TCRAP_Public/151130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 30, 2015, Vol. 18, No. 236


                            Headlines


A U S T R A L I A

MARION ENERGY: U.S. Unit's Chapter 11 Case Dismissed
PERI-URBAN PROPERTY: First Creditors' Meeting Set For Dec. 7
S & M ENTERPRISE: First Creditors' Meeting Set For Dec. 8
TBR HAULAGE: First Creditors' Meeting Set For Dec. 8
VOCATION LIMITED: In Administration; Creditors Meeting on Dec. 7


C H I N A

CHINA INFORMATION: Receives Nasdaq Listing Non-Compliance Notice
CHINA SHIANYUN: Posts $1.45 Million Net Income for Third Quarter


I N D I A

ADIE BROSWON: ICRA Upgrades Rating on INR81.14cr Loan to B+
ADPRO CERAMICS: CRISIL Assigns B+ Rating to INR27.5MM Cash Loan
AL AMEEN: CRISIL Assigns 'B+' Rating to INR1.20BB LT Loan
AMARAVATHI SPINNING: ICRA Suspends D Rating on INR11.55cr Loan
AMY EXPORTS: CRISIL Assigns 'B' Rating to INR15.9MM LT Loan

B. D. AGRO: CRISIL Reaffirms 'C' Rating on INR30MM Cash Loan
B D CORPORATES: CRISIL Reaffirms B+ Rating on INR157MM Loan
BIHAR FOUNDRY: CRISIL Reaffirms B Rating on INR750.9MM Term Loan
BINA COMMERCIAL: CRISIL Reaffirms 'B' Rating on INR50MM Loan
CAPITAL CLOTHING: ICRA Assigns B+ Rating to INR0.10cr LT Loan

D R HOTELS: ICRA Suspends B- Rating on INR30cr FB Loan
ELECTRA GLOBAL: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
FUTURE AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR90MM Loan
GANESA MODERN: CRISIL Assigns B+ Rating to INR100MM Cash Loan
GEETHA COTTON: ICRA Suspends B Rating on INR7cr Loan

GODHANI GEMS: CRISIL Cuts Rating on INR1.01BB Loan to 'D'
INRHYTHM ENERGY: Ind-Ra Raises LT Issuer Rating to 'IND B+'
IOT ENGINEERING: Ind-Ra Lowers LT Issuer Rating to 'IND D'
KAJAH TRADING: CRISIL Assigns B+ Rating to INR5MM LT Loan
KASARGOD POWER: Ind-Ra Affirms 'IND D' Rating on INR65MM Loan

KAWARLAL & CO: ICRA Suspends B+ Rating on INR5cr LT Loan
KAYBEE ENTERPRISES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
KHR INFRASTRUCTURES: CRISIL Reaffirms B Rating on INR42.8MM Loan
M. A. AMBHORE: CRISIL Assigns 'B+' Rating to INR35MM Cash Loan
MALEBENNUR FOODS: CRISIL Assigns B- Rating to INR45MM Loan

MANJUSHREE TEA: ICRA Suspends B- Rating on INR14.80cr Loan
N.S.K. BUILDERS: CRISIL Reaffirms B Rating on INR150MM Cash Loan
N.S.K. FRUITS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
NEHA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
NETWORK TRADELINK: CRISIL Cuts Rating on INR30MM Loan to 'D'

PALLAVI MOTORS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
PEARL METAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
RADHARANI HIMGHAR: CRISIL Assigns B- Rating to INR32MM Term Loan
RAKSHIT PHARMA: CRISIL Cuts Rating on INR82.4MM Loan to B+
RAM MEHER: CRISIL Assigns B+ Rating to INR51MM LT Loan

ROYAL AGRO: Ind-Ra Assigns 'IND BB' LT Issuer Rating
RVN INFRA: CRISIL Reaffirms B Rating on INR60MM Cash Loan
SHREE BHATTER: CRISIL Assigns B Rating to INR70MM Cash Loan
SHRI BEERESHWAR: CRISIL Reaffirms B+ Rating on INR215MM LT Loan
SRIJAN PUBLISHERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating

TRIMURTI FLOUR: ICRA Suspends 'D' Rating on INR4cr Loan
VICTORY PRECISIONS: CRISIL Reaffirms B- Rating on INR64.6MM Loan
VIMAL OIL: ICRA Lowers Rating on INR500cr Non-FB Loan to D
YP FOODS: CRISIL Assigns 'B' Rating to INR90MM Term Loan


J A P A N

TOSHIBA CORP: Claims Ignorance in Westinghouse Scandal
TOSHIBA CORP: Third-Party Accounting Probe Gets Falling Grading


N E W  Z E A L A N D

PIKE RIVER: Judicial Review Bid Rejected


                            - - - - -


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


MARION ENERGY: U.S. Unit's Chapter 11 Case Dismissed
----------------------------------------------------
The U.S. Bankruptcy Court for the District of Utah entered an
order dismissing the Chapter 11 case of Marion Energy Inc.

The Debtor filed the case on Oct. 31, 2014. On May 6, 2015, the
Court authorized the credit-bid sale of substantially all of the
Debtor's assets, and the sale closed effective June 1. Since then,
there has been no docket activity except for compensation requests
by Debtor's counsel, and the Debtor has filed no monthly operating
reports since May 11.

As previously reported by The Troubled Company Reporter on May 7,
2015, the Debtor asked the Court to dismiss its Chapter 11
bankruptcy case.

The Debtor stated, in the near future, all of its assets will be
transferred to a purchaser. If the Purchasers are Utah Gas
Solutions LLC and Utah Gas Solutions II LLC, affiliates of the
Debtor's existing secured lender, TCS II Funding Solutions (TCS),
then the purchase will be made by a credit bid, and no cash
proceeds will result for distribution to unsecured creditors. If
the Purchaser is a third party, it is the Debtor's firm
expectation that the purchase price will be substantially less
than the outstanding balance of TCS's secured loan. Again, in that
case, no cash proceeds will be available for distribution to
unsecured creditors.

According to the Debtor, after the transfer, there will be no
assets in the estate that require administration and no funds in
the estate available for distribution to unsecured creditors.
Consequently, this case should be dismissed or converted. In the
Debtor's and TCS's view, dismissal is favorable to conversion
because the Purchaser will require post-closing cooperation that
could not easily be provided by a chapter 7 trustee.

                        About Marion Energy

Marion Energy Inc. is a Texas corporation engaged in exploration
and production of natural gas in the State of Utah. Marion's core
operation is a producing gas field located in Carbon and Emery
Counties, Utah (the "Clear Creek Field"). The company also holds
smaller, currently unproductive acreage positions in the Helper
and Roan Cliffs area near Helper, Utah (the "Helper Field").
Its parent is Australia-based Marion Energy Limited (ASX:MAE).
Marion Energy Limited -- http://www.marionenergy.com.au/--is
principally engaged in investment in oil and gas projects and the
identification and assessment of new opportunities in the oil and
gas industry in Texas, Utah and Oklahoma in the United States of
America.

Marion Energy Inc. sought Chapter 11 bankruptcy protection (Bankr.
D. Utah Case No. 14-31632) in Salt Lake City, Utah on Oct. 31,
2014. The Debtor estimated assets and debt of $100 million to $500
million. The Debtor has tapped Parsons Behle & Latimer as
attorneys.


PERI-URBAN PROPERTY: First Creditors' Meeting Set For Dec. 7
------------------------------------------------------------
Christopher John Baskerville and Sule Arnautovic of Jirsch
Sutherland were appointed as administrators of Peri-Urban Property
Developments Pty Ltd on Nov. 25, 2015.

A first meeting of the creditors of the Company will be held at
Christie Conference Centre, Level 7, 320 Adelaide Street, in
Brisbane, Queensland, on Dec. 7, 2015, at 10:00 a.m.


S & M ENTERPRISE: First Creditors' Meeting Set For Dec. 8
---------------------------------------------------------
Brendan Nixon of Stanley Morgan Chartered Accountants was
appointed as administrator of S & M Enterprise Pty Ltd on Nov. 27,
2015.

A first meeting of the creditors of the Company will be held at
Level 8/490 Upper Edward Street, in Spring Hill, Queensland on
Dec. 8, 2015, at 2:00 p.m.


TBR HAULAGE: First Creditors' Meeting Set For Dec. 8
----------------------------------------------------
Anne-Marie Barley of WRA Insolvency was appointed as administrator
of TBR Haulage Pty Ltd on Nov. 26, 2015.

A first meeting of the creditors of the Company will be held at
Coachman's Inn, 91 Wood Street, in Warwick, Queensland, on
Dec. 8, 2015, 1:00 p.m.


VOCATION LIMITED: In Administration; Creditors Meeting on Dec. 7
----------------------------------------------------------------
Ferrier Hodgson partners, Peter Gothard, Jim Sarantinos and George
Georges on Nov. 25, 2015, were appointed as Voluntary
Administrators of Vocation Limited and its subsidiaries:

   -- BAWM Pty Ltd;
   -- Aspin Pty Ltd;
   -- Avana Group Pty Ltd;
   -- QI Careers Pty Ltd;
   -- Avana Talent Pty Ltd;
   -- Avana Services Pty Ltd;
   -- Avana Education Pty Ltd;
   -- Green Skills Institute (Aust) Pty Ltd;
   -- Training & Development Australia Pty Ltd;
   -- Avana Learning Pty Ltd;
   -- Student Hub Pty Ltd;
   -- Customer Service Institute of Australia Pty Ltd;
   -- CSIA Education Services Pty Ltd;
   -- Oil Group Holdings Pty Ltd;
   -- Learning Verve Pty Ltd;
   -- ACN 152 406 338 Pty Ltd;
   -- TTS-100 Pty Ltd;
   -- Real Corporate Partners Pty Ltd; and
   -- Online Institute of Learning Pty Ltd.

