TCRAP_Public/151210.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

          Thursday, December 10, 2015, Vol. 18, No. 244


                            Headlines


A U S T R A L I A

ASTON HAULAGE: First Creditors' Meeting Set For Dec. 17
BROADSPECTRUM LIMITED: Moody's to Keep Ba2 CFR on Takeover Offer
EMIJO PTY: First Creditors' Meeting Slated For Dec. 17
GUNNELG PTY: First Creditors' Meeting Scheduled For Dec. 18
PARAGON PRINTERS: Collapses Into Liquidation; 51 Jobs Axed

QUEENSLAND NICKEL: Refinery's Future 'in state hands'
SAMADI DEVELOPMENTS: First Creditors' Meeting Set For Dec. 17


C H I N A

GOLDEN WHEEL: Fitch Assigns 'B' Final Rating to $100MM Sr. Notes
HENGSHI MINING: Moody's Withdraws B2 Corporate Family Rating
KAISA GROUP: Onshore Debt Revamp Likely to Succeed, Advisers Say
XIWANG SPECIAL: S&P Affirms Rhen Withdraws 'BB-' CCR


I N D I A

ANDHRA CEMENTS: CARE Lowers Rating on INR877cr LT Loan to 'D'
ARIHANT PRINTERS: CRISIL Reaffirms B+ Rating on INR45MM Loan
AVANT TRADING: CRISIL Assigns B- Rating to INR50MM Overdraft Loan
AVNI YARNS: CARE Upgrades Rating on INR4.67cr LT Loan to BB-
B.P.FLOUR MILLS: CRISIL Assigns B- Rating to INR38MM Cash Loan

BALAJI POLYSACKS: CRISIL Cuts Rating on INR100MM Loan to 'D'
BHAGAWATI INDIAMOTORIZER: CARE Reaffirms B INR12.90cr Loan Rating
BHARGAVI TEXTILES: CRISIL Suspends B- Rating on INR45MM Term Loan
BIMLA RICE: CARE Assigns B+ Rating to INR8.05cr LT Loan
BLUE WINGS: ICRA Ups Rating on INR8.25cr Term Loan to B+

CATHOLIC APOSTOLATE: CRISIL Suspends D Rating on INR127.2MM Loan
DGN FASER: CARE Assigns 'B-' Rating to INR4.56cr LT Loan
FLORA MARMO: CARE Upgrades Rating on INR25.15cr LT Loan to BB
GOPINATH DAIRY: ICRA Cuts Rating on INR14cr LT Loan to 'D'
HARSHNA ICE: CRISIL Assigns B- Rating to INR100MM Term Loan

HARVINS CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR75M Loan
HILTON MOTORS: CRISIL Suspends 'D' Rating on INR80MM Loan
IMAGE BROADCASTING: CRISIL Suspends 'D' Rating on INR196MM Loan
JAYPEE CEMENT: CARE Lowers Rating on INR2,312.94cr Loan to 'D'
JLDM TEXTILES: CRISIL Suspends B+ Rating on INR120MM Cash Loan

JOGINDRA CASTING: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
K.K. DUPLEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
KRANTI COTTON: ICRA Reaffirms 'B' Rating on INR6.25cr Loan
KRISHNA GODAVARI: CRISIL Suspends 'D' Rating on INR1.02BB Loan
KRISHNA NATURAL: ICRA Suspends B+ Rating on INR8.90cr Loan

LAXMI KESHAV: CARE Assigns 'B' Rating to INR6.0cr LT Loan
MAHALAKSHMI PLAAZA: CRISIL Suspends 'D' Rating on INR230MM Loan
MAHARASHTRA SHETKARI: ICRA Suspends C Rating on INR209.17cr Loan
MANGALORE FISHMEAL: CARE Assigns 'B' Rating to INR11.67cr Loan
MANTENA INFRATECH: CARE Reaffirms B+ Rating on INR12cr LT Loan

MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
MODERN INDIA: CRISIL Lowers Rating on INR1.41BB Loan to 'D'
NAGA SATYA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
NOMAX ELECTRICAL: ICRA Assigns 'C' Rating to INR17.58cr Loan
NUPUR RICE: CRISIL Suspends B+ Rating on INR37.7MM Term Loan

NUZIVEEDU SWATHI: CARE Lowers Rating on INR51cr LT Loan to 'D'
R. P. PRINTERS: CRISIL Reassigns 'D' Rating to INR35MM Cash Loan
RAHEEM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
RELIANCE COMMUNICATIONS: Sale of Towers to Support Ba3 Rating
SHEEN INDIA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating

SIMOLA VITRIFIED: ICRA Ups Rating on INR17.50cr Cash Loan to BB-
SMS INFRASTRACTURE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
TERAI OVERSEAS: CRISIL Reaffirms B+ Rating on INR280MM Loan
UTTARA FOODS: CARE Lowers Rating on INR174.03cr Loan to D
VAISHNOVI INFRA: CRISIL Ups Rating on INR250MM Cash Loan to B-

VIBRANT CONTENT: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
VISHAL PAPER: CARE Assigns 'B' Rating to INR22.32cr LT Loan
ZKL BEARINGS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating


J A P A N

TOSHIBA CORP: To Seek Over JPY1BB in Damages From Former Execs


N E W  Z E A L A N D

SOLID ENERGY: Coal Mining and Other Assets Up for Sale
WINSLOW TRADING: Cafe Assets Go Under The Hammer


S O U T H  K O R E A

* SOUTH KOREA: Low Steel Price Drives Steelmakers Into Bankruptcy


                            - - - - -


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


ASTON HAULAGE: First Creditors' Meeting Set For Dec. 17
-------------------------------------------------------
Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Aston Haulage Pty Ltd on Dec. 7,
2015.

A first meeting of the creditors of the Company will be held at
Clifton Hall, Level 3, 431 King William Street, in Adelaide, South
Australia, on Dec. 17, 2015, at 11:00 a.m.


BROADSPECTRUM LIMITED: Moody's to Keep Ba2 CFR on Takeover Offer
----------------------------------------------------------------
Moody's Investors Service says that Broadspectrum Limited's Ba2
corporate family rating and the stable outlook on the rating will
not be immediately affected by the company's announcement on
Dec. 7, 2015, that it received a takeover offer from Ferrovial
Services (Australia) Pty Limited (unrated).

Moody's notes that Ferrovial Services (Australia) Pty Limited is
indirectly wholly owned by of Ferrovial S.A. (unrated).

Ferrovial Services intends to own a 100% share in Broadspectrum,
and offered a cash equivalent of AUD1.35 per Broadspectrum share.

"The Ferrovial proposal will not immediately affect
Broadspectrum's Ba2 corporate family rating, nor the stable
outlook on the rating," says Maurice O'Connell, a Moody's Vice
President and Senior Credit Officer.

"The takeover offer implies an enterprise value of around AUD1.2
billion," adds O'Connell, who is also the Lead Analyst for
Broadspectrum.  "The board of Broadspectrum has recommended that
its shareholders take no action until the company has had time to
consider the offer."

Moody's is not taking any rating action at this stage, given the
uncertainty around the success of the deal, the ultimate terms of
any deal, and the potential impact on Broadspectrum's financial
profile, capital structure, and outstanding debt, if the
transaction goes ahead.

Moody's will continue to monitor the situation, and will update
the market as more details emerge.


EMIJO PTY: First Creditors' Meeting Slated For Dec. 17
------------------------------------------------------
Michael Gregory Jones at Jones Partners Insolvency & Business was
appointed as administrators of Emijo Pty Limited on Dec. 7, 2015.

A first meeting of the creditors of the Company will be held at
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, on Dec. 17, 2015, at 10:00 a.m.


GUNNELG PTY: First Creditors' Meeting Scheduled For Dec. 18
-----------------------------------------------------------
Nicholas David Cooper and Rajendra Kumar Khatri of Worrells
Solvency were appointed as administrators of Gunnelg Pty Ltd on
Dec. 9, 2015.

A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103, Level 11,
147 Pirie Street, in Adelaide, on Dec. 18, 2015, at 9:30 a.m.


PARAGON PRINTERS: Collapses Into Liquidation; 51 Jobs Axed
----------------------------------------------------------
Eloise Keating at SmartCompany reports that more than 50 people
have lost their jobs just weeks out from Christmas after
Canberra's second largest printing business collapsed into
liquidation earlier this week.

SmartCompany says the company was placed in voluntary liquidation
on Dec. 7, with Henry Kazar and Philip Campbell-Wilson of Ernst &
Young Australia appointed to manage the liquidation.

In a statement issued to SmartCompany, Kazar and Campbell-Wilson
said they were appointed by Mel Dalgleish, a director and owner of
Paragon Printers Australasia.

According to the report, the liquidators said the company's 51
employees were told their employment would be terminated on
Dec. 7. The company employed 46 people in Canberra and five in
Sydney.

SmartCompany relates that Mr. Kazar said many of the workers that
lost their jobs were long-serving employees and "obviously it is
very distressing for all involved".

He said all employee entitlements will be covered by the federal
government's Fair Entitlement Guarantee Scheme, with the exception
of employer superannuation contributions, SmartCompany relays.

Unsecured creditors of the company are owed approximately
AUD3.3 million, with more than half of that amount owed to paper
supply companies, SmartCompany discloses.

"We are still assessing the business to determine the exact
reasons for the failure of the company; however the sector has
been going through significant rationalisation for a number of
years," the report quotes Mr. Kazar as saying.  "We are exploring
all available options to achieve the highest return to creditors
as a whole, including selling some or all of the business and its
assets."

SmartCompany, citing printing industry publication ProPrint,
reports that the collapse of Paragon Printers has shocked the
industry, with some smaller printers reporting they are owed money
by Paragon for outsourced work.

Paragon Printers Australasia was established in 1997 and has
operations in Fyshwick in the Australian Capital Territory and
Crows Nest in Sydney.


QUEENSLAND NICKEL: Refinery's Future 'in state hands'
-----------------------------------------------------
The Sydney Morning Herald reports that the future of Clive
Palmer's north Queensland nickel refinery rests in the hands of
the state government, his company said.

SMH relates that Queensland Nickel's Yabulu refinery could go into
administration as early as Dec. 7 after Mr Palmer's private
company, Mineralogy, lost its bid to force millions of dollars in
"outstanding royalty payments" out of its estranged Chinese joint
venture partner.

A letter to Queensland Nickel's 700-odd employees started
circulating on Dec. 7 calling on all staff to pull together to
save the site, SMH relays.

"Its future rests in the hands of the Queensland Government," it
reads.

According to SMH, the memo urges recipients to contact
Townsville's state MPs to highlight the dire prospect of
unemployment, which it claims would have an impact on 3,000 local
families.

The loss of the refinery would have catastrophic consequences and
plunge the city itself into a "massive decline lasting up to a
decade", the memo said.  But the message stops short of declaring
the refinery's closure a foregone conclusion if government
assistance is denied, SMH says.

"To do nothing may see the refinery close," it stated.

Nevertheless, the matter is "critical" and employees are
instructed to act urgently to lobby for their jobs, according to
SMH.

The statement is signed by Queensland Nickel's managing director
operations, Ian M. Ferguson, the report notes.

Union representatives were expected to meet with refinery
management on Dec 8.

SMH reports that Australian Workers' Union spokesman Cowboy
Stockham said it was hoped the future for the refinery's workers
would become clearer.

