TCRAP_Public/151127.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 27, 2015, Vol. 18, No. 235


                            Headlines


A U S T R A L I A

COFFS HARBOUR: Club Gets Reprieve as Investment Talks Continue
FREEHAND PRODUCTIONS: First Creditors' Meeting Set For Dec. 4
NORTHWEST PROPERTIES: Avior Consulting Appointed as Administrator
TITAN MEDIA: First Creditors' Meeting Set For Dec. 4
WESTERN LIBERTY: Moody's Affirms Ba2 Senior Secured Rating


C H I N A

AOXING PHARMACEUTICAL: Posts $1.26M Profit in Fiscal Q1
EVERGRANDE REAL: Moody's Retains B1 CFR on Insurance Investment
GENERAL STEEL: Delays Third Quarter Form 10-Q
LDK SOLAR: Subsidiaries Collapse Into Bankruptcy in China

* Fitch Expects Slow Recovery in China Building Materials


H O N G  K O N G

NEXTEER AUTOMOTIVE: Moody's Changes Outlook on Ba1 CFR to Pos.


I N D I A

BAJAJ BASMATI: CARE Reaffirms 'D' Rating on INR126.82cr LT Loan
CHEMIETRON CLEANTECH: CARE Assigns B+ Rating to INR5.46cr LT Loan
DASARI VEER: CRISIL Ups Rating on INR107.6MM Term Loan to B
DIPAK J. BHIVARE: CRISIL Cuts Rating on INR50MM Cash Loan to D
EASTERN SILK: CRISIL Reaffirms D Rating on INR628.7MM Loan

GAYATRI AGRO: ICRA Suspends B+ Rating on INR5.0cr Cash Loan
INDIA: Bankruptcy Code to Boost Accountability, RBI Gov. Says
JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR102.5MM Loan
JYOTI LTD: CARE Reaffirms 'D' Rating on INR442.39cr LT Loan

KULKARNI POWER: CARE Lowers Rating on INR30.96cr LT Loan to B
MAA KAMAKHYA: CRISIL Assigns B- Rating to INR120MM LT Loan
MAHAKALI CHANDRAPUR: CRISIL Reaffirms D Rating on INR70MM Loan
MARUTHI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR55MM Loan
MINERVA AUTOMOBILES: CARE Reaffirms B+ Rating on INR7.79cr Loan

NAVIN COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
NEELKANTH PROPERTIES: ICRA Reaffirms B+ Rating on INR18cr Loan
NV INTERNATIONAL: CARE Lowers Rating on INR190cr LT Loan to D
P. VENGANNA: ICRA Reaffirms B Rating on INR18.32cr Term Loan
PUJARIS EDUCATIONAL: CRISIL Rates INR40MM LT Loan at 'B'

RAJGAD SAHKARI: CARE Assigns 'C' Rating to INR30cr LT Loan
RAM KUMAR: CRISIL Assigns B- Rating to INR60MM Cash Loan
ROLLWELL CONVEYOR: CRISIL Cuts Rating on INR115MM Cash Loan to B+
RSH AGRO: ICRA Assigns 'B' Rating to INR10cr Fund Based Loan
RUBY MILLS: CARE Lowers Rating on INR262.62cr Term Loan to D

RUSHABH TRADING: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
S.B. SYSCON: CRISIL Reaffirms B+ Rating on INR105MM Cash Loan
SARVESHWARI EXPORTS: ICRA Assigns B+ Rating to INR5.5cr Loan
SIPPING SPIRITS: CARE Revises Rating on INR5.95cr LT Loan to B+
SIVA STONES: CRISIL Cuts Rating on INR3.6MM LT Loan to B-

SURESH TECHNO: CRISIL Assigns B+ Rating to INR15MM Cash Loan
TNR INDUSTRIES: CRISIL Reaffirms B- Rating on INR70MM Cash Loan
TORQUE CARS: ICRA Suspends 'B/A4' Rating on INR9cr Loan
TRANS CONDUCT: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
TTNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR60MM Loan

UTSAV ORGANIC: ICRA Assigns B- Rating to INR5.0cr Cash Loan
UIC UDYOG: CARE Lowers Rating on INR250.26cr LT Loan to 'D'
UNITED EXPORTS: CRISIL Reaffirms D Rating on INR350MM Loan
VISA POWER: CARE Lowers Rating on INR1,964cr LT Loan to 'D'
VIVANTA REALTY: CRISIL Assigns B+ Rating to INR99MM Project Loan


I N D O N E S I A

INDIKA ENERGY: Moody's Puts B2 CFR on Review for Downgrade

* Recovery in Indonesia Auto Industry Remains Fragile, Fitch Says


N E W  Z E A L A N D

PUMPKIN PATCH: To Close 20 More Stores in New Zealand, Australia
ROSS ASSET: Investor Appeals High Court Decision on Claw Backs


S I N G A P O R E

STATS CHIPPAC: Moody's Assigns B1 Rating on USD425MM Sr. Notes


                            - - - - -


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COFFS HARBOUR: Club Gets Reprieve as Investment Talks Continue
--------------------------------------------------------------
Claudia Jambor at The Coffs Coast Advocate reports that the Coffs
Harbour Deep Sea Fishing Club opened its doors once again on
Nov. 20 thanks to a last-minute reprieve by administrators.

According to the report, club president Bill Mabey said a "stay of
execution" by creditors on Nov. 16 allowed interested parties to
continue investment talks.

"The club is still not out of trouble, but we didn't go into
liquidation as we expected," the report quotes Mr. Mabey as
saying.

Mr. Mabey is keeping tight-lipped about alternative parties
involved in investment talks, but said negotiations are taking
place, the Advocate relates.

The Advocate says the club's creditors -- when they met to
consider a resolution to place the club in liquidation -- said
interested investors had until December 2, to provide vital
financial assistance to save the club.

Mr. Mabey said liquidation would be the worst result for all
parties, the report relays.

"Liquidation is the worst possible outcome for the creditors, the
club, its members and the Coffs Harbour community," Mr. Mabey
said, notes the report.

It's been a tumultuous year for the Coffs Harbour Deep Sea Fishing
Club after it came out of administration in August under a deed of
company arrangement with the North Coast Hotel Group, according to
the report.

The Advocate adds that the club's creditors said the deed of
company arrangement between the club, its stakeholders and the
financier had not been met because of non-compliance and thus the
deed was set to terminate.

David Morgan and Morgan Chubb of Clout & Associates were appointed
as administrators of Coffs Harbour Catholic Recreation & Sporting
Club Limited, formerly Trading As Club Coffs on West High, on Aug.
6, 2015.


FREEHAND PRODUCTIONS: First Creditors' Meeting Set For Dec. 4
-------------------------------------------------------------
Richard Albarran and Brent Kijurina of Hall Chadwick Chartered
Accountants were appointed as administrators of Freehand
Productions Pty Ltd on Nov. 24, 2015.

A first meeting of the creditors of the Company will be held at
Hall Chadwick Chartered Accountants, Level 40, 2 Park Street, in
Sydney, on Dec. 4, 2015, at 9:30 a.m.


NORTHWEST PROPERTIES: Avior Consulting Appointed as Administrator
-----------------------------------------------------------------
Dermott Joseph McVeigh of Avior Consulting Pty Ltd was appointed
as administrators of Northwest Properties Limited, Harding River
Caravan Park Pty Ltd, Karratha Caravan Park Pty Ltd, and The
Walkabout Hotel/Motel Pty Ltd on Nov. 25, 2015.


TITAN MEDIA: First Creditors' Meeting Set For Dec. 4
----------------------------------------------------
Geoffrey Niels Handberg of Rodgers Reidy was appointed as
administrator of Titan Media Group Limited on Nov. 26, 2015.

A first meeting of the creditors of the Company will be held at
Level 3, 326 William Street, in Melbourne, Victoria, on Dec. 4,
2015, at 10:00 a.m.


WESTERN LIBERTY: Moody's Affirms Ba2 Senior Secured Rating
----------------------------------------------------------
Moody's Investors Service affirmed Western Liberty Group Finance
Pty Ltd's ("WLGF") Ba2 senior secured rating and maintained the
negative outlook.

WLGF is the financing vehicle for Western Liberty Group Pty Ltd
("WLG"), which is a special purpose entity set up to design,
construct, operate, and provide long term maintenance for Perth
Courts in Western Australia ("Project") under a public private
partnership ("PPP"). WLG is ultimately owned by IFM Investors
("IFM", unrated), a global infrastructure investor with total
funds under management of AUD25 billion.

RATINGS RATIONALE

"The negative outlook reflects the refinancing challenges facing
WLGF over the next few years as its AUD77 million of bonds
approach scheduled maturity in June 2018," says Mary Anne Low, a
Moody's Analyst, adding, "we believe the project will not have
sufficient cash to service new debt arranged at prevailing market
rates without external support."

Whilst the rating incorporates IFM's voluntary retention of
distributions in the project over the past three years to build up
a cash cushion for refinancing, Moody's believes that the project
will acquire an additional equity infusion over and above such an
amount to reduce debt to a sustainable level.

"The project's speculative grade rating, which is lower than other
PPPs subject to refinancing risk, reflects our view of the absence
of financial incentive for the sponsor to infuse additional
equity, notwithstanding the downward trend in credit spreads over
the past few years."

In assessing the financial incentive for such an infusion, Moody's
compares the amount of fresh equity required to reduce to a
sustainable level with the present value of the future dividend
stream which the sponsor would forgo in event of project default
due to its failure to refinance.

The rating affirmation however recognizes the qualitative
incentives for external support to achieve refinancing, including
the project's essential role in Western Australia's justice
system, and the potential reputational risk for stakeholders
flowing from a failure to provide such support.

WLGF's rating also recognizes the project's inherent strengths,
particularly its stable operating track record and manageable
level of abatements incurred to date, low cash flow volatility of
the availability payment stream from its highly-rated government
offtaker and extensive subcontracting of its performance
obligations to capable and experienced counterparties.

WLGF's rating could be further transitioned downwards over time as
scheduled maturity on the bullet bonds approaches and in the
absence of external financial support. Moody's believes there is a
very low likelihood of credit margins declining to the level where
WLGF could achieve refinancing without external support.

In addition to the downward pressure created by refinancing
concerns, the Ba2 rating could be downgraded if operating
performance substantially deteriorates or if abatement levels
approach a level that could trigger default, which Moody's regards
as low probability events given the track record. The rating may
experience downward pressure if the State's rating is downgraded.

Given the refinancing challenges, the rating is unlikely to see
any positive momentum in the absence of a committed plan that
addresses the refinancing task in 2018.



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C H I N A
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AOXING PHARMACEUTICAL: Posts $1.26M Profit in Fiscal Q1
-------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income attributable to shareholders of the Company of $1.26
million on $8.74 million of sales for the three months ended Sept.
30, 2015, compared to a net loss attributable to shareholders of
the Company of $7,872 on $4.56 million of sales for the same
period a year ago.

As of Sept. 30, 2015, the Company had $55.0 million in total
assets, $41.4 million in total liabilities and $13.6 million in
total equity.

The Company's cash balance as of Sept. 30, 2015, was $8.17 million
compared to $5.37 million of June 30, 2015. The cash balance
increased mainly attributed to the net cash provided by financing
activities as a result of the public sale of equity in September
2015.

The Company's working capital deficit on Sept. 30, 2015, was $14.3
million, which was $5.83 million less than the working capital
deficit of $20.1 million on June 30, 2015. The improvement in
working capital was mainly because of the $2.8 million increase in
cash, $1.2 million increase in accounts receivable, and a
reduction of approximately $1.1 million in short term loans.

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

                        http://is.gd/GzmThR

                           About Aoxing

Aoxing Pharmaceutical Company, Inc., has one operating subsidiary,
Hebei Aoxing Pharmaceutical Co., Inc., which is organized under
the laws of the People's Republic of China. Since 2002, Hebei
Aoxing has been engaged in developing narcotics and pain
management products. In 2008 Hebei Aoxing supplemented its product
lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company,
Ltd., a specialty pharmaceutical company focusing on herbal pain
related therapeutics. The Company owns 95% of the equity in Hebei
Aoxing.

Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.


EVERGRANDE REAL: Moody's Retains B1 CFR on Insurance Investment
---------------------------------------------------------------
Moody's Investors Service says that Evergrande Real Estate Group
Limited's investment in Great Eastern Life Assurance (China) Co.,
Ltd. (GELC, unrated) is credit negative, but will have no
immediate impact on its B1 corporate family rating and B2 senior
unsecured debt rating.

The ratings outlook remains negative.

On Nov. 22, 2015, Evergrande announced its plans to acquire a 50%
equity interest in GELC, a sino-foreign joint venture life
insurance company headquartered in the western part of China, for
a total consideration of about RMB3.94 billion.  GELC was
established in 2006 with the approval from the China Insurance
Regulatory Commission (CIRC).

