TCRAP_Public/151120.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

          Friday, November 20, 2015, Vol. 18, No. 230


                            Headlines


A U S T R A L I A

LONGDA HOLDINGS: First Creditors' Meeting Set For Nov. 27
MALASS DEVELOPMENTS: First Creditors' Meeting Set For Nov. 27
MASTERS HOME: Continues to Deteriorate; Losing AUD78,000 a Week
NORTHERN IRON: In Admin.; Norwegian Unit Files for Bankruptcy


C H I N A

TANGSHAN SONGTING: Record Low Steel Prices Leads to Shutdown


I N D I A

ADROIT CORPORATE: CRISIL Cuts Rating on INR185.3MM Loan to B+
AGRAWAL WOVEN: CARE Assigns 'B' Rating to INR13.50cr LT Loan
AMIT AUTO: CRISIL Reaffirms B+ Rating on INR20MM Funding Loan
AMRIT FRESH: CARE Lowers Rating on INR16.16cr LT Loan to D
BEBO INTERNATIONAL: CARE Assigns B Rating to INR3.0cr LT Loan

BIJJARAGI MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR25cr Loan
DHANRAJ SOLVEX: CARE Reaffirms B+ Rating on INR25cr LT Loan
DIRCO POLYMERS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
ETA POWERGEN: CRISIL Lowers Rating on INR188.8MM LT Loan to D

GLOBSYN KNOWLEDGE: CRISIL Cuts Rating on INR127MM Term Loan to D
GLOBSYN TECHNOLOGIES: CRISIL Cuts Rating on INR84MM Loan to B+
GOKUL STEELS: CRISIL Reaffirms B+ Rating on INR64.5MM Term Loan
H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Bank Loan
HOTEL SUKHAMAYA: CRISIL Assigns B- Rating to INR42.5MM Term Loan

ISCON CRAFT: CRISIL Reaffirms B+ Rating on INR66.9MM Term Loan
JAGDAMBAY COTSPIN: ICRA Reaffirms B Rating on INR20cr LT Loan
KARLA CONSTRUCTIONS: CARE Assigns B+ Rating to INR7cr LT Loan
KAVERI GAS: CRISIL Suspends 'D' Rating on INR92MM LT Loan
MAGICK WOODS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating

MAHAVIR RICE: CARE Assigns B+/A4 Rating to INR75cr Loan
NIKITA CORPORATION: CRISIL Assigns B+ Rating to INR85MM Loan
PRAKASH INDUSTRIAL: ICRA Suspends D Rating on INR20.25cr Loan
RANJEET AUTOMOBILES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
SAI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR36.5MM Loan

SHREE AMEYA: CRISIL Ups Rating on INR99MM LT Loan to B
SIDDIQUE TRADING: CRISIL Suspends B+ Rating on INR100MM Loan
SIGNATURE CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash Loan
SPECTRUM COMPLEX: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
SUNSHINE BUILDERS: ICRA Assigns B+ Rating to INR10cr Term Loan

SWATI SYNTHETICS: CRISIL Assigns B+ Rating to INR73MM Term Loan
SWISS GARNIER: CRISIL Reaffirms B- Rating on INR103.3MM Loan
TRANSNATIONAL: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
VARIDHI HYGIENE: ICRA Suspends B- Rating on INR9.25cr Term Loan
VEE TECHNOLOGIES: CRISIL Suspends B- Rating on INR64.2MM Loan

VIPUL OVERSEAS: CRISIL Cuts Rating on INR45MM Cash Loan to B+
YOGESHWARI PETRO: CRISIL Assigns B+ Rating to INR30MM Cash Loan


N E W  Z E A L A N D

SENTRY HILL: Liquidation Case Adjourned to February 2016


S I N G A P O R E

M2 ACADEMY: Closure Leaves Some Teachers In The Lurch


S O U T H  K O R E A

LOTTE GROUP: Duty-free Shop License Loss Adds to Troubles


                            - - - - -


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


LONGDA HOLDINGS: First Creditors' Meeting Set For Nov. 27
---------------------------------------------------------
Ozem Kassem and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Longda Holdings Pty Ltd on
Nov. 17, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 6, 55 Clarence Street, in
Sydney, on Nov. 27, 2015, at 11:00 a.m.


MALASS DEVELOPMENTS: First Creditors' Meeting Set For Nov. 27
------------------------------------------------------------
David Ingram & Richard Albarran of Hall Chadwick Chartered
Accountants were appointed as administrators of Malass
Developments Pty Limited on Nov. 18, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on Nov. 27, 2015, at 11:00 a.m.


MASTERS HOME: Continues to Deteriorate; Losing AUD78,000 a Week
---------------------------------------------------------------
Catie Low at The Sydney Morning Herald reports that Masters Home
Improvement stores are losing AUD78,000 a week based on the latest
losses reported by the embattled hardware operation's US joint
venture partner Lowe's.

Based on Lowe's latest financials reported in the US, Deutsche
Bank estimates the Masters JV lost AUD 67.5 million before tax in
the first quarter of fiscal 2016.

According to the report, analyst Michael Simotas said this was
considerably more than the AUD57 million loss from the
corresponding period last year and he predicted Woolworths would
outline its plans for the business in coming months.

"The continued deterioration in Master's losses is clearly
disappointing, particularly given there was modest improvement in
the sales line during 1Q," the report quotes Mr. Simotas as
saying.  "We expect the group to make a decision on its home
improvement position over the next several months and in our view,
the probability of an exit is increasing."

SMH says Lowe's burnt just over AUD21 million on Masters in the
third quarter compared to AUD17.8 million in the same period last
year, pushing the Australian dollar losses for the US giant out by
just under 20% for the three months to the end of October.

SMH relates that the result released in the US won't provide any
comfort for Woolworths chair Gordon Cairns with Bank of America
Merrill Lynch claiming the Masters business is on track to hit its
forecast losses of AUD290 million in 2016 and about
AUD355 million in 2017.

Mr Cairns has been busy meeting with major shareholders ahead of
next week's annual general meeting and canvassing the options for
the loss-making Masters business, the report relays.

It's understood Mr Cairns has discussed two scenarios, liquidating
the business or trading through its current losses, but it's
believed he's also acknowledged that neither of these options are
very appealing, according to SMH.

The only other option would be to find a buyer for the business,
SMH notes.

The report says Woolworths claimed in September its revamped
Masters format had bolstered sales by as much as 30% compared to
the original format.

According to the report, Lowe's has a one third stake in Masters
and a put option, which it could use to compel Woolworths to buy
back its interest as long as it gives 13 months notice.

It's not clear what this put option is valued at but analysts have
suggested it could be worth up to AUD1 billion, the report
relates.

SMH discloses that Lowe's latest results push the losses on
Masters out to about US$138 million for the nine months to October
30 but the joint-venture with Woolworths has sunk AUD3.3 billion
into the business.

Moody's and Standard and Poor's recent credit outlook downgrades
have added to the pressure on Woolworths to reveal its blueprint
for Masters and bring forward a resolution to the losses, the
report states.

And talk that Masters boss Matt Tyson is on his way out of the
operation has further fuelled speculation over Woolworths' plans,
adds SMH.


NORTHERN IRON: In Admin.; Norwegian Unit Files for Bankruptcy
-------------------------------------------------------------
Northern Iron Limited said on Nov. 19 that the Board of its
wholly-owned subsidiary, Sydvaranger Gruve AS has resolved to file
for bankruptcy under Norwegian Legislation.

"Significant efforts have been made over a long period of time by
the management of the Company and SVG to improve efficiencies,
reduce costs and find a solution that would contribute working
capital for the business and restructure liabilities to ensure the
continuation of the Group's operations. These endeavours have
identified and demonstrated genuine interest from potential
investors to find a workable solution, however regrettably the
financiers have evaluated their position and concluded that a
continued process would not yield a solution acceptable to them.
Consequently, the Board of SVG are no longer able to form a view
that it is probable that a solution can be achieved and therefore
have no other option other than to file for bankruptcy," Northern
Iron said in a statement to the ASX.