Their prospects were thrown into doubt after the Supreme Court of
WA on Dec. 7 dismissed an application from Mineralogy seeking an
immediate payment of AUD48 million from estranged Chinese venture
partner CITIC, SMH notes.

According to SMH, Mineralogy had argued it and five other
entities, including Mr Palmer's Queensland Nickel Pty Ltd, would
suffer "irreparable harm" if the request was refused. But Justice
Paul Tottle dismissed the application, saying he was prepared to
accept there was a risk Queensland Nickel could be placed into
administration.

SMH relates that Queensland Nickel managing director Clive Mensink
has called for an urgent meeting with Premier Annastacia
Palaszczuk and Treasurer Curtis Pitt to discuss the refinery's
future.

The state government was already financially supporting the
foreign-owned Boyne Smelters in Gladstone and should do the same
for the nickel operation, Mr Mensink said in a statement, SMH
adds.


SAMADI DEVELOPMENTS: First Creditors' Meeting Set For Dec. 17
------------------------------------------------------------
Manfred Holzman of Holzman Associates was appointed as
administrator of Samadi Developments Pty Limited ATF The Samadi
Developments Trust on Dec. 7, 2015.

A first meeting of the creditors of the Company will be held at
Level 2, 32 Martin Place, in Sydney, on Dec. 17, 2015, at
10:00 a.m.



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


GOLDEN WHEEL: Fitch Assigns 'B' Final Rating to $100MM Sr. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Golden Wheel Tiandi Holdings Company
Limited's (GWTH, B/Stable) USD100 million 9.5% senior notes due
2017 a final rating of 'B' and Recovery Rating of 'RR4'. The notes
represent direct, unconditional, unsecured and unsubordinated
obligations of the company.

The assignment of the final rating follows the receipt of
documents conforming to information already received and the final
rating is in line with the expected rating assigned on
Nov. 30, 2015.

KEY RATING DRIVERS

Niche Positioning: GWTH remains focused on developing small
commercial and residential projects linked to metro stations. The
company has four such projects in presale in 2H15. These kinds of
projects usually fetch higher average selling prices because of
their more convenient locations and the better foot traffic for
the commercial property components. Potential competition from
large national developers for metro-linked projects may squeeze
GWTH's margin over the longer term, though volume-driven
developers are less likely to participate in these small niche
projects.

Rising Recurring Income: GWTH's recurring income is likely to
gradually improve from 2015, with a new mall in Nanjing making its
first full year of contribution, and as its new business of
leasing out shops in metro stations matures from 2016. After the
successful operation of a business leasing out shops in Nanjing's
Xinjiekou metro station, GWTH recently became the master lessee of
shops in another 13 metro stations in three other cities, with the
master rental contract running for 10 to 15 years. Fitch considers
GWTH's commitment for the rental under the master lease as fixed
costs, and failure to turn a profit from this metro leasing
business may negatively impact the ratings.

Limited Headroom for Land Acquisition: Fitch expects GWTH's
leverage as measured by net debt/adjusted inventory to trend
higher towards 40% from 23% at end-June 2015. This is because
GWTH's development expenditure in 2015 is unlikely to be offset by
sales, which are capped by the company's limited completed
property inventory. The large development expenditure budget will
restrict the company's ability to make further large land
acquisitions. Fitch expects GWTH to maintain a land acquisition
budget of 30%-35% of the company's annual contracted sales from
2016.

KEY ASSUMPTIONS

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

-- GWTH's annual sales by gross floor area (GFA) to stabilise
    between 160,000 square metres (sqm) and 200,000 sqm for 2015-
    2017
-- Substantial sales to be achieved from the third year after
    land is acquired, and mostly from completed units
-- Only investment properties that are completed or under
    development, and existing metro leasing businesses will
    contribute to recurring EBITDA

RATING SENSITIVITIES

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

-- Net debt/ adjusted inventory rising above 40% on a sustained
    basis (2014: 21%)
-- Deviation from the current focus on metro-linked projects
-- EBITDA margin falling below 25% on a sustained basis (2014:
    23%)
-- Metro leasing business suffering sustained losses

Positive: No positive rating action is expected over the next 12-
18 months given the company's current small scale. However,
positive rating action may result from:

-- Investment properties' value exceeding CNY5 billion (2014:
    CNY4.2 billion)
    and annual development property sales sustained above CNY3
    billion (2014: CNY725 million)
-- Recurrent EBITDA interest coverage rising over 1.0x on a
    sustained basis (2014: 0.6x)


HENGSHI MINING: Moody's Withdraws B2 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn its B2 corporate family
rating with a stable outlook on Hengshi Mining Investments
Limited.

RATINGS RATIONALE

Moody's has withdrawn the rating for its own business reasons.

Listed on the Hong Kong Exchange in November 2013, Hengshi Mining
Investments Limited was founded by Mr. Li Yanjun in 2004.  Mr. Li
Ziwei is the settlor of a family trust, which held 74.6% of the
company at end-December 2014.  The company owns four iron ore
mines in Hebei Province.  The mines' iron ore probable reserves
totaled 308 million tons at end-2014.


KAISA GROUP: Onshore Debt Revamp Likely to Succeed, Advisers Say
----------------------------------------------------------------
Christopher Langner and David Yong at Bloomberg News report that
Kaisa Group Holdings Ltd.'s debt restructuring will probably
succeed after gaining local support as both onshore and offshore
creditors met over the weekend to align their interests, advisers
said.

The Shenzhen-based developer is believed to be getting backing
from a committee of onshore creditors, the local government and
the China Banking Regulatory Commission, Bloomberg relates citing
an e-mailed statement from Kirkland & Ellis and Moelis & Co., who
are advising some offshore bondholders. There's "high likelihood"
that the onshore restructuring can succeed, they said.

Bloomberg notes that the developer, which defaulted on dollar-
denominated bonds in April, unveiled its debt workout plan on Nov.
6. It rebuffed a competing proposal Nov. 19 from U.S. hedge fund
Farallon Capital Management LLC, saying the plan undervalued the
company and has remote chances of passing regulatory hurdles,
Bloomberg says.

Shenzhen-based Kaisa became the first Chinese developer to default
on dollar-denominated debt when it failed to pay the coupon on two
securities earlier this year, Bloomberg News reported. In October,
the builder reached an agreement with Bank of China Ltd. that
enabled it to restart sales of some projects, Bloomberg said.

Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.


XIWANG SPECIAL: S&P Affirms Rhen Withdraws 'BB-' CCR
----------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB-' long-term corporate credit rating and 'cnBB+' Greater China
national scale rating on Xiwang Special Steel Co. Ltd.  S&P then
withdrew all the ratings at the company's request.  At the time of
the withdrawal, the outlook on the long-term corporate credit
rating was stable.



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


ANDHRA CEMENTS: CARE Lowers Rating on INR877cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Andhra Cements Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      877       CARE D Revised from
                                            CARE BBB-

   Short-term Bank Facilities      50       CARE D Revised from
                                            CARE A3

Rating Rationale

The revision in the ratings of the bank facilities of Andhra
Cement Ltd (ACL) takes into account delay in servicing of debt
obligations by the company due to its weak liquidity position.

ACL has cement manufacturing facilities at Dachepalli, Guntur
District (Durga Cement Works) with a split grinding unit at
Visakhapatnam, Andhra Pradesh (Visakha Cement Works). Jaypee
Group, through Jaypee Development Corporation Ltd (JDCL, a wholly
owned subsidiary of Jaypee Infra Ventures) acquired controlling
stake in ACL in February 2012 from its earlier promoters, Duncan
Goenka Group. ACL, under its erstwhile management, began a process
of expanding its cement capacity from 1.42 mtpa (DCW- 0.8 mtpa and
VCW - 0.62 mtpa) to 3.0 mtpa in July 2007 but it witnessed
significant cost and time over runs. The Jaypee group, post
acquisition of the company, has undertaken renovation and
augmentation of the existing capacity of 1.42 mtpa to 2.61 mtpa,
which was commissioned on December 01, 2014. The company has also
set up a captive power plant with 30 MW capacity, which has become
operational in FY16 (refers to the period April 1 to
March 31).

On account of low capacity utilization and delay in commissioning
of captive power plant, financial performance of the company has
been weak. Weak financial performance has impacted the liquidity
position of the company, leading to delays in debt servicing.

As per FY15 (refers to the 15 month period April 1, 2014 to June
30, 2015) published audited results, ACL reported net loss of
INR98.89 crore on total operating income of INR278.02 crore. As
per Q1FY16 (refers to the period July 1, 2015 to September 30,
2015) unaudited results, the company reported net loss of INR19.82
crore on total operating income of INR110.65 crore.


ARIHANT PRINTERS: CRISIL Reaffirms B+ Rating on INR45MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Arihant
Printers (AP) continues to reflect the below average financial
risk profile marked by small net worth and moderate gearing.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.2      CRISIL A4 (Reaffirmed)

   Cash Credit           10.0      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    17.8      CRISIL B+/Stable (Reaffirmed)

   Term Loan             45.0      CRISIL B+/Stable (Reaffirmed)

The ratings also reflect the firm's working-capital-intensive and
modest scale of operations. These weaknesses are partially offset
by the extensive experience of AP's promoters in the printing
segment and established relationship with customers and suppliers.

Outlook: Stable

CRISIL believes AP will continue to benefit over the medium term
from promoters' extensive industry experience and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of a substantial and sustained
increase in operating income and cash accrual along with better
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of low operating income and cash accrual,
stretched working capital cycle, or debt-funded capital
expenditure, leading to weakening of the company's financial risk
profile, particularly liquidity.

AP was set up as a partnership in 2005 by the Kolkata-based Jain
family. The firm prints packaging and advertisement material for
various industries including fast-moving consumer goods,
pharmaceuticals, hosiery, and cement and has its manufacturing
unit in Kolkata. The operations are primarily managed by Mr. Sunny
Jain.


AVANT TRADING: CRISIL Assigns B- Rating to INR50MM Overdraft Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Avant Trading Company Private Limited (ATCPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Overdraft Facility     50       CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     20       CRISIL B-/Stable

The rating reflects ATCPL's nascent stage of operations leading to
modest scale and low profitability, and below-average financial
risk profile because of small net worth and weak debt protection
metrics. These weaknesses are partially offset by promoters'
experience in trading, and their funding support.
Outlook: Stable

CRISIL believes ATCPL will benefit from its promoters' industry
experience and funding support. The outlook may be revised to
'Positive' if ATCPL reports a sustainable and significant
improvement in scale of operations and profitability, leading to
higher-than-expected accrual. Conversely, the outlook may be
revised to 'Negative' in case of stretch in working capital cycle
or large debt-funded capital expenditure, leading to pressure on
financial risk profile.

Incorporated in 2010 and based in Mumbai, ATCPL trades in mobile
phones, computer peripherals, and other electronic components. It
also trades in limestone. It is managed by Mr. Sudeep Kumar Saha
and Mr. Harsh Rajnikant Saha.


AVNI YARNS: CARE Upgrades Rating on INR4.67cr LT Loan to BB-
------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to the bank facilities
of Avni Yarns Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.67      CARE BB- Revised from
                                            CARE B+

   Short-term Bank Facilities     0.33      CARE A4 Re-affirmed

Rating Rationale

The revision in the long-term rating assigned to the bank
facilities of Avni Yarns Private Limited (AYPL) is primarily on
account of increase in scale of operations, improvement in profit
margins, capital structure and debt coverage indicators during
FY15 (refers to the period April 1 to March 31). The ratings
continue to take comfort from the wide experience of the promoters
of AYPL coupled with established presence of group companies into
textile industry and locational advantage in terms of proximity to
the textile region in Surat.