"The Administrators are undertaking an urgent assessment of the
business with a view of determining how the Voluntary
Administration should proceed," Ferrier Hodgson said in a
statement.

The first meeting of creditors will be held on Dec. 7, 2015, at
3:00 p.m. at Institute of Chartered Accountants Australia, Level 3
Bourke Place 600 Bourke St, in Melbourne, Victoria.

SmartCompany relates that Vocation has collapsed into voluntary
administration, just over 12 months since the company was forced
to forfeit AUD19.6 million in government funding.

The appointment of Ferrier Hodgson as administrators also comes
after the training provider entered several trading halts during
2015, SmartCompany says.

According to SmartCompany, the public-listed company is also
subject to three class actions from shareholders, as a result of
the rapid decline of its share price, from around AUD3.35 to just
12 cents.

As many as 12,000 vocational education students across the country
could be affected by the collapse, according to Fairfax, with
several of Vocation's training colleges at risk of closing,
SmartCompany relays.

Vocation Limited provides workforce based training and development
solutions to employees of Australian Corporate and government
clients. Vocation also provides training directly to individual
students.   Vocation operates several colleges in Victoria, New
South Wales, Queensland and South Australia, including Avana, Real
Institute, Real Community, Building Brighter Futures, TDA and the
Consumer Service Institute of Australia.



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


CHINA INFORMATION: Receives Nasdaq Listing Non-Compliance Notice
----------------------------------------------------------------
China Information Technology, Inc., a provider of internet-based
platforms, products and services in China, on Nov. 25 said that on
November 23, 2015 it received written notice from the Nasdaq Stock
Market stating that the company is no longer in compliance with
the $1.00 minimum closing bid price requirement set forth in
Nasdaq Listing Rule 5450(a)(1) for continued listing on The Nasdaq
Global Select Market.

The notice has no immediate effect on the listing of CNIT's
ordinary shares, which will continue to trade on The Nasdaq Global
Select Market under the symbol "CNIT" at this time. In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the company has a grace
period of 180 calendar days, or until May 23, 2016, to regain
compliance with the minimum closing bid price requirement. To
regain compliance, the closing bid price of
the company's ordinary shares must meet or exceed $1.00 per share
for at least ten consecutive business days during this 180-day
compliance period.

In the event the company does not regain compliance with the
minimum closing bid price requirement by May 23, 2016, Nasdaq may
provide the company an additional 180-day period to regain
compliance, subject to the company, at that time, transferring its
securities to The Nasdaq Capital Market and satisfying certain
other requirements. However, if Nasdaq determines that the company
will not be able to cure the deficiency, or should the company
determine not to submit a transfer application or make the
required representation, Nasdaq will notify the company that its
securities will be subject to delisting.

The company will actively monitor the closing bid price of its
ordinary shares between now and May 23, 2016 and intends to
consider the various options available to regain compliance.

             About China Information Technology, Inc.

China Information Technology, Inc. (Nasdaq: CNIT) --
http://www.chinacnit.com-- is an Internet service company that
makes advertising accessible and affordable for businesses of all
sizes. CNIT provides cloud-based platform, exchange, and big data
solutions enabling innovation and smart living in the education,
health care, new media, finance and transportation sectors.
Through continuous innovation, CNIT is aiming to leverage its
proprietary Cloud-Application-Terminal technology to level the
competitive landscape in the new media industry and deliver value
for its shareholders, employees, customers, and the community.


CHINA SHIANYUN: Posts $1.45 Million Net Income for Third Quarter
----------------------------------------------------------------
China Shianyun Group Corp., Ltd., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
net income of $1.45 million on $725,000 of revenues for the three
months ended Sept. 30, 2015, compared to a net loss of $245,000 on
$48,700 of revenues for the same period in 2014.

For the nine months ended Sept. 30, 2015, the Company reported net
income of $2.56 million on $1.53 million of revenues compared to a
net loss of $1.19 million on $207,000 of revenues for the same
period last year.

As of Sept. 30, 2015, the Company had $7.76 million in total
assets, $7.40 million in total liabilities and $362,000 in total
stockholders' equity.

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

                        http://is.gd/DjSica

                       About China Shianyun

China Shianyun Group Corp., Ltd, formerly known as China Green
Creative, Inc., develops and distributes consumer goods, including
herbal teas, health liquors, meal replacement products, and cured
meat using ecological breeding methods in China. The Company is
based in Shenzhen Guandong Province, China.

China Shianyun reported a net loss of $1.33 million on $210,000 of
revenues for the year ended Dec. 31, 2014, compared to a net loss
of $382,000 on $2 million of revenues for the year ended Dec. 31,
2013.

AWC (CPA) Limited, in Hong Kong, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2014, noting that the Company has a
significant accumulated deficits and negative working capital.
These factors raise substantial doubt about the Company's ability
to continue as a going concern.



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


ADIE BROSWON: ICRA Upgrades Rating on INR81.14cr Loan to B+
-----------------------------------------------------------
ICRA has revised its rating on the INR105.45 crore fund based bank
facility of Adie Broswon Breweries Pvt Ltd (ABBP)* to [ICRA]B+
from [ICRA]B (pronounced ICRA B). ICRA has reaffirmed its short
term rating of [ICRA]A4 on the INR7.00 crore non fund based limits
of the company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based limits     81.14       [ICRA]B+; Upgraded
   Unallocated limits
   (Long term)           24.31       [ICRA]B+; Upgraded

   Non Fund based limits  7.00       [ICRA]A4; Reaffirmed

The revision takes into account healthy growth in the operating
income (OI) in FY15 to INR62.68 crore compared to INR27.29 crore
on the back of healthy production for SAB Miller as well as
offtake of their own brand 'Rockberg'. The rating also considers
the healthy sales booked till October 2015 of INR48.56 crore
giving a revenue visibility in the near term. The company has
reported positive net cash accruals (NCA) in FY15 since the
project took off giving comfort on improving its ability to be
able to service a portion of its debt obligations from the core
operations. ICRA also favorably takes into consideration the
expanding geographical footprint of Rockberg to Delhi,
Uttarakhand, Daman and more. Further, the ratings continue to take
into account the company's tie up with Skol Breweries Limited for
offtake of production corresponding to 35% of its installed
capacity and the pass through clause in its contract with SBL
which insulates ABBP's profit margins from raw material price
variations.

However, the rating remains constrained by the continuing net
losses reported in FY15 coupled with high interest expenses. The
ratings also factor in the vulnerability of the company's business
to change in state government policies and the seasonality of
sales associated with sales of beer. Given the company's sizeable
debt repayment obligations and the continuing net losses, the
rating is constricted on the belief that the promoters will
undertake additional fund infusion into the company.

Going forward, the company's ability to successfully launch other
brands and achieve adequate capacity utilization while improving
its profit margins and servicing the debt obligations in a timely
manner will be the key rating drivers.

ABBP was incorporated in March, 2010 and is engaged in brewing
beer at its manufacturing facility located in Amritsar, Punjab.
The company is a part of the Late Mr. Hardeep Chadha Group. The
company has an installed capacity for manufacturing and brewing 5
lakh hector liters of beer per annum. ABBP also undertakes
contract manufacture for SBL which is a 99% owned subsidiary of
SAB Miller plc and has tied up 35% of its installed capacity for
SAB Miller's brands 'Haywards 5000' and 'Foster's' at a fixed
conversion cost. The company has also recently launched its own
beer brand "Rockberg".

Recent Results:
ABBP reported an OI of INR62.68 crore and a net loss of INR3.06
crore for 2014-15, as compared to an OI of INR27.29 crore and a
net loss of INR16.68 crore for the previous year.


ADPRO CERAMICS: CRISIL Assigns B+ Rating to INR27.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Adpro Ceramics India Private Limited
(ACIPL). The ratings reflect ACIPL's modest scale of operations
with declining operating profitability and high working capital
requirements. These rating weaknesses are mitigated by the
promoters' extensive experience in the electrical equipment
manufacturing industry and average financial risk profile because
of low gearing.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               8        CRISIL B+/Stable
   Letter of Credit       12        CRISIL A4
   Cash Credit            27.5      CRISIL B+/Stable
   Bank Guarantee          2.5      CRISIL A4
   Bill Purchase          20        CRISIL A4

Outlook: Stable

CRISIL believes ACIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the financial risk profile particularly liquidity
improves because of higher-than-expected cash accrual and
improving working capital management. Conversely, the outlook may
be revised to 'Negative' if the liquidity is constrained because
of low cash accrual or larger-than-expected working capital
requirement or large, debt funded capital expenditure plan.

Established in 2006 by Mr. Manish Jalan and his mother Smt. Sita
Devi Jalan, ACIPL manufactures transmission line and sub-station
equipments such as post insulator, disc insulator, pin insulator,
and transformer bushing. The manufacturing facility is in Jaipur.