"As a consequence of the bankruptcy of SVG, it is the opinion of
the Directors that NFE is likely to become insolvent at some
future time and the Directors have therefore appointed
James Thackray of The Headquarters Corporate Advisory as Voluntary
Administrator pursuant to Section 436A of the Corporations Act.
Accordingly it is expected that the Company's securities will
remain suspended until further notice."

Northern Iron Limited (ASX:NFE) -- http://www.northerniron.com.au/
is an Australian-based company, which is the 100% owner of
Sydvaranger Iron Project in northern Norway. The Company operates
in three segments: Sydvaranger Iron Ore Project, marketing of ore
concentrate and corporate office. The Sydvaranger Iron Project is
located adjacent to the towns of Bjornevatn and Kirkenes in
Norway, approximately 1,500 kilometers north east of the capital,
Oslo. The Sydvaranger project uses mining, rail, processing and
port assets to produce and export iron ore concentrate to steel
industry customers across the world. The product from the project
contains iron ore content of approximately 68.5% and silica
content of approximately 4.5%. The Sydvaranger Iron Project
consists of four magnetite iron deposits with JORC compliant
resources (Kjellmannsasen, Fisketind ost, Bjornevatn and
Tverrdalen) and a further approximately 20 prospects with known
iron mineralization located over a 12 kilometers strike length.



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


TANGSHAN SONGTING: Record Low Steel Prices Leads to Shutdown
------------------------------------------------------------
Reuters reports that Chinese steel prices hit record lows on
Nov. 17 amid prolonged worries over shrinking demand in the
world's top consumer that market sources say has forced one of the
country's largest private producers to cease output.

Reuters relates that traders and analysts said the shutdown by
Tangshan Songting Iron & Steel, with an annual capacity of 5
million tonnes, would be one of the biggest in the sector's years-
long downturn as the world's No.2 economy slows.

The company, located in the northeastern city of Tangshan, did not
answer repeated telephone calls, Reuters says. An official with
the local government of Tangshan said it was "dealing with the
issue right now in accordance with related law and regulations",
without specifically stating the company had ended production,
according to Reuters.

The report says Chinese social media showed photos and videos that
were apparently of hundreds of disgruntled workers gathered
outside a local government building in Qian'an, Tangshan,
demanding help in the face of the closure.

A shutdown would highlight the sector's woes and fuel concerns
that more closures are on the way, with a raft of mills already
shuttering output, the report notes.

Reuters relates that while cuts in output would remove some of the
surplus capacity that has weighed on prices, traders said the
latest shutdown dented overall sentiment on the outlook for the
Chinese economy.

On Nov. 17, Chinese steel prices plumbed a record low of CNY1,748
a tonne, down nearly 37% since the beginning of this year. That
has also hit demand for steelmaking ingredient iron ore, already
down over 30% in 2015, the report notes.

"I think there will be more closures in China and no capacity
additions. Steelmakers and local governments don't have the
incentive to build new capacity," the report quotes Wang Li, an
analyst at CRU Group in Beijing, as saying.  "Generally people
think that to close a steel plant would be quite difficult in
China and maybe unlikely, but the fact is closures are increasing
and quicker than people's expectations."

China-based Tangshan Songting Iron & Steel Co., Ltd. engages in
manufacturing of billet and hot rolled steel strips.



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


ADROIT CORPORATE: CRISIL Cuts Rating on INR185.3MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Adroit Corporate Services Private Limited (ACSPL) to 'CRISIL
B+/Stable' from 'CRISIL BB/Stable'.

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

   Term Loan              185.3    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects deterioration in ACSPL's financial risk
profile, particularly its liquidity, on account of stretched
receivable cycle and its large debt repayment obligations
vis-a-vis its accruals. ACSPL's debt metrics have also
deteriorated with gearing as on March 31, 2015 at 1.8 times
against that of 0.8 times in the preceding year. ACSPL's gearing
and liquidity is expected to remain constrained over the medium
term on the back of additional term debts contracted in 2015-16.
CRISIL believes that improvement in the liquidity, most likely
through reduced receivable cycle, will remain the key rating
sensitivity factor over the medium term.

The rating continues to reflect ACSPL's modest scale of operations
in a fragmented industry, and below average financial risk profile
because of high gearing. These weaknesses are partially offset by
promoters' extensive experience in the business process
outsourcing services industry.
Outlook: Stable

CRISIL believes ACSPL will continue to benefit over the medium
term from promoters' extensive industry experience and established
relationships with customers. The outlook may be revised to
'Positive' if financial risk profile, particularly capital
structure, improves significantly because of funding support from
promoters or if the liquidity improves through reduced working
capital cycle. Conversely, the outlook may be revised to
'Negative' if liquidity deteriorates due to lower-than-expected
cash accrual or further stretch in operating cycle.

Incorporated in 1994, ACSPL provides business process outsourcing
services, primarily to the banking sector. The company is also a
registrar and share transfer (R&T) agent. Its operations are
managed by Mr. Sadashiva Shetty.


AGRAWAL WOVEN: CARE Assigns 'B' Rating to INR13.50cr LT Loan
------------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Agrawal
Woven Polymers.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     13.50      CARE B Assigned

Rating Rationale

The rating is primarily constrained on account of the
predominately debt-funded greenfield project undertaken by
Agrawal Woven Polymers (AWP) for the manufacturing of woven sack
bags and susceptibility of its profitability to volatile raw
material prices. The rating is, further, constrained on account of
its presence in the highly competitive and fragmented woven sack
industry and its constitution as a partnership concern which led
to risk of withdrawal of capital.

The rating, however, derives strength from the experienced
management in the packaging industry. The ability of the firm to
complete the project within envisaged cost parameters and ability
to stabilize the operations to achieve envisaged levels of sales
and profitability will be the key rating sensitivities.

Udaipur-based AWP was formed in September 2014 as a partnership
concern by Mr Kailash Chand Agrawal, Mr Yogesh Agrawal, Mr Tarun
Agarwal and Mr Amit Agarwal in a profit & loss sharing ratio of
10:10:40:40 respectively. AWP was formed with an objective to set
up a greenfield plant for manufacturing of woven sack bags at
Udaipur (Rajasthan).

Woven sack bags are manufactured from Polypropylene (PP)/High
Density Polyethylene (HDPE) granules and find their applications
in storing and transporting free flowing dry products like flour,
salt, cotton, cement, rice, seeds, cattle feeds and sugar, etc.
The firm envisaged to complete its project and start commercial
operations by the end of November 2015.  The firm envisaged total
project cost of INR17.01 crore which is envisaged to be funded
with a debt equity mix of 1.54:1. The unit proposes to have an
installed capacity of 4,043.52Metric Tonnes Per Annum (MTPA).


AMIT AUTO: CRISIL Reaffirms B+ Rating on INR20MM Funding Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Amit Auto Wheels
Private Limited (AAWPL) continue to reflect AAWPL's constrained
financial flexibility on account of high gearing and small net
worth and exposure to intense competition in automobile dealership
industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Inventory Funding
   Facility               150      CRISIL A4 (Reaffirmed)

   Inventory Funding
   Facility                20      CRISIL B+/Stable (Reaffirmed)

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

These rating weaknesses are mitigated by the promoters' extensive
experience in the dealership of commercial vehicles and the
benefits that it derives from the dealership of automobiles
manufactured by Tata Motors Ltd (TML; rated, 'CRISIL AA/CRISIL AAA
(SO)/Stable/CRISIL A1+').
Outlook: Stable

CRISIL believes AAWPL will benefit over the medium term from its
association with TML over the medium term, and the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if any equity infusion or increase in revenue or cash
accrual leads to a stronger financial risk profile. Conversely,
the outlook may be revised to 'Negative' if low accrual or any
debt-funded capital expenditure weakens the financial risk
profile.

Set up in 2009 by Mr. Amit Sahni and family, AAWPL is the
exclusive authorised dealer for TML's entire range of commercial
vehicles in six districts of Uttarakhand -- Nainital, Almora,
Pithoragarh, Bhageshwar, Champawat, and Udham Singh. It has one
showroom of light and heavy commercial vehicles with sales,
service, and spares (3S) facilities in Haldwani and one light
commercial vehicles showroom with 3S facilities in Rudrapur. It
also has 1S outlets in Pithoragarh, Kashipur, and Khatima (all in
Uttarakhand).