"The acquisition of GELC offers limited strategic benefits to
Evergrande's property development business, apart from some
potential indirect funding arrangements in the future," says
Franco Leung, a Moody's Vice President and Senior Analyst.  "In
addition, the company lacks a track record in managing an
insurance company."

The investment is Evergrande's first major venture into the
insurance industry.

While the company did not disclose whether it will have management
control over GELC, Moody's believes that Evergrande will have
significant influence over GELC's operations.

Evergrande expects its property business -- spanning over 300
projects and several millions of residents -- will help promote
its new insurance business.  However, it could take time for the
strategic value of the investments to materialize.

Evergrande's announcement further stated that GELC recorded net
losses after tax of about RMB48.2 million in 2014 and
RMB60.5 million in 2013.  Moody's believes there is a high
uncertainty whether Evergrande will be able to turnaround GELC's
operations.

"However, the impact will be manageable given the small size of
the acquisition relative to Evergrande's overall operations.  We
expect Evergrande will use cash on hand to settle the
acquisition," adds Leung.

The acquisition will only consume about 5% of Evergrande's
reported cash balance of about RMB81.6 billion as of end-June
2015.  Consequently, Moody's estimates that its pro-forma
cash/short-term debt ratio will weaken to around 77% from 81% at
end-June 2015.

Evergrande recorded strong contracted sales of RMB154.5 billion
between January and October 2015, up 185% from the previous year.
Moody's further estimates that Evergrande has adequate internal
resources to meet its outstanding land and construction payments.

This latest acquisition follows a number of investments in non-
property businesses by Evergrade in recent years to diversify its
business, including in consumer goods products and health care
services.  The company expects these non-property investments will
help drive its business growth.

However, the non-property businesses are still small relative to
Evergrande's property operations and it will take a number of
years for them to grow to a meaningful size.

In 1H 2015 and 2014, Evergrande generated less than 3% of its
total revenue from its non-property businesses.  These businesses
have been generating losses for the group over the past 1-2 years,
although the losses narrowed in 1H 2015 due in part to the
improved performance of its bottled water operations.

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

Evergrande Real Estate Group Limited is one of the major
residential developers in China.  It has a standardized operating
model.

Founded in 1996 in Guangzhou, the company has rapidly expanded its
business across the country over the past few years.  At June 30,
2015, its land bank totaled 144 million square meters in gross
floor area across 154 Chinese cities.


GENERAL STEEL: Delays Third Quarter Form 10-Q
---------------------------------------------
General Steel Holdings, Inc., was unable to file its quarterly
report on Form 10-Q for the quarter ended Sept. 30, 2015, within
the prescribed time period because additional time is required to
complete the preparation of its financial statements in time for
filing. The Quarterly Report on Form 10-Q for the quarter ended
Sept. 30, 2015 will be filed as soon as practicable, according to
a Form 12b-25 filed with the Securities and Exchange Commission.

                  About General Steel Holdings

General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel --
http://www.gshi-steel.com/-- has operations in China's Shaanxi
and Guangdong provinces, Inner Mongolia Autonomous Region and
Tianjin municipality with seven million metric tons of crude steel
production capacity under management.

General Steel reported a net loss of $78.3 million on $1.9 billion
of sales for the year ended Dec. 31, 2014, compared with a net
loss of $42.6 million on $2 billion of sales for the year ended
Dec. 31, 2013.

As of March 31, 2015, the Company had $2.5 billion in total
assets, $3.14 billion in total liabilities and a $637 million
total deficiency.

Friedman LLP, in New York, issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2014, citing that the Company has an accumulated deficit,
has incurred a gross loss from operations, and has a working
capital deficiency at Dec. 31, 2014. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


LDK SOLAR: Subsidiaries Collapse Into Bankruptcy in China
---------------------------------------------------------
Mark Osborne at pv-tech.org reports that subsidiaries of China-
based LDK Solar have been forced into bankruptcy proceedings in
China only shortly after the parent company, formerly listed in
the US, exited bankruptcy proceedings of its own.

pv-tech.org relates that a web of LDK Solar subsidiary companies
in China that had indirect investment from the likes of Fulai
Investments, owned by Hong Kong property magnate, Zheng Jianming a
major shareholder in Shunfeng, which had previously acquired
bankrupt Suntech, once the largest PV module manufacturer in the
world, could be impacted by the developments.

On November 17, 2015, the Xinyu Intermediate Court was said to
have declared the commencement of the bankruptcy restructuring,
which will start on March 1, 2016, according to pv-tech.org.

"It is regrettable that we have come to this inevitable juncture
on our onshore financial crossroads, despite the tremendous
efforts we have made in order to make progress in our onshore
financial restructuring subsequent to our successful offshore
financial restructuring," the report quotes Zhibin Liu, chairman,
president and CEO of LDK Solar, as saying. "Nevertheless, we
respect our creditors' rights and interests; we respect our other
stakeholders' rights and interests; and we respect the judicial
intervention by the Xinyu Intermediate Court in its attempt to
protect the rights and interests of our various stakeholders. We
will cooperate with the court and will endeavor to achieve a
reasonable and balanced result for LDK Solar and its stakeholders.

"As far as the LDK Solar management is concerned, we continue to
be determined to work hard in the current and forthcoming economic
environment, to meet our challenges ahead in our onshore
restructuring, and to build our company up into a reputable player
in the photovoltaic industry. In this regard, we appreciate the
continued support of our wide-ranging stakeholders during our
tortuous restructuring and rebuilding process."

pv-tech.org discloses that subsidiaries of LDK Solar in China that
have been forced into bankruptcy by creditors are:

   -- Jiangxi LDK Solar Hi-Tech Co., Ltd.;
   -- LDK Solar Hi-Tech (Xinyu) Co., Ltd.;
   -- Jiangxi LDK PV Silicon Technology Co., Ltd.; and
   -- Jiangxi LDK Solar Polysilicon Co., Ltd.

The report notes that the actions against LDK Solar were brought
by Xinyu City Chengdong Construction and Investment Corporation
and China National Grid (Jiangxi Province) Corporation Ganxi Power
Branch.

Debts owed amounted to over CNY281,581,675 (US$44 million)  and
CNY53,473,487 (US$8.3 million) for electricity charges due to
Ganxi Power, the report discloses.

Earlier this month, LDK Solar's chief executive, Xingxue Tong,
resigned from the company, citing personal reasons, pv-tech.org
adds.

                        About LDK Solar

LDK Solar Co., Ltd. -- http://www.ldksolar.com/-- based in
Hi-Tech Industrial Park, Xinyu City, Jiangxi Province, People's
Republic of China, is a vertically integrated manufacturer of
photovoltaic products, including high-quality and low-cost
polysilicon, solar wafers, cells, modules, systems, power projects
and solutions.

LDK Solar was incorporated in the Cayman Islands on May 1, 2006,
by LDK New Energy, a British Virgin Islands company wholly owned
by Xiaofeng Peng, LDK's founder, chairman and chief executive
officer, to acquire all of the equity interests in Jiangxi LDK
Solar from Suzhou Liouxin Industry Co., Ltd., and Liouxin
Industrial Limited.

LDK Solar in February 2014 filed in the Cayman Islands for the
appointment of provisional liquidators, four days before it was
due to make a $197 million bond repayment.  Its Joint Provisional
Liquidators are Tammy Fu and Eleanor Fisher, both of Zolfo Cooper
(Cayman) Limited.

In September 2014, LDK Solar, LDK Silicon and LDK Silicon Holding
Co., Limited each applied to file an originating summons to
commence their restructuring proceedings in the High Court of Hong
Kong.

On Oct. 21, 2014 three U.S. subsidiaries of LDK Solar, LDK Solar
Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc.
filed voluntary petitions to reorganize under Chapter 11 of the
United States Bankruptcy Code in the United States Bankruptcy
Court for the District of Delaware. The lead case is In re LDK
Solar Systems, Inc. (Bankr. D. Del., Case No. 14-12384). On Oct.
21, 2014, LDK Solar filed a petition in the same U.S. Bankruptcy
Court for recognition of the provisional liquidation proceeding in
the Grand Court of the Cayman Islands. The Chapter 15 case is In
re LDK Solar CO., Ltd. (Bankr. D. Del., Case No. 14-12387). The
U.S. Debtors' General Counsel is Jessica C.K. Boelter, Esq., at
Sidley Austin LLP, in Chicago, Illinois. The U.S. Debtors'
Delaware counsel is Robert S. Brady, Esq., Maris J. Kandestin,
Esq., and Edmon L. Morton, Esq., at Young, Conaway, Stargatt & 73
Taylor, LLP, in Wilmington, Delaware.  The U.S. Debtors' financial
advisor is Jefferies LLC.  The Debtors' voting and noticing agent
is Epiq Bankruptcy Solutions, LLC.

The U.S. Debtors commenced the Chapter 11 Cases in order to
implement the prepackaged plan of reorganization, with respect to
which the U.S. Debtors launched a solicitation of votes on
Sept. 17, 2014, from the holders of LDK Solar's 10% Senior Notes
due 2014, as guarantors of the Senior Notes, and required such
holders of the Senior Notes to return their ballots by Oct. 15,
2014. Holders of the Senior Notes voted overwhelmingly in favor of
accepting the Prepackaged Plan.


* Fitch Expects Slow Recovery in China Building Materials
---------------------------------------------------------
Fitch Ratings expects a slow recovery in China construction
demand, driven by a pick-up in housing construction activities and
stable infrastructure construction.  Consolidation should increase
in the cement industry, which will benefit long-term
profitability.  The earnings outlook is stable, supported by a
strong order backlog.  Credit metrics will benefit from better
project funding and lower finance costs.

Infrastructure construction should maintain its growth momentum in
2016, with the projects approved in 2014 and 2015 coming to
fruition.  The agency sees housing construction in first-tier
cities rising from a low base in 2015.  However, Fitch do not
expect a significant recovery nationwide, given the weak property
sales in second- and third-tier cities.

Fitch expects stable profitability for construction companies,
thanks to their strong order book/revenue ratio.  Revenue growth
should average 10%-15% in 2016, with the EBITDA margin remaining
at 5%-10%.  Liquidity will be boosted by spin-offs and hybrid
financing by issuing perpetual bonds and preference shares.
China's interest-rate cuts will also assist in reducing financing
costs.

It is in government's interest to increase project returns to
attract social capital to invest in infrastructure.  Government
has started to promote public private partnerships to leverage
private capital.



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NEXTEER AUTOMOTIVE: Moody's Changes Outlook on Ba1 CFR to Pos.
--------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook of Nexteer Automotive Group Limited's Ba1 corporate family
rating and senior unsecured debt rating.

Moody's has also affirmed the company's Ba1 corporate family
rating and senior unsecured debt rating.

RATINGS RATIONALE

"The positive ratings outlook reflects our expectation that
Nexteer's credit profile will continue to improve over the next 12
-18 months in terms of scale, geographic concentration,
profitability, and debt leverage," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.

Nexteer's revenue grew to USD1.6 billion in the six months ended
June 30, 2015, which is an approximate 14% year-on-year increase.

This revenue growth reflects robust revenue growth for Electric
Power Steering (EPS).

EPS' revenue grew 24% year-on-year and accounted for 59% of the
company's overall sales.

Moody's expects EPS' revenue to continue to grow at about 10% per
annum in the next 12 - 18 months because of strong demand for fuel
efficiency improvements in new auto models and increasing
penetration of EPS to developing auto markets such as China (Aa3
stable) and Brazil (Baa3 stable).

In addition, Nexteer has shown lower geographic concentration.
Its revenue from North America declined to 67% in 1H 2015 from 70%
in 1H 2014.

Nexteer's growth in scale and increased contributions from the
higher margin EPS has improved its profitability.

Its adjusted EBITA margin improved to 6.9% in the twelve months
ended June 30, 2015, from 5.9% in 2014.

Moody's expects the company's EBITA margins to improve further to
about 8.4% in the next 12 -18 months.

Accordingly, its debt leverage -- measured by debt/EBITDA --
declined to 2.3x at June 30, 2015, from 2.9x at end-2014.

Moody's expects the company's debt leverage to decline to a level
of around 2x in the next 12 -18 months.

"Nexteer's ability to secure more businesses from new auto makers
also supports the positive outlook," says Ho who is also the Lead
Analyst for Nexteer.

Nexteer has reduced its revenue concentration in General Motors
Company (GM, senior unsecured bank credit facility Baa3 stable,
senior unsecured rating Ba1 stable) to 48.7% in 1H 2015 from 55.9%
in 1H 2014 by expanding its customer base, especially in China.

