TCRAP_Public/151207.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, December 7, 2015, Vol. 18, No. 241


                            Headlines


A U S T R A L I A

ALTECH COMPUTERS: First Creditors' Meeting Set For Dec. 11
BLUE VAULT: First Creditors' Meeting Set For Dec. 14
COCKATOO COAL: Administrators Seek Buyers For Assets
NATIONWIDE OFF-ROAD: First Creditors' Meeting Set For Dec. 11
REVESBY CELLARS: First Creditors' Meeting Set For Dec. 14


C H I N A

* Mining Outlook Weakens on Falling Chinese Demand, Fitch Says


H O N G  K O N G

CHINA FISHERY: Fitch Lowers IDR to 'C' & Removed from Watch Neg.


I N D I A

AAKAR CONTAINERS: CRISIL Suspends 'B' Rating on INR150MM LT Loan
ACME SAWANT: CRISIL Assigns B+ Rating to INR80MM Project Loan
BHATIA COAL: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
CH.V.V.SUBBA: ICRA Reaffirms 'B' Rating on INR2.0cr Cash Loan
DEEPAM HOSPITAL: CRISIL Suspends 'D' Rating on INR190MM Term Loan

DELTA ELECTROMECHANICAL: ICRA Assigns B+ Rating to INR6.0cr Loan
DHRUV OIL: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
FLOATELS INDIA: CRISIL Assigns B+ Rating to INR67.5MM LT Loan
GAURAV AIRCON: ICRA Reaffirms B+ Rating on INR6.2cr LT Loan
GURUTEK INDIA: ICRA Reaffirms 'B' Rating on INR5.0cr Loan

JAI KEDARNATH: CRISIL Assigns 'B' Rating to INR70MM Term Loan
JALDHAKA COLD: CRISIL Reaffirms B- Rating on INR140MM Cash Loan
KANAK AGRO: CRISIL Suspends 'D' Rating on INR50MM Term Loan
KRISHNA COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
MAILAM SUBRAMANIYA: ICRA Reaffirms B+ Rating on INR13.70cr Loan

MALABAR HOTELS: CRISIL Suspends B- Rating on INR390MM LT Loan
MUTHUS GOLDEN: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
ORITO POLYFAB: CRISIL Ups Rating on INR166.5MM Term Loan to B+
PACIFIC JUTE: CRISIL Reaffirms 'B' Rating on INR90MM Loan
QUALITY TEA: Ind-Ra Assigns BB- LT Issuer Rating; Outlook Stable

REFLEXIONS NARAYANI: ICRA Assigns 'B' Rating to INR18.6cr Loan
SARDA ECO: CRISIL Reaffirms B- Rating on INR108.5MM Capital Loan
SHRIMATI SULOCHNA: ICRA Assigns B+ Rating to INR15.40cr Loan
SRI SUDHA: ICRA Assigns 'B+' Rating to INR12cr Cash Credit
SRI VARADHARAJA: ICRA Assigns 'B-' Rating to INR6.50cr Loan

SWIFT ENTERPRISE: ICRA Suspends C+ Rating on INR5.55cr Loan
TAMIL NADU: ICRA Suspends 'D' Rating on INR1,521.26cr Loan
TRIVANDRUM APOLLO: CRISIL Reaffirms B Rating on INR100MM Loan
TULSIANI CONSTRUCTIONS: ICRA Ups Rating on INR30cr Loan to B+
UTTARAKHAND UTHAN: Ind-Ra Assigns BB Rating to INR204.5M Facility

VASTUM INDIA: Ind-Ra Assigns B- LT Issuer Rating; Outlook Stable
WINNING EDGE: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
WINSOME INTERNATIONAL: Ind-Ra Affirms BB+ LT Issuer Rating
ZETATEK INDUSTRIES: ICRA Revises Rating on INR14cr Loan to B+


I N D O N E S I A

INDONESIA: S&P Assigns 'BB+' LT Issuer Rating to 2 Note Series
TOWER BERSAMA: Fitch Affirms 'BB' LT IDR; Outlook Stable


J A P A N

TOSHIBA CORP: Securities Watchdog to Recommend JPY7.37BB Fine


M A L A Y S I A

PETROL ONE: Appoints Special Auditor to Review FY15 Accounts



                            - - - - -


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


ALTECH COMPUTERS: First Creditors' Meeting Set For Dec. 11
----------------------------------------------------------
Andrew Scott and Daniel Walley of PPB Advisory were appointed as
administrators of Altech Computers Corporation Pty Ltd and Altech
Computers Corporation (NZ) Pty Ltd on Dec. 3, 2015.

In 2014, the company reportedly lost some key brands and forced to
shut down their operation in Vietnam, according to
Dissolve.com.au.

A first meeting of the creditors of the Company will be held at
PPB Advisory, Level 7, 8-12 Chifley Square, in Sydney, on
Dec. 11, 2015, at 10:00 a.m.


BLUE VAULT: First Creditors' Meeting Set For Dec. 14
----------------------------------------------------
Andrew John Spring of Jirsch Sutherland was appointed as
administrator of Blue Vault Digital Pty Ltd on Dec. 2, 2015.

A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Level 27, 259 George Street, in Sydney, on Dec.
14, 2015, at 2:00 p.m.


COCKATOO COAL: Administrators Seek Buyers For Assets
----------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that urgent expressions
of interest are sought for the sale or recapitalisation of the
assets and business of Cockatoo Coal Limited.

PPB Advisory's Grant Dene Sparks, Stephen Longley and Martin Ford
were appointed administrators of the firm on November 16, 2015.

Cockatoo Coal produces high quality metallurgical coal that
operates a coal mine in Baralaba, Queensland. The buyer of the
company will be able to own a business that reported FY15 revenue
of AUD69.5 million, the report says.


NATIONWIDE OFF-ROAD: First Creditors' Meeting Set For Dec. 11
-------------------------------------------------------------
Peter Hedge and Scott Turner of Hedge and Associates were
appointed as administrators of Nationwide Off-Road Truck Sales Pty
Limited on Dec. 2, 2015.

A first meeting of the creditors of the Company will be held at
the office of Colin Biggers and Paisley, Level 35 Waterfront
Place, 1 Eagle St, in Brisbane, Queensland, on Dec. 11, 2015, at
2:00 p.m.


REVESBY CELLARS: First Creditors' Meeting Set For Dec. 14
---------------------------------------------------------
James White and Rachel Burdett-Baker of BDO were appointed as
administrators of Revesby Cellars Pty Ltd on Dec. 3, 2015.

A first meeting of the creditors of the Company will be held at
BDO, Level 11, 1 Margaret Street, in Sydney, on Dec. 14, 2015, at
11:00 a.m.



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


* Mining Outlook Weakens on Falling Chinese Demand, Fitch Says
--------------------------------------------------------------
Fitch Ratings' outlook for the global mining sector in 2016 is
firmly negative, reflecting Fitch's view that Chinese demand will
continue to weaken in the coming year and that commodities will
remain deeply unpopular with investors.

The slowdown in Chinese demand has already created substantial
oversupply in some commodities, including iron ore and aluminium,
and Fitch expects this trend to continue in 2016 as the Chinese
economy undergoes a gradual deleveraging and transition from
investment to consumer-led growth.  Average prices for these two
commodities are therefore likely to be lower in 2016, as are
prices for copper and zinc.  Nickel could prove an exception to
the trend, due to mine closures and falling Chinese nickel pig
iron production, but this is far from certain.

Most mining companies now have weak credit profiles for their
current rating, and this is reflected in the fact that most large
international mining companies are on Negative Outlook or Rating
Watch Negative.

Fitch expects companies to continue to focus on cost control and
short-term liquidity management in 2016.  But they will find it
harder to use cost cuts to aid debt reduction because the falling
diesel prices and beneficial exchange rate moves that helped them
in 2015 are unlikely to be repeated.  Big reductions in capex
budgets are similarly largely complete.  This means more mining
companies are likely to come under increasing pressure to cut
their dividends to boost free cash flow in 2016 following
relatively modest reductions in shareholder returns so far.



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


CHINA FISHERY: Fitch Lowers IDR to 'C' & Removed from Watch Neg.
----------------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's (China
Fishery) Issuer Default Rating to 'C' from 'B-'.  It has also
downgraded the senior unsecured rating and the rating on the
USD300 mil. senior unsecured notes issued by CFG Investment S.A.C.
to 'C' from 'B-', with Recovery Ratings of 'RR4'.  All the ratings
have been removed from Rating Watch Negative.

The downgrade follows HSBC's application to the High Court of Hong
Kong to appoint provisional liquidators to China Fishery Group
Ltd. and China Fisheries International Ltd.  This winding up
petition, if successful, will result in the liquidation of China
Fishery and its ratings will then have to be downgraded to 'D'.

RATING SENSITIVITIES

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:

   -- Approval of the winding up petition by the Hong Kong court
      will result in the IDR being downgraded to 'D'.