AMRIT FRESH: CARE Lowers Rating on INR16.16cr LT Loan to D
----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Amrit Fresh Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     16.16      CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     1.00      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of
Amrit Fresh Private Limited (AFPL) takes into account the ongoing
delays in debt servicing due to stressed liquidity position of the
group. The liquidity position of the company has been stressed due
to continuing losses at the PBILDT level arising from consumption
of comparatively high cost of Skimmed Milk Powder (SMP) to
overcome the shortage of raw milk and lack of company's presence
in the higher margin segment.

Amrit Fresh Pvt. Ltd. (AFPL), incorporated in June 2009 and
promoted by Mr. G. P. Bagla and his son Mr. Harish Bagla, is
part of the Kolkata based Amrit Group.

AFPL started operation with marketing of processed milk under the
'Amrit Fresh' brand using a third party set-up to process and pack
raw milk. In April 2012, the company ventured into a project for
setting up its own processing facility by acquiring an existing
dairy unit in Barasat District, West Bengal which resulted in
increase in total installed capacity to 1,50,000 ltr per day from
50,000 ltr per day. The unit has production facilities for
processed milk and other value added products like lassi, curd,
paneer, ice-cream, ghee etc along with SMP Plant with capacity of
10 tons per day.

Amrit group has business interests in animal feed, poultry, egg,
processed chicken, dairy products, frozen foods and processed
vegetables.

During FY15, AFPL earned a PAT of INR0.44 crore (Rs.0.25 crore in
FY14) on a total operating income of INR28.13 crore (Rs.24.82
crore in FY14).


BEBO INTERNATIONAL: CARE Assigns B Rating to INR3.0cr LT Loan
-------------------------------------------------------------
CARE assigns ratings of 'CARE B and CARE A4' to bank facilities of
Bebo International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      3.00      CARE B Assigned
   Short term Bank Facilities     3.50      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Bebo International
(BI) are constrained by short track record of the firm, small
scale of operations, susceptibility of profitability margins to
vagaries in the climatic conditions in India, intense competition
in the rice industry and constitution of the entity as a
partnership concern. The ratings, however, derive strength from
the comfortable coverage and leverage indicators, completely
hedged foreign exchange exposure and presence in a major paddy
cultivation area facilitating easy procurement of raw material.

Ability of the firm to improve the scale of operation, maintain
its profitability margins and combat the fierce competition
from other players are the key rating sensitivities.

Bebo International (BI) was established as a partnership concern
by Mr Padala Ramareddy and Mrs Kavita Agarwal in the year 2011.
Later in 2014, one more partner, Mr Mutyala Krishnamurty joined
the firm.

Initially BI was earning revenue through brokerage commission by
acting as an agent between the exporters and importers of rice.
From late FY15 (refers to the period April 1 to March 31), the
company started engaging in the rice processing, procurement and
exports.

During FY15, BI reported a net profit of INR0.75 crore on a total
operating income of INR2.86 crore as against a net profit of
INR0.14 crore on a total operating income of INR0.52 crore in
FY14.


BIJJARAGI MOTORS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Bijjaragi
Motors (BM) continues to reflect BM's modest scale of operations
and below-average financial risk profile because of high gearing
and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             40      CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility                50      CRISIL B/Stable (Reaffirmed)


These weaknesses are mitigated by the promoters' extensive
experience in the automobile (auto) dealership business and its
established relationship with its principal, Tata Motors Ltd
(TML).
Outlook: Stable

CRISIL believes BM will benefit over the medium term from its
established position in the auto dealership market for TML in
Bijapur and Bagalkot districts of Karnataka, and its promoters'
extensive experience. The outlook may be revised to 'Positive' if
the financial risk profile significantly improves, driven most
likely by higher cash accrual or equity infusion, along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' if any large, debt-funded capital
expenditure programme, or weak working capital management or
operating profitability adversely affects the financial risk
profile, particularly liquidity.

Set up in 2008, BM is an authorised dealer of passenger vehicles
and spare parts of TML for Bijapur and Bagalkot. The firm is
promoted by Mr. Raju Bijjargi and his family.


COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR25cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B+ on the
INR25.00 crore (enhanced from INR22.00 crore) bank lines of
Colossus Trade Links Ltd.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based Limits     25.00      [ICRA]B+; reaffirmed/assigned

ICRA's rating continues to take into account the intensely
competitive and fragmented nature of the scrap metal trading
industry, which coupled with the low value added nature of the
business, has led to subdued profitability. Moreover, the
company's profitability remains exposed to adverse movements in
the prices of iron and steel scrap as well as cyclicality in the
steel industry. The rating also factors in the company's high
gearing, low net worth and weak debt protection metrics, with thin
interest coverage and weak DSCR. The rating is also constrained by
the company's stretched liquidity position as reflected in the
high utilization of its fund based limits. Nevertheless, the
rating derives comfort from the experienced promoters of the
company and the company's established relationships with major
customers and suppliers.

Going forward, the ability of the company to attain a sustained
improvement in its capital structure and liquidity position will
be the key rating sensitivities.

CTLL was incorporated in 2004 by Mr. Namit Gulati and his family.
The company is engaged in the trading of scrap metal procured from
the domestic automobile sector. It supplies scrap metal to
foundries, steel plants, traders and electronic original equipment
manufacturers (OEMs). CTLL is headquartered in Delhi and has seven
warehouses (of which three are owned and four are rented) across
north India, with a combined area of over 15,000 square yards and
a combined storage capacity of over 8000 tonnes.

Recent Results
The company reported a Profit After Tax (PAT) of INR0.60 crore on
an operating income of INR118.14 crore in FY15, as against a PAT
of INR0.55 crore on an operating income of INR129.78 crore in the
previous year.


DHANRAJ SOLVEX: CARE Reaffirms B+ Rating on INR25cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating to the bank facilities of Dhanraj Solvex
Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.00      CARE B+ Reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Dhanraj Solvex
Private Limited (DSPL) is constrained by project execution risk
emanating from underway project implementation with 46% of total
project cost incurred as on July 31, 2015, presence in highly
fragmented industry with intense competition and susceptibility of
margins to volatility in raw material prices and seasonal nature
of raw material availability.

The above weaknesses are partially offset by the promoter's
satisfactory experience in the edible oil industry, strategic
location of manufacturing unit with proximity to raw material
sources and favorable growth prospects of the edible oil market.

The ability of the company to timely complete the project within
the envisaged cost and subsequently effectively utilize its
capacity and generate sufficient accruals, are the key rating
sensitivities.

Established in the year 2014, Dhanraj Solvex Private Limited
(DSPL) is a closely held company promoted by the Pallod family and
is engaged in setting up capacity of 384 tonnes per day (tpd) for
solvent extraction and 100 tpd for refinery plant, at Latur,
Maharashtra, for extraction of soya oil and soya de-oiled-cake
(DOC).

The total estimated cost of the project is INR22.50 crore, which
is proposed to be funded by promoter's capital of INR7 crore,
interest free unsecured loan of INR 2 crore, and term debt of
INR13.50 crore (already sanctioned). DSPL is expected to start
commercial operations from January 2016.


DIRCO POLYMERS: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dirco Polymers
Private Limited (DPPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect DPPL's small scale of operations and moderate-
to-weak credit metrics. The top line was INR465.21m in FY15 (FY14:
INR356.49m) with interest coverage (operating EBITDA/gross
interest expense) of 1.77x (1.68x) and financial leverage (total
Ind-Ra adjusted net debt/operating EBITDAR) of 4.31x (5.48x).

The ratings also factor in the company's elongated working capital
cycle of 145 days due to high debtor days as well as inventory
holding period and stressed liquidity position as evident from its
almost-full average cash credit utilisation during the 12 months
ended October 2015.

The ratings are supported by over two decades of experience of
DPPL's promoters in manufacturing master batches and compounds and
its high profile clientele such as Samsung and Videocon.

RATING SENSITIVITIES

Negative: A significant decline in the operating profitability
resulting in deterioration in the credit metrics shall be negative
for the ratings.

Positive: A significant improvement in the revenue while the
credit metrics being maintained or improving will lead to a
positive rating action.

