarta Globe reports that XL Axiata plans to raise $500 million
from selling its telecommunication towers as part of an effort to
repay its debt to Malaysian parent company Axiata.

The company has yet to reach a deal with prospective buyers, the
report says.

"We are still evaluating the plan," XL's finance director Mohamed
Adlan said on November 4, confirming reports first made by the
Wall Street Journal, Jakarta Globe relays.

According to the report, the company has $500 million in
outstanding debts to Axiata, pilling pressure on its balance sheet
as the US dollar gains strength against local currency.

Jakarta Globe relates that XL has said that it would be prepared
to repay its debts using internal funds and may negotiate for a
deadline extension.

The company sold 3,500 of its towers for $350 million last year to
local telecommunications tower operator Solusi Tunas Pratama, the
report recalls.

The report notes that XL managed to pay back $580 million in
unhedged debt by October, leaving its total outstanding dollar-
denominated debt at $938 million.

The company booked a net loss of IDR506 billion ($37 million) in
the first nine months of this year, narrowing from a IDR838
billion net loss in the same period last year, according to
Jakarta Globe.

Its revenue has dropped 4% to IDR16.98 trillion from IDR17.6
trillion last year, the report discloses.

XL Axiata is one of the largest cellular providers in Indonesia in
terms of revenues. As of 31 December 2014, XL had 59.6 million
subscribers. It owns a nationwide cellular network covering all
major cities in Java, Bali and Sumatra, as well as populated
centers in Sulawesi and Kalimantan.

XL is 66.5%-owned by Axiata Group Berhad (Baa2 stable). Axiata is
in turn 59.2%-owned by Khazanah Nasional Berhad. and related
entities of Government of Malaysia (A3 positive). The UAE-based
Emirates Telecommunications Corp (Aa3 stable) holds 4.2% of XL's
shares and the public holds the remaining shares.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 11, 2015, Moody's Investors Service says that PT XL Axiata
Tbk's ("XL") full-year results for 2014 are broadly in line with
expectations and support XL's Ba1 corporate family rating and
stable outlook, despite its elevated leverage.



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


TOSHIBA CORP: Posts JPY90.5BB Operating Loss in 1H 2015
-------------------------------------------------------
The Japan Times reports that Toshiba Corp. on November 7 reported
a group operating loss of just under JPY90.5 billion ($734
million) for the first half of fiscal 2015, as its home appliance
and other mainstay businesses struggled amid an accounting
scandal.

It is the first time in six years that Toshiba has marked an
operating loss for the April-September period, the report says.
According to the report, Toshiba said it sued its former
management -- three former presidents and two chief financial
officers -- over the improper accounting practices spanning
roughly seven years, and is seeking a total of JPY300 million in
damages. Those being sued include Hisao Tanaka, Norio Sasaki and
Atsutoshi Nishida, who stepped down in July to take responsibility
for improper accounting, the Japan Times reports. Toshiba also
said it will today reprimand 26 executives over the accounting
scandal, the report relates.

For the year through March 31, Toshiba did not announce earnings
forecasts as it is still trying to lay out restructuring plans to
emerge from the crisis, according to The Japan Times.

The report notes that coupled with sluggish sales of its home
appliances, a write-down of JPY69.6 billion in its point-of-sale
system business also hurt earnings.

Still, Toshiba managed to post a group net profit of
JPY37.29 billion, down 29.1% from a year before, due mainly to a
profit from selling shares in companies such as Finnish elevator
company KONE Corp, The Japan Times discloses. Sales dropped
4.5% to JPY2.97 trillion.

"A swift restructuring of our lifestyle unit is absolutely
needed," the report quotes Corporate Senior Vice President
Masayoshi Hirata as saying. "Otherwise, we will continue to see a
loss in the latter half of the year," he told a press conference.

The Japan Times says the earnings results give fresh evidence that
the industrial conglomerate faces a tough road ahead in returning
to profitability after years of systematic padding of profits
delayed the restructuring of loss-making businesses.