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:

   -- Rejection by the Hong Kong court of the winding-up petition
   -- China Fishery has secured sufficient bank facilities for
      refinancing and its operational needs
   -- Redemption of 2019 notes and other debt is not accelerated

Full list of rating actions:

China Fishery Group Limited

  Long-Term IDR downgraded to 'C' from 'B-'; Off Rating Watch
   Negative

  Senior unsecured rating downgraded to 'C' from 'B-'; Recovery
   Rating at 'RR4'

  USD300 mil. senior unsecured notes issued by CFG Investment
   S.A.C. and guaranteed by China Fishery downgraded to 'C' from
   'B-'; Recovery Rating at 'RR4'

Prior to the above rating action, the USD 300 mil. senior
unsecured notes issued by CFG Investment S.A.C. and guaranteed by
China Fishery were downgraded to 'B-' from 'B+' with Recovery
Rating at 'RR4' on Oct. 15, 2015, in connection with the downgrade
of China Fishery's Long-Term IDR to 'B-' from 'B+'.



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


AAKAR CONTAINERS: CRISIL Suspends 'B' Rating on INR150MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Aakar Containers Pvt Ltd (ACPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       150      CRISIL B/Stable

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

Incorporated in 2013-14 (refers to financial year, April 1 to
March 31), ACPL is setting-up an 18,000 metric tones per annum
(mtpa) corrugated box unit at Sanand in Ahmedabad (Gujarat). The
company is promoted by two brothers, Mr. Rajan Jain and Mr. Rahul
Jain. The plant is expected to commence commercial production from
April 2015.


ACME SAWANT: CRISIL Assigns B+ Rating to INR80MM Project Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of ACME Sawant Ventures (ASV).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Project Loan            80      CRISIL B+/Stable

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

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

Set up in 2012, ASV is a partnership firm promoted by Mr. Abhay
Desai, Mr. Rajeev Sawant, and Mr. Vijay Mundphane for developing a
residential real estate project, Azalea, in Pune. It is currently
implementing the project's first phase, which has 100 saleable
units.


BHATIA COAL: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bhatia Coal
Tradelink (BCTL) a Long-Term Issuer Rating of 'IND B+ '.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect BCTL's short operative track record as it
started commercial operations only in April 2015.  The rating also
factor in the lack of experience of the founder promoters in the
coal crushing business.

The ratings benefit from BCTL's comfortable liquidity position as
reflected in its average maximum working capital utilization of
75% during the 12 months ended November 2015.  The ratings are
also supported by BCTL's locational advantage as its plant is
close to coal mines.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining the liquidity profile could lead to a positive
rating action.

Negative: Any deterioration in the overall liquidity profile could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in April 2014, BCTL is engaged in coal crushing
business in Bilaspur, Chhattisgarh.  The firm is managed by Sardar
Tejinder Singh Bhatia and Rashmi Kaur Bhatia.  The installed
capacity of the plant is 18,000mtpa and the management is
expecting to operate it at 70% capacity utilization level in FY16.


CH.V.V.SUBBA: ICRA Reaffirms 'B' Rating on INR2.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for INR2.00
crore cash credit limits of Ch.V.V.Subba Rao. ICRA has reaffirmed
the short-term rating at [ICRA]A4 for the INR13.00 crore (revised
from INR10.00 crore) non-fund based limits of the firm. ICRA has
also reaffirmed long-term / short-term rating assigned to INR8.00
crore (revised from INR11.00 crore) unallocated limits of CHVVSR.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            2.00       [ICRA]B reaffirmed
   Bank Guarantee        13.00       [ICRA]A4 reaffirmed
   Unallocated Limits     8.00       [ICRA]B/A4 reaffirmed

The rating reaffirmation continues to be constrained by the modest
scale of operations of the entity in the highly competitive
industry, exposure to high geographic concentration with its
operations restricted to Andhra Pradesh and Telangana regions and
high sectoral concentration as only Comprehensive Protected Water
Supply works are carried out. The rating also factors in the
limited revenue visibility over the medium term with order book to
OI ratio of 1.03x as on March 31, 2015 owing to reduced number of
contract awards by the government department. ICRA takes note of
the high order book concentration with a single order accounting
for 92% of the outstanding order book and risks associated with a
proprietorship concern, which includes limited ability to raise
capital, risk of capital withdrawals and dissolution upon death /
retirement / insolvency of the proprietor.

However, the rating positively factors in the healthy growth of
24% in the entity's top line from Rs.27.86 crore in FY14 to
Rs.34.57 crore in FY15 on the back of higher order execution. The
rating also favourably factors in the long track record of more
than two decades of the proprietor in the construction industry
and established relationship with the Rural Water Supply and
Sanitation departments of Andhra Pradesh and Telangana.
Going forward, ability of the entity to improve its top line with
regular order inflow and timely execution of orders on hand,
maintain its profitability and capital structure would be the key
rating sensitivities.

CH. V.V. Subba Rao was incorporated as a proprietorship concern in
1995 to undertake civil engineering projects pertaining to
comprehensive protected water supply & sanitation (CPWS&S) in
Andhra Pradesh. The works include laying of pipelines for water
supply, tapping of surface water, construction of filtration
plants for filtration of brackish water and fluoride water etc,
construction of over head tanks etc.

The entity executes these projects for government of Andhra
Pradesh under various schemes related to Andhra Pradesh Rural
Water Supply & Sanitation (RWS&S).

Recent Results
According to audited FY2014 results, the company recorded an
operating income of INR27.86 crore with a net profit of INR1.64
crore. As per audited FY2015 results, the company recorded an
operating income of INR34.57 crore with a net profit of INR2.04
crore.


DEEPAM HOSPITAL: CRISIL Suspends 'D' Rating on INR190MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Deepam
Hospital Limited (DHL; part of the Deepam group).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            4.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility     7.3      CRISIL D
   Term Loan            190.0      CRISIL D

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

DHL (formerly, Deepam Hospital Pvt Ltd) was set up in 1992 and
runs four secondary care hospitals, and one kidney diagnostic
centre. Moreover, it has recently set up a new critical care
hospital. These hospitals are located in Chennai, Tamil Nadu and
are promoted by a team of doctors, Dr. A Pandian, Dr. T N
Ravishankar, Dr. R Saravanan, Dr. P Ramanatham, and Dr. B Saroja.
DHL was reconstituted as a closely held company in 2009; also, in
the same year, the company acquired two companies, namely, DHCCPL
and JSPHPL.


DELTA ELECTROMECHANICAL: ICRA Assigns B+ Rating to INR6.0cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR6.00
crore cash credit facility of Delta Electromechanical Private
Limited. The short term rating of [ICRA]A4 has also been assigned
to the INR4.00 crore non-fund based facility of DEMPL.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based, Rated
   on Long-Term Scale
   Cash Credit            6.0        Assigned at [ICRA]B+

   Non-Fund Based,
   Rated on Short-
   Term Scale Bank
   Guarantee              4.0        Assigned at [ICRA]A4

The assigned ratings are constrained due to weak liquidity profile
of the company with sharp increase in working capital intensity in
FY 2015 owing to build-up of receivables, resulting in high
utilization of working capital bank limits. Major portion of
company's outstanding receivables (~56% of total debtors) as on
March 31, 2015 are from Sahara Hospitality Limited (SHL), recovery
of which remains critical. However, DEMPL has entered into an
agreement with SHL in September 2015 wherein DEMPL has been
allotted 15789 sq. ft. of commercial space in the Hotel Sahara
Star for 9 years and 8 months including 4 month of fit out period.
This space will be sub-leased by DEMPL to a third party and the
rent from the same will be adjusted towards outstanding dues from
SHL. The ratings also factor in the competitive pressures from
other established players in the industry and DEMPL's ability to
execute projects in a timely manner remains critical.

The ratings, however, favourably factors in the long standing
experience of promoters in Mechanical, electrical, and plumbing
services (MEP) industry, the reputed customer base and the
company's established relations with the customers which assists
in procuring orders. The ratings also positively factor in the
strong growth in operating income in FY 2015 & 7M FY 2016 along
with healthy order book (~11x the revenue of FY2015) providing
revenue visibility over the medium term.

Incorporated on 22nd November 2010, the company was initially
engaged in contracting business of Electrical and Heating
Ventilation & Air Conditioning (HVAC) works. Since 1st August
2014, it also commenced contracting business of plumbing works.
The company renders specialized services in HVAC, electrical,
plumbing & Fire Fighting works across sectors such as hospitality,
Residential, commercial buildings, hospitals, IT parks,
Educational Institutes and Industrial Complexes. DEMPL is managed
by Mr. Sunil Gupta and other family members.

Recent Results
During FY 2015 (provisional financials), DEMPL reported an
operating income of INR34.99 crore and profit after tax of INR0.93
crore as against an operating income of INR27.16 crore and profit
after tax of INR0.76 crore during FY 2014. Further, during 7M
FY2016, DEMPL reported an operating income of INR39.82 crore (as
per provisional financials).


DHRUV OIL: Ind-Ra Assigns B+ LT Issuer Rating; Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhruv Oil &
Protein (DOP) a Long-Term Issuer Rating of 'IND B+'.  The Outlook
is Stable.

KEY RATING DRIVERS

The ratings are constrained by DOP's short operational track
record as it started commercial operations only in Sept. 2015.

The ratings benefit from DOP's comfortable liquidity position as
reflected in its average maximum working capital utilization of
44% during the three months ended October 2015.  The ratings are
also supported by DOP's locational advantage as its plant is close
to markets from where the company's main raw material - mustard
seeds - is available in abundance.  The rating also factor in the
two-decade-long experience of the promoters in the edible oil
extraction and refining business.

