TCRAP_Public/151125.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, November 25, 2015, Vol. 18, No. 233


                            Headlines


A U S T R A L I A

BC LIM: First Creditors' Meeting Set For December 2
COUDERT BROTHERS: Resolves Clawback Suits Against Ex-Partners
MALEK FAHD: Faces Criminal Charges, Insolvent Trading Claims
MARK APPLEBY: First Creditors' Meeting Set For Dec. 1


C H I N A

WUZHOU INTERNATIONAL: Moody's Puts B2 CFR on Review for Downgrade
YANZHOU COAL: Moody's to Retain Ba3 CFR on Repurchase Offer

* CHINA: Cracks $64BB 'Underground Bank' Moving Money Abroad


H O N G  K O N G

PHYSICAL PROPERTY: Incurs HK$186,000 Net Loss in Third Quarter


I N D I A

AARTI CONSTRUCTION: ICRA Suspends B+ Rating on INR3.0cr Loan
AKSHAR COTTON: ICRA Reaffirms B+ Rating on INR10.50cr Cash Loan
ALLIX CERAMIC: ICRA Reaffirms B Rating on INR6.11cr Term Loan
ANAND ENTERPRISE: ICRA Suspends B Rating on INR10cr Cash Loan
ANGAYARKKANNI ENTERPRISES: CRISIL Rates INR185MM Term Loan at B+

ANKITA AGRO: CRISIL Cuts Rating on INR75.1MM Term Loan to B-
ASCENT NETWORKS: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
BAJRANG COTTON: CRISIL Cuts Rating on INR70MM Cash Loan to B+
BAU DEVELOPERS: ICRA Withdraws D Rating on INR46cr Bank Loan
BISMAN INDUSTRIES: ICRA Lowers Rating on INR8.0cr Cash Loan to B+

BUDS TEA: ICRA Lowers Rating on INR14cr Term Loan to B+
CISCONS PROJECTS: CRISIL Cuts Rating on INR132.5MM Loan to D
CREATIVE AND CROFTS: CRISIL Reaffirms B+ Rating on INR27.5MM Loan
DURGASHAKTI FOODS: CRISIL Reaffirms B+ Rating on INR105.1MM Loan
ENVISION LANDMARKS: CRISIL Cuts Rating on INR60MM Loan to B-

FOREMOST INTERNATIONAL: CRISIL Reaffirms B- Rating on INR11M Loan
GANGA COTTON: ICRA Withdraws B+ Rating on INR8cr Bank Loan
GATIMAN AUTO: CRISIL Reaffirms B- Rating on INR46MM Cash Loan
GOLCHHA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR25MM Loan
HERALD PUBLICATIONS: CRISIL Reaffirms B Rating on INR70MM Loan

ICON DEVELOPERS: CRISIL Assigns B+ Rating to INR60MM Term Loan
JAYAWANTI BABU: CRISIL Assigns 'D' Rating to INR118MM Term Loan
JP SORTEX: ICRA Upgrades Rating on INR37cr Cash Loan to B+
JSW STEEL: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
KABIR MALL: ICRA Suspends D Rating on INR10cr Bank Loan

KAILASH HILLWAYS: CRISIL Assigns B Rating to INR30MM Cash Loan
KINGFISHER AIRLINES: SBI Declares Promoter 'Wilful Defaulter'
KINGFISHER AIRLINES: SBICap to e-auction Movable Assets
LAMB CERAMICS: ICRA Suspends B Rating on INR3cr Cash Credit
LICHCHHWI FOOD: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

LIMTEX AGRI: ICRA Lowers Rating on INR23cr Cash Loan to B+
N.S.K. BUILDERS: CRISIL Reaffirms B Rating on INR150MM Cash Loan
NAINANI MEDICO: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
PARAMOUNT WHEELS: ICRA Reaffirms B Rating on INR16cr LT Loan

PEARL INTERNATIONAL: Ind-Ra Assigns 'IND BB' LT Issuer Rating
PRATEEK ALLOYS: ICRA Withdraws B Rating on INR5.0cr Loan
RENUKA CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR100MM Loan
SHREE SATSANGI: CRISIL Reaffirms B- Rating on INR101.5MM Loan
SONI GINNING: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating

SRITHIK ISPAT: ICRA Withdraws D Rating on INR6cr Loan
SRITHIK ROLLING: ICRA Withdraws B Rating on INR7.09cr Loan
SRV TELECOM: CRISIL Assigns B Rating to INR90MM Cash Loan
TIRUPATI CORRUGATORS: CRISIL Reaffirms D Rating on INR77.5MM Loan
TPP BOILERS: ICRA Suspends B+ Rating on INR2cr Loan

TVC ELECTRONICS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
VIDHATRI EXPORTS: CRISIL Cuts Rating on INR60MM Loan to B-
VIRAJ SYNTEX: CRISIL Assigns B+ Rating to INR41.5MM Loan
XPLORE LIFESTYLE: CRISIL Cuts Rating on INR90MM LT Loan to B


J A P A N

SHARP CORP: Asks All Employees to Buy Company Products
VUZIX CORP: Reports $2.81 Million Net Loss for Third Quarter


N E W  Z E A L A N D

TORCHLIGHT FUND: John Grill to Appeal High Court Ruling on Loan


S O U T H  K O R E A

* SOUTH KOREA: Zombie Companies Spur Restructuring Push


                            - - - - -


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


BC LIM: First Creditors' Meeting Set For December 2
---------------------------------------------------
Brent Kijurina, Richard Albarran, and David Ross of Hall Chadwick
were appointed as administrators of BC Lim Investments Pty Ltd on
Nov. 23, 2015.

A first meeting of the creditors of the Company will be held at
Chartered Accountants Australia and New Zealand, Level 3 Bourke
Place, 600 Bourke Street, in Melbourne, on Dec. 2, 2015, at
11:00 a.m.


COUDERT BROTHERS: Resolves Clawback Suits Against Ex-Partners
-------------------------------------------------------------
Cara Salvatore at Bankruptcy Law360 reported that seven clawback
suits against former partners of Coudert Brothers LLP who are now
at firms including Jones Day and Akin Gump Strauss Hauer & Feld
LLP will be dropped, Coudert's bankruptcy administrator told a New
York federal judge on Nov. 12, 2015.

Seven suits against partners who went to those two firms, K&L
Gates LLP and Sheppard Mullin Richter & Hampton LLP will be
dropped because the plan administrator, Development Specialists
Inc., is satisfied that those partners didn't take any recoverable
business with them.

                      About Coudert Brothers

Coudert Brothers LLP was an international law firm specializing in
complex cross-border transactions and dispute resolution. The
firm had operations in Australia and China. Coudert filed for
Chapter 11 protection (Bankr. S.D.N.Y. Case No. 06-12226) on
Sept. 22, 2006. John E. Jureller, Jr., Esq., and Tracy L.
Klestadt, Esq., at Klestadt & Winters, LLP, represented the Debtor
in its restructuring efforts. Brian F. Moore, Esq., and David J.
Adler, Esq., at McCarter & English, LLP, represented the Official
Committee of Unsecured Creditors. Coudert scheduled total assets
of $30.0 million and total debts of $18.3 million as of the
Petition Date. The Bankruptcy Court in August 2008 signed an order
confirming Coudert's chapter 11 plan. The Plan contemplated on
paying 39% to unsecured creditors with $26 million in claims.

Coudert has been succeeded by Development Specialists, Inc. in its
capacity as Plan Administrator under the confirmed chapter 11
plan.


MALEK FAHD: Faces Criminal Charges, Insolvent Trading Claims
------------------------------------------------------------
Leo Shanahan at The Australian reports that Australia's largest
Muslim school has been warned by external auditors it could be
trading while insolvent, with continued government funding to the
school in danger, leaving the board facing possible civil and
criminal charges.

The Australian relates that the warning comes as the Malek Fahd
Islamic School at Greenacre in Sydney's southwest steps up
security and alerts police to possible "trouble", with a feud
between board members and Australian Federation Islamic Councils
president Hafez Kassem escalating.

The Australian has obtained a series of emails between school
board members discussing the spending of AUD3.4 million worth of
the school's recurrent funding for education expenditure on
building projects after a decision by Westpac to stop lending
money to the school.

The report says the crisis at the school, which receives about
AUD20 million a year in government funding, comes in the middle of
final exams and ongoing audits by the federal government.

In the emails, school project managers openly discuss paying the
builders from the recurrent funding, which is a breach of NSW
education laws as well as of the Corporations Act, The Australian
relates.

"According to current figures available with me, the cost of
remaining works would be AUD4.6m excluding this claim. I am unsure
as to what funds/saving the school is expecting from 2015 in
recurrent funds. It may not have the AUD5 million required to
finish the building," one school official writes, The Australian
relays.

In a letter from the school's external auditors, Moore Stephens
accountants, the school's board is warned it would be trading
while insolvent and could face criminal and civil penalties if it
used the money this way.

"As you would be aware, under s 83c of the NSW Education Act . . .
the school could be deemed to be operating for profit. A school
declared as operating for profit will lead to funding being
withdrawn.

"In the event of withdrawal of government funding, the question
arises as to whether the continued expenditure on construction,
when it is known that the school is not in a financial position to
make such payments, could result in a determination the school is
'trading while insolvent'," the letter stated, relays The
Australian.

According to the report, the school is in the midst of a financial
and staffing crisis, its board sacking former chairman Mr Kassem
last month amid a struggle for control of the school's board.

Westpac has said it will freeze Malek Fahd's funds altogether if
it does not resolve the crisis, the report adds.

Mr Kassem, who is also president of the Australian Federation of
Islamic Councils, told The Australian he was not aware of the
school using recurrent funding for building projects: "We know
that we can only use the grant money for the building project. We
know that we can't use the recurrent funding. The school is
solvent."

He said if recurrent funding had been used by others on the board
for the building project, he "did not know about it," The
Australian relates.

The Australian says security has been stepped up at the school,
with emails showing board members who are clinging to their
positions informing police and security to keep Mr Kassem out of
the school.


MARK APPLEBY: First Creditors' Meeting Set For Dec. 1
-----------------------------------------------------
Glenn J Spooner & Daniel P Juratowitch of Cor Cordis Chartered
Accountants were appointed as administrators of Mark Appleby
Investments Pty Ltd on Nov. 12, 2015.

A first meeting of the creditors of the Company will be held at
Cor Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, on Dec. 1, 2015, at 11:00 a.m.



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


WUZHOU INTERNATIONAL: Moody's Puts B2 CFR on Review for Downgrade
-----------------------------------------------------------------
Moody's Investors Service says that it will continue to review for
downgrade Wuzhou International Holdings Limited's B2 corporate
family rating and B3 senior unsecured debt ratings.

On Nov. 19, 2015, Wuzhou announced that the trading of its shares
and notes would resume on Nov. 20, 2015.  At the same time, the
company's controlling shareholders entered into a share purchase
agreement with Mr Sun Hong Bing to dispose 18.77% of the company's
issued share capital for a total of HK$320 million, effective 20
Nov. 2015.  Upon completion, Mr Shu Cecheng and Mr Shu Cewan will
continue to own 51.14% as controlling shareholders.

RATINGS RATIONALE

"While the share disposal by the controlling shareholders did not
breach any change of control provisions in its bond document, we
will continue to review any potential impact on its business
strategy and operations from the change in shareholders," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.

After the share disposal, the major shareholder's ownership will
remain above the 50.1% ownership requirement of the change of
control provision in the bond document.

Moody's will continue to focus its review on: (1) any change in
business strategy and daily operations brought about by Wuzhou's
new second-largest shareholder; (2) any impact on contracted sales
from the change in shareholders; (3) the company's liquidity
position.

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

Wuzhou International Holdings Limited specializes in the
development and operation of wholesale markets and multi-
functional commercial complexes in China.

At June 30, 2015, the company had a total of 37 projects in 11
provinces and municipal cities, including 20 merchandising and
logistics centers and 17 multi-functional commercial complexes.
At the same time, its land bank totaled approximately 7.4 million
square meters in gross floor area.

Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou was
51.14% owned by its two founders, Mr. Shu Cecheng and Mr. Shu
Cewan, at Nov. 20, 2015.