Nexteer's Ba1 corporate family rating incorporates its standalone
credit profile, and a two-notch uplift, based on Moody's
expectation of strong support -- in times of financial distress
-- mainly from Aviation Industry Corporation of China (AVIC
unrated), the ultimate owner of AVIC Automotive Systems Holding
Co., Ltd. (AVIC Auto, unrated), which has a beneficial ownership
of 34% in Nexteer.

Nexteer's standalone credit profile reflects (1) strong barriers
to entry; (2) the company's long track record and global
footprint; (3) its EPS product, which drives revenue growth; and
(4) an expectation that its debt leverage will improve.

On the other hand, Nexteer's standalone credit profile is
constrained by (1) its concentration in terms of its customer
revenue; and (2) its small scale and geographic concentration.

Nexteer's liquidity position is strong, as reflected in its cash
to short-term debt coverage of about 4.3x at June 30, 2015.

The rating could be upgraded if Nexteer demonstrates a track
record of: (1) improving EBITA margins; (2) decreasing revenue
concentration in GM and its US operations; (3) expansion in
business scale, and improvements in its credit metrics, such that
adjusted debt/EBITDA stays below 2.5x on a sustained basis.

On the other hand, the rating outlook could return to stable if
Nexteer is unable to (1) improve its EBITA margins; (2) grow in
scale; or (3) improve its debt leverage to below 2.5x;

Any weakening in support from its ultimate parent, AVIC, due to a
change in business strategy or regulatory reasons will be negative
for the ratings.

The principal methodology used in this rating was Global
Automotive Supplier Industry, published in May 2013.

Headquartered in Saginaw, Michigan, and listed on the Hong Kong
Stock Exchange in October 2013, Nexteer Automotive Group Limited
manufactures steering and driveline systems.  The company has 21
manufacturing plants across North and South America, Europe and
Asia.

Nexteer is 67.3%-owned by Pacific Century Motors, Inc., which is
in turn 51%-owned by AVIC Automotive Systems Holding Co., Ltd.
(AVIC Auto, unrated), and 49% owned by Beijing E-Town
International Investment & Development Co. Ltd. (unrated), which
is controlled by Beijing's municipal government,

AVIC Auto is wholly owned by Aviation Industry Corporation of
China (unrated), a Chinese central government-owned enterprise.



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


BAJAJ BASMATI: CARE Reaffirms 'D' Rating on INR126.82cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Bajaj
Basmati Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    126.82      CARE D Reaffirmed

Rating Rationale

The reaffirmation of the rating of Bajaj Basmati Private Limited
(BBPL) takes into account the ongoing delays in debt servicing due
to stressed liquidity position of the company.

Bajaj Basmati Private Limited (BBPL) is a private limited Company
incorporated in the year 2010 with its registered office at
Fazilka Road, Jalalabad West, Punjab. The company is engaged in
milling, processing and selling of various varieties of basmati
rice. The company deals in both the rice segments i.e. basmati and
non-basmati rice. The manufacturing unit was established in 1981,
and till early 2010, the unit was operating under the name of
'Bajaj Rice Mill', which later converted into 'Bajaj Basmati Pvt.
Ltd.'. BBPL has a rice mill located at Jalalabad, Punjab, with
installed capacity of 12 tonnes per hour (tph), and has another
rice mill in Muktsar, Punjab, (became operational in Dec-13) with
an installed capacity of 5 tph.

For FY15 (Audited; refers to the period April 01 to March 31),
BBPL registered total operating income of INR233.07 crore with net
losses of INR3.81 crore, compared to total operating income of
INR190.97 crore in FY14 with net profit of INR0.46 crore.


CHEMIETRON CLEANTECH: CARE Assigns B+ Rating to INR5.46cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Chemietron Cleantech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     5.46       CARE B+ Assigned
   Long-term / Short-term        1.00       CARE B+/CARE A4
   Bank Facilities                          Assigned

Rating Rationale
The ratings assigned to the bank facilities of Chemietron
Cleantech Private Limited (CCPL) are primarily constrained on
account of the modest scale of operations and stabilization risk
associated with its on-going debt-funded project. The
ratings are further constrained on account of its financial risk
profile marked by low profitability, leveraged capital
structure, weak debt coverage indicators, weak liquidity and
elongated working capital cycle.

The ratings, however, derive strength from the experienced
promoters along with locational advantage resulting in easy
access to raw material.

CCPL's ability to complete its debt funded project within
envisaged time and cost parameters and to increase its sales of
operations along with improvement in profitability and operating
cycle would be the key rating sensitivities.

CCPL was incorporated in May, 2008 as a private limited company by
three promoters led by Mr Ashok Gupta (Age: 73 years). Mr Ashok
Gupta has a long industry experience of around 43 years. CCPL is
engaged in the business of manufacturing and trading of air
filters and air handling units. CCPL operates from its ISO
9001:2008 certified manufacturing facilities located at Ahmedabad
(Gujarat). CCPL is selling its clean room technology product under
the brand name of "Chemietron" and air filters under the brand
name of "Hygieno".

As per the audited results for FY15 (refers to the period April 1
to March 31), CCPL reported the profit after tax (PAT) of INR0.10
crore on a total operating income (TOI) of INR8.23 crore as
against PAT of INR0.08 crore on a TOI of INR5.68 crore in
FY14. As per the provisional results for H1FY16, CCPL has
registered TOI of INR1.38 crore.


DASARI VEER: CRISIL Ups Rating on INR107.6MM Term Loan to B
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of
Dasari Veer Raju and Gunnam Ram Chandra Rao Memorial Trust (DVR)
to 'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term      22.9      CRISIL B/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B-/Stable')

   Term Loan              107.6      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in business risk profile
supported by improvement in occupancy levels of schools and
colleges.  The trust recorded revenues of INR100.1 million in
2014-15 (refers to financial year, April 1 to March 31) as against
INR80.1 million in 2013-14 supported by increased admission rates
in Vikash Institute of Technology and Vikash Polytechnic College.
Further, admission rates and occupancy levels remain healthy
across all Vikash Group of Institutions. The upgrade also reflects
improvement in debt protection metrics and liquidity profile, with
enhanced cash accruals vis-a-vis its debt obligations, and the
trustees' consistent funding support.

DVR reported interest coverage ratio and net cash accruals to
total debt ratio of 3.4 times and 0.4 time respectively in 2014-
15. Further, the trust is expected to generate net cash accruals
of around INR42.6 million against long term debt repayment
obligation of around INR20.0 million in 2015-16. The rating also
factors in CRISIL's belief that DVR will sustain its adequate cash
accruals vis-a-vis its debt obligations, over the medium term.

The rating reflects moderate financial risk profile, marked by its
small net worth and above average gearing; moreover, the trust is
exposed to regulatory risks inherent to education institutes.
However, DVR benefits from healthy demand prospects for the
education sector and the promoters' extensive industry experience.
Outlook: Stable

CRISIL believes DVR will continue to benefit from healthy demand
prospects for the education sector, over the medium term. The
outlook may be revised to 'Positive' if the trust improves its
cash accruals with an enhanced scale of operations commensurate
with enrolments at its institutes. Conversely, the outlook may be
revised to 'Negative' if DVR's liquidity or financial risk profile
deteriorate, because of significantly low cash accruals, or
significantly delayed fee receipts, or sizeable debt-funded
capital expenditure.

Set up in 2007, DVR operates the Vikash Institute of Technology
(earlier known as Vikash College for Engineering), and Vikash
Degree College, in Bargarh (Odisha). The trust also runs the
Vikash Concepts School, Vikash Junior College and Vikash
Polytechnic in Sambalpur (Odisha).


DIPAK J. BHIVARE: CRISIL Cuts Rating on INR50MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of M/S.
Dipak J. Bhivare (DJB) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         15       CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            50       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Term Loan               6.2     CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

The downgrade reflects DJB's overutilisation of working capital
limit for more than 30 straight days and delays in meeting
interest obligation on the facility, on account of weak liquidity.

DJB has a weak financial risk profile because of small net worth,
high gearing, and weak debt protection metrics. The firm also has
weak liquidity and small scale of operations, and is exposed to
geographical concentration risk. However, it benefits from its
proprietor's extensive experience in the civil construction
industry.

DJB was set up in 2002 as a proprietorship firm by Mr. Dipak J
Bhivare. The firm undertakes civil construction work, primarily
construction of water filters and overhead reservoirs, and laying
of pipelines, for government agencies. It is registered as a Class
1 contractor with Maharashtra Jiwan Pradhikaran.


EASTERN SILK: CRISIL Reaffirms D Rating on INR628.7MM Loan
----------------------------------------------------------
CRISIL's rating on long-term bank loan facilities of Eastern Silk
Industries Ltd (ESIL) continues to reflect delays by ESIL in
servicing its debt; the delays have been caused by the company's
weak liquidity driven by continued operating losses. Net losses in
the past five years have resulted in a complete erosion of ESIL's
net worth, leading to its weak financial risk profile.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Funded Interest
   Term Loan             545.7     CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     45       CRISIL D (Reaffirmed)
   Term Loan             535.7     CRISIL D (Reaffirmed)
   Working Capital
   Facility              628.7     CRISIL D (Reaffirmed)
   Working Capital
   Term Loan            2959.9     CRISIL D (Reaffirmed)

Set up in 1946, ESIL manufactures silk yarn, made-ups, home
furnishings, fashion fabrics, handloom fabrics, double-width
fabrics, and embroidered fabrics. The company's manufacturing
facilities are at Anekal and Hobli in Bengaluru, and Nanjangud
(all in Karnataka), and Falta Special Economic Zone (West Bengal).
The company is managed by Mr. S S Shah and other promoters.

ESIL reported a net loss of INR443 million on net sales of INR579
million for 2014-15 (refers to financial year, April 1 to
March 31), as against a net loss of INR1364 million on net sales
of INR780 million for 2013-14.


GAYATRI AGRO: ICRA Suspends B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR5.00
crore cash credit facility of Gayatri Agro Oil & Food Products
(GAOFP). The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.


INDIA: Bankruptcy Code to Boost Accountability, RBI Gov. Says
-------------------------------------------------------------
The Times of India reports that RBI governor Raghuram Rajan has
said that a new bankruptcy code will help bring pure capitalism
back where borrowers will be held accountable to their loan
contracts with banks.

"Our first task was to give bank sufficient powers. We don't have
a great bankruptcy code - the government is coming up with one
which hopefully it will introduce in the next session of
Parliament. In the meantime, we had to come up with a resolution
process which was almost put together with sticking tape," TOI
quotes Rajan as saying in an interview to CNBC.

TOI notes that the new bankruptcy code is expected to help banks
take control of failed businesses where promoters have defaulted
on loans.

Stating that the primary objective should be to change the current
climate where corporates raise debt from banks but treat it as
equity when the going gets tough. "Equity is equity and debt is
debt, let us not confuse the two. It cannot be win-win for the
entrepreneur and lose-lose for the bank," the report Rajan as
saying. He added that without a bankruptcy code, borrowers are
essentially telling banks, 'I am your problem now and tell me what
hit are you taking'. "We want to bring pure capitalism back, which
is: a contract is a contract," Rajan said. "That's what we're in
the process of doing by giving the banks a few more powers and
asking them to enforce their contracts.


JAGANNATH RICE: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jagannath Rice
Mills (JRM) continues to reflect JRM's weak financial risk profile
because of a small net worth, high gearing, and subpar debt
protection metrics. The rating also factors in the modest scale of
operations and susceptibility to unfavourable changes in
government policies. These rating weaknesses are partially offset
by promoters' extensive experience in the flour mill industry.

Outlook: Stable

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

CRISIL believes JRM will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant increase in the
scale of operations, resulting in higher-than-expected cash
accrual and hence in improvement in the capital structure and
liquidity. Conversely, the outlook may be revised to 'Negative' if
liquidity deteriorates because of delays in collection of debtors,
large capital withdrawal by partners, or substantial cash outflow
to related parties.

JRM was set up in 1974 as a partnership firm by the Gupta family
of Odisha. The firm manufactures milled wheat products, such as
flour, maida, and suji. It has flour mills in Bhubaneswar
(Odisha).


JAYESH INDUSTRIES: CRISIL Reaffirms B- Rating on INR102.5MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Jayesh Industries
Limited (Jayesh Industries) continue to reflect Jayesh Industries'
stretched liquidity with its fully utilised bank limits, and
below-average financial risk profile marked by its small networth,
high gearing, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Buyer Credit Limit     45        CRISIL B-/Stable (Reaffirmed)

   Cash Credit           102.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     39.9      CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                 10        CRISIL B-/Stable (Reaffirmed)

The ratings also factor in the large working capital requirements,
exposure to intense competition in the ferroalloy industry, and
the susceptibility of profitability margin to volatility in raw
material prices. These rating weaknesses are partially offset by
the promoter's extensive experience in the ferroalloy industry,
and established relationship with customers.
Outlook: Stable

CRISIL believes Jayesh Industries will continue to benefit over
the medium term from the promoter's extensive industry experience
and established relationship with customers. The outlook may be
revised to 'Positive' if the revenue and profitability margin
increase substantially, or the capital structure improves
significantly backed by sizeable equity infusion by the promoter.
Conversely, the outlook may be revised to 'Negative' in case the
profitability margin declines, or capital structure deteriorates
considerably because of a large, debt-funded capital expenditure
plan or stretched working capital cycle.

