TCRAP_Public/151118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, November 18, 2015, Vol. 18, No. 228


                            Headlines


A U S T R A L I A

MARK APPLEBY: First Creditors' Meeting Set For Nov. 24
MELBOURNE COOL: First Creditors' Meeting Slated For Nov. 24
MIDLAND HWY: Proceeding to Set Aside DOCA, Wind Up Firm Commences
POWER & AIR: First Creditors' Meeting Slated For Nov. 25
STOCKFORD GROUP: Investor Group Acquires Firm for AUD2 Million

SUSHI TRIBE: Enters Voluntary Administration
SYSTECK GROUP: First Creditors' Meeting Slated For Nov. 24


C H I N A

UTSTARCOM HOLDINGS: Reports Third Quarter 2015 Financial Results

* CHINA: Factory Growth Weakens, But Retail Sales Edge Up


I N D I A

9PLANETS PRODUCTS: CRISIL Reaffirms 'D' Rating on INR149MM Loan
ABF ENGINEERING: CARE Assigns 'B' Rating to INR4.07cr LT Loan
ANTIQUE TEXTILE: CARE Revises Rating on INR10.46cr Loan to BB-
ANTONY ROAD: ICRA Assigns 'D' Rating to INR25cr Term Loan
BALWAN POULTRY: CARE Assigns 'D' Rating to INR6cr LT Loan

BATHERO SANITARY: CRISIL Assigns 'B' Rating to INR60MM Term Loan
BLS IMPEX: CRISIL Assigns B+ Rating to INR150MM Cash Loan
DHRUBA KUMAR: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
DREAM MERCHANT: CRISIL Assigns 'B' Rating to INR280MM Cash Loan
EMAAR MGF: CARE Revises Rating on INR2,260cr Loan to D

ENMAS GB: CARE Assigns 'C' Rating to INR18cr LT Loan
ESKAY VIDEO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
GAJANAND COTTON: ICRA Suspends B+ Rating on INR4.25cr Loan
GAYATRI PROJECTS: CARE Lowers Rating on INR2,563.81cr Loan to D
GBJ HOTELS: ICRA Reaffirms B+ Rating on INR108cr LT Loan

GLOBE TEXTILES: ICRA Suspends B+/A4 Rating on INR36.33cr Loan
GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR11.18cr Loan
GRAMPUS LABORATORIES: CARE Reaffirms B+ Rating on INR3.71cr Loan
GTN ENTERPRISES: CARE Lowers Rating on INR60.30cr LT Loan to D
H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Loan

HIGH ENERGY: CARE Lowers Rating on INR45cr Short Term Loan to D
JAGDAMBAY COTSPIN: ICRA Reaffirms 'B' Rating on INR20cr Loan
JV STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
K T QUALITY: CRISIL Suspends 'B' Rating on INR25.5MM LT Loan
KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan

MANDOVI MINERALS: CRISIL Reaffirms 'B' Rating on INR123.1MM Loan
MANTRAM TECHNOFAB: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
NCS SUGARS: Ct. Orders Quick Liquidation of Defaulters' Assets
NEXGEN LAMINATORS: CARE Suspends 'D' Rating on INR43.44cr Loan
OMNE AGATE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'

PARAMOUNT BLANKETS: CARE Assigns 'C' Rating to INR21cr LT Loan
PATEL JIVA: CARE Revises Rating on INR6.85cr LT Loan to B+
R.N. RICEMILL: CARE Assigns 'B' Rating to INR20cr LT Loan
RAMKRUPA GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
REALCADE LIFESCIENCE: CARE Assigns 'B' Rating to INR15cr LT Loan

SAGAR METALLICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
SARALA FOODS: ICRA Assigns B+ Rating to INR15cr LT Loan
SHIVA TEXFABS: CARE Assigns 'D' Rating to INR933.93cr LT Loan
SHREE MAHESHWAR: CARE Reaffirms 'D' Rating on INR451cr LT Loan
SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Loan

SHYAMALI COLD: CRISIL Assigns B- Rating to INR62MM LT Loan
SIGNATURE CERAMIC: ICRA Reaffirms B+ Rating on INR3.0cr Loan
SRI VASAVI: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
STANDARD CONSULTANTS: ICRA Reaffirms B+ Rating on INR7cr Loan
SWASTIK OVERSEAS: Court Orders Quick Liquidation of Properties

YOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR7cr LT Loan


N E W  Z E A L A N D

Q CARD: Fitch Gives 'Bsf' Rating on Class F 2014-1 Notes


S O U T H  K O R E A

* S. KOREA: Restructuring of Steel, Petrochem Firms to Gain Speed


                            - - - - -


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


MARK APPLEBY: First Creditors' Meeting Set For Nov. 24
------------------------------------------------------
Glenn J Spooner & Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Mark Appleby
Investments Pty Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Nov. 24, 2015, at 11:00 a.m.


MELBOURNE COOL: First Creditors' Meeting Slated For Nov. 24
-----------------------------------------------------------
Glenn J Spooner & Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Melbourne Cool
Rooms Pty Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Nov. 24, 2015, at 2:30 p.m.


MIDLAND HWY: Proceeding to Set Aside DOCA, Wind Up Firm Commences
-----------------------------------------------------------------
The Australian Securities and Investment Commission has commenced
proceedings in the Federal Court of Australia for orders to set
aside a resolution made by creditors of Midland Hwy Pty Ltd to
enter into a deed of company arrangement (DOCA) and for Midland
Hwy to be wound up.

ASIC has concerns about the proposed DOCA in light of various
matters reported on by the Administrators, Messrs Nicholas Martin
and Craig Crosbie, of PPB Advisory.

The DOCA was proposed by Bilkurra Investments Pty Ltd and agreed
to by creditors on Oct. 21, 2015. Under the deed, Bilkurra, who
owns the land associated with the Hermitage Bendigo project, was
to take over the development.

Matters reported by the Administrators about which ASIC is
concerned include:

   * only AUD1.7 million of the AUD24 million received from
     option holders in the Hermitage Bendigo project had been put
     towards the development;

   * Midland Hwy does not have funds to pay the AUD24 million
     back to option holders and is likely to have been insolvent
     from March 2012 and potentially as early as Sept. 7, 2011;

   * up to AUD22.3 million of payments are likely to be subject
     to other claims which should be investigated by liquidators
     to see if they can be recovered, including substantial
     amounts paid to companies associated with Bilkurra for which
     there is no proper documentation; and

   * it is unclear whether Bilkurra has the financial resources
     to undertake the development.

ASIC considers that it is in the public interest for Midland Hwy
to be wound up so that a proper investigation into the affairs of
Midland Hwy can be conducted by independent liquidators.

The matter was heard on Nov. 11, 2015, with judgment reserved.
Until the hearing and determination of the proceeding has
concluded, the Court has ordered that s444B(5) of the Corporations
Act, which requires the administrators to execute a DOCA within a
certain time, does not operate.

Midland Hwy was the developer of a land banking scheme known as
'Hermitage Bendigo' (formerly 'Acacia Banks'), located just
outside of Bendigo, Victoria and was put into administration on
July 2, 2015. At the second creditors' meeting of Midland Hwy held
on Oct. 21, 2015, creditors voted in favour of the DOCA despite
the Administrators recommending the company be put into
liquidation.

ASIC's proceedings are part of ASIC's wider and ongoing
investigation into land banking schemes.

ASIC previously resolved proceedings against Midland Hwy to remove
Mr David Anthony Ross and Mr Richard Albarran of Hall Chadwick as
the administrators.


POWER & AIR: First Creditors' Meeting Slated For Nov. 25
--------------------------------------------------------


Anthony Jay Miskiewicz and Richard William Buckby of KordaMentha
were appointed as administrators of Power & Air Solutions (QLD)
Pty Ltd on Nov. 14, 2015.

A first meeting of the creditors of the Company will be held at
The RedEarth Hotel, Corner Rodeo Drive & West Street, in Mount
Isa, Queensland, on Nov. 25, 2015, at 11:00 a.m.


STOCKFORD GROUP: Investor Group Acquires Firm for AUD2 Million
--------------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Investor Group
has agreed to purchase Stockford group for AUD2 million. This
comes just a month following the placement of Stockford into
voluntary administration.

KordaMentha was appointed administrators of the Collins Street
business. According to a KordaMentha, up to 30 of the 84 practice
principals of the group have agreed to purchase the businesses
back.

Stockford group is a Melbourne-based financial planning business.


SUSHI TRIBE: Enters Voluntary Administration
--------------------------------------------
Eloise Keating at SmartCompany reports that a sushi wholesaler
that is owned by Smart50 finalist Pacific Retail Management has
entered voluntary administration and ceased trading.

Administrator Mitchell Ball of BPS Recovery was appointed to
manage the administration of the Sushi Tribe business on Nov. 16,
the report discloses.

The first meeting of the company's creditors will be held in
Sydney on November 26.

Mr. Ball has also been appointed as administrator for a company
called Go Pacific Retail, which SmartCompany understands is the
former franchise holder for sushi chain Go Sushi.

Mr. Ball told SmartCompany as far as he is aware, no other brands
owned by Pacific Retail Management are in voluntary
administration.

While Mr. Ball was unable to comment as to the reasons for the
appointment of voluntary administrators to Sushi Tribe, he
confirmed the business has ceased trading, the report says.

A spokesperson for Pacific Retail Management also confirmed to
SmartCompany Sushi Tribe has ceased trading but said it is
"business as normal" for the rest of the business.

Pacific Retail Management chief executive Nicola Mills told
SmartCompany the appointment of administrators is a result of "a
restructure from the impact of the wholesale business" in relation
to an acquisition the company completed in late 2014.

"This does not affect our retail business, our franchisees, IP
trademarks, our international operations, or Pacific Retail
Management as a whole, which will remain separate," SmartCompany
quotes Ms. Mills as saying.

Sushi Tribe supplied both fresh and frozen sushi to stockists
across Australia and is one of five brands owned by Pacific Retail
Management, along with Go Sushi, Wasabi Warriors, Kick Juice Bars
and Sushi Ginza.


SYSTECK GROUP: First Creditors' Meeting Slated For Nov. 24
----------------------------------------------------------
Bruno A Secatore and Dino Travaglini of Cor Cordis Chartered
Accountants were appointed as administrators of Systeck Group Pty
Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Institute of Chartered Accountants, Level 11, 2 Mill Street, in
Perth, on Nov. 24, 2015, at 10:30 a.m.



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


UTSTARCOM HOLDINGS: Reports Third Quarter 2015 Financial Results
----------------------------------------------------------------
UTStarcom Holdings Corp. reported a net loss of $5.20 million on
$27.3 million of net sales for the three months ended Sept. 30,
2015, compared to a net loss of $8.22 million on $32.3 million of
net sales for the same period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss of $7.74 million on $91.04 million of net sales compared
to a net loss of $16.09 million on $96.5 million of net sales for
the same period last year.

As of Sept. 30, 2015, the Company had $209.41 million in total
assets, $105 million in total liabilities and $104 million in
total equity.

Mr. William Wong, UTStarcom's chief executive officer, stated, "We
are pleased to have exceeded our initial expectations for the
third quarter, delivering better than expected revenue results
with sequential improvement in gross margin as well. This was
achieved due to the ongoing aggressive realignment of our business
towards the higher end of the market. Our high-margin products
continue to be in solid demand, particularly in our key markets
such as Japan and certain emerging markets. Our focus on the
streamlined business model is achieving positive top-line results.
This coupled with a vigilant focus on operational excellence is
driving operating margin improvement."

"Looking to the balance of the year, we will remain focused on the
acceleration of our transformation and we have every confidence
that our progress will continue. We believe that based on our
broadening global reach, the increasing breadth of our evolving
product offerings, and a healthier business foundation, we will
continue to drive growth and profitability improvements while
generating value for both our customers and our shareholders."