YANZHOU COAL: Moody's to Retain Ba3 CFR on Repurchase Offer
-----------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Co. Ltd.'s
announced repurchase offer for its 2022 bonds does not have any
immediate impact on its Ba3 corporate family rating, or the senior
unsecured debt ratings of Yancoal Int'l Resources Development Co.,
Ltd and Yancoal International Trading Co., Limited.

Yanzhou Coal announced on Nov. 16, 2015, that it plans to
repurchase up to $250 million of the $550 million senior notes due
on May 16, 2022, issued by Yancoal International Resources
Development Co., Ltd.  The tender offer price range is between
$860 and $895 per $1,000 of principal amount of the notes.

"Moody's considers the tender offer by Yanzhou Coal as
opportunistic in nature rather than an intention to avoid default.
Thus, the offer does not have any impact on the company's
ratings," says Dylan Yeo, a Moody's Analyst.

Moody's does not believe that the tender offer constitutes a
distressed exchange because Yanzhou Coal (1) does not face any
imminent refinancing or default risk prior to the tender offer;
(2) has sufficient cash on hand to settle the offer as its cash
balance was RMB21.4 billion at end-September 2015; and (3) is a
state-owned enterprise that enjoys good access to bank financing
and the capital markets in China.

"The tender offer, if fully subscribed, will allow Yanzhou Coal to
reduce overall financing costs and decrease its US dollar-
denominated foreign currency exposure.  However, its net debt
leverage will not be reduced," says Yeo, also the lead analyst for
Yanzhou Coal.

The proceeds of the tender offer will allow Yanzhou Coal to pay
down one of its higher-cost foreign-currency denominated debt
securities that is currently trading below par in the secondary
market.

The tender offer does not change Yanzhou Coal's net debt leverage
measured by net debt/EBITDA because the bond repurchase will
consume its cash.

Moody's expects Yanzhou Coal's net debt leverage ratio to exceed
9.0x in 2016 from 7.5x on a last twelve-months basis as of end-
June 2015.  The increase will be driven by the company's
investment to ramp up its more cost-efficient mines to combat the
current low thermal coal prices.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal Mining Co. Ltd. was listed in Shanghai, Hong Kong and
New York in 1998.  It is 56.52%-owned by the Yankuang Group
Corporation Limited, a state-owned enterprise that is wholly owned
by the Shandong State-Owned Assets Supervision and Administration
Commission.

At end-2014, the company owned and operated 20 coal mines across
China and Australia.  It also owned abundant coal resources in
China's Shandong and Shanxi provinces, the Inner Mongolia
Autonomous Region, as well as in the Australian states of
Queensland, New South Wales and Western Australia.


* CHINA: Cracks $64BB 'Underground Bank' Moving Money Abroad
------------------------------------------------------------
Bloomberg News reports that China said it cracked the nation's
biggest "underground bank," which handled CNY410 billion
($64 billion) of illegal foreign-exchange transactions, as the
authorities try to combat corruption and rein in capital outflows
that have hit records this year.

The official People's Daily, citing police officials, reported on
Nov. 20 that more than 370 people have been arrested or face
lawsuits or other punishment in the case centered in eastern
Zhejiang province, according to Bloomberg.  The case brought the
total for underground banking and money-laundering activities to
CNY800 billion since April, the newspaper said, Bloomberg relays.

The probe began in September last year and the police took almost
a year to sort through more than 1.3 million suspicious
transactions, the state-run Xinhua News Agency reported
separately, Bloomberg says. The authorities froze more than 3,000
bank accounts, Xinhua said.

According to Bloomberg, the case highlights the nation's struggle
to control capital outflows that have helped to send real-estate
prices soaring from Vancouver to Sydney -- even when Chinese
citizens are officially limited to converting $50,000 of yuan per
year. Some people may be moving the proceeds of corruption, while
others may be concerned about the outlook for the economy and the
potential for the yuan to weaken, Bloomberg states.

"The government wants to stem outflows and stabilize the yuan's
exchange rate, but the outflows cannot be stopped unless people
change their expectation on yuan depreciation," Bloomberg quotes
Xi Junyang, a finance professor at Shanghai University of Finance
& Economics, as saying. Besides illegal banking operations, "a lot
of money is leaving the country by legal means," Xi said.

China's capital outflows may have climbed to a record $194 billion
in September before cooling to $62 billion in October, according
to a Bloomberg gauge which also takes into account decisions by
exporters and direct investment recipients to hold funds in
dollars.

According to Bloomberg, the tactics used by Chinese citizens to
defeat the controls include so-called smurfing, where large sums
are moved by breaking them down into a series of smaller transfers
using the bank accounts and foreign-exchange quotas of a range of
individuals.

In the Zhejiang case, a suspect identified as Zhao Mouyi used a
different method, setting up more than 10 companies in Hong Kong
from 2013 and transferring more than CNY100 billion through so-
called non-resident accounts, which are used by offshore companies
in China when they are transferring money abroad, Bloomberg
relates citing the newspaper's report.

The People's Daily said taking advantage of a "loophole" relating
to non-resident accounts -- which has since been filled by banks -
- Zhao circumvented the capital controls by directly transferring
yuan overseas and then exchanged the money into foreign currencies
at banks including HSBC Holdings Plc in
Hong Kong, Bloomberg relays.  Zhao then allegedly transferred it
to his clients' accounts, the report said, citing the local
police, adds Bloomberg.



================
H O N G  K O N G
================


PHYSICAL PROPERTY: Incurs HK$186,000 Net Loss in Third Quarter
--------------------------------------------------------------
Physical Property Holdings Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing a
net loss and total comprehensive loss of HK$186,000 on HK$254,000
of total operating revenues for the three months ended Sept. 30,
2015, compared to a net loss and total comprehensive loss of
HK$169,000 on HK$265,000 of total operating revenues for the same
period during the prior year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss and total comprehensive loss of HK$556,000 on HK$776,000
of total operating revenues compared to a net loss and total
comprehensive loss of HK$598,000 on HK$785,000 of total operating
revenues for the same period a year ago.

As of Sept. 30, 2015, the Company had HK$9.31 million in total
assets, HK$12.20 million in total liabilities, all current, and a
HK$2.88 million total stockholders' deficit.

A full-text copy of the Form 10-Q is available for free at:

                        http://is.gd/bGzPP0

               About Physical Property Holdings Inc.

Physical Property Holdings Inc., incorporated on Sept. 21, 1988,
is engaged in the real estate business. The Company is involved in
buying, investing in, and selling, renovating and renting real
estate, exclusively in the Hong Kong Special Administrative Region
(SAR) of the People's Republic of China. The Company holds around
five residential apartments in Hong Kong. The Company's
subsidiaries include Ableforce International Limited and its
wholly owned subsidiary Good Partner Limited.

Physical Property disclosed a net loss and comprehensive loss of
HK$820,000 on HK$1.05 million of rental revenue for the year ended
Dec. 31, 2014, compared with a net loss and comprehensive loss of
HK$459,000 on HK$1.05 million of rental revenue for the year ended
Dec. 31, 2013.

Mazars CPA Limited, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, citing that the Company had a negative
working capital as of Dec. 31, 2014, and incurred loss for the
year then ended, which raised substantial doubt about its ability
to continue as a going concern.



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


AARTI CONSTRUCTION: ICRA Suspends B+ Rating on INR3.0cr Loan
------------------------------------------------------------
ICRA has suspended the [ICRA] B+ rating assigned to the INR3.00
crore long term fund based facilities and [ICRA]A4 assigned to the
INR6.00 crore short term non fund based facility of Aarti
Construction Company. The suspension follows ICRA's inability to
carry out a rating surveillance in the absence of the requisite
information from the company.

Aarti Construction Company was established in 1986 by Mr.
Jayantibhai M. Sorathia and other Sorathia family members and is
engaged in civil construction business. ACOCO is registered as
approved contractor in "AA" class with Roads & Buildings
Department, Government of Gujarat and is mainly engaged in
execution of water canal projects. The firm is based out of
Baroda, Gujarat and has, since inception, executed projects
involving construction in water supply segment and related civil
work for semi-government agencies / local authorities in Gujarat.


AKSHAR COTTON: ICRA Reaffirms B+ Rating on INR10.50cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR10.50 crore cash credit facility and INR0.92 crore term loan
facility of Akshar Cotton Industries.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based-Cash
   Credit                10.50       [ICRA]B+ reaffirmed

   Fund Based-Term
   Loan                   0.92       [ICRA]B+ reaffirmed

The reaffirmation of the rating continues to factor in Akshar
Cotton Industries' (ACI) modest scale of operations and financial
profile characterised by thin profitability, low debt coverage
indicators and high working capital utilization levels. ICRA also
takes note of the highly competitive and fragmented industry
structure with the limited value additive nature of operations
which leads to pressure on profitability. The rating further
incorporates the vulnerability of margins to adverse movements in
agricultural produce prices due to current low prices on account
of slow domestic demand from spinning units. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.
The rating, however, continues to factor in the experience of
partners in the cotton industry and the favorable location of the
firm giving it easy access to high quality raw cotton.

Akshar Cotton Industries was established in August 2011 as a
partnership firm. Partners, Mr. Ashokbhai Dudhagara, Mr.
Hashmukhbhai Pansuriya and Mr. Narendrabhai Virani who actively
manage the operations, promote it. It is engaged in raw cotton
ginning and pressing. The manufacturing unit is located at
Kalavad, Dist. Jamnagar in Gujarat. It is equipped with 18 double
roller ginning machines and one pressing machine with an installed
capacity to produce 230 cotton bales per day (24 hours operation).

Recent Results
In FY15, the firm reported an operating income of INR75.15 crore
and net profit of INR0.11 crore against an operating income of
INR64.52 crore and net profit of INR0.40 crore in FY14.


ALLIX CERAMIC: ICRA Reaffirms B Rating on INR6.11cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B rating assigned to the INR11.11
crore (enhanced from INR10.68 crore) long term fund based
facilities of Allix Ceramic Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating assigned to the INR1.35 crore
(enhanced from INR0.80 crore) short-term non-fund based facility
of ACPL.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loan             6.11       [ICRA]B reaffirmed
   Cash Credit           5.00       [ICRA]B reaffirmed
   Bank Guarantee        1.35       [ICRA]A4 reaffirmed

The reaffirmation of ratings continues to factor in the moderate
scale of operations of the company with limited track record and
weak financial profile of the company with net losses reported
during FY15, leveraged capital structure, average debt coverage
indicators and moderate working capital intensity. Further, the
ratings are constrained by ACPL's limited product portfolio
comprising only ceramic wall tiles which restricts its sales
prospects and dealings with large institutional buyers and the
highly fragmented nature of the tiles industry which results in
intense competitive pressures. The ratings also take into account
the cyclical nature of the real estate industry which is the main
consuming sector and exposure of profitability of the company to
fluctuating prices of raw materials and gas which is the major
fuel.

The ratings, however, take comfort from the past experience of the
founder promoter in the ceramic industry and the company's
competitive advantage in raw material procurement on account of
its favourable location in Morbi.

Incorporated in April 2013, Allix Ceramic Private Limited (ACPL)
commenced commercial production of ceramic wall tiles in May 2014.
The manufacturing facility of the company is located at Morbi in
Rajkot district of Gujarat with an installed capacity of 34,200
Metric Tonnes Per Annum (MTPA). ACPL manufactures digitally
printed ceramic wall tiles of sizes 12" X 12", 12" X 18", 12" X
24" and 8" X 24". The promoters of the company have long standing
experience in the ceramic industry owing to their association with
the group concern M/s Xpert Ceramic.

Recent Results
During its eleven months of operations (from May 2014 to March
2015), the company has reported an operating income of INR23.78
crore and net loss of INR0.04 crore for FY15.


ANAND ENTERPRISE: ICRA Suspends B Rating on INR10cr Cash Loan
-------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR10.00 crore cash credit facility of Anand Enterprise (AE). 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           10.00        [ICRA]B suspended

Anand Enterprise (AE) was established as a partnership firm in
September 2005 and is engaged in the business of ginning and
pressing of raw cotton. The firm's manufacturing facility is
located at Veraval (Shapar), Rajkot in Gujarat and is equipped
with twenty four ginning machines and one pressing machine. The
firm is currently promoted by Mr. Ramesh Changela and Mr. Ramesh
Kaneriya who have long-standing experience in the cotton industry.