The ratings, however, continue to remain constrained on account of
AYPL's presence in the highly fragmented textile industry and
susceptibility of operating margins to raw material price
fluctuation.

The ability of AYPL to increase its scale of operations coupled
with further improvement in profit margins and capital structure
would remain the key rating sensitivities.

AYPL was initially incorporated as Shree Servanand Textiles
Private Limited (SSTPL) during June 2007. Subsequently, during
April 2011, it changed its name to AYPL. AYPL is engaged in the
dyeing of polyester, cotton yarn and hank on job work basis. The
polyester yarn finds its application in manufacturing of garments
while cotton yarn finds its applications ranging from home
fashions to apparels and also in medical and cosmetic applications
such as bandages and wound plasters. AYPL operates from its plant
located in Surat with an installed capacity of 450 Metric Tons Per
Annum (MTPA) of Hank Dyeing and 965 MTPA of yarn (cotton yarn,
polyester yarn, blended yarn) as on March 31, 2015 AYPL is a part
of Surat (Gujarat) based 'Radhika Rayon' group which includes LSR
Fab Private Limited (CARE BB+/A4+), Rituraj Holdings Pvt. Ltd.
(CARE BB/CARE A4+), and Radhika Rayon Pvt. Ltd.

During FY15, AYPL reported net profit of INR0.57 crore (FY14:
INR0.32 crore) on a total operating income (TOI) of INR16.64
crore (FY14: INR11.42 crore). Furthermore, during 7MFY16
(Provisional), AYPL achieved a TOI of INR11.60 crore.


B.P.FLOUR MILLS: CRISIL Assigns B- Rating to INR38MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of B.P.Flour Mills Private Limited (BPFM). The
rating reflects BPFM's limited revenue diversity with high
geographic concentration, modest scale of operations in the highly
fragmented wheat milling industry and weak financial risk profile.
These weaknesses are mitigated by the promoters' extensive
experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            38       CRISIL B-/Stable
   Long Term Loan         22       CRISIL B-/Stable

Outlook: Stable

CRISIL believes BPFM will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' if significant and sustained improvement in revenue and
margins leads to higher-than-expected cash accrual, or if
considerable funds are extended. Conversely, the outlook may be
revised to 'Negative' if revenue or profitability declines or
financial risk profile weakens because of stretched working
capital cycle or large, debt-funded capital expenditure.

Incorporated in 2006-07 (refers to financial year, April 1 to
March 31), by Mr. Satish Chand Garg and Mr. Piyush Garg as a
private-limited company, BPFM mills wheat into flour at its
manufacturing facilities in Agra.

Net profit was INR19.06 million on net sales of INR443.61 million
in 2014-15, against net profit of INR4.11 million on net sales of
INR329.64 million in 2013-14.


BALAJI POLYSACKS: CRISIL Cuts Rating on INR100MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Balaji Polysacks Pvt Ltd (BPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

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

   Cash Credit            100      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

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

   Standby Letter of       10      CRISIL D (Downgraded from
   Credit                          'CRISIL B-/Stable')

   Term Loan                9.5    CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The downgrade reflects delays by BPPL in servicing term debt, and
its continuously overdrawn cash credit account. The defaults were
because of weak liquidity.

BPPL, incorporated in 1995 by Mr. Sajjan Kumar Agarwal, Mr. Sushil
Agarwal, and Mr. Naresh Kumar Agarwal, manufactures high-density
polyethylene (HDPE) bags, used primarily in the fertilizer
industry and in packaging grains. The company commenced commercial
production in 2000 and has capacity of 5400 tonne per annum.  Its
operations are managed by Mr. Sushil Agarwal.


BHAGAWATI INDIAMOTORIZER: CARE Reaffirms B INR12.90cr Loan Rating
-----------------------------------------------------------------
CARE revokes suspension and reaffirms the rating assigned to the
bank facilities of Bhagawati Indiamotorizer Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     12.90      CARE B Suspension
                                            revoked and rating
                                            reaffirmed

Rating Rationale

The rating assigned to the bank facilities of Bhagawati India
Motorizer Private Limited (BIMPL) continues to remain constrained
on account of its nascent stage of operations coupled with its
financial risk profile marked by thin profit margins, highly
leveraged capital structure, weak debt coverage indicators and
weak liquidity position. Furthermore, the rating continues to
remain constrained on account of competition from other dealers in
the region along with subdued performance of Mahindra & Mahindra
(M&M) in the passenger vehicle segment during FY15 (refers to the
period April 1 to March 31).

However, the rating continues to derive strength from the wide
experience of the promoters and established presence of the group
in various business segments within Madhya Pradesh (MP). The
rating also takes into consideration stabilization of operations
during FY15 and subsequent increase in the scale of operations.

The ability of BIMPL to increase its scale of operations along
with improvement in the overall financial risk profile amidst
high competition prevailing in auto dealership business is the key
rating sensitivities.

BIMPL was incorporated in October 2013 to take up the dealership
of Mahindra & Mahindra (M&M) passenger vehicles and servicing of
auto parts in four districts of Madhya Pradesh (MP) namely
Shahdol, Mandla, Dindori and Anuppur.

BIMPL is a part of the Gwalior-based Bhagawati group which has
varied business interests in the state of MP. The group is
engaged in dealership of Mahindra & Mahindra and Indo farm
tractors through Bhagawati Cools Private Limited (BCPL)
and Bhagawati Development Services Private Limited (BDSPL). The
group also extends warehousing facilities through Bhagawati Estate
Warehouse, Kolaras, BCPL and BDSPL. BCPL and BDSPL are also
engaged in trading of agro-commodities like wheat, potato, soya,
etc. Another group entity named Bhagawati Estate Warehouse,
Ashoknagar, is also engaged in warehousing and trading of agro-
commodities like potato and wheat.

During FY15 (Prov.), BIMPL reported a PAT of INR0.12 crore on a
total operating income (TOI) of INR42.10 crore. Furthermore,
during H1FY16 (Prov.), BIMPL achieved a TOI of INR26.91 crore.


BHARGAVI TEXTILES: CRISIL Suspends B- Rating on INR45MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Bhargavi Textiles Private Limited (BTPL).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          1       CRISIL A4
   Cash Credit            20       CRISIL B-/Stable
   Term Loan              45       CRISIL B-/Stable

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

BTPL, based in Mahboobnagar (Andhra Pradesh), was founded in
October 2010 by Mr. Y D Gupta, Mr. M V Subbaiah, Mr. Y Shashank
and Mr. K Shivaji. The company set up its processing unit in
September 2012, with an installed ginning and pressing capacity of
300 bales per day.


BIMLA RICE: CARE Assigns B+ Rating to INR8.05cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Bimla Rice
International.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities      8.05      CARE B+ Assigned

Rating Rationale
The ratings assigned to the bank facilities of Bimla Rice
International (BRI) are primarily constrained by its small scale
of operations, weak financial risk profile characterized by low
profitability margins, leveraged capital structure, weak debt
coverage indicators, and working capital intensive nature of
operations. The ratings are further constrained by partnership
nature of its constitution, fragmented and competitive nature of
the industry, regulatory policy risk and business being
susceptible to the vagaries of nature.

The rating constraints are partially offset by experience of
partners in trading and processing of rice, its growing scale of
operation and favorable manufacturing location.

Going forward, the ability of the company to increase its scale of
operations, improve the profitability margins and capital
structure with effective working capital management shall be the
key rating sensitivities.

Kaithal-based (Haryana) BRI was established as a partnership firm
in 1998 by Mr Kashmiri Lal and his two sons Mr Sushil Kumar andMr
Satish Garg sharing profits and loss in the ratio of 34:33:33
respectively. The firm is engaged in milling, processing and
trading of basmati and non-basmati rice with an installed capacity
of 15,000 metric ton per annum (MTPA) as on March 31, 2015. The
firm normally operates in three shifts of 8 hours each. The
processing unit of the firm is located in Kaithal, Jind. BRI
procures paddy from local grain markets through dealers and agents
mainly from the state of Haryana. BRI primarily sells its product
in Northern India viz. Haryana, Himachal, Delhi, Rajasthan and
Uttar Pradesh to wholesalers and traders.

In FY15 (refer to the period April 1 to March 31, based on
unaudited results), BRI has achieved a total operating income
(TOI) of INR35.47 crore with PBILDT and profit after tax (PAT) of
INR1.31 crore and INR0.02 crore respectively, as against TOI of
INR27.81 crore with PBILDT and PAT of INR1.10 crore and INR0.01
crore, respectively, in FY14. Furthermore, the company has
achieved TOI of around INR15.46 crore in FY15 (based on unaudited
results).


BLUE WINGS: ICRA Ups Rating on INR8.25cr Term Loan to B+
--------------------------------------------------------
ICRA has upgraded its long term rating on the INR8.85 crore bank
facilities of Blue Wings Tours & Travels Private Limited (BWTT) to
[ICRA]B+ from [ICRA]B. ICRA has reaffirmed its short term rating
on the INR0.75 crore non fund based sub limit bank facilities of
BWTT at [ICRA]A4.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Term Loans            8.25       [ICRA]B+; Upgraded
   Bank Guarantee        0.60       [ICRA]B+; Upgraded
   Letter of Credit     (0.75)      [ICRA]A4;Reaffirmed

The rating upgrade is driven by the steady ramp up in operations
of BWTT's property in Udaipur, supported by satisfactory RevPar.
The rating also factors in the company's healthy operating
profitability (OPBDITA/OI of 44.5% in FY15) and moderate cash
accruals (NCA of INR1.15 crore) which have enabled BWTT to achieve
improved coverage indicators, with interest coverage of 2.22x and
DSCR of 1.45x in FY15.

The rating however continues to factor in the high competitive
intensity from existing resorts and hotels of similar scale in the
nearby region, which also led the promoters to curtail the scale
of the property to 24 rooms, as compared to initially planned 46
rooms. This apart, the rating remains constrained by the company's
small scale of operations with dependence on a single hotel
property. The rating also takes into consideration the cyclicality
of the hotel industry with high seasonality in the Udaipur market.

Going forward, the ability of the resort to sustain the
improvement in operating metrics and hence the coverage
indicators, will be the key rating sensitivity going forward.

BWTT was incorporated in 1995 and is a subsidiary of Krishna
Propdeal Private Limited, which has undertaken several real estate
projects in the past. The company has a 24 room resort Shaurya
Garh Resort & Spa near Udaipur, Rajasthan. The resort started
operations from January 2014 and full scale operations commenced
from June 2014.

Recent Results
BWTT incurred a net loss of INR0.31 crore on an Operating Income
(OI) of INR4.15 crore in 2014-15, as compared to a net loss of
INR0.30 crore on an OI of INR0.34 crore in the previous year.


CATHOLIC APOSTOLATE: CRISIL Suspends D Rating on INR127.2MM Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Society
of Catholic Apostolate (SCA).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility       92.8     CRISIL D
   Term Loan               127.2     CRISIL D

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

Registered in 2004, SCA runs the St. Vincent Palloti International
Residential School in Rajnandgaon (Chhattisgarh). The school is
affiliated to the Central Board of Secondary Education. It
commenced its first academic session in 2007-08.