Mr. Min Xu, UTStarcom's chief financial officer, commented, "We
are glad to see ongoing benefits from the transformative
initiatives we have undertaken. The streamlined business model
allows us to be more efficient and the cost reduction actions we
implemented in previous quarters continue to have a positive
impact. As we navigate through the transformation, we remain
focused on both managing our cost base and investing in our most
profitable products, all in order to ensure UTStarcom's transition
into a more focused and profitable business."

A full-text copy of the press release is available at:
http://is.gd/ToTqGH

                       About UTStarcom, Inc.

UTStarcom, Inc. (Nasdaq: UTSI) -- http://www.utstar.com/--
provides IP-based, end-to-end networking solutions and
international service and support. The Company sells its
solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables
its customers to rapidly deploy revenue-generating access services
using their existing infrastructure, while providing a migration
path to cost-efficient, end-to-end IP networks. The Company's
headquarters are currently in Alameda, California, with its
research and design operations primarily in China.

UTStarcom reported a net loss of $30.3 million in 2014, a net loss
of $22.7 million in 2013 and a net loss of $34.4 million in 2012.


* CHINA: Factory Growth Weakens, But Retail Sales Edge Up
---------------------------------------------------------
The Associated Press reports that China's factory output and
investment weakened in October while retail sales growth edged up,
suggesting economic growth has stabilized but has yet to revive
despite repeated interest rate cuts and other stimulus.

The news agency relates that the data reported Nov. 11 reflected
the two-speed nature of the economy as communist leaders try to
encourage growth based on consumer spending instead of trade,
investment and heavy industry.

Economic growth decelerated to a six-year low of 6.9% in the
latest quarter, the AP says.  According to the report, communist
leaders insist they are comfortable with slower growth after the
last decade's explosive double-digit expansion but face pressure
to avoid a politically dangerous spike in job losses.

President Xi Jinping indicated earlier this month the party plans
to aim for at least 6.5% growth in coming years, the report notes.
He said that was necessary to achieve its goal of doubling the
economy's size by 2020 from its 2010 level, the AP relays.

The AP notes that Beijing has cut interest rates six times since
last November. Private sector analysts said they expect more
stimulus targeting segments of the economy but no more large-scale
measures, the report relays.

According to the report, October's retail sales grew 11% over a
year earlier, up from the previous month's 10.9% in a positive
sign for Beijing's efforts to encourage consumer-oriented
industries.

Growth in factory output decelerated to 5.6% from September's
5.7%, AP discloses citing National Bureau of Statistics. Growth in
investment edged down to 10.2% for the first 10 months of the year
from the 10.3% in the first nine months.

"Today's data suggest that, despite all the doom and gloom,
economic conditions continue to remain broadly stable," the AP
quotes Julian Evans-Pritchard of Capital Economics as saying in a
report.  "We expect further improvements in the data over the
coming quarters which ought to quash any lingering concerns that
China may be about to enter a deeper downturn."



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


9PLANETS PRODUCTS: CRISIL Reaffirms 'D' Rating on INR149MM Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of 9Planets Products
Private Limited (9PPPL) continues to reflect instances of delay in
servicing 9PPPL's term debt obligation. The delay is owing to weak
liquidity resulting from stretched working capital cycle and low
cash accrual that are barely sufficient to meet maturing tem loan
obligation.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            42       CRISIL D (Reaffirmed)
   Term Loan             149       CRISIL D (Reaffirmed)

The rating also factors the initial stage of operations in the
competitive PVC sheet manufacturing business. These weaknesses are
mitigated by the promoters' extensive entrepreneurial experience.

9PPPL, incorporated in 2012, manufactures PVC sheets. The company
has a manufacturing unit in Khed (Pune). It is promoted by Mr.
Shekar Parab and his wife, Ms. Aishwarya Parab. The company
started its commercial operations in December 2013.


ABF ENGINEERING: CARE Assigns 'B' Rating to INR4.07cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of ABF Engineering International Pvt Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      4.07      CARE B Assigned
   Short term Bank Facilities     2.80      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of ABF Engineering
International Pvt Ltd are constrained by working capital
intensive nature of operations with stretched receivables and
inventory holding, loss making operation eroding an already small
networth base, small scale of operations and presence in a
fragmented industry with intense competition.

However, the rating derives strength from the experience of the
promoters, relationship with reputed clientele, modest product
portfolio and regular funding support from promoters.

Going forward, ability of the company of the company to turnaround
its operation and effectively manage its working capital
requirements would be the key rating sensitivities.

ABF Engineering International Private Limited, established in 2007
as a company to render fabrication services to industries and
sectors such as construction, ship building, petrochemical, Oil
and Gas, Fertilizers, Chemical plants, Power Sector, Pharma. ABF
is certified by American Society of Mechanical Engineers (ASME)
for U and PP stamp to manufacture pressure vessels, piping
fabrication and accessories, registered with IBR Act, 1950 to
manufacture pressure parts and package boiler, certified by
Engineers India Limited (EIL) for procurement of pressure vessels,
and registered vendor of Nuclear Power Corporation of India
Limited (NPCIL) for condensers, storage tanks, process piping,
structural fabrication, fabricated steel parts, Sheet metal parts
etc. The company has manufacturing facility in Mangalore, spread
across 2,00,000 sqft of which 33,000 sqft is built up area with
two fabrication bays.

The company's registered a net loss of INR-1.9 cr in FY15 Prov
(FY14: INR-2.4 cr) and cash loss of INR2cr in FY15 (Prov)
(FY14: INR-1.9cr) on a total income of INR5.5 cr in FY15 (Prov)
(FY14: INR7.6cr).


ANTIQUE TEXTILE: CARE Revises Rating on INR10.46cr Loan to BB-
--------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Antique Textile Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      10.46     CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities      0.20     CARE A4 Reaffirmed

Rating Rationale

The revision in the long-term rating assigned to Antique Textile
Private Limited (ATPL) was primarily on account of stabilisation
of its operations, increase in its total operating income for FY15
(refers to the period April 1 to March 31) with its healthy
operating profit margin and completion of capital expenditure for
setting up dyeing and printing machines.

The ratings, however, continue to remain constrained on account of
its short track record of operation, modest scale of operations,
highly leveraged capital structure and modest liquidity position.
The aforementioned constraints continue to outweigh the benefits
derived from vast experience of the promoters and benefits of
incentives provided by government in terms of subsidy to promote
textile industry.

The ability of ATPL to increase its scale of operations along with
maintaining the profitability, improvement in capital structure
and liquidity position remains the key rating sensitivities.

Morbi-based (Gujarat) ATPL was incorporated in 2003 as a private
limited company by the Garala and Kundaria families. ATPL is
engaged in the processing of grey cotton fabric through bleaching,
dyeing and printing. Its plant, located at Morbi of Gujarat, is
spread across 15,764 Sq. meters area. It has started its
commercial production fromMarch 2014.

During FY15, ATPL reported TOI of INR10.24 crore and PAT of
INR0.14 crore as against TOI of INR0.99 crore and Net loss of
INR0.27 crore during FY14. As per the provisional results for
H1FY16, ATPL registered a TOI of INR11.90 crore.


ANTONY ROAD: ICRA Assigns 'D' Rating to INR25cr Term Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR25
crores term loans of Antony Road Transport Solutions Private
Limited. Additionally, ICRA has an outstanding rating of [ICRA]D
on the INR10.00 crores1 term loans of Antony Road Transport
Solutions Private Limited (ARTSPL).

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan             25.00        [ICRA]D; Assigned

The rating assignment takes into account the delays in servicing
of debt obligations by the company on account of liquidity crunch
faced by the company due to delays in payment by the DoT. The risk
profile of the company is characterised by nascent stage of
operations, highly leveraged capital structure and delays in ramp
up of operations due to delays in allocation of bus depots by the
Delhi Government. However, ICRA notes the long experience of the
promoters in the transportation business and long term concession
agreement with the DoT (Delhi), which provides revenue visibility.

Antony Road Transport Solutions Private Limited (ARTSPL) was
incorporated in the year 2010 and is engaged in the business of
providing private buses in cluster no. 7 in Delhi. The company
entered into agreement with DoT, Government of Delhi on June 20,
2013.As per the contract, ARTSPL has to bring 338 buses within one
year of operation which includes 268 non AC and 70 AC and has to
run buses as per the schedule given by DoT. Apart from the
aforementioned buses, the company also has to maintain a stock of
40 buses (30 Non A/C and 10 A/C) for contingencies. DoT has
appointed Delhi Integrated Multi Modal Transit System Limited
(DIMTS) as Integrated Mechanism for the private stage carriage
buses corporatization. The tenure of the contract is 10 years
which can be extended up to 2 years after mutual consent. So far,
the company has been able to provide only 100 buses (92
operational and 8 for contingencies) on account of inadequate
depot space provided by DoT.

Recent Results
The Company reported Profit After Tax (PAT) of INR1.45 crores on
Operating Income (OI) of INR29.47 crores in FY15 on a provisional
basis as against net loss of INR0.96 crores on OI of INR4.49
crores in FY14.


BALWAN POULTRY: CARE Assigns 'D' Rating to INR6cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Balwan
Poultry & Breeding Farm.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       6        CARE D Assigned

Rating Rationale

The rating assigned to the bank facilities of Balwan Poultry &
Breeding Farm (BPB) takes into account ongoing delays in servicing
of the interest and principal repayment due to stressed liquidity
position.

BPB was established in 2000 as a proprietorship firm. The
operations of the firm are currently being managed by Mr Balwan
Singh. BPB is engaged in poultry farming business which involves
growing of one day chick into egg laying birds.

Subsequently the eggs laid by them are artificially incubated into
chicks (incubation time is 21 days). The processing facility of
the firm is located at Karnal, Haryana. BPB sells the day old
chick mainly through the commission agents located in Haryana and
Punjab. The firm procures day old chicks from Venkateshwara
Hatcheries Pvt. Ltd. and feeding materials for the chicken, viz,
maize, soyabean and defatted rice bran from traders located in
Haryana and nearby regions.

During FY14 (refers to the period April 01 to March 31), BPB has
achieved a total operating income (TOI) of INR5.84 crore with
PBILDT and PAT of INR1.19 crore and INR0.20 crore, respectively,
as against TOI of INR4.48 crore with PBILDT and PAT of INR0.89
crore and INR0.05 crore, respectively, in FY13. The firm has
achieved total sales of INR6.15 crore during FY15 (as per the
unaudited results).


BATHERO SANITARY: CRISIL Assigns 'B' Rating to INR60MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Bathero Sanitary LLP (BSLLP).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Term Loan       60       CRISIL B/Stable
   Proposed Cash
   Credit Limit             30       CRISIL B/Stable
   Proposed Non Fund
   based limits             10       CRISIL A4

The ratings reflect BSLLP's limited track record of operations,
susceptibility to volatility in raw material prices, and risks
related to timely scale-up of operations. These rating weaknesses
are partially offset by growth prospects for the sanitary product
industry.
Outlook: Stable

CRISIL believes BSLLP will benefit from the partners' established
network of customers from their existing business. The outlook may
be revised to 'Positive' if the company is able to commission the
project on time and demonstrate higher-than-expected capacity
utilisation, and hence healthy ramp up of operations. Conversely,
the outlook may be revised to 'Negative' if significant time and
cost overruns result in weakened capacity to adhere to the
repayment programme stipulated by the lenders.

BSLLP, based in Morbi (Gujarat), was incorporated in 2015 as a
limited liability partnership by Mr. Brijesh Prabhulal Kasundra.
The firm is in the process of setting up a plant to manufacture
sanitary ware products such as wash basins, sinks, soap holders,
and other bathroom fittings to be supplied to the local customers
in the domestic geographies under a registered brand name.