ANGAYARKKANNI ENTERPRISES: CRISIL Rates INR185MM Term Loan at B+
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Angayarkkanni Enterprises (AE). The ratings reflect
AE's modest scale of operations, intense competition in the
fragmented road construction industry, and large working capital
requirements.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B+/Stable
   Working Capital
    Term Loan            185       CRISIL B+/Stable

The ratings also factor AE's below-average debt protection metrics
marked by modest net worth and high gearing. These rating
weaknesses are partially offset by the proprietors' extensive
experience in the civil construction industry.

Outlook: Stable
CRISIL believes AE will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of improvement in scale of
operations and profitability, while improving the capital
structure. Conversely, the outlook may be revised to 'Negative' in
case the company's financial risk profile deteriorates because of
reduced revenue and margins or large debt-funded capital
expenditure, or delays in receipt of bills from principal
contractors.

AE, incorporated in 1988, is a proprietorship firm established by
Mr. Kannan. The firm undertakes civil works such as construction
of roads and water tanks for the government agencies.


ANKITA AGRO: CRISIL Cuts Rating on INR75.1MM Term Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ankita Agro and Food Processing Private Limited (AAFL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Overdraft Facility      4.9     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Term Loan              75.1     CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects AAFL's weak liquidity as significant delay
in commencing operations led to low net cash accrual. Operations
were expected to start in August 2014, but started in January
2015, because of delay in streamlining production. As a result,
the company is expected to generate net cash accruals of INR5
million against debt obligation of over INR10 million for 2015-16.
Turnover for 2015-16 (refers to financial year, April 1 to March
31) is expected at INR120-150 million, significantly below
CRISIL's expectation. CRISIL believes AAFL's promoter will
continue to meet its operational and financial requirements over
the medium term. With increase in turnover and expected tie-ups
with customers, net cash accrual is expected to remain sufficient
to meet term debt obligation from 2016-17.

The rating reflects AAFL's exposure to risks relating to offtake
from its recently set-up plant and its expected average financial
risk profile. These weaknesses are partially offset by healthy
demand for processed oats.

Outlook: Stable
CRISIL believes AAFL will benefit from healthy prospects for the
oats industry. The outlook may be revised to 'Positive' in case of
higher-than-expected capacity utilisation and sales, leading to
considerable improvement in debt servicing ability. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected revenue and profitability.

AAFL, incorporated in 2005, is promoted by Mr. Rajesh Kumar Jain.
The company has set up a facility in Neemrana (Rajasthan) to
manufacture oats used as breakfast meal. It commenced commercial
operations in January 2015.

For 2014-15, AAFL reported net loss of INR17.6 million on net
sales of INR6.2 million.


ASCENT NETWORKS: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Ascent Networks Private Limited (ANPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable
   Letter of Credit       35       CRISIL A4
   Bank Guarantee         25       CRISIL A4
   Cash Credit            35       CRISIL B/Stable

The ratings reflect ANPL's modest scale of operations in a highly
competitive information technology industry, and large working
capital requirement. The ratings also reflect its below-average
financial risk profile marked by modest net worth, high gearing,
and below-average debt protection metrics. These weaknesses are
partially offset by the promoters' extensive industry experience.

Outlook: Stable
CRISIL believes ANPL 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 an improvement in
profitability along with a substantial increase in scale of
operations and a better working capital cycle. Conversely, the
outlook may be revised to 'Negative' if revenue growth slows down,
or the capital structure or debt protection metrics deteriorate,
leading to weakening of the financial risk profile.

ANPL was incorporated in 1992, promoted by Mr. Bishwambhar Dayal
Bubna and Mr. Ajaykumar Bubna. The company provides system-
integrated designs and installs products for data, voice, sound,
and security applications.


BAJRANG COTTON: CRISIL Cuts Rating on INR70MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Bajrang Cotton (BC) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             70      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      16.6    CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in BC's business and
financial risk profiles due to reducing sales and capital
withdrawals. Net sales declined sharply by about 64 per cent to
about INR177.3 million in 2014-15 (refers to financial year, April
1 to March 31) from INR524.2 million in 2013-14 on account of a
slump in the overall demand for cotton. In addition, the firm's
working capital cycle was stretched with gross current assets
increasing to 161 days in as on March 31, 2015, from 70 days a
year earlier mainly driven by high inventory. Furthermore, its net
worth has reduced to INR31.9 million from INR51.0 million over
this period due to capital withdrawal of INR20 million, thus
impacting its capital structure.

The rating reflects BC's small scale of operations due to its
presence in the fragmented and intensely competitive cotton
industry, and susceptibility of its operating margin to volatility
in raw material prices. The rating also factors in an average
financial risk profile because of modest gearing and debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the firm's promoters.

Outlook: Stable
CRISIL believes BC will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant improvement in
the scale of operations and profitability, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of higher-than-expected debt contracted to meet
incremental working capital requirement or capital expenditure.

Set up in 2006, BC gins and presses cotton. The firm's plant is in
Amreli (Gujarat).


BAU DEVELOPERS: ICRA Withdraws D Rating on INR46cr Bank Loan
------------------------------------------------------------
ICRA has withdrawn the [ICRA]D rating assigned to the INR46.00
crore fund based bank limit of Bau Developers Private Limited, as
the company has fully repaid the instrument on maturity. There is
no amount outstanding against the rated instrument.


BISMAN INDUSTRIES: ICRA Lowers Rating on INR8.0cr Cash Loan to B+
-----------------------------------------------------------------
ICRA has revised the long term rating for the INR8.00 crore fund
based facilities and INR0.20 crore non fund based facilities of
Bisman Industries Limited from [ICRA]BB to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-Cash        8.00       [ICRA]B+ downgraded
   Credit                            from [ICRA]BB (Stable)

   Non Fund Based         0.20       [ICRA]B+ downgraded
                                     from [ICRA]BB (Stable)

The revision in the ratings considers the deterioration in the
financial risk profile of the Limtex group as a whole, primarily
the flagship company Limtex India Limited (rated at [ICRA]D/D),
which incurred significant cash losses during FY15 primarily due
to increase in tea procurement cost relative to its realization.
The ratings also factor in the decline in the operating profits of
Bisman Industries Limited during FY 2015 on account of high input
costs for the biscuit manufacturing segment and the inability of
the company to pass on the same owing to intense competition. The
rating also reflects the highly working capital intensive nature
of operations, which leads to pressure on the liquidity position
of the company, as reflected by almost full utilization of the
sanctioned limits every month. The ratings also continue to factor
in the experience of the promoters in the tea and biscuits
industry.

Bisman Industries Limited (BIL) was established in the year 1988
by Mr. Subhash Kumar Poddar in the name of Limtex Industries Ltd
having its registered office at Kolkata. The company is engaged in
manufacturing of biscuits and trading of tea in the domestic
markets, primarily East India. BIL has a biscuit manufacturing
unit in Asansol, West Bengal, with an installed production
capacity of 1500 MTPA and has a warehousing unit in Kolkata for
blending of tea. BIL sells both biscuits and tea under the brand
"Nargis".

Recent Results
The company reported an operating income (OI) of INR40.64 crore
and a net profit of INR0.01 crore during FY15 as compared to an OI
of INR35.61 crore and a PAT of INR0.26 crore during FY14.


BUDS TEA: ICRA Lowers Rating on INR14cr Term Loan to B+
-------------------------------------------------------
ICRA has revised the long term rating for the INR14.00 crore term
loan facilities, INR12.75 crore fund based facilities and INR0.50
crore non fund based facilities of Buds Tea Industries Limited
from [ICRA]BB to [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             14.00       [ICRA]B+ downgraded
                                     from [ICRA]BB (Stable)

   Fund Based            12.75       [ICRA]B+ downgraded
                                     from [ICRA]BB (Stable)

   Non Fund Based         0.50       [ICRA]B+ downgraded
                                     from [ICRA]BB (Stable)

The revision in the ratings considers the deterioration in the
financial risk profile of the Limtex group as a whole, primarily
the flagship company Limtex India Limited (rated at
[ICRA]D/[ICRA]D), which incurred significant cash losses during
FY15 primarily due to increase in tea procurement cost relative to
its realization. The rating also factors in the decline in the net
profit margins of Buds Tea Industries Limited during FY2015 on
account of high financial costs charged during FY15, which were
capitalized till FY14. In addition, the highly working capital
intensive nature of operations continues to put pressure on the
liquidity position of the company. The ratings also continue to
factor in the experience of the promoters in the tea industry.

Buds Tea Industries Limited was established in the year 2006 and
is engaged in the manufacturing of CTC variety of tea. The plant
is located near Jalpaiguri, West Bengal. At present, the annual
capacity of the company is 5.5 million lakh kgs of tea.

Recent Results
The company reported an operating income (OI) of INR58.33 crore
and a net profit of INR0.08 crore during FY15 as compared to an OI
of INR27.81 crore and a PAT of INR0.23 crore during FY14.


CISCONS PROJECTS: CRISIL Cuts Rating on INR132.5MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Ciscons Projects Private Limited (Ciscons) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

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

   Overdraft Facility     27.5     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Proposed Long Term    132.5     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B+/Stable')

   Term Loan              10       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by Ciscons in
servicing its debt owing to weakening in its liquidity. The
liquidity has weakened on account of a stretch in receivables
cycle resulting in a cash-flow mismatches.

Ciscons has a modest scale of operations in the intensely
competitive civil construction industry, has large working capital
requirements, and its modest net worth limits its financial
flexibility to meet any exigency. However the company benefits
from the extensive experience of the promoters in the civil
construction industry.

Ciscons was set up in 2008 by Mr. N Rama Krishna and his family
members. The company undertakes civil construction, and mainly
caters to power generation companies. It is based in Hyderabad
(Telangana).


CREATIVE AND CROFTS: CRISIL Reaffirms B+ Rating on INR27.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Creative and Crofts
Industries India Private Limited (CCPL) continues to reflect its
modest scale of operations in the intensely competitive furniture
hardware industry, working capital intensity, and average
financial risk profile. These rating weaknesses are partially
offset by the promoters' extensive industry experience and funding
support.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            9.5      CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Purchase              27.5      CRISIL B+/Stable (Reaffirmed)
   Packing Credit        20        CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    13        CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes CCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if higher-than-expected cash accrual and
efficient management of working capital cycle strengthens the
financial risk profile, particularly liquidity. Conversely, the
outlook may be revised to 'Negative' if a significant decline in
revenues or operating profitability, or stretch in working capital
cycle constrains the liquidity.

CCPL was established in 2006 by Mr. Harshvardhan Sharma in
partnership with Crofts & Assinder Ltd (United Kingdom). The
company is a 100 per cent export oriented unit that manufactures
hardware used in furniture. It is based in Aligarh (Uttar
Pradesh).


DURGASHAKTI FOODS: CRISIL Reaffirms B+ Rating on INR105.1MM Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities Durgashakti Foods Private
Limited (DFPL) continues to reflect low profitability, moderately
large working capital requirement, average debt protection
metrics, and vulnerability to volatility in raw material prices.
These weaknesses are partially offset by the extensive experience
of the company's promoters in the edible oil industry, proximity
to raw material sources, and moderate capital structure.

CRISIL had upgraded its rating on DFPL's bank facilities to
'CRISIL B+/Stable' vide its rating rationale dated November 13,
2015.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           105.1     CRISIL B+/Stable (Reaffirmed)
   Term Loan              44.9     CRISIL B+/Stable (Reaffirmed)

The rating upgrade reflects improvement in DFPL's capital
structure and stable business risk profile. Net worth increased to
INR143.7 million as on March 31, 2015, from INR59 million in the
previous year, while gearing reduced to 1.18 times as on March 31,
2015, from 2.48 times as on March 31, 2014; primarily due to
conversion of unsecured loans into equity. Revenues also improved
to INR1.81 billion in 2014-15 (refers to financial year, April 1
to March 31) from INR1.69 billion in 2013-14; while operating
profitability remained stable at 3 per cent. CRISIL believes DFPL
will maintain its capital structure over the medium term backed by
steady revenue growth, and plough back increasing accrual into
business.

Outlook: Stable

CRISIL believes DFPL will continue to benefit over the medium term
from promoters' extensive industry experience. The outlook may be
revised to 'Positive' if significant and sustained increase in
revenue and profitability leads to sizable cash accrual and
improvement in debt protection metrics. Conversely, the outlook
may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of low cash accrual,
stretch in working capital cycle, or any large, unanticipated,
debt-funded capital expenditure.