DGN FASER: CARE Assigns 'B-' Rating to INR4.56cr LT Loan
--------------------------------------------------------
CARE assigns 'CARE B-/CARE A4' ratings to the bank facilities of
DGN Faser Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      4.56      CARE B- Assigned
   Long-term/Short-term Bank      0.70      CARE B-/CARE A4
   Facilities                               Assigned
   Short-term Bank Facilities     0.20      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of DGN Faser Private
Limited (DFPL) are primarily constrained on account of its short
track record and small scale of operations coupled with weak
financial risk profile marked by leveraged capital structure, weak
debt coverage indicators and weak liquidity position. The ratings
are further constrained on account of its presence in a fragmented
and competitive refractory industry and susceptibility of
operating margins to volatility in power and fuel as well as raw
material costs.

However, the above constraints are partly offset by well-qualified
and experienced promoters in the same line of business.

The ability of DFPL to increase its scale of operations and
improve its overall financial risk profile by improving its
profitability, capital structure and liquidity via efficient
working capital management are the key rating sensitivities.
Furthermore, timely and regular renewal of license for its
manufacturing operations u/s 55 of the Saurashtra Gharkhed,
Tenancy Settlement and Agricultural Lands, Ordinance - 1949 would
also remain crucial.

Surendranagar-based (Gujarat) DFPL was incorporated in 2011 for
manufacturing and supplying ceramic fiber and its allied products
which is primarily composed of alumina, silica and zirconia
characterized by high refractory fibers. DFPL commenced its
manufacturing operations from January 2014 onwards with an
installed capacity of 2,500 metric tons per annum (MTPA). The
products of DFPL are used as heat insulation products for energy
conservation and also used for fire proofing applications which
finds a wide application in various industries like ceramic,
refineries, fertilizers, glass, thermal power, petrochemicals,
cement and other heavy industries where heat insulation is
required. DFPL caters to the domestic market under the brand
'DMat' for ceramic fiber blankets, 'DMass' for fiber bulk, 'DSlat'
for ceramic fiber board and 'DPap' for its fiber paper.

During FY15 (Provisional), DFPL reported a total operating income
of INR2.15 crore with a net loss of INR0.53 crore as against TOI
of INR0.75 crore with a net loss of INR0.08 crore during its 3
months of operations in FY14. Furthermore, during H1FY16
(Provisional), DFPL achieved a TOI of INR1.75 crore.


FLORA MARMO: CARE Upgrades Rating on INR25.15cr LT Loan to BB
-------------------------------------------------------------
CARE revises/reaffirms the ratings assigned to Flora Marmo
Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     25.15      CARE BB Revised from
                                            CARE B+

   Short-term Bank Facilities    18.90      CARE A4 Reaffirmed

Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Flora Marmo Industries Private Limited (FMIPL) takes
into account growth in the operating income, healthy profit
margins and improvement in capital structure and debt coverage
indicators during FY15 (refers to the period April 1 to March 31).

The ratings, however, continue to be constrained by the moderate
scale of operations and working capital intensive nature of
operations with long operating cycle. The ratings are further
tempered by project execution risk, corporate guarantee extended
towards wholly owned international subsidiary, foreign exchange
fluctuation risk, dependence on a restricted item, ie, marble
which is subject to Government regulations and cyclical nature of
the end user industry, ie, Real Estate.

The ratings continue to derive strength from the vast experience
of the promoters in the marble processing industry, benefits
arising from the geographic diversification in imports and
location advantage due to marble processing unit located in
Silvassa.

The ability of FMIPL to increase the scale of operations and
improvement in profitability amidst increasing competition coupled
with efficient management of working capital cycle are the key
rating sensitivities.

FMIPL was incorporated on August 2007 by Mr Amit Jalan and Mr Troy
Caerio, having around 20 years of experience in the marble
processing industry. FMIPL is engaged in importing, processing and
selling of marble (viz, marble slabs and blocks). The company
sells its products to institutional buyers, retail customers,
other marble processing players and dealers. During FY15, the
company imported entire material (viz, rough marble blocks) from
countries like Turkey, Italy, China, Oman, UAE in accordance with
its import license cap for imported marbles of 7,000 metric tonnes
(MT) per annum.


GOPINATH DAIRY: ICRA Cuts Rating on INR14cr LT Loan to 'D'
----------------------------------------------------------
ICRA has revised the long term rating outstanding on the INR26.00
crore bank facilities of Gopinath Dairy Products Private Limited
to [ICRA]D from [ICRA]B+.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term, fund       11.50       [ICRA]D/downgraded
   based limits-                     from [ICRA]B+
   Term Loan

   Long-term, fund        0.50       [ICRA]D/ downgraded
   based limits-                     from [ICRA]B+
   Cash Credit

   Long-term limits      14.00       [ICRA]D/downgraded
   Unallocated                       from [ICRA]B+

The rating revision takes into account the recent delays in debt
servicing owing to delays in project commissioning resulting in
cash flow mismatch.

Incorporated in 1994, Gopinath Dairy Products Private Limited
(erstwhile Glaze Polycoat Private Limited) was operating as an
industrial warehouse in Turbhe (Navi Mumbai) by promoters Mr. L.H.
Chitalia and Mr. Rajesh L. Chitalia till 2009. Between 1994 and
2009, the company was operating as a repacking cum warehousing
unit till 2008 for Kodak India Private Limited (for cameras and
camera rolls), Saregama India Limited (for CDs and cassettes) and
Voltas Limited (for chemicals). The unit measures about 1,268
square meters and is taken on 99 years sub lease from MIDC by the
promoters. In 2011, the promoters entered into a ten year job-work
agreement with Reliance Dairy Foods Limited (RDFL), which is a
step-down subsidiary of the financially strong Reliance Industries
Limited, for processing raw milk into pasteurized milk and milk
products such as cottage cheese, curd and clarified butter to be
sold under the brand name Reliance Dairy Life. The promoters are
currently in the process of setting up the required composite milk
and milk products processing plant, with a capacity of processing
two lakh litres per day of milk, in place of the industrial
warehouse unit in Turbhe.


HARSHNA ICE: CRISIL Assigns B- Rating to INR100MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of Harshna Ice and Cold Storage Private Limited
(HICS; part of the Harshna group).

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

The rating reflects the group's weak liquidity because of
significant loans and advances extended to affiliate concerns, low
cash accrual, and high bank limit utilisation. The rating also
factors in a modest scale of operations in the intensely
competitive apple trading industry and a weak financial risk
profile because of working capital intensive operations. These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters and operational synergies and
support that the group entities derive from each other.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of HICS, Harshna Fruits (HF), Bhola Nath
Naresh Kumar (BNNK), and Bhola Nath Rakesh Kumar (BNRK). This is
because all these entities, collectively referred to as the
Harshna group, are in the same line of business, have close intra-
group operational and financial linkages, including fungible cash
flows, and are under a common management.

Outlook: Stable

CRISIL believes the Harshna group will continue to benefit over
the medium term from the extensive experience of its promoters as
commission agents in the apple trading business and from demand
for cold storage services in the domestic market. However, the
group's liquidity will be constrained in the near term by large
incremental working capital requirement and funding support to
affiliate concerns. The outlook may be revised to 'Positive' in
case of an increase in scale of operations and improvement in
profitability, leading to larger-than-expected cash accrual and
better liquidity. Conversely, the outlook may be revised to
'Negative' in case of a significant increase in receivables,
leading to further deterioration in liquidity, or if revenue or
profitability declines.

The Harshna group was established in 1993 by Mr. Rakesh Bhola Nath
Kohli and Mr. Naresh Bhola Nath Kohli, with the establishment of
BNRK and BNNK. Both the firms are commission agents for trading in
apples in Delhi's Azadpur mandi. In 1999, the group decided to
establish its own cold storage facility in Sonipat (Haryana), for
which it set up HICS in the same year. HICS currently has a multi-
product cold-storage facility, with capacity of 11,500 tonnes,
along with ripening chambers. In 2004, the group set up HF, which
supplies fruits to retail stores.


HARVINS CONSTRUCTIONS: CRISIL Reaffirms 'B' Rating on INR75M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Harvins
Constructions Private Limited (HCPL) continue to reflect the
company's modest scale of operations in the intensely competitive
construction industry, large working capital requirement, and high
degree of geographic concentration in its order book.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Bank Guarantee           400      CRISIL A4 (Reaffirmed)

   Overdraft Facility        75      CRISIL B/Stable (Reaffirmed)

   Proposed Bank Guarantee  117.3    CRISIL A4 (Reaffirmed)

These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters, and above-average
financial risk profile because of a moderate networth and low
total outside liabilities to tangible networth ratio.

Outlook: Stable
CRISIL believes HCPL will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
increase in scale of operations and profitability margins, or
sustained improvement in working capital management. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in profitability margins, or significant deterioration in
the company's capital structure caused most likely because of a
stretch in its working capital cycle.

HCPL was set up in 1978 by Mr. A Raghava Reddy and his family
members. The company undertakes irrigation projects for state
governments in central and southern India. It is based in
Hyderabad.


HILTON MOTORS: CRISIL Suspends 'D' Rating on INR80MM Loan
---------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Hilton
Motors (Hilton).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             7       CRISIL D
   Inventory Funding
   Facility               80       CRISIL D
   Term Loan               8       CRISIL D

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

Hilton, a proprietorship concern set up by Mr. Josepherson Antony,
is an automobile dealer for Hyundai Motor India Ltd.


IMAGE BROADCASTING: CRISIL Suspends 'D' Rating on INR196MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Image Broadcasting India Private Limited (IBI).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     104      CRISIL D
   Rupee Term Loan        196      CRISIL D

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

IBI was set up in 2010 by Mr. Chalsani Venkateswara Rao. The
company runs a Telugu news channel - CVR News. The company is
based in Hyderabad.


JAYPEE CEMENT: CARE Lowers Rating on INR2,312.94cr Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Jaypee Cement Corporation Ltd.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    2312.94     CARE D Revised from
                                            CARE BB

   Short-term Bank Facilities     50.00     CARE D Revised from
                                            CARE A4

Rating Rationale

The revision in the ratings of the bank facilities of Jaypee
Cement Corporation Ltd (JCCL) takes into account delay in
servicing of debt obligations by the company due to its weak
liquidity position.

JCCL, a wholly-owned subsidiary of JAL (rated CARE D), has a 5
million tonne per annum (MTPA) cement plant located at Krishna
District in Andhra Pradesh (Balaji cement plant) and a 3 MTPA
cement plant at Shahabad, Karnataka. Balaji Cement plant, along
with asbestos sheet, heavy engineering work shop and hi-tech
casting centre businesses were transferred from JAL to the company
pursuant to the demerger scheme approved by the high court with
effect from April 1, 2011. The company's cement plant at Shahabad,
Karnataka became operational in March 2015.


JLDM TEXTILES: CRISIL Suspends B+ Rating on INR120MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
JLDM Textiles Industries Private Limited (JLDM; formerly known as
JLDM Gardens).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            80       CRISIL B+/Stable
   Proposed Cash
   Credit Limit          120       CRISIL B+/Stable

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

Set up in 2011 as a partnership firm, JLDM is engaged in ginning
and pressing, of raw cotton and sells cotton lint and cotton
seeds. The company also trades in raw cotton. The company was
promoted by Mr.Jampani Krishna Babu and his wife Mrs. Jampani Jaya
Lakshmi. It operates through a leased ginning unit based out of
Guntur in Andhra Pradesh.