The firm is expected to start its operations in beginning of FY
2016-17.


BLS IMPEX: CRISIL Assigns B+ Rating to INR150MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facility of Bls Impex Private Limited (BIPL).

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

The rating reflects BIPL's average financial risk profile, marked
by small net worth, trading nature of operations and small scale
of operations in the intensely competitive rice-trading industry.
The rating also factors in the company's exposure to intense
competition and susceptibility to changes in regulations governing
export of agricultural commodities. These rating weaknesses are
partially offset by the extensive experience of the BIPL's
promoter in the rice trading industry, and its established
clientele.
Outlook: Stable

CRISIL believes that BIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
significant and sustained improvement in its revenues and
operating profitability, along with an improvement in financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of a decline in BIPL's revenues or operating
profitability, or a stretch in its working capital cycle, or debt-
funded capital expenditure, leading to further weakening of its
financial risk profile.

Established as a private limited company in 2011 and based in
Hyderabad (Telangana), BLS Impex Private Limited (BLS) is a trader
and exporter of rice (basmati/non-basmati). The company is
promoted by Mr. G Shekhar, Mr. R Srinivas and others.


DHRUBA KUMAR: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Dhruba Kumar Builders
Private Limited (DKBPL) continue to reflect DKBPL's working
capital-intensity and modest scale of operations in fragmented
industry along with exposure to risks related to geographic
concentration in revenue profile. These weaknesses are mitigated
by the promoters' extensive experience in the civil construction
industry.

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

Outlook: Stable

CRISIL believes DKBPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if scale of operations increases significantly with
stable profitability and capital structure. Conversely, the
outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, weakens because of larger-than-
expected working capital requirement, decline in cash accrual, or
a large debt-funded capital expenditure programme.

Incorporated in 2002, DKBPL undertakes civil construction
activities including road construction and related activities in
Odisha. The company undertakes projects for various government
agencies such as Central Public Work Development, Public Work
Development Government of Odisha, National Highway Authority of
India, and Rural Works Department (RWD) division.


DREAM MERCHANT: CRISIL Assigns 'B' Rating to INR280MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Dream Merchant Content Private Limited (DMCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            280      CRISIL B/Stable

The ratings reflect DMCPL's below-average financial risk profile,
marked by its weak capital structure and below-average debt
protection metrics; and working capital intensive nature of
business. These rating weaknesses are partially offset by
extensive industry experience of the promoters and their
established market position.
Outlook: Stable

CRISIL expects DMCPL to maintain its business risk profile over
the medium term, backed by promoter's extensive industry
experience. The outlook may be revised to 'Positive' in case of
higher than expected scale of operations or profitability leading
to improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of further deterioration in
liquidity due to lower than expected profitability, higher than
expected working capital requirements or incremental large debt
funded investments in new content library.

DMCPL was incorporated in 2012-13 by Mr. Gautam Adhikari and Mr.
Markand Adhikari. The company started its operations in 2013-14
and is engaged in content syndication business. The company is
based out in Andheri, Mumbai and sells its content in India and
overseas market.

In the year 2014-15 (refer to financial year, April 1 to
March 31), the firm reported profit after tax (PAT) of INR1.9
million with operating income of INR656.6 million against PAT of
INR1.6 million with operating income of INR582.4 million in 2013-
14.


EMAAR MGF: CARE Revises Rating on INR2,260cr Loan to D
------------------------------------------------------
CARE revises ratings assigned to bank facilities and NCD of
Emaar Mgf Land Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      320       CARE B Revised from
                                            CARE BB

   Non Convertible Debenture-
   I (NCD - I)                  2,260       CARE D Revised from
                                            CARE BB

   Non Convertible Debenture-
   II (NCD - II)                  253       CARE B Revised from
                                            CARE BB

Rating Rationale

The revision in ratings of Emaar MGF Land Limited's (EMGF) bank
facilities and NCD II (S.No. 3 above) factors in the subdued
operational and financial performance of the company with
continuing losses at the net level along with stress in liquidity
on account of slow sales. This has also led to cash flow
mismatches leading to delays in servicing interest on one
of the NCD issue (NCD I, S.No. 2) with an outstanding of INR2,260
crore. The ratings are further constrained by aggressive
development plans, concentration of projects in the National
Capital Region (NCR) and overall slowdown in the real estate
sector.

The ratings however continue to factor in the promoter's
experience, execution track record, high booking status and
large land bank which is largely paid for.

Going forward, ability of the company to timely execute and
deliver its projects, and improve its capital structure shall be
the key rating sensitivities. Furthermore, any adverse impact of
pending litigations on the company shall also remain a key
rating sensitivity.

EMGF was incorporated in 2005 as a joint venture between Dubai-
based Emaar Properties PJSC (Emaar PJCS) and MGF Group (MGF),
India. EMGF is a real estate developer with pan-India presence and
operations spanning across residential, commercial, retail and
hospitality sectors and has developed more than 21 million square
feet (msf) area in India.

During FY14 (refers to the period April 01 to March 31), EMGF on a
consolidated level, incurred loss of INR384 crore (PY: INR476
crore) on a total operating income of INR1,594 crore (PY: INR1,006
crore). Furthermore, as per unaudited results of FY15
(consolidated), EMGF reported net loss of INR361 crore on total
income of INR1,546 crore.


ENMAS GB: CARE Assigns 'C' Rating to INR18cr LT Loan
----------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to the bank facilities
of Enmas Gb Power Systems Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       18       CARE C Assigned
   Short-term Bank Facilities       7       CARE A4 Assigned
   Long-term/Short-term Bank       10       CARE C/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Enmas GB Power
Systems Projects Limited (EGPL) are constrained by strained
liquidity position due to elongated working capital cycle,
continuous moderation witnessed in revenues in the past 2 years
ending FY15 (refers to the period April 1 to March 31), low
profitability & cash accruals and highly competitive nature of
industry.

The rating, however, favourably takes into account the vast
experience of the promoters and established track record of
the company.

Going forward, effective working capital management and timely
realization of receivables would be the key rating
sensitivities.

EGPL was incorporated in 1995 in the name of Enmas Engenius
Projects Limited (EEPL). During its initial stages the
company was involved mainly in erection and commissioning of
Chemical recovery boilers. Subsequently in 2008 the name of the
company was changed to EGPL and the company started catering to
power industry. During FY12, the promoters of the Chennai-based
Bhandari group had indirectly acquired 49.7% stake from Resurgent
Investments Private Limited (RIPL -Promoter Company). As on
March 31, 2015, the promoters of the Bhandari group hold 80% stake
in EGPL and remaining 20% stake is held by RIPL.

EGPL is engaged in the business of executing Engineering,
Procurement and Construction (EPC) contracts providing
Balance of Plant (BOP) as well as integrated solutions
encompassing design, erection and project management for power
projects (upto 80 MW of power capacity). Besides, the company is
also into manufacturing of non-pressure parts for
bolier in a power plant. Income from manufacturing of non pressure
parts forms less than 5% of the total income of the
company. The Bhandari group has presence in engineering,
manufacturing and trading of steel & steel products and
construction.

For the year ended March 2015, EGPL has registered a PBT of INR0.4
crore on a total operating income of INR156.3 crore.  For the 6
months ended September 2015, EGPL has registered a PBT of INR0.4
crore on a total operating income of INR82.7 crore.


ESKAY VIDEO: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Eskay Video Pvt.
Ltd. (EVPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable.

KEY RATING DRIVERS

The ratings reflect EVPL's moderate scale of operations with
revenue of INR430m during FY15 and its tight liquidity position
with almost full use of the working capital limits during the 12
months ended September 2015.

The ratings also consider the inherent risk in the business of
intellectual property development where success depends on the
acceptability by the audience.

The ratings benefit from EVPL's strong credit metrics with
interest coverage of 15.8x (3.2x) during FY15, net leverage of
1.4x (2.4x) along with high EBITDA margins of 37% (25.2%). The
ratings also consider EVPL's promoter's experience of over three
decades in the film industry.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit profile will be positive for the ratings.

Negative: Any decline in the revenue, margin pressures or
stretching of the working capital leading to sustained
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 1988, EVPL under the leadership of Ashok Dhanuka,
forayed into the media world as a distributor of videos. Later, it
diversified into Bengali film production and distribution and
active copyright syndication along with the production of Bengali
serials.

The company is also into deploying UMW digital projection systems
in various cinema halls in West Bengal. It also rents out its
production equipment such as cameras, jimmy jib, Alexa equipment,
etc. to other producers.

The firm is managed by its three directors Ashok Kumar Dhanuka,
Himanshu Dhanuka and Saloni Jhunjhunwala.


GAJANAND COTTON: ICRA Suspends B+ Rating on INR4.25cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to assigned to the
INR4.25 crore fund based bank limits of Gajanand Cotton
Industries. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Commissioned in February 2014, Gajanand Cotton Industries (GCI) is
engaged in the business of ginning and pressing of raw cotton into
cotton seeds and fully pressed cotton bales having a production
capacity of 42.5 tonnes per day (TPD) of cotton bales and 80 TPD
of cotton seeds. It was in the process of setting up its crushing
operations, to obtain cotton seed oil and cotton oil cake by
crushing of cotton seeds, which were expected to commission from
April 2014. The plant is located at Botad in Gujarat. The firm is
promoted by Mr. Altaf Minapara and Mr. Mebub Minapara. Mr. Mebub
Minapara has an experience of close to two decades in the trading
of raw cotton.


GAYATRI PROJECTS: CARE Lowers Rating on INR2,563.81cr Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Gayatri Projects Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    1738.99     CARE D Revised from
                                            CARE B+
   Long -term/Short-term Bank
   Facilities                   2563.81     CARE D Revised from
                                            CARE B+/CARE A4

Rating Rationale

The revision in the ratings of Gayatri Projects Limited (GPL)
takes into account delays in debt servicing owing to the tight
liquidity position of the company.

GPL is promoted by Dr T Subbirami Reddy, while the day-to-day
management of the company is currently undertaken by his son and
Managing Director Mr T V Sandeep Kumar Reddy. GPL is engaged in
the execution of civil works including the construction of dams,
roads and bridges etc. GPL is a Hyderabad based infrastructure
construction company with over 40 years of experience in executing
various infrastructure projects, especially road and irrigation
segment. GPL, an ISO 9001 - 2000 company, is engaged in execution
of major Civil Works including Concrete/Masonry Dams, Earth
Filling Dams, National Highways, Bridges, Canals, Aqueducts,
Ports, etc. It specialises in engineering, procurement and
construction (EPC) of road, irrigation and industrial projects
across India.

During FY15 GPL registered total operating income of INR1652.84
crore with net profit of INR22.05 crore vis-a-vis total
operating income of INR1854. 74 crore and net profit of INR47.61
crore in FY14.


GBJ HOTELS: ICRA Reaffirms B+ Rating on INR108cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating outstanding on the
INR108.00 crore term loans of GBJ Hotels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   LT Scale-Term
   Loans                108.00        [ICRA]B+ reaffirmed

The rating continues to factor in the management agreement with
Radisson Hotels International Inc which is expected to lend the
project an established brand name and provide it with operational
& management expertise and the favorable location of the project
being situated within the city limits. ICRA also takes note of the
significant slippages in GBJ's project execution over the past few
years due to structural issues, delays in equity infusion as well
as debt disbursement and limited experience of the promoters in
the hotel construction business. As of October 2015, the company
had incurred ~85% of the total project cost (Rs.187.0 crore)
towards completion of the hotel's shell structure and part of the
furniture & fittings works. The management expects the pending
works to be completed over the next few months and hand over the
hotel to Carlson (hotel operator) by January 2016. Furthermore,
the rating is constrained by the company's exposure to single
project concentration risks and the current moderate occupancy
levels in the Coimbatore hospitality market, which is likely to
exert pressure on GBJ's occupancies once the hotel commences
operation. With repayments commencing from April 2016 and set to
balloon post that, it is imperative for the company to complete
the hotel within the budgeted cost and timelines and stabilize
operations at the earliest, in the absence of which, the debt is
to be refinanced or financial support from the promoters for
servicing the large debt obligations is necessary and the same
will remain a key rating sensitivity.