DFPL was set up in 2008 by Mr. Shashikant Sureka and his two
brothers to expand their family-run edible oil business. The
Sureka family has been manufacturing crude edible oil (soya and
sunflower) and de-oiled cakes for more than two decades. The
company's production facility is in Khamgaon (Maharashtra).


ENVISION LANDMARKS: CRISIL Cuts Rating on INR60MM Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Envision Landmarks LLP (ELL) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan               60      CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The rating downgrade reflects CRISIL's belief that ELL's cash flow
and liquidity will remain constrained over the medium term due to
lower-than-anticipated bookings and customer advances and slow
progress in its ongoing project. Lower-than-expected cash inflow
is likely to constrain liquidity and result in high funding risk,
given the sizeable incremental construction cost to be incurred
and maturing debt obligations of INR10.0-12.5 million every
quarter. CRISIL believes any improvement in the firm's liquidity
will remain dependent on incremental bookings and timely receipt
of advances, over the medium term.

The rating reflects ELL's exposure to high implementation and
funding risks for the ongoing project, and to the cyclicality
inherent in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience and
track record of the firm's partners in the real estate sector in
Pune (Maharashtra) and surrounding areas.

Outlook: Stable
CRISIL believes ELL will continue to benefit over the medium term
from its partners' extensive industry experience and established
track record. The outlook may be revised to 'Positive' in case of
better-than-expected booking of units and receipt of customer
advances, leading to high cash inflow. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in ELL's
financial risk profile, particularly liquidity, either because of
low booking or delays in receipt of customer advances, or
simultaneous execution of other projects.

ELL is a partnership firm started by Mr. Tejas Ghadge, Mr. Kedar
Ranade, Mr. Hemant Shinde, Mr. Vikrant Indulkar, and Mr. Amit
Shinde in 2012-13 (refers to financial year, April 1 to March 31).
The firm develops real estate in Pune. Currently, it is
undertaking a residential project, Girisparsh, in Khed Shivapur,
20 kilometres from Pune.


FOREMOST INTERNATIONAL: CRISIL Reaffirms B- Rating on INR11M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Foremost International
Pvt Ltd (FIPL) continue to reflect FIPL's modest scale of
operations with high customer concentration, large working capital
requirement, and low cash accrual, constraining the financial risk
profile, particularly liquidity. These rating weaknesses are
partially offset by the extensive experience of promoters in the
ready-made garments (RMG) industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Bill
   Discounting             90      CRISIL A4 (Reaffirmed)
   Foreign Letter of
   Credit                  26.5    CRISIL A4 (Reaffirmed)

   Long Term Loan          11      CRISIL B-/Stable (Reaffirmed)

   Packing Credit          90      CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes FIPL will continue to benefit over the medium term
from the promoters' extensive experience in the RMG industry. The
financial risk profile will remain weak on account of large debt
over the period. The outlook may be revised to 'Positive' if
significant growth in turnover and profitability results in
substantial accrual, and consequently, improved financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' in case of considerable decline in revenue
or profitability, or deterioration in working capital management
resulting in further pressure on liquidity, or large, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

Update
FIPL's revenue stood at INR406 million in 2014-15 (refers to
financial year, April 1 to March 31), nearly 30 per cent higher
than INR310 million in 2013-14, owing to increased orders from
existing customers as well as an increase in production capacity.
The operating margin was at 9.78 per cent in 2014-15, which is in
line with historical levels. The operations remain working capital
intensive, with gross current assets at 361 days as on March 31,
2015, also in line with past trends.

The financial risk profile remained weak because of high gearing
at 4.28 times and moderate net worth of INR76.9 million as on
March 31, 2015. The debt protection metrics continued to be below
average in 2014-15; the interest coverage and net cash accrual to
total debt ratios were at 1.3 times and 0.02 times, respectively,
for the year.

The liquidity has remained constrained by high utilisation of bank
lines at around 91 per cent and barely sufficient net cash accrual
against debt obligation.

FIPL's profit after tax (PAT) fell to INR1.9 million on sales of
INR406 million in 2014-15, from a PAT of INR2.3 million on sales
of INR310 million in 2013-14.

Incorporated in 2002, FIPL manufactures and exports RMG,
predominantly for women, to Europe. The company, promoted by Mr.
Varun Moudgil and Mrs. Shailja Khanna, has its manufacturing plant
in Gurgaon (Haryana).


GANGA COTTON: ICRA Withdraws B+ Rating on INR8cr Bank Loan
----------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B+ assigned to
the INR8.00 crore Bank Loans Programme of Ganga Cotton Industries.
As per ICRA's policy on withdrawals, ICRA can withdraw the rating
in case the rating remains suspended for more than three years.

Ganga Cotton Industries was established in the year 2005 as a
partnership firm. The firm is involved in the business of cotton
ginning and cotton seed crushing with a product mix of FP cotton
bales, cotton wash oil and oil cakes. The firm is also involved in
trading of FP cotton bales and cotton seeds. The unit of the firm
has 18 ginning machines and 5 expellers with the annual installed
capacity of 4320 MT of cotton lint and 810 MT of cotton seed oil
per annum.


GATIMAN AUTO: CRISIL Reaffirms B- Rating on INR46MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Gatiman Auto Private
Limited (GAPL) continue to reflect GAPL's weak financial risk
profile because of modest debt protection metrics, high gearing,
and small net worth, driven by large debt funded capital
expenditure, subdued cash accrual, and substantial working capital
requirement. The ratings also factor in small scale of operations
and its susceptibility to volatility in raw material prices. These
weaknesses are mitigated by the promoters' extensive experience in
the automobile components industry, and established customer
relationships.


                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          2      CRISIL A4 (Reaffirmed)
   Cash Credit            46      CRISIL B-/Negative (Reaffirmed)
   Letter of Credit       14.5    CRISIL A4 (Reaffirmed)

Outlook: Negative
CRISIL believes GAPL's liquidity will remain weak over the medium
term, with its depressed cash accrual expected to be barely
sufficient to meet debt obligation. The ratings may be downgraded
if debt servicing is delayed. Conversely, the outlook may be
revised to 'Stable' if a substantial and sustained improvement in
revenue and profitability or substantial equity infusion
constrains liquidity.

Incorporated in 1988, GAPL manufactures sheet metal components
(press parts), mainly fuel tanks, silencer assemblies, and tippers
for automobile and industrial original equipment manufacturers.
The company is based in Pithampur (Madhya Pradesh) and is promoted
by Mr. Ashvin Shah, Mr. Subhash Chuttar, Mr. Shyam Jain, and Mr.
Prafull Kothadiya.


GOLCHHA ENTERPRISES: CRISIL Reaffirms B+ Rating on INR25MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Golchha Enterprises
Private Limited (GEPL) continue to reflect GEPL's average
financial risk profile because of a weak interest coverage ratio
and a small net worth. This rating weakness is partially offset by
the extensive experience of the company's promoters in the
industrial chemicals trading business, and its well-diversified
product portfolio and customer base.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Reaffirmed)

   Cash Credit            25       CRISIL B+/Stable (Reaffirmed)

   Foreign Letter of
   Credit                 90       CRISIL A4 (Reaffirmed)

Outlook: Stable
CRISIL believes GEPL will continue to benefit over the medium term
from its promoters' extensive industry experience and its well-
diversified revenue profile. The outlook may be revised to
'Positive' in case of a significant improvement in the financial
risk profile, driven by better working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates, with a further weakening of
the capital structure, most likely due to lengthening of its
working capital cycle or debt-funded capital expenditure.

GEPL was incorporated in 2007, promoted by the Golchha family. The
Jamshedpur (Jharkhand)-based company trades in various chemicals,
minerals, ferroalloys, and metals in the domestic market.


HERALD PUBLICATIONS: CRISIL Reaffirms B Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Herald Publications
Private Limited (HPPL) continue to reflect its modest scale of,
and working capital intensity in, operations, and geographic
concentration in revenue. These rating weaknesses are partially
offset by the promoters' extensive experience in the newspaper
industry, and the company's moderate financial risk profile,
especially capital structure, and above-average debt protection
metrics.

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

   Cash Credit          70.0       CRISIL B/Stable (Reaffirmed)

   Letter of Credit      5         CRISIL A4 (Reaffirmed)

   Term Loan            64.5       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes HPPL will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if cash accrual increases substantially,
while profitability and capital structure remain stable.
Conversely, the outlook may be revised to 'Negative' if a decline
in revenue or margins, or further stretch in working capital
cycle, impacting the liquidity and financial risk profile.

Set up in 1989, HPPL publishes an English daily newspaper 'Herald'
in Goa. The company also publishes a Marathi weekly newspaper
'Dainik Herald' and a Konkani weekly newspaper 'Amcho Avaz'. It
has an operational 24-hour free-to-air (FTA) English news and
entertainment channel, HCN, in Goa. HPPL also prints labels,
cartons, and card board boxes.

Mr. Raul Fernandes and his brother Mr. Oswald Fernandes are the
promoters. The office and manufacturing unit is at Panaji (Goa).


ICON DEVELOPERS: CRISIL Assigns B+ Rating to INR60MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Icon Developers (ID).

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

The rating reflects ID's exposure to implementation and offtake-
related risks associated with its ongoing project, and its
susceptibility to the inherent risks and cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the firm's promoters in the
real estate sector, and moderate funding risk for its ongoing
project.

Outlook: Stable
CRISIL believes that ID will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is a significant
improvement in the firm's financial risk profiles, backed by
timely completion of, and healthy offtake for, its ongoing
project, leading to healthy cash accruals. Conversely, the outlook
may be revised to 'Negative' if ID faces a time or cost overrun in
its ongoing project, or in case of delays in receiving customer
advances, leading to pressure on its revenue and profitability,
and consequently to deterioration in its debt servicing ability.

Icon Developers (ID) is constructing 145 luxury apartments along
with club & other facilities over 2 acres of land area at Bara
Devi (Kidwai Nagar). ID developer is partnership firm , the day to
day operations of the project is managed by Mr Pawan Garg


JAYAWANTI BABU: CRISIL Assigns 'D' Rating to INR118MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Jayawanti Babu Foundation (JBF). The rating reflects
instances of delay by JBF in servicing its debt; the delays have
been caused by the trust's weak liquidity.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              118      CRISIL D

JBF has modest scale of operations and is vulnerable to regulatory
risks associated with educational institutions. However, the trust
benefits from healthy demand prospects for the educational
industry, funding support from JBF's promoters and moderate
financial risk profile marked by moderate net worth and low
gearing.

Jayawanti Babu Foundation (JBF) was established in 2007 by Mr
Santosh Pal situated in Oras, Sindhudurg. There are two
institutions under this trust namely Metropolitan Institute of
Technology and Management (MITM) and Aarna Institute of Maritime
Studies (AIMS).


JP SORTEX: ICRA Upgrades Rating on INR37cr Cash Loan to B+
----------------------------------------------------------
ICRA has upgraded its long term rating on the INR37.00 crore cash
credit facility and INR3.00 crore unallocated limits of JP Sortex
Private Limited to [ICRA]B+ from [ICRA]B and has reaffirmed its
short term rating at [ICRA]A4.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           37.00       [ICRA]B+; upgraded from
                                     [ICRA]B

   Unallocated Limits     3.00       [ICRA]B+; upgraded from
                                     [ICRA]B/[ICRA]A4 reaffirmed

The rating upgrade is driven by the 45% year on year increase in
JPSPL's operating income in 2014-15, driven by increase in sales
volumes as well as realizations, for the rice sold by the company.
The ratings favourably take into account the extensive experience
and the long track record of the promoters in the rice milling
industry and the stable long term demand prospects for the rice
industry, with India being the second largest producer and
consumer of rice in the world. However, the ratings are
constrained by the intensely competitive nature of the industry
which exerts pressure on the company's operating margins and the
vulnerability of the company's profitability to adverse movements
in foreign exchange rates, with export of basmati rice accounting
for about 75% of the company's turnover in 2014-15. The ratings
also take into account the vulnerability of the company's
operations to agro climatic risks, which can affect the pricing
and availability of paddy and the high working capital intensity
of operations. The company's thin profitability coupled with its
large working capital borrowings have translated into an adverse
capital structure and weak debt protection indicators.