COMPANY PROFILE

DPPL was incorporated in 1995. Itmanufactures master batches and
compounds under the brand name DIRCO. Its plant is situated at IMT
Manesar, Haryana. It reported satisfactory EBITDA margins of 7.41%
in FY15 (FY14: 8.19%).


ETA POWERGEN: CRISIL Lowers Rating on INR188.8MM LT Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
ETA Powergen Private Limited (ETA Powergen) to 'CRISIL D' from
'CRISIL B-/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan       188.8      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility   113.4      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Working Capital
   Term Loan             17.8      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade follows instances of delay by ETA Powergen in
servicing its debt. The delays have been caused by the company's
weak liquidity due to shut down of its biomass power plant since
July, 2015, leading to loss of revenues and decline in cash flows.

The rating also reflects ETA Powergen's small scale of operations,
and exposure to risks related to limited revenue visibility in the
absence of long-term power purchase agreements (PPAs) and to
timely availability of raw material (biomass fuel). These rating
weaknesses are partially offset by the management team's
experience in the power sector.

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group. ETA
Powergen currently owns and operates a 10-megawatt (MW) biomass
power plant in Tamil Nadu. The plant, which commenced operations
in May 2009, uses juliflora as biomass fuel. The company has
short-term agreements with industrial customers for sale of power.

ETA Powergen reported a net profit of INR15 million on net sales
of INR472.4 million for 2013-14 (refers to financial year,
April 1 to March 31), against a net loss of INR0.5 million on net
sales of INR478.1 million for 2012-13.


GLOBSYN KNOWLEDGE: CRISIL Cuts Rating on INR127MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Globsyn Knowledge Foundation (GKF) to 'CRISIL D' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term    35.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan            127        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects instances of delay by GKF in servicing of
term debt, because of weak liquidity on account of low occupancy
for its courses and stagnant fees.

GKF has a weak financial risk profile because of subdued debt
protection metrics, and is vulnerable to regulatory risks inherent
in the education sector. However, it benefits from promoter's
extensive industry experience and funding support.

GKF was founded in December 2004 in Kolkata by Mr. Bikram
Dasgupta. The trust is managed by parent Globsyn Technologies Ltd
(incorporated in 1997; engaged in the software and education
industries). GKF offers Post Graduate Diploma in Management (PGDM)
and Bachelor of Business Administration (BBA) courses through its
institute, Globsyn Business School, in Bishnupur (West Bengal).


GLOBSYN TECHNOLOGIES: CRISIL Cuts Rating on INR84MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Globsyn Technologies Ltd (GTL) to 'CRISIL B+/Stable' from
'CRISIL BB+/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     84       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB+/Stable')

The rating downgrade reflects CRISIL's belief that GTL's cash
flows and liquidity will remain under pressure over the medium
term on account of profitability constraints and large funding
support to affiliates. Operating income declined to INR87 million
in 2014-15 (refers to financial year, April 1 to March 31) from
INR114.3 million in 2012-13 due to decline in income from
education and training, and management consultancy segments.
Operating margin was lower than expected in the two years through
2014-15, and way below the historical levels of over 20 per cent.
This has resulted in substantially lower net cash accrual. GTL
continues to extend funds to affiliates - INR138.1 million was
outstanding as of March 2015. Moreover, monthly obligations of
INR1 million are expected to come due over the medium term towards
reduction of the dropline overdraft limit, adding to the pressure
on liquidity. Liquidity is expected to remain under pressure over
the medium term on account of sizeable investments in affiliates
and repayment obligations.

The ratings reflect GTL's small scale of operations, geographical
concentration in revenue, and below-average financial risk profile
marked by small net worth and weak debt protection metrics. These
rating weaknesses are partially offset by GTL's established brand
name in Kolkata's education industry.
Outlook: Stable

CRISIL believes GTL will continue to benefit over the medium term
from its established brand name in the education industry in West
Bengal. The outlook may be revised to 'Positive' if substantial
improvement in operating revenue and profitability result in
sizeable net cash accrual. Conversely, the outlook may be revised
to 'Negative' if low student admissions and cash accrual, any
large debt-funded capital expenditure, or significant financial
support to group companies weakens the financial risk profile,
particularly liquidity.

GTL was set up in 1995 by the Kolkata (West Bengal)-based Mr.
Bikram Dasgupta. Since 2002, the company operates a management
institute named Globsyn Business School at Sector-V in Kolkata. It
offers post-graduate management degree course.


GOKUL STEELS: CRISIL Reaffirms B+ Rating on INR64.5MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Gokul Steels
Private Limited (GSPL) continues to reflect GSPL's small scale of
operations and exposure to risk related to fluctuation in iron and
steel prices. These weaknesses are partially offset by the
extensive industry experience of the company's promoter.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           42.4      CRISIL B+/Stable (Reaffirmed)
   Term Loan             64.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes GSPL will benefit over the medium term from the
extensive experience of its promoter in the iron and steel
industry. The outlook may be revised to 'Positive' if cash accrual
is higher than expected, or in case of better-than-expected
working capital management, leading to improvement in financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected accrual,
stretch in working capital management, or if GSPL undertakes any
significant debt-funded capital expenditure programme, leading to
deterioration in overall financial risk profile, particularly
liquidity.

Promoted by the Bihar-based Mr. Vivek Kasera, GSPL has a steel
structural rolling mill in Fatwa, Patna district. Though the
Kasera family does not have any prior experience of operating a
rolling mill, it has experience of over two decades in trading in
iron and steel products.


H R BUILDERS: ICRA Reaffirms B+ Rating on INR8cr Bank 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.


HOTEL SUKHAMAYA: CRISIL Assigns B- Rating to INR42.5MM Term Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Hotel Sukhamaya Private Limited (HSPL), and has
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to these
facilities. CRISIL had suspended the rating on July 02, 2014, as
the company had not provided the necessary information required
for a rating review. HSPL has now shared the requisite information
enabling CRISIL to assign rating to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         7.5      CRISIL A4 (Assigned;
                                   Suspension revoked)

   Cash Credit           20        CRISIL B-/Stable (Assigned;
                                   Suspension revoked)

   Term Loan             42.5      CRISIL B-/Stable (Assigned;
                                   Suspension revoked)

The ratings reflect geographical concentration in HSPL's revenue
profile and its susceptibility to cyclicality in the hospitality
industry and to intense competition in Bhubaneswar (Odisha). These
rating weaknesses are partially offset by the industry experience
of the company's promoters and its locational advantage.
Outlook: Stable

CRISIL believes HSPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in net cash accrual or scale of operations, leading to a
better financial risk profile, particularly liquidity. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
anticipated accrual, a substantial increase in working capital
requirement, or larger-than-expected debt-funded capital
expenditure, resulting in weakening of the financial risk profile,
especially liquidity.

HSPL, incorporated in 1981, operates a three-star hotel named The
Crown in Bhubaneswar (Orissa). The hotel has facilities such as a
swimming pool, a health club, a bar, four banquet halls, and three
restaurants.


ISCON CRAFT: CRISIL Reaffirms B+ Rating on INR66.9MM Term Loan
--------------------------------------------------------------
CRISIL's rating continue to reflect Iscon Craft Paper Mill Pvt Ltd
(ICPM)'s small scale of operations in the highly fragmented paper
industry, susceptibility of operating profitability to volatility
in raw material prices, and below-average financial risk profile
because of high gearing. These weaknesses are partially offset by
promoters' extensive industry experience and established
relationships with customers and suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5       CRISIL A4 (Reaffirmed)

   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)

   Cash Letter of Credit   5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     18.1     CRISIL B+/Stable (Reaffirmed)

   Term Loan              66.9     CRISIL B+/Stable (Reaffirmed)


CRISIL had upgraded its rating on the long-term bank facilities of
ICPM to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and reaffirmed
its rating on the short-term bank facilities at 'CRISIL A4' on
November 2, 2015. The upgrade reflected CRISIL's belief that
ICPM's business risk profile will improve over the medium term
backed by stabilisation of its operations. The company reported
net sales of INR308.3 million and moderate operating margin of 9
per cent for 2014-15 (refers to financial year, April 1 to March
31) for 2014-15. CRISIL believes revenue will grow at a pace of
20-25 per cent over the medium term.
Outlook: Stable

CRISIL believes ICPM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if scale of operations is higher than
expected and financial risk profile improves because of better
profitability. Conversely, the outlook may be revised to
'Negative' if revenue and operating profitability are
substantially low or if working capital cycle lengthens, weakening
financial risk profile.