AL AMEEN: CRISIL Assigns 'B+' Rating to INR1.20BB LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Al Ameen Green Energy Private Limited (Al Ameen).


                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility      1200      CRISIL B+/Stable

The rating reflects Al Ameen's exposure to risks related to
implementation and stabilization of ongoing project. This weakness
is partially offset by promoters' strong financial flexibility and
low demand and technology risks.


Outlook: Stable
CRISIL believes Al Ameen will benefit over the medium term from
promoters' strong financial flexibility and power purchase
agreement with Tamil Nadu Generation and Distribution Corporation
(TANGEDCO). The outlook may be revised to 'Positive' in case
earlier-than-expected completion or lower-than-expected debt-
funding of ongoing project leading to improvement in its credit
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company faces delays in project completion or undertakes
larger-than-expected, debt-funded projects, leading to
deterioration in financial risk profile.

Incorporated in 2013, Al Ameen is setting up a 25-megawatt solar
power plant in Virudhanagar district (Tamil Nadu). In 2015, it
entered into a 25-year power purchase agreement with TANGEDCO.


AMARAVATHI SPINNING: ICRA Suspends D Rating on INR11.55cr Loan
--------------------------------------------------------------
ICRA has suspended [ICRA]D ratings; assigned to the INR11.55 crore
long term fund based facilities and INR1.03 crore long tern non
fund based facilities and the short term rating of [ICRA]D ratings
assigned to the INR2.50 crore non-fund based facilities and
INR0.95 crore proposed facilities of Amaravathi Spinning Mills
(Rajapalayam) Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise


AMY EXPORTS: CRISIL Assigns 'B' Rating to INR15.9MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank loan facilities of Amy Exports and Imports Private Limited
(AEIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility    15.9      CRISIL B/Stable
   Packing Credit        40.0      CRISIL A4
   Long Term Loan         6.5      CRISIL B/Stable
   Foreign Currency
   Term Loan              7.6      CRISIL B/Stable
   Foreign Documentary
   Bills Purchase        30.0      CRISIL A4

The ratings reflect AEIPL's leveraged capital structure and modest
scale of operations in a highly fragmented industry. These
weaknesses are partially offset by promoters' entrepreneurial
experience of promoters and focus on product development.

Outlook: Stable

CRISIL believes AEIPL will benefit over the medium term from its
promoters' extensive experience and focus on product development.
The outlook may be revised to 'Positive' if the company reports
higher sales and profitability resulting in improvement in capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of less-than-expected cash accrual, or stretch in working
capital cycle, or larger-than-expected debt-funded capital
expenditure, resulting in weakening of financial risk profile.

AEIPL, incorporated in November 2013, manufactures and exports
gold jewellery. Its manufacturing facility is in Cochin Special
Economic Zone.


B. D. AGRO: CRISIL Reaffirms 'C' Rating on INR30MM Cash Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of B. D. Agro
Products Private Limited (BD Agro) continues to reflect a weak
financial risk profile because of high gearing and weak debt
protection metrics, small scale of operations, and large working
capital requirement.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            30        CRISIL C (Reaffirmed)
   Long Term Loan         24.2      CRISIL C (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      5.8      CRISIL C (Reaffirmed)

The rating also factors in the susceptibility of the company's
operating margin to regulatory changes and to volatility in raw
material prices. These rating weaknesses are partially offset by
the extensive experience of BD Agro's promoters in the rice
business and assured offtake of a portion of its rice production
by Food Corporation of India Ltd, thereby ensuring stable revenue.

Based in Kolkata and incorporated in June 2009, BD Agro is
promoted by Mr. Mahendra Agarwal and his brother, Mr. Rajendra
Agarwal. The company began commercial operations in November 2009.
Until March 2011, it traded in paddy and wheat. However, in 2009-
10 (refers to financial year, April 1 to March 31), it set up a
rice mill with a processing capacity of 104 tonnes per day in
Howrah (West Bengal). Commercial operations were started at the
end of March 2011.


B D CORPORATES: CRISIL Reaffirms B+ Rating on INR157MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of B D Corporates
Private Limited (BD Corporates) continues to reflect BD
Corporates' average financial risk profile because of weak debt
protection measures and small net worth, vulnerability to raw
material price volatility and regulatory changes, and limited
pricing power in the flour and rice mill industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             157     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       73     CRISIL B+/Stable (Reaffirmed)

These weaknesses are partially offset by assured sale of a part of
rice output to Food Corporation of India, ensuring stable revenue.
The rating also factors in stable demand for rice and wheat in the
country, BD Corporates' established position in the flour mill
industry, strong relationships with customers and suppliers, and
diversified revenue profile.

Outlook: Stable
CRISIL believes BD Corporates will continue to benefit from strong
relationships with customer and suppliers. The outlook may be
revised to 'Positive' in case of significant equity infusion,
resulting in increase in net worth, or sustained growth in cash
accrual, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of a sharp
decline in profitability, or large debt-funded capital expenditure
(capex), resulting in deterioration in financial risk profile.

Promoted in 2003 by Mr. Sankar Agarwala and his family members,
the Kolkata-based BD Corporates has two divisions: flour mill and
rice mill. The flour mill is in Hooghly (West Bengal) and
manufactures atta, maida, suji, and wheat bran.


BIHAR FOUNDRY: CRISIL Reaffirms B Rating on INR750.9MM Term Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bihar Foundry and
Castings Limited (BFCL) continue to reflect BFCL's below-average
financial risk profile because of stretched liquidity, a leveraged
capital structure, and weak debt protection metrics.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           539.8      CRISIL B/Stable (Reaffirmed)
   Funded Interest
   Term Loan              38.7      CRISIL B/Stable (Reaffirmed)
   Letter of Credit       40        CRISIL A4 (Reaffirmed)
   Term Loan             750.9      CRISIL B/Stable (Reaffirmed)
   Proposed Fund-Based
   Bank Limits           180.6      CRISIL B/Stable (Reaffirmed)

The ratings also factor in the company's marginal share in the
fragmented ferroalloy and ingot industry and its working-capital-
intensive operations. These rating weaknesses are partially offset
by the extensive industry experience of the company's its
promoters and their financial support.

Outlook: Stable

CRISIL believes BFCL 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, particularly liquidity, on account of
substantial cash accrual due to an increase in revenue and
operating profitability or equity infusion. Conversely, the
outlook may be revised to 'Negative' in case of aggressive debt-
funded expansion, sustained pressure on revenue and/or
profitability, or a stretched working capital cycle, weakening the
financial risk profile.

Established in 1971 by Mr. Hari Krishna Budhia and his family
members, BFCL manufactures silico-manganese, sponge iron, and
ingots. Its manufacturing facility is in Ranchi (Jharkhand).


BINA COMMERCIAL: CRISIL Reaffirms 'B' Rating on INR50MM Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bina Commercial
Corporation (BCC) continue to reflect BCC's below-average
financial risk profile because of small net worth, high total
outside liabilities to tangible net worth ratio, and weak debt
protection metrics. These weaknesses are partially offset by
management's extensive experience in the iron and steel trading
business.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             50      CRISIL B/Stable (Reaffirmed)
   Letter of credit &
   Bank Guarantee          40      CRISIL A4 (Reaffirmed)

Outlook: Stable

CRISIL believes BCC will continue to benefit over the medium term
from its management's industry experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly, or in case of any sizeable equity infusion leading
to sustained improvement in financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the firm contracts
substantial debt, most likely because of stretch in working
capital cycle, or if revenue and profitability decline
significantly, resulting in deterioration in financial risk
profile.

BCC was set up in 1989 as a proprietorship firm by Mr. Vinod Kumar
Agarwal in Kolkata (West Bengal). The firm trades in iron and
steel products, including mild steel pipes, thermo-mechanically
treated steel bars, mild steel rounds/flats, channels, and angles,
in the domestic market.


CAPITAL CLOTHING: ICRA Assigns B+ Rating to INR0.10cr LT Loan
-------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR0.10
crore proposed facilities of Capital Clothing Company. ICRA has
also assigned a short-term rating of [ICRA]A4 to the INR9.90 fund
based facilities of the firm.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term-Proposed
   facilities             0.10       [ICRA]B+/Assigned

   Short-term-Fund
   based facilities       9.90       [ICRA]A4/Assigned

The ratings take into consideration the experience of the
promoters in the business for more than a decade, the established
relationship with its customers, which has supported the order
flows over the years and the favorable outlook for the domestic
readymade garments industry over the medium term. The ratings are,
however, constrained by the firm's financial profile characterized
by stretched capital structure (with gearing at 2.1 times) and
coverage indicators. Further, the company's small scale of
operations limits the benefits from economies of scale and
financial flexibility. Coupled with intense competition arising
from a highly fragmented nature of the industry, this also limits
its pricing flexibility to an extent. The ratings also factor in
the high customer concentration with top five customers accounting
for ~80% of revenues and the exposure of the earnings to
volatility in raw material prices and forex rates. Going forward,
the management's ability to improve its revenues and profit
margins while efficiently managing its working capital cycle will
be critical to generate strong cash flows and thereby improve its
credit profile.