Jayesh Industries was earlier known as Amson Polymer Pvt Ltd, a
company which was taken over by the Shah family in 1995; following
the takeover, the name was changed to the current one. Mr. Jayesh
Shah, the director, manages the operations. The company
manufactures ferroalloy powders and lumps for the electrodes
industry and steel plants, respectively, and is based in Navi
Mumbai (Maharashtra).


JYOTI LTD: CARE Reaffirms 'D' Rating on INR442.39cr LT Loan
-----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Jyoti Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities    442.39      CARE D Reaffirmed
   Short term Bank Facilities   114.33      CARE D Reaffirmed
   Long term / Short term       485.55      CARE D/CARE D
   Bank Facilities                          Reaffirmed

Rating Rationale
The ratings assigned to the bank facilities of Jyoti Ltd (Jyoti)
continue to take into account recent delays in servicing of its
debt obligations, resulting from stressed liquidity on account of
cash losses.

Incorporated in 1943, Jyoti evolved as a multi-product
organization with product lines comprising engineered pumps and
project division, comprising majority total income, switchgears,
rotating electrical machines and hydroelectric sets and hydro-
power projects. The company also undertakes engineering,
procurement and construction contracts for large irrigation
projects and small-to-medium hydro-power projects.

As per the audited results for FY15, Jyoti registered a total
operating income of INR240.67 crore with a net loss of INR114.58
crore as against a total operating income of INR236.24 crore and a
net loss of INR128.39 crore in FY14.


KULKARNI POWER: CARE Lowers Rating on INR30.96cr LT Loan to B
-------------------------------------------------------------
CARE revises the LT rating and reaffirms the ST rating assigned to
the bank facilities of Kulkarni Power Tools Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     30.96      CARE B Revised from
                                            CARE BB-

   Short term Bank Facilities    16.48      CARE A4 Reaffirmed

Rating Rationale

The revision in rating assigned to the long term bank facilities
of Kulkarni Power Tools Limited (KPT) factors in deterioration in
the financial profile during FY15 (refers to period from April 1
to March 31) as well as H1FY16 marked by decline in scale of
operations, lower cash accruals leading to decline in
profitability and consequent deterioration in the debt coverage
indicators.

The ratings continue to be constrained by working capital
intensive nature of operations, vulnerability of profits to
volatile raw material prices and fragmented and intense
competition in the electric power tools industry.

The ratings, however, derive strength from experienced promoters
and long operational track record of KPT over three and half
decades in electric power tools industry, diversified products
portfolio and established distribution channels over 320 dealers
across India.

The ability of KPT to improve its scale of operation,
profitability margin along-with effective management of working
capital are the key rating sensitivities.

KPT was incorporated in 1976 as Kulkarni Black & Decker Limited, a
joint venture (JV) between the Kulkarni family led by Mr. Prakash
Kulkarni and Black & Decker, USA. The company commenced commercial
production in 1978 from its manufacturing facility located at
Shirol, Kolhapur (Maharashtra) and. During 1993, the entire stake
of Black & Decker, USA, was acquired by Kulkarni family and name
of the company was subsequently changed to Kulkarni Power Tools
Limited. KPT operates in three business segments - portable power
tools, blowers and windmills and the shares of KPT are listed on
the Bombay Stock Exchange (BSE). KPT has two divisions - power
tools and blowers.

Majority of the revenue is contributed by the power tools division
which is engaged in manufacturing of electric power tools such as
drills, angle grinders, sanders, polishers, tile cutters, cut-off
saws, valve master refacers and control motors etc. which find
applications in variety of industries including construction,
automobiles, railways, shipyards, bus-body building, fabrication
work, housing and pipe laying for refineries. The power tools
division contributed about 82.4% of total revenues during FY15.
The power tool products are sold through a distribution network of
more than 320 dealers and open market sales through with six
leased depots located at Delhi, Kolkata, Chennai, Bangalore,
Hyderabad and Ahmedabad. Furthermore, since October 2014, the
company has also forayed into trading of power tool products under
the brand name of 'Shakti' which it imports from China.


MAA KAMAKHYA: CRISIL Assigns B- Rating to INR120MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Maa Kamakhya Multipurpose Himghar Private Limited
(MKMHPL) and has assigned its 'CRISIL B-/Stable' rating to the
bank facilities. CRISIL had suspended the ratings on August 31,
2015, as MKMHPL had been non-cooperative and did not provide
necessary information required for the rating review. MKMHPL has
now shared the requisite information enabling CRISIL to assign the
rating to the bank facilities.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       120      CRISIL B-/Stable (Assigned;
   Bank Loan Facility                Suspension Revoked)

The rating reflects the company's weak financial risk profile
because of high gearing and weak debt protection metrics, and
exposure to intense competition in the highly regulated and
fragmented cold storage industry in West Bengal. These rating
strengths are partially offset by the extensive industry
experience of the company's promoters.
Outlook: Stable

CRISIL believes MKMHPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a substantial
increase in profitability or cash accrual, or infusion of capital,
leading to an improvement in the financial risk profile,
particularly liquidity, and in risk-absorption capacity.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on liquidity because of delays in repayments by farmers,
considerably low cash accrual, or significant debt-funded capital
expenditure.

MKMHPL was incorporated in 2011. The company provides cold-storage
facilities for potatoes; the promoters also undertake
opportunistic trading in potatoes. The cold storage is in Hazipur
village, Mednipur West (West Bengal) with a capacity of 165,000
quintals. The operations are managed by Mr. Prasad Kumar Ghosh.


MAHAKALI CHANDRAPUR: CRISIL Reaffirms D Rating on INR70MM Loan
--------------------------------------------------------------
CRISIL's ratings on the long-term bank facilities of Mahakali
Chandrapur Polytex Private Limited (MCPPL) continue to reflect
instances of delay by MCPPL in servicing its debt. The delays have
been caused by the weak liquidity on account of cash losses.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            20       CRISIL D (Reaffirmed)
   Term Loan              70       CRISIL D (Reaffirmed)

MCPPL has a weak financial risk profile because of its small net-
worth, high gearing and weak debt protection metrics. The company
also has large working capital requirements, is exposed to intense
competition in the woven sacks industry, and the profitability
margin is susceptible to volatility in raw material prices.
However, MCPPL benefits from the promoters' extensive
entrepreneurial experience.

MCPPL, set up in 2011, manufactures polypropylene woven sacks
which are used for packaging in various industries such as cement
and sugar. The company's manufacturing unit is in Chandrapur
(Maharashtra), which commenced operations in June 2014.


MARUTHI CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR55MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Maruthi Constructions - Visakhapatnam (MC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4
   Secured Overdraft
   Facility               55       CRISIL B+/Stable

The ratings reflect MC's modest scale- and working capital
intensive nature- of operations in highly fragmented civil
construction industry.  The ratings also factor MC's modest
financial risk profile marked by small networth, high gearing and
modest debt protection metrics. These ratings weaknesses are
partially offset by extensive experience of MC's promoters in the
civil construction industry and moderate revenue visibility.
Outlook: Stable

CRISIL believes that MC will benefit over the medium term from the
extensive experience of its promoters in the civil construction
industry. The outlook may be revised to 'Positive', if MC
increases its scale of operations and operating profitability on a
sustained basis over the medium term there by leading to an
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative', if the firm undertakes any
significant debt funded capital expenditure or if its revenues and
operating profitability decline leading to deterioration in its
financial risk profile.

Established in 2008, MC, is engaged in civil construction
pertaining to roads, culverts and other allied activities. The
firm is based out of Vishakhapatnam in Andhra Pradesh, MC is
promoted by Mr. UV Ramaraju and his family.


MINERVA AUTOMOBILES: CARE Reaffirms B+ Rating on INR7.79cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Minerva Automobiles Pvt Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      7.79      CARE B+ Reaffirmed

Rating Rationale
The rating of Minerva Automobiles Pvt. Ltd (MAPL) continues to be
constrained by its relatively small scale with short track record
of operations, low bargaining power with OEM and reliance for
volume for growth, renewal-based dealership contract, working
capital intensive nature of business and intense competition in
the auto dealership industry. The rating, however, continues to
draw comfort from the experience of the promoters and moderate
product portfolio with moderate geographical reach.

Going forward, the ability of the company to increase the scale of
operations and profitability margins and effective working capital
management would be the key rating consideration.

MAPL is a Bolangir, Odisha-based company, incorporated in February
15, 2012, by Mr BrijeshMeher, Mr Abhishek Meher, Mr Chintesh Meher
and Mr Animesh Meher. All the promoters are related as brothers
except Mr Abhishek Meher, who is related as nephew of others. MAPL
is an authorized dealer of Mahindra & Mahindra Ltd. (MML). It is
engaged in providing sale and after sale services of MML's
personal and commercial vehicles through its showrooms situated in
Balangir district (leased) and Bhawanipatna (Owned) in Odisha.

In FY15 (A) (refers to the period April 01 to March 31), the
company has reported a total operating income of INR61.63
crore (as against INR47.38 crore in FY14) and PAT INR0.36 crore
(as against net loss of INR0.40 crore in FY14). Till
September 2015, the company has maintained to have achieved
revenue of INR25.61 crore.


NAVIN COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Navin
Cotton Fiber.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       9        CARE B+ Reaffirmed

Rating Rationale
The rating assigned to the bank facilities of Navin Cotton Fiber
(NCF) is constrained on account of the moderate scale of
operations, working-capital intensive nature of operations,
susceptibility of margins to cotton price fluctuation, presence
in the highly fragmented cotton ginning and pressing sector and
proprietary nature of the concern.

The rating, however, continues to derive strength from the
established operations, wide experience of the proprietor in
the industry and a diversified customer base. The rating further
takes into account improvement in capital structure and
debt coverage indicators during FY15 (refers to the period April 1
to March 31).

The ability of the firm to further improve its scale of operations
and efficiently manage its working capital and further
improve profitability, remains the key rating sensitivity.

Established in October 2002 by Mr Prashant Tayal, NCF is a
proprietary concern which undertakes ginning and pressing of
cotton from its facility based in Devalgaonraja, Maharashtra. From
2002 to 2011, the firm undertook trading of cotton and later set
up a factory for ginning and pressing operations with an annual
capacity of 30,000 cotton bales.

The company procures cotton from 'Mandis' and undertakes ginning
and pressing of the same. The processed cotton is sold to spinning
units in the states of Maharashtra, Madhya Pradesh, West Bengal,
and Tamil Nadu. The cotton seeds are sold to oil mills in
Maharashtra, Madhya Pradesh and Haryana for the production of
cotton-seed oil and oil cakes. The firm derives its revenue from
the sale of cotton bales and cotton-seeds in the average
proportion of 3:1.

During FY15, the group registered a PAT of INR3.45 crore on the
total operating income of INR62.20 crore, as against a total
operating income and PAT of INR65.41 crore and INR0.55 crore
respectively.


NEELKANTH PROPERTIES: ICRA Reaffirms B+ Rating on INR18cr Loan
--------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR18.00 crore fund based limits of Neelkanth Properties.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term fund
   based limits          18.00        [ICRA]B+; Reaffirmed

The rating re-affirmation continues to factor in the decade long
experience of the partners in residential real estate development
in Navi Mumbai and the attractive project location on account of
its proximity to both Mumbai-Pune Highway and the Khopoli Station.

The rating is, however, constrained by the exposure of the project
towards execution risk given, around 45% of the total project
costs is yet to be incurred and the exposure to market risk with
only 29% of the area sold as on Sep-15. Moreover, the firm is also
exposed to funding risk as 42% of project cost is to be met
through customer advances, which in turn are contingent upon
healthy bookings and timely collection from customers. Further,
the constitution of the entity as a partnership firm also renders
it susceptible to capital withdrawals by the partners which could
adversely impact its credit metrics.

Going forward the ability of firm to execute the project as per
schedule, and achieve healthy sales velocity with and ensuring
timely collection of receivables remains key rating sensitivity.

Neelkanth Properties, incorporated in November 2010 is a
partnership firm promoted with the main objective of undertaking
real estate development in and around Navi Mumbai. The company is
managed by three of the partners Mr. Hemant Gapatbhai Gaudani,
Dinesh Dalpat Bahi Tarapura and Mr. Rameshbhai Rajivbhai Patel who
have over a decade long experience in the real estate development.
The partners have developed eleven projects in and around Navi
Mumbai aggregating to 3.42 lakh sq ft of saleable area.