Established in 2011, ICPM manufactures kraft paper and has
capacity of 24,000 tonnes per annum at its plant in Vadodara
(Gujarat). It is managed by Mr. Ishwarbhai Patel, Mr. Jayantibhai
Patel, Mr Devjibhai K Patel and Mr. Bharatbhai Pokar.


JAGDAMBAY COTSPIN: ICRA Reaffirms B Rating on INR20cr LT 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.


KARLA CONSTRUCTIONS: CARE Assigns B+ Rating to INR7cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Karla Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      7.00      CARE B+ Assigned
   Short term Bank Facilities     5.00      CARE A4 Assigned

Rating Rationale
The ratings assigned to the bank facilities of Karla Constructions
(KC) derive strength from the proprietor's extensive experience in
the construction industry, its registration as class 1 government
contractor and built-in price escalation clause in the contracts.

The ratings are, however, constrained by KC's small scale of
operations with limited order book and complete dependence on a
single client (Karnataka State PWD) for business.

Going forward, the ability to regularly win new contracts and
execute them on time would remain the key rating sensitivity.

Set up in 1972, KC, is a proprietorship firm based at Udupi,
Karnataka engaged in executing civil construction contracts such
as construction of ship harbours, roads, etc. The firm is a
registered contractor with public works department (PWD) of
Karnataka and is bound to undertake contracts within the state of
Karnataka only.

KC has registered total operating income of INR20.36 crore and PAT
of INR0.22 crore in FY15 (Provisional; refers to the period April
1 to March 31) as against operating income of INR8.66 crore and
PAT of INR0.15 crore in FY14.


KAVERI GAS: CRISIL Suspends 'D' Rating on INR92MM LT Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Kaveri Gas Power Limited (KGPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL D
   Letter of Credit       20       CRISIL D
   Long Term Loan         92       CRISIL D
   Proposed Long Term
   Bank Loan Facility     35.5     CRISIL D

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

Incorporated in June 2000 and promoted by Mr. S Elangovan as a
special purpose vehicle, KGPL is a captive power producer with a
natural gas-based power plant in Maruthur (Tamil Nadu).


MAGICK WOODS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magick Woods
Exports Private Limited (MWEPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect MWEPL's moderate credit profile and volatile
profitability. Net leverage was 5.2x in FY15 (FY14: 2.9x) and
EBITDA interest coverage was 1.6x (2.8x). EBITDA margins
fluctuated between 4.6% and 12.2% during FY12-FY15. Revenue
declined almost by a quarter year-on-year and was INR1,190m in
FY15 on the loss of  a longstanding customers operating in the
North American market.

The company has introduced a new product line for which it has
received firm orders worth around USD1.2m/month from existing
customers for the next three years. This order commences from
April 2016. The credit metrics are likely to improve with growth
in the top line. 1HFY16 revenue was INR500m and the order book
outstanding at end-October 2015 was INR261m which was to be
executed by December 2015.

The ratings are supported by MWEPL's comfortable liquidity
position with the fund-based facilities being utilised at an
average of 47.7% over the 12 months ended October 2015 and the
over two decades of experience of the promoter in the manufacture
and exports of bath vanities. Moreover, the company manufactures
products against confirmed orders only, which mitigates any
inventory risks.

RATING SENSITIVITIES

Positive: A significant increase in the scale and profitability
leading to a sustained improvement in the credit metrics would be
positive for the ratings.

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

COMPANY PROFILE

Incorporated in 2003 by Mr Indrakumar Pathmanathan, MWEPL is
engaged in the business of manufacture and exports of bath
vanities to the US and Canada.


MAHAVIR RICE: CARE Assigns B+/A4 Rating to INR75cr Loan
-------------------------------------------------------
CARE assigns CARE B+ & CARE A4 ratings to the bank facilities of
Mahavir Rice Mills.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term/Short-term           75        CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale
The rating assigned to bank facilities of Mahavir Rice Mills (MRM)
is constrained by the weak financial risk profile of the firm,
customer concentration risk, working capital intensive nature of
operations, susceptibility of profitability margins to raw
material prices and highly regulated and a fragmented industry
with low entry barriers. However, the rating derives strength from
the long track record of operations of the firm as well as its
experienced promoters.

Going forward, the ability of the firm to profitably scale up the
operations, reduce the client concentration risk and improve its
capital structure with more efficient working capital management
would be the key rating sensitivities.

Mahavir Rice Mills (MRM) was incorporated in 1987, is a
partnership firm engaged in the business of rice milling,
processing and manufacture of rice (80-85% PUSA 1121 and 15% other
varieties of basmati rice) at its manufacturing facility at Dera
Gama Road, Assandh in Karnal district (Haryana) with an installed
capacity of 40,000 MTPA as on March 31, 2015. The firm is owned
and managed by its four partners, viz. Mr. Suresh Kumar, Mr.
Ramesh Chand, Mr. Raj Kumar and Mr. Chandgi Ram having vast
experience in the rice milling and processing industry.

In FY15 (Audited) (refers to period from April 1 to March 31), MRM
had total operating income of INR155.77 crore and PAT of INR0.87
crore as against operating income of INR144.03 crore and PAT of
INR1.36 in FY14.  During Q1 FY16(unaudited, refers to the period
April 01 to June 30) the firm reported an operating income of
INR36.77 crore and PBT of INR0.22 crore.


NIKITA CORPORATION: CRISIL Assigns B+ Rating to INR85MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Nikita Corporation (Nikita).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             85      CRISIL B+/Stable

The rating reflects Nikita's exposure to risks related to
implementation and saleability of its ongoing project, accentuated
by the initial stage of project implementation. The rating also
factors in exposure to cyclicality inherent in the Indian real
estate sector. These weaknesses are mitigated by the promoters'
extensive experience in Navi Mumbai's real estate market.
Outlook: Stable

CRISIL believes Nikita will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if sizeable bookings of units and timely
customer advances lead to substantial cash inflows. Conversely,
the outlook may be revised to 'Negative' if slow bookings of units
or delays in receipt of customer advances postpone project
implementation and constrain liquidity.

Nikita, a partnership firm set up in 2014 and promoted by Mr.
Basant J Munot, Mr. Sorab S Munot and Ms. Indu B Munot, develops
residential real estate projects mainly in Navi Mumbai. It is
currently undertaking a residential real estate project, Indra
Riverside, in New Panvel.


PRAKASH INDUSTRIAL: ICRA Suspends D Rating on INR20.25cr Loan
-------------------------------------------------------------
ICRA has suspended [ICRA]D rating assigned to the INR20.25 crore
fund based and non-fund based limits of Prakash Industrial
Infrastructure Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

Prakash Industrial Infrastructure Pvt. Ltd. (PIIPL) was set up in
1975 as a partnership firm in the name of Prakash Construction.
PIIPL was converted into a private limited company in 2006 with
the increase in scale of operations. PIIPL is promoted by Mr.
Dinesh Agrawal. The company undertakes civil construction
primarily industrial building works for the private sector. Its
operations are concentrated in Maharashtra, mainly in Thane,
Khopoli, Taloja, Ambernath and Navi Mumbai.


RANJEET AUTOMOBILES: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ranjeet
Automobiles (RA) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect RA's moderate financial performance in FY15,
as reflected in its net financial leverage (net debt/EBITDA) of
4.8x, EBITDA interest coverage (EBITDA/gross interest) of 1.4x,
and revenue of INR2001m, according to the provisional financials
for FY15, owing to its trading nature of business.

The firm's liquidity is stretched and its limits were overutilised
three times during the 12 months ended October 2015. RA has now
increased its working capital limits to INR420m.

However, the ratings benefit from the firm's association with 19
companies as authorised distributors, dealers and wholesaler (of
vehicle spare parts, battery, inverter, oil, etc.) and A rated
authorised service station of Maruti.

RATING SENSITIVITIES

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

Negative: Any deterioration in the interest coverage will be
negative for the ratings.