RATING SENSITIVITIES

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

Negative: Failure to achieve the top-line as projected by the
management coupled with deterioration in the credit metrics will
be negative for the ratings.

COMPANY PROFILE

Incorporated in Sept. 18, 2014, DOP refines mustard oil and
manufactures mustard oil cakes in Morena, Madhya Pradesh.  It
started commercial operations from September 2015.  DOP is a
partnership firm managed by six partners and has an installed
capacity of 15,300mtpa of mustard oil and 29,200mtpa of mustard
cakes.


FLOATELS INDIA: CRISIL Assigns B+ Rating to INR67.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Floatels India Private Limited (FIPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            7.5      CRISIL B+/Stable
   Long Term Loan        67.5      CRISIL B+/Stable

The rating reflects FIPL's modest scale of operations and its
exposure to cyclicality and intense competition in the competitive
hospitality industry. These rating weaknesses are partially offset
by the strategic and favorable location of FIPL's resort in
Trivandrum (Kerala) and the benefits derived by the extensive
experience of its promoters in the hospitality industry. The
rating also factors in its moderate financial risk profile marked
by low gearing, moderate debt protection metrics and networth.

Outlook: Stable

CRISIL believes that FIPL will benefit from the extensive industry
experience of the promoters and the strategic location of its
resort over the medium term. The outlook may be revised to
'Positive' in case of substantial improvement in occupancy and
average room rate, leading to improvement in revenue, and
consequently, financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of large debt-funded capital
expenditure or decline in revenues, leading to deterioration in
financial risk profile.

Incorporated in 1996 as a private limited company, FIPL owns and
operates a resort in Trivandrum (Kerala). The resort is named as
'Poovar Island Resort'. The company is promoted by Mr. Mr.Kabeer
Khader and Mr. M.R.Narayanan.

For 2014-15, FIPL has a provisional profit after tax (PAT) of
INR0.1 million on net sales of INR105 million against PAT of
INR0.8 million on net sales of INR102 million in 2013-14.


GAURAV AIRCON: ICRA Reaffirms B+ Rating on INR6.2cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR6.20 crore fund based limits of Gaurav Aircon Computers Private
Limited. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the Rs.1.10 crore short term facilities of the
company.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Cash Credit
   (LT scale)             6.20        [ICRA]B+; reaffirmed

   Letter of credit
   (ST scale)             0.90        [ICRA]A4; reaffirmed

   Bank Guarantee
   (ST scale)             0.20        [ICRA]A4; reaffirmed

ICRA's ratings continue to take into account GACP's low profit
margins due to the trading nature of its business. In addition,
increasing competition from organized retail chains and online
retailers may put pressure on its revenues and margins going
forward. The ratings also factor in the working capital intensive
nature of GACP's operations, and the company's dependence on bank
borrowings which has resulted in a stretched capital structure
with a gearing of 4.76x as on March 31, 2015. The elevated gearing
coupled with low margins has also resulted in weak coverage
indicators, with interest coverage at 1.51x, NCA/TD at 5% and DSCR
at 1.13x for FY15. ICRA also takes note of the company's stretched
liquidity position as reflected in the full utilization of its
working capital limits. However, the ratings derive comfort from
the robust growth in the company's scale of operations owing to
the strong demand for consumer durables and the benefits it
derives from being the sole distributor for Sony India in 13
districts of Rajasthan. The ratings also continue to derive
comfort from the extensive experience of the promoters in the
consumer durables distributorship business, spanning close to two
decades, with several group companies engaged in distribution of
consumer durables of leading brands such as Samsung, Philips,
Electrolux and Haier.

Going forward the ability of the company to attain an improved
capital structure and improve its margins, while sustaining its
growth in scale will be the key rating sensitivities.

GACP is primarily into distribution of Sony consumer durables and
Videocon mobile phones. The company is Sony's sole distributor
(except for mobile phones and laptops) for 13 districts of
Rajasthan. The company also serves as a distributor for Videocon
DTH, Rage mobile phones and Intec air-conditioners, however these
account for a relatively small proportion of the company's overall
revenues. GACP is a part of the Chandra Group which has
distribution rights for leading consumer electronics brands like
Sony, Videocon, Samsung, Haier, Sansui, Kelvinator, Videocon,
Panasonic, Godrej and Lloyd. The group has a wide distribution
network in Rajasthan.

Recent Results
GACP reported an operating income of Rs.72.22 crore and a net
profit of Rs.0.49 crore in FY15, as against an operating income of
Rs.50.50 crore and a net profit of Rs.0.33 crore in the previous
year.


GURUTEK INDIA: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR5.00 crore fund
based bank facilities of Gurutek India Pvt Ltd (GIPL) at [ICRA]B.

                       Amount
   Facilities        (INR crore)      Ratings
   ----------        -----------      -------
   Fund based bank
   Facilities            5.00         [ICRA]B; reaffirmed

ICRA's rating continues to take into account the modest
operational profile of GIPL as evident in its declining revenues
owing to slow moving order-book and limited order-inflows. Further
the pending order-book of GIPL continues to be concentrated
towards a single order pertaining to real estate construction for
a group company (Gurutek Estate Private Limited (GEPL); rated
[ICRA] B/A4). The rating also factors in the weak liquidity
position of GIPL (NWC/OI of 56% in FY 2015) owing to high level of
receivables (largely from GEPL) as well as loans and advances/
investments (directly in shares) in group companies, which have
though reduced in FY2015.

The rating continues to draw comfort from the track record of the
promoters in the construction sector and the revenue visibility
given the increase in scope of GEPL's project with acquisition of
adjoining land parcel. The company's unexecuted order book stands
at INR59.32 crore as on September, 2015 resulting in Order book to
OI of 5.09 times .The rating also factors in GIPL's moderate
profitability indicators and capital structure (OPM stood at
14.31%, NPM stood at 4.57% in FY15 and debt to equity ratio stood
at 0.57x as on March 31, 2015).

Going forward, the ability of GIPL to improve its pace of
execution and revive revenue growth while managing its working
capital cycle would be the key rating sensitivities.

Incorporated in 2001, GIPL primarily undertakes construction and
maintenance work for real estate companies (mainly clients in the
private sector). GIPL's scope of work includes construction of
residential complexes (including multi storied group housing
projects), club houses, under-ground and over ground water tanks,
electric sub-stations and external development including
landscaping, piling, construction of swimming pools etc. The
company has been promoted by Mr. Kamal Agarwal and his wife Mrs.
Sapna Agarwal. Mr. Agarwal, who is a civil engineer by
qualification, has extensive experience in the execution of real
estate projects. Besides GIPL, the promoters are also involved in
the development of a residential township spread over 62.53 acres
in Sectors 25 and 26 in Rewari (Haryana) through Gurutek Estate
Private Limited (GEPL; rated [ICRA] B/A4). The civil construction
and land development work of this township are being executed by
GIPL.

Recent Results
GIPL reported an Operating income (OI) of INR11.66 crore on which
it earned a net profit of INR0.53 crore in FY15, as compared to an
OI of INR20.05 crore and a net profit of INR0.89 crore in the
previous year.


JAI KEDARNATH: CRISIL Assigns 'B' Rating to INR70MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jai Kedarnath Buildcon Private Limited.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     23       CRISIL B/Stable

   Term Loan              70       CRISIL B/Stable

The rating reflects JKBPL's exposure to significant risks
associated with its ongoing project and to cyclicality in the real
estate industry. These weaknesses are partially offset by the
extensive experience of the promoters in the construction
industry.
Outlook: Stable

CRISIL believes JKBPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the customer response to
its projects is significantly better than expected leading to
higher-than-expected cash flow from operations. Conversely, the
outlook may be revised to 'Negative' if JKBPL reports
significantly lower-than-expected cash flow from operations
because of subdued response to its project or lower than envisaged
flow of advances, significantly affecting its debt servicing
ability.

JKBPL was promoted in 2012 by Mr. Satish Maheshwari and Mr.
Ganpati Morge. The company is currently constructing a shopping
complex at Nanded (Maharashtra).


JALDHAKA COLD: CRISIL Reaffirms B- Rating on INR140MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jaldhaka Cold
Storage Private Limited (JCSPL) continues to reflect the company's
small scale of operations and below-average financial risk profile
because of small net worth and high gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            140      CRISIL B-/Stable (Reaffirmed)

The rating also factors in susceptibility to regulatory changes
and to intense competition in the cold storage industry in West
Bengal (WB). These rating weaknesses are partially offset by the
extensive industry experience of the company's promoters.
Outlook: Stable

CRISIL believes JCSPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of efficient
management of farmer credit financing, a significant increase in
scale of operations while simultaneously maintaining its operating
profitability margin. Conversely, the outlook may be revised to
'Negative' in case of constrained liquidity because of delays in
repayment by farmers, lower-than-expected cash accrual, or large
debt-funded capital expenditure.

Incorporated in 1997, JCSPL provides cold storage facilities to
potato farmers and traders. It also trades in potatoes. Its
current owners-directors, members of the Pal family, purchased
JCSPL on January 1, 2010. The company's cold storage at Jalpaiguri
(WB) has a capacity of about 21,900 tonnes. Its directors, Mr.
Gobinda Das Pal and Mr. Pradyut Kumar Pal, manage its operations.