Going forward, JSPL's ability to continue its growth momentum,
while improving its margins and optimally managing its working
capital cycle will constitute the key rating sensitivities.

Incorporated in 2001, JPSPL is primarily engaged in the milling of
basmati rice. The company's milling unit is located in Firozpur,
Punjab, in close proximity to the local grain market. It sells
rice under its five registered brands in the domestic market,
these brands include Rice-o-Punjab, Rice-o-India, 5 Horses, 65 and
JPA. JPSPL sells its product across various states in India
including Delhi, Tamil Nadu, Gujarat, Maharashtra, and Madhya
Pradesh, and is also involved in the export of rice primarily to
countries in the Middle East, wherein it derives ~75% of its total
revenue.

Recent Results
In 2014-15, JPSPL reported a net profit of INR0.28 crore on an
operating income of INR101.78 crore, as against a net profit of
INR0.19 crore on an operating income of INR70.04 crore in 2013-14.


JSW STEEL: Fitch Affirms 'BB+' Long-Term Issuer Default Rating
--------------------------------------------------------------
Fitch Ratings has revised JSW Steel Limited's (JSW Steel) Outlook
to Negative from Stable, while affirming the Long-Term Issuer
Default Rating (IDR) at 'BB+'. The agency also affirmed JSW
Steel's senior unsecured rating and the rating on its USD500m
4.75% senior unsecured notes due 2019 at 'BB+'.

The revision in the Outlook reflects the risk of further declines
in pricing, which would make it difficult for the company to
improve performance and reduce leverage. JSW Steel's financial
profile weakened amid challenging conditions for Indian steel
producers in 2015 and high debt levels as the company expands
capacity. A key assumption of Fitch's rating case is that steel
prices will recover modestly in the financial year ending 31 March
2017 (FY17) in response to improving steel demand in India.

The rating reflects the company's strong market position and
highly efficient operations, which allow it to maintain low costs.
Fitch expects JSW Steel's financial profile to improve
significantly in FY17 and FY18 with the benefits from capex
driving higher sales volume and improvement in profitability. The
better sales and profitability are key to maintaining the 'BB+'
rating.

KEY RATING DRIVERS

Challenging Market Dynamics: Fitch expects the pressure on JSW
Steel's profitability to continue in the near term. Indian steel
makers have been battling an influx of cheaper steel mainly from
China and muted demand. JSW Steel's consolidated blended EBITDA
per tonne fell to INR5,328 (USD82) during the six months ending 30
September 2015 (1HFY16) from INR9,080 a year earlier. However, the
government imposed a 20% duty on imports of certain steel products
from 14 September 2015 for 200 days, which has provided temporary
relief to Indian steel producers. We consequently expect the
company's blended EBITDA per tonne to improve during 2HFY16.

Fitch expects JSW Steel's profitability to improve modestly in
FY17, supported by moderate improvement in Indian steel demand.
However, we expect Indian steel imports to remain high during 2016
and steel prices to continue to be low; and JSW Steel's EBITDA per
ton is likely to remain below INR7,000.

Temporary Rise in Leverage: JSW Steel's financial profile has
weakened because of a fall in profitability and increasing debt
levels due to its ongoing capex. We expect the company's FFO net
leverage to rise to around 5.4x during FY16 (FY15: 4.5x), which is
high for its current rating. However, Fitch projects JSW Steel
will deleverage in the next two to three years and expects FFO net
leverage to fall below 3.5x in 2018, bringing it to a level
commensurate with a 'BB+' rating. This is provided there is no
further softening of steel prices or increase in imports.

Capex Nearing Completion: JSW Steel's expansion of its capacity to
18 million tonnes per annum (mpta), from 14mtpa now, is nearing
completion. The company expects to complete its expansion to 18
mtpa by 4QFY16. Fitch expects JSW Steel to report free cash flows
from FY17 once the capex completes and benefits from the larger
capacity start flowing. We expect this to aid the deleveraging
efforts.

Leading Market Position: JSW Steel has a leading market position
and is among the largest steel producers in India. The company has
a dominant market share in southern and western India where its
plants are located. JSW Steel's market position is also supported
by its increasing share of value-added products, which is likely
to improve its profitability over the medium term.

Efficient Operations: JSW Steel's highly efficient operations and
low costs for energy and labour support its low steel conversion
cost. The company has among the lowest conversion costs globally,
which underpins profitability despite the lack of vertical
linkages.

Absence of Vertical Linkages: JSW Steel has minimal vertical
integration for both iron ore and coking coal. This results in
higher costs compared with some of its peers, because it needs to
purchase these raw materials. However, the company's low
conversion costs have mitigated this to a large extent, and JSW
Steel has benefited from the fall in commodity prices. JSW Steel
has also diversified its raw-material sourcing to minimise the
impact on operations from supply disruptions.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for JSW Steel
include
-- Iron ore prices in line with Fitch's mid-cycle assumptions
    of US$50/tonne during 2016 and USD55/tonne in 2017 and soft
    steel prices
-- Completion of expansion to 18 mtpa by 4QFY16
-- No major capex after the expansion to 18mtpa
-- Volume growth of over 5% in FY16 and over 10% in the next two
    years

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to the Outlook being revised to Stable include:
-- FFO net leverage improving to 3.5x or below on a sustained
    basis
-- Improvement in EBITDA/tonne to around USD100 in FY17 and
    further to around USD120 thereafter on a sustained basis
    (FY15: USD116)
-- Free cash flows turning positive by FY17.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- FFO net leverage exceeding 3.5x on a sustained basis
-- Weakening profitability resulting in sustained EBITDA/ tonne
    of below USD120 beyond 2017
-- Free cash flows remaining negative over the cycle.


KABIR MALL: ICRA Suspends D Rating on INR10cr Bank Loan
-------------------------------------------------------
ICRA has suspended the [ICRA] D rating for the INR10.00 crore bank
facilities of Kabir Mall. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.


KAILASH HILLWAYS: CRISIL Assigns B Rating to INR30MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Kailash Hillways Engineering associates (KHEA).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              7        CRISIL B/Stable
   Bank Guarantee        35        CRISIL A4
   Cash Credit           30        CRISIL B/Stable

The ratings reflect KHEA's limited revenue diversity with high
geographical concentration risk, small scale of operations in the
highly fragmented civil construction segment, and large working
capital requirement constraining the liquidity. These rating
weaknesses are mitigated by the promoters' extensive industry
experience.

Outlook: Stable
CRISIL believes KHEA will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if KHEA achieves higher-than-expected
revenue growth while maintaining profitability and capital
structure. Conversely, the outlook may be revised to 'Negative' if
the capital structure and debt protection metrics are weakened
because of increased reliance on debt to fund the incremental
working capital requirement, lower than expected revenue or the
liquidity weakens on account of stretched working capital cycle.

KHEA was established as a partnership firm by Mr. Kailash
Pokhriyal, Mr. Bachan Pokhriyal and Mr. Chandervir Singh Pokhriyal
in 2001. The firm undertakes the construction and maintenance of
roads and bridges for government projects in Garhwal
(Uttarakhand).

KHEA reported a net profit of INR11.2 million on net sales of
INR176.7 million in FY 2014-15 against net sales of INR3.2 million
on net sales of INR64.5 million in FY 2013-14.


KINGFISHER AIRLINES: SBI Declares Promoter 'Wilful Defaulter'
-------------------------------------------------------------
Neeraj Chauhan & Mayur Shetty at The Times of India reports the
State Bank of India -- the largest lender to defunct airline
Kingfisher -- has declared the carrier, its promoter Vijay Mallya
and United Breweries Holdings as "wilful defaulters" after its
grievance redressal committee rejected the arguments made by the
borrower through its legal representative recently.

According to the report, the move comes even as the Enforcement
Directorate (ED) is set to launch a money laundering probe against
Mallya and Kingfisher Airlines. TOI relates that sources said the
agency has asked for a copy of the FIR filed by CBI so that a case
under the Prevention of Money Laundering Act could be filed
against Mallya and the airline on the basis of "prime facie
evidence". It is alleged that a major chunk of loans to the tune
of INR4,000 crore extended to Kingfisher by nationalised banks,
which are now under CBI probe, were diverted to tax havens such as
Cayman Island and Mauritius, the report says.

TOI relates that sources said that Mallya's role is being probed
as the head of the company as initial investigations have pointed
to possible misuse of bank funds. Officials said a loan taken from
IDBI Bank was shown to have been used for leasing aircraft from
companies based in tax havens and high rent was paid to the
companies.

For the 'king of good times', the immediate worry would be the
action taken by SBI after he mounted a legal challenge in similar
cases initiated by other banks, says TOI. Sources said SBI had
taken pains to ensure that the charges stick.

TOI notes that the biggest implication of a wilful defaulter tag
is that banks will not lend to any business associated with a
wilful defaulter. Two, they may even push for change of management
of companies where they have sizeable exposure and promoter has
been declared a wilful defaulter.

SBI had proceeded against the airline on the grounds that funds
were not used for the assigned purpose and loans were not paid
even when there were resources available, adds TOI.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past seven years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile. Presently, the company does not carry out
any commercial operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)


KINGFISHER AIRLINES: SBICap to e-auction Movable Assets
--------------------------------------------------------
The Times of India reports that SBICap Trustee Company has
announced an e-auction of all the movable assets of Kingfisher
Airlines located at the international airport at Mumbai in a bid
to recover the airlines outstandings of INR6,963 crore plus
interest.

TOI says the movable items include over forty service vehicles
such as tractors, tempos, cars, aircraft pullers and other
equipment relating to the airline industry. However, given the
derelict state the reserve price has been fixed at INR65 lakh.

According to the report, the auction will be conducted on December
7 between 11:00 a.m. to 1:00 p.m. The company has named KAL as the
borrower and Vijay Mallya and United Breweries Holdings as
guarantors, the report relates.

TOI reports that the bankers said although the reserve price does
not cover even one day's interest, this is a process that needs to
complete. In terms of the due process the lenders have to dispose
the assets through an auction to the highest bidder.

Compared to the size of the loan, realisable value of security
with banks is very low, the report notes.  According to the
report, the highest value among the tangible assets pertains to
Kingfisher House -- a 17,000 square foot office property near
Mumbai airport and Kingfisher Villa -- a bungalow in Goa. Although
KFA was at one time the largest airline, the fleets are lease
financed and most of the loans were advanced against guarantee of
UBHL and on the strength of the Kingfisher brand, the report
states.

                     About Kingfisher Airlines

Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012.  The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.

The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.

According to Bloomberg News, Mr. Mirpuri said in an e-mail on
January 13 the airline continues its efforts to recapitalize and
restart services.

As reported in the TCR-AP on May 18, 2015, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd (KFAL) continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past seven years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile. Presently, the company does not carry out
any commercial operations.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          8940       CRISIL D (Reaffirmed)

   Funded Interest
   Term Loan            2260       CRISIL D (Reaffirmed)


   Long Term Loan       5970       CRISIL D (Reaffirmed)

   Rupee Term Loan     35270       CRISIL D (Reaffirmed)

   Short Term Loan       390       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan            2990       CRISIL D (Reaffirmed)


LAMB CERAMICS: ICRA Suspends B Rating on INR3cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to the
INR3.00 crore cash credit facility and INR2.00 crore term loan
facility of Lamb Ceramics Private Limited. ICRA has also suspended
the short term rating of [ICRA]A4 assigned to the INR0.75 crore
short-term non-fund based facility of LCPL 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           3.00        [ICRA]B suspended
   Term Loans            2.00        [ICRA]B suspended
   Bank Guarantee        0.75        [ICRA]A4suspended

Incorporated in 2009, Lamb Ceramics Private Limited (LCPL) is
engaged in manufacturing of ceramic wall tiles with its production
facility located at New Dhuva in Rajkot district of Gujarat. The
company has production capacity of 21,000 metric tonnes per annum
(MTPA) and currently manufactures digitally printed ceramic wall
tiles of three sizes 10"X13", 18"X12" and 12"X12". The company has
established two brands namely "Lamb" and "Sco" for selling its
products in the market.


LICHCHHWI FOOD: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lichchhwi Food
India Pvt. Ltd. (LFIPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect LFIPL's small scale of operation and moderate
credit profile. In FY15, revenue was INR100m, operating EBITDAR
margins of 24.2%, interest coverage (operating EBITDA/gross
interest expense) was 1.5x and net financial leverage (total Ind-
Ra adjusted net debt/operating EBITDAR) was 6.9x. The ratings also
factor in LFIPL's tight liquidity as reflected in its 99% average
working capital limit utilisation during the 12 months ended
October 2015.