COMPANY PROFILE

RA was incorporated on a small scale by founder and chairman
Sardar Gurjeet Singh Ji Bajaj in 1982. The company is a diamond
dealer of Exide Batteries for western India. RA has tie-ups with
Microtek International P. Ltd., Luminous Power Technologies (P)
Limited, Goodyear Tire and Rubber Comp., Bridgestone Corporation,
J.K Tyre & Industries Ltd , Plati India Private Limited, Neo
Wheels Ltd, Castrol India Limited, MRF Rubber Factory Limited and
Su-Kam Power System.

The firm is a proprietorship and is now managed by the two sons of
Sardar Gurjeet Singh Bajaj - Taranjeet Singh and Inderjeet Singh.


SAI RAGHAVENDRA: CRISIL Reaffirms B Rating on INR36.5MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Sai
Raghavendra Rice Industries (Sai Raghavendra) continues to reflect
the firm's modest scale of operations in the intensely competitive
rice milling industry, and susceptibility of profitability to
changes in government regulations and paddy prices.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           36.5      CRISIL B/Stable (Reaffirmed)

   Long Term Loan        21.7      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    19.3      CRISIL B/Stable (Reaffirmed)

   SME Credit             2.5      CRISIL B/Stable (Reaffirmed)

The rating also constrained on account of its average financial
risk profile marked by modest net worth, moderate gearing and
average debt protection metrics. These weaknesses are partially
offset by promoters' extensive industry experience and assured
offtake by Food Corporation of India.
Outlook: Stable

CRISIL believes Sai Raghavendra will continue to benefit over the
medium term from promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of substantial and
sustained improvement in revenue and profitability, or a
substantial increase in net worth backed by capital infusion.
Conversely, the outlook may be revised to 'Negative' in case of
steep decline in profitability, or significant deterioration in
capital structure, caused most likely by a stretch in working
capital cycle.

Set up in 2011 as a partnership firm, Sai Raghavendra mills and
processes paddy into rice, rice bran, broken rice, and husk. The
firm is managed by Mr. V Jagan and Mr. V Srinivas. Its rice
milling unit is in Kolkulpally (Andhra Pradesh) and has capacity
of 5 tonnes per hour.


SHREE AMEYA: CRISIL Ups Rating on INR99MM LT Loan to B
------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shree Ameya Public Charitable Trust (SAPCT) to 'CRISIL B/Stable'
from CRISIL B-/Stable.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            8.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Long Term Loan        99        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term    15        CRISIL B/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

   Term Loan             35        CRISIL B/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

The rating upgrade reflects significant improvement in SAPCT's
liquidity on the back of robust fee collection for academic year
2015-16. Healthy intake of students in the post-graduate diploma
in management (PGDM) course coupled with commencement of a three-
year course in interior designing (in affiliation with Yashwantrao
Chavan Open University) during the year resulted in fee income
increasing to around INR115 million in 2015-16 (refers to
financial year, April 1 to March 31) from around INR83.5 million
in 2014-15. CRISIL believes the trust's operating income will be
around INR126.3 million in 2015-16. Operating surplus is expected
to remain healthy at around 50 per cent in 2015-16; CRISIL
believes that the trust's cash accrual will be around INR55.2
million, against a repayment obligation of INR27.5 million, in
2015-16. As on September 28, 2015, the trust had fixed deposits of
around INR46.8 million, driven by robust fee collection.

SAPCT's gearing improved to 0.73 times as on March 31, 2015, from
1.91 times as on March 31, 2014, on the back of donations
received. Its net worth increased to INR132.6 million from INR72.7
million over this period supported by additional donations and a
net surplus in 2014-15. CRISIL expects the gearing to improve to
around 0.18 times over the medium term driven by steady accretion
to reserves and no debt-funded capital expenditure (capex) plans.
Debt protection metrics were comfortable with interest coverage
and net cash accrual to total debt ratios at 4.7 times and 0.29
times in 2014-15.

The rating reflects SAPCT's modest scale of operations in the
competitive education sector. This rating weakness is partially
offset by the benefits expected from the healthy demand prospects
for the education sector and trust's healthy financial risk
profile because of low gearing and comfortable debt protection
metrics.

Outlook: Stable

CRISIL believes SAPCT will continue to benefit over the medium
term from its established market position in the education sector.
The outlook may be revised to 'Positive' in case of a substantial
improvement in cash accrual on the back of a significant increase
in fee collection, leading to a better financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
weakens, most likely because of low fee collection or debt-funded
capex.

SAPCT was registered in Mumbai under the Public Trust Act in
September 2001, to set up educational institutions offering
autonomous and university-affiliated courses in management. The
trustees are Mr. Harishchandra Mishra (founder), his son Mr.
Ashish Mishra, and other family members.

The trust initially set up Aditya Institute of Management Studies
and Research, at Borivali in Mumbai, spread over a campus of 0.89
acre, which currently offers the PGDM and master in management
studies (MMS) courses. The trust then set up Aditya College of
Architecture, which offers architecture courses, and Aditya
College of Interior Design, which offers interior designing
courses. It also has a banquet hall (Aditya Banquet Hall) which
has a capacity of up to 1500 people, and has recently set up the
Aditya Convention Centre, with a similar capacity.

SAPCT received approval from the All India Council for Technical
Development in July 2011 to offer the PGDM course. The trust
subsequently got itself registered with Mumbai University for
offering the MMS course. It has also received an approval from the
Council of Architecture, New Delhi, for offering a degree course
in architecture. SAPCT is currently offering an autonomous course
for interior designing, but has recently got affiliated to
Yashwantrao Chavan Open University and has also applied for
affiliation with the Maharashtra Board of Technical Education.

The trust reported a net surplus of INR7.7 million on net sales of
INR58.2 million, for 2014-15, against a net deficit of INR17.8
million on net sales of INR35.2 million, for 2013-14.


SIDDIQUE TRADING: CRISIL Suspends B+ Rating on INR100MM Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Siddique Trading Company Private Limited (STC).

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

   Proposed Letter
    of Credit             450      CRISIL A4

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

Incorporated in 2009, STC, part of the Siddique group, commenced
commercial operations in 2010-11 (refers to financial year,
April 1 to March 31). The company mainly trades in steel and
agricultural products, and plans to venture into the coal trading
business this year.


SIGNATURE CERAMIC: ICRA Reaffirms B+ Rating on INR3cr Cash 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.


SPECTRUM COMPLEX: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Spectrum Complex
Private Limited (SCPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The agency has also assigned SCPL's INR183.10m
long-term loan an 'IND B+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect the nascent stage of SCPL's ongoing project
Arch Square in Salt Lake, Kolkata, and the associated time and
cost overrun risks. The construction is likely to be completed by
December 2017. The rating also considers the fact that the company
has only booked total advances of INR30.00m till October 2015
which is 5.39% of the total project cost.

The ratings also consider the promoter's experience of completion
of several commercial projects over the past decade, and benefits
from the strategic location of the project close to the Salt Lake
Sector 5 area which is one of the prime commercial areas in
Kolkata.

RATING SENSITIVITIES

Positive: The timely completion of the project within the
projected cost outlay will be positive for the ratings.

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

COMPANY PROFILE

SCPL was incorporated in 2007 for the development of Arch Square.
Lalit Kumar Jain and Surendra Kumar Sarogi are the promoters of
the company. The company has a registered office in Park Street,
Kolkata and a corporate office in AJC Bose Road, Kolkata.

The directors belong to the Arch Group. Arch Group was established
in 2005. Rajendra Kumar Sarogi, Rabindra Bacchawat, Lalit Kumar
Jain and Rajesh Osatwal are the promoters of the Arch Group. They
have successfully completed several residential and commercial
projects. Commercial projects are particularly corporate and
professional office centres.


SUNSHINE BUILDERS: ICRA Assigns B+ Rating to INR10cr Term Loan
--------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR10.00
crore term loan of Sunshine Builders.