GBJ Hotels Limited was incorporated in 2008, by Mr. G.
Balasubramaniam, and is currently setting up its first hotel in
Coimbatore (Tamil Nadu). The hotel is to be operated under the
name "Radisson Blu Hotel, Coimbatore" and will be managed under an
agreement with Radisson Hotels International Inc (of the Carlson
group). The hotel under construction will have 134 rooms, banquet
halls, coffee shop, specialty restaurant, health club, swimming
pool and business centre among others.


GLOBE TEXTILES: ICRA Suspends B+/A4 Rating on INR36.33cr Loan
-------------------------------------------------------------
ICRA has suspended the [ICRA]B+/[ICRA]A4 ratings assigned to the
INR36.33 crore fund based and non fund based facilities of Globe
Textiles (India) Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Globe Textile (India) Private Limited (GTPL) was incorporated in
1995 and is engaged in business of merchant manufacturing. GTPL
purchases grey cloth from the weavers located in Bhiwandi,
Maharashtra; gets it processed through fabric processing units
based in Ahmedabad and Surat; gets the embroidery and other value
added work done and sells the finished product, mainly in the
overseas market. GTPL is a closely held company with promoters and
their family members holding the entire 100% stake.


GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR11.18cr Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Goyal Enterprises.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.18      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Goyal Enterprises
(GEN) continues to remain constrained on account of its financial
risk profile marked by thin profitability, leveraged capital
structure and weak debt coverage indicators. The rating further
continues to be constrained due to its presence in the lowest end
of the textile value chain with limited value addition, presence
in a highly fragmented and competitive cotton ginning industry
with exposure to adverse changes in government policy and
seasonality associated with cotton ginning business.

The rating, however, continues to derive strength from the vast
experience of the partners in the cotton ginning business and
favourable location within the cotton-producing area of Madhya
Pradesh.

The ability of GEN to increase its scale of operations, improve
its profitability and capital structure with efficient working
capital management are the key rating sensitivities.

GEN was originally established as a proprietorship firm by Mr
Phoolchand Goyal in 1994 at Barwani district, Madhya Pradesh and
was subsequently converted into a partnership firm on April 1,
2012 by introduction of three partners of the Goyal family. GEN is
engaged in the cotton ginning and pressing business with an
installed capacity of 15,000 Metric Tonne (MT) of cotton bales per
annum at Sendhwa plant and 36,000 MT of Cotton bales per annum at
Gangakhed plant as on March 31, 2015.

As per the audited results of FY15 (refers to the period April 1
to March 31), GEN earned a net profit of INR0.13 crore on a total
operating income (TOI) of INR62.06 crore as against a net profit
of INR0.12 crore on a TOI of INR67.86 crore during FY14. During
H1, FY16 (Provisional) GEN has registered Turnover of INR25.84
crore.


GRAMPUS LABORATORIES: CARE Reaffirms B+ Rating on INR3.71cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Grampus Laboratories.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.71      CARE B+ Reaffirmed
   Short term Bank Facilities     1.00      CARE A4 Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Grampus
Laboratories (GPL) continue to remain constrained by GPL's
relatively small scale of operations with low net worth base,
below average financial risk profile marked by moderate
profitability margins, leveraged capital structure, elongated
operating cycle and weak liquidity indicators. The ratings are
further constrained by high degree of competition due to the
fragmented nature of the industry, stringent regulations in
the pharmaceutical industry and constitution of the entity as a
partnership firm. The ratings, however, continue to favourably
take into account the reasonable experience of the promoters and
location advantage of the manufacturing facility.

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

Grampus Laboratories (GPL) is a partnership firm established in
June 2005. The firm is currently having two partners, i.e. Mr P
KMaini & Mr Manav Maini (S/o Mr P K Maini) having 3:1 share in
profit and loss in the entity. The firm is engaged in
manufacturing of veterinary medicines and external medicines
(which find application in killing of germs and parasites in
wool) from its manufacturing facility located in Sirmour, Himachal
Pradesh. The firm gets orders through tendering and bidding
process and mainly undertakes contracts for Animal Husbandry
Department and wool manufacturing companies.

The main raw materials used by the firm are chemicals and
compounds like copper sulphate, cobalt and albendozol which
are procured from traders and manufacturers from different states
like Maharashtra, Bangalore and Rajasthan. The firm
has necessary certifications and approvals including WHO GMP
certification, product registration certifications from the
Drug Control Authority of India.

For FY15 (Provisional; refers to the period April 1 to March 31),
GPL reported a total income of INR16.33 crore with PAT of INR 0.69
crore against the total operating income achieved INR20.20 crore
with PAT of INR 0.73 crore in FY14. Further, the firm has achieved
gross sales of INR4.49 crore in H1FY16 (unaudited).


GTN ENTERPRISES: CARE Lowers Rating on INR60.30cr LT Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the lt bank facilities and
reaffirms the ratings assigned to the ST bank facilities of
GTN Enterprises Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     60.30      CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities    97.00      CARE A4 Reaffirmed

Rating Rationale
The revision in the ratings assigned to the bank facilities of GTN
Enterprises Limited (GEL) takes into account the instances
of delays in servicing of term loans on account of relatively
lower cash accruals in FY15 (refers to the period April 1 to
March 31).

GTN Enterprises Limited (GEL) is a part of Kerala-based GTN-B.K.
Patodia (GTN-BKP) group. GEL's origin dates back to 1981 when the
group established Packworth Udyog Limited (PUL) to operate in the
yarn doubling business. Another group firm, GTN Enterprises
Limited commenced merchant trading operations in 2003 and became a
100% subsidiary of PUL. These two firms were amalgamated in April
2004 and the combined entity was named GEL from April 2005. In the
same year (2005), GEL acquired a spinning mill in Udumalpet, Tamil
Nadu with 8,304 spindles and thereon through regular expansion,
the capacity was increased. As on March 31 2015, GEL has an
aggregate capacity of 45,120 spindles and 8,064 doubling spindles.

The primary business activity of GEL is the production and sale of
cotton yarn (40s to 120s). In addition to this, it is also
engaged in value-adding activities including gassing and yarn
doubling for yarn produced in-house and for yarn procured
from outside. GEL also has a knit garment manufacturing facility
at Tirupur.

During FY15, the company reported total operating income of INR
258 crore and PAT of INR 2 crore as against total operating income
of INR315 crore and PAT of INR3 crore.


H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Loan
-----------------------------------------------------
ICRA has reaffirmed its long term rating on the INR8.00 crore fund
based bank facilities of H R Builders (HRB) at [ICRA]B+. ICRA has
also reaffirmed its short term rating on the INR46.00 crore bank
facilities (including INR18.00 crore unallocated bank facilities)
of HRB at [ICRA]A4.

                         Amount
   Facilities          (INR crore)     Ratings
   ----------          -----------     -------
   Fund based bank
   facilities-Overdraft     8.00       [ICRA]B+; reaffirmed

   Non-fund based bank
   facilities-Bank
   Guarantee               28.00       [ICRA]A4; reaffirmed

   Unallocated bank
   facilities              18.00       [ICRA]A4; reaffirmed

ICRA's rating reaffirmation takes into account the continued
decline in HRB's operating scale owing to weak order inflow and
limited revenue visibility, with Order book to FY15 Operating
income ratio of 1.16 times. ICRA also notes that HRB is exposed to
order concentration risks, with three orders accounting for the
firm's entire order-book. The ratings are also constrained by the
continued stretched liquidity position of the firm, as reflected
in the consistently high utilization of its working capital
limits. The stretch in liquidity is owing to its high receivable
days, security deposits and loans and advances extended to related
parties. ICRA also takes note of the proprietorship constitution
of the firm which exposes it to risks such as withdrawal of
capital, limited sources of raising capital, risk of dissolution
etc. The rating however, continues to draw comfort from the track
record of the promoters in the construction sector as well as
HRB's client base, consisting largely of public sector entities
where the possibility of delinquencies is low. The rating takes
support from HRB's healthy operating profitability (OPBDITA margin
of 14.87% and PAT margins of 5.17% in FY2015, which improved from
12.68% and 4.77% respectively, for the year ago period) and the
firm's light leverage and moderate coverage indicators.

Going forward, the firm's ability to improve its working capital
cycle and liquidity position will be key rating sensitivities.
Further, the firm's ability to improve the order book position and
revive revenue growth while maintaining its profitability will
continue to be the key monitorables.

Incorporated in January 1981 by Mr. Hansraj Dhankar, HRB is a
proprietorship concern and is engaged in the construction of roads
and buildings. The firm's scope of work under the roads segment
includes repair, maintenance and rehabilitation of existing roads
as well as construction of new roads. Under the building
construction segment, the services offered by the firm include
structural work for buildings, furniture and fixtures fittings as
well as provision of plumbing, electrical and fire fighting works.
The firm's clientele largely includes public sector clients like
Delhi State Industrial and Infrastructure Development Corporation,
Public Works Department, Delhi Metro Rail Corporation and National
Highways Authority of India.

Recent Results
HRB reported an Operating income (OI) of INR48.66 crore on which
it earned a net profit of INR2.52 crore in FY15, as compared to an
OI of INR53.44 crore and a net profit of INR2.55 crore in the
previous year.


HIGH ENERGY: CARE Lowers Rating on INR45cr Short Term Loan to D
---------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities &
withdraws the rating assigned to the term loans of High Energy
Batteries (India) Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      22        CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     45        CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
High Energy Batteries (India) Limited (HEBL) factor in the
delays in debt servicing due to the stretched liquidity position
of the company on account of weak operational performance &
slowdown of orders during FY15 (refers to the period April 1 to
March 31) resulting in net loss & net worth erosion during the
year.

Furthermore, the ratings assigned to the term loans have been
withdrawn as the company has repaid the facility in full and
closed the same with the banks.

HEBL, incorporated in 1983, is engaged in the manufacturing of
customized batteries for aerospace, naval and army power systems.
These batteries are used in high-end defence & research
applications like aircraft, torpedo, missiles and space launch
vehicles. HEBL supplies these batteries to both domestic and
foreign defence establishments. HEBL is a part of the Chennai-
based ESVIN (Seshasayee) group of companies which has interests in
different industries including sugar, paper, power distribution,
etc. HEBL ventured into Lead Acid Batteries (LAB) in July 2009 and
sells products through its own brand ('High Energy') and under
private labels to other companies, mainly catering to the
automotive segment.

During FY15, HEBL generated 80% of its total income from sale of
High Energy Batteries (HEB), while the sale of LAB contributed to
20% of the total income.

As per the audited results, during FY15, HEBL incurred a net loss
of INR2.8 crore on a total operating income of INR32.8 crore
against a net loss of INR6.2 crore on a total operating income of
INR30.9 crore in FY14. During Q1FY16, the company reported a net
loss of INR4.82 crore on a total operating income of INR2.59
crore.


JAGDAMBAY COTSPIN: ICRA Reaffirms 'B' Rating on INR20cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B on the
INR20.00 crore fund-based bank facilities of Jagdambay Cotspin
Limited.