JOGINDRA CASTING: Ind-Ra Assigns IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jogindra Castings
Private Limited (JCPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect JCPL's low profitability position and weak
credit metrics, as reflected by EBITDA margin of 1.10% in FY15
(FY14: 0.70%) and financial leverage of 12.46x (6.09x) and
interest coverage of 0.97x (1.97x). The ratings factor in the
company's small scale of commodity manufacturing operations with
revenue of INR931m in FY15 (FY14: INR1.110 million).

Ind-Ra expects the credit metrics to improve during FY16, based on
a decline in interest cost and an improvement in the margins with
the inclusion of hot rolled coils in the product portfolio.

The ratings are supported by JCPL's comfortable liquidity
position. The company's use of the working capital facilities was
around 60% on average during the 12 months ended November 2015.

RATING SENSITIVITIES

Positive: An improvement in the overall revenue and profitability
leading to an improvement in the credit metrics will be positive
for the ratings.

Negative: Deterioration in the profitability leading to
deterioration in the overall credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 1992, JCPL manufactures steel billets and expects
to start the production of hot rolled coils by FYE16. The
company's 35,000mtpa steel manufacturing plant is located in
Gobindgarh, Punjab.


K.K. DUPLEX: Ind-Ra Assigns 'IND B-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K.K. Duplex &
Paper Mills Private Limited (KKDPM) a Long-Term Issuer Rating of
'IND B-'. The Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect KKDPM's weak credit metrics with Ind-Ra
adjusted interest coverage of 0.65x in FY15 (FY14: 0.97x) and net
leverage of 13.65x (8.31x). The declining EBITDA margins also
affect the ratings (FY15: 4.52%; FY14: 5.66%).

The planned capacity expansion is likely to positively affect the
scale of operations of the company (FY15 revenue: INR153.84
million).

However, the ratings are supported by over 10 years of experience
of the promoters in the paper industry and the infusion of funds
from promoters in form of equity to support the operations and
expansion.

RATING SENSITIVITIES

An improvement in the scale of operations and profitability
leading to the interest coverage being sustained above 1x can lead
to a positive rating action.

COMPANY PROFILE

KKDPM was incorporated in 1995. It manufactures duplex board and
kraft paper at its facility in Muzaffarnagar.


KRANTI COTTON: ICRA Reaffirms 'B' Rating on INR6.25cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR6.25
crore (enhanced from INR4.50 crore) cash credit cum ODBD
(Overdraft against Book Debt) facility and the INR0.77 crore
(reduced from INR1.35 crore) term loan facility of Kranti Cotton
and Oil Industries.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based- Cash
   Credit cum ODBD        6.25       [ICRA]B reaffirmed

   Fund Based- Term
   Loan                   0.77       [ICRA]B reaffirmed

The reaffirmation of the rating continues to factor in Kranti
Cotton and Oil Industries' (KCOI) modest scale of operations with
thin profitability and stretched capital structure resulted from
high reliance on working capital borrowings during cotton season.
ICRA also takes note of the highly competitive and fragmented
industry structure with limited value additive nature of
operations which leads to pressure on profitability. The rating
further incorporates the vulnerability of margins to adverse
movements in agricultural produce prices due to current low prices
on account of slow demand of cotton in market. Also, being a
partnership firm, any substantial withdrawal by the partners can
have an adverse impact on the capital structure of the firm.
The rating, however, continues to factor in the experience of
partners in the cotton industry and the favorable location of the
firm giving it easy access to high quality raw cotton.

Kranti Cotton and Oil Industries was established in August 2013 as
a partnership firm by Mr. Shaileshbhai Kavar and nine other
partners. The firm is engaged in ginning and pressing of raw
cotton. In December 2014, the firm commenced crushing operations.
The operations of the firm are managed by Mr. Mahendrabhai Kavar,
Mr. Shaileshbhai Kavar, Mr. Vijaybhai Kavar, Mr. Manilal Kasundra
and Mr. Naresndrabhai Saradva. The manufacturing plant of the firm
is situated at Morbi, Gujarat, and is equipped with 24 jumbo
double roller ginning machines, 1 pressing machine and 4 expellers
with an installed capacity to produce around 225 cotton bales and
5MT of cottonseed oil per day (24 hours operation).

Recent Results
In FY15, the firm reported an operating income of INR39.28 crore
and net profit of INR0.25 crore.


KRISHNA GODAVARI: CRISIL Suspends 'D' Rating on INR1.02BB Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Krishna Godavari Power Utilities Limited (Krishna Godavari).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan       1021.9     CRISIL D

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

Krishna Godavari is setting up an imported coal-based power plant
in Nalgonda district (Andhra Pradesh), with a power generation
capacity of 60 megawatts.

Late Dr. M Venkataratnam and his family own a 59 per cent stake in
the company, and the balance 41 per cent stake is owned by PTC
India Ltd.


KRISHNA NATURAL: ICRA Suspends B+ Rating on INR8.90cr Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ outstanding to
the INR8.90 crore cash credit facility and the INR1.05 crore term
loan facility of Krishna Natural Fibre Private Limited. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Cash Credit            8.90       [ICRA]B+ suspended
   Term Loan              1.05       [ICRA]B+ suspended

Incorporated in October 1999, Krishna Natural Fibre Private
Limited (KNFPL) is engaged in the business of ginning and pressing
of raw cotton. The company's manufacturing facility is located at
Kadi in Gujarat and is equipped with twenty-four ginning machines
and one pressing machine. The company is currently promoted by Mr.
Nathalal Jani, Mr. Bipin Patel along with other family
members/relatives who have a long-standing experience in the
cotton industry.


LAXMI KESHAV: CARE Assigns 'B' Rating to INR6.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B' rating to bank the facilities of Laxmi
Keshav Constructions.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     6.00       CARE B Assigned

Rating Rationale

The rating assigned to the bank facilities of Laxmi Keshav
Constructions (LKC) are constrained on account of the small
scale of operations along with proprietorship nature of the
business. The rating further takes into consideration the
geographical concentration of LKC with majority presence in the
state of Maharashtra, moderate liquidity profile and raw
material price fluctuation related risk.

The above weaknesses are partially offset by the extensive
experience of the proprietor in the construction industry,
revenue growth with comfortable profitability and moderate debt
coverage indicators along with moderate outstanding
order book position (1.72x FY15 revenues) rendering revenue
visibility over medium term.

The ability of the firm to secure new orders and improvement in
working capital cycle are the key rating sensitivities. The
sustainability and further improvement in its total operating
income and maintaining the profitability margins will be
crucial for growth.

LKC based out of Nagpur (Maharashtra) was established in July 2008
as a proprietorship entity by Mr. Abhay Joshi and is engaged in
the business of construction of residential as well as commercial
buildings, factory sheds, civil repairing and civil works like
construction of antenna tower, laying of 4G fibre cables on
contract basis. LKC also earns rental revenue by leasing out its
warehouse at Sewri, Mumbai, having an area of around 35,000 square
feet with an extra usable area of 6,000 square feet. The revenue
from construction and 4G optical fibre laying business constituted
89% of total revenue while lease rentals from warehouse leasing
constituted 11% for FY15 (refers to period from April 01, 2014 to
March 31, 2015).

The firm registered total operating income (Provisional) of
INR26.52 crore (y-o-y growth of 47%) with PBILDT (y-o-y growth
of 32%) and PAT (y-o-y growth of 52%) of INR2.96 crore and INR2.00
crore respectively in FY15. The day-to-day operations
of the entity are managed by the proprietor, Mr. Abhay Joshi.


MAHALAKSHMI PLAAZA: CRISIL Suspends 'D' Rating on INR230MM Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of
Mahalakshmi Plaaza (MP).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              230      CRISIL D

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

MP was set up as a partnership firm in 2011 by Mr. Kuberan Rajesh
and his three brothers, with the objective of developing a
commercial complex comprising a shopping mall, hotel, and
multiplex at Villupuram. The complex is expected to commence
operations from July 2014.


MAHARASHTRA SHETKARI: ICRA Suspends C Rating on INR209.17cr Loan
----------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to the
INR264.17 crore bank facilities of Maharashtra Shetkari Sugar
Limited. 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
   ----------        -----------     -------
   Long-term, Fund
   Based Limits          55.00       [ICRA]C Suspended

   Long-term, Term
   Loan                 209.17       [ICRA]C Suspended

Established in 2007, Maharashtra Shetkari Sugar Limited has set up
a sugar plant at Saikheda, Dist. Parbhani (Maharashtra).The 3500
Tons Crushed per Day sugar unit is fully integrated with 30 Kilo
Liters per Day distillery unit and 20 Mega Watt multi fuel co-
generation unit.


MANGALORE FISHMEAL: CARE Assigns 'B' Rating to INR11.67cr Loan
--------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Mangalore
Fishmeal And Oil Company.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities     11.67      CARE B Assigned

The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.

Rating Rationale

The rating assigned to the bank facilities of Mangalore Fishmeal
and Oil Company is constrained by working capital intensive nature
of operations and tight liquidity position, small scale of
operations with low networth base and thin margins, presence in a
fragmented industry with intense competition.

However, the rating derives strength from experience of the
promoters, advantage of the location being close to availability
of rawmaterials and established customer base.

Going forward, ability of the company to improve its scale of
operations, margins and improvement in liquidity position with
effective management of working capital would remain the key
rating sensitivities.

Mangalore Fish Meal and Oil Company (MFM) is a partnership firm
started in 2008 by 4 partners namely, Mr Mohammed Mustafa and Mr B
M Mumtaz Ali, Mr A K Faisal, and Mr B A Moidin Bava. The
partnership was reconstituted and the firm was acquired by Mr
Iqbal Ahmed and his wife Mrs Mumtaz Sahul in 2010. The firm is
engaged in manufacturing of Fish Meal, Fish Oil, and Allied-Fish
Products. The firm has an installed capacity for processing the
fish of 250 MT per day.  The company registered a PAT of Rs 0.06
crore on a total operating income of Rs 17.3 crore in FY14 (refers
to the period April 1 to March 31).


MANTENA INFRATECH: CARE Reaffirms B+ Rating on INR12cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Mantena Infratech Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities       12       CARE B+ Re-affirmed


Rating Rationale
The rating is constrained by the limited track record of operation
with relatively small size of the company, concentrated order book
position, weak debt coverage indicators and extended operating
cycle with unbridged working capital gap resulting in high
dependence on bank borrowings. The rating also factors in increase
in total income, PBILDT margin and improved capital structure
during FY15 (refers to the period April 1 to March 31). The rating
continues to be underpinned by the satisfactory experience of the
promoters and track record in the industry. The ability of the
company to increase and diversify the order book with subsequent
improvement in the scale of operation and recover contract
proceeds in a timely manner are the key rating sensitivities.

Mantena Infratech Private Limited (MIPL), incorporated in 2010,
has been promoted by Mr Mantena Srinivas Raju and his wife Mrs
Mantena Srujana. Later during FY12, the management of the company
was taken over by Mr PBSVS Raju (Managing Director), a family
member. MIPL commenced business from December 2011 and is engaged
in the execution of civil construction work for irrigation
projects in Madhya Pradesh.

During FY15, MIPL achieved a total income of INR39.67 crore (FY14
- INR34.44 crore) and PAT of INR1.48 crore (FY14 - INR1.35 crore).
The company achieved gross billing of INR23 crore during 7MFY16
(refers to the period April 1 to October 30). MIPL had an order
book of INR162.52 crore as on Nov. 13, 2015.