KANAK AGRO: CRISIL Suspends 'D' Rating on INR50MM Term Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Kanak Agro Pipes Pvt Ltd (KAPPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL D
   Term Loan              50       CRISIL D

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

KAPPL was incorporated in 2010 in Aurangabad, Maharashtra by Mr.
Suresh Sarda, Mr. Suresh Bhutada, and Mr. R K Sharma. The company
manufactures PVC pipes of sizes ranging from 20 millimetres (mm)
to 200 mm which are used primarily in agriculture and construction
industries.


KRISHNA COTTON: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B for INR5.00 crore of
cash credit facility and INR0.55 crore of term loans (revised from
1.00 crore) of Krishna Cotton.

                           Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Cash Credit facility      5.00      [ICRA]B reaffirmed
   Term Loans                0.55      [ICRA]B reaffirmed

The reaffirmation of the rating takes into account KC's relatively
small scale of operations; its low profitability due to limited
value additive nature of operations and intense competition in a
fragmented industry; and its weak debt coverage indicators. The
ratings further take into account the firm's exposure to commodity
price volatility, agro-climatic conditions and cotton export-
related government regulations. ICRA also notes that KC is a
partnership firm and any significant withdrawals from the capital
account could adversely impact its net worth and thereby the
credit profile.

The rating, however, continues to positively consider the
experience of the partners in the cotton industry; and the
locational advantage of the firm giving it easy access to high
quality raw cotton.

Incorporated in the year 2011, Krishna Cotton (KC) is a
partnership firm engaged in the business of cotton ginning and
cotton seed crushing. The firm commenced commercial production
from October 2012 from its manufacturing facility located at
Rajkot in Gujarat. The unit is equipped with 24 ginning machines,
1 pressing machine and 4 expellers, having processing capacity of
~19000 metric tonnes per annum (MTPA) of raw cotton. The promoters
of KC have experience of over a decade in cotton ginning business
by way of their association with other related companies. KC is
currently promoted by nine partners.

Recent Result
In FY15, KC reported an operating income of INR23.04 crore and
profit after tax of INR0.16 crore as against an operating income
of Rs.22.73 crore and PAT of INR0.21 crore during FY14.


MAILAM SUBRAMANIYA: ICRA Reaffirms B+ Rating on INR13.70cr Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR13.70 crore term loans (revised from INR4.44 crore) and INR3.30
crore proposed fund based facilities (revised from INR6.56 crore)
of Mailam Subramaniya Swamy Educational Trust.

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Term Loans               13.70      [ICRA]B+; Reaffirmed
   Long term proposed
   fund based facilities     3.30     [ICRA]B+; Reaffirmed

The rating reaffirmation considers the experience of the promoters
in the educational industry of around two decades, healthy
enrolment under trust run colleges owing to its reputation in the
Villupuram District. The rating also favourably considered the
healthy financial profile characterised by strong profit margins
and comfortable capital structure. The rating, however, remains
constrained by high competition in the education industry in
Tamilnadu and the challenges in retaining qualified and
experienced staff which are critical to improve the enrolment in
the colleges. ICRA also takes note of issues of limited accounting
disclosures for an educational trust and large advances given by
the trust to other group entities. In addition to this, the
ongoing capital expenditure programme is expected to moderate the
capital structure and put pressure on profit margins. Going
forward, the trust's ability to improve its scale of operations
while maintaining its profit margins and manage its cash flow
position would be critical for timely repayment of its debt
obligations.

Mailam Subramaniya Swamy Educational Trust was established in 1996
by Mr. N. Kesavan who is the founder chairman of the trust. The
Trust established - Mailam Engineering College in 1998 in Mailam
in Villupuram district in Tamil Nadu. The College is approved by
AICTE and affiliated to Anna University, Chennai. It provides both
under-graduate and post-graduate courses in engineering and
management. Over the years the Institute has increased its intake
capacity and also introduced new courses. Currently the trust is
managed by Mr. Dhanasekaran. The institute currently has ~3,800
students.

Mr. N. Kesavan also founded Sri Manakula Vinayaga Educational
Trust in 1996 which currently operates five institutes including
an engineering college, medical college, nursing college and a
multi speciality hospital in the Union Territory of Pondicherry.
It has a student base of ~7,800 students.

Recent Results
During 2014-15, the trust has reported a profit after tax of
INR3.2 crore on an operating income of INR17.9 crore as against a
profit after tax of INR3.7 crore on an operating income of INR18.0
crore during the corresponding previous year.


MALABAR HOTELS: CRISIL Suspends B- Rating on INR390MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Malabar Hotels Private Ltd (MHPL's).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4
   Cash Credit            30       CRISIL B-/Stable
   Long Term Loan        390       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     70       CRISIL B-/Stable

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

MHPL, incorporated in 2002, owns a five-star hotel, Kohinoor-
Asiana, in Old Mahabalipuram Road in Chennai (Tamil Nadu). The
hotel commenced operations in October 2007. The company's day-to-
day operations are managed by Mr. S Sriharan and Mr. S Alagurajan.


MUTHUS GOLDEN: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Muthus Golden
Rice Products Private Limited (MGRPPL) continues to reflect below-
average financial risk profile marked by high gearing, and modest
scale of operations in the highly fragmented rice milling
industry. These weaknesses are partially offset by the promoters'
extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            75       CRISIL B+/Stable (Reaffirmed)
   Term Loan              22       CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes MGRPPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if a substantial and sustained increase in
operating income and cash accrual along with improved working
capital management, or considerable capital infusion by promoters
improves the financial risk profile. Conversely, the outlook may
be revised to 'Negative' if low cash accrual, stretched working
capital cycle, or a large debt-funded capital expenditure
programme weakens the financial risk profile, particularly
liquidity.

MGRPPL incorporated on August 8, 2015, mills non-basmati rice from
paddy. MGRPPL took over the operations of Sri Ram Modern Rice Mill
(SRMRM), a partnership firm. Mr. P Venkatesa Prasadh and Mr. A
Perisamy, who earlier were partners in SRMRM, are now MGRPPL's
directors. They have been in this line of business since 1976. The
company markets its products under the brand, Royal.


ORITO POLYFAB: CRISIL Ups Rating on INR166.5MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Orito Polyfab Pvt Ltd (OPPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' while reaffirming its rating on the short-term bank
facilities at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         10       CRISIL A4 (Reaffirmed)

   Cash Credit            35       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Term Loan             166.5     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in the business and financial
risk profiles, led by stabilisation of operations at the newly
set-up facility, increase in revenue and operating profitability,
and deferment of debt-funded capital expenditure (capex). OPPL
commenced commercial operations in August 2014. OPPL had net sales
of INR181 million for the 8 months in FY15 (refers to financial
year, April 1 to March 31) and an operating margin of 17.7 per
cent. Additionally, the company on a provisional basis, reported
net sales of INR166 Million for 6 months ended September 2015 and
an operating margin of 24 per cent.

Stabilisation of operations and stable demand should help maintain
healthy sales growth, and operating margins of 20-21 per cent over
the medium term. With deferment of capex, the financial risk
profile and capital structure are expected to improve
substantially. The gearing, though high at 4.42 times (owing to
modest net worth of INR42 million) as on March 31, 2015, is
expected to reduce to 1.5-2.8 times over the medium term. The debt
protection metrics are expected to be moderate, with interest
coverage and net cash accrual to term debt ratios of 3-4 times and
0.2-0.3 times, respectively over the medium term. The liquidity
may improve, supported by the absence of capex plans, and by cash
accruals that are more than adequate to service the maturing term
debt.

The ratings continue to reflect OPPL's small scale of operations
in the intensely competitive cotton yarn industry, and average
financial risk profile, with a modest net worth. The ratings also
factor in the susceptibility of OPPL's operating profitability to
fluctuations in raw material prices. These rating weaknesses are
partially offset by the steady relationships with customers and
suppliers, and moderate working capital management.
Outlook: Stable

CRISIL believes OPPL will continue to benefit over the medium term
from its promoters' established relationships in the industry. The
outlook may be revised to 'Positive' if substantial ramp-up in
scale of operations and stable operating profitability lead to a
stronger financial risk profile. Conversely, the outlook may be
revised to 'Negative' if OPPL's financial risk profile
deteriorates, most likely due to low profitability and revenue,
large working capital requirements, or any large capex.

Set up in 2013 and promoted by the Patel family, OPPL manufactures
cotton yarn of counts ranging from 28's to 40's. Its plant, which
has 12,000 spindles, is located in Sabarkanth (Gujarat). It
commenced operations from August 2014.


PACIFIC JUTE: CRISIL Reaffirms 'B' Rating on INR90MM Loan
---------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Pacific Jute
Limited continue to reflect susceptibility of operating margin to
volatility in raw material prices and to fluctuations in foreign
exchange rates, and large working capital requirement. These
weaknesses are partially offset by promoter's extensive experience
in the jute industry.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Foreign Letter
   of Credit              90       CRISIL B/Stable (Reaffirmed)
   Packing Credit         50       CRISIL A4 (Reaffirmed)
   Term Loan              10       CRISIL B/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes Pacific will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of increase in scale
of operations and accrual, or improvement in working capital
management, leading to a better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of
lengthening of working capital cycle, considerably low cash
accrual, or large debt-funded capital expenditure.