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

ICRA's rating continues to take into account the commoditized
nature of JCL's finished product i.e. yarn and the fragmented
industry structure which results in low bargaining power for
manufacturers, translating into the company's weak profitability
and modest cash accruals. The adequacy of debt coverage is
critically dependent on the company's ability to improve its
profitability as repayment obligations are sizeable in relation to
cash accruals. However, it will be challenging for the company to
improve its margins given the subdued demand for cotton yarn in
export markets. The capital structure of the company remains
moderate with gearing of 2.0x as on March 31, 2015; the gearing is
likely to remain high over the medium term as the revenue growth
would be accompanied by increasing working capital requirements.
Given the high future working capital requirements and scheduled
debt repayments; the liquidity position of the company is expected
to remain stressed, as also reflected in high utilisation of its
working capital limits. The rating, however, derives comfort from
the experience of the promoters in the textile industry and the
satisfactory utilization of installed capacities.

Going forward, infusion of long-term funds to improve the
liquidity, optimal utilization of installed capacity and
improvement in profitability given the large scheduled debt
repayments, will be critical for debt servicing and will be the
key rating sensitivities.

JCL manufactures coarse count open end cotton yarn at its
manufacturing facility in Samana, Punjab. It was incorporated in
2003 by Mr. Vijay Garg and his family members. Later in January
2013, the Bansal family through its group company - Aggarsain
Fibers Limited and other family members, acquired the controlling
stake in the company and the company replaced the obsolete
facility comprising of ~1,200 rotors with new machines comprising
of 2,688 rotors which can produce ~3,600 metric tonnes per annum
of cotton yarn at count of 20s; commercial production from the new
facility commenced in September 2013.

Recent results
The company reported a profit after tax (PAT) of INR0.1 crore on
an operating income of INR27.4 crore in FY2015, as compared to a
PAT of INR0.1 crore on an operating income of INR11.6 crore in
FY2014.


JV STEEL: ICRA Reaffirms B+ Rating on INR15cr Cash Loan
-------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR15.00 Crore bank limits of JV Steel Traders.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit           15.00        [ICRA]B+ (reaffirmed)

The rating reaffirmation takes into account the healthy increase
(YoY growth of 33%) in the operating income of JVT to INR98.23
crore in 2014-15 from INR73.93 crore in 2013-14 driven by demand
for steel from the existing customers as well as addition of new
customers to the client base. The rating continues to be
constrained by the intensely competitive nature of the business
which resulted into decline in profitability from 4.6% to 3.1%
over the aforementioned period and the vulnerability of the firm's
profits to commodity price risk. ICRA also takes into
consideration the risks inherent in a partnership firm and the
firm's financial profile characterized by modest scale of
operations, adverse capital structure (TD/TNW of 3.14 times as
March 31, 2015) and stretched liquidity profile on account of high
working capital intensity attributable to high debtor days.
However, the rating favorably factors in the firm's experienced
promoters with long track record in trading of iron and steel
products and its established relations with the customers and the
suppliers.

Established in 1995, JVT is a partnership firm promoted by Mr.
Varinder Kumar and his family members. The firm is engaged in the
trading of iron and steel products primarily Hot Rolled coil and
Cold Rolled Coils etc. The firm's head office is located in
Ludhiana from where it controls the marketing and finance
operations. For stocking of inventory, the firm has established
its warehousing facility in Jugiana, Ludhiana.

Recent Results
During 2014-15, JVT reported a net profit of INR0.28 crore on an
operating income of INR98.23 crore as against a net profit of
INR0.44 crore on an operating income of INR73.93 crore in the
previous year.


K T QUALITY: CRISIL Suspends 'B' Rating on INR25.5MM LT Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
K T Quality Control Pvt Ltd (KTQCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B/Stable
   Letter of Credit       19.5     CRISIL A4
   Packing Credit         15       CRISIL A4
   Proposed Long Term
   Bank Loan Facility     25.5     CRISIL B/Stable

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

KTQCPL was incorporated in 2002 by the Mumbai based Doshi family.
The company trades in dehydrated onions and garlic, and various
chemicals. Mr. Tushar Doshi oversees the company's day-to-day
operations. The registered office of the company is located in
Mumbai, Maharashtra.


KIRPA FOODS: CRISIL Reaffirms B- Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kirpa Foods
(KF) continues to reflect KF's below-average financial risk
profile because of tight liquidity owing to initial stage of
operations in the intensely fragmented rice industry. This rating
weakness is partially offset by the promoters' extensive industry
experience and their funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            100       CRISIL B-/Stable (Reaffirmed)
   Warehouse Financing     50       CRISIL B-/Stable (Reaffirmed)
   Long Term Loan          75       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes KF will continue to benefit over the medium term
from its promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' in case
of an increase in cash accrual, sufficient for meeting term debt
repayment obligations. Conversely, the outlook may be revised to
'Negative' if there is any delay in meeting debt obligations, or
lower-than-expected cash accrual, or large working capital
requirements, weakening the liquidity.

Update
KF's operating income was INR179.4 million in 2014-15,
significantly lower than CRISIL's expectation. This was because
the commencement of operations at the firm's plant was delayed to
December, 2014. Also, as the sales are mainly to deemed exporters,
the slump in the rice export market resulted in muted sales and
led to high inventory holding. Driven by promoter's experience in
the industry and stabilization of new facility, the firm is
expected to scale up its operations to over INR900 million over
the medium term. The operating margin is expected at around 5 per
cent over this period constrained by low value addition in rice
processing.

KF's operations are expected to remain working capital intensive,
with gross current assets at 150 to 200 days expected over the
medium term, on account of large inventory holding. Owing to
working-capital-intensive operations, the bank limits are expected
to remain highly utilised over this period.

KF's financial risk profile is expected to remain weak as
reflected through high gearing of 6.63 times as on March 31, 2015,
and weak debt protection metrics with interest coverage and net
cash accruals to total debt ratios of 1.08 and 0.01 times in 2014-
15.

KF, established in 2013 and promoted by Mr. Sahil Tinna and Mr.
Rahul Tinna, has set up an 8-tonne-per-hour par-boiled rice
milling unit in Fazilka (Punjab). The firm started its commercial
operations in December 2014.


MANDOVI MINERALS: CRISIL Reaffirms 'B' Rating on INR123.1MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mandovi Minerals Pvt
Ltd (Mandovi Minerals) continue to reflect its working capital
intensive operations and its susceptibility to regulatory changes.

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

   Proposed Long Term
   Bank Loan Facility     26.9     CRISIL B/Stable (Reaffirmed)

   Term Loan             123.1     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially mitigated by the benefits it
derives from its promoters' extensive industry experience and its
average financial risk profile, marked by low gearing, moderate
net worth and average debt protection metrics.

CRISIL had upgraded its ratings on the long term bank facilities
of Mandovi Minerals Pvt Ltd (Mandovi Minerals) to CRISIL B/Stable
from CRISIL D on 27th Oct 2015.

The upgrade was driven by the improvement in liquidity profile of
the company on the back of increase in cash generation from
business leading to timely debt repayment. After prolonged delay
in receiving requisite regulatory clearances, Mandovi Mineral's
expanded capacities have become operational in 2015-16 (refers to
financial year, April 1 to March 31). The profits arising from the
additional capacity have aided the company in meeting its debt
obligations on time. The increase in cash generation along with
control on working capital cycle will remain key rating
sensitivity factor over the medium term.
Outlook: Stable

CRISIL believes that the Mandovi Minerals' business risk profile
will continue to be supported by the extensive experience of the
promoters in the industry. The outlook may be revised to
'Positive' in case the company's working capital cycle improves on
a sustained basis or the promoters infuse significant long-term
funds, strengthening its liquidity. Conversely, the outlook may be
revised to 'Negative' if stretch in working capital cycle or
large, debt-funded capital expenditure weakens the company's
financial risk profile or if adverse regulatory changes affect
business volumes.

Mandovi Minerals was promoted in 2004 by Mr. Shivaji Mendon and
Mrs. Rama Mendon. It manufactures washed and dry silica sand.


MANTRAM TECHNOFAB: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Mantram Technofab
Pvt. Ltd. (MTPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MTPL's moderate scale of operations as well as
credit profile. According to the provisional financials for FY15,
revenue was INR651m (FY14: INR663m), net financial leverage (total
Ind-Ra adjusted net debt/operating EBITDA) was 4.3x (4.0x) and
EBITDA interest coverage was 1.7x (1.7x).

The ratings also reflect MTPL's comfortable liquidity profile as
reflected in its around 80% average working capital use during the
12 months ended September 2015.

The ratings, however, benefit from the company's strong EBITDA
margins (FY15: 10.9%; FY14: 10.1%). The ratings also reflect the
over two decades of experience of the company's promoters in
manufacturing and supplying polypropylene/high-density
polyethylene woven sack bags, leno bags, multicolours printed
biaxially oriented polypropylene laminated bags and other regular
woven sack bags.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations and
the overall credit metrics will be positive for the ratings.

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

Madhya Pradesh-based MTPL was incorporated in 2010.


NCS SUGARS: Ct. Orders Quick Liquidation of Defaulters' Assets
--------------------------------------------------------------
Business Standard reports that the Maharashtra Protection of
Interest of Depositors (MPID) court has expressed displeasure over
the delay in liquidation of properties attached by various
authorities over the INR5,600-crore payment crisis at National
Spot Exchange Ltd (NSEL).

Business Standard relates that hearing the case, Judge D P Surana
asked the competent authority -- represented by Ajit Sakhare,
deputy collector -- "Why has the authority not made any progress
since the order was passed for liquidation of some attached
properties over a month ago?"

In August 2013, NSEL had declared 24 borrowers as defaulters as it
suspended operations, the report recalls. On the NSEL's
complaints, the economic offences wing attached the properties of
borrowers under the MPID Act. After a property is attached, it is
transferred to the competent authority, which must auction it and
distribute the funds raised among those who lost money.

Business Standard relates that the court ordered the competent
authority to take control of five immovable properties owned by
Narayanam Nageswara Rao, managing director of NCS Sugars, a
Hyderabad-based company that owes INR51 crore to NSEL.

According to the report, Rao's counsel admitted to having found
buyers for properties for which sale consents had been obtained.
Of its obligation of INR58.85 crore, NCS Sugars has paid INR7.85
crore.

The report says the court ordered the competent authority to
liquidate the entire attached properties of NCS Sugars and deposit
INR50 crore, the amount agreed by NSEL and NCS Sugars, in an
escrow account and the excess amount in a bank as a fixed deposit
that could be obtained by either party on the court's orders.

In the case of Gagan Suri, proprietor of Yathuri Associates, the
court ordered the authority to proceed with liquidation of his
attached properties and report back in one month. Yathuri
Associates, along with its group companies, has a payment
obligation of INR640 crore. The estimated value of the attached
properties is INR300 crore.


NEXGEN LAMINATORS: CARE Suspends 'D' Rating on INR43.44cr Loan
--------------------------------------------------------------
CARE revises and suspends the ratings assigned to the bank
facilities of Nexgen Laminators Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     43.44      Revised to 'CARE D'
                                            and suspended

   Short term Bank Facilities     5.00      Revised to 'CARE D'
                                            and suspended

Rating Rationale

Nexgen Laminators Pvt Ltd. (NLPL) has not provided with the
requisite information to CARE, for carrying out quarterly
review of the ratings. Upon non-submission of requisite
information despite repeated requests, CARE has suspended the
ratings assigned to the bank facilities of NLPL.

The revision in the ratings of NLPL takes into account the on-
going delays in debt servicing by the company.

Nexgen Laminators Private Limited (NLPL) was incorporated in
January 2011 and promoted by Mr Sanjay Singla and Mr Rajesh
Singla. NLPL is engaged in the manufacturing of flexible packaging
materials (Printed/Unprinted/Laminated/Hot Melt Adhesive Coated)
in roll or pouch form and manufacturing of Corona Treated Poly
Films (maximum 5 layers, maximum width of 1,650 MM). The products
manufactured by the company are mainly used for packaging in the
FMCG sector. NLPL started its commercial operations from April
2012 with an installed capacity of 6,000 Metric tonnes per annum
(MTPA) of flexible packaging materials at its manufacturing unit
located at Patiala, Punjab. Furthermore, the company completed the
expansion project in January 2014 and the installed capacity has
been increased to 14,568 MTPA.