                           Amount
   Facilities           (INR crore)      Ratings
   ----------           -----------      -------
   Long-term: Term Loan     10.00        [ICRA]B+ assigned

The assigned rating takes into account the expertise of the
promoter with over two decades of experience in the real estate
industry. The rating also takes into account the low regulatory
risks with major statutory approvals for the ongoing project-
Silicon Pride in place, presence of clear land title and the
favorable location project near Whitefield, having close proximity
to social infrastructure including international schools, shopping
malls and multi-specialty hospitals.

The rating is, however, constrained by the execution risk
associated with the ongoing project, Silicon Pride, which is at
the nascent stage of construction with significant pending cost to
be incurred and bookings yet to commence. Moreover, with a
significant unsold inventory in the completed project, Silicon
City, the firm is exposed to market risk. However, any further
sales and collections from the completed project could be utilized
to fund the cost to be incurred for the ongoing project after the
repayment of the loan taken for the Silicon City project. ICRA
also notes the small scale of operations of the entity which
restricts operational and financial flexibility to some extent as
indicated by the stretched liquidity profile, on account of high
level of inventory (unsold property). ICRA also takes into account
the exposure of the ongoing project to funding risks, with
dependence on customer advances, and the risk associated with a
partnership firm with no restrictions on capital drawdown. The
rating factors in the high geographic concentration risk with most
of the projects being situated near Whitefield, Bangalore, which
has a significant supply from other developers.

Going forward, the firm's ability to improve the sales velocity
for both the projects and execute the ongoing project in a timely
manner will be the key rating sensitivities.

Sunshine Builders (SB) is a partnership firm formed in the year
2012 with Mr. T Janardhan Rao and Mr. M Ramesh as partners and was
reconstituted in September, 2013 with the introduction of a third
partner Mr. M Satish. The entity is engaged in real estate
development and has completed two residential projects in
Bangalore since its inception. The management has been committed
in providing innovative apartments at an affordable cost. They are
currently developing a residential apartment project, 'Silicon
Pride' at Whitefield, Bangalore.

Recent Results
In FY 2014-15, as per the provisional results, the firm reported
an operating income of INR0.7 crore with a net profit of INR0.04
crore, as against an operating income of INR13.50 crore and a net
profit of INR0.8 crore in FY 2013-14.


SWATI SYNTHETICS: CRISIL Assigns B+ Rating to INR73MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Swati Synthetics (Swati).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              73       CRISIL B+/Stable
   Bank Guarantee          2       CRISIL A4
   Cash Credit             5       CRISIL B+/Stable

The ratings reflect Swati's weak financial risk profile, because
of a small net worth and high gearing, and its modest scale of
operations in the intensely competitive embroidery designing
business. These rating weaknesses are partially offset by RC's
established track record in the textile industry.
Outlook: Stable

CRISIL believes Swati will continue to benefit over the medium
term from its established relationships with customers and the
superior quality of embroidery designs. The outlook may be revised
to 'Positive' if the financial risk profile improves, most likely
through infusion of fresh capital or significant increase in
revenue and profitability. Conversely, the outlook may be revised
to 'Negative' if there is significant deterioration in working
capital management or decline in profitability or a large debt-
funded capital expenditure, leading to low net cash accrual.

Swati, a proprietorship concern, set up by Mr. Ramniwas Gupta in
2009, is engaged in embroidery designing on fabrics. The firm is
part of the Jaybharat group.

Swati reported a profit after tax (PAT) of INR1.7 million on net
sales of INR74.7 million in 2014-15 (refers to financial year,
April 1 to March 31), vis- a -vis a PAT of INR2.1 million on net
sales of INR42.7 million for 2013-14.


SWISS GARNIER: CRISIL Reaffirms B- Rating on INR103.3MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Swiss Garnier Genexiaa
Sciences (SGGS) continue to reflect SGGS's initial phase of
operations in the intensely competitive formulations industry, and
the firm's below-average financial risk profile, marked by weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the firm's
promoters.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         3        CRISIL A4 (Reaffirmed)
   Cash Credit           70        CRISIL B-/Stable (Reaffirmed)
   Letter of Credit       7        CRISIL A4 (Reaffirmed)
   Proposed Short Term
   Bank Loan Facility    61.7      CRISIL A4 (Reaffirmed)
   Term Loan            103.3      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that SGGS will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability improve significantly while it efficiently manages
its working capital requirements, leading to healthy cash
accruals. Conversely, the outlook may be revised to 'Negative' if
SGGS's revenue and profitability do not improve, or if its working
capital cycle is stretched, resulting in weakening of its
liquidity or capital structure.

Update
SGGS reported revenue of INR316 million for 2014-15 (refers to
financial year, April 1 to March 31) as compared to revenues of
INR52 million in 2013-14. Healthy revenue growth has been due to
improvement in capacity utilization and improved demand from its
customers. The firm also achieved operating break-even in 2014-15
as compared to operating loss of 53 percent in 2013-14. CRISIL
believes that SGGS's annual revenue will be in the range of INR400
million to INR500 million over the medium term, given its
outstanding order book of INR120 million to be executed in the
next two months.

The firm's financial risk profile is marked by a moderate net
worth, low gearing, and below-average debt protection metrics.
The firm had a net worth of INR213 million as on March 31, 2015;
the net worth is expected to remain at the same level over the
medium term. SGGS's gearing was low at 0.80 times as on March 31,
2015. Owing to no debt-funded capital expenditure, the gearing
will remain at the same level over the medium term. The firm has
weak debt-protection metrics with negative net cash accruals to
total debt ratio and nil interest coverage ratio in 2014-15. Any
improvement in the metrics is highly dependent on the
stabilisation of operations.

The firm has weak liquidity with negative cash accruals against
term debt obligations INR30 million and moderate bank limit
utilisation, in 2014-15. However, it gets unconditional fund
support from its partners for repayment of the term loans. The
firm's bank lines have been highly utilised at an average of 88
per cent during the 12 months through April 2015.

SGGS is a Chennai-based partnership firm started by Mr. M.
Theivendran and Mrs. T Rethinavall in 2011. The firm manufactures
tablets, capsules, liquid-orals, and food supplements. It has a
manufacturing unit in Sikkim, where it began commercial operations
in August 2013.


TRANSNATIONAL: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Transnational continue
to reflect the firm's improved but modest scale of operations, and
average financial risk profile, marked by small net worth and weak
debt protection metrics. These rating weaknesses are partially
offset by the promoters' extensive experience in the chemical
trading industry and established relationships with customers and
suppliers.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            25       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       62       CRISIL A4 (Reaffirmed)
   Proposed Buyer
   Credit Limit           10       CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes Transnational will continue to benefit over the
medium term from the promoters' extensive industry experience and
steady relationships with customers and suppliers. The outlook may
be revised to 'Positive' if substantial and sustained improvement
in revenue and profitability, efficient working capital
management, or sizeable equity infusion strengthens the financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in the event of a decline in revenue or profitability, or
deterioration in capital structure on account of large working
capital requirements.

Transnational is a partnership firm established by Mr. Pawan Kumar
Agarwal in 2009. The firm trades in chemicals such as polyvinyl
chloride resin, polyethylene, and ethylene vinyl acetate. It also
trades in metals such as copper, scrap, iron, and mild steel
plates.

The firm reported a book profit of INR1.46 million on net sales of
INR297.2 million for 2014-15 (Rs.1.45 million and INR199.1
million, respectively, for 2013-14).


VARIDHI HYGIENE: ICRA Suspends B- Rating on INR9.25cr Term Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
the INR2.00 crore cash credit facility and INR9.25 crore term loan
facility of Varidhi Hygiene Products Private Limited. ICRA has
also suspended the short term rating of [ICRA]A4 assigned to the
INR2.54 crore short-term non-fund based facility of VHPPL. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit            2.00        [ICRA]B- suspended
   Term Loan              9.25        [ICRA]B- suspended
   Non-fund Based,
   Short-term
   facilities             2.54        [ICRA]A4 suspended

Incorporated in April 2011, Varidhi Hygiene Products Private
Limited (VHPPL) is engaged in manufacturing of tissue rolls at its
production facility located at Savli near Vadodara in Gujarat with
a production capacity of 25 metric tonnes per day. The company
started commercial production from April 2014. The company is
promoted by Mr. Amit Talati and Mr. Chirayu Kothari who have long-
standing experience in the paper industry by way of their
association with other related companies.