Capital Clothing Company is a proprietorship concern started in
the year 2000. The firm is into manufacturing of knit apparel for
high, medium and low ranges, specializing in ladies, children's
and men's nightwear. The firm's focus markets are mainly Europe
(40%), UK (50%) and US (10%). The firm has two manufacturing units
in Tirupur. The total production capacity of the firm is 7.0 lakh
basic pieces per month and 4.5 lakh fancy pieces per month.

Recent Results
As per the unaudited results, the firm has reported a PBT of
INR1.3 crore on an operating income of INR47.5 crore during 2014-
15, as against a net profit of INR1.1 crore on an operating income
of INR31.5 crore during 2013-14.


D R HOTELS: ICRA Suspends B- Rating on INR30cr FB Loan
------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B- assigned to
INR30.00 crore fund based facilities of M/s D R Hotels & Resorts.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise


ELECTRA GLOBAL: CRISIL Assigns 'B' Rating to INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Electra Global Resources Private Limited
(EGRPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility      5       CRISIL B/Stable
   Cash Credit            35       CRISIL B/Stable
   Import Letter of
   Credit Limit           55       CRISIL A4

The rating reflects EGRPL's small scale of operations and modest
financial risk profile marked by small net worth and high gearing.
These rating weaknesses are partially offset by extensive
experience of promoters in the batteries industry.

Outlook: Stable

CRISIL believes that EGRPL will maintain its business risk profile
over the medium term backed by the promoter's extensive industry
experience. The outlook may be revised to 'Positive' if the
company reports significantly higher than expected revenues and
profitability, while improving its capital structure. Conversely,
the outlook may be revised to 'Negative' in case of lower than
expected revenues and profitability, or stretch in working capital
cycle, resulting in deterioration in financial risk profile.

EGRPL erstwhile known as Priti International Pvt Ltd was
incorporated in 1995 by Mr. Chetan Sanghvi and Mr. Bhaumik
Sanghvi. The company is engaged in trading of motorcycle batteries
and lead. The company has started with trading of lead in July
2015 whereas trading of batteries will start from September 2015.


FUTURE AUTOMOBILE: CRISIL Reaffirms B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Future Automobile
Agency Private Limited (FAAPL) continue to reflect FAAPL's weak
financial risk profile because of small net worth and low debt
protection metrics.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)
   Electronic Dealer
   Financing Scheme
   (e-DFS)               90        CRISIL B+/Stable (Reaffirmed)
   Proposed Fund-Based
   Bank Limits           45        CRISIL B+/Stable (Reaffirmed)

The ratings also factor in exposure to intense competition in the
automotive dealership segment. These weaknesses are partially
offset by promoters' extensive industry experience and strong
customer relationships.
Outlook: Stable

CRISIL believes FAAPL will continue to benefit over the medium
term from its established customer base and healthy relationships
with supplier. The outlook may be revised to 'Positive' if the
company successfully scales up operations while sustaining
profitability and comfortable capital structure. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected profitability or substantial debt-funded capital
expenditure.

Incorporated in 2009, FAAPL is an authorised dealer for the entire
range of commercial vehicles of VE Commercial Vehicles Ltd (VEC)
in Kolkata, Howrah, Hooghly, South 24 Parganas, North 24 Parganas,
Nadia, and Midnapore (all in West Bengal). It has been VEC's
exclusive dealer for these regions since inception. It commenced
commercial operations in July 2009.


GANESA MODERN: CRISIL Assigns B+ Rating to INR100MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Ganesa Modern Rice Mill (GMRM).

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

The rating reflects GMRM's modest scale-and working capital
intensive nature-of operations in the fragmented rice industry,
its below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. The rating also
factors in its susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the rice milling industry and its
established relationships with its customers and suppliers.
Outlook: Stable

CRISIL believes that GMRM will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the GMRM's revenue and
profitability increase substantially, leading to better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the firm undertakes aggressive debt-funded expansions, or its
revenue and profitability decline substantially, leading to
weakening in its financial risk profile.

Set up in 1976, GMRM is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.

MFPL, reported profit after tax (PAT) of INR1.9 million on net
sales of INR351 million in 2014-15 (refers to financial year,
April 1 to March 31) as against a PAT of INR1.3 million on net
sales of INR242 million for 2013-14.


GEETHA COTTON: ICRA Suspends B Rating on INR7cr Loan
----------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B assigned to
INR7.00 crore fund based facilities of M/s Geetha Cotton Mills
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


GODHANI GEMS: CRISIL Cuts Rating on INR1.01BB Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Godhani Gems Private Limited (GGPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIl A4+'.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit    436.9     CRISIL D (Downgraded
                                      from 'CRISIL BB-/Stable')

   Post Shipment Credit    1017.3     CRISIL D (Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term       585.8     CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL BB-/Stable')

   Proposed Short Term       30.0     CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL A4+')

   Standby Line of Credit    60.0     CRISIL D (Downgraded
                                      from 'CRISIL BB-/Stable')

The rating downgrade reflects delays of over 30 consecutive days
by GGPL in servicing its export packing credit and post-shipment
credit obligations. The delays have been caused by weak liquidity
due to stretch in working capital cycle.

GGPL has large working capital requirements, and high degree of
customer concentration in revenue profile. It is also exposed to
intense competition in the diamond industry, and its profitability
margins are susceptible to volatility in diamond prices. However,
the company benefits from the extensive experience of promoters in
the diamond industry.

GGPL, set up in 1995 as a partnership firm by Mr. Ramesh V
Godhani, Mr. Vinod V Godhani, and their family members, was
reconstituted as a private limited company in 2011. The company
cuts and polishes diamonds.


INRHYTHM ENERGY: Ind-Ra Raises LT Issuer Rating to 'IND B+'
--------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded InRhythm Energy
Limited's (IEL) Long-Term Issuer Rating to 'IND B+' from 'IND B-'.
The Outlook is Stable.  The agency has also affirmed IEL's
INR240 mil. non-fund-based working capital facilities at 'IND A4'.

KEY RATING DRIVERS

The upgrade reflects the improvement in IEL's credit profile on
revenue growth backed by increased order inflow and execution, and
the company turning profitable.  EBITDA interest coverage was 3.8x
in FY15 (FY14: 0.0x) and net leverage was 7.5x (negative 4.8x).
Revenue jumped to INR1,022 mil. in FY15 (FY14: INR70 mil.) on
increased business from the top two customers.  Consequently,
EBITDA margin turned positive to 1.4% in FY15 (FY14: loss).
Unaudited 1HFY16 financial statements indicate revenue of
INR1.3 bil. with similar profitability.  With an outstanding order
book of INR2.0 bil. at end-October 2015, the company is likely to
have a stronger credit profile by FYE16, which has been factored
into the ratings.

The ratings continue to be constrained by IEL's high customer
concentration with 80% of the revenue coming from two customers,
intense industry competition and low entry barriers and price
volatility due to the commodity trading nature of business.

The ratings are supported by the promoter's experience of two
decades in the trading business.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue while maintaining the
current profitability leading to a sustained improvement in credit
metrics will be positive for the ratings.

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

COMPANY PROFILE

Incorporated in 1992, IEL imports coal from Indonesia and
Australia, and sells it to domestic customers.  It also carries
out high sea sales to Taiwan, China and African countries.


IOT ENGINEERING: Ind-Ra Lowers LT Issuer Rating to 'IND D'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded IOT Engineering
Projects Limited's (IOT EP) Long-Term Issuer Rating to 'IND D'
from 'IND BBB'.  The Outlook was Negative.

KEY RATING DRIVERS

The ratings reflect IOT EP's delays in debt servicing as reported
in the latest available annual report for FY15 as well as delays
in FY16 due to stretched liquidity.

RATING SENSITIVITIES

Timely debt servicing for three consecutive months could result in
a positive rating action.

COMPANY PROFILE

Incorporated in 2007, IOT EP specializes in structural erections,
piping and associated facilities for refineries, terminals, power
and cement plants.  IOT IES is a 48:48 JV between Oil Tanking Gmbh
and Indian Oil Corporation Ltd ('IND AAA'/Stable).  It was created
in 1996 to build and operate terminalling services for petroleum
products.


KAJAH TRADING: CRISIL Assigns B+ Rating to INR5MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Kajah Trading Private Limited (KTPL)

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility      50      CRISIL A4
   Proposed Long Term
   Bank Loan Facility       5      CRISIL B+/Stable

The ratings reflect KTPL's modest scale of operations, low
operating profitability and below-average financial risk profile,
constrained by small net worth and below average interest
coverage. These weaknesses are mitigated by the promoters'
extensive experience in the beedi industry and their funding
support.
Outlook: Stable

CRISIL believes KTPL will benefit from the promoters' extensive
experience and its strong background. The outlook may be revised
to 'Positive' if significant growth and sustenance in revenue and
profitability lead to better cash accrual. Conversely, the outlook
may be revised to 'Negative' if stretched working capital
management or any significant debt-funded capital expenditure plan
weakens the financial risk profile.

Established in 1982 as a partnership firm, KTPL was later
reconstituted as a private limited company on March 30, 2001. KTPL
is engaged in manufacturing of beedis, which are sold in
Maharashtra and Karnataka under the brand, Kajah. The company gets
beedis manufactured on job work basis from contractors in
Maharashtra. They also procure beedis from manufacturers in West
Bengal and Orissa.


KASARGOD POWER: Ind-Ra Affirms 'IND D' Rating on INR65MM Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Kasargod Power
Corporation Limited's (KPCL) INR65 mil. working capital loan
facility at Long-Term 'IND D'.