Key updates
NLPL reported a PAT of INR0.90 crore on a total operating income
of INR63.49 crore in FY14 as against loss of INR0.15 crore
on a total operating income of INR23.34 crore in FY13.


OMNE AGATE: Ind-Ra Cuts Long-Term Issuer Rating to 'IND BB+'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Omne Agate
Systems Private Limited's (Omne) Long-Term Issuer Rating to 'IND
BB+' from 'IND BBB+'. The Outlook is Stable.

KEY RATING DRIVERS

The downgrade reflects Omne's seven instances of overutilisation
in the cash credit account of up to 26 days over the 12 months
ended October 2015 on the devolvement of letters of credit. This
was consequent upon delayed collections.

The ratings remain supported by Omne's strong track record of over
a decade in executing end-to-end turnkey projects in the energy
metering segment.

RATING SENSITIVITIES

Positive: Timely collection of receivables or improvements in
profitability while maintaining the top line at similar levels
leading to improvements in the liquidity position may lead to a
positive rating action.

Negative: Further stress in the liquidity position and delays in
the collection process will lead to a negative rating action.
COMPANY PROFILE

Omne is a technology company which was incorporated in 2000 by
K.R. Ilanghovan. It focuses mainly on turnkey projects in the
energy metering and energy audit segment. Unaudited FY15 financial
statements indicate a 8.9% yoy increase in top-line to INR2,416m
while operating EBITDA margin 16.1% (14.8%). The company does not
have any term debt on its books. Net leverage was 2.34x (FY14:
2.70x) and EBITDA interest cover was 2.24x (2.13x).


PARAMOUNT BLANKETS: CARE Assigns 'C' Rating to INR21cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE C' and 'CARE A4' ratings to bank facilities of
Paramount Blankets Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       21       CARE C Assigned
   Long-term/ Short-term Bank       1       CARE C/CARE A4
   Facilities                               Assigned

Rating Rationale

The ratings assigned to the bank facilities of Paramount Blankets
Private Limited (PBL) are primarily constrained by small scale of
operations, working capital intensive nature of operations leading
to weak liquidity, leveraged capital structure and weak debt
service coverage indicators. The ratings are further constrained
by seasonality associated with the products manufactured and
highly fragmented & competitive nature of the industry.

The ratings, however, draw comfort from experienced management,
growing scale of operations and moderate profitability margin.

Going forward, the ability of the company to effectively manage
its working capital requirement and improve liquidity shall be the
key rating sensitivities.

Paramount Blankets Private Limited (PBL) was incorporated in 2004
and is currently being managed by Mr Sat Bhusan, Mr Mukesh Gupta,
Mr Rakesh Dayal and Mr Rajiv Gupta. The company is engaged in
manufacturing and trading of blankets such as mink blanket, polar
fleece blanket, coral fleece blanket, etc. In addition to this,
the company also undertakes job work i.e., manufacturing of
blankets for Paramount Impex Private Limited (PIP) which is a
group concern. PBL procures the raw material i e polyester yarn
from yarn manufactures in Gujarat and Haryana. PBL sells its
products under the brand name, "Paramount" through distributors in
Haryana, Delhi, West Bengal and Madhya Pradesh and also exports to
Australia and Brazil.

For FY15 (refers to the period April 01 to March 31), PBL achieved
a total operating income (TOI) of INR50.71 crore with PBILDT and
PAT of INR4.36 crore and INR0.74 crore, respectively, as against
TOI of INR35.42 crore with PBILDT and PAT of INR3.04 crore and
INR0.55 crore, respectively, for FY14.


PATEL JIVA: CARE Revises Rating on INR6.85cr LT Loan to B+
----------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
bank facilities of Patel Jiva Sales Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      6.85      CARE B+ Revised from
                                            CARE B-

   Short term Bank Facilities    17.00      CARE A4 Reaffirmed

Rating Rationale

The revision in the ratings of the bank facilities of Patel Jiva
Sales Private Limited (PJS) factors in the increase in the total
operating income in FY15 (refers to the period April 1 to
March 31) and consistent infusion by the promoters in the form
of unsecured loans.

The ratings continue to remain constrained by its weak financial
risk profile characterized by the small scale of operations, thin
profitability margins, leveraged capital structure, weak debt
protection metrics and working capital intensive nature of
operations. The ratings are also constrained by foreign exchange
fluctuation risk, intense competition and dependence on the real
estate sector.

The ratings, however, draw comfort from the experienced promoters
of PJS coupled with established relationship with the customers.

Going forward, the ability of the company to scale up its
operations, improving its profitability margins and capital
structure while efficiently managing its working capital
requirements would be the key rating sensitivities.

PJS was initially incorporated as Patel Sales Corporation, a
partnership firm in 1969. The name and constitution of the firm
was changed to its present status in 2010. PJS is currently
managed by Mr Moolji Patel, his sons Mr Govind Patel and Mr
Jagdish Patel and his daughter-in-law, Ms Kamla Patel. PJS is
engaged into trading and processing of timber logs (contributing
80% of the total revenue), plywood and laminates (contributing
remaining 20%). Timber logs are imported from Ivory Coast,
Myanmar, Panama and Costa Rica, which are subsequently sized at
its saw mills in Delhi and Gandhidham into various sizes. Timber
logs are sold in the domestic market to the traders, wholesalers
and the construction companies mainly in northern India. Plywood
and laminates are procured from the domestic market and
sold to construction and interior designing companies in Delhi and
NCR region. The units have the combined capacity to process about
55 cubic meters (cbm) of timber per day.

In FY15, PJS has achieved a total operating income (TOI) of
INR27.56 crore with PBILDT and profit after tax (PAT) of INR2.32
crore and INR0.24 crore, respectively, as against TOI of INR23.58
crore with PBILDT and PAT of INR2 crore and INR0.23 crore,
respectively, in FY14. Furthermore, during FY16 the company has
achieved TOI of INR12.36 crore till September 2015.


R.N. RICEMILL: CARE Assigns 'B' Rating to INR20cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating assigned to bank facilities of R.N.
Ricemill.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      20        CARE B Assigned

Rating Rationale

The rating assigned to R.N. Rice Mill (RNRM) is primarily
constrained by modest scale of operations, weak financial risk
profile marked by low profitability margins, leveraged capital
structure, weak coverage indicators and working capital intensive
nature of operations. The rating is further constrained by
susceptibility to fluctuation in exchange rate, fragmented nature
of industry and partnership nature of its constitution.

The rating, however, draws comfort from experienced partners in
trading and processing of rice and favorable manufacturing
location.

Going forward, the ability of the firm to increase its scale of
operations while improving profitability margin and capital
structure shall be the key rating sensitivities.

RNRM was established in 2003 as a proprietorship firm by Mr Rajesh
Kumar Bansal. In 2008, the proprietorship firm was converted into
a partnership firm with Mr Rajesh Kumar Bansal and Mr Mange Ram as
its partners with profit sharing ratio of 65:35. RNRM is engaged
in milling, processing and trading of rice at its processing unit
located at Kaithal, Haryana, having installed capacity of
processing 6 tonnes of paddy/hour. The firm procures raw material,
ie, paddy from domestic players located in Haryana, Delhi, Uttar
Pradesh, Punjab and Bihar. The firm derives nearly 60% of its
sales through exports in Canada, Gulf and South African countries
and the rest is through direct supply to the wholesalers in the
states of Haryana, Madhya Pradesh, Uttar Pradesh , Punjab, Bihar
and Delhi.

In FY15 (refers to the period April 1 to March 31), RNRM has
achieved a total operating income (TOI) of INR64.59 crore
with PBILDT and PAT of INR1.72 crore and INR0.03 crore as against
total operating income (TOI) of INR58.19 crore with PBILDT and PAT
of INR1.62 crore and INR0.02 crore in FY14.


RAMKRUPA GINNING: CARE Reaffirms B+ Rating on INR20cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ramkrupa Ginning Pressing Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       20       CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Ramkrupa Ginning &
Pressing Private Limited (RGPPL) continues to remain constrained
on account of thin profit margins, leveraged capital structure and
weak debt coverage indicators. The rating continues to remain
constrained also on account of presence of RGPPL in the cotton
ginning business which is at the lower end of the entire textile
value chain that involves limited value addition and seasonality
associated with the procurement of raw material resulting into
working-capital intensive nature of operations.

The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry coupled with
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of RGPPL to increase its scale of operations, improve
its profit margins, capital structure and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.

RGPPL incorporated in the year 2006, is promoted by Mr Bipinbhai
Gondaliya. RGPPL is into the business of cotton ginning and
pressing and trading of clean cotton. RGPPL is a family centric
business and is completely owned and managed by the family members
with four directors, who have average experience of 15 years in
the cotton industry. RGPPL produces cotton bales and cotton lint
with a manufacturing and production facility located at Gondal
region, Gujarat which is one of the leading cotton producing
states in India.

During FY15 (refers to the period April 1 to March 31), RGPPL
reported TOI of INR102.73 crore and PAT of INR0.05 crore as
against TOI of INR100.01 crore and PAT of INR0.10 crore during
FY14. During H1FY16 (provisional), RGPPL has registered
TOI of INR26.36 crore.


REALCADE LIFESCIENCE: CARE Assigns 'B' Rating to INR15cr LT Loan
----------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Realcade
Lifescience Private Limited.

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

Rating Rationale

The rating assigned to the bank facilities of Realcade Lifescience
Private Limited (RLPL) is primarily constrained on account of the
implementation and stabilization risk associated with its on-going
largely debt-funded greenfield project. The rating is further
constrained on account of its presence in the highly fragmented,
competitive and regulated pharmaceutical industry.

The rating, however, derives strength from the experienced
promoters in the pharmaceutical industry.

RLPL's ability to complete debt funded project within envisaged
time and cost parameters and to achieve envisaged level of sales
and profitability would be the key rating sensitivities.

Incorporated in the year 2012, RLPL is implementing a green field
project for manufacturing of intravenous fluid at Mehsana
(Gujarat). The company is planning to start the commercial
production from February, 2016.

RLPL is promoted by five promoters led by Mr Vinodkumar Patel and
Mr Bharatkumar Vihol. RLPL has undertaken project to manufacture
Intravenous Fluid with proposed installed capacity of 90,000
bottles of 500 ML and 70,000 bottles of 100 ML per day at its
facilities located at Mehsana-Gujarat. The products manufactured
by the company will be mainly dextrose and sodium chloride based
Intravenous fluid solution.

Out of the total cost of project, the company has incurred the
capex of INR12.86 crore (31.75% of the total project cost) till
October 22, 2015. The promoters have already infused equity of
INR0.59 crore and have raised unsecured loans of INR12.27 crore.


SAGAR METALLICS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings has assigned Sagar Metallics Private Limited (SM) a
Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SM's small scale of operations, weak credit
metrics and tight liquidity. Unaudited FY15 financials indicate
revenue of INR428m (FY14: INR298m), net leverage of 7.1x (7.3x)
and EBITDA interest cover of 1.8x (1.9x). Liquidity position
remained tight with almost-full utilisation of the fund-based
working capital facilities during the 12 months ended September
2015. The ratings also factor in the volatile profitability on raw
material price fluctuations which is a characteristic feature of
the agricultural commodity based manufacturing business. Operating
EBITDA margins fluctuated between 4.3% and 7.8% over FY12-FY15.

RATING SENSITIVITIES

Positive: Substantial growth in the top line with an improvement
in the EBITDA margins leading to a sustained improvement in the
credit metrics could be positive for the ratings.