Pacific, incorporated in 2005 by Kolkata-based Mr. Pawan Kumar
Agarwal, manufactures and exports jute products. It has an export-
oriented unit in Falta (West Bengal).


QUALITY TEA: Ind-Ra Assigns BB- LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Quality Tea
Plantations Private Limited (QTPPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect QTPPL's moderate credit profile with interest
coverage of 1.4x and net financial leverage of 6.7x.

The ratings are constrained by QTPPL's weak liquidity profile with
almost-full utilization of its working capital limits during the
12 months ended October 2015.  Also, the scale of operations is
small as reflected in revenue of INR225 mil. during FY15.

The ratings benefit from the company's consistently increasing
operating EBITDA margins since FY12.  The ratings are also
supported by the director's 26-year-long experience in the tea
business.

RATING SENSITIVITIES

Positive: An improvement in the overall credit profile will be
positive for the ratings.

Negative: A decline in the operating EBITDA margins leading to
deterioration in the entire credit profile will be negative for
the ratings.

COMPANY PROFILE

QTPPL was incorporated in 1989 and has a tea garden in the
Jalpaiguri district of West Bengal covering a grant area of around
650 hectares of which tea has been planted in 450 hectares.  The
company primarily produces CTC variety of tea and sells in the
domestic market.  QTPPL is managed by Mr Balkrishna Dalmia and
Rajat Dalmia and has its registered office in Kolkata.


REFLEXIONS NARAYANI: ICRA Assigns 'B' Rating to INR18.6cr Loan
--------------------------------------------------------------
ICRA has assigned the long term rating of INR[ICRA]B to the
INR3.43 crore (Rs. 18.83 crore enhanced from INR15.4 crore)
overdraft facility of Reflexions Narayani Impex Private Limited.
ICRA also has long term rating of [ICRA]B outstanding for the
INR15.4 crore overdraft facility and INR18.60 crore term loans of
of the company. The short term rating of [ICRA] A4 assigned to the
INR4.00 crore fund based bank limits also remains outstanding.

                         Amount
   Facilities          (INR crore)   Ratings
   ----------          -----------   -------
   Term Loans              18.6      [ICRA]B outstanding
   Overdraft Facility      15.4      [ICRA]B outstanding/assigned
   Packaging Credit         2.0      [ICRA]A4 outstanding
   Foreign Bill Purchase    2.0      [ICRA]A4 outstanding

The rating primarily takes into account RNIPL's net losses
(including indirect expenses and financial costs) from core
operations of leather goods export during FY15 due to
discontinuation of business with its primary client, which
accounted for over 70% of the company's operating income (OI) upto
FY14 and RNIPL's continued exposure to client concentration risks
given that a single client accounted for around 73% of the export
sales in FY15. Further non receipt of lease rentals during the
period Apr-July, 2015 from one of the tenants which occupies
around 15% of the total leasable/saleable area at the commercial
property is likely to have an adverse impact on the total rental
receipts of the company in the near term. In addition, large
exposure to a group entity in the form of investments and
loans/advances, which are not value accretive till now; comprises
around 24% of the tangible net worth of the company as on 31st
March, 2015, thus reducing its overall business returns. The
ratings however, draw comfort from the experience of the company
of more than two decades in the leather industry and healthy lease
rentals generated by the company from the reputed tenants
supporting the overall operating income and profitability. Going
forward the ability of the company to scale up its leather
operations and improve its profitability, while continuing to
collect adequate rentals from its commercial property in a timely
manner shall remain the key rating sensitivities.

RNIPL, promoted by Mr. Satyabrata Mukhopadhyay was incorporated in
1994 and is engaged in the manufacture and exports of leather
products like wallets/ purses, bags, passport holders, luggage
ware etc for both men and women. The manufacturing facility of the
company is located in Kasba Industrial Estate in Kolkata with an
installed capacity of around 8 lakh pieces per annum. The company
is a 100% export oriented unit. Apart from the leather business,
the company also forayed into the real estate business, by
developing a commercial property in the name of 'Rene Tower' in
Kolkata.

Recent Results
RNIPL registered a profit after tax of INR5.53 crore on the back
of an operating income of INR22.55 crore during FY15 as against a
profit after tax of INR9.31 crore on an operating income of
INR37.89 crore in FY14.


SARDA ECO: CRISIL Reaffirms B- Rating on INR108.5MM Capital Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sarda Eco Power Limited
(SEPL) continue to reflect the company's revenue concentration in
a single project, large working capital requirement, below-average
financial risk profile because of small net worth, high gearing,
and weak debt protection metrics, and exposure to intense
competition in the construction industry. These weaknesses are
partially offset by its promoter's extensive industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         90       CRISIL A4 (Reaffirmed)
   Cash Credit            60       CRISIL B-/Stable (Reaffirmed)
   Proposed Working
   Capital Facility      108.5     CRISIL B-/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes SEPL will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' if the company diversifies revenue
profile, or improves working capital management substantially.
Conversely, the outlook may be revised to 'Negative' in case of
steep decline in profitability, or significant deterioration in
financial risk profile because of stretch in working capital cycle
or large debt-funded capital expenditure.

SEPL was set up in 2007 by Mr. Ashok Jajodia, who later sold his
stake in the company to Mr Ashok Reddy. SEPL is an engineering,
procurement, and construction (EPC) contractor and is executing a
contract for Assam Power Generation Corporation Ltd for
constructing a 9-megawatt hydel power project on Myntriang River
in Assam. The company is based in Hyderabad.


SHRIMATI SULOCHNA: ICRA Assigns B+ Rating to INR15.40cr Loan
------------------------------------------------------------
ICRA has assigned the [ICRA]B+ rating to the long term fund based
limits of INR15.40 crore (enhanced from INR8.50 crore) for term
loan facility of Shrimati Sulochna Devi Education Foundation.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan             15.40       [ICRA]B+; Assigned

The rating remains constrained by the limited operational track
record of the company, as the school commenced operations in
AY2015-16. Notwithstanding the healthy first year occupancy
levels, given the typical time period required for ramp up in
student strength, the revenue generation ability of the company
will remained constrained till students across all standards are
admitted. Further additional investments will also be required to
be undertaken for the development of academic infrastructure over
next few years to meet the requirement of increased student base.
The extent of future funding requirements will also depend on the
pace of ramp up in the occupancy levels and scale of capital
expenditure incurred, which would be the key rating monitorables.
Further, the rating is also constrained by the lack of experience
of the directors in education industry; however tie up with DPS
society provides managerial and administrative support.

The rating, also positively take into account the successful
commencement of the first academic session of school operating
under the company, which saw a healthy occupancy of 91% (548
enrolments for 600 seats offered) in its first year of operation.
The rating also continues to draw comfort from the big school
campus spread across 9 acre (one of the largest campus in
Jamnagar) area which provides the students all modern amenities
for co-curricular and extracurricular activities and giving edge
over schools located in the region; further the school has also
tied up with Kooh Sports for sports activities for Kids as well as
the association of the school with reputed Delhi Public School
(DPS) brand lends the school an established brand name and
provides operational and management expertise.

Incorporated in September 2012; M/s. Shrimati Sulochana Devi
Education Foundation (hereafter referred to as the Company) is a
Company incorporated under section 25 of the Companies Act 1956
which runs and operates Delhi Public School (DPS) in Jamnagar,
Gujarat. The school is located on a land parcel of 9 acres owned
by promoters located in Vasai village of Jamnagar; Gujarat. The
school commenced operations in AY 2015-16 and presently caters to
students from Pre-primary to Standard VIII. As of now, largely 2
sections per standard are operational. The management proposes to
increase the number of sections as well as commence admissions for
Standard IX from AY2016-17. The Company is promoted by Mr. Javed
Pasta, Mr. Gaurav Dokania, Mr. Altaf Kasmani and Mr. Suleman
Pasta.


SRI SUDHA: ICRA Assigns 'B+' Rating to INR12cr Cash Credit
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR12.04
crore fund based limits and INR0.96 crore unallocated limits of
Sri Sudha Sesamum Agro Foods and Exports Private Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit          12.00        [ICRA]B+; assigned
   Term Loan             0.04        [ICRA]B+; assigned
   Unallocated           0.96        [ICRA]B+; assigned

The assigned rating is constrained by the weak financial profile
of the company as indicated by low operating margin of 2.01% and
high gearing of 1.77 times as on 31st March, 2015; and dip in
revenues of the company by 25% from INR107.85 crore in FY14 to
INR81.18 crore in FY15 owing to decline in volumes sold on the
back of maintenance work undertaken by the company in FY15 due to
which the plant was shut down for 2 months. The rating is further
constrained by the highly fragmented and competitive nature of the
sesame seeds processing industry limiting the pricing power of the
company and the vulnerability of profitability of the company to
international price trends of sesame seeds as well as domestic
factors such as cultivation level yield, availability, etc. The
rating however, favourably factors in the location advantages on
account of proximity of sesame seeds growing region in Andhra
Pradesh resulting and steady demand for sesame seeds in the export
market with India being one of the largest exporters of sesame
seeds in the world.

Going forward, the ability of the firm to scale up its operations
while maintaining its profitability margins and favourable capital
structure will be the key rating drivers going forward.