KEY RATING DRIVERS

The affirmation reflects the continued overutilization of the
company's working capital facility beyond a period of 30 days for
a continuous period from April 2013 to August 2014.  KPCL has been
receiving partial payments from the Kerala state electricity board
(KSEB) with a collection efficiency of around 32%.  KSEB has not
been reimbursing the fixed costs to KPCL since Dec. 2013, when the
plant was not asked to operate.  The plant has been operational
only once between April 2014 to Sept. 2015 since it is run as and
when power is required by KSEB.  The deferred receipts have
increased the company's working capital needs and elongated its
working capital cycle.

UCO Bank has reduced KPCL's drawing limit to INR57.5 mil. from
INR65 mil. owing to the company's deteriorating financial health.

RATING SENSITIVITIES

A positive rating action could result from regularization of
working capital utilization within the sanctioned limits of the
cash credit facility and evidence that the project will be able to
generate the forecasted levels of cash flows resulting in
sustained and timely debt servicing.

COMPANY PROFILE

Kasargod Power was set up on build-own-operate-transfer basis by
the Hyderabad-based KVK group; it operates a 21MW low sulphur
heavy stock based thermal power project in Kasargod district of
Kerala since May 2000.  The operation and maintenance is done in-
house by the company.  KPCL has a fuel supply agreement with BPCL
for the entire period.  KSEB is the beneficiary for the power
generated from the plant under a 15 year PPA with take or pay
clause.


KAWARLAL & CO: ICRA Suspends B+ Rating on INR5cr LT Loan
--------------------------------------------------------
ICRA has suspended long term rating of [ICRA]B+ assigned to the
INR5.0 crore long term fund based facilities and short term rating
of [ICRA]A4 assigned to the INR16.0 crore short term non fund
based facilities and INR14.0 crore proposed facilities of Kawarlal
& Co. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the entity.

According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.


KAYBEE ENTERPRISES: Ind-Ra Assigns 'IND B+' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s KayBee
Enterprises a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  Ind-Ra has also assigned the company's INR54.0 mil. fund
based limits a Long-term 'IND B+' rating with Stable Outlook.

KEY RATING DRIVERS

The ratings reflect KayBee's weak credit profile with interest
coverage (operating EBITDA/gross interest expense) of 1.0x in FY15
(FY14: 0.8x) and net financial leverage (total Ind-Ra adjusted net
debt/operating EBITDA) of 5.0x (5.4x).  Revenue was moderate at
INR317.14 mil. in FY15 (FY14: INR267.37 mil.) while EBITDA margins
were thin at 3.07% (2.83%) due to the company's trading nature of
business.

The ratings are supported by the company's comfortable liquidity
position as evident from its around 81.90% average maximum working
capital utilization during the 12 months ended September 2015.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the revenue and credit metrics.

Negative: A negative rating action could result from a fall in the
overall credit metrics due to a decline in the overall operating
profitability.

COMPANY PROFILE

Incorporated in 2007, KayBee is distributor of Cadbury products
for Mumbai, and Reebok and Adidas products for entire Maharashtra.

Total debt outstanding on March 31, 2015, was INR50.59 mil.,
comprising working capital debt of INR49.91 mil. and unsecured
loans from promoters of INR0.68 mil.


KHR INFRASTRUCTURES: CRISIL Reaffirms B Rating on INR42.8MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
KHR Infrastructures Private Limited (KHR) continue to reflect,
KHR's modest scale and seasonal nature of operations, high degree
of customer concentration in its revenue profile, and its small
net worth limiting its financial flexibility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     42.8     CRISIL B/Stable (Reaffirmed)

   Term Loan              32.2     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the extensive
experience of KHR's promoters in the seed processing industry, and
its long-term agreement with Monsanto India Pvt Ltd (MIL), and the
company's above-average financial risk profile marked by low
gearing and robust debt protection metrics
Outlook: Stable

CRISIL believes that KHR will continue to benefit over the medium
term from its promoters' extensive industry experience and the
assured offtake from its customer, MIL. The outlook may be revised
to 'Positive' if there is a substantial and sustained improvement
in the company's revenues and profitability margins, or there is a
substantial improvement in its net-worth on the back of sizeable
equity infusion from its promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in the company's
profitability margins, or significant deterioration in its capital
structure caused most likely by a large debt-funded capital
expenditure or a stretch in its working capital cycle.

KHR, set up in 2010 was promoted by Ms. K Karthika and her father,
Mr. K Prasad; it commenced operations in April 2011. The company
is engaged in processing and conditioning of corn seeds
exclusively for MIL and is based out of Hyderabad.


M. A. AMBHORE: CRISIL Assigns 'B+' Rating to INR35MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M. A. Ambhore (MAA).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Cash
   Credit Limit              15       CRISIL B+/Stable
   Proposed Bank
   Guarantee                 12.5     CRISIL A4
   Bank Guarantee            17.5     CRISIL A4
   Cash Credit               35       CRISIL B+/Stable

The ratings reflect MAA's modest scale of operations, geographical
concentration in the intensely competitive civil construction
industry, and large working capital requirement. These weaknesses
are partially offset by extensive industry experience of the
firm's proprietor and moderate debt protection metrics.

Outlook: Stable

CRISIL believes MAA will continue to benefit over the medium term
from proprietor's extensive industry experience and moderate order
book. The outlook may be revised to 'Positive' if substantial
growth in revenue and profitability leads to sizable cash accrual.
Conversely, the outlook may be revised to 'Negative' if cash
accrual is low or working capital cycle stretched, or if any large
debt-funded capital expenditure plan weakens financial risk
profile, especially liquidity.

Established in the 1990s and based in Jalna (Maharashtra), MAA is
a proprietorship concern of Mr. Mahendra Ambhore. The firm
undertakes civil construction contracts primarily for irrigation
and dams-related works, and also constructs canals and water
supply channels.


MALEBENNUR FOODS: CRISIL Assigns B- Rating to INR45MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Malebennur Foods Private Limited (MFPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B-/Stable
   Long Term Loan         45       CRISIL B-/Stable

The rating reflects MFPL's modest scale- and working capital
intensive nature of operations in the fragmented rice industry,
its below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. The rating also
factors in its susceptibility of its operating profitability to
volatility in raw material prices. These rating weaknesses are
partially offset by the benefits derived from the promoters'
extensive experience in the rice milling industry and its
established relationships with its customers and suppliers.

Outlook: Stable

CRISIL believes that MFPL will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the MFPL's revenue and
profitability increase substantially, leading to better financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if the company undertakes aggressive debt-funded expansions, or
its revenue and profitability decline substantially, leading to
weakening in its financial risk profile.


Set up in 2013, MFPL is engaged in milling and processing of paddy
into rice, rice bran, broken rice and husk. Its rice mill is
located in Malebennur (Karnataka). The company is promoted by Mr.
Syed Hussaian Azghar

MFPL, reported profit after tax (PAT) of INR1 million on net sales
of INR23 million in 2014-15 (refers to financial year, April 1 to
March 31).


MANJUSHREE TEA: ICRA Suspends B- Rating on INR14.80cr Loan
----------------------------------------------------------
ICRA has suspended [ICRA]B- rating assigned to the INR14.80 crore,
fund based facilities and the [ICRA]A4 rating to the INR0.20 crore
non fund based facility of Manjushree Tea & India Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.


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

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         270      CRISIL A4 (Reaffirmed)

   Cash Credit            150      CRISIL B/Stable (Reaffirmed)

   Open Cash Credit        80      CRISIL B/Stable (Reaffirmed)

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

Outlook: Stable

CRISIL believes NBPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive', in case of improvement in
the working capital cycle with substantial reduction in debtors,
and if there is a significant increase in scale of operations and
operating profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of substantial debt-funded capital expenditure, or a decline
in revenue and operating profitability, or lengthening of the
working capital cycle, leading to deterioration in the financial
profile.

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

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

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

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


N.S.K. FRUITS: CRISIL Assigns B+ Rating to INR80MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of N.S.K. Fruits (NSK).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             80      CRISIL B+/Stable

The rating reflects NSK's modest scale of operations in the highly
fragmented and competitive fruits trading industry and below
average financial risk profile marked by modest net worth and a
high gearing. These rating weakness are partially offset by the
promoters' extensive industry experience.

Outlook: Stable

CRISIL believes that NSK would benefit from the extensive
experience of its promoters and its established relationship with
customers over the medium term. The outlook may be revised to
Positive' if the firm increases its scale of operations and
profitability on a sustained basis resulting in improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if there is considerable decline in revenues or
profitability or in case of deterioration in working capital
management resulting in stretched liquidity or if the firm
undertakes any major debt funded capex, resulting in deterioration
in financial risk profile.

Established in 1985, as proprietorship concern, N.S.K fruits (NSK)
is engaged in trading of various fruits. The firm is based out of
Attingal (Kerala) and is promoted by Mr. Aji S.