Negative: Deterioration in the EBITDA margins leading to sustained
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

SM was established in 2009. The company manufactures polyester
yarn and sells the same through local wholesalers for the use in
saree designing and embroidering works.


SARALA FOODS: ICRA Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to INR15.00
crore long term fund based limits of Sarala Foods Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   based Limits          15.00        [ICRA]B+; assigned

The rating takes comfort from the long track record of the
management in the rice industry and the easy availability of rice
with proximity to the major paddy cultivating region of Andhra
Pradesh. Further, favourable demand prospects for the industry,
with India being the second largest consumer and producer of rice
internationally, augurs well for the firm.

The ratings, however, are constrained by the weak financial
profile of the company characterised by low profitability, high
gearing and weak coverage indicators. The ratings are further
constrained by susceptibility of top line to fluctuations in forex
market, agro-climactic factors which can affect the availability
of rice in adverse weather conditions and regulatory risks with
regard to government policies on Minimum support price (MSP) for
paddy and export/import sanctions. The rating also takes into
account high re-financing risk with significant reliance on short
term loans and high geographical concentration risk with sales to
South African market accounting for majority of export sales. ICRA
notes that the intense competition in the industry limits the
pricing flexibility.

Going forward, the company's ability to improve its scale of
operations, profitability and effectively manage its working
capital would be the key rating sensitivity from the credit
perspective.

Incorporated in the year 2005 as a private limited company, Sarala
Foods Private Limited (SFPL) is engaged in the trade and export of
raw, boiled rice and maize. The company has godowns located in
Sarpavaram and Peddapuram (East Godavari District), Andhra
Pradesh. The firm procures non-basmati rice of the IR64 & MTU-1001
variety for export purpose. The company also has two group
concerns, Sri Sitaramanjaneya Sortex and Singhal Canvassors.

Recent Results
According to audited results, the company reported profit after
tax of 0.11 crore on an operating income of 48.96 crore for
FY2015, as against profit after tax of INR0.51 crore on an
operating income of INR98.88 crore during FY2014.


SHIVA TEXFABS: CARE Assigns 'D' Rating to INR933.93cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Shiva
Texfabs Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    933.93      CARE D Assigned
   Short-term Bank Facilities    11.00      CARE D Assigned

Rating Rationale

The ratings assigned to the bank facilities of Shiva Texfabs
Limited (STL) take into account ongoing delays in servicing of
the interest and principal repayment due to stressed liquidity
position.

Incorporated in 1993 as Shiva Fabricators Pvt. Ltd., STL commenced
its commercial operations in 1995. STL is the flagship company of
the Shiva group. The group, comprising Yogindera Worsted Limited
(rated 'CARE C+', 'CARE A4'), Himachal Fibres Ltd (rated 'CARE
C+', 'CARE A4'), Shiva Specialty Yarns Ltd (rated 'CARE C+', 'CARE
A4'), KK Fibres Ltd, Shiva Spin-NKnit Ltd and STL, has presence
across the entire value chain of synthetic textile industry. The
company, with its two manufacturing units located in Macchiwara,
Ludhiana (Punjab), is engaged in recycling of post-consumer PET
(p-cPET) containers and bottles to synthetic yarns which are
further used to manufacture fabrics. Product portfolio of the
company includes PET Flakes, Polyester Staple Fibre, Polyester
Filament Yarns, Polyester Spun Yarns, Non-Woven Fabric, Knitted
Fabric, etc. The manufacturing facilities have a current installed
capacity of 38,112 spindles, a dyeing capacity of 10,850 MTPA and
a recycling capacity of ~82,500 MTPA by weight for p-cPET bottles
as on March 31, 2015.

Domestically, STL primarily sells its products to spinning and
knitting/weaving units in North India The group also exports to
more than 26 countries all across the world [exports constituting
5.6% of the total sales for STL in FY15 (refers to the period
April 1 to March 31)].

STL registered a total operating income of INR475.44 crore during
FY15 with net losses INR167.30 crore as against total operating
income of INR1,584.79 crore with net losses of INR144.26 crore in
FY14.


SHREE MAHESHWAR: CARE Reaffirms 'D' Rating on INR451cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the debt
facilities/instruments of Shree Maheshwar Hydel Power Corporation
Limited.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Non-Convertible
   Debentures (NCDs)       244.65      CARE AAA (SO) Reaffirmed

   Long-term Bank
   Facilities              451.00      CARE D Reaffirmed

Rating Rationale
The rating of NCDs of Shree Maheshwar Hydel Power Corporation Ltd
(SMHPCL) is based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by
Power Finance Corporation Ltd (PFC, rated 'CARE AAA/CARE A1+', CIN
Number: L65910DL1986GOI024862). The guarantee operates through a
trustee-administered structured payment mechanism to ensure timely
repayment of principal and interest obligations on the NCDs.

The ratings of the bank facilities of Power Finance Corporation
Limited (PFC) factor in the majority ownership by the Government
of India (GoI) and Power Finance Corporation Ltd's (PFC) strategic
importance to GoI in the development of power infrastructure in
India. The ratings also draw comfort from PFC's diversified
resource profile, stable profitability and healthy capitalization
levels. The ratings also factors in risk associated with PFC's
moderation in asset quality with slippages in assets and high
proportion of restructured accounts compared to networth, high
exposure to weak state power utilities and high sectoral as well
as borrower concentration risk. Going forward, continued ownership
by GoI and maintaining comfortable asset quality are the key
rating sensitivities.

The rating of the long term bank facilities of SMHPCL continues to
factor in the ongoing delays in servicing of debt obligations.

SMHPCL is setting-up 400 MW (10x40MW) Maheshwar Hydro Power
Project on the river Narmada at Maheshwar near Mandleshwar, Madhya
Pradesh. The project was initially proposed to be set up by the
Narmada Valley Development Authority (NVDA). Later, it was
transferred to erstwhile Madhya Pradesh State Electricity Board
(MPSEB) in 1980, before awarding it to S Kumars group which
created a Special Purpose Vehicle (SPV) in 1993 in the name of
SMHPCL for execution of the project.

The work on the project which started in the year 1998-99 was
stalled in September 2001 due to withdrawal of certain lenders
impacting the financing of the project. Consequently, SMHPCL
approached PFC for sanction of debt and the work on the project
was started again in November 2005. The long-term Power Purchase
Agreement (PPA) for the project was signed in 1994 with erstwhile
MPSEB (succeeded by M.P. Power Management Co Ltd as holding
company for all distribution utilities inM.P).


SHRI AGRAWAL: ICRA Reaffirms B+ Rating on INR21cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR21.00 crore fund-based bank facilities of Shri Agrawal
Educational and Cultural Society.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long Term Fund
   Based Limits          21.00        [ICRA]B+; reaffirmed

The rating reaffirmation takes into account the improvement in
occupancy levels in the engineering college to 49% for Academic
Year (AY) 2015-16 relative to 38% for the previous year, along
with improvement in the occupancy of the school, in its second
year of operations.

ICRA notes that though the occupancies and student strength in
school are expected to increase going forward; the accruals from
the existing operations of the society remain modest. The capital
structure of the society is moderate with gearing of 2.3x as on
March 31, 2015 owing to past deficits and debt funded capex for
setting up the engineering college and school. The debt coverage
indicators will continue to remain modest given the society's
leveraged capital structure, modest accruals and high debt
repayment liabilities. The rating also remains constrained on
account of the stretched liquidity profile of the society, on
account of delays in receipt of fees from the students. The rating
however, favorably takes into account the extensive track record
of the management in the education field in Madhya Pradesh, having
established a total of five colleges and three schools in Bhopal,
under two societies and their regular support towards funding the
deficit and the capex being undertaken.

Going forward, the ability of the society to achieve adequate
occupancies in both the school and the engineering college, in the
light of presence of a number of schools and colleges in nearby
areas and manage the liquidity through timely fee collection will
remain the key rating sensitivities.

SAEC was formed in FY 2008 by Mr. Sudhir Kumar Agrawal. The
society has set up an engineering college under the name, Sagar
Institute of Science, Technology and Engineering in Ratibad
(Bhopal, Madhya Pradesh) which is affiliated to Rajiv Gandhi
Proudyogiki Vishwavidyalaya, Bhopal. The engineering college
commenced operations from AY 2009-10 with an intake of 90 students
and presently has a strength of 816 students (in AY 2015-16). The
college offers graduate (B.E.) and post-graduate (M.E.) courses.
The society has also set up a school - 'Sagar Public School' in
Bhopal which commenced operations from AY 2014-15 and is currently
running classes up to Standard VIII, and has student strength of
556 for AY 2015-16.

SAEC is a part of the Bhopal based Sagar group, which has
operations across education, real estate and textile sectors. In
addition to SAEC, another society in the Sagar group, Shri Agrawal
Educational and Welfare Society, has set up four colleges and two
schools in Bhopal, which have a total strength of ~8,300 students
(of which about 5,000 are students in schools). Two group
companies, Agrawal Builders and Agrawal Builders and Colonizers
have been engaged in civil construction and real estate
development for the past three decades in Bhopal. Another group
company - Sagar Manufacturers Private Limited (rated [ICRA]BBB-
(Stable)/A3), manufactures cotton spun yarn and has a spinning
unit in Madhya Pradesh with an installed capacity of 75,552
spindles, which commenced commercial operations from March 2013.


SHYAMALI COLD: CRISIL Assigns B- Rating to INR62MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Shyamali Cold Storage Private Limited (SCSPL) and
has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to SCSPL's
bank facilities. CRISIL had suspended the ratings on July 02,
2014, as SCSPL had not provided necessary information required for
a rating review. The company has now shared the requisite
information, enabling CRISIL to assign the ratings to its bank
facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3.8      CRISIL A4 (Assigned;
                                   Suspension Revoked)

   Cash Credit           20.0      CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

   Proposed Long Term    62.0      CRISIL B-/Stable (Assigned;
   Bank Loan Facility              Suspension Revoked)

   Working Capital        6.0      CRISIL B-/Stable (Assigned;
   Term Loan                       Suspension Revoked)

   Term Loan             36.7      CRISIL B-/Stable (Assigned;
                                   Suspension Revoked)

The ratings reflect SCSPL's weak financial risk profile marked by
small net worth, susceptibility to adverse agro climatic vagaries
and highly regulated nature of West Bengal cold storage industry.
These rating weaknesses are partially offset by the extensive
industry experience of SCSPL's in cold storage business.
Outlook: Stable

CRISIL expects the company's business profile to be maintained on
the back of strong promoter experience. The rating outlook may be
revised to 'Positive' on significant improvement in financial
profile backed by increased cash accruals. Conversely, the rating
outlook may be 'Negative' if the there is more than expected debt-
funded capex resulting in deterioration of the group's financial
profile.

Shyamali Cold Storage Pvt Ltd (SCSPL), incorporated in 2005, is
engaged in the business of providing cold storage services. The
company has two cold storages, of which one established in 2005
provides cold storage service to potato farmers and traders, while
the other one established in 2011 is a multipurpose cold storage
providing cold storage services for potato, vegetables and
flowers. The company is owned by West Bengal based Rudra family.