MARS PLYWOOD: CRISIL Reaffirms B+ Rating on INR85MM Cash Loan
-------------------------------------------------------------
CRISIL ratings on bank facilities of Mars Plywood Industries
Private Limited reflect the extensive industry experience of the
promoter; along with the company's established brand and dealer
network; and above-average financial risk profile, marked by
healthy net worth, low gearing and robust debt protection metrics.
These rating strengths are partially offset by MPIL's exposure to
risks related to foreign exchange (forex) volatility, and
susceptibility to risks related to intense competition and adverse
impact of regulatory changes.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         7.5      CRISIL A4 (Reaffirmed)

   Cash Credit           85        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit     310        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    17.5      CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes that MPIL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile and liquidity through prudent management of its operating
cycle, and maintains its scale of operations and net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
MPIL's capital structure and liquidity weaken because of its
stretched working capital cycle, or significantly low cash
accruals, or sizeable debt-funded capital expenditure (capex).

MPIL was established by Mr. Roshan Lal Agarwal in 2001. The
company has plywood manufacturing units in Kolkata (West Bengal)
and Mangalore (Kerala) with capacities of 20,000 square metres
(sqm) and 12,000 sqm, respectively. The company's main product is
premium grade plywood, sold under the Mars Ply brand.


MODERN INDIA: CRISIL Lowers Rating on INR1.41BB Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Modern India Con-Cast Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BB+/Negative/CRISIL A4+'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           104.2     CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Funded Interest       353.3     CRISIL D (Downgraded from
   Term Loan                       'CRISIL BB+/Negative')

   Letter of Credit     1413.6     CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term    120.7     CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB+/Negative')

   Term Loan             282.4     CRISIL D (Downgraded from
                                   'CRISIL BB+/Negative')

   Working Capital       795.8     CRISIL D (Downgraded from
   Term Loan                       'CRISIL BB+/Negative')

The downgrade reflects delays in regularising Modern's working
capital facility, which has been overdrawn for over 30 straight
days because of weak liquidity.

The rating reflects group's large working capital requirement,
limited backward integration, and vulnerability of operations to
volatility in raw material prices and weak financial risk profile.
These weaknesses are partially offset by promoters' extensive
experience in the steel business, and established clientele.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Modern and Gayson and Co Pvt Ltd
(Gayson). This is because the two companies, together referred to
as the Modern India group, have strong operational and financial
linkages in terms of intragroup sales and financial support from
Gayson to Modern.

The Modern India group was set up by Mr. Bhupinder Singh Saini and
Mr. Bakhshish Singh Dhanjal. Modern, incorporated in 1987,
manufactures ferroalloys, mostly silico-manganese and
ferromanganese. Gayson, incorporated in 1963 and acquired by the
group in 1981, trades in ferroalloys and rolling-mill products.


NAGA SATYA: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Naga Satya Srikanth Rice Mill (NSSRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            40       CRISIL B/Stable
   Long Term Loan         22.9     CRISIL B/Stable
   Proposed Cash
   Credit Limit            7.1     CRISIL B/Stable

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

Set up in 2012 as a partnership firm, NSSRM mills and processes
paddy into rice; the firm also generates by-products, such as
broken rice, bran, and husk. The firm's rice mill is located in
Krishna District in Andhra Pradesh. The firm currently has six
partners - N.N.V.S.Srikanth, N.Nirmala, Ch.Geetha Devi, N.Sai
Sree, V.Hemalatha and Ch.V.V.Subhashini.


NOMAX ELECTRICAL: ICRA Assigns 'C' Rating to INR17.58cr Loan
------------------------------------------------------------
ICRA has assigned an [ICRA]C rating to the INR0.21 crore term loan
and INR17.58 crore cash credit facility of Nomax Electrical Steel.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund Based Limit-
   Term Loan             0.21        [ICRA]C assigned

   Fund Based Limit-
   Cash Credit          17.58        [ICRA]C assigned

The assigned rating takes into account the weak financial profile
of the company characterized by a leveraged capital structure and
depressed coverage indicators, and a high working capital
intensity of operations of around 131% in 2014-15 on account of
high raw material inventory maintained by the company due to long
transit time involved in imports and high receivables position.
ICRA also notes the stretched liquidity position of NESPL, which
along with full utilization of their working capital limits
restricts its financial flexibility and decline in the company's
revenue over the last few years owing to slowdown in the power
sector; though the same witnessed some improvement during the
first half of 2015-16. The rating also factors in the
vulnerability of NESPL's profitability to fluctuations in the raw
material (CRGO steel sheets) prices globally. However, ICRA has
favourably considered the established operational track record of
the company, experience of the promoter in CRGO steel laminations
manufacturing business, and healthy margin earned by the company
at operating level in the past few years; though the net margin
remained subdued on account of high interest and depreciation
costs.

Promoted by Md. Moinuddin Mondal, the company was initially
established in 1981 as a proprietorship firm in the name of
'Eastern Electricals'. It was later converted into a private
limited company in 2007 and named as Nomax Electrical Steel
Private Limited. The company is engaged in the manufacturing of
Cold Rolled Grain Oriented (CRGO) steel laminations, which are
primarily used in making transformers, stabilizers, etc. The
company carries out its operations from its two units situated at
Dakhin Hathiara, Kolkata.

Recent Results
During the first six months of 2015-16, NESPL posted a profit
before tax of INR0.84 crore (provisional) on an operating income
of INR16.50 crore (provisional). The company reported a net profit
of INR0.28 crore on an operating income of INR20.50 crore in 2014-
15.


NUPUR RICE: CRISIL Suspends B+ Rating on INR37.7MM Term Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Nupur Rice Mill (NRM).

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        2.3       CRISIL A4
   Cash Credit          30         CRISIL B+/Stable
   Term Loan            37.7       CRISIL B+/Stable

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

Set up in 2012, NRM undertakes rice milling at its facility in
Burdwan (West Bengal). The promoters, Mr. Sunil Kumar Mondal and
Mr. Sovan Mondal manage the firm's day-to-day operations.


NUZIVEEDU SWATHI: CARE Lowers Rating on INR51cr LT Loan to 'D'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Nuziveedu Swathi Coastal Consortium.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities      51        CARE D Revised from
                                            CARE B+
   Short-term Bank Facilities      5        CARE D Revised from
                                            CARE A4

Rating Rationale

The ratings take into account the ongoing delays in servicing of
debt obligations of Nuziveedu Swathi Coastal Consortium on account
of slow progress of the project due to unforeseen geological risks
and delay in payment from the Government Department (Andhra
Pradesh).

Nuziveedu Swathi Coastal Consortium (NSCC) is a partnership firm
formed in September 2009 by a consortium comprising Splendid
Minerals Pvt. Ltd. (SMPL, subsidiary of Mandava Holdings Private
Limited of the NSL group of Hyderabad, holding 50% shares),
Coastal Projects Limited (CPL, holding 25% share) and Siva Swathi
Constructions Private Limited (SCL, holding 25% share). NSCC is
engaged in the construction of a tunnel [Tunnel I, using Tunnel
Boring Machine (TBM)] as a part of the Veligonda Irrigation
Project in the Prakasam district of Andhra Pradesh (A.P.). The
firm's order book comprises of single order which pertains to the
Veligonda project of contract value being INR624.60 crore and
revised completion date as June 2017 (revised from June 2014), as
approved by the government of A.P.

As on September 30, 2015, the firm has completed around 12.85 kms
of tunnel (total length - 18.80 km km) valued at INR612.80 crore.


R. P. PRINTERS: CRISIL Reassigns 'D' Rating to INR35MM Cash Loan
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of R. P. Printers (RPP) to 'CRISIL D' from 'CRISIL B/Stable', and
assigned its 'CRISIL D' rating to RPP's short-term bank facility.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         30       CRISIL D (Reassigned)
   Cash Credit            35       CRISIL D (Reassigned)
   Term Loan              25       CRISIL D (Reassigned)

The downgrade reflects instances of delay by RPP in servicing its
debt. The delay has, in turn, been due to delay in realisations
from major customers. Liquidity remains stretched with large bank
borrowings and frequently overdrawn bank lines.

The financial risk profile remains below average, because of high
gearing and modest net worth, and small scale of operations in the
intensely competitive printing industry. The company, however,
benefits from its promoters' extensive experience in the printing
industry.

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.


RAHEEM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Raheem
Industries (RI) continue to reflect RI's below-average financial
risk profile marked by modest net worth, high gearing and weak
debt protection metrics. The rating also factors in RI's modest
scale of operations in the highly fragmented rice industry. These
rating weaknesses are partially offset by its partners extensive
industry experience.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            70       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     16.3     CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                 10.5     CRISIL B+/Stable (Reaffirmed)

Outlook: Stable

CRISIL believes RI will benefit from its partners' extensive
industry experience over the medium term. The outlook maybe
revised to 'Positive' in case the firm scales up its operations
substantially with improvement in profitability leading to better
cash accruals and financial risk profile. Conversely, the outlook
maybe revised to 'Negative' if the firm generates low cash
accruals or its working capital requirements increase more-than-
expected, or it undertakes any large debt-funded capital
expenditure.

Established in 2005 and based in Bareilly (Uttar Pradesh), RI
processes paddy into basmati and non-basmati rice. The firm has a
manufacturing unit in Bareilly with a capacity of around 7 tonnes
per hour. It is a partnership firm, owned and managed by Mr. Abdul
Qayyum, Mr. Iqbal Ahmed and their families.


RELIANCE COMMUNICATIONS: Sale of Towers to Support Ba3 Rating
-------------------------------------------------------------
Moody's Investors Service says that Reliance Communications
Limited (RCOM)'s announced transaction to sell its tower assets,
held under its subsidiary, Reliance Infratel Limited (RITL,
unrated) when consummated will substantially improve the company's
financial profile and support its Ba3 ratings and stable outlook.

On Dec. 4, RCOM announced the signing of a non-binding Term Sheet
with Tillman Global Holdings, LLC and TPG Asia, Inc. in relation
to the proposed acquisition of RCOM's nationwide tower assets and
related infrastructure by Tillman and TPG.

Based on precedent tower transactions in India, we expect a
transaction value of about INR220 billion (US$3.35 billion) for
the sale of approximately 43,500 towers owned by RITL.  Moody's
assumes certain debt will be transferred to the new tower company,
and RCOM will use the remaining sales proceeds to reduce balance
sheet debt.

"While RCOM's operating costs for its towers will decline, its
rental costs for leasing back the towers will increase its
consolidated lease expense, which we capitalize and add to gross
debt.  However, given the lease rentals for towers in India are
relatively low, there will be a substantial reduction in RCOM's
adjusted gearing," says Nidhi Dhruv, a Moody's Assistant Vice
President.

Given RCOM's public commitment to use the sales proceeds only for
debt reduction, the transaction will enable the company to meet
its deleveraging target of around 4.0-4.5x for its rating level
before the fiscal year ending March 2017.

"Cash proceeds from the sale of towers will also alleviate
liquidity and refinancing pressures for RCOM.  However, Moody's
notes that the company needs to obtain approvals from banks and
bond holders to carve out the tower assets from the respective
collateral packages," adds Dhruv, also Moody's Lead Analyst for
RCOM.

Although there could be potential for acceleration of certain bank
loans as a result of this transaction, Moody's takes the view that
repayment risk would be manageable with the tower sale proceeds.