VEE TECHNOLOGIES: CRISIL Suspends B- Rating on INR64.2MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Vee
Technologies Private Limited (VTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     64.2     CRISIL B-/Stable
   Term Loan              48.8     CRISIL B-/Stable

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

VTPL, incorporated in 2002, is a part of the Sona Valliappa Group
that is based in Bangalore (Karnataka). VTPL has set up a BPO and
provides data services to its customers located in the US,
Australia, India, and Europe. The company has further diversified
its operations to data services for Unique Identification
Authority of India (UIDAI) project of the Government of India.


VIPUL OVERSEAS: CRISIL Cuts Rating on INR45MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded the ratings on the bank facilities of Vipul
Overseas Private Limited (VOPL; part of the Vipul Overseas group)
to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL
A4+'.

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

   Letter of Credit       95       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

The rating downgrade reflects the CRISIL's belief that Vipul
Overseas groups' financial risk profile, particularly liquidity
has deteriorated in 2014-15 (refer to financial year April 1 -
March 31) due to stretch in working capital requirements, marked
by high debtors of 127 days as on March 31, 2015, which has
resulted in stretch in payment to the creditors marked by payable
days of 97 as on March 31, 2015. CRISIL believes that the
liquidity will remain under pressure over the medium term due to
stretched working capital requirements.

The rating downgrade also reflects the modest financial risk
marked by high TOLTNW of 4.83 times as on March 31, 2015 on
account of high short term debt availed to support the working
capital requirements and low interest coverage ratio of 1.26 times
for 2014-15 on account of high interest and finance charges.
CRISIL believes that the financial risk profile will remain modest
over the medium term due to high working capital requirements.

The ratings reflect the extensive experience of the Vipul Overseas
group's promoters in the paper trading industry, and the group's
moderate risk management policies, marked by low inventory risk,
moderate debtor risk and supplier risk. These rating strengths are
partially offset by the Vipul Overseas group's weak financial risk
profile, marked by a high total outside liabilities to tangible
net worth ratio and weak debt protection metrics, low operating
profitability and modest scale of operations in the intensely
competitive paper trading industry.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Vipul Overseas Private Limited (VOPL)
and its group company, Bangalore Paper Store (BPS). This is
because both these entities together referred to as the Vipul
Overseas group, share common infrastructure and have a similar
procurement process. Moreover, both the group entities trade in
similar products such as coated and uncoated paper, newsprint, and
waste paper.
Outlook: Stable

CRISIL believes that the Vipul Overseas group will continue to
benefit over the medium term from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the group improves its capital structure either by equity infusion
or registers significant improvement in its topline and
profitability, leading to higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if the Vipul
Overseas group registers significant weakening in its liquidity or
capital structure, or faces pressure on its profitability, or if
it undertakes a larger-than-expected, debt-funded capital
expenditure programme.

BPS was set up as a proprietorship concern in 1991 by New Delhi-
based Mr. Surinder Garg. BPS trades in coated and uncoated paper,
newsprint, and waste paper.

VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter and
managing director of the company. The other directors in the
company are Mr. Surinder Garg's father Mr. Jai Dev Ram Garg and
wife Mrs. Archana Garg. VOPL also trades in coated and uncoated
paper, newsprint, and waste paper.


YOGESHWARI PETRO: CRISIL Assigns B+ Rating to INR30MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Yogeshwari Petro Chemicals Private Limited
(YPPL). The ratings reflect the early stage of and modest scale of
operation and below-average financial risk profile because of
small net worth and average capital structure.

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

These rating weaknesses are mitigated by the healthy domestic
demand prospects for ethanol and fund support from the promoters.

For arriving at the rating, CRISIL has treated unsecured loans
from promoters a neither debt nor equity, as they are expected to
remain in the business over the medium term. Unsecured loans from
promoters as on March 31, 2015 were INR20 million.
Outlook: Stable

CRISIL believes YPPL will benefit over the medium term from
improving demand prospects for ethanol in India. The outlook may
be revised to 'Positive' in case of better-than-expected ramp up
in sales and higher cash accrual during the early stage of
operations. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile and liquidity weaken because of low
cash, sharp increase in working capital requirement, or any debt-
funded capital expenditure.

YPPL was incorporated in 2003 by Mr. Shrikant Patil and family.
The company manufactures Ethanol from rectified spirit which has
applications in petroleum industry for blending with petrol. YPPL
currently has installed capacity of 30,000 litres per day and it
commenced commercial operations from March 2015.



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


SENTRY HILL: Liquidation Case Adjourned to February 2016
--------------------------------------------------------
Stuff.co.nz reports that settlement discussions are ongoing
between Lepperton winery Sentry Hill and New Zealand Customs over
unpaid excise tax totalling about NZ$220,000.

The report relates that the matter was called in the High Court at
New Plymouth on Nov. 17 and an adjournment was sought by
Nina Laird, on behalf of New Zealand Customs, to allow time for
documents to be filed in relation to liquidation proceedings
against the fruit winery.

This request was consented to by Sentry Hill's lawyer Kelsey
McEwan, the report says.

Stuff.co.nz notes that Associate Judge Hannah Sargisson adjourned
the case until February 16.

In October, an application made by Auckland company Endeavour
Glass Packaging Limited was withdrawn against Sentry Hill after
settlement was reached over a sum of NZ$34,480.52, the report
adds.

Sentry Hill Winery Limited is a New Plymouth fruit winery.



=================
S I N G A P O R E
=================


M2 ACADEMY: Closure Leaves Some Teachers In The Lurch
-----------------------------------------------------
The Straits Times reports that when private school M2 Academy
announced its sudden closure last month, it said it would arrange
for its students and teachers to go to two other education
institutions.

But a month on, six of its 15 lecturers have been left out of the
arrangement, as their modules had been discontinued by the two
private schools, PSB Academy and Kaplan, the report says. And all
M2 lecturers are still waiting to be paid for their services for
September and October, according to the report.

The report says M2 opened last year at orchardgateway@emerald mall
to offer diplomas and degree courses from institutions like the
University of South Australia (UniSA). It had about 250 students,
including those taking online courses.

M2 founder Mark Coggins, former president of Kaplan's Asia Pacific
unit, told The Straits Times last month the school had to fold
because its investors had pulled funding. M2 is now in
liquidation, the report notes.


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


LOTTE GROUP: Duty-free Shop License Loss Adds to Troubles
---------------------------------------------------------
Japan Today reports that troubled South Korean retail giant Lotte,
already struggling with a prolonged founder-family feud, has seen
its business woes deepen with the loss of the state license for
one of its biggest duty-free shops ahead of a key IPO.

The report relates that the country's fifth-largest business group
suffered its latest body-blow at the weekend when
South Korea's customs agency awarded its concession to a rival
bidder -- the heavy industries giant Doosan Co.

The licence covered a 10,990-square-meter store in South Korea's
tallest skyscraper -- the Lotte World Tower and Mall complex in
downtown Seoul, the report says.

According to the report, Lotte, which had held the license for
five years, had already invested KRW300 billion ($255 million) in
the store and the customs agency decision shattered its ambitions
to grow it into the world's largest duty-free outlet over the next
decade.

The setback was particularly badly timed given the preparations
for an initial public offering of shares in Lotte's hotel unit,
which runs the group's duty-free business.

Japan Today relates that the duty-free chain is the largest
franchise of its kind in South Korea and the third-largest in the
world, racking up sales of KRW4.2 trillion last year.

Hotel Lotte vowed on Nov. 14 to push ahead with the listing, but
analysts said the loss of the license for the Lotte World store
would be felt, the report relates.

"Investors are concerned it will hurt Hotel Lotte's overall
profits," the report quotes Park Jong-Dae, analyst at Hana
Financial Securities, as saying.  "As a result, the company's
valuation may fall when it goes public," he said, noting that
duty-free shops accounted for more than 80% of Hotel Lotte's
overall sales.

Founded in Tokyo in 1948 by Shin Kyuk-Ho, Lotte has a vast network
of businesses including department stores, hotels and amusement
parks in South Korea and Japan, with combined assets valued at
more than $90 billion.



                             *********

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

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

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


                            *********


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

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

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

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

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



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