SIGNATURE CERAMIC: ICRA Reaffirms B+ Rating on INR3.0cr Loan
------------------------------------------------------------
ICRA has reaffirmed rating of [ICRA]B+ for INR3.00 crore fund
based cash credit facility and INR1.79 crore term loan facility of
Signature Ceramic Private Limited. ICRA has also reaffirmed rating
of [ICRA]A4 for INR1.40 crore short term non fund based facilities
of Signature Ceramics Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           3.00        [ICRA]B+ reaffirmed
   Term Loans            1.79        [ICRA]B+ reaffirmed
   Bank Guarantee        1.40        [ICRA]A4 reaffirmed

The reaffirmation of the ratings takes into account SCPL's weak
financial profile as reflected by low profitability, high gearing
levels and modest coverage indicators. The ratings are also
constrained by SCPL's small size of operations which along with
the high competitive intensity is likely to exert pressure on
margins. ICRA also notes the dependence of operations and cash
flows of the company on the performance of the real estate
industry which is the main consumer sector and vulnerability of
its profitability to increasing prices of gas and power.
The ratings continue to favorably consider the experience of the
key promoters in the ceramic industry and location advantage
enjoyed by SCPL giving it easy access to raw material.
Signature Ceramic Private Limited (SCPL) is a wall tiles
manufacturer with its plant situated at Morbi, Gujarat. The
company was established in October 2009, while the company
commenced its operations in July 2010. Signature Ceramics is
managed by Mr. Pravin Kundariya and Mr. Girish Loriya along with
other directors. The plant has an installed capacity to produce 18
lacs boxes of wall tiles per annum. Signature Ceramics currently
manufactures wall tiles of size 12" X 12", 12" X 18" and 12" X 24
with the current set of machineries at its production facilities.

Recent Results
For the year ended 31st March 2015, the company reported an
operating income of INR18.29 crore and profit after tax of INR0.15
crore.


SRI VASAVI: CRISIL Reaffirms 'B+' Rating on INR80MM Loan
--------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sri Vasavi
Agro Foods (SVAF) continues to reflect the average financial risk
profile because of high gearing and modest debt protection
metrics, susceptibility to adverse government regulations and raw
material price volatility, and small scale of operations in the
intensely competitive rice milling industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              40       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility               80       CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of promoters in the rice milling industry and their
healthy relationships with customers and suppliers.
Outlook: Stable

CRISIL believes SVAF will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if a significant improvement in the revenue
and profitability substantially increases the cash accrual and
thus improves the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of low cash accrual during
the early stage of operations, constraining the liquidity.

Set up in 2012-13 (refers to financial year, April 1 to March 31)
as a partnership firm, SVAF processes paddy into rice, rice bran,
broken rice, and husk; it commenced commercial production in
December 2013. The rice mill is located at Karatagi in Koppal
(Karnataka). The operations are managed by the chief promoter Mr.
Y Vasudev Shetty who has over two decades of experience in the
rice milling industry.


STANDARD CONSULTANTS: ICRA Reaffirms B+ Rating on INR7cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR7.00 crore (revised from INR4.25 crore) fund based facilities
of Standard Consultants Limited. ICRA has also reaffirmed short-
term rating at [ICRA]A4 to the INR15.00 crore (revised from
INR10.00 crore) non-fund based facilities of the company.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term-Fund
   based                  7.00      [ICRA]B+/Reaffirmed

   Short-term-Non-
   fund based            15.00      [ICRA]A4/Reaffirmed

The assigned ratings consider the small scale of operations of the
company, limiting its economies of scale. SCL's high customer and
geographic concentration risks have also been considered, with its
entire order book comprising orders from the Telangana State (TS)
TRANSCO. The company faces project concentration risks as well,
with three of its projects accounting for 100% of its unexecuted
order book as on August 31, 2015. The ratings also remain
constrained by the financial profile of the company, characterized
by thin net margins, high TOL/TNW, weak coverage indicators and a
stretched liquidity position.

The ratings, nevertheless, favourably factor in the experience of
the company's directors in the electrification of transmission
lines business; and financial support from the promoters in the
form of unsecured loans. Going forward, the timely execution of
the current order book, and the ability to secure more orders to
improve the scale of operations, while managing its working
capital requirements effectively, would be SCL's key rating
sensitivities.

Standard Consultants Limited (SCL), incorporated in May 1992, had
been involved in importing and trading in Compressed Natural gas
(CNG) and Liquefied Petroleum gas (LPG) kits till 2012, following
which it ventured into the execution of electrical turnkey
projects, supplying erection testing commissioning and
construction of sub-stations and transmission lines from 33/11KV
to 300KV. SCL has executed projects for the state governments of
Assam and Andhra Pradesh in the past. Currently the company is
executing projects for TS TRANSCO.

Recent Results
SCL reported an operating income of INR20.0 crore with a net
profit of INR0.6 crore in FY15 as against an operating income of
INR17.9 crore with a net profit of INR0.5 crore in FY14.


SWASTIK OVERSEAS: Court Orders Quick Liquidation of Properties
--------------------------------------------------------------
Business Standard reports that the Maharashtra Protection of
Interest of Depositors (MPID) court has expressed displeasure over
the delay in liquidation of properties attached by various
authorities over the INR5,600-crore payment crisis at National
Spot Exchange Ltd (NSEL).

Business Standard relates that hearing the case, Judge D P Surana
asked the competent authority -- represented by Ajit Sakhare,
deputy collector -- "Why has the authority not made any progress
since the order was passed for liquidation of some attached
properties over a month ago?"

In August 2013, NSEL had declared 24 borrowers as defaulters as it
suspended operations, the report recalls. On the NSEL's
complaints, the economic offences wing attached the properties of
borrowers under the MPID Act. After a property is attached, it is
transferred to the competent authority, which must auction it and
distribute the funds raised among those who lost money.

According to the report, the court had passed an order in
September allowing the authority to liquidate the properties of
Rajesh Mehta of Swastik Overseas Corporation. But no action has
been taken yet. The valuation of the properties is yet to be
worked out, the report notes.

Of its payment obligation of INR102.98 crore, Swastik Overseas
Corporation has paid INR12.18 crore, the report discloses. The
economic offences wing and the crime investigation department,
Mumbai, have attached Mehta's properties in Gujarat, says Business
Standard.

The report says NSEL alleged Mehta was not cooperating with
inspection of the properties for valuation. The court warned Mehta
to cooperate, the report relates.

Business Standard says the court sought help from NSEL and groups
representing NSEL investors to arrive at a valuation based on
ready reckoner rates of the state government. The court ordered
the competent authority to comply with its order and file a report
in one month, the report adds.

Swastik Overseas Corporation had entered into an agreement with
NSEL to settle its dues. But NSEL said Swastik Overseas
Corporation had failed to honour the conditions agreed in the
settlement agreement, the report adds.


YOGESHWAR COTTON: CARE Reaffirms B+ Rating on INR7cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Yogeshwar Cotton Industry.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       7        CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Yogeshwar Cotton
Industries (YCI) continues to remain constrained on account
of thin profit margins, moderately leveraged capital structure and
weak debt coverage indicators. The rating continues to remain
constrained also on account of presence of YCI in the cotton
ginning business which is at the lower end of entire textile value
chain that involves limited value addition and seasonality
associated with the procurement of raw material resulting into
working-capital intensive nature of operations.

The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry coupled with
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat.

The ability of YCI to increase its scale of operations and profit
margins in light of the competitive nature of the industry along
with improvement in capital structure through better working
capital management would remain the key rating sensitivities.

Vijapur-based (Gujarat) YCI is a partnership firm formed in April
2006. YCI currently has eleven partners with an unequal profit and
loss sharing agreement among them. The firm is engaged in cotton
ginning, pressing & oil extraction activity with an installed
capacity of 6,000 metric tonnes per annum (MTPA) for cotton bales
and 12,775 MTPA of cotton seeds as on March 31, 2015, at its sole
manufacturing facility located at Vijapur inMehsana district
(Gujarat).

During FY15, YCI reported TOI of INR43.45 crore and PAT of INR0.13
crore as against TOI of INR34.78 crore and PAT of INR0.14 crore
during FY14. YCI has achieved TOI of INR7 crore up to
Sept. 30, 2015.



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


Q CARD: Fitch Gives 'Bsf' Rating on Class F 2014-1 Notes
--------------------------------------------------------
Fitch Ratings confirms ratings on all existing rated notes for Q
Card Trust following a tap issuance of NZD50m. In addition Fitch
has assigned a rating of 'Bsf' with Stable Outlook to the class F
2014-1 notes, which were previously not rated.

The transaction currently has a collateral pool of NZD335m of
consumer receivables, comprising about 176,000 active customers
with an average balance outstanding of around NZD1,900. The
receivables were originated by Consumer Finance Limited, a
subsidiary of Fisher & Paykel Finance Limited (FPF).

Credit enhancement for the notes remains unchanged following the
tap issuance.

The increase in various classes of notes is effective today. The
aggregate totals and ratings are as follows:

Class A 2014-2: NZD31.0 million, resulting in an aggregate total
of NZD89.0 million; 'AAAsf'; Outlook Stable

Class B 2014-1: NZD5.0 million, resulting in an aggregate total of
NZD37.5 million; 'AAsf'; Outlook Stable

Class C 2014-1: NZD3.5 million, resulting in an aggregate total of
NZD26.25 million; 'Asf'; Outlook Stable

Class D 2014-1: NZD2.5 million, resulting in an aggregate total of
NZD18.75 million; 'BBBsf'; Outlook Stable

Class E 2014-1: NZD2.75 million, resulting in an aggregate total
of NZD20.75 million; 'BBsf'; Outlook Stable

Class F 2014-1: NZD1.0 million, resulting in an aggregate total of
NZD7.25 million; assigned 'Bsf'; Outlook Stable

Class S 2014-1: NZD4.25 million, resulting in an aggregate total
of NZD36.25m; not rated

No additional class A 2014-1, A 2014-3 or VFN notes have been
issued and their outstanding balances remain as follow:

VFN: NZD10.0m
Class A 2014-1: NZD89.5 million
Class A 2014-3: NZD58 million

KEY RATING DRIVERS
Q Card Trust's performance is stable with key rating drivers such
as yield, monthly payment rates, charge-offs and arrears all
within Fitch's steady state assumptions.

RATING SENSITIVITIES
Fitch has modelled three different scenarios when evaluating the
sensitivity of the ratings on the notes: 1) increased charge-offs;
2) reduced yield, and 3) reduced monthly payment rate compared
with the expected performance of Q Card Trust.
The ratings are sensitive to an increase in defaults and a
reduction in monthly payment rates, with less sensitivity to yield
reduction.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation
to this rating action

DATA ADEQUACY
Fitch conducted a file review of 10 sample loan files focusing on
the underwriting procedures conducted by FPF compared to its
credit policy at the time of underwriting. Fitch has checked the
consistency and plausibility of the information and no material
discrepancies were noted that would impact Fitch's rating
analysis.



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


* S. KOREA: Restructuring of Steel, Petrochem Firms to Gain Speed
-----------------------------------------------------------------
Kim Jae-won at The Korea Times reports that the chief financial
regulator said that he will help creditors speed up restructuring
of steel, petrochemical and shipping companies struggling to stay
afloat after being hit hard by low demand in global markets.

According to the report, Financial Services Commission Chairman
Yim Jong-yong said he will support companies with potential to
recover by injecting fresh money while kicking out corporations
which are not sustainable.

"We will discuss with other government agencies ways to strengthen
competitiveness in the fields and directions for restructuring.
With the conclusions, we will support creditors to restructure
companies," the report quotes Mr. Yim as saying in a press
conference.

His remarks came as companies in the three sectors face tough
business circumstances. According to industry data, local
steelmakers' exports tumbled 13.1% to $25.5 billion from January
to October, compared to a year ago, the report notes. POSCO, the
largest steelmaker in the country, also saw its revenues plunge
14% to KRW14 trillion in the third quarter from a year ago, the
Korea Times discloses.

The Korea Times relates that Mr. Yim said the regulator will push
for the restructuring based on three principles -- strict
evaluation of companies, efforts to recover and quick
restructuring.  The report says the regulator also plans to launch
a company specialized in restructuring by hiring experts from the
private sector, such as brokerage houses and private equity firms.
Eight creditors, including Shinhan Bank and KEB Hana Bank, will
offer funds for the company which will be set up with KRW1.25
trillion in capital, the report notes.



                             *********

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.

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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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