The lifestyle division, a unit in charge of personal computers and
televisions, saw an operating loss of JPY42.5 billion, while the
electricity and social infrastructure business that deals with
nuclear power recorded JPY6.3 billion in operating losses, the
report discloses. The semiconductor business, however, handed the
company an operating profit of JPY38.8 billion.

One of the worst corporate scandal in years forced Toshiba to
revise its profits from April 2008 to December 2014 downward by
JPY155.2 billion on a net basis, raising the need for it to
proceed with restructuring, adds The Japan Times.

                      About Toshiba Corp.

The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report on July 21 that Toshiba Corp. overstated its operating
profit by JPY151.8 billion ($1.22 billion) over several years in
accounting irregularities involving top management.

The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.

The TCR-AP, citing Bloomberg News, reported on July 22, 2015, that
Toshiba Corp. President Hisao Tanaka and two other executives quit
to take responsibility for a $1.2 billion accounting scandal that
caused the maker of nuclear reactors and household appliances to
restate earnings for more than six years.

Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities, according
to Bloomberg.

On Sept. 11, 2015, the TCR-AP reported that Moody's Japan K.K.
affirmed Toshiba Corporation's Baa2 issuer and senior unsecured
debt ratings as well as its Ba1 subordinated debt rating and P-2
commercial paper rating.  The ratings outlook is stable.

The ratings affirmation follows Toshiba's announcement of its
results for the fiscal year ended March 31, 2015 (FYE3/2015) and
the restatement on September 7 of its results for FYE3/2009
through 3Q FYE3/2015.

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-scale
integrated (LSI) circuits for image information systems and liquid
crystal displays (LCDs), among others.  The Social Infrastructure
segment offers various generators, power distribution systems,
water and sewer systems, transportation systems and station
automation systems, among others.  The Home Appliance segment
offers refrigerators, drying machines, washing machines, cooking
utensils, cleaners and lighting equipment.  The Others segment
leases and sells real estate.



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


* SOUTH KOREA: Restructuring Aimed at Reviving Ailing Firms
-----------------------------------------------------------
Yonhap News Agency reports that South Korea's chief financial
regulator said November 5 that the government-led corporate
restructuring campaign is aimed at reviving ailing companies with
financial aid.

"The principal goal of corporate restructuring is to resurrect
financially shaky companies and do business again," Yonhap quotes
Financial Services Commission (FSC) Chairman Yim Jong-yong as
saying in a breakfast meeting with local bank leaders. "Banks
single out lemons out of their corporate borrowers and drain them
of credits, and give additional financial support to those who can
stay afloat."

He said the government is rolling up its sleeves to speed up such
efforts but will take action after due consideration, the report
relates.

According to Yonhap, the FSC has been pushing local banks and
financial institutions to eliminate highly indebted and
unprofitable companies from the market in order to improve their
balance sheets amid lingering economic uncertainties at home and
abroad.

Yonhap relates that the regulator has also asked banks to set
aside sufficient loan-loss provisions to pre-emptively deal with
possible collapses of such troubled companies.

The reports says South Korean banks have been struggling from
mounting bad loans extended especially to the shipbuilding sector,
which posted unprecedented massive losses this year stemming from
a worldwide slump in the industry.

Daewoo Shipbuilding & Marine Engineering Co., the country's No. 3
shipyard, suffered more than KRW3 trillion in quarterly deficit
through September, ringing the alarm for the financial authorities
and the entire business circle, Yonhap discloses.

Insiders warn that the rising number of ailing firms and mounting
corporate debt could lead to a series of bankruptcies, much like
during the 1997 Asian financial crisis, according to Yonhap.

Citing market data, Yonhap notes that out of 628 listed companies
excluding financial firms, 34.9% failed to make sufficient profit
to pay down the principal on their debt, up from 24.7% in 2010.



                             *********

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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