Sri Sudha Sesamum Agro Foods and Exports Private Limited
(SSSAFEPL) was incorporated in the year 2010 and commenced
operations in Q2 of fiscal year 2011-12. The company is engaged in
manufacture and sales of mechanically-hulled auto-dried optically-
sorted Sesame Seeds in Andhra Pradesh, Tamil Nadu and to countries
such as Malaysia, Taiwan and Indonesia. The facility is located in
Tadepalligudam -- 50 Km from Rajahmundry in Andhra Pradesh. The
annual production capacity is 6900 MT.

Recent Results
According to audited FY15 financials, the company registered an
operating income of INR81.18 crore and net profit of INR1.63 crore
as compared to operating income of INR107.85 crore and net profit
of INR0.12 crore during FY14.


SRI VARADHARAJA: ICRA Assigns 'B-' Rating to INR6.50cr Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B- to the INR6.50
crore fund-based bank facilities of Sri Varadharaja Fruit Products
Private Limited.

                          Amount
   Facilities          (INR crore)    Ratings
   ----------          -----------    -------
   Long Term-fund based     6.50      [ICRA]B-; Assigned

ICRA's rating is constrained on account of SVFP's low profit
margins on account of the intense competition in the industry. The
rating also takes into account the seasonal nature of the business
and the company's relatively modest scale of operations. The
rating also factors in the company's high working capital
intensity on account of high inventory levels. The reliance on
bank borrowings for funding the working capital requirements has
resulted in a leveraged capital structure. The low profitability
coupled with the high debt levels has resulted in weak coverage
indicators with elevated TD/OPBDITA and weak NCA/TD.

However, the rating positively factors in the extensive experience
of the promoters in the beverage industry, the company's long
track record of operations, its wide distribution network and
established relationships with reputed clients.
Going forward, the ability of the company to improve its margins,
scale up its operations and strengthen its coverage indicators
will be the key rating sensitivities.

SVFP was incorporated in the year 2000, however in 2010, the
company was taken over by the Asianlak group which has been
promoted by Mr Radhe Shyam Poddar and his sons, Mr Gopal Poddar
and Mr Neeraj Poddar. Mr Radhey Shyam Poddar, who is the managing
director, has experience of more than four decades in the
processing of fruit juices Mr Gopal Poddar and Mr. Neeraj Poddar
have more than two decades of work experience in the fruit juice
industry through group associates. The company sells its fruit
juices under the brand name 'Mr. Fresh' in various flavours and
and soft drink under the brand name of 'Top Cola'.

Recent Results
SVFP registered a profit after tax (PAT) of INR0.44 crore on an
operating income (OI) of INR27.71 crore in FY15, as against a PAT
of INR0.45 crore on an OI of INR25.50 crore in the previous year.


SWIFT ENTERPRISE: ICRA Suspends C+ Rating on INR5.55cr Loan
-----------------------------------------------------------
ICRA has suspended the long term rating [ICRA]C+ assigned to the
INR5.55 crore fund based facilities of Swift Enterprise Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.

Established in 1992, SEPL is a part of Kolhapur based SCF group
which is promoted and managed by Mr. Ratnakar Kulkarni and his son
Mr. Ranjeet Kulkarni The group operates through two companies-SEPL
and SCF. SCF is engaged in manufacturing of iron castings and SEPL
is involved in the machining and assembling of auto components.
The product profile broadly includes Brake drums, gear box covers,
Engine covers, bearing caps, flywheels and brake discs among
others. The group derives majority of its revenue from sale to
Passenger Vehicle and Commercial vehicle models of TML (rated
[ICRA]AA/Stable and [ICRA]A1+).


TAMIL NADU: ICRA Suspends 'D' Rating on INR1,521.26cr Loan
----------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR1521.56
crore, long term loan facilities of Tamil Nadu Co-operative
Housing Federation (TNCHF). The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.

                            Amount
   Facilities            (INR crore)     Ratings
   ----------            -----------     -------
   Bank Loan Facilities    1,521.26      [ICRA]D; Suspended

TNCHF was set up as a cooperative society in 1959 as the Apex body
in Tamil Nadu for cooperative housing. The primary objective of
the Federation was to provide finance to Primary Housing
Societies, which in turn are responsible for credit appraisal and
sanctioning of loans to ultimate borrowers. The share capital of
TNCHF, which stood at Rs.74.9 crore as in September 2013, is
largely subscribed by the primary housing societies. The GoTN held
a minor stake of about 1.0% in TNCHF. The Federation remained
quite active till the late 1990s, but due to non-availability of
funding, disbursements declined sharply over the last few years.
The relevance of the entity to the State Government is also
uncertain due to the availability of other institutions such as
Tamil Nadu Housing Board. The Federation has a dismal collection
efficiency record of about 20-30%, which has severely impacted the
assert quality and profitability of the Federation.


TRIVANDRUM APOLLO: CRISIL Reaffirms B Rating on INR100MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Trivandrum
Apollo Towers Pvt Ltd (TATPL) continues to reflect TATPL's
exposure to risks related to implementation of its hotel and
shopping mall project in Thiruvananthapuram. This weakness is
mitigated by the promoter's extensive experience in the real
estate development industry.

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

Outlook: Stable

CRISIL believes TATPL will benefit over the medium term from the
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the upcoming hotel has considerably high
occupancy level, leading to large cash accrual. Conversely, the
outlook may be revised to 'Negative' if significant cost or time
overruns in the project or delays in stabilising operations of the
hotel and shopping complex results in low revenue or cash flows,
or if a substantially large debt-funded capital expenditure
programme is undertaken.

TATPL, based in Manjeri (Kerala), was incorporated in 2006 and is
setting up a four-star hotel and shopping complex, in
Thiruvananthapuram. The managing director, Mr. O M Abdul Rasheed,
manages its operations.


TULSIANI CONSTRUCTIONS: ICRA Ups Rating on INR30cr Loan to B+
-------------------------------------------------------------
ICRA has upgraded its long term rating on the INR30.0 crore bank
facilities of Tulsiani Constructions & Developers Limited to
[ICRA]B+ from [ICRA]B.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Term Loan Facility    30.00       [ICRA]B+; Upgraded

The rating upgrade favorably factors in the near completion stage
of TCDL's ongoing project, 'Golf View Apartment - Block A and
Block B', with 94% of the construction cost having been incurred
for Block A (as of June 2015) and 71% for Block B. The ratings are
further supported by the strong level of sales for this project,
with 90% and 93% of the area having been sold for A and B block,
respectively, which has resulted in adequate committed receivables
for this project. This apart, the rating factors in the paid up
land bank of the company and the experience of the promoters in
the real estate sector.

However the rating remains constrained on account of the execution
and market risks associated with the newly launched projects,
including a plotted development project in Lucknow, Uttar Pradesh
and an affordable housing project in Sohna, Haryana. Further, ICRA
notes that the company has been marketing its Golf View project
under a 10:90 payment scheme, timely realization of funds from the
same will remain critical for smooth cash flow management. This
apart, ICRA notes that TCIL has been financially supporting
various group entities and has been regularly investing in land,
any significant additional support in future for the same will be
a key rating sensitivity.

Given the execution commitments as well as the large debt
repayments going forward, the company's ability to execute
projects in a timely manner and collect balance advances, achieve
additional bookings and receive promoter funds in case of any
contingency will be critical for smooth cash flow management.
Further, final funding pattern of the new projects will also be a
key monitorable.

TCDL is the flagship company of the Tulsiani Group which has
several companies undertaking real estate projects in Lucknow,
Allahabad and other regions of Uttar Pradesh. TCDL is promoted by
the Allahabad based Tulsiani family and is engaged in the business
of construction of residential and commercial buildings in
Allahabad for the past 14 years. TCDL is currently undertaking
five projects, including three ongoing residential projects in
Lucknow and Allahabad and two newly launched projects in the name
of 'Beli' in Lucknow and an affordable housing project in Sohna,
Gurgaon.

Recent results
In FY15, TCDL had an operating income of INR72.71 crore on which
it earned a Profit after Tax (PAT) of INR3.48 crore, as compared
to an operating income of INR100.03 crore on which it earned a PAT
of INR4.03 crore in FY14.


UTTARAKHAND UTHAN: Ind-Ra Assigns BB Rating to INR204.5M Facility
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Uttarakhand Uthan
Samiti's (UUS) INR75.5 mil. term loans facility and INR204.5 mil.
fund-based working capital facility an 'IND BB' rating with a
Stable Outlook.

KEY RATING DRIVERS

The rating is constrained by limited demand flexibility.  The
institutes under the ambit of the society are facing a slowdown in
fresh enrolments of students on the back lackluster placements.
Enrolments declined at a CAGR of 5.97% over FY10-FY15.
Subsequently, total student strength witnessed a muted CAGR of
3.08% over FY10-FY15.  The total student strength declined 5.01%
yoy in FY15.

Debt burden is a drag on the financials of the society.
Debt/current balance before interest and depreciation (CBBID) was
high at 3.91x in FY14.  It increased marginally from 3.64x in
FY13, notwithstanding the decline in the debt burden as CBBID
eroded.  The debt service coverage ratio increased to 1.03x in
FY14 from 0.6x in FY13.  Despite a debt service coverage ratio of
below 1x in FY12 and FY13, the society was able to service its
debt obligations in time, with help from its trustees, in the form
of unsecured loans.