The ratings, however, benefit from the two-decade-long experience
of LFIPL's directors in the cold storage industry.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in 1998, LFIPL runs a 13,500MT multipurpose cold
storage and a 500MT frozen unit at Hajipur Vaishali, Bihar.

LFIPL is managed by Mr. Avinash Kumar and Mr Arun Kumar Singh.


LIMTEX AGRI: ICRA Lowers Rating on INR23cr Cash Loan to B+
----------------------------------------------------------
ICRA has revised the long term rating for the INR23.00 crore fund
based facilities, and INR0.40 crore non fund based facilities of
Limtex Agri Udyog Limited, from [ICRA]BB+ to [ICRA]B+. ICRA has
also revised the short term rating for the INR8.00 crore non fund
based facilities of the company from [ICRA]A4+ to [ICRA]A4. The
ratings on the unallocated limits of INR0.11 crore have also been
revised to [ICRA]B+/[ICRA]A4 from [ICRA]BB+/[ICRA]A4+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based-cash        23.00      Downgraded to [ICRA]B+
   Credit

   Non Fund based-         0.40      Downgraded to [ICRA]B+
   Bank Guarantee

   Non Fund based-
   Letter of Credit        8.00      Downgraded to [ICRA]A4

   Unallocated             0.11      Downgraded to [ICRA]B+/
                                     [ICRA]A4

The revision in the ratings considers the deterioration in the
financial risk profile of the Limtex group as a whole, primarily
the flagship company Limtex India Limited (rated at [ICRA]D/D),
which incurred significant cash losses during FY15 primarily due
to increase in tea procurement cost relative to its realization.
The ratings also factor in the decline in the operating profit
margins of Limtex Agri Udyog Limited during FY2015 on account of
increase in input costs. In addition, the highly working capital
intensive nature of operations continues to put pressure on the
liquidity position of the company. The ratings also continue to
factor in the experience of the promoters in the tea industry.

LAUL was incorporated as a private company in 2003, by Mr. Gopal
Poddar. The company owns a bought leaf tea plant and is primarily
engaged in manufacturing of CTC variety of tea as well as blending
and trading of tea in the domestic market. The factory is located
at Bidhan Nagar, Siliguri with a total installed capacity of 30
lakh kgs per annum.

Recent Results
The company reported an operating income (OI) of INR126.78 crore
and a net profit of INR0.25 crore during FY15 as compared to an OI
of INR115.08 crore and a PAT of INR0.91 crore during FY14.


N.S.K. BUILDERS: CRISIL Reaffirms B Rating on INR150MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings of the bank facilities of N.S.K. Builders Private
Limited (NBPL) continue to reflect high working capital intensity
of operations, exposure to risks related to tender-based nature of
business and vulnerability of operating margin to fluctuations in
prices of input materials and to the nature of work undertaken.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the construction industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         270      CRISIL A4 (Reaffirmed)
   Cash Credit            150      CRISIL B/Stable (Reaffirmed)
   Open Cash Credit        80      CRISIL B/Stable (Reaffirmed)

For arriving at the ratings, CRISIL has treated unsecured loans of
INR297.9 million from promoters as on March 31, 2015  as neither
debt nor equity. This is because these loans are subordinated to
bank debt and the management has issued an undertaking to this
effect to State Bank of India.

Outlook: Stable
CRISIL believes NBPL 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 improvement in
the working capital cycle with substantial reduction in debtors,
and if there is a significant increase in scale of operations and
operating profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of substantial debt-funded capital expenditure, or a decline
in revenue and operating profitability, or lengthening of the
working capital cycle, leading to deterioration in the financial
profile.

Update
Sales grew at the healthy rate of 70 per cent year-on-year to
INR1045 million in 2014-15 (refers to financial year, April 1 to
March 31). The growth was largely on account of new higher value
orders bagged from Neyveli Lignite Corporation Ltd (rated 'CRISIL
AAA/Stable') and the Maravanthe break-water project. However,
margins declined on account of increasing material and labour
costs and changes in nature of work undertaken, leading to cash
accrual remaining at INR40-50 million. CRISIL expects strong
revenue growth over the medium term backed by a healthy order book
of over INR1800.0 million currently; however, margins will remain
vulnerable to raw material prices and nature of work.

Operations remain highly working capital intensive as reflected in
gross current assets of 279 days as on March 31, 2015. Working
capital requirement will remain large over the medium term due to
the nature of business. Equity infusion in 2014-15 led to
improvement in the financial risk profile. Networth increased to
INR300.0 million as on March 31, 2015, from INR150.0 million a
year earlier; this led to an improvement in gearing and debt
protection metrics.

Though the promoters' funds (equity and unsecured loans) have
supported the liquidity, the company's bank line remains highly
utilised due to working capital-intensive operations. CRISIL
believes though the financial risk profile will remain healthy
over the medium term, liquidity will remain stretched due to large
working capital requirement.

NBPL was originally established in 1996 as a partnership firm,
which was reconstituted as a private limited company with the
current name in 2010. It undertakes civil construction for various
large infrastructure projects such as roads, break water projects.
The company is promoted by Mr. N S K Kalairaja and Mr. N S K
Karunairaja.


NAINANI MEDICO: CRISIL Reaffirms B+ Rating on INR55MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nainani Medico
(NMD) continues to reflect NMD's weak financial risk profile
because of a high total outside liabilities to tangible net worth
(TOLTNW) ratio and small scale of operations. These weaknesses are
partially offset by the proprietor's extensive experience in the
trading of pharmaceutical products and the firm's established
distribution network.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            55       CRISIL B+/Stable (Reaffirmed)
   Overdraft Facility      4       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes NMD will continue to maintain its business risk
profile, backed by its proprietor's extensive experience. The
outlook may be revised to 'Positive' if the firm improves its
financial risk profile driven by an increase in the scale of
operations leading to increase in cash accrual or fresh capital
infusion. Conversely, the outlook may be revised to 'Negative' if
NMD's liquidity deteriorates because of an increase in the working
capital requirements or its financial risk profile weakens because
of capital withdrawal by the proprietor.

NMD was set up in 1988 by Mr. Laxman Nainani. It is a sole
proprietorship firm based in Kota (Rajasthan). The firm is a
distributor of pharmaceutical products in Kota.


OM COTEX: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
-------------------------------------------------------
The rating of [ICRA]B+ has been reaffirmed for the INR18.00 crore
fund based cash credit facility and also assigned a long-term
rating of [ICRA]B+ to the term loan facility of INR3 crore of OM
Cotex.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           18.00       [ICRA]B+; reaffirmed
   Term Loan              3.00       [ICRA]B+; assigned

Key Rating Considerations

Credit Strengths
* Long standing experience of promoters in the cotton ginning
   business.

* Strategic location of the plant in the cotton producing belt
   of India giving it easy access to raw cotton

Credit Concerns
* De-growth of operating income in FY 2015

* Financial profile of the firm characterized by low
   profitability, moderate gearing levels and weak coverage
   indicators.

* Profitability is vulnerable to movements of agricultural
   produce prices which are subject to seasonality and crop
   harvest.

* Limited value addition and highly competitive & fragmented
   industry structure due to low entry barriers leads to low
   operating and net margins.

* Partnership firm, any substantial withdrawal from capital
   accounts would impact the net worth and thereby the gearing
   levels.

Rating Rationale

The rating continues to be constrained by the OC's weak financial
profile as reflected by low profitability, moderate gearing levels
and weak coverage indicators. The rating also takes into account
de-growth in operating income in FY 2015. The rating is further
constrained by low value additive nature of operations,
vulnerability of profitability to adverse fluctuations in raw
material prices and intense competition on account of fragmented
industry structure that exerts pressure on profit margins.
The rating, however, positively considers the long experience of
the promoters in the cotton ginning and pressing industry. The
rating also favourably considers the advantage firm enjoys by
virtue of its location in cotton producing region giving it easy
access to raw cotton.

Business Risk Profile
OM Cotex is engaged in the business of cotton ginning and pressing
of raw cotton to produce cotton bales and cotton seeds. The firm
was equipped with 36 ginning machines and 1 automatic pressing
machine. Later on in FY 2015 the firm purchased 36 ginning machine
and 1 pressing machine with total capex of INR3.02 crore. The
capex was funded though term loans of INR2.34 crore and remaining
through promoters own fund and internal accruals. The capacity
utilization (assuming 200 days of operations per year) has
remained low at ~ 35% for cotton bales during FY 2015. The firm
derives majority of revenue from cotton bales (~74%) and cotton
seeds (~26%). Most of the sales are made through a network of
brokers with majority of sales being made to merchant exporters.
The firm also does trading of cotton bales and cotton seeds.

The firm mainly deals in S-6 variety of raw cotton which is
procured from local farmers and also from APMC. The firm's
location in Rajkot district - Gujarat, an area with high output of
cotton crop provides it with easy access to high quality raw
cotton. However, as the production is carried out on a rolling
stock basis without confirmed orders, the margins remain exposed
to volatility in cotton prices.

The cotton ginning industry is highly fragmented with presence of
large number of players operating within Gujarat resulting in high
competitive intensity. The industry is also exposed to regulatory
risks with the Government imposing a Minimum Support Price (MSP)
for purchase of raw cotton during over supply in the market and
restricting export of cotton in order to save the related domestic
manufacturing industry.

Financial Risk Profile

Revenue & Profitability
OC has reported an operating income of INR133.73 crore in FY 2015
as against operating income of INR163.86 crore in FY 2014 on
account of decline in sales volume as well as decline in sales
realisation. As inherent in cotton ginning business, the operating
margin of the firm has remained low for the analyzed period. The
operating margin of the firm for FY 2015 stood at 1.58% on account
of low value addition and high competitive intensity due to
fragmented industry structure. The net margins of the firm have
also slightly improved to 0.53% in FY 2015 from 0.32% in FY 2014.
ROCE and RONW remain low at 8.82% and 11.44% in FY 2015
respectively.

Capital Structure & Liquidity
The cotton ginning business is working capital intensive with most
of the funds blocked in inventory since the raw cotton is required
to be procured and stored during the cotton harvesting season.
Hence the capital structure of the firm comprises of working
capital of INR17.45 crore, term loan of INR1.59 crore and
unsecured loans from related parties of INR2.24 crore as on 31st
March 2015. Total debt of the firm has remained high due to high
working capital borrowing as on March 31, 2015. Gearing of the
firm declined from 2.94 times in FY 2014 to 2.71 times in FY 2015
on account of increased net worth. Modest operating profitability,
coupled with high debt levels have translated into weak interest
coverage indicator for the firm with OPBDIT/ I & F of 1.55 times
and Total debt/OPBDIT of 10.05 times for FY 2015.

Prospects
Going forward, the firm's ability to improve profitability and
capital structure, given the seasonality of the business,
volatility in prices of cotton, high competitive intensity and
uncertain regulatory scenario, will remain critical to the credit
profile of the firm.

Established in 2011, OM Cotex is engaged in cotton ginning and
pressing operations. The firm is currently managed by Mr. Nitesh
Bhuva, Mr. Rajesh Kasundra, Mr. Pankaj Lalakiya and Mr. Rajesh
Ghodasara. The firm has 72 ginning machines and 2 pressing machine
and operates from its manufacturing facility located at Rajkot,
Gujarat.

Recent Results
For the year ended 31st March, 2015, OC reported an operating
income of INR133.73 crore and profit after tax of INR0.71 crore.


PARAMOUNT WHEELS: ICRA Reaffirms B Rating on INR16cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR16.00 crore (enhanced from INR12.00 crore) bank facilities
of Paramount Wheels Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based facilities      16.00        [ICRA]B reaffirmed

The reaffirmation of rating takes into account the company's
association with Maruti Suzuki India Limited (MSIL), which is the
market leader in the passenger car segment in India. The rating
also takes cognisance of the relatively large catchment area for
the company's outlets in Mumbai suburban region and its
diversified revenue stream across sales, services and spares.
Nonetheless, the rating continues to remain constrained by the
company's thin operating margins (2.93% during FY2015) on account
of weak bargaining power in the automobile dealership business,
leveraged capital structure (gearing of 7.15x as on March 31,
2015) and weak coverage indicators. The rating also takes into
account the intense competition from established and new MSIL
dealers in Mumbai as well as from dealers of other OEMs and
vulnerability of the sales to the cyclicality of the passenger
vehicle industry. Going forward, the company's ability to improve
its capital structure and margins would be the key sensitivities.