Recent Results
Firm reported a profit after tax (PAT) 0.47 crore on an operating
income of INR4.10 crore in FY15 as compared to a PAT of INR0.39
crore on an operating income of INR4.77 crores in FY14.


NV INTERNATIONAL: CARE Lowers Rating on INR190cr LT Loan to D
-------------------------------------------------------------
CARE revokes the suspension and revises the ratings assigned to
the bank facilities of NV International Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      190       CARE D Suspension
                                            revoked and rating
                                            revised from
                                            CARE BB-

Rating Rationale
The ratings assigned to the bank facilities of NV International
Private Ltd (NVIPL) continue to take into account the delays in
debt servicing due to stretched liquidity position.

NVIPL incorporated in June 1994 is promoted by Mr Ashok Jain and
Mr Sameer Goyal who have long-standing experience of three decades
and two decades, respectively, in the beverage industry. The
company realizes revenue primarily through sale of ENA (Extra
Neutral Alchohol), Country liquor, DDGS (Dried distiller grain
soluble, a by-product of grain fermentation process and a high-
protein cattle feed) and fusel alcohol (by-product of the grain
fermentation process).  The Country liquor produced by NVIPL is
distributed in Haryana state.

The company commenced manufacturing of Country Liquor (Capacity:
8,000 cases per day) in July 2014 and its distillery operations
(Installed capacity of ENA: 60 KLPD) in October 2014.

NVIPL is a part of the NV group which consists of group companies,
namely, NV Distilleries Ltd (rated 'CARE BB-') and NV Distilleries
& Breweries Pvt Ltd (rated 'CARE BB-/CARE A4').

For FY15 (provisional-refers to the period April 01 to March 31),
NVIPL registered a total income of INR47.71 crore and a
negative PAT of INR7.55 crore.


P. VENGANNA: ICRA Reaffirms B Rating on INR18.32cr Term Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating for the INR18.32 crore
term-loans (revised from INR32.75 crore) of P. Venganna Setty and
Brothers at [ICRA]B. ICRA has also assigned a rating of [ICRA]B to
the INR14.43 crore proposed long-term facilities of PVS.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Long-term, Term
   Loans                 18.32        [ICRA]B; Re-affirmed

   Long-term, Proposed
   Limits                14.43        [ICRA]B; Assigned

The rating re-affirmation takes into account the weak financial
profile of the firm characterised by small scale of operations,
weak profitability with net losses in the past two fiscals, highly
leveraged capital structure and stretched debt protection metrics.
The rating also factors in the impact of variability in wind speed
and grid availability on the PLFs - which may lead to volatility
in revenues and cash flows - as well as the counterparty risk of
realising dues in a timely manner from state discoms. These apart,
ICRA also takes into account the risks arising from operating in a
highly regulated iron ore mining industry, and the exposure of
margins to volatility in iron ore prices - given the inherent
cyclicality in end user segments - which is further exacerbated by
PVS' significant inventory holdings.

The rating, however, continues to derive comfort from the
established track record of the Baldota Group of companies of over
six decades in the mining industry; history of regular funding
support from parent - MSPL Limited (rated [ICRA]BBB (Stable)/ A3+)
for meeting cash flow mismatches; and the considerable experience
of the Group's promoters in the sector. The rating further factors
in PVS' ownership of wind assets of 14.80 MW in Karnataka and
Gujarat with established operational track record. ICRA believes
that PVS would continue to require MSPL's financial support over
the medium term, especially in light of sizeable upcoming
repayments; though the planned liquidation of its iron ore
inventory could ease cash flows to an extent.

P. Venganna Setty and Brothers, is a partnership firm set up in
1952 by promoters Mr. P G Nagbhushan and family. MSPL Ltd.
acquired 90% stake in the concern in 1980 while the remaining 10%
has been retained by the initial promoters. PVS holds mining lease
for the Pathikonda Iron Ore Mine (PIOM), a category 'B' open-cast
mine in Bellary District of Karnataka. The mine has not been in
operation since 2010 and is awaiting mining lease renewal. The
firm also owns wind assets totalling 14.80 MW in Karnataka and
Gujarat. Daily operations of PVS are handled by Mr. Rahul N.
Baldota, the Managing Partner.

PVS is part of the MSPL group of companies which has an
established presence across diverse businesses such as mining,
renewable energy, shipping and logistics, steel and industrial
gases. Major companies of the group include MSPL Limited and
Ramgad Minerals and Mining Limited (rated [ICRA]BBB- (Stable)/
A3), both engaged in iron ore mining and wind energy generation.
For FY 2014-15, PVS reported net losses of INR3.31 crore on an
operating income of INR8.46 crore as against net losses of INR3.78
crore on an operating income of INR11.26 crore in FY 2013-14.


PUJARIS EDUCATIONAL: CRISIL Rates INR40MM LT Loan at 'B'
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pujaris Educational Trust (PET).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     25       CRISIL B/Stable
   Cash Credit             2.5     CRISIL B/Stable
   Long Term Loan         40       CRISIL B/Stable

The rating reflects PET's exposure to risks relating to
unfavourable regulations, and modest scale of, and working capital
intensity in, operations. These rating weaknesses are partially
offset by the promoter's extensive experience and the trust's
above-average financial risk profile, marked by comfortable debt
protection metrics.
Outlook: Stable

CRISIL believes PET will continue to benefit over the medium term
from its chairman's extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant and sustainable
increase in turnover and efficient management of working capital
requirements, while profitability margin and capital structure
remain stable. Conversely, the outlook may be revised to
'Negative' if deterioration in working capital management,
considerable decline in revenue and profitability, or any large
debt-funded capital expenditure, or adverse regulation weakens the
trust's key credit metrics.

PET is a registered trust, established in 2006. The trust runs a
college that offers courses in engineering, business
administration and hotel management in Vishakhapatnam (Andhra
Pradesh). It also runs a skill development programme in the
hospitality sector for the Government of India. The trust is
managed by its chairman Mr. V. Pujari.


RAJGAD SAHKARI: CARE Assigns 'C' Rating to INR30cr LT Loan
----------------------------------------------------------
CARE assigns 'CARE C' ratings to the LT bank facilities and
revises ST rating to 'CARE A4' of Rajgad Sahkari Sakhar Karkhana
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities       30       CARE C Assigned
   Short term Bank Facilities       8       CARE A4 Suspension
                                            revoked and revised
                                            from CARE A4+

Rating Rationale
The revision in the rating of bank facilities of Rajgad Sahakari
Sakhar Karkhana Limited (RSSKL) is on account of stretched
liquidity position evident through irregularities observed in debt
servicing of bank facilities (not rated by CARE) in the past and
weak financial risk profile marked by continuing losses in FY14
(refers to the period April 1 to March 31) and FY15.

The rating continues to remain constrained by accumulated losses
resulting in negative net-worth, small scale of operations coupled
with non-integrated nature of sugar unit along with working
capital intensive nature of operations, inherent to the sugar
industry and cyclical nature of the sugar industry.

The rating, however, continues to factor in experience and
resourcefulness of the promoters of RSSKL and the strategic
location of the sugar factory in the area of adequate cane
availability zone.

Improvement in liquidity profile and RSSKL's ability to procure
the envisaged volume of sugar resulting in improvement in
profitability margins, improvement in the capital structure and
effectively management working capital cycle are the key rating
sensitivities.

RSSKL is promoted by Mr Anantrao Thopate and engaged in production
of sugar. The company has an installed capacity of 1,250 Tonnes
Crushed per Day (TCD) and its factory is situated at village
Anantnagar-Nigadem Taluka Bhor, Dist. Pune, Maharashtra. Mr
Thopate was a former minister in the cabinet (Maharashtra) and has
a wide acceptance among local farmers which helps the company in
maintaining cordial relationship with them facilitating its cane
procurement. He has an overall experience of over three decade in
the sugar industry.

Presently, the RSSKL is spearheaded by Mr Sangram Thopate
(Chairman and son of Mr Anantarao Thopate), who has an experience
of over a decade in the sugar industry. Mr Sangram Thopate is an
MLA from Bhor Velha Mulshi constituency and also in the board of
Pune District Central Co-operative Bank Limited (PDCC). The
overall operations of RSSKL are ably managed by second tier
management including qualified engineers, agricultural and finance
officers for operation of the sugar factory. Furthermore, RSSKL
has set up a non-integrated sugar plant at Bhor, Maharashtra with
a total capacity of 1,250 TCD.

During FY15, RSSKL reported a loss of INR14.49 crore on a total
operating income of INR75.85 crore as against loss of INR7.08
crore on a total operating income of INR81.75 crore in FY14.


RAM KUMAR: CRISIL Assigns B- Rating to INR60MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Ram Kumar Ramesh Kumar (RKRK).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              60       CRISIL B-/Stable
   Overdraft Facility       20       CRISIL A4

The ratings reflect RKRK's below-average financial risk profile
because of low networth and weak debt protection metrics. The
ratings also factor in the firm's small scale of operations in the
intensely competitive food-grain trading industry, leading to low
operating profitability. These rating weaknesses are partially
offset by the extensive industry experience of RKRK's proprietor.
Outlook: Stable

CRISIL believes RKRK will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of significant and sustained
improvement in revenue along with better margins and capital
structure. Conversely, the outlook may be revised to 'Negative' if
there is a significant decline in revenue or margins, or a stretch
in the company's working capital cycle, or larger-than-expected
debt-funded capital expenditure, resulting in weakening of its
financial risk profile.

Ram Kumar Ramesh Kumar (RKRK), based in Hisar (Haryana), is a
proprietorship firm established in 1981 by Mr. Mukesh Kumar Goyal.
The firm trades in agricultural products such as grains, pulses,
and cotton, which it sells to local customers.

RKRK reported a net profit of INR0.3 million on net sales of
INR109.6 million in FY 2014-15 against net profit of INR0.4
million on net sales of INR101.5 million in FY 2013-14.


ROLLWELL CONVEYOR: CRISIL Cuts Rating on INR115MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rollwell Conveyor Components Private Limited (RCCPL) to 'CRISIL
B+/Stable/CRISIL A4' from CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         100      CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            115      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Proposed Long Term      33.5    CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan               12.5    CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in RCCPL's business risk
profile because of sluggish demand from end-user industries,
mainly steel and cement. Consequently, revenue declined to INR368
million in 2014-15 (refers to financial year, April 1 to March 31)
from INR400 million the previous year. Operating margin slipped by
300 basis points year-on-year to 6.6 per cent, resulting in loss
of INR10.7 million in 2014-15. However, unsecured loans of INR12
million from promoters helped the company partly address liquidity
issues. With the losses continuing in first half of 2015-16 and
limited revenues visibility over the medium term, the business
performance is expected to remain constrained. Timely infusion of
funds from its promoters will be a key rating sensitivity factor
over the medium term.

The ratings reflect large working capital requirement, below-
average financial risk profile because of modest net worth, high
gearing, and inadequate debt protection metrics, and
susceptibility to cyclicality in end-user industries. These
weaknesses are partially offset by promoters' extensive experience
in the bulk-material handling industry and their financial support
to the company.
Outlook: Stable

CRISIL believes RCCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if liquidity improves
significantly driven by substantial increase in accrual and
efficient working capital management, or sizeable long-term fund
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if financial risk profile, particularly liquidity and
capital structure, deteriorates, because of stretch in working
capital cycle or large debt-funded capital expenditure.

Incorporated in 1987, Rollwell manufactures bulk-material handling
equipment such as belt conveyors and conveyor components including
rollers, idlers, and pulleys. The company is managed by Mr.
Tarachand Goyal and Mr. S C Jain.


RSH AGRO: ICRA Assigns 'B' Rating to INR10cr Fund Based Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B (pronounced ICRA
B) for the INR5.00 crore* term loan facilities, and INR10.00 crore
fund based facilities of RSH Agro Products Private Limited.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Term Loan              5.00        [ICRA]B
   Fund based limits     10.00        [ICRA]B

The assigned rating is constrained by the Limited track record of
operations of the company (commercial production commenced from
April 2015) and its high reliance on debt (including promoter
loans) for funding the initial project cost for setting up the
facilities with a mustard seed crushing capacity of 21000MT and
for the working capital requirements of the company; the highly
fragmented nature of the mustard oil industry; vulnerability of
profitability to fluctuations in the prices of mustard oil and
oilseeds. The rating, however, takes comfort from the established
presence of the promoter group with experience of over three
decades in the edible oils industry through group companies, the
location advantage by way of proximity to mustard seeds producing
region of the country which facilitates easy availability of the
raw material and the favourable demand prospects for the domestic
edible oils industry.

Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015. The facility has a
crushing capacity of 21000 MTPA and is located in Assam. The
company is managed by the Harlalka family, and is a part of the
Harlalka Group which operates other companies in agro products,
coke etc. Mrs Anupriya Harlalka and Mr Nobel Sangama majorly look
after the operations of the company, supported by other members of
the Harlalka family.