However, the rating draws comfort from the adequate liquidity
position of the society.  Available funds (cash and unrestricted
investments) rose to INR63.56 mil. in FY14 from INR43.6 mil. in
FY13.  The society's cover to operating expenditure (FY14: 28.8%)
and debt (FY14: 67.2%) remained comfortable.  The collection
period was low at 13 days in FY14.

Operating margins remained strong at 30.7% in FY14, however they
have been on a declining trend since FY12.  Operating margins
peaked at 56.76% in FY11.  The decline is attributed to the higher
growth of total expenditure in relation to total revenue.  The
staff cost almost doubled to INR123.19 mil. in FY13 from
INR69.69 mil. in FY12 without a commensurate rise in tuition fee
income, which resulted in an operating margin of 32.37% in FY13
(FY12: 50.40%).

The society plans to incur INR57 mil. capex during FY15-FY19 which
shall be majorly funded through debt.  The required capex is meant
for the completion of civil work of various blocks of the
institutes under the society.

RATING SENSITIVITIES

Positive: Significant and sustained growth in the revenue and
improvement in the debt metrics driven by a revival in operational
effectiveness could lead to a rating upgrade.

Negative: Continued fall in student demand in conjunction with a
disproportionate increase in debt, resulting in deterioration in
the leverage and coverage ratios could trigger a negative rating
action.

COMPANY PROFILE

UUS, which is registered with the Registrar of Societies under the
Societies Registration Act, was established on May 14, 2004.  The
society is chaired by Sanjay Bansal.


VASTUM INDIA: Ind-Ra Assigns B- LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vastum India
Limited (VAS) a Long-Term Issuer Rating of 'IND B-'.  The Outlook
is Stable.

KEY RATING DRIVERS

The ratings reflect the nascent stage of VAS' poultry feed plant
project along with the fact that it is a capital-intensive
greenfield project.  Also, the company has no prior experience in
the poultry feed and cattle feed business.

The ratings benefit from the locational advantage that the company
would benefit from as the project is near the state capital
Lucknow.

RATING SENSITIVITIES

The timely completion of the project in line with the projected
cost outlay will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2012, VAS was engaged in the marketing of real
estate plots till March 2015.  The company is now setting up a
manufacturing plant of poultry feed and cattle feed in Lucknow.
The plant is under construction and the production is likely to
start from July 2016.

Mr Mukesh Singh, Mrs Rinkee Singh and Mr Vishun Pal Singh are the
directors of the company.

The total project cost is estimated to be around INR190.64 mil.
with INR30 mil. of equity contributions, INR60.64 mil. of
unsecured loans and INR100 mil. of long-term loans.


WINNING EDGE: ICRA Reaffirms B+ Rating on INR6.0cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ for the
INR6.00 crore cash credit facilities, INR3.55 crore term loans and
INR0.20 crore unallocated limits of The Winning Edge Agro
Products.

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Cash Credit Limits     6.00        [ICRA]B+ reaffirmed
   Term Loan              3.55        [ICRA]B+ reaffirmed
   Unallocated Limits     0.20        [ICRA]B+ reaffirmed

The rating continues to remain constrained by WEAP's small scale
of operations and revenue de-growth in FY15; and its moderate
financial risk profile characterized by low profitability,
moderate gearing level and weak debt coverage indicators. The
rating also takes into account the intense competitive pressures
due to the fragmented industry structure, and vulnerability of
profitability to adverse movements in paddy prices which are
subject to seasonality and regulatory risk. ICRA also notes that
WEAP is a partnership firm and any significant withdrawals from
the capital account could adversely impact its net worth and
thereby the capital structure.

The rating, however, positively factors in the firm's favorable
location which gives it easy access to paddy; and favourable
demand prospects for the firm's product driven by changing
demographics and increasing spending on health and nutritional
foods.

The Winning Edge Agro Products (WEAP) was set up as a partnership
firm in the year 2011 by the Vidhani family. The firm is engaged
in manufacturing of flattened rice (poha) at its manufacturing
facility located at Navsari, Gujarat, with a production capacity
of 9600 MTPA per annum. The firm markets its products under the
"Vishalta" brand. WEAP is also engaged in providing warehousing
facility to store farm produce like paddy, wheat, pulses, agro
inputs like fertilizers and pesticides. The storage facility is
setup under "Gramin Bhandaran Yojna" a capital investment subsidy
scheme and is located within the factory premises having storage
capacity of about 5500 MT.

Recent Result
In FY15, WEAP reported an operating income of INR24.39 crore and
profit after tax of INR0.11 crore as against an operating income
of INR26.16 crore and profit after tax of INR0.13 crore during
FY14.


WINSOME INTERNATIONAL: Ind-Ra Affirms BB+ LT Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Winsome
International Limited's Long-Term Issuer Rating at 'IND BB+'.  The
Outlook is Stable.

KEY RATING DRIVERS

The ratings continue to reflect the business risk for Winsome due
to the labor intensive nature of the jute industry.  The company
is involved in the processing of raw jute to produce various jute
products.  Provisional FY15 financials indicate revenue declining
17.3% yoy to INR961 mil. (FY14: 28.7% up) on account of a lower
market demand.

The ratings also reflect Winsome's continued moderate credit
profile with slight deterioration in the EBITDA interest coverage
to 3.6x in FY15 (FY14: 4.6x) as well as in the net leverage to
6.7x (5.3x).  This was mainly due to a decline in the EBITDA
margin to 2.9 % in FY15 (FY14: 3.3%) as a result of an increase in
raw material prices.

The ratings also remain constrained by Winsome's moderate
liquidity position, as reflected in the 90% average maximum
utilization of its working capital limits in the 12 months ended
Oct. 2015.

The ratings however continue to be supported by the company's
established customer base with over 75% of revenue coming from
government supplies and over 20 years of experience of its present
management in the jute industry.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and profitability
resulting in improved credit metrics could result in a positive
rating action.

Negative: A decline in the revenue and profitability resulting in
deteriorated credit metrics could result in a negative rating
action.

COMPANY PROFILE

Winsome is a public limited company.  It has a manufacturing unit
in the name of Rameshwara Jute Mills in Muktapur, District
Samastipur, in north Bihar and has 400 narrow looms with 5,420
spindles. Winsome is listed on the Calcutta Stock Exchange.


ZETATEK INDUSTRIES: ICRA Revises Rating on INR14cr Loan to B+
-------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B+ from [ICRA]BB
for INR5.50 crore fund based limits, INR14.00 crore bank guarantee
and INR1.50 crore unallocated limits of Zetatek Industries
Limited.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.50       [ICRA]B+; revised from
                                     [ICRA]BB

   Bank Guarantee        14.00       [ICRA]B+; revised from
                                     [ICRA]BB

   Letter of Credit       2.00       [ICRA]A4 reaffirmed

   Unallocated Limits     1.50       [ICRA]B+; revised from
                                     [ICRA]BB

ICRA has reaffirmed the short-term rating at [ICRA]A4 for the
INR2.00 crore non-fund based limits of ZIL.

The revision in rating takes into account deterioration in the
financial profile of the company with significant decline in
revenues in FY15 owing to delay in execution of order from its
largest customer on the back of changes in product specifications,
decline in net margins owing to lower scale of operations and high
fixed overheads, and significant increase in working capital
intensity owing to longer collection periods and higher inventory.
The liquidity position of the company also remains constrained
owing to high working capital requirements as indicated in high
utilization of working capital limits. The rating continues to be
constrained by the high sector concentration with the aerospace
and defence industries being its primary end user industries. ICRA
also notes the high order book concentration with about 43% of the
total orders in hand coming from a single customer. The rating,
however, favourably factors in the indigenous product development
capabilities of the company backed by focused Research and
Development as well as its established track record and experience
in the testing equipment industry. ICRA also draws comfort from
the prequalified vendor status of the company with leading
government research organizations indicating product acceptability
and conformance to quality standards; also high entry barriers in
the industry in terms of technological capability, initial capital
and due approvals from clients protects it from increased
competition.

Going forward, ability of the company to scale up its operations
by timely execution of current orders, improve profitability,
capital structure and effectively manage its working capital
requirements will be the key rating sensitivity from credit
perspective.

Incorporated in 1990, ZIL is a closely held public limited company
founded and managed by Mr. R Siva Kumar. ZIL is engaged in the
manufacture of various kinds of testing equipments primarily used
for performance testing in the aerospace & defence industry. The
company's product offerings include "environmental test chambers",
"vibration test systems" and "rate tables". Apart from this, the
company also supplies navigation subsystems to GAPL which is
engaged in the manufacture of "Inertial Navigation Systems" used
for navigation purposes in ships, aircrafts and guided missiles.

Recent Results
According to audited FY2014 results, the company recorded an
operating income of INR20.11 crore with a net profit of INR1.58
crore. As per audited FY2015 results, the company recorded an
operating income of INR7.23 crore with a net profit of INR0.31
crore.