Paramount Wheels Private Limited is an authorized dealer of MSIL
and is promoted by Mr Rajeev Arora and Mr. Sanjeev Arora. The
company was incorporated in 2010 and began its operations in March
2011. The company has its outlets in suburban region of Mumbai.
PWPL has two showrooms and a body shop in Mira Road, one showroom
and a workshop in Wada, one workshop in Goregaon and a True Value
outlet in Dahisar.

Recent Results
As per the audited results for FY2015, PWPL reported a profit
after tax (PAT) of INR0.12 crore on an operating income of
INR89.01 crore as against PAT of INR0.17 crore on an operating
income of INR79.90 crore during the previous year.


PEARL INTERNATIONAL: Ind-Ra Assigns 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pearl
International Tours and Travels Limited (PITTL) a Long-Term Issuer
Rating of 'IND BB. The Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in PITTL's moderate scale of operations, credit
metrics and EBITDA margins. In FY15, revenue stood at INR288.53m,
EBITDA margins at 8.79%, gross coverage (operating EBITDA/gross
interest expense) at 2.43x and gross leverage (total Ind-Ra
adjusted debt/operating EBITDAR) at 3.45x. The ratings also
reflect PITTL's tight liquidity position as reflected in 97%
average utilisation of working capital facility during the 12
months ended September 2015.


PITTL's margins improved to 8.79% in FY15 (FY14: 7.24%) as the
company shifted its focus towards high-margin direct corporate
sales. This is likely to further benefit the profitability over
the short to medium term.

The ratings are also supported by the over two decades of
experience of PITTL's promoters in the same line of business.

RATING SENSITIVITIES

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

Positive: A sustained increase in the EBITDA margins along with
improving and/or maintaining the credit metrics will be positive
for the ratings.

COMPANY PROFILE

PITTL was incorporated in 1990 and operates as a travel agent. Its
headquarter is located in New Delhi and it has branches in
Lucknow, Jaipur and Chandigarh. It operates through two modes i.e.
through local travel agents and by directly catering to
corporates. PITTL also operates as a Lufthansa City Centre for the
Delhi region.


PRATEEK ALLOYS: ICRA Withdraws B Rating on INR5.0cr Loan
--------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA] B assigned to
the INR5.0 crore, fund-based working capital facilities, and short
term rating of [ICRA]A4 assigned to INR7.40 crore, non-fund based
bank facilities of Prateek Alloys Private Limited, as the notice
period of three years since suspension of rating has expired.


RENUKA CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR100MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Renuka
Constructions - Pune (RC) continues to reflect RC's exposure to
risks related to implementation of projects, given their initial
stage of execution, and low customer booking. The rating also
factors in susceptibility to risks and cyclicality inherent in the
Indian real estate industry. These weaknesses are partially offset
by promoter's extensive experience and established track record in
the real estate sector and his funding support to the firm.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan           100      CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RC will benefit over the medium term from
promoter's extensive industry experience and funding support. The
outlook may be revised to 'Positive' if cash inflow improves with
timely project completion and healthy customer booking.
Conversely, the outlook may be revised to 'Negative' if liquidity
is constrained by time or cost overruns in project, or in case of
significantly low customer advances resulting in low cash inflow,
or if the firm simultaneously undertakes large debt-funded
projects.

RC is a proprietorship firm set up by Mr. Babu Mhehtre in 1993-94
(refers to financial year, April 1 to March 31). The firm develops
real estate in Pune. It has three ongoing projects: Renuka Gulmarg
Phase II, Renuka Tulsi, and Sai Mouli.


SHREE SATSANGI: CRISIL Reaffirms B- Rating on INR101.5MM Loan
-------------------------------------------------------------
CRISIL's rating continues to reflect Shree Satsangi Saket Dham Ram
Ashram (SSSDRA)'s modest net worth and exposure to regulatory
risks. These rating weaknesses are partially offset by the growing
demand for technical education courses, and the established track
record of SSSDRA's institutes in the Mehsana (Gujarat) region.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Rupee Term Loan       101.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable
CRISIL believes that SSSDRA will continue to benefit over the
medium term from the growing demand for technical and higher
education in India. The outlook may be revised to 'Positive' in
case of significant increase in turnover and stable profitability,
leading to improved liquidity. Conversely, the outlook may be
revised to 'Negative' if a material decline in operating
profitability or any large debt-funded capital expenditure weakens
the financial risk profile.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and his
family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management,
and engineering.


SONI GINNING: Ind-Ra Assigns 'IND B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Soni Ginning
Factory (SGF) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The agency has also assigned SGF's INR60m fund-based
working capital limits a Long-term 'IND B+' rating with Stable
Outlook.

KEY RATING DRIVERS

The ratings reflect SGF's small scale of operations and moderate
financial profile. In FY15, the company's revenue was INR233m,
EBITDA margins were 4.4%, gross interest coverage was 1.4x and net
leverage (net debt/EBITDA) was 7.5x. SGF's liquidity is
comfortable with around 46% average utilisation of the fund-based
limits over the six months ended October 2015.

The ratings though benefit from the company's founders' experience
of over three decades in the cotton ginning business.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the scale of operations along with an improvement
in the credit metrics.

Negative: A negative rating action could result from deterioration
in the credit metrics.

COMPANY PROFILE

SGF is a Sendhwa-based cotton ginning factory, manufacturing raw
cotton seeds and lint with a production capacity of 200 bales per
day.


SRITHIK ISPAT: ICRA Withdraws D Rating on INR6cr Loan
-----------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]D assigned to the
INR6.0 crore, fund-based working capital facilities, and short
term rating of [ICRA]D assigned to INR18.8 crore, non-fund based
bank facilities of Srithik Ispat Private Limited , as the notice
period of three years since suspension of rating has expired.


SRITHIK ROLLING: ICRA Withdraws B Rating on INR7.09cr Loan
----------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B assigned to the
INR7.09 crore , fund-based working capital and term loan
facilities, and short term rating of [ICRA]A4 assigned to INR2.80
crore, non-fund based bank facilities of Srithik Rolling Private
Limited , as the notice period of three years since suspension of
rating has expired.


SRV TELECOM: CRISIL Assigns B Rating to INR90MM Cash Loan
---------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of SRV Telecom Private Limited (SRV) and assigned its
'CRISIL B/Stable/CRISIL A4' ratings to the facilities. CRISIL had,
on December 15, 2014, suspended the ratings as SRV had not
provided the necessary information required for a rating review.
The company has now shared the requisite information, enabling
CRISIL to assign ratings to the bank facilities.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Assigned;
                                   Suspension Revoked)
   Cash Credit            90       CRISIL B/Stable (Assigned;
                                   Suspension Revoked)
   Letter of Credit       10       CRISIL A4 (Assigned;
                                   Suspension Revoked)

The ratings reflect SRV's weak financial risk profile because of
an aggressive capital structure, and stretched liquidity due to
working capital-intensive operations. The rating also factors in a
modest scale of operations. These rating weaknesses are partially
offset by the extensive industry experience of the company's
promoters and established relationship with its customer, TTK
Prestige Ltd.

Outlook: Stable
CRISIL believes SRV will continue to benefit over the medium term
from promoters' extensive industry experience and established
relationship with its key customer. The outlook may be revised to
'Positive' in case of long-term fund infusion  or larger-than-
expected accrual from the company's induction cook-top business,
leading to better liquidity. Conversely, the outlook may be
revised to 'Negative' in case of a stretched working capital
cycle, leading to further pressure on liquidity, or large debt-
funded capital expenditure.

SRV, based in Bengaluru and promoted by Mr. E K Surendran, was
incorporated in 1995. It started operations as a manufacturer of
telecom equipment and electronic products such as phones with
caller identification, electronic push-button telephones, fixed
wireless telephones, patch cords and pigtails, and coin box
telephones.

Owing to irregularities in the telecom sector and slower
realisation of dues from its telecom customers, the company
entered into the consumer durables segment in 2011-12 (refers to
financial year, April 1 to March 31). It manufactures induction
cook-tops for TTK Prestige and others.


TIRUPATI CORRUGATORS: CRISIL Reaffirms D Rating on INR77.5MM Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities of Tirupati Corrugators
(TC) continues to reflect delay by TC in servicing its term loan;
the delays have been caused by liquidity pressures faced by TC
resulting from stretched working capital cycle.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         14       CRISIL D (Reaffirmed)
   Cash Credit            77.5     CRISIL D (Reaffirmed)
   Term Loan              59.2     CRISIL D (Reaffirmed)

The rating also reflects TC's modest scale of operations, working
capital intensive operations and weak financial risk profile
marked by a modest net worth base and high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of TC's proprietor in the corrugated boxes industry and
its diversified customer base.

TC was set up as a proprietorship concern in 2009 by Mrs. Mangla
Bangur; and commenced its commercial operations from October 2010.
TC is engaged in manufacturing of corrugated boxes using kraft
paper. TC overall operations are looked after by Mr. Anand Bangur.


TPP BOILERS: ICRA Suspends B+ Rating on INR2cr Loan
---------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR2.00 crore
fund based facilities and [ICRA]A4 rating assigned to the INR3.75
crore, short term non-fund based facilities of TPP Boilers Pvt.
Ltd. The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

TPP Boilers Pvt. Ltd. was incorporated in the year 2009 by Mr.
Himanshu Desai, Mr. A. N. Pandey and Mr. Kalpanath Pande. The
company is engaged in the business of fabrication of high
temperature steam boiler pressure parts like economizer coils,
superheater coils, studded coils, water wall panels, etc. The
company has its fabrication work shop in Vadodara (Gujarat).


TVC ELECTRONICS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of TVC Electronics (TVC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Standby Line of
   Credit                  5       CRISIL B+/Stable
   Cash Credit            40       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B+/Stab

The rating reflects a modest scale, and working capital-intensive
nature, of operations, below-average financial risk profile
constrained by a small net worth and weak interest coverage. The
ratings also factor in the firm's small operating margins which
are susceptible to intense industry competition. These rating
weaknesses are partially offset by the extensive industry
experience of the firm's promoter and its established position in
the consumer electronics retail market in Tamil Nadu.

Outlook: Stable
CRISIL believes TVC will continue to benefit over the medium term
from its promoter's extensive industry experience and its
established market position. The outlook may be revised to
'Positive' in case of significant and sustained improvement in
revenue and profitability, leading to large cash accrual, coupled
with a better working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected revenue
and profitability, or large, debt-funded capital expenditure, or
lengthening of the working capital cycle, resulting in
deterioration in the firm's financial risk profile, particularly
liquidity.

Established as a proprietorship firm in 1992, TVC retails consumer
durables (white goods and small home appliances) through five
outlets spread across Tamil Nadu. Based in Neyveli (Tamil Nadu),
the firm is promoted by Mr. S G Ajith Kumar.

In 2014-15 (refers to financial year, April 1 to March 31), TVC,
on a provisional basis, had a profit after tax (PAT) of INR1.9
million on net sales of INR291 million; it had a PAT of INR1.5
million on net sales of INR204 million in 2013-14.


VIDHATRI EXPORTS: CRISIL Cuts Rating on INR60MM Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Vidhatri Exports Private Limited (VEPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

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

The downgrade reflects the weakening of VEPL's liquidity because
of an operating loss, and a stretch in the working capital cycle
resulting in almost full utilisation of bank limits. CRISIL
believes the company will need to register a substantial increase
in cash accrual, or a sustained improvement in the working capital
cycle, to alleviate the pressure on liquidity.

VEPL incurred an operating loss of INR20 million in 2014-15
(refers to financial year, April 1 to March 31) on revenue of
INR809 million. The loss is on account of intensifying competition
and increased overhead costs. Also, there has been a stretch in
the working capital cycle, as reflected in an increase in
receivables, leading to almost full utilisation of bank limits
over the six months through October 2015.

The rating continues to reflect the weak financial risk profile
because of small net worth, high gearing, and weak debt protection
metrics. The rating is also constrained by large working capital
requirement, and exposure to intense competition in the textile
industry. These rating weaknesses are partially offset by the
extensive experience of promoters in the textile industry.