The exclusivity agreement with Tillman and TPG is valid till 15th
January 2016.  The proposed Transaction is subject to final due
diligence, definitive documentation, and applicable regulatory and
other approvals.  RCOM expects the transaction to close within the
first quarter of FY2017.

In the event of any technical, procedural or regulatory
constraints on the proposed transaction, or delays in announcing
the final transaction there will likely be imminent downward
pressure on the rating.

Downward pressure on the ratings could also emerge if RCOM (1)
experiences a significant deterioration in market share and/or
competition intensifies, such that profitability deteriorates; (2)
fails to execute on its deleveraging plans in a timely manner; (3)
encounters difficulty in complying with its financial covenant
requirements, accessing capital to fund growth or repay/refinance
debt, as and when it falls due; or (4) implements aggressive
investment and/or shareholder return policies.

Specific indicators that we would consider for a downgrade
include: adjusted debt/EBITDA failing to trend in line with
expectations towards 4.0x by June 2016; adjusted EBITDA margins
falling below 30%; and adjusted (Funds from operations +
interest)/interest remaining below 3.0x.  Furthermore, any
unexpected regulatory developments in the Indian
telecommunications sector will also be negative for the rating.

While unlikely over the near term, upward rating pressure could be
driven by an improvement in the underlying business and arise if
RCOM (1) continues to grow its core-Indian operations' revenues
and earnings by expanding the number of subscribers and data
revenue without compromising its EBITDA margins; (2) continues to
generate positive free cash flow (FCF) on a sustained basis; and
(3) significantly improves its liquidity profile.

Specific indicators that we would consider for upgrading the
ratings include: adjusted debt/EBITDA below 3.0x; adjusted EBITDA
margins in excess of 35%; and adjusted FCF/debt in excess of 5% on
a sustained basis

The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.

RCOM is an integrated telecommunications operator in India with
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses.  Through its wholly-owned
subsidiary, GCX Limited, the company also provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific which need multi-national IP-based solutions and
connectivity.

RCOM is fourth-largest mobile operator in India based on number of
subscribers, which totaled 110.4 million (or approximately 11.1%
of total market share by subscribers) as of Sept. 30, 2015,
according to the Telecom Regulatory Authority of India.  As on
Sept. 30, 2015, RCOM's promoter and largest shareholder, Anil
Dhirubhai Ambani, owns 59.70% of the company.  Life Insurance
Corporation of India (LIC) owns 6.62% and foreign institutional
investors own 21.24%.


SHEEN INDIA: Ind-Ra Assigns 'IND BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sheen India
Private Limited (SIPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.

KEY RATING DRIVERS

The ratings reflect SIPL's weak credit profile as well as
liquidity position. In FY15, gross interest coverage (operating
EBITDA/gross interest expense) stood at 1.26x and net leverage
(total Ind-Ra adjusted net debt/operating EBITDAR) stood at 6.39x.
SIPL's working capital utilisation was almost full during the 12
months ended October 2015. The company's EBITDA margins were
moderate and stood at 9.42% in FY15 (FY14: 9.96%).

However, the ratings are supported by the year-on-year improvement
in the company's overall revenue to INR630.96 million in FY15
(FY13: INR419.99 million). The ratings also benefit from the
promoters experience of over 20 years in the readymade garments
manufacturing business.

RATING SENSITIVITIES

Positive: A sustained increase in the profitability leading to an
improvement in the credit metrics will be positive for the
ratings.

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

COMPANY PROFILE

SIPL was incorporated as a private limited company in 2005 to
manufacture garments mainly for kids and women. SIPL also provides
services such as product designing and development and
merchandising for various overseas brands. In July 2012, SIPL
acquired Kids Stuff, a proprietorship concern, to expand its reach
globally.


SIMOLA VITRIFIED: ICRA Ups Rating on INR17.50cr Cash Loan to BB-
----------------------------------------------------------------
ICRA has upgraded the long term rating of [ICRA]B to [ICRA]BB- to
INR15.28 crore term loans and INR17.50 crore fund based cash
credit facility of Simola Vitrified Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]A4 to INR3.23 crore
foreign letter of credit facility (sublimit of term loan/cash
credit) and INR3.50 crore bank guarantee facility of Simola
Vitrified Private Limited (SVPL).The outlook on long term rating
is "Stable".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan          15.28       Upgraded to [ICRA]BB-(stable)
                                  from [ICRA]B

   Cash Credit        17.50       Upgraded to [ICRA]BB-(stable)
                                  from [ICRA]B

   Foreign Letter
   of Credit          (2.23)      [ICRA]A4; Reaffirmed

   Foreign Letter
   of Credit          (1.00)      [ICRA]A4; Reaffirmed

   Bank Guarantee      3.50       [ICRA]A4; Reaffirmed

The ratings revision takes into account the improvement in the
financial profile of the company as can be reflected from
substantial increase in operating income during FY15 supported by
increase in order book size and improvement in capital structure
with repayment of term loans and moderation in working capital
cycle mainly with decrease in inventory levels. The ratings also
favorably take into account the long experience of the key
promoters of Simola Vitrified Private Limited (SVPL) in the
ceramic industry. The ratings also continues to factor in the
location advantage enjoyed by SVPL, giving it easy access to raw
material and presence in larger sizes of vitrified tiles segment
which is expected to result in better realizations.

The ratings however remain constrained by SVPL's decline in
operating profitability during FY15 and vulnerability of
profitability and cash flows to cyclicality inherent in the real
estate industry, which is the main consuming sector and
susceptibility of SVPL's margins to raw material price volatility
and fluctuating prices of gas, as it is the major source of fuel.
The ratings also take into consideration the susceptibility of
operations to the intense competition, with the presence of large
established organized tile manufacturers and unorganized players.

Simola Vitrified Private Limited was incorporated in March 2010
and is promoted by Mr. Vishal H. Adroja and Mr. Rajesh N. Shirvi.
The promoters are also involved in the manufacturing of wall tiles
and floor tiles through other group companies. The manufacturing
plant of the company has an installed capacity to produce 6000
boxes of vitrified tiles per day. The company currently
manufactures larger sizes of vitrified tiles.

Recent Results
For the year ended 31st March, 2015, the firm reported an
operating income of INR91.42 crore with profit after tax of
INR1.65 crore.


SMS INFRASTRACTURE: Ind-Ra Suspends 'IND BB' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SMS
Infrastructure Limited 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website.

The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SMS.

The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However, in
the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.


TERAI OVERSEAS: CRISIL Reaffirms B+ Rating on INR280MM Loan
-----------------------------------------------------------
CRISIL's rating on the bank facility of Terai Overseas Private
Limited (TOPL) continues to reflect the company's weak financial
risk profile because of weak debt protection metrics, low
profitability, and working capital-intensive operations.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            280      CRISIL B+/Stable (Reaffirmed)

The rating also factors in exposure to risks inherent in the
agricultural commodities trading business. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters, their funding support, and established
relationships with suppliers and customers.

For arriving at its rating, CRISIL has treated TOPL's interest-
free unsecured loans of INR133.7 million as on March 31, 2015, as
neither debt nor equity. This is because these loans will be
retained in the business during the tenure of the bank loan.

Outlook: Stable

CRISIL believes TOPL will continue to benefit over the medium term
from the extensive industry experience of its promoters and their
funding support. The outlook may be revised to 'Positive' in case
of improvement in profitability and working capital management,
leading to better debt protection metrics. Conversely, the outlook
may be revised to 'Negative' in case of further weakening of the
financial risk profile, particularly liquidity, most likely due to
lower cash accrual and a significant stretch in the company's
working capital cycle.

TOPL was originally incorporated in 1993, promoted by Mr. Ajit
Agarwala as a closely held public limited company. This company
was reconstituted as a private limited company in July 2014. TOPL
trades in various agricultural products such as jute, sugar, and
yellow peas, and also in fabrics. The company is a part of the
Terai group, which has a primary interest in tea plantations. Its
registered office is in Kolkata.


UTTARA FOODS: CARE Lowers Rating on INR174.03cr Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Uttara Foods & Feeds Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long-term Bank Facilities    174.03      CARE D Revised from
                                            CARE A- (SO)
   Long/ Short-term Bank         17.50      CARE D/CARE D
   Facilities                               Revised from
                                            CARE A-(SO)/
                                            CARE A2+(SO)

Rating Rationale

The revision in the ratings of the bank facilities of Uttara Foods
and Feeds Private Limited (UFFPL) is on account of ongoing delays
in debt servicing and over-drawls in working capital limits as on
November 23, 2015.

UFFPL is a part of Venkateshwara Hatcheries (VH) Group, which is
the largest fully integrated poultry group in India. UFFPL was
incorporated in the year 1996 as a poultry feed manufacturer and
later diversified in the cattle feed and hatchery. UFFPL is
engaged in the manufacturing of poultry and cattle feeds and
hatcheries and growing and brooding of broilers birds. The company
has developed seven hatcheries located with a total capacity of
566.64 lakh eggs per annum, eleven feed manufacturing plants in
India with a total capacity of 540,000 ton per annum and eight
breeder divisions with a total capacity of around 3.51 lakh birds
per annum. The company is also engaged in the trading of feed
supplements.

During FY15 (Prov) (refers to the period April 1 to March 31),
UFFPL achieved a total operating income of INR719.71 crore and net
loss of INR73.91 crore against a total operating income of
INR911.17 crore and a profit after tax of INR9.77 crore in FY14.


VAISHNOVI INFRA: CRISIL Ups Rating on INR250MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Vaishnovi Infra tech Limited (VIL, formerly known as TNR Infra
Projects Ltd) to 'CRISIL B-/Stable' from 'CRISIL C' and reaffirmed
its rating on the company's short-term facility at 'CRISIL A4'.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         550      CRISIL A4 (Reaffirmed)

   Cash Credit            250      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

The upgrade reflects timely debt servicing by VIL over the six
months through November 2015. CRISIL believes the company will
continue to service debt on time, with cash accrual expected to be
sufficient to meet debt obligation over the medium term.

The ratings reflect stretched liquidity because of large working
capital requirement resulting in almost full utilization of bank
limits. The ratings also factor in modest scale of operations,
high geographic concentration in order book, and exposure to
intense competition. These weaknesses are partially offset by
promoters' extensive experience in the construction industry, and
healthy order book providing medium-term revenue visibility.

Outlook: Stable
CRISIL believes VIL will continue to benefit over the medium term
from its promoters' extensive industry experience and healthy
order book. The outlook may be revised to 'Positive' in case of
substantial and sustained increase in profitability, or steady
improvement in working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of steep decline in
profitability, or significant weakening of liquidity because of
stretch in working capital cycle.

VIL, set up in 2006 by Mr. T. Ganagadhar Rao and his family
members, is engaged in civil construction, and undertakes
irrigation and road works. It is based in Hyderabad.


VIBRANT CONTENT: CRISIL Reaffirms B+ Rating on INR200MM Term Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Vibrant
Content Pvt Ltd (VCPL) continues to reflect its average financial
risk profile primarily constrained by stretched liquidity arising
out of large repayment obligation.

                        Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Proposed Long Term
   Bank Loan Facility     120      CRISIL B+/Stable (Reaffirmed)

   Term Loan              200      CRISIL B+/Stable (Reaffirmed)

The rating also factors in moderate scale of operations, high
customer concentration risk, and susceptibility to risks on leased
content assets. These weaknesses are mitigated by the promoters'
extensive experience in the media and entertainment industry and
their continued funding support.