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


INDONESIA: S&P Assigns 'BB+' LT Issuer Rating to 2 Note Series
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
issue ratings to two series of notes that the Republic of
Indonesia (BB+/Positive/B; axBBB+/axA-2) has issued under its
recently upsized US$40 billion medium-term note program.  The
series are the US$2.25 billion senior notes due Jan. 8, 2026, and
US$1.25 billion senior notes due Jan. 8, 2046.

The notes will constitute the direct, unconditional,
unsubordinated, and unsecured obligations of Indonesia.

The ratings on Indonesia balance the country's low per capita
income and developing policy and institutional settings against
the improved credibility of its monetary policy, buoyant economic
growth, and sound public finances.

The positive outlook indicates the possibility that S&P could
raise its ratings on Indonesia over the next 12 months if the
government achieves its stated objective of improving the quality
of expenditure.  This would include allowing fuel pump prices to
adjust more freely and efficiently allocating its public
investment budget.

S&P could revise the outlook to stable if the government's reform
ambitions wane or macroeconomic imbalances rise.


TOWER BERSAMA: Fitch Affirms 'BB' LT IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed PT Tower Bersama Infrastructure Tbk's
(TBI) Long-Term Issuer Default Ratings at 'BB'.  At the same time,
Fitch Ratings Indonesia has affirmed the National Long-Term Rating
at 'AA-(idn)'.  The Outlooks for the ratings are Stable.

Fitch has affirmed all of TBI's ratings even though the company's
deleveraging will be slower than the agency's previous
expectation.  Fitch has revised the negative rating guidelines for
TBI after reassessing the issuer's business profile.  Fitch now
believes that the issuer's solid business profile can withstand
higher leverage for its current rating.

'AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country.  The
default risk inherent differs only slightly from that of the
country's highest rated issuers or obligations.

KEY RATING DRIVERS

Share-Swap Deal Terminated: Fitch expects deleveraging to be
slower than our previous expectation after TBI cancelled a share
swap that would have given it a 49% stake in PT Dayamitra
Telekomunikasi (Mitratel) in August 2015.  Without the addition of
the more than 4,000 towers from Mitratel, TBI will not be able to
immediately increase its EBITDA.  However, the end of the deal is
positive for TBI's margin, which would have been diluted by
Mitratel's lower-margin reseller business.

Reassessment of Business Profile: Fitch has reassessed TBI's
business risk profile in light of new peer comparison analysis
with international telecommunications infrastructure businesses.
This has led us to revise the downward guideline for FFO-adjusted
leverage to 5.5x from 4.0x.  TBI's high leverage is mitigated by
the company's solid business profile.  The company's cash flows
are highly predictable with locked-in revenue of IDR24.8trn
(USD1.9 bil. vs USD1.3 bil. total debt) at end-June 2015, with
average contract period of its portfolio at 6.7 years.  This
revenue has low counterparty risk as 83.5% comes from Indonesian
telco operators with investment-grade ratings.

In addition, TBI mitigates currency risks that stem from having
its entire borrowings denominated in US dollars by hedging all of
its US dollar exposure.  It also has US-dollar denominated annual
revenue of USD40m from PT Indosat Tbk (BBB/Stable).

Clearer Leverage Target: In addition, TBI has recently indicated
that it plans to operate at leverage within the parameter of its
bank covenants, that is the ratio of net debt/EBITDA (last quarter
annualised) of less than 6.25x.  Fitch believes that the company's
scale can accommodate an addition of 1,500-2,000 towers while
still generating positive free cash flows.  The company plans to
spend IDR1trn on dividend and share buybacks in 2015, and expects
to spend larger amounts in the future.

Solid Liquidity and Funding Access: TBI successfully refinanced
its short-term loan by tapping a USD275m long-term loan from its
current lenders.  The new loan has a lower interest rate than its
old facility and now the company has average debt maturity to 4.7
years with negligible amortization until 2018.  In addition, the
company also still has USD300 mil. unutilized working capital
facility that ends in 2018.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:

   -- Tower and tenant additions of less than 1,000 in 2015
   -- Gradual recovery in tower and tenant growth from 2H16
   -- Dividend payment and share buy backs of around IDR1trn in
      2015.  These amounts will increase in 2016 and 2017.
   -- Stable industry rental tariff that results in stable EBITDA
      margin of 82%

RATING SENSITIVITIES

Fitch expects no positive rating action as the company's leverage
will remain high in the medium term.

Negative: The solid long-term contracts, strong EBITDA margin, and
low counterparty risk have led to Fitch to re-assess TBI's
business risk profile.  Accordingly, Fitch has revised its rating
sensitivities.  Future developments that could individually or
collectively lead to negative rating actions include:

   -- A debt-funded acquisition, or lease defaults by weaker
telcos, or significant dividend payments and share buyback
activity leading to funds from operations (FFO)-adjusted net
leverage (taking into account the hedged debt amount) remaining
above 5.5x on a sustained basis

FULL LIST OF RATING ACTIONS

  Long-Term Foreign-Currency IDR affirmed at 'BB'; Stable Outlook

  Long-Term Local-Currency IDR affirmed at 'BB'; Stable Outlook

  National Long-Term Rating affirmed at 'AA-(idn)'; Outlook Stable

  Foreign currency senior unsecured rating affirmed at 'BB'

  USD300 mil. guaranteed senior unsecured notes due 2018 issued
  by TBG Global Pte Ltd affirmed at 'BB'

  USD350 mil. guaranteed senior unsecured notes due 2022 issued
  by TBG Global Pte Ltd affirmed at 'BB'

  National senior unsecured rating affirmed at 'AA-(idn)'

  IDR4trn bond programme affirmed at 'AA-(idn)'

  IDR190bn tranche I under the IDR4trn bond programme affirmed at
   'AA-(idn)'



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


TOSHIBA CORP: Securities Watchdog to Recommend JPY7.37BB Fine
-------------------------------------------------------------
Reuters reports that Japan's securities watchdog will recommend
that Toshiba Corp should be fined JPY7.37 billion for accounting
violations, a person familiar with the process said on Dec. 5.

Reuters relates that the source said the Securities and Exchange
Surveillance Commission will make the recommendation, which would
be a record fine for accounting violations, to the Financial
Services Agency today, Dec. 7.

Toshiba, whose business spans household electronics to nuclear
power, has said it inflated profits by about JPY155 billion in a
period spanning about seven years, the report says.

A third-party probe set up by Toshiba to investigate its
accounting practices was given a failing grade late last month by
half of a group of influential lawyers, who said it was not
sufficiently independent and did not examine a key division,
according to 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.



===============
M A L A Y S I A
===============


PETROL ONE: Appoints Special Auditor to Review FY15 Accounts
------------------------------------------------------------
Gho Chee Yuan at theedgemarkets.com reports that Petrol One
Resources Bhd has appointed Moore Stephens Associates PLT to
undertake a special audit on its audited financial statements for
the financial year ended June 30, 2015 (FY15), following a
disclaimer of opinion expressed by its external auditors Messrs
KPMG on Oct 30.

theedgemarkets.com relates that Petrol One told Bursa Malaysia on
Dec. 2 that the special audit would be "on matters in relation to
the FY15 that formed part of the basis for the 2015 disclaimer of
opinion".

According to the company's filing on Oct 30, KPMG had said it was
not able to obtain sufficient appropriate audit evidence to
provide a basis for an audit opinion, after noting that the
group's current liabilities exceeded its current assets by
MYR101.94 million, theedgemarkets.com reports.

theedgemarkets.com says that besides highlighting that Petrol One
has a deficit in shareholder's equity of MYR98.89 million, it also
noted that the group and its wholly-owned unit Arus Dermaga Sdn
Bhd have been unable to meet their loan obligations since January
2011 and March 2010, respectively.

It said the Petrol One and Arus Dermaga had made arrangements with
their lenders to settle their oustanding loans by the sale of
Petrol One's shares, the report relates. However, even though
MYR6.5 million was paid under the arrangements, the effect of the
waiver of the debt pending the completion of the disposal of the
shares were not recorded in its books, says theedgemarkets.com.

As at June 30, 2015, Petrol One's outstanding loan stood at
MYR4.04 million, while Arus Dermaga's was at US$12.09 million, the
report discloses.

According to theedgemarkets.com, the firm also noted that Petrol
One had submitted its regularisation plan on March 28 last year,
after being categorised as a practice note 17 (PN17) company, but
the plan, which had been approved by Bursa on August 2015 --
subject to certain terms and conditions -- have yet to be met as
at Oct 30.

"In view of the incomplete status of the debt restructuring as set
out above, there are material uncertainties that may cast
significant doubt on the ability of the group and the company to
continue as going concerns," the report quotes KPMG as saying.

theedgemarkets.com says the special audit is expected to be
completed within three months, after which, the summary of the
findings will be announced to Bursa in due course.

Petrol One is primarily in the provision of storage facilities for
oil and gas products. It is also involved in property investment.

theedgemarkets.com notes that the financially-troubled company
slipped into practice note 17 (PN17) status on Aug. 30, 2012,
after its shareholders' equity of the group on a consolidated
basis was less than 25% of its issued and paid-up capital, which
was also less than RM40 million.

Shares in Petrol One has been suspended from trading since
May 22, 2013, as the company was reprimanded over a delay in
announcing that it had defaulted in its term loans, totaling
MYR83.4 million, adds theedgemarkets.com.



                             *********

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

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

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


                            *********


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

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

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

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

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



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