RUBY MILLS: CARE Lowers Rating on INR262.62cr Term Loan to D
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of The Ruby Mills
Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Bank Facilities-Fund-        262.62      CARE D Revised from
   based LT-Term Loan                       CARE BB-

   Bank Facilities-Fund-        23.00       CARE D Revised from
   based LT-Cash Credit                     CARE BB-

   Bank Facilities-Non-         12.80       CARE D Revised from
   fund-based - STBG/LC                     CARE A4

Rating Rationale

The revision in the ratings of The Ruby Mills Limited (TRML) takes
in to account the ongoing delays in debt servicing owing to
strained liquidity position.

The Ruby Mills Limited (TRML) was incorporated in 1917 and started
its commercial operations in 1921. TRML is one of the oldest
running textile mills in Mumbai and also has presence in real
estate development. TRML is a composite mill engaged in
manufacturing cotton/ blended yarn and fabric at its plant in
Dadar (Mumbai), Kharsundi and Dhamni (Raigad, Maharashtra). As on
March 31, 2015, TRML has installed capacity of 21,768 spindles,
744 rotors autocore and 128 looms at its plant located at Dhamni,
while TRML is engaged in fabric processing activity at its modern
plant at Kharsundi.

In 2007, TRML shifted part of its operations from Dadar to Raigad
resulting in availability of land at prime location for real
estate development. TRML has entered into a development agreement
with Mindset Estate Private Limited (MEPL, a 100% subsidiary of
Rohan Lifescapes) to construct an IT Park on the available land.
TRML has developed an IT park namely "The Ruby" on the aforesaid
land with total leasable/saleable area of 12.50 lakh sq ft on a
total FSI of 2.66 times.

During September and October 2015 the company has concluded sales
transation worth INR200.50 cr.The company has further leased 61500
sq.ft. and is planning to raise LRD of INR120.00 cragainst the
same.  The company has executed LOI for real estate sale worth
INR160.00 crore the transaction of which is expected to be
completed by March 2016. These transactions would help in
improving cash flow situation. Further, TRML has term debt
repayment obligation of INR 51.00 Cr till March 31, 2016.


RUSHABH TRADING: CRISIL Reaffirms B+ Rating on INR80MM Cash Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rushabh
Trading Co (RTC) continue to reflect the below-average financial
risk profile marked by small networth and below-average debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     40       CRISIL B+/Stable (Reaffirmed)

The rating also factors in the modest scale of operations, and the
exposure to intense competition in the basmati rice trading
business resulting in low profitability margin. These rating
weaknesses are mitigated by the benefits that RTC derives from its
partners' extensive industry experience, established relationship
with customers, and efficient working capital management.
Outlook: Stable

CRISIL believes RTC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' if the revenue and profitability margin
increase substantially, or the networth improves considerably
backed by sizeable equity infusion by partners. Conversely, the
outlook may be revised to 'Negative' in case of a decline in the
profitability margin, or significant deterioration in the capital
structure owing to stretched working capital cycle.

RTC was set up in 1983 by Mr. Premji Velji Karani and family. The
firm trades in basmati rice. It is headquartered in Mumbai, and
has a branch office in New Delhi.


S.B. SYSCON: CRISIL Reaffirms B+ Rating on INR105MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of S.B. Syscon
Private Limited (SBSPL) continues to reflects the company's small
scale of operations in the highly fragmented electrical equipment
industry, and below-average financial risk profile because of high
total outside liabilities to tangible net worth (TOLTNW) and low
cash accrual.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            105      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      20      CRISIL B+/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the trading business and
the funding support received from them.
Outlook: Stable

CRISIL believes SBSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in the financial risk profile, most likely on account
of better-than-expected cash accrual or equity infusion along with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case liquidity weakens due to lower-
than-expected cash accrual or a substantial increase in working
capital requirement.

Update
SBSPL's operating revenue declined to INR302 million in 2014-15
(refers to financial year, April 1 to March 31) from around INR335
million in 2013-14. For the nine months ended September 30, 2015,
revenue was around INR180 million and is expected to grow by 10-12
per cent annually over the medium term on account of addition of
customers and forging strong relationships with existing
customers. The operating margin is also expected to remain at 4-5
per cent over this period.

Operations remain working capital intensive as reflected in gross
current assets of around 201 days as on March 31, 2015, because of
high inventory of 115 days and average debtors of 87 days. Average
operating profitability led to average debt protection metrics,
with interest coverage ratio at 1.36 times and net cash accrual to
total debt ratio at 0.03 time in 2014-15. The gearing was high at
3.47 times as on March 31, 2015, despite equity infusion of
INR1.51 million in 2014-15. With the absence of any significant
debt-funded capital expenditure plan, the gearing will remain at
the same level over the medium term.

SBSPL's liquidity is healthy reflected by cash accrual of INR3.8-
4.0 million expected in 2015-16 and 2016-17 against minimal debt
obligation. Liquidity is further supported by average bank limit
utilisation of around 81 per cent during the 12 months through
September 2015.

SBSPL was originally established as a proprietorship concern by
Mr. R Pandey; the firm was reconstituted as a private limited
company in 2008. The company is a distributor of switchgears,
motors, conductors, and cables for reputed companies such as
Siemens, GE, Pierlite and others.It has offices at Faridabad
(Haryana) and Mumbai.


SARVESHWARI EXPORTS: ICRA Assigns B+ Rating to INR5.5cr Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR5.50 crore export
packing credit, INR1.00 foreign bill discounting and INR0.95 crore
stand by line of credit facilities of Sarveshwari Exports Private
Limited. ICRA has also assigned [ICRA]A4 rating to the INR0.38
crore non-fund based bank facility of SEPL. ICRA has also assigned
[ICRA]B+ and [ICRA]A4 ratings to an untied limit of INR0.17 crore
of SEPL.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund Based Limits      5.50        [ICRA]B+ assigned
   Export Packing
   Credit

   Fund Based Limits
   Foreign Bill
   Discounting            1.00        [ICRA]B+ assigned

   Fund Based Limits
   Stand by Line of
   Credit                 0.95        [ICRA]B+ assigned

   Non Fund Based
   Limits Forward
   Contract               0.38        [ICRA]A4 assigned

   Fund Based/Non Fund
   Based Limits Untied
   Limit                  0.17        [ICRA]B+/[ICRA]A4 assigned

The assigned ratings take into consideration the moderate scale of
current operations of the company and weak financial profile
characterized by nominal profit and cash accruals from the
business, aggressive capital structure and depressed level of
coverage indicators. The ratings are also constrained by the
fragmented nature of the industry with low entry barriers,
significant competition in the export market from other countries,
and vulnerability of revenues and margins to the factors like
disease outbreaks, agro-climatic conditions and government
policies (both India and importing country) affecting availability
and pricing of raw material and off-take. The margins in the
business are susceptible to volatility in exchange rates, anti-
dumping duty and other regulatory measures imposed by importing
countries and export incentives extended by the Government of
India (GoI). The ratings also factor in the high geographical and
client concentration risks as a major portion of its export
revenue is being derived from a few large clients primarily based
in Asia and the volatility in foreign currency rates. However, the
ratings derive comfort from the experience of the promoters in the
seafood export business along with operational synergy from its
group entity, the company's proximity to raw material sources
mitigating supply risks, and its established relationships with
key customers as well as agents, which ensures repeat orders.

Incorporated in March 2011, SEPL is currently engaged in the
processing and export of shrimps. In December 2012, the company
took over the entire business of the partnership firm, M/s
Sarveshwari Exports which was also engaged in the same line of
business since 2002. The company exports the shrimps under the
registered brand names of 'Mizu Fresh', 'Udori Ebi' and 'Max
Ultra'.

Recent Results
In 2014-15, the company reported a net profit of INR0.33 crore
(provisional) on an operating income of INR46.47 crore
(provisional); as compared to a net profit of INR0.22 crore on an
operating income of INR30.48 crore in 2013-14.


SIPPING SPIRITS: CARE Revises Rating on INR5.95cr LT Loan to B+
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Sipping
Spirits Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     5.95       CARE B+ Revised from
                                            CARE BB

Rating Rationale
The revision in the rating assigned to the bank facilities of
Sipping Spirits Private Limited (SSPL) factors in the significant
amount of receivable from its key bottling unit (accounting for
80% of the revenues of the company) which has led to the company
scaling down its production and sales in the Tamil Nadu market.
Furthermore, the rating revision factors in the operating losses
incurred due to the underutilization of capacity and the meagre
PAT achieved in FY15 (refers to the period April 1 to March 31).

The rating also continues to be constrained by the absence of
direct presence/Indian Made Foreign Liquor (IMFL) License
in the state of Tamil Nadu, the challenges of operating in a
highly regulated environment, characterized by stringent controls
on production, distribution, pricing and advertising. The rating
however factors in the promoter's experience, demonstrated
financial support of the promoters, exclusivity in using the
'Resolute' brand in the domestic market and SSPL's presence in the
high margin earning premium segment. Going forward, the ability of
the company to collect the receivables, grow its revenues and
improve its profitability will be the key rating sensitivities.

Sipping Spirits Private Limited (SSPL), established in 2007 is
engaged in the manufacture and sale of Indian Made Foreign
liquor (IMFL). SSPL is promoted by Mr Prasanna Natarajan (Promoter
Director) who is a management graduate with exposure to Food &
Agribusiness sectors in Latin America, USA and Australia. His
father, Mr S Natarajan (Promoter Director) is a Chartered
Accountant with more than three decades of experience in various
industries. He is a group director for Shriram group companies.
The day to day affairs are managed by Mr Prasanna Natarajan.

SSPL has its manufacturing unit in Goa and manufactures and
markets Vodka under the brand name 'Resolute' Vodka in
three flavour variants and two SKU's (stock keeping unit).
Resolute Vodka is from the stable of The Melchers Group,
Lelystad, Netherlands, who has licensed the brand to SSPL. SSPL
owns the trademark in India. It commenced commercial
operations in May 2009. SSPL caters to the market in Goa and also
sells in Tamil Nadu, by means of a bottling agreement
with contract bottlers Mohan Breweries and Distilleries Limited
(MBDL -rated CARE D) from October 2012 onwards. A
predominant portion of SSPL's income is from the Tamil Nadu
market.

As per audited results, SSPL achieved PAT of INR0.06 crore on
gross sales of INR9.06 crore.in FY15 as compared to PAT of
INR0.72 crore on gross sales of INR 19.36 crore inFY14.


SIVA STONES: CRISIL Cuts Rating on INR3.6MM LT Loan to B-
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Siva Stones INC (SSI) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable', and reaffirmed its rating on the short-term facilities
at 'CRISIL A4'.

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit   180       CRISIL A4 (Reaffirmed)

   Letter of Credit         20       CRISIL A4 (Reaffirmed)

   Proposed Long Term        3.6     CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The rating downgrade reflects deterioration in SSI's liquidity,
with frequent devolvement of letters of credit resulting in
overdrawing of its working capital limit. These overdrawals are
however regularised within seven days. CRISIL believes that any
further devolvement would result in additional pressure on SSI's
liquidity leading to further deterioration in the firm's financial
risk profile.

The ratings reflect SSI's weak financial risk profile because of
high gearing, its modest scale of operations in the highly
competitive granite export business, and susceptibility to changes
in government regulations and to volatility in foreign exchange
rates. These rating weaknesses are partially offset by the
extensive experience of the firm's promoters in the granite
industry.
Outlook: Stable

CRISIL believes SSI 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 increase in
scale of operations and improvement in profitability on a
sustainable basis, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile deteriorates further most likely because of
reduced margins and revenue, or large, debt-funded capital
expenditure.

SSI commenced operations in October 2012. It processes and exports
granite slabs. The firm is promoted by Mr. Siva Narayana and his
family.

In 2013-14 (refers to financial year, April 1 to March 31), on a
provisional basis, SSI had a profit after tax (PAT) of INR12
million on net sales of INR378 million; it had a PAT of INR3
million on net sales of INR94 million in 2012-13.


SURESH TECHNO: CRISIL Assigns B+ Rating to INR15MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Suresh Techno Enterpriser (STE).

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              2.5       CRISIL B+/Stable
   Bank Guarantee        60         CRISIL A4
   Cash Credit           15         CRISIL B+/Stable

The ratings reflect STE's modest scale of operations in the
intensely competitive transmission wire and tower industry and
large working capital requirement. The ratings also factor in
small net worth. These strengths are mitigated by the promoters'
extensive experience, and established customer relationships.

Outlook: Stable

CRISIL believes STE will maintain a stable business risk profile
over the medium term backed by its promoters' extensive
experience. The outlook may be revised to 'Positive' if
substantial increase in operating income and accrual is reported
along with improved working capital management and expansion in
geographic presence. Conversely, the outlook maybe revised to
'Negative' if modest operating income and profitability lead to
lower accrual or the financial risk profile weakens because of
larger-than-expected debt-funded capital expenditure programme or
stretched working capital cycle constrains liquidity.