NEHA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR30MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4+' ratings to
the bank facilities of Neha Constructions - Nagpur (NC).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         60       CRISIL A4
   Cash Credit            30       CRISIL B+/Stable

The ratings reflect the firm's modest scale of operations, large
working capital requirement, and exposure to risks related to
intense competition and tender-driven business. The ratings also
factor in NC's average capital structure because of a small net
worth. These rating weaknesses are partially offset by the
promoters' extensive experience in the electrification industry
and moderate operating efficiency.
Outlook: Stable

CRISIL believes NC will continue to benefit over the medium term
from the promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of significant growth in revenue
and cash accrual, leading to improvement in liquidity. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile, particularly liquidity, deteriorates on account of low
cash accrual, or higher-than-expected working capital requirement
or any large, debt-funded capital expenditure.

NC, a proprietorship of Mr. Dilip Vivekanad Belsare, undertakes
contracts for erection and stringing of transmission lines for
state and central governments agencies. The firm is registered
with various departments of government and the Indian Railways.
Currently, NC has an order book of INR300 million to be executed
over next 30 months.


NETWORK TRADELINK: CRISIL Cuts Rating on INR30MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Network Tradelink Private Limited (NTPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter of Credit        30      CRISIL D (Downgraded
                                   from 'CRISIL A4')

The downgrade reflects devolvement of NTPL's letters of credit and
its overdrawn working capital facilities for more than 30 days, on
account of stretched liquidity driven by low sales and large
working capital requirement.

NTPL has a below-average financial risk profile because of small
net worth and high gearing. Its working capital cycle is stretched
and profitability is low. However, the company benefits from its
promoters' extensive experience in the textile industry.

NTPL, incorporated in 2009 and promoted by Kolkata-based Jhawar
family, trades in, and processes, grey fabric. It procures grey
fabric from across India, and outsources its processing, including
bleaching and dyeing, to jobworkers in different parts of the
country.


PALLAVI MOTORS: Ind-Ra Assigns 'IND BB+' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pallavi Motors
Private Limited (PMPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect PMPL's moderate credit profile and low
operating EBITDA margins.  According to the provisional financials
for FY15, PMPL's EBITDA margin was 2.6% (FY14: 2.8%), net
financial leverage (total adjusted net debt/operating EBITDA) was
2.6x (2.9x) and EBITDA interest coverage was 1.9x (1.9x).  The
ratings also take into account PMPL's modest scale of operations
with a revenue base of INR961 mil. in FY15 (FY14: INR835 mil.).

The ratings also reflect PMPL's comfortable liquidity profile as
indicated by its 70% average working capital utilization during
the 12 months ended October 2015.

The ratings benefit from PMPL's dealership with Maruti Suzuki
India Limited whose current domestic market share is 45%.  The
ratings also draw comfort from the promoters' over 15 years of
experience in the automobile dealership business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with sustained improvement in the EBITDA interest coverage would
lead to a positive rating action.

Negative: A sustained decline in the EBITDA interest coverage
would lead to a negative rating action.

COMPANY PROFILE

Assam-based PMPL was incorporated in 1999 as an authorised dealer
of Maruti Suzuki India.  It has one showroom, four outlets and one
service centre.  PMPL is a family run business and promoted by Mr.
Om Prakash Lahoty, Mr Avadesh Lahoty and Mrs. Sita Devi Lahoty.


PEARL METAL: Ind-Ra Assigns 'IND B+' LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Pearl Metal Cast
(PMC) a Long-Term Issuer Rating of 'IND B+'.  The Outlook is
Stable.  The agency has also assigned PMC's INR70 mil. fund-based
limits 'IND B+'/Stable and 'IND A4' ratings.

KEY RATING DRIVERS

The ratings are constrained by PMC's lack of operational track
record as its operations commenced only in Nov. 2014, with revenue
of INR58.78 mil. in FY15.  Moreover, the company is present in the
highly competitive and fragmented metal ingots industry.  Also,
the company is exposed to forex risk as most of the raw materials
are imported.

The ratings reflect the FY16 revenue visibility for PMC based on
an increase in orders from existing customers; at end-Sept. 2015,
PMC had already executed orders worth INR210 mil.

However, the ratings are supported by the company's comfortable
liquidity position as reflected in 62% average working capital
utilization during the seven months ended October 2015.  The
ratings are also supported by over two decades of promoters'
experience in manufacturing aluminum alloy ingots.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue while
maintaining or improving the operating profitability and credit
profile will be positive for the ratings.

Negative: A significant dip in the operating profitability leading
to a weaker credit profile will be negative for the ratings.

COMPANY PROFILE

PMC (a unit of Moti Plastics & Estate Private Limited) is an ISO
9001:2008 certified company manufacturing aluminum alloy ingots.
It has an installed capacity of 2,000MT/ month in Faridabad,
Haryana.  Over Nov. 2014 to March 2015, the company's operating
profitability was 6.35%, interest coverage was 10.97x and leverage
was 25.70x.


RADHARANI HIMGHAR: CRISIL Assigns B- Rating to INR32MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Radharani Himghar Pvt Ltd (RHPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Working Capital Loan     10.6      CRISIL B-/Stable
   Proposed Term Loan       32        CRISIL B-/Stable
   Cash Credit              30        CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility       27.4      CRISIL B-/Stable

The rating reflects RHPL's weak financial risk profile along with
exposure to project implementation and stabilisation risk. The
rating also factors in its exposure to the highly regulated and
fragmented cold storage industry in West Bengal. These weaknesses
are partially mitigated by the promoters' extensive experience in
the industry.
Outlook: Stable

CRISIL believes RHPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company successfully completes the
expansion work of its storage facility and reports better than
expected cash accrual or in case of infusion of substantial
capital by the promoters, leading to improvement in the financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' in case of pressure on RHPL's liquidity
on account of delays in completion of the ongoing project, or
delays in repayments of loans given to farmers, or considerably
low cash accrual.

RHPL was incorporated in 1987 to provide cold storage facilities
to potato farmers and traders in West Bengal (WB). The company
commenced commercial operations in 1989. RHPL is owned by Bankura
(WB)-based Roy family that has experience of around three decades
in the cold storage industry. The company is currently in the
process of expanding the capacity of its facilities.


RAKSHIT PHARMA: CRISIL Cuts Rating on INR82.4MM Loan to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rakshit Pharmaceuticals Limited (RPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

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

   Letter of Credit       30       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     82.4     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Term Loan              39.6     CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The rating downgrade reflects deterioration in RPL's liquidity due
to a stretch in its working capital cycle, resulting in high
utilisation of bank limits and instances of devolvement of letters
of credit (LCs); the LCs were regularised within a week. CRISIL
believes that the company would have to register a sustained
improvement in its working capital cycle or need fresh capital
from its promoters to alleviate pressure on liquidity.

RPL's stretched working capital cycle is reflected in sequential
increase in receivables to 116 days as on March 31, 2015, from 91
days as on March 31, 2014. Consequently, the company's bank limit
utilisation has been high at around 97 per cent on average over
the 12 months through June 2015. Though RPL has scaled up
collection efforts, its receivables are likely to remain high over
the medium term.

The ratings continue to reflect RPL's modest scale of operations,
large working capital requirement, exposure to intense competition
in the bulk drugs industry, and its modest net worth limiting its
financial flexibility. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive industry experience and the company's
established relations with customers.

Outlook: Stable

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

RPL was set up in 2008 by Mr. Rameswara Rao and his family
members. The company manufactures bulk drugs and drug
intermediaries. Its manufacturing unit is based in Visakhapatnam
(Andhra Pradesh).


RAM MEHER: CRISIL Assigns B+ Rating to INR51MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank loan
facilities of Ram Meher Infradevelopers Private Limited (RMIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              50       CRISIL B+/Stable
   Overdraft Facility     14       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     51       CRISIL B+/Stable

The rating reflects the moderate funding and implementation risks
and susceptibility to risk and cyclicality inherent in India's
real estate sector. These rating weaknesses are partially offset
by the experience of the promoters in real estate industry and
favourable location of the project.
Outlook: Stable

CRISIL believes that RMIPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
real estate sector. The outlook may be revised to 'Positive' if
RMIPL's business and financial risk profiles improve
significantly, backed by timely completion and high saleability of
its on-going projects, leading to healthy cash accruals on a
sustainable basis. The outlook may be revised to 'Negative' if
there are time and cost overruns in on-going projects or if
RMIPL's liquidity is significantly constrained by delays in
receiving funding for the projects, deteriorating its debt-
servicing ability.

RMIPL was incorporated in 2009 by the Agra based family. The
company is engaged into residential real estate development in
Agra. The company is being promoted by Mr. Ram Vinod Singh, Mr.
Ravi Singhal, Mr. Girish Chand Goyal and Mr. Nitish Goyal. The
company is implementing a residential real estate project with
total cost of INR206.7 million. The project was launched on
January 2015 and is expected to be completed by June 2018.


ROYAL AGRO: Ind-Ra Assigns 'IND BB' LT Issuer Rating
----------------------------------------------------
India Ratings and Research has assigned M/s Royal Agro Foods
Industries (RAFI) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  The agency has also assigned RAFI's INR100
mil. fund based working capital limit a long-term 'IND BB' rating
with Stable Outlook and a short-term 'IND A4+' rating.

KEY RATING DRIVERS

The ratings reflect RAFI's moderate scale of operations as well as
credit metrics.  FY15 financials indicate revenue of INR698 mil.
(FY14: INR343 mil.), net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 0.4x (0.2x) and gross interest cover
(operating EBITDA/gross interest expense) of 5.4x (2.9x).  EBITDA
margins were low at 1% in FY15 because of the trading nature of
business.  The ratings also factor in the proprietorship structure
of the organization.