Outlook: Stable
CRISIL believes VEPL will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of cash profits, or a sustained
improvement in the working capital cycle. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability margins, or deterioration in the capital structure
caused most likely by a large, debt-funded capital expenditure, or
a stretch in the working capital cycle.

VEPL was set up in 2006 as a partnership firm by the Gujarat-based
Poddar family. The company exports dyed and printed fabric. It is
based in Mumbai.


VIRAJ SYNTEX: CRISIL Assigns B+ Rating to INR41.5MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to the
long-term bank facilities of Viraj Syntex Pvt Ltd (VSPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan             12.1      CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    27.9      CRISIL B+/Stable
   Packing Credit        13.5      CRISIL A4
   Inland/Import Letter
    of Credit            10        CRISIL A4
   Cash Credit           41.5      CRISIL B+/Stable
   Inland Guarantees      5        CRISIL A4

The rating reflects VSPL's modest scale of operations and average
financial risk profile marked by high gearing. The rating also
reflects working-capital-intensive operations. These weaknesses
are partially offset by the extensive industry experience of
VSPL's promoters.

Outlook: Stable
CRISIL believes VSPL will continue to benefit over the medium from
promoters' extensive experience. The outlook may be revised to
'Positive' if VSPL improves its capital structure either by equity
infusion or higher-than-expected cash accruals, backed by
improvement in scale of operations along with prudent working
capital management. Conversely, the outlook may be revised to
'Negative' if VSPL's financial risk profile deteriorates on
account of further decline in its revenues and profitability or in
case of a larger-than-expected, debt-funded capital expenditure,
or if its liquidity weakens significantly on account of increase
in its working capital requirements.

VSPL was incorporated in 1994, promoted by members of the Kanpur
(Uttar Pradesh)-based Kohli family. It manufactures safety harness
and slings for the infrastructure and defence sectors, and caters
to both the domestic and global markets. The company is managed by
Mr. Rahul Kohli and Ms. Ruchi Kohli.


XPLORE LIFESTYLE: CRISIL Cuts Rating on INR90MM LT Loan to B
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Xplore Lifestyle Solutions Private Limited (Xplore) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             35      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Long Term      90      CRISIL B/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL B+/Stable')

The downgrade reflects continued pressure on Xplore's business
risk profile because of increasing working capital requirement and
a decline in revenue. Operating income declined by 18 per cent in
2014-15 over the previous year to INR68.4 million because of
subdued demand from end customers. However, the working capital
requirement increased in 2014-15, because of a substantial
increase in inventory and debtors. Gross current assets rose to
534 days as on March 31, 2015, from 376 days in the previous year,
mainly because of high inventory and debtors of 443 days and 137
days. CRISIL believes Xplore's liquidity will remain under
pressure over the medium term because of small accrual and large
working capital requirement.

The rating reflects Xplore's modest scale of operations with large
working capital requirement, and below-average financial risk
profile because of modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of Xplore's promoters in the fitness
equipment trading business, and funding support from them.

Outlook: Stable

CRISIL believes Xplore will continue to benefit over the medium
term from the promoters' extensive industry experience and their
funding support. The outlook may be revised to 'Positive' if
significant growth in revenue, along with sustained improvement in
the working capital cycle, results in sizeable net cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
further pressure on the liquidity owing to low cash accrual, large
working capital requirement, or large, debt-funded capital
expenditure.

Established in 2010, Xplore is a distributor of fitness and
healthcare equipment. The company, owned and managed by Mr. Pankaj
Balwani and his family members, is headquartered at Pune
(Maharashtra).



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


SHARP CORP: Asks All Employees to Buy Company Products
------------------------------------------------------
Japan Today reports that Sharp Corp., currently implementing
management reconstruction measures, has asked all of its employees
to set a target amount for purchasing the company's products.

The company has asked board members and executive officers to
spend JPY200,000 on Sharp products; JPY100,000 for employees in
management positions, and JPY50,000 for all other employees, Japan
Today, citing a Sankei Shimbun report, relates.

Furthermore, employees can buy TVs and refrigerators for a special
price and get 2% of the total purchase price reimbursed. This
program lasts until Jan. 29, 2016, says Japan Today.

Japan Today relates that although Sharp said it is not mandatory
for employees to comply with the request, the move has been
criticized by media observers because employees have to make their
purchases through a specific website, so the company can see who
buys what.

According to Japan Today, Yoshisuke Hasegawa, a senior executive
director, wrote in an internal document to employees, and which
was leaked to Japanese media: "Please help us get through this
difficult situations."

Japan Today notes that Sharp on Oct 31 posted a whopping six-month
net loss of JPY83.6 billion, hit by restructuring costs and a
slump in demand for its smartphone screens. Sharp posted the loss
in the half-year through September, down from a small profit a
year earlier, while revenue fell 3.6% to JPY1.28 trillion, Japan
Today discloses.

The liquid-crystal display giant, which is key supplier to Apple
and other mobile phone makers, singled out a downturn in
smartphone-screen demand in China for its latest set of poor
results, according to Japan Today.

Earlier this year, Sharp said it was cutting 10% of its 49,000
global workforce as part of a turnaround plan intended to keep it
afloat, the report recalls.

Japan Today says Sharp earlier announced the sale of the building
that houses its Osaka headquarters and issued shares to its banks,
in an apparent lifeline that underscored the company's desperate
situation.

The report notes that the once-mighty firm, like rivals Sony and
Panasonic, has been working to move past years of gaping deficits,
partly caused by steep losses in its television unit.

The trio were hammered by competition from lower-cost rivals,
particularly from South Korea and Taiwan, adds Japan Today.

Based in Osaka, Japan, Sharp Corporation (TYO:6753) --
http://sharp-world.com/-- manufactures and sells electronic
telecommunication devices, electronic machines and components.

As reported in Troubled Company Reporter-Asia Pacific on
Nov. 6, 2015, Standard & Poor's Ratings Services said that it has
lowered its long-term corporate credit and debt ratings on Japan-
based electronics company Sharp Corp. to 'CCC+' from 'B-' and its
short-term corporate credit and commercial paper program ratings
on the company to 'C' from 'B'.  S&P has also lowered its long-
term corporate credit rating on overseas subsidiary Sharp
International Finance (U.K.) PLC to 'CCC+' and the rating on its
commercial paper program to 'C'.  The outlook on the long-term
corporate credit ratings on both companies is negative.


VUZIX CORP: Reports $2.81 Million Net Loss for Third Quarter
------------------------------------------------------------
Vuzix Corporation filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net loss
attributable to common stockholders of $2.81 million on $970,379
of total sales for the three months ended Sept. 30, 2015, compared
to a net loss attributable to common stockholders of $3.30 million
on $664,586 of total sales for the same period during the prior
year.

For the nine months ended Sept. 30, 2015, the Company reported a
net loss attributable to common stockholders of $11.04 million on
$2.20 million of total sales compared to a net loss attributable
to common stockholders of $1.55 million on $2.18 million of total
sales for the same period a year ago.

As of Sept. 30, 2015, the Company had $22.13 million in total
assets, $2.74 million in total liabilities and $19.38 million in
total stockholders' equity.

The Company had cash and cash equivalents of $16,072,222 as of
Sept. 30, 2015, an increase of $15,987,255 from $84,967 as of Dec.
31, 2014.

A full-text copy of the Form 10-Q is available for free at:

                       http://is.gd/usgeqj

                     About Vuzix Corporation

Vuzix -- http://www.vuzix.com/-- is a supplier of Video Eyewear
products in the consumer, commercial and entertainment markets.
The Company's products, personal display devices that offer users
a portable high quality viewing experience, provide solutions for
mobility, wearable displays and virtual and augmented reality.
Vuzix holds 33 patents and 15 additional patents pending and
numerous IP licenses in the Video Eyewear field. Founded in 1997,
Vuzix is a public company with offices in Rochester, NY, Oxford,
UK and Tokyo, Japan.

The net loss for the year 2014 was $7.87 million versus a net loss
of $10.1 million in 2013.



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


TORCHLIGHT FUND: John Grill to Appeal High Court Ruling on Loan
---------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Australian businessman
John Grill's Wilaci investment unit will appeal a High Court
ruling that it wasn't entitled to AUD33.6 million of penalty fees
on a short-term loan to Pyne Gould Corp subsidiary Torchlight Fund
No 1 LP.

BusinessDesk relates that Guernsey-based, NZX-listed Pyne Gould
said Wilaci is appealing the New Zealand High Court ruling, which
it said "was correct and in accordance with long-established legal
principles" and said the appeal was "without merit." The company
said it won't comment further until the appeal is concluded, the
report relays.

BusinessDesk recalls that Justice Matthew Muir last month ruled
the Torchlight unit didn't have to pay a late penalty fee on a
AUD$37 million loan from Wilaci, which "so significantly exceeds
the loss likely to be caused by the breach that it qualifies as
extravagant and therefore unenforceable," saying the AUD2.17
million per month fee "was undoubtedly extravagant in relation to
any such loss."

According to BusinessDesk, Wilaci lent the funds to Torchlight on
August 22, 2012, to help the Pyne Gould entity through what
managing director George Kerr described as "a very tight liquidity
situation" when Bank of Scotland International was exiting
Australasia and calling for repayment from its debtors, including
Torchlight's Australian real estate investment, RCL Group. A high-
profile dispute with the Financial Markets Authority made it more
difficult for Mr Kerr to recapitalise Torchlight, the report says.

The report relates that Mr. Grill's Wilaci financed its loan by
borrowing the funds from Credit Suisse, pledging 3.5 million
shares in ASX-listed engineering firm WorleyParsons as collateral.

The loan was due to be repaid by October 26, a deadline Torchlight
missed, although Wilaci didn't immediately call on the loan,
BusinessDesk notes. Rather, it managed the repayment through seven
tranches between October 2013 and May 2014.

Wilaci served its demand on Torchlight in May 2013, and appointed
receivers in June that year, BusinessDesk discloses.

BusinessDesk says shortly before the August hearing, Torchlight
admitted liability for a AUD5 million fee plus interest, and the
judge also ordered the Pyne Gould entity to pay NZ$1.18 million in
receivers' costs and disbursements, plus additional costs that had
been incurred since July 31.

Pyne Gould later said those costs amounted to about NZ$4 million
and had been provided for in the company's accounts, the report
notes.



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


* SOUTH KOREA: Zombie Companies Spur Restructuring Push
-------------------------------------------------------
Jiyeun Lee at Bloomberg News reports that policy makers in Seoul
are accelerating efforts to restructure debt-laden and
unprofitable companies before an anticipated rise in U.S. interest
rates and any further slowdown in China reverberates in South
Korea.

Falling exports and huge losses among some of Korea's corporate
giants have injected urgency into efforts to sell poorly
performing assets and raise competitiveness, Bloomberg says.
Overseas shipments have dropped every month this year, with
notable weakness in sales to China.

According to Bloomberg, government ministries, financial
regulators and state-run banks have established a committee to
oversee corporate restructuring while a review of credit ratings
continues for large companies that are at risk of collapse. The
government this month identified steel, shipping, shipbuilding,
construction and petrochemicals as sectors suffering from
oversupply and excessive competition, the report notes.

"Back when the economy was roaring, fragile companies were able to
survive if they endured just a couple years until the cycle turned
for the better," Bloomberg quotes Lee Myong Hwal, a research
fellow for the Korea Institute of Finance in Seoul, as saying.
"That no longer works in a low-growth era. With looming risks from
China and the U.S., we may see companies that survived on debt
having serious problems."

Bloomberg reports that one of the biggest concerns is so-called
"marginal" or "zombie" companies, usually defined in Korea as
businesses that haven't been able to make payments on interest
from operating profit for three years.

A prolonged period of low interest rates has led to an increase in
marginal companies and there is an "urgent" need for
restructuring, Bank of Korea Governor Lee Ju Yeol said this month,
Bloomberg recalls.

Financial Services Commission Chairman Yim Jong Yong has warned
that unless the problems at these companies are addressed, they
will become a burden to the economy.

The number of marginal companies jumped to 3,295 last year, from
2,698 in 2009, according to the central bank. They account for
15% of businesses with more than KRW10 billion ($8.6 million) of
assets, Bloomberg discloses.


                             *********

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
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