STE, a partnership firm established in 2004, is involved in
erection, procurement and construction works related to setting up
of transmission lines and towers. The firm is promoted by
Jabalpur-based Sharda family, with Mr. Suresh Sharda, Mr. Shiven
Sharda and Ms. Sunita Sharda as partners.


TNR INDUSTRIES: CRISIL Reaffirms B- Rating on INR70MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of M/s.
TNR Industries Private Limited (TNR Industries) continues to
reflect its modest scale of operations in the ready mix concrete
(RMC) industry and its large working capital requirements. The
rating of the company is also constrained on account of its below-
average financial risk profile marked by its small net worth, high
gearing, and below average debt protection metrics. These
weaknesses are partially offset by the promoters' extensive
experience in the construction industry.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             70       CRISIL B-/Stable (Reaffirmed)

   Long Term Loan          39       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      41       CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

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

Set up in 2011, TNR Industries manufactures RMC used in the
construction industry. The company also manufactures unplasticised
polyvinyl chloride (UPVC) panels. Based in Hyderabad, the company
is promoted by Mr. T Narsimha Rao and his family.


TORQUE CARS: ICRA Suspends 'B/A4' Rating on INR9cr Loan
-------------------------------------------------------
ICRA has suspended its long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 assigned to the INR9.0 crores bank facilities
of Torque Cars Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in absence of
requisite information from the company


TRANS CONDUCT: ICRA Reaffirms 'B' Rating on INR7cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR7.00 crore* (enhanced from INR4.75 crore) fund-based and
INR4.00 crore (enhanced from INR1.75 crore) non-fund based bank
facilities of Trans Conduct (India).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit           7.00        [ICRA]B reaffirmed
   Bank Guarantee        4.00        [ICRA]B reaffirmed


The reaffirmation of rating continues to derive comfort from the
experience of the promoters in executing civil engineering
contracts and the firm's long association with Municipal
Corporation of Greater Mumbai (MCGM). ICRA also takes into account
healthy order book position with Order Book/ Operating Income
(FY15) of 3.1 times as of October 2015, which provides revenue
visibility for the near term.

The rating, however, continues to be constrained by the firm's
small scale of operations, with volatility in revenues and
profitability associated with project nature of business,
intensely competitive nature of business and high client
concentration risk. High work-in-progress inventory level owing to
delays in receiving customer approval post completion of projects
leads to high working capital intensity. The working capital
requirements have to be met through external borrowings leading to
high leverage and interest expenses as witnessed in FY 2015.

Going forward, the firm's ability to scale up its operations while
managing its capital structure and liquidity position, given the
working capital intensive nature of operations, remains critical
from a credit perspective.

Trans Conduct (India) (TCI) was established as a proprietary
concern by Mr. Dinesh Shah in 1979 and was subsequently converted
into a partnership firm in 2008 with admission of Mr. Bipin Shah
and other family members. TCI specializes in civil engineering
contracts with the Municipal Corporation of Greater Mumbai (MCGM).
In addition to civil works in the city of Mumbai, the firm is also
registered as a Class One contractor with Maharashtra Jeevan
Pradhikaran (water supply and sanitation department of Government
of Maharashtra). The two partners have an experience of over three
decades in the civil engineering contracting business.

Recent results
For the twelve months ended March 31, 2015, TCI reported a profit
after tax (PAT) of INR0.14 crore on an operating income (OI) of
INR11.15 crore, as against a PAT of INR0.94 crore on an OI of
INR14.78 crore for the twelve months ended March 31, 2014.


TTNR CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR60MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of TTNR
Constructions India Private Limited (TNR) continues to reflect the
completion and demand risks associated with the company's ongoing
and upcoming projects, a high degree of geographical concentration
in the revenue profile, and its vulnerability to cyclicality
inherent in the Indian real estate industry. These weaknesses are
partially offset by TNR's established regional presence in real
estate development, supported by the promoters' extensive
experience.
                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan         60       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes TNR will continue to benefit over the medium term
from its established regional presence in the real estate
development market. The outlook may be revised to 'Positive' in
case of significant receipt of customer advances for its upcoming
projects, leading to better-than-expected cash inflow and
liquidity. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in TNR's liquidity, either because of lower-
than-expected customer advances or significant cost overrun in its
ongoing and upcoming projects.

Set up in 2011, TNR is into residential real estate development in
Hyderabad. The company is promoted by Mr. Vivek Fernandes.


UTSAV ORGANIC: ICRA Assigns B- Rating to INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B- to the INR3.69
crore term loan and INR5 crore cash credit facility of Utsav
Organic And Cold Chain (UOCC). ICRA has also assigned [ICRA]B- and
[ICRA]A4 ratings to the unallocated limit of INR1.31 crore of
UOCC.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Fund Based
   Cash Credit           5.00       [ICRA]B- assigned

   Fund Based
   Term Loan             3.69       [ICRA]B- assigned

   Unallocated           1.31       [ICRA]B-/[ICRA]A4 assigned

The assigned ratings take into account UOCC's limited operational
track record on account of nascent stage of operations and lack of
experience of promoters in the hotel and restaurant businesses.
The ratings also take note of the entity's weak financial risk
profile as reflected by unfavourable capital structure and
depressed debt coverage indicators on account of high debt funded
capital expenditure (capex) for the cold chain facility. The
ratings also factor in the intense competition from other hotels
in proximity for the entity's hotel business which is likely to
exert pressure on the ARRs and occupancy of Hotel Utsav Inn. ICRA
also takes note of the working capital intensive operations for
cold chain on account of advance extended to customers, which are
likely to keep the liquidity position stretched. Moreover, the
high royalty expenses for the restaurant franchises from
January'16 are likely to constrain the net margins going forward.

However, the ratings favourably take into account the diversified
business profile due to presence in cold chain business, hotel
business and restaurant franchises leading to a diverse revenue
mix. The franchise agreement with established brands for the Food
& Beverage (F&B) outlets is likely to support revenue growth going
forward and the entitlement to various subsidies for the cold
chain facility in the near term is likely to support profitability
and cash flows. In ICRA's opinion, the ability of the company to
scale up its operations and maintain a healthy profitability while
managing its working capital requirements efficiently would be key
rating sensitivities going forward.

Established in 2011-12 under the proprietorship of Mr. Kabir
Sibbal, UOCC was set up for the purpose of starting a cold chain
facility at Raipur, Chattisgarh. The cold chain unit commenced
operations in May 2014 with a storage capacity of 5,895 MTPA. The
entity is also running a hotel under the name "Hotel Utsav Inn", a
restaurant under franchise for Moods Hospitality Private Limited
(Yo!China) and 2 restaurants under franchise for Sagar Ratna
Restaurants Private Limited in Raipur.

Recent Results
UOCC reported a profit after tax (PAT) of INR0.10 crore on an
operating income (OI) of INR0.94 crore in 2013-14 on a
consolidated basis for its businesses Utsav Organic And Cold
Chain, Hotel Utsav Inn & Utsav Organic Restaurant.


UIC UDYOG: CARE Lowers Rating on INR250.26cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of UIC
Udyog Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    250.26      CARE D Revised from
                                            CARE B-
   Short-term Bank Facilities    19.65      CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings assigned to the bank facilities of UIC
Udyog Limited (UUL) takes into account the ongoing delays in debt
servicing. The liquidity position has been stressed due to
significant amount of cash loss incurred in FY15 (refers to the
period April 01 to March 31) and suspension of operation at the
manufacturing units from August, 2015 due to labour unrest and
lack of working capital.

UUL was promoted by Mr. B. L. Jajodia of Kolkata. The company is
engaged in the manufacturing of steel wire & wire strands and
generation of wind power. UUL is also engaged in trading of steel-
related items. The company has units in Kalyani and Khanyan in
West Bengal (total capacity 85,000 mtpa) for wire drawing and a
wind mill in Maharashtra.

The units in West Bengal are the major contributor to revenue. UUL
was also in the process of setting up a unit in Gujarat (installed
capacity of 180,000 MTPA) which has been scrapped considering the
market scenario. The operations in the main Kalyani unit were
suspended from April 2013 to January 2014 due to labour unrest and
accordingly the profitability of UUL was impacted. UUL applied for
CDR in August 2013 and the same was approved in March 2014 with
cut-off date from June 1, 2013. The plants have again been non-
operational since August 2015 due to labour unrest and
nonavailability of working capital.

During FY15, UUL reported a net loss of INR117.68 crore (net loss
of INR 44.51 crore in FY14) on a total operating income
of INR127.32 crore (Rs. 43.94 crore in FY14).


UNITED EXPORTS: CRISIL Reaffirms D Rating on INR350MM Loan
----------------------------------------------------------
CRISIL ratings on the bank facilities of United Exports (UE)
continues to reflect instances of delay by UE in servicing its
term debt due to stretched liquidity/increased inventory holding
levels. As on March 31, 2015, the firm's inventory increased to
372 days, compared with 273 days as on March 31, 2014.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Purchase-
   Discounting
   Facility              150       CRISIL D (Reaffirmed)

   Cash Credit           350       CRISIL D (Reaffirmed)

   Packing Credit        350       CRISIL D (Reaffirmed)

   Term Loan             170       CRISIL D (Reaffirmed)

CRISIL had earlier downgraded its ratings on the bank facilities
of UE to 'CRISILD/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+' on
September, 15, 2015.

CRISIL has treated unsecured loans of INR106.9 million outstanding
as on March 31, 2015, extended to UE by its promoters, as neither
debt nor equity as these are interest-free and subordinate to bank
loans. The unsecured loans were reduced from INR117.6 million as
on March 31, 2014. However, the partners infused INR10.8 million
in partner's capital in 2014-15.

UE also has weak financial risk profile marked by high gearing,
weak debt protection metrics and low net worth, modest scale of
operations in the highly fragmented rice industry, and
vulnerability to change in government policies. UE also has
working-capital-intensive operations. UE however benefits from the
established position of its partners in the rice industry,
customer diversity and healthy operating profitability. The
decline in revenues in 2014-15 was mainly attributed to the
decrease in prices of rice during the year.

UE was set up as a partnership firm in 1983. The firm's current
partners are Mr. Harish Narang, Mr. Samarth Narang, Mrs. Sangita
Narang and Mr. Sudhanshu Narang. UE mills and processes basmati
and non-basmati rice for sale in the domestic and export markets.

UE, on a provisional basis, reported net profit of INR37 million
on INR1.41 billion for 2014-15 (refers to financial year, April 1
to March 31), as against net profit INR39.1 million on net sales
of ~INR1.5 billion for 2013-14.


VISA POWER: CARE Lowers Rating on INR1,964cr LT Loan to 'D'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Visa
Power Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     1,964      CARE D Revised from
                                            CARE B+

Rating Rationale

The revision in the rating assigned to bank facilities of Visa
Power Ltd (VPL) is on account of ongoing delays in interest
servicing. There has been significant cost and time overrun in the
greenfield power project being implemented by the company and
financial closure for increase in project cost is yet to be
achieved. This has resulted in the inability of the company to
meet the interest during construction period.

VPL, incorporated in October 2005, was promoted by the Kolkata-
based VISA group. VPL is currently setting up a 600 MW thermal
power plant in Raigarh district of Chhattisgarh. The project cost
has increased to INR4,600 crore (from INR3,930 crore as on
December 31, 2014 and initial estimate of INR2618.6 crore) and it
is expected to be operational by March, 2017 (revised from
September, 2015). The project is being financed at debt-equity
ratio of 3:1. Out of total debt of INR3450 crore, the company has
tied up debt of INR2,339 crore. Till June 30, 2015, VPL spent
INR2,082 crore on the project, financed through equity infusion by
promoters (Rs.427 crore), term loans from banks (Rs.1,299 crore)
and balance through sundry creditors for capital goods.

VISA group is engaged in manufacturing of steel related products &
ferrochrome and trading of coal & coke.


VIVANTA REALTY: CRISIL Assigns B+ Rating to INR99MM Project Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Vivanta Realty (VR).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan           99       CRISIL B+/Stable

The rating reflects VR's exposure to risks related to
implementation of its residential project because of initial stage
of construction, and susceptibility to cyclicality inherent in the
Indian real estate industry. These weaknesses are partially offset
by its promoters' extensive experience in the real estate industry
in Pune (Maharashtra) and their committed funding support.
Outlook: Stable

CRISIL believes VR will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if healthy sales of units and timely receipt
of customer advances and implementation of project lead to healthy
cash inflow. Conversely, the outlook may be revised to 'Negative'
if time and cost overruns, lower-than-expected sales, or delays in
receipt of customer advances lead to low cash inflow, thus
impacting liquidity.