The ratings are supported by the company's comfortable use of the
working capital facilities which was around 64% during the 12
months ended October 2015 and from RAFI's founders' over two
decades of experience in trading agricultural commodities.

RATING SENSITIVITIES

Positive: A significant increase in the scale of operations and
the consequent improvement in the credit metrics will be positive
for the ratings.

Negative: Deterioration in the operating profitability leading to
deterioration in the interest coverage will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 2000, RAFI trades and exports all types of agro
products such as rice, grain, pulses, sugar, milk powder, spices,
edible oil and ethanol to over 30 countries all over the world.
The company derives one-fourth of its sales from exports to
Singapore, Ghana, Iran, Dubai and African countries.


RVN INFRA: CRISIL Reaffirms B Rating on INR60MM Cash Loan
---------------------------------------------------------
CRISIL's ratings on the bank facilities of RVN Infra Private
Limited(RVN) continues to reflect RVN's modest scale of operations
in the intensely competitive civil construction industry and
working-capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         210      CRISIL A4 (Reaffirmed)
   Cash Credit             60      CRISIL B/Stable (Reaffirmed)

The ratings also factor in RVN's below-average financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of its promoter in the civil construction industry.
Outlook: Stable

CRISIL believes that RVN will continue to benefit from the
extensive industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
the company increases its scale of operations and operating
profitability significantly on a sustained basis or if there is an
improvement in the company's working capital management, there by
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
decline in the company's revenues and operating profitability or
if the company incurs a larger than expected capital expenditure
there by leading to weakening of its financial risk profile.

Incorporated in July 2013, RVN is involved in undertaking civil
construction works. The company is promoted by Mr.Ravulapalli
Venkataramaiah and his family.


SHREE BHATTER: CRISIL Assigns B Rating to INR70MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Shree Bhatter Industries (SBI).

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

The rating reflects SBI's weak financial risk profile because of
high gearing and low debt protection metrics. The ratings also
factor in the firm's susceptibility to sharp fluctuations in guar
gum prices and low operating profitability. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the agro-commodity industry, and modest working
capital requirement.
Outlook: Stable

CRISIL believes SBI will continue to benefit over the medium term
from the extensive industry experience of its promoters and
healthy growth prospects for the guar gum industry. The outlook
may be revised to 'Positive' in case of improvement in the scale
of operations, capital structure, and profitability. Conversely,
the outlook may be revised to 'Negative' if there is significant
deterioration in the financial risk profile due to large debt-
funded working capital requirement or capital expenditure, or a
decline in profitability or revenue.

SBI was established in 2011 as a partnership firm in Jodhpur
(Rajasthan). The firm is managed by Mr. Rami Devi Bhatter and his
family. It processes guar seeds to produce guar gum splits and
bye-products guar korma and guar churi. The products are used in
the food processing, petrochemical, and oil-mining industries. The
firm has an installed capacity to process about 40 tonnes per day.


SHRI BEERESHWAR: CRISIL Reaffirms B+ Rating on INR215MM LT Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri
Beereshwar Co-Operative Credit Society Limited (SBCCSL) continues
to reflect the society's weak capitalisation levels, average asset
quality, and exposure to risks inherent in the cooperative
societies sector. These weaknesses are partially offset by the
benefits that SBCCSL derives from its long track record in the
cooperative sector, its moderate credit origination standards, and
the extensive experience of its founders in the management of
cooperative credit societies.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           50       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    215       CRISIL B+/Stable (Reaffirmed)

   Term Loan              50       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SBCCSL will continue to benefit over the medium
term from its founders' extensive experience in the management of
cooperative credit societies. The outlook may be revised to
'Positive' if the scale and diversity of its operations improve
substantially along with profitability, resulting in improvement
in capital position. Conversely, the outlook may be revised to
'Negative' if the profitability, or asset quality, or liquidity
decline significantly.

SBCCSL, established in 1991, is a multi-state co-operative credit
society situated in Belgaum (Karnataka). The society has a
presence in 14 districts in Karnataka, with operations across 106
branches as on March 31, 2015. It was formed with the objective of
providing deposits and loan facility to members, which are
primarily rural agricultural borrowers and small business owners

For 2014-15 (refers to financial year, April 1 to March 31), the
society reported a net surplus of INR89 million on a total income
of INR944 million as against a net surplus of INR51 million on a
total income of INR638 million for 2013-14.


SRIJAN PUBLISHERS: Ind-Ra Assigns 'IND BB-' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Srijan Publishers
Pvt Ltd (SPPL) a Long-Term Issuer Rating of 'IND BB-'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings factor in SPPL's small scale of operations as
indicated by revenue of INR324.16 mil. in FY15 (FY14:
INR318.59 mil.).  EBITDA margins were low at 6.66% in FY15 (FY14:
5.16%).  The ratings also reflect deterioration in the company's
credit profile with net financial leverage of 1.49x in FY15 (FY14:
1.29x) and EBITDA gross interest coverage of 2.13x (3.36x).  The
company's management is looking at new geographies, educational
boards and new subjects to diversify revenue.  However, this could
be challenging, given the established presence of other existing
textbook publishers in these geographies.

SPPL derives its competitive strength from its existing
relationships with educational institutions and its ability to tie
up and maintain relationships with established authors.  SPPL has
a diversified product portfolio of around 450 titles with a wide
range of text books.

The ratings also factor in SPPL's comfortable liquidity with is
average utilization of the working capital limits being around 82%
for the year ended September 2015.  The ratings benefit from the
over two decades of experience and expertise of SPPL's directors
in the publishing industry.

RATING SENSITIVITIES

Negative: A dip in the overall revenue leading to further
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue and the
consequent improvement in the credit metrics will be positive for
the ratings.

COMPANY PROFILE

SPPL incorporated in 2005 is engaged in the publishing of books.
It provides a wide range of school books for all levels from
nursery to Class 12.  It has more than 450 titles for school books
and also an online portal for teachers which was launched in 2013.
The registered office of the company is in Delhi.


TRIMURTI FLOUR: ICRA Suspends 'D' Rating on INR4cr Loan
-------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR4.00
crore cash credit facility and INR3.50 crore term loan of Trimurti
Flour Mill Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.


VICTORY PRECISIONS: CRISIL Reaffirms B- Rating on INR64.6MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Victory Precisions Pvt
Ltd (VPPL) continue to reflect its modest scale of operations,
susceptibility of its profitability to volatility in input prices,
and large working capital requirements. These weaknesses are
partially offset by the extensive experience of the promoters in
the industrial machinery and consumables industry and their
funding support.

                        Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)

   Cash Credit            50        CRISIL B-/Stable (Reaffirmed)

   Corporate Loan         15        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        5        CRISIL A4 (Reaffirmed)

   Long Term Loan         21        CRISIL B-/Stable (Reaffirmed)

   Post Shipment Credit   15        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     20.4      CRISIL B-/Stable (Reaffirmed)

   Standby Line of
   Credit                  5.0      CRISIL A4 (Reaffirmed)

   Term Loan              64.6      CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes VPPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if the company's financial risk profile
improves driven by sizeable cash accrual or better working capital
management. Conversely, the outlook may be revised to 'Negative'
if VPPL's liquidity deteriorates owing to low cash accrual, or
large working capital requirements, or higher-than-expected debt-
funded capital expenditure.
Incorporated in 1997, VPPL is engaged in casting and machining of
compressor parts, diesel engine parts, jigs and fixture parts,
switchgear parts, and farm equipment. The company, based in Pune
(Maharashtra), is promoted by Mr. Sagar Kaushik and his family.


VIMAL OIL: ICRA Lowers Rating on INR500cr Non-FB Loan to D
----------------------------------------------------------
ICRA has revised the long term rating assigned to the INR162 crore
long term fund based facilities of Vimal Oil and Foods Limited to
[ICRA]D from [ICRA]BB. ICRA has also revised the short term rating
assigned to the INR500 crore short term non fund based facilities
of VOFL to [ICRA]D from [ICRA]A4.
                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Fund Based Limits        162        Revised to [ICRA]D
                                       from [ICRA]BB (Negative)

   Non Fund Based Limits    500        Revised to [ICRA]D
                                       from [ICRA]A4

The ratings revision takes into account the delays in the company
meeting its debt obligations to banks as a result of the strained
liquidity position resulting from the significant losses of
INR132.57 Crore recorded by the company in the first half of FY16.
The deterioration in profitability of the company is largely
attributable to the inventory related losses booked by the company
in Q1FY16 and Q2FY16 during which edible oil prices continued to
witness correction. The losses have resulted in significant
erosion of the company's net worth (82% of net worth as on March
2015) during H1FY16. On account of the large cash losses incurred,
there has been a significant deterioration in the liquidity
position of the company, resulting in delays in honouring its
interest and import LC payments to the banks.

Vimal Oil & Foods Limited (VOFL), incorporated in 1992, is
primarily engaged in the refining and marketing of different types
of edible oils. VOFL commenced operations at its refinery with a
50 TPD capacity in 1993 and has increased its capacity over the
years to 250 TPD. The company also operates a 900 TPD refining
capacity owned by a group company - Gujarat Spices and Oilseeds
Growers Cooperative Union Ltd (GUJOIL) at Gandhidham. The
company's product range includes refined oils of Cottonseed,
Sunflower, Groundnut, Soya, Mustard and Palm. The refined oil is
sold in the local market under the VIMAL brand name. The Company
also operates a wind mill which is situated at village Kalyanpur,
Dist. Jamnagar with a capacity of 0.225 MW.