Outlook: Stable

CRISIL's rating on the long-term bank facilities of Vibrant
Content Pvt Ltd (VCPL) continues to reflect its average financial
risk profile primarily constrained by stretched liquidity arising
out of large repayment obligation. The rating also factors in
moderate scale of operations, high customer concentration risk,
and susceptibility to risks on leased content assets. These
weaknesses are mitigated by the promoters' extensive experience in
the media and entertainment industry and their continued funding
support.

Mumbai-based VCPL, incorporated in July 2012, is promoted by Mr.
Parthasarathi Iyer and Ms. Chitra Deshmukh. The company trades in
content for television, primarily television series, movies, and
music. It mainly deals in television content in Hindi and Marathi.


VISHAL PAPER: CARE Assigns 'B' Rating to INR22.32cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Vishal Paper Industries Private Limited.

                                Amount
   Facilities                (INR crore)    Ratings
   ----------                -----------    -------
   Long term Bank Facilities     22.32      CARE B Assigned
   Short term Bank Facilities     3.00      CARE A4 Assigned

Rating Rationale

The ratings assigned to the bank facilities of Vishal Paper
Industries Private Limited (VPIPL) are constrained by the small
and fluctuating scale of operations, working capital intensive
nature of operations and customer concentration risk. The ratings
are further constrained by the presence of the company in a highly
competitive industry along with susceptibility of profitability
margins to volatility in the prices of the key raw material and
adverse foreign exchange currency movements. The ratings, however,
derive strength from the experienced promoters, diversified
product profile with wide distribution network, and in-house power
generation capability.

Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins, maintaining
its solvency position and managing the working capital
requirements efficiently will be the key rating sensitivities.

VPIPL was established as a partnership concern, by the name Vishal
Paper Industries, in 2002, by Mr Vidya Sagar Gupta and his
brothers Mr Suraj Bhan Gupta & Mr Krishan Mohan Gupta with an
installed capacity of 15 TPD (tonnes per day) for writing and
printing paper (WPP). In March 2005, the company was reconstituted
as a private limited company with capacities enhanced to 60 TPD.
The company is engaged in the manufacturing of WPP by using waste
paper as a major raw material at the manufacturing facility
located in Patiala (Punjab) with an installed capacity of 100
(TPD), as on March 31, 2015.

VPIPL has planned to expand its operation by engaging into
manufacturing of two new varieties of paper products-Kraft
and Absorbent paper, for which the company has taken a plant on
lease (situated at Panipat, Haryana, with an installed capacity of
150 TPD), for a period of 5 years.

The company belongs to the Vishal Group of Companies, which has
been engaged in the manufacturing of different types of paper such
as duplex coated paper, tissue paper and WPP paper, through its
group companies viz, Vishal Papertech (India) Ltd (rated 'CARE
BB'), Vishal Paper Mills Ltd, Vishal Coaters Ltd, DSG Papers Pvt.
Ltd. (rated 'CARE BB/A4').


ZKL BEARINGS: Ind-Ra Assigns 'IND BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned ZKL Bearings
(India) Private Limited (ZKLBIPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The agency has also assigned the
company's INR150 million non-fund-based facility an 'IND A4+'
rating.

KEY RATING DRIVERS

The ratings reflect ZKLBIPL's small scale of operations with
revenue of INR459m during FY15. The ratings also consider the
company's long net cash cycle of 119 days during FY15 due to a
long collection period from its clients.

The ratings however benefit from ZKLBIPL's strong credit metrics
with EBITDAR interest coverage of 2.2x and net financial leverage
of 1.3x. The ratings are also supported by the company's low
utilisation (46.46%) of the working capital limits during the 12
months ended October 2015. The ratings also benefit from ZKLBIPL's
promoters' three-decade-long experience in the trading of
industrial bearings. Also, customer concentration is low with the
top 10 customers contributing only 27.61% to the revenue during
FY15.

RATING SENSITIVITIES


Positive: A substantial increase in the scale of operations along
with maintaining the credit profile will lead to a positive rating
action.

Negative: Consistent deterioration of the EBITDA interest coverage
will lead to a negative rating action.

ZKLBIPL was set up by Mr Chain Roop Chindalia and Mr. S.K.
Choraria in 2003 to trade industrial bearings. The company
commenced commercial operations in 2005 as the sole agent of the
ZKL Group, Czech Republic (ZKL). ZKLBIPL primarily deals in
industrial bearings for the ZKL brand. It sells the bearings in
the domestic market, both directly and through its network of
authorised distributors.

Apart from ZKLBIPL, the promoters have other companies which deal
in bearings namely, Premier India Bearings Ltd., Hi Tech Bearings
Pvt. Ltd., Crystal Bearings Pvt. Ltd. and Phoenix Trading
Corporation. ZKL India is an exclusive agent in India for the
bearings manufactured by ZKL Group, Czech Republic (ZKL), although
market presence remains limited due to intense competition in the
industry.



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


TOSHIBA CORP: To Seek Over JPY1BB in Damages From Former Execs
--------------------------------------------------------------
The Japan Times reports that Toshiba Corp. will likely seek more
than JPY1 billion in total from five former executives in a
damages suit filed by the company to hold them accountable for
negligence that led to an accounting scandal, sources said.

According to the report, the amount is more than triple the JPY300
million being sought by the industrial conglomerate in its damages
suit filed in November with the Tokyo District Court against the
five -- three former presidents and two former chief financial
officers.

The report relates that Toshiba said Dec. 7 it will increase the
amount without giving details, as the Securities and Exchange
Surveillance Commission recommended to the Financial Services
Agency that it slap a record JPY7.37 billion fine on the company
for falsifying financial reports.

The Japan Times says the maker of products ranging from chips,
personal computers and nuclear reactors is expected to finalize
the amount after the FSA formally imposes a fine.

The sources said how much each of the five will pay may depend on
the degree of their involvement in the scandal, the report relays.

The five are former Presidents Hisao Tanaka, Norio Sasaki and
Atsutoshi Nishida, and former CFOs Fumio Muraoka and Makoto Kubo,
the report discloses.

                        About Toshiba Corp.

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

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

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

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

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

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



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


SOLID ENERGY: Coal Mining and Other Assets Up for Sale
------------------------------------------------------
World Coal reports that Solid Energy said it is moving ahead with
its programme to sell all coal mining and other assets over the
next 12 months. The state-owned mining company has retained
Goldman Sachs to provide investment banking support. The
investment bank has now met with creditors and is working with
Solid Energy to prepare marketing materials in support of the
sales programme.

World Coal relates that the company has already been contacted by
interested parties -- both in New Zealand and internationally --
and has asked Goldman Sachs to begin negotiations with those who
have expressed an interest.

Solid Energy was placed into voluntary administration in August as
falls in the price of hard coking coal more than offset its cost-
cutting and operational efficiency efforts, making its continued
operation "unsustainable", said Andy Croupe, Acting Chairman of
Solid Energy, at the time, World Coal recalls.

As part of the administration process, it said it expected to
appoint an investment bank to undertake the sale of its assets
over 2 and a half years -- a timeline that now seems to have been
shortened, according to World Coal. Assets that were deemed
unsalable, would be closed -- a fate that recently befell the
Huntly East mine in Waikato with the loss of 66 jobs, the report
states.

"The company does not need the mine's production to meet our
current or expected customer demand and, because there is no
prospect the mine can be run profitability, we have determined it
has no chance whatsoever of attracting a buyer. We therefore must
act to stem these losses," World Coal quotes Dan Clifford, Solid
Energy's CEO, as saying.

                        About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.


WINSLOW TRADING: Cafe Assets Go Under The Hammer
------------------------------------------------
Kim Nutbrown at Stuff.co.nz reports that the contents of celebrity
chef Jo Seagar's failed North Canterbury cafe, cook school and bed
and breakfast have gone under the hammer.

Items listed in the online Turners Auction included commercial
catering equipment, deep fryers, ovens, mixers, commercial
refrigeration, coffee machines and furniture, Stuff.co.nz says.

The report notes that almost all items had a NZ$1 reserve.

Winslow Trading Company Limited, which owned Seagars at Oxford and
listed Jo and husband Ross Seagar as joint directors, was placed
in liquidation in July.

Auckland liquidators Deloitte have since taken over, the report
discloses.

Turners Auctions, under instruction from the liquidators, would
not comment on the auction.

"Given the public interest and the sensitivity around this
particular auction, we have been asked not to comment," the report
quotes Turners spokesperson Todd Hunter as saying.

At the close of the auction on Dec. 7, several items had been
viewed more than a thousand times. Crockery sold in lots from
NZ$30 to NZ$200 and cabinets and outdoor furniture ranged from
NZ$150 to NZ$500 for each item, the report discloses.

According to Stuff.co.nz, Deloitte's report released in August
showed the company reported having just NZ$2,000 in the bank when
it closed and at least 56 creditors -- the vast majority
unsecured.

Unsecured creditors are owed NZ$1.48 million and secured creditors
owed NZ$195,000.

The report did not list the value of the company's assets,
according to Stuff.co.nz.

Following the liquidation, a number of businesses and suppliers
came forward with claims they were owed money by Winslow Trading
Company, including members of Seagars staff, who said they were
owed KiwiSaver payments and holiday pay, Stuff.co.nz adds.



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


* SOUTH KOREA: Low Steel Price Drives Steelmakers Into Bankruptcy
-----------------------------------------------------------------
Choi Sung-jin at The Korea Times reports that the price of steel,
often called the "rice of industry," has fallen to a third of
mineral water here, driving some uncompetitive makers into
bankruptcy crisis, industry sources said Dec. 8.

This is because Chinese steelmakers, suffering from excess
capacity and supply gluts for years, are exporting cheap products
to Korea and other foreign markets, pulling down their overall
prices, the report says. Hot-rolled plates, for example, are now
being traded at KRW490,000 ($424) a ton, half the KRW990,000 in
2008.

That means KRW490 a kilogram, less than a third of mineral water,
priced at KRW850 for a 500-ml bottle, according to the report.

The Korea Times says the biggest culprit is China, the largest
consumer and producer of steel.  According to the report, China's
steel supply drastically increased as a result of immoderate
capacity buildup but consumption plunged amid the protracted
business slump since the global financial crisis in 2008. China's
steel consumption declined 3.4 percent last year, the first fall
in seven years.

The report relates that Chinese steelmakers are responding to the
oversupply crisis by "shipping out," the sources said. China's
steel exports in the first seven months soared 27 percent from a
year ago to 61.58 million tons, and are estimated to top 100
million tons by the end of this year, compared with 94 million
tons last year, the report notes.

The Korea Times notes that the flood of cheap Chinese steel
products into global markets has seen the share price of
U.S. Steel fall nearly 70 percent, forcing it to lay off 3,000
workers, and driving Britain's Redcar Steel to cease business.
Some Chinese steelmakers also filed for bankruptcy, the report
states.

Korea is not free from the industry's crisis, says The Korea
Times. Dongbu Steel, which is under a corporate work-out program,
has set about to sell the company while POSCO and Dongkuk Steel
have entered into harsh austerity programs. In response, the
domestic makers are focusing on two strategies -- upgrading
product quality and enhancing customer relationships. "We will
increase the sales portion of the world's top-class premium
products to 2.5 million tons this year, from 1.3 million tons last
year," the report quotes a POSCO executive as saying.

Industry experts also called for domestic steelmakers to cope with
the import of low-priced Chinese steel and, at the same time,
strengthen research and development to produce innovative
products, adds The Korea Times.



                             *********

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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