Set up in 2012, VR is a partnership firm promoted by Mr. Vasant
Kate, Mr. Vivek Joshi, and Mr. Suryakant Jadhav for developing a
residential real estate project, Vivanta Life Vishakha, in Pune.
It is currently implementing the project's first phase, which has
150 units.



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


INDIKA ENERGY: Moody's Puts B2 CFR on Review for Downgrade
----------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family
rating of Indika Energy Tbk (P.T.) on review for downgrade.  At
the same time, Moody's placed the B2 ratings on the $300 million
notes due 2018 and the $500 million notes due 2023, issued by Indo
Energy Finance B.V. and Indo Energy Finance II B.V., respectively,
on review for downgrade.  The two issuers are wholly owned
subsidiaries of Indika.  The notes are unconditionally guaranteed
by Indika.

RATINGS RATIONALE

"We have initiated the review following the announcement of the
proposed discounted note repurchase offer and will focus on the
amount of loss incurred by participating noteholders," says Brian
Grieser, a Moody's Vice President and Senior Analyst.  "In
addition, we will evaluate the likelihood of future discounted
repurchases as well as the post-transaction capital structure and
liquidity profile in light of continued weakness in thermal coal
prices."

On Nov. 23, 2015, Indika announced an offer to repurchase for cash
up to $100 million of its outstanding $300 million senior notes
due May 2018.  Indika has offered to repurchase the notes at
between $600 and $650 per $1,000 tendered, including a $50 early
tender premium.  The offer only impacts roughly 10% of Indika's
outstanding debt and a third of its 2018 notes.

The offer will be conducted as a modified Dutch auction and allows
the company to increase, decrease or otherwise modify the offer.

Indika plans to use a combination of excess cash and new
financings to fund the transaction.

"Assuming the transaction closes at the top end of the offer,
Moody's is likely to view the contemplated transaction as an
opportunistic buyback since default avoidance is not clear at this
point given Indika's liquidity profile and minimal near term
refinancing risk." adds Grieser, who is also Moody's lead analyst
for Indika.

However, a distressed exchange could materialize if the size of
the offer and/or the minimum offer price is modified such that
noteholder losses exceed current expectations.

Moody's definition of distressed exchanges, which we consider a
default, captures cumulative losses for investors.  While Indika
has not stated any intention for additional buybacks, any
incremental discounted note repurchases may be treated as a
distressed exchange when viewed in combination with the current
proposed transaction.

Moody's expects Indika's liquidity profile to adequately cover its
operational needs over the next two years.  The company has high
cash balances of $233 million at the holding company level as of
September 30, 2015, a demonstrated ability to raise bank debt,
ongoing dividends from its investments, and minimal refinancing
risk prior to the 2018 note maturity.

It is also believed to have assets that it could monetize to
support its refinancing efforts as the maturity of the notes
approaches in May 2018.

"While we recognize that management is taking opportunistic steps
to address its 2018 notes maturity, the repurchase only marginally
reduces leverage to around 5.5x from 5.9x and earnings and cash
flow prospects are weak for 2016 and 2017 due to pressure from
persistent weakness in thermal coal prices," adds Grieser.

The review will also focus on the post transaction credit profile
of Indika.  While the proposed transaction will reduce debt, the
weak outlook for coal prices and Indika's high leverage could
drive a ratings downgrade at the close of the review.

Moody's will conclude its review at the close of the transaction
which is expected to occur between Dec. 7 & 21, 2015.

The methodologies used in these ratings were Business and Consumer
Service Industry published in December 2014 and Global Mining
Industry published in August 2014.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange.  Its principal investment
for its energy resources group is a 46% stake in Kideco Jaya Agung
(P.T.), Indonesia's third-largest domestic coal producer and one
of the world's lowest-cost producers and exporters of coal.  It
also owns a 60% stake in PT Mitra Energi Agung, a greenfield coal
project, and 85% of PT Multi Tambang Jaya Utama, a domestic
thermal and coking coal project.


* Recovery in Indonesia Auto Industry Remains Fragile, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says in a new report that the Indonesian auto sector
will remain under pressure in 2016.  The agency forecasts car and
motorcycle sales volume will only post modest growth of about 3%,
after declining by 18%-20% yoy in 9M15.

Weak purchasing power and soft consumer confidence should continue
to dampen demand for the overall auto segment.  At the same time,
further delays in the execution of government spending; rupiah
depreciation; and continued uncertainty over the global economy
may prolong the decline in consumer confidence and hinder the
recovery in auto demand.

Inventory management particularly on the dealership level is key,
as it will discourage severe competition and price discounting and
also help manage dealerships' cash flows.



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


PUMPKIN PATCH: To Close 20 More Stores in New Zealand, Australia
----------------------------------------------------------------
Christopher Adams at The New Zealand Herald reports that the mood
was sombre at Pumpkin Patch's annual meeting on Nov. 26 as the
embattled children's clothing retailer said it would close up to
20 more stores and faced tough questions from investors over its
poor financial performance.

The meeting, which is usually held at Ellerslie Racecourse, took
place at the company's East Tamaki headquarters this year, partly
as a cost-saving measure, the Herald says.

The Herald relates that managing director Luke Bunt, who took the
firm's helm in August, told shareholders that outlook for the rest
of the financial year to July 2016 remained "extremely
challenging", particularly in New Zealand.

Pumpkin Patch shares, which have slumped by 54% over the past
year, closed down 11.5 per cent at 11.5c on Nov. 26.

According to the Herald, the retailer, which reported a full-year
loss of NZ$9.1 million in September, has been struggling to gain
traction in a market beset with margin-sapping discounting on both
sides of the Tasman and increasing online competition.

Supply chain challenges, including high levels of inventory, have
also affected the retailer's performance, the report relays.

The Herald relates that Mr. Bunt said the company faced a
difficult, long-term challenge in turning the business around, but
he was confident that the brand's "diminished value" could be
restored.

"I believe our customer and brand propositions remain relevant and
Pumpkin Patch does have a competitive position in Australasia and
indeed other parts of the world," the report quotes Mr. Bunt as
saying.

According to the Herald, Mr. Bunt laid out a strategy to investors
that included closing 15 to 20 loss-making stores in Australia and
New Zealand over the next two to three years, keeping remaining
stores in a size range of 220 sq m to 260 sq m and balancing
investment with debt repayments.

The company closed 10 stores during its last financial year,
including one in Ireland, reducing the total number of outlets to
176, the report discloses.

Some investors, however, are yet to be convinced by the strategy.

"Each year at the AGM we come and listen to the same, same talk
all the time," shareholder Mary Bell said during question time,
the Herald relays.  "How on earth do you think that you lot are
going to change and do something for the shareholders? We've
received nothing at all. Nothing."

The Herald adds that Chairman Peter Schuyt said it was a fair
question, but the company had already made changes for the better,
including putting in place an executive team that could execute a
clear strategy and securing an extension of its funding facilities
from ANZ bank until December 2017.

                       About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer
and wholesaler of children's clothing.  The Company's product
range encompasses all stages of a child's growth, from baby to
toddler, primary school kid to pre and early teen, including
clothing, nightwear, accessories, rainwear, footwear and teddy
collection.  Pumpkin Patch also caters for mums-to-be with a
maternity collection.  The Company also has a fashion mini-brand
for discerning pre and early-teen girls, Urban Angel Girls.  The
Company's collections are available in numerous countries and
regions, including New Zealand, Australia, the United Kingdom,
the United States, South Africa and the Middle East.  Pumpkin
Patch predominantly sells through its own store network in
New Zealand, Australia, the United Kingdom and the United States.
The Company's subsidiaries include Torquay Enterprises Limited,
Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch
Direct Limited, Patch Kids Limited and Urban Angel Girls Limited.


ROSS ASSET: Investor Appeals High Court Decision on Claw Backs
--------------------------------------------------------------
Collette Devlin at Stuff.co.nz reports that a group of Ross Asset
Management (RAM) victims are applying to the courts to obtain
documents they say will lift the "veil of secrecy" surrounding
liquidators' claw backs from New Zealand's largest Ponzi scheme.

On November 19, Wellington lawyer Hamish McIntosh took a case to
the appeal court to overturn a June High Court decision that he
should give back NZ$454,000 of 'fictitious" profit from RAM, the
report relates.

Liquidator John Fisk of PwC, counter-appealed the decision in a
bid to help claw back NZ$43 million from more than 200 investors,
Stuff.co.nz says.

According to Stuff.co.nz, Bruce Tichbon, a spokesman for the RAM
Investors Group, said investors did not have access to the papers
filed with the Court of Appeal.

"PwC is adamant the proceedings must be conducted in secret, with
the exception of the public hearing which they cannot avoid. The
effect of this culture of secrecy with other finance cases is that
secret settlements are often reached, without the small investors
knowing the details.  The small investors usually lose most of
their money as well," the report quotes Mr. Tichbon as saying.

In the climate of legal secrecy surrounding the case, it was
difficult to be certain of the "value" argument that was debated
in court, he said, Stuff.co.nz relays.

Stuff.co.nz notes that Mr. McIntosh invested $500,000 in RAM in
2007 and withdrew $954,000 in 2011. While the High Court ruled he
should return any profits, he argued that he invested in good
faith and should keep all of the money. He was allowed to keep his
original investment because this was deemed to represent him
giving "value".

During the case his lawyer Justin Smith, QC, argued a change in
position for Mr. McIntosh, who "gave value" by investing funds
with RAM, the report relates.

However, Mike Colson, the liquidator's lawyer, argued funds
invested by Mr. McIntosh never gave "real and substantial value"
because RAM was only supposed to be managing the funds on behalf
of the client and if he had not been paid out, the money should
have been available to creditors upon liquidation," according to
Stuff.co.nz.

"If he hadn't been paid out he would have a return of $15,000 as
opposed to $954,000," the report quotes Mr. Colson as saying.

Stuff.co.nz says the Court of Appeal judges noted this, stating
the pay out from RAM to investors from funds currently in RAM was
about 3-4 cents in the dollar.

Mr. Tichbon said the argument presented in court by the
liquidators lawyers was a true representation of the "value"
investors can expect to get back, Stuff.co.nz reports.

"If McIntosh was to see the same 'value' he could expect to see
about $15,000 of his original investment back. This would
presumably put him in the same position as all other investors,"
Mr. Tichbon, as cited by Stuff.co.nz, said.

An overarching principle of New Zealand investor law was that all
investors should be treated equally when it came to being paid
out, Mr. Tichbon said, Stuff.co.nz relates.

"In the light of this, the High Court judgement that would let Mr.
McIntosh keep all his original investment of NZ$500,000 is an
affront to justice and common sense. How can investors have any
confidence in the financial markets if such injustice is allowed
to stand?"

Stuff.co.nz adds that Mr. Fisk said court files could be searched
but with confidentiality, only a certain amount of information was
available.  There were confidently issues surrounding the names of
investors, he said.

"There is an open invitation to investors who want to contact us.
We also welcome a single lawyer or firm to represent the investors
on claw backs," the report quotes Mr. Fisk as saying.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).


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S I N G A P O R E
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STATS CHIPPAC: Moody's Assigns B1 Rating on USD425MM Sr. Notes
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the USD425 million 8.50% senior secured notes due 2020, issued by
STATS ChipPAC Ltd., and unconditionally guaranteed by all STATS
ChipPAC's subsidiaries except for STATS ChipPAC Shanghai Co.,
Limited, STATS ChipPAC (Thailand) Limited, and STATS ChipPAC
Services (Thailand) Limited.  The outlook on the rating is
negative.

RATINGS RATIONALE

Moody's definitive rating on this debt obligation confirms the
provisional rating assigned in November.  The proceeds from the
issue of the notes will be used to repay borrowings outstanding
under the company's bridge loan facility.

Please refer to the press release issued on Nov. 10, 2015: Moody's
assigns (P)B1 to STATS ChipPAC's proposed senior secured notes.

This bond transaction helps STATS ChipPAC reduce its reliance on
short-term financing.  Moody's further expects the company will
drawdown on its committed $500 million Senior Take-Out Facilities
to complete its debt restructuring in 1Q 2016 and further extend
its debt maturity profile.

However, Moody's believes the company's liquidity position will
remain fragile until such permanent long-term financing is put in
place and the company's profitability is restored, with adjusted
quarterly EBITDA exceeding $85-90 million on a sustained basis.

The principal methodology used in this rating was Global
Semiconductor Industry Methodology published in December 2012.

STATS ChipPAC Ltd. is the fourth-largest player in the
outsourcing, semiconductor assembly and test industry by revenues
according to Gartner, Inc. a leading technology research firm.  It
provides full turnkey solutions to semiconductor companies across
the US, Europe and Asia, among them, foundries, integrated device
manufacturers, and fabless companies.



                             *********

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,
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