VOFL is the flagship of the Vimal group of industries based out of
Mehsana promoted by Mr. Chandubhai Patel and his associates. The
Group of Industries is one of the leading groups of North Gujarat
engaged in diversified businesses like Electrical Products, Cable
Wires, Winding Wires, Submersible Pumps, Dairy Industry, Edible
Oil Industry, Paint Industry and Micronised Mineral Powder.
In H1FY16, the company reported a net loss of INR132.57 crore on
an operating income of INR1042.56 crore. For the year FY 2015, the
company reported an operating income of INR3034.67 crore and
profit after tax of INR18.05 crore.


YP FOODS: CRISIL Assigns 'B' Rating to INR90MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of YP Foods Pvt Ltd (YP Foods). The rating
reflects YP Food's initial stages of operations and weak financial
risk profile because of small net worth. These weaknesses are
mitigated by the promoter's extensive entrepreneurial experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            15       CRISIL B/Stable
   Term Loan              90       CRISIL B/Stable

Outlook: Stable
CRISIL believes YP Foods to benefit from the promoter's extensive
experience. The outlook may be revised to 'Positive' if the scale
of operations and profitability increases more than expected along
with working capital management. Conversely, the outlook may be
revised to 'Negative' if liquidity is constrained by lower-than-
expected cash accrual, larger-than-expected working capital
requirement, or debt-funded capital expenditure.

Incorporated in 2013, YP Foods manufactures ready-to-eat snacks
such as fryums. Its operations are managed by the promoter-
director Mr. Amit Jhunjunwala and Mr. Chandra Prakash
Jhunjhunwala. The manufacturing unit is located in Howrah, West
Bengal.



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


TOSHIBA CORP: Claims Ignorance in Westinghouse Scandal
------------------------------------------------------
Kazuaki Nagata at The Japan Times reports that Toshiba Corp. on
Nov. 27 apologized for not disclosing the massive impairment loss
of U.S. nuclear power plant maker Westinghouse Electric Co. and
vowed to be committed to more proactive information disclosure.

The Japan Times recalls that earlier this month, weekly magazine
Nikkei Business reported that Toshiba did not disclose the write-
downs of Westinghouse's nuclear business in fiscal 2012 and 2013.

Following the report and under pressure from the Tokyo Stock
Exchange, Toshiba revealed on Nov. 17 that it saw write-downs of
Westinghouse's value totaling around JPY115.6 billion in the two
years, according to the Japan Times.

The outlook for Westinghouse's nuclear business became murky after
the March 2011 Fukushima disaster, the report says.

"We are deeply sorry and should have disclosed the information
earlier at an appropriate time," the report quotes Toshiba
President Masashi Muromachi as saying at a news conference at
Toshiba's headquarters in Tokyo.  "From now on, I will lead
efforts to more actively disclose information to regain the
trust," he said.

According to the Japan Times, Toshiba said it is conducting its
asset evaluation based on the Generally Accepted Accounting
Principles (GAAP) in the U.S. It said it was not aware that
posting the Westinghouse impairment loss in Toshiba's group
business results was necessary at the time, the report relates.

But Toshiba flip-flopped after the TSE took issue, saying it was
necessary to disclose the impairment losses for fiscal 2012 as a
TSE rule states a company must disclose a subsidiary's losses when
they exceed 3 percent of the group's net asset, the Japan Times
relays.

Toshiba bought Westinghouse Electric Co. in 2006 and evaluated its
goodwill at about JPY350 billion, the report notes.

This is another blow to scandal-tainted Toshiba, which is trying
to let an accounting scandal blow after padding net profits by a
staggering JPY152 billion between fiscal 2009 and 2014, adds the
Japan Times.

                        About Toshiba Corp.

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

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

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

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

On Nov. 12, 2015, the TCR-AP reported that Moody's Japan K.K. has
downgraded the issuer rating and long-term senior unsecured bond
ratings of Toshiba Corporation to Baa3 from Baa2, as well as its
subordinated debt rating to Ba2 from Ba1. Moody's has also changed
the rating outlook to negative from stable. At the same time,
Moody's has downgraded Toshiba's short-term rating to Prime-3 from
Prime-2.

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


TOSHIBA CORP: Third-Party Accounting Probe Gets Falling Grading
---------------------------------------------------------------
Makiko Yamazaki and Emi Emoto at Thomson Reuters report that a
third-party probe set up by Japan's Toshiba Corp to investigate
its accounting practices has been given a failing grade by half of
a group of influential lawyers, who said it was not sufficiently
independent and did not examine a key division.

Reuters relates that the lawyers' report, and a call by leader of
the group for the investigation to be redone, has added to a storm
of criticism about Toshiba's corporate governance efforts as it
seeks to put the 150 billion yen accounting scandal behind it.

According to Reuters, the third-party probe found in July that the
laptops-to-nuclear power conglomerate had padded profits going
back about seven years, blaming aggressive earnings goals and a
corporate culture that discourages employees from questioning
their superiors.

"The probe is the worst I've ever seen," attorney Hideaki Kubori,
who leads the group, told Reuters in an interview. "Toshiba has
the choice of redoing the third-party probe or continuing to
window dress. The company appears to be opting for the latter."

On a scale of "A" to "F", the probe was given three "F"s and one
"D", while managing four "C"s from the eight member committee that
compiled the report, Reuters says. The group often reports on
third-party panels in an effort to increase the credibility of
such panels.

Asked about the report and Kubori's call for the probe to redone,
Toshiba said in a statement that it took the results seriously and
will do its best to regain the trust of stakeholders, but declined
to comment further, Reuter relays.

Reuters says the probe was particularly criticized for only
looking into accounting issues in fields designated by Toshiba and
excluding others such as its U.S. nuclear unit Westinghouse.

Reuters notes that doubts over the probe intensified this month,
when Toshiba confirmed a magazine report that Westinghouse had
written down assets by $1.3 billion in the 2012 and 2013 financial
years -- charges that had not been previously disclosed.

Toshiba's market value has declined some 40% in the wake of the
scandal, and it has embarked on a lawsuit against former
executives. But that has also been criticized by corporate
governance experts for being a half-hearted effort that only seeks
to mitigate lawsuits from shareholders, adds Reuters.

                        About Toshiba Corp.

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

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

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

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

On Nov. 12, 2015, the TCR-AP reported that Moody's Japan K.K. has
downgraded the issuer rating and long-term senior unsecured bond
ratings of Toshiba Corporation to Baa3 from Baa2, as well as its
subordinated debt rating to Ba2 from Ba1. Moody's has also changed
the rating outlook to negative from stable. At the same time,
Moody's has downgraded Toshiba's short-term rating to Prime-3 from
Prime-2.

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



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


PIKE RIVER: Judicial Review Bid Rejected
----------------------------------------
Georgina Campbell at Stuff.co.nz reports that a judicial review
challenging the decision to drop charges against Pike River's
former boss Peter Whittall has been rejected.

Sonya Rockhouse, who lost her 21-year-old son Ben in the 2010 Pike
River Mine disaster, and Anna Osborne, who lost her husband
Milton, had led the review, Stuff.co.nz relays.

Stuff.co.nz says the decision was released by the Wellington High
Court on Nov. 27. The fifth anniversary of the disaster was
remembered earlier this month.

According to Stuff.co.nz, Ms. Rockhouse said she was still in a
"state of shock" and would keep fighting for justice.

She said the pair would appeal the decision if they were able to,
the report adds.

"[Anna Osborne] is as gutted as I am. Neither of us know what to
say, even our lawyers thought we had a good case," the report
quotes Ms. Rockhouse as saying.  "The document [the decision] is
49 pages long . . . I just can't bring myself to look at it and I
probably won't for a few days. At the end of the day, it doesn't
matter what the reasons are because I won't agree with them
anyway."

Stuff.co.nz adds that Ms. Osborne said she was "gobsmacked" by the
decision.

"It's a kick in the guts for Sonya and I, who have been determined
to get some sort of recognition for our men. Shame on the New
Zealand justice system," she said, Stuff.co.nz relays.

Pike River Coal Limited (NZE:PRC) -- http://www.pike.co.nz/-- is
a New Zealand-based coal mining company.  The Company, along with
its subsidiaries, is primarily engaged in the exploration,
evaluation, development and production of coal.  It operates a
coal mine that lies under the Paparoa Ranges.

Pike River Coal Ltd was placed into receivership in December 2010
after 29 miners died in a series of explosions on Nov. 19, 2010.
New Zealand Oil & Gas, the company's largest shareholder,
appointed accountants PricewaterhouseCoopers as receivers.  The
company owed NZ$80 million to secured creditors BNZ and NZ Oil &
Gas.  Pike River Coal also owed another estimated NZ$10 million
to NZ$15 million to contractors, including some of the men who
lost their lives in the disaster.

Bloomberg notes that Pike River Coal was found guilty in April
this year of nine breaches of health and safety laws including
those relating to ventilation and methane management.  A
New Zealand court awarded victims compensation of about NZ$110,000
each in July, adding that as the company was in receivership it
may be unable to make that payment, Bloomberg adds.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***